Ceco Environmental Corp. · NASDAQ:CECO
Ceco Environmental — 2026 Jefferies Global Industrials Conference
26 slides from Ceco Environmental's conference presentation, 2026
Slide 1: Premier Industrial Growth Company
Premier Industrial Growth Company CECO | 2026 Jefferies Global Industrials Conference
Slide 2: Legal Disclosures I
LEGAL DISCLOSURES I Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements, other than statements of historical fact, included in this presentation that address eve
Slide 3: CECO Environmental
CECO Environmental CECO Environmental We Protect People We Protect The We Protect Industrial Solving customer challenges so Environment Equipment employees work safely and Reducing environmental Protecting customer investment in productively impact, in our communities operating assets and improving
Slide 4: The New CECO: A Global, Diversified Industrial Solutions Leader
J u n e 9 th: C E C O I n v e s t o r C a l l The New CECO: A Global, Diversified Industrial Solutions Leader CECO FY 2026 Proforma – “Day One” Positioned to Maximize Secular Tailwinds Aligned To Maximize Strong Secular Tailwinds 1 o Power Generation, Electrification, Data Centers / AI, Industrial P
Slide 5: Stock Performance
Conference Name Stock Performance CECO vs. S&P 500 vs. Russell 2000 — cumulative return since December 2020 $74.10 Market Cap (9/4/26) $59.85 ~ $4.3B (Y/E 2025) CECO +11x Cumulative since 2020 S&P 500 ~110% $6.96 Cumulative since 2020 Russell 2000 ~50% 2020 2021 2022 2023 2024 2025 2026 CECO S&P 500
Slide 6: Transformational Journey that Started in 2020 is Now Accelerating
2026 East Coast IDEAS Conference Transformational Journey that Started in 2020 is Now Accelerating. Business Transformation: Portfolio Transformation: High-Performance Design / Processes Expanding Industrial Leadership O R G A N I Z AT I O N A L D E S I G N ORGANIC GROWTH • Solution / Market Focused
Slide 7: Robust Pipeline of Opportunities
2026 East Coast IDEAS Conference Robust Pipeline of Opportunities Pipeline of $8B+ offers CECO great visibility to near-term Growth Pipeline ~ 20% > $8,500 ~ 65% ~560%+ ~ 15% Since Full Year 2021 Largest M&A deal Engineering Capabilities in Company history Biz Dev, Sales Personnel ~ 12 acquisitions
Slide 8: FY Orders: Leading Solutions & Position + Right Markets = Sustainable Growth
2026 East Coast IDEAS Conference FY Orders: Leading Solutions & Position + Right Markets = Sustainable Growth Orders Up ~60% YoY to $1.1B in 2025. 2026 raised to ~$2.0B on $8.5B+ pipeline. ~ $2.0B + Power Markets: Remains in Super-cycle mode ~30% CAGR ‘22 – ’26: 40% Up > 80% YoY + Natural Gas / Ener
Slide 9: Driving Sustainable, High-Performance Growth
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL Driving Sustainable, High-Performance Growth Building an $8B+ sales pipeline has driven 5 straight years of record Record Backlog ~ $1.8B = Solid + High Visibility to Rev & Margins orders growth -- enabling consistent double-digit sales growth ~ $8.5B $1.8B+
Slide 10: Thermon Integration - 40M+ Run-Rate Synergies by Year 3
2026 East Coast IDEAS Conference Thermon Integration - 40M+ Run-Rate Synergies by Year 3 Three high-confidence synergy buckets — fully realized by Year 3. Deal is accretive on standalone numbers alone. > $40M RUN-RATE BY YEAR 3 $40M $40M+ Cost synergies · fully realized PowerGen Datacenters Zero pri
Slide 11: Q2 2026 - Cost Synergies Ahead of Plan
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL Q2 2026 - Cost Synergies Ahead of Plan Captured $13M of annualized cost savings representing 1/3 of total target. Expect to deliver on ~50% of savings by Year-1. Confident in our ability to deliver greater than $40M in EBITDA synergies. Net Adjusted EBITDA Sa
Slide 12: Commercial Synergies: Building a Pipeline to Add 1 to 2 Percentage Points Organic Growth
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL Commercial Synergies: Building a Pipeline to Add 1 to 2 Percentage Points Organic Growth Leveraging Strengths and Leadership Positions of Each Delivering Early Wins & Opportunities $500K+ Thermon Content Added to CECO PowerGen Projects • Leading Thermal Sol
Slide 13: Raising Full-Year 2026 Outlook
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL Values in $ millions Raising Full-Year 2026 Outlook [April] Outlook New Outlook 1 (Standalone CECO) FY 2026 Commentary • Expecting Well-Over $2B Orders/B-2-B > $1.5B $2B+ • Market momentum continues (book to bill) Off to Great Start • Opportunity pipeline con
