Form 8-K

8-K — GRAHAM CORP

Accession: 0001193125-26-260670

Filed: 2026-06-08

Period: 2026-06-08

CIK: 0000716314

SIC: 3560 (GENERAL INDUSTRIAL MACHINERY & EQUIPMENT)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — d79259d8k.htm (Primary)

EX-99.1 (d79259dex991.htm)

EX-99.2 (d79259dex992.htm)

EX-99.3 (d79259dex993.htm)

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8-K

8-K (Primary)

Filename: d79259d8k.htm · Sequence: 1

8-K

GRAHAM CORP false 0000716314 0000716314 2026-06-08 2026-06-08

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): June 8, 2026

Graham Corporation

(Exact name of Registrant as specified in its charter)

Delaware

001-08462

16-1194720

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

20 Florence Avenue, Batavia, New York

14020

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (585) 343-2216

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.10 per share

GHM

NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.

Results of Operations and Financial Condition.

On June 8, 2026, Graham Corporation (the “Company”) issued a press release describing its results of operations and financial condition for its fourth quarter and fiscal year ended March 31, 2026 (“Fiscal 2026”). The Company’s earnings press release is furnished to this Current Report on Form 8-K as Exhibit 99.1.

Item 7.01.

Regulation FD Disclosure.

On June 8, 2026, the Company will post on its website at www.grahamcorp.com supplemental data tables, furnished hereto as Exhibit 99.2, regarding historical sales, orders and backlog information.

Additionally, on June 8, 2026, the Company will post slides with respect to its fourth quarter and Fiscal 2026 financial results to the Investor Relations section of its website that will accompany the Company’s earnings conference call and webcast. The slides are furnished as Exhibit 99.3.

The information furnished pursuant to these Items 2.02 and 7.01, including Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under such section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit

No.

Description

99.1

Press Release dated June 8, 2026 describing the results of operations and financial condition for Graham Corporation’s fourth quarter and fiscal year ended March 31, 2026.

99.2

Supplemental Data Tables.

99.3

Slides with respect to Graham Corporation’s fourth quarter and Fiscal 2026 financial results for the June 8, 2026 Earnings Conference Call and Webcast.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

Graham Corporation

Date: June 8, 2026

By:

/s/ Christopher J. Thome

Christopher J. Thome

Vice President – Finance, Chief Financial Officer and Chief Accounting Officer

EX-99.1

Filename: d79259dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

News Release

Graham Corporation • 20 Florence Avenue • Batavia, NY 14020

IMMEDIATE RELEASE

Graham Corporation

Reports Fourth Quarter and Full-Year Fiscal 2026 Results

•

Record quarterly and full year revenue increased 13% to $67.1 million and 17% to $245.3 million,

respectively

•

Quarterly net income per diluted share was $0.18; Fiscal 2026 net income per diluted share was $1.12

•

Quarterly Adjusted net income per diluted share1 was $0.33; Fiscal 2026 Adjusted net income per diluted share1 increased 13% to $1.40

•

Quarterly Adjusted EBITDA1 was $6.8 million; Fiscal

2026 Adjusted EBITDA1 increased 16% to $26.0 million

•

Record backlog2 of $532.6 million, increasing 29%

year-over-year, benefiting from record full year orders2 of $359 million (Book-to-Bill2 1.5x)

•

Completed acquisition of FlackTek™, establishing

advanced mixing and materials processing as Graham’s third core technology platform and further expanding capabilities across all our markets

•

Fiscal 2027 revenue and Adjusted EBITDA1 guidance reflects

continued growth and is in line with our long-term goals

BATAVIA, NY, June 8, 2026 – Graham Corporation

(NYSE: GHM) (“GHM,” “Graham,” or the “Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer, vacuum, and advanced mixing technologies for the Defense,

Energy & Process, and Space industries, today reported financial results for the fourth quarter and fiscal year ended March 31, 2026 (“fiscal 2026”).

Graham’s President and Chief Executive Officer, Matthew J. Malone stated, “Fiscal 2026 was another year of strong execution and continued momentum

across Graham. We delivered record annual revenue, orders, and backlog, as well as a 1.5x book-to-bill ratio, reflecting sustained demand across our core end markets and

the strength of our diversified business model. During the year, we continued executing on strategic initiatives to drive sustainable long-term value creation including investments focused on capability and capacity expansion, operational

excellence, and next generation technology, which are expected to deliver returns on invested capital above 20%.”

Mr. Malone continued,

“As we enter fiscal 2027, we remain focused on disciplined execution and strategic investments that enhance our capabilities and support long-term profitable growth. We believe our record backlog, strong pipeline, and ongoing integration

initiatives provide meaningful visibility and line of sight to deliver our fiscal 2027 objectives.”

Adjusted net income per diluted share and Adjusted EBITDA are

non-GAAP measures. See attached tables and other information for important disclosures regarding Graham’s use of these non-GAAP measures.

Orders, backlog and

book-to-bill ratio are key performance metrics. See “Key Performance Indicators” below for important disclosures regarding Graham’s use of these

metrics.

Graham Corporation Reports Fourth Quarter and Full-Year Fiscal 2026 Results

June 8, 2026

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of 11

Fourth Quarter and Full Year Fiscal 2026 Performance Review

(All comparisons are with the same prior-year period unless noted otherwise.)

($ in thousands except per share data)

Q4 FY26

Q4 FY25

$ Change

% Change

FY 2026

FY 2025

Change

% Change

Net sales

67,078

59,345

7,733

245,293

209,896

35,397

Gross profit

15,254

16,008

(754

)

-5

57,750

52,861

4,889

Gross margin

22.7

27.0

-430

bps

23.5

25.2

-170

bps

Operating income

2,658

5,519

(2,861

)

-52

15,017

15,188

(171

)

-1

Operating margin

4.0

9.3

-530

bps

6.1

7.2

-110

bps

Net income

1,970

4,395

(2,425

)

-55

12,500

12,230

270

Net income margin

2.9

7.4

-450

bps

5.1

5.8

-70

bps

Net income per diluted share

0.18

0.40

(0.22

)

-55

1.12

1.11

0.01

Adjusted net income*

3,717

4,752

(1,035

)

-22

15,598

13,716

1,882

Adjusted net income per diluted share*

0.33

0.43

(0.10

)

-23

1.40

1.24

0.16

Adjusted EBITDA*

6,818

7,650

(832

)

-11

25,995

22,429

3,566

Adjusted EBITDA margin*

10.2

12.9

-270

bps

10.6

10.7

-10

bps

Graham believes that, when used in conjunction with measures prepared in accordance with U.S. generally

accepted accounting principles (“GAAP”), adjusted net income, adjusted net income per diluted share, adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP measures, help in the

understanding of its operating performance. See attached tables and other information provided at the end of this press release for important disclosures regarding Graham’s use of these non-GAAP

measures.

