Slide 1: Q4 2025 Earnings Call Presentation
Q4 2025 Earnings Call Presentation February 9, 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements & Non-GAAP Financial Measures: This presentation contains forward-looking statements regarding future results and events, including financial and operational guidance and projected estimates. For this purpose, any statements that are not statements of historical
Slide 3: Key Messages
Key Messages Execution & Innovation Driving Exceptional Results Significant Value Creation Opportunity Ahead Industry-Leading Pro-Forma Growth in 2026 ©2026 Waters Corporation 2
Slide 4: Q4 2025 Results
Q4 2025 Results Q4 2025 Revenue CC Revenue Growth Q4 2025 EPS Non-GAAP $932M +6% $4.53 As Reported: +7% FX: +1% CC Instrument CC Recurring Revenue Growth Growth Growth +3% +9% +10% CC: Constant Currency; growth rates are versus prior year. Note: Growth measures presented in constant currency and non
Slide 5: FY 2025 Results
FY 2025 Results FY 2025 Revenue CC Revenue Growth FY 2025 EPS Non-GAAP $3,165M +7% $13.13 As Reported: +7% FX: 0% CC Instrument CC Recurring Revenue Growth Growth Growth +5% +8% +11% CC: Constant Currency; growth rates are versus prior year. Note: Growth measures presented in constant currency and n
Slide 6: Execution & Innovation Exceeding Targets
Execution & Innovation Exceeding Targets 1 Commercial Execution KPIs Continue to Run Ahead 2 Pioneering Innovation Augmenting Strength 2019 2024 2025 Instrument Replacement Embedded in our Operating Cadence +2.1x FY-25 CC Sales Growth Y/Y4 Service Plan 43% 50% 54% Attachment 1 of active I-Base of ac
Slide 7: Successful Strategy in High Growth Areas
Successful Strategy in High Growth Areas 3 Established Success in High-Growth Adjacencies + Idiosyncratic Growth Drivers Exceeding Targets Organic GLP-1s +$32M +100bps FY-25 = FY-25 growth Bioanalytical (inc. India) contribution Characterization Bioseparations High Performance Next-Gen Protein A Sla
Slide 8: Yielding Exceptional Results
Yielding Exceptional Results FY-25 Y/Y Revenue Growth in Constant Currency Asia Americas Europe China Ex-China Pharma +8% +7% +6% +16% +9% +7% CC Non-Pharma -1% +1% +10% +15% +4% Revenue Growth FY-25 Total +4% +5% +9% +15% +7% All regions grew MSD or better, led by 9% Pharma growth Note: MSD = mid-s
Slide 9: Expect More of the Same in 2026
Expect More of the Same in 2026 PLUS Triple-specced position across orals and 1 GLP-1s injectables expected to drive lasting growth tailwind 200bps+ Opportunity expanding into food & materials, while 2 PFAS water testing growth continues 3 Generics Strong volume growth dynamics in India generics for
Slide 10: Plus, Significant Value Creation Opportunity Ahead w/ BS/Dx
Plus, Significant Value Creation Opportunity Ahead w/ BS/Dx + Biosciences & Diagnostic Solutions 1 Accelerates our High Growth Adjacencies w/ Commercial Scale 2 Execution Uplift Opportunity Leveraging our Focus & Discipline ©2026 Waters Corporation 9
Slide 11: Simple & Repeatable Business Model in High Vol. Compliant Settings
Simple & Repeatable Business Model in High Vol. Compliant Settings Waters Waters Waters Waters Analytical Sciences Biosciences Advanced Diagnostics Materials Sciences CY 2025 GAAP REVENUE = $6.4B $2.533B $1.424B $2.082B $0.352B LC MS MALS Flow Cytometry Single-Cell Specialty Dx in Regulated Settings
