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Q3 2026 OCTOBER 29, 2026 Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES Earnings Presentation 1
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Safe Harbor Statement Q3 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 statements are on ly predictions. Actual events or results may differ materially because of market conditions in our industries or other factors, and forward-looking statements should not be relied upon as a prediction of actua l results. In addition, management’s estimates of future operating results are based on our current complement of businesses, which is subject to change as management selects strategic markets. More infor mation regarding such risks can be found in SPX Technologies’ most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, 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. OCTOBER 29, 2026 2 |
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Introductory Comments Gene Lowe, President & Chief Executive Officer Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES OCTOBER 29, 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 Momentum on Value Creation Roadmap Executive Summary ▪ Strong Q3 Performance » 22% growth in Adjusted EBITDA1 » 20% growth in Adjusted EPS1 ▪ 2026 Guidance » Adjusted EBITDA1 range implies +25% growth at midpoint ▪ Progressing on Key Initiatives » Continued progress on capacity expansions » Integration of recent acquisitions on track » Acquired FIS Water; pipeline remains attractive Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESOCTOBER 29, 2026 4 |
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Revenue Adjusted EBITDA / Margin1 Strong Revenue and Adjusted EBITDA¹ Growth Q3 2026 Results ▪ Revenue growth of 21% » Strong organic growth in HVAC » Benefit of acquisitions ▪ Adjusted EBITDA1 growth of 22% driven by: » HVAC segment income growth; margins impacted by growth-related costs » Strong margins in D&M Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES Third Quarter OCTOBER 29, 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 | $593 $715 $136 $166 23.0% 23.2% 18.0% 20.0% 22.0% 24.0% 26.0% 28.0% 30.0% 0 100 200 300 400 500 600 700 800 900 1000 Q3 2025 Q3 2026
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Value Creation Framework Q3 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. OCTOBER 29, 2026 6 |
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Adds Leading Portfolio of Cooling Filtration and Valve Technologies FIS Water 7 |Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESOCTOBER 29, 2026 Centrifugal separation and filtration Media filtration and separation systems • Removes sand and solids • Protects equipment • Applications: HVAC, data center cooling, industrial and water supply • Reduces fouling • Supports efficiency • Applications: commercial HVAC and cooling
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Q3 2026 Financial Review Mark A. Carano, Chief Financial Officer Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES OCTOBER 29, 2026 8 |
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Q3 2026 Adjusted EPS1 of $2.21 Adjusted Earnings Per Share1 Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESOCTOBER 29, 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. Q3 2025 Q3 2026 GAAP EPS from continuing operations $1.29 $1.62 Amortization of intangible assets $0.38 $0.48 Acquisition and integration-related $0.12 $0.14 Non-service pension and other $0.05 ($0.03) Adj EPS1 from continuing operations $1.84 $2.21
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Revenue Adjusted EBITDA / Margin1 Strong Revenue and Adjusted EBITDA¹ Growth Q3 2026 Results Q3 Revenue ▪ 20.5% year-over-year increase » 11.8% organic growth » 8.5% acquisition impact » 0.2% currency impact Q3 Adjusted EBITDA / Margin1 ▪ Both segments contributed to +$29.6 y/y increase in Adjusted EBITDA1 ▪ Margin1 increased +20 bps y/y to 23.2% Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES Third Quarter OCTOBER 29, 2026 1 Adjusted results are non-GAAP measures. Reconciliations of historical non-GAAP measures to GAAP financial measures are included in the Appendix to this presentation. ($ in millions) 10 | $593 $715 $136 $166 23.0% 23.2% 18.0% 20.0% 22.0% 24.0% 26.0% 28.0% 30.0% 0 100 200 300 400 500 600 700 800 900 1000 Q3 2025 Q3 2026
