#1Veralto Safeguarding the World's Most Vital Resources Investor and Analyst Presentation | September 6, 2023#2Disclaimer Certain statements included or incorporated by reference in this presentation are "forward-looking statements" within the meaning of the United States federal securities laws. All statements other than historical factual information are forward-looking statements, including, without limitation, statements regarding: projections of revenue, expenses, profit, profit margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, Veralto Corporation's ("Veralto" or the "Company") liquidity position or other financial measures; Veralto's management's plans and strategies for future operations, including statements relating to anticipated operating performance, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions and the integration thereof, divestitures, spin-offs, split-offs or other distributions, strategic opportunities, securities offerings, stock repurchases, dividends and executive compensation; the effects of the separation or the distribution, if consummated, on Veralto's business; growth, declines and other trends in markets Veralto sells into; new or modified laws, regulations and accounting pronouncements; future regulatory approvals and the timing thereof; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; future foreign currency exchange rates and fluctuations in those rates; general economic and capital markets conditions; the anticipated timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that Veralto intends or believes will or may occur in the future. Terminology such as “believe,” “anticipate,” “will,” “should,” “could,” “intend," "plan," "expect," "estimate," "project," "target," "may," "possible," "potential," "forecast" and "positioned" and similar references to future periods are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. Forward-looking statements are based on assumptions and assessments made by Veralto's management in light of their experience and perceptions of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. These forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results, developments and business decisions contemplated by our forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Forward-looking statements speak only as of the date of this presentation. Except to the extent required by applicable law, Veralto does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise. This presentation contains information regarding the Company's financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States ("GAAP"). These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative or superior to GAAP measures. You should be aware that our presentation of these measures may not be comparable to similarly-titled measures used by other companies. A reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures is included as an appendix to this presentation. This presentation contains statistics and other data that in some cases has been obtained from or compiled from information made available by third-party service providers. The Company makes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness or completeness of such information. The information contained herein does not constitute investment, legal, accounting, regulatory, tax or other advice and the information does not take into account any investor's investment objectives or legal, accounting, regulatory, tax or financial situation or particular needs. Investors are solely responsible for forming their own opinions and conclusions on such matters and the market and for making your own independent assessment of the information. This presentation does not constitute an offer to sell, or the solicitation of an offer to purchase, any securities. Veralto 2023 INVESTOR DAY | 2#3Agenda 1 Introduction to Veralto 2 Water Quality 3 Product Quality & Innovation 4 Financial Overview 5 Conclusions Jennifer L. Honeycutt President and Chief Executive Officer Melissa Aquino SVP, Water Quality Mattias Byström SVP, Product Quality & Innovation Sameer Ralhan SVP, Chief Financial Officer Jennifer L. Honeycutt President and Chief Executive Officer 6 Q&A#4Veralto Introduction to Veralto Jennifer L. Honeycutt Investor and Analyst Presentation | September 6, 2023#5Veralto / A premier technology leader in water and product quality 1 A LEADER IN WATER & PRODUCT QUALITY 2 PREMIER FINANCIAL PROFILE ~80% of sales in water, food, pharma Durable sales growth Attractive markets, secular drivers High profitability High-end water solutions Digital workflow solutions Strong cash generation 1 A LEADER IN WATER & PRODUCT QUALITY 2 PREMIER FINANCIAL PROFILE 3 PROVEN VALUE CREATION PLAYBOOK 3 PROVEN VALUE CREATION PLAYBOOK 2020-2022 average MSD core sales growth* 57% recurring sales 57% gross profit margin 23% Adj. EBITDA margin* Strong Danaher heritage Diverse, experienced team Disciplined capital allocation with M&A bias >100% FCF conversion* Unifying purpose (vital resources) Note: Financial data based on 3-year averages from 2020-2022 *See appendix for reconciliations to non-GAAP measures; Core sales growth, adjusted EBITDA Margin and FCF conversion can be calculated by taking the average of the non-GAAP measures for the years 2020-2022 SAFEGUARDING THE WORLD'S MOST VITAL RESOURCES™ Veralto 2023 INVESTOR DAY | 5#6Veralto / A leader in water and product quality WATER QUALITY Veralto Water Analytics OTT HydroMet HACH A Water Treatment AQUATIC Informatics ChemTreatⓇ eat® ☐ TROJAN technologies TM ~60% ~$5b ~40% in 2022 sales 1 A LEADER IN WATER & PRODUCT QUALITY 2 PREMIER FINANCIAL PROFILE 3 PROVEN VALUE CREATION PLAYBOOK PRODUCT QUALITY & INNOVATION Marking & Coding VIDEOJET LINX Packaging & Color ESKO x-rite PANTONE® Strong Global Brands | Long Track Record of Innovation | Commercial Excellence Veralto 2023 INVESTOR DAY | 6#7Veralto / Making a positive impact on the world ...people we help ensure Safe Drinking Water 3.4b have safe drinking water everyday (~40% of the Product Integrity ~10b world's population) Water >80b ...gallons of water we saved with customers in 2022 Conservation ...gallons of water treated Water 12t Reuse and recycled by our solutions each year Brand Integrity ~80% Brand 2m Sustainability Enablement 1 A LEADER IN WATER & PRODUCT QUALITY 2 PREMIER FINANCIAL PROFILE 3 PROVEN VALUE CREATION PLAYBOOK ...detailed and accurate codes marked daily to help our customers maintain product authenticity and traceability ...of the top global consumer packaged goods and pharma brands use our product quality & innovation technologies(1) ...pounds of CO2 reduced by eliminating >500,000 annual trucking miles for one customer Note: Management estimates (1) Reflects percentage of the of the top 25 global consumer packaged goods brands and the top 20 pharmaceutical brands (based on 2022 revenues) Unified Purpose Focused on Protecting Global Resources Veralto 2023 INVESTOR DAY | 7#8Veralto / End market tailwinds favorable to growth WATER QUALITY Water scarcity Water quality Contaminant regulation о PRODUCT QUALITY & INNOVATION Consumer safety Omnichannel buying Packaging proliferation Climate change & severe weather events Digitization Sustainability Sustainability Veralto Strong Long-Term Secular Growth Trends Across Both Segments 1 A LEADER IN WATER & PRODUCT QUALITY 2 PREMIER FINANCIAL PROFILE 3 PROVEN VALUE CREATION PLAYBOOK 2023 INVESTOR DAY | 8#9Veralto / High quality businesses with durable business model A LEADER IN ATTRACTIVE END MARKETS Attractive end markets with strong secular growth drivers ■ Technologies at the high-end of customer value continuum Water ~60% 1 A LEADER IN WATER & PRODUCT QUALITY 2 PREMIER FINANCIAL PROFILE 3 PROVEN VALUE CREATION PLAYBOOK UNITED BY A COMMON BUSINESS MODEL Mission critical technologies integral to customers' daily operations (OPEX vs. CAPEX) ■ Steady stream of consumables from extensive installed base ✓ Diverse, strategic ~80% of sales ✓ Razor / Razor Blade 57% of sales end market exposure WATER, FOOD & PHARMA ✓ Consumables RECURRING ✓ Software & Service Food & Pharma ~20% Note: Water, Food & Pharma sales based on 2022; Recurring sales based on 3-year average 2020-2022 Attractive End Market Exposure | High Recurring Sales Veralto 2023 INVESTOR DAY | 9#10Veralto/Premier financial profile $4.9b total sales 2022 KEY FINANCIAL RESULTS 8% 57% 24% core sales growth* gross profit margin adjusted EBITDA %* 1 A LEADER IN WATER & PRODUCT QUALITY 2 3 PREMIER FINANCIAL PROFILE PROVEN VALUE CREATION PLAYBOOK 99% free cash flow conversion* ✓ Consistent sales growth ✓ Strong margins ✓ Robust cash generation *See appendix for reconciliations to non-GAAP measures; Adjusted EBITDA margin includes management's estimate of incremental stand-alone costs Differentiated Value Proposition and DBS Drive Superior Performance Veralto 2023 INVESTOR DAY | 10#11Veralto / Danaher Business System (DBS) Veralto THE BEST TEAM WINS PEOPLE CUSTOMERS CUSTOMERS TALK, WE LISTEN QUALITY DELIVERY COST INNOVATION DANAHER KAIZEN IS OUR WAY OF LIFE PERFORMANCE PLAN PROCESS INNOVATION DEFINES OUR FUTURE WE COMPETE FOR SHAREHOLDERS OUR SHARED PURPOSE HELPING REALIZE LIFE'S POTENTIAL DBS Has Been Integral to Driving Performance for Veralto 1 A LEADER IN WATER & PRODUCT QUALITY 2 PREMIER FINANCIAL PROFILE 3 PROVEN VALUE CREATION PLAYBOOK 2023 INVESTOR DAY 11#12Veralto/Evolving to the Veralto Enterprise System (VES) We continually improve for enduring impact We serve humanity with purpose and integrity LEADERSHIP FUNDAMENTALS VES We deliver results as a team OPERATIONAL 4 core values anchor who we are and how we serve We unlock ingenuity for customer success fueled by 4 disciplines improve for impact 1 A LEADER IN WATER & PRODUCT QUALITY 2 PREMIER FINANCIAL PROFILE 3 PROVEN VALUE CREATION PLAYBOOK We serve humanity with purpose and integrity H We deliver results as a team We unlock ingenuity for FUNDAMENTALS OPERATIONAL EXC all powered by VES VES Veralto VES is Underpinned by DBS Principles, Grounded in Veralto's Values 2023 INVESTOR DAY | 12#13Veralto / Proven long-term value creation playbook SEIZE OPPORTUNITIES Emerging regulations New funding Technology breakthroughs CURATE PORTFOLIO Strategic acquisitions Strategic partnerships Innovation / R&D Veralto SEIZE OPPORTUNITIES We continually improve for enduring impact CURATE PORTFOLIO We serve humanity with purpose and integrity H SCALE & DIFFEREI FUNDAMENTALS VES We unlock ingenuity for customer success We deliver results as a team FORTIFY LEADERSHIP Virtuous Cycle of Portfolio Evolution 1 A LEADER IN WATER & PRODUCT QUALITY 2 PREMIER FINANCIAL PROFILE 3 PROVEN VALUE CREATION PLAYBOOK SCALE & DIFFERENTIATE New products Operational efficiency Commercial reach FORTIFY LEADERSHIP Consumables Customer service Software subscriptions 2023 INVESTOR DAY | 13#14Veralto / Running the Veralto playbook Improve Cost Gross G&A↓ Structure Margins Reinvest For Growth ↑ R&D S&M↑ Accelerate Margins Core ↑ OMX1 & Core Growth Growth Veralto Core Revenue Growth + Margin Expansion + Strong Free Cash Flow + Acquisitions = COMPOUNDING EPS GROWTH & RETURNS Reinvesting Cash Flow to Drive Compounding Growth and Returns 1 A LEADER IN WATER & PRODUCT QUALITY 2 PREMIER FINANCIAL PROFILE 3 PROVEN VALUE CREATION PLAYBOOK 2023 INVESTOR DAY | 14#15Veralto / Strategic M&A criteria MARKET AND COMPANY ☐ Secular growth drivers Existing and adjacent markets with right to play ■ Fragmented Differentiated value proposition AND Competitive market position ■ Strong brand/channel ■Recurring sales ■ Higher margin businesses. ■ Cultural fit VALUATION Focus on ROIC VES opportunities ■ Sustainability ■ Synergies Veralto COMPOUNDING RETURNS OVER TIME Disciplined Approach to Capital Deployment 1 A LEADER IN WATER & PRODUCT QUALITY 2 PREMIER FINANCIAL PROFILE 3 PROVEN VALUE CREATION PLAYBOOK 2023 INVESTOR DAY 15#16Veralto/World-class enterprise built and strengthened over time SALES $4.9b ADJUSTED OPERATING PROFIT* ADJUSTED OPERATING PROFIT MARGIN* $1.1b 1 A LEADER IN WATER & PRODUCT QUALITY 2 PREMIER FINANCIAL PROFILE 3 PROVEN VALUE CREATION PLAYBOOK PREMIER FINANCIAL PROFILE Financial data below based on 3-year averages from 2020-2022 ✓ MSD core sales growth* ✓ 57% recurring sales Mid- 20's ~9.5% CAGR ~$0.8b ~11% CAGR ✓ 57% gross profit margin High- teens ✓ 23% Adj. EBITDA margin* ~$140m 2022 2002 2022 2002 2002 2022 ✓ >100% FCF conversion* 80 ACQUISITIONS UNDER DANAHER ~20% ROIC IN 2022 Track Record of Strategic Growth, Margin Expansion and Compounding Returns Veralto. Notes: 2002 amounts reflect the results of the Veralto operating companies that were owned by Danaher as of that date. These companies were reported within the Process and Environmental Controls reporting segment within Danaher's financial reporting for 2002; The Company defines Return on Invested Capital (ROIC) as the adjusted operating profit (non-GAAP) of acquired businesses divided by the sum of acquisition purchase price for all Veralto businesses acquired by Danaher *See appendix for reconciliations to non-GAAP measures; 2020-2022 averages can be calculated based on the non-GAAP measures provided in the appendix 2023 INVESTOR DAY | 16#17Veralto / Executive leadership team Jennifer Honeycutt President and CEO Sameer Ralhan* SVP, CFO Sylvia Stein* SVP, General Counsel Paxton McVoy* Chief Information Officer Lesley Beneteau SVP, Human Resources Mattias Byström SVP, Product Quality Melissa Aquino SVP, Water Quality Veralto 1 A LEADER IN WATER & PRODUCT QUALITY 2 PREMIER FINANCIAL PROFILE 3 PROVEN VALUE CREATION PLAYBOOK DIVERSE & EXPERIENCED 60% from Danaher 3 decades | 100+ years of combined Danaher experience 70% diverse 50% women 40% people of color Scott Benigni* Surekha Trivedi VP, Veralto Enterprise System Office SVP, Strategy & Sustainability Vaneet Malhotra SVP, Corp. Development Danaher leader External hire* Diverse, Experienced Leadership Team 2023 INVESTOR DAY | 17#18Veralto / What you will hear today PREMIER BUSINESSES with MARKET LEADING TECHNOLOGY & INNOVATION ATTRACTIVE SECULAR GROWTH DRIVERS and DURABLE BUSINESS MODEL PROVEN VALUE CREATION PLAYBOOK Veralto Premier Businesses in Attractive End Markets Powered by VES 2023 INVESTOR DAY | 18#19Water Quality Melissa Aquino SVP, President of Water Quality Veralto#202020-2022 AVERAGE $2.9b sales in 2022 5.7% 56% Water Quality / A global leader in water analytics and water treatment 2022 SALES COMPOSITION Sales by application 23% core sales growth* recurring sales Adj. operating profit margin* 60% 40% Water Analytics Water Treatment WATER ANALYTICS WATER TREATMENT ChemTreat Ⓡ HACH A leader in industrial water treatment in North America A global leader in water analytics with deep expertise in applied chemistry & biology technologies" TROJAN A global leader in UV disinfection & membrane filtration *See appendix for reconciliations to non-GAAP measures; Core sales growth and adjusted Operating Profit Margin can be calculated by taking the average of the non-GAAP measure for the years 2020-2022 Veralto Sales by end market 40% 29% 23% 8% Municipal Water Industrial Water Applied/Other CPG Sales by geography 55% 18% 25% 2% North America Western Europe High Growth Markets Other We Aim to Solve the World's Most Complex Water Problems 2023 INVESTOR DAY | 20#21Water Quality Well-positioned in the most attractive areas of water quality 傘傘傘 Analytics Treatment Environmental Municipal Use Municipal Environmental Environmental Mgmt. / Drinking Water Commercial & Industrial Wastewater Water Discharge Water Resources Ⓡ Ⓡ HACH HACH U TROJAN Ⓡ HACH Water/Wastewater & Environmental Testing TROJAN technologies" technologies" Water/Wastewater Treatment ChemTreatⓇ HACH TROJAN technologies™ ChemTreatⓇ Industrial Water Treatment Veralto Water Analytics and Treatment Solutions Across the Value Chain HACH 2023 INVESTOR DAY | 21#22Water Quality / Technologies and solutions at the high end of value continuum ANALYTICS & SMART WATER Value to Customer primarily capex Pipes Distribution Less Veralto Source: RBC Capital Markets and management research Pumps Filtration TREATMENT HACH Ch ChemTreat OTT HydroMet TROJAN technologies™ Treatment Embedded Technology and Growth Potential Ⓡ AQUATIC Informatics Application expertise Technology and innovation Commercial execution primarily opex Analytics Smart Water More 2023 INVESTOR DAY | 22#23Water Quality / Water analytics overview CUSTOMER TYPES Municipal ■ Industrial Commercial Environmental agencies PRODUCT EXAMPLES HACH Colorimeter Fluorimeter Veralto *** Environmental CO طلع Municipal Use Municipal Environmental Environmental Mgmt. / Water Resources Drinking Water Commercial & Industrial Wastewater Water Discharge APPLICATION ENVIRONMENTS ■ Laboratory ■ Field Process Central data management PRODUCT OFFERINGS Analytical solutions Lab & portable instruments Chemistries Digital & software Ammonia HACH 10 sphorus Pandective TNT 844 HACH Spectrophotometer & Consumables