investor overview august 2021

Investor Overview

August 2021

2TRIUMPH GROUP / INVESTOR OVERVIEW

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking

statements are often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “project”, “may”, “will”,

“should”, “could”, or similar words suggesting future outcomes or outlooks. These forward-looking statements include, but are not limited to,

statements of expectations of or assumptions about strategic actions, objectives, expectations, intentions, aerospace market conditions, aircraft

production rates, financial and operational performance, revenue and earnings growth and profitability and earnings results. These statements are

based on the current projections, expectations and beliefs of Triumph’s management. These forward looking statements involve known and unknown

risks, uncertainties and other factors which could cause actual results to differ materially from any expected future results, performance or

achievements, including, but not limited to, competitive and cyclical factors relating to the aerospace industry, dependence on some of Triumph’s

business from key customers, requirements of capital, uncertainties relating to the integration of acquired businesses, general economic conditions

affecting Triumph’s business segments, product liabilities in excess of insurance, technological developments, limited availability of raw materials or

skilled personnel, changes in governmental regulation and oversight and international hostilities and terrorism. Further information regarding the

important factors that could cause actual results, performance or achievements to differ from those expressed in any forward looking statements can

be found in Triumph’s reports filed with the SEC, including in the risk factors described in Triumph’s Annual Report on Form 10-K for the fiscal year

ended March 31, 2021.


FY21 Revenue

Consolidated Highlights

Systems & Support

~$1.1B

Aerospace Structures

~$800M

Commercial, 48%Military, 38%

Business, 10%

Regional, 2%Non-Aviation, 2%

Sales by Market (FY21)$1.9B

Systems & Support, 87%

Aerospace Structures, 13%

Adjusted Operating Income (FY21)$167M

Business Unit Summary

Market cap as of 8/3/21: $1.265B Shares outstanding: 64.5M Backlog as of 6/30/21: $1.85B


Triumph Path to Value

YESTERDAY(FY16)

TODAY(FY21)

TOMORROW(FY25)

CONOPS: Holding Company One Company One Company + Partners

Mindset: Growth by M&A Shrink to profitable core Growth + Value Creation

Product Focus: Structures & Systems Systems & MRO IP, Subsystems, Lifecycle

OpCos: 47 5 3-4

Sites: 75 33 25 + M&A

Headcount: ~15,000 ~7,000 ~6,000 + Growth


Triumph Strategic Focus Areas

Capabilities

Actuation& Controls

GearSystems

Electronics & Controls

Mechanical Solutions

Structural Component Repair

Interior Refurbishment

Accessory Component Repair

OEM Production w/ Aftermarket Spares & Repairs Manufacturing Repair & Overhaul ServicesLevers:

OEM Rates:

RPK Increases:

Products/IP:

New Services:

Takeaways:

Joint Ventures:

Dist. Channels:

M&A:


Investment Considerations

Portfolio transformation of Triumph is on track for completion; Strategic Exits progressing with 747 close out and A350 product line sale

Environmental, Social and Governance initiatives remain a high priority. Considerable investment has been made in development of new products to enhance aircraft fuel efficiency

Commercial air travel indicators continue to be positive. Average airfare prices, weekly load factors and TSA throughput continue to recover in the US

Strengthened balance sheet through retirement of $349M of debt

Margins improving YOY, driven by quality of

backlog and revenue

Anticipate positive free cash flow over balance of the fiscal year

Organic sales up 11%, with MRO and aftermarket spares leading recovery

Military sales in Systems and Support up 12% YOY and now comprise 53% of sales in that segment


1800 Returned Since Mar.July (-41%), Aug (-35%)

15% Pt. Improvement

Bookings

Aviation Industry Notes Q1

Positive Indictors Accelerating

85% of 2019 Level

TSA Throughput

9% Improvement to 4Q

Flights Global Capacity

12% Improvements

Utilization Parked Fleets

At 2019 Levels

Load Factor

Globally Stable

COVID Cases

Sources: Airlines for America, Cirium Ascend, Flight Radar 24

YoY Drop in BookingsTotal Tickets

Corporate Tickets

# Commercial Flights

20192020

95k/day

125k/day

SA

TA

8.3 hrs.

