#1✓ WOODWARD ALWAYS INNOVATING FOR A BETTER FUTURE Investor Presentation#2FOR YOUR INFORMATION CAUTIONARY STATEMENT INVESTOR PRESENTATION 2022 2 Information in this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including, but not limited to, statements regarding our business and financial outlook for fiscal 2022 and our ability to deliver on such outlook, including trends in our business, statements about the continued and expected or potential effects of the COVID-19 pandemic on our business and the management of our business, including supply chain constraints and labor shortages, the continued and expected recovery in our markets after two years of COVID-19 pandemic impacts, the growth trajectory of our markets, anticipated future aircraft build rates, anticipated future ship build rates, our projected return to 2019 sales levels by the end of 2023, our ability to leverage anticipated sales growth into additional earnings growth, our future ability to generate strong cash flow, the return of our annual variable incentive compensation program, the potential future impacts of inflationary pressure, our expectation and ability to maintain capital expenditures at a maintenance level, our ability to achieve certain financial targets (including high single digit sales growth, earnings per share growth, targeted levels of free cash flow conversion and targeted segment margins), expectations related to the performance of our segments and specific markets within those segments, our ability to leverage our large installed based into aftermarket growth, our expectation that our aftermarket growth rates will exceed the overall growth rate of the aftermarket, the anticipated acceleration of overall aftermarket growth in the second half of this decade, our expectations regarding the recovery of maintenance, repair and overhaul services in our markets, the restart of initial provisioning sales in our aerospace segment, our expectations regarding future budget levels at the U.S. Department of Defense, and the expected growth of Woodward components in the field; our future sales and the anticipated future sales growth, earnings, earnings per share and adjusted earnings per share, segment earnings as a percent of segment net sales, cash flows, free cash flows and adjusted free cash flows, and the amount and timing of any potential repurchase of shares under the company's authorized two-year $800 million stock repurchase program and our commitment to returning capital to stockholders via repurchases and cash dividends. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict. Factors that could cause actual results and the timing of certain events to differ materially from the forward-looking statements include, but are not limited to, the COVID-19 pandemic and related significant volatility in financial, product, service, commodities (including oil and gas) and other markets and industries (including the aviation industry); a decline in our customers' business, or our business with, or financial distress of, Woodward's significant customers; global economic uncertainty and instability in the financial markets, including inflationary pressures; Woodward's ability to manage product liability claims, product recalls or other liabilities associated with the products and services that Woodward provides; Woodward's long sales cycle, customer evaluation process, and implementation period of some of its products and services; Woodward's ability to implement and realize the intended effects of any restructuring efforts; Woodward's ability to successfully manage competitive factors, including prices, competitor product development, industry consolidation, and commodity and other input cost increases; Woodward's ability to manage expenses and product mix while responding to sales increases or decreases; the ability of Woodward's suppliers to perform contractual obligations and to provide Woodward with materials of sufficient quality or quantity required to meet Woodward's production needs at favorable prices or at all; Woodward's ability to monitor its technological expertise and the success of, and/or costs associated with, its product development activities; consolidation in the aerospace market and our participation in a strategic joint venture with General Electric Company may make it more difficult to secure long-term sales in certain aerospace markets; Woodward's debt obligations, debt service requirements, and ability to operate its business, pursue its business strategies and incur additional debt in light of covenants contained in its outstanding debt agreements; Woodward's ability to manage additional tax expense and exposures; risks related to Woodward's U.S. Government contracting activities, including liabilities resulting from legal and regulatory proceedings, inquiries, or investigations related to such activities; the potential of a significant reduction in defense sales due to decreases, delays or changes in the amount of U.S. Federal defense spending or other specific budget cuts impacting defense programs in which Woodward participates; changes in government spending patterns, priorities, subsidy programs and/or regulatory requirements; future impairment charges resulting from changes in the estimates of fair value of reporting units or of long-lived assets; environmental liabilities related to manufacturing activities and/or real estate acquisitions; Woodward's continued access to a stable workforce and favorable labor Day with its employees; physical and other risks related to Woodward's operations and suppliers, including natural disasters and COVID-19 related impacts, which could disrupt production; Woodward's ability to successfully manage regulatory, tax, and legal matters; impacts of tariff regulations; risks from operating internationally, including the impact on reported earnings from fluctuations in foreign currency exchange rates, and compliance with and changes in the legal and regulatory environments of the United States and the countries in which Woodward operates; industry risks, including increases in natural gas prices, unforeseen events that may reduce commercial aviation, such as diseases, epidemics, pandemics and natural disasters, and increasing emissions standards; any adverse effects on Woodward's operations due to cybersecurity breaches or other information technology system interruptions or intrusions; and other risk factors described in Woodward's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended September 30, 2021, as well