Slides
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Fourth Quarter and Full Year 2025 Results February 3, 2026
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2 Q 4 2 0 2 5 R E S U L T S | 2 Forward Looking Statements Certain statements in this presentation, including the statement regarding the Company's first quarter and full year 2026 financial performance, 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; the impact of global trade policies, tariffs, 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 Q4 2025 Results | February 3, 2026
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4 Q 4 2 0 2 5 R E S U L T S | 4 Veralto / Full Year 2025 key consolidated financial results FY 2025 Financial Results Reflect Strong Commercial and Operational Execution SALES ADJUSTED OPERATING PROFIT* ADJUSTED EPS* ADJUSTED EBITDA* FREE CASH FLOW* $1,337m 24.3% adjusted operating margin* +20 basis points year-over-year $3.90 +10% year-over-year $1,014m 108% free cash flow conversion* $1,379m 25.1% adjusted EBITDA margin* +20 basis points year-over-year *See appendix for reconciliations to non-GAAP measures $5,503m core sales growth* of +4.7% volume: +2.8% price: +1.9%
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5 Q 4 2 0 2 5 R E S U L T S | 5 Veralto / Core sales growth(1) by region for YTD 2025 41 9 49 8 3 5 30 3 WQ +5.2% PQI +5.8% WQ +4.0% PQI +3.6% WQ +4.8% PQI +5.4% NORTH AMERICA ( 48% of YTD sales) WESTERN EUROPE (23% of YTD sales) HIGH GROWTH MARKETS (27% of YTD sales) +5.3% +3.8% +5.1% (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. Japan, Australia and New Zealand represent ~2% of annual sales 2025 Commentary North America: • WQ: strong growth in water treatment led by broad-based industrial and municipal waste- water demand; steady water analytics growth • PQI: growth driven by consumables and equipment volumes across both marking and coding and packaging and color Western Europe: • WQ: growth led by water analytics and VES- driven commercial execution; demand steady across municipalities and industrials • PQI: growth led by both packaging and color and marking and coding High Growth Markets: • Strong growth in LATAM, India and Middle East across both segments • China sales grew modestly in 2025, led by PQI Notes: WQ = Water Quality; PQI = Product Quality & Innovation Y TD 2025
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6 Q 4 2 0 2 5 R E S U L T S | 6 Veralto / Delivering Consistent Growth and Margin Expansion Accelerated Core Sales Growth and Expanded Margins Have Driven Strong Earnings Growth Core Sales Growth* 2.6% 3.7% 4.7% +LSD to +MSD Adjusted Operating Profit Margin* Change to Prior Year 23.3% +50 bps 24.1% +80 bps 24.3% +20 bps +25 bps Adjusted Earnings Per Share* $3.19 $3.54 $3.90 $4.10 to $4.20 Adjusted Earnings Per Share* Growth — 11.0% 10.2% +MSD to +HSD Note: 2026E Adjusted Operating Profit Margin guidance includes ~(25) basis points of margin dilution from the acquisition of In-Situ *See appendix for reconciliations of 2025 and 2024 non-GAAP measures. Historical reconciliations for periods prior to 2024 are available in our previously published earnings presentations. +LSD to +MSD • Strong Commercial Execution: ◦ Rigorous use of VES Growth Tools ◦ Improved commercial architecture • Targeted Geographic Growth: ◦ LATAM, India, Middle East • Enhanced Service Offerings: ◦ Increased support across installed base ◦ Improved attachment rate on new equipment • New Product Innovation (examples): ◦ WQ: Ammonia Analyzer, Chemkeys ◦ PQI: UV Laser, AI-driven capabilities in Esko digital workflow solutions Key Financial Statistics Key 2025 Business Drivers ($ billions, except for per share data)
