Slides
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Q3 2026 Financial results October 22, 2026
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The information provided in this presentation contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes," "intends" and similar words and phrases. These statements reflect management's current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto, and our ability to develop, deploy, and use artificial intelligence in our platforms and offerings. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and volatile interest rates, changes in foreign exchange rates, risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of inflation and potential supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. We refer to certain non-GAAP financial measures in this presentation. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found within this presentation. Safe harbor statement 2
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Q3 results adjusted for the following items: 1. Amortization of acquisition-related intangible assets 2. Transaction-related expenses associated with completed acquisitions 3. Financial impacts associated with minority investment 4. Outgo beneficial interest collections See appendix for reconciliations. Today’s conference call will discuss results primarily on an adjusted (non-GAAP) basis. Reg. G Disclosure 3
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Agenda Q3 enterprise highlights & financial results Segment detail & outlook Q4 & FY 2026 enterprise guidance Q&A 4
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5Results are presented on an adjusted (non-GAAP) basis. See appendix for reconciliations. Q3 overview Solid results +8% revenue, +7% organic, +7% EBITDA, +15% DEPS AI momentum continues Disciplined capital allocation Deployed $436M toward bolt-on acquisitions for iPipeline, Procare & Strata Indicor announced agreement to sell Cornell Pump & Roper Pump businesses to Xylem Businesses launched several new agentic solutions
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Q3 2026 financial highlights TTM free cash flow $1,823 $2,195 $2,436 $2,529 Q3'23 Q3'24 Q3'25 Q3'26 +12% 3-year CAGR 6In millions, except DEPS. Results are presented on an adjusted (non-GAAP) basis. See appendix for reconciliations. Solid third quarter results Revenue EBITDA Total revenue +8%; organic revenue +7%; M&A contribution +1% EBITDA +7%; EBITDA margin 39.8%; core EBITDA margin (30) bps DEPS +15% to $5.89 Free cash flow (4)% to $805M; TTM +4% to $2.5B $1,563 $1,765 $2,017 $2,172 Q3'23 Q3'24 Q3'25 Q3'26 $652 $717 $810 $864 Q3'23 Q3'24 Q3'25 Q3'26 +12% 3-year CAGR +10% 3-year CAGR Q3’25 Q3’26 Free cash flow $842 $805 Diluted shares (weighted average) 108.4 99.4
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7 Strong financial position $6B+ annual capacity for capital deployment Well positioned for capital deployment Received $1.2B proceeds from sale of Indicor’s instrumentation businesses Expect attractive M&A environment Exited Q3’26 at 2.9x net debt-to-EBITDA $311M of cash; $1.3B drawn on $3.5B revolver Indicor announced agreement to sell Cornell Pump & Roper Pump businesses ~$600M expected gross proceeds
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Segment detail & outlook
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Application Software Q3 highlights $803 $984 $1,161 $1,240 Q3'23 Q3'24 Q3'25 Q3'26 Revenue $359 $429 $504 $542 Q3'23 Q3'24 Q3'25 Q3'26 EBITDA Q4 outlook MSD+ organic growth Margin 44.6% 43.6% 43.4% 43.7% 9In $ millions. Results are presented on an adjusted (non-GAAP) basis. See appendix for reconciliations. Revenue +7%; organic revenue +6%; M&A revenue contribution +1% Another great Aderant quarter; expanded AI agent platform (rates, compliance & GL forecasting) Continued Vertafore ARR growth; launched six additional AI agents & value-based credit model Deltek continued private sector strength; GovCon cloud conversion progress Procare (Playground) & Strata (c. myers) bolt-ons AI launches for CentralReach (ReportDraftAI), PowerPlan (Intelligent Unitization), & Strata (FDI) Core margin +30 bps
