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INVESTOR DAY 2025 Forward-Looking StatementsCertain statements in this financial review relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “forecast,” “target,” “guide,” “project,” “intend,” “could,” “should” or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.Caterpillar’s actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers’ needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment’s risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial’s customers; (xviii) currency fluctuations; (xix) our or Cat Financial’s compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar’s Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission 2
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INVESTOR DAY 2025 Agenda & PresentersExtending Our LeadershipJoe Creed, Chief Executive OfficerPowering Long-Term GrowthJason Kaiser, Group President of Energy & TransportationOutpacing the IndustryTony Fassino, Group President of Construction Industries Shaping the Future of MiningDenise Johnson, Group President of Resource IndustriesExpanding our DifferentiationBob De Lange, Group President of Digital, Technology & DistributionDriving Stronger PerformanceAndrew Bonfield, Chief Financial Officer Q&A / LunchAll Presenters BREAK BREAK 3
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INVESTOR DAY 2025 Andrew BonfieldCFO Caterpillar AttendeesPRESENTERS ATTENDEES Jason KaiserGroup President Denise JohnsonGroup President Tony FassinoGroup President Bob De LangeGroup President Joe CreedCEO George MoubayedChief Sustainability & Strategy Officer Melissa BusenSVP Electric Power Division Kyle EpleySVP Global Finance Services Ogi RedzicChief Digital Officer Jaime MineartChief Technology Officer Christy PambianchiChief Human Resources Officer Derek OwensChief Legal Officer Derrick YorkPresident of Solar Turbines 4
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INVESTOR DAY 2025 5 CONSTRUCTION INDUSTRIES RESOURCE INDUSTRIES ENERGY & TRANSPORTATION $65B2024 SALES & REVENUES112,900EMPLOYEES152INDEPENDENT CAT DEALERS2 ~140LOCATIONS ACROSS24 COUNTRIES4M+CAT® PRODUCTS AT WORK1 Note: All numbers represent year-end 2024 data. 1 Includes discontinued products. 2 Dealers are independent businesses.
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INVESTOR DAY 2025 Caterpillar: Strong Past. Stronger Future. 6 010203 Foundation Is StrongExtending Our Leadership Into the Next 100 Years Evolving Our Strategy Raising the Bar
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INVESTOR DAY 2025 23% 9%9%13% CATS&P 500S&P IndustrialsS&P Capital Goods We Have Delivered Strong Total Shareholder Return (TSR) Our Performance Has Consistently Outpaced the S&P 500, Industrials and Capital Goods Source: FactSet; Assumes reinvestment of dividends; TSR percentages shown reflect CAGR percentages. S&P data as of Oct 2025. 7 22% 15%12%13% CATS&P 500S&P IndustrialsS&P Capital Goods 5 YEAR TSR(YE 2019 to YE 2024) 18%13%11%12% CATS&P 500S&P IndustrialsS&P Capital Goods 3 YEAR TSR(YE 2021 to YE 2024)10 YEAR TSR(YE 2014 to YE 2024)
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INVESTOR DAY 2025 Built on Our Foundation of Success O&E MODEL FOCUSED ON PROFITABLE GROWTH $11B OPACC+90% from 2019 base $24B Services Revenues +71% from 2016 base $18M eCommerceSales per business day; +125% from 2019 base +1.5M Connected Assets+46% from 2019 base $40B ME&T Free Cash FlowReturned 99% to shareholders 2019-2024 AT YEAR-END 2024 2 1 4 8 3 1 Operating Profit After Capital Charge (OPACC) is a non-GAAP measure, and a reconciliation to the most directly comparable GAAP measure is included in the appendix. 2 Machinery, Energy & Transportation (ME&T) Services Revenues include, but are not limited to, aftermarket parts and other service-related revenues and exclude most Financial Products’ revenues, discontinued products and captive dealer services.3 Connected & Reporting Assets.4 Machinery, Energy & Transportation (ME&T) free cash flow represents ME&T operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of ME&T net cash provided by operating activities to ME&T free cash flow is included in the appendix.
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INVESTOR DAY 2025 We Have Delivered On Our CommitmentsHigher Financial Performance Through Dynamic External Environments Note: Historical targets set at 2019 Investor Day. Adjusted operating profit margin and ME&T FCF targets were updated during the 4Q 2023 analyst call.1 Adjusted operating profit margin is a non-GAAP measure and a reconciliation to the most directly comparable GAAP measure is included in the appendix.2 Machinery, Energy & Transportation (ME&T) free cash flow represents ME&T operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of ME&T net cash provided by operating activities to ME&T free cash flow is included in the appendix. 3 Results through September 30, 2025. 9 2019 202020212022202320242025F ADJ. OPERATING PROFIT MARGIN15.8%11.8%13.7%15.4%20.5%20.7%Bottom endof range ME&T FREE CASH FLOW (FCF)$5.3B$3.1B$6.0B$5.8B$10.0B$9.4BAbove midpoint of range RETURNME&T FCF TO SHAREHOLDERS117%110%83%115%75%109%119% YTD3 2 1 TARGET RANGE 300 – 600 BPS HIGHER VS. 2010 – 2016 AVERAGE +100 BPS TO TOP OF RANGE TARGET RANGE $4B – $8B $5B – $10B TARGET RANGE RETURN SUBSTANTIALLY ALL ME&T FCF2 2
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INVESTOR DAY 2025 Long-Term Secular Trends Driving Growth Across Our End MarketsStrong Growth Opportunities in All Three Primary Segments 10 URBANIZATION DIGITALIZATION EVOLVING ENERGY LANDSCAPE MEGA TRENDS Global Construction Spend(2024–2034) +25%CI Civil Infrastructure Spend(2024–2034) +35% RIIncrease in Critical Minerals(2024–2035) +39% Global Mining Sector Capex(2024–2030) +50% E&TGlobal Data Center Electricity Demand(2023–2035) +200% Energy Mix from Oil & Gas(In 2035) ~50% See Appendix B for a complete list of sources and references.
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INVESTOR DAY 2025 Caterpillar: Strong Past. Stronger Future. 11 010203 Foundation Is Strong Extending Our Leadership Into the Next 100 Years Evolving Our Strategy Raising the Bar
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INVESTOR DAY 2025 INVESTOR DAY 2025 12
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INVESTOR DAY 2025 INVESTOR DAY 2025 13 1 Safety Risks2 Labor Shortages3 Productivity Challenges4 Worksite Complexity5 Sustainability Objectives6 Reliable Power
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INVESTOR DAY 2025 INVESTOR DAY 2025 CLOSER TO CUSTOMERS Tailoring solutions for our customers Driving engagement with strategic accounts Renewing our commitment to servicesGROWING WITH OUR WORLD-CLASS DEALER NETWORK 14
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INVESTOR DAY 2025 INVESTOR DAY 2025 DIGITAL & TECHNOLOGY AS A DIFFERENTIATOR Improving customer safety & productivity Expanding autonomous solutions Supporting customer sustainability objectives Acceleratingdigital solutions 15
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INVESTOR DAY 2025 INVESTOR DAY 2025 WINNING WITH OUR PEOPLE Investing in the workforce of the future Modernizing manufacturing Becoming more efficient 16
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INVESTOR DAY 2025 INVESTOR DAY 2025 17
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INVESTOR DAY 2025 Setting Ourselves Up for SuccessOrganizing to Deliver Our Strategic Growth Pillars Energy & Transportation is renamed Power & Energy Digital & Technology divisions aligned under one group president Effective July 2025 Today January 2026 Rail division to joinResource Industries 18
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INVESTOR DAY 2025 Caterpillar: Strong Past. Stronger Future. 19 010203 Foundation Is Strong Evolving Our Strategy Raising the Bar Extending Our Leadership Into the Next 100 Years
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INVESTOR DAY 2025 Investing in Our Growth StrategyO&E Model Guides Our Resource Allocation 1. Previously announced as 2.25x compared to 2023, now rebased to 2024 GAS TURBINES 2. 5 ANNOUNCED TODAY Compared to 2024 2025-2030 FORECASTEDINCREASE FROM 2019-2024 2xMACHINERY, POWER & ENERGYCAPEXSolar Turbines CapacityLarge Engine CapacityModern Manufacturing LARGE ENGINES 2PREVIOUSLY ANNOUNCED Rebased to 20241 20
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INVESTOR DAY 2025 Investing in Our Growth StrategyO&E Model Guides Our Resource Allocation 21 Solar Turbines CapacityLarge Engine CapacityModern Manufacturing 2xMACHINERY, POWER & ENERGY CAPEXDIGITAL & TECHNOLOGYINVESTMENT 2.5xPersonalized Digital MarketingOperator AssistRemote Control & Task AutonomyFull Autonomy 2025-2030FORECASTED INCREASE FROM 2019-2024
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INVESTOR DAY 2025 Committed to Long-Term Profitable GrowthContinuing to Raise the Bar 22 Sales & RevenuesN/A4% CAGR 5-7% CAGR Dividend IncreasesHigh single-digit percent 7.5% avgHigh single-digit percent Adjusted Operating Profit Margin110-14% to18-22%12% - 21% 15-19% to 21-25%at $42B at $60B at $72Bat $42B at $67Bat $100B MP&E Free Cash Flow3 $5B to $10B$7B avg$6B to $15BServices Revenues2 $28B by 2026$24B in 2024$30B by 2030 Shareholder ReturnSubstantially all MP&E FCF399%Substantially all MP&E FCF3 NEW TARGETSACTUALSCURRENT TARGETS2019-20242024-2030 1 Adjusted operating profit margin is a non-GAAP measure and a reconciliation to the most directly comparable GAAP measure is included in the appendix.2 Machinery, Power & Energy (MP&E) Services Revenues include, but are not limited to, aftermarket parts and other service-related revenues and exclude most Financial Products’ revenues, discontinued products and captive dealer services.3 Machinery, Power & Energy (MP&E) free cash flow represents MP&E operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of MP&E net cash provided by operating activities to MP&E free cash flow is included in the appendix.
