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Q2 2026 JULY 30, 2026 Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES Earnings Presentation 1
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Safe Harbor Statement Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES Certain statements contained in this presentation that are not historical facts, including any statements as to future market conditions, results of operations, product introductions, and financial projections, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the S ecurities Exchange Act of 1934, as amended, and are subject to safe harbor created thereby. These forward-looking statements are subject to risks, uncertainties, and other factors which could cause actua l results to differ materially from future express or implied results. Although SPX Technologies believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are based on the company’s existing operations and complement of businesses, which are subject to change. These risks, uncertainties and other factors include the following: cyclical changes and specific industry events in our mark ets; changes in anticipated capital investment and maintenance expenditures by customers; changes in economic conditions in relevant global and North American markets, including as a result of geopolitica l conflicts, including the armed conflicts in the Middle East and related impacts on shipping in that region, the imposition, or threat of imposition of tariffs, including any new or increased tariffs announced by the U.S. government and any retaliatory tariffs announced in response thereto, and other trade barriers or international trade tensions; availability, limitations or cost increases of raw materials and/or com modities, including as a result of geopolitical conflicts or new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, that cannot be recovered in product pricing; the impact o f competition on profit margins and our ability to maintain or increase market share; risks with respect to our contracts with the U.S. government, including the government's ability to terminate contracts prior to co mpletion or failure to appropriate amounts necessary to fund such contracts; inadequate performance by third-party suppliers and subcontractors for outsourced products, components and services and other su pply-chain risks; the uncertainty of claims resolution with respect to environmental and other contingent liabilities; the impact of climate change and any legal or regulatory actions taken in res ponse thereto; cyber-security risks; risks with respect to the protection of intellectual property, including with respect to our digitalization initiatives; the impact of overruns, inflation and the incurrence of d elays with respect to long-term fixed-price contracts; defects or errors in current or planned products; the impact of pandemics and governmental and other actions taken in response; domestic economic, political, legal, accounting and business developments adversely affecting our business, including regulatory changes; uncertainties with respect to our ability to complete expansions to or the reconfiguration of o ur manufacturing footprint within the time periods and at costs we anticipate and whether we will realize the anticipated benefits of these activities; uncertainties with respect to our ability to identify a cceptable acquisition targets; uncertainties surrounding timing and successful completion of acquisition transactions, including with respect to integrating acquisitions and achieving cost savings, synergistic sales or other benefits from acquisitions; the impact of retained liabilities of disposed businesses; potential labor disputes; and extreme weather conditions and natural and other disasters. These and other risks a nd uncertainties are further discussed in other sections of this document. These statements are only predictions. Actual events or results may differ materially because of market conditions in our industrie s or other factors, and forward-looking statements should not be relied upon as a prediction of actual results. In addition, management’s estimates of future operating results are based on our current comple ment of businesses, which is subject to change as management selects strategic markets. More information regarding such risks can be found in SPX Technologies’ most recent Annual Report on Form 10 -K, as well as its other SEC filings. Statements in this presentation are only as of the time made, and SPX Technologies disclaims any responsibility to update or revise such statements except as required by law. This presentation includes non-GAAP financial measures. Reconciliations of historical non-GAAP financial measures with the most comparable measures calculated and presented in accordance with GAAP are available in the Appendix to this presentation. Reconciliations of non -GAAP guidance measures to GAAP financial measures are not practicable and accordingly are not included in the Appendix to this presentation. Non-GAAP guidance measures are calculated in a manner consistent with the non -GAAP historical financial measures included in this presentation. The Company believes these non-GAAP financial measures, when read in conjunction with the comparable GAAP financial measures, give investors a useful tool to ass ess and understand the Company’s overall financial performance, because they exclude items of income or expense that the Company believes are not reflective of its ongoing operating performance, allowin g for a better period-to-period comparison of operations of the Company. JULY 30, 2026 2 |
