Thermon Group Holdings, Inc. · NYSE:THR
Thermon — Merger or Acquisition (March 2026)
47 slides from Thermon's merger presentation, Mar 23, 2026
Slide 1: Thermon Group Holdings, Inc Investor Presentation March 2026
Thermon Group Holdings, Inc Investor Presentation March 2026
Slide 2: Legal Disclosures I: Non-GAAP Financial Measures
2 Legal Disclosures I THERMON NON-GAAP FINANCIAL MEASURES Disclosure in this presentation of Thermon’s "Adjusted EPS," "Adjusted EBITDA," "Adjusted EBITDA margin," "Adjusted Net Income/(loss)," "Free Cash Flow," "Organic Sales," "OPEX Sales", "CAPEX Sales" and "Net Debt," which are "non-GAAP financi
Slide 3: Legal Disclosures II: No Offer or Solicitation
3 Legal Disclosures II No Offer or Solicitation This communication 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 a
Slide 4: Legal Disclosures III: Forward-Looking Statements
4 Legal Disclosures III Forward-Looking Statements This communication 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 Form 8-K that address ev
Slide 5: Our Purpose, Vision and Values
5 Our Purpose, Vision and Values March 2026 Thermon is a diversified industrial technology company and a global leader in industrial process heating, temperature maintenance, environmental monitoring, and temporary power distribution solutions. We deliver engineered solutions that enhance operationa
Slide 6: Trailing Twelve Months Highlights
6 83% 17% OPEX Sales1 CAPEX Sales2 T y p e Trailing Twelve Months Highlights4 30% 36% 13% 7% 4% 3% 7% O&G General Industries & Other Chemical / Petrochemical Commercial Power Renewables Strategic Adjacencies3 E n d M a r k e t 49% 31% 13% 7% USLAM CAN EMEA APAC G e o g r a p h y $522M Total Revenue
Slide 7: Strong Historical Financial Performance
Strong Historical Financial Performance 7 • Western Hemisphere momentum continues to drive recent growth • Backlog remains near record levels with attractive margins • Small projects and maintenance revenues driven by customer OPEX spending March 2026 $276 $356 $441 $495 $498 $522 1.03 1.11 1.04 0.9
Slide 8: Thermon's Stand-Alone Strategic Pillars
Thermon’s Stand-Alone Strategic Pillars P R O F I T A B LY G R O W I N S T A L L E D B A S E D E C A R B O N I Z A T I O N , D I G I T I Z A T I O N & D I V E R S I F I C A T I O N D I S C I P L I N E D C A P I T A L A L L O C A T I O N • Apply industry leading process heating technology to solve th
Slide 9: Uniquely Positioned to Grow Our Installed Base
9 Uniquely Positioned to Grow Our Installed Base March 2026 Sustainable competitive advantages support long-term profitable growth Best-in-class reputation Strategically positioned with Decarbonization initiatives Technology-enabled end-to-end solutions are “one-stop-shop” Industry-leading portfolio
Slide 10: Key Secular Trends Provide Long-term Tailwinds for Growth
March 2026 10 Electrification ~8% CAGR1 Power Infrastructure ~8% CAGR2 Data Centers ~20%+ CAGR1 LNG ~13% CAGR3 Sustainable Competitive Advantages Well-positioned to pursue inorganic growth Direct sales model and customer relationships Commitment to innovation through R&D and M&A Deep breadth of end-
Slide 11: Multiple Growth Engines: New Products and Growth in Capital Spending
L I Q U I D L O A D B A N K P R O D U C T L A U N C H U P D A T E : March 2026 11 Multiple Growth Engines: New Products and Growth in Capital Spending 1. Thermon internal market study Liquid Load Banks 2x Quote Log Growth Quote log expanded from ~$30M to ~$71M from September 2025, reflecting acceler
Slide 12: Strong Progress on Digitization Strategy
12 R&T Data Center Leveraging Digital Technology Across the Breadth of Thermon Solutions Genesis Network Installed base growing to 90K Circuits +51% in FY 2026 Digitization enables growth—Electrical Heat Tracing (EHT), Rail and Transit (R&T), Liquid Load Banks (LLB) and Commercial expansion Industri
Slide 13: Shifting Mix to Drive Profitability
FY2017 FY2026 March 2026 13 Revenue Business Mix ($M) Products2 Small Projects1 Large Projects3 1. Over Time – Small: <$500K, maintenance, repair, and small upgrades on our installed base 2. Point-in-Time: materials, maintenance, repair, and small upgrades on our installed base 3. Over Time – Large:
Slide 14: Compelling Opportunities
14 Compelling Opportunities March 2026 • Leading Global Brand in high value, diversified end markets with mission critical technology and high barriers to entry, supported by culture of operational excellence • Large Installed Base with loyal customers and resilient aftermarket franchise • Exposure
