Spx Technologies, Inc. · NYSE:SPXC
Spx Technologies — Q3 2026 Earnings Presentation
31 slides from Spx Technologies's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation OCTOBER 29, 2026 Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements contained in this presentation that are not historical facts, including any statements as to future market conditions, results of operations, product introductions, and financial projections, are forward-looking statements within the meaning of Section 27A of
Slide 3: Introductory Comments
Introductory Comments Gene Lowe, President & Chief Executive Officer OCTOBER 29, 2026 Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 3|
Slide 4: Executive Summary
Executive Summary ▪ Strong Q3 Performance » 22% growth in Adjusted EBITDA1 » 20% growth in Adjusted EPS1 ▪ 2026 Guidance » Adjusted EBITDA1 range implies +25% growth at midpoint ▪ Progressing on Key Initiatives » Continued progress on capacity expansions » Integration of recent acquisitions on track
Slide 5: Q3 2026 Results
Q3 2026 Results ($ in millions) Third Quarter Revenue ▪ Revenue growth of 21% 1000 30.0% Adjusted EBITDA / Margin1 » Strong organic growth in HVAC 900 28.0% » Benefit of acquisitions 800 $715 700 $593 26.0% 600 ▪ Adjusted EBITDA1 growth of 22% driven by: 500 23.0% 23.2% 24.0% » HVAC segment income g
Slide 6: Value Creation Framework
Value Creation Framework Strong Foundation Business System Engineered Niches Leading Positions Excellence Growth Tech-Enabled Digital/AI Strategic M&A 15%+ Adj. EBITDA1 Growth Continuous New Product Moats Improvement Development Talent Commercial Sustainable Excellence Strategic Planning & Goal Depl
Slide 7: FIS Water
FIS Water Centrifugal separation and filtration Media filtration and separation systems • Removes sand and solids • Reduces fouling • Protects equipment • Supports efficiency • Applications: HVAC, data center cooling, industrial and water • Applications: commercial HVAC and cooling supply Adds Leadi
Slide 8: Q3 2026 Financial Review
Q3 2026 Financial Review Mark A. Carano, Chief Financial Officer OCTOBER 29, 2026 Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 8|
Slide 9: Adjusted Earnings Per Share
Adjusted Earnings Per Share1 Q3 2025 Q3 2026 GAAP EPS from continuing operations $1.29 $1.62 Amortization of intangible assets $0.38 $0.48 Acquisition and integration-related $0.12 $0.14 Non-service pension and other $0.05 ($0.03) Adj EPS1 from continuing operations $1.84 $2.21 1 Adjusted results ar
Slide 10: Q3 2026 Results
Q3 2026 Results ($ in millions) Q3 Revenue Third Quarter ▪ 20.5% year-over-year increase 1000 Revenue 30.0% » 11.8% organic growth 900 Adjusted EBITDA / Margin1 » 8.5% acquisition impact 800 28.0% » 0.2% currency impact $715 700 $593 26.0% 600 Q3 Adjusted EBITDA / Margin1 500 23.0% 23.2% 24.0% ▪ Bot
Slide 11: HVAC Q3 2026 Results
HVAC Q3 2026 Results ($ in millions) Q3 Revenue Third Quarter ▪ 35.5% year-over-year increase Revenue » 22.3% organic increase with solid growth in Cooling Segment Income / Margin and Heating 600.0 70.0% » 13.0% acquisition impact $525 » 0.2% currency impact 60.0% 500.0 400.0 $387 50.0% Q3 Segment I
Slide 12: Detection & Measurement Q3 2026 Results
Detection & Measurement Q3 2026 Results ($ in millions) Q3 Revenue Third Quarter ▪ 7.7% year-over-year decrease Revenue » 7.9% organic decrease due primarily to Segment Income / Margin project timing » 0.2% currency impact $205 200.0 $190 Q3 Segment Income / Margin 150.0 ▪ Favorable project mix and
Slide 13: Financial Position & Guidance
Financial Position & Guidance Mark A. Carano, Chief Financial Officer OCTOBER 29, 2026 Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 13 |
Slide 14: Financial Position Update
Financial Position Update ($ in millions) Q2 2026 Q3 2026 Q2 2026 Q3 2026 2 Short-term debt $74 $74 Current maturities of long-term debt 10 13 1.5Neptronic impact 1.5x Long-term debt 531 1,248 1 1.4x 2.0x 1.8x Total Debt $615 $1,335 0.5 1.0x Less: Cash on hand 2 (168) (121) 0.7x Net Debt $447 $1,214
Slide 15: 2026 Guidance
2026 Guidance1 Current Prior Total SPX Total Revenue $2.745-$2.805B $2.705-$2.765B Revenue $1,995-$2,035M $1,955-$1,995M HVAC Segment Segment Income Margin 23.10-23.50% 24.50-25.00% Revenue $750-$770M $750-$770M D&M Segment Segment Income Margin 27.00-27.50% 26.25-26.75% Adj. EBITDA1 $625-$645M $630
Slide 16: End Market Review & Closing Comments
End Market Review & Closing Comments Gene Lowe, President & Chief Executive Officer OCTOBER 29, 2026 Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 16 |
Slide 17: Market Commentary
