AAON, Inc. · NASDAQ:AAON
AAON — Q3 2026 Earnings Presentation
22 slides from AAON's earnings presentation, Nov 9, 2026
Slide 1: Q3 2026 Earnings Conference Call
Q3 2026 Earnings Conference Call November 9, 2026
Slide 2: Forward-looking Statements and Other References
Forward-looking Statements and Other References This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “should”, “will”, and vari
Slide 3: Q3 2026 Overview
Q3 2026 Overview $707M 26.7% $127M Non-GAAP Adj. $0.83 $1.9B Sales Gross Profit Margin EBITDA* Diluted Non-GAAP EPS* Backlog +84% +10% (110) bps +60 bps +100% 18.0% +124% +20% +40% (6)% Y/Y Q/Q Y/Y Q/Q Y/Y margin Y/Y Q/Q Y/Y Q/Q Q3 2026 sales driven by Strong sequential margin BASX-branded sales exp
Slide 4: Q3 AAON Brand Highlights
Q3 AAON Brand Highlights Strong AAON- Branded Sales in Soft +20% Y/Y +10% Q/Q AAON-branded bookings Market up approximately 10% year- over-year +18% (8)% Intentional AAON- Branded Backlog Dynamics Y/Y Q/Q on increased Production improvements production drive record sales and meaningful share gains a
Slide 5: Q3 BASX Brand Highlights
Q3 BASX Brand Highlights Strong BASX- Branded Sales +218% +10% Strengthening size of Momentum Y/Y Q/Q pipeline including visibility into strong finish to the year in bookings Robust BASX- Branded Backlog +51% Y/Y (5)% Q/Q on increased BASX revenue and order production growth rates continue to outpac
Slide 6: Building a world-class manufacturing organization
Systems Upgrades People & Process — IT and digital infrastructure — Two new independent directors enhancements added to Board of Directors — Modernizing manufacturing — New CFO and General Council management systems — Strategic finance capabilities Building a — Professional supply chain management w
Slide 7: Restatement of Prior Interim Financial Statements
Restatement of Prior Interim Financial Statements Restated 1H26 financials resulted in an increase of $10.7 million in revenue, 71 bps of gross margin and $0.09 of EPS 7 Refer to Appendix or Note 2 of the Company’s consolidated financial statements within the filed Form 10Q/A for both March 31, 2026
Slide 8: Q3 2026 Summary
Q3 2026 Summary — Net sales increase of 84% driven by 218% growth in BASX-branded sales and 20% increase in AAON-branded sales — BASX-branded sales growth was driven by robust demand from the data center market, including $166 million of liquid cooling equipment, up 256% Y/Y — Gross profit increased
Slide 9: AAON Oklahoma
AAON Oklahoma — Net sales increased 19% Y/Y — Adjusting for $21 million of Memphis plant costs in 3Q26 and $5 million in 3Q25, gross profit increased 12% Y/Y — Adjusted gross margin (ex-Memphis costs) declined 210 basis points from the prior-year period, but increased 160 basis points compared to 2Q
Slide 10: AAON Coil Products
AAON Coil Products — Net sales increased 174%, driven by BASX-branded liquid cooling sales, which grew 256% to $166 million — AAON-branded sales grew 14% to $27 million — Gross profit increased over 5x — Gross margin performance primarily reflected improved price/cost dynamics which successfully mit
Slide 11: BASX
BASX — Net sales growth of 207% driven by strong demand from data center market — Continued progress with Memphis plant ramp-up was a meaningful contributor to growth — Gross profit increased 227% Y/Y — Y/Y margin expansion driven by strong volume growth, partially offset by incremental fixed costs
Slide 12: Q3 2026 Balance Sheet & Cashflow
Q3 2026 Balance Sheet & Cashflow — Leverage ratio at the end of Q3 was 1.04, down from 1.46 in Q2 and 1.71 in Q1 — YTD operating cash flow totaled $147 million, representing an improvement from negative $19 million in the same period of 2025 — Anticipate continued improvement in operating- and free-
Slide 13: Backlog by Brands
Backlog by Brands — Robust backlog, strengthening pipeline and $1.36B +51% Y/Y (5)% Q/Q near-term strength in bookings visibility — BASX’s backlog is geographically diverse and a vast majority is with well-capitalized customers — Focused on turning over backlog with higher $0.50B +18% Y/Y (8)% Q/Q p
Slide 14: Raising 2026 Outlook
Raising 2026 Outlook Current FY26 Outlook Prior FY26 Outlook Y/Y Sales Growth 72% – 75% 55% – 60% Gross Margin ~26% 25% – 26% SG&A % of Sales ~13% 13% – 14% D&A Expenses ~$100M $95M – $100M 14
Slide 15: Appendix
Appendix 15
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Adjusted Net Income Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) Net income, a GAAP measure $ 68,958 $ 30,782 $ 172,533 $ 75,561 Add: Memphis incentive fee1 — — 1,448 6,105 Profit sharing effect2 — — (123) (5
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP EBITDA and Adjusted EBITDA Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) Net income, a GAAP measure $ 68,958 $ 30,782 $ 172,533 $ 75,561 Depreciation and amortization 27,141 19,959 73,859 58,838 Interest expen
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Adjusted SG&A Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Non-GAAP Adjusted Selling, General and Administrative Expenses SG&A, a GAAP measure $ 88,559 $ 63,230 $ 242,817 $ 173,670 Memphis incentive fee — — (1,448) (6,105)
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Adjusted AAON Oklahoma Gross Profit Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Non-GAAP Adjusted AAON Oklahoma Gross profit AAON Oklahoma Net sales $ 283,492 $ 238,748 $ 789,735 $ 585,706 AAON Oklahoma Gross profit $ 72,3
Slide 20: Restatement of Previously Issued Financials
Restatement of Previously Issued Financials Consolidated Income Statements For the Three Months Ended March 31, 2026 For the Three Months Ended June 30, 2026 As Previously As Previously Adjustments As Restated Adjustments As Restated Reported Reported (in thousands) (in thousands) Net sales $ 496,93
Slide 21: Restatement of Previously Issued Financials
Restatement of Previously Issued Financials Segment Results For the Three Months Ended March 31, 2026 For the Three Months Ended June 30, 2026 As Previously As Previously Adjustments As Restated Adjustments As Restated Reported Reported (in thousands) (in thousands) AAON Coil Products Net sales 117,
Slide 22: The Aaon Group
The Aaon Group