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Investor Presentation February 2026 © 2026 DMC. All rights reserved.
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CAUTIONARY STATEMENT REGARDING FORWARD -LOOKING INFORMATION 2 This presentation contains “forward -looking statements” within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward -looking statements throughout this presentation to be covered by the safe harbor provisions for forward -looking statements. Statements contained in this report which are not historical facts are forward- looking statements that involve risks and uncertainties that could cause actual results to differ materially from projected results. These statements can sometimes be identified by our use of forward - looking words such as “may,” “believe,” “plan,” “anticipate,” “estimate,” “expect,” “intend,” and other phrases of similar meaning. The forward -looking information is based on information available as of the date of this presentation and on numerous assumptions and developments that are not within our control. Although we believe that our expectations as expressed in these forward -looking statements are reasonable, we cannot assure you that our expectations will turn out to be correct. Readers are cautioned not to place undue reliance on these forward -looking statements, which reflect management’s analysis only as of the date hereof. We undertake no obligation to publicly release the results of any revision to these forward -looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. DMC Investor Presentation Factors that could cause actual results to differ materially include, but are not limited to, those factors referenced in our Annual Report on Form 10 -K for the year ended December 31, 2025 and such things as the following: economic recessions or depressions; the ability to obtain new contracts at attractive prices; the size and timing of customer orders and shipments; product pricing and margins; our ability to realize sales from our backlog; fluctuations in customer demand; fluctuations in foreign currencies; competitive factors; the timely completion of contracts; the timing and size of expenditures; the timely receipt of government approvals and permits; the price and availability of metal and other raw material; fluctuations in tariffs or quotas; changes in laws and regulations, both domestic and foreign, impacting our business and the business of the end -market users we serve; the adequacy of local labor supplies at our facilities; current or future limits on manufacturing capacity at our various operations; our ability to successfully integrate acquired businesses; the impact of pending or future litigation or regulatory matters; the availability and cost of funds; our ability to access our borrowing capacity under our credit facility; and changes in global economic conditions.
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ABOUT DMC DMC Investor Presentation 3 • DMC Global has three innovative manufacturing businesses that lead niche industrial markets by providing highly engineered products and differentiated solutions • Our businesses have established strong brands in their respective markets and are led by experienced management teams • Our businesses capitalize on their product and service differentiation to grow market share, expand profit margins and increase cash flow • We support our businesses with resources and capital-allocation discipline expertise to help advance their operating strategies and generate the greatest returns • Today, our primary focus is enhancing shareholder value by deleveraging our balance sheet, improving EBITDA generation and free cash flow conversion, and driving disciplined capital allocation throughout the company THERMAL STEEL PIVOT DOORS FROM ARCADIA CUSTOM
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DMC ANNUAL PERFORMANCE 4 $ in millions 229 260 654 719 643 610 $0 $100 $200 $300 $400 $500 $600 $700 $800 2020 2021 2022 2023 2024 2025 Sales *Non -GAAP financial measure 19 20 74 96 52 $0 $20 $40 $60 $80 $100 $120 $140 2020 2021 2022 2023 2024 2025 Total Adjusted EBITDA* / % of Sales 398 19 Attributable to DMC Attributable to Non -controlling Interest Holder DMC Investor Presentation $93/14% $116/16% 20 1135 10 $62/10% $46/7.6% $20/8%$19/8%