Market Commentary Cooling Heating Project-Oriented Run-Rate ▪ Strong backlog and ▪ Solid demand in both ▪ Healthy backlog; Frontlog ▪ Steady demand led by demand in core verticals Electric and Hydronics activity steady U.S. market Diverse End Markets and High Data Center Demand in HVAC OCTOBER 29, 2
Slide 18: Executive Summary
Executive Summary ▪ Strong third quarter ▪ Solid momentum on capacity expansions and recent acquisitions ▪ FIS Water acquisition closed; natural extension of HVAC strategy ▪ Anticipate ~25% Adjusted EBITDA1 growth in 2026 ▪ Active acquisition pipeline 1 Reconciliations of non-GAAP guidance measures
Slide 19: Questions
Questions OCTOBER 29, 2026 Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 19 |
Slide 20: Appendix
Appendix OCTOBER 29, 2026 Q3 2026 EARNINGS PRESENTATION | COPYRIGHT © 2026 SPX TECHNOLOGIES 20 |
Slide 21: Modeling Considerations – Full-Year 2026
Modeling Considerations – Full-Year 2026 Metric Considerations Corporate expense $52.0-55.0m Long-term incentive comp $16.0-17.0m Restructuring costs $2.0-3.0m Interest cost $42.0-43.0m Other (income)/expense $5.0-6.0m Tax rate ~24.0% Capex $135.0-165.0m Cash cost of pension + OPEB $16.0-18.0m Depre
Slide 22: GAAP Reconciliation Results by Quarter
GAAP Reconciliation Results by Quarter ($ in millions) 2025 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD HVAC segment income $ 73.9 $ 95.8 $ 94.4 $ 108.5 $ 372.6 $ 88.6 $ 109.8 $ 120.8 $ 319.2 D&M segment income 36.6 40.0 51.7 47.9 176.2 46.7 57.3 52.6 156.6 Corporate expense (14.0) (13.3) (12.4) (19.5) (59.2)
Slide 23: Segment Results
Segment Results ($ in millions) 2025 2026 HVAC Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD Revenue $323.0 $376.7 $387.4 $431.1 $1,518.2 $394.0 $480.6 $525.0 $1,399.6 Segment income $73.9 $95.8 $94.4 $108.5 $372.6 $88.6 $109.8 $120.8 $319.2 23% 25% 24% 25% 25% 22% 23% 23% 23% Detection and 2025 2026 Measurement Q1 Q
Slide 24: Q3 2026 Revenue by Major Product Lines
Q3 2026 Revenue by Major Product Lines ($ in millions) Three months ended September 26, 2026 Detection and Reportable Segments HVAC Measurement Total Major product lines Package and process cooling equipment and services, and engineered air movement and handling solutions $ 338.4 $ — $ 338.4 Hydroni
Slide 25: Q3 2025 Revenue by Major Product Lines
Q3 2025 Revenue by Major Product Lines ($ in millions) Three months ended September 27, 2025 Detection and Reportable Segments HVAC Measurement Total Major product lines Package and process cooling equipment and services, and engineered air movement and handling solutions $ 236.5 $ — $ 236.5 Hydroni
Slide 26: Q3 2026 U.S. GAAP to Adjusted EPS Reconciliation
Q3 2026 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) GAAP Adjustments Adjusted Operating income (1) $ 115.3 $ 42.1 $ 157.4 Other income (expense), net (2) 1.5 (2.1) (0.6) Interest expense, net (10.5) — (10.5) Income from continuing operations before income taxes
Slide 27: Q3 2025 U.S. GAAP to Adjusted EPS Reconciliation
Q3 2025 U.S. GAAP to Adjusted EPS Reconciliation ($ in millions, except per share values) GAAP Adjustments Adjusted Operating income (1) $ 97.1 $ 33.4 $ 130.5 Other expense, net (2) (3.2) 1.0 (2.2) Interest expense, net (10.9) — (10.9) Loss on amendment/refinancing of senior credit agreement (3) (1.
Slide 28: Q3 U.S. GAAP to Adjusted Operating Income Reconciliation
Q3 U.S. GAAP to Adjusted Operating Income Reconciliation ($ in millions) September 26, 2026 September 27, 2025 GAAP Adjustments Adjusted GAAP Adjustments Adjusted HVAC segment income $ 120.8 $ — $ 120.8 $ 94.4 $ — $ 94.4 Detection and Measurement segment income 52.6 — 52.6 51.7 — 51.7 Corporate expe
Slide 29: Q3 Adjusted EBITDA Reconciliation
Q3 Adjusted EBITDA Reconciliation ($ in millions) Three months ended September 26, 2026 September 27, 2025 Net income $ 81.9 $ 62.7 Exclude: Income tax provision (24.0) (18.4) Interest expense, net (10.5) (10.9) Amortization expense (1) (32.7) (24.8) Depreciation expense (8.7) (7.6) Loss from discon
Slide 30: Q3 2026 Organic Revenue Growth
Q3 2026 Organic Revenue Growth Three months ended September 26, 2026 Detection and HVAC Measurement Consolidated Net Revenue Growth (Decline) 35.5 % (7.7) % 20.5 % Exclude: Foreign Currency 0.2 % 0.2 % 0.2 % Exclude: Acquisitions 13.0 % — % 8.5 % Organic Revenue Growth (Decline) 22.3 % (7.9) % 11.8
Slide 31: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation ($ in millions) Nine months ended September 26, 2026 September 27, 2025 Operating cash flow from continuing operations $ 180.3 $ 139.8 Include: Capital expenditures (79.6) (23.6) Free cash flow from continuing operations 100.7 116.2 Exclude: Acquisition and int