Slide 1: Q3 2025 Earnings Presentation
T E C H N O LO G I E S Q3 2025 Earnings Presentation OCTOBER 30, 2025 Q3 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 OCTOBER 30, 2025 Q3 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 3|
Slide 4: Executive Summary
Executive Summary Strong Q3 performance » 32% growth in Adjusted EPS1 » Revenue and segment income growth in both segments Progress on key initiatives » Raised >$1B of additional capital through equity offering and credit facility refinancing Not dilutive to 2025 EPS » Acquisitions performing
Slide 5: Q3 2025 Results Summary
Q3 2025 Results Summary ($ in millions) Third Quarter Revenue growth of 23% Revenue » Solid organic growth in both segments Adjusted EBITDA / Margin1 » Benefit of acquisitions 700 600 $593m 0.28 500 $484m 0.26 Adjusted EBITDA1 growth of 31% 23.0% 400 0.24 » 150 bps of margin1 expansion driven 21
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: Q3 2025 Financial Review
Q3 2025 Financial Review Mark A. Carano, Chief Financial Officer OCTOBER 30, 2025 Q3 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 7|
Slide 8: Adjusted Earnings Per Share
Adjusted Earnings Per Share1 Q3 2024 Q3 2025 GAAP EPS from continuing $1.08 $1.29 operations Intangible amortization $0.26 $0.38 Acquisition and integration-related $0.03 $0.12 Non-service pension & other $0.02 $0.05 Adj. EPS1 from continuing operations $1.39 $1.84 1 Adjusted results are non-GAAP me
Slide 9: Q3 2025 Results
Q3 2025 Results ($ in millions) Q3 Revenue: Third Quarter 22.6% year-over-year increase: Revenue » 14.3% organic increase with growth in both segments Consolidated Segment Income / Margin1 » 8.2% acquisition impact » 0.1% currency impact 700 0.28 600 $593m 0.27 $484m Q3 Consolidated Segment Income
Slide 10: HVAC Q3 2025 Results
HVAC Q3 2025 Results ($ in millions) Q3 Revenue: Third Quarter 15.5% year-over-year increase: Revenue » 9.0% organic increase with solid growth in both Segment Income / Margin Cooling and Heating » 6.7% acquisition impact 450 0.27 $387m » -0.2% currency impact 400 0.265 350 $335m 0.26 0.255 Q3 Seg
Slide 11: Detection & Measurement Q3 2025 Results
Detection & Measurement Q3 2025 Results ($ in millions) Q3 Revenue: Third Quarter 38.4% year-over-year increase: Revenue » 26.5% organic increase due primarily to Segment Income / Margin higher CommTech project volumes » 11.6% acquisition impact 250 0.3 » 0.3% currency impact $205m 200 0.28 $148m
Slide 12: Financial Position & Guidance
Financial Position & Guidance Mark A. Carano, Chief Financial Officer OCTOBER 30, 2025 Q3 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 12 |
Slide 13: Financial Position Update
Financial Position Update ($ in millions) Q2 2025 Q3 2025 2.5 Q2 2025 Q3 2025 Short-term debt $41 $1 2 Current maturities of long-term debt 28 1 1.5 Long-term debt 950 500 1 2.0x Total Debt $1,019 $502 1.7x 0.5 1.0x Less: Cash on hand 2 (137) (232) 0.5x Net Debt $882 $270 0 1 Gross Leverage Bank Net
Slide 14: 2025 Guidance
2025 Guidance1 Detection & Total SPX HVAC Measurement Revenue $2.225-$2.275b $1,500-$1,530m $725-$745m Prior range $2.225-$2.275b $1,500-$1,530m $725-$745m Segment Income Margin1 23.9%-24.4% 24.25%-24.75% 23.25%-23.75% Prior range 23.4%-24.2% 24.25%-24.75% 21.75%-23.0% Adj. EBITDA1 $495-$515m Raisin
Slide 15: End Market Review & Closing Comments
End Market Review & Closing Comments Gene Lowe, President & Chief Executive Officer OCTOBER 30, 2025 Q3 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 15 |
Slide 16: Market Commentary
Market Commentary Cooling Heating Project-Oriented Run-Rate Strong backlog and Solid demand in both Strong backlog; Frontlog Steady demand supported demand in core verticals Electric and Hydronics activity steady by U.S. market Diverse End Markets and High Replacement Demand OCTOBER 30, 2025
