Financial Data and Key Metrics Changes - The company reported better than expected results in Q1 2025, with revenue and profitability slightly above plan across all business segments [6][15] - Organic sales declined by 1% year-over-year, primarily due to difficult comparisons in semiconductor, agriculture, chemical, and energy businesses [15] - Adjusted EBITDA margin decreased by 50 basis points to 25.5% due to volume deleverage and margin dilution from the acquisition of Mak, partially offset by positive price cost and productivity [15][16] - Adjusted EPS for Q1 2025 was $1.75, exceeding the high end of the guidance by $0.10 [15] Business Line Data and Key Metrics Changes - In Health and Science Technology (HST), organic sales declined by 1%, while organic orders increased by 3% [18] - In Flow Measurement Technology (FMT), organic sales declined by 4% and organic orders declined by 3% [19] - Fire and Safety Division (FSD) saw organic sales increase by 5% and organic orders up by 2% [20] Market Data and Key Metrics Changes - The company experienced resilient demand overall, with organic orders up by 1% and backlog increasing by approximately $60 million [15] - The semiconductor business faced headwinds, particularly in wafer fabrication, while the MRO facing businesses provided a slight tailwind [9][18] Company Strategy and Development Direction - The company is focusing on five strong growth platforms and has identified integrative threats to support higher growth and expanded margins [25][26] - The strategy includes flat organizational structures with autonomous decision rights and a focus on quick iterative innovation [25][26] - The company is committed to returning capital to shareholders while exploring multiple avenues for capital deployment [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the fluid trade and geopolitical situation but noted that they have not observed any immediate signs of demand softening [21][22] - The company has proactively identified an additional $20 million in savings targets for 2025 to mitigate potential volume pressures [22] - Management expressed confidence in their ability to absorb the impact of tariffs through pricing actions and operational efficiencies [21][23] Other Important Information - The company reported a $40 million multiyear agreement for a custom wastewater filtration solution, with 25% of the order booked in Q1 [13] - The company has $490 million remaining under its current share repurchase authorization [16] Q&A Session Summary Question: Clarification on guidance and inputs - Management confirmed comfort with guidance and flexibility to manage inputs, including FX and cost savings [30][32] Question: Resilience of the portfolio amid macro pressures - Management highlighted strong growth platforms and productivity optimization as key to resilience [38][39] Question: Tariff impacts and pricing - Management indicated that the majority of tariff impacts will be seen in Q3 and Q4, with proactive pricing actions in place [45][46] Question: Strategic growth platforms and branding - Management explained the rationale behind combining businesses into strategic growth platforms while maintaining individual brand equity [77][78] Question: Update on semiconductor recovery - Management acknowledged industry challenges but noted some growth tailwinds in MRO facing businesses [70][72]

[First Quarter 2025 Financial Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20Highlights) IDEX Corporation reported strong Q1 2025 results with all segments exceeding expectations and positive strategic progress [CEO Commentary & Strategic Outlook](index=1&type=section&id=CEO%20Commentary%20%26%20Strategic%20Outlook) CEO Eric Ashleman reported better than expected Q1 2025 results, with all segments exceeding expectations and strategic initiatives on track, supported by proactive cost containment and a strong M&A funnel - All segments exceeded expectations in **Q1 2025**, delivering **better than expected revenue and profitability**, with **significant backlog accumulation in HST** due to a **large clean water project win**[2](index=2&type=chunk) - Platform optimization and delayering efforts are on track to achieve an anticipated total of **$43 million impact for 2025**[2](index=2&type=chunk) - An additional **$20 million of cost containment savings for 2025** has been proactively identified to offset potential later-stage demand pressure, despite no current reduction in order rates in rapid-turn businesses[3](index=3&type=chunk) - IDEX maintains a **strong strategic position** characterized by **high-quality businesses**, **critical solutions**, **long-tenured customer relationships**, **local operational flexibility**, and a **robust M&A funnel** for **long-term growth**[4](index=4&type=chunk)[5](index=5&type=chunk) [Key Financial Metrics](index=1&type=section&id=Key%20Financial%20Metrics) IDEX