Caterpillar, Inc. · NYSE:CAT
Caterpillar — Investor Day (November 2025)
134 slides from Caterpillar's investor day presentation, Nov 4, 2025
Slide 1: Caterpillar Investor Day 2025
THE NEXT OOYEARS CATERPILLAR INVESTOR DAY ZO25
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements in this financial review relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “a
Slide 3: Agenda & Presenters
Agenda & Presenters Extending Our Leadership Joe Creed, Chief Executive Officer Powering Long-Term Growth Jason Kaiser, Group President of Energy & Transportation Outpacing the Industry Tony Fassino, Group President of Construction Industries BREAK Shaping the Future of Mining Denise Johnson, Group
Slide 4: Caterpillar Attendees
AT T E N D E E S Caterpillar Attendees Derek Christy PRESENTERS Owens Pambianchi Chief Legal Chief Human Officer Resources Officer Melissa Kyle Epley Joe Andrew SVP Global Busen Creed Bonfield SVP Electric Finance CEO CFO Power Division Services Jason Tony Jaime George Kaiser Fassino Mineart Moubaye
Slide 5: Caterpillar at a glance: 2024 sales and revenues
CONSTRUCTION INDUSTRIES RESOURCE INDUSTRIES E N E R GY & T R A N S P O R TAT I O N $65B ~140 112,900 4M+ 152 2024 SALES LOCATIONS ACROSS EMPLOYEES CAT® PRODUCTS INDEPENDENT & REVENUES 24 COUNTRIES AT WORK1 CAT DEALERS2 Note: All numbers represent year-end 2024 data. 1 Includes discontinued products.
Slide 6: Caterpillar: Strong Past. Stronger Future.
Caterpillar: Strong Past. Stronger Future. Extending Our Leadership Into the Next 100 Years 01 Foundation Is Strong 02 Evolving Our Strategy 03 Raising the Bar INVESTOR DAY 2025 6
Slide 7: We Have Delivered Strong Total Shareholder Return (TSR)
We Have Delivered Strong Total Shareholder Return (TSR) Our Performance Has Consistently Outpaced the S&P 500, Industrials and Capital Goods 10 YEAR TSR 5 YEAR TSR 3 YEAR TSR (YE 2014 to YE 2024) (YE 2019 to YE 2024) (YE 2021 to YE 2024) 22% 23% 18% 15% 13% 12% 13% 13% 11% 12% 9% 9% CAT S&P 500 S&P
Slide 8: Built on Our Foundation of Success
Built on Our Foundation of Success AT YEAR-END 2024 $11B OPACC 1 +90% from 2019 base $24B Services Revenues 2 +71% from 2016 base O&E MODEL FOCUSED ON $18M eCommerce Sales per business day; +125% from 2019 base PROFITABLE GROWTH +1.5M Connected Assets 3 +46% from 2019 base $40B ME&T Free Cash Flow 4
Slide 9: We Have Delivered On Our Commitments
We Have Delivered On Our Commitments Higher Financial Performance Through Dynamic External Environments 2019 2020 2021 2022 2023 2024 2025F 15.8% 11.8% 13.7% 15.4% 20.5% 20.7% Bottom end ADJ. OPERATING of range PROFIT MARGIN 1 TARGET RANGE 300 – 600 BPS HIGHER VS. 2010 – 2016 AVERAGE +100 BPS TO TOP
Slide 10: Long-Term Secular Trends Driving Growth Across Our End Markets
Long-Term Secular Trends Driving Growth Across Our End Markets Strong Growth Opportunities in All Three Primary Segments MEGA TRENDS CI RI E&T URBANIZATION +25% +39% +200% Global Construction Increase in Global Data Center Spend Critical Minerals Electricity Demand DIGITALIZATION (2024–2034) (2024–2
Slide 11: Caterpillar: Strong Past. Stronger Future.
Caterpillar: Strong Past. Stronger Future. Extending Our Leadership Into the Next 100 Years 01 Foundation Is Strong 02 Evolving Our Strategy 03 Raising the Bar INVESTOR DAY 2025 11
Slide 12: Strategic Plan for Profitable Growth
MN , OUR MISSION ~ // SOLVING OUR CUSTOMERS’ TOUGHEST STRATEGIC PLAN FOR PROFITABLE GROWTH Cc COMMERCIAL A ADVANCED T TRANSFORM EXCELLENCE TECHNOLOGY HOW WE WORK OPERATIONAL EXCELLENCE O&E Model « Quality * Lean * Competitive Cost * Velocity OUR VALUES IN ACTION SAFETY INTEGRITY TEAMWORK EXCELLENCE
Slide 13: Customer challenges: safety, labor, productivity, worksite complexity
1 Safety Risks 2 Labor Shortages 3 Productivity Challenges 4 Worksite Complexity 5 Sustainability Objectives 6 Reliable Power INVESTOR DAY 2025 13
Slide 14: Closer to Customers
C LO S E R TO C U S TO M E R S Driving Renewing our Tailoring engagement commitment solutions for with strategic to services our customers accounts GROWING WITH OUR WORLD-CLASS DEALER NETWORK INVESTOR DAY 2025 14
Slide 15: Digital & Technology as a Differentiator
D I G I TA L & T E C H N O LO GY A S A D I F F E R E N T I ATO R Improving Supporting Accelerating Expanding customer customer digital autonomous safety & sustainability solutions solutions productivity objectives INVESTOR DAY 2025 15
Slide 16: Winning With Our People
W I N N I N G W I T H O U R P E O P LE Investing in Modernizing Becoming the workforce manufacturing more efficient of the future INVESTOR DAY 2025 16
Slide 17: Strategic Plan for Profitable Growth
MN , OUR MISSION ~ // SOLVING OUR CUSTOMERS’ TOUGHEST STRATEGIC PLAN FOR PROFITABLE GROWTH Cc COMMERCIAL A ADVANCED T TRANSFORM EXCELLENCE TECHNOLOGY HOW WE WORK OPERATIONAL EXCELLENCE O&E Model « Quality * Lean * Competitive Cost * Velocity OUR VALUES IN ACTION SAFETY INTEGRITY TEAMWORK EXCELLENCE
Slide 18: Setting Ourselves Up for Success
Setting Ourselves Up for Success Organizing to Deliver Our Strategic Growth Pillars Effective July 2025 Today January 2026 Digital & Technology Energy & Transportation Rail division to join divisions aligned under is renamed Resource Industries one group president Power & Energy INVESTOR DAY 2025 18
Slide 19: Caterpillar: Strong Past. Stronger Future.
