#1Welcome To AAON's 2023 Investor Day AAON®#2AAON IN CASE OF AN EMERGENCY SHELTER SHELTER INVESTORS DAY UNIVERSITY ROOM SHELTER WEST LOBBY AAON SHELTER 2#3AAON® FORWARD-LOOKING STATEMENTS AND OTHER REFERENCES Certain statements and information set forth in this presentation contains "forward-looking statements" and "forward-looking information" within the meaning of the Private Securities Litigation Reform Act of 1995. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements which include management's assessment of future plans and operations and are based on current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Forward-looking statements are provided to allow potential investors the opportunity of management's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. Some of the forward-looking statements may be identified by words such as "may", "plan", "foresee", "will", "should", "could", "anticipate," "believe," "expect," "intend," "potential," "continue," and similar expressions. While the Company's management believes that these forward-looking statements are reasonable as and when made, these statements are not guarantees of future performance and undue reliance should not be placed on them. The Company's forward- looking statements involve significant risks and uncertainties (some of which are beyond the Company's control) and assumptions that could cause actual future results to differ materially from the Company's historical experience and its present expectations or projections. For additional information regarding known material factors that could cause the Company's results to differ from its projected results, please see its filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. The reader is cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement after they are made, whether as a result of new information, future events, or otherwise, except as required by federal securities laws. This presentation includes references to calculations that are not based on generally accepted accounting principles ("GAAP"). Reconciliations of each of those non-GAAP measures to the most directly comparable GAAP measures have been included in the Appendix. 3#4AAON Agenda - 8:30am Introduction Joe Mondillo | Director of Investor Relations 8:35am-Company Overview and Strategy Gary Fields | President and CEO 9:05am AAON Oklahoma Segment Stephen Wakefield | COO 9:25am AAON Coil Products Segment - Doug Wichman | President, AAON Coil Products 9:40am – BASX Segment Matt Tobolski | President, BASX 9:55am Q&A 10:25am - Marketing and Branding Jeremy Cavness | Director of Marketing 10:40am - Sales Channel Strategy and Market Update Andrew Edmondson | Director of Sales 10:55am Capacity Expansion Plans Matt Tobolski | President, BASX - 11:10am Financials Rebecca Thompson | CFO 11:30am Q&A 10:10am Break - 4#5AAON® Experienced Executive Leadership Team Gary Fields President and Chief Executive Officer Stephen Wakefield Rebecca Thompson Chief Operating Officer Chief Financial Officer Doug Wichman President, AAON Coil Products Matt Tobolski President, BASX Rob Teis VP of Sales and Marketing Casey Kidwell VP of Administration 5#6AAON's Road To Success Gary Fields | President and CEO AAON® 6#7AAON® AAON at a Glance SALES BREAKOUT COMPANY OVERVIEW Description: AAON is a manufacturer of semi-custom and fully custom HVAC equipment for commercial and industrial buildings in North America Founded: 1988 Employees: ~3,785² Headquarters: Tulsa, OK Manufacturing: 4 facilities Manufacturing/Warehouse Square Footage: 2.2 million ■ U.S. 3% ■International 97% 5% 3% 2% 5% ■Rooftop units FINANCIAL OVERVIEW Market Cap: $5.1B ■Data center cooling solutions ■ Parts 7% ■ Air handlers ■Condensing units 6% ■ Water source heat pumps Sales: $972M | 3-Year CAGR¹: 25% ■Cleanroom systems ■ Other 6% 65% EBIT margin¹: 15.2% EPS¹: $2.18 | 3-Year CAGR¹: 20% Long-Term Debt²: $83.7M | Leverage Ratio4: 0.47 ROIC²: 18.0% Dividend Yield³: 0.5% ¹Based on trailing twelve months as of March 31, 2023. 2As of March 31, 2023. ³As of April 30, 2023. 4 As defined by our debt agreement and disclosed in our Form 10-Q for March 31, 2023. 12% 13% 75% ■ AAON Oklahoma ■ AAON Coil Products = BasX 7#8AAON Robust Historic Organic Sales Growth $1,000 $900 $800 $700 $600 (in millions) $500 €$400 $300 $200 6.0% CAGR $100 13.8% CAGR 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 10-Year CAGR 11.4% 8#9History 2012 Annual sales exceed $300M 1992 Acquires Coils Plus, Inc., which is today known 1998 Annual sales 1988 as AAON Coil Products exceed $100M AAON founded by Norm Asbjornson 1988 1990 AAON went public listed on the NASDAQ 1989 Introduced a new product line of rooftop HVAC units (2-140 tons) 2003 Introduced revolutionary foam- filled double-wall panels to rooftop product line 2016 Gary Fields named President of AAON 2020 Founder Norm Asbjornson steps down as CEO, succeeded by Gary Fields Annual sales exceed $500 million 2021 Consulting Specifying Engineer Magazine names AAON's RN Series Rooftop Unit with Variable Speed Compressors "Most Valuable