Slides
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TD Cowen 47thAnnual Aerospace & Defense ConferenceFebruary 11, 2026
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Steve GitlinVice President, Investor relationsI N T R O D U C T I O N 2
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Forward-Looking StatementsThis presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “likely,” “seek,” “project,” “model,” “ongoing,” “will,” “should,” “forecast,” “outlook” or similar terminology. These statements are based on and reflect our current expectations, estimates, assumptions and/ or projections, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. There can be no assurance that our expectations, estimates, assumptions and/or projections, including with respect to the future earnings and performance or capital structure of Karman, will prove to be correct or that any of our expectations, estimates or projections will be achieved.Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation, that a significant portion of our revenue is generated from contracts with the United States military andU.S. military spending is dependent upon the U.S. defense budget; U.S. government contracts are subject to a competitive bidding process that can consume significant resources without generating any revenue; our business and operations expose us to numerous legal and regulatory requirements, and any violation of these requirements could materially adversely affect our business, results of operations, prospects and financial condition; our inability to adequately enforce and protect our intellectual property or defend against assertions of infringement could prevent or restrict our ability to compete; and we have in the past consummated acquisitions and intend to continue to pursue acquisitions, and our business may be adversely affected if we cannot consummate acquisitions on satisfactory terms, or if we cannot effectively integrate acquired operations. Readers and/or attendees are directed to the risk factors identified in the filings we make with the SEC from time to time, copies of which are available free of charge at the SEC’s website at www.sec.gov under Karman Holdings Inc.The forward-looking statements included in this announcement are only made as of the date of this announcement.Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable law.3©2026 Karman Space & Defense
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We Rapidly Develop and Produce Affordable, Next-Gen Systems for Space & National DefenseKarman is a New Kind of Space & Defense CompanyMerchant supplier to 80+ prime contractors & 130+ programsHighly engineered, IP-enabled, integrated space & defense system solutionsVertically integrated capabilities, from design to full rate production,enabling rapid system development Wide breadth of fundamental and complementary capabilitiesthat can be applied across many programs and domains Designed to drive supply chain efficiencies, optimal technicalsolutions, and cost effectiveness of systemHistory of mission success and demonstratedability to successfully acquire and integrate PrimeContractors 4©2026 Karman Space & Defense Piece Part ProvidersSubsystem ProvidersPrimeContractors
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Track Record of Strong Financial Performance & Customer ValueAbility to Increase Speed to Market and Reduce CostsFor both current and emerging primesBroadly Diversified Revenue BasePositions on over 130 missile & space programs, no program >11% of 2024 revenueExpanding Value Proposition with Strategic Acquisitions in Fragmented Market10 acquisitions since 2020Margin~$106M(1) 2024 Adj. EBITDA~31%(1) 2024 Adj. EBITDA Margin“Pure Play” Exposure to High Growth MarketsTied to key national defense and commercial priorities in space launch, hypersonics, UAVs, submarines, UUVs, next-gen missiles, etc. Expertise in Technologies That Represent the Key Priorities of Modern Governments,and the Critical Systems Needed to Deliver Strategic and Tactical Battlefield Supremacy(1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures – see appendix for reconciliation Revenue Growth~$345M2024 Revenue~23%growth 5©2026 Karman Space & Defense
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Karman is a “Pure-Play” Supplier Aligned with the U.S. Government’sKey Priorities in Space and National Security Growth OutlookHypersonics MarketKey DomainsHypersonicsStrategic Deterrence MissilesLoitering MunitionsUAS / C-UAS “Hypersonics & Strategic Missile Defense”“Tactical Missiles & Integrated Defense”Golden DomeRapidly Evolving AdversariesInvestments into Next-Gen Missile TechnologiesDemand DriversKarman’s proprietary products and vertically integrated solutions solve complex challenges in high-growth, high-priority end markets Golden DomeRapidly Evolving AdversariesProliferation of Unmanned Technologies / DronesUAS Weapons SystemsCurrent 2035Current 2035Global Market “FY2026 budget request included $6.5 billion for conventional and hypersonic munitions and invests over $3.9 