DOVER Corp

Previous wording

In the second quarter of 2026, revenue was $2.2 billion, which increased $140.4 million, or 6.9%, as compared to the second quarter of 2025. This increase was driven by organic revenue growth of 4.8%, acquisition-related revenue growth of 1.2%, and a favorable impact from foreign currency translation of 0.9%. Revenue growth was primarily led by robust demand in our secular-growth-exposed end markets as well as broad-based, constructive trading conditions across most of our businesses. The acquisition-related growth was primarily driven by our acquisitions in the Pumps & Process Solutions segment.

Current wording

In the third quarter of 2026, revenue was $2.2 billion, which increased $156.0 million, or 7.5%, as compared to the third quarter of 2025. This increase was driven by organic revenue growth of 7.1%, acquisition-related revenue growth of 0.5%, and an unfavorable impact from foreign currency translation of 0.1%. Revenue growth was primarily led by robust demand in our secular-growth-exposed end markets as well as broad-based, constructive trading conditions across most of our businesses.

Previous wording

The 4.8% organic revenue growth for the second quarter of 2026 was driven by increases across all of our segments. For further information, see "Segment Results of Operations" within this Item 2.

Current wording

The 7.1% organic revenue growth for the third quarter of 2026 was driven by our Climate & Sustainability Technologies, Clean Energy & Fueling, Imaging & Identification and Pumps & Process Solutions segments which grew 17.9%, 12.1%, 2.2% and 1.2%, respectively. The growth was partially offset by the Engineered Products segment which declined 1.6%. For further information, see "Segment Results of Operations" within this Item 2.

Previous wording

From a geographic perspective, organic revenue for the U.S., our largest market, increased 7.9% in the second quarter of 2026 compared to the prior year comparable quarter, primarily driven by an increase in organic revenue in the Clean Energy & Fueling, Climate & Sustainability Technologies, and Pumps & Process Solutions segments. Organic revenue increased for the Other Americas and Asia by 8.8% and 8.5%, respectively, and decreased for Europe and all other geographic markets by 5.0%, and 0.9%, respectively.

Current wording

From a geographic perspective, organic revenue for the U.S., our largest market, increased 12.6% in the third quarter of 2026 compared to the prior year comparable quarter, primarily driven by an increase in organic revenue in the Clean Energy & Fueling and Climate & Sustainability Technologies segments. Organic revenue increased for Asia by 15.1% and decreased for the Other Americas, Europe, and all other geographic markets by 7.0%, 3.0%, and 1.1%, respectively.

Previous wording

Bookings were $2.3 billion for the three months ended June 30, 2026, an increase of $322.8 million or 16.1% compared to the prior year comparable quarter. Bookings increased across all segments and most notably in the Climate & Sustainability Technologies segment.

Current wording

Bookings were $2.3 billion for the three months ended September 30, 2026, an increase of $310.4 million or 15.5% compared to the prior year comparable quarter. Bookings increased across all segments and most notably in the Climate & Sustainability Technologies and Clean Energy & Fueling segments.

Previous wording

Restructuring and other costs for the three months ended June 30, 2026 were $24.6 million, which included restructuring charges of $17.0 million and other costs of $7.6 million. Restructuring and other costs were primarily related to headcount reductions and exit costs in the Climate & Sustainability Technologies and Engineered Products segments. For further discussion related to our restructuring and other costs, see "Restructuring and Other Costs (Benefits)," within this Item 2.

Current wording

Restructuring and other costs for the three months ended September 30, 2026 were $21.8 million, which included restructuring charges of $19.4 million and other costs of $2.4 million. Restructuring and other costs were primarily related to headcount reductions and exit costs in the Pumps & Process Solutions, Climate & Sustainability Technologies and Clean Energy & Fueling segments. For further discussion related to our restructuring and other costs, see "Restructuring and Other Costs (Benefits)," within this Item 2.

Previous wording

Revenue for the three months ended June 30, 2026 increased $140.4 million, or 6.9%, from the prior year comparable quarter. The increase in revenue was driven by organic revenue growth of 4.8%, with organic growth across all five segments, acquisition-related growth of 1.2%, and a favorable impact from foreign currency translation of 0.9%. Customer pricing favorably impacted revenue by approximately 2.2% in the second quarter of 2026 and by 1.9% in the prior year comparable quarter.

