Ceco Environmental Corp. · NASDAQ:CECO
Ceco Environmental — 2026 Wells Fargo Industrials Conference
24 slides from Ceco Environmental's conference presentation, June 2026
Slide 1: A Premier Industrial Growth Company
A Premier Industrial Growth Company CECO | 2026 Wells Fargo Industrials Conference, Chicago, IL
Slide 2: Legal Disclosures I
LEGAL DISCLOSURES I Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements, other than statements of historical fact, included in this presentation that address eve
Slide 3: The New CECO: A Global, Diversified Industrial Solutions Leader
2026 Wells Fargo Industrials Conference The New CECO: A Global, Diversified Industrial Solutions Leader CECO FY 2026 Proforma – “Day One” Positioned to Maximize Benefit from Secular Tailwinds Positioned for Strong Secular Tailwinds 1 o Power Generation, Industrial Electrification, Data Center Buildo
Slide 4: Stock Performance
2026 Wells Fargo Industrials Conference Stock Performance CECO vs. S&P 500 vs. Russell 2000 — cumulative return since December 2020 Market Cap $95,60 (6/9/26) ~ $5.6B CECO $59.85 (Y/E 2025) +14x Cumulative since 2020 S&P 500 ~120% $6.96 Cumulative since 2020 Russell 2000 ~45% 2020 2021 2022 2023 202
Slide 5: Transformational Journey that Started in 2020 is Now Accelerating
2026 Wells Fargo Industrials Conference Transformational Journey that Started in 2020 is Now Accelerating Business Transformation: Portfolio Transformation: High-Performance Design / Processes Expanding Industrial Leadership Organizational Design Organic Growth • Solution . Market - focused P&Ls (CE
Slide 6: Combination Unlocks Growth, Maximizes Efficiencies, and Expands Talent
2026 East Coast IDEAS Conference Combination Unlocks Growth, Maximizes Efficiencies, and Expands Talent Integration and Cost Synergies Growth Synergies People & Culture Integration on track: Maintain / Expand Investment: Leadership Transitions: • Week 1: Completed … Clean Transition • Maximize Therm
Slide 7: $40M+ Run-Rate Synergies by Year 3
2026 Wells Fargo Industrials Conference 40M+ Run-Rate Synergies by Year 3 3 high-confidence synergy buckets — fully realized by Year 3. Deal is accretive on standalone numbers alone. > $40M RUN-RATE BY YEAR 3 $40M $40M+ Cost synergies · fully realized Zero priced into the deal. Deal is accretive on
Slide 8: Robust Pipeline of Opportunities
2026 Wells Fargo Industrials Conference Robust Pipeline of Opportunities Pipeline of $8B+ offers CECO great visibility to near-term Growth Pipeline ~ 20% > $8,000 ~ 65% ~470%+ ~ 15% Since Full Year 2021 • Engineering Capabilities • Biz Dev, Sales Personnel • ~ 12 acquisitions Orders • Tools, Capabil
Slide 9: FY Orders: Leading Position + Solutions + Right Markets = Sustained Growth
2026 Wells Fargo Industrials Conference FY Orders: Leading Position + Solutions + Right Markets = Sustained Growth Orders Up ~60% YoY to $1.1B in 2025. 2026 raised to ~$2.0B on $8.0B+ pipeline. ~ $2.0B + Power Markets: Remains in Super-cycle mode ~30% CAGR ‘22 – ’26: 40% Up > 80% YoY + Natural Gas /
Slide 10: Updated Full Year 2026 Guidance: Initial Post-Acquisition Outlook
2026 Wells Fargo Industrials Conference Updated Full Year 2026 Guidance: Initial Post-Acquisition Outlook Historic Results Reference: Pro-forma FY’26 Reference: Stand-Alone / Pre-Acquisition Initial “New CECO1” FY 2026 Outlook: Pro-forma FY 20262 Stand Alone Previous CECO FY’25 FY’26 Guide YoY Order
Slide 11: Additional Materials
Additional Materials 11
Slide 12: Thermon Proforma financials for 2024 and 2025
APPENDIX ($MM) Thermon Proforma financials for 2024 and 2025 2024 FY Proforma - Calendar Year 2025 FY Proforma - Calendar Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year YoY Orders $117 $127 $131 $139 $514 $139 $121 $131 $158 $549 7% B-t-B 0.92 1.10 1.14 1.03 1.04 1.04 1.11 0.99 1.07 1.05 Revenue $
Slide 13: Q1 2026 Performance
Q1 2026 Performance CECO - Standalone 13
Slide 14: First Quarter 2026: Off to a Strong Start
