Slides
Page 1
3Q 2026 Earnings – October 22, 2026 Third Quarter 2026 Earnings Presentation October 22, 2026 Pictured above is Honeywell Technologies’ LNG Accelerate Integrated Modular LNG solution
Page 2
3Q 2026 Earnings – October 22, 2026 Forward-looking statements 2 Non-GAAP financial measures This presentation contains financial measures presented on a non -GAAP basis. Honeywell Technologies’ non-GAAP financial measures used in this presentation are as follows: Segment profit on a Honeywell Technologies basis; Segment profit margin; Organic sales percent change; Free cash flow; Free cash flow conversion; Adjusted earnings per share; Adjusted income before taxes; Adjusted income tax expense; and Adjusted effective tax rate, if and as noted in the presentation. Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Refer to the Appendix attached to this presentation for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures. We describe many of the trends and other factors that drive our business and future results in this presentation. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward - looking statements are those that address activities, events, or developments that we or our management intend, expect, project, believe, or anticipate will or may occur in the future. They are based on management’s assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control. They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as changes in or application of trade and tax laws and policies, including the impacts of tariffs and other trade barriers and restrictions, lower GDP growth or recession in the U.S. or globally, supply chain disruptions, capital markets volatility, inflation, and certain regional conflicts, including ongoing conflicts in the Middle East, which can affect our performance in both the near - and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this presentation can or will be achieved. These forward - looking statements should be considered in light of the information included in this presentation, our Form 10-K and other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time. 23Q 2026 Earnings – October 22, 2026
Page 3
3Q 2026 Earnings – October 22, 2026 Third quarter results Sales Organic growth $5.0B 7% Segment margin Margin expansion 21.3% 370 bps Adjusted EPS Growth $2.27 34% Free cash flow Conversion $0.7B 95% Key messages 3 Delivered strong third quarter results, with broad-based strength across all segments01 Resilient short-cycle demand (+8%1) and growing backlog (+7%1) supporting strong setup into 202702 Accelerating free cash flow conversion; delivering on debt paydown commitments04 03 Organic growth enabled by continued strength in BA, beginning of multi-year growth inflection in PA&T and robust recovery in IA Raising full-year 2026 guidance05 1Excluding Warehouse and Workflow Solutions (WWS) and Productivity Solutions and Services (PSS), which were divested in 3Q 2026. BA: Building Automation, PA&T: Process Automation and Technology, IA: Industrial Automation
Page 4
3Q 2026 Earnings – October 22, 20263Q 2026 Earnings – October 22, 2026 1% 3% 6% 11% 8% -10% -5% 0% 5% 10% 15% 20% 25% 30% 2,000 2,100 2,200 2,300 2,400 2,500 2,600 2,700 2,800 2,900 3,000 3,100 3,200 3,300 3,400 3,500 3,600 3,700 3,800 3,900 4,000 4,100 4,200 4,300 4,400 4,500 4,600 4,700 4,800 4,900 5,000 5,100 5,200 5,300 5,400 5,500 5,600 5,700 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26E 2026 orders progression Higher backlog and continued short-cycle demand driving momentum Orders by quarter 3Q commentary 4 LTM organic orders growth1Orders PA&T large awardOrders estimate • Resilient demand across most of the portfolio • Short-cycle orders +8%2 organic driven by demand in sensing and industrial measurement (IA) and double-digit growth in products (BA) • Long-cycle orders growth impacted by timing of lumpy, large project bookings • Underlying orders growth +3%2,3 organic excluding prior-year impact of large low-carbon energy award in 3Q25 • 3Q book-to-bill ~1.0x • Backlog up 7%2 to ~$19B (PA&T backlog up DD+) • Expect 4Q orders to be up ~HSD2,3 driven by strength in Middle East, India and Asia Pacific, continued short-cycle demand in building products, sensing and utilities, and momentum in high growth verticals 1Represents average of organic order growth for the prior four quarters in each period. 2Excluding Warehouse and Workflow Solutions (WWS) and Productivity Solutions and Services (PSS) businesses, which were diveste d in 3Q 2026. 3Order growth adjusted for large orders in 3Q25 and 4Q25 respectively in Process Automation and Technology.
