Slides
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Third Quarter 2025 Results October 28, 2025
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2 Q 3 2 0 2 5 R E S U L T S | 2 Forward Looking Statements Certain statements in this presentation, including statements regarding the Company's fourth quarter and full year 2025 financial performance and guidance, the Company’s differentiation and positioning to continue delivering sustainable, long-term shareholder value and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. All statements other than historical factual information are forward-looking statements, including, without limitation, statements regarding: projections of revenue, expenses, profit, profit margins, asset values, pricing, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, Veralto’s liquidity position or other projected financial measures; Veralto’s management’s plans and strategies for future operations, including statements relating to anticipated operating performance, customer demand, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions and the integration thereof, divestitures, spin-offs, split-offs, initial public offerings, other securities offerings or other distributions, strategic opportunities, stock repurchases, dividends and executive compensation; growth, declines and other trends in markets Veralto sells into, including the impact of changes to global trade policies, restrictions on imports, related countermeasures and reciprocal tariffs; future new or modified laws, regulations, accounting pronouncements or public policy changes; regulatory approvals and the timing and conditionality thereof; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; future foreign currency exchange rates and fluctuations in those rates; results of operations and/or financial condition; general economic and capital markets conditions; the anticipated timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that Veralto intends or believes will or may occur in the future. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings. These forward-looking statements speak only as of the date of this presentation and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
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Opening Remarks Jennifer L. Honeycutt President and Chief Executive Officer Q3 2025 Results | October 28, 2025
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4 Q 3 2 0 2 5 R E S U L T S | 4 Veralto / Q3 2025 key consolidated financial results Q3 2025 Performance Reflects Durable Sales and Earnings Per Share Growth SALES ADJUSTED OPERATING PROFIT* ADJUSTED EPS* ADJUSTED EBITDA* FREE CASH FLOW* $336m 23.9% adjusted operating profit margin* (20) basis points year-over-year $0.99 +11.2% year-over-year $258m 108% free cash flow conversion* $347m 24.7% adjusted EBITDA margin* (20) basis points year-over-year *See appendix for reconciliations to non-GAAP measures $1,404m core sales growth* of +5.1% volume: +2.7% price: +2.4%
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5 Q 3 2 0 2 5 R E S U L T S | 5 Veralto / Geographic core sales growth(1) for Q3 and YTD 2025 41 9 49 8 3 5 30 3 WQ +6.6% PQI +7.1% WQ +6.0% PQI +5.2% WQ +4.6% PQI +5.9% NORTH AMERICA (49% of YTD sales) WESTERN EUROPE (22% of YTD sales) HIGH GROWTH MARKETS (27% of YTD sales) +6.8% +5.6% +5.2% (1) Geographic core sales growth excludes impact from acquisitions, divestitures and management estimates for currency translation. It is not adjusted for intercompany sales, returns or allowances. Notes: Japan, Australia and New Zealand represent 2% of total sales Q3 2025 Commentary North America: • WQ: MSD growth in water treatment led by chemical treatment across industrial applications; MSD growth in water analytics • PQI: HSD growth in marking and coding and packaging and color Western Europe: • WQ: LSD growth driven by water analytics • PQI: MSD growth in marking and coding, LSD growth in packaging and color High Growth Markets: • Strong growth in Middle East, LATAM and India • Sales in China grew LSD at both WQ and PQI Notes: WQ = Water Quality; PQI = Product Quality & Innovation WQ +6.0% PQI +9.2% WQ +1.3% PQI +3.7% WQ +7.1% PQI +1.6% NORTH AMERICA (49% of Q3 sales) WESTERN EUROPE (22% of Q3 sales) HIGH GROWTH MARKETS (27% of Q3 sales) +2.5%+6.9% +4.3% Q 3 2025Y TD 2025
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Financial Review Sameer Ralhan SVP and Chief Financial Officer Q3 2025 Results | October 28, 2025
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7 Q 3 2 0 2 5 R E S U L T S | 7 Veralto / Q3 2025 consolidated performance • Sales grew +6.9% year-over-year ◦ Core sales* +5.1% ◦ Currency: +1.5% ◦ Acquisitions & divestitures: +0.3% • Gross profit margin: +50 bps ◦ +2.4% increase in price ◦ Procurement and supply chain initiatives • Adjusted operating profit margin*: (20) bps ◦ Strong margin expansion at Water Quality ◦ PQI margin impacted by acquisition dilution, select investments and tariff-related headwinds ◦ Corporate expense at run-rate • Free cash flow* of $258m ◦ 108% free cash flow conversion* *See appendix for reconciliations to non-GAAP measures $ millions, except per share data Q3 2024 Q3 2025 YOY Variance Sales $1,314 $1,404 +6.9% Core Sales Growth* 4.6% 5.1% Gross Profit $783 $844 +7.8% Gross Profit Margin 59.6% 60.1% 50 bps Adjusted Operating Profit* $317 $336 +6.0% Adjusted Operating Profit Margin* 24.1% 23.9% (20) bps Adjusted Net Diluted Earnings Per Share* $0.89 $0.99 +11.2% Free Cash Flow* $215 $258 +20%
