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Special Note Regarding Forward-Looking Statements Certain statements in
this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the Reform Act ). All statements other than statements of historical fact included in this Annual Report, including
statements regarding the Company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as anticipate, estimate, expect, project, intend, plan, predict, believe and
similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other important
factors that could significantly impact results or achievements expressed or implied by such forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to: competitive and general economic conditions,
including disruptions from government mandates, both domestically and internationally, as well as supplier constraints and other supply disruptions; changes in customer demands; technological changes in our operations or in our industry; dependence
on customers' required delivery schedules; risks related to fluctuations in the Company's operating results from quarter to quarter; risks related to international operations, including foreign currency fluctuations; changes in the legal
and regulatory environment; changes in raw materials and commodity costs; risks associated with our ability to identify and complete strategic acquisitions or to successfully integrate any businesses that we may acquire; acts of terrorism, war,
governmental action, natural disasters and other Force Majeure events. The cautionary statements made pursuant to the Reform Act herein and elsewhere by us should not be construed as exhaustive. We cannot always predict what factors would cause
actual results to differ materially from those indicated by the forward-looking statements. Over time, our actual results, performance, or achievements will likely differ from the anticipated results, performance or achievements that are expressed
or implied by our forward-looking statements, and such difference might be significant and harmful to our stockholders' interest. Many important factors that could cause such a difference are described under the caption Risk Factors, in Item 1A of
the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2024, which you should review carefully. These forward-looking statements speak only as of the date of this document. The Company assumes no obligation, and expressly
disclaims any obligation, to update any forward- looking statements, whether as a result of new information, future events or otherwise. These reports are available on our investor relations website at www.kewaunee.com and on the SEC website at
www.sec.gov. Kewaunee Scientific Corporation | NASDAQ: KEQU 2
About Non-GAAP Measures The following slides include non-GAAP financial
measures such as adjusted net earnings and adjusted net earnings per share as supplemental information relating to Kewaunee's operating results. Adjusted net earnings represent GAAP net earnings adjusted for net pension settlement expenses and
the impact of a valuation allowance release. This financial information is not in accordance with, or an alternative fact for, GAAP-compliant financial information and may be different from the operating or non- GAAP financial information used by
other companies. The Company believes that this presentation of adjusted net earnings and adjusted net earnings per share provides useful information to investors regarding certain additional financial and business trends relating to its financial
condition and results of operations. EBITDA is calculated as net earnings (loss), less interest expense and interest income, income taxes, depreciation, and amortization. Adjusted EBITDA is calculated as EBITDA less the impact of the one-time costs
incurred for the pension termination enacted during FY24. We believe EBITDA and Adjusted EBITDA allow management and investors to compare our performance to other companies on a consistent basis without regard to depreciation and amortization or the
costs incurred related to our one- time pension termination transaction executed during fiscal year 2024, which can vary significantly between companies depending upon many factors. EBITDA and Adjusted EBITDA are not calculations based upon
generally accepted accounting principles, and the method for calculating EBITDA and Adjusted EBITDA can vary among companies. The amounts included in the EBITDA and Adjusted EBITDA calculations, however, are derived from amounts included in the
historical consolidated statements of operations. EBITDA and Adjusted EBITDA should not be considered as alternatives to net earnings (loss) or operating earnings (loss) as an indicator of the Company's operating performance, or as an
alternative to operating cash flows as a measure of liquidity. Kewaunee Scientific Corporation | NASDAQ: KEQU 3
Introduction Agenda Annual Shareholder Meeting Kewaunee
Scientific Overview Fiscal Year 2024 Review Strategic Direction and Outlook Q&A 4
Kewaunee's History 6
The Human Spirit Driving Innovation Forward The human desire to discover
has fueled a century of remarkable progress. Here's a glimpse into some of the groundbreaking discoveries that have shaped the modern era. Harnessing the Power A Giant Leap for Taking Flight The Digital Revolution of the Atom Mankind 1700s-1800s
1900s 1900s Early 1900s The splitting of the atom The Wright Brothers' first flight The moon landing in 1969 The invention of the computer unlocked unimaginable energy, in 1903 shattered the marked an extraordinary feat chip ignited the digital
paving the way for nuclear power boundaries of human mobility, of human ingenuity, pushing revolution, forever transforming and sparking the development of forever changing the way we the frontiers of scientific communication, information advanced
technologies. travel and explore. exploration. access, and innovation. 7
WHY IS INNOVATION IMPORTANT IN LAB A History of Laboratory Spaces
DESIGN? Modern labs have evolved to become dynamic arenas where discoveries are made, ideas are exchanged, and innovation thrives. They are also key tools for recruiting research funding and top talent. These amazing spaces serve as the epicenter of
scientific exploration, providing the Early Labs Specialized Labs Modern Labs Future tools and resources necessary to th th th th th st (15 -17 Centuries) (18 -19 Centuries) (20 -21 Centuries) Labs push known boundaries and harness innovation.
