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1 2Q 2026 EARNINGS PRESENTATION See Air Differently. July 30, 20262Q 2026 Earnings Presentation
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2 2Q 2026 EARNINGS PRESENTATION Disclaimer Forward-looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involves substantial risks and uncertainties. Forward-looking statements are subject to risks and uncertainties. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our guidance, financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “positions,” “likely,” “target,” “goal,” “strategy” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our future results of operations, estimated and projected costs, expenditures, cash flows, margin expansion, growth rates and financial results, our plans and objectives for future operations, growth opportunities, initiatives or strategies, or creation of long-term value are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: our estimates of the size of the markets we serve, including our total addressable market and the runway for growth in those markets, prove to be inaccurate; an inability to reduce or effectively manage our significant indebtedness and interest expense; a failure to develop and maintain effective internal control over financial reporting, including a failure to design and implement sufficient controls to remediate our material weaknesses; the markets into which we sell our products and services decline, do not grow as expected, experience cyclicality or shift towards products or services outside of our portfolio; changes in the general economy, the housing market or other business conditions; difficulties executing, integrating or realizing expected benefits from acquisitions, dispositions or joint ventures, or exposure to unexpected liabilities from such transactions; the restrictions imposed on our ability to conduct primary follow-on equity offerings during the two-year period following the organizational transactions and associated limitations on our ability to raise equity capital to fund growth initiatives, acquisitions or other strategic opportunities; increasing competitive pressures in our industry and the markets in which we operate; difficulties implementing our 80/20 operating model or other strategies intended to improve organic growth, including our AI initiatives; an inability to demonstrate or communicate the benefits of our Return on Air value proposition; the loss of key customers; delays, failures or other challenges in developing and commercializing new versions of our products or new features and accessories; unsuccessful efforts to expand into adjacent markets; supplier shortages, rising raw material costs or disruptions in our distribution network; disruption of our operations in our manufacturing facilities, wholesale locations or key customer operations, including as a result of tariffs or other trade policies; changes in government regulations, trade policies and tariffs; and other factors disclosed in our filings with the Securities and Exchange Commission. We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this presentation are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law. Non-GAAP Measures This presentation (i) uses terms which are not generally used in presentations made in accordance with GAAP, (ii) contains non-GAAP measures, including Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow (“FCF”), FCF Conversion, FCF Margin, and Net Leverage, (iii) uses terms which are not measures of financial condition or profitability and (iv) contains terms which are unlikely to be comparable to similar measures used by other companies in our industry. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. Non-GAAP measures have limitations as an analytical tool, and you should not consider these measures either in isolation or as a substitute for other methods of analyzing the results as reported under GAAP. You are encouraged to exercise caution when evaluating non-GAAP measures presented herein. A reconciliation of the non-GAAP measures to the most directly comparable GAAP financial measure can be found at the end of this presentation. Bases of Presentation Madison Air Reported: This presentation contains financial information of Madison Air and its consolidated subsidiaries, which we refer to as “Madison Air Reported.” This basis reflects Madison Air's historical financial results as reported under generally accepted accounting principles in the United States (“GAAP”) and, unless otherwise noted, all results included in this presentation exclude Nortek Global HVAC LLC, which we completed the divestiture of on October 7, 2024, and is presented as discontinued operations in our consolidated financial information. The financial information of each business acquired by the Company, including Research Products Corporation and its flagship brand AprilAire (“AprilAire”), which was acquired on May 6, 2025, is consolidated with the Company from the date of the respective acquisition. Combined Basis: For the three months ended June 30, 2026 and year ended December 31, 2025, respectively, certain results of operations for the Company and AprilAire are presented on a combined basis as a sum of the amounts for the Company for the three months ended June 30, 2025 and for the year ended December 31, 2025, respectively, and the amounts of AprilAire for the three months ended June 30, 2025 and for the period from January 1, 2025 through May 6, 2025, as applicable, without any other adjustments. The Company refers to such presentation as “on a combined basis.” This combination does not comply with GAAP or with SEC rules for pro forma presentation. Current Portfolio Basis: Where indicated, certain financial information is based on management estimates of all of the brands that Madison Air currently owns and, where the context requires, gives effect to all acquisition and disposition activity as if such brands had been owned for all periods presented. This presentation is used to illustrate the underlying performance trends of the business portfolio as currently constituted and does not comply with GAAP or with SEC rules for pro forma presentation. Pro Forma Basis: Where indicated, certain financial information is presented on a “Pro Forma” basis to give effect to, where applicable, the acquisition of AprilAire as if such transaction had occurred on January 1, 2025. The Pro Forma financial information has been derived from the application of pro forma adjustments to the Company's historical consolidated financial statements in accordance with Article 11 under Regulation S-X, as if the acquisition of AprilAire occurred on January 1, 2025. The Pro Forma financial information does not account for the acquisition of AcoustiFLO in January 2025. In addition, due to the Company's adoption of new accounting standards and the SEC's requirement to present financial statements consistent with public entity accounting principles, certain financial information presented herein may differ from financial information previously reported by the Company under private company accounting standards and principles.
