Cadre (CDRE) Investor presentation summary

Company overview and business model

• Manufactures highly engineered safety equipment for professionals, with 80% of 2024 revenue from products and 20% from distribution.

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

• Focuses on mission-critical products with recurring demand, supported by customer refresh cycles and industry tailwinds.

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

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

Financial performance and outlook

• Total revenue grew 55% and adjusted EBITDA grew 97% from FY2020 to FY2025E, with 740 bps margin expansion.

• Q3 2025 net sales were $155.9M, up from $109.4M in Q3 2024; gross margin improved to 42.7%.

• Adjusted EBITDA for Q3 2025 was $29.8M (19.1% margin), up from $13.5M (12.4%) in Q3 2024.

• FY2025 guidance: net sales of $624M–$630M, adjusted EBITDA of $112M–$116M, and capital expenditures of $7M–$8M.

• Net leverage at 1.4x as of September 30, 2025, with $150.9M in cash and $311.2M in total debt.

Growth strategy and M&A

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

• Recent acquisitions include TYR Tactical ($93M FY2024 revenue), Alpha Safety, Carr's Engineering, ICOR, Cyalume, and Radar.

• M&A strategy targets new markets, category leadership, and increased customer wallet share, with disciplined criteria for financial and market resilience.

• Robust acquisition pipeline to accelerate growth and expand product suite and geographic footprint.

• Recent deals have provided entry into new verticals, especially in nuclear and tactical safety markets.