# EDGAR Filing Document

**Accession Number:** 0000886346
**File Stem:** 0000886346-25-000117
**Filing Date:** 2025-10
**Character Count:** 54990
**Document Hash:** d4f58b6724bef2f5a00639e00112ac2a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000886346-25-000117.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000886346-25-000117

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20251028

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KADANT INC
- **CENTRAL INDEX KEY:** 0000886346
- **STANDARD INDUSTRIAL CLASSIFICATION:** SPECIAL INDUSTRY MACHINERY (NO METALWORKING MACHINERY) [3550]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 521762325
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0103

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11406
- **FILM NUMBER:** 251425767

**BUSINESS ADDRESS:**
- **STREET 1:** ONE TECHNOLOGY PARK DRIVE
- **CITY:** WESTFORD
- **STATE:** MA
- **ZIP:** 01886
- **BUSINESS PHONE:** (978) 776-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE TECHNOLOGY PARK DRIVE
- **CITY:** WESTFORD
- **STATE:** MA
- **ZIP:** 01886

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THERMO FIBERTEK INC
- **DATE OF NAME CHANGE:** 19930328

?xml version='1.0' encoding='ASCII'? kai-20251028

**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): October 28, 2025

**KADANT INC.** 

(Exact name of registrant as specified in its charter)

Commission file number 001-11406

---

| | |
|:---|:---|
| **Delaware** | **52-1762325** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

**One Technology Park Drive** 

**Westford, Massachusetts 01886** 

(Address of principal executive offices, including zip code)

**(978) 776-2000** 

(Registrant's telephone number, including area code)

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))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

---

| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> |
| Common Stock, $.01 par value | KAI | New York Stock Exchange |

---

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. ◻

------

**KADANT INC.**

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

On October 28, 2025, Kadant Inc. (the "Company") announced its financial results for the fiscal quarter ended September 27, 2025. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

**Item 7.01 Regulation FD Disclosure.**

On October 29, 2025, the Company will hold a webcast and conference call to discuss its financial results for the fiscal quarter ended September 27, 2025. A copy of the slides that will be presented on the webcast and discussed in the conference call is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

The information in Item 2.02 and Item 7.01 of this Form 8-K (including Exhibits 99.1 and 99.2) 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, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.**

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| | |
|:---|:---|
| (d) Exhibits |  |
| The following exhibits relating to Item 2.02 and Item 7.01 shall be deemed to be furnished and not filed. | The following exhibits relating to Item 2.02 and Item 7.01 shall be deemed to be furnished and not filed. |
| Exhibit |  |
| No.  | Description of Exhibits |
| 99.1 | <u>[Press Release issued by the Company on October 28, 2025 announcing its financial results.](kaiform8kex991q325.htm)</u> |
| 99.2 | <u>[Slides to be presented by the Company on October 29, 2025.](kaiform8kex992q325.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**KADANT INC.**

**SIGNATURE**

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

---

| | | |
|:---|:---|:---|
| | | KADANT INC. |
| Date: October 28, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By | /s/ Michael J. McKenney |
| | | Michael J. McKenney<br>Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

Exhibit 99.1

---

| | |
|:---|:---|
| ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) | PRESS RELEASE |
| | PRESS RELEASE |
| **KADANT INC.** | PRESS RELEASE |
| One Technology Park Drive | PRESS RELEASE |
| Westford, MA 01886 USA | PRESS RELEASE |
| Tel: +1 978-776-2000 | PRESS RELEASE |
| www.kadant.com | PRESS RELEASE |

---

**Kadant Reports Third Quarter 2025 Results**

**WESTFORD, Mass.,** October 28, 2025 - Kadant Inc. (NYSE: KAI) reported its financial results for the third quarter ended September 27, 2025.

**Third Quarter Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;• Revenue was $272 million in both periods

&nbsp;&nbsp;&nbsp;&nbsp;• Gross margin increased 50 basis points to 45.2%

&nbsp;&nbsp;&nbsp;&nbsp;• Net income decreased 12% to $28 million

&nbsp;&nbsp;&nbsp;&nbsp;• GAAP EPS decreased 12% to $2.35

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EPS decreased 9% to $2.59

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA decreased 8% to $58 million and represented 21.4% of revenue

&nbsp;&nbsp;&nbsp;&nbsp;• Operating cash flow decreased 10% to $47 million

*Note: Percent changes above are based on comparison to the prior year period. All references to earnings per share (EPS) are to our EPS as calculated on a diluted basis. Adjusted EPS, adjusted EBITDA, adjusted EBITDA margin, free cash flow, and changes in organic revenue are non-GAAP financial measures that exclude certain items as detailed later in this press release under the heading "Use of Non-GAAP Financial Measures."*

**Management Commentary**

"Despite a persistent softness in demand for capital equipment and continued global trade uncertainties, our businesses executed well and delivered solid gross margin performance during the quarter," said Jeffrey L. Powell, president and chief executive officer of Kadant Inc. "Our businesses exceeded our earnings expectations led by record revenue performance in our aftermarket parts business."

**Third Quarter 2025 Compared to 2024**

Revenue was $271.6 million in both periods. Organic revenue decreased four percent, which excludes increases of two percent from an acquisition and two percent from the favorable effect of foreign currency translation. Gross margin was 45.2 percent compared to 44.7 percent in 2024.

Net income was $27.7 million, decreasing 12 percent compared to $31.6 million in 2024. GAAP EPS decreased 12 percent to $2.35 compared to $2.68 in 2024 and adjusted EPS decreased nine percent to $2.59 compared to $2.84 in 2024. Adjusted EPS excludes acquisition-related costs of $0.22 and other costs of $0.02 in 2025 and acquisition-related costs of $0.15 in 2024.

Adjusted EBITDA decreased eight percent to $58.0 million and represented 21.4 percent of revenue compared to a record $63.3 million and 23.3 percent of revenue in 2024. Operating cash flow decreased 10 percent to $47.3 million compared to $52.5 million in 2024. Free cash flow decreased nine percent to $44.1 million compared to $48.3 million in 2024.

