Graham Corporation · NYSE:GHM
Graham — Investor Presentation (May 2026)
38 slides from Graham's investor presentation, May 2026
Slide 1: Investor Presentation
Investor Presentation May 2026 GRAHAM CORPORATION 1 © 2025 GRAHAM CORPORATION, ALL RIGHTS RESERVED
Slide 2: Safe Harbor Statement
Safe Harbor Statement Safe Harbor Regarding Forward Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are
Slide 3: Graham at-a-Glance
Overview GRAHAM IS A MISSION CRITICAL SOLUTION SUPPLIER Graham at-a-Glance ACROSS THREE CORE END-MARKETS Graham is a GLOBAL Defense Mission-critical fluid, power, heat 1936 Founded | 1968 IPO LEADER in the design and transfer, and advanced mixing manufacture of mission-critical fluid, power, vacuum,
Slide 4: Investment Thesis
Overview Investment Thesis 13-15% Adj. EBITDA Margin(1) BY FY27 Margin Expansion Operational excellence drives margin expansion, supported by >20% ROIC(1) projects $516M BACKLOG(2) >20%+ ROIC(1) Extended Visibility Disciplined Growth Strategy Long-term visibility enables prioritized Strategic ROIC p
Slide 5: Business Overview
01 Business Overview 5
Slide 6: Graham Portfolio
DEFENSE ENERGY & PROCESS SPACE 01 | Business Overview Graham Portfolio Defense Energy & Process Space 58% of FY25 Revenue 35% of FY25 Revenue 7% of FY25 Revenue Military Torpedoes Small Aircraft Aircraft & Refining, Modular Satellites & Carriers / & Power Rocket Unmanned Petrochem, Nuclear Life Supp
Slide 7: Defense Portfolio
ENERGY & PROCESS SPACE DEFENSE 01 | Business Overview REVENUE ($ in millions) Defense Portfolio $121.9 CATEGORIES HIGHLIGHTS $99.5 • Strong and expanding demand supported by increased U.S. defense budgets and accelerated shipbuilding driven by geopolitical tensions $65.3 • Key supplier of mission-cr
Slide 8: Long-Cycle Visibility on Key Navy Nuclear Programs
ENERGY & PROCESS SPACE DEFENSE 01 | Business Overview Long-Cycle Visibility on Key Navy Nuclear Programs GRAHAM REVENUE OPPORTUNITY ~$1.7 BILLION(2) THROUGH 2058 BASED ON STRATEGIC PLATFORM PROJECTIONS CVN Ford Class Carrier SSN Virginia Class Subs SSBN Columbia Class Subs Torpedoes • 2 Completed •
Slide 9: Energy & Process Portfolio
DEFENSE SPACE ENERGY & PROCESS 01 | Business Overview REVENUE ($ in millions) Energy & Process Portfolio Energy & Process CATEGORIES HIGHLIGHTS $72.8 $73.3 $70.6 • Stable demand in traditional O&G energy markets and strong aftermarket demand from global energy and chemical customers $54.9 • Increasi
Slide 10: Space Portfolio
DEFENSE ENERGY & PROCESS SPACE 01 | Business Overview REVENUE1 ($ in millions) Space Portfolio $21.2 $5.3M Virgin CATEGORIES HIGHLIGHTS Orbit • Developing content commercial space through rocket engine turbopump $15.9M $14.7 systems and satellite launch support $13.3 • Positioned for long-term growt
Slide 11: Growth Enablement
Image credit: Blue Origin 11 02 Growth Enablement
Slide 12: Accelerating Growth From a Stable Foundation
STABILIZE IMPROVE GROWTH 02 | Growth Enablement STABILIZE COMPLETE, TRACKING TO FY27 TARGETS MOMENTUM BUILDING INTO IMPROVE & GROWTH PHASES TODAY Accelerating Growth From a Stable Foundation Growth GROWTH Improve IMPROVE Stabilize STABILIZE FY23 - 25 FY26 - 27 FY27 & Beyond 12
Slide 13: Stabilize Phase Completed
IMPROVE GROWTH STABILIZE 02 | Growth Enablement Credibility Through Action & Results FY25 FY21 25% 35% >20% Defense Energy & Process Revenue Revenue $97.5M $210M Stabilize Phase 75% Energy & 58% 7% Space ROIC(1) Hurdle Rate Completed Process Defense Expanded Portfolio Diversification Disciplined Cap
Slide 14: Phased Approach to Sustainable, Long-Term Growth
