Slide 1: Third Quarter Fiscal 2026 Financial Results
Third Quarter Fiscal 2026 Financial Results February 6, 2026 GRAHAM CORPORATION © 2025 GRAHAM CORPORATION, ALL RIGHTS 1 RESERVED
Slide 2: Safe Harbor Statement
Safe Harbor Statement Safe Harbor Regarding Forward Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are
Slide 3: Strong Third Quarter Performance Driven by End Market Demand
Strong Third Quarter Performance Driven by End Market Demand Financial Highlights and Robust Backlog Graham is a GLOBAL Q3 FY26 Highlights LEADER in the design and manufacture of mission- $56.7 +21% M Revenue critical fluid, power, vacuum, heat transfer, and advanced mixing solutions 23.8% -100 bps
Slide 4: Graham Acquires FlackTek
Graham Acquires FlackTek • Purchase price of $35 million, compromised of 85% cash and 15% of GHM’s common stock (75,818 shares) • Four-year potential earn out of an additional $25 million beginning with Transaction fiscal year 2027, based upon achieving progressively increasing adjusted Overview EBI
Slide 5: Transaction Overview
STABILIZE Transaction Overview Company Overview End Markets & Applications • Headquartered in Louisville, CO; Distribution facility in Defense Space Greenville, SC Mission-critical materials for Precision materials mixing energetics, radar, missiles, for thermal coatings, thrust • Recognized as a le
Slide 6: Strategic Rationale
Strategic Rationale ✓ Acquisition adds advanced mixing and materials processing as the third pillar to Graham’s technology platform ✓ Expands Graham’s ability to solve complex customer challenges that increasingly demand integrated solutions spanning rotating machinery, vacuum environments, thermal
Slide 7: MEGA by FlackTek
• Category-Defining Mixing Platform • Proprietary bladeless dual asymmetric centrifugal mixer, the only system globally capable of multi-hundred-kilogram batch processing in twin, 55- gallon-scale drum format • The MEGA: Production-Validated by Anduril Industries • Anduril and FlackTek collaborated
Slide 8: Organic Investments Fueling Future Growth
Organic Investments Fueling Future Growth Strategic >20% ROIC(1) projects nearing completion will drive sustainable growth DEFENSE ENERGY & PROCESS SPACE GRAHAM CORPORATE ✓ New Navy Facility in ✓ Renovated Assembly & ✓ Cryogenic Test Facility in ✓ IT infrastructure upgrade Batavia, NY completed Test
Slide 9: Completed Strategic Facility Expansions
Completed Strategic Facility Expansions New Navy Facility in Batavia, NY (Completed 2QFY26) Cryogenic Test Facility in Jupiter, FL (Completed 4QFY26) Assembly & Test Facility at Barber Nichols (Completed 1QFY26) Liquid Nitrogen Testing at Barber Nichols (Completed 2QFY26) 9
Slide 10: Revenue Performance
Revenue Performance ($ in millions; narrative compared with prior-year period unless otherwise noted) QUARTERLY Q3 FY26 sales up $9.7 million or 21% $70.0 + 31% Defense $60.0 $66.0 + 13% Energy & Process $50.0 $59.3 $56.7 $55.5 + 11% Aftermarket $40.0 $47.0 - 18% Space $30.0 $20.0 $10.0 $0.0 Q3 FY25
Slide 11: Strong Gross Profit & Margin Expansion
QUARTERLY ANNUAL 24.8% 27.0% 26.5% $18.0 28.0% $70.0 26.0% 21.7% 25.2% 24.6% $16.0 23.8% 23.0% $60.0 25.0% $14.0 $50.0 $12.0 18.0% 24.0% $10.0 $40.0 13.0% 23.0% $8.0 $30.0 21.9% $6.0 8.0% 22.0% $20.0 $4.0 3.0% $10.0 21.0% $2.0 Strong Gross Profit & $0.0 $11.7 $16.0 $14.7 14.3 $13.5 -2.0% $0.0 $40.6
Slide 12: Adjusted EBITDA & Adjusted EBITDA Margins
Adjusted EBITDA & Adjusted EBITDA Net Income, Adj. Net Income Per Diluted Share & Margins(1) Margin(1) Net Income per diluted QUARTERLY share Q U AR T E R LY Adj. Net Income per diluted $7.7 share $0.43 $0.42 $0.45 $0.40 $6.8 Percentages are net income $6.3 $6.0 margin and adj. net income margin $0.
Slide 13: Long-Term Demand For Graham Diversified Portfolio
Total Orders(1) Backlog(1) $500.1 $515.6 Defense $482.9 $75.8 $76.9 Commercial $412.3 $65.1 $384.7 $367.7 $71.7 $77.6 $268.4 $95.4 $231.1 $202.7 $417.8 $424.3 $438.8 $91.0 $143.9 $96.5 $340.6 $86.0 $307.1 $272.3 $80.7 $177.4 $116.7 $134.6 $63.2 Long-Term Demand FY22 FY23 FY24 FY25 TTM Q3 FY26 Q3 FY2
Slide 14: Balance Sheet & Liquidity
Balance Sheet & Liquidity CAPITAL DEPLOYED BASED ON HIGHEST RISK-ADJUSTED RETURNS TO MAXIMIZE LONG-TERM SHAREHOLDER VALUE Q3 FY26 Overview Capital Allocation Framework $4.8 Cash provided by operating activities 01 M STRONG BALANCE SHEET • Strong cash generation and fiscal discipline $2.2 M Capital E
Slide 15: FY26 Financial Outlook
Fiscal 2026 Guidance(4) Fiscal 2026 Guidance (As of February 6, 2026) (New) (Old) Net Sales $233 million to $239 million $225 million to $235 million Gross Margin(1) 24.0% to 25.0% of sales 24.5% to 25.5% of sales SG&A Expense (including 17.5% to 18.5% of sales 17.5% to 18.5% of sales amortization)(
Slide 16: Q&A
Q&A 16
Slide 17: Appendix
Appendix 17
Slide 18: M&A Growth
M&A Growth OPPORTUNISTIC ACQUISITION STRATEGY TO SUPPLEMENT 8-10% ANNUAL ORGANIC GROWTH EXPECTATIONS TARGET CATEGORY ATTRIBUTES COMPANY TYPE U.S. based, privately held, independently operated INDUSTRY FOCUS Fluid/power sectors supporting aerospace, defense, cryogenic, and niche industrial markets VA
Slide 19: Key Performance Metrics
Key Performance Metrics Key Performance Indicators In addition to the non-GAAP measures used in this presentation, The book-to-bill ratio is an operational measure that management uses the following key performance metrics to management uses to track the growth prospects of the analyze and measure t
Slide 20: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation (Unaudited, $ in thousands) Three Months Ended Nine Months Ended December 31, December 31, 2025 2024 2025 2024 Net income $ 2,845 $ 1,588 $ 10,530 $ 7,835 Acquisition & integration expense (income), net 320 (220) 157 (900) ERP Implementat
Slide 21: Adjusted Net Income & Adjusted Diluted EPS Reconciliation
Adjusted Net Income & Adjusted Diluted EPS Reconciliation Three Months Ended Nine Months Ended December 31, December 31, 2025 2024 2025 2024 Net income $ 2,845 $ 1,588 $ 10,530 $ 7,835 Acquisition & integration expense (income), net 320 (220) 157 (900) Amortization of intangible assets 510 554 1,507