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7 Q 4 2 0 2 5 R E S U L T S | 7 Environmental Water / Protecting a Vital Resource Increasing Need to Safeguard Water Resources and Enhance Water Cycle Resilience Surface Water: Rivers, Streams, Lakes Groundwater: Underground aquifers Water Cycle Groundwater Management • Preservation of aquifers • Detection of pollutants • Public health / irrigation Surface Water Management • Municipal and industrial water allocation • Flood events / public safety Quantity • Droughts / overuse - not enough water • Heavy rains / floods - excessive water • Water is in the wrong place Q uality • Regulatory non-compliance • Pollution intensification • Water ecosystem health C hallenges
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8 Q 4 2 0 2 5 R E S U L T S | 8 OTT + In-Situ / Complementary Product Portfolios Leader in Proactive Monitoring Capabilities Across Environmental Water Ecosystem + Ground Water Management Surface Water Management QUALITY QUANTITY QUALITY QUANTITY
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Financial Review Sameer Ralhan SVP and Chief Financial Officer Q4 2025 Results | February 3, 2026
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10 Q 4 2 0 2 5 R E S U L T S | 10 Veralto / Q4 2025 consolidated performance • Sales grew +3.8% year-over-year: ◦ Core sales*: +1.6% ◦ Currency: +2.5% ◦ Acquisitions & divestitures: (0.3)% • Gross profit margin down (30) bps: ◦ Benefit from pricing offset by mix, increased manufacturing costs and transactional FX • Adjusted operating profit margin* up 80 basis points: ◦ PQI +160 bps ◦ WQ +40 bps ◦ Normalized level of growth/cost investments • Free cash flow* of $291m: ◦ 115% free cash flow conversion* *See appendix for reconciliations to non-GAAP measures $ millions, except per share data Q4 2024 Q4 2025 YOY Variance Sales $1,345 $1,396 +3.8% Core Sales Growth* 4.6% 1.6% Gross Profit $801 $828 +3.4% Gross Profit Margin 59.6% 59.3% (30) bps Adjusted Operating Profit* $320 $343 +7.2% Adjusted Operating Profit Margin* 23.8% 24.6% +80 bps Adjusted Net Diluted Earnings Per Share* $0.95 $1.04 +9.5% Free Cash Flow* $263 $291 +10.6%
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11 Q 4 2 0 2 5 R E S U L T S | 11 $784 $858 Adj. operating profit Adj. operating profit margin YTD 2024 YTD 2025 $3,138 $3,321 YTD 2024 YTD 2025 $207 $219 Adj. operating profit Adj. operating profit margin Q4 2024 Q4 2025 $811 $846 Q4 2024 Q4 2025 Water Quality / Q4 and YTD 2025 performance ($ millions, variances versus prior year period) Q4 ADJUSTED OPERATING PROFIT *Q4 SALES Three months ended YOY Change in Sales Q4 2024 Q4 2025 Core Growth* +4.9% +1.4% Currency (0.6)% +2.4% M&A (0.6)% +0.5% Total Growth +3.7% +4.3% +5.9% +9.4% YTD ADJUSTED OPERATING PROFIT *YTD SALES Year Ended YOY Change in Sales 2024 2025 Core Growth* +3.9% +4.7% Currency (0.4)% +1.0% M&A (0.3)% +0.2% Total Growth +3.2% +5.9% *See appendix for reconciliations of non-GAAP measures Price +1.5% +4.3% 25.5% 25.9% +5.8% Price +1.8% 25.0% 25.8%
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12 Q 4 2 0 2 5 R E S U L T S | 12 $555 $578 Adj. operating profit Adj. operating profit margin YTD 2024 YTD 2025 $2,055 $2,182 YTD 2024 YTD 2025 $133 $146 Adj. operating profit Adj. operating profit margin Q4 2024 Q4 2025 $534 $550 Q4 2024 Q4 2025 Product Quality & Innovation / Q4 and YTD 2025 performance ($ millions, variances versus prior year period) Three months ended YOY Change in Sales Q4 2024 Q4 2025 Core Growth* +4.1% +1.8% Currency (0.3)% +2.8% M&A +1.6% (1.6)% Total Growth +5.4% +3.0% Year Ended YOY Change in Sales 2024 2025 Core Growth* +3.3% +4.8% Currency —% +1.5% M&A +0.4% (0.1)% Total Growth +3.7% +6.2% Q4 ADJUSTED OPERATING PROFIT *Q4 SALES YTD ADJUSTED OPERATING PROFIT *YTD SALES Price +3.0% *See appendix for reconciliations of non-GAAP measures +3.0% +9.8% 24.9% 26.5% +6.2% 27.0% 26.5% Price +2.6% +4.1%
