Financial Data and Key Metrics Changes - Revenues for the second quarter were $8.6 billion, a decrease of 2% compared to 2024 [9] - EBITDA was $1.6 billion or 18.4% of sales, compared to $1.3 billion or 15.3% a year ago, indicating an increase in profitability [18] - Gross margin improved by 150 basis points year over year, reaching 26.4% of sales [19] Business Line Data and Key Metrics Changes - Engine segment revenues were $2.9 billion, down 8% from a year ago, with EBITDA at 13.8% [22] - Components revenue decreased by 9% to $2.7 billion, but EBITDA improved to 14.7% [22] - Distribution segment revenues increased by 7% to $3 billion, with record EBITDA of $445 million, improving to 14.6% of sales [23] - Power Systems segment revenues rose by 19% to $1.9 billion, with record EBITDA of $433 million, increasing to 22.8% of sales [24] Market Data and Key Metrics Changes - North America revenues decreased by 6% compared to 2024, with heavy-duty truck industry production down 27% [10] - International revenues increased by 5%, with China revenues at $1.8 billion, up 9% due to strong domestic demand [11] - In China, industry demand for medium and heavy-duty trucks increased by 13%, with unit sales up 31% [12] Company Strategy and Development Direction - The company is focused on its Destination Zero strategy, introducing new products in the Power Systems segment to meet growing power demands [8] - A 10% increase in quarterly dividends was announced, marking the sixteenth consecutive year of dividend increases [8] - The company aims to maintain operational efficiency and invest in capacity expansion to support future growth [32] Management's Comments on Operating Environment and Future Outlook - Management anticipates a continued decline in North America heavy and medium-duty truck volumes by 25% to 30% in the third quarter [14] - The company is navigating uncertainties related to tariffs and trade policies, which are impacting freight activity and costs [15] - Despite challenges, management remains confident in the strength of the power generation market and the company's diversified global business [17] Other Important Information - The company returned $251 million to shareholders in dividends, consistent with its long-term plan to return approximately 50% of operating cash flow [9] - Joint venture income increased to $118 million, driven by higher volumes in China [20] - Operating cash flow was an inflow of $785 million, compared to an outflow of $851 million a year ago [21] Q&A Session Summary Question: Comments on Power Systems margins sustainability - Management expressed satisfaction with Power Systems performance, indicating ongoing operational improvements and strong demand [30][31] Question: Backlog and pricing flexibility in Power Systems - The company confirmed a backlog extending out two years and ongoing negotiations for tariff recovery with customers [35] Question: Data center market growth and sales expectations - Management reaffirmed expectations for $2 billion in sales from data centers by 2026, maintaining a strong market position [39][41] Question: Distribution margins and component side performance - Management noted that distribution margins benefited from strong parts demand and pricing, while component margins improved despite sales declines [44][46] Question: North America truck market cycle outlook - Management highlighted uncertainty in the truck market due to low orders and regulatory factors, making future predictions challenging [50][52] Question: Capital allocation and share buybacks - The company plans to maintain a long-term benchmark of returning at least 50% of operating cash flow to shareholders, with a focus on effective capital allocation [87][88] Question: Tariff impacts and recovery timeline - Management indicated that tariffs negatively impacted profitability in the second quarter, but they expect to approach price-cost neutrality by the fourth quarter [95][97]

Financial Performance - Cummins Inc reported Q2 2025 revenue of $8643 million, a decrease of 2% compared to Q2 2024[9, 13] - The company's EBITDA for Q2 2025 was $1587 million, representing 184% of sales[9, 13] - Net income for Q2 2025 reached $890 million, with a diluted EPS of $643[9] Segment Performance - Engine segment revenue decreased by 8% to $2899 million due to lower On-Highway demand in North America[13, 22] - Components segment sales declined by 9% to $2705 million, also driven by lower On-Highway demand in North America[13, 25] - Distribution segment experienced a 7% increase in sales, reaching $3041 million, fueled by higher demand for power generation products in North America[13, 28] - Power Systems segment saw a significant 19% revenue increase to $1889 million, primarily due to increased power generation demand[13, 31] - Accelera segment reported sales of $105 million, a decrease of 5%, with an EBITDA loss of $100 million[13, 34] Additional Information - Operating cash flow for Q2 2025 was $785 million[39]