Bookings decreased one percent to $238.4 million compared to $240.3 million in 2024. Organic bookings decreased four percent, which excludes increases of one percent from an acquisition and two percent from the favorable effect of foreign currency translation.

------

---

| | |
|:---|:---|
| Kadant Reports Third Quarter 2025 Results | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |
| October 28, 2025 | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |
| Page 2 | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |

---

**Summary and Outlook**

"We anticipate healthy demand for aftermarket parts and improving order activity for our capital equipment in the fourth quarter following prolonged delays in project execution," continued Mr. Powell. "We are incorporating our recent acquisitions into our guidance and now expect revenue of $1.036 to $1.046 billion in 2025, revised from our previous guidance of $1.020 to $1.040 billion. We are maintaining our adjusted EPS guidance of $9.05 to $9.25. The 2025 adjusted EPS guidance excludes $0.51 of acquisition-related costs and $0.02 of other costs, revised from $0.16 of acquisition-related costs in our previous guidance. We now expect GAAP EPS of $8.52 to $8.72 in 2025, revised from our previous GAAP EPS guidance of $8.89 to $9.09. For the fourth quarter of 2025, we expect revenue of $270 to $280 million, GAAP EPS of $1.91 to $2.11 and, after excluding $0.14 of acquisition-related costs, adjusted EPS of $2.05 to $2.25."

**Conference Call** 

Kadant will hold a webcast with a slide presentation for investors on Wednesday, October 29, 2025, at 11:00 a.m. Eastern Time to discuss its third quarter financial performance, as well as future expectations. To listen to the call live and view the webcast, go to the "Investors" section of the Company's website at kadant.com. Participants interested in joining the call's live question and answer session are required to register by visiting https://register-conf.media-server.com/register/BI71feaad0fd1946529925baa541fe64d6 or selecting the Q&A link on our website to receive a dial-in number and unique PIN. It is recommended that you join the call 10 minutes prior to the start of the event. A replay of the webcast presentation will be available on our website through November 28, 2025.

Prior to the call, our earnings release and the slides used in the webcast presentation will be filed with the Securities and Exchange Commission and will be available at sec.gov. After the webcast, Kadant will post its updated general investor presentation incorporating the third quarter results on its website at kadant.com under the "Investors" section.

**Use of Non-GAAP Financial Measures**

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including increases or decreases in revenue excluding the effect of acquisitions and foreign currency translation (organic revenue), adjusted operating income, adjusted net income, adjusted EPS, earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA margin, and free cash flow.

We use organic revenue to understand our trends and to forecast and evaluate our financial performance and compare revenue to prior periods. Organic revenue excludes revenue from acquisitions for the four quarterly reporting periods following the date of the acquisition and the effect of foreign currency translation. Revenue in the third quarter of 2025 included $5.9 million from an acquisition and a favorable foreign currency translation effect of $4.2 million compared to the third quarter of 2024. Revenue in the first nine months of 2025 included $14.8 million from acquisitions and a favorable foreign currency translation effect of $0.5 million compared to the first nine months of 2024. Our other non-GAAP financial measures exclude acquisition costs, amortization expense related to acquired profit in inventory and backlog, and other income or expense, as indicated. Collectively, these items are excluded as they are not indicative of our core operating results and are not comparable to other periods, which have differing levels of incremental costs, expenditures or income, or none at all. Additionally, we use free cash flow in order to provide insight on our ability to generate cash for acquisitions and debt repayments, as well as for other investing and financing activities.

We believe these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, operating results, or future outlook. We believe that the inclusion of such measures helps investors gain an understanding of our underlying operating performance and future prospects, consistent with how management measures and forecasts our performance, especially when comparing such results to previous periods or forecasts and to the performance of our competitors. Such measures are also used by us in our financial and operating decision-making and for compensation purposes. We also believe this information is responsive to investors' requests and gives them additional measures of our performance.

-more-

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| | |
|:---|:---|
| Kadant Reports Third Quarter 2025 Results | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |
| October 28, 2025 | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |
| Page 3 | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |

---

The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for the results of operations or cash flows prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this press release have limitations associated with their use as compared to the most directly comparable GAAP measures, in that they may be different from, and therefore not comparable to, similar measures used by other companies.

*Third Quarter*

Adjusted operating income, adjusted EBITDA, and adjusted EBITDA margin exclude:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-tax acquisition costs of $2.3 million in 2025 and $0.5 million in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-tax amortization of acquired profit in inventory and backlog of $0.6 million in 2025 and $1.9 million in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-tax impairment costs of $0.3 million in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-tax indemnification asset provision of $0.2 million in 2024.

Adjusted net income and adjusted EPS exclude:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After-tax acquisition costs of $2.2 million ($2.3 million net of tax of $0.1 million) in 2025 and $0.4 million ($0.5 million net of tax of $0.1 million) in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After-tax amortization of acquired profit in inventory and backlog of $0.5 million ($0.6 million net of tax of $0.1 million) in 2025 and $1.4 million ($1.9 million net of tax of $0.5 million) in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After-tax impairment costs of $0.2 million ($0.3 million net of tax of $0.1 million) in 2025.

Free cash flow is calculated as operating cash flow less:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures of $3.2 million in 2025 and $4.2 million in 2024.

*First Nine Months*

Adjusted operating income, adjusted EBITDA, and adjusted EBITDA margin exclude:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-tax acquisition costs of $3.5 million in 2025 and $2.5 million in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-tax amortization of acquired profit in inventory and backlog of $1.2 million in 2025 and $6.2 million in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-tax impairment costs of $0.3 million in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-tax indemnification asset provision of $0.2 million in 2024.

