Slide 1: Second Quarter 2025 Earnings Teleconference
Second Quarter 2025 Earnings Teleconference August 5th, 2025
Slide 2: Contents
CONTENTS Q2 2025 Summary Q2 2025 Supplemental Information Appendix 2
Slide 3: Disclosure Regarding Forward-Looking Statements
Disclosure Regarding Forward-Looking Statements Information provided in this presentation that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary resul
Slide 4: Q2 2025 Summary
Q2 2025 Summary
Slide 5: Q2 2025 Summary
Q2 2025 Summary Performance Metric ($M) As Reported Revenue 8,643 EBITDA 1,587 Net Income 890 Diluted EPS $6.43 5
Slide 6: Selected Financial Data - Quarter
Selected Financial Data - Quarter All values in $ millions (except where noted) Please refer to the appendix for adjustment reconciliations 6
Slide 7: Q2 2025 Net Sales and EBITDA by Segment
Q2 2025 Net Sales and EBITDA by Segment $ Millions Engine Components Distribution Power Accelera Intersegment Total Systems Eliminations Three months ended June 30, 2025 Net Sales 2,899 2,705 3,041 1,889 105 (1,996) 8,643 Sales growth vs 2024 (8)% (9)% 7% 19% (5)% 7% (2)% EBITDA 400 397 445 430 (100
Slide 8: Q2 2025 EBITDA Detail
Q2 2025 EBITDA Detail EBITDA ($M) As Reported CMI 1,587 Engine Segment 400 Components Segment 397 Distribution Segment 445 Power Systems Segment 430 Accelera Segment (100) Eliminations 15 8
Slide 9: Cummins Inc. - Historical Performance
Cummins Inc. - Historical Performance All values in $ billions Please refer to the appendix for adjustment reconciliations 9
Slide 10: Q2 2025 Supplemental Information
Q2 2025 Supplemental Information
Slide 11: Engine Segment - Selected Financial Data
Engine Segment - Selected Financial Data Q2-25 Highlights • Revenues decreased 8% due to lower On-Highway demand in North America. • EBITDA margin decreased as lower volumes were partially offset by favorable pricing in light-duty markets, operational efficiencies, and higher joint venture income. A
Slide 12: Components Segment - Selected Financial Data
Components Segment - Selected Financial Data Q2-25 Highlights • Sales decreased 9% primarily due to lower On-Highway demand in North America. • The increase in EBITDA margin is driven primarily by reduced Product Coverage expense and operational efficiencies. All values in $ millions (except where n
Slide 13: Distribution Segment - Selected Financial Data
Distribution Segment - Selected Financial Data Q2-25 Highlights • Sales increased 7% driven by increased demand for power generation products in North America. • EBITDA margin increased primarily due to higher power generation volumes and operational efficiencies. All values in $ millions (except wh
Slide 14: Power Systems Segment - Selected Financial Data
Power Systems Segment - Selected Financial Data Q2-25 Highlights • Revenue increased 19% driven primarily by increased power generation demand, particularly for data center and mission critical applications. • EBITDA margin increased primarily as a result of higher volumes, favorable pricing and ope
Slide 15: Accelera Segment - Selected Financial Data
Accelera Segment - Selected Financial Data Q2-25 Highlights • Sales decreased due to lower electrolyzer installations. (100) Q2-25 EBITDA • EBITDA losses are driven by costs associated with the development of electric powertrains, fuel cells and electrolyzers, as well as products to support battery
Slide 16: Joint Venture Income
Joint Venture Income $ MILLIONS Q2 2025 Q2 2024 Engine 60 48 Components 10 13 Distribution 26 24 Power Systems 27 26 Accelera (5) (8) Total JV Income 118 103 16
Slide 17: Cash Flow
Cash Flow Q2-25 Q2-24 15 consecutive years of common stock cash dividend increases 785 (851) Operating Cash Flow Operating Cash Flow 231 240 Capital Expenditures Capital Expenditures 38.7% 41.5% Total Debt to Capital Total Debt to Capital All values in $ millions (except where noted) 17
Slide 18: Appendix
Appendix
Slide 19: Cummins - Segment Overview
Cummins - Segment Overview • Strong product portfolio and global partners • Disciplined investment growth and demonstrated technology leadership Revenue by Segment All values in $ billions Percentages reflect full-year 2024 values 19
Slide 20: Cummins - Regional Overview