Page 5
3Q 2026 Earnings – October 22, 20263Q 2026 Earnings – October 22, 2026 Energy segment investments driving continued backlog expansion Global investments and DD+ growth in PA&T backlog supports robust outlook for 2027 5 • >$1B of incremental energy orders since 1Q26 • Large investments in Africa for refining and petrochemical plants • Continued strength in LNG investments globally • Middle East investment focused on resilience of existing capacity and expansion of up/midstream production • Low carbon energy vertical growing at DD • Stable catalyst demand across refining and petrochemicals • Continued investments in automation modernization, digital and cyber security offerings US LNG Liquefaction Projects Brazil SAF Refining Projects Africa Refining & Petchem Projects Africa Refining / Petchem Services Korea Petchem Middle East Refining US Petchem African Refining US Gas Processing Middle East LNG Liquefaction Africa LNG Liquefaction Services APAC Petchem Singapore Refining US Low Carbon Energy Projects Low Carbon Energy InvestmentsLNG Expansion Refining & Petchem Investments New orders since 1Q26
Page 6
3Q 2026 Earnings – October 22, 20263Q 2026 Earnings – October 22, 2026 3Q25 3Q26 3Q 2026 financial summary Organic growth and margin expansion driving >30% earnings growth *Non-GAAP financial measure Segment Margin*Sales Adjusted EPS* Free Cash Flow* Up 34%Up 370 bpsUp 7% Organic* 6 3Q25 3Q26 3Q25 3Q26 + Higher adjusted net income + Lower capital expenditure - Timing of collections in Middle East + Strength across all segments + PA&T growth inflection from project conversion, higher catalyst shipments + Eighth consecutive quarter of HSD growth in BA, led by products + IA recovery led by sensing and industrial measurement + Productivity, including stranded cost elimination + Pricing actions offsetting inflation + Volume leverage ± Higher project mix + Strong segment profit growth +23% + Lower interest expense - Higher adjusted effective tax rate 3Q25 3Q26 $1.70 $2.27 $0.6B $0.7B $4.9B $5.0B 17.6% 21.3% 95% conversion*
Page 7
3Q 2026 Earnings – October 22, 20263Q 2026 Earnings – October 22, 2026 3Q 2026 segment margin and adjusted EPS bridges EPS growth fueled by segment profit growth and stranded cost elimination 7 *Non-GAAP financial measure PSS: Productivity Solutions and Services, WWS: Warehouse and Workflow Solutions 3Q25 Segment Margin* Volume leverage Price, productivity Inflation Portfolio, other 3Q26 Segment Margin* 17.6% 70 bps 21.3% 630 bps (350) bps + Strong incremental margins driven by BA and IA + Pricing actions and productivity offset higher inflation + Stranded cost elimination and fixed cost actions + Divestiture benefit partially offset by dilution from acquisition 3Q25 Adjusted EPS* Operational segment profit* Divestitures Corporate / Stranded cost takeout Below the line, other Tax 3Q26 Adjusted EPS* ($0.06) $1.70 $0.28 $2.27 $0.36 Up 34% + Strong operational segment profit - Operating income loss from PSS and WWS divestitures + Lower corporate cost due primarily to stranded cost elimination + Lower net interest expense - Higher adjusted effective tax rate* +370 bps ($0.13) $0.12 20 bps
Page 8
3Q 2026 Earnings – October 22, 2026 CommentaryCommentary Meaningful deleveraging expected through year-end Delivering on debt paydown commitments 2Q debt balance 3Q term loan repayment 4Q term loan repayment 4Q bond maturity 4Q commerical paper repayment, net Expected year-end balance ~$18B • On plan to deliver < 3.0x year-end gross leverage, or <2.25x net leverage • ~$3.5B of planned debt repayments in fourth quarter, driving year-end gross debt ~$13B • Supported by stronger free cash flow generation and planned cash repatriation • Expected year-end cash balance ~$3B, resulting in net debt of ~$10B 8 < $13B
Page 9
3Q 2026 Earnings – October 22, 20263Q 2026 Earnings – October 22, 2026 Aggressively eliminating stranded costs 9 Expect all stranded cost to be eliminated by end of 2026 On track to remove all remaining stranded cost by end of 2026; positioning the company for continued fixed cost productivity in 2027 Continued progress on reducing fixed cost percent of sales, ~270 bps improvement year-to-date, while increasing R&D investments across all SBGs over same period Cross-functional shared service model driving a leaner and simpler corporate structure Fixed cost % of sales1 36.6% 33.9% 31.3% 2025 2026 YTD 2027 target ~500 bps improvement 12025 and 2026 YTD include fixed costs from Quantinuum and the retained corporate assessment that was previously allocated to aerospace, consistent with reported results. 2026 YTD and 2027 exclude impacts from the acquisition of Johnson Matthey’s Catalyst Techno logies business.
