UNLOCKING LONG- TERM VALUE CREATION Capital Markets Day November 11th, 2025 Agenda Introduction Unlocking long-term value creation Rickard Gustafson, President & CEO Q&A Break (14.30-15.00 CET) Factors affecting forward- looking statements The information presented at the SKF Capital Markets Day contains forward-looking statements that reflect SKF's current expectations on future events and financial and operational development. Forward-looking statements are inherently associated with risks and uncertainti ...

Core Insights - Mettler-Toledo reported Q3 CY2025 results with revenue of $1.03 billion, exceeding market expectations by 7.9% year on year [1][6] - The company's Q4 CY2025 revenue guidance of $1.08 billion is 2.4% below analysts' estimates [1][6] - Non-GAAP profit per share was $11.15, which is 4.5% above analysts' consensus estimates [1][6] Revenue and Earnings Performance - Revenue of $1.03 billion compared to analyst estimates of $997.5 million, representing a 7.9% year-on-year growth [6] - Adjusted EPS of $11.15 versus analyst estimates of $10.67, a 4.5% beat [6] - Adjusted EBITDA was $308.1 million, slightly below analyst estimates of $311.5 million, with a margin of 29.9% [6] Management Commentary - Management attributed performance to strong growth in Industrial and Laboratory segments, particularly in the Americas [3] - The CEO highlighted the Spinnaker sales and marketing program and new product launches as key growth drivers [3] - Ongoing margin pressures were acknowledged due to tariffs and increased investments in sales and marketing [5] Future Outlook - Management's guidance reflects caution due to global economic uncertainty and trade disputes [4] - The company aims to mitigate tariff impacts through price realization and supply chain optimization [4] - Mettler-Toledo is focusing on opportunities in automation, digitalization, and near-shoring trends [4] Key Financial Metrics - Operating margin decreased to 28.2% from 29.2% in the same quarter last year [6] - Organic revenue growth was 6% year on year, surpassing analyst estimates of 3.4% [6] - Market capitalization stands at $29.65 billion [6]

Cultural Heritage Preservation Challenges - Current monitoring efforts are insufficient, with a single monitoring cycle for 50,000 cultural assets potentially taking over 6 years [7] - Resource prioritization leads to unequal attention for cultural assets, similar to triage in emergency medicine [8][9] - Traditional methods for cultural heritage management face delays due to budget constraints, specialist availability, and authorization processes [12][13] Technological Opportunities - Digital tools, including AI, can analyze thousands of images simultaneously to detect subtle changes and anomalies in cultural assets, reducing analysis time from months to near-instantaneous [17] - Smartphones with high-resolution cameras (e.g., 48 megapixel) can capture details often invisible to the naked eye [21] - The widespread use of smartphones presents an opportunity to create a distributed, real-time monitoring network for cultural heritage [22][23] Citizen Engagement - The 6.5 billion smartphone users globally represent a vast network of potential "technological sentinels" [24] - Encouraging tourists and citizens to share photos of cultural sites can contribute to a comprehensive digital map for preservation efforts [26][27] - Shifting the perception of tourism from "overtourism" to collaborative preservation is crucial [28]

