July 28, 2022 Lincoln Electric Holdings, Inc. Overview Virtual Nondeal Roadshow May 3, 2021 Gabe Bruno EVP & Chief Financial Officer LINCOLN ELECTRIC HOLDINGS, INC. Q2 2022 Earnings Safe Harbor and Regulation G Disclosures Forward-Looking Statements: Statements made during this presentation which are not historical facts may be considered forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from those expressed ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the three and six months ended June 30, 2022, and 2021, including the Statements of Income, Comprehensive Income, Balance Sheets, Equity, and Cash Flows, along with accompanying notes [Consolidated Statements of Income (Unaudited)](index=4&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME%20(UNAUDITED)) For Q2 2022, net sales reached **$969.6 million** and net income was **$127.8 million**, marking a 17.3% and 33.0% year-over-year increase, respectively, with diluted EPS rising to **$2.18** Consolidated Statements of Income (in thousands, except per share amounts) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2022** | **2021** | **2022** | **2021** | | **Net sales** | $969,589 | $826,454 | $1,895,037 | $1,583,475 | | **Gross profit** | $333,481 | $274,009 | $663,258 | $527,776 | | **Operating income** | $167,533 | $121,822 | $328,739 | $225,750 | | **Net income** | $127,823 | $96,105 | $253,853 | $170,282 | | **Diluted earnings per share** | $2.18 | $1.60 | $4.30 | $2.83 | [Consolidated Statements of Comprehensive Income (Loss) (Unaudited)](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME%20(LOSS)%20(UNAUDITED)) Comprehensive income attributable to shareholders was **$102.1 million** for Q2 2022, a slight decrease from **$103.3 million** in the prior-year period, primarily due to a **$34.6 million** negative currency translation adjustment Consolidated Statements of Comprehensive Income (in thousands) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2022** | **2021** | **2022** | **2021** | | **Net income** | $127,822 | $96,280 | $253,853 | $170,413 | | **Other comprehensive income (loss)** | $(25,709) | $7,123 | $(27,696) | $(3,270) | | *Currency translation adjustment* | *$(34,615)* | *$13,579* | *$(42,064)* | *$(9,164)* | | **Comprehensive income attributable to shareholders** | $102,133 | $103,338 | $226,042 | $167,281 | [Condensed Consolidated Balance Sheets (Unaudited)](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS%20(UNAUDITED)) As of June 30, 2022, total assets increased to **$2.74 billion** from **$2.59 billion** at year-end 2021, driven by higher inventories and accounts receivable, while total liabilities rose to **$1.83 billion** and total shareholders' equity increased to **$913.1 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $1,465,203 | $1,289,593 | | **Total Assets** | $2,741,813 | $2,592,307 | | **Total Current Liabilities** | $903,683 | $755,905 | | **Total Liabilities** | $1,828,830 | $1,728,398 | | **Total Shareholders' Equity** | $913,061 | $864,102 | [Consolidated Statements of Equity (Unaudited)](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20EQUITY%20(UNAUDITED)) Total equity increased from **$863.9 million** at the end of 2021 to **$913.0 million** at June 30, 2022, primarily driven by **$253.9 million** in net income, partially offset by **$129.7 million** in share repurchases and **$65.2 million** in cash dividends Changes in Equity - Six Months Ended June 30, 2022 (in thousands) | | Amount | | :--- | :--- | | **Balance at December 31, 2021** | $863,909 | | Net income | $253,853 | | Other comprehensive loss | $(27,811) | | Cash dividends declared | $(65,203) | | Purchase of shares for treasury | $(129,698) | | **Balance at June 30, 2022** | $912,983 | [Consolidated Statements of Cash Flows (Unaudited)](index=9&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS%20(UNAUDITED)) For the six months ended June 30, 2022, net cash provided by operating activities was **$141.3 million**, a slight decrease from **$145.2 million** in the prior year, mainly due to increased investment in working capital, while investing activities used **$55.0 million** and financing activities used **$122.4 million** Consolidated Statements of Cash Flows (in thousands) | | Six Months Ended June 30, | | :--- | :--- | | | **2022** | **2021** | | **Net Cash Provided by Operating Activities** | $141,301 | $145,234 | | **Net Cash Used by Investing Activities** | $(55,005) | $(102,434) | | **Net Cash Used by Financing Activities** | $(122,366) | $(108,995) | | **Decrease in Cash and Cash Equivalents** | $(40,162) | $(66,395) | | **Cash and Cash Equivalents at End of Period** | $152,796 | $190,884 | [Notes to Unaudited Consolidated Financial Statements](index=10&type=section&id=NOTES%20TO%20UNAUDITED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The notes detail significant accounting policies, including the impact of the Russia-Ukraine conflict and hyperinflationary accounting in Turkey, disaggregate revenue by product line, and outline debt structure, derivatives, and share repurchase activities - In response to the Russia-Ukraine conflict, the company ceased operations in Russia in March 2022, with the financial impact not expected to be material as Russia represented **less than 1%** of consolidated Net Sales and Total Assets in 2021[27](index=27&type=chunk) - Due to Turkey's economy becoming highly inflationary in Q2 2022, the financial statements of the Turkish operation are now remeasured into U.S. dollars, with exchange gains/losses reflected in current