Karman Holdings Inc.NYSE: KRMN

Space & Defense Expands into High-Priority Maritime Defense Market with Definitive Agreement to Acquire Seemann Composites and Materials Sciences Presentation

Feb 19, 2026 at 4:17 AM UTC · Issued by Karman Holdings Inc.

Watch Karman explain itKarman Holdings Inc. (KRMN) Q2 2026 Earnings Call · Replay · Aug 6

Karman Space G Defense

to Acquire Seemann Composites and Materials Sciences

January 21, 2026

Tony Koblinski

Chief Executive Officer

Mike Willis

Chief Financial Officer

Jonathan Beaudoin

Chief Operating Officer

Steven Gitlin

Vice President Investor Relations

Sid Charbonnet

President, Seemann Composites

Today's Agenda

Karman's differentiated market position and proven success with strategic additions strengthen our competitive moat and drive generational growth

Overview of Seemann Composites and Material Sciences

Financial update on our continued strong growth and industry-leading margins

21 JAN, 2026

Transaction Summary for Seemann Composites G MSC

Overview	Acquisition of Seemann Composites, LLC ("Seemann") and Materials Sciences LLC ("MSC"), leaders in specialty maritime defense technologies Transaction expected to close in Ǫ1 2026, subject to regulatory approvals and customary closing conditions Anticipated integration completion in Ǫ4 2026
Consideration	Transaction consideration of $220 million $210 million in cash Approximately $10 million in equity, payable in KRMN common stock Expected LTM Net Leverage Ratio at Year End 2026: ~3.0x Adjusted EBITDA
Expected Strategic and Financial Benefits	Significantly deepens Karman's advanced materials IP portfolio and adds a talented material science team focused on next-generation materials and resin system design, which can be leveraged across all the Company's end-markets Significantly expands Karman's exposure to the DOW's highest priority naval programs, including submarine, USV/UUV and tactical surface vessels, which provides accelerated long-term growth and visibility to drive shareholder value Immediately accretive to Karman across major financial metrics, including revenue growth, funded backlog, EBITDA, earnings per share and cash flow

21 JAN, 2026

T O N Y KO B L I N K S I

Karman Strategy and Acquisition Philosophy

21 JAN, 2026

Chief Executive Officer

Our High Priority Markets

Hypersonics G Strategic Missile Defense

Tactical Missiles G Integrated Defense Systems

Maritime Defense Systems

Space G Launch

Karman's Strategy is to Deliver Advanced Systems for Next Generation Propulsion and Shielding Applications Serving the Country's Highest Priority National Security Interests From Deep Sea to Deep Space

Hypersonics G Strategic Deterrence Missiles

UAS / C-UAS G

Loitering Munitions

Submarine, Surface Vessels G Autonomous Maritime

Launch Vehicles, Rocket Engines G Space Payloads

Key Market Characteristics

Complex Environments that Require

Design Engineering & IP-Enabled Solutions

Fragmented Supply Chains that Need a Scaled, Tier 1 Partner

Critical Domains for Modern Threat Environment and Near-Peer Adversaries

Most Well Funded DoW Markets with Decades of Sustained Growth

Key Karman Differentiators

System-Level Design

Engineering Capabilities

Embedded Proprietary Products and 40+ Years of Proven IP and Performance

Vertically Integrated with Full Suite of Manufacturing Capability

Well-Invested Tier 1 Supplier with

Track Record of Operational Excellence

Example Propulsion Products Example Shielding Products

Rocket Motor Nozzle	Launcher & SRM	Liquid Nozzle Liner	Propulsor Ducts	Deployable Shroud	Separation Energetics	Heat Shield	Bow Dome
Strategic Deterrence	One-Way UAS	Rocket Engine	Submarine	Hypersonics	Interceptor	Rocket Booster	Submarine

21 JAN, 2026

Karman provides agility and speed, rapidly delivering better technology for the most challenging environments

Strategic Acquisitions Have Enhanced Our Unique Position

MGA Philosophy Acquisitions Since IPO Acquisition Results

Well Defined Acquisition Priorities G Strategic MGA Roadmap:

