Investor Presentation 2022

FOR 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