2025 Third Quarter Earnings (unaudited) Bill Brown Anurag Maheshwari Chief Financial Officer Throughout this presentation, "earnings per share" or "EPS" references are based on 3M EPS from continuing operations. This presentation refers to certain non-GAAP financial measures. Refer to 3M's October 21, 2025, press release for descriptions of non-GAAP financial measures such as adjusted net sales (and adjusted sales change); adjusted purchases of property, plant and equipment (also referred to as adjusted cap ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

Peter Boockvar, CIO at One Point BFG Wealth Partners, says earnings will likely beat expectations, but tariffs, freight weakness, and uneven consumer spending reveal a split U.S. economy. ...

So, we want to talk more broadly about earnings, but I I want to talk about one stock in particular that's reporting its earnings this week, 3M. Um, industrial company, a lot of tariff exposure. They have uh industrial customers, consumer customers.How are you viewing this earnings report in particular. Or is there another earnings report that you see as kind of a read on what's going on in the market and the economy right now. 3M is one of my favorites uh because as they as you mentioned uh their their end ...

Core Viewpoint - 3M's third-quarter net income decreased, yet sales increased, leading the diversified manufacturer to raise its adjusted earnings forecast for the year [1] Financial Performance - The company reported a decline in net income for the third quarter, indicating potential challenges in profitability [1] - Despite the drop in net income, sales figures showed an upward trend, suggesting strong demand or effective sales strategies [1] Future Outlook - 3M has increased its adjusted earnings forecast for the year, reflecting confidence in future performance and potential recovery in profitability [1]

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Tuesday morning, 3M reported adjusted earnings per share of $2.19 from adjusted sales of $6.3 billion. Wall Street is looking for earnings per share of $2.07 from sales of $6.3 billion. ...