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13 Q 4 2 0 2 5 R E S U L T S | 13 Veralto / Q4 2025 key consolidated financial results Financial position summary: • Strong annual cash generation • Resilient, capital-light business model • Gross leverage* at 1.9x • Net leverage* at 0.5x Q4 2025 Cash from operations $311 Capital expenditures $(20) Free cash flow* $291 Free cash flow conversion* 115% Year End 2025 Cash and cash equivalents $2,031 Gross debt $2,673 Net debt* $642 * See appendix for reconciliations to non-GAAP measures ($ millions)
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14 Q 4 2 0 2 5 R E S U L T S | 14 Annual Sales and Core Sales Growth* $5.0b $5.2b $5.5b ~$5.9b 2023 2024 2025 2026E Veralto / Q1 and FY 2026 guidance Notes: Adjusted Operating Profit Margin guidance includes ~(25) basis points of margin dilution from the acquisition of In-Situ for both Q1 and FY 2026E *See appendix for reconciliations to non-GAAP measures Q1 2026E FY 2026E Core Sales Growth* ~flat to +LSD +LSD to MSD Adjusted Operating Profit Margin* ~24.5% +25 basis points Adjusted EPS* $0.97 to $1.01 $4.10 to $4.20 Free Cash Flow Conversion* — ~100% Core sales growth* +2.6% +3.7% +4.7% +LSD to MSD
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Closing Remarks Jennifer L. Honeycutt Q4 2025 Results | February 3, 2026
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16 Q 4 2 0 2 5 R E S U L T S | 16 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 Q4 2025 Results | February 3, 2026
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18 Q 4 2 0 2 5 R E S U L T S | 18 Veralto / Q4 2025 key consolidated financial results Q4 2025 Highlighted by 9% Adjusted EPS Growth and 115% Free Cash Flow Conversion SALES ADJUSTED OPERATING PROFIT* ADJUSTED EPS* ADJUSTED EBITDA* FREE CASH FLOW* $343m 24.6% adjusted operating margin* +80 basis points year-over-year $1.04 +9% year-over-year $291m 115% free cash flow conversion* $354m 25.4% adjusted EBITDA margin* +90 basis points year-over-year *See appendix for reconciliations to non-GAAP measures $1,396m core sales growth* of +1.6% volume: (0.7)% price: +2.3%
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19 Q 4 2 0 2 5 R E S U L T S | 19 Veralto / 2026E Modeling Items (1) Primarily reflects the In-Situ acquisition, net of divestitures (2) Impact of currency exchange rates on sales if rates in effect as of December 31, 2025 prevailed throughout the remainder of 2026 (3) Corporate expense reported as “other” under Operating Profit Q1 2026E FY 2026E Year-over-year Sales assumptions Core sales growth (non-GAAP) ~flat to +LSD +LSD to +MSD Acquisitions/divestitures (1) ~0.5% ~1.5% Currency exchange rates impact on sales (2) ~3.0% - 3.5% ~1.0% - 1.5% T otal sales growth (GAAP) +MSD +MSD to +HSD Other key assumptions Corporate expense (3) $20m to $25m $100m to $1 10m Interest expense, net $23m to $25m $95m to $100m Effective Tax Rate ~21% ~21% Average diluted shares ~250m ~250m Capital expenditures — 1.0% to 1.5% of sales
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VERALTO CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL FORWARD-LOOKING INFORMATION THREE-MONTH PERIODS AND YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 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 Margins 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 the statements regarding the Company's first quarter and full year 2026 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; the impact of global trade policies, tariffs, 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. For the reconciliations of 2023 GAAP to non-GAAP financial measures, refer to the Appendix of the 2024 Earnings Presentation for the three months and year ended December 31, 2024, published on February 5, 2025.
