8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 19, 2018

Commission file number 001-38265

nVent Electric plc

(Exact name of Registrant as specified in its charter)

Ireland	98-1391970
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification number)
43 London Wall, London, EC2M 5TF United Kingdom
(Address of principal executive offices, including Zip Code)
Registrant’s telephone number, including area code: 44-20-7347-8925

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

ITEM 2.02 Results of Operations and Financial Condition.

As previously reported, Pentair plc (“Pentair”) expects to complete the spin-off of its Electrical business, nVent Electric plc (“nVent”), on April 30, 2018, subject to the satisfaction or waiver of the conditions to the distribution.

On April 19, 2018, Pentair announced its financial results for the first quarter of 2018 and issued an earnings release, dated April 19, 2018 (the “Pentair earnings release”), which Pentair furnished as Exhibit 99.1 to Pentair’s Current Report on Form 8-K dated as of the date hereof. These financial results of Pentair, as well as the Pentair earnings release, include reported results for the Electrical business. The Pentair earnings release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The Pentair earnings release refers to certain non-GAAP financial measures for the Electrical business or nVent (core sales, segment income, return on sales, pro forma adjusted net income and pro forma adjusted diluted earnings per share) and a reconciliation of those non-GAAP financial measures to the corresponding financial measures contained in financial statements prepared in accordance with generally accepted accounting principles.

The 2018 segment income, return on sales, pro forma adjusted net income and pro forma adjusted diluted earnings per share eliminate intangible amortization, certain targeted restructuring activities, separation costs, interest expense adjustments, and certain tax items.

The term “core sales” refers to GAAP net sales excluding 1) the impact of currency translation and 2) the impact of revenue from acquired businesses recorded prior to the first anniversary of the acquisition less the amount of sales attributable to divested product lines not considered discontinued operations (“acquisition sales”). The portion of GAAP net sales attributable to currency translation is calculated as the difference between (a) the period-to-period change in net sales (excluding acquisition sales) and (b) the period-to-period change in net sales (excluding acquisition sales) after applying current period foreign exchange rates to the prior year period. The term “core sales growth” refers to the measure of comparing current period core net sales with the corresponding period of the prior year.

Management utilizes these adjusted financial measures to assess the run-rate of its continuing operations against those of prior periods without the distortion of these factors. nVent believes that these non-GAAP financial measures will be useful to investors as well to assess the continuing strength of nVent’s underlying operations. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

ITEM 7.01 Regulation FD Disclosure.

nVent is furnishing as Exhibit 99.2 to this Current Report on Form 8-K presentation slides prepared by nVent that contain financial and other information regarding nVent, which will be used by nVent in connection with an earnings conference call to be held on the date hereof, as previously announced by Pentair.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This report contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,” “should,” “would,” “positioned,” “strategy,” “future” or words,

phrases or terms of similar substance or the negative thereof, are forward-looking statements. All projections in this report are also forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the ability to satisfy the necessary conditions to consummate the planned separation of our Electrical business and the Water business of Pentair into two independent, publicly-traded companies (the “Separation”) on a timely basis or at all; the ability to successfully separate our business and realize the anticipated benefits from the Separation; adverse effects on our business operations or financial results as a result of the announcement or consummation of the Separation; unanticipated transaction expenses, such as litigation or legal settlement expenses; changes in tax laws; the impact of the Separation on our employees, customers and suppliers; overall global economic and business conditions impacting our businesses; the ability of our business to operate independently following the Separation; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions; competition and pricing pressures in the markets we serve; the strength of housing and related markets; volatility in currency exchange rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; increased risks associated with operating foreign businesses; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the Securities and Exchange Commission, including nVent’s Registration Statement on Form 10, as amended. All forward-looking statements speak only as of the date of this report. nVent assumes no obligation, and disclaims any obligation, to update the information contained in this report.

ITEM 9.01 Financial Statements and Exhibits.

(a) Financial Statements of Business Acquired

Not applicable.

(b) Pro Forma Financial Information

Not applicable.

(c) Shell Company Transactions

Not applicable.

(d) Exhibits

The exhibits listed in the accompanying Exhibit Index are being furnished herewith.

Exhibit Index

Exhibit Number	Description
99.1	Pentair plc press release, dated April 19, 2018, announcing earnings results for the first quarter of 2018.
99.2	Slide presentation of nVent Electric plc, dated April 19, 2018.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on April 19, 2018.

NVENT ELECTRIC PLC
Registrant
By:	/s/ Angela D. Jilek
	Angela D. Jilek
	Director and Secretary

EX-99.1

Exhibit 99.1

News Release

Pentair Reports First Quarter 2018 Results

• First quarter sales of $1.3 billion.

• First quarter GAAP EPS of $0.58 and adjusted EPS of $0.88.

• The company expects to complete the previously announced tax-free spin-off of its Electrical business to its shareholders on April 30, 2018.

• The company updates its 2018 GAAP EPS from continuing operations guidance to a range of $1.75 to $1.80 and on an adjusted basis to a range of $2.25 to $2.30. This reflects the anticipated separation of its Electrical business, nVent Electric plc, on April 30, 2018 and the reporting of Electrical’s results as discontinued operations.