Product" amongst all building equipment categories Consulting Specifying Engineer Magazine names AAON's RZ Rooftop Series "Product of the Year" amongst HVAC equipment category AAON introduces low ambient air-source heat pump rooftop units AAON acquires BASX Solutions 2018 AAON adds to its vertical integration by acquiring WattMaster Controls, Inc. 2019 Grand opening of the Norm Asbjornson Innovative Center, AAON's state-of-the-art R&D and testing facility 2022 AAON's Zero Degree Cold Climate Air- Source Heat Pumps win ACHR Dealer Design Award Annual sales exceed $880M 6#10AAON AAON's Foundation Is Based On Two Core Platforms Semi-Customization In 1988, the industry was divided between standard equipment and fully custom equipment • Fully custom was higher quality equipment, but cost multiples of the standard cost • AAON bridged the gap between standard and fully custom equipment To do this, required a semi-custom production line and a heavy amount of automation Innovation Thirty-five years ago, standard equipment made up a vast majority of the industry In many applications within commercial buildings, standard equipment is extremely inefficient In 1988, founder Norm Asbjornson recognized an untapped market associated with a demand for higher performing, higher efficient equipment Through innovation, AAON was established, carving out its own niche of the market. 10 10#11AAON Notable AAON Innovations In History 1989 Introduced a semi-custom line of rooftop units from two to 140 tons with a large amount of customized options 2002 Introduced modulating reheat dehumidification which helps control air temp while performing dehumidification 1997 Introduced backward curved fans in small commercial units bringing increased fan efficiency and higher static capabilities 2003 Introduced foam filled double wall construction panels to rooftop units, increasing energy efficiency and durability 2001 Introduced evaporative- cooled condensing for units with a de-super heater coil to reduce scaling and water consumption 2003 → Introduced digital compressor technology into rooftop units allowing full modulation from 10%-100% of compressor capacity 2015 • Introduced low leakage dampers into rooftop products 2021 + Introduced cold climate air- source heat pumps in rooftop units 11#12AAON® Today, AAON Wins With Premium Equipment For over 20 years, AAON has been known for producing premium HVAC equipment Premium equipment comes with a premium upfront price AAON equipment has a very attractive value proposition even when considering the premium upfront cost In many applications, AAON has the lowest total cost of ownership over the life span of the equipment Equipment life span 1.5x-2.0x the competition ●Superior energy efficiency Ease of maintenance $ 12#13AAON® Current Product Portfolio¹ 2008 5 TON 33 13#14AAON® Favorable Secular Market Trends CO₂ Decarbonization Electrification COMPLIANCE GUIDELINES PRACTISES RULES STANDARDS REGULATIONS POLICY Government Regulations Economics From Niche to MAINSTREAM. 14#15AAON® New Minimum Energy Efficiency Regulations In January, the Department of Energy increased minimum efficiency standards on all HVAC equipment The new regulation did not affect AAON. AAON equipment has met the new standards for years However, it was very disruptive to the industry, requiring most of our competitors to reengineer a significant amount of its equipment This led to a higher cost of manufacturing and more price increases relative to AAON 15#16AAON Pricing Strategy Leading To Margin Expansion Gross Margin 35% 30% 28.6% 29.3% 26.0% 25% 20% 15% 10% 5% 0% Q1'21 Q3'21 30.8% 29.0% 27.0% 25.2% 22.7% 19.5% Q1'22 Q3'22 Q1'23 Managing Pricing to Market Historically, AAON managed pricing exclusively to cost Recent regulations are allowing AAON to now manage its pricing more to market Since AAON's cost of manufacturing has not increased relative to the competition, profitability is set to rise As regulations have driven market pricing higher, AAON's price premium has narrowed materially Net outcome: AAON will gain market share with more competitive pricing while realizing greater profitability We will maintain a premium price to market to reflect AAON's premium product offering 16#17Further Regulations Will Limit Industry Innovation Beginning January 1, 2025, the Department of Energy is requiring new HVAC equipment to utilize lower global warming potential (GWP) refrigerants AAON will adopt R454B, which most of the industry intends to adopt. R454B has a GWP of 467, compared to existing R410A (GWP 2,088) This new regulation will consume most of the industry's developmental resources in 2023-2024 It will also increase the cost of manufacturing modestly as R454B is slightly flammable, requiring equipment to have sensors that monitor any leakage Leading up to and following January 2025, the effect to demand is uncertain. Likely, replacement demand will increase somewhat after as the cost of maintaining old equipment will rise 17#18AAON AAON Continues To Innovate COLD CLIMATE AIR-SOURCED HEAT PUMPS (ASHP) In Q4'21, AAON