Kewaunee Scientific posts $282M FY26 revenue
Kewaunee Scientific Corporation (KEQU) used its annual meeting investor presentation to highlight continued growth and balance-sheet strengthening for fiscal year 2026, ended April 30, 2026.
Rhea-AI Filing Summary
Kewaunee Scientific Corporation (KEQU) used its annual meeting investor presentation to highlight continued growth and balance-sheet strengthening for fiscal year 2026, ended April 30, 2026. Revenue reached $282.0 million, extending a multi‑year growth trajectory and representing nearly a 14% CAGR since fiscal 2021.
EBITDA increased to $22.4 million, growing at nearly a 157% CAGR over five years, while consolidated order backlog was $165.9 million, down from $214.6 million as large international projects were completed. Long‑term debt was reduced by about $20 million, improving the debt‑to‑equity ratio to 0.61‑to‑1.0 from 0.99‑to‑1.0.
The renamed Lab Products Group (formerly Domestic) delivered $214.9 million in sales, up 19.8%, driven by a full year of NuAire results, with EBITDA of $25.1 million. International sales rose to $67.1 million and EBITDA to $5.9 million, supported by delivery of previously delayed projects in India. Kewaunee also emphasized investments in SOX 404(b) readiness, governance, systems, and international expansion to support further organic and acquisition‑driven growth.
Positive
- Revenue growth and scale: Fiscal 2026 revenue reached $282.0 million, nearly doubling from fiscal 2021 and reflecting about a 13.84% CAGR, indicating sustained top‑line expansion.
- Profitability improvement: EBITDA increased to $22.4 million, with a roughly 156.95% CAGR over five years, showing strong earnings leverage and margin expansion.
- Deleveraging: Long‑term debt was reduced by approximately $20 million, improving the debt‑to‑equity ratio from 0.99‑to‑1.0 to 0.61‑to‑1.0, strengthening the balance sheet.
- International performance: International segment revenue grew 9.9% to $67.1 million and EBITDA rose from $4.5 million to $5.9 million, reflecting solid execution on delayed projects.
Negative
- Backlog decline: Consolidated order backlog fell to $165.9 million from $214.6 million, primarily due to completion of large international projects, reducing visible future workload.
- Segment EBITDA pressure: Lab Products Group EBITDA slipped from $25.6 million to $25.1 million, reflecting NuAire integration, softer life‑sciences markets, and higher investment spending.
- Higher corporate costs: Unallocated corporate expenses increased from $9.9 million to $11.2 million as the company invested in public‑company readiness, governance, and systems.
Insights
Analyzing...
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $282.0 million
EBITDA: $22.4 million
Order backlog: $165.9 million
+5 more
8 metrics
Revenue
$282.0 million
Fiscal year 2026 consolidated revenue, nearly 14% CAGR since fiscal 2021
EBITDA
$22.4 million
Fiscal year 2026 EBITDA, about 156.95% CAGR since fiscal 2021
Order backlog
$165.9 million
Backlog at April 30, 2026, versus $214.6 million a year earlier
Long-term debt reduction
$20 million
Approximate reduction in long-term debt during fiscal 2026, including NuAire seller notes
Debt-to-equity ratio
0.61-to-1.0
Debt-to-equity at April 30, 2026, improved from 0.99-to-1.0
Lab Products Group revenue
$214.9 million
Fiscal 2026 segment sales, up 19.8% from $179.4 million in fiscal 2025
International segment revenue
$67.1 million
Fiscal 2026 segment sales, up 9.9% from $61.1 million in fiscal 2025
International EBITDA
$5.9 million
Fiscal 2026 International segment EBITDA, up from $4.5 million in fiscal 2025
Key Terms
EBITDA, non-GAAP financial measures, backlog, debt-to-equity ratio, +2 more
6 terms
EBITDA financial
"The following slides include non-GAAP financial measures such as EBITDA."