Fourth Quarter Fiscal 2026 Commentary

Quarterly net sales increased 13% to a record $67.1 million compared with the prior-year period, driven primarily by continued strength in the Defense

market, building momentum in the Space market, and contributions from recently acquired businesses. Sales to the Defense market continued to benefit from strong program execution, capability and capacity expansion, and demand across key naval

defense platforms. Space revenue increased 14% over the prior year due to the ramp up of existing programs.

Sales to the Energy & Process market

remained consistent with the prior year quarter, supported by solid aftermarket demand, continued activity within New Energy applications, including small modular reactor opportunities, and the recent acquisition of FlackTek Manufacturing, LLC and

FlackTek Sales, LLC (collectively, “FlackTek”), which contributed $2.8 million to sales during the quarter. While elevated oil prices have supported steady maintenance activity levels, customers continue to exhibit caution around

large capital project spending amid ongoing geopolitical uncertainty.

Gross profit for the quarter was $15.3 million, or 22.7% of sales, compared

with 27.0% in the prior-year period. Gross margin reflected a less favorable mix, including an increased level of lower-margin Defense sales and FlackTek revenue due to purchase accounting adjustments, as well as lower Aftermarket sales in

comparison to the prior year, partially offset by improved operational execution.

Selling, general and administrative expense (“SG&A”),

including amortization, increased primarily due to acquisition and integration costs, additional SG&A costs related to the recently acquired FlackTek operations, and continued investments in people, processes, and technology.

Full-Year Fiscal 2026 Commentary

Net sales for fiscal

2026 increased 17% to a record $245.3 million compared with fiscal 2025, driven primarily by continued growth within the Defense market, sustained demand across Graham’s diversified end markets, and contributions from acquisitions.

Defense revenue increased significantly year-over-year primarily due to new programs, growth in existing programs, and the timing of project milestones. Space market revenue was

Graham Corporation Reports Fourth Quarter and Full-Year Fiscal 2026 Results

June 8, 2026

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consistent with the prior year, but is expected to ramp in fiscal 2027 as orders increased 76% year-over-year, reflecting strong long-term demand fundamentals and program growth. Revenue within

the Energy & Process market increased 14% year-over-year as strong aftermarket activity, growth within New Energy applications and contributions from the FlackTek acquisition were partially offset by continued softness in large capital

project spending.

Gross profit increased 9% to $57.8 million, and gross margin was 23.5% of sales. Profitability continued to benefit from higher

production volumes, operational efficiencies, pricing discipline, and strategic investments made throughout the business but were offset by a higher mix of lower margin sales including increased material content and Defense revenue, incremental

tariff impacts of approximately $1.0 million, and the non-recurrence of the prior year BlueForge Alliance grant related to defense welder training initiatives.

SG&A, including amortization, totaled $43.4 million compared with $38.9 million in the prior year, reflecting continued investments in people,

processes, and technologies, acquisition and integration activities, and additional SG&A costs related to the recently acquired FlackTek operations.

Cash Management and Balance Sheet

Cash provided by

operating activities for fiscal 2026 was $15.9 million, reflecting strong cash net income partially offset by higher working capital balances. Note that cash flow from operations for the fourth quarter of fiscal 2026 were negatively impacted by

approximately $4 million related to transaction bonuses assumed in the FlackTek acquisition that were awarded by the previous owners of FlackTek but paid by the Company and was a reduction to the cash purchase price paid.

As of March 31, 2026, cash and cash equivalents were $6.6 million compared with $21.6 million on March 31, 2025. Capital expenditures, net

for fiscal 2026 were $15.8 million and focused primarily on capability and capacity expansion, automation, productivity improvements, and advanced manufacturing capabilities, all of which are expected to deliver returns on invested capital

above 20%.

During the first quarter of fiscal 2027, Graham further strengthened its balance sheet and financial flexibility through a $50 million

investment from accounts advised by T. Rowe Price. The Company utilized $13 million of the proceeds for debt repayment and is expected to utilize the remaining proceeds to help fund future organic and inorganic growth opportunities.

The Company currently has access to approximately $74 million of liquidity under its revolving credit facility.

Orders, Backlog, and Book-to-Bill Ratio

See supplemental data filed with the Securities and Exchange Commission on Form 8-K and provided on the

Company’s website for a further breakdown of orders and backlog by market. See “Key Performance Indicators” below for important disclosures regarding Graham’s use of these metrics ($ in millions).

Q1 25

Q2 25

Q3 25

Q4 25

FY25

Q1 26

Q2 26

Q3 26

Q4 26

FY26

Orders

55.8

63.7

24.8

86.9

231.1

125.9

83.2

71.7

78.7

359.4

Backlog

396.8

407.0

384.7

412.3

482.9

500.1

515.6

532.6

Orders for the fourth quarter of fiscal 2026 were $78.7 million, representing a book-to-bill ratio of 1.2x. Full year fiscal 2026 orders were a record $359.4 million, resulting in a book-to-bill ratio of

1.5x.

Backlog at fiscal year-end reached a record $532.6 million, increasing 29% compared with the prior

year, driven primarily by continued strength in the Defense and Space markets.

The Company continues to experience strong demand across its core Defense,

Space, and New Energy platforms and expects favorable long-term market fundamentals supporting future growth. Management believes the Company’s backlog provides visibility into future revenue generation and supports its long-term growth

objectives.

Approximately 35% to 40% of backlog is expected to convert to revenue over the next twelve months, with the remainder extending over multiple

years, primarily within the Defense market.

Graham Corporation Reports Fourth Quarter and Full-Year Fiscal 2026 Results

June 8, 2026

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Fiscal 2027 Outlook

(as of June 8, 2026)

Fiscal 2027 Guidance

Net Sales

$285 million to $295 million

Gross Margin

24.5% to 25.5% of sales

SG&A expense (including

amortization)(1)(2)

16.5% to 17.5% of sales

Adjusted EBITDA(2)(3)(4)

$35 million to $40 million

Effective Tax Rate

18% to 20%

Capital Expenditures

$18.0 million to $22.0 million

(1)

Includes approximately $4.0 million to $5.0 million of equity-based compensation, net

acquisition & integration costs, and enterprise resource planning (“ERP”) conversion costs included in SG&A.