introduced the first-ever commercial ASHP that is operable down to zero-degree Fahrenheit Up until now, commercial ASHP's were operable only down to approximately 30 degrees This highly energy efficient technology is critical for decarbonizing and electrifying commercial buildings AAON currently offers its cold climate ASHP technology in a majority of its rooftop product line AUTION CAUTION 18#19AAON® AAON is a Premier ESG Company ● The biggest impact the commercial HVAC industry has on society from an ESG perspective is related to the equipment that is sold -> • Commercial buildings make up 16% of the total carbon emissions in the U.S. and approximately 40% of those emissions are related to building HVAC systems ● AAON manufactures the most energy efficient equipment in the industry While we view our products as being most impactful to our overall sustainability, we spend a lot of time on our facilities, employees and governance This has contributed tremendously to attracting new talent. AAON headcount is up 27% from a year ago CO2 19#20AAON Total Addressable Market Nonresidential HVAC Packaged Rooftop Market ~$6B Customized Market AAON $540M* The addressable market of AAON's core packaged rooftop product is approximately 11x the size of the company's rooftop sales Historically, AAON and the customized rooftop market has been a niche of the industry Customized market is positioned to take share as demand trends shift to meet energy efficiency and decarbonization requirements We estimate the total addressable market of AAON's entire product portfolio relative to AAON's total equipment sales is even larger *2022 rooftop unit revenue 20#21AAON Has Never Been More Aligned With Its Sales Channel... ...And Its Sales Channel Has Never Been More Capable. 21 24#22Fundamentals Are Strong... -> + -> Decarbonization Electrification Favorable Regulations Total Cost of Ownership Cold Climate Heat Pumps Narrowed Price Premium • Large Addressable Market Strengthening Sales Channel Increased Investment in Marketing Exposure to attractive sectors such as data centers and semiconductor manufacturing#23(in millions) AAON® ...Translating To Growth Backlog $600 $500 $400 $300 $200 $100 $0 2016 2017 2018 2019 2020 2021 2022 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Backlog as of March 31, 2023 is up 706% since the end of 2020. Organically, backlog is up 657% over this time. 23#24AAON Oklahoma Segment Stephen Wakefield | Chief Operating Officer AAON® 24#25AAON® AAON Oklahoma Overview Facts: -> Flagship manufacturing location Tulsa, Oklahoma 1.5M sq. ft. NAIC laboratory and Customer Exploration Center ¹Based on year ended December 31, 2022. Products: 个 -> All rooftop units ⚫RQ Series (2-6 tons) RN Series (6-140 tons) ⚫RZ Series (45-261 tons) Parts 75% of Sales¹ 73% of ON Gross Profit¹ 25#26AAON AAON Oklahoma Overview 30 acres The Original AAON 14 acres 26 46#27AAD 5 TCN RQ Series 2-6 tons AAON® RN Series C Cabinet 16-30 tons AADN A4DN 40 TON AAON E RN Series | D Cabinet 26-70 tons 27 27#28-> AAON® Innovation Is Foundational To AAON Mission and Vision: To provide premier HVAC solutions that bring long-term value to customers and owners By leading the HVAC industry in innovation, we create tomorrow's solutions today AAON has a mindset to innovate, to think laterally, to do things better that they have ever been done Invested in world class NAIC and R&D staff R&D consistently makes up over 3% of sales, well ahead of the industry average (in millions) R&D Expenses $50 $40 5.5% 5.0% 4.5% $20 4.0% $10 3.5% $0 3.0% 2018 2019 2020 2021 2022 R&D % of Sales 28#29AAON® AAON'S NAIC: World's Most Capable Laboratory Building Timeline 134,000 square feet 7.25 Megawatts Grand Opening 2018 Completely Operational 2019 (5/8 working weeks) Move to 7/12 work weeks in 2020 Staffing N 43 Test Technicians 30 Engineers Currently operating 7 days a week and 12 hours per day Norman Asbjornson Innovation Center 4 TOR 29#30AAON AAON'S NAIC: World's Most Capable Laboratory Sound Chambers Environmental Chamber Largest Reverberation Sound Chamber in the world Only Sound Chamber in the world capable of capturing all three sound measurements simultaneously (supply, return, and cabinet radiated) for HVAC equipment underload This chamber is also a 300 Ton Psychrometric Chamber for packaged equipment and a 540 Ton AHRI certified Psychrometric Chamber for chillers The outdoor room airflow is 480,000 CFM through the 12 air handlers, which means the air in the room is cycled 4.5 times every minute Unit under test airflow of up to 100,000 CFM of unit airflow at up to 10" static pressure The Environmental Chamber can rain up to 8" per hour /2" snow per hour Negative 20°F to 130°F 50 MPH winds 30 30#31AAON Top-Tier Engineering Is Key Leading capabilities Experience in creating highly customizable, cost-effective equipment with our standard offerings Flexibility to manage disruptions like supply chain issues Staying ahead of regulations Industry leading product performance that is very difficult to mimic 31#32AAON Automated Fabrication: AAON's Secret