Slide 1: Q4 2025 Earnings Conference Call
Q4 2025 EARNINGS CONFERENCE CALL February 6, 2026
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: Q4 2025 Bookings Overview
Q4 2025 BOOKINGS OVERVIEW Q4 BOOKINGS GROWTH BY END MARKET BOOKINGS $ millions +3% $1,175 $1,209 (6%) Original Equipment Broadly positive trends in most end markets $527 offset by muted bookings for large POWER: +15% CHEMICAL: +8% $557 engineered projects in Energy market +10% Aftermarket Seventh co
Slide 4: Q4 2025 Income Statement Highlights
Q4 2025 INCOME STATEMENT HIGHLIGHTS SALES ADJ. GROSS • Sales growth driven by MARGIN* strong aftermarket revenues $1.2B 36.0% • Twelfth consecutive quarter of year-over-year +4% +320 bps adjusted gross margin* expansion • Adjusted operating ADJ. OPERATING margin* ahead of 2027 ADJ. EPS* MARGIN* targ
Slide 5: Q4 2025 Segment Highlights
Q4 2025 SEGMENT HIGHLIGHTS FPD FCD Q4 2025 Year-Over-Year Q4 2025 Year-Over-Year Bookings $884M 8.2% $330M (9.1%) Revenue $833M 4.8% $392M 0.9% Adjusted Gross Margin* 37.1% 370 bps 34.0% 220 bps Adjusted Operating Margin* 21.0% 350 bps 19.7% 440 bps Book-to-Bill 1.06x 0.84x 2027 Adj. Operating Margi
Slide 6: Full Year 2025 Cash Flow
FULL YEAR 2025 CASH FLOW OPERATING CASH FLOW $ millions • $506 million of cash from operations in 2025 driven by higher $506 earnings and strong working capital management $425 • 2025 free cash flow-to-adjusted net earnings of 97%1 2024 2025 • $365 million of cash returned to shareholders in 2025, w
Slide 7: 2025 Year in Review
2025 YEAR IN REVIEW • Relentless execution of Flowserve Business System • 80/20 methodology embedded in all product business units • $400 million of nuclear bookings • Fully mitigated tariff impact with supply chain and pricing actions • Completed divestiture of legacy asbestos liability • Significa
Slide 8: MOGAS Integration
MOGAS INTEGRATION Successful integration of Realization of cost MOGAS demonstrates synergies from acquisition effectiveness of Flowserve drove progressive margin Business System improvement in 2025 80/20 complexity Focused on commercial reduction actions lowered excellence and bookings exposure to p
Slide 9: Acquisition of Trillium Flow Technologies' Valves Division
ACQUISITION OF TRILLIUM FLOW TECHNOLOGIES’ VALVES DIVISION KEY DEAL METRICS Extends leadership in mission-critical flow control solutions • Complementary valve and actuation portfolio offerings for nuclear power, traditional power, industrial, and critical infrastructure applications $200M+ High Tee
Slide 10: Market Outlook
MARKET OUTLOOK GENERAL INDUSTRIES: 34% • Further regionalization influencing government policies to stimulate industrial capex in-country • Sustained industrial expansion in water, pharmaceuticals, and • Favorable end market demand should deliver mining mid-single digit bookings growth in 2026 ENERG
Slide 11: Strategy and Execution
STRATEGY AND EXECUTION Global Megatrends • Growth strategy aligned with key global megatrends including significant investment in energy security, regionalization, and electrification • Expanding nuclear flow control leadership supported by specialized product offerings and deep expertise Flowserve
Slide 12: 2026 Full Year Guidance
2026 FULL YEAR GUIDANCE Guidance Metric1 Prior Current • Adjusted EPS guidance midpoint: Organic Growth +1% to +3% - 13% growth versus 2025 adjusted EPS Total Sales Growth2 +5% to +7% - Equates to 95% growth in adjusted Adjusted EPS3 $4.00 to $4.20 EPS since 2023 Net Interest Expense ~$80 million •
Slide 13: Purposeful Capital Allocation
PURPOSEFUL CAPITAL ALLOCATION Guiding Principles INVEST TO GROW ACQUISITIONS • Capital allocation based on highest long-term return • Accelerate 3D Strategy • Growth and margin expansion CAPEX • Strong financial returns • Free cash flow conversion • New product development and diversification target
Slide 14: 2027 Financial Targets
2027 FINANCIAL TARGETS ADJUSTED OPERATING MARGIN* Achieved 2027 adjusted operating margin target 14.8% two years ahead of 14-16% expectations 2027 Target 11.8% FPD delivering margins above segment target range; FCD building 9.5% +530bps momentum Sales and adjusted EPS on track for 2027 targets 2023
Slide 15: 2030 Financial Targets
2030 FINANCIAL TARGETS ORGANIC SALES ADJUSTED ADJUSTED EPS GROWTH OPERATING MARGIN GROWTH Mid-Single Digits ~20% Double Digits 2025-2030 CAGR By 2030 2025-2030 CAGR Continued profit momentum with a focus on growth * Adjusted operating margin and Adjusted EPS are non-GAAP measures. Please see appendi
Slide 16: Summary
SUMMARY • Strong financial results and operational performance in 2025 • Delivered 2027 adjusted operating margin target two years ahead of schedule • 2030 financial targets highlight commitment to growth and improved profitability • Confidence in 2026 and long-term outlook supported by strong globa
Slide 17: Appendix
Appendix Q4 2025 Earnings Conference Call 17
Slide 18: Q4 2025 Consolidated Financial Results
Q4 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) Loss on Selling, Divestiture of General & Asbestos- Provision For Net Gross Administrativ
Slide 19: FY 2025 Consolidated Financial Results
FY 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) Loss on Selling, Divestiture of General & Asbestos- Provision For Net Administrative Rela
Slide 20: Q4 2024 Consolidated Financial Results
Q4 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: FY 2024 Consolidated Financial Results
FY 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 of Operating Other Incom
Slide 22: Q4 2025 and Q4 2024 Segment Financial Results
Q4 2025 AND Q4 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: FY 2025 and 2024 Segment Financial Results
FY 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 1 Constant foreign exchange (FX) represents the year-over-year variance assuming 2025 results at 2024 FX rates 2 OE and AM represent original equipment and aftermarket, respectively 3 Gross bookings and sales do not include interdivision eliminations Q4 2
Slide 25: Investor Relations Contacts
Investor Relations Contacts Brian Ezzell Olivia Webb bezzell@flowserve.com owebb@flowserve.com