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Honeywell Technologies — Honeywell Technologies at a Glance (company IR deck)
Honeywell Technologies (HON) · 50 slides · Filed Oct 27, 2026
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Slide 1 — Honeywell
Honeywell Technologies at a Glance September 2026
Slide 2 — Forward-looking statements
Honeywell Technologies at a Glance Forward-looking statements 2 Non-GAAP financial measures 2 This presentation contains financial measures presented on a non-GAAP basis. Honeywell Technologies’ non-GAAP financial measures used in this presentation are as follows: Net sales and Segment Sales on a Honeywell Technologies basis and excluding spin-off and divestiture impact; Segment profit, on an overall Honeywell and Honeywell Technologies basis; Segment profit excluding spin-off and divestiture impact; Segment profit of Industrial Automation excluding divestiture impact; Segment profit margin excluding spin-off and divestiture impact; Segment profit margin of Industrial Automation excluding divestiture impact; Organic sales percent change on a Honeywell and Honeywell Technologies basis; Free cash flow; Adjusted earnings per share on a Honeywell and Honeywell Technologies basis; Adjusted income before taxes; Adjusted income tax expense; and Adjusted effective tax rate, if and as noted in the presentation. Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Refer to the Appendix attached to this presentation for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures. We describe many of the trends and other factors that drive our business and future results in this presentation. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward- looking statements are those that address activities, events, or developments that we or our management intend, expect, project, believe, or anticipate will or may occur in the future. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control. They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as changes in or application of trade and tax laws and policies, including the impacts of tariffs and other trade barriers and restrictions, lower GDP growth or recession in the U.S. or globally, supply chain disruptions, capital markets volatility, inflation, and certain regional conflicts, including ongoing conflicts in the Middle East, which can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this presentation can or will be achieved. These forward- looking statements should be considered in light of the information included in this presentation, our Form 10-K and other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.
Slide 3 — Honeywell Technologies at a Glance
Honeywell Technologies at a Glance Introducing Honeywell Technologies 1 2 3 4 5 6 Transformed portfolio into a pure-play automation leader Leveraging AI to lead the transition from automation to autonomy Focused on mission-critical automation environments delivering value-based outcomes Growing and monetizing our installed base is the foundation of our differentiated business model Mature Honeywell Technologies Accelerator operating system enabling profitable growth Experienced leadership team with execution and growth mindset Pure-play business leading the transition from automation to autonomy 3
Slide 4 — 2026 Investor Day | Introducing Honeywell Technologies
Honeywell Technologies at a Glance Unveiled standalone strategy, financial framework and long-term investment thesis Key Takeaways • Transformed into a pure-play automation leader positioned to lead the industry’s transition from automation to autonomy • Clear path to durable growth and margin expansion – Growing and activating installed base in mission-critical environments where we have distinct advantages and a right to win – Fueling our profitability and driving customer success through cycle of shared value creation – Leveraging AI and proprietary Honeywell Technologies Forge solution to enable advanced decision-making at critical control points • Growth underpinned by mature Honeywell Technologies Accelerator operating system, experienced leadership team and strong balance sheet 2026 Investor Day | Introducing Honeywell Technologies 4
Slide 5 — Transformed into a focused, pure-play automation leader
Honeywell Technologies at a Glance Transformed into a focused, pure-play automation leader We streamlined a complex portfolio… $2.4 $6.2 $5.0 $2.6 $3.7 $3.6 $2.4 $6.0 $2.0 $1.3 $1.4 $10.8B Industrial Automation $13.6B Aerospace Technologies $6.0B Building Automation $6.2B Energy and Sustainability Solutions Commercial Original Equipment Commercial Aftermarket Advanced Materials UOP Defense and Space Warehouse and Workflow Solutions Productivity Solutions and Services Sensing and Safety Technologies Process Solutions Building Solutions Building Products $37B 2023 sales $3.9 $3.4 $3.0 $0.7 $2.7 $3.7 Products $7.4B Building Automation $6.4B Process Automation & Technology $3.7B Industrial Automation Solutions ~$17B* 2025 sales** Solutions Projects Aftermarket Products …into a cohesive, pure-play automation portfolio 5 *Represents composition of 2025 sales; Excludes $0.4B of sales from Personal Protective Equipment (PPE), which was sold in May 2025, and $2.1B of sales from Warehouse and Workflow Solutions (WWS) and Productivity Solutions and Services (PSS) which were sold in July 2026 and August 2026, respectively. **Non-GAAP financial measure Note: Numbers may not tie due to rounding. 1 2 3 4 5 6 Significant transformation over last three years
Slide 6 — ~$4B
Honeywell Technologies at a Glance Honeywell Technologies overview (NASDAQ: HON) Automation pure play enabling safety, productivity, efficiency and uptime Global pure-play automation company delivering mission-critical outcomes for our customers 6 ~$4B Segment Profit *2 ~22% Segment Margin*2 ~40% ~20% ~30% >10% 43% 21% 15% 14% 7% Sales1 by region Sales1 by business model 42% 21% 37% Building Automation Process Automation & Technology Industrial Automation Sales1 by segment Americas Europe Middle East and Africa Asia Pacific China Products Aftermarket Services Projects Software Monetize installed base Grow installed base *Non-GAAP financial measure 1Represents composition of 2025 sales; Excludes sales from PPE, which was sold in May 2025, and sales from WWS and PSS, which were sold in July 2026 and August 2026, respectively. 22025 Segment profit and Segment margin exclude PPE, PSS, WWS, the impact of retained corporate assessment that was previously allocated to aerospace, and results of Quantinuum. See Appendix for reconciliation of non-GAAP measures. ~$17B Sales*1 1 2 3 4 5 6
Slide 7 — Where we play
Honeywell Technologies at a Glance Where we play We compete where resiliency and reliability are paramount Sensing and measurement Controls Software Technology stack Industry segments and Honeywell Technologies’ participation Information flows up and directives flow down in a continuous cycle Building Automation No / limited HON participation HON participation Process Automation & Technology Industrial Automation Buildings Process / Hybrid Discrete 7 1 2 3 4 5 6
Slide 8 — Why we like these markets
Honeywell Technologies at a Glance • Aligned to compelling megatrends, including infrastructure buildout, energy security, skilled labor scarcity, AI and reshoring • Attractive verticals with higher growth exist within these markets (e.g., life sciences, semiconductors, datacenters) • Extensive installed base driving recurring services and software revenue • Fragmentation in buildings and industrial end markets enabling opportunity to build scale • Global presence providing growth opportunity and fixed cost leverage Market dynamics MSD - HSD MSD MSD Buildings Industrial Process ~$120B 4% ~$35B 3% ~$55B 3% Market size1 Market growth2 Three-year HON organic growth targets Attractive market characteristics Committed to 4% - 6% organic growth, underpinned by distinctive business model and strategy execution 1Represents 2026 Serviceable Addressable Markets. 2Represents 2026–2029 market growth rates, which are internal estimates based on external market research. 8 Key peers ABB • AMETEK • Emerson • KBR Johnson Controls • Rockwell Automation Schneider Electric • Siemens Why we like these markets 1 2 3 4 5 6
