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Powell Industries , Inc. ( NASDAQ : POWL ) Investor Presentation August 2026 .P POWELL
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Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact, included in this presentation are forward-looking statements. Such forward-looking statements include, but are not limited to, projections and estimates concerning the timing and success of specific projects, our future backlog, revenues, income, acquisitions, including the Remsdaq acquisition, liquidity, capital spending, results of operations and financial condition, dividends, as well as other statements that are not historical facts contained in or incorporated by reference into this presentation. These forward-looking statements speak only as of the date of this presentation; we disclaim any obligation to update or revise these statements unless required by applicable law, whether as a result of new information, future events or otherwise; and we caution you not to unduly rely on them. We have based these forward-looking statements on expectations and assumptions of management at the time the statements were made. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties that could cause actual results to differ materially from those included in this presentation, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties relate to, but are not limited to, the factors detailed herein and in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other SEC filings, which are available on our website at powellindustriesinc.gcs-web.com. We can provide no assurance that the forward-looking statements contained in this presentation will occur as expected, and actual results may differ materially from those included in this presentation. Non-GAAP Financial Measures This presentation includes non-GAAP financial measures, which help facilitate comparison of company performance across periods. For a reconciliation of non-GAAP measures included herein to the nearest corresponding GAAP measure, please see the appendix to this presentation. 2
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75% 18% 7% 51% 25% 4% 16% 4% Other Powell Industries … Who We Are ✓ Founded in 1947 with headquarters in Houston, Texas ✓ FY2025 revenues of $1.1B ✓ A solutions provider for complex electrical applications ✓ Unleveraged balance sheet ✓ Global manufacturing footprint FY2025 Revenue by Geography FY2025 Revenue by Sector FY2025 Employees by Geography Oil & Gas and Petrochemical Commercial & Other Industrial Electric Utility $1.1B 3,143 USA Canada UK/ROW Light Rail Traction Power 3 80% 14% 6% USA Canada UK/ROW $1.1B
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Experts in Electrical Distribution 4 Leader in the custom design, manufacture and service of complex electrical solutions where critical power applications demand safe and reliable supply
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Market Focus 5 Voltage Product Complexity Customer Relationships 480/690V – 38,000V Low and Medium Voltage Applications Complex, Engineered-to-Order Long-term, Repeat Customers 120V 750kV Standard Transactional Custom Relationship Nature of Highly Complex, Custom Solutions Fosters Recurring Customers Configure to Order
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Focusing on Electrical Distribution 6 Switching, Connecting & Distribution Loads < 69kV &1 2 3 Asset Management Through Data & Analytics of Switch & Protective devices 1 2 3
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Switchgear Solutions Engineered to Order Customized Power Distribution Flexible design and construction to your unique application Meets or exceeds the requirements of national, regional and local standards Experienced technical resources driving superior end products Reliable, engineered to order, tested electrical solutions International Electrotechnical Commission (IEC) Predominant Standard Outside North America American National Standards Institute (ANSI) Predominant Standard in North America 7
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Integrated Power Solutions Secure factory controlled environment for fabrication versus jobsite construction Expertise of electrical distribution & control while compliant to latest building & energy codes Coordination of multiple interfaces & auxiliary systems with the highest safety standards Fully complete, operationally ready, integrated and tested solution Optimizing Electrical Power Solutions Power Control Room Custom Engineered Module 8
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Typical Power Control Room 9 Typical PCR Project ✓ Engineered to Order ✓ ~45 engineers ✓ ~97 sub-suppliers ✓ ~4,400 purchased components ✓ ~750 electrical & mechanical drawings 9
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Control & Monitoring Solutions Intelligent Power Products Digital Sensors and Asset Management Custom Engineered Control Power Management and System Integration 10 Power management, control, electrical asset health monitoring & management System architecture design, integrating intelligent electrical devices & industry standard protocols Standard & engineered to order applications with custom engineered user interface Robust integration testing of application, control and monitoring solutions Delivered Value
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Executing the Automation Strategy The recent Remsdaq Ltd. acquisition advances Powell’s automation capabilities • Remsdaq – Remote Supervisory Data Acquisition • Founded in 1974 … Well established in UK utility market • Located in purpose built 44,000 SF facility • Approximately 60 employees SCADA Remote Terminal Units SCADA Remote Terminal Units (RTUs) are used by utility operators to monitor and control their assets. Remsdaq leads District Network Operators (DNOs) in the UK and overseas supplying SCADA RTUs and monitoring software. Access Control Systems Integrated Security provides a range of products from readers and access control panels to management software and perimeter intrusion detection systems (PIDS). Engineering and Support Services Support services including technical support, training schools, installation, commissioning and maintenance engineers.
