# EDGAR Filing Document

**Accession Number:** 0000055529
**File Stem:** 0000055529-26-000006
**Filing Date:** 2026-3
**Character Count:** 29880
**Document Hash:** 0786bb32997296ffb713078311aba836
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000055529-26-000006.hdr.sgml**: 20260311

**ACCESSION NUMBER**: 0000055529-26-000006

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260311

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260311

**DATE AS OF CHANGE**: 20260311

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KEWAUNEE SCIENTIFIC CORP /DE/
- **CENTRAL INDEX KEY:** 0000055529
- **STANDARD INDUSTRIAL CLASSIFICATION:** LABORATORY APPARATUS & FURNITURE [3821]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 380715562
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-05286
- **FILM NUMBER:** 26743237

**BUSINESS ADDRESS:**
- **STREET 1:** 2700 W FRONT ST
- **CITY:** STATESVILLE
- **STATE:** NC
- **ZIP:** 28677
- **BUSINESS PHONE:** 7048737202

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 1842
- **CITY:** STATESVILLE
- **STATE:** NC
- **ZIP:** 28687-1842

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KEWAUNEE SCIENTIFIC EQUIPMENT CORP /DE/
- **DATE OF NAME CHANGE:** 19861216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KEWAUNEE MANUFACTURING CO
- **DATE OF NAME CHANGE:** 19680108

?xml version='1.0' encoding='ASCII'? kequ-20260311

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**Current Report Pursuant to Section 13 or 15(d) of**

**The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): March 11, 2026**

**Kewaunee Scientific Corporation**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **0-5286** | **38-0715562** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(Commission File<br>Number)** | **(IRS Employer<br>Identification No.)** |

---

**2700 West Front Street**

**Statesville, NC 28677**

**(Address of principal executive offices) (Zip Code)**

**Registrant's telephone number, including area code: (704) 873-7202**

**N/A**

**(Former name or former address, if changed since last report)**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, $2.50 par value** | **KEQU** | **The Nasdaq Global Market** |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition**

On March 11, 2026, Kewaunee Scientific Corporation issued a press release announcing its financial results for the third quarter of fiscal year 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Exhibits**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Exhibit No.</u>** | &nbsp;&nbsp;**<u>Description</u>** |
| &nbsp;&nbsp;99.1 | &nbsp;&nbsp;<u>[Press Release of Kewaunee Scientific Corporation dated](prfy26q3earningsrelease.htm)[March](prfy26q3earningsrelease.htm)[1](prfy26q3earningsrelease.htm)[1](prfy26q3earningsrelease.htm)[, 202](prfy26q3earningsrelease.htm)[6](prfy26q3earningsrelease.htm)[.](prfy26q3earningsrelease.htm)</u> |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

------

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | KEWAUNEE SCIENTIFIC CORPORATION<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Registrant) | KEWAUNEE SCIENTIFIC CORPORATION<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Registrant) |
| Date: March 11, 2026 | By | /s/ Donald T. Gardner III |
| | | Donald T. Gardner III |
| | | Vice President, Finance |
| | | Chief Financial Officer |

---

## Exhibit 99.1

![logo_stackedxdark.jpg](logo_stackedxdark.jpg)

**Kewaunee Scientific Reports**

**Results for Third Quarter of Fiscal Year 2026**

Exchange:&nbsp;&nbsp;&nbsp;&nbsp;NASDAQ (KEQU)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contact:&nbsp;&nbsp;&nbsp;&nbsp;Donald T. Gardner III

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704/871-3274

STATESVILLE, N.C. March 11, 2026 – PRNewswire / Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its third quarter ended January 31, 2026.

**Fiscal Year 2026 Third Quarter Results:**

Sales during the third quarter of fiscal year 2026 were $69,399,000, an increase of 3.3% compared to sales of $67,167,000 from the prior year's third quarter. Pre-tax earnings for the quarter were $1,604,000 compared to $1,275,000 for the prior year quarter, an increase of 25.8%. Net earnings were $692,000 compared to net earnings of $1,354,000 for the prior year quarter. EBITDA<sup>1</sup> for the quarter was $3,795,000 compared to $3,734,000 for the prior year quarter. Diluted earnings per share were $0.23 compared to diluted earnings per share of $0.45 in the prior year quarter.

The Company's order backlog was $183.2 million on January 31, 2026, as compared to $221.6 million on January 31, 2025, and $214.6 million on April 30, 2025.