Slide 9 — Honeywell Technologies at a Glance
Honeywell Technologies at a Glance What are our distinctive advantages as a pure-play automation leader Solving challenges in mission-critical environments with asymmetric risk payoffs 9 #1 in Building Automation and Process Technology Top 3 in Process Automation and Industrial Automation Differentiation Deep domain expertise leveraging world-class engineering resources Proprietary Honeywell Technologies Forge solution using unique database and continuous learning to optimize customer outcomes Innovation across critical control points in mission-critical environments Foundational strengths Vast installed base with large aftermarket entitlement Global scale with deep customer relationships and channel partnerships Honeywell Technologies Accelerator operating system provides tools, processes and best practices to operate smarter and faster 1 2 3 4 5 6
Slide 10 — How we create value
Honeywell Technologies at a Glance How we create value 10 Driving higher services and software growth Grow installed base Enabled by deep domain expertise and Honeywell Technologies Accelerator Connect assets Harness Honeywell Technologies Forge Deliver optimized customer outcomes Fully activate installed base Grow installed base Connect assets Harness Honeywell Technologies Forge Deliver optimized customer outcomes Fully activate installed base Extend with hardware at critical control points Digitize installed base and feed data into HON Forge Develop innovative, customized solutions Drive advantaged decision- making and efficiency Leverage solutions to accelerate shared value creation Clear customer benefits: Enhances productivity enabling profitable growth for customers Extends asset life by layering software and services into edge products Optimizes outcomes through continuous learning powered by Honeywell Technologies Forge Grow installed base Monetize installed base 1 2 3 4 5 6
Slide 11 — 4% - 6%
Honeywell Technologies at a Glance Our framework for growth Strategy aimed at accelerating profitable growth Software Services Products and projects Introduce new products Targeted investments to drive faster innovations Monetize installed base, enabled by Honeywell Technologies Forge Outcomes-based services and software enhanced by AI-enabled solutions Grow installed base Maintain scale in mature verticals and increase share in high-growth verticals 4% - 6% three-year organic growth target 3 2 1 11 1 2 3 4 5 6
Slide 12 — Honeywell Technologies Forge: what it is and why it matters
Honeywell Technologies at a Glance Frictionless connectivity Ontology (data + domain knowledge + AI models) Built for regulated industries Bridges IT and OT environments OT: Operational Technology | ARR: Annual Recurring Revenue What is it? Our hardware-agnostic, open-architecture platform designed to harness the power of our extensive domain expertise to provide scalable, customizable, AI-enabled solutions that deliver actionable enterprise- level outcomes in real-time Why does it matter? We provide our customers with a secure, reliable, and consistent experience to deliver domain specific outcomes Key Benefits: 12 Honeywell Technologies Forge: what it is and why it matters Connectivity Data-driven insights HON Forge digital services Intelligent human assistance HON Forge Performance+ Software-driven outcomes Automation to autonomy Closed loop operations What is the offering? Frictionless connectivity Improving lifecycle performance - services Improving asset, process and people performance Running operations Annual recurring software revenue $0.5B $0.8B $0.9B $1.1B Basic visibility - equipment, controls, assets and processes Basic workflow - improving the effectiveness of lifecycle services Running operations efficiently Pivoting from “controls for equipment” to “controls for humans for better decisions” 2020 2024 2025 2026E Business model evolution > > > $1B investment in Honeywell Technologies Forge is enabling the transition from automation to autonomy 1 2 3 4 5 6
Slide 13 — Future opportunity as industry evolves from automation to autonomy
Honeywell Technologies at a Glance Future opportunity as industry evolves from automation to autonomy Honeywell Technologies Forge enabling growth through autonomous solutions Current state AI agent role N/A Gather and analyze data; make recommendations Act under human supervision, i.e., physical AI Knowledge Human AI Agent AI Agent Action AI Agent Human Human POST 2026 PAST TODAY Honeywell evolution Connections 0.3K → 324K 2020 to 2026E 2.2M → 5.2M Last six months Assets +1.4 TB Daily Data Honeywell Technologies Forge’s rapid progress Augmentation Automation Rule-based Autonomy Outcome-based 13 1 2 3 4 5 6
Slide 14 — Operating system enabling profitable growth
Honeywell Technologies at a Glance Operating system enabling profitable growth Operating system geared towards driving profitable growth 2025 proof points 88% on-time to first promise, up from 63% in 2022 43% NPI vitality, up from 21% in 2017 1,2 3% avg. growth from price (2023 - 2025) 30% pipeline growth (2023 - 2025) Over 2% LTM avg. organic growth* in 4Q25, up from (6%) in 1Q24 *Non-GAAP financial measure Figures above, except for LTM avg. organic growth, exclude WWS and PSS, which were sold in July 2026 and August 2026, respectively. 1 NPI vitality refers to percent of sales derived from new products over a three-year period. 2 NPI vitality for 2017 – 2021 includes aerospace, PPE, Advanced Materials, PSS and WWS, which are excluded in 2023 and 2025. Level of maturity / penetration within Honeywell Technologies Accelerator Customer obsession Business models Commercial excellence Pricing New products Manufacturing Functional excellence Mature Emerging Fixed cost rationalization On-time delivery NPI vitality Price / cost management Pipeline growth Organic growth Organic growth Representative key performance indicator (KPI) 14 1 2 3 4 5 6
Slide 15 — Best-in-class management team
Honeywell Technologies at a Glance Best-in-class management team 15 Strong leadership with shared vision for executing growth mindset Vimal Kapur Chairman and CEO HON Tenure: 37 years Peter Kropik Enterprise Transformation and Chief Digital Officer 22 years Eric Seidel Chief Commercial Officer 9 years Billal Hammoud CEO, Building Automation 13 years Pete Lau CEO, Industrial Automation 4 years Jim Masso CEO, Process Automation 1 year Su Ping Lu General Counsel 16 years Jennifer Reilly Chief HR Officer 3 years Suresh Venkatarayalu CTO and President, Connected Enterprise 31 years Scott Hillpot Chief ISC Officer 18 years Anant Maheshwari CEO, Global Regions and Strategy 16 years Mike Stepniak Chief Financial Officer 6 years Brands and logos are trademarks of their respective owners | Companies representing previous relevant career experience of each member. 15 1 2 3 4 5 6
Slide 16 — segments
Business segments
Slide 17 — 26.5%
Honeywell Technologies at a Glance 48% 23% 14% 9% 6% Building Automation (BA) | Overview 17 Momentum driven by higher-growth verticals and regions 53% 47% Products Solutions Americas Europe Middle East and Africa Asia Pacific China • Leading provider of integrated solutions spanning controls, software, install and services • Equipment-agnostic offerings with large aftermarket opportunity • Global footprint with distinctive channel partner network • Exposure to higher-growth verticals (e.g., datacenters, healthcare, hospitality) • Differentiated, connected building platform driving recurring revenue • New product introductions fueled by increased R&D investment Business description 2025 financial overview Geographic mix Business mix 26.5% Segment margin $7.4B Sales 29% 19% 14% 9% 9% 6% 5% 4% 5% Industrial Vertical mix Commercial real estate Hospitality Public sector Healthcare Other Airports and transportation Education Datacenters Higher growth Mature Represents composition of 2025 sales.