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8 Q 3 2 0 2 5 R E S U L T S | 8 $577 $639 Adj. operating profit Adj. operating profit margin YTD 2024 YTD 2025 $2,327 $2,475 YTD 2024 YTD 2025 $199 $225 Adj. operating profit Adj. operating profit margin Q3 2024 Q3 2025 $801 $856 Q3 2024 Q3 2025 Water Quality / Q3 and YTD 2025 performance ($ millions, variances versus prior year period) Q3 ADJUSTED OPERATING PROFIT *Q3 SALES Three months ended YOY Change in Sales Q3 2024 Q3 2025 Core Growth* +4.0% +5.3% Currency (0.2)% +1.4% M&A (0.2)% +0.3% Total Growth +3.6% +7.0% +6.4% +10.7% YTD ADJUSTED OPERATING PROFIT *YTD SALES Nine months ended YOY Change in Sales Q3 2024 Q3 2025 Core Growth* +3.6% +5.9% Currency (0.3)% 0.4% M&A (0.2)% +0.1% Total Growth +3.1% +6.4% *See appendix for reconciliations of non-GAAP measures Price +1.4% +7.0% 24.8% 26.3% +13.1% Price +1.7% 24.8% 25.8%
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9 Q 3 2 0 2 5 R E S U L T S | 9 $422 $432 Adj operating profit Adj. operating profit margin YTD 2024 YTD 2025 $1,521 $1,632 YTD 2024 YTD 2025 $142 $139 Adj operating profit Adj. operating profit margin Q3 2024 Q3 2025 $513 $548 Q3 2024 Q3 2025 Product Quality & Innovation / Q3 and YTD 2025 performance ($ millions, variances versus prior year period) Three months ended YOY Change in Sales Q3 2024 Q3 2025 Core Growth* +5.7% +4.6% Currency 0.4% +2.0% M&A +0.2% +0.3% Total Growth +6.3% +6.9% Nine months ended YOY Change in Sales Q3 2024 Q3 2025 Core Growth* +3.1% +5.8% Currency —% +1.0% M&A —% +0.5% Total Growth +3.1% +7.3% Q3 ADJUSTED OPERATING PROFIT *Q3 SALES YTD ADJUSTED OPERATING PROFIT *YTD SALES Price +3.3% Price +2.4% *See appendix for reconciliations of non-GAAP measures +6.9% (2.1)% 27.7% 25.4% +7.3% 27.7% 26.5% +2.4%
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10 Q 3 2 0 2 5 R E S U L T S | 10 Veralto / Q3 2025 cash flow and balance sheet Financial position summary: • Strong year-to-date cash generation • Capital-light business model • Gross leverage* at 2.0x • Net leverage* at 0.7x Q3 2025 YTD 2025 Cash from operations $270 $766 Capital expenditures $(12) $(43) Free cash flow* $258 $723 Free cash flow conversion* 108% 105% Q3 2025 Cash and cash equivalents $1,775 Gross debt $2,672 Net debt* $897 * See appendix for reconciliations to non-GAAP measures ($ millions)
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11 Q 3 2 0 2 5 R E S U L T S | 11 Annual Sales and Core Sales Growth* $4.9b $5.0b $5.2b ~$5.5b 2022 2023 2024 2025E Veralto / Q3 and FY 2025 guidance Note: 2025 adjusted EPS guidance assumes an effective tax rate of ~22% and diluted shares outstanding of ~251m Note: 2025 Q4 and FY Guidance includes current assessment of end market demand, estimated tariff increases and related countermeasures *See appendix for reconciliations to non-GAAP measures Q4 2025E FY2025E Current Prior Core Sales Growth* +LSD +MSD +MSD Adjusted Operating Profit Margin* -- flat to +25 basis points flat to +50 basis points Adjusted EPS* $0.95 to $0.98 $3.82 to $3.85 $3.72 to $3.80 Free Cash Flow Conversion* -- ~100% 90% to 100% Core sales growth* +8.1% +2.6% +3.7% +MSD
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Closing Remarks Jennifer L. Honeycutt Q3 2025 Results | October 28, 2025
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13 Q 3 2 0 2 5 R E S U L T S | 13 Veralto / Well-positioned to drive compounding earnings and free cash flow growth SAFEGUARDING THE WORLD’S MOST VITAL RESOURCES™ ATTRACTIVE SECULAR GROWTH DRIVERS PREMIER FINANCIAL PROFILE and DURABLE BUSINESS MODEL PROVEN VALUE CREATION PLAYBOOK
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Appendix Q3 2025 Results | October 28, 2025
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16 Q 3 2 0 2 5 R E S U L T S | 16 Veralto / 2025E Modeling Items 1. For full year, primarily the TraceGains and AQUAFIDES acquisition growth offset by the AVT divestiture; For Q4, primarily the AVT divestiture and AQUAFIDES acquisition 2. Impact of currency exchange rates on sales if rates in effect as of October 3, 2025 prevail throughout the remainder of 2025 3. Corporate expense reported as “other” under Operating Profit ($ millions, except per share data) Q4 2025E FY 2025E Year-over-year Sales assumptions Core sales growth (non-GAAP) +LSD +MSD Acquisitions/divestitures (1) ~(0.5%) ~flat Currency exchange rates impact on sales (2) ~3.0% 1.0% to 1.5% T otal sales growth (GAAP) +MSD +MSD Other key assumptions Corporate expense (3) $25m to $28m $102m to $105m Interest expense, net $23m to $25m $98m to $100m Ef fective Tax Rate ~22.0% ~22.0% Average diluted shares ~251m ~251m Capital expenditures NA 1.0% to 1.2% of sales
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VERALTO CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL FORWARD-LOOKING INFORMATION THREE AND NINE-MONTH PERIODS ENDED OCTOBER 3, 2025 AND SEPTEMBER 27, 2024
