Emerson Electric Company · NYSE:EMR
Emerson Electric — Investor Day (November 2025)
72 slides from Emerson Electric's investor day presentation, Nov 20, 2025
Slide 1: Engineering the Autonomous Future: 2025 Investor Conference
ENGINEERING THE AUTONOMOUS FUTURE 2025 INVESTOR CONFERENCE NOVEMBER 20, 2025 EMERSON | 1
Slide 2: Welcome & Opening Remarks
WELC OM E & OPEN IN G R EM A R K S COLLEEN METTLER Vice President Investor Relations EMERSON | 2
Slide 3: Safe Harbor Statement
S A F E H A R B O R S TAT E M E N T Statements in this presentation and our commentary and responses to questions that are not strictly historical may be “forward-looking” statements, which represent management’s expectations, based on currently available information. Actual results, performance or
Slide 4: Simplified Segmentation Aligned to Automation Technology Stack
Simplified Segmentation Aligned to Automation Technology Stack 2025 Sales Mix 120 120 $18B $18B Emerson’s Portfolio Aligned to Automation 100 100 Control Systems & Test & 23% Software Measurement Software and Control Systems 32% 24% of sales 8% of sales Control & Software Software & Systems 80 80 8%
Slide 5: Emerson Management Team Here Today
E M E R S O N M A N A G E M E N T T E A M H E R E T O D AY OFFICE OF THE CHIEF EXECUTIVE GROUP PRESIDENTS Lal Karsanbhai Ram Krishnan Mike Baughman Sabee Mitra Ritu Favre President and Chief Executive Officer Chief Operating Officer Chief Financial Officer Control Systems & Software Test & Measureme
Slide 6: Emerson Board of Directors
EMERSON BOARD OF DIRECTORS Jim Turley Lori Lee Gloria Flach Josh Bolten Jim McKelvey Board Chair, Emerson Audit Committee Chair, Emerson Compensation Committee Corporate Governance & Nominating Technology and Environmental Executive Committee Chair, Emerson Global Marketing Officer & Chair, Emerson
Slide 7: Our Purpose and Value Creation Framework
OUR VALUE CREATION FRAMEWORK ORGANIC OPERATIONAL CAPITAL GROWTH EXCELLENCE ALLOCATION Increasing cash returns to Aligning with secular tailwinds Continued margin expansion shareholders through accelerated and delivering on industry- and increased cash generation share repurchase and increased leadin
Slide 8: Agenda
Agenda ENGINEERING DELIVERING REALIZING The Autonomous Future Excellence at Scale Value for Shareholders LAL RAM MIKE KARSANBHAI KRISHNAN BAUGHMAN President and Executive Vice President and Executive Vice President and Chief Executive Officer Chief Operating Officer Chief Financial Officer EMERSON |
Slide 9: Engineering The Autonomous Future
ENGINEERING The Autonomous Future Lal Karsanbhai President and Chief Executive Officer EMERSON | 9
Slide 10: Emerson Has Significantly Transformed Its Portfolio Through M&A
Emerson Has Significantly Transformed Its Portfolio Through Large-Scale and Focused M&A Pre-Transformation (2021 As Reported) Today (2025) Diversified Industrial Conglomerate Global Automation Leader 12% Safety & Productivity 36% + Commercial & Residential + 88% Automation 64% Automation 5% 41.5% 20
Slide 11: Emerson's Organic Growth Has Meaningfully Accelerated
Emerson’s Organic Growth Has Meaningfully Accelerated Diversified Industrial Conglomerate Global Automation Leader 2% CAGR (2010 – 2021) 7% CAGR (2021 – 2025) 14% 12% 10% 8% 6% 4% 2% 0% (2%) (4%) (6%) (8%) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'2
Slide 12: Emerson – The Global Automation Leader
Emerson – The Global Automation Leader 2025 Financial Profile $18.0B 52.8% 27.6% $1.56B 10% 14% Net Gross Profit Adjusted Segment Annual Contract ACV Growth Software Sales Margin EBITA Margin Value (ACV) YoY % of Sales 12% 9% 15% Safety & Productivity Middle East & Africa Greenfield 51% Americas 19%
Slide 13: Resilient Business Model Supported by Large Installed Base
Resilient Business Model Supported by Large Installed Base and Serving Diverse Set of Market Verticals and Customers Installed Base Broad End Market Exposure Diverse Customer Base $155B $4B 125K+ From Growth Verticals Total Customers 10% 11% 20% Power Top 20 Customers $40B Software & Systems Other 1
