Slides
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Click Here to Edit Title October 29, 2025 ThirdQuarter 2025 Earnings
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Click Here to Edit TitleCautionary Statement 2 Cautionary Statement Under the Private Securities Litigation Reform Act; Non -GAAP Measures This presentation contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, the Company’s fourth quarter 2025 and full year 2025 outlook including expected sales, expected organic sales, expected earnings per share, expected adjusted earnings per share, expected revenue, estimated net income and estimated adjusted EBITDA and the assumptions underlying these expectations, capital return strategy, anticipated future acquisition behavior, and the anticipated benefits of the Company’s recent or future acquisitions, resource and capital deployment and focus and organic and inorganic growth, returns on invested capital, the Company’s ability to adapt to macroeconomic challenges, anticipated impacts of tariffs and global trade policies, anticipated trends in end markets, including expectations regarding future order volumes and order patterns, anticipated growth initiatives and expansions, anticipated benefits and restructuring charges, including severance charges, related to the Company’s organizational changes and the anticipated benefits of the Company’s productivity and cost containment efforts, are indicated by words or phrases such as “outlook,” “continues,” “anticipates,” “estimates,” “plans,” “guidance,” “expects,” “projects,” “forecasts,” “should,” “could,” “will,” “management believes,” “the Company believes,” “the Company intends” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this presentation. The risks and uncertainties include, but are not limited to, the following: levels of industrial activity and economic conditions in the U.S. and other countries around the world, including uncertainties in the financial markets; pricing pressures, including inflation and rising interest rates, and other competitive factors and levels of capital spending in certain industries; the impact of severe weather events, natural disasters and public health threats; economic and political consequences resulting from terrorist attacks and wars; the Company’s ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; cybersecurity incidents; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in countries in which the Company operates; developments with respect to trade policy and existing, new or increased tariffs or other similar measures; interest rates; capacity utilization and the effect this has on costs; labor markets; supply chain conditions; market conditions and material costs; risks related to environmental, social and corporate governance issues, including those related to climate change and sustainability; and developments with respect to contingencies, such as litigation and environmental matters. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included in the Company’s most recent annual report on Form 10-K and the Company’s subsequent quarterly reports filed with the Securities and Exchange Commission (“SEC”) and the other risks discussed in the Company’s filings with the SEC. The forward-looking statements included here are only made as of the date of this presentation, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances, except as may be required by law. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here. This presentation contains non-GAAP financial information. Reconciliations of non-GAAP measures to their GAAP equivalents are included in this presentation and our earnings release which is available on our website.
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The Purposeful Evolution of IDEX PHASE I PHASE II H O L D I N G C O M P A N Y , E S T 1 9 8 7 Portfolio of resilient industrial products with strong brands operating independently O P T I M I Z E D W I T H 8 0 2 0 Introduced 8020, accelerated talent development, applied shared operating approach and enhanced margins across the portfolio 2011 2012 2020 2021 T argeting higher - growth, advantaged markets Accelerating commercial and operational business integration Balanced capital deployment PHASE III $3.3B 2 0 2 4 R E V E N U E S P I L L A R S O F H I G H E R G R O W T H W I T H 8 0 2 0 1 2 3 3
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• Airtech and Muon • Thermal management solutions for standby power generation and chip cooling Data Centers • Iridian, STC, Muon, Mott, Micro-Lam • Optical and propulsion elements for satellite communications, earth observation, and guidance • Muon and Mott • Wafer positioning, instrument thermal management, gas purification, critical sealing 8020 Focus: Upgrade portfolio vitality through proprietary M&A and selective divesture Targeting Higher-Growth, Advantaged Markets1 Space and Defense Semiconductor Water • Nexsight and Subterra • Advanced solutions for water infrastructure condition and performance monitoring 4
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Outcome: With cost benefits at full run rate, margin up several hundred basis points this quarter above consolidated HST levels 8020 Focus: Integrate technologies and market access points within growth platforms Commercial and Operational Business Integration Muon Update Our 8020 Focus: • Improving operational productivity • Streamlining cost structure • Focusing on higher quality revenue • Redeploying resources and tunable technologies to higher value commercial opportunities 2 Materials Science Solutions MATERIALS FUNCTION SHAPE Enable surface function: optical, electrical, chemical Create & control physical nature of surfaces Form critical properties 5
