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LINCOLN ELECTRIC HOLDINGS, INC. Q4 & Full Y ear 2025 Earnings & 2030 T argets February 12, 2026 Lincoln Electric Holdings, Inc. Q2 2026 Earnings July 30, 2026
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Safe Harbor and Regulation G Disclosures Forward-Looking Statements: Statements made during this presentation which are not historical facts may be considered forward-looking statements. Forward- looking statements involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied. Forward-looking statements generally can be identified by the use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “forecast,” “guidance” or words of similar meaning. For further information concerning issues that could materially affect financial performance related to forward-looking statements, please refer to Lincoln Electric’s quarterly earnings releases and periodic filings with the Securities and Exchange Commission, which can be found on www.sec.gov or on www.lincolnelectric.com. Non-GAAP Measures: Our management uses non-GAAP financial measures in assessing and evaluating the Company’s performance, which exclude items we consider unusual or special items. We believe the use of such financial measures and information may be useful to investors. Non-GAAP financial measures should be read in conjunction with the GAAP financial measures, as non- GAAP measures are a supplement to, and not a replacement for, GAAP financial measures. Please refer to the attached schedule for a reconciliation of non-GAAP financial measures to the related GAAP financial measures. 2
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Second Quarter 2026 Highlights Record net sales from accelerating organic sales & Alloy Steel acquisition Record Adjusted operating income margin with 22% incremental margin driven by volumes & improved cost management Record Adjusted EPS of $2.93 Record cash generation with 138% cash conversion 3 $1.2B Record Net Sales performance +12% vs. prior year; Organic sales +10% 18.4% $2.93 23.0% $254M $120M Adjusted Operating Income Margin +50 bps vs. prior year Record Adjusted EPS +13% vs. prior year Adjusted ROIC performance +130 bps vs. prior year Record Cash flow from operations +76% vs. prior year Returned to shareholders ($43M in dividends + $76M in share repurchases)
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Q2 Organic sales by product area Solid momentum in Americas Consumables increase low-teens percent Equipment increases high-single digit percent Automation increases mid-single digit percent Q2 organic sales +10% led by price and volume growth across all 3 product groups 1 End sector performance reflects only direct channel organic sales trends 4 Q2 global end sector performance1 4 of 5 end markets growing General Fabrication up mid-30 percent Heavy Industries and Non-Resi Structural Steel up mid-single digit percent Energy up low single digit percent Transportation down mid-single digit percent
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Income Statement Highlights Q2-2026 5 ($ in Millions) Q2 2026 Q2 2025 % YoY Change Favorable / (Unfavorable) Net Sales $ 1,219.7 $ 1,088.7 12.0% Gross Profit $ 449.0 $ 405.5 10.7% Gross Profit Margin 36.8% 37.3% (50) bps SG&A as % of net sales 18.4% 19.4% 100 bps Adjusted Operating Income $ 224.1 $ 195.1 14.9% Adjusted Operating Income Margin1 18.4% 17.9% 50 bps EPS $ 2.88 $ 2.56 12.5% Adjusted EPS1 $ 2.93 $ 2.60 12.7% Q2 2026 CHANGE IN NET SALES MIX2 Volume 2.4% Price 7.7% Acq/Div 1.5% FX 0.4% TOTAL 12.0% 1 Refer to the appendix for reconciliation of non-GAAP financial measures to U.S. GAAP. 2 Figures may not sum due to rounding.
