Slide 1: Conference Call Presentation Q1-26
Conference Call Presentation Q1-26 For the quarter ended December 31, 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: Q1-26 Highlights
Q1-26 Highlights Strong start to the year with record Q1 • Q1 results reflect continued momentum: • Revenues up 12%, including 6% organic growth • Adj. EBITDA1 up 28%, significantly outpacing revenue growth • Defence solutions momentum continues to build • Space solutions experiencing renewed moment
Slide 4: New Operational Structure
New Operational Structure Simpler and stronger model ITCS Health Based on how customers Advanced Tech think, buy and expect solutions to come together Learning © 2024 Calian Group Ltd. 4
Slide 5: Defence & Space
Defence & Space Increasing convergence of defence & space 1▪ Increase investment in Europe to capitalize on demand 2▪ Well-positioned to benefit from Defence Industrial Plan 3▪ Mobilize investment from multiple sources to accelerate development of sovereign C5ISRT capabilities 4 ▪ Secured two contra
Slide 6: Essential Industries
Essential Industries On track to improve margins 1▪ AMS acquisition shows potential for further expansion for our broader Arctic solutions 2▪ Return to organic growth 3▪ Improved fundamentals in our US commercial business © 2024 Calian Group Ltd. 6
Slide 7: Q1-26 KPIs - Revenue & Adj. EBITDA
Q1-26 KPIs - Revenue & Adj. EBITDA Adj. EBITDA growth significantly outpaced revenue growth Revenues Adj. EBITDA1,2 & Margin1,2 (in millions of $) (in millions of $, except margin) 30 208 185 22.8 22.0% 25 12% 17.8 28% Generated organic 20 17.0% 15 11.0% 12.0% growth of +6% 10 9.6% 7.0% 5 0 2.0% Q1-
Slide 8: Q1-26 KPIs – Operating FCF & Capital Deployment
Q1-26 KPIs – Operating FCF & Capital Deployment Capital deployment priority remains acquisitions Operating FCF1 & Conversion Capital Deployed (in millions of $, except ratio) (in millions of $) 18 15.8 140% 16 23 14 13.1 120% 21 12 21% 100% We paid the earnout for HPT, 10 80% reflecting its strong 8
Slide 9: Q1-26 KPIs – Leverage and Cash Availability
Q1-26 KPIs – Leverage and Cash Availability ~$250M available to support our growth strategy Net debt1,2/adj. EBITDA1,2 Ratio Cash Availability (in millions of $) Threshold: 2.5x 265 248 Solid 1.1x 1.2x balance sheet Q4FY25 Q1FY26 Q4-25 Q1-26 Unused credit facility + accordion Cash 1) This is a non-G
Slide 10: FY26 Outlook
FY26 Outlook Outlook unchanged since last quarter • Long-term target: revenue growth of 10-15% per year with a combination of organic growth and acquisitions • FY26 guidance: grow revenue and adjusted EBITDA double-digits with existing business • FY26 Capital deployment: • Capex ~$10M • Dividend tar
Slide 11: Closing Remarks
Closing Remarks The fundamentals of our business are strong • Q1 results reflect strong start to the year • Simplified operating structure is already sharpening focus • Momentum in Space & Defence is building • Essential Industries businesses show potential for growth • Balance sheet provides signif
Slide 12: Question Period
Question Period Patrick Will Jennifer Houston Majic McCaughey CEO VP Finance Director, Investor Relations © 2024 Calian Group Ltd. | 12
Slide 13: Appendix A – Reconciliation of Non-GAAP measures
Appendix A – Reconciliation of Non-GAAP measures © 2024 Calian Group Ltd. | 13
Slide 14: Reconciliation of Non-GAAP Measures – Adj. EBITDA
Reconciliation of Non-GAAP Measures – Adj. EBITDA Three months ended (in thousands of $) December 31, 2025 December 31, 20241 Net profit (loss) $5,097 ($976) Share-based compensation 1,012 1,091 Restructuring expense 419 692 Depreciation and amortization 11,005 11,540 Mergers and acquisition costs 1
Slide 15: Reconciliation of Non-GAAP Measures – Adj. Net Profit
Reconciliation of Non-GAAP Measures – Adj. Net Profit Three months ended (in thousands of $, except # shares and per share amounts) December 31, 2025 December 31, 20241 Net profit (loss) $5,097 ($976) Share-based compensation 1,012 1,091 Restructuring expense 419 692 Mergers and acquisition costs 1,
Slide 16: Reconciliation of Non-GAAP Measures – Operating FCF
Reconciliation of Non-GAAP Measures – Operating FCF Three months ended (in thousands of $, except per share amounts and %) December 31, 2025 December 31, 20241 Cash flows generated from operating activities (free cash flow) $7,167 $4,382 M&A costs included in operating activities 579 199 Change in n
Slide 17: Reconciliation of Non-GAAP Measures – Net Debt/Adj. EBITDA
Reconciliation of Non-GAAP Measures – Net Debt/Adj. EBITDA (in thousands of $, except ratio) December 31, 2025 December 31, 20241 Cash $62,636 $61,040 Debt facility 164,750 115,750 Net debt (net cash) 102.114 54,710 Trailing twelve month adjusted EBITDA 83,433 88,602 Net debt to adjusted EBITDA 1.2x
Slide 18: Thank you
Thank you Jennifer McCaughey, CFA, F.CIRI Director, Investor Relations ir@calian.com