Curtiss Wright : 2023 Annual Report 2023 ANNUAL REPORT (GLOSSY)

BUILDING MOMENTUM

2023 Annual Report

11%	11%	15%
Growth in Total Sales	Growth in	Growth in
(10% Organic)	Operating Income	Diluted EPS

$413m $3.1b	$2.9b
Record Free Cash Flow	Record Orders	Record Backlog

Curtiss-Wright offers field-proven, expeditionary networking and communications solutions that provide the core capabilities

for secure mobile networks onboard land, sea, airborne, and cyber platforms. Curtiss-Wright's expertise and diverse product offerings enable system integrators to securely and affordably deploy digital network architectures for enhanced situational awareness (SA) and network-centric operations.

IN 2023, WE DELIVERED RECORD

FINANCIAL RESULTS FOR OUR

SHAREHOLDERS, AND OUR SUCCESSFUL

PIVOT TO GROWTH STORY CONTINUES.

Headquartered in Davidson, N.C., Curtiss-Wright Corporation is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Power, Process and Industrial markets. We leverage a workforce of approximately 8,600 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships.

Amounts shown on left reflect 2023 results and comparisons to the prior year period; Financials are presented on an Adjusted basis unless noted. Reconciliations of Reported to Adjusted amounts are furnished at the end of this document and within the Company's earnings press release dated February 14, 2024.

A N N UA L R E P O RT 2023 | 1

I'M INCREDIBLY PLEASED

WITH OUR SUCCESS TO DATE IN EXECUTING OUR PIVOT TO GROWTH STRATEGY AND LOOK FORWARD TO BUILDING ON THIS MOMENTUM TO DELIVER LONG-TERM PROFITABLE GROWTH AND VALUE CREATION FOR ALL STAKEHOLDERS.

TO MY FELLOW SHAREHOLDERS AND EMPLOYEES

Curtiss-Wright delivered exceptional performance in

2023. This was evidenced by numerous financial records, including full-year sales, profitability, diluted earnings per share, free cash flow, new orders and backlog. We achieved these results while accelerating investments in research and development (R&D), our systems and processes, and our people. With our strong free cash flow generation and disciplined approach to capital allocation, we concluded the year with a strong and stable balance sheet. This ensures we are well positioned to pursue strategic investments in our core businesses and acquisitions which will strengthen the product offering across our Aerospace & Defense (A&D) and Commercial portfolio. I'm incredibly pleased with our success to date in executing our Pivot to Growth strategy and look forward to building on this momentum to deliver long-term profitable growth and continued value creation for all stakeholders.

2023 FINANCIAL HIGHLIGHTS

Sales increased 11% overall to a record $2.8 billion, driven by 10% organic growth reflecting higher sales in both our A&D and Commercial markets, and the contribution of the arresting systems business acquired in 2022.

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Adjusted operating income increased 11% to $494 million,	STRONG BALANCE SHEET ENABLING A
while adjusted operating margin increased 10 basis points	DISCIPLINED CAPITAL ALLOCATION STRATEGY
to 17.4%. This performance reflected improved profitability	We continue to remain focused on reducing working
in all three segments as we continued to ramp up our
capital. This focus, along with consistent top line growth,
investments in R&D across the portfolio.
		will result in strong free cash flow generation to support an
Adjusted diluted earnings per share increased 15% to $9.38,
efficient capital allocation strategy. We remain disciplined
while Adjusted free cash flow was $413 million, driving	in our approach towards potential acquisitions, and while
adjusted free cash flow conversion of 114%, which is a	we did not acquire any businesses this past year, we
reflection on our strong growth in earnings and working	maintained steady distributions to our shareholders through
capital management.			our ongoing share repurchase program and continued to
Growth in our order book was exceptionally strong, up 5%	increase in our quarterly dividend. We concluded 2023 with
year-over-year to a record $3.1 billion, reflecting 1.1 times	a strong and healthy balance sheet, with approximately
book to bill overall and solid demand across the majority	$2.3 billion of borrowing capacity, providing the financial
of our markets. As a result, we concluded the year with	flexibility that will enable us to strategically enhance our
a record backlog of $2.9 billion, up 9% year-over-year,	portfolio in 2024 and beyond with high-quality acquisitions
driving confidence in our future growth outlook.	in support of our Pivot to Growth strategy.
Due in large part to our strong					OUR JOURNEY CONTINUES
results in 2023, we delivered a
				As we enter our 95th year as a
successful performance against
				public company, I would like to
the three-year financial targets
WE ARE STRATEGICALLY	thank our approximately 8,600
established at our 2021 Investor
Day, and generated strong growth	INVESTING TO ADVANCE	employees for their dedication
to driving Curtiss-Wright to yet
in sales, operating income and
				another record performance
diluted EPS. Overall, we generated	OUR TECHNOLOGIES AND
this past year. We have steadily
110 basis points in operating margin	LEVERAGE CURTISS-WRIGHT'S
grown our workforce as we have
expansion and more than $1 billion
				improved our top-line sales, with a
in adjusted free cash flow over the	STRONG ALIGNMENT
keen focus on employee retention,
period, despite the impacts of the	TO FAVORABLE SECULAR
training, talent acquisition and
pandemic and a very challenging
supply chain environment.	GROWTH TRENDS.	development to secure and
enhance our employee base for
This performance against our

commitments resulted in strong		decades to come. We continue
	to roll out new systems, tools
improvements in our stock price,
	and processes to better enable
along with increased investor
	our team to drive efficiency and
confidence in our Company
performance in our operations, laying a strong foundation
and execution track record.
to support Curtiss-Wright's future growth.

