Delivered Record First Quarter Orders, Revenue, and Free Cash Flow

First Quarter 2025 Highlights

(All comparisons against the first quarter of 2024 unless otherwise noted.)

Strong performance driven by its competitive differentiator - Ingersoll Rand Execution Excellence (IRX):

Reported orders of $1,882 million, up 10%
Reported revenues of $1,717 million, up 3%
Reported net income attributable to Ingersoll Rand Inc. of $187 million, or earnings of $0.46 per share
- Adjusted net income¹ of $293 million, or $0.72 per share
Adjusted EBITDA¹ of $460 million, flat, with a margin of 26.8%, down 70 basis points year over year
Reported operating cash flow of $256 million and free cash flow¹ of $223 million, up 59% and 124%, respectively
Liquidity of $4.2 billion as of March 31, 2025, including $1.6 billion of cash on hand and undrawn capacity of $2.6 billion under available credit facilities
The Board has authorized a $1 billion increase to the Company's share repurchase program.
The Company remains confident in its long-term value creation and strong cash generation
- Continue to focus on bolt-on acquisitions as well as targeting up to $750 million of share repurchases by the end of 2025

Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and life science and industrial solutions, reported strong first quarter 2025 orders, revenues, and free cash flow.

"Our positive organic orders growth, solid book-to-bill, and record first quarter free cash flow are encouraging signs as we start off the year," said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. "We recognize the dynamic nature of the current environment, and remain focused on staying agile, controlling what we can control, and delivering long-term shareholder value."

First Quarter 2025 Segment Review

(All comparisons against the first quarter of 2024 unless otherwise noted.)

Industrial Technologies and Services Segment (IT&S): Broad range of compressor, vacuum, blower, and air treatment solutions as well as industrial technologies including power tools and lifting equipment

Reported Orders of $1,487 million, up 6%, or up 3% organic
Reported Revenues of $1,352 million, down 2%, or down 4% organic¹
Reported Segment Adjusted EBITDA of $389 million, down 5%
Reported Segment Adjusted EBITDA Margin of 28.8%, down 110 basis points
IT&S saw strong first quarter organic orders growth, with a book to bill of 1.10x, finishing largely in line with expectations. Adjusted EBITDA margin was down year over year, driven largely by the flow through on organic volume declines, the expected dilutive impact from recently acquired acquisitions, and continued commercial investments for growth.

Precision and Science Technologies Segment (P&ST): Mission-critical precision liquid, gas, air, and powder handling technologies for life sciences and industrial applications as well as aerospace and defense applications

Reported Orders of $395 million, up 28%, or up 3% organic
Reported Revenues of $365 million, up 23%, or down 3% organic¹
Reported Segment Adjusted EBITDA of $106 million, up 16%
Reported Segment Adjusted EBITDA Margin of 29.1%, down 170 basis points
With a book to bill of 1.08x, P&ST delivered low single-digit organic orders growth in both the Precision Technologies and Life Science Technologies businesses. Adjusted EBITDA margin finished largely in line with expectations and improved 150 basis points sequentially from the fourth quarter of 2024.

Balance Sheet and Cash Flow

Ingersoll Rand remains in a strong financial position with ample liquidity of $4.2 billion. On a reported basis, the Company generated $256 million of cash flow from operating activities and invested $34 million in capital expenditures, resulting in free cash flow¹ of $223 million, compared to cash flow from operating activities of $162 million and free cash flow¹ of $99 million in the prior year period. Net debt to Adjusted EBITDA leverage² was 1.6x for the first quarter, which was an increase of 0.9x as compared to the prior year driven primarily by the acquisition of ILC Dover, which took place in the second quarter of 2024.

The Board also authorized a $1 billion increase to the Company's share repurchase program. This increase is incremental to the $993 million remaining under the existing authorization. The increased authorization provides the Company with the flexibility for additional opportunistic share repurchases over the short and medium term. The Company is targeting up to $750 million of share repurchases over the remainder of 2025.