Slide 14: Excellent Track Record of Execution
Excellent Track Record of Execution Organic Sales Growth Gross Profit Margin Adjusted Segment EBITA Margin Adjusted EPS Growth 2021 – 2025 CAGR 2025 2025 2021 – 2025 CAGR 19% 7% 52.8% 27.6% 20% 60% 8% 30% 23.7% 18% 40.0% 7% 50% 16% 25% 6% 14% 4% 40% 20% 12% 5% 10% 30% 4% 15% 5% 8% 3% 20% 10% 6% 2% 4
Slide 15: The New Emerson Is Built for Value Creation
The New Emerson Is Built for Value Creation The Right Global automation leader 88% 65% Portfolio 2025 Sales Exposed Reoccurring Sales to Automation From MRO in 2025 The Right Broad market and customer exposure with accelerated growth $175B MSD Markets from key verticals Served Market Growth Market O
Slide 16: Emerson's Value Creation Framework
Emerson’s Value Creation Framework Value Creation Framework THROUGH-THE-CYCLE 1 Organic Growth Aligning with secular tailwinds and delivering 4 – 7% on industry-leading innovation Organic Sales Growth 40% 2 Operational Excellence Incremental Margins Continued margin expansion and increased cash gene
Slide 17: Organic Growth Operational Excellence Capital Allocation
2 3 Organic Growth Operational Excellence Capital Allocation Aligning with secular tailwinds Continued margin expansion and Increasing cash returns to shareholders and delivering on industry- increased cash generation through accelerated share repurchase & leading innovation increased dividends E M
Slide 18: Emerson Is Supporting the Need for Automation
Emerson Is Supporting the Need for Automation Served Market Customers increasingly are investing in automation technologies to $175B drive digital transformation and enhance efficiency, reliability and safety Automation enables… Software & Systems Intelligent Devices Enhanced productivity through di
Slide 19: Organic Growth Driven by Industrial Software Portfolio
Organic Growth Is Driven by a Leading Industrial Software Portfolio Paired With Differentiated Control & Intelligent Devices Net Sales $21B Industrial Software $18B $3.5B LDD Industrial Software $2.5B Control Control, Intelligent Devices $17.5B Intelligent Devices and Safety & Productivity and $15.5
Slide 20: Industrial Software Capabilities and Customer Investment Enable Growth
Leading Industrial Software Capabilities and Increasing Customer Investment Will Enable Accelerated Growth $30B Served Industrial Software Emerson’s ACV Expected to Grow Low Double-Digits Market Supported by Macrotrends 2.2 $2.1B 2 10% CAGR 1.8 $1.56B IT / OT Data Fabric & Workflow 1.6 $1.4B LDD Con
Slide 21: Leading the Journey to Autonomous Operations
Emerson Is Leading the Industry in the Journey to Autonomous Operations Production Operations Autonomous HYSYS Digital Twin & AI Orchestration Test Operations Human intervention Enterprise by exception Operations DeltaV IQ Controller Platform Next Gen Modular Instrumentation Semi-Autonomous Inmation
Slide 22: Enterprise Operations Platform Integrates Workflows
Emerson’s Enterprise Operations Platform Will Integrate Workflows and Bring Together Safety, Reliability, Control and Optimization Barriers to Emerson’s Enterprise Operations Platform Autonomous Systems Solution Enterprise Software Data Silos Data Fabric Inaccessible data Unified data enables Safety
Slide 23: Complete and Connected Test Platform
Emerson Is Delivering a Complete and Connected Test Platform With Best-In-Class Software, Hardware and Data Solutions Barriers to Emerson’s NI Test Platform Autonomous Systems Solution Enterprise Software Data Silos Unified Data Platform Disparate data sources LabVIEW+ ecosystem Test Test and format
Slide 24: Investing in Innovation to Drive Differentiated Performance
Investing in Innovation to Drive Differentiated Performance Innovation Spend New Product Vitality Innovation Engine (% of 2025 Sales) Software & Systems 17% 70% 15 Major Innovation Hubs Intelligent 14,000 Devices 4% 9% Engineers Safety & 2,500+ Productivity 3% 27% Software Engineers 300+ Emerson 8%
Slide 25: Secular Tailwinds Support Growth in Five Key Verticals
