Cadre Holdings, Inc. · NYSE:CDRE
Cadre — Q3 2025 Earnings Presentation
24 slides from Cadre's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025
THIRD QUARTER 2025 November 5, 2025
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 • Q3 Highlights • Business Overview • M&A Execution • Financial Summary • Full Year Outlook • Conclusion and Q&A 4
Slide 5: Continued Execution in Q3
CONTINUED EXECUTION IN Q3 Cadre continues to deliver on strategic objectives and capitalize on favorable market trends driving strong demand for mission-critical safety equipment Commentary: Pricing Growth: Exceeded target Q3 Mix: Positive mix driven by EOD and Nuclear Orders Backlog: Organic backlo
Slide 6: Med-Eng Awarded $50 Million IDIQ with Dept. of Defense
MED-ENG AWARDED $50 MILLION IDIQ WITH DEPT. OF DEFENSE HISTORY DETAILS OF AWARD Four decades of experience evaluating blast ● Award from: Department effects on personnel and associated of Defense protective equipment ● Blast Exposure Monitoring Industry expert and market leader in System (BEMO) prot
Slide 7: Long-Term Industry Tailwinds Supporting Sustainable Growth Opportunity
LONG-TERM INDUSTRY TAILWINDS SUPPORTING SUSTAINABLE GROWTH OPPORTUNITY Public Safety Tailwinds Nuclear Safety Tailwinds Rising safety Environmental management threats globally to address nuclear clean up Resilient and growing Ongoing and expanding spend worldwide national defense initiatives Catalys
Slide 8: Latest Market Trends
LATEST MARKET TRENDS North American Law Enforcement Geopolitical Landscape Current administration has Environments within conflict demonstrated commitment to zones have not changed at this prioritizing public safety with point to allow for unexploded significant investments in ordnance cleanup borde
Slide 9: Disciplined M&A Strategy
DISCIPLINED M&A STRATEGY Business 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 10: Acquisition Overview
ACQUISITION OVERVIEW World-class engineering capabilities and global reach that will enable Cadre to unlock new growth opportunities in high-value end markets Highlights & Strategic Rationale Cadre’s Key M&A Criteria Met • A leading manufacturer of mission-critical personal protective equipment and
Slide 11: Revenue by Customer Category
REVENUE BY CUSTOMER CATEGORY Minimal customer overlap between TYR and existing Safariland Armor business • TYR serves worldwide customer 7% base, including top-tier special ops units, government agencies and militaries 66% • Long-tenured, high-touch relationships with contracting 75% officers and en
Slide 12: Q3 Financial Results
Q3 FINANCIAL RESULTS 12
Slide 13: Third Quarter 2025 Highlights
THIRD QUARTER 2025 HIGHLIGHTS Q3 2025 Q2 2025 Q3 2024 NET SALES $155.9M $157.1M $109.4M GROSS MARGIN 42.7% 40.9% 36.6%2 $10.9M / $12.2M / $3.7M / NET INCOME $0.27 per $0.30 per $0.09 per diluted share diluted share diluted share ADJUSTED EBITDA 1 $29.8M $27.0M $13.5M ADJUSTED EBITDA MARGIN 1 19.1% 1
Slide 14: Net Sales and Adjusted EBITDA
NET SALES AND ADJUSTED EBITDA NET SALES ($MM) ADJ. EBITDA1 ($MM) % CAGR % Y/Y GROWTH % CAGR % Y/Y GROWTH 14.0% 10.5% at guidance midpoint 15.3% 8.7% at guidance midpoint FY 2025 FY 2025 Guidance Guidance Range $112M FY 2024 Range $624M FY 2024 to $116M to $630M $104.8M $567.6M FY 2023 FY 2023 $482.5
Slide 15: Q3 2025 Capital Structure
Q3 2025 CAPITAL STRUCTURE September 30, 2025 (in thousands) Cash and cash equivalents $ 150,875 Debt: Revolver $ — Current portion of long-term debt 16,266 Long-term debt 296,930 Capitalized discount/issuance costs (1,959) Total debt, net $ 311,237 Net debt (Total debt net of cash) $ 160,362 Total d
Slide 16: Reaffirming 2025 Outlook
REAFFIRMING 2025 OUTLOOK Attractive end markets and consistent execution driving growth FY 2025 GUIDANCE NET SALES $624M to $630M ADJ. EBITDA $112M to $116M CAPITAL EXPENDITURES $7M to $8M 1A non-GAAP financial measure. See slide 23 for definitions and reconciliations to the nearest GAAP measures. 1
Slide 17: Conclusion
CONCLUSION Execution in line with strategic objectives in Q3 Ongoing implementation of Cadre operating model Committed to improving gross and Adj. EBITDA margins Executing on M&A pipeline, building capabilities and gaining exposure to new markets Capitalizing on strong macro tailwinds driving demand
Slide 18: Appendix
APPENDIX 18
Slide 19: Balance Sheet
BALANCE SHEET UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) September 30, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 150,875 $ 124,933 Accounts receivable, net of allowance for doubtful accounts of $826 and $876, respectively 99,426 93,523 Inventories 112
Slide 20: 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, 2025 2024 2025 2024 Net sales $ 155,869 $ 109,408 $ 443,084 $ 391,577 Cost of goods sold 89,244 69,392 256,079 235,283 Gross profit 66,625 40,016 187,
Slide 21: Statement of Cash Flows
STATEMENT OF CASH FLOWS UNAUDITED (IN THOUSANDS) Nine Months Ended September 30, 2025 2024 Cash Flows From Operating Activities: Net income $ 32,400 $ 23,150 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 13,908 12,325 Amortization of
Slide 22: Statement of Cash Flows – Continued
STATEMENT OF CASH FLOWS – CONTINUED UNAUDITED (IN THOUSANDS) Nine Months Ended September 30, 2025 2024 Cash Flows From Financing Activities: Proceeds from revolving credit facilities — 5,500 Principal payments on revolving credit facilities — (5,500) Proceeds from term loans 97,500 80,000 Principal
Slide 23: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION (IN THOUSANDS) Year ended Three Months Three Months Ended Nine Months Ended Last Twelve December 31, Ended June 30, September 30, September 30, Months September 30, 202 2024 2025 2025 2024 2025 2024 5 Net income $ 36,133 $ 12,211 $ 10,941 $ 3,655 $ 32,400 $ 23,150 $ 45,383 Ad
Slide 24: 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 presentation contains the non-GAAP measures: (i) earnings before interest, taxes, other income or expense, depreciation and amortization (“EBITDA”), (ii)