(2)

Includes approximately $2.5 million of incremental costs to invest in people, processes, and technology

to enable future growth and accelerate the commercialization of Graham products and technologies.

(3)

Excludes net interest (income) expense, income taxes, depreciation, and amortization from net income, as

well as approximately $4.0 million to $5.0 million of equity-based compensation, net acquisition & integration costs, and ERP conversion costs.

(4)

See “Forward-Looking Non-GAAP Measures” below for

additional information.

Graham’s Chief Financial Officer, Christopher J. Thome, said, “We are pleased with our fiscal

2026 performance which met our raised guidance for the year and reflected continued operational execution, strong order activity, and disciplined investment across the business. During the year, we continued investing in automation, advanced

manufacturing capacity and capabilities, our technology, and strategic growth initiatives intended to support long-term scalable growth and margin expansion, and are expected to generate returns on invested capital above 20%.

“As we enter fiscal 2027, we remain focused on disciplined execution, integrating FlackTek, and continuing to invest in our people, processes, and

technology to enable future growth and accelerate the commercialization of our products and technologies. We believe the underlying momentum of the business remains strong and supports our long-term profitability objectives. Our fiscal 2027 revenue

and Adjusted EBITDA guidance reflects continued growth and is in line with our long-term goals.”

Webcast and Conference Call

GHM’s management will host a conference call and live webcast on June 8, 2026, at 11:00 a.m. Eastern Time (“ET”) to review its financial

results as well as its strategy and outlook. The review will be accompanied by a slide presentation, which will be made available immediately prior to the conference call on GHM’s investor relations website.

A question-and-answer session will follow the formal presentation. GHM’s

conference call can be accessed by calling (201)-689-8560. Alternatively, the webcast can be monitored from the events section of GHM’s investor relations website.

A telephonic replay will be available from 3:00 p.m. ET today through Monday June 15, 2026. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13760742 or access the webcast replay via the Company’s website at ir.grahamcorp.com, where a transcript will also be posted once available.

About Graham Corporation

Graham is a global leader in

the design and manufacture of mission critical fluid, power, heat transfer, vacuum, and advanced mixing technologies for the Defense, Energy & Process, and Space industries. Graham Corporation and its family of global brands are built upon

world-renowned engineering expertise, proprietary technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems. Graham Corporation routinely

posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.

Graham Corporation Reports Fourth Quarter and Full-Year Fiscal 2026 Results

June 8, 2026

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Safe Harbor Regarding Forward Looking Statements

This news release 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.

Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by

words such as “continue,” “estimate,” “expects,” “future,” “outlook,” “believes,” “could,” “guidance,” “goal,” “may”,

“will,” “plan” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to,

profitability of future projects and the business, its ability to deliver to plan, its ability to continue to strengthen relationships with customers in the Defense industry, its ability to secure future projects and applications, expected expansion

and growth opportunities, anticipated sales, revenues, adjusted EBITDA, adjusted EBITDA margins, return on invested capital, capital expenditures and SG&A expenses, the timing of conversion of backlog to sales, orders, market presence, profit

margins, tax rates, foreign sales operations, customer preferences, changes in market conditions in the industries in which it operates, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the

economic recovery in its markets, and its acquisition and growth strategy, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and

uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission (the “SEC”), included under the heading entitled “Risk Factors”, and in other

reports filed with the SEC.

Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying

assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham

Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

Non-GAAP Financial Measures

Adjusted EBITDA is defined as consolidated net income (loss) before net interest expense, income taxes, depreciation, amortization, other acquisition related

expenses, equity-based compensation, ERP implementation costs, and other unusual/nonrecurring expenses. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of sales. Adjusted EBITDA and Adjusted EBITDA margin are not measures

determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP. Nevertheless, Graham believes that providing non-GAAP information, such as Adjusted EBITDA

and Adjusted EBITDA margin, is important for investors and other readers of Graham’s financial statements, as it is used as an analytical indicator by Graham’s management to better understand operating performance. Moreover,

Graham’s credit facility also contains ratios based on Adjusted EBITDA. Because Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures and are thus susceptible to varying calculations, Adjusted

EBITDA, and Adjusted EBITDA margin, as presented, may not be directly comparable to other similarly titled measures used by other companies.

Adjusted net

income and adjusted net income per diluted share are defined as net income and net income per diluted share as reported, adjusted for certain items and at a normalized tax rate. Adjusted net income and adjusted net income per diluted share are not

measures determined in accordance with GAAP, and may not be comparable to the measures as used by other companies. Nevertheless, Graham believes that providing non-GAAP information, such as adjusted net income

and adjusted net income per diluted share, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current fiscal year’s net income

and net income per diluted share to the historical periods’ net income and net income per diluted share. Graham also believes that adjusted net income per share, which adds back intangible amortization expense related to acquisitions and other

unusual and non-recurring items, provides a more comparable metric to other companies that are not as acquisitive as Graham and is more reflective of our underlying business.

Graham Corporation Reports Fourth Quarter and Full-Year Fiscal 2026 Results

June 8, 2026

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Forward-Looking Non-GAAP Measures

Forward-looking return on invested capital, Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. The

Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such

information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort largely because forecasting or predicting our future operating results is subject to many factors out of

our control or not readily predictable. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on

the Company’s fiscal 2027 financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with

purchase accounting, quarter-end, and year-end adjustments. Any variation between the Company’s actual results and preliminary financial estimates set forth above

may be material.

Forward-looking return on invested capital is defined as a return on invested capital and is calculated by dividing net operating profit

after taxes by the total invested capital. Forward-looking return on invested capital is not a measure determined in accordance with GAAP. Nevertheless, the Company believes that providing forward-looking return on invested capital is important for

investors and other readers of the Company’s financial statements, as it is used as an analytical indicator by the Company’s management to better understand profitability and efficiency of use of capital for certain projects. Because

forward-looking return on invested capital is a non-GAAP measure and is thus susceptible to varying calculations, forward-looking return on invested capital, as presented, may not be directly comparable to

other similarly titled measures used by other companies.

Key Performance Indicators

In addition to the foregoing non-GAAP measures, management uses the following key performance metrics to analyze and

measure the Company’s financial performance and results of operations: orders, backlog, and book-to-bill ratio. Management uses orders and backlog as measures of

current and future business and financial performance, and these may not be comparable with measures provided by other companies. Orders represent definitive agreements with customers to provide products and/or services. Backlog is defined as the

total dollar value of net orders received for which revenue has not yet been recognized. Total backlog can include both funded and unfunded orders under government contracts. Management believes tracking orders and backlog are useful as they often

times are leading indicators of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.

