Slides
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Ducommun Q2 2026 Earnings Call Stephen Oswald – Chairman , President and Chief Executive Officer Suman Mookerji – Senior Vice President , Chief Financial Officer August 6 , 2026
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Disclosures Forward-Looking Statements: This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be preceded by, followed by or include the words “believe,” “continue,” “estimate,” “expect,” “may,” “plan,” “potential,” “should,” “result,” “target” or similar expressions. These statements are based on the beliefs and assumptions of our management. Generally, forward-looking statements include information concerning our possible or assumed future actions, events or results of operations. Forward-looking statements specifically include, without limitation, the information in this presentation regarding: our progress towards our expected top-line growth and margin expansion targets pursuant to our shareholder value creation strategy through 2027, expectations relating to certain commercial single- and twin-aisle platform build rates, expectations related to the U.S. Department of War's long-term framework agreements for key missile programs with defense primes and their impact on the growth of our defense business in 2027 and beyond, the Company’s revenue outlook for 2026 and our expectations related to the impact of tariffs on our 2026 performance. Although we believe that the expectations reflected in the forward-looking statements are based on reasonable assumptions, these forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. We cannot guarantee future results, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. All written and oral forward-looking statements made in connection with this presentation that are attributable to us or persons acting on our behalf are expressly qualified in their entirety by the risk factors and other cautionary statements contained in our filings with the SEC, including our Annual Report on Form 10-K/A for the year ended December 31, 2025, filed with the Securities and Exchange Commission (SEC) . While it is impossible to identify all such factors, some factors that could cause actual results to differ materially from those estimated by us include, but are not limited to, the risk factors and other cautionary statements contained in our filings with the SEC, including our Annual Report on Form 10-K/A for the year ended December 31, 2025, filed with the Securities and Exchange Commission (SEC) and the following: our ability to manage and otherwise comply with our covenants with respect to our outstanding indebtedness; our ability to service our indebtedness; our acquisitions, business combinations, joint ventures, divestitures, or restructuring activities may entail certain operational and financial risks; our ability to generate sufficient amounts of cash to run our business; the cyclicality of our end-use markets and the level of new commercial and military aircraft orders; industry and customer concentration; production rates for various commercial and military aircraft programs; the level of U.S. Government defense spending; risks associated with a prolonged U.S. federal government shutdown; we are subject to extensive regulation and audit by the Defense Contract Audit Agency; compliance with applicable regulatory requirements and changes in regulatory requirements, including regulatory requirements applicable to government contracts and sub-contracts; our ability to obtain necessary export approvals and licenses for proposed sales to foreign customers; legal and regulatory risks, including subrogation claims asserted by third-party insurers, specifically relating to that of the carrier of the entity that provides the labor and facilities for our Guaymas performance center through an arbitration proceeding currently pending in Arizona relating to the fire in 2020 that may become material; our ability to attract and retain key personnel and avoid labor disruptions; further consolidation of customers and suppliers in our markets; product performance and delivery; start-up costs, manufacturing inefficiencies and possible overruns on contracts; increased design, product development, manufacturing, supply chain and other risks and uncertainties associated with our growth strategy to become a supplier of higher-level assemblies; our ability to adequately protect and enforce our intellectual property rights; our ability to manage the risks associated with international operations and sales; economic and geopolitical developments