DOVER CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited)(in thousands, except per share data*)

	2024						2023
	Q1		Q2		Q2 YTD		Q1		Q2		Q3		Q4		FY 2023
Revenue	$	1,883,719	$	1,948,782	$	3,832,501	$	1,907,429	$	1,913,807	$	1,958,428	$	1,904,812	$	7,684,476
Cost of goods and services	1,186,532		1,196,259		2,382,791		1,205,044		1,206,932		1,219,047		1,185,909		4,816,932
Gross profit	697,187		752,523		1,449,710		702,385		706,875		739,381		718,903		2,867,544
Selling, general and administrative expenses	442,981		429,055		872,036		416,143		415,242		402,838		413,981		1,648,204
Operating earnings	254,206		323,468		577,674		286,242		291,633		336,543		304,922		1,219,340
Interest expense	36,365		32,374		68,739		34,214		33,803		32,390		30,897		131,304
Interest income	(4,756)		(4,081)		(8,837)		(2,091)		(2,653)		(3,808)		(4,944)		(13,496)
(Gain) loss on disposition	(529,943)		663		(529,280)		—		—		—		—		—
Other income, net	(7,139)		(12,845)		(19,984)		(3,807)		(6,677)		(10,274)		(710)		(21,468)
Earnings before provision for income taxes	759,679		307,357		1,067,036		257,926		267,160		318,235		279,679		1,123,000
Provision for income taxes	157,577		60,770		218,347		51,234		50,150		56,252		21,500		179,136
Earnings from continuing operations	602,102		246,587		848,689		206,692		217,010		261,983		258,179		943,864
Earnings from discontinued operations, net	30,119		35,235		65,354		21,882		25,229		27,770		38,083		112,964
Net earnings	$	632,221	$	281,822	$	914,043	$	228,574	$	242,239	$	289,753	$	296,262	$	1,056,828
Basic earnings per share:
Earnings from continuing operations	$	4.33	$	1.79	$	6.14	$	1.48	$	1.55	$	1.87	$	1.85	$	6.75
Earnings from discontinued operations, net	$	0.22	$	0.26	$	0.47	$	0.16	$	0.18	$	0.20	$	0.27	$	0.81
Net earnings	$	4.55	$	2.05	$	6.61	$	1.64	$	1.73	$	2.07	$	2.12	$	7.56
Weighted average shares outstanding	139,051		137,443		138,247		139,757		139,862		139,878		139,893		139,848
Diluted earnings per common share:
Earnings from continuing operations	$	4.30	$	1.78	$	6.10	$	1.47	$	1.54	$	1.86	$	1.84	$	6.71
Earnings from discontinued operations, net	$	0.22	$	0.25	$	0.47	$	0.16	$	0.18	$	0.20	$	0.27	$	0.80
Net earnings	$	4.52	$	2.04	$	6.57	$	1.63	$	1.72	$	2.06	$	2.11	$	7.52
Weighted average shares outstanding	139,869		138,404		139,136		140,616		140,578		140,615		140,586		140,599
Dividends paid per common share	$	0.51	$	0.51	$	1.02	$	0.505	$	0.505	$	0.51	$	0.51	$	2.03
* Per share data may be impacted by rounding.

IS - 1

DOVER CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited)(in thousands, except per share data*)

	FY 2022		FY 2021
Revenue	$	7,844,174	$	7,361,273
Cost of goods and services	4,939,221		4,522,425
Gross profit	2,904,953		2,838,848
Selling, general and administrative expenses	1,625,312		1,632,926
Operating earnings	1,279,641		1,205,922
Interest expense	116,456		106,316
Interest income	(4,429)		(4,439)
Gain on dispositions	—		(206,338)
Other income, net	(22,589)		(14,839)
Earnings before provision for income taxes	1,190,203		1,325,222
Provision for income taxes	200,291		259,902
Earnings from continuing operations	989,912		1,065,320
Earnings from discontinued operations, net	75,464		58,498
Net earnings	$	1,065,376	$	1,123,818
Basic earnings per share:
Earnings from continuing operations	$	6.94	$	7.40
Earnings from discontinued operations, net	$	0.53	$	0.41
Net earnings	$	7.47	$	7.81
Weighted average shares outstanding	142,681		143,923
Diluted earnings per common share:
Earnings from continuing operations	$	6.89	$	7.33
Earnings from discontinued operations, net	$	0.53	$	0.40
Net earnings	$	7.42	$	7.74
Weighted average shares outstanding	143,595		145,273
Dividends paid per common share	$	2.01	$	1.99
* Per share data may be impacted by rounding.

