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Thermon Corporate Presentation

Attractive Mix Between Projects and Recurring Business OVER-TIME REVENUE (PROJECTS) 40% POINT-IN-TIME REVENUE (MATERIALS) 60% FISCAL 2022 REVENUE SPLIT ESTIMATED MARGINS¹ PROJECT SIZE PROJECT LENGTH COMPETITION COMMENTARY 20%-40% Maintenance 50% - 60% Less than $1MM Upgrades 40% - 50% More than $1MM per project More than 6 months (1-2 years typical) Competitive bid process Drivers include energy demand and capital spending Turnkey solutions, global footprint, local presence, strong reputation and deep customer relationships are critical Less than 6 months Usually awarded to incumbent provider Begins within 3 years after initial installation Lasts through the asset's useful life Less than $1MM Less than 12 months Involves minimal bidding or is marginally competitive ~5-7 years after installation Local design, engineering, inventory and supply chain Installed base creates advantage THERMON) August 2023 | 24

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