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1 © 2025 GRAHAM CORPORATION, ALL RIGHTS RESERVED GRAHAM CORPORATION February 2026 Investor Presentation
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2 Safe Harbor Statement Safe Harbor Regarding Forward Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “future,” “outlook,” “anticipates,” “believes,” “could,” “guidance,” “should,” “target,” ”may”, “will,” “plan,” “project” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, profitability of future projects and the business, its ability to deliver to plan, its ability to continue to strengthen relationships with customers in the defense industry, its ability to secure future projects and applications, expected expansion and growth opportunities, anticipated sales, revenues, adjusted EBITDA, adjusted EBITDA margins, capital expenditures and SG&A expenses, the timing of conversion of backlog to sales, orders, market presence, profit margins, tax rates, tariffs, foreign sales operations, customer preferences, changes in market conditions in the industries in which it operates, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, and its acquisition and growth strategy, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission (the “SEC”), included under the heading entitled “Risk Factors”, and in other reports filed with the SEC. Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this presentation. Use of Key Performance Indicators This presentation includes key performance indicators, such as orders, backlog, and book-to-bill ratio. See the slide entitled "Disclaimer Regarding Key Performance Metrics" in this presentation for information regarding these key performance indicators. Use of Non-GAAP Measures This presentation includes non-GAAP measures, such as Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net income (loss) and Adjusted Net income (loss) per diluted share. See the Appendix for information regarding these non-GAAP measures, including reconciliations to the most directly comparable U.S. GAAP financial measures. Use of Forward-Looking Non-GAAP Financial Measures Forward-looking ROIC, adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort largely because forecasting or predicting our future operating results is subject to many factors out of our control or not readily predictable. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s fiscal 2025 financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with purchase accounting, quarter-end, and year-end adjustments. Any variation between the Company’s actual results and preliminary financial estimates set forth above may be material. Forward-looking ROIC is defined as a return on invested capital and is calculated by dividing net operating profit after taxes by the total invested capital. Forward-looking ROIC is not a measure determined in accordance with GAAP. Nevertheless, Graham believes that providing forward-looking ROIC is important for investors and other readers of Graham’s financial statements, as it is used as an analytical indicator by Graham’s management to better understand profitability and efficiency of use of capital for certain projects. Because forward-looking ROIC is a non-GAAP measure and is thus susceptible to varying calculations, forward-looking ROIC, as presented, may not be directly comparable to other similarly titled measures used by other companies.
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3 GRAHAM IS A MISSION CRITICAL SOLUTION SUPPLIER ACROSS THREE CORE END-MARKETS Space Provider of critical fluid management, propulsion technologies, and thermal management systems for government and commercial space customers Defense Mission-critical fluid, power, heat transfer, and advanced mixing solutions for long-term strategic platforms from undersea to space Energy & Process Specialized solutions for energy & industrial process markets including plant-critical condensers, vacuum ejectors, cryogenic pumps, and heat exchangers 21% $942M1 700+ Founded | 1968 IPO Employees Market Cap Revenue CAGR since FY21 1936 Graham at-a-Glance Overview 1) Market cap as of 2/9/2026 close Graham is a GLOBAL LEADER in the design and manufacture of mission- critical fluid, power, vacuum, heat transfer, and advanced mixing solutions
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4 Margin Expansion Operational excellence drives margin expansion, supported by >20% ROIC(1) projects Disciplined Growth Strategy Strategic ROIC projects will drive margin expansion Experienced Team Proven management after repositioning and focused on next phase of growth Extended Visibility Long-term visibility enables prioritized capital allocation to continuously improve >20%+ ROIC(1) Diversified End-Markets Stable, long visibility defense and global, peak-maximized commercial with secular tailwinds GROWTH-ORIENTED LEADERSHIP 13-15% Adj. EBITDA Margin(1) BY FY27 $516M BACKLOG(2) 58% DEFENSE 42% COMMERCIAL Investment Thesis Overview (1) See the Safe Harbor Statement and the appendix for additional important disclosures regarding Graham’s use of the non -GAAP measures of forward-looking ROIC and Adjusted EBITDA Margins and the reconciliation of Net Income to Adjusted EBITDA Margin. (2) See appendix for additional information regarding Graham’s use of key performance metrics.
