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CECO Environmental (CECO) investor relations material
CECO Environmental 16th Annual Midwest Ideas Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Strategic Growth and Market Positioning
Achieved significant market cap growth since 2021, with share price up 600% and market cap rising from $225M to $1.7B by August 2025, driven by strong underlying markets and a focus on energy transition, industrial water, and air verticals.
Expanded internationally, with about half of bookings/orders and 40% of sales outside the U.S., supported by organic growth and 12 acquisitions in three years.
Maintains balanced, niche leadership in industrial air, water, and energy transition markets, providing mission-critical environmental solutions for industrial clients.
Programmatic M&A strategy with a proven track record of doubling sales in acquired businesses within 24 months.
Recognized among Forbes 2024 America's Most Successful Small Companies.
Operational Performance and Financial Outlook
Pipeline expanded from $1B (2015-2020) to $5.5B (2021-2025), with 1H 2025 bookings at $502M (up 76% YoY), backlog at $688M, and book-to-bill ratio of 1.4x.
2025 guidance raised: orders expected at $900M-$950M, revenue outlook at $725–$775M (midpoint $750M, 35% growth), and adjusted EBITDA between $90M-$100M (up ~50%).
Revenue for 1H 2025 was $362M, up 37% YoY, and adjusted EBITDA margin expanded to 12.6% in Q2 2025.
Cash flow expected at 60% of adjusted EBITDA, with improved performance in Q2 and continued recovery projected for 2H 2025.
Largest order in company history at $75M in Q2, supporting a robust backlog.
Business Model, Revenue Mix, and Margin Profile
Revenue split between long-cycle (9-18 months, highly engineered) and short-cycle (3 months, higher margin, more standardized) projects.
Short-cycle projects deliver gross margins of 40-60%, while long-cycle projects average high 20s to 30s.
Margins improved from 8% in 2021 to about 12% currently, with double-digit EBITDA margins sustained since 2022 and 12.6% in Q2 2025.
Pricing is typically locked with both customers and fabricators, insulating from most supply chain cost pressures.
Resilient supply chain and proactive tariff mitigation strategies offset cost risks.
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