Black Diamond Group Limited · TSX:BDI
Black Diamond — Q3 2025 Earnings Presentation
35 slides from Black Diamond's earnings presentation, November 2025
Slide 1: Investor Update
INVESTOR UPDATE November 2025 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: Q3 2025 – At a Glance
Q3 2025 – At a Glance CONSOLIDATED Consolidated platform growth with Adjusted EBITDA1 of $31.8 million in line with Consensus of $32 million • Consolidated Rental Revenue rose 9% YoY to $41.3 million • Q3 2025 Profit rose 65% YoY to $12.2 million • EPS of $0.19 rose 58% YoY (Both profit and EPS bene
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 ~24% industrial services and asset management Company that Shares Outstanding1 65.9 mm 52 Wk Range $7.60 - $15.38 provides turnkey workforce Market Cap (10/30/2025) $988 mm Enterpri
Slide 5: Black Diamond Group
Black Diamond Group Consolidated Adjusted EBITDA five-year CAGR of ~27% MODULAR SPACE SOLUTIONS 120.0 Consolidated Rental Revenue 110.0 100.0 • Diversified rental stream through rental of modular buildings in 90.0 Canada and U.S. 80.0 70.0 • Ancillary, Value Added Products & Services (VAPS) 60.0 • C
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% 0.57 0.5 0.52 19% 0.46 17% 0.4 0.39 15% $/Share 0.3 13% 0.2 11% 0.13 9% 0.1 7% 0 5% EPS (Diluted, continuing ops, LHS) EPS growth driven by compounding growth in EBITDA and rental revenue ROA1 C
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 $438.0 mm NBV 12,672 Units Workforce Solutions (WFS) Fleet2 $142.1mm + $150mm = NBV $292.1mm and 7,670 units Consolidated Rentable Square Feet2 +8mm + 1mm = +9 mm TTM Total LodgeLink room nights sold 532,842 TTM Profit $36.5 mm TTM Adjusted EB
Slide 9: Modular Space Solutions
Modular Space Solutions Rental revenue five-year CAGR of ~23% 105.0 MSS Rental Revenue (TTM) 105.9 Our MSS business • 12,672 units across 23 branches in North 95.0 90.2 America rents and sells temporary 85.0 83.4 75.0 • Added scale and additional product offering permanent 68.2 $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 12,000 80% 125 40 11,000 70% 100 Months 10,000 60% $ mm 30 75 9,000 50% 20 50 8,000 40% 10 7,000 30% 0 25 MSS Fleet Count MSS Utilization MSS - Avg. Cont. Duration MSS - Cont
Slide 11: Workforce Solutions
Workforce Solutions Rental revenue five-year CAGR of ~17% WFS Rental Revenue - TTM • Geographic Diversification 65.0 • U.S. 60.0 58.9 54.1 • Eastern Canada Our WFS business provides remote 55.0 50.3 50.0 46.0 • Continued growth in Australia accommodation 45.0 40.0 • Industry Diversification $mm and
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 1,164 1,067 1,168 1,481 6,000 554 1,296 1,070 10,000 451 1,455 628 784 5,000 487 1,566 798 843 503 8,000 945 4,000 524 759 6,000 1,002 3,000 5,649 5,194 9,832 4,869 9,190 8,404 4,153 4,000 7,494
Slide 13: Royal Camp Services Acquisition
Royal Camp Services Acquisition ROYAL CAMP SERVICES 34 years as a leading provider of high-quality workforce accommodations and catering services • 580 employees, with over 250 Indigenous employees • High quality fleet of assets, primarily of dormitory and kitchen complexes (~2,000 units with ~6,500
Slide 14: Strategic Deal Rationale
Strategic Deal Rationale Opportune timing to combine the strengths of these platforms to serve both Black Diamond and Royal Camp Services diverse customer bases by leveraging long-term relationships for scalable growth amidst current strong market tailwinds Remote Accommodations Industry Transition:
Slide 15: Strong Market Tailwinds
Strong Market Tailwinds Strengthening market dynamic is expected to drive increased demand for remote and workforce accommodations assets • Bill C-5 (“One Canadian Economy Act”) passed in June 2025 accelerates internal trade, labour mobility, and nation building projects Nation under the Building Ca
Slide 16: 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 16
Slide 17: 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 18: LodgeLink