These authorizations do not have any expiration date and allow Ingersoll Rand to repurchase shares from time to time, in the open market at prevailing market prices (including through Rule 10b5-1 plans), in privately negotiated transactions, a combination thereof, or through other transactions. The actual timing, number, manner, and value of any shares repurchased will depend on several factors, including the market price of the Company's stock, general market and economic conditions, the Company's liquidity requirements, applicable legal requirements, and other business considerations.

Consistent with our comprehensive capital allocation strategy led by M&A, in the first quarter of 2025, Ingersoll Rand deployed $163 million to M&A. Ingersoll Rand also closed on two acquisitions during the month of April:

G & D Chillers, Inc., a leading U.S. manufacturer of premium glycol chillers used to cool liquids primarily in the food and beverage end market
Advanced Gas Technologies Inc., a custom designer and supplier of onsite gas generation systems serving industrial customers primarily in Canada

The Company also returned approximately $18 million to shareholders through $10 million in share repurchases and $8 million through its quarterly dividend payment in the first quarter.

_______________________________

¹ Non-GAAP measure (definitions and/or reconciliations in tables below)

2 Calculated as Net Debt to LTM Adjusted EBITDA

2025 Guidance

Ingersoll Rand is updating its guidance for full-year 2025 Adjusted EBITDA and Adjusted EPS ranges.

	Key Metrics
	Initial Guidance as of 2/13/25	Revised Guidance as of 5/1/25
Revenue - Total Ingersoll Rand²	3-5%	3-5%
Ingersoll Rand (Organic)¹	1-3%	(1)-1%
Industrial Technologies & Services (Organic)¹	1-3%	(1)-1%
Precision & Science Technologies (Organic)¹	1-3%	(1)-1%
FX Impact³	(~2%)	(~0.5%)
M&A⁴	~$300M	~$330M
Corporate Costs	(~$165M)	(~$165M)
Adjusted EBITDA¹	$2,130M - $2,190M (+6% - +9% YoY)	$2,070M - $2,130M (+3% - +6% YoY)
Adjusted EPS¹	$3.38 - $3.50 (+3% - +6% YoY)	$3.28 - $3.40 (~Flat - +3% YoY)

Reconciliations of non-GAAP measures related to full-year 2025 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations, including net income (loss) and adjustments that could be made for acquisitions-related expenses, restructuring and other business transformation costs, gains or losses on foreign currency exchange and the timing and magnitude of other amounts in the reconciliation of historic numbers. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.

__________________________________________

¹ Non-GAAP measure (definitions and/or reconciliations in tables below)

² All revenue outlook commentary expressed in percentages and based on growth as compared to 2024

³ Based on March 2025 FX rates; does not include impact of FX on M&A

⁴ Reflects all completed and closed M&A as of April 30, 2025

Conference Call

Ingersoll Rand will host a live earnings conference call to discuss the first quarter results on Friday, May 2, 2025 at 8:00 a.m. (Eastern Time). To participate in the call, please dial 1-888-330-3073, domestically, or 1-646-960-0683, internationally, and use access Code 8970061. A real-time audio webcast of the presentation can be accessed via the Events and Presentations section of the Ingersoll Rand Investor Relations website (https://investors.irco.com), where related materials will be posted prior to the conference call. A replay of the webcast will be available after conclusion of the conference and can be accessed on the Ingersoll Rand Investor Relations website.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the expectations of Ingersoll Rand Inc. (the "Company" or "Ingersoll Rand"), regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "forecast," "outlook," "target," "endeavor," "seek," "predict," "intend," "strategy," "plan," "may," "could," "should," "will," "would," "will be," "on track to" "will continue," "will likely result," "guidance" or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than historical facts are forward-looking statements.

These forward-looking statements are based on Ingersoll Rand's current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) adverse impact on our operations and financial performance due to natural disaster, catastrophe, global pandemics, geopolitical tensions, cyber events, or other events outside of our control; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors detailed in Ingersoll Rand's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC"), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC's website at http://www.sec.gov. The foregoing list of important factors is not exclusive.

Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

About Ingersoll Rand Inc.

Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and life sciences and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit www.IRCO.com.

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Non-U.S. GAAP Measures of Financial Performance

In addition to consolidated GAAP financial measures, Ingersoll Rand reviews various non-GAAP financial measures, including "Organic Revenue Growth/(Decline)," "Adjusted EBITDA," "Adjusted EBITDA Margin," "Adjusted Net Income," "Adjusted Diluted EPS," "Free Cash Flow" and "Free Cash Flow Margin."

Ingersoll Rand believes Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Diluted EPS are helpful supplemental measures to assist management and investors in evaluating the Company's operating results as they exclude certain items that are unusual in nature or whose fluctuation from period to period do not necessarily correspond to changes in the operations of Ingersoll Rand's business. Ingersoll Rand believes Organic Revenue Growth/(Decline) is a helpful supplemental measure to assist management and investors in evaluating the Company's operating results as it excludes the impact of foreign currency and acquisitions on revenue growth. Adjusted EBITDA represents net income before interest, taxes, depreciation, amortization and certain non-cash, non-recurring and other adjustment items. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Revenue. Adjusted Net Income is defined as net income including interest, depreciation and amortization of non-acquisition related intangible assets and excluding other items used to calculate Adjusted EBITDA and further adjusted for the tax effect of these exclusions. Organic Revenue Growth/(Decline) is defined as As Reported Revenue growth less the impacts of Foreign Currency and Acquisitions. Ingersoll Rand believes that the adjustments applied in presenting Adjusted EBITDA and Adjusted Net Income are appropriate to provide additional information to investors about certain material non-cash items and about non-recurring items that the Company does not expect to continue at the same level in the future. Adjusted Diluted EPS is defined as Adjusted Net Income divided by Adjusted Diluted Average Shares Outstanding. Incrementals/Decrementals are defined as the change in Adjusted EBITDA versus the prior year period divided by the change in revenue versus the prior year period.

Ingersoll Rand uses Free Cash Flow and Free Cash Flow Margin to review the liquidity of its operations. Ingersoll Rand measures Free Cash Flow as cash flows from operating activities less capital expenditures. Free Cash Flow Margin is defined as Free Cash Flow divided by Revenue. Ingersoll Rand believes Free Cash Flow and Free Cash Flow Margin are useful supplemental financial measures for management and investors in assessing the Company's ability to pursue business opportunities and investments and to service its debt. Free Cash Flow is not a measure of our liquidity under GAAP and should not be considered as an alternative to cash flows from operating activities.

Management and Ingersoll Rand's board of directors regularly use these measures as tools in evaluating the Company's operating and financial performance and in establishing discretionary annual compensation. Such measures are provided in addition to and should not be considered to be a substitute for, or superior to, the comparable measures under GAAP. In addition, Ingersoll Rand believes that Organic Revenue Growth/(Decline), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, Incrementals/Decrementals, Free Cash Flow and Free Cash Flow Margin are frequently used by investors and other interested parties in the evaluation of issuers, many of which also present Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow Margin when reporting their results in an effort to facilitate an understanding of their operating and financial results and liquidity.

Organic Revenue Growth/(Decline), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow Margin should not be considered as alternatives to revenue growth, net income, diluted earnings per share or any other performance measure derived in accordance with GAAP, or as alternatives to cash flow from operating activities as a measure of our liquidity. Organic Revenue Growth/(Decline), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow Margin have limitations as analytical tools, and you should not consider such measures either in isolation or as substitutes for analyzing Ingersoll Rand's results as reported under GAAP.

Reconciliations of Organic Revenue Growth/(Decline), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow Margin to their most comparable U.S. GAAP financial metrics for historical periods are presented in the tables below.

Due to rounding, numbers presented throughout this release may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures.

