Slide 1: Jefferies Industrial Conference
Jefferies Industrial Conference September 9, 2026 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 Q2 2026 Sales: Defense & Government* $942.1 million 21% Other 1% 8% 92% 9% 69% Commercial Aerospace ~50/50 Line Fit/Retrofit ~50/50 Narrowbody/Widebody *Includes Test and Aerospace sales as
Slide 5: Recovery Complete: Entering Next Phase of Growth
Recovery Complete: Entering Next Phase of Growth ($ in millions, except where noted otherwise) Revenue 2019 to 2026E Revenue Drivers $1.02B to 1. Rising aircraft production rates: 70% of sales to $1.04B $942 commercial aircraft w/ 50% to new build $862 $78.7 2. Persistent trend of passengers wanting
Slide 6: Recovery Complete: Expanding Margins
Recovery Complete: Expanding Margins ($ in millions, except where noted otherwise) Operating Income 2019 to TTM Q2 2026 Margin Drivers TTM Q2 2019 2020 2021 2022 2023 2024 2025 2026 » Volume $126.2 » Pricing for value $76.4 » Organizational efficiencies $26.5 » Structural changes: $1.7 3.3% 8.9% 13.
Slide 7: Astronics Strategic Thrusts
Astronics Strategic Thrusts Elevating Innovation PRODUCT LINES TTM Q2 2026 Sales: $942.1 million Lighting & Safety 23% Inflight Entertainment & 49% Connectivity (IFEC) Flight Critical Electrical Power Other 9% 3% 8% 8% Seat Motion Test Systems astronics.com 7
Slide 8: Inflight Entertainment & Connectivity (IFEC)
Inflight Entertainment & Connectivity (IFEC) IFC Outside Airframe Equipment Power for Passengers and Crew Cabin Modifications, Certifications and Services Inflight Entertainment Systems Hardware astronics.com 8
Slide 9: IFEC: In-Seat Power System (ISPS)
IFEC: IN-SEAT POWER SYSTEM (ISPS) » In-seat power, line-fit and retrofit, now powering 2+ million seats on over 290 airlines worldwide » System provides power to personal electronics and seat-back displays » High barriers to entry: ~90%+ market share » ASP: ~$550-$850 per seat » Market penetration s
Slide 10: IFEC: Connectivity and IFE Hardware
IFEC: Connectivity and IFE Hardware* Growth opportunity as market penetration increases across the globe » Widebody global fleet: ~90% have IFE and ~70% have IFC » Narrowbody global fleet: ~55% have IFE and ~35% have IFC » Complete shipset can include IFE servers, IFE content loaders, wireless acces
Slide 11: Lighting & Safety Solutions
Lighting & Safety Solutions Exterior Cockpit Emergency / Safety Systems Cabin 11
Slide 12: 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 – Primarily Line-fit » Exterior lighting systems » Cabin lighting systems » Cockpit lighting systems
Slide 13: 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 14: 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 14
Slide 15: Flight Critical Electrical Power Programs of Record
Flight Critical Electrical Power Programs of Record Electronic Circuit Breaker Units and Long-Life Starter Generator Announced Program Wins » MV-75 Cheyenne » Daher TBM 900 » Bell 505, 525 » Pilatus PC-24 » Beechcraft Denali » Boeing MQ-25 Stingray astronics.com 15
Slide 16: U.S. Army Future Long-Range Assault Aircraft Program
U.S. Army Future Long-Range Assault Aircraft Program MV-75 Cheyenne Employs Astronics CorePower® family of solutions Selected by Bell Textron to Develop Electrical Power Distribution System for MV-75 • With roughly twice the range and twice the speed, the MV-75 brings unmatched combat capability to
Slide 17: Flight Critical Electrical Power: Drones and eVTOL
Flight Critical Electrical Power Emerging Market Opportunities with Drones and eVTOL Aircraft Drones eVTOL » Generators, primary & secondary power » Power conversion, secondary distribution, distribution* system control » Electronic circuit breakers & high reliability » Electronic circuit breakers,
Slide 18: Aircraft Seat Motion Solutions
Aircraft Seat Motion Solutions Extensive solutions for premium seating systems Broad offering with well known Carat® brand » Fast growing market as airlines upgrade to serve demand for premium seating » Products include linear and rotary actuators, power supplies, custom harnesses, sensors, pneumati
Slide 19: Aerospace: Well Positioned on 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 • ~$325K in content (PSUs, fuel access doors, exterior, • Exterior lighting • ~$100K in content (Exterior lighting cockpit and emergency exit lighting) syste
Slide 20: 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 » Approx. $10 millio
Slide 21: Financials
FINANCIALS INNOVATION. COLLABORATION. SUCCESS.
Slide 22: Sales, Bookings & Backlog
Sales, Bookings & Backlog ($ in millions) Sales Bookings $290.4 $306.2 $260.0 $257.2 $210.4 $26.1 $63.1 $177.0 $19.9 $240.1 $22.7 $18.5 $26.4 $230.6 $237.3 $264.4 $243.1 $191.9 $20.5 $150.6 $211.4 $16.8 $204.7 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $11.1 $18.7 $237.3 $219.6 Backlog $213.8 $193.6 $192.7 $734.
