Slide 1: Q2 2025 Earnings Presentation
Q2 2025 Earnings Presentation JULY 31, 2025 Q2 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 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 31, 2025 Q2 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 3|
Slide 4: Executive Summary
Executive Summary ▪ Strong Q2 performance » 16% growth in Adjusted EPS1 » Growth in revenue and income in both segments ▪ Progress on key initiatives » Acquisitions performing well; attractive pipeline of opportunities » Momentum on capacity expansions and new product introductions ▪ Raising 2025 gu
Slide 5: Q2 2025 Results Summary
Q2 2025 Results Summary ($ in millions) Second Quarter ▪ Revenue growth of 10% Revenue » Benefit of acquisitions Adjusted EBITDA / Margin1 » Higher project deliveries in D&M ▪ Adjusted EBITDA1 growth of 16% » 120 bps of margin1 expansion primarily driven by HVAC 1 Adjusted results are non-GAAP measu
Slide 6: Value Creation Framework
Value Creation Framework Strong Foundation Business System Engineered Niches Leading Positions Excellence Growth Tech-Enabled Digital Strategic M&A 15%+ Adj. EBITDA1 Growth Continuous New Product Moats Improvement Development Talent Commercial Sustainable Excellence Strategic Planning & Goal Deploym
Slide 7: Q2 2025 Financial Review
Q2 2025 Financial Review Mark A. Carano, Chief Financial Officer JULY 31, 2025 Q2 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 7|
Slide 8: Adjusted Earnings Per Share
Adjusted Earnings Per Share1 Q2 2024 Q2 2025 GAAP EPS from continuing $0.96 $1.10 operations Intangible amortization $0.27 $0.39 Acquisition and integration-related $0.05 $0.13 Non-service pension & other2 $0.14 $0.03 Adj. EPS1 from continuing operations $1.42 $1.65 1 Adjusted results are non-GAAP m
Slide 9: Q2 2025 Results
Q2 2025 Results ($ in millions) Q2 Revenue: Second Quarter ▪ 10.2% year-over-year increase: Revenue » 2.1% organic increase with growth in both segments Consolidated Segment Income / Margin1 » 7.8% acquisition impact » 0.3% currency impact Q2 Consolidated Segment Income / Margin1: ▪ Both segments co
Slide 10: HVAC Q2 2025 Results
HVAC Q2 2025 Results ($ in millions) Q2 Revenue: Second Quarter ▪ 5.7% year-over-year increase: Revenue » 0.7% organic increase due primarily to large cooling Segment Income / Margin service project in prior year (~7% excluding this project) » 4.9% acquisition impact » 0.1% currency impact Q2 Segmen
Slide 11: Detection & Measurement Q2 2025 Results
Detection & Measurement Q2 2025 Results ($ in millions) Q2 Revenue: Second Quarter ▪ 21.3% year-over-year increase: Revenue » 5.5% organic increase due primarily to Segment Income / Margin higher project deliveries in Transportation and CommTech » 14.9% acquisition impact » 0.9% currency impact Q2 S
Slide 12: Financial Position & Guidance
Financial Position & Guidance Mark A. Carano, Chief Financial Officer JULY 31, 2025 Q2 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 12 |
Slide 13: Financial Position Update
Financial Position Update ($ in millions) Q1 2025 Q2 2025 Q1 2025 Q2 2025 2.61 Short-term debt $61 $41 2.11 Current maturities of long-term debt 28 28 1.61 Long-term debt 872 950 1.11 2.0x Total Debt $960 $1,019 1.9x 1.7x 1.6x 0.61 Less: Cash on hand 2 (182) (137) Net Debt $778 $882 0.11 1 1 Gross L
Slide 14: 2025 Guidance
2025 Guidance1 Detection & Total SPX HVAC Measurement Revenue $2.225-$2.275b $1,500-$1,530m $725-$745m Prior range $2.20-$2.26b $1,500-$1,540m $700-$720m Segment Income Margin1 23.40%-24.20% 24.25%-24.75% 21.75%-23.00% Prior range 22.90%-23.60% 23.50%-24.00% 21.50%-22.75% Adj. EBITDA1 $485-$510m Rai
Slide 15: End Market Review & Closing Comments
End Market Review & Closing Comments Gene Lowe, President & Chief Executive Officer JULY 31, 2025 Q2 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 15 |
Slide 16: Market Commentary
Market Commentary Cooling Heating Project-Oriented Run-Rate ▪ Solid backlog and ▪ Resi and non-resi ▪ Significant activity ▪ Mixed global demand demand in core verticals demand both steady continues for 2026+ with regional variation Diverse End Markets and High Replacement Demand JULY 31, 2025 Q2 20