Page 10
3Q 2026 Earnings – October 22, 20263Q 2026 Earnings – October 22, 2026 Prior 2026 Revised 2026 Revised 4Q26 Sales Organic growth* $19.8B - $20.0B 3% - 4% $20.0B - $20.1B 4% - 5% $5.0B - $5.1B 5% - 6% Segment Margin* Expansion 20.1% - 20.5% 250 - 290 bps1 ~20.5% ~290 bps1 ~22.0% ~400 bps1 Adjusted EPS* Growth $8.05 - $8.35 25% - 29%1 $8.40 - $8.45 30% - 31%1 $2.42 - $2.47 32% - 35%1 Free Cash Flow*2 ~$2.0B ~$2.1B Raising full-year adjusted EPS midpoint by $0.23 *Non-GAAP financial measure 1Estimated Honeywell Technologies Segment Margin expansion and Adjusted EPS growth reflect impact of retained corporate assess ment previously allocated to Aerospace in 2025 and through 2Q 2026. 2With respect to the company outlook for 2026, free cash flow adjusts for capital expenditures, separation -related cost payments and cash flows attributable to Quantinuum. 10 CommentaryPrior 2026 • Raising full-year organic growth, adjusted EPS and free cash flow guidance; expect segment margin to be at high end of previous range • BA growth remains supported by continued strength across products and solutions • PA&T project activity and catalyst shipments driving HSD growth in 4Q • IA turnaround supported by continued demand in sensing and industrial measurement Revised 2026 guidance
Page 11
3Q 2026 Earnings – October 22, 2026 Key takeaways 11 01 03 02 04 05 Third quarter results exceeded expectations on growth, margin and EPS Raising 2026 guidance after strong 3Q performance Short-cycle demand remains resilient; PA&T entering multi-year growth upcycle Strong results coupled with short-cycle momentum and growth in backlog support setup for 2027 Free cash flow generation accelerating in second half
Page 12
3Q 2026 Earnings – October 22, 2026 3Q 2026 Earnings – October 22, 2026 Appendix
Page 13
3Q 2026 Earnings – October 22, 20263Q 2026 Earnings – October 22, 2026 3Q 2026 segment results Strong growth across all businesses, margin expansion in BA and IA offsetting anticipated mix impacts *Non-GAAP financial measure 1Excluding Warehouse and Workflow Solutions (WWS) and Productivity Solutions and Services (PSS) businesses, which were diveste d in 3Q 2026. 13 ($M) Sales Segment Margin* Commentary Building Automation $2,020 Up 8% Organic* 27.0% Up 30 bps • Double-digit organic sales growth in products businesses led by fire and security • Sales growth across all regions, with strength in India, Asia Pacific and the Americas • Double-digit orders growth in data center vertical; LTM book-to-bill ~1.05x • Margin expansion driven by volume leverage and price, overcoming higher inflation Process Automation & Technology $1,859 Up 8% Organic* 22.2% Down (210) bps • Sales up 8% driven by double-digit projects growth and aftermarket refining demand • Project sales up 14% on strong LNG and petrochemical backlog conversion • Margins contracted as expected due to unfavorable mix and dilution from acquisition Industrial Automation $1,115 Up 4% Organic* 18.4% Up 350 bps • Orders up 16%1 driven by double-digit growth in sensing and utilities; book-to-bill ~1.05x1 • Sales growth across all regions, led by Europe, China and Middle East • Margin expansion driven primarily by price and productivity
Page 14
3Q 2026 Earnings – October 22, 20263Q 2026 Earnings – October 22, 2026 3Q 2026 sales growth 3Q Reported 3Q Organic* Building Automation 8% 8% Products 10% 11% Solutions 4% 4% Process Automation & Technology 16% 8% Aftermarket 17% 4% Projects 16% 14% Industrial Automation (23%) 4% Products (15%) Flat Solutions (40%) 16% 14 *Non-GAAP financial measure
Page 15
3Q 2026 Earnings – October 22, 20263Q 2026 Earnings – October 22, 2026 2025 2026E 3Q26 4Q26E Total Corporate1 ($884M) ~($575M) ($101M) ~($135M) Repositioning and other2 ($98M) ~($105M) ($16M) ~($20M) Net interest ($646M) ~($475M) ($93M) ~($105M) Stock compensation ($152M) ~($135M) ($31M) ~($40M) Other below the line3 $31M ~($25M) ($14M) ~($15M) Total below the line ($865M) ~($740M) ($154M) ~($180M) Other inputs Non-controlling interest ($51M) ~($40M) ($12M) ~($10M) Adjusted effective tax rate* 19.5% ~19% 19% ~16% Share count 321M ~319M 319M ~319M 2025 3Q26 *Non-GAAP financial measure 1Corporate impact to segment profit; Honeywell Technologies outlook includes $73M benefit in 2026 from Honeywell Aerospace tra demark agreement. 2Repositioning and other includes repositioning charges and environmental expenses. 3Other below the line includes foreign exchange and other expense. Additional 2026 inputs 15
Page 16
3Q 2026 Earnings – October 22, 20262Q 2026 Earnings – July 23, 2026
Page 17