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Balanced Capital Deployment 8020 Focus: Near-term, target bolt-on acquisitions and return capital to shareholders 3 Return of Capital 70% M&A 30% Strong FCF generation provides financial flexibility to drive our compounding strategy and maximize returns • Core growth platforms have been established • Near-term capital deployment priorities focused on: • Additional return of capital via share repurchases • M&A focused on bolt-on acquisitions • Accelerated return of capital YTD 2025 • Increased our repurchase authorization to $1 billion Target 2025 Free Cash Flow Deployment8020 Approach to Allocating FCF to Highest Return Opportunities Framework for Capital Allocation Near-Term Deployment Highlights M&A • Core to our growth compounding strategy • Scaling critical capabilities in advantaged markets • Continuous portfolio optimization Dividends • Delivering reliable and consistent dividends • T arget of 30-35% of adjusted net income Share Repurchase • Balancing additional return of capital to shareholders with growth investment 6
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Click Here to Edit TitleIDEX 3Q25 Highlights 7 Delivered better than expected results despite macro uncertainty; leveraging 8020, integrated growth strategies gaining traction Strength of our diversified model, business portfolio, and balance sheet showcased; FY25 outlook narrowed within prior guidance range Industrial businesses tracking in line with 2H expectations but leading indicator businesses showed no signs of positive inflection Balanced, returns-focused capital deployment continued Continued to see large order deferrals, weighing on near/intermediate-term visibility and expectations Airtech Valves 7
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Click Here to Edit TitleQ3 2025 Financial Performance ($ in millions excl. EPS) Sales +5% Organic* *This presentation contains non-GAAP financial information whose reconciliations are included in both this presentation. Adj. EBITDA Margin* +40 bps Adj. EPS* +7% Free Cash Flow* -2% Organic* FX M&A Y/Y ∆ Sales Growth 5% 1% 4% 10% Organic* orders increased 7% y/y 8 Q3 results above expectations and reflect record order intake
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Click Here to Edit TitleQ3 2025: Health & Science Technologies ($ in millions) Sales +10% Organic* Adj. EBITDA Margin +120 bps Organic* FX M&A Y/Y ∆ Sales Growth 10% 1% 11% 22% 9 HST demand trends stable to improving 3Q25 Highlights • Y/Y organic orders and sales growth driven by pricing, strength in advantaged markets and easier year-over-year comparisons • HST continues tuning capabilities towards data center, space & defense, life science, semiconductor consumables and pharma • Adj EBITDA margin expanded on volume leverage, platform optimization savings, cost controls, and favorable price -cost, which more than offset negative mix Key Markets Health Orders +5% Organic* LS Instrumentation (~30% of segment sales) fds Food & Pharma (~15% of segment sales) fds Semiconductor (~15% of segment sales) fds Diversified Industrial (~40% of segment sales) *This presentation contains non-GAAP financial information whose reconciliations are included in both this presentation.
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Click Here to Edit TitleQ3 2025: Fluid & Metering Technologies ($ in millions) Sales +4% Organic* Adj. EBITDA Margin +90 bps Organic* FX M&A Y/Y ∆ Sales Growth 4% 1% —% 5% Pricing and easy comps drove both organic growth and margin expansion year-over-year 3Q25 Highlights • Orders grew on strength in municipal water and project timing and easier year-over-year comparisons • Organic sales increased on price benefits and easy comparisons as industrial rapid-replenishment businesses signal some slowing • Adj EBITDA margin expanded given favorable price-cost, platform optimization and cost-containment actions-cost, which more than offset the impact of unfavorable mix. Orders +8% Organic* Key Markets Health Diversified Industrial (~85% of segment sales) Municipal Water (~15% of segment sales) 10 *This presentation contains non-GAAP financial information whose reconciliations are included in both this presentation.
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Click Here to Edit TitleQ3 2025: Fire & Safety / Diversified Products ($ in millions) Sales -5% Organic* Adj. EBITDA Margin -200 bps Organic* FX M&A Y/Y ∆ Sales Growth -5% 2% —% -3% 11 Fire & Safety and Dispensing experienced near/intermediate-term demand pressures 3Q25 Highlights • Orders increased given easier year - over-year comparisons • Sales pressured by government funding disruptions and sluggish equipment replenishment spending • Adj EBITDA margin declined y/y given volume deleverage, only partially offset by platform optimization and favorable price-cost Orders +7% Organic* Fire & Safety (~55% of segment sales) Dispensing (~20% of segment sales) Diversified Industrial (~25% of segment sales) Key Markets Health US Europe, Asia *This presentation contains non-GAAP financial information whose reconciliations are included in both this presentation.
