Thermon Group Holdings, Inc. · NYSE:THR
Thermon — Merger or Acquisition (March 2026)
32 slides from Thermon's merger presentation, Mar 23, 2026
Slide 1: CECO & Thermon | 38th Annual Roth Conference
CECO & Thermon | 38th Annual Roth Conference · March 2026 Premier Industrial Growth Company
Slide 2: Legal Disclosures I: Forward-Looking Statements
L E G A L D I S C L O S U R E S 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 th
Slide 3: Legal Disclosures II: No Offer or Solicitation
L E G A L D I S C L O S U R E S I I No Offer or Solicitation This presentation is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shal
Slide 4: The Transaction: Investment Thesis
Forward-looking statements. Subject to shareholder and regulatory approvals. Source: CECO management, public filings. 20% includes $40M of run-rate synergies to be achieved by year 3 Net leverage assumes 50% synergy credit to Proforma Adjusted EBITDA The Transaction: Investment Thesis High-performan
Slide 5: CECO Environmental Stand Alone: A Leading, Diversified Industrial Growth Company
CECO Environmental Stand Alone: A Leading, Diversified Industrial Growth Company Transformation Well Underway … 5
Slide 6: Stock Performance
Stock Performance CECO vs. S&P 500 vs. Russell 2000 — cumulative return since March 2020 2020 2021 2022 2023 2024 2025 2026 CECO S&P 500 Russell 2000 C E C O ~700%+ Cumulative since 2020 S & P 5 0 0 ~73% Cumulative since 2020 R u s s e l l 2 0 0 0 ~24% Cumulative since 2020 $6.96 $59.85 (Y/E 2025) 6
Slide 7: Robust Pipeline of Opportunities
$1,500 $6,500 2021 Organic Investments Markets M&A Current C E C O S T A N D A L O N E Robust Pipeline of Opportunities Pipeline of $6.5B+ offers CECO great visibility to near-term Growth ~ 25% ~ 75% ~ 12 acquisitions Air + Water + Energy Power Gen Datacenters International Water Reshoring Engineeri
Slide 8: FY Orders: Leading Solutions & Position + Right Markets
C E C O S T A N D A L O N E FY Orders: Leading Solutions & Position + Right Markets = Sustainable Growth Orders Up ~60% YoY to $1.1B in 2025. 2026 raised to >$1.5B on $6.5B+ pipeline. $527M 1.25x 2022 $580M 1.1x 2023 $667M 1.2x 2024 $1.1B 1.4x 2025 > $1.5B > 1.5x 2026E ~30% Book to Bill CAGR ‘22 – ’
Slide 9: Uninterrupted Top Line Growth With Consistent Margin Expansion
C E C O S T A N D A L O N E Uninterrupted Top Line Growth With Consistent Margin Expansion Revenue up 125% from 2022 while Expanding Gross Profit margins +500 bps and Adjusted EBITDA margins + 200bps. F I N A N C I A L T R A J E C T O R Y FY22 FY23 FY24 FY25 Revenue $423M $545M $558M $774M GP % 30%
Slide 10: Full Year 2026 Outlook
Full Year 2026 Outlook (Updated in February 2026) Initial Guidance Oct’25 > 1.1x > $1B 850 – 950 110 – 130 50 – 60% Updated FY Outlook (Standalone CECO) > 1.5B Off To Great Start 925 – 975 YoY +23% at midpt. 115 – 135 YoY +38% at midpt. YoY +145bps 50%+ • Record YE2025 backlog; >65% converting in ‘2
Slide 11: Thermon Stand Alone: Global Industrial Leader in Process Heat & Solutions
Thermon Stand Alone: Global Industrial Leader in Process Heat & Solutions Transformation Well Underway … 11
Slide 12: Thermon Eight Years Later – Positioned for Growth
T H E R M O N S T A N D A L O N E Thermon Eight Years Later – Positioned for Growth Eight years of deliberate evolution: O&G dependence halved, recurring revenue at ~ 85% with High Margins F Y 2 0 1 7 — T H E R M O N 1 . 0 Revenue $264M Adj. EBITDA $ | Margin $43M | 16% O&G Dependence ~ 60% of Reven
Slide 13: Thermon Transformative Actions Are Accelerating Growth
T H E R M O N S T A N D A L O N E Thermon Transformative Actions Are Accelerating Growth Adjusted top-line growth of 123%, normalizing for Russia exit Look Back ~$30M Revenue Large-project mega-cycle work was structurally non-recurring. Russia Asset Exit due to conflict. Going Forward + Liquid Load
Slide 14: The "New" CECO Environmental Premier Industrial Growth Company
The “New” CECO Environmental Premier Industrial Growth Company 14
Slide 15: Why Now? Unique Timing = Dual Momentum
C O M B I N E D B U S I N E S S E S Why Now? Unique Timing = Dual Momentum. Accelerates Strategy. Solidifies Long Term Exceptional Shareholder Value. Scale Matters. NOW T H E W I N D O W F O R C E 0 1 · S T R U C T U R A L D E M A N D Largest Gas Turbine Cycle in a Decade >$1.5B Active Power Pipelin
Slide 16: CECO's 2030 Vision = Accelerated
C O M B I N E D B U S I N E S S E S CECO's 2030 Vision = Accelerated … Will Reset to Drive More Scale Matters, NOW. C E C O 2 0 3 0 V I S I O N — O R G A N I C P L A N [ P r e - T H E R M O N ] Revenue Target $1.5B+ EBITDA Margin 18–20% Growth Model Organic Timeline 2030 Thermon Accelerates → 4–5 Yr