Sauce Mastered semi-customization, which is required to meet increased demand for better performing, more efficient HVAC systems Soft-tooling versus hard presses Fully automated fabrication process that is very difficult to mimic The challenges of mimicking AAON's secret sauce, the three gauntlets 32 32#33AAON Managing Through Post-Pandemic Issues AAON Oklahoma Segment Headcount People Since the end of Q1'21, the segment added over 750 employees, or 42% New V.P. of Administration (external hire) • Without disrupting efficiency, how? Not going to give away any secrets but... • Focus on what people need Add a tremendous amount of opportunity • Great people attract more great people 3,000 2,500 2,000 1,500 1,000 500 0 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 33 33#34AAON® Managing Through The Post-Pandemic Issues Materials and Components Supply-chain issues are still a constant challenge • Major issues are worked out with our rep council • Vendors treated like business partners, many have come to us for help • We've held our inventory during historic supply chain challenges ◆ Engineering resources helping navigate, including controls 34#35AAON® Managing Through The Post-Pandemic Issues Infrastructure and Capacity Increasing our useable space at all locations • Major campus expansion in the works, Tulsa • Major campus expansion in the works, Longview • Major campus expansion in the works, Kansas City • Campus expansion in the works, Redmond Improving our useable space at all locations • Eight new sheet-metal fabrication lines being added in Tulsa in 2023 New fan manufacturing shop added in Tulsa in 2023 Continuous improvement 35#36AAON Infrastructure Process Critical Transition In Leadership, Structure & Culture CEO Critical Transition Leadership Culture Started in 2018 Much of the heavy lifting is complete Much of the benefits have yet to be realized AAON has never been better managed and structured than it is today • Leadership Structure Culture Structure 36#37(in millions) AAON Oklahoma Financial Performance Sales $800 $700 17% CAGR $600 $500 $400 $300 $200 $100 $0 2019 2020 2021 2022 AAON (in millions) Gross Profit $200 18% CAGR $150 $100 $50 $0 2019 2020 2021 2022 37#38AAON Coil Products Segment Doug Wichman | President, AAON Coil Products AAON® 38#39AAON Facts: AAON Coil Products (ACP) Overview -> Acquired in 1991 Longview, Texas -> • 0.5M sq. ft. • Manufactures most of AAON's coil components ¹Based on year ended December 31, 2022. 12% of Sales¹ Products: -> -> Condensers Air Handlers Self-Contained Units Coil Components 14% of Gross Profit¹ 39#40Where ACP Has Been And Where It Is Going -> 1991 Purchased coil making assets from Coils Plus 1992 Moved into original facility in Longview, TX - 1999 - Significant addition added to the facility for initiation of unit builds in Longview, TX 2019 Ground breaking on new facility, doubling the manufacturing space 2021 CO granted and unit production began Units are currently produced in both facilities • Coils are produced in original facility 2023 5th largest employer in the area - 2023 - Begun producing BASX products 40 40#41Longview, Texas 41#42AAON® ACP Products Are Complimentary Feature String Driven Production Unit Production Commercial Split Systems (up to 70 Tons) Self Contained Units (up to 70 tons) - ⚫ Capitalize location and capacity for collaborative projects Coil shop • Internal demand driven Automation where feasible AADN C AAD B AAON AADN 42 42#43New Leadership, Investments & Culture Change -> Capital Investment spurs inclusion Expansion efforts primed seamless collaboration between locations Cross location dynamics accelerate growth and achievements • Capitalize on unique resources and knowledge in different locations One AAON Culture evident with team member relocations and broader visions AAON® AADN HyFlex UMD 43 33#44AAON® ACP Establishing BASX Production Lines Collaboration efforts underway BASX sales and engineering with Longview capacity ● Multi-million $ initial sales order ● Geographical win ⚫ Best practice build standards, design, and process Partnering to meet consumer needs G AAON® BASX 44#45AAON® ACP Financial Performance The Future is bright, the time is now. -> Current footprint running at ~60% utilization -> Capital investments for further expansion are underway • 40% increase in square footage Centralize unit production • Allow growth for coil manufacturing • Capitalize future collaborative opportunities. ACP Revenue $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 Units Intercompany 10 Q1 Q2 Q3 Q4 Q1 2022 2023 45#46BASX Segment Matt Tobolski | President, BASX AAON® 46 46#47BASX Redmond, OR STOP#48-> BASX bas.ics A manufacturer of custom air handling products and environmental control solutions • A solutions provider with a focus on innovation, vertical integration and delivering energy efficient products • A customer service driven organization delivering long-term value to data center, cleanroom and commercial/industrial owners BASX SOLUTIONS 88 48#49AAON® BASX has built a team and new facilities to support continued growth -> -> Redmond, OR 13% of total sales Approx. 