Secular Tailwinds Support High-Single-Digit Growth in Five Key Growth Verticals 2025 Net Sales Secular Tailwind Investments Growth Vertical Growth Verticals $4B Electrification $6.7T Power Data center investments by 2030 $18.0B Energy Security $400B Liquefied Natural Gas Capital investments from top
Slide 26: Positioned to Capture Electrification and Energy Security Investments
Emerson Is Well Positioned to Capture Electrification and Energy Security Investments Power Liquefied Natural Gas DATA CENTER DEMAND GENERATION WAVE 3: 585+ MTPA1 OF LNG CAPACITY (2021-2030) 3X 3,200 GW 130 140 315 Global demand for data Global generating MTPA MTPA MTPA center capacity by 2030 capac
Slide 27: Leading Positions in Nearshoring and Sovereign Self-Sufficiency Verticals
Emerson Has Leading Positions in Verticals Seeing Significant Investment From Nearshoring and Sovereign Self-Sufficiency Life Sciences Semiconductor Aerospace & Defense PERSONALIZED NEARSHORING LOWER OPERATIONAL NEARSHORING NEW AVIONICS MEDICINE INVESTMENTS COSTS INVESTMENTS SPACE SYSTEMS 1,905 $350
Slide 28: Organic Growth Operational Excellence Capital Allocation
1 3 Organic Growth Operational Excellence Capital Allocation Aligning with secular tailwinds Continued margin expansion Increasing cash returns to shareholders and delivering on industry- and increased cash generation through accelerated share repurchase & leading innovation increased dividends E M
Slide 29: Significant Margin Runway Driven by Multi-Year Initiatives
Significant Margin Runway Driven by Multi-Year Initiatives Adjusted Segment EBITA Margin Three Key Profit Levers 30% Price Realization ~28% 27.6% Disciplined pricing philosophy 26.0% Robust pricing toolkit 25.0% 22.8% Operational Excellence 20.5% Footprint optimization Digital transformation Increme
Slide 30: Organic Growth Operational Excellence Capital Allocation
1 2 Organic Growth Operational Excellence Capital Allocation Aligning with secular tailwinds Continued margin expansion and Increasing cash returns to shareholders and delivering on industry- increased cash generation through accelerated share repurchase & leading innovation increased dividends E M
Slide 31: Pivoting Capital Allocation to Prioritize $10B Return to Shareholders
Pivoting Capital Allocation to Prioritize $10B Return to Shareholders 2021 – 2025 2026 – 2028T Five Years Three Years 16 $38B $38B $14B $14B 40 14 $6B 35 $9B Dividends Net Earnings $4B 30% 12 Dividends 30 $5B Share Repurchase $6B $10B 10 Depreciation & Amortization Net Earnings 70% 25 8 20 $7B $6B N
Slide 32: Emerson's Value Creation Framework and 2028 Targets
Emerson’s Value Creation Framework Value Creation Framework 2028 Targets 1 Organic Growth THROUGH-THE-CYCLE Aligning with secular tailwinds and 4 – 7% $21B delivering on industry-leading innovation Organic Sales Growth Net Sales 40% 30% 2 Operational Excellence Driving 2.4 pts margin expansion Incre
Slide 33: Delivering Excellence at Scale
DELIVERING Excellence at Scale Ram Krishnan Executive Vice President and Chief Operating Officer WELCOMING & OPENING REMARKS E M E R S O N | 33
Slide 34: Segment Leadership, Margin Runway, Management System
2 3 Segment Margin Differentiated Management Leadership Runway System Poised to win through innovation Roadmap to 30% Adjusted Supports the Value Creation and commercial excellence Segment EBITA Margins Framework E M E R S O N | 34
Slide 35: Automation Segment Leadership Presents a Winning Formula
Our Automation Segment Leadership Presents a Winning Formula to Engineer the Future of Autonomous Operations $5.8B Software & Systems 2025 Sales 25 of the top 25 ~50% 19 of the 20 9 of the top 10 life sciences companies use DeltaV of U.S. power generation is largest chemical companies’ semiconductor
Slide 36: Software & Systems Group Profile
Software & Systems | Group Profile Market Leadership 2025 Financial Profile $85B $5.8B 60% 31% 2025 Served Market 2025 Sales Gross Margin Adjusted EBITA Margin MSD 26% 8% 15% Test & Middle East & Africa 48% Modernization Measurement & Expansion Americas #1 in Control Systems 21% Asia 20% #1 in Contr
