J.P. Morgan 44th Annual Healthcare Conference Udit Batra, Ph.D. President & CEO January 12, 2026 Forward-Looking Statements & Non-GAAP Financial Measures Forward-Looking Statements: This presentation includes "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed transaction among Waters Corporation ("Waters" or the "Com ...

Q3 2025 Performance Highlights - Waters Corporation reported Q3 2025 revenue of $800 million, with constant currency (CC) revenue growth of 8%[10] - CC recurring revenue growth was 9%[10] - CC instrument growth was 6%[10] - Q3 2025 Non-GAAP EPS grew by 16% to $3.40[10] - High single-digit (HSD) LC-MS growth and 17% CC growth were achieved[10] Growth Drivers and Innovation - BioAnalytical Characterization new products saw an 11% sequential growth in instrument sales from Q2 2025 to Q3 2025[13, 14] - Chemistry growth was 11% year-to-date in constant currency, driven by new BioSeparations products[16, 17] - Waters Alliance iS sales grew +300% in constant currency in 3Q25 compared to 3Q24[14] - Waters Xevo TQ Absolute sales grew +30% in constant currency in 3Q25 compared to 3Q24[14] Geographic and Market Performance - Pharma sales growth in Q3 2025 in constant currency was 11% overall, with strong performance across Americas, Europe, and Asia ex-China[19, 20] - Asia experienced 13% growth, Americas and Europe both saw 5% growth[34, 35] Guidance - The company projects FY 2025 constant currency revenue growth between 6.5% and 7.1%[37] - The company projects Q4 2025 constant currency revenue growth between 5.2% and 7.2%[37] - Non-GAAP EPS for FY 2025 is projected to be between $13.05 and $13.15[37] - Non-GAAP EPS for Q4 2025 is projected to be between $4.45 and $4.55[37]

Q2 2025 Financial Performance - Q2 2025 revenue reached $771 million, reflecting a 9% increase as reported and an 8% increase in constant currency[11] - Constant currency recurring revenue grew by 11%[11] - Constant currency instrument revenue grew by 4%[11] - Q2 2025 Non-GAAP EPS was $2.95, a 12% increase[11] - Waters division revenue grew by 10% in constant currency, while TA division revenue decreased by 6% in constant currency[33] Regional Performance (Constant Currency) - Asia experienced a 14% revenue growth, with China also at 14%[13] - Americas saw a 2% revenue growth[13] - Europe showed an 8% revenue growth[13] Full Year and Q3 2025 Guidance - The company projects full-year 2025 constant currency revenue growth between 5% and 7%[20] - The company projects Q3 2025 constant currency revenue growth between 4% and 7%[20] - Full-year 2025 Non-GAAP EPS is projected to be between $12.95 and $13.05[20] - Q3 2025 Non-GAAP EPS is projected to be between $3.15 and $3.25[20] Biosciences & Diagnostic Solutions Synergies - The company anticipates $200 million in cost synergies by year 3[26] - The company anticipates $290 million in revenue synergies by year 5[26]