• The Steelcase for scientific laboratories and hospitals.
• A commercial kitchen outfitter, but for advanced scientific labs and healthcare facilities.

• Laboratory, Healthcare, and Technical Furniture: Kewaunee Scientific designs, manufactures, and installs specialized steel, wood, and laminate furniture for scientific, medical, and electronic manufacturing environments.
• Laboratory Infrastructure Products: The company provides essential components such as fume hoods, biological safety cabinets, adaptable modular systems, epoxy resin worksurfaces, sinks, and other accessories for laboratory setups.
• Related Design Services: Kewaunee Scientific offers design and engineering services to integrate their furniture and infrastructure products into various facilities.

Kewaunee Scientific (KEQU) primarily sells its laboratory, healthcare, and technical furniture and infrastructure products to other companies and institutions. Based on the provided background, the company's major customers fall into the following categories:

• Educational Institutions: This category includes universities, colleges, and schools that equip their chemistry, physics, biology, and other general science laboratories.
• Healthcare Facilities: Hospitals, clinics, and medical research centers requiring specialized laboratory and healthcare furniture.
• Life Sciences, Industrial, and Government Research: This broad category encompasses companies in the pharmaceutical, biotechnology, industrial, and chemical sectors, as well as government agencies and commercial entities conducting scientific research and development.

Specific names of major customer companies are not disclosed in the provided information.

Thomas D. Hull III, President, Chief Executive Officer

Mr. Hull has served as President and Chief Executive Officer of Kewaunee since March 2019, providing strategic leadership to advance the company's global growth and innovation. He joined Kewaunee in 2015 as Vice President of Finance and Chief Financial Officer. Prior to Kewaunee, he held senior leadership roles at ATI Specialty Materials in Charlotte, North Carolina, and spent more than a decade with Ernst & Young in Pittsburgh, Pennsylvania.

Donald T. Gardner III, Vice President, Finance and Chief Financial Officer

Mr. Gardner has served as Vice President of Finance and Chief Financial Officer of Kewaunee since April 2019. Prior to joining Kewaunee, he was Vice President of Financial Planning & Analysis at Victra, a Lone Star Funds portfolio company, and Chief Financial Officer of Component Sourcing International, a portfolio company of Argosy Private Equity.

Douglas J. Batdorff, Vice President, Manufacturing Operations

Mr. Batdorff has served as Vice President of Manufacturing Operations at Kewaunee since June 2020. He brings extensive manufacturing leadership experience from seven years with General Motors, thirteen years with Steelcase, and one year with Legacy Cabinets.

Mandar M. Ranade, Vice President IT & Engineering

Mr. Ranade has served as Vice President of Information Technology since December 2019, leading Kewaunee's global technology strategy and modernization initiatives. Prior to joining Kewaunee, he held senior IT leadership positions with TCS–GE Healthcare, Thermo Fisher–Hamilton Laboratory Furniture, IMS Health, AdvocateAurora Healthcare, and Fairbanks Morse.

B. Sathyamurthy, President of Kewaunee International Group

Mr. Sathyamurthy has served as Vice President of Kewaunee Scientific Corporation Singapore Pte. Ltd. since September 2014, overseeing the company's subsidiaries in India, Singapore, and China. He has also served as Managing Director of International Operations since 2013 and joined Kewaunee in 2000 as General Manager of India Operations.

The key risks to Kewaunee Scientific's business include volatility in its core markets, fluctuations in raw material costs, and challenges associated with international operations and financial flexibility.

1. Economic and Industry Volatility, Competition, and Supply Chain Disruptions: Kewaunee Scientific operates in the laboratory and healthcare building construction industry, which is subject to significant volatility driven by various external factors. Declines in construction activity or demand for the company's products could materially and adversely affect its business and financial condition. The company is also exposed to general economic conditions, including disruptions from government mandates, both domestically and internationally. Furthermore, supplier constraints and other supply chain disruptions pose a risk to operations. Kewaunee Scientific also faces intense competition in its markets, with pricing, product performance, and customer service being key deciding factors, particularly in competitive public bidding.
2. Fluctuations in Raw Material Costs: The company's earnings are significantly impacted by changes in prevailing pricing for projects and the costs of raw materials, such as steel, wood, and epoxy resin. Given that prices for projects are often quoted on a firm basis, Kewaunee Scientific bears the burden of potential increases in labor and material costs between the time an order is quoted and when the product is delivered.
3. International Operations and Financial Flexibility Risks: A significant portion of Kewaunee Scientific's revenues is derived from international sales, and expanding its worldwide customer base and international operations is a key growth strategy. Operating in these markets exposes the company to distinct regulatory, economic, and political risks, including foreign currency fluctuations. Additionally, recent reports highlight a concern regarding the company's financial flexibility, with operating cash flow not comfortably covering its debt and a compression of net margins. This could limit the company's ability to handle unexpected shocks or invest in future growth.

