Calian Group Ltd. · TSX:CGY

Calian — Non-Deal Roadshow (June 2025)

25 slides from Calian's roadshow presentation, Jun 24, 2025

Slide 1: Investor Presentation
Investor Presentation Western Canada Roadshow in collaboration with Acumen Capital June 24-25, 2025
Slide 2: Caution Regarding Forward Looking Statements
Caution Regarding Forward Looking Statements Certain information included in this document is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally ac
Slide 3: Calian FY24 Snapshot
Calian FY24 Snapshot +40 years 5,800 Ottawa $542M CGY History Workforce Head office Market cap TSX Revenue segmentation 15% 29% Learning ITCS Customers Geography Offering $747M 49% 32% 30% commercial international products 2024 Revenues 28% 28% Advanced Health 51% 68% 70% technologies government Can
Slide 4: Serving Key Customers: Space, Health, Defence
Serving Key Customers Space Health Defence © 2024 Calian Group Ltd. 4
Slide 5: Investment Thesis
Investment Thesis 1 Capitalizing on Strong Industry Tailwinds 2 Showcasing a Track Record of Execution 3 Leveraging Robust Operating FCF 4 Maintaining a Solid Balance Sheet 5 Creating Shareholder Value © 2024 Calian Group Ltd. 5
Slide 6: 1. Capitalizing on Strong Industry Tailwinds
1. Capitalizing on Strong Industry Tailwinds © 2024 Calian Group Ltd. 6
Slide 7: Defence, Space and Health are Poised to Grow
Defence, Space and Health are Poised to Grow Defence Space Health • Pressure on Canada to increase defence • Advancements in technology • Aging global population spending to 2% of GDP • Increased private investment • Advancements in medical technology • Ongoing conflicts in Europe • Global connectiv
Slide 8: Doubling Down on Near-Term Defence Opportunity
Doubling Down on Near-Term Defence Opportunity World’s 15 Largest Defence Budgets Calian Defence Revenues (M$) US 363 China $968B C$41B 330 Russia Germany 271 UK 235 India 228 14% Saudi Arabia France ~$US 2.0 Trillion 185 CAGR Japan South Korea 2024 Australia Italy Israel Ukraine $81B 2020 2021 2022
Slide 9: Calian FY24 Defence Industry Exposure
Calian FY24 Defence Industry Exposure LTM Q2-25: $363M in defence revenues, or 49% Segment FY24 FY24 Description Revenues % Defence Revenues ~$330M ITCS $214M ~15-20% Delivers IT professional services to both private and government customers operating in the Defence space FY24 Defence Revenues Healt
Slide 10: 2. Showcasing a Track Record of Execution
2. Showcasing a Track Record of Execution © 2024 Calian Group Ltd. 10
Slide 11: Double-Digit Revenue & Adj. EBITDA CAGR
Double-Digit Revenue & Adj. EBITDA CAGR Growing profitably Revenues Adj. EBITDA1,2 (in millions of $) (in millions of $) 92 747 659 582 69 70 15% 518 CAGR 21% 56 CAGR 432 343 305 38 275 29 27 24 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024 1This is a Non-Gaap measu
Slide 12: Focusing on Doubling Adj. EBITDA Over 3 Years
Focusing on Doubling Adj. EBITDA1 Over 3 Years Revenue Bridge2 Revenue Bridge1 Adj. EBITDA1 Bridge 2 Adj. EBITDA1 Bridge2 (in millions of $) (in millions of $) (in millions of $) (in millions of $) 9 125 228 1000 39 113 659 11 66 Note: 5% was used for organic growth Note: A margin of 10% was used an
Slide 13: 3-Yr Strategic Plan - Capital Deployed for M&A
3-Yr Strategic Plan - Capital Deployed for M&A Acquisition Purchase Price (M$) Revenue (M$) Adj. EBITDA1 (M$) Adj. EBITDA1 Margin (%) Multiple Decisive 50 40 8 20% 6.3x MDA Nuclear Assets 8 8 2.5 31% 3.2x Mabway 32 35 8 23% 4.0x AMS 21.5 40 4.5 11% 4.8x Total 111.5 123 23 21% 4.8x Targets 250-300 21
Slide 14: Short-Term Headwinds in ITCS
Short-Term Headwinds in ITCS Challenges are more cost-related than revenue driven Delayed procurement decisions by the Canadian 1 government due to the elections Delayed procurement decisions by U.S. commercial 2 customers due to longer than anticipated refresh cycles and tariffs Increased costs due
Slide 15: Starting a Portfolio Review
Starting a Portfolio Review Capture significant tailwinds in defence, health and space 1 Explore options for non-core assets 2 Refine our go-to-market approach 3 Double-down on high-growth areas 4 Optimize our cost structure 5 Reassess our capital allocation priorities © 2024 Calian Group Ltd. 15
Slide 17: OFCF Conversion Rate From Adj. EBITDA > 75%
OFCF Conversion Rate From Adj. EBITDA > 75% Not a capital intensive business Adj. EBITDA1,2 Operating Free Cash Flow (OFCF)1,2 OFCF Conversion1,2 (in millions of $) (in %) (in millions of $) 92 72 88% 79% 80% 78% 69 70 76% 55 54 56 44 38 34 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021
Slide 18: Allocating Capital Primarily to Acquisitions
Allocating Capital Primarily to Acquisitions Planning to repurchase 6% of float in FY25 Investments in Business Return to Shareholders (in millions of $) (in millions of $) 100 77 73 57 35 26 19 12 13 15 8 11 9 9 9 10 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024 Ac
Slide 19: Acquisition of Advanced Medical Solutions (AMS)
Acquisition of Advanced Medical Solutions (AMS) Financial Highlights Strategic Rationale ▪ Increases service offerings into primary care, paramedicine and air & ground ambulance $21.5M $5.0M ▪ Expands and strengthens geographic footprint and competitive position in northern Canada Purchase Price Upf
Slide 21: Net Debt to Adj. EBITDA < 1.0x
Net Debt to Adj. EBITDA < 1.0x Solid balance sheet to pursue growth Total Debt Cash & Cash Equivalents Net Debt to Adj. EBITDA1 (in millions of $) (in millions of $) (ratio) 121 3.0x 79 2.5x 2.5x 90 64 Threshold 2.0x 52 43 1.5x 34 38 1.0x 24 0.7x 0.5x 0.4x 8 0 0 0.0x 0.0x 0.0x 0.1x 0.0x 2020 2021 20
Slide 22: Benefitting From Solid Backlog & New Contracts
Benefitting From Solid Backlog & New Contracts The AMS acquisition will add ~$250M to the backlog in Q3 New Contract Signings Backlog (in millions of $) (in billions of $) 875 785 1.3 1.3 1.3 1.2 1.2 699 1.1 554 580 447 2020 2021 2022 2023 2024 Q2-25 2020 2021 2022 2023 2024 LTM Q2-25 © 2024 Calian
Slide 24: KPIs per Share are Growing
KPIs per Share are Growing We are yielding strong returns Adj. EBITDA1,2/diluted share 15% OFCF1,2 / diluted share 11% Adj. EPS Diluted1,2 9% (in $) Yield (in $) Yield (in $) Yield $7.68 $6.02 $4.86 $6.59 $6.07 $5.98 $4.84 $4.57 $4.76 $4.15 $3.92 $3.89 $3.81 $5.28 $4.15 $3.70 $4.23 $2.78 $2.56 $2.77
Slide 25: Jennifer McCaughey, Director, Investor Relations
Jennifer McCaughey, CFA, F.CIRI Director, Investor Relations ir@calian.com © 2024 Calian Group Ltd.25