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INVESTOR DAY 2025 4%2019-2024 New Sales and Revenues Growth TargetExecuting Our Strategy Will Accelerate Volume Growth 5-7% CAGR NEW TARGETCAGR 2024-2030SALES & REVENUES GROWTH Strong end-markets in all three primary segmentsDRIVERS OF SALES & REVENUES VOLUME POWER & ENERGYAdding capacity to capture historic growth RIShaping the future of mining with technology CITailoring solutions to meet customer needs DIGITAL, TECHNOLOGY & DISTRIBUTIONInvesting to make digital and technology a differentiator 23
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INVESTOR DAY 2025 Caterpillar: Strong Past. Stronger Future.Extending Our Leadership Into the Next 100 Years The foundation is strong Investing in capacity, digital and technology to solve our customer’s toughest challenges 24 $30BSERVICES REVENUES1 $6B-$15BMP&E FREE CASH FLOW3 RANGE UpdatedADJ. OP . PROFIT MARGIN2 RANGE Committed to long-term profitable growth Evolving the strategy to capitalize on end market growth opportunities in all three primary segments 5-7%ENTERPRISE SALES & REVENUES CAGR 1 Machinery, Power & Energy (MP&E) Services Revenues include, but are not limited to, aftermarket parts and other service-related revenues and exclude most Financial Products’ revenues, discontinued products and captive dealer services.2 Adjusted operating profit margin is a non-GAAP measure and a reconciliation to the most directly comparable GAAP measure is included in the appendix.3 Machinery, Power & Energy (MP&E) Free cash flow represents MP&E operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of MP&E net cash provided by operating activities to MP&E free cash flow is included in the appendix.
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Power & EnergyJason KaiserGroup President
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INVESTOR DAY 2025 26 INTRODUCING
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INVESTOR DAY 2025 Largest and Fastest-Growing Segment in 2024Positioned to Fuel Long-Term Profitable Growth 27 KEY HIGHLIGHTSFROM 2019 TO 2024 Over 30% Total Sales Growth R&D and Capital Investment Increased by ~75% Record Segment Profit Margin in 2024Over 70% Power Gen Sales Growth POWER & ENERGY TOTAL SALES(USD Billions) Note: As reported. Includes inter-segment sales. SEGMENT PROFIT MARGIN19.9% SEGMENT PROFIT MARGIN17.7%201920202021202220232024 POWER GEN OIL & GAS INDUSTRIALTRANSPORTATION INTER-SEGMENT$29 27% 24%19% 16%14%$22
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INVESTOR DAY 2025 Powering Long-Term Growth for CaterpillarPower & Energy is Positioned for Sustained, Strategic Growth Through 2030 Historic growth in overall power and energy with an evolving mix Uniquely positioned to capture tremendous growth opportunity Executing a well-established plan >2x SalesPOWER GEN LARGE ENGINES1 GAS TURBINES2 28 2x Capacity2.5x CapacityNote: All metrics as compared to 2024.1 Previously announced as 2.25x compared to 2023, now rebased to 2024; 2 Announced today.
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INVESTOR DAY 2025 29 010203 Historic Growth Uniquely Positioned Executing a Well-Established Plan
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INVESTOR DAY 2025 The World Needs More EnergyEvolving Energy Landscape Where All Sources Will Be Needed See Appendix B for a complete list of sources and references. 30 GLOBAL ENERGY DEMAND 20232035 OIL & GASAt least 50% of total energy now through 2035, with natural gas becoming increasingly important RENEWABLES Growing 96% by 2035; require firm capacity to backstop, often through distributed generation +408x the energy needed to power all U.S. households each yearEXAJOULES
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INVESTOR DAY 2025 Historic Electricity Demand Creates OpportunitiesEnsuring Customer Success With Fast and Reliable Solutions See Appendix B for a complete list of sources and references. 31 GLOBAL ELECTRICITY DEMANDGLOBAL DATA CENTER ELECTRICITY DEMAND PRIMARY AND BACKUP POWER TO SUPPORT AI AND DATA CENTERSRELIABLE DISTRIBUTED GENERATION AND GRID SUPPORTNATURAL GAS AS A CRITICAL SOURCE OF ENERGY GROWTH OPPORTUNITIESFUTURE OF ENERGY 2023 - 2035
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INVESTOR DAY 2025 02Uniquely Positioned 01Historic Growth 32 03Executing a Well-Established Plan
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INVESTOR DAY 2025 Supporting Customers Through the Power & Energy Value ChainUniquely Positioned to Deliver Products and Services INVESTOR DAY 2025 33
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INVESTOR DAY 2025 Supporting Customers Through the Power & Energy Value ChainUniquely Positioned to Deliver Products and Services INVESTOR DAY 2025 APPLICATIONS•OFFSHORE DRILLING•ONSHORE DRILLING•WELL SERVICINGPRODUCTS & SERVICES•GAS TURBINES•DIESEL ENGINES•DIESEL GENSETS•GAS MECHANICAL SYSTEM (GMS)•ENERGY STORAGE •E-FRAC•TRANSMISSION•FLOW IRON & PUMPS•ENGINE MGMT. SYSTEM•SERVICE & MAINTENANCE 34
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INVESTOR DAY 2025 Supporting Customers Through the Power & Energy Value ChainUniquely Positioned to Deliver Products and Services INVESTOR DAY 2025 APPLICATIONS•GAS COMPRESSION•PRODUCTION POWERPRODUCTS & SERVICES•GAS TURBINES•GAS ENGINES•GENSETS•CARBON CAPTURE•SERVICE & MAINTENANCE 35
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INVESTOR DAY 2025 Supporting Customers Through the Power & Energy Value ChainUniquely Positioned to Deliver Products and Services INVESTOR DAY 2025 APPLICATIONS•LIQUEFIED NATURAL GAS (LNG) PRODUCTS & SERVICES•GAS TURBINES•SERVICE & MAINTENANCE 36
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INVESTOR DAY 2025 Supporting Customers Through the Power & Energy Value ChainUniquely Positioned to Deliver Products and Services INVESTOR DAY 2025 •DATA CENTERS•CUSTOMER SITES•UTILITIES •GAS TURBINES•GAS GENSETS•DIESEL GENSETS•ENERGY STORAGE•CONTROLS, SWITCHGEAR AND INVERTERS•ASSET MONETIZATION•SERVICE & MAINTENANCE APPLICATIONS PRODUCTS & SERVICES 37
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INVESTOR DAY 2025 Supporting Customers Through the Power & Energy Value ChainUniquely Positioned to Deliver Products and Services INVESTOR DAY 2025 38
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INVESTOR DAY 2025 Unmatched Portfolio of Engines and TurbinesPower & Energy is Uniquely Positioned for Growth 1 Includes gas turbines up to 39MW for Caterpillar; Company C offers gas turbines larger than 40MW.39 DIESEL GAS GAS TURBINE1 COMPANY A COMPANY B COMPANY C DIFFERENTIATORSBroad portfolio of reciprocating engines (up to 10MW) and turbines (up to 39MW)Best-in-class products – efficiency and power densityCommon product platforms across multiple industries and applicationsScale and speed of implementationComplete site-level solutions + + + ++
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INVESTOR DAY 2025 Delivering Site-Level Power Solutions for the Best Energy Outcome BRINGING MULTIPLE GIGAWATTS OF CAPACITY TO UTAH CUSTOMER JOULE + CATERPILLAR + WHEELER CAT •Caterpillar designed power solution•Reciprocating gensets for primary and backup power•Integrated system: controls, switchgear, inverters and energy storage•Service and support to ensure uptime 40
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INVESTOR DAY 2025 03Executing a Well-Established Plan 02Uniquely Positioned 01Historic Growth 41
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INVESTOR DAY 2025 Advanced TechnologyInvestments for Customer Value Through Performance Optimization and Lower Cost 42 ADVANCED POWER PORTFOLIO MACHINE PRODUCTIVITY AUTONOMY & AUTOMATION
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INVESTOR DAY 2025 Commercial Excellence Expanding Access and Simplifying Engagement for Customers 43 SERVICESKEY ACCOUNT MANAGEMENT
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INVESTOR DAY 2025 Delivering Commercial Excellencefor the Best Energy Outcome STRONG CUSTOMER RELATIONSHIP TO GROW AND SCALE TOGETHER QTS DATA CENTERS + CATERPILLAR •Collaboration at all levels to solve problems and enable growth•Providing reliable power – critical element for customer success 44
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INVESTOR DAY 2025 Expanding Capacity to Meet Record BacklogWorking Closely With Customers to Align With Demand Outlook 45 LARGE ENGINES GAS TURBINES CAPACITY PREVIOUSLY ANNOUNCED (REBASED TO 2024)1 ANNOUNCED TODAY (COMPARED TO 2024)CAPACITY ADDING CAPACITY ANNUALLY THROUGH END OF THE DECADE 2.5X2X 1 Previously announced as 2.25x compared to 2023, now rebased to 2024.
