Slide 1: CMG Q1 2026 Investor Presentation
CMG Q1 2026 Investor Presentation Empowering Better Decisions with Trusted, Science- Driven Solutions.
Slide 2: Forward-Looking Information
Forward-Looking Information This presentation contains "forward-looking statements". Forward-looking statements can be identified by words such as: "anticipate", "intend", "plan", "goal", "seek", "believe", "project", "estimate", "expect", "strategy", "future", "likely", "may", "should", "will", and
Slide 3: Easy oil is gone.
Easy oil is gone. Over 70% of the world’s remaining reserves are in geologically complex environments1 - requiring advanced seismic imaging and reservoir modeling to economically develop. 1 ScienceDirect, World Ocean Review The Gold Standard in Simulation 3
Slide 4: What we do
What we do We provide seismic and reservoir software solutions to solve the world’s most complex surface and subsurface problems We help quantify, Which supports the And increasingly leading The more complex the control, and optimization and de- energy diversification problem, the more understand ri
Slide 5: 47 Years of Leadership
47 Years of Leadership 1978 - Established as a research Decades of consistent profitability and 2023 - first acquisition (Bluware) in foundation at the University of Calgary. strong cash generation is a reflection seismic interpretation. of how critical and integrated our Pioneered the development o
Slide 6: CMG at a Glance
CMG at a Glance $129.4M 67% $27.6M FY25 Total Revenue FY25 Recurring FY25 (up 19%) Software Revenue Free Cash Flow* $44.0M 34% FY25 Adjusted EBITDA* FY25 Adjusted (up 2%) EBITDA Margin* * See Non-IFRS Measures The Gold Standard in Simulation 6
Slide 7: Investment Highlights
Investment Highlights Global brand Critical Science- recognition Based Solutions 47 years of reservoir simulation High barriers to entry given software development and complexity of science and niche best-in-class training and support Durable aspect of end markets long-term growth organically and fr
Slide 8: Then and Now – Expanding Across the Upstream Energy Workflow
Then and Now – Expanding Across the Upstream Energy Workflow We started with simulation and are building an expanded ecosystem of advanced technologies that help operators improve decision quality, mitigate risk and increase profitability. ✓ Processing ✓ Inversion ✓ 4D Timelapse ✓ Black oil ✓ Wellbo
Slide 9: Global Reach
Global Reach Customers in ~60 countries Total FY25 Software Revenue by Geography serving energy and energy transition needs Select Clients 14% CANADA 22% USA 52% EASTERN HEMISPHERE 12% South America The Gold Standard in Simulation 9
Slide 10: Reservoir Simulation Solutions – Scalable and Extensible Workflow
Reservoir Simulation Solutions – Scalable and Extensible Workflow Adaptable capabilities for a variety of industry applications Solutions User Infrastructure Experience Conventional IMEX CoFlow Heavy Oil STARS Desktop Unconventional On Premise Private Cloud Applications CMOST Web Hybrid Public Cloud
Slide 11: Seismic Solutions – Niche markets with differentiated technology
Seismic Solutions – Niche markets with differentiated technology AI seismic interpretation Transforming seismic The industry’s first HPC platform Integrated processing and through InteractivAITM interpretation workflows in for seismic visualization, interpretation, straight from the cloud with cloud
Slide 12: Expanding addressable market with product innovation and acquisitions
Expanding addressable market with product innovation and acquisitions Opportunity remains in core simulation market Reservoir Simulation Market1 Global simulation market expected to grow through 2030 $1B ~$300M Production Engineering Market IPSM Production (Specifically IPSM)2 Engineering2 ` Unconve
Slide 13: Trusted Global Brand – Net Promoter Score (NPS)
Trusted Global Brand – Net Promoter Score (NPS) 68 (B2B Software Average 41%) IRS ONGC “...the best software in class for “IRS ONGC has been using CMG “The use of InteractivAI allowed me to seismic analysis. It allows me to software for reservoir simulation since map ALL features of interest quickly
Slide 14: Forging Strategic Partnerships with Global Leaders
Forging Strategic Partnerships with Global Leaders Channel Product Consulting The Gold Standard in Simulation 14
Slide 15: CMG 4.0 Strategy – Announced in 2022
