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© 2024 Third Quarter 2025 October 29, 2025 EARNINGS CONFERENCE CALL
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Forward-Looking Statements & Non-GAAP Disclaimer 2 Forward-Looking Statements This presentation includes forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning the Company’s plans, goals, objectives, outlook, expectations, and intentions, including statements that are not historical or current fact. Forward-looking statements are based on the Company’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including general risks and uncertainties such as market conditions, economic conditions, geopolitical events, changes in laws, regulations or accounting rules, fluctuations in interest rates, terrorism, wars or conflicts, major health concerns, natural disasters or other disruptions of expected business conditions. Factors that could cause the Company’s results to differ materially from current expectations include, but are not limited to, risks related to the impact of the war in Ukraine and the conflict in the Middle East and the resulting escalating geopolitical tensions; impact of supply chain disruptions; the impact of creditworthiness and financial viability of customers; impact of inflationary pressures, tariff and trade policies, foreign exchange fluctuations and commodity prices; other impacts on the Company’s business and ability to execute business continuity plans; and the other factors detailed in the Company’s Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q, as filed with the U.S. Securities and Exchange Commission (“SEC”). In addition, these statements are based on assumptions that are subject to change. This document speaks only as of the date hereof. The Company disclaims any duty to update the information herein. Non-GAAP Financial Measures This document includes a presentation of adjusted EBITA, adjusted EBITA margin, adjusted EBITDA, adjusted EBITDA margin, organic sales growth, and adjusted free cash flow and other financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), which ESAB uses to measure the performance of its business. The non-GAAP financial measures provided herein are adjusted for certain items as presented in the Appendix and should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies. ESAB presents some of these non-GAAP financial measures including and excluding Russia due to economic and political volatility caused by the Russia and Ukraine conflict, which results in enhanced investor interest in this information. Core non- GAAP financial measures excludes Russia for the three and nine months ended October 3, 2025, and September 27, 2024. Management believes that these non-GAAP financial measures provide useful information to investors by offering additional ways of viewing ESAB’s results, and represent the following: ▪ Organic sales growth (presented with and without Russia or “Core”) excludes the impact of acquisitions and foreign exchange rate fluctuations; ▪ Adjusted EBITA (presented with and without Russia or “Core”) represents net income excluding the effect of Restructuring and other related charges, acquisition transaction, due diligence and integration expenses, amortization of intangibles and fair value charges on acquired inventories and Pension settlement loss, income tax expense, and interest expense and other, net; ▪ Adjusted EBITDA (presented with and without Russia or “Core”) represents Adjusted EBITA excluding the effect of depreciation and other amortization; ▪ Adjusted EBITA and adjusted EBITDA margins are subject to the same adjustments as adjusted EBITA and adjusted EBITDA, respectively; ▪ Adjusted net income from continuing operations (presented with and without Russia or “Core”) represents net income from continuing operations attributable to ESAB Corporation excluding Restructuring and other related charges, acquisition due diligence and transaction expenses, amortization of intangibles and fair value charges on acquired inventories and Pension settlement loss. Adjusted net income includes the tax effect of non-GAAP adjusting items at applicable tax rates; ▪ Adjusted net income per share from continuing operations (presented with and without Russia or “Core”) is a calculation of adjusted net income from continuing operations over the weighted-average diluted shares outstanding; ▪ Adjusted free cash flow represents cash flows from operating activities excluding cash outflows related to discontinued operations and acquisition related due diligence and transaction payments, less purchases of property, plant and equipment net of proceeds from sale of certain properties. ▪ Cash conversion represents Adjusted free cash flow divided by Core Adjusted net income from continuing operations. Management also believes that presenting these measures allows investors to view its performance using the same measures that ESAB uses in evaluating our financial and business performance and trends. See the Appendix to this presentation for a reconciliation of these non-GAAP measures to their closest equivalent GAAP measures. Refer to information about the non-GAAP measures contained in this presentation. Additional information regarding non-GAAP measures can be found in our most recent Form 10-K and our Form 8-K furnished as of the date of this presentation with the SEC, which are available at www.ESABcorporation.com.
