Slide 1: First Quarter 2026 Earnings Conference Call
First Quarter 2026 EARNINGS CONFERENCE CALL May 7, 2026 © 2024
Slide 2: Forward-Looking Statements & Non-GAAP Disclaimer
Forward-Looking Statements & Non-GAAP Disclaimer Forward-Looking Statements This presentation includes forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are no
Slide 3: 1Q 2026 Highlights
1Q 2026 Highlights 1Q 2026 results: ▪ Record 1Q total core sales & aEBITDA $715M 10% ▪ Compounder strategy accelerating Sales1 Total Core Growth1 (1)% Core Organic Growth1 ▪ EWM & Aktiv delivering double-digit growth $136M +6% ▪ Limited disruption from conflict aEBITDA1 Year-over-Year ▪ Eddyfi expec
Slide 4: Significant Progress Towards Our Long-Term Goals
Significant Progress Towards Our Long-Term Goals Creating A Premier Industrial Compounder ESAB Focused On Value Creation ▪ Full medical gas portfolio with DeltaP and Aktiv Accelerating Growth ▪ Best-in-class equipment with EWM acquisition Lowering Cyclicality ▪ Leadership in proprietary filler metal
Slide 5: Reshaping ESAB For Faster Growth And Higher Margins
Reshaping ESAB For Faster Growth And Higher Margins + + + 38% 44% 52%2 8% 18% 10% 17% 28% 2016 1Q 2026 1 2027E 1,2 48% Sales Sales 56% Sales 62% 26% 27% Growth Profile LSD LSD-MSD MSD Filler Metal Equipment Gross Margin % ~35% ~38% 40%+ Gas Equipment Eddyfi Accelerating journey to becoming a premier
Slide 6: Momentum Building For ESAB Equipment
Momentum Building For ESAB Equipment Ruffian 270 – engine driven welder ▪ Weld & power equipment at the same time with no spikes ▪ Full scale rugged mobility with intuitive user interface Innovative ESAB Equipment ▪ Multiple auxiliary outlets increase flexibility Aristo Edge – manual & robotics ▪ Ma
Slide 7: Opening New Markets With EWM Equipment
Opening New Markets With EWM Equipment Orbital TIG welding ▪ Increased wafer manufacturing capacity Complete Additive Manufacturing Workflow Solution Additive manufacturing solution ▪ Best in class solution with EWM Major wins: ▪ Global gas distributor in the U.S. ▪ Defense applications ▪ Nuclear ap
Slide 8: Eddyfi Extends ESAB's Unrivaled Workflow Solution
Eddyfi Extends ESAB’s Unrivaled Workflow Solution Weld Management & Traceability Inspection & Continuous Monitoring Filler Welding & Gas In-Process Post Weld Structural Metals Equipment Monitoring Inspection Integrity & Monitoring Sales Growth LSD HSD Gross Margin 35%+ 65%+ Uniquely positions ESAB i
Slide 9: ESAB Enables Moon Mission
ESAB Enables Moon Mission NASA Artemis Space Program: ▪ Friction-stir welding (FSW) joins 7 aluminum alloy structures, forming airtight bond ▪ Delivers exceptional strength & lightweight ▪ Superior bonds created through (FSW) helping to safeguard crew ESAB Technology Creating Value For Customers: ▪
Slide 10: ESAB 1Q 2026 Financial Summary
ESAB 1Q 2026 Financial Summary ($ Millions) 1Q 20261,2 1Q 20251 YoY1 Total Sales $715 $647 10% aEBITA $125 $119 5% aEBITA Margin % 17.5% 18.4% (90) bps aEBITDA $136 $128 6% aEBITDA Margin % 19.0% 19.8% (80) bps 1Q Highlights: 1Q 2026 Sales Growth1: ▪ U.S. up MSD Organic (1)% Price 2% ▪ EU & India pe
Slide 11: ESAB 1Q 2026 Americas
ESAB 1Q 2026 Americas ($ Millions) 1Q 2026 1Q 2025 YoY Total Sales $288 $281 3% aEBITDA $56 $55 3% aEBITDA Margin % 19.4% 19.4% Flat 1Q Highlights: 1Q 2026 Sales Growth1: Organic (1)% ▪ North America ex. Mexico organic growth up MSD Price 4% ▪ Mexico stable Volume (4)% FX Translation 4% ▪ Welding eq
Slide 12: ESAB 1Q 2026 EMEA and APAC
ESAB 1Q 2026 EMEA and APAC 1 ($ Millions) 1Q 20261,2 1Q 20251 YoY Total Sales $426 $366 16% aEBITDA $80 $73 9% aEBITDA Margin % 18.7% 20.0% (130) bps 1Q Highlights: 1Q 2026 Sales Growth1,2: ▪ Gaining share Organic (1)% Price 0% ▪ Acquisitions outperforming; EWM integration on-track Volume (1)% FX Tr
Slide 13: Strong Local Presence In The Middle-East Benefiting ESAB