Adjusted net income and adjusted EPS exclude:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After-tax acquisition costs of $3.4 million ($3.5 million net of tax of $0.1 million) in 2025 and $2.1 million ($2.5 million net of tax of $0.4 million) in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After-tax amortization of acquired profit in inventory and backlog of $0.9 million ($1.2 million net of tax of $0.3 million) in 2025 and $4.7 million ($6.2 million net of tax of $1.5 million) in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After-tax impairment costs of $0.2 million ($0.3 million net of tax of $0.1 million) in 2025.

Free cash flow is calculated as operating cash flow less:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures of $11.0 million in 2025 and $15.4 million in 2024.

Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in this press release.

-more-

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| | |
|:---|:---|
| Kadant Reports Third Quarter 2025 Results | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |
| October 28, 2025 | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |
| Page 4 | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Highlights (unaudited)** | **Financial Highlights (unaudited)** | **Financial Highlights (unaudited)** | | |
| (In thousands, except per share amounts and percentages) | (In thousands, except per share amounts and percentages) | (In thousands, except per share amounts and percentages) |  |  |
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| **Consolidated Statement of Income** | September 27,<br>2025 | September 28,<br>2024 | September 27,<br>2025 | September 28,<br>2024 |
| Revenue | $271567 | $271614 | $766044 | $795354 |
| Costs and Operating Expenses: |  |  |  |  |
| Cost of revenue | 148906 | 150175 | 416011 | 441066 |
| Selling, general, and administrative expenses | 75839 | 69043 | 221001 | 209352 |
| Research and development expenses | 3919 | 3409 | 11166 | 10621 |
| Other costs  | 287 |  | 287 |  |
|  | 228951 | 222627 | 648465 | 661039 |
| Operating Income | 42616 | 48987 | 117579 | 134315 |
| Interest Income | 373 | 407 | 1329 | 1386 |
| Interest Expense | (3089) | (5516) | (10249) | (15386) |
| Other Expense, Net | (19) | (16) | (52) | (48) |
| Income Before Provision for Income Taxes | 39881 | 43862 | 108607 | 120267 |
| Provision for Income Taxes | 11766 | 11964 | 29416 | 31810 |
| Net Income | 28115 | 31898 | 79191 | 88457 |
| Net Income Attributable to Noncontrolling Interests | (393) | (312) | (1247) | (891) |
| Net Income Attributable to Kadant | $27722 | $31586 | $77944 | $87566 |
| Earnings per Share Attributable to Kadant: |  |  |  |  |
| Basic | $2.35 | $2.69 | $6.62 | $7.46 |
| Diluted | $2.35 | $2.68 | $6.61 | $7.44 |
| Weighted Average Shares: |  |  |  |  |
| Basic | 11777 | 11745 | 11771 | 11737 |
| Diluted | 11802 | 11780 | 11790 | 11763 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| **Adjusted Net Income and Adjusted Diluted EPS (a)** | September 27,<br>2025 | September 27,<br>2025 | September 28,<br>2024 | September 28,<br>2024 |
| Net Income and Diluted EPS Attributable to Kadant, as Reported | $27722 | $2.35 | $31586 | $2.68 |
| Adjustments, Net of Tax: |  |  |  |  |
| Acquisition Costs | 2172 | 0.18 | 398 | 0.03 |
| Acquired Profit in Inventory and Backlog Amortization | 459 | 0.04 | 1432 | 0.12 |
| Other Costs | 216 | 0.02 |  |  |
| Adjusted Net Income and Adjusted Diluted EPS (a) | $30569 | $2.59 | $33416 | $2.84 |
|  | Nine Months Ended | Nine Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 27,<br>2025 | September 27,<br>2025 | September 28,<br>2024 | September 28,<br>2024 |
| Net Income and Diluted EPS Attributable to Kadant, as Reported | $77944 | $6.61 | $87566 | $7.44 |
| Adjustments, Net of Tax: |  |  |  |  |
| Acquisition Costs | 3390 | 0.29 | 2126 | 0.18 |
| Acquired Profit in Inventory and Backlog Amortization | 925 | 0.08 | 4730 | 0.40 |
| Other Costs | 216 | 0.02 |  |  |
| Adjusted Net Income and Adjusted Diluted EPS (a) | $82475 | $7.00 | $94422 | $8.03 |

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| | |
|:---|:---|
| Kadant Reports Third Quarter 2025 Results | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |
| October 28, 2025 | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |
| Page 5 | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | | Increase (Decrease) <br>Excluding Acquisitions and FX (a,b) |
| **Revenue by Segment** | September 27,<br>2025 | September 28,<br>2024 | Increase (Decrease) | Increase (Decrease) <br>Excluding Acquisitions and FX (a,b) |
| Flow Control | $94839 | $97521 | $(2682) | $(4696) |
| Industrial Processing | 106393 | 110696 | (4303) | (11202) |
| Material Handling | 70335 | 63397 | 6938 | 5745 |
|  | $271567 | $271614 | $(47) | $(10153) |
| Percentage of Parts and Consumables Revenue | 69% | 65% |  |  |
|  | Nine Months Ended | Nine Months Ended | Increase (Decrease) | Increase (Decrease)<br>Excluding Acquisitions and FX (a,b) |
|  | September 27,<br>2025 | September 28,<br>2024 | Increase (Decrease) | Increase (Decrease)<br>Excluding Acquisitions and FX (a,b) |
| Flow Control | $283227 | $276493 | $6734 | $(1748) |
| Industrial Processing | 291854 | 331310 | (39456) | (43977) |
| Material Handling | 190963 | 187551 | 3412 | 1137 |
|  | $766044 | $795354 | $(29310) | $(44588) |
| Percentage of Parts and Consumables Revenue | 72% | 65% |  |  |
|  | Three Months Ended | Three Months Ended | Increase (Decrease) | Increase (Decrease)<br>Excluding Acquisitions and FX (b) |
| **Bookings by Segment** | September 27,<br>2025 | September 28,<br>2024 | Increase (Decrease) | Increase (Decrease)<br>Excluding Acquisitions and FX (b) |
| Flow Control | $93844 | $88981 | $4863 | $2877 |
| Industrial Processing | 85162 | 89319 | (4157) | (7877) |
| Material Handling | 59349 | 62005 | (2656) | (3615) |
|  | $238355 | $240305 | $(1950) | $(8615) |
| Percentage of Parts and Consumables Bookings | 74% | 72% |  |  |
|  | Nine Months Ended | Nine Months Ended | <br>Increase | Increase (Decrease) Excluding Acquisitions and FX (b) |
|  | September 27,<br>2025 | September 28,<br>2024 | <br>Increase | Increase (Decrease) Excluding Acquisitions and FX (b) |
| Flow Control | $286886 | $277749 | $9137 | $(244) |
| Industrial Processing | 282902 | 275910 | 6992 | 6197 |
| Material Handling | 194160 | 186798 | 7362 | 4692 |
|  | $763948 | $740457 | $23491 | $10645 |
| Percentage of Parts and Consumables Bookings | 71% | 71% |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| **Additional Segment Information** | September 27,<br>2025 | September 28,<br>2024 | September 27,<br>2025 | September 28,<br>2024 |
| Gross Margin: |  |  |  |  |
| Flow Control | 51.9% | 51.8% | 53.0% | 52.9% |
| Industrial Processing | 43.6% | 44.0% | 43.4% | 42.3% |
| Material Handling | 38.5% | 35.0% | 38.3% | 36.2% |
| Consolidated | 45.2% | 44.7% | 45.7% | 44.5% |

