Slide 1: Q2 2026 Earnings Conference Call
Q2 2026 Earnings Conference Call August 10, 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: Q2 2026 Overview
Q2 2026 Overview $627.0M 24.3% $94.2M $0.69 $2.0B Sales Gross Profit Margin Non-GAAP Adj. EBITDA* Diluted Non-GAAP EPS* Backlog +101.2% +26.2% -230 -70 +102.3% 15.0% +213.6% +43.8% +98.0% -7.4% Y/Y Q/Q bps Y/Y bps Q/Q Y/Y margin Y/Y Q/Q Y/Y Q/Q Q2 2026 sales driven by Strong backlog of data center B
Slide 4: Q2 BASX Brand Highlights
Q2 BASX Brand Highlights Strong BASX-Branded +216.2% +66.3% Sales Momentum Y/Y Q/Q BASX-branded TTM book-to-bill ratio ~2x driven by strong quarterly bookings Robust BASX- +185.4% -11.7% Branded Backlog Y/Y Q/Q on increased production BASX revenue and order growth rates continue to outpace strong da
Slide 5: Q2 AAON Brand Highlights
Q2 AAON Brand Highlights Strong AAON-Branded +39.3% +5.2% Sales in Soft Market Y/Y Q/Q AAON-branded bookings up approximately 16% year-over-year Intentional AAON- +9.4% +6.0% Branded Backlog Production improvements drive record Y/Y Q/Q on increased Dynamics production sales and meaningful share gain
Slide 6: Building a world-class manufacturing organization
Systems Upgrades People & Process — IT and digital infrastructure — Two new independent directors enhancements added to Board of Directors — Modernizing manufacturing — New CFO and General Council management systems — Strategic finance capabilities Building a — Professional supply chain management w
Slide 7: Q2 2026 Summary
Q2 2026 Summary Q2 2026 Highlights Net Sales Gross Profit $152.5 — Net sales increase of 101.2% driven by $627.0 216.2% growth in BASX-branded sales and a 39.3% increase in AAON-branded $82.7 sales $311.6 — BASX-branded sales growth was driven 26.6% 24.3% by robust demand from the data center Margin
Slide 8: AAON Oklahoma
AAON Oklahoma Q2 2026 Highlights — Net sales increased 41.7% Y/Y Net Sales Gross Profit Reported Memphis Impact — Gross profit increased 18.9% Y/Y despite $18.1 million of unabsorbed costs at Memphis plant in $262.3 2Q26 compared to $3.0 million in 2Q25 — Unabsorbed Memphis costs resulted in 690 bps
Slide 9: AAON Coil Products
AAON Coil Products Q2 2026 Highlights Net Sales Gross Profit — Net sales increased 150.9%, driven $23.5 by BASX-branded liquid cooling sales, which grew 208.4% to $126.6M $146.7 — AAON-branded sales grew 15.1% to $20.0M — Gross profit increased 130.1% Y/Y — Gross margin performance reflected $10.2 i
Slide 10: BASX
BASX Q2 2026 Highlights Net Sales Gross Profit — Net sales growth of 220.7% driven by $65.3 strong demand from data center $218.0 market — Continued progress with Memphis plant ramp-up was a meaningful contributor to growth — Gross profit increased 244.2% Y/Y — Y/Y margin improvement driven by stron
Slide 11: Q2 2026 Summary: Balance Sheet
Q2 2026 Summary: Balance Sheet Q2 2025 Highlights Cash Flow from Debt — Leverage ratio at the end of Q2 was Operations 1.46, down from 1.71 at the end of $435.0 Q1 $55.0 $317.3 — Debt increase driven by working capital and capex investments to support strong BASX-branded $(31.0) backlog and future g
Slide 12: Backlog by Brands
Backlog by Brands Backlog — Demand for data center air-side and liquid cooling solutions is robust $1.43B +185.4% Y/Y -11.7% Q/Q — Large scale projects can create quarter-to-quarter bookings variability — Focused on turning over backlog with higher production throughput $0.54B +9.4% Y/Y +6.0% Q/Q —
Slide 13: 2026 Outlook
2026 Outlook Current FY26 Prior FY26 Outlook Outlook YoY Sales 55%-60% 40%-45% Growth Gross Margin 25%-26% 27%-28% SG&A % of Sales 13%-14% 14%-15% 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands) Net income, a GAAP measure $ 56,659 $ 15,487 $ 96,474 $ 44,779 Add: Memphis incentive fee1 1,448 3,405 1,448 6,105 Profit sharing effect2 (123) (289) (123
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP EBITDA and Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands) Net income, a GAAP measure $ 56,659 $ 15,487 $ 96,474 $ 44,779 Depreciation and amortization 23,813 19,936 44,716 38,879 Interest expense, net 6,19
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Adjusted SG&A Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Non-GAAP Adjusted Selling, General and Administrative Expenses SG&A, a GAAP measure $ 83,607 $ 59,147 $ 151,513 $ 110,440 Memphis incentive fee (1,448) (3,405) (1,448) (6,105)
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Adjusted AAON Oklahoma Gross Profit Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Non-GAAP Adjusted AAON Oklahoma Gross profit AAON Oklahoma Net sales $262,276 $185,120 $506,243 $346,958 AAON Oklahoma Gross profit $63,617 $53,517 $127,
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