3Q 2026 Earnings – October 22, 2026 Appendix Non-GAAP Financial Measures The following information provides definitions and reconciliations of certain non-GAAP financial measures presented in this presentation to which reconciliations are attached to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Other companies may calculate these non-GAAP measures differently, limiting the usefulness of these measures for comparative purposes. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they exclude significant expenses and income that are required by GAAP to be recognized in the consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Investors are urged to review the reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to evaluate Honeywell Technologies’ businesses. As indicated herein, certain forward-looking non-GAAP financial measures are not reconciled because management cannot reliably p redict or estimate certain items for the reasons specified herein with respect to each non-GAAP financial measure. 17
Page 18
3Q 2026 Earnings – October 22, 2026 Reconciliation of Organic Sales Percent Change 3Q26 3Q26 Honeywell Technologies Process Automation and Technology Reported sales percent change 1% Reported sales percent change 16% Less: Impact of divestitures to the prior period (8)% Less: Impact of divestitures to the prior period —% Reported sales percent change, adjusted for impact of divestitures 9% Reported sales percent change, adjusted for impact of divestitures 16% Less: Foreign currency translation —% Less: Foreign currency translation —% Less: Acquisitions 2% Less: Acquisitions 8% Less: Other —% Less: Other —% Organic sales percent change 7% Organic sales percent change 8% Building Automation Industrial Automation Reported sales percent change 8% Reported sales percent change (23)% Less: Impact of divestitures to the prior period —% Less: Impact of divestitures to the prior period (27)% Reported sales percent change, adjusted for impact of divestitures 8% Reported sales percent change, adjusted for impact of divestitures 4% Less: Foreign currency translation —% Less: Foreign currency translation —% Less: Acquisitions —% Less: Acquisitions —% Less: Other —% Less: Other —% Organic sales percent change 8% Organic sales percent change 4% We define organic sales percentage as the year-over-year change in reported sales relative to the comparable period, adjusted for the impact of divestitures to the prior period, and excluding the impact on sales from foreign currency translation, acquisitions for the first 12 months following the transaction date, and certain other items that are unusual or non-recurring in nature. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. A quantitative reconciliation of reported sales percent change to organic sales percent change has not been provided for the forward-looking measure of organic sales percent change because management cannot reliably predict or estimate, without unreasonable effort, the fluctuations in global currency markets that impact foreign currency translation, nor is it reasonable for management to predict the timing, occurrence and impact of acquisition and divestiture transactions, all of which could significantly impact our reported sales percent change. 18
Page 19
3Q 2026 Earnings – October 22, 2026 ($M) 3Q 2026 3Q 2025 4Q 2025 2025 Operating income $ 740 $ 413 $ (443) $ 1,171 Stock compensation expense1 104 22 38 153 Repositioning, other2,3 20 223 95 390 Pension and other postretirement service costs4 13 14 24 57 Amortization of acquisition-related intangibles5 131 135 145 509 Acquisition-related costs6 7 9 — 2 Divestiture-related costs7 2 — — — ERP implementation costs1 9 — — — Indefinite-lived intangible asset impairment1 — — 44 44 Impairment of goodwill — — 724 724 Impairment of assets held for sale — — 255 270 Loss on Quantinuum8 — 50 62 187 Trademark licensing income9 36 — — — Segment profit $ 1,062 $ 866 $ 944 $ 3,507 Operating income $ 740 $ 413 $ (443) $ 1,171 ÷ Segment sales 4,994 4,929 5,236 19,915 Operating income margin % 14.8 % 8.4 % (8.5) % 5.9 % Segment profit $ 1,062 $ 866 $ 944 $ 3,507 ÷ Segment sales 4,994 4,929 5,236 19,915 Segment profit margin % 21.3 % 17.6 % 18.0 % 17.6 % 1 Included in Selling, general and administrative expenses 2 Includes repositioning, asbestos, environmental expenses, equity income adjustment, and other charges 3 Included in Cost of products and services sold and Selling, general and administrative expenses 4 Included in Cost of products and services sold, Research and development expenses, and Selling, general and administrative expenses 5 Included in Cost of products and services sold 6 Included in Cost of products and services sold. Includes acquisition-related fair value adjustments to inventory 7 Included in Selling, general and administrative expenses 8 Includes consolidated losses of Quantinuum prior to the deconsolidation of the Company’s investment in Quantinuum, which doesnot meet the definition of an operating segment. Included in Net sales, Cost of products and services sold, Research and development expenses, and Selling, general and administrative expenses 9 Included in segment profit and recorded within Other (income) expense. Definitions on following slide Reconciliation of Operating Income to Segment Profit, Calculation of Operating Income, Segment Profit, and Segment Profit Margin 19