The book-to-bill ratio is an operational measure that management uses to track

the growth prospects of the Company. The Company calculates the book-to-bill ratio for a given period as net orders divided by net sales.

Given that each of orders, backlog, and book-to-bill ratio are operational

measures and that the Company’s methodology for calculating orders, backlog and book-to-bill ratio does not meet the definition of a

non-GAAP measure, as that term is defined by the SEC, a quantitative reconciliation for each is not required or provided.

For more information, contact:

Christopher J. Thome

Tom Cook

Vice President - Finance and CFO

Investor Relations

Phone: (585) 343-2216

(203) 682-8250

Tom.Cook@icrinc.com

Source: Graham Corporation

Graham Corporation Reports Fourth Quarter and Full-Year Fiscal 2026 Results

June 8, 2026

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Consolidated Statements of Operations - Unaudited

($in thousands, except per share data)

Three Months Ended March 31,

Year Ended March 31,

2026

2025

% Change

2026

2025

% Change

Net sales

67,078

59,345

245,293

209,896

Cost of products sold

51,824

43,337

187,543

157,035

Gross profit

15,254

16,008

57,750

52,861

Gross margin

22.7

27.0

23.5

25.2

Operating expenses and income:

Selling, general and administrative

12,247

10,322

41,562

37,143

Selling, general and administrative – amortization

484

436

1,792

1,745

Other operating income

(135

)

(269

)

(50

(621

)

(1,215

)

(49

Operating income

2,658

5,519

(52

15,017

15,188

Operating margin

4.0

9.3

6.1

7.2

Other expense, net

180

514

364

Interest expense (income), net

157

(141

)

(211

(257

)

(583

)

(56

Income before provision for income taxes

2,321

5,569

(58

14,760

15,407

Provision for income taxes

351

1,174

(70

2,260

3,177

(29

Net income

1,970

4,395

(55

12,500

12,230

Per share data:

Basic:

Net income

0.18

0.40

(55

1.14

1.12

Diluted:

Net income

0.18

0.40

(55

1.12

1.11

Weighted average common shares outstanding:

Basic

11,052

10,898

10,988

10,884

Diluted

11,233

11,115

11,138

11,066

Graham Corporation Reports Fourth Quarter and Full-Year Fiscal 2026 Results

June 8, 2026

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Consolidated Balance Sheets

(Amounts in thousands, except per share data)

March 31,

2026

March 31,

2025

Assets

Current assets:

Cash and cash equivalents

6,580

21,577

Trade accounts receivable, net of allowances ($195 and $630 at March 31 2026 and 2025,

respectively)

33,809

35,507

Unbilled revenue

59,868

38,494

Inventories

50,758

40,025

Prepaid expenses and other current assets

4,255

4,249

Income taxes receivable

1,184

1,520

Total current assets

156,454

141,372

Property, plant and equipment, net

60,330

50,649

Prepaid pension asset

6,633

5,950

Operating lease assets

6,740

6,386

Goodwill

38,078

25,520

Customer relationships, net

15,372

13,159

Technology and technical know-how, net

23,232

10,310

Tradenames, net

13,458

6,858

Deferred income tax asset

131

1,502

Other assets

3,188

2,404

Total assets

323,616

264,110

Liabilities and stockholders’ equity

Current liabilities:

Current portion of finance lease obligations

Accounts payable

25,740

27,309

Accrued compensation

21,547

19,161

Accrued expenses and other current liabilities

4,728

4,322

Customer deposits

102,421

84,062

Operating lease liabilities

1,806

1,275

Income taxes payable

—

Total current liabilities

156,270

136,150

Long-term debt

13,000

—

Finance lease obligations

Operating lease liabilities

5,343

5,514

Deferred income tax liability

897

Accrued pension and postretirement benefit liabilities

1,145

1,192

Other long-term liabilities

6,625

1,609

Total liabilities

183,301

144,533

Stockholders’ equity:

Preferred stock, $1.00 par value, 500 shares authorized

—

Common stock, $0.10 par value, 25,500 shares authorized, 11,247 and 11,077 shares issued and

11,073 and 10,903 shares outstanding at March 31, 2026 and 2025, respectively

1,124

1,107

Capital in excess of par value

41,699

34,616

Retained earnings

106,729

94,229

Accumulated other comprehensive loss

(5,849

)

(6,987

)

Treasury stock (174 shares at March 31, 2026 and 2025, respectively)

(3,388

)

(3,388

)

Total stockholders’ equity

140,315

119,577

Total liabilities and stockholders’ equity

323,616

264,110

Graham Corporation Reports Fourth Quarter and Full-Year Fiscal 2026 Results

June 8, 2026

Page

of 11

Consolidated Statements of Cash Flows

(Amounts in thousands)

Year Ended March 31,

2026

2025

Operating activities:

Net income

12,500

12,230

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

5,337

3,718

Amortization

2,506

2,218

Adjustments for credit losses

(256

)

829

Amortization of actuarial losses

840

781

Equity-based compensation expense

2,131

1,957

Gain on disposal or sale of property, plant and equipment

(52

)

—

Change in fair value of contingent consideration

(568

)

(1,215

)

Deferred income taxes

1,928

1,471

(Increase) decrease in operating assets, net of acquisitions:

Accounts receivable

5,930

7,999

Unbilled revenue

(21,387

)

(10,595

)

Inventories

(6,785

)

(6,627

)

Income taxes receivable

326

(2,235

)

Prepaid expenses and other current and non-current

assets

(121

)

(2,190

)

Operating lease assets

1,435

1,294

Prepaid pension asset

(115

)

(234

)

Increase (decrease) in operating liabilities, net of acquisitions:

Accounts payable

(794

)

3,491

Accrued compensation, accrued expenses and other current and

non-current liabilities

(1,849

)

639

Customer deposits

16,418

12,090

Operating lease liabilities

(1,428

)

(1,272

)

Long-term portion of accrued compensation, accrued pension and postretirement benefit

liabilities

(63

)

(33

)

Net cash provided by operating activities

15,933

24,316

Investing activities:

Purchase of property, plant and equipment

(16,054

)

(18,957

)

Proceeds from disposal of property, plant and equipment

274

—

Acquisitions, net of cash acquired

(27,285

)

(170

)

Net cash used by investing activities

(43,065

)

(19,127

)

Financing activities:

Borrowings of debt obligations

33,000

—

Principal repayments on debt

(20,000

)

