Slide 1: Second Quarter 2026 Results Conference Call
Second Quarter 2026 Results Conference Call August 6, 2026 vsecorp.com
Slide 2: Forward-Looking Statements
Introduction Forward-Looking Statements This document contains statements that, to the extent they are not recitations of historical fact, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange A
Slide 3: Q2 2026 Highlights
Q2 2026 Highlights Q2 2026 Highlights Acquisitions Completed, Record Performance Delivered, Integration Underway Largest Acquisition Completed Record Revenue and Integration Execution and Profitability Delivered Synergy Capture Underway ■ PAG advances VSE’s strategy to become ■ Revenue increased 65%
Slide 4: Q2 2026: Acquisitions Closed, Integration Underway
Q2 2026 Highlights Q2 2026: Acquisitions Closed, Integration Underway Precision Aviation Group (“PAG”) NorthStar Technologies (“NorthStar”) Closed May 5, 2026 Closed April 1, 2026 Strategic Impact Strategic Impact Transforms the scale and breadth of the VSE Aviation Deepens aftermarket engine and OE
Slide 5: Consolidated Second Quarter 2026 Financial Highlights
Financial Highlights Consolidated Second Quarter 2026 Financial Highlights Record Results Demonstrate Strength of VSE Platform 2Q’26 Revenue of $449 million increased 65% year-over-year, including ~14% organic growth Growth was driven by new business wins, expanded product and repair capabilities, m
Slide 6: Consolidated Second Quarter 2026 Results
Consolidated Results Consolidated Second Quarter 2026 Results Revenue Revenue by Sales Channel 2Q’25 vs. 2Q’26 Distribution MRO $449M +17% +149% $272M $203M $246M +65% $174M $99M Revenue Growth 2Q’25 2Q’26 2Q’25 2Q’26 2Q’25 2Q’26 +98% Net Income Adj. EBITDA(1) Adj. EPS(1) Adj. EBITDA Growth(1) $86M
Slide 7: Balance Sheet Review as of June 30, 2026
Balance Sheet Balance Sheet Review as of June 30, 2026 Strong free cash flow and 2.4x Adjusted Net Leverage ratio following the PAG acquisition Adjusted Net Leverage(1) Total Debt outstanding was $967 million Revolver availability was ~$500 million Free Cash Flow was $19 million in 2Q’26, driven by
Slide 8: Increases 2026 Guidance
FY 2026 Guidance Increases 2026 Guidance(1) Guidance increase reflects record first-half performance, continued organic growth, integration progress, and stronger visibility into demand and program activity Revenue Growth Consolidated Adjusted EBITDA % Includes PAG Acquisition Includes PAG Acquisiti
Slide 9: 2026 Priorities
2026 Priorities 2026 Priorities 1 Execute acquisition integrations and accelerate synergy realization Implement newly awarded distribution and OEM programs across core 2 platforms 3 Expand engine focused MRO capacity to capture incremental demand 4 Advance and convert the organic growth pipeline 5 E
Slide 10: Appendix
Appendix vsecorp.com
Slide 11: Refinancing Update – New Term Loan B and Upsized Revolver
Debt Refinancing Refinancing Update – New Term Loan B and Upsized Revolver $900M New Term Loan B + $500M Revolver (Undrawn at Close) as of June 30, 2026 Improved scalability and operating flexibility Revolver Undrawn $500M Enhanced cash flow Revolver $400M TEU Amortizing Notes $67M Expanded borrowin
Slide 12: 2026 Updated Guidance Modeling Items
FY 2026 Guidance 2026 Updated Guidance Modeling Items Additional FY’26 Modeling Items Interest Expense, Net (1) ~$36-$39 million Depreciation & Amortization ~$96-$100 million Tax Rate ~25% Stock-based Compensation ~$18-$19 million Capital Expenditures as a percentage of sales ~2-2.5% (1) Excludes in
Slide 13: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), this earnings presentation also contains non-GAAP financial measures. These measures provide useful information to investors. VSE considers Adjusted N
Slide 14: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations EBITDA from Continuing Operations and Adjusted EBITDA from Continuing Operations ($ in thousands) Three months ended June 30, 2026 2025 % Change Net income from continuing operations $ 28,523 $ 13,638 109.1% Interest expense, net 5,230 6,445 (18.9)% Provisio
Slide 15: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations Adjusted Net Income from Continuing Operations and Adjusted EPS (Diluted) from Continuing Operations Three months ended June 30, ($ in thousands, except per share data) 2026 2025 % Change Net Income from continuing operations $ 28,523 $ 13,638 109.1% Adjustm
Slide 16: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations Balance Sheet Reconciliation of Operating Cash Flow to Free Cash Flows ($ in thousands) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net cash provided by (used in) operating activities $ 27,557 $ (62,264) $ 37,642 $ 24,089 Capital expend