{"success":true,"data":{"pressRelease":{"id":"104468","rtpr_id":"nGNX8CfyPQ","ticker":"BDI","exchange":"TSX","all_tickers":["BDI"],"title":"Black Diamond Reports Second Quarter Results and Declares Dividend","author":"Globe Newswire","published_at":"2026-07-30T21:24:57.242Z","article_body":"CALGARY, Alberta, July 30, 2026 (GLOBE NEWSWIRE) -- lack Diamond Group Limited\n(\"Black Diamond\", the \"Company\" or \"we\"), (TSX:BDI), a leading provider of\nspace rental and workforce accommodation solutions, today announced its\noperating and financial results for the three months ended June 30, 2026 (the\n\"Quarter\") compared with the three months ended June 30, 2025 (the\n\"Comparative Quarter\"). All financial figures are expressed in Canadian\ndollars.\n\nKey Highlights from the Quarter\n* Consolidated revenue for the Quarter of $129.2 million increased 23% from\nthe Comparative Quarter contributing to adjusted EBITDA(1) of $30.4 million,\nwhich increased 4% from the Comparative Quarter.\n* Consolidated rental revenue for the Quarter of $45.0 million increased 17%\nfrom the Comparative Quarter. The Company’s consolidated contracted future\nrental revenue for the Quarter remains healthy at $136.5 million despite a\ndecrease of 11% from the Comparative Quarter.\n* Total capital expenditures for the Quarter of $24.9 million decreased 23%\nfrom the Comparative Quarter. Total capital commitments at the end of the\nQuarter of $34.2 million increased 24% from the Comparative Quarter and\nreflect the breadth of opportunities across the business.\n* Workforce Solutions (\"WFS\") revenue of $72.2 million for the Quarter\nincreased 55% from the Comparative Quarter, contributing to Adjusted EBITDA¹\nof $15.6 million, up 3% from the Comparative Quarter. The increase was driven\nby contributions from Royal Camp Services Ltd. (\"Royal Camp\"), which supported\ngrowth in lodge services revenue of 174%, rental revenue of 35% and non-rental\nrevenue of 34% from the Comparative Quarter.\n* WFS currently has over $2 billion of formal bids outstanding, which\nrepresent more than double the Company's current fleet capacity.\n* Modular Space Solutions (\"MSS\") rental revenue of $28.6 million for the\nQuarter, increased 8% from the Comparative Quarter, contributing to Adjusted\nEBITDA(1) of $20.9 million, up 3% from the Comparative Quarter. Utilization\nremained within the optimal range at 77.9% and average monthly rates increased\n3% on a constant currency basis to $910 per unit.\n* MSS value-added products and services (\"VAPS\") revenue of $3.1 million for\nthe Quarter increased 35% from the Comparative Quarter, driving VAPS as a % of\nRental Revenue(1) up 240 basis points from the Comparative Quarter to 11.7%.\n* LodgeLink generated record Total Trade Value(1) of $43.5 million for the\nQuarter, an increase of 69% from the Comparative Quarter, driving net revenue\nup 64% to a record $5.4 million from the Comparative Quarter. Total Travel\nSegments sold of 215,644 increased 44% from the Comparative Quarter, which is\nalso an all time record.\n* Successfully implemented the new ERP system for MSS and Corporate within the\nQuarter, on time and on budget, positioning the Company to realize operational\nefficiency and manage scalable future growth during a time of accelerating\nopportunity across the platform.\n* The Company realized earnings per share of $0.01 in the Quarter, down from\n$0.15 in the Comparative Quarter, due primarily to a $3.6 million provision\nfor BC PST assessments that are being appealed and challenged by the Company.\nBasic Adjusted EPS¹ of $0.09 per share decreased by $0.09 from the\nComparative Quarter, reflecting lower margins, higher depreciation and\nfinancing costs, and increased shares outstanding.\n* Net Debt(1) of $351.0 million at the end of the Quarter increased 7% since\nDecember 31, 2025. Net Debt to trailing twelve months (\"TTM\") Adjusted\nLeverage EBITDA(1) of 2.4x is within the target range of 2.0x to 3.0x. During\nthe Quarter, the Company expanded its secured asset-based revolving credit\nfacility (the \"ABL Facility\") to $550.0 million from $425.0 million with no\nmaterial amendments to the terms, increasing available liquidity to\napproximately $196.8 million.\n* Subsequent to the end of the Quarter, the Company declared a third quarter\ndividend of $0.045 payable on or about October 15, 2026 to shareholders of\nrecord on September 30, 2026.\n(1Adjusted EBITDA, Adjusted EPS, Total Trade Value, Adjusted Profit and Net\nDebt are non-GAAP financial measures. VAPS as a % of Rental Revenue and Net\nDebt to TTM Adjusted Leverage EBITDA are non-GAAP ratios. Refer to the\n\"Non-GAAP Financial Measures\" section of this news release for more\ninformation on each non-GAAP financial measure and ratio.)\n\nOutlook\n\nBlack Diamond enters the second half of the year with a strong balance sheet,\nresilient recurring rental and lodging revenue streams and a diversified\nplatform that continues to generate stable results despite fewer episodic\nprojects and typical sales activity variability within the quarter.\n\nWithin WFS, customer engagement and bidding activity continues to build in a\nvery prospective manner across all three countries with a diverse pipeline\nlinked to energy, natural resources, mining, related infrastructure, data\ncentres and defence and military projects. In Canada alone, WFS currently has\nover $2 billion in formal bids for over 20 active projects, exceeding total\navailable fleet capacity by more than two-times with many other preliminary\nbids in progress for additional projects. Although the advancement and timing\nof large-scale Canadian resource, infrastructure and nation-building projects\nis now expected to emerge over a longer period into 2027 and beyond,\nmanagement continues to view them as important forward-looking demand drivers.\nWith considerable available room capacity, the business is well-positioned to\nrespond to customer requirements, unlocking the substantial operating leverage\nof WFS with minimal capital investment.\n\nBeyond the significant opportunity for WFS, the build-out of major\ninfrastructure, resource and nation-building projects is also expected to\ncreate meaningful demand for modular space, which will contribute to further\ncompounding in this area of the business. Meanwhile, MSS remains a consistent\ndriver of performance, supported by disciplined fleet investment, stable\npricing and utilization levels that continue to reflect healthy customer\nactivity. Key end-markets remains favourable, particularly in Canada where\ninfrastructure and construction activity continues to increase. Growth in the\neducation sector, particularly in the United States, remains subdued as\nfunding uncertainty and evolving immigration policy impacts student enrollment\ntrends, influencing customer decisions and project timing. While these\nconditions result in a more cautious demand environment within the education\nvertical, activity across other end-markets such as data center construction\nremains steady and it is expected that rental and sales demand accelerates in\nthe latter half of 2026.\n\nLodgeLink continues to progress on its exponential growth trajectory and\nproduce favourable results. Booking activity, customer retention, new customer\nadoption and platform engagement remain strong, reinforcing confidence in our\nvalue proposition within the large total addressable market. As the 3.0\nplatform advances toward General Availability (GA) later this year, management\nsees a significant opportunity to increase market penetration, deepen customer\nrelationships and expand LodgeLink’s reputation as a leading provider of an\nagentic workforce travel management tool – underscoring how this area of the\nbusiness is anticipated to be an increasingly important contributor to Black\nDiamond's future growth and value creation profile.\n\nThe Company's financial position remains a key competitive advantage. While\nworking capital was impacted by the successful ERP implementation, this was\nanticipated and is expected to normalize throughout the remainder of the year.\nStrong liquidity and leverage levels at the mid-point of the target range\nprovide considerable flexibility to pursue growth initiatives, invest in fleet\nexpansion and refurbishment, evaluate strategic acquisition opportunities and\ncontinue returning capital to shareholders. Given the opportunities ahead, the\nCompany anticipates increased organic capital investment across Canada and the\nUnited States for the balance of 2026 and into 2027.\n\nBlack Diamond's positive outlook is supported by stability of the base rental\nplatform, recurring catering business, strong LodgeLink momentum and the\nset-up of its remote accommodations business with unprecedented and growing\nactivity within the bid pipeline. Supported by strong fundamentals and a\ndisciplined approach to execution, the Company is well positioned to\ncapitalize on future demand, while delivering steady performance in the\nnear-term.\n\nSecond Quarter 2026 Financial Highlights\n\n                                   Three months ended June 30,         Six months ended June 30,          \n ($ millions, except as noted)     2026        2025        Change      2026       2025       Change       \n Financial Highlights              $           $           %           $          $          %            \n Total revenue                     129.2       105.4       23%         259.2      207.6      25%          \n Gross profit                      52.2        47.8        9%          106.2      92.1       15%          \n Administrative expenses           24.2        20.4        19%         47.6       39.8       20%          \n Adjusted EBITDA ((1))             30.4        29.2        4%          62.4       55.7       12%          \n Adjusted EBIT ((1))               12.6        17.2        (27)%       26.9       31.3       (14)%        \n Funds from Operations ((1))       28.6        29.8        (4)%        59.8       56.3       6%           \n Per share ($)                     0.42        0.49        (14)%       0.87       0.92       (5)%         \n Profit before income taxes        1.2         12.6        (90)%       5.9        20.1       (71)%        \n Profit                            0.9         9.2         (90)%       3.6        15.0       (76)%        \n Adjusted EPS - Basic ($) ((1))    0.09        0.18        (50)%       0.17       0.30       (42)%        \n Adjusted EPS - Diluted ($) ((1))  0.09        0.18        (50)%       0.17       0.29       (44)%        \n Earnings per share - Basic ($)    0.01        0.15        (93)%       0.05       0.25       (79)%        \n Earnings per share - Diluted ($)  0.01        0.15        (93)%       0.05       0.24       (79)%        \n Capital expenditures              24.9        32.5        (23)%       41.8       49.8       (16)%        \n Property and equipment            786.6       587.9       34%         786.6      587.9      34%          \n Total assets                      1,077.9     761.5       42%         1,077.9    761.5      42%          \n Long-term debt                    377.8       238.8       58%         377.8      238.8      58%          \n Cash and cash equivalents         27.0        8.6         214%        27.0       8.6        214%         \n Return on Assets (%) ((1))        14.3%       19.0%       (470) bps   7.4%       18.2%      (1,080) bps  \n Free Cashflow ((1))               14.6        19.5        (25)%       33.5       36.3       (8)%         \n ((1) Adjusted EBITDA, Adjusted EBIT, Adjusted EPS, Funds from Operations and Free Cashflow are non-GAAP financial measures. Return on Assets is a non-GAAP ratio. Refer to the \"Non-GAAP Financial Measures\" section of this news release for more information on each non-GAAP financial measure and ratio.) \n                                                                                                          \n\nAdditional Information\n\nA copy of the Company's unaudited interim condensed consolidated financial\nstatements for the three and six months ended June 30, 2026 and 2025 and\nrelated management's discussion and analysis have been filed with the Canadian\nsecurities regulatory authorities and may be accessed through the SEDAR+\nwebsite (www.sedarplus.ca) and www.blackdiamondgroup.com.\n\nAbout Black Diamond Group\n\nBlack Diamond is an industrial services and asset management company with two\noperating business units - MSS and WFS. We operate in Canada, the United\nStates and Australia.\n\nMSS through its principal brands, BOXX Modular, CLM and Schiavi, owns a large\nrental fleet of modular buildings of various types and sizes. Its network of\nlocal branches rent, sell, service and provide ancillary products and services\nto a diverse customer base in the construction, industrial, education,\nfinancial, and government sectors.