Caterpillar: Strong Past. Stronger Future. Extending Our Leadership Into the Next 100 Years 01 Foundation Is Strong 02 Evolving Our Strategy 03 Raising the Bar INVESTOR DAY 2025 19
Slide 20: Investing in Our Growth Strategy
Investing in Our Growth Strategy O&E Model Guides Our Resource Allocation ANNOUNCED TODAY Compared 2x to 2024 MACHINERY, GAS TURBINES 2025-2030 FORECASTED POWER & ENERGY CAPEX 2.5 INCREASE FROM 2019-2024 Solar Turbines Capacity Large Engine Capacity Modern Manufacturing PREVIOUSLY ANNOUNCED LARGE EN
Slide 21: Investing in Our Growth Strategy
Investing in Our Growth Strategy O&E Model Guides Our Resource Allocation 2025-2030 FORECASTED 2x MACHINERY, POWER & ENERGY CAPEX 2.5x DIGITAL & TECHNOLOGY INVESTMENT INCREASE FROM 2019-2024 Solar Turbines Capacity Personalized Digital Marketing Large Engine Capacity Operator Assist Modern Manufactu
Slide 22: Committed to Long-Term Profitable Growth
Committed to Long-Term Profitable Growth Continuing to Raise the Bar 2019-2024 2024-2030 CURRENT TARGETS ACTUALS NEW TARGETS Sales & Revenues N/A 4% CAGR 5-7% CAGR Adjusted Operating Profit Margin1 10-14% to18-22% 12% - 21% 15-19% to 21-25% at $42B at $72B at $42B at $67B at $60B at $100B Services R
Slide 23: New Sales and Revenues Growth Target
New Sales and Revenues Growth Target Executing Our Strategy Will Accelerate Volume Growth DRIVERS OF SALES & REVENUES VOLUME Strong end-markets in all three primary segments NEW TARGET 5-7% CAGR POWER & ENERGY CI RI Adding capacity Tailoring Shaping the to capture solutions to meet future of mining
Slide 24: Caterpillar: Strong Past. Stronger Future.
Caterpillar: Strong Past. Stronger Future. Extending Our Leadership Into the Next 100 Years 5-7% ENTERPRISE SALES & The foundation is strong REVENUES CAGR $30B Evolving the strategy to capitalize on end market growth opportunities in all three primary segments SERVICES REVENUES1 Updated Investing in
Slide 25: Power & Energy
Power & Energy Jason Kaiser Group President
Slide 26: Introducing
INTRODUCING INVESTOR DAY 2025 26
Slide 27: Largest and Fastest-Growing Segment in 2024
Largest and Fastest-Growing Segment in 2024 Positioned to Fuel Long-Term Profitable Growth POWER & ENERGY KEY HIGHLIGHTS TOTA L S A L E S FROM 2019 TO 2024 (USD Billions) $29 16% INTER-SEGMENT Over 30% Total Sales Growth $22 14% INDUSTRIAL 19% TRANSPORTATION R&D and Capital Investment Increased by ~
Slide 28: Powering Long-Term Growth for Caterpillar
Powering Long-Term Growth for Caterpillar Power & Energy is Positioned for Sustained, Strategic Growth Through 2030 >2x Sales Historic growth in overall power and energy POWER GEN with an evolving mix 2x Capacity Uniquely positioned to capture tremendous growth opportunity LARGE ENGINES1 2.5x Capaci
Slide 29: Historic Growth
01 Historic Growth 02 Uniquely Positioned 03 Executing a Well-Established Plan INVESTOR DAY 2025 29
Slide 30: The World Needs More Energy
The World Needs More Energy Evolving Energy Landscape Where All Sources Will Be Needed G LO B A L E N E RGY D E M A N D OIL & GAS At least 50% of total energy now through 2035, +40 EXAJOULES with natural gas becoming increasingly important 8x the energy needed to power all U.S. households each year
Slide 31: Historic Electricity Demand Creates Opportunities
Historic Electricity Demand Creates Opportunities Ensuring Customer Success With Fast and Reliable Solutions GROWTH OPPORTUNITIES F U T U R E O F E N E RGY 2023 - 2035 PRIMARY AND BACKUP POWER TO SUPPORT AI AND DATA CENTERS RELIABLE DISTRIBUTED GENERATION AND GRID SUPPORT GLOBAL GLOBAL DATA CENTER N
Slide 32: Uniquely Positioned
01 Historic Growth 02 Uniquely Positioned 03 Executing a Well-Established Plan INVESTOR DAY 2025 32
Slide 33: Supporting Customers Through the Power & Energy Value Chain
Supporting Customers Through the Power & Energy Value Chain Uniquely Positioned to Deliver Products and Services INVESTOR DAY 2025 33
Slide 34: Supporting Customers Through the Power & Energy Value Chain
Supporting Customers Through the Power & Energy Value Chain Uniquely Positioned to Deliver Products and Services APPLICATIONS • OFFSHORE DRILLING • ONSHORE DRILLING • WELL SERVICING PRODUCTS & SERVICES • GAS TURBINES • E-FRAC • DIESEL ENGINES • TRANSMISSION • DIESEL GENSETS • FLOW IRON & PUMPS • GAS
Slide 35: Supporting Customers Through the Power & Energy Value Chain
Supporting Customers Through the Power & Energy Value Chain Uniquely Positioned to Deliver Products and Services APPLICATIONS • GAS COMPRESSION • PRODUCTION POWER PRODUCTS & SERVICES • GAS TURBINES • GAS ENGINES • GENSETS • CARBON CAPTURE • SERVICE & MAINTENANCE INVESTOR DAY 2025 35
Slide 36: Supporting Customers Through the Power & Energy Value Chain
Supporting Customers Through the Power & Energy Value Chain Uniquely Positioned to Deliver Products and Services APPLICATIONS • LIQUEFIED NATURAL GAS (LNG) PRODUCTS & SERVICES • GAS TURBINES • SERVICE & MAINTENANCE INVESTOR DAY 2025 36
Slide 37: Supporting Customers Through the Power & Energy Value Chain
Supporting Customers Through the Power & Energy Value Chain Uniquely Positioned to Deliver Products and Services APPLICATIONS • DATA CENTERS • CUSTOMER SITES • UTILITIES PRODUCTS & SERVICES • GAS TURBINES • GAS GENSETS • DIESEL GENSETS • ENERGY STORAGE • CONTROLS, SWITCHGEAR AND INVERTERS • ASSET MO
