Slide 1: Investor Presentation
Investor Presentation June 2025 Nasdaq: ATRO Peter J. Gundermann, Chairman, President & CEO Nancy L. Hedges, Vice President & CFO astronics.com
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words “expect,” “anticipate,” “plan,” “may,” “will,” “estimate,” “feeling” or other similar expressions a
Slide 3: Astronics Corporation (Nasdaq: ATRO)
Astronics Corporation (Nasdaq: ATRO) INNOVATION. COLLABORATION. SUCCESS. Astronics serves the world’s aerospace, defense, and other mission critical industries with proven, innovative technology solutions. Our strategy is to grow value by developing technologies, organically or through acquisition,
Slide 4: Solid Franchise with Leading Market Positions
Aerospace Solid Franchise with Commercial Aerospace Test Systems Leading Market Positions General Aviation TTM Q1 25 Sales: Defense & Government* $816.3 million Other 2% 23% 10% 90% 66% 9% Commercial Aerospace ~50/50 Line Fit/Aftermarket ~50/50 Narrowbody/Widebody *Includes Test and Aerospace sales
Slide 5: Recovery Complete: Entering Next Phase of Growth
Recovery Complete: Entering Next Phase of Growth ($ in millions) Revenue 2019 to 2025E Faced 42% decline in sales due to Covid $820 to $860 » Concentration of sales to commercial aerospace $795 $773 88.7 » Commercial aerospace recovered later than other industries 80.1 $689 84.4 Dramatic growth desp
Slide 6: Astronics Strategic Thrusts
Astronics Strategic Thrusts Elevating Innovation PRODUCT LINES STRATEGIC THRUSTS TTM Q1 25 Sales: $816 million Electrical Power & Motion Lighting & Safety 9% Avionics/Systems Flight Critical Inflight Entertainment & 50% Connectivity (IFEC) Electrical Power Certification 23% Structures 8% All 10% Tes
Slide 7: Aircraft Inflight Entertainment & Connectivity
Aircraft Inflight Entertainment & Connectivity Aircraft Data IFC Radome Systems Systems Power for Passengers Inflight Entertainment and Crew Systems Hardware astronics.com 7
Slide 8: IFEC: In-Seat Power System (ISPS)
IFEC: IN-SEAT POWER SYSTEM (ISPS) » In-seat power, line-fit and retrofit, now powering 1 million+ seats on over 280 airlines worldwide » System provides power to personal electronics and seat-back displays » High barriers to entry: 90%+ market share » ASP: $350-$850 per seat » Market penetration sea
Slide 9: Lighting & Safety Solutions
Lighting & Safety Solutions Exterior Cockpit Emergency / Safety Systems Cabin 9
Slide 10: Aircraft Lighting Systems
Aircraft Lighting Systems Industry Leader in Aircraft Lighting A complete array of innovative, lightweight, reliable, solid-state lighting systems Boeing 787 Cockpit ... Robert's dream job!: Products » Exterior lighting systems » Cabin lighting systems » Cockpit lighting systems Markets » Commercial
Slide 11: Flight Critical Electrical Power
Flight Critical Electrical Power First Mover Advantage: Establishing leadership in small aircraft airframe power The technology for the future of small aircraft: Solid-state power distribution systems replace extensive wiring and traditional electromechanical components with modular electronics and
Slide 12: Addressing Trends: Modernization of Aircraft
Addressing Trends: Modernization of Aircraft Clean, Streamlined Cockpit Traditional Cockpit with Mechanical Circuit Breakers Modern Cockpit with Electronic Circuit Breakers Learjet 45 Pilatus PC-24 astronics.com 12
Slide 13: U.S. Army Future Long-Range Assault Aircraft Program
U.S. Army Future Long-Range Assault Aircraft Program Employs Astronics CorePower® family of solutions Selected by Bell Textron to Develop Electrical Power Distribution System • With roughly twice the range and twice the speed, FLRAA brings unmatched combat capability to the war fighter • First fligh
Slide 14: Aerospace: Well Positioned on Wide Range of High-Profile Aircraft
Aerospace Well Positioned on Wide Range of High-Profile Aircraft Transport Business Aircraft Military 777/777X Embraer Phenom 100/300 F-35 JSF • ~$240K in content (PSUs, fuel access doors) • Exterior lighting • ~$55K in content (Exterior lighting system, • ~$350K in IFEC content (BFE) lighting contr
Slide 15: Test Systems: A&D, Transit and Radio
Test Systems: A&D, Transit and Radio Testing for Mission-Critical Industries Award-winning test solutions Solutions Designed for the Unique Requirements of Mass Transit » Validate operating performance on multiple top-priority defense communications and weapons systems platforms » Awarded $40 millio
Slide 16: Financials
FINANCIALS INNOVATION. COLLABORATION. SUCCESS.
Slide 17: Sales, Bookings & Backlog
Sales, Bookings & Backlog ($ in millions) Sales Bookings $279.7 $218.9 $12.0 $204.1 $189.2 $195.9 $208.5 $205.9 $203.7 $20.0 $26.4 $13.4 $198.1 $15.6 $20.0 $14.6 $267.7 $185.1 $26.1 $184.1 $192.5 $173.6 $182.5 $21.2 $21.4 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 $176.9 $177.6 $188.5 $191.4 Backlog $163.7 $626.
