Honeywell International Inc. · NASDAQ:HON
Honeywell International — Investor Presentation (September 2026)
50 slides from Honeywell International's investor presentation, September 2026
Slide 1: Honeywell Technologies at a Glance
Honeywell Technologies at a Glance September 2026
Slide 2: Forward-looking statements and Non-GAAP financial measures
Forward-looking statements Non-GAAP financial measures We describe many of the trends and other factors that drive our business and future results in This presentation contains financial measures presented on a non-GAAP basis. Honeywell this presentation. Such discussions contain forward-looking sta
Slide 3: Introducing Honeywell Technologies
Introducing Honeywell Technologies 1 Transformed portfolio into a pure-play automation leader 4 Leveraging AI to lead the transition from automation to autonomy 2 Focused on mission-critical automation environments delivering value-based outcomes 5 Mature Honeywell Technologies Accelerator operating
Slide 4: 2026 Investor Day | Introducing Honeywell Technologies
2026 Investor Day | Introducing Honeywell Technologies Key Takeaways • Transformed into a pure-play automation leader positioned to lead the industry’s transition from automation to autonomy • Clear path to durable growth and margin expansion – Growing and activating installed base in mission-critic
Slide 5: Transformed into a focused, pure-play automation leader
Transformed into a focused, pure-play automation leader 1 2 3 4 5 6 We streamlined a complex portfolio… …into a cohesive, pure-play automation portfolio $6.2B Building Energy and Advanced Products Building $6.0B Sustainability Materials Solutions Building Aftermarket Products Solutions Automation $6
Slide 6: Honeywell Technologies overview
Honeywell Technologies overview (NASDAQ: HON) 1 2 3 4 5 6 Global pure-play automation company delivering mission-critical outcomes for our customers ~$17B ~$4B ~22% Sales*1 Segment Profit *2 Segment Margin*2 >10% 7% 14% 37% ~40% Sales 1 42% Monetize Sales1 Grow Sales1 43% by segment installed ~30% b
Slide 7: Where we play
Where we play 1 2 3 4 5 6 Technology stack Industry segments and Honeywell Technologies’ participation Information flows up and directives flow down in a continuous cycle Buildings Process / Hybrid Discrete Building Automation Process Automation & Technology Software Controls Industrial Automation S
Slide 8: Why we like these markets
Why we like these markets 1 2 3 4 5 6 Attractive market characteristics Market dynamics • Aligned to compelling megatrends, including infrastructure Buildings Industrial Process buildout, energy security, skilled labor scarcity, AI and reshoring Market size1 ~$120B ~$35B ~$55B • Attractive verticals
Slide 9: What are our distinctive advantages as a pure-play automation leader
What are our distinctive advantages as a pure-play automation leader 1 2 3 4 5 6 Foundational strengths Differentiation Vast installed base Deep domain expertise with large aftermarket leveraging world-class entitlement engineering resources Global scale #1 Proprietary in Building Automation and wit
Slide 10: How we create value
How we create value 1 2 3 4 5 6 Grow installed Monetize base installed base Grow Harness Deliver installed Grow Honeywell optimized Fully activate base installed Connect Technologies customer installed base assets Forge outcomes base Fully Extend with Digitize Develop Drive Leverage Connect hardware
Slide 11: Our framework for growth
Our framework for growth 1 2 3 4 5 6 Monetize installed base, Software enabled by Honeywell Technologies Forge 2 Introduce new products Outcomes-based services and software enhanced by AI-enabled solutions Services 3 Targeted investments to drive faster innovations Grow installed base Maintain scale
Slide 12: Honeywell Technologies Forge: what it is and why it matters