Slide 38: Supporting Customers Through the Power & Energy Value Chain
Supporting Customers Through the Power & Energy Value Chain Uniquely Positioned to Deliver Products and Services INVESTOR DAY 2025 38
Slide 39: Unmatched Portfolio of Engines and Turbines
Unmatched Portfolio of Engines and Turbines Power & Energy is Uniquely Positioned for Growth DIFFERENTIATORS + Broad portfolio of reciprocating engines DIESEL GAS GAS TURBINE1 (up to 10MW) and turbines (up to 39MW) + Best-in-class products – efficiency and power density COMPANY A + Common product pl
Slide 40: Delivering Site-Level Power Solutions for the Best Energy Outcome
Delivering Site-Level Power Solutions for the Best Energy Outcome BRINGING MULTIPLE GIGAWATTS OF CAPACITY TO UTAH CUSTOMER • Caterpillar designed power solution • Reciprocating gensets for primary and backup power • Integrated system: controls, switchgear, inverters and energy storage • Service and
Slide 41: Executing a Well-Established Plan
01 Historic Growth 02 Uniquely Positioned 03 Executing a Well-Established Plan INVESTOR DAY 2025 41
Slide 42: Advanced Technology
Advanced Technology Investments for Customer Value Through Performance Optimization and Lower Cost MACHINE PRODUCTIVITY ADVANCED POWER PORTFOLIO AUTONOMY & AUTOMATION INVESTOR DAY 2025 42
Slide 43: Commercial Excellence
Commercial Excellence Expanding Access and Simplifying Engagement for Customers KEY ACCOUNT MANAGEMENT SERVICES INVESTOR DAY 2025 43
Slide 44: Delivering Commercial Excellence for the Best Energy Outcome
Delivering Commercial Excellence for the Best Energy Outcome STRONG CUSTOMER RELATIONSHIP TO GROW AND SCALE TOGETHER • Collaboration at all levels to solve problems and enable growth • Providing reliable power – critical element for customer success QTS DATA CENTERS + CATERPILLAR INVESTOR DAY 2025 4
Slide 45: Expanding Capacity to Meet Record Backlog
Expanding Capacity to Meet Record Backlog Working Closely With Customers to Align With Demand Outlook LARGE ENGINES GAS TURBINES 2X 2.5 X CAPACITY 1 CAPACITY PREVIOUSLY ANNOUNCED (REBASED TO 2024) ANNOUNCED TODAY (COMPARED TO 2024) ADDING CAPACITY ANNUALLY THROUGH END OF THE DECADE 1 Previously anno
Slide 46: Capacity Expansion Supports Decades of Services
Capacity Expansion Supports Decades of Services Growing Population of Continuously Operating Applications MORE SERVICES MORE PRIMARY POWER Distributed generation Data center primary power >40x 30-40 SERVICES REVENUES 1 YEARS OF SERVICES Natural gas transmission PRIMARY VS. BACKUP POWER 2 FOR GAS TUR
Slide 47: Powering the Future for the Best Energy Outcome
Powering the Future for the Best Energy Outcome HELPING TRADITIONAL OIL & GAS CUSTOMERS PURSUE NEW POWER GEN OPPORTUNITIES • Long-time Oil & Gas customer collaborating with Caterpillar to expand into power generation for data centers • Full suite of offerings: diesel and gas gensets, gas turbines an
Slide 48: Powering Long-Term Growth for Caterpillar
Powering Long-Term Growth for Caterpillar Power & Energy is Positioned for Sustained, Strategic Growth Through 2030 >2x Sales Historic growth in overall power and energy POWER GEN with an evolving mix 2x Capacity Uniquely positioned to capture tremendous growth opportunity LARGE ENGINES1 2.5x Capaci
Slide 49: Construction Industries
Construction Industries Tony Fassino Group President
Slide 50: Construction Industries (CI)
Construction Industries (CI) Serving Customers Across the Globe General Construction Heavy Construction Industrial & Waste Road Construction Quarry & Aggregates Agriculture & Landscaping INVESTOR DAY 2025 50
Slide 51: CI Has Maintained a Strong Financial Position
CI Has Maintained a Strong Financial Position We Have Delivered Strong Results and Are Positioned for Long-Term Profitable Growth KEY HIGHLIGHTS FROM 2019 TO 2024 CONSTRUCTION INDUSTRIES TOTA L S A L E S (USD Billions) Expanded Margin $25 $23 Broadened Next-Generation Product Portfolio Strengthened
Slide 52: Secular Tailwinds Support Multi-Year Growth
Secular Tailwinds Support Multi-Year Growth CI Has a Favorable Product and Geographic Mix to Participate in Positive Industry Trends RESIDENTIAL NON-RESIDENTIAL +25% GLOBAL CONSTRUCTION +25% CONSTRUCTION +15% CONSTRUCTION Residential Construction Spend (2024-2034) Non-Residential Building Constructi
Slide 53: Uniquely Positioned to Solve Our Customers' Toughest Challenges
Uniquely Positioned to Solve Our Customers’ Toughest Challenges The Combination of Products, Services and Technology Differentiates CI from Others in the Industry INDUSTRY-LEADING TOTAL COST OF OWNERSHIP PRODUCT SUPPORT TECHNOLOGY SUITE ~300 MODELS ▪ ~1.4M CONNECTED & REPORTING ASSETS1 ▪ DIGITAL & T
Slide 54: Profitable Growth Through Customer-Centric Value Creation
Profitable Growth Through Customer-Centric Value Creation 2030 GOAL 1.25x Sales to Users 1 Growth Commercial Excellence Advanced Technology Leadership Integrated Solutions 1 Reported in price neutral dollars and based on unit sales as reported primarily by dealers, compared to 2024 INVESTOR DAY 2025
Slide 55: Commercial Excellence
01 Commercial Excellence Aligning Resources, Tailoring Solutions, Scaling Services 02 Advanced Technology Leader Transforming the Worksite 03 Delivering Integrated Solutions Bringing it All Together INVESTOR DAY 2025 55
