Badger Infrastructure Solutions (BDGI) Investor presentation summary

Investment highlights

• Significant tailwinds in utilities, transportation, and construction drive multi-year growth opportunities.

• Over 34 years of experience, with the largest hydrovac fleet and a diverse customer base across North America.

• Market leader with high barriers to entry, including vertical integration and unmatched fleet density.

• Focused commercial strategy and disciplined capital allocation support revenue growth and margin improvement.

• Strong, experienced management team and robust capital structure.

Financial performance

• Revenue grew at a 14% CAGR from 2022 to Q2 2026, with adjusted EBITDA up 25% CAGR and margins expanding by over 1,000 basis points.

• Q2 2026 revenue increased 23% year-over-year, with adjusted EBITDA up 25% and net earnings per share up 16%.

• Since 2021, revenue has doubled organically, and adjusted EBITDA has more than doubled.

Competitive advantages

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

• Manufactures its own trucks at scale, providing cost and fleet advantages.

• High fleet density and operator network enable flexibility across markets.