Slide 14: Appendix
Appendix Q2 2026 Performance 14
Slide 15: CECO Environmental Q2 2026 Summary
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL % = Year over Year performance CECO Environmental Q2 2026 Summary * Markets & Backlog Q2 2026 KEY FINANCIAL METRICS • Sales Pipeline > $8.5B Reflects Ongoing Strong Market Opportunities • Record Backlog = Secured by PO + Higher Margin + Associated with Active
Slide 16: Q2 2026 and Trailing Twelve-Month Financial Performance
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL Q2 2026 and Trailing Twelve-Month Financial Performance As reported = CECO standalone with Thermon June performance KEY HIGHLIGHTS Q2 ‘26 YoY Q2 TTM YoY Backlog $1,819M +164% $1,819M +164% • Orders: Power Gen with significant project bookings in 1H 2026; Indu
Slide 17: Adjusted EBITDA Trend
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL Adjusted EBITDA Trend ($MM) TTM = Trailing 12 Month As reported = CECO standalone with Thermon June performance As Reported financials. Full Year / TTM Performance Quarter Performance $113 $40.2 $90 $29.8 $58 $63 $23.3 $23.2 $20.3 $42 2022 2023 2024 2025 Q2'2
Slide 18: Backlog Expansion Supports Future Revenue Growth
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL Backlog Expansion Supports Future Revenue Growth ($MM) B2B = Book to Bill * Starting Backlog – Revenue + Net Orders +/- FX + Acquired Backlog = Ending Backlog 1,8 80 1,8 40 1,8 00 ~8.5x $1,819 880 840 1,7 60 1,7 20 800 1,6 80 1,6 40 $799 760 1,6 00 Backlog Or
Slide 19: Q2 2026 Adjusted Free Cash Flow and Indebtedness Update
CECO ENVIRONMENTAL Q2 2026 EARNINGS CALL Q2 2026 Adjusted*Free Cash Flow and Indebtedness Update ($MM) ADJUSTED FREE CASH FLOW GROSS DEBT POSITION 1) Q2’25 YTD Q2’26 YTD YoY Dec 31, 2025 $208.6 Cash Used / (Generated) from Ops $(37.5) GAAP Net Income (incl. NCI) $46.5 $(34.8) $(81.2) M&A + CapEx Inv
Slide 20: Additional Items as of Q2 2026
APPENDIX ($MM) Additional Items as of Q2 2026 Item Q2’26 Commentary Shares issued for Thermon transaction, Increased stock grants, Shares outstanding 58.6 million PRSU multiplier Cash balance $61.1 Cash utilized for debt repayment and working capital Combined revolver and Term Loan balances; Focus o
Slide 21: Thermon Proforma financials for 2024 and 2025
APPENDIX ($MM) Thermon Proforma financials for 2024 and 2025 2024 FY Proforma - Calendar Year 2025 FY Proforma - Calendar Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year YoY Orders $117 $127 $131 $139 $514 $139 $121 $131 $158 $549 7% B-t-B 0.92 1.10 1.14 1.03 1.04 1.04 1.11 0.99 1.07 1.05 Revenue $
Slide 22: Revenue Excluding Acquisitions. Revenue by Segment.
APPENDIX Revenue Excluding Acquisitions. Revenue by Segment. (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 YTD 2024 2025 2025 2025 2025 2025 2026 2026 2026 TTM Revenue as reported in accordance with GAAP $ 558.0 $ 176.7 $ 185.4 $ 197.6 $ 214.7 $ 774.4 $ 205.9 $ 285.0 $ 490.9 $ 903.2 Revenue
Slide 23: Non-GAAP Gross Profit
APPENDIX Non-GAAP Gross Profit 1) NOTE: Amounts are computed independently each quarter. Accordingly, the sum of each quarter’s amounts may not equal the total amounts for the respective year. 1) Purchase accounting inventory valuation adjustment, related to Thermon Group acquisition. 23
Slide 24: Non-GAAP Operating Income and Margin
APPENDIX Non-GAAP Operating Income and Margin NOTE: Amounts are computed independently each quarter. Accordingly, the sum of each quarter’s amounts may not equal the total amounts for the respective year. 24
Slide 25: Non-GAAP Net Income, Adjusted EBITDA, and Margin
APPENDIX Non-GAAP Net Income, Adjusted EBITDA, and Margin 3) 4) NOTE: Amounts are computed independently each quarter. Accordingly, the sum of each quarter’s amounts may not equal the total amounts for the respective year. 25
Slide 26: Free Cash Flow
APPENDIX Free Cash Flow NOTE: Amounts are computed independently each quarter. Accordingly, the sum of each quarter’s amounts may not equal the total amounts for the respective year. * Other Adjustment: excluding tax payments related to tax gain on the divestiture of GPS business in Q1 2025. It also
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