• nVent Electric plc provides 2018 GAAP EPS guidance at a range of $1.38 to $1.48 and on an adjusted basis at a range of $1.70 to $1.80. This reflects the anticipated separation on April 30, 2018.

Reconciliations of GAAP to Non-GAAP measures are in the attached financial tables.

LONDON, United Kingdom — April 19, 2018 — Pentair plc (NYSE: PNR) today announced first quarter 2018 sales of $1.3 billion. Sales were up 7 percent compared to sales for the same period last year. Excluding currency translation and acquisitions, core sales grew 4 percent in the first quarter. First quarter 2018 earnings per diluted share from continuing operations (“EPS”) were $0.58 compared to $0.44 in the first quarter of 2017. On an adjusted basis, the company reported EPS of $0.88 compared to $0.65 in the first quarter of 2017. Segment income, adjusted net income, free cash flow, and adjusted EPS are described in the attached schedules.

First quarter 2018 operating income was $152 million, up 8 percent compared to operating income for the first quarter of 2017, and return on sales (“ROS”) was 12.0 percent, an increase of 10 basis points when compared to the first quarter of 2017. On an adjusted basis, the company reported segment income of $211 million for the first quarter, up 13 percent compared to segment income for the first quarter of 2017, and ROS was 16.6 percent, an increase of 90 basis points when compared to the first quarter of 2017.

Net cash used for operating activities of continuing operations was $167 million and free cash flow usage from continuing operations was $181 million for the quarter. The company is targeting to deliver full year free cash flow of approximately 100 percent of adjusted net income.

Pentair paid dividends of $0.35 per share in the first quarter of 2018. Pentair previously announced on December 5, 2017 that its Board of Directors approved a 1 percent increase in the company’s regular cash dividend rate for the first quarter of 2018 to $0.35 from $0.345. 2018 marks the 42nd consecutive year that Pentair has increased its dividend.

“Pentair started 2018 building additional momentum on core sales growth in both the Water and Electrical segments,” said Randall J. Hogan, Pentair Chairman and Chief Executive Officer. “In addition to improved core sales growth, both businesses delivered strong income growth and margin expansion. We believe the imminent separation into two industry-leading pure-play Water and Electrical companies will enhance shareholder value and allow both companies to focus on their independent strategies and better control their own destinies.”

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OUTLOOK

The company updates its estimated 2018 GAAP EPS from continuing operations to a range of $1.75 to $1.80 and on an adjusted EPS basis to a range of $2.25 to $2.30. The company updates its full year 2018 sales guidance to $2.96 billion, up 3 to 4 percent on a reported and core basis over 2017. The company is targeting to deliver full year free cash flow of approximately 100 percent of adjusted net income.

In addition, the company introduces second quarter 2018 GAAP EPS from continuing operations guidance of $0.44 to $0.46 and, on an adjusted EPS basis, of $0.67 to $0.69. The company expects second quarter sales to be approximately $0.79 billion, up 4 to 5 percent on a reported basis and up 3 to 4 percent on a core basis compared to second quarter 2017. This full year and second quarter 2018 outlook reflects the anticipated separation of the Electrical business on April 30, 2018 and the reporting of Electrical’s results as discontinued operations.

The company also announced that nVent Electric plc (“nVent”), the Electrical business that is expected to be spun off on April 30, 2018, provided 2018 guidance. nVent provides 2018 GAAP EPS guidance at a range of $1.38 to $1.48 and, on an adjusted basis, at a range of $1.70 to $1.80. For full year 2018, nVent anticipates sales of approximately $2.2 billion, up 3 to 5 percent on a reported basis and up 2 to 4 percent on a core basis compared to 2017. nVent is targeting to deliver full year free cash flow of approximately 100 percent of adjusted net income.

In addition, nVent introduces second quarter 2018 GAAP EPS guidance of $0.33 to $0.36 and, on an adjusted EPS basis, of $0.41 to $0.44. nVent expects second quarter sales to be approximately $0.54 billion, up 3 to 5 percent on a reported basis and up 2 to 4 percent on a core basis compared to second quarter 2017. This full year and second quarter 2018 outlook reflects the anticipated separation of the Electrical business on April 30, 2018.

EARNINGS CONFERENCE CALL

Pentair Chairman and CEO Randall J. Hogan, Chief Financial Officer and Future President and CEO John L. Stauch, and Chief Accounting Officer and Future Chief Financial Officer Mark C. Borin will discuss the company’s first quarter 2018 results on a two-way conference call with investors at 8:00 a.m. Eastern today. A live audio webcast of the call, along with the related presentation, can be accessed in the Investors section of the company’s website, www.pentair.com, shortly before the call begins. Reconciliations of non-GAAP financial measures are set forth in the attachments to this release and in the presentation, both of which can be found on Pentair’s website. The webcast and presentation will be archived at the company’s website following the conclusion of the event.

Pentair will host a second conference call at 8:45 a.m. Eastern today to discuss the results of its Electrical segment. Discussing the results will be Electrical President and future nVent President and Chief Executive Officer Beth Wozniak and future nVent Chief Financial Officer Stacy McMahan. A live audio webcast of the call, along with the related presentation, can be accessed in the Investors section of the company’s website, www.pentair.com, shortly before the call begins.