—

Repayments on finance lease obligations

(335

)

(320

)

Issuance of common stock

832

653

Tax withholdings related to net share settlements of restricted stock units and awards

(1,541

)

(854

)

Net cash provided (used) by financing activities

11,956

(521

)

Effect of exchange rate changes on cash

179

(30

)

Net (decrease) increase in cash and cash equivalents

(14,997

)

4,638

Cash and cash equivalents at beginning of period

21,577

16,939

Cash and cash equivalents at end of period

6,580

21,577

Graham Corporation Reports Fourth Quarter and Full-Year Fiscal 2026 Results

June 8, 2026

Page

of 11

Adjusted EBITDA Reconciliation

(Unaudited, $ in thousands)

Three Months Ended

March 31,

Year Ended

March 31,

2026

2025

2026

2025

Net income

1,970

4,395

12,500

12,230

Acquisition & integration expense (income), net

1,148

(270

)

1,305

(1,170

)

ERP Implementation costs

122

178

213

882

Net interest expense (income)

157

(141

)

(257

)

(583

)

Income tax expense

351

1,174

2,260

3,177

Equity-based compensation expense

404

753

2,131

1,957

Depreciation & amortization

2,666

1,561

7,843

5,936

Adjusted EBITDA

6,818

7,650

25,995

22,429

Net sales

67,078

59,345

245,293

209,896

Net income margin

2.9

7.4

5.1

5.8

Adjusted EBITDA margin

10.2

12.9

10.6

10.7

Adjusted Net Income and Adjusted Net Income per Diluted Share Reconciliation

(Unaudited, $ in thousands, except per share amounts)

Three Months Ended

March 31,

Year Ended

March 31,

2026

2025

2026

2025

Net income

1,970

4,395

12,500

12,230

Acquisition & integration expense (income), net

1,148

(270

)

1,305

(1,170

)

Amortization of intangible assets

999

555

2,506

2,218

ERP Implementation costs

122

178

213

882

Tax impact of adjustments(1)

(522

)

(106

)

(926

)

(444

)

Adjusted net income

3,717

4,752

15,598

13,716

GAAP net income per diluted share

0.18

0.40

1.12

1.11

Adjusted net income per diluted share

0.33

0.43

1.40

1.24

Diluted weighted average common shares outstanding

11,233

11,115

11,138

11,066

(1)

Applies a normalized tax rate to non-GAAP adjustments, which are pre-tax, based upon the statutory tax rate of 23%.

Graham Corporation Reports Fourth Quarter and Full-Year Fiscal 2026 Results

June 8, 2026

Page

of 11

Acquisition and integration expense (income) are incremental costs that are directly related to and as a

result of acquisition related activity or the subsequent accounting for any contingent earn-out liability. These costs (income) may include, among other things, professional, consulting and other fees, system

integration costs, and contingent consideration fair value adjustments. ERP implementation costs primarily relate to consulting costs (training, data conversion, and project management) incurred in connection with the ERP system being implemented at

our Batavia, New York facility in order to enhance efficiency and productivity and are not expected to recur once the project is completed.

EX-99.2

Filename: d79259dex992.htm · Sequence: 3

EX-99.2

Exhibit 99.2

Graham Corporation

FY 2026

Supplemental Information - Unaudited

($ in thousands)

SALES BY MARKET

FY 2025

FY 2026

Q4 26 vs Q4 25

Q4 26 vs Q3 26

FYTD26 vs FYTD25

% of

YTD

% of

YTD

% of

2025

Total

2025

Total

2025

Total

2025

Total

2025

Total

2026

Total

2026

Total

2026

Total

2026

Total

2026

Total

Variance

Defense

29,094

30,897

27,023

34,911

121,925

29,535

40,750

35,283

41,877

147,445

6,966

6,594

25,520

Energy & Process

16,910

19,250

16,193

20,934

73,287

22,574

21,278

18,287

21,204

83,343

270

2,917

10,056

Space

3,947

3,416

3,821

3,500

14,684

3,378

3,999

3,131

3,997

14,505

497

866

(179

)

-1

49,951

100

53,563

100

47,037

100

59,345

100

209,896

100

55,487

100

66,027

100

56,701

100

67,078

100

245,293

100

7,733

10,377

35,397

SALES BY REGION

FY 2025

FY 2026

Q4 26 vs Q4 25

Q4 26 vs Q3 26

FYTD26 vs FYTD25

% of

YTD

% of

YTD

% of

2025

Total

2025

Total

2025

Total

2025

Total

2025

Total

2026

Total

2026

Total

2026

Total

2026

Total

2026

Total

Variance

United States

40,930

45,460

39,675

43,878

169,943

46,322

55,098

48,112

60,096

209,628

16,218

11,984

39,685

Middle East

983

794

1,551

3,760

7,088

1,346

1,770

1,402

2,485

7,003

(1,275

)

-34

1,083

(85

)

-1

Asia

5,304

4,274

2,273

5,033

16,884

3,283

4,452

3,425

1,470

12,630

(3,563

)

-71

(1,955

)

-57

(4,254

)

-25

Other

2,734

3,035

3,538

6,674

15,981

4,536

4,707

3,762

3,027

16,032

(3,647

)

-55

(735

)

-20

49,951

100

53,563

100

47,037

100

59,345

100

209,896

100

55,487

100

66,027

100

56,701

100

67,078

100

245,293

100

7,733

10,377

35,397

ORDERS BY MARKET

FY 2025

FY 2026

Q4 26 vs Q4 25

Q4 26 vs Q3 26

FYTD26 vs FYTD25

% of

YTD

% of

YTD

% of

2025

Total

2025

Total

2025

Total

2025

Total

2025

Total

2026

Total

2026

Total

2026

Total

2026

Total

2026

Total

Variance

Defense

28,617

30,507

6,723

68,724

134,571

106,690

47,305

49,570

48,605

252,170

(20,119

)

-29

(965

)

-2

117,599

Energy & Process

25,796

19,633

14,828

16,170

76,427

18,795

21,116

14,582

17,463

71,956

1,293

2,881

(4,471

)

-6

Space

1,354

13,538

3,235

1,988

20,114

413

14,779

7,519

12,606

35,316

10,618

534

5,087

15,202

55,767

100

63,678

100

24,786

100

86,882

100

231,112

100

125,898

100

83,200

100

71,671

100

78,674

100

359,442

100

(8,208

)

