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astronics.com Nasdaq: ATRO Jefferies Industrial Conference September 9, 2026 Peter J. Gundermann, Chairman, President & CEO Nancy L. Hedges, Vice President & CFO
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Safe Harbor Statement This presentation contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words “expect,” “anticipate,” “plan,” “may,” “will,” “estimate,” “feeling” or other similar expressions and include all statements with regard to the Company’s 2026 outlook including record annual and quarterly sales, the level of activity in the second half of 2026, the strength of the Company’s market position and product demand as well as any level of growth into the foreseeable future, operating leverage gained on higher volume and resulting profitability, the significance of the U.S. Army Radio Test Set program including any future potential orders and level of sales growth and profitability improvement in the Test segment related to ramping the program up to full rate production, the amount of reimbursement related to the favorable UK award for the intellectual property case and the amount of tariff refunds to be received. The forward-looking statements also include all statements related to achieving any revenue or profitability expectations, expectations of continued growth, the level of liquidity, the level of cash generation and free cash flow, the level of demand by customers and markets and the amount of expected capital expenditures, the amount of investment in an ERP system, the amount of backlog to be recognized as revenue over the next twelve months, statements regarding the amount of opportunities available to be executed and the effectiveness of the Company’s execution in its operations. Because such statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially from what may be stated here include the trend in growth with passenger power and connectivity on airplanes, the state of the aerospace and defense industries, the market acceptance of newly developed products, internal production capabilities, the timing of orders received, the status of customer certification processes and delivery schedules, the demand for and market acceptance of new or existing aircraft which contain the Company’s products, the impact of regulatory activity and public scrutiny on production rates of a major U.S. aircraft manufacturer, the need for new and advanced test equipment, customer preferences and relationships, the effectiveness of the Company’s supply chain, and other factors which are described in filings by Astronics with the Securities and Exchange Commission. Except as required by applicable law, the Company assumes no obligation to update forward-looking information in this presentation whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise. Non-GAAP Financial Measures and Forward-looking Preliminary Non-GAAP Financial Measures This presentation will discuss some non-GAAP (“adjusted”) and forward-looking non-GAAP financial measures which we believe are useful in evaluating our performance. You should not consider the presentation of this additional information in isolation or as a substitute for results compared in accordance with GAAP. The non-GAAP (“adjusted”) measures are identified and we have provided reconciliations of reported comparable GAAP to non-GAAP measures in tables found in the Supplemental Information portion of this presentation. Forward-looking preliminary GAAP to non-GAAP measures have not been reconciled because sufficient information as to all of the necessary components of such GAAP measure is not available to management as of the date of this presentation and therefore a reconciliation is not available without unreasonable effort. astronics.com 2
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astronics.com 3 Astronics Corporation (Nasdaq: ATRO) Market data as of August 31, 2026 [Source: FactSet adjusted]; Shares Outstanding as of August 6, 2026; Ownership as of most recent filings. Market Cap $3.3 billion Recent Price $73.67 52-Week Range $94.46/ $28.39 Average Daily Volume (90 day) ~651,000 Established/IPO 1968/1972 Shares Out – Common 36.1 million Shares Out – Class B 6.9 million Institutional ownership 84.9% Insider ownership 6.2% Index membership Russell 3000®/2000® INNOVATION. COLLABORATION. SUCCESS. Astronics serves the world’s aerospace, defense, and other mission critical industries with proven, innovative technology solutions. Our strategy is to grow value by developing technologies, organically or through acquisition, for our targeted markets.