Executive Summary & Highlights This section summarizes 3M's strong Q3 2025 performance and updated full-year guidance [Third-Quarter Performance Highlights](index=1&type=section&id=Third-Quarter%20Performance%20Highlights) 3M reported strong Q3 2025 results, with accelerated organic sales growth, increased margins, double-digit EPS growth, and robust free cash flow - 3M's Chairman and CEO, William Brown, expressed satisfaction with the company's focus on reinvigorating organic top-line growth and improving operational performance, attributing success to the '3M excellence model'[2](index=2&type=chunk) Q3 2025 Financial Performance (Millions) | Metric | Q3 2025 (GAAP) | Q3 2025 (Adjusted) | Q3 2024 (GAAP) | Q3 2024 (Adjusted) | | :----------------------------------- | :--------------- | :----------------- | :--------------- | :----------------- | | EPS from continuing operations | $1.55 | $2.19 | $2.48 | $1.98 | | Operating income margin | 22.2% | 24.7% | 20.9% | 23.0% | | Net sales (billions) | $6.5 | $6.3 | - | - | | Total sales change | 3.5% | 4.1% | - | - | | Organic sales change | 2.6% | 3.2% | - | - | - The company generated **$1.8 billion** in operating cash flow and **$1.3 billion** in adjusted free cash flow in Q3 2025[4](index=4&type=chunk)[6](index=6&type=chunk) - 3M returned **$0.9 billion** to shareholders through dividends and share repurchases during the quarter[6](index=6&type=chunk) [Updated Full-Year Guidance](index=3&type=section&id=Updated%20Full-Year%20Guidance) 3M updated its full-year 2025 guidance, raising expectations for adjusted EPS and operating income margin expansion 2025 Full-Year Guidance | Metric | 2025 Guidance (Updated) | | :----------------------------------- | :---------------------- | | Adjusted total sales growth | >2.5% | | Adjusted organic sales growth | >2% | | Adjusted operating income margin expansion | 180 bps to 200 bps | | Adjusted EPS | $7.95 to $8.05 | | Adjusted operating cash flow | $5.2 to $5.4 billion | | Adjusted free cash flow conversion | >100% | Forward-Looking Statements & Risk Factors This section outlines factors that could cause actual results to differ from forward-looking statements, covering economic, political, regulatory, and operational risks [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section outlines various factors that could cause actual future results to differ materially from forward-looking statements, emphasizing the inherent risks and uncertainties in business operations and external conditions - Forward-looking statements are based on assumptions and expectations subject to risks and uncertainties, which may cause actual results to differ materially[10](index=10&type=chunk) - Key risk factors include worldwide economic, political, regulatory, and geopolitical conditions (e.g., inflation, recession, military conflicts, trade restrictions), foreign currency fluctuations, liabilities related to PFAS, legal proceedings, competitive conditions, supply chain disruptions, and impacts from acquisitions, divestitures, and the spin-off of the Health Care business[10](index=10&type=chunk) Consolidated Financial Statements This section presents 3M's consolidated financial statements, including the statement of income, balance sheet, and cash flows for Q3 and 9M 2025 [Consolidated Statement of Income](index=5&type=section&id=Consolidated%20Statement%20of%20Income) The consolidated statement of income shows a decrease in net income and EPS for Q3 and 9M 2025 compared to 2024, despite a slight increase in net sales, primarily due to higher other expenses and provision for income taxes Consolidated Statement of Income (Millions) | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | 9M 2025 (Millions) | 9M 2024 (Millions) | | :----------------------------------------- | :----------------- | :----------------- | :----------------- | :----------------- | | Net sales | $6,517 | $6,294 | $18,815 | $18,565 | | Operating income | $1,447 | $1,316 | $3,833 | $3,737 | | Income from continuing operations before taxes | $1,147 | $1,721 | $3,455 | $4,060 | | Net income attributable to 3M | $834 | $1,372 | $2,673 | $3,445 | | Diluted EPS | $1.55 | $2.48 | $4.93 | $6.21 | [Condensed Consolidated Balance Sheet](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) The condensed consolidated balance sheet indicates a decrease in total assets and liabilities, while total equity increased from December 31, 2024, to September 30, 2025 Condensed Consolidated Balance Sheet (Millions) | Metric | September 30, 2025 (Millions) | December 31, 2024 (Millions) | | :-------------------------- | :---------------------------- | :--------------------------- | | Total assets | $37,611 | $39,868 | | Total liabilities | $32,936 | $35,974 | | Total equity | $4,675 | $3,894 | | Cash and cash equivalents | $4,671 | $5,600 | [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the nine months ended September 30, 2025, 3M reported positive net cash from operating activities, a significant increase in net cash from investing activities, and a substantial net cash outflow from financing activities Condensed Consolidated Statement of Cash Flows (Millions) | Cash Flow Category | 9M 2025 (Millions) | 9M 2024 (Millions) | | :----------------------------------------- | :----------------- | :----------------- | | Net cash provided by (used in) operating activities | $723 | $1 | | Net cash provided by (used in) investing activities | $1,755 | $(2,060) | | Net cash provided by (used in) financing activities | $(3,399) | $2,178 | | Cash and cash equivalents at end of period | $4,671 | $6,050 | Sales Performance Analysis This section analyzes 3M's sales performance, breaking down changes by geographic area and business segment for both quarterly and nine-month periods [Sales Change by Geographic Area](index=8&type=section&id=Sales%20Change%20by%20Geographic%20Area) In Q3 2025, Europe, Middle East, and Africa (EMEA) showed the highest total sales change, driven by translation effects, while all regions reported positive organic sales growth. For the nine months, Americas and Asia Pacific had positive organic sales, while EMEA experienced a decline Sales Change by Geographic Area | Geographic Area | Q3 2025 Organic Sales Change | Q3 2025 Total Sales Change | 9M 2025 Organic Sales Change | 9M 2025 Total Sales Change | | :------------------------ | :--------------------------- | :------------------------- | :--------------------------- | :------------------------- | | Americas | 2.9% | 2.9% | 1.7% | 1.5% | | Asia Pacific | 2.9% | 2.8% | 1.5% | 1.3% | | Europe, Middle East & Africa | 1.3% | 7.2% | (2.1)% | 0.8% | | Worldwide | 2.6% | 3.5% | 1.0% | 1.3% | [Sales Change by Business Segment](index=8&type=section&id=Sales%20Change%20by%20Business%20Segment) For Q3 2025, the Safety and Industrial segment led in organic and total sales growth, while Transportation and Electronics and Consumer segments also showed positive growth. For the nine months, Safety and Industrial and Consumer segments had positive organic sales, but Transportation and Electronics experienced a decline Sales Change by Business Segment | Business Segment | Q3 2025 Organic Sales Change | Q3 2025 Total Sales Change | 9M 2025 Organic Sales Change | 9M 2025 Total Sales Change | | :-------------------------- | :--------------------------- | :------------------------- | :--------------------------- | :------------------------- | | Safety and Industrial | 4.1% | 5.4% | 3.1% | 3.2% | | Transportation and Electronics | 1.8% | 2.4% | (1.2)% | (1.2)% | | Consumer | 0.3% | 0.9% | 0.3% | 0.1% | Business Segment Performance This section details the net sales and operating income performance across 3M's key business segments and the "Corporate and Other" category [Segment Sales and Operating Income](index=9&type=section&id=Segment%20Sales%20and%20Operating%20Income) The Safety and Industrial segment demonstrated strong performance in Q3 and 9M 2025 with increased net sales and operating income. The Transportation and Electronics segment saw increased sales but a slight decrease in operating income for the nine-month period, while the Consumer segment showed modest growth Segment Net Sales (Millions) | Business Segment | Q3 2025 Net Sales (Millions) | Q3 2024 Net Sales (Millions) | 9M 2025 Net Sales (Millions) | 9M 2024 Net Sales (Millions) | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Safety and Industrial | $2,917 | $2,767 | $8,519 | $8,258 | | Transportation and Electronics | $2,191 | $2,139 | $6,311 | $6,386 | | Consumer | $1,312 | $1,299 | $3,706 | $3,702 | | **Total

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Core Insights - 3M reported strong third-quarter results for 2025, highlighting a focus on organic growth and operational performance improvements [2][3][6] Financial Performance - GAAP EPS from continuing operations was $1.55, while adjusted EPS was $2.19, reflecting a 10% year-on-year increase [3][4][6] - Net sales reached $6.5 billion, up 3.5% year-on-year, with organic sales growth of 2.6% [5][6][7] - Adjusted operating income margin improved to 24.7%, an increase of 170 basis points year-on-year [4][6] - Operating cash flow was $1.8 billion, with adjusted free cash flow of $1.3 billion [6][12] Guidance and Outlook - The company raised its full-year 2025 adjusted EPS guidance from a range of $7.75 - $8.00 to $7.95 - $8.05 [6][9][13] - Adjusted total sales growth is projected to exceed 2.5%, with adjusted organic sales growth expected to be over 2% [13] Shareholder Returns - 3M returned $0.9 billion to shareholders through dividends and share repurchases [7]