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21 JAN, 2026 Karman Space & Defense Expands into High-Priority Maritime Defense Market with Agreement to Acquire Seemann Composites and Materials SciencesJanuary 21, 2026Tony KoblinskiChief Executive OfficerMike WillisChief Financial Officer Steven GitlinVice President Investor RelationsJonathan BeaudoinChief Operating OfficerSid CharbonnetPresident, Seemann Composites
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21 JAN, 2026 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 relatestrictly 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 areneither 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 todiffer 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 andperformance 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 the Seemann and MSCacquisition described in this presentation is subject to customary closing conditions and regulatory approvals and there is no assurance that such conditions will be satisfied and that such approvals will beobtained; we may face unforeseen challenges in integrating the Seemann and MSC businesses into Karman and realizing the anticipated operational and strategic benefits of the transaction; that a significantportion 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 competitivebidding 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 theserequirements 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 againstassertions 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 adverselyaffected 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 filingswe 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 presentation are only made as of the date of this presentation.Factors or events that could cause our actual results to differ may emerge from time to time, and itis 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 ourforward-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 berequired by any applicable law.Our expectations for Non-GAAP adjusted EBITDA are provided in this presentation for full year 2025 and full year 2026 on a forward-looking basis. The Company does not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures calculated and presented in accordance with GAAP because to do so would be potentially misleading and not practical given the difficultyof projecting event driven transactional and other non-core operating items in any future period or, with respect to full year 2025, because the Company is currently finalizing certain amounts that would berequired to be included in the U.S. GAAP measure or the individual adjustments for such reconciliation. The magnitude of these items may be significant. In addition, our expectations for full year 2025 may beadjusted as a result of, among other things, the completion of our internal review process and the completion of customary annual audit procedures.The foregoing estimates are forward-looking and reflect management's view of current and future market conditions, subject to certain risks and uncertainties, including certain assumptions with respect to ourability to efficiently and on a timely basis integrate acquisitions, obtain and retain contracts, react to changes in the timing and/or amount of government spending, changes in the demand for our products,activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results maydiffer materially from these estimates and investors should review all risks related to achievement of the guidance reflected under “forward-looking statements” above and in the Company's filings with the SEC.2©2026 Karman Space & Defense
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21 JAN, 2026 21 JAN, 2026 Today’s Agenda Karman’s differentiated market position and proven success with strategic additions strengthen our competitive moat and drive generational growth1Overview of Seemann Composites and Material Sciences2Financial update on our continued strong growth and industry-leading margins3 ©2026 Karman Space & Defense3
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21 JAN, 2026 21 JAN, 2026 Transaction Summary for Seemann Composites & MSC 4©2026 Karman Space & Defense •Acquisition of Seemann Composites, LLC (“Seemann”) and Materials Sciences LLC (“MSC”), leaders in specialty maritime defense technologies•Transaction expected to close in Q1 2026, subject to regulatory approvals and customary closing conditions •Anticipated integration completion in Q4 2026Overview•Transaction consideration of $220 milliono$210 million in cashoApproximately $10 million in equity, payable in KRMN common stock •Expected LTM Net Leverage Ratio at Year End 2026: ~3.0x Adjusted EBITDAConsideration•Significantly deepens Karman’s advanced materials IP portfolio and adds a talented material science team focused on next-generation materials and resin system design, which can be leveraged across all the Company’s end-markets•Significantly expands Karman’s exposure to the DOW’s highest priority naval programs, including submarine, USV/UUV and tactical surface vessels, which provides accelerated long-term growth and visibility to drive shareholder value•Immediately accretive to Karman across major financial metrics, including revenue growth, funded backlog, EBITDA, earnings per share and cash flowExpected Strategic and Financial Benefits
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21 JAN, 2026 Karman Strategy and Acquisition PhilosophyChief Executive OfficerT O N Y K O B L I N K S I 5