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
non-GAAP financial measures financial
"The following slides include non-GAAP financial measures such as EBITDA."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
backlog financial
"Our consolidated order backlog was $165.9 million at April 30, 2026,"
A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.
debt-to-equity ratio financial
"Our debt-to-equity ratio improved to 0.61-to-1.0 from 0.99-to-1.0,"
Debt-to-equity ratio shows how much a company relies on borrowed money compared with the owners’ funds; think of it as the amount of debt owed for every dollar of owner’s savings. Investors use it to judge financial risk and flexibility — a higher number means more borrowing and potentially greater interest burden or vulnerability in downturns, while a lower number suggests a more conservative, less risky balance sheet.
SOX 404(b) readiness regulatory
"this included advancing SOX 404(b) readiness, implementing a corporate"
forward-looking statements regulatory
"Certain statements made in the attached presentation constitute "forward-looking statements""
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Earnings Snapshot
Revenue: $282.0 million · Guidance included
Fiscal year ended April 30, 2026
Revenue
$282.0 million
Nearly 13.84% CAGR since fiscal 2021
EBITDA
$22.4 million
Approximately 156.95% CAGR since fiscal 2021
Order backlog
$165.9 million
Down from $214.6 million at April 30, 2025
Debt-to-equity ratio
0.61-to-1.0
Improved from 0.99-to-1.0 with about $20 million debt reduction
Guidance
The company emphasized continued investment in product innovation, manufacturing efficiency, global expansion, and disciplined acquisitions to support sustainable growth and long-term shareholder value, but did not provide specific numerical forward guidance in this content.
FAQ
How did KEQU’s revenue perform in fiscal year 2026?
Revenue was $282.0 million for fiscal 2026, extending a multi‑year growth trajectory and representing nearly a 14% CAGR since fiscal 2021, as the company scaled its platform and integrated acquisitions like NuAire into the Lab Products Group.
What was Kewaunee Scientific’s (KEQU) EBITDA in fiscal 2026?
Kewaunee reported EBITDA of $22.4 million in fiscal 2026, with EBITDA having grown at nearly a 157% CAGR since fiscal 2021, reflecting continued operational improvements and strong earnings leverage across the business.
How has KEQU’s balance sheet changed, particularly its debt levels?
Long‑term debt was reduced by approximately $20 million in fiscal 2026, including full repayment of the NuAire seller notes. The company’s debt‑to‑equity ratio improved to 0.61‑to‑1.0 from 0.99‑to‑1.0, enhancing financial flexibility.
What is Kewaunee Scientific’s current order backlog?
Consolidated order backlog was $165.9 million at April 30, 2026, compared with $214.6 million a year earlier. The reduction primarily reflects completion and delivery of several large international projects during the year.
How did KEQU’s Lab Products Group perform in fiscal 2026?
The Lab Products Group generated $214.9 million in sales, up 19.8% from $179.4 million in fiscal 2025, largely due to a full year of NuAire results. Segment EBITDA was $25.1 million, slightly below the prior year’s $25.6 million.
What growth did KEQU’s International segment report for 2026?
International segment sales were $67.1 million, up 9.9% from $61.1 million in fiscal 2025, mainly from delivering projects in India that had been delayed. Segment EBITDA increased from $4.5 million to $5.9 million.
Is Kewaunee Scientific (KEQU) investing in corporate infrastructure and compliance?
Yes. The company advanced SOX 404(b) readiness, implemented a corporate consolidation platform, expanded accounting capabilities, enhanced governance and compliance training, and prepared a new entity in Spain to support future European growth.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): August 26, 2026
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Securities registered pursuant to Section 12(b) of the Act:
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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)) | |||||
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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 ☐
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Item 7.01 Regulation FD Disclosure.
