Slide 1: Q4 2025 Earnings Call
Q4 2025 Earnings Call Stephen Oswald - Chairman, President and Chief Executive Officer Suman Mookerji – Senior Vice President, Chief Financial Officer February 26, 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
VISION 2027 Revenue Adj. EBITDA Margin $950 - $1,000M 18% On-track to meet VISION 2027 targets 3
Slide 4: Q4 2025 Recap
Q4 2025 Recap Record revenue, up 9.4% y-o-y with double digit growth in Q4 2025 defense, +13%, for the 4th consecutive quarter Revenue $216M Excellent bookings of $291M with a book-to-bill ratio of 1.3x Up 9.4% y-o-y GAAP OI Adjusted OI* Record gross margins of 27.7%, up 419 bps y-o-y $14M $25M Up 3
Slide 5: 2025 Recap
2025 Recap Record full-year revenue, up 4.9% y-o-y with strength in Q4 2025 defense offset by commercial aerospace destocking Revenue $825M Strong bookings of $918M with a book-to-bill ratio of 1.1x Up 4.9% y-o-y GAAP OI Adjusted OI* Record gross margins of 26.9%, up 180 bps y-o-y ($32M) $86M Down 6
Slide 6: Strong revenue performance & growing order book
Strong revenue performance & growing order book ($ millions) Revenue Remaining Performance Obligations Bookings1 9.4% 9.2% 15.0% $216 $1,106 $291 $197 $1,013 $253 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 6 RPO of $1,106 million and book-to-bill ratio2 of 1.3x for Q4 2025 and 1.1x for the full
Slide 7: Military and Space
160 Military 18% and Space Military Aircraft ($ millions) 150 16% YOY 140 +15% +16% +13% +13% Growth 14% F-35 Blackhawk F-15 Apache 130 $126 $124 12% 120 $117 Missiles & Radar $114 10% 110 8% 100 6% 90 PAC-3 Tomahawk AMRAAM 4% 80 70 2% 60 0% THAAD SM3 SM6 1Q 25 2Q 25 3Q 25 4Q 25 • 2025 Revenue grew
Slide 8: DoW Missile Framework Agreements Catalyst for Defense Growth
DoW Missile Framework Agreements Catalyst for Defense Growth AMRAAM SM3 -IIA SM3 - IB SM6 Tomahawk PAC-3 THAAD Current Annual Estimated ~1,100 ~70 125 55 - 90 ~600 96 Production* Revised Annual Production over 1.5x 2x - 4x 4x 10x 3x 4x Next 7 years* DCO Incumbent Supplier DoW significantly ramping p
Slide 9: Commercial Aerospace
Commercial Aerospace ($ millions) 90 10% YOY -10% -10% -10% +1% Growth 85 0% $82 -10% B737 Family A320 80 $78 $77 -20% 75 $72 -30% 70 -40% A220 B787 65 -50% 60 -60% 1Q 25 2Q 25 3Q 25 4Q 25 • 2025 Revenue -7% primarily due to destocking on 737MAX • 4Q 25 revenue returned to growth • Destocking expect
Slide 10: 2026 Full Year Outlook
2026 Full Year Outlook Defense maintains solid momentum with continued strength 2026 Revenue Growth in missiles and radars Mid to High Commercial aerospace expected to be flattish with recovery from destocking in the second half and stronger 2027 Single Digit Growth expected to be more back-half wei
Slide 11: Structural Systems Segment Highlights
Structural Systems Segment Highlights ($ millions) Reported YOY Var Adjusted* YOY Var.* Revenue $96.2 6.5% $96.2 6.5% Operating income $14.6 348.6% $17.2 107.5% 737MAX A220 Operating income margin 15.2% 1,160 bps 17.8% 870 bps • Higher revenue in military helicopters and ground vehicles 787 A320 fam
Slide 12: Electronic Systems Segment Highlights
Electronic Systems Segment Highlights ($ millions) Reported YOY Var Adjusted* YOY Var.* Revenue $119.6 11.8% $119.6 11.8% Operating income $22.0 15.7% $22.2 17.2% Operating income margin 18.4% 70 bps 18.6% 90 bps Defense Primes offloading creating key win opportunities across the Electronic Systems
Slide 13: Restructuring Update
Restructuring Update • During Q4 2025, Management completed the restructuring plan for Monrovia, CA and Berryville, AR • All production activity at both Monrovia and Berryville has ceased • Ramping up production at receiving facility for transferred product lines • Recorded $0.6M of restructuring ch
Slide 14: Q4 2025 Earnings Call
Q4 2025 Earnings Call Stephen Oswald - Chairman, President and Chief Executive Officer Suman Mookerji – Senior Vice President, Chief Financial Officer February 26, 2026
Slide 15: Appendix
>) Ducommun Appendix
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures Note Regarding Non-GAAP Financial Information: This presentation contains non-GAAP financial measures, including Bookings, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, Adjusted Operating Income Margin, and Adjusted Earnings Per Share. The Company be
Slide 17: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Q4 2025 Q4 2024 Var. PY ($ millions) Net Revenues $ 215.8 $ 197.3 $ 18.5 Net Income $ 7.4 $ 6.8 $ 0.7 Interest Expense $ 3.5 $ 3.6 ($0.1) Income Tax Expense $ 2.5 $ 0.0 $ 2.5 Depreciation $ 4.1 $ 4.0 $ 0.1 Amortization $ 4.4 $ 4.3 $ 0.1 Stock-Based Com
Slide 18: GAAP to Non-GAAP Operating Income Reconciliation
GAAP to Non-GAAP Operating Income Reconciliation ($ millions) Ducommun Structural Electronic Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Net Revenues $ 215.8 $ 197.3 $ 96.2 $ 90.3 $ 119.6 $ 107.0 GAAP Operating Income $ 14.0 $ 10.4 $ 14.6 $ 3.2 $ 22.0 $ 19.0 Restructuring Charges $ 0.6 $ 2.3 $ 0
Slide 19: Non-GAAP Book-to-Bill Ratio
NON-GAAP BOOK-TO-BILL RATIO ($ thousands) Q4 2025 Q4 2024 FY 2025 FY 2024 Non-GAAP Bookings, net $ 290.6 $ 252.8 $ 918.1 $ 972.5 GAAP Net revenues $ 215.8 $ 197.3 $ 824.7 $ 786.6 Non-GAAP book-to-bill ratio 1.3 1.3 1.1 1.2 19
Slide 20: 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 21: Tariff Exposure
Tariff Exposure Manufacturing Footprint1 Sales by Region2 USA > 96% USA 86% Europe 6% 3 China 3% Mexico < 4% ROW 3% Canada/ Mexico 2% Tariffs are not expected to have a significant impact on 2026 performance 1 Based on 2025 Revenue by manufacturing location 21 2 Based on 2025 Revenue by ship to coun
Slide 22: Explore More
EXPLORE MORE Visit Ducommun.com