Slide 15: CECO Environmental + Thermon Group
15 CECO Environmental + Thermon Group1 Protecting people, the environment, and industrial equipment — built for scale, positioned for growth, engineered for resilience. Creating a Global Industrial Leader in Delivering Mission-Critical Environmental and Thermal Solutions 1 Information, including for
Slide 16: The Transaction: Investment Thesis
16 Bruce Thames Chief Executive Officer, Thermon Group The Transaction: Investment Thesis CECO is a high-performance growth company. Pipeline at record levels. Power exposure stronger than ever. Thermon is a highly profitable, ~ 85%-recurring-revenue platform. Deal terms are fixed. Combined: Premier
Slide 17: Leadership Conviction
17 Leadership Conviction “Thermon adds highly complementary heating and thermal capabilities supported by attractive secular growth drivers, along with strong margins, disciplined execution, and a culture aligned with our own. Together, we will build on our shared histories to deliver a broader, mor
Slide 18: Combination Framing
C O M B I N A T I O N F R A M I N G Built for scale. Positioned for growth. Engineered for resilience. Niche Leadership Creates a leading portfolio of niche industrial system, product, and service solutions for global industrial and power end markets with strong primary sales presence and deep custo
Slide 19: CECO Environmental Stand Alone: A Leading, Diversified Industrial Growth Company
March 2026 19 CECO Environmental Stand Alone: A Leading, Diversified Industrial Growth Company Transformation Well Underway …
Slide 20: CECO FY Orders: Leading Solutions & Position + Right Markets
20 CECO FY Orders: Leading Solutions & Position + Right Markets = Sustainable Growth March 2026 Orders Up ~60% YoY to $1.1B in 2025. 2026 raised to >$1.5B on $6.5B+ pipeline. $527M 1.25x 2022 $580M 1.1x 2023 $667M 1.2x 2024 $1.1B 1.4x 2025 > $1.5B > 1.5x 2026E CAGR ‘22 – ’26: 30% + Power Markets: Re
Slide 21: CECO's Uninterrupted Top Line Growth With Consistent Margin Expansion
21 CECO’s Uninterrupted Top Line Growth With Consistent Margin Expansion March 2026 Revenue up 125% from 2022 while Expanding Gross Profit margins +500 bps and Adjusted EBITDA margins + 200bps. * CECO 2026 Midpoint of current guidance. FINANCIAL TRAJECTORY FY22 FY23 FY24 FY25 Revenue $423M $545M $55
Slide 22: CECO Full Year 2026 Outlook
22 CECO Provided Full Year 2026 Outlook (Updated by CECO in February 2026) March 2026 Note: All financial data is non-inclusive of the Thermon combination. Initial Guidance Oct’25 Updated FY Outlook (Standalone CECO) Orders/B-2-B (book to bill) > 1.1x > $1B > 1.5B Off To Great Start Revenue ($M) 850
Slide 23: Why Now?
23 Why Now? March 2026 Unique Timing = Dual Momentum. Accelerates Strategy. Solidifies Long Term Exceptional Shareholder Value. Scale Matters. T H E W I N D O W NOW F O R C E 0 1 · S T R U C T U R A L D E M A N D Largest Gas Turbine Cycle in a Decade >$1.5B Active Power Pipeline Thermon adds thermal
Slide 24: CECO's 2030 Vision Accelerated
24 CECO's 2030 Vision = Accelerated … Will Reset to Drive More March 2026 Scale Matters, NOW. CECO 2030 VISION — ORGANIC PLAN [Pre-THERMON] Revenue Target $1.5B+ Adj. EBITDA Margin 18–20% Growth Model Organic Timeline 2030 Thermon Accelerates → 4–5 Yrs Early DELIVERED — YEARS AHEAD OF PLAN VIA TRANS
Slide 25: Secular Market Tailwinds in Energy, Water, Air and General Industrials
25 Secular Market Tailwinds in Energy, Water, Air and General Industrials March 2026 CECO Complex Engineered Solutions meets Thermon Operational Excellence. CECO Growth Strategy meets Thermon Margin Discipline. CECO Revenue Thermon Revenue CECO THR $1.16B FY24 CECO THR $1.32B | 14% YoY FY25 CECO THR
Slide 26: $40M+ Run-Rate Synergies by Year 3
26 40M+ Run-Rate Synergies by Year 3 March 2026 Three high-confidence synergy buckets — fully realized by Year 3. Deal is accretive on standalone numbers alone. RUN-RATE BY YEAR 3 $40M+ Cost synergies · fully realized Zero priced into the deal. Deal is accretive on standalone numbers alone. Every do
Slide 27: Three Deliberate Pivots Already Generating Revenue
27 Three Deliberate Pivots Already Generating Revenue. March 2026 Thermon has three deliberate pivots away from commodity heat tracing: Decarbonization, Digitization, and Diversification. Each is already generating revenue. CECO's scale, channels, and capital accelerate every one. CECO SCALE · CHANN
Slide 28: Three Structural Waves. Non-Discretionary Demand.