as its Quarterly Report on Form 10-Q for the first quarter ended March 31, 2022, and other risks described in Woodward's filings with the Securities and Exchange Commission. O WOODWARD, INC. | PROPRIETARY WOODWARD#3WOODWARD OVERVIEW FINANCIALS 01 OPERATIONAL EXCELLENCE APPENDIX AEROSPACE SEGMENT OVERVIEW 02 03 05 06 INVESTOR PRESENTATION 2022 INDUSTRIAL SEGMENT OVERVIEW 04 3 O WOODWARD, INC. | PROPRIETARY WOODWARD#4INVESTOR PRESENTATION 2022 WOODWARD OVERVIEW 01 4#5WOODWARD OVERVIEW WOODWARD AT A GLANCE $ OOO וי וי די ZUV >7,300 EMPLOYEES $2.25 BILLION FY21 SALES 11.77 YEARS AVERAGE EMPLOYEE TENURE MARKET SEGMENTS AEROSPACE SALES $1.4 BILLION INDUSTRIAL SALES $842 MILLION INVESTOR PRESENTATION 2022 5 BUSINESS SEGMENTS AEROSPACE PARTNERING WITH INDUSTRY LEADERSS WE DESIGN AND MANUFACTURE CONTROL SYSTEM SOLUTIONS AND COMPONENTS COMMERCIAL DEFENSE BOEING RAYTHEON GE AIRBUS SAFRAN FOR THE AEROSPACE AND INDUSTRIAL MARKETS BGA BUSINESS SEGMENTS MTU WEICHAI GE WÄRTSILÄ CATERPILLAR CUMMINS INDUSTRIAL 152 YEARS OF INNOVATION (FOUNDED 1870) WORLDWIDE 29 LOCATIONS 13 COUNTRIES POWER GENERATION TRANSPORTATION NUMBER OF PATENTS 850 In Force 350 U.S. 500 non-U.S. OIL & GAS ALL INFORMATION ON THIS PAGE IS FROM FISCAL YEAR 2021 UNLESS STATED OTHERWISE. INNOVATIVE FLOW, COMBUSTION, ELECTRICAL, AND MOTION CONTROL SYSTEMS W HELP OUR CUSTOMERS OFFER CLEANER, MORE RELIABLE, AND MORE EFFICIENT EQUIPMENT OUR CUSTOMERS ARE LEADING ORIGINAL EQUIPMENT MANUFACTURERS AND END USERS OF THEIR PRODUCTS ALWAYS INNOVATING FOR A BETTER FUTURE O WOODWARD, INC. | PROPRIETARY WOODWARD#6WOODWARD OVERVIEW FY21 WAS THE BOTTOM OF THE COVID-19 TROUGH W MARKETS BEGAN RECOVERING IN SECOND HALF OF FY21 |||||| 18.4% FY21 ADJUSTED EBITDA¹ MARGIN $7.4B MARKET CAPITALIZATION AS OF SEPT 30, 2021 OOO INVESTOR PRESENTATION 2022 6 FY21 SEGMENT MARGINS 16.7% AEROSPACE MARGIN 12.9% INDUSTRIAL MARGIN $427M FCF¹ GENERATED IN FY21 $1.4B OF LIQUIDITY 1.7 TIMES LEVERAGE, UNDER 1.0 NET LEVERAGE $ O WOODWARD, INC. | PROPRIETARY WOODWARD SOLID PERFORMANCE THROUGH THE PANDEMIC#7WOODWARD OVERVIEW ENERGY CONVERSION AND CONTROL INVESTOR PRESENTATION 2022 | 7 OUR VISION Woodward is the global leader in Energy Conversion and Control Solutions for the Aerospace and Industrial equipment markets. Together with our customers, we are enabling the path to a cleaner, decarbonized world. Our innovative members drive our success, delivering excellence in customer satisfaction while providing superior shareholder returns. OUR FOCUS Our Focus is to be the global leader in Energy Conversion and Control Solutions - for all forms of energy - to enhance living standards and global quality of life. This includes energy from a variety of fuels including fossil, sustainable, and renewable. It also includes energy from the sun, wind, and water - all of which can be converted into electrical power, motion, fluid power, and propulsion. lin W O WOODWARD, INC. | PROPRIETARY WOODWARD#8WOODWARD OVERVIEW THE WOODWARD VALUE PROPOSITION INVESTOR PRESENTATION 2022 | 8 AEROSPACE GROWTH ■ Strong commercial and defense OEM platforms ■ Significant content on narrowbody and widebody platforms ■ Growing aftermarket entitlement ACCELERATING TRUE NORTH ■ Targeting world class operating performance ■ Expanding net operating margins ATTRACTIVE INDUSTRIAL MARKETS ■ Market share gains driven by fuel efficiency and emissions ■ Increasing content on existing and new platforms STRONG FREE CASH FLOW GENERATION ■ Preserving and managing cash flow ■ Working capital management ■ Maintenance levels of capital expenditures lin HIGH IMPACT R&D INVESTMENT ■ World class technology - leveraged across company ■Consistently investing 5-6% of sales DRIVING VALUE TO SHAREHOLDERS THROUGH CAPITAL ALLOCATION ■ Double digit dividend growth ■ $800M share repurchase authorization ■ Pursuit of opportunistic M&A to accelerate growth O WOODWARD, INC. | PROPRIETARY WOODWARD#9WOODWARD OVERVIEW COMPELLING STRATEGY LEADER IN ATTRACTIVE NICHE MARKETS BROAD PROPRIETARY SYSTEMS SOLUTIONS INDISPENSABLE TO OUR CUSTOMERS LEVERAGING LARGE INSTALLED BASE INTO AFTERMARKET GROWTH ENABLING THE ENERGY TRANSITION TO LOW CARBON SOLUTIONS DISCIPLINED CAPITAL DEPLOYMENT INVESTOR PRESENTATION 2022 9 O WOODWARD, INC. | PROPRIETARY WWOODWARD#10Fleet (units) WOODWARD OVERVIEW ATTRACTIVE NICHE MARKETS INVESTOR PRESENTATION 2022 10 Global primary energy consumption by POSITIVE LONG-TERM GROWTH Single aisle share of fleet rising energy source (2018-2050); quadrillion British thermal units 49,405 50,000 AEROSPACE 1,000 renewables 7% 18% 40,000 35,420 Substantial fleet growth and renewal Narrowbody growing share of total fleet 900 petroleum and other liquids 800 natural gas 28% 8% coal 700 30,000 18% nuclear 25,900 8% 600 15% 20,000 18% 70% 27% INDUSTRIAL 500 10,000 68% 64% Energy demand increasing 400 32% Natural gas and renewables growing 300 22% 10% 6% 5% 22% Alternative fuels 200 2019 2030 2040 Regional Jet Single-Aisle Widebody Freighter 100 26% 20% 5% 4% Boeing CMO 2021 report U.S. Energy Information Administration, 0 International Energy Outlook 2019 2018 2050 O WOODWARD, INC. | PROPRIETARY WOODWARD#11WOODWARD OVERVIEW POSITIVE GROWTH DRIVERS H GLOBAL INFRASTRUCTURE Transportation of goods and people Power generation demand Energy extraction and distribution EMISSIONS REDUCTIONS Tightening global regulations Significant efficiency improvements ENERGY TRANSITION Shift to cleaner fuels Expanding infrastructure Multi fuel systems New technology/applications INVESTOR PRESENTATION 2022 11 N G O WOODWARD, INC. | PROPRIETARY WOODWARD#12WRAP UP WHY AEROSPACE AND INDUSTRIAL A BOTH SEGMENTS PERFORM THE SAME FUNCTION - DIFFERENT FORM FACTORS, APPLICATIONS, SIZE, AND MATERIAL Flow Control ■ Motion Control Combustion Control ■ System Control Identical business systems & core processes - innovation and best practices leveraged between segments Leverage technologies & talent - for example, Industrial expertise has contributed to expanded Aerospace content - air valves & ignition systems Decarbonization efforts - working together to reduce emissions through further efficiency gains, solutions for alternative fuels (H2, SAF), and increased levels of electrification INVESTOR PRESENTATION 2022 12 O WOODWARD, INC. | PROPRIETARY WOODWARD#13WOODWARD OVERVIEW WOODWARD IS COMMITTED TO SUSTAINABILITY W INVESTOR PRESENTATION 2022 STRONG GOVERNANCE 13 CORPORATE RESPONSIBILITY WOWARD, INC. TOPRIETARY WOODWARD#14WOODWARD OVERVIEW SUSTAINABILITY REPORT INVESTOR PRESENTATION 2022 Our 2020 Sustainability Report reflects Woodward's continuous commitment to sustainability and corporate responsibility. This commitment is ingrained in our core principle-integrity. 