Slides
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1 Investor Overview November – December 2025
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2 Cautionary Note Regarding Forward-Looking Statements 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. Such forward- looking statements include statements with respect to targeted dividend rates and near-term capital allocation plans. 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; IDEX’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 IDEX 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 IDEX’s most recent annual report on Form 10-K filed with the United States Securities and Exchange Commission. 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. Non-GAAP Measures. This presentation includes certain non-GAAP financial measures, including adjusted net income, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings per share (EPS), free cash flow and free cash flow conversion. Reconciliations of non-GAAP measures are included on slides 23-26 of this presentation.
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33 About IDEX
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4 50% 24% 26% 39% 38% 23% Global engineered products company focused on delivering mission critical solutions, pivoting towards higher growth, specialized markets Well-positioned with proprietary, specialized technologies across a diverse set of markets IDEX 8020 operating model supports growth and world-class execution Established culture of agility and autonomy across businesses positions us to serve as trusted partners to our customers and support their needs with speed Global brands supporting customers in over 100 countries ~9,000 EMPLOYEES $3.3B 2024 REVENUE $874M 2024 ADJ. EBITDA** $603M 2024 FCF** Sales by Segment* Sales by Geography HST: Health & Science Technologies; FMT: Fluid & Metering Technologies, FSDP: Fire & Safety / Diversified Products * Percentages illustrate the share of 2024 net sales contributed by each segment on the basis of total segments. ** These are non-GAAP measures. See reconciliations to the most directly comparable GAAP measures on slides 23-26. 4 IDEX at a Glance HST FMT FSDP US Europe ROW
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5 T argeting compounding double-digit EPS growth long-term 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 Disciplined capital allocation 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 IDEX Value Drivers
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6 8020 Culture Drives Sustainable Growth and Value Creation Pivoting business and product portfolio towards higher growth and value creation Enhancing platforms by reducing complexity and exposures to low value-add areas Maintaining a balanced, returns-focused capital allocation philosophy Portfolio Optimization, Capital Allocation Segmenting and prioritizing high-value customers Focusing sales, service and innovation efforts on perceived highest yield prospects Self-funding growth initiatives Enterprise Growth Solving critical engineering needs Removing complexity to drive efficient operations Empowering our teams to serve customers with speed and agility Operational Excellence
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7 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 $3.3B 2024 REVENUES PATH TO HIGHER GROWTH WITH 8020
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8 Airtech and Muon Thermal management Data Centers Iridian, STC, Muon, Mott, Micro-Lam Communication and guidance Muon and Mott Wafer manufacturing 8020 Focus: Enhance portfolio through proprietary M&A and selective divesture Targeting Higher-Growth, Advantaged Markets Space and Defense Semiconductor Water Nexsight and Subterra Analytical insights EXAMPLES OF TARGETED, ADVANTAGED MARKETS Recent acquisitions IDEX capabilities 1)
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9 2) Commercial & Operational Business Integration 8020 Focus: Integrate technologies and market access points within growth platforms Materials Science Solutions Platform FUNCTION Enable surface function: optical, electrical, chemical SHAPE Create & control physical nature of surfaces MATERIALS Form critical properties Integrated platform capabilities enable IDEX to deliver differentiated value Operational integration streamlines costs, improves productivity Offering all three is a competitive advantage
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10 Core to our growth compounding strategy Scaling critical capabilities in advantaged markets Continuous portfolio optimization Delivering reliable and consistent dividends Target of 30-35% of adj. net income Increased repurchase authorization to $1 billion (Sept ’25) 3 Balanced Capital Deployment 8020 Focus: Near-term, target bolt-on acquisitions and returning capital to shareholders M&A Dividends Share Repurchase Current focus: balancing return of capital to shareholders with growth investment Framework for Returns-Focused Capital Allocation
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11 Implementing 8020 Across Platforms Leveraging Adjacent Technologies Maximizing Go-to-market Synergies Delivering Operational Efficiencies Reallocating Resources MEGATRENDS AI & Digitization | Regionalization & Defensive Industrialization | Reimagined Supply Chains Energy Efficiency | Demographic Shifts Building High Margin Growth Platforms in Advantaged Markets Materials Science Solutions Leading-edge portfolio of applied materials forming capabilities focused on rapidly growing, nascent markets Unique innovative solutions built on broad toolkit for global pharma and life science customers Life Sciences Severe Duty Flow Control Differentiated rugged technologies ensuring high reliability and uptime in high-risk applications Intelligent Water Wastewater monitoring and analytics mitigating infrastructure risk and ensuring efficient investment Fire & Safety On-scene automation and tools delivering mission- critical tech in “life & death” situations Fluid & Metering Technologies Fire & Safety / Diversified ProductsHealth & Science Technologies