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% Change Three-Month Period Ended December 31, 2025 vs. Comparable 2024 Period Segments Total Company Water Quality Product Quality & Innovation Total sales growth (GAAP) 3.8 % 4.3 % 3.0 % Impact of: Acquisitions/divestitures 0.3 % (0.5) % 1.6 % Currency exchange rates (2.5) % (2.4) % (2.8) % Core sales growth (non-GAAP) 1.6 % 1.4 % 1.8 % % Change Year Ended December 31, 2025 vs. Comparable 2024 Period Segments Total Company Water Quality Product Quality & Innovation Total sales growth (GAAP) 6.0 % 5.9 % 6.2 % Impact of: Acquisitions/divestitures (0.1) % (0.2) % 0.1 % Currency exchange rates (1.2) % (1.0) % (1.5) % Core sales growth (non-GAAP) 4.7 % 4.7 % 4.8 % VERALTO CORPORATION Sales Growth by Segment, Core Sales Growth by Segment 1
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% Change Three-Month Period Ended December 31, 2024 vs. Comparable 2023 Period Segments Total Company Water Quality Product Quality & Innovation Total sales growth (GAAP) 4.4 % 3.7 % 5.4 % Impact of: Acquisitions/divestitures (0.3) % 0.6 % (1.6) % Currency exchange rates 0.5 % 0.6 % 0.3 % Core sales growth (non-GAAP) 4.6 % 4.9 % 4.1 % % Change Year Ended December 31, 2024 vs. Comparable 2023 Period Segments Total Company Water Quality Product Quality & Innovation Total sales growth (GAAP) 3.4 % 3.2 % 3.7 % Impact of: Acquisitions/divestitures — % 0.3 % (0.4) % Currency exchange rates 0.3 % 0.4 % — % Core sales growth (non-GAAP) 3.7 % 3.9 % 3.3 % 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 Ended April 3, 2026 vs. Comparable 2025 Period Core sales growth (non-GAAP) ~flat to low-single digits Three-Month Period Ending April 3, 2026 Adjusted operating profit margin (non-GAAP) ~24.5% Adjusted diluted net earnings per share (non-GAAP) $0.97 to $1.01 % Change Year Ended December 31, 2026 vs. Comparable 2025 Period Core sales growth (non-GAAP) +Low-to-mid-single digits Year Ending December 31, 2026 Adjusted operating profit margin (non-GAAP) +25 basis points Adjusted diluted net earnings per share (non-GAAP) $4.10 to $4.20 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 $ 846 $ 811 $ 3,321 $ 3,138 Product Quality & Innovation 550 534 2,182 2,055 Total Company $ 1,396 $ 1,345 $ 5,503 $ 5,193 Operating Profit (GAAP) Water Quality $ 213 $ 204 $ 844 $ 768 Product Quality & Innovation 136 124 549 529 Other (33) (20) (116) (89) Total Company $ 316 $ 308 $ 1,277 $ 1,208 Amortization of Intangible Assets (GAAP) Water Quality $ 2 $ 3 $ 10 $ 16 Product Quality & Innovation 7 7 26 22 Total Company $ 9 $ 10 $ 36 $ 38 Other Operating Profit Adjustments 1 Water Quality $ 4 $ — $ 4 $ — Product Quality & Innovation $ 3 $ 2 $ 3 $ 4 Other $ 11 $ — $ 17 $ 1 Total Company $ 18 $ 2 $ 24 $ 5 Three-Month Period Ended Year Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 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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Three-Month Period Ended Year Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Adjusted Operating Profit (Non-GAAP) 2 Water Quality $ 219 $ 207 $ 858 $ 784 Product Quality & Innovation 146 133 578 555 Other (22) (20) (99) (88) Total Company $ 343 $ 320 $ 1,337 $ 1,251 Operating Profit Margin (GAAP) Water Quality 25.2 % 25.2 % 25.4 % 24.5 % Product Quality & Innovation 24.7 % 23.2 % 25.2 % 25.7 % Total 22.6 % 22.9 % 23.2 % 23.3 % Adjusted Operating Profit Margin (Non-GAAP) 3 Water Quality 25.9 % 25.5 % 25.8 % 25.0 % Product Quality & Innovation 26.5 % 24.9 % 26.5 % 27.0 % Total 24.6 % 23.8 % 24.3 % 24.1 % 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. 