IS - 2

DOVER CORPORATION

SEGMENT INFORMATION

(unaudited)(in thousands)

	2024						2023
	Q1		Q2		Q2 YTD		Q1		Q2		Q3		Q4		FY 2023
REVENUE
Engineered Products	$	332,820	$	285,297	$	618,117	$	325,955	$	287,408	$	309,431	$	328,131	$	1,250,925
Clean Energy & Fueling	445,053		463,014		908,067		430,729		441,166		466,959		449,423		1,788,277
Imaging & Identification	276,806		287,593		564,399		283,091		271,932		276,179		285,530		1,116,732
Pumps & Process Solutions	465,729		477,239		942,968		413,881		465,626		431,373		444,811		1,755,691
Climate & Sustainability Technologies	364,292		436,706		800,998		455,325		449,001		475,911		398,345		1,778,582
Intersegment eliminations	(981)		(1,067)		(2,048)		(1,552)		(1,326)		(1,425)		(1,428)		(5,731)
Total consolidated revenue	$	1,883,719	$	1,948,782	$	3,832,501	$	1,907,429	$	1,913,807	$	1,958,428	$	1,904,812	$	7,684,476
EARNINGS FROM CONTINUING OPERATIONS
Segment Earnings:
Engineered Products	$	62,532	$	52,095	$	114,627	$	54,064	$	38,872	$	63,525	$	67,590	$	224,051
Clean Energy & Fueling	69,675		87,536		157,211		73,605		83,616		92,483		78,900		328,604
Imaging & Identification	69,959		75,786		145,745		68,315		61,336		70,316		72,545		272,512
Pumps & Process Solutions	118,737		137,217		255,954		115,244		129,337		117,907		121,917		484,405
Climate & Sustainability Technologies	50,759		79,127		129,886		73,778		76,074		84,060		71,468		305,380
Total segment earnings	371,662		431,761		803,423		385,006		389,235		428,291		412,420		1,614,952
Purchase accounting expenses 1	44,187		44,332		88,519		40,603		38,644		38,956		40,379		158,582
Restructuring and other costs 2	23,971		11,590		35,561		14,053		18,143		11,581		19,150		62,927
Disposition costs 3	—		—		—		—		—		—		1,302		1,302
(Gain) loss on disposition 4	(529,943)		663		(529,280)		—		—		—		—		—
Corporate expense / other 5	42,159		39,526		81,685		40,301		34,138		30,937		45,957		151,333
Interest expense	36,365		32,374		68,739		34,214		33,803		32,390		30,897		131,304
Interest income	(4,756)		(4,081)		(8,837)		(2,091)		(2,653)		(3,808)		(4,944)		(13,496)
Earnings before provision for income taxes	759,679		307,357		1,067,036		257,926		267,160		318,235		279,679		1,123,000
Provision for income taxes 6	157,577		60,770		218,347		51,234		50,150		56,252		21,500		179,136
Earnings from continuing operations	$	602,102	$	246,587	$	848,689	$	206,692	$	217,010	$	261,983	$	258,179	$	943,864
SEGMENT EARNINGS MARGIN
Engineered Products	18.8 %		18.3 %		18.5 %		16.6 %		13.5 %		20.5 %		20.6 %		17.9 %
Clean Energy & Fueling	15.7 %		18.9 %		17.3 %		17.1 %		19.0 %		19.8 %		17.6 %		18.4 %
Imaging & Identification	25.3 %		26.4 %		25.8 %		24.1 %		22.6 %		25.5 %		25.4 %		24.4 %
Pumps & Process Solutions	25.5 %		28.8 %		27.1 %		27.8 %		27.8 %		27.3 %		27.4 %		27.6 %
Climate & Sustainability Technologies	13.9 %		18.1 %		16.2 %		16.2 %		16.9 %		17.7 %		17.9 %		17.2 %
Total segment earnings margin	19.7 %		22.2 %		21.0 %		20.2 %		20.3 %		21.9 %		21.7 %		21.0 %
1 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets.
2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
3 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment.
4 (Gain) loss on disposition including working capital adjustments due to the sale of De-Sta-Co in our Engineered Products segment.
5 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
6 Q4 and FY 2023 include the net income tax benefit of internal reorganizations executed in 2023.

IS - 3

DOVER CORPORATION

SEGMENT INFORMATION

(unaudited)(in thousands)

