Dover Corporation · NYSE:DOV
Dover — Q3 2026 Earnings Presentation
22 slides from Dover's earnings presentation, Oct 22, 2026
Slide 1: Earnings Conference Call Third Quarter 2026
October 22, 2026 – 8:30am CT Earnings Conference Call Third Quarter 2026 1
Slide 2: Forward-Looking Statements and Non-GAAP Measures
Forward-Looking Statements and Non-GAAP Measures We want to remind everyone that our comments may contain forward-looking statements that are inherently subject to uncertainties and risks, including general economic conditions and conditions in the particular markets in which we operate, changes in
Slide 3: Q3 2026 and YTD 2026 Performance Highlights
Q3 2026 and YTD 2026 Performance Highlights Q3 ‘26 YTD ‘26 Q3 Commentary All in: +8% to $2.2B +8% to $6.5B Revenue ▪ Accelerating top-line growth driven by Organic growth(1) : 7% 6% durable, broad-based demand across the portfolio Total growth(2): +16% to $2.3B +18% to $7.1B Bookings(2) Book-to-bill
Slide 4: Summary Corporate Q3 Results
Summary Corporate Q3 Results Q3 2026 Highlights All-in +8% Revenue Change ▪ FX impact: —%. Acquisitions: +0.5% (Y-o-Y) Organic(1) +7% Bookings(2) Change ▪ Book-to-bill(2): 1.03 All-in +16% (Y-o-Y) ▪ Bookings(2) growth across all 5 segments Margin % 26% ▪ Adj. Segment EBITDA(1) up $42M Y-o-Y Adjusted
Slide 5: Material Exposure Across Multiple Secular Growth Markets
Material Exposure Across Multiple Secular Growth Markets Energy Power Biopharma / Segment Transition Generation Data Center Medical Semiconductor Space ’26E ~15% ~30% ~10% ~50% ~20% M&A Growth priority Components for turbines, engines, and compressors DPPS Thermal connectors Coriolis and ultrasonic
Slide 6: Broad-Based Demand Driving Improved Revenue Visibility
Broad-Based Demand Driving Improved Revenue Visibility Consolidated LTM Bookings(1) Growth Segment-Level Bookings and Revenue $M LTM Book-to-Bill LTM Bookings 1.00 B-t-B LTM Revenue LTM Bookings(1) +16% Segment Growth Growth +5% 9,245 Engineered Products +0% +3% 7,937 7,526 1.08 Clean Energy & Fueli
Slide 7: Segment Results
Segment Results Q3 2026 Adj. Segment Revenue ($M) / Segment EBITDA(1) % / Performance Commentary Y-o-Y Org.(1) Δ % Bps Δ Y-o-Y ▪ Strong demand in aerospace and defense components; lower volumes in European vehicle Engineered $275 23% services Products (2)% 0 bps ▪ Steady margin performance on mix an
Slide 8: Year-to-Date Free Cash Flow
Year-to-Date Free Cash Flow $M YTD 2026 YTD 2025 ∆ Net earnings 884 812 72 Loss from discontinued operations, net 4 11 (6) D&A 292 280 12 Change in working capital (329) (156) (173) Change in other (1) 14 (153) 167 Cash flow from operations 866 794 72 Capex (163) (163) (1) Free cash flow(2) 703 631
Slide 9: Continuing to Invest Behind Growth and Productivity to Support Long-Term Outlook
Continuing to Invest Behind Growth and Productivity to Support Long-Term Outlook Major Organic Investments Inorganic Investments Growth and Capacity Two acquisitions with state-of-the-art manufacturing plants in highly strategic locations and end markets DEP Capacity expansion for space and defense
Slide 10: Strong Balance Sheet Positions DOV to Continue to Play Offense on Capital Allocation
Strong Balance Sheet Positions DOV to Continue to Play Offense on Capital Allocation Priorities 2026 Commentary Q3 2026 Dry Powder $ in billions ▪ Guiding for full year capex of $200 - 220M – Significant capacity expansion projects in high growth end Invest markets Optional temporary 1 Organically i
Slide 11: Guiding for Double Digit Adjusted EPS Growth
