Ceco Environmental Corp. · NASDAQ:CECO
Ceco Environmental — 38th Annual Roth Conference 2026
32 slides from Ceco Environmental's conference presentation, March 2026
Slide 1: Premier Industrial Growth Company
Premier Industrial Growth Company CECO & Thermon | 38th Annual Roth Conference · March 2026
Slide 2: Legal Disclosures I
LEGAL DISCLOSURES I Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements, other than statements of historical fact, included in this presentation that address eve
Slide 3: Legal Disclosures II
LEGAL DISCLOSURES II No Offer or Solicitation This presentation is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any
Slide 4: The Transaction: Investment Thesis
The Transaction: Investment Thesis Creates Immediate “Rule of 30 / Rule of 40” Company High-performance growth company. Pipeline at More Scale + Business Mix + Global Footprint record levels. Power exposure stronger than ever. Commercial Synergies via Pipeline Visibility + Industrial Solutions Low L
Slide 5: CECO Environmental Stand Alone
CECO Environmental Stand Alone: A Leading, Diversified Industrial Growth Company Transformation Well Underway … 5
Slide 6: Stock Performance
CECO STANDALONE Stock Performance CECO vs. S&P 500 vs. Russell 2000 — cumulative return since March 2020 CECO $59.85 (Y/E 2025) $55.28 * ~700%+ Cumulative since 2020 (3/20/26) S&P 500 ~73% Cumulative since 2020 Russell 2000 $6.96 ~24% Cumulative since 2020 2020 2021 2022 2023 2024 2025 2026 CECO S&P
Slide 7: Robust Pipeline of Opportunities
CECO STANDALONE Robust Pipeline of Opportunities Pipeline of $6.5B+ offers CECO great visibility to near-term Growth ~ 25% $6,500 Pipeline ~ 75% ~430%+ Since Full Year 2021 ~ 12 acquisitions Air + Water + Energy Orders Power Gen ~415%+ Since Full Year 2021 Datacenters International Water Reshoring R
Slide 8: FY Orders: Leading Solutions & Position + Right Markets = Sustainable Growth
CECO STANDALONE FY Orders: Leading Solutions & Position + Right Markets = Sustainable Growth Orders Up ~60% YoY to $1.1B in 2025. 2026 raised to >$1.5B on $6.5B+ pipeline. > $1.5B + Power Markets: Remains in Super-cycle mode CAGR ‘22 – ’26: 30% Up >40% YoY ~30% + Natural Gas / Energy Infrastructure
Slide 9: Uninterrupted Top Line Growth With Consistent Margin Expansion
CECO STANDALONE Uninterrupted Top Line Growth With Consistent Margin Expansion Revenue up 125% from 2022 while Expanding Gross Profit margins +500 bps and Adjusted EBITDA margins + 200bps. FINANCIAL TRAJECTORY END MARKET MIX (FY25E) FY22 FY23 FY24 FY25 FY26* Highly Engineered Solutions Revenue $423M
Slide 10: Full Year 2026 Outlook (Updated in February 2026)
CECO STANDALONE ($MM) Full Year 2026 Outlook (Updated in February 2026) Initial Guidance Updated FY Outlook Oct’25 (Standalone CECO) KEY DRIVERS Orders/B-2-B > 1.1x > 1.5B • Record Pipeline of Opportunities of ~ $6.5B (book to bill) Off To Great Start > $1B 925 – 975 • Record YE2025 backlog; >65% co
Slide 11: Thermon Stand Alone
Thermon Stand Alone: Global Industrial Leader in Process Heat & Solutions Transformation Well Underway … 11
Slide 12: Thermon Eight Years Later – Positioned for Growth
THERMON STANDALONE Thermon Eight Years Later – Positioned for Growth Eight years of deliberate evolution: O&G dependence halved, recurring revenue at ~ 85% with High Margins FY2017 — THERMON 1.0 → FY2026 TTM1 — THERMON 2.0 Revenue $264M Up ~ 100% Revenue $522M +98% Adj. EBITDA $ | Margin $43M | 16%
Slide 13: Thermon Transformative Actions Are Accelerating Growth
THERMON STANDALONE Thermon Transformative Actions Are Accelerating Growth Adjusted top-line growth of 123%, normalizing for Russia exit Up 123% | ~9% CAGR $522 Look Back $288 ~$30M Revenue Large-project mega-cycle work was structurally non- recurring. Russia Asset Exit due to conflict. $264 $234 Goi
Slide 14: The "New" CECO Environmental
The “New” CECO Environmental Premier Industrial Growth Company 14
Slide 15: Why Now?