-9

7,003

128,330

BACKLOG BY MARKET

FY 2025

FY 2026

Q4 26 vs Q4 25

Q4 26 vs Q3 26

% of

YTD

% of

YTD

% of

2025

Total

2025

Total

2025

Total

2025

Total

2025

Total

2026

Total

2026

Total

2026

Total

2026

Total

2026

Total

Variance

Defense

327,827

327,438

307,138

340,613

417,768

424,323

438,762

450,125

109,512

11,363

Energy & Process

60,890

61,391

59,969

55,640

51,975

51,852

48,274

45,135

(10,505

)

-19

(3,139

)

-7

Space

8,058

18,180

17,594

16,082

13,117

23,897

28,597

37,377

21,295

132

8,780

396,775

100

407,009

100

384,701

100

412,335

100

412,335

100

482,860

100

500,072

100

515,633

100

532,637

100

532,637

100

120,302

17,004

BOOK-TO-BILL RATIO

1.1

1.2

0.5

1.5

1.1

2.3

1.3

1.2

1.5

EX-99.3

Filename: d79259dex993.htm · Sequence: 4

EX-99.3

Exhibit 99.3 Fourth Quarter & Full-Year Fiscal 2026 Financial

Safe Harbor Statement Safe Harbor Regarding 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. Forward-looking statements are subject to risks,

uncertainties and assumptions and are identified by words such as “expects,” “future,” “outlook,” “anticipates,” “believes,” “could,” “guidance,”

“should,” “target,” ”may”, “will,” “plan,” “project” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation

expects or anticipates will occur in the future, including but not limited to, profitability of future projects and the business, its ability to deliver to plan, its ability to continue to strengthen relationships with customers in the defense

industry, its ability to secure future projects and applications, expected expansion and growth opportunities, anticipated sales, revenues, adjusted EBITDA, adjusted EBITDA margins, capital expenditures and SG&A expenses, the timing of

conversion of backlog to sales, orders, market presence, profit margins, tax rates, tariffs, foreign sales operations, customer preferences, changes in market conditions in the industries in which it operates, changes in general economic conditions

and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, and its acquisition and growth strategy, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of

important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission (the “SEC”), included under

the heading entitled “Risk Factors”, and in other reports filed with the SEC. Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual

results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update

or publicly announce any revisions to any of the forward-looking statements contained in this presentation. Use of Key Performance Indicators This presentation includes key performance indicators, such as orders, backlog, and book-to-bill ratio. See

the slide entitled Disclaimer Regarding Key Performance Metrics in this presentation for information regarding these key performance indicators. Use of Non-GAAP Measures This presentation includes non-GAAP measures, such as Adjusted EBITDA, Adjusted

EBITDA margin, Adjusted Net income and Adjusted Net income per diluted share. See the Appendix for information regarding these non-GAAP measures, including reconciliations to the most directly comparable U.S. GAAP financial measures. Use of

Forward-Looking Non-GAAP Financial Measures Forward-looking ROIC, adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures

to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort largely because

forecasting or predicting our future operating results is subject to many factors out of our control or not readily predictable. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or

misleading to investors. The unavailable information could have a significant impact on the Company’s financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among

others, changes in connection with purchase accounting, quarter-end, and year-end adjustments. Any variation between the Company’s actual results and preliminary financial estimates set forth above may be material. Forward-looking ROIC is

defined as a return on invested capital and is calculated by dividing net operating profit after taxes by the total invested capital. Forward-looking ROIC is not a measure determined in accordance with GAAP. Nevertheless, Graham believes that

providing forward-looking ROIC is important for investors and other readers of Graham’s financial statements, as it is used as an analytical indicator by Graham’s management to better understand profitability and efficiency of use of

capital for certain projects. Because forward-looking ROIC is a non-GAAP measure and is thus susceptible to varying calculations, forward-looking ROIC, as presented, may not be directly comparable to other similarly titled measures used by other

companies. 2

Strong Fourth Quarter & Full-Year Performance Driven by Strong End-

Market Demand and Robust Backlog Financial Highlights 4Q26 Highlights FY26 Highlights Graham is a GLOBAL LEADER in the design and manufacture of Revenue Revenue $67.1M $245.3M mission-critical fluid, power, heat transfer, vacuum, and advanced Gross

Margin Gross Margin 23.5% 22.7% mixing technologies Net Income Net Income $2.0M $12.5M (1) (1) Adj. EBITDA Adj. EBITDA $6.8M $26.0M (2) Record Backlog of $532.6 million (2) Record FY26 Orders of $359.4 million (2) Book-to-Bill ratio of 1.5x

Acquisition and integration of Xdot Bearing Technologies and FlackTek (1) See appendix for additional important disclosures regarding Graham’s use of the non-GAAP measure of Adjusted EBITDA and the reconciliation of Net Income to Adjusted

EBITDA. (2) See appendix for additional information regarding Graham’s use of key performance metrics. 3

Organic Investments Fueling Future Growth (1) Strategic >20% ROIC

projects nearing completion will drive sustainable growth DEFENSE ENERGY & PROCESS SPACE GRAHAM CORPORATE ü Cryogenic Test Facility in ü Renovated Assembly & ü New Navy Facility in ü IT infrastructure upgrade Jupiter, FL

completed in Test Facility in Arvada, Batavia, NY completed in in Arvada, CO completed 4QFY26 CO completed 1QFY26 2QFY26 in 1QFY26 o Commissioning through end o Fully operational with o $17.6 million expansion • Batavia ERP upgrade of fiscal

year product & people backed by $13.5 million scheduled for “go-live” in customer grant ü Liquid Nitrogen Testing in ü Kicked off aftermarket 2QFY27 Arvada, CO completed in ü Automated welding acceleration initiative o

Streamline workstreams, 2QFY26 machines installed & utilizing AI improve transactional commissioned o First units successfully efficiency, and standardize ü Grew India team and tested & delivered cross-functional comms ü Batavia,

NY X-Ray consolidated in Pune Facility completed in Q1 FY27 (1) See the Safe Harbor Statement for additional important disclosures regarding Graham’s use of the non-GAAP measure of forward-looking ROIC 4

Completed Strategic Facility Expansions New Navy Facility in Batavia, NY

(Completed 2QFY26) Cryogenic Test Facility in Jupiter, FL (Completed 4QFY26) Liquid Nitrogen Testing at Barber Nichols (Completed 2QFY26) Assembly & Test Facility at Barber Nichols (Completed 1QFY26) 5