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 December 31, 2025 Water Quality Product Quality & Innovation Other Total Company Net Earnings (GAAP) $ 254 Interest Expense, net 20 Other Nonoperating (Income) Expense 3 Income Taxes 39 Operating Profit (GAAP) $ 213 $ 136 $ (33) $ 316 Other Operating Profit Adjustments 1 4 3 11 18 Depreciation 6 4 1 11 Amortization of Intangible Assets 2 7 — 9 Adjusted EBITDA (Non-GAAP) $ 225 $ 150 $ (21) $ 354 Interest Expense, net (20) Other Nonoperating Income (Expense) (3) Income Taxes (39) Other Operating Profit Adjustments 1 (18) Depreciation (11) Amortization of Intangible Assets (9) Net Earnings (GAAP) $ 254 Sales (GAAP) $ 846 $ 550 $ 1,396 Net Earnings Margin (GAAP) 18.2 % Operating Profit Margin (GAAP) 25.2 % 24.7 % 22.6 % Adjusted EBITDA Margin (Non-GAAP) 4 26.6 % 27.3 % 25.4 % 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 December 31, 2024 Water Quality Product Quality & Innovation Other Total Company Net Earnings (GAAP) $ 227 Interest Expense, net 28 Income Taxes 53 Operating Profit (GAAP) $ 204 $ 124 $ (20) $ 308 Other Operating Profit Adjustments 1 — 2 — 2 Depreciation 6 3 1 10 Amortization of Intangible Assets 3 7 — 10 Adjusted EBITDA (Non-GAAP) $ 213 $ 136 $ (19) $ 330 Interest Expense, net (28) Income Taxes (53) Other Operating Profit Adjustments 1 (2) Depreciation (10) Amortization of Intangible Assets (10) Net Earnings (GAAP) $ 227 Sales (GAAP) $ 811 $ 534 $ 1,345 Net Earnings Margin (GAAP) 16.9 % Operating Profit Margin (GAAP) 25.2 % 23.2 % 22.9 % Adjusted EBITDA Margin (Non-GAAP) 4 26.3 % 25.5 % 24.5 % 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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Year Ended December 31, 2025 Water Quality Product Quality & Innovation Other Total Company Net Earnings (GAAP) $ 940 Interest Expense, net 96 Other Nonoperating (Income) Expense 8 Income Taxes 233 Operating Profit (GAAP) $ 844 $ 549 $ (116) $ 1,277 Other Operating Profit Adjustments 1 4 3 17 24 Depreciation 26 15 1 42 Amortization of Intangible Assets 10 26 — 36 Adjusted EBITDA (Non-GAAP) $ 884 $ 593 $ (98) $ 1,379 Interest Expense (96) Other Nonoperating Income (Expense) (8) Income Taxes (233) Other Operating Profit Adjustments 1 (24) Depreciation (42) Amortization of Intangible Assets (36) Net Earnings (GAAP) $ 940 Sales (GAAP) $ 3,321 $ 2,182 $ 5,503 Net Earnings Margin (GAAP) 17.1 % Operating Profit Margin (GAAP) 25.4 % 25.2 % 23.2 % Adjusted EBITDA Margin (Non-GAAP) 4 26.6 % 27.2 % 25.1 % 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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Year Ended December 31, 2024 Water Quality Product Quality & Innovation Other Total Company Net Earnings (GAAP) $ 833 Interest Expense, net 113 Other Nonoperating (Income) Expense 9 Income Taxes 253 Operating Profit (GAAP) $ 768 $ 529 $ (89) $ 1,208 Other Operating Profit Adjustments 1 — 4 1 5 Depreciation 25 14 1 40 Amortization of Intangible Assets 16 22 — 38 Adjusted EBITDA (Non-GAAP) $ 809 $ 569 $ (87) $ 1,291 Interest Expense (113) Other Nonoperating Income (Expense) (9) Income Taxes (253) Other Operating Profit Adjustments 1 (5) Depreciation (40) Amortization of Intangible Assets (38) Net Earnings (GAAP) $ 833 Sales (GAAP) $ 3,138 $ 2,055 $ 5,193 Net Earnings Margin (GAAP) 16.0 % Operating Profit Margin (GAAP) 24.5 % 25.7 % 23.3 % Adjusted EBITDA Margin (Non-GAAP) 4 25.8 % 27.7 % 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) 9