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5 5 Business Overview01
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6 GRAHAM DEVELOPS HIGHLY ENGINEERED, SPECIALIZED PRODUCTS SERVING MISSION CRITICAL FUNCTIONS Defense 58% of FY25 Revenue Aircraft Carriers / Nuclear Submarines Military Aircraft & High- Energy Cooling Torpedoes & Unmanned Underwater Vehicles Key Products: • Condensers • Heat Exchangers • Air Turbine Pumps • Torpedo Powerplant • Laser / Radar Cooling Pumps & Controllers Energy & Process 35% of FY25 Revenue Space 7% of FY25 Revenue Refining, Petrochem, Edible Oils Power Generation Small Modular Nuclear Reactors (SMRs) Rocket Launch Life Support Satellites & Lunar Exploration Key Products: • Vacuum Systems • Heat Exchangers • Helium Circulators • Super Critical CO2 Turbo Machinery • Cryogenic & Liquid Propellent Pumping Key Products: • Fuel Delivery Turbopumps • Cryogenic & Propellent Management • Thermal Management Pumps • Oxygen Fan Blowers • Thrust Vector Control Actuators Graham Portfolio 01 | Business Overview DEFENSE ENERGY & PROCESS SPACE
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7 REVENUE ($ in millions) Defense Portfolio 01 | Business Overview CUSTOMERS CATEGORIES HIGHLIGHTS SUMMARY • Strong and expanding demand supported by increased U.S. defense budgets and accelerated shipbuilding driven by geopolitical tensions • Key supplier of mission-critical systems for submarines, aircraft carriers, and undersea propulsion and power systems • Approximately 80% of revenue is sole-sourced with high barriers to entry • Additional revenue opportunities based off track-record of success with aftermarket revenue; overhauls, spares, adjacencies - SSN(X) next gen attack submarine design has begun • Growth being accelerated through supplier development funding - $18 million granted to date SERVING • Aircraft Carriers & Nuclear Submarines • Military Aircraft • Torpedoes & Unmanned Underwater Vehicles • Ground-Based Mobility & Thermal Management CONTENT • Condensers • Heat Exchangers • Air Turbine Pumps • Torpedo Powerplant • Laser / Radar Cooling Pumps & Controllers $62.2 $65.3 $99.5 $121.9 FY22 FY23 FY24 FY25 ENERGY & PROCESS SPACEDEFENSE
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8 GRAHAM REVENUE OPPORTUNITY ~$1.7 BILLION(2) THROUGH 2056 BASED ON STRATEGIC PLATFORM PROJECTIONS CVN Ford Class Carrier SSN Virginia Class Subs SSBN Columbia Class Subs Build Plan(1) Build Timeline(1) GHM Revenue Potential ~$300M (3) ~$800M (3) ~$500M (3) 1 every 4 years Expected completion by FY58 2 per year Expected completion ~FY56 1 per year Expected completion by FY35 • 2 Completed • 2 Under Construction • 6 Remaining • 27 Completed • 11 Under Construction • 28 Remaining + 3 AUKUS • 2 Under Construction • 10 Remaining Torpedoes ~$150M Mk 48: 50-120 per year SCEPS: 5-10 per year • Mk 48: 3 Option Years remaining • SCEPS: In LRIP Long-Cycle Visibility on Key Navy Nuclear Programs 01 | Business Overview (1) Build timeline and number of builds planned based on U.S. Navy Report to Congress on the Annual Long -Range Plan for Construction of Naval Vessels for Fiscal Year 2024. (2) GHM revenue potential equals number of planned builds multiplied by approximate value of GHM products incorporated into each build at current prices and does not consider any future content, pricing increases or inflation. (3) GHM typically building ahead on blocks with advanced funding. ENERGY & PROCESS SPACEDEFENSE
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9 $54.9 $70.6 $72.8 $73.3 FY22 FY23 FY24 FY25 Energy & Process REVENUE ($ in millions) Energy & Process Portfolio 01 | Business Overview CUSTOMERS CATEGORIES HIGHLIGHTS SUMMARY • Stable demand in traditional O&G energy markets and strong aftermarket demand from global energy and chemical customers • Increasing growth opportunities in international markets such as India, Middle East, and North Africa • Increasing market penetration in clean energy and other sectors, including SMRs, hydrogen, thermal, bioenergy, and geothermal SERVING • Oil & Gas / Chemical Process • Power Generation • Small Modular Nuclear Reactors (SMRs) • Cryogenics CONTENT • Vacuum Systems • Heat Exchangers • Helium Circulators • Super Critical CO2 Turbo Machinery • Cryogenic & Liquid Propellent Pumping DEFENSE SPACEENERGY & PROCESS
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10 REVENUE1 ($ in millions) Space Portfolio 01 | Business Overview CUSTOMERS CATEGORIES HIGHLIGHTS SUMMARY • Developing content commercial space through rocket engine turbopump systems and satellite launch support • Positioned for long-term growth from extended space exploration and next-gen aerospace propulsion technologies • Products play key roles in thermal/fluid management and environmental control systems critical for future missions SERVING • Rocket Launch • Satellites • Life Support • Lunar Exploration Satellites CONTENT • Fuel Delivery Turbopumps • Cryogenic & Propellant Mgmt. • Thermal Management Pumps • Oxygen Fan Blowers • Satellite Thermal Management 1) FY24 Impacted by Virgin Orbit Bankruptcy $5.7 $21.2 $13.3 $14.7 FY22 FY23 FY24 FY25 $5.3M Virgin Orbit $15.9M DEFENSE ENERGY & PROCESS SPACE