achieved record orders and positive organic growth, while reported and adjusted EPS declined, with full-year guidance maintained through cost containment | Metric | Q1 2025 | Change (YoY) | | :-------------------------------- | :------ | :----------- | | Orders | $872M | +6% (reported), +1% (organic) | | Sales | $814M | +2% (reported), -1% (organic) | | Reported Diluted EPS | $1.26 | -21% | | Adjusted Diluted EPS | $1.75 | -7% | - **Record orders of $872 million** were achieved, with records specifically in **HST** and **FSDP** segments[5](index=5&type=chunk) - Orders expanded **6% (reported)** and **1% organically**, marking the **fourth consecutive quarter of positive organic performance**[5](index=5&type=chunk) - Full year organic sales growth and diluted EPS guidance ranges are being maintained, supported by an additional **$20 million of cost containment actions**[5](index=5&type=chunk) [Financial Guidance](index=2&type=section&id=Financial%20Guidance) IDEX provides its financial outlook for the full year and second quarter of 2025, including sales growth and EPS projections [Full Year 2025 Guidance](index=2&type=section&id=Full%20Year%202025%20Guidance) For the full year 2025, IDEX expects GAAP diluted EPS between $6.56 and $6.95, adjusted diluted EPS at $8.10 to $8.45, and organic sales growth of 1% to 3% | Metric | Low End | High End | | :-------------------- | :------ | :------- | | GAAP Diluted EPS | $6.56 | $6.95 | | Adjusted Diluted EPS | $8.10 | $8.45 | | Organic Sales Growth | 1% | 3% | [Second Quarter 2025 Guidance](index=2&type=section&id=Second%20Quarter%202025%20Guidance) For Q2 2025, IDEX forecasts GAAP diluted EPS between $1.60 and $1.72, adjusted diluted EPS between $1.95 and $2.05, and organic sales growth of 0% to 2%, incorporating tariffs and cost actions | Metric | Low End | High End | | :-------------------- | :------ | :------- | | GAAP Diluted EPS | $1.60 | $1.72 | | Adjusted Diluted EPS | $1.95 | $2.05 | | Organic Sales Growth | 0% | 2% | - Second quarter and full year guidance reflects the estimated impact of tariffs and associated incremental price realization and an additional tranche of cost actions to mitigate potential later-stage demand pressures[6](index=6&type=chunk) [Consolidated Financial Performance](index=2&type=section&id=Consolidated%20Financial%20Performance) This section details IDEX's overall financial results, including income statement and cash flow performance [Income Statement Overview](index=2&type=section&id=Income%20Statement%20Overview) Q1 2025 saw net sales increase due to acquisition, gross margin improve, but net income and diluted EPS declined due to higher expenses and tax rates | Metric (Q1 2025) | Value ($M) | Q1 2024 Value ($M) | Change (%) | Change (bps) | | :-------------------------------- | :--------- | :----------------- | :--------- | :----------- | | Orders | 871.9 | 820.3 | +6% | | | Net Sales | 814.3 | 800.5 | +2% | | | Organic Sales Change | | | -1% | | | Gross Profit | 368.9 | 357.4 | +3.2% | | | Gross Margin | 45.3% | 44.6% | | +70 bps | | Net Income Attributable to IDEX | 95.5 | 121.4 | -21.3% | | | Net Income Margin | 11.7% | 15.2% | | -350 bps | | Diluted EPS Attributable to IDEX | 1.26 | 1.60 | -21.3% | | | Adjusted Diluted EPS Attributable to IDEX | 1.75 | 1.88 | -7% | | - Net sales increased largely due to the **Mott Corporation acquisition**, while organic sales decreased due to **lower volumes** in certain Fluid & Metering Technologies and Health & Science Technologies businesses, partially offset by growth initiatives and price capture[7](index=7&type=chunk) - Gross margin and adjusted gross margin increased primarily due to **favorable operational productivity and price/cost**, with platform optimization savings mitigating higher employee-related costs[7](index=7&type=chunk) - Diluted EPS and Adjusted diluted EPS both decreased, reflecting **higher interest** due to increased debt, **higher depreciation expense**, and a **higher effective tax rate** (prior year included discrete one-time benefits)[7](index=7&type=chunk)[8](index=8&type=chunk) [Cash Flow Overview](index=2&type=section&id=Cash%20Flow%20Overview) Cash flows from operating activities decreased by $50.9 million to $105.7 million in Q1 2025, and free cash flow decreased by $45.2 million to $91.4 million, primarily due to increased inventory and interest payments | Metric (Q1 2025) | Value ($M) | Q1 2024 Value ($M) | Change ($M) | | :-------------------------------- | :--------- | :----------------- | :---------- | | Cash Flows from Operating Activities | 105.7 | 156.6 | (50.9) | | Free Cash Flow | 91.4 | 136.6 | (45.2) | | Operating Cash Flow as % of Net Income | 111% | 129% | NM | | Free Cash Flow Conversion | 69% | 95% | NM | - Both cash flows from operating activities and free cash flow decreased, reflecting **larger