Slides
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Click Here to Edit Title February 4, 2026 FourthQuarter 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 first quarter 2026 and full year 2026 outlook including expected organic sales and expected adjusted earnings per share and the assumptions underlying these expectations, capital return strategy, anticipated future acquisition behavior and the anticipated benefits and performance of the Company’s recent or future acquisitions, resource and capital deployment and focus and organic and inorganic growth, the Company’s ability to adapt to macroeconomic challenges, anticipated impacts of tariffs and global trade policies and changes in law, anticipated trends in end markets, including expectations regarding future order volumes and order patterns, anticipated growth initiatives and expansions and are indicated by words or phrases such as “anticipates,” “estimates,” “plans,” “guidance,” “expects,” “projects,” “forecasts,” “should,” “could,” “will,” “likely to be,” “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, wars and global conflicts; the Company’s ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; cybersecurity incidents; the continued growth of artificial intelligence (“AI”) and any related changes to demand in AI-driven markets served by the Company’s customers; 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; changes to applicable laws and regulations, including tax laws; 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 United States 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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Staging sustainable value creation in Phase III The Purposeful Evolution of IDEX PHASE I PHASE II HOLDING COMPANY, EST 1987 Portfolio of resilient industrial products with strong brands operating independently OPTIMIZED WITH 8020 Introduced 8020, accelerated talent development, applied shared operating approach and enhanced margins across the portfolio 2011 2012 2020 2021 1) Targeting higher - growth, advantaged markets 2) Accelerating commercial and operational business integration 3) Balanced, returns - focused capital deployment PHASE III $3.5B 2025 REVENUES PATH TO HIGHER GROWTH WITH 8020 3
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Implementing 8020 Leveraging Adjacent Technologies Maximizing Go-to-market Synergies Delivering Operational Efficiencies Reallocating Resources Building Momentum Across Health & Science Technologies 4 Materials Science Solutions Portfolio of applied materials forming capabilities 80s Markets Space & Defense, Semiconductor, Data Center Broad toolkit for pharma and life science customers Life Sciences 80s Markets Life Science Instruments and Pharmaceutical Performance Pneumatics Differentiated air and gas-moving products 80s Markets Data Center and Power Generation High performance sealing solutions 80s Markets Semiconductor consumables Diversified Industrials Engineered porous metal filtration solutions 80s Markets Space & Defense and Semiconductor Mott Complimentary components increasingly coming together in go-to-market strategies and technology development to drive growth and efficiencies
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Click Here to Edit TitleIDEX 4Q25 Highlights 5 Delivered better than expected results despite macro uncertainty; leveraging 8020, Phase III growth strategies gaining traction FY26 outlook balances strong momentum in HST markets with challenged general industrial HST logged record orders fueled by advantaged markets and increased demand in data center applications Balanced, returns-focused capital deployment Industrial businesses remain sluggish; leading indicators not showing signs of positive inflection Airtech Valves 5
