Cadre (CDRE) Investor presentation summary

Company overview and business model

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

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

• Core product categories include duty gear, EOD, body armor, and nuclear safety.

• Focus on innovation, with a legacy of patented products and continuous product launches.

• Operating model emphasizes lean processes, leadership development, and continuous improvement.

Financial performance and outlook

• FY2025 net sales reached $610.3M, up from $567.6M in FY2024; gross margin improved to 43.9%.

• Adjusted EBITDA for FY2025 was $111.7M, with a margin of 18.3%.

• FY2026 guidance projects net sales of $736M–$758M and adjusted EBITDA of $136M–$141M.

• Net leverage at 12/31/25 was 1.7x, with $122.9M in cash and $307.3M in total debt.

• 198% total shareholder return since IPO, with 17 consecutive quarterly dividends declared.

Growth strategy and M&A activity

• Completed six acquisitions since IPO, focusing on strong margins, recurring revenues, and market leadership.

• Recent acquisitions include TYR Tactical (2026), Carr's Engineering (2025), Alpha Safety (2024), and ICOR Technology (2024).

• M&A strategy targets new markets, enhanced category leadership, and increased customer wallet share.

• Acquisition multiples ranged from 5x–11x, with disciplined criteria for asset-light, recurring revenue businesses.

• Integration of acquired companies aims to leverage synergies and expand product offerings.