Caterpillar : 1Q 2024 Caterpillar Inc. Earnings Conference Call

First Quarter 2024 Financial Review

April 25, 2024

Forward-Looking Statements

1Q 2024 EARNINGS RELEASE

Certain statements in this financial review relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets;

1. our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions;

1. an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q,10-K and other filings with the Securities and Exchange Commission.

A reconciliation of non-GAAP financial information can be found in our press release describing first-quarter 2024 financial results which is available on our website at www.caterpillar.com/earnings.

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End Market Commentary

1Q 2024 EARNINGS RELEASE

CONSTRUCTION INDUSTRIES

RESOURCE INDUSTRIES

ENERGY & TRANSPORTATION

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Sustainability

1Q 2024 EARNINGS RELEASE

Electrification Strategic Agreement with CRH

CAT Hybrid Energy Storage Solution

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Financial Results Summary

First Quarter 2024 vs. First Quarter 2023

1Q 2024 EARNINGS RELEASE

SALES & REVENUES

(in billions of dollars)

$15.9	$15.8
1Q 2023	1Q 2024

OPERATING PROFIT

(in billions of dollars)

	$3.5
$2.7
1Q 2023	1Q 2024

ADJUSTED PROFIT

PER SHARE1

(in dollars)

$4.91	$5.60
1Q 2023	1Q 2024

1First-quarter 2024 adjusted profit per share excluded restructuring income of $0.15 per share. First-quarter 2023 adjusted profit per share excluded restructuring costs of $1.17 per share. A reconciliation to the most comparable GAAP measure is included in the appendix.

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Consolidated Sales and Revenues

First Quarter 2024 vs. First Quarter 2023

1Q 2024 EARNINGS RELEASE

1ST QUARTER HIGHLIGHTS

Sales & Revenues about flat

• Lower sales volume of $684 million
• Favorable price realization of $575 million

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Consolidated Operating Profit

First Quarter 2024 vs. First Quarter 2023

1Q 2024 EARNINGS RELEASE

1ST QUARTER HIGHLIGHTS

Operating Profit Increased $788 million or 29%

• Absence of the impact of the divestiture of the company's Longwall business in 2023 of $586 million

• Favorable price realization of $575 million

• Partially offset by the profit impact of lower sales volume of $268 million

1Q 2024 Operating Profit Margin of 22.3%

1Q 2024 Adjusted Operating Profit Margin1 of 22.2%

1 Adjusted operating profit margin is a non-GAAP measure, and a reconciliation to the most directly comparable GAAP measure is included in the appendix.

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