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Investor Briefing April 2025
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2 ©2025 Hexcel. All rights reserved. Certain statements contained in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute “forward-looking statements” and accordingly, involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in the Forward Looking Statements and Risk Factors sections of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and its first quarter 2025 quarterly report on Form 10-Q filed with the Securities and Exchange Commission. We do not undertake an obligation to update our forward-looking statements to reflect future events. Risks, Uncertainties and Other Factors with Respect to Forward-Looking Statements Disclaimer
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3 ©2025 Hexcel. All rights reserved. HEXCEL (NYSE: HXL) – AT A GLANCE Markets Leader in markets undergoing secular growth Broadest aerospace composite solution portfolio #1 in aerospace composites – by sales & production capacity 21 manufacturing plants | ~5,900 employees at 31-Dec-2024 High and numerous barriers to entry Culture of continuous improvement | Operational Excellence COMMERCIAL AEROSPACE 63%* Wings, Fuselage & Empennage Secondary & Interior structures Engines & Nacelles DEFENSE, SPACE & OTHER 37%* Rotorcraft & Fixed Wing Launchers & Satellites Automotive & Recreation Composite Lightweighting value proposition • Stronger and lighter than metals • Superior life cycle costs to metals • Reduces fuel use and emissions for transportation applications • Enables leading-edge product design 2024 SALES | $1.9 billion * Based on 2024 sales
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4 ©2025 Hexcel. All rights reserved. ADVANCED COMPOSITES LEADERSHIP Leading, sole source positions in key markets with high barriers to entry Exceptional & long-term customer relationships Benefitting from cyclical and secular growth Strong cash generation Innovative solutions that lead to sustainable competitive advantage Our Hexcel Purpose We propel the future of flight, energy generation, transportation and recreation through excellence in advanced material solutions that create a better world for us all.
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5 ©2025 Hexcel. All rights reserved. COMPOSITES PENETRATION & GROWTH •Continued secular penetration with each succeeding new aircraft platform ~10% A330 777 A320 neo 737 MAX A330 neo 50%+ 30%+ ~5% 767 A310 737 •Fleet Replacement of legacy metal aircraft 60%+ ? Composite-rich aircraft (i.e. A350 & 787) are less than 7% of total global commercial fleet Next-gen Narrowbody Glass Prepregs 1970s – 1980s Interior secondary structure A320 High Strength (HS) Carbon Fiber Prepregs 1990s – 2000s Flaps/Ailerons, Landing gear doors ~15% Intermediate Modulus (IM) Carbon Fiber Prepregs 2000s – 2010s Engines & Nacelles HS, IM, Thermoplastics 2030s Further metal substitution Select Hexcel Shipsets $4.5 - $5.0 million: A350 / A350F $1.0 - $2.0 million: 787, A330neo, and 777/777X $0.2 - $0.5 million: A320neo, 737 MAX, A220 and Large-cabin composite biz jets A220 777X Intermediate Modulus (IM) Carbon Fiber Prepregs 2010s+ Wings 787 A350 Intermediate Modulus (IM) Carbon Fiber Prepregs 2010s Fuselage & Wings
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6 ©2025 Hexcel. All rights reserved. Stronger | stiffer | lightweight | fatigue resistant | corrosion resistant vs. metal CARBON FIBER Aerospace-Grade CARBON FIBER PREPREG & TAPES HONEYCOMB / ENGINEERED CORE ENGINEERED PRODUCTS PAN Polyacrylonitrile precursor Carbon Fiber 1. High modulus (high-performance applications) 2. Intermediate modulus (e.g. wings, fuselage, engines) 3. High strength (secondary structures) WOVEN REINFORCEMENTS Maximizing strength, toughness and structural performance RESIN SYSTEMS Woven or uni-directional carbon fiber that is pre-impregnated with resin + Structural assemblies using prepreg and shaped Core for engine nacelles, helicopter blades, flaps, ailerons and more UNRIVALED PRODUCT RANGE Broad aerospace composites product line from carbon fibers, reinforcement fabrics, and resins to prepregs, honeycomb core, tooling materials and more . . . from raw materials to fly-away parts . . . Vertical Integration is a strength and a differentiator Extensive variety of sizes. Value-add with noise reduction and coatings options. Sell in blocks/slices or engineered shapes. Leading aerospace weaver globally. Produce non- crimp fabrics.