Kewaunee Scientific Corporation operates within several addressable markets related to laboratory, healthcare, and technical furniture and infrastructure products. The global market sizes for its main product categories are detailed below:

Laboratory Furniture

• The global laboratory furniture market was valued at approximately USD 1.81 billion in 2024, with projections to reach USD 2.28 billion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 3.5%.
• Another estimate places the global market at USD 2.17 billion in 2024, growing to USD 2.91 billion by 2033 with a CAGR of 3.3%.
• A different report indicates a global market valuation of USD 1.14 billion in 2024, expected to grow to USD 2.13 billion by 2034 at a CAGR of 6.4%.
• In 2025, the global laboratory furniture market size was estimated at USD 2.14 billion and is expected to reach USD 3.04 billion by 2033, growing at a CAGR of 4.5%.
• North America is a significant market shareholder, while the Asia-Pacific region is recognized as the fastest-growing market.

Healthcare and Hospital Furniture

• The global healthcare furniture market was valued at USD 7.94 billion in 2024 and is projected to reach USD 11.73 billion by 2033, exhibiting a CAGR of 4.38%.
• Another estimate for the global healthcare furniture market indicates a value of USD 8.3 billion in 2025, with a forecast to reach USD 12.0 billion by 2034 at a CAGR of 4.03%.
• The global hospital furniture market was estimated at USD 9.77 billion in 2024 and is projected to grow to USD 17.59 billion by 2033, at a CAGR of 6.75%.
• When considering the broader medical furniture category, the global sector is estimated at USD 50.41 billion in 2025, with a forecast to reach USD 69.71 billion by 2030, at a CAGR of 6.70%.
• North America currently dominates the healthcare furniture market, holding a significant share.

Fume Hoods (including Ductless Hoods)

• The global laboratory fume hoods market size was valued at USD 1.2 billion in 2023 and is projected to reach USD 1.9 billion by 2032, growing at a CAGR of 5.5%.
• Another report states the global fume hood market is set to increase from USD 0.68 billion in 2026 to USD 0.91 billion by 2035, with a CAGR of 3.2%.
• The Fume Hood Market is estimated to be valued at USD 630.4 million in 2025 and is projected to reach USD 965.9 million by 2035, registering a CAGR of 4.4%.
• North America is the largest market for laboratory fume hoods, while the Asia Pacific region is expected to witness the fastest growth.
• Within fume hoods, ducted systems held the largest market share in 2025, and ductless units are forecast to expand at a CAGR of 6.65% through 2031.

Biological Safety Cabinets

• The global biological safety cabinet market size was valued at USD 211.04 million in 2023 and is expected to grow at a CAGR of 7.62% from 2024 to 2030.
• In 2025, the global biological safety cabinet market size was calculated at USD 335.00 million and is predicted to increase to approximately USD 532.83 million by 2035, expanding at a CAGR of 4.75%.
• Another estimate shows the global biological safety cabinet market was valued at USD 163.89 million in 2024 and is expected to reach USD 316.16 million by 2032, growing at a CAGR of 8.56%.
• North America dominated the biological safety cabinet market, accounting for a 32.21% share in 2023 and 32.26% in 2024. The Asia-Pacific region is anticipated to be the fastest-growing region.

Kewaunee Scientific Corporation (KEQU) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:

1. Acquisition and Integration of Nu Aire: The successful acquisition and ongoing integration of Nu Aire is a significant driver. This strategic move is intended to accelerate inorganic growth, enhance Kewaunee's EBITDA contributions, and broaden its product portfolio to include containment products, incubators, and freezers. Nu Aire's products are also helping to mitigate seasonal downturns in Kewaunee's construction-related business.
2. International Expansion: Kewaunee Scientific is experiencing notable growth in its international segment, particularly driven by strong performance and increased billings in the Indian market. This geographic expansion broadens the company's reach and customer base.
3. Sustained Demand in Key End-Use Markets: The company operates in end-use markets such as life sciences, pharmaceuticals, education, government, and military research, which continue to show strong investment in research and development (R&D). This ongoing demand for high-spec laboratory and technical furniture products underpins Kewaunee's core business and revenue growth.
4. Conversion of Robust Order Backlog: Kewaunee has reported a historically high order backlog, which represents secured future revenue. The efficient execution and conversion of this substantial backlog into delivered products and services will be critical for sustaining revenue momentum.

Share Repurchases

• On August 31, 2023, Kewaunee Scientific's Board of Directors authorized a share repurchase program to buy back up to 100,000 shares of common stock.
• The Board amended this program on March 12, 2025, to authorize the repurchase of an additional 100,000 shares of common stock, bringing the total authorized for repurchase to over 200,000 shares (including the 11,176 shares remaining from the initial authorization).
• Share repurchases were paused after April 9, 2024, to prioritize the acquisition of Nu Aire, Inc., and resumed on February 28, 2025.

Outbound Investments

• Kewaunee Scientific completed the acquisition of Nu Aire, Inc. on November 1, 2024.
• The Nu Aire acquisition led Kewaunee Scientific to temporarily pause its share repurchase activities to focus capital allocation on this strategic investment.
• The domestic segment of Kewaunee Scientific now includes the operations of Nu Aire, Inc.

Capital Expenditures

• Capital expenditures in the most recent quarter totaled approximately $1.57 million USD.
• Historical annual capital expenditures have been reported at approximately $2.18 million and $1.53 million in periods prior to the most recent quarter (within the 2010-2025 timeframe).