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-more-

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| | |
|:---|:---|
| Kadant Reports Third Quarter 2025 Results | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |
| October 28, 2025 | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |
| Page 6 | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| **Additional Segment Information (continued)** | September 27,<br>2025 | September 28,<br>2024 | September 27,<br>2025 | September 28,<br>2024 |
| Operating Income: |  |  |  |  |
| Flow Control | $22342 | $24281 | $69537 | $69521 |
| Industrial Processing  | 18828 | 25969 | 51146 | 70060 |
| Material Handling | 12533 | 8793 | 30007 | 25522 |
| Corporate | (11087) | (10056) | (33111) | (30788) |
|  | $42616 | $48987 | $117579 | $134315 |
| Adjusted Operating Income (a,c): |  |  |  |  |
| Flow Control | $22491 | $25671 | $70325 | $72146 |
| Industrial Processing | 21817 | 26539 | 55141 | 72776 |
| Material Handling | 12565 | 9019 | 30226 | 28809 |
| Corporate | (11087) | (10056) | (33111) | (30788) |
|  | $45786 | $51173 | $122581 | $142943 |
| Capital Expenditures: |  |  |  |  |
| Flow Control | $1213 | $1894 | $4102 | $5729 |
| Industrial Processing  | 783 | 1209 | 3703 | 5943 |
| Material Handling | 1198 | 1074 | 3190 | 3737 |
| Corporate |  | 8 | 3 | 21 |
|  | $3194 | $4185 | $10998 | $15430 |
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| **Cash Flow and Other Data** | September 27,<br>2025 | September 28,<br>2024 | September 27,<br>2025 | September 28,<br>2024 |
| Operating Cash Flow | $47252 | $52478 | $110569 | $103375 |
| Capital Expenditures  | (3194) | (4185) | (10998) | (15430) |
| Free Cash Flow (a) | $44058 | $48293 | $99571 | $87945 |
| Depreciation and Amortization Expense | $12397 | $12775 | $36479 | $36505 |

---

---

| | | |
|:---|:---|:---|
| **Balance Sheet Data** | September 27,<br>2025 | December 28,<br>2024 |
| **Assets** |  |  |
| Cash, Cash Equivalents, and Restricted Cash | $126913 | $95946 |
| Accounts Receivable, Net | 158781 | 142462 |
| Inventories | 179705 | 146092 |
| Contract Assets | 9866 | 18408 |
| Property, Plant, and Equipment, Net | 177381 | 170331 |
| Intangible Assets | 270775 | 279494 |
| Goodwill | 497088 | 479169 |
| Other Assets | 111725 | 98443 |
|  | $1532234 | $1430345 |
| **Liabilities and Stockholders' Equity** |  |  |
| Accounts Payable | $50625 | $51062 |
| Debt Obligations | 256020 | 286504 |
| Other Borrowings | 1985 | 2023 |
| Other Liabilities | 262097 | 232628 |
| Total Liabilities | 570727 | 572217 |
| Stockholders' Equity | 961507 | 858128 |
|  | $1532234 | $1430345 |

