Cummins : Analyst Day 2024 Presentation

Analyst Day 2024 AGENDA

		Jennifer Rumsey				Jenny Bush				Amy Davis
		Chair and Chief Executive				President, Power Systems				President, AcceleraTM by
		Officer				Business				Cummins and Components
		Raising financial				Unlocking Power				Positioning for
	expectations as we lead
				Systems' potential				the future
		the transition

Mark Smith

Chief Financial Officer

Delivering increasing

returns to

shareholders

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Analyst Day 2024 Q+A PANEL

Jennifer Rumsey	Jenny Bush	Amy Davis	Brett Merritt	Bonnie Fetch	Mark Smith
Chair and Chief	President,	President,	President,	President,	Chief Financial Officer
Executive Officer	Power Systems Business	AcceleraTM by Cummins	Engine Business	Distribution Business
		and Components

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Disclosure regarding forward-looking statements

Information provided in this presentation that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward- looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of risks and uncertainties. More information regarding such risks and uncertainties is available in the forward-looking disclosure statement detailed in our Securities and Exchange Commission filings, particularly in the Risk Factors section of our 2023 Annual Report on Form 10-K, and any subsequently filed quarterly reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at http://www.sec.govor at http://www.cummins.comin the Investor Relations section of our website.

Presentation of Non-GAAP Financial Information

EBITDA and ROIC are non-GAAP measures used in this presentation and are defined and reconciled to what management believes to be the most comparable GAAP measures in an appendix attached to this presentation. Cummins presents this information as it believes it is useful to understanding Cummins' operating performance, because EBITDA is a measure used internally to assess the performance of the operating units and because ROIC is a measure used internally to assess Cummins performance.

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Raising financial expectations as we lead the transition

Jennifer Rumsey

Chair and Chief Executive Officer

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DESTINATION ZERO IS OUR WINNING GROWTH STRATEGY.

Our commitment to sustainability and helping our customers navigate the energy transition while growing our business.

• Innovative technologies
• Collaborative relationships with stakeholders and partners
• Skilled talent and leadership
• Application knowledge and customer trust
• Power of the incumbent and agility of a startup

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DESTINATION ZERO

Our customer-driven,multi-solution path

TODAY	Advance today's	2030	Many solutions	2040	Zero-emissions	2050
		solutions and accelerate		deployed and progressing		solutions
		solutions for the future		at varied paces		broadly available

Pacing factors for the transition: infrastructure, economics, customer acceptance and regulations

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We are raising our 2030 financial targets

(compared to our 2022 Analyst Day)

B A S E B U S I N E S S *

$39-$42B in revenue in 2030

>$35B cash from operations from 2022-2030

>25% incremental EBITDA growth

*Base business excludes Atmus

A C C E L E R A

$3-$9B in revenue in 2030

$1.5-$2B cash outflow from operations from 2022-2027

Breakeven in 2027

C U M M I N S

$43-$48B in revenue in 2030

$34-$36B of cash from operations from 2022-2030

17.0-18.0% EBITDA in 2030

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Strengthening our position

By strategically evolving our portfolio

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Strengthening our position

Through the power of partnership

Strengthening and expanding	Advancing and testing	Improving and promoting a
existing partnerships in core	new technologies with fleets	more robust infrastructure
and new technologies	and key customers

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