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© THE TIMKEN COMPANY Jefferies Global Industrials Conference September 9, 2026
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2 Forward-Looking Statements Safe Harbor and Non-GAAP Financial Information Certain statements in this presentation (including statements regarding the company's forecasts, beliefs, estimates and expec tations) that are not historical in nature are "forward -looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to Timken’s plans, outlook, future financial performance, targets, commitments, projected sales, cash flows, liquidity, cost reduction measures and expectations regarding the future financial performance of the Company are forw ard-looking. The Company cautions that actual results may differ materially from those projected or implied in forward -looking statements due to a variety of important factors, including: fluctuations in customer demand for the Company’s products or services; changes in customer preferences due to emergent technologies, evolving regulatory lan dscapes or other factors; unanticipated changes in business relationships with customers or their purchases from the Company; changes in the financial health of the Company’s customers, which may have an impact on the Company’s revenues, earnings and impairment charges; logistical issues associated with port closures, delays or increased costs; costs associated with inclement weather events; t he impact of changes to the Company’s accounting methods; political risks associated with government instability; recent world events that have increased the risks posed by international trade disput es, tariffs, sanctions and hostilities; strained geopolitical relations between countries in which we have significant operations; weakness in global or regional general economic conditions and capital mar kets (as a result of financial stress affecting the banking system or otherwise); changes in wages, shipping costs, raw material costs, energy and fuel prices, and other production costs; new technology, suc h as artificial intelligence, that may impact the way the Company’s products are produced, sold or distributed; changes in customer demand or tariff rates and other costs associated with tariffs; the Company’s ability to satisfy its obligations under its debt agreements and renew or refinance borrowings on favorable terms; fluctuations in currency valuations or interest rates; changes in the expected costs associated with product warranty claims; the ability to achieve satisfactory operating results in the integration of acquired companies, including realizing any accretion, synergies, and expected cashfl ow generation within expected timeframes or at all; the Company’s ability to effectively adjust prices for its products in response to changing dynamics; the impact on the Company’s pension obligations and assets due to changes in interest rates, investment performance and other tactics designed to reduce risk; the introduction of new disruptive technologies, including artificial intelligence; unplanne d plant shutdowns; the effects of government-imposed restrictions, commercial requirements, and Company goals associated with climate change and emissions or other sustainability initiatives; unanticipat ed litigation, claims, investigations, remediation, or assessments; the rapidly evolving global regulatory landscape and the corresponding heightened operational complexity and compliance risks; restrictio ns on the use of, or claims or remediation associated with, per- and polyfluoroalkyl substances or polytetrafluoroethylene; the Company’s ability to maintain positive relations with unions and w orks councils; the Company’s ability to compete for skilled labor and to attract, retain and develop management, other key employees, and skilled personnel; negative impacts to the Company’s operations or fi nancial position as a result of pandemics, epidemics, or other public health concerns and associated governmental measures; and the Company’s ability to complete and achieve the benefits of announced pl ans, programs, initiatives, acquisitions, capital investments, and cost reduction actions. Additional factors are discussed in the Company’s filings with the Securities and Exchange Commission, inc luding the Company’s Annual Report on Form 10 -K for the year ended Dec. 31, 2025, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by the federal securities laws, the Com pany undertakes no obligation to publicly update or revise any forward - looking statement, whether as a result of new information, future events or otherwise. This presentation includes certain non-GAAP financial measures as defined by the rules and regulations of the Securities and Exc hange Commission. Reconciliations of those measures to the most directly comparable GAAP financial measures are provided in the appendix to this presentation.
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3 Timken Today: A Motion Technology Leader See appendix for reconciliations of adjusted EBITDA margin, adjusted EPS, free cash flow and the ratio of net debt to adjusted EBITDA to their most directly comparable GAAP financial measures. Free cash flow is defined as net cash provided by operating activities minus capital expenditures. 3-year FCF yield based on stock closing price on final trading day of each respective year. Adj. EBITDA Margin 17.4% 2025 Adj. EBITDA Margin Net Sales $4.6B 2025 Net Sales Adj. EPS $5.33 2025 Adj. EPS Free Cash Flow $406M 2025 FCF 104 Years of continuous quarterly dividends 19K Employees operating in 45 countries More Than 125 Years of engineering expertise 66% Engineered Bearings1 34% Industrial Motion1 Net Leverage2 2.0x Net Debt to Adj. EBITDA Free Cash Flow Yield 6.4% 3-Year FCF Yield 1. Percentage of actual sales for 2025 2. As of December 31, 2025
