Badger Infrastructure Solutions (BDGI) Investor presentation summary

Investment highlights

• Significant tailwinds in end markets and a 34+ year track record in manufacturing and service.

• Largest hydrovac fleet in North America with over 1,700 units and 1,800+ trained operators.

• Diverse customer base of 21,500+ across North America, with no single customer accounting for more than 5% of revenue.

• Market leader with strong competitive moats, including vertical integration and unmatched fleet density.

• Strong capital structure, growing ROIC, and experienced management team.

Competitive advantages

• Only hydrovac operator able to match large client footprints across North America.

• Vertically integrated, manufacturing its own trucks at scale for cost and fleet advantages.

• High fleet density and operator network provide flexibility to serve local, regional, and national markets.

Financial performance

• Revenue grew at a 13% CAGR from 2022 to Q1 2026, reaching $862 million LTM.

• Adjusted EBITDA more than doubled since 2021, with a 24% CAGR and margin expansion of over 1,000 bps.

• Adjusted net earnings per share grew at an 18% CAGR, reaching $2.07 LTM Q1 2026.

• Q1 2026 revenue up 18% year-over-year to $203.2 million; adjusted EBITDA up 13% to $38.1 million.