Slides
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1 Earnings Conference Call Third Quarter 2026 October 22, 2026 – 8:30am CT
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2 2 Forward-Looking Statements and Non-GAAP Measures We want to remind everyone that our comments may contain forward-looking statements that are inherently subject to uncertainties and risks, including general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, and our ability to realize synergies from newly acquired businesses. We caution everyone to be guided in their analysis of Dover Corporation by referring to the documents we file from time to time with the SEC, including our Annual Report on Form 10-K, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, for a list of factors that could cause our results to differ from those anticipated in any such forward-looking statements. We would also direct your attention to our website, dovercorporation.com, where considerably more information can be found. In addition to financial measures based on U.S. GAAP, Dover provides supplemental non-GAAP financial information. Management uses non-GAAP measures in addition to GAAP measures to understand and compare operating results across periods, make resource allocation decisions, and for forecasting and other purposes. Management believes these non-GAAP measures reflect results in a manner that enables, in many instances, more meaningful analysis of trends and facilitates comparison of results across periods and to those of peer companies. These non-GAAP financial measures have no standardized meaning presented in U.S. GAAP and may not be comparable to other similarly titled measures used by other companies due to potential differences between the companies in calculations. The use of these non-GAAP measures has limitations and they should not be considered as substitutes for measures of financial performance and financial position as prepared in accordance with U.S. GAAP. Reconciliations and definitions are included either in this presentation or in Dover’s earnings release and investor supplement for the quarter, which are available on Dover’s website. We do not provide a reconciliation of forward-looking organic revenue and forward-looking free cash flow to the most directly comparable GAAP financial measure because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.
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3 3 All in: Organic growth(1) : Adjusted EPS(1)(3): Revenue Bookings(2) Adjusted Segment EBITDA(1) Free Cash Flow(1) Earnings Per Share FY '26 Guidance Q3 ‘26 Q3 CommentaryYTD ‘26 Revenue growth: Adjusted EPS(1)(3): Q3 2026 and YTD 2026Performance Highlights ▪ Accelerating top-line growth driven by durable, broad-based demand across the portfolio ▪ Robust bookings(2) rates outpaced shipments, supporting continued top line growth and increased confidence in the outlook ▪ Proactive, value-creating capital deployment in Q3, including two announced bolt-on acquisitions and ~$330M of share repurchases ▪ Narrowing full year Adjusted EPS(1)(3), with favorable demand and earnings momentum carrying into 2027 7% +8% to $2.2B Total growth(2): Book-to-bill(2): +16% to $2.3B 1.03 % of Revenue: Conversion %(1): (1) Non-GAAP measures (definitions and/or reconciliations in appendix) (2) See performance measures definitions in appendix (3) From continuing operations +10 bps to 26.2% 27% Total Growth: +4% to $383M +10% to $2.88 +7-8% all-in (+5-6% organic(1)) $10.60 - $10.75 6% +8% to $6.5B +18% to $7.1B 1.10 +30 bps to 25.4% 29% +11% to $703M +11% to $7.89
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4 4 Summary Corporate Q3 Results Q3 2026 Highlights Revenue Change (Y-o-Y) All-in +8% ▪ FX impact: —%. Acquisitions: +0.5% Organic(1) +7% Bookings(2) Change (Y-o-Y) All-in +16% ▪ Book-to-bill(2): 1.03 ▪ Bookings(2) growth across all 5 segments Adjusted Segment EBITDA Margin(1) Margin % 26% ▪ Adj. Segment EBITDA(1) up $42M Y-o-Y Y-o-Y bps Δ +10bps ▪ Y-o-Y change: +8% Earnings From Continuing Ops Reported $337M ▪ Reported Y-o-Y change: +11% Adjusted(1) $388M ▪ Adjusted(1) Y-o-Y change: +7% Diluted EPS Reported $2.50 ▪ Reported Q3 Y-o-Y change: +14% Adjusted(1) $2.88 ▪ Adjusted(1) Q3 Y-o-Y change: +10% Free Cash Flow(1) (% of) Revenue 17% ▪ FCF(1) up $13M Y-o-Y Adj. Earnings(1) 99% (1) Non-GAAP measures (definitions and/or reconciliations in appendix) (2) See performance measures definitions in appendix
