#1PENTAIR Q2 2022 Earnings Release July 26, 2022#2Caution Concerning Forward-Looking Statements This presentation contains statements that we believe to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words "targets," "plans," "believes," "expects," "intends," "will," "likely," "may," "anticipates," "estimates," "projects," "should," "would," "could," "positioned," "strategy," "future" or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. All statements made about the anticipated Manitowoc Ice acquisition, including the anticipated time for completing the acquisition, the expected financial results of the Manitowoc Ice business and the anticipated benefits of the acquisition, and statements about our expected 2022 financial results are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include our ability to close the Manitowoc Ice acquisition on the expected terms and time schedule, including satisfying closing conditions; our ability to integrate the Manitowoc Ice acquisition successfully; our ability to retain customers and employees of Manitowoc Ice; the overall impact of the COVID-19 pandemic on our and the Manitowoc Ice business; the duration and severity of the COVID-19 pandemic, the impact of virus variants and the effectiveness of vaccinations; actions that may be taken by us, other businesses and governments to address or otherwise mitigate the impact of the COVID-19 pandemic, including those that may impact our ability to operate our facilities, meet production demands, and deliver products to our customers; the impacts of the COVID-19 pandemic on the global economy, our workforce, customers and suppliers, and customer demand; overall global economic and business conditions impacting our business, including the strength of housing and related markets and conditions relating to the conflict between Russia and Ukraine and related sanctions; supply, demand, logistics, competition and pricing pressures related to and in the markets we serve; volatility in currency exchange rates; failure of markets to accept new product introductions and enhancements; the ability to successfully identify, finance, complete and integrate acquisitions; the ability to achieve the benefits of our restructuring plans, cost reduction initiatives and transformation program; risks associated with operating foreign businesses and foreign supply chains; the impact of raw material, logistics and labor costs and other inflation; the impact of seasonality of sales and weather conditions; our ability to comply with laws and regulations; the impact of changes in laws, regulations and administrative policy, including those that limit U.S. tax benefits or impact trade agreements and tariffs; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating and ESG goals. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. All forward-looking statements, including all financial forecasts, speak only as of the date of this presentation. Pentair assumes no obligation, and disclaims any obligation, to update the information contained in this presentation. 2 Q2 2022 Earnings Release. O2022 Pentair. All Rights Reserved. PENTAIR#3Key Definitions • Except as otherwise noted all references to 2022 and 2021 represent our results from continuing operations for the period indicated, presented on an adjusted basis "Core sales" refers to GAAP revenue from continuing operations excluding (1) the impact of currency translation and (2) the impact of revenue from acquired businesses recorded prior to the first anniversary of the acquisition less the amount of sales attributable to divested product lines not considered discontinued operations Segment income represents equity income of unconsolidated subsidiaries and operating income from continuing operations exclusive of non-cash intangible amortization, certain acquisition related expenses, costs of transformation and restructuring activities, impairments, and other unusual non-operating items Return on sales ("ROS") equals segment income divided by sales See appendix for GAAP to non-GAAP reconciliations 3 Q2 2022 Earnings Release. O2022 Pentair. All Rights Reserved. PENTAIR#4Executive Summary ✓ Strong financial results for Q2 Sales growth of 13% Q2'22 Results Q2'21 Results Sales $1.06B $941M Segment Income up 18% Segment Income $206M $175M ROS expanded 70 basis points Adjusted EPS increased 21% Adjusted EPS $1.02 $0.84 ✓ Acquisition of Manitowoc Ice expected to close on or around July 28, subject to closing conditions ✓ New segmentation to begin January 1, 2023, to enhance focus on delivering our growth and transformation plans ✓ Introducing 03 and updating full year 2022 guidance Q2 