Cadre Holdings, Inc. · NYSE:CDRE
Cadre — Q3 2026 Earnings Presentation
29 slides from Cadre's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026
THIRD QUARTER 2026 November 5, 2026
Slide 2: Forward-Looking Statements
2 FORWARD-LOOKING STATEMENTS Please note that in this presentation we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Priva
Slide 3: Today's Presenters
3 TODAY’S PRESENTERS WARREN KANDERS CEO and Chairman of the Board BRAD WILLIAMS President BLAINE BROWERS Chief Financial Officer
Slide 4: Agenda
4 AGENDA 01 Who We Are 02 Q3 Highlights and Market Trends 03 Financial Summary 04 Increased Full-Year Outlook 05 Conclusion and Q&A
Slide 5: Who We Are
5 WHO WE ARE 01
Slide 6: Global Leader in Highly-Engineered Safety Equipment
6 GLOBAL LEADER IN HIGHLY-ENGINEERED SAFETY EQUIPMENT Public safety + defense • Body armor • Duty gear • Explosive Ordnance Disposal (EOD) Customers: law enforcement, military, bomb technicians Nuclear safety • Containment and handling • Transport packaging • Instrumentation and services Customers:
Slide 7: Investment Highlights
7 INVESTMENT HIGHLIGHTS Mission-critical, recurring demand Over 80% of public safety product lines tied to customer refresh cycles, with industry tailwinds behind them. Leading brands in large markets Leading positions in a $2B core public safety and defense SAM1 , plus a $3– 6B nuclear safety TAM1
Slide 8: Consistent Growth in Public Safety & Defense
8 CONSISTENT GROWTH IN PUBLIC SAFETY & DEFENSE Steady structural demand in core markets with mid-single-digit growth; European + other targeted international opportunities provide platform for higher growth MACRO DRIVER CADRE EXPOSURE EST. GROWTH IN CORE MARKET SERVED Body Armor and Duty Gear Global
Slide 9: Durable Demand Drivers in Nuclear Safety Market
9 DURABLE DEMAND DRIVERS IN NUCLEAR SAFETY MARKET Established funding and objectives across the full nuclear lifecycle, where Cadre’s specialist capabilities meet broad market opportunity ENVIRONMENTAL MANAGEMENT Mandated, multi-decade legacy cleanup at DOE sites, UK NDA estate, Fukushima and intern
Slide 10: Industrial Compounder
10 INDUSTRIAL COMPOUNDER How Cadre turns operating progress into lasting value for shareholders. 01 02 03 Reinvestment • Fund organic opportunities • Acquire selectively • Pay a steadily increasing dividend • Repurchase shares Operating Model • Strategic vision • Continuous improvement • Leadership
Slide 11: Q3 Highlights and Market Trends
11 Q3 HIGHLIGHTS AND MARKET TRENDS 02
Slide 12: Q3 2026 Key Takeaways
12 Q3 2026 KEY TAKEAWAYS FINANCIAL RESULTS AHEAD OF EXPECTATIONS $202.9M Q3 net sales vs. guidance of ~$190M $41.1M Q3 adj. EBITDA vs. guidance of ~$34M +46% y/y Q3 net income of $16.0M DOUBLE-DIGIT ORGANIC GROWTH 10% Organic topline growth in Q3 (excluding Distribution), driven by strong EOD demand
Slide 13: Latest Market Trends: Core L.E. and Defense
13 LATEST MARKET TRENDS: CORE L.E. AND DEFENSE Demand drivers broadening across law enforcement and global defense Rising Safety Threats Increasingly complex threats facing law enforcement and military personnel, driving increased need for mission-critical solutions. Resilient and growing spend worl
Slide 14: Latest Market Trends: Nuclear
14 LATEST MARKET TRENDS: NUCLEAR Cadre Nuclear Group: cleaning up the past, securing the present, enabling the future Nuclear tailwinds strengthening with multi-directional support across all three market segments Environmental Management Multi-decade National Defense +7% House FY27 NNSA mark of $27
Slide 15: M&A Momentum and Disciplined Capital Allocation
15 M&A MOMENTUM AND DISCIPLINED CAPITAL ALLOCATION 8 acquisitions $72.8M dividends paid • Including latest EOD bolt-on completed in November, eight acquisitions in line with disciplined and patient approach • Highly selective key criteria consistently met, focused on strong margins, leading and defe
Slide 16: Highly Selective Approach to M&A