Proprietary Products
Advanced Design Engineering
Niche Manufacturing Capabilities
Vertical Integration Opportunities
High-Growth Programmatic Positions
Rapidly Developing & Delivering Advanced Systems for Next-Gen Propulsion and Shielding Applications from Deep Sea to Deep Space
Acquisitions Consistently Create Incremental Opportunities to Accelerate Growth:
Complementary IP-Rich Products
New Products C Tech for Cross-Sell
Vertical Integration C In-Sourcing
Expanded Breadth of Capability
Accretive to Major Financial Metrics
Market:
IP:
Strategic Missile Deterrence
Proprietary Refractory Alloy Mfg.
Market: IP:
Loitering Munitions C C-UAS Prop. Propellant Formulations
Complementary Program Positions
Aligned Culture
Common Situational Characteristics:
Proprietary Transactions
Founder or Family Owned
Existing Karman Relationships
Capability:
Products:
Market: IP:
Capability: Products:
Hot Forging, Additive, Forming
Shape Charges and Actuation
Space Propulsion Engines Patented Inconel Manufacturing 3D Print C Spin Form Machining Engine Nozzles, Fuel Systems
Capability: Products:
Market: IP:
Capability: Products:
UAS Launch Motor Design C Mfg. Tactical Boost Motors
ISP Tactical Boost Motor
Karman Launcher System

Submarine C Maritime Design IP, Proprietary Resins AFP, Weaving, Adv, Materials Propulsors, Sonar Shielding

Strategic acquisitions to date have expanded Karman's unique competitive moat and accelerated growth across our high priority markets

21 JAN, 2026

Karman is a "Pure-Play" Supplier to the DoW's Highest Priority Initiatives

"Hypersonics G Strategic Missile Defense"

"Tactical Missiles G Integrated Defense"

"Maritime Defense"

"Space G Launch"

Key Domains Hypersonics Strategic Deterrence Missiles

- Golden Dome
  Loitering Munitions UAS / C-UAS
Golden Dome
Manned Submarines Autonomous Maritime
Golden Fleet
Launch Vehicles Rocket Engines
Golden Dome
Demand Drivers
Growth Outlook
Rapidly Evolving Adversaries
Investments into Next-Gen Missile Technologies
Hypersonics Market
Rapidly Evolving Adversaries
Proliferation of Unmanned Technologies / Drones
UAS Weapons Systems
Rapidly Evolving Adversaries
Aging Fleet and Decades Long Build Rate Increases
Submarine / UUV Market
Rapidly Evolving Adversaries
Ramp of Commercial Launch Providers and Satellite Tech

Global Space Economy

Current 2035 Current 2035

Current 2035

Global Market

"FY202C budget request included :C.5 billion for conventional and hypersonic munitions and invests over :3.S billion in hypersonic weapons" - National Defense Magazine

"The Drone Dominance Program (DDP) is designed to help industry organize around the need for low-cost, supply-chain secure sUAS manufacturing at scale, urgently" -Department of War

"The U.S. Navy is racing to rebuild its undersea fleet…aimed at maintaining a strategic advantage and meeting rising global demand for advanced undersea capabilities" - Bloomberg

"…space has become a site of economic activity and strategic planning, prompting governments to reassess their regulatory approaches, public investments, and longterm infrastructure needs" - Brookings

complex challenges in high-gro

h, high-priority end markets

Karman's proprietary products and vertically integrated solutions solve wt

21 JAN, 2026

S I D C H A R B O N N E T

Overview of Seemann Composites

21 JAN, 2026

President, Seamann Composites

Introducing Seemann Composites G MSC

OVERVIEW

DEMAND DRIVERS

Rapidly Evolving Threat Environment

Aging Fleet G Sustainment

Long-Term Increase in Build Rates (Golden Fleet)

Investments into Next-Gen Technology

Large scale proprietary products, primarily for propulsion and sonar protection
40+ year history serving the Navy's highest priority programs
Embedded in major programs from upfront design through scaled production
Specialized material science team focused on next-gen materials and resin system design and formulation
Track record of operational excellence and delivery

100%

KEY PROGRAMS

IP Protection

G7%

Sole / Single Source

250K sq. ft.

