# EDGAR Filing Document

**Accession Number:** 0000055529
**File Stem:** 0001193125-25-189068
**Filing Date:** 2025-8
**Character Count:** 34322
**Document Hash:** cbcbeb0902192780972d5562361cffe5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-189068.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001193125-25-189068

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20250827

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**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:** 251259540

**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'? 8-K

### 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): August 27, 2025

## Kewaunee Scientific Corporation

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

---

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

---

---

| | |
|:---|:---|
| **2700 West Front Street** |  |
| **Statesville, North Carolina** | **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<br>Symbol(s)** | **Name of each exchange<br>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 7.01** | **Regulation FD Disclosure.**  |

---

Kewaunee Scientific Corporation (the "Company") has posted an investor presentation and related script to the "Investor Information" section of the Company's website at <u>http://www.kewaunee.com/about/investor-information/</u>. The presentation and related script are attached hereto as Exhibits 99.1 and 99.2. The information included in Exhibits 99.1 and 99.2 is incorporated by reference in this Item 7.01, and is deemed to be furnished, not filed, pursuant to Item 7.01 of Form 8-K. The presentation will be delivered during the Company's Annual Meeting of Shareholders (the "Annual Meeting"), which is being conducted virtually at 11:00 a.m. Eastern time on August 27, 2025 via a live webcast which can be accessed at <u>www.virtualshareholdermeeting.com/KEQU2025</u>. A replay of the audio webcast of the Annual Meeting will be made available on the Company's website for approximately one year.

The Company is making reference to non-GAAP financial information in both the presentation and the Annual Meeting. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached presentation, and will be included in the "Investor Information" section of the Company's website at <u>http://www.kewaunee.com/about/investor-information/</u>.

Certain statements made in the attached presentation and related script constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding the Company's future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future. Management believes that these forward-looking statements are reasonable. However, the Company cannot guarantee that its actual results will be consistent with the forward-looking statements and you should not place undue reliance on them. These statements are based on current expectations and speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise. Important factors regarding the Company that may cause results to differ from expectations are included in the Company's Annual Report on Form 10-K for the year ended April 30, 2025, under Item 1A. "Risk Factors," and in the Company's other filings with the SEC.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

(d) Exhibits:

---

| | |
|:---|:---|
| **Exhibit<br>No.** |  |
| 99.1 | [Kewaunee Scientific Corporation Investor Presentation.](d55511dex991.htm) |
| 99.2 | [Kewaunee Scientific Corporation Investor Presentation Script.](d55511dex992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

#### 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 hereunto duly authorized.

---

| | |
|:---|:---|
|  | (Registrant)<br> Kewaunee Scientific Corporation |
| Date: August 27, 2025 | **/s/ Donald T. Gardner III** |
|  | Donald T. Gardner III |
|  | Vice President, Finance and<br> Chief Financial Officer |

---

## Exhibit 99.1

![](g55511ex99_1p1g1.jpg)

Exhibit 99.1 KEWAUNEE SCIENTIFIC CORPORATION NASDAQ: KEQU

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![](g55511ex99_1p2g1.jpg)

Special Note Regarding Forward-Looking Statements Certain statements in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the Reform Act). All statements other than statements of historical fact included in this Annual Report, 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: 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; risks associated with our ability to identify and complete strategic acquisitions or to successfully integrate any businesses that we may acquire; acts of terrorism, war, governmental action, 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 the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, which you should review carefully. 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. These reports are available on our investor relations website at www.kewaunee.com and on the SEC website at www.sec.gov. Kewaunee Scientific Corporation \| NASDAQ: KEQU 2

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![](g55511ex99_1p3g1.jpg)

About Non-GAAP Measures The following slides include 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 acquisition of Nu Aire, Inc. and the corresponding tax impact in fiscal year 2025 and GAAP net earnings adjusted for net pension settlement expenses and the impact of a valuation allowance release in fiscal year 2024. 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 one- time costs incurred for professional and other fees related to the acquisition of Nu Aire, Inc. during FY25 or the pension termination enacted during FY24, 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 depreciation and amortization or the costs incurred related to the acquisition of Nu Aire, Inc. during fiscal year 2025 or our one-time pension termination transaction executed during fiscal year 2024, 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. Kewaunee Scientific Corporation \| NASDAQ: KEQU 3

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![](g55511ex99_1p4g1.jpg)

Introduction Agenda Annual Shareholder Meeting • Fiscal Year 2025 Review • NuAire Acquisition • Strategic Direction and Outlook • Q&A 4