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21 JAN, 2026 Key Market CharacteristicsExample Propulsion ProductsExample Shielding ProductsFragmented Supply Chains that Need a Scaled, Tier 1 PartnerKarman’s Strategy is to Deliver Advanced Systems for Next Generation Propulsion and Shielding ApplicationsServing the Country’s Highest Priority National Security Interests From Deep Sea to Deep SpaceOur High Priority MarketsMost Well Funded DoW Markets with Decades of Sustained GrowthComplex Environments that Require Design Engineering & IP-Enabled SolutionsCritical Domains for Modern Threat Environment and Near-Peer AdversariesKey Karman Differentiators System-Level Design Engineering CapabilitiesEmbedded ProprietaryProducts and 40+ Years of Proven IP and PerformanceVertically Integrated with Full Suite of Manufacturing CapabilityWell-Invested Tier 1 Supplier with Track Record of Operational Excellence Deployable ShroudHypersonicsSeparation EnergeticsInterceptorHeat ShieldRocket Booster Bow DomeSubmarine Rocket Motor NozzleStrategic Deterrence Launcher & SRMOne-Way UAS Liquid Nozzle LinerRocket Engine Propulsor DuctsSubmarine Karman provides agility and speed, rapidly delivering better technology for the most challenging environments Hypersonics &Strategic Deterrence Missiles Hypersonics & Strategic MissileDefense UAS / C-UAS & Loitering Munitions Tactical Missiles & Integrated Defense Systems 6©2026 Karman Space & Defense Launch Vehicles, Rocket Engines & Space Payloads Space & LaunchSubmarine, Surface Vessels &Autonomous Maritime Maritime DefenseSystems
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21 JAN, 2026 21 JAN, 2026 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 & Defense7 Karman Launcher SystemISP Tactical Boost MotorStrategic acquisitions to date 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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21 JAN, 2026 21 JAN, 2026 Karman is a “Pure-Play” Supplier to the DoW’s Highest Priority Initiatives 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 & Defense8 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
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21 JAN, 2026 Overview of Seemann Composites President, Seamann CompositesS I D C H A R B O N N E T 9
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21 JAN, 2026 Hypersonic & MissileStrategic Surface VesselsUnmanned Undersea / SurfaceManned Undersea Introducing Seemann Composites & MSC ©2026 Karman Space & DefenseKEY PROGRAMS •Large scale proprietary products, primarily for propulsion and sonar protection •40+ year history serving the Navy’s highest priority programs•Embedded in major programs from upfront design through scaled production•Specialized material science team focused on next-gen materials and resin system design and formulation •Track record of operational excellence and deliveryColumbia-ClassSSN(X)Virginia-ClassSaildrone VoyagerUUVLCACDDG 1000Javelin Long-Term Increase in Build Rates (Golden Fleet)Investments into Next-Gen Technology Rapidly Evolving Threat Environment Aging Fleet & Sustainment FORECASTED SPENDCurrent ForecastedSpendVirginia deliveries per year to double due to capacity needsVirginia deliveries per year to double due to capacity needsColumbia delivery plans rampfrom 0.4 to 1 per year through 2036Columbia delivery plans rampfrom 0.4 to 1 per year through 2036Current ForecastedSpend OVERVIEW60+Talented Engineers97%Sole / Single Source100%IP Protection250K sq. ft.Across 4 Key LocationsClassified DEMAND DRIVERS Virginia-ClassColumbia-Class10
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21 JAN, 2026 21 JAN, 2026 Highly Strategic and Complementary to the Karman Portfolio “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 & Defense11
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21 JAN, 2026 21 JAN, 2026 Seemann offers strategically aligned capabilities…System-Level DesignKarman + Seemann is a Compelling Partnership for Shared GrowthSeemann is the “Karman of the Sea”Karman/Seemann OpportunityWith strategically aligned capabilities, products and market position, Seemann has been on Karman’s strategic roadmap for years and is the natural expansion of Karman into the maritime domain Acquisition represents significant opportunities for shared, accelerated growth: Talented Seemann material science team to lead all of Karman’s advanced materials capabilitiesDeep library of proprietary resins to formulate in-house and leverage across Karman’s other key marketsOpportunity to in-source 3-D printing, fiber weaving and AFP for hypersonics and launch systemsAdvanced Materials IPProprietary Products …and similar business characteristics100% IP ProtectionVertically IntegratedAcross 4 Well-Invested LocationsTied to High-Growth MarketSubmarine / Maritime Natural Extension of Karman’s Differentiated Portfolio Compelling Collaboration Opportunities to Drive Growth©2026 Karman Space & Defense12
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21 JAN, 2026 Financial Update Chief Financial OfficerM I K E W I L L I S 13
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21 JAN, 2026 21 JAN, 2026 Updated Fiscal Year 2025 and 2026 Guidance ©2026 Karman Space & Defense 2026(1)20252024As Reported($ in millions, except percentages)Δ YoY GrowthGuidanceΔ YoY GrowthUpdated GuidancePrior Guidanceas of November 6, 2025+50%$700 - $715+36%$470 - $471$461 - $463$345.3Revenue+45%~$205 - $215+36%$144.5 - $144.9$142 - $143$106.1Adjusted EBITDA+ 0 bps~30%+10 bps~30.8%~30.8%30.7% Adjusted EBITDA Margin Karman continues to deliver strong growth with industry leading margins: (1) Includes nine months of projected results from Seemann & MSC 14
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21 JAN, 2026 21 JAN, 2026 Growth Profile SnapshotTotal Revenue GrowthTotal Funded Backlog Growth~1.3xOrganic Book-to-Bill(2)2024A - 2025 Guidance 2025 Guidance - 2026 Guidance Organic GrowthInorganic Growth~25%~11%~36%~50%~25%~25%2024A - 2025 Guidance Organic Funded BacklogAcquired Backlog~25%~6%~31%(excludes Seemann)(includes Seemann)(1)©2026 Karman Space & Defense15(1) Includes nine months of projected results from Seemann & MSC(2) Calculated using reported revenue and change in reported backlog
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21 JAN, 2026 Thank Youinvestors@karman-sd.com NYSE: KRMN