increases in inventory** to support planned production and **interest payments on senior notes** for the Mott acquisition[8](index=8&type=chunk) - Free cash flow also reflects **lower capital expenditures** during the current year period[8](index=8&type=chunk) [Segment Financial Results](index=3&type=section&id=Segment%20Financial%20Results) This section provides a detailed breakdown of financial performance across IDEX's key operating segments [Fluid & Metering Technologies (FMT)](index=3&type=section&id=Fluid%20%26%20Metering%20Technologies%20(FMT)) The FMT segment experienced a 7% decrease in net sales and a 4% organic sales decrease in Q1 2025 due to market softness, with Adjusted EBITDA margin decreasing by 80 basis points to 32.8% due to volume deleverage | Metric | Q1 2025 ($M) | Q1 2024 ($M) | Change (%) | Change (bps) | | :-------------------- | :----------- | :----------- | :--------- | :----------- | | Net Sales | 290.5 | 313.7 | -7% | | | Organic Sales Change | | | -4% | | | Adjusted EBITDA | 95.3 | 105.4 | -9.6% | | | Adjusted EBITDA Margin | 32.8% | 33.6% | | -80 bps | - Organic sales decreased **4%** driven by **lower volumes** resulting from softness in agriculture, chemical, energy, and semiconductor businesses, partially offset by favorable municipal water market dynamics and price capture[14](index=14&type=chunk) - Adjusted EBITDA margin decreased primarily due to **volume deleverage**, partially offset by strong price/cost and platform optimization savings[14](index=14&type=chunk) [Health & Science Technologies (HST)](index=3&type=section&id=Health%20%26%20Science%20Technologies%20(HST)) The HST segment saw a 10% increase in net sales in Q1 2025 driven by the Mott acquisition, but organic sales decreased 1% due to lower volumes; Adjusted EBITDA margin decreased 60 basis points to 25.6% due to acquisition impact and volume deleverage | Metric | Q1 2025 ($M) | Q1 2024 ($M) | Change (%) | Change (bps) | | :-------------------- | :----------- | :----------- | :--------- | :----------- | | Net Sales | 341.5 | 310.1 | +10% | | | Organic Sales Change | | | -1% | | | Adjusted EBITDA | 87.4 | 81.4 | +7.4% | | | Adjusted EBITDA Margin | 25.6% | 26.2% | | -60 bps | - Net sales increased **10%** driven by the **acquisition of Mott**; Organic sales decreased **1%** due to **lower volumes** within semiconductor, automotive, and industrial businesses, partially offset by favorable aerospace/defense markets, targeted growth initiatives, and price capture[13](index=13&type=chunk) - Adjusted EBITDA margin decreased primarily due to the **dilutive impact of the Mott acquisition** and **volume deleverage**, partially offset by favorable productivity and mix, and platform optimization savings[15](index=15&type=chunk) [Fire & Safety/Diversified Products (FSDP)](index=3&type=section&id=Fire%20%26%20Safety%2FDiversified%20Products%20(FSDP)) The FSDP segment reported a 4% increase in net sales and a 5% organic sales increase in Q1 2025, driven by growth initiatives and price capture, with Adjusted EBITDA margin increasing 50 basis points to 29.4% due to favorable volume leverage | Metric | Q1 2025 ($M) | Q1 2024 ($M) | Change (%) | Change (bps) | | :-------------------- | :----------- | :----------- | :--------- | :----------- | | Net Sales | 184.3 | 178.0 | +4% | | | Organic Sales Change | | | +5% | | | Adjusted EBITDA | 54.2 | 51.4 | +5.4% | | | Adjusted EBITDA Margin | 29.4% | 28.9% | | +50 bps | - Net sales increased **4%** and organic sales increased **5%** as a result of Fire and Safety targeted growth initiatives, Dispensing projects volumes, and price capture[19](index=19&type=chunk) - Adjusted EBITDA margin increased due to **favorable volume leverage and price/cost**, partially offset by higher employee-related costs[19](index=19&type=chunk) - In January 2025, **$30.2 million was repaid** under the revolving credit facility, and in February 2025, **256,159 shares were repurchased** at a cost of **$50.0 million**[19](index=19&type=chunk) [Corporate Costs](index=4&type=section&id=Corporate%20Costs) Corporate costs included in consolidated Adjusted EBITDA for Q1 2025 decreased by $1.0 million to $28.9 million, primarily due to lower employee-related costs - Corporate costs included in consolidated Adjusted EBITDA were **$28.9 million** during **Q1 2025**, **$1.0 million lower** compared with the same prior year period[16](index=16&type=chunk) - The decrease in corporate costs was primarily driven by **lower employee-related costs**, partially offset by increased professional services spending[16](index=16&type=chunk) [Other Corporate Information](index=4&type=section&id=Other%20Corporate%20Information) This section covers details regarding IDEX's earnings call and important forward-looking statements and risk factors [Conference Call Details](index=4&type=section&id=Conference%20Call%20Details) IDEX