Slide 1: Q2 2025 Earnings Call Presentation
Q2 2025 Earnings Call Presentation August 4, 2025
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements: This presentation contains forward-looking statements regarding future results and events, including financial and operational guidance and projected estimates. For this purpose, any statements that are not statements of historical fact may be deemed forward-lo
Slide 3: Key Messages
Key Messages Continued Strong Momentum Execution, Innovation, & Growth Strategy Delivering Results Poised for Transformational Value Creation ©2025 Waters Corporation 2
Slide 4: Q2 2025 Results
Q2 2025 Results Q2 2025 Revenue CC Revenue Growth Q2 2025 EPS Non-GAAP $771M +8% $2.95 As Reported: +9% FX: +1% CC Instrument CC Recurring Revenue Growth Growth Growth +4% +11% +12% +HSD LC & MS Growth +11% in CC CC: Constant Currency; growth rates are versus prior year. HSD = High Single Digits Not
Slide 5: Continued Strong Momentum – Driven by Waters Division
Continued Strong Momentum – Driven by Waters Division 2Q25 Y/Y Revenue Growth in Constant Currency Asia Americas Europe China Ex-China 8% Waters Division +7% +9% +14% +14% Constant = Currency TA Division -20% +2% +15% +12% Revenue Growth Total +2% +8% +14% +14% Led by +HSD Growth in LC & MS and +LDD
Slide 6: Execution, Innovation & Growth Strategy Are Driving Results
Execution, Innovation & Growth Strategy Are Driving Results Commercial Execution KPIs Innovation Launches Growth Accretion Vectors Running Ahead Driving Strength Exceeding Targets7 2024 NOW +30bps / yr (2Q25) Avg. Annual Growth Contribution GLP-1s +70% Instrument Continued robust replacement momentu
Slide 7: Q2 2025 Revenue Stratification
Q2 2025 Revenue Stratification Academic & 9% Government Service (3%) Pharma +9% Instruments 39% 40% +11% +4% END MARKETS c Growth %* 60% 31% PRODUCTS & SERVICES Growth %* Industrial +6% Chemistry 21% +16% TA 11% Europe 29% (6%) +8% 35% GEOGRAPHY c Growth %* Asia +14% OPERATING SEGMENTS c Growth %* W
Slide 8: FY & Q3 2025 Guidance
FY & Q3 2025 Guidance Constant Currency Constant Currency Revenue Growth vs. FY 2024 Revenue Growth vs. Q3 2024 FX (0.5%) FX (0.5%) Reported Growth +5.0% to +7.0% Reported Growth +4.5% to +6.5% NON-GAAP EPS NON-GAAP EPS $12.95 to $13.05 $3.15 to $3.25 FY Net Interest Exp. FY Tax Rate FY Avg. Shares
Slide 9: Poised for Transformational Value Creation
Poised for Transformational Value Creation Biosciences & Diagnostic Solutions Biosciences & Diagnostic Solutions ©2025 Waters Corporation 8
Slide 10: Key Topics
Biosciences & Key Topics Diagnostic Solutions 1) BD Biosciences & Dx Solutions Standalone Growth 2) Cost & Revenue Synergy Assumptions 3) Fit & Quality of Microbiology 4) Integration Leadership ©2025 Waters Corporation 9
Slide 11: Underwritten BD Outlook: Prudent, Realistic, and Achievable
Underwritten BD Outlook: Prudent, Realistic, and Achievable Biosciences & Diagnostic Solutions BD BS/Dx Returning to Growth Acceleration Normalized Growth 5.5% BDCAGR BS/Dx Standalone 2025-2030 with Synergies 7% BD BS/Dx Standalone + Rev Synergies CAGR 2025-2030 BD BS/Dx Standalone Growth % BD Biosc
Slide 12: Compelling Cost & Revenue Synergies
Compelling Cost & Revenue Synergies Biosciences & Diagnostic Solutions Cost Synergies by Year 3 Revenue Synergies by Year 5 Commercial Excellence Mfg. & Supply Chain $80M Instrument Replacement $115M Service Attach & eCommerce Launch Excellence EPS accretive High Growth Adjacencies in Year 1 Commerc
Slide 13: Compelling Cost Synergies: $200M = Only ~5% of Cost Base
Compelling Cost Synergies: $200M = Only ~5% of Cost Base Biosciences & Diagnostic Solutions Area By Year 3 Sub-Area Driver Additional Opportunity Network Optimization $40M Site Rationalization Management Consolidation Mfg. & Manufacturing Supply & Supply Chain $80M Direct Procurement $30M 2.5% of Di
Slide 14: Compelling Revenue Synergies: Via Proven Playbook
Compelling Revenue Synergies: Via Proven Playbook Biosciences & Diagnostic Solutions Area By Year 5 Sub-Area Driver Additional Opportunity Systematize Instrument Replacement Normalization & Acceleration Instrument Replacement $20M Replacement (New Launches) Commercial Commercial Bring to Industry Le
Slide 15: Microbiology: Clear Opportunity for Value Creation Upside
Microbiology: Clear Opportunity for Value Creation Upside Biosciences & Diagnostic Solutions High Quality Asset Indexed Commercial Execution Mass Spec in Sterility Testing in to Stable Growth Drivers & Margin Uplift Opportunity Microbiology Pharma QA/QC Microbiology = 180bps $500M $300M ~2/3rds of ~
Slide 16: Q&A Session
Q2 2025 Earnings Call Presentation Q&A Session
Slide 17: Appendix
Appendix GAAP to Non-GAAP Reconciliations
Slide 18: Q2 2025 Sales - Reported & Constant Currency Growth
Q2 2025 Sales - Reported & Constant Currency Growth % Growth % Growth (in millions USD) 2025 2024 Impact of Currency Reported Constant Currency Waters 688.8 622.6 11% 1% 10% Operating Segments TA 82.5 86.0 (4%) 2% (6%) Pharmaceutical 462.0 415.7 11% 1% 11% End Industrial 237.7 221.4 7% 1% 6% Markets
Slide 19: Q2 2025 Sales - Reported & Constant Currency Growth (cont’d)
Q2 2025 Sales - Reported & Constant Currency Growth (cont’d) % Growth % Growth (in millions USD) 2025 2024 Impact of Currency Reported Constant Currency Asia ex-China 133.2 123.2 8% (6%) 14% China 105.2 90.4 16% 2% 14% Waters Division Americas 245.3 230.1 7% 0% 7% Europe 205.1 178.9 15% 6% 9% Waters
Slide 20: Q2 2025 Earnings Per Share & FY 2025 and Q3 2025 Guidance
Q2 2025 Earnings Per Share & FY 2025 and Q3 2025 Guidance Earnings Per Share FY 2025 and Q3 2025 Guidance Q2 2025 Q2 2024 Projected Sales FY 2025 Q3 2025 GAAP $ 2.47 $ 2.40 Constant currency sales 5.5% - 7.5% 5.0% - 7.0% Adjustments: growth rate* Purchased intangibles amortization (a) $ 0.15 $ 0.15
Slide 21: Waters
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