On this page of StockholderLetter.com we present the latest annual shareholder letter from KEWAUNEE SCIENTIFIC CORP /DE/ — ticker symbol KEQU. Reading current and past KEQU letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT
Founded in 1906, Kewaunee Scienti c Corporation is a recognized global leader in the design, manufacture, and installation of laboratory, healthcare, and technical furniture products. The Company s products include steel and wood casework, fume hoods, adaptable modular systems, moveable workstations, stand-alone benches, biological safety cabinets, and epoxy resin work surfaces and sinks. The Company s corporate headquarters are located in Statesville, North Carolina. Sales of ces are located in the United States, India, Saudi Arabia, and Singapore. Three manufacturing facilities are located in Statesville, serving the domestic and international markets, and one manufacturing facility is located in Bangalore, India, serving the local, Asian, and African markets. Kewaunee Scienti c s newly acquired subsidiary, NuAire, is a leading manufacturer of biological safety cabinets, CO2 incubators, ultralow freezers, and other essential laboratory products that complement the Kewaunee Scienti c portfolio. Founded in 1971, NuAire s headquarters and manufacturing facilities are located in Plymouth, Minnesota, with additional manufacturing capabilities located in Long Lake, Minnesota. NuAire also maintains a warehouse partnership in the Netherlands and OEM partnerships in China. Learn more at the companies websites, located at http://www. kewaunee.com and http:// www.nuaire.com/.
KEWAUNEE ANNUAL REPORT Dear Kewaunee Shareholder, Fiscal year 2025 was marked by exceptional performance from our Kewaunee team. The Company delivered record nancial results and closed the year with a robust and healthy backlog. These results re ect the consistent execution and dedication of Kewaunee s global team. They are also a testament to the valuable support of our channel partners, who bring our solutions to customers in various industries customers who rely on Kewaunee s portfolio to advance their most critical priorities and create amazing laboratory spaces. For a detailed overview of our nancial performance for scal year 2025, I encourage you to review our quarterly press releases and our Annual Report on Form 10-K, which can be found on our website. Rather than reiterate those gures and details here, I d like to use this letter to share my broader perspective on what s driving Kewaunee s success. Speci cally, I will highlight how our unwavering focus on operating with excellence is strengthening every area of our organization, how the continued strategic investments made by our dealer partners are enhancing our shared capabilities and customer experience, and how our unique culture, rooted in Associate investment, collaboration, accountability, and innovation, is driving results across our teams. I will also highlight how our recent acquisition of NuAire is expanding our reach and enhancing the value we deliver to our customers through a broader portfolio of high performance, laboratory-grade solutions. Together, these elements reinforce my belief that Kewaunee remains a compelling and resilient investment opportunity.
MAINTAINING OUR MOMENTUM This year s results position our Company to continue building upon our success. As we look ahead, I am lled with con dence in Kewaunee s future. While our industry is facing a period of instability driven by geopolitical uncertainty, unclear tariff policies, and ongoing supply chain disruptions, Kewaunee has responded with resilience. We have the best channel partners in the business, and our collaborative way of working together is producing results in the marketplace as we continue to win projects across all markets we serve. This has never been more evident than in the consistent strength of our backlog in recent scal years. Further, through the targeted efforts of our Sourcing and Purchasing team to strengthen supplier relationships, diversify our global supply base, and implement smarter trade logistics strategies, supported by the agility and alignment of our entire organization, we ve maintained our ability to deliver for our customers while safeguarding our long-term performance. This adaptability, combined with our strong foundation built on nearly 120 years of operational discipline and continuous innovation, and backed by industry-leading partnerships, positions us well to navigate our market and seize new opportunities. The momentum we ve built is not just re ective of past performance, but a signal of what s possible when our team is focused on delivering value, investing in our capabilities, and supporting the evolving needs of our customers and their science. At Kewaunee, we are committed to creating spaces that are more than just functional; they are environments that enable discovery, support critical research, and shape the future of science. This year, we launched the inaugural Amazing Spaces competition to recognize and celebrate the exceptional laboratory environments brought to life by our Associates and channel partners around the world. AMAZING SPACES A competition celebrating discovery across the globe This initiative re ects our broader commitment to excellence not only in how we operate, but in the impact we make. Amazing Spaces showcased how our teams deliver outstanding results across diverse markets and geographies, bringing complex projects to life with creativity, precision, and care. We received 16 qualifying entries, ranging from large-scale renovations to turnkey green eld builds, many representing long-standing customer relationships that have spanned multiple projects. Out of these entries, winners were selected through a combination of leadership input, Associate voting, and social media engagement.
GROWING OUR TEAM, ENHANCING OUR PORTFOLIO In November of this past year, Kewaunee took a signi cant step forward in our growth journey with the acquisition of Nu Aire, Inc., a pioneer in laboratory equipment and biosafety solutions. This move was guided by a clear strategic intent: To bring together two market leaders with complementary strengths, shared values, and a common vision for the future of laboratory innovation. With Kewaunee s century-long leadership in designing and furnishing advanced lab environments, and NuAire s six decades of excellence in biosafety and containment equipment, we now offer a broader, more powerful portfolio of solutions. Together, we deliver comprehensive lab environments, from bench to biosafety, allowing us to be better equipped than ever to advance safety, performance, and scienti c discovery. In addition to the strategic advantages of the acquisition, the partnership also bene ts from a cultural alignment, with a shared commitment to scienti c advancement, safety, and performance. Over the past several months, we ve focused on thoughtful integration, aligning operations, sharing ideas, and fostering collaboration across our teams while preserving the strengths that make each organization unique. We are excited to see how this new partnership will strengthen our market position, expand our technical capabilities, and deepen the value we provide to our customers. The competition also created opportunities to give back. Winning teams supported local initiatives from STEM education in Puerto Rico to school renovations in India and family services in Texas. The Amazing Spaces Competition is more than a celebration, it s a re ection of who we are as a Company: Passionate about discovery, committed to our customers, and proud of the spaces we help bring to life. AMERICAS: University of North Texas | Hallmark Casework EMEA: Petroleum Conversion Research Center | Kewaunee EMEA VIEW THE WINNING PROJECTS ASIA: Laurus Labs | Kewaunee Asia FAN FAVORITE: University of Puerto Rico | Caribbean Scienti c
 • shareholder letter icon 7/7/2025 Letter Continued (Full PDF)
 • stockholder letter icon More "Medical Instruments & Supplies" Category Stockholder Letters
 • Benford's Law Stocks icon KEQU Benford's Law Stock Score = 76


