Cadre Holdings, Inc. · NYSE:CDRE
Cadre — Investor Presentation (November 2025)
40 slides from Cadre's investor presentation, November 2025
Slide 1: Investor Presentation November 2025
INVESTOR PRESENTATION November 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Except for historical information, certain matters discussed in this presentation may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to all projections and ant
Slide 3: Company history and milestones
Warren Kanders BAE Systems acquires Brad Williams Brad Williams appointed invests in Armor Holdings Armor Holdings for $4.1bn* joins Safariland president of Safariland *$4.1 bn equity value, $4.5bn enterprise value 1996 2007 2017 2019 2021 1964 1999 2012 2018 Safariland's holding company Maui Acquis
Slide 4: Management Team
MANAGEMENT TEAM WARREN BRAD BLAINE KANDERS WILLIAMS BROWERS CEO and Chairman President Chief Financial Officer of the Board Benson Eyecare 4
Slide 5: Who Is Cadre?
WHO IS CADRE? PRODUCT Global leader in the DISTRIBUTION manufacturing of highly- engineered safety Owned distribution platform serves as a equipment for one-stop shop for first responders professionals % of 2024 Revenue : ~ 20% Duty Gear EOD % of 2024 Revenue : ~ 80% Body Armor Nuclear Safety Retail
Slide 6: Cadre's Foundation
CADRE’S FOUNDATION 2,262 Note: 2,262 figure refers to number of lives saved by Cadre’s products as of 11/17/25. 6
Slide 7: Consistent and Reliable Execution Since IPO
Enhanced Leadership CONSISTENT AND RELIABLE EXECUTION ● Operating model implementation ongoing SINCE IPO ● Growing international footprint and expanding TAM Robust Financial Performance (FY2020 vs. FY2025E) ● Increasing customer wallet share ● Delivering new, innovative product launches +55% +97% +7
Slide 8: Investment Highlights
INVESTMENT HIGHLIGHTS Mission-Critical Products with Recurring Demand Robust Acquisition Pipeline to Accelerate Growth ● Over 80% of product line tied to customer refresh cycles ● M&A priorities: expand product suite, grow geographic ● Attractive industry tailwinds driving growth footprint, enter ne
Slide 9: CADRE Operating Model Excellence Maturity Model
CADRE OPERATING MODEL EXCELLENCE MATURITY MODEL Our business strategy to attain and sustain exceptional results. The CADRE Operating The CADRE Excellence Maturity is the leadership operating model Model is a behavior-based, leadership-centric, operating “way” that enables us to create supported by l
Slide 10: Constant Focus on Product Innovation
CONSTANT FOCUS ON PRODUCT INNOVATION Commitment to innovation is a key differentiator and enables Cadre’s brands to maintain premium positions in core markets 10
Slide 11: Long-Term Vision
LONG-TERM VISION FY2024 Aspiration 3–5% organic growth, Revenue $568 million supplemented by $100M in annual M&A Margin Levers $105 million Mid-20s% Adj. EBITDA Pricing Growth Adj. EBITDA 18.5% Margin margin Efficiency Initiatives Gross Margin 41.1% 45-50% Gross Margins Innovation Multiple new verti
Slide 12: Market and Product Overview: Law Enforcement / Military
MARKET AND PRODUCT OVERVIEW: LAW ENFORCEMENT / MILITARY 12
Slide 13: Brand logos
_S SAFARILAND’ MED-ENG PATROL ~~ Or
Slide 14: Industry Tailwinds Support Sustainable Growth
INDUSTRY TAILWINDS SUPPORT SUSTAINABLE GROWTH Rising safety threats Resilient and growing Catalysts drive steady, globally spend worldwide recurring demand Governments face U.S. bipartisan commitment to Refresh cycles on vast majority of increasingly complex public safety Cadre product lines – due t
Slide 15: Resilient and Growing Expenditures Driving Demand in Law Enforcement End Markets
RESILIENT AND GROWING EXPENDITURES DRIVING DEMAND IN LAW ENFORCEMENT END MARKETS MAJOR DOMESTIC LAW DOMESTIC STATE & LOCAL GOVERNMENT POLICE ENFORCEMENT BUDGETS ($BN)1 PROTECTION EXPENDITURES ($BN)2 2017-2024 2008-2017 178.9 CAGR: CAGR: 168.8 2005-2024 CAGR +4.4% +2.4% 155.8 162.2 149.1 151.5 NYPD O
Slide 16: Market and Product Overview: Nuclear
MARKET AND PRODUCT OVERVIEW: NUCLEAR 16
Slide 17: What Is Cadre Nuclear Group?