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Network Software $364 $367 $413 $446 Q3'23 Q3'24 Q3'25 Q3'26 $205 $206 $222 $234 Q3'23 Q3'24 Q3'25 Q3'26 Margin 56.3% 56.2% 53.7% 52.4% Revenue EBITDA 10In $ millions. Results are presented on an adjusted (non-GAAP) basis. See appendix for reconciliations. Core margin (10) bps Q3 highlights Q4 outlook MSD+ organic growth Revenue +8%; organic revenue +5%; M&A revenue contribution +3% DAT growth with signals of improving freight market; network & ARPU expansion plus continued adoption of digital freight marketplace solutions SoftWriters growth with expanding adoption of AI order entry solution; additional AI products in beta Foundry continued revenue growth; record ARR Subsplash in line with year-one target; continued AI innovation (workflow management) Completed Origo bolt-on for iPipeline
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Technology Enabled Products $396 $413 $443 $486 Q3'23 Q3'24 Q3'25 Q3'26 $144 $146 $156 $167 Q3'23 Q3'24 Q3'25 Q3'26 Margin 36.5% 35.4% 35.2% 34.3% Revenue EBITDA 11In $ millions. Results are presented on an adjusted (non-GAAP) basis. See appendix for reconciliations. MSD organic growth Q3 highlights Q4 outlook Revenue +10%; organic revenue +10% Another great quarter for NDI; exceptional growth driven by continued demand for precision measurement solutions Strong Verathon quarter across BFlex, GlideScope & BladderScan product families; positive customer response to CFlex single-use cystoscope launch Neptune declined slightly with unfavorable mix Strong execution & growth from CIVCO, FMI, Inovonics & rf IDEAS
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2026 enterprise guidance
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Guidance update 13 Guidance presented on an adjusted (non-GAAP) basis; excludes impact of unannounced future acquisitions or divestitures, proceeds from Indicor’s pending divestiture of its Cornell Pump and Roper Pump businesses, as well as potential share repurchases. See appendix for reconciliations. Increasing FY 2026 guidance Total revenue: 8%+ Organic: ~6% Adjusted DEPS: $22.35 - $22.40 Previously $22.15 - $22.30 Establishing Q4 2026 guidance Adjusted DEPS: $5.95 - $6.00
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14 Summary Simple ideas. Powerful results. Results are presented on an adjusted (non-GAAP) basis. See appendix for reconciliations. Solid results +8% revenue, +7% organic, +7% EBITDA, +15% DEPS AI momentum continues Disciplined capital allocation Deployed $436M toward bolt-on acquisitions for iPipeline, Procare & Strata Indicor announced agreement to sell Cornell Pump & Roper Pump businesses to Xylem Businesses launched several new agentic solutions
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Market-leading businesses in defensible niches Decentralized operating environment Process-driven capital deployment 15
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Appendix
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Q3 income statement metrics In millions, except DEPS. Results are presented on an adjusted (non-GAAP) basis. See subsequent slides for reconciliations. 17 Q3’25 Q3’26 Revenue $2,017 $2,172 +8%; +7% organic; +1% M&A contribution Gross profit $1,403 $1,523 Gross margin 69.5% 70.1% Core +70 bps EBITDA $810 $864 +7% EBITDA margin 40.2% 39.8% Core (30) bps Interest expense $90 $107 Tax rate 20.3% 20.1% Net earnings $557 $586 +5% DEPS $5.14 $5.89 +15% Diluted shares 108.4 99.4 (8)%