INGERSOLL RAND INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; in millions, except per share amounts)

	For the Three Month Period Ended March 31,
		2025			2024
Revenues	$	1,716.8		$	1,670.1
Cost of sales		951.3			923.8
Gross Profit		765.5			746.3
Selling and administrative expenses		350.0			336.3
Amortization of intangible assets		91.3			91.6
Other operating expense, net		21.7			25.2
Operating Income		302.5			293.2
Interest expense		61.2			36.8
Other income, net		(11.8	)		(13.2	)
Income Before Income Taxes		253.1			269.6
Provision for income taxes		58.5			54.4
Loss on equity method investments		(6.2	)		(10.7	)
Net Income		188.4			204.5
Less: Net income attributable to noncontrolling interests		1.9			2.3
Net Income Attributable to Ingersoll Rand Inc.	$	186.5		$	202.2

Basic earnings per share		0.46			0.50
Diluted earnings per share		0.46			0.50

INGERSOLL RAND INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited; in millions, except share amounts)

	March 31, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	1,612.8		$	1,541.2
Accounts receivable, net of allowance for credit losses of $63.0 and $57.3, respectively		1,348.3			1,335.4
Inventories		1,133.0			1,055.0
Other current assets		257.6			231.9
Total current assets		4,351.7			4,163.5
Property, plant and equipment, net of accumulated depreciation of $606.2 and $567.5, respectively		852.9			842.1
Goodwill		8,339.1			8,148.1
Other intangible assets, net		4,360.5			4,372.8
Deferred tax assets		26.3			26.1
Other assets		448.9			457.2
Total assets	$	18,379.4		$	18,009.8
Liabilities and Stockholders' Equity
Current liabilities:
Short-term borrowings and current maturities of long-term debt	$	1.7		$	3.1
Accounts payable		780.4			843.6
Accrued liabilities		1,044.7			972.2
Total current liabilities		1,826.8			1,818.9
Long-term debt, less current maturities		4,770.4			4,754.4
Pensions and other postretirement benefits		142.5			139.3
Deferred income tax liabilities		756.6			757.6
Other liabilities		329.4			294.3
Total liabilities	$	7,825.7		$	7,764.5
Stockholders' equity:
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 431,384,081 and 430,745,964 shares issued as of March 31, 2025 and December 31, 2024, respectively		4.3			4.3
Capital in excess of par value		9,651.7			9,633.6
Retained earnings		2,681.9			2,503.5
Accumulated other comprehensive loss		(350.5	)		(468.5	)
Treasury stock at cost; 27,951,713 and 27,865,885 shares as of March 31, 2025 and December 31, 2024, respectively		(1,502.6	)		(1,493.9	)
Total Ingersoll Rand stockholders' equity	$	10,484.8		$	10,179.0
Noncontrolling interests		68.9			66.3
Total stockholders' equity	$	10,553.7		$	10,245.3
Total liabilities and stockholders' equity	$	18,379.4		$	18,009.8

INGERSOLL RAND INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in millions)

	Three Month Period Ended March 31,
		2025			2024
Cash Flows From Operating Activities:
Net income	$	188.4		$	204.5
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets		91.3			91.6
Depreciation		28.7			25.6
Stock-based compensation expense		14.2			14.1
Loss on equity method investments		6.2			10.7
Foreign currency transaction losses (gains), net		6.8			(0.7	)
Non-cash adjustments to carrying value of LIFO inventories		3.0			6.7
Other non-cash adjustments		2.4			1.4
Changes in assets and liabilities:
Receivables		25.3			(11.5	)
Inventories		(54.1	)		(58.2	)
Accounts payable		(70.4	)		(101.5	)
Accrued liabilities		39.7			(1.8	)
Other assets and liabilities, net		(25.1	)		(19.3	)
Net cash provided by operating activities		256.4			161.6
Cash Flows Used In Investing Activities:
Capital expenditures		(33.7	)		(62.3	)
Net cash paid in acquisitions		(163.4	)		(143.3	)
Net cash used in investing activities		(197.1	)		(205.6	)
Cash Flows Used In Financing Activities:
Principal payments on long-term debt		—			(7.1	)
Purchases of treasury stock		(10.0	)		(72.9	)
Cash dividends on common shares		(8.1	)		(8.1	)
Proceeds from stock option exercises		5.2			11.2
Payments of deferred and contingent acquisition consideration		(1.4	)		(2.2	)
Other financing		4.3			(0.5	)
Net cash used in financing activities		(10.0	)		(79.6	)
Effect of exchange rate changes on cash and cash equivalents		22.3			(19.6	)
Net increase (decrease) in cash and cash equivalents		71.6			(143.2	)
Cash and cash equivalents, beginning of period		1,541.2			1,595.5
Cash and cash equivalents, end of period	$	1,612.8		$	1,452.3

