Financial Analysis

Acquisitions On September 17, 2025, as part of our Flow reportable segment, we completed the acquisition of Hydra-Stop, LLC for $292.1 million in cash, net of cash acquired, and subject to customary adjustments. The excess purchase price over tangible and identifiable intangible net assets acquired has been preliminarily allocated to goodwill in the amount of $169.2 million, all of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired include $112.0 million of definite-lived customer relationships with an estimated useful life of 18 years and $6.2 million of definite-lived proprietary technology intangible assets with an estimated useful life of 7 years. The pro forma impact of the acquisition was not material. In December 2024, as part of our Pool reportable segment, we completed the acquisition of G & F Manufacturing, LLC for $116.0 million in cash, net of cash acquired. The net purchase price was comprised of an upfront cash payment of $108.0 million, and the estimated fair value at the acquisition date of contingent earn-out liabilities based upon the achievement of certain defined operating results in the two years following the acquisition. The excess purchase price over tangible and identifiable intangible net assets acquired has been allocated to goodwill in the amount of $56.6 million, all of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired consisted of $51.6 million …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Legal proceedings We have been, and in the future may be, made parties to a number of actions filed or have been, and in the future may be, given notice of potential claims relating to the conduct of our business, including those relating to commercial, regulatory or contractual disputes with suppliers, authorities, customers or parties to acquisitions and divestitures, intellectual property matters, environmental, asbestos, safety and health matters, product liability, the use or installation of our products, consumer matters, and employment and labor matters. While we believe that a material impact on our consolidated financial position, results of operations or cash flows from any such future claims or potential claims is unlikely, given the inherent uncertainty of litigation, a remote possibility exists that a future adverse ruling or unfavorable development could result in future charges that could have a material adverse impact. We do and will continue to periodically reexamine our estimates of probable liabilities and any associated expenses and receivables and make appropriate adjustments to such estimates based on experience and developments in litigation and applicable accounting rules. As a result, the current estimates of the potential impact on our consolidated financial position, results of operations and cash flows for the proceedings and claims described in the notes to our consolidated financial statements could change in the fut …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Debt and the average interest rates on debt outstanding were as follows: In millions Average interest rate at Maturity Year December 31 December 31, 2025 2025 2024 Revolving credit facility (Senior Credit Facility) 4.852% 2030 $ 277.7 $ 9.5 Term Loan Facility 5.114% 2027 575.0 825.0 Senior notes - fixed rate (1) N/A 2025 19.3 Senior notes - fixed rate (1) 4.500% 2029 400.0 400.0 Senior notes - fixed rate (1) 5.900% 2032 400.0 400.0 Other N/A 2025 9.3 Unamortized debt issuance costs and discounts N/A N/A (14.1) (15.1) Total debt 1,638.6 1,648.0 Less: Current maturities of short-term borrowings 9.3 Long-term debt $ 1,638.6 $ 1,638.7 (1) Senior notes are guaranteed as to payment by Pentair plc. Pentair, Pentair Finance S.a r.l (PFSA) and Pentair, Inc. are parties to a credit agreement (the Senior Credit Facility), with Pentair as guarantor and PFSA and Pentair, Inc. as borrowers, which was amended and restated in May 2025, providing for a $900.0 million senior unsecured revolving credit facility. The Senior Credit Facility has a maturity date of May 5, 2030. Borrowings under the Senior Credit Facility bear interest at a rate equal to an alternate base rate, adjusted term secured overnight financing rate, adjusted euro interbank offered rate, adjusted daily simple secured overnight financing rate or central bank rate, plus, in each case, an applicable margin. The applicable margin is based on, at PFSAs election, Pentairs leverage level or PFSAs public credit rating. As