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Three-Month Period Ended December 31, 2025 October 3, 2025 July 4, 2025 April 4, 2025 Net Earnings (GAAP) $ 254 $ 239 $ 222 $ 225 Interest Expense 20 21 28 27 Other Nonoperating (Income) Expense 3 (1) — 6 Income Taxes 39 67 63 64 Operating Profit (GAAP) $ 316 $ 326 $ 313 $ 322 Other Operating Profit Adjustments 1 18 1 3 2 Depreciation 11 11 10 10 Amortization of Intangible Assets 9 9 9 9 Adjusted EBITDA (Non-GAAP) $ 354 $ 347 $ 335 $ 343 Trailing Twelve Month Operating Profit (GAAP) 5 $ 1,277 Trailing Twelve Month Adjusted EBITDA (Non-GAAP) 6 $ 1,379 Total Debt 7 $ 2,673 Less: Cash 7 $ (2,031) Net Debt (Non-GAAP) $ 642 Gross Debt to Operating Profit 8 2.09 Net Debt to Operating Profit 9 0.50 Gross Leverage (Non-GAAP) 10 1.94 Net Leverage (Non-GAAP) 11 0.47 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 balance as of December 31, 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 December 31, 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) $ 1,396 $ (568) 59.3 % $ 316 22.6 % $ 293 $ (39) $ 254 $ 1.01 Amortization of acquisition-related intangible assets A — — — 9 0.6 9 9 0.04 Other items B — — — 4 0.3 4 4 0.02 Reduction of tax indemnification E — — — 11 0.8 11 11 0.04 Fair value losses on investments F — — — — — 1 1 — Impairments and other charges G — — — 3 0.2 6 6 0.02 Tax effect of the above adjustments H (5) (5) (0.02) Discrete tax adjustments I (19) (19) (0.08) Rounding — — — — 0.1 — — — 0.01 Adjusted (Non-GAAP) $ 1,396 $ (568) 59.3 % $ 343 24.6 % $ 324 $ (63) $ 261 $ 1.04 Three-Month Period Ended December 31, 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) $ 1,396 $ (444) (31.8) %$ (68) (4.9) %$ (3) $ (20) Amortization of acquisition-related intangible assets A — 9 0.6 — — — — Other items B — 4 0.3 — — — — Reduction of tax indemnification E — 11 0.8 — — — — Fair value losses on investments F — — — — — 1 — Impairments and other charges G — 3 0.2 — — 3 — Rounding — — — — — — — Adjusted (Non-GAAP) $ 1,396 $ (417) (29.9) %$ (68) (4.9) %$ 1 $ (20) VERALTO CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 11
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Three-Month Period Ended December 31, 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) $ 1,345 $ (544) 59.6 % $ 308 22.9 % $ 280 $ (53) $ 227 $ 0.91 Amortization of acquisition-related intangible assets A — — — 10 0.7 10 10 0.04 Other items B — — — 2 0.1 2 2 0.01 Tax effect of the above adjustments H (2) (2) (0.01) Discrete tax adjustments I 1 1 — Rounding — — — — 0.1 — — — — Adjusted (Non-GAAP) $ 1,345 $ (544) 59.6 % $ 320 23.8 % $ 292 $ (54) $ 238 $ 0.95 Three-Month Period Ended December 31, 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 Interest income (expense), net Reported (GAAP) $ 1,345 $ (424) (31.5) %$ (69) (5.1) %$ (28) Amortization of acquisition-related intangible assets A — 10 0.7 — — — Other items B — 2 0.1 — — — Rounding — — 0.1 — — — Adjusted (Non-GAAP) $ 1,345 $ (412) (30.6) %$ (69) (5.1) %$ (28) VERALTO CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 12
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Year Ended December 31, 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) $ 5,503 $ (2,204) 59.9 % $ 1,277 23.2 % $ 1,173 $ (233) $ 940 $ 3.76 Amortization of acquisition-related intangible assets A — — — 36 0.7 36 36 0.14 Other items B — — — 10 0.2 10 10 0.04 Loss on the disposition of certain product lines D — — — — — 6 6 0.02 Reduction of tax indemnification E — — — 11 0.2 11 11 0.04 Fair value losses on investments F — — — — — 1 1 — Impairments and other charges G — — — 3 — 6 6 0.02 Tax effect of the above adjustments H (12) (12) (0.05) Discrete tax adjustments I (21) (21) (0.08) Rounding — — — — — — — 0.01 Adjusted (Non-GAAP) $ 5,503 $ (2,204) 59.9 % $ 1,337 24.3 % $ 1,243 $ (266) $ 977 $ 3.90 Year Ended December 31, 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) $ 5,503 $ (1,756) (31.9) %$ (266) (4.8) %$ (8) $ (96) Amortization of acquisition-related intangible assets A — 36 0.7 — — — — Other items B — 10 0.2 — — — — Loss on the disposition of certain product lines D — — — — — 6 — Reduction of tax indemnification E — 11 0.2 — — — — Fair value losses on investments F — — — — — 1 — Impairments and other charges G — 3 0.1 — — 3 — Rounding — — (0.1) — — — — Adjusted (Non-GAAP) $ 5,503 $ (1,696) (30.8) %$ (266) (4.8) %$ 2 $ (96) VERALTO CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 13