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3 2Q 2026 EARNINGS PRESENTATION Agenda 1 Company Highlights 2 Financial Results 3 Summary
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4 2Q 2026 EARNINGS PRESENTATION 1 Company Highlights 2Q 2026
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5 2Q 2026 EARNINGS PRESENTATION We are Madison Air Making the world safer, healthier and more productive through the power of better air Differentiated by Return on Air Tangible value created when air becomes a strategic asset and is the direct impact our solutions have on customer outcomes by optimizing air in high-value environments Leadership in growth markets Well-positioned to scale in high-growth, performance- driven markets Powered by unique value creation model To deliver sustainable, profitable growth and strong cash flow generation 5 2Q 2026 EARNINGS PRESENTATION
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6 2Q 2026 EARNINGS PRESENTATION Balanced business, resilient revenue $3.75B LTM Net Sales1 26.6% LTM Adj. EBITDA Margin1 $430M LTM Free Cash Flow1 <2% CapEx as % of Net Sales1 9,000+ Employees2 ~600 R&D Employees2 65% 35% Commercial Residential 50% 40% 10% Replacement & Upgrade New Build Services & Aftermarket 95% 5% Demand for Our Product Portfolio North America Other Diversified Resilient Domestic 2Q 2026 EARNINGS PRESENTATION We See Air Differently—and we’re redefining itsvalue. Our portfolio of trusted air-quality brands deliver highly engineered, mission-critical solutions and long-term value through our Return on Air advantage. 1. Financial information presented on an actual, reported basis as of June 30, 2026. 2. As of June 30, 2026. Madison Air LTM results
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7 2Q 2026 EARNINGS PRESENTATION Building an industry leader in Return on Air COMMERCIAL RESIDENTIAL TECHNOLOGY PLATFORMS END MARKETS Purification SEGMENTS LTM 2Q’26: $2.4B NET SALES1 LTM 2Q’26: $1.3B NET SALES1 Dehumidification Air handling Air, liquid and hybrid cooling Energy efficiency enablers Air movement and heat Humidity control and dedicated outdoor air systems (DOAS) Humidification Healthcare | Data centers | Manufacturing | Logistics Cleanrooms | Life sciences | Education Single and multi-family residential housing Ventilation Sensors and digital controls 1. Financial information presented on an actual, reported basis as of June 30, 2026.
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8 2Q 2026 EARNINGS PRESENTATION Diversified demand from Commercial end markets that value indoor air quality We serve 15 end markets where better air is a strategic asset Sports and Entertainment Food & Agriculture Office Hospitals & Healthcare Data Centers Education Logistics Advanced Manufacturing Home Solutions Recreation Cleanroom, Pharma, Labs Restoration Government Clean Energy Fitness Durable long-term fundamentals Growing, resilient and performance-driven Benefit from secular tailwinds Significant whitespace opportunities Demand for technology and innovation Value Return on Air solutions
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9 2Q 2026 EARNINGS PRESENTATION Innovation fuels orders and backlog growth Continued growth momentum in 2Q 2026 • Up to 10x the air capacity of traditional units helps ensure uninterrupted care in a 24/7 healthcare environment • Return on Air: greater reliability, lower operational risk, extended asset life and continuous care delivery +45% +37% YTD 2Q Orders Growth (Combined) YoY1 Robust momentum $2.9B Backlog2 Strong backlog provides visibility into 2027 +14% +13% YTD 2Q Net Sales Pro Forma YoY3 Sales momentum continues 1. Financial information is presented on a combined basis for Madison Air and AprilAire for the period indicated, calculated as if AprilAire had been owned the entire period. This combined basis presentation does not comply with GAAP or with SEC rules for pro forma presentation. 2. As of June 30, 2026. 3. Financial information presented on a Pro Forma basis solely to give effect to the AprilAire Acquisition as if such transaction had occurred on January 1, 2025. Advancing the future of pediatric healthcare Air Handling Units
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10 2Q 2026 EARNINGS PRESENTATION Madison Air Strategy A scalable model for profitable growth and cash generation Targeted M&A ~$8B invested Mission-driven culture with owner’s mindset Resilient end markets with structural tailwinds Outcome Focus on Growth Markets Outperform the Markets Operational Excellence Disciplined Capital Allocation 16 of 18 Years Outpaced U.S. GDP 2007-2025 ~$28B TAM unlocked since 2021 ~8% Net Sales ‘always owned’ CAGR1 2020-2025 ~11.5% LTM FCF margin2 ~27% Adjusted EBITDA margin2 ~2.8x 2Q ending net leverage2 Madison Air Execution Excellence (MAXX) powered by 80/20 Targeting less than 2.5x net leverage with flexibility for M&A PROOF POINTS Diversified portfolio exposed to high-performing, fast-growing markets Outpace market growth Channel, innovation, value pricing, aftermarket investments Unlocking growth in underpenetrated markets RETURN ON AIR 1. Based on management estimates of our current portfolio of brands, calculated giving effect to all merger, acquisition and div estiture activity of Madison Air over the period as if such brands had been owned for all periods presented. 2. For a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and pres ented in accordance with GAAP, see the Appendix. Sustainable growth strong cash flow
