Slide 1: Q2 2025 Earnings Conference Call
Q2 2025 Earnings Conference Call August 11, 2025
Slide 2: Forward-looking statements and other references
Forward-looking statements and other references Certain statements and information set forth in this presentation contains “forward-looking statements” and “forward-looking information” within the meaning of the Private Securities Litigation Reform Act of 1995. Except for statements of historical fa
Slide 3: Q2 2025 overview
Q2 2025 overview $311.6M 26.6% $46.6M $0.22 $1.12B Sales Gross Profit Margin Non-GAAP Adj. Non-GAAP Adj. Adjusted Backlog** EBITDA* Diluted EPS* -0.6% Y/Y -950 bps Y/Y -43.1% Y/Y -64.5% Y/Y +71.9% Y/Y -20 bps Q/Q 14.9% margin +8.8% Q/Q Q2 sales and earnings Strong backlog will result in a impacted b
Slide 4: Context for recent developments
Context for recent developments 2022 – 2024 April 2025 May 2025 June 2025 July 2025 Today AAON updates Longview goes live investors with New guide for 2025 To support future with new SAP Coil production at Coil production at preliminary details at which accounts for growth, identified system Longvie
Slide 5: When efficiency metrics are hit, margins are delivered
When efficiency metrics are hit, margins are delivered | 5
Slide 6: AAON-Branded Backlog and Production Trends Point To 2H Recovery
AAON-Branded Backlog and Production Trends Point To 2H Recovery Q2 Highlights Strong bookings of AAON-branded in Q2 AAON-Branded Backlog and YTD $600 $494.2 $417.9 AAON-branded backlog up y/y 93.4% $403.9 $400 $355.5 and up q/q 22.4% $327.3 (in millions) $307.1 $276.6 $278.6 $255.5 $239.1 $200 Backl
Slide 7: Update on ERP roll-out
Update on ERP roll-out Background Rationale Principles Legacy ERP system was Improves visibility in Strategically rolling-out in not built for scale. To operations, data quality stages to minimize support our growth, and margin trajectory impact across sites upgrade was required Go-Live Sequence Lon
Slide 8: Q2 other takeaways
Q2 other takeaways BASX-branded data center sales up y/y XX% Liquid cooling equipment sales XX% of total BASX-branded sales BASX wins $172mm order from Applied Digital, expected to be manufactured in Memphis AAON-branded national accounts strategy gaining traction, sales up XX% in Q2 AAON-branded Al
Slide 9: Q2 2025 summary
Q2 2025 summary Q2 Highlights Net Sales Gross Margin Net sales decline of 0.6% driven by 36.1% 18.0% decline in sales at AAON $313.6 $311.6 26.6% Oklahoma segment, nearly fully offset by growth of 20.4% and 86.4% at BASX and AAON Coil Products segments, respectively Q2 2024 Q2 2025 Q2 2024 Q2 2025 A
Slide 10: ERP implementation impacts on sales and margin
1 ERP implementation includes impacts on sales and margin and increased inefficiencies as a result of the change. | 10
Slide 11: AAON Oklahoma
AAON Oklahoma Q2 Highlights Net sales declined 18.0% as a result of entering the quarter at lower production rates y/y, supply chain issues in early April, and impact of Net Sales Gross Margin slower coil production at Longview 37.2% facility $225.7 27.5% $185.1 Since March, production consistently
Slide 12: AAON Coil Products
AAON Coil Products Q2 Highlights Net sales increase of $27.1M, or 86.4%, driven by $40.1M of BASX-branded sales, partially offset by a $13.0M Net Sales Gross Margin decline in AAON-branded sales Challenges with ERP implementation $58.5 41.9% impacted AAON-branded production, minimal impact to BASX-b
Slide 13: BASX
BASX Q2 Highlights Net sales growth of 20.4% driven by strong demand from data center Net Sales Gross Margin market $68.0 28.5% 27.9% Y/Y, gross margin impacted by higher $56.5 indirect expenses Q/Q, gross margin was up a second straight quarter, demonstrating operational efficiencies are improving
Slide 14: Q2 2025 summary: balance sheet
Q2 2025 summary: balance sheet Q2 Highlights Leverage ratio at the Restricted Cash, Cash & Cash Equivalents Debt end of the first quarter was 1.40 $400 $40 $317.3 In Q2, closed on new $500.0M credit $20.0 facility $20 $8.4 $200 $— $1.3 $0 Increase to working capital reflects Q2 2024 Q2 2025 $— $0 Q2
Slide 15: Backlog by brands
Backlog by brands (All percentages on this slide represent year-over-year changes) Backlog Demand of air-side and liquid cooling solutions for data centers is robust BASX brand* $623.4M Up 58.0% Opportunities with our customized free cooling chiller systems. Backlog is the highest level in AAON hist
Slide 16: Revised 2025 outlook
Revised 2025 outlook Prior Current YoY Sales Mid-to-High Low-Teens Growth Teens Gross Margin ~33% 28%-29% Non-GAAP Adj. SG&A % 15.2%-15.4% 16.5%-17.0% of Sales* | 16 * See appendix for additional information regarding Non-GAAP measures
Slide 17: Guidance bridge with ERP implementation impacts
1 Bridge values represent midpoint of guidance. 2 ERP implementation includes impacts on sales and margin and increased inefficiencies as a result of the | 17 change.
Slide 18: 2H 2025 performance in context
2H 2025 performance in context Select highlights 2H 2025 volumes are well supported by Sales evolution ($M)1 YoY Growth increased backlog Supply chain normalization to support margin recovery Guide incorporates appropriate cushion for ERP implementation 31% 5% 1% 3% 10% 19% 15% Gross margin evolutio
Slide 19: Appendix
Appendix | 19 | 19
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Adjusted Net Income Non-GAAP EBITDA and Adjusted EBITDA Three Months Ended Three Months Ended June 30, June 30, 2025 2024 2025 2024 (in thousands) (in thousands) Net income, a GAAP measure $ 15,487 $ 52,228 Net income, a GAAP measure $ 15,487 $ 52,228 Depreciatio
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Adjusted SG&A | 21 | 21