of De …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Geographic net sales information, based on geographic destination of the sale, was as follows: Years ended December 31 In millions 2025 2024 2023 U.S. $ 2,938.1 $ 2,833.6 $ 2,835.9 Western Europe 496.0 493.3 471.9 Developing (1) 507.8 527.2 558.0 Other Developed (2) 234.1 228.7 238.7 Consolidated net sales (3) $ 4,176.0 $ 4,082.8 $ 4,104.5 (1) Developing primarily includes China, Latin America, the Middle East and Southeast Asia. (2) Other Developed primarily includes Australia and Canada. (3) Net sales in Ireland, for each of the years presented, were not material. Vertical market net sales information was as follows: Years ended December 31 In millions 2025 2024 2023 Residential $ 2,389.1 $ 2,191.5 $ 2,134.0 Commercial 1,003.2 1,117.2 1,177.2 Industrial 783.7 774.1 793.3 Consolidated net sales $ 4,176.0 $ 4,082.8 $ 4,104.5

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Share Plans Share-based compensation expense Total share-based compensation expense for 2025, 2024 and 2023 was as follows: December 31 In millions 2025 2024 2023 Stock options $ 4.7 $ 5.3 $ 4.3 Restricted stock units 14.7 16.1 15.0 Performance share units 17.6 18.3 9.8 Total share-based compensation expense $ 37.0 $ 39.7 $ 29.1 Share incentive plans In May 2020, the Pentair plc 2020 Share and Incentive Plan (2020 Share Plan) was approved during the Annual General Meeting of Shareholders. The Pentair plc 2012 Stock and Incentive Plan (2012 Stock Plan) terminated upon the approval of the 2020 Share Plan, although awards outstanding under the 2012 Stock Plan continue in effect. Beginning May 5, 2020, all share-based compensation grants were made under the 2020 Share Plan. The 2020 Share Plan authorizes the issuance of 3.3 million of our ordinary shares, plus the number of shares reserved under the 2012 Stock Plan that were not the subject of outstanding awards as of the date the 2020 Share Plan became effective, which was 2.5 million shares, plus certain shares that would become available under the 2012 Stock Plan if it had remained in effect. The shares may be issued as new shares or from shares held in treasury. Our practice is to settle equity-based awards by issuing new shares. The 2020 Share Plan terminates on the date all shares reserved for issuance have been issued. The 2020 Share Plan allows for the granting to our employees, consultants and directors of stock options, …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Goodwill and Other Identifiable Intangible Assets The changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024 by reportable segment were as follows: In millions December 31, 2024 Acquisitions Foreign currency translation December 31, 2025 Flow $ 730.4 $ 169.2 $ 67.9 $ 967.5 Water Solutions 1,392.7 14.4 1,407.1 Pool 1,163.5 1,163.5 Total goodwill $ 3,286.6 $ 169.2 $ 82.3 $ 3,538.1 In millions December 31, 2023 Acquisitions Foreign currency translation December 31, 2024 Flow $ 767.1 $ $ (36.7) $ 730.4 Water Solutions 1,400.6 (7.9) 1,392.7 Pool 1,106.9 56.6 1,163.5 Total goodwill $ 3,274.6 $ 56.6 $ (44.6) $ 3,286.6 There has been no impairment of goodwill for any of the years presented. Identifiable intangible assets consisted of the following at December 31: 2025 2024 In millions Cost Accumulated amortization Net Cost Accumulated amortization Net Definite-life intangibles Customer relationships $ 1,166.0 $ (389.4) $ 776.6 $ 1,146.5 $ (400.2) $ 746.3 Proprietary technology and patents 82.4 (41.6) 40.8 88.8 (48.4) 40.4 Total definite-life intangibles 1,248.4 (431.0) 817.4 1,235.3 (448.6) 786.7 Indefinite-life intangibles Trade names 255.9 255.9 247.1 247.1 Total intangibles $ 1,504.3 $ (431.0) $ 1,073.3 $ 1,482.4 $ (448.6) $ 1,033.8 Identifiable intangible asset amortization expense in 2025, 2024 and 2023 was $58.1 million, $54.3 million and $55.3 million, respectively. An impairment charge of $30.9 million was recorded in 2025 related to the wri …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes Income from continuing operations before income taxes consisted of the following: Years ended December 31 In millions 2025 2024 2023 Federal (1) $ 1.5 $ 1.9 $ (9.9) International (2) 755.0 717.0 628.8 Income from continuing operations before income taxes $ 756.5 $ 718.9 $ 618.9 (1) Federal reflects United Kingdom (U.K.) income (loss) from continuing operations before income taxes, given U.K. tax residency. (2) International reflects non-U.K. income from