VSE Corporation · NASDAQ:VSEC
VSE — Q3 2026 Earnings Presentation
14 slides from VSE's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter 2026 Results Conference Call
Third Quarter 2026 Results Conference Call November 5, 2026 vsecorp.com
Slide 2: Forward-Looking Statements
Introduction Forward-Looking Statements This document contains statements that, to the extent they are not recitations of historical fact, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange A
Slide 3: Q3 2026 Highlights
Q3 2026 Highlights Q3 2026 Highlights Record Operating Results, Integrations Progressing, Completed Strategic Bolt-On Acquisition Record Results Integration and Atech Acquisition Guidance Raised Synergies Expands Proprietary Repair Portfolio Revenue of $541 million, up 91%, Synergies from previously
Slide 4: Consolidated Third Quarter 2026 Financial Highlights
Financial Highlights Consolidated Third Quarter 2026 Financial Highlights Record Results Demonstrate Strength of VSE Platform 3Q’26 Revenue of $541 million increased 91% year-over-year, including ~17% organic growth(1)(2) Organic growth was driven by market share gains and strong engine $541M afterm
Slide 5: Consolidated Third Quarter 2026 Results
Consolidated Results Consolidated Third Quarter 2026 Results Revenue Revenue by Channel 3Q’25 vs. 3Q’26 Distribution MRO $541M +27% +198% $283M $318M +91% $176M $223M $107M Revenue Growth 3Q’25 3Q’26 3Q’25 3Q’26 3Q’25 3Q’26 +126% Net Income Adj. EBITDA(1) Adj. EPS(1) Adj. EBITDA Growth(1) $107M $2.0
Slide 6: Balance Sheet Review as of September 30, 2026
Balance Sheet Balance Sheet Review as of September 30, 2026 Adjusted Net Leverage Ratio Declines to 2.3x Strong cash generation supports continued deleveraging and investment growth Adjusted Net Leverage Ratio(1) Generated approximately $47 million of free cash flow(1) in the third quarter Adjusted
Slide 7: VSE Raises Full Year 2026 Guidance
FY 2026 Guidance VSE Raises Full Year 2026 Guidance Guidance increase reflects strong third quarter performance and a positive outlook for the remainder of the year Revenue Growth Consolidated Adjusted EBITDA%(1) +65-66.5% 18.9-19.1% +61-64% 18.7-19.0% ~$1.1B 16.4% 2025 2026 – 2026 – 2025 2026 – 202
Slide 8: 2026 Priorities
2026 Priorities 2026 Priorities 1 Advance VSE and PAG integration and capture commercial, insourcing, and operating synergies 2 Launch newly awarded distribution and OEM programs 3 Expand engine repair capacity and develop new proprietary repairs 4 Convert organic growth opportunities into new busin
Slide 9: Appendix
Appendix vsecorp.com
Slide 10: 2026 Updated Guidance Modeling Items
FY 2026 Guidance 2026 Updated Guidance Modeling Items Additional FY’26 Modeling Items Interest Expense, Net (1) ~$36-$38 million Depreciation & Amortization ~$96-$100 million Tax Rate ~25% Stock-based Compensation ~$18-$19 million Capital Expenditures as a percentage of sales ~2-2.25% (1) Excludes i
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), this earnings presentation also contains non-GAAP financial measures. These measures provide useful information to investors. VSE considers Adjusted N
Slide 12: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations EBITDA from Continuing Operations and Adjusted EBITDA from Continuing Operations ($ in thousands) Three months ended September 30, 2026 2025 Change Net income from continuing operations $ 47,264 $ 3,591 1,216.2% Interest expense, net 14,097 4,339 224.9% Prov
Slide 13: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations Adjusted Net Income from Continuing Operations and Adjusted EPS (Diluted) from Continuing Operations Three months ended September 30, ($ in thousands, except per share data) 2026 2025 % Change Net income from continuing operations $ 47,264 $ 3,591 1,216.2% A
Slide 14: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations Balance Sheet Reconciliation of Operating Cash Flow to Free Cash Flows ($ in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 Net cash provided by (used in) operating activities $ 55,991 $ 27,557 $ (62,264) $ 37,642 Capital expend