Dover : Q4 Fiscal Year 2025 Earnings Presentation

January 29, 2026 - 11:00am CT

Earnings Conference Call Fourth Quarter 2025

Q4 and Full Year 2025 Performance Highlights

Revenue

All in:

Adjusted Segment EBITDA(1)

Bookings(2)

Organic growth(1) : All-in(2): % of Revenue: Y-o-Y bps Δ:

Free Cash Flow(1)

$M:

Earnings Per Share

% of Revenue: Adjusted EPS(1)(3): Q4 '25

+9% to $2.1B

+5%

+10% to $2.1B

24.8%

+60 bps

$487M 23%

+14% to $2.51

FY '25

+4% to $8.1B

+2%

+6% to $8.1B

25.0%

+140 bps

$1,118M 14%

+16% to $9.61

Q4 Commentary

• Broad-based top line strength with

  highest organic growth rate of the year

• Sustained strong bookings rates provide solid foundation and confidence in outlook

• Seasonally high book-to-bill(2) of 1.02

• Margin improvement from volume leverage, operational excellence, and productivity actions

  +5-7% all-in (+3-5% organic(1)) $10.45 - $10.65 Revenue growth: Adjusted EPS(1):

  FY '26 Guidance

• Double-digit '26 Adjusted EPS(1) growth at the midpoint, in-line with long-term trajectory

  Summary Q4 and Full Year Results

  Q4 2025

  FY 2025

  Q4 Highlights

  Revenue change

  (Y-o-Y)

  All-in

  Organic(1)

  +9%

  +5%

  +4%

  +2%

  • FX impact: +2%; acquisitions: +2%

    
    
    
    
    

    Bookings(2) change (Y-o-Y)

    All-in +10% +6% â–ª Y-o-Y bookings(2) growth across all

    
    
    
    
    

    five segments

    
    
    
    
    
    
    

    Adjusted Segment Margin % EBITDA Margin(1) Y-o-Y bps Δ	24.8% +60 bps	25.0% +140 bps	▪ +$55M Y-o-Y
    Earnings From Reported	$275M	$1,097M
    Continuing Ops Adjusted(1)	$343M	$1,324M
    Reported	$2.01	$7.97
    Adjusted(1)	$2.51	$9.61
    Free Cash Flow(1) Revenue (% of) Adj. Earnings(1)	23% 142%	14% 84%		FCF(1) up $102M Y-o-Y

    • Y-o-Y change: +12%

    • Reported Y-o-Y change: +15%

    • Adjusted(1) Y-o-Y change: +13%

    • Reported Y-o-Y change: +17%

    • Adjusted(1) Y-o-Y change: +14%

    Diluted EPS

    Q4 was the Highest Organic Growth Quarter of 2025

    Q4 2025 FY 2025

    Segment Revenue ($M) / Y-o-Y Org.(1) ∆ %	Adj. Segment EBITDA(1) % / Bps ∆ Y-o-Y	Revenue ($M) / Y-o-Y Org.(1) ∆ %	Adj. Segment EBITDA(1) % / Q4 Performance Commentary Bps ∆ Y-o-Y
    DEP $276	25%	$1,086	22% aerospace and defense components
    -6%	+220 bps	-7%	+120 bps
    DCEF $552	21%	$2,131	21% America retail fueling
    +4%	-30 bps	+5%	+110 bps
    DII $302	28%	$1,173	28%
    +1%	-90 bps	+2%	+50 bps and higher mix of printer shipments
    DPPS $584	32%	$2,149	33% quarterly growth in polymer processing since Q1 '24
    +11%	-30 bps	+7%	+180 bps

    • Lower volumes in vehicle services partially offset by double-digit growth in

    • Margin up on cost actions, operational execution, and improved mix

    • Strong shipments and new orders in clean energy components and North

    • Margin down on product mix and near-term timing of price vs. cost dynamics

    • Growth in core marking & coding printers and software

    • Solid margin performance; lower conversion from foreign exchange translation

    • Solid growth in single-use biopharma and AI / energy infrastructure; first

  • Sustained 30+% margin performance

    DCST $387

    +9%

    18%

    +250 bps

    $1,560

    -2%

    19%

    +130 bps

  • Solid shipment and order rates in refrigerated door cases and CO2systems;

    record shipments in North American heat exchangers

  • Margin up on volume leverage, operational execution, and positive mix benefits from CO2systems and heat exchangers

    
    
    