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69% 9% 21% Other 1% astronics.com 4 Solid Franchise with Leading Market Positions 92%8% Aerospace Test Systems TTM Q2 2026 Sales: $942.1 million Commercial Aerospace General Aviation Defense & Government* *Includes Test and Aerospace sales Commercial Aerospace ~50/50 Line Fit/Retrofit ~50/50 Narrowbody/Widebody
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Revenue 2019 to 2026E ($ in millions, except where noted otherwise) Recovery Complete: Entering Next Phase of Growth astronics.com 5 $692.6 $418.0 $365.2 $461.2 $604.8 $706.7 $797.3 $863.4 $80.1 $84.6 $79.7 $73.7 $84.4 $88.7 64.8 $78.7 $1,003.0 $773 $503 $445 $535 $689 $795 $862 $942 2019 2020 2021 2022 2023 2024 2025 TTM Q2 2026 2026E* Test Systems Aerospace . Segment sales tally may differ due to rounding. *2026 guidance provided August 11, 2026. $1.02B to $1.04B Revenue Drivers 1. Rising aircraft production rates: 70% of sales to commercial aircraft w/ 50% to new build 2. Persistent trend of passengers wanting to be connected, entertained and EmPower®’d and airlines competing on passengers’ experience…drives retrofit activity too 3. Flight critical electrical power product has key positions on important emerging programs: MV-75, eVTOL and unpiloted drones 4. Seat motion systems address growing wave of airlines’ reconfiguration of long-haul aircraft with increasing number of premium seating 5. Test segment executing on U.S. Army $215 million radio test program over next 4-5 years
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$1.7 $(100.7) $(28.7) $(30.0) $(6.7) $26.5 $76.4 $126.2 0.2% -20.0% -6.4% -5.6% -1.0% 3.3% 8.9% 13.4% 2019 2020 2021 2022 2023 2024 2025 TTM Q2 2026 Operating Income (loss) Operating Margin Operating Income 2019 to TTM Q2 2026 ($ in millions, except where noted otherwise) Recovery Complete: Expanding Margins astronics.com 6 *2026 guidance provided August 11, 2026. Backlog includes Oct. 2025 acquisition of Buhler Motor Aviation. Margin Drivers » Volume » Pricing for value » Organizational efficiencies » Structural changes: ▪ Simplification / portfolio shaping ▪ Footprint rationalization
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Astronics Strategic Thrusts Elevating Innovation astronics.com 7 PRODUCT LINES TTM Q2 2026 Sales: $942.1 million Lighting & Safety Flight Critical Electrical Power Test Systems Inflight Entertainment & Connectivity (IFEC) Seat Motion 9% 23% 49% 8% Other 3% 8%
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Inflight Entertainment & Connectivity (IFEC) IFC Outside Airframe Equipment Inflight Entertainment Systems Hardware Power for Passengers and Crew 8astronics.com Cabin Modifications, Certifications and Services
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astronics.com 9 IFEC: IN-SEAT POWER SYSTEM (ISPS) » In-seat power, line-fit and retrofit, now powering 2+ million seats on over 290 airlines worldwide » System provides power to personal electronics and seat-back displays » High barriers to entry: ~90%+ market share » ASP: ~$550-$850 per seat » Market penetration seats*: ~90% wide body and ~65% narrow body *Company estimates on installed global fleet
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astronics.com 10 IFEC: Connectivity and IFE Hardware* *Company estimates on installed global fleet » Widebody global fleet: ~90% have IFE and ~70% have IFC » Narrowbody global fleet: ~55% have IFE and ~35% have IFC » Complete shipset can include IFE servers, IFE content loaders, wireless access points, modems, modem managers, outside aircraft equipment, installation kits and installation certification Growth opportunity as market penetration increases across the globe
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Lighting & Safety Solutions Cabin Emergency / Safety Systems Exterior Cockpit 11
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Boeing 787 Cockpit ... Robert's dream job!: astronics.com 12 Aircraft Lighting Systems Industry Leader in Aircraft Lighting Illuminating commercial, business and military aircraft, including Airbus, Boeing, Embraer, Lockheed and Textron A complete array of innovative, lightweight, reliable, solid-state lighting systems Products – Primarily Line-fit » Exterior lighting systems » Cabin lighting systems » Cockpit lighting systems Markets » Commercial transport » Military » Business and general aviation