**<u>Domestic Segment</u>** - Domestic sales for the quarter were $50,953,000, a decrease of 2.0% from sales of $51,976,000 in the prior year quarter. Domestic segment net earnings were $2,290,000 compared to $2,876,000 in the prior year quarter. Domestic segment EBITDA was $4,096,000 compared to $5,249,000 for the prior year quarter. Segment profitability was impacted during the period by lower manufacturing volumes across the laboratory construction portion of the business.

**<u>International Segment</u>** - International sales for the quarter were $18,446,000, an increase of 21.4% from sales of $15,191,000 in the prior year quarter. International segment net earnings were $1,256,000 compared to $476,000 in the prior year quarter. International segment EBITDA was $1,963,000 compared to $760,000 for the prior year quarter. International profitability increased when compared to the prior year period due to higher billings, principally in the Indian market.

**<u>Corporate Segment</u>** – Corporate segment pre-tax net loss was $3,059,000 for the quarter, as compared to a pre-tax net loss of $3,025,000 in the prior year quarter. Corporate segment EBITDA for the quarter was ($2,264,000) compared to corporate segment EBITDA of ($2,275,000) for the prior year quarter. Corporate segment EBITDA remained relatively flat as the Company continues to make strategic investments in people, processes, and technology to further build out its Corporate platform and support continued growth.

<sup>1</sup> EBITDA is a non-GAAP financial measure. See the table below for a reconciliation of EBITDA and segment EBITDA to net earnings (loss), the most directly comparable GAAP measure.

CORPORATE OFFICES ● P. O. BOX 1842, STATESVILLE, NORTH CAROLINA 28687-1842 ● 2700 WEST FRONT STREET, STATESVILLE, NORTH CAROLINA 28677-2927

PHONE 704-873-7202 ● FAX 704-873-1275

------

Total cash on hand on January 31, 2026, was $10,347,000, as compared to $17,164,000 on April 30, 2025. Working capital was $54,793,000, as compared to $58,441,000 at the end of the third quarter last year and $64,651,000 on April 30, 2025.

The Company had short-term debt of $7,351,000 as of January 31, 2026, as compared to $4,773,000 on April 30, 2025. Long-term debt was $42,316,000 on January 31, 2026, as compared to $60,730,000 on April 30, 2025. The building lease from the Company's December 2021 sale-leaseback transaction accounts for $25,988,000 of the long-term debt on January 31, 2026, and $26,632,000 of the long-term debt on April 30, 2025. Long-term debt, net of the sale-leaseback transaction, was $16,328,000 on January 31, 2026, as compared to $34,098,000 on April 30, 2025. The Company's debt-to-equity ratio on January 31, 2026, was 0.68-to-1, as compared to 0.99-to-1 on April 30, 2025. The Company's debt-to-equity ratio, net of the sale-leaseback transaction, on January 31, 2026, was 0.31-to-1, as compared to 0.57-to-1 on April 30, 2025.

"Following the successful turnaround of the business, we embarked on a strategy that accelerated inorganic growth, which led to the successful completion of the Company's acquisition of Nu Aire," said Thomas D. Hull III, Kewaunee's President and Chief Executive Officer. "Since then, our teams have worked diligently to integrate Nu Aire into the Kewaunee family and position the business for meaningful growth and EBITDA contribution. We have also continued to invest in our corporate platform to support the next phase of our inorganic growth strategy. These investments include strengthening our corporate team, implementing a robust financial consolidation system, and enhancing our readiness to comply with the SEC's accelerated reporting requirements."

"As is traditionally the case," Hull continued, "our third quarter results often represent our softest quarter due to the impact of the holiday schedule in the United States, a general slowdown of construction schedules in the winter months, and customers looking to wrap up any construction projects before the calendar year-end. This trend was further exacerbated by significant geopolitical and economic uncertainty, and by the volatility in project delivery timelines that we have previously discussed. Although the construction-related portion of our business has been soft this fiscal year, the addition of Nu Aire's end-user containment products has helped offset that softness. This dynamic validates our growth and diversification strategy and underscores the strength and resilience of our now broader laboratory products portfolio."

"I am proud of how our team has responded to a year of challenging global dynamics. That our company was still able to deliver year-over-year growth on an as-reported basis underscores the value of our strategy and our commitment to long-term value creation."

