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Broadwind Acquires MCM November 2, 2026
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SAFE HARBOR STATEMENT This Presentation contains “forward looking statements”—that is, statements related to future, not past, events—as defined in Section 21E of the Securities Exchange Act of 1934, as amended, that reflect our current expectations regarding our future growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities, as well as assumptions made by, and information currently available to, our management. We have tried to identify forward looking statements by using words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “may,” “plan” and similar expressions, but these words are not the exclusive means of identifying forward looking statements. Forward looking statements include any statement that does not directly relate to a current or historical fact. Our forward-looking statements may include or relate to our beliefs, expectations, plans and/or assumptions with respect to the following: (i) acquisition of MCM on our business and our ability to integrate MCM’s operations into our existing business efficiently, (ii) our expectations and beliefs with respect to our financial guidance as set forth in our press releases from time to time, (iii) the impact of global health concerns on the economies and financial markets and the demand for our products; (iv) state, local and federal regulatory frameworks affecting the industries in which we compete, including the wind energy industry, and the related phase out, extension, continuation or renewal of federal tax incentives and grants, including the advanced manufacturing tax credits, and state renewable portfolio standards as well as new or continuing tariffs on steel or other products imported into the United States; (v) our customer relationships and our substantial dependency on a few significant customers and our efforts to diversify our customer base and sector focus and leverage relationships across business units; (vi) our ability to operate our business efficiently, comply with our debt obligations, manage capital expenditures and costs effectively, and generate cash flow; (vii) the economic and operational stability of our significant customers and suppliers, including their respective supply chains, and the ability to source alternative suppliers as necessary; (viii) our ability to continue to grow our business organically and through acquisitions; (ix) the production, sales, collections, customer deposits and revenues generated by new customer orders and our ability to realize the resulting cash flows; (x) information technology failures, network disruptions, cybersecurity attacks or breaches in data security; (xi) the sufficiency of our liquidity and alternate sources of funding, if necessary; (xii) our ability to realize revenue from customer orders and backlog; (xiii) the economy and the potential impact it may have on our business, including our customers; (xiv) the state of the energy and industrial markets generally, including the impact of competition and economic volatility in those markets; (xv) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities; (xvi) competition from new or existing industry participants;; (xvii) the effects of the change of administrations in the U.S. federal government; (xviii) our ability to successfully integrate and operate acquired companies and to identify, negotiate and execute future acquisitions; (xix) the potential loss of tax benefits if we experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986, as amended; (xx) the effects of proxy contests and actions of activist stockholders; (xxi) the limited trading market for our securities and the volatility of market price for our securities; (xxii) our outstanding indebtedness and its impact on our business activities (including our ability to incur additional debt in the future); and (xxiii) the impact of future sales of our common stock or securities convertible into our common stock on our stock price. These statements are based on information currently available to us and are subject to various risks, uncertainties and other factors that could cause our actual growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements including, but not limited to, those set forth under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. We are under no duty to update any of these statements. You should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or other factors that could cause our current beliefs, expectations, plans and/or assumptions to change. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results.
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20+ years of business transformation Wind tower manufacturing is the core precision manufacturing focus 2004 Wind-market regulatory volatility prompts a successful diversification into new end-markets 2018 Divests the Abilene and Manitowoc tower facilities, formally exiting tower manufacturing 2025-2026 Recapitalized, Broadwind refocuses on the domestic power and critical infrastructure markets 2026 ROADMAP TO VALUE CREATION Positioned to become a leading precision manufacturing partner to the U.S. power and critical infrastructure markets 3 What we’re building: We are precision manufacturing experts. We are positioned for powerful secular tailwinds. We are focused on domestic power and critical infrastructure. We are a disciplined platform for growth.