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11 2Q 2026 EARNINGS PRESENTATION 2 Financial Results 2Q 2026
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12 2Q 2026 EARNINGS PRESENTATION 2Q 2026 highlights Strong financial performance reflecting broad-based growth Strong Pro Forma net sales growth (+11pts volume, +3pts price) Broad-based Commercial growth, led by data centers Residential growth driven by continued market penetration in AprilAire Margins in-line with expectations Sequential improvement in free cash flow; Net Leverage ~2.8x 2Q 2026 EARNINGS PRESENTATION $991M Net Sales +14% Pro Forma YoY1 $266M Adj. EBITDA2 +12% Pro Forma YoY1 26.8% Adj. EBITDA Margin2 (59)bps Pro Forma YoY1 $148M Adj. Net Income2 $140M YTD Free Cash Flow2 123% conversion 1. Financial information presented on a Pro Forma basis solely to give effect to the AprilAire Acquisition as if such transaction had occurred on January 1, 2025. 2. For a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP, see the Appendix.
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13 2Q 2026 EARNINGS PRESENTATION $532M $659M 2Q 2025 2Q 2026 $156M $173M 29.3% 26.3% 2Q 2025 2Q 2026 Commercial segment Broad-based growth across end-markets; Margins in-line with expectations Highlights • Orders $997M (+70% combined company YoY) • Broad-based growth, led by data centers; Orders up ~50% in markets other than data centers • Margin impacted by project mix, production ramp- up costs and the timing of tariffs/cost inflation Innovation and customer highlights • Nortek Air Solutions secured basis-of-design custom air handling wins across education, healthcare, life sciences and aerospace • Customer adoption of patent-pending FrostShield continues to drive Addison’s technology platform momentum Segment Net Sales Segment Adj. EBITDA and Margin (299)bps 1. Financial information is presented on a combined basis for Madison Air and AprilAire for the period indicated, calculated as if AprilAire had been owned for the entire period. This combined basis presentation does not comply with GAAP or with SEC rules for pro forma presentation. +11%+24% +22% Combined Company growth1
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14 2Q 2026 EARNINGS PRESENTATION $73M $99M 25.3% 29.5% 2Q 2025 2Q 2026 Residential segment Growth led by AprilAire market penetration; Strong margin expansion Segment Net Sales Segment Adj. EBITDA and Margin +423bps Highlights • Growth driven by continued AprilAire Healthy Air System whitespace penetration • Margin expansion from price, productivity, fixed cost leverage, tariff refunds, and the accretive impact of the AprilAire acquisition Channel Investment in Action • Proactive contractor conversions and training continue to yield strong results • Capturing ventilation growth in the professional builder channel through Return on Air $287M $334M 2Q 2025 2Q 2026 +36% 1. Financial information is presented on a combined basis for Madison Air and AprilAire for the period indicated, calculated as if AprilAire had been owned for the entire period. This combined basis presentation does not comply with GAAP or with SEC rules for pro forma presentation. +16% Refer to 10Q for additional information on disclosures / reconciliations. +2% Combined Company growth1
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15 2Q 2026 EARNINGS PRESENTATION $152.4 $140.0 YTD 2025 YTD 2026 Balance sheet and cash flow Strong and flexible balance sheet supported by robust cash generation Free Cash Flow1 • Sequential and YoY cash flow improvement • Working capital ~19% of LTM net sales • CAPEX 0.9% of 2Q net sales Net Leverage1 • Proceeds from the IPO used to reduce debt • Net leverage of 2.8x • ~0.2x sequential improvement, pro forma for IPO • Repriced remaining $1.3B term loan (down 100bps) • ~$1.6B available liquidity • $262M cash on hand • $1.3B undrawn revolver (activated in 2Q’26) Free Cash Flow and Margin1 Net Leverage1 (Net Debt / Adj. EBITDA1) 5.9x 5.7x 2.8x 4Q 2025 1Q 2026 2Q 2026 1. See appendix for reconciliation of non-GAAP measures to their corresponding GAAP measures. 2. “IPO Adjusted” gives effect to Company’s IPO and the use of proceeds thereby as described in the prospectus filed pursuant to Rule 424(b)(4) with the U.S. Securities and Exchange Commission on April 17, 2026. ~3.0x IPO Adj.2 LTM FCF % of Net Sales1 9.8% 11.5%
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16 2Q 2026 EARNINGS PRESENTATION Net leverage1 ~2.8x; Path to less than 2.5x organically by year-end Disciplined capital allocation Focused on: 1 High-return organic growth investment 2 Strong, flexible balance sheet 3 Disciplined M&A • Healthy cash generation enabled by an asset-light model • Long-term target: less than 2.5x net leverage • Potential to flex for M&A with a commitment to rapid de-levering • Disciplined M&A process: strong pipeline and reputation as acquiror of choice 1. See appendix for reconciliation of non-GAAP measures to their corresponding GAAP measures.