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Click Here to Edit Title4Q & FY 2025 Financial Performance ($ in millions excl. EPS) *This presentation contains non-GAAP financial information whose reconciliations are included in both this presentation and in our SEC filings. 6 $ 863 $ 899 4Q24 4Q25 $ 3,269 $ 3,458 2024 2025 Sales +1% Organic* +1% Organic* 26.4% 26.8% 4Q24 4Q25 Adjusted EBITDA Margin +40 bps y/y +10 bps y/y $2.04 $2.10 4Q24 4Q25 $7.89 $7.95 2024 2025 Adjusted Earnings per Share* +3% y/y +1% y/y 101% 121% 4Q24 4Q25 Free Cash Flow Conversion 26.7% 26.8% 2024 2025 101% 103% 2024 2025
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Click Here to Edit Title4Q & FY 2025: Health & Science Technologies ($ in millions) Adj. EBITDA Margin 7 HST growth accelerating, with particular strength in Data Center driven areas (e.g., power, semiconductor) Performance Highlights • 4Q Y/Y organic orders and sales growth driven by advantaged markets, led by AI-driven demands for power and semiconductor, and space & defense • Accelerating 8020 application across newly acquired businesses for faster commercial and operational integration • 4Q Adj EBITDA% expanded given positive price-cost and productivity gains, partially offset by unfavorable mix and higher variable comp Key Markets Health *This presentation contains non-GAAP financial information whose reconciliations are included in both this presentation and our SEC filings. $ 353 $ 493 4Q24 4Q25 $ 1,295 $ 1,617 2024 2025 Orders +34% Organic* +12% Organic* $ 373 $ 408 4Q24 4Q25 $ 1,298 $ 1,496 2024 2025 Sales +5% Organic* +4% Organic* 26.4% 27.0% 4Q24 4Q25 +60 bps y/y (10) bps y/y 26.7% 26.6% 2024 2025 Sales Growth Organic* FX M&A Y/Y ∆ 4Q25 5% 2% 2% 9% FY25 4% 1% 10% 15% Strong power gen Stable food & beverage Multiple touchpoints including MSS & Mott Pharma growing MSD IDEX exposures in instruments, NIH weighing Life Sciences (~33% of segment sales) Diversified, Other (~26% of segment sales) Industrial, Auto (~20% of segment sales) Semiconductor (~13% of segment sales) Space & Defense (~8% of segment sales)
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Click Here to Edit Title4Q & FY 2025: Fluid & Metering Technologies ($ in millions) Adj. EBITDA Margin 8 Municipal Water a bright spot; strong execution and price-cost offsetting volume pressures across Diversified Industrials Performance Highlights • 4Q Y/Y organic orders driven by municipal water, positive price, and timing • 4Q Y/Y organic sales benefited from positive price and strong muni water markets, partially offset by softer volumes in semiconductor, chemical, energy, and industrial businesses • 4Q Adj EBITDA% trends driven by volume decrementals partially offset by positive price-cost *This presentation contains non-GAAP financial information whose reconciliations are included in both this presentation and our SEC filings. $ 282 $ 299 4Q24 4Q25 $ 1,173 $ 1,213 2024 2025 Orders +4% Organic* +4% Organic* $ 299 $ 306 4Q24 4Q25 $ 1,233 $ 1,224 2024 2025 Sales +1% Organic* Flat Organic* 31.6% 31.4% 4Q24 4Q25 (20) bps y/y +30 bps y/y 32.9% 33.2% 2024 2025 Sales Growth Organic* FX M&A Y/Y ∆ 4Q25 1% 1% - 2% FY25 0% 1% (2%) (1%) Key Markets Health Diversified Industrial (~79% of segment sales) Municipal & Industrial Water (~21% of segment sales) Gen Industrial not yet accelerating Sustainable MSD growth in Muni Energy, Chemical & Ag markets pressured
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Click Here to Edit Title4Q & FY 2025: Fire & Safety / Diversified Products ($ in millions) Adj. EBITDA Margin 9 Pressures in Dispensing and non-US Fire & Safety offsetting strength in NA F&S and Aerospace & Defense Performance Highlights • Flat 4Q Y/Y organic orders reflect netting customer spend hesitancy in Dispensing, stable BAND-IT, and growth in NA F&S • 4Q Y/Y organic sales reflect pressures in OUS F&S and Dispensing, partially offset by positive price and higher volumes at BAND-IT • 4Q Adj EBITDA% increased Y/Y on net productivity improvements and favorable mix, partially offset