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7 ©2025 Hexcel. All rights reserved. Stronger, lighter & tougher – optimizing total life cycle costs Weight / Density Carbon fiber is 5x stronger and 30% lighter than aluminum Composites are tougher, stiffer and more durable than metal Our products offer lower lifecycle cost - operating & maintenance costs WE DELIVER WHAT OUR CUSTOMERS WANT Lighter yet stronger than any comparable material in the world, Hexcel advanced composites are turning the dream of cleaner, efficient, and more sustainable flight and transportation into reality today. Our products enable more aggressive and efficient aerodynamic designs that improve aircraft performance & fuel efficiency Improved fuel efficiency from composite lightweighting and advanced aerodynamic designs leads to lower emissions
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8 ©2025 Hexcel. All rights reserved. COMMERCIAL AEROSPACE Commercial Aircraft | Engines/Nacelles | Business Jets & Regional Aircraft Near-Term: Growing back into existing capacity Mid-Term: Expanding composites secular penetration Strong multi-year OE backlog supports growth Need for fuel efficiency and emissions reduction driving aircraft replacement cycle Strong market position with Engines and Nacelles Business Jet composite adoption increasing $822 $1,068 $ millions Airbus & Boeing Other Commercial Aerospace 63% 2020 2021 2022 2023 2024 $668 $912 $1,194 Sales
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9 ©2025 Hexcel. All rights reserved. Strong and growing Commercial Aerospace foundation underpins growth outlook Sales by platform at full production rate IMPACTFUL COMMERCIAL AEROSPACE PLATFORMS • Widebodies pull significant amounts of composite material due to the large size of the aircraft • High production volume for narrowbodies & engines leads to significant composite material demand A320neo 737 MAX 787 A220 777X A330neo Bubble size indicates magnitude of annual Hexcel sales at peak production rates as stated by OEM’s Production Rates (mo.) A350 A350F Hexcel shipset USD thousands $4.5-$5.0 million s.s. 12/mo. in 2028 75/mo. in 2027 10/mo. in 2026 52/mo. 4/mo. in 2024 14/mo. in 2026 A350 / A350F A320neo 787 737 MAX A330neo A220 Platform OEM publicly-disclosed peak rates
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10 ©2025 Hexcel. All rights reserved. COMMERCIAL AEROSPACE GROWTH DRIVERS Expanding global middle class driving demand for new aircraft Composite-rich and emissions-compliant A350F and 777X freighters launched Fuel efficiency and need to reduce CO2 emissions driving fleet replenishment OEM backlogs represent $10 billion of future sales to Hexcel Composite-rich large-cabin business jets being launched Airbus & Boeing backlog as of March 31, 2025 Narrowbody includes Airbus A220, A320neo and Boeing 737/737 MAX Widebody includes Airbus A330/A330neo, A350, Boeing 767, 777/777X & 787 20-year Market Demand Forecast For New Aircraft average Airbus & Boeing 20-yr. forecasts* * Airbus Global Market Forecast, July 2024 Boeing Commercial Market Outlook, July 2024 53%47% New Demand for Fleet Growth New Demand for Fleet Replacement New Aircraft Single-aisle 33,445 Widebody 8,023 Freighters 973 Total Aircraft 42,440
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11 ©2025 Hexcel. All rights reserved. Hexcel carbon fiber is the defense industry standard Active on >100 different programs globally Major programs: F-35, CH-53K, A400M, Black Hawk, Rotorcraft blades (both new build & replacements) Rotorcraft are ~40% of S&D sales Capabilities with honeycomb & microwave absorbing composites are competitive differentiators Expanding opportunities with Space sector Select Industrial opportunities using aerospace composites $681 $721 $ millions $657 $666 $709 Select Hexcel Defense Shipsets $2.5 - $3.5 million: Sikorsky CH-53K $1.0 - $2.0 million: Airbus A400M, Bell Boeing V-22 $0.5 - $1.0 million: Lockheed F-35, Dassault Rafale, Embraer C-390 $0.2 - $0.5 million: Sikorsky Black Hawk, Eurofighter Typhoon DEFENSE, SPACE & OTHER Rotorcraft | Fixed-Wing | Transport | Launch Vehicles | Satellites | Industrial 37% Defense & Space Other 2020 2021 2022 2023 2024 Sales
