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Q3 2026 EARNINGS RELEASE OCTOBER 27, 2026 - Picture to be updated
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22 Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. Forward-Looking Statements This presentation contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,” “should,” “would,” “could,” “positioned,” “strategy,” or “future” or words, phrases, or terms of similar substance or the negative thereof are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the overall global economic and business conditions impacting our business, including the strength of housing and related markets and conditions relating to international hostilities; supply, demand, logistics, competition and pricing pressures related to and in the markets we serve; the ability to achieve the benefits of our restructuring plans, cost reduction initiatives and Transformation Program; the impact of raw material, logistics and labor costs and other inflation; volatility in currency exchange rates and interest rates; failure of markets to accept new product introductions and enhancements; the ability to successfully identify, finance, complete and integrate acquisitions, including the Taco acquisition; risks associated with operating foreign businesses; the impact of seasonality of sales and weather conditions; our ability to comply with laws and regulations; the impact of changes in laws, regulations and administrative policy, including those that limit U.S. or foreign tax benefits or impact trade agreements and tariffs; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating and sustainability goals and targets. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. All forward-looking statements, including all financial forecasts, speak only as of the date of this presentation. Pentair assumes no obligation, and disclaims any obligation, to update the information contained in this presentation. Segment Reorganization Effective January 1, 2026, we reorganized the composition of our Flow and Water Solutions reportable segments to reflect how we are managing our business. As a result of this reorganization, our legacy residential and irrigation flow business moved from our Flow segment into our Water Solutions segment. The Pool segment remains unchanged. The applicable prior period amounts related to this change have been retrospectively reclassified to conform to the new composition. These changes have no impact on the Company’s historical consolidated financial performance or results of operations.
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33 Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. Key Definitions • Except as otherwise noted, our results represent continuing operations for the period indicated, presented on an adjusted basis • Core sales refers to GAAP net sales from continuing operations excluding: (1) the impact of currency translation and (2) the impact of net sales from acquired businesses recorded prior to the first anniversary of the acquisition, excluding the excess over prior year net sales of the acquired business less the net sales attributable to discontinued or divested businesses/product lines not considered discontinued operations • Reportable segment income ("segment income") represents operating income of each reportable segment inclusive ofequity income of unconsolidated subsidiaries and exclusive of non-cash intangible amortization, certain acquisition related expenses, costs of transformation and restructuring activities, impairments, and other unusual non-operating items • Adjusted operating income represents consolidated operating income inclusive of equity income of unconsolidated subsidiaries and exclusive of non-cash intangible amortization, certain acquisition related expenses, costs of transformation and restructuring activities, impairments, and other unusual non-operating items • Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents adjusted operating income plus depreciation • Adjusted return on sales ("ROS") equals segment income divided by segment net sales or, on a consolidated basis, adjusted operating income divided by total net sales • Results of Transformation initiatives reflected in Price column in Sales walks and Vol/Price/Acq./Div. and Productivity columns in Adjusted Operating Income and Segment Income walks; Mix and impact of discontinued or divested businesses/product lines included in Vol/Price/Acq./Div. column • See appendix for GAAP to non-GAAP reconciliations
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4 Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. Executive Summary • Q3 Adjusted Operating Income & Adjusted EPS exceeded expectations • Solid performance from all Segments • Pool channel inventory destock completed in Q3 • Completed strategic acquisition of Taco Group Holdings on October 1, 2026 • Announced Bob Hau as incoming Pentair CFO
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5 Q3 Overview 5 Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. ❑ Adjusted Operating Income includes ~$8M in tariff refunds Solid Q3 Performance ❑ Year over year performance driven by previously communicated Pool channel inventory realignment ❑ Flow and Water Solutions delivered Sales & Segment Income growth and ROS expansion ❑ Free Cash Flow of $153M in Q3; $620M YTD Sales Adjusted Operating Income Adjusted EPSROS Q3'25 Q3'26 Q3'25 Q3'26 Q3'25 Q3'26Q3'25 Q3'26 $1,022M $976M $263M $242M $1.18$1.2425.7% 24.8% (4%) YoY (8%) YoY (90 bps) YoY (5%) YoY ❑ Increased confidence and reaffirming full year midpoint Adjusted EPS guide of ~$4.70
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6 ✓ Taco acquisition closed on October 1, 2026 ✓ Taco represents a high growth platform – Taco exceeding previous expectation and entering 2027 with significant momentum ✓ 2026 Sales Estimates – ~50% Commercial/Industrial and ~50% Residential – ~85% Aftermarket/Replacement and ~15% New/OEM ✓ Creates cross-selling opportunities – Complementary channels expand customer reach and create opportunities to sell combined solutions ✓ Supports Pentair’s financial return goals – Pentair expects accretion to Adjusted EPS in 2027 – Accelerates Sales and EBITDA growth Taco Update Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. 2025 2026 Est 2027 Est High Growth Platform with Margin Improvement Opportunity ~$455M ~$560M >$620M ~$74M ~$90M >$105M Sales EBITDA* ~23% Growth >10% Growth * See appendix for the historical period reconciliation. Taco EBITDA is defined as net income (loss) before interest, taxes, depreciation, amortization and other adjustments not representative of ongoing operations.