------

**<u>EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA Reconciliation</u>**

*(Unaudited)*

*($ in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Quarter Ended January 31, 2025** | **Domestic** | **International** | **Corporate** | **Consolidated** |
| Net Earnings (Loss) | $2876 | $476 | $(1998) | $1354 |
| Add/(Less): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | 322 | 26 | 789 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Income | (1) | (130) | (81) | (212) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Taxes | 638 | 281 | (1027) | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization | 1414 | 107 | 42 | 1563 |
| EBITDA | $5249 | $760 | $(2275) | $3734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional Fees<sup>2</sup> | 1012 |  | 982 | 1994 |
| Adjusted EBITDA | $6261 | $760 | $(1293) | $5728 |
| **Quarter Ended January 31, 2026** | **Domestic** | **International** | **Corporate** | **Consolidated** |
| Net Earnings (Loss) | $2290 | $1256 | $(2854) | $692 |
| Add/(Less): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | 307 | 16 | 789 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Income | (2) | (117) | (15) | (134) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Taxes | 22 | 711 | (205) | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization | 1479 | 97 | 21 | 1597 |
| EBITDA | $4096 | $1963 | $(2264) | $3795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional & Other Fees<sup>3</sup> |  |  | 189 | 189 |
| Adjusted EBITDA | $4096 | $1963 | $(2075) | $3984 |
| **Year to Date January 31, 2025** | **Domestic** | **International** | **Corporate** | **Consolidated** |
| Net Earnings (Loss) | $10271 | $1295 | $(5011) | $6555 |
| Add/(Less): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | 1176 | 66 | 809 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Income | (1) | (437) | (410) | (848) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Taxes | 2643 | 807 | (2450) | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization | 2736 | 317 | 131 | 3184 |
| EBITDA | $16825 | $2048 | $(6931) | $11942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional & Other Fees<sup>2</sup> | 1012 |  | 3253 | 4265 |
| Adjusted EBITDA | $17837 | $2048 | $(3678) | $16207 |
| **Year to Date January 31, 2026** | **Domestic** | **International** | **Corporate** | **Consolidated** |
| Net Earnings (Loss) | $10609 | $2540 | $(6919) | $6230 |
| Add/(Less): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | 931 | 39 | 2261 | 3231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Income | (4) | (428) | (54) | (486) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Taxes | 2482 | 1435 | (1713) | 2204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization | 4366 | 292 | 68 | 4726 |
| EBITDA | $18384 | $3878 | $(6357) | $15905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional & Other Fees<sup>3</sup> |  |  | 763 | 763 |
| Adjusted EBITDA | $18384 | $3878 | $(5594) | $16668 |

---

<sup>2</sup> Professional and other fees incurred during the three and nine months ended January 31, 2025 related to the Company's acquisition of Nu Aire, Inc. ("Nu Aire"), which closed on November 1, 2024

<sup>3</sup> Professional and other fees incurred during the three and nine months ended January 31, 2026 related to the Company's integration of its newly acquired subsidiary, Nu Aire

------

**<u>Adjusted Consolidated Statement of Operations Reconciliation</u>**

*(Unaudited)*

*($ in thousands, except per share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended January 31,** | **Three Months Ended January 31,** | **Three Months Ended January 31,** | **Three Months Ended January 31,** |
| | **As Reported 2026** | **Professional & Other Fees**<sup>4</sup> | **Adjusted<br>2026** | **Adjusted 2025** |
| Net sales | $**69399** | $**—** | $**69399** | $67167 |
| Cost of products sold | **50854** | **—** | **50854** | 47934 |
| Gross profit | **18545** | **—** | **18545** | 19233 |
| Operating expenses | **15963** | **189** | **15774** | 14469 |
| Operating profit | **2582** | **189** | **2771** | 4764 |
| Other income, net | **134** | **—** | **134** | 162 |
| Interest expense | **(1112)** | **—** | **(1112)** | (1137) |
| Profit before income taxes | **1604** | **189** | **1793** | 3789 |
| Income tax (benefit) expense | **528** | **44** | **572** | 502 |
| Net earnings | **1076** | **145** | **1221** | 3287 |
| Less: Net earnings attributable to the non-controlling interest | **384** | **—** | **384** | 29 |
| Net earnings attributable to Kewaunee Scientific Corporation | $**692** | $**145** | $**837** | $3258 |
| Net earnings per share attributable to Kewaunee Scientific Corporation stockholders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $**0.24** | $**0.05** | $**0.29** | $1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**0.23** | $**0.05** | $**0.28** | $1.09 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended January 31,** | **Nine Months Ended January 31,** | **Nine Months Ended January 31,** | **Nine Months Ended January 31,** |
| | **As Reported 2026** | **Professional & Other Fees**<sup>4</sup> | **Adjusted<br>2026** | **Adjusted 2025** |
| Net sales | $**210599** | $**—** | $**210599** | $163324 |
| Cost of products sold | **151404** | **—** | **151404** | 117651 |
| Gross profit | **59195** | **—** | **59195** | 45673 |
| Operating expenses | **47696** | **763** | **46933** | 31954 |
| Operating profit | **11499** | **763** | **12262** | 13719 |
| Other income, net | **709** | **—** | **709** | 752 |
| Interest expense | **(3231)** | **—** | **(3231)** | (2051) |
| Profit before income taxes | **8977** | **763** | **9740** | 12420 |
| Income tax (benefit) expense | **2204** | **174** | **2378** | 2161 |
| Net earnings | **6773** | **589** | **7362** | 10259 |
| Less: Net earnings attributable to the non-controlling interest | **543** | **—** | **543** | 81 |
| Net earnings attributable to Kewaunee Scientific Corporation | $**6230** | $**589** | $**6819** | $10178 |
| Net earnings per share attributable to Kewaunee Scientific Corporation stockholders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $**2.18** | $**0.21** | $**2.38** | $3.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**2.09** | $**0.20** | $**2.29** | $3.42 |

