Bruker : Third Quarter 2025 Earnings Presentation

BRUKER CORPORATION (NASDAQ: BRKR)

Q3 2025 Earnings Presentation November 3, 2025

Frank H. Laukien, President & Chief Executive Officer

Gerald Herman, Executive Vice President & Chief Financial Officer Joe Kostka, Director, Investor Relations

Q3 2025

Business Update

Q3 2025: Organic revenue, non-GAAP operating margin, and EPS decline on research instrument demand headwinds in H1-25

Q3 Financials

Q3 2025 Performance; Year-over-Year Changes

• Revenue decrease of -$3.9M, or -0.5%

  • Organic decline -4.5%, with BSI -5.4%, and BEST up +6.9%

  • M&A contribution of +1.1%

  • FX tailwind of +2.9%

• Non-GAAP gross margin: 50.1%, down -110 bps

• Non-GAAP operating margin: 12.3%, down -260 bps

  Revenues [$M]

  -0.5%

  	860.5		864.4

  Q3-25 Q3-24

  
  
  

  Non-GAAP EPS

• GAAP Loss per Share: -$0.41

• Non-GAAP EPS: $0.45, down -25%

  Q3-25

  Q3-24

  -25.0%

  
  
  

  Q3-25 YTD: Revenue growth driven by M&A; non-GAAP operating margin and EPS down on YTD demand, tariff and FX headwinds

  Q3-YTD Financials

Q3 2025 YTD Performance; Year-over-Year Changes

• Revenue increase of $72.5M, or 3.0%

  • Organic revenue down -3.1%, with BSI down -2.9%, BEST down -5.5%

  • M&A contribution of +4.5%

  • FX tailwind of +1.6%

• Non-GAAP gross margin: 50.0%, down -120 bps

• Non-GAAP operating margin: 11.4%, down -290 bps

• GAAP Loss per Share: -$0.25

• Non-GAAP EPS: $1.23, down -25.5%

- including FX headwind of $0.09

Revenues [$M]

+3.0%

		2386.8

2459.3

YTD-25 YTD-24

-25.5%

Non-GAAP EPS

YTD-25

YTD-24

GROUP OVERVIEW

Bruker Group YTD CER Revenue Performance (yoy)

Bruker BIOSPIN Group

• BIOSPIN YTD CER revenue down mid-single digits %

• Growth from lab automation and services

• Challenging Q3-25 comparison with two GHz-class NMRs (>$25m) in Q3-24 revenue

  
  
  

  Bruker CALID Group

• CALID YTD CER revenue up low-DD %, including growth in all divisions

• Strong Microbiology & Infection Diagnostics growth, driven by ELITech MDx

• Life Science Mass Spectrometry traction for recently launched products

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  © 20252 Bruker

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• Stable molecular spectroscopy business, with strong orders in Applied markets in Q3-25

  
  
  

  GROUP OVERVIEW

  Bruker Group YTD CER Revenue Performance (yoy)
  
  

  Bruker NANO Group

• NANO YTD CER revenue down low single digits %

• Softness in X-Ray Semi and NanoAnalysis industrial research tools

• Solid growth in Spatial Biology, including NanoString

  + -Bruker

  Bruker Energy & Supercon Technologies (BEST) Segment

  • BEST YTD CER revenue down mid-single digits %, net of intercompany eliminations

  • Soft superconductor demand for clinical MRI, with improvements in Q3-25

  • Strong prior year comparison for Research Instruments (RI)

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  Q3 2025 Earnings Presentation | November 3, 2025 | 7

  
  
  

• Strengthening industrial and applied markets in Japan and North America in Q3-25

US ACADEMIC ORDER EXAMPLES IN Q 3 - 25

Recent NIH- and NSF-funded Orders for Advanced NMR Instruments

• Enabling breakthroughs across scientific research, drug discovery and disease biology research

• Aggregate value of ~$10M, expected to be installed in 2026

• BSI ACA/GOV orders up mid-teens % organically yoy in Q3-25, despite lingering US weakness

NIH-funded 800 MHz NMR ordered by Northwestern University

NIH-funded NMR Relaxometry System ordered by the New York Structural Biology Center

NSF-funded 600/89 MHz NMR with Dynamic Polarization (DNP) ordered by University of Delaware

CBRNE DETECTION

Recent Multi-Year Contracts for Explosives and Chemical Trace Detection in Aviation Security and Defense Sectors

Bruker Detection provides solutions for airline safety, airport passenger and cargo security, and chemical reconnaissance, including after-market consumables and service

>$30M in orders YTD, growing >30% yoy, including:

• >350 Explosive Trace Detectors (ETD) for airports in Brussels, Scandinavia, Saudi Arabia, and South Korea

  • adding to ETDs, consumable and service contracts at

    Frankfurt, Zuerich, Geneva and other European airports

• Order for >500 chemical reconnaissance systems from

a Central European Ministry of Defense

Detector-Flex delivers fast, reliable explosives trace detection for air cargo and passenger screening

Q3 2025

Financial Update

Q3 2025 YEAR-OVER-YEAR COMPARISON

Q3 2025 Selected Non-GAAP Financial Measures1

Comments (year-over-year)

• Revenue decline of -0.5%

• BSI organic revenue -5.4%; growth in CALID offset by declines in NANO and BioSpin; BEST 6.9% organic revenue growth