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INVESTOR DAY 2025 Capacity Expansion Supports Decades of ServicesGrowing Population of Continuously Operating Applications 1 MP&E Services Revenues include, but are not limited to, aftermarket parts and other service-related revenues and exclude most Financial Products’ revenues, discontinued products and captive dealer services. 2 Comparing reciprocating gensets. 46 MORE SERVICES MORE PRIMARY POWERDistributed generation Natural gas transmissionExpansion of addressable segments Data center primary power>40xSERVICES REVENUES1 PRIMARY VS. BACKUP POWER2 30-40YEARS OF SERVICES FOR GAS TURBINES
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INVESTOR DAY 2025 Powering the Futurefor the Best Energy Outcome HELPING TRADITIONAL OIL & GAS CUSTOMERS PURSUE NEW POWER GEN OPPORTUNITIES WILLIAMS + CATERPILLAR + OHIO CAT •Long-time Oil & Gas customer collaborating with Caterpillar to expand into power generation for data centers•Full suite of offerings: diesel and gas gensets, gas turbines and services 47
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INVESTOR DAY 2025 Powering Long-Term Growth for CaterpillarPower & Energy is Positioned for Sustained, Strategic Growth Through 2030 Historic growth in overall power and energy with an evolving mix Uniquely positioned to capture tremendous growth opportunity Executing a well-established plan >2x SalesPOWER GEN LARGE ENGINES1 GAS TURBINES2 48 2x Capacity2.5x CapacityNote: All metrics as compared to 2024.1 Previously announced as 2.25x compared to 2023, now rebased to 2024; 2 Announced today.
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Construction Industries Tony FassinoGroup President
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INVESTOR DAY 2025 Construction Industries (CI)Serving Customers Across the Globe 50 General Construction Road Construction Heavy Construction Quarry & Aggregates Industrial & Waste Agriculture & Landscaping
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INVESTOR DAY 2025 CI Has Maintained a Strong Financial PositionWe Have Delivered Strong Results and Are Positioned for Long-Term Profitable Growth Note: As reported. Includes inter-segment sales1 2019 compared to September 2025 51 KEY HIGHLIGHTSFROM 2019 TO 2024 Expanded MarginBroadened Next-Generation Product PortfolioStrengthened Services Foundation by connecting 400K more assets and more than doubling customer value agreements (CVAs)1 Released 3D Grade Ready Options Across Portfolio SEGMENT PROFIT MARGIN 24.2% SEGMENT PROFIT MARGIN 17.4% $23 $25 201920202021202220232024 CONSTRUCTION INDUSTRIES TOTAL SALES(USD Billions)
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INVESTOR DAY 2025 Secular Tailwinds Support Multi-Year GrowthCI Has a Favorable Product and Geographic Mix to Participate in Positive Industry Trends See Appendix B for a complete list of sources and references. +25%GLOBAL CONSTRUCTION SPEND(2024 TO 2034) 52 Residential Construction Spend(2024-2034) +25% +15%Non-Residential Building Construction Spend(2024-2034) +35%Civil Infrastructure Spend(2024-2034) +51%United States Rental Industry(2024-2033) RESIDENTIAL CONSTRUCTION NON-RESIDENTIAL CONSTRUCTION RENTAL
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INVESTOR DAY 2025 Uniquely Positionedto Solve Our Customers’ Toughest ChallengesThe Combination of Products, Services and Technology Differentiates CI from Others in the Industry 53 ~300 MODELS ▪ ~1.4M CONNECTED & REPORTING ASSETS1 ▪ DIGITAL & TECHNOLOGY INNOVATION TOTAL COST OF OWNERSHIPTECHNOLOGY SUITEPRODUCT SUPPORT INDUSTRY-LEADING 1 Connected & reporting assets in Construction Industries as of year-end 2024.
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INVESTOR DAY 2025 Profitable Growth Through Customer-Centric Value Creation 1 Reported in price neutral dollars and based on unit sales as reported primarily by dealers, compared to 2024 1.25x Sales to Users1 Growth 2030 GOAL 54 Commercial Excellence Advanced Technology Leadership Integrated Solutions
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INVESTOR DAY 2025 55 010203 Commercial ExcellenceAligning Resources, Tailoring Solutions, Scaling Services Advanced Technology LeaderTransforming the Worksite Delivering Integrated SolutionsBringing it All Together
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INVESTOR DAY 2025 Commercial Excellence Built Around Customer NeedsDriving Growth With Focused Regional Strategies and Outcome-Based Services 56 TAILORED GO-TO-MARKET SOLUTIONS OUTCOME-BASED SERVICES COMMITMENT COMMERCIAL ORGANIZATION COREGROWTH
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INVESTOR DAY 2025 Delivering Customer Value Through ServicesServices Growth Through Transforming Machine Data Into Actionable Customer Solutions Enabled by CVAs 5757 DELIVER TIMELY OFFERS TO CUSTOMERSSCALE DATA INTO RECOMMENDATIONSHARNESS DATA AUTOMATICALLY AND SEAMLESSLY Preventative Maintenance UPHOLD EXCEPTIONAL COMMITMENTSWITH CVAs Connected & Reporting Assets S•O•SSM Fluid Analysis Inspections SERVICES COMMITMENT Predictive Analytics Cat-Led Condition Monitoring CUSTOMER VALUERebuildsRepairs
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INVESTOR DAY 2025 Customer Value Agreements With a Services Commitment •Innovative excavation and design-development company specializing in commercial, residential, and heavy highway projects •Seeking a solutions provider to prioritize service and uptime DRIVING CUSTOMER SUCCESS JP EXCAVATING + CATERPILLAR + WHEELER CAT
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INVESTOR DAY 2025 59 010203 Commercial ExcellenceAligning Resources, Tailoring Solutions, Scaling Services Advanced Technology LeaderTransforming the Worksite Delivering Integrated SolutionsBringing it All Together
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INVESTOR DAY 2025 Transforming the Worksite of the FutureConnecting Our Advanced Technology and Digital Solutions to Transform the Worksite Experience Safety Productivity Labor SEAMLESSLY BRIDGING & 60 Integrated Technology Experience
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INVESTOR DAY 2025 Advanced Technology Delivering Innovative Solutions •Longstanding civil engineering and construction company•Seeking a strategic partner to help drive innovation in challenging environments DRIVING CUSTOMER SUCCESS CONSTRUTORA BARBOSA MELLO + CATERPILLAR + SOTREQ CAT
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INVESTOR DAY 2025 62 010203 Commercial ExcellenceAligning Resources, Tailoring Solutions, Scaling Services Advanced Technology LeaderTransforming the Worksite Delivering Integrated SolutionsBringing it All Together
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INVESTOR DAY 2025 Integrated Solutions in Action: Real-World Customer SuccessBringing Together Products, Services, Advanced Technology and Expertise to Deliver Committed Customer Outcomes 63 CUSTOMER NEEDS•Predictable costs•Improved uptime•Reduced total cost of ownership CUSTOMER OUTCOME•98% machine availability•Lower total cost•Reduced operator-related incidents•Predictable costs TAILORED CATERPILLAR SOLUTIONMachine Cost-Per-Hour Solution With Availability Commitment Managed by Caterpillar Caterpillar recommended fleet right-sizing and productivity optimization Caterpillar managed proactive maintenance and repair with Cat Dealer to extend component life and prevent downtime Caterpillar led operator training for safety and productivity Caterpillar managed machine rebuilds to lower operating costs Caterpillar managed fleet management using VisionLinkTM Productivity and condition monitoring to improve site performance and machine health Weekly collaboration between Caterpillar fleet manager, customer and dealer to review insights and recommendations
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INVESTOR DAY 2025 64 Driving commercial excellence through tailored go-to-market strategies Deploying advanced technology to solve safety, productivity and labor challenges Delivering integrated solutions across industry-leading products, services and technology 1.25xOutpacing the Industry by Solving Our Customers' Toughest Challenges SALES TO USERS1 GROWTH .1 Reported in price neutral dollars and based on unit sales as reported primarily by dealers, 2030 goal compared to 2024.
