Lincoln Electric Reports Second Quarter 2026 Results

About this update from Lincoln Electric Holdings, Inc.

Lincoln Electric Holdings, Inc . (the “Company”) (Nasdaq: LECO) today reported second quarter 2026 net income of $158.5 million, or diluted earnings per share (EPS) of $2.88, which includes special item after-tax net charges of $2.7 million, or $0.05 EPS. This compares with prior year period net income of $143.4 million, or $2.56 EPS, which included special item after-tax net charges of $2.2 million, or $0.04 EPS. Excluding special items, second quarter 2026 adjusted net income was $161.2 million, or $2.93 adjusted EPS. This compares with adjusted net income of $145.6 million, or $2.60 adjusted EPS, in the prior year period. Second quarter 2026 sales increased 12.0% to $1,219.7 million reflecting a 10.1% increase in organic sales, a 1.5% benefit from acquisitions and a 0.4% favorable foreign exchange. Operating income for the second quarter 2026 was $220.6 million, or 18.1% of sales. This compares with operating income of $192.1 million, or 17.6% of sales, in the prior year period. Excluding special items, adjusted operating income was $224.1 million, or 18.4% of sales, as compared with $195.1 million, or 17.9% of sales, in the prior year period. “We achieved record second quarter results across key metrics including sales, operating income profitability, earnings, and cash generation,” stated Steven B. Hedlund, Chairman and Chief Executive Officer. “We are encouraged by improved demand and capital spending in the Americas and Asia Pacific, and strong execution of our RISE Strategy initiatives positions us well to generate superior returns for our shareholders.” Six Month 2026 Summary Net income for the six months ended June 30, 2026 was $294.9 million, or $5.34 EPS, which includes special item after-tax net charges of $4.8 million, or $0.09 EPS. This compares with prior year period net income of $261.9 million, or $4.66 EPS, which included special item after-tax net charges of $5.6 million, or $0.10 EPS. Excluding special items, adjusted net income for the six months ended June 30, 2026 was $299.7 million, or $5.43 EPS. This compares with adjusted net income of $267.5 million, or $4.76 adjusted EPS, in the prior year period. Sales increased 11.9% to $2,341.1 million in the six months ended June 30, 2026 primarily reflecting a 9.0% increase in organic sales, a 1.5% benefit from acquisitions, and 1.4% favorable foreign exchange. Operating income for the six months ended June 30, 2026 was $406.8 million, or 17.4% of sales. This compares with operating income of $357.1 million, or 17.1% of sales, in the prior year period. Excluding special items, adjusted operating income was $413.1 million, or 17.6% of sales, as compared with $364.6 million, or 17.4% of sales, in the prior year period. Webcast Information This earnings release and supplemental information is available under the Investor Relations section of our website. A call to discuss second quarter 2026 financial results will be webcast live today, July 30, 2026, at 10:00 a.m., Eastern Time. Participants can access the call in listen-only mode here and at https://ir.lincolnelectric.com . To participate via telephone, please dial (888) 440-4368 (domestic) or (646) 960-0856 (international) and use confirmation code 6709091. A replay of the earnings call will be available on the Company's website later today. About Lincoln Electric Lincoln Electric is a high-performance industrial machinery and technology leader who helps customers manufacture and maintain vital equipment and infrastructure. Lincoln Electric’s innovative solutions enable higher quality and productivity across a variety of processes including welding, cutting, brazing, machining, process automation, and field repair. The Company leverages proprietary technologies and expertise in materials science, power electronics, automation, and intelligent software to help customers build better and