Slide 1: Q3 2025 Earnings Conference Call
Q3 2025 EARNINGS CONFERENCE CALL October 29, 2025
Slide 2: Forward Looking Statement and Non-GAAP Measures
FORWARD LOOKING STATEMENT AND NON-GAAP MEASURES Safe Harbor Statement: This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions o
Slide 3: Q3 2025 Highlights
Q3 2025 HIGHLIGHTS TOTAL BOOKINGS SALES ADJUSTED GROSS MARGINS* $1.2B $1.2B 34.8% +1% +4% +240 bps ADJUSTED ADJUSTED EPS* CASH FROM OPERATING MARGINS* OPERATIONS 14.8% $0.90 $402M +370 bps +45% +125% Energy Recovery Device for the Nuclear Main Steam Isolation Actuator Desalination Market * See appen
Slide 4: Q3 2025 Bookings Overview
Q3 2025 BOOKINGS OVERVIEW Q3 BOOKINGS GROWTH BY END MARKET ORIGINAL EQUIPMENT AFTERMARKET $ millions $ millions +6% (5%) $653 $615 $589 $560 POWER: +23% CHEMICAL: +18% 2024 Q3 2025 Q3 2024 Q3 2025 Q3 - Steady trends in small and medium - Leveraging capabilities and sized project activity execution t
Slide 5: Market Outlook
MARKET OUTLOOK GENERAL INDUSTRIES: 34% • Further regionalization influencing government policies to stimulate industrial capex in many countries • Constructive environment for industrial asset • Broad industrial activity across a wide range of diverse utilization driving elevated aftermarket and MRO
Slide 6: Flowserve Nuclear
FLOWSERVE NUCLEAR Nuclear Content Market Share Today Customers / Partners 75% of the 416 nuclear reactors Large-scale Nuclear Companies Safety-Related MFD operating across the globe Cooling Pump today have Flowserve content Currently operating >50% reactors with Flowserve pumps Nuclear EPC Main Stea
Slide 7: Positioned for Success Across Nuclear Flow Equipment
POSITIONED FOR SUCCESS ACROSS NUCLEAR FLOW EQUIPMENT Attractive Megatrend Extensive Portfolio Breadth Flowserve YTD Power Mix Drivers of Nuclear Expansion Nuclear Island Nuclear • Containment Spray Pump • Rising electricity demand from AI, • Chemical & Volume Control Pump Non-Nuclear Power electrifi
Slide 8: Flowserve Nuclear Opportunity
FLOWSERVE NUCLEAR OPPORTUNITY Power Bookings Evolution Significant Nuclear Growth Potential • New Build Opportunity Overview • $100M+ per new large reactor (≈1 GW) • $20–80M+ per new SMR (≈300 MW) • Recurring Aftermarket Advantage • Recurring annual revenue from a global installed base ~$100M+ • 5,0
Slide 9: Q3 2025 Overview
Q3 2025 OVERVIEW SALES ADJ. GROSS MARGIN* ADJ. OPERATING MARGIN* ADJ. EPS* $ millions +4% +240bps +370bps +45% $1,174 $1,133 34.8% $0.90 14.8% 32.4% 11.1% $0.62 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 Revenue growth across Eleventh consecutive quarter of Second consecutive qu
Slide 10: Q3 2025 Segment Highlights
Q3 2025 SEGMENT HIGHLIGHTS FPD FCD Q3 2025 Year-Over-Year Q3 2025 Year-Over-Year Bookings $819.5 (7.6%) $396.1 24.4% Revenue $800.3 2.3% $377.4 6.9% Adjusted Gross Margin* 35.9% 220 bps 32.1% 220 bps Adjusted Operating Margin* 19.6% 320 bps 16.3% 230 bps Book-to-Bill 1.02x 1.05x 2027 Adj. Operating
Slide 11: Flowserve Business System
FLOWSERVE BUSINESS SYSTEM Industrial Pumps: 80/20 Actions in 2025 • Industrial Pump business unit gross margin improvement of 150 basis points YTD • ~45% SKU reduction in original equipment offering • 21% bookings growth YTD within Target Selling initiative • Divested non-strategic gear pump product
Slide 12: Q3 2025 Cash Flow
Q3 2025 CASH FLOW YTD OPERATING CASH FLOW $ millions • $402 million of cash from operations in Q3 driven by higher $506 earnings, strong working capital management, and merger termination payment ($266 million less transaction fees and taxes) $228 • Third quarter free cash flow-to-adjusted net earni