    1. Non-GAAP (definitions and/or reconciliations in appendix)

  5

  Full Year 2025 Free Cash Flow

  $M	2025	2024	∆
  Net earnings	1,094	2,697	(1,603)
  Loss (earnings) from discontinued operations, net	3	(1,297)	1,300
  Gain on dispositions	(5)	(598)	593
  D&A	380	338	42
  Change in working capital	5	(25)	30
  Change in accrued and deferred taxes	(41)	(113)	72
  Change in other(1)	(99)	86	(184)
  Cash flow from operations	1,338	1,088	251
  Capex	(220)	(168)	(52)

  Free cash flow(2)	1,118	920	198
  FCF % of Revenue(2)	14%	12%
  FCF % of adj. earnings from continuing operations(2)	84%	80%

  • Q4 2025 FCF(2) was $487M, 23% of revenue

Note: Numbers may not add due to rounding

(1) Includes stock-based compensation, non-cash charges, and changes in other current and non-current assets and liabilities

6 (2) Non-GAAP measures (definitions and/or reconciliations in appendix)

Bookings Momentum Continuing in 2025 Consolidated Last Twelve Months' Bookings(1) Growth

$ in millions

Q4 Bookings(1) Detail by Segment

Y-o-Y

Strong bookings momentum to end the year;

Q4 bookings(1) +10% vs. Q4 '24; book-to-bill(1) 1.02

B-t-B(1)

Growth

Bookings Commentary

DEP

1.02

+2% +DD growth in aerospace & defense components

+6%

+7%

7,937

8,138

7,156

7,253

7,427

7,526

7,676 7,659

7,791

DCEF

1.06

+13%

Strong growth in North America retail fueling and clean energy

DII

1.00

+2%

Stable book-and-ship business; strong printer bookings driving growth in installed base

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2023 2024 2025

0.86

DCST

DPPS

1.21

+6%

+24%

Growth across most end markets;

B-t-B(1) impacted by shipment timing out of backlog in polymer processing

Robust strength in heat exchangers and retail refrigeration (door cases and CO2)

Note: Numbers may not add due to rounding

Strong Balance Sheet Positions DOV to Continue to Play Offense on Capital Allocation Priorities 2025 Commentary

1	Invest Organically

• Capex of $220M (2.7% of revenue)

• Significant capacity expansion projects and productivity investments completed

• $40M of carryover benefits into 2026 from productivity actions

  Year-End 2025 Dry Powder

  $ in billions

  Optional temporary investment grade leverage(2) for the right opportunity

  2	Grow through Acquisitions

  • ~$660M deployed across four acquisitions, expanding

    presence in high-growth, high-priority end markets

  • Acquisitions are performing well-above underwriting plans

    3	Return Capital

  • $541M in share repurchases, including $500M Accelerated

    Share Repurchase (ASR) announced in November

  • 70th consecutive year of dividend increases

(1) Excess cash excludes $300M minimum cash balance

8 (2) Total debt / adjusted EBITDA (Non-GAAP measure)

$2.7B

1.4

1.3

'25 Year-End Dry Powder

Maintain 2.5x target leverage(2)

Excess cash(1)

2026 Segment Outlook

Segment

Organic Growth(1)

Segment

Margin ∆

Commentary

DEP	+LSD	Robust growth in aerospace & defense; stable volumes in automotive aftermarket with performance levered toward H2 Margin improvement on positive price-cost dynamics and operational execution
DCEF	+MSD	Growth in clean energy components, fluid transport, and retail fueling (above and below ground) Margin improvement on volume leverage and integration benefits from clean energy acquisitions
DII	+LSD	Continued steady performance in core marking & coding equipment and consumables; growth in serialization software Multi-year margin improvement runway from productivity and structural cost controls
DPPS	+LSD	Growth in industrial pumps, single-use biopharma components, and AI / energy infrastructure; near-term headwinds in polymer processing Continued 30+% margin performance
DCST	+HSD	Strong growth in CO2refrigeration systems and door cases; robust shipments in heat exchangers, particularly in North America; stable outlook in beverage can-making Margin growth on volume leverage, operational execution, and mix

FY 2026 Guidance Continues Trend of Robust Earnings Growth

Revenue Growth

• All-in: 5% - 7%

• Organic(1): 3% - 5%

  Through-Cycle Adj. EPS(1) Accretion 10% CAGR

  $10.45-$10.65

  $4.97

  EPS

• GAAP EPS: $8.95 - $9.15

• Adjusted EPS(1): $10.45 - $10.65

  Other Items

• Effective Tax Rate: 20% - 21%

• FCF(1) % Revenue: 14% - 16%

• Capex: $190M - $210M

• WASO(2): ~135.5 million

Guidance assumes dollar / euro exchange rate of 1.18

2018 2026E

10

1. Non-GAAP measures (definitions and/or reconciliations in appendix)

2. Weighted average shares outstanding

Appendix