achieve resilience in their operations. Headquartered in Cleveland, Ohio, Lincoln Electric is the essential ‘Linc’ that keeps the economy running. The Company operates 71 manufacturing and automation facilities across 20 countries and serves customers in over 160 countries. For more information about Lincoln Electric and its products and services, visit the Company’s website at https://www.lincolnelectric.com . Non-GAAP Information Adjusted operating income, adjusted net income, adjusted EBIT, adjusted effective tax rate, adjusted diluted earnings per share (“adjusted EPS”), Organic sales, Free cash flow, Cash conversion, adjusted net operating profit after taxes and adjusted return on invested capital (“adjusted ROIC”) are non-GAAP financial measures. Management uses non-GAAP measures to assess the Company's operating performance by excluding certain disclosed special items that management believes are not representative of the Company's core business. Management believes that excluding these special items enables them to make better period-over-period comparisons and benchmark the Company's operational performance against other companies in its industry more meaningfully. Furthermore, management believes that non-GAAP financial measures provide investors with meaningful information that provides a more complete understanding of Company operating results and enables investors to analyze financial and business trends more thoroughly. Non-GAAP financial measures should not be viewed in isolation, are not a substitute for GAAP measures and have limitations including, but not limited to, their usefulness as comparative measures as other companies may define their non-GAAP measures differently. Forward-Looking Statements The Company’s expectations and beliefs concerning the future contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “forecast,” “guidance” or words of similar meaning. Actual results may differ materially from such statements due to a variety of factors that could adversely affect the Company’s operating results. The factors include, but are not limited to: general economic, financial and market conditions; the effectiveness of commercial and operating initiatives; the effectiveness of information systems and cybersecurity programs; presence of artificial intelligence technologies; completion of planned divestitures; interest rates; disruptions, uncertainty or volatility in the credit markets that may limit our access to capital; currency exchange rates and devaluations; adverse outcome of pending or potential litigation; actual costs of the Company’s rationalization plans; the Company’s ability to complete acquisitions, including the Company’s ability to successfully integrate acquisitions; market risks and price fluctuations related to the purchase of commodities and energy; global regulatory complexity; the effects of changes in tax law; tariff rates in the countries where the Company conducts business; and the possible effects of events beyond our control, including but not limited to, geopolitical conflicts, political unrest, acts of terror, natural disasters and pandemics on the Company or its customers, suppliers and the economy in general. For additional discussion, see “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.   Lincoln Electric Holdings, Inc. Financial Highlights (In thousands, except per share amounts) (Unaudited)   Consolidated Statements of Income                     Fav (Unfav) to     Three Months Ended June 30,   Prior Year       2026     % of Sales     2025     % of Sales   $   % Net sales   $ 1,219,663   100.0 % $ 1,088,673   100.0 % $ 130,990   12.0 % Cost of goods sold     770,667   63.2 %   683,126   62.7 %   (87,541 ) (12.8 )% Gross profit     448,996   36.8 %   405,547   37.3 %   43,449   10.7 % Selling, general & administrative expenses     224,871   18.4 %   210,861   19.4 %   (14,010 ) (6.6 )% Rationalization and asset impairment net charges     3,481   0.3 %   