Slide 37: Enterprise Operations Platform Enables Autonomous Operations at Scale
Enterprise Operations Platform Enables Customers to Achieve Autonomous Operations at Scale Enterprise Operations Platform Control Systems & Software Enterprise Software Innovation Programs 3 1 Safety Reliability Software-Defined Control Modeling & Optimization Increased flexibility and scale for Dat
Slide 38: Advancing the Vision of Autonomous Test
Driving Innovation to Advance the Vision of Autonomous Test NI Test Platform Test & Measurement Innovation Programs Product Analytics & System Improve Product Quality Health Monitoring Software Unified predictive analytics and system health monitoring Nigel AI Optimize the Production Line Product An
Slide 39: AI-Enabled Software Applications Accelerate Customer Roadmaps
AI-Enabled Software Applications Accelerate Our Customer Roadmaps Towards Autonomous Operations AI-Models Anchored in Trust and Reliability Emerson’s AI Advisors – Delivering For Mission-Critical Applications Incremental Customer Value Today Right to Win Defined by… AI Advisor with deep industry exp
Slide 40: Intelligent Devices Group Profile
Intelligent Devices | Group Profile Market Leadership 2025 Financial Profile $75B $10.1B 51% 27% 2025 Served Market 2025 Sales Gross Margin Adjusted EBITA Margin MSD 11% 41% Middle East & Africa 48% 15% Sensors Greenfield Americas #1 in Pressure and Temperature Sensors 17% Europe Technology Geograph
Slide 41: Next Generation Products and Redefined Go-To-Market Motions
Next Generation Products and Redefined Go-To-Market Motions Drives Differentiated Growth Through-The-Cycle in Sensors Next-Generation Product Platforms Redefined Go-To-Market Strategy State-of-the-art digital front door, AI-enabled self Pressure & Temperature Magnetic Flow service tools and digital
Slide 42: Resilient Final Control Installed Base Annuity
Resilient Final Control Installed Base Annuity Supports Steady Growth Through-The-Cycle Unmatched Service Footprint Supporting Customer Operations – Strategic Investments to A Sustained Competitive Advantage Capture Funnel Opportunities $55B 2,750 Global Installed Base Service Technicians by 2028 Se
Slide 43: Segment Leadership, Margin Runway, Management System
1 3 Segment Margin Differentiated Management Leadership Runway System Poised to win through innovation Roadmap to 30% Adjusted Supports the Value Creation and commercial excellence Segment EBITA Margins Framework E M E R S O N | 43
Slide 44: Significant Margin Runway Driven by Multi-Year Initiatives
45 Significant Margin Runway Driven by Multi-Year Initiatives Three Key Profit Levers 40 Price Realization ~0.5 pts (~4.5 pts) ~4 pts Disciplined pricing philosophy Robust pricing toolkit 35 ~4 pts (~1.5 pts) 30% 30 Operational Excellence 27.6% Footprint optimization Digital transformation 25 Increm
Slide 45: Price Flow-Through Is a Critical Lever
P R I C E R E A L I Z AT I O N Price Flow-Through Is a Critical Lever for Profitability and Growth Historical Price Realization Fundamental Pricing Strategies 4% 3% 1 Systematic List Price Resetting 2.5% ~2.5% 2% 2% Tiering, Bundling and 1% 2 Packaging Target Discount Setting Aligned 2021 2022 2023
Slide 46: Regionalization Through Footprint Optimization
O P E R AT I O N A L E X C E L L E N C E Continue to Drive Regionalization Through Footprint Optimization Reducing Footprint Complexity With a Roadmap to Operating in 42 Best-Cost Country 100 Manufacturing Sites by 2028 Manufacturing Sites Today MEXICO EAST EUROPE MIDDLE EAST & AFRICA 132 117 ~100 C
Slide 47: Next Frontier of Productivity Through Agentic AI
O P E R AT I O N A L E X C E L L E N C E Driving the Next Frontier of Productivity to Transform Enterprise Functions Through Agentic AI Operating Models Investing in a Multi-Agent AI Architecture to Unlock Exponential Operational Efficiency ~30% Productivity Gains Through Agentic AI Operating Models
Slide 48: Delivering on Acquisition Synergy Commitments
