Slides
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Q4 2025 Earnings Presentation 12 February 2026
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Trusted intelligence 2 Safe Harbor and Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to statements regarding Vontier Corporation’s (the “Company’s”) business and acquisition opportunities, anticipated sales growth, anticipated adjusted operating margin expansion, anticipated adjusted net earnings per share, anticipated adjusted cash flow conversion, and anticipated earnings growth, and any other statements identified by their use of words like “anticipate,” “expect,” “believe,” “outlook,” “guidance,” or “will” or other words of similar meaning. There are a number of important risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These risks and uncertainties include, among other things, deterioration of or instability in the economy, the markets we serve, changes in U.S. and international geopolitics, including trade policies, volatility in financial markets, contractions or lower growth rates and cyclicality of markets we serve, competition, changes in industry standards and governmental policies and regulations that may adversely impact demand for our products or our costs, our ability to successfully identify, consummate, integrate and realize the anticipated value of appropriate acquisitions and successfully complete divestitures and other dispositions, our ability to develop and successfully market new products, software, and services and expand into new markets, the potential for improper conduct by our employees, agents or business partners, impact of divestitures, contingent liabilities relating to acquisitions and divestitures, impact of changes to tax laws, our compliance with changes in applicable laws and regulations, risks relating to global economic, political, war or hostility, public health, legal, compliance and business factors, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, the impact of our debt obligations on our operations, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, our ability to adequately protect our intellectual property rights, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, security breaches or other disruptions of our information technology systems, adverse effects of restructuring activities, impact of changes to U.S. GAAP, labor matters, and disruptions relating to man-made and natural disasters. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2024. These forward-looking statements represent Vontier’s beliefs and assumptions only as of the date of this presentation and Vontier 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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Trusted intelligence 3 Q4 2025: Executive Summary Strong finish to a dynamic year…Well positioned to accelerate margin expansion in 2026 Note: See “Non-GAAP Financial Measures” in the appendix. Strong financial performance in Q4 • Above market growth in Convenience Retail driven by innovation • Sequential growth within Repair Solutions • Adjusted EPS above the high-end of guidance • Adj. OP margin impacted by one-time reserve adjustment & higher corporate costs Milestone year – strengthened our foundation and built momentum • Differentiated solutions unlocking growth, strengthening competitive advantages • FY25 Core Sales and EPS ahead of guidance • Strong Adj. FCF conversion of 98% and disciplined capital deployment Well positioned for 2026 – Initiating FY guidance • ~3% core growth with Adj. OP margin expansion of +80bps at the midpoint • Accelerating simplification efforts – ~$15M in incremental savings • Resilient end markets, strong secular tailwinds sustain growth Core Sales Adjusted OP Margin Adjusted Diluted EPS +5% 21.3% (70bps) YoY $0.86 +8% YoY 1 2 3
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Trusted intelligence 4 2025 Sales Highlights by Segment Environmental & Fueling Solutions 2025 Sales ($M) $1,437 2025 Sales (Core % Chg) +6% 2025 Commentary Innovation-led demand reading through, driving above-market growth Constructive market backdrop; continued growth with large national and regional customers Strong execution on self-help levers driving margin and recurring services expansion Mobility Technologies1 $1,124 +11% Ongoing momentum across unified payment and enterprise productivity solutions Car Wash returned to growth; New Patheon offering unlocking additional productivity and revenue for our customers Agile alternative fuels portfolio well positioned Repair Solutions $590 (7%) Sales off the truck improved sequentially in H2, with Q4 positive for the first time in 2025 Softer Consumer/Service Tech sentiment weighed on discretionary spending Attractive long-term fundamentals for auto repair tools remain +L/MSD 2026 Outlook (Core Sales % Chg) +MSD ~Flat $3,076 +3.7% +3%Total 1) Mobility Technologies includes intersegment sales that are eliminated in consolidation. Note: See “Non-GAAP Financial Measures” in the appendix.