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TABLE OF CONTENTS Page 1 Sales Growth by Segment, Core Sales Growth by Segment 3 Forecasted Core Sales Growth, Adjusted Operating Profit Margin, Adjusted Diluted Net Earnings per Share and Free Cash Flow to Net Earnings Conversion Ratio 4 Segment Sales, Operating Profit, Adjusted Operating Profit, Operating Profit Margin and Adjusted Operating Profit Margin 6 Net Earnings, Operating Profit, Adjusted EBITDA, Net Earnings Margin, Operating Profit Margin and Adjusted EBITDA Margin 10 Trailing Twelve Month Adjusted EBITDA, Gross Leverage and Net Leverage 11 Other Non-GAAP Adjusted P&L Measures 16 Operating Profit Margin and Year-Over-Year Core Operating Margin Changes 17 Cash Flow, Free Cash Flow, Operating Cash Flow to Net Earnings Ratio and Free Cash Flow to Net Earnings Conversion Ratio FORWARD-LOOKING STATEMENTS DISCLOSURE Certain statements in this document, including statements regarding the Company's fourth quarter and full year 2025 financial performance and guidance, the Company’s differentiation and positioning to continue delivering sustainable, long-term shareholder value and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. All statements other than historical factual information are forward-looking statements, including, without limitation, statements regarding: projections of revenue, expenses, profit, profit margins, asset values, pricing, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, Veralto’s liquidity position or other projected financial measures; Veralto’s management’s plans and strategies for future operations, including statements relating to anticipated operating performance, customer demand, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions and the integration thereof, divestitures, spin-offs, split-offs, initial public offerings, other securities, offerings or other distributions, strategic opportunities, stock repurchases, dividends and executive compensation; growth, declines and other trends in markets Veralto sells into, including the impact of changes to global trade policies, restrictions on imports, related countermeasures and reciprocal tariffs; future new or modified laws, regulations, accounting pronouncements or public policy changes; regulatory approvals and the timing and conditionality thereof; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; future foreign currency exchange rates and fluctuations in those rates; results of operations and/or financial condition; general economic and capital markets conditions; the anticipated timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that Veralto intends or believes will or may occur in the future. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings. These forward-looking statements speak only as of the date of this document and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
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% Change Three-Month Period Ended October 3, 2025 vs. Comparable 2024 Period Segments Total Company Water Quality Product Quality and Innovation Total sales growth (GAAP) 6.9 % 7.0 % 6.9 % Impact of: Acquisitions/divestitures (0.3) % (0.3) % (0.3) % Currency exchange rates (1.5) % (1.4) % (2.0) % Core sales growth (non-GAAP) 5.1 % 5.3 % 4.6 % % Change Nine-Month Period Ended October 3, 2025 vs. Comparable 2024 Period Segments Total Company Water Quality Product Quality and Innovation Total sales growth (GAAP) 6.7 % 6.4 % 7.3 % Impact of: Acquisitions/divestitures (0.3) % (0.1) % (0.5) % Currency exchange rates (0.5) % (0.4) % (1.0) % Core sales growth (non-GAAP) 5.9 % 5.9 % 5.8 % VERALTO CORPORATION Sales Growth by Segment, Core Sales Growth by Segment 1
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% Change Three-Month Period Ended September 27, 2024 vs. Comparable 2023 Period Segments Total Company Water Quality Product Quality and Innovation Total sales growth (GAAP) 4.7 % 3.6 % 6.3 % Impact of: Acquisitions/divestitures — % 0.2 % (0.2) % Currency exchange rates (0.1) % 0.2 % (0.4) % Core sales growth (non-GAAP) 4.6 % 4.0 % 5.7 % % Change Nine-Month Period Ended September 27, 2024 vs. Comparable 2023 Period Segments Total Company Water Quality Product Quality and Innovation Total sales growth (GAAP) 3.1 % 3.1 % 3.1 % Impact of: Acquisitions/divestitures 0.1 % 0.2 % — % Currency exchange rates 0.2 % 0.3 % — % Core sales growth (non-GAAP) 3.4 % 3.6 % 3.1 % VERALTO CORPORATION Sales Growth by Segment, Core Sales Growth by Segment 2