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![](g55511ex99_1p5g1.jpg)

FY25 Financial Review $ and shares in thousands, except per share amounts FY 2024 FY 2025 Net sales $203,755 $240,472 Cost of products sold 151,704 171,615 Gross profit 52,051 68,857 Operating expenses 33,770 51,098 Operating earnings 18,281 17,759 Pension expense (4,177) Other income, net 814 240 Interest expense (1,799) (3,214) Earnings before income taxes 13,119 14,785 Income tax expense (benefit) (5,938) 3,202 Net earnings 19,057 11,583 Less: net earnings attributable to the non-controlling interest 304 178 Net earnings attributable to Kewaunee Scientific Corporation $18,753 $11,405 Net earnings per share attributed to Kewaunee Scientific Corporation stockholders Basic $6.51 $3.98 Diluted $6.38 $3.83 Weighted average number of common shares outstanding Basic 2,879 2,862 Diluted 2,938 2,979 5

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![](g55511ex99_1p6g1.jpg)

FY25 Financial Review Non- $ in thousands, excluding FY24 FY24 FY25 Professional FY25 Recurring per share data 2 Reported Adjusted Reported & Other Fees Adjusted 1 Transactions Net Sales $203,755 $203,755 $240,472 $- $240,472 Operating Profit 18,281 18,281 17,759 5,718 23,477 % of Sales 9.0% 9.0% 7.4% 0.0% 9.8% Pension, Interest and Other (5,162) 4,019 (1,143) (2,974) 324 (2,650) Profit/(Loss) Before Tax 13,119 4,019 17,138 14,785 6,042 20,827 Income Tax Expense/(Benefit) (5,938) 10,453 4,515 3,202 1,455 4,657 Net Earnings/(Loss) Before NCI 19,057 (6,434) 12,623 11,583 4,587 16,170 Less: NCI 304 304 178 - 178 Net Earnings/(Loss) $18,753 $(6,434) $12,319 $11,405 $4,587 $15,992 Add/(Less): Interest Expense 1,799 1,799 3,214 3,214 Interest Income (1,093) (1,093) (967) (967) Income Taxes (5,938) 10,453 4,515 3,202 1,455 4,657 Depreciation & Amortization 3,125 3,125 4,759 (1,127) 3,632 EBITDA $16,646 $4,019 $20,665 $21,613 $4,915 $26,528 Earnings Per Share: Basic $6.51 $(2.23) $4.28 $3.98 $1.60 $5.59 Diluted $6.38 $(2.19) $4.19 $3.83 $1.54 $5.37 1 Accumulated accounting losses related to the settlement of the Company's pension plan and its corresponding tax impact, and a partial release of the Company's valuation allowance. 2 Professional fees and other costs incurred during the twelve months ended 4/30/25 related to the Company's acquisition of Nu Aire, Inc. ("NuAire"), which closed on November 1, 2024. For additional information, please see our Footnote 4, NuAire Acquisition, in our Form 10-K for the period ended 4/30/25, filed with the SEC on July 2, 2025. 6

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![](g55511ex99_1p7g1.jpg)

NuAire Overview PRODUCTS LEADING MANUFACTURER q Biosafety Cabinets OF BIOSAFETY CABINETS q Laminar Airflow Workbenches Protection from Airborne Particulate q Containment Ventilated Hazards and Contamination Enclosures q RABS q Animal Transfer Stations FOUNDED 1971 q Cage Dumping Stations Minnesota q Custom Automation Enclosures WORLDWIDE REACH q CO Incubators 2 Americas, EMEA, APAC q Ultra-low Freezers (via OEM) 7

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![](g55511ex99_1p8g1.jpg)

Expanding Our Market Presence With NuAire HEALTHCARE BIOMEDICAL VIVARIUM Research, PHARMACY Animal Research Clinical, Pharma Drug Compounding 8

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![](g55511ex99_1p9g1.jpg)

Serving Amazing Spaces Across Industries At Kewaunee, we believe in empowering the scientific community with spaces that inspire, innovate, and integrate. Serving the forefront of life sciences, education, healthcare, industrial, petrochemical, and government research, we deliver unparalleled laboratory environments tailored for every research and development endeavor. PROVIDING SOLUTIONS FOR § Life Sciences § Education § Healthcare § Industrial § Government § Petroleum 9

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![](g55511ex99_1p10g1.jpg)