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL First Quarter 2026: Off to a Strong Start EARNINGS SUMMARY = CECO Standalone THERMON TRANSACTION SUMMARY Q1 Performance: Expecting Q2 Close (Early June Target): Record Bookings & Backlog Form S-4 Declared Effective Strong Revenue and Income Growth HSR Review
Slide 15: Q1 2026 Summary: By The Numbers
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL % = Year over Year performance Q1 2026 Summary: By The Numbers Q1 2026 KEY FINANCIAL METRICS Key Operational Commentary $1,035M Q1 Ending Backlog, +72% • Record Backlog and Sales Pipeline at > $7B $449M Bookings, +97% • Strong Power Gen Market Orders Continue
Slide 16: Record Bookings Underpin Accelerating Growth Outlook
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL ($MM) Record Bookings Underpin Accelerating Growth Outlook Tracking Toward $449 New Record in Q2 April 2026 +97% YoY ~$460M $228 $274 +95% YoY +57% YoY Q1 2025 Q1 2026 Q2 2025 Q2 2026 • Power Generation Orders Accelerating • Q2’26 Booked Largest Ever Order (A
Slide 17: Q1 2026 and Trailing Twelve Month Financial Performance
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL Q1 2026 and Trailing Twelve Month Financial Performance Q1 ‘26 YoY Q1 TTM YoY KEY HIGHLIGHTS Backlog $1,035M +72% $1,035M +72% • Orders: 6th consecutive quarter > $200M [avg ~$290M] and 2nd consecutive >$300M • Orders: Power Gen with significant project booki
Slide 18: Record Backlog Trend Continues
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL ($MM) Record Backlog Trend Continues B2B = Book to Bill * Starting Backlog – Revenue + Net Orders +/- FX + Acquired Backlog = Ending Backlog ~4.8x 1,0 80 Backlog Orders Revenue $1,035 1,0 40 520 $449 1,0 00 960 480 $793 920 880 440 $720 840 $688 800 400 $329
Slide 19: Adj. EBITDA Trend
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL ($MM) Adj. EBITDA Trend TTM = Trailing 12 Month TTM basis (TTM Adj. EBITDA/TTM Revenue) Full Year Performance Quarter Performance 96.7 29.8 90.3 23.3 23.2 62.8 20.4 57.7 42.3 14.0 2022 2023 2024 2025 Q1'26 TTM Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Adj EBITDA Margin A
Slide 20: Q1 2026 Cash Flow and Indebtedness Update
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL ($MM) Q1 2026 Cash Flow and Indebtedness Update FREE CASH FLOW GROSS DEBT POSITION Q1’25 YTD Q1’26 YTD YoY Dec 31, 2025 $208.6 Cash Used / (Generated) from Ops $13.1 GAAP Net Income (incl. NCI) $36.0 $(0.2) $(36.2) M&A + CapEx Investments [Net] $9.3 D&A $5.1
Slide 21: Revenue Excluding Acquisitions. Revenue by Segment.
APPENDIX Revenue Excluding Acquisitions. Revenue by Segment. (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Annual 2024 2025 2025 2025 2025 2025 2026 2026 TTM Revenue as reported in accordance with GAAP $ 558.0 $ 176.7 $ 185.4 $ 197.6 $ 214.7 $ 774.4 $ 205.9 $ 205.9 $ 803.6 Revenue attributable
Slide 22: Non-GAAP Operating Income and Margin
APPENDIX Non-GAAP Operating Income and Margin (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Annual 2024 2025 2025 2025 2025 2025 2026 2026 TTM Operating Income as reported in accordance with GAAP $ 35.4 $ 61.9 $ 18.1 $ 9.4 $ 16.5 $ 105.9 $ 1.9 $ 1.9 $ 45.9 Operating Margin in accordance with GA
Slide 23: Non-GAAP Net Income, Adjusted EBITDA, and Margin
APPENDIX Non-GAAP Net Income, Adjusted EBITDA, and Margin (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Annual 2024 2025 2025 2025 2025 2025 2026 2026 TTM Net Income as reported in accordance with GAAP $ 13.0 $ 36.0 $ 9.5 $ 1.5 $ 3.1 $ 50.1 $ (0.4) $ (0.4) $ 13.7 Acquisition and integration exp
Slide 24: Free Cash Flow
APPENDIX Free Cash Flow (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Annual 2024 2025 2025 2025 2025 2025 2026 2026 TTM Cash provided by (used in) operating activities $ 24.8 $ (11.7) $ (7.7) $ 15.3 $ 10.0 $ 5.9 $ (13.1) $ (13.1) $ 4.5 Capital Expenditures (17.4) (3.4) (1.1) (4.2) (2.6) (11.3)
CECO Environmental — 2026 Wells Fargo Industrials Conference on 6ix