Karman Holdings Inc. · NYSE:KRMN
Karman — TD Cowen 47th Annual Aerospace & Defense Conference (February 2026)
16 slides from Karman's conference presentation, Feb 11, 2026
Slide 1: TD Cowen 47th Annual Aerospace & Defense Conference
TD Cowen 47th Annual Aerospace & Defense Conference February 11, 2026
Slide 2: Introduction
INTRO DUCTION Steve Gitlin Vice President, Investor relations 2
Slide 3: Forward-Looking Statements
Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Pr
Slide 4: Karman is a New Kind of Space & Defense Company
Karman is a New Kind of Space & Defense Company We Rapidly Develop and Produce Affordable, Next-Gen Systems for Space & National Defense Merchant supplier to 80+ prime contractors & 130+ programs Prime Highly engineered, IP-enabled, integrated space & defense system solutions Contractors Prime Verti
Slide 5: Track Record of Strong Financial Performance & Customer Value
Track Record of Strong Financial Performance & Customer Value Revenue Growth Broadly Diversified Ability to Increase Speed to ~$345M 2024 Revenue Revenue Base Market and Reduce Costs Positions on over 130 missile & space ~23% growth programs, no program >11% of 2024 revenue For both current and emer
Slide 6: Karman is a Pure-Play Supplier Aligned with U.S. Government Key Priorities
Karman is a “Pure-Play” Supplier Aligned with the U.S. Government’s Key Priorities in Space and National Security “Hypersonics & Strategic “Tactical Missiles & End Markets “Maritime Defense” “Space & Launch” Missile Defense” Integrated Defense” Hypersonics Loitering Munitions Manned Submarines Launc
Slide 7: Delivering a Broad Range of Mission-Critical Solutions from Deep Sea to Deep Space
Delivering a Broad Range of Mission-Critical Solutions from Deep Sea to Deep Space Karman Seemann Propulsion Interstage Shroud Propulsion Interstage Shielding Complete portfolio Supporting products Energetic driven Propeller blades, Light weight wide aperture Large acoustic sonar of propulsion syste
Slide 8: Compelling Value Proposition Driven by Comprehensive Capability Set
Compelling Value Proposition Driven by Comprehensive Capability Set Karman’s Differentiated Value Proposition Development, Testing, and Advanced Technologies & IP Unique Design Vertically Integrated Manufacturing Qualification Technology-centric Organization Differentiated Technical Design Int
Slide 9: Strategic Acquisitions Have Enhanced Our Unique Position
Strategic Acquisitions Have Enhanced Our Unique Position M&A Philosophy Acquisitions Since IPO Acquisition Results Well Defined Acquisition Priorities & Acquisitions Consistently Create Strategic M&A Roadmap: Incremental Opportunities to Accelerate Growth: Proprietary Products Rapidly Developing &
Slide 10: Growing Footprint Aligned With Major Industry Centers
Growing Footprint Aligned With Major Industry Centers Meeting mission-critical demands with speed, agility, and seamless execution Unique WA Manufacturing Capabilities OR • Bonding • Bump Forming • Carbon-Carbon Production UT PA • Composite Layup • Compression Molding CA • Electron Beam Welding • En
Slide 11: Producing Strong Financial Results
Producing Strong Financial Results Revenue ($M) Funded Backlog(2) Adj. EBITDA & Margin ($M)(1) $120 40% $580 $106 38% $345 $10 0 36% $281 $82 $429 $115 $80 34% $226 $95 $60 31% 32% $60 $80 29% 30% $265 $116 $86 $40 27% 28% $74 26% $20 $100 $115 24% $72 $0 22% 2022 2023 2024 2022 2023 2024 2022 2023
Slide 12: Highly Diversified Revenue Provides Resiliency
Highly Diversified Revenue Provides Resiliency By End Market By Program Program A 11% Space & Hypersonic Program B Launch & SMD 7% 33% 33% Program C 6% 100+ Other Programs Program D 5% Program E 4% Program F 4% Program G Program H4% Program JProgram I 3% 3% 3% Tactical Missiles & IDS 34% Tied to hig
Slide 13: Karman is a New Kind of Space & Defense Company
Karman is a New Kind of Space & Defense Company Profitable Space & Highly Diverse Merchant Supplier Full Solution Proven Inorganic Defense “Smid-cap” Space & Defense of Critical Content Provider Growth Process Growth Company Portfolio Uniquely aligned with From IP-driven design Identification 24% re
Slide 14: investors@karman-sd.com
Sf 6“. ARMAN SPACE & DEFENSE investors@karman-sd.com
Slide 15: Appendix
KARMAN Appendix
Slide 16: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation For the years ended December 31, 2024 2023 Net income (loss) $12,701,039 $4,359,405 Income tax provision (benefit) 1,627,963 (3,168,821) 1 Depreciation and amortization 32,959,115 27,179,214 Interest expense, net 50,732,903 47,867,005 EBITDA 98,021,020 76,236,803 2 Acq
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