Financial Data and Key Metrics Changes - Quarterly fee-related earnings grew 17% year-over-year to $754 million, while distributable earnings increased 7% to $661 million [5][25] - Fee-bearing capital reached $581 billion, an 8% increase year-over-year, driven by record fundraising [5][24] - The margin for the quarter was 58%, consistent with the prior year, and up 1% over the last 12 months [26][27] Business Line Data and Key Metrics Changes - Infrastructure and renewable power raised $30 billion, deployed $30 billion, and monetized over $10 billion at approximately 20% returns over the past 12 months [11] - The private equity business launched its seventh vintage, focusing on essential service businesses, with expectations for it to be the largest fund ever [18][20] - Real estate business saw approximately $23 billion in property sales, representing $10 billion of equity value over the past 12 months [21] Market Data and Key Metrics Changes - Global M&A volumes increased nearly 25% year-over-year, with $1 trillion in announced deals in the third quarter, the highest since 2021 [7][8] - The demand for electricity is increasing at an unprecedented rate, driven by electrification trends and the surge in electricity demand from data centers [16][17] Company Strategy and Development Direction - The company is launching an AI Infrastructure Fund to capture opportunities in AI-related infrastructure investments, estimated to exceed $7 trillion over the next decade [14] - A landmark partnership with the U.S. government to construct $80 billion in new nuclear power reactors positions the company at the forefront of clean energy initiatives [18] - The company aims to double its business by 2030, with plans to expand product offerings and diversify its investor base [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong fundraising momentum and expects 2026 to exceed 2025 levels [37][38] - The company is well-positioned to meet the increasing demand for power solutions, leveraging its renewable power business [17][23] - Management highlighted the importance of operational improvement as a key driver of value creation in the current economic environment [73] Other Important Information - The company declared a quarterly dividend of $43.75 per share, payable on December 31 [32] - The acquisition of the remaining 26% in Oaktree Capital Management is expected to close in the first half of 2026, enhancing the company's credit capabilities [9][32] Q&A Session Summary Question: Fundraising momentum and management fee growth outlook for 2026 - Management expects fundraising to exceed 2024 levels and anticipates strong growth in management fees driven by new acquisitions and fundraising [37][38] Question: Credit business fee rate and growth aspirations - The elevated fee rate was driven by a mix shift and one-off transaction fees, with a positive trend expected in the credit business [42][43] Question: Integration benefits from acquiring Oaktree - The acquisition will allow for operational synergies, improved marketing, and client service capabilities, enhancing overall value [49][52] Question: Retail market momentum and distribution strategy - The company is seeing robust momentum in the retail market and is focused on building relationships with key stakeholders to capture growth opportunities [55][56] Question: Corporate direct lending outlook - Management remains cautious about direct lending due to competition but sees strong opportunities in credit related to real assets and infrastructure [60][61] Question: Private equity fund outlook amidst market backdrop - The company is optimistic about its private equity fund due to its focus on essential assets and consistent performance across market cycles [72][75] Question: Broadening the client base for fundraising - The company has dedicated teams targeting small and medium-sized institutions, family offices, and insurance institutions, leading to significant growth [79][80]

Financial Data and Key Metrics Changes - Quarterly fee-related earnings grew 17% year-over-year to $754 million, while distributable earnings increased 7% to $661 million [5][25] - Fee-bearing capital reached $581 billion, an 8% increase year-over-year, driven by record fundraising [5][24] - The company raised $30 billion in the third quarter, bringing total inflows over the past 12 months to more than $100 billion [7][24] Business Line Data and Key Metrics Changes - The infrastructure and renewable power franchise raised $30 billion, deployed $30 billion, and monetized over $10 billion at approximately 20% returns over the past 12 months [11] - The private equity business launched its seventh vintage, focusing on essential service businesses, with expectations for it to be the largest fund ever [18][75] - The real estate business sold approximately $23 billion of properties, representing $10 billion of equity value over the past 12 months [21] Market Data and Key Metrics Changes - Global M&A volumes increased nearly 25% year-over-year, with $1 trillion in announced deals in the third quarter, the highest since 2021 [8] - The demand for electricity is increasing at an unprecedented rate, driven by electrification trends and the surge in electricity demand from data centers [16][17] Company Strategy and Development Direction - The company is launching an AI Infrastructure Fund to capture opportunities in AI-related infrastructure investments, estimated to exceed $7 trillion over the next decade [14] - A landmark partnership with the U.S. government to construct $80 billion of new nuclear power reactors was announced, positioning the company at the center of clean baseload power development [18] - The company plans to double its business by 2030, with fee-related earnings reaching $5.8 billion and fee-bearing capital reaching $1.2 trillion [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong fundraising momentum and expects 2026 to exceed 2025 levels [37][38] - The company is well-positioned to meet the increasing demand for power solutions, leveraging its renewable power business [17][23] - Management highlighted the importance of operational improvement as a key driver of value creation in the current economic environment [73] Other Important Information - The company declared a quarterly dividend of $43.75 per share, payable on December 31 to shareholders of record as of November 28 [32] - The acquisition of the remaining 26% in Oaktree Capital Management is expected to close in the first half of 2026, enhancing the company's credit capabilities [9][32] Q&A Session Summary Question: Fundraising momentum and management fee growth outlook for 2026 - Management expects fundraising to exceed 2024 levels and anticipates strong growth in management fees driven by new acquisitions and fundraising [37][38] Question: Credit business fee rate and growth aspirations - The elevated fee rate was driven by a mix shift and one-off transaction fees, with a positive trend expected in the credit business [42][43] Question: Integration benefits from acquiring Oaktree - The acquisition will allow for operational synergies, improved marketing capabilities, and enhanced client service [49][52] Question: Retail market momentum and distribution strategy - The company is seeing robust momentum in the retail market and is focused on building relationships with key stakeholders to capture growth opportunities [55][56] Question: Private equity outlook amidst market backdrop - The private equity business is expected to perform well due to its focus on essential assets and operational improvement, differentiating it from peers [73][75]