2,542   0.2 %   (939 ) (36.9 )% Operating income     220,644   18.1 %   192,144   17.6 %   28,500   14.8 % Interest expense, net     12,521   1.0 %   12,619   1.2 %   98   0.8 % Other (expense) income     (241 ) —     4,034   0.4 %   (4,275 ) (106.0 )% Income before income taxes     207,882   17.0 %   183,559   16.9 %   24,323   13.3 % Income taxes     49,363   4.0 %   40,163   3.7 %   (9,200 ) (22.9 )% Effective tax rate     23.7 %     21.9 %     (1.8 )%   Net income   $ 158,519   13.0 % $ 143,396   13.2 % $ 15,123   10.5 %                 Basic earnings per share   $ 2.90     $ 2.58     $ 0.32   12.4 % Diluted earnings per share   $ 2.88     $ 2.56     $ 0.32   12.5 % Weighted average shares (basic)     54,662       55,545         Weighted average shares (diluted)     55,102       55,968                                             Fav (Unfav) to     Six Months Ended June 30,   Prior Year       2026     % of Sales     2025     % of Sales   $   % Net sales   $ 2,341,097   100.0 % $ 2,093,061   100.0 % $ 248,036   11.9 % Cost of goods sold     1,492,969   63.8 %   1,322,066   63.2 %   (170,903 ) (12.9 )% Gross profit     848,128   36.2 %   770,995   36.8 %   77,133   10.0 % Selling, general & administrative expenses     435,682   18.6 %   407,526   19.5 %   (28,156 ) (6.9 )% Rationalization and asset impairment net charges     5,644   0.2 %   6,407   0.3 %   763   11.9 % Operating income     406,802   17.4 %   357,062   17.1 %   49,740   13.9 % Interest expense, net     25,895   1.1 %   24,746   1.2 %   (1,149 ) (4.6 )% Other income     329   —     4,478   0.2 %   (4,149 ) (92.7 )% Income before income taxes     381,236   16.3 %   336,794   16.1 %   44,442   13.2 % Income taxes     86,335   3.7 %   74,911   3.6 %   (11,424 ) (15.3 )% Effective tax rate     22.6 %     22.2 %     (0.4 )%   Net income   $ 294,901   12.6 % $ 261,883   12.5 % $ 33,018   12.6 %                 Basic earnings per share   $ 5.39     $ 4.69     $ 0.70   14.9 % Diluted earnings per share   $ 5.34     $ 4.66     $ 0.68   14.6 % Weighted average shares (basic)     54,742       55,801         Weighted average shares (diluted)     55,206     56,242         Lincoln Electric Holdings, Inc. Financial Highlights (In thousands) (Unaudited)   Balance Sheet Highlights         Selected Consolidated Balance Sheet Data   June 30, 2026 December 31, 2025 Cash and cash equivalents   $ 242,443   $ 308,789   Accounts receivable, net     586,348     538,791   Inventories     690,543     633,364   Total current assets     1,760,550     1,739,512   Property, plant and equipment, net     731,762     702,762   Total assets     3,813,310     3,777,577   Trade accounts payable     447,437     364,934   Total current liabilities (1)     888,083     956,691   Long-term debt, less current portion     1,150,054     1,150,228   Total equity     1,554,180     1,469,794           Operating Working Capital   June 30, 2026 December 31, 2025 Average operating working capital to Net sales (2)     16.9 %   17.9 %         Invested Capital   June 30, 2026 December 31, 2025 Short-term debt (1)   $ —   $ 143,780   Long-term debt, less current portion     1,150,054     1,150,228   Total debt     1,150,054     1,294,008   Total equity     1,554,180     1,469,794   Invested capital   $ 2,704,234   $ 2,763,802           Total debt / invested capital     42.5 %   46.8 % (1) Includes current portion of long-term debt. (2) Average operating working capital to Net sales is defined as the sum of Accounts receivable, Inventories and contract assets less Trade accounts payable and contract liabilities as of period end divided by annualized rolling three months of Net sales.   