Kewaunee Scientific Corporation (the "Company") has posted an investor presentation and related script to the "Investor Information" section of the Company's website at http://www.kewaunee.com/about/investor-information/. The presentation and related script are attached hereto as Exhibits 99.1 and 99.2. The information included in Exhibits 99.1 and 99.2 is incorporated by reference in this Item 7.01, and is deemed to be furnished, not filed, pursuant to Item 7.01 of Form 8-K. The presentation will be delivered during the Company's Annual Meeting of Shareholders (the "Annual Meeting"), which is being conducted virtually at 11:00 a.m. Eastern time on August 26, 2026 via a live webcast which can be accessed at www.virtualshareholdermeeting.com/KEQU2026. A replay of the audio webcast of the Annual Meeting will be made available on the Company's website for approximately one year.
The Company is making reference to non-GAAP financial information in both the presentation and the Annual Meeting. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached presentation, and will be included in the "Investor Information" section of the Company's website at http://www.kewaunee.com/about/investor-information/.
Certain statements made in the attached presentation and related script constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding the Company's future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future. Management believes that these forward-looking statements are reasonable. However, the Company cannot guarantee that its actual results will be consistent with the forward-looking statements and you should not place undue reliance on them. These statements are based on current expectations and speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise. Important factors regarding the Company that may cause results to differ from expectations are included in the Company's Annual Report on Form 10-K for the year ended April 30, 2026, under Item 1A. "Risk Factors," and in the Company's other filings with the SEC.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |||||||
| 99.1 | Kewaunee Scientific Corporation Investor Presentation. | |||||||
| 99.2 | Kewaunee Scientific Corporation Investor Presentation Script. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
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 thereunto duly authorized.
| KEWAUNEE SCIENTIFIC CORPORATION (Registrant) | |||||||||||
| Date: August 26, 2026 | By | /s/ Donald T. Gardner III | |||||||||
| Donald T. Gardner III | |||||||||||
| Vice President, Finance | |||||||||||
| Chief Financial Officer | |||||||||||
KEWAUNEE SCIENTIFIC CORPORATION NASDAQ: KEQU
Special Note Regarding Forward-Looking Statements Certain statements in this document constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). All statements other than statements of historical fact included in this presentation, including statements regarding the Company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "predict," "believe" and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other important factors that could significantly impact results or achievements expressed or implied by such forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to: competitive and general economic conditions, including disruptions from government mandates, both domestically and internationally, as well as supplier constraints and other supply disruptions; changes in customer demands; technological changes in our operations or in our industry; dependence on customers’ required delivery schedules; risks related to fluctuations in the Company’s operating results from quarter to quarter; risks related to international operations, including foreign currency fluctuations; changes in the legal and regulatory environment; changes in raw materials and commodity costs; risks associated with our ability to identify and complete strategic acquisitions or to successfully integrate any businesses that we may acquire; acts of terrorism, war, governmental action, natural disasters and other Force Majeure events. The cautionary statements made pursuant to the Reform Act herein and elsewhere by us should not be construed as exhaustive. We cannot always predict what factors would cause actual results to differ materially from those indicated by the forward-looking statements. Over time, our actual results, performance, or achievements will likely differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, and such difference might be significant and harmful to our stockholders' interest. Many important factors that could cause such a difference are described under the caption "Risk Factors," in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2026, which you should review carefully. These forward-looking statements speak only as of the date of this presentation. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward- looking statements, whether as a result of new information, future events or otherwise. These reports are available on our investor relations website at www.kewaunee.com and on the SEC website at www.sec.gov. Kewaunee Scientific Corporation | NASDAQ: KEQU 2
