Slide 1: VSE Investor Presentation
VSE Investor Presentation March 2026 vsecorp.com
Slide 2: Forward-Looking Statements
Introduction Forward-Looking Statements This presentation contains statements that, to the extent they are not recitations of historical fact, constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E o
Slide 3: VSE at a Glance
VSE Aviation VSE at a Glance Pure-play independent Aerospace service provider with strong organic & inorganic growth opportunities Global provider of aftermarket distribution, maintenance, repair, and overhaul (“MRO”), and manufacturing services 43+ Years 100% as a Public/ NASDAQ Aerospace ~1,600 Pa
Slide 4: VSE Transformation Summary
VSE Transformation Summary VSE repositioned as pure-play provider of aviation aftermarket parts and services Key Completed Strategic Actions Strong Financial Performance Divested Aviation Segment Revenue ($M) ▪ Federal & Defense (2024) Non-Core ▪ Fleet (2025) Segments (2) $1,112 ▪ Eight aviation acq
Slide 5: Who is VSE Today
Who is VSE Today Leading global provider of Aviation distribution and repair services for the commercial and business & general aviation aftermarkets Business Mix(1) 31 7 Commercial Distribution Engine ~54% ~59% ~59% Locations Countries ~1,600 Market Capability Platform Employees Segment Type 20 11
Slide 6: Unique Fully Integrated Aftermarket Solutions Provider
Unique Solutions Unique Fully Integrated Aftermarket Solutions Provider Combining Distribution Technical Sales and MRO Repair Capabilities Distribution MRO Services Unique Solutions New Parts Manufacturing USM/Rotables Repair Pg.6 vsecorp.com vsecorp.com Pg.6
Slide 7: Recent Developments – PAG Acquisition
Recent Developments Recent Developments – PAG Acquisition ▪ VSE enters into a definitive agreement to acquire Precision Aviation Group (“PAG”), a leading provider of aviation maintenance, repair and overhaul (“MRO”) services, distribution, and supply chain solutions serving commercial, business and
Slide 8: Who is PAG Today
Who is PAG Today Leading global provider of aviation aftermarket MRO services, distribution, and supply chain solutions Business Mix(1) 29 6 Military & Other ~13% Business & General Non-Engine Locations Countries Aviation(2) ~67% ~1,000 Market ~58% Platform Employees Segment Type 175,000+ 10,000+ En
Slide 9: Strategic Rationale
Strategic Rationale 1 Highly Diversified Aviation Aftermarket Platform 2 Differentiated, High-Margin Business Diversified Across Four Complementary Business Units Component Proprietary >20% Adj. EBITDA(3) margins Engine Services Avionics Services Durable, ▪ Services Solutions Best-in-Class ▪ Durable
Slide 10: Who are VSE and PAG Together
Who are VSE and PAG Together Scaled, differentiated, and higher-margin aviation aftermarket platform Business Mix(4) 60 8 Military & Other MRO Non-Engine Business & General Locations Countries ~2,600 Aviation(5) Market Platform Capability 11 / 47 Employees >20% Segment Distribution Type Distribution
Slide 11: VSE + PAG
PAG Overview & Acquisition Highlights VSE + PAG Creating an integrated aviation aftermarket platform with highly diversified capabilities and proprietary solutions Parts MRO and Exchange Services Proprietary Solutions Commercial OEM Solutions Distribution Engine Wheel & Brake Component Repair (New P
Slide 12: Consolidated FY 2025 Financial Performance Highlights
Consolidated Results Consolidated FY 2025 Financial Performance Highlights Revenue of $1.1 billion increased 41% from FY’24 to FY’25 driven by FY’25 strong growth in aviation distribution and MRO businesses, and contributions from recent acquisitions $1.1B Adjusted EBITDA(1) of $183 million or 16.4%
Slide 13: Consolidated Q4 and Full Year 2025 Results
Consolidated Results Consolidated Q4 and Full Year 2025 Results Year-Over-Year Performance Revenue Operating Income(2) $1.1B $90M $786M Revenue Growth $59M $301M 4Q’25 FY’25 $227M $20M $32M +32% +41% 4Q’24 4Q’25 FY’24 FY’25 4Q’24 4Q’25 FY’24 FY’25 Adj. EBITDA Growth(1) 4Q’25 FY’25 Adjusted EBITDA(1)
Slide 14: Aviation Segment Fourth Quarter 2025 Results
