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For the quarter ended December 31, 2025 Q1-26 Conference Call Presentation Corporate Advanced Technologies Defence ITCS Learning Health Solid Gradient Corporate — DARK Title Slide — Corporate. There are additional options in layouts.
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2© 2024 Calian Group Ltd. Caution Regarding Forward Looking Statements Corporate Advanced Technologies Defence ITCS Learning Health Solid Gradient Corporate — DARK Case Study Slide — Corporate DARK 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 accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.
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3© 2024 Calian Group Ltd. Q1-26 Highlights Strong start to the year with record Q1 1) This is a non-GAAP measure. Please refer to the MD&A. • 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 momentum • Contract signings of $171M • Backlog of $1.4 billion
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4© 2024 Calian Group Ltd. New Operational Structure Corporate Advanced Technologies Defence ITCS Learning Health Solid Gradient Corporate — DARK Case Study Slide — Corporate DARK Simpler and stronger model ITCS Health Advanced Tech Learning Based on how customers think, buy and expect solutions to come together
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5© 2024 Calian Group Ltd. Defence & Space Corporate Advanced Technologies Defence ITCS Learning Health Solid Gradient Corporate — DARK Case Study Slide — Corporate DARK Increasing convergence of defence & space ▪ Increase investment in Europe to capitalize on demand ▪ Well-positioned to benefit from Defence Industrial Plan ▪ Mobilize investment from multiple sources to accelerate development of sovereign C5ISRT capabilities ▪ Secured two contracts for ground stations for over $35M 1 2 3 4
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6© 2024 Calian Group Ltd. Essential Industries Corporate Advanced Technologies Defence ITCS Learning Health Solid Gradient Corporate — DARK Case Study Slide — Corporate DARK On track to improve margins ▪ AMS acquisition shows potential for further expansion for our broader Arctic solutions ▪ Return to organic growth ▪ Improved fundamentals in our US commercial business 1 2 3
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7© 2024 Calian Group Ltd. Q1-26 KPIs - Revenue & Adj. EBITDA Corporate Advanced Technologies Defence ITCS Learning Health Solid Gradient Corporate — DARK Case Study Slide — Corporate DARK 1) This is a non-GAAP measure. Please refer to the MD&A. 2) Certain comparative figures have been reclassified to align with the current year's presentation. Please refer to the MD&A. 185 208 Q1-25 Q1-26 Revenues (in millions of $) 17.8 22.8 9.6% 11.0% 2.0% 7.0% 12.0% 17.0% 22.0% 0 5 10 15 20 25 30 Q1-25 Q1-26 Adj. EBITDA1,2 & Margin1,2 (in millions of $, except margin) Adj. EBITDA Adj. EBITDA Margin Generated organic growth of +6% Adj. EBITDA growth significantly outpaced revenue growth 12% 28%
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8© 2024 Calian Group Ltd. Q1-26 KPIs – Operating FCF & Capital Deployment Corporate Advanced Technologies Defence ITCS Learning Health Solid Gradient Corporate — DARK Case Study Slide — Corporate DARK 1) This is a non-GAAP measure. Please refer to the MD&A. 2) Certain comparative figures have been reclassified to align with the current year's presentation. Please refer to the MD&A. Capital deployment priority remains acquisitions We paid the earnout for HPT, reflecting its strong performance 13.1 15.8 73% 69% 0% 20% 40% 60% 80% 100% 120% 140% 0 2 4 6 8 10 12 14 16 18 Q1FY25 Q1FY26 Operating FCF1 & Conversion (in millions of $, except ratio) OFCF OFCF Conversion Q1FY25 Q1FY26 Capital Deployed (in millions of $) Acquisitions Dividends Capex Buybacks 21 23 21%
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9© 2024 Calian Group Ltd. Q1-26 KPIs – Leverage and Cash Availability Corporate Advanced Technologies Defence ITCS Learning Health Solid Gradient Corporate — DARK Case Study Slide — Corporate DARK Q4-25 Q1-26 Cash Availability (in millions of $) Unused credit facility + accordion Cash 248 1) This is a non-GAAP measure. Please refer to the MD&A. 2) Certain comparative figures have been reclassified to align with the current year's presentation. Please refer to the MD&A. ~$250M available to support our growth strategy Solid balance sheet 265 1.1x 1.2x Q4FY25 Q1FY26 Net debt1,2/adj. EBITDA1,2 Ratio Threshold: 2.5x
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10© 2024 Calian Group Ltd. FY26 Outlook • 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 target: 25-30% of OFCF • M&A: priority for capital allocation • Share repurchases: currently paused Outlook unchanged since last quarter
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11© 2024 Calian Group Ltd. 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 significant flexibility
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12© 2024 Calian Group Ltd. | Question Period Patrick Houston CEO Will Majic VP Finance Jennifer McCaughey Director, Investor Relations Corporate Advanced Technologies Defence ITCS Learning Health Solid Gradient Corporate — DARK Team Slide — Corporate — Option #2. Photos can be customized.
