Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation FEBRUARY 24, 2026 Q4 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 FEBRUARY 24, 2026 Q4 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 3|
Slide 4: Executive Summary
Executive Summary ▪ Strong close to 2025 » 21% growth in FY Adjusted EBITDA1 and Adjusted EPS1 » Double-digit revenue and segment income growth in both segments ▪ Expansion of HVAC manufacturing capacity » Supports growing demand for engineered air movement and data center cooling products » Purchas
Slide 5: Q4 2025 Results Summary
Q4 2025 Results Summary ($ in millions) Fourth Quarter & FY ▪ Revenue growth of 19.4% Revenue » Organic growth in both segments Adjusted EBITDA / Margin1 » Benefit of acquisitions $2,265 $1,984 1000 0.3 0.28 900 2000 0.28 800 700 $637 0.26 $534 0.26 1500 ▪ Adjusted EBITDA1 growth of 22.3% 600 22.4%
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: Air Enterprises and Rahn Industries
Air Enterprises and Rahn Industries Engineered Air Movement Comprehensive solutions for high-value air movement applications Leading fans, blowers, and critical exhaust systems Industrial and commercial dampers and air control solutions High performance custom air handling units Broad portfolio of h
Slide 8: Thermolec
Thermolec Electric Heat High-value electric heating solutions with significant expansion potential Leader in supplemental electric heat for commercial applications High quality solutions for industrial and commercial applications Custom electric duct heating and related solutions Complementary Produ
Slide 9: Q4 2025 Financial Review
Q4 2025 Financial Review Mark A. Carano, Chief Financial Officer FEBRUARY 24, 2026 Q4 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 9|
Slide 10: Adjusted Earnings Per Share
Adjusted Earnings Per Share1 Q4 2024 Q4 2025 FY 2024 FY 2025 GAAP EPS from continuing operations $1.19 $1.54 $4.29 $5.06 Intangible amortization $0.26 $0.33 $1.03 $1.43 Acquisition and integration-related $0.05 $0.16 $0.21 $0.55 Non-service pension & other $0.01 ($0.15) $0.05 ($0.28) Adj. EPS1 from
Slide 11: Q4 2025 Results
Q4 2025 Results ($ in millions) Q4 Revenue Fourth Quarter & FY ▪ 19.4% year-over-year increase: Revenue » 10.9% acquisition impact Consolidated Segment Income / Margin1 » 7.6% organic growth primarily driven by HVAC $2,265 900 0.29 0.28 » 0.9% currency impact 800 $1,984 2000 0.28 0.27 700 $637 0.27
Slide 12: HVAC Q4 2025 Results
HVAC Q4 2025 Results ($ in millions) Q4 Revenue Fourth Quarter & FY ▪ 16.4% year-over-year increase: Revenue » 10.3% organic increase with solid growth in both Segment Income / Margin Cooling and Heating 800 $1,518 0.27 » 5.5% acquisition impact 1600 $1,365 0.34 0.265 700 » 0.6% currency impact 1400
Slide 13: Detection & Measurement Q4 2025 Results
Detection & Measurement Q4 2025 Results ($ in millions) Q4 Revenue Fourth Quarter & FY ▪ 26.3% year-over-year increase: Revenue » 23.2% acquisition impact Segment Income / Margin » 1.7% organic increase due primarily to $747 higher project volumes 350 800 0.245 0.25 $619 0.243 » 1.4% currency impact
Slide 14: Financial Position & Guidance
Financial Position & Guidance Mark A. Carano, Chief Financial Officer FEBRUARY 24, 2026 Q4 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 14 |
Slide 15: Financial Position Update
Financial Position Update ($ in millions) Q3 2025 Q4 2025 Thermolec & Q3 2025 Q4 2025 1.4 Crawford Impact Short-term debt $1 $1 1.2 1.3x Current maturities of long-term debt 1 4 1 0.8 Long-term debt 500 497 0.6 1.0x Total Debt $502 $502 1.0x 0.9x 0.4 2 Less: Cash on hand (232) (366) 0.2 0.5x 0.3x Ne
Slide 16: 2026 Guidance