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4 75% 25% 45% 55% 75% 25% 80% 20%45% 55% 12% of Sales Attractive End-Market Sector Sales Mix Note: End-market sector and segment sales mix is based on actual sales for 2025. End-market sector sales mix does not add up to 100% as ‘Other’ is not included for presentation purposes. Other primarily consists of automotive. Certain data above has been rounded for presentation purposes. Power & Electrification Infrastructure Industrial Transportation & Mobility Automation & Industrial Solutions Aerospace & Defense Engineered Bearings Industrial Motion 9% of Sales 27% of Sales 23% of Sales 16% of Sales
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5 ~10% Positioned to Leverage Megatrends Primarily derived from the following sources and correlated with other relevant industry data: 1. Technavio market research report (2024-2029); 2. IEA Energy and AI report (Apr. 2025); 3. A leading U.S. global aerospace company commercial market outlook (2024-2043); and 4. Global Infrastructure Hub / Oxford Economics (2017); corroborated by premium strategy consulting firm estimate (Sep. 2025) . Automation & Robotics Labor constraints, smart factory investment, precision manufacturing demands Global industrial automation market CAGR1 ~15% AI-Driven Power Demand & Electrification AI compute growth, power density, hyperscale infrastructure buildout Global data center electricity demand CAGR2 Aerospace & Defense Spending Fleet expansion, defense modernization, mission-critical platform demand Increase in airplane fleets by 20443 $15T+ Urban Infrastructure Buildout Emerging market mobility demand, infrastructure modernization Global infrastructure investment gap by 20404~1.8x
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2022 2025 2028E > Commercial Aerospace > Defense & Naval Focused on Strategic Verticals to Deliver Strong Growth 1. Timken estimated sales CAGR % from 2025-28 for the strategic verticals: Commercial Aerospace, Defense & Naval, Power Generation, Renewable Energy, Automation & Robotics, Food & Beverage, Construction, Mining, Marine, Rail Denotes Timken sales outgrowth of the Strategic Verticals compared to the rest of the business during these periods / LSD = low-single digit percentage; HSD = high-single digit percentage Power & Electrification Infrastructure Industrial Transportation & Mobility Automation & Industrial Solutions Aerospace & Defense > Power Generation > Renewable Energy > Automation & Robotics > Food & Beverage > Construction > Mining > Marine > Rail End-Market Sectors Strategic Verticals <50% ~50% ~55% Strategic Verticals Expected to Grow HSD CAGR % of Total Company Sales +500 bps above rest of business >500 bps above rest of business 1 6
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7 Automation & Robotics Technology Strain Wave & Cycloidal Drives for Robotic Arms Precision Location Sensors for AGVs Mounted Bearings for Automated Conveyor Systems Linear Systems for Automated Multi-axis Movement Lubrication for HVAC Systems Plain & Roller Bearings for Compressors Linear Systems for CNC Machines Select Example: Smart Factory Ecosystem Aerospace & Defense Power & Electrification Automation & Industrial Solutions Infrastructure Industrial Transportation & Mobility
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8 Automation & Robotics Technology Premium offering of technology and solutions across bearings, encoders, precision drives and linear systems Current offering allows value-added participation across an estimated 25% to 30% of bill of materials Cross-functional team actively working on designs and prototypes with several U.S. companies Large U.S. manufacturing footprint and capabilities to quickly scale Aerospace & Defense Power & Electrification Automation & Industrial Solutions Infrastructure Industrial Transportation & Mobility Technology Example: Humanoid 6 Rotatory Actuators for Shoulders 2 Linear Actuators for Upper Arms 2 Rotatory Actuators for Elbows 4 Linear Actuators for Forearms 12 Rotatory Actuators for Hands 6 Rotatory Actuators for Waist & Hips 4 Linear Actuators for Thighs 4 Linear Actuators for Calves Note: Actuator is any combination of motor, reducer, bearings, encoders and force sensor Source: Frost & Sullivan; Company estimates
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9 Aerospace & Defense Technology Bearings, Linear Systems & Precision Rod Ends for Commercial Airplanes Bearings & Actuators for Helicopters Bearings & Actuators for Fighter Jets and Missiles Strain Wave & Cycloidal Drives & Bearings for Commercial Satellites Precision Bearings for Rocket Launchers Bearings, Drive Systems & Sensors for Planet or Moon Rovers Aerospace & Defense Power & Electrification Automation & Industrial Solutions Infrastructure Industrial Transportation & Mobility Select Example: Aerospace & Defense Ecosystem Marine Drive Systems for Navy Fleets
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10 3 Strategic Pillars Deploying Our 80/20 Mindset to Accelerate Profitable Growth and Drive Shareholder Value Focus Resources to Strategic Verticals Leverage Our Multinational Footprint Optimize the Portfolio PILLAR 3PILLAR 2PILLAR 1 Executed Across 3 Time Horizons
