Madison Air Solutions Corporation · NYSE:MAIR
Madison Air Solutions — Q1 2026 Earnings Presentation
26 slides from Madison Air Solutions's earnings presentation, May 12, 2026
Slide 1: See Air Differently. 1Q 2026 Earnings Presentation
See Air Differently. 1Q 2026 Earnings Presentation May 12, 2026 1 1Q 2026 EARNINGS PRESENTATION
Slide 2: Disclaimer
Disclaimer Forward-looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involves substantial risks and uncertainties. Forward-looking statements are subject to risks and uncertainties. All statements
Slide 3: Agenda
Agenda 1 2 3 Company Highlights Financial Results Summary 3 1Q 2026 EARNINGS PRESENTATION
Slide 4: Company Highlights
1 Company Highlights 1Q 2026 Jill Wyant President and Chief Executive Officer 4 1Q 2026 EARNINGS PRESENTATION
Slide 5: We are Madison Air Differentiated by Return on Air
We are Madison Air Making the world safer, healthier and more productive through the power of better air Differentiated by Leadership in Powered by unique Return on Air growth markets value creation model Tangible value created when air Well-positioned to scale in To deliver sustainable, becomes a s
Slide 6: Madison Air at a glance
Madison Air at a glance Balanced business, resilient revenue Demand for Our Product Portfolio $3.5B Pro Forma Net Sales1 37% Commercial Diversified Pro Forma Adj. Residential We See Air Differently—and 26.6% EBITDA Margin1 63% we’re redefining its value. Our portfolio of trusted air-quality $442M Fr
Slide 7: Building an industry leader in Return on Air
Building an industry leader in Return on Air SEGMENTS COMMERCIAL RESIDENTIAL 2025: $2.2B NET SALES1 2025: $1.3B NET SALES1 TECHNOLOGY PLATFORMS Air, liquid and hybrid cooling Purification Ventilation Air handling Humidity control and dedicated outdoor air systems (DOAS) Humidification Dehumidificati
Slide 8: Innovation fuels orders and backlog growth
Innovation fuels orders and backlog growth Accelerating growth momentum in 1Q 2026 Orders (Combined) YoY1 Accelerating Profitable +29% Robust growth Growth through Innovation Velocity Trailer Comfort Backlog • Delivers closest competitor’s $2.5B Strong backlog comfort performance in approx. exiting
Slide 9: Madison Air Strategy
Madison Air Strategy A repeatable model for profitable growth and cash generation Focus on Outperform Operational Disciplined Growth Markets the Markets Excellence Capital Allocation RETURN ON AIR Resilient end markets with Outpace market growth Mission-driven culture Targeted M&A structural tailwin
Slide 10: Financial Results
2 Financial Results 1Q 2026 JJ Foley Chief Financial Officer 10 1Q 2026 EARNINGS PRESENTATION
Slide 11: 1Q 2026 highlights
1Q 2026 highlights Strong financial performance reflecting broad-based growth Net Sales $924M +13% Pro Forma YoY1 Strong Pro Forma net sales growth (+9pts volume, +4pts price) Broad-based Commercial growth, led by data centers Adj. EBITDA2 $233M +16% Pro Forma YoY1 Residential growth driven by conti
Slide 12: Commercial segment
Commercial segment Broad-based Combined growth with continued margin expansion Segment Adj. EBITDA Segment Net Sales and Margin Highlights +24% +25% • Orders $994M (+41% combined company YoY) +18% Combined Company growth1 $161M • Broad-based growth, led by data centers $610M • Margin expansion from
Slide 13: Residential segment
Residential segment Solid Combined growth led by AprilAire whitespace penetration Segment Adj. EBITDA Segment Net Sales and Margin Highlights +60% +84% • Growth driven by continued Healthy Air System +4% Combined Company growth1 channel penetration and strong price execution $316M $79M • Margin expa
Slide 14: Balance sheet and cash flow