Current wording

Revenue for the three months ended September 30, 2026 increased $156.0 million, or 7.5%, from the prior year comparable quarter. The increase in revenue was driven by organic revenue growth of 7.1%, primarily in our Climate & Sustainability Technologies and Clean Energy & Fueling segments, acquisition-related growth of 0.5% in our Pumps & Process Solutions segment, and an unfavorable impact from foreign currency translation of 0.1%. Customer pricing favorably impacted revenue by approximately 2.2% in the third quarter of 2026 and by 2.1% in the prior year comparable quarter.

Previous wording

Revenue for the six months ended June 30, 2026 increased $328.0 million, or 8.4%, from the prior year comparable period. The increase in revenue was driven by organic revenue growth of 5.0%, primarily in our Clean Energy & Fueling and Climate & Sustainability Technologies segments, a favorable impact from foreign currency translation of 1.9%, and acquisition-related growth of 1.5%, primarily in our Pumps & Process Solutions segment. Customer pricing favorably impacted revenue by approximately 2.0% for the six months ended June 30, 2026 and by 1.6% in the prior year comparable period.

Current wording

Revenue for the nine months ended September 30, 2026 increased $484.0 million, or 8.1%, from the prior year comparable period. The increase in revenue was driven by organic revenue growth of 5.7%, primarily in our Climate & Sustainability Technologies and Clean Energy & Fueling segments, acquisition-related growth of 1.2% primarily in our Pumps & Process Solutions segment, and a favorable impact from foreign currency translation of 1.2%. Customer pricing favorably impacted revenue by approximately 2.1% for the nine months ended September 30, 2026 and by 1.8% in the prior year comparable period.

Previous wording

Gross profit for the three months ended June 30, 2026 increased $62.3 million, or 7.6%, and gross profit margin increased 30 basis points to 40.2%, versus the prior year comparable quarter. The gross profit margin increase was primarily driven by favorable price versus cost dynamics, operating leverage from volume growth and benefits from restructuring actions.

Current wording

Gross profit for the three months ended September 30, 2026 increased $69.8 million, or 8.4%, and gross profit margin increased 30 basis points to 40.4%, versus the prior year comparable quarter. The gross profit margin increase was primarily driven by operating leverage from volume growth and benefits from productivity and restructuring actions.

Previous wording

Gross profit for the six months ended June 30, 2026 increased $115.0 million, or 7.4%, and gross profit margin decreased by 30 basis points to 39.6%, from the prior year comparable period. The gross profit margin decrease was due to an unfavorable portfolio mix, partially offset by productivity initiatives and benefits from restructuring actions.

Current wording

Gross profit for the nine months ended September 30, 2026 increased $184.8 million, or 7.7%, and gross profit margin decreased by 10 basis points to 39.9%, from the prior year comparable period. The gross profit margin decrease was due to unfavorable portfolio mix, partially offset by volume leverage, productivity initiatives, and benefits from restructuring actions.

Previous wording

Selling, general and administrative expenses for the three months ended June 30, 2026 increased $25.2 million, or 5.4%, from the prior year comparable quarter, primarily due to increases in employee compensation and benefits. As a percentage of revenue, selling, general and administrative expenses decreased 30 basis points as compared to the prior year comparable quarter to 22.3%.

Current wording

Selling, general and administrative expenses for the three months ended September 30, 2026 increased $27.8 million, or 6.1%, from the prior year comparable quarter, primarily due to increases in employee compensation and benefits, professional service costs, and insurance costs. As a percentage of revenue, selling, general and administrative expenses decreased 30 basis points as compared to the prior year comparable quarter to 21.7%.

Previous wording

Selling, general and administrative expenses for the six months ended June 30, 2026 increased $68.2 million, or 7.5%, from the prior year comparable period, primarily due to increased employee compensation and benefits. Selling, general and administrative expenses as a percentage of revenue decreased 20 basis points as compared to the prior year comparable period to 23.1%.

Current wording

Selling, general and administrative expenses for the nine months ended September 30, 2026 increased $96.0 million, or 7.0%, from the prior year comparable period, primarily due to increased employee compensation and benefits. Selling, general and administrative expenses as a percentage of revenue decreased 20 basis points as compared to the prior year comparable period to 22.6%.

