Eaton Corporation, Plc · NYSE:ETN

Eaton — Q4 2025 Earnings Presentation

24 slides from Eaton's earnings presentation, Feb 3, 2026

  1. Slide 1: Fourth Quarter 2025 Earnings Release

    Fourth Quarter 2025 Earnings Release Paulo Ruiz & Olivier Leonetti | February 3, 2026 © 2026 Eaton. All rights reserved. 1

  2. 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, first quarter and full year 2026 earnings per share, adjusted earnings per share, organic growth and segment o

  3. Slide 3: Highlights

    Highlights On a rolling 12-month basis, order acceleration in Electrical Americas up 16% and strong Aerospace growth up 11%, resulting in book-to-bill for the combined segments at 1.1 and backlog growth of 31% in Electrical Americas, 19% in Electrical Global and 16% in Aerospace. In Q4, Electrical A

  4. 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

  5. Slide 5: Mobility spin is the next step in portfolio transformation to unlock value

    Mobility spin is the next step in portfolio transformation to unlock value Mobility Strongly Positioned to Drive Continued Profitable Growth and Value A Leading Engineered Solutions Partner to Global Commercial Creation Across Core Electrical and Aerospace Businesses Vehicle, Automotive, and Off-Hig

  6. Slide 6: Eaton Mobility is the leading supplier for automotive and commercial vehicle applications

    Eaton Mobility is the leading supplier for automotive and commercial vehicle applications  Leading provider of mission-critical and safety-critical engineered solutions responsible for creating, distributing, and optimizing power for all types of vehicles and propulsion systems  True innovation pa

  7. Slide 7: Right move, right time for Mobility spin

    Right move, right time for  Focuses Eaton portfolio on core Electrical and Aerospace businesses benefitting from secular megatrends driving generational growth​ Mobility spin:  Tailored capital allocation strategies with flexibility to invest in high-growth, high- margin markets via both organic a

  8. Slide 8: Announced mega projects continue to grow, providing extended tailwind

    Announced mega projects continue to grow, providing extended tailwind As of Q4 2025 $937B 866 30% Annual Announced Total Announced YoY Backlog $3.0T Projects, ~$78B per month Projects (#) Growth in North America Q4 2025 Announcements Cancellation rates mega projects backlog $266B, +101% ~13% Continu

  9. Slide 9: Negotiations and backlog remain robust and growing

    Negotiations and backlog remain robust and growing Electrical Americas Negotiations Pipeline Eaton Historical Backlog ($B) ($B) $4.3 $3.7 $3.2 $2.8 $9.8 $15.3 $2.4 $11.8 $9.5 $1.4 $8.2 $1.4 $5.0 $2.8 $3.2 $2.4 2019 2020 2021 2022 2023 2024 2025 Electrical Sector Aerospace Segment 2019 2025 Annual Ba

  10. Slide 10: How we're accelerating our Execute for Growth strategy in Electrical Americas

    How we’re accelerating our Execute for Growth strategy in Electrical Americas Record Demand Continued Investments Strong Operational Track Record  All-time high backlog level, up  ~$1.5B invested to rapidly  Deep history of operational 31% over 2024 ramp capacity excellence across Eaton  Record

  11. Slide 11: Financial Summary

    Financial Summary (M) 4Q ‘25 4Q ‘24 V ‘24 Sales $7,055 $6,240 13% Segment Operating Profit 1,760 1,542 14% Segment Operating Margin 24.9% 24.7% 20 bps Adjusted Earnings 1,297 1,120 16% Adjusted EPS $3.33 $2.83 18% $7,055M Record Quarterly Sales Sales Growth: Organic 9% $1,760M Record Quarterly Segme

  12. Slide 12: Electrical Americas Segment

    Electrical Americas Segment (M) 4Q ‘25 4Q ‘24 V ‘24 Sales $3,506 $2,905 21% Operating Profit 1,046 918 14% Operating Margin 29.8% 31.6% (180) bps Record sales and segment profit Sales Growth: Orders up 16% on rolling 12-month basis, including data centers, up ~200% in the quarter Organic 15% Acquisi