continuing operations before income taxes. The provision (benefit) for income taxes consisted of the following: Years ended December 31 In millions 2025 2024 2023 Currently payable (receivable) Federal (1) $ 2.1 $ 3.0 $ International (2) 109.2 101.7 88.5 Total current taxes 111.3 104.7 88.5 Deferred International (2) (4.3) (11.4) (92.5) Total deferred taxes (4.3) (11.4) (92.5) Total provision (benefit) for income taxes $ 107.0 $ 93.3 $ (4.0) (1) Federal represents U.K. taxes. (2) International represents non-U.K. taxes. Reconciliations of the federal statutory income tax rate to our effective tax rate by amount (in millions) and percent for the year ended December 31, 2025 were as follows: Year ended December 31, 2025 Amounts Percentages Tax at U.K. federal statutory rate $ 189.1 25.0 % Foreign tax effects Switzerland Statutory tax rate difference between Switzerland and U.K. (73.1) (9.7) Partnership impacts (23.7) (3.1) Cantonal income taxes 9.9 1.3 Other 3.5 0.5 United States Statutory tax rate difference betwee …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

New and recently adopted accounting standards In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Improvements to Income Tax Disclosures, which requires new and enhanced disclosures primarily related to income taxes paid and the effective tax rate reconciliation. We adopted the standard prospectively beginning with our annual reporting for the year ended December 31, 2025. Refer to Note 10 for further information on our income taxes. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation - Income Statement Expenses, which requires disclosure of disaggregation of certain relevant expenses within the Consolidated Statements of Operations and Comprehensive Income on an annual and interim basis. We will adopt the standard beginning with our annual reporting for the year ending December 31, 2027. We are currently evaluating the effect that the updated standard will have on our financial statement disclosures. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Benefit Plans Pension and other post-retirement plans We sponsor U.S. and non-U.S. defined-benefit pension and other post-retirement plans. Pension benefits are based principally on an employees years of service and/or compensation levels near retirement. In addition, we provide certain post-retirement health care and life insurance benefits. Generally, the post-retirement health care and life insurance plans require contributions from retirees. Obligations and funded status The following tables present reconciliations of plan benefit obligations, fair value of plan assets and the funded status of pension plans and other post-retirement plans as of and for the years ended December 31, 2025 and 2024: Pension plans Other post-retirement plans In millions 2025 2024 2025 2024 Change in benefit obligations Benefit obligation beginning of year $ 83.3 $ 97.5 $ 6.6 $ 7.6 Service cost 1.4 1.7 Interest cost 3.8 3.9 0.3 0.4 Settlement (1) (6.8) Curtailment (1) (2.0) Actuarial loss (gain) (2) 3.0 (2.7) 0.2 (0.6) Foreign currency translation 1.6 (1.1) Benefits paid (7.7) (7.2) (0.8) (0.8) Benefit obligation end of year $ 85.4 $ 83.3 $ 6.3 $ 6.6 Change in plan assets Fair value of plan assets beginning of year $ 27.4 $ 30.5 $ $ Actual return on plan assets 1.1 0.6 Company contributions 9.8 11.2 0.8 0.8 Settlement (6.8) Foreign currency translation 1.2 (0.9) Benefits paid (7.7) (7.2) (0.8) (0.8) Fair value of plan assets end of year $ 31.8 $ 27.4 $ $ Funded status Benefit obligations in exc …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Restructuring and Transformation Program We have a program designed to accelerate growth and drive margin expansion through transformation of our business model to drive operational excellence, reduce complexity and streamline our processes (the Transformation Program). The Transformation Program is structured in multiple phases and is expected to empower us to work more efficiently and optimize our business to better serve our customers while meeting our financial objectives. During 2025, 2024 and 2023, we initiated and continued execution of activities associated with our Transformation Program as well as initiated and continued certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. Restructuring and Transformation Program initiatives during the years ended December 31, 2025, 2024 and 2023 included a reduction in hourly and salaried headcount of approximately 325 