Honeywell Technologies Forge: what it is and why it matters 1 2 3 4 5 6 What is it? Why does it matter? Our hardware-agnostic, open-architecture platform designed to harness We provide our customers with a secure, reliable, and consistent the power of our extensive domain expertise to provide scalab
Slide 13: Future opportunity as industry evolves from automation to autonomy
Future opportunity as industry evolves from automation to autonomy 1 2 3 4 5 6 Current state Automation Autonomy Honeywell Technologies Forge’s rapid Augmentation Rule-based Outcome-based progress Knowledge Human AI Agent AI Agent Connections 0.3K → 324K 2020 to 2026E Action Human Human AI Agent Ass
Slide 14: Operating system enabling profitable growth
Operating system enabling profitable growth 1 2 3 4 5 6 Level of maturity / penetration within Honeywell Technologies Accelerator 2025 proof points Representative key performance indicator (KPI) Functional excellence Fixed cost rationalization 88% on-time to first promise, Manufacturing On-time deli
Slide 15: Best-in-class management team
Best-in-class management team 1 2 3 4 5 6 Vimal Kapur Billal Hammoud Scott Hillpot Peter Kropik Pete Lau Su Ping Lu Chairman and CEO CEO, Building Automation Chief ISC Officer Enterprise Transformation CEO, Industrial Automation General Counsel HON Tenure: 37 years 13 years 18 years and Chief Digita
Slide 16: Business segments
Business segments HE aR bes
Slide 17: Building Automation (BA) | Overview
Building Automation (BA) | Overview 2025 financial overview Business description $7.4B 26.5% • Leading provider of integrated solutions spanning controls, software, install and services • Exposure to higher-growth verticals (e.g., datacenters, healthcare, hospitality) Sales Segment margin • Equipmen
Slide 18: BA | Offerings by vertical
BA | Offerings by vertical Leading position in controls and gateways Tridium open connectivity platform Multi-domain optimization HON Forge proprietary software algorithms Ecosystem and channel innovation Education Healthcare • Building and energy management • Room pressurization controls • CCTV and
Slide 19: BA | Products and solutions
BA | Products and solutions Composition of 2025 sales Key applications Key differentiators Fire • Fire control panel and detection systems • Trusted brand in fire with well-established • Advanced fire detection global channel • Self testing and connected life safety solutions • Remote operations, se
Slide 20: BA | Medium-term framework
BA | Medium-term framework Three-year targets MSD - HSD ~29% Organic sales growth Segment margin Growth drivers Honeywell Technologies Accelerator enables best-in-class execution Focused vertical and regional play • Grow installed base in high-growth and critical verticals Ramp in demand-driven volu
Slide 21: Industrial Automation (IA) | Overview
Industrial Automation (IA) | Overview 2025 financial overview Business description $3.7B ~20% • Distinctive, mission-critical offerings in highly-regulated applications with exceptionally strong customer loyalty • Diversified vertical exposure aligned with secular growth trends Sales Segment margin*
Slide 22: IA | Offerings by vertical
IA | Offerings by vertical Semiconductor manufacturing • Sensing and measurement Industrial safety • Fixed and portable gas detection sensors Smart grid utility solutions • Ultrasonic gas meters • Electric advanced metering infrastructure, grid Life sciences, automation, visibility and medical devic
Slide 23: IA | Products and solutions
IA | Products and solutions Measurement Sensing Industrial Utility Industrial Applications High reliability and safety measurement High accuracy custody transfer Sensing applications in for multi-industry applications measurement for electric, water semiconductors, life sciences, (semiconductors, O&
Slide 24: IA | Medium-term framework
IA | Medium-term framework Three-year targets MSD ~25% Organic sales growth Segment margin Growth drivers Honeywell Technologies Accelerator enables best-in-class execution Participation in attractive markets and segments • Mission-critical applications in regulated spaces tied to secular growth tre