---

<sup>4</sup> Professional and other fees incurred during the three and nine months ended January 31, 2026 related to the Company's integration of its newly acquired subsidiary, Nu Aire, including the estimated tax impact

------

*About Non-GAAP Measures* 

The Company includes non-GAAP financial measures such as adjusted net earnings and adjusted net earnings per share, in the information provided with this press release as supplemental information relating to its operating results. Adjusted net earnings represents GAAP net earnings adjusted for professional and other fees related to the integration of the Company's newly acquired subsidiary, Nu Aire, Inc., and the corresponding tax impact. This financial information is not in accordance with, or an alternative for, GAAP-compliant financial information and may be different from the operating or non-GAAP financial information used by other companies. The Company believes that this presentation of adjusted net earnings and adjusted net earnings per share provides useful information to investors regarding certain additional financial and business trends relating to its financial condition and results of operations.

EBITDA and Segment EBITDA are calculated as net earnings (loss), less interest expense and interest income, income taxes, depreciation, and amortization. Adjusted EBITDA and Adjusted Segment EBITDA are calculated as EBITDA or Segment EBITDA less the impact of the professional and other fees related to the Company's integration of its newly acquired subsidiary, Nu Aire, Inc., as discussed in more detail above. We believe EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA allow management and investors to compare our performance to other companies on a consistent basis without regard to interest expense and interest income, income taxes, depreciation, amortization or the costs incurred related to the integration of Nu Aire, Inc., which can vary significantly between companies depending upon many factors. EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA are not calculations based upon generally accepted accounting principles, and the method for calculating EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA can vary among companies. The amounts included in the EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA calculations, however, are derived from amounts included in the historical consolidated statements of operations. EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA should not be considered as alternatives to net earnings (loss) or operating earnings (loss) as an indicator of the Company's operating performance, or as an alternative to operating cash flows as a measure of liquidity.

*About Kewaunee Scientific* 

Founded in 1906, Kewaunee Scientific 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 offices 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 Scientific's newly acquired subsidiary, Nu Aire, is a leading manufacturer of biological safety cabinets, CO2 incubators, ultralow freezers, and other essential laboratory products that complement the Kewaunee Scientific portfolio. Founded in 1971, Nu Aire's headquarters and manufacturing facilities are located in Plymouth, Minnesota, with additional manufacturing capabilities located in Long Lake, Minnesota. The Company also maintains a warehouse partnership in the Netherlands and OEM partnerships in China.

Learn more at the companies' websites, located at <u>https://www.kewaunee.com</u> and <u>https://www.nuaire.com/</u>.