Slide 56: Commercial Excellence Built Around Customer Needs
Commercial Excellence Built Around Customer Needs Driving Growth With Focused Regional Strategies and Outcome-Based Services CORE GROWTH COMMERCIAL TA I L O R E D O U TC O M E - B A S E D O R G A N I Z AT I O N G O -TO - M A R K E T SERVICES COMMITMENT SOLUTI ONS INVESTOR DAY 2025 56
Slide 57: Delivering Customer Value Through Services
Delivering Customer Value Through Services Services Growth Through Transforming Machine Data Into Actionable Customer Solutions Enabled by CVAs HARNESS SCALE DELIVER UPHOLD DATA AUTOMATICALLY DATA INTO TIMELY OFFERS EXCEPTIONAL AND SEAMLESSLY RECOMMENDATIONS TO CUSTOMERS COMMITMENTS WITH CVAs Connec
Slide 58: Customer Value Agreements With a Services Commitment
Customer Value Agreements With a Services Commitment DRIVING CUSTOMER SUCCESS • Innovative excavation and design- development company specializing in commercial, residential, and heavy highway projects • Seeking a solutions provider to prioritize service and uptime JP EXCAVATING + CATERPILLAR + WHEE
Slide 59: Advanced Technology Leader
01 Commercial Excellence Aligning Resources, Tailoring Solutions, Scaling Services 02 Advanced Technology Leader Transforming the Worksite 03 Delivering Integrated Solutions Bringing it All Together INVESTOR DAY 2025 59
Slide 60: Transforming the Worksite of the Future
Transforming the Worksite of the Future Connecting Our Advanced Technology and Digital Solutions to Transform the Worksite Experience Safety SEAMLESSLY BRIDGING Productivity Integrated Technology Experience & Labor INVESTOR DAY 2025 60
Slide 61: Advanced Technology Delivering Innovative Solutions
Advanced Technology Delivering Innovative Solutions DRIVING CUSTOMER SUCCESS • Longstanding civil engineering and construction company • Seeking a strategic partner to help drive innovation in challenging environments CONSTRUTORA BARBOSA MELLO + CATERPILLAR + INVESTOR SOTREQ CAT DAY 2025
Slide 62: Delivering Integrated Solutions
01 Commercial Excellence Aligning Resources, Tailoring Solutions, Scaling Services 02 Advanced Technology Leader Transforming the Worksite Delivering Integrated Solutions 03 Bringing it All Together INVESTOR DAY 2025 62
Slide 63: Integrated Solutions in Action: Real-World Customer Success
Integrated Solutions in Action: Real-World Customer Success Bringing Together Products, Services, Advanced Technology and Expertise to Deliver Committed Customer Outcomes CUSTOMER NEEDS Caterpillar recommended fleet right-sizing and productivity optimization • Predictable costs • Improved uptime Cat
Slide 64: Outpacing the Industry by Solving Our Customers' Toughest Challenges
Outpacing the Industry by Solving Our Customers' Toughest Challenges Driving commercial excellence through tailored go-to-market strategies 1.25x Deploying advanced technology to solve safety, productivity and labor challenges SALES TO USERS1 GROWTH Delivering integrated solutions across industry-le
Slide 65: The Journey Doesn't Stop Here – Stay Tuned For More
The Journey Doesn’t Stop Here – Stay Tuned For More Visit the CI Team at CONEXPO CON / AGG – March 3-7, 2026, in Las Vegas, Nevada + New Product Lines + Expanded Safety, Productivity + Tailored Go-To-Market Strategies and Autonomy Offerings + Increased Service Commitments + AI-Enabled Solutions PROD
Slide 66: Resource Industries
Resource Industries Denise Johnson Group President
Slide 67: Resource Industries is a Global Leader
Resource Industries is a Global Leader Our Customers Operate Around the Clock in Some of the World’s Most Rugged and Remote Locations HEAVY CONSTRUCTION + RAIL MINING QUARRY & AGGREGATES Effective 2026 INVESTOR DAY 2025 67
Slide 68: Our Performance Has Built a Strong Foundation for Growth
Our Performance Has Built a Strong Foundation for Growth Strong Profitability and Operational Focus Positions Us Well to Invest in Our Future RESOURCE INDUSTRIES KEY HIGHLIGHTS TOTA L S A L E S FROM 2019 TO 2024 (USD Billions) $12 Strong Profitability Underpinned by the O&E Model $10 690 Cat Autonom
Slide 69: Solving for the Need for More Energy and Infrastructure Starts With Mining
Solving for the Need for More Energy and Infrastructure Starts With Mining Access to Fastest Growing Minerals is Becoming More Complex OTHER BATTERY METALS1 +125% NICKEL +52% GRAPHITE +118% +39% Critical Global Energy and Infrastructure Expansion In kilotons Minerals COPPER +22% is Driving Mineral D
Slide 70: Growth With Replacements and Rebuilds
Growth With Replacements and Rebuilds Uniquely Positioned to Solve Customers’ Diverse Needs ~60% OF MINING, QUARRY & AGGREGATE FLEETS >10 Years in Service 30K+ LOCOMOTIVE INSTALL BASE Fleets Continue to Age North American Fleet NEW MACHINE REPLACEMENTS WITH ADVANCED TECHNOLOGY, REBUILDS AND RETROFIT
Slide 71: The Mining Industry is Entering a New Investment Cycle
The Mining Industry is Entering a New Investment Cycle Increasing Demand and Operational Complexity are Accelerating Capital Expenditures 1 Industry units actuals and forecast from BIC, excludes wide body trucks 1 G LO B A L M I N I N G S E C TO R C A P I TA L E X P E N D I T U R E S 2 Capex in nomi
