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Cadre Holdings, Inc.

For the period ended Nov 4, 2026. Filed Nov 4, 2026.

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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.

Nov 4, 2026 · Filed Nov 4, 2026

CDRE$32.60+1.0%Stored close · as of Nov 6, 2026
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EX-99.2 · 23 APPENDIX

23 APPENDIX

24 BALANCE SHEET UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) September 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 63,916 $ 122,898 Restricted cash 3,796 2,429 Accounts receivable, net of allowance for doubtful accounts of $383 and $273, respectively 127,082 110,607 Inventories 126,668 100,263 Prepaid expenses 14,700 14,574 Other current assets 19,938 15,095 Total current assets 356,100 365,866 Property and equipment, net of accumulated depreciation and amortization of $76,989 and $63,125, respectively 125,000 78,822 Operating lease assets 24,517 19,778 Deferred tax assets, net 4,875 4,816 Intangible assets, net 170,899 114,984 Goodwill 233,728 181,406 Other assets 7,575 4,359 Total assets $ 922,694 $ 770,031 Liabilities, Mezzanine Equity and Shareholders' Equity Current liabilities Accounts payable $ 35,365 $ 22,325 Accrued liabilities 89,832 61,066 Income tax payable 6,239 4,838 Current portion of long-term debt 20,011 16,266 Total current liabilities 151,447 104,495 Long-term debt 349,467 290,987 Long-term operating lease liabilities 18,109 15,039 Deferred tax liabilities 29,432 30,058 Other liabilities 7,457 11,648 Total liabilities 555,912 452,227 Mezzanine equity Preferred stock ($0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of September 30, 2026 and December 31, 2025) — — Shareholders' equity Common stock ($0.0001 par value, 190,000,000 shares authorized, 42,919,029 and 42,160,656 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively) 4 4 Additional paid-in capital 316,619 282,570 Accumulated other comprehensive (loss) income (1,134) 460 Accumulated earnings 51,293 34,770 Total shareholders’ equity 366,782 317,804 Total liabilities, mezzanine equity and shareholders' equity $ 922,694 $ 770,031

25 UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) STATEMENT OF OPERATIONS Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net sales $ 202,876 $ 155,869 $ 565,431 $ 443,084 Cost of goods sold 114,785 89,244 330,039 256,079 Gross profit 88,091 66,625 235,392 187,005 Operating expenses Selling, general and administrative 58,877 45,627 170,930 132,509 Restructuring and transaction costs 863 2,216 4,158 6,240 Related party expense — 108 2,000 1,345 Total operating expenses 59,740 47,951 177,088 140,094 Operating income 28,351 18,674 58,304 46,911 Other expense Interest expense, net (5,405) (3,028) (14,695) (8,849) Other income (expense), net 984 (802) 66 6,599 Total other expense, net (4,421) (3,830) (14,629) (2,250) Income before provision for income taxes 23,930 14,844 43,675 44,661 Provision for income taxes (7,945) (3,903) (14,308) (12,261) Net income $ 15,985 $ 10,941 $ 29,367 $ 32,400 Net income per share: Basic $ 0.37 $ 0.27 $ 0.69 $ 0.80 Diluted $ 0.37 $ 0.27 $ 0.68 $ 0.79 Weighted average shares outstanding: Basic 42,867,048 40,666,861 42,746,081 40,649,339 Diluted 43,468,634 40,977,677 43,410,498 40,964,737

26 UNAUDITED (IN THOUSANDS) Nine Months Ended September 30, 2026 2025 Cash Flows From Operating Activities: Net income $ 29,367 $ 32,400 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 18,335 13,908 Amortization of original issue discount and debt issue costs 664 1,075 Amortization of inventory step-up 5,076 826 Deferred income taxes (1,312) (4,163) Stock-based compensation 9,952 6,840 Remeasurement of contingent consideration 6,051 1,489 Recoveries from accounts receivable (171) (190) Unrealized foreign exchange transaction loss (gain) 273 (2,275) Other loss 971 268 Changes in operating assets and liabilities, net of impact of acquisitions: Accounts receivable (6,235) 19,360 Inventories (6,322) (14,748) Prepaid expenses and other assets (3,847) 4,607 Accounts payable and other liabilities 14,783 (16,942) Net cash provided by operating activities 67,585 42,455 Cash Flows From Investing Activities: Purchase of property and equipment (9,204) (3,582) Proceeds from disposition of property and equipment — 6 Business acquisitions, net of cash acquired (164,769) (89,590) Other (650) — Net cash used in investing activities (174,623) (93,166) STATEMENT OF CASH FLOWS