employees, 575 employees and 475 employees, respectively. Restructuring and transformation-related costs included within Cost of goods sold and Selling, general and administrative expense in the Consolidated Statements of Operations and Comprehensive Income included the following: Years ended December 31 In millions 2025 2024 2023 Restructuring Initiatives Severance and related costs $ 27.4 $ 34.5 $ 8.2 Asset impairment and write-offs (1) 2.0 9.9 3.8 Other restructuring costs and related adjustments (2) 7.3 (0.9) (6.0) Total restructuring costs 36.7 43.5 6 …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Segment Information At Pentair, our chief operating decision maker (CODM) is our President and Chief Executive Officer. We define our reportable segments on the basis of the way in which internally reported financial information is regularly reviewed by the CODM to analyze financial performance, make decisions and allocate resources. The discussion and figures below are reporting on historical prior periods and reflect our reportable segment composition as of and prior to December 31, 2025. Based on this, we classify our operations into the following reportable segments: Flow The focus of this segment is to deliver water where it is needed, when it is needed, more efficiently and to transform waste into value. This segment designs, manufactures and sells a variety of fluid treatment and pump products and systems, including pressure vessels, gas recovery solutions, membrane bioreactors, wastewater reuse systems and advanced membrane filtration, separation systems, specialty insertion valves, line stop fittings and installation equipment, water disposal pumps, water supply pumps, fluid transfer pumps, turbine pumps, solid handling pumps, and agricultural spray nozzles, while serving the global residential, commercial and industrial markets. These products and systems are used in a range of applications, including fluid delivery, ion exchange, desalination, food and beverage, separation technologies for the oil and gas industry, residential and municipal wells, water treatment, …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Shareholders Equity Authorized shares Our authorized share capital consists of 426.0 million ordinary shares with a par value of $0.01 per share. Share repurchases In December 2020, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $750.0 million (the 2020 Authorization). The 2020 Authorization expired on December 31, 2025. In December 2025, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $1.0 billion (the 2025 Authorization). The 2025 Authorization supplemented the 2020 Authorization and expires on December 31, 2028. During the year ended December 31, 2024, we repurchased 1.6 million of our ordinary shares for $150.0 million under the 2020 Authorization. During the year ended December 31, 2025, we repurchased 2.3 million of our ordinary shares for $225.0 million under the 2020 Authorization. As of December 31, 2025, we had $1.0 billion available for share repurchases under the 2025 Authorization. Dividends payable On December 15, 2025, the Board of Directors approved a regular quarterly cash dividend of $0.27 per share that was paid on February 6, 2026 to shareholders of record at the close of business on January 23, 2026. This dividend reflects an 8 percent increase in the Companys regular cash dividend rate. The balance of dividends payable included in Other current liabilities on our Consolidated Balance Sheets was $44.1 million at December 31, 2025. Dividends pai …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Warranties We provide service and warranty policies on our products. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant. The changes in the carrying amount of service and product warranties from continuing operations for the six months ended June 30, 2026 were as follows: In millions June 30, 2026 Beginning balance $ 69.8 Service and product warranty provision 45.4 Payments (44.8) Ending balance $ 70.4 Stand-by letters of credit, bank guarantees and bonds In the ordinary course of business, we are required to commit to bonds, letters of credit and bank guarantees that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog. In addition, we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs. As of June 30, 2026 and December 31, 2025, the outstanding value of bonds, letters of credit and bank guarantees totaled $114.6 million and $115.0 million, respectively.

