FLIR : Q2 2020 Earnings Call Slides

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding expectations for FLIR's performance are based on current expectations, estimates, and projections about FLIR's business based, in part, on assumptions made by management and involve certain risks and uncertainties. Actual results could materially differ due to factors in the presentation and in the risk factors section of the Company's Form 10-K and other reports and filings with the Securities and Exchange Commission. FLIR does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation, or for changes made to this document by external parties.

FLIR reports financial results in accordance with U.S. generally accepted accounting principles (GAAP) and additionally on a non- GAAP basis. The terms "adjusted" and "adj" in this presentation refer to adjusted results, which are non-GAAP measures. See GAAP to non-GAAP reconciliations in the Appendix to this presentation. These non-GAAP measures of financial performance are not prepared in accordance with GAAP and computational methods may differ from those used by other companies. In calculating non- GAAP financial measures, FLIR excludes certain items to facilitate a review of the comparability of its core operating performance on a period-to-period basis. Items excluded consist of: separation, transaction, and integration costs, amortization of acquired intangibles, restructuring expenses and asset impairment charges, discrete legal and compliance matters, and discrete tax items. FLIR management believes these adjusted earnings metrics provide a view of the Company's core ongoing operating results and facilitate consistent comparison of financial results over time. A full reconciliation of GAAP to non-GAAP financial data can be found in FLIR's earnings release issued on August 6, 2020, which should be reviewed in conjunction with this presentation.

Proprietary - Company Confidential ©2020 FLIR Systems Inc. Information and equipment described herein	2
may require US Government authorization for export purposes. Diversion contrary to US law is prohibited.

1. Bookings is defined as a contractual agreement awarded during the reporting period.
2. Current backlog is defined as orders received when delivery or performance is expected to occur within 12 months.
3. Total backlog is defined as total estimated amount of future revenues to be recognized under negotiated contracts.

Proprietary - Company Confidential ©2020 FLIR Systems Inc. Information and equipment described herein	3
may require US Government authorization for export purposes. Diversion contrary to US law is prohibited.

FLIR an essential business under the Cybersecurity and Infrastructure Security Agency exemption

Health and safety of employees is top priority

All manufacturing facilities remain open and operational

Prioritizing delivery and development	Continued growth in unmanned	~$700 million total liquidity(1) as
of thermal cameras for use in	solutions	of June 30, 2020
Elevated Skin Temperature (EST)
screening to help mitigate spread of	Embedding artificial	Focus on working capital
COVID-19	intelligence and decision	management and prudent cash
	support across product	optimization
Booked ~$70 million in EST orders in	portfolio
Q2 for a total of ~$170 million YTD;
~$25 million EST backlog exiting Q2	Continued alignment with
	major programs of record

Industrial Technologies

Softness in commercial businesses

Defense Technologies Steady demand, experiencing administrative-relatedprocess delays

(1) Total liquidity comprised of cash on hand and availability under revolving credit facility.	4
Proprietary - Company Confidential ©2020 FLIR Systems Inc. Information and equipment described herein

may require US Government authorization for export purposes. Diversion contrary to US law is prohibited.

Fulfilling demand for EST products and solutions in response to COVID-19 has become an extraordinary priority

Create market-leading and differentiated sensors throughout the FLIR ecosystem which support decisions and enable the safeguarding of people and property

Deliver fully-integrated	Provide sensing and	Enhance the performance
unmanned solutions for	perception solutions that	of human operators by
defense, public safety, and	deliver actionable	providing actionable
enterprise markets to	intelligence so military and	information and insights,
enhance decision-making at	law enforcement	guiding decision-making,
safe standoff distances	professionals can rapidly	and ultimately enabling
	detect, track, classify and	efficient, decisive action
	respond

Proprietary - Company Confidential ©2020 FLIR Systems Inc. Information and equipment described herein	5
may require US Government authorization for export purposes. Diversion contrary to US law is prohibited.

Launched FLIR Screen-EST Software for use with FLIR T-Series,Exx-Series, and A- Series thermal imaging cameras for increased speed and accuracy

• Software provides automatic measurement tools that perform EST screenings in two seconds or less at entries, checkpoints, and other high-traffic areas

Announced line of enhanced FLIR thermal cameras specifically for EST Screening, including upgraded screening mode to offer fast, safe, and simplified frontline screening

• Axxx-EST,T5xx-EST, and Exx-EST series cameras are designed to simplify the screening process
• Cameras are easy to use and require limited training, reducing the burden on screening operators

Announced the installation of FLIR's integrated EST screening solution, the A700 EST- IS, featuring the FLIR A700 thermal imaging camera at the Pentagon Visitor Center to help screen visitors

Received a significant order from a large OEM customer

Proprietary - Company Confidential ©2020 FLIR Systems Inc. Information and equipment described herein	6
may require US Government authorization for export purposes. Diversion contrary to US law is prohibited.