\n\nWFS, through its principal brands Black Diamond Lodging and Accommodations,\nRoyal Camp, Summit Camps and Primco Dene Royal Camp Services Limited\nPartnership, owns a large rental fleet of modular accommodation assets of\nvarious types and offers a full range of catering and hospitality services\nboth in concert with and independent of the provision of modular accommodation\nfacilities. WFS rents, sells, services and provides ancillary products and\nservices including turn-key operated camps with premium integrated catering\nand hospitality services to a wide array of customers in the resource,\ninfrastructure, construction, disaster recovery and education sectors.\n\nIn addition, the WFS business unit also includes the Corporation’s wholly\nowned subsidiary, LodgeLink, which operates through a proprietary software\nplatform, offering sophisticated solutions for workforce travel and logistics\nacross North America, Australia and the Asia-Pacific region, enabling\ncustomers to efficiently manage the full travel cycle through a rapidly\ngrowing network of hotels, remote lodges and travel partners. LodgeLink solves\nthe unique challenges associated with workforce crew travel and is\ncomplemented by Spencer Group of Companies’ high-touch boutique corporate\ntravel management service.\n\nLearn more at www.blackdiamondgroup.com.\n\nFor investor inquiries please contact Emma Covenden at 403-718-5062\nor investor@blackdiamondgroup.com.\n\nConference Call\n\nBlack Diamond will hold a conference call and webcast at 9:00 a.m. MT (11:00\na.m. ET) on Friday July 31, 2026. CEO Trevor Haynes and CFO Toby LaBrie will\ndiscuss Black Diamond’s financial results for the Quarter and then take\nquestions from investors and analysts.\n\nTo access the conference call by telephone dial toll free 1-800-715-9871.\nInternational callers should use 1-647-932-3411. Please connect approximately\n10 minutes prior to the beginning of the call.\n\nTo access the call via webcast, please log into the webcast link 10 minutes\nbefore the start time at: \nwww.gowebcasting.com/14742\n\nFollowing the conference call, a replay will be available on the Investor\nCentre section of the Company’s website at www.blackdiamondgroup.com, under\nPresentations & Events.\n\nReader Advisory\nForward-Looking Statements\nCertain information set forth in this news release contains forward-looking\nstatements including, but not limited to, the Company's outlook for 2026,\nexpectations for and opportunities in different geographic areas,\nopportunities for organic investment, expectations regarding nation-building\nprojects. reinvesting operating cash flows, capital commitments, targeted\ncompletion of LodgeLink's new 3.0 product, the Company's ability to fund\norganic and inorganic growth, management’s goals and business objectives,\nthe sales and opportunity pipeline, timing and payment of the Company's\nquarterly dividends, the effect of the Enterprise Resource Planning (\"ERP\")\nsystem upgrade on the Company's business, macro-economic uncertainty,\nutilization levels, contract renewals, management's assessment of Black\nDiamond's future operations and what may have an impact on them, expectations\nregarding the rental rate environment, opportunities and effect of deploying\ninvestment capital, financial performance, business prospects and\nopportunities, changing operating environment including changing activity\nlevels, effects on demand and performance based on the changing operating\nenvironment, expectations for demand and growth in the Company’s operating\nand customer segments, future deployment of assets, amount of revenue\nanticipated to be derived from current contracts, anticipated debt levels,\nliquidity demands and sources, ongoing contractual terms and debt obligations,\nliquidity, working capital and other requirements, management's expectations\nregarding the ability to raise equity, sources and use of funds, economic life\nof the Company's assets, expected length of existing contracts, plans for\ncompletion of the assessment of the controls, policies and procedures of the\nacquired companies and future growth and profitability of the Company. With\nrespect to the forward-looking statements in this news release, Black Diamond\nhas made assumptions regarding, among other things: future commodity prices,\nthe future interest rate environment, that Black Diamond will continue to\nraise sufficient capital to fund its business plans in a manner consistent\nwith past operations, effectiveness of the new ERP system, the effects of\ntariffs and trade-war related measures, that counterparties to contracts will\nperform the contracts as written and that there will be no unforeseen material\ndelays in contracted projects. Although Black Diamond believes that the\nexpectations reflected in the forward-looking statements contained in this\nnews release, and the assumptions on which such forward-looking statements are\nmade, are reasonable, there can be no assurances that such expectations or\nassumptions will prove to be correct. Readers are cautioned that assumptions\nused in the preparation of such statements may prove to be incorrect. Events\nor circumstances may cause actual results to differ materially from those\npredicted, as a result of numerous known and unknown risks, uncertainties and\nother factors, many of which are beyond the control of Black Diamond. These\nrisks include, but are not limited to: the volatility of industry conditions,\ndependence on agreements and contracts, competition, credit risk, information\ntechnology systems and cyber security, vulnerability to market changes,\noperating risks and insurance, weakness in industrial construction and\ninfrastructure developments, weakness in natural resource industries, access\nto additional financing, dependence on suppliers and manufacturers, reliance\non key personnel, workforce availability, market price of Common Shares,\nsafety performance, expansion into new activities, government regulation,\nfailure to realize anticipated benefits of acquisitions and dispositions,\ninflationary price pressure, environmental liability, environmental regulation\nof the Company’s customers, environmental disasters, Indigenous\nrelationships, dilution, disease outbreaks, variations in foreign exchange\nrates and interest rates, foreign operations, dependence on operating permits,\nmaturity of credit facility, management of growth, seasonality in certain\ncustomer markets, litigation, potential replacement or reduced use of products\nand services, income taxes, conflicts of interest, restrictive covenants and\nleverage, the effects of tariffs and trade-war related measures and\nforward-looking information may prove inaccurate. The risks outlined above\nshould not be construed as exhaustive. Additional information on these and\nother factors that could affect Black Diamond's operations and financial\nresults are included in Black Diamond’s annual information form for the year\nended December 31, 2025 and other reports on file with the Canadian\nsecurities regulatory authorities which can be accessed on Black Diamond's\nprofile on SEDAR+. Readers are cautioned not to place undue reliance on these\nforward-looking statements. Furthermore, the forward-looking statements\ncontained in this news release are made as at the date of this news release\nand Black Diamond does not undertake any obligation to update or revise any of\nthe forward-looking statements, except as may be required by applicable\nsecurities laws.\n\nNon-GAAP Financial Measures\nIn this news release, the following specified financial measures and ratios\nhave been disclosed: Adjusted EBITDA, Adjusted EBIT, Adjusted EBITDA as a % of\nRevenue, Net Debt, Net Debt to TTM Adjusted Leverage EBITDA, Funds from\nOperations, Free Cashflow, Gross Profit Margin, Return on Assets, VAPS as a %\nof Rental Revenue, Total Trade Value, Net Revenue Margin, Adjusted Profit and\nNet Capital Expenditures. These non-GAAP financial measures do not have any\nstandardized meaning prescribed under International Financial Reporting\nStandards (\"IFRS\") and are therefore unlikely to be comparable to similar\nmeasures presented by other entities. Readers are cautioned that the non-GAAP\nfinancial measures are not alternatives to measures under IFRS and should not,\non their own, be construed as an indicator of Black Diamond's performance or\ncash flows, a measure of liquidity or as a measure of actual return on the\nshares of Black Diamond. These non-GAAP financial measures should only be used\nin conjunction with the consolidated financial statements of Black Diamond.\n\nAdjusted EBITDA is not a measure recognized under IFRS and does not have a\nstandardized meaning prescribed by IFRS. Adjusted EBITDA refers to\nconsolidated earnings before finance costs, tax expense, depreciation and\namortization, accretion, foreign exchange, share-based compensation,\nnon-controlling interests, write-down of property and equipment, impairment,\ngain on disposal of assets and non-recurring costs.\n\nBlack Diamond uses Adjusted EBITDA primarily as a measure of operating\nperformance. Management believes that operating performance, as determined by\nAdjusted EBITDA, is meaningful because it presents the performance of the\nCompany's operations on a basis which excludes the impact of certain non-cash\nitems as well as how the operations have been financed. In addition,\nmanagement presents Adjusted EBITDA because it considers it to be an important\nsupplemental measure of the Company's performance and believes this measure is\nfrequently used by securities analysts, investors and other interested parties\nin the evaluation of companies in industries with similar capital structures.\n\nAdjusted EBITDA has limitations as an analytical tool, and readers should not\nconsider this item in isolation, or as a substitute for an analysis of the\nCompany's results as reported under IFRS. Some of the limitations of Adjusted\nEBITDA are:\n* Adjusted EBITDA excludes certain income tax payments and recoveries that may\nrepresent a reduction or increase in cash available to the Company;\n* Adjusted EBITDA does not reflect the Company's cash expenditures, or future\nrequirements, for capital expenditures or contractual commitments;\n* Adjusted EBITDA does not reflect changes in, or cash requirements for, the\nCompany’s working capital needs;\n* Adjusted EBITDA does not reflect the significant interest expense, or the\ncash requirements necessary to service interest payments on the Company's\ndebt;\n* Depreciation and amortization are non-cash charges, thus the assets being\ndepreciated and amortized will often have to be replaced in the future and\nAdjusted EBITDA does not reflect any cash requirements for such replacements;\nand\n* Other companies in the industry may calculate Adjusted EBITDA differently\nthan the Company does, limiting its usefulness as a comparative measure.\nBecause of these limitations, Adjusted EBITDA should not be considered as a\nmeasure of discretionary cash available to invest in the growth of the\nCompany's business. The Company compensates for these limitations by relying\nprimarily on the Company's IFRS results and using Adjusted EBITDA only on a\nsupplementary basis. A reconciliation to profit, the most comparable GAAP\nfinancial measure, is provided below.\n\nAdjusted EBIT is Adjusted EBITDA less depreciation and amortization. Black\nDiamond uses Adjusted EBIT primarily as a measure of operating performance.\nManagement believes that Adjusted EBIT is a useful measure for investors when\nanalyzing ongoing operating trends. There can be no assurances that additional\nspecial items will not occur in future periods, nor that the Company's\ndefinition of Adjusted EBIT is consistent with that of other companies. As\nsuch, management believes that it is appropriate to consider both profit\ndetermined on a GAAP basis as well as Adjusted EBIT. A reconciliation to\nprofit, the most comparable GAAP financial measure, is provided below.\n\nAdjusted EBITDA as a % of Revenue is calculated by dividing Adjusted EBITDA by\ntotal revenue for the period. Black Diamond uses Adjusted EBITDA as a % of\nRevenue primarily as a measure of operating performance. Management believes\nthis ratio is an important supplemental measure of the Company's performance\nand believes this measure is frequently used by securities analysts, investors\nand other interested parties in the evaluation of companies in industries with\nsimilar capital structures.\n\nReturn on Assets is calculated as annualized Adjusted EBITDA divided by\naverage net book value of property and equipment and intangible assets.