Lincoln Electric Holdings, Inc. Financial Highlights (In thousands, except per share amounts) (Unaudited)   Non-GAAP Financial Measures                     Three Months Ended June 30,   Six Months Ended June 30,       2026       2025       2026       2025   Operating income as reported   $ 220,644   $ 192,144     $ 406,802   $ 357,062   Special items (pre-tax):             Rationalization and asset impairment net charges (2)     3,481     2,542       5,644     6,407   Transaction costs (3)     15     429       668     1,231   Amortization of step up in value of acquired inventories (4)     —     —       —     (140 ) Adjusted operating income (1)   $ 224,140   $ 195,115     $ 413,114   $ 364,560   As a percent of net sales     18.4 %   17.9 %     17.6 %   17.4 %               Net income as reported   $ 158,519   $ 143,396     $ 294,901   $ 261,883   Special items:             Rationalization and asset impairment net charges (2)     3,481     2,542       5,644     6,407   Transaction costs (3)     15     429       668     1,231   Amortization of step up in value of acquired inventories (4)     —     —       —     (140 ) Tax effect of Special items (5)     (795 )   (755 )     (1,535 )   (1,913 ) Adjusted net income (1)     161,220     145,612       299,678     267,468   Interest expense, net     12,521     12,619       25,895     24,746   Income taxes as reported     49,363     40,163       86,335     74,911   Tax effect of Special items (5)     795     755       1,535     1,913   Adjusted EBIT (1)   $ 223,899   $ 199,149     $ 413,443   $ 369,038                 Effective tax rate as reported     23.7 %   21.9 %     22.6 %   22.2 % Net special item tax impact     —     —       0.1 %   0.1 % Adjusted effective tax rate (1)     23.7 %   21.9 %     22.7 %   22.3 %               Diluted earnings per share as reported   $ 2.88   $ 2.56     $ 5.34   $ 4.66   Special items per share     0.05     0.04       0.09     0.10   Adjusted diluted earnings per share (1)   $ 2.93   $ 2.60     $ 5.43   $ 4.76                 Weighted average shares (diluted)     55,102     55,968       55,206     56,242   (1) Adjusted operating income, adjusted net income, adjusted EBIT, adjusted effective tax rate and adjusted diluted EPS are non-GAAP financial measures. Refer to Non-GAAP Information section. (2) 2026 and 2025 net charges primarily relate to rationalization plans within Americas Welding and International Welding. (3) Transaction costs primarily relate to acquisitions and are included in Selling, general & administrative expenses. (4) Costs relate to acquisitions and are included in Cost of goods sold. (5) Includes the net tax impact of Special items recorded during the respective periods. The tax effect of Special items impacting pre-tax income was calculated as the pre-tax amount multiplied by the applicable tax rate. The applicable tax rates reflect the taxable jurisdiction and nature of each Special item.   Lincoln Electric Holdings, Inc. Financial Highlights (In thousands, except per share amounts) (Unaudited)   Non-GAAP Financial Measures         Twelve Months Ended June 30, Return on Invested Capital   2026       2025   Net income as reported $ 553,551   $ 502,868   Plus: Interest expense (after-tax)   44,075     42,688   Less: Interest income (after-tax)   4,564     6,636   Net operating profit after taxes $ 593,062   $ 538,920   Special Items:     Rationalization and asset impairment net charges   17,436     31,172   Transaction costs   2,176     4,332   Pension settlement net charges   719     3,792   Amortization of step up in value of acquired inventories   4,104     4,771   Tax effect of Special items (2)   5,555     (11,118 ) Adjusted net operating profit after taxes (1) $ 623,052   $ 571,869         Invested Capital June 30, 2026 June 30, 2025 Short-term debt $ —   $ 105,323   Long-term debt, less current portion   1,150,054     1,150,395   Total debt   1,150,054     1,255,718   Total equity   1,554,180     1,379,613   Invested capital $ 2,704,234   $ 2,635,331         Return on invested capital as reported   21.9 %   20.4 % Adjusted return on invested capital (1)   23.0 %   21.7 % (1) Adjusted net operating profit after taxes and adjusted ROIC are non-GAAP financial measures. Refer to Non-GAAP Information section. (2) Includes the net tax impact of Special items recorded during the respective periods. The tax effect of Special items impacting pre-tax income was calculated as the pre-tax amount multiplied by the applicable tax rate. The applicable tax rates reflect the taxable jurisdiction and nature of each Special item.               