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Flight Critical Electrical Power astronics.com 13 The technology for the future of small aircraft: Solid-state power distribution systems replace extensive wiring and traditional electromechanical components with modular electronics and software Selected for the U.S. Army MV-75 program » Intelligent systems for power generation, distribution and conversion » Increased reliability » Reduced weight » Automation, flexibility » Lower life cycle cost » Reduces pilot workload First Mover Advantage: Establishing leadership in small aircraft airframe power
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astronics.com 14 Addressing Trends: Modernization of Aircraft Clean, Streamlined Cockpit Modern Cockpit with Electronic Circuit Breakers Pilatus PC-24 Traditional Cockpit with Mechanical Circuit Breakers Learjet 45
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astronics.com 15 Flight Critical Electrical Power Programs of Record Electronic Circuit Breaker Units and Long-Life Starter Generator Announced Program Wins » MV-75 Cheyenne » Daher TBM 900 » Bell 505, 525 » Pilatus PC-24 » Beechcraft Denali » Boeing MQ-25 Stingray
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U.S. Army Future Long-Range Assault Aircraft Program 16 Selected by Bell Textron to Develop Electrical Power Distribution System for MV-75 • With roughly twice the range and twice the speed, the MV-75 brings unmatched combat capability to the war fighter • First flight expected in 2026; evaluating acceleration of program • $70B program across lifespan potentially replaces 2,000 Black Hawk utility helicopters • Expect Astronics’ shipset content of approximately $1 million MV-75 Cheyenne Employs Astronics CorePower® family of solutions CorePower Benefits » Clean, intelligent, and efficient power to improve aircraft performance » Reduces overall system weight » Supports the U.S. Army Modular Open Systems Architecture (MOSA) initiatives Currently in engineering and development » ~$100 million development effort 2024 through mid-2027 • Completed approximately $60 million to date
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astronics.com 17 Flight Critical Electrical Power Emerging Market Opportunities with Drones and eVTOL Aircraft Drones » Generators, primary & secondary power distribution* » Electronic circuit breakers & high reliability power generation » 28 & 270 Volt DC typical » Ideal for remotely controlled & autonomous aircraft » Numerous development programs underway » Typical shipset content $60k to $300k eVTOL » Power conversion, secondary distribution, system control » Electronic circuit breakers, dissimilar topologies » 800 to 1000 Volt DC » Expertise in certification of safety critical aircraft components » Modular component system simplifies design and development » Numerous development programs underway » Typical shipset content $50k to $100k*Also have external lighting systems opportunity
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astronics.com 18 Aircraft Seat Motion Solutions Broad offering with well known Carat® brand » Fast growing market as airlines upgrade to serve demand for premium seating » Products include linear and rotary actuators, power supplies, custom harnesses, sensors, pneumatic units and bladders » Serving airlines, VVIP aircraft and business jets » Have approximately 30% market share » Expanded market position with acquisition of Bühler Motor Aviation Extensive solutions for premium seating systems
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Aerospace Well Positioned on Wide Range of High-Profile Aircraft astronics.com 19 Transport Business Aircraft Military 777/777X • ~$325K in content (PSUs, fuel access doors, exterior, cockpit and emergency exit lighting) • ~$350K in IFEC content (BFE) Embraer Phenom 100/300 • Exterior lighting F-35 JSF • ~$100K in content (Exterior lighting system, lighting controls) 737 • ~$100K in content (PSUs, fuel access doors, exterior and cockpit lighting) • Potential $100K to $150K IFEC content (BFE) Cessna Citation • Exterior and cockpit lighting UH-60 Blackhawk • Exterior & cockpit lighting 787 • ~$65K in content (fuel access