Ceco Environmental Corp. · NASDAQ:CECO
Ceco Environmental — 23rd Annual Craig-Hallum Institutional Investor Conference (May 2026)
36 slides from Ceco Environmental's conference presentation, May 2026
Slide 1: Premier Industrial Growth Company
Premier Industrial Growth Company CECO | 23rd Annual Craig-Hallum Institutional Investor Conference
Slide 2: Legal Disclosures I
LEGAL DISCLOSURES I 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 address eve
Slide 3: Legal Disclosures II
LEGAL DISCLOSURES II 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 there be any
Slide 4: Thermon Acquisition: Investment Thesis
Thermon Acquisition: Investment Thesis (Transaction close expected in June) Creates Immediate “Rule of 30 / Rule of 40” Company High-performance growth company. Pipeline at More Scale + Business Mix + Global Footprint record levels. Power exposure stronger than ever. Commercial Synergies via Pipelin
Slide 5: CECO Environmental: A Leading, Diversified Industrial Growth Company
CECO Environmental: A Leading, Diversified Industrial Growth Company Transformation Well Underway 5
Slide 6: Stock Performance
CECO STANDALONE Stock Performance CECO vs. S&P 500 vs. Russell 2000 — cumulative return since March 2020 $81.29 * Market Cap (5/20/26) ~ $3B $59.85 (Y/E 2025) CECO ~1100%+ Cumulative since 2020 S&P 500 ~98% Cumulative since 2020 $6.96 Russell 2000 2020 2021 2022 2023 2024 2025 2026 CECO S&P 500 Russ
Slide 7: Robust Pipeline of Opportunities
CECO STANDALONE Robust Pipeline of Opportunities Pipeline of $7B+ offers CECO great visibility to near-term Growth Pipeline ~ 75% ~ 25% $7,000 ~470%+ Since Full Year 2021 Engineering Capabilities ~ 12 acquisitions Biz Dev, Sales Personnel Air + Water + Energy Tools, Capabilities Orders Incentives ~4
Slide 8: FY Orders: Leading Solutions & Position + Right Markets = Sustainable Growth
CECO STANDALONE FY Orders: Leading Solutions & Position + Right Markets = Sustainable Growth Orders Up ~60% YoY to $1.1B in 2025. 2026 raised to >$1.5B on $6.5B+ pipeline. > $1.5B + Power Markets: Remains in Super-cycle mode CAGR ‘22 – ’26: 30% Up >40% YoY ~30% + Natural Gas / Energy Infrastructure
Slide 9: Uninterrupted Top Line Growth With Consistent Margin Expansion
CECO STANDALONE Uninterrupted Top Line Growth With Consistent Margin Expansion Revenue up 125% from 2022 while Expanding Gross Profit margins +500 bps and Adjusted EBITDA margins + 200bps. FINANCIAL TRAJECTORY END MARKET MIX (FY25E) FY22 FY23 FY24 FY25 FY26* Highly Engineered Solutions Revenue $423M
Slide 10: Q1 2026 Performance
Q1 2026 Performance cECO 10
Slide 11: First Quarter 2026: Off to a Strong Start
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL First Quarter 2026: Off to a Strong Start EARNINGS SUMMARY = CECO Standalone THERMON TRANSACTION SUMMARY Q1 Performance: Expecting Q2 Close (Early June Target): Record Bookings & Backlog Form S-4 Declared Effective Strong Revenue and Income Growth HSR Review
Slide 12: Q1 2026 Summary: By The Numbers
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL % = Year over Year performance Q1 2026 Summary: By The Numbers Q1 2026 KEY FINANCIAL METRICS Key Operational Commentary $1,035M Q1 Ending Backlog, +72% • Record Backlog and Sales Pipeline at > $7B $449M Bookings, +97% • Strong Power Gen Market Orders Continue
Slide 13: Record Bookings Underpin Accelerating Growth Outlook
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL ($MM) Record Bookings Underpin Accelerating Growth Outlook Tracking Toward $449 New Record in Q2 April 2026 +97% YoY ~$460M $228 $274 +95% YoY +57% YoY Q1 2025 Q1 2026 Q2 2025 Q2 2026 • Power Generation Orders Accelerating • Q2’26 Booked Largest Ever Order (A
Slide 14: Raising Full Year 2026 Outlook (CECO Standalone)
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL ($MM) Raising Full Year 2026 Outlook (CECO Standalone) Initial Guidance Raised in Feb New Outlook Oct’25 (Standalone CECO) (Standalone CECO) KEY DRIVERS • Record Pipeline of Opportunities of ~ $7B Orders/B-2-B > 1.1x > $1.5B > $1.5B • Q1 ~ $450M and Q2 Off to
Slide 15: The "New" CECO Environmental
The “New” CECO Environmental Premier Industrial Growth Company 15
Slide 16: Why Now?