FOSTERING STRATEGIC INVESTMENTS IN RESEARCH & DEVELOPMENT

We are strategically investing to advance our technologies and leverage Curtiss-Wright's strong alignment to favorable secular growth trends. Given the long-term nature of many of our businesses, we are constantly evaluating these critical investments over various time horizons and their potential to drive long-term profitable growth. In 2023,

we made strong incremental investments in R&D across the business to further position us for future organic growth and we anticipate a similar increase in our total engineering spending, again, in 2024. As we continue to invest in our Company, we will advance both operational and commercial excellence across the organization, to open new funding pathways for future investments. Overall, we remain dedicated to investing across the portfolio while continuing to expand Curtiss-Wright's operating margin.

Finally, at our upcoming May 2024 investor day, we look forward to updating you on the success of our Pivot to Growth strategy and organic growth initiatives, and sharing our new long-term financial targets, as we position Curtiss-Wright to deliver long-term profitable growth and tremendous value for our shareholders, our employees and our customers.

LYNN M. BAMFORD

Chair & Chief Executive Officer

ANNUAL REP ORT 2023 | 3

CURTISS-WRIGHT IS WELL- POSITIONED TO SUPPORT U.S. AND ALLIED MILITARY FORCES IN A RISING GLOBAL THREAT ENVIRONMENT.

Curtiss-Wright maintains an outstanding reputation for its highly engineered products and services, long-standing customer relationships and technological leadership in Defense. Customers value our leading technology, broad product portfolio, stability and execution as a supplier. We remain dedicated to continuing to invest strategically to support the advancement of our technologies.

As an industry-leading supplier of critical defense electronics technology, we continue to take proactive actions to ensure we are well positioned to benefit from our alignment to top U.S. Department of Defense (DoD) priorities and the numerous favorable secular trends driving our markets, such as Modular Open Systems Approach (MOSA); the net-centric connected battlefield; the development of cyber, security and anti-tamper solutions, electrification and 5G connectivity.

In naval defense, we have been a crucial supplier of nuclear propulsion equipment since its inception to the industry more than 60 years ago. Our alignment with the DoD's top shipbuilding programs, including the Columbia-class submarine, ensures a long-term durable revenue stream for Curtiss-Wright over the next several decades.

Curtiss-Wright's innovation in bringing electromechanical actuation technology from industrial to defense applications has resulted in securing a key presence on the Enduring Shield platform developed by the Dynetics team at Leidos. Part of the Indirect Fires Protection Capability (IFPC) program, our products assist the system in acquiring, tracking, engaging and defeating cruise missiles, rockets and unmanned aircraft system threats.

Curtiss-Wright tactical communications hardware and software speed the setup, enhance security, and allow for rapid mobility of secure networks at the edge of the battlefield to provide real-time connectivity between command posts, warfighters in the field and remote decision makers.

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The renewed, global focus on defense spending, along with the continued protection of U.S. allies, generated strong growth in direct Foreign Military Sales for Curtiss-Wright in 2023. This past year, we experienced higher international revenues across our defense electronics businesses, given our very broad product portfolio including avionics and flight test instrumentation, tactical communications equipment and turret drive stabilization systems, as well as solid demand for our aircraft handing and arresting systems equipment serving both naval and aerospace defense markets. We continue to expect this will

be an opportunity for growth given the targeted commitments by NATO countries to spend at least 2% of their GDP on defense.

Critical data acquisition is performed with Curtiss-Wright flight test instrumentation solutions on all variants of the F-35 platform following the Technology Refresh 3 (TR-3) upgrade necessary to modernize the platform's warfighting capabilities.

ANNUAL REP ORT 2023 | 5

THERE ARE A NUMBER OF POSITIVE FORCES DEMONSTRATING STRONG SUPPORT FOR COMMERCIAL NUCLEAR TODAY, WHICH SHOULD PROVIDE LONG-TERM BENEFITS TO CURTISS-WRIGHT.

The commercial nuclear power industry continues to benefit from positive global sentiment driven by an increased focus on energy independence and decarbonization.

In the U.S., strong bi-partisan government support has driven new legislation, such as the Infrastructure bill and the Inflation Reduction Act, which together are working to preserve the long- term viability of the U.S. reactor fleet, keep at-risk reactors from closing early, and subsidize new construction of advanced reactors.