hosted its Q1 earnings conference call on May 1, 2025, with CEO Eric Ashleman and CFO Abhi Khandelwal discussing financial performance and answering questions - IDEX broadcast its first quarter earnings conference call over the Internet on **Thursday, May 1, 2025, at 8:00 a.m. CT**[17](index=17&type=chunk) - CEO Eric Ashleman and CFO Abhi Khandelwal discussed the Company's recent financial performance and responded to questions[17](index=17&type=chunk) [Forward-Looking Statements & Risks](index=4&type=section&id=Forward-Looking%20Statements%20%26%20Risks) This section outlines forward-looking statements and inherent risks that could materially affect IDEX's future results, including economic, competitive, and operational factors - The news release contains forward-looking statements related to **Q2 and full year 2025 outlook**, including expected organic sales, EPS, acquisition behavior, resource deployment, and cost containment efforts[18](index=18&type=chunk) - Statements are subject to inherent uncertainties and risks that could cause actual results to differ materially, including **economic conditions**, **pricing pressures**, **competitive factors**, **global events**, **acquisition integration**, **cybersecurity incidents**, **currency fluctuations**, **political conditions**, **trade policy**, **interest rates**, **supply chain**, **ESG issues**, and **litigation**[18](index=18&type=chunk)[20](index=20&type=chunk) - Investors are cautioned not to rely unduly on forward-looking statements, and management undertakes no obligation to publicly update them except as required by law[21](index=21&type=chunk) [About IDEX Corporation](index=6&type=section&id=About%20IDEX%20Corporation) IDEX Corporation designs and builds engineered products and mission-critical components across diverse sectors globally, with approximately 9,000 employees and $3.3 billion in annual sales - IDEX Corporation designs and builds engineered products and mission-critical components for diverse applications, including **microchip crafting**, **water treatment**, **global broadband satellite communications**, **fluid handling**, **healthcare diagnostics**, and **fire and rescue tools**[22](index=22&type=chunk) - Founded in 1988 with three small manufacturing companies, IDEX now comprises more than **50 diverse businesses globally**, with approximately **9,000 employees** and manufacturing operations in over **20 countries**[22](index=22&type=chunk) - The company is a diversified, high-performing, global entity with approximately **$3.3 billion in annual sales**[22](index=22&type=chunk) [Condensed Consolidated Financial Statements](index=7&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents IDEX's condensed consolidated financial statements, including income statements, balance sheets, and cash flow statements [Statements of Income](index=7&type=section&id=Statements%20of%20Income) Q1 2025 statements show net sales of $814.3 million, gross profit of $368.9 million, and net income of $95.5 million, with diluted EPS of $1.26, reflecting increased sales but decreased profitability | (in millions, except per share amounts) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------------- | :-------------------------------- | :-------------------------------- | | Net sales | $814.3 | $800.5 | | Cost of sales | 445.4 | 443.1 | | Gross profit | 368.9 | 357.4 | | Selling, general and administrative expenses | 209.4 | 195.1 | | Restructuring expenses and asset impairments | 17.5 | 1.1 | | Operating income | 142.0 | 161.2 | | Other expense (income) – net | 1.4 | (2.7) | | Interest expense – net | 16.1 | 9.4 | | Income before income taxes | 124.5 | 154.5 | | Provision for income taxes | 29.1 | 33.2 | | Net income | 95.4 | 121.3 | | Net loss attributable to noncontrolling interest | 0.1 | 0.1 | | Net income attributable to IDEX | $95.5 | $121.4 | | Diluted earnings per common share attributable to IDEX | $1.26 | $1.60 | [Balance Sheets](index=8&type=section&id=Balance%20Sheets) As of March 31, 2025, total assets were $6,795.1 million, total liabilities $2,889.2 million, and total shareholders' equity $3,906.6 million, reflecting an increase in assets and equity, and a decrease in liabilities | (in millions) | March 31, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | **Assets** | | | | Cash and cash equivalents | $594.1 | $620.8 | | Receivables – net | 482.6 | 465.9 | | Inventories – net | 466.3 | 429.7 | | Total current assets | 1,626.7 | 1,592.7 | | Goodwill | 3,286.7 | 3,251.7 | | Intangible assets - net | 1,268.3 | 1,284.8 | | Total assets | $6,795.1 | $6,745.3 | | **Liabilities and equity** | | | | Trade accounts payable | $208.3 | $197.8 | | Accrued expenses | 274.6 | 278.7 | | Current portion of long-term borrowings | 100.7 | 100.7 | | Total current liabilities | 583.6 | 629.7 | | Long-term borrowings – net | 