Decisive Dividend (DE) investor relations material

Market opportunity and business model

• Aging demographics in Canada are driving a $2 trillion business asset transition, with 76% of business owners planning to exit within 10 years.

• The buy, build, hold model targets profitable, well-established manufacturing companies with enterprise values up to $25M.

• Focus on maintaining business legacies, supporting long-term growth, and not reselling acquired companies.

• Vendors receive at least 10% of purchase price in shares, aligning interests with future growth.

• Employees benefit from stability, equity opportunities, and capital for business growth.

Growth, acquisitions, and financial performance

• Completed 16 acquisitions in 10 years, with 8 in the last 24 months and 3 strategic tuck-ins in 2025.

• Revenue grew at a 25% CAGR from 2015 to 2024, reaching $147M TTM as of September 2025.

• Adjusted EBITDA grew at a 26% CAGR, with $25.4M TTM in 2025.

• Free cash flow less maintenance capital grew at a 27% CAGR, with $0.56 per share in 2024.

• Achieved ~180% total return since 2022 and ~880% since inception, outperforming relevant indices.

Acquisition strategy and portfolio diversification

• Targets manufacturing sector companies with sustainable competitive advantages and positive cash flow.

• Maintains acquisition multiples between 3.5x–5.5x adjusted EBITDA, funded with 50% equity/50% debt.

• Portfolio includes finished product and component manufacturing businesses across diverse industries and geographies.

• Recent acquisitions include companies in wood/gas stoves, agriculture, merchandising, heavy equipment, and belting products.

• Sales are diversified by product type and region, with significant presence in Canada, the US, UK/Europe, and other global markets.