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17 2Q 2026 EARNINGS PRESENTATION Growth momentum continues Raising full-year net sales guidance Well-positioned for sustainable, profitable growth and strong free cash flow generation 3Q Visibility • HSD+ net sales growth expected Full-Year Guidance Assumptions • HSD-LDD Commercial net sales growth • LSD Residential net sales growth • >100% FCF conversion of net income • Other items: • CAPEX: 1-2% of net sales • Cash interest expense: ~$240M (previously ~$250M) • Central cost: ~$38M (previously ~$40M) • ETR: ~29% • Diluted share count at year-end2: ~507M Prior FY 2026 Updated FY 2026 Net Sales $3,750 - $3,850M $3,825 - $3,925M Adj. EBITDA1 $1,020 - $1,065M $1,020 - $1,065M Note: Based on information as of July 30, 2026 and may be impacted by factors outside of the Company’s control. 1. A reconciliation of the differences between non-GAAP guidance and the corresponding GAAP measures generally is not available without unreasonable effort, because certain material reconciling items, such as depreciation and amortization, interest expense, and provision for income tax cannot be estimated due to factors outside of the Company's control and could have a material impact on the reported results. See appendix. 2. Based on current capital structure and normal course issuances. HSD+ Pro Forma YoY HSD-LDD Pro Forma YoY
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18 2Q 2026 EARNINGS PRESENTATION 3 Summary 2Q 2026
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19 2Q 2026 EARNINGS PRESENTATION Strong start and continued momentum 19 2Q 2026 EARNINGS PRESENTATION 1 We Are Madison Air Making the world safer, healthier, and more productive through the power of better air 2 Delivered strong results in 2Q 2026 Well-positioned to scale in high- growth, performance-driven markets 3 Growth momentum continues Well-positioned to deliver sustainable growth and strong free cash flow
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20 2Q 2026 EARNINGS PRESENTATION Q&A Nortek Air Solutions Air Blender inside an Air Handling Unit
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21 2Q 2026 EARNINGS PRESENTATION Appendix
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22 2Q 2026 EARNINGS PRESENTATION Adjusted EBITDA and Margin Reconciliation Actuals Actuals Pro Forma(1) Actuals Pro Forma(1) Three months ended June 30, Three months ended March 31, Three months ended June 30, Six months ended June 30, Six months ended June 30, 2026 2025 2026 2025 2026 2025 2025 Net income (loss) $ 70.5 $ 30.8 $ 43.0 $ 16.5 $ 113.5 $ 77.0 $ 10.8 Adjustments: Net (income) loss from discontinued operations(2) — — — — — (1.0) (1.0) Interest and financing expenses 57.1 89.1 90.7 102.6 147.8 154.9 201.6 Income tax expense (benefit) 40.6 18.5 17.3 17.6 57.9 33.2 16.7 Depreciation and amortization 53.7 47.1 53.9 54.5 107.6 82.4 108.1 Transaction related expenses(3) (0.8) 17.9 4.0 17.9 3.2 18.8 62.9 Restructuring expenses(4) 0.6 2.6 2.3 2.6 2.9 2.7 4.6 Equity appreciation rights expense(5) 16.3 22.1 10.4 23.9 26.7 27.3 32.7 Non-operating expenses (income)(6) (0.7) (0.5) 0.7 4.3 — (3.6) 1.2 Allocated Madison Industries costs(7) — 2.6 10.0 2.6 10.0 5.8 5.8 Non-recurring professional and consulting expenses(8) 0.8 1.1 1.1 1.1 1.9 2.1 2.1 Loss on extinguishment of debt 27.7 — — — 27.7 — — Gain on insurance proceeds(9) — (5.8) — (5.8) — (5.8) (5.8) Adjusted EBITDA $ 265.8 $ 225.5 $ 233.4 $ 237.8 $ 499.2 $ 393.8 $ 439.7 Net sales 991.3 819.6 923.7 867.9 1,915.0 1,510.0 1,688.8 Net income (loss) margin 7.1 % 3.8 % 4.7% 1.9 % 5.9 % 5.1 % 0.6 % Adjusted EBITDA Margin 26.8 % 27.5 % 25.3% 27.4 % 26.1 % 26.1 % 26.0 % (1) Financial information presented on a Pro Forma basis solely to give effect to the AprilAire Acquisition as if such transaction had occurred on January 1, 2025. See the unaudited pro forma combined statements of operat ions filed as Exhibit 99.1 to this Quarterly Report on Form 10-Q for a description of the adjustments and assumptions underlying the Pro Forma financial information. (2) Represents the results of discontinued