Aviation Segment Results Aviation Segment Fourth Quarter 2025 Results Year-Over-Year Performance Revenue Revenue by Sales Channel Distribution MRO $301M $227M +37% +24% Revenue Growth $194M $141M $107M 4Q’25 FY’25 $86M +32% +41% 4Q’24 4Q’25 4Q’24 4Q’25 4Q’24 4Q’25 Operating Income Profitability 4Q’2
Slide 15: Balance Sheet Review as of December 31, 2025
Balance Sheet Balance Sheet Review as of December 31, 2025 Free Cash Flow of $31 million in 4Q’25 Adjusted Net Leverage(1) supported by strong profitability and solid working capital management. FY 2025 Free cash flow was $6 million Net Debt outstanding was $223 million Cash and Revolver availabilit
Slide 16: 2026 Guidance: Accelerating Revenue and Expanding Margins
FY 2026 Guidance 2026 Guidance: Accelerating Revenue and Expanding Margins Revenue Consolidated Adjusted EBITDA % +19-23% 16.8-17.3% HSD/LDD% 0-50 bps 16.4% ~40 bps ~$1.1B 11%-13% 2025 Full Year M&A VSE Organic 2026 2025 M&A Margin VSE Organic 2026 Contribution Growth Accretion Growth ▪ Aero 3 and T
Slide 17: 2026 Priorities
2026 Priorities 2026 Priorities 1 Execute acquisition integrations and accelerate synergy realization Implement newly awarded distribution and OEM solutions programs across 2 core platforms 3 Expand MRO capacity to capture incremental growth opportunities 4 Advance and convert the organic growth pip
Slide 18: Growth Opportunities
Growth Opportunities Growth Opportunities Multiple Pillars for Organic and Inorganic Growth Supporting Sustainable Expansion Distribution MRO International Total M&A M&A Expansion Product Line Management Pg.18 vsecorp.com
Slide 19: Investment Highlights
Investment Highlights Investment Highlights 1 Attractive and Expanding Aviation Aftermarket 4 Customer-Centric Culture with Deep Technical Expertise Large, resilient end-markets with long-term growth Strong product line leadership and service-driven culture and share gain potential across all aviati
Slide 20: Appendix
Appendix vsecorp.com
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with generally accepted accounting principles (“GAAP”), this presentation also contains non-GAAP financial measures. These measures provide useful information to investors. The Company consider VSE Adjusted EBIT
Slide 22: 2026 Guidance Modeling Items
FY 2026 Guidance 2026 Guidance Modeling Items Additional FY’26 Modeling Items Interest Expense ~$20 million Depreciation & Amortization ~$52-54 million Tax Rate ~25% Stock-based Compensation ~$15-16 million Capital Expenditures as a percentage of sales ~2% Pg.22 vsecorp.com
Slide 23: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations EBITDA and Adjusted EBITDA ($ in thousands, except per share data) Three months ended December 31, Years ended December 31, 2025 2024 % Change 2025 2024 % Change Net income from continuing operations $ 22,296 $ 10,406 114.3% $ 53,493 $ 19,402 175.7% Interest
Slide 24: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations Adjusted Net Income and Adjusted EPS (Diluted) Three months ended December 31, Years ended December 31, ($ in thousands, except per share data) 2025 2024 % Change 2025 2024 % Change Net Income from continuing operations $ 22,296 $ 10,406 114.3% $ 53,493 $ 19
Slide 25: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations Segment EBITDA and Adjusted EBITDA Three months ended December 31, Years ended December 31, ($ in thousands) 2025 2024 % Change 2025 2024 % Change Aviation Operating income $ 43,500 $ 29,173 49.1% $ 148,336 $ 101,387 46.3% Depreciation and amortization 10,18
Slide 26: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations Segment EBITDA and Adjusted EBITDA Three months ended December 31, Years ended December 31, ($ in thousands) 2025 2024 % Change 2025 2024 % Change Corporate Unallocated corporate costs $ 11,009 $ 8,734 26.0% $ 58,741 $ 42,631 37.8% Depreciation and amortizat
Slide 27: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations Balance Sheet Reconciliation of Operating Cash Flow to Free Cash Flows ($ in thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net cash provided by (used in) operating activities $ 37,642 $ 24,089 $ 11,891 $ (46,6