Simple rooms Larger and more Inspiring and As laboratories equipped with basic specialized labs with collaborative continue to evolve, Modern labs can also foster a sense tools and materials. areas for different environments.
Kewaunee remains of shared purpose and collective types of experiments. dedicated to energy. Adaptable workstations No focus on Efficient creating amazing enable scientists from diverse ergonomic design. Specialized
furniture, cross-functional spaces that drive disciplines to seamlessly interact, such as lab benches open floor plans progress in diverse share ideas, and ignite valuable Containment and fume hoods adaptable
furniture fields and shape discussions. This collaborative spirit devices and other for easy the future of has the potential to push teams to technical equipment Development of new configuration to scientific greater heights and drive had
yet to be scientific instruments groundbreaking discoveries that meet changing exploration. discovered. like microscopes and surpass the limitations of individual needs. telescopes. expertise. 8
COLLABORATION HUBS Why Do Spaces Matter? Modern laboratories are
designed to break down physical barriers and create a sense of community. Open floor plans and flexible furniture allow scientists from diverse disciplines SHIFTING LAB LANDSCAPES: The evolution of lab spaces reflects to easily interact, share
ideas, and spark new the changing nature of scientific research lines of inquiry. This collaborative spirit can lead to groundbreaking discoveries that transcend the limitations of individual expertise. FROM POTENT DRUG B A LLROOM INTEGRATED
CHEMISTRY HANDLING CONCEPT IN DEVICES HARNESSING TEAM ENERGY LABS TO NEXT-GEN A well-designed lab space fosters a sense of BIOLOGY LABS THERAPIES shared purpose and collective energy. Seeing As research delves The future of colleagues' research
unfold first-hand and into increasingly Early laboratories Modern drug laboratory spaces witnessing the collective pursuit of knowledge potent drugs, were often dominated discovery often may see a shift can be immensely motivating. This
collaborative laboratories require by benches and fume involves large-scale, energy can push teams to achieve greater towards integrated specialized heights and accelerate the pace of discovery. hoods, catering to the high-throughput devices that
containment needs of chemists. screening of combine multiple facilities with With the rise of potential drug functionalities into INSPIRING THE NEXT features like biology and genetics, candidates. This has a single, compact negative pressure
GENERATION labs have become led to the rise of unit. This would ventilation and more versatile, ballroom labs, vast optimize space Modern labs, with their cutting-edge technology advanced safety incorporating open spaces housing utilization, improve
and sleek aesthetics, can be incredibly inspiring protocols. This specialized automated robotics for young scientists. efficiency, and ensures the safety equipment like and high-capacity potentially lead to Witnessing the marvels of science
firsthand can of researchers and incubators, DNA equipment, ignite a passion for exploration and a desire to more streamlined the surrounding push the boundaries of knowledge. This sequencers, and facilitating the rapid workflows. environment.
inspiration is crucial for attracting and nurturing centrifuges. testing of numerous the next generation of scientific minds. compounds simultaneously. 9
Amazing Spaces Across Industries At Kewaunee, we believe in empowering
the scientific community with spaces that inspire, innovate, and integrate. Serving the forefront of life sciences, education, healthcare, industrial, petrochemical, and government research, we deliver unparalleled laboratory environments tailored
for every research and development endeavor. PROVIDING SOLUTIONS FOR Life Sciences Education Healthcare Industrial Government Petroleum 10
Discovery Russia Drives R&D UK $106 B $52 B South Korea $55 B China
Spending USA $551 B Japan Italy Taiwan Global R&D Spending is $886 B $182 B $36 B on the Rise. $32 B The United States and Germany India China are the top Brazil $143 B spenders on R&D, $65 B $37 B accounting for more than half of global
expenditures in 2022. However, middle- income countries are Global R&D expenditures have tripled from an estimated catching up, with R&D $726 billion in 2000 to an estimated $2.5 trillion in 2022. growth outpacing that of Increased
investment in discovery has been a key driver of the US. global progress, and R&D spending is expected to rise as technological advancements fuel new research. Top 10 countries *Anderson G; National Center for Science and Engineering Statistics
(NCSES). 2024. U.S. R&D Increased by $72 Billion in 2021 to $789 Billion; Estimate for 2022 contributed to more than Indicates Further Increase to $886 Billion. NSF 24-317. Alexandria, VA: National 80% of R&D Investment Science Foundation.