billion in hypersonic weapons” – National Defense Magazine“The Drone Dominance Program (DDP) is designed to help industry organize around the need for low-cost, supply-chain secure sUAS manufacturing at scale, urgently” –Department of War©2026 Karman Space & Defense 6 Manned SubmarinesAutonomous Maritime“Maritime Defense”Golden FleetRapidly Evolving AdversariesAging Fleet and Decades Long Build Rate IncreasesSubmarine / UUV MarketCurrent 2035 “The U.S. Navy is racing to rebuild its undersea fleet…aimed at maintaining a strategic advantage and meeting rising global demand for advanced undersea capabilities” – Bloomberg Launch VehiclesRocket Engines“Space & Launch”Golden DomeRapidly Evolving AdversariesRamp of Commercial Launch Providers and Satellite TechGlobal Space EconomyCurrent 2035 “…space has become a site of economic activity and strategic planning, prompting governments to reassess their regulatory approaches, public investments, and long-term infrastructure needs” – Brookings End Markets
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Delivering a Broad Range of Mission-Critical Solutionsfrom Deep Sea to Deep Space “Tip-to-Tail”“Bow-to-Stern” PropulsionComplete portfolio of propulsion systems –SRMs, nozzles, propellant cases, launchersInterstageSupporting products through the entire body of a missile / launch vehicleShroudEnergetic driven deployable shrouds and payload protection systemsPropulsionPropeller blades, propulsor ducts and classified marine propulsion technologiesInterstageLight weight wide aperture array systems and hydrodynamic systemsShieldingLarge acoustic sonar protection systems and stealth enablement KarmanSeemannRepresentative Required TechnologiesRepresentative Required TechnologiesRepresentative Products Representative Products Scaled Vertically Integrated ManufacturingAdvanced System-Level Design EngineeringAdvanced Materials & Resin/Propellant FormulationEnergetics, Separation and Signature ManagementThermal and Sonar Protection Systems Solid Rocket Motor Motor Nozzle Propeller Propulsion UAS LauncherUndersea Missile LaunchMotor & ElectromechanicsInitiation Thermal Protection Shroud Sonar Protection DomeKarman ProductSeemann Product©2026 Karman Space & Defense 7
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Compelling Value Proposition Driven byComprehensive Capability Set Development, Testing, and QualificationIntegrated From Design to ProductionSupports Upfront Design, Testing & Qualification, and ProductionUnder One RoofComprehensive Testing and Production Expertise Complements Design CapabilityVertically Integrated ManufacturingTrusted to Design and Manufacture at ScaleWell-invested Footprint, with Ample CapacityIntegrated Footprint with Complementary CapabilitiesProvides degree of control over supply chain and schedule Advanced Technologies & IPTechnology-centric OrganizationDecades of IP and Advanced Technology DevelopmentDeep Intellectual Property PortfolioProcess Knowledge and Manufacturing ExcellenceAdvanced Modeling Based on Extensive Experience and Data Integrated solutions rely on IP Karman “IP toolkit” across Design, Proprietary, and Process IP elementsAbility to offer integrated systems - can be completed by Karman largely “in-house”Extensive Design to Production capabilitiescreates deep customer partnership Differentiated Technical Design LeaderEngineering Focused CultureDesign Enables Early Program PartnershipRapid Development of Complex System Solutions180+ cross-discipline engineers with decades of combined experience cUnique DesignKarman’s Differentiated Value Proposition ©2026 Karman Space & Defense8
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M&A PhilosophyAcquisitions Since IPOAcquisition ResultsStrategic Acquisitions Have Enhanced Our Unique PositionAcquisitions Consistently Create Incremental Opportunities to Accelerate Growth:Complementary IP-Rich ProductsNew Products & Tech for Cross-Sell Vertical Integration & In-SourcingExpanded Breadth of CapabilityComplementary Program PositionsWell Defined Acquisition Priorities & Strategic M&A Roadmap:Proprietary Products Advanced Design EngineeringNiche Manufacturing Capabilities Vertical Integration OpportunitiesHigh-Growth Programmatic PositionsAccretive to Major Financial MetricsAligned CultureCommon Situational Characteristics:Proprietary TransactionsFounder or Family OwnedExisting Karman Relationships©2026 Karman Space & Defense9 Karman Launcher SystemISP Tactical Boost MotorStrategic acquisitions have expanded Karman’s unique competitive moat and accelerated growth across our high priority markets Rapidly Developing & Delivering Advanced Systems for Next-Gen Propulsion and Shielding Applications from Deep Sea to Deep SpaceStrategic Missile DeterrenceMarket:Proprietary Refractory Alloy Mfg.IP:Hot Forging, Additive, FormingCapability:Shape Charges and ActuationProducts: Loitering Munitions & C-UASMarket:Prop. Propellant FormulationsIP:UAS Launch Motor Design & Mfg.Capability:Tactical Boost MotorsProducts: Space Propulsion EnginesMarket:Patented Inconel ManufacturingIP:3D Print & Spin Form MachiningCapability:Engine Nozzles, Fuel SystemsProducts: Submarine & MaritimeMarket:Design IP, Proprietary ResinsIP:AFP, Weaving, Adv, MaterialsCapability:Propulsors, Sonar ShieldingProducts:
