Slide 1: Investor Presentation
Investor Presentation MAY 2026 INVESTOR PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements contained in this presentation that are not historical facts, including any statements as to future market conditions, results of operations, product introductions, and financial projections, are forward-looking statements within the meaning of Section 27A of
Slide 3: SPX Technologies Overview
SPX Technologies Overview INVESTOR PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 3|
Slide 4: SPX Technologies at a Glance
SPX Technologies at a Glance 1 ~$2.61B ~$613M ~23.5% ~$7.95 FY 2026E FY 2026E FY 2026E FY 2026E Revenue Adj. EBITDA Adj. EBITDA Margin Adj. EPS APAC 7% EMEA D&M 11% 29% Engineered Leading Tech- Niches Positions Enabled FY 2026E Revenue Revenue by by Geography2 Segment (Destination) HVAC 71% Moats Su
Slide 5: Investment Case
Investment Case Attractive Core Well-positioned key platforms in growth markets Favorable secular trends and business mix; Growth Growth initiatives in early innings Cash Flow Solid free cash flow conversion Business System Consistent repeatable process to drive improvement Capital Deployment Focuse
Slide 6: SPX Products are Everywhere
SPX Products are Everywhere Detection & Measurement HVAC 5 8 6 6 8 4 9 7 7 5 1 1 D&M HVAC 1 Precision Locator 4 1 Cooling Tower 2 Gas Line Robot 2 Hydronics 3 Wastewater Robot 3 Floor Heater Spectrum Monitoring 2 Radiant Heater 2 4 4 3 5 Obstruction Lighting 5 Damper 6 Marine Lighting 3 6 Air Handli
Slide 7: Balanced Exposure Across Attractive End Markets
Balanced Exposure Across Attractive End Markets 2025 Revenue1 Healthcare/Pharma 8% Communications 5% Water 5% Data Center 9% Energy & Utility 6% Industrial Resi Institutional 9% 20% 8% Transportation 7% Commercial 13% Defense Technology 10% Non-Residential Industrial Resi Smart Infrastructure HVAC D
Slide 8: Strong Foundation for Growth
Strong Foundation for Growth Revenue from replacement sales2 20261 HVAC Revenue Segment Margin ~2/3 ▪ Cooling Towers Revenue from #1 or #2 market position2 ▪ Engineered Air Movement $1,860M ~24.50% ~90% ▪ Electric Heating ▪ Hydronics Key Businesses MARLEY SGS REFRIGERATION DETECTION & MEASUREMENT CI
Slide 9: Strong Track Record
Strong Track Record 1 1 Adj. EBITDA and Margin Adj. Earnings Per Share ($ M/%) ($/Share) ~$613 ~$7.95 $507 $6.76 $421 $5.58 ~23.5% 22% $310 21% $4.31 $207 $3.10 18% 14% 2022 2023 2024 2025 2026E2 2022 2023 2024 2025 2026E 2 1 Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS are non-GAAP fina
Slide 10: Value Creation Framework and Targets
Value Creation Framework and Targets Strong Foundation Business System Target Model Engineered Niches Leading Positions Excellence Growth Tech-Enabled Digital/AI Strategic M&A 15%+ Adj. EBITDA1 Growth2 Continuous New Product Moats Improvement Development Talent Commercial Sustainable Excellence Stra
Slide 11: HVAC Segment
HVAC Segment INVESTOR PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 11 |
Slide 12: HVAC Segment Overview
HVAC Segment Overview 2025 Revenue by Product Segment Growth ($ M) Medium-term Cooling Organic ~55% 61% Targets3 202 5 Revenue $1.5B Replacement $1,860 5-6% Heating Revenue 1 $1,518 39% $1,365 24.5% ~24.5% 21-25% 23.7% 2025 Revenue by 2 2024 2025 2026E Geography (destination) Revenue Segment income
Slide 13: SPX HVAC Products are Everywhere
SPX HVAC Products are Everywhere Air Handling Unit Heat Pump Duct Heater Critical Exhaust Damper Cooling Tower Radiant Heat Floor Heater Hydronics Illustrative example. SPX’s HVAC products are used in a variety of end markets. INVESTOR PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 13 |
Slide 14: HVAC – Market Fundamentals
HVAC – Market Fundamentals Strong Diversified Favorable Sector Attributes End Markets Megatrends Large addressable market Data Center Operationally critical applications Healthcare Industrial Numerous specialty niches Institutional Digital Substantial installed base Commercial Extensive aftermarket
Slide 15: HVAC – Key Value Creation Drivers
HVAC – Key Value Creation Drivers SPX BUSINESS SYSTEM Continuous Growth Digital / AI Improvement Operational Technology- Channel Excellence enabled Deepen partnerships Improve service Create enhanced customer with manufacturing reps and reduce cost productivity across value chain and specifying engi
Slide 16: HVAC Capacity Expansions