COMBINED BUSINESSES Why Now? Unique Timing = Dual Momentum. Accelerates Strategy. Solidifies Long Term Exceptional Shareholder Value. Scale Matters. FORCE 01 · STRUCTURAL DEMAND PLATFORM LOCK-IN Largest Gas Turbine Cycle in a Decade Integrated Commercial Offerings >$1.5B Active Power Pipeline Air qu
Slide 16: CECO's 2030 Vision = Accelerated
COMBINED BUSINESSES CECO's 2030 Vision = Accelerated … Will Reset to Drive More Scale Matters, NOW. CECO 2030 VISION — ORGANIC PLAN [Pre-THERMON] DELIVERED — YEARS AHEAD OF PLAN VIA TRANSACTION Revenue Target $1.5B+ Thermon Revenue Target ~$1.5B ✓ Accelerates 18–20% ~19.5% ✓ → EBITDA Margin EBITDA M
Slide 17: Secular Market Tailwinds in Energy, Water, Air and General Industrials
COMBINED BUSINESSES Secular Market Tailwinds in Energy, Water, Air and General Industrials CECO Complex Engineered Solutions meets Thermon Operational Excellence. CECO Growth Strategy meets Thermon Margin Discipline. CECO Revenue Thermon Revenue Combined Revenue at Close ~$1.52B | 15% YoY $1.32B | 1
Slide 18: $40M+ Run-Rate Synergies by Year 3
COMBINED BUSINESSES 40M+ Run-Rate Synergies by Year 3 Three high-confidence synergy buckets — fully realized by Year 3. Deal is accretive on standalone numbers alone. RUN-RATE BY YEAR 3 > $40M $40M $40M+ Cost synergies · fully realized PowerGen Datacenters Zero priced into the deal. General Industri
Slide 19: CEO Closing Quote
CEO CLOSING "Together, we will build on our shared histories to deliver a broader, more integrated set of mission- critical solutions for our customers and drive long- term growth and value for our stakeholders." Todd Gleason, CEO — February 24, 2026 19
Slide 20: Two Companies, Combination Creates Premier Industrial Leader
Two Companies Combination Creates Premier Industrial Leader CECO is a breakout growth company. Pipeline at record levels. Power exposure stronger than ever. Thermon is a profitable, 84%-recurring-revenue platform transformed over eight years. Deal terms are fixed. Combined: Premier Industrial with s
Slide 21: Appendix
Appendix 21
Slide 22: Highly Attractive Growth + Margins. Bridge to Rule of 40+ Defined.
COMBINED BUSINESSES Highly Attractive Growth + Margins. Bridge to “Rule of 40+” Defined. Combined platform scores ~36+ at close — already above Rule of 30, with a clear bridge to 40+ through synergy capture and recurring revenue mix expansion. FLOOR — TODAY AT CLOSE · FY26E LEVER 1 LEVER 2 TARGET 30
Slide 23: Three Deliberate Pivots Already Generating Revenue
ACT II — THERMON STRATEGIC DIRECTION THERMON TRANSFORMATIONAL INITIATIVES Three Deliberate Pivots Already Generating Revenue. Thermon's own management articulates three deliberate pivots away from commodity heat tracing: Decarbonization, Digitization, and Diversification. Each is already generating
Slide 24: Three Structural Waves. Non-Discretionary Demand.
