Black Diamond Group Limited · TSX:BDI
Black Diamond — Q1 2026 Earnings Presentation
31 slides from Black Diamond's earnings presentation, May 20, 2026
Slide 1: Investor Update
yo y y pr INVESTOR UPDATE —_ May 2026 = ~
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: Q1 2026 – At a Glance
Q1 2026 – At a Glance CONSOLIDATED Generated Q1 Adjusted EBITDA1 of $32.0 million in line with Consensus • Consolidated Rental Revenue increased to $43.8 million in Q1/2026 a 16% increase • Total capex of $16.8 million was consistent with the prior quarter • Future contracted revenue of $142.5 milli
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 22% industrial services and asset management company that Shares Outstanding1 68.5 mm 52 Wk Range $8.70 - $18.75 provides turnkey workforce Market Cap (4/30/2026) $1,161 mm Enterpri
Slide 5: Black Diamond Group
Black Diamond Group Consolidated Adjusted EBITDA five-year CAGR of 19% MODULAR SPACE SOLUTIONS Consolidated Rental Revenue 120.0 • Diversified rental stream through rental of modular buildings 110.0 in Canada and U.S. 100.0 90.0 • Ancillary, Value Added Products & Services (VAPS) 80.0 • Custom modul
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% 0.5 0.48 0.48 19% 0.45 0.4 0.43 0.37 17% $/Share 0.3 15% 0.2 0.1 13% 0 11% EPS (Diluted, continuing ops, LHS) EPS growth driven by compounding growth in EBITDA and rental revenue ROA1 CAGR of 5%
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 $443.9 mm NBV 12,721 units Workforce Solutions (WFS) Fleet $298.7mm NBV 7,546 units and 13,514 rooms Consolidated Rentable Square Feet2 +9 mm TTM Total Travel Segments 625,507 TTM Profit (after-tax) $31.7 mm TTM Adjusted EBITDA $131.9 mm PP&E
Slide 9: Modular Space Solutions
Modular Space Solutions Rental revenue five-year CAGR of 14% MSS Rental Revenue (TTM) 108.3 Our MSS business • 12,721 units across 23 branches in North 105.0 rents and sells 98.1 95.0 86.5 America temporary & 85.0 76.4 75.0 • Added scale and additional product offering permanent $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 80% 125 12,000 70% 40 100 11,000 60% Months $ mm 30 50% 75 10,000 20 40% 9,000 50 30% 10 8,000 20% 0 25 MSS Fleet Count MSS Utilization MSS - Avg. Cont. Duration MSS - Contra
Slide 11: Workforce Solutions
Workforce Solutions Rental revenue five-year CAGR of 18% WFS Rental Revenue - TTM • Geographic Diversification • U.S. 65.0 60.0 59.2 59.9 • Eastern Canada Our WFS business provides remote 55.0 51.2 51.4 50.0 • Continued growth in Australia accommodation 45.0 41.3 40.0 • Industry Diversification $mm
Slide 12: 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 13: 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 13
Slide 14: LodgeLink
LodgeLink Total Trade Value five-year CAGR of 34% • LodgeLink is uniquely positioned to Total Travel Segments(TTM) 700,000 serve the workforce travel market, 600,000 leveraging decades of experience in solving workforce logistics 500,000 challenges 400,000 • Very large total addressable 300,000 work
Slide 15: LodgeLink Supply Coverage
LodgeLink Supply Coverage Millions of rooms Tens of thousands of properties 15
Slide 16: LodgeLink Key Performance Indicators
LodgeLink Key Performance Indicators Net Revenue & Net Revenue Margin1 16.0 15.2 13.0% 12.4% 12.1% 12.5% 14.0 11.3% 12.0% • Q1/2026 Total Travel Segments (“TTS”) of 12.0 11.0% 11.5 12.1% 11.5% 11.0% 154,979 grew 15% YoY up from 135,191. 10.0 10.2 10.5% $mm 8.0 7.6 10.0% • Q1/2026 Net Revenue of $3.7