Slide 25: Process Automation & Technology (PA&T) | Overview
Process Automation & Technology (PA&T) | Overview 2025 financial overview Business description $6.4B 24.0% • End-to-end lifecycle solutions across physical and digital applications • Connected AI-enabled, technology platform, enabling enterprise-level impact Sales Segment margin • Global installed b
Slide 26: PA&T | Offerings by vertical
PA&T | Offerings by vertical Services and Connected digital Autonomous OT cybersecurity expertise solutions operations Gas and LNG • Gas processing and treating Refining and petrochemicals • Liquefaction and modular LNG • Process technology and licensing • Automation systems and software • Digital,
Slide 27: PA&T | Portfolio of integrated solutions
PA&T | Portfolio of integrated solutions Cross-portfolio customer Line of business Composition of 2025 sales Value creation drivers examples Proprietary technologies and engineering that ExxonMobil Process technology enable customers to build advantaged facilities with and equipment superior economi
Slide 28: PA&T | Medium-term framework
PA&T | Medium-term framework Three-year targets MSD ~25% Organic sales growth Segment margin Growth drivers Honeywell Technologies Accelerator enables best-in-class execution Higher-growth verticals shifting business mix • Unparalleled domain expertise coupled with vast installed base Demand-driven
Slide 29: Financial overview and medium-term targets
Financial overview and medium-term targets
Slide 30: Value creation engine
Value creation engine 1 4% - 6% Organic growth 2 60+ bps Annual segment margin expansion 3 Prudent capital allocation framework Stronger top line Enhanced profitability Enabled by 90%+ FCF conversion • Faster pace of new product introductions • Right-sized cost structure post spin and • Lower capex
Slide 31: Accelerating above-market sales growth
Accelerating above-market sales growth 1 2 3 Growth framework Growth drivers +1% • Attractive positions in growing end markets where we Organic (2%) +3% demonstrate strong offering differentiation Organic 4% - 6% Organic growth • Emerging NPI strategy fueled by R&D step-up, driving double-digit NPI
Slide 32: Recurring services and software by the numbers
1Recurring services and software by the numbers 1 2 3 >$2B recurring services and software Highlights • Targeting >45% portfolio mix of services and software (up from ~40% today) 20% 30% • ARR consists of software maintenance agreements, term licenses, services and ~40% ~$2.3B 38% digital AMS recurr
Slide 33: Path to annual margin expansion
Path to 60 bps annual margin expansion 1 2 3 Target Proof points • Stronger discipline and execution 3% - 4% 1 Price annually • Revamped new product introduction engine • Enabled by customer centricity and product differentiation >45% • Mix benefit as cross-selling opportunities and NPI vitality inc
Slide 34: Stronger free cash flow conversion
Stronger free cash flow conversion 1 2 3 Targeting 90%+ conversion 2027 - 2029 • Now excludes non-cash pension income from 90%+ adjusted earnings, +600 bps to FCF conversion in conversion 2026 ~80% >$3.0B • Lower cash interest payments following debt conversion paydown ~$2.0B • Assumes adjusted effe
Slide 35: Strategically deploying capital
Strategically deploying capital 1 2 3 Near term Prioritizing debt repayment to maintain strong, investment grade credit rating; Targeting gross leverage <3.0x and flat share count Medium-term priorities Returning excess capital Growth investments to shareholders Bolt-on M&A Targeting acquisitions in
Slide 36: Medium-term framework
Medium-term framework 2026 guidance 2H26 guidance Three-year targets Organic Growth 4% - 6% Annual recurring revenue 3% - 4% 4% - 6% ~15% annual recurring software revenue growth Segment Margin 20.1% - 20.5% 21.0% - 21.7% ~24% Expansion ~60 bps average annual Up 250 - 290 bps1 Up 320 - 390 bps1 segm
Slide 37: Why own Honeywell Technologies?