CMG 4.0 Strategy – Announced in 2022 Preserve long-term, per share profitability while driving growth both organically and through acquisitions Growth Profitability Acquisitions Drive sustained growth both organically With a durable recurring revenue Prudently invest excess capital, at and from acqu
Slide 16: Envisioning an Ecosystem for Upstream Energy
Envisioning an Ecosystem for Upstream Energy The upstream workflow provides areas of opportunity to expand solution offering through acquisitions Acquisition Processing AI Seismic Interpretation VDS Storage and Interoperability Azimuthal Inversion Quantitative Interpretation Inversion 4D Timelapse G
Slide 17: Acquisition Framework: 3 Core Areas of Focus
Acquisition Framework: 3 Core Areas of Focus Expanding strategy to support the goal of consistent capital allocation • Sits outside • Potentially used to • Science-based, • Fully Standalone ecosystem vision de-risk entry into new engineering focused decentralized verticals technologies operation • S
Slide 18: Annual Financials
Annual Financials The Gold Standard in Simulation 18
Slide 19: Annual Total Revenue Growth by Type ($ Millions)
Annual Total Revenue Growth by Type ($ Millions) FY26 total growth expected to be impacted by transition to lower professional services revenue (Excludes growth from future acquisitions) $10.8 $129.4 FY26 $10.1 FY25 -$0.2 +19% $15.4 $108.7 FY24 $2.5 +47% $17.0 * For illustrative purposes only $73.8
Slide 20: Recurring Software Revenue as a Percentage of Total Revenue
Recurring Software Revenue as a Percentage of Total Revenue Temporary dilution resulting from acquired company revenue mix: targeting 80% over the long-term 81% 80% 71% 67% FY23 FY23 FY24 FY24 FY25 FY25 Target Target Acquired Bluware Acquired Sharp Long-term target for the business is to Q3/24 Q3/25
Slide 21: Annual Adjusted EBITDA and Adjusted EBITDA Margin
Annual Adjusted EBITDA* and Adjusted EBITDA Margin* Building a base for future margin expansion as acquired companies are positioned for higher software revenue contributions $50.0 50% 45% $44.0 $45.0 $43.3 45% $40.0 40% $33.2 40% $35.0 35% ❑ Acquisitions initially dilutive to Adjusted EBITDA Margin
Slide 22: Annual Recurring Revenue Growth – Organic and Acquired ($ Millions)
Annual Recurring Revenue Growth – Organic and Acquired ($ Millions) Acquisitions becoming an important driver of total growth profile $9.2 $0.9 $86.8 FY25 +13% $2.1 $76.7 $- $8.1 FY24 +28% $6.8 $59.7 FY23 Total Organic Acquired FX FY24 Total Organic Acquired FX FY25 Total The Gold Standard in Simula
Slide 23: Free Cash Flow and Capital Allocation ($ Millions)
Free Cash Flow* and Capital Allocation ($ Millions) 95% of Free Cash Flow* deployed over last 2 years Annual Change in Cash ($Ms CAD) $35.2M $27.6M Free Cash Flow* Free Cash Flow* $38.3 -$0.7 -$2.4 $31.8 -$1.4 -$2.8 -$22.8 $66.9 $- $63.1 -$16.2 -$27.3 $6.1 $43.9 -$16.4 -$9.2 Cash Funds Flow Capital
Slide 24: Quarterly financials
Quarterly financials The Gold Standard in Simulation 24
Slide 25: Quarterly Trends – Total Revenue ($ Millions)
Quarterly Trends – Total Revenue ($ Millions) Accounting revenue recognition of acquired companies results Total Revenue Trailing Twelve-Months in seasonality of software revenue with higher revenues in Q3/Q4 annually, coinciding with contract renewal cycle. Sharp Acquired Q3/25 Bluware $35.8 Acquir
Slide 26: Quarterly Trends – Adjusted EBITDA and Adjusted EBITDA Margin
Quarterly Trends – Adjusted EBITDA* and Adjusted EBITDA Margin* Adjusted EBITDA* and Adjusted EBITDA Margin* fluctuate with revenue recognition which is typically higher in Q3/Q4. Acquired companies are expected to be dilutive to Adjusted EBITDA Margin* initially, accelerating improvement alongside
Slide 27: Appendix
Appendix The Gold Standard in Simulation 27
Slide 28: Summary of Financial Performance
Summary of Financial Performance The Gold Standard in Simulation 28
Slide 29: Reconciliation of Non-IFRS to IFRS Financial Measures
Reconciliation of Non-IFRS to IFRS Financial Measures 1 See Non-IFRS Measures The Gold Standard in Simulation 29
Slide 30: Reconciliation of Non-IFRS to IFRS Financial Measures
Reconciliation of Non-IFRS to IFRS Financial Measures 1 See Non-IFRS Measures The Gold Standard in Simulation 30
Slide 31: Offices
Offices Global Head Office Calgary, Canada Regional Offices Houston, United States Bogota, Colombia Rio de Janeiro, Brazil Bengaluru, India Dubai, UAE Oxford, UK Kuala Lumpur, Malaysia Oslo, Norway Stavanger, Norway Kaiserslautern, Germany