Contaminant Detection NH,CI Monoch 00 400g as C Chemky Reagents 8791500 NH Free and Total 3 Ammonia Fre: 0.05-0.50 mpa NH- Tole: 0.05-1.50 mot as NH-N ACERS ChemkeyⓇ Reagents RIO Software 2023 INVESTOR DAY | 23#24Water Quality / Pike's Peak innovation center *** Environmental Environmental Mgmt. / Water Resources EXPANSION TO ACCOMMODATE GROWTH 90,000 square feet built in 2018 50% FASTER TIME-TO-MARKET Obeya rooms with cross-functional teams together Integrated VES growth tools Rapid prototyping and compliance testing Simultaneous product and process optimization Veralto Pike's Peak CO طلع Municipal Use Municipal Environmental Drinking Water Commercial & Industrial Wastewater Water Discharge Features 10 Obeya Rooms Accelerating Innovation and Growth at Hach 2023 INVESTOR DAY | 24#25INSTRUMENTATION DIGITAL Water Quality / Reinforcing our technology leadership *** Environmental Environmental Mgmt. / Water Resources Real Time Control (RTC) ACCELERATING PACE OF NEW PRODUCT DEVELOPMENT: Lab Specs Pre-2013 Veralto Mobile Sensor Mgmt. (MSM) LD02 SL1000 Claros HACH AQUATIC CO طلع Municipal Use Municipal Environmental Drinking Water Commercial & Industrial Wastewater Water Discharge Informatics Cloud-based Optimization Rio Software +5X 36+ MONTHS → 18 MONTHS Turbidity Chlorine ATP Alkalinity 2018 Chlorine Waste Water SARS-CoV 2 SC4500 Controller Nitrate Nitrite Electrochemistry 2023 increase in customers using digitally-enabled instrumentation since 2018 50% faster time to market Continuously Enhancing Customer Solutions to Solve Complex Water Problems 2023 INVESTOR DAY | 25#26Water Quality / Commercial execution drives growth COMMERCIAL LAUNCH EXCELLENCE (LEX) LAUNCHED Q2 2021 1ST SNEAK PEAK first to know | teaser videos 1ST VIRTUAL SHOWCASE HACH NEW VIRTUAL SALES TOOLS product simulator | virtual demos Introducing the NEW HQ Series Portable Meter *** Environmental CO طلع Municipal Use Municipal Environmental Environmental Mgmt. / Water Resources Drinking Water Commercial & Industrial Wastewater Water Discharge Menu Home Settings Data A Samples About III HQ Series Multi 50% CH 12:21 14 jun 2020 name ABC Veralto Commercial Excellence Tools Accelerate New Product Penetration 0 2023 INVESTOR DAY | 26#27Water Quality / Water treatment overview CUSTOMER TYPES Municipal ■ Industrial Commercial PRODUCT EXAMPLES TROJAN SWIFT Trojan UVSwift® Water Treatment Veralto TREATMENT TYPES ■ Source water Pretreatment ■ Boiler and cooling process ■ Wastewater ChemTreat, In Smart Release® Liquid Cooling Treatment Municipal Use Municipal Drinking Water Commercial & Industrial Wastewater TREATMENT SOLUTIONS ■ Water treatment chemistries ■ UV water systems ■ Membrane filtration Digital monitoring and application consulting CTVISTA CTVIST ChemTreat chemeat CTVista®+ Software 2023 INVESTOR DAY | 27#28Water Quality / Application expertise + regulations spur growth Municipal Drinking Water ONE OF THE WORLD'S LARGEST UV DRINKING WATER FACILITIES New York City 56 Trojan UV systems installed Meets the NYC Department of Environmental Protection treatment requirements Veralto TROWN MY FLEX COR INESAND'S FLEX- UV Advanced Oxidation TROJANOW FLEX ADR D Use Municipal Commercial & Industrial Wastewater capacity to treat 2b gallons of water per day Our Trojan UV Systems Remove Contaminants for Safe Drinking Water 2023 INVESTOR DAY | 28#29Water Quality / Application expertise + sustainability goals create growth ChemTreat Helps Brewery Achieve 2025 Sustainability Goals Use Commercial & Industrial Municipal Wastewater 500m 22% 15m gallons saved in 2021 gallons saved over 9 years water reduction across 10 locations Identified water reduction opportunities Increased efficiency Improved productivity Note: Management estimates ChemTreat® We are a Longtime, Integral Partner in Helping Customers Advance Sustainability Veralto 2023 INVESTOR DAY | 29#30Water Quality / Application expertise + VES growth tools drive growth Use Commercial & Industrial Municipal Wastewater MARKET INSIGHT... Note: Management estimates Veralto BEFORE FLEXPRO® CUSTOMER PROBLEM treatments using zinc or phosphorus causing corrosion, microbiological growth AFTER FLEXPRO® ChemTreat FLEXPRO® 6-8x better aquatic impact ✓ Reduces corrosion ✓ Prevents algae 30% sales CAGR over past 3 years ChemTreat's FlexPro® Solved the Problem and Drove a 30% Sales CAGR Over 3 Years 2023 INVESTOR DAY | 30#31Water Quality Well-positioned to drive long-term growth SECULAR GROWTH DRIVERS Water quality (safe/affordable water) Water scarcity (increase in usage) HOW WE WIN Application Expertise ■ Deep water chemistry and biology expertise ■ Widest number of parameters ■ Technical sales expertise Increasing contaminant regulation (such as PFAS) Commercial Execution Digital marketing, e-commerce Broad installed base drives consumables Climate change and severe weather events Heightened focus on sustainability Technology & Innovation Increasing cadence of innovation around instrument and digital solutions Veralto Secular Growth Drivers and Execution Drive Long-Term Sales Growth 2023 INVESTOR DAY | 31#32Water Quality / Integral and mission critical to customers LOW CYCLICALITY OPEX vs. CAPEX REGULATORY OPPORTUNITIES recurring consumable sales from extensive installed base low cost, high-value add technology & solutions mission critical to operations increasing regulatory standards and testing requirements HACH 2-4x consumable sales vs. value of original equipment sale ChemTreat 2-10x cost of facility downtime versus cost of annual treatment ט TROJAN technologies" ~1M people with clean drinking water after removal of contaminants Note: Management estimates; Recurring sales based on 3-year average from 2020-2022 Durable Business Model with 56% Recurring Sales Veralto 2023 INVESTOR DAY | 32#33Water Quality / Long-term value creation 2002 profile ~$500m sales High-teens operating profit margin HACH LANGE FOR WATER QUALITY OTT HydroMet ~10% CAGR >20% ROIC 2022 profile $2.9b sales LOW-20's Adj. operating profit margin SUTRON Lufft Che ChemTreat TROJAN technologies' Aquafine TRIDENT TECHNOLOGIE PowerChem MARSH McBIRNEY SEABIRD SCIENTIFIC HEXIS XOS A DINGLI F Bi Tector Filter salsnes ADCON TELEMETRY SMART WIRELESS SOLUTIONS Pre-2002 2004 2006 2008 2010 KIPP & ZONEN aguasin: PESA AppliTek 2012 2014 2016 AQUATIC Informatics 2022 Track Record of Strategic Growth, Margin Expansion and Compounding Returns Notes: 2002 amounts reflect the results of the Veralto operating companies that were owned by Danaher as of that date. These companies were reported within the Process and Environmental Controls reporting segment within Danaher's financial reporting for 2002; The Company defines Return on Invested Capital (ROIC) as operating profit of acquired businesses divided by the sum of the acquisition purchase price for those businesses; Veralto. *See appendix for reconciliations of non-GAAP measure CAGR includes the impact of core sales growth, acquisitions, divestitures and currency fluctuations; 2023 INVESTOR DAY | 33#34Water Quality / Summary A GLOBAL LEADER in WATER ANALYTICS & TREATMENT SOLUTIONS TECHNOLOGY at the HIGH END of the VALUE CONTINUUM WE AIM TO SOLVE the WORLD'S MOST COMPLEX WATER CHALLENGES Veralto 2023 INVESTOR DAY | 34#35Product Quality & Innovation (PQI) Mattias Byström SVP & President, Product Quality & Innovation spol Veralto ee.co suisse Sobremesas Sobremesas Sobremesas boute 209 logurte PRECO DE ATACADO IOGURTE FRIMESA COCO PARC DESNAT 170 6 49 1.49 TEEL DETRO#36PQI/ A global leader in workflow solutions 2020-2022 AVERAGE 25% $2.0b 3.5% 59% 2022 SALES COMPOSITION Sales by application sales in 2022 core sales growth* recurring sales Adj. operating profit margin* 70% 30% Marking & Coding Packaging & Color PACKAGING & COLOR ESKO A global leader in design software X-rite Global leaders in color management PANTONE® MARKING & CODING VIDEOJET. LINX Global leaders in marking & coding solutions 52% Sales by end market F&B, CPG and Pharma Industrial 36% 12% Applied/Other Sales by geography 34% 28% 35% 3% North America Western Europe High Growth Markets Other *See appendix for reconciliations to non-GAAP measures; Core sales growth and adjusted Operating Profit Margin can be calculated by taking the average of the non-GAAP measure for the years 2020-2022 Veralto Strong Global Brands with Leading Workflow Solutions 2023 INVESTOR DAY | 36#37PQI/ The choice of industry leaders Note: Management estimates 85% of the top 20 global consumer packaged goods brands 