14 W COY BARN WOODWARD CONFERENCE ROOM RESTORED HISTORICAL FORT COLLINS, CO LANDMARK W Link to Report O WOODWARD, INC. | PROPRIETARY WOODWARD#15WOODWARD OVERVIEW CORPORATE RESPONSIBILITY - STAKEHOLDERS SHAREHOLDERS Shareholders enjoy superior long-term Total Shareholder Return through profitable growth and delivering on our commitments. SUPPLIERS Suppliers value Woodward as a long-term customer with sustained programs and collaborative early supplier involvement on critical programs. CUSTOMERS Customers recognize Woodward as a trusted partner contributing innovative solutions to their business. COMMUNITIES We provide high-quality jobs and support the overall health and vitality of our locations by investing and partnering in education, individual and coordinated volunteerism, and economic development. MEMBERS Members belong to an organization that values their perspectives and enables them to build a rewarding career and make meaningful contributions to the global quality of life. INVESTOR PRESENTATION 2022 15 lin O WOODWARD, INC. | PROPRIETARY WOODWARD#16WOODWARD OVERVIEW ESG INVESTOR PRESENTATION 2022 16 ENVIRONMENT Designing and manufacturing products that minimize emissions, increase efficiency and improve reliability Committed to reducing emissions from Woodward operations ☐ 25% reduction in emissions by 2030 Achieve carbon neutrality by 2050 Woodward has been enabling efficient, emission-optimized conversion and control of energy for over 150 years SOCIAL Attracting and retaining a diverse and empowered workforce Supporting the development of our members through training and tuition reimbursement Fostering a collaborative work environment Actively engage stakeholders in EHS initiatives and continually improving EHS processes, practices, and operational performance Contributing to the communities in which we operate through philanthropy and volunteerism GOVERNANCE Promoting the long-term interests of stakeholders, strengthening accountability and inspiring trust 9 of 10 Board members are independent with diverse backgrounds and experienced oversight 20% of Board members are women Strong whistleblower/ethics reporting mechanism and process, including Board oversight and independent reporting mechanism Woodward Constitution articulating our values and principles has been in place for over 50 years O WOODWARD, INC. | PROPRIETARY WOODWARD#17ALWAYS INNOVATING FOR A BETTER FUTURE WE ARE ENABLING THE PATH TO A CLEANER, DECARBONIZED WORLD W W WOODWARD#18INVESTOR PRESENTATION 2022 FINANCIALS DI 02 18#19FINANCIALS FINANCIALS INVESTOR PRESENTATION 2022 19 REFLECTING ON THE LAST 2 YEARS ■ Navigated the pandemic well Generated significant cash flow Increased liquidity and strengthened the Balance Sheet Maintained critical investments in R&D, Operations, and Capital Expenditures LOOKING FORWARD TO THE NEXT 5 YEARS After a 2-year pandemic pause, our markets are recovering and on a growth trajectory ■ Projecting a return to 2019 sales levels in 2023 ■ Anticipating we will exit 2023 at targeted segment margins O WOODWARD, INC. | PROPRIETARY WOODWARD 徵#20FINANCIALS 2021 FINANCIAL RESULTS IMPACTED BY COVID SALES ($Bs) STRONG CASH GENERATION! INVESTOR PRESENTATION 2022 | 20 Markets recovering Supply chain & labor disruptions FY2019 FY2020 FY2021 Leverage on sales volume growth 2.9 2.5 2.25 ADJUSTED EARNINGS $ 4.88 $ 3.96 $ 3.24 PER SHARE¹ ADJUSTED FREE 292 315 427 CASH FLOW¹ ($Ms) O WOODWARD, INC. | PROPRIETARY Return of variable incentive compensation program Inflation pressure Solid Free Cash Flow AR increasing with higher sales WOODWARD#21FINANCIALS PARTNERING WITH INDUSTRY LEADERS AEROSPACE GE AIRBUS BOEING cfm THE POWER OF FLIGHT PRATT& WHITNEY DEPENDABLE ENGINES SSAFRAN AEROSPACE. DEFENCE SECURITY Raytheon Technologies Defense OEM 36% AEROSPACE SEGMENT 63% Defense AM 14% Commercial AMM 22% INDUSTRIAL Power Gen 34% SEGMENT Transportation 52% 37% FY21 WWD SALES $2.25B Commercial OEM 28% Oil & Gas 14% INVESTOR PRESENTATION 2022 INDUSTRIAL GE CAT CAT 21 Cummins mtu WÄRTSILÄ 潍柴动力 WEICHAI POWER Baker Hughes 8 AMITSUBISHI O WOODWARD, INC. | PROPRIETARY WOODWARD#22FINANCIALS SALES AND EARNINGS SALES COVID impacted FY20 & FY21 - pandemic pause Commercial Aero OEM & AFM recovering INVESTOR PRESENTATION 2022 22 Sales and Adjusted Earnings Per Share¹ ADJUSTED EARNINGS PER SHARE $6.00 FY20 & FY21 decline due to COVID impacted $5.00 volumes $4.00 $100M of cost outs in FY20 $3.00 Changing fleet dynamics, higher Woodward content 2,901 2,496 2,326 Defense markets stable 2,023 2,098 2,246 $2.00 Power Generation $1.00 growing Increased Marine 2016 2017 2018 2019 2020 2021 utilization and new ship orders Supply chain and labor disruptions Inflationary pressure O WOODWARD, INC. | PROPRIETARY WOODWARD#23FINANCIALS DRIVING STRONG FREE CASH FLOW GENERATION DRIVING FREE CASH FLOW Earnings returning with recovery At maintenance level of Capex spending Improvements in working capital during the pandemic FY22 AR increase with sales volume growth Adjusted Free Cash Flow¹ 315 292 215 172 INVESTOR PRESENTATION 2022 23 427 STRONG CASH GENERATION Strong cash flow through pandemic Significant cash flow for capital deployment strategy Target conversion of >100% 2017 2018 2019 2020 2021 O WOODWARD, INC. | PROPRIETARY WOODWARD#24INVESTOR PRESENTATION 2022 24 FINANCIALS CAPITAL EXPENDITURES - RETURNING TO MAINTENANCE LEVELS CAPITAL EXPENDITURES Heavy investment cycle 2013 2016 due to - content wins Added capacity from 2017 to 2019 INVESTMENT CAPACITY COVID Controlled spending during 2020 and 2021 221 127 80 due to COVID 62 62 Maintenance levels of capital expenditures 80 80 65 99 96 66 levels between $50-80M 31 21 96 96 99 71 47 38 going forward 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Disciplined capital evaluation process ■Equipment Facilities Maintanence O WOODWARD, INC. | PROPRIETARY WOODWARD#25FINANCIALS STRONG BALANCE SHEET STRONG FINANCIAL INVESTOR PRESENTATION 2022 25 POSITION Debt, EBITDA¹, and Debt to EBITDA¹ leverage Strong cash generation 1,400 3.5 through the pandemic 1,200 Debt to EBITDA leverage 1,000 below 1.7X 800 Liquidity of $1.4B including cash and 600 revolver capacity 400 200 سالسس 3.0 2.5 2.0 1.5 1.0 0.5 2014 2015 2016 2017 Debt Adjusted EBITDA¹ 2018 2019 2020 1 Debt to Adjusted EBITDA¹ O WOODWARD, INC. | PROPRIETARY 2021 WOODWARD#26FINANCIALS CAPITAL DEPLOYMENT CREATING SHAREHOLDER VALUE DISCIPLINED CAPITAL DEPLOYMENT ORGANIC GROWTH ■ R&D ■ Capital expenditures INORGANIC GROWTH OPPORTUNITIES ■ Active Business Development funnel ■ Good long-term markets & fundamentals in both aerospace and industrial INVESTOR PRESENTATION 2022 RETURNED TO SHAREHOLDERS FY2017 - 2021 RETURN TO SHAREHOLDERS Long term commitment to return minimum 50% of net earnings to Shareholders, via Dividends Share Repurchases DIVIDEND INCREASES SHARE REPURCHASES $177M paid between FY17-21 $800M share repurchase program authorized in January 2022 ■ $243M of shares repurchased between FY17 to FY21 Dividends Share Repurchases RETURNED ~$420M TO SHAREHOLDERS O WOODWARD, INC. | PROPRIETARY 26 WOODWARD#27FINANCIALS FINANCIAL TARGETS INVESTOR PRESENTATION 2022 27 HIGH SINGLE DIGIT SALES GROWTH >100% CONVERSION FREE CASH FLOW 2X SALES GROWTH EARNINGS PER SHARE GROWTH AEROSPACE 20%+ INDUSTRIAL 16%+ SEGMENT MARGINS O WOODWARD, INC. | PROPRIETARY WWOODWARD#28FINANCIALS 5-YEAR SALES OUTLOOK - 2022-2026 AEROSPACE - ~8-10% SALES CAGR Strong Commercial growth Content wins on current generation of Narrowbody and Widebody platforms Ramping OEM Legacy plus next generation content wins driving aftermarket growth ■ Stable Defense ■ Growing Space WOODWARD ~9% SALES CAGR W INDUSTRIAL - ~8-9% SALES CAGR INVESTOR PRESENTATION 2022 A ■ Markets recovering after 5-year trough High Marine utilization and new ship builds ■ Energy and Power demand driving growth in Power Generation and Oil, Gas, and Alternative fuels ■ High utilization of installed base driving strong aftermarket ■ New investments/capital expenditures to meet the rising energy demand and decarbonization efforts 28 O WOODWARD, INC. | PROPRIETARY WOODWARD#29FINANCIALS CASH GENERATION STRONG CASH GENERATION Adjusted Free Cash Flow - $1.4B 2017 to 2021 ~$2B-2022- 2026 Projected > 100% Free Cash Flow conversion $1.4B Maintenance levels of capital expenditure going forward 2021 CASH TO ■Invest in organic growth. 2020 2019 ■ Pursue inorganic growth 2018 Return to shareholders via dividends and share repurchases 2017 2017-2021 ~$2B INVESTOR PRESENTATION 2022 29 2022-2026 Projection 徵 O WOODWARD, INC. | PROPRIETARY WOODWARD#30INVESTOR PRESENTATION 2022 AEROSPACE SEGMENT OVERVIEW 03 30#31AEROSPACE MARKET BREAKDOWN COMMERCIAL OEM ■ Next Gen Narrowbody 737 MAX & A320neo Next Gen Widebody 787, 777, 777x ■ Business & General Aviation COMMERCIAL AFTERMARKET ■ Strong Legacy programs - 737 NG & A320ceo Next Generation Initial provisioning ercial OEM 28% 49% Commercial. Commercial AMM 21% FY21 AERO SALES $1.4B Defense OEM 36% Defense 51% INVESTOR PRESENTATION 2022 31 DEFENSE OEM ☐ Fixed wing programs ◉ Guided Weapons ◉ Ground Rotorcraft Defense AMM 15% ◉ DEFENSE AFTERMARKET ■ Large Installed Base ■ Upgrade programs O WOODWARD, INC. | PROPRIETARY WOODWARD#32AEROSPACE COMMERCIAL GROWING FASTER THAN DEFENSE INVESTOR PRESENTATION 2022 32 FAVORABLE SHIFT IN AEROSPACE ■ Increased Narrowbody and Widebody content ■ Significant Commercial Aftermarket growth Increased content on fleet in service Favorable shift toward Commercial based on faster growth ■ Stable Defense market FAVORABLE IMPACT TO AEROSPACE MARGINS 49% Commercial. FY21 AERO SALES $1.4B Defense 51% mercial 66% 2026 AERO PROJECTION Defense 34% O WOODWARD, INC. | PROPRIETARY WOODWARD#33AEROSPACE OUR PRODUCT RANGE INVESTOR PRESENTATION 2022 33 INTEGRATED PROPULSION SYSTEMS FLIGHT DECK CONTROLS AIRCRAFT ACTUATION AND CONTROL O WOODWARD, INC. | PROPRIETARY WOODWARD#34AEROSPACE FLIGHT DECK CONTROLS SIDE STICKS THROTTLES PEDALS FLAP LEVERS INVESTOR PRESENTATION 2022 34 O WOODWARD, INC. | PROPRIETARY WOODWARD#35AEROSPACE INTEGRATED PROPULSION SYSTEMS FUEL SYSTEMS ENGINE ACTUATION THRUST REVERSER ACTUATION FUEL INJECTION & IGNITION OIL & AIR MANAGEMENT INVESTOR PRESENTATION 2022 35 O WOODWARD, INC. | PROPRIETARY WOODWARD#36AEROSPACE AIRCRAFT ACTUATION AND CONTROL INVESTOR PRESENTATION 2022 ELECTROMECHANICAL ACTUATION HYDRAULIC ACTUATION PRECISION MOTORS SERVO CONTROLS SENSORS 36 O WOODWARD, INC. | PROPRIETARY WOODWARD#37AEROSPACE MARKET OUTLOOK: COMMERCIAL AEROSPACE MARKET ■ 'Pandemic pause' - deep impacts to OE production and MRO INVESTOR PRESENTATION 2022 ■ Domestic and Regional traffic/flight miles near 2019 levels; international traffic lags ■ OEM build rates recovering; anticipate to exceed 2019 levels by ~2023 Expect MRO activity recovery by ~2024; provisioning sales restart ■ 737 MAX back in service | 37 O WOODWARD, INC. | PROPRIETARY WOODWARD#38AEROSPACE DEFENSE MARKET DEFENSE ■ Defense weathered pandemic pause; reasonably flat US Defense: update (maintenance) and modernize (technology) ■ DoD budget expected largely flat near term (real USD) ■ Global budgets growing in response to geopolitical threats Growing international demand INVESTOR PRESENTATION 2022 *Base + OCO /Source: Renaissance Strategic Advisors, WWD Discretionary Defense Funding* (USD Billions) $808 $793 $777 $740 $738 $716 $671 $606 $581 $564 $551 $522 $526 $525 $537 $822 38 $836 ...... BCA Caps -Actual FY22 NDAA Forecast O WOODWARD, INC. | PROPRIETARY WOODWARD#39AEROSPACE SIGNIFICANT CAPTURE RATE OVER THE LAST DECADE COMMERCIAL AND REGIONAL JET B737MAX A320neo A220 C919 MRJ E2 MC-21-300 MC-21 BUSINESS JET TURBOPROP/TURBOSHAFT B787 G500 Global 7500 PC-12 NGX Denali Next Gen Turboprop MILITARY F-35 CH-53K UH-60 T-7A T-X 787 INVESTOR PRESENTATION 2022 39 B777X WOODWARD'S SUCCESSFUL EXECUTION OF INNOVATION, CUSTOMER, AND ACQUISITION STRATEGIES HAVE RESULTED IN SIGNIFICANT CONTENT WINS ON MAJOR PROGRAMS OVER THE LAST 10 YEARS LMDP Tech Demo Next Gen Rotorcraft O WOODWARD, INC. | PROPRIETARY WOODWARD#40APPENDIX NARROWBODY PLATFORMS - LEGACY VS NEW 737NG ~$125,000 4320 737 MAX ~$275,000 A320neo ~$230,000 A220 ~$240,000 EJet ~$165,000¹ EJets E2 ~$185,000 INVESTOR PRESENTATION 2022 40 дљ Content may vary based on options selected 1 Representative of delivery profile-70-seat and 90-seat O WOODWARD, INC. | PROPRIETARY WOODWARD#41APPENDIX NARROWBODY - ENGINE CONTENT Split Control Unit Fuel Metering Unit LEAP 1A/B VSV Actuators BVA HPCSVA Start-Bleed & Transient Anti-Ice Valve Bleed Valve LPTACC HPTACC OCM Main Fuel Fuel Pump Filter A320 VBV Actuators MTC Actuators PW1200, PW1500 & PW1900 FOCBPV INVESTOR PRESENTATION 2022 41 2.5 BVA PW 1000 & PW1400 HPC Secondary LPCSVA FDV FOCBPV RTTV AODV LPCSVA HPC Primary AODV VORV Nozzles 195-E2 PW800 Nozzles HPCSVA Nozzles BVA 4.3.20 VORV O WOODWARD, INC. | PROPRIETARY WOODWARD#42APPENDIX NARROWBODY - AIRFRAME CONTENT INVESTOR PRESENTATION 2022 22 42 737 AMXCE BOXING A320 AIRBUS A320 O WOODWARD, INC. | PROPRIETARY WOODWARD#43APPENDIX WIDEBODY PLATFORMS - LEGACY & NEW 767 mi.............. DELTA ~$25,000 787 787 ~$210,000² A350 ~$46,000 747-8 ~$800,000 A330neo ~$200,000³ MOLING 777 ~$285,000 777X ~$430,000³ INVESTOR PRESENTATION 2022 43 O WOODWARD, INC. | PROPRIETARY дљ Content may vary based on options selected 2 GEnx engine option 3 Estimated content WOODWARD#44APPENDIX WIDEBODY - ENGINE CONTENT Fuel Metering Unit IDG Return to Tank Valve Fuel Staging Valve & Accumulator GEnx VSV Actuators VBV Actuators INVESTOR PRESENTATION 2022 LPTACC 44 CCC Fuel Metering Unit GE9x HPTACC TBV VBV Actuators Cooler (B747) Main Fuel Pump MSF Heat Exchanger VFSG Cooler (B787) Fuel Filter Servo Valve Assembly SBV MONG " 787 CING MTC VSV Actuators BAI BOEING O WOODWARD, INC. | PROPRIETARY WOODWARD#45APPENDIX WIDEBODY - AIRFRAME CONTENT Boeing 777X 安安安安 安安安安 BOEIND Airbus A330neo INVESTOR PRESENTATION 2022 | 45 A330-900AIRBUS © WOODWARD, INC. | PROPRIETARY WOODWARD#46APPENDIX BUSINESS JETS - LEGACY & NEW Global Express ~$230,000 G500/G600 $180,000 G700/G800 $119,000 Global 7500 ~$365,000 G650 HondaJet ~$90,000 ~$210,000 INVESTOR PRESENTATION 2022 | 46 O WOODWARD, INC. | PROPRIETARY дљ Content may vary based on options selected WOODWARD#47APPENDIX BUSINESS AVIATION - AIRFRAME & ENGINE CONTENT INVESTOR PRESENTATION 2022 47 LPTACC HPTACC Passport 20 HPV (ECS) JPSOV (ECS) Global 7500 Integrated Fuel Metering and Servo Valve Assembly Start-Bleed Turbine Bleed Valve & Nacelle Anti-Ice Bleed Anti-Ice Valve Main Fuel Pump Fuel Filter VSV Actuators Return to Tank Valve VBV Actuators O WOODWARD, INC. | PROPRIETARY WOODWARD#48APPENDIX GENERAL AVIATION - ENGINE CONTENT INVESTOR PRESENTATION 2022 48 Fuel Pump and Metering Unit PT6E 2 Channel EEC eProp Control Fuel Pump, Metering Unit, and VG Actuator eProp Control Catalyst O WOODWARD, INC. | PROPRIETARY WOODWARD#49APPENDIX KEY CONTENT - DEFENSE F-15 ~$330.000 F-35 ~$300,000 F-16 ~$125,000 KC-46 Tanker ~$545,000 F/A-18 ~$335,000 V-22 ~$645,000 T-7A ~$270,000 Black Hawk ~$55,000 Apache $145,000 INVESTOR PRESENTATION 2022 49 O WOODWARD, INC. | PROPRIETARY дљ Content may vary based on options selected WOODWARD#50AEROSPACE GROWTH DRIVERS OEM MARKET SHARE GAINS AFTERMARKET GROWTH ON LARGE AND INCREASING INSTALLED BASE BUSINESS & GENERAL AVIATION NEW DEFENSE PLATFORM WINS SPACE DECARBONIZATION INVESTOR PRESENTATION 2022 | 50 O WOODWARD, INC. | PROPRIETARY WWOODWARD#51INVESTOR PRESENTATION 2022 | 51 AEROSPACE COMMERCIAL OEM RAMPING AFTER PANDEMIC PAUSE Large Commercial Aircraft Deliveries # AIRCRAFT ON ORDER 87% of orders are narrowbody 2000 MONTHLY PRODUCTION RATES 1500 Narrowbody ■ 737 Max-ramping to 31 in 2022 1000 A320 Neo-targeting 45 in 2022, up to 75 in 2025 500 Widebody Ramp begins in 2023 Bernstein Forecast 0 2018 2019 2020 2021 2022f 2023f 2024f 2025f 2026f 777X anticipated to enter service in 2023 Airbus NB ■Boeing NB Airbus WB ■Boeing WB O WOODWARD, INC. | PROPRIETARY WOODWARD#52AEROSPACE INSTALLED BASE GROWTH DRIVING ROBUST AFTERMARKET AFTERMARKET OEM wins driving increase in installed base Woodward components in the field projected to increase 3X from 2016 to 2026 WWD Components in Field 400000 350000 300000 250000 INVESTOR PRESENTATION 2022 WWD Components vs. Total Commercial In Service Fleet +220% 200000 150000 100000 50000 +25% +50% -7% 0 2016 2021 2026 In Service Fleet WWD Components O WOODWARD, INC. | PROPRIETARY WOODWARD 52#53AEROSPACE COMMERCIAL AEROSPACE - AFTERMARKET WWD OUTPACING THE MARKET INVESTOR PRESENTATION 2022 53 Woodward growth significantly outpacing the market - ~16% vs 6% Aftermarket Sales Forecast Large installed base of legacy programs Woodward Growth ~16% Changing fleet dynamics favor Woodward content Market Growth ~6% Next Gen platforms launched in 2018/2019 aftermarket ramp begins ~2023/2024 Significant number of A320 aircraft have not had first engine overhaul Aftermarket growth accelerates in the second half of the decade 13 3 3 3 ■FY21 Aero Legacy A/M FY21 Aero New SA A/M Market MRO Sales O WOODWARD, INC. | PROPRIETARY WOODWARD#54AEROSPACE AEROSPACE BUSINESS AND GENERAL AVIATION - 800 700 600 500 400 300 200 100 Bizjet Aircraft Production 0 2021 2022f 2023f 2024f Light Jets Midsize Jets Large Jets ~7% CAGR ~4% CAGR 2025f 2026f WWD Aero Bizjet Sales WWD Bizjet Aero Sales ◉ Woodward outgrowing the market based on win rate and market share gains ~7% vs. ~4%. Following destocking and program transitions in 2021, steady sales growth ahead of market Business Jet used inventory at record low levels Higher oil price bullish for helicopter markets O WOODWARD, INC. | PROPRIETARY WOODWARD#55AEROSPACE DEFENSE DEFENSE ■ Large portfolio of fixed wing, rotorcraft, and precision guided weapons On long term growth platforms – fixed wing, rotorcraft ■ Guided weapons growth in missiles and hypersonics. Growing faster than the market INVESTOR PRESENTATION 2022 55 O WOODWARD, INC. | PROPRIETARY WOODWARD#56AEROSPACE WWD AERO DEFENSE INVESTOR PRESENTATION 2022 56 DEFENSE Specific platforms drive WWD sales increase ■ New entry programs (F-15EX, T-7, B-21) Legacy programs (F/A-18, F-35) DEFENSE New Opportunities FARA Next Generation Air Dominance Aircraft (NGAD) Hypersonics/Guided Weapons UAV Land Vehicles O WOODWARD, INC. | PROPRIETARY WOODWARD#57AEROSPACE KEY PROGRAMS INVESTOR PRESENTATION 2022 MISSILES/HYPERSONICS NEW AEROSPACE AREAS OF OPPORTUNITIES SPACE ENERGY CONVERSION 57 O WOODWARD, INC. | PROPRIETARY WOODWARD#58AEROSPACE GUIDED WEAPONS - MISSILES/HYPERSONICS INVESTOR PRESENTATION 2022 58 MISSILES/HYPERSONICS Accelerating growth rate, driven by weapons race and air superiority Core to Woodward aerospace ■ Propulsion control ■ Motion control Multiple awards secured, pursuing additional programs APPLICABLE WOODWARD PRODUCTS ■ CAS Systems Electro-Mechanical (EM) Actuation Custom Electronics Design & Manufacturing Propulsion Control Fuel systems Combustion control O WOODWARD, INC. | PROPRIETARY WOODWARD#59AEROSPACE AEROSPACE - SPACE ■ Space market is changing with commercialization Attractive growth rate ■ Competition is increasing LAUNCH PROVIDERS SPACEX Increased launch frequency Driving down costs Higher volume Launch vehicle reusability Commercially viable satellites Smaller satellites, higher volumes, multiple payloads per launch Plays to Woodward's core strengths of propulsion and motion control Woodward is winning: several contracts already awarded, ongoing discussions with multiple OEMs BLUE ORIGIN Orbital ATK Relativity abl space systems ULA United Launch Alliance Virgin INVESTOR PRESENTATION 2022 59 ORBIT O WOODWARD, INC. | PROPRIETARY WOODWARD#60AEROSPACE AEROSPACE - DECARBONIZATION KEY AEROSPACE MARKET SUSTAINABILITY INITIATIVES Propulsion and Aerodynamic Efficiencies ■ Low/Zero Carbon Fuels ■ Electric Woodward is partnering with customers and investing in the next generation of solutions INVESTOR PRESENTATION 2022 60 O WOODWARD, INC. | PROPRIETARY WOODWARD#61AEROSPACE AEROSPACE - DECARBONIZATON WOODWARD R&D INITIATIVES SUPPORTING ■ Actuation supporting aerodynamic efficiency Enabling Sustainable Aviation Fuel Enabling hydrogen Fuel Cells controls Hydrogen turbine fuel systems ■ Advanced engine concepts ■ More/all electric WOODWARD TECHNOLOGY ENABLING ALL NEXT LEVEL DECARBONIZATION EFFORTS INVESTOR PRESENTATION 2022 61 64 O WOODWARD, INC. | PROPRIETARY WOODWARD#62FINANCIALS AEROSPACE FINANCIALS Aerospace Sales (millions) 1,881 1,558 1,591 1,342 1,404 2017 2018 2019 2020 2021 AEROSPACE SALES Significant impact from pandemic in 2021 Higher content on new aircraft such as the Boeing 737 MAX and A320neo to drive future growth INVESTOR PRESENTATION 2022 AEROSPACE MARGINS Margins negatively impacted in 2021 by lower sales volume as a result of the pandemic Strong defense sales as well as cost reductions contributing to margins Aerospace Margins 62 62 19.2% 19.8% 20.7% 19.5% 16.7% 2017 2018 2019 2020 2021 O WOODWARD, INC. | PROPRIETARY WOODWARD#63AEROSPACE SUMMARY OEM PRODUCTION RAMPING LARGE GROWING AFTERMARKET G GROWING OPPORTUNITIES IN SPACE AND DEFENSE ENABLING SUSTAINABLE AVIATION ~8-10% ANTICIPATED SALES GROWTH CAGR 2022-2026 AIRLINES O WOODWARD, INC. | PROPRIETARY WWOODWARD#64INVESTOR PRESENTATION 2022 INDUSTRIAL SEGMENT OVERVIEW AT == 64 04#65INDUSTRIAL MARKET BREAKDOWN POWER GENERATION Base ■ Distributed Data Centers/Back-Up OIL, GAS & ALTERNATIVE FUELS ■ Exploration Distribution ■ Processing Power Generation 34% Engines. 76% Alt Fuels 14% Oil, Gas & FY21 IND SALES $842M Turbines 24% Transportation 52% INVESTOR PRESENTATION 2022 TRANSPORTATION ◉ Marine ◉ China Natural Gas Trucks Other Off-Highway Equipment O WOODWARD, INC. | PROPRIETARY WOODWARD 65 55#66INDUSTRIAL OUR PRODUCT RANGE: ENGINE & POWER MANAGEMENT INVESTOR PRESENTATION 2022 DATA CENTER GEN SETS MCA N G MARINE CRUISE SHIPS & FERRIES MINING AND CONSTRUCTION EQUIPMENT NATURAL GAS TRUCKS 66 O WOODWARD, INC. | PROPRIETARY WOODWARD#67INDUSTRIAL WHAT WE DO - ENGINE SYSTEMS Fuel Injection Combustion Electronic Controls & Software Controls & Software System Solutions INVESTOR PRESENTATION 2022 Fuel Management Pumps & Valves Air Management Exhaust & Air Fuel Ratio Valves Exhaust Management O WOODWARD, INC. | PROPRIETARY WOODWARD 67 40#68INDUSTRIAL OUR PRODUCT RANGE: TURBOMACHINERY MILITARY MARINE PROCESS/ PETROCHEMICAL INVESTOR PRESENTATION 2022 68 POWER GENERATION O WOODWARD, INC. | PROPRIETARY WOODWARD#69INDUSTRIAL WHAT WE DO - TURBOMACHINERY 900WARD WOODWARD 3600 3600 3600 TIT MODULE MODULE ProTechTPS Electronic and Mechanical Protection Systems Safety Systems Ple Vertex Compressor Control D Vertex- WOODWARD Electronic Controls Software Electronic Turbine & Compressor Controls System Solutions Turbine Fuel Management Actuation INVESTOR PRESENTATION 2022 GS SERIES Gas & Liquid Fuel Metering Valves WOODWARD Gas & Steam Turbine Actuators Combustion Controls O WOODWARD, INC. | PROPRIETARY WOODWARD 69#70INDUSTRIAL INDUSTRIAL - GROWTH DRIVERS EMISSIONS REDUCTION ENERGY TRANSITION INVESTOR PRESENTATION 2022 70 ENERGY DEMAND/POWER GENERATION INFRASTRUCTURE AND TRANSPORTATION LARGE AND GROWING INSTALLED BASE DRIVING AFTERMARKET L N G O WOODWARD, INC. | PROPRIETARY WWOODWARD#71INDUSTRIAL INVESTOR PRESENTATION 2022 LARGE AND INSTALLED BASE DRIVING AFTERMARKET GROWTH | 71 9404-513 13693913 138 WOODWARD Recovering marine and oil & gas market driving strong aftermarket Expanding OEM service partnerships Increasing presence in Middle East Growing demand for upgrades in power generation and petrochemical plants ■ Transition to cleaner fuels Modern control systems Enhanced safety systems Cybersecurity W O WOODWARD, INC. | PROPRIETARY WOODWARD#72INDUSTRIAL ENERGY DEMAND 300 Global energy demand and power generation projected to grow significantly over the next 30 years 250 All sources of energy increasing to meet 200 demand Increased utilization of petroleum, other liquid fuels, and natural gas - projected to generate over 50% of the energy consumed 150 100 INVESTOR PRESENTATION 2022 22 72 petroleum and other liquids 1 renewables natural gas coal W Efficiency improvements for existing fuels required to reduce emissions and manage rising fuel costs Introduction and expansion of zero/low carbon fuels 50 0 - 2010 2020 2030 2040 2050 Primary energy consumption by energy source, world Shown in quadrillion British thermal units nuclear 1 includes biofuels U.S. Energy Information Administration, International Energy Outlook 2019 O WOODWARD, INC. | PROPRIETARY WOODWARD#73INDUSTRIAL ENABLING THE ENERGY TRANSITION INVESTOR PRESENTATION 2022 AN ENERGY TRANSITION IS UNDERWAY Key initiatives IMPROVED EFFICIENCY ZERO/LOW CARBON FUELS RENEWABLE POWER MORE ELECTRIC Woodward is enabling the energy transition and efficiency improvements by providing systems and solutions solving ■ Higher temperatures Higher accuracy fuel/air control More control loops ■ New & enhanced sensors Advanced control algorithms/digital twins Advanced combustion control More electric solutions 73 W O WOODWARD, INC. | PROPRIETARY WOODWARD#74INVESTOR PRESENTATION 2022 74 INDUSTRIAL ENABLING THE ENERGY TRANSITION Woodward has been enabling efficient, emissions-optimized conversion and control of energy for over 150 years. We have adapted to changes in the sources, conversion and utilization of energy, positively impacting people and the environment. We estimate that over the last 60 years Woodward products have contributed to emissions reductions of Current activities Developing upgrades and new solutions to reduce emissions from current fuels/applications Evaluations for alternative fuels/multi fuel applications Developing solutions to enable zero carbon fuels ~60% for Industrial Gas Turbines ~35% for internal combustion engines W O WOODWARD, INC. | PROPRIETARY WOODWARD#75INDUSTRIAL INVESTOR PRESENTATION 2022 ENABLING THE ENERGY TRANSITION - LOW/ZERO CARBON FUELS | 75 Zero / Low Carbon Fuels Hydrogen Ammonia Methanol Ethanol Active Woodward Development Programs Supplying natural gas-hydrogen blend valves for Industrial Gas Turbines (since 2018) 23 active projects with key OEMs to develop hydrogen capable industrial gas turbine fuel systems ■ Collaboration with engine OEMs on hydrogen, ammonia, methanol, and ethanol fuel systems