Slides
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Second Quarter 2026 Earnings Review August 4, 2026
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Forward-Looking Statements 2Second Quarter 2026 Earnings Review Statements in this presentation that express a belief, expectation, or intention, including increased 2026 guidance and other statements that are not historical fact, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: economic conditions in the mark ets served by the company’s businesses and the businesses of its customers, some of which are cyclical and experience periodic downturns and may be affected by the impositi on or threat of imposition of tariffs; the impact of geopolitical activity on those markets and the global economy, including instabilities associated with the armed conflicts in the Middle East region, and impacts on shipping in that region, and in Ukraine and any conflict or threat of conflict that may affect Taiwan; uncertainties with respect to the imposition, or threat of imposition, of government tariffs, embargoes and other trade protection measures, such as “anti-dumping” duties applicable to classes of products, and import or export licen sing requirements, as well as the imposition of trade sanctions against a class of products imported from or sold and exported to, or the loss of “normal trade relations” status w ith, countries in which the company conducts business, could significantly increase the company’s cost of products or otherwise reduce its sales and harm its business; uncertainties with respect to prices and availability of raw materials, including as a result of instabilities from geopolitical conflicts and the imposition of tariffs; uncertainties with respect to the com pany’s ability to achieve anticipated growth within the semiconductor, life sciences, and other technology-enabled markets, including uncertainties with respect to the timing of comple tion of the Arizona facility; the impact of fluctuations in relevant foreign currency exchange rates or unanticipated increases in applicable interest rates; unanticipated delays or pro blems in introducing new products; the impact from any pending or potential labor disputes; announcements by competitors of new products, services or technological innovations; cha nges in the company’s pricing policies or the pricing policies of its competitors; risks related to the reliance of the Advanced Surface Technologies segment on a small number of significant customers and the geographic concentration of those customers; uncertainties with respect to the company’s ability to identify and complete business acquisitions consisten t with its strategy and to successfully integrate any businesses that it acquires; and uncertainties with respect to the amount of any payments required to satisfy contingent liab ilities, including those related to discontinued operations, other divested businesses and discontinued operations of the company’s predecessors, including liabilities for certain produc ts, environmental matters, employee benefit and statutory severance obligations and other matters. Enpro’s filings with the Securities and Exchange Commission, including its most rece nt Form 10-K and Form 10-Q reports, describe these and other risks and uncertainties in more detail. Enpro does not undertake to update any forward -looking statements made in this presentation to reflect any change in management's expectations or any change in the assumptions or circumstances on which such statements are based. Full-year guidance is subject to the risks and uncertainties discussed above and specifically excludes changes in the number of shares outstanding, impacts from future acquisitions, dispositions and related transaction costs, restructuring costs and the impact of changes in foreign exchange rates, in each case subsequent to June 30, 2026, and any incremental impact on demands and costs arising from tariffs announced, or trade tensions arising, subsequent to August 3, 2026. This presentation also contains certain non-GAAP financial measures (*) as defined by the Securities and Exchange Commission. A reconciliation of historical non-GAAP measures to the most directly comparable GAAP equivalents is included as an appendix to this presentation. Adjusted EBITDA and adjusted dilu ted earnings per share anticipated for the full-year 2026 are calculated in a manner consistent with the historical presentation of these measures in the appendix. Because of the for ward-looking nature of these estimates, it is impractical to present quantitative reconciliations of such measures to comparable GAAP measures, and accordingly no such GAAP measures are presented.