Revenue Performance ($ in millions; narrative compared with prior-year

period unless otherwise noted) Q4 FY26 sales up $7.7 million or 13% QUARTERLY + 20% Defense $80.0 $70.0 + 14% Space $60.0 $67.1 $66.0 + 1% Energy & Process $56.7 $50.0 $59.3 $55.5 $40.0 - 24% Aftermarket $30.0 $20.0 $10.0 Revenue Impacts $0.0 Q4

FY25 Q1 FY26 Q2 FY26 Q3 FY 26 Q4 FY26 + Strong execution + Capability and capacity expansion + New programs & growth in existing programs ANNUAL + Timing of project milestones (material receipts) $245.3 + Tailwinds in Space and New Energy

end-markets $209.9 + Aftermarket remains strong but down from record levels $185.5 + $3 million from FlackTek (Primarily Energy & Process) FY 2024 FY 2025 FY 2026 6

QUARTERLY ANNUAL 27.0% 26.5% $16.5 28.0% $70.0 26.0% 21.7% 25.2% 23.8%

$16.0 22.7% $60.0 23.0% 25.0% $15.5 $50.0 23.5% $15.0 18.0% 24.0% $40.0 $14.5 13.0% 23.0% $14.0 $30.0 $13.5 8.0% 22.0% $20.0 21.9% $13.0 3.0% 21.0% $10.0 $12.5 $16.0 $14.7 $14.3 $13.5 $15.3 $40.6 $52.9 $57.8 Strong Gross Profit & Margin $12.0

-2.0% $0.0 20.0% Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY 2024 FY 2025 FY 2026 ($ in millions; narrative compared with prior-year period unless otherwise noted) Q4 FY26 Gross Profit Decreased $0.8 Million or 5% FY26 Gross Profit Increased $4.9

Million or 9% • Gross margin decreased 430 bps to 22.7% • Gross margin decreased 170 bps to 23.5% • FY26 gross margin impacted by: • FY26 gross margin impacted by: - Product mix - higher Defense; lower - Product mix - higher

level of Defense and Aftermarket material receipts; lower Aftermarket - FlackTek purchase accounting amortization - Non recurrence of BlueForge Alliance grant - Tough comparable - Tariff impact ~$1 million + Volume & operational execution +

Volume & operational execution 7

Adjusted EBITDA & Adjusted Net Income, Adj. Net Income Per Diluted

(1) (1) EBITDA Margins Share & Margin ($ in millions except per share data) ($ in millions except per share data) Net Income per diluted share Adj. Net Income per diluted QUARTERLY QUARTERLY share $0.45 Percentages are net income $0.43 $0.42

margin and adj. net income $0.40 $7.7 margin $6.8 $6.8 $6.3 $0.33 $6.0 $0.31 $0.31 7.4% $0.28 8.0% $0.25 8.3% 8.9% 4.7% 5.2% 6.2% 5.0% $0.18 5.5% 2.9% 7.4%3.4 8% .0% 4.7% 5.0% 6.2% 10.2% 4.2% 8.9% 5.2% 9.5% 8.3% 12.9% 12.3% 10.7% Q4 FY25 Q1 FY26 Q2

FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 ANNUAL ANNUAL $1.40 $26.0 $1.24 $1.11 $1.12 $22.4 6.5% 5.8% $13.3 $0.63 7.0% $0.42 7.2% 10.7% 10.6% 3.7% 2.52 % .5% 3.7% 5.8% 6.5% 5.1% 6.4% FY 2024 FY 2025 FY 2026 FY 2024 FY 2025 FY 2026

8 (1) See appendix for additional important disclosures regarding Graham’s use of the non-GAAP measures of Adjusted EBITDA, Adjusted EBITDA Margins, Adjusted Net income and Adjusted Net Income per diluted share.

(1) (1) Total Orders Backlog $532.6 Defense $515.6 $500.1 $359.4

Commercial $482.9 $82.5 $76.9 $75.8 $412.3 $65.1 $107.2 $268.4 $71.7 $231.1 $202.7 $91.0 $96.5 $143.9 $86.0 $450.1 $438.8 $417.8 $424.3 $252.2 $340.6 $80.7 $177.4 $134.6 $116.7 $63.2 Long-Term Demand FY22 FY23 FY24 FY25 FY26 Q4 FY25 Q1 FY26 Q2 FY26

Q3 FY26 Q4 FY26 (1) FY26 Book-to-Bill of 1.5x For Graham H ighlights Q 4 Backlog by Industry Diversified Portfolio ($ in millions; narrative compared with prior-year period unless otherwise noted) • Record orders of $359.4 million •

Book-to-bill 1.2x (1.5x YTD) Defense • Record backlog of $532.6 million 85% • Continued momentum in Defense, Space, and Energy & Process 8% New Energy • Aftermarket orders down from record levels Space • E&P large

capital projects delayed 7% • Expect approximately 35% to 40% of backlog to convert to sales in the next 12 months; another 20% to 25% the following year 9 (1) See appendix for additional information regarding Graham’s use of key

performance metrics.

Balance Sheet & Liquidity CAPITAL DEPLOYED BASED ON HIGHEST

RISK-ADJUSTED RETURNS TO MAXIMIZE LONG-TERM SHAREHOLDER VALUE F Y26 Overview C apital Allocation Framework STRONG BALANCE SHEET Cash provided by operating activities • Strong cash generation and fiscal discipline $15.9M • Reduced $4M due

to FlackTek Acquisition • Completed $50 million PIPE with accounts advised by T. Rowe Price in April 2026 0 1 Net Capital Expenditures • Proceeds used for debt repayment and to fund $15.8M organic and inorganic growth ORGANIC GROWTH Cash

and cash equivalents $ 6.6M • Capex 7-10% of sales / R&D 1-2% of sales 02 1 • Greater than >20% ROIC investments $80.0M Amended revolving credit agreement M&A Debt outstanding (2) • Leverage <3.0x $13.0M 03 •

Pipeline remains active (1) See the Safe Harbor Statement for additional important disclosures regarding Graham’s use of the non-GAAP measure of forward-looking ROIC 10 (2) Debt was repaid in April 2026 after PIPE