Financial Performance - Cummins reported quarterly earnings of $6.43 per share, exceeding the Zacks Consensus Estimate of $4.99 per share, and up from $5.26 per share a year ago, representing an earnings surprise of +28.86% [1] - The company posted revenues of $8.64 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.99%, although this is a decrease from year-ago revenues of $8.8 billion [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $4.85 on revenues of $8.23 billion, and for the current fiscal year, it is $20.66 on revenues of $33.23 billion [7] - The estimate revisions trend for Cummins was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - Cummins operates within the Zacks Automotive - Internal Combustion Engines industry, which is currently in the top 41% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

EXHIBIT 99 August 5, 2025 Cummins Reports Second Quarter 2025 Results COLUMBUS, IND. - Cummins Inc. (NYSE: CMI) today reported results for the second quarter of 2025. "We delivered strong second quarter results, driven by record profitability in our Power Systems and Distribution segments," said Jennifer Rumsey, Chair and CEO. "Our employees' resilience and commitment continue to power our success in a dynamic environment. We see a contrast across our markets with robust demand for power generation equipmen ...

Industry Overview - The Auto-Tires-Trucks sector is currently in the second-quarter earnings season, with companies like Tesla, Ford, General Motors, Aptiv, and O'Reilly Automotive reporting quarterly numbers that exceeded earnings estimates [1] - The auto sector's earnings for Q2 2025 are projected to decline by 27.7% year-over-year, with revenues expected to decrease by 6% [2] Market Performance - U.S. vehicle sales showed modest year-over-year growth in Q2, driven by strong demand for gasoline-powered and hybrid vehicles, with a seasonally adjusted annual rate of 15.3 million units in June [4] - Retail vehicle inventory reached 2.16 million units in June, marking a 22.9% increase from June 2024, while average transaction prices rose to $46,233, up $1,400 from the previous year [4] Impact of Tariffs - Higher tariffs on imports initially increased demand among price-sensitive buyers, but as prices stabilized, this momentum began to wane [5] - Elevated operating costs, particularly in R&D for advanced technologies, are likely to have negatively impacted earnings [5] Potential Winners - Companies identified as well-positioned to exceed earnings estimates include Cummins Inc. (CMI), Rivian Automotive, Inc. (RIVN), Lucid Group, Inc. (LCID), and American Axle & Manufacturing Holdings, Inc. (AXL) [3] Company Highlights Cummins Inc. (CMI) - Cummins is the largest engine manufacturer globally, with a strong product lineup and a focus on electrification and clean energy technologies [8][9] - The company has an Earnings ESP of +2.79% and a Zacks Rank of 3, with Q2 earnings and revenues estimated at $4.99 per share and $8.47 billion, respectively [10][11] Rivian Automotive, Inc. (RIVN) - Rivian is targeting budget-conscious consumers with its upcoming R2 and R3 models, with the R2 expected to launch in H1 2026 at a starting price of around $45,000 [12] - The company has an Earnings ESP of +8.53% and a Zacks Rank of 3, with Q2 revenue estimated at $1.26 billion [14] Lucid Group, Inc. (LCID) - Lucid's vehicles are now compatible with Tesla's Supercharger network, enhancing convenience for owners and potentially boosting sales [15] - The company has an Earnings ESP of +3.08% and a Zacks Rank of 3, with Q2 revenue estimated at $253.4 million, reflecting year-over-year growth of 26.4% [17] American Axle & Manufacturing Holdings, Inc. (AXL) - American Axle is advancing in the electric drive space and has a strong electrification portfolio, with key launches driving growth [18] - The company has an Earnings ESP of +17.59% and a Zacks Rank of 3, with Q2 earnings and revenues estimated at 13 cents and $1.51 billion, respectively [20]

