Ceco Environmental Corp. · NASDAQ:CECO
Ceco Environmental — 2025 Raymond James Napa Valley Small Cap Symposium
24 slides from Ceco Environmental's conference presentation, Nov 17, 2025
Slide 1: 2025 Raymond James Napa Valley Small Cap Symposium
2025 Raymond James Napa Valley Small Cap Symposium November 17, 2025
Slide 2: Forward-looking statements and Non-GAAP information
Forward-looking statements and Non-GAAP information This presentation contains forward-looking statements with predictions, projections and other statements about future events. These statements are made on the basis of management’s views and assumptions regarding future events and business performa
Slide 3: CECO Environmental ... Mission Critical Solutions
CECO Environmental ... Mission Critical Solutions … We Protect People Solving customer challenges to ensure their employees work in a safe and productive work environment We Protect The Environment We minimize our environmental impact and help our global customers do the same We Protect Industrial E
Slide 4: Delivering Sustainable, Shareholder Value
1) Since 12/31/2021 1) Delivering Sustainable, Shareholder Value *2025 as of close on 11.4.2025 Since 2021 CECO Up Russell 2000 S&P 500 ~ 860%* Up ~10%* Up ~40%* $53.69 * $558M TTM $545M $718M $30.23 FY Revenue $316M $324M $423M $20.28 $11.68 $6.85 $6.23 Y/E Stock Price 2020 2021 2022 2023 2024 2025
Slide 5: CECO Environmental: Building the Leading Sustainable Industrial Environmental Solutions Company
CECO Environmental Building The Leading, Global, Sustainable Industrial Environmental Solutions Company Sustainable Value Leading Businesses Creation • Balanced, Niche Leadership Positions • Focused Capital Allocation Model o Industrial Air o Invest in Organic Growth / Expansion o Industrial Water (
Slide 6: Global Company To Serve Global Opportunities
CECO Environmental ... Global Company To Serve Global Opportunities Global HQ: Dallas, TX Sales, Engineering & Admin Manufacturing & Assembly ❑ ~1,600 Employees worldwide ❑ ~40% Sales Outside of US 6
Slide 7: Providing Environmental Solutions for Industry
CECO Environmental ... 100% Providing Environmental Solutions for Industry Diversified Industrials Energy Transition / Power 100% Industrial o General Industrial o EV & Battery Production o Beverage Can Production o Food & Beverage Production o Metals Processing o Gas-fired Power Generation o Datace
Slide 8: Well-Positioned For Strong Market Dynamics With Known Risks
Well-Positioned For Strong Market Dynamics With Known Risks + Power Markets: Remains in Super-cycle mode + Natural Gas / Energy Infrastructure Strong + Global Industrial Water and Wastewater = Reshoring Industrial and Global Semiconductor & Electronics = CECO Pricing and Supply Chains Steady = M&A P
Slide 9: Building Our Sales / Growth Pipeline
Building Our Sales / Growth Pipeline* Continues to Be Sustainable Growth Predictor *Pipeline is defined as Total Active Order Pursuits for Next ~ 18 Months Power – Energy Market Drivers: Power Demand, Electrification, Computing / AI, LNG, Nuclear, Geothermal Key Technology: SCR/SNCR/VOC Emissions Tr
Slide 10: Introducing Full Year 2026 Outlook
Introducing Full Year 2026 Outlook ($MM) 2025 Outlook 2026 Outlook Key Items Orders/B-2-B • Record opportunity pipeline of ~ $5.8B (book to bill) > 1.2X > 1.1x • Expecting Strong Q4’25 & Q1’26 High Value > $1B bookings currently in active bidding process • Record backlog levels entering 2026 Revenue
Slide 11: Many Positives For Q4'25 and Heading Into 2026
Many Positives For Q4’25 and Heading Into 2026 Energy Transition Industrial Water Industrial Air • Nat Gas Power-Gen Capacity Growth • Targeting Mega-Jobs ($30M+) in • Global Semiconductor Strength plus ̶ Electrification + Baseload Needs Industrial Wastewater and International Onshoring Fabs Gaining
Slide 12: Sustainable Transformation ... Maintaining High Performance
Sustainable Transformation … Maintaining High Performance ($MM) Orders Revenue Adj. EBITDA YE ’25 Est. Backlog > $700M More Short-Cycle Business Mix Margin Expansion 500+ bps Backlog 4-year CAGR > 34% Global Diversity Adds Balance Operating Excellence / Productivity B-2-B Consistently > 1.1x Since 2
