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1 © 2025 GRAHAM CORPORATION, ALL RIGHTS RESERVED GRAHAM CORPORATION November 5, 2026 Second Quarter Fiscal 2027 Financial Results
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2 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,” “continue,” “goal,” “potential,” “future,” “outlook,” “anticipates,” “believes,” “could,” “guidance,” “should,” “target,” ”may”, “will,” “plan,” “project,” “strategy” 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, Organic Revenue Growth, 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 Organic Revenue Growth, 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 2027 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. Organic Revenue Growth is defined as the period-over-period change in net revenue after adjusting for the impact of acquisitions, divestitures, and other items that are not considered indicative of underlying operating performance. Organic Revenue Growth is not a measure defined in accordance with GAAP. Nevertheless, Graham believes that providing Organic Revenue Growth 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 revenue trends by isolating growth from its existing business operations and excluding the effects of acquisitions, divestitures, and other items that are considered indicative of underlying operating performance. Because Organic Revenue Growth is a non-GAAP measure and is thus susceptible to varying calculations, Organic Revenue Growth, as presented, may not be directly comparable to other similarly titles measures used by other companies. Safe Harbor Statement
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3 Graham is a GLOBAL LEADER in the design and manufacture of mission-critical fluid, power, vacuum, heat transfer, and advanced mixing solutions Strong Second Quarter Performance Supported by Healthy End Market Demand, Gross Profit Margin Expansion and Record Backlog Backlog(2) of $561.3 million Q2 FY27 Orders(2) of $73.7 million Book-to-Bill ratio(2) of 1.1x Financial Highlights $10.3M $4.6M 28.2% Revenue Gross Profit Margin GAAP Net Income Adj. EBITDA(1) $69.8M Q2 FY27 Highlights (1) See appendix for additional important disclosures regarding Graham’s use of the non-GAAP measure of Adjusted EBITDA and the reconciliation of Net Income to Adjusted EBITDA. (2) See appendix for additional information regarding Graham’s use of key performance metrics. +6% +650 bps +50% +64%
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4 Market Outlook Macro Environment Long-term demand supported by defense spending, space commercialization, and energy transition. Capital equipment steady while aftermarket continues to be strong. Vertical End Markets Revenue Exposure(1) Market Trend Defense Expansion of defense budgets; Accelerating shipbuilding schedules; Geopolitical tensions; GHM quality and execution; Advances in technology and production volume; Bipartisan support 62% Space Accelerating launch cadence; Demand for power-dense satellites consistent with GHM core competencies; Space is expected to be the next defense frontier; Proven supplier to space industry with successful launch history 9% Energy & Process - New Capital Sluggish due to geopolitical tensions, Middle East conflicts, tariff environment; long-term demand remains optimistic with global energy security push 14% → Energy & Process - Aftermarket >$1B installed base; Facilities operating at full capacity in North America; Customers investing in maintenance and optimization 12% Energy & Process - New Energy Demand for energy being fueled by AI and high-compute; Small Modular Nuclear tailwinds 3% (1) Revenue Exposure % represents YTD Q2 FY27
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5 Strategic >20% ROIC(1) projects nearing completion will drive sustainable growth & margin improvement DEFENSE SPACE GRAHAM CORPORATEENERGY & PROCESS ✓ Cryogenic Test Facility in Jupiter, FL completed in 4QFY26 o Actively performing testing for two customers ✓ Liquid Nitrogen Testing in Arvada, CO completed in Q2 FY26 o Successfully testing and delivering units enhancing customer offerings ✓ IT infrastructure upgrade in Arvada, CO completed in Q1 FY26 ✓ CMMC assessment complete & certification pending ✓ Corporate Leadership Team complete • Batavia ERP upgrade scheduled for “go-live” in Q3 FY27 Organic Investments Delivering Returns on Investments ✓ Renovated Assembly & Test Facility in Arvada, CO completed Q1 FY26 o Fully operational with product & people ✓ Finalizing aftermarket quoting & specification AI initiatives ✓ Grew India team and consolidated in Pune ✓ New Navy Facility in Batavia, NY completed in 2QFY26 o $17.6 million expansion backed by $13.5 million customer grant ✓ Automated welding machines installed & commissioned ✓ Batavia, NY X-Ray Facility completed in Q1 FY27 (1) See the Safe Harbor Statement for additional important disclosures regarding Graham’s use of the non -GAAP measure of forward-looking ROIC