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The Company provides forecasted sales only on a non-GAAP basis because of the difficulty in estimating the other components of GAAP revenue, such as currency translation, acquisitions and divested product lines. Additionally, we do not reconcile adjusted operating profit margin (or components thereof), adjusted diluted earnings per share or free cash flow to net earnings conversion ratio to the comparable GAAP measures because of the difficulty in estimating the other unknown components such as investment gains and losses, impairments and separation costs, which would be reflected in any forecasted GAAP operating profit, forecasted diluted earnings per share or forecasted net earnings ratio. % Change Three-Month Period Ending December 31, 2025 vs. Comparable 2024 Period Core sales growth (non-GAAP) +Low-single-digits Three-Month Period Ending December 31, 2025 Adjusted Diluted Net Earnings per Share (non-GAAP) $0.95 to $0.98 % Change Year Ending December 31, 2025 vs. Comparable 2024 Period Core sales growth (non-GAAP) +Mid-single-digits Year Ending December 31, 2025 Adjusted Operating Profit Margin (non-GAAP) flat to +25 basis points Adjusted Diluted Net Earnings per Share (non-GAAP) $3.82 to $3.85 Free cash flow to net earnings conversion ratio (non-GAAP) ~100% VERALTO CORPORATION Forecasted Core Sales Growth, Adjusted Operating Profit Margin, Adjusted Diluted Net Earnings per Share and Free Cash Flow to Net Earnings Conversion Ratio 3
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Sales (GAAP) Water Quality $ 856 $ 801 $ 2,475 $ 2,327 Product Quality & Innovation 548 513 1,632 1,521 Total $ 1,404 $ 1,314 $ 4,107 $ 3,848 Operating Profit (GAAP) Water Quality $ 222 $ 195 $ 631 $ 564 Product Quality & Innovation 133 137 413 405 Other (29) (24) (83) (69) Total $ 326 $ 308 $ 961 $ 900 Amortization of Intangible Assets (GAAP) Water Quality $ 3 $ 4 $ 8 $ 13 Product Quality & Innovation 6 3 19 15 Total $ 9 $ 7 $ 27 $ 28 Other Operating Profit Adjustments 1 Water Quality $ — $ — $ — $ — Product Quality & Innovation — 2 — 2 Other 1 — 6 1 Total $ 1 $ 2 $ 6 $ 3 Three-Month Period Ended Nine-Month Period Ended October 3, 2025 September 27, 2024 October 3, 2025 September 27, 2024 VERALTO CORPORATION Segment Sales, Operating Profit, Adjusted Operating Profit, Operating Profit Margin and Adjusted Operating Profit Margin ($ in millions) 4
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Adjusted Operating Profit (non-GAAP) 2 Water Quality $ 225 $ 199 $ 639 $ 577 Product Quality & Innovation 139 142 432 422 Other (28) (24) (77) (68) Total $ 336 $ 317 $ 994 $ 931 Operating Profit Margin (GAAP) Water Quality 25.9 % 24.3 % 25.5 % 24.2 % Product Quality & Innovation 24.3 % 26.7 % 25.3 % 26.6 % Total 23.2 % 23.4 % 23.4 % 23.4 % Adjusted Operating Profit Margin (Non-GAAP) 3 Water Quality 26.3 % 24.8 % 25.8 % 24.8 % Product Quality & Innovation 25.4 % 27.7 % 26.5 % 27.7 % Total 23.9 % 24.1 % 24.2 % 24.2 % Three-Month Period Ended Nine-Month Period Ended October 3, 2025 September 27, 2024 October 3, 2025 September 27, 2024 1 Refer to the Reconciliation of GAAP to Other Non-GAAP Adjusted P&L Measures for a description of the components of Other Operating Profit Adjustments. 2 Adjusted Operating Profit (non-GAAP) is defined as operating profit (GAAP) plus amortization of intangible assets (GAAP) plus (minus) Other Operating Profit Adjustments. 3 Adjusted Operating Profit Margin (Non-GAAP) is defined as Adjusted Operating Profit (Non-GAAP) divided by Sales (GAAP). VERALTO CORPORATION Segment Sales, Operating Profit, Adjusted Operating Profit, Operating Profit Margin and Adjusted Operating Profit Margin ($ in millions) 5
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Three-Month Period Ended October 3, 2025 Water Quality Product Quality & Innovation Other Total Company Net Earnings (GAAP) $ 239 Interest Expense 21 Other Nonoperating (Income) Expense (1) Income Taxes 67 Operating Profit (GAAP) $ 222 $ 133 $ (29) $ 326 Other Operating Profit Adjustments 1 — — 1 1 Depreciation 7 4 — 11 Amortization of Intangible Assets 3 6 — 9 Adjusted EBITDA (Non-GAAP) $ 232 $ 143 $ (28) $ 347 Interest Expense (21) Other Nonoperating Income (Expense) 1 Income Taxes (67) Other Operating Profit Adjustments 1 (1) Depreciation (11) Amortization of Intangible Assets (9) Net Earnings (GAAP) $ 239 Sales (GAAP) $ 856 $ 548 $ 1,404 Net Earnings Margin (GAAP) 17.0 % Operating Profit Margin (GAAP) 25.9 % 24.3 % 23.2 % Adjusted EBITDA Margin (Non-GAAP) 4 27.1 % 26.1 % 24.7 % 1 Refer to the Reconciliation of GAAP to Other Non-GAAP Adjusted P&L Measures for a description of the components of Other Operating Profit Adjustments. 4 Adjusted EBITDA Margin (Non-GAAP) is defined as Adjusted EBITDA (Non-GAAP) divided by sales. VERALTO CORPORATION Net Earnings, Operating Profit, Adjusted EBITDA, Net Earnings Margin, Operating Profit Margin and Adjusted EBITDA Margin ($ in millions) 6
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Three-Month Period Ended September 27, 2024 Water Quality Product Quality & Innovation Other Total Company Net Earnings (GAAP) $ 219 Interest Expense 27 Other Nonoperating (Income) Expense (5) Income Taxes 67 Operating Profit (GAAP) $ 195 $ 137 $ (24) $ 308 Other Operating Profit Adjustments 1 — 2 — 2 Depreciation 7 3 — 10 Amortization of Intangible Assets 4 3 — 7 Adjusted EBITDA (Non-GAAP) $ 206 $ 145 $ (24) $ 327 Interest Expense (27) Other Nonoperating Income (Expense) 5 Income Taxes (67) Other Operating Profit Adjustments 1 (2) Depreciation (10) Amortization of Intangible Assets (7) Net Earnings (GAAP) $ 219 Sales (GAAP) $ 801 $ 513 $ 1,314 Net Earnings Margin (GAAP) 16.7 % Operating Profit Margin (GAAP) 24.3 % 26.7 % 23.4 % Adjusted EBITDA Margin (Non-GAAP) 4 25.7 % 28.3 % 24.9 % 1 Refer to the Reconciliation of GAAP to Other Non-GAAP Adjusted P&L Measures for a description of the components of Other Operating Profit Adjustments. 4 Adjusted EBITDA Margin (Non-GAAP) is defined as Adjusted EBITDA (Non-GAAP) divided by sales. VERALTO CORPORATION Net Earnings, Operating Profit, Adjusted EBITDA, Net Earnings Margin, Operating Profit Margin and Adjusted EBITDA Margin ($ in millions) 7