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11 11 Image credit: Blue Origin Growth Enablement 02
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12 STABILIZE COMPLETE, TRACKING TO FY27 TARGETS MOMENTUM BUILDING INTO IMPROVE & GROWTH PHASES Stabilize Improve Growth FY23 - 25 FY26 - 27 FY27 & Beyond STABILIZE IMPROVE GROWTH Accelerating Growth From a Stable Foundation 02 | Growth Enablement STABILIZE IMPROVE GROWTH TODAY
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13 $138M $516M FY21 Backlog Q3 FY26 Backlog 58% Defense 35% Energy & Process 7% Space FY25 25% Defense 75% Energy & Process FY21 6.1% -3.4% 5.4% 7.2% 10.7% FY21 FY22 FY23 FY24 FY25 Stabilize Phase Completed >20% ROIC(1) Hurdle Rate Robust Backlog Growth Expanded Portfolio Diversification Disciplined Capital Allocation Adj. EBITDA Margin(1) Expansion Credibility Through Action & Results STABILIZE IMPROVE GROWTH Revenue $97.5M Revenue $210M 10.7% (1) See the Safe Harbor Statement and the appendix for additional important disclosures regarding Graham’s use of the non-GAAP measures of forward-looking ROIC and Adjusted EBITDA Margins and the reconciliation of Net Income to Adjusted EBITDA Margin. 02 | Growth Enablement
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14 PROACTIVELY POSITIONING THE BUSINESS TO LONG-TERM GROWTH TRENDS LEVERAGING CORE COMPETENCY DEFENSE SPACE GRAHAM CORPORATEENERGY & PROCESS Naval Ship and Submarine Demand Accelerating Expansion Driven by Geopolitics Operational Excellence is at the Core Rising Grid Demand From AI & Data Centers | Diversification into Nuclear & Renewables ✓ Cryogenic Test Facility ✓ Liquid Nitrogen Testing ✓ Expanded Space Cleanroom & Cleaning Capability • CNC Machining Capacity Expansion ✓ IT Infrastructure ✓ 5-yr/$80M Credit Facility ✓ $150M Shelf Registration • Batavia ERP • Corporate Playbooks Improve (0-2 years) Growth (2-5+ years) 02 | Growth Enablement IMPROVESTABILIZE Phased Approach to Sustainable, Long-Term Growth GROWTH ✓ Assembly & Test Facility ✓ India Team & Capability • NextGen Nozzle • Automated Welding • Small Modular Nuclear R&D ✓ New Navy Facility ✓ Automated Welding ✓ Navy Overhaul Facility • X-Ray Facility • Skilled Workforce Training • R&D for New Product Introduction • Existing Products on Scaling Platforms & Markets • Feasibility & Validation Testing • M&A • Expand Corporate Team • Shared Services & Best Practices • Arvada Land Acquisition • R&D for New Product Introduction • Existing Products in Emerging “New Energy” Markets • Leverage $1B Installed- Base via Service & Aftermarket • India for “Rest of World” • Next Generation Platforms • Modernizing Legacy Designs • Expand Scope of Supply • Supplier Development Funding
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15 New Navy Facility in Batavia, NY (Completed 2QFY26) Assembly & Test Facility at Barber Nichols (Completed 1QFY26) Completed Strategic Facility Expansions Liquid Nitrogen Testing at Barber Nichols (Completed 2QFY26) Cryogenic Test Facility in Jupiter, FL (Completed 4QFY26) 02 | Growth Enablement IMPROVESTABILIZE GROWTH
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16 PRODUCT LIFECYCLE cVALUE IDENTIFICATION VALUE CREATION VALUE EXTRACTION Market & Customer Need Technology & Product Solution Service & Aftermarket Commercialization & Production Scale 1. Disruptive Solutions Utilize innovative R&D to enhance competitive advantage in new and existing markets Ex. NextGen Nozzle, Multi- Channel Diffuser 2. Product Go-To-Market Productize & commercialize existing solutions to scale across multiple customers & applications Ex. Heliflow, SCAMP, Motor Controller 3. Global Expansion Expand international localization footprint to expand global reach and competitive advantage Ex. India for “Rest of World” 4. Digital Transformation Integrate market intel with business systems to proactively stimulate service & aftermarket growth Ex. AI for Proactive Aftermarket G R O W T H D R I V E R S 02 | Growth Enablement GROWTHSTABILIZE IMPROVE Enabling the Growth Phase Through Product Lifecycle Expansion 1 2 3 4 M&A: PURSUE OPPORTUNISTIC DEALS WITH MOATED ENGINEERED PRODUCTS, ALIGNED WITH CORE MARKETS THROUGHOUT THE PRODUCT LIFECYCLE
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17 TARGET CATEGORY ATTRIBUTES COMPANY TYPE U.S. based, privately held, independently operated INDUSTRY FOCUS Fluid/power sectors supporting aerospace, defense, cryogenic, and niche industrial markets MANAGEMENT & CULTURE Leadership with a commitment to long-term growth and a high-quality, continuous improvement culture PRODUCT ALIGNMENT Complementary to GHM turbomachinery, heat transfer, and vacuum businesses TECHNOLOGY MOAT Engineered-to-order or systems developer covering full lifecycle (design, manufacturing, aftermarket) FINANCIAL CRITERIA Purchase Price of $20M to $80M, with a target multiple of <10x EBITDA, Combination of cash, stock, and earnout consideration, keep leverage <3.0x OPPORTUNISTIC ACQUISITION STRATEGY TO SUPPLEMENT 8-10% ANNUAL ORGANIC GROWTH EXPECTATIONS M&A Growth VALUE PROPOSITION Provide capital to capture growth opportunities for the management team, and corporate-level shared services for operational efficiencies 02 | Growth Enablement