earnings[28](index=28&type=chunk) Net Sales by Product Line (in thousands) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2022** | **2021** | **2022** | **2021** | | **Consumables** | $568,855 | $475,559 | $1,108,017 | $909,738 | | **Equipment** | $400,734 | $350,895 | $787,020 | $673,737 | - During the first half of 2022, the company purchased **1.0 million shares** at an average cost of **$130.31 per share**, with **9.3 million shares** remaining available for repurchase as of June 30, 2022[52](index=52&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net sales for Q2 2022 increased **17.3%** to **$969.6 million**, driven by a **17.1%** pricing increase and **3.4%** volume growth, partially offset by a **6.1%** negative foreign exchange impact, with gross profit margin improving to **34.4%** and ROIC increasing to **26.3%** Net Sales Change Analysis - Q2 2022 vs Q2 2021 | | % Change | | :--- | :--- | | Volume | 3.4% | | Acquisitions | 2.9% | | Price | 17.1% | | Foreign Exchange | (6.1)% | | **Total Net Sales Change** | **17.3%** | Segment Adjusted EBIT - Q2 2022 vs Q2 2021 (in thousands) | Segment | Q2 2022 Adjusted EBIT | Q2 2021 Adjusted EBIT | % Change | | :--- | :--- | :--- | :--- | | Americas Welding | $118,067 | $84,134 | 40.3% | | International Welding | $35,009 | $29,997 | 16.7% | | The Harris Products Group | $17,922 | $18,212 | (1.6)% | - Cash from operations decreased slightly in H1 2022 to **$141.3 million** from **$145.2 million** in H1 2021, primarily due to increased investment in working capital to minimize potential supply chain disruptions[118](index=118&type=chunk)[127](index=127&type=chunk) Reconciliation to Adjusted Diluted EPS | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2022** | **2021** | **2022** | **2021** | | **Diluted EPS as reported** | $2.18 | $1.60 | $4.30 | $2.83 | | Special items per share | $0.00 | $0.07 | $(0.01) | $0.21 | | **Adjusted diluted EPS** | $2.18 | $1.67 | $4.29 | $3.04 | - Return on Invested Capital (ROIC), a non-GAAP measure, increased to **26.3%** for the twelve months ended June 30, 2022, compared to **21.4%** for the same period in 2021[124](index=124&type=chunk)[125](index=125&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in its exposure to market risk since December 31, 2021, referring to its Annual Report on Form 10-K for detailed discussion - There have been no material changes in the Company's exposure to market risk since December 31, 2021[136](index=136&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the Company's disclosure controls and procedures were effective as of June 30, 2022[137](index=137&type=chunk) - No changes in the Company's internal control over financial reporting occurred during the quarter ended June 30, 2022, that materially affected, or are reasonably likely to materially affect, internal controls[138](index=138&type=chunk) [PART II. OTHER INFORMATION](index=36&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) As of June 30, 2022, the company is a co-defendant in approximately **1,501** asbestos-related illness cases, representing a net decrease of **23** claims from the prior period - As of June 30, 2022, the Company was a co-defendant in cases alleging asbestos induced illness involving claims by approximately **1,501 plaintiffs**, a net decrease of **23 claims** from the prior period[141](index=141&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) This section directs readers to the risk factors detailed in the company's Annual Report on Form 10-K for the year ended December 31, 2021, and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 - The report refers readers to the 'Risk Factors' section in the Annual Report on Form 10-K for the year ended December 31, 2021, and the 10-Q for the quarter ended March 31, 2022, for a discussion of factors that could materially affect the business[142](index=142&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2022, the company repurchased **190,714** common shares at an average price of **$131.71** per share, with approximately **9.3 million** shares remaining authorized for repurchase under the existing program Issuer Purchases of Common Shares - Q2 2022 | Period | Total Shares Repurchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 1 - 30, 2022 | 61,516 | $131.77 | | May 1 - 31, 2022 | 52,721 | $132.78 | | June 1 - 30, 2022 | 76,477 | $130.93 | | **Total** | **190,714** | **$131.71** | - As of June 30, 2022, **9.3 million shares** may yet be purchased under the company's **10 million share** repurchase program authorized on February 12, 2020[143](index=143&type=chunk)[144](index=144&type=chunk) [Mine Safety Disclosures](index=36&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is reported as not applicable for the period - Not applicable[144](index=144&type=chunk) [Exhibits](index=37&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including CEO and CFO certifications pursuant to the Securities Exchange Act of 1934 and the Sarbanes-Oxley Act of 2002, as well as Inline XBRL documents - Exhibits filed include CEO and CFO certifications (31.1, 31.2, 32.1) and various Inline XBRL documents (101 series)[145](index=145&type=chunk)

June 8, 2022 LINCOLN ELECTRIC HOLDINGS, INC. Overview Lincoln Electric Holdings, Inc. Overview Virtual Nondeal Roadshow May 3, 2021 Gabe Bruno EVP & Chief Financial Officer Safe Harbor and Regulation G Disclosures Forward-Looking Statements: Statements made during this presentation which are not historical facts may be considered forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or implie ...