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Nine-Month Period Ended October 3, 2025 Water Quality Product Quality & Innovation Other Total Company Net Earnings (GAAP) $ 686 Interest Expense 76 Other Nonoperating (Income) Expense 5 Income Taxes 194 Operating Profit (GAAP) $ 631 $ 413 $ (83) $ 961 Other Operating Profit Adjustments 1 — — 6 6 Depreciation 20 11 — 31 Amortization of Intangible Assets 8 19 — 27 Adjusted EBITDA (Non-GAAP) $ 659 $ 443 $ (77) $ 1,025 Interest Expense (76) Other Nonoperating Income (Expense) (5) Income Taxes (194) Other Operating Profit Adjustments 1 (6) Depreciation (31) Amortization of Intangible Assets (27) Net Earnings (GAAP) $ 686 Sales (GAAP) $ 2,475 $ 1,632 $ 4,107 Net Earnings Margin (GAAP) 16.7 % Operating Profit Margin (GAAP) 25.5 % 25.3 % 23.4 % Adjusted EBITDA Margin (Non-GAAP) 4 26.6 % 27.1 % 25.0 % 1 Refer to the Reconciliation of GAAP to Other Non-GAAP Adjusted P&L Measures for a description of the components of Other Operating Profit Adjustments. 4 Adjusted EBITDA Margin (Non-GAAP) is defined as Adjusted EBITDA (Non-GAAP) divided by sales. VERALTO CORPORATION Net Earnings, Operating Profit, Adjusted EBITDA, Net Earnings Margin, Operating Profit Margin and Adjusted EBITDA Margin ($ in millions) 8
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Nine-Month Period Ended September 27, 2024 Water Quality Product Quality & Innovation Other Total Company Net Earnings (GAAP) $ 606 Interest Expense 85 Other Nonoperating (Income) Expense 9 Income Taxes 200 Operating Profit (GAAP) $ 564 $ 405 $ (69) $ 900 Other Operating Profit Adjustments 1 — 2 1 3 Depreciation 19 11 — 30 Amortization of Intangible Assets 13 15 — 28 Adjusted EBITDA (Non-GAAP) $ 596 $ 433 $ (68) $ 961 Interest Expense (85) Other Nonoperating Income (Expense) (9) Income Taxes (200) Other Operating Profit Adjustments 1 (3) Depreciation (30) Amortization of Intangible Assets (28) Net Earnings (GAAP) $ 606 Sales (GAAP) $ 2,327 $ 1,521 $ 3,848 Net Earnings Margin (GAAP) 15.7 % Operating Profit Margin (GAAP) 24.2 % 26.6 % 23.4 % Adjusted EBITDA Margin (Non-GAAP) 4 25.6 % 28.5 % 25.0 % 1 Refer to the Reconciliation of GAAP to Other Non-GAAP Adjusted P&L Measures for a description of the components of Other Operating Profit Adjustments. 4 Adjusted EBITDA Margin (Non-GAAP) is defined as Adjusted EBITDA (Non-GAAP) divided by sales. VERALTO CORPORATION Net Earnings, Operating Profit, Adjusted EBITDA, Net Earnings Margin, Operating Profit Margin and Adjusted EBITDA Margin ($ in millions) 9
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Three-Month Period Ended October 3, 2025 July 4, 2025 April 4, 2025 December 31, 2024 Net Earnings (GAAP) $ 239 $ 222 $ 225 $ 227 Interest Expense 21 28 27 28 Other Nonoperating (Income) Expense (1) — 6 — Income Taxes 67 63 64 53 Operating Profit (GAAP) $ 326 $ 313 $ 322 $ 308 Other Operating Profit Adjustments 1 1 3 2 2 Depreciation 11 10 10 10 Amortization of Intangible Assets 9 9 9 10 Adjusted EBITDA (Non-GAAP) $ 347 $ 335 $ 343 $ 330 Trailing Twelve Month Operating Profit (GAAP) 5 $ 1,269 Trailing Twelve Month Adjusted EBITDA (Non-GAAP) 6 $ 1,355 Total Debt 7 $ 2,672 Less: Cash 7 (1,775) Net Debt (Non-GAAP) $ 897 Gross Debt to Operating Profit 8 2.11 Net Debt to Operating Profit 9 0.71 Gross Leverage (Non-GAAP) 10 1.97 Net Leverage (Non-GAAP) 11 0.66 1 Refer to the Reconciliation of GAAP to Other Non-GAAP Adjusted P&L Measures for a description of the components of Other Operating Profit Adjustments. 5 Trailing Twelve Month Operating Profit is defined as the sum of Operating Profit for the previous four quarters. 6 Trailing Twelve Month Adjusted EBITDA (Non-GAAP) is defined as the sum of Adjusted EBITDA (Non-GAAP) for the previous four quarters. 7 Total Debt and Cash balances as of October 3, 2025. 8 Calculated as Total Debt divided by Trailing Twelve Month Operating Profit. 9 Calculated as Net Debt divided by Trailing Twelve Month Operating Profit. 10 Calculated as Total Debt divided by Trailing Twelve Month Adjusted EBITDA (Non-GAAP). 11 Calculated as Net Debt divided by Trailing Twelve Month Adjusted EBITDA (Non-GAAP). VERALTO CORPORATION Trailing Twelve Month Adjusted EBITDA, Gross Leverage and Net Leverage ($ in millions) 10