  13. Slide 13: Electrical Global Segment

    Electrical Global Segment (M) 4Q ‘25 4Q ‘24 V ‘24 Sales $1,728 $1,569 10% Operating Profit 340 277 23% Operating Margin 19.7% 17.7% 200bps Q4 Record sales and segment profit Sales Growth: Organic 6% Backlog up 19% year-over-year Forex 4% Book-to-bill greater than 1.0 on a rolling 12-month basis Tota

  14. Slide 14: Aerospace Segment

    Aerospace Segment (M) 4Q ‘25 4Q ‘24 V ‘24 Sales $1,111 $971 14% Operating Profit 268 222 21% Operating Margin 24.1% 22.9% 120bps Quarterly record sales and Q4 record operating profit Orders up 11% on a rolling 12-month basis Sales Growth: Organic 12% Backlog up 16% year-over-year Forex 2% Book-to-bi

  15. Slide 15: Vehicle Segment

    Vehicle Segment (M) 4Q ‘25 4Q ‘24 V ‘24 Sales $586 $647 (9%) Operating Profit 96 122 (21%) Operating Margin 16.5% 18.8% (230) bps Sales Growth: Organic (13%) Forex 4% Total (9%) © 2026 Eaton. All rights reserved. 15

  16. Slide 16: eMobility Segment

    eMobility Segment (M) 4Q ‘25 4Q ‘24 V ‘24 Sales $125 $147 (15%) Operating Profit 10 3 274% Operating Margin 7.8% 1.8% 600bps Sales Growth: Organic (17%) Forex 2% Total (15%) © 2026 Eaton. All rights reserved. 16

  17. Slide 17: Eaton's End Market Growth – 2026 Assumptions

    Eaton’s End Market Growth – 2026 Assumptions Total 2026 market growth of ~7% % of 2025 % of 2025 Eaton Sales Eaton Sales Data Centers & Distributed IT 21% Electric Vehicles 2% Utility 11% Commercial Aerospace 9% Commercial & Institutional 20% Defense Aerospace 6% Machinery / MOEM 5% ICE Light Vehicl

  18. Slide 18: 2026 Organic Growth and Operating Margin Guidance

    2026 Organic Growth and Operating Margin Guidance Organic Growth Guidance Operating Margin Guidance Segment Electrical Americas 9 – 11% 29.8 – 30.2% Electrical Global 3.5 – 5.5% 19.5 – 19.9% Aerospace 7 – 9% 23.9 – 24.3% Mobility 5 – 7% 13.0 – 15.0% Eaton 7 – 9% 24.6 – 25.0% © 2026 Eaton. All rights

  19. Slide 19: 2026 Guidance

    2026 Guidance 1st Quarter Outlook 2026 FY Outlook Adjusted Earnings Per Share $2.65 – $2.85 $13.00 – $13.50 Organic Growth 5 – 7% 7 – 9% Segment Operating Margins 22.2 – 22.6% 24.6 – 25.0% Operating Cash Flow N/A $5.0B – $5.4B Free Cash Flow N/A $3.9B – $4.3B Share Repurchases -- -- © 2026 Eaton. Al

  20. Slide 20: Summary

    Summary Strong results including all-time record revenue and segment profit, Q4 record segment margins. Unprecedented demand environment reflected in continued order acceleration and growing backlogs which results in extended visibility. Our strategy to lead, invest and execute for growth is positio

  21. Slide 21: © 2026 Eaton. All rights reserved.

    © 2026 Eaton. All rights reserved. 21

  22. Slide 22: Appendix

    Appendix © 2026 Eaton. All rights reserved. 22

  23. Slide 23: 2026 Guidance – Additional Modeling Assumptions

    2026 Guidance – Additional Modeling Assumptions 1st Quarter Outlook 2026 FY Outlook Currency Translation Sales Impact – ETN ~$150M ~$0M Fibrebond Acquisition Sales – Electrical Americas ~$150M ~$150M Ultra PCS Acquisition Sales – Aerospace ~$45M ~$240M Corporate Expenses ~$45M more than 1Q25 ~$1,130

  24. Slide 24: © 2026 Eaton. All rights reserved.

    © 2026 Eaton. All rights reserved. 24

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