• Gross margin decline -110 bps

• Operating margin decline -260 bps due to weaker volume leverage, mix, tariffs and FX

• Non-GAAP tax rate 24.4%, with favorable

  discrete items

  [$ m, except EPS]	Q3 2025	Q3 2024	Δ
  Total Revenues	860.5	864.4	(0.5%)
  Gross Profit	430.9	442.2	(2.6%)
  argin (% of revenues)	50.1%	51.2%	-110 bps
  SG&A	(227.1)	(215.2)	5.5%
  (% of revenues)	26.4%	24.9%
  R&D	(98.3)	(98.1)	0.2%
  (% of revenues)	11.4%	11.3%
  Operating Income	105.9	129.1	(18.0%)
  argin (% of revenues)	12.3%	14.9%	-260 bps
  Tax Rate	24.4%	24.9%	-50 bps
  Net Income2	68.0	91.0	(25.3%)
  EPS	$0.45	$0.60	(25.0%)
  Shares Outstanding	152.0	152.0	0.0%

  • Non-GAAP EPS of $0.45, decline of 25%

    2Attributable to Bruker, Sum of items may not total due to rounding

    1Reconciliations of non-GAAP to GAAP financial measures are available in our earnings press release and at the end of this presentation.

    
    
    

    YTD 2025 YEAR-OVER-YEAR COMPARISON

    [$ m, except EPS]	YTD 2025	YTD 2024	Δ
    Total Revenues	2,459.3	2,386.8	3.0%
    Gross Profit	1,229.0	1,222.7	0.5%
    argin (% of revenues)	50.0%	51.2%	-120 bps
    SG&A	(654.4)	(610.5)	7.2%
    (% of revenues)	26.6%	25.6%
    R&D	(295.6)	(272.1)	8.6%
    (% of revenues)	12.0%	11.4%
    Operating Income	279.6	340.5	(17.9%)
    argin (% of revenues)	11.4%	14.3%	-290 bps
    Tax Rate	25.5%	26.6%	-110 bps
    Net Income2	187.0	245.1	(23.7%)
    EPS	$1.23	$1.65	(25.5%)
    Shares Outstanding	151.9	148.7	2.2%

    Q3-25 YTD Selected Non-GAAP Financial Measures1

    Comments (year-over-year)

  • Revenue growth of 3.0%

  • BSI organic revenue decline of -2.9% with growth in CALID offset by declines in BNANO and BBIO; BEST -5.5% organic revenue decline

  • Gross margin decline -120 bps

  • Operating margin decline -290 bps on mix, tariffs and FX

  • Non-GAAP tax rate 25.5%

  • Non-GAAP EPS of $1.23, decline of -25.5%, including -$0.09 FX headwind

    1Reconciliations of non-GAAP to GAAP financial measures are available in our earnings press release and at the end of this presentation.

    2Attributable to Bruker, Sum of items may not total due to rounding

    
    
    

    YTD 2025 YEAR-OVER-YEAR COMPARISON

    YTD Q3 2025 Selected Cash Flow And Balance Sheet Measures

    [$M]	YTD 2025	YTD 2024	Δ
    GAAP Net Income	(37.5)	99.9	(137.4)
    Depreciation & amortization	162.2	130.9	31.3
    Changes in working capital	(79.7)	(91.2)	11.5
    Other items	(140.7)	(78.3)	(62.4)
    Operating cash flow	(95.7)	61.3	(157.0)
    Capital expenditures	(68.2)	(78.6)	10.4
    Free cash flow (non-GAAP)	(163.9)	(17.3)	(146.6)

    Comments (year-over-year)

    • Free cash flow down -$146.6M, impacted by:

      • Reduced net income, timing of tax and key vendor payments, and FX headwinds

    • Cash and debt balances reflect $672M in net proceeds from mandatory convertible preferred in Sept '25, used for debt paydown

[$M]	Q3 2025	Q2 2025	Δ
Cash, Equivalents & Short-term Investments	$293.1	$92.0	$201.1
Net (Debt)/ Cash	$ (1,717.9)	$ (2,346.1)	-26.8%
WC-to-revenue ratio	0.46	0.44	4.5%

Updated FY 2025 Outlook

Updated FY 2025 Financial Outlook (as of November 3rd, 2025)

FY 2025 Guidance (year-over-year %s)

Non-GAAP Assumptions & YoY Estimates

• FY25 operating margin down ~250 bps

  • Organic -65bps; M&A -60bps; Tariffs -60bps; FX -65bps

• FX impact from significant decline in USD:

  • Tailwind to revenue of ~2.5%

  • Headwind to non-GAAP EPS of approximately -5%

• Effective tax rate: ~27%

• CAPEX: $80M to $90M

• FX assumptions (rates as of September 30, 2025):

• EUR = 1.18 USD; CHF = 1.26 USD; JPY = 0.0068 USD

Revenue $3.41B to $3.44B

Reported Revenue Growth +1% to +2%

Organic revenue decline -4% to -5% M&A revenue contribution approx. +3.5%

Non-GAAP EPS

Reported EPS Decline

$1.85 to $1.90

-21% to -23%

+ -Bruker Confidential-

© 20225 Bruker

Q3 2025 Earnings Presentation | November 3, 2025 | 15

Supplementary Financial Information*

* - For preliminary financial statements, GAAP to Non-GAAP reconciliations, and other supplementary financial information, please refer to our Q3 2025 Earnings Press Release issued November 3rd, 2025.