10.8 hrs

Utilization Hours

2021

2019

2.4M

2.06M

Summer Improvements

TA

RJ

SA

Spain

UK

USAGlobal

Italy - 30%

-60%

Cap

acit

y C

han

ge t

o 2

01

9

20202021

20192020

64k/day

2021


New Business Wins Customer BULunar Gateway ECS Heat Exchanger Paragon Space TSSAH-64 & Seahawk EDECU Upgrades US Army & US Navy TSSF-22 Engine Heat Exchanger Upgrades Pratt & Whitney TSSHybrid Additive Heat Exchanger US Air Force TSSA320 Main Landing Gear Door Uplock MRO Airbus TSS

Follow-on Business Customer BUF-18 Engine Gearboxes GE TSSGlobal Hawk Engine Speed Increaser GE TSSTiger Tank Gears Honeywell TSSF/A-18 Actuator Assembly MRO NAVSUP TSSRotary Actuators AA&E TSSLiquid/Liquid Heat Exchanger Spares Vericor TSS

Partnerships Customer BUAsia Pacific MRO Memorandum Thai Aviation TSSEngine MRO Agreement Collins Aerospace TSS

Significant Diversity Between Fixed Wing, Rotorcraft, Commercial, and Military

• TGI net sales up 11%, net of divestitures & sunsetting programs

Organic Growth Offsetting COVID-19 Impact


Diversified MRO Awards

Macomb – GE F414 F/A-18 Gearbox

• Extended existing agreement to provide GE with the F414 Engine Accessory Gearbox. This extension runs through 2027.

• F/A-18 remains a key program for Triumph Gear Systems both for F18 E/F, (F414) new build gearboxes as well as overhaul Triumph’s F18 C/D gearboxes (F404) in our Park City Utah facility.

Fighter Jet Gearboxes

Advances in Heat Exchanger Technologies

• Working with Air Force Research Lab and the University of Dayton to jointly develop additively manufactured heat exchangers to improve fleet sustainment and readiness levels.

• Paragon Space agreement for development of ECS and Life Support Heat Exchanger for NASA’s HALO program.

Thermal ADM and Space

Multiple Platforms and Customers

• AH-64 EMC-102 Upgrades • US Navy

• F-22 Engine HX Upgrades• Pratt & Whitney

• A320 New Business MRO• Turkish Technic

• 777 Air/Oil Cooler• China Airlines

• Tornado RB199 Engine Cables• Collins

• 737NG Flight Controls• Lion Air

Recent Strategic Awards

Winning Across Market Regions, Missions, and Platforms


Systems & Support

Superior design, development and support of

proprietary components and systems as well as

production of complex assemblies using external designs


Systems & Support

Integrated solutions, including design, development, and support of components, systems and sub-systems

• Boeing

• GE

• Aeropartners

• Rolls Royce

• Northrop-Grumman

• Airbus

Products & Services Major CustomersBusiness Overview

$258M Revenue (FY22)

21 Locations

Commercial, 38%Military, 53%

Business, 5%Regional, 2% Non-Aviation, 2%

Sales by Market

Overview

Capabilities

Actuation& Controls

GearSystems

Mechanical Solutions

Electronics & Controls

Excludes Intercompany Sales and Contract Liability Amortization

Structural Component Repair

Interior Refurbishment

Accessory Component Repair


Revenue

Systems & Support

Financial

• Net sales increased 8% compared to prior year Q1 on strong aftermarket recovery and increased narrow-body production rates; partially offset by Q1 787 production pause

− Aftermarket spares up 12% to prior year

− 3rd Party MRO up 19% to prior year

• Adjusted operating income improved $8M and margin up 235 bps Y-o-Y due to improved pricing and increased volume on aftermarket

Strong Aftermarket Recovery Outpacing 787 Headwind

$258

$240

$210

$230

$250

$270

Q1 FY'22 Q1 FY'21

OperatingIncome (Loss)

$36

$25

$-

$20

$40

Q1 FY'22 Q1 FY'21

T-7A

Highlights

• Successful upgrade programs progressing in military helicopter and fighter fleets (Seahawk EMC, Apache EMC, F-22 HX)

• Progress in key strategic initiatives in thermal including adoption of additive technologies and spacecraft ECS applications.

