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© 2024 Third Quarter 2026 November 4, 2026 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 gross profit, Adjusted gross profit margin, 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 2, 2026, and October 3, 2025. 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 gross profit represents Gross profit excluding inventory fair value step-up, which is the fair value adjustment to acquired inventory recognized in cost of sales as that inventory is sold. Adjusted gross profit margin is adjusted gross profit as a percentage of net sales (presented with and without Russia or “Core”); ▪ Adjusted EBITA (presented with and without Russia or “Core”) represents Net income excluding the effect of Restructuring and other related charges, Pension settlement loss, acquisition transaction, due diligence and integration expenses, amortization of intangibles and fair value charges on acquired inventories, other costs such as compensation expense related to the Performance Option Awards, 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, Pension settlement loss, acquisition transaction, due diligence and transaction expenses, amortization of intangibles and fair value charges on acquired inventories, and other costs such as compensation expense related to the Performance Option Awards. 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. We present the earnings per share-related non-GAAP measures on a basis that assumes the MCPS had already been converted as of the beginning of the applicable period (and accordingly also exclude the dividends accrued on the MCPS during such period, since such dividends would no longer be paid once the MCPS convert). We believe this presentation provides useful information to investors by helping them understand what the net impact will be on ESAB’s earnings per share - related measures once the MCPS convert into ESAB’s common stock. ▪ 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 Q3 2026 Highlights 1 Core – See non-GAAP reconciliation tables in appendix3 Resiliency in a dynamic environment ▪ Solid 3Q total core sales & aEBITDA ▪ Organic growth in both segments ▪ Weakness in SAM & ME ▪ Continued inflationary pressure ▪ Investing in growth initiatives & AI ▪ EBXai driving growth & margin expansion ▪ Eddyfi & EWM continues to gain traction Q3 2026 results: $787M Sales 1 +14% Total Core Growth 1 +2% Core Organic Growth 1 $156M aEBITDA 1 +17% Year-over-Year 19.8% aEBITDA Margin1 40bps Year-over-Year
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation 4 Unrivaled portfolio 1 CUT Prepare & shape the metal 2 JOIN Filler metal fuses the joint 3 SHIELD Weld pool shielding 4 AUTOMATE Scale with consistency 5 ANALYZE Digitize & analyze weld data 6 INSPECT & MONITOR Verify & monitor in the field Complete Workflow Addresses: Quality, Productivity, Cost of Ownership & Asset Lifecycle Management Only ESAB: Category Defining Fabrication Workflow
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Our Complete Workflow Is Unlocking New Paths to Organic Growth 5 Accelerating funnel of cross-selling opportunities GOING TO MARKET TOGETHER Our complete workflow has unlocked significant cross- sell opportunities + ~$465M Current cross-selling funnel Funnel Breakdown END MARKET LEAD RELATIONSHIP PULL-THROUGH SIZE Aerospace ~8% › Nuclear ~20% › Infrastructure ~25%› Other ~5%› Energy ~28%› Rail ~14% ›
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Beginning to Show the Potential of ESAB 1 Core – See non-GAAP reconciliation tables in appendix; 2 Includes $38 million of interest payments6 Delivering organic growth and continued margin expansion Q1 2026 Q2 2026 Q3 2026 Sales 1 Organic growth % $714M -1.1% $766M 2.5% $787M 2.3% Adj. Gross Profit % 1 38.0% 38.9% 40.2% Adj. EBITDA % 1 19.0% 19.5% 19.8% Cash flow from ops. $47M $33M $73M 2 Organic Sales Growth Adj. EBITDA % Expansion Adj. Gross Profit % Expansion CF from Ops. Increase