75% 60% 45% of the top 25 global pharmaceuticals of the top 10 global chemical brands of the top 20 global retailers in the U.S. brands Strong Presence with Consumer Goods Companies; Expanding Presence in Adjacencies Veralto 2023 INVESTOR DAY | 37#38PQI/Well-positioned across the packaging value chain Packaging & Color Marking & Coding Brand Owners Designers, Agencies Pre-Media Services Production/Converters Filling Plants Packaging Strategy Packaging Design Production Preparation Packaging Production Inline Marking & Coding ESKO PANTONE® ESKO⭑ PANTONE® Design ESKO VIDEOJET. ESKO⭑ x-rite LINX Production Leading Global Player Helping Customers Accelerate Workflows Veralto STORE Retail Shelf Product Assurance VIDEOJET LINX Assurance 2023 INVESTOR DAY | 38#39PQI/ Packaging & Color overview CUSTOMER TYPES ■ Brand owners Print service providers APPLICATION ENVIRONMENTS ■ Digital management ■ Cloud-based Consumer goods manufacturers ■ Remote monitoring ☐ Packaging & label converters ■ Global, multi-site footprints SOFTWARE AND PRODUCT EXAMPLES BUDD Phoenix Planning and Imposition Software Veralto GET SET GET WebCenter Packaging Workflow Management Digital Platform Packaging & Color Brand Owners Designers, Agencies Pre-Media Services Production/Converters exact2 DIGITAL SOLUTIONS ■ Color strategy & management Packaging workflow software ■ 3D packaging design Estimating & planning software exactTM 2 Portable Spectrophotometer Color Info +2728 C PANTONE DOWNLOAD ASE 10 останим мате 27200 PULSIAN Library Book Pag AGA 7117 PANTONE 2728 C HEX 0 Pantone Connect Digital Platform 2023 INVESTOR DAY | 39#40PQI/Innovative packaging design software Regulatory Packaging & Color Brand Owners Designers, Agencies Pre-Media Services Production/Converters Marketing GET GET SET SET ENERGY DRINK TROPICAL BLEND ENERGY DRINK TROPICAL BLEND IMMEDIATE + SUSTAINED ENERGY GET SET ENERGY DRINK TROPICAL BLEND 2 EXCELLENT SALONCE OF ELECTROLYTES HIGHING TAMINS: B5, B6, B12HC PARESHMENT WITH ZING & CHROMUM EACH 200 MÜSERVING CONTAINS CALORIE SLAGARS PAP BODUM 00001g 005 <1% <1% 1% 3% GET SET. ENERGY DRINK TROPICAL MEN 586562 315331 ISOTONIC HYDRATION FCH YOUR BODY & MIND PERCENTS WATER LEVE MINKOF STRCADO VEGETABLE JUICE O STEMA LEAF EXTRACT ORGAR EAGANT SYRUP MACINGUM LAC CALM LACTATE, POTASSIUM PROFIL ELECTOLITE SOURCES INATU HALFLAKONS ZINC GLUCONATE TAURING MOAMINIS, VITAMIN VITAMINC CHICMILM POCATE CHORES (ON) ALFATONS DUMONTUAL REDDUCT OF MATURE ERNSTING SERINGSRE OTTLE KST FERMED CHILLED ESKOO CYCLE PLASTICS 560 ml Quality/Sustainability Operations Printing Veralto Our Solutions Help Simplify a Complex Process with Diverse Stakeholders 2023 INVESTOR DAY | 40#41PQI / Digital capabilities drive growth Packaging & Color Brand Owners Designers, Agencies Pre-Media Services Production/Converters Project Manager Data supplier Agency Approvers Production Create Brief Design Approve Produce Packaging Engineer Note: Management estimates Veralto 500 alpro alpro Aardbei SOYA alpo alpro a Regulatory Legal Marketing Brand Manager Printer pro 50% reduction in design process (180 days down to 90 days) alpro 60% fewer revisions 50% less labor Streamlined Workflow by 50% with ESKO WebCenter 2023 INVESTOR DAY | 41#42PQI/ Marking and Coding overview CUSTOMER TYPES ■ Brand owners Print service providers Consumer goods manufacturers ☐ Packaging & label converters SOFTWARE AND PRODUCT EXAMPLES Jideojet 1880 VIDCONCE Continuous Inkjet Printer Veralto APPLICATION ENVIRONMENTS ■ Digital management ■ Cloud-based ■ Remote monitoring ■ Global, multi-site footprints _VIDEOJET 3640 019 0000 Marking & Coding STORE Filling Plants Retail Shelf PRODUCTS & SOLUTIONS Continuous inkjet printers Laser marking systems VideojetConnect™ Suite CLARISUITE® Software 333333 VideojetConnect™ CLARISUITE Code Asurance Solution Laser Marking System VideojetConnect™ VideojetConnect™ CLARISOFT® Software Cabernet 2023 INVESTOR DAY | 42#43PQI/Leading technologies in marking and coding CH FLAVO 17 131.8 GUARANTEED UNTIL DEC PRINTED DATE EC 31 white cheddar & herb naturally flavored Papas Fritas vidas Chile A Articulo #RY054321 12 Besas Grandes 30/10/16 03:34 CHICKEN BREASTS Intratect BEST BEFORE DEC1913LS 08:55 EXP LOT 12/02/23 4832019584 GTIN SERIAL 83295729180465 07294389135764 Marking & Coding STORE Filling Plants Retail Shelf Best 13:19 $4140 JAN 03 14 1414N RET FLY C 19AMR8734 Mejores Com Papas Fritas Articulo RYDS TRACEABILITY Ability to recall BRAND PROTECTION Ability to ensure authenticity TVPE INCH ENT TYPE H-MADE IN THE I NECH 30-ASTM 535 GRA 100 12:34 43217 Chile MWA785 2-3-14 03:48 Made in the USA 245199 105321 TOTAL PRICE $4.80 製造ビニルパイプポリブデンJISスイ REGULATION Ensure compliance CUSTOMIZATION Variability and complexity in packaging Intratect Solutions for a Variety of Substrates to Help Customers Meet Complex Challenges Veralto 2023 INVESTOR DAY | 43#44PQI/ New high-performance laser marking solution NEW VIDEOJET 3350 SMART FOCUS LASER MARKING SYSTEM Launched Q2 2023 ✓ Connected solution ✓ Marks complex codes at high speeds ✓ Virtually unlimited font, code & graphic options ✓ VideojetConnectTM Remote Service option Marking & Coding Filling Plants STORE Retail Shelf VIDEOJET 2350 prints up to 2K characters per second RUNNING x " " 12 M Can K2058 A460127 >PE< S2043 A460098 >PE< L02573E22216:38 L02573E 573E111 1118 E832646-7 New Laser Solution Delivers Next-Level Flexibility to Adapt to Changing Production Needs Veralto 2023 INVESTOR DAY | 44#45PQI/Remote service capabilities drive growth VideojetConnect™ Connected to the 'cloud' - real-time data Enhanced predictive analytics Reduced customer downtime A oooo Marking & Coding STORE Filling Plants Retail Shelf installed base in the TENS of THOUSANDS ✓ Printer health monitoring VIDEO ACT ✓ Intervention guidance ✓ Rapid line recovery Veralto Advanced Connectivity and Software Driving Increased Efficiency for Customers 2023 INVESTOR DAY | 45#46PQI/Well-positioned to drive long-term growth SECULAR GROWTH DRIVERS Consumer safety Omnichannel buying Packaging proliferation Digitization - Sustainability packaging substrates HOW WE WIN ■ Innovation High value new solutions - faster Investing in digital solutions Connected Solutions ■ One of the largest connected installed bases Remote solutions & predictive analytics Digital Capabilities Digitizing customer workflows driving process efficiency and reducing cost Secular Growth Drivers and Execution Drive Long-Term Sales Growth Veralto 2023 INVESTOR DAY | 46#47PQI/Integral and mission critical to customers LOW CYCLICALITY OPEX vs. CAPEX REGULATORY OPPORTUNITIES secular drivers and recurring sales pull-through low cost, high-value add technology solutions mission critical to operations increasing regulatory requirements 59% recurring sales <1% consumables are <1% of customers' total operating costs ~90% of packaged items in a supermarket touched by PQI in North America and Western Europe Note: Management estimates; Recurring sales based on 3-year average from 2020-2022 Durable business model with 59% recurring sales Veralto 2023 INVESTOR DAY | 47#48PQI/Long-term value creation 2002 profile ~$300m sales High-Teens operating profit margin VIDEOJET LINX PRISM Laser at your service CILLTEC Willett LHITELASER Pre-2002 2004 2006 2022 profile $2.0b sales ~10% CAGR High-Teens ROIC Mid-20's adj. operating profit margin* FOBA ESKO wolke Inks & Printers PANTONE® x-rite CARE right on color MEDIA BEACON 2008 2010 syitems 2012 Laetus BLUE Clearmark AVT. tilia labs 2014 2016 2022 Track Record of Strategic Growth, Margin Expansion and Compounding Returns Notes: 2002 amounts reflect the results of the Veralto operating companies that were owned by Danaher as of that date. These companies were reported within the Process and Environmental Controls reporting segment within Danaher's financial reporting for 2002; The Company defines Return on Invested Capital (ROIC) as the adjusted operating profit margin (non-GAAP) for acquired businesses divided by the sum of the acquisition purchase price for those businesses; CAGR includes the impact of core sales growth, acquisitions, divestitures and currency fluctuations Veralto. *See appendix for reconciliations of non-GAAP measure 2023 INVESTOR DAY | 48#49PQI/ Summary A LEADING GLOBAL PLAYER in DESIGN SOFTWARE, COLOR AUTHORITY and IN-LINE MARKING PROTECTING the INTEGRITY of FOOD, PHARMACEUTICALS and BRANDS BEST BY 04 01 12 Sele 0891T LTS 1655 13 Veralto ADVANCED, DIGITAL CUSTOMER WORKFLOW SOLUTIONS FLU FLU ANTIBIOTIC MEDICINE MEDICINE MEDICINE iStock 2023 INVESTOR DAY | 49#50Financial Overview Sameer Ralhan SVP & Chief Financial Officer Veralto sonses ubjedше Бирәгем#51Veralto/Premier financial profile ✓ MSD long-term core sales growth* across both segments | secular growth drivers ✓ durable through economic cycles high recurring sales | stable end markets ✓ strong margins & robust cash generation differentiated value proposition | asset-light model ✓ flexibility in capital deployment investment grade profile | disciplined capital allocation with bias toward M&A *MSD long-term core sales growth reflects management's estimate of the long-term financial profile of Veralto. The company provides LT modeling framework for core sales growth only on a non-GAAP basis due to the difficulty of estimating other components of GAAP sales, such as currency translation, acquisitions and divestitures Compounder of Revenue, Earnings, and Free Cash Flow Veralto. 