Slide 72: Profitable Growth Starts With Solving Customers' Toughest Challenges
Profitable Growth Starts With Solving Customers’ Toughest Challenges Delivering Customer Value Requires Advanced Technology With a Greater Caterpillar Presence at Site COMMERCIAL EXCELLENCE ADVANCED TECHNOLOGY SUSTAINABLE SOLUTIONS O U R S T R AT E GY U N LO C K S G R O W T H ADDING CUSTOMER VALUE A
Slide 73: Solving for the Entire Site
Solving for the Entire Site Fleet Management + Energy Management + Precision Mining INVESTOR DAY 2025 73
Slide 74: Redefining the Future of Mining
Redefining the Future of Mining 01 Commercial Excellence Increasing accountability through outcome-based solutions 02 Advanced Technology Accelerating autonomy adoption and new Precision Mining solutions 03 Sustainable Solutions Solving sustainability Section Listed inneeds with individualized bridg
Slide 75: We Are Changing Our Approach to Get Closer to Customers
We Are Changing Our Approach to Get Closer to Customers CREATING MORE CUSTOMER VALUE ALONGSIDE CAT DEALERS • Suncor, an integrated energy company, operating in the Canadian oil sands • Seeking innovative ways to drive the lowest, predictable operating cost • Resulting in an autonomous solution with
Slide 76: Redefining the Future of Mining
Redefining the Future of Mining 01 Commercial Excellence Increasing accountability through outcome-based solutions 02 Advanced Technology Accelerating autonomy adoption and new Precision Mining solutions 03 Sustainable Solutions Solving sustainability Section Listed inneeds with individualized bridg
Slide 77: Our Largest Growth Opportunity is Accelerating Autonomy
Our Largest Growth Opportunity is Accelerating Autonomy Growing Both New and Retrofit With Cat and Mixed Fleets 3x DRIVING SAFER, MORE PRODUCTIVE AND EFFICIENT OPERATIONS AT THE CAT AUTONOMOUS LOWEST TOTAL COST TRUCKS IN OPERATION BY 20301 1 Compared to 2024. INVESTOR DAY 2025 77
Slide 78: Optimizing Operations: Autonomy Retrofit Award
WON AWARD TO RETROFIT 90+ CAT & COMPETITOR LARGE MINING TRUCKS WITH CAT AUTONOMY OPTIMIZING OPERATIONS at two of the world’s largest iron ore mine sites CUSTOMER + CUSTOMER + CATERPILLAR CATERPILLAR + + DEALER DEALER INVESTOR DAY 2025 78
Slide 79: Extending Proven Autonomy Solutions Into Quarries
Extending Proven Autonomy Solutions Into Quarries Less Complex, Easy-to-Use Solution Currently Demonstrated by Luck Stone’s Bull Run Quarry Shorter Planning Horizons 20,000+ QUARRY SITES Rising Costs GLOBALLY Labor Shortages IDEAL CANDIDATES FOR LOW-COST, RETROFIT-FRIENDLY AUTONOMY SOLUTIONS Assumes
Slide 80: Expanding New Precision Mining Solutions
Expanding New Precision Mining Solutions Improving Ore Recovery and Reducing Operating Costs INTEGRATING DIGITAL SOLUTIONS ACROSS THE VALUE CHAIN CRUSHING PLANNING DRILL BLAST LOAD HAUL STOCKPILE PROCESSING & MILLING COMBINING REAL-TIME ORE BODY AND SURFACE DATA WITH INSIGHT-DRIVEN TECHNOLOGIES INVE
Slide 81: Expanding New Precision Mining Solutions
Expanding New Precision Mining Solutions Improving Ore Recovery and Reducing Operating Costs INTEGRATING DIGITAL SOLUTIONS ACROSS THE VALUE CHAIN CRUSHING PLANNING DRILL BLAST LOAD HAUL STOCKPILE PROCESSING & MILLING COMBINING REAL-TIME ORE BODY AND SURFACE DATA WITH INSIGHT-DRIVEN TECHNOLOGIES INVE
Slide 82: Expanding New Precision Mining Solutions
Expanding New Precision Mining Solutions Improving Ore Recovery and Reducing Operating Costs INTEGRATING DIGITAL SOLUTIONS ACROSS THE VALUE CHAIN CRUSHING PLANNING DRILL BLAST LOAD HAUL STOCKPILE PROCESSING & MILLING COMBINING REAL-TIME ORE BODY AND SURFACE DATA WITH INSIGHT-DRIVEN TECHNOLOGIES UNLO
Slide 83: Unlocking Greater Customer Value with RPMGlobal
Unlocking Greater Customer Value with A GLOBAL LEADER IN MINING SOFTWARE SOLUTIONS RPM’s Software Solutions Complement Caterpillar’s Existing Technologies • Asset Management • Fleet Management • Autonomy Caterpillar Inc. (2025), Caterpillar Enters Agreement to Acquire RPMGlobal. RPMGLOBAL + CATERPIL
Slide 84: Redefining the Future of Mining
Redefining the Future of Mining 01 Commercial Excellence Increasing accountability through outcome-based solutions 02 Advanced Technology Accelerating autonomy adoption and new Precision Mining solutions 03 Sustainable Solutions 04Solving sustainability Section Listed inneeds with individualized bri
Slide 85: Meeting Customers Where They Are on Their Sustainability Journey
Meeting Customers Where They Are on Their Sustainability Journey With Evolving Requirements, Customers Need Phased, Flexible and Practical Solutions HOW WE DELIVER TODAY FLEET LIFE ALTERNATIVE FLEET MANAGEMENT MODULAR EXTENSION FUELS AND AUTONOMY DRIVETRAINS INVESTOR DAY 2025 85
Slide 86: Meeting Customers Where They Are on Their Sustainability Journey
Meeting Customers Where They Are on Their Sustainability Journey With Evolving Requirements, Customers Need Phased, Flexible and Practical Solutions HOW WE DELIVER TODAY FLEET LIFE ALTERNATIVE FLEET MANAGEMENT MODULAR EXTENSION FUELS AND AUTONOMY DRIVETRAINS HOW WE DELIVER FOR THE FUTURE ENERGY TRAN
Slide 87: Our Industry Differentiator is Cat Dynamic Energy Transfer (DET)