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Introductory Comments Gene Lowe, President & Chief Executive Officer Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES JULY 30, 2026 3 |
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1 Adjusted results are non-GAAP measures. Reconciliations of historical non-GAAP measures to GAAP financial measures are included in the Appendix to this presentation. Reconciliations of no n-GAAP guidance measures to GAAP financial measures are not practicable and accordingly are not included in the Appendix to this presentation. Non -GAAP guidance measures are calculated on the same basis as respective historical measures included in this presentation. Continued Strong Execution on Value Creation Roadmap Executive Summary ▪ Strong Q2 Performance » 20% growth in Adjusted EBITDA1 » 22% growth in Adjusted EPS1 ▪ Raising 2026 Guidance » Adjusted EBITDA1 range implies +27% growth at midpoint ▪ Progressing on Key Initiatives » Momentum on capacity expansions; greater data center capacity » Acquired Neptronic; pipeline remains attractive Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESJULY 30, 2026 4 |
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Revenue Adjusted EBITDA / Margin1 Strong Revenue and Adjusted EBITDA¹ Growth Q2 2026 Results Summary ▪ Revenue growth of 23% » Organic growth in both segments » Benefit of acquisitions ▪ Adjusted EBITDA1 growth of 20% » Primarily driven by revenue growth Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES Second Quarter JULY 30, 2026 1 Adjusted results are non-GAAP measures. Reconciliations of historical non-GAAP measures to GAAP financial measures are included in the Appendix to this presentation. ($ in millions) 5 | $552 $679 $127 $152 22.9% 22.4% 0.18 0.2 0.22 0.24 0.26 0.28 0.3 0 100 200 300 400 500 600 700 800 900 1000 Q2 2025 Q2 2026
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Value Creation Framework Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES Excellence Digital/AI Continuous Improvement Talent Growth Strategic M&A New Product Development Commercial Excellence Strong Foundation Business System 15%+ Adj. EBITDA1 Growth Engineered Niches Leading Positions Tech-Enabled Moats Sustainable Strategic Planning & Goal Deployment 1 Adjusted results are non-GAAP measures. Reconciliations of non-GAAP future measures to GAAP financial measures are not practicable and accordingly are not included in the Appendix to this presentation. Such future measures are calculated on the same basis as the respective historical measures included in this presentation. JULY 30, 2026 6 |
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Complementary Products with Strong Presence in Diversified End Markets Neptronic 7 |Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESJULY 30, 2026 Electric duct heaters Humidifiers Actuators and actuated valves Key markets: Commercial, Residential, Institutional, Healthcare Key markets: Commercial, Industrial Key markets: Commercial, Data Center, Healthcare, Institutional Intelligent controls Key markets: Commercial, Industrial, Data Center, Institutional Existing technology strengthens core New technology Reliable, efficient heating solutions Advanced control systems to optimize performance Precision humidity control for critical environments Precision flow and modulation solutions Complementary technologies – add significant capabilities
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Q2 2026 Financial Review Mark A. Carano, Chief Financial Officer Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES JULY 30, 2026 8 |
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Q2 2026 Adjusted EPS1 of $2.02 Adjusted Earnings Per Share1 Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESJULY 30, 2026 9 | 1 Adjusted results are non-GAAP measures. Reconciliations of historical non-GAAP measures to GAAP financial measures are included in the Appendix to this presentation. Q2 2025 Q2 2026 GAAP EPS from continuing operations $1.10 $1.56 Amortization of intangible assets $0.39 $0.40 Acquisition and integration-related $0.13 $0.07 Non-service pension and other $0.03 ($0.01) Adj EPS1 from continuing operations $1.65 $2.02