INGERSOLL RAND INC. AND SUBSIDIARIES UNAUDITED ADJUSTED FINANCIAL INFORMATION (Dollars in millions)
	For the Three Month Period Ended March 31,
		2025			2024
Revenues	$	1,716.8		$	1,670.1
Adjusted EBITDA	$	459.7		$	458.5
Adjusted EBITDA Margin		26.8	%		27.5	%
Free Cash Flow	$	222.7		$	99.3
Free Cash Flow Margin		13.0	%		5.9	%

INGERSOLL RAND INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME ATTRIBUTABLE TO INGERSOLL RAND INC. AND ADJUSTED DILUTED EARNINGS PER SHARE (Unaudited; in millions)

	For the Three Month Period Ended March 31,
		2025			2024
Net Income	$	188.4		$	204.5
Plus:
Provision for income taxes		58.5			54.4
Amortization of acquisition related intangible assets		89.0			89.5
Restructuring and related business transformation costs		5.4			10.7
Acquisition and other transaction related expenses and non-cash charges		9.8			15.3
Stock-based compensation		14.2			14.1
Foreign currency transaction losses (gains), net		6.8			(0.7	)
Loss on equity method investments		6.2			10.7
Adjustments to LIFO inventories		3.0			6.8
Cybersecurity incident costs		(0.2	)		0.6
Other adjustments		(2.2	)		0.4
Minus:
Income tax provision, as adjusted		85.7			86.4
Adjusted Net Income		293.2			319.9
Less: Net income attributable to noncontrolling interest		1.9			2.3
Adjusted Net Income Attributable to Ingersoll Rand Inc.	$	291.3		$	317.6

Adjusted Basic Earnings Per Share¹	$	0.72		$	0.79
Adjusted Diluted Earnings Per Share²	$	0.72		$	0.78

Average shares outstanding:
Basic, as reported		403.1			403.5
Diluted, as reported		406.4			407.9
Adjusted diluted²		406.4			407.9

¹ Basic and diluted earnings per share (as reported) are calculated by dividing net income attributable to Ingersoll Rand Inc. by the basic and diluted average shares outstanding for the respective periods.

² Adjusted diluted share count and adjusted diluted earnings per share include incremental dilutive shares, using the treasury stock method, which are added to average shares outstanding.

INGERSOLL RAND INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND ADJUSTED NET INCOME AND CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW (Unaudited; in millions)

	For the Three Month Period Ended March 31,
		2025			2024
Net Income	$	188.4		$	204.5
Plus:
Interest expense		61.2			36.8
Provision for income taxes		58.5			54.4
Depreciation expense		27.6			24.7
Amortization expense		91.3			91.6
Restructuring and related business transformation costs		5.4			10.7
Acquisition and other transaction related expenses and non-cash charges		9.8			15.3
Stock-based compensation		14.2			14.1
Foreign currency transaction losses (gains), net		6.8			(0.7	)
Loss on equity method investments		6.2			10.7
Adjustments to LIFO inventories		3.0			6.8
Cybersecurity incident costs		(0.2	)		0.6
Interest income on cash and cash equivalents		(10.3	)		(11.4	)
Other adjustments		(2.2	)		0.4
Adjusted EBITDA	$	459.7		$	458.5
Minus:
Interest expense		61.2			36.8
Income tax provision, as adjusted		85.7			86.4
Depreciation expense		27.6			24.7
Amortization of non-acquisition related intangible assets		2.3			2.1
Interest income on cash and cash equivalents		(10.3	)		(11.4	)
Adjusted Net Income	$	293.2		$	319.9