operations from the divestiture of Nortek Global HVAC and its subsidiary. (3) Represents direct t ransaction costs related to acquisition and divestiture activity, including transaction fees, due diligence costs, transfer taxes and other di rect costs related to acquisition activities, changes in the fair value of contingent consideration, purchase accounting adjustm ents, and other acquisition related charges, such as integration charges and professional and legal fees, and gain on the disposition of business For the three and six months ended June 30, 2026, transaction expenses included professional and legal fees, and other costs associated with becoming a public company offset by $1.2 million gain on contingent consideration remeasurement. Transaction expenses for the three mo nths and six months ended June 30, 2025 primarily related to the AprilAire Acquisition. (4) Represents costs and expenses in connection with various restructuring initiatives. (5) Represents compensation expense under the EAR Plan and Amended EAR Plan. (6) Represent s foreign currency gains and losses on corporate intercompany loans, gains and losses on sale of fixed assets, gains and losses on marketable securities and other non-operating items. For the three months ended June 30, 2026, non -operating expenses (income) included $1.0 million foreign currency translation gain on intercompany loans, offset by $0.4 million loss on disposal of fixe d assets. For the three months ended June 30, 2025, non-operating expenses (income) included $0.8 million gain on available-for-sale marketable securities, and $1.6 million gain on disposal of fixed assets offset by a $1.9 million foreign currency translation loss on int ercompany loans. For the six months ended June 30, 2026, non-operating expenses (income) included $0.9 million foreign currency translation gain on intercompany loans offset by a $0.5 million loss on disposal of fixed assets. For the six months ended June 30, 2025, non -operating expenses (income) included $1.9 million gain on available-for-sale marketable securities, $1.3 million gain on divestiture of No rtek Global HVAC and its subsidiary, $1.4 million gain on disposal of fixed assets, $0.3 million foreign currency translation s loss on intercompany loans and $0.2 million of pension expense. (7) Represents indirect costs for support received from Madison Industries for cer tain internal and external corporate activities including, but not limited to, consolidation accounting, legal, and other Madiso n Industries corporate and infrastructure related services that will no longer be incurred following the consummation of the Company's IPO. This doe s not include services that will continue to be provided by Madison Industries International Holdings LLC following the consumma tion of the IPO pursuant to the Transition Services Agreement. (8) Represents expenses for professional and consulting services related to no n-recurring transactions. For the three months ended June 30, 2026, non -recurring professional and consulting expenses included $0. 7 million for one-time audit, legal and consulting fees incurred to prepare for IPO and SOX implementation and $0.1 million in consulting fees for productivity improvement projects. For the three months ended June 30, 2025, these services primarily included $0.5 million in consulting fees for productivity improvement projects, $0.3 million in legal fees, and $0.3 million in leadership recruiting and relocation fees. For the six months ended June 30, 2026, non -recurring professional and consulting expenses included $1.6 million for one-time audit, legal and consulting fees incurred to prepare for IPO and SOX implementation and $0.4 million in consulting fees for p roductivity improvement projects. For the six months ended June 30, 2025, these services primarily included $1.2 million in cons ulting fees for productivity improvement projects, $0.4 million in legal fees, and $0.5 million in leadership recruiting and relocation fees. (9) Represents one-time gain on insurance proceeds from damage to one of our manufacturing facilities.