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Trusted intelligence Innovation Spotlight: Unified Payment Driving operational productivity, and enabling consumer engagement, media, and loyalty 5 Outdoor Payment Terminal iNFX Electronic Payment Server (EPS) Indoor Payment Terminal Unified Payment Devices Fueling Car Wash EV Charging In-Store POS iNFX
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Trusted intelligence 6 Q4 2025: Summary Financial Results • Total growth: +4.1% • Core growth: +5.1% • Net M&A: (1.9%) • FX: +0.9% $777 $809 Q4 2024 Q4 2025 • Adj. OP Margin (70bps) YoY , as higher corporate costs and a one- time reserve adjustment at Invenco more than offset productivity savings 22.0% 21.3% Q4 2024 Q4 2025 • GAAP Diluted Net EPS of $0.85 • Adj. Diluted Net EPS +8% YoY • FY’25 Adj. Diluted Net EPS $3.20 +11% YoY $0.80 $0.86 Q4 2024 Q4 2025 • Adj. FCF conversion of 147% • Q4 Adj. FCF 23% of sales • FY’25 Adj. FCF $462M, +26% YoY , at 98% conversion; 15% of Sales $155 $185 Q4 2024 Q4 2025 Note: See “Non-GAAP Financial Measures” in the appendix. Sales ($M) Adj. Operating Profit Margin (%) Adj. Diluted Net EPS ($) Adj. Free Cash Flow ($M)
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Trusted intelligence 7 Segment Results: Environmental & Fueling Solutions (EFS) • Innovation and channel strength supporting above-market growth • Broad growth across equipment and service • Global dispenser +HSD • Environmental +High-teens • Segment Operating Profit Margin: Favorable volume leverage and benefits from 80/20 29.5% +90bps $368 $388 Q4 2024 Q4 2025 $105 $114 Q4 2024 Q4 2025 Total +5.4% Core +8.1% Sales ($M) Segment Operating Profit ($M) Note: See “Non-GAAP Financial Measures” in the appendix. Q4 Highlights • Investment in site expansion and modernization efforts driven by ongoing industry consolidation confirmed by recent channel checks • Strength in large national and regional players where we have significant market share Segment Commentary
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Trusted intelligence 8 Segment Results: Mobility Technologies (MT) • Broad growth across all businesses, the result of strong demand for industry-leading payment, productivity, car wash and alt. fuels: • Retail Solutions (Invenco) +DD • Car Wash solutions (DRB) +HSD • Segment Operating Profit Margin: Ongoing simplification initiatives and improved R&D efficiency more than offset by one-time reserve adjustment at Invenco and product sales mix 18.5% (220bps) $277 $303 Q4 2024 Q4 2025 $57 $56 Q4 2024 Q4 2025 Total +9.3% Core +8.5% Sales ($M) Segment Operating Profit ($M) Note: See “Non-GAAP Financial Measures” in the appendix. Q4 Highlights • Capital investment across convenience retail end market remains healthy; adoption of connected, integrated solutions • Car Wash end market developing in-line/ahead of expectations • Fleet customers continue to decarbonize Segment Commentary
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Trusted intelligence 9 Segment Results: Repair Solutions (RS) • Sequential sales growth, reflecting progress on growth initiatives • Positive sales growth in both Tool Storage and Diagnostics • Distributor sales off the truck inflected positive for the first time in 2025 • Segment Operating Profit Margin: Lower volume leverage 20.0% (110bps) $148 $145 Q4 2024 Q4 2025 $31 $29 Q4 2024 Q4 2025 Total (2.4)% Core (2.4)% Sales ($M) Segment Operating Profit ($M) Note: See “Non-GAAP Financial Measures” in the appendix. Q4 Highlights • Long term fundamentals intact: Technician employment; aging and increasingly complex car parc, and rising cost of repair • Agile business model and commitment to new product vitality positively contributed to the quarter Segment Commentary
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Trusted intelligence 10 Q4 2025: Balance Sheet & Cash Flow Q4 2024 Q4 2025 Free Cash Flow ($M) Cash from Operating Activities $168 $190 Capital Expenditures ($20) ($15) Free Cash Flow $148 $175 Adj. Free Cash Flow $155 $185 Debt & Liquidity ($M) Gross Debt $2,152 $2,102 (Less): Cash & Cash Equivalents ($356) ($492) Net Debt $1,796 $1,610 Net Leverage Ratio 2.6x 2.3x $500 $500 $600 $500 2026 2027 2028 2029 2030+ Variable Rate Fixed Rate Weighted Average Interest Rate of ~3.0% Q4 Capital Deployment • Healthy balance sheet; Strong liquidity (Cash + $750M undrawn revolver) • Net Leverage Ratio 2.3X; Target~2.5-3.0X • Repurchased ~$125M in shares in Q4; $300M in FY’25 • FY’25 Adj. FCF conversion ~98%; ~15% of Sales Note: See “Non-GAAP Financial Measures” in the appendix. Maturity Profile ($M)