Core Viewpoint - Analysts expect Cummins (CMI) to report quarterly earnings of $4.99 per share, reflecting a year-over-year decline of 5.1%, with revenues projected at $8.47 billion, down 3.7% from the previous year [1]. Earnings Projections - There has been a downward revision of 1.8% in the consensus EPS estimate over the last 30 days, indicating a collective reassessment by analysts [1][2]. Key Metrics Estimates - 'Net Sales- Power System' is expected to reach $1.72 billion, indicating a year-over-year increase of 8.5% [4]. - 'Net Sales- Engine' is projected at $2.81 billion, reflecting a decline of 10.9% year-over-year [4]. - 'Net Sales- Components' is estimated at $2.70 billion, down 9.4% from the prior year [4]. - 'Net Sales- Distribution' is forecasted at $2.98 billion, showing a year-over-year increase of 5.2% [5]. - 'Net Sales- Accelera' is expected to be $111.84 million, up 0.8% year-over-year [5]. - 'Net Sales- Engine- Off-highway' is projected at $432.62 million, indicating a slight increase of 0.1% [5]. - 'Net Sales- Engine- Medium-duty truck and bus' is expected to be $983.13 million, down 8.5% year-over-year [6]. - 'Net Sales- Engine- Heavy-duty truck' is projected at $1.08 billion, reflecting a decline of 9.1% [6]. - 'Net Sales- Engine- Light-duty automotive' is estimated at $444.17 million, down 3.7% from the prior year [7]. - 'Net Sales- Components- Emission solutions' is expected to reach $883.62 million, indicating a decline of 6.1% year-over-year [7]. - 'Distribution segment sales by product- Service' is projected at $460.67 million, reflecting a year-over-year increase of 2.8% [7]. - 'Distribution segment sales by product- Engines' is expected to be $385.78 million, down 11.7% from the previous year [8]. Stock Performance - Cummins shares have returned +9.6% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [8].

Core Viewpoint - In the first half of 2025, Cummins has achieved steady growth in the commercial vehicle engine industry in China, showcasing its leading technology and strategic partnerships, while celebrating its 50th anniversary in the Chinese market [1][5][6]. Group 1: Sales Performance - In the first half of 2025, Cummins' sales in China showed steady growth, with the multi-cylinder diesel engine sales reaching 2.1541 million units, a year-on-year increase of 3.84% [2]. - Dongfeng Cummins performed exceptionally well, selling 113,100 units, a year-on-year increase of 11.08%, outperforming the overall market growth [2][4]. Group 2: 50th Anniversary Celebration - On June 16, 2025, Cummins celebrated its 50th anniversary in China, marking its journey that began in 1975 and establishing itself as one of the first multinational companies to set up operations in China [6][8]. Group 3: Strategic Partnerships - In the first half of 2025, Cummins formed strategic partnerships with several companies, including Great Wall Motors and Chery Commercial Vehicles, focusing on the development of hybrid powertrains and efficient logistics solutions [9][12][13]. Group 4: Major Deliveries - Cummins secured significant contracts, including the delivery of 1,050 units of Dongfeng Liuzhou's乘龙H7 equipped with Cummins' 13L engine to YTO Express, demonstrating its strong market competitiveness [15][17]. Group 5: Technological Showcases - At the Bauma exhibition in Germany, Cummins showcased its new generation 15-liter non-road engine and other advanced technologies, highlighting its commitment to energy transition and emissions upgrades [19][21]. Group 6: Zero Carbon Initiatives - On March 25, 2025, Cummins launched 50 zero-carbon projects aimed at supporting Chinese customers in achieving carbon neutrality, covering various areas such as R&D and production operations [22][25]. Group 7: New Product Launches - Cummins introduced the new B7.2 medium-duty diesel engine, part of its B series platform, which will be globally developed and expected to be produced in North America by 2027 [26][29]. Group 8: Milestones and Awards - On March 24, 2025, Chongqing Cummins celebrated the production of its 330,000th engine, further solidifying its position in the high-power engine sector [30]. - Cummins received multiple industry awards, including recognition for its diversity, equity, and inclusion efforts, enhancing its market reputation [34][35][38].

