Eaton Corporation, Plc · NYSE:ETN

Eaton — Q3 2025 Earnings Presentation

24 slides from Eaton's earnings presentation, Nov 4, 2025

  1. Slide 1: Third Quarter 2025 Earnings Release

    Third Quarter 2025 Earnings Release Paulo Ruiz & Olivier Leonetti | November 4, 2025 © 2025 Eaton. All rights reserved. 1

  2. Slide 2: Forward-looking statements and non-GAAP financial information

    Forward-looking statements and non-GAAP financial information This presentation or the comments we make on our call today contain forward-looking statements concerning, among other matters, full year and fourth quarter 2025 earnings per share, adjusted earnings per share, organic growth and segment

  3. Slide 3: Highlights

    Highlights On a rolling 12-month basis, order acceleration in Electrical Americas up 7% and strong Aerospace growth up 11%, resulting in book-to-bill for the combined segments at 1.1 and backlog growth of 20% in Electrical Americas and 15% in Aerospace. In Q3, Electrical Sector and Electrical Americ

  4. Slide 4: Our bold strategy is underway and anchored by three pillars

    Our bold strategy is underway and anchored by three pillars Each pillar will accelerate growth and create sustained value for shareholders Lead Invest Execute Drive a customer-centric and Double down in high-growth and Transform from good to best-in-class fast organization high-margin markets and ex

  5. Slide 5: Boyd Thermal is a global leader in liquid cooling

    Boyd Thermal is a global leader in liquid cooling, providing data center operators with world-class thermal performance, reliability and scalability 2026E sales $1.7 billion • Boyd Thermal’s engineering expertise enables the business to solve for complex 2026E adj. EBITDA ~25% thermal challenges, wo

  6. Slide 6: The data center liquid cooling market is experiencing unprecedented growth

    The data center liquid cooling market is experiencing unprecedented growth, driven by the rapidly increasing power requirements of AI chips The data center liquid cooling market is expected to grow ~35% annually through 2028, reaching a total market size of over $6B Chip platform power levels, kW pe

  7. Slide 7: Combining Boyd Thermal's liquid cooling with Eaton's power management portfolio

    By combining Boyd Thermal’s leading liquid cooling solutions with our broad power management portfolio, Eaton can meet the accelerating needs of data center customers for more integrated, modular and scalable systems solutions AI data center AI data center white space: Eaton + Boyd Busway Uninterrup

  8. Slide 8: Boyd Thermal acquisition strengthens ability to serve customers chip to grid

    The acquisition of Boyd Thermal further strengthens Eaton’s ability to serve our customers as they continue to evolve data center architectures from the chip all the way to the grid AI data center Chips Cooling solutions to manage the thermal needs of AI Thermal management chips, high performance co

  9. Slide 9: Electrical Americas key leading indicators support strong organic growth

    Electrical Americas key leading indicators support our strong organic growth Mega Projects Negotiations Rolling 12-Month Backlog Organic Announcements Pipeline Order Growth and Growth Growth Growth 1.1 Book to Bill Since 3Q23 Orders on a two-year stack Over the last two years On a two-year stack bas

  10. Slide 10: Electrical Global organic growth is accelerating

    Electrical Global organic growth is accelerating Shaping our portfolio to benefit from megatrends ~7% Long-standing and ~MSD 4% Scalable technologies and trusted relationships expertise Cutting-edge Right markets at solutions the right time FY’24 Actual Trusted technology Scalability Customer and FY

  11. Slide 11: Financial Summary

    Financial Summary (M) 3Q ‘25 3Q ‘24 V ‘24 Sales $6,988 $6,345 10% Segment Operating Profit 1,749 1,544 13% Segment Operating Margin 25.0% 24.3% 70 bps Adjusted Earnings 1,199 1,132 6% Adjusted EPS $3.07 $2.84 8% $6,988M Q3 Record Sales Sales Growth: Organic 7% $1,749M Record Quarterly Segment operat

  12. Slide 12: Electrical Americas Segment

    Electrical Americas Segment (M) 3Q ‘25 3Q ‘24 V ‘24 Sales $3,410 $2,963 15% Operating Profit 1,034 892 16% Operating Margin 30.3% 30.1% 20 bps Record sales and segment profit Sales Growth: Orders up 7% on rolling 12-month basis, including data centers, up ~70% in the quarter Organic 9% Acquisition 6