Balance sheet and cash flow Strong and flexible balance sheet supported by robust cash generation Free Cash Flow Net Leverage1 and Margin1 (Net Debt / Adj. EBITDA1) Free Cash Flow1 LTM FCF • Cash generation in-line with expectations % of Net 8.5% 12.4% Sales1 • A/R build tied to strong volume growth
Slide 15: Disciplined capital allocation
Disciplined capital allocation Focused on: • Healthy cash • Disciplined M&A High-return organic growth generation enabled by process: strong 1 investment an asset-light model pipeline and reputation as acquiror of choice 2 Strong, flexible balance sheet • Targeting less than 2.5x net leverage • Pote
Slide 16: Growth momentum continues: Introducing 2026 guidance
Growth momentum continues Introducing 2026 guidance FY 2026 2Q Visibility • MSD+ net sales growth expected Net Sales $3,750 - $3,850M +MSD-HSD% Pro Forma YoY Full-Year Guidance Assumptions • HSD+ Commercial net sales growth • LSD Residential net sales growth Adj. EBITDA1 $1,020 - $1,065M • >100% FCF
Slide 17: Summary
3 Summary 1Q 2026 Jill Wyant President and Chief Executive Officer 17 1Q 2026 EARNINGS PRESENTATION
Slide 18: Strong start and continued momentum
Strong start and continued momentum 1 2 3 We Are Delivered strong results Growth momentum Madison Air in 1Q 2026 continues Making the world safer, healthier, Well-positioned to scale in high- Well-positioned to deliver and more productive through the growth, performance-driven sustainable growth and
Slide 19: Q&A
Q&A 19 1Q 2026 EARNINGS PRESENTATION
Slide 20: Appendix
Appendix 20 1Q 2026 EARNINGS PRESENTATION
Slide 21: Adjusted EBITDA and Margin Reconciliation
Adjusted EBITDA and Margin Reconciliation Pro Forma(1) Actuals Pro Forma(1) Twelve months ended Three months ended Three months ended March 31, December 31, March 31, 2025 2026 2025 2025 Net income (loss) $ 58.1 $ 43.0 $ 46.2 $ (5.7) Adjustments: Net (income) loss from discontinued operations(2) 1.4
Slide 22: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Actuals Pro Forma(1) Three months ended Three months ended March 31, March 31, 2026 2025 2025 Net income (loss) $ 43.0 $ 46.2 $ (5.7) Adjustments: Net (income) loss from discontinued operations(2) — (1.0) (1.0) Amortization expense 40.9 25.2 40.6 Transaction relate
Slide 23: Free Cash Flow and Conversion Reconciliation
Free Cash Flow and Conversion Reconciliation Twelve months ended Three months ended March 31, December 31, 2025 2026 2025 Net cash flows provided by operating activities $ 480.4 $ 57.8 $ 54.6 Net cash flows (used in) provided by operating activities – discontinued operations 0.4 — (0.3) Net cash flo
Slide 24: LTM Free Cash Flow Table
LTM Free Cash Flow Table Actuals Three months ended March 31, December September June 30, March 31, December September June 30, 2026 31, 2025 30, 2025 2025 2025 31, 2024 30, 2024 2024 Net cash flows provided by operating activities $57.8 $147.1 $173.2 $105.5 $54.6 ($152.7) $86.3 $50.1 Net cash flows
Slide 25: LTM Adjusted EBITDA Reconciliation
LTM Adjusted EBITDA Reconciliation Actuals Pro Forma(1) Pro Forma(1) Pro Forma(1) Three months ended Three months ended Year ended For the Twelve Months March 31, March 31, December 31, Ended March 31, 2026 2025 2025 2026 Net income (loss) $43.0 ($5.7) $58.1 $106.8 Adjustments: Net (income) loss fro
Slide 26: Net Leverage Reconciliation
Net Leverage Reconciliation December 31, 2025 March 31, 2026 Total debt $ 5,650.4 $ 5,648.7 Add: Discounts and financing fees, net 68.6 63.8 Less: Cash and cash equivalents (208.4) (228.6) Total net debt $ 5,510.6 $ 5,483.9 Net income (loss) 58.1 106.8 Adjusted EBITDA 936.6 968.1 Total Debt to Net i
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