doors, lighting) • ~$200K in IFEC content (BFE) Beechcraft Denali • $85K in content (Induction starter generator, electronic circuit breakers and passenger power) Bell MV-75 Cheyenne • ~$1M in content (Airframe power, lighting & safety) A350 • ~$50K in content (Emergency exit lighting) • ~$200K in IFEC content (BFE) Pilatus PC-24 • $170K in content (Airframe power and induction starter generator) Boeing MQ-25 Stingray • ~$230K in content (Airframe power, exterior lighting) A320 & other narrow body Airbus/Boeing aircraft • Potential $100K to $150K IFEC content (BFE) Bell 505 • Airframe power, lighting & safety A220 • ~$100K in content (PSUs, cockpit lighting) • Potential $100K to $150K IFEC content (BFE) eVTOL Aircraft • $50K to $100K, subject to number of loads and architecture: conversion, distribution and/or control Embraer E2 • ~$65K in content (PSUs, emergency lighting) • Potential $75K to $125K IFEC (BFE) BFE: Buyer-Furnished Equipment (buyer option)
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astronics.com 20 Test Systems: A&D, Transit and Radio Testing for Mission-Critical Industries » Validate operating performance on multiple top-priority defense communications and weapons systems platforms » Approx. $10 million remaining to execute on years 4 and 5 of $40 million, 5-year IDIQ contract for the U.S. Marine Corps’ Handheld Radio Test Sets program » Received first production order of $44.7 million for U.S. Army Radio Test Set 4549/T, 5-year IDIQ contract; $145 million of $215 million contract remaining following this order » Diversified into metro rail test system support: › MARTA and NYCT: Train manufacturers - Stadler and Kawasaki › Metro programs challenged with mass transit budget issues, contract structure and drawn-out development program Next-gen radio test set that combines 16+ field test capabilities in one device Award-winning test solutions Restructured business to deliver profitability » Restructuring brought business to about breakeven at just ~$19 million in quarterly sales » Expect 2026 Test revenue around $90 million including approximately $20 million from 4549/T program Freedom 2 Universal Functional Tester Solutions Designed for the Unique Requirements of Mass Transit
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FINANCIALS INNOVATION. COLLABORATION. SUCCESS.
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$570.9 $572.5 $600.8 $651.4 $657.2 $74.5 $74.3 $73.7 $83.0 $123.3 $645.4 $646.7 $674.5 $734.3 $780.6 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Sales ($ in millions) Sales, Bookings & Backlog astronics.com 22 Bookings Backlog Segment sales tally may differ due to rounding. $193.6 $192.7 $219.6 $213.8 $237.3 $11.1 $18.7 $20.5 $16.8 $22.7 $204.7 $211.4 $240.1 $230.6 $260.0 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Test Systems Aerospace $150.6 $191.9 $237.3 $264.4 $243.1 $26.4 $18.5 $19.9 $26.1 $63.1 $177.0 $210.4 $257.2 $290.4 $306.2 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
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Gross Profit and Margin ($ in millions) Profit and Margins astronics.com 23 Operating Profit & Adj. Operating Profit & Margin1 Record quarterly operating income » Gross margin expanded 760 basis points » Higher volume, improved productivity and $2 million IEEPA tariff refund » PY period impacted by simplification initiatives and EAC charges » R&D in line with estimated $10 million to $12 million per quarter run rate » SG&A declined to 13.7% of sales » Aerospace segment achieved 20.3% operating margin on record sales » Test segment operating profit of $0.6 million, or 2.6% of sales impacted by ~$4 million in no margin revenue related to material purchases on 4549/T and HHRTS programs that have begun production in 2H FY26 $4.8 $23.1 $35.5 $27.2 $40.5 8.9% 12.3% 16.0% 12.8% 16.6% $18.3 $25.9 $38.3 $29.6 $43.2 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $52.8 $64.5 $80.0 $75.1 $86.9 25.8% 30.5% 33.3% 32.6% 33.4% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 GAAP Non-GAAP 1Adjusted gross profit and margin and adjusted operating profit and margin are non-GAAP financial measures. Please see supplemental slides for a reconciliation of these measures and other important disclosures regarding the use of non-GAAP financial metrics.
