Black Diamond Group Limited · TSX:BDI

Black Diamond — Q1 2025 Earnings Presentation

42 slides from Black Diamond's earnings presentation, May 2, 2025

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: Introduction
Introduction Black Diamond Group rents and sells modular space, workforce accommodation and workforce crew travel solutions to customers in Canada, the United States and Australia. We serve a broad range of sectors including construction, education, engineering, resources, financial institutions, mi
Slide 4: Creating a Better Way
Creating a Better Way MODULAR SPACE SOLUTIONS - MSS • Diversified, steady, compounding growth • Predictable and improving returns • Strong free cash flow characteristics • Attractive unit economics • Long-lived rental assets • Low maintenance capital WORKFORCE SOLUTIONS LODGELINK - WFS WFS MSS LL •
Slide 5: Black Diamond Investment Attributes
Black Diamond Investment Attributes  Consolidated contracted future rental revenue of ~$162 mm2 (MSS Stability through diversification by of ~$123mm and WFS of ~$39mm)1 asset type, industry, & geography  MSS lease portfolio average duration of ~52 months2  Thousands of customers across diverse in
Slide 6: EPS & Return on Assets
EPS & Return on Assets Earnings per Share (EPS) - TTM Return on Assets (ROA)(1) - TTM Average 23% 0.45 0.49 0.45 0.45 21% 0.35 0.37 19% 17% 0.25 $/Share 15% 0.15 13% 11% 0.05 9% -0.01 -0.05 7% EPS (Diluted, continuing ops, LHS)  EPS growth driven by compounding growth in EBITDA and rental revenue 
Slide 7: Unit Economics Example
Unit Economics Example1 Utilization Lifetime Return on Annualized Return Lifetime return on Initial Investment on Initial Investment initial investment 525% 85% 525% 17% 75% 475% 15% Practical Asset 65% 425% 13% Life 30+ Years Used assets typically sell at a premium to Payback Period NBV ~ 5 Years I
Slide 8: Operating Overview
Operating Overview 1 Modular Space Solutions (MSS) Fleet $423.9 mm NBV 12,295 Units Workforce Solutions (WFS) Fleet $142.0 mm NBV 5,828 Units Consolidated Rentable Square Feet +8 mm 525,889 TTM Total LodgeLink room nights sold $30.0 mm TTM Profit $120.4 mm TTM Adjusted EBITDA 2 $581.9 mm PP&E Book V
Slide 9: Rental Revenue Diversity – Q1/2025
Rental Revenue Diversity – Q1/2025 Australia 11% Canada US TOTAL REVENUE 53% 35% BY GEOGRAPHY Source data: Q1 2025 Management Discussion and Analysis 9 © Black Diamond Group Ltd. All Rights Reserved
Slide 10: Black Diamond Group - Who We Are
Black Diamond Group - Who We Are Specialty rentals and industrial services provider organized into two business units MSS: Consolidated Rental Revenue 110.0 Modular Space Solutions 100.0 90.0 80.0 • Diversified rental stream through rental of modular 70.0 buildings in Canada and U.S. 60.0 • Ancillar
Slide 11: MSS Overview
MSS Overview • 12,295 units across 23 branches in North MSS Rental Revenue (TTM) 98.1 95.0 America 86.5 Our MSS business rents 85.0 76.4 • Added scale and additional product 75.0 and sells temporary 65.0 62.1 offering driving improved return metrics. permanent modular 55.0 • Rental revenue growth ex
Slide 12: MSS Overview
MSS Overview MSS - Contracted Revenue & Duration TTM Average 60 150  Growth being driven thematically by: 55 125 • Infrastructure spending in North 50 100 America • Population growth driving Months $ mm 45 75 increased demand for 40 50 classroom product 35 25  Continued increases in average 30 0 c
Slide 13: WFS Overview
WFS Overview WFS Rental Revenue - TTM • Geographic Diversification 70.0 • U.S. 59.2 60.0 51.2 51.4 • Eastern Canada 50.0 41.3 • Continued growth in 40.0 Australia Our WFS business $mm 30.0 25.5 provides remote 20.0 • Industry Diversification accommodation and 10.0 • Disaster Relief related services
Slide 14: WFS Overview
WFS Overview WFS - Fleet Count (Units) TTM Average WFS - NBV by Geography TTM Average 8,000 180.0 7,000 1049 160.0 1,110 15 6,000 555 1,211 140.0 16 21 502 1,393 30 35 36 453 1,516 120.0 5,000 31 509 30 33 517 100.0 34 106 $mm 4,000 98 80.0 91 3,000 5759 83 5,440 60.0 5,071 75 4,455 2,000 3,922 40.0
Slide 15: LodgeLink Gaining Market Traction
LodgeLink Gaining Market Traction Multi-sided B2B Platform focused on crew travel • Efficiently connect the supply/demand of room and accommodation bookings for companies employing field crews LodgeLink is a software • Custom-built platform to remove inefficiency at every stage of the crew travel pr
Slide 16: LodgeLink Supply Coverage
LodgeLink Supply Coverage Over 1.8 million rooms Across 18,000 properties Over 1,000 corporate customers ~90% of volumes transacted through the platform are hotels 16 © Black Diamond Group Ltd. All Rights Reserved
Slide 17: LodgeLink – Key Performance Indicators
LodgeLink – Key Performance Indicators Properties Listed & Room Nights Sold (TTM) 18,000 600,000 16,000 • Product market fit proven 500,000 14,000 12,000 400,000 • TTM room nights sold of 525,889 grew 10,000 8,000 300,000 ~23% YoY up from 428,433. 6,000 200,000 4,000 • Net Revenue of $2.7 mm in Q1/2
Slide 18: Financial Flexibility
Financial Flexibility 2 Net Debt/EBITDA Leverage Ratio - TTM Average 3.5x 3.5x Ontario based modular rental acquisition Q4 3.0x 2022 3.0x 2.5x 2.0x 2.5x 1.5x 2.0x 1.0x Vanguard acquisition Q4 2020 0.5x 1.5x British Columbia 0.0x asset purchase BDI MSS Comparables WFS Comparables Q2 2024 1.0x Source:
