The Elmet Group Co. · NASDAQ:ELMT
The Elmet — Investor Presentation (October 2026)
46 slides from The Elmet's investor presentation, October 2026
Slide 1: Securing Critical Components Supply Chain
Critical Materials Critical Processes Critical Engineering Critical Manufacturing Securing Critical Components Supply Chain October 2026
Slide 2: Disclaimer
Disclaimer FORWARD-LOOKING STATEMENTS The information in this Presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact included in this presentation regarding our
Slide 3: Executive Summary
THE ELMET ee (OUP Executive Summary
Slide 4: The Elmet Evolution
The Elmet Evolution Tungsten & Molybdenum U.S. Leader for Key Critical Materials and Components Materials Supply Chain One of the world’s largest manufacturers of Only U.S.-owned and U.S.-based manufacturer high-performance refractory metals, with of highly engineered critical materials nearly a cen
Slide 5: Landmark Transaction to Secure U.S. Tungsten Supply Chain
Landmark Transaction to Secure U.S. Tungsten Supply Chain First initiative of the DoW's Economic Defense Unit aligns public and private capital to strengthen America's tungsten supply chain while creating long-term value for Elmet, the U.S. government and taxpayers Summary Investment Terms DoW Inves
Slide 6: European Expansion: Schwabmünchen Acquisition
European Expansion: Schwabmünchen Acquisition Elmet has agreed to acquire ams OSRAM’s Schwabmünchen metal production operations, which establishes a strategic, integrated tungsten and molybdenum manufacturing base in Europe with smart manufacturing capabilities Transaction Detail • Elmet is acquirin
Slide 7: The Elmet Group Business Overview
The Elmet Group Business Overview Business Divisions ENHANCED / NEW PRODUCTS INCREASED PROGRAM EXPOSURE NEW Critical Materials Components (“CMC”) Engineered Microwave Products (“EMP”) Elmet Refining & Trading (“ERT”) Expanding U.S. capacity and New developments open reach Creating national leader es
Slide 8: Vertically Integrated Critical Materials Components Operations
Vertically Integrated Critical Materials Components Operations Enable High Quality and Greater Control CMC Vertically Integrated Engineering-to-Production Process NEW ENHANCED ENHANCED ENHANCED ENHANCED Metal Powder Consolidation & Thermomechanical Machining & Mining Raw Materials APT Chemical Refin
Slide 9: Capitalizing on Global Trends to Enable Long-Term Performance
Capitalizing on Global Trends to Enable Long-Term Performance Elmet is well positioned to benefit from global trends revolutionizing technology and the global economy Missile Defense Electrification of Industrial Processes Fusion Research Nuclear Submarine Enhancements U.S. Semiconductor Growth & In
Slide 10: Critical Supplier During Unprecedented Time in Our Industry
Critical Supplier During Unprecedented Time in Our Industry Few U.S. companies can offer similar security of supply to commercial and ADG customers during this volatile global realignment China, Russia, North Korea, Iran Ban(1) Aggressive China Export Restrictions(2) Global Price Escalation(3) 74 18
Slide 11: Solving Urgent Tungsten Supply Chain Challenges is Critical
Solving Urgent Tungsten Supply Chain Challenges is Critical Significant • China controls more than 85% of the current supply of tungsten, making the tungsten market Concentration Risk susceptible to manipulation Foreign Export • Recent foreign export restrictions on tungsten and other critical mater
Slide 12: Proven Track Record of Strategic M&A and Investments
Proven Track Record of Strategic M&A and Investments Elmet has a strong track record of building scale and driving long-term value through its strategic acquisitions and investments 1 2 3 4 5 6 Ferrite Microwave Industrial Mega Industries Micro Communications Elmet Technologies Valvo Bauelemente Tec
Slide 13: Expansion of Senior Leadership Team to Support Future Growth
Expansion of Senior Leadership Team to Support Future Growth Senior Management Team New Executive Peter Anania Derek Fox Jim Detert Mike Lee Kelly Stone CEO & Chairman President, CMC President, EMP Chief Financial Officer Senior Vice President, 40+ years of experience 25+ years of experience 30+ yea
Slide 14: Overview of Landmark DoW Transaction
Overview of Landmark D o W Tr a n s a c t i o n
Slide 15: Strategic Capital Deployment of DoW Investment
Strategic Capital Deployment of DoW Investment Proceeds to be allocated toward expanding and fortifying existing operations while strengthening domestic supply chains for critical tungsten and molybdenum products Investments in Existing CMC Facilities $165M+ • Expand capacity for Patriot PAC, PrSM,
Slide 16: Transformational Investment to Build a Fully-Integrated Domestic Critical Materials Platform
Transformational Investment to Build a Fully-Integrated Domestic Critical Materials Platform Phase 1 Phase 2 Pro Forma Elmet Enhancing facilities and securing Creating domestic tungsten U.S. leader for critical long-term tungsten supply processing capabilities materials supply chain DoW-Related Stra