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Oil, Gas and Petrochemicals Processing liquids & gases requires safe reliable energy • Liquefied Natural Gas (LNG) • Refining • Petrochemical • Pipelines • Biofuels, Hydrogen, Carbon Capture Primary End Markets Industrial & Commercial Applications Industries that require or produce large amounts of electrical energy • Utilities – Generation & Distribution • Data Centers • Transportation – Light Rail • Metals and Mining • Pulp and Paper 12
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Competitors / Partners 13 Unique Position as a full line manufacturer with complete integration capability at multiple locations Electrical Equipment Manufacturers Regional Fabricators/Integrators HVAC Systems Fire / Gas Detection Safety Stations Battery Systems Communications 3rd Party Certification
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Strategic Focus Areas 14 Growing Electrical Automation Expanding the Services Franchise Diversification of the Product Portfolio ❖ Leverage established & reputable history of electrical automation solutions ❖ Address the growing need to protect, monitor & control high value assets ❖ Remote diagnostics, predictive analytics & preventative maintenance ❖ Deliver value added, differentiated services ❖ Focus on strategic geographic opportunities ❖ Improve operational performance with digital technologies ❖ Target tangential applications, complementing Powell’s product offerings ❖ Explore opportunities to expand scope into new electrical technologies ❖ Reduce risk through counter cyclical product offerings Focused on Enhancing Profitability Across Strategic Applications
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Capital Allocation Framework 15 Targeting a balanced approach to capital allocation to maximize return on capital, while supporting our strategic initiatives and driving sustainable, long-term shareholder value Utilize capital to support long-term growth plans in key markets Robust processes to develop new products and services, investing in our technology and people Organic Growth Leverage our history of innovation and commitment to R&D Shareholder Return Enhance long-term shareholder returns through dividends Consistent quarterly dividend for 52 consecutive quarters Dividend increased for third consecutive year effective 2Q FY2026 Inorganic Growth Broaden capabilities & ability to compete in new markets Targeting end market opportunities that will capitalize on new technologies & markets that align to strategy and return objectives Working Capital Ensuring sufficient working capital to serve customers Exceptionally strong Balance Sheet Strong emphasis on maintaining robust working capital and liquidity
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Capital Allocation (FY2021 – Present) 16 Cash balance as of 6/30/2026 $634 Dividend-a) Capex R&D Approximately half of cash balance will be deployed to working capital to support the backlog ~$13M ~$13M ~$16M ~$250-275 million “Free” cash provides optionality to grow the business, both organically and inorganically • Committed to prudently growing the dividend • Addressing capacity & product gaps through CapEx and R&D • Significant cash balance and debt-free balance sheet Cash Beyond Growth & Return Initiatives Capital Allocation (FY2021 – 3Q FY2026) Location Investment Timing Status Fabrication Yard (Jacintoport) $3M FY2024 Complete New Property $6M FY2024 Complete Mfg Expansion $11M FY2025 Complete Remsdaq Acquisition $18M-a) FY2025 Complete Fabrication Yard (Jacintoport) $12M - $13M FY2026 In Process Notable Capital Allocation FY2024+ Jacintoport Expansion ~$13M Based on FY2024-26 Trend (a- Except as disclosed in our SEC filings to date, no dividends have been declared. 3 2 8 12 13 107 7 6 9 11 1212 12 12 13 13 10 14 2021 2022 2023 2024 2025 3QYTD FY2026Capital Spending R&D Dividends M&A $22 $21 $26 $34 $51 $32 ($ Million) (a- Includes $4.6M of cash acquired (Announced)
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Historical Financials 17 (a- See Supplemental Financial Information regarding non -GAAP reconciliations. Demonstrated Operational & Financial Discipline Across Industry Cycles (b- FY2022 diluted EPS includes unusual items totaling $0.27. FY2023 diluted EPS includes unusual items totaling $0.13 (c- The Diluted Earnings per Share have been adjusted to reflect the effect of the 3 for 1 Stock Split. ($000) Excluding EPS Net Revenue Gross Profit % EBITDA Margin %-a) D&A Capital Spending Diluted Earnings Per Share-b) -c) Operating Cash Flow FY2021 470,559 16.0% 2.4% 10,335 2,931 0.02$ (30,461) FY2022 532,582 16.0% 3.5% 9,358 2,451 0.38$ (3,582) FY2023 699,308 21.1% 10.2% 8,606 7,819 1.50$ 182,553 FY2024 1,012,356 27.0% 18.3% 6,871 11,983 4.10$ 108,661 FY2025 1,104,318 29.4% 20.4% 7,265 13,149 4.95$ 167,937 3QYTD FY2026 859,539 29.6% 19.9% 6,496 10,386 3.81$ 195,038