\nAnnualized Adjusted EBITDA is calculated by multiplying Adjusted EBITDA for\nthe Quarter and Comparative Quarter by an annualized multiplier. Management\nbelieves that Return on Assets is a useful financial measure for investors in\nevaluating operating performance for the periods presented. When read in\nconjunction with the Company's profit and property and equipment, two GAAP\nfinancial measures, this non-GAAP ratio provides investors with a useful tool\nto evaluate Black Diamond's ongoing operations and management of assets from\nperiod-to-period.\n\nReconciliation of Consolidated Profit to Adjusted EBITDA, Adjusted EBIT,\nAdjusted EBITDA as a % of Revenue and Return on Assets:\n\n                                                   Three months ended June 30,         Six months ended June 30,          \n ($ millions, except as noted)                     2026        2025        Change %    2026       2025       Change %     \n Profit ((1))                                      0.9         9.2         (90)%       3.6        15.0       (76)%        \n Add:                                                                                                                     \n Depreciation and amortization ((1))               17.8        12.0        48%         35.5       24.4       45%          \n Finance costs ((1))                               5.2         3.6         44%         10.1       7.4        36%          \n Share-based compensation ((1))                    2.4         1.9         26%         4.2        3.1        35%          \n Non-controlling interests ((1))                   0.7         0.3         133%        2.1        0.7        200%         \n Current income taxes ((1))                        (0.1)       0.5         (120)%      1.2        0.9        33%          \n Deferred income taxes ((1))                       0.6         2.6         (77)%       1.0        3.5        (71)%        \n Non-recurring costs                                                                                                      \n ERP implementation and related costs ((2))        2.3         1.8         28%         3.9        3.4        15%          \n Acquisition costs ((1))                           0.1         0.1         —%          0.3        0.1        200%         \n Gain on disposal of assets ((1))                  (3.1)       (2.8)       (11)%       (3.1)      (2.8)      (11)%        \n Provision for sales tax assessments ((1))         3.6         —           100%        3.6        —          100%         \n Adjusted EBITDA                                   30.4        29.2        4%          62.4       55.7       12%          \n Less:                                                                                                                    \n Depreciation and amortization ((1))               17.8        12.0        48%         35.5       24.4       45%          \n Adjusted EBIT                                     12.6        17.2        (27)%       26.9       31.3       (14)%        \n                                                                                                                          \n Total revenue ((1))                               129.2       105.4       23%         259.2      207.6      25%          \n Adjusted EBITDA as a % of Revenue                 23.5%       27.7%       (420) bps   24.1%      26.8%      (270) bps    \n                                                                                                                          \n Annualized multiplier                             4           4                       2          2                       \n Annualized adjusted EBITDA                        121.6       116.8       4%          124.8      111.4      12%          \n Average net book value of property and equipment  852.3       615.3       39%         846.9      612.6      38%          \n Return on Assets                                  14.3%       19.0%       (470) bps   7.4%       18.2%      (1,080) bps  \n ((1) Sourced from the Company's unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025.) \n ((2) This relates to the costs incurred for implementation of a new ERP system and are included in administrative expenses; the first phase of the implementation went live on May 1, 2024 and the second phase commenced on October 1, 2024.) \n                                                                                                                          \n\nReconciliation of Consolidated Profit to Adjusted Profit, and Adjusted\nEarnings Per Share (EPS):\n\nAdjusted Profit represents profit from continuing operations excluding the\namortization of intangibles acquired through acquisitions, acquisition costs,\nERP implementation and related costs, and adjustments for other specific items\nthat are significant but are not reflective of Black Diamonds underlying\noperations, all on an after-tax basis. Specific items are subjective, although\nBlack Diamond uses judgment when identifying items to be excluded in\ncalculating adjusted measures. Adjusted profit is a measure of overall\nprofitability and the most comparable IFRS measure for adjusted profit is\nProfit. Management presents Adjusted Profit because it considers it to be a\nreflection of ongoing operations.\n\nAdjusted Earnings Per Share (EPS) is a non-GAAP ratio calculated by dividing\nadjusted profit (defined above) by the basic and diluted weighted average\nnumber of shares outstanding. Management presents Adjusted EPS because it\nconsiders it to be a reflection of ongoing operations.\n\n                                                            Three months ended June 30,         Six months ended June 30,        \n ($ millions, except as noted)                              2026        2025        Change      2026       2025       Change     \n Profit ((1))                                               0.9         9.2         (90)%       3.6        15.0       (76)%      \n Add back net of tax:                                                                                                            \n Amortization of intangibles related to acquisitions ((2))  1.2         0.3         300%        2.5        0.6        317%       \n ERP implementation and related costs ((3))                 1.7         1.4         21%         2.9        2.6        12%        \n Acquisition costs ((4))                                    0.1         0.1         —%          0.2        0.1        100%       \n Provision for sales tax assessments ((5))                  2.6         —           100%        2.6        —          100%       \n Adjusted Profit                                            6.5         11.0        (41)%       11.8       18.3       (36)%      \n Weighted average common shares outstanding - basic         68.4        61.3        12%         68.6       61.3       12%        \n Weighted average common shares outstanding - diluted       70.2        62.2        13%         70.5       62.1       14%        \n Adjusted EPS                                                                                                                    \n Basic ($)                                                  0.09        0.18        (50)%       0.17       0.30       (43)%      \n Diluted ($)                                                0.09        0.18        (50)%       0.17       0.29       (41)%      \n ((1) Sourced from the Company's unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025.) \n ((2) The add back of intangible amortization relates only to the amortization from intangible assets acquired through acquisitions and excludes the amortization of internally generated intangibles. For the three and six months ended June 30, 2026, this amount is net of tax of $0.4 and $0.9 (2025 - $0.1 and $0.2)) \n ((3) For the three and six months ended June 30, 2026, this amount is net of tax of $0.6 and $1.1 (2025 - $0.4 and $0.8))       \n ((4) The add back of certain administrative and marketing costs and depreciation primarily related to acquisition expenses associated with our acquisitions and restructuring costs. For the three and six months ended June 30, 2026, this amount is net of tax of $0.1 (2025 - $nil)) \n ((5) For the three and six months ended June 30, 2026, the Provision for sales tax assessments amount is net of tax of $1.0 and $1.0 (2025 - $nil)) \n                                                                                                                                 \n\nReconciliation of Consolidated Profit to Adjusted EBITDA, Net Debt and Net\nDebt to TTM Adjusted Leverage EBITDA:\n\nNet Debt to TTM Adjusted Leverage EBITDA is a non-GAAP ratio which is\ncalculated as Net Debt divided by TTM Adjusted Leverage EBITDA. Net Debt, a\nnon-GAAP financial measure, is calculated as long-term debt minus cash and\ncash equivalents. A reconciliation to long-term debt, the most comparable GAAP\nfinancial measure, is provided below. Net Debt and Net Debt to TTM Adjusted\nLeverage EBITDA removes cash and cash equivalents from the Company's debt\nbalance. Black Diamond uses this ratio primarily as a measure of operating\nperformance. Management believes this ratio is an important supplemental\nmeasure of the Company's performance and believes this measure is frequently\nused by securities analysts, investors and other interested parties in the\nevaluation of companies in industries with similar capital structures.\nManagement believes including the additional information in this calculation\nhelps provide information on the impact of trailing operations from business\ncombinations on the Company's leverage position.\n\n ($ millions, except as noted)               2026   2026  2025   2025   2025   2025  2024  2024  Change  \n                                             Q2     Q1    Q4     Q3     Q2     Q1    Q4    Q3            \n Profit ((1))                                0.9    2.7   7.6    12.2   9.2    5.8   9.3   7.4           \n Add:                                                                                                    \n Depreciation and amortization ((1))         17.8   17.6  15.8   12.4   12.0   12.4  14.6  12.6          \n Finance costs ((1))                         5.2    4.9   4.0    3.2    3.6    3.8   3.8   4.3           \n Share-based compensation ((1))              2.4    1.9   2.1    2.3    1.9    1.2   1.3   1.2           \n Non-controlling interests ((1))             0.7    1.3   1.6    0.2    0.3    0.4   0.5   0.4           \n Current income taxes ((1))                  (0.1)  1.3   1.4    0.4    0.5    0.4   0.9   —             \n Deferred income taxes ((1))                 0.6    0.4   4.2    3.9    2.6    0.9   5.4   2.6           \n Non-recurring costs                                                                                     \n ERP implementation and related costs ((2))  2.3    1.6   1.4    1.7    1.8    1.6   1.4   0.3           \n Acquisition costs ((1))                     0.1    0.3   1.2    1.5    0.1    —     —     —             \n Gain on disposal of assets ((1))            (3.1)  —     (0.4)  (6.0)  (2.8)  —     —     —             \n Provision for sales tax assessments         3.6    —     —      —      —      —     —     —             \n Adjusted EBITDA                             30.4   32.0  38.9   31.8   29.2   26.5  37.2  28.8          \n Acquisition pro-forma adjustments ((3))     —      —     6.4    7.3    15.5   11.8  —     —             \n Adjusted Leverage EBITDA                    30.4   32.0  45.3   39.1   44.7   38.3  37.2  28.8          \n                                                                                                         \n TTM Adjusted Leverage EBITDA                146.8                      121.7                    21%     \n                                                                                                         \n Long-term debt ((1))                        377.8                      238.8                    58%     \n Cash and cash equivalents ((1))             27.0                       8.6                      214%    \n Current portion of long-term debt ((4))     0.2                        1.8                      (89)%   \n Net Debt                                    351.0                      232.0                    51%     \n Net Debt to TTM Adjusted Leverage EBITDA    2.4                        1.9                      26%     \n ((1) Sourced from the Company's unaudited interim condensed consolidated financial statements for the )(three and six months ended)( June 30, 2026 and 2025.) \n ((2) This relates to the costs incurred for the implementation of a new ERP system and are included in administrative expenses; the first phase of the implementation went live on May 1, 2024 and the second phase commenced on October 1, 2024.) \n ((3) Includes pre-acquisition Adjusted EBITDA estimates as if the acquisition occurred on January 1, 2025. Pre-acquisition Adjusted EBITDA is not recognized measure under IFRS. The Company's method of calculating may differ from other entities and accordingly, may not be comparable to measures used by other entities.) \n ((4) Current portion of long-term debt relating to the payments due within one year on the bank term loans assumed as part of the acquisition in the fourth quarter of 2022.) \n                                                                                                         \n\nFunds from Operations is calculated as the cash flow from operating\nactivities, the most comparable GAAP financial measure, excluding the changes\nin non-cash working capital. Management believes that Funds from Operations is\na useful measure as it provides an indication of the funds generated by the\noperations before working capital adjustments. Changes in long-term accounts\nreceivable and non-cash working capital items have been excluded as such\nchanges are financed using the operating line of Black Diamond's credit\nfacilities. A reconciliation to cash flow from operating activities, the most\ncomparable GAAP financial measure, is provided below.