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Trusted intelligence 11 Guidance: Q1 and Full Year 2026 Guidance Q1 2026 • Sales • Intersegment Sales1: ~$20M • FX: ~$5-7M tailwind • Net M&A: ~($15)M • Other P&L Assumptions • Share Count ~143M Full Year 2026 • Sales • Intersegment Sales1: ~$95M • FX: ~$12-15M tailwind • Net M&A: ~($50)M • Other P&L Assumptions • Corporate Expense: ~$110M • Interest Expense: ~$68M • Tax Rate: 21.0% – 21.5% • Share Count2: ~143M Q1 2026 FY 2026 Guide Sales $730 – $740M $3,100 – $3,150M Core Growth (YoY % chg) ~+1% (midpoint) ~+3% (midpoint) Adjusted Operating Profit Margin ~Flat (midpoint) ~80bps (midpoint) Adjusted Diluted Net EPS $0.78 – $0.81 $3.35 – $3.50 Adjusted Free Cash Flow Conversion ~95% 1) Intersegment sales primarily result from solutions developed by the Mobility Technologies segment that are integrated into products sold by the Environmental & Fueling Solutions segment and are eliminated in consolidation. 2) Assumes approximately $45M in share repurchases for the full year Note: See “Non-GAAP Financial Measures” in the appendix. Guide Commentary & Assumptions
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Trusted intelligence 12 Top-Tier Margin & Cash Profile Disciplined Capital Allocation Leading in Attractive End Markets Structural Drivers Supporting Long-Term Attractive Returns Adj. OP Margin% of 21.3% at FY’25 Midpoint of +80bps of adjusted operating margin expansion for FY’26 FY’25 Adj. FCF of $462M at 98% Conversion ~$2.7B in capital deployed post-spin Completed $300M in share repurchases through FY’25 Net Leverage Ratio 2.3x Convenience Retail ~$11B +L/MSD CAGR Fleet Solutions ~$11B +HSD/DD CAGR Auto Repair Tools ~$8B +L/MSD CAGR Note: See “Non-GAAP Financial Measures” in the appendix.
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Appendix Q4’25 Earnings Presentation
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Trusted intelligence Safe Harbor and Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to statements regarding Vontier Corporation’s (the “Company’s”) business and acquisition opportunities, anticipated sales growth, anticipated adjusted operating margin expansion, anticipated adjusted net earnings per share, anticipated adjusted cash flow conversion, and anticipated earnings growth, and any other statements identified by their use of words like “anticipate,” “expect,” “believe,” “outlook,” “guidance,” or “will” or other words of similar meaning. There are a number of important risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These risks and uncertainties include, among other things, deterioration of or instability in the economy, the markets we serve, changes in U.S. and international geopolitics, including trade policies, volatility in financial markets, contractions or lower growth rates and cyclicality of markets we serve, competition, changes in industry standards and governmental policies and regulations that may adversely impact demand for our products or our costs, our ability to successfully identify, consummate, integrate and realize the anticipated value of appropriate acquisitions and successfully complete divestitures and other dispositions, our ability to develop and successfully market new products, software, and services and expand into new markets, the potential for improper conduct by our employees, agents or business partners, impact of divestitures, contingent liabilities relating to acquisitions and divestitures, impact of changes to tax laws, our compliance with changes in applicable laws and regulations, risks relating to global economic, political, war or hostility, public health, legal, compliance and business factors, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, the impact of our debt obligations on our operations, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, our ability to adequately protect our intellectual property rights, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, security breaches or other disruptions of our information technology systems, adverse effects of restructuring activities, impact of changes to U.S. GAAP, labor matters, and disruptions relating to man-made and natural disasters. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2024. These forward-looking statements represent Vontier’s beliefs and assumptions only as of the date of this presentation and Vontier 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. 14