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5 Material Exposure Across Multiple Secular Growth Markets DEP DCEF DII DPPS DCST M&A priority SpaceSemiconductor Biopharma / MedicalData Center Power Generation Thermal connectorsComponents for turbines, engines, and compressors Metrology equipment for wires / cables / fiber optics Single use connectors, pumps, flow meters Coolant distribution, cryogenic cooling infrastructure and fiberglass trench panelsCryogenic components for H2, LNG, LPG Cryogenic valves and vacuum jacketed piping for launch infrastructure Track and trace solutions for supply chain transparency Heat exchangers for coolant distribution units and chillers Heat exchangers for heat pumps CO2 refrigeration systems Radio frequency and microwave communications equipment Energy Transition Cryogenic components for cooling wafer fabrication tools Coriolis and ultrasonic flow meters Secular growth markets now represent >25% of 2026E revenue, up from 18% in 2024 Heat exchangers for semicon / electronics cooling ’26E Growth ~50%~30% ~10% ~20%~15% Segment
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6 Broad-Based Demand Driving Improved Revenue Visibility (1) See performance measure definitions in appendix Segment-Level Bookings and RevenueConsolidated LTM Bookings(1) Growth $M 20262025 7,526 7,937 9,245 0.97 1.00 1.08 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 +5% +16% LTM Book-to-Bill LTM Bookings 1.00 B-t-B 2024 Segment LTM Revenue Growth LTM Bookings(1) Growth Engineered Products +0% +3% Clean Energy & Fueling +10% +14% Imaging & ID +3% +4% Pumps & Process Solutions +10% +12% Climate & Sustainability Technologies +14% +44% Total Dover +8% +16% Strong momentum into 2027, with ~50% of consolidated backlog scheduled for delivery next year
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7 7 Segment Revenue ($M) / Y-o-Y Org.(1) Δ % Adj. Segment EBITDA(1) % / Bps Δ Y-o-Y Performance Commentary Engineered Products $275 (2)% 23% 0 bps ▪ Strong demand in aerospace and defense components; lower volumes in European vehicle services ▪ Steady margin performance on mix and cost controls Clean Energy & Fueling $606 +12% 23% -10 bps ▪ Solid shipments and new orders in clean energy components, fluid transport, and North American retail fueling ▪ Volume leverage offset by production ramp in cryogenic / space components Imaging & Identification $305 +2% 33% +400 bps ▪ Double digit growth in serialization software and solid performance in core marking & coding ▪ Robust margin performance driven by volume leverage on software and consumables, geographic mix, productivity investments, and FX translation Pumps & Process Solutions $569 +1% 34% +70 bps ▪ Growth in AI / energy infrastructure, single-use biopharma, and industrial pumps ▪ Margin up on solid conversion in industrial pumps and precision components together with higher mix of biopharma shipments Climate & Sustainability Technologies $481 +18% 18% -210 bps ▪ Robust shipments and order rates in global heat exchangers and CO2 refrigeration systems; sequential line rates in CO2 systems and door cases +25% and +15%, respectively ▪ Expected margin headwinds in food retail from production ramp across all product lines and consolidation costs of the door frame facility, which closed at the end of Q3 (1) Non-GAAP (definitions and/or reconciliations in appendix) Segment Results Q3 2026
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8 8 (1) Includes stock-based compensation, non-cash charges, and changes in other current and non-current assets and liabilities (2) Non-GAAP measures (definitions and/or reconciliations in appendix) Year-to-Date Free Cash Flow $M YTD 2026 YTD 2025 ∆ Net earnings 884 812 72 Loss from discontinued operations, net 4 11 (6) D&A 292 280 12 Change in working capital (329) (156) (173) Change in other (1) 14 (153) 167 Cash flow from operations 866 794 72 Capex (163) (163) (1) Free cash flow(2) 703 631 72 FCF % of Revenue(2) 10.9% 10.5% FCF % of adj. earnings from continuing operations(2) 65.8% 64.3% Note: Totals may be impacted by rounding.