Previous wording

Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $40.4 million and $40.8 million for the three months ended June 30, 2026 and 2025, respectively, and $80.0 million and $78.3 million for the six months ended June 30, 2026 and 2025, respectively. The costs as a percentage of revenue were 1.8% and 1.9% for the three and six months ended June 30, 2026, respectively, and 2.0% for both the three and six months ended June 30, 2025.

Current wording

Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $40.5 million and $43.5 million for the three months ended September 30, 2026 and 2025, respectively, and $120.5 million and $121.8 million for the nine months ended September 30, 2026 and 2025, respectively. The costs as a percentage of revenue were 1.8% and 1.9% for the three and nine months ended September 30, 2026 and 2.1% and 2.0% for the three and nine months ended September 30, 2025, respectively.

Previous wording

For the three and six months ended June 30, 2026, interest expense, net of interest income, increased $5.7 million, or 64.1%, to $14.5 million and $13.8 million, or 85.1%, to $30.0 million, respectively, compared to the prior year comparable period. The increases were primarily due to lower interest income from redemption of highly liquid short-term investments and higher interest expense incurred from the issuance of the €550.0 million 3.50% euro-denominated notes in the fourth quarter of 2025.

Current wording

For the three and nine months ended September 30, 2026, interest expense, net of interest income, increased $2.9 million, or 30.9%, to $12.4 million and $16.7 million, or 65.1%, to $42.3 million, respectively, compared to the prior year comparable period. The increases were primarily due to lower interest income from redemption of highly liquid short-term investments and higher interest expense incurred from the issuance of the €550.0 million 3.50% euro-denominated notes in the fourth quarter of 2025.

Previous wording

The effective tax rates for the three months ended June 30, 2026 and 2025 were 19.4% and 20.4%, respectively. The decrease in the effective tax rate for the three months ended June 30, 2026 relative to the prior year comparable quarter was primarily driven by an internal reorganization in 2026.

Current wording

The effective tax rates for the three months ended September 30, 2026 and 2025 were 19.9% and 21.5%, respectively. The decrease in the effective tax rate for the three months ended September 30, 2026 relative to the prior year comparable quarter was primarily driven by an internal reorganization in 2026.

Previous wording

Earnings from continuing operations for the three months ended June 30, 2026 increased 11.6% to $312.5 million, or $2.31 diluted earnings per share from continuing operations, compared to $280.1 million, or $2.03 diluted earnings per share from continuing operations in the prior year comparable quarter. The increase in earnings from continuing operations was driven by higher operating earnings primarily as a result of strong revenue growth, favorable price versus cost dynamics, and benefits from restructuring actions, partially offset by an increase in employee compensation and benefits expense.

Current wording

Earnings from continuing operations for the three months ended September 30, 2026 increased 11.1% to $336.8 million, or $2.50 diluted earnings per share from continuing operations, compared to $303.3 million, or $2.20 diluted earnings per share from continuing operations in the prior year comparable quarter. The increase in earnings from continuing operations was driven by higher operating earnings primarily as a result of volume leverage on strong revenue growth, productivity initiatives, and benefits from restructuring actions.

Previous wording

Earnings from continuing operations for the six months ended June 30, 2026 increased 6.1% to $551.3 million, or $4.06 diluted earnings per share from continuing operations, from $519.4 million, or $3.76 diluted earnings per share from continuing operations, in the prior year comparable period. The increase in earnings from continuing operations is driven by strong revenue growth in the current period partially offset by unfavorable portfolio mix, and increases in employee compensation and benefits expense and interest expense, net.

Current wording

Earnings from continuing operations for the nine months ended September 30, 2026 increased 8.0% to $888.1 million, or $6.56 diluted earnings per share from continuing operations, from $822.7 million, or $5.96 diluted earnings per share from continuing operations, in the prior year comparable period. The increase in earnings from continuing operations is driven by strong revenue growth in the current period partially offset by increases in employee compensation and benefits expense.

Previous wording

The organic revenue growth was primarily driven by pricing actions and solid demand trends in aerospace and defense components, fluid dispensing, and industrial winches, partially offset by lower vehicle service demand in Europe. The growth outlook is favorable for the second half of the year as we expect stable volumes in vehicle services and constructive demand conditions across key end markets, most notably in aerospace and defense.