ACQUISITION SYNERGIES Delivering on Acquisition Synergy Commitments Through Robust M&A Processes $200M ~31% $100M ~55% 2028T Adjusted 2028T Adjusted All Actions Completed in 2025 to Planned for Run-Rate Cost Segment EBITA Margin EBITA Margin Achieve Run-Rate Cost Savings Synergies by 2026, 2 Years E
Slide 49: Segment Leadership, Margin Runway, Management System
1 2 Segment Margin Differentiated Management Leadership Runway System Poised to win through innovation Roadmap to 30% Adjusted Supports the Value Creation and commercial excellence Segment EBITA Margins Framework E M E R S O N | 49
Slide 50: Differentiated Emerson Management System
Differentiated Emerson Management System Supports the Value Creation Framework Value Creation Framework THROUGH-THE-CYCLE 4 – 7% Organic Sales Growth 40% Incremental Margins Engagements Throughout the Year Annual Profit Reviews, Growth Conferences, Finance 10% Reviews and Organization Reviews Adjust
Slide 51: Realizing Value for Shareholders
REALIZING Value for Shareholders Mike Baughman Executive Vice President and Chief Financial Officer E M E R S O N | 51
Slide 52: Exceptional Operating Performance Since 2021
Exceptional Operating Performance Since 2021 Net Adjusted Segment Adjusted Free Cash Sales EBITA Margin EPS Flow 20 $17.5B $18.0B 30.00% 6.5 $6.00 3.5 $3.2B 27.6% $2.9B $5.49 18 6 $15.2B 3 28.00% $13.8B 26.0% $2.3B 16 5.5 $12.9B 25.0% 2.5 $2.1B $4.44 14 26.00% 5 2 $1.7B +6 pts 12 4.5 18 22.8% $3.64
Slide 53: Leading Segment Profitability With Plans for Further Margin Expansion
Emerson Has Leading Segment Profitability in 2025 With Plans for Further Margin Expansion Gross Profit Margin Adjusted Segment EBITA Margin Through-The-Cycle Incremental Margin Targets 70% 60% 35% 31% 60% 30% 39% 20% Software & 50% 25% ~45% 40% 20% Systems 30% 15% 20% 10% 10% 5% 0% 0% Emerson Peers
Slide 54: Built for Further Value Creation
Built for Further Value Creation $8.00 25 32.00% 9 $21B 30% 8 30.00% 20 $18B 27.6% $6.00 7 28.00% 6 5% +2.4 10% Generating 15 26.00% 5 Organic pts CAGR CAGR 4 24.00% $12B 10 3 22.00% 2 5 Cumulative 2026 – 2028T 20.00% 1 0 18.00% 0 2025 2028T 2025 2028T 2025 2028T Adjusted Segment Net Sales EBITA Mar
Slide 55: Expanding Adjusted Segment EBITA Margin by 2.4 pts to 30%
36 Expanding Adjusted Segment EBITA Margin by 2.4 pts to 30% 34 Three Key Profit Levers 32 ~1.5 pts 30% Price Realization Disciplined pricing philosophy 30 ~0.5 pts ~0.8 pts ~28% Robust pricing toolkit 28 27.6% (~0.4 pts) Operational Excellence 26 24 Footprint optimization Digital transformation 22
Slide 56: Growing Adjusted EPS to $8.00 by 2028
10 Growing Adjusted EPS to $8.00 by 2028 – 10% CAGR 9 $0.15 ($0.20) $0.35 $8.00 Base operations, led by Software & $0.10 8 $1.60 Systems, to deliver higher earnings 7 $6.00 $6B of share repurchase in the plan 6 5 Optimized global tax structure to reduce 4 tax rate to about 20% by 2028T 2025 Operatio
Slide 57: Pivoting Capital Allocation to Prioritize $10B Return to Shareholders
Pivoting Capital Allocation to Prioritize $10B Return to Shareholders 2026 – 2028T 16 $14B $14B $10B Return to Shareholders in Plan 14 $4B $4B of dividends by 2028T Dividends 12 2026 is 70th consecutive year of increased dividend 10 $10B Guiding 11¢ increase in 2026E; modeled 10¢ in both 2027T and 2
Slide 58: Focused on Improving Return Profile
Focused on Improving Return Profile Cash Return on Invested Capital1 Operating Cash Flow growth 22.9% 25.00% 20.00% 9% CAGR driven by higher earnings 16.7% 16% 15.00% 12.6% 11.4% 11.4% Capital deployment priorities 10.00% $10B earnings returned to shareholders 5.00% Operating Cash Flow Cash Return o
Slide 59: Reiterating 2026 Q1 and Full Year Guidance
Reiterating 2026 Q1 and Full Year Guidance ~4% GAAP SALES GROWTH Q1 FULL ~5.5% GAAP SALES GROWTH YEAR ~2% ~4% UNDERLYING SALES GROWTH UNDERLYING SALES GROWTH ~27% ~28% ADJUSTED SEGMENT EBITA ADJUSTED SEGMENT EBITA ~$1.40 $6.35 – $6.55 ADJUSTED EPS ADJUSTED EPS OTHER 2026 GUIDANCE DETAILS Free Cash F
Slide 60: Reiterating 2026 Underlying Sales Guidance With New Groups
