Thermon Group Holdings, Inc. · NYSE:THR
Thermon — Merger or Acquisition (February 2026)
30 slides from Thermon's merger presentation, Feb 24, 2026
Slide 1: Q4 2025 Earnings Release and CECO Environmental Combination with Thermon Group
February 24, 2026 Q4 2025 Earnings Release and CECO Environmental Combination with Thermon Group
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: Q4 Earnings & Transaction Summary
Q4 Earnings & Transaction Summary CECO Market and Business Momentum Continues. Combination with Thermon Creates Substantial Value C E C O S T A N D A L O N E E A R N I N G S C A L L Announcing the strategic combination of CECO Environmental and Thermon Group, Creating a Global Industrial Leader in D
Slide 5: Q4 & FY 2025 Earnings and FY 2026 Outlook
Q4 & FY 2025 EARNINGS and FY 2026 OUTLOOK 5
Slide 6: Executive Summary
Executive Summary Finished 2025 Strong with Record Revenue, EBITDA and Backlog ... Raising 2026 Full Year Outlook 2 0 2 5 F I N A N C I A L R E S U L T S Q4 2025 = ANOTHER RECORD QUARTER +47% Backlog +50% Orders +35% Revenue +57% Adj EBITDA 13.9% Adj EBITDA margin up 180+ bps FULL YEAR 2025 = STRONG
Slide 7: Order Momentum Continues
Order Momentum Continues 2 0 2 5 F I N A N C I A L R E S U L T S $228 $274 $233 $329 Q1'25 Q2'25 Q3'25 Q4'25 $270 Q1'26 QTD Q1 '26 Outlook Expect New Record Energy Transition Industrial Air Industrial Water • QTD momentum in Power Gen continues with orders >$150M with more expected • Natural gas inf
Slide 8: Q4 and Full Year 2025 Financial Performance
Q4 and Full Year 2025 Financial Performance Q4’25 YoY FY YoY Backlog $793M 47% $793M 47% Orders Book to Bill $329M 1.53x 50% $1,064M 1.37x 59% Revenue $215M 35% $774M 39% Gross Profit Margin % $75.4M 35.1% 33% (65bps) $269M 34.8% 37% (39bps) Adj. EBITDA Margin % $29.8M 13.9% 57% +183bps $90.3M 11.7%
Slide 9: Sustaining Strong Gross Margin Levels
Sustaining Strong Gross Margin Levels TTM basis (TTM GP/TTM Revenue) Continuing Progress on Productivity, Price/Mix, and Project Execution 2 0 2 5 F I N A N C I A L R E S U L T S $128 $171 $181 $191 $193 $196 $213 $231 $251 30.3% 31.4% 32.4% 33.6% 34.8% 35.2% 35.0% 35.2% 35.0% 34.8% 29. 0% 31. 0% 33
Slide 10: Full Year 2025 Cash Flow and Indebtedness Update
Full Year 2025 Cash Flow and Indebtedness Update Efficiently Managing Debt and Liquidity Levels to Support Growth and Investment Needs 2 0 2 5 F I N A N C I A L R E S U L T S ($MM) YTD 2024 YTD 2025 YoY GAAP Net Income (incl. NCI) $14.4 $53.1 $38.7 D&A $14.5 $24.9 Gain on Sale -- $(63.7) Working Cap
Slide 11: Record Backlog Trend Continues
* Starting Backlog – Revenue + Net Orders +/- FX + Acquired Backlog = Ending Backlog ($MM) B2B = Book to Bill $214 $312 $371 $390 $391 $438 $541 $602 $688 $720 $793 $91 $151 $128 $145 $141 $162 $219 $228 $274 $233 $329 $94 $116 $154 $126 $138 $136 $159 $177 $185 $198 $215 0 40 80 120 160 200 240 280
Slide 12: Raising Full Year 2026 Outlook
Raising Full Year 2026 Outlook Initial Guidance Oct’25 > 1.1x > $1B 850 – 950 110 – 130 50 – 60% Raising FY Outlook (Standalone CECO) > 1.2x Off To Great Start 925 – 975 YoY +23% at midpt. 115 – 135 YoY +38% at midpt. YoY +145bps 50%+ • Record YE2025 backlog; >65% converting in ‘26 • Power and Indus
Slide 13: 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 13
Slide 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: CECO: A Proven Acquirer
+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 24: 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 24
Slide 25: Appendix
APPENDIX 25
Slide 26: Broad Range of Addressable Markets
STRATEGIC ADJACENCIES Semiconductor Mining & Minerals EV Battery Manufacturing FOOD & BEVERAGE Bulk Food Processing & Drying Dairy Processing Distilling and Brewing RENEWABLE ENERGY Nuclear Power Concentrated Solar Wind Power Hydrogen Plant Biofuels Sustainable Aviation Fuels Thermal Energy Storage
Slide 27: Revenue Excluding Acquisitions
Revenue Excluding Acquisitions APPENDIX 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. (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual 2023 2024 2024 2024 2024 2024 2025
Slide 28: Non-GAAP Operating Income and Margin
Non-GAAP Operating Income and Margin APPENDIX 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. (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual 2023 2024 2024 2024 2024 202
Slide 29: Non-GAAP Net Income, Adjusted EBITDA, and Margin
Non-GAAP Net Income, Adjusted EBITDA, and Margin APPENDIX 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. 2) 2) 3) 4) 29
Slide 30: Adjusted Free Cash Flow
Adjusted Free Cash Flow APPENDIX 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
Thermon Group Holdings — Merger or Acquisition (February 2026) on 6ix