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12 ©2025 Hexcel. All rights reserved. EVOLUTION S&D COMPOSITES ADOPTION Composite content on modern military & space platforms is maximized to enhance performance and extend range and payload GROWING ADOPTION Selective Hexcel composite adoption EARLY DAYS Composite adoption beginning Apollo 11: 1969 Landing pads Boeing F-15: 1970s Flaps, landing gear doors Boeing C-17: 1990s Tail structure FULL ADOPTION Hexcel composites used extensively Sikorsky CH-53K: 2020s Fuselage, blades, cargo ramp, sponsons Lockheed F-35: 2010s Wings & fuselage Launchers & Satellites Fairings, structures, rocket motors, landing legs • 6th generation fighter programs in U.S. (NGAD, F/A-XX, CCA) and Europe (FCAS & GCAP): Fighters, Drones & Satellites • FLRAA • Next-generation tankers • Unmanned drone programs FUTURE PROGRAMS enabled by composites to optimize performance, range and stealth Photo above left ©Sandboxx Photo above right ©JetZero Airbus A400: 2000s Wings Sikorsky Black Hawk: Upgraded 2000s Blades, aft structure, doors Eurofighter Typhoon: 2000s Canards, radome
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13 ©2025 Hexcel. All rights reserved. RETURNING TO GROWTH SALES $ millions, except EPS CASH GENERATION FREE CASH FLOW ADJUSTED EBITDA (Earnings Before Interest, Taxes, Depreciation & Amortization) ADJUSTED DILUTED EPS RETURN ON INVESTED CAPITAL $ millions MARGINSCAPITAL EXPENDITURES (Accrued) ADJUSTED OPERATING INCOME
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14 ©2025 Hexcel. All rights reserved. Sales Transition year in 2025 as overall aerospace supply chain recovers Strong OE backlogs support future sales growth EPS Operating leverage to drive EPS growth over time Free cash flow Compelling free cash flow generation profile supported by growth and leveraging existing capacity 2025 FINANCIAL GUIDANCE Positioned for a multi-year period of strong cash generation 2025 GUIDANCE* Sales $1.88 billion - $1.95 billion Adjusted Diluted EPS $1.85 – $2.05 per share Free Cash Flow Approximately $190 million Capital Expenditures Less than $90 million Effective Tax Rate 21% Commercial Aerospace: Defense, Space & Other: Flat Flat * 2025 guidance excludes the potential impact of any new tariffs announced after March 31, 2025
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15 ©2025 Hexcel. All rights reserved. Secular growth supported by Innovation | High barriers | Proven execution REASONS TO INVEST IN HEXCEL Investing in Innovation | Achieving Operational Excellence | Strong Investment Fundamentals Unrivaled product portfolio Continuing secular growth High barriers-to-entry Technology and innovation support sustained growth Leadership in Attractive Markets Culture of Innovation Operational Excellence Strong Investment Fundamentals Driving productivity through optimized performance Strong balance sheet Growing Free Cash Flow History of prudent capital management & allocation Lightweighting for Emissions Reduction Lightweighting saves fuel and reduces transportation emissions
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16 ©2025 Hexcel. All rights reserved. APPENDIX
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17 ©2025 Hexcel. All rights reserved. Adopting for Performance & Lightweighting Continuing secular growth opportunities PRIMARY STRUCTURES SECONDARY STRUCTURES INTERIOR STRUCTURES • Latest generation widebodies are >50% composites • >60% on future platforms via continued secular adoption
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18 ©2025 Hexcel. All rights reserved. Engine & Nacelle Growth Opportunity Engines & nacelles are an attractive market Continuing secular growth opportunities with next-generation engines Fan Cowl Acoustic Lining Panels Outlet Guide Vane Fan Blades Fan Spacers Nose Cone Inlet Cowl Fan Containment Case Nacelle Cowling Thrust Reverser
