Ducommun Incorporated · NYSE:DCO
Ducommun — Q3 2026 Earnings Presentation
22 slides from Ducommun's earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 Earnings Call
Q3 2026 Earnings Call Stephen Oswald – Chairman, President and Chief Executive Officer Suman Mookerji – Senior Vice President, Chief Financial Officer November 5, 2026
Slide 2: Disclosures
Disclosures Forward-Looking Statements: This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be preceded by, followed by or include the words “believe,” “continue,” “estimate,” “expect,” “may,
Slide 3: VISION 2027 – Performance against Key Metrics
VISION 2027 – Performance against Key Metrics Revenue Adj. EBITDA Margin (%) EP1 % Revenue ($ millions) LTM 2026 2026 Q3 at 2026 Q3 at Q3 at $878M ~ 950 – 17.5% 24% 25% 1,000 ~18% 13% 15% 713 2022 Vision 2022 Vision 2022 Vision 2027 2027 2027 2027E 2027E 2027E ~$950M+ ~18% ~25% On Track to Meet or E
Slide 4: Our VISION 2032 Targets
Our VISION 2032 Targets Total Revenue EP Rev Mix Adj. EBITDA% FCF Conversion $1.6 – 1.7 billion ~40% 23% 90-100%3 Organic Growth CAGR 7-8%1 Increase by ~17% 600 bps Expansion Strong Cash From 23% in over 2026E1 Conversion Acquisition Placeholder LTM 2026 Q2 $250 – 300 million2 1. Revenue growth CAGR
Slide 5: Q3 2026 Recap
Q3 2026 Recap Revenue, up 6% y-o-y with double digit growth in commercial Q3 2026 of 28% and temporary military and space decline of -7% Revenue $227M Q3 book-to-bill ratio of 1.6x with Strong bookings of $354M Up 6% y-o-y GAAP OI Adjusted OI* Record Gross margins of 28.9%, up 140bps y-o-y $26M $28M
Slide 6: Strong Revenue Performance & Growing RPO
Strong Revenue Performance & Growing RPO ($ millions) Revenue Remaining Performance Obligations Bookings1 6% 25% 1.6x 1.3x $1,286 $1,133 $227 $1,031 $214 $354 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2026 LTM Q3 2026 6 RPO of $1.3 billion and book-to-bill ratio2 of 1.3x for LTM Q3 2026 1 Bookings defined
Slide 7: Record Remaining Performance Obligations
Record Remaining Performance Obligations ($ millions) By Segment By End Market Structures Electronics Comm Aero Defense Industrial $1,286 1,600 $1,159 14 1,400 $1,106 $1,286 $1,074 16 $1,031 11 13 $1,159 13 $1,106 1,200 $1,074 $1,031 1,000 $868 $723 $723 $593 $693 $679 $553 $602 $450 $566 800 600 40
Slide 8: Reiterating 2026 Full Year Outlook
Reiterating 2026 Full Year Outlook 2026 Revenue Growth Mid to High Expect to finish the year at the higher end of the previously provided range of $880M to $890M Single Digit Full year outlook at $885M to $890M 8
Slide 9: Commercial Aerospace
Commercial Aerospace ($ millions) YOY 105 -10% +2% +18% +16% +28% 40% Growth 100 $97 30% 95 20% B737 Family A320 $89 10% 90 $84 0% 85 $84 -10% 80 $76 -20% 75 -30% A220 B787 70 -40% 65 -50% 60 -60% 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 • Q3 2026 Revenue grew 28% to $97M • Destocking with Boeing unwinding thr
Slide 10: Military and Space
160 Military 18% and Space ($ millions) Military Aircraft 150 16% YOY 140 +15% +14% +5% +7% -7% Growth 14% F-35 Blackhawk F-15 Apache 130 $128 $124 $124 12% $118 $119 Missiles & Radar 120 10% 110 8% 100 6% 90 PAC-3 Tomahawk AMRAAM 4% 80 70 2% 60 0% THAAD SM3 SM6 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 • Q3 20