HVAC Capacity Expansions Demand-Driven Growing data center and Mirabel, QC custom air handling demand Smith Falls, ON Facilities Capital Olathe, KS Nashville, TN Existing facilities, plus ~$160M total: ~$60M in Madison, AL two new facilities 2025; ~$100M in 2026 Capacity Existing Facility ~$700M1 of
Slide 17: Detection & Measurement
Detection & Measurement INVESTOR PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 17 |
Slide 18: Detection & Measurement Segment Overview
Detection & Measurement Segment Overview 2025 Revenue by Product Segment Growth ($ M) Medium-term Location & Organic Inspection Eq uipment Targets3 2025 Revenue $747M 34% AtoN, CommTech, ~70% $747 $750 4-6% and Transpor tation Replacement Revenue 1 $619 66% 25.75% 22-24% 23.6% 22.1% 2025 Revenue by
Slide 19: SPX Detection & Measurement Segment
SPX Detection & Measurement Segment High value business platforms providing specialized field-deployed tools and technologies that enhance the safety, quality, productivity and performance of critical infrastructure systems Location & Inspection Aids to Navigation Communication Transportation Techno
Slide 20: SPX Detection & Measurement Products are Everywhere
SPX Detection & Measurement Products are Everywhere Obstruction Lighting Marine Lighting Spectrum Monitoring System Fare Collection System Precision Digital Utility Interoperability Locator Wastewater Robot Gas Line Robot INVESTOR PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 20 |
Slide 21: Detection & Measurement – Market Fundamentals
Detection & Measurement – Market Fundamentals Strong Attractive Favorable Secular Drivers End Markets Megatrends Population Growth & Demographics Energy & Utility Utility Upgrades Water Urbanization, Aging Infrastructure & Regulatory Requirements U.S. Defense Technology Infrastructure Safety & Susta
Slide 22: How Does D&M Win?
How Does D&M Win? SPX BUSINESS SYSTEM Growth M&A Digital / AI Strategic Market Platform Embedded Digital Expansion Accelerators Technologies ▪ Attractive end markets and adjacencies ▪ Proven compounder strategy ▪ Operator productivity ▪ High value customer segments ▪ Proprietary deal flow ▪ Predicti
Slide 23: Financial Performance & Capital Allocation
Financial Performance & Capital Allocation INVESTOR PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 23 |
Slide 24: 2026 Guidance
2026 Guidance1 Detection & Total SPX HVAC Measurement Revenue $2.575-$2.645B $1,840-$1,880M $735-$765M Prior range $2.535-$2.605B $1,800-$1,840M $735-$765M Segment Income Margin1 24.60%-25.10% 24.25%-24.75% 25.50%-26.00% Prior range 24.60%-25.10% 24.50%-25.00% 24.75%-25.25% Adj. EBITDA1 $600-$625M R
Slide 25: Growth-Oriented Capital Allocation
Growth-Oriented Capital Allocation Capital Deployed 2022-2026E1 Strategic Acquisitions Priorities 83% ▪ Strategic acquisitions ▪ Return-driven CapEx investments to facilitate organic growth ~$2.1B ▪ Opportunistic return of capital to Share shareholders Repurchases 1% CapEx 15% 1 Includes capital dep
Slide 26: Disciplined Balance Sheet Utilization
Disciplined Balance Sheet Utilization Net Leverage1 As of December 31, 2015-2025 and March 28, 2026 2.5x Cumulative Adj. FCF2 2.5x 2.1x conversion ‘22-’25 of 1.5x 1.7x 1.6x 1.7x ~97% 1.5x 1.3x 0.9x 0.4x 1.0x Return-driven capital deployment 0.3x Transformers Target to operate within a -0.9x divestit
Slide 27: Building Strategic Platforms
Building Strategic Platforms INVESTOR PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 27 |
Slide 28: Consistently Driving Strategic Growth
Consistently Driving Strategic Growth M&A Capital Deployed (~$2.5B) Targets Acquired 2018 $181 2019 $147 2020 $104 2021 $265 2022 $40 2023 $547 2024 $292 2025 $492 SIGMA & OMEGA 2026 $494 $38111 INVESTOR PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 28 | 1 2026 M&A capital deployed as of April 30
Slide 29: Building Strategic Platforms
Building Strategic Platforms HVAC Segment Detection & Measurement Segment Heating Cooling L&I AtoN CommTech Transportation Building “Platforms of Scale” INVESTOR PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 29 |
Slide 30: M&A Performance Metrics
M&A Performance Metrics1 1.5-2.0x ~$2.5B ~$140M targeted purchase capital deployed average price multiple since 2018 deal size reduction through synergies ~$930M 8x-12x $10B+ acquired revenue typical Adj. EBITDA2 increase in and 20%+ Adj. purchase addressable EBITDA2 price market margin multiples 1
Slide 31: What Makes a Good SPX M&A Target?