Guiding for Double Digit Adjusted EPS Growth ▪ All-in: 7% - 8% Through-Cycle Adj. EPS(1) Accretion Revenue Growth ▪ Organic(1): 5% - 6% 10% ▪ GAAP EPS: $8.93 - $9.08 $10.60-$10.75 CAGR EPS ▪ Adjusted EPS(1)(3): $10.60 - $10.75 $4.97 ▪ Effective Tax Rate: 20% - 21% ▪ FCF(1) % Revenue: 14% - 16% Other
Slide 12: Appendix
Appendix 12
Slide 13: Organic Revenue Growth
Organic Revenue Growth Segment Growth Factors Q3 2026 Q3 2026 YTD Organic Revenue Engineered Products (1.6) % 0.8 % Clean Energy & Fueling 12.1 % 10.6 % Imaging & Identification 2.2 % 0.7 % Pumps & Process Solutions 1.2 % 0.3 % Climate & Sustainability Technologies 17.9 % 13.7 % Total organic 7.1 %
Slide 14: Bookings
Bookings ($ in millions) Q3 2026 Q3 2025 Q3 2026 YTD Q3 2025 YTD Q4 2025 Q4 2024 Bookings Engineered Products 274 273 846 814 281 276 Clean Energy & Fueling 593 510 1,810 1,580 587 517 Imaging & Identification 293 292 908 872 302 296 Pumps & Process Solutions 557 511 1,745 1,540 501 474 Climate & Su
Slide 15: Reconciliation of Segment Earnings to Adjusted Segment EBITDA by Segment
Reconciliation of Segment Earnings to Adjusted Segment EBITDA by Segment ($ in millions) Q3 2026 DEP DCEF DII DPPS DCST Segment Earnings 57 133 95 178 81 Other depreciation and amortization 6 9 5 15 8 Adjusted segment EBITDA 62 142 100 193 89 Adjusted segment EBITDA margin 22.6 % 23.4 % 32.7 % 33.9
Slide 16: Reconciliation of Earnings from Continuing Operations to Total Segment Earnings and Total Adjusted Segment EBITDA
Reconciliation of Earnings from Continuing Operations to Total Segment Earnings and Total Adjusted Segment EBITDA ($ in millions) Q3 2026 Q3 2025 Q3 2026 YTD Q3 2025 YTD Earnings from continuing operations 337 303 888 823 Provision for income taxes 84 83 219 211 Earnings before provision for income
Slide 17: Reconciliation of Earnings from Continuing Operations to Total Adjusted EBITDA
Reconciliation of Earnings from Continuing Operations to Total Adjusted EBITDA ($ in millions) Q4 2025 Q1 2026 Q2 2026 Q3 2026 Earnings from continuing operations 275 239 313 337 Provision for income taxes 66 60 75 84 Interest income (17) (14) (15) (17) Interest expense 28 30 29 29 Restructuring and
Slide 18: Reconciliation to Adjusted Earnings and Adjusted EPS from Continuing Operations
Reconciliation of Earnings from Continuing Operations to Adjusted Earnings from Continuing Operations and Adjusted EPS from Continuing Operations (in millions, except per share data) 2026 2025 2026 2025 2018 (1) Q3 Q3 Q3 YTD Q3 YTD FY Earnings from continuing operations ($) 337 303 888 823 591 Purch
Slide 19: Reconciliation of Free Cash Flow and EPS to Adjusted EPS
Reconciliation of Free Cash Flow and EPS from Continuing Operations to Adjusted EPS from Continuing Operations Adjusted Free Cash Flow 2026 2025 $ in millions Q3 Q3 YTD Q3 Q3 YTD Net cash provided by operating activities 439 866 424 794 Capital expenditures (55) (163) (54) (163) Free cash flow 383 7
Slide 20: Non-GAAP Definitions
Non-GAAP Definitions Definitions of Non-GAAP Measures: The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations. Adjusted Earnings From Continuing Operations: is defined as earnings from continuing operations adjusted for the effect of purchas
Slide 21: Performance Measure Definitions
Performance Measure Definitions Definitions of Performance Measures: The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations. Bookings represent total orders received from customers in the current reporting period and exclude de-bookings rela
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