Slide 17: Planned Upgrade and Expansion of Existing CMC Facilities
Planned Upgrade and Expansion of Existing CMC Facilities Investment Focus Lewiston, Maine Expected Key Benefits $165M+ Expanding capacity for powder and key defense programs Capex Investment Expanding capacity and improving resiliency of existing CMC facilities Dedicated capacity reserved for Coldwa
Slide 18: CMC Capacity Expansion Across U.S. Facilities
CMC Capacity Expansion Across U.S. Facilities $165+ million investment expected to expand capacity across Lewiston, Coldwater and Euclid to meet growing U.S. defense demand, capitalize on the megatrends shaping our other end markets and enhance business resilience throughout market cycles Capacity U
Slide 19: Formation of Elmet Refining & Trading ("ERT") Segment
Formation of Elmet Refining & Trading (“ERT”) Segment To secure tungsten from trusted suppliers, enabling mine to missile capabilities Masan Investment & Strategic Offtake Agreements APT Refining Facility Commercial Agreement Collaborating with Masan High-Tech Materials, the Securing qualified feeds
Slide 20: Investment Creates a Fully Integrated, Diversified Supply Chain
Investment Creates a Fully Integrated, Diversified Supply Chain Strategic partnerships with key suppliers expected to secure long-term access to critical raw materials and diversifies overall tungsten supply base, while generating significant value to Elmet Coldwater 1 200,000 sq. feet Long-Term Pow
Slide 21: Masan Offtake Agreement with Strategic Investment
Masan Offtake Agreement with Strategic Investment Long-term contracted partnership, with committed volumes over 8 years • Long-standing commercial relationship formalized through a strategic equity investment Reinforces partnership with existing and a multi-year commercial framework 12+ year commerc
Slide 22: Tungsten West Offtake Agreement Overview
Tungsten West Offtake Agreement Overview Offtake Agreement Summary • Signed long-term tungsten concentrate offtake agreement with Tungsten West, covering production from one of the largest tungsten deposits in the world ‒ Hemerdon Mine targeting ramp-up to full-scale production by the end of Q1 2027
Slide 23: Blue Moon Springer APT Restart
Blue Moon Springer APT Restart Expedited restart of the former General Electric (GE) mine and APT plant to create the first independent APT facility in the U.S. Springer Complex – Pershing County, NV Transaction Structure Strategic Value ~$75M APT JV Investment — Elmet majority- First independent U.
Slide 24: Defense Logistics Agency Awards Elmet IDIQ Contract
Defense Logistics Agency Awards Elmet IDIQ Contract Key Terms for Tungsten Stockpile Agreement Defense Logistics Agency (“DLA”) Strategic Materials $2 Billion $150 Million Total IDIQ Contract Funded Commitment ▪ DLA manages end-to-end global defense supply chain 5 Years + 2 Years 3+ from raw materia
Slide 25: Long-Term Investment and Operational Framework
Long-Term Investment and Operational Framework Initial Funding Expected Timeline of Investment and Operations Start of 2031 Projected 2031 Projected Operations 2026 2027 2028 2029 2030 2031 Revenue ($M) Gross Margin Existing Operations CMC Schwabmünchen Facility ~$625 - $675 ~26 – 29% U.S. Facility
Slide 26: Well-Positioned for New U.S. Defense Sourcing Requirements
Well-Positioned for New U.S. Defense Sourcing Requirements As U.S. defense sourcing for critical materials continues to tighten, DoW investment has positioned Elmet to increase its tungsten production capacity, strengthening U.S. supply chain resiliency Critical Material Restrictions Elmet’s Strateg
Slide 27: Financial Update
THE ELMET ee (OUP Financial Update
Slide 28: Key Metrics at a Glance – Robust Backlog with ADG Focus
Key Metrics at a Glance – Robust Backlog with ADG Focus Revenue Breakdown Key LTM Metrics Division Mix End Market Mix 14% 5% 3% $228.5M $31.8M ADG Revenue Adj. EBITDA 18% Industrial 40% CMC Medical EMP S&E 22.6% 13.9% 86% 34% Adj. Gross Profit Margin Adj. EBITDA Margin Energy Product Mix(1) Geograph
Slide 29: Backlog Summary
Backlog Summary Open Order Backlog +88% • Focus on ADG has significantly increased $131.5 total backlog over the last twelve months $113.3 ‒ Total backlog as of 7/3/2026 has $33.1 increased 55% vs. one year ago $96.3 $29.7 ‒ ADG backlog as of 7/3/2026 has $87.3 $84.6 increased 100% vs. one year ago
Slide 30: Financial Summary
Financial Summary Revenue Adjusted Gross Profit Adjusted EBITDA $228.5 % Margin % Margin $211.3 $201.6 $51.7 $45.3 $31.8 $42.0 $28.6 $23.8 20.8% 21.4% 22.6% 11.8% 13.5% 13.9% Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months
Slide 31: Key Takeaways and Investment Highlights
K e y Ta k e a w a y s a n d Investment Highlights
Slide 32: Key Takeaways from Elmet's Strategic Expansion
