Slide 1: Q4 & FY 2025 Earnings Presentation
Q4 & FY 2025 EARNINGS PRESENTATION FEBRUARY 25, 2026 1
Slide 2: Disclaimer – Forward Looking Statements & Non-GAAP Disclosure
DISCLAIMER – FORWARD LOOKING STATEMENTS & NON-GAAP DISCLOSURE This presentation contains forward-looking statements that involve substantial risks and uncertainties. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Sect
Slide 3: 2025 Highlights
2025 HIGHLIGHTS Continued Strong LEAP Program Capitalizing On Performance Capital Performance Progress Investments Excellence Allocation ✓ +16% Revenue & +17% ✓ 2H’25 LEAP revenue up ~2.5x ✓ Completed Augusta ✓ Multiple contract ✓ Leverage ratio improved to Adjusted EBITDA Growth in vs. 1H’25 Busine
Slide 4: Q4 & FY 2025 Financial Highlights
Q4 & FY 2025 FINANCIAL HIGHLIGHTS Q4 2025 FY2025 2025 PERFORMANCE DRIVERS $6,063 +14% $1,600 Growth Across End Markets +16% YoY $5,237 YoY $1,410 + Commercial Aerospace: +18% YoY + Business Aviation: +12% YoY + Military & Helicopter: +9% YoY Steady Margin Expansion +13% +17% YoY + Record CRS Adjuste
Slide 5: 2026 Strategic Priorities and Outlook
2026 STRATEGIC PRIORITIES AND OUTLOOK WELL-DEFINED STRATEGIC PATH TO DOUBLE-DIGIT ADJUSTED EBITDA AND EPS GROWTH 2026 GUIDANCE STRATEGIC PRIORITIES Continuous LEAP CFM56 & CF34 Component Repair Robust Demand Improvement Environment $870 – $905M Adjusted EBITDA1 Double Digit Growth YoY Capitalize on
Slide 6: Q4 & FY 2025 Results – Consolidated
Q4 & FY 2025 RESULTS – CONSOLIDATED ($ in millions) Q4 2025 FY 2025 Performance Commentary ◼ Engine Services growth of +15% YoY; Component Repair growth of +20% YoY Revenue $1,600 $6,063 ◼ 2025 end market growth of +18% YoY in Commercial Aerospace, +12% YoY in % Change YoY +14% +16% Business Aviatio
Slide 7: Q4 & FY 2025 Results – Engine Services
Q4 & FY 2025 RESULTS – ENGINE SERVICES Q4 2025 2025 HIGHLIGHTS FY2025 $5,354 ◼ +15% YoY Revenue growth driven by: +15% +13% $1,413 + CF34 OEM license expansion $4,645 YoY YoY + Strong turboprop demand $1,246 + Growth platforms (LEAP, CFM56 DFW) + LEAP revenues up 2.5x in the 2H 2025 ◼ +16% YoY Segme
Slide 8: Q4 & FY 2025 Results – Component Repair Services
Q4 & FY 2025 RESULTS – COMPONENT REPAIR SERVICES Q4 2025 2025 HIGHLIGHTS FY2025 ◼ +20% YoY Revenue growth driven by: $187 + Significant growth in aeroderivatives $709 +20% +14% + Strong sales synergies from ATI acquisition YoY YoY + >475 LEAP repairs industrialized $592 $164 - Government shutdown im
Slide 9: Free Cash Flow
FREE CASH FLOW COMMENTARY ($ in millions) FY 2024 FY 2025 ◼ Strong 4th Quarter Free Cash Flow performance of $308M Adjusted EBITDA 1,2 $691 $808 ◼ 75% FCF Conversion on Net Income in 2025 ◼ Year over year improvement driven by earnings growth, lower cash (-) Cash Interest (291) (167) interest, and t
Slide 10: Balance Sheet & Liquidity
BALANCE SHEET & LIQUIDITY NET DEBT TO ADJUSTED EBITDA LEVERAGE RATIO1 SIGNIFICANTLY STRENGTHENED 5.7x BALANCE SHEET ◼ Leverage ratio improved to 2.4x, driven by organic Adjusted EBITDA growth and FCF conversion ◼ Well within target leverage ratio range of 2-3x 3.1x ◼ Financial flexibility to pursue
