Cadre Holdings, Inc. · NYSE:CDRE
Cadre — Q2 2026 Earnings Presentation
23 slides from Cadre's earnings presentation, Aug 6, 2026
Slide 1: Second Quarter 2026
SECOND QUARTER 2026 August 6, 2026
Slide 2: Forward-Looking Statements
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 Private
Slide 3: Today's Presenters
TODAY’S PRESENTERS WARREN BRAD BLAINE KANDERS WILLIAMS BROWERS CEO and Chairman President Chief Financial Officer of the Board 3
Slide 4: Agenda
AGENDA • Q2 Highlights • Business Overview • Financial Summary • Increased Full Year Outlook • Conclusion and Q&A 4
Slide 5: Q2 2026 Key Takeaways
Q2 2026 KEY TAKEAWAYS • Sales, margin and earnings growth that exceeded expectations, driven by outstanding execution and continued strong demand trends for mission critical safety equipment • 5% organic topline growth in Q2 with return to more normalized Distribution segment demand • Second consecu
Slide 6: Long-Term Industry Tailwinds Supporting Sustainable Growth Opportunity
LONG-TERM INDUSTRY TAILWINDS SUPPORTING SUSTAINABLE GROWTH OPPORTUNITY Public Safety Tailwinds Nuclear Safety Tailwinds Rising safety Environmental management threats globally to address nuclear clean up Resilient and growing Ongoing and expanding spend worldwide national defense initiatives Catalys
Slide 7: Latest Market Trends: Core L.E.
LATEST MARKET TRENDS: CORE L.E. U.S. Law Enforcement Geopolitical Landscape Admin has demonstrated Environments within conflict commitment to prioritizing zones have not changed at this public safety but growing point to allow for unexploded focus on balancing state and ordnance cleanup local budget
Slide 8: Latest Market Trends: Nuclear
LATEST MARKET TRENDS: NUCLEAR Cadre Nuclear Group: cleaning up the past, securing the present, enabling the future Activity across nuclear Environmental Management sector remains robust ~$8.2 billion in FY2027 DOE request driven by expanded for nuclear clean up initiatives, with government and ~$3 b
Slide 9: M&A Momentum
M&A MOMENTUM $455M capital deployed since 2022 • Including Alien Gear Holsters, completed seven acquisitions in $185M line with disciplined and patient approach $120M • Highly selective key criteria $100M consistently met, focused on strong margins, leading and $50M defensible market positions, recu
Slide 10: Disciplined M&A Strategy
DISCIPLINED M&A STRATEGY Business Leading market position Cost structure where material > labor High cost of substitution Enter new markets / Leading and defensible technology geographies Mission-critical to customer Strong brand recognition Financial Diversify and/or enhance Recurring revenue profi
Slide 11: Q2 Financial Results
Q2 FINANCIAL RESULTS 11
Slide 12: Q2 2026 Financial Summary
Q2 2026 FINANCIAL SUMMARY NET SALES GROSS PROFIT NET INCOME ADJ. EBITDA1 + 32% YoY + 36% YoY - 7% YoY + 56% YoY 42.1% 20.3% 40.9% 17.2% $87.1M $12.2M $42.0M $207.1M $11.4M $157.1M $64.2M $27.0M Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 • Reflects current year • Gross margin imp
Slide 13: Net Sales and Adjusted EBITDA
NET SALES AND ADJUSTED EBITDA NET SALES ($MM) ADJ. EBITDA1 ($MM) % Y/Y GROWTH % CAGR % Y/Y GROWTH 24.4% at guidance midpoint 18.1% % CAGR 26.7% at guidance midpoint 16.3% FY 2026 FY 2026 2026 Guidance Guidance Guidance Range Range Range $139M to FY 2025 $749Mto $736M to $144M $610.3M $758M $769M FY
Slide 14: Q2 2026 Capital Structure
Q2 2026 CAPITAL STRUCTURE June 30, 2026 (in thousands) Cash and cash equivalents $ 53,984 Debt: Revolver $ - Current portion of long-term debt 20,012 Long-term debt 355,944 Capitalized discount/issuance costs (1,625) Total debt, net $ 374,331 Net debt (Total debt net of cash) $ 320,347 Total debt /
Slide 15: Increased 2026 Outlook
INCREASED 2026 OUTLOOK Attractive end markets and consistent execution driving growth NET SALES • Public Safety and $749M to $769M Nuclear in line with initial expectations Previous: $736M to $758M • TYR expected sales of ADJ. EBITDA1 ~$100M $139M to $144M • Alien Gear expected Previous: $136M to $1
Slide 16: Execution in Q2 and Positive Momentum
EXECUTION IN Q2 AND POSITIVE MOMENTUM Cadre continues to deliver on strategic objectives and remains well positioned to deliver shareholder value in 2026 and beyond Commentary: Pricing Growth: Exceeded target Q2 Mix: Favorable driven by duty gear and Zircaloy product mix Q2 backlog increased $13M se
Slide 17: Appendix
APPENDIX 17
Slide 18: Balance Sheet
BALANCE SHEET UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 53,984 $ 122,898 Restricted cash 3,685 2,429 Accounts receivable, net of allowance for doubtful accounts of $271 and $273, respectively 128,445
Slide 19: Statement of Operations
STATEMENT OF OPERATIONS UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net sales $ 207,126 $ 157,109 $ 362,555 $ 287,215 Cost of goods sold 119,991 92,860 215,254 166,835 Gross profit 87,135 64,249 147,301 120,38
Slide 20: Statement of Cash Flows
STATEMENT OF CASH FLOWS UNAUDITED (IN THOUSANDS) Six Months Ended June 30, 2026 2025 Cash Flows From Operating Activities: Net income $ 13,382 $ 21,459 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 11,899 8,532 Amortization of origina
Slide 21: Statement of Cash Flows – Continued
STATEMENT OF CASH FLOWS – CONTINUED UNAUDITED (IN THOUSANDS) Six Months Ended June 30 2026 2025 Cash Flows From Financing Activities: Proceeds from revolving credit facilities 82,500 — Payments on revolving credit facilities (82,500) — Proceeds from term loans 75,000 97,500 Principal payments on ter
Slide 22: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION (IN THOUSANDS) Year ended Three Months Three Months Ended Six Months Ended Last Twelve December 31, Ended March 31, June 30, June 30, Months 2025 2026 2026 2025 2026 2025 June 30, 2026 Net income $ 44,139 $ 1,975 $ 11,407 $ 12,211 $ 13,382 $ 21,459 $ 43,335 Add back: Deprecia
Slide 23: Use of Non-GAAP Measures
USE OF NON-GAAP MEASURES The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). The presentation contains the non-GAAP measures: (i) earnings before interest, taxes, other income or expense, depreciation and amortization (“EBITDA”), (ii)