STABILIZE IMPROVE GROWTH 02 | Growth Enablement Phased Approach to Sustainable, Long-Term Growth PROACTIVELY POSITIONING THE BUSINESS TO LONG-TERM GROWTH TRENDS LEVERAGING CORE COMPETENCY DEFENSE ENERGY & PROCESS SPACE GRAHAM CORPORATE Rising Grid Demand From AI Naval Ship and Submarine Demand & Dat
Slide 15: Completed Strategic Facility Expansions
STABILIZE IMPROVE GROWTH 02 | Growth Enablement Completed Strategic Facility Expansions New Navy Facility in Batavia, NY (Completed 2QFY26) Cryogenic Test Facility in Jupiter, FL (Completed 4QFY26) Assembly & Test Facility at Barber Nichols (Completed 1QFY26) Liquid Nitrogen Testing at Barber Nichol
Slide 16: Enabling the Growth Phase Through Product Lifecycle Expansion
STABILIZE IMPROVE GROWTH 02 | Growth Enablement Enabling the Growth Phase Through Product Lifecycle Expansion PRODUCT LIFECYCLE c VALUE IDENTIFICATION VALUE CREATION VALUE EXTRACTION Market & Technology & Commercialization & Service & 1 2 3 4 Customer Need Product Solution Production Scale Aftermark
Slide 17: M&A Growth
02 | Growth Enablement M&A Growth OPPORTUNISTIC ACQUISITION STRATEGY TO SUPPLEMENT 8-10% ANNUAL ORGANIC GROWTH EXPECTATIONS TARGET CATEGORY ATTRIBUTES COMPANY TYPE U.S. based, privately held, independently operated INDUSTRY FOCUS Fluid/power sectors supporting aerospace, defense, cryogenic, and nich
Slide 18: Graham Acquires FlackTek
STABILIZE IMPROVE GROWTH 02 | Growth Enablement Graham Acquires FlackTek • Purchase price of $35 million, compromised of 85% cash and 15% of GHM’s common stock (75,818 shares) • Four-year potential earn out of an additional $25 million beginning with fiscal Transaction year 2027, based upon achievin
Slide 19: Transaction Overview
STABILIZE STABILIZE IMPROVE GROWTH 02 | Growth Enablement Transaction Overview Company Overview End Markets & Applications • Headquartered in Louisville, CO; Distribution facility in Defense Space Greenville, SC Mission-critical materials for Precision materials mixing energetics, radar, missiles, f
Slide 20: Financials
Ee wl al Financials O3
Slide 21: Revenue Performance
Revenue Performance ($ in millions; narrative compared with prior-year period unless otherwise noted) QUARTERLY Q3 FY26 sales up $9.7 million or 21% $70.0 + 31% Defense $60.0 $66.0 + 13% Energy & Process $50.0 $59.3 $56.7 $55.5 + 11% Aftermarket $40.0 $47.0 - 18% Space $30.0 $20.0 $10.0 $0.0 Q3 FY25
Slide 22: Strong Gross Profit & Margin Expansion
QUARTERLY ANNUAL 24.8% 27.0% 26.5% $18.0 28.0% $70.0 26.0% 21.7% 25.2% 24.6% $16.0 23.8% 23.0% $60.0 25.0% $14.0 $50.0 $12.0 18.0% 24.0% $10.0 $40.0 13.0% 23.0% $8.0 $30.0 21.9% $6.0 8.0% 22.0% $20.0 $4.0 3.0% $10.0 21.0% Strong Gross Profit & $2.0 $11.7 $16.0 $14.7 14.3 $13.5 $40.6 $52.9 $58.5 $0.0
Slide 23: Adjusted EBITDA & Net Income
Adjusted EBITDA & Adjusted EBITDA Net Income, Adj. Net Income Per Diluted Share & Margins(1) Margin(1) Net Income per diluted QUARTERLY share Q UA R T E R LY Adj. Net Income per diluted $7.7 share $0.43 $0.42 $0.45 $0.40 $6.8 Percentages are net income $6.3 $6.0 margin and adj. net income $0.31 $0.3
Slide 24: Long-Term Demand For Graham Diversified Portfolio
Total Orders(1) Backlog(1) $500.1 $515.6 Defense $482.9 $75.8 $76.9 Commercial $412.3 $65.1 $384.7 $367.7 $71.7 $77.6 $268.4 $95.4 $231.1 $202.7 $417.8 $424.3 $438.8 $91.0 $143.9 $96.5 $340.6 $86.0 $307.1 $272.3 $80.7 $177.4 $116.7 $134.6 $63.2 Long-Term Demand FY22 FY23 FY24 FY25 TTM Q3 FY26 Q3 FY2
Slide 25: Balance Sheet & Liquidity
Balance Sheet & Liquidity CAPITAL DEPLOYED BASED ON HIGHEST RISK-ADJUSTED RETURNS TO MAXIMIZE LONG-TERM SHAREHOLDER VALUE Q3 FY26 Overview Capital Allocation Framework STRONG BALANCE SHEET $4.8 Cash provided by operating activities 01 M • Strong cash generation and fiscal discipline • Completed $50
Slide 26: FY26 Financial Outlook