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11 HORIZON 3 Scale the Advantage Institutionalize proactive portfolio management, disciplined M&A integration and enterprise operating rigor HORIZON 2 Evolve the Model Accelerate growth in strategic verticals, expand Industrial Motion platforms and increase customer share of wallet 2027+ 2026+ 3 Time Horizons HORIZON 1 Transform the Core Reduce complexity and exit non-strategic underperforming businesses, refocus vertical resources and integrate Timken Operating System 2028+
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Customer Facing Key Capabilities Foundation Disciplined Execution Framework • Global business systems & processes • Encoded technical knowledge • Strong lean mindset (TMOS) • Technical sales model • Deep technical relationships • Customized & differentiated components • CTO to drive tech integration & innovation • Focused marketing to accelerate growth • One commercial team • Components → systems • Brand equity & experienced global teams • Engineering capabilities & infrastructure • Manufacturing & purchasing scale Strong Fundamentals Enhanced Execution • TMOS → Timken OS across business • Disciplined operating model • 80/20 mindset 12
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13 Industrial Motion: Early Wins and Select Priorities Belts divestiture expected to structurally increase Industrial Motion segment margins Reallocate commercial focus towards top 50% of customers and partners Target >80% of incremental capital and resources to strategic verticals1 Execute disciplined M&A deploying capital to strategic verticals1 One commercial team applying an 80/20 mindset and vertical marketing to increase customer share of wallet Leveraging existing regional resources and network to rapidly scale acquisitions to new regions 1. Including Commercial Aerospace, Defense & Naval, Power Generation, Renewable Energy, Automation & Robotics, Food & Beverage, Construction, Mining , Marine and Rail 2. Timken targeted CAGR over the next 3 years across select platforms and regions PILLAR 1 Optimize the Portfolio PILLAR 2 Focus Resources to Strategic Verticals PILLAR 3 Leverage Our Multinational Footprint +200 bps Adj. EBITDA Margin increase expected from Belts divestiture Acquisition of Bijur Delimon accelerates growth in strategic verticals +10% Revenue CAGR targeted from aggressive regional expansion2
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14 2026 M&A Actions Aligned with 80/20 DivestitureAcquisition ~$100M 2025 revenue Divestment of Belts business • Consistent with 80/20 mindset to structurally improve margins • Redeploying resources to strategic verticals • Expected to be accretive to EPS in 2027 $60M+ 2026E revenue Strong Strategic Fit • Timken is a natural owner • Accelerates growth in strategic verticals • Accretive to Industrial Motion segment margins1 • Scales automated lubrication systems platform to ~$400M in revenue Result is a higher-margin, faster-growing Industrial Motion portfolio 1. Post realization of expected synergies
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15 Aggressive Regional Expansion Leveraging Timken’s Strong OEM and Distributor Network Key Platforms Key Target Regions Linear Motion Systems U.S., Brazil, China and India Lubrication Systems Precision Drives Europe, S. Korea, China and AustraliaPower Transmission Solutions >10% growth targeted across these key platforms and key regions1 1. Timken targeted CAGR over the next 3 years Examples of regional expansion opportunities
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16 Engineered Bearings: Early Wins and Select Priorities Exiting low-margin business and focusing on higher-margin industrial market sectors Reduce product complexity with ~25% of SKUs identified for harmonization Target >80% of incremental capital and resources to strategic verticals1 Accelerate technology-led growth by focusing R&D on strategic verticals1 Operate as One Timken to best serve customers Enterprise-wide lean manufacturing, footprint optimization, digital supply chain and operations management 1. Including Commercial Aerospace, Defense & Naval, Power Generation, Renewable Energy, Automation & Robotics, Food & Beverage, Construction, Mining, Marine and Rail PILLAR 1 Optimize the Portfolio PILLAR 2 Focus Resources to Strategic Verticals PILLAR 3 Leverage Our Multinational Footprint +150 bps Adj. EBITDA Margin increase expected from selective Auto OE action Target >70% of seller capacity allocated to growth 36 months Timken OS deployment should be completed
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17 Align and focus operations, serve exceptionally well Reduce Product Complexity Aligned with 80/20 Quartile 1 Quartile 2 Quartile 3 Quartile 4 ~0% 50% of SKUs and 50% customers only ~1% of revenue – redeploy resources Improve economics and shift to high priority products Shift to distributors, increase self-service and automate 10% of SKUs and 6% of customers drive 80% of sales – serve exceptionally well 25% of SKUs Identified for Harmonization Share of revenue per product quartile Redeploy focus across product and customer lines ~94% ~5% ~1%
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Financial Targets & Capital Allocation
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19 Financial Targets Summary 2028 Targets Adj. EBITDA Margin in 2028 21-23% +~500 bps1 vs. 2025A of 17.4% Free Cash Flow cumulative ~$1.3B +$200M vs. 2023-2025 total: ~$1.1B Adj. EPS in 2028 ~$8.50 vs. 2025A of $5.33 >55% growth Total Sales in 2028 $5.0-5.2B Mid-Single Digit Organic growth CAGR 1. At midpoint See appendix for reconciliations of adjusted EBITDA margin, adjusted EPS and free cash flow to their most directly comparable GAAP financial measures. Free cash flow is defined as net cash provided by operating activities minus capital expenditures.