27 UNAUDITED (IN THOUSANDS) Nine Months Ended September 30 2026 2025 Cash Flows From Financing Activities: Proceeds from revolving credit facilities 82,500 — Payments on revolving credit facilities (82,500) — Proceeds from term loans 75,000 97,500 Principal payments on term loans (13,101) (9,723) Taxes paid in connection with employee stock transactions (1,262) (1,185) Proceeds from exercise of stock options 2,157 — Dividends distributed (12,844) (11,584) Other 176 344 Net cash provided by financing activities 50,126 75,352 Effect of foreign exchange rates on cash, cash equivalents and restricted cash (703) 1,301 Change in cash, cash equivalents and restricted cash (57,615) 25,942 Cash, cash equivalents and restricted cash, beginning of period 125,327 124,933 Cash, cash equivalents and restricted cash, end of period $ 67,712 $ 150,875 Supplemental Disclosure of Cash Flows Information: Cash paid for income taxes, net $ 12,441 $ 22,545 Cash paid for interest $ 15,876 $ 13,075 Supplemental Disclosure of Non-Cash Investing and Financing Activities: Accruals and accounts payable for capital expenditures $ 131 $ 16 Non-cash consideration $ 31,647 $ — STATEMENT OF CASH FLOWS – CONTINUED

28 NON-GAAP RECONCILIATION 1. Reflects the “Restructuring and transaction costs” line item on our condensed consolidated statements of operations, which primarily includes transaction costs composed of legal and consulting fees. In addition, this line item reflects a $1.0 million fee paid to Kanders & Company, Inc. for services related to the acquisition of Zircaloy for the nine months ended September 30, 2025 and the year ended December 31, 2025 and a $2.0 million fee paid to Kanders & Company, Inc. for services related to the acquisition of TYR for the nine months ended September 30, 2026, which are included in related party expense in the Company’s condensed consolidated statements of operations. 2. Reflects the “Other income (expense), net” line item on our condensed consolidated statements of operations and primarily includes transaction gains and losses due to fluctuations in foreign currency exchange rates. 3. Reflects compensation expense related to equity classified stock-based compensation plans. 4. Reflects payroll taxes associated with vested stock-based compensation awards. 5. Reflects amortization expense related to the step-up inventory adjustment recorded as a result of acquisitions. 6. Reflects contingent consideration expense related to the acquisition of ICOR for all periods presented and TYR for the 2026 periods presented. 7. Reflects non-cash write-down of individual fixed assets. 8. Reflects adjusted EBITDA divided by net sales for the relevant periods. 28 (IN THOUSANDS) Year ended Three Months Three Months Ended Nine Months Ended Last Twelve Months December 31, Ended June 30, September 30, September 30, September 30, 2025 2026 2026 2025 2026 2025 2026 Net income $ 44,139 $ 11,407 $ 15,985 $ 10,941 $ 29,367 $ 32,400 $ 41,106 Add back: Depreciation and amortization 18,633 6,171 6,436 5,376 18,335 13,908 23,060 Interest expense, net 12,480 5,019 5,405 3,028 14,695 8,849 18,326 Provision for income taxes 18,187 5,507 7,945 3,903 14,308 12,261 20,234 EBITDA $ 93,439 $ 28,104 $ 35,771 $ 23,248 $ 76,705 $ 67,418 $ 102,726 Add back: Restructuring and transaction costs(1) 8,696 1,453 863 2,216 6,158 7,240 7,614 Other expense (income), net(2) (7,455) 529 (984) 802 (66) (6,599) (922) Stock-based compensation expense(3) 12,239 2,960 5,066 2,447 9,952 6,840 15,351 Stock-based compensation payroll tax expense(4) 1,566 1 16 — 146 92 1,620 Amortization of inventory step-up(5) 1,296 2,362 155 470 5,076 826 5,546 Contingent consideration expense(6) 1,927 6,430 185 632 6,051 1,489 6,489 Impairment expense(7) 148 — — 148 — 148 Adjusted EBITDA $ 111,708 $ 41,987 $ 41,072 $ 29,815 $ 104,170 $ 77,306 $ 138,572 Adjusted EBITDA margin(8) 18.5 % 20.3 % 20.2 % 19.1 % 18.4 % 17.4 %

29 USE OF NON-GAAP MEASURES The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). The press release contains the non-GAAP measures: (i) earnings before interest, taxes, other income or expense, depreciation and amortization (“EBITDA”), (ii) adjusted EBITDA, (iii) adjusted EBITDA margin, (iv) last twelve months adjusted EBITDA, and (v) net debt. The Company believes the presentation of these non-GAAP measures provides useful information for the understanding of its ongoing operations and enables investors to focus on period- over-period operating performance, and thereby enhances the user’s overall understanding of the Company’s current financial performance relative to past performance and provides, along with the nearest GAAP measures, a baseline for modeling future earnings expectations. Non-GAAP measures are reconciled to comparable GAAP financial measures within this press release. We do not provide a reconciliation of the non-GAAP guidance measure adjusted EBITDA for the fiscal year 2026 to net income for the fiscal year 2026, the most comparable GAAP financial measure, due to the inherent difficulty of forecasting certain types of expenses and gains, without unreasonable effort, which affect net income but not adjusted EBITDA. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. Additionally, the Company notes that there can be no assurance that the above referenced non-GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies.

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