Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation JULY 30, 2026 Q2 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 JULY 30, 2026 Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 3|
Slide 4: Executive Summary
Executive Summary ▪ Strong Q2 Performance » 20% growth in Adjusted EBITDA1 » 22% growth in Adjusted EPS1 ▪ Raising 2026 Guidance » Adjusted EBITDA1 range implies +27% growth at midpoint ▪ Progressing on Key Initiatives » Momentum on capacity expansions; greater data center capacity » Acquired Neptro
Slide 5: Q2 2026 Results Summary
Q2 2026 Results Summary ($ in millions) 1000 Second Quarter 0.3 ▪ Revenue growth of 23% 900 Revenue » Organic growth in both segments 800 Adjusted EBITDA / Margin1 0.28 » Benefit of acquisitions 700 $679 0.26 600 $552 500 22.9% 22.4% 0.24 ▪ Adjusted EBITDA1 growth of 20% 400 0.22 » Primarily driven
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: Neptronic
Neptronic Electric duct Humidifiers Intelligent Actuators and heaters controls actuated valves Precision humidity Advanced control Precision flow and Reliable, efficient control for critical systems to optimize modulation solutions heating solutions environments performance Key markets: Key markets:
Slide 8: Q2 2026 Financial Review
Q2 2026 Financial Review Mark A. Carano, Chief Financial Officer JULY 30, 2026 Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 8|
Slide 9: Adjusted Earnings Per Share
Adjusted Earnings Per Share1 Q2 2025 Q2 2026 GAAP EPS from continuing operations $1.10 $1.56 Amortization of intangible assets $0.39 $0.40 Acquisition and integration-related $0.13 $0.07 Non-service pension and other $0.03 ($0.01) Adj EPS1 from continuing operations $1.65 $2.02 1 Adjusted results ar
Slide 10: Q2 2026 Results
Q2 2026 Results ($ in millions) Q2 Revenue Second Quarter 1000 0.32 ▪ 22.9% year-over-year increase 900 Revenue » 16.9% organic growth 800 Consolidated Segment Income / Margin1 0.3 » 5.8% acquisition impact 700 $679 » 0.2% currency impact 0.28 600 $552 500 0.26 24.6% 24.6% Q2 Consolidated Segment In
Slide 11: HVAC Q2 2026 Results
HVAC Q2 2026 Results ($ in millions) Q2 Revenue Second Quarter ▪ 27.6% year-over-year increase Revenue » 18.9% organic increase with solid growth in both 600 Segment Income / Margin 0.7 Cooling and Heating $481 0.6 » 8.5% acquisition impact 500 » 0.2% currency impact 400 $377 0.5 0.4 Q2 Segment Inco
Slide 12: Detection & Measurement Q2 2026 Results
Detection & Measurement Q2 2026 Results ($ in millions) Q2 Revenue Second Quarter ▪ 12.9% year-over-year increase Revenue » 12.8% organic increase due primarily to Segment Income / Margin higher project volumes » 0.1% currency impact $198 $176 200 Q2 Segment Income / Margin 180 160 140 ▪ Higher volu
Slide 13: Financial Position & Guidance
Financial Position & Guidance Mark A. Carano, Chief Financial Officer JULY 30, 2026 Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 13 |
Slide 14: Financial Position Update
Financial Position Update ($ in millions) Q1 2026 Q2 2026 Q1 2026 Q2 2026 1.4 1.5x Short-term debt $24 $74 1.2 Neptronic 1.4x impact Current maturities of long-term debt 7 10 1 0.8 Long-term debt 644 531 0.6 1.2x Total Debt $674 $615 0.9x 1.0x 0.4 0.7x 2 Less: Cash on hand (158) (168) 0.2 Net Debt $
Slide 15: 2026 Guidance
2026 Guidance1 Detection & Total SPX HVAC Measurement Revenue $2.705-$2.765B $1,955-$1,995M $750-$770M Prior range $2.575-$2.645B $1,840-$1,880M $735-$765M Segment Income Margin1 25.00%-25.50% 24.50%-25.00% 26.25%-26.75% Prior range 24.60%-25.10% 24.25%-24.75% 25.50%-26.00% Adj. EBITDA1 $630-$660M R
Slide 16: End Market Review & Closing Comments
End Market Review & Closing Comments Gene Lowe, President & Chief Executive Officer JULY 30, 2026 Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 16 |
Slide 17: 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 Data Center Demand in HVAC JULY 30, 2026
Slide 18: Executive Summary