Financial Data and Key Metrics Changes - Brookfield Infrastructure Partners reported third quarter Funds from Operations (FFO) of $654 million, or $0.83 per unit, representing a 9% increase compared to the previous year, driven by strong organic growth [3][4] - The company maintained a well-capitalized balance sheet with liquidity totaling $5.5 billion at the end of the third quarter [8] Business Line Data and Key Metrics Changes - Utilities segment generated FFO of $190 million, slightly ahead of the prior year, benefiting from inflation indexation and over $450 million of capital added to the rate base [3][4] - Transport segment's FFO was $286 million, lower than last year due to asset sales, but slightly ahead when adjusted for capital recycling initiatives [4] - Midstream segment generated FFO of $156 million, a 6% increase year-over-year, driven by strong customer activity levels [5] - Data segment's FFO was $138 million, a significant increase of over 60% compared to the prior year, attributed to a full quarter contribution from a tower portfolio acquisition in India and strong organic growth [5] Market Data and Key Metrics Changes - The company noted strong volumes across its networks and rate increases on rail networks and toll roads, contributing to solid underlying performance in the transport segment [4] - The data segment's growth was supported by the commissioning of new capacity at hyperscale data centers and increased billings at U.S. retail colocation data centers [5] Company Strategy and Development Direction - Brookfield Infrastructure has secured six new investments totaling over $1.5 billion, including a $1.3 billion New Zealand natural gas infrastructure operation and a $1 billion South Korean industrial gas business [9][10] - The company is focusing on AI-related infrastructure, expecting to deploy up to $500 million annually into this sector, which represents a significant growth opportunity [13] - The outlook for the company remains favorable, with expectations for new investments to deliver returns above the 12%-15% target range [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to source the best opportunities despite increased competition in the data sector, emphasizing their global franchise and access to significant capital [17][19] - The company is optimistic about the macroeconomic backdrop and long-term mega trends such as digitalization, deglobalization, and decarbonization driving future growth [13] Other Important Information - The company completed a $700 million corporate issuance of medium-term notes at a historically tight credit spread, enhancing liquidity and supporting growth initiatives [6][8] - Brookfield Infrastructure has generated over $3 billion in proceeds from asset sales this year and aims to achieve a further $3 billion over the next 12-18 months [11] Q&A Session Summary Question: Thoughts on rising competition for capital deployment opportunities - Management acknowledged increased competition in the data sector but remains confident in their ability to source opportunities due to their global presence and capital access [17][19] Question: Timing and success metrics for LP unit repurchases and ATM program - Management indicated that they are contemplating the program to increase liquidity and avoid dilution for existing shareholders, but specifics on measuring success were not provided [20][22] Question: Future IPOs for midstream assets following RockPoint's success - Management stated that public markets remain a potential exit strategy for monetizing assets, depending on market conditions [26] Question: Investment thesis for CenterSquare and future growth opportunities - Management expressed optimism about the growth potential of CenterSquare, highlighting significant expansion opportunities and a robust capital deployment plan [28][29] Question: Market interest in stabilized data center portfolios - Management noted strong demand for the data center portfolio and plans to continue executing capital recycling initiatives in Europe and other markets [33][35] Question: Differences between sovereign compute opportunities and hyperscale AI labs - Management highlighted the distinct nature of sovereign compute opportunities, focusing on creating tailored solutions for governments while also servicing hyperscale customers [37][38] Question: Organic growth rates in data businesses - Management indicated that organic growth rates in data businesses are tracking slightly ahead of underwriting assumptions, with significant new projects expected in the coming years [45]