Reiterating 2026 Underlying Sales Guidance With New Groups H1 H2 Full Year Assumptions Broad-based strength in Test & Measurement ~flat ~7% ~4% Software & Lower available software renewals results in a ~$110M H1 headwind; impacts Systems T&M: HSD T&M: HSD T&M: HSD Software and Control full year grow
Slide 61: Emerson's Value Creation Framework
Emerson’s Value Creation Framework VALUE CREATION FRAMEWORK 2028 TARGETS THROUGH-THE-CYCLE 1 Organic Growth Aligning with secular tailwinds and 4 – 7% Organic Sales Growth $21B Net Sales delivering on industry-leading innovation Incremental Adjusted Segment 40% Margins 30% EBITA Margin 2 Operational
Slide 62: Appendix
APPENDIX E M E R S O N | 62
Slide 63: Endnotes
Endnotes Annual Contract Value (ACV): ACV is an estimate of the annual value of our portfolio of term license and software maintenance and support (SMS) contracts, the annual value of SMS agreements purchased with perpetual licenses and the annual value of standalone SMS agreements purchased with ce
Slide 64: Footnotes
Footnotes Slide 15 – Peer Data based on 6/30 L12M from publicly available company filings and presentations. Peers include 3M, ABB, Ametek, Dover, Eaton, Fortive, Honeywell, ITW, Parker- Hannifin, Rockwell, Schneider Electric, and Siemens. Slide 19 – Sources: ARC, Red Chalk Group, IHS, Frost & Sulli
Slide 65: Reconciliation of Non-GAAP Measures: Underlying Sales Growth
Reconciliation of Non-GAAP Measures Underlying Sales Growth This information reconciles non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per share amounts) 2026 Q1 2026 H1 2026 H2 2026 Underlying Sales Growth 2021 2022 2023 2024 2025 Guidance Guidance Gui
Slide 66: Reconciliation of Non-GAAP Measures: Underlying Sales Growth
Reconciliation of Non-GAAP Measures Underlying Sales Growth This information reconciles non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per share amounts) 2021 Underlying Sales Growth Q3 Q4 Reported (GAAP) 16% 7% (Favorable) / Unfavorable FX (4%) (1%) (A
Slide 67: Reconciliation of Non-GAAP Measures: Underlying Sales Growth
Reconciliation of Non-GAAP Measures Underlying Sales Growth This information reconciles non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per share amounts) 2024 Underlying Sales Growth Q1 Q2 Q3 Q4 Reported (GAAP) 22% 17% 11% 13% (Favorable) / Unfavorable
Slide 68: Reconciliation of Non-GAAP Measures: Underlying Sales Growth
Reconciliation of Non-GAAP Measures Underlying Sales Growth This information reconciles non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per share amounts) Reported (Favorable) / (Acquisitions) / Underlying 2026E H1 Underlying Sales Change (GAAP) Unfavora
Slide 69: Reconciliation of Non-GAAP Measures: Adjusted Segment EBITA
Reconciliation of Non-GAAP Measures Adjusted Segment EBITA This information reconciles non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per share amounts) 2021 Q1 2026 2026 Adjusted Segment EBITA Margin As Reported 2021 2022 2023 2024 2025 Guidance Guidan
Slide 70: Reconciliation of Non-GAAP Measures: Adjusted EPS
Reconciliation of Non-GAAP Measures Adjusted EPS This information reconciles non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per share amounts) Q1 2026 2026 2021 2022 2023 2024 2025 Guidance Guidance Earnings per share (GAAP) $2.35 $3.16 $3.96 $2.82 $4.0
Slide 71: Reconciliation of Non-GAAP Measures: Free Cash Flow
Reconciliation of Non-GAAP Measures Free Cash Flow This information reconciles non-GAAP measures with the most directly comparable GAAP measure (dollars in billions, except per share amounts) 2026 2021 2022 2023 2024 2025 Guidance Net Sales $12.9 $13.8 $15.2 $17.5 $18.0 ~$19.0 Operating cash flow (G
Slide 72: Reconciliation of Non-GAAP Measures: Net Debt / Adjusted EBITDA
Reconciliation of Non-GAAP Measures Net Debt / Adjusted EBITDA This information reconciles non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per share amounts) 2025 2026E Net Debt / pretax earnings (GAAP) 3.9x 2.9x Interest, depreciation, amortization (1.4