On this page of StockholderLetter.com we present the latest annual shareholder letter from CECO ENVIRONMENTAL CORP — ticker symbol CECO. Reading current and past CECO letters to shareholders can bring important insights into the investment thesis.

 •  4/24/2026 Letter Continued (Full PDF)
 •  4/24/2023 CECO Stockholder Letter
 •  4/10/2024 CECO Stockholder Letter
 •  4/10/2025 CECO Stockholder Letter
 •  More "Industrial Machinery & Equipment" Category Stockholder Letters
 •  CECO Benford's Law Stock Score = 95

CECO Shareholder/Stockholder Letter Transcript:

ADVANCING
LEADERSHIP
2025 A N N UA L R E P O R T

ADVANCING LEADERSHIP AS A GLOBAL, SUSTAINABLE,
INDUSTRIAL ENVIRONMENTAL SOLUTIONS COMPANY
CECO Environmental is a leading environmentally focused, diversified
industrial company whose solutions protect people, the environment,
and industrial equipment across the globe, serving a broad landscape
of industrial air, industrial water and energy transition markets.
Leading Businesses
Sustainable Value Creation
BALANCED, NICHE
LEADERSHIP POSITIONS
FOCUSED CAPITAL ALLOCATION
MODEL
    Industrial Air
    Invest in Organic Growth / Expansion
    Industrial Water
    Debt Management
    Energy Transition
    Programmatic M&A
~35%
GLOBAL ORDERS OUTSIDE
OF UNITED STATES
MULTI YEAR GROWTH STORY
    Backlog 4-yr CAGR up 40% on
organic and inorganic growth
    Adj EBITDA 4-yr CAGR up 37%
with margins expanding ~400 bps
WE PROTECT PEOPLE
Solving customer challenges to
ensure their employees work in a
safe and productive environment.
    Stock Buybacks
MANAGEMENT ALIGNED
WITH SHAREHOLDERS
PROGRAMMATIC M&A
~14
STRATEGIC
DEALS
SINCE MID-2020
WE PROTECT THE
ENVIRONMENT
Reducing environmental impact
for CECO and our global
customers.
WE PROTECT
INDUSTRIAL EQUIPMENT
AND IMPROVE PROCESS
Helping customers maximize the
value of their operating systems
and optimize output.

2025 FINANCIAL
HIGHLIGHTS
Orders
$1.06B
59% YOY
Revenue
Backlog
Gross Profit
$774M
$793M
$269M
Adjusted EBITDA
Earnings Per Share
Free Cash Flow
39% YOY
47% YOY
$90M
$1.37
44% YOY
$9.6M
281% YOY ($1.01 YOY)
30% YOY
Revenue
Revenue
Revenue
Orders
Orders
Orders
$1,064M
$1,064M
$1,064M
EBITDA
EBITDA
EBITDA
$774M
$774M
$774M
$558M
$558M
$558M
$545M
$545M
$545M
$667M
$667M
$667M
$583M
$583M
$583M
37% YOY
$90M
$90M$90M
$63M
$63M$63M
$58M
$58M$58M
20232023
2024
2025
2024
2025
2024
2025
2023
2024
2024
20252025 20232023
2023
2024
2024
20252025 20232023
2023
2024
2024
20252025
CECO Environmental | 2025 Annual Report
1