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Three-Month Period Ended October 3, 2025 Sales Cost of sales Gross profit margin Operating profit Operating profit margin Earnings before income taxes Income taxes Net earnings for calculation of diluted net earnings per common share Diluted net earnings per common share Reported (GAAP) $ 1,404 $ (560) 60.1 % $ 326 23.2 % $ 306 $ (67) $ 239 $ 0.95 Amortization of acquisition-related intangible assets A — — — 9 0.6 9 9 0.04 Other items B — — — 1 0.1 1 1 — Tax effect of the above adjustments E (2) (2) (0.01) Rounding — — — — — — — — 0.01 Adjusted (Non-GAAP) $ 1,404 $ (560) 60.1 % $ 336 23.9 % $ 316 $ (69) $ 247 $ 0.99 Three-Month Period Ended October 3, 2025 Sales Selling, general and administrative expenses Selling, general and administrative expenses as a % of sales Research and development expenses Research and development expenses as a % of sales Nonoperating income (expense), net (excluding interest) Interest income (expense), net Reported (GAAP) $ 1,404 $ (451) (32.1) % $ (67) (4.8) % $ 1 $ (21) Amortization of acquisition-related intangible assets A — 9 0.6 — — — — Other items B — 1 0.1 — — — — Adjusted (Non-GAAP) $ 1,404 $ (441) (31.4) % $ (67) (4.8) % $ 1 $ (21) VERALTO CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 11
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Three-Month Period Ended September 27, 2024 Sales Cost of sales Gross profit margin Operating profit Operating profit margin Earnings before income taxes Income taxes Net earnings for calculation of diluted net earnings per common share Diluted net earnings per common share Reported (GAAP) $ 1,314 $ (531) 59.6 % $ 308 23.4 % $ 286 $ (67) $ 219 $ 0.88 Amortization of acquisition-related intangible assets A — — — 7 0.5 7 7 0.03 Gain on disposition of certain product lines C — — — — — (5) (5) (0.02) Other items B — — — 2 0.2 2 2 0.01 Tax effect of the above adjustments E (1) (1) — Discrete tax adjustments F 1 1 — Rounding — — — — — — — — (0.01) Adjusted (Non-GAAP) $ 1,314 $ (531) 59.6 % $ 317 24.1 % $ 290 $ (67) $ 223 $ 0.89 Three-Month Period Ended September 27, 2024 Sales Selling, general and administrative expenses Selling, general and administrative expenses as a % of sales Research and development expenses Research and development expenses as a % of sales Nonoperating income (expense), net (excluding interest) Interest income (expense), net Reported (GAAP) $ 1,314 $ (412) (31.4) % $ (63) (4.8) % $ 5 $ (27) Amortization of acquisition-related intangible assets A — 7 0.5 — — — — Gain on disposition of certain product lines C — — — — — (5) Other items B — 2 0.2 — — — — Adjusted (Non-GAAP) $ 1,314 $ (403) (30.7) % $ (63) (4.8) % $ — $ (27) VERALTO CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 12
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Nine-Month Period Ended October 3, 2025 Sales Cost of sales Gross profit margin Operating profit Operating profit margin Earnings before income taxes Income taxes Net earnings for calculation of diluted net earnings per common share Diluted net earnings per common share Reported (GAAP) $ 4,107 $ (1,636) 60.2 % $ 961 23.4 % $ 880 $ (194) $ 686 $ 2.74 Amortization of acquisition-related intangible assets A — — — 27 0.7 27 27 0.11 Other items B — — — 6 0.1 6 6 0.02 Loss on disposition of certain product lines C — — — — — 6 6 0.02 Tax effect of the above adjustments E (7) (7) (0.03) Discrete tax adjustments F (2) (2) (0.01) Rounding — — — — — — — — 0.01 Adjusted (Non-GAAP) $ 4,107 $ (1,636) 60.2 % $ 994 24.2 % $ 919 $ (203) $ 716 $ 2.86 Nine-Month Period Ended October 3, 2025 Sales Selling, general and administrative expenses Selling, general and administrative expenses as a % of sales Research and development expenses Research and development expenses as a % of sales Nonoperating income (expense), net (excluding interest) Interest income (expense), net Reported (GAAP) $ 4,107 $ (1,312) (31.9) % $ (198) (4.8) % $ (5) $ (76) Amortization of acquisition-related intangible assets A — 27 0.7 — — — — Other items B — 6 0.1 — — — — Loss on disposition of certain product lines C — — — — — 6 — Adjusted (Non-GAAP) $ 4,107 $ (1,279) (31.1) % $ (198) (4.8) % $ 1 $ (76) VERALTO CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 13
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Nine-Month Period Ended September 27, 2024 Sales Cost of sales Gross profit margin Operating profit Operating profit margin Earnings before income taxes Income taxes Net earnings for calculation of diluted net earnings per common share Diluted net earnings per common share Reported (GAAP) $ 3,848 $ (1,544) 59.9 % $ 900 23.4 % $ 806 $ (200) $ 606 $ 2.43 Amortization of acquisition-related intangible assets A — — — 28 0.7 28 28 0.11 Net loss on disposition of certain product lines C — — — — — 10 10 0.04 Separation costs D — — — 1 — 1 1 — Other items B — — — 2 0.1 2 2 0.01 Tax effect of the above adjustments E (7) (7) (0.03) Discrete tax adjustments F 5 5 0.02 Rounding — — — — — — — — 0.01 Adjusted (Non-GAAP) $ 3,848 $ (1,544) 59.9 % $ 931 24.2 % $ 847 $ (202) $ 645 $ 2.59 Nine-Month Period Ended September 27, 2024 Sales Selling, general and administrative expenses Selling, general and administrative expenses as a % of sales Research and development expenses Research and development expenses as a % of sales Nonoperating income (expense), net (excluding interest) Interest income (expense), net Reported (GAAP) $ 3,848 $ (1,220) (31.7) % $ (184) (4.8) % $ (9) $ (85) Amortization of acquisition-related intangible assets A — 28 0.7 — — — — Net loss on disposition of certain product lines C — — — — — 10 — Separation costs D — 1 — — — — Other items B — 2 0.1 — — — — Adjusted (Non-GAAP) $ 3,848 $ (1,189) (30.9) % $ (184) (4.8) % $ 1 $ (85) VERALTO CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 14