• MRO gaining momentum on leading edge of industry recovery

AH-64 Apache


Systems & SupportOperating Company Core CompetenciesLocations Key Products

Systems, Electronics & Control West Hartford, CTWindsor, CTForest, OH

Hydraulic power generationElectric motor pumps, reservoirs, integrated hydraulicsFuel control and meteringThermal solutions Customizable controlsA-level Software & Hardware design

Fuel pumps & Fuel Metering UnitsFADECs - electronic fuel controlsThermal ProductsNose Wheel Steering ComponentsUtility Actuation SystemsUplock Systems

Actuation Products & Services Clemmons, NCYakima, WAValencia, CARedmond, WA

Hydraulic actuation design and buildHydraulic fluid power design and buildComplex hydraulic build to printEngineering supportPart 145 MRO servicesFully integrated hydraulic test laboratories to conduct and complete full qualification

Power transfer unitsSelector and sequencing valvesDoor and cowl actuationLanding gear uplocksLanding gear actuation Extend/retract control valves Hydraulic fuses

Geared Solutions Macomb, MIPark City, UT

Power transmission systemsIntegrated gearbox design and buildGear components design and buildComplex build to printGeared actuation

Airframe & engine mounted accessory drives (AMAD’s & EMAD’s)Rotorcraft transmissionsTurboshaft internal gearboxes, emergency power gearboxesEngine power take-off, Internal gearboxes (IGB’s)Large complex aero gears (complex spiral bevel gears, bull gears)

Mechanical Solutions Staverton, UKN. Wales, PAShelbyville, INDeeside, Wales, UKVilleneuve Le Roi, FranceHeiligenhaus, GermanyOnchan, Isle of Man

Engineering & design capabilitiesDesign servicesEngineering supportMachining capabilityBuild to print servicesCustom kittingAftermarket capabilities

Cable controlsCockpit controlsLatches and keepersHold open rodsElectric actuation and electronic controllersHydraulic actuationRemote valve operationNuclear flux mapping (DDS/testing)

Product Support Hot Springs, ARGrand Prairie, TXWellington, KSChonburi, ThailandSan Antonio, TX

Maintenance, repair and overhaul servicesOut of production manufacturing serviceDER engineering repair servicesForward deployed rotable stockExchange services

Nacelle componentsFlight control surfaces, winglets, radomes, cargo doorsHydraulics pumps and componentsFuel pumps and componentsIDG’s, CSD’s, generatorsAir cycle machines & heat exchangersGearboxes, pneumatic valves & componentsWheels, brakes & aircraft interiors


Recent Performance

$1.1B Sales –Production/MRO1

60%/40%

~15% EBITDAP Margin –Production/MRO2

30%/70%

Solid Cash Generation

Near-Term Expectations

Production 0-3% higher

MRO 15-20% higher

Improve margin % through cost reductions,

volume, mix and price

Reinvestment in operations and R&D

Longer-Term View

Recovery to FY20 levels

Margin expansion to prior targets of ~20%

Improved Cash Conversion

Sales by End Market

Commercial Military Other

Systems & Support Expectations

Solid Results Sets Foundation For Post-COVID Performance

End Market EBITDAP consistent with Sales Profile

Stable Military End Market

Commercial End Market Improvements Slow, But Steady

1 MRO is 60%/40% repair services to spare part sales2 MRO margin is 30%/40% repair services to spare part sales



Extensive capabilities to engineer complex composite

aerostructures



TAS provides fully integrated, turn-key composite and metallic major assemblies, and interior system solutions employing the latest product development and manufacturing tools, processes and software to its diverse portfolio of commercial and military customers.