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DELEVERAGING PROGRESS 5 (1) Amounts in millions (2) Net of deferred financing costs (3) Total debt does not include a potential $162.2 million (net of a bridge loan) obligation to the holder of the 40% non -controllin g interest (NCI) in Arcadia Products. This obligation is associated with a put/call option on the NCI, whereby the call option is exercisable by DMC at any time, and the put option is exercisable no earlier than September 6, 2026. The call option must be settled with 100% cash, and the put obligation may be settled with 10 0% cash, or 20% cash and 80% in shares of a newly designated series of preferred stock that would be authorized at that time. $0 $20 $40 $60 $80 $100 $120 $140 $160 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4'25 Total Debt Net Debt (1) (2)(3) DMC Investor Presentation
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6 SALES BY BUSINESS AND END MARKET 44.3% 15.3% 40.4% DynaEnergetics Energy Products (Sales: $270M) NobelClad Industrial Infrastructure (Sales: $93M) Arcadia Products Architectural Building Products (Sales: $246M) DMC Investor Presentation For the year ended December 31, 2025
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2025 PERFORMANCE OBJECTIVES DMC Investor Presentation 7 • Continue to strengthen balance sheet and capital structure • Adjust cost structure to match market realities • Strengthen Arcadia’s core commercial operations in western and southwestern U.S. regions • Right-size Arcadia’s high-end residential product offerings to align with potential new opportunities • Continue to focus on margin-improvement and revenue diversification initiatives at DynaEnergetics • Focus on rebuilding order backlog at NobelClad
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MINORITY OWNERSHIP OVERVIEW AND BUYOUT OPTION SUMMARY DMC Investor Presentation 8 • DMC acquired a 60% controlling interest in Arcadia Products on December 23, 2021 • DMC records 100% of Arcadia’s revenue, and distributes 40% of its income to the minority interest holder • DMC may acquire the remaining 40% of Arcadia through a call or put option • Call: Exercisable at any time at DMC’s option and payable 100% in cash • Put: Exercisable after September 6, 2026, at minority interest holder’s option, and payable at DMC’s option in, (i) all cash or (ii) 20% in cash and 80% in shares of DMC Convertible Preferred Stock. The Preferred Stock is convertible into Common Stock of DMC on a one-for-one basis. However, DMC must obtain shareholder approval to issue more than 19.9% of its existing shares outstanding. The Preferred Stock has a 3% coupon. DMC may redeem outstanding Preferred Stock at any time and must redeem on an amortization schedule over three years beginning on June 23, 2027. • Option Price: Calculated based on Arcadia’s average adjusted EBITDA over a three-year period. The average adjusted EBITDA is calculated based on the past two completed fiscal years plus the EBITDA forecast for the current year, multiplied by 9.5 and subject to a floor valuation of $187.1 million ($162.2 million net of outstanding tax bridge loan made to the minority interest holder as of the date of the acquisition). • Settlement: Closing of put or call would occur no earlier than 60-90 days after exercise
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DMC Investor Presentation 9 ARCADIA COMMERCIAL FRAMING SYSTEMS USED IN (W)RAPPER TOWER, CULVER CITY, CA Photo by Mike Reber, SCG