The following slides include non-GAAP financial measures such as EBITDA. EBITDA is calculated as net earnings (loss), less interest expense and interest income, income taxes, depreciation, and amortization. We believe EBITDA allows management and investors to compare our performance to other companies on a consistent basis without regard to depreciation and amortization, interest expense and income, and income taxes, which can vary significantly between companies depending upon many factors. EBITDA is not a calculation based upon generally accepted accounting principles, and the method for calculating EBITDA can vary among companies. The amounts included in the EBITDA calculation, however, are derived from amounts included in the historical consolidated statements of operations. EBITDA should not be considered an alternative to net earnings (loss) or operating earnings (loss) as an indicator of the Company’s operating performance, or as an alternative to operating cash flows as a measure of liquidity. About Non-GAAP Measures Kewaunee Scientific Corporation | NASDAQ: KEQU 3
4 Agenda 2026 Annual Shareholder Meeting ❑ Fiscal Year 2026 Review ❑ Investing in the Business ❑ Strategic Direction & Outlook ❑ Q&A
Transformational Growth & Profitability Expansion 5 Scaled Platform Three market-leading brands delivering Innovative solutions across the lab lifecycle. Strong Financial Performance Consistent revenue growth & EBITDA expansion over the past five years. Operational Excellence Executing with discipline to drive efficiency, quality, and customer value. Well Positioned A differentiated platform positioned for sustained growth & long-term value creation. $147.5M $168.9M $219.5M $203.8M $240.4M $282.0M 0 50 100 150 200 250 300 350 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 REVENUE ($ in millions) EBITDA $0.2M $0.4M $7.5M $16.6M $21.6M $22.4M 0 5 10 15 20 25 30 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 ($ in millions) 13.84% CAGR 156.95% CAGR FY2021: $147.5M FY2026: $282M +$134.5M Increase +91.2% Growth 13.84% CAGR (5-Year) FY2021: $0.2M FY2026: $22.4M +$22.2M Increase +11,000% Growth 156.95% CAGR (5-Year) ▪ Revenue scale expanded significantly ▪ Profitability and margin profile strengthened ▪ Platform positioned for continued growth REVENUE NEARLY DOUBLED TRANSFORMATIONAL VALUE CREATIONEBITDA INCREASED MORE THAN 112X
6 Historical Financials Kewaunee Scientific Corporation | NASDAQ: KEQU $203.8M $240.5M $282.0M $155.6M $214.6M $165.9M FY2024 FY2025 FY2026 Revenue Backlog Consolidated Revenue & Backlog FY2026 Key Results ▪ Revenue: $282.0M, extending the Company’s multiyear growth trajectory ▪ EBITDA: $22.4M, reflecting continued operational improvement ▪ Pre-tax earnings: $13.7M ▪ Net Earnings: $9.6M ▪ Balance Sheet: Long-term debt reduced by approximately $20M, with debt-to-equity improving to 0.61-to-1.0
Segment Performance: Revenue, EBITDA & Backlog by Segment Stable Annual Revenue Globally $137.3M $179.4M $214.9M $66.5M $61.1M $67.1M FY2024 FY2025 FY2026 LPG International ▪ Renamed Domestic segment as the Lab Products Group to better reflect the org's structure, strategy, and business activities. ▪ Continued integration of NuAire while strengthening alignment across the broader platform. BUILDING FOR THE FUTURE THROUGH OUR CORPORATE PLATFORM ▪ Increased investments in governance, financial systems, talent, and public-company readiness ▪ Continued building the capabilities needed to support a larger, more diversified enterprise Lab Products Group International Revenue (in thousands) $137,238 $179,398 $214,886 FY2024 FY2025 FY2026 Backlog (in millions) $97.4M $123.9M $118.8M FY2024 FY2025 FY2026 EBITDA (in thousands) $19,146 $25,580 $25,059 FY2024 FY2025 FY2026 Revenue (in thousands) $66,517 $61,074 $67,113 FY2024 FY2025 FY2026 Backlog (in millions) $58.2M $90.7M $47.1M FY2024 FY2025 FY2026 EBITDA (in thousands) $5,715 $4,475 $5,933 FY2024 FY2025 FY2026 ▪ Successfully delivered projects that had been previously delayed by customer site readiness in the prior year. ▪ Demonstrated strong execution and operational discipline across key international markets. 7