and conditions; disasters, natural or otherwise, damaging or disrupting our operations; unfavorable developments in the global credit markets; our ability to operate within highly competitive markets; technology changes and evolving industry and regulatory standards; possible goodwill and other asset impairments; the potential for environmental liabilities and litigation matters being resolved adversely against us, which may affect our financial results; the risk of cyber security attacks or not being able to detect such attacks; litigation with respect to us; and other risks and uncertainties. We caution the reader that undue reliance should not be placed on any forward-looking statements, which speak only as of the date of this presentation. We do not undertake any duty or responsibility to update any of these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect actual outcomes, except as required by law. Industry and Customer Information: Market data and industry information used throughout this presentation are based on management’s knowledge of the industry and the good faith estimates of management. We also relied, to the extent available, upon management’s review of independent industry surveys and publications and other publicly available information prepared by a number of third-party sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified this information. While we believe the estimated market position, market opportunity and market size information included in this presentation are generally reliable, such information, which is derived in part from management’s estimates and beliefs, is inherently uncertain and imprecise. No representations or warranties are made by the Company or any of its affiliates as to the accuracy of any such statements or projections. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. Further, the inclusion of customer logos or references to specific programs in this presentation is not an endorsement of the Company. Non-GAAP Financial Measures: This presentation includes certain non-GAAP financial measures, such as Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Earnings Per Share. For a reconciliation of such non-GAAP financial measures to the closest GAAP measure not already included in this presentation, see “Non-GAAP Financial Measures” in the Appendix of this presentation. Other: The inclusion of information in this presentation does not indicate that such information is material or that disclosure of such information is required. 2
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VISION 2027 3 Revenue $950 - $1,000M Adj. EBITDA Margin 18% On-track to meet VISION 2027 targets
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Revenue, up 12% y-o-y with double digit growth in commercial of 16% and military and space growth of 7% Record Gross margins of 28%, up 160bps y-o-y GAAP Net income of $20.4M or 9.1% of revenue, up 270bps y-o-y Q2 2026 $224M Revenue $28M Adjusted OI* $1.31 GAAP EPS Record second quarter revenue and margins *See Appendix for additional information regarding this non-GAAP financial measure. Q2 2026 Recap Up 12% y-o-y $27M GAAP OI $1.18 Adj EPS* Up 60% y-o-y Up 30% y-o-y 4 Adjusted EBITDA of $38.4M or 17.1% of revenue, up 130 bps y-o-y Strong bookings of $310M with Q2 book-to-bill ratio of 1.4x
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5 RPO of $1.16 billion and book-to-bill ratio2 of 1.3x for LTM Q2 2026 $310 Q2 2026 $906 $1,159 Q2 2025 Q2 2026 1.4x28%12% Strong Revenue Performance & Growing RPO Remaining Performance Obligations Bookings1 Revenue $201 $224 Q2 2025 Q2 2026 1 Bookings defined as orders net of cancellations in the period. 2 Book-to-bill ratio defined as bookings divided by reported revenue. ($ millions) 5 1.3x $1,118 LTM Q2 2026
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Reiterating 2026 Full Year Outlook Double digit growth in 1H 2026 driven by higher production levels and related revenue to meet ramping delivery commitments in 2H 2026 Expect 2H 2026 growth to be more muted and ranging between LSD to MSD Reiterating full year outlook of MSD to HSD growth 2026 Revenue Growth Mid to High Single Digit 6
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Military and Space 7 $116 $128 $124 $118 $124 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 60 70 80 90 100 110 120 130 140 150 160 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 Missiles & Radar Tomahawk Military Aircraft F-35 Blackhawk F-15 Apache THAAD SM3 ($ millions) PAC-3 AMRAAM YOY Growth • Q2 2026 Revenue grew 7% to $124M • Remaining Performance Obligations (RPO) of $723M • Q2 2026 book-to-bill at 1.4x NGJ SPY-6 SM6 +16% +15% +14% +5% +7% TOW
