Slide 1: Second Quarter 2025 Earnings Release
Second Quarter 2025 Earnings Release Paulo Ruiz & Olivier Leonetti | August 5, 2025 © 2025 Eaton. All rights reserved. 1
Slide 2: Forward-looking statements and non-GAAP financial information
Forward-looking statements and non-GAAP financial information This presentation or the comments we make on our call today contain forward-looking statements concerning, among other matters, full year and third quarter 2025 adjusted earnings per share, organic revenue growth and segment operating mar
Slide 3: Highlights
Highlights Record adjusted earnings per share of $2.95 in Q2, up 8% versus 2Q24, with segment margins of 23.9%, up 20 bps versus 2Q24, a Q2 record. Organic growth of 8%, driven by 12% growth in Electrical Americas, 11% in Aerospace and 7% in Electrical Global. On a rolling 12-month basis, order acce
Slide 4: Our bold strategy is underway and anchored by three pillars
Our bold strategy is underway and anchored by three pillars Each pillar will accelerate growth and create sustained value for shareholders Lead Invest Execute Drive a customer-centric and Double down in high-growth and Transform from good to best-in-class fast organization high-margin markets and ex
Slide 5: Ultra PCS acquisition strengthens our position in fast-growing aerospace
Ultra PCS acquisition Ultra PCS’s innovative solutions for safety and mission critical aerospace systems will augment Eaton’s portfolio in both military and civilian aircraft strengthens our position Strong pedigree on attractive aerospace platforms in fast-growing aerospace and defense markets Well
Slide 6: Acquisition of Resilient Power Systems will strengthen our power distribution offering for Data Centers
Acquisition of Resilient Power Systems will strengthen our power distribution offering for Data Centers and other direct current (DC) applications Resilient’s solid-state transformer technology replaces traditional copper windings with power electronics for medium voltage to low voltage power conver
Slide 7: Partnerships expand our capabilities and support our customers in new ways
Partnerships expand our capabilities and support our customers in new ways NVIDIA Siemens Energy ChargePoint NVIDIA Partner Network Removing Roadblocks Industry-First Global Partnership Accelerating the transformation of data Delivers integrated on-site power generation Jointly brand, market, and de
Slide 8: Financial Summary
Financial Summary (M) 2Q ‘25 2Q ‘24 V ‘24 Sales $7,028 $6,350 11% Segment Operating Profit 1,682 1,502 12% Segment Operating Margin 23.9% 23.7% 20 bps Adjusted Earnings 1,155 1,096 5% Adjusted EPS $2.95 $2.73 8% $7,028M Record Quarterly Sales Sales Growth: Organic 8% $1,682M Record Quarterly Segment
Slide 9: Electrical Americas Segment
Electrical Americas Segment (M) 2Q ‘25 2Q ‘24 V ‘24 Sales $3,350 $2,877 16% Operating Profit 987 859 15% Operating Margin 29.5% 29.9% (40) bps Record sales and segment profit Sales Growth: Orders up 2% on rolling 12-month basis, including data centers, up ~55% in the quarter Organic 12% Acquisition
Slide 10: Electrical Global Segment
Electrical Global Segment (M) 2Q ‘25 2Q ‘24 V ‘24 Sales $1,753 $1,606 9% Operating Profit 353 305 16% Operating Margin 20.1% 19.0% 110bps Record sales and segment profit Sales Growth: Organic 7% Q2 record segment margin Forex 2% Book-to-bill ratio of 1.0 on a rolling 12-month basis Total 9% © 2025 E
Slide 11: Aerospace Segment
Aerospace Segment (M) 2Q ‘25 2Q ‘24 V ‘24 Sales $1,080 $955 13% Operating Profit 240 206 17% Operating Margin 22.2% 21.5% 70bps Record sales and operating profit Orders up 10% on a rolling 12-month basis Sales Growth: Organic 11% Backlog up 16% year-over-year Forex 2% Book-to-bill ratio of 1.1 on a
Slide 12: Vehicle Segment
Vehicle Segment (M) 2Q ‘25 2Q ‘24 V ‘24 Sales $663 $723 (8%) Operating Profit 113 130 (13%) Operating Margin 17.0% 18.0% (100) bps Solid operational performance despite market Sales Growth: headwinds Organic (8)% Forex -- Total (8)% © 2025 Eaton. All rights reserved. 12
Slide 13: eMobility Segment
eMobility Segment (M) 2Q ‘25 2Q ‘24 V ‘24 Sales $182 $189 (4)% Operating Profit / (Loss) (10) 2 -- Operating Margin (5.8)% 1.3% -- Sales Growth: Organic (7)% Forex 3% Total (4)% © 2025 Eaton. All rights reserved. 13
Slide 14: Eaton's end market growth – 2025 Assumptions
Eaton’s end market growth – 2025 Assumptions % of Total % of Total Eaton Sales Eaton Sales Data Centers & Distributed IT 17% Commercial Aerospace 9% Utility 11% Defense Aerospace 6% Industrial Facilities 12% Electric Vehicles 3% Commercial & Institutional 20% ICE Light Vehicles 4% Machinery / MOEM 5
Slide 15: 2025 Organic Growth and Operating Margin Guidance
2025 Organic Growth and Operating Margin Guidance Organic Growth Guidance Operating Margin Guidance Segment Electrical Americas 12.5 – 14.5% 29.5 – 29.9% Electrical Global 5.5 – 7.5% 19.2 – 19.6% Aerospace 10 – 12% 23.4 – 23.8% Vehicle (9) – (7)% 16.0 – 16.4% eMobility 3.5 – 5.5% (1) – 1% Eaton 8.5
Slide 16: 2025 Guidance
2025 Guidance 3rd Quarter Outlook 2025 FY Outlook Adjusted Earnings Per Share $3.01 – $3.07 $11.97 – $12.17 Organic Growth 8 – 9% 8.5 – 9.5% Segment Operating Margins 24.1 – 24.5% 24.1 – 24.5% Operating Cash Flow N/A $4.6B – $5.0B Free Cash Flow N/A $3.7B – $4.1B Share Repurchases N/A $2.0B - $2.4B
Slide 17: Summary
Summary Record quarterly revenue and segment profit, along with Q2 record segment margins, reflect strong execution and commitment to our growth strategy. Order acceleration and growing backlogs, especially in data center markets, provide extended visibility and support Eaton’s positioning to capita
Slide 18: © 2025 Eaton. All rights reserved.
© 2025 Eaton. All rights reserved. 18
Slide 19: Appendix
Appendix © 2025 Eaton. All rights reserved. 19
Slide 20: 2025 Guidance – Additional Modeling Assumptions
2025 Guidance – Additional Modeling Assumptions 3rd Quarter Outlook 2025 FY Outlook Currency Translation Sales Impact – ETN ~$55M ~$80M Fibrebond Sales – Electrical Americas ~$140M ~$420M Corporate Expenses ~$35M more than 3Q24 ~$940M Tax Rate on Adjusted Earnings 20.5 – 21.5% 17.5 – 18.5% Capex N/A
Slide 21: © 2025 Eaton. All rights reserved.
© 2025 Eaton. All rights reserved. 21