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6 Revenue Performance Q2 FY27 sales up $3.7 million or 6% Revenue Impacts + 59% Space + 12% Defense + $9.5M Contributed by FlackTek - 3% Aftermarket - 17% Energy & Process + Timing of project milestones + New programs + Growth in existing programs & capacity + FlackTek Contribution - E&P large capital projects - Lower Asia sales - Q2 FY26 ~$10M of incremental material receipts ($ in millions; narrative compared with prior-year period unless otherwise noted) $209.9 $245.3 $264.9 FY 2025 FY 2026 TTM Q2 FY27 Annual $66.0 $56.7 $67.1 $71.3 $69.8 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Quarterly
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7 Strong Gross Profit & Margins Q2 FY27 Gross Profit Increased $5.4 Million or 38% • Gross margin increased 650 bps to 28.2% • Q2 FY27 gross margin expansion due to: + Mix of higher margin Space & Defense programs + Addition of FlackTek + Operational improvements & execution + Unusually high low-margin material receipts in Q2 FY26 ($ in millions; narrative compared with prior-year period unless otherwise noted) $14.3 $13.5 $15.3 $17.8 $19.7 21.7% 23.8% 22.7% 25.0% 28.2% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% $- $5.0 $10.0 $15.0 $20.0 $25.0 Q2 FY 26 Q3 FY 26 Q4 FY 26 Q1 FY 27 Q2 FY 27 QUARTERLY $52.9 $57.8 $66.2 25.2% 23.5% 25.0% $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 FY 2025 FY 2026 TTM Q2 FY 27 ANNUAL
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8 $6.3 $6.0 $6.8 $8.8 $10.3 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 QUARTERLY Adjusted EBITDA & Adjusted EBITDA Margins(1) (1) See appendix for additional important disclosures regarding Graham’s use of the non-GAAP measures of Adjusted EBITDA, Adjusted EBITDA Margins, Adjusted Net income and Adjusted Net Income per diluted share. Net Income, Adj. Net Income Per Diluted Share & Margin(1) Percentages are net income margin and adj. net income margin Net Income per diluted share Adj. Net Income per diluted share 6.3%6.5%5.8% ($ in millions except per share data) ($ in millions except per share data) 5.1% 6.4% 8.0% 9.5% 10.7% 10.2% 12.3% 14.8% $0.28 $0.25 $0.18 $0.33 $0.39 $0.31 $0.31 $0.33 $0.49 $0.52 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 QUARTERLY 4.7% 5.2% 5.0% 6.2% 2.9% 5.5% 5.5% 8.0% 6.6% 8.8% $22.4 $26.0 $31.9 FY 2025 FY 2026 TTM Q2 FY27 ANNUAL 10.7% 10.6% 12.0% $1.11 $1.12 $1.16$1.24 $1.40 $1.67 FY 2025 FY 2026 TTM Q2 FY27 ANNUAL 5.8% 6.5% 5.1% 6.4% 5.0% 7.2%
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9 Long-Term Demand For Graham Diversified Portfolio Highlights • Record backlog of $561 million • YTD book-to-bill (1) of 1.2x, continuing momentum from FY26 • Space YTD book-to-bill 2.0x • FlackTek YTD book-to-bill 1.3x • Aftermarket orders increased 91% YoY for the Defense and Energy & Process Markets • Expect approximately 30% to 35% of backlog to convert to sales in the next 12 months; another 20% to 25% in one to two years • Pipeline remains robust Q2 Backlog by Industry(2) Total Orders(1) Backlog(1) YTD Q2 FY27 Book-to-Bill(1) of 1.2x Defense Commercial (1) See appendix for additional information regarding Graham’s use of key performance metrics. (2) Due to rounding, percentages may not sum up to 100% ($ in millions; narrative compared with prior-year period unless otherwise noted) $116.7 $177.4 $134.6 $252.2 $201.8 $86.0 $91.0 $96.5 $107.2 $118.1 $202.7 $268.4 $231.1 $359.4 $319.9 FY23 FY24 FY25 FY26 TTM Q2 FY27 Chart Title $424.3 $438.8 $450.1 $470.5 $466.4 $75.8 $76.9 $82.5 $86.7 $94.9 $500.1 $515.6 $532.6 $557.2 $561.3 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Chart Title Defense, 83% Energy & Process, 8% Space, 9%