1,839.1 | 1,859.5 | | Total liabilities | 2,889.2 | 2,951.2 | | Total shareholders' equity | 3,906.6 | 3,794.7 | | Total liabilities and equity | $6,795.1 | $6,745.3 | [Statements of Cash Flows](index=9&type=section&id=Statements%20of%20Cash%20Flows) In Q1 2025, net cash from operating activities was $105.7 million, net cash used in investing activities was $10.0 million, and net cash used in financing activities was $133.3 million, leading to a net decrease in cash | (in millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash flows provided by operating activities | $105.7 | $156.6 | | Net cash flows used in investing activities | (10.0) | (20.0) | | Net cash flows used in financing activities | (133.3) | (41.0) | | Net (decrease) increase in cash and cash equivalents and restricted cash | (26.7) | 82.0 | | Cash and cash equivalents and restricted cash at end of period | $612.2 | $616.3 | - Operating cash flows decreased due to adjustments including higher depreciation, amortization, and share-based compensation, alongside changes in working capital such as increased inventories[30](index=30&type=chunk) - Financing activities included significant payments under revolving credit facilities (**$30.2 million**), cash dividends paid (**$52.4 million**), and repurchases of common stock (**$50.0 million**)[30](index=30&type=chunk) [Company and Segment Financial Details](index=10&type=section&id=Company%20and%20Segment%20Financial%20Details) This section provides detailed financial breakdowns for IDEX and its segments, including sales, depreciation, amortization, and restructuring expenses [Net Sales by Segment](index=10&type=section&id=Net%20Sales%20by%20Segment) In Q1 2025, HST led with $341.5 million in net sales, FMT reported $290.5 million, and FSDP $184.3 million, contributing to total IDEX net sales of $814.3 million | Segment | Q1 2025 Net Sales ($M) | Q1 2024 Net Sales ($M) | | :-------------------------------- | :--------------------- | :--------------------- | | Fluid & Metering Technologies | $290.5 | $313.7 | | Health & Science Technologies | $341.5 | $310.1 | | Fire & Safety/Diversified Products | $184.3 | $178.0 | | Total IDEX | $814.3 | $800.5 | [Depreciation by Segment](index=10&type=section&id=Depreciation%20by%20Segment) Total depreciation for IDEX in Q1 2025 was $18.4 million, with HST accounting for the largest portion at $11.7 million, reflecting an increase from the prior year | Segment | Q1 2025 Depreciation ($M) | Q1 2024 Depreciation ($M) | | :-------------------------------- | :------------------------ | :------------------------ | | Fluid & Metering Technologies | $4.4 | $4.3 | | Health & Science Technologies | $11.7 | $9.4 | | Fire & Safety/Diversified Products | $2.2 | $2.3 | | Corporate Office | $0.1 | $0.2 | | Total IDEX | $18.4 | $16.2 | [Amortization of Intangible Assets by Segment](index=10&type=section&id=Amortization%20of%20Intangible%20Assets%20by%20Segment) Total amortization of intangible assets increased to $31.5 million in Q1 2025, with HST showing a significant rise to $24.6 million, likely due to recent acquisitions | Segment | Q1 2025 Amortization ($M) | Q1 2024 Amortization ($M) | | :-------------------------------- | :------------------------ | :------------------------ | | Fluid & Metering Technologies | $5.3 | $5.3 | | Health & Science Technologies | $24.6 | $17.7 | | Fire & Safety/Diversified Products | $1.6 | $1.6 | | Total IDEX | $31.5 | $24.6 | [Restructuring Expenses and Asset Impairments by Segment](index=10&type=section&id=Restructuring%20Expenses%20and%20Asset%20Impairments%20by%20Segment) Total restructuring expenses and asset impairments dramatically increased to $17.5 million in Q1 2025, with HST and FMT incurring the largest portions, indicating significant restructuring actions | Segment | Q1 2025 Restructuring Expenses ($M) | Q1 2024 Restructuring Expenses ($M) | | :-------------------------------- | :---------------------------------- | :---------------------------------- | | Fluid & Metering Technologies | $4.2 | $0.5 | | Health & Science Technologies | $11.4 | $0.5 | | Fire & Safety/Diversified Products | $1.6 | — | | Corporate Office | $0.3 | $0.1 | | Total IDEX | $17.5 | $1.1 | [Non-GAAP Financial Measures & Reconciliations](index=11&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) This section defines IDEX's non-GAAP financial metrics and provides reconciliations to their most directly comparable GAAP measures [Non-GAAP Definitions](index=11&type=section&id=Non-GAAP%20Definitions) This section defines IDEX's non-GAAP financial metrics, such as organic sales, adjusted EPS, and free cash flow, which provide additional insight into ongoing operations - Non-GAAP measures provide greater insight and transparency by excluding items not reflective of ongoing operations[33](index=33&type=chunk) - Organic orders and sales exclude