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23 2Q 2026 EARNINGS PRESENTATION Adjusted Net Income Reconciliation (1) Financial information presented on a Pro Forma basis solely to give effect to the AprilAire Acquisition as if such transaction had occurred on January 1, 2025. See the unaudited pro forma combined statements of operat ions filed as Exhibit 99.1 to this Quarterly Report on Form 10-Q for a description of the adjustments and assumptions underlying the Pro Forma financial information. (2) Represents the results of discontinued operations from the divestiture of Nortek Global HVAC and its subsidiary. (3) Represents direct t ransaction costs related to acquisition and divestiture activity, including transaction fees, due diligence costs, transfer taxes and other di rect costs related to acquisition activities, changes in the fair value of contingent consideration, purchase accounting adjustm ents, and other acquisition related charges, such as integration charges and professional and legal fees, and gain on the disposition of business For the three and six months ended June 30, 2026, transaction expenses included professional and legal fees, and other costs associated with becoming a public company offset by $1.2 million gain on contingent consideration remeasurement. Transaction expenses for the three mo nths and six months ended June 30, 2025 primarily related to the AprilAire Acquisition. (4) Represents costs and expenses in connection with various restructuring initiatives. (5) Represents compensation expense under the EAR Plan and Amended EAR Plan. (6) Represent s foreign currency gains and losses on corporate intercompany loans, gains and losses on sale of fixed assets, gains and losses on marketable securities and other non-operating items. For the three months ended June 30, 2026, non -operating expenses (income) included $1.0 million foreign currency translation gain on intercompany loans, offset by $0.4 million loss on disposal of fixe d assets. For the three months ended June 30, 2025, non-operating expenses (income) included $0.8 million gain on available-for-sale marketable securities, and $1.6 million gain on disposal of fixed assets offset by a $1.9 million foreign currency translation loss on int ercompany loans. For the six months ended June 30, 2026, non-operating expenses (income) included $0.9 million foreign currency translation gain on intercompany loans offset by a $0.5 million loss on disposal of fixed assets. For the six months ended June 30, 2025, non -operating expenses (income) included $1.9 million gain on available-for-sale marketable securities, $1.3 million gain on divestiture of No rtek Global HVAC and its subsidiary, $1.4 million gain on disposal of fixed assets, $0.3 million foreign currency translation s loss on intercompany loans and $0.2 million of pension expense. (7) Represents indirect costs for support received from Madison Industries for cer tain internal and external corporate activities including, but not limited to, consolidation accounting, legal, and other Madiso n Industries corporate and infrastructure related services that will no longer be incurred following the consummation of the Company's IPO. This doe s not include services that will continue to be provided by Madison Industries International Holdings LLC following the consumma tion of the IPO pursuant to the Transition Services Agreement. (8) Represents expenses for professional and consulting services related to no n-recurring transactions. For the three months ended June 30, 2026, non -recurring professional and consulting expenses included $0. 7 million for one-time audit, legal and consulting fees incurred to prepare for IPO and SOX implementation and $0.1 million in consulting fees for productivity improvement projects. For the three months ended June 30, 2025, these services primarily included $0.5 million in consulting fees for productivity improvement projects, $0.3 million in legal fees, and $0.3 million in leadership recruiting and relocation fees. For the six months ended June 30, 2026, non -recurring professional and consulting expenses included $1.6 million for one-time audit, legal and consulting fees incurred to prepare for IPO and SOX implementation and $0.4 million in consulting fees for p roductivity improvement projects. For the six months ended June 30, 2025, these services primarily included $1.2 million in cons ulting fees for productivity improvement projects, $0.4 million in legal fees, and $0.5 million in leadership recruiting and relocation fees. (9) Represents a one-time gain on insurance proceeds from damage to one of our manufacturing facilities. (10) Represents the write-off of a deferred tax asset related to compensation deductions that are no longer expected to be reali zed due to limitation on deductibility following the IPO. (11) The