October 27, 2022 Lincoln Electric Holdings, Inc. Overview Virtual Nondeal Roadshow May 3, 2021 Gabe Bruno EVP & Chief Financial Officer LINCOLN ELECTRIC HOLDINGS, INC. Q3 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 express ...

Financial Performance - Net sales for the three months ended September 30, 2022, increased by 16.0% to $935,240, compared to $806,454 in the same period of 2021[100] - Gross profit for the three months ended September 30, 2022, was $309,518, reflecting a 15.4% increase from $268,172 in 2021[100] - Operating income for the three months ended September 30, 2022, rose to $142,109, a 23.0% increase from $115,570 in the prior year[100] - Net income for the three months ended September 30, 2022, was $109,225, representing a 243.9% increase compared to $31,757 in 2021[100] - Diluted earnings per share for the three months ended September 30, 2022, increased to $1.87, up 253.4% from $0.53 in the same period last year[100] - For the nine months ended September 30, 2022, net sales increased by 18.4% to $2,830,277, compared to $2,389,929 in 2021[100] - Consolidated net income for Q3 2022 was $109.2 million, a 243.9% increase from $31.8 million in Q3 2021[111] - Adjusted EBIT for the consolidated segment rose by 25.6% to $156.8 million in Q3 2022 from $124.9 million in Q3 2021[111] - The company reported a 79.7% increase in net income for the nine months ended September 30, 2022, totaling $363.1 million compared to $202.0 million in 2021[114] - Adjusted diluted earnings per share for Q3 2022 was $2.04, up from $1.56 in Q3 2021[120] Segment Performance - The Americas Welding segment reported a 26.9% increase in net sales for the three months ended September 30, 2022, reaching $585,628[107] - The International Welding segment experienced a 4.7% decrease in net sales for the three months ended September 30, 2022, totaling $216,497[107] - The Harris Products Group saw a 13.0% increase in net sales for the three months ended September 30, 2022, amounting to $133,115[107] - Americas Welding net sales increased by 26.9% to $585.6 million in Q3 2022 compared to $461.5 million in Q3 2021[111] - International Welding net sales decreased by 4.7% to $216.5 million in Q3 2022 compared to $227.2 million in Q3 2021[111] - The Harris Products Group net sales increased by 13.0% to $133.1 million in Q3 2022 from $117.8 million in Q3 2021[111] - For the nine months ended September 30, 2022, Americas Welding net sales increased by 27.6% to $1.72 billion compared to $1.34 billion in the same period of 2021[114] - Adjusted EBIT for the International Welding segment increased by 25.0% to $97.3 million for the nine months ended September 30, 2022[114] Tax and Expenses - The effective tax rate for the three months ended September 30, 2022, was 20.6%, up from 17.3% in the same period of 2021[100] - The company implemented pricing actions to offset higher input costs, contributing to improved financial performance despite increased employee costs[112] Cash Flow and Investments - Cash provided by operating activities increased by $16,459, reaching $271,584 for the nine months ended September 30, 2022, compared to $255,125 in the same period of 2021[124] - Cash used by investing activities decreased significantly by $122,441, totaling $(72,257) in 2022, compared to $(194,698) in 2021, primarily due to lower acquisition costs[124] - Anticipated capital expenditures for 2022 are projected to be between $70,000 and $80,000, focusing on maintenance and efficiency improvements[126] - Cash and cash equivalents decreased by 26.8%, or $51,651, to $141,307 during the nine months ended September 30, 2022, from $192,958 as of December 31, 2021[126] Return on Investment - Return on invested capital (ROIC) as reported increased to 26.8% for the twelve months ended September 30, 2022, up from 17.5% in 2021[130] - Adjusted return on invested capital rose to 28.7% for the twelve months ended September 30, 2022, compared to 22.8% in 2021[130] Financing and Dividends - The company plans to fund global expansion primarily through operational cash flow, with potential access to capital markets for significant acquisitions[123] - The company paid a cash dividend of $0.56 per share, totaling $32,334, to shareholders as of September 30, 2022[125] - The fair value of long-term debt was approximately $597,972 as of September 30, 2022, compared to $776,655 as of December 31, 2021[133] - The company had $37,000 of outstanding borrowings under its $500,000 revolving credit agreement as of September 30, 2022[134]

Financial Data and Key Metrics Changes - The company reported record sales of $935 million, representing a 21% organic growth driven by a 13% increase in prices and a 9% increase in volumes [5][6] - Adjusted earnings per share increased 31% to $2.04, despite a $0.07 foreign currency headwind [9][17] - The adjusted operating margin reached 16.4%, with a 24% incremental margin [7][16] - Cash flows from operations increased by 19% with a 94% cash conversion rate [9][21] Business Line Data and Key Metrics Changes - The Americas Welding segment's adjusted EBIT increased approximately 41% to $119 million, with an organic sales increase of approximately 27% [17][18] - The International Welding segment's adjusted EBIT decreased approximately 13% to $25 million, impacted by unfavorable foreign exchange translation [19] - The Harris Products Group's adjusted EBIT decreased approximately 10% to $14 million, with organic sales increasing approximately 11% [20] Market Data and Key Metrics Changes - Organic sales growth was achieved across all five end sectors, particularly in automotive transportation and energy investments [10][11] - Demand in heavy industries, general industries, and construction infrastructure maintained low to mid-teens percent growth rates [11][12] - The company noted challenges in Europe and China due to unique headwinds, but remains confident in growth in the Americas and automation [12] Company Strategy and Development Direction - The company is focused on its higher standard 2025 strategic initiatives, emphasizing customer service, innovation, and operational excellence [5][8] - A definitive agreement to acquire Fori Automation was announced, expected to enhance the company's automation portfolio and drive efficiencies [25][26] - The acquisition is projected to increase annual sales run rate to over $850 million, accelerating towards the $1 billion sales goal by 2025 [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the high end of organic sales and incremental margin range for the year, despite caution regarding international markets [23][24] - The company is optimistic about the long-term growth catalysts, including the shortage of skilled welders and government investments in infrastructure [12] - Management highlighted the importance of addressing energy inflation and its potential impact on demand models in Europe [40][41] Other Important Information - The company returned $59 million to shareholders in the quarter through dividends and share repurchases, with a year-to-date total of $255 million [9][22] - The net debt position was reported at $638 million, allowing for a balanced capital allocation strategy [22] Q&A Session Summary Question: Automation trends and revenue targets - Management confirmed that the Fori acquisition was not initially part of the $1 billion revenue target for 2025, but it could potentially exceed that target due to strong growth trends in automation [32][34] Question: DC fast charge initiative - Management expressed excitement about the EV technologies and the potential market opportunity, highlighting their power electronics competencies [36][38] Question: International market stability - Management acknowledged uncertainty in Europe due to energy crises but noted stability in Turkey and India, with investments made in those regions [40][41] Question: Organic growth guidance - Management reiterated organic growth guidance, attributing potential moderation to tougher comparisons and currency impacts [45][46] Question: Fori acquisition details - Management did not disclose specific percentage mixes of welding automation versus material handling but emphasized the complementary nature of the acquisition [68][70]

September 15, 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 ...

August 10, 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 imp ...

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 ...