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Book to Bill Backlog, Orders & Revenue Trend 18 ❑ TTM rolling Book to Bill ratio → 1.8x ❑ Healthy backlog … Booking into Fiscal 2028 ❑ Backlog convertibility typically 12-18 months ❑ Strong activity across all end markets Fiscal 2026 Highlights ($ Million) (a- The amounts recorded in backlog may not be a reliable indicator of our future operating results and may not be indicative of continuing revenue performance over future fiscal quarters or years primarily due to unexpected contract adjustments, cancellations or scope reductions. (b- New orders (bookings) represent the estimated value of contracts added to existing backlog (unsatisfied performance obligations). $404 $719 $1,397 $1,056 $1,151 $1,863 $0 $500 $1,000 $1,500 $2,000 $2,500 FY2021 FY2022 FY2023 FY2024 FY2025 3QYTD FY2026 Orders-b) $415 $592 $1,293 $1,334 $1,376 $2,375 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 FY2021 FY2022 FY2023 FY2024 FY2025 3QYTD FY2026 Backlog-a) - 0.5 1.0 1.5 2.0 2.5 $0 $200 $400 $600 $800 $1,000 3Q-23 4Q-23 1Q-24 2Q-24 3Q-24 4Q-24 1Q-25 2Q-25 3Q-25 4Q-25 1Q-26 2Q-26 3Q-26 Revenue Orders TTM Book to Bill Ratio
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FY2021 FY2022 FY2023 FY2024 FY2025 3QYTD FY2026 Sector Backlog Diversification 19 Electric Utility and Commercial & Other Industrial Backlog Growing Substantially % of Total: Backlog from Electric Utility and Commercial & Other Industrial Sectors: Commercial & Other Industrial 3% 13% 11% 13% 15% 40% Electric Utility 21% 27% 20% 29% 33% 24% Oil & Gas 51% 36% 43% 34% 33% 24% Petrochemical 11% 13% 17% 15% 8% 7% Traction 12% 8% 6% 6% 8% 4% Other 2% 3% 3% 3% 3% 1% Total Backlog $ $415 $592 $1,293 $1,334 $1,376 $2,375 ($ Million) 29% 15% 40% 13% 11% 3%$100 $236 $393 $561 $666 $1,536 Commercial & Other Industrial (Data Centers, Pulp & Paper, Mining) Electric Utility (Power Distribution & Power Generation Facilities) 13% 21% 27% 20% 33% 24%
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Global Presence 20 21% Total Revenue • 5 Manufacturing Sites • 3 Service/Sales Offices United States • 2 Manufacturing Sites • 1 Service/Sales Office Canada • 2 Manufacturing Sites • 3 Service/Sales Offices UK/Rest of World Electrical Standard + 79% Total Revenue ($ Million) $352 $405 $558 $847 $880 $678 $0 $200 $400 $600 $800 $1,000 FY2021 FY2022 FY2023 FY2024 FY2025 3QYTD FY2026 US Revenue $119 $128 $141 $166 $224 $182 $0 $100 $200 $300 FY2021 FY2022 FY2023 FY2024 FY2025 3QYTD FY2026 International Revenue $471 $533 $699 $1,012 $1,104 $860 $0 $300 $600 $900 $1,200 FY2021 FY2022 FY2023 FY2024 FY2025 3QYTD FY2026 Total Revenue
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Revenue Mix By Sector 21 Electric Utility Light Rail Traction Power Commercial & Other IndustrialPetrochemical • Oil & Gas … LNG, Hydrogen, Carbon Capture, Alternative Fuels, Mid/Downstream processing • Electric Utility … Targeting power distribution and power generation facilities • Commercial & Other Industrial … Data Centers, Pulp & Paper, Mining • Petrochemical … Downstream industrial transformational processes • Light Rail Traction Power … Supporting global light rail infrastructure • Other … Universities, Original Equipment Manufacturers, Government Sectors Other FY2023 $699 million Oil & Gas FY2024 $1,012 million FY2025 $1,104 million ($ Million) 3QYTD FY2026 $860 million
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Attractive Investment Opportunity 22 • Leader in engineer-to-order, value added solutions for complex electrical distribution applications that require the management & control of electrical energy • Domain expertise on complex, large projects where customer risk is high • Products are typically on the ‘critical path’ for large EPC projects • The growth in electrification requirements across the global landscape that is driving increased demand for power, requires reliable, safe and efficient power solutions • Commercial & Other Industrial activity increasing as the demand for electric distribution equipment grows • Strong product lineup through a history of innovation and R&D, coupled with in -house engineering & manufacturing capabilities • Strong presence in medium voltage breaker market with Powl/Vac® breaker and the Power/Vac® breaker acquired from General Electric • Strategic efforts focused on diversification into nascent markets such as alternative fuels, hydrogen, energy storage and carbon capture and sequestration • Very strong balance sheet and zero debt offers optionality