SERVING AMAZING SPACES ACROSS INDUSTRIES Raising the Industry-Leading Experience Robust End-Use Standard Portfolio Markets Founded in 1906, Kewaunee has Kewaunee offers The industries Kewaunee brings consistently total lab solutions served by nearly 120 years been a leader in with a portfolio of Kewaunee continue of manufacturing contributing to products that meet to invest in research excellence to the industry's every furniture need and development, every project. standard-setting within the laboratory requiring Kewaunee bodies for many space. products in diverse years. markets. 10

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![](g55511ex99_1p11g1.jpg)

Kewaunee & NuAire: Headquarters Industry Leading Channel Partners q Statesville, NC NORTH AMERICA ASIA Manufacturing Locations q Statesville, NC q Bangalore, India International Sales Locations q India q Singapore q Saudi Arabia Kewaunee collaborates with SOUTH AMERICA EMEA experienced global dealers to deliver exceptional Headquarters & Manufacturing projects, while NuAire partners with sales reps, q Plymouth, MN GPOs, and distributors. Warehouse Partnership Both companies serve a q The Netherlands broad customer base OEM Partnerships worldwide. q China 11

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![](g55511ex99_1p12g1.jpg)

Strategic Direction & Outlook OUR GUIDING PRINCIPLES q We will be easy to do business with. q We will get closer to our customer(s). q We will do everything with excellence. q We will lead and not follow (we are innovators). OUR VISION To be the global supplier of choice, providing solutions that empower customers to create laboratory spaces where discovery, progress, and breakthroughs occur. 12 12

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![](g55511ex99_1p13g1.jpg)

Strategic Direction and Outlook KEWAUNEE AS A SUCCESSION SOLUTION We are committed to sustainable, continuous growth through both organic development and thoughtful acquisitions. Our approach is grounded in discipline, governance, integrity, and respect. We seek partnerships that align with our strategy and culture, offering continuity and responsible stewardship while creating lasting impact and value for all shareholders. 13

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![](g55511ex99_1p14g1.jpg)

Operating with Excellence Success does not happen by chance. It comes from showing up, relentlessly, with focus, discipline, and an unwavering commitment to doing things better every day. Driving Operational Excellence: Strengthening Connections: Empowering Our People: We are proud to invest in our We maintain high standards by We build trust and alignment by streamlining processes, encouraging feedback, Associates with meaningful well living, educational, and enhancing collaboration, and accountability, and mutual support, rewards and recognition consistently delivering on our creating a workplace where we opportunities. quality promise. succeed together. 14

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![](g55511ex99_1p15g1.jpg)

Culture Driving Success Our Associates are our foundation and stand at the center of our progress. Their talent, passion, and commitment to excellence continue to drive meaningful change across our organization. As we look ahead, our culture will continue to be a powerful force, fueling our ability to adapt, grow, and deliver lasting value for our customers, communities, partners, and shareholders. 15

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![](g55511ex99_1p16g1.jpg)

Thank You & Questions 16

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![](g55511ex99_1p17g1.jpg)

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g55511dsp022.jpg)

ANNUAL SHAREHOLDER SPEECH AUG 27, 2025

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![LOGO](g55511dsp23a.jpg)

**Kewaunee Scientific Corporation** 

**Annual Shareholder Speech** 

**August 27, 2025** 

Good morning. I would like to extend a warm welcome to our shareholders who have set aside time to join us today at Kewaunee's 2025 annual shareholder meeting. This year's meeting is again being conducted virtually, providing our shareholders with a more accessible format in which to participate.

Before proceeding, a brief comment regarding forward-looking statements.

Additionally, please see the notice regarding any non-GAAP measures included in today's financial review.

Today, we'll be discussing highlights from our recently completed fiscal year, ended April 30, 2025, as well as an update on our outlook and strategic direction.

There will be time for questions at the end of the presentation, and we will take as many as possible. If you are logged in as a shareholder and have questions, you are welcome to submit them online during the presentation. Finally, all materials will be posted to the investor information section of our website for future reference.

Fiscal year 2025 was marked by exceptional performance from our Kewaunee team. The Company delivered excellent financial results and closed the year with a robust and healthy backlog.

These results reflect the consistent execution and dedication of our global team. They are also a testament to the valuable support of our channel partners, who bring our solutions to customers across multiple end markets that rely on Kewaunee's portfolio to advance critical priorities and create amazing laboratory spaces.