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$1.3 $35.1 Q2 25 Q2 26 $0.03 $0.75 Net Income (Loss) & Diluted EPS Adjusted EBITDA1 and Margin astronics.com 24 EPS and EBITDA $25.4 $51.5 Q2 25 Q2 26 1Adjusted EBITDA, adj. net income and adj. diluted EPS are a non-GAAP financial measures. Please see supplemental slides for a reconciliation of these measures and other important disclosures regarding the use of non-GAAP financial metrics. EPS was adjusted to reflect the 1:5 Class B dividend distribution effective on the record date of 6/15/2026. ($ in millions; except EPS) Adj. Net Income and Adj. Diluted EPS1 $13.7 $32.6 Q2 25 Q2 26 $0.31 $0.70 12.4% 19.8% ($3.7) $79.1 TTM Q2 25 TTM Q2 26 ($0.09) $1.70 $59.7 $103.0 TTM Q2 25 TTM Q2 26 $1.35 $2.20 $114.7 $167.8 TTM Q2 25 TTM Q2 26 13.9% 17.8%
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astronics.com 25 Cash Flow and Capital Structure ($ in millions) Cash Flow Three Months Ended TTM Ended 7/4/26 6/28/25 7/4/26 6/28/25 Net cash provided by operating activities $ 30.1 $ (7.6) $ 102.5 $ 48.0 Capital expenditures (5.7) (4.6) (41.8) (11.7) Free cash flow (FCF) 1 (Non-GAAP) $ 24.4 $ (12.2) $ 60.7 $ 36.2 Capitalization at 7/4/26 12/31/25 Cash and Equivalents $ 9.0 $ 18.2 Total Debt 310.3 334.5 Shareholders’ equity 198.2 140.1 Total capitalization2 $ 508.5 $ 474.6 » 2026 capex $16.9 million YTD » Expected to be $40 million to $45 million » Completing capacity expansion and consolidation in largest operation and continuing to catch up on deferred maintenance » $4.1 million capitalized cost YTD for ERP reported as cash outflow » $253.2 million in total liquidity³ » $237.8 million available on revolver » $225 million principal on 0% notes will be paid in cash as stipulated in bond. $33 million remaining principal on 5.5% bonds » Premium on both bonds may be paid in cash, stock or combination Strong Liquidity & Financial Flexibility 1Free cash flow is a non-GAAP financial measures defined as cash from operations minus capital expenditures. The Company believes this frequently used metric is helpful to understand the Company’s performance. 2Total capitalization is a non-GAAP financial measure defined as the sum of the Company’s total debt and shareholders’ equity. ³Available liquidity as of July 4, 2026 Totals may differ due to rounding.
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astronics.com Nasdaq: ATRO T. Rowe Price Onsite August 26, 2026 Peter J. Gundermann, Chairman, President & CEO Nancy L. Hedges, Vice President & CFO
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astronics.com 27 Astronics Corporation SUPPLEMENTAL INFORMATION INNOVATION. COLLABORATION. SUCCESS.
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28 Share counts/prices are adjusted for the 20% Class B shares stock dividend which distributed on June 29, 2026. Post 20% Cl B Dividend: Potential Dilution Impact from 2024 and 2025 Convertible Bonds Stock Price at Maturity Potential Dilution from Remaining 2024 Convertible Bond 2025 Convertible Bond - Potential Dilution on Premium Above Conversion Price ($45.73) Shares Receivable from Capped Call Hedge ($69.50) Potential Share Dilution on 2025 Convertible Bond Total Potential Share Dilution After Repurchase $43.8974 1.8 0.0 0.0 0.0 1.8 $50.00 1.8 0.5 (0.5) 0.0 1.8 $60.00 1.8 1.2 (1.2) 0.0 1.8 $70.00 1.8 1.8 (1.7) 0.1 1.9 $80.00 1.8 2.2 (1.4) 0.7 2.5 $90.00 1.8 2.5 (1.3) 1.2 2.9 $100.00 1.8 2.7 (1.2) 1.6 3.3 $110.00 1.8 2.9 (1.1) 1.9 3.6 $120.00 1.8 3.1 (1.0) 2.1 3.9 $130.00 1.8 3.2 (0.9) 2.4 4.1 $140.00 1.8 3.4 (0.8) 2.5 4.3
