Slide 1: Q3 2025 Earnings Call Presentation
Q3 2025 Earnings Call Presentation November 4, 2025
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements: 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 fact may be deemed forward-lo
Slide 3: Key Messages
Key Messages Innovation Driving Differentiated Performance Strong Execution Delivering on our Growth Strategy Positioned to Unlock Next Wave of Impact in 2026 ©2025 Waters Corporation 2
Slide 4: Q3 2025 Results
Q3 2025 Results Q3 2025 Revenue CC Revenue Growth Q3 2025 EPS Non-GAAP $800M +8% $3.40 As Reported: +8% FX: +0% CC Instrument CC Recurring Revenue Growth Growth Growth +6% +9% +16% +HSD LC-MS Growth +17% in CC CC: Constant Currency; growth rates are versus prior year. HSD = High Single Digits Note:
Slide 5: Innovation & Execution Driving Strong Momentum…
Innovation & Execution Driving Strong Momentum… Idiosyncratic Growth BioAnalytical New Products Drivers Characterization 3Q25 Sequential Growth in Instrument Sales1 (3Q / 2Q) +11% Q/Q Instrument Ramp (3Q25 / 2Q25) + New Product Innovation Continues to Yield Excellent Results Note: 1. Instrument sale
Slide 6: Double-Digit Chemistry Growth Also Led by New Products
Double-Digit Chemistry Growth Also Led by New Products Solving Key Unmet Needs… …w/ New BioSeparations Products YTD-25 Y/Y Sales Growth in CC1 +11% Chemistry 57% Growth 43% 5 New Products Small Molecule launched in past 9 Months Note: 1. Denotes growth in constant currency on a year-ov
Slide 7: …Resulting in Broad Pharma Strength
…Resulting in Broad Pharma Strength 3Q25 Y/Y CC Pharma Sales Growth Americas Europe China Asia ex-China TOTAL +11% = Our Growth Strategy is Delivering Note: Constant currency revenue growth is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to the most directly comp
Slide 8: Xevo CDMS: A New Era in Mass Spectrometry
Xevo CDMS: A New Era in Mass Spectrometry A Perfect Example of Waters’ Innovation Model LAUNCHED OCT 2025 Serving the Most Complex Modalities in Process Dev. & Manufacturing QA/QC For ~40% of Large Mol Pipeline1 Delivers results ~10x faster, w/ 1% of the sample volume2 TAM: $350M growing HSD-L
Slide 9: Positioned to Unlock Next Wave of Impact in 2026
Positioned to Unlock Next Wave of Impact in 2026 Building the Empower ‘Superhighway’ Extending Compliant Informatics to Bioanalytics Adding new detectors to Empower Adding Premium Features to Address Unmet Needs Leverages AI/ML to: Enhance Utilization Driving On-Prem Reduce Errors to Subscriptio
Slide 10: Gearing Up to Deliver Rapid Impact from Synergies in '26
Gearing Up to Deliver Rapid Impact from Synergies in ‘26 Biosciences & Diagnostic Solutions Integration Planning is Well Underway & Progressing Rapidly 1 Two Integration Summits held at Milford HQ w/ 120+ senior leaders – establishing shared vision and priorities Refined Pre-Day 1, Day 1, and Day 10
Slide 11: Q3 2025 Revenue Stratification
Q3 2025 Revenue Stratification Academic & 11% Government Service +1% Pharma +7% Instruments 37% +11% 43% +6% END MARKETS c Growth %* 60% 29% PRODUCTS & SERVICES Growth %* Industrial +4% Chemistry 20% +13% TA 11% Europe 30% +2% 34% +5% GEOGRAPHY c Growth %* Asia +13% OPERATING SEGMENTS c Growth %* Wa
Slide 12: FY & Q4 2025 Guidance
FY & Q4 2025 Guidance Constant Currency Constant Currency Revenue Growth vs. FY 2024 Revenue Growth vs. Q4 2024 FX (0.2%) FX +0.2% Reported Growth +6.5% to +7.1% Reported Growth +5.2% to +7.2% NON-GAAP EPS NON-GAAP EPS $13.05 to $13.15 $4.45 to $4.55 FY Net Interest Exp. FY Tax Rate FY Avg. Shares F
Slide 13: Q&A Session
Q3 2025 Earnings Call Presentation Q&A Session
Slide 14: Appendix
Appendix GAAP to Non-GAAP Reconciliations
Slide 15: Q3 2025 Sales - Reported & Constant Currency Growth
Q3 2025 Sales - Reported & Constant Currency Growth % Growth % Growth (in millions USD) 2025 2024 Impact of Currency Reported Constant Currency Waters 713.4 655.7 9% 0% 9% Operating Segments TA 86.5 84.7 2% 1% 2% Pharmaceutical 479.8 430.1 12% 1% 11% End Industrial 235.7 227.7 3% (1%) 4% Markets Aca
Slide 16: Q3 2025 & YTD-25 Sales - Reported & Constant Currency Growth
Q3 2025 & YTD-25 Sales - Reported & Constant Currency Growth % Growth % Growth (in millions USD) 2025 2024 Impact of Currency Reported Constant Currency Americas 175.9 156.7 12% 0% 12% Europe 158.3 137.5 15% 8% 7% Pharmaceutical China 56.1 45.2 24% 3% 21% Asia ex-China 89.4 90.7 (1%) (11%) 10% Pharm
Slide 17: Earnings Per Share & FY 2025 and Q4 2025 Guidance
Q3 2025 Earnings Per Share & FY 2025 and Q4 2025 Guidance Earnings Per Share FY 2025 and Q4 2025 Guidance Q3 2025 Q3 2024 Projected Sales FY 2025 Q4 2025 GAAP $ 2.50 $ 2.71 Constant currency sales 6.7% - 7.3% 5.0% - 7.0% Adjustments: growth rate* Purchased intangibles amortization (a) $ 0.15 $ 0.15
Slide 18: Waters
Waters”