Slides
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Third Quarter 2026 Earnings Review November 3, 2026
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Forward-Looking Statements 2Third 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 impos ition, 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 facility expansions; 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 labor disputes; announcements by competitors of new products, services or technological innovations; changes 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 cust omers and the geographic concentration of those customers; uncertainties with respect to the company’s ability to identify and complete business acquisitions consistent 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 liabilities, includi ng those related to discontinued operations, other divested businesses and discontinued operations of the company’s predecessors, including liabilities for certain products, environment al matters, employee benefit and statutory severance obligations and other matters. Enpro’s filings with the Securities and Exchange Commission, including its most recent 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 press release 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 September 30, 2026, and any incremental impact on demands and costs arising from tariffs announced, or trade tensions arising, subsequent to November 2, 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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Third Quarter 2026 Highlights Eric Vaillancourt President & Chief Executive Officer
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Organic revenue growth of 16.9%, above high-end of long- term range Strong profitability, 26.0%, 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 22.4% Organic sales up 16.9% 33.7% Adjusted DEPS* to $2.66 26.0% 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 23.2% to $129.2M, while capital expenditures increased 33.9% 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. Third Quarter 2026 Earnings Review Strategic FocusStrong Third Quarter 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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Third Quarter 2026 Financial Performance 6 $ in millions, except per share data * Non-GAAP measure; refer to appendix for reconciliation to GAAP. • Improved demand across AST for semiconductor products and solutions, strength in aerospace, domestic general industrial, and compositional analysis applications, as well as the contributions from recent acquisitions and strategic pricing initiatives drove performance • Organic sales increased 16.9% 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 $91.3 million increased 31.7% over the prior-year period, driven by higher sales and offset in part by increasing operating expenses supporting growth • Adjusted EBITDA margin* of 26.0%, increased 180 bps • Adjusted diluted earnings per share* of $2.66 increased 33.7% compared to the prior-year period driven by the factors impacting adjusted EBITDA Adjusted Diluted EPS*Adjusted EBITDA* & Margin*Gross Profit & MarginSales +22.4% +27.5% +31.7% +33.7% Third Quarter 2026 Earnings Review
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Sealing Technologies – Third Quarter 2026 Performance 7 $ in millions Adjusted Segment EBITDA & MarginSales • Strength in aerospace, domestic general industrial and compositional analysis applications, as well as strategic pricing initiatives drove the sales increase • European general industrial and food and biopharmaceutical demand slow during the quarter • Organic sales increased 11.6% • Adjusted segment EBITDA of $69.9 million increased 21.8% compared to last year • Adjusted segment EBITDA margin remained strong at 32.6% • Adjusted segment EBITDA increased 13.2% on an organic basis +20.5% +21.8% Third Quarter 2026 Earnings Review
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Advanced Surface Technologies – Third Quarter 2026 Performance • Sales increase driven by organic growth of leading-edge precision cleaning solutions and increased demand for semiconductor capital equipment and coatings • Organic sales increased 25.8% • Adjusted segment EBITDA increase driven primarily by improved operating leverage • Adjusted segment EBITDA increased 57.3% year-on-year on an organic basis • Growth investments in semiconductor for capacity expansion in the United States and Asia continue 8 Adjusted Segment EBITDA & MarginSales +25.8% 57.3% Third Quarter 2026 Earnings Review $ in millions