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1818 Transaction Overview Transaction Highlights + • Purchase price of $35 million, compromised of 85% cash and 15% of GHM’s common stock (75,818 shares) • Four-year potential earn out of an additional $25 million beginning with fiscal year 2027, based upon achieving progressively increasing adjusted EBITDA performance targets each year • The base purchase price represents approximately 12x FlackTek’s projected adjusted EBITDA for 2026 • Adds advanced materials processing as a scalable third core platform • Adds proprietary mixing products, utilizing bladeless dual asymmetric centrifugal principles, which builds off the strong foundation in vacuum, heat transfer, and high-speed turbomachinery • Process-critical and market-agnostic, serving defense, energetics, oil & gas, food, battery, aerospace and space, medical, and other industrial applications • Projected 2026 revenue of approximately $30 million • FlackTek’s Chief Executive Officer, Matt Gross, will join Graham’s leadership team as VP & General Manager and will continue to lead the FlackTek business • Acquisition consistent with defined M&A criteria: moated engineered product, 80% domestic customer base, privately owned with post-deal leadership continuity Graham Acquires FlackTek 02 | Growth Enablement GROWTHSTABILIZE IMPROVE
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1919 STABILIZE ~$30M 2026 Annual Revenue 12x Valuation 2026 Adj. EBITDA 2,500+ Units Installed Base Patents & Pending 20+~55 Employees Company Overview End Markets & Applications • Headquartered in Louisville, CO; Distribution facility in Greenville, SC • Recognized as a leader in high-performance, bladeless centrifugal mixing, FlackTek designs and manufactures advanced mixing systems, accessories, consumables, and material processing solutions built on its proprietary product portfolio • Trusted by a global customer base that includes industry- leading OEMs, research and development centers, defense laboratories, and industrial manufacturers • Serves diverse end-users across advanced materials markets including adhesives, sealants, functional coatings, composites, electronics, and many more • Large install base that drives predictable, recurring demand for proprietary consumables, accessories, and services, enhancing revenue visibility and lifetime value. Defense Mission-critical materials for energetics, radar, missiles, sensors, avionics, UAVs electronics, drones, etc. Space Precision materials mixing for thermal coatings, thrust control, insulation systems, structure coatings, etc. Energy & Process Coatings, sealants & adhesives for nuclear fuel, oil & gas, chemical, food, pharmacy, batteries, etc. Products Industrial Composites & advanced materials for aerospace, medical, personal care, additive mfg., etc. Transaction Overview Lab (<1kg) to Production (300kg) Mixers Consumables Integrated Systems 1996 Established 02 | Growth Enablement GROWTHSTABILIZE IMPROVE
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20 20 Financials 03
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21 $185.5 $209.9 $237.6 FY 2024 FY 2025 TTM Q3 FY26 ANNUAL Revenue Performance Q3 FY26 sales up $9.7 million or 21% Revenue Impacts + 31% Defense + 13% Energy & Process + 11% Aftermarket - 18% Space + Timing of project milestones (material receipts) + New programs + Growth in existing programs + Mix ($ in millions; narrative compared with prior-year period unless otherwise noted) $47.0 $59.3 $55.5 $66.0 $56.7 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY 26 QUARTERLY
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22 Strong Gross Profit & Margin Expansion Q3 FY26 Gross Profit Increased $1.8 Million or 15% $40.6 $52.9 $58.5 21.9% 25.2% 24.6% 20.0% 21.0% 22.0% 23.0% 24.0% 25.0% 26.0% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 FY 2024 FY 2025 TTM Q3 FY26 ANNUAL $11.7 $16.0 $14.7 14.3 $13.5 24.8% 27.0% 26.5% 21.7% 23.8% -2.0% 3.0% 8.0% 13.0% 18.0% 23.0% 28.0% $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 QUARTERLY • Gross margin decreased 100 bps to 23.8% • Q3 FY26 gross margin impacted by: - Higher mix of lower margin sales including higher level of material receipts - YTD impact of tariffs ~$1 million - Q3 FY25 includes $0.3 million benefit of Blue Forge Alliance grant ($ in millions; narrative compared with prior-year period unless otherwise noted)
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23 Adjusted EBITDA & Adjusted EBITDA Margins(1) $4.0 $7.7 $6.8 $6.3 $6.0 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 QUARTERLY 12.3% 9.5% 10.7%8.6% 12.9% $13.3 $22.4 $26.8 FY 2024 FY 2025 TTM Q3 FY26 ANNUAL 7.2% 10.7% 11.3% (1) See appendix for additional important disclosures regarding Graham’s use of the non-GAAP measures of Adjusted EBITDA, Adjusted EBITDA Margins, Adjusted Net income and Adjusted Net Income per diluted share. Net Income, Adj. Net Income Per Diluted Share & Margin(1) $0.14 $0.40 $0.42 $0.28 $0.25 $0.18 $0.43 $0.45 $0.31 $0.31 Q3 2025 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 QUARTERLY Percentages are net income margin and adj. net income margin Net Income per diluted share Adj. Net Income per diluted share $0.42 $1.11 $1.35 $0.63 $1.24 $1.50 FY 2024 FY 2025 TTM Q3 FY26 ANNUAL 6.3% 3.4% 4.2% 7.4% 8.0% 4.7% 5.2% 7.0% 3.7%2.5% ($ in millions except per share data) ($ in millions except per share data) 8.3% 8.9% 5.8% 6.5% 6.2%5.0%