Reconciliations of non-GAAP financial measures are set forth in the attachments to this release and in the presentations, each of which can be found on Pentair’s website. The webcast and presentations will be archived at the company’s website following the conclusion of the event.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,” “should,” “would,” “positioned,” “strategy,” “future” or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the ability to satisfy the necessary conditions to consummate the planned separation of our Water business and Electrical business into two independent, publicly-traded

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companies (the “Separation”) on a timely basis or at all; the ability to successfully separate the Water and Electrical businesses and realize the anticipated benefits from the Separation; adverse effects on the Water and Electrical business operations or financial results and the market price of our shares as a result of the announcement or consummation of the Separation; unanticipated transaction expenses, such as litigation or legal settlement expenses; changes in tax laws; the impact of the Separation on our employees, customers and suppliers; overall global economic and business conditions impacting the Water and Electrical businesses; future opportunities that our board may determine present greater potential to increase shareholder value; the ability of the Water and Electrical businesses to operate independently following the Separation; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions; competition and pricing pressures in the markets we serve; the strength of housing and related markets; volatility in currency exchange rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; increased risks associated with operating foreign businesses; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2017. All forward-looking statements speak only as of the date of this press release. Pentair plc assumes no obligation, and disclaims any obligation, to update the information contained in this press release.

ABOUT PENTAIR PLC

Pentair plc (NYSE: PNR) is a global company dedicated to building a safer, more sustainable world. Pentair delivers industry leading products, services and solutions that help people make the best use of the resources they rely on most. Its technology moves the world forward by ensuring that water is plentiful, useful and pure, and that critical equipment and those near it are protected. With 2017 revenues of $4.9 billion, Pentair employs approximately 18,400 people worldwide. To learn more, visit www.pentair.com.

PENTAIR CONTACTS:	NVENT CONTACT:
Jim Lucas	JC Weigelt
Vice President, Investor Relations and Treasury	Vice President, Investor Relations
Direct: 763-656-5575	Direct: 763-656-1880
Email: jim.lucas@pentair.com	Email: jc.weigelt@pentair.com
Rebecca Osborn
Senior Manager, External Communications
Direct: 763-656-5589
Email: rebecca.osborn@pentair.com

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Pentair plc and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

	Three months ended
In millions, except per-share data	March 31, 2018			March 31, 2017
Net sales	$	1,269.7		$	1,183.5
Cost of goods sold		807.7			761.2
Gross profit		462.0			422.3
% of net sales		36.4	%		35.7	%
Selling, general and administrative		279.6			251.7
% of net sales		22.0	%		21.3	%
Research and development		30.1			30.0
% of net sales		2.4	%		2.5	%
Operating income		152.3			140.6
% of net sales		12.0	%		11.9	%
Other (income) expense:
Loss on sale of business		5.3			—
Other expense		1.4			2.0
Net interest expense		13.8			35.0
% of net sales		1.1	%		3.0	%
Income from continuing operations before income taxes		131.8			103.6
Provision for income taxes		27.6			22.9
Effective tax rate		20.9	%		22.1	%
Net income from continuing operations		104.2			80.7
(Loss) income from discontinued operations, net of tax		(1.3	)		7.1
Net income	$	102.9		$	87.8
Earnings (loss) per ordinary share
Basic
Continuing operations	$	0.58		$	0.44
Discontinued operations		(0.01	)		0.04
Basic earnings per ordinary share	$	0.57		$	0.48
Diluted
Continuing operations	$	0.58		$	0.44
Discontinued operations		(0.01	)		0.04
Diluted earnings per ordinary share	$	0.57		$	0.48
Weighted average ordinary shares outstanding
Basic		179.2			182.0
Diluted		181.5			184.0
Cash dividends paid per ordinary share	$	0.35		$	0.345

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Pentair plc and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

	March 31, 2018		December 31, 2017
In millions
Assets
Current assets
Cash and cash equivalents	$	907.5	$	113.3
Accounts and notes receivable, net		985.2		831.6
Inventories		593.5		581.0
Other current assets		232.8		222.9
Total current assets		2,719.0		1,748.8
Property, plant and equipment, net		546.5		545.5
Other assets
Goodwill		4,380.1		4,351.1
Intangibles, net		1,536.5		1,558.4
Other non-current assets		186.0		429.9
Total other assets		6,102.6		6,339.4
Total assets	$	9,368.1	$	8,633.7
Liabilities and Equity
Current liabilities
Current maturities of long-term debt and short-term borrowings	$	0.2	$	—
Accounts payable		404.0		495.7
Employee compensation and benefits		142.7		186.6
Other current liabilities		480.6		517.1
Total current liabilities		1,027.5		1,199.4
Other liabilities
Long-term debt		2,673.1		1,440.7
Pension and other post-retirement compensation and benefits		291.9		285.6
Deferred tax liabilities		369.1		394.8
Other non-current liabilities		286.8		275.4
Total liabilities		4,648.4		3,595.9
Equity		4,719.7		5,037.8
Total liabilities and equity	$	9,368.1	$	8,633.7