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Balance Sheet, Cash Flow & Capital Allocation 9 • Strong balance sheet; ample liquidity consisting of $83.4M in cash and $715.2M2 available under revolver • Free cash flow* for the nine months ended September 30, 2026 was $129.2M, up from $104.9M from the prior year • Paid $20.6M in dividends for the nine months ended September 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 $715.2M available for borrowing under revolver is net of outstanding borrowings and letters of credit totaling $84.8M. * Non-GAAP measure; refer to appendix for reconciliation to GAAP. CommentaryNet Leverage Third Quarter 2026 Earnings Review $ in millions Reported September 30, 2026 Revolver $ 75 Senior Notes1 $ 450 Capital Lease Obligations $ 1 A Debt Components $ 526 B Cash and Cash Equivalents $ 83 D = (A – B + C) Net Debt $ 443
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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 November 2, 2026. (2) Amortization of acquisition-related intangible assets of $81 million excluded from the calculation of adjusted diluted EPS. 2026 Guidance (as of November 3, 2026) Prior 2026 Guidance (as of August 4, 2026) Revenue Growth(1) $1.33B – $1.34B (Up 16% to 17%) 14% to 16% Adjusted EBITDA*(1) $340M – $345M $330M – $340M Adjusted Diluted EPS*(1)(2) $9.70 – $9.95 $9.30 – $9.80 ~$109M-$111M Depreciation and Amortization(2) ~$60-65M Capital Expenditures ~$33M-$34M Net Interest Expense (~$32-34M previously) 25% Normalized Tax Rate Third 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 14Third Quarter 2026 Earnings Review Company Overview Headquarters Charlotte, NC Primary Manufacturing Facilities 15 Global Employees ~4,400 Financial Overview Market-Cap1 ~$5.7B LTM Revenue3 $1.3B LTM Adj. EBITDA (Margin)2,3 $324M (25.1%) LTM Aftermarket Rev. % 52% Dividend Yield1 0.5% LTM Revenue Contribution as of September 30, 2026 Sales by MarketSales by GeographySales by ChannelSales by Segment 1 As of 11/2/26; 2 Refer to appendix for Non-GAAP reconciliation; 3 As of 09/30/2026
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Reconciliation of LTM Results 15Third Quarter 2026 Earnings Review Enpro Inc. Adjusted Adjusted ($ in millions) Revenue EBITDA EBITDA Margin Nine Months Ended September 30, 2026 $ 992.6 $ 254.6 25.6% Plus: Year Ended December 31, 2025 1,143.3 277.6 24.3% Less: Nine Months Ended September 30, 2025 847.9 208.3 24.6% LTM Ended September 30, 2026 $ 1,288.0 $ 323.9 25.1%
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Third Quarter 2026 Earnings Review 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.
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Consolidated Adjusted EBITDA (2/2) 17Third Quarter 2026 Earnings Review For the Quarters and Nine Months Ended September 30, 2026 and 2025 (In Millions) Quarters Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net income $ 40.3 $ 21.6 $ 94.8 $ 72.5 Adjustments to arrive at earnings before interest, income taxes, depreciation, amortization, and other selected items ("Adjusted EBITDA"): Interest expense, net 8.2 6.4 25.3 21.9 Income tax expense 14.2 10.5 26.4 27.4 Depreciation and amortization expense 27.3 25.2 82.0 75.6 Restructuring expense, net 0.5 0.4 3.3 1.0 Environmental reserve adjustments — — 16.1 (0.7) Costs associated with previously disposed businesses 0.7 1.6 1.4 2.3 Acquisition expenses 0.2 2.7 1.6 3.2 Pension expense 0.1 0.8 0.4 2.4 Amortization of the fair value adjustment to acquisition date inventory — — 3.3 — Loss on extinguishment of debt — — — 1.7 Reversal of an indemnification asset receivable1 — — 0.9 0.5 Gain on pension settlement2 (0.3) — (1.2) — Other 0.1 0.1 0.3 0.5 Adjusted EBITDA $ 91.3 $ 69.3 $ 254.6 $ 208.3 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 releaseof the related liability was recorded as part of our tax expense for the nine months ended September 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 of the Company’s U.S. defined benefit pension plan were substantially completed in the fourth quarter of 2025, resulting in the recognition of a non-cash settlement loss associated with actuarial losses previously deferred in accumulated other comprehensive income on our consolidated balance sheet. During 2026, the Company finalized the annuity purchase to terminate the plan and completed the pension trust settlement process, which resulted in the return of residual pension assets and excess trust funds to the Company. These transactions generated favorable adjustments that partially offset the settlement loss recognized in 2025.