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Q3 2026 Geographic Performance All major regions growing except South America and The Middle East 7 Geography YoY Organic % Americas + LSD US / Canada + HSD Rest of Region - HSD Geography YoY Organic % EMEA & APAC + LSD Europe + LSD APAC + LDD MEA - HSD Americas impacted by: ▪ Earthquake in Colombia ▪ Brazilian elections ▪ Mexico flat QoQ EMEA & APAC: ▪ Middle East flat QoQ
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Q3 2026 Financial Results 1 Core – See non-GAAP reconciliation tables in appendix8 Focused organic growth, margin expansion and debt reduction $ in millions, except per share data Q3 2025 Q3 2026 Sales 1 Organic growth % $687 2.0% $787 2.3% Adj. Gross Profit 1 % of sales $259 37.7% $316 40.2% Adj. EBITDA 1 % of sales $133 19.4% $156 19.8% Adj. Net Income 1 aEPS $80 $1.32 $83 $1.30 Q3 2026 Sales Growth 1 Organic 2.3% Price 2.5% Volume (0.2)% FX Translation 0.9% Acquisitions 11.3% Total 14.5% Q3 Highlights: ▪ Organic growth continues ▪ Price/cost neutrality ▪ EBXai driving margin expansion ▪ Eddyfi & EWM integration on track
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation $ in millions Q3 2025 Q3 2026 YoY Total Sales $293 $337 15.2% aEBITDA $57 $67 17.3% aEBITDA Margin % 19.6% 19.9% 30 bps Q3 2026 Americas 1 Rounding9 Strong execution driving organic growth and margin expansion Q3 2026 Sales Growth 1 Organic 0.8% Price 2.7% Volume (1.9)% FX Translation 2.8% Acquisitions 11.7% Total 15.2% Q3 Highlights: ▪ Organic growth driven by U.S. & Canada up HSD ▪ NAM equipment up LDD ▪ NAM gas control up DD ▪ Mexico flat QoQ ▪ Expect sequential improvement in SAM in Q4
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation $ in millions Q3 2025 Q3 2026 YoY Total Sales $395 $449 13.9% aEBITDA $76 $89 16.8% aEBITDA Margin % 19.3% 19.8% 50 bps Q3 2026 EMEA & APAC 1 1 Core; see non-GAAP reconciliation tables in appendix; Rounding10 Resilient performance in a challenging environment Q3 2026 Sales Growth 1 Organic 3.4% Price 2.3% Volume 1.1% FX Translation (0.5)% Acquisitions 10.9% Total 13.9% Q3 Highlights: ▪ Organic growth driven by Europe & APAC ▪ Europe up LSD, APAC up LDD ▪ Middle East up LSD QoQ ▪ Gas control equipment up MSD
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Cash Flow & Leverage 1 See non-GAAP reconciliation tables in appendix; 2 Rounding; 3 Includes proforma Eddyfi11 Focused on driving conversion to cash and deleveraging ▪ Cash generation & conversion improving sequentially ▪ Free cash flow impacted by interest expense ▪ Adjusted net leverage expectations: ▪ Low-3s in Q4 ▪ Mid-2s by the end of 2027 $ in millions Q3 2025 Q3 2026 Cash from Operations $90 $111 Cash Interest (8) (38) Net cash from Ops. (GAAP) $812 $73 Adj. Free Cash Flow1 $86 $60 Adj. FCF% of Core ANI 107% 72% FCF % of Net Income (GAAP) 124% 135% Adj. Net Leverage 2.1x 3.4x3
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation 12 ▪ Includes 7 months of Eddyfi ▪ Sales assumes: ▪ M&A benefit ~9.5% ▪ FX tailwind ~2% ▪ Key points: ▪ Improving organic growth & margin ▪ Continued inflationary pressure ▪ Accelerating targeted investments Updated 2026 Outlook Continued organic growth & margin expansion trajectory into Q4 1 Core $ in millions, except per share data Prior FY 26 Outlook 1 Updated FY 26 Outlook 1 Sales $3.0 - $3.1B $3.055 - $3.060B Organic Growth % 2% - 4% 1.6% - 2.0% aEBITDA $615 - $625M $603 - $607M aEPS $5.40 - $5.50 $5.28 - $5.33 aFCF Conversion % ~90% ~80% FCF % of Net Income (GAAP) NA ~105%
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Summary 13 Focused on organic growth, margin expansion & cash generation ■ Solid 3Q total core sales & aEBITDA ■ Unrivaled workflow solution gaining momentum ■ Investing for growth & productivity ■ EBITDA growth & cash generation driving deleveraging ■ EBXai accelerating growth & cost out Shared Success Help Each Other Win Always Improving Purposeful Leadership Every Voice Valued