Page 20
3Q 2026 Earnings – October 22, 2026 Reconciliation of Operating Income to Segment Profit, Calculation of Operating Income, Segment Profit, and Segment Profit Margin We define operating income as segment sales less total cost of products and services sold, research and development expenses, selling, general and administrative expenses, impairment of goodwill, and impairment of assets held for sale. We define segment profit, on an overall Honeywell Technologies basis, as operating income, excluding stock compensation expense, pension and other postretirement service costs, amortization of acquisition-related intangibles, certain acquisition- and divestiture-related costs and impairments, repositioning and other charges, trademark licensing income, and the results of Quantinuum. We define segment profit margin, on an overall Honeywell Technologies basis, as segment profit divided by net sales. We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. A quantitative reconciliation of operating income to segment profit, on an overall company basis, has not been provided for all forward-looking measures of segment profit and segment profit margin included herein. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from segment profit. The information that is unavailable to provide a quantitative reconciliation could have a significant impact on our reported financial results. To the extent quantitative information becomes available without unreasonable effort in the future, and closer to the period to which the forward-looking measures pertain, a reconciliation of operating income to segment profit will be included within future filings. Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies. 20
Page 21
3Q 2026 Earnings – October 22, 2026 3Q25 4Q25 FY2025 1Q26 2Q26 3Q26 4Q26E 2026E Earnings per share of common stock from continuing operations - diluted1 $ 2.99 $ (1.77) $ 3.24 $ 0.17 $ 16.64 $ 2.40 $2.08 - $2.13 $21.88 - $21.93 Pension income2 (0.18) 0.22 (0.13) (0.20) (0.21) (0.21) No Forecast No Forecast Amortization of acquisition-related intangibles3 0.32 0.35 1.20 0.31 0.22 0.32 0.31 1.20 Acquisition-related costs4 0.05 0.04 0.11 0.01 0.02 0.10 — 0.12 Divestiture-related costs5 0.57 (0.08) 0.81 0.05 0.27 (0.04) No Forecast No Forecast Debt restructuring costs6 — — — 0.71 0.01 — — 0.71 ERP implementation costs7 — — — 0.02 0.01 0.02 0.03 0.08 Impairment of assets held for sale8 — 0.61 0.65 0.63 0.11 — — 0.74 Indefinite-lived intangible asset impairment9 — 0.14 0.14 — — — — — Impairment of goodwill10 — 2.27 2.25 — — — — — (Gain) loss on sale of business11 — — 0.09 (0.02) — (0.67) — (0.69) Gain related to Resideo indemnification and reimbursement agreement termination12 (2.51) — (2.50) — — — — — Adjustment to estimated future environmental liabilities13 0.07 — 0.07 — — — — — Loss on settlement of divestiture of asbestos liabilities14 0.35 — 0.35 — — — — — Impact of Russia-Ukraine conflict15 — — — — 0.02 — — 0.02 Gain on deconsolidation of Quantinuum16 — — — — (15.87) — — (15.83) Equity loss on Quantinuum17 — — — — 0.65 0.35 No Forecast No Forecast Loss on Quantinuum18 0.04 0.05 0.18 0.08 0.08 — — 0.17 Adjusted earnings per share of common stock from continuing operations - diluted $ 1.70 $ 1.83 $ 6.46 $ 1.76 $ 1.95 $ 2.27 $2.42 - $2.47 $8.40 - 8.45 Reconciliation of Earnings Per Share to Adjusted Earnings Per Share 21
Page 22
3Q 2026 Earnings – October 22, 2026 1 For the three months ended September 30 and December 31, 2025, adjusted earnings per share utilizes weighted average shares of approximately 319.4 million and 319.3 million, respectively. For the twelve months ended December 31, 2025, adjusted earnings per share utilizes weighted average shares of approximately 321.4 million. For the three months ended March 31, June 30 and September 30, 2026, adjusted earnings per share utilizes weighted average shares of approximately 319.4 million, 318.6 million and 319.2 million, respectively. For the three months ending December 31, 2026, expected earnings per share utilizes weighted average shares of approximately 319.4 million. For the twelve months ending December 31, 2026, expected earnings per share utilizes weighted average shares of approximately 319.4 million. 2 For the three months ended September 30, 2025, pension income was $58 million, net of tax expense of $18 million. For the three months ended December 31, 2025, the pension adjustment was $73 million, net of tax benefit of $12 million. For the twelve months ended December 31, 2025, pension income was $41 million, net of tax expense of $24 million. For the three months ended March 31, June 30 and September 30, 2026, pension income was $65 million, $68 million and $67 million, net of tax expense of $20 million, $21 million and $22 million, respectively. 