	FY 2022		FY 2021
REVENUE
Engineered Products	$	1,379,512	$	1,234,695
Clean Energy & Fueling	1,878,507		1,648,153
Imaging & Identification	1,123,815		1,163,367
Pumps & Process Solutions	1,728,235		1,708,634
Climate & Sustainability Technologies	1,737,724		1,608,175
Intersegment eliminations	(3,619)		(1,751)
Total consolidated revenue	$	7,844,174	$	7,361,273
EARNINGS FROM CONTINUING OPERATIONS
Segment Earnings:
Engineered Products	$	240,496	$	196,512
Clean Energy & Fueling	352,993		327,186
Imaging & Identification	268,084		266,932
Pumps & Process Solutions	533,018		575,593
Climate & Sustainability Technologies	254,484		185,517
Total segment earnings	1,649,075		1,551,740
Purchase accounting expenses 1	174,397		137,535
Restructuring and other costs 2	36,209		37,242
Loss (gain) on dispositions 3	194		(206,338)
Corporate expense / other 4, 5	136,045		156,202
Interest expense	116,456		106,316
Interest income	(4,429)		(4,439)
Earnings before provision for income taxes	1,190,203		1,325,222
Provision for income taxes	200,291		259,902
Earnings from continuing operations	$	989,912	$	1,065,320
SEGMENT EARNINGS MARGIN
Engineered Products	17.4 %		15.9 %
Clean Energy & Fueling	18.8 %		19.9 %
Imaging & Identification	23.9 %		22.9 %
Pumps & Process Solutions	30.8 %		33.7 %
Climate & Sustainability Technologies	14.6 %		11.5 %
Total segment earnings margin	21.0 %		21.1 %
1 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets and charges related to fair value step-ups for acquired inventory sold during the period.
2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
3 Loss (gain) on dispositions including working capital adjustments related to the sale of Unified Brands in our Climate & Sustainability Technology segment and Race Winning Brands equity method investment in our Engineered Products segment.
4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
5 FY 2022 includes a $6.3 million settlement charge related to our U.S qualified defined benefit plan.

IS - 4

DOVER CORPORATION

ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)

(unaudited)(in thousands, except per share data*)

Non-GAAP Reconciliations

	2024						2023
	Q1		Q2		Q2 YTD		Q1		Q2		Q3		Q4		FY 2023
Adjusted earnings from continuing operations:
Earnings from continuing operations	$	602,102	$	246,587	$	848,689	$	206,692	$	217,010	$	261,983	$	258,179	$	943,864
Purchase accounting expenses, pre-tax 1	44,187		44,332		88,519		40,603		38,644		38,956		40,379		158,582
Purchase accounting expenses, tax impact 2	(9,711)		(9,760)		(19,471)		(9,140)		(8,671)		(8,670)		(8,847)		(35,328)
Restructuring and other costs, pre-tax 3	23,971		11,590		35,561		14,053		18,143		11,581		19,150		62,927
Restructuring and other costs, tax impact 2	(4,734)		(2,479)		(7,213)		(2,990)		(3,665)		(2,401)		(3,970)		(13,026)
Disposition costs, pre-tax 4	—		—		—		—		—		—		1,302		1,302
Disposition costs, tax impact 2	—		—		—		—		—		—		(270)		(270)
(Gain) loss on disposition, pre-tax 5	(529,943)		663		(529,280)		—		—		—		—		—
(Gain) loss on disposition, tax-impact 2	114,973		(144)		114,829		—		—		—		—		—
Adjusted earnings from continuing operations	$	240,845	$	290,789	$	531,634	$	249,218	$	261,461	$	301,449	$	305,923	$	1,118,051
Adjusted diluted earnings per share from continuing operations:
Diluted earnings from continuing operations per share	$	4.30	$	1.78	$	6.10	$	1.47	$	1.54	$	1.86	$	1.84	$	6.71
Purchase accounting expenses, pre-tax 1	0.32		0.32		0.64		0.29		0.27		0.28		0.29		1.13
Purchase accounting expenses, tax impact 2	(0.07)		(0.07)		(0.14)		(0.06)		(0.06)		(0.06)		(0.06)		(0.25)
Restructuring and other costs, pre-tax 3	0.17		0.08		0.26		0.10		0.13		0.08		0.14		0.45
Restructuring and other costs, tax impact 2	(0.03)		(0.02)		(0.05)		(0.02)		(0.03)		(0.02)		(0.03)		(0.09)
Disposition costs, pre-tax 4	—		—		—		—		—		—		0.01		0.01
Disposition costs, tax impact 2	—		—		—		—		—		—		—		—
(Gain) loss on disposition, pre-tax 5	(3.79)		—		(3.80)		—		—		—		—		—
(Gain) loss on disposition, tax-impact 2	0.82		—		0.83		—		—		—		—		—
Adjusted diluted earnings per share from continuing operations	$	1.72	$	2.10	$	3.82	$	1.77	$	1.86	$	2.14	$	2.18	$	7.95
1 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets.
2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period.
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q1 and Q2 YTD 2024 include $3.4 million and Q3 and FY 2023 include $3.3 million of non-cash asset impairment charges for our Climate & Sustainability Technologies segment.
4 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment.
5 (Gain) loss on disposition due to the sale of De-Sta-Co in our Engineered Products segment, including a $0.7 million post-closing adjustment recorded in Q2 2024.
* Per share data and totals may be impacted by rounding.