2023 INVESTOR DAY | 51#52Veralto/Steady long-term sales growth profile Historical Sales Growth Growth Drivers Total Growth Including M&A 10% Core Growth* 4% 5% 8% Real GDP Growth: 3% 20-Year CAGR 10-Year Core Growth 5-Year Core Growth 2-Year Core Growth *See appendix for reconciliations of non-GAAP measures Veralto Secular trends Acquisitions Innovation Commercial excellence Geographic expansion We continually improve for enduring impact humanity with purpose and integrity VES We deliver results as a team We unlock Ingenuity for customer success Resilient Business Model Modest sales decline in financial crisis (2009) and pandemic (2020) Consistent Long-Term Sales Growth 2023 INVESTOR DAY | 52#53Veralto / Attractive margin profile and strong free cash flow conversion 2022 KEY FINANCIAL RESULTS 57% 24% <1% 5% gross profit margin adjusted EBITDA %* capex as % of sales R&D as % of sales High margin reflects positioning in attractive sub-sectors of water and product quality & innovation. segments Asset-light business model Differentiation through innovation investments *See appendix for reconciliations of non-GAAP measures; Adjusted EBITDA margin includes management's estimate of incremental stand-alone costs Veralto 99% free cash flow conversion* Strong, consistent cash generation Gross Profit Margin of 57% and Free Cash Flow Conversion of 99% 2023 INVESTOR DAY | 53#54Veralto/Recent financial performance $ millions Sales Core Sales Growth $4,870 $4,700 $4,348 -2% Highlights ■ Secured supply chain 8% 8% $2,478 ■ 4% Proactive pricing actions ■ 5% average core sales growth* from 2020-2022 2020 2021 2022 1H 2023 ■ Expanded margins GAAP operating profit margin 22% 22% 23% 23% ■ Adjusted operating profit margin 22% 22% 23% 23% >100% free cash flow conversion* on average from 2020-2022 (including stand-alone costs) *See appendix for reconciliations of non-GAAP measures; Adjusted operating profit margin includes management's estimate of incremental stand-alone costs Strong Performance Through Global Pandemic and Period of Supply Chain Disruptions Veralto 2023 INVESTOR DAY | 54#55Veralto / Separation considerations INCREMENTAL STAND-ALONE COSTS ~$70m of incremental stand-alone costs: ■ ~140 bps impact to operating profit margin ~70 bps impact to Water Quality and PQI segment operating profit margin CAPITAL STRUCTURE AT SEPARATION ~$2.6b gross debt ■ ~2.2x gross leverage* ~$250m cash on hand ■ ~2.0x net leverage* ~$1.5b revolving line of credit Note: Based on management estimates as of September 6, 2023; The Company defines gross leverage (non-GAAP) as long-term debt divided by trailing twelve-month Operating Profit. The Company defines net leverage (non-GAAP) as net debt divided by trailing twelve-month Operating Profit; See appendix for reconciliations of non-GAAP measures Investment Grade Capital Structure Provides Ample Operational and Strategic Flexibility Veralto 2023 INVESTOR DAY | 55#56Veralto/Capital allocation framework ■ Bias toward strategic acquisitions that create long-term shareholder value ■ Maintain flexibility to return capital to shareholders Capital deployment mix to vary in any given year Well Positioned to Maintain Investment Grade Profile With Bias Toward Acquisitions Veralto 2023 INVESTOR DAY | 56#57Veralto / Long-term value creation algorithm and modeling framework VALUE CREATION ALGORITHM Core Revenue Growth + Margin Expansion + Strong Free Cash Flow + Acquisitions LONG-TERM MODELING FRAMEWORK MSD core sales growth 30% to 35% incremental OP margin ~100% free cash flow conversion Disciplined capital deployment with bias toward M&A COMPOUNDING EPS GROWTH & RETURNS Note: LT modeling framework reflects management's estimate of the long-term financial profile of Veralto. The company provides LT modeling framework for core sales growth only on a non-GAAP basis due to the difficulty of estimating other components of GAAP sales, such as currency translation, acquisitions and divestitures Organic Execution + Selective Pursuit of Value Creation Opportunities Veralto 2023 INVESTOR DAY | 57#58Veralto/World-class enterprise built and strengthened over time ADJUSTED ADJUSTED SALES OPERATING PROFIT* OPERATING MARGIN* $4.9b $1.1b PREMIER FINANCIAL PROFILE Financial data below based on 3-year averages from 2020-2022 ✓ MSD core sales growth* ✓ 57% recurring sales Mid- 20's ~9.5% CAGR ~$0.8b ~11% CAGR ✓ 57% gross profit margin High- teens ✓ 23% Adj. EBITDA margin* ~$140m 2022 2002 2022 2002 2002 2022 ✓ >100% FCF conversion* Veralto 80 ACQUISITIONS UNDER DANAHER ~20% ROIC IN 2022 Track Record of Strategic Growth, Margin Expansion and Compounding Returns Notes: CAGR statistic reflects both core sales growth and impact of acquisitions; 2002 amounts reflect the results of the Veralto operating companies that were owned by Danaher as of that date. These companies were reported within the Process and Environmental Controls reporting segment within Danaher's financial reporting for 2002; The Company defines Return on Invested Capital (ROIC) as the adjusted operating profit margin (non-GAAP) for acquired businesses divided by the sum of the acquisition purchase price for those businesses *See appendix for reconciliations to non-GAAP measures; 2020-2022 averages can be calculated based on the non-GAAP measures provided in the appendix 2023 INVESTOR DAY | 58#59Veralto Conclusions Jennifer L. Honeycutt Investor and Analyst Presentation | September 6, 2023#60Veralto / A premier technology leader in water and product quality 1 A LEADER IN WATER & PRODUCT QUALITY 2 PREMIER FINANCIAL PROFILE ~80% of sales in water, food, pharma Durable sales growth Attractive markets, secular drivers High profitability High-end water solutions Digital workflow solutions Strong cash generation 1 A LEADER IN WATER & PRODUCT QUALITY 2 PREMIER FINANCIAL PROFILE 3 PROVEN VALUE CREATION PLAYBOOK 3 PROVEN VALUE CREATION PLAYBOOK 2020-2022 average MSD core sales growth* 57% recurring sales 57% gross profit margin 23% Adj. EBITDA margin* Strong Danaher heritage Diverse, experienced team Disciplined capital allocation with M&A bias >100% FCF conversion* Unifying purpose (vital resources) Note: Financial data based on 3-year averages from 2020-2022 *See appendix for reconciliations to non-GAAP measures; Adjusted EBITDA Margin and FCF conversion can be calculated by taking the average of the non-GAAP measures for the years 2020-2022 SAFEGUARDING THE WORLD'S MOST VITAL RESOURCES™ Veralto 2023 INVESTOR DAY | 60#61Veralto Appendix Investor and Analyst Presentation | September 6, 2023#62Veralto Jennifer L. Honeycutt PRESIDENT AND CHIEF EXECUTIVE OFFICER As President and CEO, Jennifer leads Veralto with a strong vision for the future. She works closely with the executive team and Veralto business leaders to build a vibrant, inclusive culture, drive operational excellence through the Veralto Enterprise System, and create enduring value for Veralto's associates, customers, and shareholders. Throughout her career, she has consistently delivered results by building high-performing teams, driving innovation and commercial execution, and leading strategic M&A execution and integration. Jennifer brings decades of senior leadership experience at Danaher to Veralto and most recently served as Executive Vice President of the Environmental and Applied Solutions segment, which became Veralto in October 2023. She originally joined Danaher with the 2000 acquisition of Hach and has held senior leadership roles with a number of Veralto companies including Hach and Linx. Her long tenure at Danaher has given her a unique perspective on how Veralto can create enduring positive impact across industries and geographies. Jennifer is an active champion of the power of diversity and served for 8 years on Danaher's Diversity + Inclusion Council. She is a member of every associate resource group and has several diversity mentees. She has also contributed to sustainability initiatives including humanitarian relief efforts, energy conservation kaizen events, and solid waste reduction efforts. Jennifer earned BA degrees in Chemistry and French from Grinnell College and an MA in Technology Management from the University of Denver. She has lived and worked throughout the US and the UK and currently lives in Weston, Massachusetts with her husband and two children. 