3 For the three months ended September 30 and December 31, 2025, acquisition-related intangibles amortization includes $102 million and $110 million, net of tax benefit of $33 million and $35 million, respectively. For the twelve months ended December 31, 2025, the adjustment includes $386 million, net of tax benefit of $123 million. For the three months ended March 31, June 30 and September 30, 2026, the adjustment includes $99 million, $71 million and $102 million, net of tax benefit of $30 million, $21 million and $29 million, respectively. For the three months ending December 31, 2026, the expected adjustment includes approximately $99 million, net of tax benefit of approximately $22 million. For the twelve months ending December 31, 2026, the expected adjustment includes approximately $382 million, net of tax benefit of approximately $90 million. 4 For the three months ended September 30 and December 31, 2025, acquisition-related costs were $17 million and $13 million, net of tax benefit of $5 million and $4 million, respectively. For the twelve months ended December 31, 2025, the adjustment was $35 million, net of tax benefit of $10 million. For the three months ended March 31, June 30 and September 30, 2026, acquisition-related costs were $2 million, $6 million and $31 million, net of tax benefit of $1 million, $2 million and $9 million, respectively. For the twelve months ended December 31, 2026, the expected adjustment is approximately $39 million, net of tax benefit of approximately $12 million. 5 For the three months ended September 30, 2025, the adjustment for divestiture-related costs was $180 million, net of tax expense of $122 million. For the three months ended December 31, 2025, the adjustment was a net benefit of $27 million, including tax benefit of $150 million. For the twelve months ended December 31, 2025, the adjustment was $261 million, net of tax expense of $31 million. For the three months ended March 31, June 30 and September 30, 2026, the adjustment was $20 million, $82 million and a net benefit of $12 million, including tax benefit of $124 million, tax expense of $212 million and tax benefit of $182 million, respectively. 6 For the three months ended March 31 and June 30, 2026, the adjustment for debt restructuring costs excluding spin-off impact was $226 million and $2 million, net of tax benefit of $70 million and without tax impact, respectively. For the twelve months ended December 31, 2026, the expected adjustment is $228 million, net of tax benefit of $70 million. 7 For the three months ended March 31, June 30 and September 30, 2026, the adjustment for ERP implementation costs was $5 million, $4 million and $7 million, net of tax benefit of $1 million, $1 million and $2 million, respectively. For the three months ending December 31, 2026, the expected adjustment for ERP implementation costs is approximately $10 million, net of tax benefit of approximately $2 million. For the twelve months ending December 31, 2026, the expected adjustment for ERP implementation costs is approximately $26 million, net of tax benefit of approximately $6 million. 8 For the three months ended December 31, 2025, the impairment charge of assets held for sale was $194 million, net of tax benefit of $61 million. For the twelve months ended December 31, 2025, the impairment charge was $209 million, net of tax benefit of $61 million. For the three months ended March 31 and June 30, 2026, the impairment charge was $200 million and $36 million, net of tax benefit of $63 million and $12 million, respectively. For the twelve months ended December 31, 2026, the expected impairment charge is approximately $236 million, net of tax benefit of approximately $75 million. 9 For the three months and twelve months ended December 31, 2025, the impairment charge of indefinite-lived intangible assets associated with the Industrial Automation reportable segment was $44 million, without tax benefit. 10 For the three months and twelve months ended December 31, 2025, the impairment charge of goodwill associated with the Industrial Automation reportable segment was $724 million, without tax benefit. 11 For the twelve months ended December 31, 2025, the adjustment for loss on sale of the personal protective equipment business was $28 million, net of tax benefit of $2 million. For the three months ended March 31 and September 30, 2026, the adjustment for gain on sale of business was $5 million and $216 million, net of tax expense of $1 million and $123 million, respectively. For the twelve months ended December 31, 2026, the expected adjustment for gain on sale of business is approximately $221 million, net of tax expense of approximately $124 million. 12 For the three months ended September 30, 2025 and the twelve months ended December 31, 2025, the gain related to the Resideo indemnification and reimbursement agreement termination was $802 million, without tax impact. 