Slide 1: Third Quarter 2025 Business Review
Third Quarter 2025 Business Review OCTOBER 29, 2025 Exhibit 99.2
Slide 2: Forward-Looking Statements
Forward-Looking Statements The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This presentation contains forward-looking statements that involve a number of risks and uncertainties, including forward-looking statements about our future fin
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including increases or decreases in revenue excluding the effect of acquisitions and foreign currency
Slide 4: Business Review
Business Review Jeffrey L. Powell, President & CEO 4
Slide 5: Operational Highlights
Operational Highlights 5 KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 | © 2025 KADANT INC. ALL RIGHTS RESERVED. • Record aftermarket parts revenue • Capital equipment demand remained sluggish • Solid margin performance and healthy cash flow 5
Slide 6: Q3 2025 Performance
Q3 2025 Performance 6 ($ in millions, except per share amounts) Q3 25 Q3 24 Change Bookings $238.4 $240.3 -0.8% Revenue $271.6 $271.6 —% Net Income $27.7 $31.6 -12.2% Adjusted EBITDA* $58.0 $63.3 -8.3% Adjusted EBITDA Margin* 21.4 % 23.3 % -190 bps EPS $2.35 $2.68 -12.3% Adjusted EPS* $2.59 $2.84 -8
Slide 7: Flow Control
$89.0 $87.4 $100.0 $93.1 $93.8 3Q24 4Q24 1Q25 2Q25 3Q25 7 ($ in millions) Q3 25 Q3 24 Change Revenue $94.8 $97.5 -2.8 % Bookings $93.8 $89.0 +5.5 % Adjusted EBITDA* $25.7 $28.7 -10.4 % Adjusted EBITDA Margin* 27.1 % 29.4 % -230 bps HIGHLIGHTS • Stronger demand in Europe offset softness in the Americ
Slide 8: Industrial Processing
8 ($ in millions) Q3 25 Q3 24 Change Revenue $106.4 $110.7 -3.9% Bookings $85.2 $89.3 -4.7% Adjusted EBITDA* $27.0 $31.7 -14.8% Adjusted EBITDA Margin* 25.4 % 28.7% -330 bps HIGHLIGHTS • Record aftermarket parts revenue represented 76% of total revenue • Solid aftermarket parts demand could not offs
Slide 9: Material Handling
9 ($ in millions) Q3 25 Q3 24 Change Revenue $70.3 $63.4 +10.9% Bookings $59.3 $62.0 -4.3% Adjusted EBITDA* $16.4 $12.9 +26.9% Adjusted EBITDA Margin* 23.3 % 20.4% +290 bps HIGHLIGHTS • Record revenue performance led by capital shipments • Excellent commercial and operational execution • Adjusted EB
Slide 10: Business Outlook
Business Outlook • Aftermarket parts demand expected to remain healthy • Stronger capital equipment demand expected in the fourth quarter • Timing of capital orders continues to be affected by ambiguity in global trade 10 KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 | © 2025 KADANT INC. ALL RIGHTS RESERVE
Slide 11: Financial Review
Financial Review Michael J. McKenney, EVP & CFO 11
Slide 12: Q3 2025 Financial Performance
Q3 2025 Financial Performance ($ in millions, except per share amounts) Q3 25 Q3 24 Revenue $271.6 $271.6 Gross Margin 45.2% 44.7% SG&A % of Revenue 27.9% 25.4% Operating Income $42.6 $49.0 Net Income $27.7 $31.6 Adjusted EBITDA* $58.0 $63.3 EPS $2.35 $2.68 Adjusted EPS* $2.59 $2.84 Operating Cash F
Slide 13: Key Financial Metrics
Key Financial Metrics KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 | © 2025 KADANT INC. ALL RIGHTS RESERVED. 13 $52.5 $51.9 $22.8 $40.5 $47.3 $48.3 $46.3 $19.0 $36.5 $44.1 FREE CASH FLOW* OPERATING CASH FLOW 3Q24 4Q24 1Q25 2Q25 3Q25 $63.3 $52.4 $47.9 $52.4 $58.0 $31.6 $24.0 $24.1 $26.2 $27.7 23.3% 20.3% 2