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20 Revenue Growth Target Expecting Mid-Single Digit Organic CAGR (2025-2028E) 2025 Revenue Portfolio optimization 2025 PF1 Revenue Market growth Strategic verticals outgrowth Global platform expansion 2028E Revenue $4.6B ~$4.4B $5.0-5.2B50-100 bps 30-50 bps 350-400 bps Contribution to organic CAGR (basis points) 1. Adjusted for portfolio exits and recent Bijur Delimon acquisition; revenue target does not include any potential impact from future M&A. PILLAR 1 PILLAR 2 PILLAR 3
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21 2025 Adj. EBITDA margin Portfolio optimization Strategic verticals outgrowth Global platform expansion Market growth, net of investment into transformation 2028E Adj. EBITDA margin 17.4% 100-150 bps 150-200 bps 100-150 bps 50-100 bps 21-23% Margin Expansion Opportunity of ~500 bps See appendix for reconciliation of 2025 total company adjusted EBITDA margin to its most directly comparable GAAP financial measure. Key Drivers of 2028E Adj. EBITDA Margin Target PILLAR 1 PILLAR 2 PILLAR 3
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22 Expecting Growth and Margin Expansion Across Segments 1. Total Company Adj. EBITDA margins are after corporate expense; Sales CAGRs include an estimated impact from exits/divestitures. See appendix for reconciliation of 2025 total company adjusted EBITDA margin to its most directly comparable GAAP financial measure. Total Sales Margins 2025 Sales 2028E Sales CAGR 2025 Adj. EBITDA Margin 2028E Adj. EBITDA Margin Engineered Bearings ~$3.0B ~$3.2B ~2% ~19% 21% – 23% Industrial Motion ~$1.6B ~$1.9B ~7% ~19% 25% – 27% Total Company1 ~$4.6B ~$5.0-5.2B ~4% ~17.4% 21% – 23%
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23 Increasing Free Cash Flow ~$1.1B 2023-2025 2026E-2028E ~$1.3B 2026 – 2028 Targets • Assumes ~95% FCF to GAAP Net Income • CapEx: ~3.5% of sales • Tax rate: ~26.5% • Positive drivers: Higher margins and 80/20 initiatives +$200M Free cash flow is defined as net cash provided by operating activities minus capital expenditures. See appendix for reconciliation of free cash flow to its most directly comparable GAAP financial measure. Expecting ~$1.3B Over a 3-Year Period
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24 Share RepurchaseAcquisitions Strategic Fit and Financially Attractive Disciplined Capital Deployment Framework 1. Subject to Board approval Invest in Core Business Organic Growth, Margin Improvement, Innovation (R&D) CapEx Target: 3.5% of Sales Dividend Pay Attractive Dividend1 Important Option of Returning Capital to Shareholders1 Leverage Target: 1.5x – 2.5X Net Debt-to-Adj. EBITDA
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25 ~$290 Dividends >$300 Dividends1 ~$500 CapEx ~$500 CapEx ~$1,150 M&A and Share repurchases ~$1,600 M&A and Share repurchases1 2023-2025 2026-2028E ~3.6% of sales ~3.5% of sales M&A: ~$800M Share repo: ~$350M ~$1.9B ~$2.4B Capital Deployment Optionality Free Cash Flow and Earnings Growth Allow for Significant Capital Deployment 1. Subject to Board approval 2. Post realization of expected synergies Note: Capital deployment in 2026–2028 includes available cash from operating cash flow plus capacity from targeted adj. EBITDA expansion Core Principles for Future Acquisitions Strategic Fit • Timken is a natural owner • Alignment with the strategic verticals Financially Attractive • Strong margins – at or above Timken margins2 • Exceed our cost of capital (ROIC > ~9%) in 3-5 years • Expect to be accretive to adj. EPS in first full year of ownership Intend to Maintain Investment-Grade-Rated Balance Sheet
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26 Strong Investment-Grade-Rated Balance Sheet See appendix for reconciliations of net debt, adjusted EBITDA and the ratio of net debt to adjusted EBITDA to their most directly comparable GAAP equivalents. 12/31/25 Cash $ 364 Total Debt 1,922 Net Debt $1,558 Adj. EBITDA (TTM) $ 796 Net Debt/Adj. EBITDA 2.0x Capital Structure ($M) 1.5x-2.5x 1.7x 1.9x 2.1x 2.0x 2.0x 2021 2022 2023 2024 2025 Target Net Leverage 2.5x 1.5x Reaffirming Net Leverage Target Range of 1.5x to 2.5x
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27 Why Timken 1. Over the 3-year period: 2026E-2028E Free cash flow is defined as net cash provided by operating activities minus capital expenditures. Leadership in mission-critical motion systems Attractive end-market sector exposure with high aftermarket mix Strong balance sheet and cash flow generation Strong Foundation to Build On Committed to Financial Targets 2028E $5.0-5.2B revenue 21–23% adj. EBITDA margin >55% adj. EPS growth ~$1.3B cumulative free cash flow1 Strategic Verticals Aligned with Megatrends Automation & Robotics AI-Driven Power Demand and Electrification Aerospace & Defense Spending Urban Infrastructure Buildout Elevate to Outperform Pillar 1: Optimize the Portfolio Pillar 2: Focus Resources to Strategic Verticals Pillar 3: Leverage Our Multinational Footprint
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2Q 2026 Performance Highlights