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INVESTOR DAY 2025 The Journey Doesn’t Stop Here – Stay Tuned For MoreVisit the CI Team at CONEXPO CON / AGG – March 3-7, 2026, in Las Vegas, Nevada +New Product Lines+Tailored Go-To-Market Strategies +Increased Service Commitments+Expanded Safety, Productivity and Autonomy Offerings+AI-Enabled SolutionsPRODUCT + SERVICES + TECHNOLOGY EXCITING ANNOUNCEMENTS AHEAD 65 Note: CONEXPO-CON/AGG terms and logo are registered trademarks.
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Denise JohnsonGroup President Resource Industries
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INVESTOR DAY 2025 Resource Industries is a Global LeaderOur Customers Operate Around the Clock in Some of the World’s Most Rugged and Remote Locations MININGHEAVY CONSTRUCTION +QUARRY & AGGREGATESEffective 2026RAIL 67
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INVESTOR DAY 2025 SEGMENTPROFITMARGIN20.4% SEGMENTPROFITMARGIN15.9% Our Performance Has Built a Strong Foundation for GrowthStrong Profitability and Operational Focus Positions Us Well to Invest in Our Future Note: As reported. Includes inter-segment sales.1 As of year-end 2024. $10 $12 201920202021202220232024 Strong ProfitabilityUnderpinned by the O&E Model 690 Cat® Autonomous Trucks1In Operation Around the World Launched Pathways to Sustainability and Introduced Cat Dynamic Energy Transfer RESOURCE INDUSTRIES TOTAL SALES(USD Billions) KEY HIGHLIGHTSFROM 2019 TO 2024 68
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INVESTOR DAY 2025 69 2024 2030 2035 20242025f2026f2027f2028f2029f2030f2031f2032f2033f2034f2035f Access to Fastest Growing Minerals is Becoming More Complex COPPER ORE GRADES -9% Solving for the Need for More Energy and Infrastructure Starts With Mining 1 Other Battery Metals includes Cobalt, Lithium and Rare Earths.See Appendix B for a complete list of sources and references. 2024 2030 2035 NICKELGRAPHITECOPPER +125%+52% +22% OTHER BATTERY METALS1 +118% +28%CONSTRUCTION AGGREGATES 20242030F2035F +39%Critical Minerals In kilotonsIn million metric tons 6969 Global Energy and Infrastructure Expansion is Driving Mineral Demand Ore Grades Continue to Decline Creating the Need for More Productive, Lower Cost and Sustainable Offerings 69
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INVESTOR DAY 2025 NEW MACHINE REPLACEMENTS WITH ADVANCED TECHNOLOGY, REBUILDS AND RETROFITS OF MINING, QUARRY & AGGREGATE FLEETS ~60%30K+ >10 Years in Service See Appendix B for a complete list of sources and references. Fleets Continue to AgeNorth American Fleet LOCOMOTIVE INSTALL BASE Growth With Replacements and RebuildsUniquely Positioned to Solve Customers’ Diverse Needs 707070
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INVESTOR DAY 2025 1 Industry units actuals and forecast from BIC, excludes wide body trucks2 Capex in nominal dollars, sourced from GlobalData and S&P CAP IQ Increasing Demand and Operational Complexity are Accelerating Capital Expenditures 1 Data indexed to 2010, in Nominal Dollars.See Appendix B for a complete list of sources and references. The Mining Industry is Entering a New Investment Cycle 201020122014201620182020202220242026F2028F2030F +50% Autonomy and Semi-AutonomousDigital Site Solutions Sustainable Mining Need for TechnologyGLOBAL MINING SECTOR CAPITAL EXPENDITURES1(USD Billions) 71
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INVESTOR DAY 2025 Profitable Growth Starts With Solving Customers’ Toughest ChallengesDelivering Customer Value Requires Advanced Technology With a Greater Caterpillar Presence at Site 72 ADDING CUSTOMER VALUE ACROSS THE WHOLE SITE OUR STRATEGY UNLOCKS GROWTHCOMMERCIAL EXCELLENCEADVANCED TECHNOLOGYSUSTAINABLE SOLUTIONS
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INVESTOR DAY 2025 73 Solving for the Entire SiteFleet Management + Energy Management + Precision Mining73
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INVESTOR DAY 2025 Redefining the Future of Mining 74 Section Listed in Title Case Commercial ExcellenceIncreasing accountability through outcome-based solutions Advanced TechnologyAccelerating autonomy adoption and new Precision Mining solutions Sustainable SolutionsSolving sustainability needs with individualized bridging solutions 01 02 03 02
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INVESTOR DAY 2025 We Are Changing Our Approachto Get Closer to Customers •Suncor, an integrated energy company, operating in the Canadian oil sands•Seeking innovative ways to drivethe lowest, predictable operating cost•Resulting in an autonomous solution with aligned incentives to deliver a competitive business, together 75 CREATING MORE CUSTOMER VALUE ALONGSIDE CAT DEALERS SUNCOR + CATERPILLAR + FINNING CANADA757575
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INVESTOR DAY 2025 Redefining the Future of Mining 76 Section Listed in Title Case Commercial ExcellenceIncreasing accountability through outcome-based solutions Advanced TechnologyAccelerating autonomy adoption and new Precision Mining solutions Sustainable SolutionsSolving sustainability needs with individualized bridging solutions 01 02 03 02
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INVESTOR DAY 2025 Our Largest Growth Opportunity is Accelerating AutonomyGrowing Both New and Retrofit With Cat and Mixed Fleets TRUCKS IN OPERATION BY 20301CAT AUTONOMOUS3xDRIVING SAFER, MORE PRODUCTIVE AND EFFICIENT OPERATIONS AT THE LOWEST TOTAL COST 777777 1 Compared to 2024.
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INVESTOR DAY 2025 OPTIMIZING OPERATIONS at two of the world’s largest iron ore mine sites WON AWARD TO RETROFIT 90+ CAT & COMPETITOR LARGE MINING TRUCKS WITH CAT AUTONOMY 787878CUSTOMER + CATERPILLAR + DEALERCUSTOMER + CATERPILLAR + DEALER
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INVESTOR DAY 2025 Extending Proven Autonomy Solutions Into Quarries Less Complex, Easy-to-Use Solution Currently Demonstrated by Luck Stone’s Bull Run Quarry Shorter Planning HorizonsRising Costs Labor ShortagesIDEAL CANDIDATES FOR LOW-COST, RETROFIT-FRIENDLY AUTONOMY SOLUTIONS 20,000+QUARRY SITES GLOBALLY 797979Assumes active sites onlySee Appendix B for a complete list of sources and references.