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Segment Information (1/2) 18Third Quarter 2026 Earnings Review 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. Corporate expenses include general corporate administrative costs. Corporate expenses also include $0.5 million, $3.2 million, $0.1 million, and $0.2 million of restructuring expenses for the quarters and nine months ended ended September 30, 2026 and September 30, 2025, 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 Nine Months Ended September 30, 2026 and 2025 (In Millions) Sales Quarters Ended September 30, Nine Months Ended September 30, 2026 2026 2025 2026 2025 Sealing Technologies $ 214.7 $ 178.2 $ 629.9 $ 545.3 Advanced Surface Technologies 136.5 108.5 363.6 303.2 351.2 286.7 993.5 848.5 Less: intersegment sales (0.4) (0.1) (0.9) (0.6) Total Sales $ 350.8 $ 286.6 $ 992.6 $ 847.9 Net income $ 40.3 $ 21.6 $ 94.8 $ 72.5 Earnings before interest, income taxes, depreciation, amortization and other selected items (Adjusted Segment EBITDA) 2026 2025 2026 2025 Sealing Technologies $ 69.9 $ 57.4 $ 206.2 $ 179.4 Advanced Surface Technologies 34.3 21.8 88.0 62.1 Total Adjusted Segment EBITDA $ 104.2 $ 79.2 $ 294.2 $ 241.5 Adjusted Segment EBITDA Margin 2026 2025 2026 2025 Sealing Technologies 32.6 % 32.2 % 32.7 % 32.9 % Advanced Surface Technologies 25.1 % 20.1 % 24.2 % 20.5 % Total Adjusted Segment EBITDA Margin 29.7 % 27.6 % 29.6 % 28.5 % Reconciliation of Income, Net of Tax to Adjusted Segment EBITDA Quarters Ended September 30, Nine Months Ended September 30, 2026 2026 2025 2026 2025 Net income $ 40.3 $ 21.6 $ 94.8 $ 72.5 Income tax expense (14.2) (10.5) (26.4) (27.4) Income before income taxes 54.5 32.1 121.2 99.9 Acquisition expenses 0.2 2.7 1.6 3.2 Amortization of the fair value adjustment to acquisition date inventory — — 3.3 — Restructuring expense, net — 0.2 0.1 0.7 Depreciation and amortization expense 27.2 25.2 81.8 75.6 Corporate expenses 13.5 10.2 43.0 33.6 Interest expense, net 8.2 6.4 25.3 21.9 Other expense 0.6 2.4 17.9 6.6 Adjusted Segment EBITDA $ 104.2 $ 79.2 $ 294.2 $ 241.5
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Segment Information (2/2) 19Third Quarter 2026 Earnings Review For the Quarters and Nine Months Ended September 30, 2026 and 2025 (In Millions) Quarter Ended September 30, 2026 2026 Sealing Technologies Advanced Surface Technologies Total Segments Acquisition and divestiture expenses $ 0.2 $ — $ 0.2 Depreciation and amortization expense $ 10.7 $ 16.5 $ 27.2 Quarter Ended September 30, 2025 2025 Sealing Technologies Advanced Surface Technologies Total Segments Acquisition and divestiture expenses $ 2.7 $ — $ 2.7 Restructuring expense $ 0.2 $ — $ 0.2 Depreciation and amortization expense $ 8.5 $ 16.7 $ 25.2 Nine Months Ended September 30, 2025 Sealing Technologies Advanced Surface Technologies Total Segments Acquisition expenses $ 3.2 $ — $ 3.2 Restructuring expense, net $ (0.2) $ 0.9 $ 0.7 Depreciation and amortization expense $ 25.0 $ 50.6 $ 75.6 Nine Months Ended September 30, 2026 Sealing Technologies Advanced Surface Technologies Total Segments Acquisition expenses $ 1.6 $ — $ 1.6 Amortization of the fair value adjustment to acquisition date inventory $ 3.3 $ — $ 3.3 Restructuring expense $ 0.1 $ — $ 0.1 Depreciation and amortization expense $ 32.5 $ 49.3 $ 81.8