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Strong Revenue and Income Growth HVAC Q3 2026 Results Q3 Revenue ▪ 35.5% year-over-year increase » 22.3% organic increase with solid growth in Cooling and Heating » 13.0% acquisition impact » 0.2% currency impact Q3 Segment Income / Margin ▪ Income from higher organic volume and acquisitions; margin impacted by growth-related inefficiencies and elevated input costs » Segment Income: +$26.4 y/y » Margin: -140 bps y/y Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES Revenue Segment Income / Margin OCTOBER 29, 2026 ($ in millions) 11 | Third Quarter $387 $525 $94 $121 24.4% 23.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% - 100.0 200.0 300.0 400.0 500.0 600.0 Q3 2025 Q3 2026
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Strong Margin Performance Detection & Measurement Q3 2026 Results Q3 Revenue ▪ 7.7% year-over-year decrease » 7.9% organic decrease due primarily to project timing » 0.2% currency impact Q3 Segment Income / Margin ▪ Favorable project mix and continued benefit from segment synergy initiatives » Segment Income: +$0.9 y/y » Margin: +260 bps y/y Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES Revenue Segment Income / Margin OCTOBER 29, 2026 ($ in millions) 12 | Third Quarter $205 $190 $52 $53 25.2% 27.8% - 50.0 100.0 150.0 200.0 Q3 2025 Q3 2026
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Financial Position & Guidance Mark A. Carano, Chief Financial Officer Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES OCTOBER 29, 2026 13 |
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1.0x 0.7x 2.0x 1.8x 0 0.5 1 1.5 2 Gross Leverage Bank Net Leverage Q2 2026 Strong Financial Position to Support Growth Initiatives Financial Position Update Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES Q2 2026 Q3 2026 Short-term debt $74 $74 Current maturities of long-term debt 10 13 Long-term debt 531 1,248 Total Debt $615 $1,335 Less: Cash on hand (168) (121) Net Debt $447 $1,214 Q3 2026 OCTOBER 29, 2026 1 Calculated as provided for in SPX Technologies’ credit facility agreement. 2 Includes cash related to discontinued operations of $1.8 in Q2 2026 and $1.6 in Q3 2026. 1 ($ in millions) 14 | 2 1.4x Neptronic impact 1.5x 1
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Current Prior Total Revenue $2.745-$2.805B $2.705-$2.765B Revenue $1,995-$2,035M $1,955-$1,995M Segment Income Margin 23.10-23.50% 24.50-25.00% Revenue $750-$770M $750-$770M Segment Income Margin 27.00-27.50% 26.25-26.75% Adj. EBITDA1 $625-$645M $630-$660M Adj. EBITDA Margin1 22.75-23.00% 23.30-23.80% Adj. EPS1 $8.20-$8.50 $8.20-$8.60 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. Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESOCTOBER 29, 2026 15 | Total SPX Total SPX HVAC Segment D&M Segment
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End Market Review & Closing Comments Gene Lowe, President & Chief Executive Officer Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES OCTOBER 29, 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 Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESOCTOBER 29, 2026 17 |
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Well-Positioned to Continue Value Creation Journey Executive Summary ▪ Strong third quarter ▪ Solid momentum on capacity expansions and recent acquisitions ▪ FIS Water acquisition closed; natural extension of HVAC strategy ▪ Anticipate ~25% Adjusted EBITDA1 growth in 2026 ▪ Active acquisition pipeline Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESOCTOBER 29, 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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Questions Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES OCTOBER 29, 2026 19 |
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Appendix Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES OCTOBER 29, 2026 20 |
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Modeling Considerations – Full-Year 2026 Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 21 |OCTOBER 29, 2026 Metric Considerations Corporate expense $52.0-55.0m Long-term incentive comp $16.0-17.0m Restructuring costs $2.0-3.0m Interest cost $42.0-43.0m Other (income)/expense $5.0-6.0m Tax rate ~24.0% Capex $135.0-165.0m Cash cost of pension + OPEB $16.0-18.0m Depreciation ~$36.0m Amortization ~$125.0m Weighted average share count 50.6m-50.7m Currency effect Topline sensitivity to USD-GBP and USD-CAD rates
