Cadre Holdings, Inc. · NYSE:CDRE
Cadre — Investor Presentation (August 2026)
41 slides from Cadre's investor presentation, August 2026
Slide 1: Investor Presentation August 2026
INVESTOR PRESENTATION August 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Except for historical information, certain matters discussed in this presentation may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to all projections and ant
Slide 3: Company history timeline
Warren Kanders BAE Systems acquires Brad Williams Brad Williams appointed invests in Armor Holdings Armor Holdings for $4.1bn* joins Safariland president of Safariland *$4.1 bn equity value, $4.5bn enterprise value 1996 2007 2017 2019 2021 1964 1999 2012 2018 Safariland's holding company Maui Acquis
Slide 4: Management Team
MANAGEMENT TEAM WARREN BRAD BLAINE KANDERS WILLIAMS BROWERS CEO and Chairman President Chief Financial Officer of the Board Benson Eyecare 4
Slide 5: Who is Cadre?
WHO IS CADRE? PRODUCT Global leader in the DISTRIBUTION manufacturing of highly- engineered safety Owned distribution platform serves as a equipment for one-stop shop for first responders professionals % of 2025 Revenue : ~ 15% Duty Gear EOD % of 2025 Revenue : ~ 85% Body Armor Nuclear Safety Retail
Slide 6: Cadre's Foundation
CADRE’S FOUNDATION 2,281 Note: 2,281 figure refers to number of lives saved by Cadre’s products as of 8/10/26. 6
Slide 7: Consistent and Reliable Execution Since IPO
Enhanced Leadership CONSISTENT AND RELIABLE EXECUTION ● Operating model implementation ongoing SINCE IPO ● Growing international footprint and expanding TAM Robust Financial Performance (FY2020 vs. FY2026E) ● Increasing customer wallet share ● Delivering new, innovative product launches +88% +144% +
Slide 8: Investment Highlights
INVESTMENT HIGHLIGHTS Mission-Critical Products with Recurring Demand Robust Acquisition Pipeline to Accelerate Growth ● Over 80% of product line tied to customer refresh cycles ● M&A priorities: expand product suite, grow geographic ● Attractive industry tailwinds driving growth footprint, enter ne
Slide 9: Cadre Operating Model Excellence Maturity Model
CADRE OPERATING MODEL EXCELLENCE MATURITY MODEL Our business strategy to attain and sustain exceptional results. The CADRE Operating The CADRE Excellence Maturity is the leadership operating model Model is a behavior-based, leadership-centric, operating “way” that enables us to create supported by l
Slide 10: Constant Focus on Product Innovation
CONSTANT FOCUS ON PRODUCT INNOVATION Commitment to innovation is a key differentiator and enables Cadre’s brands to maintain premium positions in core markets 10
Slide 11: Long-Term Vision
LONG-TERM VISION FY2025 Aspiration 3–5% organic growth, Revenue $610 million supplemented by $100M in annual M&A Margin Levers $112 million Mid-20s% Adj. EBITDA Pricing Growth Adj. EBITDA 18.3% Margin margin Efficiency Initiatives Gross Margin 42.5% 45-50% Gross Margins Innovation Multiple new verti
Slide 12: Market and Product Overview: Law Enforcement / Military
MARKET AND PRODUCT OVERVIEW: LAW ENFORCEMENT / MILITARY 12
Slide 13: _S SAFARILAND’
_S SAFARILAND’ MED-ENG PATROL ~~ Or
Slide 14: Industry Tailwinds Support Sustainable Growth
INDUSTRY TAILWINDS SUPPORT SUSTAINABLE GROWTH Rising safety threats Resilient and growing Catalysts drive steady, globally spend worldwide recurring demand Governments face U.S. bipartisan commitment to Refresh cycles on vast majority of increasingly complex public safety Cadre product lines – due t
Slide 15: Resilient and Growing Expenditures Driving Demand in Law Enforcement
RESILIENT AND GROWING EXPENDITURES DRIVING DEMAND IN LAW ENFORCEMENT END MARKETS MAJOR DOMESTIC LAW DOMESTIC STATE & LOCAL GOVERNMENT POLICE ENFORCEMENT BUDGETS ($BN)1 PROTECTION EXPENDITURES ($BN)2 2017-2024 2008-2017 178.9 CAGR: CAGR: 168.8 2005-2024 CAGR +4.4% +2.4% 155.8 162.2 149.1 151.5 NYPD O
Slide 16: Market and Product Overview: Nuclear
MARKET AND PRODUCT OVERVIEW: NUCLEAR 16
Slide 17: What is Cadre Nuclear Group?