2026 Guidance1 Detection & Total SPX HVAC Measurement Revenue $2.535-$2.605b $1,800-$1,840m $735-$765m Prior year $2.265b $1,518m $747m Segment Income Margin1 24.60%-25.10% 24.50%-25.00% 24.75%-25.25% Prior year 24.20% 24.50% 23.60% Adj. EBITDA1 $590-$620m Prior year $507.4m Adj. EBITDA Margin1 23.2
Slide 17: End Market Review & Closing Comments
End Market Review & Closing Comments Gene Lowe, President & Chief Executive Officer FEBRUARY 24, 2026 Q4 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 17 |
Slide 18: Market Commentary
Market Commentary Cooling Heating Project-Oriented Run-Rate ▪ Strong backlog and ▪ Solid demand in both ▪ Strong backlog; Frontlog ▪ Global market conditions demand in core verticals Electric and Hydronics activity steady improving Diverse End Markets and High Replacement Demand FEBRUARY 24, 2026 Q4
Slide 19: Executive Summary
Executive Summary ▪ Strong close to 2025 ▪ Expanding capacity to meet growing demand ▪ Recent acquisitions strengthen positions in key end markets ▪ Anticipate ~20% EBITDA growth in 2026 ▪ Attractive, active acquisition pipeline Well-Positioned to Continue Value Creation Journey FEBRUARY 24, 2026 Q4
Slide 20: Appendix
Appendix FEBRUARY 24, 2026 Q4 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 20 |
Slide 21: Modeling Considerations – Full-Year 2026
Modeling Considerations – Full-Year 2026 Metric Metric Considerations Considerations Corporateexpense Corporate expense $48.0-52.0m $49.0-53.0m Long-termincentive Long-term incentivecomp comp $17.0-19.0m $18.0-20.0m Restructuringcosts Restructuring costs $0-2.0m ~$2.0m Interestcost Interest cost $48
Slide 22: GAAP Reconciliation Results by Quarter
GAAP Reconciliation Results by Quarter ($ in millions) 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY 1 Consolidated segment income $ 99.8 $ 117.6 $ 113.8 $ 129.4 $ 460.6 $ 110.5 $ 135.8 $ 146.1 $ 156.4 $ 548.8 Corporate expense (13.9) (12.0) (12.4) (15.3) (53.6) (14.0) (13.3) (12.4) (19.5) (59.2) Acquisit
Slide 23: Segment Results
Segment Results ($ in millions) 2024 2025 HVAC Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Revenue $302.4 $356.5 $335.3 $370.5 $1,364.7 $323.0 $376.7 $387.4 $431.1 $1,518.2 Segment income $68.4 $83.7 $80.0 $91.8 $323.9 $73.9 $95.8 $94.4 $108.5 $372.6 23% 23% 24% 25% 24% 23% 25% 24% 25% 25% Detection and 2024 2025
Slide 24: FY 2025 Revenue by Major product lines
FY 2025 Revenue by Major product lines ($ in millions) Year Ended December 31, 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 $ 932.9 $ — $ 932.9 Hydronic heating
Slide 25: FY 2024 Revenue by Major product lines
FY 2024 Revenue by Major product lines ($ in millions) Year Ended December 31, 2024 Detection and Reportable Segments HVAC Measurement Total Major product lines Package and process cooling equipment and services, and engineered air movement and handling solutions $ 884.0 $ — $ 884.0 Hydronic heating
Slide 26: Q4 2025 U.S. GAAP to Adjusted EPS Reconciliation
Q4 2025 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) GAAP Adjustments Adjusted Segment income $ 156.4 $ — $ 156.4 Corporate expense (1) (19.5) 2.8 (16.7) Acquisition and integration-related costs (2) (7.9) 7.9 — Long-term incentive compensation expense (3) (4.9)
Slide 27: Q4 2024 U.S. GAAP to Adjusted EPS Reconciliation
Q4 2024 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) GAAP Adjustments Adjusted Segment income $ 129.4 $ — $ 129.4 Corporate expense (1) (15.3) 1.3 (14.0) Acquisition and integration-related costs (2) (0.9) 0.9 — Long-term incentive compensation expense (4.0) — (4
Slide 28: FY 2025 U.S. GAAP to Adjusted EPS Reconciliation
FY 2025 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) GAAP Adjustments Adjusted Segment income $ 548.8 $ — $ 548.8 Corporate expense (1) (59.2) 6.8 (52.4) Acquisition and integration-related costs (2) (28.9) 28.9 — Long-term incentive compensation expense (3) (16.