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INVESTOR DAY 2025 Expanding New Precision Mining Solutions COMBINING REAL-TIME ORE BODY AND SURFACE DATA WITH INSIGHT-DRIVEN TECHNOLOGIES Improving Ore Recovery and Reducing Operating Costs 808080 INTEGRATING DIGITAL SOLUTIONS ACROSS THE VALUE CHAINPLANNINGDRILLBLASTLOADHAULSTOCKPILECRUSHING& MILLINGPROCESSING
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INVESTOR DAY 2025 Expanding New Precision Mining SolutionsImproving Ore Recovery and Reducing Operating Costs 818181 INTEGRATING DIGITAL SOLUTIONS ACROSS THE VALUE CHAIN COMBINING REAL-TIME ORE BODY AND SURFACE DATA WITH INSIGHT-DRIVEN TECHNOLOGIES PLANNINGDRILLBLASTLOADHAULSTOCKPILECRUSHING& MILLINGPROCESSING
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INVESTOR DAY 2025 Expanding New Precision Mining SolutionsImproving Ore Recovery and Reducing Operating Costs 828282 INTEGRATING DIGITAL SOLUTIONS ACROSS THE VALUE CHAIN COMBINING REAL-TIME ORE BODY AND SURFACE DATA WITH INSIGHT-DRIVEN TECHNOLOGIES PLANNINGDRILLBLASTLOADHAULSTOCKPILECRUSHING& MILLINGPROCESSING UNLOCKING GREATER CUSTOMER VALUE WITH
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INVESTOR DAY 2025 Unlocking Greater Customer Value with RPM’s Software Solutions Complement Caterpillar’s Existing Technologies•Asset Management•Fleet Management •Autonomy RPMGLOBAL + CATERPILLAR A GLOBAL LEADER IN MININGSOFTWARE SOLUTIONS Caterpillar Inc. (2025), Caterpillar Enters Agreement to Acquire RPMGlobal. 838383
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INVESTOR DAY 2025 Redefining the Future of Mining 84 04Section Listed in Title Case Commercial ExcellenceIncreasing accountability through outcome-based solutions Advanced TechnologyAccelerating autonomy adoption and new Precision Mining solutions Sustainable SolutionsSolving sustainability needs with individualized bridging solutions 01 02 03
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INVESTOR DAY 2025 Meeting Customers Where They Are on Their Sustainability Journey With Evolving Requirements, Customers Need Phased, Flexible and Practical Solutions 85 HOW WE DELIVER TODAY FLEET MANAGEMENT AND AUTONOMYALTERNATIVE FUELSFLEET LIFEEXTENSION MODULAR DRIVETRAINS
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INVESTOR DAY 2025 Meeting Customers Where They Are on Their Sustainability Journey With Evolving Requirements, Customers Need Phased, Flexible and Practical Solutions 86 HOW WE DELIVER TODAY MODULAR DRIVETRAINS FLEET MANAGEMENT AND AUTONOMY ALTERNATIVE FUELS FLEET LIFE EXTENSION HOW WE DELIVER FOR THE FUTURE BATTERY ELECTRIC SOLUTIONS ENERGY MANAGEMENT SOLUTIONS PLATFORM MODULARITY ENERGY TRANSFER SOLUTIONS
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INVESTOR DAY 2025 Our Industry Differentiator is Cat Dynamic Energy Transfer (DET)WHERE PRODUCTIVITY MEETS SUSTAINABILITY TO DRIVE CUSTOMER VALUE FOR THE LONG HAUL COMMERCIALLY AVAILABLE 4TH QUARTER 2026 Significant Performance GainsRapid Deployment andRedeployment Capabilities Compatibility With Battery andDiesel-Electric Cat Powertrain Offerings 878787
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INVESTOR DAY 2025 Shaping the Future of MiningDriving Growth Through Site Performance, Advanced Technology and Sustainable Solutions 88 Delivering commercial excellence throughoutcome-based solutionsSolving customers’ most complex challenges with advanced technologies Supporting customers on their sustainability journey with flexible solutions TRUCKS IN OPERATIONBY 2030 CAT AUTONOMOUS3x 1 Compared to 2024. 1
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Differentiating Through Digital and TechnologyBob De LangeGroup President
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INVESTOR DAY 2025 We Made Significant ProgressDigital and Technology Enabling Segment Growth Plans Note: 2024 YE results; PSE dollars represents closed won condition monitored prioritized service events. 90 Connected &Reporting AssetsCondition Monitoring Prioritized Service Events (PSEs) $1.1BAutonomous Trucks 690eCommerce SalesPer Business Day +1.5M $18M
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INVESTOR DAY 2025 91 KEY COMPETITIVE DIFFERENTIATORS ACCELERATED BY AI Safety • Labor • Productivity • Cost
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INVESTOR DAY 2025 Leveraging Data and AI to Generate Qualified LeadsTurning the Unplanned Into Planned 92 CONDITION MONITORING •Data from >30 sources•Proactively advise customers to help avoid downtime and reduce costs
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INVESTOR DAY 2025 Making It Easy for Customers to Find and Buy What They NeedIntegrating the Digital Customer Experience 93 eCOMMERCE•Confidence in finding the right part•Seamlessly connects to repair information
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INVESTOR DAY 2025 Delivering Actionable Data and InsightsOptimizing Fleet Operations 94 •Much more than monitoring equipment healthEQUIPMENT MANAGEMENT
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INVESTOR DAY 2025 Customer Success With VisionLink™ ACCESS TO ACTIONABLE INSIGHTS ALL IN ONE PLACE•Flagship application for fleet management•Proactively monitor equipment health, track maintenance and more BDZ CONSTRUCTION + CATERPILLAR + N C MACHINERYNote: Logos are registered trademarks of the companies listed on the screen and used for identification purposes only.
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INVESTOR DAY 2025 Optimizing Worksites Through TechnologyUnlocking Significant Customer Value 96 SAFETY PRODUCTIVITYAUTONOMY
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INVESTOR DAY 2025 Collaboration With Luck Stone 1 MILLION TONS HAULED AUTONOMOUSLY AT VIRGINIA QUARRY•Improving safety and haul cycle efficiency•Expanding autonomous technology to quarry operations LUCK STONE + CATERPILLAR + CARTER CAT
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INVESTOR DAY 2025 Note: Logos are registered trademarks of the companies listed on the screen and used for identification purposes only.98 DATA PARTNER CLOUD & PRODUCTIVITYPARTNER AI PARTNER AND PARTNERING WITH INDUSTRY LEADERS Step Change in Investment... INVESTMENT ONDIGITAL AND TECHNOLOGY2025–2030 vs. 2019–2024
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INVESTOR DAY 2025 Acceleration Through AI For a Differentiated Customer Experience Note: Logos are registered trademarks of the companies listed on the screen and used for identification purposes only. 99
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INVESTOR DAY 2025 Differentiating Through Digital and Technology 2MCONNECTED & REPORTING ASSETS +50%eCOMMERCE SALES PER BUSINESS DAY 2xCONDITION MONITORING PRIORITIZED SERVICE EVENTS (PSEs $)500KTECH-ENABLED MACHINES 3xAUTONOMOUS TRUCKS Note: Targets are 2030 absolute numbers, or where an increase, vs. the year-end 2024 baseline. PSEs represents closed won condition monitored prioritized service events. 100
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Financial FrameworkAndrew BonfieldChief Financial Officer
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INVESTOR DAY 2025 102 Delivering Strong Financial Performance010203 Delivered Strong Financial Performance Investing for Profitable Growth Supporting Shareholder Value Creation
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INVESTOR DAY 2025 Delivering Strong Financial Performance010203 Delivered Strong Financial Performance Investing for Profitable Growth Supporting Shareholder Value Creation 103
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INVESTOR DAY 2025 22%S&P 500 Index 15%S&P 500 Capital Goods Index 13%S&P 500 Industrials Index 12% YE 2019YE 2020YE 2021YE 2022YE 2023YE 2024 Our Strategy Promotes Shareholder Value CreationStrong Correlation Between OPACC1 Dollar Growth and Higher TSR Source: FactSet; Assumes reinvestment of dividends. The Caterpillar TSR is calculated based on year-end closing share price. TSR percentages reflect Compound Annual Growth Rate (CAGR) percentage. Graph shows cumulative shareholder return and reinvestment of dividends issued thereafter.1 Operating Profit After Capital Charge (OPACC) is a non-GAAP measure, and a reconciliation to the most directly comparable GAAP measure is included in the appendix.2 Within the top quartile using the year-end closing price for the S&P 500 Index as of October 22, 2025. OPACC 1 GrowthSince 2019 1 . 9x TOPQUARTILE TSRFIVE-YEAR2 104