Current wording

The organic revenue decline was primarily due to lower vehicle services volume in Europe, partially offset by pricing actions and solid demand trends in aerospace and defense components, fluid dispensing and precision soldering, and industrial winches. We expect organic volumes to stabilize in the fourth quarter, with continued demand headwinds in vehicle services offset by continued strong demand trends across other end markets.

Previous wording

Overall bookings increased 0.2% as compared to the prior year comparable quarter. The bookings increase was driven by strength in our aerospace and defense business and precision soldering and fluid dispensing demand. Segment book-to-bill was 0.98.

Current wording

Overall bookings increased 0.4% as compared to the prior year comparable quarter. The bookings increase was driven by strength in our aerospace and defense business, industrial winches, precision soldering, and fluid dispensing. Segment book-to-bill was 1.00.

Previous wording

Engineered Products revenue for the six months ended June 30, 2026 increased $19.5 million, or 3.7%, compared to the prior year comparable period. This was comprised of organic revenue growth of 2.1% and a favorable impact from foreign currency translation of 1.6%. The organic revenue growth was primarily driven by pricing actions and solid demand trends in aerospace and defense components, fluid dispensing, and industrial winches, partially offset by lower vehicle service demand in Europe. Customer pricing favorably impacted revenue by approximately 2.6% and by 2.1% in the prior year comparable period.

Current wording

Engineered Products revenue for the nine months ended September 30, 2026 increased $14.7 million, or 1.8%, compared to the prior year comparable period. This was comprised of a favorable impact from foreign currency translation of 1.0% and anorganic revenue growth of 0.8%. The organic revenue growth was primarily driven by pricing actions and solid demand trends in aerospace and defense components, fluid dispensing, and industrial winches, partially offset by lower vehicle service demand in Europe. Customer pricing favorably impacted revenue by 2.5% in the current period and by 2.3% in the prior year comparable period.

Previous wording

Segment earnings for the six months ended June 30, 2026 increased $5.2 million, or 5.3%, as compared to the 2025 comparable period. The increase was primarily driven by pricing actions, productivity initiatives and carry-over benefits from restructuring actions taken in 2025, partially offset by inflationary impacts and lower volumes in vehicle service. Segment earnings margin increased to 18.7% from 18.4% as compared to the prior year comparable period.

Current wording

Segment earnings for the nine months ended September 30, 2026 increased $4.3 million, or 2.8%, as compared to the 2025 comparable period. The increase was primarily driven by pricing actions, productivity initiatives, and carry-over benefits from restructuring actions taken in 2025, partially offset by inflationary impacts and lower volumes in vehicle service. Segment earnings margin increased to 19.3% from 19.1% as compared to the prior year comparable period.

Previous wording

The organic revenue growth was primarily driven by pricing actions and favorable demand trends in our above and below-ground retail fueling and clean energy components businesses. We expect positive demand trends to continue in the second half of the year driven by a favorable demand outlook across major end markets.

Current wording

The organic revenue growth was primarily driven by favorable demand trends and pricing actions in our above and below-ground retail fueling and clean energy components businesses. We expect demand trends to remain constructive for the segment in the fourth quarter.

Previous wording

Clean Energy & Fueling segment earnings increased $20.8 million, or 19.3%, over the prior year comparable quarter. The increase was primarily driven by volume growth, productivity actions and favorable price versus cost dynamics. Segment earnings margin increased to 21.6% from 19.7% as compared to prior year comparable quarter.

Current wording

Clean Energy & Fueling segment earnings increased $14.2 million, or 12.0%, over the prior year comparable quarter. The increase was primarily driven by volume growth and productivity actions. Segment earnings margin remained flat at 21.9% compared to prior year comparable quarter.

Previous wording

Overall bookings increased 14.4% as compared to the prior year comparable quarter. The bookings increase was primarily driven by demand in clean energy components and above and below-ground retail fueling. Segment book-to-bill was 1.01.

Current wording

Overall bookings increased 16.3% as compared to the prior year comparable quarter. The bookings increase was primarily driven by demand in clean energy components and above and below-ground retail fueling. Segment book-to-bill was 0.98.