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Appendix 14
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Full Y ear 2026 Guidance 1 Core; 2 Rounding; 3Eddyfi financing: Incremental interest expense; 4 Eddyfi financing: MCPS (1.25 - 1.45 million shares) & Common equity (~1.25 million shares)15 ESAB 2026 Guidance – Includes Eddyfi1 Updated 2026 Guidance – Includes Eddyfi1 Sales ($B) 3.00 – 3.102 3.055 – 3.0602 Total Growth 11.0% – 14.0%2 13.1% – 13.3%2 Core Organic Growth 2.0% – 4.0% 1.6% – 2.0% FX 0.0% – 1.0% ~2.0% M&A ~9.0% ~9.5% aEBITDA ($M) 615 – 625 603 – 607 Interest Expense & Other ($M) 125 – 1283 ~1253 Adjusted Tax Rate ~21.0% ~21% NCI ($M) ~8 ~7 aEPS ($) 5.40 – 5.503,4 5.28 – 5.333,4 ESAB Total Adjusted Diluted Shares (M) H2 64.44 & FY ~63.34 Q4 ~64.44 & FY ~63.34 Updating full year guidance
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Non-GAAP Reconciliation – Adjusted Gross Profit1 O c t o b e r 2 8 , 2 0 2 6 1 Numbers may not sum due to rounding Three Months Ended ($ Millions) October 2, 2026 % of NSV October 3, 2025 % of NSV Net sales $ 824.5 $ 727.8 Core net sales 786.8 687.4 Gross profit (GAAP) 323.6 39.3 % 269.3 37.0 % Inventory fair value step-up 2.6 0.5 Adjusted gross profit (non-GAAP) $ 326.2 39.6 % $ 269.8 37.1 % Adjusted gross profit related to Russia (non-GAAP) 10.0 11.0 Adjusted core gross profit (non-GAAP) $ 316.3 40.2 % $ 258.8 37.7 % 16
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Non-GAAP Reconciliation –Adjusted Gross Profit Q1 & Q21 M a y 2 9 , 2 0 2 4 1 Numbers may not sum due to rounding Three Months Ended ($ Millions) July 3, 2026 % of NSV April 3, 2026 % of NSV Net sales $ 807.6 $ 745.6 Core net sales 766.3 714.5 Gross profit (GAAP) 307.2 38.0 % 275.1 36.9 % Inventory fair value step-up 0.9 1.8 Adjusted gross profit (non-GAAP) $ 308.2 38.2 % $ 276.9 37.1 % Adjusted gross profit related to Russia (non-GAAP) 9.8 5.7 Adjusted core gross profit (non-GAAP) $ 298.4 38.9 % $271.2 38.0 % 17
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Non-GAAP Reconciliation EBITA – 3Q '26 T otal & Segments1 O c t o b e r 2 8 , 2 0 2 6 Three Months Ended October 2, 2026 ($ Millions) Americas % of NSV EMEA & APAC % of NSV Total ESAB % of NSV Net Sales $ 337.4 $ 487.1 $ 824.5 Net Sales attributable to Russia — 37.7 37.7 Core Net Sales $ 337.4 $ 449.5 $ 786.8 Operating Income $ 23.7 7.0 % $ 68.2 14.0 % $ 91.9 11.1 % Restructuring and other related charges 11.1 0.2 11.3 Acquisition-amortization and other related charges 26.0 13.9 39.9 Other2 1.3 1.9 3.2 Adjusted EBITA $ 62.2 18.4 % $ 84.2 17.3 % $ 146.3 17.7 % Adjusted EBITA attributable to Russia — 2.4 2.4 Core Adjusted EBITA $ 62.2 18.4 % $ 81.8 18.2 % $ 144.0 18.3 % 18 1 Numbers may not sum due to rounding; 2 Includes the impact of the Performance Option Awards granted in June and July 2026.
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Non-GAAP Reconciliation EBITDA – T otal Q1 & Q21 M a y 2 9 , 2 0 2 4 Three Months Ended ($ Millions) July 3, 2026 % of NSV April 3, 2026 % of NSV Net Sales $ 807.6 $ 745.6 Net Sales attributable to Russia 41.4 31.1 Core Net Sales $ 766.3 $ 714.5 Operating Income $ 78.7 9.7 % $ 90.5 12.1 % Restructuring and other related charges 18.3 10.2 Acquisition-amortization and other related charges 41.3 22.8 Other2 0.7 — Adjusted EBITA $ 139.0 17.2 % $ 123.4 16.6 % Depreciation and other amortization 12.3 13.1 Adjusted EBITDA $ 151.4 18.7 % $ 136.6 18.3 % Adjusted EBITDA attributable to Russia 1.8 0.7 Core Adjusted EBITDA $ 149.6 19.5 % $ 135.9 19.0 % 19 1 Numbers may not sum due to rounding; 2 Includes the impact of the Performance Option Awards granted in June and July 2026.