KEQU Shareholder/Stockholder Letter Transcript:

2025
ANNUAL REPORT

Founded in 1906, Kewaunee Scienti   c Corporation is a recognized
global leader in the design, manufacture, and installation of
laboratory, healthcare, and technical furniture products. The
Company   s products include steel and wood casework, fume
hoods, adaptable modular systems, moveable workstations,
stand-alone benches, biological safety cabinets, and epoxy resin
work surfaces and sinks.
The Company   s corporate headquarters are located in Statesville,
North Carolina. Sales of   ces are located in the United States,
India, Saudi Arabia, and Singapore. Three manufacturing facilities
are located in Statesville, serving the domestic and international
markets, and one manufacturing facility is located in Bangalore,
India, serving the local, Asian, and African markets.
Kewaunee Scienti   c   s newly acquired subsidiary, NuAire, is
a leading manufacturer of biological safety cabinets, CO2
incubators, ultralow freezers, and other essential laboratory
products that complement the Kewaunee Scienti   c portfolio.
Founded in 1971, NuAire   s headquarters and manufacturing
facilities are located in Plymouth, Minnesota, with additional
manufacturing capabilities located in Long Lake, Minnesota.
NuAire also maintains a warehouse partnership in the Netherlands
and OEM partnerships in China.
Learn more at the companies    websites, located at http://www.
kewaunee.com and http:// www.nuaire.com/.

KEWAUNEE
ANNUAL REPORT
Dear Kewaunee Shareholder,
Fiscal year 2025 was marked by exceptional performance from our Kewaunee team. The
Company delivered record    nancial results and closed the year with a robust and healthy
backlog.
These results re   ect the consistent execution and dedication of Kewaunee   s global team.
They are also a testament to the valuable support of our channel partners, who bring
our solutions to customers in various industries     customers who rely on Kewaunee   s
portfolio to advance their most critical priorities and create amazing laboratory spaces.
For a detailed overview of our    nancial performance for    scal year 2025, I encourage you
to review our quarterly press releases and our Annual Report on Form 10-K, which can be
found on our website. Rather than reiterate those    gures and details here, I   d like to use this
letter to share my broader perspective on what   s driving Kewaunee   s success.
Speci   cally, I will highlight how our unwavering focus on operating with excellence is
strengthening every area of our organization, how the continued strategic investments made
by our dealer partners are enhancing our shared capabilities and customer experience, and
how our unique culture, rooted in Associate investment, collaboration, accountability, and
innovation, is driving results across our teams. I will also highlight how our recent acquisition
of NuAire is expanding our reach and enhancing the value we deliver to our customers
through a broader portfolio of high performance, laboratory-grade solutions. Together, these
elements reinforce my belief that Kewaunee remains a compelling and resilient investment
opportunity.