Key Takeaways from Elmet’s Strategic Expansion Landmark $450M DoW Investment $165M+ to Expand U.S. Manufacturing Capacity First initiative of the DoW’s new Economic Defense Unit; 5X tungsten powder capacity and expanded output for Patriot milestone-based funding with capital structure flexibility an
Slide 33: Uniquely Positioned to Strengthen Tungsten Supply Chain for the U.S. and its Allies
Uniquely Positioned to Strengthen Tungsten Supply Chain for the U.S. and its Allies Critical to Capitalizing on Global Trends Including Defense Fortification, 1 Clean Energy Transition and Supply Chain Reshoring U.S. Material Independence Sole U.S. Owned Supplier of Certain Highly Engineered Critica
Slide 34: Appendix
THE ELMET ee (OUP Appendix
Slide 35: Critical Materials Components Division Overview
Critical Materials Components Division Overview Division Overview Division Financial Highlights(1) • CMC division is a leading provider of high-performance tungsten and molybdenum refractory metal product manufacturing and machining services • Refractory metals expertise covers a wide array of pure
Slide 36: Engineered Microwave Products Division Overview
Engineered Microwave Products Division Overview Division Overview Division Financial Highlights(1) • EMP division is a leading designer and manufacturer of high-power microwave components, industrial microwave systems and RF solutions • Focused on the research and development of industrial microwave
Slide 37: Overview of Operations
Overview of Operations Lewiston, Maine Coldwater, Michigan Euclid, Ohio 210,000 184 200,000 129 110,000 105 Square Feet Employees Square Feet Employees Square Feet Employees Gorham, Maine Nashua, New Hampshire Hamburg, Germany 60,000 86 25,000 31 6,000 14 Square Feet Employees Square Feet Employees
Slide 38: Dedicated and Experienced Engineers, Researchers, Metallurgists and Technicians
Dedicated and Experienced Engineers, Researchers, Metallurgists and Technicians Comprehensive Suite of Products and Services Scaled Manufacturing of ~95 Person Multi-Disciplined Wide Range of Capabilities and Specialized Components Technical Team with Average Deep Level of Expertise Tenure of ~15+ Y
Slide 39: Pro Forma Organizational Structure
Pro Forma Organizational Structure ParentCo New Entity Elmet Group Co. (NASDAQ: ELMT) Division 100.0% Interest 100.0% Interest 100.0% Interest Elmet Technologies LLC Microwave Techniques LLC Elmet Refining & Trading LLC 100.0% Interest 100.0% Interest 70.0% Interest Elmet Ventures GmbH Elmet Refinin
Slide 40: DoW Investment Detail and Penny Warrant Netting Structure
DoW Investment Detail and Penny Warrant Netting Structure Illustrative Netting Schedule + Illustrative Fully Drawn Preferred Balance, Net of Penny Warrant Outstanding Preferred(1) Clawback at Various Prices Clawback Value • $450 million redeemable preferred stock ($ in M) investment from the Departm
Slide 41: Overview of Key ERT Partners and Relationships
Overview of Key ERT Partners and Relationships Global supplier of Developer of critical metals Leading producer of Mining developer focused on Partner Description tungsten raw materials brownfield projects tungsten concentrate restarting Hemerdon tungsten mine MSN MOON EQR TUN Ownership (Ho Chi Minh
Slide 42: Historical Segment Financial Reconciliation
Historical Segment Financial Reconciliation Six Months Ended, Six Months Ended, Three Months Ended, Three Months Ended, Twelve Months Ended, ($ in 000's) July 3, 2026 June 30, 2025 April 3, 2026 March 30, 2025 December 31, 2025 Revenue CMC 105,253 80,818 48,206 39,113 171,956 EMP 17,155 14,699 7,801
Slide 43: Historical Gross Profit Reconciliation by Segment
Historical Gross Profit Reconciliation by Segment Six Months Ended, July 3, 2026 Six Months Ended, June 30, 2025 Three Months Ended, April 3, 2026 Three Months Ended, March 31, 2025 Twelve Months Ended, December 31, 2025 ($ in 000's) CMC EMP Total CMC EMP Total CMC EMP Total CMC EMP Total CMC EMP To
Slide 44: Historical Adjusted EBITDA Reconciliation by Segment
Historical Adjusted EBITDA Reconciliation by Segment Six Months Ended, July 3, 2026 Six Months Ended, June 30, 2025 Corporate Corporate ($ in 000's) CMC EMP Total CMC EMP Total & Other & Other Income (Loss) from Continuing Operations 10,074 (1,190) (13,710) (4,826) 5,004 589 (1,610) 3,983 Income Tax
Slide 45: Historical Adjusted EBITDA Reconciliation by Segment (Cont'd)
Historical Adjusted EBITDA Reconciliation by Segment (Cont’d) Twelve Months Ended, December 31, 2025 Corporate ($ in 000's) CMC EMP Total & Other Income (Loss) from Continuing Operations 12,313 1,363 (5,736) 7,940 Income Tax Provision -- (45) -- (45) Interest Expense (Income) 3,694 605 111 4,410 Dep
Slide 46: Critical Materials Critical Processes Critical Engineering
Critical Materials Critical Processes Critical Engineering Critical Manufacturing The Elmet Group | www.theelmetgroup.com
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