28 Three Structural Waves. Non-Discretionary Demand. March 2026 Three structural markets where CECO and Thermon are both already positioned — driven by policy mandates, capital investment cycles, and tightening environmental compliance requirements, not spot demand. 001 — NATURAL GAS POWER C E C O +
Slide 29: Combination Creates Premier Industrial Leader
29 Two Companies Combination Creates Premier Industrial Leader March 2026 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 Ind
Slide 30: FY26 Third Quarter Results
FY26 THIRD QUARTER RESULTS
Slide 31: Third Quarter 2026 Highlights
Third Quarter 2026 Highlights March 2026 • Q3 revenue increased 10% driven by improved trends in CAPEX sales activity and pricing benefits • Adjusted EBITDA increased 12%; margin of 24.2% (up 50 bps y-o-y) illustrative of earnings capacity of the business • Positioned to benefit from several favorab
Slide 32: Q3 FY26 Operating Highlights
Q3 FY26 Operating Highlights March 2026 • Revenues increased 10% driven by more favorable spending trends, including improved trends in large projects, and strong pricing benefits ‒ OPEX Sales2 +5% as reported ‒ CAPEX Sales3 +37% YOY • Gross profit margin was 46.6% during the third quarter, up from
Slide 33: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow March 2026 • Free cash flow of $13 million, up from last year reflecting the healthy operating performance • Leverage of 0.8x down from third quarter last year, reflecting continued financial discipline and balance sheet strength • Conservative leverage and total available
Slide 34: Financial Reconciliations
34 FINANCIAL RECONCILIATIONS
Slide 35: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA March 2026 35 1. Fiscal 2026 charges associated with cost-cutting Measures. Fiscal 2025 charges associated with cost-cutting measures including reduction-in- force and facility consolidation, of which $0.1 million are in cost of sales. 2. Fiscal 2025 c
Slide 36: Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS
Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS March 2026 36 1. Fiscal 2026 charges associated with cost-cutting Measures. Fiscal 2025 charges associated with cost-cutting measures including reduction-in- force and facility consolidation, of which $0.1 million are in cost of sa
Slide 37: Reconciliation of Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow March 2026 37 Unaudited, in thousands
Slide 38: Reconciliation of Point-in-Time and Over-Time Sales to OPEX Sales
Reconciliation of Point-in-Time and Over-Time Sales to OPEX Sales March 2026 38 Unaudited, in thousands
Slide 39: Appendix
39 APPENDIX
Slide 40: Broad Range of Addressable Markets
March 2026 40 FOOD & BEVERAGE Bulk Food Processing & Drying Dairy Processing Distilling and Brewing CHEMICAL Chemical Processing Fertilizer Plant Pharmaceutical POWER GENERATION Combined Cycle Power RENEWABLE ENERGY Nuclear Power Concentrated Solar Wind Power Hydrogen Plant Biofuels Sustainable Avia
Slide 41: Thermon Product Segments and Key Products
March 2026 41 Heat Tracing Heating Systems Transport Heating Temp. Power Solutions Tubing Bundles Powerblanket Total Revenue1 ~52% ~34% ~14% Key Products • Cables • Heat Transfer Compounds • Steam Tracing Products • System Accessories • Heat Tracing Cables • Controls & Monitoring Systems • Tank & Ho
Slide 42: Industrial Heating Applications
March 2026 42 Industrial Heating Applications Broad portfolio of solutions to enable the energy transition through decarbonization and electrification Shell & Tube Heat Exchangers Steam Traced Piping systems Gas-fired Process Heaters Vaporizers Fluid Reboilers Preheating Service Catalyst Regeneratio
Slide 43: Customers We Serve
March 2026 43 Customers We Serve
Slide 44: The Energy Transition is a Significant Opportunity
March 2026 44 The Energy Transition is a Significant Opportunity… Estimated U.S. Energy Consumption in 20221 100.3 Quads (1 quad = 1 quadrillion BTUs) Substantial Runway Very early stages of decarbonization and electrification for Industrial heating applications 35% Of U.S. energy in 2022 consumed b
Slide 45: Case Study: Deepening Customer Relationship
March 2026 45 Case Study | Deepening Customer Relationship • Thermon began partnering with company for CAPEX project in 1970 • 10,000s of heat trace circuits & 100s of control panels • Process heaters • Tubing bundles • Environmental heaters • Powerblanket • Heat tracing upgrades • Plant optimizatio
Slide 46: Sustainable Growth Strategy Enables Long-term Value Creation
March 2026 46 Sustainable Growth Strategy Enables Long-term Value Creation Relentless Improvement FY2026 Goals Growth Enablers Decarbonization Digitization Diversification Strategic M&A Secular Tailwinds Profitability Enablers Top Quartile Gross Margin Value Gap Management Scalable SG&A Favorable Pr
Slide 47: Thank you
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