Investor Presentaiton

2023 FINANCIAL GUIDANCE GAAP EPS -Ex. Divestiture gains $9.77 $9.17 $9.40 - $9.80 +3 - 7% • REVENUE $16.2 - $16.5B $15.9B 2022 2023E OPERATING MARGIN 23.8% 24.5 25.5% AFTER-TAX ROIC* 29.1% 30%+ +3 - 5% Organic HIGHLIGHTS Projecting organic growth of 3 to 5% - Based on current levels of demand and anticipated further slowing in certain end markets - Combined FX translation and divesture impact of (1.5)% Enterprise initiatives contribute - 100 bps Price/cost accretive to EPS and margins Free Cash Flow of 100%+ of Net Income Share repurchases of -$1.5 billion Effective tax rate of approximately 24% ITW VERY WELL-POSITIONED TO DELIVER TOP-TIER PERFORMANCE IN 2023 *See ITW's fourth quarter 2022 press release for the reconciliation from GAAP to non-GAAP measures. 9

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