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2026 Second Quarter Earnings (unaudited) Bill Brown Chairman and CEO Anurag Maheshwari Chief Financial Officer Chinmay Trivedi Senior Vice President, Investor Relations and Financial Planning & Analysis
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2 2026 Q2 Earnings | July 21, 2026. All rights reserved. Certain statements in this document, as well as other filings we make with the United States Securities and Exchange Commissi on (“SEC”) and other written and oral information we release are considered "forward-looking statements" under the federal securities laws, including the Private Securities Litigation Reform Ac t of 1995, as amended ("PSLRA"). Forward-looking statements may appear throughout this document and are typically identified by the words "aim," "anticipate," "believe," "can," "continue," "could," "estimate," "evaluate," "expect," "forecast," "future," "goal," "guidance," "impact," "initial," "intend," "likely," "may," "outlook," "plan," "possible," "potential," "predict," "probable, " "project," "seek," "should," "strategy," "target," "will," "would," and other words that are similar to, or have the opposite meanings, of those words. All forward-looking statements are intended to enjoy the protection of the PSLRA’s safe harbor for forward -looking statements, as well as the protections provided by other securities laws. Forward - looking statements speak only as of the date they are made and the Company assumes no obligation to update or revise any forward -looking statements. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Although the Company believes it has a reasonable basis for the forward -looking statements it makes, those statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties. Changes in those assumptions, expectations, or other factors could produce mater ially different results. The most important risks, uncertainties, and other factors that could cause the Company's actual results to differ from the Company's forward -looking statements include: (1) worldwide economic, political, regulatory, international trade, geopolitical, tariffs, and retaliatory countermeasures, capital markets, and other external conditions, (2) foreign currency exchange rates and fluctuations in those rates, (3) liabilities and contingencies related to PFAS, including liabilities related to claims, lawsuits, and government regulatory proceedings concerning various PFAS -related products and chemistries, as well as risks related to the Company's exit of PFAS manufacturing and work to discontinue use of PFAS across its product portfolio, (4) risks related to the PWS Settleme nt to resolve claims by public water suppliers in the United States regarding PFAS, as well as risks related to ongoing PFAS-related settlements and claims, (5) legal proceedings, including signif icant developments that could occur in the legal and regulatory proceedings described in the Company's reports on Form 10-K, 10-Q, and 8-K, as well as compliance risks related to legal or regulatory requirements, government contract requirements, policies and practices, or other matters that require or encourage the Company or its customers, suppliers, vendors, or channel partners t o conduct business in a certain way, (6) competitive conditions and customer preferences, (7) the timing and market acceptance of new product and service offerings, (8) the availability and cos t of purchased components, compounds, raw materials and energy due to shortages, increased demand and wages, tariffs, supply chain interruptions, or natural or other disasters, (9) unanticipated problems or delays when implementing new business systems and solutions, including with the phased implementation of a global enterprise resource planning system, or security breaches and other disr uptions to the Company's information or operational technology infrastructure, (10) use of artificial intelligence technologies, (11) the impact of acquisitions, strategic alliances, dives titures, and other strategic events resulting from portfolio management actions and other evolving business strategies, (12) operational execution, including the extent to which the Company can realize the ben efits of planned productivity improvements, as well as the impact of organizational restructuring activities, (13) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans, (14) the Company’s credit ratings and its cost of funding, (15) tax-related external conditions, including changes in tax rates, laws, or regulations, (16 ) matters relating to the Company's Aearo Entities, Combat Arms Earplugs Settlement, and related products, and (17) matters relating to the spin-off of Solventum, the Company's former Health Care business, into an independent public company. Those risks, uncertainties, and other factors are further described in Part I, Item 1A, "Risk Factors" of the Company's Form 10-K for the year ended December 31, 2025. For additional information concerning factors that may cause actual results to differ materially from the Company's forward -looking statements, see the Company's reports on Form 10-K, 10-Q, and 8-K filed with the SEC from time to time. Forward-looking statements Note on 2026 guidance 2026 guidance does not yet reflect the acquisition of Madison Fire & Rescue, which closed on July 1, 2026. Note on overall non-GAAP financial measures This presentation refers to certain non-GAAP financial measures. Refer to 3M’s July 21, 2026, press release for descriptions of non-GAAP financial measures such as adjusted net sales (and adjusted sales change); adjusted purchases of property, plant and equipment (also referred to as adjusted capital expenditures); adjus ted net cash provided by (used in) operating activities; adjusted free cash flow; adjusted free cash flow conversion; and various measures that adjust for the impacts of special items. These non -GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be fo und in that press release.
