Slide 1: Q1 2026 Earnings Call
Q1 2026 Earnings Call Stephen Oswald – Chairman, President and Chief Executive Officer Suman Mookerji – Senior Vice President, Chief Financial Officer May 12, 2026
Slide 2: Disclosures
Disclosures Forward-Looking Statements: This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be preceded by, followed by or include the words “believe,” “continue,” “estimate,” “expect,” “may,
Slide 3: VISION 2027
VISION 2027 Revenue Adj. EBITDA Margin $950 - $1,000M 18% On-track to meet VISION 2027 targets 3
Slide 4: Q1 2026 Recap
Q1 2026 Recap Revenue, up 8.6% y-o-y with double digit growth in Q1 2026 commercial of 18% and military and space growth of 5% Revenue $209M Solid bookings with LTM book-to-bill ratio of 1.1x Up 8.6% y-o-y GAAP OI Adjusted OI* Gross margins of 26.9%, up 70bps y-o-y $16M $18M Up 216% Up 135% GAAP Net
Slide 5: Strong revenue performance & growing RPO
Strong revenue performance & growing RPO ($ millions) Revenue Remaining Performance Obligations Bookings1 0.9x 1.1x 8.6% 8.7% $927 $209 $192 $1,074 $988 $177 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2026 LTM Q1 2026 5 RPO of $1,074 million and book-to-bill ratio2 of 1.1x for LTM Q1 2026 1 Bookings defined
Slide 6: Reiterating 2026 Full Year Outlook
Reiterating 2026 Full Year Outlook 2026 Revenue Growth Stronger Q1 supported by lower than expected destocking and level-loading of production across FY2026 Mid to High Quarterly revenues ranging between MSD to HSD depending Single Digit on level of destocking Reiterating full year outlook of MSD to
Slide 7: Military and Space
160 Military 18% and Space ($ millions) Military Aircraft 150 16% YOY 140 +12% +16% +15% +14% +5% Growth 14% F-35 Blackhawk F-15 Apache 130 $128 $124 12% 120 $118 Missiles & Radar $116 $112 10% 110 8% 100 6% 90 PAC-3 Tomahawk AMRAAM 4% 80 70 2% 60 0% THAAD SM3 SM6 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 • Q1
Slide 8: DoW Missile Framework Agreements Catalyst for Defense Growth
DoW Missile Framework Agreements Catalyst for Defense Growth AMRAAM SM3 -IIA SM3 - IB SM6 Tomahawk PAC-3 THAAD Current Annual Estimated ~1,100 ~70 125 55 - 90 ~600 96 Production* Revised Annual Production over 1.5x 2x - 4x 4x 10x 3x 4x Next 7 years* DCO Incumbent Supplier DoW significantly ramping p
Slide 9: Commercial Aerospace
Commercial Aerospace ($ millions) 90 YOY 30% -11% -11% -10% +2% +18% Growth 20% 85 $84 $84 10% B737 Family A320 80 0% $77 $76 -10% 75 $71 -20% 70 -30% -40% A220 B787 65 -50% 60 -60% 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 • Q1 2026 Revenue grew 18% to $84M • Remaining Performance Obligations (RPO) of $382M •
Slide 10: Structural Systems Segment Highlights
Structural Systems Segment Highlights ($ millions) Reported YOY Var Adjusted* YOY Var.* Revenue $91.4 9.6% $91.4 9.6% Operating income $10.4 5.2% $12.3 1.5% A220 737MAX Operating income margin 11.4% (50)bps 13.4% (110)bps • Higher revenue in Single aisle (A220, A320, 737Max), 787 A320 family commerc
Slide 11: Electronic Systems Segment Highlights
Electronic Systems Segment Highlights ($ millions) Reported YOY Var Adjusted* YOY Var.* Revenue $117.6 7.8% $117.6 7.8% Operating income $22.9 31.4% $23.3 30.1% Operating income 19.5% 350 bps 19.8% 340 bps margin Defense Primes offloading creating key win opportunities across the Electronic Systems
Slide 12: Q1 2026 Earnings Call
Q1 2026 Earnings Call Stephen Oswald - Chairman, President and Chief Executive Officer Suman Mookerji – Senior Vice President, Chief Financial Officer May 12, 2026
Slide 13: Appendix
>) Ducommun Appendix
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures Note Regarding Non-GAAP Financial Information: This presentation contains non-GAAP financial measures, including Bookings, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, Adjusted Operating Income Margin, and Adjusted Earnings Per Share. The Company be
Slide 15: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA ($ millions) Q1 2026 Q1 2025 Var. PY Net Revenues $ 209.0 $ 192.5 $ 16.5 Net Income $ 9.9 $ 1.4 $ 8.5 Interest Expense $ 4.0 $ 3.3 $ 0.7 Income Tax Expense $ 1.8 $ 0.3 $ 1.5 Depreciation $ 3.9 $ 4.3 ($0.3) Amortization $ 4.3 $ 4.3 ($0.0) Stock-Based Co
Slide 16: GAAP to Non-GAAP Operating Income Reconciliation
GAAP to Non-GAAP Operating Income Reconciliation ($ millions) 1 Q1 2026 and Q1 2025 include amortization of acquisition related assets from acquisitions of Lightning Diversion Systems, LLC, Certified Thermoplastics Co., LLC, Nobles Worldwide, MagSeal Corporation, and BLR Aerospace in Sep 2017, Apr 2
Slide 17: GAAP to Non-GAAP EPS
GAAP to Non-GAAP EPS ($ millions, except EPS) Q1 2026 Q1 2025 GAAP Net Income $9.9 $1.4 GAAP EPS $0.64 $0.09 Restructuring Charges - 0.4 Amortization of Acquisition Related Assets 2.2 2.2 Total Adjustments to GAAP 2.2 2.7 Income Tax Effect (20%) (0.4) (0.5) Non-GAAP Adjusted Net Income $11.7 $3.5 Ad
Slide 18: Non-GAAP Book-to-Bill Ratio
NON-GAAP BOOK-TO-BILL RATIO ($ thousands) LTM Q1 Non-GAAP Bookings, net $ 927.1 GAAP Net revenues $ 841.4 Non-GAAP book-to-bill ratio 1.1x 18
Slide 19: Sources for Missile Production and Growth
Sources for Missile Production and Growth • https://militarnyi.com/en/news/raytheon-doubles-production-of-aim-120-amraam-air-defense-missiles/ • https://defence-industry.eu/rtx-raytheon-secures-long-term-pentagon-frameworks-to-expand-u-s-production-of-critical- missiles-nationwide/ • https://www.rtx
Slide 20: Tariff Exposure
Tariff Exposure Manufacturing Footprint1 Sales by Region2 USA > 96% USA 86% Europe 6% 3 China 3% Mexico < 4% ROW 3% Canada/ Mexico 2% Tariffs are not expected to have a significant impact on 2026 performance 1 Based on 2025 Revenue by manufacturing location 20 2 Based on 2025 Revenue by ship to coun
Slide 21: Explore More
EXPLORE MORE Visit Ducommun.com