Slide 1: First Quarter 2025 Earnings Teleconference
< First Quarter 2025 Earnings Teleconference May 5th, 2025
Slide 2: Contents
< CONTENTS Q1 2025 Summary Q1 2025 Supplemental Information Appendix
Slide 3: Disclosure Regarding Forward-Looking Statements
Disclosure Regarding Forward-Looking Statements Information provided in this presentation that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary resul
Slide 4: Q1 2025 Summary
Q12025 Summary
Slide 5: Q1 2025 Summary
Q1 2025 Summary Performance Metric ($M) As Reported Revenue EBITDA Net Income EPS 8,174 1,460 824 $5.96 Cummins | 5
Slide 6: Selected Financial Data - Quarter
Selected Financial Data - Quarter Sales Adjusted EBITDA % Adjusted Diluted Adjusted ROIC Dividend Per Share EPS (LTM) 8,403 $1.68 $5.96 $5.10 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 All values in $ millions (except where noted) Please refer to the appendix for adjustment reconciliations
Slide 7: Q1 2025 Net Sales and EBITDA by Segment
Q1 2025 Net Sales and EBITDA by Segment Three months ended March 31, 2025 Net Sales 2,771 2,670 2,907 1,649 103 (1,926) 8,174 Sales growth vs 2024 (5)% (20)% 15% 19% 1% 3% (3)% EBITDA 458 382 376 389 (86) (59) 1,460 Segment EBITDA % 16.5% 14.3% 12.9% 23.6% NM 17.9% Three months ended March 31, 2024
Slide 8: Q1 2025 EBITDA Detail
Q1 2025 EBITDA Detail EBITDA ($M) As Reported CMI 1,460 Engine Segment 458 Components Segment 382 Distribution Segment 376 Power Systems Segment 389 Accelera Segment (86) Eliminations (59)
Slide 9: Cummins Inc. - Historical Performance
Cummins Inc. - Historical Performance Adjusted EBITDA Sales 344 34.1 28.1 a2 28 24.0 4.0 2021 2022 2023 2024 2021 2022 2023 2024 All values in $ billions Please refer to the appendix for adjustment reconciliations
Slide 10: Q1 2025 Supplemental Information
Q1 2025 Supplemental Information
Slide 11: Engine Segment - Selected Financial Data
Engine Segment - Selected Financial Data Q1-25 Highlights « Revenues decreased 5% due to lower On-Highway demand in North America. » EBITDA margin increase driven by operational efficiencies and favorable pricing in light-duty markets. All values in $ millions (except where noted) 2,771 Revenue EBIT
Slide 12: Components Segment - Selected Financial Data
Components Segment - Selected Financial Data : Q1-25 Highlights » Sales decreased 20% primarily due to the separation of Atmus and lower On-Highway demand in North America and Europe. » The decrease in Adjusted EBITDA margin is driven primarily by the dilutive impact of the Atmus separation and a we
Slide 13: Distribution Segment - Selected Financial Data
Distribution Segment - Selected Financial Data Q1-25 Highlights « Sales increased 15% driven by increased demand for power generation products in North America. « EBITDA margin increased primarily due to higher power generation volumes and pricing. All values in $ millions (except where noted) 2,907
Slide 14: Power Systems Segment - Selected Financial Data
Power Systems Segment - Selected Financial Data Q1-25 Highlights » Revenue increased 19% driven primarily by increased power generation demand, particularly for data center applications. » EBITDA margin increased primarily as a result of higher volumes, favorable pricing and operational improvements
Slide 15: Accelera Segment - Selected Financial Data
Accelera Segment - Selected Financial Data Q1-25 Highlights — Revenue » Sales increased due to higher eMobility (86) demand and electrolyzer installations. Q1-25 EBITDA » EBITDA losses are driven by costs associated with the development of electric powertrains, fuel cells and electrolyzers, as well
Slide 16: Joint Venture Income
Joint Venture Income Engine 73 57 Components 7 26 Distribution 28 24 Power Systems 29 19 Accelera (6) (3) Total JV Income 131 123
Slide 17: Cash Flow
Cash Flow (3) Operating Cash Flow 162 Capital Expenditures 38.5% Total Debt to Capital Allvalues in $ millions (except where noted) 276 Operating Cash Flow 169 Capital Expenditures 40.4% Total Debt to Capital 15 consecutive years of common stock cash dividend increases ‘09 10 '11 12:13 '14 15 16 17
Slide 18: Appendix
Appendix
Slide 19: Cummins - Segment Overview
. . Cummins - Segment Overview S « Strong product portfolio and global partners «Disciplined investment growth and demonstrated technology leadership aa 1% Power Systems 16% \ Revenue Engine 28% 34.1 344 284 Revenue 24.0 by Segment Distribution 27% 2021 2022 2023 2024 Components 28% All values in $
Slide 20: Cummins - Regional Overview
Cummins - Regional Overview India 5% « Capitalizing on global emissions oe eeew—~~ \ regulations Middle East & Africa 2% Asia Pacific 7% ~N « Strong geographic diversification and leadership across multiple end-markets Revenue by Region China 9% * Global distribution network with presence in approxi