A full recap of the Company's financial performance can be found in our annual report and Form 10-K, located on our website, but here are a few highlights I would like to call out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales during fiscal year 2025 were $240.5 million, an increase of 18.0% compared to sales of
$203.8 million from the prior year.

![LOGO](g55511dsp23.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-tax earnings for the fiscal year were $14.8 million compared to pre-tax earnings of $13.1 million for the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net earnings for the fiscal year were $11.4 million, compared to net earnings of $18.8 million for the
prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted earnings per share were $3.83, as compared to diluted earnings per share of $6.38 in the prior fiscal
year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA for the fiscal year was $21.6 million, compared to $16.6 million for the prior fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's order backlog was $214.6 million on April 30, 2025, a slight decrease from
$221.6 million on January 31, 2025, and an increase from $155.6 million on April 30, 2024.

Fiscal 2025 was also a historic year for the Company as we successfully completed the acquisition of Nu Aire, Inc. on November 1, 2024. During the fiscal year, the Company incurred costs associated with the acquisition and integration of Nu Aire. Fiscal year results were also impacted by purchase accounting related to the write-up of various assets on Nu Aire's books.

For comparative purposes, we will present prior year results adjusted for two non-recurring transactions that occurred in the prior year fourth quarter. These include the annuitization of our pension obligation with its corresponding one-time book tax benefit and the partial release of the Company's valuation allowance. We believe that communicating these impacts and reporting adjusted financial metrics helps investors better understand our financial performance. Some of these adjusted highlights include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisition, integration, and purchase accounting costs in the aggregate for fiscal year 2025 were a
$6.0 million reduction to pre-tax earnings and a $4.9 million reduction to EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After adjusting for these costs, adjusted pre-tax earnings for the fiscal
year were $20.8 million compared to adjusted pre-tax earnings of $17.1 million for the prior year, an increase of 21.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net earnings were $16.0 million compared to adjusted net earnings of $12.3 million in the
prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA for the fiscal year was $26.5 million compared to Adjusted EBITDA of $20.7 million in
the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted diluted earnings per share were $5.37 compared to prior year adjusted diluted earnings per share of
$4.19.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Further details are presented in the Adjusted Consolidated Statement of Operations Reconciliation schedule.

![LOGO](g55511dsp23.jpg)

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As mentioned, in November of this past year, Kewaunee took a significant step forward in our growth journey with the acquisition of Nu Aire, Inc., a pioneer in laboratory equipment and biosafety solutions. This move was guided by a clear strategic intent: To bring together two market leaders with complementary strengths, shared values, and a common vision for the future of laboratory innovation.

With Kewaunee's century-long leadership in designing and furnishing advanced lab environments, and Nu Aire's six decades of excellence in biosafety and containment equipment, we now offer a broader, more powerful portfolio of solutions.

As the focus of research shifts from small to large-molecule research, we anticipate a rise in demand for more specialized equipment, such as isolators, biosafety cabinets (BSCs), and advanced laminar airflow systems, in which Nu Aire is a recognized leader. To succeed in tomorrow's market, it was imperative that we expand our product offerings to satisfy these evolving needs.

With the addition of Nu Aire to Kewaunee's portfolio, we can now deliver a comprehensive suite of lab solutions, allowing us to be better equipped than ever to advance safety, performance, and scientific discovery.

In addition to the strategic advantages of the acquisition, the partnership between Kewaunee and Nu Aire also benefits from a cultural alignment. Over the past several months, we've focused on thoughtful integration, aligning operations, sharing ideas, and fostering collaboration across our teams while preserving the strengths that make each organization unique.

At Kewaunee, we believe in empowering the scientific community with spaces that inspire, innovate, and integrate. Serving on the forefront of life sciences, education, healthcare, industrial, petrochemical, and government research, we deliver unparalleled laboratory environments tailored for every research and development endeavor.

Our customers operate within multiple end-use markets, which require high-quality laboratory furniture and technical products to furnish their environments. These markets tend to enjoy a durable, long-term growth trend with consistent funding from private and public parties.

We are proud to serve customers whose projects are often fundamentally tied to advancing health and wellness, bringing both long-term stability and a high level of purpose to our operations:

![LOGO](g55511dsp23.jpg)

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In healthcare and biomedical research, federal and private investment continues to prioritize public health initiatives, from mental health research to advancements in critical treatments. Kewaunee's solutions are engineered for these high-stakes research spaces, offering containment and compliance with the strictest safety standards.

Similarly, in the educational sector, where R&D spending by academic institutions drives innovation, Kewaunee's versatile lab furniture equips university labs that shape future scientists and foster a spirit of discovery.