Three Months Ended June 30,   Six Months Ended June 30, Cash Conversion   2026       2025       2026       2025   Net cash provided by operating activities $ 253,764   $ 143,828     $ 355,934   $ 329,521   Capital expenditures   (31,437 )   (25,443 )     (70,600 )   (52,392 ) Free cash flow (1) $ 222,327   $ 118,385     $ 285,334   $ 277,129               Adjusted net income $ 161,220   $ 145,612     $ 299,678   $ 267,468               Cash conversion (1)   138 %   81 %     95 %   104 % (1) Free cash flow and cash conversion are non-GAAP financial measures. Refer to Non-GAAP Information section.   Lincoln Electric Holdings, Inc. Financial Highlights (In thousands, except per share amounts) (Unaudited)   Condensed Consolidated Statements of Cash Flows           Three Months Ended June 30,     2026       2025   OPERATING ACTIVITIES:       Net income $ 158,519     $ 143,396   Adjustments to reconcile Net income to Net cash provided by operating activities:       Depreciation and amortization   25,969       24,462   Deferred income taxes   (4,041 )     (20,504 ) Other non-cash items, net   4,655       3,464   Changes in operating assets and liabilities, net of effects from acquisitions:       Decrease (increase) in accounts receivable   11,603       (18,100 ) Decrease (increase) in inventories   1,723       (27,481 ) Decrease (increase) in other current assets   31,620       (5,465 ) (Decrease) increase in trade accounts payable   (568 )     3,208   Increase in other current liabilities   31,850       47,373   Net change in other long-term assets and liabilities   (7,566 )     (6,525 ) NET CASH PROVIDED BY OPERATING ACTIVITIES   253,764       143,828           INVESTING ACTIVITIES:       Capital expenditures   (31,437 )     (25,443 ) Acquisition of businesses, net of cash acquired   —       (32,309 ) Proceeds from sale of property, plant and equipment   948       585   NET CASH USED BY INVESTING ACTIVITIES   (30,489 )     (57,167 )         FINANCING ACTIVITIES:       Payments on short-term borrowings, net   (163,502 )     (4,302 ) Proceeds from exercise of stock options   —       140   Purchase of shares for treasury   (76,122 )     (127,130 ) Cash dividends paid to shareholders   (43,395 )     (41,929 ) NET CASH USED BY FINANCING ACTIVITIES   (283,019 )     (173,221 )         Effect of exchange rate changes on Cash and cash equivalents   3,284       (8,664 ) DECREASE IN CASH AND CASH EQUIVALENTS   (56,460 )     (95,224 ) Cash and cash equivalents at beginning of period   298,903       394,705   Cash and cash equivalents at end of period $ 242,443     $ 299,481           Cash dividends paid per share $ 0.79     $ 0.75   Lincoln Electric Holdings, Inc. Financial Highlights (In thousands, except per share amounts) (Unaudited)   Condensed Consolidated Statements of Cash Flows               Six Months Ended June 30,       2026       2025   OPERATING ACTIVITIES:         Net income   $ 294,901     $ 261,883   Adjustments to reconcile Net income to Net cash provided by operating activities:         Depreciation and amortization     51,978       48,246   Deferred income taxes     18,492       (26,342 ) Other non-cash items, net     12,719       12,098   Changes in operating assets and liabilities, net of effects from acquisitions:         Increase in accounts receivable     (48,609 )     (52,208 ) Increase in inventories     (60,153 )     (47,648 ) Decrease (increase) in other current assets     18,149       (3,408 ) Increase in trade accounts payable     83,216       68,092   (Decrease) increase in other current liabilities     (11,288 )     68,579   Net change in other assets and liabilities     (3,471 )     229   NET