by volume deleverage *This presentation contains non-GAAP financial information whose reconciliations are included in both this presentation and our SEC filings. $ 184 $ 188 4Q24 4Q25 $ 730 $ 738 2024 2025 Orders Flat Organic* Flat Organic* $ 193 $ 188 4Q24 4Q25 $ 744 $ 745 2024 2025 Sales (5%) Organic* (1%) Organic* 28.1% 28.6% 4Q24 4Q25 +50 bps y/y (10) bps y/y 28.8% 28.7% 2024 2025 Sales Growth Organic* FX M&A Y/Y ∆ 4Q25 (5%) 2% - (3%) FY25 (1%) 1% - 0% NA healthy Europe/Asia funding headwinds persist Subdued refresh investment Fire & Safety (~57% of segment sales) Dispensing (~20% of segment sales) Diversified Industrial (~23% of segment sales) Key Markets Health A&D strong, Auto stable, Energy soft
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Capital Deployment Maintaining a balance and returns-oriented approach Gross Leverage* 10 2.2x 2.0x 4Q24 4Q25 $65 $64 $985 $76 $205 $213 $248 $1,255 $601 FY24 FY25 Capex M&A Dividends Share Repurchases Capital Deployment (Last 2 Years) IDEX Capital Deployment Framework Maintain strong balance sheet Organic growth investment M&A Return capital to shareholders Maintain investment grade credit rating Gross leverage target < 2.0x 80s focus areas Highest ROI opportunities Near-term focus on bolt-ons Portfolio management part of long-term growth strategy Maintain current dividend policy Consistent share repurchase activity; augmented depending on leverage and M&A activity ($ in millions) *Gross Leverage defined as Total Debt / TTM Adj. EBITDA
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Click Here to Edit Title (a) – Current guidance based on 12/31/2025 FX Rate; Current earnings per share estimates exclude all future acquisitions 2026 Guidance Summary 11 *Guidance provided on an adjusted basis. Reconciliations of forward-looking non-GAAP measures 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 necessary for such reconciliations. Organic* Revenue Growth y/y Adjusted EBITDA Margin* Adjusted EPS* FY26 1Q26 1% - 2% 26.5% - 27.0% $8.15 - $8.35 ~1% ~24.5% $1.73 - $1.78 Other Modeling Items: FX Impact on Sales (a) ~1% ~2.5% Acquisition/Divestiture Impact on Sales ~0.5% ~1% Depreciation ~$84M ~$21M Net Interest Expense $65-68M $16-17M Tax Rate ~24% Capital Expenditures ~$90M FCF Conversion* ~100% Corporate/Unallocated Costs $98-102M $30-32M ~24%
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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 12
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Click Here to Edit Title Non-GAAP Reconciliations
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Click Here to Edit Title Table 1: Reconciliations of the Change in Net Sales to Organic Sales HST FMT FSDP IDEX For the Quarter Ended December 31, 2025 Change in net sales 9% 2% (3%) 4% Less: Net impact from acquisitions/divestitures(1) 2% —% —% 1% Impact from foreign currency(2) 2% 1% 2% 2% Change in organic sales 5% 1% (5%) 1% For the Year Ended December 31, 2025 Change in net sales 15% (1%) —% 6% Less: Net impact from acquisitions/divestitures(1) 10% (2%) —% 4% Impact from foreign currency(2) 1% 1% 1% 1% Change in organic sales 4% —% (1%) 1% (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.
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Click Here to Edit Title Table 2: Reconciliations of Reported-to-Adjusted Gross Profit and Gross Margin (dollars in millions) For the Quarter Ended December 31, For the Year Ended December 31, 2025 2024 2025 2024 Gross profit $ 387.1 $ 367.1 $ 1,538.8 $ 1,445.2 Fair value inventory step-up charges — 5.0 0.6 9.6 Adjusted gross profit $ 387.1 $ 372.1 $ 1,539.4 $ 1,454.8 Net sales $ 899.1 $ 862.9 $ 3,457.5 $ 3,268.8 Gross margin 43.1% 42.5% 44.5% 44.2% Adjusted gross margin 43.1% 43.1% 44.5% 44.5%