• Boeing

• Gulfstream• Northrup Grumman

• Airbus

• Spirit Aerosystems

• Pratt and Whitney

Products & Services Major CustomersBusiness Overview

$138M Revenue (FY’22)

9 Locations

Overview

Capabilities

FuselageNacelle

Products

Commercial, 82%

Military, 10%

Business, 7%Regional, 1%

Sales by Market

Fuselage

Panels

Insulation

BlanketsDucting Composites

Excludes Intercompany Sales and Contract Liability Amortization



Operating Company Core CompetenciesLocations Key Products

Commercial Structures Stuart, FLGrand Prairie, TX

Product developmentMetallic and composite construction and finishingAutomated facilitiesDesign, analysis and testingSkins & stringersCertification engineering support

Aircraft wing center body structureFuselagesFlight control surfacesEmpennagesNacelle products, acoustic panels, fan track liners

Interiors Mexicali, MexicoSpokane, WAZacatecas, MexicoTaylorsville, NCHamburg, GermanySaint Nazaire, FranceToulouse, France

Design and manufacturing of thermal acoustic insulation blanketsManufacturing of composite ECS ducting and composite interiors componentsVacuum forming3 & 5-Axis machiningHigher/lower level assembliesRobotic thermoformingRobotic non-destructive inspectionAutomated paintingIntegration and engineering services at customer locations

Thermal acoustic insulation blanketsThermal acoustic insulation cover laminatesInterior components:

Vacuum formed plastics (arm-backrests, tray table)Soft goods (life vest pouches etc.)Seat covers (pilot- crew seats)Carpet kits

Composite ECS ductingReinforced thermoplastic partsFloor panels


Revenue


Performance Improving; Portfolio Actions On Track

OperatingIncome

(Loss)

$11

($256)($300)

($200)

($100)

$0

$100

Q1 FY'22 Q1 FY'21

Highlights

• Composites & Red Oak divestitures completed on May 7th

• $19M in revenue in Q1 FY’22 through date of sale (@ 8% margin)

• Final 747 parts complete August 6th –Facility exit on track

• Sold product line from Spokane (Interiors) in July – Facility exit on track

• Most transformation milestones completed

Financial

• Revenue increased 15% on 767/Tanker program and Interiors, after adjusting for divestitures ($92M) and sunsetting programs ($42M)

• Remaining program and facility exits on track

• Operating margin, adjusted for restructuring & impairments, improved significantly to 10% vs 1% in prior year

Boeing 767

$138

$258

$-

$100

$200

$300

Q1 FY'22 Q1 FY'21


Top Programs in Backlog

Top 15 Programs = 68% of total backlog of $1.85B as of June 30th

100%

65%

100%

100%

76%

100%

100%

100%

100%

100%

5%

19%

12%

12%

4%

35%

24%

95%

81%

88%

88%

96%

A 3 2 1 , 7 %

7 3 7 , 7 %

V - 2 2 , 6 %

A H - 6 4 , 4 %

7 8 7 , 4 %

F - 1 8 , 2 %

U H - 6 0 , 3 %

C H - 4 7 , 2 %

B EL L 4 2 9 , 2 %

C H - 5 3 , 2 %

7 6 7 / T A N K ER , 2 1 %

7 7 7 , 3 %

A 3 5 0 , 2 %

7 4 7 , 2 %

G 6 5 0 , 2 %

TSS TAS


Consolidated Quarterly Results

($ in millions) FY’22 Q1 FY’21 Q1

Net Sales $397 $495

Operating Income (Loss) 21 (252)

Operating Margin 5% (51%)

Adjusted Operating Income* $31 $15

Adjusted Operating Margin 8% 3%

Solid organic growth net of planned reductions from divestitures and sunsetting programs.

Margins are up year over year, excluding non-cash impairment, loss on sales & restructuring.

11% Organic Growth & Improving Profitability Year over Year

*See Appendix for Non-GAAP reconciliation


Free Cash Flow Walk

FY’22 Q1 Cash Drivers*

• ($42M) of advance liquidation (2 payments in Q1)• ($18M) customer settlements• ($20M) funding on B747-8• ($20M) in restructuring costs

Expected FY’22 Cash Drivers• ($84M) of advance liquidation; ($21M) in Q3 & Q4• ($60M) of funding on B747-8 exit; Mostly 1st half• ($25M) of customer settlements; Mostly 1st half

See Appendix for reconciliation of cash used in operations to free cash use

Retiring Non-recurring Cash Drivers As Expected; Reducing Over Remainder of the Year