tax effect from the above adjustments assumes an estimated worldwide marginal current tax rate of approximately 24.9% and 24.6% for the three and six months ended June 30, 2026, respectively, an d 25.4% and 25.1% for the three and six months ended June 30, 2025, respectively. Actuals Pro Forma(1) Actuals Pro Forma(1) Three months ended June 30, Three months ended June 30, Six months ended June 30, Six months ended June 30, 2026 2025 2025 2026 2025 2025 Net income (loss) $ 70.5 $ 30.8 $ 16.5 $ 113.5 $ 77.0 $ 10.8 Adjustments: Net (income) loss from discontinued operations(2) — — — — (1.0) (1.0) Amortization expense 40.7 34.7 40.8 81.6 59.9 81.4 Transaction related expenses(3) (0.8) 17.9 17.9 3.2 18.8 62.9 Restructuring expenses(4) 0.6 2.6 2.6 2.9 2.7 4.6 Equity appreciation rights expense(5) 16.3 22.1 23.9 26.7 27.3 32.7 Non-operating expenses (income)(6) (0.7) (0.5) 4.3 — (3.6) 1.2 Allocated Madison Industries costs(7) — 2.6 2.6 10.0 5.8 5.8 Non-recurring professional and consulting expenses(8) 0.8 1.1 1.1 1.9 2.1 2.1 Loss on extinguishment of debt 27.7 — — 27.7 — — Gain on insurance proceeds(9) — (5.8) (5.8) — (5.8) (5.8) Write-off of deferred tax asset(10) 13.7 — — 13.7 — — Tax effect of net income (loss) adjustments(11) (21.1) (19.0) (23.0) (37.9) (26.7) (45.8) Adjusted net income (loss) $ 147.7 $ 86.5 $ 80.9 $ 243.3 $ 156.5 $ 148.9
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24 2Q 2026 EARNINGS PRESENTATION Free Cash Flow and Conversion Reconciliation Actuals Actuals Actuals Six months ended Three months ended Three months ended June 30, 2026 June 30, 2025 March 31, 2026 March 31, 2025 June 30, 2026 June 30, 2025 Net cash flows provided by operating activities $156.4 $160.1 $57.8 $54.6 $98.6 $105.5 Net cash flows (used in) provided by operating activities – discontinued operations 0.0 (0.3) 0.0 (0.3) 0.0 0.0 Net cash flows provided by operating activities— continuing operations $156.4 $160.4 $57.8 $54.9 $98.6 $105.5 Purchases of property, plant and equipment (16.5) (10.5) (7.4) (4.5) (9.1) (6.0) Proceeds from disposal of property, plant and equipment 0.1 2.5 0.0 0.0 0.1 2.5 FCF $140.0 $152.4 $50.4 $50.4 $89.6 $102.0 Net income (loss) from continuing operations $113.5 $76.0 $43.0 $45.2 $70.5 $30.8 Operating cash flow conversion – continuing operations 137.8% 211.1% 134.4% 121.5% 139.9% 342.5% FCF Conversion 123.3% 200.5% 117.2% 111.5% 127.1% 331.7% Net Sales $1,915.0 $1,510.0 $923.7 $690.4 $991.3 $819.6 Free Cash Flow Margin 7.3% 10.1% 5.5% 7.3% 9.0% 12.4%
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25 2Q 2026 EARNINGS PRESENTATION Free Cash Flow Reconciliations Actuals Three months ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net cash flows provided by operating activities $98.6 $57.8 $147.1 $173.2 $105.5 $54.6 ($152.7) $86.3 Net cash flows (used in) provided by operating activities – discontinued operations 0.0 0.0 (0.2) 0.9 0.0 (0.3) (210.6) 2.1 Net cash flows provided by operating activities— continuing operations $98.6 $57.8 $147.3 $172.3 $105.5 $54.9 $57.9 $84.2 Purchases of property, plant and equipment (9.1) (7.4) (17.8) (12.3) (6.0) (4.5) (7.8) (5.4) Proceeds from disposal of property, plant and equipment 0.1 0.0 0.3 0.0 2.5 0.0 4.4 (0.1) FCF $89.6 $50.4 $129.8 $160.0 $102.0 $50.4 $54.5 $78.7 LTM FCF $429.8 $442.2 $442.2 $366.9 $285.6 LTM Sales $3,745.1 $3,573.4 $3,340.1 $3,130.8 $2,915.1 Free Cash Flow Margin 11.5% 12.4% 13.2% 11.7% 9.8%
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26 2Q 2026 EARNINGS PRESENTATION LTM Adjusted EBITDA Reconciliation Actuals Pro Forma(1) Pro Forma(1) Pro Forma(1) Six months ended June 30, Six months ended June 30, Year ended December 31, For the Twelve Months Ended June 30, 2026 2025 2025 2026 Net income (loss) $113.5 $10.8 $58.1 $160.8 Adjustments: Net (income) loss from discontinued operations(2) — (1.0) 1.4 2.4 Interest and financing expenses 147.8 201.6 398.0 344.2 Income tax expense (benefit) 57.9 16.7 49.8 91.0 Depreciation and amortization 107.6 108.1 215.7 215.2 Transaction related expenses(3) 3.2 62.9 68.9 9.2 Restructuring expenses(4) 2.9 4.6 6.0 4.3 Equity appreciation rights expense(5) 26.7 32.7 125.9 119.9 Non-operating expenses (income)(6) — 1.2 (0.8) (2.0) Allocated Madison Industries costs(7) 10.0 5.8 11.0 15.2 Non-recurring professional and consulting expenses(8) 1.9 2.1 8.4 8.2 Loss on extinguishment of debt 27.7 — - 27.7 Gain on insurance proceeds(9) — (5.8) (5.8) - Adjusted EBITDA $499.2 $439.7 $936.6 $996.1 Net Sales $1,915.0 $1,688.8 $3,518.9 $3,745.1 Adjusted EBITDA Margin 26.1% 26.0% 26.6% 26.6% (1) Financial information presented on a Pro Forma basis solely to give effect to the AprilAire Acquisition as if such transaction had occurred on January 1, 2025. See the unaudited pro forma combined statements of operat ions filed as Exhibit 99.1 to this Quarterly Report on Form 10-Q for a