Slide 21: Engine Segment - Overview
Engine Segment - Overview «Diesel and natural gas engines from 2.8L to 15L and 48 hp to 715 hp + Market leader in multiple end-markets and geographies Off-Highway 15% \ Heavy-Duty Revenue Truck 35% Light-Duty Automotive 14% 117 11.7 400 10.9 Revenue by Application 2021 2022 2023 2024 Medium-Duty Tru
Slide 22: Components Segment - Overview
Components Segment - Overview + Leading supplier of axles, brakes, and aftertreatment products for commercial vehicle applications « Largest worldwide supplier of turbochargers from 3.8L to 25L for commercial applications fms 3% Automated Transmissions 5% ———_. Drivetrain & Revenue Braking Systems 4
Slide 23: Distribution Segment - Overview
Distribution Segment - Overview « Engaged in wholesaling engines, generator sets and service parts, as well as performing service and repair activities on our products « — Increase network capabilities in emerging markets to capture profitable growth Power Gen 35% Service 15% \ Revenue Engines 15% 1
Slide 24: Power Systems Segment - Overview
Power Systems Segment - Overview « Global provider of power generation systems, components and services from 2kW to 3.5 Megawatts (MW) + Leading supplier of engines 16L and larger to industrial applications and alternators from 7.5kVA to 11,200kVA Generator Technologies 8% \ Revenue Power Generation
Slide 25: Emerging Market Sales - China & India
Emerging Market Sales - China & India China India 7.5 7.0 6.5 5.3 3.2 3.0 26 : Zo 7 a 2021 2022 2023 2024 2021 2022 2023 2024 Wi Consolidated MI Joint Venture Wi Consolidated Ml Joint Venture a + Present in China for 50 years + Present in India for over 60 years * Broad product portfolio for On and
Slide 26: Non-GAAP Reconciliation - Q1 2024 EBITDA
Non-GAAP Reconciliation - Q1 2024 EBITDA EBITDA ($M) As Reported Separation Restructuring Adjusted CMI 2,572 (1,298) 29 1,303 Engine Segment 414 414 Components Segment 473 21 494 Distribution Segment 294 294 Power Systems Segment 237 237 Accelera Segment (101) (101) Eliminations 1,255 (1,319) 29 (35
Slide 27: Non-GAAP Reconciliation - Adjusted EBITDA
Non-GAAP Reconciliation — Adjusted EBITDA Three Months Ended In Millions 31-Mar-25 31-Mar-24 Net income attributable to Cummins Inc. $ 824. $ 1,993 Net income attributable to noncontrolling interests 26 35 Consolidated net income 850 2,028 Income tax expense 267 193 Income before taxes 417 2,221 Int
Slide 28: Non-GAAP Reconciliation - Adjusted EBITDA (2024 & 2023)
Non-GAAP Reconciliation - Adjusted EBITDA (2024 & 2023) Twelve Months Ended In Millions 31-Dec-24 31-Dec-23 Net income attributable to Cummins Inc. $ 3,946 §$ 735 Net income attributable to noncontrolling interests 122 105 Consolidated net income 4,068 840 Income tax expense 835 786 Income before ta
Slide 29: Non-GAAP Reconciliation - Adjusted EBITDA (2022 & 2021)
Non-GAAP Reconciliation —- Adjusted EBITDA (2022 & 2021) Twelve Months Ended In Millions 31-Dec-22 31-Dec-21 Net income attributable to Cummins Inc. $ 2151 §$ 2,131 Net income attributable to noncontrolling interests 32 33 Consolidated net income 2,183 2,164 Income tax expense 636 587 Income before
Slide 30: Non-GAAP Reconciliation - Adjusted Diluted EPS
Non-GAAP Reconciliation —- Adjusted Diluted EPS Three Months Ended In Millions 31-Mar-25 31-Mar-24 Diluted Earnings per Share $ 596 §$ 14.03 One-Time Items! (8.93) Adjusted Diluted Earnings per Share excluding One-Time Items 5.96 5.10 1Q12024 one-time items include $9.08 per share of net benefit rel
Slide 31: Non-GAAP Reconciliation - Invested Capital Used
Non-GAAP Reconciliation - Invested Capital Used for Return on Invested Capital Calculation In Millions 31-Mar-25 31-Mar-24 Total Equity $ 1,971 $ 10,101 Less: Defined benefit postretirement plans (869) (861) Equity used for return on invested capital calculation 12.840 10,962 Loans payable 291 342 C
Slide 32: Non-GAAP Reconciliation - Net Operating Profit After Taxes
Non-GAAP Reconciliation - Net Operating Profit After Taxes Used for Return on Invested Capital Calculation Last Twelve Months Ended In Millions 31-Mar-25 31-Mar-24 Net income attributable to Cummins Inc. $ 2777, 1,938 Net income attributable to noncontrolling interests 13 124 Consolidated net income
Slide 33: Non-GAAP Reconciliation - Adjusted ROIC
Non-GAAP Reconciliation — Adjusted ROIC Last 12 Months Ended In Millions 31-Mar-25 31-Mar-24 Unadjusted ROIC Net Operating Profit after Taxes $ 3,163 $ 2,339 Beginning - Unadjusted Invested capital used for ROIC calculation 17,797 18,808 Ending - Unadjusted Invested capital used for ROIC calculation
Slide 34: Thank you for your interest
Thank you for your interest For additional information: (812) 377-3121 | investor.relations@cummins.com www.investor.cummins.com