260,000 sf 500+ team members Recent purpose-built facility Automation drives custom manufacturing efficiently 49 49#50BASX is a trusted provider of innovative solutions with a proven track record of delivery Innovation Innovation is in the DNA of the BASX team with a proven track record of industry leading product development Relationships Experienced team with strong relationships in the data center & cleanroom markets that cannot be easily replicated Vertical Integration Strong focus on vertical integration including the manufacturing of fan systems unique in the industry At Scale Expanded manufacturing footprint with the use of AAON capacity to accelerate market share gains and drive lead times 50 50#51AAON® DATA CENTER MARKET continues exceptional expansion with solid visibility for sustained market investment -> -> -> 10%+ CAGR expected through 2030 Consistent market share gains by BASX year-to-year Supply chain risk reduced with in-house fan manufacturing Long-term contracts provide visibility and stability Capacity to support continued growth with AAON plants 51 54#52AAON® BASX has a comprehensive data center product offering, focused on energy efficiency and long-term value Solutions are deployed at scale for enterprise, colocation and edge data centers Fan Coil Wall Indirect Free Cooling AHU Direct Evaporative Cooler Large Capacity CRAH Free Cooling Chiller Packaged Rooftop Unit Modular Data Chilled Water Overhead Fan Coil Center AHU Unit 52 52#53BASX is well positioned to capitalize on the cleanroom market's strong growth Exceptional U.S. Investment Heavy focus on the onshore manufacturing of semiconductor products is resulting in accelerating investment in building new facilities in the US Strong Industry Relationships BASX team has decades of experience supporting the cleanroom market and has strong relationships in the industry that are difficult to replicate Limited Competition Manufacturing HVAC for cleanroom environments is supported by a limited number of companies and has unique construction standards limiting entry for many Innovation to Delivery at Scale BASX team has a history of developing innovative solutions to reduce lead times, simplify install and manufacture solutions at scale supporting markets needs 53#54AAON® BASX has a broad product offering to condition, filter and deliver air to clean environments Plenum and Grid SENTRY Modular Cleanrooms Air Handling Units 13/2018 09:23 Integrated ORS 54 54#55AAON® BASX Positive bottom-line results have materialized through post-acquisition synergies Revenue Synergies • Leveraged AAON's scale to grow orders with existing customers -> Cross-selling of products to increase order volume on individual projects Increased manufacturing capacity by using in-place capacity across fleet Boosted sales by leveraging certain elements of AAON sales channel Cost Synergies Extensive collaboration between sites enhancing manufacturing efficiency Consolidation of vendors to leverage scale and drive down material costs Utilization of in-place capacity improving overhead leverage Leveraging human capital across the organization 55#56Demand for BASX product and manufacturing capacity continues to increase, supporting strong growth trends 团 B TMMM 47% 5-Year 143% YoY CAGR Backlog 55% YoY Team Growth Growth ا CAPEX to Support Growth 56 56#57Marketing Strategy Jeremy Cavness | Director of Marketing AAON® 57 555#58AAON History of Marketing at AAON -> - -> Marketing decisions often made by the founder Marketing often viewed as a cost center / ROI hard to measure Bandwidth was extremely limited: • Overwhelming prioritization of product documentation, technical writing, and engineering content Primary focus has been on features, not customer benefits • The true discipline of marketing has never been a priority 58#591988 AAON History of Marketing at AAON No Marketing Strategy 2021 $535M 59#60Evolving Consumer Behavior -> People are busy Multiple channels = harder to reach Inundated with messaging • Low to zero tolerance for advertising Brands competing for a small percentage of available mindshare Customers are doing research Learning. Connecting. Experiencing. Brands need to be less concerned with finding customers and better at being found Relational, not transactional A new emphasis on relational connection with brands. Customers want to believe in the brands they buy from 60 60#61Reps have been largely responsible for marketing AAON's products with limited support from corporate AAON® 61#62AAON® When Reps Do Marketing Alone -> -> The AAON narrative can become construed, diluted, incomplete, or is missing altogether Every rep is selling a different version of AAON Marketing assets are often underdeveloped, inconsistent, and disparate from one another • Opportunities are missed Sales are missed GROWTH FOR EVERYONE IS LIMITED 62 62#63Things are changing AAON 63 63#64The objective of a marketing program is not only to build a brand, but to dominate a category AAON® 64 49#65AAON The