Financial Data and Key Metrics Changes - The company reported record first quarter sales of $925 million, a 22% increase year-over-year, driven by 22% organic growth [7][10] - Adjusted earnings per share increased 53% to $2.10, marking a record performance [10][24] - The adjusted operating income margin reached a record 17.6%, with a 32% incremental margin [8][22] Business Line Data and Key Metrics Changes - Americas Welding segment's adjusted EBIT increased approximately 46% to $112 million, with organic sales up 25% [25][26] - International Welding segment's adjusted EBIT nearly doubled to $37 million, with organic sales increasing approximately 23% [28][29] - Harris Products Group's adjusted EBIT increased approximately 5% to $20 million, with organic sales up about 9% [31][32] Market Data and Key Metrics Changes - All reportable segments, geographic regions, and main product families achieved positive organic sales growth [13] - Infrastructure construction, automotive, and general fabrication led organic growth, each growing above 20% [15] - The company expects accelerated demand from heavy industries, automotive, and energy markets as supply chain constraints are resolved [16] Company Strategy and Development Direction - The company is focusing on growth technologies, including Cobots, laser hotwire technology for EV battery systems, and large-scale metal 3D printing solutions [40][41][42][43] - The company is increasing its full-year organic growth assumptions to the mid-teens percent range, reflecting better-than-expected volume performance and additional price increases [37] - The company continues to prioritize safety and customer-first service while executing its higher standard 2025 strategy [39] Management's Comments on Operating Environment and Future Outlook - Management noted that while the operating environment has become more challenging internationally, they are effectively managing inflation and supply chain constraints [39] - The company is monitoring regional risks, particularly in international markets due to geopolitical tensions and COVID-related challenges [51] - Management expressed confidence in the company's ability to generate superior value under challenging conditions [39] Other Important Information - The company ceased operations in Russia, which represented less than 1% of sales, with an immaterial impact on overall performance [11] - The company generated $43 million in cash flows from operations, with working capital increasing to support recovery and mitigate supply chain constraints [33] - Capital expenditures increased by 88% to approximately $90 million, focusing on long-term capacity needs and automation [34] Q&A Session Summary Question: Trends in orders and demand divergence between Americas and International Welding - Management observed an acceleration in orders throughout the quarter, with good strength and demand progression into the second quarter [48][50] Question: Growth expectations for automation and additive technologies - Management indicated strong growth in automation, with a run rate increase from $500 million to $600 million, and confidence in additive technologies following successful projects [52][54] Question: Supply chain challenges and their impact on growth - Management acknowledged ongoing supply chain challenges but noted improvements in certain areas, which may have limited growth in automation [60][62] Question: Impact of pricing and volume on organic growth expectations - Management expects mid-single-digit volume growth and continued strong pricing actions to support mid-teens organic growth for the year [95] Question: Revenue exposure in China and impact of lockdowns - Management confirmed that China represents less than 5% of revenue and expects challenges to continue but not worsen significantly [105][106]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Ohio 34-1860551 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 22801 St. Clair Avenue, Cleveland, Ohio 44117 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition p ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or (Exact name of registrant as specified in its charter) Ohio 34-1860551 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 22801 St. Clair Avenue, Cleveland, Ohio 44117 (Address of principal executive offices) (Zip Code) (216) 481 ...