Executive Summary ▪ Strong second quarter ▪ Solid momentum on capacity expansions and recent acquisitions ▪ Neptronic acquisition closed; natural extension of HVAC strategy ▪ Anticipate ~27% Adjusted EBITDA1 growth in 2026 ▪ Active acquisition pipeline 1 Reconciliations of non-GAAP guidance measures
Slide 19: Appendix
Appendix JULY 30, 2026 Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 19 |
Slide 20: Modeling Considerations – Full-Year 2026
Modeling Considerations – Full-Year 2026 Metric Considerations Corporate expense $56.0-58.0m Long-term incentive comp $17.0-18.0m Restructuring costs $2.0-3.0m Interest cost $39.0-40.0m Other (income)/expense ~$5.0m Tax rate ~25.0% Capex $135.0-165.0m Cash cost of pension + OPEB $16.0-18.0m Deprecia
Slide 21: GAAP Reconciliation Results by Quarter
GAAP Reconciliation Results by Quarter ($ in millions) 2025 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 YTD Consolidated segment income 1 $ 110.5 $ 135.8 $ 146.1 $ 156.4 $ 548.8 $ 135.3 $ 167.1 $ 302.4 Corporate expense (14.0) (13.3) (12.4) (19.5) (59.2) (14.5) (15.8) (30.3) Acquisition and integration-related costs
Slide 22: Segment Results
Segment Results ($ in millions) 2025 2026 HVAC Q1 Q2 Q3 Q4 FY Q1 Q2 YTD Revenue $323.0 $376.7 $387.4 $431.1 $1,518.2 $394.0 $480.6 $874.6 Segment income $73.9 $95.8 $94.4 $108.5 $372.6 $88.6 $109.8 $198.4 23% 25% 24% 25% 25% 22% 23% 23% Detection and 2025 2026 Measurement Q1 Q2 Q3 Q4 FY Q1 Q2 YTD Re
Slide 23: Q2 2026 Revenue by Major Product Lines
Q2 2026 Revenue by Major Product Lines ($ in millions) Three months ended June 27, 2026 Detection and Reportable Segments HVAC Measurement Total Major product lines Package and process cooling equipment and services, and engineered air movement and handling solutions $ 319.0 $ — $ 319.0 Hydronic hea
Slide 24: Q2 2025 Revenue by Major Product Lines
Q2 2025 Revenue by Major Product Lines ($ in millions) Three months ended June 28, 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 $ 238.8 $ — $ 238.8 Hydronic hea
Slide 25: Q2 2026 U.S. GAAP to Adjusted EPS Reconciliation
Q2 2026 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) GAAP Adjustments Adjusted Segment income $ 167.1 $ — $ 167.1 Corporate expense (1) (15.8) 1.4 (14.4) Acquisition and integration-related costs (2) (3.2) 3.2 — Long-term incentive compensation expense (3) (4.3)
Slide 26: Q2 2025 U.S. GAAP to Adjusted EPS Reconciliation
Q2 2025 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) GAAP Adjustments Adjusted Segment income $ 135.8 $ — $ 135.8 Corporate expense (1) (13.3) 1.4 (11.9) Acquisition and integration-related costs (2) (6.9) 6.9 — Long-term incentive compensation expense (3.9) — (3
Slide 27: U.S. GAAP to Adjusted Operating Income Reconciliation
U.S. GAAP to Adjusted Operating Income Reconciliation ($ in millions) Three months ended June 27, 2026 June 28, 2025 Operating income $ 115.0 $ 86.6 Exclude: Acquisition and integration-related costs (1) (4.6) (8.3) Amortization of acquired intangible assets (2) (27.2) (24.6) Long-term incentive com
Slide 28: Q2 Adjusted EBITDA Reconciliation
Q2 Adjusted EBITDA Reconciliation ($ in millions) Three months ended June 27, 2026 June 28, 2025 Net income $ 78.4 $ 52.2 Exclude: Income tax provision (22.9) (17.4) Interest expense, net (7.7) (14.6) Amortization expense (1) (27.7) (24.8) Depreciation expense (8.0) (7.7) Loss from discontinued oper
Slide 29: Q2 2026 Organic Revenue Growth
Q2 2026 Organic Revenue Growth Three months ended June 27, 2026 Detection & HVAC Measurement Consolidated Net Revenue Growth 27.6 % 12.9 % 22.9 % Exclude: Foreign Currency 0.2 % 0.1 % 0.2 % Exclude: Acquisitions 8.5 % — % 5.8 % Organic Revenue Growth 18.9 % 12.8 % 16.9 % JULY 30, 2026 Q2 2026 EARNIN
Slide 30: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation ($ in millions) Three months ended June 27, 2026 June 28, 2025 Operating cash flow from continuing operations $ 90.4 $ 43.4 Include: Capital expenditures (21.1) (7.7) Free cash flow from continuing operations 69.3 35.7 Exclude: Acquisition and integration-relat