Alaris Equity Partners Income Trust Trust Units Reg S 3c7 · TSX:AD.UN
Alaris Equity Partners Income Trust Trust Units Reg S 3c7 — Alaris Equity Partners Income Trust — Q2 2025 Earnings Presentation
28 slides from Alaris Equity Partners Income Trust Trust Units Reg S 3c7's earnings presentation, August 2025
Slide 1: Investor Presentation August 2025
INVESTOR PRESENTATION AUGUST 2025
Slide 2: Non-GAAP and Other Financial Measures
NON-GAAP AND OTHER FINANCIAL MEASURES In addition to the IFRS prepared results and balances presented in the Trust’s condensed consolidated interim financial statements and the notes thereto, Alaris uses a number of other financial measures to monitor its performance and some of these are presented
Slide 3: Profile: Corporate Summary (Q2 2025)
Corporate Summary (Q2 2025) Invested Capital $1.6 billion Net Book Value $1.1 billion ($23.57 per unit) Quarterly Distribution $0.34 per unit ($1.36 annually) YTD Payout Ratio 65% Market Summary Ticker Symbol – Trust Units TSX: AD.UN Average Daily Volume (3-Month) 69,288 PROFILE Units Outstanding (0
Slide 4: Alaris Overview: Portfolio at a Glance
PORTFOLIO AT A GLANCE 20 19% Median IRR from Active Partners Exited Investments ~$1.6B 65% Fund Return from Current Invested Capital Exited Investments ALARIS OVERVIEW $2.9B+ $267M Total Gross Invested Capital 5-Year Average of Gross To Date Annual Capital Invested 43 60+ Partners Invested in Follow
Slide 5: Defining the Business
DEFINING THE BUSINESS Alaris’ long-term goal is to create an optimal income stream with long term growth for investors Alaris provides capital to private businesses using an innovative structure that fills a niche in the private capital markets Alaris delivers diversification, enhanced returns, inco
Slide 6: Access to Private Equity Market
ACCESS TO PRIVATE EQUITY MARKET Access exclusive investment opportunities traditionally reserved for institutional investors and high-net-worth individuals. Shrinking Public Market: In 1996, 8,000+ public companies; today, 50% fewer. Limited Public Access: Only 2% of middle-market Long-Term companie
Slide 7: Investment Highlights
INVESTMENT HIGHLIGHTS The best companies in the world are never for sale. Alaris’ unique investment structure generates attractive returns from a universe of businesses that would be otherwise unavailable to traditional equity investors Unique investment strategy combines equity like returns with 1
Slide 8: Alaris Represents a Unique Asset Class
ALARIS REPRESENTS A UNIQUE ASSET CLASS Alaris' structured equity investment approach provides a desirable risk:return profile Equity-Like Returns… Alaris Equity Partners - Lifetime IRR (Exited Investments - Currency Neutral) Attractive initial cash yields with participation in growth through an an
Slide 9: Alaris Is Your Alternatives Investment
ALARIS IS YOUR ALTERNATIVES INVESTMENT Alaris provides private equity returns for investment portfolios by providing benefits such as diversification, enhanced returns, income generation and liquidity Investors are increasingly allocating capital to alternative investments for several key reasons. A
Slide 10: Innovative Win-Win Investment Approach
INNOVATIVE WIN-WIN INVESTMENT APPROACH Proven brand & platform delivering a differentiated capital solution to established high growth middle market companies Why Alaris Wins Alaris’ Value Proposition to Founders / Operators #1 #2 #3 Non-Control No “Put” Option Shared Participation Founders mainta
Slide 11: Differentiated Strategy
DIFFERENTIATED STRATEGY Alaris’ preferred equity structure fills a large gap in the financial markets Traditional Private Equity Structured Preferred Equity Mezzanine Capital Stack Operating Control x Needs Control None None Time Horizon x 4 – 6 Years Long-Term × 3 – 5 Years Rollover Equity Gr
Slide 12: Evolution of Alaris
EVOLUTION OF ALARIS 2004: Alaris 2019: Extension of equity Equity 2011: Alaris investment strategy with first 2023: Launches AUM Partners was begins investing in common equity investments strategy raising founded in US-based in Amur and Ohana $400M of equity from Calgary, companies Brookfield for So
Slide 13: Assets Under Management
Historical AUM ($ millions) $745 $748 $544 $374 $313 $228 $147 $143 $42 $45 $1,165 $1,230 $1,324 $1,039 $1,105 $846 $835 ASSETS 2019 2020 2021 2022 2023 2024 2025 UNDER Preferred Equity Common Equity Managed Capital MANAGEMENT (AUM) To date, Alaris has dealt with two of the biggest asset management
Slide 14: Well-Defined Target Partner Profile