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ALCAUTORWA 10 Growing Footprint Aligned With Major Industry Centers Meeting mission-critical demands with speed, agility, and seamless executionUnique Manufacturing Capabilities•Bonding •Bump Forming •Carbon-Carbon Production •Composite Layup •Compression Molding •Electron Beam Welding •Energetic / Propellant Formulation •Filament Winding •Five-Axis Precision Machining •Forging •Laser Welding •Refractory Metal Forming •Roll Forming •Spin Forming MSPASC
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$72$100$115 $74$86$116 $80$95$115 $226$281$345 2022 2023 2024Space & LaunchTactical Missile & IDSHypersonics & SMD$60 $82 $106 27% 29% 31% 22%24%26%28%30%32%34%36%38%40% $0$20$40$60$80$1 00$1 20 2022 2023 2024Adj. EBITDAAdj. EBITDA Margin$265$429$580 2022 2023 2024 Producing Strong Financial ResultsRevenue ($M)Funded Backlog(2)Adj. EBITDA & Margin ($M)(1) (1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. Non-GAAP financial measures should be viewed in conjunction with the GAAP metrics included in the appendix. Refer to the appendix for explanation and reconciliation of non-GAAP financial measures. (2) Represents the total value of existing contracts as of December 31, less amounts previously invoiced. Contract types include but are not limited to purchase orders, long term agreements and contractual authorization to proceed.11©2026 Karman Space & Defense
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Highly Diversified Revenue Provides Resiliency ©2026 Karman Space & Defense12Note: All figures based on revenue for the year ended December 31, 2024Tied to high growth markets, with balanceacross space, tactical missiles, hypersonics, missile defense, and UASNo program >11% of revenue with content across enduring and emerging programs By End MarketBy Program100+ Other ProgramsHypersonic & SMD33%Tactical Missiles & IDS34%Space & Launch33%Program A11%Program B7%Program C6%Program D5%Program E4%Program F4%Program G4%Program H3%Program I3%Program J3%
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Karman is a New Kind of Space & Defense Company Merchant Supplier of Critical ContentUniquely aligned with key national security and space prioritiesFull Solution ProviderFrom IP-driven design through vertically integrated, full rate productionHighly Diverse Space & Defense Portfolio80+ prime contractor customers130+ programs across full lifecycleProfitable Space & Defense “Smid-cap” Growth Company24% revenue CAGR,33% adjusted EBITDA CAGR 2022-2024Proven Inorganic Growth ProcessIdentificationAcquisitionIntegrationSynergy Generation 13©2026 Karman Space & Defense
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investors@karman-sd.com
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Appendix
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Adjusted EBITDA Reconciliation 16 2024 2023Net income (loss) $12,701,039 $4,359,405 Income tax provision (benefit) 1,627,963 (3,168,821)Depreciation and amortization1 32,959,115 27,179,214 Interest expense, net 50,732,903 47,867,005 EBITDA 98,021,020 76,236,803 Acquisition related expenses2 4,775,662 356,414 Integration expenses and non-recurring restructuring costs3 2,254,758 2,739,438 Lender and administrative agent fees4 100,000 500,000 Other non-recurring costs (gains)5 — 739,444 Share-based Compensation6 993,143 1,291,244 Adjusted EBITDA $106,144,583 $81,863,342 Revenues 345,251,064 280,705,570 Net income (loss) margin 3.7% 1.6%Adjusted EBITDA Margin 30.7% 29.2% For the years ended December 31, 1. Depreciation and amortization expense includes allocated depreciation and amortization from cost of goods sold.2. Represents legal and due diligence fees incurred in connection with planned and completed acquisitions, which are required to be expensed as incurred. During the periods presented, these costs were incurred for due diligence and legal fees related to an acquisition of equipment and intangible assets. Additionally, the Company incurred certain professional service fees related to its IPO that did not meet the requirements to be deferred issuance costs, these costs are considered non-recurring and outside the ordinary course of business and therefore are not indicative of ongoing operating performance.3. These costs include company-wide system implementation expenses and Company re-branding costs. This category also includes post-acquisition integration costs, and employee expenses related to acquisitions or restructuring activities.4. Reflects non-recurring lender fees associated with one-off amendments to the Company’s credit agreement, separate from ongoing administrative fees.5. Other non-recurring costs consisted primarily of non-cash impairment losses during 2023. 6. Reflects non-cash share-based compensation expenses associated with the Company’s P Units.©2026 Karman Space & Defense