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24 Long-Term Demand For Graham Diversified Portfolio Highlights • Orders increased 122%; book-to-bill 1.3x (1.6x YTD) • Record backlog of $515.6 million • Continued momentum in Defense, Space, and New Energy • Aftermarket orders down from record levels • E&P large capital projects delayed • Expect approximately 35% to 40% of backlog to convert to sales in the next 12 months; another 25% to 30% the following year Defense 85% Energy & Process 9% Space 6% $63.2 $116.7 $177.4 $134.6 $272.3 $80.7 $86.0 $91.0 $96.5 $95.4 $143.9 $202.7 $268.4 $231.1 $367.7 FY22 FY23 FY24 FY25 TTM Q3 FY26 Q3 Backlog by Industry(2) Total Orders(1) Backlog(1) Q3 FY26 Book-to-Bill(1) of 1.3x Defense Commercial (1) See appendix for additional information regarding Graham’s use of key performance metrics. (2) Due to rounding, percentages may not sum up to 100% ($ in millions; narrative compared with prior-year period unless otherwise noted) $307.1 $340.6 $417.8 $424.3 $438.8 $77.6 $71.7 $65.1 $75.8 $76.9 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY 26 $384.7 $412.3 $482.9 $500.1 $515.6
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25 Balance Sheet & Liquidity CAPITAL DEPLOYED BASED ON HIGHEST RISK-ADJUSTED RETURNS TO MAXIMIZE LONG-TERM SHAREHOLDER VALUE $53.0M (2) $22.3M Cash provided by operating activities Cash and cash equivalents Remaining on revolving credit facility $4.8M $20.0M (2) Debt outstanding $2.2M Capital Expenditures Q3 FY26 Overview ORGANIC GROWTH • Capex of 7-10% of sales | R&D of 1-2% of sales • Greater than >20% ROIC1 investments Capital Allocation Framework STRONG BALANCE SHEET • Strong cash generation and fiscal discipline M&A • Leverage <3.0x • See appendix 01 02 03 (1) See the Safe Harbor Statement for additional important disclosures regarding Graham’s use of the non-GAAP measure of forward-looking ROIC (2) As of February 6, 2026; Increased revolving credit facility from $50 million to $80 million as of January 23, 2026 $80.0M (2) Amended revolving credit agreement
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26 FY26 Financial Outlook (As of February 6, 2026) Fiscal 2026 Guidance(4) (New) Fiscal 2026 Guidance (Old) Net Sales $233 million to $239 million $225 million to $235 million Gross Margin(1) 24.0% to 25.0% of sales 24.5% to 25.5% of sales SG&A Expense (including amortization)(2) 17.5% to 18.5% of sales 17.5% to 18.5% of sales Adjusted EBITDA(1)(3) $24 million to $28 million $22 million to $28 million Effective Tax Rate 16% to 18% 20% to 22% Capital Expenditures $15 million to $18 million $15 million to $18 million (1) Includes the estimated impact of increased tariffs over the prior year of approximately $1.0 million to $1.5 million. (2) Includes approximately $7.0 million to $8.0 million of Barber-Nichols supplemental performance bonus, equity-based compensation, acquisition & integration, and enterprise resource planning (“ERP”) conversion costs included in SG&A expense. (3) Excludes net interest expense (income), income taxes, depreciation, and amortization from net income, as well as approximately $3.0 million to $4.0 million of equity-based compensation, net acquisition & integration, and ERP conversion costs included in SG&A expense, net. (4) Includes impact of FlackTek and Xdot acquisitions Our expectations for sales and profitability assumes that we will be able to operate our production facilities at planned capacity, have access to our global supply chain including our subcontractors, do not experience any global disruptions, and experience no impact from any other unforeseen events. Highlights • Implies 12% revenue growth at midpoint of range • Implies 16% Adjusted EBITDA growth at midpoint of range • Implies 11% Adjusted EBITDA margin at midpoint of range
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27 27 Q&A
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28 28 Appendix
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29 Space Growth Businesses with Strategies for Expanding Margins Lower Higher Lower Higher Differentiation and Margin Potential Growth Index Global GDP Target Market Growth Drivers: • Targeting • Growing end markets and applications • Increasing • Market share and market penetration • Innovating • New products and solutions to disrupt mature markets Defense Energy & Process After- market Graham Market Positioning New Energy