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7 ✓ Creates a broader water-management platform extending into water circulation and hydronic flow control, and adding a market-leading brand to Pentair’s world-class water solutions portfolio – Creates opportunities to leverage Pentair’s existing residential and commercial pump businesses and sell combined solutions to the channel and end customers – Enhances Pentair’s presence in the commercial and residential hydronic heating system and creates long-term synergies with our water treatment and water movement infrastructure ✓ Establishes a new growth engine, enhancing exposure to attractive, high-growth end markets including HVAC, data centers and related infrastructure build out – Taco’s portfolio is directly aligned with these secular themes and complements Pentair's broader focus on sustainable water solutions ✓ Significantly strengthens Pentair’s presence in commercial and institutional end markets – Taco has deep market positions in data centers, schools, hospitals, universities, commercial buildings and mission-critical water and HVAC systems ✓ Expands access to specification-driven aftermarket revenue streams – Taco benefits from a large installed base of pumps, valves and controls that generate recurring replacement, maintenance and upgrade demand ✓ Provides meaningful cross-selling opportunities through complementary channels – The combination broadens customer access and channel relationship depth for both companies ✓ Aligned with Pentair’s disciplined capital allocation approach and financial return criteria Strategic Rationale & Benefits of Taco Acquisition Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved.
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8 Four Pillars, One Goal: Put Dealers at the Center to Win and Deliver the #1 Customer Experience Pool Growth Strategy OUT-SELL • Outgrow the market through coverage and execution • Win locally on acquisition and retention • Reinforce Pentair Pool as the industry's most trusted partner OUT-SUPPORT • Deliver the #1 customer experience • Educate and support across the customer journey DELIVER QUALITY • Ensure quality is a competitive differentiator • Build a durable end-to-end Quality Management System PRODUCT EXCELLENCE • Compete across core product categories • Fuel the growth engine with differentiated value • Drive visible, customer-led innovation DEALERS AT THE CENTER Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved.
