Slide 1: First Quarter Fiscal Year 2026 Results
First Quarter Fiscal Year 2026 Results February 2, 2026
Slide 2: Cautionary Statement
Cautionary Statement Information in this presentation contains forward-looking statements regarding future events and our future results within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including, but not limited to, the results of our
Slide 3: Delivering Differentiated Value For Shareholders
Delivering Differentiated Value For Shareholders Operational Growth Excellence “We delivered strong first quarter 2026 performance that exceeded our expectations. Growth was broad-based across both segments and reflected strong demand and disciplined execution by our global teams. Based on our stron
Slide 4: First Quarter 2026 Summary
First Quarter 2026 Summary Operational excellence and continued strong demand Sales Net Earnings Strong Balance Sheet up 29% YOY up 54% YOY Price realization Free Cash Flow1 of $70M Aerospace growth in Commercial OEM and Services, and Smart Higher volume 1.2 times leverage Defense Favorable mix Indu
Slide 5: First Quarter 2026 Summary
First Quarter 2026 Summary Investing for growth and returning capital to shareholders $44M Capital Expenditures Capital Allocation $146M Returned to Stockholders through dividends and share repurchases 5 © WOODWARD, INC.
Slide 6: Q1 Fiscal Year 2026 Consolidated Results
Q1 Fiscal Year 2026 Consolidated Results Adjusted Net Earnings1 Adjusted EPS1 up 61% Net Sales up 29% up 62% Reported EPS Free Cash Flow up $69M Reported Net Earnings $1.42 Q1 FY25; $2.17 Q1 FY26 $87M Q1 FY25; $134M Q1 FY26 $70M $996M $134M $2.17 $773M $83M $1.35 $1M FY25 FY26 FY25 FY26 FY25 FY26 FY
Slide 7: Q1 Fiscal Year 2026 Sales & Adjusted EPS Bridge
Q1 Fiscal Year 2026 Sales & Adjusted EPS Bridge SALES ($Ms) EPS $0.13 $0.19 $2.17 $0.66 $(0.16) $22 $996 $61 $141 ↑ 29% $1.35 ↑ 230% ↑ 22% $773 ↑ 29% FY25 Q1 Aerospace Core Industrial Industrial FY26 Q1 FY25 Q1 Aerospace Core Industrial Tax and FY26 Q1 Actuals On-Highway Actuals Adjusted Industrial
Slide 8: Aerospace Overview
Aerospace Overview 8
Slide 9: Q1 Fiscal Year 2026 Aerospace Segment
Q1 Fiscal Year 2026 Aerospace Segment Earnings growth driven primarily by price realization, favorable mix, and higher sales volume Sales up 29% Earnings up 57% Margin up 420 bps 23.4% $635M $148M 19.2% $494M $95M FY25 FY26 FY25 FY26 FY25 FY26 9 © WOODWARD, INC.
Slide 10: Aerospace Commercial
Aerospace Commercial Woodward Commercial Woodward Commercial OEM Sales Services Sales Q1 FY25 to Q1 FY26 Q1 FY25 to Q1 FY26 22% 50% Growth Growth Commercial OEM Commercial Services Market Update Market Update → OEM build rates continue to improve → Air traffic remains solid → Industry supply chain c
Slide 11: Aerospace Defense
Aerospace Defense Woodward Defense Woodward Defense OEM Sales Services Sales Q1 FY25 to Q1 FY26 Q1 FY25 to Q1 FY26 23% 1% Growth Growth Defense OEM Defense Services Market Update Market Update → Strong demand for defense products → Solid demand environment → Robust smart defense order activity → Ste
Slide 12: Industrial Overview
Industrial Overview 12
Slide 13: Q1 Fiscal Year 2026 Industrial Segment
Q1 Fiscal Year 2026 Industrial Segment Earnings growth driven by higher sales volume, price realization, and favorable mix Sales up 30% Earnings up 67% Margin up 410 bps → Insert text 18.5% $362M $67M → Insert text 14.4% $279M $40M → Insert text → Insert text FY25 FY26 FY25 FY26 FY25 FY26 13 © WOODW
Slide 14: Q1 Fiscal Year 2026 Core Industrial
Q1 Fiscal Year 2026 Core Industrial Earnings growth driven by higher sales volume and price realization Sales up 22% Earnings up 39% Margin up 200 bps → Insert text $330M $57M → Insert text 17.3% $269M 15.3% $41M → Insert text → Insert text FY25 FY26 FY25 FY26 FY25 FY26 14 © WOODWARD, INC.