  13. Slide 13: Electrical Global Segment

    Electrical Global Segment (M) 3Q ‘25 3Q ‘24 V ‘24 Sales $1,724 $1,573 10% Operating Profit 330 294 12% Operating Margin 19.1% 18.7% 40bps Q3 Record sales and segment profit Sales Growth: Organic 8% Book-to-bill greater than 1.0 on a rolling 12-month basis Forex 2% Total 10% © 2025 Eaton. All rights

  14. Slide 14: Aerospace Segment

    Aerospace Segment (M) 3Q ‘25 3Q ‘24 V ‘24 Sales $1,079 $946 14% Operating Profit 280 230 22% Operating Margin 25.9% 24.4% 150bps Q3 Record sales and record operating profit Orders up 11% on a rolling 12-month basis Sales Growth: Organic 13% Backlog up 15% year-over-year Forex 1% Book-to-bill ratio o

  15. Slide 15: Vehicle Segment

    Vehicle Segment (M) 3Q ‘25 3Q ‘24 V ‘24 Sales $639 $696 (8%) Operating Profit 114 135 (16%) Operating Margin 17.8% 19.4% (160) bps Resilient operational performance despite Sales Growth: market headwinds Organic (9)% Forex 1% Total (8)% © 2025 Eaton. All rights reserved. 15

  16. Slide 16: eMobility Segment

    eMobility Segment (M) 3Q ‘25 3Q ‘24 V ‘24 Sales $136 $167 (19)% Operating Profit / (Loss) (9) (7) -- Operating Margin (6.6)% (4.4)% -- Sales Growth: Organic (20)% Forex 1% Total (19)% © 2025 Eaton. All rights reserved. 16

  17. Slide 17: 2025 Organic Growth and Operating Margin Guidance

    2025 Organic Growth and Operating Margin Guidance Organic Growth Guidance Operating Margin Guidance Segment Electrical Americas 12.5 – 14.5% 29.5 – 29.9% Electrical Global 5.5 – 7.5% 19.2 – 19.6% Aerospace 10 – 12% 23.5 – 23.9% Vehicle (10) – (8)% 16.0 – 16.4% eMobility (6) – (4)% (3) – (2)% Eaton 8

  18. Slide 18: 2025 Guidance

    2025 Guidance 4th Quarter Outlook 2025 FY Outlook Adjusted Earnings Per Share $3.23 – $3.43 $11.97 – $12.17 Organic Growth 10.0 – 12.0% 8.5 – 9.5% Segment Operating Margins 24.2 – 24.6% 24.1 – 24.5% Operating Cash Flow N/A $4.6B – $5.0B Free Cash Flow N/A $3.7B – $4.1B Share Repurchases N/A $2.0B -

  19. Slide 19: Eaton's End Market Growth – 2026 Initial Assumptions

    Eaton’s End Market Growth – 2026 Initial Assumptions Total 2026 market growth of ~7% % of 2024 % of 2024 Eaton Sales Eaton Sales Data Centers & Distributed IT 17% Electric Vehicles 3% Utility 11% Commercial Aerospace 9% Commercial & Institutional 20% Defense Aerospace 6% 5% ICE Light Vehicles 4% Mac

  20. Slide 20: Summary

    Summary Strong results including Q3 record revenue and all-time record segment profit and segment margins. Unprecedented demand environment reflected in continued order acceleration and growing backlogs which results in extended visibility. Our strategy to lead, invest and execute for growth is posi

  21. Slide 21: © 2025 Eaton. All rights reserved.

    © 2025 Eaton. All rights reserved. 21

  22. Slide 22: Appendix

    Appendix © 2025 Eaton. All rights reserved. 22

  23. Slide 23: 2025 Guidance – Additional Modeling Assumptions

    2025 Guidance – Additional Modeling Assumptions 4th Quarter Outlook 2025 FY Outlook Currency Translation Sales Impact – ETN ~$70M ~$80M Fibrebond Sales – Electrical Americas ~$175M ~$500M Corporate Expenses ~$35M more than 4Q24 ~$940M Tax Rate on Adjusted Earnings 14.5 – 15.5% 17.5 – 18.5% Capex N/A

  24. Slide 24: © 2025 Eaton. All rights reserved.

    © 2025 Eaton. All rights reserved. 24

Eaton — Q3 2025 Earnings Presentation on 6ix