Aaon, Inc. · NASDAQ:AAON
Aaon — Investor Presentation (June 2026)
39 slides from Aaon's investor presentation, Jun 2, 2026
Slide 1: June 2, 2026
June 2, 2026 1
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: Who we are…
Who we are… We are an entrepreneurial We are not your disruptor with a focus typical HVAC company on providing value for our customers We are agile, We are best-in-class innovative & creative operators to support it …that’s why we consistently outperform 3
Slide 4: AAON: an overview
AAON: an overview Founded in 1988 At AAON, we don’t just respond to the world’s demand for better solutions—we lead the charge 4.1 million sq ft of manufacturing We are dedicated to advancing the HVAC industry with efficient, cutting- edge technologies for commercial, industrial and data center buil
Slide 5: Our strategic pillars
Our strategic pillars 01 02 03 04 05 Winning with Optimizing the Capitalize on the Capitalize on Be a best in superior organization to value proposition industry leading class operator and engineering, drive results and of our mission innovation and make strategic innovation, empower critical soluti
Slide 6: Evolving Into a Best-in-Class Manufacturer
Evolving Into a Best-in-Class Manufacturer Completed In Progress People & Process Product Innovation — New CFO and GC — Alpha Class Heat Pump — Strategic finance capabilities — Free Cooling Chiller — Professional supply chain management — Global operations and lean manufacturing expertise Physical S
Slide 7: AAON: an overview
AAON: an overview International AAON Coil Products AAON Sales by Sales by Sales by branded segment region BASX products BASX AAON Oklahoma U.S. 2.1B 26.2% 15.4% 18.2% 1.45 9.3% Order backlog Gross margin EBITDA margin CapEx and R&D as EPS ROIC a percent of sales Note: All data is based on trailing 1
Slide 8: Future structure: Leveraging two strong brands
Future structure: Leveraging two strong brands Non-res HVAC Data centers, clean rooms, equipment commercial/industrial Innovation Air handling, liquid Packaged rooftop Premium cooling, cleanroom units and split quality and environments 60% customer 40% of Sales of Sales support Semi-custom Fully cus
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Slide 10: AAON brand overview
AAON brand overview AAON brand sales ( M) Longview, TX Parts Other 1,002.0 975.6 973.1 894.3 Air Sales by Sales by handlers & condensing Products¹ Location¹ units Rooftop Tulsa, OK units 2023 2024 2025 TTM History Today Bridging the gap between basic, standard equipment A semi-custom, highly configu
Slide 11: What makes the AAON brand special?
Innovation and engineering Leading in innovation and engineering is at AAON's core, and it enables us to fully support all our customers Semi-custom engineering & manufacturing A proprietary, hard-to-replicate process that seamlessly What makes integrates deep customization within a highly automated
Slide 12: Our competitive advantage: The unique integrated process
Our competitive advantage: The unique integrated process 1 2 3 4 Sophisticated Most capable R&D Electronically Efficient engineering lab in the industry accepting many manufacturing department for configurations through automation design of equipment and soft tooling High barriers to entry with a mo
Slide 13: AAON equipment versus the alternative
AAON equipment versus the alternative Feature Low-quality products AAON’s custom products Mass production, Soft-tooled, highly Production standardized process automated processes Premium, reflects Price Affordable, budget-friendly higher quality Not as durable, shorter Durable and long-lasting, with
Slide 14: Products to meet a range of customer needs
Products to meet a range of customer needs Packaged Outdoor Packaged Rooftop Rooftop Air Rooftop Unit Handling Unit Unit 2-6 tons 800-2400 cfm 9-15 tons Vertical Indoor Packaged Condensing Air Handling Rooftop Units Unit Unit 2-60 tons 450-10,000 16-30 tons cfm Horizontal Evaporative Packaged Indoor
Slide 15: Offering a solutions-based sales channel model
Offering a solutions- Sales reps use AAON equipment based sales channel to customize the ideal solution model AAON sells through an independently owned sales channel, with one representative firm in every region of North America Reps utilize a line card of ~20-30 complimentary OEMs that help provide
Slide 16: Building strength in our go-to-market strategy
Building strength in our go-to-market strategy Leveraging the Focus on parts Providing resources Investing marketing function set and service to the sales channel in sales up in 2022 AAON selling parts and Customer Exploration Center Account management Marketing budget up 10x supporting our sales ch
Slide 17: Total addressable market and share gain opportunity
Total addressable market 7% and share gain opportunity¹ market share and growing Nonresidential HVAC market mid-to-high ~ 11B² The addressable market of AAON’s commercial HVAC products, including single digits rooftop units, air handlers and long-term sales condensing units, is ~15x the size of our
Slide 18: Continuing to innovate with Alpha Class and heat pumps
Continuing to innovate with Alpha Class and heat pumps Alpha Class 2023 is a product category of the AAON’s Alpha Class were the only heat pumps operable ~24% AAON brand that includes below 30OF, and were operable all the way down to 0OF of rooftop commercial HVAC sales¹ equipment fueled by a fully
Slide 19: National account opportunity
National accounts In the last were not a big focus 20 years National Began to target account national account opportunities In early In2024 Early opportunity 2024 Built a pipeline of opportunity with annualized sales of several hundred million dollars Last 30 months A substantial percentage of Landi
Slide 20: BASX
6BAS xX
Slide 21: BASX brand overview
BASX brand overview Cleanroom Commercial BASX brand sales ( M) systems equipment 643.8 Memphis, TN 547.8 Redmond, OR Sales by Production Product¹ Location¹ 225.0 166.5 Data center Longview, TX equipment 2023 2024 2025 TTM History Founded in 2014 and acquired by AAON in 2021, largely focused on 1.62B
Slide 22: What makes BASX special?
