Cadre Holdings, Inc. · NYSE:CDRE
Cadre — Q1 2026 Earnings Presentation
25 slides from Cadre's earnings presentation, May 12, 2026
Slide 1: First Quarter 2026
FIRST QUARTER 2026 May 12, 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Please note that in this presentation we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private
Slide 3: Today's Presenters
TODAY’S PRESENTERS WARREN BRAD BLAINE KANDERS WILLIAMS BROWERS CEO and Chairman President Chief Financial Officer of the Board 3
Slide 4: Agenda
AGENDA • Q1 Highlights • Business Overview • M&A Execution • Financial Summary • Full Year Outlook • Conclusion and Q&A 4
Slide 5: Continued Execution in Q1
CONTINUED EXECUTION IN Q1 Cadre continues to deliver on strategic objectives and capitalize on favorable market trends driving strong demand for mission-critical safety equipment Commentary: Pricing Growth: Exceeded target Q1 Mix: Unfavorable mix driven by Armor, Nuclear and Distribution Q1 backlog
Slide 6: Long-Term Industry Tailwinds Supporting Sustainable Growth Opportunity
LONG-TERM INDUSTRY TAILWINDS SUPPORTING SUSTAINABLE GROWTH OPPORTUNITY Public Safety Tailwinds Nuclear Safety Tailwinds Rising safety Environmental management threats globally to address nuclear clean up Resilient and growing Ongoing and expanding spend worldwide national defense initiatives Catalys
Slide 7: Latest Market Trends: Core L.E.
LATEST MARKET TRENDS: CORE L.E. U.S. Law Enforcement Geopolitical Landscape Admin has demonstrated Environments within conflict commitment to prioritizing zones have not changed at this public safety but growing point to allow for unexploded focus on balancing state and ordnance cleanup local budget
Slide 8: Latest Market Trends: Nuclear
LATEST MARKET TRENDS: NUCLEAR Activity across nuclear Environmental Management sector remains robust Suspension of plutonium driven by expanded downblending program represents government and near-term headwind, but billions still commercial programs committed annually to support mission-critical/man
Slide 9: Record Orders Backlog of $355 Million
RECORD ORDERS BACKLOG OF $355 MILLION Backlog growth represents an important forward indicator and gives us confidence in FY outlook Organic blast seat contract + $87M Q1 Backlog: Core organic armor & duty + $22M $355M gear Q4 Backlog: $189M TYR acquisition + $57M 9
Slide 10: M&A Momentum
M&A MOMENTUM • Including Alien Gear Holsters, completed seven acquisitions in line with disciplined and patient approach • Highly selective key criteria consistently met, focused on strong margins, leading and defensible market positions, recurring revenues and cash flows • Actively evaluating robus
Slide 11: Latest Acquisition Overview
LATEST ACQUISITION OVERVIEW Acquired Alien Gear Holsters and certain assets from Tedder Industries, LLC, through a court-supervised bankruptcy auction. Highlights & Strategic Rationale Cadre’s Key M&A Criteria Met • Leading manufacturer of holsters and gear for the consumer, law Leading market posit
Slide 12: Disciplined M&A Strategy
DISCIPLINED M&A STRATEGY Business Leading market position Cost structure where material > labor High cost of substitution Enter new markets / Leading and defensible technology geographies Mission-critical to customer Strong brand recognition Financial Diversify and/or enhance Recurring revenue profi
Slide 13: Q1 Financial Results
Q1 FINANCIAL RESULTS 13
Slide 14: First Quarter 2026 Highlights
FIRST QUARTER 2026 HIGHLIGHTS Q1 2026 Q4 2025 Q1 2025 NET SALES $155.4M $167.2M $130.1M GROSS MARGIN 38.7% 43.4% 43.1% $2.0M / $11.7M / $9.2M / NET INCOME $0.05 per $0.27 per $0.23 per diluted share diluted share diluted share ADJUSTED EBITDA 1 $21.1M $34.4M $20.5M ADJUSTED EBITDA MARGIN 1 13.6% 20.
Slide 15: Net Sales and Adjusted EBITDA
NET SALES AND ADJUSTED EBITDA NET SALES ($MM) ADJ. EBITDA1 ($MM) % Y/Y GROWTH % CAGR % Y/Y GROWTH 22.4% at guidance midpoint 17.3% % CAGR 24.0% at guidance midpoint 15.7% FY 2026 FY 2026 2026 Guidance Guidance Guidance Range Range Range FY 2025 $136M to $736Mto $736M to $141M $610.3M $758M $758M FY
Slide 16: Q1 2026 Capital Structure
Q1 2026 CAPITAL STRUCTURE March 31, 2026 (in thousands) Cash and cash equivalents $ 41,272 Debt: Revolver $ 62,500 Current portion of long-term debt 16,263 Long-term debt 288,795 Capitalized discount/issuance costs (1,728) Total debt, net $ 365,830 Net debt (Total debt net of cash) $ 324,558 Total d
Slide 17: 2026 Management Outlook
2026 MANAGEMENT OUTLOOK Attractive end markets and consistent execution driving growth FY 2026 GUIDANCE NET SALES $736M to $758M ADJ. EBITDA $136M to $141M CAPITAL EXPENDITURES $10M to $14M 1A non-GAAP financial measure. See slide 24 for definitions and reconciliations to the nearest GAAP measures.
Slide 18: Conclusion
CONCLUSION Execution in line with strategic objectives Ongoing implementation of Cadre operating model Committed to improving gross and Adj. EBITDA margins Executing on M&A pipeline, building capabilities and gaining exposure to new markets Capitalizing on strong macro tailwinds driving demand and v
Slide 19: Appendix
APPENDIX 19
Slide 20: Balance Sheet
BALANCE SHEET UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) March 31, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 41,272 $ 122,898 Restricted cash 2,380 2,429 Accounts receivable, net of allowance for doubtful accounts of $300 and $273, respectively 111,29
Slide 21: Statement of Operations
STATEMENT OF OPERATIONS UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) Three Months Ended March 31, 2026 2025 Net sales $ 155,429 $ 130,106 Cost of goods sold 95,263 73,975 Gross profit 60,166 56,131 Operating expenses Selling, general and administrative 48,833 41,753 Restructuring and
Slide 22: Statement of Cash Flows
STATEMENT OF CASH FLOWS UNAUDITED (IN THOUSANDS) Three Months Ended March 31, 2026 2025 Cash Flows From Operating Activities: Net income $ 1,975 $ 9,248 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 5,728 3,856 Amortization of origina
Slide 23: Statement of Cash Flows – Continued
STATEMENT OF CASH FLOWS – CONTINUED UNAUDITED (IN THOUSANDS) Three Months Ended March 31 2026 2025 Cash Flows From Financing Activities: Proceeds from revolving credit facilities 62,500 — Principal payments on term loans (4,031) (2,813) Taxes paid in connection with employee stock transactions (1,24
Slide 24: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION (IN THOUSANDS) Year ended Three Months Ended March 31, LTM December 31, 2025 2026 2025 March 31, 2026 Net income $ 44,139 $ 1,975 $ 9,248 $ 36,866 Add back: Depreciation and amortization 18,633 5,728 3,856 20,505 Interest expense, net 12,480 4,271 2,231 14,520 Provision for i
Slide 25: Use of Non-GAAP Measures
USE OF NON-GAAP MEASURES The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). The press release contains the non-GAAP measures: (i) earnings before interest, taxes, other income or expense, depreciation and amortization (“EBITDA”), (ii)