IS - 5

DOVER CORPORATION

ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)

(unaudited)(in thousands, except per share data*)

Non-GAAP Reconciliations

	FY 2022		FY 2021
Adjusted earnings from continuing operations:
Earnings from continuing operations	$	989,912	$	1,065,320
Purchase accounting expenses, pre-tax 1	174,397		137,535
Purchase accounting expenses, tax impact 2	(40,151)		(33,695)
Restructuring and other costs, pre-tax 3	36,209		37,242
Restructuring and other costs, tax impact 2	(7,639)		(7,055)
Loss (gain) on dispositions, pre-tax 4	194		(206,338)
Loss (gain) on dispositions, tax-impact 2	(27)		53,218
Tax Cuts and Jobs Act 5	(22,579)		—
Adjusted earnings from continuing operations	$	1,130,316	$	1,046,227
Adjusted diluted earnings per share from continuing operations:
Diluted earnings from continuing operations per share	$	6.89	$	7.33
Purchase accounting expenses, pre-tax 1	1.21		0.95
Purchase accounting expenses, tax impact 2	(0.28)		(0.23)
Restructuring and other costs, pre-tax 3	0.25		0.26
Restructuring and other costs, tax impact 2	(0.05)		(0.05)
Loss (gain) on dispositions, pre-tax 4	—		(1.42)
Loss (gain) on dispositions, tax-impact 2	—		0.37
Tax Cuts and Jobs Act 5	(0.16)		—
Adjusted diluted earnings per share from continuing operations	$	7.87	$	7.20
1 Purchase accounting expenses are primarily comprised of amortization of intangible assets and charges related to fair value step-ups for acquired inventory sold during the period. FY 2022 includes $20.0 million of amortization of inventory step-up primarily related to the Q4 2021 acquisitions within our Clean Energy & Fueling segment.
2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period.
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exists, and other asset charges. FY 2022 includes $5.5 million of non-cash foreign currency translation losses reclassified to earnings included within restructuring and other costs and $2.1 million related to write-off of assets due to an exit from certain Latin America countries for our Climate & Sustainability Technologies segment. FY 2021 includes a $12.1 million other than temporary impairment charge related to an equity method investment and a $6.1 million write-off of assets incurred in connection with an exit from certain Latin America countries both for our Climate & Sustainability Technologies segment. FY 2021 also includes a $9.1 million payment received for previously incurred restructuring costs related to a product line exit in our Engineered Products segment.
4 FY 2021 represents gain on dispositions of $181.6 million and $24.7 million due to the sales of Unified Brands in our Climate & Sustainability Technologies segment and Race Winning Brands equity method investment in our Engineered Products segment, respectively. FY 2022 represents working capital adjustments related these dispositions.
5 FY 2022 represents a reduction to income taxes previously recorded related to the Tax Cuts and Jobs Act.
* Per share data and totals may be impacted by rounding.

IS - 6

DOVER CORPORATION

ADJUSTED SEGMENT EBITDA (NON-GAAP)

(unaudited)(in thousands)

Non-GAAP Reconciliations

	2024						2023
	Q1		Q2		Q2 YTD		Q1		Q2		Q3		Q4		FY 2023
ADJUSTED SEGMENT EBITDA
Engineered Products:
Segment earnings	$	62,532	$	52,095	$	114,627	$	54,064	$	38,872	$	63,525	$	67,590	$	224,051
Other depreciation and amortization 1	4,785		4,778		9,563		5,671		5,778		5,736		4,827		22,012
Adjusted segment EBITDA 2	67,317		56,873		124,190		59,735		44,650		69,261		72,417		246,063
Adjusted segment EBITDA margin 2	20.2 %		19.9 %		20.1 %		18.3 %		15.5 %		22.4 %		22.1 %		19.7 %
Clean Energy & Fueling:
Segment earnings	$	69,675	$	87,536	$	157,211	$	73,605	$	83,616	$	92,483	$	78,900	$	328,604
Other depreciation and amortization 1	7,921		7,627		15,548		7,046		7,541		7,686		7,844		30,117
Adjusted segment EBITDA 2	77,596		95,163		172,759		80,651		91,157		100,169		86,744		358,721
Adjusted segment EBITDA margin 2	17.4 %		20.6 %		19.0 %		18.7 %		20.7 %		21.5 %		19.3 %		20.1 %
Imaging & Identification:
Segment earnings	$	69,959	$	75,786	$	145,745	$	68,315	$	61,336	$	70,316	$	72,545	$	272,512
Other depreciation and amortization 1	3,733		3,271		7,004		3,394		3,745		3,972		4,182		15,293
Adjusted segment EBITDA 2	73,692		79,057		152,749		71,709		65,081		74,288		76,727		287,805
Adjusted segment EBITDA margin 2	26.6 %		27.5 %		27.1 %		25.3 %		23.9 %		26.9 %		26.9 %		25.8 %
Pumps & Process Solutions:
Segment earnings	$	118,737	$	137,217	$	255,954	$	115,244	$	129,337	$	117,907	$	121,917	$	484,405
Other depreciation and amortization 1	12,139		12,637		24,776		10,939		11,609		12,052		11,744		46,344
Adjusted segment EBITDA 2	130,876		149,854		280,730		126,183		140,946		129,959		133,661		530,749
Adjusted segment EBITDA margin 2	28.1 %		31.4 %		29.8 %		30.5 %		30.3 %		30.1 %		30.0 %		30.2 %
Climate & Sustainability Technologies:
Segment earnings	$	50,759	$	79,127	$	129,886	$	73,778	$	76,074	$	84,060	$	71,468	$	305,380
Other depreciation and amortization 1	7,275		7,220		14,495		6,624		6,895		6,954		7,084		27,557
Adjusted segment EBITDA 2	58,034		86,347		144,381		80,402		82,969		91,014		78,552		332,937
Adjusted segment EBITDA margin 2	15.9 %		19.8 %		18.0 %		17.7 %		18.5 %		19.1 %		19.7 %		18.7 %
Total Segments:
Total segment earnings 2, 3	$	371,662	$	431,761	$	803,423	$	385,006	$	389,235	$	428,291	$	412,420	$	1,614,952
Other depreciation and amortization 1	35,853		35,533		71,386		33,674		35,568		36,400		35,681		141,323
Total Adjusted segment EBITDA 2	407,515		467,294		874,809		418,680		424,803		464,691		448,101		1,756,275
Total Adjusted segment EBITDA margin 2	21.6 %		24.0 %		22.8 %		21.9 %		22.2 %		23.7 %		23.5 %		22.9 %
1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
2 Refer to Non-GAAP Disclosures section for definition.
3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations.

