Slide 1: Third Quarter 2025 Earnings Teleconference
< Third Quarter 2025 Earnings Teleconference November 6th, 2025
Slide 2: Contents
< CONTENTS Q3 2025 Summary Q3 2025 Supplemental Information Appendix
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: Q3 2025 Summary
Q3 2025 Summary
Slide 5: Q3 2025 Summary
Q3 2025 Summary Accelera Non-Cash Performance Metric ($M) As Reported Charges Adjusted Revenue 8,317 8,317 EBITDA 1,187 240 1,427 Net Income 536 240 776 Diluted EPS $3.86 $1.73 $5.59 There is no tax benefit from the $240 milion Accelera non-cash charge Please refer to appendix for adjustment reconci
Slide 6: Selected Financial Data - Quarter
Selected Financial Data - Quarter Sales Adjusted Adjusted Diluted Adjusted ROIC Dividend Per EBITDA % EPS (LTM) Share 8,456 $5.86 $1.82 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 All values in $ millions (except where noted) Please refer to appendix for adjustment reconclliations
Slide 7: Q3 2025 Net Sales and EBITDA by Segment
Q3 2025 Net Sales and EBITDA by Segment Net Sales Sales growth vs 2024 Adjusted EBITDA Adjusted Segment EBITDA % Net Sales EBITDA Segment EBITDA % Please refer to slide 8 for adjustment reconciliations "NM" - not meaningful information 2,605 ()% 261 10.0% 2,913 427 14.7% Three months ended September
Slide 8: Q3 2025 EBITDA Detail
Q3 2025 EBITDA Detail EBITDA ($M) CMI Engine Segment Components Segment Distribution Segment Power Systems Segment Accelera Segment Eliminations As Reported 1,187 261 292 492 457 (336) 21 Accelera Non-Cash Charges 240 240 Adjusted 1,427 261 292 492 457 (96) 21
Slide 9: Cummins Inc. - Historical Performance
Cummins Inc. - Historical Performance Adjusted EBITDA Sales 341 341 5.4 28.1 52 2021 2022 2023 2024 2021 2022 2023 2024 All values in $ billions Please refer to the appendix for adjustment reconciliations
Slide 10: Q3 2025 EPS Detail
Q3 2025 EPS Detail Reported EPS $3.86 Reported EPS included costs related to the $(1.73) Accelera non-cash charges : Reported EPS included costs related to the $(0.26) implementation of the One Big Beautiful Bill Act .
Slide 11: Q3 2025 Supplemental Information
Q3 2025 Supplemental Information
Slide 12: Engine Segment - Selected Financial Data
Engine Segment - Selected Financial Data Q3-25 Highlights =—_ Revenue EBITDA % « Revenue decreased 11% due to lower Heavy Duty and Medium Duty demand . . 14.7% in North America. 2,913 « EBITDA margin decreased as lower 2,605 volumes and unfavorable tariff impacts were partially offset by favorable p
Slide 13: Components Segment - Selected Financial Data
Components Segment - Selected Financial Data g Q3-25 Highlights » Revenue decreased 15% primarily due to lower On-Highway demand in North America. » EBITDA margin decreased as lower volumes were partially offset by decreased freight costs. All values in $ millions (except where noted) 2,329 Revenue
Slide 14: Distribution Segment - Selected Financial Data
Distribution Segment - Selected Financial Data Q3-25 Highlights —— Revenue EBITDA % » Revenue increased 7% driven by increased demand for power generation products in North America. ent 2,952 12.5% « EBITDA margin increased primarily due to higher power generation volumes and favorable pricing. 2025
Slide 15: Power Systems Segment - Selected Financial Data
Power Systems Segment - Selected Financial Data Q3-25 Highlights » Revenue increased 18% driven primarily by increased power generation demand, particularly for data center applications. » EBITDA margin increased as higher volumes and favorable pricing more than offset unfavorable tariff impacts. Al
Slide 16: Accelera Segment - Selected Financial Data
Accelera Segment - Selected Financial Data Q3-25 Highlights — Revenue » Revenue increased due to higher eMobility (9 G) demand. 3-25 Adjusted « EBITDA losses are driven by costs " 110 09-28 Adjusted EBITDA associated with the development of electric powertrains, fuel cells and electrolyzers, as well
Slide 17: Joint Venture Income
Joint Venture Income Engine 54 53 Components 7 12 Distribution 23 25 Power Systems 26 20 Accelera (6) (wD) Total JV Income 104 99
Slide 18: Cash Flow
Cash Flow 1,305 Operating Cash Flow 298 Capital Expenditures 36.8% Total Debt to Capital All values in $ millions (except where noted) 640 Operating Cash Flow 259 Capital Expenditures 40.1% Total Debt to Capital 15 consecutive years of common stock cash dividend increases ‘09 ‘10 12 ‘13 15 'I6 $7.00