WHAT IS CADRE NUCLEAR GROUP? March 2024: Acquisition of Alpha Safety ● Highly-visible, recurring revenue driven by long-term contracts, commitments and recurring purchases from entrenched customer base Diversified Nuclear Suite with Growth Potential ● Leading positions across all key product lines ●
Slide 18: Cadre Nuclear Group – Our Why and Near-Term Action Plan
CADRE NUCLEAR GROUP – OUR WHY AND NEAR-TERM ACTION PLAN We exist to support the full Cleanup: Remediating Deterrence: Ensuring national Energy: Supporting the nuclear lifecycle — from Cold War and accident security through pit production, nuclear renaissance cleaning up the past, to legacies (DOE EM
Slide 19: Diversified Nuclear Safety Suite of Highly Engineered Products
DIVERSIFIED NUCLEAR SAFETY SUITE OF HIGHLY ENGINEERED PRODUCTS PRODUCT CATEGORIES ● Ventilation/containment ● Engineered/advanced transportation containers ● Specialty filters ● Radiometric instrumentation ● Robotics systems/manipulators ● Large scale engineering ● Commercial waste management ● Prec
Slide 20: Attractive Tailwinds Driving Demand for Nuclear Safety Products
ATTRACTIVE TAILWINDS DRIVING DEMAND AND VISIBILITY FOR SUITE OF NUCLEAR SAFETY PRODUCTS/SERVICES NATIONAL SECURITY ENVIRONMENTAL MANAGEMENT NUCLEAR ENERGY (25-35% of revenues) (45-55% of revenues) (15-25% of revenues) ● Geopolitical uncertainties drive weapons ● Billions committed annually to suppor
Slide 21: M&A Strategy
M&A STRATEGY 21
Slide 22: Disciplined M&A Strategy
Business DISCIPLINED M&A STRATEGY Leading market position Cost structure where material > labor High cost of substitution Enter new markets / Leading and defensible technology geographies Mission-critical to customer Strong brand recognition Financial Diversify and/or enhance Recurring revenue profi
Slide 23: Latest Acquisition Overview
LATEST ACQUISITION OVERVIEW Acquired Alien Gear Holsters and certain assets from Tedder Industries, LLC, through a court-supervised bankruptcy auction. Highlights & Strategic Rationale Cadre’s Key M&A Criteria Met • Leading manufacturer of holsters and gear for the consumer, law Leading market posit
Slide 24: Successful Acquisition History (2024-2026)
SUCCESSFUL ACQUISITION HISTORY (2024-2026) TYR Tactical Carr’s Engineering Division Alpha Safety ACQUIRED: ACQUIRED: ACQUIRED: January 2026 April 2025 March 2024 PRODUCTS: PRODUCTS: PRODUCTS: Leading manufacturer of mission-critical Complementary portfolio of leading, niche global Global provider of
Slide 25: Successful Acquisition History (2022-2024)
SUCCESSFUL ACQUISITION HISTORY (2022-2024) ICOR Cyalume Radar ACQUIRED: ACQUIRED: ACQUIRED: January 2024 May 2022 January 2022 PRODUCTS: PRODUCTS: PRODUCTS: Trusted global supplier of high-quality, reliable, Over 60 years as a leading manufacturer of Premiere family-owned duty gear business with inn
Slide 26: Q2 Financial Results
Q2 FINANCIAL RESULTS 26
Slide 27: Q2 2026 Key Takeaways
Q2 2026 KEY TAKEAWAYS • Sales, margin and earnings growth that exceeded expectations, driven by outstanding execution and continued strong demand trends for mission critical safety equipment • 5% organic topline growth in Q2 with return to more normalized Distribution segment demand • Second consecu
Slide 28: Q2 2026 Financial Summary
Q2 2026 FINANCIAL SUMMARY NET SALES GROSS PROFIT NET INCOME ADJ. EBITDA1 + 32% YoY + 36% YoY - 7% YoY + 56% YoY 42.1% 20.3% 40.9% 17.2% $87.1M $12.2M $42.0M $207.1M $11.4M $157.1M $64.2M $27.0M Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 • Reflects current year • Gross margin imp