Big Strategy -> -> -> Strong Foundation Humanize the AAON Brand Own the Narrative - Tell the AAON Story Create Deeper Relationships with Reps NOTE PAD W 68 89#66Strong Foundation AAON® 99 66#67NEW IDEAS DRIVE RESULTS PROJECTS TACTICS PROCESSES 09090 CREATIVE GTM CREATE VALUE TIMELINES STRONG FOUNDATION PEOPLE CULTURE TOOLS 67 62#68AAON Human Capital & Strong Partners -> → Add more talent to the mix Right people in the right seats - Be intentional Strong agency partnerships: 2 လ Ikuno CREATIVE retre spec FILM S 68 80#69AAON -> -> Better Tools Enterprise Tech Stack • Websites -> • CRM • Automation → Project Management -> DAM Digital Advertising Dropbox Basecamp HubSpot Dynamics 365 69 69#70Humanize AAON® 70#71ADN ACADEMY TALA RTU ARNA DISCONNECT TO 20 SO RECORD BREAKING MONTH RAD 71#72RNING OF MANUM FACT MPACT lvagnini P2lear 125 HyFlex® Flex AAON GLOB 72#73Own the Narrative AAON® 73 13#74AAON® Own the Narrative Clarify our basis to compete: • Long-term value • Premier Ownership Experience Form a messaging strategy "We cannot offer real value until our customers understand the value that we offer." Dominate the airwaves: Focused channel strategies • Increased spend Iterate, Iterate, Iterate 74#75Create deeper engagements with our reps and customers AAON® 75 75#76AAON® Customer Engagement Training Programs Webinars Customer Visits AAON Experience 76#77Roman Artem AAON® The AAON Experience AAON EXPERIENC NAIC Exploration Center Mobile Experience AAON 77#78AAON Exploration Center Building → Net Zero -> → -> -> → 28,000 sq. ft. 10,000+ sq. ft. of Exhibits and AAON Products 2 Premium Conference Rooms 6 Interactive Engineering Exhibits Over nine miles of geothermal well system piping for 49 well, each that are 500' in depth One of the largest solar farms installations in Oklahoma High efficiency building envelope 9:49 78#79THE TIME IS NOW AAON Ⓡ 79#80Sales Channel Strategy & Market Update Andrew Edmondson | Director of Sales AAON® 80#81AAON® Go-to-Market Strategies in the Industry Factory Direct Multi-Channel Description • Salespeople are employees of manufacturer • Large management and operations structures required for support across the numerous locations Hybrid Direct & Reps • Direct salespeople in some markets, rep firms in other markets Reps are managed by the manufacturer like direct employees ⚫ Direct salespeople in some/all markets with factory brand Reps are additional channels to market with unique brands • Multiple management structures to support the various brands • • Independent Rep Network Reps are exclusive in each market Line cards offering complete HVAC system position rep strongly vs competitors Manufacturer's SG&A & OH $$$$ Field Sales Considerations • Manufacturer has control of the channel • ⚫ Moderate salesperson incentives ⚫Churn in local leadership can typically be a challenge Hierarchical $$ $$$$ $ • • Optimal approach determined market-specific Multi-territory coordination considerations Connections between Rep and manufacturer are dependent on branch leaders Complex • Conflicts between channels are likely and risk isolating & demotivating channels Determine if business results are net positive to single channel • • Entrepreneurial mindset • Strong equipment knowledge • Leadership has ownership • Lucrative seller incentives High retention Entrepreneurial & Nimble 81#82Sales ($M) AAON® $1,000 $750 $500 $250 $0 Strengthening our Rep Network 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Gary Fields Consultant Gary Fields President Rob Teis Dir of Sales Gary Fields CEO Rob Teis VP Sales & Marketing Andrew Edmondson Director of Sales AAON is Scaling Leadership to Build Stronger Foundational Elements within our Reps Business Plans Succession Planning Line Card Alignment to AAON Partnership Oriented with AAON Collaboration with Other Reps Talent Management & Training Applied Equipment Specialists Factory Customer Visits Owner Coverage Service Capabilities Aftermarket Parts Performance Results RSM Role Empowerment 82 62#83AAON® Engaging & Supporting our Reps Rep Council & Task Forces Masters of Training AAON HVAC Technical Academy AAON Product Market Manager Market/Reps/Customers 一颗 Engineers/R&D Customer Visits 83#84AAON® Smaller Price Premium Makes For An Easier Sell Generally, a sales channel can be divided into a pyramid of capabilities: Superior, Good and Opportunity For Improvement At AAON's historical 15%-20% price premium, it required superior salespeople to successfully sell Now, with a price premium in the single-digits, a larger percentage of the sales channel can successfully sell the value proposition that AAON equipment offers, for two reasons: Seller's experience levels vary Customer appetite for premium upfront cost varies Superior Good Opportunity 84#85AAON Current Market Environment Remains Positive Positive Sentiment Amongst Sales Channel Resilient Macroeconomic Indicators Economy Environment 85#86AAON® Current Nonresidential Construction Market Nonresidential Construction Spending - AAON Sectors 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 610,000 