Our Industry Differentiator is Cat Dynamic Energy Transfer (DET) WHERE PRODUCTIVITY MEETS SUSTAINABILITY TO DRIVE CUSTOMER VALUE FOR THE LONG HAUL Significant Performance Gains Rapid Deployment and Redeployment Capabilities Compatibility With Battery and Diesel-Electric Cat Powertrain Offerings COMM
Slide 88: Shaping the Future of Mining
Shaping the Future of Mining Driving Growth Through Site Performance, Advanced Technology and Sustainable Solutions Delivering commercial excellence through 3x outcome-based solutions CAT AUTONOMOUS Solving customers’ most complex challenges TRUCKS IN OPERATION with advanced technologies BY Supporti
Slide 89: Differentiating Through Digital and Technology
Differentiating Through Digital and Technology Bob De Lange Group President
Slide 90: We Made Significant Progress
We Made Significant Progress Digital and Technology Enabling Segment Growth Plans +1.5M $1.1B $18M 690 Connected & Condition Monitoring eCommerce Sales Autonomous Reporting Assets Prioritized Service Events Per Business Day Trucks (PSEs) Note: 2024 YE results; PSE dollars represents closed won condi
Slide 91: Key Competitive Differentiators
KEY COMPETITIVE DIFFERENTIATORS A C C E L E R A T E D B Y A I Safety • Labor • Productivity • Cost INVESTOR DAY 2025 91
Slide 92: Turning the Unplanned Into Planned
Turning the Unplanned Into Planned Leveraging Data and AI to Generate Qualified Leads • Data from >30 sources CONDITION • Proactively advise MONITORING customers to help avoid downtime and reduce costs INVESTOR DAY 2025 92
Slide 93: Integrating the Digital Customer Experience
Integrating the Digital Customer Experience Making It Easy for Customers to Find and Buy What They Need • Confidence in finding the right part eCOMMERCE • Seamlessly connects to repair information INVESTOR DAY 2025 93
Slide 94: Optimizing Fleet Operations
Optimizing Fleet Operations Delivering Actionable Data and Insights • Much more than monitoring equipment EQUIPMENT health MANAGEMENT INVESTOR DAY 2025 94
Slide 95: Customer Success With VisionLink
Customer Success With VisionLink™ ACCESS TO ACTIONABLE INSIGHTS ALL IN ONE PLACE • Flagship application for fleet management • Proactively monitor equipment health, track maintenance and more Note: Logos are registered trademarks of the companies listed on the screen and used for identification purp
Slide 96: Optimizing Worksites Through Technology
Optimizing Worksites Through Technology Unlocking Significant Customer Value SAFETY PRODUCTIVITY AUTONOMY INVESTOR DAY 2025 96
Slide 97: Collaboration With Luck Stone
Collaboration With Luck Stone 1 MILLION TONS HAULED AUTONOMOUSLY AT VIRGINIA QUARRY • Improving safety and haul cycle efficiency • Expanding autonomous technology to quarry operations LUCK STONE + CATERPILLAR + CARTER CAT INVESTOR DAY 2025
Slide 98: Step Change in Investment...
Step Change in Investment... AND PARTNERING WITH INDUSTRY LEADERS AI PARTNER CLOUD & PRODUCTIVITY PARTNER INVESTMENT ON DIGITAL AND TECHNOLOGY DATA PARTNER 2025–2030 vs. 2019–2024 Note: Logos are registered trademarks of the companies listed on the screen and used for identification purposes only. I
Slide 99: Acceleration Through AI
Acceleration Through AI For a Differentiated Customer Experience Note: Logos are registered trademarks of the companies listed on the screen and used for identification purposes only. INVESTOR DAY 2025 99
Slide 100: Differentiating Through Digital and Technology
Differentiating Through Digital and Technology CONNECTED & 2M +50% eCOMMERCE SALES REPORTING ASSETS PER BUSINESS DAY CONDITION MONITORING 2x 500K TECH-ENABLED 3x AUTONOMOUS PRIORITIZED SERVICE EVENTS (PSEs $) MACHINES TRUCKS Note: Targets are 2030 absolute numbers, or where an increase, vs. the year
Slide 101: Financial Framework
Financial Framework Andrew Bonfield Chief Financial Officer
Slide 102: Delivering Strong Financial Performance
Delivering Strong Financial Performance 01 Delivered Strong Financial Performance 02 Investing for Profitable Growth 03 Supporting Shareholder Value Creation INVESTOR DAY 2025 102
Slide 103: Delivering Strong Financial Performance
Delivering Strong Financial Performance 01 Delivered Strong Financial Performance 02 Investing for Profitable Growth 03 Supporting Shareholder Value Creation INVESTOR DAY 2025 103
Slide 104: Our Strategy Promotes Shareholder Value Creation
Our Strategy Promotes Shareholder Value Creation Strong Correlation Between OPACC1 Dollar Growth and Higher TSR 22% OPACC1 Growth Since 2019 1.9x TOP QUARTILE TSR 2 FIVE-YEAR S&P 500 Index 15% S&P 500 Capital Goods Index 13% S&P 500 Industrials Index 12% YE 2019 YE 2020 YE 2021 YE 2022 YE 2023 YE 20
Slide 105: We Have Delivered: Margin and Free Cash Flow Outpace Competitors
We Have Delivered Margin1 and Free Cash Flow2 Outpace Competitors 2019–2024 AVERAGE MET OR EXCEEDED Margin Target Range3 A D J U S T E D O P E R AT I N G A D JPURSOT FEIDT O FREE CASH FLOW2 MPAERRGAI T N I1N G F R E EM A CRAG S IHN F L O W 2 PROFIT MARGIN1 MARGIN MET OR EXCEEDED 16.8% MP&E FCF2 Targ
Slide 106: Structurally Higher Margin
Structurally Higher Margin We Achieved Our Target1 Margin Improvement +480 bps 22% ADJUSTED OPERATING PROFIT MARGIN2 AVERAGE 24 2017–2024 vs. 2010–2016 2017-20 18% 16 2010-20 14% 10% $37 $42 $47 $52 $57 $62 $67 $72 ANNUAL SALES & REVENUES (USD Billions) 1 Historical targets set at 2019 Investor Day.