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GAAP Reconciliation Results by Quarter Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES ($ in millions) 22 |OCTOBER 29, 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD HVAC segment income 73.9$ 95.8$ 94.4$ 108.5$ 372.6$ 88.6$ 109.8$ 120.8$ 319.2$ D&M segment income 36.6 40.0 51.7 47.9 176.2 46.7 57.3 52.6 156.6 Corporate expense (14.0) (13.3) (12.4) (19.5) (59.2) (14.5) (15.8) (15.8) (46.1) Acquisition and integration-related costs (6.4) (6.9) (7.7) (7.9) (28.9) (5.0) (3.2) (5.5) (13.7) Long-term incentive compensation expense (3.7) (3.9) (4.2) (4.9) (16.7) (3.7) (4.3) (4.3) (12.3) Amortization of intangible assets (19.7) (24.6) (24.6) (22.4) (91.3) (24.2) (27.2) (32.5) (83.9) 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 87.7 115.0 115.3 318.0 Other income (expense), net 2.7 (2.1) (3.2) 11.1 8.5 (3.0) (5.1) 1.5 (6.6) Interest expense, net (11.4) (14.6) (10.9) (6.4) (43.3) (7.3) (7.7) (10.5) (25.5) 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 77.4 102.2 106.3 285.9 Income tax provision (6.2) (17.4) (18.4) (26.6) (68.6) (13.0) (22.9) (24.0) (59.9) Income from continuing operations 51.7 52.5 63.1 78.2 245.5 64.4 79.3 82.3 226.0 Loss from disposition of discontinued operations, net of tax (0.5) (0.3) (0.4) (0.3) (1.5) (4.5) (0.9) (0.4) (5.8) Loss from discontinued operations, net of tax (0.5) (0.3) (0.4) (0.3) (1.5) (4.5) (0.9) (0.4) (5.8) Net income 51.2$ 52.2$ 62.7$ 77.9$ 244.0$ 59.9$ 78.4$ 81.9$ 220.2$ 2025 2026
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Segment Results Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES ($ in millions) 23 |OCTOBER 29, 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD Revenue $323.0 $376.7 $387.4 $431.1 $1,518.2 $394.0 $480.6 $525.0 $1,399.6 Segment income $73.9 $95.8 $94.4 $108.5 $372.6 $88.6 $109.8 $120.8 $319.2 23% 25% 24% 25% 25% 22% 23% 23% 23% Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD Revenue $159.6 $175.7 $205.4 $206.2 $746.9 $172.8 $198.4 $189.5 $560.7 Segment income $36.6 $40.0 $51.7 $47.9 $176.2 $46.7 $57.3 $52.6 $156.6 23% 23% 25% 23% 24% 27% 29% 28% 28% 2025 2025 Detection and Measurement HVAC 2026 2026
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Q3 2026 Revenue by Major Product Lines OCTOBER 29, 2026 Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES ($ in millions) 24 | Three months ended September 26, 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 $ 338.4 $ — $ 338.4 Hydronic heating, electrical heating, and ventilation 186.6 — 186.6 Underground locators, inspection and rehabilitation equipment, and robotic systems — 67.3 67.3 Communication technologies, aids to navigation, and transportation systems — 122.2 122.2 $ 525.0 $ 189.5 $ 714.5
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Q3 2025 Revenue by Major Product Lines OCTOBER 29, 2026 Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES ($ in millions) 25 | Three months ended September 27, 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 $ 236.5 $ — $ 236.5 Hydronic heating, electrical heating, and ventilation 150.9 — 150.9 Underground locators, inspection and rehabilitation equipment, and robotic systems — 63.4 63.4 Communication technologies, aids to navigation, and transportation systems — 142.0 142.0 $ 387.4 $ 205.4 $ 592.8
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Q3 2026 U.S. GAAP to Adjusted EPS Reconciliation Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESOCTOBER 29, 2026 ($ in millions, except per share values) 26 | (1) Adjustment represents the (i) removal of amortization expense associated with acquired intangible assets of $25.5 and $7.0 within the HVAC and Detection and Measurement reportable segments, respectively, (ii) the removal of certain acquisition and integration-related costs of $3.9 within corporate expense, (iii) the removal of acquisition and integration-related costs of $2.6 and $0.5 within the HVAC and Detection and Measurement reportable segments, respectively, (iv) amortization of a deferred compensation asset related to the Kranze Technology Solutions (“KTS”) acquisition within the Detection and Measurement reportable segment of $2.4, and (v) the removal of $0.2 for long-term incentive compensation expense associated with acquisition- related equity grants. (2) Adjustment represents a gain on an equity security associated with a valuation adjustment of $3.6, partially offset by the removal of non-service pension and postretirement charges of $1.5. (3) Adjustment represents the tax impact of items (1) and (2). GAAP Adjustments Adjusted Operating income (1) $ 115.3 $ 42.1 $ 157.4 Other income (expense), net (2) 1.5 (2.1) (0.6) Interest expense, net (10.5) — (10.5) Income from continuing operations before income taxes 106.3 40.0 146.3 Income tax provision (3) (24.0) (10.2) (34.2) Income from continuing operations 82.3 29.8 112.1 Diluted shares outstanding 50.645 50.645 Earnings per share from continuing operations $ 1.62 $ 2.21