Recent awards brings total orders to $65 million for nearly 500 Centaur unmanned group vehicles (UGV) from the Air Force, Marine Corps and Navy through the Army's Man Transportable Robotic System Increment II (MTRS Inc II) program

• $23.5 million order from the U.S. Army and Navy for over 160 Centaurs (June 2020)
• $18.6 million order from the U.S. Marine Corps for over 140 Centaurs (April 2020)
• Q2 awards follow $23.0 million order from U.S. Airforce for over 180 Centaurs (March 2020)

$21 million contract from U.S. Army for Black Hornet 3 Personal Reconnaissance Systems

• Award augments the Army's $40 Million initial order for the Black Hornet Nano-UAV Systems in early 2019 through the Army's Soldier Borne Sensor (SBS) program

$10 million contract from the U.S. Marine Corps to deliver our R80D SkyRaider Unmanned Aerial Systems

Proprietary - Company Confidential ©2020 FLIR Systems Inc. Information and equipment described herein	7
may require US Government authorization for export purposes. Diversion contrary to US law is prohibited.

MAY 2020

• New addition to the popular Cx-Series allows for instant uploading of images to the Cloud
• Pocket portable thermal camera provides reduced diagnostic time
• Ideal for commercial electrical testing, mechanical engineering, home and building inspection, energy auditing, and general contracting

JUNE 2020

• New hardware, firmware, software upgrade supports advanced image-aiding features for Star SAFIRE 380-HD and 380-HDc
• Features customizable configurations for multi-tile video management and visual user interface
• Ready for future Augmented Reality and AI Applications

JUNE 2020

• New, more powerful line multifunction displays for anglers, cruisers, and sailors
• Provides 4x improvement in sensitivity for accurate navigation
• LightHouse Charts is a new electronic catalog crafted from hydrographic sources - the same data used by maritime professionals

Proprietary - Company Confidential ©2020 FLIR Systems Inc. Information and equipment described herein may require US Government authorization for export purposes. Diversion contrary to US law is prohibited.

JUNE 2020

• For use with FLIR software for FLIR T-Series,Exx-Series, and A-Series thermal imaging cameras used for elevated skin temperature screening
• Provides automatic measurement tools that perform screenings in two seconds
• Ideal for use at workplace entries, checkpoints, and other high-traffic areas

JUNE 2020

• Enhanced FLIR thermal cameras specified for elevated skin temperature screening
• EST-seriescameras are designed to simplify the screening process, reducing the burden operators and adhering to recommended social distancing guidelines

JUNE 2020

• First FLIR machine vision camera to integrate the Sony Pregius S IMX540 Sensor
• Provides high megapixel count and fast imaging to enable engineers and researchers from biomedical to semiconductor industries to inspect more in less time with fewer cameras required

8

Drive process	Re-align our portfolio	Simplify our
improvements and find	towards strategic market	operating model and
leaner ways to operate	and product priorities	organizational design

Proprietary - Company Confidential ©2020 FLIR Systems Inc. Information and equipment described herein	9
may require US Government authorization for export purposes. Diversion contrary to US law is prohibited.

KEY DRIVERS	KEY DRIVERS
• Increase in demand for EST	• Favorable product mix in
cameras and increased	the Industrial Technologies
volume for unmanned	Segment
systems offset by shipping
delays and COVID-19
related headwinds in
commercial end markets
• Includes -1.5% FX impact
• Record total backlog(1):
$913M

KEY DRIVERS

• Higher revenue and gross profit
• Decrease in marketing, travel, and deferred compensation expenses

KEY DRIVERS

• Higher revenue and gross profit
• Reduced operating expenses
• Lower share count due to repurchases

Proprietary - Company Confidential ©2020 FLIR Systems Inc. Information and equipment described herein may require US Government authorization for export purposes. Diversion contrary to US law is prohibited.

(1) Total backlog is defined as total estimated amount of future revenues to be recognized under negotiated contracts.