Slide 11: FY 2026 Company & Segment Outlook
FY 2026 COMPANY & SEGMENT OUTLOOK ($ in millions) FY 2026 Commentary ◼ Engine Services: $5,500 – $5,625 Revenue $6,275 – $6,425 ◼ Includes $300 – $400 low margin passthrough revenue eliminated % Change YoY +4% – +6% ◼ Component Repair Services: $775 – $800 ◼ Engine Services: $755 – $780 Adjusted EBI
Slide 12: Executing at Altitude
EXECUTING AT ALTITUDE MULTI-PRONGED STRATEGY FOR ACCELERATED GROWTH 5 4 3 Continued M&A 2 New Platform Wins 1 Performance $808 Excellence $691 Initiatives Harvesting $561 Recent Investments $475 Strong $380 Market Tailwinds 2021A 2022A 2023A 2024A 2025A 12 Note: $ in millions
Slide 13: Appendix
APPENDIX 13
Slide 14: Reconciliation of Non-GAAP Financial Metrics
RECONCILIATION OF NON-GAAP FINANCIAL METRICS ADJUSTED EBITDA AND ADJUSTMENTS WALK Year Ended December 31, 2025 2024 (in millions, except percentages) Net income $277.4 $11.0 Income tax expense 99.4 70.8 Depreciation and amortization 193.7 188.1 Interest expense 174.2 282.5 (1) Business transformatio
Slide 15: Reconciliation of Non-GAAP Financial Metrics
RECONCILIATION OF NON-GAAP FINANCIAL METRICS ADJUSTED EPS AND ADJUSTMENTS WALK Year Ended December 31, 2025 $M EPS (in millions, except per share data) Net income/Diluted EPS $277.4 $0.83 Business transformation costs (LEAP and CFM) 26.0 0.08 Refinancing costs and loss of extinguishment on debt - 0.
Slide 16: Segment Disclosure
SEGMENT DISCLOSURE SEGMENT ADJUSTED EBITDA Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 (in millions, except percentages) Engine Services Segment Revenue $1,412.8 $1,245.6 $5,354.0 $4,644.7 Segment Adjusted EBITDA $189.0 $159.8 $706.9 $610.9 Segment Adjusted EBITDA Mar
Slide 17: Segment Disclosure (Continued)
SEGMENT DISCLOSURE (CONTINUED) SEGMENT REVENUE AND SEGMENT ADJUSTED EBITDA TO PROFIT BEFORE TAX WALK Three Months ended December 31, 2025 Full Year ended December 31, 2025 Component Component Engine Total Engine Total Repair Repair Services Segments Services Segments Services Services (In thousands)
Slide 18: Segment Disclosure (Continued)
SEGMENT DISCLOSURE (CONTINUED) SEGMENT REVENUE AND SEGMENT ADJUSTED EBITDA TO PROFIT BEFORE TAX WALK Three Months ended December 31, 2024 Full Year ended December 31, 2024 Component Component Engine Total Engine Total Repair Repair Services Segments Services Segments Services Services (In thousands)
Slide 19: Reconciliation of Net Debt and Net Debt to Adjusted EBITDA Leverage Ratio
RECONCILIATION OF NET DEBT AND NET DEBT TO ADJUSTED EBITDA LEVERAGE RATIO December 31 December 31 2025 2024 (in millions, except percentages) New 2024 Term Loan Facilities $2,227.5 $2,250.0 Finance leases 18.5 18.4 Other 1.2 1.2 Total Funded Debt $2,247.2 $2,269.6 Less Cash 289.7 102.6 Net Debt $1,9
Slide 20: Free Cash Flow Disclosure
FREE CASH FLOW DISCLOSURE RECONCILIATION OF FREE CASH FLOW Three months Ended Year Ended December 31, December 31, 2025 2025 (in millions, except percentages) Cash Flow from Operations $323.0 $316.7 Purchase of Property, Plant and Equipment (15.7) (82.4) Purchase of Intangible Assets (0.4) (30.4) Pr