AAON (AAON) Investor presentation summary

Company overview and strategy

• Focuses on innovation, customization, and automation in the HVAC industry, serving commercial, industrial, and data center markets with two differentiated brands.

• Operates 4.1 million sq ft of manufacturing, with significant investments in digital infrastructure and physical capacity since 2024.

• Strategic pillars include superior engineering, organizational optimization, capitalizing on data center growth, and best-in-class operations.

• Emphasizes value creation through mission-critical solutions and industry-leading innovation.

Brand performance and market positioning

• AAON brand delivers semi-custom, highly configurable HVAC solutions, holding a 7% share of the $11B nonresidential HVAC market and 10% of the rooftop segment.

• BASX specializes in fully custom solutions for data centers and cleanrooms, with a $1.43B backlog and rapid revenue growth.

• Both brands contribute nearly equally to sales, with BASX at 51% and AAON at 49% as of mid-2026.

• AAON's Alpha Class heat pumps drive electrification and decarbonization, representing 24% of rooftop sales.

Innovation, competitive advantage, and go-to-market

• Proprietary, highly automated manufacturing processes enable deep customization and high efficiency.

• AAON leverages a solutions-based independent sales channel, while BASX uses a collaborative, project-driven approach.

• Both brands invest heavily in R&D, with dedicated labs and a focus on productizing for scale and diversification.

• Marketing and account management investments have significantly increased brand recognition and market share.