Consolidated ($ in millions) FY’22 Q1

Net loss $ (30)

Non-cash items:

Depreciation & Amortization 15

Interest Expense & Other 39

Amortization of Acquired Contracts (2)

Pension Expense (including Q1 curtailment) 4

OPEB Income (2)

Income Tax Expense 1

Cash sources (uses):

Non-recurring Cash Drivers* (100)

Working Capital Change (34)

Interest Payments (39)

Capital Expenditures (2)

Tax Payments, net (1)

Free Cash Use $ (151)


Net Debt & Liquidity

($ in millions) FY’22 Q1

Flexibility to Execute De-leveraging Actions

Cash $ (237)

8.875% 1st Lien Notes Due Aug 2024 587

Receivable Securitization Facility -

Finance Leases 19

6.250% Senior Notes Due Sept 2024 525

7.750% Senior Notes Due Aug 2025 500

Net Debt $ 1,394

~ $113M repayment of 1st Lien Notes

Redeemed remaining $236 notes due June 2022

Cash and Availability ~ $263M


FY 22 Guidance

($ in millions, except per share amounts) FY 22 Ranges

Revenue $1.5B - $1.6B

Cash from operations ($110) – ($125)

Capital expenditures ~$25

Free Cash Flow (non-GAAP) ($135) – ($150)

Interest Expense ~$140

Income Taxes ~$4

Earnings per Share – GAAP ($0.15) - $0.05

Q1 EPS Addbacks (see appendix) $0.56

Adjusted Earnings per Share – (non-GAAP) $0.41 - $0.61

Stabilized Revenue; Strong Growth and Profitability


Concluding Remarks

• Strong organic sales growth

• Improvement in operating margins company wide

• Strategic exits on track

• Portfolio diversification + improving market conditions

enhances confidence in outlook

Solid Momentum Towards Sustainable Future


Our Vision

As One Team, we enable the safety and prosperity of the world.

Our Mission

We partner with our customers to triumph over their hardest aerospace, defense and industrial challenges, to deliver value to our stakeholders.

Our Values

Integrity

Continuous Improvement

Teamwork

Innovation

Act with Velocity


Appendix


Restructuring by Business Unit

$ in Millions Q1 FY'22

Systems & Support 1$

Aerospace Structures 3

Corporate 1

Total TGI * 5$

* difference due to rounding


Non-GAAP Disclosure

Adjusted Operating Income is defined as GAAP Operating Income, less expenses/gains

associated with the Company's transformation, such as restructuring expenses, gains/losses on

divestitures, defined benefit plan gains/losses from curtailments, settlements, etc; impairments of

goodwill and other assets. Management believes that this is useful in evaluating operating

performance, but this measure should not be used in isolation. The following table reconciles our

Operating income to Adjusted Operating income as noted above.

Three Months Ended June 30,

2021 2020

Operating income (loss) - GAAP $ 20,832 $ (252,392 ) Adjustments: Loss on sale of assets and businesses, net 5,969 — Impairment of long-lived assets — 252,382 Restructuring costs 4,485 15,439

Adjusted operating income - non-GAAP $ 31,286 $ 15,429

Adjusted operating margin 7.9 % 3.1 %


Non-GAAP Disclosure

Non-GAAP Financial Measure Disclosures (continued)

(dollars in thousands)

FINANCIAL DATA (UNAUDITED)

TRIUMPH GROUP, INC. AND SUBSIDIARIES

Cash provided by operations, is provided for consistency and comparability. We also use free cash flow as a key factor in

planning for and consideration of strategic acquisitions and the repayment of debt. This measure should not be considered in

isolation, as a measure of residual cash flow available for discretionary purposes, or as an alternative to operating results

presented in accordance with GAAP. The following table reconciles cash provided by operations to free cash flow.

Three Months Ended June 30,

Fiscal 2022 Guidance

2021 2020

Cash used in operating activities $ (149,514 ) $ (197,533 ) $(110,000) - $(125,000) Less: Capital expenditures (2,112 ) (7,723 ) ~$25,000

Free cash use $ (151,626 ) $ (205,256 ) $(135,000) - $(150,000)

Updated 2/22/2019/2018

investor overview august 2021

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