13 For the three months ended September 30, 2025 and the twelve months ended December 31, 2025, the adjustment to estimated future environmental liabilities was $22 million, net of tax benefit of $7 million. 14 For the three months ended September 30, 2025 and the twelve months ended December 31, 2025, the adjustment for loss on settlement of divestiture of asbestos liabilities was $112 million, net of tax benefit of $36 million. 15 For the three months ended June 30, 2026, the adjustment for the impact of the Russia-Ukraine conflict was $6 million, net of tax benefit of $2 million. For the twelve months ended December 31, 2026, the expected adjustment is approximately $6 million, net of tax benefit of approximately $2 million. 16 Includes the gain from the deconsolidation of Quantinuum of $5,057 million, net of tax expense of $1,572 million. 17 For the three months ended June 30 and September 30, 2026, the adjustment for equity losses on Quantinuum was $207 million and $112 million, net of tax benefit of $58 million and $35 million, respectively. For the twelve months ended December 31, 2026, the expected adjustment was $319 million, net of tax benefit of $93 million. 18 For the three months ended September 30 and December 31, 2025, the adjustment for loss on Quantinuum was $29 million and $44 million, net of tax benefit of $11 million and $14 million, respectively. The net adjustments also reflect adjustments to NCI of $16 million and $26 million for the three months ended September 30 and December 31, 2025, respectively. For the twelve months ended December 31, 2025, the net income adjustment for Quantinuum was $135 million, net of tax benefit of $43 million. The net adjustment also reflects an adjustment to NCI of $78 million forthe twelve months ended December 31, 2025. For the three months ended March 31 and June 30, 2026, the adjustments were $55 million and $52 million, net of tax benefit of $17 million and $16 million, respectively. The net adjustments also reflect adjustments to NCI of $30 million and $25 million for the three months ended March 31 and June 30, 2026, respectively. For the twelve months ended December 31, 2026, the expected adjustment is approximately $107million, net of tax benefit of approximately $33 million. The expected net adjustment also reflects an adjustment to NCI of approximately $55 million for the twelve months ending December 31, 2026. Reconciliation of Earnings Per Share to Adjusted Earnings Per Share 22
Page 23
3Q 2026 Earnings – October 22, 2026 Reconciliation of Earnings Per Share to Adjusted Earnings Per Share We define adjusted earnings per share as diluted earnings per share from continuing operations adjusted to exclude various charges as listed above. We believe adjusted earnings per share is a measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. For forward-looking information, management cannot reliably predict or estimate, without unreasonable effort, pension income or the divestiture-related costs. The pension income is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. The divestiture-related costs are subject to detailed development and execution of separation restructuring and simplification plans for the recently completed separation of Honeywell Technologies and Honeywell Aerospace. The equity losses of Quantinuum are based on our proportionate share of Quantinuum's earnings or losses, which are outside of the Company's control. We therefore do not include an estimate for these amounts. Based on economic and industry conditions, future developments, and other relevant factors, these assumptions are subject to change. Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies. 23
Page 24
3Q 2026 Earnings – October 22, 2026 Reconciliation of Effective Tax Rate to Adjusted Effective Tax Rate ($M) 3Q 2026 2025 Income before taxes $ 839 $ 1,304 Acquisition-related intangibles amortization 131 509 Acquisition-related costs 40 45 Divestiture-related costs 170 230 Quantinuum loss — 178 (Gain) loss on sale of nonstrategic business (339) 30 Gain on Resideo Termination Agreement — (802) Indefinite-lived intangible asset impairment — 44 Impairment AHFS — 270 Goodwill impairment — 724 Environmental change in estimate — 29 Asbestos loss on settlement — 148 ERP implementation costs 9 — Equity loss of Quantinuum 147 — Pension Income (89) (66) Adjusted income before taxes $ 908 $ 2,643 Income tax expense $ 60 $ 290 Acquisition-related intangibles amortization 29 123 Acquisition-related costs 9 10 Divestiture-related costs 182 (31) Quantinuum loss — 42 (Gain) loss on sale of nonstrategic business (123) 2 Impairment AHFS — 61 Environmental change in estimate — 7 Asbestos loss on settlement — 36 ERP implementation costs 2 — Equity loss of Quantinuum 35 — Pension Income (22) (24) Adjusted income tax expense $ 172 $ 516 Income tax expense $ 60 $ 290 ÷ Income before taxes 839 1,304 Effective tax rate 7.2 % 22.2 % Adjusted income tax expense $ 172 $ 516 ÷ Adjusted income before taxes 908 2,643 Adjusted effective tax rate 19.0 % 19.5 % 24