Slide 14: Q3 to Q3 Adjusted EPS Bridge
2Q21 ADJ EPS* 2Q22 ADJ EPS* KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 | © 2025 KADANT INC. ALL RIGHTS RESERVED. Q3 24 to Q3 25 Adjusted EPS* 14 $2.84 $(0.32) $(0.17) $(0.05) $(0.01) $0.15 $0.10 $0.05 $2.59 Q3 24 ADJ EPS* OPERATING EXPENSES REVENUE TAX PROVISION NONCONTROLLING INTERESTS INTEREST EXPENSE
Slide 15: Key Liquidity Metrics
Key Liquidity Metrics KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 | © 2025 KADANT INC. ALL RIGHTS RESERVED. 15 ($ in millions) Q3 25 Q2 25 Q3 24 Cash, cash equivalents, and restricted cash $126.9 $97.2 $89.7 Debt $256.0 $247.2 $324.5 Lease obligations $2.0 $1.7 $1.9 Net Debt $131.1 $151.7 $236.7 Leverage
Slide 16: Guidance
Guidance KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 | © 2025 KADANT INC. ALL RIGHTS RESERVED. 16 • FY 2025 revenue of $1.036 to $1.046 billion, revised from $1.020 to $1.040 billion • FY 2025 GAAP EPS of $8.52 to $8.72, revised from $8.89 to $9.09 • FY 2025 adjusted EPS* of $9.05 to $9.25 • Q4 2025 reve
Slide 17: Questions & Answers
Questions & Answers To participate in the live Q&A session, please go to investor.kadant.com and click on the Q&A session link to receive a dial-in number and unique PIN. Please mute the audio on your computer. 17
Slide 18: 2025 Key Priorities
2025 Key Priorities 18 ENABLE SUSTAINABLE INDUSTRIAL PROCESSING® DELIVER EXCEPTIONAL STAKEHOLDER VALUE PROVIDE STRONG CASH FLOW CAPITALIZE ON NEW OPPORTUNITIES KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 | © 2025 KADANT INC. ALL RIGHTS RESERVED.
Slide 19: Investor Relations Contact
Investor Relations Contact Michael McKenney, 978-776-2000 IR@kadant.com Media Relations Contact Wes Martz, 978-776-2000 media@kadant.com 19
Slide 20: Third Quarter 2025 Business Review Appendix
Third Quarter 2025 Business Review 20 Appendix October 29, 2025
Slide 21: Revenue by Customer Location
Revenue by Customer Location ($ in thousands) Q3 25 Q3 24 Change Change Excluding Acquisition and FX* North America $165,708 $172,186 $(6,478) $(6,288) Europe 65,869 57,309 8,560 148 Asia 23,893 26,724 (2,831) (4,214) Rest of World 16,097 15,395 702 201 Total $271,567 $271,614 $(47) $(10,153) KAI 3Q
Slide 22: Adjusted EPS and Free Cash Flow Reconciliation
Adjusted EPS* Reconciliation Q3 25 Q3 24 EPS, as Reported $2.35 $2.68 Adjustments, Net of Tax Acquisition Costs 0.18 0.03 Acquired Profit in Inventory and Backlog Amortization 0.04 0.12 Other Costs 0.02 — Adjusted EPS* $2.59 $2.84 KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 | © 2025 KADANT INC. ALL RIGHT
Slide 23: Adjusted EBITDA Reconciliation
Adjusted EBITDA* Reconciliation ($ in thousands) Q3 25 Q3 24 Net Income Attributable to Kadant $27,722 $31,586 Net Income Attributable to Noncontrolling Interests 393 312 Provision for Income Taxes 11,766 11,964 Interest Expense, Net 2,716 5,109 Other Expense, Net 19 16 Acquisition Costs 2,253 469 A
Slide 24: Notes
Notes PRESENTATION NOTES • All references to EPS (earnings per share) are to our EPS as calculated on a diluted basis. • Percent change in slides 6-9 is calculated using actual numbers reported in our press release dated October 28, 2025. FOOTNOTES 1) Leverage ratio is calculated by dividing total d