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3 2026 Q2 Earnings | July 21, 2026. All rights reserved. Value creation framework: Continuing to execute our strategy Foundation Q2 results: • Sales $6.5B, organic growth up 5.4% • Operating margin 24.9%, up 40 bps • EPS $2.40, up 11% • Free cash flow $1.3B, 107% conversion • $1.4B returned to shareholders Raising FY guidance: • Organic Growth >3.5% • EPS $8.80 to $8.95 • FCF conversion >100% Transformation / Acceleration • Results demonstrate progress toward building a higher- performing company • Accelerating momentum on commercial eXcellence … now powered by AI • Launched 92 new products in Q2, up 44%; tracking to >350 for FY • OEE up 140 bps; cost of poor quality down 60 bps • Op tempo driving strong execution … unlocking constrained assets • Actively working to simplify and standardize, reshape portfolio, improve enterprise resilience and predictability • Driving integrated global business services model … leveraging outsourcing partner for standardization, scale, and automation • Closed acquisition of Madison Fire & Rescue (3M Sentorum) • Rapidly building out EBO business (recent hyperscaler announcement) Note – 3M’s results and guidance presented on an adjusted basis; refer to July 21, 2026, press release for further details.
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4 2026 Q2 Earnings | July 21, 2026. All rights reserved. Strong execution driving growth acceleration End markets Safety General industrial Auto / Aftermarket % of sales ~60% ~40% Organic growth H1 Forward trends • Momentum in general industrial and safety … benefit from commercial eXcellence and innovation • Continuing strength in semiconductor and data center; weakness in consumer electronics • Auto stabilizing • Consumer retail remains challenged H1 → H2 trend Consumer Q2 + PMI expansion + Industrial adhesives, electrical markets, abrasives, aerospace + Semiconductors, data centers + Mainstream market spec-wins – Consumer electronics weak, industry-wide memory shortages + Auto OEM share gains in a soft market; class 8 recovering – Collision repair claims + Respiratory protection, communications, hearing / eye / fall protection – Tightening channel inventories … tepid US consumer recovery + Improving POS trends through Q2 Electronics -LSD +MSD +LSD +MSD Modest improvement Similar Softening Similar -LSD Modest improvement Flat / up +HSD +MSD +HSD -LSD
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5 2026 Q2 Earnings | July 21, 2026. All rights reserved. Reigniting the innovation engine through material science ~$2.5B ~$3B ~$4B 2017 2018 2019 2020 2021 2022 2023 2027E2026E 2028E20252024 2029E 29% Mid- teens 13%11%14%16%18%21%24%28%NPVI: • Increased R&D focus, rigor, and accountability (“R&D factory”) • On track for >1,000 new product launches by 2027 • ~20% reduction in cycle time since 2024 • Leveraging AI to accelerate development & customer collaboration ~20% 5-year new product sales Solving customers’ toughest challenges New product launches 169 284 >350 ~125 Expanded Beam Optics (EBO) Nextel Ceramic Fibers Space films • Contactless, dust resistant optical connectors • Lower cost / installation times = faster scale up Films Electronic materials Ceramics • Engineered for extreme thermal environments • Fuel cells with higher stack compression and durability • Light management / solar films • Light weight solutions
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6 2026 Q2 Earnings | July 21, 2026. All rights reserved. General industrial -LSD +MSD Safety -HSD +MSD Electronics -DD +MSD Auto / aftermarket +HSD -LSD Consumer -MSD -LSD -4.4% -1.2% 1.2% 1.5% 2.1% 3.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 3M organic sales growth (TTM) – – ~1x ~1x ~1.5x ~2xMacro multiple Driving revenue growth and margin expansion Innovating in a weak US market Driven by commercial eXcellence Prioritized investments Strong NPI pipeline Challenged operating environment FY 2023 H1 2024 ✓ Commercial • Salesforce effectiveness • Reducing churn ✓ Innovation • Accelerating NPI tempo • Improving cycle times ✓ Operational • Improving OTIF • Reducing cost of poor quality • Optimizing OEE ✓ Building a performance culture • Customer obsessed • Continuous improvement • Op discipline & accountability FY 2024 H1 2025 FY 2025 H1 2026 3M @ work OI% (TTM) 18.6% 23.6% Note – 3M’s results presented on an adjusted basis; refer to July 21, 2026, press release for further details.