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29 PILLAR 1 Optimize the Portfolio PILLAR 2 Focus Resources to Strategic Verticals PILLAR 3 Leverage Our Multinational Footprint Progress on Our Strategic Priorities • Belts divestiture expected closing on-track for 3Q-26; automotive OE exit progressing as planned • Actively deploying 80/20 across the enterprise • Strategic verticals1 organic growth of high-single digits YOY in 2Q-26 • Allocating more resources to drive outgrowth within strategic verticals • Early wins from regional expansion initiatives helping drive stronger growth in Industrial Motion • Integration of Bijur Delimon acquisition well underway 1. Including Commercial Aerospace, Defense & Naval, Power Generation, Renewable Energy, Automation & Robotics, Food & Beverage, Construction, Mining , Marine and Rail • Exit non-strategic product or business lines with structurally lower margins • Reduce complexity through 80/20 actions • Streamline manufacturing and supply chain • Target >80% of incremental capital and resources to strategic verticals1 • Accelerate technology-led growth by focusing R&D on strategic verticals1 • Execute disciplined M&A deploying capital to strategic verticals1 • Operate as One Timken to best serve customers • Aggressive regional expansion by leveraging existing infrastructure • Deploy Timken Operating System globally 2026 Priorities: Transform the Core 2Q-26 Progress
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2Q 2026 Financial Overview See appendix for reconciliations of adjusted EBITDA, adjusted EBITDA margin, and adjusted EPS to their most directly comparable GAAP financial measures. Net Sales ($M) $1,173 $1,261 2Q-25 2Q-26 $208 $247 2Q-25 2Q-26 17.7% 19.6% $1.83 $0.41 $1.42 $1.12 REPORTED (GAAP) ADJUSTED 2Q-25 2Q-26 2Q-25 2Q-26 30 Adjusted EBITDA ($M) Earnings Per Share +7.5%
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Organic Growth Outlook – FY 2026 by Market/Sector 31 End-Market Sector 2026 Outlook % of 2025 Sales Aerospace & Defense Up MSD 12% Automation & Industrial Solutions Up MSD 27% Infrastructure Up MSD 23% Power & Electrification Up MSD 9% Industrial Transportation & Mobility Flat to +/- LSD 16% Total Organic Sales +3.5%* (up from +3% prior) LSD = low-single digit percentage change MSD = mid-single digit percentage change End-Market Sector Placement Reflects Midpoint of Outlook and includes volumes and pricing. Note: End-market sector sales mix does not add up to 100% as ‘Other’ is not included for presentation purposes. Other primarily consists of automotive. *Total sales up 5.5% at midpoint (organic: +3.5%; FX: +1%; M&A: +1%). These materials were presented on Aug. 4, 2026 and have not been confirmed or updated. The Company disclaims any obligation to do so based on subsequent events or for any other reason.
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Appendix: GAAP Reconciliations
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33 Reconciliations of Adjusted Net Income to GAAP Net Income and Adjusted Earnings Per Share to GAAP Earnings Per Share: (Unaudited) The following reconciliation is provided as additional relevant information about the Company's performance deemed useful to investors. Management believes that the non-GAAP measures of adjusted net income and adjusted diluted earnings per share are important financial measures used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting adjusted net income and adjusted diluted earnings per share is useful to investors as these measures are representative of the Company's core operations. (Dollars in millions, except share data) Twelve Months Ended December 31, 2025 EPS Net Income Attributable to The Timken Company $ 288.4 $ 4.11 Adjustments: (1) Acquisition intangible amortization $ 79.1 Impairment, restructuring and reorganization charges (2) 21.8 Corporate pension and other postretirement benefit related expense (3) 10.8 Gain on sale of certain assets (4) (2.6) CEO transition expenses (5) 20.8 Noncontrolling interest of above adjustments (6) 4.9 Provision for income taxes (7) (48.7) Total Adjustments: 86.1 1.22 Adjusted Net Income Attributable to The Timken Company $ 374.5 $ 5.33 (1) Adjustments are pre-tax, with the net tax provision listed separately. (2) Impairment, restructuring and reorganization charges (including items recorded in cost of products sold) relate to: (i) plant closures; (ii) the rationalization of certain plants; (iii) severance related to cost reduction initiatives; (iv) impairment of assets; and (v) related depreciation and amortization. The Company re-assesses its operating footprint and cost structure periodically, and makes adjustments as needed that result in restructuring charges. However, management believes these actions are not representative of the Company’s core operations. (3) Corporate pension and other postretirement benefit related expense represents actuarial losses that resulted from the remeasurement of plan assets and obligations as a result of changes in assumptions or experience. The Company recognizes actuarial losses and gains in connection with the annual remeasurement in the fourth quarter, or if specific events trigger a remeasurement. Refer to the Retirement Benefit Plans and Other Postretirement Benefit Plans footnotes within the Company's annual reports on Form 10-K and quarterly reports on Form 10-Q for additional discussion. (4) Represents the net gain resulting from the sale of certain assets. (5) On August 22, 2025, the Company announced the appointment of Lucian Boldea as President and Chief Executive Officer ("CEO"), effective September 1, 2025, and that Richard G. Kyle would retire from the role of interim President and CEO. On March 31, 2025, the Company announced that Tarak B. Mehta, President and CEO of the Company would be departing from the Company, effective immediately, and Mr. Kyle would be serving as interim President and CEO. CEO transition expenses primarily relate to the cost of the settlement agreement with Mr. Mehta in connection with his departure, net of the impact for stock awards forfeited, the acceleration of certain stock compensation awards issued to Mr. Kyle, and other one-time costs associated with the transition in 2025. (6) Represents the noncontrolling interest impact of the adjustments listed above, as well as the reversal of uncertain tax positions related to Timken India Limited. (7) Provision for income taxes includes the net tax impact on pre-tax adjustments (listed above), the impact of discrete tax items recorded during the respective periods as well as other adjustments to reflect the use of one overall effective tax rate on adjusted pre-tax income in interim periods. GAAP Reconciliation: Net Income & EPS