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Year Ended December 31, 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) $ 5,193 $ (2,088) 59.8 % $ 1,208 23.3 % $ 1,086 $ (253) $ 833 $ 3.34 Amortization of acquisition-related intangible assets A — — — 38 0.7 38 38 0.15 Other items B — — — 4 0.1 4 4 0.02 Separation costs C — — — 1 — 1 1 — Net loss on the disposition of certain product lines D — — — — — 10 10 0.04 Tax effect of the above adjustments H (9) (9) (0.04) Discrete tax adjustments I 6 6 0.02 Rounding — — — — — — — — 0.01 Adjusted (Non-GAAP) $ 5,193 $ (2,088) 59.8 % $ 1,251 24.1 % $ 1,139 $ (256) $ 883 $ 3.54 Year Ended December 31, 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) $ 5,193 $ (1,644) (31.7) %$ (253) (4.9) %$ (9) $ (113) Amortization of acquisition-related intangible assets A — 38 0.7 — — — — Other items B — 4 0.1 — — — — Separation costs C — 1 — — — — — Net loss on the disposition of certain product lines D — — — — — 10 — Rounding — — 0.1 — — — — Adjusted (Non-GAAP) $ 5,193 $ (1,601) (30.8) %$ (253) (4.9) %$ 1 $ (113) 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 Year Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Pretax $ 9 $ 10 $ 36 $ 38 After-tax 7 8 28 29 B Costs incurred during the three-month periods ended December 31, 2025 and December 31, 2024 related to certain strategic initiatives ($4 million and $2 million pretax as reported in this line item, $3 million and $2 million after-tax, respectively). Costs incurred during the years ended December 31, 2025 and December 31, 2024 related to certain strategic initiatives ($10 million and $4 million pretax as reported in this line item, $8 million and $4 million after-tax, respectively). C Costs incurred during the year ended December 31, 2024 related to the separation of the Company from Danaher primarily related to IT costs and certain regulatory fees ($1 million pretax and after-tax as reported in this line item). D Loss on the disposition of certain product lines during the year ended December 31, 2025 ($6 million pretax and after-tax as reported in this line item). Net loss on the disposition of certain product lines during the year ended December 31, 2024 ($10 million pretax net loss as reported in this line item, $11 million after-tax). E During the separation from Danaher, indemnification agreements were established to protect the Company against certain pre-separation tax exposures. As a result of the settlement of a tax audit pertaining to pre-separation periods, a reduction to the related indemnification asset was recorded during the year ended December 31, 2025 ($11 million pretax and after-tax as reported in this line item). F Fair value loss and management fees associated with an equity method investment in the Water Quality segment during the three-month period ended and year ended December 31, 2025 ($1 million pretax as reported in this line item, less than $1 million after-tax). G Impairments and other charges related to a minority investment in the Water Quality segment during the three-month period ended and year ended December 31, 2025 ($3 million pretax as reported in this line item, $2 million after-tax) and capitalized software implementation costs in the Product Quality and Innovation segment during the three-month period ended and year ended December 31, 2025 ($3 million pretax as reported in this