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7 2026 Q2 Earnings | July 21, 2026. All rights reserved. $6,500 $12,503 Q2 2026 H1 2026 Sales ($M) • Continued order momentum with strength in general industrial, safety, and data center … strong backlog • Sales: Strength in industrial, safety, semiconductor, and data center … partially offset by consumer / consumer electronics • Area: Growth in all 5 regions … Q2 DD China, HSD Asia, MSD Latam and EMEA, LSD USAC $2.40 $4.54 Q2 2026 H1 2026 Earnings per share Q2 2026: • +$0.36 growth & productivity • -$(0.20) tariffs, stranded costs & investments • +$0.08 lower share count H1 2026: • +$0.67 growth & productivity • -$(0.42) tariffs, stranded costs & investments • +$0.25 primarily lower share count & tax timing Free cash flow ($M) $1,348 $1,889 Q2 2026 H1 2026 24.3% Margin • Strong earnings and working capital improvement, including improvement in inventory days • $3.8B returned to shareholders in H1 … $0.8B in dividends and $3B in gross buybacks • Strong liquidity and low leverage Q2 and H1 2026 performance +3.3% OSG +5.4% OSG 24.9% Margin 79% Conv. 107% Conv. Note – Sales, EPS, free cash flow / conversion information is presented on an adjusted basis, refer to July 21, 2026, press release for further details. +7%+12%
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8 2026 Q2 Earnings | July 21, 2026. All rights reserved. Q2 and H1 2026 sales by business group ($ millions) Safety & Industrial ~50% of sales Transportation & Electronics ~30% of sales Consumer ~20% of sales $3,091 $6,021 Q2 2026 H1 2026 $2,066 $3,914 Q2 2026 H1 2026 $1,247 $2,378 Q2 2026 H1 2026 OSG% • Q2 2026: – Progress on commercial eXcellence and innovation drove strong growth – Electrical markets, adhesives, abrasives, and industrial specialties all up LDD – Safety up HSD … roofing granules return to growth • Q2 2026: backlog conversion combined with stronger commercial execution • H1 2026: – Strength in 1/2 the business … semiconductor, aerospace, and data center business segments grew DD … commercial branding grew MSD – Auto flat / consumer electronics down LSD in weak markets … increasing our content per vehicle / device • Q2 2026: POS and share gains were offset by key USAC retailers reducing inventory levels +2.9% (1.7%) +5.7% +8.2% +5.9% (2.1%)
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9 2026 Q2 Earnings | July 21, 2026. All rights reserved. Raising full-year 2026 guidance April guidance Organic sales growth Earnings per share Updated guidance ~3% >3.5% $8.50 to $8.70 $8.80 to $8.95 +9% to 11%+5% to 8% Free cash flow >100% Conversion >100% Conversion Contingency: $(0.05) to $(0.15) • Volume and productivity • Incorporates oil inflation ~$150M to $175M … fully offset by price • Lower share count and interest expense • Strong earnings growth • Net working capital improvement • Capex efficiency • Strong H1 performance • Continued momentum in general industrial, safety, and data center • Soft consumer / consumer electronics Guidance assumptions $4.6B to $4.8B $4.7B to $4.9B Note – information presented on an adjusted basis; refer to July 21, 2026, and April 21, 2026, press releases for further detail s.
