Creating a Premier Global Climate Solutions Company January 29, 2026 Forward-Looking Statements and RMT Disclaimer No Offer or Solicitation This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registratio ...

Company Overview - Kelvion is a leading global provider of energy-efficient heat exchange and cooling solutions, with a strong presence in thermal management across various industrial and high-growth markets [2][8] - The company has a significant focus on advanced cooling technologies for data centers, which is its largest and fastest-growing segment [2] - Kelvion plays a crucial role in key energy transition markets, including carbon capture, hydrogen, electrification, renewables, and heat pumps, delivering reliable and sustainable solutions globally [2] Acquisition Details - Apollo-managed funds have agreed to acquire a majority stake in Kelvion from Triton, which will retain a minority interest [1] - The transaction is subject to regulatory approvals and is expected to close between Q4 2025 and Q1 2026 [5] Strategic Positioning - Kelvion has undergone a significant transformation since being acquired by Triton in 2014, shifting its portfolio towards secular megatrends in High Tech and Green Tech [3] - The company is well-positioned to benefit from large secular tailwinds, including the AI and cloud revolution, energy transition, and reindustrialization [4] Management Insights - Apollo's partners expressed confidence in Kelvion's management team and their ability to continue transforming the business into a leading solutions provider [4] - Kelvion's CEO highlighted the company's strength and commitment to innovation, emphasizing the importance of Apollo's expertise in clean energy and industrial technology as a new partner [4] Financial Commitment - Over the past five years, Apollo-managed funds have committed, deployed, or arranged approximately $58 billion in climate and energy transition-related investments [4]

Financial Data and Key Metrics Changes - Revenue for the second quarter increased by 18% to $43 million, up from $36.5 million in the same period last year [7] - Gross profit increased by 35%, with gross margin expanding by 320 basis points to 25.1% compared to 21.9% in the second quarter of last year [8] - Adjusted EBITDA increased by 41.9% to $6.1 million, translating to an adjusted EBITDA margin of 14%, up from 11.9% in the same period last year [8][22] - Net profit increased by 25% compared to 2024 and by 53% year over year in the first half of 2025 [21] Business Line Data and Key Metrics Changes - APU work revenue increased by 12% year over year, but saw a slight sequential decrease due to market volatility [11] - Revenue from trading and leasing tripled, showcasing operational flexibility amid modest MRO intake [12] - All strategic product lines grew double digits year over year, aligning with company expectations [25] Market Data and Key Metrics Changes - Long-term agreement value and backlog increased by $85 million to $524 million, reflecting new contract wins and customer base expansion [5][27] - The backlog for APU and landing gear segments grew to $204 million compared to $170 million at the end of 2025 [27] Company Strategy and Development Direction - The company aims to enhance value for strategic customers by expanding service offerings and exploring strategic acquisitions [14][52] - Focus on operational efficiencies and margin improvement continues, with ongoing initiatives to optimize cost structure and improve product mix [8][72] - The company is well-positioned to manage through macroeconomic challenges and is optimistic about long-term growth prospects [9][86] Management's Comments on Operating Environment and Future Outlook - Management noted that while the aviation sector faces macroeconomic and operational headwinds, the company is well-positioned to navigate these challenges [9] - There is cautious optimism regarding future demand for MRO work, particularly in the APU and landing gear segments [18] - Management emphasized the importance of maintaining operational flexibility to adapt to market dynamics [10][41] Other Important Information - The company completed a financing round of $45 million to strengthen its balance sheet and support growth initiatives [24] - Cash flow from operations was approximately $6.9 million, driven by better collections and improved payment terms [23] Q&A Session Summary Question: Can you discuss the MRO acceleration comments and where the reacceleration is happening? - Management indicated that the MRO market is experiencing a recovery after a period of reduced intake due to airlines managing cash flow by leveraging spare inventories [34][36] Question: What was the largest driver of cash flow in the quarter? - The company highlighted improved collections and tighter controls on inventory management as key drivers of positive cash flow [38][41] Question: How is the APU strategy progressing? - Management confirmed that the strategy is on track, with increasing market share and successful wins in smaller deals leading to larger opportunities [42][44] Question: Are there specific capabilities or products targeted for M&A? - The company aims to expand into more mechanical systems and components while remaining close to its existing capabilities [52] Question: What are the expectations for trading and leasing growth in the second half? - Management noted steady demand for leasing but acknowledged challenges in trading due to reduced teardown activity of old aircraft [64][66]