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Second Quarter 2026 Highlights Eric Vaillancourt President & Chief Executive Officer
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Organic revenue growth of 10.9%, above high-end of long- term range Strong profitability, 25.6%, while supporting growth initiatives Allocating 2/3 of capital expenditures toward growth and efficiency Pursuing value-creating M&A without the use of excess leverage Delivering total shareholder returns above premium peers Achieving and maintaining a premium valuation reflective of quality and durability of franchise Positioned to outperform, while investing in growth opportunities despite macroeconomic and geopolitical uncertainty 17.6% Organic sales up 10.9% 23.2% Adjusted DEPS* to $2.50 25.6% Adjusted EBITDA* margin, including growth investments Excellent execution on commercial, strategic and operational objectives, along with continued growth investment Strong free cash flow and ample liquidity for reinvestment in organic growth opportunities and strategic M&A YTD Free cash flow up 16% to over $61M, while capital expenditures increased 45% Remain focused on leading- edge critical products and solutions, with high-margins, strong cash flow and recurring/aftermarket revenue exposure Continue to invest in our best organic growth opportunities, while selectively pursuing acquisitions that fit our disciplined strategic and financial criteria Maximize shareholder returns by investing in long-term growth with responsible capital allocation Accelerate personal and professional growth of our colleagues Enpro 3.0 Strategy Update * Non-GAAP measure; refer to appendix for reconciliation to GAAP. Second Quarter 2026 Earnings Review Strategic FocusStrong 2Q:26 ResultsEnpro 3.0 Goals 4
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Overview of Financial Results Joe Bruderek Executive Vice President & Chief Financial Officer
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Second Quarter 2026 Financial Performance 6 $ in millions, except per share data * Non-GAAP measure; refer to appendix for reconciliation to GAAP. • Strong demand for semiconductor products and solutions, double-digit growth in domestic general industrial markets, and strength in aerospace and compositional analysis applications, as well as strategic pricing, more than offset slow North American commercial vehicle demand • Organic sales increased 10.9% year over year • Gross margin expansion driven primarily by improved operating leverage in AST and mix contributions from our leading- edge semiconductor solutions and optical coatings • Adjusted EBITDA* of $86.9 million increased 22.2% over the prior-year period, driven by higher sales and offset in part by increased operating expenses supporting growth • Adjusted EBITDA margin* of 25.6%, increased 90 bps • Adjusted diluted earnings per share of $2.50 increased 23.2% compared to the prior-year period driven by the factors impacting adjusted EBITDA Adjusted Diluted EPS*Adjusted EBITDA* & Margin*Gross Profit & MarginSales +17.6% +19.4% +22.2% +23.2% Second Quarter 2026 Earnings Review
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Sealing Technologies – Second Quarter 2026 Performance 7 $ in millions Adjusted EBITDA & MarginSales • Sales increase driven by strength in aerospace solutions, double-digit growth in domestic general industrial markets, solid demand growth for compositional analysis applications, as well as strategic pricing initiatives • Partially offset by continued soft demand in commercial vehicle markets and slow European general industrial and food and biopharmaceutical demand • Organic sales increased 5.0% • Adjusted segment EBITDA of $71.7 million increased 13.3% compared to the prior-year period • Adjusted segment EBITDA margin remained strong at 33.2% driven by operating investments tied to growth initiatives and continued weakness in commercial vehicle +15.3% +13.3% Second Quarter 2026 Earnings Review
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Advanced Surface Technologies – Second Quarter 2026 Performance • Sales increase driven primarily by strong performance in leading-edge precision cleaning solutions and healthy demand for semiconductor capital equipment • Organic sales increased 21.8% • Adjusted segment EBITDA increase driven primarily by strong sales growth and fixed cost absorption. • Adjusted segment EBITDA increased 48.5% year-on-year organically • Growth investments in semiconductor for capacity expansion in the United States and Taiwan continue 8 Adjusted EBITDA & MarginSales +21.8% +48.5% Second Quarter 2026 Earnings Review $ in millions
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Balance Sheet, Cash Flow & Capital Allocation 9 • Strong balance sheet; ample liquidity consisting of $77.0M in cash and $660.2M2 available under revolver • Free cash flow* for the six months ended June 30, 2026 was $61.4M, up from $52.8M from the prior year • Paid $13.8M in dividends for the six months ended June 30, 2026 • Strong balance sheet position enables us to invest in the growth opportunities and pursue capability- expanding acquisitions that meet our rigorous strategic and financial criteria 1 Outstanding balance of debt instrument. 2 The $660.2M available for borrowing under revolver is net of outstanding borrowings and letters of credit totaling $139.8M. * Non-GAAP measure; refer to appendix for reconciliation to GAAP. CommentaryNet Leverage Second Quarter 2026 Earnings Review $ in millions Reported June 30, 2026 Revolver $ 130 Senior Notes1 $ 450 Gross Debt $ 580 Cash and Cash Equivalents $ 77 Net Debt $ 503