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Capital Deployment 8020 Focus: Near-term, return capital to shareholders and target bolt-on acquisitions Capital Return Including Buybacks Bolt-on Acquisitions • Continue to return capital through dividends and share repurchases • Increased share repurchase activity • Improved flexibility with increased share repurchase authorization to $1 billion $49 $52 $52 $54 $52 $54 $50 $50 $75 $49 $102 $52 $104 $52 $129 $- $20 $40 $60 $80 $100 $120 $140 1Q'24 1Q'25 2Q'24 2Q'25 3Q'24 3Q'25 Dividends Share Repurchases 12 1 2 • Seeking to scale and expand critical capabilities • Micro-Lam complements and advances MSS platform solution set • Off to a great start at IDEX, with integration ahead of schedule
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Click Here to Edit Title Full Year Full Year Current Guidance Prior Guidance Organic Revenue % vs Prior Year* No change ~1% Adjusted EBITDA %* No change 26.5% – 27.0% Reported Earnings Per Share $6.35 - $6.40 $6.30 - $6.44 Adjusted Earnings Per Share* $7.86 - $7.91 (narrowed) $7.85 - $7.95 Other Modeling Items: FX Impact on Sales (a) No change ~1% Acquisition/Divesture Impact on Sales 3-4% ~3% Depreciation No change ~$77M Amortization ~$131M ~$129M Net Interest ~$65M ~$64M Restructuring charges ~$20M ~$21-25M Capital Expenditures $70M+ ~$90M Tax Rate ~24% ~23.5–24% Free Cash Flow % of Adjusted Net Income *+ No change 100%+ Corporate Costs $98-100M $104-105M (a) – Current guidance based on 9/30/2025 FX Rate; prior guidance based on 6/30/2025 FX rate Current earnings per share estimates exclude all future acquisitions 2025 Guidance Summary 13 *This presentation contains non-GAAP financial information whose reconciliations are included in this presentation. Please refer to 2Q25 disclosures for related information on prior guidance +Reconciliations of the Company’s Free Cash Flow as a percentage of Adjusted Net Income guidance to the most directly comparable GAAP financial measures cannot be provided without unreasonable efforts and are not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.
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IDEX Value Drivers Advancing IDEX through strong execution and disciplined capital deployment Differentiated 8020 operating model drives full business potential through simplification, focused resourcing and streamlined execution Focused on continuously evolving our portfolio toward high-growth, advantaged markets with secular tailwinds Balanced allocator of capital with strong deployable cash flow that supports M&A, dividends and share repurchases Focused on delivering above-market organic growth and margins, amplified by strategic M&A to drive sustainable value creation 14
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Click Here to Edit Title Non-GAAP Reconciliations
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Table 1: Reconciliations of the Change in Net Sales to Organic Sales HST FMT FSDP IDEX Three Months Ended September 30, 2025 Change in net sales 22% 5% (3%) 10% Less: Net impact from acquisitions/divestitures(1) 11% —% —% 4% Impact from foreign currency(2) 1% 1% 2% 1% Change in organic net sales 10% 4% (5%) 5% Nine Months Ended September 30, 2025 Change in net sales 18% (2%) 1% 6% Less: Net impact from acquisitions/divestitures(1) 13% (1%) —% 4% Impact from foreign currency(2) 1% —% 1% 1% Change in organic sales 4% (1%) —% 1% Table 2: Reconciliations of Reported-to-Adjusted Gross Profit and Gross Margin (dollars in millions) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Gross profit $ 390.6 $ 353.9 $ 1,151.7 $ 1,078.1 Fair value inventory step-up charges 0.6 2.1 0.6 4.6 Adjusted gross profit $ 391.2 $ 356.0 $ 1,152.3 $ 1,082.7 Net sales $ 878.7 $ 798.2 $ 2,558.4 $ 2,405.9 Gross margin 44.5% 44.3% 45.0% 44.8% Adjusted gross margin 44.5% 44.6% 45.0% 45.0%
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Table 3: Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX and Diluted EPS Attributable to IDEX (in millions, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Reported net income attributable to IDEX $ 127.8 $ 119.1 $ 354.9 $ 381.8 Fair value inventory step-up charges 0.6 2.1 0.6 4.6 Tax impact on fair value inventory step-up charges (0.1) (0.5) (0.1) (1.0) Restructuring expenses and asset impairments(3) 0.1 3.0 18.0 5.4 Tax impact on restructuring expenses and asset impairments (0.1) (0.7) (4.4) (1.3) Gain on sale of business — 0.6 — (4.0) Tax impact on gain of sale of business — — — — Acquisition-related intangible asset amortization 33.0 26.5 96.5 75.0 Tax impact on acquisition-related intangible asset amortization (8.5) (6.0) (23.2) (17.1) Adjusted net income attributable to IDEX $ 152.8 $ 144.1 $ 442.3 $ 443.4 Reported diluted EPS attributable to IDEX $ 1.70 $ 1.57 $ 4.70 $ 5.02 Fair value inventory step-up charges 0.01 0.03 0.01 0.06 Tax impact on fair value inventory step-up charges — — — (0.01) Restructuring expenses and asset impairments(3) — 0.04 0.24 0.07 Tax impact on restructuring expenses and asset impairments — (0.01) (0.06) (0.02) Gain on sale of business — 0.01 — (0.05) Tax impact on gain of sale of business — — — — Acquisition-related intangible asset amortization 0.43 0.35 1.27 0.99 Tax impact on acquisition-related intangible asset amortization (0.11) (0.09) (0.31) (0.22) Adjusted diluted EPS attributable to IDEX $ 2.03 $ 1.90 $ 5.85 $ 5.84 Diluted weighted average shares outstanding 75.2 75.9 75.5 75.9