COMBINED BUSINESSES Why Now? Unique Timing = Dual Momentum. Accelerates Strategy. Solidifies Long Term Exceptional Shareholder Value. Scale Matters. FORCE 01 · STRUCTURAL DEMAND PLATFORM LOCK-IN Largest Gas Turbine Cycle in a Decade Integrated Commercial Offerings >$1.5B Active Power Pipeline Air qu
Slide 17: CECO's 2030 Vision = Accelerated
COMBINED BUSINESSES CECO's 2030 Vision = Accelerated … Will Reset to Drive More Scale Matters, NOW. CECO 2030 VISION — ORGANIC PLAN [Pre-THERMON] DELIVERED — YEARS AHEAD OF PLAN VIA TRANSACTION Revenue Target $1.5B+ Thermon Revenue Target ~$1.5B ✓ Accelerates 18–20% ~19.5% ✓ → EBITDA Margin EBITDA M
Slide 18: Secular Market Tailwinds in Energy, Water, Air and General Industrials
COMBINED BUSINESSES Secular Market Tailwinds in Energy, Water, Air and General Industrials CECO Complex Engineered Solutions meets Thermon Operational Excellence. CECO Growth Strategy meets Thermon Margin Discipline. CECO Revenue Thermon Revenue Combined Revenue at Close ~$1.52B | 15% YoY $1.32B | 1
Slide 19: $40M+ Run-Rate Synergies by Year 3
COMBINED BUSINESSES 40M+ Run-Rate Synergies by Year 3 Three high-confidence synergy buckets — fully realized by Year 3. Deal is accretive on standalone numbers alone. RUN-RATE BY YEAR 3 > $40M $40M $40M+ Cost synergies · fully realized PowerGen Datacenters Zero priced into the deal. General Industri
Slide 20: CEO Closing Quote
CEO CLOSING "Together, we will build on our shared histories to deliver a broader, more integrated set of mission- critical solutions for our customers and drive long- term growth and value for our stakeholders." Todd Gleason, CEO — February 24, 2026 20
Slide 21: Two Companies Combination Creates Premier Industrial Leader
Two Companies Combination Creates Premier Industrial Leader CECO is a breakout growth company. Pipeline at record levels. Power exposure stronger than ever. Thermon is a profitable, 84%-recurring-revenue platform transformed over eight years. Deal terms are fixed. Combined: Premier Industrial with s
Slide 22: Appendix
Appendix 22
Slide 23: Thermon Stand Alone: Global Industrial Leader in Process Heat & Solutions
Thermon Stand Alone: Global Industrial Leader in Process Heat & Solutions Transformation Well Underway … 23
Slide 24: Thermon Eight Years Later – Positioned for Growth
THERMON STANDALONE Thermon Eight Years Later – Positioned for Growth Eight years of deliberate evolution: O&G dependence halved, recurring revenue at ~ 85% with High Margins FY2017 — THERMON 1.0 → FY2026 TTM1 — THERMON 2.0 Revenue $264M Up ~ 100% Revenue $522M +98% Adj. EBITDA $ | Margin $43M | 16%
Slide 25: Thermon Transformative Actions Are Accelerating Growth
THERMON STANDALONE Thermon Transformative Actions Are Accelerating Growth Adjusted top-line growth of 123%, normalizing for Russia exit Up 123% | ~9% CAGR $522 Look Back $288 ~$30M Revenue Large-project mega-cycle work was structurally non- recurring. Russia Asset Exit due to conflict. $264 $234 Goi
Slide 26: Highly Attractive Growth + Margins. Bridge to Rule of 40+ Defined
COMBINED BUSINESSES Highly Attractive Growth + Margins. Bridge to “Rule of 40+” Defined. Combined platform scores ~36+ at close — already above Rule of 30, with a clear bridge to 40+ through synergy capture and recurring revenue mix expansion. FLOOR — TODAY AT CLOSE · FY26E LEVER 1 LEVER 2 TARGET 30
