Slide 1: Q3 2025 Earnings Conference Call
Q3 2025 Earnings Conference Call November 6, 2025
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: Q3 2025 overview
Q3 2025 overview $384.2M 27.8% $63.6M $0.37 $1.32B Sales Gross Profit Margin Non-GAAP Adj. Non-GAAP Adj. Backlog EBITDA* Diluted EPS* +17.4% Y/Y -710 bps Y/Y -23.3% Y/Y -41.3% Y/Y +103.8% Y/Y +23.3% Q/Q +120 bps Q/Q 16.5% margin +94.7% Q/Q +18.1% Q/Q Q3 sales and earnings Strong backlog will result
Slide 4: BASX-Branded Backlog Surges, Driven by Data Center Demand
BASX-Branded Backlog Surges, Driven by Data Center Demand Q3 Highlights Demand for both our air-side and liquid cooling products remains strong 9.5% 3.9% +11 +4 Memphis facility adds nearly 800,000 square feet of capacity will triple our production capabilities; expect full- scale production by year
Slide 5: AAON-Brand Production Recovery Drives Sequential Sales Growth
AAON-Brand Production Recovery Drives Sequential Sales Growth Alpha Class National Accounts +28.1% +20% <1.0 +45% +96% Sequential production Book-to-bill AAON-branded Q3 Bookings Q3 Bookings increase at Tulsa and reducing backlog and sequential sales growth Longview normalizing lead times Longview t
Slide 6: Key takeaways
Key takeaways Longview implementation largely stabilized; production approaching full recovery with September exit rates surpassing pre-ERP levels Memphis went live November 1st; Redmond and Tulsa implementations scheduled for 2026 with minimal expected disruption Longview learnings applied to Memph
Slide 7: Q3 2025 summary
Q3 2025 summary Q3 Highlights Net Sales Gross Margin Net sales increase of 17.4% driven by 34.9% 95.8% growth in BASX-branded sales $384.2 26.6% 27.8% and a 1.5% decline in AAON-branded $327.3 $311.6 sales BASX-branded sales growth was driven by robust demand from the data Q3 2024 Q2 2025 Q3 2025 Q3
Slide 8: AAON Oklahoma
AAON Oklahoma Q3 Highlights Net sales declined y/y 4.3%, but rose sequentially 29.0% Net Sales Gross Margin 36.8% Since April, production consistently improved m/m; September was our $228.9 $238.7 31.5% 27.5% strongest month YTD, surpassing pre- $185.1 Q4 2024 levels Gross margin impacted by costs a
Slide 9: AAON Coil Products
AAON Coil Products Q3 Highlights Net sales increase of $35.0M, or 99.4%, driven by $46.5 million of BASX- branded liquid cooling sales, partially Net Sales Gross Margin offset by an $10.9M decline in AAON- $70.2 branded sales 35.3% $58.5 +1,050 bps Some ERP-related challenges abated 22.0% $35.2 from
Slide 10: BASX
BASX Q3 Highlights Net sales growth of 19.2% driven by Net Sales Gross Margin strong demand from data center 27.9% 27.9% 27.0% market $75.2 $63.1 $68.0 Initial production in Memphis was a key contributor to growth Modest gross margin contraction reflects temporary inefficiencies associated with Redm
Slide 11: Q3 2025 summary: balance sheet
Q3 2025 summary: balance sheet Q3 Highlights Leverage ratio at the end of the third quarter was 1.73 Restricted Cash, Cash & Cash Equivalents Debt Debt increase driven by working $500 $10 $360.1 capital and capex investments to $6.7 $5 support strong BASX-branded $1.2 $250 $— $1.0 backlog and future
Slide 12: Backlog by brands
Backlog by brands Backlog Demand of air-side and liquid cooling solutions for data centers is robust $896.8M BASX brand +119.5% Y/Y Strong demand of customized free +43.9% Q/Q cooling chiller systems Successfully rightsizing backlog with higher production throughput AAON brand $423.3M +77.1% Y/Y Str
Slide 13: Revised 2025 outlook
Revised 2025 outlook Prior Current YoY Sales Low-Teens Mid-Teens Growth Gross Margin 28.0%-29.0% 28.0%-28.5% Non-GAAP Adj. SG&A % 16.5%-17.0% 16.5%-17.0% of Sales* | 13 * See appendix for additional information regarding Non-GAAP measures
Slide 14: Appendix
Appendix | 14 | 14
Slide 15: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Adjusted Net Income Non-GAAP EBITDA and Adjusted EBITDA Three Months Ended Three Months Ended September 30, September 30, 2025 2024 2025 2024 (in thousands) (in thousands) Net income, a GAAP measure $ 30,782 $ 52,625 Net income, a GAAP measure $ 30,782 $ 52,625 D
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Adjusted SG&A | 16 | 16