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3030 A pioneer in high-performance, mission-critical materials processing Strategic Rationale ✓ Acquisition adds advanced mixing and materials processing as the third pillar to Graham’s technology platform ✓ Expands Graham’s ability to solve complex customer challenges that increasingly demand integrated solutions spanning rotating machinery, vacuum environments, thermal management, and advanced materials processing ✓ FlackTek’s technology sits naturally alongside Barber-Nichols’ turbomachinery and Graham Manufacturing’s vacuum and heat transfer systems, creating a more comprehensive engineered solutions platform ✓ FlackTek adds a proven and defensible product portfolio with a shared customer base and an installed footprint that extends across the full value chain, from upstream to downstream production and quality control ✓ Mixing systems are process-critical and market-agnostic, serving defense, energetics, oil & gas, food, battery, aerospace and space, medical, and other industrial applications where precision, repeatability, and consistency drive value ✓ Growing installed base drives repeat consumables, accessories, and service revenue, enhancing revenue visibility, durability, and margin profile over time ✓ Deal structure with upfront consideration and performance-based earnout supports strong returns while preserving balance sheet flexibility and long-term value creation 02 | Growth Enablement GROWTHSTABILIZE IMPROVE
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3131 Product Highlights • Category-Defining Mixing Platform • Proprietary bladeless dual asymmetric centrifugal mixer, the only system globally capable of multi-hundred-kilogram batch processing in twin, 55- gallon-scale drum format • The MEGA: Production-Validated by Anduril Industries • Anduril and FlackTek collaborated to support rapid scaling of solid rocket motor propellant production, demonstrating performance in mission- critical, safety-sensitive applications • Step-Change in Manufacturing Throughput • Delivers >24x production throughput versus conventional planetary mixers, reducing mixing cycles from hours to minutes and enabling true high-volume industrial scale • Precision at Scale • Enables highly repeatable, uniform mixing with minimal waste maintaining quality consistency even at materially larger batch sizes • Compelling Customer Economics • Smaller footprint, faster cycle times, and higher throughput translate to lower unit costs, improved capacity utilization, and accelerated time-to- delivery • Significant Growth Opportunity • Demand for larger mixing platform is strong, with several use cases across the value chain and with current customer base MEGA by FlackTek Unmatched speed, efficiency, precision and scale with the world’s most sophisticated and largest high-speed bladeless mixer 02 | Growth Enablement GROWTHSTABILIZE IMPROVE
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32 A specialized consulting, design and engineering firm focused on foil bearing technology Acquisition strengthens BN’s position in advanced, energy-efficient rotating machinery markets Financial Overview & Terms • Annual revenue of ~$1M • Slightly accretive to FY26 GAAP net income • Cash Purchase price: $1.5M (incl. earn-outs) About Xdot • Specialized in foil bearing design and engineering for last 20 years • Holds patented technology improving performance and lowering cost • Served automotive, aerospace, defense, medical, and industrial high speed turbomachinery markets Strategic Rationale • Enhances BN’s turbomachinery capabilities and fills key technology gap • Expands high-speed pump and compressor offerings • Supports growth in A&D, energy transition, and industrial markets Xdot Bearing Technologies Acquisition 02 | Growth Enablement
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33 Key Performance Indicators In addition to the non-GAAP measures used in this presentation, management uses the following key performance metrics to analyze and measure the Company’s financial performance and results of operations: orders, backlog, and book-to-bill ratio. Management uses orders and backlog as measures of current and future business and financial performance, and these may not be comparable with measures provided by other companies. Orders represent written communications received from customers requesting the Company to provide products and/or services. Backlog is defined as the total dollar value of net orders received for which revenue has not yet been recognized. Management believes tracking orders and backlog are useful as it often times is a leading indicator of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer. Key Performance Metrics The book-to-bill ratio is an operational measure that management uses to track the growth prospects of the Company. The Company calculates the book-to-bill ratio for a given period as net orders divided by net sales. Given that each of orders, backlog, and book-to-bill ratio are operational measures and that the Company's methodology for calculating orders, backlog, and book-to-bill ratio does not meet the definition of a non-GAAP measure, as that term is defined by the U.S. Securities and Exchange Commission, a quantitative reconciliation for each is not required or provided.
