William Blair 4Cth Annual Growth Stock Conference
June 4, 2026
Jon Rambeau
Chief Executive Officer
Steven Gitlin
Senior Vice President, Investor Relations
Karman is a New Kind of Space G Defense Company
We Rapidly Develop and Produce Affordable, Integrated Capabilities for Space G Defense Applications
Merchant supplier to 80+ customers G 130+ programs
stem solutions
ction,
es Highly engineered, IP-enabled, integrated space C defense sy Vertically integrated capabilities, from design to full rate produ enabling rapid system developmentWide breadth of fundamental and complementary capabiliti
that can be applied across many programs and domains
Designed to drive supply chain efficiencies, optimal technical solutions, and cost effectiveness of system
History of mission success and demonstrated ability to successfully acquire and integrate
Prime Contractors
Subsystem Providers
Piece Part Providers
©2026 Karman Space & Defense 3
From Deep Sea to Deep Space, Karman Designs & Delivers IP-Enabled Solutions by Leveraging In-House Design Engineering & Vertically Integrated Manufacturing
Karman Serves High-crowth, High-Priority Markets...
Hypersonics & Strategic Missile Defense
Space & Launch
Hypersonics & Strategic Deterrence Nissiles
UAS / C-UAS &
Loitering Nunitions
Submarine, Surface Vessels &
Autonomous Naritime
Launch Vehicles, Rocket Engines & Space Payloads
...With IP-Enabled Products
Rocket f•lotor Nozzte | Launcher & SRf•t | Liquid Nozzle Lin'er | Propulsor Ducts | Deployable Shroua | eparation Energetics | Heat Shield | Bow Dome |
Strategic Deterrence | One-Way UAS | Rocket Engine | Sti6marine | Hypersonics | lnterceptor | Rocket Booster | Stz6mar/ne |
Oesign Engineering Capadi/ities & Embedded Proprietary Products and Proprietary technologies 40+ Years of Proven IP and Performance
30o+ Design Eng/neers!'! 90%+ IP P'rotection
V'ertically Integrated with Full Suite Well-Invested Tier 1 Supplier with
of I Manufacturing Capability Track Record of Operational Excellence
1m+ Sq Feet Across 17 Locations 40+ Years of Flight Heritage
As of December 31, 2025.
e2O26 Karman Space & Defense 9
Continuing to Produce Strong Financial Results
Revenue ($M) Adj. EBITDA G Margin ($M)(2)$160
$181
$26
2023 - Ǫ1 2026 CAGR: 32%
$150
$172
$472
$523
2023 - Ǫ1 2026 CAGR: 35%
$145
$160
$100
$G5
$86
$281
$345
$82
31%
$106
$150
$156
29%
31%
31%
$115
$115
$116
2023 2024 2025 TTM Ǫ1 2026
Hypersonics C SMD Space C Launch
Tactical Missiles C IDS Maritime Defense Systems(1)
2023 2024 2025 TTM Ǫ1 2026
Adjusted EBITDA Adjusted EBITDA Margin
Reflects Ǫ1'26 Maritime Defense Systems revenue. Revenue for Ǫ2'25 to Ǫ4'25 was previously included within other end markets.
Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. Non-GAAP financial measures should be viewed in conjunction with the GAAP metrics included in the appendix. Refer to the appendix for explanation and reconciliation of non-GAAP financial measures.
©2026 Karman Space & Defense 5
Major Programs Across Karman Are Entering Rapid Growth
~$250M Space Launch Production LTA
~$100M Munition Development Program
~$25M Torpedo Recovery Ǫualification Program
~$20M UAS Launcher Systems
~3x Increase in Active Pipeline(1)
~:2B Increase in Active Pipeline(1)
Karman is Experiencing Significant Momentum
~:2B Increase in Active Pipeline(1)
~$250M Space Launch Production LTA
~$100M Munition Development Program
~$25M Torpedo Recovery Ǫualification Program
~$20M UAS Launcher Systems
~3x Increase in Active Pipeline(1)
Hypersonics G Strategic Missile Defense
Tactical Missiles G Integrated Defense
Maritime Defense
Space G Launch
~4x Increase in BD Activity
Major Programs Across Karman Are Entering Rapid Growth
Market Impact Of Major Programs Including Long-Term Framework(2)
Hypersonics G Strategic Missile Defense
~$500M
Maritime Defense
~$50M
Tactical Missiles G Integrated Defense
~$700M
Space G Launch
~$300M
Positioned for :1Billion + of Contract Value on High Priority Programs
"FY202C budget request included :C.5 billion for conventional and hypersonic munitions and invests over :3.S billion in hypersonic weapons" - National Defense Magazine
"This framework agreement marks a fundamental shift in how we rapidly expand munitions production and magazine depth…" - Department of War
"The U.S. Navy is racing to rebuild its undersea fleet…aimed at maintaining a strategic advantage and meeting rising global demand for advanced undersea capabilities" - Bloomberg
~4x Increase in BD Activity
Total Opportunity Pipeline ($B)
~$3B
~$1B
Ǫ1 2025 Current
Karman is Well-Positioned to Capitalize on a Generational Opportunity Set Across Its Core MarketsDefined as the aggregate value of business opportunities that are being pursued by the company.
Represents select major programs including active long-term framework agreements that are currently in negotiation. Figures are not final and values reflect total potential contract value over multiple years.
©2026 Karman Space & Defense 6