Ingersoll-Rand Inc

Strong Q2 execution with broad-based demand - Orders ~$2.0B, +5% YoY (organic orders +2%). Book-to-bill ~1.0, slightly lower than typical for Q2 due to delayed timing of several large long-cycle projects. - Revenue ~$2.0B, +9% YoY (organic revenue +4%). - Aftermarket = 36% of revenue, supporting earnings quality/resiliency. - Adjusted EPS $0.86, +7% YoY.

Profitability faced specific headwinds, but company confident in 2H rebound - Adjusted EBITDA $520M (+2% YoY), margin 25.4%, down 160 bps YoY. - Margin pressure drivers: - China inflation + pricing difficulty - Ongoing investment behind new technology/commercial applications - Higher corporate costs driven by Q2 management incentive true-up (expected not to recur at same level in 2H). - Management expects normal-course sequential margin expansion in 2H from 1H pricing actions, productivity benefits, and non-recurrence of the incentive true-up.

Guidance raised for 2026; EPS range unchanged but expected toward high end - Revenue guidance raised to +4.5% to +6.5% (midpoint +200 bps vs prior), driven mainly by organic volume (assumptions: ~1%–3% organic, ~2.5% from M&A, ~1% from FX). - Adjusted EBITDA guidance maintained at $2.13B to $2.19B. - Adjusted EPS guidance maintained at $3.45 to $3.57; company expects results to finish near the high end. - Free cash flow conversion expected ~95%. - Guidance excludes expected upside from IEEPA tariff refunds in 2H (management will treat as upside once received).