First Quarter 2026 Earnings
April 29, 2026
IDEX 1Q26 Highlights
Deliver
ed better than expected top and bottom line results
Business portfolio pivot toward advantaged markets and integrated growth strategies driving record backlog in HST
Industrial businesses showing signs of stability/support, tracking external indicators
Raising FY26 outlook balancing strong 1Q results and momentum in key HST markets
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8020 is driving growth and value-creation across IDEX
Airtech Valves
Growing In Advantaged Markets: Space & Defense
Increasing already extensive content in market growing double-digitsOptical Solutions
Porous Filtration & Flow Control
Durable Clamping
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Optical sensing and communication components from the IDEX Materials Science Solutions platform include laser transmission of data through space, and satellite observation and reconnaissance systems.
Filtration and flow control solutions from Mott support propulsion and thermal management on missions changing the course of space exploration by enabling precise gas flow and diffusion in thrusters and propulsion feeds.
BAND-IT stainless steel clamping systems, trusted in aerospace for decades, continue to keep wiring and hose assemblies securely in place in harsh conditions, protecting critical components in aircraft, spacecraft and planetary rovers.
IDEX adapts quickly as a trusted partner, enabling fast-growing technologies
8020 Drives Growth
8020 informs our path to durable, long-term value creation in advantaged markets
80s Markets
Space & Defense, Semiconductor, Data Center
High-value, application-critical end markets where our expertise drives durable growth and deeper customer integration
8020 in Practice
Growth through focus over time
80s Customers
Global OEMs and select emerging providers of mission-critical technologies
80s Applications
Optical applications, lithography and metrology systems, gas purification, thermal management
Satellite & launch propulsion, and defense sensing & targeting
Note: "80s" refers to our focus areas; above reflects examples of targeted growth markets and applications
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Q1 2026 Financial Performance
($ in millions excl. EPS)
+5% Organic*
+50 bps
Sales
Adj. EBITDA Margin*
Adj. EPS*
+14%
Free Cash Flow* (6%)
Better than expected 1Q26 results across IDEX
*This presentation contains non-GAAP financial information whose reconciliations are included in both this presentation and in our SEC filings. 6
Q1 2026: Health & Science Technologies
($ in millions)
Orders
+17% Organic*
Sales
+11% Organic*
Adj. EBITDA Margin
+100 bps y/y
Performance Highlights
Momentum and backlog building in businesses tied to advantaged markets
Seeing particularly strong demand in AI-driven areas (e.g., data center power generation, semiconductor), pharma, and space & defense
Adj EBITDA expanded driven mostly by positive volume leverage and price/cost, partially offset by unfavorable mix and acquisitions
Organic*
FX
M&A
Y/Y ∆
Sales Growth
11%
3%
3%
17%
8020-driven pivot toward advantaged markets driving higher growth
*This presentation contains non-GAAP financial information whose reconciliations are included in both this presentation and in our SEC filings.
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Q1 2026: Fluid & Metering Technologies
($ in millions)
Sales
+2% Organic*
Orders
+9% Organic*
Adj. EBITDA Margin
(10) bps y/y
Organic*
FX
M&A
Y/Y ∆
Sales Growth
2%
2%
-%
4%
Sales and margin performance slightly better than expected
Performance Highlights
Leading indicator general industrial businesses signaling stability
Demand for FMT's water and mining applications remains strong, partially offset by softness in global chemical markets
Adj EBITDA margin declined slightly y/y as productivity improvements were offset mostly by mix and volume deleverage
*This presentation contains non-GAAP financial information whose reconciliations are included in both this presentation and in our SEC filings. 8
Q1 2026: Fire & Safety / Diversified Products
($ in millions)
Orders (4%) Organic*
Adj. EBITDA Margin
Sales (1%) Organic*
+30 bps y/y
Performance Highlights
Fire & Safety businesses seeing strong demand in North America and relative stability in Europe & Asia
BAND-IT mixed/stable industrial with strength in A&D; Dispensing experienced tough y/y comparisons but stability q/q
Adj EBITDA margin increased as strong productivity improvements more than offset mix and y/y volume deleverage
Organic* | FX | M&A | Y/Y ∆ | |
Sales Growth | (1%) | 3% | -% | 2% |
Strength in Fire & Safety counterbalanced with subdued spending in Dispensing markets
*This presentation contains non-GAAP financial information whose reconciliations are included in both this presentation and our SEC filings.