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A Amortization of acquisition-related intangible assets in the following historical periods (only the pretax amounts set forth below are reflected in the amortization line item above): Three-Month Period Ended Nine-Month Period Ended October 3, 2025 September 27, 2024 October 3, 2025 September 27, 2024 Pretax $ 9 $ 7 $ 27 $ 28 After-tax 7 5 21 21 B Costs incurred in the three-month period ended October 3, 2025 ($1 million pretax and after-tax as reported in this line item) and costs incurred in the nine- month period ended October 3, 2025 ($6 million pretax as reported in this line item and $5 million after-tax) related to certain strategic initiatives. Costs incurred in the three and nine-month period ended September 27, 2024 ($2 million pretax and after-tax as reported in this line item) related to certain strategic intiatives. C Loss on the disposition of certain product lines in the nine-month period ended October 3, 2025 ($6 million pretax and after-tax as reported in this line item). Gain on the disposition of certain product lines in the three-month period ended September 27, 2024 ($5 million pretax and after-tax as reported in this line item) and net loss on the disposition of certain product lines in the nine-month period ended September 27, 2024 ($10 million pretax and after-tax as reported in this line item). D Costs incurred in the nine-month period ended September 27, 2024 related to the separation of the Company from Danaher primarily related to IT costs and certain regulatory fees ($1 million pretax as reported in this line item). E This line item reflects the aggregate tax effect of all nontax adjustments reflected in the preceding line items of the table. In addition, the footnotes above indicate the after-tax amount of each individual adjustment item. Veralto estimates the tax effect of each adjustment item by applying Veralto’s overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. F Discrete tax matters relate to changes in estimates associated with prior period uncertain tax positions, audit settlements and excess tax benefits from stock-based compensation. VERALTO CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 15
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Segments Total Company Water Quality Product Quality & Innovation Three-Month Period Ended September 27, 2024 Operating Profit Margins (GAAP) 23.4 % 24.3 % 26.7 % Impact of acquisitions and dispositions (0.1) 0.1 (0.3) Costs incurred related to certain strategic initiatives (0.1) — — Transaction costs incurred during the third quarter 2024 related to the acquisition of TraceGains 0.1 — 0.3 Year-over-year core operating profit margin changes for the third quarter 2025 (defined as all year-over- year operating profit margin changes other than the changes identified in the line items above) (non- GAAP) (0.1) 1.5 (2.4) Three-Month Period Ended October 3, 2025 Operating Profit Margins (GAAP) 23.2 % 25.9 % 24.3 % Segments Total Company Water Quality Product Quality & Innovation Nine-Month Period Ended September 27, 2024 Operating Profit Margins (GAAP) 23.4 % 24.2 % 26.6 % Impact of acquisitions and dispositions (0.2) — (0.5) Transaction costs incurred during the third quarter 2024 related to the acquisition of TraceGains — — 0.1 Costs incurred related to certain strategic initiatives (0.1) — — Year-over-year core operating profit margin changes for first nine months of 2025 (defined as all year-over- year operating profit margin changes other than the changes identified in the line items above) (non-GAAP) 0.3 1.3 (0.9) Nine-Month Period Ended October 3, 2025 Operating Profit Margins (GAAP) 23.4 % 25.5 % 25.3 % VERALTO CORPORATION Operating Profit Margin and Year-Over-Year Core Operating Margin Changes 16
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Three-Month Period Ended Year-over-Year Change Nine-Month Period Ended Year-over-Year ChangeOctober 3, 2025 September 27, 2024 October 3, 2025 September 27, 2024 Total Cash Flows: Net cash provided by operating activities (GAAP) $ 270 $ 224 $ 766 $ 590 Total cash used in investing activities (GAAP) $ (12) $ (6) $ (63) $ (40) Total cash used in financing activities (GAAP) $ (36) $ (16) $ (77) $ (49) Free Cash Flow: Total cash provided by operating activities (GAAP) $ 270 $ 224 ~ 20.5 % $ 766 $ 590 ~ 30.0 % Less: payments for additions to property, plant & equipment (capital expenditures) (GAAP) (12) (9) (43) (33) Free cash flow (non-GAAP) $ 258 $ 215 ~ 20.0 % $ 723 $ 557 ~ 30.0 % Operating Cash Flow to Net Earnings Ratio (GAAP) Net cash provided by operating activities (GAAP) $ 270 $ 224 $ 766 $ 590 Net earnings (GAAP) $ 239 $ 219 $ 686 $ 606 Operating cash flow to net earnings conversion ratio 1.13 1.02 1.12 0.97 Free Cash Flow to Net Earnings Conversion Ratio (non-GAAP): Free cash flow from above (non-GAAP) $ 258 $ 215 $ 723 $ 557 Net earnings (GAAP) $ 239 $ 219 $ 686 $ 606 Free cash flow to net earnings conversion ratio (non-GAAP) 1.08 0.98 1.05 0.92 We define free cash flow as operating cash flows, less payments for additions to property, plant and equipment (“capital expenditures”) plus the proceeds from sales of plant, property and equipment (“capital disposals”). VERALTO CORPORATION Cash Flow, Free Cash Flow, Operating Cash Flow to Net Earnings Ratio and Free Cash Flow to Net Earnings Conversion Ratio ($ in millions) 17