MAINTAINING OUR MOMENTUM
This year   s results position our Company to continue building upon our success. As we look
ahead, I am    lled with con   dence in Kewaunee   s future.
While our industry is facing a period of instability driven by geopolitical uncertainty, unclear
tariff policies, and ongoing supply chain disruptions, Kewaunee has responded with resilience.
We have the best channel partners in the business, and our collaborative way of working
together is producing results in the marketplace as we continue to win projects across all
markets we serve. This has never been more evident than in the consistent strength of our
backlog in recent    scal years.
Further, through the targeted efforts of our Sourcing and Purchasing team to strengthen
supplier relationships, diversify our global supply base, and implement smarter trade logistics
strategies, supported by the agility and alignment of our entire organization, we   ve maintained
our ability to deliver for our customers while safeguarding our long-term performance.
This adaptability, combined with our strong foundation built on nearly 120 years of operational
discipline and continuous innovation, and backed by industry-leading partnerships, positions
us well to navigate our market and seize new opportunities. The momentum we   ve built is
not just re   ective of past performance, but a signal of what   s possible when our team is
focused on delivering value, investing in our capabilities, and supporting the evolving needs
of our customers and their science.
At Kewaunee, we are committed to creating spaces that
are more than just functional; they are environments that
enable discovery, support critical research, and shape the
future of science. This year, we launched the inaugural
Amazing Spaces competition to recognize and celebrate
the exceptional laboratory environments brought to life by
our Associates and channel partners around the world.
AMAZING
SPACES
A competition
celebrating
discovery across
the globe
This initiative re   ects our broader commitment to excellence
    not only in how we operate, but in the impact we make.
Amazing Spaces showcased how our teams deliver
outstanding results across diverse markets and geographies,
bringing complex projects to life with creativity, precision,
and care.
We received 16 qualifying entries, ranging from large-scale
renovations to turnkey green   eld builds, many representing
long-standing customer relationships that have spanned
multiple projects. Out of these entries, winners were selected
through a combination of leadership input, Associate voting,
and social media engagement.

GROWING OUR TEAM,
ENHANCING OUR PORTFOLIO
In November of this past year, Kewaunee took a signi   cant step forward in our growth
journey with the acquisition of Nu Aire, Inc., a pioneer in laboratory equipment and biosafety
solutions. This move was guided by a clear strategic intent: To bring together two market
leaders with complementary strengths, shared values, and a common vision for the future
of laboratory innovation.
With Kewaunee   s century-long leadership in designing and furnishing advanced lab
environments, and NuAire   s six decades of excellence in biosafety and containment
equipment, we now offer a broader, more powerful portfolio of solutions. Together, we
deliver comprehensive lab environments, from bench to biosafety, allowing us to be better
equipped than ever to advance safety, performance, and scienti   c discovery.
In addition to the strategic advantages of the acquisition, the partnership also bene   ts
from a cultural alignment, with a shared commitment to scienti   c advancement, safety, and
performance. Over the past several months, we   ve focused on thoughtful integration, aligning
operations, sharing ideas, and fostering collaboration across our teams while preserving
the strengths that make each organization unique.
We are excited to see how this new partnership will strengthen our market position, expand
our technical capabilities, and deepen the value we provide to our customers.
The competition also created opportunities to give
back. Winning teams supported local initiatives     from
STEM education in Puerto Rico to school renovations
in India and family services in Texas.
The Amazing Spaces Competition is more than
a celebration, it   s a re   ection of who we are as a
Company: Passionate about discovery, committed to
our customers, and proud of the spaces we help bring
to life.
AMERICAS: University of North
Texas | Hallmark Casework
EMEA: Petroleum Conversion
Research Center | Kewaunee EMEA
VIEW THE
WINNING
PROJECTS
ASIA: Laurus Labs | Kewaunee Asia
FAN FAVORITE: University of Puerto
Rico | Caribbean Scienti   c



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