Aaon, Inc. · NASDAQ:AAON
Aaon — Investor Presentation (August 2026)
39 slides from Aaon's investor presentation, Aug 10, 2026
Slide 1: Investor Presentation
Investor Presentation August 10, 2026
Slide 2: Forward-looking statements and other references
Forward-looking statements and other references • Certain statements and information set forth in this presentation contains “forward-looking statements” and “forward-looking information” within the meaning of the Private Securities Litigation Reform Act of 1995. Except for statements of historical
Slide 3: Who we are…
Who we are… We are an entrepreneurial We are not your disruptor with a focus typical HVAC company on providing value for our customers We are agile, We are best-in-class innovative & creative operators to support it …that’s why we consistently outperform
Slide 4: The Aaon Group: an overview
The Aaon Group: an overview Founded in 1988 At The Aaon Group, we don’t just respond to the world’s demand for better solutions—we lead the charge 4.1 million sq ft of manufacturing We are dedicated to advancing the HVAC industry with efficient, cutting-edge technologies for commercial, industrial a
Slide 5: Our strategic pillars
Our strategic pillars 01 02 03 04 05 Winning with Optimizing the Capitalize on the Capitalize on Be a superior organization to value proposition industry leading best-in-class engineering, drive results and of our mission innovation and operator and make innovation, empower leaders critical solution
Slide 6: Building a world-class organization
Systems Upgrades People & Process — IT and digital infrastructure — Two new independent directors added enhancements to Board of Directors — Modernizing manufacturing — New CFO and General Council management systems — Strategic finance capabilities Building a — Professional supply chain management —
Slide 7: The Aaon Group: an overview
The Aaon Group: an overview International AAON Coil Products Sales by Sales by Sales by AAON branded BASX segment region BASX products AAON Oklahoma U.S. $2.0B 25.6% 15.5% 18.2% $1.92 9.1% Order backlog Gross margin EBITDA margin CapEx and R&D as a EPS ROIC percent of sales Note: All data is based o
Slide 8: Future structure: Leveraging two strong brands
Future structure: Leveraging two strong brands Non-res HVAC Data centers, clean rooms, equipment commercial/industrial Innovation Air handling, liquid Packaged rooftop Premium cooling, cleanroom units and split quality and environments 49% customer 51% of Sales of Sales support Semi-custom Fully cus
Slide 9: Slide 9
Slide 10: AAON brand overview
AAON brand overview AAON brand sales ($M) Longview, TX Parts Other $1,052.8 $1,002.0 $975.6 $894.3 Air handlers Sales by Sales by & Product¹ Location¹ condensing units Rooftop units Tulsa, OK 2023 2024 2025 TTM History Today Bridging the gap between basic, standard equipment and A semi-custom, highl
Slide 11: What makes the AAON brand special?
Innovation and engineering Leading in innovation and engineering is at AAON's core, and it enables us to fully support all our customers Semi-custom engineering & manufacturing A proprietary, hard-to-replicate process that seamlessly What makes integrates deep customization within a highly automated
Slide 12: Our competitive advantage: The unique integrated process
Our competitive advantage: The unique integrated process 1 2 3 4 Sophisticated Most Electronically accepting Efficient manufacturing engineering capable R&D many configurations through automation and department for design lab in the industry of equipment soft tooling High barriers to entry with a mo
Slide 13: AAON equipment versus the alternative
AAON equipment versus the alternative Feature Low-quality products AAON’s custom products Mass production, standardized Soft-tooled, highly Production process automated processes Premium, reflects Price Affordable, budget-friendly higher quality Not as durable, shorter Durable and long-lasting, with
Slide 14: Products to meet a range of customer needs
