Ceco Environmental Corp. · NASDAQ:CECO
Ceco Environmental — Q1 2026 Earnings Presentation
21 slides from Ceco Environmental's earnings presentation, Apr 28, 2026
Slide 1: Q1 2026 Earnings Release
Q1 2026 Earnings Release April 28, 2026
Slide 2: Legal Disclosures: Forward-Looking Statements
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL 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, include
Slide 3: Legal Disclosures: No Offer or Solicitation
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL 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 vot
Slide 4: 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 5: 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 $449M Bookings, +97% • Strong Power Gen Market Orders Continue
Slide 6: Record Bookings Underpin Accelerating Growth Outlook
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL ($MM) Record Bookings Underpin Accelerating Growth Outlook Tracking Toward $449 New Record in Q2 April 2026 +97% YoY ~$460M $228 $274 +95% YoY +57% YoY Q1 2025 Q1 2026 Q2 2025 Q2 2026 • Power Generation Orders Accelerating • Q2’26 Booked Largest Ever Order (A
Slide 7: Raising Full Year 2026 Outlook (CECO Standalone)
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL ($MM) Raising Full Year 2026 Outlook (CECO Standalone) Initial Guidance Raised in Feb New Outlook Oct’25 (Standalone CECO) (Standalone CECO) KEY DRIVERS • Record Pipeline of Opportunities of ~ $7B Orders/B-2-B > 1.1x > $1.5B > $1.5B • Q1 ~ $450M and Q2 Off to
Slide 8: Q1 2026 Financial Results Summary
Q1 2026 Financial Results Summary 8
Slide 9: 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 >$300M • Orders: Power Gen with significant project booki
Slide 10: Record Backlog Trend Continues
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL ($MM) B2B = Book to Bill Record Backlog Trend Continues * 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 00 960 480 920 880 840 $793 440 800 $688 $720 400 $329
Slide 11: Adj. EBITDA Trend
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL ($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 12: 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 13: Wrap Up
Wrap Up 13
Slide 14: CECO + Thermon: A Powerful Combination
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL CECO + Thermon: A Powerful Combination Financial: Scale & Strong Growth Profile Combined: More Sustainable High-Growth Portfolio Strong ― Secular Tailwinds Benefit Both Companies Growth o Power Gen, Electrification, Data Centers / AI, Ind’l Reshoring & Infras
Slide 15: Q1 2026 Summary
Protecting People, the Environment, and Q1 2026 Summary Industrial Equipment Well-Positioned in Very Strong Q1 Performance Increased Full Year 2026 Strong Markets Outlook (Updating After Thermon Close) Sales Pipeline of $7B grew in all key markets +72% Backlog, +97% Orders, +17% Revenue Orders >$ 1.
Slide 16: Appendix
Appendix 16
Slide 17: 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 18: 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 19: 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 20: 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)
Slide 21: Additional Items as of March 31, 2026
APPENDIX ($MM) Additional Items as of March 31, 2026 Item Q1’26 Q1’25 Commentary Share count (mio), diluted 38.6 36.7 Increased stock grants, PRSU multiplier Cash balance $46 $147 Cash utilized for debt repayment and working capital Total borrowings $252 $337 Focus on debt repayment to meet 2.0-2.2x