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10 Balance Sheet & Liquidity CAPITAL DEPLOYED BASED ON HIGHEST RISK-ADJUSTED RETURNS TO MAXIMIZE LONG-TERM SHAREHOLDER VALUE $71.4M Cash provided by operating activities Cash and cash equivalents $46.7M(2) $ 0.0M Debt outstanding $2.2M Net Capital Expenditures Q2 FY27 Overview ORGANIC GROWTH • Capex 7-10% of sales (~$2.5M maintenance) • R&D 1-2% of sales • Greater than >20% ROIC1 investments Capital Allocation Framework STRONG BALANCE SHEET • Strong cash generation and fiscal discipline • Completed $50 million PIPE with accounts advised by T. Rowe Price in April 2026 at market • Proceeds used for debt repayment and to fund organic and inorganic growth M&A • Disciplined & selective M&A – pipeline active • Expand product lifecycle and capabilities • Leverage <3.0x (1) See the Safe Harbor Statement for additional important disclosures regarding Graham’s use of the non-GAAP measure of forward-looking ROIC (2) Operating inflow largely due to the timing of collection of accounts receivables and customer deposits, as we as increase in cash net income. $80.0M Amended revolving credit agreement 1 2 3
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11 Fiscal 2027 Outlook Highlights • Implies 18% revenue growth at midpoint of range • Implies 44% Adjusted EBITDA(4) growth at midpoint of range • Implies 13% Adjusted EBITDA(4) margin at midpoint of range (As of November 5, 2026) New Guidance Previous Guidance Net Sales $285 million to $295 million $285 million to $295 million Gross Margin 25.0% to 26.0% of sales 24.5% to 25.5% of sales SG&A expense (including amortization)(1)(2) 17.5% to 18.5% of sales 16.5% to 17.5% of sales Adjusted EBITDA(2)(3)(4) $35 million to $40 million $35 million to $40 million Effective Tax Rate 18% to 20% 18% to 20% Capital Expenditures $15 million to $20 million $18 million to $22 million Our expectations for sales and profitability assumes that we will be able to operate our production facilities at planned cap acity, 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. (1) Includes approximately $4.5 to $5.5 million of equity-based compensation, net acquisition & integration costs, and enterprise re source planning (“ERP”) conversion costs included in SG&A. (2) Includes approximately $2.5 million of incremental costs to invest in people, processes, and technology to enable future grow th and accelerate the commercialization of Graham products and technologies. (3) Excludes net interest (income) expense, income taxes, depreciation, and amortization from net income, as well as approximatel y $6.0 million to $7.0 million of equity-based compensation, net acquisition & integration, and ERP conversion costs. (4) See the Safe Harbor Statement for additional important disclosures regarding Graham’s use of the non -GAAP measure of forward-looking adjusted EBITDA and Adjusted EBITDA margin. • Net sales and Adj. EBITDA guidance reaffirmed • Gross margin guidance raised 50 bps on improved mix and better execution • SG&A guidance raised 100 bps on higher acquisition & integration costs and organic growth • CapEx guidance lowered on timing of major projects
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12 Driving the Next Phase of Growth: Three-Year Strategic Plan (FY2027 – FY2029) 8% to 10% Organic Revenue Growth(2) 14% - 16% Adjusted EBITDA Margin(2) Capital and R&D to support growth initiatives; targeted ROIC(2) >20% 13% 13% $0 $50 $100 $150 $200 $250 $300 $350 $400 FY28 Goal FY29 Goal Revenue Gross Profit % Adjusted EBITDA % 14% - 16% 26% - 28% Approaching Top Quartile (1) Mid-point of FY27 guidance as of August 6, 2026. Guidance does not contemplate M&A (2) See the Safe Harbor Statement and appendix regarding Graham’s use of Forward-Looking Non-GAAP measures $340M - $350M $290M 17% - 18% High 20’s – Low 30’s Revenue Growth • Ramp in existing programs • Accelerated backlog conversion • Increased capacity & capabilities • Commercialization • New programs and content • Potential upside with M&A Margin Expansion • Execution • Higher commercial mix • Continuous improvement • Leverage fixed overhead $50M - $55M Adj. EBITDA(2) Longer-Term GoalFY27 Goal(1) 25%
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13 13 Q&A
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14 14 Appendix