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INVESTOR DAY 2025 ADJUSTED OPERATING PROFIT MARGIN1 FREE CASH FLOW2 MARGIN We Have DeliveredMargin1 and Free Cash Flow2 Outpace Competitors 2019–2024 AVERAGEADJUSTED OPERATING PROFIT MARGIN1 FREE CASH FLOW2 MARGINMET OR EXCEEDEDMargin Target Range3 MET OR EXCEEDEDMP&E FCF2 Target Range3(excl. 2020)$10B GROWTHServices Revenues4 Since 201699% MP&E FCF2 RETURNEDto Shareholders 2019–2024 12.6%16.8% Competitor AverageCAT 7.8%11.7% Competitor AverageCAT CAT CATNote: Competitors include CNH – Industrial, Cummins, Deere – Industrial, Hitachi CM, Komatsu, and Volvo AB – Industrial. 1 Adjusted operating profit margin is a non-GAAP measure and a reconciliation to the most directly comparable GAAP measure is included in the appendix.2 Caterpillar Machinery, Power & Energy (MP&E) free cash flow represents MP&E operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of MP&E net cash provided by operating activities to MP&E free cash flow is included in the appendix.3 Historical targets set at 2019 Investor Day. Adjusted operating profit margin and MP&E FCF targets were updated during the 4Q 2023 analyst call.4 Caterpillar Machinery, Power & Energy (MP&E) Services Revenues include, but are not limited to, aftermarket parts and other service-related revenues and exclude most Financial Products’ revenues, discontinued products and captive dealer services.See Appendix B for a complete list of sources and references. 105
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INVESTOR DAY 2025 10% 18% 14% 22% $37$42$47$52$57$62$67$72 ADJUSTED OPERATING PROFIT MARGIN2 ANNUAL SALES & REVENUES(USD Billions) Structurally Higher MarginWe Achieved Our Target1 Margin Improvement 1 Historical targets set at 2019 Investor Day. Adjusted operating profit margin and MP&E FCF targets were updated during the 4Q 2023 analyst call.2 Adjusted operating profit margin is a non-GAAP measure and a reconciliation to the most directly comparable GAAP measure is included in the appendix. +480 bps AVERAGE 2017–2024 vs. 2010–2016 2010-20162017-2024 106
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INVESTOR DAY 2025 $8 $10 $4 $5 201920202021202220232024 Supporting Stronger MP&E Free Cash Flow1We Outpaced the S&P 500 Industrials 1 Caterpillar Machinery, Power & Energy (MP&E) free cash flow represents MP&E operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of MP&E net cash provided by operating activities to MP&E free cash flow is included in the appendix. 2 Highest FCF generation of all S&P 500 Industrials in 2024 and highest average FCF generation 2019-2024 vs. S&P 500 Industrials Index. 3 Historical targets set at 2019 Investor Day. MP&E FCF target was updated during the 4Q 2023 analyst call. TARGET RANGE3 (USD Billions) HIGHESTAVERAGE FCF GENERATIONVS. S&P 500 INDUSTRIALS22019–2024 ~$40BOF MP&E FCF12019–2024 107
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INVESTOR DAY 2025 2016 Baseline2024 Actual2030 Target A More Stable Revenue Source Than Original Equipment 1 Machinery, Power & Energy (MP&E) Services Revenues include, but are not limited to, aftermarket parts and other service-related revenues and exclude most Financial Products’ revenues, discontinued products and captive dealer services. Services Revenues1 Increased by 71% ~$14B~$24B 2016 Baseline2024 Actual2030 Target ~$10 BILLIONINCREASE Contributes to Profitable GrowthAttractive Margin and a7% Revenue CAGREnabled by Digital Offerings 108
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INVESTOR DAY 2025 Returned Substantially All MP&E FCF1 Over TimeWe Delivered on Our 2019 Investor Day Commitment2 to Reward Shareholders 1 Machinery, Power & Energy (MP&E) free cash flow represents MP&E operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of MP&E net cash provided by operating activities to MP&E free cash flow is included in the appendix. 2 2019 Investor Day committed to returning substantially all MP&E free cash flow over time. 99%RETURNEDMP&E FCF1GENERATED 2019–2024 ~$25BSHARE REPURCHASES~$14B DIVIDENDS~$40B 109
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INVESTOR DAY 2025 Note: Figures from beginning of 2019 through year-end 2024.1 S&P 500 Dividend Aristocrats® index includes companies that have increased annual dividend per share for 25 or more consecutive years.2 2025 projection following 7% quarterly dividend increase. Dividend IncreasesWe Delivered Higher Annual Dividends per Share S&P 500 Dividend Aristocrat1 Paid higher annual dividends per share for 32 consecutive years2 Five consecutive years with a high single-digit percentage quarterly increase2 KEY HIGHLIGHTS7.5% CAGRANNUAL DIVIDENDS PAID PER SHARE(USD) $3.78 $5.42 2019 2024 110
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INVESTOR DAY 2025 We Committed to Be in the Market More Consistently and We DeliveredShare Repurchases KEY HIGHLIGHTSFROM 2019 TO 2024 ~$209Weighted Average Price Paid per Share ~$3.00 Adjusted PPS1 benefit 599 489 YE 2018YE 2019YE 2020YE 2021YE 2022YE 2023YE 2024 AVERAGE NUMBER OF DILUTED SHARES OUTSTANDING(Millions) Reduced by 18% $112 $256$193$205$132 $329Weighted Avg. Price Paid per Year Note: Net share reduction and PPS benefit use a starting point for shares of year-end 2018 and ending point of year-end 2024. 1Adjusted profit per share is a non-GAAP measure and a reconciliation to the most directly comparable GAAP measure is included in the appendix. 111
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INVESTOR DAY 2025 Delivering Strong Financial Performance010203Investing for Profitable Growth Supporting Shareholder Value Creation Delivered Strong Financial Performance 112
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INVESTOR DAY 2025 Committed to Long-Term Profitable GrowthContinuing to Raise the Bar 1 Adjusted operating profit margin is a non-GAAP measure and a reconciliation to the most directly comparable GAAP measure is included in the appendix.2 Machinery, Power & Energy (MP&E) Services Revenues include, but are not limited to, aftermarket parts and other service-related revenues and exclude most Financial Products’ revenues, discontinued products and captive dealer services.3 Machinery, Power & Energy (MP&E) free cash flow represents MP&E operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of MP&E net cash provided by operating activities to MP&E free cash flow is included in the appendix. Sales & RevenuesN/A4% CAGR 5-7% CAGR Dividend IncreasesHigh single-digit percent 7.5% avgHigh single-digit percent Adjusted Operating Profit Margin110-14% to18-22%12% - 21% 15-19% to 21-25%at $42B at $60B at $72Bat $42B at $67Bat $100B MP&E Free Cash Flow3 $5B to $10B$7B avg$6B to $15BServices Revenues2 $28B by 2026$24B in 2024$30B by 2030 Shareholder ReturnSubstantially all MP&E FCF399%Substantially all MP&E FCF3 NEW TARGETSACTUALSCURRENT TARGETS2019–20242024–2030 113
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INVESTOR DAY 2025 Committed to Profitable GrowthDriven by Our Growth Initiatives Anticipate growth across all segments Expect relatively steady annual growth rates Assumes stable economic conditions KEY HIGHLIGHTS CAGR 2024 Base Year SALES & REVENUES TARGET5-7% 114
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INVESTOR DAY 2025 Opportunity for Services Revenues1 GrowthServices1 Supports Growth Across All Three Primary Segments 1 Machinery, Power & Energy (MP&E) Services Revenues include, but are not limited to, aftermarket parts and other service-related revenues and exclude most Financial Products’ revenues, discontinued products and captive dealer services. ~$14B~$24B$30B 2016 Baseline2024 Actual2030 Target $30 BILLIONBY 2030 2016 Baseline2024 Actual2030 Target 2M Connected & Reporting Assets+50% eCommerce Sales per Business Day2x Condition Monitoring PSE Dollars500K Tech-Enabled Machines3x Autonomous Trucks BY 2030 115