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation 3Q 2025 Highlights 1 Core – See non-GAAP reconciliation tables in appendix; 2 Includes EWM3 Return to positive organic growth ▪ Strong execution in a challenging environment ▪ Return to organic growth ▪ Accelerating growth and AI investment ▪ Completed EWM acquisition; Integration is underway ▪ Raised FY 2025 sales & aEBITDA guidance $687M Sales1,2 +2% Core Organic Growth1 $133M aEBITDA1,2 Year-over-Year +7% 19.4% aEBITDA Margin1,2 Year-over-Year (20) bps 3Q 2025 results:
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Shaping The World We Imagine 4 Investing in the next generation of welders ▪ Remake This T own T our Bus outfitted by ESAB ▪ Multi-city tour in the U.S. ▪ Creating welded sculptures for local communities ▪ Introducing opportunities for a welding career ▪ Partnering w/ Vilnius T ech, Riga T ech & Burnley College ▪ ESAB employees volunteering time to teach welding ▪ Students learn on ESAB equipment ▪ Collaborating to create the next generation of welders
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Americas Improving 5 3Q improved sequentially as tariff uncertainty declined $289 $283 3Q 24 2Q 25 3Q 25 $293 +1% Americas sales ($M) U.S. grew MSD U.S. Equipment & Automation up MSD Other regions performing as expected YoY improvement driven by: 2% (7)% 0%Organic Growth Tariff Impact
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation EMEA & APAC Continues T o Perform 1 Includes EWM; 2 Core 6 Unmatched global footprint delivering growth $347 $396 3Q 24 2Q 25 3Q 25 $3951 +14% EMEA & APAC sales ($M) High-growth markets remain strong Equipment & Automation up HSD YoY EU stimulus & infrastructure investments in high- growth markets Completed EWM acquistion EMEA & APAC benefiting from: 1% 4% 3%Organic Growth2
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Completed EWM Acquisition 7 Changing the game with EWM Strengthens HIP & Robotics Leading React technology is a differentiator Accretive gross margins Investing to drive synergy opportunities
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation ESAB 3Q 2025 Financial Summary 1 Core; see non-GAAP reconciliation tables in appendix; Rounding; 2 Includes EWM8 Strong execution by global teams 3Q Highlights: 3Q 2025 Sales Growth1,2: ▪ High-growth markets maintained strong performance ▪ Americas improved sequentially ▪ Growth investments funded by EBX savings ▪ EWM contributed 2 points of growth and $1M in aEBITDA ($ Millions) 3Q 2025 1,2 3Q 2024 1 YoY 1 T otal Sales $687 $636 8% aEBITA $123 $116 7% aEBITA Margin % 18.0% 18.2% (20) bps aEBITDA $133 $125 7% aEBITDA Margin % 19.4% 19.6% (20) bps Organic 2% Price 1% Volume 1% FX Translation 1% Acquisitions 5% Total 8%
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation ESAB 3Q 2025 Americas 1 Rounding9 Accelerating EBX to drive momentum into 2026 ▪ Sequential sales improvement as expected ▪ US grew MSD driven by Equipment & Automation ▪ Price/cost; Tariff dynamics ▪ Investing for growth ▪ Leveraging EBX to offset tariff headwinds 3Q Highlights: 3Q 2025 Sales Growth1: Organic FX Translation Total 0% (1)% 1% 4% (4)% Acquisitions 3% Price Volume ($ Millions) 3Q 2025 3Q 2024 YoY T otal Sales $293 $289 1% aEBITDA $57 $59 (4)% aEBITDA Margin % 19.6% 20.6% (100) bps
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation ESAB 3Q 2025 EMEA and APAC1 1 Core; see non-GAAP reconciliation tables in appendix; Rounding; 2 Includes EWM10 Announced global stimulus driving optimism into 2026 ▪ Continued strong performance ▪ High-growth markets performing well ▪ EBX driving margin expansion ▪ Acquisitions performing well; EWM integration underway 3Q Highlights: 3Q 2025 Sales Growth1,2: ($ Millions) 3Q 2025 1,2 3Q 2024 1 YoY T otal Sales $395 $347 14% aEBITDA $76 $66 16% aEBITDA Margin % 19.3% 18.9% 40 bps Organic 3% Price (1)% Volume 4% FX Translation 3% Acquisitions 8% Total 14%
