#1Bruker Corporation (NASDAQ: BRKR) Q1 2018 Earnings Presentation May 3, 2018 OGO OHO O 96 polished ID 1011001182 Frank Laukien, President & CEO Gerald Herman, Interim CFO Miroslava Minkova, Head of Investor Relations Innovation with Integrity OH BRUKER Co H OH#2BRUKER CORPORATION Safe Harbor & Reg. G Statement BRUKER Any statements contained in this presentation that do not describe historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, risks and uncertainties relating to adverse changes in conditions in the global economy and volatility in the capital markets, the integration of businesses we have acquired or may acquire in the future, fluctuations in foreign currency exchange rates, our ability to successfully implement restructuring initiatives, changing technologies, product development and market acceptance of our products, the cost and pricing of our products, manufacturing, competition, dependence on collaborative partners, key suppliers and contract manufacturers, capital spending and government funding policies, changes in governmental regulations, the use and protection of intellectual property rights, litigation, and other risk factors discussed from time to time in our filings with the Securities and Exchange Commission, or SEC. These and other factors are identified and described in more detail in our filings with the SEC, including, without limitation, our annual report on Form 10-K for the year ended December 31, 2017 and subsequently filed Quarterly reports on Form 10-Q. We expressly disclaim any intent or obligation to update these forward-looking statements other than as required by law. We will also be referencing non- GAAP financial measures in this presentation. A reconciliation of non-GAAP to GAAP results is available in our earnings press release and in this presentation. 2#3d Q1 2018 Business Update BRUKER 3#4Q1 2018: Good organic revenue growth and strong year-over-year EPS improvement Q1 2018 Performance ▪ Revenues increase +$47M, or +12.2%, y-o-y - Organic revenue +4.0% y-o-y, including +3.8% in Scientific Instruments and +5.1% in BEST segment - Acquisitions add +0.5% y-o-y -FX translation adds +7.7% y-o-y Non-GAAP gross margin decreases 10 bps y-o-y ▪ Non-GAAP operating margin decreases 50 bps y-o-y, -Strong FX headwind in Q1 more than offset healthy operational y-o-y improvement ▪ Non-GAAP operating profit grows +8% y-o-y GAAP EPS of $0.17 compared to $0.13 in Q1-17 ▪ Non-GAAP EPS of $0.24, an increase of 26% over $0.19 in Q1-17 ■ Revenues [$M] Q1 Financials Q1-17 Q1-18 384.9 Non-GAAP EPS Q1-17 $0.19 431.7 BRUKER Q1-18 $0.24 +12.2% +26%#5GROUP OVERVIEW: Q1 2018 Operating Performance CARE www. min Inovation wi CARE of you Ascend 400 BRUKER Bruker BIOSPIN Group BIOSPIN revenue modestly below prior year in constant currency due to NMR revenue timing ■ Applied & clinical research systems revenue higher PCI systems recovery ongoing ▪ After-market service revenue continues to grow ■ ■ BRUKER Bruker CALID Group CALID high-single digit constant currency revenue growth ▪ Daltonics revenue higher with strong performance in microbiology markets and healthy growth in life science mass spec ■ ■ Optics revenue grows with good execution and healthy industrial, applied and academic demand ▪ Detection revenue lower year-over-year 91 5#6GROUP OVERVIEW: Q1 2018 Operating Performance 1.3mm deep imaging Bruker NANO Group ▪ NANO mid-single digit constant currency revenue growth, driven by strong industrial research demand BRUKER ▪ AXS with strong growth in industrial markets ▪ Nano Surfaces and Nano Analysis revenues also grow ▪ Semicon metrology revenue flat year-over-year on shipment timing BEST Segment BEST revenue higher year-over-year, driven by timing of deliveries and science projects ▪ Demand for MRI superconductors and 'Big Science' projects uneven BEST continues to expect an organic revenue decline in 2018 ■ ■ 6#7INNOVATION AND PORTFOLIO TRANSFORMATION: MALDI Biotyper "Bologna" Work Flow for Rapid and Cost-Effective Diagnosis of Blood Stream Infections (¹) Blood sample overnight "Using the full MALDI Biotyper Positive Blood Culture