Mullen Group (MTL) Investor presentation summary

Business overview and strategy

• Focuses on acquiring and improving logistics companies, operating a decentralized model with 41 business units across North America.

• Operates in four segments: Less-Than-Truckload, Logistics & Warehousing, Specialized & Industrial Services, and U.S. & International Logistics.

• Holds significant real estate assets valued at approximately C$678 million and is publicly traded with a market cap of C$1.2 billion.

• Demonstrates a history of growth through acquisitions and operational improvements since listing in 1993.

Financial performance and segment highlights

• Generated C$2.1 billion in total revenues and C$327 million in OIBDA as of September 30, 2025.

• Maintains strong operating margins: 17.0% in Less-Than-Truckload, 18.5% in Logistics & Warehousing, 18.6% in Specialized & Industrial Services, and 3.0% in U.S. & International Logistics.

• Over 10 years of positive free cash flow, with C$145 million in 2024 and high FCF conversion rates.

• Invests in technology and operational assets, with C$100 million planned for 2025 capital investments.

Strategic priorities and growth initiatives

• Prioritizes margin over market share, operational excellence, and disciplined capital deployment.

• Pursues opportunistic and strategic acquisitions to expand the network and enhance profitability.

• Maintains a strong balance sheet and focuses on deleveraging and cash-flow accretive strategies.

• Committed to leadership development and quality across business units.