Black Diamond Group Limited · TSX:BDI
Black Diamond — Q4 2025 Earnings Presentation
32 slides from Black Diamond's earnings presentation, February 2026
Slide 1: Investor Update February 2026
INVESTOR UPDATE February 2026 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements. The use of the words “anticipate”, “continue”, “estimate”, “expect”, “will”, “project”, “should”, “believe”, “intend” and similar expressions identify forward-looking statements. These statements involve known and unkn
Slide 3: Q4 & FY 2025 – At a Glance
Q4 & FY 2025 – At a Glance Generated Q4 Adjusted EBITDA1 of $38.9 million and FY 2025 EBITDA1 CONSOLIDATED of $126.4 million, above Consensus of $33.0 million and $120.7 million, respectively • Consolidated Rental Revenue increased 16% YoY to $44.5 million in Q4/25 and $162.2 million in FY 2025, a 1
Slide 4: Black Diamond Group
Black Diamond Group Creating a Better Way Black Diamond Group is an Ticker(s): TSX:BDI, OTCQX: BDIMF Insider Ownership 23% industrial services and asset management company that Shares Outstanding1 67.8 mm 52 Wk Range $7.60 - $18.14 provides turnkey workforce Market Cap (2/26/2026) $1,233 mm Enterpri
Slide 5: Black Diamond Group
Black Diamond Group Consolidated Adjusted EBITDA five-year CAGR of 28% MODULAR SPACE SOLUTIONS Consolidated Rental Revenue 120.0 • Diversified rental stream through rental of modular buildings 110.0 in Canada and U.S. 100.0 90.0 • Ancillary, Value Added Products & Services (VAPS) 80.0 • Custom modul
Slide 6: EPS & Return on Assets
EPS & Return on Assets Earnings per Share (EPS) - TTM Return on Assets (ROA)(1) - TTM Average 0.6 21% 0.54 0.5 0.49 19% 0.4 0.41 0.44 17% $/Share 0.3 0.34 15% 0.2 0.1 13% 0 11% EPS (Diluted, continuing ops, LHS) EPS growth driven by compounding growth in EBITDA and rental revenue ROA1 CAGR of 14
Slide 7: Unit Economics Example
Unit Economics Example1 Utilization Lifetime Return on Annualized Return on Lifetime return Initial Investment Initial Investment on initial 85% 525% 17% investment 525% 75% 475% 15% 65% 425% 13% Practical Asset Life 30+ Years Used assets typically sell at a premium to Payback NBV Period Initial con
Slide 8: Operating Overview
Operating Overview 1 Modular Space Solutions (MSS) Fleet $440.2 mm NBV 12,730 Units Workforce Solutions (WFS) Fleet2 $301.0mm NBV and 7,508 units Consolidated Rentable Square Feet2 +9 mm TTM Total Travel Segments 605,718 TTM Profit (after-tax) $34.8 mm TTM Adjusted EBITDA $126.4 mm PP&E Book Value2
Slide 9: Modular Space Solutions
Modular Space Solutions Rental revenue five-year CAGR of 19% MSS Rental Revenue (TTM) 107.0 Our MSS business • 12,730 units across 23 branches in North 105.0 95.0 85.4 94.1 America rents and sells temporary& 85.0 75.0 72.1 • Added scale and additional product offering permanent $mm driving improved
Slide 10: MSS Overview
MSS Overview MSS - Contracted Revenue & Duration TTM Average MSS - Fleet Count & Utilization TTM Average 60 150 13,000 90% 50 80% 12,000 125 70% 40 11,000 100 60% Months $ mm 30 10,000 50% 75 9,000 20 40% 50 8,000 30% 10 7,000 20% 0 25 MSS Fleet Count MSS Utilization MSS - Avg. Cont. Duration MSS -
Slide 11: Workforce Solutions
Workforce Solutions Rental revenue five-year CAGR of 21% WFS Rental Revenue - TTM • Geographic Diversification • U.S. 65.0 60.0 59.6 52.7 55.2 • Eastern Canada Our WFS business provides remote 55.0 50.0 48.1 • Continued growth in Australia accommodation 45.0 40.0 38.0 • Industry Diversification $mm
Slide 12: WFS Overview
WFS Overview WFS - Fleet Count (Units) TTM Average WFS Room Count - TTM Average 8,000 14,000 7,000 12,000 1,067 1,166 6,000 1,191 528 1,349 10,000 1,245 967 451 1,485 1,575 629 818 5,000 499 872 729 804 527 8,000 1,010 510 960 4,000 6,000 3,000 5,566 5,124 9,686 4,668 8,945 4,000 8,164 2,000 4,032 4
Slide 13: Indigenous Partnerships
Indigenous Partnerships Together, Black Diamond and Royal Camp Services have very strong Indigenous partnerships in key economic regions across Canada, which positions the Company well 14
Slide 14: Black Diamond’s Canadian Workforce Solutions Business
Black Diamond’s Canadian Workforce Solutions Business On combination, the strength of these complementary businesses is apparent and our ability to support our diversified customer base is elevated through our robust fleet of quality assets and turnkey services Industry Diversification • Disaster Re
Slide 15: LodgeLink