amounts from acquired/divested businesses and foreign currency translation[34](index=34&type=chunk) - Adjusted gross profit, net income, and diluted EPS are calculated by adding back fair value inventory step-up charges, restructuring expenses, and acquisition-related intangible asset amortization (all net of tax where applicable)[34](index=34&type=chunk) - Adjusted EBITDA is consolidated earnings before interest, taxes, depreciation, and amortization, plus fair value inventory step-up charges and restructuring expenses; Free cash flow is operating cash flow less capital expenditures[34](index=34&type=chunk) [Reconciliation of Sales to Organic Sales](index=12&type=section&id=Reconciliation%20of%20Sales%20to%20Organic%20Sales) For Q1 2025, IDEX's reported net sales change was 2%, which reconciles to a -1% organic sales change after adjusting for acquisitions/divestitures and foreign currency impacts | | FMT | HST | FSDP | IDEX | | :------------------------------ | :---- | :---- | :---- | :---- | | Change in net sales | (7 %) | 10 % | 4 % | 2 % | | Less: Net impact from acquisitions/divestitures | (2 %) | 12 % | — % | 4 % | | Less: Impact from foreign currency | (1 %) | (1 %) | (1 %) | (1 %) | | Change in organic sales | (4 %) | (1 %) | 5 % | (1 %) | [Reconciliation of Gross Profit and Gross Margin](index=12&type=section&id=Reconciliation%20of%20Gross%20Profit%20and%20Gross%20Margin) In Q1 2025, reported gross profit and margin were $368.9 million and 45.3% respectively, with no fair value inventory step-up charges, resulting in identical adjusted figures | (dollars in millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------- | :-------------------------------- | :-------------------------------- | | Gross profit | $368.9 | $357.4 | | Fair value inventory step-up charges | — | 2.5 | | Adjusted gross profit | $368.9 | $359.9 | | Net sales | $814.3 | $800.5 | | Gross margin | 45.3 % | 44.6 % | | Adjusted gross margin | 45.3 % | 45.0 % | [Reconciliation of Net Income and Diluted EPS](index=12&type=section&id=Reconciliation%20of%20Net%20Income%20and%20Diluted%20EPS) For Q1 2025, reported net income of $95.5 million and diluted EPS of $1.26 were reconciled to adjusted figures of $133.0 million and $1.75, respectively, after accounting for restructuring and amortization | (in millions, except per share amounts) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------------- | :-------------------------------- | :-------------------------------- | | Reported net income attributable to IDEX | $95.5 | $121.4 | | Restructuring expenses and asset impairments | 17.5 | 1.1 | | Tax impact on restructuring expenses and asset impairments | (4.1) | (0.3) | | Acquisition-related intangible asset amortization | 31.5 | 24.6 | | Tax impact on acquisition-related intangible asset amortization | (7.4) | (5.6) | | Adjusted net income attributable to IDEX | $133.0 | $143.2 | | Reported diluted EPS attributable to IDEX | $1.26 | $1.60 | | Adjusted diluted EPS attributable to IDEX | $1.75 | $1.88 | [Reconciliation of Net Income to Adjusted EBITDA](index=13&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) IDEX's Q1 2025 reported net income of $95.4 million was reconciled to an Adjusted EBITDA of $208.0 million by adding back taxes, interest, depreciation, amortization, and restructuring expenses | (dollars in millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------- | :-------------------------------- | :-------------------------------- | | Reported net income | $95.4 | $121.3 | | Provision for income taxes | 29.1 | 33.2 | | Interest expense - net | 16.1 | 9.4 | | Depreciation | 18.4 | 16.2 | | Amortization | 31.5 | 24.6 | | Restructuring expenses and asset impairments | 17.5 | 1.1 | | Adjusted EBITDA | $208.0 | $208.3 | | Adjusted EBITDA Components: | | | | FMT | $95.3 | $105.4 | | HST | $87.4 | $81.4 | | FSDP | $54.2 | $51.4 | | Corporate and other | $(28.9) | $(29.9) | | Total Adjusted EBITDA | $208.0 | $208.3 | | Adjusted EBITDA margin | 25.5 % | 26.0 % | [Reconciliation of Cash Flows to Free Cash Flow](index=13&type=section&id=Reconciliation%20of%20Cash%20Flows%20to%20Free%20Cash%20Flow) For Q1 2025, cash flows from operating activities of $105.7 million resulted in free cash flow of $91.4 million after capital expenditures, representing a 69% conversion rate | (dollars in millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Cash flows from operating activities | $105.7 | $156.6 | | Less: Capital expenditures | 14.3 | 20.0 | | Free cash flow | $91.4 | $136.6 | | Free cash flow conversion | 69 % | 95 % | [Guidance Reconciliations](index=14&type=section&id=Guidance%20Reconciliations) This section reconciles estimated 2025 guidance for net sales, diluted EPS, and net income to their respective organic, adjusted, and EBITDA non-GAAP measures **Estimated 2025 Change in Net Sales to Change in Organic