Calian Group Ltd. · TSX:CGY

Calian — Roth Conference 2025

20 slides from Calian's conference presentation, Mar 17, 2025

1. Slide 1: Investor Presentation – Roth Conference

   Investor Presentation Roth Conference March 17, 2025

2. 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

3. Slide 3: Calian FY24 Snapshot

   Calian FY24 Snapshot +40 years 5,800 Ottawa $542M CGY History Workforce Head office Market cap TSX Revenue segmentation 15% 29% Learning ITCS Customers Geography Offering $747M 49% 32% 30% commercial international products 2024 Revenues 28% 28% Advanced Health 51% 68% 70% technologies government Can

4. Slide 4: Serving Key Customers: Space, Health, Defence

   Serving Key Customers Space Health Defence © 2024 Calian Group Ltd. 4

5. Slide 5: Investment Thesis

   Investment Thesis 1 Capitalizing on Strong Industry Tailwinds 2 Showcasing a Track Record of Execution 3 Leveraging Robust Operating FCF 4 Maintaining a Solid Balance Sheet 5 Creating Shareholder Value © 2024 Calian Group Ltd. 5

6. Slide 6: 1. Capitalizing on Strong Industry Tailwinds

   1. Capitalizing on Strong Industry Tailwinds © 2024 Calian Group Ltd. 6

7. Slide 7: Defence, Space and Health are Poised to Grow

   Defence, Space and Health are Poised to Grow Defence Space Health • Pressure on Canada to increase defence • Advancements in technology • Aging global population spending to 2% of GDP • Increased private investment • Advancements in medical technology • Ongoing conflicts in Europe • Global connectiv

8. Slide 8: Doubling Down on Near-Term Defence Opportunity

   Doubling Down on Near-Term Defence Opportunity World’s 15 Largest Defence Budgets Calian Defence Revenues (M$) US China $968B C$41B 330 Russia Germany 271 UK 235 India 228 Saudi Arabia France ~$US 2.0 Trillion 185 16% CAGR Japan South Korea 2024 Australia Italy Israel Ukraine $81B 2020 2021 2022 202

9. Slide 9: 2. Showcasing a Track Record of Execution

   2. Showcasing a Track Record of Execution © 2024 Calian Group Ltd. 9

10. Slide 10: Double-Digit Revenue & Adj. EBITDA CAGR

    Double-Digit Revenue & Adj. EBITDA CAGR Revenues Adj. EBITDA1,2 (in millions of $) 1,000 (in millions of $) 125 840 101 747 92 659 582 69 70 518 432 15% 56 20% CAGR CAGR 343 305 38 275 29 27 24 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 1T

11. Slide 11: Focusing on Doubling Adj. EBITDA Over 3 Years

    Focusing on Doubling Adj. EBITDA1 Over 3 Years Revenue Bridge2 Revenue Bridge1 Adj. EBITDA1 Bridge 2 Adj. EBITDA1 Bridge2 (in millions of $) (in millions of $) (in millions of $) (in millions of $) 9 125 228 1000 39 113 659 11 66 Note: 5% was used for organic growth Note: A margin of 10% was used an

12. Slide 12: 3. Leveraging Robust Operating FCF

    3. Leveraging Robust Operating FCF © 2024 Calian Group Ltd. 12

13. Slide 13: OFCF Conversion Rate From Adj. EBITDA > 75%

    OFCF Conversion Rate From Adj. EBITDA > 75% Adj. EBITDA1,2 Operating Free Cash Flow (OFCF)1,2 OFCF Conversion1,2 (in millions of $) (in %) (in millions of $) 92 72 88% 79% 80% 78% 69 70 76% 55 54 56 44 38 34 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 1 This is a non-G

14. Slide 14: Allocating Capital Primarily to Acquisitions

    Allocating Capital Primarily to Acquisitions Investments in Business Return to Shareholders (in millions of $) (in millions of $) 110 110 100 77 73 57 35 28 26 19 12 13 15 13 8 11 9 9 9 10 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E Acquisi

15. Slide 15: 4. Maintaining a Solid Balance Sheet

    4. Maintaining a Solid Balance Sheet © 2024 Calian Group Ltd. 15

16. Slide 16: Net Debt to Adj. EBITDA < 1.0x

    Net Debt to Adj. EBITDA < 1.0x Total Debt Cash & Cash Equivalents Net Debt to Adj. EBITDA1 (in millions of $) (in millions of $) (ratio) 3.0x 90 79 2.5x 2.5x Threshold 2.0x 52 43 1.5x 38 34 24 1.0x 0.5x 0.4x 8 0.1x 0 0 0.0x 0.0x 0.0x 0.0x 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2

17. Slide 17: Benefitting From Solid Backlog & New Contracts

    Benefitting From Solid Backlog & New Contracts New Contract Signings Backlog (in millions of $) (in billions of $) 785 699 1.3 1.3 1.3 580 1.2 1.2 554 447 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 © 2024 Calian Group Ltd. 17

18. Slide 18: 5. Creating Shareholder Value

    5. Creating Shareholder Value © 2024 Calian Group Ltd. 18

19. Slide 19: KPIs per Share are Growing

    KPIs per Share are Growing Adj. EBITDA1,2/diluted share OFCF1,2 / diluted share Adj. EPS Diluted1,2,3 (in $) (in $) (in $) $10.59 $8.26 $6.80 $8.56 $6.68 $5.50 $7.68 $6.02 $4.86 $6.07 $5.98 $4.84 $4.57 $4.15 $3.89 $3.81 $5.28 $4.15 $3.70 $4.23 $2.78 $2.56 $2.77 $3.50 $3.61 $2.37 $2.48 2018 2019 2020

20. Slide 20: Jennifer McCaughey, Director, Investor Relations

    Jennifer McCaughey, CFA, F.CIRI Director, Investor Relations [email protected] © 2024 Calian Group Ltd.20

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