Slide 18: Profit and Margins
Profit and Margins ($ in millions) Gross Profit and Margin Incremental volume driving margin expansion $62.1 $60.8 » Operating leverage $55.6 $55.2 $47.5 » Aerospace Segment achieved 56% operating leverage on higher volume 25.7% 28.0% 27.1% 29.8% 29.5% » Continued strength in Commercial Transport an
Slide 19: EPS and EBITDA
EPS and EBITDA ($ in millions; except EPS) Net Income and Diluted EPS Adj. Net Income and Adj. Adjusted EBITDA1 and Margin Diluted EPS1 $30.7 $9.5 $17.0 $17.6 $1.9 ($3.2) Q1 24 Q1 25 Q1 24 Q1 25 Q1 24 Q1 25 ($0.09) $0.26 $0.05 $0.44 9.5% 14.9% 1Adjusted EBITDA, adj. net income and adj. diluted EPS a
Slide 20: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow ($ in millions) Cash from Operations Improved Liquidity & Enhanced Flexibility Generated $8.5 million in cash from operations in Q3 24 » Refinanced Debt with $165 Million Convertible Note and Amended $37.3 & Expanded ABL Facility $30.6 $20.6 » Enhanced capital structure t
Slide 21: Convertible Note Summary of Terms
Convertible Note Summary of Terms* Key terms Closed December 3, 2024 Convertible Senior Notes due 2030 Offering Size $150 million plus $15 million greenshoe Coupon 5.50%, payable semi-annually on March 15 and September 15 Ranking Senior Unsecured Maturity March 15, 2030 Investor Put Right None, exce
Slide 22: Investor Presentation
Investor Presentation June 2025 Nasdaq: ATRO Peter J. Gundermann, Chairman, President & CEO Nancy L. Hedges, Vice President & CFO astronics.com
Slide 23: Supplemental Information
Astronics Corporation SUPPLEMENTAL INFORMATION INNOVATION. COLLABORATION. SUCCESS. astronics.com 23
Slide 24: Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 GAAP Consolidated Net Income (Loss) ($ 3,178) $ 1,533 ($ 11,738) ($ 2,832) $ 9,528 Interest expense 5,759 5,856 6,217 4,166 3,150 Income tax expense (benefit) (1,351) (274) 6,565 3,408 646 Depreciatio
Slide 25: Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA
Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA 2021 2022 2023 2024 GAAP Consolidated Net (Loss) Income ($ 25,578) ($ 35,747) ($ 26,421) ($ 16,215) Reconciliation to Non-GAAP Performance Measures In addition to reporting net income, a U.S. generally accepted Interest expense 6,804 9,422
Slide 26: Reconciliation of Operating Income to Adjusted Operating Income
Reconciliation of Operating Income to Adjusted Operating Income Q1 2025 Q1 2024 Income from Operations $ 13,137 $ 1,666 Add back: Restructuring-related charges including severance 279 117 Legal reserve, settlements and recoveries 6,228 - Litigation-related legal expenses 2,975 3,694 Adjusted Operati
Slide 27: Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and EPS
Reconciliation of Net Income and Diluted Earnings per Share to Adjusted Net Income and Adjusted Diluted Earnings per Share Q1 2025 Q1 2024 Net income (loss) $ 9,528 ($ 3,178) Add back (deduct): Amortization of intangibles 2,975 3,270 Restructuring-related charges including severance 279 117 Legal re
Slide 28: Extensive List of Customers
Extensive List of Customers Representative List 280+ Airlines Comlux Jet Aviation Safran Airbus Dassault Aviation Kawasaki Sikorsky AMAC Aerospace Delta Flight Products L3Harris Textron Aviation Bell Helicopter Embraer Leonardo Thales Boeing General Dynamics Lockheed Martin Thompson Aero Seating Bom
Slide 29: Created a Portfolio for Growth
Created a Portfolio for Growth PECO Manufacturing PGA Avionics Armstrong Telefonix PDT Freedom » July 2013 » December 2013 Aerospace » December 2017 Communication » Aerospace: Manufacturing » Aerospace: Power, » January 2015 » Aerospace: Connectivity Technologies Services Executive » Aerospace: Syst
Slide 30: Flight Critical Electrical Power Programs of Record
Flight Critical Electrical Power Programs of Record Electronic Circuit Breaker Units and Long-Life Starter Generator Program Wins to Date » Daher TBM 900 » Bell 505, 525 » Pilatus PC-24 » Cessna Denali » FLRAA: Bell V-280 Valor* » Boeing MQ-25 Stingray *Future Long-Range Assault Aircraft (FLRAA) ast
Slide 31: Select Competitors
Select Competitors » Airbus KID – Systeme » Safran ELECTRICAL » Collins Aerospace » Ametek POWER » Meggitt » Transdigm » Crane Aerospace » Safran » Whelan » Honeywell LIGHTING & » Diehl Aerospace SAFETY » Transdigm » Collins Aerospace » TECOM (Smiths Group) » Kontron AVIONICS » ThinKom » Panasonic »
Slide 32: For more information:
For more information: Company: Investor Relations: Nancy L. Hedges Deborah K. Pawlowski Chief Financial Officer Alliance Advisors IR 716-805-1599 716-843-3908 nancy.hedges@astronics.com dpawlowski@allianceadvisors.com astronics.com