Investor Presentation 2022

FINANCIALS 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

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