IS - 7

DOVER CORPORATION

ADJUSTED SEGMENT EBITDA (NON-GAAP)

(unaudited)(in thousands)

Non-GAAP Reconciliations

	FY 2022		FY 2021
ADJUSTED SEGMENT EBITDA
Engineered Products:
Segment earnings	$	240,496	$	196,512
Other depreciation and amortization 1	22,571		22,712
Adjusted segment EBITDA 2	263,067		219,224
Adjusted segment EBITDA margin 2	19.1 %		17.8 %
Clean Energy & Fueling:
Segment earnings 4	$	352,993	$	327,186
Other depreciation and amortization 1	28,815		25,842
Adjusted segment EBITDA 2	381,808		353,028
Adjusted segment EBITDA margin 2	20.3 %		21.4 %
Imaging & Identification:
Segment earnings	$	268,084	$	266,932
Other depreciation and amortization 1	14,185		14,189
Adjusted segment EBITDA 2	282,269		281,121
Adjusted segment EBITDA margin 2	25.1 %		24.2 %
Pumps & Process Solutions:
Segment earnings	$	533,018	$	575,593
Other depreciation and amortization 1	40,839		39,272
Adjusted segment EBITDA 2	573,857		614,865
Adjusted segment EBITDA margin 2	33.2 %		36.0 %
Climate & Sustainability Technologies:
Segment earnings	$	254,484	$	185,517
Other depreciation and amortization 1	26,204		26,987
Adjusted segment EBITDA 2	280,688		212,504
Adjusted segment EBITDA margin 2	16.2 %		13.2 %
Total Segments:
Total segment earnings 2, 3, 4	$	1,649,075	$	1,551,740
Other depreciation and amortization 1	132,614		129,002
Total Adjusted segment EBITDA 2	1,781,689		1,680,742
Total Adjusted segment EBITDA margin 2	22.7 %		22.8 %
1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
2 Refer to Non-GAAP Disclosures section for definition.
3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations.
4 FY 2022 excludes $19.0 million of amortization of inventory step-up related to the Q4 2021 acquisitions within our Clean Energy & Fueling segment.

IS - 8

DOVER CORPORATION

EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP)

(unaudited)(in thousands)

Non-GAAP Reconciliations

	2024						2023
	Q1		Q2		Q2 YTD		Q1		Q2		Q3		Q4		FY 2023
Earnings from continuing operations	$	602,102	$	246,587	$	848,689	$	206,692	$	217,010	$	261,983	$	258,179	$	943,864
Provision for income taxes 1	157,577		60,770		218,347		51,234		50,150		56,252		21,500		179,136
Earnings before provision for income taxes	759,679		307,357		1,067,036		257,926		267,160		318,235		279,679		1,123,000
Interest income	(4,756)		(4,081)		(8,837)		(2,091)		(2,653)		(3,808)		(4,944)		(13,496)
Interest expense	36,365		32,374		68,739		34,214		33,803		32,390		30,897		131,304
Corporate expense / other 2	42,159		39,526		81,685		40,301		34,138		30,937		45,957		151,333
Disposition costs 3	—		—		—		—		—		—		1,302		1,302
(Gain) loss on disposition 4	(529,943)		663		(529,280)		—		—		—		—		—
Restructuring and other costs 5	23,971		11,590		35,561		14,053		18,143		11,581		19,150		62,927
Purchase accounting expenses 6	44,187		44,332		88,519		40,603		38,644		38,956		40,379		158,582
Total segment earnings 7	371,662		431,761		803,423		385,006		389,235		428,291		412,420		1,614,952
Add: Other depreciation and amortization 8	35,853		35,533		71,386		33,674		35,568		36,400		35,681		141,323
Total adjusted segment EBITDA 7	$	407,515	$	467,294	$	874,809	$	418,680	$	424,803	$	464,691	$	448,101	$	1,756,275
1 Q4 and FY 2023 include the net income tax benefit of internal reorganizations executed in 2023.
2 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
3 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment.
4 (Gain) loss on disposition due to the sale of De-Sta-Co in the Engineered Products segment.
5 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
6 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets.
7 Refer to Non-GAAP Disclosures section for definition.
8 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