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DoW Missile Framework Agreements Catalyst for Defense Growth AMRAAM SM3 - IB SM3 - IIA Tomahawk PAC - 3 THAAD Current Annual Estimated Production* Revised Annual Production over Next 7 years* DCO Incumbent Supplier SM6 8 ~1,100 ~70 125 55 - 90 ~600 96 1.5x 2x - 4x 4x 10x 3x 4x DoW significantly ramping production for key missiles through long-term framework agreements with primes DCO favorably positioned with primes as existing supplier on all these programs Driving Strong Defense Growth in 2027 and Beyond *Current production and growth figures taken from published reports. See Appendix for links providing details
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Commercial Aerospace 9 $77 $76 $84 $84 $89 -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 60 65 70 75 80 85 90 95 100 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 B787 A220 A320 B737 Family Gulfstream family S-92 ($ millions) YOY Growth • Q2 2026 Revenue grew 16% to $89M • Remaining Performance Obligations (RPO) of $420M • Q2 2026 book-to-bill at 1.4x -11% -10% +2% +18% +16%
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Well positioned for Commercial Aerospace recovery Structural Systems Segment Highlights • Higher revenue in large commercial (737MAX, A320, A220), and missiles partially offset temporary weakness in military rotorcraft • Facility consolidation synergies and engineered products mix improved margins • Well positioned across major programs to execute planned rate increases *See Appendix for additional information regarding these non-GAAP financial measures. ($ millions) Strong position on marquee single and twin aisle platforms A220 A320 family 737MAX 787 10 Reported YOY Var Adjusted* YOY Var.* Revenue $93.1 2.1% $93.1 2.1% Operating income $12.8 37.3% $14.6 25.2% Operating income margin 13.7% 350 bps 15.7% 290 bps
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11 Defense tailwinds and offloading strategy driving revenue alongside record operating margins Electronic Systems Segment Highlights Growing missile and radar franchise with defense replenishment tailwinds • Higher revenue driven by strong growth in missiles, military fixed wing aircraft, and commercial aerospace partially offset by temporary weaknesses in radar, space and naval • Higher volume and operating leverage drove better margins *See Appendix for additional information regarding these non-GAAP financial measures. ($ millions) 11 Reported YOY Var Adjusted* YOY Var.* Revenue $131.4 19.8% $131.4 19.8% Operating income $25.5 24.5% $25.9 23.6% Operating income margin 19.4% 70 bps 19.7% 60 bps Tomahawk THAAD SM3 PAC-3 AMRAAM SPY-6 SM6 TOW
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Q2 2026 Earnings Call Stephen Oswald - Chairman, President and Chief Executive Officer Suman Mookerji – Senior Vice President, Chief Financial Officer August 6, 2026
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Appendix
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Non-GAAP Financial Measures Note Regarding Non-GAAP Financial Information: This presentation contains non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, Adjusted Operating Income Margin, and Adjusted Earnings Per Share. The Company believes the presentation of these non-GAAP financial measures provide important supplemental information to management and investors regarding financial and business trends relating to its financial condition and results of operations. The Company’s management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company’s actual and forecasted operating performance, capital resources and cash flow. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company discloses different non-GAAP financial measures in order to provide greater transparency and to help the Company’s investors to more meaningfully evaluate and compare the Company’s results to its previously reported results. The non-GAAP financial measures that the Company uses may not be comparable to similarly titled financial measures used by other companies. For more information on our non-GAAP financial measures and a reconciliation of such measures to the nearest GAAP measure, please see the “GAAP to Non-GAAP Reconciliation" slides on the following pages. 14