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© 2024 Calian Group Ltd. | 13 Appendix A – Reconciliation of Non-GAAP measures Corporate Advanced Technologies Defence ITCS Learning Health Solid Gradient Corporate — DARK Section Divider Slide — Corporate.
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14© 2024 Calian Group Ltd. Corporate Advanced Technologies Defence ITCS Learning Health Solid Gradient Corporate — DARK Case Study Slide — Corporate DARKReconciliation of Non-GAAP Measures – Adj. EBITDA (in thousands of $) Three months ended 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 1,018 2,320 Interest expense 2,216 1,783 Income Tax 2,048 1,350 Adjusted EBITDA 22,815 17,800 Adjusted EBITDA per share – Basic 2.00 1.51 Adjusted EBITDA per share - Diluted 1.99 1.49 1) Certain comparative figures have been reclassified to align with the current year's presentation. Please refer to the MD&A.
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15© 2024 Calian Group Ltd. Corporate Advanced Technologies Defence ITCS Learning Health Solid Gradient Corporate — DARK Case Study Slide — Corporate DARK Reconciliation of Non-GAAP Measures – Adj. Net Profit (in thousands of $, except # shares and per share amounts) Three months ended 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 1,018 2,320 Amortization of intangibles 6,384 7,334 Total before taxes 13,930 10,461 Income taxes related to above items (2,160) (2,053) Adjusted net profit $11,770 $8,408 Weighted average number of common shares basic 11,379,277 11,773,465 Adjusted EPS Basic 1.03 0.71 Adjusted EPS Diluted 1.03 0.71 1) Certain comparative figures have been reclassified to align with the current year's presentation. Please refer to the MD&A.
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16© 2024 Calian Group Ltd. Corporate Advanced Technologies Defence ITCS Learning Health Solid Gradient Corporate — DARK Case Study Slide — Corporate DARK Reconciliation of Non-GAAP Measures – Operating FCF (in thousands of $, except per share amounts and %) Three months ended 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 non-cash working capital 8,014 8,479 Operating free cash flow $15,760 $13,060 Operating free cash flow per share – basic 1.38 1.11 Operating free cash flow per share – diluted 1.38 1.10 Operating free cash flow conversion 69% 73% 1) Certain comparative figures have been reclassified to align with the current year's presentation. Please refer to the MD&A.
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17© 2024 Calian Group Ltd. Corporate Advanced Technologies Defence ITCS Learning Health Solid Gradient Corporate — DARK Case Study Slide — Corporate DARK 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 0.6x 1) Certain comparative figures have been reclassified to align with the current year's presentation. Please refer to the MD&A.
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Director, Investor Relations ir@calian.com Jennifer McCaughey, CFA, F.CIRI Thank you Corporate Advanced Technologies Defence ITCS Learning Health Solid Gradient Corporate — DARK Closing Slide — Corporate