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ARCADIA PRODUCTS OVERVIEW Arcadia Products is a leading supplier of architectural building products, including exterior and interior framing systems, windows, curtain walls and interior partitions for the commercial buildings market; and highly engineered exterior and interior windows and doors for the luxury residential market 10 • A leading position in western and southwestern U.S. commercial markets • Loyal customer base of glazing contractors, general contractors, architects and building owners • Hub-and-satellite model enables short lead times and product customization • Well positioned in key growth segments of commercial glazing markets DMC Investor Presentation • Reputation for outstanding customer service, short lead times and product customization • Serves diverse collection of commercial and residential end markets • Addressable Market: ~$4.5 Billion • Strategy: Focus on growing flagship commercial business, expanding product offering at all satellite locations, right sizing spending and head count around existing strategy, and sizing residential business around current market realitiesARCADIA FRAMING SYSTEMS USED IN WELCOME CENTER AT VALLE DE ORO WILDLIFE REFUGE
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240 300 299 250 246 $0 $50 $100 $150 $200 $250 $300 $350 2021 2022 2023 2024 2025 Sales ARCADIA PRODUCTS PERFORMANCE 11 $ in millions 1 Pro forma *Non -GAAP financial measure 30 28 30 15 17 19 20 10 11 $0 $10 $20 $30 $40 $50 $60 2021 2022 2023 2024 2025 Total Adjusted EBITDA* / % of Sales 11 $47/15.7% Attributable to DMC Attributable to Non -controlling Interest Holder Note: DMC acquired a 60% controlling interest in Arcadia on December 23, 2021. DMC consolidates 100% of Arcadia’s sales, how ever 40% of Arcadia’s Adjusted EBITDA is attributable to the non -controlling interest holder. DMC Investor Presentation $50/16.6% $25/10.2% $29/11.6%
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12 ARCADIA BUSINESS OVERVIEW • Architectural framing systems • Curtain and window walls • Entrances • Sun control • Door framing systems • Aluminum doors • Sliding systems • Glazing systems • Aluminum windows and doors • Thermal steel windows and doors • Hot rolled steel windows and doors • Wood windows and doors Arcadia (Commercial Exteriors) Wilson Partitions (Commercial Interiors) Arcadia Custom (High-end Residential) DMC Investor Presentation
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ARCADIA PRODUCTS’ DUAL COMMERCIAL MODELS 13 Projects Service Centers ARCADIA’S COMMERCIAL FRAMING SYSTEMS USED IN CONSTRUCTION OF THE SERENA WILLIAMS BUILDING AT NIKE’S WORLD HEADQUARTERS – BEAVERTON, OREGON ARCADIA SATELLITE SERVICE CENTER – LAS VEGAS, NV • Arcadia Products operates a hub-and-spoke model that includes centralized manufacturing and over a dozen service centers in high-growth markets throughout the western and southwestern U.S. • Diverse customer base includes builders and independent glass and glazing contractors who typically place dozens of orders annually • Product quality and availability, short lead times and customization result in an estimated ~90% customer retention rate • Arcadia Products works closely with architects and commercial builders to create innovative interior and exterior architectural framing systems • Markets include hotels and casinos, airports, schools and campuses, civic buildings, healthcare facilities and military installations • Several of Arcadia Products’ end markets are non-cyclical or counter cyclical to the broader economy 13
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ARCADIA PRODUCT’S NATIONAL PRESENCE Manufacturing Manufactures architectural framing solutions • Efficient manufacturing base allows for cost-effective supply of products to regional locations • Capable of seamlessly flexing footprint to fulfill larger, specialized and customized orders on as-needed basis Finishing In-house painting and anodizing • Offers custom paint and anodized finishes across full suite of products • Seamless integration into value chain allows for capture of incremental margin and ensures delivery of high- quality products Regional Service Centers Local service centers with onsite fabrication • Network of strategically located service centers drives speed to market and caters to individualized needs of local customers • Serves as downstream, regional distribution for manufacturing hubs 14 Arcadia Products facilities DMC Investor Presentation