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34 Reconciliations of GAAP to Non-GAAP Measures: (Unaudited) The following reconciliation is provided as additional relevant information about the Company's performance deemed useful to investors. Management believes consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP measure that is useful to investors as it is representative of the Company's performance and that it is appropriate to compare GAAP net income to consolidated EBITDA. Management also believes that non-GAAP measures adjusted EBITDA and adjusted EBITDA margin are useful to investors as they are representative of the Company's core operations and are used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Reconciliation of Adjusted EBITDA and Margin 2025 2024 2023 2022 2021 Net Sales $ 4,581.8 $ 4,573.0 $ 4,769.0 $ 4,496.7 $ 4,132.9 Net Income 317.3 375.3 408.0 417.0 381.5 Provision for income taxes 98.7 118.9 122.5 133.9 95.1 Interest expense, net 100.0 110.2 101.4 70.8 56.5 Depreciation and amortization 230.1 221.8 201.3 164.0 167.8 Consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) $ 746.1 $ 826.2 $ 833.2 $ 785.7 $ 700.9 Adjustments: Corporate pension and other postretirement benefit related expense (income) (1) $ 10.8 $ (1.3) $ 20.6 $ 2.9 $ 0.3 Impairment, restructuring and reorganization charges (2) 20.7 17.8 59.3 55.1 14.3 Gain on divestitures and sale of certain assets (3) (2.6) (14.7) (5.2) (2.9) — Acquisition related charges (4) — 13.0 31.8 14.8 2.3 Tax indemnification and related items — (1.1) — 0.3 0.2 Property losses and related expenses (5) — 1.2 — — — CEO transition expenses (6) 20.8 3.7 — — — Total Adjustments 49.7 18.6 106.5 70.2 17.1 Adjusted EBITDA $ 795.8 $ 844.8 $ 939.7 $ 855.9 $ 718.0 Adjusted EBITDA Margin (% of net Sales) 17.4 % 18.5 % 19.7 % 19.0 % 17.4 % (1) Corporate pension and other postretirement benefit related expense (income) represent actuarial losses and (gains) that resulted from the remeasurement of plan assets and obligations as a result of changes in assumptions. The Company recognizes actuarial losses and (gains) in connection with the annual remeasurement in the fourth quarter, or if specific events trigger a remeasurement. Refer to the Retirement Benefit Plans and Other Postretirement Benefit Plans footnotes within the Company's annual reports on Form 10-K and quarterly reports on Form 10-Q for additional discussion. (2) Impairment, restructuring and reorganization charges (including items recorded in cost of products sold) relate to: (i) plant closures; (ii) the rationalization of certain plants and (iii) severance related to cost reduction initiatives and (iv) impairment of assets. Impairment, restructuring and reorganization charges for 2023 included $28.3 million related to the impairment of goodwill. Impairment, restructuring and reorganization charges for 2022 included $29.3 million related to the sale of ADS. The Company re-assesses its operating footprint and cost structure periodically, and makes adjustments as needed that result in restructuring charges. However, management believes these actions are not representative of the Company’s core operations. (3) Represents the net gain resulting from the sale of certain assets. Gain on sale of certain assets included a $13.8 million gain in the third quarter of 2024 related to the sale of the Gaffney, South Carolina plant. (4) Acquisition-related charges represent deal-related expenses associated with completed and certain unsuccessful transactions, as well as any resulting inventory step-up impact. In addition, the 2021 acquisition-related charges include an acquisition-related gain due to the bargain purchase gain related to a 2020 acquisition. (5) Represents property loss and related expenses incurred during the periods presented resulting from a fire that occurred during the second quarter of 2024 at one of the Company's plants in Slovakia. (6) On August 22, 2025, the Company announced the appointment of Lucian Boldea as President and CEO, effective September 1, 2025, and that Richard G. Kyle would retire from the role of interim President and CEO. On March 31, 2025, the Company announced that Tarak B. Mehta, President and CEO of the Company would be departing from the Company, effective immediately, and Mr. Kyle would be serving as interim President and CEO. CEO transition expenses for 2025 primarily relate to the cost of the settlement agreement with Mr. Mehta in connection with his departure, net of the impact for stock awards forfeited, the acceleration of certain stock compensation awards issued to Mr. Kyle, and other one-time costs associated with the transition in 2025. During 2024, the Company announced that Mr. Kyle, President and CEO of the Company would be retiring from his position as CEO as of February 15, 2025, and that Mr. Mehta would be appointed President and CEO on September 5, 2024. CEO transition expenses for 2024 relate to the acceleration of certain stock compensation awards for Mr. Kyle and other one-time costs associated with the transition in 2024. GAAP Reconciliation: 2021-2025 EBITDA, and EBITDA, After Adjustments to Net Income