Slide 11: DoW Missile Framework Agreements Catalyst for Defense Growth
DoW Missile Framework Agreements Catalyst for Defense Growth AMRAAM SM3 -IIA SM3 - IB SM6 Tomahawk PAC-3 THAAD Current Annual Estimated ~1,100 ~70 125 55 - 90 ~600 96 Production* Revised Annual Production over 1.5x 2x - 4x 4x 10x 3x 4x Next 7 years* DCO Incumbent Supplier DoW significantly ramping p
Slide 12: Structural Systems Segment Highlights
Structural Systems Segment Highlights ($ millions) Reported YOY Var Adjusted* YOY Var.* Revenue $97.4 9.3% $97.4 9.3% Operating income $11.9 -2.2% $13.8 -5.4% A220 737MAX Operating income margin 12.3% (140)bps 14.2% (220)bps • Higher revenue in large commercial (737MAX, A320), and 787 A320 family mi
Slide 13: Electronic Systems Segment Highlights
Electronic Systems Segment Highlights ($ millions) Reported YOY Var Adjusted* YOY Var.* Revenue $129.6 3.5% $129.6 3.5% Operating income $28.7 23.5% $29.1 22.7% SM6 Tomahawk PAC-3 AMRAAM Operating income margin 22.2% 360 bps 22.5% 350 bps THAAD SM3 SPY-6 TOW • Higher revenue driven by strong growth
Slide 14: Q3 2026 Earnings Call
Q3 2026 Earnings Call Stephen Oswald - Chairman, President and Chief Executive Officer Suman Mookerji – Senior Vice President, Chief Financial Officer November 5, 2026
Slide 15: Appendix
>) Ducommun Appendix
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures Note Regarding Non-GAAP Financial Information: This presentation contains non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, Adjusted Operating Income Margin, and Adjusted Earnings Per Share. The Company believes the
Slide 17: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA ($ millions) Q3 2026 Q3 2025 Var. PY Net Revenues $ 227.0 $ 214.4 $ 12.6 Net Income (Loss) $ 13.9 ($60.8) $ 74.7 Interest Expense $ 3.1 $ 2.9 $ 0.2 Income Tax Expense (Benefit) $ 4.9 ($17.4) $ 22.4 Depreciation $ 4.1 $ 4.0 $ 0.0 Amortization $ 4.3 $ 4.
Slide 18: GAAP to Non-GAAP Operating Income Reconciliation
GAAP to Non-GAAP Operating Income Reconciliation ($ millions) Ducommun Structural Electronic Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Net Revenues $ 227.0 $ 214.4 $ 97.4 $ 89.2 $ 129.6 $ 125.3 GAAP Operating Income (Loss) $ 25.8 ($75.3) $ 11.9 $ 12.2 $ 28.7 $ 23.3 Restructuring Charges - $ 0.
Slide 19: GAAP to Non-GAAP EPS
GAAP to Non-GAAP EPS ($ millions, except EPS) Q3 2026 Q3 2025 GAAP Net Income (Loss) $13.9 ($60.8) GAAP EPS $0.89 ($4.06) Restructuring Charges - 0.6 Amortization of Acquisition Related Assets 2.2 2.2 Litigation Settlement and Related Costs, Net - 99.7 Pension Plan Settlement Loss 3.9 - Total Adjust
Slide 20: Non-GAAP Book-to-Bill Ratio
NON-GAAP BOOK-TO-BILL RATIO ($ thousands) Q3 2026 LTM Q3 Non-GAAP Bookings, net $354.3 $1,132.6 GAAP Net revenues $227.0 $877.7 Non-GAAP book-to-bill ratio 1.6x 1.3x 20
Slide 21: Sources for Missile Production and Growth
Sources for Missile Production and Growth • https://militarnyi.com/en/news/raytheon-doubles-production-of-aim-120-amraam-air-defense-missiles/ • https://defence-industry.eu/rtx-raytheon-secures-long-term-pentagon-frameworks-to-expand-u-s-production-of-critical- missiles-nationwide/ • https://www.rtx
Slide 22: Explore More
EXPLORE MORE Visit Ducommun.com