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Q3 2025 U.S. GAAP to Adjusted EPS Reconciliation Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESOCTOBER 29, 2026 ($ in millions, except per share values) 27 | (1) Adjustment represents (i) the removal of amortization expense associated with acquired intangible assets of $14.7 and $9.9 within the HVAC and Detection and Measurement reportable segments, respectively, (ii) acquisition and integration-related costs of $0.5 and $0.1 within the HVAC and Detection and Measurement reportable segments, respectively, (iii) amortization of a deferred compensation asset of $6.5 related to the KTS acquisition within the Detection and Measurement reportable segment, (iv) inventory step-up charges of $0.5 related to the KTS acquisition within the Detection and Measurement reportable segment and $0.1 related to the Sigma Heating and Cooling and Omega Heat Pump (“Sigma & Omega”) acquisition within the HVAC reportable segment, (v) the removal of a charge of $0.7 from acceleration of long-term incentive compensation expense incurred as a result of immediate award vesting, and (vi) the removal of certain acquisition and integration- related costs within corporate expense of $0.4 (2) Adjustment represents the removal of (i) non-service pension and postretirement charges of $1.4 and (ii) a gain on settlement of our interest rate swap agreements of $0.4. (3) Adjustment represents the removal of a non-cash charge to write-off previously deferred financing costs of $1.0 and certain expenses incurred in connection with an amendment to our senior credit agreement of $0.5. (4) Adjustment represents the tax impact of items (1) through (3). GAAP Adjustments Adjusted Operating income (1) $ 97.1 $ 33.4 $ 130.5 Other expense, net (2) (3.2) 1.0 (2.2) Interest expense, net (10.9) — (10.9) Loss on amendment/refinancing of senior credit agreement (3) (1.5) 1.5 — Income from continuing operations before income taxes 81.5 35.9 117.4 Income tax provision (4) (18.4) (9.2) (27.6) Income from continuing operations 63.1 26.7 89.8 Diluted shares outstanding 48.919 48.919 Earnings per share from continuing operations $ 1.29 $ 1.84
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Q3 U.S. GAAP to Adjusted Operating Income Reconciliation Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESOCTOBER 29, 2026 ($ in millions) 28 | (1) For the three months ended September 26, 2026 and September 27, 2025, represents the removal of certain acquisition and integration-related costs of $3.9 and $0.4, respectively. (2) For the three months ended September 26, 2026, represents (i) certain acquisition and integration-related costs of $3.1 and (ii) amortization of a deferred compensation asset of $2.4 related to the KTS acquisition. For the three months ended September 27, 2025, represents (i) certain acquisition and integration-related costs of $0.6, (ii) amortization of a deferred compensation asset of $6.5 related to the KTS acquisition, and (iii) additional inventory step-up charges of $0.5 related to the KTS acquisition, and $0.1 related to the Sigma & Omega acquisition. (3) For the three months ended September 26, 2026, represents the removal of $0.2 for long-term incentive compensation expense associated with acquisition-related equity grants. For the three months ended September 27, 2025, represents the removal of $0.7 for acceleration of long-term incentive compensation expense incurred as a result of immediate award vesting. (4) Represents amortization expense associated with acquired intangible assets recorded within “Selling, general and administrative — intangible amortization” and “Cost of products sold.” September 26, 2026 September 27, 2025 GAAP Adjustments Adjusted GAAP Adjustments Adjusted HV AC segment income $ 120.8 $ — $ 120.8 $ 94.4 $ — $ 94.4 Detection and Measurement segment income 52.6 — 52.6 51.7 — 51.7 Corporate expense (1) (15.8) 3.9 (11.9) (12.4) 0.4 (12.0) Acquisition and integration-related costs (2) (5.5) 5.5 — (7.7) 7.7 — Long-term incentive compensation expense (3) (4.3) 0.2 (4.1) (4.2) 0.7 (3.5) Amortization of acquired intangible assets (4) (32.5) 32.5 — (24.6) 24.6 — Special charges, net — — — (0.1) — (0.1) Operating income $ 115.3 $ 42.1 $ 157.4 $ 97.1 $ 33.4 $ 130.5 as a percent of revenues 16.1 % 22.0 % 16.4 % 22.0 %