What Makes a Good SPX M&A Target? Strategic Framework Focus Areas Assessment Criteria ✓ Sizable TAM Engineered Niches Leading Positions HVAC ✓ Less-Cyclical ✓ Attractive Growth & Tech-Enabled Margin Opportunities Moats D&M ✓ Achievable Synergies Sustainable ✓ Cash ROIC > WACC INVESTOR PRESENTATION |
Slide 32: Building Strategic Platforms – Engineered Air Movement
Building Strategic Platforms – Engineered Air Movement Comprehensive solutions for high-value air movement applications Leading fans, blowers, and critical exhaust systems Industrial and commercial dampers and air control solutions High performance custom air handling units Broad portfolio of highly
Slide 33: Building Strategic Platforms – Electric Heat
Building Strategic Platforms – Electric Heat High-value electric heating solutions with significant expansion potential Leader in supplemental electric heat for commercial applications High quality solutions for industrial and commercial applications Custom electric duct heating and related solution
Slide 34: Building Strategic Platforms – CommTech
Building Strategic Platforms – CommTech Broad provider of spectrum monitoring and COMINT solutions Spectrum Monitoring and COMINT Solutions Tactical Data Links and RF Countermeasures KTS Advanced Digital Interoperability and Tactical Networking Scales and Accelerates Growth In CommTech INVESTOR PRES
Slide 35: Summary & Conclusion
Summary & Conclusion INVESTOR PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 35 |
Slide 36: Summary & Conclusion
Summary & Conclusion Solid foundation of attractive growth businesses Significant further Business System and continuous improvement opportunities Strong cash generation and disciplined balance sheet management Successful and effective growth and capital deployment Robust M&A pipeline with strong ex
Slide 37: Appendix
Appendix INVESTOR PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 37 |
Slide 38: Modeling Considerations – Full-Year 2026
Modeling Considerations – Full-Year 2026 Metric Considerations Corporate expense $52.0-55.0m Long-term incentive comp $17.0-19.0m Restructuring costs ~$2.0m Interest cost $30.0-33.0m Other (income)/expense $0.0-2.0m Tax rate 25.25%-25.75% Capex $135.0-165.0m Cash cost of pension + OPEB $16.0-17.0m D
Slide 39: Q1 2026 U.S. GAAP to Adjusted EPS Reconciliation
Q1 2026 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) (1) Adjustment represents the removal of certain acquisition and integration-related costs of $2.7. (2) Adjustment represents the removal of (i) acquisition and integration-related costs of $0.9 within the HVAC
Slide 40: FY 2025 U.S. GAAP to Adjusted EPS Reconciliation
FY 2025 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) GAAP Adjustments Adjusted Segment income $ 548.8 $ — $ 548.8 Corporate expense (1) (59.2) 6.8 (52.4) Acquisition and integration-related costs (2) (28.9) 28.9 — Long-term incentive compensation expense (3) (16.