Financial Data and Key Metrics Changes - Sales in Q3 2025 were $1.03 billion, reflecting a 6% increase in local currency and an 8% increase on a U.S. dollar reported basis [6][9] - Adjusted EPS for the quarter was $11.15, a 9% increase over the prior year, while reported EPS was $10.57 compared to $9.96 in the prior year [8][9] - Gross margin was 59.2%, a decrease of 80 basis points primarily due to tariff costs [7][8] - Adjusted operating profit amounted to $309.9 million, up 5% versus the prior year, with an adjusted operating margin of 30.1% [7][8] Business Line Data and Key Metrics Changes - Laboratory sales increased 4%, Industrial sales increased 9% (10% excluding acquisitions), and Product Inspection grew 7% [6][7] - Service revenue grew 8% in the quarter, including a 1% benefit from acquisitions [7] - Food Retail sales grew 5% against easy year-ago comparisons [7] Market Data and Key Metrics Changes - Local currency sales increased 10% in the Americas, 6% in Europe, and 1% in Asia [6] - Local currency sales in China increased 2% during the quarter, marking the first growth in the Industrial business in over two years [19][49] Company Strategy and Development Direction - The company is focused on capturing growth opportunities in automation, digitalization, and onshoring, while remaining agile amid global trade uncertainties [4][11] - Recent acquisitions aim to enhance North American distribution and service capabilities, contributing modestly to sales growth [10][15] - The company continues to invest in innovation and digital capabilities to improve customer productivity and insights [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market uncertainties and highlighted the importance of innovation and operational excellence [4][20] - The outlook for 2026 anticipates local currency sales growth of approximately 4%, with expectations of gradual improvement in market conditions [23][24] - Management noted that while short-term uncertainties persist, the company is well-positioned to gain market share through its innovative portfolio [24][60] Other Important Information - The company expects local currency sales growth of approximately 3% for Q4 2025, with adjusted EPS guidance in the range of $12.68-$12.88 [12][13] - Tariff costs are projected to have a gross headwind of approximately 7% on EPS for Q4 2025 [12][13] Q&A Session Summary Question: Can you provide a breakdown of the 2026 guidance by segment, particularly for industrial? - Management expects low to mid-single digit growth in the Laboratory business and similar growth in core Industrial and Product Inspection segments [27] Question: How is the consumer market affecting consumer-facing segments like PID? - Management noted that while the end market remains challenging, recent product innovations have been well received, particularly in the middle market [29][30] Question: What are the expectations for onshoring demand in 2026 versus 2027? - Management believes the company is well-positioned to benefit from onshoring activities, but expects a gradual impact over the coming years [44][45] Question: What are the growth expectations for China in the lab and industrial sectors? - Management anticipates low single-digit growth in both sectors, with optimism for medium to long-term opportunities in the lab sector [48][49] Question: Can you elaborate on the recent acquisitions and their impact? - The company completed several small acquisitions to enhance distribution and service capabilities, contributing less than 1% to sales growth [53][54]

Earnings Call Webcast November 7, 2025 Mettler-Toledo International Inc. Q3 2025 Financial Results Safe Harbor Statement 2 Statements in this presentation which are not historical facts constitute "forward looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These statements involve known and unknown risks, uncertainties and other factors that may cause our or our businesses, actual results, levels of activity, ...