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Americas Welding Segment 6 ($ in Millions) Q2 2026 Q2 2025 % YoY Change Net Sales $ 774.4 $ 696.7 11.2% Adjusted EBIT $ 158.1 $ 137.9 14.6% Adjusted EBIT Margin2 19.7% 18.6% 110 bps 1 Figures may not sum due to rounding. 2 Segment Adjusted EBIT Margin is calculated using segment Total Sales, which includes Inter-segment sales. Refer to the earnings release for segment Total Sales. Q2 2026 CHANGE IN NET SALES MIX1 Volume 7.1% Price 3.7% Acq/Div - FX 0.4% TOTAL 11.2% Volumes increased across all product areas led by accelerated capital spending Price reflects the partial benefit of Q2-2026 price actions and the anniversarying of substantially all 2025 price Margin improved on volume leverage and price/cost headwind narrowed, aided by tariff refunds Segment Highlights
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International Welding Segment 7 ($ in Millions) Q2 2026 Q2 2025 % YoY Change Net Sales $ 243.3 $ 232.8 4.5% Adjusted EBIT $ 26.6 $ 30.6 (12.9)% Adjusted EBIT Margin2 10.6% 12.7% (210) bps Q2 2026 CHANGE IN NET SALES MIX1 Volume (4.7)% Price 1.6% Acq/Div 7.0% FX 0.6% TOTAL 4.5% 1 Figures may not sum due to rounding. 2 Segment Adjusted EBIT Margin is calculated using segment Total Sales, which includes Inter-segment sales. Refer to the earnings release for segment Total Sales. Segment Highlights Organic sales decline reflects Asia Pacific growth offset by slowing EMEA trends including a $2M impact from the Middle East conflict Acquisition benefit from Alloy Steel (ASI) Margin results reflect the impact of lower EMEA volumes
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Segment Highlights Lower volumes primarily due to challenging prior year comparisons in HVAC and the retail channel Price reflects higher YoY metal costs, primarily silver Margin increased on SG&A leverage aided by a tariff refund The Harris Products Group 8 ($ in Millions) Q2 2026 Q2 2025 % YoY Change Net Sales $ 201.9 $ 159.1 26.9% Adjusted EBIT $ 42.3 $ 31.9 32.5% Adjusted EBIT Margin2 20.4% 19.4% 100 bps Q2 2026 CHANGE IN NET SALES MIX1 Volume (8.2)% Price 34.2% Acq/Div - FX 0.9% TOTAL 26.9% 1 Figures may not sum due to rounding 2 Segment Adjusted EBIT Margin is calculated using segment Total Sales, which includes Inter-segment sales. Refer to the earnings release for segment Total Sales.
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Record Cash Flows & Improved Working Capital 9 Cash Flows from Operations ($ in Millions) Average Operating Working Capital to Net Sales Ratio 18.4% 17.9% 16.9% June 30, 2025 Dec 31, 2025 June 30, 2026 138% Cash conversion in Q2 on earnings and improved working capital performance $144 $254 $330 $356 Q2-25 Q2-26 H1-25 H1-26
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Q2 Capital Allocation & Returns • Growth: $31 million • Return to Shareholders: $120 million • Return on Invested Capital2: 23.0% Capital Allocation Strategy Prioritized uses of cash: • Growth investments (organic and M&A) • Return to shareholders • Dividend: +5.3% 2026 pay out rate • Share repurchases Capital Allocation1 ($ in Millions) 10 1 Figures may not sum due to rounding 2 Adjusted Return on Invested Capital. Please refer to the appendix for reconciliation of Non-GAAP metrics. 25 31 52 7132 3242 43 85 87 127 76 234 133 Q2-25 Q2-26 H1-2025 H1-2026 Cap Ex Acquisitions Dividend Share Repurchases $403 $291 $150 $226
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Increasing Sales Assumption on Higher Volumes Risks Net impact of trade & regulatory policies Commodity prices Economic and geopolitical headwinds Inflation (raw materials & labor) Opportunities (not in assumptions) Acquisitions Middle East ceasefire Assumptions Raising Net sales growth to LDD% (from: HSD%) (Organic sales mix: 1/3 volume; 2/3 price) Neutral price/cost in H2-2026 Adj Op income margin improvement at a mid-20% incremental margin in H2-2026 Interest expense, net $50-55 million Low-to-mid 20% tax rate $110 to $130 million in cap-ex 100% cash conversion Share repurchases (maintenance & opportunistic) 11
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Contact: Amanda Butler Vice President, Investor Relations & Communications Amanda_Butler@lincolnelectric.com 216.383.2534 12
