Mullen Group Ltd. · TSX:MTL
Mullen — Investor Presentation (March 2026)
22 slides from Mullen's investor presentation, Mar 16, 2026
Slide 1: Investor Update – March 2026
Investor Update – March 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: Mission Statement
Mission Statement We acquire companies and strive to improve their performance.
Slide 4: Stable, Diverse, Reliable, Sustainable
STABLE DIVERSE RELIABLE SUSTAINABLE
Slide 5: 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 6: 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 7: 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 $1.6B Market Cap Note: Financial data is as of December 31, 2025, e
Slide 8: 2025 Update & 2026 Business Plan
2025 Update & 2026 Business Plan 2025 2026 RECAP BUSINESS PLAN Revenue: ~$2.1 billion Revenue: $2.3 billion to $2.4 billion OIBDA – adjusted1: ~$323 million OIBDA – adjusted1: $365 million (15.7% margin) Challenging year: trade disputes, Dividends of $0.84 per share per annum tariffs, lo
Slide 9: 2026 Priorities
2026 Priorities 11. PRIORITIZE MARGIN OVER MARKET SHARE: a. Optimize performance and drive process improvements b. Invest in the Business Units: $85.0 million in new, more efficient operating assets • $75.0 million: Operating Capital – to improve our Business Units • $10.0 million: Real Estate – inv
Slide 10: 2026 Plan by Segment
Logistics & Specialized & U.S. & International Less-Than-Truckload Warehousing Industrial Services Logistics 2026 Plan by Segment ($ millions) Revenue Revenue Revenue Revenue $800.0 $840.0 $450.0 $230.0 OIBDA OIBDA OIBDA OIBDA $140.0 $145.0 $85.0 $15.0
Slide 11: Nation Building Projects… Are We Ready?
Nation Building Projects… Are We Ready?
Slide 12: Pipeline Projects
Pipeline Projects KSI LISIMS LNG* LNG CANADA PHASE 2* Location: Pearse Island, B.C. Location: Kitimat, B.C. Projected to be Canada’s second largest Expansion of the existing LNG LNG facility and fully electrified for ultra-low terminal. Expected to double Canada’s emission. The project includes
Slide 13: Mining Projects
Serving Ontario to British Columbia Mining Projects Canada Nickel’s Crawford McIIvenna Bay Foran Red Chris Mine Expansion* Project* Copper Mine* Location: Northwest, BC Location: Timmins, ON Location: East-Central, SK Expansion of the lifespan of Large scale nickel mine Development of the mine
Slide 14: Energy Projects
Energy Projects Serving Manitoba to British Columbia North Coast Transmission Line (NCTL)* Ready to support Location: Northwest, BC The twinning of major transmission lines in any new oil and Northwest B.C. to deliver clean electricity and natural gas telecommunications, support LNG and critical m
Slide 15: Yes, We Are Ready!
YES, WE ARE READY! and…
Slide 16: Thank you!
Thank you! www.mullen-group.com
Slide 17: Additional Information
Additional Information
Slide 18: Mullen Has Expanded and Diversified into a Multi-Disciplinary Transportation and Logistics Platform
MULLEN HAS EXPANDED AND DIVERSIFIED INTO A MULTI-DISCIPLINARY TRANSPORTATION AND LOGISTICS PLATFORM Total revenue (C$ in millions) 2025 | Refinanced private placement debt (C$390m); 2500 Redemption of Debentures (C$125m); Acquired Cole International; Repaid 2000 remaining 2014 Notes 2024 | Refinance
Slide 19: Free Cash Flow Conversion %
OVER 10 YEARS OF POSITIVE FCF GENERATION HIGHLIGHTS SUPERIOR CROSS-CYCLE PERFORMANCE Free Cash Flow (C$ 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 20: Appendix
Appendix
Slide 21: 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 22: 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 management measures. Supplementary Financial Measures Supplementary financial measures are financial measur