Why own Honeywell Technologies? 1 A transformed and simplified Honeywell portfolio 2 Differentiated pure-play, global automation leader benefitting from secular tailwinds 3 Portfolio mix and business model approach enabling 10%+ annual adjusted earnings growth with 90%+ free cash flow conversion 4 O
Slide 38: Appendix
4 Appendix
Slide 39: Acronyms
Acronyms ARR: Annualized value of recurring services and software BMS: Building Management Systems DCIM: Datacenter Information Management Systems EBI: Enterprise Buildings Integrator EPMS: Electrical Power Management System GBS: Global Business Services HPS: Honeywell Process Solutions HSS: Honeywe
Slide 40: Appendix Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures The following information provides definitions and reconciliations of certain non-GAAP financial measures presented in this presentation to which reconciliations are attached to the most directly comparable financial measures calculated and presented in accordanc
Slide 41: Reconciliation of Net Sales to Segment Sales Excluding Spin-off and Divestiture Impact
Reconciliation of Net Sales to Segment Sales Excluding Spin-off and Divestiture Impact ($M) 2025 Honeywell Net sales $ 37,442 Less: Net sales attributable to Quantinuum 30 Segment sales 37,412 Less: Net sales attributable to Aerospace Technologies 17,497 Less: Net sales attributable to Productivity
Slide 42: Reconciliation of Operating Income to Segment Profit Excluding Spin-off and Divestiture Impact
Reconciliation of Operating Income to Segment Profit Excluding Spin-off and Divestiture Impact, Calculation of Segment Profit Margin Excluding Spin-off and Divestiture Impact 2025 Excluding Spin-off Less: Spin-off and and Divestiture ($M) Honeywell Divestiture Impact1 Impact Operating income $ 5,573
Slide 43: Reconciliation of Organic Sales Percent Change and LTM Average Organic Growth
Reconciliation of Organic Sales Percent Change Excluding Spin-off Impact, Calculation of LTM Average Organic Growth 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Honeywell Reported sales percent change 2% 4% 2% 2% 5% 6% 8% 9% 9% 7% 6% Less: Impact of divestitures to the prior period —% —% —
Slide 44: Reconciliation of Industrial Automation Segment Profit Excluding Divestiture Impact
Reconciliation of Industrial Automation Segment Profit to Segment Profit Excluding Divestiture Impact, Calculation of Segment Profit Margin Excluding Divestiture Impact ($M) 2025 Industrial Automation Segment profit $ 896 Net sales 6,111 Segment profit margin 14.7 % Segment profit $ 896 Less: Divest
Slide 45: Reconciliation of Operating Income to Segment Profit
Reconciliation of Operating Income to Segment Profit, 2025 2H 2025 Calculation of Operating Income and Segment Profit Margins Less: Separation Honeywell Less: Separation Honeywell ($M) Honeywell Adjustments1 Technologies Honeywell Adjustments1 Technologies Operating income $ 5,573 $ 4,402 $ 1,171 $
Slide 46: Reconciliation of EPS to Adjusted EPS
Reconciliation of EPS to Adjusted EPS FY2025 2026(E) Less: Separation Honeywell Honeywell Honeywell Adjustments1 Technologies Technologies Earnings per share of common stock from continuing operations - diluted2 $ 13.88 $ 10.64 $ 3.24 $21.05 - $21.35 Pension income3 (0.91) (0.78) (0.13) No Forecast
Slide 47: Reconciliation of EPS to Adjusted EPS (notes)
Reconciliation of EPS to Adjusted EPS 1 Includes the financial results of the Honeywell Aerospace business which will be reflected as discontinued operations in the third quarter. These financial results may differ from Aerospace Technologies financial information due to the perimeter of the transac
Slide 48: Reconciliation of EPS to Adjusted EPS (2H25 and 2H26E)
Reconciliation of EPS to Adjusted EPS 2H25 2H26(E) Less: Separation Honeywell Honeywell Honeywell Adjustments1 Technologies Technologies Earnings per share of common stock from continuing operations - diluted2 $ 5.60 $ 4.37 $ 1.23 $3.68 - $3.98 Pension (income) expense3 (0.38) (0.42) 0.04 No Forecas
Slide 49: Reconciliation of EPS to Adjusted EPS (notes)
Reconciliation of EPS to Adjusted EPS 1 Includes the financial results of the Honeywell Aerospace business which will be reflected as discontinued operations in the third quarter. These financial results may differ from Aerospace Technologies financial information due to the perimeter of the transac
Slide 50: Reconciliation of Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow 2026(E) 2H26(E) Honeywell Honeywell ($M) Technologies Technologies Cash provided by operating activities from continuing operations $1.9 - $2.2 $1.6 - $1.8 Capital expenditures ~(0.6) ~(0.3) Spin-off and separation-related cos
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