Across 4 Key Locations

60+

FORECASTED SPEND

Virginia-Class

Columbia-Class

Talented Engineers

Manned Undersea

Unmanned

Undersea / Surface

Columbia-Class

Saildrone Voyager

Virginia-Class

SSN(X)

UUV

Hypersonic G

Missile

Javelin

Classified

Strategic Surface

Vessels

LCAC

DDG 1000

Current

Forecasted Spend

Virginia

deliveries per year to double due to capacity needs

Columbia

delivery plans ramp from 0.4 to 1 per year through 2036

Current

Forecasted Spend

Highly Strategic and Complementary to the Karman Portfolio

Karman Seemann

Propulsion

Complete portfolio

of propulsion systems -SRMs, nozzles, propellant cases, launchers

Interstage Supporting products through the entire body of a missile / launch vehicle

Shroud Energetic driven deployable shrouds and payload protection systems

"Tip-to-Tail" "Bow-to-Stern"

Propulsion Propeller blades, propulsor ducts and classified marine propulsion technologies

Interstage

Light weight wide aperture array systems and hydrodynamic systems

Shielding Large acoustic sonar protection systems and stealth enablement

Representative Required Technologies

Advanced System-Level Design Engineering

Scaled Vertically Integrated Manufacturing

Advanced Materials C Resin/Propellant Formulation

Representative Products

Thermal and Sonar Protection Systems

Energetics, Separation and Signature Management

Launch

Solid Rocket Motor Motor Nozzle Propeller Propulsion UAS Launcher Undersea Missile

Motor & Electromechanics

Initiation Thermal Protection Shroud Sonar Protection Dome

21 JAN, 2026

Karman Product Seemann Product

Karman + Seemann is a Compelling Partnership for Shared Growth

With strategically aligned capabilities, products and market position, Seemann has been on Karman's strategic roadmap for years and is the natural expansion of Karman into the maritime domain

Seemann is the "Karman of the Sea" Karman/Seemann Opportunity

Seemann offers strategically aligned capabilities…

Acquisition represents significant opportunities for shared, accelerated growth:

System-Level Design

Advanced Materials IP Proprietary Products

Talented Seemann material science team to lead all of Karman's advanced materials capabilities

Deep library of proprietary resins to formulate in-house and leverage across Karman's other key markets

…and similar business characteristics

Opportunity to in-source 3-D printing, fiber weaving and AFP for hypersonics and launch systems

100%

IP Protection

Vertically Integrated

Across 4 Well-Invested Locations

Tied to High-Growth Market

Submarine / Maritime

Natural Extension of Karman's Differentiated Portfolio Compelling Collaboration Opportunities to Drive Growth

21 JAN, 2026

M I K E W I L L I S

Financial Update

21 JAN, 2026

Chief Financial Officer

Updated Fiscal Year 2025 and 202C Guidance

Karman continues to deliver strong growth with industry leading margins:

(: in millions, except percentages)	2024 As Reported	2025			2026(1)
(: in millions, except percentages)	2024 As Reported	Prior Guidance as of November C, 2025	Updated Guidance	Δ YoY Growth	Guidance	Δ YoY Growth
Revenue	$345.3	$461 - $463	$470 - $471	+36%	$700 - $715	+50%
Adjusted EBITDA	$106.1	$142 - $143	$144.5 - $144.G	+36%	~$205 - $215	+45%
Adjusted EBITDA Margin	30.7%	~30.8%	~30.8%	+10 bps	~30%	+ 0 bps

(1) Includes nine months of projected results from Seemann C MSC

21 JAN, 2026

Growth Profile Snapshot

Total Revenue Growth Total Funded Backlog Growth

Organic Growth Inorganic Growth Organic Funded Backlog Acquired Backlog

~25%

~50%

~36%

~11%

~31%

~6%

~25%

~1.3x

~25%

Organic Book-to-Bill(2)

2024A - 2025 Guidance 2025 Guidance - 2026 Guidance

(includes Seemann)(1)

(1) Includes nine months of projected results from Seemann C MSC

(2) Calculated using reported revenue and change in reported backlog

2024A - 2025 Guidance

(excludes Seemann)

21 JAN, 2026

Thank You

investors@karman-sd.com NYSE: KRMN

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