Slide 1: Earnings Conference Call Second Quarter 2025
July 24, 2025 – 8:30am CT Earnings Conference Call Second Quarter 2025
Slide 2: Forward-Looking Statements and Non-GAAP Measures
Forward-Looking Statements and Non-GAAP Measures We want to remind everyone that our comments may contain forward-looking statements that are inherently subject to uncertainties and risks, including general economic conditions and conditions in the particular markets in which we operate, changes in
Slide 3: Q2 2025 Performance Highlights
Q2 2025 Performance Highlights Financial Summary Commentary Revenue All in: +5% to $2.0B Organic growth(1) : +1% ▪ Accelerating top line performance driven by secular-growth-exposed end markets Bookings(2) All-in(2): +7% to $2.0B ▪ Strong order trends drive confidence in second half outlook Adjusted
Slide 4: Summary Corporate Q2 Results
Summary Corporate Q2 Results Q2 2025 Highlights Revenue change All-in +5% ▪ FX impact: +1%. Acquisitions: +3% (Y-o-Y) Organic(1) +1% Bookings change ▪ Year-to-date book-to-bill(2): 1.02, >1 across All-in(2) +7% (Y-o-Y) all five segments Adjusted Segment Margin % 25% ▪ Adj. Segment EBITDA(1) up $47M
Slide 5: All Five Segments Increased Comparable Margins in Q2
All Five Segments Increased Comparable Margins in Q2 Q2 2025 Adj. Segment Revenue ($M) / Segment EBITDA(1) % / Y-o-Y Organic(1) ∆ % Performance Commentary bps ∆ Y-o-Y $276 21% ▪ Lower volumes in vehicle services partially offset by growth in aerospace & defense DEP -5% +140 bps ▪ Margin up on cost a
Slide 6: Year-to-Date Free Cash Flow
Year-to-Date Free Cash Flow $M YTD 2025 YTD 2024 ∆ Net earnings 510 914 (404) Earnings from discontinued operations, net 9 (65) 74 Gain on dispositions (5) (529) 524 D&A 182 165 17 Change in working capital (148) (146) (2) Change in other (1) (179) (42) (137) Cash flow from operations 370 296 74 Cap
Slide 7: Bookings Momentum Continuing in 2025
Bookings Momentum Continuing in 2025 Consolidated Y-o-Y Bookings(1) Growth Q2 Bookings(1) Detail by Segment $M Y-o-Y ▪ LTM bookings growth: +5% B-t-B(1) Growth(1) Bookings Commentary ▪ YTD book-to-bill: 1.02 Growth in aerospace & defense; DEP 1.00 -1% sequential improvement in vehicle 68% services d
Slide 8: Secular Growth Platforms Continue to Drive Upside
Secular Growth Platforms Continue to Drive Upside Clean Energy Components Precision Components Single-Use Biopharma Liquid Cooling CO2 Systems ▪ Tailwinds across broader gas ▪ Resurgent US energy ▪ Robust outlook in new ▪ Strong demand for liquid ▪ Broad-based national retailer complex infrastructur
Slide 9: Accelerating Growth and Productivity Investments to Support Long-Term Outlook
Accelerating Growth and Productivity Investments to Support Long- Term Outlook Rooftop / Productivity / Supply Chain Growth / Segment Description Fixed Cost On Track? Savings Automation Optimization Capacity Reduction DEP Reshoring of a key product line Footprint rationalization in 2 businesses to D
Slide 10: Operational Execution and Portfolio Transformation Driving Shareholder Return Outperformance
Operational Execution and Portfolio Transformation Driving Shareholder Return Outperformance Through-Cycle Adjusted EPS(1) Robust margin expansion Growing share of highest across all segments priority end markets +9-10% ’18-’24 Adj. Segment EBITDA %(1) Δ Revenue by Segment CAGR $9.35-$9.55 $4.97 DPP
Slide 11: 2025 Full Year Guidance and Segment Outlook
2025 Full Year Guidance and Segment Outlook Full Year Outlook 2025 Full Year Guidance Organic Segment Segment Growth(1) Margin ∆ Second Half 2025 Commentary Revenue Growth ▪ Double-digit growth in aerospace & defense components on 4% - 6% timing of government programs DEP (LSD) ▪ Improving trends in
Slide 12: Appendix
Appendix 12
Slide 13: SIKORA Acquisition Overview
SIKORA Acquisition Overview ▪ Leading provider of solutions for measurement, inspection, and Transaction Highlights control technologies for (i) wire & cable; (ii) hose, tube & sheet; and (iii) plastics applications €550M ~€115M ▪ Broadest range of technologies (e.g., laser, X-ray) and patents Enter
Slide 14: SIKORA Acquisition Rationale: Complementary Fit Within a High-Priority Dover Platform
Complementary Fit Within a High-Priority Dover Platform Acquisition Rationale ▪ High ROI solutions that help customers achieve greater Gear pumps Underwater pelletizers Screen changers Digital controls Attractive Business efficiency, reduce costs, and improve product compliance ▪ Solid growth profil
Slide 15: Organic Revenue Growth
Organic Revenue Growth Note: Numbers may not add due to rounding 15
Slide 16: Bookings
Bookings Note: Numbers may not add due to rounding Note: Numbers may not add due to rounding 16
Slide 17: Reconciliation of Earnings from Continuing Operations to Total Segment Earnings and Adjusted Segment EBITDA
Reconciliation of Earnings from Continuing Operations to Total Segment Earnings and Total Adjusted Segment EBITDA Note: Numbers may not add due to rounding (1) FY 2018 has not been recast to reflect the impact of discontinued operations resulting from the sale of Environmental Services Group 17 busi
Slide 18: Reconciliation of Segment Earnings to Adjusted Segment EBITDA by Segment
Reconciliation of Segment Earnings to Adjusted Segment EBITDA by Segment Note: Numbers may not add due to rounding 18
Slide 19: Reconciliation of Segment Earnings to Adjusted Segment EBITDA by Segment (Continued)
Reconciliation of Segment Earnings to Adjusted Segment EBITDA by Segment (Continued) Note: Numbers may not add due to rounding (1) FY 2018 has not been recast to reflect the impact of discontinued operations resulting from the sale of Environmental Services Group business in 2024 as it was not pract
Slide 20: Reconciliation of Earnings from Continuing Operations to Adjusted Earnings and Adjusted EPS
Reconciliation of Earnings from Continuing Operations to Adjusted Earnings from Continuing Operations and Adjusted EPS from Continuing Operations Note: Numbers may not add due to rounding (1) FY 2018 has not been recast to reflect the impact of discontinued operations resulting from the sale of Envi
Slide 21: Reconciliation of Free Cash Flow and EPS to Adjusted EPS
Reconciliation of Free Cash Flow and EPS from Continuing Operations to Adjusted EPS from Continuing Operations Note: Numbers may not add due to rounding 21
Slide 22: Non-GAAP Definitions
Non-GAAP Definitions Definitions of Non-GAAP Measures: The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations. Adjusted Earnings From Continuing Operations: is defined as earnings from continuing operations adjusted for the effect of purchas
Slide 23: Performance Measure Definitions
Performance Measure Definitions Definitions of Performance Measures: The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations. Bookings represent total orders received from customers in the current reporting period and exclude de-bookings rela
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