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Capital Deployment
Maintaining a balanced and returns-oriented approach
Gross Leverage*
Capital Deployment ('25 vs. '26) IDEX Capital Deployment Framework
($ in millions)
2.2x
2.0x
$147
Maintain investment grade credit rating
Maintain flexible balance sheet
Gross leverage target < 2.0x
Organic growth investment
80s focus areas
Highest ROI opportunities
Opportunistic M&A
Integrating newly acquired businesses
Near-term focus on tuck-ins
Return capital to shareholders
Dividends and share repurchases
Flex depending on leverage and M&A actionability
$117
*Gross Leverage defined as Total Debt / TTM Adj. EBITDA 10
2026 Guidance Summary
2Q26 | FY26 Current | FY26 Previous | |
Organic* Revenue Growth y/y | 3.0% - 4.0% | 3.0% - 4.0% | 1.0% - 2.0% |
Adjusted EBITDA Margin* | 26.5% - 27.0% | 26.5% - 27.0% | 26.5% - 27.0% |
Adjusted EPS* | $2.07 - $2.12 | $8.35 - $8.55 | $8.15 - $8.35 |
Other Modeling Items: | |||
FX Impact on Sales (a) | ~0% | ~0.5% | ~1% |
Acquisition / Divestiture Impact on Sales | ~1% | ~0.5% | ~0.5% |
Corporate / Unallocated Costs | ~$26M | ~$103-107M | $98-102M |
Depreciation | ~$21M | ~$84M | ~$84M |
Net Interest Expense | $16-17M | $65-67M | $65-68M |
Tax Rate | ~24% | ~24% | ~24% |
Capital Expenditures | ~$90M | ~$90M | |
FCF Conversion* | 100%+ | ~100% | |
(a) - Based on 3/31/2026 FX Rate Earnings per share estimates exclude all future acquisitions |
*This presentation contains non-GAAP financial information. Reconciliations of non-GAAP measures are included in both this presentation or in our Q1'26 earnings release. Reconciliations of the Company's Free Cash Flow as a percentage of Adjusted Net Income guidance to the most directly comparable GAAP financial measures cannot be provided without unreasonable efforts and are not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts
that are necessary for such reconciliations. 11
IDEX Value DriversDifferentiated 8020 operating model drives full business potential through simplification, focused resourcing and streamlined execution
Focused on continuously evolving our portfolio toward high-growth, advantaged markets with secular tailwinds
Balanced allocator of capital with strong deployable cash flow that supports M&A, dividends and share repurchases
Focused on delivering above-market organic growth and margins, amplified by strategic M&A to drive sustainable value creation
Advancing IDEX through strong execution and disciplined capital deployment
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Non-GAAP Reconciliations
Table 1: Reconciliations of the Change in Net Sales to Organic Sales
Three Months Ended March 31, 2026
Change in net sales | 17% | 4% | 2% | 9% |
Less: | ||||
Net impact from acquisitions/divestitures(1) | 3% | -% | -% | 1% |
Impact from foreign currency(2) | 3% | 2% | 3% | 3% |
Change in organic sales | 11% | 2% | (1%) | 5% |
(1) Represents the sales from acquired or divested businesses during the first 12 months of ownership or prior to divestiture.
(2) The portion of sales attributable to foreign currency translation is calculated as the difference between (a) the period-to-period change in organic sales, and (b) the period-to-period change in organic sales after applying prior period foreign exchange rates to the current year period.
Table 2: Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX and Diluted EPS Attributable to IDEX (in millions, except per share amounts)
Three Months Ended March 31,
2026 | 2025 | ||||
Reported net income attributable to IDEX | $ | 120.0 | $ | 95.5 | |
Restructuring expenses and asset impairments | 7.4 | 17.5 | |||
Tax impact on restructuring expenses and asset impairments | (1.7) | (4.1) | |||
Gain on legal settlement(1) | (3.7) | - | |||
Tax impact on gain of legal settlement | 0.8 | - | |||
Acquisition-related intangible asset amortization | 33.8 | 31.5 | |||
Tax impact on acquisition-related intangible asset amortization | (8.0) | (7.4) | |||
Adjusted net income attributable to IDEX | $ | 148.6 | $ | 133.0 | |
Reported diluted EPS attributable to IDEX | $ | 1.61 | $ | 1.26 | |
Restructuring expenses and asset impairments | 0.10 | 0.23 | |||
Tax impact on restructuring expenses and asset impairments | (0.02) | (0.05) | |||
Gain on legal settlement(1) | (0.05) | - | |||
Tax impact on gain of legal settlement | 0.01 | - | |||
Acquisition-related intangible asset amortization | 0.46 | 0.41 | |||
Tax impact on acquisition-related intangible asset amortization | (0.11) | (0.10) | |||
Adjusted diluted EPS attributable to IDEX | $ | 2.00 | $ | 1.75 | |
Diluted weighted average shares outstanding | 74.4 | 75.8 |
(1) Gain on legal settlement represents settlement funds received in excess of legal costs incurred related to a patent infringement lawsuit within the FMT segment.
Table 3: Reconciliations of Net Income to Adjusted EBITDA (dollars in millions)
Three Months Ended March 31,
2026 | 2025 | |||
Reported net income | $ | 119.9 | $ | 95.4 |
Provision for income taxes | 37.1 | 29.1 | ||
Interest expense - net | 16.0 | 16.1 | ||
Depreciation | 19.9 | 18.4 | ||
Amortization | 33.8 | 31.5 | ||
Restructuring expenses and asset impairments | 7.4 | 17.5 | ||
Gain on legal settlement(1) | (3.7) | - | ||
Adjusted EBITDA | $ | 230.4 | $ | 208.0 |
Adjusted EBITDA Components: | ||||
HST | 106.0 | 87.4 | ||
FMT | 98.7 | 95.3 | ||
FSDP | 55.8 | 54.2 | ||
Corporate and other | (30.1) | (28.9) | ||
Total Adjusted EBITDA | 230.4 | $ | 208.0 | |
Net sales | 886.9 | 814.3 | ||
Net income margin | 13.5% | 11.7% | ||
Adjusted EBITDA margin | 26.0% | 25.5% |
(1) Gain on legal settlement represents settlement funds received in excess of legal costs incurred related to a patent infringement lawsuit within the FMT segment.
Table 3: Reconciliations of Cash Flows from Operating Activities to Free Cash Flow (dollars in millions)
Three Months Ended March 31,
2026 2025
Cash flows from operating activities $ 103.7 $ 105.7
Less: Capital expenditures
17.7
14.3
Free cash flow $ 86.0 $ 91.4
Reported net income attributable to IDEX | $ | 120.0 | $ | 95.5 |
Adjusted net income attributable to IDEX | 148.6 | 133.0 | ||
Operating cash flow conversion | 86% | 111% | ||
Free cash flow conversion | 58% | 69% | ||
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