LodgeLink Total Trade Value five-year CAGR of 37% • LodgeLink is uniquely positioned to Total Travel Segments(TTM) 700,000 serve the workforce travel market, 600,000 leveraging decades of experience in solving workforce logistics 500,000 challenges 400,000 • Very large total addressable 300,000 work
Slide 16: LodgeLink Supply Coverage
LodgeLink Supply Coverage Millions of rooms Tens of thousands of properties 17
Slide 17: LodgeLink Key Performance Indicators
LodgeLink Key Performance Indicators Net Revenue & Net Revenue Margin1 14.2 13.0% 14.0 12.5% 12.4% 12.0 12.0% 12.4% 12.0% • Total Travel Segments (“TTS”) of 605,718 grew 11.3% 10.0 10.5% 11.4 11.5% 11.0% 8% YoY up from 559,956. 8.0 9.8 10.5% $mm 6.0 6.7 10.0% • Q4/25 Net Revenue of $3.9 mm was up 56
Slide 18: Disciplined Capex Funding Future Growth
Disciplined Capex Funding Future Growth ORGANIC GROWTH CAPEX • Level of organic growth capex has risen in conjunction with free cashflow and strong customer demand • Capital Commitments of $28.0 mm as at Q4 2025 • Realizing strong returns for new capital investment • Vast majority of capex targeted
Slide 19: Financial Flexibility
Financial Flexibility Leverage Ratio - TTM Average 3.5x Net Debt/EBITDA 3.5x Ontario based modular rental 3.0x acquisition Q4 3.0x 2022 Royal Camp acquisition Ltd.Q4 2025 2.5x 2.5x 2.0x 2.0x 1.5x 1.0x Vanguard 1.5x acquisition 0.5x Q4 2020 British Columbia asset purchase Q2 2024 0.0x 1.0x BDI MSS Co
Slide 20: Significant Asset Coverage Against Debt
Significant Asset Coverage Against Debt Net Debt 1 Vs Avg Net Book Value of Fleet Assets - TTM 700 600 • Q4/2025 Net Debt1 of $328.0 mm remains well below 182 tangible asset value 500 145 400 148 • Asset Based Lending (“ABL”) facility termed out to February 2030. Average cost of debt in Q4 2025 was
Slide 21: Strong Free Cash Flow Generation
Strong Free Cash Flow Generation Free Cash Flow 1 - TTM 100 • Asset rental model has continued to provide a strong base of Free Cashflow1, generating $28.9 90 mm in Q4/2025 80 • Supported a 29% increase to the Q4/2025 70 $mm quarterly dividend of $0.045 per share, or $0.18 per share on an annualized
Slide 22: Dividend Growth
Dividend Growth Dividends Paid Per Share - TTM Dividends & Funds From Operations1 $0.16 140.00 100% Dividends % of Funds from Operations $0.14 90% 120.00 80% $0.12 100.00 70% $0.10 80.00 60% $mm $0.08 50% 60.00 40% $0.06 40.00 30% $0.04 20% 20.00 $0.02 10% $0.00 - 0% Total Dividends Paid TTM (LHS) F
Slide 23: Black Diamond Investment Attributes
Black Diamond Investment Attributes STABILITY THROUGH Consolidated contracted future rental revenue of $149.3 mm2 (MSS of $121.9 mm and WFS of $27.4 mm)1 DIVERSIFICATION BY ASSET TYPE, INDUSTRY & MSS lease portfolio average duration of 52.4 months2 GEOGRAPHY Thousands of customers across diverse ind
Slide 24: THANK YOU
THANK YOU Investor Relations investor@blackdiamondgroup.com March 1, 2026 25
Slide 25: Appendix
Appendix 26
Slide 26: Non-GAAP & Supplementary Financial Measures
Non-GAAP & Supplementary Financial • Measures Adjusted EBITDA is not a measure recognized under IFRS and does not have standardized meanings prescribed by IFRS. Adjusted EBITDA refers to consolidated earnings before finance costs, tax expense, depreciation, amortization, accretion, foreign exchange,
Slide 27: Non-GAAP & Supplementary Financial Measures
Non-GAAP & Supplementary Financial Measures • Enterprise Value is calculated as Market Capitalization plus Net Debt which is a supplementary financial measure and is calculated as long-term debt minus cash and cash equivalents. • Net Revenue Margin is calculated by dividing net revenue by Total Trad
Slide 28: Adjusted EBITDA, Return on Assets
Adjusted EBITDA, Return on Assets 29
Slide 29: Net Debt, Net Debt to TTM Adjusted Leverage EBITDA
Net Debt, Net Debt to TTM Adjusted Leverage EBITDA 30
Slide 30: Free Cashflow
Free Cashflow Three months ended Twelve months ended December 31, December 31, ($ millions, except as noted) 2025 +2024 Change 2025 +## (2024 Change Cash Flow from Operating Activities 46.1 30.2 53% 130.9 111.4 18% ‘Add (deduct): ‘Change in other long-term assets. (0.4) 19 (121)% = 1.8 14 29% Change
Slide 31: Net Revenue, Total Trade Value and Net Revenue Margin
Net Revenue, Total Trade Value and Net Revenue Margin 32
Slide 32: Enterprise Value
Enterprise Value Enterprise Value is a non-GAAP financial measure. Refer to the Non-GAAP & Supplementary Financial Measures section for more information. 33