Slide 18 — BA | Offerings by vertical
Honeywell Technologies at a Glance Utilities • Building management • Fire detection • CCTV and access controls • Demand response Datacenters • Environmental and energy management • Advanced fire detection • Integrated security Hospitality • Guestroom experience • Energy management • Guestroom access management • Fire detection and PAVA BA | Offerings by vertical Delivering safety, security, and energy management offerings in mission-critical environments Healthcare • Room pressurization controls • Fire detection and PAVA • Building and energy management • Integrated security • Command and control suite Life sciences / semis • Room pressurization controls • Fire detection and PAVA • Building and energy management • Integrated security • Validated environmental management Airports • Building and energy management • Fire detection and PAVA • CCTV and access control • Airfield lighting • Ground traffic management Education • Building and energy management • CCTV and access control • Fire detection and public address and voice alarm (PAVA) Stadiums • CCTV and access control • Fire detection and PAVA • Building and energy management • Command and control suite Commercial real estate • Cloud and local energy management • Fire detection • CCTV and access control HON Forge proprietary software algorithms Leading position in controls and gateways Tridium open connectivity platform Multi-domain optimization Ecosystem and channel innovation Represents cross-segment selling opportunities 18
Slide 19 — BA | Products and solutions
Honeywell Technologies at a Glance BA | Products and solutions Controls expertise addressing skilled labor shortage Key applications Key differentiators Composition of 2025 sales Projects Services • Hardware-agnostic multi-domain optimization • Ability to execute complex projects at global scale and standardize implementation • Project design, management, engineering, installation, and commissioning of stand-alone or integrated building sub-systems • Leveraging Honeywell Technologies Forge platform to drive outcome-based solutions • Shifting from traditional field service to remote / hybrid model • Remote management and monitoring • Managed services • Honeywell Technologies Forge connected applications Solutions Fire Security Building management • Trusted brand in fire with well-established global channel • Remote operations, self-testing capabilities • Fire control panel and detection systems • Advanced fire detection • Self testing and connected life safety solutions • Emergency notification systems • Leading brands with vast installed sites • Accelerating customer transition from on-prem to cloud • Access control, global identification management, and electronic locks • Video management systems • Integrated security • Proprietary engineering tools including open integration platform (Niagara) • Global network of channel partners • Advanced controls (controllers, sensors) • Optimization software • Vertical solutions (Retail, Hospitality, Pharma) Products 19
Slide 20 — MSD - HSD
Honeywell Technologies at a Glance BA | Medium-term framework Strategic priorities to drive growth momentum and margin expansion Three-year targets MSD - HSD Organic sales growth ~29% Segment margin Ramp in demand-driven volume leverage following significant investments in R&D, capacity and people Value pricing Productivity Margin-accretive offerings and verticals Focused vertical and regional play • Grow installed base in high-growth and critical verticals • Focus on customer outcomes and driving aftermarket services NPI platforms to consistently drive innovation • Fueled by DD% growth in R&D investment in 2025 and 2026 • Growth through software, solutions and customer co-creation Connected buildings • Implemented tiered solutions architecture for scalability • Installed base monetization to increase customer lifetime value • SaaS / services growth | Cloud native platforms Growth drivers Honeywell Technologies Accelerator enables best-in-class execution 20
Slide 21 — ~20%
Honeywell Technologies at a Glance 25% Industrial Automation (IA) | Overview Sensing and measurement is foundational to the tech stack 82% 18% Solutions Asia Pacific Europe Americas Products China 30% 27% 18% 10% 6% 5% 4% Middle East and Africa 5% 10% 10% 50% *Non-GAAP financial measure Financials represent 2025 sales and segment profit; excludes $0.4B of sales from PPE, which was sold in May 2025, and $2.1B of sales from WWS and PSS, which were sold in July 2026 and August 2026, respectively. Utilities Energy and chemicals Industrial manufacturing Aerospace Semiconductors Life sciences Grid infrastructure Higher growth Mature • Distinctive, mission-critical offerings in highly-regulated applications with exceptionally strong customer loyalty • Offerings designed to prevent failures causing immediate material impact on safety, human life, operations, revenue or compliance • Diversified vertical exposure aligned with secular growth trends • Complementary business models with attractive installed base and services Business description 2025 financial overview Geographic mix Business mix ~20% Segment margin* $3.7B Sales Vertical mix 21
Slide 22 — IA | Offerings by vertical
Honeywell Technologies at a Glance Broad portfolio of intelligent sensing and measurement solutions Aerospace • Precision position sensors • Limit switches • Toggles Marine, terminals and upstream • Terminal and inventory management • Level and temperature measurement solutions Industrial OEMs • Industrials sensors switches • Pressure, gas, position, speed and force sensing Represents cross-segment selling opportunities Refinery and petrochemicals • Process safety systems • Fire and gas systems • Field instrumentation Smart grid utility solutions • Ultrasonic gas meters • Electric advanced metering infrastructure, grid automation, visibility and insights solutions Semiconductor manufacturing • Sensing and measurement Life sciences, medical devices • Sensors and solutions Industrial plants • Burner management systems • Burners, fuel and air delivery Industrial safety • Fixed and portable gas detection sensors 22 IA | Offerings by vertical
Slide 23 — IA | Products and solutions
Honeywell Technologies at a Glance Industrial Industrial IA | Products and solutions Mission-critical offerings that drive meaningful outcomes for industrial customers High-margin business with strong cash conversion High accuracy custody transfer measurement for electric, water and gas utilities Sensing applications in semiconductors, life sciences, aerospace, datacenter and industrial High reliability and safety measurement for multi-industry applications (semiconductors, O&G, discrete) Composition of revenue1 1Represents composition of 2025 sales; excludes $0.4B of sales from PPE, which was sold in May 2025, and $2.1B of sales from WWS and PSS, which were sold in July 2026 and August 2026, respectively. Sensing Measurement 23 Applications Representative products Solutions Stable, non-discretionary aftermarket demand driven by regulatory and safety requirements Large installed base of 69.5M units (~17% under contract) with deep customer relationships Utility
Slide 24 — MSD
Honeywell Technologies at a Glance Actionable growth and margin expansion levers powered by Honeywell Technologies Accelerator Three-year targets MSD Organic sales growth ~25% Segment margin Participation in attractive markets and segments • Mission-critical applications in regulated spaces tied to secular growth trends • High serviceability, low price elasticity, high cost of switching • Higher-growth vertical expansion Growth drivers Honeywell Technologies Accelerator enables best-in-class execution Services and software transformation • Large installed base with full monetization over lifecycle • Outcome-based solutions leveraging Honeywell Technologies Forge and AI 24 Strong innovation engine to maintain and grow share • Increased R&D driving NPI in higher-growth verticals • Customer co-innovation, customer focus and regionalization Demand-driven volume leverage Value pricing Productivity Margin-accretive offerings and verticals IA | Medium-term framework
Slide 25 — 24.0%
Honeywell Technologies at a Glance 58% 42% Process Automation & Technology (PA&T) | Overview 25 Leading position with attractive growth and margins Represents composition of 2025 sales. • End-to-end lifecycle solutions across physical and digital applications • Global installed base, provides platform for recurring services and software revenue • Differentiated domain expertise in energy, petrochemicals, grid and life sciences • Connected AI-enabled, technology platform, enabling enterprise-level impact • Operate in critical applications; growing from ~$55B serviceable addressable market Business description 2025 financial overview Geographic mix Business mix 24.0% Segment margin $6.4B Sales Vertical mix 26% 24% 20% 21% 4% 3% 2% 30% 33% 16% 26% 17% 8% Americas Europe Middle East and Africa Asia Pacific China Aftermarket Projects Gas and LNG Grid infrastructure Life sciences Low carbon energy Refining Other process solutions Petrochemical Higher growth Mature
