Calian Group Ltd. · TSX:CGY

Calian — Non-Deal Roadshow (September 2024)

28 slides from Calian's roadshow presentation, Sep 11, 2024

1. Slide 1: Investor Presentation

   Investor Presentation Montreal Roadshow in collaboration with Desjardins September 11, 2024

2. 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

3. Slide 3: Agenda

   Agenda • Calian Creates Shareholder Value • Why Invest in Calian? • Executing the 3-Year Strategic Plan • Appendix 1: Overview of Calian • Appendix 2: Hot Topics © 2024 Calian Group Ltd. 3

4. Slide 4: Calian Creates Shareholder Value

   Calian Creates Shareholder Value © 2024 Calian Group Ltd. | 4

5. Slide 5: Creating Value for Shareholders

   Creating Value for Shareholders OFCF1 per share2 Adj. EBITDA2/diluted share Adj. EPS Diluted2 (in $) (in $) (in $) $7.42 $6.80 $10.59 $7.05 $4.42 $4.46 $3.87 $4.16 $3.83 $5.80 $5.62 $3.50 $3.45 $3.08 $3.27 $4.85 $2.41 $2.59 $4.02 $2.19 $3.26 $3.45 $2.25 $1.65 2018 2019 2020 2021 2022 2023 LTM FY26 E

6. Slide 6: Why Invest in Calian?

   Why Invest in Calian? © 2024 Calian Group Ltd. | 6

7. Slide 7: Realistic Growth Objectives

   Realistic Growth Objectives Key Performance 3-Yr Strategic Plan Financial Objectives Indicators One vision, One purpose, Reach $1 Billion in revenues Convert profitable growth into One Calian 2026 by the end of FY26 OFCF1,2 and deploy capital while maintaining a solid balance sheet To build a multi-

8. Slide 8: Achievable Growth Objectives Based on Past Performance

   Achievable Growth Objectives Based on Past Performance 1 2 3 Executing on Growth Deploying Capital Funding Growth Objectives Efficiently Internally 5-Yr Revenue CAGR of 18% Generating significant growth OFCF1&2 CAGR of 28% (avg. ~7% organic growth & ~10% acquisitive with past M&A growth) Credit faci

9. Slide 9: Executing the 3-Year Strategic Plan

   Executing the 3-Year Strategic Plan © 2024 Calian Group Ltd. | 9

10. Slide 10: 3-Year Objective: Revenues and Adj. EBITDA

    3-Year Objective: Revenues and Adj. EBITDA1 $1B $125M Revenues Adj. EBITDA1 ~15% ~24% Revenue CAGR Adj. EBITDA1 CAGR Includes ~ 5% organic and ~10% acquisitive growth Nearly doubling adjusted EBITDA1 from $66M to $125M 1 This is a non-GAAP measure. Please refer to the MD&A. Achievable objectives bas

11. Slide 11: Tracking After Q3-24 - Revenue and Adj. EBITDA

    Tracking After Q3-24 - Revenue and Adj. EBITDA1 Revenues Gross Profit & Margin Adj. EBITDA1 & Margin1 (in millions of $) (in millions of $, except margin) (in millions of $, except margin) 741 300 45.0%90 83 20.0% 659 246 80 18.0% 582 250 40.0% 66 66 518 204 70 16.0% 200 169 35.0%60 52 14.0% 432 33.

12. Slide 12: Tracking After Q3-24 - Revenue Growth

    Tracking After Q3-24 - Revenue Growth Organic Revenue Growth Total Revenue Growth1 (in %) Acquisitive Revenue Growth (in %) (in %) 19% 21% 26% 12% 20% 12% 17% 12% 12% 13% 8% 7% 7% 6% 5% 5% 5% 10% 2019 2020 2021 2022 2023 YTD Q3- 2019 2020 2021 2022 2023 YTD Q3- 2019 2020 2021 2022 2023 YTD Q3- 24 24

13. Slide 13: 3-Year Objective: Capital Deployed for M&A

    3-Year Objective: Capital Deployed for M&A $250–300M 6x–8x Capital Deployed Implied EBITDA Multiple $210–250M $36–43M 17% Revenue Adj. EBITDA1 Adj. EBITDA1 Margin 1 This is a non-GAAP measure. Please refer to the MD&A. Targeting IRR >15% before synergies & leverage © 2024 Calian Group Ltd. 13

14. Slide 14: Tracking After Q3-24 – Capital Deployed for M&A

    Tracking After Q3-24 – 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 Total 90 83 18.5 21% 4.9x Targets 250-300 210-250 36-43 17% 6x-8x % Ta

15. Slide 15: 3-Year Objective: OFCF and Balance Sheet

    3-Year Objective: OFCF1 and Balance Sheet $220M ~70% Operating FCF1 OFCF1 Conversion from adj. EBITDA1 <2.5x Internally Net Debt to Adj. EBITDA1 Funded Growth 1 This is a non-GAAP measure. Please refer to the MD&A. No requirement for equity issuance © 2024 Calian Group Ltd. 15