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Consolidated Adjusted Net Income 20Third Quarter 2026 Earnings Review 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. Other adjustments are included in selling, general, and administrative, cost of sales, and other operating expenses on the consolidated statements of operations. 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. 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 of our tax expense for the nine months ended September 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 of the Company’s U.S. defined benefit pension plan were substantially completed in the fourth quarter of 2025, resulting in the recognition of a non-cash settlement loss associated with actuarial losses previously deferred in accumulated other comprehensive income on our consolidated balance sheet. During 2026, the Company finalized the annuity purchase to terminate the plan and completed the pension trust settlement process, which resulted in the return of residual pension assets and excess trust funds to the Company. These transactions generated favorable adjustments that partially offset the settlement loss recognized 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. (In Millions, Except Per Share Data) Quarters Ended September 30, 2026 2025 $ Average common shares outstanding, diluted Per Share $ Average common shared outstanding, diluted Per Share Net income $ 40.3 21.4 $ 1.88 $ 21.6 21.3 $ 1.01 Income tax expense 14.2 10.5 Income before income taxes 54.5 32.1 Adjustments from selling, general, and administrative: Acquisition expenses 0.2 2.7 Amortization of acquisition-related intangible assets 20.2 18.8 Adjustments from other operating expense and cost of sales: Restructuring expense 0.5 0.4 Costs associated with previously disposed businesses 0.7 1.6 Pension expense - non-service cost 0.1 0.8 Gain on pension settlement2 (0.3) — Other adjustments: Other 0.1 0.1 Adjusted income before income taxes 76.0 56.5 Adjusted income tax expense (19.0) (14.1) Adjusted net income $ 57.0 21.4 $ 2.66 3 $ 42.4 21.3 $ 1.99 3 (In Millions, Except Per Share Data) Nine Months Ended September 30, 2026 2025 $ Average common shares outstanding, diluted Per Share $ Average common shared outstanding, diluted Per Share Net income $ 94.8 21.4 $ 4.44 $ 72.5 21.2 $ 3.41 Income tax expense 26.4 27.4 Income before income taxes 121.2 99.9 Adjustments from selling, general, and administrative: Acquisition expenses 1.6 3.2 Amortization of acquisition-related intangible assets 60.9 56.9 Adjustments from other operating expense and cost of sales: Restructuring expense, net 3.3 1.0 Amortization of the fair value adjustment to acquisition date inventory 3.3 — Adjustments from other non-operating expense: Environmental reserve adjustment 16.1 (0.7) Costs associated with previously disposed businesses 1.4 2.3 Pension expense - non-service cost 0.4 2.4 Loss on extinguishment — 1.7 Reversal of an indemnification asset receivable1 0.9 0.5 Gain on pension settlement2 (1.2) — Other adjustments: Other 0.3 0.5 Adjusted income before income taxes 208.2 167.7 Adjusted income tax expense (52.0) (41.9) Adjusted net income $ 156.2 21.4 $ 7.30 3 $125.8 21.2 $ 5.92 3
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Free Cash Flow 21 (In Millions) Third Quarter 2026 Earnings Review Free Cash Flow - Nine Months Ended September 30, 2026 Net cash provided by operating activities $ 172.8 Purchases of property, plant, and equipment (39.9) Payments for capitalized internal-use software (3.7) $ 129.2 Free Cash Flow - Nine Months Ended September 30, 2025 Net cash provided by operating activities $ 138.5 Purchases of property, plant, and equipment (29.8) Payments for capitalized internal-use software (3.8) $ 104.9