W O WOODWARD, INC. | PROPRIETARY WOODWARD#76INDUSTRIAL ENABLING THE ENERGY TRANSITION - ELECTRIC INVESTOR PRESENTATION 2022 | 76 More Electric Fuel Cells Hybrids Electric Actuation Woodward Active Development Programs Electronic controls for Battery Electric Vehicles (BEV) and Hybrid Electric Vehicles (HEV) Partnering with key OEMS on fuel cell balance of plant systems ■ Hybrid drives Efficient electric actuation W O WOODWARD, INC. | PROPRIETARY WOODWARD#77FINANCIALS INDUSTRIAL FINANCIALS Excluding RPS* for 2019 and 2020 Industrial Sales ($millions) 932 837 842 756 768 INDUSTRIAL MARGINS INVESTOR PRESENTATION 2022 77 Industrial Margins 2017 2018 2019 Adj 2020 Adj 2021 12.7% 12.9% 10.4% 11.0% 11.6% INDUSTRIAL SALES Significant impact from pandemic in 2020 & 2021 2017 2018 Adj 2019 Adj 2020 Adj 2021 *RPS = renewable power systems and related businesses which were divested in FY2020 O WOODWARD, INC. | PROPRIETARY WOODWARD#78INDUSTRIAL WRAP UP INVESTOR PRESENTATION 2022 78 INCREASED DEMAND FOR ENERGY AND POWER GENERATION Demand for all energy sources increasing Content growth from dual fuel systems Efficiency improvement are essential Growth of alternative fuels Energy transition requiring more sophisticated and complex controls ~8-9% ANTICIPATED SALES GROWTH CAGR 2022-2026 MARGIN IMPROVEMENT FROM 187.12 W ◉ Volume leverage Aftermarket recovery O WOODWARD, INC. | PROPRIETARY WOODWARD#79INVESTOR PRESENTATION 2022 OPERATIONAL EXCELLENCE 79 05#80OPERATIONS UPDATE OPERATIONAL EXCELLENCE - TRUE NORTH INVESTOR PRESENTATION 2022 TRUE NORTH ■ Perfect Safety ■ Perfect Quality Perfect Delivery ■ Zero Waste World-class high mix / low to medium volume operation BB 00DWARD 80 RUE NORT N I RFORMANS O WOODWARD, INC. | PROPRIETARY WOODWARD#81OPERATIONS UPDATE OPERATIONAL EXCELLENCE - WOODWARD PRODUCTION SYSTEM WOODWARD PRODUCTION SYSTEM (WPS) ■ Four key elements work together to promote operational performance, enhance quality and improve product flow. Lean principles applied throughout WPS. ■ Value Stream Architecture Leader Standard Work Continuous Improvement and Process Adherence Sales, Inventory and Operations Planning INVESTOR PRESENTATION 2022 81 RUE NORT N I RFORMANS O WOODWARD, INC. | PROPRIETARY WOODWARD#82OPERATIONS UPDATE OPERATIONAL EXCELLENCE: CONTINUOUS IMPROVEMENTS INVESTOR PRESENTATION 2022 | TRUE NORT RTH NCE N RFORMAN 82 DELIVERABLES ■ Increased productivity ■ Reduced lead time ■ Faster production velocity Improved customer satisfaction ▪ Enhanced margins ■ Excellent quality Higher working capital leverage ■ Generate strong cash flow DRIVING CUSTOMER SATISFACTION, MARGIN IMPROVEMENT AND SHAREHOLDER VALUE O WOODWARD, INC. | PROPRIETARY WOODWARD#83OPERATIONS UPDATE OPERATIONAL EXCELLENCE ■ Experienced Leadership Team ■ Lean Experts ■ Disciplined Management Cadence ■ Visual / Real-Time Metrics ■ Robust Operational Leadership Development Programs Mang - STRONG LEADERSHIP INVESTOR PRESENTATION 2022 83 PERF TR RUE NORT N PFORMAN ANCE DRIVING CUSTOMER SATISFACTION, MARGIN IMPROVEMENT AND SHAREHOLDER VALUE O WOODWARD, INC. | PROPRIETARY WOODWARD#84OPERATIONS UPDATE OPERATIONAL EXCELLENCE: CONTINUOUS IMPROVEMENTS TRUE NORT 4 ANCE N RFORMAN INVESTOR PRESENTATION 2022 84 IMPROVEMENT PROCESSES ■ Standardization ■ Value stream mapping/analysis ■ Resource planning and scheduling ■ Layout and flow improvements ■ Constraint management Digital factory and automation ■ Capital optimization ■ Workforce development DRIVING CUSTOMER SATISFACTION, MARGIN IMPROVEMENT AND SHAREHOLDER VALUE O WOODWARD, INC. | PROPRIETARY WOODWARD#85OPERATIONS UPDATE OPERATIONAL EXCELLENCE - DIGITAL TRANSFORMATION INVESTOR PRESENTATION 2022 | DIGITAL TRANSFORMATION ACTIVITIES Process Connectivity ■ Asset Connectivity ■ Artificial Intelligence ■ Automation Robotics and Cobotics Internet of Things (IoT) ■ Closed Loop Manufacturing سلات LAC DIGITAL TRANSFORMATION ECONOMIC BENEFITS ■ Increased velocity in product development and production ■ Higher quality ■ Enhanced speed and lower overall cost ■ Enables faster growth with fewer incremental members 85 O WOODWARD, INC. | PROPRIETARY WOODWARD#86OPERATIONS UPDATE OPERATIONAL EXCELLENCE: STATE OF THE ART PRODUCTION SYSTEM AND FACILITIES ■ Woodward Production System driving continual improvement ■ Recent capital expenditure investment will support expected growth over the next five years Continuous optimization of current assets Capital expenditures at maintenance/productivity levels ARD FMU WWOODWARD MONO a nx a INVESTOR PRESENTATION 2022 | 86 RUE PER NORT N I RFORMANS READY TO LEVERAGE SALES VOLUME INCREASE O WOODWARD, INC. | PROPRIETARY WOODWARD#87INVESTOR PRESENTATION 2022 APPENDIX 87 07#88APPENDIX NON-U.S. GAAP RECONCILIATIONS Non-U.S. GAAP Measures INVESTOR PRESENTATION 2022 88 YTD FY 21 (mils) YTD FY 20 (mils) YTD FY 19 (mils) YTD FY 18 (mils) YTD FY 17 (mils) YTD FY16 (mils) YTD FY15 (mils) YTD FY14 (mils) Net Earnings Per Share YTD FY 21 $ 3.18 YTD FY 20 $ 3.74 YTD FY 19 $ 4.02 YTD FY 18 $ 2.82 YTD FY 17 $ 3.16 YTD FY16 $ 2.85 Non-U.S. GAAP Adjustments Net Earnings $ 208.6 $ 240.4 $ 259.6 $ 180.4 $ 200.5 $ 180.8 $ 181.5 $ 165.8 Restructuring charges, net of tax 0.06 0.26 0.20 Income Taxes 37.2 41.5 61.0 39.2 52.2 45.6 59.5 61.4 Other charges, net of tax* (0.04) 0.69 0.66 Interest Expense 34.3 35.8 44.0 40.5 35.6 26.8 24.9 22.8 Interest Income (1.5) (1.8) (1.4) (1.7) (1.7) (2.0) (0.8) (0.3) Non-U.S. GAAP adjustments 0.06 0.22 0.69 0.86 Transition impact of recent changes to EBIT 278.6 315.9 363.2 258.4 286.7 251.2 265.0 249.8 U.S. tax law Total non-U.S. GAAP adjustments Amortization of Intangibles 41.9 39.5 56.0 44.7 25.8 27.5 29.2 33.6 Adjusted net earnings per share 0.17 0.17 0.06 0.22 0.86 1.03 $ 3.24 $ 3.96 $ 4.88 $ 3.85 $ 3.16 $ 2.85 Depreciation Expense 87.6 91.7 86.0 71.4 55.1 41.6 46.0 43.8 EBITDA as reported $ 408.1 $447.1 $ 505.2 $ 374.5 $ 367.6 $ 320.3 $340.3 $ 327.1 Restructuring and other charges 5.0 27.2 39.7 57.9 EBITDA as adjusted $413.1 $ 474.3 $ 544.9 $ 432.4 $ 367.6 $ 320.3 $340.3 $ 327.1 * Includes, as applicable, (i) the gain on sale of assets associated with the sale of the Company's real property, (ii) the charge from the impairment of assets held for sale, and the losses, associated with the Company's divestiture of its renewable power systems and related businesses, (iii) Duarte move related costs, (iv) the purchase accounting impacts related to the amortization of the backlog intangible acquired in connection with the acquisition of Woodward L'Orange on June 1, 2018 (the "L'Orange Acquisition"), (v) the transition impacts