LodgeLink Gross revenue five-year CAGR of ~48% • LodgeLink is uniquely positioned to Properties Listed & Room Nights Sold (TTM) 20,000 600,000 serve the workforce travel market, 18,000 500,000 leveraging decades of experience 16,000 in solving workforce logistics 14,000 12,000 400,000 challenges 10,
Slide 19: LodgeLink Supply Coverage
LodgeLink Supply Coverage ~90% of volumes transacted through the million Over 1.8 platformrooms are hotels Across +19,750 properties Nearly 1,100 corporate customers 19
Slide 20: LodgeLink Key Performance Indicators
LodgeLink Key Performance Indicators Properties Listed & Room Nights Sold (TTM) 20,000 650,000 18,000 550,000 16,000 14,000 450,000 • TTM room nights sold of 532,842 grew ~8% 12,000 10,000 350,000 YoY up from 494,086. 8,000 250,000 6,000 • Net Revenue of $4.3 mm in Q3/25 150,000 4,000 2,000 50,000 •
Slide 21: 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 $39.5 mm as at Q3 2025 • Realizing strong returns for new capital investment • Vast majority of capex targeted
Slide 22: Financial Flexibility
Financial Flexibility Leverage Ratio - TTM Average 3.5x Net Debt/EBITDA Ontario based 3.5x modular rental acquisition Q4 3.0x 3.0x 2022 2.5x 2.5x 2.0x 2.0x 1.5x Vanguard acquisition Q4 2020 1.0x 1.5x 0.5x British Columbia asset purchase Q2 2024 0.0x 1.0x BDI MSS Comparables WFS Comparables 1 Source:
Slide 23: Significant Asset Coverage Against Debt
Significant Asset Coverage Against Debt Net Debt 1 Vs Avg Net Book Value of Fleet Assets - TTM 550 500 142 • Q3/2025 Net Debt1 of $197.1 mm remains well below 450 146 tangible asset value 400 148 350 140 • Asset Based Lending (“ABL”) facility termed out to 300 149 February 2030. Average cost of debt
Slide 24: 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 ~$23.0 90 mm in Q3/2025, 17% above Q3/2024 80 • Supported a 29% increase to the Q4/2025 70 $mm quarterly dividend of $0.045 per share, or $0.18 per sh
Slide 25: Dividend Growth
Dividend Growth Dividends Paid Per Share - TTM Dividends & Funds From Operations1 $0.160 140.00 100% Dividends % of Funds from Operations $0.140 90% 120.00 80% $0.120 100.00 70% $0.100 60% 80.00 $mm $0.080 50% 60.00 40% $0.060 40.00 30% $0.040 20% 20.00 $0.020 10% $- - 0% Total Dividends Paid TTM (L
Slide 26: Black Diamond Investment Attributes
Black Diamond Investment Attributes STABILITY THROUGH Consolidated contracted future rental revenue of ~$159 mm2 (MSS of ~$130mm and WFS of ~$29mm)1 DIVERSIFICATION BY ASSET TYPE, INDUSTRY & MSS lease portfolio average duration of ~51.4 months2 GEOGRAPHY Thousands of customers across diverse industr
Slide 27: Thank You
THANK YOU Investor Relations investor@blackdiamondgroup.com November 25, 2025 27
Slide 28: Appendix
Appendix 28
Slide 29: Non-GAAP & Supplementary Financial Measures
Non-GAAP & Supplementary Financial Measures • Adjusted EBITDA is not a measure recognized under IFRS and does not have standardized meanings prescribed by IFRS. Adjusted EBITDA refers to consolidated earnings before finance costs, tax expense, depreciation, amortization, accretion, foreign exchange,
Slide 30: Non-GAAP & Supplementary Financial Measures
Non-GAAP & Supplementary Financial Measures • Enterprise Value is calculated as Market Capitalization plus Net Debt which is a supplementary financial measure and is calculated as long-term debt minus cash and cash equivalents. • Gross Bookings is total revenue billed to the customer which includes
Slide 31: Adjusted EBITDA, Return on Assets
Adjusted EBITDA, Return on Assets 31
Slide 32: Net Debt, Net Debt to TTM Adjusted Leverage EBITDA
Net Debt, Net Debt to TTM Adjusted Leverage EBITDA 32
Slide 33: Free Cashflow
Free Cashflow Three months ended Nine months ended September 30, September 30, ($ millions, except as noted) 2025 2024 = Change = 2025-2024 Cash Flow from Operating Activities 20.4 31.4 (35)% 84.8 81.2 Add (deduct): ‘Change in other long-term assets 03 11 (73)% 2.3 (0.5) Changes in non-cash operatin
Slide 34: Net Revenue, Gross Bookings and Net Revenue Margin
Net Revenue, Gross Bookings and Net Revenue Margin 34
Slide 35: Enterprise Value
Enterprise Value 35 Enterprise Value is a non-GAAP financial measure. Refer to the Non-GAAP & Supplementary Financial Measures section for more information.