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9 Q3’26 Pentair Performance (1 pt) $10M Q3’25 FX Q3’26PriceVolume ($92M) $1,022M $36M Flat $976M (9 pts) 4 pts 1 pt 0 pts (4 pts) Acq./Div. (4%) YoY Sales Adjusted Operating Income 24.8% ROS Q3’25 Q3’26Prod.Inflation ($9M) $263M ($26M) $15M $242M 0.3% (0.1%) (2.5%) 1.4% (8%) YoY Vol/Price Acq./Div. 25.7% ROS FX Adjusted Operating Income down 8% ROS 24.8% ... down 90 bps Adjusted EPS $1.18 … down 5% • Includes ~$8M in tariff refunds • Adjusted Tax Rate of 15.5% • Net adjusted interest expense* of $18M; Shares 160.3M ($1M) Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. Tariff Refunds ~$8M Gross Inflation ~($34M) * Net adjusted interest and other expense of ~$18M excludes $4.9M of one-time bridge financing fee amortization related to the Taco acquisition. Total Sales down 4% Core Sales down 5% • Flow up 1% • Water Solutions up 1% • Pool down 18%, includes completion of channel inventory destock
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10 Note: Segment Income excludes non-cash amortization of $1M in Q3’25 and $3M in Q3’26. Q3’26 Flow Performance (1 pt) Q3’25 FX Q3’26PriceVolume ($6M) $251M $8M $10M ($1M) $262M (2 pts) 3 pts 4 pts (1 pt) 4 pts Acq./Div. 4% YoY Sales Segment Income 26.2% ROS Q3’25 Q3’26Prod.Inflation $8M $60M Flat ($8M) $9M $69M 2.4% (0.1%) (3.2%) 3.4% 15% YoY Vol/Price Acq./Div. 23.7% ROS FX Segment Income up 15% ROS 26.2% ... up 250 bps • ROS expansion driven by productivity and Hydra-Stop growth • Includes ~$1M in tariff refunds Move Water Tariff Refunds ~$1M Gross Inflation ~($9M) Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. Flow • Sales up 4%, core sales up 1% • Sales modestly below expectations due to delayed spending in food and beverage • Rest of portfolio delivered double-digit growth, including strong performance from the Hydra-Stop acquisition
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11 Q3’26 Water Solutions Performance Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. (1 pt) Q3’25 FX Q3’26PriceVolume ($9M) $416M $14M Flat $1M $422M (2 pts) 3 pts 0 pts 0 pts 1 pt Acq./Div. 1% YoY Sales Segment Income 28.7% ROS Q3’25 Q3’26Prod.Inflation $12M $104M Flat $1M $4M $121M 2.5% (0.1%) 0.2% 1.1% 16% YoY Vol/Price Acq./Div. 25.0% ROS FX Segment Income up 16% ROS 28.7% ... up 370 bps • ROS expansion driven by productivity, tariff refunds and price exceeding inflation • Includes ~$6M in tariff refunds Improve Water Note: Segment Income excludes non-cash amortization of $11M in Q3’25 and $10M in Q3’26. Tariff Refunds ~$6M Gross Inflation ~($5M) Commercial • Sales up 4% led by continued progress with large strategic accounts and convenience stores Residential • Sales down 1% driven by anticipated softness in residential end markets
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12 Q3’26 Pool Performance Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. Pool • Sales down 18% • Reflects the completion of the previously communicated channel inventory destock (1 pt) Q3’25 FX Q3’26PriceVolume ($77M) $354M $14M Flat $291M (22 pts) 4 pts 0 pts 0 pts (18 pts) Acq./Div. (18%) YoY Sales Segment Income 24.6% ROS Q3’25 Q3’26Prod.Inflation ($29M) $116M ($18M) $3M $72M (4.0%) 0.0% (5.0%) 0.8% (38%) YoY Vol/Price Acq./Div. 32.8% ROS FX Segment Income down 38% ROS 24.6% ... down from 32.8% • ROS pressured by volume leverage due to channel inventory destocking, inflation and growth investments • Includes ~$1M in tariff refunds Enjoy Water Note: Segment Income excludes non-cash amortization of $2M in Q3’25 and Q3’26. Flat Flat Tariff Refunds ~$1M Gross Inflation ~($19M)