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Non-GAAP Reconciliation EBITDA – 3Q '26 T otal & Segments1 O c t o b e r 2 8 , 2 0 2 6 1 Numbers may not sum due to rounding; 2 Includes the impact of the Performance Option Awards granted in June and July 2026. Three Months Ended October 2, 2026 ($ Millions) Americas % of NSV EMEA & APAC % of NSV Total ESAB % of NSV Net Sales $ 337.4 $ 487.1 $ 824.5 Net Sales attributable to Russia — 37.7 37.7 Core Net Sales $ 337.4 $ 449.5 $ 786.8 Operating Income $ 23.7 7.0 % $ 68.2 14.0 % $ 91.9 11.1 % Restructuring and other related charges 11.1 0.2 11.3 Acquisition-amortization and other related charges 26.0 13.9 39.9 Other2 1.3 1.9 3.2 Adjusted EBITA $ 62.2 18.4 % $ 84.2 17.3 % $ 146.3 17.7 % Depreciation and other amortization 5.0 7.7 12.7 Adjusted EBITDA $ 67.2 19.9 % $ 91.9 18.9 % $ 159.0 19.3 % Adjusted EBITDA attributable to Russia — 3.0 3.0 Core Adjusted EBITDA $ 67.2 19.9 % $ 88.9 19.8 % $ 156.1 19.8 % 20
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation Non-GAAP Reconciliation EBITA – 3Q '25 T otal & Segments1 O c t o b e r 2 8 , 2 0 2 6 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 % 21
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation O c t o b e r 2 8 , 2 0 2 6 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 % Non-GAAP Reconciliation EBITDA – 3Q '25 T otal & Segments1 22
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation O c t o b e r 2 8 , 2 0 2 6 Non-GAAP Reconciliation – Net Income to Adjusted EPS1 Three months ended ($ Millions, except Per Share Data) October 2, 2026 October 3, 2025 Net income from continuing operations $ 42.2 $ 65.3 Income attributable to noncontrolling interest, net of taxes (1.4) (1.7) Declared dividends on the MCPS (2.8) — Net income from continuing operations attributable to ESAB Corporation $ 38.0 $ 63.7 Restructuring and other related charges - pretax 11.3 4.3 Acquisition-amortization and other related charges - pretax 39.9 16.5 Other2 3.2 — Tax effect on above items (12.3) (3.6) Discrete tax adjustments 1.5 2.3 Declared dividends on the MCPS assuming "if-converted" method 2.8 — Adjusted net income from continuing operations $ 84.5 $ 83.2 Adjusted net loss (income) from continuing operations attributable to Russia (1.5) (2.7) Core adjusted net income from continuing operations $ 83.0 $ 80.5 Net income per share - diluted from continuing operations $ 0.61 $ 1.04 Restructuring and other related charges - pretax 0.18 0.07 Acquisition - amortization and other related charges - pretax 0.63 0.27 Other2 0.05 — Tax effect on above items (0.19) (0.06) Discrete tax adjustments 0.02 0.04 Declared dividends on the MCPS assuming "if-converted" method 0.03 — Adjusted net income per share - diluted from continuing operations $ 1.32 $ 1.36 Adjusted net income per share - diluted from continuing operations attributable to Russia (0.02) (0.04) Core adjusted net income per share – diluted from continuing operations $ 1.30 $ 1.32 23 1 Numbers may not sum due to rounding; 2 Includes the impact of the Performance Option Awards granted in June and July 2026.
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Proprietary & Confidential ESAB Corporation Proprietary & Confidential ESAB Corporation O c t o b e r 2 8 , 2 0 2 6 Non-GAAP Reconciliation – Adj. Free Cash Flow Three months ended Nine months ended ($ Millions) October 2, 2026 October 3, 2025 October 2, 2026 October 3, 2025 Net cash provided by operating activities $ 72.7 $ 81.5 $ 153.0 $ 163.5 Purchases of property, plant and equipment (18.3) (11.3) (49.7) (27.7) Payments related to discontinued operations 3.7 3.6 15.5 10.8 Payments for acquisition-related costs 1.9 12.6 22.1 16.6 Adjusted free cash flow $ 60.0 $ 86.4 $ 140.9 $ 163.2 24