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Disaggregated revenue growth Q3 2026 Application Software Network Software Technology Enabled Products Roper Total Organic Total Organic Total Organic Total Organic Recurring 8% 7% 10% 8% 20% 20% 8% 8% Reoccurring 3% 3% 6% (1%) - - 4% 2% Recurring + Reoccurring 7% 7% 9% 6% 20% 20% 8% 7% Non-recurring 5% 3% (6%) (8%) - - 3% 1% Total software revenue 7% 6% 8% 5% 20% 20% 7% 6% Total product revenue - - - - 9% 9% 9% 9% Total revenue 7% 6% 8% 5% 10% 10% 8% 7% Software related Disaggregated revenue reconciliation ($M) Application Software Network Software Technology Enabled Products Roper Q3'25 Q3'26 Q3'25 Q3'26 Q3'25 Q3'26 Q3'25 Q3'26 Recurring 851$ 917$ 295$ 324$ 13$ 15$ 1,159$ 1,257$ Reoccurring 144 149 82 88 - - 226 236 Recurring + Reoccurring 995$ 1,066$ 377$ 412$ 13$ 15$ 1,385$ 1,493$ Non-recurring 166 174 36 34 - - 202 208 Total software revenue 1,161$ 1,240$ 413$ 446$ 13$ 15$ 1,587$ 1,701$ Total product revenue - - - - 430 471 430 471 Total revenue 1,161$ 1,240$ 413$ 446$ 443$ 486$ 2,017$ 2,172$ Software related Roper’s revenue composition Note: Numbers may not foot due to rounding. 18
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Adjusted cash flow reconciliation ($M) TTM 2023 TTM 2024 TTM 2025 TTM 2026 V% to '25 3-Year CAGR Q3 2025 Q3 2026 V% to '25 Operating cash flow 1,472$ 2,293$ 2,524$ 2,620$ 870$ 821$ Taxes paid in period related to divestitures 435 16 30 - - - Adjusted operating cash flow 1,908$ 2,309$ 2,555$ 2,620$ 3% 11% 870$ 821$ (6%) Capital expenditures (48) (69) (64) (45) (12) (10) Capitalized software expenditures (37) (45) (54) (61) (16) (16) Outgo beneficial interest collections D - - - 15 - 11 Adjusted free cash flow 1,823$ 2,195$ 2,436$ 2,529$ 4% 12% 842$ 805$ (4%) Adjusted EBITDA reconciliation ($M) Q3 2023 Q3 2024 Q3 2025 Q3 2026 V% to '25 3-Year CAGR TTM 2026 GAAP revenue 1,563$ 1,765$ 2,017$ 2,172$ 8% 12% 8,435$ GAAP net earnings 346$ 368$ 398$ 485$ 2,591$ Taxes 97 99 100 87 459 Interest expense 42 68 90 107 411 Depreciation 9 9 10 10 40 Amortization 182 197 221 225 887 EBITDA 676$ 741$ 819$ 914$ 12% 11% 4,387$ Restructuring-related expenses associated with the Syntellis ('23) and Transact ('24) acquisitions 9 9 - - - Transaction-related expenses for completed acquisitions 5 5 4 6 6 Financial impacts associated with minority investments (34) (37) (13) (56) A (1,099) Gain on sale of non-operating assets (3) - - - - Adjusted EBITDA 652$ 717$ 810$ 864$ 7% 10% 3,294$ Adjusted EBITDA margin 41.7% 40.7% 40.2% 39.8% (40 bps) 39.1% Reconciliations I 19Note: Numbers may not foot due to rounding.
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Segment reconciliation ($M) Application Software Network Software Technology Enabled Products Q3'23 Q3'24 Q3'25 Q3'26 Q3'23 Q3'24 Q3'25 Q3'26 Q3'23 Q3'24 Q3'25 Q3'26 GAAP revenue 803$ 984$ 1,161$ 1,240$ 364$ 367$ 413$ 446$ 396$ 413$ 443$ 486$ GAAP operating profit 207$ 260$ 323$ 358$ 164$ 166$ 178$ 190$ 137$ 141$ 150$ 161$ Restructuring-related expenses associated with the Syntellis ('23) & Transact ('24) acquisitions 9 9 - - - - - - - - - - Adjusted operating profit 216$ 269$ 323$ 358$ 164$ 166$ 178$ 190$ 137$ 141$ 150$ 161$ Amortization 138 155 175 179 39 39 42 43 5 3 4 4 Adjusted EBITA 354$ 424$ 498$ 537$ 203$ 205$ 220$ 232$ 142$ 144$ 154$ 164$ Depreciation 5 5 6 5 2 2 2 2 2 2 2 2 Adjusted EBITDA 359$ 429$ 504$ 542$ 205$ 206$ 222$ 234$ 144$ 146$ 156$ 167$ Adjusted EBITDA margin 44.6% 43.6% 43.4% 43.7% 56.3% 56.2% 53.7% 52.4% 36.5% 35.4% 35.2% 34.3% Revenue growth reconciliation Q3 2026 Application Software Network Software Technology Enabled Products Roper Organic 6% 5% 10% 7% Acquisitions/divestitures 1% 3% - 1% Foreign exchange - - - - Total revenue growth 7% 8% 10% 8% Reconciliations II 20Note: Numbers may not foot due to rounding.