WHAT IS CADRE NUCLEAR GROUP? March 2024: Acquisition of Alpha Safety ● Highly-visible, recurring revenue driven by long-term contracts, commitments and recurring purchases from entrenched customer base Diversified Nuclear Suite with Growth Potential ● Leading positions across all key product lines ●
Slide 18: Cadre Nuclear Group – Our Why and Near-Term Action Plan
CADRE NUCLEAR GROUP – OUR WHY AND NEAR-TERM ACTION PLAN We exist to support the full Cleanup: Remediating Deterrence: Ensuring national Energy: Supporting the nuclear lifecycle — from Cold War and accident security through pit production, nuclear renaissance cleaning up the past, to legacies (DOE EM
Slide 19: Diversified Nuclear Safety Suite of Highly Engineered Products
DIVERSIFIED NUCLEAR SAFETY SUITE OF HIGHLY ENGINEERED PRODUCTS PRODUCT CATEGORIES ● Ventilation/containment ● Engineered/advanced transportation containers ● Specialty filters ● Radiometric instrumentation ● Robotics systems/manipulators ● Large scale engineering ● Commercial waste management ● Prec
Slide 20: Attractive Tailwinds Driving Demand for Nuclear Safety Products/Services
ATTRACTIVE TAILWINDS DRIVING DEMAND AND VISIBILITY FOR SUITE OF NUCLEAR SAFETY PRODUCTS/SERVICES NATIONAL SECURITY ENVIRONMENTAL MANAGEMENT NUCLEAR ENERGY (25-35% of revenues) (45-55% of revenues) (15-25% of revenues) ● Geopolitical uncertainties drive weapons ● Billions committed annually to suppor
Slide 21: M&A Strategy
M&A STRATEGY 21
Slide 22: Disciplined M&A Strategy
Business DISCIPLINED M&A STRATEGY 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 23: Latest Acquisition: TYR Tactical
LATEST ACQUISITION: TYR TACTICAL World-class engineering and global reach that will enable Cadre to unlock new growth opportunities in high-value end markets Highlights & Strategic Rationale Cadre’s Key M&A Criteria Met • Leading manufacturer of mission-critical personal protective equipment and tac
Slide 24: Acquisition History
ACQUISITION HISTORY Carr’s Engineering Alpha Safety ICOR Cyalume Division ACQUIRED: ACQUIRED: ACQUIRED: Radar ACQUIRED: March 2024 May 2022 ACQUIRED: January 2024 April 2025 PRODUCTS: PRODUCTS: PRODUCTS: January 2022 PRODUCTS: Global provider of highly Over 60 years as a leading PRODUCTS: Trusted gl
Slide 25: Q3 Financial Results
Q3 FINANCIAL RESULTS 25
Slide 26: Continued Execution in Q3
CONTINUED EXECUTION IN Q3 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 Q3 Mix: Positive mix driven by EOD and Nuclear Orders Backlog: Organic backlo
Slide 27: Third Quarter 2025 Highlights
THIRD QUARTER 2025 HIGHLIGHTS Q3 2025 Q2 2025 Q3 2024 NET SALES $155.9M $157.1M $109.4M GROSS MARGIN 42.7% 40.9% 36.6%2 $10.9M / $12.2M / $3.7M / NET INCOME $0.27 per $0.30 per $0.09 per diluted share diluted share diluted share ADJUSTED EBITDA 1 $29.8M $27.0M $13.5M ADJUSTED EBITDA MARGIN 1 19.1% 1
Slide 28: Net Sales and Adjusted EBITDA
NET SALES AND ADJUSTED EBITDA NET SALES ($MM) ADJ. EBITDA1 ($MM) % CAGR % Y/Y GROWTH % CAGR % Y/Y GROWTH 14.0% 10.5% at guidance midpoint 15.3% 8.7% at guidance midpoint FY 2025 FY 2025 Guidance Guidance Range $112M FY 2024 Range $624M FY 2024 to $116M to $630M $104.8M $567.6M FY 2023 FY 2023 $482.5
Slide 29: Q3 2025 Capital Structure