Page 25
3Q 2026 Earnings – October 22, 2026 Reconciliation of Effective Tax Rate to Adjusted Effective Tax Rate We define adjusted income before taxes as income before taxes from continuing operations adjusted for items presented above. We define adjusted income tax expense as income tax expense adjusted for items presented above. We define adjusted effective tax rate as adjusted income tax expense divided by adjusted income before taxes. We believe that adjusted effective tax rate is a non-GAAP measure that is useful to investors and management as an ongoing representation of our tax rate excluding one-off and unusual transactions. This measure can be used to evaluate our tax rate on our recurring operations. For forward looking information, we do not provide effective tax rate guidance on a GAAP basis as management cannot reliably predict or estimate, without unreasonable effort, the pension income, equity loss on Quantinuum and other one-off and unusual transactions. 25
Page 26
3Q 2026 Earnings – October 22, 2026 ($M) 3Q26 3Q25 2026E Cash provided by operating activities from continuing operations $ 607 $ 2,306 $ 2.1 Capital expenditures (77) (150) ~(0.6) Separation-related cost payments 158 2 ~0.5 Quantinuum — 31 ~0.1 Resideo indemnification and reimbursement agreement termination payment — (1,590) — Free cash flow 688 599 ~$2.1 We define free cash flow as cash provided by operating activities from continuing operations less cash for capital expenditures and excluding separation-related cost payments, the Resideo indemnification and reimbursement agreement termination payment, the cash payment for settlement of divestiture of asbestos liabilities, and cash flows attributable to Quantinuum. We believe that free cash flow is a non-GAAP measure that is useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This measure can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity. Reconciliation of Cash Provided by Operating Activities to Free Cash Flow 26
Page 27
3Q 2026 Earnings – October 22, 2026 1 For the three months ended September 30, 2026, pension income was $67 million, net of tax expense of $22 million 2 For the three months ended September 30, 2026, acquisition-related intangibles amortization includes $102 million net of tax benefit of $29 million. 3 For the three months ended September 30, 2026, the adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs was $31 million, net of tax benefit of $9 million 4 For the three months ended September 30, 2026, the adjustment for divestiture-related costs, which is principally comprised of third-party transaction, separation and simplification costs, was $12 million, net of tax benefit of $182 million 5 For the three months ended September 30, 2026, the adjustment for ERP implementation costs was $7 million, net of tax benefitof $2 million 6 Included in Cost of products and services sold. Includes acquisition-related fair value adjustments to inventory 7 For the three months ended September 30, 2026, the adjustment for equity losses on Quantinuum is $112 million, net of tax benefit of $35 million Reconciliation of Cash Provided by Operating Activities to Free Cash Flow, Reconciliation of Net Income Attributable to Honeywell Technologies to Adjusted Net Income Attributable to Honeywell Technologies, and Calculation of Adjusted Free Cash Flow Conversion ($M) 3Q 2026 Cash provided by operating activities from continuing operations $ 607 Capital expenditures (77) Separation-related cost payments 158 Free cash flow $ 688 Net income attributable to Honeywell Technologies from continuing operations $ 767 Pension income1 (67) Amortization of acquisition-related intangibles2 102 Acquisition-related costs3 31 Divestiture-related costs4 (12) ERP implementation costs5 7 Gain on sale of business6 (216) Equity loss of Quantinuum7 112 Adjusted net income attributable to Honeywell Technologies $ 724 Cash provided by operating activities from continuing operations 607 ÷ Net income attributable to Honeywell Technologies from continuing operations 767 Operating cash flow conversion % 79 % Free cash flow 688 ÷ Adjusted net income attributable to Honeywell Technologies 724 Adjusted free cash flow conversion % 95 % We define adjusted net income attributable to Honeywell Technologies as net income attributable to Honeywell Technologies from continuing operations adjusted to exclude various items as listed above. We define adjusted free cash flow conversion as free cash flow divided by adjusted net income attributable to Honeywell Technologies. We believe that free cash flow and adjusted free cash flow conversion are non-GAAP measures that are useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. These measures can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity. 27