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Trusted intelligence This presentation contains references to “core sales growth," “adjusted operating profit,” “adjusted operating profit margin,” “adjusted net earnings,” “adjusted diluted net earnings per share,” “free cash flow,” "free cash flow conversion," “adjusted free cash flow,” “adjusted free cash flow conversion,” "EBITDA," “adjusted EBITDA,” "net debt", and “net leverage ratio” financial measures which are, in each case, not presented in accordance with generally accepted accounting principles (“GAAP”). • Core sales growth refers to the change in total sales calculated according to GAAP but excluding (1) sales from acquired and certain divested businesses; (2) the impact of currency translation; and (3) certain other items. References to sales attributable to acquisitions or acquired businesses refer to GAAP sales from acquired businesses recorded prior to the first anniversary of the acquisition less the amount of sales attributable to certain divested or exited businesses or product lines not considered discontinued operations. The portion of sales attributable to the impact of currency translation is calculated as the difference between (a) the period-to-period change in sales (excluding sales from acquired businesses) and (b) the period-to-period change in sales, including foreign operations (excluding sales from acquired businesses) after applying the current period foreign exchange rates to the prior year period. The portion of sales attributable to other items is calculated as the impact of those items which are not directly correlated to core sales which do not have an impact on the current or comparable period. • Adjusted operating profit refers to operating profit calculated in accordance with GAAP, but excluding amortization of acquisition-related intangible assets, costs associated with restructurings including one-time termination benefits and related charges and impairment and other charges associated with facility closure, contract termination and other related activities, and the related impact of certain divested or exited businesses or product lines not considered discontinued operations ("Restructuring- and divestiture-related adjustments"), transaction- and deal-related costs, asbestos-related adjustments associated with certain divested businesses, one-time costs related to the separation, amortization of acquisition-related inventory fair value step-up, gains and losses on sale of property, and other charges which represent charges incurred that are not part of our core operating results ("Other charges"). Adjusted operating profit margin refers to adjusted operating profit divided by GAAP sales. • Adjusted net earnings refers to net earnings calculated in accordance with GAAP, but excluding on a pretax basis amortization of acquisition-related intangible assets, Restructuring- and divestiture-related adjustments, transaction- and deal-related costs, asbestos-related adjustments associated with certain divested businesses, one-time costs related to the separation, amortization of acquisition-related inventory fair value step-up, gains and losses on sale of property, Other charges, non-cash write-offs of deferred financing costs, gains and losses on sale of businesses and gains and losses on investments, including the tax effect of these adjustments and other tax adjustments. The tax effect of such adjustments was calculated by applying our estimated adjusted effective tax rate to the pretax amount of each adjustment. Adjusted diluted net earnings per share refersto adjusted net earnings divided by the weighted average diluted shares outstanding. • Free cash flow refers to cash flow from operations calculated according to GAAP but excluding capital expenditures. Free cash flow conversion refers to free cash flow divided by net earnings calculated according to GAAP. • Adjusted free cash flow refers to free cash flow adjusted for cash received from the sale of property, plant and equipment and cash paid for Restructuring- and divestiture-related adjustments, transaction- and deal-related costs and Other charges. Adjusted free cash flow conversion refers to adjusted free cash flow divided by adjusted net earnings. Non-GAAP Financial Measures 15
