Cadre Holdings, Inc. · NYSE:CDRE
Cadre — Q3 2026 Earnings Presentation
29 slides from Cadre's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter 2026
THIRD QUARTER 2026 November 5, 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Please note that in this presentation we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private
Slide 3: Today's Presenters
TODAY’S PRESENTERS WARREN BRAD BLAINE KANDERS WILLIAMS BROWERS CEO and Chairman President Chief Financial Officer of the Board 3
Slide 4: Agenda
AGENDA 01 Who We Are 02 Q3 Highlights and Market Trends 03 Financial Summary 04 Increased Full-Year Outlook 05 Conclusion and Q&A 4
Slide 5: Who We Are
01 WHO WE ARE 5
Slide 6: Global Leader in Highly-Engineered Safety Equipment
GLOBAL LEADER IN HIGHLY-ENGINEERED SAFETY EQUIPMENT Cadre operating model drives value creation across verticals Public safety + defense Nuclear safety • Body armor • Containment and handling • Duty gear • Transport packaging • Explosive Ordnance Disposal (EOD) • Instrumentation and services Custome
Slide 7: Investment Highlights
INVESTMENT HIGHLIGHTS Mission-critical, recurring Leading brands in large Active acquisition pipeline demand markets Over 80% of public safety product Leading positions in a $2B core public 8 acquisitions for $475M+ since 2022 lines tied to customer refresh cycles, safety and defense SAM1, plus a $3
Slide 8: Consistent Growth in Public Safety & Defense
CONSISTENT GROWTH IN PUBLIC SAFETY & DEFENSE Steady structural demand in core markets with mid-single-digit growth; European + other targeted international opportunities provide platform for higher growth EST. GROWTH IN CORE EST. GROWTH OPP. IN MACRO DRIVER CADRE EXPOSURE MARKET SERVED INTERNATIONAL
Slide 9: Durable Demand Drivers in Nuclear Safety Market
DURABLE DEMAND DRIVERS IN NUCLEAR SAFETY MARKET Established funding and objectives across the full nuclear lifecycle, where Cadre’s specialist capabilities meet broad market opportunity DEMAND AREAS CADRE EXPOSURE FUNDING SOURCES ENVIRONMENTAL MANAGEMENT Highly engineered containers, robotics, measu
Slide 10: Industrial Compounder
INDUSTRIAL COMPOUNDER How Cadre turns operating progress into lasting value for shareholders. 01 02 03 Growth Operating Model Reinvestment • Fund organic • Capture replacement • Strategic vision opportunities demand • Continuous improvement • Acquire selectively • Invest in innovation • Leadership c
Slide 11: Q3 Highlights and Market Trends
02 Q3 HIGHLIGHTS AND MARKET TRENDS 11
Slide 12: Q3 2026 Key Takeaways
Q3 2026 KEY TAKEAWAYS FINANCIAL RESULTS AHEAD OF EXPECTATIONS $202.9M $41.1M +46% y/y Q3 net sales vs. guidance of ~$190M Q3 adj. EBITDA vs. guidance of ~$34M Q3 net income of $16.0M DOUBLE-DIGIT ORGANIC GROWTH MOMENTUM ACROSS CORE MARKETS ACQUISITIONS PERFORMING WELL • Safariland selected as FBI ar
Slide 13: Latest Market Trends: Core L.E. and Defense
LATEST MARKET TRENDS: CORE L.E. AND DEFENSE Demand drivers broadening across law enforcement and global defense Rising Safety Threats European Rearmament Global Conflicts U.S. Law Enforcement Increasingly complex threats facing law enforcement and €454B War in Middle East and Ukraine ongoing with op
Slide 14: Latest Market Trends: Nuclear
LATEST MARKET TRENDS: NUCLEAR Cadre Nuclear Group: cleaning up the past, securing the present, enabling the future Environmental Management National Defense Commercial Nuclear Multi-decade +7% 400 GW Contracted cleanup program demand House FY27 NNSA mark of $27.1B vs. U.S. target by 2050, ~4x today;
Slide 15: M&A Momentum and Disciplined Capital Allocation
M&A MOMENTUM AND DISCIPLINED CAPITAL ALLOCATION Cash generation supports both: $475M+ in acquisitions and $72.8M in dividends $200M+ 8 $72.8M acquisitions dividends paid $120M $100M • Including latest EOD bolt-on completed in November, eight acquisitions in line with $50M disciplined and patient app