(As of June 8, 2026) Fiscal 2027 Guidance Net Sales $285 million to

$295 million Gross Margin 24.5% to 25.5% of sales (1)(2) SG&A expense (including amortization) 16.5% to 17.5% of sales (2)(3)(4) Adjusted EBITDA $35 million to $40 million Effective Tax Rate 18% to 20% Capital Expenditures $18.0 million to $22.0

million FY27 Financial Outlook H ighlights • Implies 18% revenue growth at midpoint of range (4) • Implies 44% Adjusted EBITDA growth at midpoint of range (4) • Implies 13% Adjusted EBITDA margin at midpoint of range Our

expectations for sales and profitability assumes that we will be able to operate our production facilities at planned capacity, have access to our global supply chain including our subcontractors, do not experience any global disruptions, and

experience no impact from any other unforeseen events. (1) Includes approximately $4.0 to $5.0 million of equity-based compensation, net acquisition & integration costs, and enterprise resource planning (“ERP”) conversion costs

included in SG&A. (2) Includes approximately $2.5 million of incremental costs to invest in people, processes, and technology to enable future growth and accelerate the commercialization of Graham products and technologies. (3) Excludes net

interest (income) expense, income taxes, depreciation, and amortization from net income, as well as approximately $4.0 million to $5.0 million of equity-based compensation, net acquisition & integration, and ERP conversion costs. (4) See the

Safe Harbor Statement for additional important disclosures regarding Graham’s use of the non-GAAP measure of forward- looking adjusted EBITDA and Adjusted EBITDA margin. 11

Advancing Toward Long-Term Goals with Strategic Actions Expanded

Capital and R&D Proven Track Record of Operational Excellence to Disciplined and Strategic to Support Growth Strong, Consistent Drive Continuous Capital Allocation with M&A (3) Initiatives; Targeted ROIC Performance Improvement as an

Accelerator >20% 35.0% Revenue Gross Profit % Adjusted EBITDA % BN earnout 30.0% bonus 25.2% Mid-20s 23.5% expense 25.0% 21.9% 21.0% completed in 20.0% FY26 ~12%-14% 15.0% 10.7% 10.6% $2.5M of 10.0% 7.2% incremental 6.1% $285M - investment (2)

5.0% $295M $97.5M $185.5M $209.9M $245.3M in FY27 to 0.0% drive FY21 FY24 FY25 FY26 FY27 Goal(1) organic growth (1) Mid-point of FY27 guidance as of June 8, 2026 (2) Goal is ~8% to 10% annualized organic revenue growth per year which implies

approximately $285M to $295M in revenue based off FY27 guidance (3) See the Safe Harbor Statement for additional important disclosures regarding Graham’s use of the non-GAAP measure of forward-looking ROIC 12

Q&A 1 13 3

Appendix 1 14 4

Key Performance Metrics Key Performance Indicators The book-to-bill

ratio is an operational measure that management In addition to the non-GAAP measures used in this presentation, management uses the following key performance metrics to uses to track the growth prospects of the Company. The Company analyze and

measure the Company’s financial performance and calculates the book-to-bill ratio for a given period as net orders results of operations: orders, backlog, and book-to-bill ratio. divided by net sales. Management uses orders and backlog as

measures of current and future business and financial performance, and these may not be Given that each of orders, backlog, and book-to-bill ratio are comparable with measures provided by other companies. Orders operational measures and that the

Company's methodology for represent written communications received from customers calculating orders, backlog, and book-to-bill ratio does not meet requesting the Company to provide products and/or services. the definition of a non-GAAP measure, as

that term is defined by Backlog is defined as the total dollar value of net orders received the U.S. Securities and Exchange Commission, a quantitative for which revenue has not yet been recognized. Management reconciliation for each is not required

or provided. believes tracking orders and backlog are useful as it often times is a leading indicator of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the

discretion of the customer. 15

Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation

(Unaudited, $ in thousands) Three Months Ended Year Ended March 31, March 31, 2026 2025 2026 2025 Net income $ 1 ,970 $ 4 ,395 $ 12,500 $ 12,230 Acquisition & integration expense (income), net 1,148 ( 270) 1 ,305 ( 1,170) ERP Implementation

costs 1 22 178 213 8 82 Net interest Expense (Income) 1 57 ( 141) ( 257) (583) Income tax expense 3 51 1 ,174 2 ,260 3,177 Equity-based compensation expense 4 04 753 2 ,131 1,957 Depreciation & amortization 2,666 1 ,561 7 ,843 5,936 Adjusted

EBITDA $ 6,818 $ 7 ,650 $ 25,995 $ 22,429 Net sales $ 6 7,078 $ 5 9,345 $ 245,293 $ 2 09,896 Net income margin 2.9% 7.4% 5.1% 5.8% Adjusted EBITDA margin 10.2% 12.9% 10.6% 10.7% Non-GAAP Financial Measure: Adjusted EBITDA is defined as consolidated

net income before net interest expense, income taxes, depreciation, amortization, other acquisition related expenses, and other unusual/nonrecurring expenses. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of sales. Adjusted

EBITDA and Adjusted EBITDA margin are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP. Nevertheless, Graham believes that providing non-GAAP information, such as

Adjusted EBITDA and Adjusted EBITDA margin, is important for investors and other readers of Graham's financial statements, as it is used as an analytical indicator by Graham's management to better understand operating performance. Moreover,

presented, may not be directly comparable to other similarly titled measures used by other companies. 16

Adjusted Net Income & Adjusted Diluted EPS Reconciliation Three

Months Ended Year Ended March 31, March 31, 2026 2025 2026 2025 Net income $ 1,970 $ 4,395 $ 12,500 $ 12,230 Acquisition & integration expense (income), net 1,148 (270) 1 ,305 (1,170) Amortization of intangible assets 999 555 2 ,506 2 ,218 ERP

Implementation costs 122 178 213 882 (1) (522) (106) (926) (444) Tax impact of adjustments Adjusted net income $ 3,717 $ 4,752 $ 15,598 $ 13,716 GAAP net income per diluted share $ 0.18 $ 0.40 $ 1 .12 $ 1.11 Adjusted net income per diluted share $

0.33 $ 0 .43 $ 1.40 $ 1.24 Diluted weighted average common shares 11,233 11,115 1 1,138 11,066 outstanding (1) Applies a normalized tax rate to non-GAAP adjustments, which are pre-tax, based upon the statutory tax rate of 23%. Non-GAAP Financial

Measure: Adjusted net income and adjusted net income per diluted share are defined as net income and net income per diluted share as reported, adjusted for certain items and at a normalized tax rate. Adjusted net income and adjusted net income per

diluted share are not measures determined in accordance with GAAP, and may not be comparable to the measures as used by other companies. Nevertheless, Graham believes that providing non-GAAP information, such as adjusted net income and adjusted net

income per diluted share, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current fiscal year's net income and net income per

diluted share to the historical periods' net income and net income per diluted share. Graham also believes that adjusted net income per share, which adds back intangible amortization expense related to acquisitions, provides a better representation

of the cash earnings of the Company. 17

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