Financial Data and Key Metrics Changes - The company achieved record sales of $3.2 billion in 2021, a 22% increase from the previous year, with 19% organic growth and 2% from acquisitions [8][10] - Adjusted earnings per share rose 50% to a record $6.22, with record returns of 23.9% [10][11] - Cash generation increased to $365 million, representing approximately 81% cash conversion, lower than the standard 100% performance [10][11] - The adjusted operating income margin increased by 240 basis points to 14.8% [8] Business Line Data and Key Metrics Changes - The Americas Welding segment's adjusted EBIT increased 21% to approximately $84 million, with organic sales up 24% [22] - The International Welding segment's adjusted EBIT nearly doubled to $28 million, with organic sales increasing approximately 13% [23] - The Harris Products Group saw a 16% increase in adjusted EBIT to $16 million, with organic sales up approximately 12% [25] Market Data and Key Metrics Changes - Organic sales growth was achieved across all end markets, with a strong mid-30% increase in construction infrastructure [13] - North America and European organic growth outpaced Asia Pacific due to slow industrial output in China [15] - Customers expressed needs for added capacity, driven by high demand, record backlogs, and low inventory levels [15] Company Strategy and Development Direction - The company is focused on its 2025 Higher Standard Strategy, targeting high single-digit to low double-digit sales growth from 2020 to 2025 [34][36] - The strategy includes advancing operational excellence, richening the business mix, and leveraging the Lincoln business system for greater efficiencies [36] - The company aims for an average operating income margin of 16% between 2020 and 2025, with a high teens to low 20% EPS growth rate [37] Management's Comments on Operating Environment and Future Outlook - Management anticipates navigating a dynamic operating environment in 2022, expecting a high single-digit to low double-digit organic growth rate [29] - The company plans to invest $70 million to $80 million in capital expenditures in 2022, with an expected cash conversion rate of approximately 90% [31] - Management expressed confidence in the demand profile and backlog levels entering 2022, indicating strong momentum [42][45] Other Important Information - The company increased its dividend by nearly 10%, marking the 26th consecutive increase [11] - The company maintained a solid balance sheet with approximately $729 million in liquidity and no near-term debt maturities [11][28] Q&A Session Summary Question: How is Lincoln's positioning and demand momentum entering 2022? - Management noted strong momentum from Q4 2021 continuing into early 2022, with strong backlogs primarily in equipment and automation [42] Question: What are the volume versus price contributions to the 2022 sales guide? - Management indicated that 2021 performance was about half volume and half price, with expectations for more price contribution in the first half of 2022 due to prior pricing actions [43][44] Question: What is the outlook for infrastructure spending and related catalysts? - Management highlighted that increased infrastructure spending is expected to positively impact various segments, including general industries and automation [46][47] Question: What is the expected contribution of automation to growth in 2022? - Management expects automation to grow at double-digit rates, driven by strong demand and backlog [72] Question: How does the company view the international business volume growth potential for 2022? - Management expects solid volume growth in the international business, excluding China, despite current challenges in that market [68] Question: What are the expectations for LIFO charges in 2022? - Management indicated that LIFO charges are factored into the operating plan, with expectations for a disciplined price/cost neutral approach [60][62] Question: How significant is the automation business in revenue now? - The automation business is currently at a run rate of around $500 million globally [95]

Financial Highlights - Full year 2021 reported sales increased 22% to a record $3.2 billion[9] - Full year 2021 adjusted EPS increased 50% to a record $6.22[9] - Full year 2021 record ROIC increased +620 bps vs prior year to 23.9%[9] - The company returned $286 million to shareholders through dividends and share repurchases in full year 2021[9] - Q4 2021 net sales increased 21.7% year-over-year to $844.3 million[12] - Q4 2021 adjusted diluted EPS increased 29.8% year-over-year to $1.61[12] Segment Performance - Americas Welding Q4 2021 net sales increased 24.2% year-over-year to $480.3 million[13] - International Welding Q4 2021 net sales increased 14.3% year-over-year to $245.5 million[17] - The Harris Products Group Q4 2021 net sales increased 28.1% year-over-year to $118.5 million[21] Sales Mix Analysis - Q4 2021 sales mix showed a total increase of 21.7%, with volume contributing 5.6% and price contributing 13.4%[11] - Americas Welding Q4 2021 sales mix showed a total increase of 24.2%, with volume contributing 9.3% and price contributing 14.6%[15] - International Welding Q4 2021 sales mix showed a total increase of 14.3%, with price contributing 13.9%[19] - The Harris Products Group Q4 2021 sales mix showed a total increase of 28.1%, with volume contributing 5.4% and price contributing 7.0%[21]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 (216) 481-8100 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 0-1402 LINCOLN ELECTRIC HOLDINGS, INC. (Exact name of registrant as specified ...

Lincoln Electric Holdings, Inc. (NASDAQ:LECO) Q3 2021 Earnings Conference Call October 28, 2021 10:00 AM ET Company Participants Amanda Butler - VP, IR & Communications Christopher Mapes - Chairman, President & CEO Gabriel Bruno - EVP, CFO & Treasurer Conference Call Participants Bryan Blair - Oppenheimer Dillon Cumming - Morgan Stanley Robert Barger - KeyBanc Capital Markets Operator Greetings, and welcome to the Lincoln Electric 2021 Third Quarter Financial Results Conference Call. [Operator Instructions] ...