Slide 15: Industrial
Industrial 7% Growth 55% Growth 28% Growth Woodward Power Gen Sales Woodward Transportation Sales Woodward Oil & Gas Sales Q1 FY25 to Q1 FY26 Q1 FY25 to Q1 FY26 Q1 FY25 to Q1 FY26 Power Generation Transportation Oil & Gas Market Update Market Update Market Update → Robust global demand for power gen
Slide 16: Woodward Select Financial Results
Woodward Select Financial Results In millions, except bps and percentages Q1 FY25 Q1 FY26 Change Gross Margin: % of Sales 24.5% 29.3% 480 bps SG&A Expenses: % of Sales 9.0% 9.5% 50 bps R&D Expenses: % of Sales 3.9% 3.8% (10) bps Effective Tax Rate 14.5% 20.9% 640 bps Adjusted Effective Tax Rate1 14.
Slide 17: Fiscal Year 2026 Guidance
Fiscal Year 2026 Guidance 17 © WOODWARD, INC.
Slide 18: Raising sales & EPS guidance based on first quarter outperformance
Raising sales & EPS guidance based on first quarter outperformance In millions, except EPS and percentages Prior Revised FY26 Guidance FY26 Guidance Issued on Issued on November 24, February 2, 2026 2025 Sales Growth Up 7 to12% Up 14 to 18% EPS $7.50-$8.00 $8.20-$8.60 Free Cash Flow3 $300-$350 No ch
Slide 19: Appendix
Appendix ] 19 | © WOODWARD, INC MW woopwarpD
Slide 20: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations Woodward, Inc. and Subsidiaries Reconciliation of Net Earnings and EPS to Adjusted Earnings1 and Adjusted EPS1 (Unaudited – In thousands, except per share amounts) Three Months Ended December 31, 2025 2024 Earnings Per Earnings Per Net Earnings Net Earnings Sha
Slide 21: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations Woodward, Inc. and Subsidiaries Woodward, Inc. and Subsidiaries Reconciliation of Net Earnings to EBIT1 and Adjusted EBIT1 Reconciliation of Net Earnings to EBITDA1 and Adjusted EBITDA1 (Unaudited – In thousands) (Unaudited – In thousands) Three Months Ended Th
Slide 22: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations Woodward, Inc. and Subsidiaries Woodward, Inc. and Subsidiaries Reconciliation of Income Tax Expense Reconciliation of Non-Segment Expenses to Adjusted Income Tax Expense1 to Adjusted Non-Segment Expenses1 (Unaudited – In thousands) (Unaudited – In thousands) T
Slide 23: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations Woodward, Inc. and Subsidiaries Woodward, Inc. and Subsidiaries Reconciliation of Industrial Net Sales Reconciliation of Industrial Segment Earnings (Unaudited – In thousands) (Unaudited – In thousands) Three Months Ended Three Months Ended December 31, Decembe
Slide 24: Non-U.S. GAAP Measures
Appendix Non-U.S. GAAP Measures 1Adjusted and Non-U.S. GAAP Financial Measures: Adjusted net earnings, adjusted earnings per share, adjusted income tax expense, adjusted effective income tax rate, EBIT, adjusted EBIT, EBITDA, adjusted EBITDA, and adjusted nonsegment expenses exclude, as applicable,
Slide 25: Powering a clean future
Powering a clean future AVS WOODWARD