Slide 1: Fourth Quarter 2025 Earnings Presentation
Fourth Quarter 2025 Earnings Presentation February 23, 2026 © 2026 DMC. All rights reserved. ARCADIA PRODUCTS’ EXTERIOR ALUMINUM FRAMING SYSTEMS USED IN ANTERO RESOURCES HEADQUARTERS – DENVER, CO
Slide 2: Use of Non-GAAP Financial Measures & Safe Harbor Language
USE OF NON-GAAP FINANCIAL MEASURES & SAFE HARBOR LANGUAGE *Use of Non-GAAP Financial Measures Adjusted net income (loss), adjusted diluted EPS, adjusted EBITDA, net debt, and free-cash flow are non-GAAP financial measures used by management to measure operating performance. For reconciliations of th
Slide 3: Agenda
AGENDA Opening Remarks & Operational Update • James O’Leary – CEO Financial Results & Guidance • Eric Walter – CFO Questions and Answers NOBELCLAD’S PRE-BOND TEAM IN MT. BRADDOCK, PA, PREPARES A COPPER PLATE FOR THE EXPLOSION-CLADDING PROCESS 3
Slide 4: Fourth Quarter Summary
FOURTH QUARTER SUMMARY • Total debt reduced 28% to $52 million versus year-end 2024; net debt* reduced by 67% to $18.7 million versus year-end 2024 • Net debt at lowest level since 2021 Arcadia Products acquisition • Consolidated sales were $143.5 million, down 6% vs Q4 ‘24 and down 5% sequentially
Slide 5: DMC Q4 2025 Financial Highlights
DMC Q4 2025 FINANCIAL HIGHLIGHTS Sales Adjusted EBITDA / % of Sales $20 $180 $152 $152 $144 $15 $150 $12 / 7.8% $ 12 / 7.9% 28.4 20.9 17.7 $120 1.5 $10 3.4 $90 63.7 68.9 68.9 $5 10.4 $60 8.6 $0 / 0.0% $30 60.3 61.7 1.6 57.0 $0 -1.6 $0 Q4 '24 Q3 '25 Q4 '25 Q4 '24 Q3 '25 Q4 '25 -$5 $ In Millions $ In
Slide 6: Fourth Quarter 2025 Business-Level Financial Performance
FOURTH QUARTER 2025 BUSINESS-LEVEL FINANCIAL PERFORMANCE Arcadia DynaEnergetics NobelClad Sales Sales Sales $80 $80 $64 $69 $69 $30 $28 $60 $62 $57 $21 $60 $60 $18 $20 $40 $40 $20 $20 $10 $0 $0 $0 Q4 '24 Q3 '25 Q4 '25 Q4 '24 Q3 '25 Q4 '25 Q4 '24 Q3 '25 Q4 '25 $ In Millions $ In Millions $ In Million
Slide 7: Deleveraging Progress
DELEVERAGING PROGRESS (2)(3) Total Debt Net Debt (1) $160 $140 $120 $100 $80 $60 $40 $20 $0 '22 '25 '23 '24 '25 '22 '23 '24 '22 '23 '24 '25 ' 25 '23 '24 '22 Q4 Q3 Q4 Q2 Q2 Q3 Q4 Q1 Q1 Q2 Q2 Q3 Q4 Q3 Q1 Q1 (1) Amounts in millions (2) Net of deferred financing costs (3) Total debt does not include a p
Slide 8: Guidance for First Quarter 2026
GUIDANCE FOR FIRST QUARTER 2026 Measure Expected Range DMC Consolidated Sales $132M - $138M Adjusted EBITDA attributable to DMC $2M - $4M Note: DMC’s guidance is heavily influenced by macroeconomic concerns, volatility and visibility issues created by current tariff policies and the current level of
Slide 9: Net Debt and Free-Cash Flow
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS – NET DEBT AND FREE-CASH FLOW ($000’s) Q4 2025 Long-term debt $47,206 Current portion of long-term debt 3,438 Less: Cash and cash equivalents (31,898) Total net debt $18,746 Net cash provided by operating activities $15,194 Less: Acquisition of prop
Slide 10: Consolidated Adjusted EBITDA
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS – CONSOLIDATED ADJUSTED EBITDA ($000’s) Q4 2025 Q3 2025 Q4 2024 Net loss (11,859) (2,070) (1,156) Interest expense, net 1,351 1,632 1,918 Income tax (benefit) provision (800) 714 (1,313) Depreciation 3,804 3,733 3,597 Amortization of purchased intan
Slide 11: Arcadia Adjusted EBITDA
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS – ARCADIA ADJUSTED EBITDA ($000’s) Q4 2025 Q3 2025 Q4 2024 Operating (loss) income, as reported (1,891) 2,585 (3,645) Adjustments Depreciation 1,017 1,020 1,004 Amortization of purchased intangible assets 4,763 4,764 5,278 Stock-based compensation 1
Slide 12: DynaEnergetics Adjusted EBITDA
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS – DYNAENERGETICS ADJUSTED EBITDA ($000’s) Q4 2025 Q3 2025 Q4 2024 Operating (loss) income, as reported (4,626) 2,989 3,322 Adjustments Depreciation 1,886 1,821 1,716 Restructuring expenses and asset impairments - 57 60 Adjusted EBITDA (2,740) 4,867
Slide 13: NobelClad Adjusted EBITDA
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS – NOBELCLAD ADJUSTED EBITDA ($000’s) Q4 2025 Q3 2025 Q4 2024 Operating income, as reported 1,279 249 5,050 Adjustments Depreciation 823 813 798 Restructuring expenses and asset impairments - 1,013 - Adjusted EBITDA 2,102 2,075 5,848 2025 Fourth Quar
Slide 14: Reconciliations of Non-GAAP Financial Measurements - Diluted EPS From Continuing Operations
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS - DILUTED EPS FROM CONTINUING OPERATIONS ($MM except per share amounts) Amount Per Share (1) Amount Per Share (2) Amount Per Share (3) Q4 2025 Q3 2025 Q4 2024 Net (loss) income attributable to $(11.2) $(0.56) $(3.1) $(0.16) $0.3 $0.02 DMC Global Inc