Graham Corporation · NYSE:GHM
Graham — Investor Presentation (June 2026)
39 slides from Graham's investor presentation, June 2026
Slide 1: Investor Presentation June 2026
Investor Presentation June 2026 GRAHAM CORPORATION 1 © 2025 GRAHAM CORPORATION, ALL RIGHTS RESERVED
Slide 2: Safe Harbor Statement
Safe Harbor Statement Safe Harbor Regarding Forward Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are
Slide 3: Graham at-a-Glance
Overview GRAHAM IS A MISSION-CRITICAL SOLUTION PROVIDER Graham ACROSS THREE CORE END-MARKETS at-a-Glance Leading global provider of mission-critical engineered Defense Mission-critical fluid, power, 1936 Founded | 1968 IPO vacuum, heat transfer, and products that maximize system 730+ advanced mixing
Slide 4: Investment Thesis
Overview Investment Thesis ~13% Adj. EBITDA Margin(1) FOR FY27 Margin Expansion Operational excellence drives margin expansion, supported by >20% ROIC(1) projects $533M BACKLOG(2) >20%+ ROIC(1) Extended Visibility Disciplined Growth Strategy Long-term visibility enables prioritized Strategic ROIC pr
Slide 5: Business Overview
01 Business Overview 5
Slide 6: Graham Portfolio
01 | Business Overview Graham Portfolio Defense Space Energy & Process 60% of FY26 Revenue 6% of FY26 Revenue 34% of FY26 Revenue Military Torpedoes Small Aircraft Aircraft & Satellites & Refining, Modular Carriers / Launch Power & Unmanned Lunar Life Support Petrochem, Nuclear Nuclear Vehicles Gene
Slide 7: Defense Portfolio
SPACE ENERGY & PROCESS DEFENSE 01 | Business Overview REVENUE ($ in millions) Defense Portfolio $147.4 CATEGORIES HIGHLIGHTS $121.9 • Strong and expanding demand supported by increased U.S. defense budgets and accelerated shipbuilding driven by geopolitical tensions $99.5 • Key supplier of mission-c
Slide 8: Long-Cycle Visibility on Key Navy Nuclear Programs
SPACE ENERGY & PROCESS DEFENSE 01 | Business Overview Long-Cycle Visibility on Key Navy Nuclear Programs GRAHAM REVENUE OPPORTUNITY ~$1.8 BILLION(2) THROUGH 2056 BASED ON STRATEGIC PLATFORM PROJECTIONS CVN Ford Class Carrier SSN Virginia Class Subs SSBN Columbia Class Subs Torpedoes • 2 Completed •
Slide 9: Space Portfolio
DEFENSE SPACE ENERGY & PROCESS DEFENSE SPACE 01 | Business Overview REVENUE1 & TOTAL ORDERS2 ($ in millions) Space Portfolio $35.3 CATEGORIES HIGHLIGHTS • Developing content in commercial space through rocket engine turbopump systems $21.2 and satellite launch support $5.3M Virgin $20.1 Orbit • Posi
Slide 10: Energy & Process Portfolio
DEFENSE DEFENSE SPACE ENERGY & PROCESS 01 | Business Overview REVENUE ($ in millions) Energy & Process Portfolio Energy & Process CATEGORIES HIGHLIGHTS $83.3 • Versatile proprietary technology leverageable across broad end-markets including $72.8 $73.3 refining, petrochemical, edible oil, steel proc
Slide 11: Materials Processing Portfolio
FLACKTEK MATERIALS PROCESSING 01 | Business Overview ACQUISITION OVERVIEW Materials Processing Portfolio • $35 million purchase price 85% cash/15% stock • Expect ~$30 million of revenue FY2027 Utilizing mixing CATEGORIES technology to maximize customer process throughput HIGHLIGHTS • Expect ~$3 mill
Slide 12: Growth Enablement
Image credit: Blue Origin 12 02 Growth Enablement
Slide 13: Accelerating Growth From a Stable Foundation
02 | Growth Enablement “STABILIZE” PHASE COMPLETE, TRACKING TO FY27 GUIDANCE DURABLE MOMENTUM INTO “IMPROVE TO GROWTH” PHASE TODAY Accelerating Growth From a Stable Foundation GROWTH IMPROVE STABILIZE FY23 - 25 FY26 - 27 FY27 & Beyond 13
Slide 14: Stabilize Phase Completed – Strong Foundation and Credibility Through Action & Results
IMPROVE GROWTH STABILIZE 02 | Growth Enablement Credibility Through Action & Results FY26 FY21 25% 34% >20% Defense Energy & Process Revenue Revenue Strategic Plan $97.5M $245M 6% ROIC(1) Hurdle Rate Stabilize Phase 75% Energy & 60% Space Process Defense Completed – Strong Expanded Portfolio Diversi