Strong Local Presence In The Middle-East Benefiting ESAB Middle East represents ~7% of sales1 Strait of Kuwait Hormuz Limited disruption Persian Gulf Saudi Re-routing supplies to Jeddah and Salalah Arabia UAE Implemented surcharges to offset higher costs Oman Jeddah Salalah Active Not active Best po
Slide 14: Financial Flexibility To Execute Compounder Strategy
Financial Flexibility To Execute Compounder Strategy Strong 1Q 2026 Cash Performance Adjusted Free Cash Flow ($M) 1.0% 1Q Cash Conversion improved to 49% 0.9% ▪ Cash flow reflects: 0.8% ▪ Strong working capital management 50 +30% 0.7% ▪ EBX process improvements in-order-to-cash $40 0.6% ▪ Expect str
Slide 15: Reiterating 2026 Outlook
Reiterating 2026 Outlook Maintaining FY 26 Outlook 1 Core Financial Metrics (Excludes Eddyfi) Sales $2.85–$2.95B ▪ Reiterating full year outlook 2 ▪ Sales Outlook assumes: Organic Growth % 2.0%–4.0% ▪ M&A benefit ~4% ▪ FX tailwind 0-1% aEBITDA $575–$595M ▪ Reiterating full year aEBITDA outlook aEPS
Slide 16: Summary
Summary ▪ Focused on execution; Continuing to shift mix to equipment ▪ Acquisitions outperforming ▪ Eddyfi expected to close mid-year ▪ EBXai focused on growth and productivity ▪ Reiterating full year guidance Shared Help Each Always Purposeful Every Voice Success Other Win Improving Leadership Valu
Slide 17: Appendix
Appendix Pd ESAB * ESAB CORPORATION =_
Slide 18: Full Year 2026 Guidance
Full Year 2026 Guidance ESAB 2026 Guidance1,2 Sales ($B) 2.85 – 2.95 Total Growth 6.0% – 9.0% Core Organic Growth 2.0% – 4.0% FX 0.0% – 1.0% M&A ~4.0% aEBITDA ($M) 575 – 595 Interest Expense & Other ($M) 80 – 85 Adjusted Tax Rate 20% – 21% NCI ($M) ~9 aEPS ($) 5.70– 5.90 ESAB Total Diluted Shares (M
Slide 19: Non-GAAP Reconciliation EBITA – 1Q '26 Total & Segments
Non-GAAP Reconciliation EBITA – 1Q '26 Total & Segments1 Three Months Ended April 3, 2026 % of % of % of ($ Millions) Americas EMEA & APAC Total ESAB NSV NSV NSV Net Sales $ 288.4 $ 457.2 $ 745.6 Net Sales attributable to Russia — 31.1 31.1 Core Net Sales $ 288.4 $ 426.1 $ 714.5 Operating Income $ 3
Slide 20: Non-GAAP Reconciliation EBITDA – 1Q '26 Total & Segments
Non-GAAP Reconciliation EBITDA – 1Q '26 Total &Segments1 Three Months Ended April 3, 2026 % of % of % of ($ Millions) Americas EMEA & APAC Total ESAB NSV NSV NSV Net Sales $ 288.4 $ 457.2 $ 745.6 Net Sales attributable to Russia — 31.1 31.1 Core Net Sales $ 288.4 $ 426.1 $ 714.5 Operating Income $ 3
Slide 21: Non-GAAP Reconciliation EBITA – 1Q '25 Total & Segments
Non-GAAP Reconciliation EBITA – 1Q '25 Total & Segments1 Three Months Ended April 4, 2025 % of % of % of ($ Millions) Americas EMEA & APAC Total ESAB NSV NSV NSV Net Sales $ 280.7 $ 397.5 $ 678.1 Net Sales attributable to Russia — 31.3 31.3 Core Net Sales $ 280.7 $ 366.2 $ 646.9 Operating Income $ 4
Slide 22: Non-GAAP Reconciliation EBITDA – 1Q '25 Total & Segments
Non-GAAP Reconciliation EBITDA – 1Q '25 Total & Segments1 Three Months Ended April 4, 2025 % of % of % of ($ Millions) Americas EMEA & APAC Total ESAB NSV NSV NSV Net Sales $ 280.7 $ 397.5 $ 678.1 Net Sales attributable to Russia — 31.3 31.3 Core Net Sales $ 280.7 $ 366.2 $ 646.9 Operating Income $
Slide 23: Non-GAAP Reconciliation – Net Income to Adjusted EPS
Non-GAAP Reconciliation – Net Income to Adjusted EPS Three months ended ($ Millions, except Per Share Data) April 3, 2026 April 4, 2025 Net income from continuing operations $ 51.8 $ 72.6 Income attributable to noncontrolling interest, net of taxes 1.6 2.5 Net income from continuing operations attri
Slide 24: Non-GAAP Reconciliation – Adj. Free Cash Flow
Non-GAAP Reconciliation – Adj. Free Cash Flow Three months ended ($ Millions) April 3, 2026 April 4, 2025 Net cash provided by operating activities $ 46.9 $ 35.4 Purchases of property, plant and equipment (13.7) (7.3) Payments related to discontinued operations 4.3 2.3 Payments for acquisition-relat