IS - 9

DOVER CORPORATION

EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP)

(unaudited)(in thousands)

Non-GAAP Reconciliations

	FY 2022		FY 2021
Earnings from continuing operations	$	989,912	$	1,065,320
Provision for income taxes	200,291		259,902
Earnings before provision for income taxes	1,190,203		1,325,222
Interest income	(4,429)		(4,439)
Interest expense	116,456		106,316
Corporate expense / other 1,2	136,045		156,202
Loss (gain) on dispositions 3	194		(206,338)
Restructuring and other costs 4	36,209		37,242
Purchase accounting expenses 5	174,397		137,535
Total segment earnings 6	1,649,075		1,551,740
Add: Other depreciation and amortization 7	132,614		129,002
Total adjusted segment EBITDA 6	$	1,781,689	$	1,680,742
1 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
2 FY 22 includes a $6.3 million settlement charge related to our U.S. qualified benefit plan.
3 Loss (gain) on dispositions including working capital adjustments related to the sale of Unified Brands in our Climate & Sustainability Technology segment and Race Winning Brands equity method investment in our Engineered Products segment.
4 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
5 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets and charges related to fair value step-ups for acquired inventory sold during the period.
6 Refer to Non-GAAP Disclosures section for definition.
7 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

IS - 10

DOVER CORPORATION

REVENUE GROWTH FACTORS RECONCILIATIONS (NON-GAAP)

(unaudited)(in thousands, except per share data*)

Non-GAAP Reconciliations

Revenue Growth Factors

	2024						2023
	Q1		Q2		Q2 YTD		Q1		Q2		Q3		Q4		FY 2023
Organic
Engineered Products	2.1	%	18.3	%	9.7	%	(0.7)	%	(16.6)	%	(12.0)	%	(7.7)	%	(9.3)	%
Clean Energy & Fueling	1.4	%	2.3	%	1.9	%	(2.6)	%	(9.3)	%	(0.2)	%	(3.5)	%	(4.0)	%
Imaging & Identification	(1.6)	%	6.9	%	2.6	%	8.2	%	0.3	%	(3.6)	%	(3.5)	%	0.2	%
Pumps & Process Solutions	4.5	%	(3.1)	%	0.5	%	(7.1)	%	0.9	%	(7.3)	%	0.5	%	(3.3)	%
Climate & Sustainability Technologies	(20.3)	%	(2.3)	%	(11.4)	%	16.2	%	4.0	%	1.8	%	(10.9)	%	2.4	%
Total Organic	(3.4)	%	3.0	%	(0.2)	%	2.2	%	(4.1)	%	(3.9)	%	(5.2)	%	(2.8)	%
Acquisitions	2.2	%	2.3	%	2.3	%	1.0	%	1.0	%	1.0	%	1.0	%	1.0	%
Dispositions	—	%	(2.8)	%	(1.4)	%	—	%	—	%	—	%	—	%	—	%
Currency translation	—	%	(0.7)	%	(0.4)	%	(2.8)	%	(0.7)	%	1.3	%	1.1	%	(0.2)	%
Total*	(1.2)	%	1.8	%	0.3	%	0.4	%	(3.8)	%	(1.6)	%	(3.1)	%	(2.0)	%

* Totals may be impacted by rounding.

	2024						2023
	Q1		Q2		Q2 YTD		Q1		Q2		Q3		Q4		FY 2023
Organic
United States	(2.3)	%	9.1	%	3.3	%	1.0	%	(11.5)	%	(10.8)	%	(0.5)	%	(5.7)	%
Other Americas	(6.1)	%	18.2	%	5.9	%	18.4	%	13.7	%	13.9	%	(23.4)	%	3.7	%
Europe	(0.5)	%	(3.8)	%	(2.2)	%	(0.3)	%	(0.9)	%	(5.2)	%	(16.1)	%	(5.7)	%
Asia	(4.8)	%	(8.6)	%	(6.8)	%	(4.0)	%	2.0	%	(3.4)	%	4.8	%	(0.2)	%
Other	(21.6)	%	(28.0)	%	(24.9)	%	20.6	%	32.8	%	72.7	%	26.7	%	38.4	%
Total Organic	(3.4)	%	3.0	%	(0.2)	%	2.2	%	(4.1)	%	(3.9)	%	(5.2)	%	(2.8)	%
Acquisitions	2.2	%	2.3	%	2.3	%	1.0	%	1.0	%	1.0	%	1.0	%	1.0	%
Dispositions	—	%	(2.8)	%	(1.4)	%	—	%	—	%	—	%	—	%	—	%
Currency translation	—	%	(0.7)	%	(0.4)	%	(2.8)	%	(0.7)	%	1.3	%	1.1	%	(0.2)	%
Total*	(1.2)	%	1.8	%	0.3	%	0.4	%	(3.8)	%	(1.6)	%	(3.1)	%	(2.0)	%

* Totals may be impacted by rounding.