Previous wording

Clean Energy & Fueling segment revenue increased $112.5 million, or 10.8%, as compared to the six months ended June 30, 2025, attributable to organic growth of 9.8%, a favorable foreign currency translation impact of 0.9% and acquisition-related growth of 0.1%. Organic revenue growth was driven by pricing actions and strong demand in our above and below-ground retail fueling and clean energy components businesses. Customer pricing favorably impacted revenue by approximately 2.5% and by approximately 1.5% in the prior year comparable period.

Current wording

Clean Energy & Fueling segment revenue increased $177.2 million, or 11.2%, as compared to the nine months ended September 30, 2025, attributable to organic revenue growth of 10.6%, and a favorable foreign currency translation impact of 0.6%. Organic revenue growth was driven by pricing actions and strong demand in our above and below-ground retail fueling and clean energy components businesses. Customer pricing favorably impacted revenue by 2.9% in the current period and by 1.8% in the prior year comparable period.

Previous wording

Clean Energy & Fueling segment earnings increased $34.2 million or 17.7%, for the six months ended June 30, 2026. The increase was primarily driven by volume growth, productivity actions and favorable price versus cost dynamics. Segment earnings margin increased to 19.8% from 18.6% in the prior year comparable period.

Current wording

Clean Energy & Fueling segment earnings increased $48.4 million or 15.5%, for the nine months ended September 30, 2026. The increase was primarily driven by volume growth and productivity actions. Segment earnings margin increased to 20.5% from 19.8% in the prior year comparable period.

Previous wording

The organic revenue growth was primarily driven by growth in demand for core marking and coding equipment and serialization software. We expect constructive demand trends to continue in the second half of the year.

Current wording

The organic revenue growth was primarily driven by robust demand in serialization software and solid growth in core marking and coding equipment and consumables. We expect constructive demand trends to continue in the final quarter of the year.

Previous wording

Overall bookings increased 3.7% as compared to the prior year comparable quarter. The bookings increase was primarily driven by order strength in our core marking and coding business. Segment book-to-bill was 0.99.

Current wording

Overall bookings increased 0.2% as compared to the prior year comparable quarter. The bookings increase was primarily driven by order strength in our core marking and coding business. Segment book-to-bill was 0.96.

Previous wording

Pumps & Process Solutions revenue for the second quarter of 2026 increased $32.2 million, or 6.2%, as compared to the second quarter of 2025, driven by acquisition-related growth of 4.9%, a favorable impact from foreign currency translation of 0.9% and an organic revenue growth of 0.4%. Acquisition-related growth was driven by the acquisitions of Sikora AG and ipp Pump Products GmbH in the second quarter of 2025. Customer pricing favorably impacted revenue in the second quarter of 2026 by approximately 1.5% and by approximately 1.7% in the prior year comparable quarter.

Current wording

Pumps & Process Solutions revenue for the third quarter of 2026 increased $17.6 million, or 3.2%, as compared to the third quarter of 2025, driven by acquisition-related growth of 1.7%, organic revenue growth of 1.2%, and a favorable impact from foreign currency translation of 0.3%. Acquisition-related growth was driven by the acquisition of Cloeren in the third quarter of 2026. Customer pricing favorably impacted revenue by 1.2% in the third quarter of 2026 and by 2.2% in the prior year comparable quarter.

Previous wording

The organic revenue growth was primarily driven by robust demand for products used in electrification and power generation infrastructure, single-use biopharma components, and industrial pumps, partially offset by anticipated revenue declines in our polymer processing solutions business as customers continue to focus on optimizing the significant capacity investments made over the last several years. We expect the organic growth to trend positively in the second half of the year.

Current wording

The organic revenue growth was primarily driven by robust demand for products used in electrification and power generation infrastructure, single-use biopharma components, and industrial pumps, partially offset by declines in our polymer processing solutions business as customers continue to focus on optimizing the significant capacity investments made over the last several years. We expect the organic growth to trend positively in the final quarter of the year.

Previous wording

Pumps & Process Solutions segment earnings increased $19.3 million, or 12.1%, over the prior year comparable quarter. The increase was driven by favorable price versus cost dynamics, positive portfolio mix and the impact from acquisitions, partially offset by lower volumes in our polymer processing solutions business. Segment earnings margin increased to 32.4% from 30.6% in the prior year comparable quarter.

