ITT INC

To the shareholders and the Board of Directors of ITT Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of ITT Inc. and subsidiaries (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, shareholders’ equity, and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013)issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 10, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Revenue Recognition – Refer to Note 1 and Note 4 to the Consolidated Financial Statements

Critical Audit Matter Description

The Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

Given the Company’s decentralized structure and geographic dispersion of the Company’s business units, auditing revenue recognized at a point in time required significant audit effort for us to identify, test, and evaluate the Company’s revenue recognition.

How the Critical Audit Matter Was Assessed in the Audit

To address this critical audit matter, we performed the following procedures to test revenue recognized at a point in time, among others:

•Obtained an understanding of the Company’s geographic composition of revenue and used judgment to determine which business units to perform revenue recognition procedures on.

•Obtained an understanding, evaluated the design, and tested the operating effectiveness of the Company’s relevant controls at certain business units to determine the appropriate revenue recognition.

•Performed site visits of selected business units across various geographies to perform revenue recognition testing and observe the Company's process, products, and arrangements.

•Performed detail transaction testing of revenue recognition at the business units by (1) evaluating the terms of revenue contracts and the appropriateness of management’s determination of revenue recognition; (2) agreeing amounts recorded to source documents to determine the revenue was properly recognized.

•Evaluated the overall sufficiency of audit evidence obtained by assessing the results of procedures performed over revenue recognition.

Svanehøj Group A/S and kSARIA Parent, Inc., – Customer Relationships Valuation - Refer to Note 11 and Note 21 to the Consolidated Financial Statements

Critical Audit Matter Description

On January 19, 2024, the Company completed the acquisition of 100% of the privately held stock of Svanehøj Group A/S (“Svanehøj”). On September 12, 2024, the Company completed the acquisition of 100% of the privately held stock of kSARIA Parent, Inc. (“kSARIA”). The Company accounted for the acquisitions under the acquisition method of accounting for business combinations. Accordingly, the purchase price for each acquisition was allocated to the assets acquired and liabilities assumed based on their respective fair values, including customer relationships.

Given the fair value determination of customer relationships for the Svanehøj and kSARIA businesses required management to make significant estimates and assumptions related to revenue forecasts and the selection of the discount rates and attrition rates, performing audit procedures to evaluate the reasonableness of these estimates and assumptions required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists.

How the Critical Audit Matter Was Addressed in the Audit

To address this critical audit matter, we performed the following procedures related to forecasts of revenue and selection of the discount rates and attrition rates, among others:

•Evaluated the design and tested the operating effectiveness of controls over the valuation of the customer relationships, including management's controls over revenue forecasts and selection of discount rates and attrition rates.

•Assessed the reasonableness of management's revenue forecasts by (1) performing inquiries of appropriate individuals outside of the accounting organization and (2) comparing the projections to historical results, third-party industry forecasts, and certain peer companies.

•With the assistance of fair value specialists, evaluated the reasonableness of the (1) valuation methodologies, (2) discount rates and (3) attrition rates by testing the source information underlying the determination of the various assumptions and testing the mathematical accuracy of the calculations.