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Debt Debt and the average interest rates on debt outstanding were as follows: In millions Average interest rate as of June 30, 2026 Maturity Year June 30, 2026 December 31, 2025 Revolving credit facility (Senior Credit Facility) 4.762% 2030 $ 320.0 $ 277.7 Term loans (Senior Credit Facility) 4.770% 2027-2030 500.0 Prior Term Loan Facility N/A 2027 575.0 Senior notes - fixed rate (1) 4.500% 2029 400.0 400.0 Senior notes - fixed rate (1) 5.900% 2032 400.0 400.0 Unamortized debt issuance costs and discounts N/A N/A (14.0) (14.1) Total debt $ 1,606.0 $ 1,638.6 (1) Senior notes are guaranteed as to payment by Pentair plc. Pentair, Pentair Finance S.a r.l (PFSA) and Pentair, Inc. are parties to a credit agreement (the Senior Credit Facility), with Pentair as guarantor and PFSA and Pentair, Inc. as borrowers, which was amended and restated in May 2025 and May 2026, providing for a $900.0 million senior unsecured revolving credit facility and a $500.0 million senior unsecured term loan facility. The revolving credit and term loan facilities have a maturity date of May 5, 2030. The term loan facility has required quarterly installment payments of $3.1 million beginning on the last day of the second quarter of 2027 and increasing to $6.3 million beginning with the last day of the second quarter of 2028. Borrowings under the Senior Credit Facility bear interest at a rate equal to an alternate base rate, adjusted term secured overnight financing rate, adjusted euro interbank offered rate …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Geographic net sales information, based on geographic destination of the sale, was as follows: Three months ended Six months ended In millions June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 U.S. $ 624.6 $ 807.4 $ 1,355.5 $ 1,532.1 Western Europe 121.3 122.5 251.1 245.1 Developing (1) 121.7 136.0 230.2 245.2 Other Developed (2) 65.0 57.2 132.5 111.1 Consolidated net sales $ 932.6 $ 1,123.1 $ 1,969.3 $ 2,133.5 (1) Developing primarily includes China, Latin America, the Middle East and Southeast Asia. (2) Other Developed primarily includes Australia and Canada. Vertical market net sales information was as follows: Three months ended Six months ended In millions June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Residential $ 425.8 $ 647.3 $ 992.2 $ 1,227.7 Commercial 306.8 280.0 581.4 524.2 Industrial 200.0 195.8 395.7 381.6 Consolidated net sales $ 932.6 $ 1,123.1 $ 1,969.3 $ 2,133.5

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Share Plans Total share-based compensation expense (benefit) for the three and six months ended June 30, 2026 and 2025 was as follows: Three months ended Six months ended In millions June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Restricted stock units $ 3.9 $ 3.9 $ 7.8 $ 7.2 Stock options 0.8 0.9 3.4 3.5 Performance share units (0.9) 3.8 8.3 10.5 Total share-based compensation expense $ 3.8 $ 8.6 $ 19.5 $ 21.2 In the first quarter of 2026, we issued our annual share-based compensation grants under the Pentair plc 2020 Share and Incentive Plan to eligible employees. The total number of awards issued was approximately 0.4 million, of which 0.2 million were restricted stock units (RSUs), 0.1 million were stock options and 0.1 million were performance share units (PSUs). The weighted-average grant date fair value of the RSUs, stock options and PSUs issued was $99.59, $37.31 and $103.78, respectively. We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends and using the following assumptions: 2026 Annual Grant Risk-free interest rate 3.67 % Expected dividend yield 1.01 % Expected share price volatility 32.00 % Expected term (years) 6.7 These estimates require us to make assumptions based on historical results, observance of trends in our share price, changes in option exercise behavior, future expectations and other relevant factors. If other assumptions …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Goodwill and Other Identifiable Intangible Assets The changes in the carrying amount of goodwill by reportable segment were as follows: In millions December 31, 2025 Reallocation (1) January 1, 2026 Foreign Currency Translation June 30, 2026 Flow $ 967.5 $ (326.3) $ 641.2 $ (11.4) $ 629.8 Water Solutions 1,407.1 326.3 1,733.4 (8.4) 1,725.0 Pool 1,163.5 1,163.5 1,163.5 Total goodwill $ 3,538.1 $ $ 3,538.1 $ (19.8) $ 3,518.3 (1) In the first quarter of 2026, we reorganized the composition of our reportable segments, as disclosed in Note1, which resulted in a change to our reporting unit structure. A quantitative assessment was performed for the impacted reporting units, using the income and market approaches. The estimated fair values of the impacted reporting