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DYNAENERGETICS MANUFACTURING CAMPUS – BLUM, TX DMC Investor Presentation
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• DynaEnergetics is a leading provider of well-completion solutions to the global oil and gas industry • Primary offering is well perforating systems for the unconventional oil and gas sector, where DynaEnergetics has transitioned from selling field-assembled components to a single-source supplier of fully integrated systems delivered directly to location, improving efficiencies, reducing working capital and personnel requirements, and lowering costs • DynaStage™ perforating systems are the safest, most efficient and most reliable in the unconventional oil and gas sector • Unmatched global reach in serving a worldwide network of oil and gas service companies • Addressable Market: ~$1.3 Billion • Strategy: right size cost structure around market realities and revised capital base while broadening customer portfolio and product offering DYNAENERGETICS OVERVIEW 16 DYNAENERGETICS’ IS3 ™ TOP-FIRE INTEGRATED SWITCH DETONATORS DMC Investor Presentation
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DYNAENERGETICS’ PRODUCTS ESSENTIAL IN WELL COMPLETION PROCESS Step 1: Drilling 17 Step 2: Completion Step 3: Production • During the drilling process, metal pipe is inserted into the wellbore and encased in cement • Before hydrocarbons can flow into the well and up to the surface, the well must be completed • Perforating is key step in the completion process. Shaped charges installed in a perforating system fire plasma jets through the drill pipe and surrounding cement, and into the formation • The resulting tunnels in the formation enable oil and gas to flow back through the perforations and into the well • Perforating is also required before a well can be hydraulically fractured, and enables fluid and proppant to flow through the perforations and into the formation DMC Investor Presentation
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18 DYNAENERGETICS’ PERFORMANCE $ in millions 237 310 146 175 264 315 288 270 $0 $50 $100 $150 $200 $250 $300 $350 2018 2019 2020 2021 2022 2023 2024 2025 Sales *Non -GAAP financial measure 1 59 95 16 16 47 56 25 18 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted EBITDA* / % of Sales DMC Investor Presentation $59/24.8% $95/30.5% $16/11.2% $16/9.3% $47/17.8% $56/17.9% $25/8.6% $18/6.8%
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A BETTER BUSINESS MODEL 19 DynaEnergetics is a single -source provider of completion solutions, simplifying the supply chain and logistics Headquarters Service Company DynaEnergetics single-source model Traditional multi-vendor model DMC Investor Presentation
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DYNASTAGE FACTORY-ASSEMBLED, PERFORMANCE-ASSURED™ PERFORATING SYSTEM VS. TRADITIONAL PERFORATING GUN & COMPONENTS 20 DMC Investor Presentation 20
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CAPACITY IN PLACE 21 Four manufacturing, R&D, and customer training centers – two in Texas, two in Germany Six automated IS3 assembly lines in Troisdorf, Germany Five shaped charge production lines in Texas and Germany 48 CNC machines for TSA and gun manufacturing in Texas and Germany 14 DynaStage assembly lines in Texas DMC Investor Presentation
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22 NOBELCLAD MANUFACTURING CAMPUS – LIEBENSCHEID, GERMANY
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NOBELCLAD OVERVIEW 23 ULTRASONIC TESTING EQUIPMENT AT NOBELCLAD’S LIEBENSCHEID, GERMANY PRODUCTION FACILITY • NobelClad is a leading global supplier of composite metal solutions for use in industrial processing infrastructure and transportation assets • Product offerings include explosion welded clad metal plates, transition joints and clad pipe spools • Competitive advantages include industry-leading application and market development teams, an international marketing organization and global manufacturing facilities • High barriers to entry include mastery of advanced explosion- welding manufacturing process for large-scale production, global network of specialty metals suppliers and close working relationships with end-market customers • Addressable market: ~$300 Million • Strategy: Maintain focus on operational excellence and market expansion opportunities DMC Investor Presentation