Sales:** | | Second Quarter 2025 | Full Year 2025 | | :-------------------------------- | :-------------------- | :------------- | | Estimated change in net sales | 6 % - 8 % | 4 % - 6 % | | Less: Net impact from acquisitions/divestitures | 6 % - 6 % | 3 % - 3 % | | Less: Impact from foreign currency | — % - — % | — % - — % | | Estimated change in organic sales | — % - 2 % | 1 % - 3 % | **Estimated 2025 Diluted EPS Attributable to IDEX to Adjusted Diluted EPS Attributable to IDEX:** | | Second Quarter 2025 | Full Year 2025 | | :-------------------------------------- | :-------------------- | :------------- | | Estimated diluted EPS attributable to IDEX | $1.60 - $1.72 | $6.56 - $6.95 | | Estimated adjusted diluted EPS attributable to IDEX | $1.95 - $2.05 | $8.10 - $8.45 | **Estimated 2025 Net Income to Adjusted EBITDA (Full Year):** | | Low End ($M) | High End ($M) | | :-------------------------- | :----------- | :------------ | | Estimated Reported net income | $498.8 | $527.7 | | Estimated Adjusted EBITDA | $939.8 | $973.2 | | Estimated Adjusted EBITDA margin | 27.5% | 28.0% |

Core Insights - IDEX Biometrics ASA has published its annual report and remuneration report for 2024, along with its annual financial statements in European Single Electronic Format (ESEF) [1] - The company has disclosed a strategic shift to focus on the access market while continuing to leverage its efforts in the payment market, leading to adjustments in the 2024 financial statements [1] Financial Reporting - The preliminary financial statements for 2024 were disclosed on 27 February 2025 [1] - Adjustments to the 2024 statements of profit and loss and financial position were made, which were reflected in the interim balance sheet published on 21 March 2025 [1] Company Overview - IDEX Biometrics ASA is a global leader in fingerprint biometrics, providing authentication solutions across payments, access control, and digital identity [2] - The company's biometric solutions are built on patented sensor technologies and target card-based applications for payments and digital authentication [2]

Group 1 - IDEX Corporation (IEX) shares increased by 7.3% to close at $173.80, following a period of 12.4% loss over the past four weeks, indicating notable trading volume [1][2] - The rally is attributed to optimism regarding IDEX's strong momentum in the intelligent water business and the Trump administration's temporary halt on reciprocal tariffs for most countries [2] - IDEX is expected to report quarterly earnings of $1.64 per share, reflecting a year-over-year decline of 12.8%, while revenues are projected to be $811.61 million, an increase of 1.4% from the previous year [3] Group 2 - The consensus EPS estimate for IDEX has remained unchanged over the last 30 days, suggesting that stock price movements may not sustain without trends in earnings estimate revisions [5] - IDEX holds a Zacks Rank of 3 (Hold), indicating a neutral outlook, while another stock in the same industry, DNOW, has a Zacks Rank of 1 (Strong Buy) [5][6] - DNOW's consensus EPS estimate is $0.19, representing a decline of 9.5% from the previous year, and the stock finished the last trading session 10.4% higher at $15.66 [6]

Group 1: Company Performance - IDEX Corporation (IEX) is experiencing solid momentum in the Fluid & Metering Technologies segment, with organic revenues increasing by 3% year-over-year in Q4 2024. The company anticipates overall organic revenues to rise by 1-3% year-over-year in 2025 [1] - The Health & Science Technologies segment is facing challenges, with organic revenues declining by 7% year-over-year in 2024 and remaining flat in Q4 [7] - Rising selling, general, and administrative expenses are impacting IDEX's bottom line, increasing by 14% year-over-year in Q4 2024, with costs of sales also rising by 9.7% [8] Group 2: Acquisitions and Growth Strategy - IDEX is focused on expanding its business through acquisitions, having acquired Mott Corporation for $1 billion in September 2024, enhancing its capabilities in applied materials science technology [2] - In December 2023, IDEX completed the acquisition of STC Material Solutions for $206 million, further strengthening its expertise in material sciences [3] - Acquisitions positively impacted sales by 6% in Q4 2024, indicating a successful integration of new businesses [3] Group 3: Shareholder Returns - Management is committed to rewarding shareholders, having paid dividends totaling $205.3 million in 2024, which is a 7.7% increase year-over-year [4] - The quarterly dividend rate was increased by 7.8% in May 2024, reflecting the company's focus on returning value to shareholders [4]

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS STOCK EXCHANGE ANNOUNCEMENT. Oslo, Norway – 31 March 2025 - Reference is made to the stock exchange announcements from IDEX Biometrics ASA (the "Compan ...