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2026 Guidance Increase 10 (1) Full-year guidance is subject to the risks and uncertainties described above and excludes changes in the number of shares outstanding, impacts from future acquisitions, dispositions and related transaction costs, restructuring costs, and the impact of foreign exchange rate changes, in each case, subsequent to the end of the first quarter, any incremental impact on demand and costs arising from tariffs announced, or trade tensions arising, subsequent to August 3, 2026. (2) Amortization of acquisition-related intangible assets of $81 million excluded from the calculation of adjusted diluted EPS. 2026 Guidance (as of August 4, 2026) Prior 2026 Guidance (as of May 5, 2026) Revenue Growth(1) 14% to 16% 10% to 14% Adjusted EBITDA*(1) $330M – $340M $315M – $330M Adjusted Diluted EPS*(1)(2) $9.30 – $9.80 $8.85 – $9.50 ~$109M-$111M Depreciation and Amortization(2) ~$60-65M Capital Expenditures (~$50M previously) ~$32M-$34M Net Interest Expense 25% Normalized Tax Rate Second Quarter 2026 Earnings Review
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Closing Comments Eric Vaillancourt President & Chief Executive Officer
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Q&A
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Appendix
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Enpro (NYSE: NPO) | Attractive Portfolio of Businesses 14 Company Overview Headquarters Charlotte, NC Primary Manufacturing Facilities 15 Global Employees ~4,200 Financial Overview Market-Cap1 ~$7.0B LTM Revenue3 $1.2B LTM Adj. EBITDA (Margin)2,3 $302M (24.7%) LTM Aftermarket Rev. % 53% Dividend Yield1 0.4% LTM Revenue Contribution as of June 30, 2026 Sales by MarketSales by GeographySales by ChannelSales by Segment 1 As of 8/3/26; 2 Refer to appendix for Non-GAAP reconciliation; 3 As of 06/30/2026; Second Quarter 2026 Earnings Review
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Reconciliation of LTM Results 15 Enpro Inc. Adjusted Adjusted ($ in millions) Revenue EBITDA EBITDA Margin Six Months Ended June 30, 2026 $ 641.8 $ 163.3 25.4% Plus: Year Ended December 31, 2025 1,143.3 277.6 24.3% Less: Six Months Ended June 30, 2025 561.3 138.9 24.7% LTM Ended June 30, 2026 $ 1,223.8 $ 302.0 24.7% Second Quarter 2026 Earnings Review
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16 Consolidated Adjusted EBITDA (1/2) For the Year Ended December 31, 2025 (In Millions) 2025 Net income $ 40.5 Adjustments to arrive at earnings before interest, income taxes, depreciation, amortization, and other selected items ("Adjusted EBITDA"): Interest expense, net 28.2 Income tax expense 17.1 Depreciation and amortization expense 102.8 Restructuring and impairment expense 2.5 Environmental reserve adjustments 5.6 Costs associated with previously disposed businesses 2.3 Acquisition expenses 8.5 Pension income (non-service cost) 2.6 Amortization of the fair value adjustment to acquisition date inventory 2.2 Loss on extinguishment of debt 1.7 Foreign exchange losses related to the divestiture of a discontinued operation 0.4 Long-term promissory note reserve1 (4.5) Loss on pension settlement2 67.2 Other 0.5 Adjusted EBITDA $ 277.6 1We received a long-term promissory note in connection to the sale of a divested business. As part of our regular review of the note, in the first quarter of 2024, we concluded a reserve was needed for expected future credit losses. In the fourth quarter of 2025, the obligor of the note refinanced all of its long-term debt, which led to the repayment of the note in full, and a recovery of the corresponding loss. 2 The termination and settlement process for our defined benefit pension plan in the United States was substantially completed in the fourth quarter of 2025, resulting in the recognition of a non-cash settlement loss to recognize actuarial losses previously deferred in accumulated other comprehensive income on our consolidated balance sheet. Second Quarter 2026 Earnings Review
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Consolidated Adjusted EBITDA (2/2) 17 1In connection with the acquisition of LeanTeq in 2019, we recognized a liability for uncertain tax positions and a related indemnification asset for the portion of that liability recoverable from the seller. We determined the statute of limitations expired on some of the uncertain tax positions in 2026 and, accordingly, removed a portion of the liability and receivable. The release of the related liability was recorded as part of our tax expense for quarter and six months ended June 30, 2026 and the reversal of the related receivable was recorded as an expense in other non-operating income (expense) on our consolidated statement of operations. 2The termination and settlement process for our defined benefit pension plan in the United States was substantially completed in the fourth quarter of 2025, resulting in the recognition of a non-cash settlement loss to recognize actuarial losses previously deferred in accumulated other comprehensive income on our consolidated balance sheet. In the second quarter of 2026, the annuity purchase to terminate the plan was finalized, which resulted in funds being credited back to residual pension assets. This resulted in a partial offset to the settlement loss recorded in 2025. Second Quarter 2026 Earnings Review