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---

| | |
|:---|:---|
| Kadant Reports Third Quarter 2025 Results | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |
| October 28, 2025 | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |
| Page 7 | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| **Adjusted Operating Income and Adjusted EBITDA Reconciliation (a)** | September 27,<br>2025 | September 28,<br>2024 | September 27,<br>2025 | September 28,<br>2024 |
| Consolidated |  |  |  |  |
| Net Income Attributable to Kadant | $27722 | $31586 | $77944 | $87566 |
| Net Income Attributable to Noncontrolling Interests | 393 | 312 | 1247 | 891 |
| Provision for Income Taxes | 11766 | 11964 | 29416 | 31810 |
| Interest Expense, Net | 2716 | 5109 | 8920 | 14000 |
| Other Expense, Net | 19 | 16 | 52 | 48 |
| Operating Income | 42616 | 48987 | 117579 | 134315 |
| Acquisition Costs | 2253 | 469 | 3498 | 2533 |
| Acquired Profit in Inventory Amortization (d) | 465 | 1205 | 500 | 4065 |
| Acquired Backlog Amortization (e) | 165 | 687 | 746 | 2181 |
| Other Costs | 287 |  | 287 |  |
| Indemnification Asset Provision (f) |  | (175) | (29) | (151) |
| Adjusted Operating Income (a) | 45786 | 51173 | 122581 | 142943 |
| Depreciation and Amortization | 12232 | 12088 | 35733 | 34324 |
| Adjusted EBITDA (a) | $58018 | $63261 | $158314 | $177267 |
| Adjusted EBITDA Margin (a,g) | 21.4% | 23.3% | 20.7% | 22.3% |
| Flow Control |  |  |  |  |
| Operating Income | $22342 | $24281 | $69537 | $69521 |
| Acquisition Costs | 2 | 71 | 41 | 637 |
| Acquired Profit in Inventory Amortization (d) |  | 728 | 35 | 963 |
| Acquired Backlog Amortization (e) | 147 | 629 | 610 | 882 |
| Indemnification Asset (Provision) Reversal (f) |  | (38) | 102 | 143 |
| Adjusted Operating Income (a) | 22491 | 25671 | 70325 | 72146 |
| Depreciation and Amortization | 3174 | 2981 | 9267 | 7561 |
| Adjusted EBITDA (a) | $25665 | $28652 | $79592 | $79707 |
| Adjusted EBITDA Margin (a,g) | 27.1% | 29.4% | 28.1% | 28.8% |
| Industrial Processing |  |  |  |  |
| Operating Income | $18828 | $25969 | $51146 | $70060 |
| Acquisition Costs | 2237 | 154 | 3449 | 842 |
| Acquired Profit in Inventory Amortization (d) | 465 | 477 | 465 | 2062 |
| Other Costs | 287 |  | 287 |  |
| Indemnification Asset Provision (f) |  | (61) | (206) | (188) |
| Adjusted Operating Income (a) | 21817 | 26539 | 55141 | 72776 |
| Depreciation and Amortization | 5221 | 5204 | 14850 | 15458 |
| Adjusted EBITDA (a) | $27038 | $31743 | $69991 | $88234 |
| Adjusted EBITDA Margin (a,g) | 25.4% | &nbsp;&nbsp;28.7% | 24.0% | 26.6% |
| Material Handling |  |  |  |  |
| Operating Income | $12533 | $8793 | $30007 | $25522 |
| Acquisition Costs | 14 | 244 | 8 | 1054 |
| Acquired Profit in Inventory Amortization (d) |  |  |  | 1040 |
| Acquired Backlog Amortization (e) | 18 | 58 | 136 | 1299 |
| Indemnification Asset (Provision) Reversal (f) |  | (76) | 75 | (106) |
| Adjusted Operating Income (a) | 12565 | 9019 | 30226 | 28809 |
| Depreciation and Amortization | 3824 | 3891 | 11580 | 11269 |
| Adjusted EBITDA (a) | $16389 | $12910 | $41806 | $40078 |
| Adjusted EBITDA Margin (a,g) | 23.3% | &nbsp;&nbsp;20.4% | 21.9% | 21.4% |

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---

| | |
|:---|:---|
| Kadant Reports Third Quarter 2025 Results | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |
| October 28, 2025 | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |
| Page 8 | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| **Adjusted Operating Income and Adjusted EBITDA Reconciliation (continued) (a)** | **Adjusted Operating Income and Adjusted EBITDA Reconciliation (continued) (a)** | September 27,<br>2025 | September 28,<br>2024 | September 27,<br>2025 | September 28,<br>2024 |
| Corporate | Corporate |  |  |  |  |
|  | Operating Loss | $(11087) | $(10056) | $(33111) | $(30788) |
|  | Depreciation and Amortization | 13 | 12 | 36 | 36 |
|  | EBITDA (a) | $(11074) | $(10044) | $(33075) | $(30752) |
| (a) | Represents a non-GAAP financial measure. | Represents a non-GAAP financial measure. | Represents a non-GAAP financial measure. | Represents a non-GAAP financial measure. | Represents a non-GAAP financial measure. |
| (b)  | Represents the increase (decrease) resulting from the exclusion of acquisitions and from the conversion of current period amounts reported in local currencies into U.S. dollars at the exchange rate of the prior period compared to the U.S. dollar amount reported in the prior period. | Represents the increase (decrease) resulting from the exclusion of acquisitions and from the conversion of current period amounts reported in local currencies into U.S. dollars at the exchange rate of the prior period compared to the U.S. dollar amount reported in the prior period. | Represents the increase (decrease) resulting from the exclusion of acquisitions and from the conversion of current period amounts reported in local currencies into U.S. dollars at the exchange rate of the prior period compared to the U.S. dollar amount reported in the prior period. | Represents the increase (decrease) resulting from the exclusion of acquisitions and from the conversion of current period amounts reported in local currencies into U.S. dollars at the exchange rate of the prior period compared to the U.S. dollar amount reported in the prior period. | Represents the increase (decrease) resulting from the exclusion of acquisitions and from the conversion of current period amounts reported in local currencies into U.S. dollars at the exchange rate of the prior period compared to the U.S. dollar amount reported in the prior period. |
| (c) | See reconciliation to the most directly comparable GAAP financial measure under "Adjusted Operating Income and Adjusted EBITDA Reconciliation." | See reconciliation to the most directly comparable GAAP financial measure under "Adjusted Operating Income and Adjusted EBITDA Reconciliation." | See reconciliation to the most directly comparable GAAP financial measure under "Adjusted Operating Income and Adjusted EBITDA Reconciliation." | See reconciliation to the most directly comparable GAAP financial measure under "Adjusted Operating Income and Adjusted EBITDA Reconciliation." | See reconciliation to the most directly comparable GAAP financial measure under "Adjusted Operating Income and Adjusted EBITDA Reconciliation." |
| (d) | Represents amortization expense within cost of revenue associated with acquired profit in inventory. | Represents amortization expense within cost of revenue associated with acquired profit in inventory. | Represents amortization expense within cost of revenue associated with acquired profit in inventory. | Represents amortization expense within cost of revenue associated with acquired profit in inventory. | Represents amortization expense within cost of revenue associated with acquired profit in inventory. |
| (e)  | Represents intangible amortization expense associated with acquired backlog. | Represents intangible amortization expense associated with acquired backlog. | Represents intangible amortization expense associated with acquired backlog. | Represents intangible amortization expense associated with acquired backlog. | Represents intangible amortization expense associated with acquired backlog. |
| (f) | Represents the provision for or reversal of indemnification assets related to the establishment or release of tax reserves associated with uncertain tax positions. | Represents the provision for or reversal of indemnification assets related to the establishment or release of tax reserves associated with uncertain tax positions. | Represents the provision for or reversal of indemnification assets related to the establishment or release of tax reserves associated with uncertain tax positions. | Represents the provision for or reversal of indemnification assets related to the establishment or release of tax reserves associated with uncertain tax positions. | Represents the provision for or reversal of indemnification assets related to the establishment or release of tax reserves associated with uncertain tax positions. |
| (g)  | Calculated as adjusted EBITDA divided by revenue in each period. | Calculated as adjusted EBITDA divided by revenue in each period. | Calculated as adjusted EBITDA divided by revenue in each period. | Calculated as adjusted EBITDA divided by revenue in each period. | Calculated as adjusted EBITDA divided by revenue in each period. |

