Badger Infrastructure Solutions Ltd · TSX:BDGI
Badger Infrastructure Solutions — Shareholder Meeting (April 2025)
10 slides from Badger Infrastructure Solutions's shareholder meeting presentation, Apr 30, 2025
Slide 1: 2025 Annual Meeting of Shareholders
2025 ANNUAL MEETING OF SHAREHOLDERS
Slide 2: Cautionary Statement Regarding Forward-Looking Information
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Certain statements and information contained in this presentation and other continuous Badger’s forecasted Compound Annual Growth Rate (“CAGR”) and continued focus on disclosure documents of the Company referenced herein, including stateme
Slide 3: Compelling Investment Proposition
COMPELLING INVESTMENT PROPOSITION Solid underlying demand and growth in our 32+ 1,640+ 21,500+ customer base YEARS UNITS CUSTOMERS OF INNOVATION AND EXPERIENCE LARGEST HYDROVAC FLEET IN DIVERSE CUSTOMER BASE ACROSS Market leader with significant competitive moat IN MANUFACTURING AND SERVICE NORT
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS Sustained, Strong, Flexible Foundation for Continued Growth REVENUE ADJUSTED EBITDA ADJUSTED EBITDA MARGIN Three Year +1,080 bps Three Year CAGR +45% 23.6% $176.1 CAGR +18% 22.0% $745.0 $150.3 $683.8 17.5% $570.8 $100.0 $453.0 12.8% $57.9 2021 2022 2023 2024 2021 2022 2023 2024
Slide 5: Q1 2025 Results
Q1 2025 RESULTS Building on our Momentum of Continued Growth and Profitability REVENUE ADJUSTED EBITDA ADJUSTED EBITDA MARGIN +16% +150 bps +7% $33.8 19.6% $172.6 $29.2 18.1% $161.6 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 GROWTH PROFITABILITY MARGINS • “Adjusted EBITDA”, is not a standardize
Slide 6: Attractive Valuation
ATTRACTIVE VALUATION High Adjusted EBITDA Margins with Notable Valuation Gap Between Peers 19.0x 24% 2025 EV/EBITDA and 2024 Adjusted EBITDA Margins 18% 19% 17.0x 16% 16% 13% 15.0x 8% 6% 13.0x 14.0x 11.9x 12.2x 11.0x Peer Average 10.1x 9.0x 9.4x 10-year 8.8x 7.0x Average EV/EBITDA 8.0x 5.0x 6.0x 6.1
Slide 7: Diversified Customer Base
DIVERSIFIED CUSTOMER BASE Industrial 7% Diverse market and customer Transportation base; well-positioned to drive 16% growth across markets and Construction Other industry verticals. 49% 2015 Oil & Gas 51% 2024 46% Upstream oil and gas revenues Utilities represent less than 5% of 31% Company tot
Slide 8: Badger's Competitive Moat
BADGER’S COMPETITIVE MOAT Badger leads in four and differentiates in four of the core elements that determine market position. Leads Differentiates Ba dger is be st posit ione d t o Only operator to match any large ca pt ure ma rke t opport unit ie s Safety. client’s footprint. a cross Nort h Am
Slide 9: Capital Efficiency Driving Higher ROIC
CAPITAL EFFICIENCY DRIVING HIGHER ROIC Targeting stable growth in Hydrovac fleet to support higher ROIC. Unit Build Profile (# units) Adjusted EBITDA ROIC* Current Annual Manufacturing Capacity of 350+ Truck Production Continuing stable 22% Key14% Return Drivers build profile 217 190 180-210 19% 32
Slide 10: 2025 Annual Meeting of Shareholders
2025 ANNUAL MEETING OF SHAREHOLDERS
Badger Infrastructure Solutions — Shareholder Meeting (April 2025) on 6ix