Thermon Group Holdings, Inc. · NYSE:THR
Thermon — Merger or Acquisition (February 2026)
16 slides from Thermon's merger presentation, Feb 26, 2026
Slide 1: 2026 Global Townhall Meeting
February 26, 2026 2026 Global Townhall Meeting
Slide 2: Legal Disclosures: Forward-Looking Statements
L E G A L D I S C L O S U R E S 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, included in this presentation that
Slide 3: Legal Disclosures: No Offer or Solicitation
L E G A L D I S C L O S U R E S 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 vote or approval, nor shall th
Slide 4: $1B in Bookings: Another Incredible Year for CECO Environmental
$1B in Bookings 4 Another Incredible Year for CECO Environmental Incredible Achievements Stock Doubled in 2025 … Up 800% Since 2020 CECO Headcount Now > 1,600 New $700M+ Credit Facility New Locations … Visible Leadership External Recognition
Slide 5: CECO: A Proven Acquirer with Programmatic M&A Track Record
+102% | +154% Orders and Backlog Growth +83% Revenue Growth +490bps Gross Profit Margin Expansion +115% Adj EBITDA Growth Companies and brands that have become part of CECO since 2022. Each one an integral part of CECO’s focus on protecting people, the environment and industrial equipment. CECO’s Pr
Slide 6: Creating a Global Industrial Leader in Environmental and Thermal Solutions
Protecting people, the environment, and industrial equipment — built for scale, positioned for growth, engineered for resilience. Creating a Global Industrial Leader in Delivering Mission-Critical Environmental and Thermal Solutions C E C O E N V I R O N M E N T A L + T H E R M O N G R O U P 6
Slide 7: A Shared Vision for the Future – Stronger Together
L E A D E R S H I P C O N V I C T I O N A Shared Vision for the Future – Stronger Together Engineered for sustained growth, premier performance, and enduring value creation. “Thermon adds highly complementary heating and thermal capabilities supported by attractive secular growth drivers, along with
Slide 8: CECO & Thermon Combination: Key Terms & Financial Impact
C E C O & T H E R M O N C O M B I N A T I O N : P R O F O R M A Key Terms & Financial Impact ~$40M+ Cost Synergies by Year 3 Transaction Value ~$2.2B Consideration $10.00 cash + 0.6840 CECO shares All-cash and all-stock subject to proration Implied Multiple ~17.0x Adj. EBITDA Implied Multiple Incl.
Slide 9: Thermon at a Glance
B U S I N E S S P R O F I L E Thermon at a Glance Global leader and end-to-end solution provider of process heat, temperature management, and asset protection with strong aftermarket presence. Revenue by Geography Americas ~ 80% EMEA ~ 13% APAC ~ 7% Revenue by Type OPEX / Small Project, Product 1 ~
Slide 10: Sustainable Competitive Advantages
SUSTAINABLE COMPETITIVE ADVANTAGES Forced Air Heaters Moving Rail Heating Railway Switch Heaters Electric Heating Tubing Bundles Steam of Fluid Heated Tubing Bundles Preinsulated Tubing Bundles GenesisTM Network CompuTrace VisiTrace 3D Full Range of Heating Technologies and Solutions and Sustainable
Slide 11: Combination Framing
C O M B I N A T I O N F R A M I N G Built for scale. Positioned for growth. Engineered for resilience. Niche Leadership Creates a leading portfolio of niche industrial system, product and service solutions for global industrial and power end markets with strong primary sales presence and deep custom
Slide 12: Combination Rationale
C O M B I N A T I O N R A T I O N A L E Strategic Edge Complementary businesses delivering engineered solutions where performance, reliability, and safety are essential. Secular Tailwind Alignment1 Aligned to secular growth tailwinds across energy transition, power generation, industrial reshoring,
Slide 13: "New CECO": Compelling Financials & Actionable Synergies
2 0 2 6 C O M B I N E D : P R O F O R M A “New CECO”: Compelling Financials & Actionable Synergies ~$1,520M CY26E Revenue ~39% Gross Profit Margin $296M CY26E Adj. EBITDA ~19.5%1 EBITDA Margin C O S T S Y N E R G I E S ~$40M+ Cost Synergies Fully Realized by Year 3 SG&A / Corporate ✓ Eliminate redun
Slide 14: The Combined Footprint
T H E C O M B N E D F O O T P R I N T Scale + Reach = Global Presence Combined operations spanning multiple continents, with manufacturing, engineering, and service capabilities across every major industrial region. Americas (ex-Canada) ~62% of combined revenue Texas + Florida + Utah + Tennessee + M
Slide 15: Revenue Model Engineered for Predictability & Resilience
The combination will rebalance the business mix from 50% long-cycle to 30% and increases short-cycle exposure to 45% — accelerating cash conversion and underpinning premium valuation through more predictable revenue streams. C E C O Revenue Model Engineered for Predictability & Resilience Protecting
Slide 16: We Are Stronger Together
We Are Stronger Together Creating a premier leader in mission-critical engineered solutions — protecting people, the environment, and industrial equipment while delivering superior value to all stakeholders. Growth Platform & Culture Resilient Financial Profile Powerful Value Creation 16
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