Slide 1: Q4 2025 Earnings Release and CECO Environmental Combination with Thermon Group
Q4 2025 Earnings Release and CECO Environmental Combination with Thermon Group February 24, 2026
Slide 2: Legal Disclosures: Forward-Looking Statements
LEGAL DISCLOSURES 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 event
Slide 3: Legal Disclosures: No Offer or Solicitation
LEGAL DISCLOSURES No Offer or Solicitation This presentation is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sal
Slide 4: Q4 Earnings & Transaction Summary
CECO STANDALONE EARNINGS CALL Q4 Earnings & Transaction Summary 2025 Q4 and FY Earnings + Raising 2026 Outlook Closed 2025 with a set of Financial Records • Orders ~ $1.1B … Book-to-Bill of ~ 1.4x Announcing the strategic combination of CECO Environmental • Revenue and Adjusted EBITDA aligned with g
Slide 5: Q4 & FY 2025 Earnings and FY 2026 Outlook
Q4 & FY 2025 EARNINGS and FY 2026 OUTLOOK 5
Slide 6: Executive Summary
2025 FINANCIAL RESULTS % = Year over Year performance Executive Summary Q4 2025 = ANOTHER RECORD QUARTER FULL YEAR 2025 = STRONG PERFORMANCE RAISING STANDALONE 2026 OUTLOOK +47% Backlog $793M Backlog, +47% >$1.2B Orders +50% Orders $1,064M Bookings, +59% ✓ Starting year with record pipeline ✓ Q1 Ord
Slide 7: Order Momentum Continues
2025 FINANCIAL RESULTS ($MM) Order Momentum Continues 2025 2026 Expect New $329 Record $274 +50% $270 $228 +95% $233 YoY +57% YoY +44% YoY YoY Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 QTD Q1 '26 Outlook Energy Transition Industrial Air Industrial Water • QTD momentum in Power Gen continues with • Continued str
Slide 8: Q4 and Full Year 2025 Financial Performance
2025 FINANCIAL RESULTS Q4 and Full Year 2025 Financial Performance Q4’25 YoY FY YoY KEY HIGHLIGHTS Backlog $793M 47% $793M 47% • 5th consecutive quarter > $200M; average ~$256M • Power Gen with 4 significant project bookings in 2025 > $40M … total of $300M Orders $329M 50% $1,064M 59% • Strong Order
Slide 9: Sustaining Strong Gross Margin Levels
2025 FINANCIAL RESULTS ($MM) Sustaining Strong Gross Margin Levels TTM = Trailing 12 Month TTM basis (TTM GP/TTM Revenue) +110% $269 260 .0 $251 240 .0 $231 39. 0% 220 .0 $213 37. 0% 200 .0 $191 $193 $196 35.0% 35.2% 35.0% 34.8% $181 TTM % $171 35. 0% 35.2% 180 .0 160 .0 34.8% 33. 0% 33.6% 140 .0 $1
Slide 10: Full Year 2025 Cash Flow and Indebtedness Update
2025 FINANCIAL RESULTS ($MM) Full Year 2025 Cash Flow and Indebtedness Update FREE CASH FLOW GROSS DEBT POSITION YTD 2024 YTD 2025 YoY Dec 31, 2024 $216.9 Cash Used / (Generated) from Ops $(20.9) GAAP Net Income (incl. NCI) $14.4 $53.1 $38.7 M&A + CapEx Investments [Net] $1.1 D&A $14.5 $24.9 Net Ban
Slide 11: Record Backlog Trend Continues
2025 FINANCIAL RESULTS ($MM) B2B = Book to Bill Record Backlog Trend Continues * Starting Backlog – Revenue + Net Orders +/- FX + Acquired Backlog = Ending Backlog ~3.7x 840 800 Backlog Orders Revenue $793 440 760 $688 $720 400 720 $329 $602 680 360 640 600 560 $541 320 $233 280 520 480 $438 $274 44
Slide 12: Raising Full Year 2026 Outlook
2026 FINANCIAL OUTLOOK ($MM) Raising Full Year 2026 Outlook Initial Guidance Raising FY Outlook Oct’25 (Standalone CECO) KEY DRIVERS Orders/B-2-B > 1.1x > 1.2x • Record Pipeline of Opportunities of ~ $6.5B (book to bill) Off To Great Start > $1B 925 – 975 • Record YE2025 backlog; >65% converting in
Slide 13: Creating a Global Industrial Leader in Environmental and Thermal Solutions
CECO ENVIRONMENTAL + THERMON GROUP Creating a Global Industrial Leader in Delivering Mission- Critical Environmental and Thermal Solutions Protecting people, the environment, and industrial equipment — built for scale, positioned for growth, engineered for resilience. 13
Slide 14: A Shared Vision for the Future – Stronger Together
LEADERSHIP CONVICTION A Shared Vision for the Future – Stronger Together “Thermon adds highly complementary heating and “This transaction expands the portfolio of solutions thermal capabilities supported by attractive secular we can now offer our customers while creating a growth drivers, along with
Slide 15: Key Terms & Financial Impact
CECO & THERMON COMBINATION: PRO FORMA Key Terms & Financial Impact KEY TERMS FINANCIAL IMPACT Transaction Value ~$2.2B Combined Revenue (CY26) ~$1.5B “Platform of Scale” $10.00 cash + 0.6840 CECO shares Combined PF “Strong Earnings Base” Consideration ~$296mm (incl. synergies) 1 All-cash and all-sto
Slide 16: Thermon at a Glance
