Slide 1: Q2 2025 Earnings Release
Q2 2025 Earnings Release July 29, 2025
Slide 2: Forward-looking statements and Non-GAAP information
Forward-looking statements and Non-GAAP information This presentation contains forward-looking statements with predictions, projections and other statements about future events. These statements are made on the basis of management’s views and assumptions regarding future events and business performa
Slide 3: Q2 2025: Record Performance
($MM) Q2 2025: Record Performance Metric Result Performance CECO Solutions In Demand for Robust Markets … Backlog $688 Record • Backlog at record levels, up 76% YoY • Booked largest order in company history (Power Gen) • Record Orders … Book-to-Bill ~ 1.5x Orders $274 Record Continued Record Revenue
Slide 4: 1st Half 2025 Highlights
1st Half 2025 Highlights 1H’25 Financials / Portfolio Sales Pipeline Macro Environment • 1H Bookings ~ $502M up 76% YoY; • Highest-Ever Sales Pipeline of • Power Generation, Gas Infrastructure Book-to-Bill ~ 1.4x opportunities, > $5.5-billion and Semiconductor markets remain incredibly robust • Q2 P
Slide 5: Updating FY'2025 Outlook
Updating FY’2025 Outlook … ($MM) April ’25 FY View New Outlook Assumptions Orders Orders/B-2-B (book to bill) 1.0 – 1.1X > 1.2X • Raising B2B Outlook • ~ $0.5B bookings in 1H with record pipeline Revenue Revenue 700 – 750 725 – 775 • Raising ~ $25M given expected 2H conversion • Up ~35% YoY … with 2
Slide 6: Building Our Sales / Growth Pipeline
Building Our Sales / Growth Pipeline* Continues to Be Sustainable Growth Predictor 2015 – 2020 … Low-to-No Growth 2021 – 2025E … High-Growth $5.5B+ +38% CAGR $1.5B Up 250% and $1.1B Growing! $1.0B Steady Pipeline Size … But Didn’t Expand 2015 2020 Sales Pipeline Value 2021 Sales Pipeline Value 2025E
Slide 7: Financial Review
Financial Review CECO ,
Slide 8: Q2'25 and TTM Financial Performance
Q2’25 and TTM Financial Performance TTM = Trailing 12 Month Q2’25 YoY Q2 TTM YoY Highlights Backlog $688M 76% $688M 76% • Record Backlog ... Strong bookings in PowerGen, Semicon, Water, and Nat Gas (LNG, Midstream) • Record Orders … up ~ $133M YoY and ~ $46M / 20% sequentially Orders $274M 95% $883M
Slide 9: Record Backlog Trend Continues
($MM) Record Backlog Trend Continues B2B = Book to Bill * Starting Backlog – Revenue + Net Orders +/- FX + Acquired Backlog = Ending Backlog 700 ~3.2x $688 320 $602 660 620 $274 280 580 $541 540 $228 $219 240 500 460 $438 420 $371 $390 $391 200 380 $162 340 $312 $154 $145 $141 $177 $185 160 $159 300
Slide 10: Sustained Gross Profit Improvements Delivered Record Quarter
($MM) Sustained Gross Profit Improvements Delivered Record Quarter TTM = Trailing 12 Month TTM basis (TTM GP/TTM Revenue) +80% $231 220 .0 $213 39. 0% 200 .0 $193 $196 $191 $181 37. 0% 180 .0 $171 35.2% 35.0% 35.2% 34.8% 160 .0 33.6% 35. 0% 32.4% 33. 0% 140 .0 $128 31.4% 120 .0 30.3% 31. 0% 100 .0 2
Slide 11: Q2'25 Cash Flow and Indebtedness Update
($MM) Q2’25 Cash Flow and Indebtedness Update Free Cash Flow Gross Debt Position YTD 2024 YTD 2025 YoY Dec 31, 2024 $216.9 Gaap Net Income $6.0 $45.5 $39.5 Cash Used / (Generated) from Ops $13.6 (incl. NCI) M&A + CapEx Investments [Net] $(3.8) D&A $7.0 $10.2 Net Bank Debt Activity $18.9 Gain on Sale
Slide 12: Final Comments
Final Comments CECO 2
Slide 13: Q2 Summary
Demand Environment is Very Robust • Pipeline of $5.5B+ up ~ $1B YoY • Strong customer engagement • Limited impact from trade and geopolitical tensions Strong Q2 and 1H Performance Q2 Summary • +76% Backlog, +95% Orders, +35% Revenue • +45% Adj EBITDA, > 36% Gross Profit Margin CECO Environmental Upd
Slide 14: Appendix
Appendix Non-GAAP Reconciliation Tables and Supplemental Materials
Slide 15: Revenue Excluding Acquisitions
Revenue Excluding Acquisitions NOTE: Amounts are computed independently each quarter. Accordingly, the sum of each quarter’s amounts may not equal the total amounts for the respective year. 15
Slide 16: Non-GAAP Operating Income and Margin
Non-GAAP Operating Income and Margin NOTE: Amounts are computed independently each quarter. Accordingly, the sum of each quarter’s amounts may not equal the total amounts for the respective year. 16
Slide 17: Non-GAAP Net Income, Adjusted EBITDA, and Margin
Non-GAAP Net Income, Adjusted EBITDA, and Margin NOTE: Amounts are computed independently each quarter. Accordingly, the sum of each quarter’s amounts may not equal the total amounts for the respective year. 17
Slide 18: Adjusted Free Cash Flow
Adjusted Free Cash Flow * NOTE: Amounts are computed independently each quarter. Accordingly, the sum of each quarter’s amounts may not equal the total amounts for the respective year. * Other Adjustment: excluding tax payments related to tax gain on the divestiture of GPS business in Q1 2025. Payme