Core Insights - The global energy market is transforming with renewable energy becoming standard while conventional fossil fuels grow due to innovations in exploration and production technologies, particularly AI and robotics [1] Industry Overview - The oilfield engineering services sector, especially pipeline inspection and maintenance, is trending towards digitalization and AI, addressing challenges posed by harsh geographical environments and traditional monitoring methods [4] - The global oil and gas pipeline maintenance market is projected to grow from USD 102.9 billion in 2025 to USD 150 billion by 2035, with a CAGR of approximately 3.85% [6] - The pipeline monitoring system market is expected to increase from USD 18.45 billion in 2024 to USD 32.65 billion by 2032, with a CAGR of 7.40% [6] Company Developments - OMS Energy Technologies Inc. is seeking AI and robotics partners globally to enhance pipeline monitoring solutions, aiming for efficiency and environmental safety [5] - OMS Energy is exploring urban pipeline inspection and maintenance markets, projected to exceed USD 50 billion globally, with China alone expected to reach USD 10 billion by 2030 [7] - OMS Energy has established a strong presence in the Middle East and Asia-Pacific, serving major clients like Saudi Aramco and expanding into West Africa [8][9] Recent Projects - OMS Energy has successfully supplied and installed an intelligent wellhead system for MOL Pakistan, integrating real-time monitoring and automation technologies [10][11] - The company is positioned to benefit from increasing oil and gas field projects in the Asia-Pacific region as countries pursue energy independence [12] Market Opportunities - The demand for new technologies in aging oilfields is growing, presenting significant opportunities for oil and gas engineering services as global production declines at an average rate of 9% [14] - The oilfield services market is conservatively estimated to be worth USD 100 billion annually, with AI technology applicable across various operations [15] Financial Insights - OMS Energy trades at a forward P/E ratio of less than 5x, significantly undervalued compared to the Bloomberg average P/E ratio of 15x for global oilfield services companies, indicating over 100% upside potential from its current price [17]

Summary of Key Points from the Conference Call Industry Overview - The global machinery sector is undergoing a significant re-rating due to the increasing recognition of traditional cyclical companies for their exposure to structural growth drivers such as automation, AIDC (Automatic Identification and Data Capture), digitalization, and the adoption of autonomous mobile robots (AMRs) [2][9][10] - The MSCI World Industrials Index has shown strong year-to-date performance, with major stocks outperforming, indicating a positive shift in investor sentiment towards the machinery sector [2][36] Core Companies Discussed - **Caterpillar (CAT)**: Positioned to benefit from cyclical upturns in construction and infrastructure activity, particularly in North America. The company reported a 30%+ year-over-year surge in power generation sales to AI data center developers [11][23] - **Weichai**: Noted for its leadership in AIDC back-up engines and robotics through Kion. The company is expected to see substantial growth in its data center power generator sales, with projections indicating a rise from Rmb0.8 billion in 2024 to approximately Rmb13 billion by 2028 [12][14] - **Hengli Hydraulic**: Focused on factory automation and robotics, with investments in proprietary components. The company is expected to benefit from the next wave of automation-driven growth [20][21] - **Sany and XCMG**: Both companies are experiencing robust demand trends, with Sany emphasizing high-quality growth and XCMG reporting significant revenue increases in core segments [25][36] Key Growth Drivers - The demand for AIDC and data center power generation is projected to grow significantly, with an estimated total addressable market exceeding $100 billion between 2026 and 2028 [11] - The Chinese data center diesel generator market is expected to grow at a compound annual growth rate (CAGR) of approximately 51% year-over-year, with domestic brands gaining market share [13][17] - Automation, digitalization, and AMRs are central to the growth strategies of companies like Kion, which is focusing on modernization and upgrade projects in logistics and manufacturing [19] Market Dynamics - The machinery cycle is improving, with signs of recovery in both China and global markets. China is forecasted to deliver approximately 12% year-over-year growth in 2025, while North America is expected to see a decline followed by a return to growth [22][23] - Margin expansion is a key theme across the sector, driven by a focus on high-quality growth, cost optimization, and digital transformation initiatives [33][35] Investment Outlook - The report maintains an Overweight rating on several companies, including Caterpillar, Kion, Weichai, Hengli Hydraulic, Sany, and XCMG, indicating a bullish outlook for the sector [2][36] - Despite strong sector performance, Weichai's stock is viewed as undervalued, with expectations for a catch-up as the market recognizes its structural growth drivers [37] Conclusion - The global machinery sector is positioned for long-term growth driven by automation and digitalization, with key players like Caterpillar, Weichai, Hengli, Sany, and XCMG leading the charge. The evolving market dynamics and improving machinery cycle present significant investment opportunities [2][10][36]