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Pentair plc and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Three months ended
In millions	March 31, 2018			March 31, 2017
Operating activities
Net income	$	102.9		$	87.8
Loss (income) from discontinued operations, net of tax		1.3			(7.1	)
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities of continuing operations
Equity income of unconsolidated subsidiaries		(0.6	)		(0.2	)
Depreciation		21.5			21.4
Amortization		24.7			24.0
Deferred income taxes		(10.6	)		(4.7	)
Loss on sale of business		5.3			—
Share-based compensation		6.0			16.4
Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable		(146.9	)		(130.6	)
Inventories		(6.3	)		(8.6	)
Other current assets		(2.4	)		(18.0	)
Accounts payable		(94.2	)		(55.9	)
Employee compensation and benefits		(46.6	)		(23.9	)
Other current liabilities		(20.8	)		15.8
Other non-current assets and liabilities		(0.2	)		(5.1	)
Net cash provided by (used for) operating activities of continuing operations		(166.9	)		(88.7	)
Net cash provided by (used for) operating activities of discontinued operations		(0.7	)		(17.3	)
Net cash provided by (used for) operating activities		(167.6	)		(106.0	)
Investing activities
Capital expenditures		(16.8	)		(23.6	)
Proceeds from sale of property and equipment		2.3			—
Payments due to the sale of businesses, net		(13.8	)		—
Acquisitions, net of cash acquired		(2.9	)		(56.7	)
Net cash provided by (used for) investing activities of continuing operations		(31.2	)		(80.3	)
Net cash provided by (used for) investing activities of discontinued operations		—			(3.7	)
Net cash provided by (used for) investing activities		(31.2	)		(84.0	)
Financing activities
Net receipts (repayments) of short-term borrowings		0.2			(0.1	)
Net receipts of commercial paper and revolving long-term debt		417.5			229.1
Proceeds from long-term debt		800.0			—
Debt issuance costs		(7.5	)		—
Shares issued to employees, net of shares withheld		0.9			2.8
Repurchases of ordinary shares		(150.0	)		—
Dividends paid		(63.3	)		(62.8	)
Net cash provided by (used for) financing activities		997.8			169.0
Effect of exchange rate changes on cash and cash equivalents		(4.8	)		20.6
Change in cash and cash equivalents		794.2			(0.4	)
Cash and cash equivalents, beginning of year		113.3			238.5
Cash and cash equivalents, end of year	$	907.5		$	238.1

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Pentair plc and Subsidiaries

Reconciliation of the GAAP operating activities cash flow to the non-GAAP free cash flow (Unaudited)

	Three months ended
In millions	March 31, 2018			March 31, 2017
Net cash provided by (used for) operating activities of continuing operations	$	(166.9	)	$	(88.7	)
Capital expenditures		(16.8	)		(23.6	)
Proceeds from sale of property and equipment		2.3			—
Free cash flow from continuing operations	$	(181.4	)	$	(112.3	)
Net cash provided by (used for) operating activities of discontinued operations		(0.7	)		(17.3	)
Capital expenditures of discontinued operations		—			(3.9	)
Proceeds from sale of property and equipment of discontinued operations		—			0.2
Free cash flow	$	(182.1	)	$	(133.3	)

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Pentair plc and Subsidiaries

Supplemental Financial Information by Reportable Segment (Unaudited)

	2018			2017
In millions	First Quarter			First Quarter
Net sales
Water	$	732.3		$	682.9
Electrical		538.9			502.2
Other		(1.5	)		(1.6	)
Consolidated	$	1,269.7		$	1,183.5
Segment income (loss)
Water	$	132.7		$	116.1
Electrical		106.3			104.3
Other		(28.5	)		(34.7	)
Consolidated	$	210.5		$	185.7
Return on sales
Water		18.1	%		17.0	%
Electrical		19.7	%		20.8	%
Consolidated		16.6	%		15.7	%

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Pentair plc and Subsidiaries

Reconciliation of the GAAP year ended December 31, 2018 to the non-GAAP

excluding the effect of 2018 adjustments (Unaudited)

	Actual			Actual			Forecast
	Pentair			Water			Water
In millions, except per-share data	First Quarter			First Quarter			Second Quarter					Full Year
Net sales	$	1,269.7		$	732.3			approx	$	790			approx	$	2,960
Operating income		152.3			89.5			approx		106			approx		422
% of net sales		12.0	%		12.2	%		approx		13.4	%		approx		14.3	%
Adjustments:
Restructuring and other		8.3			5.6			approx		—			approx		6
Intangible amortization		24.7			9.3			approx		9			approx		36
Separation costs		24.6			12.0			approx		43			approx		68
Equity income of unconsolidated subsidiaries		0.6			0.6			approx		1			approx		3
Segment income		210.5			117.0			approx		159			approx		535
Return on sales		16.6	%		16.0	%		approx		20.1	%		approx		18.1	%
Net income from continuing operations—as reported		104.2						approx		79			approx		319
Loss on sale of business		5.3						approx		—			approx		—
Interest expense adjustment		0.3						approx		3					3
Adjustments to operating income		57.6						approx		52			approx		110
Income tax adjustments		(7.5	)					approx		(10	)		approx		(20	)
Net income from continuing operations—as adjusted	$	159.9						approx	$	124			approx	$	412
Continuing earnings per ordinary share—diluted
Diluted earnings per ordinary share—as reported	$	0.58						approx	$	0.44 - $0.46			approx	$	1.75 - $1.80
Adjustments		0.30						approx		0.23			approx		0.50
Diluted earnings per ordinary share—as adjusted	$	0.88						approx	$	0.67 - $0.69			approx	$	2.25 - $2.30
Segment Income Reconciliation
Water segment income - as reported				$	132.7
Corporate allocations					(15.7	)
Pentair segment income - as adjusted				$	117.0