Slide 17: 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 $26.5 mm as at Q1/2026 • Realizing strong returns for new capital investment • Vast majority of capex targeted
Slide 18: Financial Flexibility
Financial Flexibility Leverage Ratio - TTM Average 2 3.5x Net Debt/EBITDA Ontario based modular rental 3.5x acquisition Q4 2022 Royal Camp acquisition 3.0x 3.0x Ltd.Q4 2025 2.5x 2.5x 2.0x 2.0x 1.5x 1.0x 1.5x 0.5x British Columbia asset purchase Q2 2024 0.0x 1.0x BDI MSS Comparables WFS Comparables S
Slide 19: Significant Asset Coverage Against Debt
Significant Asset Coverage Against Debt Net Debt Vs Net Book Value of Fleet Assets 750 • Q1/2026 Net Debt1 of $330.7 mm remains well below 700 tangible asset value 650 600 299 • Asset Based Lending (“ABL”) facility termed out to 550 February 2030. Average cost of debt in Q1/2026 was 500 142 4.21%, d
Slide 20: 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 $17.8 90 mm in Q1/2026 80 • Supported a 29% increase to the Q4/2025 70 $mm quarterly dividend of $0.045 per share, or $0.18 per share on an annualized
Slide 21: Dividend Growth
Dividend Growth Dividends Paid Per Share - TTM Dividends & Funds From Operations1 $0.16 140.00 100% Dividends % of Funds from Operations $0.14 90% 120.00 80% $0.12 100.00 70% $0.10 80.00 60% $mm $0.08 50% 60.00 40% $0.06 40.00 30% $0.04 20% 20.00 $0.02 10% $0.00 - 0% Total Dividends Paid TTM (LHS) F
Slide 22: Black Diamond Investment Attributes
Black Diamond Investment Attributes STABILITY THROUGH Consolidated contracted future rental revenue of $142.5 mm2 (MSS of $118.9 mm and WFS of $23.6 mm)1 DIVERSIFICATION BY ASSET TYPE, INDUSTRY & MSS lease portfolio average duration of 51.7 months2 GEOGRAPHY Thousands of customers across diverse ind
Slide 23: Thank You
THANK YOU Investor Relations investor@blackdiamondgroup.com May 1, 2026 23
Slide 24: Appendix
Appendix 24
Slide 25: Non-GAAP & Supplementary Financial Measures
Non-GAAP & Supplementary Financial • Measures Adjusted EBITDA is not a measure recognized under IFRS and does not have standardized meanings prescribed by IFRS. Adjusted EBITDA refers to consolidated earnings before finance costs, tax expense, depreciation, amortization, accretion, foreign exchange,
Slide 26: Non-GAAP & Supplementary Financial Measures
Non-GAAP & Supplementary Financial Measures • Enterprise Value is calculated as Market Capitalization plus Net Debt which is a supplementary financial measure and is calculated as long-term debt minus cash and cash equivalents. • Net Revenue Margin is calculated by dividing net revenue by Total Trad
Slide 27: Adjusted EBITDA, Return on Assets
Adjusted EBITDA, Return on Assets 27
Slide 28: Net Debt, Net Debt to TTM Adjusted Leverage EBITDA
Net Debt, Net Debt to TTM Adjusted Leverage EBITDA 28
Slide 29: Free Cashflow
Free Cashflow Three months ended March 31, ($ millions, except as noted) 2026 2025 Change Cash Flow from Operating Activities 215 35.9 (40)% ‘Add (deduct): Change in other long-term assets (0.9) 06 (250)% Changes in non-cash operating working capital 9.6 (10.0) 196% Funds from Operations 30.2 26.5 1
Slide 30: Net Revenue, Total Trade Value and Net Revenue Margin
Net Revenue, Total Trade Value and Net Revenue Margin 30
Slide 31: Enterprise Value
Enterprise Value Enterprise Value is a non-GAAP financial measure. Refer to the Non-GAAP & Supplementary Financial Measures section for more information. 31