Third Quarter 2023 Earnings Conference Call

ITW LO 5 Q3'23 Segment Performance FOOD EQUIPMENT TEST & MEASUREMENT/ELECTRONICS +7% $715M $678M $633M 27.3% +100 bps $698M (2)% 26.3% 25.2% (140) bps 23.8% Q3'22 Q3'23 Q3'22 Total Revenue Q3'23 Operating Margin Q3'22 Q3'23 Total Revenue Q3'22 Q3'23 Operating Margin Organic revenue 6% • Organic revenue (4)%; +2% ex. Semi Equipment 5%, Service 9% North America 10% International 1% • Test & Measurement 2% Electronics (13)% Never stronger. Never better positioned for the future.

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