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Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing Veralto Corporation’s (“Veralto” or the “Company”) results that, when reconciled to the corresponding GAAP measure, help our investors: • with respect to the profitability-related non-GAAP measures, understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers; • with respect to core sales and related sales measures, identify underlying growth trends in our business and compare our sales performance with prior and future periods and to our peers; and • with respect to free cash flow and related cash flow measures (the “FCF Measure”), understand Veralto’s ability to generate cash without external financings, strengthen its balance sheet, invest in its business and grow its business through acquisitions and other strategic opportunities (although a limitation of free cash flow is that it does not take into account the Company’s non-discretionary expenditures, and as a result the entire free cash flow amount is not necessarily available for discretionary expenditures). Management uses these non-GAAP measures to measure the Company’s operating and financial performance. • The items excluded from the non-GAAP measures set forth above have been excluded for the following reasons: ◦ Amortization of Intangible Assets: We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe however that it is important for investors to understand that such intangible assets contribute to sales generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. ◦ Restructuring Charges: We exclude costs incurred pursuant to discrete restructuring plans that are fundamentally different (in terms of the size, strategic nature and planning requirements, as well as the inconsistent frequency, of such plans) from the ongoing productivity improvements that result from application of the Veralto Enterprise System. Because these restructuring plans are incremental to the core activities that arise in the ordinary course of our business and we believe are not indicative of Veralto’s ongoing operating costs in a given period, we exclude these costs to facilitate a more consistent comparison of operating results over time. ◦ Other Adjustments: With respect to the other items excluded from the profitability-related non-GAAP measures, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be unrelated to Veralto’s commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long-term performance difficult. ◦ With respect to core operating profit margin changes, in addition to the explanation set forth in the bullets above relating to “restructuring charges” and “other adjustments”, we exclude the impact of businesses owned for less than one year (or disposed of during such period VERALTO CORPORATION Statement Regarding Non-GAAP Measures 18
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and not treated as discontinued operations) because the timing, size, number and nature of such transactions can vary significantly from period to period and may obscure underlying business trends and make comparisons of long-term performance difficult. • We calculate adjusted EBITDA by adding to operating profit amounts equal to depreciation and amortization and making the other adjustments reflected in the applicable tables above, which allows us to calculate and disclose such measure by segment. Given Veralto’s diversification, we believe this helps our investors compare the profitability of our individual segments to peer companies with like business lines. • With respect to core sales related measures, (1) we exclude the impact of currency translation because it is not under management’s control, is subject to volatility and can obscure underlying business trends, and (2) we exclude the effect of acquisitions and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult. • With respect to the FCF Measure, we exclude payments for additions to property, plant and equipment (net of the proceeds from capital disposals) to demonstrate the amount of operating cash flow for the period that remains after accounting for the Company’s capital expenditure requirements. • We calculate gross leverage and net leverage as the ratio of debt and net debt (defined as total debt less cash and cash equivalents) to trailing twelve month adjusted EBITDA. Trailing Twelve Month EBITDA is an ongoing liquidity measure and is calculated as the sum of adjusted EBITDA for the previous four quarters. We believe these liquidity measures help our investors to assess our liquidity relative to peer companies. VERALTO CORPORATION Statement Regarding Non-GAAP Measures 19
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