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9 Acquiring Company OPW (DCEF segment) MAAG (DPPS segment) Headquarters Ahmedabad, India Orange, TX Major End Markets Cryogenics Polymer processing, petrochemicals Key Products Facility Continuing to Invest Behind Growth and Productivity to Support Long-Term Outlook Major Organic Investments Growth and Capacity DEP (Q1 ’28) Capacity expansion for space and defense RF equipment DCEF (Q1 ’27) Greenfield expansion for below ground retail fueling Greenfield expansion for cryogenic components tied to aerospace and data center markets DII (Q1 ’27) Global investments in printer and inks production DPPS USA: (Q4 ’26) Asia: (Q1 ’27) Greenfield expansions in flow meters (USA) and in single-use biopharma components (Asia) DCST (Progressively through ’27) Capacity and process investments for specialty cases and low- GWP CO2 systems 2x capacity increase for large-sized heat exchangers, a key component in liquid cooling of data centers Productivity DEP Global site optimization and cost structure rationalization in vehicle services DPPS Acquisition synergy extraction in polymer processing DCST Closure of Sylmar, CA glass door manufacturing plant and consolidation into existing food retail facility in Richmond, VA Multiple Ongoing restructuring and rightsizing actions Cryogenic valves Inorganic Investments Two acquisitions with state-of-the-art manufacturing plants in highly strategic locations and end markets Filtration systems 75,000 sq ft, significant excess capacity as India manufacturing hub Extrusion T-dies Feedblocks >300K total US sq ft (across several plants), close proximity to US petrochemical export hub (Signed) (Closed)
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10 2 Grow through Acquisitions 3 Return Capital ▪ Guiding for full year capex of $200 - 220M – Significant capacity expansion projects in high growth end markets – Productivity / footprint optimization investments with carryover benefits into 2027 1 Invest Organically ▪ ~$80M deployed across two announced acquisitions ▪ Pipeline remains active for bolt-on opportunities in high- priority markets Strong Balance Sheet Positions DOV to Continue to Play Offense on Capital Allocation (1) Excess cash excludes $300M minimum cash balance (2) Total debt / adjusted EBITDA (Non-GAAP measure) Priorities Q3 2026 Dry Powder2026 Commentary ▪ ~$400M in share repurchases completed year-to-date, including ~$330M in Q3 ▪ 71st consecutive year of dividend increases $ in billions 1.4 1.7 9/30/26 Dry Powder Excess cash(1) Maintain 2.5x target leverage(2) Optional temporary investment grade leverage(2) for the right opportunity $3.1B
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11 Guiding for Double Digit Adjusted EPS Growth EPS Other Items ▪ GAAP EPS: $8.93 - $9.08 ▪ Adjusted EPS(1)(3): $10.60 - $10.75 Revenue Growth ▪ All-in: 7% - 8% ▪ Organic(1): 5% - 6% (1) Non-GAAP measures (definitions and/or reconciliations in appendix) (2) Weighted average shares outstanding ▪ Effective Tax Rate: 20% - 21% ▪ FCF(1) % Revenue: 14% - 16% ▪ Capex: ~$200M - $220M ▪ WASO(2): ~135 million Guidance assumes dollar / euro exchange rate of 1.14 (3) From continuing operations Through-Cycle Adj. EPS(1) Accretion $4.97 2018 2026E $10.60-$10.7510% CAGR
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12 Appendix
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13 Organic Revenue Growth Segment Growth Factors Q3 2026 Q3 2026 YTD Organic Revenue Engineered Products (1.6)% 0.8 % Clean Energy & Fueling 12.1 % 10.6 % Imaging & Identification 2.2 % 0.7 % Pumps & Process Solutions 1.2 % 0.3 % Climate & Sustainability Technologies 17.9 % 13.7 % Total organic 7.1 % 5.7 % Acquisitions 0.5 % 1.2 % Currency translation (0.1)% 1.2 % Total 7.5 % 8.1 % Note: Totals may be impacted by rounding.
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14 Bookings ($ in millions) Q3 2026 Q3 2025 Q3 2026 YTD Q3 2025 YTD Q4 2025 Q4 2024 Bookings Engineered Products 274 273 846 814 281 276 Clean Energy & Fueling 593 510 1,810 1,580 587 517 Imaging & Identification 293 292 908 872 302 296 Pumps & Process Solutions 557 511 1,745 1,540 501 474 Climate & Sustainability Technologies 594 415 1,801 1,195 470 379 Intersegment eliminations (1) (1) (5) (5) (1) (3) Total consolidated bookings 2,310 2,000 7,105 5,998 2,140 1,939 ($ in millions) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Bookings Total consolidated bookings 1,790 2,006 1,877 1,853 1,939 1,990 2,009 2,000 2,140 2,464 2,331 Note: Numbers may not add due to rounding.
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15 Reconciliation of Segment Earnings to Adjusted Segment EBITDA by Segment ($ in millions) Q3 2026 DEP DCEF DII DPPS DCST Segment Earnings 57 133 95 178 81 Other depreciation and amortization 6 9 5 15 8 Adjusted segment EBITDA 62 142 100 193 89 Adjusted segment EBITDA margin 22.6 % 23.4 % 32.7 % 33.9 % 18.4 % ($ in millions) Q3 2025 DEP DCEF DII DPPS DCST Segment Earnings 57 119 82 169 76 Other depreciation and amortization 6 9 4 14 8 Adjusted segment EBITDA 63 127 86 183 84 Adjusted segment EBITDA margin 22.6 % 23.5 % 28.7 % 33.2 % 20.5 % Note: Numbers may not add due to rounding.
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16 Reconciliation of Earnings from Continuing Operations to Total Segment Earnings and Total Adjusted Segment EBITDA ($ in millions) Q3 2026 Q3 2025 Q3 2026 YTD Q3 2025 YTD Earnings from continuing operations 337 303 888 823 Provision for income taxes 84 83 219 211 Earnings before provision for income taxes 421 386 1,107 1,034 Interest income (17) (18) (45) (56) Interest expense 29 27 87 82 Corporate expense / other 42 32 139 125 Gain on dispositions — — — (5) Restructuring and other costs 22 16 83 49 Purchase accounting expenses 46 59 152 160 Total segment earnings 543 502 1,524 1,388 Add: Other depreciation and amortization 42 40 123 117 Total adjusted segment EBITDA 585 543 1,647 1,505 Total adjusted segment EBITDA margin 26.2 % 26.1 % 25.4 % 25.1 % Note: Numbers may not add due to rounding.