Introducing Kewaunee’s Lab Products Group Guiding Principles ▪ We make it easy to do business with us ▪ We get closer to our customers ▪ We operate with excellence ▪ We lead and earn the right to innovate Core Values ▪ Associates, our foundation ▪ Safety & quality in everything ▪ Customer Focused ▪ Innovative thinking, our lifeblood Vision To set the standard for fully integrated laboratory solutions that make it easier to design, build, and furnish world-class laboratories The formation of the Lab Products Group (LPG) brings together Kewaunee Scientific, NuAire, and EVERHUTCH into one integrated platform that expands scope, increases potential revenue per project, and strengthens customer relationships. This structure improves efficiency, drives higher-margin opportunities, and positions the Company for long-term value creation. Broader Solutions Stronger Growth Greater Value Enhanced Capabilities 8
I N D U S T R Y - L E A D I N G C A P A B I L I T I E S Setting the Standard in Laboratory Solutions Robust American Manufacturing The only U.S. manufacturer producing wood, metal, and epoxy resin laboratory furniture at a single location. Extensive Manufacturing Network Six manufacturing facilities across two states expand our capacity and specialized expertise across the enterprise. Industry Leadership Longstanding leadership positions held within SEFA and significant contributions to industry standards, helping shape how laboratories are designed and built. Dimensional Capability Supporting projects from individual laboratory investments to large, multi-site developments worldwide. MANUF ACT URIN G & DIST RIBUTIO N AT A GLANC E 550,000+ SQ. FT. Manufacturing · NC Campus 400,000+ SQ. FT. Distribution · NC Campus AN NUAL PRODUC TI ON C APAC IT Y 175,000+ Metal Units 4,000–7,000 Fume Hoods 55,000+ Wood Units 10M LF Epoxy Resin Kewaunee delivers one of the industry's most comprehensive manufacturing capabilities. 9 200,000+ SQ. FT. Manufacturing · MN Campus 3,000-4,000 BSC Units
Investing in Our International Growth International growth remains an important part of our strategy. To support our next phase of international expansion, we welcomed two new leaders to the Lab Products Group. Together, Jorge and Lucia strengthen our ability to connect global commercial opportunities with disciplined execution. We are taking an intentional approach to expanding in new and emerging markets, working alongside our dealers to bring the full Lab Products Group portfolio to more customers. 10 Jorge Santos Vice President, International Sales — Lab Products Group Two decades of global sales and dealer-network experience across Europe, Latin America, the Middle East, and Asia, expanding our portfolio’s reach and deepening dealer relationships. Lucia Lema Director of Operations — Lab Products Group Operational leadership that aligns our processes and resources so we can provide consistent, reliable support as we grow across regions.
Providing a one-stop solution for laboratory, design, and construction projects for customers in India and the surrounding markets. Design, Build, and Engineering ❑ Engineering, procurement, construction, and real-time project management services ❑ HVAC, exhaust, gas distribution, electrical, fire protection, lab effluent, and plumbing systems ❑ Brown & Green Field projects Commission & Support ❑ Laboratory validations as per CGLP/ CGMP Guidelines ❑ Certifications, audits, and compliances International Turnkey Services 11
Building a Scalable Corporate Platform CONTROLS & READINESS ▪ SOX 404(b) readiness ▪ Corporate consolidation platform FINANCIAL CAPABILITY ▪ Accounting capabilities ▪ Growth-function resources GOVERNANCE & COMPLIANCE ▪ Bylaw and expenditure- policy updates ▪ Expanded compliance training GLOBAL INVESTMENT ▪ New entity preparation in Spain ▪ Platform for European growth ORGANIC GROWTH Scaling current businesses ACQUISITION INTEGRATION Adding capabilities with discipline SCALING REQUIREMENT Meet expanding requirements Infrastructure, talent and governance designed to scale the enterprise with efficiency and discipline ENABLING 12
We will do everything with excellence. We will be easy to do business with. OUR GUIDING PRINCIPLES Strategic Direction and Outlook 13 We will get closer to our customer(s). We will lead and not follow (we are innovators). 01 02 03 04
14 Legacy matters at Kewaunee. With 120 years of continuous operation, we’ve built a reputation on trust, reliability, and lasting relationships. As a publicly traded company with strong governance and a disciplined operating approach, we offer a stable platform for companies seeking thoughtful succession and exit strategies. A Trusted Partner for the Next Chapter Kewaunee as a Succession Solution RESPECT FOR LEGACY We honor what made a business successful and preserve its culture, people, and customer relationships. DECISIVE & TRANSPARENT We act quickly and clearly, minimizing bureaucracy that slows execution. LONG-TERM FOCUS Unconstrained by short-sighted pressures, we focus on making sound, long-term investment decisions that support the future of the business. A TRUSTED PARTNER For business owners who care deeply about their legacy, team, and future, we offer more than capital — we offer stewardship and continuity.
