Ducommun Incorporated : Investor Day Presentation – May 26, 2021

Investor Day

May 26, 2021

Disclosures

Forward-LookingStatements: This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be preceded by, followed by or include the words "believe," "continue," "estimate," "expect," "may," "plan," "potential," "should," "result," "target" or similar expressions. These statements are based on the beliefs and assumptions of our management. Generally, forward-looking statements include information concerning our possible or assumed future actions, events or results of operations. Forward-looking statements specifically include, without limitation, the information in this presentation regarding: our growth and value creation strategy, including opportunities to expand current relationships and penetrate and/or increase share on new and existing programs and next generation programs in commercial and defense markets; our framework for driving growth and margin expansion; the recovery of the commercial airline industry in light of the COVID-19 pandemic and air travel; estimated build rates for the B737 family and A320 platforms and expected demand and mix percentage of narrow body aircraft; the expected wave of airline fleet renewals in the near term; expected federal defense budgetary environments; expectations relating to the titanium sheet fabrication market; our expected top line and margin expansion growth through 2025; our efforts to develop and grow our aftermarket support business; our M&A strategy, vision and investment return, product, company and timing expectations; and backlog. Although we believe that the expectations reflected in the forward-looking statements are based on reasonable assumptions, these forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. We cannot guarantee future results, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. All written and oral forward-looking statements made in connection with this presentation that are attributable to us or persons acting on our behalf are expressly qualified in their entirety by the risk factors and other cautionary statements contained in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2020.

While it is impossible to identify all such factors, some factors that could cause actual results to differ materially from those estimated by us include, but are not limited to, the risk factors and other cautionary statements contained in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2020 and the following: our ability to manage and otherwise comply with our covenants with respect to our outstanding indebtedness; our ability to service our indebtedness; our acquisitions, business combinations, joint ventures, divestitures, or restructuring activities may entail certain operational and financial risks; the cyclicality of our end-use markets and the level of new commercial and military aircraft orders; industry and customer concentration; production rates for various commercial and military aircraft programs; the level of U.S. Government defense spending; we are subject to extensive regulation and audit by the Defense Contract Audit Agency; compliance with applicable regulatory requirements and changes in regulatory requirements, including regulatory requirements applicable to government contracts and sub-contracts; further consolidation of customers and suppliers in our markets; product performance and delivery; start-up costs, manufacturing inefficiencies and possible overruns on contracts; increased design, product development, manufacturing, supply chain and other risks and uncertainties associated with our growth strategy to become a supplier of higher-level assemblies; our ability to manage the risks associated with international operations and sales; economic and geopolitical developments and conditions; pandemics, such as COVID-19, significantly impacting the global economy and specifically, the commercial aerospace end-use market; disasters, natural or otherwise, damaging or disrupting our operations; unfavorable developments in the global credit markets; our ability to operate within highly competitive markets; technology changes and evolving industry and regulatory standards; possible goodwill and other asset impairments; the risk of environmental liabilities; the risk of cyber security attacks or not being able to detect such attacks; litigation with respect to us; and other risks and uncertainties.

We caution the reader that undue reliance should not be placed on any forward-looking statements, which speak only as of the date of this presentation. We do not undertake any duty or responsibility to update any of these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect actual outcomes, except as required by law.

Industry and Customer Information: Market data and industry information used throughout this presentation are based on management's knowledge of the industry and the good faith estimates of management. We also relied, to the extent available, upon management's review of independent industry surveys and publications and other publicly available information prepared by a number of third party sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified this information. While we believe the estimated market position, market opportunity and market size information included in this presentation are generally reliable, such information, which is derived in part from management's estimates and beliefs, is inherently uncertain and imprecise. No representations or warranties are made by the Company or any of its affiliates as to the accuracy of any such statements or projections. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. Further, the inclusion of customer logos or references to specific programs in this presentation is not an endorsement of the Company.

Non-GAAPFinancial Measures: This presentation includes certain non-GAAP financial measures, such as Adjusted EBITDA, Adjusted EBITDA margin, and net debt. For a reconciliation of such non-GAAP financial measures to the closest GAAP measure not already included in this presentation, see "Non-GAAP Financial Measures" in the Appendix of this presentation.

Other: The inclusion of information in this presentation does not mean that such information is material or that disclosure of such information is required.

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Agenda

Ducommun Overview	Stephen Oswald
Electronic Systems	Dave Wilmot
Structural Systems	Jerry Redondo
M&A Strategy	Suman Mookerji
Financial Outlook	Chris Wampler
Closing Remarks	Stephen Oswald
	Q&A

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Ducommun Overview

Stephen Oswald

CHAIRMAN, PRESIDENT AND CEO

Our Company

2020 Net	2020 Adjusted
Revenues:	EBITDA Margin:
$629mm	14.0%

Backlog:

$808mm

Diverse Product Content on Large and Growing Platforms…

Military Aircraft

Commercial Aircraft

Revenue by	End Market
Proprietary	Content
Commercial	Aerospace Mix1

​Industrial

6%

​Commercial Aerospace 27%

Non-

Proprietary

~25 %

Other 22 %

Business Jets

10 %

Widebody

15 %

​Military & Space 67%

Proprietary

~75 %

Narrowbody

53 %

JSF

Apache

B737 Family

A320

F/A-18			Blackhawk		A220			B787
	Missiles			Space & UAVs

Patriot

Tomahawk

Artemis

Predator

TOW Missile

SM3/6

Triton

MQ-9 Reaper

...Across a Broad Range of Customers

Leading manufacturer mainly as a Tier 1 supplier of complex electronics and structural systems

for the commercial aerospace, defense, and space markets

5 Note: Pie charts based on 2020 Net Revenues mix. Adjusted EBITDA as defined in the Non-GAAP Reconciliation in the Appendix and including non-recurring adjustments, such as the Guaymas fire incident. Adjusted EBITDA margin defined as Adjusted EBITDA / Net Revenues. 1 Figures based on backlog as of 2020YE.