Current wording

Pumps & Process Solutions segment earnings increased $9.3 million, or 5.5%, over the prior year comparable quarter. The increase was driven by favorable mix, and productivity actions. Segment earnings margin increased to 31.3% from 30.6% in the prior year comparable quarter.

Previous wording

Overall bookings increased 11.3% as compared to the prior year comparable quarter. The bookings increase was primarily driven by positive demand trends in the biopharmaceutical end market, as well as the favorable impact from acquisitions. Segment book-to-bill was 1.07.

Current wording

Overall bookings increased 9.0% as compared to the prior year comparable quarter. The bookings increase was primarily driven by positive demand trends in industrial pumps and precision components. Segment book-to-bill was 0.98.

Previous wording

Pumps & Process Solutions segment revenue increased $76.4 million, or 7.5%, as compared to the six months ended June 30, 2025, attributable to acquisition-related growth of 5.9% for the acquisitions of Sikora AG and ipp Pump Products GmbH in the second quarter of 2025 and a favorable impact from foreign currency translation of 1.8%, partially offset by an organic decline of 0.2%. The organic decline was primarily due to expected declines in our polymer processing solutions business, offset by products used in electrification and power generation infrastructure, single-use biopharma components, and industrial pumps. Customer pricing favorably impacted revenue by approximately 1.5% in both the first half of 2026 and in the prior year comparable period.

Current wording

Pumps & Process Solutions segment revenue increased $94.0 million, or 6.0%, as compared to the nine months ended September 30, 2025, attributable to acquisition-related growth of 4.4% for the acquisitions of Sikora AG and ipp Pump Products GmbH in the second quarter of 2025 and Cloeren in the third quarter of 2026, a favorable impact from foreign currency translation of 1.3%, and an organic revenue growth of 0.3%. The organic revenue growth was primarily driven by robust demand for products used in electrification and power generation infrastructure, single-use biopharma components, and industrial pumps, partially offset by declines in our polymer processing solutions business. Customer pricing favorably impacted revenue by 1.4% in the current period and by 1.7% in the prior year comparable period.

Previous wording

Pumps & Process Solutions segment earnings increased $37.6 million, or 12.1%, for the six months ended June 30, 2026 over the prior year comparable period. The increase was driven by favorable price versus cost dynamics, positive portfolio mix and the impact from acquisitions, partially offset by lower volumes in our polymer processing solutions business. Segment earnings margin increased to 31.9% from 30.6% from the prior year comparable period.

Current wording

Pumps & Process Solutions segment earnings increased $46.9 million, or 9.8%, for the nine months ended September 30, 2026 over the prior year comparable period. The increase was driven by favorable price versus cost dynamics, productivity initiatives, and restructuring benefits, partially offset by lower volumes in our polymer processing solutions business. Segment earnings margin increased to 31.7% from 30.6% from the prior year comparable period.

Previous wording

The organic revenue growth was primarily driven by continued strong demand in CO 2 refrigerant systems and growth in refrigerated door case volumes, as well as accelerating demand for heat exchangers used in data center cooling and other applications. We expect organic growth trends to remain constructive in the second half of the year.

Current wording

The organic revenue growth was primarily driven by continued strong demand in CO 2 refrigerant systems and growth in refrigerated door case volumes, as well as accelerating demand for heat exchangers used in data center cooling and other applications. We expect organic growth trends to remain strong in the final quarter of the year.

Previous wording

Climate & Sustainability Technologies segment earnings decreased $1.4 million, or 1.9%, over the prior year comparable quarter. The decrease in segment earnings was primarily due to costs relating to the timing of footprint consolidation projects and production ramp costs in retail refrigeration, partially offset by the favorable impact from higher volumes. Segment earnings margin decreased to 16.7% from 18.6% in the prior year comparable quarter.

Current wording

Climate & Sustainability Technologies segment earnings increased $4.6 million, or 6.0%, over the prior year comparable quarter. The increase in segment earnings was primarily driven by higher customer volumes, partially offset by costs relating to the timing of footprint consolidation projects and production ramp costs in retail refrigeration. Segment earnings margin decreased to 16.7% from 18.6% in the prior year comparable quarter.

Previous wording

Bookings in the second quarter of 2026 increased 45.8% from the prior year comparable quarter. The bookings increase was primarily driven by demand strength in retail refrigeration and heat exchangers, including longer lead-time orders. Segment book-to-bill was 1.23.

Current wording

Bookings in the third quarter of 2026 increased 43.1% from the prior year comparable quarter. The bookings increase was primarily driven by demand strength in retail refrigeration and heat exchangers, including longer lead-time orders. Segment book-to-bill was 1.23.

Previous wording

Climate & Sustainability Technologies segment revenue increased $102.1 million, or 13.4%, compared to the six months ended June 30, 2025, reflecting organic revenue growth of 11.5%, and a favorable foreign currency translation impact of 1.9%. The organic revenue growth for the six months ended June 30, 2026 was driven by favorable demand trends in retail refrigeration and heat exchanger applications. Customer pricing favorably impacted revenue by approximately 2.3% and 0.2% in the prior year comparable period.

Current wording

Climate & Sustainability Technologies segment revenue increased $175.0 million, or 14.9%, compared to the nine months ended September 30, 2025, reflecting organic revenue growth of 13.7%, and a favorable foreign currency translation impact of 1.2%. The organic revenue growth for the nine months ended September 30, 2026 was driven by favorable demand trends in retail refrigeration and heat exchanger applications. Customer pricing favorably impacted revenue by 2.6% in the current period and by 0.3% in the prior year comparable period.

Previous wording

Climate & Sustainability Technologies segment earnings increased $10.4 million, or 8.1%, for the six months ended June 30, 2026, as compared to the prior year comparable period. The earnings increase was primarily driven by the favorable impact from higher volumes and the favorable mix impact from CO 2 refrigerant systems growth in retail refrigeration, partially offset by costs relating to the timing of footprint consolidation projects and production ramp costs in retail refrigeration. Segment earnings margin decreased to 16.1% from 16.9% in the prior year comparable period.

Current wording

Climate & Sustainability Technologies segment earnings increased $15.0 million, or 7.3%, for the nine months ended September 30, 2026, as compared to the prior year comparable period. The earnings increase was primarily driven by the favorable impact from higher volumes, partially offset by costs relating to the timing of footprint consolidation projects and production ramp costs in retail refrigeration. Segment earnings margin decreased to 16.4% from 17.5% in the prior year comparable period.

Previous wording

Restructuring and other costs are not presented in our segment earnings because these costs are excluded from the segment operating performance measure reviewed by management. During the three and six months ended June 30, 2026, we incurred restructuring charges of $17.0 million and $47.2 million and other costs, net of $7.6 million and $14.2 million, respectively. Restructuring charges for the three and six months ended June 30, 2026 were primarily related to headcount reductions and exit costs in the Climate & Sustainability Technologies, Pumps & Process Solutions, Clean Energy & Fueling and Engineered Products segments. These restructuring programs were initiated in 2025 and 2026 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends. Other costs, net of $7.6 million and $14.2 million for the three and six months ended June 30, 2026 include $4.3 million and $7.3 million, respectively, in costs associated with a footprint reduction in our Climate & Sustainability Technologies segment. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statements of earnings. Additional programs beyond the scope of the announced programs may be implemented during 2026 with related restructuring and other cost charges.

Current wording

Restructuring and other costs are not presented in our segment earnings because these costs are excluded from the segment operating performance measure reviewed by management. During the three and nine months ended September 30, 2026, we incurred restructuring charges of $19.4 million and $66.6 million and other costs, net of $2.4 million and $16.6 million, respectively. Restructuring charges for the three and nine months ended September 30, 2026 were primarily related to headcount reductions and exit costs in the Pumps & Process Solutions, Climate & Sustainability Technologies, Clean Energy & Fueling, and Engineered Products segments. These restructuring programs were initiated in 2025 and 2026 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends. Other costs, net for the nine months ended September 30, 2026 of $16.6 million are primarily due to a footprint reduction in our Climate & Sustainability Technologies segment. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statements of earnings. Additional programs beyond the scope of the announced programs may be implemented during 2026 with related restructuring and other cost charges.

Previous wording

We recorded the following restructuring and other costs for the three and six months ended June 30, 2026:

Current wording

We recorded the following restructuring and other costs for the three and nine months ended September 30, 2026: