Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation APRIL 30, 2026 Q1 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements contained in this presentation that are not historical facts, including any statements as to future market conditions, results of operations, product introductions, and financial projections, are forward-looking statements within the meaning of Section 27A of
Slide 3: Introductory Comments
Introductory Comments Gene Lowe, President & Chief Executive Officer APRIL 30, 2026 Q1 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 3|
Slide 4: Executive Summary
Executive Summary ▪ Strong Q1 Performance » 23% growth in Adjusted EBITDA1 » 22% growth in Adjusted EPS1 ▪ Raising 2026 Guidance » Adjusted EBITDA1 range implies +21% growth at midpoint ▪ Progressing on Key Initiatives » Momentum on capacity expansions and new product introductions » Acquisitions pe
Slide 5: Q1 2026 Results Summary
Q1 2026 Results Summary ($ in millions) 1000 First Quarter 0.3 ▪ Revenue growth of 17.4% 900 Revenue » Organic growth in both segments 800 Adjusted EBITDA / Margin1 0.28 » Benefit of acquisitions 700 0.26 600 $567 500 $483 0.24 22.2% ▪ Adjusted EBITDA1 growth of 22.9% 400 21.3% 0.22 » 90 bps of marg
Slide 6: Value Creation Framework
Value Creation Framework Strong Foundation Business System Engineered Niches Leading Positions Excellence Growth Tech-Enabled Digital/AI Strategic M&A 15%+ Adj. EBITDA1 Growth Continuous New Product Moats Improvement Development Talent Commercial Sustainable Excellence Strategic Planning & Goal Depl
Slide 7: Q1 2026 Financial Review
Q1 2026 Financial Review Mark A. Carano, Chief Financial Officer APRIL 30, 2026 Q1 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 7|
Slide 8: Adjusted Earnings Per Share
Adjusted Earnings Per Share1 Q1 2025 Q1 2026 GAAP EPS from continuing operations $1.10 $1.27 Intangible amortization $0.31 $0.36 Acquisition and integration-related $0.14 $0.11 Non-service pension and other ($0.17) ($0.05) Adj. EPS1 from continuing operations $1.38 $1.69 1 Adjusted results are non-G
Slide 9: Q1 2026 Results
Q1 2026 Results ($ in millions) Q1 Revenue First Quarter 1000 0.32 ▪ 17.4% year-over-year increase 900 Revenue » 9.0% acquisition impact 800 Consolidated Segment Income / Margin1 0.3 » 7.4% organic growth primarily driven by HVAC 700 » 1.0% currency impact 0.28 600 $567 500 $483 0.26 Q1 Consolidated
Slide 10: HVAC Q1 2026 Results
HVAC Q1 2026 Results ($ in millions) Q1 Revenue First Quarter ▪ 22.0% year-over-year increase Revenue » 9.6% organic increase with solid growth in both 600 Segment Income / Margin 0.7 Cooling and Heating 0.6 » 11.5% acquisition impact 500 » 0.9% currency impact 400 $394 0.5 $323 0.4 Q1 Segment Incom
Slide 11: Detection & Measurement Q1 2026 Results
Detection & Measurement Q1 2026 Results ($ in millions) Q1 Revenue First Quarter ▪ 8.3% year-over-year increase Revenue » 3.9% acquisition impact Segment Income / Margin » 3.0% organic increase due primarily to higher Transportation volumes » 1.4% currency impact 200 $173 180 $160 160 Q1 Segment Inc
Slide 12: Financial Position & Guidance
Financial Position & Guidance Mark A. Carano, Chief Financial Officer APRIL 30, 2026 Q1 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 12 |
Slide 13: Financial Position Update
Financial Position Update ($ in millions) Q4 2025 Q1 2026 Q4 2025 Q1 2026 1.4 Short-term debt $1 $24 1.2 Current maturities of long-term debt 4 7 1 0.8 Long-term debt 497 644 0.6 1.2x Total Debt $502 $674 0.9x 0.9x 0.4 2 Less: Cash on hand (366) (158) 0.2 0.3x Net Debt $136 $516 0 Gross Leverage1 Ba
Slide 14: 2026 Guidance
2026 Guidance1 Detection & Total SPX HVAC Measurement Revenue $2.575-$2.645B $1,840-$1,880M $735-$765M Prior range $2.535-$2.605B $1,800-$1,840M $735-$765M Segment Income Margin1 24.60%-25.10% 24.25%-24.75% 25.50%-26.00% Prior range 24.60%-25.10% 24.50%-25.00% 24.75%-25.25% Adj. EBITDA1 $600-$625M R
Slide 15: End Market Review & Closing Comments
End Market Review & Closing Comments Gene Lowe, President & Chief Executive Officer APRIL 30, 2026 Q1 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 15 |
Slide 16: Market Commentary