\n\nFree Cashflow is calculated as Funds from Operations minus maintenance\ncapital, net interest paid (including lease interest), payment of lease\nliabilities, net current income tax expense (recovery), distributions declared\nto non-controlling interests and dividends paid on Common Shares plus net\ncurrent income taxes received (paid). Management believes that Free Cashflow\nis a useful measure as it provides an indication of the funds generated by the\noperations before working capital adjustments and other items noted above.\nManagement believes this metric is frequently used by securities analysts,\ninvestors and other interested parties in the evaluation of companies in\nindustries with similar capital structures. A reconciliation to cash flow from\noperating activities, the most comparable GAAP financial measure, is provided\nbelow.\n\nReconciliation of Cash Flow from Operating Activities to Funds from Operations\nand Free Cashflow:\n\n                                                        Three months ended June 30,         Six months ended June 30,        \n ($ millions, except as noted)                          2026        2025        Change      2026       2025       Change     \n                                                                                                                             \n Cash Flow from Operating Activities ((1))              21.4        28.5        (25)%       42.9       64.4       (33)%      \n Add (deduct):                                                                                                               \n Change in other long-term assets ((1))                 (0.6)       1.4         (143)%      (1.5)      2.0        (175)%     \n Changes in non-cash operating working capital ((1))    7.8         (0.1)       7,900%      18.4       (10.1)     282%       \n Funds from Operations                                  28.6        29.8        (4)%        59.8       56.3       6%         \n Add (deduct):                                                                                                               \n Maintenance capital                                    (2.2)       (2.2)       —%          (4.9)      (3.9)      (26)%      \n Payment for lease liabilities ((1))                    (2.3)       (2.0)       (15)%       (4.6)      (4.7)      2%         \n Interest paid (including lease interest) ((1))         (5.0)       (3.4)       (47)%       (9.7)      (7.0)      (39)%      \n Net current income tax expense ((1))                   (0.1)       0.5         (120)%      1.2        0.9        33%        \n Dividends paid on Common Shares ((1))                  (3.1)       (2.2)       (41)%       (6.1)      (4.3)      (42)%      \n Distributions paid to non-controlling interests ((1))  (1.3)       (1.0)       (30)%       (2.2)      (1.0)      (120)%     \n Free Cashflow                                          14.6        19.5        (25)%       33.5       36.3       (8)%       \n ((1) Sourced from the Company's unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025.) \n                                                                                                                             \n\nGross Profit Margin is a non-GAAP financial measure which is calculated by\ndividing gross profit, a GAAP financial measure calculated as total revenue\nless direct costs, by total revenue for the period. Management believes this\nratio is an important supplemental measure of the Company's performance and\nbelieves this ratio is frequently used by securities analysts, investors and\nother interested parties in the evaluation of companies in industries with\nsimilar capital structures.\n\nReconciliation of Gross Profit to Gross Profit Margin:\n\n                                Three months ended June 30,         Six months ended June 30,        \n ($ millions, except as noted)  2026        2025        Change      2026       2025       Change     \n Total revenue ((1))            129.2       105.4       23%         259.2      207.6      25%        \n Direct costs ((1))             77.0        57.6        34%         153.0      115.5      32%        \n Gross profit ((1))             52.2        47.8        9%          106.2      92.1       15%        \n Gross Profit Margin            40.4%       45.4%       (500) bps   41.0%      44.4%      (340) bps  \n ((1) Sourced from the Company's unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025.) \n                                                                                                     \n\nTotal Trade Value, previously referred to as Gross Bookings, has been renamed\nto ensure alignment with terminology commonly used across the industry. Total\nTrade Value is a non-GAAP financial measure and is calculated as the total\nrevenue billed to the customer which includes all fees and charges. Net\nrevenue, a GAAP financial measure, is Total Trade Value less costs paid to\nsuppliers. Revenue from bookings at third-party lodges and hotels through\nLodgeLink is recognized on a net revenue basis. LodgeLink is an agent in the\ntransaction as it is not responsible for providing the service to the customer\nand does not control the service provided by a supplier. Management believes\nthis non-GAAP financial measure is an important supplemental measure of\nLodgeLink's performance and cash generation and believes this non-GAAP\nfinancial measure is frequently used by interested parties in the evaluation\nof companies in industries with similar forms of revenue generation.\n\nNet Revenue Margin is calculated by dividing net revenue by Total Trade Value\nfor the period. Management believes this ratio is an important supplemental\nmeasure of LodgeLink's performance and profitability and believes this ratio\nis frequently used by interested parties in the evaluation of companies in\nindustries with similar forms of revenue generation where companies act as\nagents in transactions.\n\nReconciliation of Net Revenue to Total Trade Value and Net Revenue Margin:\n\n                                Three months ended June 30,         Six months ended June 30,        \n ($ millions, except as noted)  2026        2025        Change      2026       2025       Change     \n Net revenue ((1))              5.4         3.3         64%         9.1        6.0        52%        \n Costs paid to suppliers ((1))  38.1        22.4        70%         67.1       41.2       63%        \n Total Trade Value ((1))        43.5        25.7        69%         76.2       47.2       61%        \n Net Revenue Margin             12.4%       12.8%       (40) bps    11.9%      12.7%      (80) bps   \n ((1) Includes intercompany transactions.)                                                           \n                                                                                                     \n\nVAPS as a % of Rental Revenue is a non-GAAP ratio which is calculated as VAPS\nrevenue divided by rental revenue excluding VAPS revenue. A reconciliation to\nrental revenue, the most comparable GAAP financial measure, is provided below.\nBlack Diamond uses this ratio as a measure of operating performance.\nManagement believes this ratio is an important supplemental measure to\nappraise the growth of ancillary products and services in proportion to the\ngrowth of rental revenue.\n\nReconciliation of Rental Revenue to VAPS as a % of Rental Revenue:\n\n                                                                Three months ended June 30,         Six months ended June 30,        \n Value Added Products & Services ($ millions, except as noted)  2026        2025        Change      2026       2025       Change     \n Rental revenue ((1))                                           28.6        26.4        8%          55.0       51.9       6%         \n Less:                                                                                                                               \n VAPS revenue within rental revenue                             2.2         1.6         38%         4.0        3.0        33%        \n Rental revenue excluding VAPS revenue                          26.4        24.8        6%          51.0       48.9       4%         \n VAPS revenue                                                   3.1         2.3         35%         5.8        4.3        35%        \n VAPS as a % of Rental Revenue                                  11.7%       9.3%        240 bps     11.4%      8.8%       260 bps    \n ((1) Sourced from the Company's unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025.) \n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/659a5e3f-2817-453a-a50e-9b13d6d1bfdc)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX8CfyPQ","title":"Black Diamond Reports Second Quarter Results and Declares Dividend","author":"Globe Newswire","ticker":"BDI","created":"2026-07-30T21:24:57.242Z","tickers":["BDI"],"exchange":"TSX","article_body":"CALGARY, Alberta, July 30, 2026 (GLOBE NEWSWIRE) -- lack Diamond Group Limited\n(\"Black Diamond\", the \"Company\" or \"we\"), (TSX:BDI), a leading provider of\nspace rental and workforce accommodation solutions, today announced its\noperating and financial results for the three months ended June 30, 2026 (the\n\"Quarter\") compared with the three months ended June 30, 2025 (the\n\"Comparative Quarter\"). All financial figures are expressed in Canadian\ndollars.\n\nKey Highlights from the Quarter\n* Consolidated revenue for the Quarter of $129.2 million increased 23% from\nthe Comparative Quarter contributing to adjusted EBITDA(1) of $30.4 million,\nwhich increased 4% from the Comparative Quarter.\n* Consolidated rental revenue for the Quarter of $45.0 million increased 17%\nfrom the Comparative Quarter. The Company’s consolidated contracted future\nrental revenue for the Quarter remains healthy at $136.5 million despite a\ndecrease of 11% from the Comparative Quarter.\n* Total capital expenditures for the Quarter of $24.9 million decreased 23%\nfrom the Comparative Quarter. Total capital commitments at the end of the\nQuarter of $34.2 million increased 24% from the Comparative Quarter and\nreflect the breadth of opportunities across the business.\n* Workforce Solutions (\"WFS\") revenue of $72.2 million for the Quarter\nincreased 55% from the Comparative Quarter, contributing to Adjusted EBITDA¹\nof $15.6 million, up 3% from the Comparative Quarter. The increase was driven\nby contributions from Royal Camp Services Ltd. (\"Royal Camp\"), which supported\ngrowth in lodge services revenue of 174%, rental revenue of 35% and non-rental\nrevenue of 34% from the Comparative Quarter.\n* WFS currently has over $2 billion of formal bids outstanding, which\nrepresent more than double the Company's current fleet capacity.\n* Modular Space Solutions (\"MSS\") rental revenue of $28.6 million for the\nQuarter, increased 8% from the Comparative Quarter, contributing to Adjusted\nEBITDA(1) of $20.9 million, up 3% from the Comparative Quarter. Utilization\nremained within the optimal range at 77.9% and average monthly rates increased\n3% on a constant currency basis to $910 per unit.\n* MSS value-added products and services (\"VAPS\") revenue of $3.1 million for\nthe Quarter increased 35% from the Comparative Quarter, driving VAPS as a % of\nRental Revenue(1) up 240 basis points from the Comparative Quarter to 11.7%.\n* LodgeLink generated record Total Trade Value(1) of $43.5 million for the\nQuarter, an increase of 69% from the Comparative Quarter, driving net revenue\nup 64% to a record $5.4 million from the Comparative Quarter. Total Travel\nSegments sold of 215,644 increased 44% from the Comparative Quarter, which is\nalso an all time record.\n* Successfully implemented the new ERP system for MSS and Corporate within the\nQuarter, on time and on budget, positioning the Company to realize operational\nefficiency and manage scalable future growth during a time of accelerating\nopportunity across the platform.