Slide 23: Profit and Margins
Profit and Margins ($ in millions) GAAP Non-GAAP Gross Profit and Margin Record quarterly operating income » Gross margin expanded 760 basis points $80.0 $75.1 $86.9 » Higher volume, improved productivity and $2 $64.5 million IEEPA tariff refund $52.8 » PY period impacted by simplification initiativ
Slide 24: EPS and EBITDA
EPS and EBITDA ($ in millions; except EPS) Net Income (Loss) & Diluted EPS Adj. Net Income and Adj. Adjusted EBITDA1 and Margin Diluted EPS1 $35.1 $51.5 $32.6 $25.4 $13.7 $1.3 Q2 25 Q2 26 Q2 25 Q2 26 Q2 25 Q2 26 $0.03 $0.75 $0.31 $0.70 12.4% 19.8% $79.1 $103.0 $167.8 $114.7 $59.7 ($3.7) TTM Q2 25 TT
Slide 25: Cash Flow and Capital Structure
Cash Flow and Capital Structure ($ in millions) Strong Liquidity & Financial Flexibility Cash Flow Three Months TTM » 2026 capex $16.9 million YTD Ended Ended » Expected to be $40 million to 7/4/26 6/28/25 7/4/26 6/28/25 $45 million Net cash provided by operating » Completing capacity expansion and
Slide 26: T. Rowe Price Onsite
T. Rowe Price Onsite August 26, 2026 Nasdaq: ATRO Peter J. Gundermann, Chairman, President & CEO Nancy L. Hedges, Vice President & CFO astronics.com
Slide 27: Supplemental Information
Astronics Corporation SUPPLEMENTAL INFORMATION INNOVATION. COLLABORATION. SUCCESS. astronics.com 27
Slide 28: Potential Dilution Impact from Convertible Bonds
Post 20% Cl B Dividend: Potential Dilution Impact from 2024 and 2025 Convertible Bonds 2025 Convertible Bond - Potential Dilution Potential Dilution on Shares Receivable from Stock Price Potential Share Dilution on Total Potential Share from Remaining Premium Above Capped Call Hedge at Maturity 2025
Slide 29: Extensive List of Customers
Extensive List of Customers Representative List 290+ Airlines Dassault Aviation L3Harris SES Airbus Embraer Leonardo Sikorsky AMAC Aerospace General Dynamics Lockheed Martin Stadler Rail Bell Helicopter Gulfstream NASA Textron Aviation Boeing Honda Aircraft Northrup Grumman Thales Bombardier Honeywe
Slide 30: Created a Portfolio for Growth
Created a Portfolio for Growth PECO Manufacturing PGA Avionics Armstrong Telefonix PDT Freedom Envoy Aerospace » July 2013 » December 2013 Aerospace » December 2017 Communication » July 2025 » Aerospace: » Aerospace: » January 2015 » Aerospace: Technologies » Aerospace: Lighting & Safety Seat Motion
Slide 31: Select Competitors
Select Competitors » Airbus KID – Systeme » Kontron IFEC » Burrana » Lufthansa Technik » Collins Aerospace » Meggitt LIGHTING & » Safran » Collins Aerospace SAFETY » Honeywell » Whelan » Transdigm » Diehl Aerospace » Safran SEAT MOTION » Collins Aerospace » Crane Aerospace FLIGHT CRITICAL » Crane Ae
Slide 32: Reconciliation of GAAP Operating Income to Adj. Operating Income
Reconciliation of GAAP Operating Income to Adj. Operating Income Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 GAAP Consolidated Operating Income $ 4,758 $ 23,055 $ 35,462 $ 27,230 $ 40,467 Add Back: Restructuring-related charges including severance 6,229 359 - - - ERP Implementation consulting expenses -
Slide 33: Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 GAAP Consolidated Net Income (Loss) $ 1,314 ($ 11,098) $ 29,615 $ 25,540 $ 35,060 Interest expense 3,097 2,920 3,394 2,336 2,332 Income tax expense (benefit) 537 (1,226) 2,629 (755) 2,794 Depreciation
Slide 34: Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (TTM)
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA TTM Ended Reconciliation to Non-GAAP Performance Measures In addition to reporting net income, a U.S. generally accepted 7/4/2026 6/28/2025 accounting principle (“GAAP”) measure, we present Adjusted EBITDA (earnings before interest, income
Slide 35: Reconciliation of Net Income and Diluted EPS to Adjusted
Reconciliation of Net Income and Diluted Earnings per Share to Adjusted Net Income and Adjusted Diluted Earnings per Share Reconciliation to Non- GAAP Performance 1 Applies a normalized tax rate Measures of 25% to GAAP pre-tax Adjusted Net Income and Consolidated income and non-GAAP Adjusted Diluted
Slide 36: 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 invest@astronics.com dpawlowski@allianceadvisors.com astronics.com