Market Commentary Cooling Heating Project-Oriented Run-Rate ▪ Strong backlog and ▪ Solid demand in both ▪ Healthy backlog; Frontlog ▪ Steady demand led by demand in core verticals Electric and Hydronics activity steady U.S. market Diverse End Markets and High Replacement Demand APRIL 30, 2026 Q1 202
Slide 17: Executive Summary
Executive Summary ▪ Strong start to year ▪ Capacity expansions and recent acquisitions on-track ▪ Anticipate ~21% Adjusted EBITDA1 growth in 2026 ▪ Active acquisition pipeline 1 Reconciliations of non-GAAP guidance measures to GAAP financial measures are not practicable and accordingly are not inclu
Slide 18: Appendix
Appendix APRIL 30, 2026 Q1 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 18 |
Slide 19: Modeling Considerations – Full-Year 2026
Modeling Considerations – Full-Year 2026 Metric Metric Considerations Considerations Corporateexpense Corporate expense $48.0-52.0m $52.0-55.0m Long-termincentive Long-term incentivecomp comp $17.0-19.0m $17.0-19.0m Restructuringcosts Restructuring costs $0-2.0m ~$2.0m Interestcost Interest cost $48
Slide 20: GAAP Reconciliation Results by Quarter
GAAP Reconciliation Results by Quarter ($ in millions) 2025 2026 Q1 Q2 Q3 Q4 FY Q1 Consolidated segment income1 $ 110.5 $ 135.8 $ 146.1 $ 156.4 $ 548.8 $ 135.3 Corporate expense (14.0) (13.3) (12.4) (19.5) (59.2) (14.5) Acquisition and integration-related costs (6.4) (6.9) (7.7) (7.9) (28.9) (5.0) L
Slide 21: Segment Results
Segment Results ($ in millions) 2025 2026 HVAC Q1 Q2 Q3 Q4 FY Q1 Revenue $323.0 $376.7 $387.4 $431.1 $1,518.2 $394.0 Segment income $73.9 $95.8 $94.4 $108.5 $372.6 $88.6 23% 25% 24% 25% 25% 22% Detection and 2025 2026 Measurement Q1 Q2 Q3 Q4 FY Q1 Revenue $159.6 $175.7 $205.4 $206.2 $746.9 $172.8 Se
Slide 22: Q1 2026 Revenue by Major Product Lines
Q1 2026 Revenue by Major Product Lines ($ in millions) APRIL 30, 2026 Q1 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 22 |
Slide 23: Q1 2025 Revenue by Major Product Lines
Q1 2025 Revenue by Major Product Lines ($ in millions) Three months ended March 29, 2025 Detection and Reportable Segments HVAC Measurement Total Major product lines Package and process cooling equipment and services, and engineered air movement and handling solutions $ 199.1 $ — $ 199.1 Hydronic he
Slide 24: Q1 2026 U.S. GAAP to Adjusted EPS Reconciliation
Q1 2026 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) (1) Adjustment represents the removal of certain acquisition and integration-related costs of $2.7. (2) Adjustment represents the removal of (i) acquisition and integration-related costs of $0.9 within the HVAC
Slide 25: Q1 2025 U.S. GAAP to Adjusted EPS Reconciliation
Q1 2025 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) (1) Adjustment represents the removal of certain acquisition and integration-related costs of $2.2. (2) Adjustment represents the removal of (i) acquisition and integration-related costs of $1.0 and $0.8 within
Slide 26: U.S. GAAP to Adjusted Operating Income Reconciliation
U.S. GAAP to Adjusted Operating Income Reconciliation ($ in millions) (1) For the three months ended March 28, 2026, represents (i) certain acquisition and integration-related costs of $3.6, (ii) amortization of a deferred compensation asset of $3.6 related to the KTS acquisition, and (iii) inventor
Slide 27: Q1 Adjusted EBITDA Reconciliation
Q1 Adjusted EBITDA Reconciliation ($ in millions) (1) Represents amortization expense associated with acquired intangible assets recorded within “Selling, general and administrative — intangible amortization” and amortization expense associated with acquired intangible assets and capitalized softwar
Slide 28: Q1 2026 Organic Revenue Growth
Q1 2026 Organic Revenue Growth APRIL 30, 2026 Q1 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 28 |
Slide 29: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation ($ in millions) Three months ended March 28, 2026 March 29, 2025 Operating cash flow from (used in) continuing operations $ 29.8 $ (10.4) Include: Capital expenditures (18.5) (5.5) Free cash flow from (used in) continuing operations 11.3 (15.9) Exclude: Acquisi