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INVESTOR DAY 2025 Investing for Profitable GrowthAccelerating Investments Supporting Long-Term Profitable Growth Opportunities 1 Includes sums of historical and forecasted R&D and Capex spend period over period. Large Engines and Solar Turbines Capacity Digital & Technology Customer Solutions Sustainability MP&E SPEND1 2025–2030 VS. 2019–2024 2x 1.5xCAPEX R&D 116
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INVESTOR DAY 2025 $72 KEY HIGHLIGHTSSales and revenues range moved to $60B – $100B No change to existing margin target range up to $72B Extended slope reflects investments needed to grow Profit pull-through2 is similar to the $42B – $72B sales & revenues range Updated Adjusted Operating Profit Margin1 Target RangeStrategic Focus on Profitable Growth Remains Unchanged 1 Adjusted operating profit margin is a non-GAAP measure, and a reconciliation to the most directly comparable GAAP measure can be found in the appendix.2 Pull-through as described represents the change of adjusted operating profit divided by the change in sales and revenues. At the mid-point of target margin range, pull-through is approximately 31% from $42B to $72B (previous range) and $72B to $100B (updated range). 15%18% 21%19%22% 25% $60 $70 $80 $90 $100 ADJUSTED OPERATING PROFIT MARGIN1 ANNUAL SALES & REVENUES(USD Billions) 117
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INVESTOR DAY 2025 Profitable Growth Drives Robust MP&E Free Cash Flow1Increasing Our Target Range Versus the Prior Target of $5B-$10B 1 Machinery, Power & Energy (MP&E) free cash flow represents MP&E operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of MP&E net cash provided by operating activities to MP&E free cash flow is included in the appendix. KEY HIGHLIGHTSCommitted toProfitable GrowthAccelerating Investmentsto Support Growth Expanded Target Rangefor MP&E Free Cash Flow1 $6B-$15Bof MP&E FCF1 NEW TARGET 118
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INVESTOR DAY 2025 Delivering Strong Financial Performance010203Supporting Shareholder Value Creation Delivered Strong Financial Performance Investing for Profitable Growth 119
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INVESTOR DAY 2025 Resource Allocation FrameworkApproach Remains Consistent 1 Machinery, Power & Energy (MP&E) free cash flow represents MP&E operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of MP&E net cash provided by operating activities to MP&E free cash flow is included in the appendix. Maintain Strong Balance Sheet/ Mid-A Credit Rating Supports M&A DividendGrowthShare Repurchases OperationalCommitmentsNew Strategic Growth Initiatives Deployment of MP&E Free Cash Flow1 STRONGFINANCIAL POSITION OPERATING & EXECUTION MODEL RETURN CAPITAL TO SHAREHOLDERS 120
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INVESTOR DAY 2025 Return Substantially All MP&E FCF1 Over TimeCommitment to Reward Our Shareholders Remains Unchanged 1 Machinery, Power & Energy (MP&E) free cash flow represents MP&E operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of MP&E net cash provided by operating activities to MP&E free cash flow is included in the appendix.2 Committing to five consecutive years with a high-single digit quarterly dividend increase. Subject to Board approval. HIGH SINGLE-DIGIT DIVIDEND INCREASES THROUGH 20302 CONSISTENTSHARE REPURCHASESSustainable given strong MP&E FCF1 generationAffordable with less than 60% MP&E FCF1 payout ratio at the low end of the target range Anticipate continued reduction to average shares outstanding over time TARGETTARGET 121
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INVESTOR DAY 2025 Margin Expansion Was a More Significant Contributor to Earnings GrowthOur Recent TSR Performance Drivers Note: Charts for illustrative purposes only. Does not depict actual TSR driver mix. TSR percentages reflect Compound Annual Growth Rate (CAGR) percentage.Source: FactSet; Assumes reinvestment of dividends. TSR calculated based on Caterpillar closing share price on December 31, 2019, and December 31, 2024. 1 Top quartile five-year TSR for the S&P 500 index 2019-2024. Within the top quartile using the closing price on December 31, 2019, and December 31, 2024, for the S&P 500 index.2 Revenue growth vs. margin expansion splits reflect mix calculation of profit generation attributable to revenue growth vs. profit attributable to margin growth 2019-2024. Revenue Growth2 Margin Expansion Caterpillar 22%Top Quartile S&P 5001 17%Dividend/RepurchasesFIVE-YEAR TSR PROFILE 122
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INVESTOR DAY 2025 Expect Revenue Growth to Be a More Significant Catalyst for Future Earnings GrowthOur Future TSR Performance Drivers Note: Charts for illustrative purposes only. Does not depict actual TSR driver mix. TSR percentages reflect Compound Annual Growth Rate (CAGR) percentage.Source: FactSet; Assumes reinvestment of dividends. TSR calculated based on Caterpillar closing share price on December 31, 2019, and December 31, 2024. 1 Top quartile five-year TSR for the S&P 500 index 2019-2024. Within the top quartile using the closing price on December 31, 2019, and December 31, 2024, for the S&P 500 index.2 Revenue growth vs. margin expansion splits reflect mix calculation of profit generation attributable to revenue growth vs. profit attributable to margin growth 2019-2024. Revenue Growth2 FUTURE TSR PROFILERevenue Growth2 Margin Expansion Caterpillar 22%Top Quartile S&P 5001 17%Dividend/Repurchases Margin Expansion FIVE-YEAR TSR PROFILE Dividend/Repurchases 123
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INVESTOR DAY 2025 Measuring Progress Towards Our 2030 Growth TargetsStrategically Positioning to Fuel Profitable Growth 5-7% SALES & REVENUES CAGR(versus 2024, assumes stable economic conditions) SERVICESREVENUES1$30B By 2030 CONSTRUCTION INDUSTRIES1.25xSTU Growth2vs. FY 2024 RESOURCE INDUSTRIES3xAutonomous Trucksvs. YE 2024 POWER & ENERGY>2xPower Gen Sales Growth vs. FY 2024 1Machinery, Power & Energy (MP&E) Services Revenues include, but are not limited to, aftermarket parts and other service-related revenues and exclude most Financial Products’ revenues, discontinued products and captive dealer services.2 Reported in price neutral dollars and based on unit sales as reported primarily by dealers, compared to 2024124
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INVESTOR DAY 2025 Driving Strong Performance and Shareholder Value Creation We are accelerating strategic investments to support profitable growth We will continue to return substantially all MP&E FCF3to shareholders over time We are committed to high single-digit dividend increases and consistent share repurchases 5-7% ENTERPRISE SALES &REVENUES CAGR $30BSERVICES REVENUES1 $6B-$15BMP&E FREE CASH FLOW3 RANGE UpdatedADJ. OP . PROFIT MARGIN2 RANGE 1 Machinery, Power & Energy (MP&E) Services Revenues include, but are not limited to, aftermarket parts and other service-related revenues and exclude most Financial Products’ revenues, discontinued products and captive dealer services.2Adjusted operating profit margin is a non-GAAP measure and a reconciliation to the most directly comparable GAAP measure is included in the appendix.3 Machinery, Power & Energy (MP&E) free cash flow represents MP&E operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of MP&E net cash provided by operating activities to MP&E free cash flow is included in the appendix. 125