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Extensive List of Customers Representative List 290+ Airlines Airbus AMAC Aerospace Bell Helicopter Boeing Bombardier Cessna Cirrus Aircraft Collins Aerospace Comlux Dassault Aviation Embraer General Dynamics Gulfstream Honda Aircraft Honeywell Hughes Intelsat Jet Aviation Kawasaki SES Sikorsky Stadler Rail Textron Aviation Thales Thompson Aero Seating U.S. Army/Navy/Air Force/Marines Viasat astronics.com 29 L3Harris Leonardo Lockheed Martin NASA Northrup Grumman Panasonic Avionics Pilatus Raytheon Technologies Recaro Aircraft Seating Safran
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astronics.com 30 Created a Portfolio for Growth 2013 2014 2015 2017 2019 2025 PECO Manufacturing » July 2013 » Aerospace: Lighting & Safety PGA Avionics » December 2013 » Aerospace: Seat Motion Armstrong Aerospace » January 2015 » Aerospace: IFEC AeroSat » October 2013 » Aerospace: IFEC EADS N.A. Test » February 2014 » Test Systems Custom Control Concepts » April 2017 » Aerospace: IFEC Telefonix PDT » December 2017 » Aerospace: IFEC Sale of Semi Test Business » February 2019 » Test Systems Freedom Communication Technologies » July 2019 » Test Systems Diagnosys Test Systems » October 2019 » Test Systems Envoy Aerospace » July 2025 » Aerospace: IFEC Buhler Motor Aviation » October 2025 » Aerospace: Seat Motion
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Select Competitors » Airbus KID – Systeme » Burrana » Collins Aerospace IFEC » Safran » Honeywell » Transdigm LIGHTING & SAFETY FLIGHT CRITICAL POWER » Viavi » Lockheed » National Instruments TEST SOLUTIONS » Kontron » Lufthansa Technik » Meggitt » Collins Aerospace » Whelan » Diehl Aerospace » Crane Aerospace » Transdigm » Ametek » Teradyne » Ametek » Keysight » Rhode & Schwartz » Safran » Collins Aerospace » Crane Aerospace SEAT MOTION
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Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 GAAP Consolidated Operating Income $ 4,758 $ 23,055 $ 35,462 $ 27,230 $ 40,467 Add Back: Restructuring-related charges including severance 6,229 359 - - - ERP Implementation consulting expenses - - - 174 482 Legal reserve, settlements and recoveries 3,504 - - - - Litigation related legal expenses 2,753 1,270 1,875 1,779 1,871 Acquisition-related expenses - 1,247 586 186 - Warranty reserve 1,039 - 407 191 406 Adjusted operating income $ 18,283 $ 25,931 $ 38,330 $ 29,560 $ 43,226 Sales $ 204,678 $ 211,447 $ 240,067 $ 230,619 $ 259,957 Operating margin 2.3% 10.9% 14.8% 11.8% 15.6% Adjusted operating margin 8.9% 12.3% 16.0% 12.8% 16.6% Reconciliation of GAAP Operating Income to Adj. Operating Income astronics.com 32 Reconciliation to Non-GAAP Performance Measures In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, we present Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, non- cash equity-based compensation expense, goodwill, intangible and long-lived asset impairment charges, equity investment income or loss, legal reserves, settlements and recoveries, restructuring charges, loss on extinguishment of debt, unusual specific warranty reserves, and customer bankruptcy reserve) which is a non-GAAP measure. The Company’s management believes Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the performance of its core operations from period to period by removing the impact of the capital structure (interest), tangible and intangible asset base (depreciation and amortization), taxes, equity-based compensation expense, goodwill, and other items as noted previously which are not commensurate with the core activities of the reporting period in which it is included. As such, the Company uses Adjusted EBITDA as a measure of performance when evaluating its business and as a basis for planning and forecasting. Adjusted EBITDA is not a measure of financial performance under GAAP and is not calculated through the application of GAAP. As such, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. Adjusted EBITDA, as presented, may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.
