Karman Holdings Inc. · NYSE:KRMN

Karman — Karman Space & Defense — Morgan Stanley Laguna Conference 2026

11 slides from Karman's conference presentation, Sep 16, 2026

  1. Slide 1: Karman Space & Defense Investor Update

    Karman Space & Defense Investor Update September 16, 2026 Jon Rambeau Chief Executive Officer

  2. Slide 2: Forward-Looking Statements & Non-GAAP Financial Information

    Forward-Looking Statements & Non-GAAP Financial Information Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking stat

  3. Slide 3: We Are Exceeding Our IPO Commitments to Our Shareholders

    We Are Exceeding Our IPO Commitments to Our Shareholders What Did We Say At IPO? What Did We Do? Financial Metrics (Organic) 1. Organic Growth Rate ~18% 25%+ (2025A and 2026E) 2. Book-to-Bill Ratio ~1.2 – 1.3x ~1.6x (Last 18 months) 3. Adj. EBITDA Margin ~30%+ ~30% (LTM Adj. EBITDA Margin) 4. Divers

  4. Slide 4: Purchase Built to Create Value for Our Shareholders, Customers, Nation, and Allied Nations

    Purpose Built to Create Value for Our Shareholders, Our Customers, Our Nation, and Allied Nations What are the DoW’s Priorities? How Does KRMN Address These? ▪ Focus on speed, agility and non-traditionals that can creatively solve complex ✓ Simplified, vertically integrated supply chain for IP-rich

  5. Slide 5: Strategic Acquisitions Expand Our Value Proposition and Accelerate Growth

    Strategic Acquisitions Expand Our Value Proposition and Accelerate Growth Key Acquisition Statistics Since IPO Excl. Walker(2) Impact to Karman Excl. Walker (2) Total Acquired Metrics (1) Total Average Acquired Revenue Performance (3) Acquired EBITDA Performance (3) LTM Revenue @ Acquisition Close $

  6. Slide 6: Strategic Acquisitions Expand Our Value Proposition and Accelerate Growth (Cont'd)

    Strategic Acquisitions Expand Our Value Proposition and Accelerate Growth (Cont’d) Acquisitions Since IPO Acquisition Core Market Strategic Rationale Key Initiatives to Accelerate Growth ▪ Leveraged existing customer base to cross-sell refractory alloy capability Strategic ▪ Added new capabilities i

  7. Slide 7: We Are Making Capital Investments to Drive Long-Term Growth & Cash Flow

    We Are Making Capital Investments to Drive Long-Term Growth & Cash Flow Capital Investments Key Expansion Projects Highlights Capital Expenditures ($M) ~$35 - $38M Key Expansion Projects 2026 Cost Strategic Rationale % of Revenue • Significant Directly Responding to Customer & Key Skagit, WA expansi

  8. Slide 8: We Are Making Operational Investments to Drive Long-Term Growth & Cash Flow

    We Are Making Operational Investments to Drive Long-Term Growth & Cash Flow Operational Investments Comparison to Peers(1) Highlights Q2’26 Contract Assets: Investing In People, Material & KRMN 94 Inventory to Support Growth Days 132% Peer Avg. 97 112% KRMN 103% Working Capital Trending Favorably %

  9. Slide 9: Our Backlog is at Record Highs and Provides Significant Visibility

    Our Backlog is at Record Highs and Provides Significant Visibility Backlog Bridge Key Highlights ▪ Exceptional level of bookings across our high $345M $1,322M priority end markets, with ~1.6x book-to-bill ratio over last 18 months $398M $978M ▪ ~$398m increase (~69% growth) in backlog since Q4 2024

  10. Slide 10: Our Strategy, Execution & Unique Position are Yielding Excellent Results

    Our Strategy, Execution & Unique Position are Yielding Excellent Results Trended Revenue Reported Revenue vs Analyst Consensus(1) Quarterly Revenue YoY Growth % 58% 47% 51% 42% 35% 21% Trended Adj. EBITDA Reported Adj. EBITDA vs Analyst Consensus(1) Quarterly Adj. EBITDA YoY Growth % 59% 55% 48% 34%

  11. Slide 11: Appendix A: Reconciliation of EBITDA of Acquired Businesses to Q2 2026 Results

    Appendix A: Reconciliation of EBITDA of Acquired Businesses to Q2 2026 Results Q2 2026 Reconciliation of EBITDA of Acquired Businesses to Q2 2026 Results Q2 2026 Run-Rate (unaudited, in millions)1 58% 47% 51% 42% 35% 21% Net Loss Income $9 $35 Plus: Income Taxes 0 0 Plus: Net Interest Expense (0) (0

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