units significantly exceeded the carrying values, and therefore, no impairment charge was recorded. As a result of the assessment, we reallocated $44.2 million of goodwill from the Flow segment to the Water Solutions segment based on the relative fair values of the impacted reporting units. In addition, $282.1 million was reallocated from the Flow segment to the Water Solutions segment prospectively to conform to the new segment composition. Identifiable intangible assets consisted of the following: June 30, 2026 December 31, 2025 In millions Cost Accumulated amortization Net Cost Accumulated amortization Net Definite-life intangibles Customer relationships $ 1,148.1 $ (399.3) $ 748.8 $ 1,166.0 $ (389.4) $ 776.6 Proprieta …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes We manage our affairs so that we are centrally managed and controlled in the United Kingdom (U.K.) and therefore have our tax residency in the U.K. The provision for income taxes consists of provisions for the U.K. and international income taxes. We operate in an international environment with operations in various locations outside the U.K. Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in the various locations and the applicable rates. The effective income tax rate for the six months ended June 30, 2026 was 13.9%, compared to 14.6% for the six months ended June 30, 2025. We continue to actively pursue initiatives to reduce our effective tax rate. The tax rate in any quarter can be affected positively or negatively by the mix of global earnings or adjustments that are required to be reported in the specific quarter of resolution. The total gross liability for uncertain tax positions was $6.6 million and $6.7 million at June 30, 2026 and December 31, 2025, respectively. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense , respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income, which is consistent with our past practices. The Organisation for Economic Co-operation and Development Pillar Two Model Rules (Pillar Two) for a global 15.0% minimum tax have been adopted by a number of jurisdictions in which we operate …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Benefit Plans Components of net periodic benefit expense for our pension plans for the three and six months ended June 30, 2026 and 2025 were as follows: Three months ended Six months ended In millions June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Service cost $ 0.4 $ 0.3 $ 0.8 $ 0.6 Interest cost 0.9 1.0 1.8 2.0 Expected return on plan assets (0.2) (0.2) (0.4) (0.4) Net periodic benefit expense $ 1.1 $ 1.1 $ 2.2 $ 2.2 Components of net periodic benefit expense for our other post-retirement plans for the three and six months ended June 30, 2026 and 2025 were not material

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Restructuring and Transformation Program We have a program designed to accelerate growth and drive margin expansion through transformation of our business model to drive operational excellence, reduce complexity and streamline our processes (the Transformation Program). The Transformation Program is structured in multiple phases and is expected to empower us to work more efficiently and optimize our business to better serve our customers while meeting our financial objectives. During the six months ended June 30, 2026, we initiated and continued execution of activities associated with our Transformation Program as well as initiated and continued certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. Restructuring initiatives included a reduction in hourly and salaried headcount of approximately 245 employees during the six months ended June 30, 2026. Restructuring and transformation-related costs included within Cost of goods sold and Selling, general and administrative expense in the Condensed Consolidated Statements of Operations and Comprehensive Income included the following: Three months ended Six months ended In millions June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Restructuring Initiatives Severance and related costs $ 32.9 $ 12.0 $ 46.1 $ 20.3 Other restructuring costs and related adjustments (1) 1.7 3.5 2.2 4.9 Total restructuring costs 34.6 15.5 48.3 25.2 Transformation Program Asset impairment a …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Revenue We disaggregate our revenue from contracts with customers by reportable segment, geographic location and vertical market, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Refer to Note 14 for revenue disaggregated by reportable segment. Geographic net sales information, based on geographic destination of the sale, was as follows: Three months ended Six months ended In millions June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 