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Strong Growth in Revenue and Consolidated Segment Income1 Q2 2026 Results Q2 Revenue ▪ 22.9% year-over-year increase » 16.9% organic growth » 5.8% acquisition impact » 0.2% currency impact Q2 Consolidated Segment Income / Margin1 ▪ Both segments contributed to +$31.3 y/y increase in Consolidated Segment Income1 ▪ Margin1 flat y/y with D&M strength offset by HVAC headwinds Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES Revenue Consolidated Segment Income / Margin1 JULY 30, 2026 1 Consolidated segment income and margin are non-GAAP measures. Reconciliations of historical non- GAAP measures to GAAP financial measures are included in the Appendix to this presentation. ($ in millions) 10 | Second Quarter $552 $679 $136 $167 24.6% 24.6% 0.2 0.22 0.24 0.26 0.28 0.3 0.32 0 100 200 300 400 500 600 700 800 900 1000 Q2 2025 Q2 2026
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Revenue and Income Growth in Both Cooling and Heating HVAC Q2 2026 Results Q2 Revenue ▪ 27.6% year-over-year increase » 18.9% organic increase with solid growth in both Cooling and Heating » 8.5% acquisition impact » 0.2% currency impact Q2 Segment Income / Margin ▪ Income from higher organic volume and acquisitions; margin impacted by capacity expansion start-up costs and tariffs » Segment Income: +$14.0 y/y » Margin: -260 bps y/y Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES Revenue Segment Income / Margin JULY 30, 2026 ($ in millions) 11 | Second Quarter $377 $481 $96 $110 25.4% 22.8% 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0 100 200 300 400 500 600 Q2 2025 Q2 2026
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Strong Growth in Revenue and Segment Income Detection & Measurement Q2 2026 Results Q2 Revenue ▪ 12.9% year-over-year increase » 12.8% organic increase due primarily to higher project volumes » 0.1% currency impact Q2 Segment Income / Margin ▪ Higher volume and favorable sales mix » Segment Income: +$17.3 y/y » Margin: +610 bps y/y Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES Revenue Segment Income / Margin JULY 30, 2026 ($ in millions) 12 | Second Quarter $176 $198 $40 $57 22.8% 28.9% 0 20 40 60 80 100 120 140 160 180 200 Q2 2025 Q2 2026
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Financial Position & Guidance Mark A. Carano, Chief Financial Officer Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES JULY 30, 2026 13 |
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1.2x 0.9x 1.0x 0.7x 0 0.2 0.4 0.6 0.8 1 1.2 1.4 Gross Leverage Bank Net Leverage Q1 2026 Substantial Available Capacity to Support Growth Initiatives Financial Position Update Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES Q1 2026 Q2 2026 Short-term debt $24 $74 Current maturities of long-term debt 7 10 Long-term debt 644 531 Total Debt $674 $615 Less: Cash on hand (158) (168) Net Debt $516 $447 Q2 2026 JULY 30, 2026 1 Calculated as provided for in SPX Technologies’ credit facility agreement. 2 Includes cash related to discontinued operations of $1.8 in Q1 2026 and Q2 2026. 1 ($ in millions) 14 | 2 1.4x Neptronic impact 1.5x 1
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Total SPX HVAC Detection & Measurement Revenue $2.705-$2.765B $1,955-$1,995M $750-$770M Prior range $2.575-$2.645B $1,840-$1,880M $735-$765M Segment Income Margin1 25.00%-25.50% 24.50%-25.00% 26.25%-26.75% Prior range 24.60%-25.10% 24.25%-24.75% 25.50%-26.00% Adj. EBITDA1 $630-$660M Prior range $600-$625M Adj. EBITDA Margin1 23.30%-23.80% Prior range 23.25%-23.75% Adj. EPS1 $8.20-$8.60 Prior range $7.75-$8.15 2026 Guidance1 1 Reconciliations of non-GAAP guidance measures to GAAP financial measures are not practicable and accordingly are not included in the Appendix to this presentation. Non-GAAP guidance measures are calculated on the same basis as the respective historical measures included in this presentation. Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESJULY 30, 2026 15 | Raising Full-Year Guidance: Adjusted EBITDA1 Midpoint Implies 27% Growth Y/Y
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End Market Review & Closing Comments Gene Lowe, President & Chief Executive Officer Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES JULY 30, 2026 16 |
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Diverse End Markets and High Data Center Demand in HVAC Cooling ▪ Strong backlog and demand in core verticals Market Commentary Heating ▪ Solid demand in both Electric and Hydronics Project-Oriented ▪ Healthy backlog; Frontlog activity steady Run-Rate ▪ Steady demand led by U.S. market Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESJULY 30, 2026 17 |
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Well-Positioned to Continue Value Creation Journey Executive Summary ▪ Strong second quarter ▪ Solid momentum on capacity expansions and recent acquisitions ▪ Neptronic acquisition closed; natural extension of HVAC strategy ▪ Anticipate ~27% Adjusted EBITDA1 growth in 2026 ▪ Active acquisition pipeline Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESJULY 30, 2026 18 | 1 Reconciliations of non-GAAP guidance measures to GAAP financial measures are not practicable and accordingly are not included in the Appendix to this presentation. Non-GAAP guidance measures are calculated on the same basis as the respective historical measures included in this presentation.