W H A T S E T S U S A P A R T KEWAUNEE SCIENTIFIC CORPORATION Delivering trusted laboratory environments since 1906. 01 Experience Serving Users in Multiple End-Use Markets The industries served by Kewaunee continue to invest in research and development, requiring Kewaunee products in diverse markets. 02 Industry-Leading Portfolio Kewaunee offers total lab solutions with a portfolio of products that meet every furniture need within the laboratory space. 03 Leading Dealer and Distribution Network Our global network of experienced dealers stands ready with local expertise to simplify the building process and bring projects from thought to finish with support at every stage. 04 Financial Stability $282.0 Million in Revenue, with a strong balance sheet and backlog. 05 Experience Founded in 1906, Kewaunee brings nearly 120 years of manufacturing excellence to every project. 15
Thank You & Questions 16
Annual Shareholder Speech August 26, 2026
Kewaunee Scientific Corporation Annual Shareholder Speech August 26, 2026 Good morning. I would like to extend a warm welcome to our shareholders who have set aside time to join us today at Kewaunee Scientific Corporation’s 2026 annual shareholder meeting. This year’s meeting is again being conducted virtually, providing our shareholders with an accessible format in which to participate. Before proceeding, a brief comment regarding forward-looking statements. Additionally, please see the notice regarding any non-GAAP measures included in today’s financial review. Today, we will discuss highlights from our recently completed fiscal year, ended April 30, 2026, including our consolidated results, strategic investments, and business outlook. I will also discuss how we are strengthening our corporate platform, expanding internationally, and leveraging the strengths and combined portfolios of our business segments to deliver more comprehensive solutions for our customers while creating new opportunities for growth and long-term shareholder value. There will be time for questions at the end of the presentation, and we will take as many as possible. If you are logged in as a shareholder and would like to submit a question, please do so online during the presentation. We will also post all meeting materials to the investor information section of our website for future reference following this meeting. Reflecting on the last five years, I am incredibly proud of what Kewaunee has accomplished and the strength and stability we have built into the business. We have successfully expanded profitability, nearly doubling our revenue, strengthened our operating model, and built a larger, more resilient platform for growth. Just as importantly, we have established a track record of consistent execution and demonstrated our ability to deliver solid results across a wide range of market and economic conditions. That consistency reflects the fundamental changes we have made in how we run the business. We strengthened our processes and operational discipline, sharpened our strategic focus, and continued to invest in our people and capabilities. As a result, Kewaunee today operates with greater scale, stability, and resilience, providing a strong foundation for our continued growth. Fiscal year 2026 was driven by our team’s execution and provided further evidence of the strength of the foundation we built, brick by brick, in the years preceding. Across Kewaunee, we remained focused on operating with excellence, serving our customers, and advancing our strategic priorities. Despite volatility in project delivery timelines,
geopolitical and economic uncertainty, and changing conditions across several of our markets, we delivered record revenue, strong profitability, and meaningful strategic progress. Looking ahead, we remain focused on investing in the business and continuing to grow our platform, both organically and inorganically. We are pursuing that growth from a position of strength, supported by a scaled and resilient business and consistent financial performance. We will continue to pursue disciplined opportunities that expand our market presence and create compelling strategic and financial value, positioning Kewaunee to drive sustainable growth and long-term shareholder value. With that broader perspective in mind, I’d like to turn specifically to our fiscal year 2026 results. While a complete review of our financial performance can be found in our Annual Report and Form 10-K, available on our website, I’d like to highlight a few key results today. Revenue reached $282.0 million, extending the Company’s multi-year growth trajectory and representing nearly a 14% CAGR since fiscal 