Slide 26 — PA&T | Offerings by vertical
Honeywell Technologies at a Glance PA&T | Offerings by vertical 26 Integrated process portfolio enabling digital transformations for customers Refining and petrochemicals • Process technology and licensing • Digital, optimization and connected solutions • Catalysts and adsorbents • Lifecycle services and operations support Other process and industrial • Industrial adsorbents and materials • Quality, safety and compliance • Optimization and equipment performance Life sciences • Automation systems • Manufacturing execution and control • Quality and compliance systems Grid infrastructure • Carbon capture and emissions reduction • Power plant automation and controls • Energy storage solutions Biofuels and low carbon energy • Renewable and sustainable fuels • Hydrogen and clean energy solutions • Automation, controls and digital suites Autonomous operations Services and expertise Connected digital solutions OT cybersecurity Gas and LNG • Gas processing and treating • Liquefaction and modular LNG • Automation systems and software • Rotating and mechanical equipment Represents cross-segment selling opportunities Energy production • Control, safety and wellhead systems • Compression and rotating equipment controls • Enterprise data and operations management • Emissions, energy and sustainability OT: Operational Technology
Slide 27 — PA&T | Portfolio of integrated solutions
Honeywell Technologies at a Glance PA&T | Portfolio of integrated solutions Value-enhancing, end-to-end process solutions Process technology and equipment Catalysts and adsorbents Aftermarket services Automation, control and safety systems Digital and cybersecurity Proprietary technologies and engineering that enable customers to build advantaged facilities with superior economics and lower execution risk Consumable performance materials that drive plant profitability while generating high-margin recurring revenue Lifecycle solutions that convert installed assets into durable, long-term service relationships Mission-critical platforms that help ensure safe, reliable and optimized industrial operations Software and AI solutions that enhance productivity, resilience and sustainability across connected operations Represents composition of 2025 Sales. Brands and logos are trademarks of their respective owners. Cross-portfolio customer examples Value creation drivers Composition of 2025 sales 27 Chevron ExxonMobil Adnoc Shell Saudi Aramco Reliance Industries Limited Boston Scientific AngloAmerican Line of business Marathon Daiichi Sankyo
Slide 28 — MSD
Honeywell Technologies at a Glance 28 Integrated portfolio positions Process Automation & Technology for structurally differentiated growth Three-year targets MSD Organic sales growth ~25% Segment margin Higher-growth verticals shifting business mix • Unparalleled domain expertise coupled with vast installed base • Increased global energy and energy security demand driving investment • Expansion within LNG, life sciences, low carbon energy and grid infrastructure Growth drivers Honeywell Technologies Accelerator enables best-in-class execution Monetizing installed base • End-to-end lifecycle capabilities from design to optimization driving 30+ years of high-margin sales runway • Expanding annual recurring revenue through services and software growth • Growing demand for OT cybersecurity offerings Unlocking synergies through cross selling • Integrated solutions, portfolio synergies and digital and services growth delivering incremental margin expansion Demand-driven volume leverage Value pricing Productivity Margin-accretive offerings and verticals Strong project management OT: Operational Technology PA&T | Medium-term framework
Slide 29 — and medium-term targets
Financial overview and medium-term targets
Slide 30 — Honeywell Technologies at a Glance
Honeywell Technologies at a Glance Value creation engine 30 Strategy enables 10%+ annual earnings growth Stronger top line Enhanced profitability Enabled by 90%+ FCF conversion • Faster pace of new product introductions fueled by R&D investments • Enhancing focus on higher-growth verticals • Stronger pricing discipline • Right-sized cost structure post spin and plan to completely eliminate stranded costs in 12 months • Leverage Honeywell Technologies Accelerator operating system, GBS and AI to drive margin expansion • Lower capex requirements • Transfer of legacy asbestos and environmental liabilities • ~100 bps working capital improvement annually • Near-term debt repayment Services and software annual recurring revenue Prudent capital allocation framework 1 2 3 GBS: Global Business Services 60+ bps Annual segment margin expansion 4% - 6% Organic growth
Slide 31 — Accelerating above-market sales growth
Honeywell Technologies at a Glance Accelerating above-market sales growth Well-positioned for top quartile growth Volume Price Contribution from completed acquisitions Contingency Three-year target 4% - 6% Organic growth +4% Organic Growth framework • Attractive positions in growing end markets where we demonstrate strong offering differentiation • Emerging NPI strategy fueled by R&D step-up, driving double-digit NPI growth1 in 2025 • 3% annual price offsetting inflation and tariffs • Completed acquisitions contributing at least ~1 point of incremental organic growth through 2029 • Outlook serves as prudent baseline for performance +3% Organic +1% Organic (2%) 1Double-digit NPI growth in 2025 excludes WWS and PSS. Growth drivers 31 • NPI execution • Higher-growth vertical mix • Improved services and software mix 1 2 3
Slide 32 — Recurring services and software by the numbers
Honeywell Technologies at a Glance Recurring services and software by the numbers Recurring services and software a critical piece of our financial algorithm • Targeting >45% portfolio mix of services and software (up from ~40% today) • ARR consists of software maintenance agreements, term licenses, services and digital AMS • Recurring services and software includes ~$0.9B software ARR projected to grow 15% annually • Honeywell Technologies Forge connecting over 6M assets across 324K sites globally for 32K customers • Driving high-margin, recurring, predictable revenue streams >$2B recurring services and software Highlights Recurring services Recurring software 1 Products Services Projects Software 30% >10% 40% 20% 62% 38% ~$2.3B recurring services and software ~40% services and software 32 ARR: annualized value of recurring services and software Note: Financials represent 2025 results for Honeywell (excluding aerospace, PSS and WWS) 1 2 3
Slide 33 — Honeywell Technologies at a Glance
Honeywell Technologies at a Glance Path to 60 bps annual margin expansion Agile operating system with multiple levers to expand margin Proof points • Stronger discipline and execution • Revamped new product introduction engine • Enabled by customer centricity and product differentiation • Mix benefit as cross-selling opportunities and NPI vitality increase • Shift to higher margin, recurring revenue streams to reduce cyclicality • Supported by Honeywell Technologies Forge • Honeywell Technologies Accelerator operating system • Back-to-basics execution mindset … we know how to expand margins • Incremental savings from reduction in number of legal entities and IT systems 3% - 4% annually >45% services and software revenue mix ~100 bps annually 1 Target 2 3 Cost productivity Improving mix and NPI Price 33 1 2 3
Slide 34 — Stronger free cash flow conversion
Honeywell Technologies at a Glance Stronger free cash flow conversion 34 Improved free cash flow conversion 2026 Honeywell Technologies guidance midpoint Three-year target >$3.0B ~$2.0B Targeting 90%+ conversion 2027 - 2029 • Now excludes non-cash pension income from adjusted earnings, +600 bps to FCF conversion in 2026 • Lower cash interest payments following debt paydown • Assumes adjusted effective tax rate of ~19%; lower cash taxes • Conversion improvement predominantly driven by high quality earnings growth, removal of stranded costs and accretion from divestitures • ~1pt annual working capital improvement driven by improved inventory and collections performance ~80% conversion 90%+ conversion 1 2 3
Slide 35 — Strategically deploying capital
Honeywell Technologies at a Glance Strategically deploying capital 35 Clear capital allocation framework; prioritizing debt repayment near term Near term Prioritizing debt repayment to maintain strong, investment grade credit rating; Targeting gross leverage <3.0x and flat share count Medium-term priorities Growth investments Capex ~3% of sales annually Returning excess capital to shareholders ~35% dividend payout ratio 1% annual share count reduction Bolt-on M&A Targeting acquisitions in $2B - $4B range 1 2 3
Slide 36 — Medium-term framework
Honeywell Technologies at a Glance Medium-term framework 36 Financial framework supports three-year commitments *Contains non-GAAP financial measures. See Appendix for reconciliation of non-GAAP measures. 1Estimated 2026 segment margin expansion and adjusted EPS growth reflect the impact of retained corporate assessment previously allocated to aerospace in 2025 and through Q2 2026. 2With respect to the company outlook for 2026, free cash flow adjusts for capital expenditures and spin-off and separation-related cost payments. 2026 guidance 2H26 guidance Three-year targets Organic Growth Annual recurring revenue 3% - 4% 4% - 6% 4% - 6% ~15% annual recurring software revenue growth Segment Margin Expansion 20.1% - 20.5% Up 250 - 290 bps1 21.0% - 21.7% Up 320 - 390 bps1 ~24% ~60 bps average annual segment margin expansion Adjusted EPS* Growth $8.05 - $8.35 Up 25% - 29%1 $4.33 - $4.63 Up 22% - 31%1 ~$12.00 10%+ annual adj. EPS growth Free Cash Flow*2 Conversion ~$2.0B ~$1.5B 95% conversion >$3B 90%+ conversion
Slide 37 — Honeywell Technologies at a Glance
Honeywell Technologies at a Glance Why own Honeywell Technologies? 37 A transformed and simplified Honeywell portfolio 1 Portfolio mix and business model approach enabling 10%+ annual adjusted earnings growth with 90%+ free cash flow conversion 3 Optionality to compound future earnings with annual recurring revenue focus leveraging AI 4 Execution culture coupled with mature Honeywell Technologies Accelerator operating system delivering results 5 Differentiated pure-play, global automation leader benefitting from secular tailwinds 2
Slide 38 — Appendix
Appendix
Slide 39 — Acronyms
Honeywell Technologies at a Glance ARR: Annualized value of recurring services and software BMS: Building Management Systems DCIM: Datacenter Information Management Systems EBI: Enterprise Buildings Integrator EPMS: Electrical Power Management System GBS: Global Business Services HPS: Honeywell Process Solutions HSS: Honeywell Sensing Solutions HTS: Honeywell Thermal Solutions IMC: Industrial Measurement and Controls OT: Operational technology OPEN: Operations performance and enterprise network PPE: Personal Protective Equipment PSS: Productivity Solutions and Services SAM: Serviceable Addressable Markets SME: Smart Energy UOP: Universal Oil Products WWS: Warehouse and Workflow Solutions Acronyms 39
Slide 40 — Appendix
Honeywell Technologies at a Glance Appendix Non-GAAP Financial Measures The following information provides definitions and reconciliations of certain non-GAAP financial measures presented in this presentation to which reconciliations are attached to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). The reconciliations include the financial measures on a consolidated Honeywell basis and include adjustments related to the separation of Honeywell Aerospace (the Separation Adjustments). The amounts shown as Separation Adjustments are unaudited and represent our best estimates. Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Other companies may calculate these non-GAAP measures differently, limiting the usefulness of these measures for comparative purposes. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they exclude significant expenses and income that are required by GAAP to be recognized in the consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Investors are urged to review the reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to evaluate Honeywell’s and Honeywell Technologies’ business. As indicated herein, certain forward-looking non-GAAP financial measures are not reconciled because management cannot reliably predict or estimate certain items for the reasons specified herein with respect to each non-GAAP financial measure.
Slide 41 — 2025, respectively. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.
Honeywell Technologies at a Glance ($M) 2025 Honeywell Net sales $ 37,442 Less: Net sales attributable to Quantinuum 30 Segment sales 37,412 Less: Net sales attributable to Aerospace Technologies 17,497 Less: Net sales attributable to Productivity Solutions and Services 1,132 Less: Net sales attributable to Warehouse and Workflow Solutions 933 Less: Net sales attributable to Personal Protective Equipment1 382 Segment sales excluding spin-off and divestiture impact $ 17,468 Industrial Automation Segment sales $ 6,111 Less: Net sales attributable to Productivity Solutions and Services 1,132 Less: Net sales attributable to Warehouse and Workflow Solutions 933 Less: Net sales attributable to Personal Protective Equipment1 382 Segment sales excluding spin-off and divestiture impact $ 3,664 Industrial Automation - Products Segment sales $ 4,284 Less: Net sales attributable to Productivity Solutions and Services 903 Less: Net sales attributable to Personal Protective Equipment1 382 Net sales excluding spin-off and divestiture impact $ 2,999 Industrial Automation - Solutions Segment sales $ 1,827 Less: Net sales attributable to Productivity Solutions and Services 229 Less: Net sales attributable to Warehouse and Workflow Solutions 933 Segment sales excluding spin-off and divestiture impact $ 665 We define net sales excluding spin-off and divestiture impact as reported net sales less sales attributable to Aerospace Technologies business, due to the spin-off on June 29, 2026, and sales attributable to the Productivity Solutions and Services, Warehouse and Workflow Solutions, and Personal Protective Equipment businesses, which were sold in August 2026, July 2026, and May 2025, respectively. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. Reconciliation of Net Sales to Segment Sales Excluding Spin-off and Divestiture Impact 1 For the twelve months ended December 31, 2025, reflects a $382 million impact to sales earned prior to the divestiture.
Slide 42 — Honeywell Technologies at a Glance
Honeywell Technologies at a Glance 2025 ($M) Honeywell Less: Spin-off and Divestiture Impact1 Excluding Spin-off and Divestiture Impact Operating income $ 5,573 $ 3,027 $ 2,546 Stock compensation expense4 196 43 153 Repositioning, other 2,3 675 231 444 Amortization of acquisition-related intangibles6 570 123 447 Pension and other postretirement service costs3 73 16 57 Acquisition-related costs5 2 — 2 Indefinite-lived intangible asset impairment6 44 — 44 Impairment of goodwill 724 724 — Impairment of assets held for sale 270 270 — Loss on Quantinuum7 187 — 187 Segment profit $ 8,314 $ 3,880 Segment profit 8,314 3,880 ÷ Segment sales 37,412 17,468 Segment profit margin % 22.2 % 22.2 % 1 Excludes the impacts attributable to the Aerospace Technologies business, due to the spin-off on June 29, 2026, the Productivity Solutions and Services, Warehouse and Workflow Solutions, and Personal Protective Equipment businesses, which were sold in August 2026, July 2026, and May 2025, respectively 2 Includes repositioning, asbestos, environmental expenses, equity income adjustment, and other charges 3 Included in Cost of products and services sold and Selling, general and administrative expense 4 Included in Selling, general and administrative expenses 5 Included in Cost of products and services sold. Includes acquisition-related fair value adjustments to inventory 6 Included in Cost of products and services sold 7 Includes consolidated losses of Quantinuum prior to the deconsolidation of the Company’s investment in Quantinuum, which does not meet the definition of an operating segment We define operating income as segment sales less total cost of products and services sold, research and development expenses, selling, general and administrative expenses, impairment of goodwill, and impairment of assets held for sale. We define segment profit, on an overall company basis, as operating income, excluding stock compensation expense, pension and other postretirement service costs, amortization of acquisition-related intangibles, certain acquisition- and divestiture-related costs and impairments, repositioning and other charges, and the results of Quantinuum. We define segment profit margin, on an overall company basis, as segment profit divided by net sales. These measures are shown on an overall Honeywell and Honeywell Technologies basis and excluding spin-off and divestiture impact, which excludes the respective impacts attributable to the Aerospace Technologies business, due to the spin-off on June 29, 2026, attributable to the Productivity Solutions and Services, Warehouse and Workflow Solutions, and Personal Protective Equipment businesses, which were sold in August 2026, July 2026, and May 2025, respectively. We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. A quantitative reconciliation of operating income to segment profit, on an overall Honeywell Technologies basis, has not been provided for all forward-looking measures of segment profit and segment profit margin included herein. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from segment profit. The information that is unavailable to provide a quantitative reconciliation could have a significant impact on our reported financial results. To the extent quantitative information becomes available without unreasonable effort in the future, and closer to the period to which the forward-looking measures pertain, a reconciliation of operating income to segment profit will be included within future filings. Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies. Reconciliation of Operating Income to Segment Profit Excluding Spin-off and Divestiture Impact, Calculation of Segment Profit Margin Excluding Spin-off and Divestiture Impact