Slide 17: Secular Market Tailwinds in Energy, Water, Air and General Industrials
C O M B I N E D B U S I N E S S E S Secular Market Tailwinds in Energy, Water, Air and General Industrials CECO Complex Engineered Solutions meets Thermon Operational Excellence. CECO Growth Strategy meets Thermon Margin Discipline. CECO Revenue Thermon Revenue Source: CECO + Thermon joint investor
Slide 18: $40M+ Run-Rate Synergies by Year 3
C O M B I N E D B U S I N E S S E S 40M+ Run-Rate Synergies by Year 3 Three high-confidence synergy buckets — fully realized by Year 3. Deal is accretive on standalone numbers alone. R U N - R A T E B Y Y E A R 3 $40M+ Cost synergies · fully realized Zero priced into the deal. Deal is accretive on s
Slide 19: CEO Closing
"Together, we will build on our shared histories to deliver a broader, more integrated set of mission-critical solutions for our customers and drive long-term growth and value for our stakeholders." Todd Gleason, CEO — February 24, 2026 C E O C L O S I N G 19
Slide 20: Financial Profile and Deal Profile
F I N A N C I A L P R O F I L E >$1.5B 2026 ORDERS ~20% COMBINED EBITDA DD+ COMBINED GROWTH $6.5B+ ACTIVE PIPELINE D E A L P R O F I L E $10 Cash + 0.684× SHARES ≤$330M HARD CASH CAP Mid-2026 EXPECTED CLOSE 2.5× NET LEVERAGE Forward-looking statements. Subject to shareholder and regulatory approvals
Slide 21: Appendix
Appendix 21
Slide 22: Highly Attractive Growth + Margins. Bridge to Rule of 40+
C O M B I N E D B U S I N E S S E S Highly Attractive Growth + Margins. Bridge to “Rule of 40+” Defined. Combined platform scores ~36+ at close — already above Rule of 30, with a clear bridge to 40+ through synergy capture and recurring revenue mix expansion. FLOOR — TODAY 30+ Rule of 30 Maintained
Slide 23: Act II — Thermon Strategic Direction
A C T I I — T H E R M O N S T R A T E G I C D I R E C T I O N T H E R M O N T R A N S F O R M A T I O N A L I N I T I A T I V E S Three Deliberate Pivots Already Generating Revenue. Thermon's own management articulates three deliberate pivots away from commodity heat tracing: Decarbonization, Digiti
Slide 24: Three Structural Waves. Non-Discretionary Demand.
C E C O + T H E R M O N I N V E S T M E N T Q U A L I T Y & M A R K E T S Three Structural Waves. Non-Discretionary Demand. Three structural markets where CECO and Thermon are both already positioned — driven by policy mandates, capital investment cycles, and tightening environmental compliance requ
Slide 25: Executive Summary: Finished 2025 Strong
Executive Summary Finished 2025 Strong with Record Revenue, EBITDA and Backlog ... Raising 2026 Full Year Outlook C E C O S T A N D A L O N E 2 0 2 5 F I N A N C I A L R E S U L T S Q4 2025 = ANOTHER RECORD QUARTER +47% Backlog +50% Orders +35% Revenue +57% Adj EBITDA 13.9% Adj EBITDA margin up 180+
Slide 26: Q4 and Full Year 2025 Financial Performance
Q4 and Full Year 2025 Financial Performance Q4’25 YoY FY YoY Backlog $793M 47% $793M 47% Orders Book to Bill $329M 1.53x 50% $1,064M 1.37x 59% Revenue $215M 35% $774M 39% Gross Profit Margin % $75.4M 35.1% 33% (65bps) $269M 34.8% 37% (39bps) Adj. EBITDA Margin % $29.8M 13.9% 57% +183bps $90.3M 11.7%
Slide 27: Sustaining Strong Gross Margin Levels
Sustaining Strong Gross Margin Levels TTM basis (TTM GP/TTM Revenue) Continuing Progress on Productivity, Price/Mix, and Project Execution 2 0 2 5 F I N A N C I A L R E S U L T S $128 $171 $181 $191 $193 $196 $213 $231 $251 30.3% 31.4% 32.4% 33.6% 34.8% 35.2% 35.0% 35.2% 35.0% 34.8% 29. 0% 31. 0% 33
Slide 28: Full Year 2025 Cash Flow and Indebtedness Update
Full Year 2025 Cash Flow and Indebtedness Update Efficiently Managing Debt and Liquidity Levels to Support Growth and Investment Needs C E C O S T A N D A L O N E 2 0 2 5 F I N A N C I A L R E S U L T S ($MM) YTD 2024 YTD 2025 YoY GAAP Net Income (incl. NCI) $14.4 $53.1 $38.7 D&A $14.5 $24.9 Gain on
Slide 29: Revenue Excluding Acquisitions
Revenue Excluding Acquisitions APPENDIX 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. (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual 2023 2024 2024 2024 2024 2024 2025
Slide 30: Non-GAAP Operating Income and Margin
Non-GAAP Operating Income and Margin APPENDIX 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. (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual 2023 2024 2024 2024 2024 202
Slide 31: Non-GAAP Net Income, Adjusted EBITDA, and Margin
Non-GAAP Net Income, Adjusted EBITDA, and Margin APPENDIX 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. 2) 2) 3) 4) 31
Slide 32: Adjusted Free Cash Flow
Adjusted Free Cash Flow APPENDIX 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
Thermon Group Holdings — Merger or Acquisition (March 2026) on 6ix