Available at https://ncses.nsf.gov/pubs/nsf24317/. 11
Global Laboratory Furniture & Enclosure Market Outlook Global
Market Potential ($M) Market Growth from 2022 to 2027F ($M) Clean Bench & BSCs, $669, 26% 6.8% Clean Bench & BSCs, $998, 28% 2022 2027F 2027F Fume Lab Furniture & Fume Hoods, Lab Furniture Hoods, Fixtures, & Fixtures, $625, 24% $848,
24% $1,285, 50% $1,733, 48% 2022 2023F 2024F 2027F The current global laboratory furniture and enclosure market is at $2.6 Billion and is projected to reach $3.6 Billion, growing at a CAGR of 6.8% across the period (2022-2027). Lab Furniture &
Fixtures contribute nearly 50% of the market share followed by clean bench & BSCs (26%) and Fume Hoods (24%). By 2027, clean bench and BSCs segment is expected to grow by 2% reaching at a share of 28% from 26%. *Anderson G; National Center for
Science and Engineering Statistics (NCSES). 2024. U.S. R&D Increased by $72 Billion in 2021 to $789 Billion; Estimate for 2022 Indicates Further Increase to $886 Billion. NSF 24-317. Alexandria, VA: National Science Foundation. Available at
WHY CHOOSE KEWAUNEE? Experience Serving Industry-Leading Leading Dealer
and Financial Experience Users In Multiple Portfolio Distribution Network Stability Founded in 1906, End-Use Markets Kewaunee offers Our global network of Kewaunee brings $203.8 Million total lab solutions experienced dealers The industries served
by over 118 years of in Revenue with a portfolio of stand ready with local Kewaunee continue to manufacturing products that meet expertise to simplify the invest in research and Strong balance excellence to every furniture need building process and
development, requiring sheet and every project. within the laboratory bring projects from Kewaunee products in backlog space. thought to finish with diverse markets. support at every stage. 13
FY 2024 Financial Review
HISTORICAL FINANCIALS Kewaunee Scientific Corporation | NASDAQ: KEQU
Consistent Revenue and Backlog Stable Annual Revenue Globally Revenue Backlog Domestic International $219.5M $203.8M $146.7M $173.9M $137.2M $168.9M $126.9M $155.6M $147.9M $72.8M $66.5M $42.0M FY2022 FY2023 FY2024 FY2022 FY2023 FY2024 15
Financial Review $ in thousands, excluding FY22 FY23 FY24 Pension
Valuation FY24 per share data Reported Reported Reported Settlement Allowance Adjusted Net Sales $168,872 $219,494 $203,755 $ - $ - $203,755 Operating Profit (2,608) 5,364 18,281 - - 18,281 % of Sales -1.5% 2.4% 9.0% 0.0% 0.0% 9.0% Pension, Interest
and Other 123 (866) (5,162) (4,019) - (1,143) Profit/(Loss) Before Tax (2,485) 4,498 13,119 (4,019) - 17,138 Income Tax Expense/(Benefit) 3,518 3,139 (5,938) (3,870) (6,583) 4,515 Net Earnings/(Loss) Before NCI (6,003) 1,359 19,057 (149) 6,583
12,623 Less: NCI 123 621 304 - - 304 Net Earnings/(Loss) $(6,126) $738 $18,753 $(149) $6,583 $12,319 Add/(Less): Interest Expense 632 1,734 1,799 1,799 Interest Income (399) (961) (1,093) (1,093) Income Taxes 3,518 3,139 (5,938) (3,870) (6,583)
4,515 Depreciation & Amortization 2,769 2,867 3,125 3,125 EBITDA $394 $7,517 $16,646 $(4,019) $ - $20,665 Earnings Per Share: Basic $(2.20) $0.26 $6.51 $(0.05) $2.29 $4.28 Diluted $(2.20) $0.25 $6.38 $(0.05) $2.24 $4.19 16
Strategic Direction and Outlook
Strategic Direction and Outlook OUR GUIDING PRINCIPLES We will be easy
to do business with. We will get closer to our customer(s). We will do everything with excellence. We will lead and not follow (we are innovators). 18
Thank You & Questions 19