Slide 107: Supporting Stronger MP&E Free Cash Flow
Supporting Stronger MP&E Free Cash Flow1 We Outpaced the S&P 500 Industrials $10 ~$40B $8 OF MP&E FCF1 2019–2024 (USD Billions) TARGET RANGE3 $4 $5 HIGHEST AVERAGE FCF GENERATION VS. S&P 500 INDUSTRIALS2 2019–2024 2019 2020 2021 2022 2023 2024 1 Caterpillar Machinery, Power & Energy (MP&E) free cash
Slide 108: Services Revenues Increased by 71%
Services Revenues1 Increased by 71% A More Stable Revenue Source Than Original Equipment ~$10 BILLION Contributes to INCREASE Profitable Growth ~$24B Attractive Margin and a 7% Revenue CAGR ~$14B Enabled by Digital Offerings 2016 Baseline 2016 Baseline 2024 Actual 2030 Target Target 1 Machinery, Pow
Slide 109: Returned Substantially All MP&E FCF Over Time
Returned Substantially All MP&E FCF1 Over Time We Delivered on Our 2019 Investor Day Commitment2 to Reward Shareholders ~$40B 2019–2024 99% ~$14B ~$25B RETURNED DIVIDENDS SHARE MP&E FCF1 REPURCHASES GENERATED 1 Machinery, Power & Energy (MP&E) free cash flow represents MP&E operating cash flow less
Slide 110: Dividend Increases
Dividend Increases We Delivered Higher Annual Dividends per Share ANNUAL DIVIDENDS PAID PER SHARE (USD) KEY HIGHLIGHTS 7.5% CAGR $5.42 S&P 500 Dividend Aristocrat1 $3.78 Paid higher annual dividends per share for 32 consecutive years2 Five consecutive years with a high single-digit percentage quarte
Slide 111: Share Repurchases
Share Repurchases We Committed to Be in the Market More Consistently and We Delivered AVE R AG E N U M BE R O F D I LU T E D S H A R E S O U T S TA N D I N G (Millions) KEY HIGHLIGHTS FROM 2019 TO 2024 599 Reduced by 18% 489 ~$209 Weighted Average Price Paid per Share ~$3.00 Adjusted PPS1 benefit YE
Slide 112: Investing for Profitable Growth
Delivering Strong Financial Performance 01 Delivered Strong Financial Performance 02 Investing for Profitable Growth 03 Supporting Shareholder Value Creation INVESTOR DAY 2025 112
Slide 113: Committed to Long-Term Profitable Growth
Committed to Long-Term Profitable Growth Continuing to Raise the Bar 2019–2024 2024–2030 CURRENT TARGETS ACTUALS NEW TARGETS Sales & Revenues N/A 4% CAGR 5-7% CAGR Adjusted Operating Profit Margin1 10-14% to18-22% 12% - 21% 15-19% to 21-25% at $42B at $72B at $42B at $67B at $60B at $100B Services R
Slide 114: Committed to Profitable Growth
Committed to Profitable Growth Driven by Our Growth Initiatives KEY HIGHLIGHTS SALES & REVENUES TARGET Anticipate growth across all segments 5-7% Expect relatively steady annual growth rates CAGR 2024 Base Year Assumes stable economic conditions INVESTOR DAY 2025 114
Slide 115: Opportunity for Services Revenues Growth
Opportunity for Services Revenues1 Growth Services1 Supports Growth Across All Three Primary Segments $30 BILLION BY 2030 2M Connected & Reporting Assets BY 2030 $30B +50% eCommerce Sales per Business Day ~$24B 2x Condition Monitoring PSE Dollars ~$14B 500K Tech-Enabled Machines 2016 Baseline 2016 B
Slide 116: Investing for Profitable Growth
Investing for Profitable Growth Accelerating Investments Supporting Long-Term Profitable Growth Opportunities Large Engines and Solar Turbines Capacity Digital & Technology CAPEX 2x MP&E SPEND1 2025–2030 VS. 2019–2024 Customer Solutions Sustainability R&D 1.5x 1 Includes sums of historical and forec
Slide 117: Updated Adjusted Operating Profit Margin Target Range
Updated Adjusted Operating Profit Margin1 Target Range Strategic Focus on Profitable Growth Remains Unchanged KEY HIGHLIGHTS ADJUSTED OPERATING PROFIT MARGIN1 25% Sales and revenues range moved to $60B – $100B 22% 19% 21% No change to existing margin target range up to $72B 18% 15% Extended slope re
Slide 118: Profitable Growth Drives Robust MP&E Free Cash Flow
Profitable Growth Drives Robust MP&E Free Cash Flow1 Increasing Our Target Range Versus the Prior Target of $5B-$10B KEY HIGHLIGHTS NEW TARGET Committed to $6B-$15B Profitable Growth of MP&E FCF1 Accelerating Investments to Support Growth Expanded Target Range for MP&E Free Cash Flow1 1 Machinery, P
Slide 119: Supporting Shareholder Value Creation
Delivering Strong Financial Performance 01 Delivered Strong Financial Performance 02 Investing for Profitable Growth 03 Supporting Shareholder Value Creation INVESTOR DAY 2025 119
Slide 120: Resource Allocation Framework