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INVESTOR DAY 2025 Caterpillar: Strong Past. Stronger Future.Extending Our Leadership Into the Next 100 Years The foundation is strong Investing in capacity, digital and technology to solve our customer’s toughest challenges $30BSERVICES REVENUES1 $6B-$15BMP&E FREE CASH FLOW3 RANGE UpdatedADJ. OP . PROFIT MARGIN2 RANGE Committed to long-term profitable growth Evolving the strategy to capitalize on end market growth opportunities in all three primary segments 5-7%ENTERPRISE SALES & REVENUES CAGR 1 Machinery, Power & Energy (MP&E) Services Revenues include, but are not limited to, aftermarket parts and other service-related revenues and exclude most Financial Products’ revenues, discontinued products and captive dealer services.2 Adjusted operating profit margin is a non-GAAP measure and a reconciliation to the most directly comparable GAAP measure is included in the appendix.3 Machinery, Power & Energy (MP&E) Free cash flow represents MP&E operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of MP&E net cash provided by operating activities to MP&E free cash flow is included in the appendix. 127
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INVESTOR DAY 2025 Caterpillar Inc. – Appendix AReconciliation to U.S. GAAP 128
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INVESTOR DAY 2025 Caterpillar Inc. – Appendix A of Reconciliation to U.S. GAAPOperating Profit Margin % to Adjusted Operating Profit Margin % Note: Amounts may not add due to rounding. !"#A !"!" !"!# !"!! !"!% !"!& !"#A% !&#'% !(#"% !(#(% !'#(% )&#)% G+ + G+ + G+ &#)% &#A% &#,% &#)% &#"% &#(% &#(% G+ + G+ + &#'% + -. . L 0 1 O O G 1 34 R1 S 37 U 9 G+ + G+ !#:% G+ + !"#,% !!#,% !(#;% !"#A% )&#"% )&#;% '( )G+), - , ./, G+01 G21 .P4 R0/( P1 G6( 7./, +81 67G2, /1 9.78, +1 /G1 /:( 1 9G0/1 P, 7( )/- ;1 )G96.7.<- ( 1 =>>?1 9( .0R7( @ 1 G6( 7./, +81 67G2, /1 .01 .1 6( 7)( +/1 G21 0.- ( 01 .+P1 7( A( +R( 01 .7( 1 .01 2G- - GB0C <9 = 7 S G S 7 >9 S ? @9 ? S 1 U A G @. >9 > <4 7 S R9 1 U A G 4 S . B 1 9 G R>G RG 4 7 S @7 U 9 G . B G 9 . 9 RO G >RO 7 >G RU L G S 7 C7 U ? 7 > a7 > 9 S ? @ 9 ? S 1 U A G E 1 U @ . 37 c G @ . > 9 > G d G L 1 C 7 > 9 1 9 ? S 7 > G . B G @ 7 S 9 R1 U G U . U d e# f# G 7 U 9 1 9 1 7 > a7 > 9 S ? @ 9 ? S 1 U A G @ . > 9 > G d G g . U A 0 RO O G L 1 C 7 > 9 1 9 ? S 7 hLi?>97LG.47SR91UAG4S.B 19G3RSA1U 129
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INVESTOR DAY 2025 Caterpillar Inc. – Appendix A of Reconciliation to U.S. GAAPMP&E Cash Flow from Operations to MP&E Free Cash Flow Note: The Company now defines Machinery, Power and Energy (MP&E) as Caterpillar Inc. and its subsidiaries, excluding Financial Products. MP&E now replaces what was formerly reported as Machinery, Energy and Transportation (ME&T), as the Energy & Transportation reportable segment has been renamed Power & Energy effective November 5, 2025.1 A reconciliation of MP&E net cash provided by operating activities to consolidated net cash provided by operating activities can be found in our Form 10-K filings with the SEC. !" #$$#%&'(%)(*%$$+,'- !"#A !"!" !"!# !"!! !"!% !"!& ADE) G+ E!"!, !"#$ %&'E%)* +I%-./M12'2%P4%/-'.* E1&R%* )E1M1E1'+S 789:;S 789<=8 7;9S;; 7>9?=: 7SS9>:: 7SS98?; 7;9;8= !"#$ %)* -1E* @%'A-'&21EB.'+ C7S9<;8a C7bb8a C7S9Scba C7S9cb:a C7S9>>?a C7S9b::a C7S9b88a "*4d'&E+%d*2'%.'@*E'2%E/%+'EE@'d'&E+%e1EI%fgh %i i %i 7;S; %i %i %i !"#$ %21+).'E1/&* .4%-'&+1/&%)/&E.1PBE1/&+ 7S9=<< i %i i %i %i %i !"#$ %M.''%)* +I%M@/e 7=9cb; 7?9<>< 7>9<8: 7=9;;; 7S<9<c= 7b988b 7=9:<S -. /M1/2 P 2 4R2 M16E MTE D89:E T;. . E /46YE TP M=E RME RY. E >M6RE ?2 ;. /RP @E /M>A4;4BP . E Caa8E >. 46b;. c E 1. RE /46YE A;Md2 ?. ?E B@E MA. ;4R2 1eE 4/R2 d2 R2 . 6E 4;. E 46E TMP P M=6f 130
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INVESTOR DAY 2025 Caterpillar Inc. – Appendix A of Reconciliation to U.S. GAAPProfit Per Share to Adjusted Profit Per Share Note: Amounts may not add due to rounding. !"#A !"!" !"!# !"!! !"!% !"!& !"#AB& !'A&E !""A)* !"+AE& !+#A"+ !++A#' ,- - ,- - ,- !#A++ !#A*& !#A'' !#A"' !#A&* !#A*# !#A*+ !#AE& !#A'' .!"A"BL .!#A0"L .!#A"&L .!#A+*L ,- - ,- - ,- .!#A&EL ,- - ,- - !"A"& - ,- - ,- - .!#A+"L - ,- - ,- !"AE) ,- - .!#A*"L - ,- - ,- - !""A&# !EA'E !"#A)" !"*A)& !+"A+" !+"A0# 1OP,45SPO,PO47PU97UP:;<,9=474,>,?:@O47:7UPO4,=A ,9OP7S:;,;=;>BACA,O;7:7:O4 1OP,45SPO,=75OP,PO47PU97UP:;<,9=474 1OP,45SPO,7Sa,ESc,95S;<O,POES7O?,7=,9UPPO;9d,7PS;4ES7:=; 1OP,45SPO,PO47PU97UP:;<,9=474,>,e=;<cSEE,?:@O47:7UPO 1OP,45SPO,?OA OPPO?,7Sa,@SEUS7:=;,SEE=cS;9O,S?fU47gO;74 1OP,45SPO,BACA,7Sa,POA =Pg,:ghS97 i?fU47O?,hP=A :7,hOP,45SPO 1P=A :7,hOP,45SPO,j,?:EU7O? 1OP,45SPO,<==?c:EE,:ghS:PgO;7 1OP,45SPO,hO;4:=;kl1mn,gSPo>7=>gSPoO7,.<S:;4L,E=44O4 ' ()G+),-,./,G+01G21.P4R0/(P167G2,/16(7108.7(1/G1/8(19 G0/1P,7()/-:1)G9 6.7.;-(1< = = > 19 (.0R7(?167G2,/16(7108.7(1@1P,-R/(P?1.7(1.012G--GA 0B 131
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INVESTOR DAY 2025 Note: The Company now defines Machinery, Power and Energy (MP&E) as Caterpillar Inc. and its subsidiaries, excluding Financial Products. MP&E now replaces what was formerly reported as Machinery, Energy and Transportation (ME&T), as the Energy & Transportation reportable segment has been renamed Power & Energy effective November 5, 2025.1 See reconciliation of MP&E Assets and MP&E Liabilities to Consolidated Assets and Consolidated Liabilities in the Supplemental Data for Financial Position in our 2019 - 2024 Form 10-Ks.2 Calculated as a simple average of the prior year ending balances plus the quarterly ending balances and the current year ending balances. Amounts not shown can be obtained from our 2019 - 2024 Form 10-Qs.3 See reconciliation of MP&E Operating Profit to Consolidated Operating Profit in the Supplemental Results of Operations in our 2019 - 2024 Form 10-Ks. 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INVESTOR DAY 2025 Appendix BGlobal Construction Spend and Civil Infrastructure Spend (2024-2034) – Oxford Economics (3Q 2025), Civil Infrastructure includes roads, other transport, utilities and excludes building.Critical Minerals (2024-2035) – IEA (2025) Global Critical Minerals Outlook and Australian Mineral Economics (2025) Ore Grade Decline.Global Mining Sector Capex (2024-2030) - GlobalData (2025) Global Mining Sector Capital Expenditure Analysis to 2030.Global Data Center Electricity Demand (2023-2035) – IEA (2025) World Energy Outlook Special Report, “Energy and AI.”Energy Mix from Oil & Gas (in 2035) – IEA (2024), World Energy Outlook, Stated Policy Exchange Commission.IEA Stated Policies (2024), World Energy Outlook 2024, IEA, Paris https://www.iea.org/reports/world-energy-outlook-2024, License: CC BY 4.0; U.S. Energy Information Administration (2024) FAQs – How Much Electricity Does an American Home Use, https://www.eia.gov/tools/faqs/faq.php?id=97&t=3; U.S. Census Bureau, Total Households [TTLHH], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/TTLHH, October 31, 2025.IEA (2024) World Energy Outlook; IEA (2025) World Energy Outlook Special Report, “Energy and AI.”Oxford Economics (3Q 2025) Global Construction Outlook; Civil Infrastructure includes roads, other transport, utilities and excludes buildings.IMARC (2024) United States Construction Equipment Rental Market Report.International Energy Agency (2025), Global Critical Minerals Outlook; The Freedonia Group (2025), Global Minerals Mining; AME Research (2025), Ore Grade Decline.Parker Bay (2025), Mining Equipment Database, includes industry fleets for surface mining and quarry and aggregate.Railway Age (2025), AC/DC Dynamics.GlobalData (2025), Global Mining Sector Capital Expenditure Analysis to 2030.Caterpillar research; MSHA (2021), GlobalData (2022), UCC Filings Records (2010-2022), Caterpillar Product Link Data (2022-2023). Sources Listed in Order of Reference 133
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INVESTOR DAY 2025 Appendix BFactSet, company regulatory filings, and internal competitive intel.To perform a weighted average calculation for the competitor average, all financial information has been converted to USD based upon Bloomberg-sourced monthly spot rates and averaged for the years 2019-2024,calendarized where applicable. Sources Listed in Order of Reference 134