Slide 29: Net Sales and Adjusted EBITDA
NET SALES AND ADJUSTED EBITDA NET SALES ($MM) ADJ. EBITDA1 ($MM) % Y/Y GROWTH % CAGR % Y/Y GROWTH 24.4% at guidance midpoint 18.1% % CAGR 26.7% at guidance midpoint 16.3% FY 2026 FY 2026 2026 Guidance Guidance Guidance Range Range Range $139M to FY 2025 $749Mto $736M to $144M $610.3M $758M $769M FY
Slide 30: Q2 2026 Capital Structure
Q2 2026 CAPITAL STRUCTURE June 30, 2026 (in thousands) Cash and cash equivalents $ 53,984 Debt: Revolver $ - Current portion of long-term debt 20,012 Long-term debt 355,944 Capitalized discount/issuance costs (1,625) Total debt, net $ 374,331 Net debt (Total debt net of cash) $ 320,347 Total debt /
Slide 31: Increased 2026 Outlook
INCREASED 2026 OUTLOOK Attractive end markets and consistent execution driving growth NET SALES • Public Safety and $749M to $769M Nuclear in line with initial expectations Previous: $736M to $758M • TYR expected sales of ADJ. EBITDA1 ~$100M $139M to $144M • Alien Gear expected Previous: $136M to $1
Slide 32: Appendix
APPENDIX 32
Slide 33: Environmental Management
ENVIRONMENTAL Retrieval/Sort & Segmentation MANAGEMENT Process/Treatment Disposal Transportation Characterization & Analysis Waste Packaging 33
Slide 34: National Security
NATIONAL SECURITY Legacy Weapons Stockpile / PU239 Disposition Strategy Weapons Disposed Arsenal Reused Unsuitable Surplus Weapons Disassembled Grade Pu Recast Shipping Disposal New Pit Production Generated TRU Waste 34
Slide 35: Nuclear Energy
NUCLEAR ENERGY Enrichment Conversion Disposal Mining & Milling Spent Fuel Interim Storage Reprocessing Fuel Fabrication Power Fuel Generation SMR Transportation 35
Slide 36: Government Clearing Path and Private Investment Flowing In
GOVERNMENT CLEARING PATH AND PRIVATE INVESTMENT FLOWING IN Google partners with Elementl Power on nuclear energy sites as power demand for AI grows Meta has signed a 20-year agreement to — Associated Press (May 2025) buy nuclear power from Constellation Energy, continuing the wave of tech giants tea
Slide 37: Balance Sheet
BALANCE SHEET UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 53,984 $ 122,898 Restricted cash 3,685 2,429 Accounts receivable, net of allowance for doubtful accounts of $271 and $273, respectively 128,445
Slide 38: Statement of Operations
STATEMENT OF OPERATIONS UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net sales $ 207,126 $ 157,109 $ 362,555 $ 287,215 Cost of goods sold 119,991 92,860 215,254 166,835 Gross profit 87,135 64,249 147,301 120,38
Slide 39: Statement of Cash Flows
STATEMENT OF CASH FLOWS UNAUDITED (IN THOUSANDS) Six Months Ended June 30, 2026 2025 Cash Flows From Operating Activities: Net income $ 13,382 $ 21,459 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 11,899 8,532 Amortization of origina
Slide 40: Statement of Cash Flows – Continued
STATEMENT OF CASH FLOWS – CONTINUED UNAUDITED (IN THOUSANDS) Six Months Ended June 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 on ter
Slide 41: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION (IN THOUSANDS) Year ended Three Months Three Months Ended Six Months Ended Last Twelve December 31, Ended March 31, June 30, June 30, Months 2025 2026 2026 2025 2026 2025 June 30, 2026 Net income $ 44,139 $ 1,975 $ 11,407 $ 12,211 $ 13,382 $ 21,459 $ 36,062 Add back: Deprecia