IS - 11

DOVER CORPORATION

REVENUE GROWTH FACTORS RECONCILIATIONS (NON-GAAP)

(unaudited)(in thousands, except per share data*)

Non-GAAP Reconciliations

Revenue Growth Factors

	FY 2022		FY 2021
Organic
Engineered Products	14.7	%	20.8	%
Clean Energy & Fueling	(0.3)	%	5.8	%
Imaging & Identification	2.9	%	8.0	%
Pumps & Process Solutions	4.1	%	26.6	%
Climate & Sustainability Technologies	18.5	%	22.0	%
Total Organic	7.8	%	16.5	%
Acquisitions	4.6	%	1.3	%
Dispositions	(1.6)	%	(0.2)	%
Currency translation	(4.2)	%	2.1	%
Total*	6.6	%	19.7	%

* Totals may be impacted by rounding.

	FY 2022		FY 2021
Organic
United States	7.6	%	17.7	%
Other Americas	7.7	%	12.9	%
Europe	11.7	%	15.5	%
Asia	7.1	%	18.0	%
Other	(11.0)	%	11.6	%
Total Organic	7.8	%	16.5	%
Acquisitions	4.6	%	1.3	%
Dispositions	(1.6)	%	(0.2)	%
Currency translation	(4.2)	%	2.1	%
Total*	6.6	%	19.7	%

* Totals may be impacted by rounding.

IS - 12

DOVER CORPORATION

PERFORMANCE MEASURES

(unaudited)(in thousands)

	2024						2023
	Q1		Q2		Q2 YTD		Q1		Q2		Q3		Q4		FY 2023
BOOKINGS
Engineered Products	$	329,925	$	280,542	$	610,467	$	329,005	$	297,662	$	330,566	$	312,416	$	1,269,649
Clean Energy & Fueling	471,610		442,086		913,696		454,526		440,137		449,663		401,195		1,745,521
Imaging & Identification	278,433		288,641		567,074		290,712		262,092		271,113		297,312		1,121,229
Pumps & Process Solutions	473,632		461,426		935,058		464,297		394,317		363,111		455,390		1,677,115
Climate & Sustainability Technologies	453,086		406,269		859,355		371,643		310,911		340,474		325,625		1,348,653
Intersegment eliminations	(791)		(1,591)		(2,382)		(1,530)		(1,913)		(848)		(2,100)		(6,391)
Total consolidated bookings	$	2,005,895	$	1,877,373	$	3,883,268	$	1,908,653	$	1,703,206	$	1,754,079	$	1,789,838	$	7,155,776

	2024						2023
	Q1		Q2		Q2 YTD		Q1		Q2		Q3		Q4		FY 2023
BOOKINGS GROWTH FACTORS
Organic
Engineered Products	0.2	%	11.4	%	5.5	%	(5.8)	%	(9.2)	%	3.0	%	(2.3)	%	(3.7)	%
Clean Energy & Fueling	1.6	%	(1.6)	%	—	%	(6.1)	%	(8.4)	%	3.5	%	(0.1)	%	(3.1)	%
Imaging & Identification	(3.4)	%	11.1	%	3.5	%	(1.8)	%	(8.5)	%	(5.4)	%	7.7	%	(2.1)	%
Pumps & Process Solutions	(4.6)	%	10.5	%	2.3	%	(1.2)	%	(19.4)	%	(15.6)	%	22.6	%	(4.7)	%
Climate & Sustainability Technologies	22.3	%	31.6	%	26.6	%	(11.6)	%	(31.5)	%	(16.8)	%	(14.8)	%	(19.1)	%
Total Organic	3.2	%	11.5	%	7.1	%	(5.4)	%	(16.3)	%	(6.7)	%	2.2	%	(6.9)	%
Acquisitions	2.1	%	2.4	%	2.2	%	1.1	%	0.7	%	0.3	%	0.4	%	0.7	%
Dispositions	—	%	(3.0)	%	(1.4)	%	—	%	—	%	—	%	—	%	—	%
Currency translation	(0.2)	%	(0.7)	%	(0.4)	%	(2.9)	%	(0.8)	%	1.3	%	1.1	%	(0.5)	%
Total*	5.1	%	10.2	%	7.5	%	(7.2)	%	(16.4)	%	(5.1)	%	3.7	%	(6.7)	%
* Totals may be impacted by rounding.

