Slide 1: Q1 2026 Earnings Conference Call
Q1 2026 Earnings Conference Call May 7, 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: Q1 2026 Overview
Q1 2026 Overview $496.9M 25.1% $78.0M $0.48 $2.1B Sales Gross Profit Margin Non-GAAP Adj. EBITDA* Diluted EPS* Backlog +54.3% +17.1% (170) (80) +43.9% 15.7% +37.1% +23.1% +107.4% +16.5% Y/Y Q/Q bps Y/Y bps Q/Q Y/Y margin Y/Y Q/Q Y/Y Q/Q Q1 2026 sales driven by Strong backlog of data center BASX-bran
Slide 4: Q1 BASX Brand Highlights
Q1 BASX Brand Highlights Strong BASX-Branded +72.4% +26.0% Sales Momentum Y/Y Q/Q BASX-branded book-to-bill ratio >2x driven by fourth straight quarter of record bookings Record BASX- +160.0% +24.4% Branded Backlog Y/Y Q/Q BASX revenue and order growth rates continue to outpace strong data center th
Slide 5: Q1 AAON Brand Highlights
Q1 AAON Brand Highlights Strong AAON-Branded +41.6% +10.5% Sales in Soft Market Y/Y Q/Q AAON-branded bookings up approximately 9% year-over-year Intentional AAON- +26.2% -3.1% Branded Backlog Meaningful production improvements Y/Y Q/Q on increased Dynamics production realized during the quarter as w
Slide 6: Evolving Into a Best-in-Class Manufacturer
Evolving Into a Best-in-Class Manufacturer Completed In Progress People & Process Product Innovation — New CFO and GC — Alpha Class Heat Pump — Strategic finance capabilities — Free Cooling Chiller — Professional supply chain management — Global operations and lean manufacturing expertise Physical S
Slide 7: Q1 2026 Summary
Q1 2026 Summary Q1 2026 Highlights Net Sales Gross Margin 26.8% 25.9% 25.1% — Net sales increase of 54.3% driven by 72.4% growth in BASX-branded $496.9 $424.2 sales and a 41.6% increase in $322.1 AAON-branded sales — BASX-branded sales growth was driven by robust demand from the Q1 2025 Q4 2025 Q1 2
Slide 8: AAON Oklahoma
AAON Oklahoma Q1 2026 Highlights Net Sales Gross Margin — Net sales increased y/y 50.7% Reported Memphis Impact — Margin impacted by $9.8M of $244.0 unabsorbed costs at Memphis plant $215.5 2.9% 3.3% — There is a clear path back to mid-to- high 30s as outsourcing normalizes and price-cost flows thro
Slide 9: AAON Coil Products
AAON Coil Products Q1 2026 Highlights Net Sales Gross Margin — Net sales increased 25.1%, driven by $117.6 increased demand of BASX-branded 31.8% liquid cooling sales $102.6 $94.0 — AAON-branded sales declined 11.8% 24.1% y/y 21.3% — Gross margin q/q expansion reflected improved operating leverage o
Slide 10: BASX
BASX Q1 2026 Highlights Net Sales Gross Margin — Net sales growth of 104.5% driven by strong demand from data center $135.4 27.1% market 24.0% 23.9% — Continued progress with Memphis $106.1 plant ramp-up was a key contributor to growth — Stable YoY margins driven by strong $66.2 volume growth, offse
Slide 11: Q1 2026 Summary: Balance Sheet
Q1 2026 Summary: Balance Sheet Q1 2025 Highlights Cash, Cash Equivalents Debt — Leverage ratio at the end of the first and Restricted Cash quarter was 1.71 $2.4 $425.2 — Debt increase driven by working capital and capex investments to $1.1 $178.0 support strong BASX-branded backlog and future growth
Slide 12: Backlog by Brands
Backlog by Brands Backlog — Demand for data center air-side and liquid cooling solutions is robust $1.62B +160.0% Y/Y +24.4% Q/Q — Strong demand of customized free cooling chiller systems — Focused on rightsizing backlog with higher production throughput $0.5B +26.2% Y/Y -3.1% Q/Q — Strong bookings
Slide 13: 2026 Outlook
2026 Outlook Current FY26 Prior FY26 Outlook Outlook YoY Sales 40%-45% 18%-20% Growth Gross Margin 27%-28% 29%-31% SG&A % of Sales 14%-15% ~16% D&A Expenses $95M-$100M $95M-$100M 13
Slide 14: Appendix
Appendix
Slide 15: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Adjusted Net Income Three Months Ended March 31, 2026 2025 (in thousands) Net income, a GAAP measure $ 39,815 $ 29,292 Add: Memphis incentive fee1 — 2,700 Profit sharing effect2 — (230) Tax effect — (627) Non-GAAP adjusted net income $ 39,815 $ 31,135 Non-GAAP ad
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP EBITDA and Adjusted EBITDA Three Months Ended March 31, 2026 2025 (in thousands) Net income, a GAAP measure $ 39,815 $ 29,292 Depreciation and amortization 20,903 18,943 Interest expense, net 5,055 2,802 Income tax expense 12,266 3,191 EBITDA, a non-GAAP measure
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Adjusted SG&A Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 (in thousands) Non-GAAP Adjusted Selling, General and Administrative Expenses SG&A, a GAAP measure $ 51,293 $ 59,147 $ 63,230 $ 65,810 $ 239,480 Less: Memphis Incentive Fee1 2,700 3,405 — — 6,105 Profit Sharing e
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