Slide 13: Asbestos Transaction
ASBESTOS TRANSACTION BENEFITS TRANSACTION SUMMARY • Flowserve is divesting of a subsidiary that holds legacy Removal of legacy liability asbestos liabilities to an affiliate of Acorn Investment Partners (“Acorn”) Simplified capital structure • Acorn provides administration and indemnification for al
Slide 14: Updated 2025 Full-Year Guidance
UPDATED 2025 FULL-YEAR GUIDANCE 2025 Guidance Prior Current Organic Sales Growth Up 3% - 4% Up ~2% • Adjusted EPS2 guidance midpoint: Total Sales Growth [1] Up 5% - 6% Up 4% - 5% - 31% growth versus last year - Equates to 64% growth in adjusted Adjusted EPS [2] $3.25 - $3.40 $3.40 - $3.50 EPS3 since
Slide 15: Q3 Summary
Q3 SUMMARY • Strong third quarter and year-to-date results • FPD, FCD, and consolidated results meeting or exceeding long-term adjusted operating margin targets • Aftermarket franchise driving continued growth • Record nuclear bookings in the quarter, with significant long-term opportunity in overal
Slide 16: Appendix
Appendix Q3 2025 Earnings Conference Call 16
Slide 17: Tariff Update
TARIFF UPDATE U.S. import tariffs in place remainder of year1 CONTEXT & MITIGATING ACTIONS JULY ASSUMPTIONS CURRENT ASSUMPTIONS • Two-thirds of revenue is outside the United States • China at 30% • China at 30% • Canada at 25% • Canada at 35% • Implemented price increases this year and • Mexico at 2
Slide 18: Q3 2025 Consolidated Financial Results
Q3 2025 CONSOLIDATED FINANCIAL RESULTS Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited) (Amounts in thousands, except per share data) Selling, General & Provision For Gross Administrative Operating Other Income (Benefit Fro
Slide 19: YTD 2025 Consolidated Financial Results
YTD 2025 CONSOLIDATED FINANCIAL RESULTS Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited) (Amounts in thousands, except per share data) Selling, General & Provision For Administrative Operating Other Income (Benefit From) Ne
Slide 20: Q3 2024 Consolidated Financial Results
Q3 2024 CONSOLIDATED FINANCIAL RESULTS Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited) (Amounts in thousands, except per share data) Selling, General & Provision For Gross Administrative Operating Other Income (Benefit Fro
Slide 21: YTD 2024 Consolidated Financial Results
YTD 2024 CONSOLIDATED FINANCIAL RESULTS Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited) (Amounts in thousands, except per share data) Selling, General & Provision For Net Administrative Loss on Sale Operating Other Income
Slide 22: Q3 2025 and Q3 2024 Segment Financial Results
Q3 2025 AND Q3 2024 SEGMENT FINANCIAL RESULTS Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited) (Amounts in thousands) Flowserve Pumps Division Selling, Selling, General & General & Administrative Operating Administrative Operati
Slide 23: YTD 2025 and 2024 Segment Financial Results
YTD 2025 AND 2024 SEGMENT FINANCIAL RESULTS Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited) (Amounts in thousands) Flowserve Pumps Division Selling, Selling, General & General & Administrative Operating Administrative Operating
Slide 24: 2025 and 2024 Segment Bookings and Sales Mix
2025 AND 2024 SEGMENT BOOKINGS AND SALES MIX Flowserve Pumps Division ($ millions) Q3 2025 Q3 2024 Delta (%) Constant YTD 2025 YTD 2024 Delta (%) Constant FX (%)1 FX (%) 2 $268 $358 -25% -27% $732 $946 -23% -23% OE 33% 40% (700) bps 31% 38% (700) bps Bookings Mix3 $551 $529 4% 2% $1,663 $1,543 8% 8%
Slide 25: Investor Relations Contacts
Investor Relations Contacts Brian Ezzell Olivia Webb bezzell@flowserve.com owebb@flowserve.com