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Pentair plc and Subsidiaries

Reconciliation of the GAAP year ended December 31, 2018 to the non-GAAP

excluding the effect of 2018 adjustments (Unaudited)

	Actual			Forecast
	Electrical			Electrical
In millions, except per-share data	First Quarter			Second Quarter					Full Year
Net sales	$	538.9			approx	$	540			approx	$	2,208
Operating income		65.6			approx		92			approx		356
% of net sales		12.2	%		approx		17.0	%		approx		16.1	%
Adjustments:
Restructuring and other		2.8			approx		—			approx		3
Intangible amortization		15.4			approx		15			approx		61
Separation costs		9.7			approx		—			approx		10
Segment income		93.5			approx		107			approx		430
Return on sales		17.4	%		approx		19.8	%		approx		19.5	%
Net income—as reported					approx		65			approx		260
Interest expense adjustment - pro forma					approx		2			approx		(4	)
Adjustments to operating income					approx		15			approx		74
Income tax adjustments					approx		(3	)		approx		(13	)
Net income—pro forma adjusted					approx	$	79			approx	$	317
Diluted earnings per ordinary share—pro forma adjusted
Diluted weighted average ordinary shares outstanding - pro forma					approx		181			approx		181
Diluted earnings per ordinary share—pro forma					approx	$	0.33 - $0.36			approx	$	1.38 - $1.48
Adjustments					approx		0.08			approx		0.32
Diluted earnings per ordinary share—pro forma adjusted					approx	$	0.41 - $0.44			approx	$	1.70 - $1.80

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10

Pentair plc and Subsidiaries

Reconciliation of Net Sales Growth to Core Net Sales Growth by Segment

For the Quarter Ending March 31, 2018

	Actual
	Q1 Net Sales Growth
	Core			Currency			Acq. / Div.			Total
Water		4.2	%		3.1	%		(0.1	)%		7.2	%
Electrical		3.1	%		4.2	%		—	%		7.3	%
Total Pentair		3.8	%		3.6	%		(0.1	)%		7.3	%

Pentair plc and Subsidiaries

Reconciliation of Net Sales Growth to Core Net Sales Growth by Segment

For the Quarter Ending June 30, 2018 and Year Ending December 31, 2018

	Forecast												Forecast
	Q2 Net Sales Growth												Full Year Net Sales Growth
	Core			Currency			Acq. / Div.			Total			Core			Currency			Acq. / Div.			Total
Water		3 - 4	%		2	%		(1	)%		4 - 5	%		3 - 4	%		2	%		(2	)%		3 - 4	%
Electrical		2 - 4	%		1	%		—	%		3 - 5	%		2 - 4	%		1	%		—	%		3 - 5	%

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11

Pentair plc and Subsidiaries
Reconciliation of the GAAP year ended December 31, 2017 to the non-GAAP
excluding the effect of 2017 adjustments (Unaudited)
In millions, except per-share data	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Total Pentair
Net sales	$	1,183.5		$	1,265.3		$	1,226.8		$	1,260.9		$	4,936.5
Operating income		140.6			215.0			194.3			141.3			691.2
% of net sales		11.9	%		17.0	%		15.8	%		11.2	%		14.0	%
Adjustments:
Restructuring and other		20.9			9.8			3.1			10.6			44.4
Intangible amortization		24.0			24.6			24.6			24.5			97.7
Tradename and other impairment		—			—			—			32.0			32.0
Separation costs		—			7.6			11.7			20.1			39.4
Equity income of unconsolidated subsidiaries		0.2			0.4			0.3			0.4			1.3
Segment income		185.7			257.4			234.0			228.9			906.0
Return on sales		15.7	%		20.3	%		19.1	%		18.2	%		18.4	%
Net income from continuing operations—as reported		80.7			68.3			127.1			203.9			480.0
Loss on sale of businesses		—			—			3.8			0.4			4.2
Pension and other post-retirement mark-to-market loss		—			—			—			1.6			1.6
Loss on early extinguishment of debt		—			101.4			—			—			101.4
Adjustments to operating income		44.9			42.0			39.4			87.2			213.5
Income tax adjustments		(6.9	)		(27.8	)		4.1			(122.4	)		(153.0	)
Net income from continuing operations—as adjusted	$	118.7		$	183.9		$	174.4		$	170.7		$	647.7
Continuing earnings per ordinary share—diluted
Diluted earnings per ordinary share—as reported	$	0.44		$	0.37		$	0.69		$	1.11		$	2.61
Adjustments		0.21			0.63			0.26			(0.18	)		0.92
Diluted earnings per ordinary share—as adjusted	$	0.65		$	1.00		$	0.95		$	0.93		$	3.53