Slide 43 — Honeywell Technologies at a Glance
Honeywell Technologies at a Glance 1 Includes Flexjet-related litigation matters of $312 million, which are considered to be unusual and not indicative of the Company's ongoing performance 2 Excludes organic sales percent change attributable to the Aerospace Technologies business, due to the spin-off on June 29, 2026. We define organic sales percent change as the year-over-year change in reported sales relative to the comparable period, adjusted for the impact of divestitures to the prior period, and excluding the impact on sales from foreign currency translation, acquisitions for the first 12 months following the transaction date, and certain other items that are unusual or non-recurring in nature. We define organic sales percent change excluding spin-off impact as the organic sales percent changes excluding organic sales percent change attributable to the Aerospace Technologies business. Last twelve months (“LTM”) Average Organic Growth is calculated as the average of the prior four quarters’ organic sales percent change excluding spin-off. We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. A quantitative reconciliation of reported sales percent change to organic sales percent change has not been provided for the forward-looking measure of organic sales percent change because management cannot reliably predict or estimate, without unreasonable effort, the fluctuations in global currency markets that impact foreign currency translation, nor is it reasonable for management to predict the timing, occurrence and impact of acquisition and divestiture transactions, all of which could significantly impact our reported sales percent change. 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Honeywell Reported sales percent change 2% 4% 2% 2% 5% 6% 8% 9% 9% 7% 6% Less: Impact of divestitures to the prior period —% —% —% —% —% —% —% —% (1)% (3)% (3)% Reported sales percent change, adjusted for impact of divestitures 2% 4% 2% 2% 5% 6% 8% 9% 10% 10% 9% Less: Foreign currency translation (1)% —% —% —% —% —% —% (1)% —% —% 1% Less: Acquisitions —% 1% —% —% 1% 3% 6% 5% 5% 4% 1% Less: Other1 —% —% —% —% —% —% —% —% —% —% (4)% Organic sales percent change 3% 3% 2% 2% 4% 3% 2% 5% 5% 6% 11% Less: Aerospace Technologies organic sales percent change2 7% 8% 9% 10% 9% 5% (1)% 3% —% 5% 9% Organic sales percent change excluding spin-off impact (4)% (5)% (7)% (8)% (5)% (2)% 3% 2% 5% 1% 2% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2Q23 (4)% 3Q23 (5)% 4Q23 (7)% 1Q24 (8)% 2Q24 (5)% 3Q24 (2)% 4Q24 3% 1Q25 2% 3Q23 (5)% 4Q23 (7)% 1Q24 (8)% 2Q24 (5)% 3Q24 (2)% 4Q24 3% 1Q25 2% 2Q25 5% 4Q23 (7)% 1Q24 (8)% 2Q24 (5)% 3Q24 (2)% 4Q24 3% 1Q25 2% 2Q25 5% 3Q25 1% 1Q24 (8)% 2Q24 (5)% 3Q24 (2)% 4Q24 3% 1Q25 2% 2Q25 5% 3Q25 1% 4Q25 2% LTM average organic growth (6)% (6)% (6)% (3)% (1)% 2% 3% 2% Reconciliation of Organic Sales Percent Change Excluding Spin-off Impact, Calculation of LTM Average Organic Growth
Slide 44 — Honeywell Technologies at a Glance
Honeywell Technologies at a Glance ($M) 2025 Industrial Automation Segment profit $ 896 Net sales 6,111 Segment profit margin 14.7 % Segment profit $ 896 Less: Divestiture impact1 150 Segment profit excluding divestiture impact $ 746 Net sales $ 6,111 Less: Productivity Solutions and Services net sales1 1,132 Less: Warehouse and Workflow Solutions net sales1 933 Less: Personal Protective Equipment net sales1 382 Net sales excluding divestiture impact $ 3,664 Segment profit excluding divestiture impact 746 ÷ Net sales excluding divestiture impact 3,664 Segment profit margin excluding divestiture impact 20.4 % 1 Net sales and segment profit attributable to the Productivity Solutions and Services, Warehouse and Workflow Solutions, and Personal Protective Equipment businesses are excluded due to the divestitures completed in August 2026, July 2026, and May 2025, respectively. We define segment profit excluding divestiture impact as reported segment profit less segment profit attributable to the Productivity Solutions and Services (PSS), Warehouse and Workflow Solutions (WWS), and Personal Protective Equipment (PPE) businesses, which were sold in August 2026, July 2026 and May 2025, respectively. We define net sales excluding divestiture impact as reported net sales less sales attributable to the PSS, WWS, and PPE businesses. We define segment profit margin excluding divestiture impact as segment profit excluding divestiture impact divided by net sales excluding divestiture impact. We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. Reconciliation of Industrial Automation Segment Profit to Segment Profit Excluding Divestiture Impact, Calculation of Segment Profit Margin Excluding Divestiture Impact
Slide 45 — Honeywell Technologies at a Glance
Honeywell Technologies at a Glance 2025 2H 2025 ($M) Honeywell Less: Separation Adjustments1 Honeywell Technologies Honeywell Less: Separation Adjustments1 Honeywell Technologies Operating income $ 5,573 $ 4,402 $ 1,171 $ 2,009 $ 2,039 $ (30) Stock compensation expense4 196 43 153 82 22 60 Repositioning, other2,3 675 285 390 574 255 319 Amortization of acquisition-related intangibles6 570 61 509 303 23 280 Pension and other postretirement service costs3 73 16 57 46 8 38 Acquisition-related costs5 2 — 2 9 — 9 Indefinite-lived intangible asset impairment6 44 — 44 44 — 44 Impairment of goodwill 724 — 724 724 — 724 Impairment of assets held for sale 270 — 270 255 — 255 Loss on Quantinuum7 187 — 187 111 — 111 Segment profit $ 8,314 $ 3,507 $ 4,157 $ 1,810 Net sales 37,412 17,497 19,915 19,186 9,024 10,162 Segment profit 8,314 3,507 4,157 1,810 ÷ Segment sales 37,412 19,915 19,186 10,162 Segment profit margin % 22.2 % 17.6 % 21.7 % 17.8 % 1 Includes the financial results of the Honeywell Aerospace business which will be reflected as discontinued operations in the third quarter. These financial results may differ from Aerospace Technologies financial information due to the perimeter of the transaction, allocation of Honeywell Technologies corporate costs, and treatment of intracompany transactions, among other items, for both current and prior reporting periods 2 Includes repositioning, asbestos, environmental expenses, equity income adjustment, and other charges 3 Included in Cost of products and services sold and Selling, general and administrative expense 4 Included in Selling, general and administrative expenses 5 Included in Other (income) expense. Includes acquisition-related fair value adjustments to inventory and third-party transaction and integration costs 6 Included in Cost of products and services sold 7 Includes consolidated losses of Quantinuum prior to the deconsolidation of the Company’s investment in Quantinuum, which does not meet the definition of an operating segment We define operating income as net sales less total cost of products and services sold, research and development expenses, selling, general and administrative expenses, impairment of goodwill, and impairment of assets held for sale. We define segment profit, on an overall Honeywell basis, as operating income, excluding stock compensation expense, pension and other postretirement service costs, amortization of acquisition-related intangibles, certain acquisition- and divestiture-related costs and impairments, and repositioning and other charges. We define segment profit margin, on an overall Honeywell basis, as segment profit divided by net sales. We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. A quantitative reconciliation of operating income to segment profit, on an overall Honeywell basis, has not been provided for all forward-looking measures of segment profit and segment profit margin included herein. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from segment profit. The information that is unavailable to provide a quantitative reconciliation could have a significant impact on our reported financial results. To the extent quantitative information becomes available without unreasonable effort in the future, and closer to the period to which the forward-lookingmeasures pertain, a reconciliation of operating income to segment profit will be included within future filings. Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies. Reconciliation of Operating Income to Segment Profit, Calculation of Operating Income and Segment Profit Margins