\n* The Company realized earnings per share of $0.01 in the Quarter, down from\n$0.15 in the Comparative Quarter, due primarily to a $3.6 million provision\nfor BC PST assessments that are being appealed and challenged by the Company.\nBasic Adjusted EPS¹ of $0.09 per share decreased by $0.09 from the\nComparative Quarter, reflecting lower margins, higher depreciation and\nfinancing costs, and increased shares outstanding.\n* Net Debt(1) of $351.0 million at the end of the Quarter increased 7% since\nDecember 31, 2025. Net Debt to trailing twelve months (\"TTM\") Adjusted\nLeverage EBITDA(1) of 2.4x is within the target range of 2.0x to 3.0x. During\nthe Quarter, the Company expanded its secured asset-based revolving credit\nfacility (the \"ABL Facility\") to $550.0 million from $425.0 million with no\nmaterial amendments to the terms, increasing available liquidity to\napproximately $196.8 million.\n* Subsequent to the end of the Quarter, the Company declared a third quarter\ndividend of $0.045 payable on or about October 15, 2026 to shareholders of\nrecord on September 30, 2026.\n(1Adjusted EBITDA, Adjusted EPS, Total Trade Value, Adjusted Profit and Net\nDebt are non-GAAP financial measures. VAPS as a % of Rental Revenue and Net\nDebt to TTM Adjusted Leverage EBITDA are non-GAAP ratios. Refer to the\n\"Non-GAAP Financial Measures\" section of this news release for more\ninformation on each non-GAAP financial measure and ratio.)\n\nOutlook\n\nBlack Diamond enters the second half of the year with a strong balance sheet,\nresilient recurring rental and lodging revenue streams and a diversified\nplatform that continues to generate stable results despite fewer episodic\nprojects and typical sales activity variability within the quarter.\n\nWithin WFS, customer engagement and bidding activity continues to build in a\nvery prospective manner across all three countries with a diverse pipeline\nlinked to energy, natural resources, mining, related infrastructure, data\ncentres and defence and military projects. In Canada alone, WFS currently has\nover $2 billion in formal bids for over 20 active projects, exceeding total\navailable fleet capacity by more than two-times with many other preliminary\nbids in progress for additional projects. Although the advancement and timing\nof large-scale Canadian resource, infrastructure and nation-building projects\nis now expected to emerge over a longer period into 2027 and beyond,\nmanagement continues to view them as important forward-looking demand drivers.\nWith considerable available room capacity, the business is well-positioned to\nrespond to customer requirements, unlocking the substantial operating leverage\nof WFS with minimal capital investment.\n\nBeyond the significant opportunity for WFS, the build-out of major\ninfrastructure, resource and nation-building projects is also expected to\ncreate meaningful demand for modular space, which will contribute to further\ncompounding in this area of the business. Meanwhile, MSS remains a consistent\ndriver of performance, supported by disciplined fleet investment, stable\npricing and utilization levels that continue to reflect healthy customer\nactivity. Key end-markets remains favourable, particularly in Canada where\ninfrastructure and construction activity continues to increase. Growth in the\neducation sector, particularly in the United States, remains subdued as\nfunding uncertainty and evolving immigration policy impacts student enrollment\ntrends, influencing customer decisions and project timing. While these\nconditions result in a more cautious demand environment within the education\nvertical, activity across other end-markets such as data center construction\nremains steady and it is expected that rental and sales demand accelerates in\nthe latter half of 2026.\n\nLodgeLink continues to progress on its exponential growth trajectory and\nproduce favourable results. Booking activity, customer retention, new customer\nadoption and platform engagement remain strong, reinforcing confidence in our\nvalue proposition within the large total addressable market. As the 3.0\nplatform advances toward General Availability (GA) later this year, management\nsees a significant opportunity to increase market penetration, deepen customer\nrelationships and expand LodgeLink’s reputation as a leading provider of an\nagentic workforce travel management tool – underscoring how this area of the\nbusiness is anticipated to be an increasingly important contributor to Black\nDiamond's future growth and value creation profile.\n\nThe Company's financial position remains a key competitive advantage. While\nworking capital was impacted by the successful ERP implementation, this was\nanticipated and is expected to normalize throughout the remainder of the year.\nStrong liquidity and leverage levels at the mid-point of the target range\nprovide considerable flexibility to pursue growth initiatives, invest in fleet\nexpansion and refurbishment, evaluate strategic acquisition opportunities and\ncontinue returning capital to shareholders. Given the opportunities ahead, the\nCompany anticipates increased organic capital investment across Canada and the\nUnited States for the balance of 2026 and into 2027.\n\nBlack Diamond's positive outlook is supported by stability of the base rental\nplatform, recurring catering business, strong LodgeLink momentum and the\nset-up of its remote accommodations business with unprecedented and growing\nactivity within the bid pipeline. Supported by strong fundamentals and a\ndisciplined approach to execution, the Company is well positioned to\ncapitalize on future demand, while delivering steady performance in the\nnear-term.\n\nSecond Quarter 2026 Financial Highlights\n\n                                   Three months ended June 30,         Six months ended June 30,          \n ($ millions, except as noted)     2026        2025        Change      2026       2025       Change       \n Financial Highlights              $           $           %           $          $          %            \n Total revenue                     129.2       105.4       23%         259.2      207.6      25%          \n Gross profit                      52.2        47.8        9%          106.2      92.1       15%          \n Administrative expenses           24.2        20.4        19%         47.6       39.8       20%          \n Adjusted EBITDA ((1))             30.4        29.2        4%          62.4       55.7       12%          \n Adjusted EBIT ((1))               12.6        17.2        (27)%       26.9       31.3       (14)%        \n Funds from Operations ((1))       28.6        29.8        (4)%        59.8       56.3       6%           \n Per share ($)                     0.42        0.49        (14)%       0.87       0.92       (5)%         \n Profit before income taxes        1.2         12.6        (90)%       5.9        20.1       (71)%        \n Profit                            0.9         9.2         (90)%       3.6        15.0       (76)%        \n Adjusted EPS - Basic ($) ((1))    0.09        0.18        (50)%       0.17       0.30       (42)%        \n Adjusted EPS - Diluted ($) ((1))  0.09        0.18        (50)%       0.17       0.29       (44)%        \n Earnings per share - Basic ($)    0.01        0.15        (93)%       0.05       0.25       (79)%        \n Earnings per share - Diluted ($)  0.01        0.15        (93)%       0.05       0.24       (79)%        \n Capital expenditures              24.9        32.5        (23)%       41.8       49.8       (16)%        \n Property and equipment            786.6       587.9       34%         786.6      587.9      34%          \n Total assets                      1,077.9     761.5       42%         1,077.9    761.5      42%          \n Long-term debt                    377.8       238.8       58%         377.8      238.8      58%          \n Cash and cash equivalents         27.0        8.6         214%        27.0       8.6        214%         \n Return on Assets (%) ((1))        14.3%       19.0%       (470) bps   7.4%       18.2%      (1,080) bps  \n Free Cashflow ((1))               14.6        19.5        (25)%       33.5       36.3       (8)%         \n ((1) Adjusted EBITDA, Adjusted EBIT, Adjusted EPS, Funds from Operations and Free Cashflow are non-GAAP financial measures. Return on Assets is a non-GAAP ratio. Refer to the \"Non-GAAP Financial Measures\" section of this news release for more information on each non-GAAP financial measure and ratio.) \n                                                                                                          \n\nAdditional Information\n\nA copy of the Company's unaudited interim condensed consolidated financial\nstatements for the three and six months ended June 30, 2026 and 2025 and\nrelated management's discussion and analysis have been filed with the Canadian\nsecurities regulatory authorities and may be accessed through the SEDAR+\nwebsite (www.sedarplus.ca) and www.blackdiamondgroup.com.\n\nAbout Black Diamond Group\n\nBlack Diamond is an industrial services and asset management company with two\noperating business units - MSS and WFS. We operate in Canada, the United\nStates and Australia.\n\nMSS through its principal brands, BOXX Modular, CLM and Schiavi, owns a large\nrental fleet of modular buildings of various types and sizes. Its network of\nlocal branches rent, sell, service and provide ancillary products and services\nto a diverse customer base in the construction, industrial, education,\nfinancial, and government sectors.\n\nWFS, through its principal brands Black Diamond Lodging and Accommodations,\nRoyal Camp, Summit Camps and Primco Dene Royal Camp Services Limited\nPartnership, owns a large rental fleet of modular accommodation assets of\nvarious types and offers a full range of catering and hospitality services\nboth in concert with and independent of the provision of modular accommodation\nfacilities. WFS rents, sells, services and provides ancillary products and\nservices including turn-key operated camps with premium integrated catering\nand hospitality services to a wide array of customers in the resource,\ninfrastructure, construction, disaster recovery and education sectors.\n\nIn addition, the WFS business unit also includes the Corporation’s wholly\nowned subsidiary, LodgeLink, which operates through a proprietary software\nplatform, offering sophisticated solutions for workforce travel and logistics\nacross North America, Australia and the Asia-Pacific region, enabling\ncustomers to efficiently manage the full travel cycle through a rapidly\ngrowing network of hotels, remote lodges and travel partners. LodgeLink solves\nthe unique challenges associated with workforce crew travel and is\ncomplemented by Spencer Group of Companies’ high-touch boutique corporate\ntravel management service.\n\nLearn more at www.blackdiamondgroup.com.\n\nFor investor inquiries please contact Emma Covenden at 403-718-5062\nor investor@blackdiamondgroup.com.\n\nConference Call\n\nBlack Diamond will hold a conference call and webcast at 9:00 a.m. MT (11:00\na.m. ET) on Friday July 31, 2026. CEO Trevor Haynes and CFO Toby LaBrie will\ndiscuss Black Diamond’s financial results for the Quarter and then take\nquestions from investors and analysts.\n\nTo access the conference call by telephone dial toll free 1-800-715-9871.\nInternational callers should use 1-647-932-3411. Please connect approximately\n10 minutes prior to the beginning of the call.\n\nTo access the call via webcast, please log into the webcast link 10 minutes\nbefore the start time at: \nwww.gowebcasting.com/14742\n\nFollowing the conference call, a replay will be available on the Investor\nCentre section of the Company’s website at www.blackdiamondgroup.com, under\nPresentations & Events.