Slide 19: Significant Asset Coverage Against Debt
Significant Asset Coverage Against Debt • Q1/2025 Long-Term Debt of $229.3 mm and Net Debt1 of $217.8 mm remains well below tangible asset value • Asset Based Lending (“ABL”) facility termed out to February 2030. Average cost of debt in Q1 2025 was 4.83%, down 145 bps compared to 6.28% in Q1 2024 •
Slide 20: Strong Free Cash Flow Generation
Strong Free Cash Flow Generation • Asset rental model has continued to provide a strong base of Free Free Cash Flow 1 - TTM Cashflow1, generating ~$16.9 mm 120 in Q1/2025, 80% above Q1/2024 100 80 • Supported a 17% increase to the $mm 60 Q4/2024 quarterly dividend of 40 $0.035 per share, or $0.14 pe
Slide 21: Dividend Growth
Dividend Growth Dividends Paid Per Share - TTM Dividends & Funds From Operations1 100% $0.140 90% Dividends % of Funds from Operations 120.00 80% $0.120 100.00 70% $0.100 60% 80.00 $mm 50% $0.080 60.00 40% $0.060 30% 40.00 $0.040 20% 20.00 10% $0.020 - 0% $- Total Dividends Paid TTM (LHS) FFO (TTM)
Slide 22: 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 $47.9 mm as at Q1 2025, 22% above year-ago levels • Realizing strong returns for new capital investment • Vast
Slide 24: Total Rental Revenue, by Industry
Total Rental Revenue, by Industry Rental revenue by industry in the TTM periods is an average of four quarters © Black Diamond Group Ltd. All Rights Reserved
Slide 25: Adjusted EBITDA Detail By Quarter
Adjusted EBITDA1 Detail By Quarter Adjusted EBITDA 1 Detail (TTM) 130.0 120.4 110.0 104.6 87.6 90.0 82.8 68.6 70.0 71.1 44.1 59.0 59.9 $mm 50.0 60.2 49.5 46.9 30.0 40.5 35.1 20.4 10.0 -11.4 -10.0 -18.8 -22.3 -22.1 -25.5 -30.0 Total Consolidated Adj. EBITDA (TTM) MSS Adj. EBITDA (TTM) WFS Adj. EBITDA
Slide 26: Revenue Detail
Revenue Detail 500.0 Consolidated Revenue - TTM 450.0 400.0 350.0 195.3 300.0 188.0 $mm 250.0 171.3 153.4 200.0 150.0 88.0 236.3 100.0 182.4 197.6 172.8 50.0 112.5 0.0 MSS Total Revenue (TTM) WFS - Total Revenue (TTM) 26 Revenue in the TTM periods is a sum of four quarters © Black Diamond Group Ltd.
Slide 27: Revenue Detail by Division
Revenue Detail by Division MSS Revenue - TTM 250.0 68.6 200.0 54.0 49.8 57.4 69.6 150.0 57.1 $mm 56.2 100.0 40.6 53.3 98.1 86.5 27.7 76.4 50.0 62.1 44.2 0.0 MSS Rental (TTM) Sales (TTM) Non-Rental Revenue (TTM) 27 Revenue in the TTM periods is a sum of four quarters © Black Diamond Group Ltd. All Ri
Slide 28: Rental Utilization
Rental Utilization • MSS rental fleet maintaining utilization above 80% • WFS utilization supported by diversification of assets by industry and geography MSS and WFS Rental Utilization- TTM Average 90% 80% 70% 60% 50% 40% 30% 20% MSS Utilization Consolidated Utilization WFS Total Utilization Utiliz
Slide 29: WFS Room Count by Geography
WFS Room Count by Geography WFS Room Count - TTM 14,000 12,000 1,175 1,169 1,727 10,000 1,008 864 644 845 934 8,000 772 978 6,000 9,990 9,589 8,754 4,000 7,898 6,633 2,000 - Canada US Australia 29 Room counts in the TTM periods are an average of four quarters © Black Diamond Group Ltd. All Rights Re
Slide 30: MSS – VAPS Penetration
MSS – VAPS Penetration VAPS as a % of Rental Revenue Excluding VAPS • VAPS as a % of rental declined due to 17% 16% acquisitions with little to no associated VAPS 15% 14% 13% 12% • VAPS revenue keeps rising 11% 10% 9% • Expect ongoing VAPS growth as acquisitions 8% 7% are integrated, with additional
Slide 31: LodgeLink – Solves Complex Problems
LodgeLink – Solves Complex Problems The problem is complex, and we’re addressing it head on: Global Distribution System (GDS) has limited ability to handle the complexity of workforce travel LodgeLink services workforce travel & accommodations that are: Highly Variable, with; Manpower drain; Search
Slide 32: LodgeLink – Offers Advantages
LodgeLink – Offers Advantages LodgeLink addresses many of the problems faced by companies needing to book crew travel accommodations and the crew members themselves Company Perspective LODGELINK TRAVEL MANAGEMENT EMPLOYEE SELF DIRECT HOTEL GROUP BOOKING COMPANY BOOKING • Booking and managing travel
Slide 33: LodgeLink – Web & Mobile Solution
LodgeLink – Web & Mobile Solution • A web-based solution for workforce travel management o LodgeLink is an end-to-end solution focused on the needs of crews o The platform applies web-based technology that simplifies the crew travel process • Delivering efficiency and cost control for complex workfo
Slide 34: LodgeLink – Business Model
LodgeLink – Business Model Current Future Future Margin On Transactions Advertising Data & Other Services • LodgeLink profits on the spread • Advertise travel support services • SAAS Application - Potential for between buy and sell price for (dining and entertainment, remote enhanced features, data
Slide 35: 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 36: 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 and amortization, accretion, foreign exchan
Slide 41: Enterprise Value
Enterprise Value Enterprise Value is a non-GAAP financial measure. Refer to the Non-GAAP & Supplementary Financial Measures section for more information. 41 © Black Diamond Group Ltd. All Rights Reserved

