Cadre (CDRE) investor relations material

Company overview and business model

• Manufactures highly engineered safety equipment for professionals, with 85% of 2025 revenue from products and 15% from distribution.

• Serves over 23,000 first responders and federal agencies in 104+ countries, with 2,600+ employees and 21 manufacturing facilities.

• Focuses on duty gear, EOD, body armor, and nuclear safety, with a strong foundation in innovation and operational excellence.

• Implements a leadership-centric operating model emphasizing lean processes, continuous improvement, and talent development.

• Products have saved 2,281 lives as of August 2026.

Financial performance and outlook

• Total revenue grew 88% and adjusted EBITDA grew 144% from FY2020 to FY2026E, with 430 bps margin expansion.

• Q2 2026 net sales increased 32% YoY to $207.1M, with gross profit up 36% and adjusted EBITDA up 56%.

• FY2026 guidance raised: net sales $749M–$769M, adjusted EBITDA $139M–$144M, capital expenditures $10M–$14M.

• Net leverage at 2.5x as of June 30, 2026, with $53.9M in cash and $374.3M in total debt.

• 165% total shareholder return since IPO.

Growth strategy and M&A

• Completed seven acquisitions since 2022, targeting strong margins, recurring revenues, and defensible market positions.

• Recent acquisitions include Alien Gear Holsters, TYR Tactical, Alpha Safety, Carr's Engineering, ICOR, Cyalume, and Radar 1957.

• M&A strategy focuses on expanding product suite, geographic reach, and entering new verticals with attractive ROIC.

• Over $400M deployed in targeted M&A since January 2024, maintaining a robust pipeline in public safety and nuclear.