Slide 13: Q3 2025 Summary
Well-Positioned in Very Strong Markets • Sales Pipeline of $5.8B grew $300M in past quarter • Strong customer engagement • Balanced across end markets and regions • Limited impact from trade and geopolitical tensions Q3 2025 Summary Strong Q3 and YTD Performance • +64% Backlog, +44% Orders, +46% Rev
Slide 14: Appendix Slides
Appendix Slides CECO 14
Slide 15: Focused Capital Deployment For Growth
CECO Environmental ... Focused Capital Deployment For Growth … Capital Allocation Strategy Investment Drivers Organic Growth Programs / Investments • Sales Team, Engineers and Project Managers • CapEx: Biz. Growth, ERP Migration, Cybersecurity Stock Organic Buybacks Growth & M&A Transactions CapEx •
Slide 16: Q3 2025 and TTM Financial Performance
Q3 2025 and TTM Financial Performance TTM = Trailing 12 Month B2B = Book to Bill Q3’25 YoY Q3 TTM YoY Highlights Backlog $720M 64% $720M 64% • Record Backlog ... Broad-based end market demand • Continued Orders Momentum … up ~ $70M YoY; Strength in Power, Semicon, Water, and Natural Gas Infrastructu
Slide 17: Record Backlog Trend Continues
($MM) Record Backlog Trend Continues B2B = Book to Bill * Starting Backlog – Revenue + Net Orders +/- FX + Acquired Backlog = Ending Backlog ~3.4x $720 $688 320 740 700 $602 660 280 620 580 $541 $274 $233 240 540 500 $228 460 $438 $219 200 420 $371 $390 $391 $162 $312 $198 $141 $185 380 $145 $177 16
Slide 18: YTD 2025 Cash Flow and Indebtedness Update
YTD 2025 Cash Flow and Indebtedness Update ($MM) Free Cash Flow Gross Debt Position YTD 2024 YTD 2025 YoY Dec 31, 2024 $216.9 GAAP Net Income $8.1 $47.0 $38.9 Cash Used / (Generated) from Ops $(9.7) (incl. NCI) M&A + CapEx Investments [Net] $(1.5) D&A $10.5 $18.7 Net Bank Debt Activity $0.9 Gain on
Slide 19: Revenue Excluding Acquisitions
Revenue Excluding Acquisitions (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Annual 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 TTM Revenue as reported in accordance with GAAP $ 544.9 $ 126.3 $ 137.5 $ 135.5 $ 158.6 $ 558.0 $ 176.7 $ 185.4 $ 197.6 $ 559.7 $ 718.3 Revenue attributabl
Slide 20: Non-GAAP Operating Income and Margin
Non-GAAP Operating Income and Margin (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Annual 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 TTM Operating Income as reported in accordance with GAAP $ 34.7 $ 7.7 $ 9.3 $ 7.2 $ 11.3 $ 35.4 $ 61.9 $ 18.1 $ 9.4 $ 89.3 $ 100.6 Operating Margin i
Slide 21: Non-GAAP Net Income, Adjusted EBITDA, and Margin
Non-GAAP Net Income, Adjusted EBITDA, and Margin (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Annual 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 TTM Net Income as reported in accordance with GAAP $ 12.9 $ 1.5 $ 4.5 $ 2.1 $ 4.9 $ 13.0 $ 36.0 $ 9.5 $ 1.5 $ 47.0 $ 51.9 Acquisition and
Slide 22: Adjusted Free Cash Flow
Adjusted Free Cash Flow (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Annual 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 TTM Cash provided by (used in) operating activities $ 44.6 $ 1.2 $ 6.7 $ 15.1 $ 1.8 $ 24.8 $ (11.7) $ (7.7) $ 15.3 $ (4.1) $ (2.3) Capital Expenditures (8.4) (3.1
Slide 23: Tariff Environment – Current State and Mitigation Actions
Tariff Environment – Current State and Mitigation Actions ‒ Existing U.S. supply capacity addresses meaningful ‒ Continuing to develop new sources of U.S. capacity and U.S. Capacity portion of U.S. demand strengthen supply chain capabilities ‒ Selective insourcing to existing CECO facility ‒ Majorit
Slide 24: Tariff Outlook for the Remainder of 2025
Tariff Outlook for the Remainder of 2025 ($MM) * Estimated impacts as of April 28, 2025 Ongoing Mitigations Category Gross Impact * Headcount & Process Optimization ~ $3 Supply Chain Efficiencies $0 – 2 Other Actions $0 – 1 Materials $1 – 2 Pricing Pass Thru Cost TBD Total Actions Identified $3 – 6
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