Slide 15: Phased Approach to Sustainable, Long-Term Growth
STABILIZE IMPROVE GROWTH 02 | Growth Enablement Phased Approach to Sustainable, Long-Term Growth PROACTIVELY POSITIONING THE BUSINESS TO LONG-TERM GROWTH TRENDS LEVERAGING CORE COMPETENCY DEFENSE ENERGY & PROCESS SPACE GRAHAM CORPORATE Rising Grid Demand From AI Naval Ship and Submarine Demand & Dat
Slide 16: Completed Strategic Facility Investments
STABILIZE IMPROVE GROWTH 02 | Growth Enablement Completed Strategic Facility Investments New Navy Facility in Batavia, NY (Completed 2QFY26) Cryogenic Test Facility in Jupiter, FL (Completed 4QFY26) Assembly & Test Facility at Barber Nichols (Completed 1QFY26) Liquid Nitrogen Testing at Barber Nicho
Slide 17: Growth Drivers: Focused Product Lifecycle Investments
STABILIZE IMPROVE GROWTH 02 | Growth Enablement Enabling the Growth Phase Through Focused Product Lifecycle Investments PRODUCT LIFECYCLE c VALUE IDENTIFICATION VALUE CREATION VALUE EXTRACTION Market & Technology & Commercialization & Service & 1 2 3 4 Customer Need Product Solution Production Scale
Slide 18: M&A Growth
02 | Growth Enablement M&A Growth DISCPLINED ACQUISITION STRATEGY TO SUPPLEMENT 8-10% ANNUAL ORGANIC GROWTH EXPECTATIONS TARGET CATEGORY ATTRIBUTES COMPANY TYPE Privately held, independently operated Fluid/power/thermal management sectors supporting aerospace, defense, cryogenic, and INDUSTRY FOCUS
Slide 19: Successful M&A Track Record
02 | Growth Enablement Successful M&A Track Record Acquisition Close June 2021 November 2023 October 2025 January 2026 Purchase Price $72M $11M $1.5M $37M Adj. EBITDA Multiple 11x <10x NA 12x Privately held Industry Focus Management & Culture Product Alignment Technology Moat Diversification; Expand
Slide 20: Financials
Ee wl al Financials O3
Slide 21: Our Financial Transformation (FY2022 – FY2026)
03 | Financials Our Financial Transformation (FY2022 – FY2026) Revenue Adjusted EBITDA & Margins(1) ($ in millions) ($ in millions) • Proven track record of strong, consistent performance and $26.0 $22.4 continuous improvement $245.3 $209.9 $13.3 $185.5 $8.5 • Double digit organic revenue $157.1 gro
Slide 22: Diversified Demand Driving Record Bookings & Backlog
03 | Financials Diversified Demand Driving Record Bookings & Backlog • Record backlog provides significant visibility and stability Orders & Book-to-Bill(1) Backlog(1) • Solid customer demand across $532.6 all markets total orders $82.5 $359.4 $412.3 $390.9 • 1.3x book-to-bill(1) over last 5 $71.7 $
Slide 23: Maintain Disciplined Capital Allocation Strategy
03 | Financials Maintain Disciplined Capital Allocation Strategy • Profitable organic growth most STRONG BALANCE SHEET compelling avenue for value • Strong cash generation and fiscal discipline creation 1 • Completed $50 million PIPE with accounts advised by T. Rowe Price in April 2026 • Proceeds us
Slide 24: Fiscal 2027 Outlook
03 | Financials Fiscal 2027 Outlook (As of June 8, 2026) Fiscal 2027 Guidance Net Sales $285 million to $295 million • FY 2027 guidance in-line with Gross Margin 24.5% to 25.5% of sales long-term goals SG&A expense (including amortization)(1)(2) 16.5% to 17.5% of sales • Improved mix vs. FY2026 Adju
Slide 25: Three-Year Strategic Plan (FY2027 – FY2029)
03 | Financials Driving the Next Phase of Growth: Three-Year Strategic Plan (FY2027 – FY2029) 8% to 10% 14% - 16% Capital and R&D to support growth initiatives; targeted Organic Revenue Growth(2) Adjusted EBITDA Margin(2) ROIC(2) >20% Revenue Gross Profit % Adjusted EBITDA % Approaching $400 Top Qua
Slide 26: Q&A
Q&A 26
Slide 27: Appendix
Appendix 27
Slide 28: Thematic, Decentralized Corporate Structure
04 | Appendix Thematic, Decentralized Corporate Structure CORPORATE HOLDING COMPANY Strategy. Intelligence. Enablement. Market & Customer Insight Competitive & Technology Intelligence Strategic Guidance & Thought Leadership Thermal Power Management Electronics Mission-Critical Turbomachinery Solutio
