Kaman : Fourth Quarter 2020 Earnings Call Supplement

Creating Tomorrow'sToday

Q4 2020 Earnings Call Supplement

February 26, 2021

Forward Looking Statements

FORWARD-LOOKING STATEMENTS

This presentation includes "forward looking statements" relating to the announced transactions and future operations of the Company, which can be identified by the use of words such as "will," "expect," "poise," "believe," "plans," "strategy," "prospects," "estimate," "project", "seek," "target," "anticipate," "intend," "future," "likely," "may," "should," "would,"

"could," and other words of similar meaning in connection with a discussion of future operating or financial performance or events. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These statements are based on assumptions currently believed to be valid but involve significant risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ from those expressed in the forward looking statements. Such risks and uncertainties include, among others, the ability to implement the anticipated business plans following closing and achieve anticipated benefits and savings; and future and estimated revenues, earnings, cash flow, charges, cost savings and expenditures. Additional risks and uncertainties that could cause our actual results to differ from those expressed in the forward looking statements are identified in our reports filed with the SEC, including our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K, and our Current Reports on Form 8-K. The forward looking statements included in this presentation are made only as of the date of this presentation, and the Company does not undertake any obligation to update the forward looking statements to reflect subsequent events or circumstances.

Non-GAAP Figures

Management believes that the Non-GAAP financial measures (i.e. financial measures that are not computed in accordance with Generally Accepted Accounting Principles) identified by an asterisk (*) used in this presentation or in other disclosures provide important perspectives into the Company's ongoing business performance. The Company does not intend for the information to be considered in isolation or as a substitute for the related GAAP measures. Other companies may define the measures differently. Reconciliations from GAAP measures to the Non-GAAP measures are presented herein.

Q4 2020 Overview

Financial Performance (from continuing operations)

 Net Sales down 22% over fourth quarter of 2019; Organic sales* down 29%  Gross margins of 29.3% and SG&A controls improve profitability  Adjusted EBITDA* of 9.3%, down over the prior year period  Adjusted diluted earnings per share* of $0.41 leading to $2.11 for the full year  Repaid $100 million on Revolving Credit Facility; Cash on hand of $104 million

Key Messages

 Full year performance benefited from diversified product portfolio providing offset to continued weakness in commercial aviation  Delivered realized cost savings of approximately $26 million in 2020  Maintained discipline in application of our COVID-19 policies and procedures  Strong balance sheet and available capacity under our revolving credit facility  No debt maturities until 2024

Diversified Portfolio

Full Year 2020 Sales up 3.0% to $784.5 million; Organic Sales* down 7.1%

Actual Full Year 2020 Sales By End Market

28% Commercial, Business & General Aviation

8% Industrial and Other