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Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 GAAP Consolidated Net Income (Loss) $ 1,314 ($ 11,098) $ 29,615 $ 25,540 $ 35,060 Interest expense 3,097 2,920 3,394 2,336 2,332 Income tax expense (benefit) 537 (1,226) 2,629 (755) 2,794 Depreciation and amortization 5,378 5,163 5,709 5,894 6,341 Equity-based compensation expense 1,557 1,439 1,458 2,556 2,263 Litigation related legal expenses 2,753 1,270 1,875 1,779 1,871 Simplification and restructuring initiatives 6,229 359 - - - Legal reserve, settlements and recoveries 3,504 - - - - Loss on extinguishment of debt - 32,644 - - - ERP implementation consulting expenses - - - 174 482 Acquisition-related expenses - 1,247 586 186 - Warranty reserve 1,039 - 407 191 406 Adjusted EBITDA $ 25,408 $ 32,718 $ 45,673 $ 37,901 $ 51,549 Sales $ 204,678 $ 211,447 $ 240,067 $ 230,619 $ 259,957 Adjusted EBITDA margin 12.4% 15.5% 19.0% 16.4% 19.8% Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA astronics.com 33 Reconciliation to Non-GAAP Performance Measures In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, we present Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, non- cash equity-based compensation expense, goodwill, intangible and long-lived asset impairment charges, equity investment income or loss, legal reserves, settlements and recoveries, restructuring charges, loss on extinguishment of debt, unusual specific warranty reserves, and customer bankruptcy reserve) which is a non-GAAP measure. The Company’s management believes Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the performance of its core operations from period to period by removing the impact of the capital structure (interest), tangible and intangible asset base (depreciation and amortization), taxes, equity-based compensation expense, goodwill, and other items as noted previously which are not commensurate with the core activities of the reporting period in which it is included. As such, the Company uses Adjusted EBITDA as a measure of performance when evaluating its business and as a basis for planning and forecasting. Adjusted EBITDA is not a measure of financial performance under GAAP and is not calculated through the application of GAAP. As such, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. Adjusted EBITDA, as presented, may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.
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Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA astronics.com 34 Reconciliation to Non-GAAP Performance Measures In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, we present Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, non-cash equity-based compensation expense, goodwill, intangible and long-lived asset impairment charges, equity investment income or loss, legal reserves, settlements and recoveries, restructuring charges, gains or losses associated with the sale of businesses and grant benefits recorded related to the AMJP program), which is a non-GAAP measure. The Company’s management believes Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the performance of its core operations from period to period by removing the impact of the capital structure (interest), tangible and intangible asset base (depreciation and amortization), taxes, equity-based compensation expense, goodwill and other items as noted previously, which are not commensurate with the core activities of the reporting period in which it is included. As such, the Company uses Adjusted EBITDA as a measure of performance when evaluating its business and as a basis for planning and forecasting. Adjusted EBITDA is not a measure of financial performance under GAAP and is not calculated through the application of GAAP. As such, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. Adjusted EBITDA, as presented, may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies. 1 Adjusted EBITDA is defined as net income before interest expense, income taxes, depreciation, amortization, and other adjustments. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by sales. Adjusted EBITDA and Adjusted EBITDA Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted EBITDA and Adjusted EBITDA Margin as used by other companies. Nevertheless, the Company believes that providing nonGAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA Margin, are important for investors and other readers of the Company’s financial statements. TTM Ended 7/4/2026 6/28/2025 GAAP Consolidated Net Income (loss) $ 79,117 $ (3,728) Interest expense 10,982 16,630 Income tax expense 3,442 11,156 Depreciation and amortization expense 23,107 22,901 Equity-based compensation expense 7,716 7,831 ERP implementation consulting expenses 656 - Acquisition-related expenses 2,019 - Early retirement penalty waiver - 624 Simplification and restructuring initiatives 359 8,178 Legal reserve, settlements and recoveries - 14,162 Litigation-related legal expenses 6,795 17,352 Loss on extinguishment of debt 32,644 10,148 Non-cash reserves for customer bankruptcy - 3,235 Warranty reserve 1,004 6,256 Adjusted EBITDA1 $ 167,841 $ 114,745 Sales $ 942,090 $ 822,852 Adjusted EBITDA margin % 17.8 % 13.9 %
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Reconciliation of Net Income and Diluted Earnings per Share to Adjusted Net Income and Adjusted Diluted Earnings per Share astronics.com 35 1 Applies a normalized tax rate of 25% to GAAP pre-tax income and non-GAAP adjustments above, which are each pre-tax. 2 All share and per share information have been adjusted to reflect the impact of the 20% Class B stock distribution to shareholders of record on June 15, 2026. ³ Weighted average diluted shares for the three and trailing twelve months ended July 4, 2026, include 1.708 million and 0.389 million assumed shares, respectively, due to the average stock price during the periods exceeded the $45.19 per-share conversion price of the 0% convertible notes. The capped call related to the 0% convertible notes results in no effective dilution to shareholders until the share price exceeds $68.44 per- share. Weighted-average diluted shares for the trailing twelve months ended July 4, 2026, also include 3.170 million assumed shares related to the 5.5% convertible notes. For the three months ended July 4, 2026, and for the three and trailing twelve months ended June 28, 2025, the effect of the 5.5% convertible notes were excluded as they were anti-dilutive for those periods. Reconciliation to Non- GAAP Performance Measures Adjusted Net Income and Adjusted Diluted EPS are defined as net income and diluted EPS as reported, adjusted for certain items, including amortization of intangibles, and also adjusted for a normalized tax rate. Adjusted Net Income and Adjusted Diluted EPS are not measures determined in accordance with GAAP and may not be comparable with the measures used by other companies. Nevertheless, the Company believes that providing non-GAAP financial measures, such as Adjusted Net Income and Adjusted Diluted EPS, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current periods’ net income and diluted EPS to the historical periods’ net income and diluted EPS, as well as facilitates a more meaningful comparison of the Company’s net income and diluted EPS to that of other companies. The Company believes that presenting Adjusted Diluted EPS provides a better understanding of its earnings power inclusive of adjusting for the non-cash amortization of intangible assets, reflecting the Company’s strategy to grow through acquisitions as well as organically. Consolidated Three Months Ended TTM Ended 7/4/2026 6/28/2025 7/4/2026 6/28/2025 Net income (loss) $ 35,060 $ 1,314 $ 79,117 $ (3,728) Diluted earnings (loss) per share ² ³ $ 0.75 $ 0.03 $ 1.70 $ (0.09) Add back (deduct): Amortization of intangible assets 2,884 2,945 11,356 12,251 Simplification and restructuring initiatives - 6,229 359 8,178 ERP Implementation consulting services 482 - 656 - Legal reserve, settlements and recoveries - 3,504 - 14,162 Litigation related legal expenses 1,871 2,753 6,795 17,352 Acquisition-related expenses - - 2,019 - Warranty reserve 406 1,039 1,004 6,256 Non-cash reserves from customer bankruptcies - - - 3,235 Early retirement penalty waiver - - - 624 Loss on extinguishment of debt - - 32,644 10,148 Normalize tax rate 1 (8,080) (4,043) (30,906) (8,753) Adjusted net income $ 32,623 $ 13,741 $ 103,044 $ 59,726 Convertible notes interest, net - - 2,597 5,147 Adjusted net income - diluted $ 32,623 $ 13,741 $ 105,641 $ 64,873 Weighted average diluted shares outstanding (in thousands) ² ³ 46,535 43,641 48,052 47,996 Adjusted diluted earnings per share ² ³ $ 0.70 $ 0.03 $ 2.20 $ 1.35
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For more information: astronics.com Company: Nancy L. Hedges Chief Financial Officer 716-805-1599 invest@astronics.com Investor Relations: Deborah K. Pawlowski Alliance Advisors IR 716-843-3908 dpawlowski@allianceadvisors.com