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1© 2025 Eaton. All rights reserved. Second Quarter 2025 Earnings Release Paulo Ruiz & Olivier Leonetti | August 5, 2025
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2© 2025 Eaton. All rights reserved. Forward-looking statements and non-GAAP financial information This presentation or the comments we make on our call today contain forward-looking statements concerning, among other matters, full year and third quarter 2025 adjusted earnings per share, organic revenue growth and segment operating margins; full year 2025 cash flow, end markets, and anticipated share repurchases; and assumptions about the impact on the foregoing of sales attributed to the Fibrebond acquisition, currency translation sales impact, tax rate, capital expenditures and corporate expenses. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company’s control. The following factors could cause actual results to differ materially from those in the forward-looking statements: potential global pandemics, unanticipated changes in the markets for the company’s business segments; unanticipated downturns in business relationships with customers or their purchases from us; competitive pressures on sales and pricing; continued supply chain disruptions, unanticipated changes in the cost of material, labor and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of disruptive or competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; strikes or other labor unrest at Eaton or at our customers or suppliers; the performance of recent acquisitions; unanticipated difficulties closing or integrating acquisitions; unexpected difficulties completing divestitures, new laws, tariffs and governmental regulations; interest rate changes; stock market and currency fluctuations; geo-political tensions, war, civil or political unrest or terrorism; and unanticipated deterioration of economic and financial conditions in the United States and around the world. We do not assume any obligation to update these forward-looking statements. This presentation includes certain non-GAAP measures as defined by SEC rules, including the following: adjusted earnings, adjusted earnings per share, adjusted earnings per share guidance for the third quarter and full year 2025, and free cash flow guidance for full year 2025. These non-GAAP measures are reconciled to their nearest GAAP equivalent in the Appendix to this presentation.
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3© 2025 Eaton. All rights reserved. Highlights Record adjusted earnings per share of $2.95 in Q2, up 8% versus 2Q24, with segment margins of 23.9%, up 20 bps versus 2Q24, a Q2 record. In Q2, Electrical Sector and Electrical Americas data center orders are each up approximately 55% and revenue up approximately 50% versus 2Q24 demonstrating continued strong momentum in this rapid growth market. Raising 2025 guidance for organic growth, segment margin and adjusted EPS at the midpoint. Organic growth of 8%, driven by 12% growth in Electrical Americas, 11% in Aerospace and 7% in Electrical Global. On a rolling 12-month basis, order acceleration in Electrical Americas up 2% and strong Aerospace growth up 10%, resulting in book-to-bill for the combined segments at 1.1, and backlog growth of 17% in Electrical Americas and 16% in Aerospace.
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4© 2025 Eaton. All rights reserved. Our bold strategy is underway and anchored by three pillars Lead Invest Execute Drive a customer-centric and fast organization Double down in high-growth and high-margin markets Transform from good to best-in-class and expand profitability Each pillar will accelerate growth and create sustained value for shareholders
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© 2025 Eaton. All rights reserved.. 5 Ultra PCS acquisition strengthens our position in fast-growing aerospace and defense markets Ultra PCS’s innovative solutions for safety and mission critical aerospace systems will augment Eaton’s portfolio in both military and civilian aircraft Strong pedigree on attractive aerospace platforms Well positioned for next-generation aerospace solutions Expecting double - digit growth and accretive margins to Aerospace
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© 2025 Eaton. All rights reserved.. 6 Acquisition of Resilient Power Systems will strengthen our power distribution offering for Data Centers and other direct current (DC) applications Resilient’s solid-state transformer technology replaces traditional copper windings with power electronics for medium voltage to low voltage power conversion Critical building block in future high-power AI data center designs Technology also supports other direct current applications like EV charging and battery storage Resilient’s solution offers high- density electrical power in a smaller footprint than comparable solutions Simplifies system installation, reducing customer costs and speeding time to revenue
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© 2025 Eaton. All rights reserved.. 7 Partnerships expand our capabilities and support our customers in new ways ChargePointSiemens EnergyNVIDIA Industry-First Global Partnership Jointly brand, market, and develop integrated EV charging, power distribution and software solutions. Unique Solution Enables the electrification of transportation, from vehicles to chargers to the grid. Leverages Strengths Utilizes distribution channels, power products, and specification capabilities. Removing Roadblocks Delivers integrated on-site power generation with modular data center construction. Critical Solution for Flexible Power No external power dependency, shorter project timeline and operational flexibility. Advanced Grid Design Modular, expandable, and supports renewable energy sources. NVIDIA Partner Network Accelerating the transformation of data center infrastructure across the entire power ecosystem, from grid to chip. High-Voltage Direct Current Power Facilitates shift to HVDC infrastructure to support 1 megawatt racks and beyond Strategic Advancement Meets demanding power, cooling, and operational needs of next-gen AI data centers.
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8© 2025 Eaton. All rights reserved. Financial Summary (M) Sales Segment Operating Profit Segment Operating Margin Adjusted Earnings Adjusted EPS 2Q ‘25 $7,028 1,682 23.9% 1,155 $2.95 2Q ‘24 V ‘24 $6,350 1,502 23.7% 1,096 $2.73 11% 12% 20 bps 5% 8% $7,028M $1,682M Sales Growth: Organic 8% Acquisition 2% Forex 1% Total 11% 23.9% Record Quarterly Sales Record Quarterly Segment operating profit Q2 Record Segment operating margin
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9© 2025 Eaton. All rights reserved. Electrical Americas Segment (M) Sales Operating Profit Operating Margin 2Q ‘25 $3,350 987 29.5% 2Q ‘24 V ‘24 $2,877 859 29.9% 16% 15% (40) bps Record sales and segment profit Orders up 2% on rolling 12-month basis, including data centers, up ~55% in the quarter Book-to-bill ratio of 1.1 on rolling 12-month basis and backlog up 17% year-over-year Closed acquisition of Fibrebond and signed agreement to acquire Resilient Power Systems Sales Growth: Organic 12% Acquisition 5% Forex (1)% Total 16%
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10© 2025 Eaton. All rights reserved. Electrical Global Segment (M) Sales Operating Profit Operating Margin 2Q ‘25 $1,753 353 20.1% 2Q ‘24 V ‘24 $1,606 305 19.0% 9% 16% 110bps Sales Growth: Organic 7% Forex 2% Total 9% Record sales and segment profit Q2 record segment margin Book-to-bill ratio of 1.0 on a rolling 12-month basis
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11© 2025 Eaton. All rights reserved. 13% 17% 70bps Aerospace Segment (M) Sales Operating Profit Operating Margin 2Q ‘25 $1,080 240 22.2% 2Q ‘24 V ‘24 $955 206 21.5% Sales Growth: Organic 11% Forex 2% Total 13% Record sales and operating profit Orders up 10% on a rolling 12-month basis Backlog up 16% year-over-year Book-to-bill ratio of 1.1 on a rolling 12-month basis Signed agreement to acquire Ultra PCS
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12© 2025 Eaton. All rights reserved. Vehicle Segment (M) Sales Operating Profit Operating Margin 2Q ‘25 $663 113 17.0% 2Q ‘24 V ‘24 $723 130 18.0% (8%) (13%) (100) bps Sales Growth: Organic (8)% Forex -- Total (8)% Solid operational performance despite market headwinds
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13© 2025 Eaton. All rights reserved. eMobility Segment (M) Sales Operating Profit / (Loss) Operating Margin 2Q ‘25 $182 (10) (5.8)% 2Q ‘24 V ‘24 $189 2 1.3% (4)% -- -- Sales Growth: Organic (7)% Forex 3% Total (4)%
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14© 2025 Eaton. All rights reserved. Eaton’s end market growth – 2025 Assumptions Data Centers & Distributed IT 17% Declining Slight Growth Modest Growth Solid Growth Strong/Double Digit Growth Utility 11% Industrial Facilities 12% Commercial & Institutional 20% Residential 6% Machinery / MOEM 5% Commercial Aerospace 9% Defense Aerospace 6% Electric Vehicles 3% ICE Light Vehicles 4% Commercial Vehicles 7% % of Total Eaton Sales % of Total Eaton Sales
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15© 2025 Eaton. All rights reserved. 2025 Organic Growth and Operating Margin Guidance Segment Electrical Americas Electrical Global Aerospace Vehicle eMobility Eaton Organic Growth Guidance 12.5 – 14.5% 5.5 – 7.5% 10 – 12% (9) – (7)% 3.5 – 5.5% 8.5 – 9.5% Operating Margin Guidance 29.5 – 29.9% 19.2 – 19.6% 23.4 – 23.8% 16.0 – 16.4% (1) – 1% 24.1 – 24.5%
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16© 2025 Eaton. All rights reserved. 2025 Guidance Adjusted Earnings Per Share Organic Growth Segment Operating Margins Operating Cash Flow Free Cash Flow Share Repurchases 3rd Quarter Outlook $3.01 – $3.07 8 – 9% 24.1 – 24.5% N/A N/A N/A 2025 FY Outlook $11.97 – $12.17 8.5 – 9.5% 24.1 – 24.5% $4.6B – $5.0B $3.7B – $4.1B $2.0B - $2.4B
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17© 2025 Eaton. All rights reserved. Summary Record quarterly revenue and segment profit, along with Q2 record segment margins, reflect strong execution and commitment to our growth strategy. Order acceleration and growing backlogs, especially in data center markets, provide extended visibility and support Eaton’s positioning to capitalize on megatrends. We are investing for growth – doubling down in high-growth, high-margin markets – to execute on organic and inorganic opportunities. Well positioned to deliver on 2030 financial commitments with differentiated performance.
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18© 2025 Eaton. All rights reserved.
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19© 2025 Eaton. All rights reserved. Appendix
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20© 2025 Eaton. All rights reserved. 2025 Guidance – Additional Modeling Assumptions Currency Translation Sales Impact – ETN Fibrebond Sales – Electrical Americas Corporate Expenses Tax Rate on Adjusted Earnings Capex 3rd Quarter Outlook ~$55M ~$140M ~$35M more than 3Q24 20.5 – 21.5% N/A 2025 FY Outlook ~$80M ~$420M ~$940M 17.5 – 18.5% ~$900M
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21© 2025 Eaton. All rights reserved.