Slide 1: Second Quarter Fiscal Year 2026 Results
Second Quarter Fiscal Year 2026 Results April 29, 2026
Slide 2: Cautionary Statement
Cautionary Statement Information in this press release contains forward-looking statements regarding future events and our future results within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including, but not limited to, the continued stre
Slide 3: Delivering Differentiated Value For Shareholders
Delivering Differentiated Value For Shareholders Operational “We delivered outstanding second quarter results reflecting robust Growth demand and strong execution across both segments. Aerospace Excellence performance was largely driven by continued strength in commercial services activity and OEM d
Slide 4: Second Quarter 2026 Summary
Second Quarter 2026 Summary Operational excellence, investing in innovation, and continued strong demand Net Sales Net Earnings Strong Balance Sheet up 23% YOY up 23% YOY Higher Volume Free Cash Flow1 of $38M Aerospace growth in Commercial Services and OEM, and Smart Price Realization 1.4 times leve
Slide 5: Capital Allocation
Capital Allocation Investing for growth and returning capital to shareholders Q2 2026 Q2 YTD 2026 $53M $97M Capital Expenditures Returned to shareholders $245M $391M through dividends and share Capital Allocation repurchases 5 © WOODWARD, INC.
Slide 6: Q2 Consolidated Results
Q2 Fiscal Year 2026 Consolidated Results Adjusted Net Earnings1 Adjusted EPS1 up 34% Free Cash Flow down Net Sales up 23% up 35% Reported EPS Reported Net Earnings $1.78 Q2 FY25; $2.19 Q2 FY26 $21M $109M Q2 FY25; $134M Q2 FY26 $1.1B $139M $2.27 $59M $884M $1.69 $103M $38M FY25 FY26 FY25 FY26 FY25 FY
Slide 7: Q2 YTD Consolidated Results
Q2 YTD Fiscal Year 2026 Consolidated Results Adjusted Net Earnings1 Adjusted EPS1 up 46% Net Sales up 26% up 47% Reported EPS Free Cash Flow up $49M Reported Net Earnings $3.20 Q2 FY25; $4.36 Q2 FY26 $196M Q2 FY25; $268M Q2 FY26 $2.1B $273M $109M $4.44 $186M $3.04 $1.7B $60M FY25 FY26 FY25 FY26 FY25
Slide 8: Q2 Sales and Adjusted EPS Bridge
Q2 Fiscal Year 2026 Sales and Adjusted EPS Bridge Sales ($Ms) Adjusted EPS $0.14 $2.27 $0.10 $0.41 $(0.07) $58 $8 $1,091 $142 $1.69 ↑ 37% ↑ 23% ↑ 19% $884 ↑ 25% FY25 Q2 Aerospace Core Industrial Industrial FY26 Q2 FY25 Q2 Aerospace Core Industrial Tax and FY26 Q2 Actuals On-Highway Actuals Adjusted
Slide 9: Q2 YTD Sales and Adjusted EPS Bridge
Q2 YTD Fiscal Year 2026 Sales and Adjusted EPS Bridge Sales ($Ms) Adjusted EPS $0.28 $4.44 $0.29 $1.07 $(0.24) $118 $30 $2,087 $283 ↑ 98% ↑ 26% $3.04 $1,656 ↑ 21% ↑27% FY25 Q2 YTD Aerospace Core Industrial Industrial FY26 Q2 YTD FY25 Q2 YTD Aerospace Core Industrial Tax and FY26 Q2 YTD Actuals On-Hi
Slide 10: Aerospace Overview
Aerospace Overview 10
Slide 11: Q2 Aerospace Segment
Q2 Fiscal Year 2026 Aerospace Segment Earnings growth driven primarily by price realization and higher sales volume Sales up 25% Earnings up 27% Margin up 30 bps $703M 22.2% 22.5% $158M $562M $125M FY25 FY26 FY25 FY26 FY25 FY26 11 © WOODWARD, INC.
Slide 12: Q2 YTD Aerospace Segment
Q2 YTD Fiscal Year 2026 Aerospace Segment Earnings growth driven primarily by price realization and higher sales volume Sales up 27% Earnings up 40% Margin up 210 bps $1.3B $306M 22.9% $1.1B $219M 20.8% FY25 FY26 FY25 FY26 FY25 FY26 12 © WOODWARD, INC.
Slide 13: Aerospace Commercial
Aerospace Commercial Woodward Commercial Woodward Commercial OEM Sales Services Sales Q2 FY25 to Q2 FY26 Q2 FY25 to Q2 FY26 30% 36% Growth Growth Commercial OEM Commercial Services Market Update Market Update → Strong OEM build rates → Air traffic remains solid → Industry supply chain challenges → H
Slide 14: Aerospace Defense
Aerospace Defense Woodward Defense Woodward Defense OEM Sales Services Sales Q2 FY25 to Q2 FY26 Q2 FY25 to Q2 FY26 9% 8% Growth Growth Defense OEM Defense Services Market Update Market Update → Strong demand for defense products → Solid demand environment → Robust smart defense order activity → Stea
Slide 15: Industrial Overview
Industrial Overview 15
Slide 16: Q2 Industrial Segment
Q2 Fiscal Year 2026 Industrial Segment Earnings growth driven by higher sales volume, price realization, and favorable mix Sales up 20% Earnings up 43% Margin up 270 bps → Insert text $387M 17.0% $322M $66M → Insert text 14.3% $46M → Insert text → Insert text FY25 FY26 FY25 FY26 FY25 FY26 16 © WOODW
Slide 17: Q2 Core Industrial
Q2 Fiscal Year 2026 Core Industrial Earnings growth driven by higher sales volume and price realization Sales up 19% Earnings up 18% Margin down 10 bps → Insert text $359M $301M → Insert text 14.8% 14.7% $53M $44M → Insert text → Insert text FY25 FY26 FY25 FY26 FY25 FY26 17 © WOODWARD, INC.
