Cadre (CDRE) investor relations material

Business overview and evolution

• Transitioned from a private company with a long heritage in public safety to a diversified industrial firm post-IPO in 2021, implementing an industrial operating model and acquiring seven companies, including five in public safety and two in nuclear safety.

• Product portfolio spans body armor, duty gear (notably holsters), explosive ordnance disposal (EOD) equipment, and nuclear safety solutions such as engineered containers and alarm systems.

• Maintains leading market shares in U.S. law enforcement holsters and global bomb suits, with a focus on critical, life-saving products and steady replacement cycles.

Growth drivers and market dynamics

• Organic growth is sustained at the high end of a 3%-5% annual range, driven by steady law enforcement budgets, recurring replacement cycles, and new contract wins such as the FBI body armor and U.S. Special Operations Command blast sensors.

• Recent contracts include a $50 million IDIQ for blast sensors and an $87 million, seven-year contract for blast attenuation seats with General Dynamics European Land Systems, expanding exposure to U.S. and European defense spending.

• International expansion is supported by acquisitions like TYR Tactical, which brings significant non-U.S. revenue and advanced hard armor capabilities.

Nuclear safety segment

• Nuclear safety markets are viewed as steady 4%-6% growers, with exposure to national security, environmental remediation, and commercial nuclear sectors.

• Environmental remediation in the U.S. is underpinned by over $500 billion in nuclear waste cleanup needs, with consistent funding across administrations.

• Commercial nuclear opportunities are emerging, particularly in fuel enrichment and containment solutions, though growth is expected to be lumpy due to project-based demand.