560,000 510,000 460,000 410,000 Construction Spending -Y/Y Growth *Includes only sectors that related to a majority of AAON's sales, including lodging, office, commercial, healthcare, education and manufacturing. Source: www.census.org Dec-22 Mar-23 360,000 (in $ millions) 86#87$600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 50 (in $ millions, annualized seasonally adjusted) Nonresidential Construction Starts Indicators Nonresidential Construction Planning Indicators $700,000 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 -40.0% -60.0% Source: www.aia.org, www.constructconnect.com, www.construction.com Jan-21 Mar-21 -Y/Y change 160% 140% 80.0% 120% 60.0% 100% 80% 40.0% 60% 40% 20.0% 20% 0.0% 0% -20% -20,0%-20 -40% -60% Dodge Nonresidential Construction Starts INonresidential Construction Starts Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Architectural Billings Index 225 200 65 60 55 53.4 50 M 45 58.5 ستشر 58.0 175 50.4 150 125 100 40 35 30 29.5 25 20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 75 50 25 0 Mar-18 Sep-18 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-2 May-22 Jul-22 Sep-22 ConstructConnect Nonresidential Construction Starts - 3-Month Rolling Average Y/Y Change Mar-19 AAON® Nonresidential Construction Leading Indicators Sep-21 Mar-22 Sep-22 Mar-23 Nov-22 Dodge Momentum Index 50% Index Y/Y Growth 40% 30% 20% 10% 0% -10% -20% -30% Jan-23 Mar-23 87 88#88AAON AAON Taking Market Share 30,000 AAON Units Shipped¹ Industry Units 5+ Tons Shipped² 320,000 25,000 11% CAGR -3% 300,000 CAGR 20,000 280,000 15,000 10,000 5,000 260,000 240,000 220,000 2019 2020 2021 2022 2019 2020 2021 2022 1 1 AAON units shipped excludes BASX units and discontinued water-source heat pump WH and WV units. 2 Industry units are derived from www.AHRInet.org. 88#89Investing in Sustainable Growth Matt Tobolski | President, BASX AAON® 89#90AAON® Demand fueling the need for strategic infrastructure investment with focus on driving shareholder returns SALES $266.0M Organic growth +45.5% Y/Y • Volume growth 23.5% Y/Y BACKLOG $599.9M +30.0% Y/Y • +9.5% Q/Q GROSS PROFIT MARGIN 29.0% +380 bps Y/Y •-180 bps Q/Q CAPEX BUDGET $135.0M +149.9% Y/Y Increase 06 90#91AAON® Headroom within existing infrastructure footprint Fleetwide excess capacity is between 30-40% AAON Oklahoma has greatest headroom BASX has the lowest headroom 91#92AMON Comprehensive approach to capacity planning has been in place for years Grow Our #1 Asset The team at AAON is our best asset and we are focused on providing the best employee experience and ensuring our team is well trained and efficient Existing Space Space Force has been a driver in reimagining the utilization of manufacturing space at AAON, which has increased operating leverage Drive Efficiency Logistics Team has been driving manufacturing efficiencies by eliminating process waste throughout the organization helping to drive revenue growth Build Smartly Operations Team has a continuous review of growth and capacity and has and will continue to deploy capital to increase organizational footprint 92 92#93AAON Oklahoma Tulsa, Oklahoma Broad-based investment with immediate impact on staffing and capacity along with foundation for long-term investment -> Acquisition of adjacent properties to increase office space, enhance employee experience, add parking capacity Build out of coil manufacturing capacity Addition of new machinery Design of future new facility to expedite breaking ground when justified #6 P4M 534 3065 AAON #5 salvagnint 93#94AAON Coil Products Longview, TX Doubling down on previous build, providing substantial headroom and efficiency gains Building out second half of the building that was constructed a few years back Shifting of unit production into new building allowing for additional coil manufacturing capacity Additional room for new production lines supporting collaborative opportunities 94 -#95BASX Solutions Redmond, Oregon Maximizing utilization of recent expansion by increasing capacity in constraining areas -> Constructing purpose-built weld shop to increase capacity and scale of units Installing additional fabrication equipment to increase capacity and redundancy on site Increasing development efforts on software automation for custom AHUS 95#96AAON AAON Controls Kansas City, Missouri Improving production process through purpose- built new manufacturing facility, automation and vertical integration • Constructing new manufacturing facility with improved production efficiency Investing in manufacturing automation and vertically integrating more processes Increasing R&D space and offices to promote increased team size and drive further innovation 96#97AAON® Strategic deployment of capital with a focus on delivering long-term shareholder returns で Optimize Facilities Geographic Diversification Expand Product Offering Vertical Integration Process Automation Market Diversification Enhance Sales Product Rep Experience Innovation 97 46#98Financial Overview Rebecca Thompson | Chief Financial Officer and Treasurer AAON® 98#99AAON® Historical