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BROADWIND TODAY We are a 100% U.S. based provider of design, engineering and fabrication solutions to the power and industrial markets 4 Our mission To provide the precision components, specialized equipment and technical expertise needed to build, operate and modernize critical power generation and infrastructure systems. 1996 Cicero, IL $73.6M 68% 2006 220 1.5x $31.3M Business segments Why we win Vertically integrated design, sourcing, fabrication, machining, coating and assembly solutions Proven engineering and product-development capabilities Stringent testing and quality standards for high- performance customer applications 100% U.S. manufacturing footprint, providing surety of supply Gearing: Custom gearing, gearboxes and heat treat services for energy and industrial markets Industrial Solutions: Supply chain solutions, inventory management, kitting and assembly services for the power generation sector Other: Proprietary mobile, modular pressure-reducing systems for the compressed natural gas virtual pipeline market Industrial Solutions: 53% Gearing: 41% Other: 6% (a) Employees as of September 30, 2026; (b) Trailing 12 months of continuing operations through June 30, 2026; (c) Adjusted for the minimum excess availability requirement, otherwise liquidity would have been $40.1 million.
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OUR OPERATIONAL FOOTPRINT Our domestic manufacturing footprint is purpose-built to provide integrated precision manufacturing solutions to leading OEM customers 5 100% U.S.-based operational footprint Building a diversified revenue base Established OEM customer base Cicero, IL Gearing | 301K SF Industrial gearing, Gearboxes, Precision machining, Engineering Pittsburgh, PA Gearing | 52K SF Gearbox services, Heat treatment, Aftermarket capabilities Sanford, NC Industrial Solutions | 134K SF Supply chain solutions, Light fabrication, Inventory management, Kitting and assembly 69% 9% 9% 6% 4% 2% WIND POWER GEN MINING INDUSTRIAL OIL & GAS OTHER 49% 18% 12% 10% 6% 5% WIND POWER GEN OIL & GAS INDUSTRIAL MINING OTHER FY2023 2Q2026(a)FY2020 (a) In 2Q26, most of the Wind revenue was reported in discontinued operations after the Abilene, TX facility was sold on April 30, 2026. *Totals may not sum due to rounding. Abilene, TX Other | 15K SF Clean fuels manufacturing and testing
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Broadwind has acquired MCM, a leading domestic supplier of precision components for U.S. electric transmission and distribution ("T&D") 6 About MCM 100% domestic manufacturer Core offering: by a combination of domestic electric grid expansion, hardening, maintenance, and storm related response Transaction Terms October 30, 2026 $18 million in cash performance-based incentives Financial Overview revenue of $16.5 million Immediately accretive Adjusted EBITDA of ~3.7x(a) Integration & People Integration begins immediately Senior leadership remains retain all MCM employees MCM to continue as an independent commercial brand (a) Pro forma net debt to TTM Adjusted EBITDA is calculated with debt and cash pro forma for the MCM acquisition divided by TTM Adjusted EBITDA as of 2Q26.
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TRANSACTION RATIONALE MCM provides Broadwind with targeted exposure to a generational investment cycle in U.S. power infrastructure 7 Provides strategic entry into a structural, multi- year T&D investment cycle Positions Broadwind in domestic grid modernization, expansion and hardening, driven by rising electricity demand — data centers among the primary drivers. Adds a higher-margin revenue stream in a priority vertical Four-year revenue CAGR of 25% through at year-end 2025; MCM has historically delivered an Adjusted EBITDA margin above Broadwind’s average. With approximately 95% of revenue from domestic T&D, MCM accelerates our mix shift toward power and critical infrastructure. Expands our domestic manufacturing footprint and skilled workforce Adds approximately 50 skilled, non-union employees and ~37,000 SF design, engineering and manufacturing facility in Northport, Alabama — increasing Broadwind’s headcount by more than 20% (a). Brings long-standing, sole-source and preferred-supplier customer relationships A fully complementary customer base with no overlap. Short lead times, daily delivery and utility-grade quality have earned sole-source or preferred status on key accounts; top-ten customer tenure averages 20+ years. Preserves balance-sheet discipline with a clear path to lower leverage Pro forma net debt to TTM Adjusted EBITDA of ~3.7x(b) at close, targeting 2.0x or less by year-end 2028 through earnings growth and debt repayment. (a) Based on employees as of September 30, 2026. (b) Pro forma net debt to TTM Adjusted EBITDA is calculated with debt and cash pro forma for the MCM acquisition divided by TTM Adjusted EBITDA as of 2Q26.