Black Diamond Group — Q1 2025 Earnings Presentation on 6ix

Black Diamond — Q1 2025 Earnings Presentation

Slide 1: Investor Update

Slide 2: Forward Looking Statements

Slide 3: Introduction

Slide 4: Creating a Better Way

Slide 5: Black Diamond Investment Attributes

Slide 6: EPS & Return on Assets

Slide 7: Unit Economics Example

Slide 8: Operating Overview

Slide 9: Rental Revenue Diversity – Q1/2025

Slide 10: Black Diamond Group - Who We Are

Slide 11: MSS Overview

Slide 12: MSS Overview

Slide 13: WFS Overview

Slide 14: WFS Overview

Slide 15: LodgeLink Gaining Market Traction

Slide 16: LodgeLink Supply Coverage

Slide 17: LodgeLink – Key Performance Indicators

Slide 18: Financial Flexibility

Slide 19: Significant Asset Coverage Against Debt

Slide 20: Strong Free Cash Flow Generation

Slide 21: Dividend Growth

Slide 22: Disciplined Capex Funding Future Growth

Slide 23: Appendix

Slide 24: Total Rental Revenue, by Industry

Slide 25: Adjusted EBITDA Detail By Quarter

Slide 26: Revenue Detail

Slide 27: Revenue Detail by Division

Slide 28: Rental Utilization

Slide 29: WFS Room Count by Geography

Slide 30: MSS – VAPS Penetration

Slide 31: LodgeLink – Solves Complex Problems

Slide 32: LodgeLink – Offers Advantages

Slide 33: LodgeLink – Web & Mobile Solution

Slide 34: LodgeLink – Business Model

Slide 35: Non-GAAP & Supplementary Financial Measures

Slide 36: Non-GAAP & Supplementary Financial Measures

Slide 37: Adjusted EBITDA, Return on Assets

Slide 38: Net Debt, Net Debt to TTM Adjusted Leverage EBITDA

Slide 39: Free Cashflow

Slide 40: Net Revenue, Gross Bookings and Net Revenue Margin

Slide 41: Enterprise Value

Slide 42: Thank You