William Blair 46th Annual Growth Stock Conference Presentation

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,

Wide 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 Deterrence Nissiles

UAS / C-UAS &

Loitering Nunitions

Submarine, Surface Vessels A

Autonomous Naritime

Launch Vehicles, Rocket Engines & Space Payloads

...With IP-Enabled Products

Oes/gn 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 Her/tage

1. As of December 31, 2025.

e2O26 Karman Space & Defense 9

Continuing to Produce Strong Financial Results

2023 - Ǫ1 2026 CAGR: 32%

$472

$523

2023 - Ǫ1 2026 CAGR: 35%

$145

$160

$281

$345

$82

31%

$106

$150

$156

29%

31%

31%

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

1. Reflects Ǫ1'26 Maritime Defense Systems revenue. Revenue for Ǫ2'25 to Ǫ4'25 was previously included within other end markets.

2. 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

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

Total Opportunity Pipeline ($B)

~$3B

~$1B

Ǫ1 2025 Current

1. Defined as the aggregate value of business opportunities that are being pursued by the company.

2. 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

Reconciliation of Non-GAAP Financial Measures

(unaudited, in thousands, except percent and per share data)

Net income

Income tax provision Depreciation and amortization1 Interest expense, net

EBITDA

Transaction-related expenses2

Integration expenses and non-recurring restructuring costs3 Lender and administrative agent fees4

Share-based Compensation5 Other non-recurring costs6

Adjusted EBITDA

Revenue

$ 471,500

$ 345,251

$ 280,705

0.06

7

$ 0.37

12 MAY 2026

©2026 Karman Space & Defense 8

Reconciliation of Non-GAAP Financial Measures

For the three months ended March 31,

(unaudited, in thousands, except percent and per share data)

2026

2025

2,468

12 MAY 2026

G

Net income

$

7,7G4

$

(4,7G8)

Reconciliation of Non-GAAP Financial Measures

Footnotes

This presentation includes certain non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS. We believe the non-GAAP financial measures will help investors understand our financial condition and operating results and assess our future prospects. We believe these non-GAAP financial measures, each of which is discussed in greater detail in the earnings release that accompanies this presentation, are important supplemental measures because they exclude unusual or non-recurring items as well as non-cash items that are unrelated to or may not be indicative of our ongoing operating results. Further, when read in conjunction with our

U.S. GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as a tool to help make financial, operational and planning decisions. We may use non-GAAP financial metrics in certain management compensation plans, debt covenants, internal budgetary decision making, and other resource allocation decisions. Finally, these measures are often used by analysts and other interested parties to evaluate companies in our industry by providing more comparable measures that are less affected by factors such as capital structure.

We recognize that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company. In order to compensate for these and the other limitations discussed below, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with U.S. GAAP. Readers should review the reconciliations on the following page and should not rely on any single financial measure to evaluate our business.

1. Depreciation and amortization includes depreciation of property, plant and equipment, amortization of intangible assets and right-of-use assets.

2. Transaction-related expenses represent legal and due diligence fees incurred in connection with planned and completed acquisitions, which are required to be expensed as incurred. These costs are considered non-recurring and outside the ordinary course of business, and therefore are not indicative of ongoing operating performance.

3. Integration expenses and non-recurring restructuring costs include company-wide system implementation expenses, company re-branding costs and compliance efforts. This category also includes post-acquisition integration costs, and employee expenses related to acquisitions or restructuring activities.

4. Lender and administrative agent fees reflect non-recurring lender fees associated with discrete amendments to the Company's credit agreement, separate from ongoing administrative fees and are not indicative of ongoing operating business operations.

5. Share-based compensation reflects share-based compensation expenses associated with the Company's P Units and Phantom Units. These Units were fully vested in connection with the completion of the Company's IPO in February 2025.

6. Other non-recurring costs include estimated legal settlements and related professional fees that are non-recurring and do not reflect ongoing business operations.

7. Other non-recurring costs for FY2025 includes (i) estimated legal settlements and related professional fees, (ii) write-off of a tax refund that are non-recurring and do not reflect ongoing business operations, (iii) a one-time

   $1.5 million tax expenses due to change in entity tax status and (iv) a $2.5 million write-off of unamortized debt issuance costs associated with our previous TCW term loan, which was refinanced with the new Citi Term Loan.

8. Total may not sum due to rounding.

12 MAY 2026

12 MAY 2026

©2026 Karman Space & Defense 10

investors@karman-sd.com