A DISCIPLINED APPROACH TO STRUCTURED EQUITY INVESTING: WELL-DEFINED TARGET PARTNER PROFILE Alaris has invested over $2.9 billion to date in 43 companies in the United States and Canada Target Capital Uses by % of Existing Partners Partner Criteria Alaris recapitalizes both minority and majority eq
Slide 15: Thoughtfully Constructed Diversified Portfolio
THOUGHTFULLY CONSTRUCTED DIVERSIFIED PORTFOLIO 10% Invested Capital by Country (as of May-25) ~90% United States of Fair Value of Investments in US-Based Canada Companies 90% Invested Capital by Industry Segment 14% (as of May-25) Business Services 37% Diversified Industrial 21% End-Market Concentra
Slide 16: Partner Revenue Summary
Overall Historical Preferred Equity Resets 6.00% 4.80% 4.50% 4.10% PARTNER REVENUE 2.50% SUMMARY 2.10% 2.00% 2.10% 1.30% 1.00% 0.00% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 16
Slide 17: Earnings Coverage Heat Map
EARNINGS COVERAGE HEAT MAP The table to the right displays the range of Partner Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 earnings coverage ratios (“ECR”) for each of our Body Contour Centers 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.0x to 1.2x Partners over the last five quarters. Generally Ohana 1.0x to 1.2
Slide 18: Returns from Exits to Date
RETURNS FROM EXITS TO DATE Initial Number of Investment Years Capital Distributions Exit Capital Total % total $millions CAD Date Invested Invested Received Received Return Return IRR % Alaris has generated $673.3 million MAHC (1) Dec-15 1.0 $ (18.4) $ 7.2 $ 20.0 $ 8.8 48% 53% in total returns (+6
Slide 19: Investment History
INVESTMENT HISTORY Capital Invested ($ millions) 400 350 300 $99 250 $197 $187 200 $26 150 $116 $260 $37 $104 100 $122 $100 $159 $130 $117 50 $78 $67 $32 $41 - 2018 2019 2020 2021 2022 2023 2024 2025 New Investments Follow-on Investments Reinvestment Since Inception: -Invested over $2.9 billion in
Slide 20: Balance Sheet
Summary of Dept Capacity and Covenants As of Millions $ August 7, 2025 Senior debt outstanding USD$252.7 (1) Senior debt to EBITDA 1.90x Senior debt to EBITDA Covenant 3.0x Amount remaining on Senior Facility USD$197.3 Debentures Outstanding CDN$157.0(2) BALANCE Current Fixed Charge Ratio 1.70x (1)
Slide 21: Corporate Information
CORPORATE INFORMATION Board of Trustees Committees Auditors KPMG, LLP Peter Grosskopf, Chairman Banking National Bank of Canada (lead) Syndicate Bank of Montreal (co-lead) ATB Financial (co-lead) Bob Bertram, Trustee - Compensation (Chair) Royal Bank of Canada - Corporate Governance Desjardins Group
Slide 22: Appendices
APPENDICES 22
Slide 23: Appendix A: Summary of Partners
APPENDIX A: SUMMARY OF PARTNERS (IN US$ UNLESS NOTED) Millions ($) 3E Accscient LLC Amur Financial Berg Demo Body Contour Carey Electric Cresa Group Holdings Centers (DBA Sono Bello) ² Industry Industrials: Business Services: Financial Services: Industrials: Consumer Industrials: Business Utility Se
Slide 24: Appendix A: Summary of Partners
APPENDIX A: SUMMARY OF PARTNERS (IN US$ UNLESS NOTED) Millions ($) DNT Edgewater Federal Fleet Advantage GWM Heritage LMS Construction Technical Management Restoration Associates Partners Industry Industrials: Civil Business Services: Business Services: Business Services: Business Services: Industri
Slide 25: Appendix A: Summary of Partners
APPENDIX A: SUMMARY OF PARTNERS (IN US$ UNLESS NOTED) Millions ($) Ohana Growth Professional Sagamore SCR The Shipyard D&M Leasing Partners (formerly Electric Contractors PF Growth of Connecticut Partners) Industry Consumer Industrials: Industrials: Industrials: Business Services: Financial Services
Slide 26: Forward Looking Statements
FORWARD LOOKING STATEMENTS This corporate presentation contains forward-looking information and forward-looking statements (collectively, “forward-looking statements”) under applicable securities laws, including any applicable “safe harbor” provisions. Statements other than statements of historical
Slide 27: US Investor Disclosure
US INVESTOR DISCLOSURE The securities of Alaris Equity Partners Income Trust (“Alaris” or the “Trust”) have not been and will not be registered under the U.S. Investment Company Act of 1940, as amended (the “US Investment Company Act”) and Alaris is relying on the exemption from registration under t
Slide 28: Thank You
Head Office: THANK Suite 250, 333 24th Avenue SW Calgary, Alberta T2S 3E6 YOU Phone: 403.228.0873 Fax: 403.228.0906 Website: www.alarisequitypartners.com 28
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