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13 Balance Sheet and Cash Flow* Q3 2026 Q3 2025 YTD 2026 YTD 2025 Beginning Debt $1,606 $1,398 $1,639 $1,648 Used (Generated) Cash (153) (179) (620) (719) Share Repurchase - 50 350 175 Dividends 43 41 131 123 Acquisition / Other (12) 270 (16) 353 Ending Debt $1,484 $1,580 $1,484 $1,580 • Net Debt/EBITDA of 1.4x • ROIC of 15.2% • 50th consecutive year of dividend increases; maintained Dividend Aristocrat and attained Dividend King statuses Debt Summary Cash Flow ($M) Debt Roll-Forward ($M) Other Items Maturity 9/30/2026 $783M ~53% Fixed 2029 – 2032 $1,484M** $701M ~47% Variable 2027 – 2030 **Does Not Include $74M of Cash on Hand Q3 2026 Q3 2025 YTD 2026 YTD 2025 Net Income – Continuing Ops $145 $184 $434 $488 Amortization 15 14 46 42 Subtotal $160 $198 $480 $530 Depreciation 15 15 45 45 Capital Expenditures (17) (17) (54) (45) Asset Sales - - - - Working Capital (33) (21) 136 42 Other Accruals / Other 28 4 13 147 Free Cash Flow – Total $153 $179 $620 $719 Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. *Excludes the impact of the Taco acquisition, including borrowings of ~$1.4B, which closed in the fourth quarter on October 1, 2026
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14 • Increased confidence and reaffirming midpoint of previous guide and expect full year 2026 Adj. EPS of ~$4.70 • Full year sales guide includes previously communicated reduction in Pool • Right-sizing of channel inventory positions the company for robust Pool growth in 2027 • Taco acquisition included in fourth quarter and full year guidance • Well-positioned to capture secular water trends and create long-term shareholder value Q4 and Full Year 2026 Pentair Outlook • Corp. Expense ~$80M (vs ~$90M) • Net Interest ~$96M (vs ~$76M) • Adjusted Tax Rate of ~15.5% • Shares ~161M (vs ~162M) Adjusted EPS ~$4.70, down ~4% (vs ~$4.60 to $4.80, down ~2% to 7%) • Targeting FCF >100% of Net Income (vs ~100%) • Capital Expenditures ~$80M • D&A of ~$120M* (vs ~$130M) and ~$30M of Non- Cash Stock Comp (vs ~$35M) Q4’26 FY’26 (vs 7/28/2026 Guidance) Sales Other Items Cash Flow Adjusted Operating Income up ~1% Total Sales down ~3% (vs down ~4% to 7%) • Flow up MSD (vs up MSD-HSD) • Water Solutions up HSD (vs Flat) • Pool down ~18-19% (vs down ~18-22%) Adjusted Operating Income down ~6% (vs down ~5% to 9%) Adjusted EPS ~$1.15, down ~3% • Corp. Expense ~$12M • Net Interest ~$37M • Adjusted Tax Rate of ~15.5% • Shares ~160M Income Adj. EPS Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. Sales EBITDA • EBITDA ~$1.05B at midpoint (unchanged) Total Sales up ~7% to 9% • Flow up LSD • Water Solutions up double-digit (Core up LSD) • Pool down ~12-15% *Forecasted D&A excludes the impact of the Taco acquisition.
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15 Key Takeaways Pool segment positioned for robust growth in 2027, with no end-market recovery assumed Completion of Taco acquisition adds a high growth platform and accretive EPS in 2027 Flow & Water Solutions segments continued to execute profitable growth strategies Tariff recoveries provided ~$43M benefit in 2026 that is not expected in 2027 Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. Continued confidence in our long-term strategy 1 2 3 4 5
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16 We Believe Pentair is a Compelling Investment Opportunity An industry leader with a balanced, innovative water portfolio Favorable secular trends driving end market growth Sustainability focus on People, Planet and Governance to provide smart, sustainable water solutions Productivity initiatives to drive operational efficiencies and margin expansion Additional value creation from strong balance sheet and cash flow 16 Dividend Aristocrat & King – 50 consecutive years of dividend increases Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved.