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Appendix Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES JULY 30, 2026 19 |
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Modeling Considerations – Full-Year 2026 Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 20 |JULY 30, 2026 Metric Considerations Corporate expense $56.0-58.0m Long-term incentive comp $17.0-18.0m Restructuring costs $2.0-3.0m Interest cost $39.0-40.0m Other (income)/expense ~$5.0m Tax rate ~25.0% Capex $135.0-165.0m Cash cost of pension + OPEB $16.0-18.0m Depreciation $36.0-38.0m Amortization¹ ~$103.0m Weighted average share count ~50.8m Currency effect Topline sensitivity to USD-GBP and USD-CAD rates 1Excluding the impact of the Neptronic acquisition.
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GAAP Reconciliation Results by Quarter 1Consolidated segment income margin for a period is calculated by dividing consolidated segment income for the period by reven ue for the period. Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES ($ in millions) 21 |JULY 30, 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 YTD Consolidated segment income1 110.5$ 135.8$ 146.1$ 156.4$ 548.8$ 135.3$ 167.1$ 302.4$ Corporate expense (14.0) (13.3) (12.4) (19.5) (59.2) (14.5) (15.8) (30.3) Acquisition and integration-related costs (6.4) (6.9) (7.7) (7.9) (28.9) (5.0) (3.2) (8.2) Long-term incentive compensation expense (3.7) (3.9) (4.2) (4.9) (16.7) (3.7) (4.3) (8.0) Amortization of intangible assets (19.7) (24.6) (24.6) (22.4) (91.3) (24.2) (27.2) (51.4) Impairment of intangible assets - - - (0.7) (0.7) - - - Special charges, net (0.1) - (0.1) (0.9) (1.1) (0.2) (1.6) (1.8) Other operating expense - (0.5) - - (0.5) - - - Operating income 66.6 86.6 97.1 100.1 350.4 87.7 115.0 202.7 Other income (expense), net 2.7 (2.1) (3.2) 11.1 8.5 (3.0) (5.1) (8.1) Interest expense, net (11.4) (14.6) (10.9) (6.4) (43.3) (7.3) (7.7) (15.0) Loss on amendment/refinancing of senior credit agreement - - (1.5) - (1.5) - - - Income from continuing operations before income taxes 57.9 69.9 81.5 104.8 314.1 77.4 102.2 179.6 Income tax provision (6.2) (17.4) (18.4) (26.6) (68.6) (13.0) (22.9) (35.9) Income from continuing operations 51.7 52.5 63.1 78.2 245.5 64.4 79.3 143.7 Loss from disposition of discontinued operations, net of tax (0.5) (0.3) (0.4) (0.3) (1.5) (4.5) (0.9) (5.4) Loss from discontinued operations, net of tax (0.5) (0.3) (0.4) (0.3) (1.5) (4.5) (0.9) (5.4) Net income 51.2$ 52.2$ 62.7$ 77.9$ 244.0$ 59.9$ 78.4$ 138.3$ 2025 2026
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Segment Results Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES ($ in millions) 22 |JULY 30, 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 YTD Revenue $323.0 $376.7 $387.4 $431.1 $1,518.2 $394.0 $480.6 $874.6 Segment income $73.9 $95.8 $94.4 $108.5 $372.6 $88.6 $109.8 $198.4 23% 25% 24% 25% 25% 22% 23% 23% Q1 Q2 Q3 Q4 FY Q1 Q2 YTD Revenue $159.6 $175.7 $205.4 $206.2 $746.9 $172.8 $198.4 $371.2 Segment income $36.6 $40.0 $51.7 $47.9 $176.2 $46.7 $57.3 $104.0 23% 23% 25% 23% 24% 27% 29% 28% 2026 20262025 2025 Detection and Measurement HVAC
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Q2 2026 Revenue by Major Product Lines JULY 30, 2026 Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES ($ in millions) 23 | Three months ended June 27, 2026 Reportable Segments HV AC Detection and Measurement Total Major product lines Package and process cooling equipment and services, and engineered air movement and handling solutions $ 319.0 $ — $ 319.0 Hydronic heating, electrical heating, and ventilation 161.6 — 161.6 Underground locators, inspection and rehabilitation equipment, and robotic systems — 69.9 69.9 Communication technologies, aids to navigation, and transportation systems — 128.5 128.5 $ 480.6 $ 198.4 $ 679.0
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Q2 2025 Revenue by Major Product Lines JULY 30, 2026 Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES ($ in millions) 24 | Three months ended June 28, 2025 Reportable Segments HV AC Detection and Measurement Total Major product lines Package and process cooling equipment and services, and engineered air movement and handling solutions $ 238.8 $ — $ 238.8 Hydronic heating, electrical heating, and ventilation 137.9 — 137.9 Underground locators, inspection and rehabilitation equipment, and robotic systems — 69.5 69.5 Communication technologies, aids to navigation, and transportation systems — 106.2 106.2 $ 376.7 $ 175.7 $ 552.4