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Gross margin reconciliation Roper Q3'25 gross margin 69.5% Core margin impact +70 bps Margin impact associated with businesses owned for less than 4 full quarters (10 bps) Q3'26 gross margin 70.1% Adjusted EBITDA margin reconciliation Application Network Software Software Roper Q3'25 adjusted EBITDA margin 43.4% 53.7% 40.2% Core margin impact +30 bps (10 bps) (30 bps) Margin impact associated with businesses owned for less than 4 full quarters - (120 bps) (10 bps) Q3'26 adjusted EBITDA margin 43.7% 52.4% 39.8% Reconciliations III 21Note: Numbers may not foot due to rounding.
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Forecasted adjusted DEPS reconciliation Q4 2026 FY 2026 E Low end High end Low end High end GAAP DEPS F 4.27$ 4.32$ 25.60$ 25.65$ YTD transaction-related expenses for completed acquisitions - - 0.05 0.05 YTD financial impacts associated with the minority investment in Indicor A TBD TBD (9.86) (9.86) Amortization of acquisition-related intangible assets B 1.68 1.68 6.56 6.56 Adjusted DEPS C 5.95$ 6.00$ 22.35$ 22.40$ Adjusted DEPS reconciliation Q3 2025 Q3 2026 V % GAAP DEPS 3.68$ 4.88$ 33% Transaction-related expenses for completed acquisitions 0.03 0.05 Financial impacts associated with minority investments (0.09) (0.71) A Amortization of acquisition-related intangible assets 1.53 1.68 B Adjusted DEPS C 5.14$ 5.89$ 15% Adjusted net earnings reconciliation ($M) Q3 2025 Q3 2026 V % GAAP net earnings 398$ 485$ 22% Transaction-related expenses for completed acquisitions 3 5 Financial impacts associated with minority investments (10) (71) A Amortization of acquisition-related intangible assets 165 167 B Adjusted net earnings C 557$ 586$ 5% Reconciliations IV 22Note: Numbers may not foot due to rounding.
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A. Adjustments related to the financial impacts associated with the minority investment in Indicor as shown below ($M, except per share data). Forecasted results do not include any future impacts associated with our minority investment in Indicor, as these future impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods. Q3 2026A Q4 2026E FY 2026E YTD 2026 Pretax (56)$ TBD TBD (1,059)$ After-tax (71)$ TBD TBD (996)$ Per share (0.71)$ TBD TBD (9.86)$ B. Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data). Q3 2026A Q4 2026E FY 2026E Pretax 212$ 212$ 839$ After-tax 167$ 168$ 663$ Per share 1.68$ 1.68$ 6.56$ C. All actual and forecasted non-GAAP adjustments are taxed at 21% with the exception of the financial impacts associated with minority investments. D. Cash collected on Outgo's beneficial interest, the residual amount owed to Outgo after it sells receivables to a third-party financial institution, classified within cash flows from investing activities. E. Full-year 2026 DEPS guidance will not equal the sum of the quarters due primarily to the impact of share repurchases on quarterly versus full-year weighted-average diluted shares outstanding. F. Forecasted GAAP DEPS do not include any future impacts associated with our minority investment in Indicor. These impacts will be excluded from all non-GAAP results in future periods. Footnotes Note: Numbers may not foot due to rounding. 23