Slide 1: Q4 2025 Earnings Conference Call
Q4 2025 Earnings Conference Call March 2, 2026
Slide 2: Forward-looking Statements and Other References
Forward-looking Statements and Other References Certain statements and information set forth in this presentation contains “forward-looking statements” and “forward-looking information” within the meaning of the Private Securities Litigation Reform Act of 1995. Except for statements of historical fa
Slide 3: 2025 Highlights
2025 Highlights BASX-branded sales up y/y 138.8% in Q4 and 143.5% in 2025 Liquid cooling equipment sales approximately 37.8% of total BASX- branded sales in 2025 BASX-branded backlog totaled $1.3 billion in 2025, up y/y 141.3%, book-to-bill ratio of 2.4x for the year AAON-branded national accounts s
Slide 4: Recent Investments Set to Create Value In 2026
Recent Investments Set to Create Value In 2026 • People and leadership ◦ Added/improved key leadership positions • Manufacturing capacity ◦ Increased manufacturing square footage by 25% and focus on efficiency gains • Supply chain management ◦ Improved reliability and meaningful opportunity to lever
Slide 5: Disciplined ERP rollout supports execution and customer delivery
Disciplined ERP rollout supports execution and customer delivery Key Takeaways — Longview implementation largely stabilized with production Background Rationale Principles approaching full recovery Legacy ERP system Improves visibility in Strategically rolling- was not built for operations, data out
Slide 6: Q4 2025 Highlights
Q4 2025 Highlights Record Sales Y/Y growth of 42.5% BASX-branded sales up 138.8% BASX-branded book-to-bill ratio 3.2x driven by second straight quarter of record bookings Record Backlog Y/Y growth of 110.9% BASX-branded backlog up 141.3% AAON-branded sales grew 9.5% versus a 15.6% decline in industr
Slide 7: Operational Status Across Footprint
Operational Status Across Footprint Plants Q4 Productivity Q4 Profitability Current Status Temporarily constrained by AAON Oklahoma Tulsa Ramping to record levels seasonal factors and supply chain Combined gross margin 27.3%, + BASX* Redmond Stable Incremental gross margin 25% Stable [AAON OK GM% =
Slide 8: Q4 2025 Summary
Q4 2025 Summary Q4 2025 Highlights Net Sales Gross Margin 27.8% — Net sales increase of 42.5% driven 26.1% 25.9% $424.2 by 138.8% growth in BASX-branded $384.2 sales and a 9.5% increase in AAON- $297.7 branded sales — BASX-branded sales growth was driven by robust demand from the Q4 2024 Q3 2025 Q4
Slide 9: AAON Oklahoma
AAON Oklahoma Q4 2025 Highlights Net Sales Gross Margin — Net sales increased y/y 11.1% Reported Memphis Impact — Delivered meaningful share gains with rooftop volumes up modestly $238.7 1.9% against a 16.0% industry decline $215.5 $194.0 2.9% — Margin impacted by $6.4M of unabsorbed costs at Memphi
Slide 10: AAON Coil Products
AAON Coil Products Q4 2025 Highlights Net Sales Gross Margin — Net sales increased 93.6%, driven by increased demand of BASX-branded liquid cooling sales $102.6 21.3% — AAON-branded sales were flattish y/y, up 15.3% q/q 16.1% $70.2 — Gross margin expansion reflected improved operating leverage on $5
Slide 11: BASX
BASX Q4 2025 Highlights Net Sales Gross Margin — Net sales growth of 109.1% driven by strong demand from data center 27.0% 27.1% market $106.1 — Continued progress with Memphis plant ramp-up was a key contributor $75.2 18.8% to growth — Stable margins sequentially reflect the balance between product
Slide 12: Q4 2025 Summary: Balance Sheet
Q4 2025 Summary: Balance Sheet Q4 2025 Highlights Cash and cash equivalents Restricted cash Debt $6.5 — Leverage ratio at the end of the fourth quarter was 1.77 $398.3 — Debt increase driven by working $138.9 capital and capex investments to $1.2 support strong BASX-branded $— $— backlog and future
Slide 13: Backlog by Brands
Backlog by Brands Backlog — Demand of air-side and liquid cooling solutions for data centers is robust $1.30B +141.3% Y/Y +45.2% Q/Q — Strong demand of customized free cooling chiller systems — Focus targeted on rightsizing backlog with higher production throughput $526.4M +60.8% Y/Y +24.3% Q/Q — St
Slide 14: 2026 Outlook
2026 Outlook 2026 YoY Sales Growth 18%-20% Gross Margin 29%-31% SG&A % of Sales ~16% D&A Expenses $95M-$100M 14
Slide 15: Appendix
Appendix
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Adjusted Net Income Three Months Ended December 31, Years Ended December 31, 2025 2024 2025 2024 (in thousands) Net income, a GAAP measure $ 32,032 $ 24,690 $ 107,593 $ 168,559 Add: Memphis incentive fee1 — — 6,105 — Profit sharing effect2 — — (519) — Tax effect
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Combined Segment Gross Profit Three Months Ended December 31, 2025 Non-GAAP AAON Coil AAON Oklahoma BASX Combined Products Consolidated (in thousands) Segment Net Sales $ 215,503 $ 106,095 $ 321,598 $ 102,619 $ 424,217 Segment Gross Profit $ 59,168 $ 28,775 $ 87,
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP EBITDA and Adjusted EBITDA Three Months Ended December 31, Years Ended December 31, 2025 2024 2025 2024 (in thousands) Net income, a GAAP measure $ 32,032 $ 24,690 $ 107,593 $ 168,559 Depreciation and amortization 20,353 17,550 79,191 62,735 Interest expense, net
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Adjusted SG&A Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 (in thousands) Non-GAAP Adjusted Selling, General and Administrative Expenses SG&A, a GAAP measure $ 45,288 $ 45,895 $ 48,637 $ 48,194 $ 188,014 Less: Memphis Incentive Fee1 — — — — — Profit Sharing effect2 — — —
Slide 20: Recasted Quarterly Segment Disclosures
Recasted Quarterly Segment Disclosures Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 (in thousands) AAON Oklahoma External sales $ 210,140 $ 225,727 $ 228,887 $ 193,957 $ 858,711 Inter-segment sales 1,671 1,311 1,238 2,116 6,336 Eliminations (1,671) (1,311) (1,238) (2,116) (6,336) Net sales 210,140 225,727 2
Slide 21: Recasted Quarterly Segment Disclosures
Recasted Quarterly Segment Disclosures Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 (in thousands) AAON Oklahoma External sales $ 161,838 $ 185,120 $ 238,748 $ 215,503 $ 801,209 Inter-segment sales 3,839 5,318 9,737 29,304 48,198 Eliminations (3,839) (5,318) (9,737) (29,304) (48,198) Net sales 161,838 185,1
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