Slide 41: FY 2024 U.S. GAAP to Adjusted EPS Reconciliation
FY 2024 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) GAAP Adjustments Adjusted Segment income $ 460.6 $ — $ 460.6 Corporate expense (1) (53.6) 5.0 (48.6) Acquisition and integration-related costs (2) (7.2) 7.2 — Long-term incentive compensation expense (15.0) — (
Slide 42: FY 2023 U.S. GAAP to Adjusted EPS Reconciliation
FY 2023 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) GAAP Adjustments Adjusted Segment income $ 353.2 $ — $ 353.2 Corporate expense (1) (58.4) 8.1 (50.3) Acquisition-related and other costs (2) (5.8) 5.8 — Long-term incentive compensation expense (13.4) — (13.4)
Slide 43: FY 2022 U.S. GAAP to Adjusted EPS Reconciliation
FY 2022 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) GAAP Adjustments Adjusted Segment income $ 249.6 $ — $ 249.6 Corporate expense (1) (68.6) 18.2 (50.4) Acquisition-related and other costs (2) (1.9) 1.9 — Long-term incentive compensation expense (3) (10.9) (0.8
Slide 44: Q1 2026 Adjusted EBITDA Reconciliation
Q1 2026 Adjusted EBITDA Reconciliation ($ in millions) (1) Represents amortization expense associated with acquired intangible assets recorded within “Selling, general and administrative — intangible amortization” and amortization expense associated with acquired intangible assets and capitalized so
Slide 45: 2025 Adjusted EBITDA Reconciliation
2025 Adjusted EBITDA Reconciliation ($ in millions) FY 2025 Net income $ 244.0 Exclude: Income tax provisions (68.6) Interest expense, net (43.3) Amortization expense (1) (92.0) Depreciation expense (30.6) Loss from discontinued operations, net of tax (1.5) EBITDA 480.0 Exclude: Acquisition and inte
Slide 46: 2022-2024 Adjusted EBITDA Reconciliation
2022-2024 Adjusted EBITDA Reconciliation Twelve months ended ($ in millions) 2022 2023 2024 Net income $ 0.2 $ 89.9 $ 200.5 Exclude: Income tax provisions (7.3) (41.6) (53.6) Interest expense, net (7.6) (25.5) (43.6) Amortization expense (1) (28.6) (44.0) (64.9) Depreciation expense (17.8) (19.2) (2
Slide 47: 1Q 2026 Adjusted Net Income Reconciliation
1Q 2026 Adjusted Net Income Reconciliation ($ in millions) Q1 2026 Income from continuing operations $ 64.4 Exclude: Amortization of intangible assets(1) (24.2) (2) Acquisition and integration-related costs (7.8) Non-service pension and postretirement charges (1.5) Tax adjustments(3) 12.7 Adjusted n
Slide 48: 2025 Adjusted Net Income Reconciliation
2025 Adjusted Net Income Reconciliation ($ in millions) FY 2025 Income from continuing operations $ 245.5 Exclude: Amortization of intangible assets (1) (91.3) Acquisition and integration-related costs (2) (35.7) Long-term incentive compensation expense (3) (1.6) Impairment of intangible assets (4)
Slide 49: 2022-2024 Adjusted Net Income Reconciliation
2022-2024 Adjusted Net Income Reconciliation ($ in millions) Twelve months ended 2022 2023 2024 Income from continuing operations $ 19.8 $ 144.7 $ 201.8 Exclude: Amortization of acquired intangible assets (28.5) (43.9) (64.5) Impairment of goodwill and intangible assets (13.4) - - Acquisition and in
Slide 50: Q1 2026 Adjusted FCF Reconciliation
Q1 2026 Adjusted FCF Reconciliation ($ in millions) Three months ended March 28, 2026 March 29, 2025 Operating cash flow from (used in) continuing operations $ 29.8 $ (10.4) Include: Capital expenditures (18.5) (5.5) Free cash flow from (used in) continuing operations 11.3 (15.9) Exclude: Acquisitio
Slide 51: 2022-2025 Adjusted FCF Reconciliation
2022-2025 Adjusted FCF Reconciliation ($ in millions) Twelve months ended 2022 2023 2024 2025 Operating cash flow from (used in) continuing operations $ (115.2) $ 243.8 $ 313.1 $ 335.6 Include: Capital Expenditures (15.9) (23.9) (38.0) (92.1) Free cash flow from (used in) continuing operations (131.
Slide 52: SAISOTONHOSAL
SAISOTONHOSAL i. XdS