2022 Earnings Release. O2022 Pentair. All Rights Reserved. PENTAIR#5Advancing Total Water Management and Building a Stronger Commercial Water Solutions Platform* ojjj Water Analysis Site Survey Product Installation Solution Start-Up Planned Maintenance QQ દાં सु Core Additional End Markets HOTEL |000 0001 ☐☐☐ • Pentair Everpure ~$225M Respected industry brand • Manitowoc Ice -$325M Respected industry brand • Water expertise • Refrigeration expertise . Key account excellence I Key account excellence • Deliver quality ice . Deliver great water • Filtration solutions Marketing resources • Channel: product availability • I Aftermarket support • • Pentair KBI Services ~$125M National service footprint Direct owner/operator access ⚫ Deliver consistency • Infrastructure to track and execute water as a service • Customer trust & loyalty *Expected 2022 sales performance: Results dependent on closing of Manitowoc Ice acquisition, which is expected to close on or around July 28, subject to closing conditions 5 Q2 2022 Earnings Release. ©2022 Pentair. All Rights Reserved. Commercial Water Solutions -$675M • Water as a Service • Rental/leasing recurring revenue Global, national, regional, and local customer reach • Seamless & frictionless experience PENTAIR#6Aligning Organization for Accelerated Success* Committed to driving value for all of our stakeholders Consumer Solutions (~$2.6B) Industrial & Flow Technologies (~$1.5B) Industrial & Flow Pool (~$1.7B) Water Solutions (~$1.2B^) Technologies (-$1.5B) We inspire people to move, improve, and enjoy life's essential resources for happier, healthier lives *Expected 2022 sales performance representing mid-point of 2022F ^ Water Solutions includes pro forma FY contribution of Manitowoc Ice 6 Q2 2022 Earnings Release. ©2022 Pentair. All Rights Reserved. PENTAIR#7Transformation to Enhance Value Creation Execution Underway 7 6 Transformation to unlock value and fund growth Centered Around Four Key Themes Pricing Excellence . Strategic Sourcing . Operations Excellence . . Organizational Effectiveness Enablers Focus & Prioritization Digital Enterprise (ERP & Data Analytics) Q2 2022 Earnings Release. O2022 Pentair. All Rights Reserved. PENTAIR#8Q2'22 Pentair Performance Sales Segment Income $941M $29M $136M $1.06B ($21M) 13% YoY $175M $6M* $138M ($3M) $206M ($95M) ($9M) $6M* 18% ($21M) YOY ROS ROS (2 pts) 14 pts 3 pts (2 pts) 13 pts Q2'21 Volume Price Acq./ Divestitures FX Q2'22 18.6% Q2'21 11.6% Growth/ Price/Acq. *Non-Cash Intangible Amortization 0.1% (10.1%) (0.9%) 19.3% FX Inflation Prod. Q2'22 Core Sales up 12% Consumer Solutions up 15% • Industrial & Flow Technologies up 7% Segment Income up 18% ROS 19.3%... up 70 bps Adj. EPS $1.02 ... up 21% Adjusted Tax Rate of 16% ⚫ Net Interest/Other of $4.6M; Shares 165.5M 8 Q2 2022 Earnings Release. O2022 Pentair. All Rights Reserved. PENTAIR#9Q2'22 Consumer Solutions Performance Sales Segment Income $577M ($10M) $27M $686M $99M ($7M) 19% YoY $143M $3M* $102M ($1M) $169M ($66M) ($9M) $4M 18% YOY (2 pts) 17 pts 5 pts (1 pt) 19 pts ROS 24.9% ROS Q2'21 Volume Price Acq./ Divestitures FX Q2'22 Q2'21 12.8% Growth/ Price/Acq. 0.0% (11.5%) (1.5%) 24.7% FX Inflation Prod. Q2'22 9 Pool • Sales up 20% Water Treatment • Sales up 19% Q2 2022 Earnings Release. O2022 Pentair. All Rights Reserved. *Non-Cash Intangible Amortization Segment Income up 18% ROS 24.7%... down 20 bps · Strong price contribution · Supply chain inefficiencies continued PENTAIR#10Q2'22 Industrial & Flow Technologies Performance Sales Segment Income $364M ($10M) $37M $1M $377M ($15M) 4% YoY $57M $3M* $37M ($3M) $59M ($28M) $2M* ($4M) 4% YOY ROS ROS (3 pts) 10 pts O pts (3 pts) 4 pts 15.7% 8.9% (0.1%) (7.7%) (1.1%) 15.7% Q2'21 Volume Price Acq./ Divestitures FX Q2'22 Q2'21 Growth/ Price/Acq. FX Inflation Prod. Q2'22 *Non-Cash Intangible Amortization 10 Flow • Residential sales up 6% Segment Income up 4% ROS 15.7%... flat • Commercial sales down 6% · Longer cycle business recovery Industrial Solutions • Complexity reduction • Sales up 9% Q2 2022 Earnings Release. 2022 Pentair. All Rights Reserved. PENTAIR#11Balance Sheet and Cash Flow Debt Summary 11 Cash Flow ($M) Q2 2022 YTD 2022 $912M* Maturity $497M 54% Fixed 2022 - 2029 $415M 46% Variable 2024 - 2026 Net Income Continuing Ops Amortization Subtotal Depreciation Capital Expenditures Asset Sales Working Capital $153 $272 6 13 $159 $285 14 27 (22) (40) 3 3 78 (123) Other Accruals/Other 55 (14) 6/30/2022 Average Rate -2.8% Free Cash Flow - Total $287 $138 *Does Not Include $135M of Cash on Hand Free Cash Flow - Discontinued Ops (1) (1) Free Cash Flow - Continuing Ops $288 $139 Debt Roll-Forward ($M) Other Items Q2 2022 Beginning Debt $1,091 YTD 2022 $894 • Net Debt/Adjusted EBITDA at Quarter End 1.0x Used (Generated) Cash (287) (138) • Share Repurchase 50 50 ROIC at Quarter End 18.7% Dividends 35 69 Acquisitions/Other 23 37 Ending Debt $912 $912 Q2 2022 Earnings Release. 