10

($s in millions)

$284.5		$300.2				$107.1
			$71.6
				35.7%
				25.2%

• Year-over-yearrevenue increase driven by demand for EST cameras partially offset by lower volume in commercial end markets such as maritime and security products
• Segment operating margin increased 10.5 percent year- over-year due to higher revenue and associated gross profit, favorable product mix, and lower marketing, travel, and deferred compensation expenses
• Q2 bookings of $334M; book-to-bill ratio of 1.11
• Total backlog(1) of $351M increased 48.1% versus prior year

$197.5		$181.8	$45.8
			$41.2
				23.2%		22.6%

• Year-over-yearrevenue decrease driven by the completion of certain large contracts that contributed to revenue in Q2 2019, offset by contributions from unmanned systems
• Segment operating margin declined 0.6 percent year-over-year due to lower revenue and associated gross profit
• Q2 bookings of $212M; book-to-bill ratio of 1.17
• Total backlog(1) of $562M declined 1.8% versus prior year

Proprietary - Company Confidential ©2020 FLIR Systems Inc. Information and equipment described herein	(1) Total backlog is defined as total estimated amount of future revenues to be recognized under negotiated contracts.	11
may require US Government authorization for export purposes. Diversion contrary to US law is prohibited.

1. Key financial metrics exclude the $500 million, 2.5% notes offering completed July 20, 2020.
2. Net Debt-to-EBITDA calculated based on net debt as of June 30, 2020 (excluding standby letters of credit) and last-twelve-month EBITDA based on the Company's revolving credit agreement definitions.

Proprietary - Company Confidential ©2020 FLIR Systems Inc. Information and equipment described herein	12
may require US Government authorization for export purposes. Diversion contrary to US law is prohibited.

Focus on utilizing the tools of TFM to assess the overall complexity of FLIR, with the strategic goal of simplifying and optimizing our portfolio to better penetrate key end markets and meet the needs of our customers

unnecessary complexity

portfolio with a focus on higher growth markets

fundamental compliance resources

allocation of R&D spending to support strategic focus and long-term value creation

new product development and speed to market through robust but simplified stage gate process

Proprietary - Company Confidential ©2020 FLIR Systems Inc. Information and equipment described herein	14
may require US Government authorization for export purposes. Diversion contrary to US law is prohibited.

Three Months Ended June 30, 2020

(In thousands, except per share amounts)(Unaudited)

								Restructuring
				Separation,		Amortization of		expenses and	Discrete legal and
			transaction, and		acquired	asset impairment		compliance	Discrete tax	Adjusted Non-
		As Reported	integration costs	intangibles assets		charges		matters		items	GAAP Results
Gross profit........................................................	$	252,200	$	410	$	9,253	$	-	$	-	$	-	$	261,863
Operating expenses........................................		(152,390)		1,513		2,501		7,702		4,900		-		(135,774)
Earnings from operations..................................		99,810		1,923		11,754		7,702		4,900		-		126,089
Non-operating expense, net............................		(17,916)		-		-		-		-		-		(17,916)
Earnings before income taxes...........................		81,894		1,923		11,754		7,702		4,900		-		108,173
Income tax provision.......................................		(20,637)		(429)		(2,621)		(1,717)		(1,093)		2,377		(24,120)
Net earnings.......................................................	$	61,257	$	1,494	$	9,133	$	5,985	$	3,807	$	2,377	$	84,053
Gross margin.....................................................		52.3%		0.1%		1.9%		0.0%		0.0%		0.0%		54.3%
Operating margin...............................................		20.7%		0.4%		2.5%		1.6%		1.0%		0.0%		26.2%
Net earnings per diluted share...........................	$	0.47	$	0.01	$	0.07	$	0.05	$	0.03	$	0.02	$	0.64
Weighted average diluted shares outstanding..		131,687		131,687		131,687		131,687		131,687		131,687		131,687
						Three Months Ended June 30, 2019
								Restructuring
				Separation,		Amortization of		expenses and	Discrete legal and
			transaction, and		acquired	asset impairment		compliance	Discrete tax	Adjusted Non-
		As Reported	integration costs	intangibles assets		charges		matters		items	GAAP Results
Gross profit........................................................	$	233,408	$	492	$	12,429	$	-	$	-	$	-	$	246,329
Operating expenses........................................		(169,671)		2,765		8,617		3,001		4,733		-		(150,555)
Earnings from operations..................................		63,737		3,257		21,046		3,001		4,733		-		95,774
Non-operating expense, net............................		(5,614)		-		-		-		-		-		(5,614)
Earnings before income taxes...........................		58,123		3,257		21,046		3,001		4,733		-		90,160
Income tax provision.......................................		(12,005)		(668)		(4,314)		(615)		(970)		90		(18,483)
Net earnings.......................................................	$	46,118	$	2,589	$	16,732	$	2,386	$	3,763	$	90	$	71,677
Gross margin.....................................................		48.4%		0.1%		2.6%		0.0%		0.0%		0.0%		51.1%
Operating margin...............................................		13.2%		0.7%		4.4%		0.6%		1.0%		0.0%		19.9%
Net earnings per diluted share...........................	$	0.34	$	0.02	$	0.12	$	0.02	$	0.03	$	0.00	$	0.52
Weighted average diluted shares outstanding..		137,084		137,084		137,084		137,084		137,084		137,084		137,084