U.S. $ 624.6 $ 807.4 $ 1,355.5 $ 1,532.1 Western Europe 121.3 122.5 251.1 245.1 Developing (1) 121.7 136.0 230.2 245.2 Other Developed (2) 65.0 57.2 132.5 111.1 Consolidated net sales $ 932.6 $ 1,123.1 $ 1,969.3 $ 2,133.5 (1) Developing primarily includes China, Latin America, the Middle East and Southeast Asia. (2) Other Developed primarily includes Australia and Canada. Vertical market net sales information was as follows: Three months ended Six months ended In millions June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Residential $ 425.8 $ 647.3 $ 992.2 $ 1,227.7 Commercial 306.8 280.0 581.4 524.2 Industrial 200.0 195.8 395.7 381.6 Consolidated net sales $ 932.6 $ 1,123.1 $ 1,969.3 $ 2,133.5 Performance obligations As of June 30, 2026, we had $117.7 million of remaining performance obligations on contracts with an original expected duration of one year or more. We expect to recognize the majority of our remaining performance obligations on …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information We classify our operations into three reportable segments: Flow The focus of this segment is to deliver water where it is needed, when it is needed, more efficiently and to transform waste into value. This segment designs, manufactures and sells a variety of fluid treatment and pump products and systems, including pressure vessels, gas recovery solutions, membrane bioreactors, wastewater reuse systems and advanced membrane filtration, separation systems, specialty insertion valves, line stop fittings and installation equipment, turbine pumps and solid handling pumps, while serving the global commercial and industrial markets. These products and systems are used in a range of applications, including fluid delivery, ion exchange, desalination, food and beverage, separation technologies for the oil and gas industry, residential and municipal wells, water treatment, wastewater solids handling, pressure boosting, fire suppression and flood control. Water Solutions The focus of this segment is to provide great tasting, higher-quality water and ice while helping people use water more productively. This segment designs, manufactures and sells commercial and residential water treatment products and systems including pressure tanks, control valves, activated carbon products, commercial ice machines, conventional filtration products, point-of-entry and point-of-use water treatment systems, fluid transfer pumps, agricultural spray nozzles, as well as certain water dis …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Shareholders Equity Share repurchases In December 2025, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $1.0 billion. The authorization expires on December 31, 2028. During the six months ended June 30, 2026, we repurchased 4.0 million of our ordinary shares for $350.0 million. As of June 30, 2026, we had $650.0 million available for share repurchases under this authorization. Dividends payable On May 4, 2026, the Board of Directors declared a quarterly cash dividend of $0.27 per share, payable on August 7, 2026 to shareholders of record at the close of business on July 24, 2026. As a result, the balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $43.1 million at June 30, 2026, compared to $44.1 million at December 31, 2025. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

16. Subsequent Events On July 27, 2026, as part of our Water Solutions reportable segment, we entered into a definitive agreement to acquire the issued and outstanding equity securities of Taco Group Holdings (Taco), for a purchase price of $1.425 billion, subject to customary adjustments contemplated by the definitive agreement. We expect to finance the acquisition with a combination of cash on hand and committed bridge financing, which we intend to refinance through a permanent debt issuance that we anticipate to be investment grade. We expect to close the acquisition of Taco in the fourth quarter of 2026, subject to customary closing conditions and necessary regulatory approvals. In connection with entering into the definitive agreement to acquire Taco, PFSA entered into a commitment letter, dated July 27, 2026 (the Commitment Letter), pursuant to which, among other things, the lender has committed to provide debt financing for the acquisition of Taco, consisting of a senior unsecured bridge facility of $1.4 billion (the Bridge Facility), on the terms and subject to the conditions set forth in the Commitment Letter. The Bridge Facility will be subject to mandatory reduction and prepayment for 100% of the net cash proceeds from the issuance of any debt and other of our securities and other specified events, subject to certain exceptions. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing