Honeywell International Inc. Common Stock Ex Distribution When Issued

Strong Q3 operating performance + clear strategy execution (standalone pure-play automation) - Organic sales: +7% overall; broad-based across segments. - Orders/short-cycle strength: short cycle orders +8% (excluding divestitures); book-to-bill ~1.0x. - Process inflection: Process Automation & Technology (P&T) grew +8% organically (management says the expected growth inflection is occurring). - Industrial Automation (IA) & Building Automation (BA): IA +4% organic, BA 8th straight quarter high-single-digit growth; BA had 11% product and +4% solutions/services organic growth. - Profitability: margins expanded +370 bps to >21%; adjusted EPS $2.27 (+34% YoY).

Cash conversion improved materially (good for leverage reduction) - Free cash flow: ~$690M (+15% YoY). - Cash conversion: 95% for the quarter; company expects >100% in Q4 (driven by working capital/receivables collections). - This improved cash outlook directly supports balance-sheet targets and capital allocation flexibility.

Updated 2026 guidance raised across key metrics (including margin tightening) - Organic growth (FY26): raised to 4%–5% (from 3%–4%). - Adjusted EPS (FY26): $8.40–$8.45, improved ~+$0.23 at midpoint; implies ~30% earnings growth (and importantly, the low end is above prior high end). - Margin guidance: expects ~20.5% full-year (high end of range previously); and ~22% in Q4. - Free cash flow (FY26): raised +$100M to ~$2.1B. - Q4 expectations: 5%–6% organic growth, with P&T high-single digit growth led by backlog conversion and higher catalyst volumes; BA remains strong.