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© 2026 Eaton. All rights reserved.. 1 Third Quarter 2026 Earnings Release Paulo Ruiz and Dave Foster | November 3, 2026 © 2026 Eaton. All rights reserved..
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© 2026 Eaton. All rights reserved.. 2 Forward-looking statements & non-GAAP financial information This presentation and the comments we make on our call today contain forward-looking statements concerning, among other matters, fourth quarter and full year 2026 earnings per share, adjusted earnings per share, organic growth and segment operating margins; full year 2026 operating cash flow, free cash flow, and anticipated share repurchases; assumptions about the impact on the foregoing of sales attributed to the Fibrebond, Ultra PCS and Boyd Thermal acquisitions, currency translation, corporate expenses, tax rate, and capital expenditures; impact of recent acquisitions on Eaton’s segment results; assumptions about the 2027 growth in end markets; 2030 commitments; the anticipated acquisition of COL Group; and the anticipated separation and divestiture of the Mobility business. These statements are not guarantees of future performance, and actual results may differ materially. 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: the impact of acquisitions, joint ventures, and investments and the integration of acquired entities; disruptions by natural disasters, labor strikes, wars, geopolitical instability and/or conflict, political unrest, terrorist activity, economic upheaval, or public health concerns that impact our production facilities; significant inflation or shortages of raw materials, energy, components, and/or labor, or similar challenges for our customers; reliance on suppliers to provide raw materials, components and services; the development and use of artificial intelligence in our business operations, including potential impacts on compliance with law and our reputation; service interruptions, data corruption, loss or impairment, network security and related operational impacts due to cybersecurity attacks; weather disruptions and regulatory, market and social reactions to such disruptions; our ability to identify, attract, develop, engage and retain qualified employees; our ability to complete the anticipated separation of our Mobility business through a Reverse Morris Trust transaction or within the anticipated timeframe or at all; stock price and end market impacts due to technology disruptions; volatility of end markets; continued successful research, development and marketing of new or improved products; geopolitical, economic or other risks arising from worldwide or regional economic conditions; the global nature of Eaton’s business and exposure to economic and political instability, including war or armed conflict, changes in governmental laws, regulations and policies; changes in countries’ trade policies, including the imposition of sanctions or tariffs; changes in our tax rates or tax laws and regulations applicable to our business; rules, regulations, audits and investigations and related compliance risks associated with being a governmental contractor; our ability to protect our intellectual property; litigation and environmental regulations impacting our business; and the other risk factors discussed in Part I, Item 1A of the company’s Annual Report on Form 10- K for the fiscal year ended December 31, 2025 and other reports filed by the company with the SEC. We disclaim any obligation to update publicly any forward- looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. 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 fourth quarter and full year 2026, and free cash flow guidance for full year 2026. These non-GAAP measures are reconciled to their nearest GAAP equivalent in the Appendix to this presentation.
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© 2026 Eaton. All rights reserved.. 3 Highlights Organic growth of 19%, segment margins of 25.3%, and Adjusted earnings per share of $3.68 were all above the high end of our guidance ranges. Electrical Americas organic growth accelerated to 22% and margins reached 29.8%, up 230 basis points over prior quarter. This puts the second-half margin ramp on track as new capacity turns into output. Electrical Global accelerating organic growth of 27% with broad strength in all end markets. Raising 2026 organic growth and adjusted EPS guidance for the third time this year. On a rolling 12-month basis, strong organic order growth in Electrical Americas up 39%, Electrical Global up 51%, and Aerospace up 20%. Total backlog growth of 33% in Electrical Americas, 121% in Electrical Global and 33% in Aerospace. Electrical Sector data center orders on a rolling 12-month basis up more than 100%, along with accelerating demand in commercial & institutional and industrial facilities, and data center revenues up approximately 65% versus 3Q25.
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© 2026 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 is accelerating growth and creating sustained value for shareholders
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© 2026 Eaton. All rights reserved.. Electrical Americas demand continues to build, with all growth indicators pointing up 33% Backlog Growth 3Q26 Y/Y Rolling 12-Month Order Growth and 1.3 Book to Bill Rolling 12-month 9/30/26 39% 5 Execute 55% Negotiations Pipeline Growth YTD 9/30/26 85% Mega Projects Announcements YTD 9/30/26
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© 2026 Eaton. All rights reserved.. Built for this moment: deliberate moves have put Electrical Global's growth into a higher gear Execute Strategic moves that got us here 7% ~16% FY’25 Organic Growth FY’26 Guide Organic Growth Restructured early Scaled globally Shifted portfolio to high growth areas Winning share • Realigned Europe ahead of demand acceleration • Leaner and closer to customers • Executing ETN strategy • Brand name credibility • Trusted technology • Global customers • Expanding margins • Outgrowing our markets in EMEA and APAC • Broad-based synchronized revenue and order growth • Capitalizing on global mega trends in region • NordicEPOD modular power assemblies • COL Group acquisition 6 Expecting to raise long-term organic growth from 2030 target of ~5% CAGR ‘26-’30
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© 2026 Eaton. All rights reserved.. 7 Better together: Boyd Thermal strengthens Eaton’s grid-to-chip portfolio; together we are driving outsized growth and value for customers Since our last update, our team has outpaced expectations and continues to deliver: Q3 Order Growth ~Triple Digit Growth YoY Q3 Backlog Growth ~3X Growth YoY …resulting in updated FY2026 guidance ~$1.9B Revenues This growth is unlocked by combining Boyd’s industry- leading technology with Eaton’s scale and depth: Accelerating Boyd’s growth with Eaton’s fortress balance sheet, technical depth, and global supply chain Shifting the industry to integrated power / cooling solutions via our combined expertise Expanding Boyd’s addressable market with new customers via Eaton’s channels Leveraging Eaton’s scale to unlock synergies (e.g., across manufacturing and corporate functions) Q3 Revenue Growth ~Triple Digit Growth YoY Execute
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© 2026 Eaton. All rights reserved.. Record Adjusted Earnings per Share Record Sales Record Segment Operating profit 8 (M) Sales Segment Operating Profit Segment Operating Margin Adjusted Earnings Adjusted EPS 3Q ’26 $8,947 2,263 25.3% 1,433 $3.68 3Q ‘25 V ‘25 $6,988 1,749 25.0% 1,199 $3.07 28% 29% 30 bps 20% 20% $8,947M $2,263M $3.68 Financial Summary Sales Growth: Organic 19% Acquisition 8% Forex 1% Total 28%
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© 2026 Eaton. All rights reserved.. 9 (M) Sales Operating Profit Operating Margin 3Q ‘26 $4,172 1,243 29.8% 3Q ‘25 V ‘25 $3,410 1,034 30.3% 22% 20% (50) bps • Record sales and operating profit with sequential margin growth of 230 basis points • Orders up 39% on a rolling 12-month basis, to a record level • Book-to-bill ratio 1.3 on rolling 12-month basis • Backlog $16B up 33% year-over-year Sales Growth: Organic 22% Acquisition 0% Forex 0% Total 22% Electrical Americas Segment
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© 2026 Eaton. All rights reserved.. 10 (M) Sales Operating Profit Operating Margin 3Q ‘26 $2,727 576 21.1% 3Q ‘25 V ‘25 $1,724 330 19.1% 58% 75% 200 bps • Record sales and operating profit • Backlog up 121% year-over-year • Orders up 51% on a rolling 12-month basis, to a record level Sales Growth: Organic 27% Acquisition 31% Forex 0% Total 58% Electrical Global Segment