Slide 29: FY 2024 U.S. GAAP to Adjusted EPS Reconciliation
FY 2024 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) GAAP Adjustments Adjusted Segment income $ 460.6 $ — $ 460.6 Corporate expense (1) (53.6) 5.0 (48.6) Acquisition and integration-related costs (2) (7.2) 7.2 — Long-term incentive compensation expense (15.0) — (
Slide 30: U.S. GAAP to Adjusted Operating Income Reconciliation
U.S. GAAP to Adjusted Operating Income Reconciliation ($ in millions) Three months ended Twelve months ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Operating income $ 100.1 $ 90.2 $ 350.4 $ 308.3 Exclude: Acquisition and integration-related costs (1) (10.7) (3.5) (35
Slide 31: Q4 Adjusted EBITDA Reconciliation
Q4 Adjusted EBITDA Reconciliation Three months ended ($ in millions) December 31, 2025 December 31, 2024 Net income $ 77.9 $ 57.1 Exclude: Income tax provision (26.6) (21.4) Interest expense, net (6.4) (10.1) Amortization expense (1) (22.5) (16.5) Depreciation expense (8.2) (7.2) Income (loss) from
Slide 32: FY Adjusted EBITDA Reconciliation
FY Adjusted EBITDA Reconciliation Twelve months ended ($ in millions) December 31, 2025 December 31, 2024 Net income $ 244.0 $ 200.5 Exclude: Income tax provision (68.6) (53.6) Interest expense, net (43.3) (43.6) Amortization expense (1) (92.0) (64.9) Depreciation expense (30.6) (26.7) Loss from dis
Slide 33: Q4 2025 Organic Revenue Growth
Q4 2025 Organic Revenue Growth Three months ended December 31, 2025 Detection & HVAC Measurement Consolidated Net Revenue Growth 16.4 % 26.3 % 19.4 % Exclude: Foreign Currency 0.6 % 1.4 % 0.9 % Exclude: Acquisitions 5.5 % 23.2 % 10.9 % Organic Revenue Growth 10.3 % 1.7 % 7.6 % FEBRUARY 24, 2026 Q4 2
Slide 34: FY 2025 Organic Revenue Growth
FY 2025 Organic Revenue Growth Twelve months ended December 31, 2025 Detection & HVAC Measurement Consolidated Net Revenue Growth 11.2 % 20.6 % 14.2 % Exclude: Foreign Currency - % 0.5 % 0.1 % Exclude: Acquisitions 5.1 % 13.8 % 7.8 % Organic Revenue Growth 6.1 % 6.3 % 6.3 % FEBRUARY 24, 2026 Q4 2025
Slide 35: FY 2025 U.S. GAAP to Adjusted Net Income Reconciliation
FY 2025 U.S. GAAP to Adjusted Net Income Reconciliation ($ in millions) FY 2025 Income from continuing operations $ 245.5 Exclude: (1) Amortization of intangible assets (91.3) (2) Acquisition and integration-related costs (35.7) Long-term incentive compensation expense (3) (1.6) (4) Impairment of in
Slide 36: FY 2025 Adjusted Free Cash Flow Reconciliation
FY 2025 Adjusted Free Cash Flow Reconciliation ($ in millions) FY 2025 Operating cash flow from continuing operations $ 335.6 Include: Capital expenditures (92.1) Free cash flow from continuing operations 243.5 Exclude: Acquisition and integration-related payments and other (1) 50.8 Adjusted free ca