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Trusted intelligence Non-GAAP Financial Measures (continued) • EBITDA refers to net earnings calculated in accordance with GAAP, excluding interest, taxes, depreciation and amortization of acquisition-related intangible assets. Adjusted EBITDA refers to EBITDA adjusted for Restructuring- and divestiture-related adjustments, transaction- and deal-related costs, asbestos-related adjustments associated with certain divested businesses, one- time costs related to the separation, amortization of acquisition-related inventory fair value step-up, gains and losses on sale of property, Other charges, non-cash write-offs of deferred financing costs, gains and losses on sale of businesses and gains and losses on investments. Net debt refers to total debt minus cash and cash equivalents. Net leverage ratio refers to net debt divided by Adjusted EBITDA. The Company has not reconciled the forward-looking statements regarding core sales growth, adjusted operating profit margin, adjusted diluted net earnings per share and adjusted free cash flow conversion because both the corresponding GAAP measures and the reconciliation thereto would require the Company to make estimates or assumptions about unknown currency impact, unidentified acquisitions and similar adjustments during the relevant period that could not be determined without unreasonable effort. The historical non-GAAP financial measures should not be considered in isolation or as a substitute for the GAAP financial measures but should instead be read in conjunction with thecorresponding GAAP financial measures. The historical non-GAAP financial measures used by the Company in this presentation may be different than similarly-titled non-GAAP measures used by other companies. Further information with respect to and reconciliations of such non-GAAP financial measures to the nearest GAAP financial measure can be found attached to this presentation. We report our financial results in accordance with GAAP. However, we present certain non-GAAP measures, as described above, which are not recognized financial measures under GAAP, because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes these measures are helpful in highlighting trends in our operating results, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure and allocation, the tax jurisdictions in which companies operate and capital investments and acquisitions. 16
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Trusted intelligence Supplemental Reconciliation Data
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Trusted intelligence % Change Three Months Ended December 31, 2025 vs. Comparable 2024 Period Mobility Technologies Repair Solutions Environmental & Fueling Solutions Total Total Sales Growth (GAAP) 9.3% (2.4%) 5.4% 4.1% Core sales growth (Non-GAAP) 8.5% (2.4%) 8.1% 5.1% Acquisitions and divestitures (Non-GAAP) (0.3%) —% (3.9%) (1.9%) Currency exchange rates (Non-GAAP) 1.1% —% 1.2% 0.9% % Change Year Ended December 31, 2025 vs. Comparable 2024 Period Mobility Technologies Repair Solutions Environmental & Fueling Solutions Total Total Sales Growth (GAAP) 10.8% (6.9%) 5.7% 3.2% Core sales growth (Non-GAAP) 10.7% (6.8%) 6.4% 3.7% Acquisitions and divestitures (Non-GAAP) —% —% (1.0%) (0.5%) Currency exchange rates (Non-GAAP) 0.1% (0.1%) 0.3% —% Components of Sales Growth 18