Curtiss-Wright maintains a significant U.S. aftermarket presence by playing a critical role on all 93 operating reactors, while also supporting the industry's subsequent license renewals extending a reactor's life from 60 years of operation to 80 years. With the age of plants also increasing globally, we are in a strong position to continue to grow our international footprint through our continuous focus on innovation and safety upgrades.

Throughout Eastern Europe, countries are making progress on their commitments to build out commercial nuclear capabilities as nearby war has galvanized the need for energy independence. Curtiss-Wright is a strategic supplier on Westinghouse's Generation III+ AP1000 reactor to support this tremendous growth as countries such as Poland and Bulgaria pursue

new reactors in the early 2030s.

Curtiss-Wright supplies critical nuclear technology to the Westinghouse AP1000 reactor (housed in the white structures) including our reactor coolant pumps (RCPs). In 2023, Plant Vogtle Unit 3 (on left) entered commercial operation and was the first new start commercial nuclear reactor in the U.S. in over 30 years.

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Shown here in our Idaho Falls facility, Curtiss-Wright houses a fully functional DSS demonstration unit that prospective customers can use to experience the system hands-on.

We are also participating in the design and development of Advanced Small Modular Reactors (ASMRs), where we continue to secure relationships and bring our unique capabilities to many leading developers, including X-energy, TerraPower and Westinghouse. Across the U.S., there's

a growing demand for these reactors especially where coal plants exist. As many coal plants are scheduled for shutdown over the next decade, this represents an opportunity for SMRs, given the similar plant footprint, enabling easier connectivity to the grid while providing economic and employment benefits to the affected areas.

In 2023, Curtiss-Wright was awarded a contract to develop the Reactor Protection System (RPS) for the TerraPower Natrium Reactor Demonstration Project in Kemmerer, Wyoming near a retiring coal plant. The RPS includes a set of safety and security components currently utilized in operating nuclear power plants designed to display critical information to control room operators during normal operations and to safely shut down the reactor

in emergency situations.

Curtiss-Wright's Digital Safety System (DSS), selected for the TerraPower RPS, is an instrumentation and control platform designed with state-of-the-art digital functions that increase equipment reliability, automation, and modernization in the existing fleet of nuclear power reactors and is well positioned to support next-generation advanced reactor designs.

Curtiss-Wright's subsea pumping technology is expected to support offshore drilling and production platforms including the world's deepest offshore rigs. Our canned motor and fluid-film bearing technologies allow for "barrier fluidless" pumps, located on the seafloor or mudline and adjacent to the wells, to help enable the pumping of hydrocarbons to the surface.

LEVERAGING OUR CORE PUMP TECHNOLOGY, PRODUCT EXPERTISE AND INNOVATION TO CROSSOVER INTO THE SUBSEA MARKET

Curtiss-Wright is advancing several subsea pumping development initiatives to meet the growing demand for more reliable pumping systems in the process market serving deep sea drilling and off-shore production facilities. Operations today typically face unplanned outages and production interruptions, and consume critical resources to change out an existing pump. Curtiss-Wright's canned motor pump technology is expected to enable reliable subsea production with fewer topside support systems, and also provide flexibility to deploy these boosting systems on lighter weight, lower cost vessels. This represents yet another exciting example of Curtiss-Wright's ability to utilize its proven engineering expertise and technology to develop unique solutions for an adjacent market, and provide new opportunities for long-term growth, supported by prior contracts with Shell and Saipem, and a recently announced development agreement with Petrobras.

ANNUAL REP ORT 2023 | 7

COMMITTED TO STRENGTHENING OUR CULTURE AND OUR WORKPLACE.

At Curtiss-Wright, the most important investment we make is in our people.

Developing and retaining our talent is paramount to our success as we build upon our long legacy of providing critical products and services to the global marketplace. We place a tremendous emphasis on identifying, investing in, and growing our leadership capabilities, which together are driving a competitive edge for our talented employees. We train our future leaders through cross-functional New Business Leader

and Engineering Leadership Development programs, producing hundreds of graduates to date. These programs serve as fantastic learning experiences that prepare our next generation of leaders for increasingly more complex roles and an opportunity to build valuable relationships and networks across Curtiss-Wright.

From reinforcing our commitment to engineering and technical excellence through our Technical Fellows program, to providing a cloud-based innovation portal through our Innovation program, we're focused on driving thought leadership to inspire our workforce from early through advanced career levels. These important programs foster our culture of innovation, fuel inter-company technical collaboration, and help us attract, mentor, and inspire

the next generation of talent to drive Curtiss-Wright's success as we continue to grow.

Among the many events hosted by Curtiss-Wright, our annual "Careers in Engineering" event held in the U.K. is a prime example of our consistent engagement with local communities, colleges and universities across our many facilities globally.

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