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Appendix
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Manufacturing Locations 24 Mosley Road Houston, Texas Corporate Office Manufacturing Facility 428,515 Square Feet Airport Blvd. Houston, Texas Office Manufacturing Facility 346,554 Square Feet Jacintoport Blvd. Houston, Texas Office Fabrication Yard / 62 Acres 82,320 Square Feet Galveston Bay Access Hansen Road Houston, Texas Warehouse Facility 9.3 Acres 37,200 Square Feet
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Manufacturing Locations 25 Railroad Avenue Northlake, Illinois Office Manufacturing Facility 103,500 Square Feet Pleasantwood Avenue North Canton, Ohio Office Manufacturing Facility 115,200 Square Feet Powell Canada Acheson, Alberta Office Manufacturing Facility 330,168 Square Feet
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Manufacturing Locations 26 Powell UK Bradford, West Yorkshire Office Manufacturing Facility 129,200 Square Feet Nextron, A Division of Powell Calgary, Alberta Office Manufacturing Facility 10,978 Square Feet Remsdaq Ltd, A Division of Powell Deeside, Wales Office Manufacturing Facility 42,329 Square Feet
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Income Statement Metrics (b- FY2022 diluted EPS includes unusual items totaling $0.27. 27 (c- FY2023 diluted EPS includes unusual items totaling $0.13. (a- See Supplemental Financial Information regarding non-GAAP reconciliations. ($ Million) (d- The Diluted Earnings per Share have been adjusted to reflect the effect of the 3 for 1 Stock Split. $75 $85 $148 $273 $324 $255 16.0% 16.0% 21.1% 27.0% 29.4% 29.6% 0% 10% 20% 30% 40% $0 $50 $100 $150 $200 $250 $300 $350 FY2021 FY2022 FY2023 FY2024 FY2025 3QYTD FY2026 Gross Profit Gross Profit GP% $74 $78 $85 $94 $106 $90 15.7% 14.6% 12.2% 9.3% 9.6% 10.4% 0% 10% 20% 30% 40% $0 $50 $100 $150 FY2021 FY2022 FY2023 FY2024 FY2025 3QYTD FY2026 SG&A (Includes R&D Expense) SG&A SG&A% $11 $19 $71 $186 $225 $171 2.4% 3.5% 10.2% 18.3% 20.4% 19.9% 0% 5% 10% 15% 20% 25% $0 $50 $100 $150 $200 $250 FY2021 FY2022 FY2023 FY2024 FY2025 3QYTD FY2026 EBITDA-a) EBITDA EBITDA % $415 $592 $1,293 $1,334 $1,376 $2,375 $0.02 $0.38 $1.50 $4.10 $4.95 $- $2.00 $4.00 $6.00 $8.00 $0 $500 $1,000 $1,500 $2,000 $2,500 FY2021 FY2022 FY2023 FY2024 FY2025 3QYTD FY2026 Backlog & EPS-d) Backlog EPS $3.81 -b) -c)
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Balance Sheet Metrics 28 Exceptional Balance Sheet & Strong Liquidity Position Sept Sept Sept Sept Sept June FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Cash and ST Investments 134$ 117$ 279$ 358$ 476$ 634$ Debt 0.4$ -$ -$ -$ -$ -$ Equity 301$ 297$ 345$ 483$ 641$ 756$ Working Capital-a) 181.3$ 183.6$ 226.3$ 348.5$ 485.3$ 606.5$ Avg Working Capital Turns-a) 2.6x 3.0x 3.5x 3.6x 2.7x 2.2x Current Ratio 2.5 to 1 2.0 to 1 1.6 to 1 1.8 to 1 2.1 to 1 2.0 to 1 DSO 54 days 59 days 89 days 70 days 66 days 105 days Return on Equity %-b) 0.2% 4.6% 15.8% 31.0% 28.2% 25.2% (a- Working Capital is equal to current assets (including Cash and ST Investments) minus current liabilities (b- Return on Equity % is equal to TTM Net Income divided by Total Stockholders' Equity ($MM, except where otherwise indicated)
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Supplemental Financial Information 29 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q3YTD 2026 Reconciliation of Net Income to EBITDA Net income 631$ 13,737$ 54,525$ 149,848$ 180,747$ 139,437$ Plus: Income tax provision (benefit) 461 (3,894) 14,425 46,240 52,803 38,506 Net interest income (73) (334) (6,430) (17,315) (15,690) (13,515) Depreciation and amortization 10,335 9,358 8,606 6,871 7,265 6,496 EBITDA 11,354$ 18,867$ 71,126$ 185,644$ 225,125$ 170,924$ Revenues 470,559$ 532,582$ 699,308$ 1,012,356$ 1,104,318$ 859,539$ EBITDA Margin % 2.4% 3.5% 10.2% 18.3% 20.4% 19.9% Non-GAAP Reconciliations $000, except for otherwise indicated
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Powell Industries, Inc. (NASDAQ:POWL) Investor Presentation August 2026