description of the adjustments and assumptions underlying the Pro Forma financial information. (2) Represents the results of discontinued operations from the divestiture of Nortek Global HVAC and its subsidiary. (3) Represents direct t ransaction costs related to acquisition and divestiture activity, including transaction fees, due diligence costs, transfer taxes and other di rect costs related to acquisition activities, changes in the fair value of contingent consideration, purchase accounting adjustm ents, and other acquisition related charges, such as integration charges and professional and legal fees, and gain on the disposition of business For the three and six months ended June 30, 2026, transaction expenses included professional and legal fees, and other costs associated with becoming a public company offset by $1.2 million gain on contingent consideration remeasurement. Transaction expenses for the three mo nths and six months ended June 30, 2025 primarily related to the AprilAire Acquisition. (4) Represents costs and expenses in connection with various restructuring initiatives. (5) Represents compensation expense under the EAR Plan and Amended EAR Plan. (6) Represent s foreign currency gains and losses on corporate intercompany loans, gains and losses on sale of fixed assets, gains and losses on marketable securities and other non-operating items. For the three months ended June 30, 2026, non -operating expenses (income) included $1.0 million foreign currency translation gain on intercompany loans, offset by $0.4 million loss on disposal of fixe d assets. For the three months ended June 30, 2025, non-operating expenses (income) included $0.8 million gain on available-for-sale marketable securities, and $1.6 million gain on disposal of fixed assets offset by a $1.9 million foreign currency translation loss on int ercompany loans. For the six months ended June 30, 2026, non-operating expenses (income) included $0.9 million foreign currency translation gain on intercompany loans offset by a $0.5 million loss on disposal of fixed assets. For the six months ended June 30, 2025, non -operating expenses (income) included $1.9 million gain on available-for-sale marketable securities, $1.3 million gain on divestiture of No rtek Global HVAC and its subsidiary, $1.4 million gain on disposal of fixed assets, $0.3 million foreign currency translation s loss on intercompany loans and $0.2 million of pension expense. (7) Represents indirect costs for support received from Madison Industries for cer tain internal and external corporate activities including, but not limited to, consolidation accounting, legal, and other Madiso n Industries corporate and infrastructure related services that will no longer be incurred following the consummation of the Company's IPO. This doe s not include services that will continue to be provided by Madison Industries International Holdings LLC following the consumma tion of the IPO pursuant to the Transition Services Agreement. (8) Represents expenses for professional and consulting services related to no n-recurring transactions. For the three months ended June 30, 2026, non -recurring professional and consulting expenses included $0. 7 million for one-time audit, legal and consulting fees incurred to prepare for IPO and SOX implementation and $0.1 million in consulting fees for productivity improvement projects. For the three months ended June 30, 2025, these services primarily included $0.5 million in consulting fees for productivity improvement projects, $0.3 million in legal fees, and $0.3 million in leadership recruiting and relocation fees. For the six months ended June 30, 2026, non -recurring professional and consulting expenses included $1.6 million for one-time audit, legal and consulting fees incurred to prepare for IPO and SOX implementation and $0.4 million in consulting fees for p roductivity improvement projects. For the six months ended June 30, 2025, these services primarily included $1.2 million in cons ulting fees for productivity improvement projects, $0.4 million in legal fees, and $0.5 million in leadership recruiting and relocation fees. (9) Represents one-time gain on insurance proceeds from damage to one of our manufacturing facilities.
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27 2Q 2026 EARNINGS PRESENTATION Net Leverage Reconciliation December 31, 2025 March 31, 2026 June 30, 2026 Total debt $ 5,650.4 $ 5,648.7 $ 3,053.7 Add: Discounts and financing fees, net 68.6 63.8 32.7 Less: Cash and cash equivalents (208.4) (228.6) (261.8) Total net debt $ 5,510.6 $ 5,483.9 $ 2,824.6 LTM Net income (loss) 58.1 106.8 160.8 LTM Adjusted EBITDA 936.6 968.1 996.1 Total Debt to Net income (loss) 97.3x 52.9x 19.0x Net Leverage 5.9x 5.7x 2.8x Net Debt reduction from IPO proceeds 2,584.2 Adjusted Net Debt 2,899.7 IPO Adjusted Net Leverage 3.0x