Slide 27: CECO Earnings Summary
CECO Earnings Summary cECO 27
Slide 28: Q1 2026 and Trailing Twelve Month Financial Performance
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL Q1 2026 and Trailing Twelve Month Financial Performance Q1 ‘26 YoY Q1 TTM YoY KEY HIGHLIGHTS Backlog $1,035M +72% $1,035M +72% • Orders: 6th consecutive quarter > $200M [avg ~$290M] and 2nd consecutive >$300M • Orders: Power Gen with significant project booki
Slide 29: Record Backlog Trend Continues
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL ($MM) B2B = Book to Bill Record Backlog Trend Continues * Starting Backlog – Revenue + Net Orders +/- FX + Acquired Backlog = Ending Backlog ~4.8x 1,0 80 Backlog Orders Revenue $1,035 1,0 40 520 $449 1,0 00 960 480 920 880 840 $793 440 800 $688 $720 400 $329
Slide 30: Adj. EBITDA Trend
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL ($MM) Adj. EBITDA Trend TTM = Trailing 12 Month TTM basis (TTM Adj. EBITDA/TTM Revenue) Full Year Performance Quarter Performance 96.7 29.8 90.3 23.3 23.2 62.8 20.4 57.7 42.3 14.0 2022 2023 2024 2025 Q1'26 TTM Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Adj EBITDA Margin A
Slide 31: Q1 2026 Cash Flow and Indebtedness Update
CECO ENVIRONMENTAL Q1 2026 EARNINGS CALL ($MM) Q1 2026 Cash Flow and Indebtedness Update FREE CASH FLOW GROSS DEBT POSITION Q1’25 YTD Q1’26 YTD YoY Dec 31, 2025 $208.6 Cash Used / (Generated) from Ops $13.1 GAAP Net Income (incl. NCI) $36.0 $(0.2) $(36.2) M&A + CapEx Investments [Net] $9.3 D&A $5.1
Slide 32: Revenue Excluding Acquisitions. Revenue by Segment.
APPENDIX Revenue Excluding Acquisitions. Revenue by Segment. (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Annual 2024 2025 2025 2025 2025 2025 2026 2026 TTM Revenue as reported in accordance with GAAP $ 558.0 $ 176.7 $ 185.4 $ 197.6 $ 214.7 $ 774.4 $ 205.9 $ 205.9 $ 803.6 Revenue attributable
Slide 33: Non-GAAP Operating Income and Margin
APPENDIX Non-GAAP Operating Income and Margin (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Annual 2024 2025 2025 2025 2025 2025 2026 2026 TTM Operating Income as reported in accordance with GAAP $ 35.4 $ 61.9 $ 18.1 $ 9.4 $ 16.5 $ 105.9 $ 1.9 $ 1.9 $ 45.9 Operating Margin in accordance with GA
Slide 34: Non-GAAP Net Income, Adjusted EBITDA, and Margin
APPENDIX Non-GAAP Net Income, Adjusted EBITDA, and Margin (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Annual 2024 2025 2025 2025 2025 2025 2026 2026 TTM Net Income as reported in accordance with GAAP $ 13.0 $ 36.0 $ 9.5 $ 1.5 $ 3.1 $ 50.1 $ (0.4) $ (0.4) $ 13.7 Acquisition and integration exp
Slide 35: Free Cash Flow
APPENDIX Free Cash Flow (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Annual 2024 2025 2025 2025 2025 2025 2026 2026 TTM Cash provided by (used in) operating activities $ 24.8 $ (11.7) $ (7.7) $ 15.3 $ 10.0 $ 5.9 $ (13.1) $ (13.1) $ 4.5 Capital Expenditures (17.4) (3.4) (1.1) (4.2) (2.6) (11.3)
Slide 36: Additional Items as of March 31, 2026
APPENDIX ($MM) Additional Items as of March 31, 2026 Item Q1’26 Q1’25 Commentary Share count (mio), diluted 38.6 36.7 Increased stock grants, PRSU multiplier Cash balance $46 $147 Cash utilized for debt repayment and working capital Total borrowings $252 $337 Focus on debt repayment to meet 2.0-2.2x
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