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35 GAAP Reconciliation: Net Debt Reconciliation of Total Debt to Net Debt, the Ratio of Net Debt to Capital, and the Ratio of Net Debt to Adjusted EBITDA: (Unaudited) These reconciliations are provided as additional relevant information about the Company's financial position deemed useful to investors. Capital, used for the ratio of net debt to capital, is a non-GAAP measure defined as total debt less cash and cash equivalents plus total shareholders' equity. Management believes Net Debt, the Ratio of Net Debt to Capital, Adjusted EBITDA (see prior page of GAAP reconciliations), and the Ratio of Net Debt to Adjusted EBITDA are important measures of the Company's financial position, due to the amount of cash and cash equivalents on hand. The Company presents net debt to adjusted EBITDA because it believes it is more representative of the Company's financial position as it is reflective of the ability to cover its net debt obligations with results from its core operations. (Dollars in millions) December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 Short-term debt, including current portion of long-term debt $ 38.9 $ 13.0 $ 605.6 $ 49.0 $ 53.8 Long-term debt 1,883.1 2,049.7 1,790.3 1,914.2 1,411.1 Total Debt $ 1,922.0 $ 2,062.7 $ 2,395.9 $ 1,963.2 $ 1,464.9 Less: Cash and cash equivalents (364.4) (373.2) (418.9) (331.6) (257.1) Net Debt $ 1,557.6 $ 1,689.5 $ 1,977.0 $ 1,631.6 $ 1,207.8 Total Equity $ 3,345.7 $ 2,984.1 $ 2,702.4 $ 2,352.9 $ 2,377.7 Ratio of Net Debt to Capital 31.8 % 36.1 % 42.2 % 40.9 % 33.7 % Adjusted EBITDA for the Twelve Months Ended $ 795.8 $ 844.8 $ 939.7 $ 855.9 $ 718.0 Ratio of Net Debt to Adjusted EBITDA 2.0 2.0 2.1 1.9 1.7
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36 Reconciliation of Free Cash Flow to GAAP Net Cash Provided by Operating Activities: (Unaudited) The following reconciliation is provided as additional relevant information about the Company's 2023-2025 performance is deemed useful to investors. Management believes that free cash flow is a non-GAAP measure that is useful to investors because it is a meaningful indicator of cash generated from operating activities available for the execution of its business strategy. Reconciliation of Free Cash Flow 2025 2024 2023 Net cash provided by operating activities $ 554.3 $ 475.7 $ 545.2 Less: capital expenditures (148.2) (170.0) (187.8) Free cash flow $ 406.1 $ 305.7 $ 357.4 Weighted average dilutive shares 70,231,706 70,750,482 72,081,884 Free cash flow per share $ 5.78 $ 4.32 $ 4.96 Closing stock price (1) $ 84.13 $ 71.37 $ 80.15 Free cash flow yield (2) 6.9 % 6.1 % 6.2 % Three-year free cash flow yield (3) 6.4 % (1) Stock closing price based on final trading day of each respective year. (2) Free cash flow yield represents the free cash flow per dilutive share, divided by the closing stock price. (3) Percentage represents the average of the three years presented. GAAP Reconciliation: Consolidated Free Cash Flow
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Reconciliations of Adjusted Net Income to GAAP Net Income and Adjusted Earnings Per Share to GAAP Earnings Per Share: (Unaudited) The following reconciliation is provided as additional relevant information about the Company's performance deemed useful to investors. Management believes that the non-GAAP measures of adjusted net income and adjusted diluted earnings per share are important financial measures used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting adjusted net income and adjusted diluted earnings per share is useful to investors as these measures are representative of the Company's core operations. (Dollars in millions, except share data) Three Months Ended June 30, Six Months Ended June 30, 2026 EPS 2025 EPS 2026 EPS 2025 EPS Net Income Attributable to The Timken Company $ 28.9 $ 0.41 $ 78.5 $ 1.12 $ 127.1 $ 1.81 $ 156.8 $ 2.23 Adjustments: (1) Acquisition intangible amortization $ 20.7 $ 19.9 $ 41.3 $ 38.9 Impairment, restructuring and reorganization charges (2) 9.0 5.0 13.9 8.2 Acquisition-related charges (3) 3.4 — 5.2 — Belts impairment, restructuring and reorganization charges (4) 94.4 — 94.4 — Gain on sale of certain assets (5) — (0.1) — (1.3) CEO transition expenses (6) — 3.2 — 11.8 Noncontrolling interest of above adjustments (7) 0.4 1.0 0.3 4.8 Provision for income taxes (8) (28.4) (8.2) (36.5) (21.3) Total Adjustments: 99.5 1.42 20.8 0.30 118.6 1.69 41.1 0.59 Adjusted Net Income Attributable to The Timken Company $ 128.4 $ 1.83 $ 99.3 $ 1.42 $ 245.7 $ 3.50 $ 197.9 $ 2.82 (1) Adjustments are pre-tax, with the net tax provision listed separately. (2) Impairment, restructuring and reorganization charges (including items recorded in cost of products sold) relate to: (i) plant closures; (ii) the rationalization of certain plants; (iii) severance related to cost reduction initiatives; (iv) impairment of assets; and (v) related depreciation and amortization. The Company re-assesses its operating footprint and cost structure periodically, and makes adjustments as needed that result in restructuring charges. However, management believes