2021. At the same time, EBITDA increased to $22.4 million, reflecting continued operational improvements and strong earnings leverage, with EBITDA growing at nearly a 157% CAGR over the same period. Our consolidated order backlog was $165.9 million at April 30, 2026, compared with $214.6 million the year prior, primarily reflecting the completion and delivery of several large international projects during the year. We also strengthened our balance sheet, reducing long-term debt by approximately $20 million and fully repaying the NuAire seller notes. Our debt-to- equity ratio improved to 0.61-to-1.0 from 0.99-to-1.0, further positioning the Company for future growth. During the fourth quarter, we renamed our Domestic reportable segment to the Lab Products Group to better reflect its business activities, structure, and strategy. The change did not affect the composition or previously reported results of the segment. Lab Products Group sales were $214.9 million for fiscal year 2026, an increase of 19.8% compared with $179.4 million in fiscal year 2025. The increase was primarily attributable to the inclusion of a full year of NuAire results following the acquisition on November 1, 2024. The Lab Products Group generated EBITDA of $25.1 million, compared with $25.6 million the prior year. The comparison reflects the NuAire integration, softer life-sciences market conditions, and investments intended to strengthen the combined organization as market conditions recover. International segment sales were $67.1 million, an increase of 9.9% compared with $61.1 million in fiscal year 2025. The increase primarily reflected the delivery of projects in India that had experienced customer site delays during the prior year. International EBITDA increased to $5.9 million from $4.5 million, demonstrating
strong execution. Unallocated corporate costs were $11.2 million, compared with $9.9 million. The increase included investments in public-company readiness, governance, financial systems, and talent needed to support a larger enterprise. Taken together, these results show a business that continued moving forward in a demanding environment. It was a challenging year, but our team executed phenomenally, solving problems, improving operations, serving customers, and delivering record revenue while building a strong foundation for Kewaunee’s future. One of the year’s most important steps was formally introducing the Lab Products Group, which brings together Kewaunee Scientific, NuAire, EVERHUTCH, and our global commercial organization in one aligned platform. Kewaunee’s century of leadership in laboratory infrastructure is now combined with NuAire’s expertise in containment and airflow solutions and EVERHUTCH’s growing presence in healthcare storage. Together, we offer a broader portfolio spanning casework, table systems, ventilated and containment products, healthcare storage, worksurfaces, and custom solutions — supported by integrated design, engineering, manufacturing, project execution, installation, and service. Bringing these capabilities together allows us to simplify how complex laboratory and healthcare environments are designed, sourced, and delivered. Customers gain access to a broader range of integrated solutions, while our channel partners have more opportunities to support end users throughout the project lifecycle. This structure also strengthens our platform for growth. By expanding our addressable market and increasing the value we can provide for each project, the Lab Products Group creates meaningful opportunities for both organic growth and complementary acquisitions. These opportunities are supported by capabilities few competitors can match. Kewaunee is the only American manufacturer producing wood, metal, and epoxy-resin laboratory furniture at one location. Combined with NuAire’s Minnesota operations, international infrastructure, and our combined global dealer network, we can support projects of nearly any size and complexity. Our manufacturing strength is reinforced by experts who have helped shape industry standards and an integrated operating model that provides exceptional control over quality, consistency, and execution. Together, these capabilities give customers confidence that Kewaunee has both the resources to execute globally and the technical expertise to navigate the industry’s most complex project requirements. International growth remains an important part of our strategy. To support our next phase of international expansion, we welcomed Jorge Santos as Vice President of International Sales for the Lab Products Group and Lucia Lema as Director of Operations for the Lab Products Group.