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Table 4: Reconciliations of Net Income to Adjusted EBITDA (dollars in millions) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Reported net income $ 127.7 $ 118.9 $ 354.2 $ 381.4 Provision for income taxes 42.8 35.5 110.7 106.7 Interest expense - net 16.5 10.3 48.2 27.8 Gain on sale of business — 0.6 — (4.0) Depreciation 19.1 17.4 56.5 49.9 Amortization 33.0 26.5 96.5 75.0 Fair value inventory step-up charges 0.6 2.1 0.6 4.6 Restructuring expenses and asset impairments 0.1 3.0 18.3 5.4 Adjusted EBITDA $ 239.8 $ 214.3 $ 685.0 $ 646.8 Adjusted EBITDA Components: HST $ 105.4 $ 82.6 $ 287.8 $ 248.2 FMT 106.8 98.5 310.8 311.6 FSDP 49.3 54.7 159.9 159.9 Corporate and other (21.7) (21.5) (73.5) (72.9) Total Adjusted EBITDA $ 239.8 $ 214.3 $ 685.0 $ 646.8 Net sales $ 878.7 $ 798.2 $ 2,558.4 $ 2,405.9 Net income margin 14.5% 14.9% 13.8% 15.9% Adjusted EBITDA margin 27.3% 26.9% 26.8% 26.9%
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Table 5: Reconciliations of Cash Flows from Operating Activities to Free Cash Flow (dollars in millions) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Cash flows from operating activities $ 203.5 $ 205.3 $ 470.9 $ 495.5 Less: Capital expenditures 14.8 13.7 43.9 49.6 Free cash flow $ 188.7 $ 191.6 $ 427.0 $ 445.9 Reported net income attributable to IDEX $ 127.8 $ 119.1 $ 354.9 $ 381.8 Adjusted net income attributable to IDEX 152.8 144.1 442.3 443.4 Operating cash flow conversion 159% 172% 133% 130% Free cash flow conversion 123% 133% 97% 101% Table 6: Reconciliation of Estimated 2025 Change in Net Sales to Change in Organic Sales Guidance(4) Full Year 2025 Low End High End Estimated change in net sales 5% 6% Less: Net impact from acquisitions/divestitures(1) 3% 4% Impact from foreign currency(2) 1% 1% Estimated change in organic sales 1% 1% Table 7: Reconciliation of Estimated 2025 Diluted EPS Attributable to IDEX to Adjusted Diluted EPS Attributable to IDEX Guidance(4) Full Year 2025 Estimated diluted EPS attributable to IDEX $6.35 - $6.40 Fair value inventory step-up charges 0.01 Tax impact on fair value inventory step-up charges — Restructuring expenses and asset impairments(5) $0.25 Tax impact on restructuring expenses and asset impairments $(0.06) Acquisition-related intangible asset amortization $1.72 Tax impact on acquisition-related intangible asset amortization $(0.41) Estimated adjusted diluted EPS attributable to IDEX $7.86 - $7.91
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Table 8: Reconciliation of Estimated 2025 Net Income to Adjusted EBITDA (dollars in millions) Guidance(4) Full Year 2025 Low End High End Estimated Reported net income $ 478.0 $ 481.6 Provision for income taxes 150.7 152.0 Interest expense - net 65.4 65.4 Depreciation 76.7 76.7 Amortization of intangible assets 130.6 130.6 Fair value inventory step-up charges 0.6 0.6 Restructuring expenses and asset impairments(5) 19.2 19.2 Estimated Adjusted EBITDA $ 921.2 $ 926.1 Estimated Net sales $ 3,445.3 $ 3,461.3 Estimated Net income margin 13.9 % 13.9 % Estimated Adjusted EBITDA margin 26.5 % 27.0 % (1) Represents the sales from acquired or divested businesses during the first 12 months of ownership or prior to divestiture. (2) The portion of sales attributable to foreign currency translation is calculated as the difference between (a) the period-to-period change in organic sales, and (b) the period-to-period change in organic sales after applying prior period foreign exchange rates to the current year period. (3) This adjustment represents the amount of Restructuring expenses and asset impairments attributable to IDEX. Restructuring expenses and asset impairments of $18.3 million on the Condensed Consolidated Statements of Income during the nine months ended September 30, 2025 included charges of $0.6 million recognized by the Company’s joint venture, $0.3 million of which was attributable to noncontrolling interest. (4) Amounts may not foot or recalculate precisely due to rounding. (5) Represents estimated restructuring costs to be incurred during the remainder of 2025, primarily related to severance.