16. Slide 16: Tracking After Q3-24 – Operating Free Cash Flow

    Tracking After Q3-24 – Operating Free Cash Flow Adj. EBITDA1 Operating Free Cash Flow OFCF Conversion1&2&3 (in millions of $) (OFCF)1&2 (in %) 83 (in millions of $) 53 76% 66 66 72% 47 66% 68% 45 63% 64% 52 35 37 28 27 17 2019 2020 2021 2022 2023 LTM Q3- 2019 2020 2021 2022 2023 LTM Q3- 2019 2020 20

17. Slide 17: Tracking After Q3-24 - Leverage

    Tracking After Q3-24 - Leverage Total Debt Cash & Cash Equivalents Net Debt to Adj. EBITDA1 (in millions of $) (in millions of $) (ratio) 94 3.0x 79 2.5x 2.5x Target 2.0x 43 46 1.5x 38 34 24 1.0x 13 17 0.6x 8 0.5x 0 0.0x 0.1x 0 0.0x 0.0x 0.0x 0.0x 2019 2020 2021 2022 2023 Q3-24 2019 2020 2021 2022 2

18. Slide 18: Tracking After Q3-24 - Liquidity

    Tracking After Q3-24 - Liquidity Credit Facility Cash & Cash Equivalents Cash Available (in millions of $) (in millions of $) (in millions of $) 251 255 255 79 207 199 75 75 75 40 155 75 43 46 40 120 120 34 84 40 40 159 176 24 132 60 17 44 115 40 2019 2020 2021 2022 2023 Q3-24 2019 2020 2021 2022 20

19. Slide 19: Key Takeaways

    Key Takeaways Realistic and Track record Successful Strong capital Solid balance achievable of double-digit M&A strategy allocator sheet growth profitable objectives growth © 2024 Calian Group Ltd. 19

20. Slide 20: Appendix 1: Overview of Calian

    Appendix 1: Overview of Calian © 2024 Calian Group Ltd. | 20

21. Slide 21: Calian FY23 Snapshot

    Calian FY23 Snapshot +40 years 4,400 Ottawa $603M CGY History Workforce Head office Market cap TSX Revenue segmentation 16% 29% Learning ITCS Customers Geography Offering $659M 52% 29% 24% commercial international products 2023 Revenues 27% 28% Advanced Health 48% 71% 76% technologies government Can

22. Slide 22: Capitalizing on Market Trends

    Capitalizing on Market Trends 1 ITCS Cyberattacks Surge in ransomware creating financial and reputational damage. Higher insurance costs with reduced coverage. 2 Health Healthcare demand Increased healthcare demand due to aging population, mental health awareness, population growth, use of virtual c

23. Slide 23: Key Milestones in 40+ Year History

    Key Milestones in 40+ Year History Building Assets Reorganizing Capital & Growth (1982-2014) (2015-2019) (2020-beyond) 1982 1993 1996 2015 2019 2021 2023 Calian Acquisition Acquisition KevIn Ford Calian Acquisition Acquisition Technology Ltd. Skywave Pricon Staffing Services becomes CEO announces Da

24. Slide 24: Capital Market Profile

    Capital Market Profile CGY $56.25 TSX $80.00 400,000 Close 350,000 $70.00 300,000 7 $60.00 250,000 $46.27 Analysts 52-week Low $50.00 200,000 150,000 $40.00 100,000 11.8M $30.00 $64.57 # Shares 50,000 52-week High $20.00 0 2-Jul-19 2-Jan-20 2-Jul-20 2-Jan-21 2-Jul-21 2-Jan-22 2-Jul-22 2-Jan-23 2-Jul

25. Slide 25: Appendix 2: Hot Topics

    Appendix 2: Hot Topics © 2024 Calian Group Ltd. | 25

26. Slide 26: Management & Board Share Ownership

    Management & Board Share Ownership Shares RSUs PSUs DSUs Total Options # $ # $ # $ # $ # $ # $ Kevin Ford 23,189 1,183,335 15,043 767,644 67,590 3,449,118 n/a n/a 105,822 5,400,097 65,727 ~$60/share Patrick 5,268 268,826 4,176 213,101 33,795 1,724559 n/a n/a 43,239 2,206,486 24,785 ~$60/share Housto

27. Slide 27: FY24 Guidance

    FY24 Guidance Adj. EBITDA1 (in millions of $) 86-92 86-92 83-89 83-89 89 • $86M is the middle of the range of 86 86 86 the initial guidance provided • Guidance impacted mainly by 66 defence budget cuts • Growth of 30% at the bottom of guidance range ($86M vs $66M) FY23 Q4-23 Q1-24 Q2-24 Q3-24 Initia

28. Slide 28: Thank you

    Thank you Jennifer McCaughey, CFA, F.CIRI Director, Investor Relations ir@calian.com

Calian Group — Non-Deal Roadshow (September 2024) on 6ix