What makes BASX special? Provides solutions Full High quality Premier Superior not just products customization manufacturing customer care customer support BASX is the only player BASX offers a fully The manufacturing is of A foundational principle BASX focuses greatly on in the industry that custom
Slide 23: BASX go-to-market strategy
BASX go-to-market strategy Collaborative Sales Customer care and Adding value through Elite engineering and Process support customized solutions innovation Decades of experienced Internal sales and engineers, Providing the best customer Innovative design to customer industry leadership along with in
Slide 24: BASX product offerings provide end-to-end solution for data centers
BASX product offerings provide end-to-end solution for data centers Computer Room Coolant Air Handler Distribution Unit Overhead Air Handling Fan Coil Units opportunity is ~ 1.0M - 1.5M per MW1 Free Cooling Heat Rejection Chiller Fan Coil Wall 24
Slide 25: Data center pipeline underpins growth
Data center pipeline underpins growth In 2023-2024, compute power In 2025, it was ~11GW, with Currently, there is a pipeline of of data centers put-in-place in data center buildout projects in development totaling the industry was ~2-4GW, with spending topping 43 ~240 GWs, with expectations of data
Slide 26: Data centers are a huge and growing market
Data centers are a huge and growing market Total North America data Total cooling equipment & BASX-specific thermal center construction infrastructure management equipment put in place in 2025¹ TAM TAM ~20% ~45% TAM ~7% ~ 41B2 7- 9B3 3.5- 4.0B4 ¹ The total cost of constructing data centers in 2025 ²
Slide 27: Data center TAM is shifting to liquid cooling
Data center TAM is shifting to liquid cooling BASX-specific thermal Liquid cooling Air-cooled management equipment 40% Thermal 85% management 15% By 2028 TAM ~7% equipment 60% (2024) 3.5- 4.0B¹ To date, a vast majority of TAM By 2028 we anticipate the is cloud compute data centers cooled split to be
Slide 28: Long-term value creation of data center opportunity
Long-term value creation of data center opportunity BASX backlog and revenue ( M) 1,800 200 1,619.6 1,600 180 1,400 1,302.1 160 140 1,200 135.4 120 1,000 896.8 100 800 106.1 623.0 623.4 80 600 394.5 408.6 539.7 52.4 75.2 60 30.5 35.7 39.7 66.2 68.0 400 279.8 40 182.0 183.5 233.5 56.5 63.1 50.7 170.7
Slide 29: Current status of BASX production at each location
Current status of BASX production at each location Dedicated % to full Current status 1M+ sq. ft. of BASX Facility BASX sq ft capacity production capacity added since 2024, up Redmond, OR 419,000 90% Increasing throughput; nearly 6x maximizing productivity Larger footprint equates Optimizing product
Slide 30: Opportunities exist in diversified end markets
Opportunities exist in Growth opportunities: diversified end markets Custom air handlers is core to our DNA and could be expanded into the BASX has experience in other markets commercial market beyond data center equipment R&D working on new products for multiple end markets Data centers Cleanroom e
Slide 31: “Productizing” for scale and diversification
“Productizing” for scale and diversification Air-side Actively reducing cost and standardizing select DC product offerings for the masses cooling Pursuing a new semi-custom AHU that bridges the gap between the standard market and BASX's fully custom offering Like AAON, the focus is on configurabilit
Slide 32: Financials
Financials 32
Slide 33: Financial highlights
Financial highlights¹ 281.2 272.2 1,617.0 252.6 1,442.1 231.3 1,168.5 1,200.6 888.8 Adj. 162.3 Net sales EBITDA ( M) ( M) (Non-GAAP) 2022 2023 2024 2025 TTM 2022 2023 2024 2025 TTM 34.1% 33.1% 2.13 2.02 26.7% 26.7% 26.2% 1.43 1.24 1.29 Gross EPS margin (GAAP) 2022 2023 2024 2025 TTM 2022 2023 2024 2
Slide 34: Both brands contributing to our strong backlog
Both brands contributing to our strong backlog Backlog remains strong despite changes in the cycle 2.13 Backlog ( B) 1.83 1.32 Ended 1Q26 1.12 1.03 at record 0.87 0.60 0.56 0.65 0.65 2.13B 0.53 0.49 0.51 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 AAON BASX 34
Slide 35: 2026 Outlook
2026 Outlook Strong focus on operational execution Sales Sales growth of 40% to 45% Margins Gross margin of 27% to 28% SG&A 14% to 15% of sales Expenses D&A expense of 95 to 100 million 35
Slide 36: Appendix
Appendix
Slide 37: Non-GAAP Financial Measures
Non-GAAP Financial Measures The following table provides a reconciliation of net income (GAAP) to EBITDA (non-GAAP) and EBITDA margin (non-GAAP) for the periods indicated. The trailing twelve months ("TTM") period presented is a non-GAAP reconciliation period. Q1 2026 Q4 2025 Q3 2025 Q2 2025 LTM 202
Slide 38: Non-GAAP Financial Measures
Non-GAAP Financial Measures The fol l owi ng ta bl e provi des a net s a l es (GAAP), gros s profi t (GAAP) and gros s ma rgi n for the peri ods i ndi ca ted. The tra i l i ng twel ve months ("TTM") peri od pres ented i s a non-GAAP reconci l i a ti on peri od. Q1 2026 Q4 2025 Q3 2025 Q2 2025 LTM 20
Slide 39: Non-GAAP Financial Measures
Non-GAAP Financial Measures The fol l owi ng ta bl e provi des a reconci l ia tion of total a ss ets (GAAP) to inves ted capi ta l (non-GAAP), a verage inves ted capi ta l (non-GAAP) a nd return on i nves ted ca pita l (non-GAAP) for the peri ods i ndi ca ted. March 31, 2026 March 31, 2025 Total ass