IS - 13

DOVER CORPORATION

PERFORMANCE MEASURES

(unaudited)(in thousands)

	FY 2022		FY 2021
BOOKINGS
Engineered Products	$	1,320,288	$	1,398,444
Clean Energy & Fueling	1,821,025		1,742,479
Imaging & Identification	1,154,199		1,190,404
Pumps & Process Solutions	1,709,204		2,023,061
Climate & Sustainability Technologies	1,669,916		2,317,000
Intersegment eliminations	(5,173)		(1,477)
Total consolidated bookings	$	7,669,459	$	8,669,911

	FY 2022		FY 2021
BOOKINGS GROWTH FACTORS
Organic
Engineered Products	(4.8)	%	29.1	%
Clean Energy & Fueling	(8.8)	%	11.2	%
Imaging & Identification	2.6	%	7.7	%
Pumps & Process Solutions	(12.8)	%	48.2	%
Climate & Sustainability Technologies	(19.3)	%	53.3	%
Total Organic	(10.3)	%	31.1	%
Acquisitions	3.8	%	1.6	%
Dispositions	(1.6)	%	(0.3)	%
Currency translation	(3.4)	%	2.3	%
Total*	(11.5)	%	34.7	%
* Totals may be impacted by rounding.

IS - 14

DOVER CORPORATION

QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)

(unaudited)(in thousands)

Quarterly Cash Flow

	2024						2023										2022
	Q1		Q2		Q2 YTD		Q1		Q2		Q3		Q4		FY 2023		FY 2022
Net Cash Flows Provided By (Used In):
Operating activities	$	146,456	$	149,181	$	295,637	$	220,240	$	168,947	$	331,795	$	498,564	$	1,219,546	$	746,754
Investing activities	432,416		33,215		465,631		(41,952)		(40,591)		(48,529)		(586,643)		(717,715)		(520,844)
Financing activities	(80,782)		(830,657)		(911,439)		(306,565)		(137,924)		(312,716)		189,149		(568,056)		(260,265)

Quarterly Free Cash Flow (Non-GAAP)

	2024									2023															2022
	Q1			Q2			Q2 YTD			Q1			Q2			Q3			Q4			FY 2023			FY 2022
Cash flow from operating activities 1	$	146,456		$	149,181		$	295,637		$	220,240		$	168,947		$	331,795		$	498,564		$	1,219,546		$	746,754
Less: Capital expenditures	(40,050)			(35,822)			(75,872)			(46,771)			(38,183)			(41,177)			(57,275)			(183,406)			(211,082)
Free cash flow	$	106,406		$	113,359		$	219,765		$	173,469		$	130,764		$	290,618		$	441,289		$	1,036,140		$	535,672
Cash flow from operating activities as a percentage of revenue	7.8		%	7.7		%	7.7		%	11.5		%	8.8		%	16.9		%	26.2		%	15.9		%	9.5		%
Cash flow from operating activities as a percentage of adjusted earnings from continuing operations	60.8		%	51.3		%	55.6		%	88.4		%	64.6		%	110.1		%	163.0		%	109.1		%	66.1		%
Free cash flow as a percentage of revenue	5.6		%	5.8		%	5.7		%	9.1		%	6.8		%	14.8		%	23.2		%	13.5		%	6.8		%
Free cash flow as a percentage of adjusted earnings from continuing operations	44.2		%	39.0		%	41.3		%	69.6		%	50.0		%	96.4		%	144.2		%	92.7		%	47.4		%

1 Q2 and Q2 YTD 2024 include income tax payments of $56 million related to the gain on the disposition of De-Sta-Co. The remainder of the tax payments on the De-Sta-Co gain will be paid in quarterly installments throughout 2024. FY 2022 includes income tax payments of $43.5 million related to the gain on the disposition of Unified Brands and $13.4 million related to an internal reorganization.

IS - 15

Non-GAAP Measures Definitions

In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings from continuing operations per share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies. 

The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations.

Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits, Tax Cuts and Jobs Act, disposition costs and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.

Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represent diluted earnings from continuing operations per share adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits, Tax Cuts and Jobs Act, disposition costs and gain/loss on dispositions.

Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, disposition costs, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue.

Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue.

Management believes the non-GAAP measures above are useful to investors to better understand the Company’s ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.

Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.

Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods. We do not provide a reconciliation of forward-looking organic revenue to the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.

IS - 16

Performance Measures Definitions

Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends.

Organic bookings represent bookings excluding the impact of foreign currency exchange rates and the impact of acquisitions and dispositions. This metric is an important measure of performance and an indicator of revenue order trends.

We use the above operational metrics in monitoring the performance of the business. We believe the operational metrics are useful to investors and other users of our financial information in assessing the performance of our segments.

IS - 17