Black Diamond Group Limited · TSX:BDI
Black Diamond — Q2 2026 Earnings Presentation
22 slides from Black Diamond's earnings presentation, Sep 10, 2026
Slide 1: Investor Update September 2026
INVESTOR UPDATE SEPTEMBER 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: Company Overview
COMPANY OVERVIEW WHO WE ARE MARKET SNAPSHOT Black Diamond Group TICKER(S) INSIDER OWNERSHIP SHARES OUTSTANDING¹ is an industrial services and asset management TSX:BDI, 21% 68.9 mm company that provides full turnkey remote OTCQX: BDIMF accommodations and modular space solutions as well as manages com
Slide 4: Operating Overview
OPERATING OVERVIEW OPERATING SCALE GEOGRAPHIC REACH Modular Space Solutions (MSS) Fleet 12,873 units Workforce Solutions (WFS) Fleet 7,524 units and 13,472 rooms Consolidated Rentable Square Feet +10 mm LodgeLink +2.5 million rooms across +26,000 properties REVENUE MIX Government Mining 6% 5% Constr
Slide 5: Multi-Year Market Tailwinds
MULTI-YEAR MARKET TAILWINDS ROBUST ACTIVITY ACROSS DIVERSIFIED END-MARKET VERTICALS IN CANADA, THE US AND AUSTRALIA 01 02 03 04 NATION BUILDING DEFENCE ENERGY MINING + INFRASTRUCTURE + GOVERNMENT + OIL & GAS + CRITICAL MINERALS Building Canada Act & Transitional base housing LNG Canada Phase 2 & Ksi
Slide 6: Q2 Financial Highlights
Q2 FINANCIAL HIGHLIGHTS KEY FINANCIALS PERFORMANCE SNAPSHOT Revenue ($mm) Adjusted EBITDA1 ($mm) Consolidated Revenue $129.2 (+23%) 150.0 31 30% 129.2 28% 30 28% 105.4 Consolidated Rental revenue $45.0 (+17%) 100.0 84.2 29 30.4 29.2 26% 24% 66.8 28 24% 50.0 27 Adjusted EBITDA1 $30.4 (+4%) 22% 45.0 3
Slide 7: TTM Financial Highlights
TTM FINANCIAL HIGHLIGHTS FIVE-YEAR COMPOUNDING ANNUAL GROWTH RATES (CAGR) Consolidated Revenue +13% Consolidated Rental Revenue +14% Adjusted EBITDA +18% TTM PERFORMANCE Consolidated Rental Revenue 450.0 Rental Fleet NBV ($mm) and Utilization- TTM Average 100% 120.0 400.0 90% 110.0 100.0 350.0 80% 9
Slide 8: Modular Space Solutions
MODULAR SPACE SOLUTIONS FIVE-YEAR RENTAL REVENUE CAGR OF 14% HEALTHY UTILIZATION AND CONTRACTED FUTURE RENTAL REVENUE TRENDS MSS Rental Revenue (TTM) 110.5 MSS - Average Monthly Rental Rate (TTM) 110.0 $925 102.3 100.0 $875 90.0 87.7 $825 79.9 $775 80.0 $mm $725 70.0 65.0 $675 60.0 $625 50.0 Avg Ren
Slide 9: Workforce Solutions
WORKFORCE SOLUTIONS FIVE-YEAR REVENUE CAGR OF 14% WFS Rental Revenue - TTM WFS Lodge Services - TTM 75.0 101.6 100.0 64.2 65.0 58.2 54.4 55.0 80.0 50.5 43.6 45.0 $mm $mm 60.0 35.0 42.9 42.3 38.8 40.0 34.4 25.0 15.0 20.0 The acquisition of Royal Camp Services has impacted the WFS revenue mix with a s
Slide 10: Unlocking the Operating Leverage
UNLOCKING THE OPERATING LEVERAGE WFS CANADA HAS +$2 BILLION IN FORMAL BIDS OUTSTANDING ACROSS +20 ACTIVE PROJECTS, REPRESENTING MORE THAN TWO TIMES THE COMPANY’S CURRENT AVAILABLE FLEET CAPACITY DEMAND DYNAMICS UTILIZATION 1 INCREASING DEMAND WFS Utilization - TTM Average 100% Market demand is incre
Slide 11: LodgeLink
LODGELINK FIVE-YEAR TOTAL TRADE VALUE CAGR OF 41% 2 1. Net Revenue and Net Revenue Margin are non-GAAP measures or ratios. Refer to the Non-GAAP & Supplementary Financial Measures section for more 11 2. Beginning in Q4 2025, the Company expanded its key operating metric from “Room Nights” to “Total
Slide 12: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION ALL CAPITAL ALLOCATION TOOLS ARE AVAILABLE TO US — AND AT SCALE 01 | FINANCIAL 02 | DEPLOYMENT OPTIONALITY 03 | DECISION METHODOLOGY CAPACITY $196.8M GROW Organic fleet additions and refurbishments DEMAND Customer-backed demand AVAILABLE LIQUIDITY Inorganic M&A opportu
Slide 13: Thank You
THANK YOU Investor Relations investor@blackdiamondgroup.com August 5, 2026 13
Slide 14: Appendix
GROUP APPENDIX
Slide 15: Non-GAAP & Supplementary Financial Measures
NON-GAAP & SUPPLEMENTARY FINANCIAL MEASURES • Adjusted EBITDA is not a measure recognized under IFRS and does not have standardized meanings prescribed by IFRS. Adjusted EBITDA refers to consolidated earnings before finance costs, tax expense, depreciation, amortization, accretion, foreign exchange,
Slide 16: Non-GAAP & Supplementary Financial Measures
NON-GAAP & SUPPLEMENTARY FINANCIAL MEASURES • Enterprise Value is calculated as Market Capitalization plus Net Debt which is a supplementary financial measure and is calculated as long-term debt minus cash and cash equivalents. • Net Revenue Margin is calculated by dividing net revenue by Total Trad
Slide 17: Adjusted EBITDA, Return on Assets
ADJUSTED EBITDA, RETURN ON ASSETS 17
Slide 18: Net Debt, Net Debt to TTM Adjusted EBITDA
NET DEBT, NET DEBT TO TTM ADJUSTED LEVERAGE EBITDA 18
Slide 19: Adjusted EPS
ADJUSTED EP BLACK DIAMOND ‘GROUP Three months ended June 30, Six months ended June 30, ($ millions, except as noted) 2026 2025 Change 2026 2025 Change Profit 0.9 9.2 (90)% 3.6 15.0 (76)% Add back net of tax: Amortization of intangibles related to acquisitions) 12 03 = 300% «= 25 06 317% ERP implemen
Slide 20: Free Cashflow
FREE CASHFLOW Three months ended June 30, Six months ended June 30, (S$ millions, except as noted) 2026 2025. Change 2026 = 2025 Change Cash Flow from Operating Activities 21.4 28.5 (25)% 42.9 64.4 —(33)% ‘Add (deduct): Change in other long-term assets (0.6) 14 (143)% (1.5) 2.0 — (175)% Changes in n
Slide 21: Net Revenue, Total Trade Value and Net Revenue Margin
NET REVENUE, TOTAL TRADE VALUE AND NET REVENUE MARGIN 21
Slide 22: Enterprise Value
ENTERPRISE VALUE Enterprise Value is a non-GAAP financial measure. Refer to the Non-GAAP & Supplementary Financial Measures section for more information. 22