Madison Air Solutions Corporation · NYSE:MAIR
Madison Air Solutions — Q2 2026 Earnings Presentation
27 slides from Madison Air Solutions's earnings presentation, Jul 30, 2026
Slide 1: See Air Differently. 2Q 2026 Earnings Presentation
See Air Differently. 2Q 2026 Earnings Presentation July 30, 2026 1 2Q 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 2Q 2026 EARNINGS PRESENTATION
Slide 4: Company Highlights
1 Company Highlights 2Q 2026 4 2Q 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 LTM results
Madison Air LTM results Balanced business, resilient revenue Demand for Our Product Portfolio $3.75B LTM Net Sales1 35% Commercial Diversified LTM Adj. EBITDA Residential 26.6% Margin1 65% We See Air Differently—and we’re redefining its value. Our $430M LTM Free Cash Flow1 10% portfolio of trusted a
Slide 7: Building an industry leader in Return on Air
Building an industry leader in Return on Air SEGMENTS COMMERCIAL RESIDENTIAL LTM 2Q’26: $2.4B NET SALES1 LTM 2Q’26: $1.3B NET SALES1 TECHNOLOGY PLATFORMS Air, liquid and hybrid cooling Purification Ventilation Air handling Humidity control and dedicated outdoor air systems (DOAS) Humidification Dehu
Slide 8: Diversified demand from Commercial end markets that value indoor air quality
Diversified demand from Commercial end markets that value indoor air quality We serve 15 end markets where better air is a strategic asset Durable long-term fundamentals Growing, resilient and performance-driven Hospitals & Healthcare Logistics Data Centers Education Benefit from secular tailwinds C
Slide 9: Innovation fuels orders and backlog growth
Innovation fuels orders and backlog growth Continued growth momentum in 2Q 2026 2Q Orders Growth Advancing the future of +45% (Combined) YoY1 pediatric healthcare +37% YTD Robust momentum Backlog2 Strong backlog $2.9B provides visibility into 2027 Air Handling Units 2Q Net Sales • Up to 10x the air
Slide 10: Madison Air Strategy
Madison Air Strategy A scalable 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 tailwinds
Slide 11: Financial Results
2 Financial Results 2Q 2026 11 2Q 2026 EARNINGS PRESENTATION
Slide 12: 2Q 2026 highlights
2Q 2026 highlights Strong financial performance reflecting broad-based growth Net Sales $991M +14% Pro Forma YoY1 Strong Pro Forma net sales growth (+11pts volume, +3pts price) Broad-based Commercial growth, led by data centers Adj. EBITDA2 $266M +12% Pro Forma YoY1 Residential growth driven by cont
Slide 13: Commercial segment
Commercial segment Broad-based growth across end-markets; Margins in-line with expectations Segment Adj. EBITDA Segment Net Sales and Margin Highlights +24% +11% • Orders $997M (+70% combined company YoY) +22% Combined Company growth1 • Broad-based growth, led by data centers; $659M Orders up ~50% i
Slide 14: Residential segment
Residential segment Growth led by AprilAire market penetration; Strong margin expansion Segment Adj. EBITDA Segment Net Sales and Margin Highlights +16% +36% • Growth driven by continued AprilAire Healthy Air System whitespace penetration +2% Combined Company growth1 $99M • Margin expansion from pri
Slide 15: 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 • Sequential and YoY cash flow improvement LTM FCF % of Net Sales1 • Working capital ~19% of LTM net sales 9.8% 11.5% •
Slide 16: 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 • Long-term target: less than 2.5x net leverag
Slide 17: Growth momentum continues
Growth momentum continues Raising full-year net sales guidance Prior Updated FY 2026 FY 2026 3Q Visibility • HSD+ net sales growth expected Net $3,750 - $3,850M $3,825 - $3,925M Sales Full-Year Guidance Assumptions HSD+ Pro Forma YoY • HSD-LDD Commercial net sales growth • LSD Residential net sales
Slide 18: Summary
3 Summary 2Q 2026 18 2Q 2026 EARNINGS PRESENTATION
Slide 19: Strong start and continued momentum
Strong start and continued momentum 1 2 3 We Are Delivered strong results Growth momentum Madison Air in 2Q 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 20: Q&A
Q&A Nortek Air Solutions Air Blender inside an Air Handling Unit 20 2Q 2026 EARNINGS PRESENTATION
Slide 21: Appendix
Appendix 21 2Q 2026 EARNINGS PRESENTATION
Slide 22: Adjusted EBITDA and Margin Reconciliation
Adjusted EBITDA and Margin Reconciliation Actuals Actuals Pro Forma(1) Actuals Pro Forma(1) Three months Three months Six months Three months ended June 30, Six months ended June 30, ended March 31, ended June 30, ended June 30, 2026 2025 2026 2025 2026 2025 2025 Net income (loss) $ 70.5 $ 30.8 $ 43
Slide 23: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Actuals Pro Forma(1) Actuals Pro Forma(1) Three months ended Six months ended Three months ended June 30, Six months ended June 30, June 30, June 30, 2026 2025 2025 2026 2025 2025 Net income (loss) $ 70.5 $ 30.8 $ 16.5 $ 113.5 $ 77.0 $ 10.8 Adjustments: Net (income
Slide 24: Free Cash Flow and Conversion Reconciliation
Free Cash Flow and Conversion Reconciliation Actuals Actuals Actuals Six months ended Three months ended Three months ended June 30, 2026 June 30, 2025 March 31, 2026 March 31, 2025 June 30, 2026 June 30, 2025 Net cash flows provided by operating activities $156.4 $160.1 $57.8 $54.6 $98.6 $105.5 Net
Slide 25: Free Cash Flow Reconciliations
Free Cash Flow Reconciliations Actuals Three months ended June 30, March 31, December 31, September 30, June 30, March 31, December 31, September 30, 2026 2026 2025 2025 2025 2025 2024 2024 Net cash flows provided by operating activities $98.6 $57.8 $147.1 $173.2 $105.5 $54.6 ($152.7) $86.3 Net cash
Slide 26: LTM Adjusted EBITDA Reconciliation
LTM Adjusted EBITDA Reconciliation Actuals Pro Forma(1) Pro Forma(1) Pro Forma(1) Six months ended Six months ended Year ended For the Twelve Months June 30, June 30, December 31, Ended June 30, 2026 2025 2025 2026 Net income (loss) $113.5 $10.8 $58.1 $160.8 Adjustments: Net (income) loss from disco
Slide 27: Net Leverage Reconciliation
Net Leverage Reconciliation December 31, 2025 March 31, 2026 June 30, 2026 Total debt $ 5,650.4 $ 5,648.7 $ 3,053.7 Add: Discounts and financing fees, net 68.6 63.8 32.7 Less: Cash and cash equivalents (208.4) (228.6) (261.8) Total net debt $ 5,510.6 $ 5,483.9 $ 2,824.6 LTM Net income (loss) 58.1 10
Madison Air Solutions — Q2 2026 Earnings Presentation on 6ix