Cummins - Regional Overview • Capitalizing on global emissions regulations • Strong geographic diversification and leadership across multiple Revenue end-markets by Region • Global distribution network with presence in approximately 190 countries and territories Percentages reflect full-year 2024 va
Slide 21: Engine Segment - Overview
Engine Segment - Overview • Diesel and natural gas engines from 2.8L to 15L and 48 hp to 715 hp • Market leader in multiple end-markets and geographies Revenue by Application All values in $ billions Percentages reflect full-year 2024 values 21
Slide 22: Components Segment - Overview
Components Segment - Overview • Leading supplier of axles, brakes, and aftertreatment products for commercial vehicle applications • Largest worldwide supplier of turbochargers from 3.8L to 25L for commercial applications Revenue by Application All values in $ billions Percentages reflect full-year
Slide 23: Distribution Segment - Overview
Distribution Segment - Overview • Engaged in wholesaling engines, generator sets and service parts, as well as performing service and repair activities on our products • Increase network capabilities in emerging markets to capture profitable growth Revenue by Application All values in $ billions Per
Slide 24: Power Systems Segment - Overview
Power Systems Segment - Overview • Global provider of power generation systems, components and services from 2kW to 3.5 Megawatts (MW) • Leading supplier of engines 16L and larger to industrial applications and alternators from 7.5kVA to 11,200kVA Revenue by Application All values in $ billions Perc
Slide 25: Emerging Market Sales - China & India
Emerging Market Sales - China & India • Present in China for 50 years • Present in India for over 60 years • Broad product portfolio for On and Off Highway • Market leadership • Strong OEM partners • Strong OEM relationships All value in $ billions Consolidated & JV Sales with eliminations 25
Slide 26: Non-GAAP Reconciliation - EBITDA
Non-GAAP Reconciliation - EBITDA Three Months Ended In Millions 30-Jun-25 30-Jun-24 Net income attributable to Cummins Inc. $ 890 $ 726 Net income attributable to noncontrolling interests 38 26 Consolidated net income 928 752 Income tax expense 297 225 Income before taxes 1,225 977 Interest expense
Slide 27: Non-GAAP Reconciliation - Adjusted EBITDA (2024 & 2023)
Non-GAAP Reconciliation - Adjusted EBITDA (2024 & 2023) Twelve Months Ended In Millions 31-Dec-24 31-Dec-23 Net income attributable to Cummins Inc. $ 3,946 $ 735 Net income attributable to noncontrolling interests 122 105 Consolidated net income 4,068 840 Income tax expense 835 786 Income before tax
Slide 28: Non-GAAP Reconciliation - Adjusted EBITDA (2022 & 2021)
Non-GAAP Reconciliation - Adjusted EBITDA (2022 & 2021) Twelve Months Ended In Millions 31-Dec-22 31-Dec-21 Net income attributable to Cummins Inc. $ 2,151 $ 2,131 Net income attributable to noncontrolling interests 32 33 Consolidated net income 2,183 2,164 Income tax expense 636 587 Income before t
Slide 29: Non-GAAP Reconciliation - Invested Capital Used for ROIC Calculation
Non-GAAP Reconciliation - Invested Capital Used for Return on Invested Capital Calculation In Millions 30-Jun-25 30-Jun-24 Total Equity $ 12,873 $ 10,576 Less: Defined benefit postretirement plans (862) (848) Equity used for return on invested capital calculation 13,735 11,424 Loans payable 336 329
Slide 30: Non-GAAP Reconciliation - NOPAT Used for ROIC Calculation
Non-GAAP Reconciliation - Net Operating Profit After Taxes Used for Return on Invested Capital Calculation Last Twelve Months Ended In Millions 30-Jun-25 30-Jun-24 Net income attributable to Cummins Inc. $ 2,941 $ 1,944 Net income attributable to noncontrolling interests 125 133 Consolidated net inc
Slide 31: Non-GAAP Reconciliation - Adjusted ROIC
Non-GAAP Reconciliation - Adjusted ROIC Last 12 Months Ended In Millions 30-Jun-25 30-Jun-24 Unadjusted ROIC Net Operating Profit after Taxes $ 3,322 $ 2,360 Beginning - Unadjusted Invested capital used for ROIC calculation 18,927 18,890 Ending - Unadjusted Invested capital used for ROIC calculation
Slide 32: Thank you for your interest
Thank you for your interest For additional information: +1 (812) 377-3121 | investor.relations@cummins.com www.investor.cummins.com