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Reconciliation of Net Income to Adjusted EBITDA ($ millions) *Amount may not total due to rounding. 15 Q2 2026 Q2 2025 Var. PY Net Revenues $ 224.5 $ 200.8 $ 23.7 Net Income $ 20.4 $ 12.8 $ 7.6 Interest Expense $ 3.5 $ 3.0 $ 0.5 Income Tax Expense $ 4.4 $ 3.7 $ 0.7 Depreciation $ 4.3 $ 4.0 $ 0.3 Amortization $ 4.3 $ 4.3 $ 0.0 Stock-Based Compensation Expense $ 5.4 $ 5.0 $ 0.3 Restructuring Charges $ 0.0 $ 0.6 ($0.6) Compensation Clawback ($3.9) $ 0.0 ($3.9) Gain on sale of property and other assets $ 0.0 ($1.7) $ 1.7 Adjusted EBITDA $ 38.4 $ 31.6 $ 6.7 Net Income as a % of Net Revenues 9.1% 6.4% 2.7% Adjusted EBITDA as a % of Net Revenues 17.1% 15.8% 1.3%
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GAAP to Non-GAAP Operating Income Reconciliation ($ millions) 1 Q1 2026 and Q1 2025 include amortization of acquisition related assets from acquisitions of Lightning Diversion Systems, LLC, Certified Thermoplastics Co., LLC, Nobles Worldwide, MagSeal Corporation, and BLR Aerospace in Sep 2017, Apr 2018, Oct 2019, Dec 2021, and Apr 2023 respectively, and is part of our Electronic Systems, Structural Systems, Structural Systems, Structural Systems, and Structural Systems operating segments, respectively *Amount may not total due to rounding. 16 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Net Revenues $ 224.5 $ 200.8 $ 93.1 $ 91.1 $ 131.4 $ 109.7 GAAP Operating Income $ 28.3 $ 17.7 $ 12.8 $ 9.3 $ 25.5 $ 20.5 Restructuring Charges - $ 0.6 - $ 0.5 - $ 0.1 Amortization of Acquisition Related Assets $ 2.2 $ 2.2 $ 1.9 $ 1.9 $ 0.4 $ 0.4 Compensation Clawback ($3.9) - - - - - Non-GAAP Adjusted Operating Income $ 26.7 $ 20.6 $ 14.6 $ 11.7 $ 25.9 $ 20.9 % of Net Revenues 11.9% 10.2% 15.7% 12.8% 19.7% 19.1% Ducommun Structural Electronic
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GAAP to Non-GAAP EPS ($ millions, except EPS) *Amount may not total due to rounding. 17 Q2 2026 Q2 2025 GAAP Net Income $20.4 $12.8 GAAP EPS $1.31 $0.84 Restructuring Charges - 0.6 Gain on sale of property and other assets - (1.7) Amortization of Acquisition Related Assets 2.2 2.2 Compensation Clawback (3.9) - Total Adjustments to GAAP (1.6) 1.1 Income Tax Effect (20%) (0.4) (0.2) Non-GAAP Adjusted Net Income $18.4 $13.6 Adjusted EPS $1.18 $0.90 Diluted Shares Outstanding 15.6 15.2 Effective tax rate of 20.0% used for both 2026 and 2025 adjustments. Clawback recoveries related to compensation tax deductible portion is $0.2 million for three months ended July 4, 2026.
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NON-GAAP BOOK-TO-BILL RATIO ($ thousands) 18 Q2 2026 LTM Q2 Non-GAAP Bookings, net $ 309.7 $1,118 GAAP Net revenues $ 224.5 $865 Non-GAAP book-to-bill ratio 1.4x 1.3x
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Sources for Missile Production and Growth 19 • https://militarnyi.com/en/news/raytheon-doubles-production-of-aim-120-amraam-air-defense-missiles/ • https://defence-industry.eu/rtx-raytheon-secures-long-term-pentagon-frameworks-to-expand-u-s-production-of-critical- missiles-nationwide/ • https://www.rtx.com/news/news-center/2026/02/04/rtxs-raytheon-partners-with-department-of-war-on-five-landmark- agreements-to-exp • https://www.navalnews.com/naval-news/2025/06/u-s-navy-bets-on-reconciliation-for-sm-6-interceptors-risking-production- shutdown-if-bill-fails/ • https://www.reuters.com/business/aerospace-defense/us-tomahawk-missile-shipments-ukraine-unlikely-sources-say-2025- 10-02/ • https://www.manufacturingdive.com/news/trump-lockheed-martin-l3harris-missiles-arsenal-dib-defense-war- strategy/811029/ • https://www.csis.org/analysis/did-us-defense-israel-missile-attacks-meaningfully-deplete-its-interceptor-inventory • https://thedefensepost.com/2026/02/05/raytheon-missile-production-pentagon/ • https://militarywatchmagazine.com/article/us-finances-surge-iron-dome • https://news.lockheedmartin.com/2026-01-06-Lockheed-Martin-and-Department-of-War-Advance-Landmark-Acquisition- Transformation-to-Accelerate-PAC-3-R-MSE-Production • https://news.lockheedmartin.com/2026-01-29-Lockheed-Martin-and-U-S-Department-of-War-Sign-Framework-Agreement- to-Quadruple-THAAD-Interceptor-Production-Capacity • https://news.usni.org/2023/03/14/fy-2024-budget-pentagon-asks-for-30-6b-to-beef-up-munitions-stockpile-citing-lessons- from-ukraine-war
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USA 86% Europe 6% China 3% ROW 3% Canada/ Mexico 2% USA > 96% Mexico < 4% Tariff Exposure Tariffs are not expected to have a significant impact on 2026 performance Manufacturing Footprint1 201 Based on 2025 Revenue by manufacturing location 2 Based on 2025 Revenue by ship to country 3 Almost entirely to one customer and there has been no impact on sales to date Sales by Region2 3
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