Madison Air Solutions Corporation · NYSE:MAIR
Madison Air Solutions — Q3 2026 Earnings Presentation
27 slides from Madison Air Solutions's earnings presentation, Nov 5, 2026
Slide 1: See Air Differently
See Air Differently 3Q 2026 Earnings Presentation November 5, 2026 1 3Q 2026 EARNINGS PRESENTATION
Slide 2: Disclaimer
Disclaimer Forward-looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involves substantial risks and uncertainties. Forward-looking statements are subject to risks and uncertainties. All statements
Slide 3: Agenda
Agenda 1 2 3 Company Highlights Financial Results Summary 3 3Q 2026 EARNINGS PRESENTATION
Slide 4: Company Highlights
1 Company Highlights 3Q 2026 4 3Q 2026 EARNINGS PRESENTATION
Slide 5: We are Madison Air
We are Madison Air Making the world safer, healthier and more productive through the power of better air Differentiated by Leadership in Powered by unique Return on Air® growth markets value creation model Tangible value created when air Well-positioned to scale in To deliver sustainable, becomes a
Slide 6: Madison Air LTM results
Madison Air LTM results Balanced business, resilient revenue Demand for Our Product Portfolio $3.95B LTM Net Sales1 33% Commercial Diversified LTM Adj. EBITDA Residential 26.2% Margin1 67% We See Air Differently —and we’re redefining its value. Our $428M LTM Free Cash Flow1 10% portfolio of trusted
Slide 7: Building an industry leader in Return on Air
Building an industry leader in Return on Air® SEGMENTS COMMERCIAL RESIDENTIAL LTM 3Q’26: $2.7B NET SALES1 LTM 3Q’26: $1.3B NET SALES1 TECHNOLOGY PLATFORMS Air, liquid and hybrid cooling Purification Ventilation Air handling Humidity control and dedicated outdoor air systems (DOAS) Humidification Deh
Slide 8: Innovation fuels orders and backlog growth
Innovation fuels orders and backlog growth Continued growth momentum in 3Q 2026 +26% 3Q Orders Growth YoY Protecting families and +33% YTD1 Robust momentum their HVAC investment Backlog2 Strong backlog $3.2B provides visibility into 2027 Advanced Purification. Energy Efficient. Long Filter Life. 3Q
Slide 9: Better air drives better business outcomes
Better air drives better business outcomes The Heat Tax: Lost output and higher turnover when workers are too hot estimated Fewer than of U.S. industrial 42% more likely to leave within 90 $1 annual cost of voluntary facilities have days, when they experience 20% air conditioning1 of frontline emplo
Slide 10: Madison Air Strategy
Madison Air Strategy A scalable model for profitable growth and cash generation Focus on Outperform Operational Disciplined Growth Markets the Markets Excellence Capital Allocation RETURN ON AIR® Resilient end markets Outpacing market growth Mission-driven culture Targeted M&A ~$8B with structural t
Slide 11: Combination expected to accelerate our strategy and value creation
Combination expected to accelerate our strategy and value creation CUSTOMER BENEFITS Purchase Price1 ~$5.0B ~10x EBITDA multiple (’26E, incl. estimated run-rate cost synergies) RETURN DIFFERENTIATED PARTNER ON AIR TECHNOLOGY OF CHOICE ebm-papst Total Addressable +$30B Market (TAM)2 SHAREHOLDER BENEF
Slide 12: Financial Results
2 Financial Results 3Q 2026 12 3Q 2026 EARNINGS PRESENTATION
Slide 13: 3Q 2026 highlights
3Q 2026 highlights Strong financial performance reflecting broad-based growth Net Sales $1,127M +25% YoY Strong organic net sales growth (+22pts volume, +3pts price) Broad-based Commercial growth Adj. EBITDA1 $298M +19% YoY Residential growth driven by continued market penetration in AprilAire Adj.