CECO + THERMON INVESTMENT QUALITY & MARKETS Three Structural Waves. Non-Discretionary Demand. Three structural markets where CECO and Thermon are both already positioned — driven by policy mandates, capital investment cycles, and tightening environmental compliance requirements, not spot demand. 001
Slide 25: Executive Summary
CECO STANDALONE 2025 FINANCIAL RESULTS Executive Summary % = Year over Year performance Q4 2025 = ANOTHER RECORD QUARTER FULL YEAR 2025 = STRONG PERFORMANCE RAISING STANDALONE 2026 OUTLOOK +47% Backlog $793M Backlog, +47% >$1.2B Orders +50% Orders $1,064M Bookings, +59% ✓ Starting year with record p
Slide 26: Q4 and Full Year 2025 Financial Performance
CECO STANDALONE 2025 FINANCIAL RESULTS Q4 and Full Year 2025 Financial Performance Q4’25 YoY FY YoY KEY HIGHLIGHTS Backlog $793M 47% $793M 47% • 5th consecutive quarter > $200M; average ~$256M • Power Gen with 4 significant project bookings in 2025 > $40M … total of $300M Orders $329M 50% $1,064M 59
Slide 27: Sustaining Strong Gross Margin Levels
2025 FINANCIAL RESULTS ($MM) Sustaining Strong Gross Margin Levels TTM = Trailing 12 Month TTM basis (TTM GP/TTM Revenue) +110% $269 260 .0 $251 240 .0 $231 39. 0% 220 .0 $213 37. 0% 200 .0 $191 $193 $196 35.0% 35.2% 35.0% 34.8% $181 TTM % $171 35. 0% 35.2% 180 .0 160 .0 34.8% 33. 0% 33.6% 140 .0 $1
Slide 28: Full Year 2025 Cash Flow and Indebtedness Update
CECO STANDALONE 2025 FINANCIAL RESULTS ($MM) Full Year 2025 Cash Flow and Indebtedness Update FREE CASH FLOW GROSS DEBT POSITION YTD 2024 YTD 2025 YoY Dec 31, 2024 $216.9 Cash Used / (Generated) from Ops $(20.9) GAAP Net Income (incl. NCI) $14.4 $53.1 $38.7 M&A + CapEx Investments [Net] $1.1 D&A $14
Slide 29: Revenue Excluding Acquisitions
APPENDIX Revenue Excluding Acquisitions (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 TTM Revenue as reported in accordance with GAAP $ 544.9 $ 126.3 $ 137.5 $ 135.5 $ 158.6 $ 558.0 $ 176.7 $ 185.4 $ 197.6 $ 214.7 $ 774.4 $
Slide 30: Non-GAAP Operating Income and Margin
APPENDIX Non-GAAP Operating Income and Margin (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 TTM Operating Income as reported in accordance with GAAP $ 34.7 $ 7.7 $ 9.3 $ 7.2 $ 11.3 $ 35.4 $ 61.9 $ 18.1 $ 9.4 $ 16.5 $ 105.9 $
Slide 31: Non-GAAP Net Income, Adjusted EBITDA, and Margin
APPENDIX Non-GAAP Net Income, Adjusted EBITDA, and Margin 2) 2) 3) 4) NOTE: Amounts are computed independently each quarter. Accordingly, the sum of each quarter’s amounts may not equal the total amounts for the respective year. 31
Slide 32: Adjusted Free Cash Flow
APPENDIX Adjusted Free Cash Flow (dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 TTM Cash provided by (used in) operating activities $ 44.6 $ 1.2 $ 6.7 $ 15.1 $ 1.8 $ 24.8 $ (11.7) $ (7.7) $ 15.3 $ 10.0 $ 5.9 $ 5.9 Capital Exp
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