Fiscal 2026 Guidance(4) (As of February 6, 2026) Fiscal 2026 Guidance (Old) (New) Net Sales $233 million to $239 million $225 million to $235 million Gross Margin(1) 24.0% to 25.0% of sales 24.5% to 25.5% of sales SG&A Expense (including amortization)(2) 17.5% to 18.5% of sales 17.5% to 18.5% of sal
Slide 27: Q&A
Q&A 27
Slide 28: Appendix
Appendix 28
Slide 29: Growth Index
Growth Businesses with Strategies for Expanding Margins Graham Market Positioning Higher Space Target Market Growth Drivers: • Targeting New Energy • Growing end markets and applications • Increasing Growth Index Defense • Market share and market penetration • Innovating • New products and solutions
Slide 30: Strategic Rationale
STABILIZE IMPROVE GROWTH 02 | Growth Enablement Strategic Rationale ✓ Acquisition adds advanced mixing and materials processing as the third pillar to Graham’s technology platform ✓ Expands Graham’s ability to solve complex customer challenges that increasingly demand integrated solutions spanning r
Slide 31: MEGA by FlackTek
STABILIZE IMPROVE GROWTH 02 | Growth Enablement • Category-Defining Mixing Platform • Proprietary bladeless dual asymmetric centrifugal mixer, the only system globally capable of multi-hundred-kilogram batch processing in twin, 55- gallon-scale drum format • The MEGA: Production-Validated by Anduril
Slide 32: Xdot Bearing Technologies Acquisition
02 | Growth Enablement Acquisition strengthens BN’s position in advanced, energy-efficient rotating machinery markets Xdot Bearing Technologies Acquisition About Xdot • Specialized in foil bearing design and engineering for last 20 years • Holds patented technology improving performance and lowering
Slide 33: Key Performance Metrics
Key Performance Metrics Key Performance Indicators In addition to the non-GAAP measures used in this presentation, The book-to-bill ratio is an operational measure that management management uses the following key performance metrics to uses to track the growth prospects of the Company. The Company
Slide 34: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation (Unaudited, $ in thousands) Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Net income $ 1,588 $ 4,395 $ 4,595 $ 3,090 $ 2,845 Acquisition & integration expense (income), net (220) (270) (76) (87) 320 Equity-based compensation 426 753 532 553 642
Slide 35: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation (Unaudited, $ in thousands) FY 2021 FY2022 FY2023 FY2024 FY2025 Net income $ 2,374 $ (8,773) $ 367 $ 4,556 $ 12,230 Acquisition & integration expense (income), net - (1,243) 54 432 (1,170) Equity-based compensation 864 809 806 1,279 1,957
Slide 36: Adjusted Net Income & Adjusted Diluted EPS Reconciliation
Adjusted Net Income & Adjusted Diluted EPS Reconciliation Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Net income $ 1,588 $ 4,395 $ 4,595 $ 3,090 $ 2,845 Acquisition & integration expense (income), net (270) (76) (87) 320 (220) Amortization of intangible assets 554 555 499 498 510 ERP implementation cost
Slide 37: Adjusted Net Income & Adjusted Diluted EPS Reconciliation
Adjusted Net Income & Adjusted Diluted EPS Reconciliation Three Months Ended Nine Months Ended December 31, December 31, 2025 2024 2025 2024 Net income $ 2,845 $ 1,588 $ 10,530 $ 7,835 Acquisition & integration expense (income), net 320 (220) 157 (900) Amortization of intangible assets 510 554 1,507
Slide 38: Competitors
Competitors North America Market Principal Competitors Defense DC Fabricators; Joseph Oat; PCC; Triumph Aerospace; Xylem Energy & Process Croll Reynolds Company, Inc.; Gardner Denver, Inc.; Schutte Koerting; GEA Wiegand GmbH Ametek, Inc.; Concepts NREC; Curtiss Wright; Honeywell; Kratos Defense & Se