Slide 14: Commercial segment
Commercial segment Broad-based organic growth across end-markets; Incremental margins in-line with expectations Segment Adj. EBITDA Segment Net Sales and Margin Highlights +39% +24% • Orders $1,052M (+37% YoY) • Broad-based growth, led by data centers; $200M Strength continued across other markets $
Slide 15: Residential segment
Residential segment Organic growth led by AprilAire market penetration; Continued margin strength Segment Adj. EBITDA Segment Net Sales and Margin Highlights +3% +12% • Growth driven by continued AprilAire Healthy Air System whitespace penetration $356M $105M • Margin expansion from price, productiv
Slide 16: Balance sheet and cash flow
Balance sheet and cash flow Strong and flexible balance sheet supported by robust cash generation Free Cash Flow Net Leverage1 and Margin1 (Net Debt / Adj. EBITDA1) Free Cash Flow1 • Continued cash flow improvement LTM FCF % of Net Sales1 • Working capital ~20% of LTM net sales 11.7% 10.8% • CAPEX 1
Slide 17: Growth momentum continues
Growth momentum continues Raising full-year guidance Prior Updated FY 2026 FY 2026 4Q Visibility • LDD net sales growth expected Net • Demand remains healthy Sales $3,825 - $3,925M $4,050 - $4,125M • Orders expected to be down YoY from the non-repeat Pro Forma of a large 4Q’25 order HSD+ Mid-High Te
Slide 18: Summary
3 Summary 3Q 2026 18 3Q 2026 EARNINGS PRESENTATION
Slide 19: Delivering on our strategy
Delivering on our strategy 1 2 3 We Are Delivered strong results Growth momentum Madison Air in 3Q 2026 continues Making the world safer, healthier, Well-positioned to scale in Well-positioned to deliver and more productive through the high-growth, performance-driven sustainable growth and strong po
Slide 20: Q&A
Q&A Reznor Dock Trailer Heater 20 3Q 2026 EARNINGS PRESENTATION
Slide 21: Appendix
Appendix 21 3Q 2026 EARNINGS PRESENTATION
Slide 22: Adjusted EBITDA and Margin Reconciliation
Adjusted EBITDA and Margin Reconciliation Actuals Actuals Pro Forma(1) Nine months ended Three months ended September 30, Nine months ended September 30, September 30, 2026 2025 2026 2025 2025 Net income (loss) $ 107.4 $ 56.8 $ 220.9 $ 133.8 $ 67.6 Adjustments: Net (income) loss from discontinued op
Slide 23: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Actuals Actuals Pro Forma(1) Nine months ended Three months ended September 30, Nine months ended September 30, September 30, 2026 2025 2026 2025 2025 Net income (loss) $ 107.4 $ 56.8 $ 220.9 $ 133.8 $ 67.6 Adjustments: Net (income) loss from discontinued operation
Slide 24: Free Cash Flow and Conversion Reconciliation
Free Cash Flow and Conversion Reconciliation Actuals Actuals Actuals Actuals Nine months ended Three months ended Three months ended Three months ended September 30, September 30, September 30, September 30, March 31, 2026 March 31, 2025 June 30, 2026 June 30, 2025 2026 2025 2026 2025 Net cash flows
Slide 25: Free Cash Flow Reconciliations
Free Cash Flow Reconciliations Actuals Three months ended September 30, June 30, March 31, December 31, September 30, June 30, March 31, December 31, 2026 2026 2026 2025 2025 2025 2025 2024 Net cash flows provided by operating activities $172.0 $98.6 $57.8 $147.1 $173.2 $105.5 $54.6 ($152.7) Net cas
Slide 26: LTM Adjusted EBITDA Reconciliation
LTM Adjusted EBITDA Reconciliation Actuals Pro Forma(1) Pro Forma(1) Pro Forma(1) Nine months ended Nine months ended Year ended For the Twelve Months September 30, September 30, December 31, Ended September 30, 2026 2025 2025 2026 Net income (loss) $220.9 $67.6 $58.1 $211.4 Adjustments: Net (income
Slide 27: Net Leverage and Adjusted Net Leverage Reconciliation
Net Leverage and Adjusted Net Leverage Reconciliation December 31, 2025 September 30, 2026 Total debt $ 5,650.4 $ 3,057.0 Add: Discounts and financing fees, net 68.6 29.7 Less: Cash and cash equivalents (208.4) (2,645.2) Total net debt $ 5,510.6 $ 441.5 LTM Net income (loss) 58.1 211.4 LTM Adjusted
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