12

EX-99.2

Exhibit 99.2

nVent First Quarter 2018 Earnings Presentation

Forward Looking Statement CAUTION CONCERNING FORWARD-LOOKING STATEMENTS This presentation contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,” “should,” “would,” “positioned,” “strategy,” “future” or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. All projections in this presentation are also forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the ability to satisfy the necessary conditions to consummate the planned separation of our Electrical business and the Water business of Pentair plc into two independent, publicly-traded companies (the “Separation”) on a timely basis or at all; the ability to successfully separate our business and realize the anticipated benefits from the Separation; adverse effects on our business operations or financial results as a result of the announcement or consummation of the Separation; unanticipated transaction expenses, such as litigation or legal settlement expenses; changes in tax laws; the impact of the Separation on our employees, customers and suppliers; overall global economic and business conditions impacting our businesses; the ability of our business to operate independently following the Separation; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions; competition and pricing pressures in the markets we serve; the strength of housing and related markets; volatility in currency exchange rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; increased risks associated with operating foreign businesses; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the SEC, including our Registration Statement on Form 10. All forward-looking statements speak only as of the date of this presentation. nVent Electric plc assumes no obligation, and disclaims any obligation, to update the information contained in this presentation. The officer titles for individual speakers set forth in this presentation are the titles such persons are expected to have at nVent Electric plc after the completion of the Separation. Q1’18 Earnings Presentation 2

Key Definitions Except as Otherwise Noted, All References to nVent and All Amounts Included Herein Represent the Pentair Electrical Business Excluding the Pentair Water Business, Presented on an Adjusted Basis “Organic Sales” Refers to GAAP Revenue Excluding (1) the Impact of Currency Translation and (2) the Impact of Revenue from Acquired Businesses Recorded Prior to the First Anniversary of the Acquisition Less the Amount of Sales Attributable to Divested Product Lines Not Considered Discontinued Operations Segment Income Represents Operating Income Exclusive of Non-Cash Intangible Amortization, Certain Acquisition Related Expenses, Costs of Restructuring Activities, Impairments, and Other Unusual Non-Operating Items Return on Sales (“ROS”) Equals Segment Income Divided by Sales The 2018 Full Year and Q2 Outlook Included Herein Reflects the Anticipated Separation of nVent from Pentair on April 30, 2018 See Appendix for GAAP to Non-GAAP Reconciliations Q1’18 Earnings Presentation 3

Executive Summary Organic Sales Grew 3% Q1’18 ROS for the Electrical Segment was 19.7%* Enclosures Strong Growth and Sequential Margin Improvement Spin Day Expected to be April 30th Spin Update Pentair Board of Directors Approved Spin Financing in Place Outlook Remains the Same 2018 Outlook 2-4% Organic Sales Growth ROS Flat YOY, Including Growth Investment *Excludes corporate costs of ~12M; including corporate costs ROS was 17.4% Delivered on Our Commitments Q1’18 Earnings Presentation 4

Q1’18 nVent Performance Sales ($ in millions) $21 $539 $13 $3 $0 $502 ~7% YoY 2 pts 1 pts 0 pts 4 pts Q1’17 Volume Price Acq. FX Q1’18 Segment Income** ($ in millions) $17 $3 $89 $94 ($13) ($2) $15* $15* ~5% YoY ROS ROS 17.7% 2.9% (0.2%) (2.6%) (0.4%) 17.4% Growth/ Q1’17 Price/Acq. FX Inflation Prod. Q1’18 *Non-Cash Amortization **Includes Corporate Costs of ~$12M Financial Highlights (yoy) Organic sales up 3% Enclosures: Up 9% Thermal Management: Down 4% EFS: Up 1% Pro Forma Segment Income up 5%** Pro Forma ROS at 17.4% (19.7% Excluding Corporate Costs of ~$12M) Other Items Adjusted Tax Rate of 18% Pro Forma Net Int./Other Exp. of $7M Pro Forma Shares 181.5M Pro Forma Free Cash Flow $27M Q1’18 Earnings Presentation 5 nVent

Q1’18 Segment Performance Enclosures ($ in millions) Sales $254 $227 +12% Q1’17 Q1’18 Segment Income $40 $41 +1% ROS 17.8% ROS 16.0% Q1’17 Q1’18 Sequential ROS up ~100bp Broad Based Growth in Verticals and Geographies Thermal Management ($ in millions) Sales $148 $145 +2% Q1’17 Q1’18 Segment Income $34 $26 +29% ROS 17.9% ROS 22.7% Q1’17 Q1’18 Productivity Gains Continued MRO Strength Projects Lagging EFS ($ in millions) Sales $137 $130 +5% Q1’17 Q1’18 Segment Income $32 $32 Flat ROS 24.3% ROS 23.2% Q1’17 Q1’18 Slow Start to the Year Positive Price/Cost Strong Order Flow Solid Start to the Year Q1’18 Earnings Presentation 6 nVent