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Appendix GAAP TO NON-GAAP MEASUREMENTS & RECONCILIATIONS
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19 Reported to Adjusted 2026 Reconciliation Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. Pentair plc and Subsidiaries Reconciliation of GAAP to Non-GAAP Financial Measures for the Year Ending December 31, 2026 Excluding the Effect of 2026 Adjustments (Unaudited) Actual Forecast In millions, except per-share data First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Net sales $ 1,036.7 $ 932.6 $ 976.4 approx Up 7% - 9% approx Down 3% Operating income 210.0 166.5 195.9 approx Up 16% approx Down 6% Return on sales 20.3 % 17.9 % 20.1 % Adjustments: Restructuring and other 21.4 36.4 11.4 approx $ — approx $ 69 Transformation costs 11.5 17.5 16.1 approx — approx 45 Intangible amortization (1) 15.7 15.7 15.1 approx 15 approx 62 Deal-related costs and expenses — — 3.4 approx — approx 3 Equity income of unconsolidated subsidiaries 0.5 0.5 0.1 approx 1 approx 2 Adjusted operating income 259.1 236.6 242.0 approx Up 1% approx Down 6% Adjusted return on sales 25.0 % 25.4 % 24.8 % Net income from continuing operations—as reported 160.8 128.6 145.1 approx $ 171 approx $ 605 Amortization of bridge financing fees — — 4.9 approx — approx 5 Adjustments to operating income 48.6 69.6 46.0 approx 15 approx 179 Income tax adjustments (10.4) (13.2) (6.5) approx (2) approx (32) Net income from continuing operations—as adjusted $ 199.0 $ 185.0 $ 189.5 approx $ 184 approx $ 757 Continuing earnings per ordinary share—diluted Diluted earnings per ordinary share—as reported $ 0.98 $ 0.80 $ 0.91 approx $ 1.07 approx $ 3.76 Adjustments 0.24 0.34 0.27 approx 0.08 approx 0.94 Diluted earnings per ordinary share—as adjusted $ 1.22 $ 1.14 $ 1.18 approx $ 1.15 approx $ 4.70 (1) Forecasted intangible amortization does not include the impact of the Taco acquisition on October 1, 2026 as the initial accounting and preliminary purchase price allocation for the acquisition is incomplete.
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20 Reported to Adjusted 2025 Reconciliation Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. Pentair plc and Subsidiaries Reconciliation of the GAAP Year Ended December 31, 2025 to the Non-GAAP Excluding the Effect of 2025 Adjustments (Unaudited) In millions, except per-share data First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Net sales $ 1,010.4 $ 1,123.1 $ 1,022.0 $ 1,020.5 $ 4,176.0 Operating income 203.1 217.7 231.7 205.0 857.5 Return on sales 20.1 % 19.4 % 22.7 % 20.1 % 20.5 % Adjustments: Restructuring and other 10.5 10.4 0.2 10.2 31.3 Transformation costs 9.1 12.5 10.8 8.4 40.8 Intangible amortization 14.2 14.3 13.9 15.7 58.1 Legal accrual adjustments and settlements — — — 11.6 11.6 Asset impairment and write-offs 5.2 41.8 1.5 0.6 49.1 Deal-related costs and expenses — — 4.1 — 4.1 Equity income of unconsolidated subsidiaries 0.4 — 0.4 0.2 1.0 Adjusted operating income 242.5 296.7 262.6 251.7 1,053.5 Adjusted return on sales 24.0 % 26.4 % 25.7 % 24.7 % 25.2 % Net income from continuing operations—as reported 154.9 148.5 184.3 161.8 649.5 Loss on sale of business — 26.3 — — 26.3 Pension and other post-retirement mark-to-market loss — — — 2.4 2.4 Adjustments to operating income 39.0 79.0 30.5 46.5 195.0 Income tax adjustments (9.7) (23.3) (9.5) (16.0) (58.5) Net income from continuing operations—as adjusted $ 184.2 $ 230.5 $ 205.3 $ 194.7 $ 814.7 Continuing earnings per ordinary share—diluted Diluted earnings per ordinary share—as reported $ 0.93 $ 0.90 $ 1.12 $ 0.98 $ 3.93 Adjustments 0.18 0.49 0.12 0.20 0.99 Diluted earnings per ordinary share—as adjusted $ 1.11 $ 1.39 $ 1.24 $ 1.18 $ 4.92