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34 Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation (Unaudited, $ in thousands) Non-GAAP Financial Measure: Adjusted EBITDA is defined as consolidated net income before net interest income, income taxes, depreciation, amortization, acquisition related income, equity-based compensation, ERP implementation costs, and other unusual/nonrecurring expenses. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of sales. Adjusted EBITDA and Adjusted EBITDA margin are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP. Nevertheless, Graham believes that providing non-GAAP information, such as Adjusted EBITDA and Adjusted EBITDA margin, is important for investors and other readers of Graham's financial statements, as it is used as an analytical indicator by Graham's management to better understand operating performance. Moreover, Graham’s credit facility also contains ratios based on Adjusted EBITDA. Because Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures and are thus susceptible to varying calculations, Adjusted EBITDA, and Adjusted EBITDA margin, as presented, may not be directly comparable to other similarly titled measures used by other companies. Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Net income $ 1,588 $ 4,395 $ 4,595 $ 3,090 $ 2,845 Acquisition & integration expense (income), net (220) (270) (76) (87) 320 Equity-based compensation 426 753 532 553 642 ERP implementation costs 157 178 23 29 39 Net interest income (128) (141) (177) (68) (169) Income tax expense 659 1,174 418 1,133 358 Depreciation & amortization 1,545 1,561 1,523 1,645 2,009 Adjusted EBITDA $ 4,027 $ 7,650 $ 6,838 $ 6,295 $ 6,044 Net Sales 47,037 59,345 55,487 66,027 56,701 Net income as a % of revenue 3.4% 7.4% 8.3% 4.7% 5.0% Adjusted EBITDA as a % of revenue 8.6% 12.9% 12.3% 9.5% 10.7%
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35 Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation (Unaudited, $ in thousands) FY 2021 FY2022 FY2023 FY2024 FY2025 Net income $ 2,374 $ (8,773) $ 367 $ 4,556 $ 12,230 Acquisition & integration expense (income), net - (1,243) 54 432 (1,170) Equity-based compensation 864 809 806 1,279 1,957 ERP implementation costs - - - 241 882 Debt amerndment costs - 278 194 781 - Employee Retention Tax Credit - - - (702) - CEO & CFO Transition - 1,182 - - - Net interest expense (income) (156) 400 939 248 (583) Income tax expense 893 (2,443) 194 1,018 3,177 Depreciation & amortization 1,945 5,599 5,987 5,432 5,936 Adjusted EBITDA $ 5,920 $ (4,191) $ 8,541 $ 13,285 $ 22,429 Net Sales 97,489 122,814 157,118 185,533 209,896 Net income as a % of revenue 2.4% -7.1% 0.2% 2.5% 5.8% Adjusted EBITDA as a % of revenue 6.1% -3.4% 5.4% 7.2% 10.7% Non-GAAP Financial Measure: Adjusted EBITDA is defined as consolidated net income before net interest income, income taxes, depreciation, amortization, acquisition related income, equity-based compensation, ERP implementation costs, and other unusual/nonrecurring expenses. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of sales. Adjusted EBITDA and Adjusted EBITDA margin are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP. Nevertheless, Graham believes that providing non-GAAP information, such as Adjusted EBITDA and Adjusted EBITDA margin, is important for investors and other readers of Graham's financial statements, as it is used as an analytical indicator by Graham's management to better understand operating performance. Moreover, Graham’s credit facility also contains ratios based on Adjusted EBITDA. Because Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures and are thus susceptible to varying calculations, Adjusted EBITDA, and Adjusted EBITDA margin, as presented, may not be directly comparable to other similarly titled measures used by other companies.