CASH PROVIDED BY OPERATING ACTIVITIES     355,934       329,521             INVESTING ACTIVITIES:         Capital expenditures     (70,600 )     (52,392 ) Acquisition of businesses, net of cash acquired     140       (32,309 ) Proceeds from sale of property, plant and equipment     1,256       5,231   NET CASH USED BY INVESTING ACTIVITIES     (69,204 )     (79,470 )           FINANCING ACTIVITIES:         Payments on short-term borrowings, net     (143,889 )     (5,206 ) Payments on long-term borrowings     —       (169 ) Proceeds from exercise of stock options     8,559       6,394   Purchase of shares for treasury     (132,792 )     (233,824 ) Cash dividends paid to shareholders     (87,466 )     (84,904 ) NET CASH USED BY FINANCING ACTIVITIES     (355,588 )     (317,709 )           Effect of exchange rate changes on Cash and cash equivalents     2,512       (10,123 ) DECREASE IN CASH AND CASH EQUIVALENTS     (66,346 )     (77,781 ) Cash and cash equivalents at beginning of period     308,789       377,262   Cash and cash equivalents at end of period   $ 242,443     $ 299,481             Cash dividends paid per share   $ 1.58     $ 1.50   Lincoln Electric Holdings, Inc. Segment Highlights (In thousands) (Unaudited)                     Americas International The Harris Corporate /       Welding Welding Products Group Eliminations Consolidated Three months ended June 30, 2026             Net sales   $ 774,438   $ 243,292   $ 201,933   $ —   $ 1,219,663   Inter-segment sales     28,904     7,564     4,972     (41,440 )   —   Total sales   $ 803,342   $ 250,856   $ 206,905   $ (41,440 ) $ 1,219,663                 Net income           $ 158,519   As a percent of total sales             13.0 %               EBIT (1)   $ 157,083   $ 24,313   $ 42,066   $ (3,059 ) $ 220,403   As a percent of total sales     19.6 %   9.7 %   20.3 %     18.1 % Special items charges (3)     1,012     2,282     187     15     3,496   Adjusted EBIT (2)   $ 158,095   $ 26,595   $ 42,253   $ (3,044 ) $ 223,899   As a percent of total sales     19.7 %   10.6 %   20.4 %     18.4 %               Three months ended June 30, 2025             Net sales   $ 696,730   $ 232,824   $ 159,119   $ —   $ 1,088,673   Inter-segment sales     43,391     7,641     5,110     (56,142 )   —   Total sales   $ 740,121   $ 240,465   $ 164,229   $ (56,142 ) $ 1,088,673                 Net income           $ 143,396   As a percent of total sales             13.2 %               EBIT (1)   $ 137,010   $ 28,999   $ 31,798   $ (1,629 ) $ 196,178   As a percent of total sales     18.5 %   12.1 %   19.4 %     18.0 % Special items charges (4)     905     1,551     86     429     2,971   Adjusted EBIT (2)   $ 137,915   $ 30,550   $ 31,884   $ (1,200 ) $ 199,149   As a percent of total sales     18.6 %   12.7 %   19.4 %     18.3 % (1) EBIT is defined as Operating income plus Other income. (2) The primary profit measure used by management to assess segment performance is adjusted EBIT. EBIT for each operating segment is adjusted for special items to derive adjusted EBIT. (3) Special items in 2026 primarily reflect Rationalization and asset impairments net charges of $1,012 in Americas Welding, $2,282 in International Welding and $187 in The Harris Products Group. (4) Special items in 2025 primarily reflect Rationalization and asset impairments net charges of $905 in Americas Welding, $1,551 in International Welding and $86 in The Harris Products Group, as well as transaction costs of $429 in Corporate/Eliminations.   