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Financial Flexibility T o Execute Compounder Strategy 11 Strong balance sheet supports compounder strategy Cash Adjusted Free Cash Flow ($M) Net Leverage Net Debt to Adjusted EBITDA (TTM) 0 50 0.5% 1.0% 3Q24 4Q24 1Q25 2Q25 3Q25 $86M 2.1x 3Q24 4Q24 1Q25 2Q25 3Q25 3Q Cash Conversion 107% ▪ Cash flow reflects: ▪ Lower inventory ex EWM ▪ EBX process improvements in-order-to-cash ▪ Expect strong 4Q cash flow generation Maintaining Strong Balance Sheet ▪ Successfully upsized and extended credit facilities ▪ Completion of EWM acquisition brings net leverage to 2.1x ▪ 4Q free cash flow to reduce net leverage and support compounder journey
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Raising 2025 Outlook 1 See appendix for guidance detail; 2 Core12 Successfully executing our plan for 2025 Sales Core Organic Growth % aEPS aEBITDA aFCF Conversion % $2.63–$2.68 0%–2% $5.15–$5.30 $525–$535M ~100% ▪ T otal Sales guidance has been raised to account for the EWM acquisition & improved FX ▪ Core Organic Growth guidance updated to ~1% ▪ aEBITDA at the midpoint increased by $8 million ▪ aEPS range tightened, includes interest expense for EWM ▪ Free cash flow updated for EWM Prior FY 2025 Guidance 1,2 Financial Metrics $2.71–$2.73 ~1% $5.20–$5.30 $535–$540M ~95% FY 2025 Guidance 1,2
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Summary 13 Focused on executing long-term strategy and creating shareholder value ▪ Raised 2025 guidance ▪ Q4 off to a good start ▪ Investing for growth ▪ EBX to drive further efficiency in Americas ▪ Accelerating integration activities at EWM ▪ Strong funnel supports compounder strategy Shared Success Help Each Other Win Always Improving Purposeful Leadership Every Voice Valued
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Appendix 14
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Full Y ear 2025 Outlook 1 Core15 ESAB Prior 2025 Guidance1 2025 Guidance1 Sales ($B) 2.63 – 2.68 2.71 – 2.73 Total Growth 1.5% - 3.5% 4.5% - 5.5% Core Organic Growth 0.0% - 2.0% ~1% FX ~(1.0)% (1)% - 0% M&A ~2.5% ~4.5% aEBITDA ($M) 525 – 535 535 – 540 Interest Expense & Other ($M) 70 – 75 ~82 Adjusted Tax Rate 21% – 22% 20% – 21% NCI ($M) ~8 ~8 aEPS ($) 5.15 – 5.30 5.20 – 5.30 ESAB Total Diluted Shares (M) ~61.5 ~61.5
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Non-GAAP Reconciliation EBITA – 3Q '25 T otal & Segments1 M a y 2 9 , 2 0 2 4 1 Numbers may not sum due to rounding Three Months Ended October 3, 2025 ($ Millions) Americas % of NSV EMEA & APAC % of NSV Total ESAB % of NSV Net Sales $ 292.7 $ 435.1 $ 727.8 Net Sales attributable to Russia — 40.4 40.4 Core Net Sales $ 292.7 $ 394.7 $ 687.4 Operating Income $ 45.3 15.5 % $ 61.3 14.1 % $ 106.6 14.6 % Restructuring and other related charges 2.2 2.1 4.3 Acquisition-amortization and other related charges 5.8 10.7 16.5 Adjusted EBITA $ 53.3 18.2 % $ 74.1 17.0 % $ 127.5 17.5 % Adjusted EBITA attributable to Russia — 4.0 4.0 Core Adjusted EBITA $ 53.3 18.2 % $ 70.1 17.8 % $ 123.4 18.0 % 16
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Non-GAAP Reconciliation EBITDA – 3Q '25T otal &Segments1 M a y 2 9 , 2 0 2 4 1 Numbers may not sum due to rounding Three Months Ended October 3, 2025 ($ Millions) Americas % of NSV EMEA & APAC % of NSV Total ESAB % of NSV Net Sales $ 292.7 $ 435.1 $ 727.8 Net Sales attributable to Russia — 40.4 40.4 Core Net Sales $ 292.7 $ 394.7 $ 687.4 Operating Income $ 45.3 15.5 % $ 61.3 14.1 % $ 106.6 14.6 % Restructuring and other related charges 2.2 2.1 4.3 Acquisition-amortization and other related charges 5.8 10.7 16.5 Adjusted EBITA $ 53.3 18.2 % $ 74.1 17.0 % $ 127.5 17.5 % Depreciation and other amortization 3.9 8.1 12.0 Adjusted EBITDA $ 57.3 19.6 % $ 82.2 18.9 % $ 139.5 19.2 % Adjusted EBITDA attributable to Russia — 6.1 6.1 Core Adjusted EBITDA $ 57.3 19.6 % $ 76.1 19.3 % $ 133.4 19.4 % 17