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19 ©2025 Hexcel. All rights reserved. Business Jet Composite Applications Composite Winglets Landing Gear Doors Radomes Composite Wings Including flaps, ailerons and trailing edge Engine Nacelles Bulkheads, Flooring, Ducts and other Internal Components Belly Fairing Large-cabin business jet composite adoption is particularly strong for performance and lightweighting Vertical & Horizontal Stabilators
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20 ©2025 Hexcel. All rights reserved. Secular Penetration in Rotorcraft Replacement blades provide recurring business based on fleet utilization • Black Hawk • V-22 • Beginning: CH-53K Fuselage Structure Carbon Fiber, Prepregs, Aerostructures Rotorcraft Composites Adoption Sponsons Cargo Ramp Blades Seven main blades; Tail rotor blades Aft Transition & Tail Rotor Pylon Engine Nacelles Pilot Cabin
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21 ©2025 Hexcel. All rights reserved. Reconciliation of Net Income to adjusted EBITDA (Earnings before Interest, Taxes, Depreciation & Amortization) US Dollars in millions FY 2021 FY 2022 FY 2023 FY 2024 Q1 2025 Q1 2024 Net Income 16.1$ 126.3$ 105.7$ 132.1$ 28.9$ 36.5$ Adjustments Interest Expense, Net 38.3$ 36.2$ 34.0$ 31.2$ 7.8$ 6.5$ Income Tax Expense 5.9 31.6 12.1 22.8 7.1 9.9 Depreciation & Amortization expense 138.0 126.2 124.8 124.0 29.8 31.0 EBITDA 198.3 320.3 276.6 310.1 73.6 83.9 Adjustments Stock-based Compensation 19.0$ 20.0$ 20.9$ 22.2$ 9.7$ 13.1$ Other Operating Expense (Income) (1) 18.2 (11.9) 1.4 50.0 1.1 1.2 Other Nonoperating Income (2) (8.5) (10.8) 71.6 - 0.4 - Equity (Earnings) Losses - (8.1) (8.1) - - - Adjusted EBITDA 227.0$ 309.5$ 362.4$ 382.3$ 84.8$ 98.2$ Note: Management believes that adjusted EBITDA, which is a non-GAAP measure, is meaningful to investors as it provides a view of Hexcel's underlying cash profit and cash generation ability. (1) Includes restructuring costs for all periods showing amounts. The quarter ended March 31, 2025 included a loss of $1.1 million for the previously announced divestiture of the Hartford, Connecticut business. 2023 amounts include gain on the sale of a facility in Colorado and 2022 amounts include gain on the sale of a facility in California. 2024 amounts included asset impairments and other charges primarily associated with the pending divestiture of the Neumarket, Austria plant. (2) The quarter ended March 31, 2025 included debt extinguishment costs. Amounts in 2023 include a charge of $70.5 million related to the buy-out of the UK pension plan; a charge of $3.0 million (including the write-off of approximately $9 million in currency translation amounts) related to the sale of the joint venture interest in Malaysia; and a pre-tax gain of $1.9 million for the reversion of excess assets related to the UK pension plan. Amounts in 2021 and 2022 include receipts related to the Aviation Manufacturing Jobs Protection program. Amounts in Q1 2025 are debt extinguishment costs.
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22 ©2025 Hexcel. All rights reserved. Segment Adjusted Operating Income reconciliation US Dollars in millions Composite Materials FY 2022 FY 2023 FY 2024 Q1 2025 Q1 2024 Total sales - Composite Materials 1,346.0$ 1,544.8$ 1,621.0$ 385.4$ 402.8$ Operating Income 178.2 237.9 215.0 54.6 63.7 % Operating margin 13.2% 15.4% 13.3% 14.2% 15.8% Operating Income 178.2 237.9 215.0 54.6 63.7 Addback: Other operating expense (1) 7.5 1.2 40.8 - 0.8 Adjusted Operating income 185.7 239.1 255.8 54.6 64.5 % Adjusted Operating margin 13.8% 15.5% 15.8% 14.2% 16.0% Engineered Products FY 2022 FY 2023 FY 2024 Q1 2025 Q1 2024 Total sales - Engineered Products 300.8$ 317.2$ 373.2$ 91.5$ 93.1$ Operating Income 36.6 32.8 39.6 5.1 12.9 % Operating margin 12.2% 10.3% 10.6% 5.6% 13.9% Operating Income 36.6 32.8 39.6 5.1 12.9 Addback: Other operating expense (1) - 0.2 7.7 1.1 0.4 Adjusted Operating income 36.6 33.0 47.3 6.2 13.3 % Adjusted Operating margin 12.2% 10.4% 12.7% 6.8% 14.3% (1) Includes restructuring costs for all periods. 2024 amounts includes asset impairments and other charges primarily associated with the pending divestiture of the Neumarket, Austria plant. Q1 2025 included a loss on the divestiture of the Hartford, CT business.