workflow, it is possible to get fast and accurate microorganism identification and resistance detection within 60-90 minutes of a PBC alert, enabling a significantly shorter reporting time in comparison with current routine methods." Miriam Cordovana, University Hospital S.Orsola-Malpighi, Bologna, Italy Innovation with Integrity Positive Blood Culture alert I MBT MALDI Biotyper with Rapid MBT SepsityperⓇ ID 15-20 mins from PBC MBT Subtyping Module e.g. KPC detection (RUO) 15-20 mins from PBC Ⓒ 15-20 min Identification and resistance marker detection MBT Sepsityper for same day microorganism ID from PBC MALDI BiotyperⓇ Library covering > 2700 species MBT STARⓇ Resistance testing ~ 60 mins 30 - 60 min Resistance Testing MBT STAR®-Carba / MBT STAR®-Cepha for phenotypic detection of carbapenemase and cephalosporinase activity MBT Subtyping Module for resistance marker detection (RUO) I BRUKER Rapid 15 to 20 minute microbial ID of ~2,700 species from positive blood culture ▪ New CE-IVD Fast SepsityperⓇ for reduced hands-on time Rapid 30-60 minute functional testing for two dangerous antibiotic resistances: MBT STAR-Carba CE-IVD kit for carbapenem resistance New MBT STAR-Cepha CE-IVD kit for cephalosporin resistance ▪ Further expansion of the MALDI Biotyper library and improved Candida auris identification (1) CE-IVD approved for Europe 7#8STRENGTHENING LEADERSHIP: Falko Busse Appointed BioSpin Group President Joined Bruker BioSpin in 2015 as Executive VP of Research and Development Assumed responsibility for BioSpin operations, marketing and strategy in early 2017 →Promoted to Deputy Group President in October 2017 and to Group President and Bruker executive officer on May 1, 2018 Deep understanding of BioSpin's customers, markets, applications, products and culture ❖ Prior leadership experience at Philips Healthcare (8 years in the US) Ph.D. in physics, executive management training at MIT Sloan Innovation with Integrity BRUKER 8#92018 Key Priorities ૨૦૩૦ ket BRUKER 03 YTD Perform adus-p BRUKER Position company for further organic Revenue Growth Acceleration: drive Project Accelerate high-growth, high-margin initiatives Transform Portfolio by investing in Project Accelerate Sustain Margin Expansion with continued Operational & Commercial Excellence initiatives Continue to Strengthen Systems by harmonizing processes, ERP and CRM platforms Disciplined Capital Allocation for sustained shareholder returns 9#10d Q1 2018 Financial Update BRUKER 10#11NON-GAAP FINANCIAL PERFORMANCE: Q1 2018 Overview [$ m, except EPS] Revenues Operating Profit Margin (%) Non-GAAP EPS Free Cash Flow [$ m] Net (Debt)/ Cash Working capital (WC)* WC-to-revenue ratio * WC Q1 2018 431.7 52.9 12.3% $0.24 35.3 Mar 31, 2018 63.3 726.9 $0.40 Q1 2017 384.9 (Accounts Receivable + Inventory - Accounts Payable) 49.2 12.8% $0.19 21.1 Mar 31, 2017 79.7 607.1 $0.37 +12.2% +8% -50 bps +26% +14.2M A -21% +20% +8% ■ ■ M BRUKER COMMENTS - Reported revenue +12.2%, organic growth +4.0% Operating profit up +8% Operating margin -50 bps: FX headwinds more than offset healthy operational improvement ▪ Free cash flow $35.3M, an increase of $14.2M y-o-y ▪ Use of cash for dividends, buybacks, acquisitions and debt repayment results in lower year-over-year net cash position Working capital increase due to revenue growth, timing of shipments and FX 11#12Q1 2018 Revenue Bridge Q1 2018 Revenue Organic +4.0% $384.9M Currency +7.7% Q1 2017 Q1 2018 Revenue Bridge [$M] +$29.5M +$15.3M Portfolio Organic +0.5% +$2.0M Currency Portfolio Total +12.2% $431.7M Q1 2018 ■ 1 ■ BRUKER Q1 2018 DRIVERS Reported revenue +12.2% Organic revenue +4.0%, driven by CALID, NANO and BEST - BSI +3.8% organic BEST +5.1% organic (net of intercompany eliminations) Acquisitions add +0.5% to revenue growth ▪ FX tailwind of $29.5M, or +7.7% 12#13Q1 2018 Non-GAAP Results [$m, except EPS] Total Revenues Gross Profit Margin (% of revenues) SG&A (% of revenues) R&D (% of revenues) Operating Profit (% of revenues) Tax Rate Net Income* EPS Shares Outstanding Q1 2018 431.7 205.0 47.5% -108.9 25.2% -43.2 10.0% 52.9 12.3% 23.7% 38.2 $0.24 157.0 Sum of items may not