Products to meet a range of customer needs Outdoor Packaged Packaged Rooftop Air Rooftop Unit Rooftop Unit Handling Unit 2-6 tons 9-15 tons 800-2400 cfm Condensing Packaged Vertical Indoor Units Rooftop Unit Air Handling Unit 2-60 tons 16-30 tons 450-10,000 cfm Horizontal Indoor Air Evaporative Pack
Slide 15: Offering a solutions-based sales channel model
Offering a solutions-based Sales reps use AAON equipment to customize the ideal solution sales channel model AAON sells through an independently owned sales channel, with one representative firm in every region of North America Reps utilize a line card of ~20-30 complimentary OEMs that help provide
Slide 16: Building strength in our go-to-market strategy
Building strength in our go-to-market strategy Leveraging the Focus on parts Providing resources Investing marketing function and service to the sales channel in sales set up in 2022 AAON selling parts and Customer Exploration Center Account Management Marketing budget up supporting our sales 10x si
Slide 17: Total addressable market and share gain opportunity
Total addressable market 7% and share gain opportunity¹ market share and growing Nonresidential HVAC market mid-to-high ~$11B² The addressable market of AAON’s commercial HVAC products, including rooftop units, air handlers single digits and condensing units, is ~15x the long-term sales size of our
Slide 18: Continuing to innovate with Alpha Class and heat pumps
Continuing to innovate with Alpha Class and heat pumps Alpha Class is a product category of the 2023 AAON’s Alpha Class were the only heat pumps operable below ~24% AAON brand that includes 30OF, and were operable all the way down to 0 OF of rooftop commercial HVAC equipment sales¹ fueled by a fully
Slide 19: National account opportunity
National accounts National were not a big focus In the last account Began to target 20 years opportunity national account opportunities In early Built a pipeline of opportunity with 2024 annualized sales of several hundred million dollars Last 30 months Landing just one or two national A substantial
Slide 20: BASX
BAS X
Slide 21: BASX brand overview
BASX brand overview BASX brand sales ($M) Cleanroom Commercial systems equipment $877.8 Memphis, TN Redmond, OR $547.8 Sales by Production Product¹ Location¹ $225.0 $166.5 Data center Longview, TX equipment 2023 2024 2025 TTM History Founded in 2014 and acquired by AAON in 2021, largely focused on t
Slide 22: What makes BASX special?
What makes BASX special? Provides solutions Full High quality Premier Superior not just products customization manufacturing customer care customer support BASX is the only player in BASX offers a fully The manufacturing is of the A foundational principle at BASX focuses greatly on the the industry
Slide 23: BASX go-to-market strategy
BASX go-to-market strategy Collaborative Sales Customer Care Adding value through Elite engineering and Process and Support customized solutions innovation Internal sales and engineers, Providing the best Innovative design to Decades of experienced along with independent customer experience customer
Slide 24: BASX product offerings provide end-to-end solution for data centers
BASX product offerings provide end-to-end solution for data centers Computer Room Coolant Air Handler Distribution Unit Overhead Fan Coil Air Handling Units opportunity is ~$1.0M - $1.5M per MW1 Free Cooling Heat Rejection Chiller Fan Coil Wall ¹ Company estimates based on BASX product offerings
Slide 25: Data center pipeline underpins growth
Data center pipeline underpins growth In 2023-2024, compute In 2025, it was Currently, there is a power of data centers put- ~11GW, with data pipeline of projects in in-place in the industry center buildout development totaling was ~2-4GW, with data spending topping ~240 GWs, with center buildout sp
Slide 26: Data centers are a huge and growing market