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89 87 83 85 90 105 105 93 $0 $20 $40 $60 $80 $100 $120 2018 2019 2020 2021 2022 2023 2024 2025 Sales NOBELCLAD’S PERFORMANCE 24 $ in millions 11 11 11 14 12 23 23 14 $0 $5 $10 $15 $20 $25 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted EBITDA* / % of Sales *Non -GAAP financial measure DMC Investor Presentation $14/15.0% $23/22.0% $23/21.6% $11/12.2% $11/12.8% $11/13.0% $14/16.2% $12/13.2%
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DEMAND DRIVERS FOR COMPOSITE METALS 25 Design Flexibility Corrosive Environments Global Infrastructure Investment DMC Investor Presentation
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NOBELCLAD PRODUCTS AND ASSOCIATED APPLICATIONS 26 Tube Sheet Heat Exchangers Clad Plate Separation Towers Clad Head Pressure Vessels Deck/Hull Interface Structural Transition Joint Clad ProductApplication DMC Investor Presentation
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27 TITANIUM CLAD PRESSURE VESSELS – Image courtesy of Coek Engineering PRIMARY END MARKETS SERVED • Chemical • Oil and Gas • Metals and Mining • Marine • Power Generation • Alternative Energy • Industrial Refrigeration • Transportation • Defense and Protection DMC Investor Presentation
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INVESTMENTS IN APPLICATION DEVELOPMENT Investments in product and application development creating growth opportunities in new and existing markets: 28 • Liquified Natural Gas • Hydrogen • Transportation • Petrochemical • Clad pipe STRUCTURAL TRANSITION JOINTS FROM NOBELCLAD USED IN MODERN COMMUTER TRAINS DMC Investor Presentation
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CAPACITY IN PLACE 29 Manufacturing centers in Liebenscheid, Germany and Mt. Braddock, Penn. include 193,000 sq. ft. for production, R&D and training Explosion welding shooting sites in Germany and Pennsylvania Manufacturing assets include heat treatment furnaces, linear welding centers, digital X-Ray inspection systems, plasma and water-jet cutting units, rollers, 25 to 100-ton overhead cranes, levelers and automated ultra sonic testing DMC Investor Presentation
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30 Appendix DMC Investor Presentation
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SELECT DATA BOOM $5.46 - $9.92 $175.2 Million 20.5 Million 19.2 Million December 31 $609.8 Million $35.0 Million 1 $46.4 Million 31 Symbol (Nasdaq GS): 52-week price range*: Market capitalization*: Shares outstanding*: Approximate float*: Fiscal year: Sales (ttm): Adjusted EBITDA (ttm)** Total Adjusted EBITDA (ttm) 1 Excludes 40% noncontrolling interest in Arcadia *Data as of February 20, 2026 ** Non -GAAP financial measure DMC Investor Presentation
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS – DMC EBITDA AND ADJUSTED EBITDA 32 ($MM except per share amounts) 2018 2019 2020 2021 2022 2023 2024 2025 Net income (loss) $30.5 $34.0 $(1.4) $(1.0) $13.8 $34.8 $(152.0) $(11.7) Interest expense, net $1.6 $1.6 $0.7 $0.3 $6.2 $9.5 $8.7 $6.5 Income tax provision (benefit) $4.1 $22.7 $(0.5) $(1.5) $9.4 $15.1 $11.0 $4.1 Depreciation $6.6 $8.3 $9.6 $11.3 $14.3 $13.8 $13.9 $14.9 Amortization $2.9 $1.5 $1.4 $1.4 $36.9 $22.7 $21.2 $19.0 EBITDA $45.7 $68.1 $9.9 $10.4 $80.6 $95.9 $(97.3) $32.8 Strategic review and related expenses — — — — — — $7.8 $2.7 CEO Transition Expenses — — — — — $4.3 — $0.5 Restructuring expenses and asset impairments $1.1 $19.5 $3.4 $0.1 $0.2 $3.8 $2.5 $3.6 Amortization of acquisition -related inventory valuation step -up — — — — $0.4 — — — Nonrecurring retirement expenses — — — — $1.1 — — — Restructuring -related inventory write down — $0.6 — — — — — — Restructuring -related accounts receivable write off — $0.1 — — — — — — Acquisition expenses — — — $1.6 — — — — Arcadia stub period expenses excluding depreciation & amortization — — — $1.6 — — — — Goodwill impairment $8.0 — — — — — $141.7 — Stock -based compensation $3.6 $5.2 $5.7 $6.6 $10.1 $10.1 $6.5 $5.7 Other expense (income), net $1.2 $0.2 $0.2 ($0.2) $0.6 $1.8 $1.1 $1.0 Less: Adjusted EBITDA attributable to redeemable NCI — — — — ($18.8) ($19.8) $(10.2) $(11.4) Adjusted EBITDA attributable to DMC Global Inc. $59.6 $93.7 $19.1 $20.2 $74.2 $96.1 $52.2 $34.9