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1212 IDEX Business Overview
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13 IDEX Business Characteristics Manufacturing focus on components, subcomponents and modules High criticality but small portion of customers’ bill of materials Asset-light manufacturing and efficient operations Proprietary, customer co-developed, and differentiated technology Business Model Industry leaders High margins with room to grow Long-tenured customer relationships and collaboration with emerging innovators Proprietary technology that can be tuned for new opportunities in adjacent spaces Competitive Advantage Favorable end market secular trends We choose specialized spaces where we can optimize growth and profitability, turning proprietary technology into new opportunities
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14 Segments Summary $1.3B 2024 Sales ~39% of 2024 Segment Sales 27% 2024 Adj. EBITDA Margin* $1.2B 2024 Sales ~38% of 2024 Segment Sales 33% 2024 Adj. EBITDA Margin* $0.7B 2024 Sales ~23% of 2024 Segment Sales 29% 2024 Adj. EBITDA Margin* Organizational Strengths 8020 | Innovation | Disciplined Strategic Acquisitions | Emerging Markets Fluid & Metering Technologies Fire & Safety / Diversified Products Health & Science Technologies Diversified Industrial 40% Life Science Instrumentation 30% Semiconductor 15% Food & Pharma 15% Diversified Industrial 85% Municipal Water 15% Fire & Safety 55% Dispensing 20% Diversified Industrial 25% * These are non-GAAP measures. See reconciliations to their most directly comparable U.S. GAAP financial measures on slides 23 -26 Percent of sales Food & Pharma 15% Semiconductor 15% Life Science Instrumentation 30% Diversified Industrial 40% Diversified Industrial 85% Municipal Water 15% Diversified Industrial 25% Dispensing 20% Fire & Safety 55%
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15 Segment Snapshot: Health & Science Technologies 69% Other Markets Financial Performance ($M) $1,122 $1,339 $1,316 $1,298 32% 31% 27% 27% 2021 2022 2023 2024 Revenue Adj. EBITDA Margin Key End Markets • Life Sciences • Analytical Instruments • Space & Defense • Semiconductor • Food & Pharma • Energy Transition Reporting Units 2024 Sales Scientific Fluidics & Optics 55% Performance Pneumatics Technologies 18% Sealing Solutions 18% Material Processing Technologies 9% Technology driven optics, fluidics, filtration and pneumatics for precise handling of light, gas and liquids Direct co-development with market leading OEMs Integrated platforms drive technology roadmap and cross-business unit customer relationships Focus area of organic and inorganic growth investment Segment Revenue * Non-GAAP measure. See reconciliations to the most directly comparable U.S. GAAP financial measures on slides 23 -26. *
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16 Segment Snapshot: Fluid & Metering Technologies 90% Other Markets Financial Performance ($M) Key End Markets • Industrial • Water • Energy • Chemical Processing • Agriculture Highly engineered pumps and valves solving customer challenges for durability in severe conditions Established, premium flow control brands sold via leading distribution channels Investing in digitization for sales, fulfillment and maintenance Local-for-local in emerging regions driving growth in India, Middle East and Southeast Asia Segment Revenue $999 $1,167 $1,247 $1,233 30% 32% 33% 33% 2021 2022 2023 2024 Revenue Adj. EBITDA Margin Reporting Units 2024 Sales Pumps 33% Water 28% Energy 17% Agriculture 12% Valves 10% * Non-GAAP measure. See reconciliations to the most directly comparable U.S. GAAP financial measures on slides 23 -26. *
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17 Segment Snapshot: Fire & Safety / Diversified Products 93% Other Markets Financial Performance ($M) Key End Markets • Fire Suppression • Paint Dispensing • Aerospace/Defense • Rescue Tools • Automotive Mission-critical products for life saving emergency situations in Fire & Rescue Strength in design and production for growing needs in emerging markets Investing in automation capabilities to meet customer staffing challenges Segment Revenue Reporting Units 2024 Sales Fire and Safety 63% Dispensing 22% BAND-IT 15% * Non-GAAP measure. See reconciliations to the most directly comparable U.S. GAAP financial measures on slides 23 -26. $648 $679 $719 $744 29% 27% 29% 29% 2021 2022 2023 2024 Revenue Adj. EBITDA Margin*
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1818 Financial Performance
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19 $5.80 $5.19 $6.87 $8.12 $8.22 $7.89 2019 2020 2021 2022 2023 2024 Strong Record of Sales and Earnings Growth, Primed for Acceleration $2,495 $2,352 $2,765 $3,182 $3,274 $3,269 2019 2020 2021 2022 2023 2024 $679 $623 $765 $884 $900 $874 2019 2020 2021 2022 2023 2024 Revenue ($M) Adj. EPS* Adj. EBITDA* ($M) • 2019 – 2022 high-single-digit revenue and double-digit adjusted EPS CAGRs boosted by pandemic and unsustainable hyper demand • Coming out of pandemic, life sciences and semiconductor markets have contracted, pressuring growth and EPS expansion in ‘23 and ‘24 • Capital deployed in high-value markets tied to secular mega trends and enhancing scale to drive acceleration towards sustainable double-digit EPS growth * These are non-GAAP measures. See reconciliations to their most directly comparable U.S. GAAP financial measures on slides 23 -26.
