Slide 1: Q3 2025 Earnings Release
Q3 2025 Earnings Release October 28, 2025
Slide 2: Forward-looking statements and Non-GAAP information
Forward-looking statements and Non-GAAP information This presentation contains forward-looking statements with predictions, projections and other statements about future events. These statements are made on the basis of management’s views and assumptions regarding future events and business performa
Slide 3: Q3 2025 Earnings Call Executive Summary
Q3 2025 Earnings Call Executive Summary Q3 2025 Introducing 2026 Outlook Q3 2025 = High-Performance > $1B $850 – 950M $110 – 130M • +64% Backlog, +44% Orders, +46% Revenue Orders Revenue Adj. EBITDA • +62% Adj EBITDA ✓ • Adj EBITDA margin up 120bps Record Pipeline and Record Backlog ✓ Reaffirm Full
Slide 4: Q3 2025 Results: Maintaining High-Performance
Q3 2025 Results: Maintaining High-Performance ($MM) Performance Metric Result YoY CECO Solutions In Demand for Robust Markets … • Backlog reaches another record level Backlog $720 +64% • Sales/Order Pipeline* increased to ~ $5.8B • Strong Orders up 44%… Book-to-Bill ~ 1.2x Orders $233 +44% Continued
Slide 5: Full Year 2025 Outlook Reaffirmed
Full Year 2025 Outlook Reaffirmed ($MM) FY 2024 Full Year Outlook Comments Orders Orders/B-2-B • 2025 continues multi-year streak of B2B > 1.1 ~1.2x (book to bill) >1.2x • Expect Q4 bookings to be > $250M Revenue 558 Revenue 725 – 775 • Continued momentum with record backlog • Full Year Up ~35% YoY
Slide 6: Well-Positioned For Strong Market Dynamics With Known Risks
Well-Positioned For Strong Market Dynamics With Known Risks + Power Markets: Remains in Super-cycle mode + Natural Gas / Energy Infrastructure Strong + Global Industrial Water and Wastewater = Reshoring Industrial and Global Semiconductor & Electronics = CECO Pricing and Supply Chains Steady = M&A P
Slide 7: Financial Review
Financial Review CECO 5
Slide 8: Q3 2025 and TTM Financial Performance
Q3 2025 and TTM Financial Performance TTM = Trailing 12 Month B2B = Book to Bill Q3’25 YoY Q3 TTM YoY Highlights Backlog $720M 64% $720M 64% • Record Backlog ... Broad-based end market demand • Continued Orders Momentum … up ~ $70M YoY; Strength in Power, Semicon, Water, and Natural Gas Infrastructu
Slide 9: Record Backlog Trend Continues
($MM) Record Backlog Trend Continues B2B = Book to Bill * Starting Backlog – Revenue + Net Orders +/- FX + Acquired Backlog = Ending Backlog ~3.4x $720 $688 320 740 700 $602 660 280 620 580 $541 $274 $233 240 540 500 $228 460 $438 $219 200 420 $371 $390 $391 $162 $312 $198 $141 $185 380 $145 $177 16
Slide 10: Sustaining Strong Gross Margin Levels
($MM) Sustaining Strong Gross Margin Levels TTM = Trailing 12 Month TTM basis (TTM GP/TTM Revenue) 260 .0 +96% $251 39. 0% 240 .0 $231 220 .0 $213 37. 0% $193 $196 35.0% 35.2% 35.0% 200 .0 $191 $181 35. 0% 180 .0 $171 35.2% 160 .0 34.8% 33. 0% 33.6% 140 .0 $128 32.4% 31. 0% 120 .0 31.4% 30.3% 100 .0
Slide 11: YTD 2025 Cash Flow and Indebtedness Update
YTD 2025 Cash Flow and Indebtedness Update ($MM) Free Cash Flow Gross Debt Position YTD 2024 YTD 2025 YoY Dec 31, 2024 $216.9 GAAP Net Income $8.1 $47.0 $38.9 Cash Used / (Generated) from Ops $(9.7) (incl. NCI) M&A + CapEx Investments [Net] $(1.5) D&A $10.5 $18.7 Net Bank Debt Activity $0.9 Gain on
Slide 12: Looking Ahead: 2026 Outlook
Looking Ahead: 2026 Outlook 11
Slide 13: Many Positives For Q4'25 and Heading Into 2026
Many Positives For Q4’25 and Heading Into 2026 Energy Transition Industrial Water Industrial Air • Nat Gas Power-Gen Capacity Growth • Targeting Mega-Jobs ($30M+) in • Global Semiconductor Strength plus ̶ Electrification + Baseload Needs Industrial Wastewater and International Onshoring Fabs Gaining
Slide 14: Introducing Full Year 2026 Outlook
Introducing Full Year 2026 Outlook ($MM) 2025 Outlook 2026 Outlook Key Items Orders/B-2-B • Record opportunity pipeline of ~ $5.8B (book to bill) > 1.2X > 1.1x • Expecting Strong Q4’25 & Q1’26 High Value > $1B bookings currently in active bidding process • Record backlog levels entering 2026 Revenue
Slide 15: Sustainable Transformation … Maintaining High Performance
Sustainable Transformation … Maintaining High Performance ($MM) Orders Revenue Adj. EBITDA YE ’25 Est. Backlog > $700M More Short-Cycle Business Mix Margin Expansion 500+ bps Backlog 4-year CAGR > 34% Global Diversity Adds Balance Operating Excellence / Productivity B-2-B Consistently > 1.1x Since 2
Slide 16: Q3 2025 Summary
Well-Positioned in Very Strong Markets • Sales Pipeline of $5.8B grew $300M in past quarter • Strong customer engagement • Balanced across end markets and regions • Limited impact from trade and geopolitical tensions Q3 2025 Summary Strong Q3 and YTD Performance • +64% Backlog, +44% Orders, +46% Rev
Slide 17: Appendix
Appendix Non-GAAP Reconciliation Tables and Supplemental Materials
Slide 18: Revenue Excluding Acquisitions
Revenue Excluding Acquisitions (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Annual 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 TTM Revenue as reported in accordance with GAAP $ 544.9 $ 126.3 $ 137.5 $ 135.5 $ 158.6 $ 558.0 $ 176.7 $ 185.4 $ 197.6 $ 559.7 $ 718.3 Revenue attributabl
Slide 19: Non-GAAP Operating Income and Margin
Non-GAAP Operating Income and Margin (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Annual 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 TTM Operating Income as reported in accordance with GAAP $ 34.7 $ 7.7 $ 9.3 $ 7.2 $ 11.3 $ 35.4 $ 61.9 $ 18.1 $ 9.4 $ 89.3 $ 100.6 Operating Margin i
Slide 20: Non-GAAP Net Income, Adjusted EBITDA, and Margin
Non-GAAP Net Income, Adjusted EBITDA, and Margin (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Annual 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 TTM Net Income as reported in accordance with GAAP $ 12.9 $ 1.5 $ 4.5 $ 2.1 $ 4.9 $ 13.0 $ 36.0 $ 9.5 $ 1.5 $ 47.0 $ 51.9 Acquisition and
Slide 21: Adjusted Free Cash Flow
Adjusted Free Cash Flow (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Annual 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 TTM Cash provided by (used in) operating activities $ 44.6 $ 1.2 $ 6.7 $ 15.1 $ 1.8 $ 24.8 $ (11.7) $ (7.7) $ 15.3 $ (4.1) $ (2.3) Capital Expenditures (8.4) (3.1