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Click Here to Edit Title Table 3: Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX and Diluted EPS Attributable to IDEX (in millions, except per share amounts) For the Quarter Ended December 31, For the Year Ended December 31, 2025 2024 2025 2024 Reported net income attributable to IDEX $ 128.3 $ 123.2 $ 483.2 $ 505.0 Fair value inventory step-up charges — 5.0 0.6 9.6 Tax impact on fair value inventory step-up charges — (1.0) (0.1) (2.0) Restructuring expenses and asset impairments(1) 2.4 3.9 20.4 9.3 Tax impact on restructuring expenses and asset impairments (0.7) (0.9) (5.1) (2.2) Gain on sale of business — — — (4.0) Tax impact on gain of sale of business — — — — Loss on sale of assets 1.1 — 1.1 — Tax impact of sale of assets(2) 0.5 — 0.5 — Acquisition-related intangible asset amortization 34.2 32.1 130.7 107.1 Tax impact on acquisition-related intangible asset amortization (8.6) (7.2) (31.8) (24.3) Adjusted net income attributable to IDEX $ 157.2 $ 155.1 $ 599.5 $ 598.5 Reported diluted EPS attributable to IDEX $ 1.71 $ 1.62 $ 6.41 $ 6.64 Fair value inventory step-up charges — 0.07 0.01 0.13 Tax impact on fair value inventory step-up charges — (0.01) — (0.02) Restructuring expenses and asset impairments(1) 0.03 0.05 0.27 0.12 Tax impact on restructuring expenses and asset impairments (0.01) (0.01) (0.07) (0.03) Gain on sale of business — — — (0.05) Tax impact on gain of sale of business — — — — Loss on sale of assets 0.02 — 0.02 — Tax impact on sale of assets(2) 0.01 — 0.01 — Acquisition-related intangible asset amortization 0.46 0.42 1.72 1.41 Tax impact on acquisition-related intangible asset amortization (0.12) (0.10) (0.42) (0.31) Adjusted diluted EPS attributable to IDEX $ 2.10 $ 2.04 $ 7.95 $ 7.89 Diluted weighted average shares outstanding 74.8 75.9 75.3 75.9 (1) This adjustment represents the amount of Restructuring expenses and asset impairments attributable to IDEX. Restructuring expenses and asset impairments of $20.7 million on the Condensed Consolidated Statements of Income during the year ended December 31, 2025 included charges of $0.6 million recognized by the Company’s joint venture, $0.3 million of which was attributable to noncontrolling interest. (2) The loss on sale of assets generated tax expense due to the characterization of the underlying assets sold for tax purposes.
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Click Here to Edit Title Table 4: Reconciliations of Net Income to Adjusted EBITDA (dollars in millions) For the Quarter Ended December 31, For the Year Ended December 31, 2025 2024 2025 2024 Reported net income $ 128.3 $ 123.2 $ 482.5 $ 504.6 Provision for income taxes 39.4 28.0 150.1 134.7 Interest expense - net 16.2 16.7 64.4 44.5 Gain on sale of business — — — (4.0) Depreciation 19.3 18.6 75.8 68.5 Amortization 34.2 32.1 130.7 107.1 Fair value inventory step-up charges — 5.0 0.6 9.6 Restructuring expenses and asset impairments 2.4 3.9 20.7 9.3 Loss on sale of assets 1.1 — 1.1 — Adjusted EBITDA $ 240.9 $ 227.5 $ 925.9 $ 874.3 Adjusted EBITDA Components: HST 110.0 98.6 397.8 346.8 FMT 96.0 94.7 406.8 406.3 FSDP 53.6 54.3 213.5 214.2 Corporate and other (18.7) (20.1) (92.2) (93.0) Total Adjusted EBITDA $ 240.9 $ 227.5 925.9 $ 874.3 Net sales 899.1 862.9 3,457.5 3,268.8 Net income margin 14.3% 14.3% 14.0% 15.4% Adjusted EBITDA margin 26.8% 26.4% 26.8% 26.7%
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Click Here to Edit Title Table 5: Reconciliations of Cash Flows from Operating Activities to Free Cash Flow (dollars in millions) For the Quarter Ended December 31, For the Year Ended December 31, 2025 2024 2025 2024 Cash flows from operating activities $ 209.5 $ 172.6 $ 680.4 $ 668.1 Less: Capital expenditures 19.7 15.5 63.6 65.1 Free cash flow $ 189.8 $ 157.1 $ 616.8 $ 603.0 Reported net income attributable to IDEX $ 128.3 $ 123.2 $ 483.2 $ 505.0 Adjusted net income attributable to IDEX 157.2 155.1 599.5 598.5 Operating cash flow as a percent of net income 163% 140% 141% 132% Free cash flow conversion 121% 101% 103% 101%