Core Viewpoint - Cummins has announced the promotion of Chai Yongquan to Vice President, effective August 1, 2025, recognizing his significant contributions to the growth of Cummins' business in China through strategic planning and talent development [1][3]. Group 1: Leadership and Strategic Contributions - Chai Yongquan has played a crucial role in the strategic planning of Cummins' China parts business, optimizing organizational structure and promoting talent development, which led to enhanced efficiency and effectiveness [3]. - Under his leadership, the team achieved outstanding operational performance and strengthened relationships with local partners, aligning with the company's "zero carbon goal" strategy to drive current and future business growth [3]. - Chai has been actively involved in product development strategies tailored to the Chinese market, launching after-treatment solutions that meet the latest road and non-road emission regulations, contributing to record revenue for the parts business in China [3]. Group 2: Business Expansion and Partnerships - Through joint ventures with Beiqi Foton and Zhuopin Intelligent, Cummins has further expanded its business footprint and solidified its leadership in core technologies and zero-emission technologies [3]. - Chai Yongquan has over 20 years of cross-functional management experience, having held significant leadership positions in various locations, including the U.S. and China, since joining Cummins in 2005 [3][4]. Group 3: Talent Development and Diversity Initiatives - Chai has made notable contributions to talent cultivation and organizational development, initiating a project for the integration of disabled employees, resulting in a threefold increase in the proportion of disabled employees in Cummins China over the past two and a half years [4]. - He has actively promoted cross-cultural talent development, assisting numerous employees in completing cross-regional rotations and career advancements [4]. Group 4: Educational Background - Chai Yongquan holds dual bachelor's degrees in Automatic Control and Materials Engineering from Shanghai Jiao Tong University, as well as dual master's degrees in Electronic and Mechanical Engineering from the University of Toledo, and an MBA from Purdue University [4].

Core Viewpoint - Cummins China and Shaanxi Automobile Group announced the appointment of Li Feng as the General Manager of Xi'an Cummins Engine Co., Ltd. starting August 1, 2025, to enhance operational management and drive growth strategies [1][2]. Group 1: Leadership Transition - Li Feng will oversee the operational management of Xi'an Cummins, focusing on strategic execution, long-term growth objectives, and improving customer experience [1][4]. - He will also manage partnership relations to promote a "win-win" business strategy between Cummins and Shaanxi Automobile, expanding collaborative business opportunities [2]. Group 2: Operational Goals - The new role will involve translating long-term strategies into growth-oriented business targets, aiming to meet or exceed business metrics set by Cummins and Shaanxi [4]. - Li Feng will coordinate the operations of Xi'an Cummins, working closely with key stakeholders to achieve performance goals established by the board [5]. Group 3: Customer Focus and Team Development - Strengthening customer relationships and enhancing customer satisfaction will be a priority, with a focus on understanding future customer needs [5]. - Continuous exploration of new business opportunities and the development of high-performance teams will be essential for driving growth [5]. Group 4: Company Background - Xi'an Cummins Engine Co., Ltd. is a joint venture established in 2007 between Cummins and Shaanxi Automobile Group, producing engines that meet national emission standards [6].

Core Viewpoint - Cummins China announced the appointment of Liu Jianguo as the new general manager of Dongfeng Cummins Emission Treatment Systems, effective July 21, 2025, to enhance operational management and customer relations [1][3]. Group 1: Leadership Changes - Liu Jianguo will focus on managing the joint venture's operations, translating long-term strategies into challenging business goals, and improving product competitiveness and customer support [3]. - Sun Qiaoke will take over as the general manager of Eaton Cummins (China) Transmission Co., responsible for driving business growth and innovation [5][7]. Group 2: Company Background - Dongfeng Cummins Emission Treatment Systems, established in 2013, has become a leading manufacturer in the diesel and natural gas engine after-treatment systems in China, capitalizing on the upgrade of emission standards [4]. - Eaton Cummins (China) Transmission Co., founded in 2020, focuses on medium and heavy-duty automatic transmission business and has developed a comprehensive local production and service system [8]. Group 3: Performance and Strategy - Liu Jianguo has over 20 years of experience in the automotive industry, with a proven track record in factory management, safety production, quality control, and cost optimization [3]. - Sun Qiaoke has led initiatives to enhance customer-centric approaches and has made significant strides in smart manufacturing, establishing the company as a global manufacturing center for emission treatment systems [7].