Ceco Environmental Corp. · NASDAQ:CECO
Ceco Environmental — Q2 2026 Earnings Presentation
23 slides from Ceco Environmental's earnings presentation, Aug 10, 2026
Slide 1: Q2 2026 Earnings Call
Q2 2026 Earnings Call August 10, 2026
Slide 2: Legal Disclosures
CECO ENVIRONMENTAL Q2 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: CECO Environmental Q2 2026 Summary
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL % = Year over Year performance CECO Environmental Q2 2026 Summary * Markets & Backlog Q2 2026 KEY FINANCIAL METRICS • Sales Pipeline > $8.5B Reflects Ongoing Strong Market Opportunities • Record Backlog = Secured by PO + Higher Margin + Associated with Active
Slide 4: Driving Sustainable, High-Performance Growth
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL Driving Sustainable, High-Performance Growth Building an $8B+ sales pipeline has driven 5 straight years of record Record Backlog ~ $1.8B = Solid + High Visibility to Rev & Margins orders growth -- enabling consistent double-digit sales growth ~ $8.5B $1.8B+
Slide 5: Thermon Integration Update
Thermon Integration Update 5
Slide 6: Cost Synergies Ahead of Plan
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL Cost Synergies Ahead of Plan Captured $13M of annualized cost savings representing 1/3 of total target. Expect to deliver on ~50% of savings by Year-1. Confident in our ability to deliver greater than $40M in EBITDA synergies. Net Adjusted EBITDA Savings Targ
Slide 7: Commercial Synergies: Building a Pipeline to Add 1 to 2 Percentage Points Organic Growth
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL Commercial Synergies: Building a Pipeline to Add 1 to 2 Percentage Points Organic Growth Leveraging Strengths and Leadership Positions of Each Delivering Early Wins & Opportunities ✓ $500K+ Thermon Content Added to CECO PowerGen Projects • Leading Thermal Sol
Slide 8: Q2 2026 Financial Results Summary
Q2 2026 Financial Results Summary 8
Slide 9: Q2 2026 and Trailing Twelve-Month Financial Performance
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL Q2 2026 and Trailing Twelve-Month Financial Performance As reported = CECO standalone with Thermon June performance KEY HIGHLIGHTS Q2 ‘26 YoY Q2 TTM YoY Backlog $1,819M +164% $1,819M +164% • Orders: Power Gen with significant project bookings in 1H 2026; Indu
Slide 10: Adjusted EBITDA Trend
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL ($MM) Adjusted EBITDA Trend TTM = Trailing 12 Month As reported = CECO standalone with Thermon June performance As Reported financials. Full Year / TTM Performance Quarter Performance $113 $40.2 $90 $29.8 $58 $63 $23.3 $23.2 $20.3 $42 2022 2023 2024 2025 Q2'2
Slide 11: Backlog Expansion Supports Future Revenue Growth
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL Backlog Expansion Supports Future Revenue Growth ($MM) B2B = Book to Bill * Starting Backlog – Revenue + Net Orders +/- FX + Acquired Backlog = Ending Backlog 1,8 80 1,8 40 1,8 00 ~8.5x $1,819 880 840 1,7 60 1,7 20 800 1,6 80 1,6 40 $799 760 1,6 00 1,5 60 Bac
Slide 12: Q2 2026 Adjusted Free Cash Flow and Indebtedness Update
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL Q2 2026 Adjusted*Free Cash Flow and Indebtedness Update ($MM) ADJUSTED FREE CASH FLOW GROSS DEBT POSITION 1) Q2’25 YTD Q2’26 YTD YoY Dec 31, 2025 $208.6 Cash Used / (Generated) from Ops $(37.5) GAAP Net Income (incl. NCI) $46.5 $(34.8) $(81.2) M&A + CapEx Inv
Slide 13: 2026 Outlook and Wrap-Up
2026 Outlook and Wrap-Up 13
Slide 14: Raising Full-Year 2026 Outlook
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL Values in $ millions Raising Full-Year 2026 Outlook [April] Outlook New Outlook 1 (Standalone CECO) FY 2026 Commentary • Expecting Well-Over $2B Orders/B-2-B > $1.5B • Market momentum continues $2B+ (book to bill) Off to Great Start • Opportunity pipeline con
Slide 15: Q2 2026 Summary
Protecting People, the Environment, and Q2 2026 Summary Industrial Equipment Well-Positioned in Very Strong Q2 Performance Increased Full Year 2026 Strong Markets Outlook Opportunity Pipeline of $8.5B grew in all key end +164% Backlog, +191% Orders, +54% Revenue Orders > $2B+ driven by strong end ma
Slide 16: Appendix
Appendix 16
Slide 17: Additional Items as of Q2 2026
APPENDIX ($MM) Additional Items as of Q2 2026 Item Q2’26 Commentary Shares issued for Thermon transaction, Increased stock grants, Shares outstanding 58.6 million PRSU multiplier Cash balance $61.1 Cash utilized for debt repayment and working capital Combined revolver and Term Loan balances; Focus o
Slide 18: Thermon Proforma financials for 2024 and 2025
APPENDIX ($MM) Thermon Proforma financials for 2024 and 2025 2024 FY Proforma - Calendar Year 2025 FY Proforma - Calendar Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year YoY Orders $117 $127 $131 $139 $514 $139 $121 $131 $158 $549 7% B-t-B 0.92 1.10 1.14 1.03 1.04 1.04 1.11 0.99 1.07 1.05 Revenue $
Slide 19: Revenue Excluding Acquisitions. Revenue by Segment.
APPENDIX Revenue Excluding Acquisitions. Revenue by Segment. (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 YTD 2024 2025 2025 2025 2025 2025 2026 2026 2026 TTM Revenue as reported in accordance with GAAP $ 558.0 $ 176.7 $ 185.4 $ 197.6 $ 214.7 $ 774.4 $ 205.9 $ 285.0 $ 490.9 $ 903.2 Revenue
Slide 20: Non-GAAP Gross Profit
APPENDIX Non-GAAP Gross Profit 1) 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. 1) Purchase accounting inventory valuation adjustment, related to Thermon Group acquisition. 20
Slide 21: Non-GAAP Operating Income and Margin
APPENDIX Non-GAAP Operating Income and Margin 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. 21
Slide 22: Non-GAAP Net Income, Adjusted EBITDA, and Margin
APPENDIX Non-GAAP Net Income, Adjusted EBITDA, and Margin 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. 22
Slide 23: Free Cash Flow
APPENDIX Free Cash Flow 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. * Other Adjustment: excluding tax payments related to tax gain on the divestiture of GPS business in Q1 2025. It also