Proprietary - Company Confidential ©2020 FLIR Systems Inc. Information and equipment described herein may require US Government authorization for export purposes. Diversion contrary to US law is prohibited.

Note: The Company made certain reclassifications to the prior years' financial statements to conform them to the presentation as of	15
and for the three months ended June 30, 2020 that management has determined had no material effect for the periods presented.

Six Months Ended June 30, 2020

(In thousands, except per share amounts)(Unaudited)

								Restructuring
				Separation,		Amortization of		expenses and	Discrete legal and
			transaction, and		acquired	asset impairment		compliance	Discrete tax	Adjusted Non-
		As Reported	integration costs	intangibles assets		charges		matters		items	GAAP Results
Gross profit........................................................	$	471,568	$	1,148	$	18,638	$	-	$	-	$	-	$	491,354
Operating expenses........................................		(343,263)		6,027		5,012		28,486		13,981		-		(289,757)
Earnings from operations..................................		128,305		7,175		23,650		28,486		13,981		-		201,597
Non-operating expense, net............................		(23,213)		-		-		-		-		-		(23,213)
Earnings before income taxes...........................		105,092		7,175		23,650		28,486		13,981		-		178,384
Income tax provision.......................................		(28,411)		(1,448)		(4,773)		(5,749)		(2,822)		5,743		(37,460)
Net earnings.......................................................	$	76,681	$	5,727	$	18,877	$	22,737	$	11,159	$	5,743	$	140,924
Gross margin.....................................................		50.5%		0.1%		2.1%		0.0%		0.0%		0.0%		52.7%
Operating margin...............................................		13.8%		0.8%		2.5%		3.0%		1.5%		0.0%		21.6%
Net earnings per diluted share...........................	$	0.57	$	0.04	$	0.14	$	0.17	$	0.08	$	0.04	$	1.06
Weighted average diluted shares outstanding..		133,389		133,389		133,389		133,389		133,389		133,389		133,389
						Six Months Ended June 30, 2019
								Restructuring
				Separation,		Amortization of		expenses and	Discrete legal and
			transaction, and		acquired	asset impairment		compliance	Discrete tax	Adjusted Non-
		As Reported	integration costs	intangibles assets		charges		matters		items	GAAP Results
Gross profit........................................................	$	467,269	$	492	$	16,107	$	-	$	-	$	-	$	483,868
Operating expenses........................................		(322,450)		9,242		10,867		3,610		8,075		-		(290,656)
Earnings from operations..................................		144,819		9,734		26,974		3,610		8,075		-		193,212
Non-operating expense, net............................		(11,939)		-		-		-		-		-		(11,939)
Earnings before income taxes...........................		132,880		9,734		26,974		3,610		8,075		-		181,273
Income tax provision.......................................		(25,014)		(1,995)		(5,530)		(740)		(1,655)		(2,226)		(37,161)
Net earnings.......................................................	$	107,866	$	7,739	$	21,444	$	2,870	$	6,420	$	(2,226)	$	144,112
Gross margin.....................................................		50.4%		0.1%		1.7%		0.0%		0.0%		0.0%		52.2%
Operating margin...............................................		15.6%		1.0%		2.9%		0.4%		0.9%		0.0%		20.8%
Net earnings per diluted share...........................	$	0.79	$	0.06	$	0.16	$	0.02	$	0.05	$	(0.02)	$	1.05
Weighted average diluted shares outstanding..		137,105		137,105		137,105		137,105		137,105		137,105		137,105

Proprietary - Company Confidential ©2020 FLIR Systems Inc. Information and equipment described herein may require US Government authorization for export purposes. Diversion contrary to US law is prohibited.

Note: The Company made certain reclassifications to the prior years' financial statements to conform them to the presentation as of	16
and for the three months ended June 30, 2020 that management has determined had no material effect for the periods presented.