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MCM OVERVIEW MCM is a specialty manufacturer of precision-machined and fabricated metal components for the T&D industry 8 OVERVIEW Headquarters Northport, AL 30+ years of precision manufacturing experience ~50 employees non-union Deep Product Base 600+ SKUs ~37,000 SF owned facility with advanced CNC machining and fabrication capabilities 2023 expansion added 6,000 SF and significant fabrication capabilities ~95% of MCM’s annual revenue is tied to the power generation, transmission and distribution sector (a) Electric Utility: 96.1% Agriculture: 1.6% Material Handling: 1.3% Other: 1.1% (a) For the trailing twelve months ending August 31, 2025 CNC MILLS & LATHES CNC LASER & PLASMA CUTTING WELDING EQUIPMENT
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MCM CUSTOMERS AND SUPPLIERS MCM has long-term customer and supplier relationships that underpin a recurring, profitable revenue base 9 Why customers choose MCM—and stay with them A deep, reliable supplier base 30-year track record under owner-operator leadership Utility-grade quality, stringent standards and technical manufacturing capability Sole-source or preferred supplier on multiple highly specified products Short lead times, just-in-time delivery and reliable on-time performance Customer-centric service: highly responsive and accessible 100% domestic manufacturing footprint with a proven, skilled workforce Diversified procurement base with no single-source dependency — continuity through changing market conditions Steel plate and bar is the largest procurement cost; 100% of raw materials sourced domestically PO-based purchasing with no long- term contracts; volume discounts captured opportunistically TOP 10 CUSTOMERS BY REVENUE(a) CUSTOMER YEARS 20+-year customer tenure among top 10 customers SUPPLIER YEARS TOP 10 SUPPLIERS BY PURCHASES (B) 19+-year tenure among top suppliers (a) For the trailing twelve months ending August 31, 2025 (b) For the year ending December 31, 2024
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Representative Products MCM PRODUCTS AND SOLUTIONS Integrated products and services built around the requirements of electric utilities and their contractors 10 High-performance metal components for power generation, transmission and distribution systems, including substations, transformers, switchgear and power lines Essential to grid expansion and reliability, and required regardless of generation source (fossil, nuclear or renewable) — insulating demand from energy-policy shifts Key products include straps, yokes, fasteners and suspension clamps for high- voltage transmission lines Engineered to utility specifications for corrosion resistance, conductivity and durability in extreme weather Integrated Solutions Machining Fabrication Assembly Kitting IN-HOUSE SERVICES Galvanizing Plating Metallurgical Testing Heat Treating PARTNER SERVICES YOKE PLATES LOAD-BEARING CONNECTORS SUSPENSION CLAMPS SUPPORT FOR SUSPENDING CABLES
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T&D MARKET OUTLOOK Data-center-driven electricity demand is fueling a generational investment cycle in transmission and distribution 11 Actual and projected domestic transmission investment (a) U.S. electricity consumption is entering a period of generational growth (b) Data centers are the key driver of U.S. peak load growth through 2030 (c) Capital investment by investor-owned electric companies and stand-alone transmission companies Transmission investment more than doubles from $22B in 2018 to a projected $49B in 2028, with ~$179B expected over 2025–2028 alone. U.S. electricity consumption reached a record ~4.3T kWh in 2025 and is projected to grow 39% to ~6.0T kWh by 2050. Data centers will be among the primary drivers of U.S. electricity-demand growth from 2024 through 2030 $22B $24B $25B $25B $27B $30B $33B $40B $44B $46B $49B 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Actual Projected Data Centers 90 GW: ~55% Industrial / Mfg 30 GW: ~20% Other 30 GW: ~20% Oil & Gas / Mining 10 GW: ~5% 0 1 2 3 4 5 6 7 2025 2029 2033 2037 2041 2045 2049 (a) Source: Edison Electric Institute Business Analytics Group, Jan 2026; (b) Source: U.S. Energy Information Administration, Electric Power Monthly and Annual Energy Outlook 2026, Counterfactual Baseline; (c) Grid Strategies 2025 Load Growth Forecast