\n\nReader Advisory\nForward-Looking Statements\nCertain information set forth in this news release contains forward-looking\nstatements including, but not limited to, the Company's outlook for 2026,\nexpectations for and opportunities in different geographic areas,\nopportunities for organic investment, expectations regarding nation-building\nprojects. reinvesting operating cash flows, capital commitments, targeted\ncompletion of LodgeLink's new 3.0 product, the Company's ability to fund\norganic and inorganic growth, management’s goals and business objectives,\nthe sales and opportunity pipeline, timing and payment of the Company's\nquarterly dividends, the effect of the Enterprise Resource Planning (\"ERP\")\nsystem upgrade on the Company's business, macro-economic uncertainty,\nutilization levels, contract renewals, management's assessment of Black\nDiamond's future operations and what may have an impact on them, expectations\nregarding the rental rate environment, opportunities and effect of deploying\ninvestment capital, financial performance, business prospects and\nopportunities, changing operating environment including changing activity\nlevels, effects on demand and performance based on the changing operating\nenvironment, expectations for demand and growth in the Company’s operating\nand customer segments, future deployment of assets, amount of revenue\nanticipated to be derived from current contracts, anticipated debt levels,\nliquidity demands and sources, ongoing contractual terms and debt obligations,\nliquidity, working capital and other requirements, management's expectations\nregarding the ability to raise equity, sources and use of funds, economic life\nof the Company's assets, expected length of existing contracts, plans for\ncompletion of the assessment of the controls, policies and procedures of the\nacquired companies and future growth and profitability of the Company. With\nrespect to the forward-looking statements in this news release, Black Diamond\nhas made assumptions regarding, among other things: future commodity prices,\nthe future interest rate environment, that Black Diamond will continue to\nraise sufficient capital to fund its business plans in a manner consistent\nwith past operations, effectiveness of the new ERP system, the effects of\ntariffs and trade-war related measures, that counterparties to contracts will\nperform the contracts as written and that there will be no unforeseen material\ndelays in contracted projects. Although Black Diamond believes that the\nexpectations reflected in the forward-looking statements contained in this\nnews release, and the assumptions on which such forward-looking statements are\nmade, are reasonable, there can be no assurances that such expectations or\nassumptions will prove to be correct. Readers are cautioned that assumptions\nused in the preparation of such statements may prove to be incorrect. Events\nor circumstances may cause actual results to differ materially from those\npredicted, as a result of numerous known and unknown risks, uncertainties and\nother factors, many of which are beyond the control of Black Diamond. These\nrisks include, but are not limited to: the volatility of industry conditions,\ndependence on agreements and contracts, competition, credit risk, information\ntechnology systems and cyber security, vulnerability to market changes,\noperating risks and insurance, weakness in industrial construction and\ninfrastructure developments, weakness in natural resource industries, access\nto additional financing, dependence on suppliers and manufacturers, reliance\non key personnel, workforce availability, market price of Common Shares,\nsafety performance, expansion into new activities, government regulation,\nfailure to realize anticipated benefits of acquisitions and dispositions,\ninflationary price pressure, environmental liability, environmental regulation\nof the Company’s customers, environmental disasters, Indigenous\nrelationships, dilution, disease outbreaks, variations in foreign exchange\nrates and interest rates, foreign operations, dependence on operating permits,\nmaturity of credit facility, management of growth, seasonality in certain\ncustomer markets, litigation, potential replacement or reduced use of products\nand services, income taxes, conflicts of interest, restrictive covenants and\nleverage, the effects of tariffs and trade-war related measures and\nforward-looking information may prove inaccurate. The risks outlined above\nshould not be construed as exhaustive. Additional information on these and\nother factors that could affect Black Diamond's operations and financial\nresults are included in Black Diamond’s annual information form for the year\nended December 31, 2025 and other reports on file with the Canadian\nsecurities regulatory authorities which can be accessed on Black Diamond's\nprofile on SEDAR+. Readers are cautioned not to place undue reliance on these\nforward-looking statements. Furthermore, the forward-looking statements\ncontained in this news release are made as at the date of this news release\nand Black Diamond does not undertake any obligation to update or revise any of\nthe forward-looking statements, except as may be required by applicable\nsecurities laws.\n\nNon-GAAP Financial Measures\nIn this news release, the following specified financial measures and ratios\nhave been disclosed: Adjusted EBITDA, Adjusted EBIT, Adjusted EBITDA as a % of\nRevenue, Net Debt, Net Debt to TTM Adjusted Leverage EBITDA, Funds from\nOperations, Free Cashflow, Gross Profit Margin, Return on Assets, VAPS as a %\nof Rental Revenue, Total Trade Value, Net Revenue Margin, Adjusted Profit and\nNet Capital Expenditures. These non-GAAP financial measures do not have any\nstandardized meaning prescribed under International Financial Reporting\nStandards (\"IFRS\") and are therefore unlikely to be comparable to similar\nmeasures presented by other entities. Readers are cautioned that the non-GAAP\nfinancial measures are not alternatives to measures under IFRS and should not,\non their own, be construed as an indicator of Black Diamond's performance or\ncash flows, a measure of liquidity or as a measure of actual return on the\nshares of Black Diamond. These non-GAAP financial measures should only be used\nin conjunction with the consolidated financial statements of Black Diamond.\n\nAdjusted EBITDA is not a measure recognized under IFRS and does not have a\nstandardized meaning prescribed by IFRS. Adjusted EBITDA refers to\nconsolidated earnings before finance costs, tax expense, depreciation and\namortization, accretion, foreign exchange, share-based compensation,\nnon-controlling interests, write-down of property and equipment, impairment,\ngain on disposal of assets and non-recurring costs.\n\nBlack Diamond uses Adjusted EBITDA primarily as a measure of operating\nperformance. Management believes that operating performance, as determined by\nAdjusted EBITDA, is meaningful because it presents the performance of the\nCompany's operations on a basis which excludes the impact of certain non-cash\nitems as well as how the operations have been financed. In addition,\nmanagement presents Adjusted EBITDA because it considers it to be an important\nsupplemental measure of the Company's performance and believes this measure is\nfrequently used by securities analysts, investors and other interested parties\nin the evaluation of companies in industries with similar capital structures.\n\nAdjusted EBITDA has limitations as an analytical tool, and readers should not\nconsider this item in isolation, or as a substitute for an analysis of the\nCompany's results as reported under IFRS. Some of the limitations of Adjusted\nEBITDA are:\n* Adjusted EBITDA excludes certain income tax payments and recoveries that may\nrepresent a reduction or increase in cash available to the Company;\n* Adjusted EBITDA does not reflect the Company's cash expenditures, or future\nrequirements, for capital expenditures or contractual commitments;\n* Adjusted EBITDA does not reflect changes in, or cash requirements for, the\nCompany’s working capital needs;\n* Adjusted EBITDA does not reflect the significant interest expense, or the\ncash requirements necessary to service interest payments on the Company's\ndebt;\n* Depreciation and amortization are non-cash charges, thus the assets being\ndepreciated and amortized will often have to be replaced in the future and\nAdjusted EBITDA does not reflect any cash requirements for such replacements;\nand\n* Other companies in the industry may calculate Adjusted EBITDA differently\nthan the Company does, limiting its usefulness as a comparative measure.\nBecause of these limitations, Adjusted EBITDA should not be considered as a\nmeasure of discretionary cash available to invest in the growth of the\nCompany's business. The Company compensates for these limitations by relying\nprimarily on the Company's IFRS results and using Adjusted EBITDA only on a\nsupplementary basis. A reconciliation to profit, the most comparable GAAP\nfinancial measure, is provided below.\n\nAdjusted EBIT is Adjusted EBITDA less depreciation and amortization. Black\nDiamond uses Adjusted EBIT primarily as a measure of operating performance.\nManagement believes that Adjusted EBIT is a useful measure for investors when\nanalyzing ongoing operating trends. There can be no assurances that additional\nspecial items will not occur in future periods, nor that the Company's\ndefinition of Adjusted EBIT is consistent with that of other companies. As\nsuch, management believes that it is appropriate to consider both profit\ndetermined on a GAAP basis as well as Adjusted EBIT. A reconciliation to\nprofit, the most comparable GAAP financial measure, is provided below.\n\nAdjusted EBITDA as a % of Revenue is calculated by dividing Adjusted EBITDA by\ntotal revenue for the period. Black Diamond uses Adjusted EBITDA as a % of\nRevenue primarily as a measure of operating performance. Management believes\nthis ratio is an important supplemental measure of the Company's performance\nand believes this measure is frequently used by securities analysts, investors\nand other interested parties in the evaluation of companies in industries with\nsimilar capital structures.\n\nReturn on Assets is calculated as annualized Adjusted EBITDA divided by\naverage net book value of property and equipment and intangible assets.\nAnnualized Adjusted EBITDA is calculated by multiplying Adjusted EBITDA for\nthe Quarter and Comparative Quarter by an annualized multiplier. Management\nbelieves that Return on Assets is a useful financial measure for investors in\nevaluating operating performance for the periods presented. When read in\nconjunction with the Company's profit and property and equipment, two GAAP\nfinancial measures, this non-GAAP ratio provides investors with a useful tool\nto evaluate Black Diamond's ongoing operations and management of assets from\nperiod-to-period.\n\nReconciliation of Consolidated Profit to Adjusted EBITDA, Adjusted EBIT,\nAdjusted EBITDA as a % of Revenue and Return on Assets:\n\n                                                   Three months ended June 30,         Six months ended June 30,          \n ($ millions, except as noted)                     2026        2025        Change %    2026       2025       Change %     \n Profit ((1))                                      0.9         9.2         (90)%       3.6        15.0       (76)%        \n Add:                                                                                                                     \n Depreciation and amortization ((1))               17.8        12.0        48%         35.5       24.4       45%          \n Finance costs ((1))                               5.2         3.6         44%         10.1       7.4        36%          \n Share-based compensation ((1))                    2.4         1.9         26%         4.2        3.1        35%          \n Non-controlling interests ((1))                   0.7         0.3         133%        2.1        0.7        200%         \n Current income taxes ((1))                        (0.1)       0.5         (120)%      1.2        0.9        33%          \n Deferred income taxes ((1))                       0.6         2.6         (77)%       1.0        3.5        (71)%        \n Non-recurring costs                                                                                                      \n ERP implementation and related costs ((2))        2.3         1.8         28%         3.9        3.4        15%          \n Acquisition costs ((1))                           0.1         0.1         —%          0.3        0.1        200%         \n Gain on disposal of assets ((1))                  (3.1)       (2.8)       (11)%       (3.1)      (2.8)      (11)%        \n Provision for sales tax assessments ((1))         3.6         —           100%        3.6        —          100%         \n Adjusted EBITDA                                   30.4        29.2        4%          62.4       55.7       12%          \n Less:                                                                                                                    \n Depreciation and amortization ((1))               17.8        12.0        48%         35.5       24.4       45%          \n Adjusted EBIT                                     12.6        17.2        (27)%       26.9       31.3       (14)%        \n                                                                                                                          \n Total revenue ((1))                               129.2       105.4       23%         259.2      207.6      25%          \n Adjusted EBITDA as a % of Revenue                 23.5%       27.7%       (420) bps   24.1%      26.8%      (270) bps    \n                                                                                                                          \n Annualized multiplier                             4           4                       2          2                       \n Annualized adjusted EBITDA                        121.6       116.8       4%          124.8      111.4      12%          \n Average net book value of property and equipment  852.3       615.3       39%         846.9      612.6      38%          \n Return on Assets                                  14.3%       19.0%       (470) bps   7.4%       18.2%      (1,080) bps  \n ((1) Sourced from the Company's unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025.) \n ((2) This relates to the costs incurred for implementation of a new ERP system and are included in administrative expenses; the first phase of the implementation went live on May 1, 2024 and the second phase commenced on October 1, 2024.) \n                                                                                                                          \n\nReconciliation of Consolidated Profit to Adjusted Profit, and Adjusted\nEarnings Per Share (EPS):\n\nAdjusted Profit represents profit from continuing operations excluding the\namortization of intangibles acquired through acquisitions, acquisition costs,\nERP implementation and related costs, and adjustments for other specific items\nthat are significant but are not reflective of Black Diamonds underlying\noperations, all on an after-tax basis. Specific items are subjective, although\nBlack Diamond uses judgment when identifying items to be excluded in\ncalculating adjusted measures. Adjusted profit is a measure of overall\nprofitability and the most comparable IFRS measure for adjusted profit is\nProfit. Management presents Adjusted Profit because it considers it to be a\nreflection of ongoing operations.