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Non-GAAP Information Adjusted operating income, Adjusted net income, Adjusted EBIT, EBITDA, Adjusted EBITDA, Adjusted effective tax rate, Adjusted diluted earnings per share, Adjusted EPS, Organic sales, Cash conversion, Free Cash Flow, and Adjusted Return on invested capital are non-GAAP financial measures. Management uses non-GAAP measures to assess the Company's operating performance by excluding certain disclosed special items that management believes are not representative of the Company's core business. Management believes that excluding these special items enables them to make better period-over-period comparisons and benchmark the Company's operational performance against other companies in its industry more meaningfully. Furthermore, management believes that non-GAAP financial measures provide investors with meaningful information that provides a more complete understanding of Company operating results and enables investors to analyze financial and business trends more thoroughly. Non- GAAP financial measures should not be viewed in isolation, are not a substitute for GAAP measures and have limitations including, but not limited to, their usefulness as comparative measures as other companies may define their non-GAAP measures differently. 13
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Non-GAAP Financial Measures Non-GAAP Financial Measures: Reconciliation of Operating Income, Net Income, Effective Tax Rate, and EPS to Non-GAAP Adjusted Operating Income, Adjusted Net Income, Adjusted Effective Tax Rate, and Adjusted EPS (In thousands, except per share amounts) (Unaudited) 14 Please see the following slide for corresponding footnotes
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1) Adjusted operating income, adjusted net income, adjusted EBIT, adjusted effective tax rate and adjusted diluted EPS are non-GAAP financial measures. Refer to Non-GAAP Information section. 2) 2026 and 2025 net charges primarily relate to rationalization plans within Americas Welding and International Welding. 3) Transaction costs primarily relate to acquisitions and are included in Selling, general & administrative expenses. 4) Costs relate to acquisitions and are included in Cost of goods sold. 5) Includes the net tax impact of Special items recorded during the respective periods. The tax effect of Special items impacting pre-tax income was calculated as the pre-tax amount multiplied by the applicable tax rate. The applicable tax rates reflect the taxable jurisdiction and nature of each Special item. Non-GAAP Financial Measures (continued) Footnotes for Non-GAAP Financial Measures: Reconciliation of Operating Income, Net Income, Effective Tax Rate, and EPS to Non-GAAP Adjusted Operating Income, Adjusted Net Income, Adjusted Effective Tax Rate, and Adjusted EPS 15
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Non-GAAP Financial Measures Adjusted Return on Invested Capital (ROIC) (In thousands) (Unaudited) 16 1) Adjusted net operating profit after taxes and Adjusted ROIC are non-GAAP financial measures. Refer to Non-GAAP Information section. 2) Includes the net tax impact of Special items recorded during the respective periods. The tax effect of Special items impacting pre-tax income was calculated as the pre-tax amount multiplied by the applicable tax rate. The applicable tax rates reflect the taxable jurisdiction and nature of each Special item.
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Non-GAAP Financial Measures Cash Conversion (In thousands) (Unaudited) 17 1) Free cash flow and cash conversion are non-GAAP financial measures. Refer to Non-GAAP Information section.
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Segment EBIT EBIT and Adjusted EBIT Reconciliation – Three Months Ended June 30, 2026 (In thousands) (Unaudited) 18 Please see the following slide for corresponding footnotes
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Non-GAAP Financial Measures (continued) Footnotes for EBIT and Adjusted EBIT Reconciliation – Three Months Ended June 30, 2026 19 1) EBIT is defined as Operating income plus Other income. 2) The primary profit measure used by management to assess segment performance is adjusted EBIT. EBIT for each operating segment is adjusted for special items to derive adjusted EBIT. 3) Special items in 2026 primarily reflect Rationalization and asset impairments net charges of $1,012 in Americas Welding, $2,282 in International Welding, and $187 in The Harris Products Group. 4) Special items in 2025 primarily reflect Rationalization and asset impairments net charges of $905 in Americas Welding, $1,551 in International Welding and $86 in The Harris Products Group, as well as transaction costs of $429 in Corporate/Eliminations.