Data centers are a huge and growing market Total North America data Total cooling equipment & BASX-specific thermal center construction infrastructure management equipment put in place in 2025¹ TAM TAM ~20% ~45% TAM ~7% ~$41B2 $7-$9B3 $3.5-$4.0B4 ¹ The total cost of constructing data centers in 2025
Slide 27: Data center TAM is shifting to liquid cooling
Data center TAM is shifting to liquid cooling BASX-specific thermal Liquid cooling Air-cooled management equipment Thermal 40% management 85% equipment 15% By 2028 TAM ~7% (2024) 60% $3.5-$4.0B¹ To date, a vast majority of TAM By 2028 we anticipate the is cloud compute data centers cooled split to b
Slide 28: Long-term value creation of data center opportunity
Long-term value creation of data center opportunity BASX backlog and revenue ($M) $1,800 $218.0 $135.4 $1,600 $200 $1,400 $106.1 $1,200 $150 $1,000 $75.2 $800 $1,619.6 $100 $1,430.4 $63.1 $66.2 $68.0 $1,302.1 $600 $52.4 $56.5 $50.7 $400 $39.7 $27.7 $896.8 $50 $623.0 $623.4 $539.7 $200 $279.8 $394.5
Slide 29: Current status of BASX production at each location
Current status of BASX production at each location Dedicated % to full Current status Facility BASX sq ft capacity 1M+ sq. ft. of BASX production capacity Increasing throughput; added since 2024, up Redmond, OR 419,000 90% maximizing productivity nearly 6x Optimizing production Longview, TX ~250,000
Slide 30: Opportunities exist in diversified end markets
Opportunities exist in Growth opportunities: diversified end markets Custom air handlers is core to our DNA and could be expanded into the commercial market BASX has experience in other markets R&D working on new products for multiple beyond data center equipment end markets Data Centers Cleanroom E
Slide 31: “Productizing” for scale and diversification
“Productizing” for scale and diversification Air-side Actively reducing cost and standardizing cooling select DC product offerings for the masses Pursuing a new semi-custom AHU that bridges the gap between the standard market and BASX's fully custom offering Like AAON, the focus is on configurabilit
Slide 32: Financials
Vas The Aaon Group Financials
Slide 33: Financial highlights
Financial highlights¹ $281.2 $272.2 $252.6 $1,932.4 $231.3 $1,442.1 $1,168.5 $1,200.6 Adj. $162.3 Net sales $888.8 EBITDA ($M) ($M) (Non-GAAP) 2022 2023 2024 2025 TTM 2022 2023 2024 2025 TTM 34.1% 33.1% $2.13 $2.02 $1.92 26.7% 26.7% 25.6% $1.24 $1.29 Gross EPS margin (GAAP) 2022 2023 2024 2025 TTM 2
Slide 34: Both brands contributing to our strong backlog
Both brands contributing to our strong backlog Backlog remains strong despite changes in the cycle $2.13 Backlog ($B) $1.97 $1.83 $1.32 Ended 2Q26 $1.03 $1.00 at $0.87 $0.56 $0.65 $0.65 $1.97B $0.49 $0.51 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 AAON BASX
Slide 35: 2026 Outlook
2026 Outlook Strong focus on operational execution Sales Sales growth of 55% to 60% Margins Gross margin of 25% to 26% SG&A 13% to 14% of sales Expenses D&A expense of $95 to $100 million
Slide 36: Appendix
Vas Appendix
Slide 37: Non-GAAP Financial Measures
Non-GAAP Financial Measures The following table provides a reconciliation of net income (GAAP) to EBITDA (non-GAAP) and EBITDA margin (non-GAAP) for the periods indicated. The trailing twelve months ("TTM") period presented is a non-GAAP reconciliation period. Q2 2026 Q1 2026 Q4 2025 Q3 2025 TTM 202
Slide 38: Non-GAAP Financial Measures
Non-GAAP Financial Measures The fol l owi ng tabl e provi des a net s al es (GAAP), gros s profi t (GAAP) and gros s margi n for the peri ods i ndi cated. The trai l i ng twel ve months ("TTM") peri od pres ented i s a non-GAAP reconci l i ati on peri od. Q2 2026 Q1 2026 Q4 2025 Q3 2025 LTM 2025 202
Slide 39: Non-GAAP Financial Measures
Non-GAAP Financial Measures The fol l owi ng tabl e provi des a reconci l i a tion of total a s s ets (GAAP) to i nves ted ca pi tal (non-GAAP), a vera ge i nves ted ca pi tal (non-GAAP) a nd return on i nves ted ca pi tal (non-GAAP) for the peri ods i ndi ca ted. June 30, 2026 June 30, 2025 Total a