Slide 1: Thermon Group Holdings Earnings Presentation Second Quarter Fiscal 2026
THERMON GROUP HOLDINGS, INC. EARNINGS PRESENTATION SECOND QUARTER FISCAL YEAR 2026 NOVEMBER 6, 2025
Slide 2: Cautionary Note Regarding Forward-looking Statements
Cautionary Note Regarding Forward-looking Statements This presentation includes forward-looking statements within the meaning of the U.S. federal securities laws in addition to historical information. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Sec
Slide 3: Trailing Twelve Months Highlights
Trailing Twelve Months Highlights $509MM 45% 22.4% $2.03 $50MM $36MM Adj. EBITDA Total Revenue Gross Margin Adjusted EPS Free Cash Flow Share Repurchases Margin $529MM 1.0x 72% $98M 27 1.0x 3D Initiatives Total Bookings Book-to-Bill Diverse Mkt. Sales New Products Net Leverage Revenue 7% 7% 16% 4% 1
Slide 4: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights • Q2 revenue increased 15% driven by improved business momentum and strong backlog conversion • Revenue up 9% organically excluding revenue from F.A.T.I. • Adjusted EBITDA increased 29%; margin of 23.2% (up 240 bps y-o-y) illustrative of earnings capacity of the busine
Slide 5: Thermon's Strategic Pillars
Thermon’s Strategic Pillars D E C A R B O N I Z AT I O N , P R O F I T A B LY G R O W D I G I T I Z AT I O N & D I S C I P L I N E D C A P I TA L I N S TA L L E D B A S E D I V E R S I F I C AT I O N A L L O C AT I O N • Apply industry leading process • Leverage existing Thermon • Drive organic grow
Slide 6: Digitization Enabling Growth
Digitization Enabling Growth R&T L e v e r a g i n g D i g i t a l Te c h n o l o g y a c r o s s Genesis Network Adoption the Breadth of Thermon Solutions Genesis Network Installed base growing to 86,000 Circuits +49% in the first half of FY 2026 +49% Digitization enables growth—Electrical Heat Tra
Slide 7: Leading Technology in Medium Voltage Heaters
Leading Technology in Medium Voltage Heaters Leveraging Thermon’s Brand MARKET SIZE1 Electrification Mega-Trend driving momentum to replace gas-fired systems with electric, especially in $263 M Europe 3600 – 7200V options for the most demanding bulk industrial heating ~17% applications CAGR More eff
Slide 8: Building Market Presence in Data Center Market
Building Market Presence in Data Center Market LIQUID LOAD BANK PRODUCT LAUNCH UPDATE: • Market projected to grow at 21% CAGR, from $84M in 2024 to $386M in 20321 • Targeting 20 to 25% market share within 24 to 36 months • Prototype builds completed for Poseidon and Pontus, customer demonstrations u
Slide 9: Q2 FY26 Operating Highlights
Q2 FY26 Operating Highlights • Revenues increased 15% (+9% organically) driven by more US$ millions, favorable spending trends, including improved trends in FY26 Q2 FY25 Q2 YOY% except per share data large projects, and the recognition of revenues impacted by the delayed backlog conversion in the pr
Slide 10: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow SELECTED BALANCE SHEET SELECTED CASH FLOW US$ millions FY26 Q2 FY25 Q2 YOY% US$ millions FY26 Q2 FY25 Q2 YOY% Cash and Cash Net Income $15.0 $9.5 57.9% $29.7 $37.0 (19.7%) Equivalents Depreciation & $5.8 $5.5 5.5% Amortization Total Debt $139.7 $165.8 (15.7%) Change in Wo
Slide 11: Full Year Guidance
Full Year US$ MILLION, EXCEPT PER SHARE DATA FY25 ACTUAL FY26 PREV FY26E Guidance Revenue $498.2 $495 - $535 $506 - $527 YOY% (0.6%) – 7.4% 1.6% -5.8% • CAPEX: 2.5% - 3.0% revenue • Depreciation and amortization: ~$23MM Net Income $53.5 • Effective tax rate: ~26% Assumptions: EPS $1.57 $1.35 - $1.57
Slide 12: Track Record of Performance
Track Record of Performance +13% $600 $2.50 $500 $2.00 Earnings per share Revenue $400 US$ millions $1.50 CAGR $300 $1.00 $200 $100 $0.50 +26% $0 $0.00 Adjusted FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 1 EBITDA CAGR COVID Revenue (MM) Adj. EBITDA (MM) EPS Adj. EPS Q2 FY2026 Earnings 1. Traili
Slide 13: Compelling Investment Opportunity
Compelling Investment Opportunity • Leading Global Brand in high value, diversified end markets with mission critical technology and high barriers to entry, supported by culture of operational excellence • Large Installed Base with loyal customers and resilient aftermarket franchise • Exposure to Si
Slide 14: Financial Reconciliations
FINANCIAL RECONCILIATIONS 14
Slide 15: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Unaudited, in thousands Q2 FY2026 Earnings 15
Slide 16: Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS
Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS Unaudited, in thousands except per share amounts Q2 FY2026 Earnings 16
Slide 17: Reconciliation of Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow Unaudited, in thousands Q2 FY2026 Earnings 17
Slide 18: Reconciliation of Point-in-Time and Over-Time Sales to OPEX Sales
Reconciliation of Point-in-Time and Over-Time Sales to OPEX Sales Unaudited, in thousands Q2 FY2026 Earnings 18
Slide 19: Thermon contact details
Thermon, Inc | 7171 Southwest PKWY| Bld 300 Suite 200 | Austin, TX 78735 |USA investor.relations@thermon.com Thermon.com | Copyright 2025. All Rights Reserved.