($MM) BUSINESS PROFILE Thermon at a Glance Global leader and end-to-end solution provider of process heat, temperature management, and asset protection with strong aftermarket presence. TTM as of December 31, 2025 ~$520+ ~85% ~45% ~23% Revenue (TTM) OPEX Sales (TTM) Gross Margin (TTM) Adj. EBITDA Ma
Slide 17: Full Range of Heating Technologies and Sustainable Competitive Advantage
THERMON: PRODUCTS & TECHNOLOGIES Full Range of Heating Technologies and Solutions and Sustainable Competitive Advantage CORE PRODUCTS & TECHNOLOGIES SUSTAINABLE COMPETITIVE ADVANTAGES KEY BRANDS Heat Trace Heating Systems Boilers Robust global product Electric Heat Liquid Load Bank Circulatic® certi
Slide 18: Creating a Global Industrial Leader in Environmental and Thermal Solutions
COMBINATION FRAMING Creating a Global Industrial Leader in Delivering Mission-Critical Environmental and Thermal Solutions Built for scale. Positioned for growth. Engineered for resilience. Niche Leadership Global Scale & Reach Creates a leading portfolio of niche industrial system, product Combined
Slide 19: Strategic Edge
COMBINATION RATIONALE Strategic Edge Complementary businesses delivering engineered solutions where performance, reliability, and safety are essential. Secular Tailwind Alignment1 Complementary Operating Models Shared Customers Aligned to secular growth tailwinds across Thermon's recurring OPEX mode
Slide 20: “New CECO”: Compelling Financials & Actionable Synergies
2026 COMBINED: PRO FORMA “New CECO”: Compelling Financials & Actionable Synergies 1 ~$1,520M ~39% $296M ~19.5% CY26E Revenue Gross Profit Margin CY26E Adj. EBITDA EBITDA Margin 1 Full synergy run-rate of $40M. COST SYNERGIES ✓ Eliminate redundant public company costs SG&A / Corporate ✓ Consolidate c
Slide 21: Scale + Reach = Global Presence
THE COMBNED FOOTPRINT Scale + Reach = Global Presence Combined operations spanning multiple continents, with manufacturing, engineering, and service capabilities across every major industrial region. Americas (ex-Canada) Canada EMEA APAC ~62% of combined revenue ~15% ~11% ~12% Texas + Florida + Utah
Slide 22: Revenue Model Engineered for Predictability & Resilience
BALANCED ACROSS THE CYCLE Revenue Model Engineered for Predictability & Resilience The combination will rebalance the business mix from 50% long-cycle to 30% and increases short-cycle exposure to 45% — accelerating cash conversion and underpinning premium valuation through more predictable revenue s
Slide 23: CECO’s Proven Track Record: Organic Growth & Programmatic M&A
CECO: A PROVEN ACQUIRER CECO’s Proven Track Record: Organic Growth & Programmatic M&A Top-decile performance with a repeatable integration playbook — creating value through M&A consistently since 2022. +102% | +154% +83% +490bps +115% Orders and Backlog Growth Revenue Growth Gross Profit Margin Expa
Slide 24: We Are Stronger Together
We Are Stronger Together Creating a premier leader in mission-critical engineered solutions — protecting people, the environment, and industrial equipment while delivering superior value to all stakeholders. Growth Platform & Culture Resilient Financial Profile Powerful Value Creation 24
Slide 25: Appendix
APPENDIX 25
Slide 26: Broad Range of Addressable Markets
BROAD RANGE OF ADDRESSABLE MARKETS FOOD & BEVERAGE 33 31 1 Bulk Food Processing & 10 29 Drying 8 32 30 2 Dairy Processing 19 3 Distilling and Brewing 7 3 23 15 13 RENEWABLE ENERGY 12 22 8 Nuclear Power 20 1 34 9 Concentrated Solar 2 Wind Power 5 10 25 6 11 Hydrogen Plant 17 24 12 Biofuels 13 Sustain
Slide 27: Revenue Excluding Acquisitions
APPENDIX Revenue Excluding Acquisitions (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 TTM Revenue as reported in accordance with GAAP $ 544.9 $ 126.3 $ 137.5 $ 135.5 $ 158.6 $ 558.0 $ 176.7 $ 185.4 $ 197.6 $ 214.7 $ 774.4 $
Slide 28: Non-GAAP Operating Income and Margin
APPENDIX Non-GAAP Operating Income and Margin (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 TTM Operating Income as reported in accordance with GAAP $ 34.7 $ 7.7 $ 9.3 $ 7.2 $ 11.3 $ 35.4 $ 61.9 $ 18.1 $ 9.4 $ 16.5 $ 105.9 $
Slide 29: Non-GAAP Net Income, Adjusted EBITDA, and Margin
APPENDIX Non-GAAP Net Income, Adjusted EBITDA, and Margin 2) 2) 3) 4) NOTE: Amounts are computed independently each quarter. Accordingly, the sum of each quarter’s amounts may not equal the total amounts for the respective year. 29
Slide 30: Adjusted Free Cash Flow
APPENDIX Adjusted Free Cash Flow (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 TTM Cash provided by (used in) operating activities $ 44.6 $ 1.2 $ 6.7 $ 15.1 $ 1.8 $ 24.8 $ (11.7) $ (7.7) $ 15.3 $ 10.0 $ 5.9 $ 5.9 Capital Exp