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20 Healthy Balance Sheet and Strong Cash Generation Support Financial and Strategic Flexibility 1. Mott was acquired in September 2024. * These are non-GAAP measures. See reconciliations to their most directly comparable U.S. GAAP financial measures on slides 23 -26. 1.3x 1.7x 1.6x 1.7x 1.5x 2.2x1 2019 2020 2021 2022 2023 2024 $477 107% $518 131% $493 94% $489 79% $627 101% $603 101% 2019 2020 2021 2022 2023 2024 Gross Leverage Ratio Free Cash Flow & Conversion Rate* ($M) Target <2.0x leverage with capacity for M&A Track record of quickly deleveraging after deals Deployment of strong FCF compounds returns Targeting 100%+ FCF conversion
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21 IDEX Value Drivers T argeting compounding double-digit EPS growth long-term 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
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2222 Non-GAAP Reconciliations
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23 Reconciliations of Net Income to Adjusted EBITDA (dollars in millions) 2019 2020 2021 2022 2023 2024 Reported net income 425.5$ 377.8$ 449.3$ 586.7$ 595.6$ 504.6$ Provision for income taxes 107.4 92.5 130.5 162.7 164.7 134.7 Interest expense - net 44.3 44.8 41.0 40.7 51.7 44.5 Gain on sale of businesses - - - (34.8) (84.7) (4.0) Depreciation 39.6 41.7 46.6 50.7 57.2 68.5 Amortization 37.4 41.8 56.4 69.0 94.9 107.1 Fair value inventory step-up charges 3.3 4.1 11.6 8.5 1.6 9.6 Restructuring expenses and asset impairments 21.0 11.8 9.3 4.5 10.9 9.3 Loss on early debt redemption - 8.4 8.6 - - - Termination of the U.S. pension plan, net of curtailment - - 8.6 - - - Corporate transaction indemnity - - 3.5 - - - Gains on sales of assets - - - (2.7) - - Net impact from the exit of a COVID-19 testing application(1) - - - (1.1) - - Credit loss on note receivable from collaborative partner(2) - - - - 7.7 - Adjusted EBITDA 678.5$ 622.9$ 765.4$ 884.2$ 899.6$ 874.3$ Net sales 2,494.6$ 2,351.6$ 2,764.8$ 3,181.9$ 3,273.9$ 3,268.8$ Impact from the exit of a COVID-19 testing application(1) (17.9) Adjusted net sales 3,164.0$ Net income margin 17.1% 16.1% 16.3% 18.4% 18.2% 15.4% Adjusted EBITDA margin 27.2% 26.5% 27.7% 27.9% 27.5% 26.7% For the Years Ended December 31, (1) The impact to Net sales and Gross margin represents the acceleration of previously deferred revenue of $17.9 million and an i mpairment charge of $16.8 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID -19 testing application. (2) Represents a reserve on an investment with a collaborative partner recorded in Other (income) expense – net during the second quarter of 2023. During the fourth quarter of 2023, the Company converted the promissory note receivable from the collaborative partner to equity, resulting in a cost method inv estment with zero value.