Slide 17: Executive Summary
Executive Summary ▪ Strong Q2 performance ▪ Solid demand in key end markets ▪ Robust M&A pipeline ▪ Raising full-year guidance Well-Positioned to Continue Value Creation Journey JULY 31, 2025 Q2 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 17 |
Slide 18: Appendix
Appendix JULY 31, 2025 Q2 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 18 |
Slide 19: Modeling Considerations – Full-Year 2025
Modeling Considerations – Full-Year 2025 Metric Metric Considerations Considerations Corporateexpense Corporate expense $48.0-52.0m $51.0-54.0m Long-termincentive Long-term incentivecomp comp $17.0-19.0m $16.0-18.0m Restructuringcosts Restructuring costs $0-2.0m ~$1.0m Interestcost Interest cost $48
Slide 20: GAAP Reconciliation Results by Quarter
GAAP Reconciliation Results by Quarter ($ in millions) 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 YTD Consolidated segment income1 $ 99.8 $ 117.6 $ 113.8 $ 129.4 $ 460.6 $ 110.5 $ 135.8 $ 246.3 Corporate expense (13.9) (12.0) (12.4) (15.3) (53.6) (14.0) (13.3) (27.3) Acquisition and integration-related costs (2
Slide 21: Segment Results
Segment Results ($ in millions) 2024 2025 HVAC Q1 Q2 Q3 Q4 FY Q1 Q2 YTD Revenue $302.4 $356.5 $335.3 $370.5 $1,364.7 $323.0 $376.7 $699.7 Segment income $68.4 $83.7 $80.0 $91.8 $323.9 $73.9 $95.8 $169.7 23% 23% 24% 25% 24% 23% 25% 24% Detection and 2024 2025 Measurement Q1 Q2 Q3 Q4 FY Q1 Q2 YTD Reve
Slide 22: Q2 2025 Revenue by Major Product Lines
Q2 2025 Revenue by Major product lines ($ in millions) JULY 31, 2025 Q2 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 22 |
Slide 23: Q2 2024 Revenue by Major Product Lines
Q2 2024 Revenue by Major product lines ($ in millions) JULY 31, 2025 Q2 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 23 |
Slide 24: 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 25: Q2 2024 U.S. GAAP to Adjusted EPS Reconciliation
Q2 2024 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) GAAP Adjustments Adjusted Segment income $ 117.6 $ — $ 117.6 Corporate expense (1) (12.0) 0.7 (11.3) Acquisition and integration-related costs (2) (2.3) 2.3 — Long-term incentive compensation expense (3.7) — (3
Slide 26: U.S. GAAP to Adjusted Operating Income Reconciliation
U.S. GAAP to Adjusted Operating Income Reconciliation ($ in millions) Three months ended Six months ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Operating income $ 86.6 $ 74.6 $ 153.2 $ 139.2 Exclude: Acquisition and integration-related costs (1) (8.3) (3.0) (16.9) (8.0) Other opera
Slide 27: Q2 Adjusted EBITDA Reconciliation
Q2 Adjusted EBITDA Reconciliation ($ in millions) Three months ended June 28, 2025 June 29, 2024 Net income $ 52.2 $ 44.2 Exclude: Income tax provision (17.4) (15.2) Interest expense, net (14.6) (12.5) Amortization expense (1) (24.8) (16.8) Depreciation expense (7.7) (6.6) Loss from discontinued ope
Slide 28: Q2 2025 Organic Revenue
Q2 2025 Organic Revenue Three months ended June 28, 2025 Detection & HVAC Measurement Consolidated Net Revenue Growth 5.7 % 21.3 % 10.2 % Exclude: Foreign Currency 0.1 % 0.9 % 0.3 % Exclude: Acquisitions 4.9 % 14.9 % 7.8 % Organic Revenue Growth 0.7 % 5.5 % 2.1 % JULY 31, 2025 Q2 2025 EARNINGS PRESE
Slide 29: U.S. GAAP to Adjusted Net Income Reconciliation
U.S. GAAP to Adjusted Net Income Reconciliation ($ in millions) Q2 2025 Income from continuing operations $ 52.5 Exclude: Amortization of acquired intangible assets (24.6) Acquisition and integration-related costs(1) (8.3) Non-service pension and postretirement charges (1.4) Tax adjustments(2) 8.8 A
Slide 30: Q2 2025 Adjusted Free Cash Flow Reconciliation
Q2 2025 Adjusted Free Cash Flow Reconciliation ($ in millions) Q2 2025 Operating cash flow from continuing operations $43.4 Include: Capital expenditures (7.7) Free cash flow from continuing operations 35.7 Exclude: Acquisition and integration-related payments and other (1) (1.4) Adjusted free cash