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15 TARGET CATEGORY ATTRIBUTES COMPANY TYPE 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, vacuum, cryogenics, power electronics, thermal management and materials processing businesses TECHNOLOGY MOAT Engineered-to-order with unique, high value IP covering full lifecycle (design manufacturing, aftermarket) FINANCIAL CRITERIA Revenue of $20M to $100M, with a target multiple of <12x EBITDA, Combination of cash, stock, and earnout consideration, keep leverage <3.0x Timing Every 12 - 18 months DISCIPLINED ACQUISITION STRATEGY TO SUPPLEMENT 8-10% ANNUAL ORGANIC GROWTH(1) EXPECTATIONS M&A Growth VALUE PROPOSITION Provide capital to capture growth opportunities for the management team, and corporate-level shared services for operational efficiencies (1) See the Safe Harbor Statement regarding Graham’s use of Forward -looking Non-GAAP measures
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16 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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17 Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation (Unaudited, $ in thousands) Non-GAAP Financial Measure: Adjusted EBITDA is defined as consolidated net income before net interest expense, income taxes, depreciation, amortization, other acquisition related expenses, 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. Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Net income $ 3,090 $ 2,845 $ 1,970 $ 3,912 $ 4,637 Acquisition & integration (income) expense, net (87) 320 1,148 1,179 991 Equity-based compensation 553 642 404 645 782 ERP implementation costs 29 39 122 143 45 Net interest (income) expense, net (68) (169) 157 (120) (226) Income tax expense 1,133 358 351 271 1,333 Depreciation & amortization 1,645 2,009 2,666 2,720 2,741 Adjusted EBITDA $ 6,295 $ 6,044 $ 6,818 $ 8,750 $ 10,303 Net Sales 66,027 56,701 67,078 71,342 69,760 Net income as a % of revenue 4.7% 5.0% 2.9% 5.5% 6.6% Adjusted EBITDA as a % of revenue 9.5% 10.7% 10.2% 12.3% 14.8%
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18 Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation (Unaudited, $ in thousands) Non-GAAP Financial Measure: Adjusted EBITDA is defined as consolidated net income (loss) before net interest expense, income taxes, depreciation, amortization, other acquisition related expenses, 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. FY 2025 FY 2026 TTM Q2 FY 2027 Net income $ 12,230 $ 12,500 $ 13,364 Acquisition & integration (income) expense, net (1,170) 1,305 3,638 ERP Implementation costs 882 213 349 Net interest income (583) (257) (358) Income tax expense 3,177 2,260 2,313 Equity-based compensation expense 1,957 2,131 2,473 Depreciation & amortization 5,936 7,843 10,136 Adjusted EBITDA $ 22,429 $ 25,995 $ 31,915 Net sales $ 209,896 $ 245,293 $ 264,881 Net income margin 5.8% 5.1% 5.0% Adjusted EBITDA margin 10.7% 10.6% 12.0%
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19 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%. Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Net income $ 3,090 $ 2,845 $ 1,970 $ 3,912 $ 4,637 Acquisition & integration (income) expense, net (87) 320 1,148 1,179 991 Amortization of intangible assets 498 510 999 1,050 955 ERP implementation costs 29 39 122 143 45 Tax impact of adjustments(1) (101) (200) (522) (546) (458) Adjusted net income $ 3,429 $ 3,514 $ 3,717 $ 5,738 $ 6,170 GAAP net income per diluted share $ 0.28 $ 0.25 $ 0.18 $ 0.33 $ 0.39 Adjusted net income per diluted share $ 0.31 $ 0.31 $ 0.33 $ 0.49 $ 0.52 Diluted weighted average common shares outstanding 11,135 11,157 11,233 11,710 11,855
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20 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 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. FY 2025 FY 2026 TTM Q2 FY 2027 Net income $ 12,230 $ 12,500 $ 13,364 Acquisition & integration (income) expense, net (1,170) 1,305 3,638 Amortization of intangible assets 2,218 2,506 3,514 ERP Implementation costs 882 213 349 Tax impact of adjustments(1) (444) (926) (1,726) Adjusted net income $ 13,716 $ 15,598 $ 19,139 GAAP net income per diluted share $ 1.11 $ 1.12 $ 1.16 Adjusted net income per diluted share $ 1.24 $ 1.40 $ 1.67 Diluted weighted average common shares outstanding 11,066 11,138 11,489 (1) Applies a normalized tax rate to non-GAAP adjustments, which are pre-tax, based upon the statutory tax rate of 23%.