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Segment Information (1/2) 18 Adjusted segment EBITDA is total segment revenue reduced by operating expenses and other costs identifiable with the segment, excluding acquisition expenses, restructuring and impairment expense, amortization of the fair value adjustment to acquisition date inventory, and depreciation and amortization. Restructuring expense (income), net in the table above for the quarter and six months ended June 30, 2025 includes income related to gains on the sale of fixed assets as a result of restructuring actions. Corporate expenses include general corporate administrative costs. Corporate expenses also include $1.5 million and $2.7 million of restructuring expense for the quarters and six months ended June 30, 2026, respectively. Non-operating expenses not directly attributable to the segments, corporate expenses, net interest expense, and income taxes are not included in the computation of adjusted segment EBITDA. The accounting policies of the reportable segments are the same as those for the Company. For the Quarters and Six Months Ended June 30, 2026 and 2025 (In Millions) Sales Quarters Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Sealing Technologies $ 216.2 $ 187.5 $ 415.2 $ 367.1 Advanced Surface Technologies 122.9 100.9 227.1 194.7 339.1 288.4 642.3 561.8 Less: intersegment sales (0.3) (0.3) (0.5) (0.5) $ 338.8 $ 288.1 $ 641.8 $ 561.3 Net income $ 27.1 $ 26.4 $ 54.5 $ 50.9 Earnings before interest, income taxes, depreciation, amortization and other selected items (Adjusted Segment EBITDA) Quarters Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Sealing Technologies $ 71.7 $ 63.3 $ 136.3 $ 122.0 Advanced Surface Technologies 29.4 19.8 53.7 40.3 $ 101.1 $ 83.1 $ 190.0 $ 162.3 Adjusted Segment EBITDA Margin Quarters Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Sealing Technologies 33.2 % 33.8 % 32.8 % 33.2 % Advanced Surface Technologies 23.9 % 19.6 % 23.6 % 20.7 % 29.8 % 28.8 % 29.6 % 28.9 % Reconciliation of Income, Net of Tax to Adjusted Segment EBITDA Quarters Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 27.1 $ 26.4 $ 54.5 $ 50.9 Income tax expense (5.8) (9.1) (12.3) (16.9) Income before income taxes 32.9 35.5 66.8 67.8 Acquisition expenses 0.4 0.3 1.4 0.5 Amortization of the fair value adjustment to acquisition date inventory 0.1 — 3.3 — Restructuring expense (income), net 0.1 (0.2) 0.1 0.5 Depreciation and amortization expense 27.1 25.2 54.6 50.4 Corporate expenses 15.7 12.1 29.4 23.4 Interest expense, net 8.3 7.5 17.1 15.5 Other expense 16.5 2.7 17.3 4.2 Adjusted Segment EBITDA $ 101.1 $ 83.1 $ 190.0 $ 162.3 Second Quarter 2026 Earnings Review
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Segment Information (2/2) 19Second Quarter 2026 Earnings Review
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Consolidated Adjusted Net Income 20 Management of the Company believes that it would be helpful to the readers of the financial statements to understand the impact of certain selected items on the Company's reported income and diluted earnings per share, including items that may recur from time to time. The items adjusted for in this schedule are those that are excluded by management in budgeting or projecting for performance in future periods, as they typically relate to events specific to the period in which they occur. This presentation enables readers to better compare Enpro Inc. to other diversified industrial technology companies that do not incur the sporadic impact of restructuring activities, costs associated with previously disposed of businesses, acquisitions, or other selected items. Management acknowledges that there are many items that impact a company's reported results and this list is not intended to present all items that may have impacted these results. Other adjustments are included in selling, general, and administrative, cost of sales, and other operating expenses on the consolidated statements of operations. The adjusted income tax expense presented above is calculated using a normalized company-wide effective tax rate excluding discrete items of 25.0%. Per share amounts were calculated by dividing by the weighted-average shares of diluted common stock outstanding during the periods. 1In connection with the acquisition of LeanTeq in 2019, we recognized a liability for uncertain tax positions and a related indemnification asset for the portion of that liability recoverable from the seller. We determined the statute of limitations expired on some of the uncertain tax positions in 2026 and, accordingly, removed a portion of the liability and receivable. The release of the related liability was recorded as part ofour tax expense for quarter and six months ended June 30, 2026 and the reversal of the related receivable was recorded as an expense in other non-operating income (expense) on our consolidated statement of operations. 2The termination and settlement process for our defined benefit pension plan in the United States was substantially completed in the fourth quarter of 2025, resulting in the recognition of a non-cash settlement loss to recognize actuarial losses previously deferred in accumulated other comprehensive income on our consolidated balance sheet. In the second quarter of 2026, the annuity purchase to terminate the plan was finalized, which resulted in funds being credited back to residual pension assets. This resulted in a partial offset to the settlement loss recorded in 2025. 3Adjusted diluted earnings per share, which amounts were calculated by dividing by the weighted-average shares of diluted common stock outstanding during the periods. Second Quarter 2026 Earnings Review
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Free Cash Flow 21 (In Millions) Free Cash Flow - Six Months Ended June 30, 2026 Net cash provided by operating activities $ 90.9 Purchases of property, plant, and equipment (27.8) Payments for capitalized internal-use software (1.7) $ 61.4 Free Cash Flow - Six Months Ended June 30, 2025 Net cash provided by operating activities $ 73.2 Purchases of property, plant, and equipment (17.9) Payments for capitalized internal-use software (2.5) $ 52.8 Second Quarter 2026 Earnings Review