62#63Sameer Ralhan Veralto SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER As SVP and Chief Financial Officer, Sameer is responsible for Veralto's financial strategy including capital deployment, portfolio development, and financial execution to enable long-term growth and value creation. In addition to leading key engagements with the investment community, regulatory, and financial institutions, he strives to build a world-class finance function and oversee financial performance, reporting, controls, risk management, and fiscal accountability. Sameer also helps lead corporate procurement, with commitment to building sustainable supply chains, leading responsible environmental stewardship, and driving zero tolerance for discrimination, fraud or unethical behavior, unsafe working conditions, and human rights violations. Sameer joins Veralto from The Chemours Company, where he served as SVP and CFO since 2019. He joined Chemours in 2014 and held positions of increasing responsibility across finance, strategy, M&A, corporate FP&A, treasury, capital markets, and business process transformation. He previously served as Managing Director in the Global Natural Resources Group of Goldman Sachs. Sameer began his career as a chemical engineer, where he executed manufacturing process improvement and operational enhancement initiatives for several global chemical companies. Sameer holds a BTech in Chemical Engineering from the Indian Institute of Technology in Bombay, India, an MS and a PhD in Chemical Engineering from Rice University, and an MBA from the University of Chicago Booth School of Business. He lives near Philadelphia with his wife and two daughters. 63#64Veralto Melissa Aquino SENIOR VICE PRESIDENT AND GROUP EXECUTIVE OF WATER QUALITY As SVP and Group Executive of Veralto's Water Quality segment, Melissa and her team help customers holistically address water safety and scarcity, responsible water management, and climate change. Melissa brings more than 20 years of Danaher leadership experience to Veralto, most recently serving as President of Cepheid during a period of intense growth and expansion. She previously served as President. of Leica Biosystems and McCrometer, and as VP of the Danaher Business System Office. Melissa began her Danaher career as Product Manager at Hach and later served as Business Unit Director for the US, France, and Germany. During her time at Hach, she launched a product focused on recycling hazardous chemicals for customers. Before joining Danaher, she held roles in R&D Process Engineering and Market Research at Procter & Gamble. Melissa is passionate about associate engagement and serves as the executive sponsor for the Veralto Women & Friends associate resource group (ARG). She was the first executive sponsor of the Danaher Women & Friends associate resource group and serves on a nonprofit board for a charity focused on health and mental services for abused women. 64#65Veralto Mattias Byström SENIOR VICE PRESIDENT AND GROUP EXECUTIVE OF PRODUCT QUALITY & INNOVATION As SVP and Group Executive of the Product Quality and Innovation segment, Mattias and his team help customers ensure product quality, freshness, and consistency and advance packaging design, quality, and go-to-market processes. Mattias leads the definition and execution of the segment's strategic plan, including M&A, organic growth, and meeting diversity, equity, and inclusion (DEI) and sustainability targets. Mattias brings more than 20 years of senior leadership experience to Veralto, with over 12 years at Danaher. He returned to Danaher in 2018 as President of Esko Graphics and helped lead its transition from hardware and perpetual software to a recurring/SaaS model. He was most recently VP and Group Executive of Product Identification at Danaher and was part of the Danaher European Board and DEI Council. He previously served as CEO of FlexLink AB, General Manager of Danaher Motion, and co-founded and led two digital start-ups. Mattias is a member of the Veralto DEI Council and serves as executive sponsor of the Veralto Women & Friends associate resource group (ARG) and as a friend of the LGBTQ & Friends ARG. Mattias holds an MSc in Computer Science from Chalmers University of Technology and studied at the Chalmers School of Entrepreneurship, both in Gothenburg, Sweden. He is a member of the International Packaging Group. He lives with his wife and two children in Lerum, Sweden. 65#66Veralto APPENDIX Reconciliations of Non-GAAP Metrics This presentation contains information regarding the Company's financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States ("GAAP"). These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative or superior to GAAP measures. You should be aware that our presentation of these measures may not be comparable to similarly-titled measures used by other companies. A reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures is included as an appendix to this presentation. Investor and Analyst Presentation | September 6, 2023#67Statement Regarding Non-GAAP Measures Each of the non-GAAP measures included in this presentation should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing Veralto's results that, when reconciled to the corresponding GAAP measure, help our investors to (1) understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers, and (2) identify underlying growth trends in our business and compare our revenue performance with prior and future periods and to our peers. The items excluded from the non-GAAP measures set forth above have been excluded for the following reasons: ■ We exclude the amortization of acquisition-related intangible assets from the calculation of non-GAAP profitability measures because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition's purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe however that it is important for investors to understand that such intangible assets contribute to revenue generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. ■ With respect to the other items excluded from non-GAAP adjusted operating profit, adjusted operating margin and adjusted EBITDA, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be unrelated to Veralto's commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long-term performance difficult. ■ With respect to core revenue-related measures, (1) we exclude the impact of currency translation because it is not under management's control, is subject to volatility and can obscure underlying business trends, and (2) we exclude the effect of acquisitions and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult. ■ With respect to the FCF Measure, we exclude payments for additions to property, plant and equipment (net of the proceeds from capital disposals) to demonstrate the amount of operating cash flow for the period that remains after accounting for the Company's capital expenditure requirements. Veralto 2023 INVESTOR DAY | 67#68Veralto Sales Growth (Decline), Core Sales Growth (Decline) by Segment, Average Sales Growth and Average Core Sales Growth by Segment Three-Mouth Period Ended Three-Month Period Ended Year Ended December 31, 2021 April 1, 2022 July 1, 2022 September 30, 2022 December 31, 2022 Year Ended December 31, 2022 March 31, 2023 June 30, 2023 Six-Month Period Ended June 30, 2023 Veralto: Total sales growth (GAAP) 8.0 % 2.0 % 6.0 % 5.5 % 1.5% 3.5 % 4.5 % 2.0 % 3.0 % Impact of: Acquisitions/divestitures 1.5 % 2.5% 0 (0.5)% 0.5 % (0.5)% (0.5)% (0.5)% Currency exchange rates (1.5)% 2.0% 4.0 % 5.0% 4.5 % 4.0 % 2.5 % 0. 