these actions are not representative of the Company’s core operations. (3) Acquisition-related charges represent deal-related expenses associated with completed transactions and any resulting inventory step-up impact. (4) On April 29, 2026, the Company entered into a definitive agreement to sell certain assets of its belts business to Gates Industrial Corporation plc. The transaction, which is subject to customary closing conditions, is expected to close in the third quarter of 2026. In addition, the Company announced the closure of its belts manufacturing facility in Springfield, Missouri. As a result, the Company recorded impairment, restructuring and reorganization charges of $94.4 million during the second quarter of 2026. (5) Represents the net gain resulting from the sale of certain assets. (6) On March 31, 2025, the Company announced that Tarak B. Mehta, President and Chief Executive Officer ("CEO") of the Company would be departing from the Company, effective immediately, and Richard G. Kyle would be serving as interim President and CEO. CEO transition expenses primarily relate to the cost of the settlement agreement with Mr. Mehta in connection with his departure, net of the impact for stock awards forfeited, and incremental stock compensation expense related to a deferred share award issued to Mr. Kyle. (7) Represents the noncontrolling interest impact of the adjustments listed above, as well as the reversal of uncertain tax positions related to Timken India Limited. (8) Provision for income taxes includes the net tax impact on pre-tax adjustments (listed above), the impact of discrete tax items recorded during the respective periods as well as other adjustments to reflect the use of one overall effective tax rate on adjusted pre-tax income in interim periods. GAAP Reconciliation: Net Income & EPS 37
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GAAP Reconciliation: EBITDA and EBITDA, After Adjustments to GAAP Net Income Reconciliation of EBITDA to GAAP Net Income, EBITDA Margin to Net Income as a Percentage of Sales, and EBITDA Margin, After A djustments, to Net Income as a Percentage of Sales, and EBITDA, After Adjustments, to Net Income: (Unaudited) The following reconciliation is provided as additional relevant information about the Company's performance deemed useful to investors. Management believes consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP measure that is useful to investors as it is representative of the Company's performance and that it is appropriate to compare GAAP net income to consolidated EBITDA. Management also believes that adjusted EBITDA, adjusted EBITDA margin and EBITDA margin are useful to investors as they are representative of the Company's core operations and are used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. (Dollars in millions) Three Months Ended June 30, Six Months Ended June 30, 2026 Percentage to Net Sales 2025 Percentage to Net Sales 2026 Percentage to Net Sales 2025 Percentage to Net Sales Net Income $ 37.2 3.0 % $ 85.7 7.3 % $ 143.1 5.7 % $ 177.1 7.7 % Provision for income taxes 20.7 30.7 57.7 57.6 Interest expense 26.2 29.8 50.5 56.3 Interest income (2.5) (3.0) (4.2) (5.3) Depreciation and amortization 59.7 57.2 118.6 112.3 Consolidated EBITDA $ 141.3 11.2 % $ 200.4 17.1 % $ 365.7 14.7 % $ 398.0 17.2 % Adjustments: Impairment, restructuring and reorganization charges (1) $ 8.1 $ 4.7 $ 12.9 $ 7.8 Acquisition-related charges (2) 3.4 — 5.2 — Belts impairment, restructuring and reorganization charges (3) 94.4 — 94.4 — Gain on sale of certain assets (4) — (0.1) — (1.3) CEO transition expenses (5) — 3.2 — 11.8 Total Adjustments 105.9 8.4 % 7.8 0.6 % 112.5 4.5 % 18.3 0.8 % Adjusted EBITDA $ 247.2 19.6 % $ 208.2 17.7 % $ 478.2 19.2 % $ 416.3 18.0 % (1) Impairment, restructuring and reorganization charges (including items recorded in cost of products sold) relate to: (i) plant closures; (ii) the rationalization of certain plants; (iii) severance related to cost reduction initiatives; and (iv) impairment of assets. The Company re-assesses its operating footprint and cost structure periodically, and makes adjustments as needed that result in restructuring charges. However, management believes these actions are not representative of the Company’s core operations. (2) Acquisition-related charges represent deal-related expenses associated with completed transactions and any resulting inventory step-up impact. (3) On April 29, 2026, the Company entered into a definitive agreement to sell certain assets of its belts business to Gates Industrial Corporation plc. The transaction, which is subject to customary closing conditions, is expected to close in the third quarter of 2026. In addition, the Company announced the closure of its belts manufacturing facility in Springfield, Missouri. As a result, the Company recorded impairment, restructuring and reorganization charges of $94.4 million during the second quarter of 2026. (4) Represents the net gain resulting from the sale of certain assets. (5) On March 31, 2025, the Company announced that Tarak B. Mehta, President and CEO of the Company would be departing from the Company, effective immediately, and Richard G. Kyle would be serving as interim President and CEO. CEO transition expenses primarily relate to the cost of the settlement agreement with Mr. Mehta in connection with his departure, net of the impact for stock awards forfeited, and incremental stock compensation expense related to a deferred share award issued to Mr. Kyle. 38