*This press release contains statements that the Company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All* 

------

*statements other than statements of historical fact included in this press release, including statements regarding the Company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "predict," "believe" and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other important factors that could significantly impact results or achievements expressed or implied by such forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to: our ability to realize the benefits anticipated as a result of the Nu Aire acquisition; competitive and general economic conditions, including disruptions from government mandates, both domestically and internationally, as well as supplier constraints and other supply disruptions; changes in customer demands; technological changes in our operations or in our industry; dependence on customers' required delivery schedules; risks related to fluctuations in the Company's operating results from quarter to quarter; risks related to international operations, including foreign currency fluctuations; changes in the legal and regulatory environment; changes in raw materials and commodity costs; acts of terrorism, war, governmental action, and natural disasters and other Force Majeure events. The cautionary statements made pursuant to the Reform Act herein and elsewhere by us should not be construed as exhaustive. We cannot always predict what factors would cause actual results to differ materially from those indicated by the forward-looking statements. Over time, our actual results, performance, or achievements will likely differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, and such difference might be significant and harmful to our stockholders' interest. Many important factors that could cause such a difference are described under the caption "Risk Factors," in Item 1A of our Annual Report on Form 10-K for the fiscal year ended April 30, 2025, which you should review carefully, and in our subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. These reports are available on our investor relations website at <u>www.kewaunee.com</u> and on the SEC website at <u>www.sec.gov</u>. These forward-looking statements speak only as of the date of this document. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.*

------

**Kewaunee Scientific Corporation**

**Condensed Consolidated Statements of Operations**

*(Unaudited)*

*($ and shares in thousands, except per share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>January 31,** | **Three Months Ended<br>January 31,** | **Nine Months Ended<br>January 31,** | **Nine Months Ended<br>January 31,** |
| | **2026** | **2025** | **2026** | **2025** |
| Net sales | $**69399** | $67167 | $**210599** | $163324 |
| Cost of products sold | **50854** | 48788 | **151404** | 118505 |
| Gross profit | **18545** | 18379 | **59195** | 44819 |
| Operating expenses | **15963** | 16129 | **47696** | 35560 |
| Operating profit | **2582** | 2250 | **11499** | 9259 |
| Other income, net | **134** | 162 | **709** | 428 |
| Interest expense | **(1112)** | (1137) | **(3231)** | (2051) |
| Profit before income taxes | **1604** | 1275 | **8977** | 7636 |
| Income tax expense (benefit) | **528** | (108) | **2204** | 1000 |
| Net earnings | **1076** | 1383 | **6773** | 6636 |
| Less: Net earnings attributable to the non-controlling interest | **384** | 29 | **543** | 81 |
| Net earnings attributable to Kewaunee Scientific Corporation | $**692** | $1354 | $**6230** | $6555 |
| Net earnings per share attributable to Kewaunee Scientific Corporation stockholders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $**0.24** | $0.47 | $**2.18** | $2.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**0.23** | $0.45 | $**2.09** | $2.20 |
| Weighted average number of common shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | **2866** | 2872 | **2861** | 2864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | **2983** | 2995 | **2979** | 2979 |

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**Kewaunee Scientific Corporation**

**Condensed Consolidated Balance Sheets**

*($ in thousands)*

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| | | |
|:---|:---|:---|
| | **January 31, 2026** | **April 30, 2025** |
| | **(Unaudited)** | |
| **<u>Assets</u>** | | |
| Cash and cash equivalents | $**8153** | $**14942** |
| Restricted cash | **2194** | **2222** |
| Receivables, less allowances | **54131** | **62384** |
| Inventories | **32907** | **32849** |
| Prepaid expenses and other current assets | **6193** | **5966** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | **103578** | **118363** |
| Net property, plant and equipment | **22610** | **23174** |
| Right of use assets | **10449** | **12965** |
| Deferred income taxes | **3570** | **3994** |
| Net intangible assets | **16679** | **17831** |
| Goodwill | **12487** | **12487** |
| Other assets | **6588** | **5840** |
| Total Assets | $**175961** | $**194654** |
| **<u>Liabilities and Stockholders' Equity</u>** |  |  |
| Short-term borrowings | $**1542** | $**986** |
| Current portion of lease obligations | **3248** | **3371** |
| Current portion of financing liability | **847** | **788** |
| Current portion of term loans | **4893** | **2903** |
| Accounts payable | **23641** | **27033** |
| Other current liabilities | **14614** | **18631** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | **48785** | **53712** |
| Long-term portion of lease obligations | **6796** | **8946** |
| Long-term portion of financing liability | **25988** | **26632** |
| Long-term portion of seller note | **—** | **23537** |
| Long-term portion of term loans | **16028** | **10412** |
| Other non-current liabilities | **5836** | **5170** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | **103433** | **128409** |
| Kewaunee Scientific Corporation Equity | **70675** | **64457** |
| Non-controlling interest | **1853** | **1788** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' Equity | **72528** | **66245** |
| Total Liabilities and Stockholders' Equity | $**175961** | $**194654** |

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