Free Cash Flow:
Cash flows from operating activities	$	256.4		$	161.6
Minus:
Capital expenditures		33.7			62.3
Free Cash Flow	$	222.7		$	99.3

INGERSOLL RAND INC. AND SUBSIDIARIES RECONCILIATION OF SEGMENT ADJUSTED EBITDA TO NET INCOME (Unaudited; in millions)

	For the Three Month Period Ended March 31,
		2025			2024
Orders
Industrial Technologies and Services	$	1,487.0		$	1,398.4
Precision and Science Technologies		395.3			309.0
Total Orders	$	1,882.3		$	1,707.4
Revenue
Industrial Technologies and Services	$	1,352.1		$	1,373.4
Precision and Science Technologies		364.7			296.7
Total Revenue	$	1,716.8		$	1,670.1
Segment Adjusted EBITDA
Industrial Technologies and Services	$	389.1		$	411.1
Precision and Science Technologies		106.2			91.4
Total Segment Adjusted EBITDA	$	495.3		$	502.5
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:
Corporate expenses not allocated to segments	$	35.6		$	44.0
Interest expense		61.2			36.8
Depreciation and amortization expense		118.9			116.3
Restructuring and related business transformation costs		5.4			10.7
Acquisition and other transaction related expenses and non-cash charges		9.8			15.3
Stock-based compensation		14.2			14.1
Foreign currency transaction losses (gains), net		6.8			(0.7	)
Adjustments to LIFO inventories		3.0			6.8
Cybersecurity incident costs		(0.2	)		0.6
Interest income on cash and cash equivalents		(10.3	)		(11.4	)
Other adjustments		(2.2	)		0.4
Income Before Income Taxes		253.1			269.6
Provision for income taxes		58.5			54.4
Loss on equity method investments		(6.2	)		(10.7	)
Net Income	$	188.4		$	204.5

INGERSOLL RAND INC. AND SUBSIDIARIES ORDERS AND REVENUE GROWTH (DECLINE) BY SEGMENT¹

	For the Three Month Period Ended March 31, 2025
	Orders		Revenue
Ingersoll Rand
Organic growth (decline)	3.4	%	(3.9	%)
Impact of foreign currency	(1.8	%)	(1.7	%)
Impact of acquisitions	8.6	%	8.4	%
Total orders and revenue growth	10.2	%	2.8	%

Industrial Technologies & Services
Organic growth (decline)	3.5	%	(4.2	%)
Impact of foreign currency	(1.9	%)	(1.7	%)
Impact of acquisitions	4.7	%	4.3	%
Total orders and revenue growth (decline)	6.3	%	(1.6	%)

Precision & Science Technologies
Organic growth (decline)	2.9	%	(2.7	%)
Impact of foreign currency	(1.4	%)	(1.4	%)
Impact of acquisitions	26.4	%	27.0	%
Total orders and revenue growth	27.9	%	22.9	%

¹ Organic growth/(decline), impact of foreign currency, and impact of acquisitions are non-GAAP measures. References to "impact of acquisitions" refer to GAAP sales from acquired businesses recorded prior to the first anniversary of the acquisition. The portion of GAAP revenue attributable to currency translation is calculated as the difference between (a) the period-to-period change in revenue (excluding acquisition sales) and (b) the period-to-period change in revenue (excluding acquisition sales) after applying prior year foreign exchange rates to the current year period.

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Ingersoll Rand Reports First Quarter 2025 Results