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**About Kadant** 

Kadant Inc. is a global supplier of technologies and engineered systems that drive Sustainable Industrial Processing<sup>®</sup>. The Company's products and services play an integral role in enhancing efficiency, optimizing energy utilization, and maximizing productivity in process industries. Kadant is based in Westford, Massachusetts, with approximately 3,900 employees in 22 countries worldwide. For more information, visit kadant.com.

**Safe Harbor Statement**

The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties, including forward-looking statements about our future financial and operating performance, demand for our products, and economic and industry outlook. These forward-looking statements represent our expectations as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results to differ materially from these forward-looking statements as a result of various important factors, including those set forth under the heading "Risk Factors" in Kadant's Annual Report on Form 10-K for the fiscal year ended December 28, 2024 and subsequent filings with the Securities and Exchange Commission. These include risks and uncertainties relating to adverse changes in global and local economic conditions; the variability and difficulty in accurately predicting revenues from large capital equipment and systems projects; our acquisition strategy; levels of residential construction activity; reductions by our wood processing customers of their capital spending or production of oriented strand board; changes to the global timber supply; development and use of digital media; cyclical economic conditions affecting the global mining industry; demand for coal, including economic and environmental risks associated with coal; failure of our information systems or breaches of data security and cybersecurity incidents; implementation of our internal growth strategy; competition; our ability to successfully manage our manufacturing operations; supply chain constraints, inflationary pressure, price increases or shortages in raw materials; loss of key personnel and effective succession planning; future restructurings; protection of intellectual property; changes to tax laws and regulations; climate change; adequacy of our insurance coverage; global operations; policies of the Chinese government; the variability and uncertainties in sales of capital equipment in China; currency fluctuations; changes to government regulations and policies around the world; compliance with government regulations and policies and compliance with laws; environmental laws and regulations; environmental, health and safety laws and regulations impacting the mining industry; our debt obligations; restrictions in our

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| | |
|:---|:---|
| Kadant Reports Third Quarter 2025 Results | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |
| October 28, 2025 | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |
| Page 9 | ![kadantlogo_jpga.jpg](kadantlogo_jpga.jpg) |

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credit agreement and note purchase agreement; soundness of financial institutions; fluctuations in our share price; and anti-takeover provisions.

**Contacts**

Investor Contact Information:

Michael McKenney, 978-776-2000

IR@kadant.com

Media Contact Information:

Wes Martz, 978-776-2000

media@kadant.com

## Exhibit 99.2

![](kaiform8kex992q325001.jpg)

Third Quarter 2025 Business Review OCTOBER 29, 2025 Exhibit 99.2

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![](kaiform8kex992q325002.jpg)

Forward-Looking Statements The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This presentation contains forward-looking statements that involve a number of risks and uncertainties, including forward-looking statements about our future financial and operating performance, demand for our products, and economic and industry outlook. These forward-looking statements represent our expectations as of October 28, 2025. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results to differ materially from these forward-looking statements as a result of various important factors, including those set forth under the heading "Risk Factors" in Kadant's Annual Report on Form 10-K for the fiscal year ended December 28, 2024 and subsequent filings with the Securities and Exchange Commission. These include risks and uncertainties relating to adverse changes in global and local economic conditions; the variability and difficulty in accurately predicting revenues from large capital equipment and systems projects; our acquisition strategy; levels of residential construction activity; reductions by our wood processing customers of their capital spending or production of oriented strand board; changes to the global timber supply; development and use of digital media; cyclical economic conditions affecting the global mining industry; demand for coal, including economic and environmental risks associated with coal; failure of our information systems or breaches of data security and cybersecurity incidents; implementation of our internal growth strategy; competition; our ability to successfully manage our manufacturing operations; supply chain constraints, inflationary pressure, price increases or shortages in raw materials; loss of key personnel and effective succession planning; future restructurings; protection of intellectual property; changes to tax laws and regulations; climate change; adequacy of our insurance coverage; global operations; policies of the Chinese government; the variability and uncertainties in sales of capital equipment in China; currency fluctuations; changes to government regulations and policies around the world; compliance with government regulations and policies and compliance with laws; environmental laws and regulations; environmental, health and safety laws and regulations impacting the mining industry; our debt obligations; restrictions in our credit agreement and note purchase agreement; soundness of financial institutions; fluctuations in our share price; and anti-takeover provisions. 2KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED.

