Slide 1: Fourth Quarter & Full Year 2025 Results Conference Call
Fourth Quarter & Full Year 2025 Results Conference Call February 26, 2026 vsecorp.com
Slide 2: Forward-Looking Statements
Introduction Forward-Looking Statements This presentation contains statements that, to the extent they are not recitations of historical fact, constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E o
Slide 3: Recent Developments – PAG Acquisition
Recent Developments Recent Developments – PAG Acquisition ▪ VSE enters into a definitive agreement to acquire Precision Aviation Group (“PAG”), a leading provider of aviation maintenance, repair and overhaul (“MRO”) services, distribution, and supply chain solutions serving commercial, business and
Slide 4: Recent Developments – New Exclusive OEM Licensing Agreement and Life-of-Program Distribution Agreement
Recent Developments Recent Developments – New Exclusive OEM Licensing Agreement and Life-of-Program Distribution Agreement Exclusive ▪ VSE entered into an asset purchase and licensing agreement with an OEM to exclusively manufacture, Proprietary distribute, and repair certain fuel pumps supporting t
Slide 5: Full Year 2025 Business Highlights
FY 2025 Highlights Full Year 2025 Business Highlights VSE Completes Multi-Year Transformation to Pure-Play Aviation Aftermarket Service Provider Strategy Execution Acquisition and Integration Investment for Growth • RECORD FINANCIAL PERFORMANCE: Achieved • TURBINE WELD ACQUISITION: Acquired Turbine
Slide 6: Consolidated FY 2025 Financial Performance Highlights
Consolidated Results Consolidated FY 2025 Financial Performance Highlights Revenue of $1.1 billion increased 41% from FY’24 to FY’25 driven by FY’25 strong growth in aviation distribution and MRO businesses, and contributions from recent acquisitions $1.1B Adjusted EBITDA(1) of $183 million or 16.4%
Slide 7: Consolidated Q4 and Full Year 2025 Results
Consolidated Results Consolidated Q4 and Full Year 2025 Results Year-Over-Year Performance Revenue Operating Income(2) $1.1B $90M $786M Revenue Growth $59M $301M 4Q’25 FY’25 $227M $20M $32M +32% +41% 4Q’24 4Q’25 FY’24 FY’25 4Q’24 4Q’25 FY’24 FY’25 Adj. EBITDA Growth(1) 4Q’25 FY’25 Adjusted EBITDA(1)
Slide 8: Aviation Segment Fourth Quarter 2025 Results
Aviation Segment Results Aviation Segment Fourth Quarter 2025 Results Year-Over-Year Performance Revenue Revenue by Sales Channel Distribution MRO $301M $227M +37% +24% Revenue Growth $194M $141M $107M 4Q’25 FY’25 $86M +32% +41% 4Q’24 4Q’25 4Q’24 4Q’25 4Q’24 4Q’25 Operating Income Profitability 4Q’2
Slide 9: Balance Sheet Review as of December 31, 2025
Balance Sheet Balance Sheet Review as of December 31, 2025 Free Cash Flow of $31 million in 4Q’25 Adjusted Net Leverage(1) supported by strong profitability and solid working capital management. FY 2025 Free Cash Flow was $6 million Net Debt outstanding was $223 million Cash and Revolver availabilit
Slide 10: 2026 Guidance: Accelerating Revenue and Expanding Margins
FY 2026 Guidance 2026 Guidance: Accelerating Revenue and Expanding Margins Revenue Consolidated Adjusted EBITDA % +19-23% 16.8-17.3% HSD/LDD% 0-50 bps 16.4% ~40 bps ~$1.1B 11%-13% 2025 Full Year M&A VSE Organic 2026 2025 M&A Margin VSE Organic 2026 Contribution Growth Accretion Growth ▪ Aero 3 and T
Slide 11: 2026 Priorities
2026 Priorities 2026 Priorities 1 Execute acquisition integrations and accelerate synergy realization Implement newly awarded distribution and OEM solutions programs across 2 core platforms 3 Expand MRO capacity to capture incremental growth opportunities 4 Advance and convert the organic growth pip
Slide 12: Appendix
Appendix vsecorp.com
Slide 13: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with generally accepted accounting principles (“GAAP”), this presentation also contains non-GAAP financial measures. These measures provide useful information to investors. The Company consider VSE Adjusted EBIT
Slide 14: 2026 Guidance Modeling Items
FY 2026 Guidance 2026 Guidance Modeling Items Additional FY’26 Modeling Items Interest Expense ~$20 million Depreciation & Amortization ~$52-54 million Tax Rate ~25% Stock-based Compensation ~$15-16 million Capital Expenditures as a percentage of sales ~2% Pg.14 vsecorp.com
Slide 15: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations EBITDA and Adjusted EBITDA ($ in thousands, except per share data) Three months ended December 31, Years ended December 31, 2025 2024 % Change 2025 2024 % Change Net income from continuing operations $ 22,296 $ 10,406 114.3% $ 53,493 $ 19,402 175.7% Interest
Slide 16: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations Adjusted Net Income and Adjusted EPS (Diluted) Three months ended December 31, Years ended December 31, ($ in thousands, except per share data) 2025 2024 % Change 2025 2024 % Change Net Income from continuing operations $ 22,296 $ 10,406 114.3% $ 53,493 $ 19
Slide 17: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations Segment EBITDA and Adjusted EBITDA Three months ended December 31, Years ended December 31, ($ in thousands) 2025 2024 % Change 2025 2024 % Change Aviation Operating income $ 43,500 $ 29,173 49.1% $ 148,336 $ 101,387 46.3% Depreciation and amortization 10,18
Slide 18: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations Segment EBITDA and Adjusted EBITDA Three months ended December 31, Years ended December 31, ($ in thousands) 2025 2024 % Change 2025 2024 % Change Corporate Unallocated corporate costs $ 11,009 $ 8,734 26.0% $ 58,741 $ 42,631 37.8% Depreciation and amortizat
Slide 19: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations Balance Sheet Reconciliation of Operating Cash Flow to Free Cash Flows ($ in thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net cash provided by (used in) operating activities $ 37,642 $ 24,089 $ 11,891 $ (46,6