Dover Corp.

Strong Q2 performance across the portfolio (top-line + profitability) - All-in revenue +7% YoY (or +5% organic) with all 5 segments posting positive organic growth. - Adjusted EBITDA margin +80 bps to 25.9%; incremental margins improved to 38% vs 25% in Q1. - Adjusted EPS $2.74 (+12% YoY) = continued double-digit earnings growth.

Bookings momentum improves visibility (but not “perfect” sequential order dollars) - Bookings/orders increased YoY and outpaced shipments; book-to-bill = 1.06 (positive signal for 2H order conversion/visibility). - Management emphasized this is broad-based across all 5 segments, including a set of “secular growth” end markets. - Clarification: sequential order dollars down, but management argued the book-to-bill ratio remains solid (>1 across the whole portfolio)—not an alarm signal.

Raising full-year outlook (key forecast) - Due to first-half performance, improved end-market momentum, and visibility from order book, Dover raised full-year adjusted EPS guidance. - Full-year expectations: positive organic growth across all 5 segments; secular growth markets (now ~25% of 2026 revenue, up from ~20% at end of Q1) expected to continue leading. - Operating environment still uncertain (noted geopolitics, input costs, trade/tariffs) but management sees constructive demand signals supporting the raise.