Resource Allocation Framework Approach Remains Consistent Maintain Strong Balance Sheet/ STRONG Mid-A Credit Rating FINANCIAL POSITION Supports M&A OPERATING & Operational New Strategic EXECUTION MODEL Commitments Growth Initiatives Deployment of MP&E Free Cash Flow1 RETURN CAPITAL TO SHAREHOLDERS D
Slide 121: Return Substantially All MP&E FCF Over Time
Return Substantially All MP&E FCF1 Over Time Commitment to Reward Our Shareholders Remains Unchanged TARGET TARGET HIGH SINGLE-DIGIT DIVIDEND CONSISTENT INCREASES THROUGH 20302 SHARE REPURCHASES Sustainable given strong Anticipate continued reduction to average MP&E FCF1 generation shares outstandin
Slide 122: Our Recent TSR Performance Drivers
Our Recent TSR Performance Drivers Margin Expansion Was a More Significant Contributor to Earnings Growth Revenue Growth2 FIVE-YEAR TSR PROFILE Dividend/ Repurchases Caterpillar 22% Top Quartile S&P 5001 17% Margin Expansion Note: Charts for illustrative purposes only. Does not depict actual TSR dri
Slide 123: Our Future TSR Performance Drivers
Our Future TSR Performance Drivers Expect Revenue Growth to Be a More Significant Catalyst for Future Earnings Growth Revenue Growth2 FIVE-YEAR TSR PROFILE Dividend/ Repurchases FUTURE Revenue Caterpillar 22% TSR PROFILE Growth2 Top Quartile S&P 5001 17% Dividend/ Repurchases Margin Expansion Margin
Slide 124: Measuring Progress Towards Our 2030 Growth Targets
Measuring Progress Towards Our 2030 Growth Targets Strategically Positioning to Fuel Profitable Growth 5-7% SALES & REVENUES CAGR (versus 2024, assumes stable economic conditions) SERVICES POWER CONSTRUCTION RESOURCE REVENUES1 & ENERGY INDUSTRIES INDUSTRIES $30B >2x 1.25x 3x By 2030 Power Gen Sales
Slide 125: Driving Strong Performance and Shareholder Value Creation
Driving Strong Performance and Shareholder Value Creation 5-7% ENTERPRISE SALES & We are accelerating strategic investments to support REVENUES CAGR profitable growth $30B SERVICES REVENUES1 We will continue to return substantially all MP&E FCF3 to shareholders over time Updated ADJ. OP. PROFIT MARG
Slide 126: Caterpillar Investor Day 2025
THE NEXT OOYEARS CATERPILLAR INVESTOR DAY ZO25
Slide 127: Caterpillar: Strong Past. Stronger Future.
Caterpillar: Strong Past. Stronger Future. Extending Our Leadership Into the Next 100 Years 5-7% ENTERPRISE SALES & The foundation is strong REVENUES CAGR $30B Evolving the strategy to capitalize on end market growth opportunities in all three primary segments SERVICES REVENUES1 Updated Investing in
Slide 128: Appendix A: Reconciliation to U.S. GAAP
Caterpillar Inc. – Appendix A Reconciliation to U.S. GAAP INVESTOR DAY 2025 128
Slide 129: Operating Profit Margin to Adjusted Operating Profit Margin
Caterpillar Inc. – Appendix A of Reconciliation to U.S. GAAP Operating Profit Margin % to Adjusted Operating Profit Margin % '()G+),-,./,G+01G21.P4R0/(P1G6(7./,+8167G2,/19.78,+1/G1/:(19G0/1P,7()/-;1)G96.7.<-(1=>>?19(.0R7(@1G6(7./,+8167G2,/1.01.16(7)(+/1G210.-(01.+P17(A(+R(01.7(1.012G--GB0C !"#A !"!"
Slide 130: MP&E Cash Flow from Operations to MP&E Free Cash Flow
Caterpillar Inc. – Appendix A of Reconciliation to U.S. GAAP MP&E Cash Flow from Operations to MP&E Free Cash Flow -./M1/2P24R2M16EMTED89:ET;..E/46YETPM=ERMERY.E>M6RE?2;./RP@E/M>A4;4BP.ECaa8E>.46b;.cE1.RE/46YEA;Md2?.?EB@EMA.;4R21eE4/R2d2R2.6E4;.E46ETMPPM=6f !"#$$#%&'(%)(*%$$+,'- !"#A !"!" !"!# !"!!
Slide 131: Profit Per Share to Adjusted Profit Per Share
Caterpillar Inc. – Appendix A of Reconciliation to U.S. GAAP Profit Per Share to Adjusted Profit Per Share '()G+),-,./,G+01G21.P4R0/(P167G2,/16(7108.7(1/G1/8(19G0/1P,7()/-:1)G96.7.;-(1<==>19(.0R7(?167G2,/16(7108.7(1@1P,-R/(P?1.7(1.012G--GA0B !"#A !"!" !"!# !"!! !"!% !"!& 1P=A:7,hOP,45SPO,j,?:EU7O? !
Slide 132: Appendix A: Reconciliation to U.S. GAAP
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Slide 133: Appendix B: Sources Listed in Order of Reference
Appendix B Sources Listed in Order of Reference Global Construction Spend and Civil Infrastructure Spend (2024-2034) – Oxford Economics (3Q 2025), Civil Infrastructure includes roads, other transport, utilities and excludes building. Critical Minerals (2024-2035) – IEA (2025) Global Critical Mineral
Slide 134: Appendix B: Sources Listed in Order of Reference
Appendix B Sources Listed in Order of Reference FactSet, company regulatory filings, and internal competitive intel. To perform a weighted average calculation for the competitor average, all financial information has been converted to USD based upon Bloomberg-sourced monthly spot rates and averaged