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Q2 2026 U.S. GAAP to Adjusted EPS Reconciliation Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESJULY 30, 2026 ($ in millions, except per share values) 25 | (1) Adjustment represents the removal of certain acquisition and integration-related costs of $1.4. (2) Adjustment represents the removal of acquisition and integration-related costs of $0.5 within the HVAC reportable segment and amortization of a deferred compensation asset related to the KTS acquisition within the Detection and Measurement reportable segment of $2.7. (3) Adjustment represents the removal of $0.2 for long-term incentive compensation expense associated with acquisition-related equity grants. (4) Adjustment represents the removal of amortization expense associated with acquired intangible assets of $19.8 and $7.4 within the HVAC and Detection & Measurement reportable segments, respectively. (5) Adjustment represents the removal of non-service pension and postretirement charges of $1.4. (6) Adjustment represents the tax impact of items (1) through (5) and the removal of certain discrete income tax items that are considered non-recurring. GAAP Adjustments Adjusted Segment income $ 167.1 $ — $ 167.1 Corporate expense (1) (15.8) 1.4 (14.4) Acquisition and integration-related costs (2) (3.2) 3.2 — Long-term incentive compensation expense (3) (4.3) 0.2 (4.1) Amortization of intangible assets (4) (27.2) 27.2 — Special charges, net (1.6) — (1.6) Operating income 115.0 32.0 147.0 Other expense, net (5) (5.1) 1.4 (3.7) Interest expense, net (7.7) — (7.7) Income from continuing operations before income taxes 102.2 33.4 135.6 Income tax provision (6) (22.9) (10.2) (33.1) Income from continuing operations 79.3 23.2 102.5 Diluted shares outstanding 50.675 50.675 Earnings per share from continuing operations $ 1.56 $ 2.02
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Q2 2025 U.S. GAAP to Adjusted EPS Reconciliation Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESJULY 30, 2026 ($ in millions, except per share values) 26 | (1) Adjustment represents the removal of certain acquisition and integration-related costs of $1.4. (2) Adjustment represents the removal of (i) acquisition and integration-related costs (benefits) of $(0.3) and $0.1 within the Detection and Measurement and HVAC reportable segments, respectively, and (ii) amortization of a deferred compensation asset and an inventory step-up charge of $6.6 and $0.5, respectively, related to the KTS acquisition within the Detection and Measurement reportable segment. (3) Adjustment represents the removal of amortization expense associated with acquired intangible assets of $14.3 and $10.3 within the HVAC and Detection & Measurement reportable segments, respectively. (4) Adjustment represents the removal of non-service pension and postretirement charges of $1.4. (5) Adjustment represents the tax impact of items (1) through (4). GAAP Adjustments Adjusted Segment income $ 135.8 $ — $ 135.8 Corporate expense (1) (13.3) 1.4 (11.9) Acquisition and integration-related costs (2) (6.9) 6.9 — Long-term incentive compensation expense (3.9) — (3.9) Amortization of intangible assets (3) (24.6) 24.6 — Other operating expense, net (0.5) — (0.5) Operating income 86.6 32.9 119.5 Other expense, net (4) (2.1) 1.4 (0.7) Interest expense, net (14.6) — (14.6) Income from continuing operations before income taxes 69.9 34.3 104.2 Income tax provision (5) (17.4) (8.8) (26.2) Income from continuing operations 52.5 25.5 78.0 Diluted shares outstanding 47.396 47.396 Earnings per share from continuing operations $ 1.10 $ 1.65