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Q3 Adjusted EBITDA Reconciliation Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESOCTOBER 29, 2026 29 | (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 September 26, 2026, represents (i) certain acquisition and integration-related costs of $7.0, inclusive of acquisition and integration-related costs of $2.6 and $0.5 within the HVAC reportable segment and the Detection and Measurement reportable segment, respectively, and (ii) amortization of a deferred compensation asset of $2.4 related to the KTS acquisition within the Detection and Measurement reportable segment. For the three months ended September 27, 2025, represents (i) certain acquisition and integration-related costs of $1.0, inclusive of acquisition and integration-related costs of $0.1 and $0.5 within the Detection and Measurement and HVAC reportable segments, respectively, (ii) amortization of a deferred compensation asset of $6.5 related to KTS within the Detection and Measurement reportable segment, and (iii) inventory step-up charges of $0.5 related to the KTS acquisition within the Detection and Measurement reportable segment and $0.1 related to the Sigma & Omega acquisition within the HVAC reportable segment. (3) For the three months ended September 26, 2026, represents the removal of $0.2 for long-term incentive compensation expense associated with acquisition-related equity grants. (4) For the three months ended September 27, 2025, represents the removal of $0.7 for acceleration of long-term incentive compensation expense incurred as a result of immediate award vesting. (5) Adjustment represents the removal of a non-cash charge to write-off previously deferred financing costs of $1.0 and certain expenses incurred in connection with an amendment to our senior credit agreement of $0.5. ($ in millions) Three months ended September 26, 2026 September 27, 2025 Net income $ 81.9 $ 62.7 Exclude: Income tax provision (24.0) (18.4) Interest expense, net (10.5) (10.9) Amortization expense (1) (32.7) (24.8) Depreciation expense (8.7) (7.6) Loss from discontinued operations, net of tax (0.4) (0.4) EBITDA 158.2 124.8 Exclude: Acquisition and integration-related costs (2) (9.4) (8.1) Acquisition-related long-term incentive compensation expense (3) (0.2) — Long-term incentive compensation expense acceleration (4) — (0.7) Non-service pension and postretirement charges (1.5) (1.4) Valuation adjustment on an equity security 3.6 — Gain on settlement of interest rate swap — 0.4 Loss on amendment/refinancing of senior credit agreement (5) — (1.5) Adjusted EBITDA $ 165.7 $ 136.1 as a percent of revenues 23.2 % 23.0 %
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Q3 2026 Organic Revenue Growth Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIESOCTOBER 29, 2026 30 | Three months ended September 26, 2026 HV AC Detection and Measurement Consolidated Net Revenue Growth (Decline) 35.5 % (7.7) % 20.5 % Exclude: Foreign Currency 0.2 % 0.2 % 0.2 % Exclude: Acquisitions 13.0 % — % 8.5 % Organic Revenue Growth (Decline) 22.3 % (7.9) % 11.8 %
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Adjusted Free Cash Flow Reconciliation Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES ($ in millions) OCTOBER 29, 2026 31 | (1) For the nine months ended September 26, 2026, represents the removal of the cash impact of (i) acquisition and integration-related costs of $13.5 and (ii) certain discrete income tax benefits that are considered non-recurring of $3.2. For the nine months ended September 27, 2025, represents the removal of the cash impact of (i) funded amounts associated with employee retention agreements assumed in the KTS acquisition of $46.5, (ii) acquisition and integration-related costs of $8.2, (iii) certain discrete income tax benefits that are considered non-recurring of $6.3 and (iv) cash received on the settlement of an interest rate swap of $0.4. Nine months ended September 26, 2026 September 27, 2025 Operating cash flow from continuing operations $ 180.3 $ 139.8 Include: Capital expenditures (79.6) (23.6) Free cash flow from continuing operations 100.7 116.2 Exclude: Acquisition and integration -related payments and other (1) (10.3) (48.0) Adjusted free cash flow from continuing operations $ 111.0 $ 164.2