Separation Update February 13, 2018 Investor and Analyst Day Pentair Board of Directors Approved April 3, 2018 Form 10 Effective April 9, 2018 Board of Directors Announced Enterprise Separation Activities on Track nVent (NYSE: NVT) Expected to Begin Trading on May 1 Q1’18 Earnings Presentation 7 nVent

Q2’18 nVent Pro Forma Outlook Q2’18 Guidance Q2’17 Organic Sales +2% - 4% $513M Segment Income* +1% - 3% $106M ROS* 18% - 20% 20.6% EPS (reported) $0.33 - $0.36 EPS (adjusted) $0.41 - $0.44 Summary Continued Sales Strength Sequential ROS Improvement Actively Managing Price/Cost *Includes corporate costs Other Considerations Tax Rate: ~18% Pro Forma Net Interest/Other Expense: ~ 11M Pro Forma Shares: ~181M Executing on Our Plan Q1’18 Earnings Presentation 8 nVent

Full Year 2018 nVent Pro Forma Outlook Organic Sales ROS Corporate Expenses Int. Exp./Other Tax Rate Reported EPS Adjusted EPS Shares Enclosures Thermal Mgmt. EFS Total Up 3-5% Up 0-2% Up 2-4% Up 2-4% ~Flat +50-70bps +30-50bps ~Flat ~$45M ~$43M ~18% $1.38 - $1.48 $1.70 - $1.80 ~181M Key Considerations FX Sales Benefit of ~1% Strong Q1 Operating Performance and Lower ROS Inclusive of Growth Investments Share Count Largely Offset Higher Int. Exp. Total D&A of ~$100M + ~$13M of Non-Cash Target Free Cash Flow at 100% of Adjusted Net Stock Compensation Income On Track to Deliver 2018 Q1’18 Earnings Presentation 9 nVent

Summary We are a Leader in Connection and Protection ïƒ~We have industry leading positions in growing verticals ïƒ~We have attractive segments with differentiated growth opportunities ïƒ~We have a clear strategy and are focused on driving organic growth ïƒ~Our One nVent approach can accelerate performance ïƒ~We have consistent and strong free cash flow generation Building a High Performance Growth Company Q1’18 Earnings Presentation 10 nVent

Appendix GAAP to Non-GAAP Measurements & Reconciliations nVent

Reported to Adjusted 2018 Reconciliation nVent Electric plc Reconciliation of the GAAP year ended December 31, 2018 to the non-GAAP excluding the effect of 2018 adjustments (Unaudited) Actual Forecast First In millions, except per-share data Quarter Second Quarter Full Year Net sales $ 538.9 approx $ 540 approx $ 2,208 Operating income 65.6 approx 92 approx 356 % of net sales 12.2% approx 17% approx 16% Adjustments: Restructuring and other 2.8 approx —approx 3 Intangible amortization 15.4 approx 15 approx 61 Separation costs 9.7 approx —approx 10 Segment income 93.5 approx 107 approx 430 Return on sales 17.4% approx 20% approx 20% Net income—as reported approx 65 approx 260 Interest expense adjustment—pro forma approx 2 approx (4) Adjustments to operating income approx 15 approx 74 Income tax adjustments approx (3) approx (13) Net income—pro forma adjusted approx $ 79 approx $ 317 Diluted earnings per ordinary share—pro forma adjusted Diluted weighted average ordinary shares outstanding—pro forma approx 181 approx 181 Diluted earnings per ordinary share—pro forma approx $0.33-$0.36 approx $1.38-$1.48 Adjustments 0.08 0.32 Diluted earnings per ordinary share—pro forma adjusted approx $0.41-$0.44 approx $1.70-$1.80 Q1’18 Earnings Presentation 12 nVent

Reported to Adjusted 2017 Reconciliation nVent Electric plcReconciliation of the GAAP year ended December 31, 2017 to the non-GAAP excluding the effect of 2017 adjustments (Unaudited)First Second Third Fourth In millions Quarter Quarter Quarter Quarter Full YearNet sales $ 502.2 $ 513.2 $ 540.6 $ 541.9 $ 2,097.9 Operating income 67.6 89.6 95.9 63.0 316.1 % of net sales 13.5% 17.5% 17.7% 11.6% 15.1% Adjustments: Restructuring and other 9.3 3.7 13.0 Intangible amortization 15.3 15.3 15.4 15.4 61.4 Trade name impairment 16.4 16.4 Separation costs 2.2 4.7 9.2 16.1 Corporate allocations (3.5) (5.0) (2.1) (2.9) (13.5) Segment income 88.7 105.8 113.9 101.1 409.5 Return on sales 17.7% 20.6% 21.1% 18.7% 19.5%Q1’18 Earnings Presentation 13 nVent