Slide 19: Appendix
Appendix
Slide 20: Cummins - Segment Overview
. . Cummins - Segment Overview S « Strong product portfolio and global partners «Disciplined investment growth and demonstrated technology leadership a Accelera 1% Power Systems 16% \ Revenue Engine 28% 34.1 34.1 28.1 Revenue 240 by Segment Distribution 27% 2021 2022 2023 2024 Components 28% All val
Slide 21: Cummins - Regional Overview
Cummins - Regional Overview India 5% Middle East & Africa 2% « Capitalizing on global emissions aN \ regulations Asia Pacific 7% — « Strong geographic diversification and leadership across multiple end-markets Revenue by Region China 9% * Global distribution network with presence in approximately 19
Slide 22: 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 nN7 N7 ; 2021 All values in $ billions 2022 2023 2024 Percentages reflect fultyear 2024 values Off-Highway 15% \ Heavy-Duty Truck 35% Light-Duty
Slide 23: 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 ms 3% Automated Transmissions 5% ——_ Drivetrain & Revenue Braking Systems 40%
Slide 24: 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 Power Gen 35% Service 15% \ Revenue Engines 15% 1
Slide 25: 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 64 57 5.0 2021 2022 2023 2024 All values in
Slide 26: Emerging Market Sales - China & India
Emerging Market Sales - China & India China India 75 7.0 65 53 ee 3.0 26 ; Zo 7 a 2021 2022 2023 2024 2021 2022 2023 2024 Hi Consolidated [fl Joint Venture Hi Consolidated [fl Joint Venture a + Present in China for 50 years + Present in India for over 60 years * Broad product portfolio for On and Of
Slide 27: Non-GAAP Reconciliation - Adjusted EBITDA
Non-GAAP Reconciliation - Adjusted EBITDA Three Months Ended In Millions 30-Sep-25 30-Sep-24 Net income attributable to Cummins Inc. $ 536 $ 809 Net income attributable to noncontrolling interests 23 34 Consolidated net income 559 843 Income tax expense 271 200 Income before taxes 830 1,043 Interest
Slide 28: 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 29: Non-GAAP Reconciliation - Adjusted EBITDA (2022 & 2021)
Non-GAAP Reconciliation - Adjusted EBITDA (2022 & 2021) Twelve Months Ended In Millions Net income attributable to Cummins Inc. Net income attributable to noncontrolling interests Consolidated net income Income tax expense Income before taxes Interest expense EBIT Depreciation and amortization EBITD
Slide 30: Non-GAAP Reconciliation - Adjusted Net Income
Non-GAAP Reconciliation - Adjusted Net Income Three Months Ended In Millions 30-Sep-25 30-Sep-24 Net income attributable to Cummins Inc. $ 536 $ 809 One-Time Items! 240 Net Income excluding One-Time Items 776 809 1Q3 2025 one-time items include $240 million of Accelera non-cash charges We believe ad
Slide 31: Non-GAAP Reconciliation - Adjusted Diluted EPS
Non-GAAP Reconciliation - Adjusted Diluted EPS Three Months Ended In Millions 30-Sep-25 30-Sep-24 Diluted Earnings per Share as Reported $ 386 6$ 5.86 One-Time Items! 1.73 Diluted Earnings per Share excluding One-Time Items 5.59 5.86 1Q3 2025 one-time items include $1.73 per share of Accelera non-ca
Slide 32: Non-GAAP Reconciliation - Invested Capital Used
Non-GAAP Reconciliation - Invested Capital Used for Return on Invested Capital Calculation In Millions 30-Sep-25 30-Sep-24 Total Equity $ 13,098 $ 11,341 Less: Defined benefit postretirement plans (854) (843) Equity used for return on invested capital calculation 13.952 12184 Loans payable 315 441 C
Slide 33: Non-GAAP Reconciliation - Net Operating Profit After Taxes
Non-GAAP Reconciliation - Net Operating Profit After Taxes Used for Return on Invested Capital Calculation Last Twelve Months Ended In Millions 30-Sep-25 30-Sep-24 Net income attributable to Cummins Inc. $ 2668 §$ 2,097 Net income attributable to noncontrolling interests 14 133 Consolidated net inco
Slide 34: Non-GAAP Reconciliation - Adjusted ROIC
Non-GAAP Reconciliation - Adjusted ROIC Last 12 Months Ended In Millions 30-Sep-25 30-Sep-24 Unadjusted ROIC Net Operating Profit after Taxes $ 3,027 $ 2,508 Beginning - Unadjusted Invested capital used for ROIC calculation 19,771 19,573 Ending - Unadjusted Invested capital used for ROIC calculation
Slide 35: Thank you for your interest
Thank you for your interest For additional information: (812) 377-3121 | investor.relations@cummins.com www.investor.cummins.com