Slide 17: Executive Summary
Executive Summary Strong Q3 performance Progress on value creation initiatives Robust M&A pipeline Significant capital available to support growth strategy Raising full-year guidance Well-Positioned to Continue Value Creation Journey OCTOBER 30, 2025 Q3 2025 EARNINGS PRESENTATION | COPYRIG
Slide 18: Appendix
Appendix OCTOBER 30, 2025 Q3 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 $50.0-53.0m Long-termincentive Long-term incentivecomp comp $17.0-19.0m $15.0-16.0m Restructuringcosts Restructuring costs $0-2.0m ~$0.5m 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 Q3 YTD 1 Consolidated segment income $ 99.8 $ 117.6 $ 113.8 $ 129.4 $ 460.6 $ 110.5 $ 135.8 $ 146.1 $ 392.4 Corporate expense (13.9) (12.0) (12.4) (15.3) (53.6) (14.0) (13.3) (12.4) (39.7) Acquisition and integrati
Slide 21: Segment Results
Segment Results ($ in millions) 2024 2025 HVAC Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD Revenue $302.4 $356.5 $335.3 $370.5 $1,364.7 $323.0 $376.7 $387.4 $1,087.1 Segment income $68.4 $83.7 $80.0 $91.8 $323.9 $73.9 $95.8 $94.4 $264.1 23% 23% 24% 25% 24% 23% 25% 24% 24% Detection and 2024 2025 Measurement Q1 Q2 Q
Slide 22: Q3 2025 Revenue by Major product lines
Q3 2025 Revenue by Major product lines ($ in millions) OCTOBER 30, 2025 Q3 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 22 |
Slide 23: Q3 2024 Revenue by Major product lines
Q3 2024 Revenue by Major product lines ($ in millions) OCTOBER 30, 2025 Q3 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 23 |
Slide 24: Q3 2025 U.S. GAAP to Adjusted EPS Reconciliation
Q3 2025 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) (1) Adjustment represents the removal of certain acquisition and integration-related costs of $0.4. (2) Adjustment represents the removal of (i) acquisition and integration-related costs of $0.5 and $0.1 within
Slide 25: Q3 2024 U.S. GAAP to Adjusted EPS Reconciliation
Q3 2024 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) (1) Adjustment represents the removal of certain acquisition and integration-related costs of $0.6. (2) Adjustment represents the removal of acquisition and integration-related costs of $1.4 within the HVAC rep
Slide 26: U.S. GAAP to Adjusted Operating Income Reconciliation
U.S. GAAP to Adjusted Operating Income Reconciliation ($ in millions) (1) For the three and nine months ended September 27, 2025, represents (i) certain acquisition and integration-related costs of $1.0 and $6.2, respectively, (ii) amortization of a deferred compensation asset of $6.5 and $17.4, res
Slide 27: Q3 Adjusted EBITDA Reconciliation
Q3 Adjusted EBITDA Reconciliation ($ in millions) (1) Represents amortization expense associated with acquired intangible assets recorded within “Intangible amortization” and amortization of capitalized software costs recorded within “Cost of products sold.” (2) For the three months ended September
Slide 28: Q3 2025 Organic Revenue
Q3 2025 Organic Revenue OCTOBER 30, 2025 Q3 2025 EARNINGS PRESENTATION | COPYRIGHT © 2025 SPX TECHNOLOGIES 28 |
Slide 29: U.S. GAAP to Adjusted Net Income Reconciliation
U.S. GAAP to Adjusted Net Income Reconciliation ($ in millions) Q3 2025 Income from continuing operations $ 63.1 Exclude: (1) Amortization of intangible assets (24.6) (2) Acquisition and integration-related costs (8.1) (3) Long-term incentive compensation expense (0.7) (4) Loss on amendment/refinanc
Slide 30: Q3 2025 Adjusted Free Cash Flow Reconciliation
Q3 2025 Adjusted Free Cash Flow Reconciliation ($ in millions) Q3 2025 Operating cash flow from continuing operations $ 106.8 Include: Capital expenditures (10.4) Free cash flow from continuing operations 96.4 Exclude: (1) Acquisition and integration-related payments and other (5.6) Adjusted free ca