line item, $2 million after-tax). H This line item reflects the aggregate tax effect of all nontax adjustments reflected in the preceding line items of the table. In addition, the footnotes above indicate the after-tax amount of each individual adjustment item. Veralto estimates the tax effect of each adjustment item by applying Veralto’s overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. I Discrete tax matters relate to changes in estimates associated with prior period uncertain tax positions, audit settlements and excess tax benefits from stock-based compensation. VERALTO CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 15
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Segments Total Company Water Quality Product Quality & Innovation Three-Month Period Ended December 31, 2024 Operating Profit Margins (GAAP) 22.9 % 25.2 % 23.2 % Impact of acquisitions and dispositions 0.1 (0.1) 0.5 Costs incurred during the fourth quarter 2025 related to certain strategic initiatives (0.3) (0.4) — Reduction of the tax indemnification related to the Separation from Danaher (0.8) — — 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 fourth quarter 2025 (defined as all year-over- year operating profit margin changes other than the changes identified in the line items above) (non-GAAP) 0.6 0.5 0.7 Three-Month Period Ended December 31, 2025 Operating Profit Margins (GAAP) 22.6 % 25.2 % 24.7 % Segments Total Company Water Quality Product Quality & Innovation Year Ended December 31, 2024 Operating Profit Margins (GAAP) 23.3 % 24.5 % 25.7 % Impact of acquisitions and dispositions (0.1) — (0.2) Reduction of the tax indemnification related to the Separation from Danaher (0.2) — — Costs incurred during 2025 related to certain strategic initiatives (0.2) (0.1) — Transaction costs incurred during 2024 related to the acquisition of TraceGains 0.1 — 0.2 Year-over-year core operating profit margin changes for full year 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 1.0 (0.5) Year Ended December 31, 2025 Operating Profit Margins (GAAP) 23.2 % 25.4 % 25.2 % VERALTO CORPORATION Operating Profit Margins and Year-Over-Year Core Operating Margin Changes 16
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Three-Month Period Ended Year-over-Year Change Year Ended Year-over-Year Change December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Total Cash Flows: Net cash provided by operating activities (GAAP) $ 311 $ 285 $ 1,077 $ 875 Total cash used in investing activities (GAAP) $ (35) $ (394) $ (98) $ (434) Total cash used in financing activities (GAAP) $ (25) $ (16) $ (102) $ (65) Free Cash Flow: Total cash provided by operating activities (GAAP) $ 311 $ 285 ~9.0 % $ 1,077 $ 875 ~23.0 % Less: payments for additions to property, plant & equipment (capital expenditures) (GAAP) (20) (22) (63) (55) Free cash flow (non-GAAP) $ 291 $ 263 ~10.5 % $ 1,014 $ 820 ~23.5 % Operating Cash Flow to Net Earnings Ratio (GAAP): Net cash provided by operating activities (GAAP) $ 311 $ 285 $ 1,077 $ 875 Net earnings (GAAP) $ 254 $ 227 $ 940 $ 833 Operating cash flow to net earnings conversion ratio 1.22 1.26 1.15 1.05 Free Cash Flow to Net Earnings Conversion Ratio (non- GAAP): Free cash flow from above (non-GAAP) $ 291 $ 263 $ 1,014 $ 820 Net earnings (GAAP) $ 254 $ 227 $ 940 $ 833 Free cash flow to net earnings conversion ratio (non-GAAP) 1.15 1.16 1.08 0.98 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 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. VERALTO CORPORATION Statement Regarding Non-GAAP Measures 18
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• 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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