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS - ARCADIA ADJUSTED EBITDA 33 ($MM except per share amounts) 2021 Pro Forma 2022 2023 2024 2025 Operating income (loss), as reported $48.0 $4.0 $21.4 $(143.6) $4.2 Depreciation $1.9 $2.9 $3.7 $3.7 $4.1 Amortization — $36.3 $22.6 $21.1 $19.1 Stock-based compensation — $2.2 $1.6 $1.9 $0.6 Restructuring expenses and asset impairments — — — $0.7 $0.6 Goodwill impairment — — — $141.7 — CEO transition expenses — — $0.3 — — Nonrecurring retirement expenses — $1.1 — — — Amortization of acquisition-related inventory valuation step up — $0.4 — — — Adjusted EBITDA attributable to redeemable noncontrolling interest $(19.9) $(18.8) $(19.8) $(10.2) $(11.4) Adjusted EBITDA attributable to DMC Global Inc. $30.0 $28.2 $29.8 $15.3 $17.2 DMC Investor Presentation
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS – DYNAENERGETICS ADJUSTED EBITDA 34 ($MM except per share amounts) 2018 2019 2020 2021 2022 2023 2024 2025 Operating income $44.5 $68.8 $6.2 $8.2 $39.0 $46.4 $16.2 $10.4 Depreciation $3.8 $5.2 $6.2 $7.6 $7.6 $6.8 $6.7 $7.3 Amortization $2.5 $1.2 $1.1 $0.5 $0.3 $0.1 — — Restructuring expenses and asset impairments — $18.6 $2.9 — — $3.0 $1.9 $0.8 Restructuring related inventory write down — $0.6 — — — — — — Restructuring related accounts receivable write off — $0.1 — — — — — — Accrued anti-dumping duties & penalties $8.0 — — — — — — — Adjusted EBITDA $58.8 $94.5 $16.3 $16.4 $46.9 $56.3 $24.8 $18.5 DMC Investor Presentation
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS - NOBELCLAD ADJUSTED EBITDA 35 ($MM except per share amounts) 2018 2019 2020 2021 2022 2023 2024 2025 Operating income $6.5 $7.2 $6.9 $9.9 $8.0 $19.4 $20.0 $9.6 Depreciation $2.8 $2.7 $3.1 $3.3 $3.4 $2.9 $3.2 $3.2 Amortization $0.4 $0.4 $0.4 $0.5 $0.3 — — — Restructuring expenses and asset impairments $1.1 $0.9 $0.3 $0.1 $0.2 $0.4 — $1.2 Adjusted EBITDA $10.8 $11.2 $10.7 $13.7 $11.9 $22.8 $23.2 $14.0 DMC Investor Presentation
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS - DILUTED EPS FROM CONTINUING OPERATIONS 36 (1) Calculated using diluted weighted average shares outstanding of 19,369,165 (2) Calculated using diluted weighted average shares outstanding of 19,518,382 (3) Calculated using diluted weighted average shares outstanding of 19,667,673 (4) Calculated using diluted weighted average shares outstanding of 19,912,020 ($MM except per share amounts ) Amount Per Share (1) Amount Per Share (2) Amount Per Share (3) Amount Per Share (4) 2022 2023 2024 2025 Net income (loss) attributable to DMC Global Inc. $12.2 $0.63 $26.2 $1.35 $(94.5) $(4.80) $(13.5) $(0.68) Strategic review expenses, net of tax — — — — $5.8 $0.30 $2.7 $0.13 CEO transition expenses, net of tax — — $6.3 $0.32 — — $0.5 $0.03 Restructuring expenses and asset impairments, net of tax — — $2.8 $0.14 $1.7 $0.08 $3.3 $0.17 Goodwill impairment, net of tax — — — — $85.0 $4.32 — — Establishment of income tax valuation allowance — — — — $3.9 $0.20 — — Nonrecurring retirement expenses, net of tax $0.9 $0.05 — — — — — — NobelClad restructuring expenses and asset impairments, net of tax $0.1 $0.01 — — — — — — Amortization of acquisition -related inventory valuation step -up, net of tax $0.2 $0.01 — — — — — — As adjusted $13.5 $0.70 $35.3 $1.81 $2.0 $0.10 $(6.9) $(0.35) DMC Investor Presentation
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CONTACT INFORMATION 37 DMC 11800 Ridge Parkway, Suite 300 Broomfield, Colorado 80021, USA T 800-821-2666 Geoff High Vice President of Investor Relations E ghigh@dmcglobal.com T 303-604-3924 Contact Primary Contact DMC Investor Presentation