Slide 29: Growth Index
04 | Appendix Growth Businesses with Strategies for Expanding Margins Graham Market Positioning Higher Space Target Market Growth Drivers: • Targeting New Energy • Growing end markets and applications • Increasing Growth Index Defense • Market share and market penetration • Innovating • New products
Slide 30: Competitors
04 | Appendix Competitors NORTH AMERICA. Defense Energy & Process Turbomachinery OEM — Defense and Space ‘Turbomachinery OEM ~ Energy & Process Turbomachinery OEM — power and power producer Advanced Mixing Systems Energy & Process Turbomachinery OEM ~ Energy & Process Turbomachinery OEM — power and
Slide 31: Case Study – Compact Radar Cooling Pumps
SPACE ENERGY & PROCESS DEFENSE 04 | Appendix Case Study – Compact Radar Cooling Pumps Industrial Pump Background • Graham was selected to design and supply a cooling pump for an advanced radar program that enables 360-degree air and missile defense. • Pump design optimizes Size, Weight, and Power (S
Slide 32: Case Study – Cryogenic Fluid Pumps
DEFENSE SPACE ENERGY & PROCESS SPACE 04 | Appendix Case Study – Cryogenic Fluid Pumps Low-Flow, High Pressure Background • Graham has 50-years of cryogenic pump experience in demanding and sensitive applications including power distribution, superconducting magnets, nuclear moderators, and synchrotr
Slide 33: Market Highlight – Small Modular Nuclear (SMR)
DEFENSE DEFENSE SPACE ENERGY & PROCESS 04 | Appendix Market Highlight – Small Modular Nuclear (SMR) IEA, Nuclear Programs Key Market Highlights • Major SMR developers backed by significant commercial and government support with target commercial operation by 2030 with more than 80 active SMR designs
Slide 34: Operational Excellence Drives Growth
04 | Appendix Case Study – Navy Facility in Batavia, NY Operational Excellence Added 30,000 sq-ft Navy facility to increase capacity by ~10% and Drives Growth reduce product lead-time by ~50% with $13.5M of $17.5M total investment granted by strategic customer. People Process & Systems Workforce D
Slide 35: Aftermarket Acceleration on Global Installed Base
04 | Appendix Case Study – NextGen Nozzle Aftermarket Acceleration Global refining investment focused on maintenance & capacity. Graham on Global Installed Base well-positioned with >$1B installed equipment globally. Product innovation focus to modernize install base. Market Drivers Asset life ext
Slide 36: Case Study – Motor Controller
04 | Appendix Potential Market Beach-Heads Case Study – Motor Controller United States Industrial VFD Market - $3.4B Global Aircraft Power Electronics Market - $1.0B Global Spacecraft Thermal Solution Market - $1.1B Business Development Global Military Vehicle Electrification Market - $4.7B Market R
Slide 37: Key Performance Metrics
Key Performance Metrics Key Performance Indicators In addition to the non-GAAP measures used in this presentation, The book-to-bill ratio is an operational measure that management management uses the following key performance metrics to uses to track the growth prospects of the Company. The Company
Slide 38: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation (Unaudited, $ in thousands) Non-GAAP Financial Measure: Adjusted EBITDA is defined as consolidated net income before net interest expense, income taxes, depreciation, amortization, other acquisition related expenses, and other unusual/non
Slide 39: Adjusted Net Income & Adjusted Diluted EPS Reconciliation
Adjusted Net Income & Adjusted Diluted EPS Reconciliation (1) Applies a normalized tax rate to non-GAAP adjustments, which are pre-tax, based upon the applicable statutory tax rate. Non-GAAP Financial Measure: Adjusted net income and adjusted net income per diluted share are defined as net income an