Lincoln Electric Holdings, Inc. Segment Highlights (In thousands) (Unaudited)                   Americas International The Harris Corporate /       Welding Welding Products Group Eliminations Consolidated Six months ended June 30, 2026             Net sales   $ 1,480,663   $ 470,327   $ 390,107   $ —   $ 2,341,097   Inter-segment sales     65,613     13,371     9,636     (88,620 )   —   Total sales   $ 1,546,276   $ 483,698   $ 399,743   $ (88,620 ) $ 2,341,097                 Net income           $ 294,901   As a percent of total sales             12.6 %               EBIT (1)   $ 283,978   $ 45,203   $ 83,057   $ (5,107 ) $ 407,131   As a percent of total sales     18.4 %   9.3 %   20.8 %     17.4 % Special items charges (3)     1,585     4,054     5     668     6,312   Adjusted EBIT (2)   $ 285,563   $ 49,257   $ 83,062   $ (4,439 ) $ 413,443   As a percent of total sales     18.5 %   10.2 %   20.8 %     17.7 %               Six months ended June 30, 2025             Net sales   $ 1,349,837   $ 451,885   $ 291,339   $ —   $ 2,093,061   Inter-segment sales     73,763     14,473     9,094     (97,330 )   —   Total sales   $ 1,423,600   $ 466,358   $ 300,433   $ (97,330 ) $ 2,093,061                 Net income           $ 261,883   As a percent of total sales             12.5 %               EBIT (1)   $ 259,073   $ 50,599   $ 55,949   $ (4,081 ) $ 361,540   As a percent of total sales     18.2 %   10.8 %   18.6 %     17.3 % Special items charges (4)     3,040     2,963     264     1,231     7,498   Adjusted EBIT (2)   $ 262,113   $ 53,562   $ 56,213   $ (2,850 ) $ 369,038   As a percent of total sales     18.4 %   11.5 %   18.7 %     17.6 % (1) EBIT is defined as Operating income plus Other income. (2) The primary profit measure used by management to assess segment performance is adjusted EBIT. EBIT for each operating segment is adjusted for special items to derive adjusted EBIT. (3) Special items in 2026 primarily reflect Rationalization and asset impairments net charges of $1,585 in Americas Welding, $4,054 in International Welding and $5 in The Harris Products Group. In addition, there were transaction costs of $668 in Corporate/Eliminations. (4) Special items in 2025 primarily reflect Rationalization and asset impairments net charges of $3,040 in Americas Welding, $3,103 in International Welding and $264 in The Harris Products Group, as well as transaction costs of $1,231 in Corporate/Eliminations.   Lincoln Electric Holdings, Inc. Change in Net Sales by Segment (In thousands) (Unaudited)   Three Months Ended June 30 th Change in Net Sales by Segment                     Change in Net Sales due to:       Net Sales               Foreign   Net Sales     2025     Volume   Price   Acquisitions   Exchange     2026   Operating Segments             Americas Welding $ 696,730 $ 49,704   $ 25,681   $ —   $ 2,323   $ 774,438   International Welding   232,824     (10,931 )   3,776     16,193     1,430     243,292   The Harris Products Group   159,119     (12,983 )   54,454     —     1,343     201,933   Consolidated $ 1,088,673   $ 25,790   $ 83,911   $ 16,193   $ 5,096   $ 1,219,663                 % Change             Americas Welding     7.1 %   3.7 %   —     0.4 %   11.2 % International Welding     (4.7 )%   1.6 %   7.0 %   0.6 %   4.5 % The Harris Products Group     (8.2 )%   34.2 %   —     0.9 %   26.9 % Consolidated     2.4 %   7.7 %   1.5 %   0.4 %   12.0 % Six Months Ended June 30 th Change in Net Sales by Segment                     Change in Net Sales due to:       Net Sales               Foreign   Net Sales     2025     Volume   Price   Acquisitions   Exchange     2026   Operating Segments             Americas Welding $ 1,349,837 $ 47,069   $ 75,160   $ —   $ 8,597   $ 1,480,663   International Welding   451,885     (32,562 )   4,073     31,987     14,944     470,327   The Harris Products Group   291,339     (14,358 )   109,236     —     3,890     390,107   Consolidated $ 2,093,061   $ 149   $ 188,469   $ 31,987   $ 27,431   $ 2,341,097                 % Change             Americas Welding     3.5 %   5.6 %   —     0.6 %   9.7 % International Welding     (7.2 )%   0.9 %   7.1 %   3.3 %   4.1 % The Harris Products Group     (4.9 )%   37.5 %   —     1.3 %   33.9 % Consolidated     —     9.0 %   1.5 %   1.4 %   11.9 %   View source version on businesswire.com: https://www.businesswire.com/news/home/20260730129917/en/

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