Jorge brings more than two decades of global sales and dealer-network experience across Europe, Latin America, the Middle East, and Asia. His leadership will help expand the reach of our portfolio and deepen dealer relationships. Lucia’s operational leadership will help further align our processes and resources so we can provide consistent, reliable support as we grow across regions. Together, Jorge and Lucia strengthen our ability to connect global commercial opportunities with disciplined execution. We are taking an intentional approach to expanding in new and emerging markets while working alongside our dealers to bring the full Lab Products Group portfolio to more customers. As we expand our global commercial reach, we are also sharpening the focus of our established international segment operations around their most differentiated capabilities. Going forward, this team’s concentration will be on delivering turnkey laboratory projects across India and the surrounding markets, an area where the team has developed exceptional expertise and a strong record of execution. By managing the full project lifecycle, from planning and engineering through construction, installation, and commissioning, the team provides customers with an integrated solution and a single point of accountability while positioning Kewaunee to pursue attractive opportunities across the region. As Kewaunee grows into a larger, more diversified enterprise, we are building the infrastructure, talent, and governance capabilities needed to scale with efficiency and discipline. During fiscal year 2026, this included advancing SOX 404(b) readiness, implementing a corporate consolidation platform, expanding accounting capabilities, and planning resources for growth in key functions. We also strengthened governance through updated bylaw reviews, a more robust expenditure policy, expanded compliance training, and preparation for a new entity in Spain to support European growth. Together, these investments create the scalable platform required to support organic growth, integrate future acquisitions, and meet increasing public-company requirements. They also give our operating businesses stronger systems and support while preserving the accountability and responsiveness that enable them to serve customers well. Kewaunee has undergone a significant transformation in recent years, and I believe we have only begun to see the momentum we can create. The guiding principles we established at the start of this journey have been central to our progress. They challenged us to be easier to do business with, get closer to our customers, pursue excellence in everything we do, and lead through innovation. Together, they have provided a consistent framework for how we operate and make decisions, creating the foundation for the progress we have made and the growth ahead. As we enter fiscal year 2027, those principles continue to guide our path forward. While uncertainty remains in the geopolitical and economic landscape, our focus remains
steady and clear. We will continue to execute with discipline, allocate capital thoughtfully, pursue opportunities to grow our platform, and serve our customers with excellence. We are confident in our direction and excited about the opportunities ahead. As we build on that foundation, our focus is increasingly on the opportunities that will shape Kewaunee’s next chapter. We will invest in product innovation, manufacturing efficiency and capacity, and global commercial expansion. We will also continue to pursue disciplined opportunities that complement our businesses, expand our capabilities, strengthen our portfolio, and extend our reach. With more than 120 years of continuous operation, public-company governance, and a long-term perspective, Kewaunee offers prospective partners stewardship and continuity as well as capital. For business owners seeking a thoughtful succession solution, Kewaunee offers the stewardship, continuity, and long-term perspective needed to preserve what made their company successful while supporting its next chapter of growth. This same disciplined approach guides every aspect of our strategy. With a stronger platform, broader capabilities, and an exceptional team, we enter fiscal year 2027 confident in our direction and well positioned to create lasting value for our customers, Associates, partners, and shareholders. As I close, I want to express my sincere gratitude to Kewaunee’s global Associates for their dedication and relentless pursuit of moving the Company forward. Our progress is the result of their hard work, adaptability, and continued focus on delivering the amazing lab environments our customers require. I also want to thank our customers, dealers, distribution partners, and suppliers for their continued trust and support. I am grateful to our Board of Directors for their guidance and counsel and to our shareholders for your continued confidence in Kewaunee. Please note that Kewaunee expects to release earnings for the first quarter of fiscal year 2027 Wednesday, September 9. We will now open the floor for questions.
P.O. Box 1842 · Statesville, NC 28687 · Tel 704.873.7202 · Fax 704.873.1275 · kewaunee.com