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24 Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX (in millions) (1) Represents the net impact of the acceleration of previously deferred revenue of $17.9 million and an impairment charge of $16.8 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID -19 testing application. (2) Represents a reserve on an investment with a collaborative partner recorded in Other (income) expense – net during the second quarter of 2023. During the fourth quarter of 2023, the Company converted the promissory note receivable from the collaborative partner to equity, resulting in a cost method inv estment with zero value. 2019 2020 2021 2022 2023 2024 Reported net income attributable to IDEX 425.5$ 377.8$ 449.4$ 586.9$ 596.1$ 505.0$ Fair value inventory step-up charges 3.3 4.1 11.6 8.5 1.6 9.6 Tax impact on fair value inventory step-up charges (0.7) (0.9) (2.7) (2.2) (0.4) (2.0) Restructuring expenses and asset impairments 21.0 11.8 9.3 4.5 10.9 9.3 Tax impact on restructuring expenses and asset impairments (4.9) (2.8) (2.2) (0.9) (2.5) (2.2) Net impact from the exit of a COVID-19 testing application (1) - - - (1.1) - - Tax impact on the exit of a COVID-19 testing application - - - 0.3 - - Loss on early debt redemption - 8.4 8.6 - - - Tax impact on loss on early debt redemption - (1.9) (1.8) - - - Termination of the U.S. pension plan, net of curtailment - - 8.6 - - - Tax impact on termination of the U.S. pension plan, net of curtailment - - (1.9) - - - Corporate transaction indemnity - - 3.5 - - - Tax impact on corporate transaction indemnity - - (0.8) - - - Gain on sale of businesses - - - (34.8) (84.7) (4.0) Tax impact on gain on sale of businesses - - - 5.5 22.7 - Gain (loss) on sales of assets - - - (2.7) - - Tax impact on gain (loss) on sales of assets - - - 0.6 - - Credit loss on note receivable from collaborative partner (2) - - - - 7.7 - Tax impact on credit loss on note receivable from collaborative partner - - - - (1.6) - Acquisition-related intangible asset amortization 37.3 41.8 56.4 69.0 94.9 107.1 Tax impact on acquisition-related intangible asset amortization (8.5) (9.6) (12.9) (15.5) (21.1) (24.3) Adjusted net income attributable to IDEX 473.0$ 428.7$ 525.1$ 618.1$ 623.6$ 598.5$ For the Years Ended December 31,
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25 Reconciliations of Diluted EPS Attributable to IDEX (in millions, except per share amounts) (1) Represents the net impact of the acceleration of previously deferred revenue of $17.9 million and an impairment charge of $16.8 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID -19 testing application. (2) Represents a reserve on an investment with a collaborative partner recorded in Other (income) expense – net during the second quarter of 2023. During the fourth quarter of 2023, the Company converted the promissory note receivable from the collaborative partner to equity, resulting in a cost method inv estment with zero value. 2019 2020 2021 2022 2023 2024 Reported diluted EPS attributable to IDEX 5.56$ 4.94$ 5.88$ 7.71$ 7.85$ 6.64$ Fair value inventory step-up charges 0.04 0.05 0.15 0.11 0.02 0.13 Tax impact on fair value inventory step-up charges (0.01) (0.01) (0.04) (0.03) - (0.02) Restructuring expenses and asset impairments 0.28 0.15 0.12 0.06 0.15 0.12 Tax impact on restructuring expenses and asset impairments (0.07) (0.03) (0.03) (0.01) (0.03) (0.03) Net impact from the exit of a COVID-19 testing application (1) - - - (0.01) - - Tax impact on the exit of a COVID-19 testing application - - - - - - Loss on early debt redemption - 0.11 0.11 - - - Tax impact on loss on early debt redemption - (0.02) (0.02) - - - Termination of the U.S. pension plan, net of curtailment - - 0.11 - - - Tax impact on termination of the U.S. pension plan, net of curtailment - - (0.02) - - - Corporate transaction indemnity - - 0.05 - - - Tax impact on corporate transaction indemnity - - (0.01) - - - Gain on sale of businesses - - - (0.46) (1.12) (0.05) Tax impact on gain on sale of businesses - - - 0.07 0.30 - Gain (loss) on sales of assets - - - (0.03) - - Tax impact on gain (loss) on sales of assets - - - 0.01 - - Credit loss on note receivable from collaborative partner (2) - - - - 0.10 - Tax impact on credit loss on note receivable from collaborative partner - - - - (0.02) - Acquisition-related intangible asset amortization 0.49 0.55 0.74 0.91 1.25 1.41 Tax impact on acquisition-related intangible asset amortization (0.11) (0.13) (0.17) (0.21) (0.28) (0.31) Adjusted diluted EPS attributable to IDEX 6.18$ 5.61$ 6.87$ 8.12$ 8.22$ 7.89$ Diluted weighted average shares outstanding 76.5 76.4 76.4 76.0 75.9 75.9 For the Years Ended December 31,
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26 Reconciliations of Cash Flows from Operating Activities to Free Cash Flow (dollars in millions) 2019 2020 2021 2022 2023 2024 Cash flows from operating activities 528.1$ 569.3$ 565.3$ 557.4$ $ 716.7 $ 668.1 Less: Capital expenditures 50.9 51.6 72.7 68.0 89.9 65.1 Free cash flow $ 477.2 $ 517.7 $ 492.6 $ 489.4 $ 626.8 $ 603.0 Reported net income attributable to IDEX 425.5$ 377.8$ 449.4$ 586.9$ 596.1$ 505.0$ Adjusted net income attributable to IDEX 444.2 396.5 525.1 618.1 623.6 598.5 Operating cash flow as a percent of net income 124% 151% 126% 95% 120% 132% Free cash flow conversion 107% 131% 94% 79% 101% 101% For the Years Ended December 31, * Free cash flow conversion is Free cash flow as a percentage of Adjusted net income attributable to IDEX. *