Q3 2025 CAPITAL STRUCTURE September 30, 2025 (in thousands) Cash and cash equivalents $ 150,875 Debt: Revolver $ — Current portion of long-term debt 16,266 Long-term debt 296,930 Capitalized discount/issuance costs (1,959) Total debt, net $ 311,237 Net debt (Total debt net of cash) $ 160,362 Total d
Slide 30: Reaffirming 2025 Outlook
REAFFIRMING 2025 OUTLOOK Attractive end markets and consistent execution driving growth FY 2025 GUIDANCE NET SALES $624M to $630M ADJ. EBITDA $112M to $116M CAPITAL EXPENDITURES $7M to $8M 1. Slide includes a non-GAAP financial measure. See the company website for definitions and reconciliations to
Slide 31: Appendix
APPENDIX 31
Slide 32: Environmental Management
ENVIRONMENTAL Retrieval/Sort & Segmentation MANAGEMENT Process/Treatment Disposal Transportation Characterization & Analysis Waste Packaging 32
Slide 33: National Security
NATIONAL SECURITY Legacy Weapons Stockpile / PU239 Disposition Strategy Weapons Disposed Arsenal Reused Unsuitable Surplus Weapons Disassembled Grade Pu Recast Shipping Disposal New Pit Production Generated TRU Waste 33
Slide 34: Nuclear Energy
NUCLEAR ENERGY Enrichment Conversion Disposal Mining & Milling Spent Fuel Interim Storage Reprocessing Fuel Fabrication Power Fuel Generation SMR Transportation 34
Slide 35: Government Clearing Path and Private Investment Flowing In
GOVERNMENT CLEARING PATH AND PRIVATE INVESTMENT FLOWING IN Google partners with Elementl Power on nuclear energy sites as power demand for AI grows Meta has signed a 20-year agreement to — Associated Press (May 2025) buy nuclear power from Constellation Energy, continuing the wave of tech giants tea
Slide 36: Balance Sheet
BALANCE SHEET UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) September 30, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 150,875 $ 124,933 Accounts receivable, net of allowance for doubtful accounts of $826 and $876, respectively 99,426 93,523 Inventories 112
Slide 37: Statement of Operations
STATEMENT OF OPERATIONS UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net sales $ 155,869 $ 109,408 $ 443,084 $ 391,577 Cost of goods sold 89,244 69,392 256,079 235,283 Gross profit 66,625 40,016 187,
Slide 38: Statement of Cash Flows
STATEMENT OF CASH FLOWS UNAUDITED (IN THOUSANDS) Nine Months Ended September 30, 2025 2024 Cash Flows From Operating Activities: Net income $ 32,400 $ 23,150 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 13,908 12,325 Amortization of
Slide 39: Statement of Cash Flows – Continued
STATEMENT OF CASH FLOWS – CONTINUED UNAUDITED (IN THOUSANDS) Nine Months Ended September 30, 2025 2024 Cash Flows From Financing Activities: Proceeds from revolving credit facilities — 5,500 Principal payments on revolving credit facilities — (5,500) Proceeds from term loans 97,500 80,000 Principal
Slide 40: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION (IN THOUSANDS) Year ended Three Months Three Months Ended Nine Months Ended Last Twelve December 31, Ended June 30, September 30, September 30, Months 2024 2025 2025 2024 2025 2024 September 30, 2025 Net income $ 36,133 $ 12,211 $ 10,941 $ 3,655 $ 32,400 $ 23,150 $ 45,383 Add
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