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21 Segment Information Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. Pentair plc and Subsidiaries Supplemental Financial Information by Reportable Segment (Unaudited) 2026 2025 In millions First Quarter Second Quarter Third Quarter Nine Months First Quarter Second Quarter Third Quarter Nine Months Net sales Flow $ 258.1 $ 263.7 $ 262.5 $ 784.3 $ 232.6 $ 250.9 $ 251.4 $ 734.9 Water Solutions 391.0 422.0 421.9 1,234.9 393.5 444.7 415.9 1,254.1 Pool 387.1 246.6 291.5 925.2 383.9 427.2 354.3 1,165.4 Reportable segment net sales 1,036.2 932.3 975.9 2,944.4 1,010.0 1,122.8 1,021.6 3,154.4 Corporate and other 0.5 0.3 0.5 1.3 0.4 0.3 0.4 1.1 Net sales $ 1,036.7 $ 932.6 $ 976.4 $ 2,945.7 $ 1,010.4 $ 1,123.1 $ 1,022.0 $ 3,155.5 Reportable segment income (loss) Flow $ 61.2 $ 69.8 $ 68.8 $ 199.8 $ 50.2 $ 54.8 $ 59.7 $ 164.7 Water Solutions 99.9 126.4 120.9 347.2 94.1 108.5 104.0 306.6 Pool 128.1 57.6 71.7 257.4 126.0 152.7 116.2 394.9 Reportable segment income 289.2 253.8 261.4 804.4 270.3 316.0 279.9 866.2 Corporate and other (30.1) (17.2) (19.4) (66.7) (27.8) (19.3) (17.3) (64.4) Adjusted operating income $ 259.1 $ 236.6 $ 242.0 $ 737.7 $ 242.5 $ 296.7 $ 262.6 $ 801.8 Return on sales Flow 23.7 % 26.5 % 26.2 % 25.5 % 21.6 % 21.8 % 23.7 % 22.4 % Water Solutions 25.5 % 30.0 % 28.7 % 28.1 % 23.9 % 24.4 % 25.0 % 24.4 % Pool 33.1 % 23.4 % 24.6 % 27.8 % 32.8 % 35.7 % 32.8 % 33.9 % Adjusted return on sales 25.0 % 25.4 % 24.8 % 25.0 % 24.0 % 26.4 % 25.7 % 25.4 %
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22 Core Sales Growth Reconciliation Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. Pentair plc and Subsidiaries Reconciliation of Net Sales Growth to Core Net Sales Growth by Reportable Segment For the Quarter Ended September 30, 2026 (Unaudited) Q3 Net Sales Growth Core Currency Acq. / Div. Total Total Pentair (5.5)% — % 1.0 % (4.5)% Flow 1.0 % (0.5) % 3.9 % 4.4 % Water Solutions 1.2 % 0.2 % — % 1.4 % Pool (17.8) % 0.1 % — % (17.7) %
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23 Free Cash Flow Reconciliation Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. Pentair plc and Subsidiaries Reconciliation of the GAAP Operating Activities Cash Flow to the Non -GAAP Free Cash Flow (Unaudited) Three months ended Three months ended Three months ended Nine months ended In millions March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2026 Net cash (used for) provided by operating activities $ (67.4) $ 571.8 $ 169.3 $ 673.7 Capital expenditures (18.5) (18.9) (16.8) (54.2) Proceeds from sale of property and equipment 0.2 — 0.2 0.4 Free cash flow $ (85.7) $ 552.9 $ 152.7 $ 619.9 Three months ended Three months ended Three months ended Nine months ended In millions March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2025 Net cash (used for) provided by operating activities $ (38.9) $ 606.6 $ 196.3 $ 764.0 Capital expenditures (16.8) (10.9) (17.4) (45.1) Proceeds from sale of property and equipment — 0.1 — 0.1 Free cash flow $ (55.7) $ 595.8 $ 178.9 $ 719.0