IDEX Biometrics ASA will hold an extraordinary general meeting (“EGM”) on Friday 11 April 2025 at 12.00 CET as an online meeting.  Reference is made to the announcement by IDEX Biometrics ASA (the "Company") on 11 March 2025 regarding the loan financing of NOK 30 million secured, proposed debt conversion, and amendment of Convertible Bond. The EGM-notice and the interim statement of financial position are attached. Shareholders may attend online by PC, smartphone or tablet. There is no physical attendance o ...

Group 1: Company Performance and Segments - IDEX Corporation (IEX) is expected to benefit from the strength in the Fluid & Metering Technologies segment, with organic revenues increasing by 3% year-over-year in Q4 2024 and an anticipated overall organic revenue growth of 1-3% in 2025 [1] - The company acquired Mott Corporation for $1 billion in September 2024, enhancing its applied materials science technology capabilities and micro-precision technology offerings in key markets [2] - In December 2023, IEX acquired STC Material Solutions for $206 million, which expanded its expertise in material sciences, contributing positively to sales by 6% in Q4 2024 [3] Group 2: Shareholder Returns - IEX has been committed to rewarding shareholders, with dividend payments totaling $205.3 million in 2024, reflecting a 7.7% year-over-year increase, and a 7.8% hike in its quarterly dividend rate announced in May 2024 [4] Group 3: Financial Challenges - The company faced escalating operating expenses, with a 9.7% year-over-year increase in the cost of sales and a 14% rise in selling, general, and administrative expenses in Q4 2024, leading to a 90 basis points increase in these expenses as a percentage of sales to 22.9% [7] - Weakness in the Health & Science Technologies segment due to softness in life sciences, analytical instrumentation, automotive, and semiconductor capital equipment markets raises concerns [6]

Group 1 - IDEX Biometrics has received a production order valued at approximately USD 50,000 from Beautiful Card Corporation for a biometric payment card program in the Japanese market [1] - Beautiful Card Corporation is positioned as a leader in the biometric smart card sector, focusing on payment and access cards globally [2] - IDEX Biometrics specializes in fingerprint biometrics, providing authentication solutions for payments, access control, and digital identity, leveraging patented technologies [3] Group 2 - The announcement was made in compliance with the EU Market Abuse Regulation and the Norwegian Securities Trading Act [5]

Core Viewpoint - IDEX Biometrics ASA has announced the commencement of the exercise period for Warrants A, allowing holders to subscribe for new shares at a price of NOK 0.15, with the exercise period running from 28 February 2025 to 13 March 2025 [2][3]. Company Information - IDEX Biometrics ASA is a global technology leader in fingerprint biometrics, providing authentication solutions for payments, access control, and digital identity [6]. - The company's biometric solutions are built on patented sensor technologies and target card-based applications for payments and digital authentication [6]. - IDEX Biometrics partners with leading card manufacturers and technology companies to bring its solutions to market [6]. Warrant Details - Each Warrant A allows the holder to subscribe for one new share at a subscription price of NOK 0.15, with unexercised Warrants A lapsing without compensation [3]. - The exercise procedure requires the submission of a completed exercise form and payment of the aggregate subscription price for the new shares [4]. - Warrants B will have a separate exercise period from 31 March 2025 to 11 April 2025 [3].