of the change in U.S. federal tax legislation in December 2017, (vi) costs associated with the previously proposed merger with Hexcel Corporation, which merger agreement was terminated on April 5, 2020, (vii) transaction costs associated with the completed divestiture of renewable power systems and related businesses, (viii) restructuring charges, (ix) acceleration of stock compensation expense related to restructuring activities, (x) the net gain on settlement of cross-currency interest rate swaps, and (xi) costs related to the fourth quarter of fiscal year 2019 impairment of accounts receivable, inventory and certain other assets in connection with Senvion, a significant customer of Woodward renewables business, which declared insolvency in fiscal year 2019. Cash From Operations Payments for PP&E Free Cash Flow Cash proceeds from the sale of the Duarte facility Cash paid for merger and divestiture transaction costs Cash paid for restructuring costs Net cash proceeds from cross-currency interest rate swaps Net after-tax payments from formation of joint venture with GE Adjusted Free Cash Flow YTD FY 21 (mils) $ 464.7 YTD FY 20 (mils) YTD FY 19 (mils) YTD FY 18 (mils) YTD FY 17 (mils) YTD FY16 (mils) $ 349.5 $ 390.6 $ 299.3 $ 307.5 $ 435.4 (37.7) (47.1) (99.1) $ 427.0 $ 302.4 $ 291.5 (127.1) $172.2 (92.3) (175.7) $215.2 $ 259.7 30.1 19.9 18.1 (55.2) (155.0) $ 427.0 $ 315.2 $291.5 $ 172.2 $215.2 $104.7 © WOODWARD, INC. | PROPRIETARY WOODWARD#89APPENDIX NON-U.S. GAAP RECONCILIATIONS INVESTOR PRESENTATION 2022 89 YTD FY 21 YTD FY 20 YTD FY 19 (mils) (mils) (mils) YTD FY 18 (mils) Industrial Segment Sales 841.7 904.7 1,019.7 767.9 Industrial Segment Earnings 108.7 100.3 93.5 49.9 Purchase accounting impacts* 21.1 34.4 Adjusted Industrial Segment Earnings 108.7 100.3 114.6 84.3 Adjusted Industrial Segment Margin 12.9% 11.1% 11.2% 11.0% YTD FY 21 YTD FY 20 (mils) (mils) YTD FY 19 (mils) Industrial Segment Sales Excluding Renewable Power Systems 841.7 837.0 931.7 Industrial Segment Earnings Excluding Renewable Power Systems Adjusted Industrial Segment Earnings Excluding Renewable Power Systems 108.7 96.7 97.3 108.7 100.3 118.4 Industrial Segment Margin Excluding Renewable Power Systems Adjusted Industrial Segment Margin Excluding Renewable Power Systems *The purchase accounting impacts related to inventory step-up and backlog in connection with our L'Orange acquisition 12.9% 11.6% 10.4% 12.9% 11.6% 12.7% © WOODWARD, INC. | PROPRIETARY WOODWARD#90FOR YOUR INFORMATION NON-U.S. GAAP MEASURES INVESTOR PRESENTATION 2022 90 1Adjusted and Non-U.S. GAAP Financial Measures: Adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted free cash flow, industrial segment sales excluding renewable power systems, adjusted industrial segment earnings excluding renewable power systems, industrial segment earnings excluding renewable power systems and adjusted industrial segment earnings includes or excludes as as applicable, (i) the gain on sale of assets associated with the sale of the Company's real property, (ii) the charge from the impairment of assets held for sale, and the losses, associated with the Company's divestiture of its renewable power systems and related businesses, (iii) Duarte move related costs, (iv) the purchase accounting impacts related to the amortization of the backlog intangible acquired in connection with the acquisition of Woodward L'Orange on June 1, 2018 (the "L'Orange Acquisition"), (v) the transition impacts of the change in U.S. federal tax legislation in December 2017, (vi) costs associated with the previously proposed merger with Hexcel Corporation, which merger agreement was terminated on April 5, 2020, (vii) transaction costs associated with the completed divestiture of renewable power systems and related businesses, (viii) restructuring charges, (ix) acceleration of stock compensation expense related to restructuring activities, (x) the net gain on settlement of cross-currency interest rate swaps, and (xi) costs related to the fourth quarter of fiscal year 2019 impairment of accounts receivable, inventory and certain other assets in connection with Senvion, a significant customer of Woodward renewables business, which declared insolvency in fiscal year 2019. EBIT (earnings before interest and taxes), EBITDA (earnings before interest, taxes, depreciation and amortization), free cash flow, adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted free cash flow, industrial segment sales excluding renewable power systems, adjusted industrial segment earnings excluding renewable power systems, industrial segment earnings excluding renewable power systems and adjusted industrial segment earnings, are financial measures not prepared and presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Management uses EBIT and adjusted EBIT to evaluate Woodward's operating performance without the impacts of financing and tax related considerations. Management uses EBITDA and adjusted EBITDA in evaluating Woodward's operating performance, making business decisions, including developing budgets, managing expenditures, forecasting future periods, and evaluating capital structure impacts of various strategic scenarios. Management also uses free cash flow, which is derived from net cash provided by or used in operating activities less payments for property, plant, and equipment, as well as adjusted free cash flow (as described above), in reviewing the financial performance of Woodward's various business segments and evaluating cash generation levels. Securities analysts, investors, and others frequently use EBIT, EBITDA and free cash flow in their evaluation of companies, particularly those with significant property, plant, and equipment, and intangible assets that are subject to amortization. The use of any of these non-U.S. GAAP financial measures is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. Because EBIT, EBITDA, adjusted EBIT, and adjusted EBITDA exclude certain financial information compared with net earnings, the most comparable U.S. GAAP financial measure, users of this financial information should consider the information that is excluded. Free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Management's calculations of EBIT, EBITDA, adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, free cash flow, and adjusted free cash flow may differ from similarly titled measures used by other companies, limiting their usefulness as comparative measures. O WOODWARD, INC. | PROPRIETARY WOODWARD#91✓ WOODWARD ALWAYS INNOVATING FOR A BETTER FUTURE