Investor Presentaiton

Describing M&A Strategy M&A Criteria M&A Process • Profitable & growing . Dedicated M&A team · Strategic fit (complementary/scale) • Pipeline: ~10 deals/quarter • Cultural fit Target closing: ~2-3 deals/year (larger transactions) • Disciplined valuation (do not overpay) • Individual bids & competitive bids 26 26 Comfortable with a leverage ratio reaching 2.5x Net Debt to EBITDA 40 YEARS OF CALIAN

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