Calian Group — Non-Deal Roadshow (June 2025) on 6ix

Calian — Non-Deal Roadshow (June 2025)

Slide 1: Investor Presentation

Slide 2: Caution Regarding Forward Looking Statements

Slide 3: Calian FY24 Snapshot

Slide 4: Serving Key Customers: Space, Health, Defence

Slide 5: Investment Thesis

Slide 6: 1. Capitalizing on Strong Industry Tailwinds

Slide 7: Defence, Space and Health are Poised to Grow

Slide 8: Doubling Down on Near-Term Defence Opportunity

Slide 9: Calian FY24 Defence Industry Exposure

Slide 10: 2. Showcasing a Track Record of Execution

Slide 11: Double-Digit Revenue & Adj. EBITDA CAGR

Slide 12: Focusing on Doubling Adj. EBITDA Over 3 Years

Slide 13: 3-Yr Strategic Plan - Capital Deployed for M&A

Slide 14: Short-Term Headwinds in ITCS

Slide 15: Starting a Portfolio Review

Slide 16: 3. Leveraging Robust Operating FCF

Slide 17: OFCF Conversion Rate From Adj. EBITDA > 75%

Slide 18: Allocating Capital Primarily to Acquisitions

Slide 19: Acquisition of Advanced Medical Solutions (AMS)

Slide 20: 4. Maintaining a Solid Balance Sheet

Slide 21: Net Debt to Adj. EBITDA < 1.0x

Slide 22: Benefitting From Solid Backlog & New Contracts

Slide 23: 5. Creating Shareholder Value

Slide 24: KPIs per Share are Growing

Slide 25: Jennifer McCaughey, Director, Investor Relations