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Non-GAAP Reconciliation EBITA – 3Q '24 T otal & Segments1 M a y 2 9 , 2 0 2 4 1 Numbers may not sum due to rounding Three Months Ended September 27, 2024 ($ Millions) Americas % of NSV EMEA & APAC % of NSV Total ESAB % of NSV Net Sales $ 288.8 $ 384.4 $ 673.3 Net Sales attributable to Russia — 37.7 37.7 Core Net Sales $ 288.8 $ 346.8 $ 635.6 Operating Income $ 49.9 17.3 % $ 56.1 14.6 % $ 106.0 15.7 % Restructuring and other related charges 0.9 1.0 1.9 Acquisition-amortization and other related charges 4.8 5.2 10.1 Adjusted EBITA $ 55.6 19.3 % $ 62.3 16.2 % $ 117.9 17.5 % Adjusted EBITA attributable to Russia — 2.2 2.2 Core Adjusted EBITA $ 55.6 19.3 % $ 60.2 17.4 % $ 115.7 18.2 % 18
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation M a y 2 9 , 2 0 2 4 1 Numbers may not sum due to rounding Three Months Ended September 27, 2024 ($ Millions) Americas % of NSV EMEA & APAC % of NSV Total ESAB % of NSV Net Sales $ 288.8 $ 384.4 $ 673.3 Net Sales attributable to Russia — 37.7 37.7 Core Net Sales $ 288.8 $ 346.8 $ 635.6 Operating Income $ 49.9 17.3 % $ 56.1 14.6 % $ 106.0 15.7 % Restructuring and other related charges 0.9 1.0 1.9 Acquisition-amortization and other related charges 4.8 5.2 10.1 Adjusted EBITA $ 55.6 19.3 % $ 62.3 16.2 % $ 117.9 17.5 % Depreciation and other amortization 3.7 5.7 9.5 Adjusted EBITDA $ 59.4 20.6 % $ 68.1 17.7 % $ 127.4 18.9 % Adjusted EBITDA attributable to Russia — 2.6 2.6 Core Adjusted EBITDA $ 59.4 20.6 % $ 65.5 18.9 % $ 124.8 19.6 % Non-GAAP Reconciliation EBITDA – 3Q '24 T otal & Segments1 19
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation M a y 2 9 , 2 0 2 4 Non-GAAP Reconciliation – Net Income to Adjusted EPS1 Three months ended ($ Millions, except Per Share Data) October 3, 2025 September 27, 2024 Net income from continuing operations $ 65.3 $ 71.0 Income attributable to noncontrolling interest, net of taxes 1.7 1.6 Net income from continuing operations attributable to ESAB Corporation $ 63.7 $ 69.4 Restructuring and other related charges - pretax 4.3 1.9 Acquisition-amortization and other related charges - pretax 16.5 10.1 Tax effect on above items (3.6) (2.8) Discrete tax adjustments 2.3 0.1 Adjusted net income from continuing operations $ 83.2 $ 78.6 Adjusted net income from continuing operations attributable to Russia (2.7) (1.9) Core adjusted net income from continuing operations $ 80.5 $ 76.7 Net income per share - diluted from continuing operations $ 1.04 $ 1.13 Restructuring and other related charges - pretax 0.07 0.03 Acquisition-amortization and other related charges - pretax 0.27 0.16 Tax effect on above items (0.06) (0.05) Discrete tax adjustments 0.04 — Adjusted net income per share - diluted from continuing operations $ 1.36 $ 1.28 Adjusted net income per share - diluted from continuing operations attributable to Russia (0.04) (0.03) Core adjusted net income per share – diluted from continuing operations $ 1.32 $ 1.25 20 1 Numbers may not sum due to rounding
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation M a y 2 9 , 2 0 2 4 Non-GAAP Reconciliation – Adj. Free Cash Flow Three months ended Nine months ended ($ Millions) October 3, 2025 September 27, 2024 October 3, 2025 September 27, 2024 Net cash provided by operating activities $ 81.5 $ 101.0 $ 163.5 $ 228.5 Purchases of property, plant and equipment (11.3) (10.7) (27.7) (27.1) Proceeds from the sale of certain properties — 1.9 — 1.9 Payments related to discontinued operations 3.6 3.6 10.8 12.1 Payments for acquisition-related payments 12.6 — 16.6 — Adjusted free cash flow $ 86.4 $ 95.8 $ 163.2 $ 215.4 21