Mullen Group Ltd. · TSX:MTL
Mullen — Investor Presentation (June 2026)
25 slides from Mullen's investor presentation, June 2026
Slide 1: Investor Update
Investor Update – June 2026 – www.mullen-group.com
Slide 2: Disclaimer
Disclaimer This report contains forward-looking statements which reflect management’s expectations regarding Mullen Group Ltd.’s (“Mullen Group”) future growth, financial condition, results of operations, performance, business prospects, strategies and opportunities. Wherever possible, words such as
Slide 3: A Leadership Group to Drive Performance, Direction and Growth!
A Leadership Group to Drive Performance, Direction and Growth! Sets direction and Aligns corporate Maintains fiscal Ensuring ensures the network strategy, governance discipline and performance, runs safely, efficiently and organizational long-term reliability and long- and on course priorities susta
Slide 4: A Leadership Group to Drive Performance, Direction and Growth!
A Leadership Group to Drive Performance, Direction and Growth! RICHARD MALONEY JOANNA SCOTT CARSON URLACHER LEE HELLYER President & Senior Operating Officer Senior Corporate Officer Senior Financial Officer Senior Commercial Officer
Slide 5: Mission Statement
Mission Statement We acquire companies and strive to improve their performance.
Slide 6: Stable, Diverse, Reliable, Sustainable
STABLE DIVERSE RELIABLE SUSTAINABLE
Slide 7: North American Logistics Provider
North American Logistics Provider Our Diversified Business Model Mullen Group has one of the largest logistics portfolio of companies in North America, providing a wide range of transportation, customs brokerage, warehousing, and distribution services. In addition, we provide a diverse set of specia
Slide 8: Company Overview
COMPANY OVERVIEW $2.57B ~8,600 Employees Total Assets ~4,000 Tractors & Light Trucks 14.8% Operating Margin TSX: MTL ~12,000 Trailers $0.07 Monthly Dividend $0.84 Annual Dividend $2.1B ~330 Facilities Revenue $323M OIBDA - Adjusted1 $2.09B Market Cap Note: Financial data is as of December 31, 2025,
Slide 9: Business Overview
BUSINESS STRATEGY Business Overview Mullen Group is an investment company with a focus on acquiring companies in the logistics industry. DIVERSITY, STABILITY & RELIABILITY OPERATIONS • Over the past three decades, Mullen has managed Operates a decentralized business model 44 through all business cyc
Slide 10: Business Plan Priorities
2026 Priorities Business Plan 1 PRIORITIZE MARGIN OVER MARKET SHARE: a. Optimize performance and drive process improvements. Generate consolidated b. Invest in the Business Units: $85.0 million in new, more efficient revenue of operating assets. $2.3 billion to $2.4 billion $75.0 million: Operat
Slide 11: 2026 Plan by Segment
Less-Than-Truckload Logistics & Warehousing Specialized & Industrial U.S. & International Services Logistics 2026 Plan by Segment ($ millions) Revenue Revenue Revenue Revenue $450.0 $230.0 $800.0 $840.0 OIBDA OIBDA OIBDA OIBDA $85.0 $15.0 $140.0 $145.0
Slide 12: Financial Position
| Financial Position As at March 31 (unaudited) ($ millions) 2026 2025 Cash and cash equivalents 141.7 124.0 Working capital 298.8 286.7 Private Placement Debt – matures in 2034 and 2037 794.5 649.0 Convertible debentures – debt component — 121.1 Total net debt to operating cash flow – adjusted 2.02
Slide 13: Nation Building Projects… Are We Ready?
Nation Building Projects… Are We Ready?
Slide 14: Pipeline Projects
Pipeline Projects KSI LISIMS LNG* LNG CANADA PHASE 2* Location: Pearse Island, B.C. Location: Kitimat, B.C. Projected to be Canada’s second largest Expansion of the existing LNG LNG facility and fully electrified for ultra-low terminal. Expected to double Canada’s emission. The project includes
Slide 15: Mining Projects
Serving Ontario to British Columbia Mining Projects Canada Nickel’s Crawford McIIvenna Bay Foran Red Chris Mine Expansion* Project* Copper Mine* Location: Northwest, BC Location: Timmins, ON Location: East-Central, SK Expansion of the lifespan of Large scale nickel mine Development of the mine
Slide 16: Energy Projects
Energy Projects Serving Manitoba to British Columbia North Coast Transmission Line (NCTL)* Ready to support Location: Northwest, BC The twinning of major transmission lines in any new oil and Northwest B.C. to deliver clean electricity and natural gas telecommunications, support LNG and critical m
Slide 17: Yes, We Are Ready!
YES, WE ARE READY! and…
Slide 18: Thank you!
Thank you! www.mullen-group.com
Slide 19: Additional Information
Additional Information
Slide 20: Mullen Has Expanded and Diversified Into a Multi-Disciplinary Platform
MULLEN HAS EXPANDED AND DIVERSIFIED INTO A MULTI-DISCIPLINARY TRANSPORTATION AND LOGISTICS PLATFORM 2025 | Refinanced private Total revenue (C$ in millions) placement debt (C$390m); 2500 Redemption of Debentures (C$125m); Acquired Cole International; Repaid 2000 remaining 2014 Notes 2024 | Refinance
Slide 21: Free Cash Flow Conversion %
OVER 10 YEARS OF POSITIVE FCF GENERATION HIGHLIGHTS SUPERIOR CROSS-CYCLE PERFORMANCE Free Cash Flow (C$ in millions)1 FCF conversion 2 (%) 300 Free Cash Flow FCF conversion 100.0% Includes C$18m of net 90.0% capex for Jays Regina 250 and Edmonton Premay Equipment Facility 80.0% Free Cash Flow Conver
Slide 22: Appendix
Appendix
Slide 23: Appendix – Non-IFRS & Other Financial Measures
Appendix – Non-IFRS & Other Financial Measures Non-IFRS Financial Measures Mullen Group reports its financial results in accordance with International Financial Reporting Standards ("IFRS"). Mullen Group reports on certain non-IFRS financial measures and ratios, which do not have a standard meaning
Slide 24: Appendix – Other Financial Measures
Appendix – Other Financial Measures, which consist of supplementary financial measures Other Financial Measures Other financial measures consist of supplementary financial measures and capital Total Net Debt management measures. The term "total net debt" is defined in the Private Placement Debt agre
Slide 25: Appendix – Other Financial Measures
Appendix – Other Financial Measures, which consist of supplementary financial measures Other Financial Measures (continued) Free Cash Free cash is a supplementary financial measure and is calculated as OIBDA less net capital expenditures, cash taxes, cash interest payments and lease payments. Manage