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Trusted intelligence Three Months Ended Year Ended $ in millions December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Sales (GAAP) $ 808.5 $ 776.8 $ 3,075.6 $ 2,979.0 Operating Profit (GAAP) $ 152.7 $ 149.3 $ 561.6 $ 537.0 Amortization of acquisition-related intangible assets 17.0 19.7 74.1 79.7 Restructuring- and divestiture-related adjustments 2.4 2.8 17.5 15.6 Transaction- and deal-related costs 0.7 (1.3) 3.5 (1.3) Asbestos-related adjustments (0.6) 1.6 (0.3) 8.2 One-time costs related to separation — 0.2 — 1.5 Gain on sale of property — (4.0) — (4.5) Other charges — 2.5 (0.2) 2.5 Adjusted Operating Profit (Non-GAAP) $ 172.2 $ 170.8 $ 656.2 $ 638.7 Operating Profit Margin (GAAP) 18.9% 19.2% 18.3% 18.0% Adjusted Operating Profit Margin (Non-GAAP) 21.3% 22.0% 21.3% 21.4% Reconciliation of Operating Profit to Adjusted Operating Profit 19
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Trusted intelligence Three Months Ended Year Ended $ in millions December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net Earnings (GAAP) $ 123.5 $ 123.5 $ 406.1 $ 422.2 Amortization of acquisition-related intangible assets 17.0 19.7 74.1 79.7 Restructuring- and divestiture-related adjustments 2.4 2.8 17.5 15.6 Transaction- and deal-related costs 0.7 (1.3) 3.5 (1.3) Asbestos-related adjustments (0.6) 1.6 (0.3) 8.2 One-time costs related to separation — 0.2 — 1.5 Gain on sale of property — (4.0) — (4.5) Other charges (1.2) 2.5 (1.4) 2.5 Non-cash write-off of deferred financing costs — — 0.2 — Gain on sale of businesses (0.1) — (3.5) (37.2) (Gain) loss on equity investments (0.8) 0.2 (2.2) 0.6 Tax effect of the Non-GAAP adjustments and other tax adjustments (15.7) (24.4) (22.5) (42.1) Adjusted Net Earnings (Non-GAAP) $ 125.2 $ 120.8 $ 471.5 $ 445.2 Diluted weighted average shares outstanding 144.9 151.1 147.4 153.8 Diluted Net Earnings per Share (GAAP) $ 0.85 $ 0.82 $ 2.76 $ 2.75 Adjusted Diluted Net Earnings per Share (Non-GAAP) $ 0.86 $ 0.80 $ 3.20 $ 2.89 Reconciliation of Net Earnings to Adjusted Net Earnings 20
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Trusted intelligence Three Months Ended Year Ended $ in millions December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Operating Cash Flow (GAAP) $ 190.1 $ 168.1 $ 511.0 $ 427.5 Less: Purchases of property, plant & equipment (capital expenditures) (15.3) (20.1) (69.9) (82.7) Free Cash Flow (Non-GAAP) $ 174.8 $ 148.0 $ 441.1 $ 344.8 Net Earnings (GAAP) $ 123.5 $ 123.5 $ 406.1 $ 422.2 Free Cash Flow Conversion (Non-GAAP) 141.5% 119.8% 108.6% 81.7% Reconciliation of Operating Cash Flow to Free Cash Flow and Free Cash Flow Conversion Ratio 21
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Trusted intelligence Reconciliation of Operating Cash Flow to Adjusted Free Cash Flow and Adjusted Free Cash Flow Conversion Ratio Three Months Ended Year Ended $ in millions December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Operating Cash Flow (GAAP) $ 190.1 $ 168.1 $ 511.0 $ 427.5 Less: Purchases of property, plant & equipment (capital expenditures) (15.3) (20.1) (69.9) (82.7) Free Cash Flow (Non-GAAP) $ 174.8 $ 148.0 $ 441.1 $ 344.8 Restructuring- and divestiture-related adjustments 2.1 1.9 9.5 10.2 Transaction- and deal-related costs 7.5 0.6 11.3 6.8 Proceeds from sale of property, plant and equipment 0.2 4.3 0.4 5.6 Adjusted Free Cash Flow (Non-GAAP) $ 184.6 $ 154.8 $ 462.3 $ 367.4 Adjusted Net Earnings (Non-GAAP) $ 125.2 $ 120.8 $ 471.5 $ 445.2 Adjusted Free Cash Flow Conversion (Non-GAAP) 147.4% 128.1% 98.0% 82.5% 22
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Trusted intelligence Net Leverage Ratio and Reconciliation from Net Earnings to EBITDA to Adjusted EBITDA Total Debt $ 2,102.4 Less: Cash (492.2) Net Debt $ 1,610.2 Adjusted EBITDA (Non-GAAP) $ 707.0 Net Leverage Ratio 2.3 Three Months Ended Year Ended $ in millions December 31, 2025 December 31, 2025 Net Earnings (GAAP) $ 123.5 $ 406.1 Interest expense, net 14.3 59.8 Income tax expense 16.9 102.1 Depreciation and amortization expense 29.6 125.2 EBITDA (Non-GAAP) $ 184.3 $ 693.2 Restructuring- and divestiture-related adjustments 2.4 17.5 Transaction- and deal-related costs 0.7 3.5 Asbestos-related adjustments (0.6) (0.3) Other charges (1.2) (1.4) Non-cash write-off of deferred financing costs — 0.2 Gain on sale of businesses (0.1) (3.5) Gain on equity investments (0.8) (2.2) Adjusted EBITDA (Non-GAAP) $ 184.7 $ 707.0 23