Cadre Holdings, Inc. · NYSE:CDRE
Cadre — Q4 2025 Earnings Presentation
25 slides from Cadre's earnings presentation, Mar 10, 2026
Slide 1: Fourth Quarter 2025
FOURTH QUARTER 2025 March 11, 2025
Slide 2: Forward-Looking Statements
2 FORWARD-LOOKING STATEMENTS Please note that in this presentation we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Priva
Slide 3: Today's Presenters
TODAY’S PRESENTERS 3 WARREN KANDERS CEO and Chairman of the Board BRAD WILLIAMS President BLAINE BROWERS Chief Financial Officer
Slide 4: Agenda
4 AGENDA • Q4 and FY Highlights • Business Overview • M&A Execution • Financial Summary • Full Year Outlook • Conclusion and Q&A
Slide 5: Continued Execution in Q4 and YTD
5 CONTINUED EXECUTION IN Q4 AND YTD Pricing Growth: Exceeded target Q4 Mix: Favorable mix driven by higher duty gear volumes and lower Distribution volume Orders Backlog: Q4 backlog increased $61M y/y primarily due to Carr’s acquisition and Blast Sensor contract M&A Execution: Completed acquisition
Slide 6: Long-Term Industry Tailwinds Supporting Sustainable Growth Opportunity
6 LONG-TERM INDUSTRY TAILWINDS SUPPORTING SUSTAINABLE GROWTH OPPORTUNITY Commercial nuclear energy renaissance Ongoing and expanding national defense initiatives Environmental management to address nuclear clean up Catalysts drive steady, recurring demand Resilient and growing spend worldwide Rising
Slide 7: Latest Market Trends: Core L.E.
7 LATEST MARKET TRENDS: CORE L.E. Current administration has demonstrated commitment to prioritizing public safety with significant investments in federal agencies Environments within conflict zones have not changed at this point to allow for unexploded ordnance cleanup While overall consumer demand
Slide 8: Latest Market Trends: Nuclear
8 LATEST MARKET TRENDS: NUCLEAR Suspension of plutonium downblending program represents near-term headwind, but billions still committed annually to support mission-critical/mandated initiatives Geopolitical uncertainties driving weapons modernization and production “Follow the fuel” strategy contin
Slide 9: M&A Momentum
9 • Including TYR Tactical, completed six acquisitions in line with disciplined and patient approach • Highly selective key criteria consistently met, focused on strong margins, leading and defensible market positions, recurring revenues and cash flows • Actively evaluating robust funnel of opportun
Slide 10: Disciplined M&A Strategy
10 DISCIPLINED M&A STRATEGY Business Financial Market Leading market position Cost structure where material > labor High cost of substitution Leading and defensible technology Mission-critical to customer Strong brand recognition Recurring revenue profile Asset-light Attractive ROIC Niche market No
Slide 11: Acquisition Overview
11 ACQUISITION OVERVIEW World-class engineering capabilities and global reach that will enable Cadre to unlock new growth opportunities in high-value end markets Highlights & Strategic Rationale • A leading manufacturer of mission-critical personal protective equipment and tactical gear for military
Slide 12: Revenue by Customer Category
12 REVENUE BY CUSTOMER CATEGORY • TYR serves worldwide customer base, including top-tier special ops units, government agencies and militaries • Long-tenured, high-touch relationships with contracting officers and end customers, supported by strategic facility locations globally International US LE
Slide 13: Q4 Financial Results
13 Q4 FINANCIAL RESULTS
Slide 14: Fourth Quarter and Full Year 2025 Highlights
14 • Increased FY net sales, net income and adj. EBITDA y/y • Generated record FY adj. EBITDA for 3rd consecutive year • FY gross margin improved 140 basis points y/y FOURTH QUARTER AND FULL YEAR 2025 HIGHLIGHTS Q4 2025 Q4 2024 FY 2025 FY 2024 NET SALES $167.2M $176.0M $610.3M $567.6M GROSS MARGIN 4
Slide 15: Net Sales and Adjusted EBITDA
15 2023 2024 2025 2026 $482.5 $85.8 2023 2024 2025 2026 $610.3 $567.6 NET SALES AND ADJUSTED EBITDA NET SALES ($MM) ADJ. EBITDA1 ($MM) FY 2026 Guidance Range $736M to $758M FY 2026 Guidance Range $136M to $141M % CAGR 15.7% % Y/Y GROWTH 22.4% at guidance midpoint % CAGR 17.3% % Y/Y GROWTH 24.0% at g
Slide 16: Q4 2025 Capital Structure
16 Q4 2025 CAPITAL STRUCTURE December 31, 2025 (in thousands) Cash and cash equivalents $ 122,898 Debt: Revolver $ — Current portion of long-term debt 16,266 Long-term debt 292,829 Capitalized discount/issuance costs (1,842) Total debt, net $ 307,253 Net debt (Total debt net of cash) $ 184,355 Total
Slide 17: FY 2026 Guidance
17 FY 2026 GUIDANCE NET SALES $736M to $758M ADJ. EBITDA1 $136M to $141M CAPITAL EXPENDITURES $10M to $14M 2026 MANAGEMENT OUTLOOK Attractive end markets and consistent execution driving growth 1A non-GAAP financial measure. See slide 24 for definitions and reconciliations to the nearest GAAP measur
Slide 18: Conclusion
18 CONCLUSION Execution in line with strategic objectives Ongoing implementation of Cadre operating model Committed to improving gross and Adj. EBITDA margins Capitalizing on strong macro tailwinds driving demand and visibility for Cadre's mission-critical products Executing on M&A pipeline, buildin
Slide 19: Appendix
19 APPENDIX
Slide 20: Balance Sheet
20 BALANCE SHEET UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) December 31, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 122,898 $ 124,933 Restricted cash 2,429 — Accounts receivable, net 110,607 93,523 Inventories 100,263 82,351 Prepaid expenses 14,574 19,
Slide 21: Statement of Operations
21 UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) Three Months Ended December 31, Year Ended December 31 2025 2024 2025 2024 Net sales $ 167,224 $ 175,984 $ 610,308 $ 567,561 Cost of goods sold 94,601 98,797 350,680 334,080 Gross profit 72,623 77,187 259,628 233,481 Operating expenses
Slide 22: Cash Flows From Operating Activities
22 UNAUDITED (IN THOUSANDS) Year Ended December 31, 2025 2024 Cash Flows From Operating Activities: Net income $ 44,139 $ 36,133 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 18,633 16,420 Amortization of original issue discount and d
Slide 23: Cash Flows From Financing Activities
23 UNAUDITED (IN THOUSANDS) Year Ended December 31 2025 2024 Cash Flows From Financing Activities: Proceeds from revolving credit facilities — 5,500 Principal payments on revolving credit facilities — (5,500) Proceeds from term loans 97,500 129,422 Principal payments on term loans (13,823) (43,334)
Slide 24: Adjusted EBITDA Reconciliation Notes
24 1. Reflects the “Restructuring and transaction costs” line item on our consolidated statements of operations and comprehensive income, which primarily includes transaction costs composed of legal and consulting fees. In addition, this line item reflects a $1.0 million fee paid to Kanders & Compan
Slide 25: Non-GAAP Financial Measures
25 The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). The press release contains the non-GAAP measures: (i) earnings before interest, taxes, other income or expense, depreciation and amortization (“EBITDA”), (ii) Adjusted EBITDA and (