Slide 46 — Honeywell Technologies at a Glance
Honeywell Technologies at a Glance FY2025 2026(E) Honeywell Less: Separation Adjustments1 Honeywell Technologies Honeywell Technologies Earnings per share of common stock from continuing operations - diluted2 $ 13.88 $ 10.64 $ 3.24 $21.05 - $21.35 Pension income3 (0.91) (0.78) (0.13) No Forecast Amortization of acquisition-related intangibles4 1.34 0.14 1.20 1.10 Acquisition-related costs5 0.11 — 0.11 0.06 Divestiture-related costs6 1.43 0.62 0.81 No Forecast Debt restructuring costs7 — — — 0.72 ERP implementation costs8 — — — 0.06 Indefinite-lived intangible asset impairment9 0.14 — 0.14 — Impairment of goodwill10 2.25 — 2.25 — Impairment of assets held for sale11 0.65 — 0.65 0.74 Loss (gain) on sale of business12 0.09 — 0.09 (0.02) Gain related to Resideo indemnification and reimbursement agreement termination13 (2.50) — (2.50) — Adjustment to estimated future environmental liabilities14 0.50 0.43 0.07 — Loss on settlement of divestiture of asbestos liabilities15 0.35 — 0.35 — Flexjet-related litigation matters16 0.95 0.95 — — Impact of Russia-Ukraine conflict17 — — — 0.02 Gain on deconsolidation of Quantinuum18 — — — (15.85) Equity loss on Quantinuum19 — — — No Forecast Loss on Quantinuum20 0.18 — 0.18 0.17 Adjusted earnings per share of common stock from continuing operations - diluted $ 18.46 $ 6.46 $8.05 - 8.35 Footnotes on following slide Reconciliation of EPS to Adjusted EPS
Slide 47 — of approximately 319 million. Per share amounts have been adjusted to reflect the reverse stock split, which took effect June 29, 2026.
Honeywell Technologies at a Glance 1 Includes the financial results of the Honeywell Aerospace business which will be reflected as discontinued operations in the third quarter. These financial results may differ from Aerospace Technologies financial information due to the perimeter of the transaction, allocation of Honeywell Technologies corporate costs, and treatment of intracompany transactions, among other items, for both current and prior reporting periods. 2 For the twelve months ended December 31, 2025, adjusted earnings per share utilizes weighted average shares of approximately 321.4 million. For the twelve months ended December 31, 2026, expected earnings per share utilizes weighted average shares of approximately 319 million. Per share amounts have been adjusted to reflect the reverse stock split, which took effect June 29, 2026. 3 For the twelve months ended December 31, 2025, pension income was $291 million, net of tax expense of $89 million. For the twelve months ended December 31, 2025, pension income for Honeywell Technologies was $40 million, net of tax expense of $25 million. 4 For the twelve months ended December 31, 2025, acquisition-related intangibles amortization includes $432 million, net of tax benefit of $138 million. For the twelve months ended December 31, 2025, acquisition-related intangibles amortization for Honeywell Technologies includes $386 million, net of tax benefit of $123 million. For the twelve months ended December 31, 2026, the expected adjustment for acquisition-related intangibles amortization includes approximately $315 million, net of tax benefit of approximately $70 million. 5 For the twelve months ended December 31, 2025, the adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs and acquisition-related fair value adjustments to inventory, was $35 million, net of tax benefit of $10 million. For the twelve months ended December 31, 2026, the expected adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs, is approximately $30 million, net of tax benefit of approximately $10 million. 6 For the twelve months ended December 31, 2025, the adjustment for divestiture-related costs, which is principally comprised of third-party costs, was $460 million, net of tax benefit of $61 million. For the twelve months ended December 31, 2025, the adjustment for divestiture-related costs for Honeywell Technologies, was $262 million, net of tax expense of $31 million. 7 For the twelve months ended December 31, 2026, the expected adjustment for debt restructuring costs for Honeywell Technologies is $228 million, net of tax benefit of $70 million. 8 For the twelve months ended December 31, 2026, the expected adjustment for ERP implementation costs is approximately $20 million, net of tax benefit of approximately $5 million. 9 For the twelve months ended December 31, 2025, the impairment charge of indefinite-lived intangible assets associated with the Industrial Automation reportable segment was $44 million, without tax benefit. 10 For the twelve months ended December 31, 2025, the impairment charge of goodwill associated with the Industrial Automation reportable segment was $724 million, without tax benefit. 11 For the twelve months ended December 31, 2025, the impairment charge of assets held for sale was $209 million, net of tax benefit of $61 million. For the twelve months ended December 31, 2026, the expected impairment charge of assets held for sale is $236 million, net of tax benefit of $75 million. 12 For the twelve months ended December 31, 2025, the adjustment for loss on sale of the personal protective equipment business is $28 million, net of tax benefit of $2 million. For the twelve months ended December 31, 2026, the expected gain on sale of personal protection equipment business is $5 million, net of tax expense of $1 million. 13 For the twelve months ended December 31, 2025, the gain related to the Resideo indemnification and reimbursement agreement termination was $802 million, without tax expense. 14 In the twelve months ended December 31, 2025, the Company enhanced its process for estimating environmental liabilities at sites undergoing active remediation, which led to earlier recognition of the estimated probable liabilities and an increase to estimated environmental liabilities. For the twelve months ended December 31, 2025, the adjustment to increase environmental liabilities for Honeywell was $161 million, net of tax benefit of $50 million. For the twelve months ended December 31, 2025, the adjustment to increase environmental liabilities for Honeywell Technologies was $22 million, net of tax benefit of $7 million. 15 For the twelve months ended December 31, 2025, the adjustment for loss on settlement of divestiture of asbestos liabilities was $112 million, net of tax benefit of $36 million. 16 For the twelve months ended December 31, 2025, the adjustment for the Flexjet-related litigation matters was $302 million, net of tax benefit of $71 million. Management considers the nature and significance of these litigation matters to be unusual and not indicative of the Company's ongoing performance. 17 For the twelve months ended December 31, 2026, the expected adjustment for Russian-related charges was a $6 million expense, net of tax benefit of $2 million, due to the settlement of a contractual dispute associated with the Company’s suspension and wind down activities in Russia. 18 For the twelve months ended December 31, 2026, the expected adjustment is $5,057 million, net of tax expense of $1,572 million. 19 The equity losses of Quantinuum are based on our proportionate share of Quantinuum's earnings or losses, which are outside of the Company's control. We therefore do not include an estimate for these amounts. 20 Includes consolidated losses of Quantinuum prior to the deconsolidation of the Company’s investment in Quantinuum, which does not meet the definition of an operating segment. For the twelve months ended December 31, 2025, the net income adjustment for Quantinuum was $135 million, net of tax benefit of $43 million. The net adjustment also reflects an adjustment to NCI of $78 million for the twelve months ended December 31, 2025. Reconciliation of EPS to Adjusted EPS
Slide 48 — Honeywell Technologies at a Glance