16 HIGHLY SELECTIVE APPRROACH TO M&A STRATEGIC GOALS Enter new markets and geographies Strengthen category leadership Deepen existing customer relationships WHAT WE LOOK FOR Business ✓ Leading market position ✓ Defensible technology ✓ Mission-critical to customers ✓ Strong brand, high switching cost
Slide 17: Q3 Financial Results
17 Q3 FINANCIAL RESULTS 03
Slide 18: Q3 2026 Financial Summary
18 Q3 2026 FINANCIAL SUMMARY NET SALES $155.9M $202.9M Q3 2025 Q3 2026 GROSS PROFIT NET INCOME $66.6M $88.1M Q3 2025 Q3 2026 $10.9M $16.0M Q3 2025 Q3 2026 $29.8M $41.1M Q3 2025 Q3 2026 + 30% YoY + 32% YoY + 46% YoY + 38% YoY ADJ. EBITDA1 42.7% 43.4% 19.1% 20.2% • Reflects current year acquisitions a
Slide 19: Strong Record of Sales and Adj. EBITDA Growth
19 STRONG RECORD OF SALES AND ADJ. EBITDA GROWTH NET SALES ($MM) ADJ. EBITDA1 ($MM) % CAGR 16.5% % Y/Y GROWTH 24.9% at guidance midpoint % CAGR 18.3% % Y/Y GROWTH 27.1% at guidance midpoint $565.4M 3Q26 2023 2024 2025 2026 FY 2024 FY 2023 $567.6M $482.5M $443.1M 3Q25 FY 2025 $610.3M FY 2026 Guidance
Slide 20: Q3 2026 Capital Structure and Allocation
20 Q3 2026 CAPITAL STRUCTURE AND ALLOCATION September 30, 2026 (in thousands) Cash and cash equivalents $ 63,916 Debt: Current portion of long-term debt 20,011 Long-term debt 350,975 Capitalized discount/issuance costs (1,508) Total debt, net $ 369,478 Net debt (Total debt net of cash) $ 305,562 Tot
Slide 21: Increased 2026 Outlook
21 INCREASED 2026 OUTLOOK Attractive end markets and consistent execution driving growth NET SALES $756M to $769M Previous: $749M to $769M ADJ. EBITDA1 $140M to $144M Previous: $139M to $144M CAPITAL EXPENDITURES $11M to $14M 1A non-GAAP financial measure. See slides 28-29 for definitions and reconc
Slide 22: Concluding Highlights
22 CONCLUDING HIGHLIGHTS Mission-critical demand 10% organic growth in Q3, excluding Distribution Leading brands in large markets Safariland selected as FBI armor kit panel provider Active acquisition pipeline EOD bolt-on closed in November, 8th transaction since 2022 Cadre operating model Adj. EBIT
Slide 23: Appendix
23 APPENDIX
Slide 24: Balance Sheet
24 BALANCE SHEET UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) September 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 63,916 $ 122,898 Restricted cash 3,796 2,429 Accounts receivable, net of allowance for doubtful accounts of $383 and $273, respectively
Slide 25: Statement of Operations
25 UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) STATEMENT OF OPERATIONS Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net sales $ 202,876 $ 155,869 $ 565,431 $ 443,084 Cost of goods sold 114,785 89,244 330,039 256,079 Gross profit 88,091 66,625
Slide 26: Cash Flows (Operating Activities)
26 UNAUDITED (IN THOUSANDS) Nine Months Ended September 30, 2026 2025 Cash Flows From Operating Activities: Net income $ 29,367 $ 32,400 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 18,335 13,908 Amortization of original issue discou
Slide 27: Cash Flows (Financing Activities)
27 UNAUDITED (IN THOUSANDS) Nine Months Ended September 30 2026 2025 Cash Flows From Financing Activities: Proceeds from revolving credit facilities 82,500 — Payments on revolving credit facilities (82,500) — Proceeds from term loans 75,000 97,500 Principal payments on term loans (13,101) (9,723) Ta
Slide 28: Non-GAAP Reconciliation
28 NON-GAAP RECONCILIATION 1. Reflects the “Restructuring and transaction costs” line item on our condensed consolidated statements of operations, which primarily includes transaction costs composed of legal and consulting fees. In addition, this line item reflects a $1.0 million fee paid to Kanders
Slide 29: Use of Non-GAAP Measures
29 USE OF NON-GAAP MEASURES The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). The press release contains the non-GAAP measures: (i) earnings before interest, taxes, other income or expense, depreciation and amortization (“EBITDA”), (