For industrial and government research focused on safety and sustainability, Kewaunee's solutions reduce environmental impact while meeting rigorous safety needs.

By delivering comprehensive, integrated lab environments, Kewaunee supports the mission of diverse scientific and health-focused markets, reinforcing our legacy of empowering discovery and innovation worldwide.

As I reflect on the past year, I would like to take a moment to recognize the teams and individuals who continue to play a key role in Kewaunee's success.

I believe we have the best channel partners in the business. Our collaborative way of serving our customers is producing results in the marketplace as we continue to win our fair share of projects across all industries we serve. This has never been more evident than in the consistent strength of our backlog in recent fiscal years, highlighting a healthy demand across most end-markets.

Our fiscal 2025 results were driven by the exceptional performance of our team and the strength of our trusted partners. Together, we've deepened our relationships, enhanced our operations, and invested in growth across our network. As Kewaunee has made strategic investments in our capacity and infrastructure, our channel partners have likewise expanded their capabilities and reach. This shared momentum is fueling our continued success.

Grounded in over a century of steady progress, we are excited to enter a natural progression of our journey to pursue purposeful growth through both organic and inorganic means.

We believe that our industry presents meaningful opportunities for consolidation. As such, we will actively pursue strategic acquisitions that complement our existing businesses, enhancing our product offerings, expanding our geographic reach, and strengthening our distribution channels.

The recent acquisition of Nu Aire presented a unique opportunity for Kewaunee to expand our capabilities, allowing the combined organization to better meet the diverse needs of end-users. Nu Aire's established distribution partners reach regions where Kewaunee has not previously had a presence. This move accelerated the Company's vision of becoming the market leader in the design and manufacturing of laboratory furniture and technical products essential for outfitting the laboratories of tomorrow.

![LOGO](g55511dsp23.jpg)

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At Kewaunee, we believe that legacy matters. With nearly 120 years of continuous operation, we have built our reputation on trust, reliability, and long-term relationships. As a publicly traded company with strong governance practices and a conservative, disciplined approach to operating the business, Kewaunee provides a unique and stable platform for companies seeking a thoughtful succession or exit strategy. We believe in honoring what made a business successful in the first place, maintaining its legacy long into the future. We act thoughtfully and decisively, minimizing bureaucracy that can hinder execution.

We operate with transparency and remain committed to preserving the culture, people, and customer relationships that founders and families have worked so hard to build. Unconstrained by short-sighted pressures, we focus on making sound, long-term investment decisions that support the future of the business.

For business owners who care deeply about their legacy, their team, and the future of their company, Kewaunee offers more than capital — we offer stewardship, continuity, and a partner they can trust for the next chapter.

Kewaunee is a company of passionate, talented, and motivated people. We embrace collaboration and creativity and encourage the use of innovative ideas to help our team address the complex challenges in today's marketplace. Our team is deeply committed to creating a culture of safety, quality, and innovation.

Kewaunee's Associates work tirelessly to ensure that every aspect of our operation is optimized for maximum effectiveness. Whether we are serving our customers, collaborating with each other, or tackling new challenges, we always approach our work with a focus on excellence.

This dedication is what empowers our teams to lead, collaborate, and drive meaningful advancements across our organization.

Our Associates are our foundation and stand at the center of our success. Their talent, passion, and commitment to excellence are what set Kewaunee apart, and we are committed to fostering an environment where every member of our team can thrive.

Through cross-functional collaboration, leadership and team feedback avenues, and day-to-day problem solving and goal setting, our teams are empowered to lead with accountability and deliver the results that move Kewaunee, and our industry, forward.

As we look forward, we are not standing still. Our culture will continue to be a powerful force, fueling our ability to adapt, grow, and deliver lasting value for our customers, communities, partners, and shareholders.

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As I close, I want to take a moment to thank the Company's global Associates for their commitment and hard work over the past year. I also want to thank our many loyal customers, dealers, and our national stocking distributor for their support.

I would also like to thank our many shareholders for your continued support. Kewaunee's future is bright, and I am excited to continue building on our momentum in fiscal 2026. Please note that Kewaunee will be releasing earnings for the first quarter of the Company's fiscal year 2026 after the close of business on September 10, 2025.

We will now open the floor for questions.

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P.O. Box 1842 I Statesville, NC 28687 \| Phone: (704) 873-7202 I Fax: (704) 873-1275 I www.kewaunee.com