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24 ROIC Reconciliation Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. Pentair plc and Subsidiaries Return on Invested Capital (ROIC) (Unaudited) Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Dollars in millions 2025 2025 2026 2026 2026 Adjusted operating income $ 262.6 $ 251.7 $ 259.1 $ 236.6 $ 242.0 Reported effective tax rate 15.0 % 12.3 % 15.1 % 12.5 % 16.3 % Adjusted effective tax rate 17.0 % 16.5 % 16.4 % 14.5 % 15.5 % NOPAT $ 218.0 $ 210.2 $ 216.6 $ 202.3 $ 204.5 Depreciation 15.3 14.9 14.6 14.8 15.3 Capital expenditures ("Cap Ex") (17.4) (23.7) (18.5) (18.9) (16.8) Total NOPAT, depreciation, and Cap Ex $ 215.9 $ 201.4 $ 212.7 $ 198.2 $ 203.0 Trailing four quarter NOPAT, depreciation, and Cap Ex $ 850.6 $ 866.6 $ 880.0 $ 828.2 $ 815.3 Ending invested capital 5,234.1 5,406.2 5,686.7 5,263.5 5,269.9 Trailing five quarter average invested capital 5,098.3 5,197.7 5,316.6 5,303.6 5,372.1 After-tax Return on Invested Capital 16.7 % 16.7 % 16.6 % 15.6 % 15.2 % NOPAT (net operating profit after tax) is defined as [(adjusted operating income) X (1 - adjusted effective tax rate)] Ending invested capital is defined as [total shareholders' equity + long -term debt + current maturities of long- term debt and short-term borrowings - cash and cash equivalents]
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25 Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. Last Twelve Months EBITDA Reconciliation Pentair plc and Subsidiaries Reconciliation of Net Income from Continuing Operations to EBITDA (Unaudited) Fourth Quarter First Quarter Second Quarter Third Quarter Last Twelve MonthsIn millions 2025 2026 2026 2026 Net income from continuing operations $ 161.8 $ 160.8 $ 128.6 $ 145.1 $ 596.3 Adjustments: Deal-related costs and expenses — — — 3.4 3.4 Restructuring and other 10.2 21.4 36.4 11.4 79.4 Transformation costs 8.4 11.5 17.5 16.1 53.5 Intangible amortization 15.7 15.7 15.7 15.1 62.2 Legal accrual adjustments and settlements 11.6 — — — 11.6 Asset impairment and write-offs 0.6 — — — 0.6 Pension and other post-retirement mark-to-market loss 2.4 — — — 2.4 Net interest expense 17.4 20.1 19.4 21.7 78.6 Other expense 1.0 1.0 0.7 1.0 3.7 Provision for income taxes 22.6 28.6 18.3 28.2 97.7 Adjusted operating income $ 251.7 $ 259.1 $ 236.6 $ 242.0 $ 989.4 Adjustments: Depreciation 14.9 14.6 14.8 15.3 59.6 EBITDA $ 266.6 $ 273.7 $ 251.4 $ 257.3 $ 1,049.0
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26 2026 EBITDA Reconciliation Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. Pentair plc and Subsidiaries Reconciliation of Net Income from Continuing Operations to EBITDA for the Year Ending December 31, 2026 (Unaudited) In millions Full Year at Midpoint Outlook Net income from continuing operations approx $ 605 Adjustments: Intangible amortization (1) approx 62 Restructuring and other approx 69 Transformation costs approx 45 Deal-related costs and expenses approx 3 Amortization of bridge financing fees approx 5 Net interest expense approx 96 Provision for income taxes approx 107 Adjusted operating income approx $ 992 Adjustments: Depreciation approx 58 EBITDA approx $ 1,050 (1) Forecasted intangible amortization does not include the impact of the Taco acquisition on October 1, 2026 as the initial accounting and preliminary purchase price allocation for the acquisition is incomplete.
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27 Taco Group Holdings EBITDA Reconciliation Q3 2026 Earnings Release ©2026 Pentair. All Rights Reserved. (1) Other adjustments primarily include transaction-related advisory fees and employee compensation costs, as well as certain other expenses not representative of ongoing operations. Reconciliation of Net Income (Loss) to EBITDA (Unaudited) of Taco Group Holdings In millions Twelve months ended December 31, 2025 Nine months ended September 30, 2026 Net income (loss) $ 31 $ (13) Adjustments: Intangible amortization 4 2 Depreciation 10 10 Net interest expense 10 3 Provision for income taxes 2 3 Other adjustments (1) 17 71 EBITDA $ 74 $ 76