1.5% Core sales growth (non-GAAP) 8.0 % 6.5 % 10.0 % 10.5 % 5.5 % 8.0 % 6.5 % 1.5 % 4.0 % Water Quality: Total sales growth (GAAP) 7.5% 6.5 % 9.0% 12.0% 5.5% 8.0 % 9.0 % 5.0 % 7.0 % Impact of: Acquisitions/divestitures (1.0)% 0. 0 10 0 10 10 Currency exchange rates (1.5)% 1.5 % 3.5 % 4.5% 4.0 % 3.5 % 2.0 % 0 0 1.0% Core sales growth (non-GAAP) 5.0 % 8.0 % 12.5 % 16.5 % 9.5% 11.5% 11.0 % 5.0 % 8.0 % Product Quality & Innovation: Total sales growth (decline) (GAAP) 9.0 % (3.0)% 1.5% (3.5)% (4.0)% (2.5)% (1.0)% (2.5)% (2.0)% Impact of: Acquisitions/divestitures 4.5 % 5.5% -% (1.5)% 1.0 % (1.0)% (1.0)% (1.0)% Currency exchange rates (2.0)% 2.5 % 5.0 % 6.5% 5.5 % 5.0 % 3.0 % 1.5% Core sales growth (decline) (non- GAAP) 11.5% 5.0 % 6.5% 3.0 % 3.5 % 1.0 % (3.5)% (1.5)% 2023 INVESTOR DAY | 68#69Veralto Year Ended: Total sales growth Acquisitions (GAAP) /divestitures Core sales growth (non-GAAP) Total sales growth (GAAP) Sales Growth (Decline), Core Sales Growth (Decline) by Segment, Average Sales Growth and Average Core Sales Growth by Segment Water Quality Impact of Currency exchange rates & other Product Quality & Innovation Impact of Currency exchange rates & other Veralto Impact of Acquisitions /divestitures Core sales growth (non-GAAP) Total sales growth (GAAP) Acquisitions /divestitures Currency exchange Core sales rates & other growth (non-GAAP) 2013 4.0 % (0.5)% 0 70 3.5 % 10.0 % (6.5)% 0 3.5 % 6.5% (3.0)% 0 3.5% 2014 6.0 % (2.0)% 0.5 % 4.5 % 4.0 % 0 4.0 % 5.0% (1.5)% 0.5 % 4.0 % 2015 3.5% (4.5)% 5.5% 4.5 % (2.5)% (0.5)% 7.5 % 4.5 % 0.5% (2.5)% 6.5% 4.5% 2016 6.0 % (5.0)% 1.5 % 2.5 % 4.5 % (2.0)% 1.5% 4.0% 5.0 % (3.5)% 1.5 % 3.0 % 2017 3.5% % (0.5)% 3.0 % 8.0 % (2.5)% - % 5.5 % 5.5% (1.0)% (0.5)% 4.0 % 2018 9.5 % (1.5)% (0.5)% 7.5 % 8.5% (2.5)% (1.5)% 4.5 % 9.0% (2.0)% (1.0)% 6.0 % 2019 2.5% 0 2.5 % 5.0 % 0.5 % (1.0)% 2.5% 2.0 % 1.5 % (0.5)% 2.5 % 3.5% 2020 (0.5)% 1.0 % 0.5 % (4.0)% (0.5)% (4.5)% (2.0)% 0.5 % (1.5)% 2023 INVESTOR DAY | 69#70Veralto Sales Growth (Decline), Core Sales Growth (Decline) by Segment, Average Sales Growth and Average Core Sales Growth by Segment Averages based upon tables above. Veralto: Total sales growth (GAAP) Impact of: Acquisitions/divestitures Currency exchange rates Core sales growth (non-GAAP)* Water Quality: Total sales growth (GAAP) Impact of: 2 Year Average (2022-2021) 3 Year Average (2022-2020) 5 Year Average (2022-2018) 5.8% 3.2% 4.0 % 10 Year Average (2022-2013) 4.3 % 1.0% 0.7 % (0.1)% (1.2)% 1.3 % 1.0 % 0.9% 1.3 % 8.0 % 4.8 % 4.8% 4.3 % 7.8 % 5.0 % 5.4 % 5.0 % = Acquisitions/divestitures Currency exchange rates Core sales growth (non-GAAP)* Product Quality & Innovation: Total sales growth (decline) (GAAP) Impact of: Acquisitions/divestitures Currency exchange rates (0.5)% (0.3)% (0.5)% (1.5)% 1.0 % 1.0 % 1.0 % 1.2% 8.3 % 5.7 % 5.9% 4.8% 3.3% 0.8 % 2.3 % 3.6% 2.8% 1.8% 0.4 % (1.0)% 1.5 % 0.8% 0.7 % 1.3% 7.5 % 3.5 % 3.4% 3.9% Core sales growth (decline) (non-GAAP)* Amounts above may not add to the presented average for Core sales growth (decline) due to rounding. 2023 INVESTOR DAY | 70#71Segment Sales, Operating Profit, Adjusted Operating Profit, Operating Profit Margin and Adjusted Operating Profit Margin ($ in millions) Six-Month Year Ended December 31, 2020 Year Ended December 31, 2021 April 1, 2022 July 1, 2022 Three-Month Period Ended September 30, 2022 December 31, 2022 Year Ended December 31, 2022 Three-Month Period Ended March 31, June 30, 2023 Period Ended June 2023 30, 2023 Sales (GAAP) Water Quality $ 2,487 Product Quality & Innovation 1.861 $ 2.669 2.031 $ 670 502 $ 720 511 $ 741 478 $ 756 492 $ 2.887 1.983 $ 729 $ 756 $ 1.485 496 497 993 Total Company $ 4,348 $ 4.700 $ 1.172 $ 1.231 $ 1.219 $ 1.248 $ 4.870 $ 1.225 $ 1.253 $ 2.478 Operating Profit (GAAP) Water Quality $ 573 $ 584 $ 125 S 175 $ 185 183 $ 668 $ 168 $ 180 $ 348 Product Quality & Innovation 419 496 117 138 109 124 488 135 122 257 Other (41) (39) (11) (11) (13) (44) (11) (13) (24) Total Company $ 951 $ 1.041 $ 231 $ 302 $ 285 $ 294 $ 1.112 $ 292 $ 289 $ 581 Amortization of Intangible Assets (GAAP) Water Quality $ 27 $ 27 69 $ 6 69 S Product Quality & Innovation 36 Total Company $ 63 $ 35 62 8 ог 6 $ 60 7 +7 4 $ 09 6 $ 22 $ 5 $ 5 69 $ 10 10 6 28 7 7 t 14 $ 14 $ 13 $ 11 $ 12 $ 50 $ 12 $ 12 $ 24 Other Operating Profit Adjustments Water Quality $ Product Quality & Innovation (16) $ 1 (15) $ (3) S 5 $ (16) (3) (4) (4) (3) $ (3) $ (5) $ $ $ (6) (3) (13) 3 Other (33) (34) (8) (8) (9) (33) (8) (16) Total Company $ (48) $ (65) $ (14) S $ (15) $ (15) $ (51) $ (14) $ (8) $ (22) Adjusted Operating Profit (non- GAAP) Water Quality $ 584 $ 596 $ 128 $ 186 $ 185 Product Quality & Innovation 456 515 122 141 113 $ 186 127 $ 685 $ 170 $ 182 $ 352 503 139 132 271 Other (74) (73) (19) (19) (17) (77) (19) (21) (40) Total Company $ 966 $ 1,038 $ 231 $ 308 $ 281 $ 291 $ 1.111 $ 290 $ 293 $ 583 Veralto 2023 INVESTOR DAY | 71#72Segment Sales, Operating Profit, Adjusted Operating Profit, Operating Profit Margin and Adjusted Operating Profit Margin ($ in millions) Year Ended December 31, 2020 Year Ended December 31, 2021 April 1, 2022 July 1, 2022 Three-Month Period Ended September 30, 2022 December 31, 2022 Year Ended December 31, 2022 Three-Month Period Ended March 31, June 30, 2023 2023 Six-Month Period Ended June 30, 2023 Operating Profit Margin (GAAP) Water Quality 23.0 % 21.9 % 18.7 % 24.3 % 25.0 % 24.2 % 23.1 % 23.0 % 23.8 % 23.4 % Product Quality & Innovation 22.5 % 24.4 % 23.3 % 27.0 % 22.8 % 25.2 % 24.6 % 27.2 % 24.5 % 25.9 % Total Company 21.9 % 22.1 % 19.7 % 24.5 % 23.4 % 23.6 % 22.8 % 23.8 % 23.1 % 23.4 % Adjusted Operating Profit Margin (Non-GAAP)³ Water Quality 23.5 % 22.3 % 19.1 % 25.8 % 25.0 % 24.6 % 23.7 % 23.3 % 24.1 % 23.7 % Product Quality & Innovation 24.5 % 25.4 % 24.3 % 27.6 % 23.6 % 25.8 % 25.4 % 28.0 % 26.6 % 27.3 % Total Company 22.2 % 22.1 % 19.7 % 25.0 % 23.1 % 23.3 % 22.8 % 23.7 % 23.4 % 23.5 % 1 Refer to Footnotes A, B and D on page 77 for descriptions of the components of Other Operating Profit Adjustments. 2 Adjusted Operating Profit (non-GAAP) is defined as operating profit (GAAP) plus amortization of intangible assets (GAAP) plus (minus) Other Operating Profit Adjustments (as defined). 3 Adjusted Operating Profit Margin (Non-GAAP) is defined as Adjusted Operating Profit (Non-GAAP) divided by sales. Veralto 2023 INVESTOR DAY | 72#73Net Earnings, Operating Profit, Adjusted EBITDA and Adjusted EBITDA Margin ($ in millions) Year Ended December Year Ended December 31, 2020 31, 2021 April 1, 2022 July 1, 2022 Three-Month Period Ended September 30, 2022 Three-Month Period Ended Six-Month Year Ended December December 31, 2022 31, 2022 March 31, 2023 June 30, 2023 Period Ended June 30, 2023 $ 724 $ 861 $ 180 $ 231 $ 218 $ 216 $ 845 $ 225 $ 209 $ 434 Net Earnings (GAAP) Interest, Net³ Other Nonoperating (Income) Expense 1 (6) (1) (1) 14 14 Income Taxes 226 186 51 71 67 79 268 67 66 133 Operating Profit (GAAP) $ 951 $ 1.041 $ 69 231 302 $ 285 294 $ 1.112 $ 292 289 $ 581 Other Operating Profit Adjustments (48) (65) (14) (7) (15) (15) (51) (14) (8) (22) Depreciation 47 44 11 10 10 9 40 10 10 20 Amortization of Intangible Assets 63 62 14 13 11 12 50 12 12 24 Adjusted EBITDA (Non-GAAP) $ 1,013 $ 1.082 $ 242 $ 318 $ 291 $ 300 $ 1.151 $ 300 $ 303 $ 603 Sales (GAAP) $ 4.348 $ 4,700 $ 1.172 $ 1.231 $ 1.219 $ 1.248 $ 4.870 $ 1,225 $ 1.253 $ 2.478 Operating Profit Margin (GAAP) 21.9 % 22.1 % 19.7 % 24.5 % 23.4 % 23.6 % 22.8 % 23.8 % 23.1 % 23.4 % Adjusted EBITDA Margin (Non-GAAP) * 4 23.3 % 23.0 % 20.6 % 25.8 % 23.9 % 24.0 % 23.6 % 24.5 % 24.2 % 24.3 % 4 1 Refer to Footnotes A, B and D on page 77 for descriptions of the components of Other Operating Profit Adjustments. Adjusted EBITDA Margin (Non-GAAP) is defined as Adjusted EBITDA (Non-GAAP) divided by sales. 5 Prior to the separation. Veralto was a part of Danaher Corporation and was dependent upon Danaher for its financing. None of Danaher's debt or interest expense was assigned to Veralto for these historic periods. Refer to Veralto's registration statement on Form 10 for more information in connection with the separation. Veralto expects to issue approximately $2.6 billion of senior unsecured notes in connection with the separation and will incur interest expense in future periods. Veralto 2023 INVESTOR DAY | 73#74Trailing Twelve Month Adjusted EBITDA, Gross Leverage and Net Leverage ($ in millions) Net Earnings (GAAP) Interest, Net Other Nonoperating (Income) Expense Income Taxes Operating Profit (GAAP) Other Operating Profit Adjustments Three-Month Period Ended December 31, June 30, 2023 March 31, 2023 2022 September 30, 2022 $ 209 $ 225 $ 216 $ 218 | 14 (1) 66 67 79 67 $ 289 $ 292 $ 294 $ 285 (8) (14) (15) (15) 10 10 10 12 12 12 11 $ 303 $ 300 $ 300 $ 291 Depreciation Amortization of Intangible Assets Adjusted EBITDA (Non-GAAP) Trailing Twelve Month Operating Profit (GAAP) $ 1,160 Trailing Twelve Month Adjusted EBITDA (Non-GAAP) S 1,194 Long Term Debt $ 2.580 Less: Cash on Hand (250) Net Debt (Non-GAAP) S 2,330 9 Gross Debt to Operating Profit Net Debt to Operating Profit 10 2.22 2.01 Gross Leverage (Non-GAAP)¹¹ 2.16 Net Leverage (Non-GAAP) ¹² 1.95 1 Refer to Footnotes A, B, and D on page 77 for descriptions of the components of Other Operating Profit Adjustments. 