\n\nAdjusted Earnings Per Share (EPS) is a non-GAAP ratio calculated by dividing\nadjusted profit (defined above) by the basic and diluted weighted average\nnumber of shares outstanding. Management presents Adjusted EPS because it\nconsiders it to be a reflection of ongoing operations.\n\n                                                            Three months ended June 30,         Six months ended June 30,        \n ($ millions, except as noted)                              2026        2025        Change      2026       2025       Change     \n Profit ((1))                                               0.9         9.2         (90)%       3.6        15.0       (76)%      \n Add back net of tax:                                                                                                            \n Amortization of intangibles related to acquisitions ((2))  1.2         0.3         300%        2.5        0.6        317%       \n ERP implementation and related costs ((3))                 1.7         1.4         21%         2.9        2.6        12%        \n Acquisition costs ((4))                                    0.1         0.1         —%          0.2        0.1        100%       \n Provision for sales tax assessments ((5))                  2.6         —           100%        2.6        —          100%       \n Adjusted Profit                                            6.5         11.0        (41)%       11.8       18.3       (36)%      \n Weighted average common shares outstanding - basic         68.4        61.3        12%         68.6       61.3       12%        \n Weighted average common shares outstanding - diluted       70.2        62.2        13%         70.5       62.1       14%        \n Adjusted EPS                                                                                                                    \n Basic ($)                                                  0.09        0.18        (50)%       0.17       0.30       (43)%      \n Diluted ($)                                                0.09        0.18        (50)%       0.17       0.29       (41)%      \n ((1) Sourced from the Company's unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025.) \n ((2) The add back of intangible amortization relates only to the amortization from intangible assets acquired through acquisitions and excludes the amortization of internally generated intangibles. For the three and six months ended June 30, 2026, this amount is net of tax of $0.4 and $0.9 (2025 - $0.1 and $0.2)) \n ((3) For the three and six months ended June 30, 2026, this amount is net of tax of $0.6 and $1.1 (2025 - $0.4 and $0.8))       \n ((4) The add back of certain administrative and marketing costs and depreciation primarily related to acquisition expenses associated with our acquisitions and restructuring costs. For the three and six months ended June 30, 2026, this amount is net of tax of $0.1 (2025 - $nil)) \n ((5) For the three and six months ended June 30, 2026, the Provision for sales tax assessments amount is net of tax of $1.0 and $1.0 (2025 - $nil)) \n                                                                                                                                 \n\nReconciliation of Consolidated Profit to Adjusted EBITDA, Net Debt and Net\nDebt to TTM Adjusted Leverage EBITDA:\n\nNet Debt to TTM Adjusted Leverage EBITDA is a non-GAAP ratio which is\ncalculated as Net Debt divided by TTM Adjusted Leverage EBITDA. Net Debt, a\nnon-GAAP financial measure, is calculated as long-term debt minus cash and\ncash equivalents. A reconciliation to long-term debt, the most comparable GAAP\nfinancial measure, is provided below. Net Debt and Net Debt to TTM Adjusted\nLeverage EBITDA removes cash and cash equivalents from the Company's debt\nbalance. Black Diamond uses this ratio primarily as a measure of operating\nperformance. Management believes this ratio is an important supplemental\nmeasure of the Company's performance and believes this measure is frequently\nused by securities analysts, investors and other interested parties in the\nevaluation of companies in industries with similar capital structures.\nManagement believes including the additional information in this calculation\nhelps provide information on the impact of trailing operations from business\ncombinations on the Company's leverage position.\n\n ($ millions, except as noted)               2026   2026  2025   2025   2025   2025  2024  2024  Change  \n                                             Q2     Q1    Q4     Q3     Q2     Q1    Q4    Q3            \n Profit ((1))                                0.9    2.7   7.6    12.2   9.2    5.8   9.3   7.4           \n Add:                                                                                                    \n Depreciation and amortization ((1))         17.8   17.6  15.8   12.4   12.0   12.4  14.6  12.6          \n Finance costs ((1))                         5.2    4.9   4.0    3.2    3.6    3.8   3.8   4.3           \n Share-based compensation ((1))              2.4    1.9   2.1    2.3    1.9    1.2   1.3   1.2           \n Non-controlling interests ((1))             0.7    1.3   1.6    0.2    0.3    0.4   0.5   0.4           \n Current income taxes ((1))                  (0.1)  1.3   1.4    0.4    0.5    0.4   0.9   —             \n Deferred income taxes ((1))                 0.6    0.4   4.2    3.9    2.6    0.9   5.4   2.6           \n Non-recurring costs                                                                                     \n ERP implementation and related costs ((2))  2.3    1.6   1.4    1.7    1.8    1.6   1.4   0.3           \n Acquisition costs ((1))                     0.1    0.3   1.2    1.5    0.1    —     —     —             \n Gain on disposal of assets ((1))            (3.1)  —     (0.4)  (6.0)  (2.8)  —     —     —             \n Provision for sales tax assessments         3.6    —     —      —      —      —     —     —             \n Adjusted EBITDA                             30.4   32.0  38.9   31.8   29.2   26.5  37.2  28.8          \n Acquisition pro-forma adjustments ((3))     —      —     6.4    7.3    15.5   11.8  —     —             \n Adjusted Leverage EBITDA                    30.4   32.0  45.3   39.1   44.7   38.3  37.2  28.8          \n                                                                                                         \n TTM Adjusted Leverage EBITDA                146.8                      121.7                    21%     \n                                                                                                         \n Long-term debt ((1))                        377.8                      238.8                    58%     \n Cash and cash equivalents ((1))             27.0                       8.6                      214%    \n Current portion of long-term debt ((4))     0.2                        1.8                      (89)%   \n Net Debt                                    351.0                      232.0                    51%     \n Net Debt to TTM Adjusted Leverage EBITDA    2.4                        1.9                      26%     \n ((1) Sourced from the Company's unaudited interim condensed consolidated financial statements for the )(three and six months ended)( June 30, 2026 and 2025.) \n ((2) This relates to the costs incurred for the implementation of a new ERP system and are included in administrative expenses; the first phase of the implementation went live on May 1, 2024 and the second phase commenced on October 1, 2024.) \n ((3) Includes pre-acquisition Adjusted EBITDA estimates as if the acquisition occurred on January 1, 2025. Pre-acquisition Adjusted EBITDA is not recognized measure under IFRS. The Company's method of calculating may differ from other entities and accordingly, may not be comparable to measures used by other entities.) \n ((4) Current portion of long-term debt relating to the payments due within one year on the bank term loans assumed as part of the acquisition in the fourth quarter of 2022.) \n                                                                                                         \n\nFunds from Operations is calculated as the cash flow from operating\nactivities, the most comparable GAAP financial measure, excluding the changes\nin non-cash working capital. Management believes that Funds from Operations is\na useful measure as it provides an indication of the funds generated by the\noperations before working capital adjustments. Changes in long-term accounts\nreceivable and non-cash working capital items have been excluded as such\nchanges are financed using the operating line of Black Diamond's credit\nfacilities. A reconciliation to cash flow from operating activities, the most\ncomparable GAAP financial measure, is provided below.\n\nFree Cashflow is calculated as Funds from Operations minus maintenance\ncapital, net interest paid (including lease interest), payment of lease\nliabilities, net current income tax expense (recovery), distributions declared\nto non-controlling interests and dividends paid on Common Shares plus net\ncurrent income taxes received (paid). Management believes that Free Cashflow\nis a useful measure as it provides an indication of the funds generated by the\noperations before working capital adjustments and other items noted above.\nManagement believes this metric is frequently used by securities analysts,\ninvestors and other interested parties in the evaluation of companies in\nindustries with similar capital structures. A reconciliation to cash flow from\noperating activities, the most comparable GAAP financial measure, is provided\nbelow.\n\nReconciliation of Cash Flow from Operating Activities to Funds from Operations\nand Free Cashflow:\n\n                                                        Three months ended June 30,         Six months ended June 30,        \n ($ millions, except as noted)                          2026        2025        Change      2026       2025       Change     \n                                                                                                                             \n Cash Flow from Operating Activities ((1))              21.4        28.5        (25)%       42.9       64.4       (33)%      \n Add (deduct):                                                                                                               \n Change in other long-term assets ((1))                 (0.6)       1.4         (143)%      (1.5)      2.0        (175)%     \n Changes in non-cash operating working capital ((1))    7.8         (0.1)       7,900%      18.4       (10.1)     282%       \n Funds from Operations                                  28.6        29.8        (4)%        59.8       56.3       6%         \n Add (deduct):                                                                                                               \n Maintenance capital                                    (2.2)       (2.2)       —%          (4.9)      (3.9)      (26)%      \n Payment for lease liabilities ((1))                    (2.3)       (2.0)       (15)%       (4.6)      (4.7)      2%         \n Interest paid (including lease interest) ((1))         (5.0)       (3.4)       (47)%       (9.7)      (7.0)      (39)%      \n Net current income tax expense ((1))                   (0.1)       0.5         (120)%      1.2        0.9        33%        \n Dividends paid on Common Shares ((1))                  (3.1)       (2.2)       (41)%       (6.1)      (4.3)      (42)%      \n Distributions paid to non-controlling interests ((1))  (1.3)       (1.0)       (30)%       (2.2)      (1.0)      (120)%     \n Free Cashflow                                          14.6        19.5        (25)%       33.5       36.3       (8)%       \n ((1) Sourced from the Company's unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025.) \n                                                                                                                             \n\nGross Profit Margin is a non-GAAP financial measure which is calculated by\ndividing gross profit, a GAAP financial measure calculated as total revenue\nless direct costs, by total revenue for the period. Management believes this\nratio is an important supplemental measure of the Company's performance and\nbelieves this ratio is frequently used by securities analysts, investors and\nother interested parties in the evaluation of companies in industries with\nsimilar capital structures.