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© 2026 Eaton. All rights reserved.. 11 (M) Sales Operating Profit Operating Margin 3Q ‘26 $1,196 298 24.9% 3Q ‘25 V ‘25 $1,079 280 25.9% 11% 6% (100) bps • Q3 record sales and operating profit • Orders up 20% on a rolling 12-month basis, to a record level • Backlog up 33% year-over-year • Book-to-bill ratio of 1.2 on rolling 12-month basis Sales Growth: Organic 6% Acquisition 5% Forex 0% Total 11% Aerospace Segment
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© 2026 Eaton. All rights reserved.. 12 (M) Sales Operating Profit Operating Margin 3Q ‘26 $852 146 17.2% 3Q ‘25 V ‘25 $775 105 13.5% 10% 39% 370 bps • Continued strong execution with incremental margins more than 50% • Separation of Mobility business on track to close in first four months of 2027 Sales Growth: Organic 9% Acquisition -- Forex 1% Total 10% Mobility Segment
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© 2026 Eaton. All rights reserved.. 13 2026 Organic Growth and Operating Margin Guidance Electrical Americas Electrical Global Aerospace Mobility Eaton Organic Growth Guidance Operating Margin Guidance 28.8 – 29.2% 19.6 – 20.0% 24.3 – 24.7% 13.0 – 15.0% 24.1 – 24.5% 18 – 20% 15 – 17% 7.5 – 9.5% 2 – 4% 13 – 15% Segment
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© 2026 Eaton. All rights reserved.. 14 2026 Guidance Adjusted Earnings Per Share Organic Growth Segment Operating Margins Operating Cash Flow Free Cash Flow Share Repurchases 4th Quarter Outlook $4.05 – $4.15 13 – 15% 25.4 – 25.8% N/A N/A -- 2026 FY Outlook $13.70 – $13.80 13 – 15% 24.1 – 24.5% $5.0B – $5.4B $3.9B – $4.3B --
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© 2026 Eaton. All rights reserved.. 15 Eaton’s 2027 End Market Growth Assumptions: Double Digit Growth Flat Moderate Growth LDD Growth Strong / Double Digit Growth Data Centers & Distributed IT 21% % of 2025 Eaton Sales % of 2025 Eaton Sales Utility 11% Commercial & Institutional 20% Machinery / MOEM 5% Industrial Facilities 11% Residential 6% Commercial Aerospace 9% Defense Aerospace 6% ICE and EV Light Vehicles 5% Commercial Vehicles 6% Eaton end market growth of ~11%
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© 2026 Eaton. All rights reserved.. 16 Summary – Delivering on our commitments, with our best years still ahead Our Lead, Invest and Execute for Growth strategy is delivering results Our acquisitions are performing ahead of plan, and our grid-to-chip portfolio is positioned to lead the move to 800V DC. Demand is accelerating and broadening, and we are winning at unprecedented rates Electrical Sector backlog up 46% with orders up 43% on a rolling 12-month basis including broad strength beyond data centers in all end markets including C&I, utility, industrial facilities, machine OEM and residential. Execution is compounding, and the Americas ramp is delivering output and margin Electrical Americas margins reached 29.8%, up 230 bps sequentially. 18 of 25 capacity projects are complete, and the steepest part of the ramp is behind us. Strong execution gives us confidence in 2026, 2027 and our 2030 commitments We're raising full-year organic growth and adjusted EPS guidance for the third time. 2027 is supported by strong end markets, Boyd growth turning organic in March 2027 and the Mobility separation.
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17© 2026 Eaton. All rights reserved.
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© 2026 Eaton. All rights reserved.. 18 2026 Guidance – Additional Modeling Assumptions 4th Quarter Outlook 2026 FY Outlook Currency Translation Sales Impact – ETN Fibrebond Acquisition Sales – Electrical Americas Ultra PCS Acquisition Sales – Aerospace Boyd Thermal Acquisition Sales – Electrical Global Corporate Expenses Tax Rate on Adjusted Earnings Capex -- N/A ~$80M ~$540M ~$425M 10.5 – 11.5% N/A ~$250M ~$140M ~$250M ~$1,600M ~$1,575M 18.5 – 19.5% ~$1,150M Appendix
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19© 2026 Eaton. All rights reserved. Appendix