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36 Adjusted Net Income & Adjusted Diluted EPS Reconciliation Non-GAAP Financial Measure: Adjusted net income and adjusted net income per diluted share are defined as net income and net income per diluted share as reported, adjusted for certain items and at a normalized tax rate. Adjusted net income and adjusted net income per diluted share are not measures determined in accordance with GAAP, and may not be comparable to the measures as used by other companies. Nevertheless, Graham believes that providing non-GAAP information, such as adjusted net income and adjusted net income per diluted share, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current fiscal year's net income and net income per diluted share to the historical periods' net income and net income per diluted share. Graham also believes that adjusted net income per share, which adds back intangible amortization expense related to acquisitions, provides a better representation of the cash earnings of the Company. (1) Applies a normalized tax rate to non-GAAP adjustments, which are pre-tax, based upon the statutory tax rate of 23%. Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Net income $ 1,588 $ 4,395 $ 4,595 $ 3,090 $ 2,845 Acquisition & integration expense (income), net (220) (270) (76) (87) 320 Amortization of intangible assets 554 555 499 498 510 ERP implementation costs 157 178 23 29 39 Tax impact of adjustments(1) (113) (106) (103) (101) (200) Adjusted net income $ 1,966 $ 4,752 $ 4,938 $ 3,429 $ 3,514 GAAP net income per diluted share $ 0.14 $ 0.40 $ 0.42 $ 0.28 $ 0.25 Adjusted net income per diluted share $ 0.18 $ 0.43 $ 0.45 $ 0.31 $ 0.31 Diluted weighted average common shares outstanding 11,057 11,115 11,033 11,135 11,157
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37 Adjusted Net Income & Adjusted Diluted EPS Reconciliation Non-GAAP Financial Measure: Adjusted net income and adjusted net income per diluted share are defined as net income and net income per diluted share as reported, adjusted for certain items and at a normalized tax rate. Adjusted net income and adjusted net income per diluted share are not measures determined in accordance with GAAP, and may not be comparable to the measures as used by other companies. Nevertheless, Graham believes that providing non-GAAP information, such as adjusted net income and adjusted net income per diluted share, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current fiscal year's net income and net income per diluted share to the historical periods' net income and net income per diluted share. Graham also believes that adjusted net income per share, which adds back intangible amortization expense related to acquisitions, provides a better representation of the cash earnings of the Company. (1) Applies a normalized tax rate to non-GAAP adjustments, which are pre-tax, based upon the statutory tax rate of 23%. 2025 2024 2025 2024 Net income 2,845$ 1,588$ 10,530$ 7,835$ Acquisition & integration expense (income), net 320 (220) 157 (900) Amortization of intangible assets 510 554 1,507 1,663 ERP Implementation costs 39 157 91 704 Tax impact of adjustments (1) (200) (113) (404) (337) Adjusted net income 3,514$ 1,966$ 11,881$ 8,965$ GAAP net income per diluted share 0.25$ 0.14$ 0.95$ 0.71$ Adjusted net income per diluted share 0.31$ 0.18$ 1.07$ 0.81$ Diluted weighted average common shares outstanding 11,157 11,057 11,108 11,016 Three Months Ended Nine Months Ended December 31, December 31,
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38 Competitors North America Market Principal Competitors Defense DC Fabricators; Joseph Oat; PCC; Triumph Aerospace; Xylem Energy & Process Croll Reynolds Company, Inc.; Gardner Denver, Inc.; Schutte Koerting; GEA Wiegand GmbH Turbomachinery OEM - Defense & Space Ametek, Inc.; Concepts NREC; Curtiss Wright; Honeywell; Kratos Defense & Security Solns Turbomachinery OEM - Energy & Process Donghwa Entec Co., Ltd.; KEMCO; Oeltechnik GmbH Turbomachinery OEM - Power & Power Producer Holtec; KEMCO; Maarky Thermal Systems; Thermal Engineering International (USA), Inc. International Market Principal Competitors Energy & Process Croll Reynolds Company, Inc.; Edwards, Ltd.; Gardner Denver, Inc.; GEA Wiegand GmbH; Korting Hannover AG; Schutte Koerting Turbomachinery OEM - Energy & Process Chem Process Systems; Donghwa Entec Co., Ltd.; Hangzhou Turbine Equipment Co., Ltd.; KEMCO; Mazda (India); Oeltechnik GmbH Turbomachinery OEM - Power & Power Producer Chem Process Systems; Holtec; KEMCO; Mazda (India); SPX Heat Transfer; Thermal Engineering International