Reported to Adjusted 2016 Reconciliation nVent Electric plcReconciliation of the GAAP year ended December 31, 2016 to the non-GAAP excluding the effect of 2016 adjustments (Unaudited)First Second Third Fourth In millions Quarter Quarter Quarter Quarter Full YearNet sales $ 524.5 $ 540.7 $ 543.1 $ 507.7 $ 2,116.0 Operating income 85.6 86.2 91.6 69.4 332.8 % of net sales 16.3% 15.9% 16.9% 13.7% 15.7% Adjustments: Restructuring and other 0.2 3.7 7.1 1.3 12.3 Intangible amortization 15.2 15.2 15.2 15.2 60.8 Trade name impairment 13.3 13.3 Corporate allocations (3.0) (3.0) (3.1) (3.1) (12.2) Segment income 98.0 102.1 110.8 96.1 407.0 Return on sales 18.7% 18.9% 20.4% 18.9% 19.2%Q1’18 Earnings Presentation 14 nVent

2017 Segment Sales and Income by Quarter nVent Electric plcSupplemental Financial Information by Reportable Segment (Unaudited)2017First Second Third Fourth In millions Quarter Quarter Quarter Quarter Full Year Net salesEnclosures $ 226.5 $ 234.1 $ 241.7 $ 232.6 $ 934.9 Thermal Management 145.4 139.9 159.1 177.8 622.2 Electrical & Fastening Solutions 130.3 139.2 139.8 131.5 540.8 Combined $ 502.2 $ 513.2 $ 540.6 $ 541.9 $ 2,097.9Segment income (loss)Enclosures $ 40.3 $ 45.6 $ 44.1 $ 34.6 $ 164.6 Thermal Management 26.0 27.6 43.3 50.4 147.3 Electrical & Fastening Solutions 31.7 41.3 35.2 32.5 140.7 Other (9.3) (8.7) (8.7) (16.4) (43.1) Combined $ 88.7 $ 105.8 $ 113.9 $ 101.1 $ 409.5Return on salesEnclosures 17.8% 19.5% 18.2% 14.9% 17.6% Thermal Management 17.9% 19.7% 27.2% 28.3% 23.7% Electrical & Fastening Solutions 24.3% 29.7% 25.2% 24.7% 26.0% Combined 17.7% 20.6% 21.1% 18.7% 19.5%Q1’18 Earnings Presentation 15 nVent

2016 Segment Sales and Income by Quarter nVent Electric plcSupplemental Financial Information by Reportable Segment (Unaudited)2016First Second Third Fourth In millions Quarter Quarter Quarter Quarter Full Year Net salesEnclosures $ 225.4 $ 238.3 $ 235.1 $ 212.4 $ 911.2 Thermal Management 179.4 161.8 174.0 177.0 692.2 Electrical & Fastening Solutions 119.7 140.6 134.0 118.3 512.6 Combined $ 524.5 $ 540.7 $ 543.1 $ 507.7 $ 2,116.0Segment income (loss)Enclosures $ 42.8 $ 51.6 $ 52.9 $ 37.1 $ 184.4 Thermal Management 35.7 20.0 31.1 36.7 123.5 Electrical & Fastening Solutions 34.0 41.6 38.5 30.8 144.9 Other (14.5) (11.1) (11.7) (8.5) (45.8) Combined $ 98.0 $ 102.1 $ 110.8 $ 96.1 $ 407.0Return on salesEnclosures 19.0% 21.7% 22.5% 17.5% 20.2% Thermal Management 19.9% 12.4% 17.9% 20.7% 17.8% Electrical & Fastening Solutions 28.4% 29.6% 28.7% 26.0% 28.3% Combined 18.7% 18.9% 20.4% 18.9% 19.2%Q1’18 Earnings Presentation 16 nVent

Q1 and FY 2018 Organic Sales Growth Reconciliation nVent Electric plcReconciliation of Net Sales Growth to Organic Net Sales Growth by Segment for the quarter ended March 31, 2018 (Unaudited)Q1 Net Sales GrowthOrganic Currency Acq./Div. Total nVent 3.1% 4.2% % 7.3% Enclosures 8.9% 3.3% % 12.2% Thermal Management (4.2%) 5.9% % 1.7% Electrical & Fastening Solutions 1.3% 3.6% 0.2% 5.1%nVent Electric plcReconciliation of Net Sales Growth to Organic Net Sales Growth by Segment for the Quarter Ending June 30, 2018 and the Year ending December 31, 2018 (Unaudited)ForecastQ2 Net Sales Growth Full Year Net Sales GrowthOrganic Currency Acq./Div. Total Organic Currency Acq./Div. Total nVent approx 2 4% 1% % 3 5% approx 2 4% 1% % 3 5% Enclosures approx 3 5% 1% % 4 6% Thermal Management approx 0 2% 1% % 1 3% Electrical & Fastening Solutions approx 2 4% 1% % 3 5%Q1’18 Earnings Presentation 17 nVent

Free Cash Flow Reconciliation nVent Electric plcReconciliation of the GAAP operating activities cash flow to the non-GAAP free cash flow (Unaudited)Three months endedIn millions March 31, 2018 March 31, 2017 Free cash flowNet cash provided by (used for) operating activities as reported $ 36.1 $ 87.1 Interest expense pro forma 6.2 15.9 Net cash provided by (used for) operating activities pro forma 29.9 71.2 Capital expenditures (5.4) (11.3) Proceeds from sale of property and equipment 2.3 -Free cash flow pro forma $ 26.8 $ 59.9Q1’18 Earnings Presentation 18 nVent