Financial Performance Gross Margin 30.5% 30.3% 25.4% 25.8% 26.7% 23.9% 2017 2018 2019 2020 2021 2022 Net Sales ($M) and % Increase $888.8 $405.2 $434.0 $469.3 $514.6 $534.5 5.5% 7.1% 8.2% 9.6% 3.9% 66.3% 2017 2018 2019 2020 2021 2022 Three Distinguishable Periods Since 2017 2017 Pre-Leadership Transition - 30%+ gross margin Slow organic growth 2018-2020 Transition Improving from sub-par gross margin back to 30%+ Acceleration in sales Robust acceleration in bookings Large capex investments for capacity expansion 2021-2022 Pandemic and Post-Pandemic - Hyperinflation pressuring gross margin Acquisition of BASX Strategic changes in leadership 99 99#100AAON Where Are We Now Net Sales ($M) Gross Margin Diluted EPS $1,100 29.5% $3.00 29.0% $1,050 $2.50 28.5% $1,000 $2.00 28.0% $950 27.5% $1.50 27.0% $900 $1.00 26.5% $850 $0.50 26.0% $800 25.5% $0.00 2022 Q1'23 Q1'23 2022 Q1'23 Q1'23 2022 Q1'23 Q1'23 (TTM) (annualized) (TTM) (TTM) (annualized) 100#1012023 Strategic Objectives Proactively Drive Results Improve our margin management process for business decision making • Use of product management to evaluate product line results and move towards market pricing Culture One AAON Reorganization Integration of BASX Ability to hire Systems ● Improving our technology for real time financial performance Revamping our business processes Talent Developing leaders RECORD BREAKING MONTH AGN 101#102AAON® 2023 Outlook And Long-Term Targets Managing Price To Market Price will contribute low-double digits to sales growth Solid Volume Growth 23.5% in Q1 • Strong backlog entering Q2 Higher headcount and improving productivity Continued Gross Margin Improvement • Gross margin improvement throughout 2023 Improved profitability within backlog ● Improving productivity -> Higher SG&A Long-Term Targets Annual Organic Sales Growth: >10.0% Gross Margin: 30.0%+ Limited leverage Investments in back-office infrastructure Strong Bookings Bookings outpaced production through Q1 102#103AAON® Historical Use Of Cash Flow & Debt (in $ millions) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Operating Cash Flow $54.4 $53.5 $55.4 $63.9 $58.0 $54.9 $97.9 $128.8 $61.2 $61.3 Capital Expenditures $9.0 $16.1 $21.0 $26.6 $41.7 $37.3 $37.2 $67.8 $55.4 $54.0 Dividends Paid $7.4 $9.7 $11.9 $12.7 $13.7 $16.7 $16.6 $19.8 $19.9 $22.9 Share Repurchases $8.2 $29.3 $37.1 $20.1 $18.2 $27.9 $20.8 $31.2 $22.5 $13.8 Acquisitions $0.0 $0.0 $0.0 $0.0 $0.0 $6.4 $0.0 $0.0 $103.4 $22.2 Total Capital Deployed $24.6 $55.1 $70.0 $59.4 $73.6 $88.3 $74.6 $118.8 $201.2 $112.9 % of Operating Cash Flow 45.2% 103.0% 126.4% 93.0% 126.9% 160.8% 76.2% 92.2% 328.8% 184.2% Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $40.0 $71.0 Leverage Ratio 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.4x 0.5x *Reflects adoption of ASU 2016-09 103#104WARNING RNINGA vagnini P2lear HyFlex Flex AAGA Current Capital Allocation Invest in Organic Growth . • Production capacity • Working capital Mergers & Acquisitions (M&A) Evolving M&A strategy, but do not expect AAON to become an aggressive acquirer Debt Anticipate full pay down of debt over next 12 months Dividends Regular quarterly dividend, consistently increasing over time Share Buybacks . Our lowest priority, but we have a $50.0M authorization that we would use selectively GLOBAL • 104#105AAON® 35% 30% 25% 20% 15% 10% 5% Compelling Returns On Invested Capital 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q1'23 ROIC -10-year average ROIC 1 See Appendix for non-GAAP Reconciliation 105#106Stockholder Returns $0.13 $0.18 Annual Dividend $0.43 $0.38 $0.38 $0.32 $0.32 $0.26 $0.24 $0.22 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Dividends have increased 231% in the last 10 years We increased the annual dividend per share from $0.38 to $0.48 in November 2022 Starting in 2023, we now pay our dividend quarterly → Dividend yield is 0.5% at March 31, 2023 Dividend payout ratio was 22.8% for 2022 106#107This is how we seize the opportunity Results Proactively manage business to drive increased profitability Culture Cultivating "One AAON" culture including BASX Systems Modernize business through focus on digital transformation Talent Strengthen the breadth and depth of our team 107#108AAON® Appendix Return On Invested Capital ($ in 000s) Net Income Annualized Q1 2023 2022 147,256 100,376 2019 2016 2015 2014 2013 2021 2020 2018 2017 58,758 79,009 53,711 42,329 53,830 53,376 45,728 44,158 37,547 Total Assets Less: Current Liabilities Less: Cash 867,914 813,903 650,180 449,008 371,424 307,994 296,780 256,530 232,854 226,974 215,444 (137,871) (145,567) (86,768) (59,033) (56,028) (47,491) (50,065) (39,042) (43,413) (42,713) (36,329) (2,515) (5,451) (2,859) (79,025) (26,797) (1,994) (21,457) (24,153) (7,908) (21,952) (12,085) (465) (498) (628) (3,263) (17,576) (8,957) (19,595) (22,524) (18,070) (24,150) 662,387 559,925 307,687 271,023 258,509 216,301 173,740 159,009 144,239 142,880 Less: Restricted Cash Less: Short-term Investments Invested Capital 727,063 ROIC 20.3% 15.2% 10.5% 25.7% 19.8% 16.4% 24.9% 30.7% 28.8% 30.6% 26.3%