Slide 18: Q2 YTD Industrial Segment
Q2 YTD Fiscal Year 2026 Industrial Segment Earnings growth driven by higher sales volume, price realization, and favorable mix Sales up 25% Earnings up 54% Margin up 340 bps → Insert text $749M $133M 17.7% $601M → Insert text 14.3% $86M → Insert text → Insert text FY25 FY26 FY25 FY26 FY25 FY26 18 ©
Slide 19: Q2 YTD Core Industrial
Q2 YTD Fiscal Year 2026 Core Industrial Earnings growth driven by higher sales volume and price realization Sales up 21% Earnings up 28% Margin up 90 bps → Insert text $688M $110M $570M → Insert text 15.9% $86M 15.0% → Insert text → Insert text FY25 FY26 FY25 FY26 FY25 FY26 19 © WOODWARD, INC.
Slide 20: Industrial
Industrial 7% Growth 34% Growth 18% Growth Woodward Power Gen Sales Woodward Transportation Sales Woodward Oil & Gas Sales Q2 FY25 to Q2 FY26 Q2 FY25 to Q2 FY26 Q2 FY25 to Q2 FY26 Power Generation Transportation Oil & Gas Market Update Market Update Market Update → Robust global demand for power gen
Slide 21: Woodward Select Financial Results
Woodward Select Financial Results In millions, except bps and percentages Quarter-to-Date Year-to-Date Q2 FY25 Q2 FY26 Change Q2 FY25 Q2 FY26 Change Gross Margin: % of Sales 27.2% 29.0% 180 bps 25.9% 29.1% 320 bps SG&A Expenses: % of Sales 9.5% 9.4% (10) bps 9.3% 9.5% 20 bps R&D Expenses: % of Sales
Slide 22: Guidance
Fiscal Year 2026 Guidance 22 © WOODWARD, INC.
Slide 23: Raising sales & earnings guidance based on strong Q2 performance
Raising sales & earnings guidance based on strong Q2 performance and confidence in the second half outlook In millions, except EPS and percentages Prior Revised FY26 Guidance FY26 Guidance Issued on Issued on February 2, 2026 April 29, 2026 Sales Growth Up 14% to 18% Up 20% to 23% Adjusted EPS3 $8.2
Slide 24: Appendix
Appendix 24 | ©WOODWARD, INC. WG WOODWARD
Slide 25: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations Woodward, Inc. and Subsidiaries Reconciliation of Net Earnings and EPS to Adjusted Earnings1 and Adjusted EPS1 (Unaudited – In thousands, except per share amounts) Three Months Ended March 31, 2026 2025 Net Earnings Net Earnings Earnings Per Share Earnings Per
Slide 26: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations Woodward, Inc. and Subsidiaries Reconciliation of Net Earnings and EPS to Adjusted Net Earnings1 and Adjusted EPS1 (Unaudited – In thousands, except per share amounts) Six Months Ended March 31, 2026 2025 Net Earnings Net Earnings Earnings Per Share Earnings Pe
Slide 27: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations Woodward, Inc. and Subsidiaries Woodward, Inc. and Subsidiaries Reconciliation of Net Earnings to EBIT1 and Adjusted EBIT1 Reconciliation of Net Earnings to EBIT1 and Adjusted EBIT1 (Unaudited – In thousands) (Unaudited – In thousands) Three Months Ended March
Slide 28: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations Woodward, Inc. and Subsidiaries Woodward, Inc. and Subsidiaries Reconciliation of Net Earnings to EBITDA1 and Adjusted EBITDA1 Reconciliation of Net Earnings to EBITDA1 and Adjusted EBITDA1 (Unaudited – In thousands) (Unaudited – In thousands) Three Months Ende
Slide 29: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations Woodward, Inc. and Subsidiaries Woodward, Inc. and Subsidiaries Reconciliation of Income Tax Expense Reconciliation of Income Tax Expense to Adjusted Income Tax Expense1 to Adjusted Income Tax Expense1 (Unaudited – In thousands) (Unaudited – In thousands) Three
Slide 30: Non-U.S. GAAP Reconciliations
Appendix Non-U.S. GAAP Reconciliations 30 © WOODWARD, INC.
Slide 31: Non-U.S. GAAP Measures
Appendix Non-U.S. GAAP Measures 1Adjusted and Non-U.S. GAAP Financial Measures: Adjusted net earnings, adjusted earnings per share, adjusted income tax expense, adjusted effective income tax rate, EBIT, adjusted EBIT, EBITDA, adjusted EBITDA, and adjusted nonsegment expenses exclude, as applicable,
Slide 32: Powering a clean future
Powering a clean future ANS WOODWARD