total due to rounding Q1 2017 384.9 183.4 47.6% -96.6 25.1% -37.6 9.8% 49.2 12.8% 30.6% 29.9 $0.19 160.5 A +12.2% +12% -10 bps +13% +15% +8% -50 bps -690 bps +28% +26% -2% ■ ▪ Gross margin -10 bps: negative FX translation more than offsets volume and operational improvements at CALID and " BRUKER NANO COMMENTS Opex up, primarily on FX Operating margin -50 bps: FX headwinds more than offset operational improvements at CALID and NANO Q1-18 tax rate 23.7% vs. 30.6% in Q1-17 ▪ EPS up +26%, driven by revenue growth, favorable year-over year tax rate and lower share count ▪ Share count lower on share repurchases * Attributable to Bruker 13#14Q1 2018 Cash Flow [$ m] Net Income Depreciation & amortization Changes in working capital* Other Operating cash flow Capital expenditures Free cash flow * WC = Q1 2018 27.4 15.8 -9.7 10.3 43.8 -8.5 35.3 Q1 2017 21.7 (Accounts Receivable + Inventory - Accounts Payable) 15.1 0.5 -4.7 32.6 -11.5 21.1 A +5.7 +0.7 - 10.2 +15.0 +11.2 +3.0 +14.2 BRUKER COMMENTS ▪ Free cash flow up $14M year-over-year, driven by: - Higher net income - Increase in customer advances - Slightly lower year-over- year capex - Partially offset by working capital increases and the timing of employee bonus payments 14#15d 2018 Outlook BRUKER 15#16FY 2018 Guidance Unchanged: Sustained organic revenue growth, further operating margin expansion FY 2018 Guidance Revenue Growth y-o-y Non-GAAP Operating Margin Expansion y-o-y(¹)(2) Non-GAAP EPS Approximately +7% +50 bps to +80 bps $1.34 to $1.38 (1) From FY17 non-GAAP operating margin of 15.6%. (2) Includes approximately -70 bps of headwind from foreign currency translation. 2018 ASSUMPTIONS ■ M BRUKER " Organic revenue growth approximately +3% ▪ Non-GAAP tax rate: ~25% ■ FX revenue tailwind: +4% Fully diluted share count: ~156M shares Capex:~$50M ▪ FX assumptions based on average rates as follows (as of Jan. 2018): USD = 110.9 Yen EUR 1.22 USD CHF = 1.04 USD 16#17d Appendix BRUKER 17#18Q1 2018 GAAP Results [$M, except EPS] Total Revenues Gross Profit Margin (% of sales) SG&A (% of revenues) R&D (% of revenues) Operating Income (% of revenues) Net Income* EPS Shares Outstanding Sum of items may not total due to rounding Q1 2018 431.7 199.4 46.2% -110.3 25.6% -43.2 10.0% 38.1 8.8% 27.0 $0.17 157.0 Q1 2017 384.9 176.4 45.8% -98.1 25.5% -37.6 9.8% 37.6 9.8% 21.6 $0.13 160.5 BRUKER A +12% +13% +12% +15% +1% -100 bps +25% +31% -2% * Attributable to Bruker 18#19Q1 2018 Reconciliation of GAAP and Non-GAAP Results [$M, except EPS] GAAP Operating Income Restructuring Costs Acquisition-Related Costs Purchased Intangible Amortization Other Costs TOTAL Non-GAAP Operating Income Non-GAAP Interest & Other Expense, net Non GAAP Profit Before Tax Non-GAAP Income Tax Provision Non-GAAP Tax Rate Minority Interest Non-GAAP Net Income* Non-GAAP EPS Sum of items may not total due to rounding Q1 2018 38.1 3.5 1.0 6.8 3.5 14.8 52.9 -2.3 50.6 -12.0 23.7% -0.4 38.2 $0.24 BRUKER Q1 2017 37.6 0.1 2.8 6.9 1.8 11.6 49.2 -6.0 43.2 -13.2 30.6% -0.1 29.9 $0.19 *Attributable to Bruker 19#20Balance Sheet [$M] Total Assets Working Capital* Intangibles, Net & Other Long-Term Assets [$M] Cash, Cash Equivalents & Short-term Investments Financial Debt Net Cash * WC = Mar 31, 2018 1,830.5 726.9 320.0 Mar 31, 2018 283.9 220.6 63.3 (Accounts Receivable + Inventory - Accounts Payable) Dec 31, 2017 1,948.5 714.7 323.2 439.2 415.6 Mar 31, 2017 23.6 1,839.9 Dec 31, 2017 Mar 31, 2017 607.1 334.8 464.5 384.8 79.7 BRUKER 20#21Q1 2018 GAAP SEGMENT RESULTS: BSI and BEST GAAP Performance [$ m] REVENUE Scientific Instruments (BSI) Organic Revenue Growth (%) Energy & Supercon Technologies (BEST) Corporate Eliminations Energy & Supercon Technologies (BEST), net of Corporate Eliminations Organic Revenue Growth (%) Total Revenue OPERATING INCOME Scientific Instruments (BSI) Energy & Supercon Technologies (BEST) Corporate Eliminations Total Operating Income Sum of items may not total due to rounding Q1 2018 387.0 +3.8% 45.6 -0.9 44.7 +5.1% 431.7 35.7 2.2 0.2 38.1 Q1 2017 346.4 -1.2% 40.1 -1.6 38.5 +5.3% 384.9 38.1 -0.5 0.0 37.6 BRUKER A +12% +14% +16% +12.2% -6% +540% +1% 21