TO OUR
SHAREHOLDERS
As I reflect on the past year, I am both honored and energized by what we   ve
accomplished together at CECO. 2025 was another year of strong growth and continued
portfolio transformation, driven by disciplined investments both organically and through
programmatic mergers and acquisitions. Our strategy has fueled record results across
every measure. Bookings exceeded $1 billion, our year-end backlog approached
$800 million, and we reached new highs in revenues while maintaining robust gross profit
and EBITDA margins. Shareholders also benefited as our stock valuation nearly doubled in
the year     and marks our fourth straight year of strong shareholder performance. These are
testaments to the continued advanced leadership and transformation underway at CECO.
A Year of Record-Breaking Growth and Transformation
In 2025, against a backdrop of rapidly evolving global
markets and growing demand for sustainable solutions,
our team rose to the challenge     not just by delivering
results, but by advancing industry leadership at every
turn. CECO has become a benchmark for excellence,
guiding the way forward in industrial environmental
solutions. From pioneering the largest emissionscontrol projects in our sector to expanding our global
environmental solutions portfolio, we have set new
standards for innovation, quality, and impact.
We navigated shifts in industrial supply chains, new
regulatory standards, and complex geo-economic
developments that shaped our industry. Yet, through our
proactive engagement in implementing best practices
and collaborating with industry groups, we helped
define the roadmap for cleaner, safer, and more efficient
operations. Our ability to protect people, safeguard the
environment, and secure our customers    vital equipment
is recognized throughout the industry     and we are
2
CECO Environmental | 2025 Annual Report
proud that others look to CECO as the model for what   s
possible when leadership and vision drive every decision.
We solidified our status as an industry leader by creating
top quartile value for our shareholders and positioning
the company for long-term, sustainable strategic
success. Our record-setting achievements reflect the
power of our Win Right Values and our unique operating
model, which together fuel our high-performance culture.
Our deep commitment to customers, combined with
niche leadership, allowed us to secure impactful orders
and expand our reach globally. This dedication did not go
unnoticed as Newsweek recognized CECO for excellence
in workplace culture, while Forbes acknowledged the
company   s strong business performance by naming
it one of the Most Successful Small-Cap Companies.
These achievements demonstrate that CECO is not
only delivering results today but is also shaping a future
defined by sustainable growth, industry leadership, and
the pursuit of excellence for all our stakeholders.

Commitment to Customers
and Global Leadership
Beyond these numbers, CECO   s leadership is evident
in the real-world impact of our solutions for industries
and communities around the globe. In 2025, we set the
industry pace by helping customers eliminate industrial
emissions, filter and conserve water, and achieve higher
workplace safety standards for thousands of employees.
Our commitment to excellence and innovation has
established CECO as the partner of choice for those
looking to lead, not follow, in building a safer, cleaner,
and more efficient world.
CECO   s success is built on our unwavering commitment
to strategic leadership and purposeful transformation.
By leading the way with a disciplined approach to organic
investment and programmatic mergers and acquisitions,
we have redefined our portfolio and advanced our
technological capabilities ahead of the curve. Our expertise
and proactive strategy ensure CECO is not just responding
to trends but actively driving them and setting industry
standards in our high-growth niche markets.
Each new partnership     EnviroCare, WK, Verantis,
and the integration of Profire Energy     represents not only
an expansion of our global capabilities but a deepening
of our leadership bench, bringing new perspectives and
breakthroughs that fuel our exceptional returns and keep
CECO among the top diversified industrial companies.
People and Talent:
The Heartbeat of CECO
Most importantly, people and talent remain the heartbeat
of our consistent value creation     our team   s passion,
commitment, and expertise are what enable us to deliver
results, foster innovation, and build lasting relationships
with customers and partners around the world.
Our progress is rooted in the strength of CECO   s
leadership     leadership that champions a culture of trust,
empowerment, and true collaboration. We know that
sustaining success is built by investing in people and
cultivating an environment where everyone is valued
and equipped to lead. Our Win Right culture is a witness
to this philosophy, reinforcing integrity, accountability,
and teamwork at every level of our organization.
To our dedicated employees: your commitment and
expertise are at the heart of everything we achieve.
To our customers and partners: your trust, partnership,
and willingness to innovate alongside us drive CECO
and the industry forward. Together, we embody a
shared vision and an unwavering belief in the power
of collaboration to solve the toughest challenges.
As we look to 2026, CECO   s leadership will be defined
by our bold advances in digital transformation and the
deployment of next-generation technology. Furthermore,
we are exceptionally well-positioned to capture the
sustainable growth opportunities emerging in power
generation, global infrastructure, industrial reshoring,
digitization, and electrification     sectors where our
solutions and expertise are increasingly in demand.
We are strengthening our presence in high-growth
international markets, deepening R&D investments,
and embedding sustainability targets in every facet
of our business.
As we write the next chapter in CECO   s leadership
journey, I want to extend my sincere gratitude to our
shareholders for your continued trust and investment
in our vision. I also want to thank our customers,
partners, and every member of our global team for
making 2025 a record-breaking year. We enter 2026
with immense confidence, a record backlog, and a clear
strategic roadmap. I am encouraged by what we have
accomplished together and remain energized by the
opportunities ahead.
Thank you for your trust, support, and belief in
this team and our mission.
Sincerely,
Todd R. Gleason
Chief Executive Officer
CECO Environmental
CECO Environmental | 2025 Annual Report
3

4/24/2026 Letter Continued (Full PDF)

 

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