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17 Reconciliation of Earnings from Continuing Operations to Total Adjusted EBITDA ($ in millions) Q4 2025 Q1 2026 Q2 2026 Q3 2026 Earnings from continuing operations 275 239 313 337 Provision for income taxes 66 60 75 84 Interest income (17) (14) (15) (17) Interest expense 28 30 29 29 Restructuring and other costs 29 37 25 22 Purchase accounting expenses 59 55 52 46 Other depreciation and amortization1 44 42 43 44 Total adjusted EBITDA 484 449 522 545 1 Include corporate depreciation and amortization Note: Numbers may not add due to rounding
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18 Reconciliation of Earnings from Continuing Operations to Adjusted Earnings from Continuing Operations and Adjusted EPS from Continuing Operations (in millions, except per share data) 2026 2025 2026 2025 2018 (1) Q3 Q3 Q3 YTD Q3 YTD FY Earnings from continuing operations ($) 337 303 888 823 591 Purchase accounting expenses, pre-tax 46 59 152 160 146 Purchase accounting expenses, tax impact (12) (14) (36) (36) (37) Restructuring and other costs, pre-tax 22 16 83 49 73 Restructuring and other costs, tax impact (5) (3) (18) (10) (15) Gain on disposition, pre-tax — — — (5) — Gain on disposition, tax-impact — — — 1 — Tax Cuts and Jobs Act — — — — (3) Adjusted earnings from continuing operations ($) 388 361 1,069 981 756 Adjusted earnings per share from continuing operations ($) 2.88 2.62 7.89 7.10 4.97 Revenue 2,234 2,078 6,477 5,993 6,992 Weighted average shares outstanding - diluted 135 138 135 138 152 (1) FY 2018 has not been recast to reflect the impact of discontinued operations resulting from the sale of Environmental Ser vices Group business in 2024 as it was not practicable to do so. Note: Numbers may not add due to rounding.
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19 Reconciliation of Free Cash Flow and EPS from Continuing Operations to Adjusted EPS from Continuing Operations Adjusted Free Cash Flow 2026 2025 $ in millions Q3 Q3 YTD Q3 Q3 YTD Net cash provided by operating activities 439 866 424 794 Capital expenditures (55) (163) (54) (163) Free cash flow 383 703 370 631 Free cash flow as a % of revenue 17 % 11 % 18 % 11 % Free cash flow as a % of adjusted earnings from continuing operations 99 % 66 % 102 % 64 % Range 2026 Guidance for Earnings per Share from Continuing Operations (GAAP) $ 8.93 $ 9.08 Purchase accounting expenses, net 1.16 Restructuring and other costs, net 0.51 2026 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP) $ 10.60 $ 10.75 Note: Numbers may not add due to rounding.
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20 Non-GAAP Definitions Definitions of Non-GAAP Measures: The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations. Adjusted Earnings From Continuing Operations: is defined as earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs, Tax Cuts and Jobs Act, and gain/loss on dispositions. Adjusted Diluted Earnings Per Share From Continuing Operations (or Adjusted Earnings Per Share From Continuing Operations): is defined as adjusted earnings from continuing operations divided by weighted average diluted shares outstanding. Adjusted Segment EBITDA: is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted Segment EBITDA Margin: is defined as adjusted segment EBITDA divided by revenue. Adjusted Segment EBITDA Conversion: is defined as the change in total adjusted segment EBITDA divided by the change in revenue. Adjusted EBITDA: is defined as earnings from continuing operations adjusted for purchase accounting expenses, restructuring and other costs/ benefits, gain/loss on dispositions, interest expense, interest income, provision for income taxes, and other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Free Cash Flow: is defined as net cash provided by operating activities minus capital expenditures. Organic Revenue Growth: is defined as revenue growth excluding the impact of foreign currency exchange rates and the impact of acquisitions and dispositions. The tables included in this presentation provide reconciliations of the non-GAAP measures used in this presentation to the most directly comparable U.S. GAAP measures. Further information regarding management’s use of these non-GAAP measures is included in Dover’s earnings release and investor supplement for the quarter.
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21 Performance Measure Definitions Definitions of Performance Measures: The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations. Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends. Book-to-Bill is a ratio of the amount of bookings received from customers during a period divided by the amount of revenue recorded during that same period. This metric is a useful indicator of demand. We use the above operational metrics in monitoring the performance of the business. We believe the operational metrics are useful to investors and other users of our financial information in assessing the performance of our segments.