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U.S. GAAP to Adjusted Operating Income Reconciliation Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESJULY 30, 2026 ($ in millions) 27 | (1) For the three months ended June 27, 2026, represents (i) certain acquisition and integration-related costs of $1.9, and (ii) amortization of a deferred compensation asset of $2.7, related to the KTS acquisition. For the three months ended June 28, 2025, represents (i) certain acquisition and integration-related costs of $1.2, and (ii) amortization of a deferred compensation asset and additional inventory step-up charges of $6.6 and $0.5, each related to the KTS acquisition. (2) Represents amortization expense associated with acquired intangible assets recorded within “Selling, general and administrative — intangible amortization” and “Cost of products sold.” (3) Adjustment represents the removal of $0.2 for long-term incentive compensation expense associated with acquisition-related equity grants. Three months ended June 27, 2026 June 28, 2025 Operating income $ 115.0 $ 86.6 Exclude: Acquisition and integration-related costs (1) (4.6) (8.3) Amortization of acquired intangible assets (2) (27.2) (24.6) Long-term incentive compensation (3) (0.2) — Adjusted operating income $ 147.0 $ 119.5 as a percent of revenues 21.6 % 21.6 %
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Q2 Adjusted EBITDA Reconciliation Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESJULY 30, 2026 ($ in millions) 28 | (1) Represents amortization expense associated with acquired intangible assets recorded within “Selling, general and administrative — intangible amortization” and amortization expense associated with acquired intangible assets and capitalized software costs recorded within “Cost of products sold.” (2) For the three months ended June 27, 2026, represents (i) certain acquisition and integration-related costs of $1.9, inclusive of acquisition and integration related costs of $0.5 within the HVAC reportable segment, and (ii) amortization of a deferred compensation asset of $2.7 related to the KTS acquisition within the Detection and Measurement reportable segment. For the three months ended June 28, 2025, represents (i) certain acquisition and integration-related costs of $1.2, inclusive of acquisition and integration-related costs (benefits) of $(0.3) and $0.1 within the Detection and Measurement and HVAC reportable segments, respectively, and (ii) amortization of a deferred compensation asset and an inventory step-up charge of $6.6 and $0.5, respectively, related to the KTS acquisition within the Detection and Measurement reportable segment. (3) Adjustment represents the removal of $0.2 for long-term incentive compensation expense associated with acquisition-related equity grants. Three months ended June 27, 2026 June 28, 2025 Net income $ 78.4 $ 52.2 Exclude: Income tax provision (22.9) (17.4) Interest expense, net (7.7) (14.6) Amortization expense (1) (27.7) (24.8) Depreciation expense (8.0) (7.7) Loss from discontinued operations, net of tax (0.9) (0.3) EBITDA 145.6 117.0 Exclude: Acquisition and integration-related costs (2) (4.6) (8.3) Acquisition-related long-term incentive compensation expense (3) (0.2) — Non-service pension and postretirement charges (1.4) (1.4) Adjusted EBITDA $ 151.8 $ 126.7 as a percent of revenues 22.4 % 22.9 %
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Q2 2026 Organic Revenue Growth Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESJULY 30, 2026 29 | Three months ended June 27, 2026 HV AC Detection & Measurement Consolidated Net Revenue Growth 27.6 % 12.9 % 22.9 % Exclude: Foreign Currency 0.2 % 0.1 % 0.2 % Exclude: Acquisitions 8.5 % — % 5.8 % Organic Revenue Growth 18.9 % 12.8 % 16.9 %
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Adjusted Free Cash Flow Reconciliation Q2 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES ($ in millions) JULY 30, 2026 30 | (1) For the three months ended June 27, 2026, represents the removal of the cash impact of acquisition and integration-related costs of $2.8. For the three months ended June 28, 2025, represents the removal of the cash impact of acquisition and integration-related costs of $1.4. Three months ended June 27, 2026 June 28, 2025 Operating cash flow from continuing operations $ 90.4 $ 43.4 Include: Capital expenditures (21.1) (7.7) Free cash flow from continuing operations 69.3 35.7 Exclude: Acquisition and integration-related payments and other (1) (2.8) (1.4) Adjusted free cash flow from continuing operations $ 72.1 $ 37.1