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EXPANDING OUR CAPABILITIES Following Broadwind’s divestiture of non-core wind assets, MCM adds manufacturing capacity and skilled labor across targeted vertical markets 12 MCM Adds a 5th Manufacturing Location in Alabama MCM provides a new market vertical for Broadwind — electrical transmission and distribution infrastructure Northport, AL Grid Infrastructure Solutions | 37K SF Machining, Fabrication, Assembly, Kitting Pro forma combined Broadwind-MCM revenue by end market for the year-to-date ended June 30, 2026 Cicero, IL Gearing | 301K SF Industrial gearing, Gearboxes, Precision machining, Engineering Pittsburgh, PA Gearing | 52K SF Gearbox services, Heat treatment, Aftermarket capabilities Sanford, NC Industrial Solutions | 134K SF Supply chain solutions, Light fabrication, Inventory management, Kitting and assembly Abilene, TX Other | 15K SF Clean fuels manufacturing and testing
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PRO-FORMA IMPACT MCM expands our sales mix within growing, higher-margin T&D end-markets 13 Total Facilities (a) 5 Manufacturing Square Footage (a) 539K+ Employees (b) 270 TTM Revenue (a) , (c) $90.1 TTM Adjusted EBITDA (a) , (c) $3.6 TTM Adjusted EBITDA Margin (a) , (c) 4.0% (a) As of June 30, 2026; (b) As of September 30, 2026; (c) Dollars in millions; trailing 12 months through June 30, 2026. Totals may not sum due to rounding.
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MCM accelerates our path to becoming a leading precision manufacturing partner to U.S. power and critical infrastructure 14 MCM provides an immediate entry point into the higher-growth T&D market MCM brings a higher-value sales mix that accelerates our pathway toward margin expansion MCM adds a proven team and a 100% domestic skilled manufacturing base The team that built MCM stays in place We maintain our balance-sheet discipline The transaction is accretive at closing (a) Pro forma net debt to TTM Adjusted EBITDA is calculated with debt and cash pro forma for the MCM acquisition divided by TTM Adjusted EBITDA as of 2Q26; (b) Based on employees as of September 30, 2026.
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15 GAAP to Non-GAAP Disclaimer The information in this Presentation includes financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company provides non-GAAP adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, share-based compensation and other stock payments, restructuring costs, impairment charges, other non-cash gains and losses and transaction costs) and adjusted EBITDA margin (adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenues) as supplemental information regarding the Company’s and MCM’s business performance. The Company’s management uses this supplemental information when it internally evaluates its performance, reviews financial trends and makes operating and strategic decisions. The Company believes that these non-GAAP financial measures are useful to investors because they provide investors with a better understanding of the Company’s past financial performance and future results, which allows investors to evaluate the Company’s performance using the same methodology and information as used by the Company’s management. The Company's definitions of adjusted EBITDA and adjusted EBITDA margin may be different from similar non-GAAP financial measures used by other companies and/or analysts. Reconciliations of Adjusted EBITDA and Adjusted EBITDA Margin to the nearest GAAP measures are included at the end of this Presentation.
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16 Reconciliations (Unaudited) Consolidated BWEN MCM Total Income (Loss) From Continuing Operations……………..…………... (7,123)$ 2,251$ (4,872)$ Interest Expense…………………….……......………………………… 1,974 185 2,160 Income Tax Provision……………………........………….....………… 105 306 410 Depreciation and Amortization………………..……………………… 3,014 830 3,844 Share-based Compensation and Other Stock Payments……………… 1,147 - 1,147 Transaction Costs…………….........………………………………… 747 - 747 Diligence Adjustments…....................................................................... - 144 144 Adjusted EBITDA (Non-GAAP)…………...............………… (135)$ 3,716$ 3,580$ Revenues…............................................................................................ 73,612$ 16,505$ 90,116$ Adjusted EBITDA margin…........................................................ (0.2%) 22.5% 4.0% Trailing Twelve Months Ended June 30, 2026