Slide 12: BS/Dx Execution Uplift Begins Now
BS/Dx Execution Uplift Begins Now Biosciences & Current Revenue Synergy Needed to Hit Additional Facts Diagnostic Solutions State Target2 Synergy $ Instrument 22K+ $20M +100 10,000 / 25,000 Flow 12,000 / 20,000 BACTEC Replacement Instrument systems past by yr 5 Incremental I-Base has aged1 due for r
Slide 13: Q4 2025 Revenue Stratification
Q4 2025 Revenue Stratification Academic & 11% Government Service (3%) Pharma +8% 35% Instruments +7% +3% END MARKETS c Growth %* 58% 31% PRODUCTS & SERVICES Growth %* 47% Industrial +8% Chemistry 18% +12% TA 12% Europe 30% 0% 34% +4% GEOGRAPHY c Growth %* Asia +11% OPERATING SEGMENTS c Growth %* Wat
Slide 14: FY 2025 Revenue Stratification
FY 2025 Revenue Stratification Academic & 10% Government Service (1%) Pharma +7% Instruments 37% +9% 43% +5% END MARKETS c Growth %* 59% 31% PRODUCTS & SERVICES Growth %* Industrial +6% Chemistry 20% +12% TA 11% Europe 30% (1%) 33% +5% GEOGRAPHY c Growth %* Asia +13% OPERATING SEGMENTS c Growth %* W
Slide 15: FY & Q1 2026 Guidance
FY & Q1 2026 Guidance Organic CC Revenue Growth Organic CC Revenue Growth FX +0.5% FX +1.5% Organic Reported Revenue $3.355B to $3.405B Reported Organic Revenue $718M to $731M Acquired Business Contribution +$3.0B Acquired Business Contribution +$480M Revenue Synergies +$50M Revenue Synergies N/A To
Slide 16: Q&A Session
Q4 2025 Earnings Call Presentation Q&A Session
Slide 17: Appendix: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations
Slide 18: Q4 2025 Revenue - Reported & Constant Currency Growth
Q4 2025 Revenue - Reported & Constant Currency Growth % Growth % Growth (in millions USD) 2025 2024 Impact of Currency Reported Constant Currency Waters 823.9 764.3 8% 1% 7% Operating Segments TA 108.4 108.4 0% 0% 0% Pharmaceutical 540.6 498.8 8% 1% 7% End Industrial 284.5 264.0 8% 0% 8% Markets Aca
Slide 19: Full Year 2025 Revenue - Reported & Constant Currency Growth
Full Year 2025 Revenue - Reported & Constant Currency Growth % Growth % Growth (in millions USD) 2025 2024 Impact of Currency Reported Constant Currency Waters 2,813.4 2,604.4 8% 0% 8% Operating Segments TA 351.8 354.0 (1%) 0% (1%) Pharmaceutical 1,873.4 1,718.9 9% 0% 9% End Industrial 961.2 908.5 6
Slide 20: Full Year 2025 Revenue - Reported & Constant Currency Growth
Full Year 2025 Revenue - Reported & Constant Currency Growth % Growth % Growth (in millions USD) 2025 2024 Impact of Currency Reported Constant Currency Americas 681.3 629.7 8% 0% 8% Europe 642.7 569.3 13% 6% 7% Pharmaceutical China 198.6 181.9 9% 3% 6% Asia ex-China 350.7 338.0 4% (12%) 16% Pharmac
Slide 21: Q4 2025 Earnings Per Share; FY 2026 & Q1 2026 Guidance
Q4 2025 Earnings Per Share; FY 2026 & Q1 2026 Guidance Earnings Per Share FY 2026 and Q1 2026 Guidance Q4 2025 Q4 2024 FY 2025 FY 2024 Projected Revenue FY 2026 Q1 2026 Reported revenue $6,405 - $6,455 $1,198 - $1,211 GAAP $3.77 $3.88 $10.76 $10.71 Impact of: Adjustments: Acquired business contribut
Slide 22: Waters
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