Slide 16: Highly Selective Approach to M&A
HIGHLY SELECTIVE APPRROACH TO M&A STRATEGIC GOALS Enter new markets and Strengthen category Deepen existing customer geographies leadership relationships WHAT WE LOOK FOR Business Financial Market ✓ Leading market position ✓ Recurring revenue ✓ Niche market ✓ Defensible technology ✓ Asset-light mode
Slide 17: Q3 Financial Results
03 Q3 FINANCIAL RESULTS 17
Slide 18: Q3 2026 Financial Summary
Q3 2026 FINANCIAL SUMMARY NET SALES GROSS PROFIT NET INCOME ADJ. EBITDA1 + 30% YoY + 32% YoY + 46% YoY + 38% YoY 43.4% 20.2% 42.7% 19.1% $88.1M $16.0M $41.1M $202.9M $66.6M $10.9M $29.8M $155.9M Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 • Reflects current year • Gross margin im
Slide 19: Strong Record of Sales and Adj. EBITDA Growth
STRONG RECORD OF SALES AND ADJ. EBITDA GROWTH NET SALES ($MM) ADJ. EBITDA1 ($MM) % Y/Y GROWTH % Y/Y GROWTH % CAGR 24.9% at guidance midpoint % CAGR 27.1% at guidance midpoint 16.5% 18.3% FY 2026 FY 2026 Guidance Guidance Range Range $140M to $756M to $144M $769M FY 2025 FY 2025 $111.7M $610.3M FY 20
Slide 20: Q3 2026 Capital Structure and Allocation
Q3 2026 CAPITAL STRUCTURE AND ALLOCATION Net leverage of 2.2x leaves room to keep acquiring while paying the dividend. September 30, 2026 (in thousands) 2.2x $475M+ Cash and cash equivalents $ 63,916 Net debt / adj. EBITDA1, Deployed on acquisitions Debt: September 30, 2026 since 2022; $200M+ in 202
Slide 21: Increased 2026 Outlook
INCREASED 2026 OUTLOOK Attractive end markets and consistent execution driving growth NET SALES $756M to $769M Previous: $749M to $769M ADJ. EBITDA 1 $140M to $144M Previous: $139M to $144M CAPITAL EXPENDITURES $11M to $14M 1A non-GAAP financial measure. See slides 28-29 for definitions and reconcil
Slide 22: Concluding Highlights
CONCLUDING HIGHLIGHTS Cadre continues to deliver on strategic objectives and remains well positioned to deliver shareholder value in 2026 and beyond Mission-critical demand 10% organic growth in Q3, excluding Distribution Leading brands in large markets Safariland selected as FBI armor kit panel pro
Slide 23: Appendix
APPENDIX 23
Slide 24: Balance Sheet
BALANCE SHEET UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) September 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 63,916 $ 122,898 Restricted cash 3,796 2,429 Accounts receivable, net of allowance for doubtful accounts of $383 and $273, respectively 12
Slide 25: Statement of Operations
STATEMENT OF OPERATIONS UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net sales $ 202,876 $ 155,869 $ 565,431 $ 443,084 Cost of goods sold 114,785 89,244 330,039 256,079 Gross profit 88,091 66,625 235
Slide 26: Statement of Cash Flows
STATEMENT OF CASH FLOWS UNAUDITED (IN THOUSANDS) Nine Months Ended September 30, 2026 2025 Cash Flows From Operating Activities: Net income $ 29,367 $ 32,400 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 18,335 13,908 Amortization of
Slide 27: Statement of Cash Flows – Continued
STATEMENT OF CASH FLOWS – CONTINUED UNAUDITED (IN THOUSANDS) Nine Months Ended September 30 2026 2025 Cash Flows From Financing Activities: Proceeds from revolving credit facilities 82,500 — Payments on revolving credit facilities (82,500) — Proceeds from term loans 75,000 97,500 Principal payments
Slide 28: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION (IN THOUSANDS) Year ended Three Months Three Months Ended Nine Months Ended Last Twelve Months December 31, Ended June 30, September 30, September 30, September 30, 2025 2026 2026 2025 2026 2025 2026 Net income $ 44,139 $ 11,407 $ 15,985 $ 10,941 $ 29,367 $ 32,400 $ 41,106 Ad
Slide 29: Use of Non-GAAP Measures
USE OF NON-GAAP MEASURES The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). The press release contains the non-GAAP measures: (i) earnings before interest, taxes, other income or expense, depreciation and amortization (“EBITDA”), (ii)