5 Prior to the separation. Veralto was a part of Danaher Corporation and was dependent upon Danaher for its financing. None of Danaher's debt or interest expense was assigned to Veralto for these historic periods. Refer to Veralto's registration statement on Form 10 for more information in connection with the separation. Veralto expects to issue approximately $2.6 billion of senior unsecured notes in connection with the separation and will incur interest expense in future periods. 6 Trailing Twelve Month Operating Profit is defined as the sum of Operating Profit for the previous four quarters. 7 Trailing Twelve Month Adjusted EBITDA (Non-GAAP) is defined as the sum of Adjusted EBITDA (Non-GAAP) for the previous four quarters. 8 Estimate of anticipated post-separation capital structure and cash balance as of separation. 9 Calculated as Long Term Debt divided by Trailing Twelve Month Operating Profit. 10 Calculated as Net Debt divided by Trailing Twelve Month Operating Profit. 11 Calculated as Long Term Debt divided by Trailing Twelve Month Adjusted EBITDA (Non-GAAP). 12 Veralto Calculated as Net Debt divided by Trailing Twelve Month Adjusted EBITDA (Non-GAAP). 2023 INVESTOR DAY | 74#75Veralto Net Earnings per Common Share and Adjusted Net Earnings per Common Share Net Earnings per common share (GAAP)H Amortization of acquisition-related intangible assets Impairments and other charges B Fair value net losses on investments" Standalone Entity Adjustment D C Gain on disposition of certain product lines Tax effect of the above adjustments F Discrete tax adjustments G Adjusted Net Earnings per common share (Non- GAAP)H A Six-Month Period Ended June 30, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 1.76 $ 3.43 $ 3.49 $ 2.93 0.10 0.20 0.25 0.26 0.02 0.04 0.07 0.06 (0.41) (0.84) (0.86) (0.86) - (0.03) 0.05 (0.02) 0.15 (0.02) 0.17 (0.26) 0.13 (0.06) 1.56 $ 2.96 $ 2.76 S 2.47 2023 INVESTOR DAY | 75#76Veralto A Amortization of acquisition-related intangible assets in the following historical periods ($ in millions) (only the pretax amounts set forth below are reflected in the amortization line item above): Year Ended December 31, 2020 Year Ended Year Ended December 31, December 31, 2021 2022 Six-Month Period Ended June 30, 2023 Pretax After-tax $ 63 $ 48 $ 62 51 $ $ 50 $ 38 S 24 18 B C D Impairment charge related to customer relationships in the Product Quality & Innovation segment for the six-month period ended June 30, 2023 ($6 million pretax as reported in this line item. $5 million after-tax). Impairment charges related to technology and customer relationships in the Water Quality segment recorded in year ended December 31, 2022 ($9 million pretax as reported in this line item. $7 million after-tax). Additionally, in the year ended December 31, 2022 charges incurred primarily related to impairments of accounts receivable and inventory in Russia in the Product Quality & Innovation segment ($1 million pretax as reported in this line item, $1 million after-tax). Impairment charges related to trade names and other intangible assets in the Product Quality & Innovation segment recorded in the year ended December 31, 2020 ($17 million pretax as reported in this line item, $13 million after-tax). Fair value loss related to an impairment of an equity method investment in the six-month period ended June 30, 2023 ($15 million pretax as reported in this line item $11 million after-tax). This amount encompasses management estimates of operating as a standalone entity. The management estimate includes recurring and ongoing costs required to operate new functions required for a public company such as certain corporate functions including finance, tax, legal, human resources and other general and administrative related functions. This estimate also includes interest costs associated with the anticipated post-separation capital structure, including the issuance of approximately $2.6 billion of long-term debt at an estimated weighted average interest rate of 5.50%. The pretax and and after-tax effect of these estimates are summarized below: Year Ended December 31, 2020 Year Ended December 31, 2021 Year Ended December 31, 2022 Six-Month Pretax After-tax $ (211) $ (160) $ (211) $ (160) $ (207) $ (156) $ Period Ended June 30, 2023 (101) (77) E F G Gain on the disposition of certain product lines in the year ended December 31, 2021 ($8 million pretax as reported in this line item. $7 million after-tax). This line item reflects the aggregate tax effect of all nontax adjustments reflected in the preceding line items of the table. In addition, the footnotes above indicate the after-tax amount of each individual adjustment item. Veralto estimates the tax effect of each adjustment item by applying Veralto's overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. Discrete tax matters relate to changes in estimates associated with prior period uncertain tax positions, audit settlements and excess tax benefits from stock-based compensation. 2023 INVESTOR DAY | 76#77Veralto H The number of Veralto shares assumed in each period is based on the number of diluted common shares used in Danaher Corporation's diluted net earnings per common share for the six-month period ended June 30, 2023, assuming a distribution ratio of one share of Veralto common stock for every three shares of Parent common stock outstanding (246.7 million shares). This calculation does not reflect the dilutive effect that will result from the issuance of Veralto stock-based compensation awards in connection with the adjustment and conversion of outstanding Parent stock-based compensation awards held by Veralto employees or the grant of new Veralto stock-based compensation awards. The number of dilutive shares of Veralto common stock underlying Veralto's stock-based compensation awards issued in connection with the adjustment and conversion of outstanding Parent stock-based compensation awards will not be determined until after the distribution date. Upon separation, the number of shares of Veralto common stock outstanding as of the separation date will be used for all historical periods for the calculation of earnings per share. 2023 INVESTOR DAY | 77#78Cash Flow, Free Cash Flow and Free Cash Flow to Net Earnings Conversion Ratio ($ in millions) Total Cash Flows: Total cash provided by operating activities (GAAP) Total cash used in investing activities (GAAP) Total cash used in financing activities (GAAP) Free Cash Flow: Total cash provided by operating activities (GAAP) Six-Month Period Ended Year Ended December 31, June 30, 2023 July 1, 2022 2022 December 31, 2021 December 31, 2020 457 $ 276 $ 870 896 $ 1.001 (19) $ (34) $ (89) (97) $ (157) (438) $ (242) (781) $ (799) $ (844) 457 276 $ 870 $ 896 $ 1.001 Less: payments for additions to property, plant & equipment (capital expenditures) (GAAP) Plus: proceeds from sales of property, plant & equipment (capital disposals) (GAAP) Free cash flow (non-GAAP) (21) 2 (20) (34) (54) (36) 5 438 $ 256 S 836 $ 842 S 965 Operating Cash Flow to Net Earnings Ratio (GAAP): Total cash provided by operating activities (GAAP) Net earnings (GAAP) Operating cash flow to net earnings conversion ratio 457 $ 276 $ 870 $ 896 S 1.001 $ 434 $ 411 S 845 $ 861 S 724 1.05 0.67 1.03 1.04 1.38 Free Cash Flow to Net Earnings Ratio (non-GAAP): Free cash flow from above (non-GAAP) Net earnings (GAAP) Free cash flow to net earnings conversion ratio (non-GAAP) 438 $ 256 S 836 842 965 434 1.01 411 S 845 861 $ 724 0.62 0.99 0.98 1.33 The Company defines free cash flow as operating cash flows from continuing operations, less payments for additions to property, plant and equipment ("capital expenditures") plus the proceeds from sales of plant, property and equipment ("capital disposals"). Veralto 2023 INVESTOR DAY | 78