Honeywell Technologies at a Glance 2H25 2H26(E) Honeywell Less: Separation Adjustments1 Honeywell Technologies Honeywell Technologies Earnings per share of common stock from continuing operations - diluted2 $ 5.60 $ 4.37 $ 1.23 $3.68 - $3.98 Pension (income) expense3 (0.38) (0.42) 0.04 No Forecast Amortization of acquisition-related intangibles4 0.72 0.05 0.67 0.56 Acquisition-related costs5 0.09 — 0.09 0.05 Divestiture-related costs6 1.23 0.74 0.49 No Forecast ERP implementation costs7 — — — 0.04 Indefinite-lived intangible asset impairment8 0.14 — 0.14 — Impairment of goodwill9 2.25 — 2.25 — Impairment of assets held for sale10 0.61 — 0.61 — Loss (gain) on sale of business — — — No Forecast Gain related to Resideo indemnification and reimbursement agreement termination11 (2.50) — (2.50) — Adjustment to estimated future environmental liabilities12 0.50 0.43 0.07 — Loss on settlement of divestiture of asbestos liabilities13 0.35 — 0.35 — Flexjet-related litigation matters14 0.95 0.95 — — Equity loss on Quantinuum15 — — — No Forecast Loss on Quantinuum16 0.10 — 0.10 — Adjusted earnings per share of common stock from continuing operations - diluted $ 9.66 $ 3.54 $4.33 - $4.63 Reconciliation of EPS to Adjusted EPS Footnotes on following slide
Slide 49 — Honeywell Technologies at a Glance
Honeywell Technologies at a Glance 1 Includes the financial results of the Honeywell Aerospace business which will be reflected as discontinued operations in the third quarter. These financial results may differ from Aerospace Technologies financial information due to the perimeter of the transaction, allocation of Honeywell Technologies corporate costs, and treatment of intracompany transactions, among other items, for both current and prior reporting periods. 2 For the six months ended December 31, 2025, adjusted earnings per share utilizes weighted average shares of approximately 320.4 million. For the six months ended December 31, 2026, adjusted earnings per share utilizes weighted average shares of approximately 319 million. 3 For the six months ended December 31, 2025, pension income was $121 million, net of tax expense of $36 million. For the six months ended December 31, 2025, pension expense for Honeywell Technologies was $15 million, net of tax expense of $6 million. 4 For the six months ended December 31, 2025, acquisition-related intangibles amortization includes $230 million, net of tax benefit of $73 million. For the six months ended December 31, 2025, acquisition-related intangibles amortization for Honeywell Technologies includes $213 million, net of tax benefit of $68 million. For the six months ended December 31, 2026, the expected adjustment for acquisition-related intangibles amortization includes approximately $180 million, net of tax benefit of approximately $40 million. 5 For the six months ended December 31, 2025, the adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs and acquisition-related fair value adjustments to inventory, was $30 million, net of tax benefit of $9 million. For the six months ended December 31, 2026, the expected adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs, is approximately $15 million, net of tax benefit of approximately $3 million. 6 For the six months ended December 31, 2025, the adjustment for divestiture-related costs, which is principally comprised of third-party costs, was $393 million, net of tax benefit of $59 million. For the six months ended December 31, 2025, the adjustment for divestiture-related costs for Honeywell Technologies, was $152 million, net of tax expense of $28 million. 7 For the six months ended December 31, 2026, the expected adjustment for ERP implementation costs is approximately $11 million, net of tax benefit of $2 million. 8 For the six months ended December 31, 2025, the impairment charge of indefinite-lived intangible assets associated with the Industrial Automation reportable segment was $44 million, without tax benefit. 9 For the six months ended December 31, 2025, the impairment charge of goodwill associated with the Industrial Automation reportable segment was $724 million, without tax benefit. 10 For the six months ended December 31, 2025, the impairment charge of assets held for sale was $194 million, net of tax benefit of $61 million. 11 For the six months ended December 31, 2025, the gain related to the Resideo indemnification and reimbursement agreement termination was $802 million, without tax expense. 12 In the six months ended December 31, 2025, the Company enhanced its process for estimating environmental liabilities at sites undergoing active remediation, which led to earlier recognition of the estimated probable liabilities and an increase to estimated environmental liabilities. For the six months ended December 31, 2025, the adjustment to increase environmental liabilities was $161 million, net of tax benefit of $50 million. For the six months ended December 31, 2025, the adjustment to increase environmental liabilities for Honeywell Technologies was $22 million, net of tax benefit of $7 million. 13 For the six months ended December 31, 2025, the adjustment for loss on settlement of divestiture of asbestos liabilities was $112 million, net of tax benefit of $36 million. 14 For the six months ended December 31, 2025, the adjustment for the Flexjet-related litigation matters was $302 million, net of tax benefit of $71 million. Management considers the nature and significance of these litigation matters to be unusual and not indicative of the Company's ongoing performance. 15 The equity losses of Quantinuum are based on our proportionate share of Quantinuum's earnings or losses, which are outside of the Company's control. We therefore do not include an estimate for these amounts. 16 Includes consolidated losses of Quantinuum prior to the deconsolidation of the Company’s investment in Quantinuum, which does not meet the definition of an operating segment. For the six months ended December 31, 2025, the net income adjustment for Quantinuum was $79 million, net of tax benefit of $25 million. The net adjustment also reflects an adjustment to NCI of $46 million for the six months ended December 31, 2025. We define adjusted earnings per share as diluted earnings per share from continuing operations adjusted to exclude various charges as listed above. We believe adjusted earnings per share is a measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. For forward-looking information, management cannot reliably predict or estimate, without unreasonable effort, pension income or the divestiture-related costs. The pension income is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. The divestiture-related costs are subject to detailed development and execution of separation restructuring and simplification plans for the recently completed separation of Honeywell Technologies and Honeywell Aerospace. The equity losses of Quantinuum are based on our proportionate share of Quantinuum's earnings or losses, which are outside of the Company's control. We therefore do not include an estimate for these amounts. Based on economic and industry conditions, future developments, and other relevant factors, these assumptions are subject to change. Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies. We define adjusted income before taxes as income before taxes from continuing operations adjusted for items presented above. We define adjusted income tax expense as income tax expense adjusted for tax impact of items presented above. We define adjusted effective tax rate as adjusted income tax expense divided by adjusted income before taxes. We believe that adjusted effective tax rate is a non-GAAP measure that is useful to investors and management as an ongoing representation of our tax rate excluding one-off and unusual transactions. This measure can be used to evaluate our tax rate on our recurring operations. For forward looking information, we do not provide effective tax rate guidance on a GAAP basis as management cannot reliably predict or estimate, without unreasonable effort, the pension income and other one-off and unusual transactions. Reconciliation of EPS to Adjusted EPS
Slide 50 — Honeywell Technologies at a Glance
Honeywell Technologies at a Glance 2026(E) 2H26(E) ($M) Honeywell Technologies Honeywell Technologies Cash provided by operating activities from continuing operations $1.9 - $2.2 $1.6 - $1.8 Capital expenditures ~(0.6) ~(0.3) Spin-off and separation-related cost payments ~0.4 ~0.1 Quantinuum ~0.1 — Free cash flow ~$1.8 - $2.1 ~$1.4 - $1.6 We define free cash flow as cash provided by operating activities from continuing operations less cash for capital expenditures and excluding spin-off and separation-related cost payments, and cash flows attributable to Quantinuum. We believe that free cash flow is a non-GAAP measure that is useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This measure can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity. Reconciliation of Cash Provided by Operating Activities to Free Cash Flow