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![](kaiform8kex992q325003.jpg)

Use of Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including increases or decreases in revenue excluding the effect of acquisitions and foreign currency translation (organic revenue), adjusted EPS, adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA), adjusted EBITDA margin, adjusted operating income, and free cash flow. All references to EPS (earnings per share) are to our EPS as calculated on a diluted basis. Specific non-GAAP financial measures have been marked with an \* (asterisk) within this presentation. A reconciliation of those numbers to the most directly comparable GAAP financial measures is shown in the Appendix and in our third quarter 2025 earnings press release issued October 28, 2025, which is available in the Investors section of our website at investor.kadant.com under the heading News Releases. We believe these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, operating results, or future outlook. We believe the inclusion of such measures helps investors gain an understanding of our underlying operating performance and future prospects, consistent with how management measures and forecasts our performance, especially when comparing such results to previous periods or forecasts and to the performance of our competitors. Such measures are also used by us in our financial and operating decision-making and for compensation purposes. We also believe this information is responsive to investors' requests and gives them additional measures of our performance. The non-GAAP financial measures included in this presentation are not meant to be considered superior to or a substitute for the results of operations or cash flows prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this presentation have limitations associated with their use as compared to the most directly comparable GAAP measures, in that they may be different from, and therefore not comparable to, similar measures used by other companies. 3 KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED.

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![](kaiform8kex992q325004.jpg)

Business Review Jeffrey L. Powell, President & CEO 4

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![](kaiform8kex992q325005.jpg)

Operational Highlights 5 KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED. • Record aftermarket parts revenue • Capital equipment demand remained sluggish • Solid margin performance and healthy cash flow 5

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![](kaiform8kex992q325006.jpg)

Q3 2025 Performance 6 ($ in millions, except per share amounts) Q3 25 Q3 24 Change Bookings $238.4 $240.3 -0.8% Revenue $271.6 $271.6 —% Net Income $27.7 $31.6 -12.2% Adjusted EBITDA\* $58.0 $63.3 -8.3% Adjusted EBITDA Margin\* 21.4 % 23.3 % -190 bps EPS $2.35 $2.68 -12.3% Adjusted EPS\* $2.59 $2.84 -8.8% Operating Cash Flow $47.3 $52.5 -10.0% Free Cash Flow\* $44.1 $48.3 -8.8% HIGHLIGHTS • Record aftermarket parts revenue • Modest decline in bookings due to softness in capital bookings • Adjusted EBITDA\* down 8% compared to the record set in Q3 2024 • Healthy backlog with stronger bookings expected in Q4 KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED.

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![](kaiform8kex992q325007.jpg)

$89.0 $87.4 $100.0 $93.1 $93.8 3Q24 4Q24 1Q25 2Q25 3Q25 7 ($ in millions) Q3 25 Q3 24 Change Revenue $94.8 $97.5 -2.8 % Bookings $93.8 $89.0 +5.5 % Adjusted EBITDA\* $25.7 $28.7 -10.4 % Adjusted EBITDA Margin\* 27.1 % 29.4 % -230 bps HIGHLIGHTS • Stronger demand in Europe offset softness in the Americas • New order activity increased 5% with growth in both aftermarket parts and capital business • Adjusted EBITDA\* performance declined due to lower operating leverage in Q3 • Stable demand expected from most end markets ($ in millions) BOOKINGS Flow Control KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED.

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![](kaiform8kex992q325008.jpg)

8 ($ in millions) Q3 25 Q3 24 Change Revenue $106.4 $110.7 -3.9% Bookings $85.2 $89.3 -4.7% Adjusted EBITDA\* $27.0 $31.7 -14.8% Adjusted EBITDA Margin\* 25.4 % 28.7% -330 bps HIGHLIGHTS • Record aftermarket parts revenue represented 76% of total revenue • Solid aftermarket parts demand could not offset weakness in capital bookings • Adjusted EBITDA\* declined 15% due to product mix • Capital project activity remains high KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED. Industrial Processing $89.3 $103.6 $92.4 $105.4 $85.2 3Q24 4Q24 1Q25 2Q25 3Q25 BOOKINGS ($ in millions)

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![](kaiform8kex992q325009.jpg)

9 ($ in millions) Q3 25 Q3 24 Change Revenue $70.3 $63.4 +10.9% Bookings $59.3 $62.0 -4.3% Adjusted EBITDA\* $16.4 $12.9 +26.9% Adjusted EBITDA Margin\* 23.3 % 20.4% +290 bps HIGHLIGHTS • Record revenue performance led by capital shipments • Excellent commercial and operational execution • Adjusted EBITDA\* increased 27% due to strong operating leverage • Demand expected to stabilize heading into final quarter of the year KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED. Material Handling $62.0 $49.6 $63.9 $70.9 $59.3 3Q24 4Q24 1Q25 2Q25 3Q25 BOOKINGS ($ in millions)

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![](kaiform8kex992q325010.jpg)

Business Outlook • Aftermarket parts demand expected to remain healthy • Stronger capital equipment demand expected in the fourth quarter • Timing of capital orders continues to be affected by ambiguity in global trade 10 KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED.

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![](kaiform8kex992q325011.jpg)

Financial Review Michael J. McKenney, EVP & CFO 11

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![](kaiform8kex992q325012.jpg)

Q3 2025 Financial Performance ($ in millions, except per share amounts) Q3 25 Q3 24 Revenue $271.6 $271.6 Gross Margin 45.2% 44.7% SG&A % of Revenue 27.9% 25.4% Operating Income $42.6 $49.0 Net Income $27.7 $31.6 Adjusted EBITDA\* $58.0 $63.3 EPS $2.35 $2.68 Adjusted EPS\* $2.59 $2.84 Operating Cash Flow $47.3 $52.5 HIGHLIGHTS • 69% parts and consumables revenue • Adjusted EBITDA margin\* of 21.4% • Adjusted EPS\* exceeded guidance KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED. 12

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![](kaiform8kex992q325013.jpg)

Key Financial Metrics KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED. 13 $52.5 $51.9 $22.8 $40.5 $47.3 $48.3 $46.3 $19.0 $36.5 $44.1 FREE CASH FLOW\* OPERATING CASH FLOW 3Q24 4Q24 1Q25 2Q25 3Q25 $63.3 $52.4 $47.9 $52.4 $58.0 $31.6 $24.0 $24.1 $26.2 $27.7 23.3% 20.3% 20.0% 20.5% 21.4% NET INCOME ADJUSTED EBITDA\* ADJ. EBITDA MARGIN\* 3Q24 4Q24 1Q25 2Q25 3Q25 ADJUSTED EBITDA\* CASH FLOW ($ in millions)($ in millions)

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![](kaiform8kex992q325014.jpg)

2Q21 ADJ EPS\* 2Q22 ADJ EPS\* KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED. Q3 24 to Q3 25 Adjusted EPS\* 14 $2.84 $(0.32) $(0.17) $(0.05) $(0.01) $0.15 $0.10 $0.05 $2.59 Q3 24 ADJ EPS\* OPERATING EXPENSES REVENUE TAX PROVISION NONCONTROLLING INTERESTS INTEREST EXPENSE GROSS MARGIN ACQUISITIONS Q3 25 ADJ EPS\*

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![](kaiform8kex992q325015.jpg)

Key Liquidity Metrics KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED. 15 ($ in millions) Q3 25 Q2 25 Q3 24 Cash, cash equivalents, and restricted cash $126.9 $97.2 $89.7 Debt $256.0 $247.2 $324.5 Lease obligations $2.0 $1.7 $1.9 Net Debt $131.1 $151.7 $236.7 Leverage ratio1 0.94 0.86 1.13 Working capital % LTM revenue2 18.0 % 17.7 % 17.2 % Cash conversion days3 131 128 129

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![](kaiform8kex992q325016.jpg)

Guidance KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED. 16 • FY 2025 revenue of $1.036 to $1.046 billion, revised from $1.020 to $1.040 billion • FY 2025 GAAP EPS of $8.52 to $8.72, revised from $8.89 to $9.09 • FY 2025 adjusted EPS\* of $9.05 to $9.25 • Q4 2025 revenue of $270 to $280 million • Q4 2025 GAAP EPS of $1.91 to $2.11 • Q4 2025 adjusted EPS\* of $2.05 to $2.25

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![](kaiform8kex992q325017.jpg)

Questions & Answers To participate in the live Q&A session, please go to investor.kadant.com and click on the Q&A session link to receive a dial-in number and unique PIN. Please mute the audio on your computer. 17

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![](kaiform8kex992q325018.jpg)

2025 Key Priorities 18 ENABLE SUSTAINABLE INDUSTRIAL PROCESSING® DELIVER EXCEPTIONAL STAKEHOLDER VALUE PROVIDE STRONG CASH FLOW CAPITALIZE ON NEW OPPORTUNITIES KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED.

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![](kaiform8kex992q325019.jpg)

Investor Relations Contact Michael McKenney, 978-776-2000 IR@kadant.com Media Relations Contact Wes Martz, 978-776-2000 media@kadant.com 19

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![](kaiform8kex992q325020.jpg)

Third Quarter 2025 Business Review 20 Appendix October 29, 2025

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![](kaiform8kex992q325021.jpg)

Revenue by Customer Location ($ in thousands) Q3 25 Q3 24 Change Change Excluding Acquisition and FX\* North America $165,708 $172,186 $(6,478) $(6,288) Europe 65,869 57,309 8,560 148 Asia 23,893 26,724 (2,831) (4,214) Rest of World 16,097 15,395 702 201 Total $271,567 $271,614 $(47) $(10,153) KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED. 21 Q3 25 Q3 24 Flow Control 74 % 70 % Industrial Processing 76 % 67 % Material Handling 52 % 55 % Consolidated 69 % 65 % Percentage of Parts and Consumables Revenue

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![](kaiform8kex992q325022.jpg)

Adjusted EPS\* Reconciliation Q3 25 Q3 24 EPS, as Reported $2.35 $2.68 Adjustments, Net of Tax Acquisition Costs 0.18 0.03 Acquired Profit in Inventory and Backlog Amortization 0.04 0.12 Other Costs 0.02 — Adjusted EPS\* $2.59 $2.84 KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED. 22 ($ in thousands) Q3 25 Q3 24 Operating Cash Flow $47,252 $52,478 Capital Expenditures (3,194) (4,185) Free Cash Flow\* $44,058 $48,293 Free Cash Flow\* Reconciliation

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![](kaiform8kex992q325023.jpg)

Adjusted EBITDA\* Reconciliation ($ in thousands) Q3 25 Q3 24 Net Income Attributable to Kadant $27,722 $31,586 Net Income Attributable to Noncontrolling Interests 393 312 Provision for Income Taxes 11,766 11,964 Interest Expense, Net 2,716 5,109 Other Expense, Net 19 16 Acquisition Costs 2,253 469 Acquired Profit in Inventory Amortization 465 1,205 Acquired Backlog Amortization 165 687 Other Costs 287 — Indemnification Asset Provision — (175) Depreciation and Amortization 12,232 12,088 Adjusted EBITDA\* $58,018 $63,261 Adjusted EBITDA Margin\* 21.4 % 23.3 % KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED. 23

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Notes PRESENTATION NOTES • All references to EPS (earnings per share) are to our EPS as calculated on a diluted basis. • Percent change in slides 6-9 is calculated using actual numbers reported in our press release dated October 28, 2025. FOOTNOTES 1) Leverage ratio is calculated by dividing total debt by EBITDA. For purposes of this calculation, EBITDA is calculated by adding or subtracting certain items from Adjusted EBITDA, as required by our amended and restated credit facility ("Credit Facility"). Our Credit Facility defines total debt as debt less worldwide cash of up to $50 million. 2) Working capital is defined as current assets less current liabilities, excluding cash and debt. LTM is defined as last 12 months. 3) Cash conversion days is based on days in receivables plus days in inventory less days in accounts payable. KAI 3Q25 BUSINESS REVIEW– OCTOBER 2025 \|© 2025 KADANT INC. ALL RIGHTS RESERVED. 24

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