\n\nReconciliation of Gross Profit to Gross Profit Margin:\n\n                                Three months ended June 30,         Six months ended June 30,        \n ($ millions, except as noted)  2026        2025        Change      2026       2025       Change     \n Total revenue ((1))            129.2       105.4       23%         259.2      207.6      25%        \n Direct costs ((1))             77.0        57.6        34%         153.0      115.5      32%        \n Gross profit ((1))             52.2        47.8        9%          106.2      92.1       15%        \n Gross Profit Margin            40.4%       45.4%       (500) bps   41.0%      44.4%      (340) bps  \n ((1) Sourced from the Company's unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025.) \n                                                                                                     \n\nTotal Trade Value, previously referred to as Gross Bookings, has been renamed\nto ensure alignment with terminology commonly used across the industry. Total\nTrade Value is a non-GAAP financial measure and is calculated as the total\nrevenue billed to the customer which includes all fees and charges. Net\nrevenue, a GAAP financial measure, is Total Trade Value less costs paid to\nsuppliers. Revenue from bookings at third-party lodges and hotels through\nLodgeLink is recognized on a net revenue basis. LodgeLink is an agent in the\ntransaction as it is not responsible for providing the service to the customer\nand does not control the service provided by a supplier. Management believes\nthis non-GAAP financial measure is an important supplemental measure of\nLodgeLink's performance and cash generation and believes this non-GAAP\nfinancial measure is frequently used by interested parties in the evaluation\nof companies in industries with similar forms of revenue generation.\n\nNet Revenue Margin is calculated by dividing net revenue by Total Trade Value\nfor the period. Management believes this ratio is an important supplemental\nmeasure of LodgeLink's performance and profitability and believes this ratio\nis frequently used by interested parties in the evaluation of companies in\nindustries with similar forms of revenue generation where companies act as\nagents in transactions.\n\nReconciliation of Net Revenue to Total Trade Value and Net Revenue Margin:\n\n                                Three months ended June 30,         Six months ended June 30,        \n ($ millions, except as noted)  2026        2025        Change      2026       2025       Change     \n Net revenue ((1))              5.4         3.3         64%         9.1        6.0        52%        \n Costs paid to suppliers ((1))  38.1        22.4        70%         67.1       41.2       63%        \n Total Trade Value ((1))        43.5        25.7        69%         76.2       47.2       61%        \n Net Revenue Margin             12.4%       12.8%       (40) bps    11.9%      12.7%      (80) bps   \n ((1) Includes intercompany transactions.)                                                           \n                                                                                                     \n\nVAPS as a % of Rental Revenue is a non-GAAP ratio which is calculated as VAPS\nrevenue divided by rental revenue excluding VAPS revenue. A reconciliation to\nrental revenue, the most comparable GAAP financial measure, is provided below.\nBlack Diamond uses this ratio as a measure of operating performance.\nManagement believes this ratio is an important supplemental measure to\nappraise the growth of ancillary products and services in proportion to the\ngrowth of rental revenue.\n\nReconciliation of Rental Revenue to VAPS as a % of Rental Revenue:\n\n                                                                Three months ended June 30,         Six months ended June 30,        \n Value Added Products & Services ($ millions, except as noted)  2026        2025        Change      2026       2025       Change     \n Rental revenue ((1))                                           28.6        26.4        8%          55.0       51.9       6%         \n Less:                                                                                                                               \n VAPS revenue within rental revenue                             2.2         1.6         38%         4.0        3.0        33%        \n Rental revenue excluding VAPS revenue                          26.4        24.8        6%          51.0       48.9       4%         \n VAPS revenue                                                   3.1         2.3         35%         5.8        4.3        35%        \n VAPS as a % of Rental Revenue                                  11.7%       9.3%        240 bps     11.4%      8.8%       260 bps    \n ((1) Sourced from the Company's unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025.) \n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/659a5e3f-2817-453a-a50e-9b13d6d1bfdc)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-07-30T21:24:57.304218639Z","server_sent_at_ms":1785446697304},"received_at":"2026-07-30T21:24:57.553Z","source_url":"https://www.globenewswire.com/news-release/2026/07/30/3336512/0/en/black-diamond-reports-second-quarter-results-and-declares-dividend.html"},"analysis":{"id":"93479","press_release_id":"104468","analysis_json":{"industry":{"label":"Construction & Engineering","sector":"Industrials"},"redFlags":["GAAP and Adjusted EPS both declined significantly year-over-year (-93% and -50% respectively)","One-time $3.6 million provision for BC PST assessments currently under appeal","Net debt increased 7% since December 31, 2025"],"eventType":"earnings","narrative":"Black Diamond reported Q2 revenue of $129.2 million, up 23% year-over-year, driven by strong contributions from its Workforce Solutions and Modular Space Solutions segments.\n\nDespite the top-line growth, GAAP earnings per share fell to $0.01 from $0.15 in the prior year, primarily due to a $3.6 million provision for BC PST assessments, while Adjusted EPS declined 50% to $0.09.\n\nThe company declared a dividend of $0.045 per share and expanded its credit facility to $550 million, maintaining net debt leverage at 2.4x within its target range.\n\nManagement highlighted a positive outlook with over $2 billion in formal bids outstanding and record Total Trade Value growth at LodgeLink.","sentiment":"mixed","agentHooks":{"shouldPost":false,"suggestedAngle":"Top-line growth of 23% offset by bottom-line erosion; dividend maintained despite earnings miss."},"keyFigures":{"eps":0.01,"revenue":129200000,"revenueYoy":"23%","customDimensions":{"ebitda":30400000,"net_debt":351000000,"ebitda_yoy":"4%","adjusted_eps":0.09,"free_cash_flow":14600000,"dividend_per_share":0.045}},"quotedText":"Black Diamond enters the second half of the year with a strong balance sheet, resilient recurring rental and lodging revenue streams and a diversified platform that continues to generate stable results despite fewer episodic projects and typical sales activity variability within the quarter.","namedEntities":{"people":[{"name":"Trevor Haynes","role":"CEO"},{"name":"Toby LaBrie","role":"CFO"},{"name":"Emma Covenden","role":"Investor Contact"}],"products":["BOXX Modular","CLM","Schiavi","Black Diamond Lodging","Summit Camps","Primco Dene"],"companies":[{"name":"Black Diamond Group Limited","ticker":"BDI"},{"name":"Royal Camp Services Ltd.","relationship":"subsidiary"},{"name":"LodgeLink","relationship":"subsidiary"},{"name":"Spencer Group of Companies","relationship":"partner"}],"dollarAmounts":[{"amount":"$129.2 million","context":"Q2 2026 consolidated revenue"},{"amount":"$30.4 million","context":"Q2 2026 adjusted EBITDA"},{"amount":"$24.9 million","context":"Q2 2026 capital expenditures"},{"amount":"$72.2 million","context":"Q2 2026 Workforce Solutions revenue"},{"amount":"$15.6 million","context":"Q2 2026 Workforce Solutions Adjusted EBITDA"},{"amount":"$2 billion","context":"outstanding formal bids for Workforce Solutions"},{"amount":"$28.6 million","context":"Q2 2026 Modular Space Solutions rental revenue"},{"amount":"$43.5 million","context":"LodgeLink Q2 Total Trade Value"},{"amount":"$3.6 million","context":"provision for BC PST assessments"},{"amount":"$351.0 million","context":"Net Debt at end of Q2"},{"amount":"$550.0 million","context":"secured asset-based revolving credit facility"},{"amount":"$0.045","context":"third quarter dividend per share"}]},"materialImpact":{"score":3,"reasoning":"Revenue grew 23% year-over-year and the company declared a dividend, but both GAAP and Adjusted EPS declined significantly (-93% and -50% respectively) due to margin compression and a one-time tax provision."},"tickerRelevance":{"others":[],"primary":"BDI"},"globalImportance":25,"audienceRelevance":15,"eventTypeSecondary":["dividend"],"importanceComponents":{"tickerTier":"small_mid_cap","eventGravity":"mixed_earnings","sectorWeight":"industrials"}},"event_type":"earnings","event_type_secondary":["dividend"],"sentiment":"mixed","material_impact_score":3,"narrative":"Black Diamond reported Q2 revenue of $129.2 million, up 23% year-over-year, driven by strong contributions from its Workforce Solutions and Modular Space Solutions segments.\n\nDespite the top-line growth, GAAP earnings per share fell to $0.01 from $0.15 in the prior year, primarily due to a $3.6 million provision for BC PST assessments, while Adjusted EPS declined 50% to $0.09.\n\nThe company declared a dividend of $0.045 per share and expanded its credit facility to $550 million, maintaining net debt leverage at 2.4x within its target range.\n\nManagement highlighted a positive outlook with over $2 billion in formal bids outstanding and record Total Trade Value growth at LodgeLink.","key_figures":{"eps":0.01,"revenue":129200000,"revenueYoy":"23%","customDimensions":{"ebitda":30400000,"net_debt":351000000,"ebitda_yoy":"4%","adjusted_eps":0.09,"free_cash_flow":14600000,"dividend_per_share":0.045}},"named_entities":{"people":[{"name":"Trevor Haynes","role":"CEO"},{"name":"Toby LaBrie","role":"CFO"},{"name":"Emma Covenden","role":"Investor Contact"}],"products":["BOXX Modular","CLM","Schiavi","Black Diamond Lodging","Summit Camps","Primco Dene"],"companies":[{"name":"Black Diamond Group Limited","ticker":"BDI"},{"name":"Royal Camp Services Ltd.","relationship":"subsidiary"},{"name":"LodgeLink","relationship":"subsidiary"},{"name":"Spencer Group of Companies","relationship":"partner"}],"dollarAmounts":[{"amount":"$129.2 million","context":"Q2 2026 consolidated revenue"},{"amount":"$30.4 million","context":"Q2 2026 adjusted EBITDA"},{"amount":"$24.9 million","context":"Q2 2026 capital expenditures"},{"amount":"$72.2 million","context":"Q2 2026 Workforce Solutions revenue"},{"amount":"$15.6 million","context":"Q2 2026 Workforce Solutions Adjusted EBITDA"},{"amount":"$2 billion","context":"outstanding formal bids for Workforce Solutions"},{"amount":"$28.6 million","context":"Q2 2026 Modular Space Solutions rental revenue"},{"amount":"$43.5 million","context":"LodgeLink Q2 Total Trade Value"},{"amount":"$3.6 million","context":"provision for BC PST assessments"},{"amount":"$351.0 million","context":"Net Debt at end of Q2"},{"amount":"$550.0 million","context":"secured asset-based revolving credit facility"},{"amount":"$0.045","context":"third quarter dividend per share"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-07-31T02:48:31.072Z","global_importance":25,"audience_relevance":15,"importance_components":{"tickerTier":"small_mid_cap","eventGravity":"mixed_earnings","sectorWeight":"industrials"}},"durationMs":296571,"modelName":"glm-4.7"}}