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10 2026 Q2 Earnings | July 21, 2026. All rights reserved. Accelerating Expanding Growing double-digit Strong Organic sales growth Operating margin EPS Free cash flow 1.2% 21.4% $7.30 >100% conversion 2024 actual Continuing to track ahead of Investor Day targets 2.1% 23.4% $8.06 >100% conversion 2025 actual >3.5% 24.1% to 24.2% $8.80 to $8.95 >100% conversion 2026 guidance $1B growth over macro ~25% margin by 2027 Accelerating to HSD % >100% conversion Medium-term commitments 2025-2027Trend: Ahead Ahead Ahead On track Note – information is presented on an adjusted basis; refer to July 21, 2026, and January 20, 2026, press releases for further d etails.
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2026 Q2 Earnings | July 21, 2026. All rights reserved. Q&A Bill Brown Chairman and CEO Anurag Maheshwari Chief Financial Officer Chinmay Trivedi Senior Vice President, Investor Relations and Financial Planning & Analysis
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12 2026 Q2 Earnings | July 21, 2026. All rights reserved. ($M) Adjusted net sales* Q2 2026 adjusted sales growth* Adjusted operating income* Adjusted operating margin* Business Groups Q2 2026 Q2 2025 Organic growth M&A FX Total sales change Q2 2026 Q2 2025 Percent change Q2 2026 Q2 2025 Safety & Industrial $3,091 $2,857 8.2% (1.3)% 1.3% 8.2% $859 $738 16.4% 27.8% 25.8% Transportation & Electronics $2,066 $1,944 5.9% (0.2)% 0.5% 6.2% $503 $479 5.2% 24.4% 24.6% Consumer $1,247 $1,270 (2.1)% —% 0.3% (1.8)% $252 $268 (6.4)% 20.1% 21.1% Total reportable business segments $6,404 $6,071 5.3% (0.7)% 0.9% 5.5% $1,614 $1,485 8.7% 25.2% 24.5% Corporate $96 $87 $1 $22 Total Company $6,500 $6,158 5.4% (0.7)% 0.8% 5.5% $1,615 $1,507 7.2% 24.9% 24.5% *Corporate and Total Company are on an adjusted basis Q2 2026 business segment information
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13 2026 Q2 Earnings | July 21, 2026. All rights reserved. ($M) Adjusted net sales* H1 2026 adjusted sales growth* Adjusted operating income* Adjusted operating margin* Business Groups H1 2026 H1 2025 Organic growth M&A FX Total sales change H1 2026 H1 2025 Percent change H1 2026 H1 2025 Safety & Industrial $6,021 $5,602 5.7% (0.7)% 2.5% 7.5% $1,635 $1,437 13.8% 27.2% 25.7% Transportation & Electronics $3,914 $3,760 2.9% (0.3)% 1.5% 4.1% $902 $869 3.8% 23.1% 23.1% Consumer $2,378 $2,394 (1.7)% —% 1.0% (0.7)% $469 $487 (3.8)% 19.7% 20.3% Total reportable business segment $12,313 $11,756 3.3% (0.4)% 1.8% 4.7% $3,006 $2,793 7.6% 24.4% 23.8% Corporate $190 $182 $35 $72 Total Company $12,503 $11,938 3.3% (0.4)% 1.8% 4.7% $3,041 $2,865 6.1% 24.3% 24.0% *Corporate and Total Company are on an adjusted basis H1 2026 business segment information
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14 2026 Q2 Earnings | July 21, 2026. All rights reserved. Scott Safety + Madison Fire & Rescue (3M Sentorum) Key modeling data Impact to 3M (H2 2026 P&L) H2 2026 sales ~$450M (~$200M Madison, ~$250M SCBA) +$200M EBITDA Margin Mid-30s Additive Financing / cash proceeds ~$1.4B debt issued Higher interest expense $0.7B cash to 3M Higher interest income 3M ownership 50.1% Net income impact (49.9% minority interest) Note – 2026 guidance does not yet reflect the acquisition of Madison Fire & Rescue, which closed on July 1, 2026.