2022 Pentair. All Rights Reserved. PENTAIR#12Q3 and Full Year 2022 Pentair Outlook* Strong price contribution expected to continue Expecting more normal seasonality at end of residential season FX headwinds increasing Momentum building on Transformation funnel Expect Manitowoc Ice acquisition to close on or around July 28; expect neutral EPS contribution in 2022... not yet included in FY guidance Sales • Income EPS • • • 03'22 Total Sales up -3% to 5% Segment Income up -5% to 7% Adjusted EPS -$0.93 to $0.95 (Up-4% to 7%) Corp. Expense ~$20M Adjusted Tax Rate of ~16% Other • Net Interest/Other -$6M to $7M Items • • Shares ~165M to 166M FY'22 Total Sales up ~8% to 10% • Segment Income up -9% to 11% Adjusted EPS -$3.70 to $3.75 (Up -9% to 10%) • Corp. Expense ~$80M Net Interest/Other -$21M to $22M Adjusted Tax Rate of ~16% • • O Shares 165M to 166M Cash Flow *Does not include Manitowoc Ice acquisition, which is expected to close on or around July 28, subject to closing conditions 12 Q2 2022 Earnings Release. 2022 Pentair. All Rights Reserved. • Targeting FCF ~100% of Net Income • Capital Expenditures -$70M to $80M • D&A of -$80M and -$30M of Non-Cash Stock Comp PENTAIR#13We Believe PNR is a Compelling Investment Opportunity Our Long-Term Expectations An Industry Leader with a Powerful, Innovative Brand Portfolio сво Sustainable Business Model with Focused & Faster Growing Initiatives Favorable Secular Trends, Compelling End Market Growth Additional Value Creation from Strong Balance Sheet and Cash Flow Transformative Strategy to Unlock Significant Value A Strong Foundation and the Opportunity to Create Substantial Value 13 Q2 2022 Earnings Release. 2022 Pentair. All Rights Reserved. PENTAIR#14PENTAIR Appendix GAAP TO NON-GAAP MEASUREMENTS & RECONCILIATIONS#15Reported To Adjusted 2022 Reconciliation Pentair plc and Subsidiaries Reconciliation of GAAP to Non-GAAP Financial Measures for the Year Ending December 31, 2022 Excluding the Effect of 2022 Adjustments (Unaudited) In millions, except per-share data Net sales Operating income % of net sales Adjustments: Restructuring and other Transformation costs Intangible amortization Legal accrual adjustments and settlements Deal-related costs and expenses Russia business exit costs Equity income of unconsolidated subsidiaries Segment income Return on sales Actual Forecast First Quarter Second Quarter Third Quarter Full Year $ 145.8 14.6% 999.6 $ 1,064.2 190.8 17.9% approx approx Up 3%-5% Up 9% - 11% approx Up 8% - 10% approx Up 9% - 11% 2.1 1.1 approx $ approx $ 3 5.5 5.2 approx approx 11 6.6 6.3 approx 5 approx 23 (0.7) 0.5 approx approx 6.4 1.6 approx approx 8 5.9 - approx approx 6 0.5 0.4 approx 1 approx 3 172.1 205.9 approx Up 5% - 7% approx Up 9% - 11% 17.2% 19.3% Net income from continuing operations-as reported Amortization of bridge financing fees Adjustments to operating income 118.5 153.0 approx $149 - $152 approx $563 - $572 2.6 5.1 approx 1 approx 9 25.8 14.7 approx 5 approx 51 Income tax adjustments (5.4) (3.8) approx (1) approx (11) Net income from continuing operations—as adjusted $ 141.5 $ 169.0 approx $154 - $157 approx $612 - $621 Continuing earnings per ordinary share-diluted Diluted earnings per ordinary share-as reported Adjustments 0.71 $ 0.92 approx 0.14 Diluted earnings per ordinary share-as adjusted $ 0.85 $ 0.10 1.02 approx approx $0.90 - $0.92 0.03 $0.93 $0.95 approx $3.40 - $3.45 approx approx 0.30 $3.70 $3.75 15 Q2 2022 Earnings Release. 2022 Pentair. All Rights Reserved. PENTAIR#16Reported To Adjusted 2021 Reconciliation Pentair plc and Subsidiaries Reconciliation of GAAP to Non-GAAP Financial Measures for the Year Ended December 31, 2021 Excluding the Effect of 2021 Adjustments (Unaudited) In millions, except per-share data Net sales Operating income % of net sales Adjustments: Restructuring and other Transformation costs Intangible amortization COVID-19 related costs and expenses Legal accrual adjustments and settlements Inventory step-up Deal-related costs and expenses Equity income (loss) of unconsolidated subsidiaries Segment income Return on sales Net income from continuing operations—as reported Gain on sale of businesses Pension and other post-retirement mark-to-market gain Other income Adjustments to operating income Income tax adjustments Net income from continuing operations as adjusted Continuing earnings per ordinary share-diluted Diluted earnings per ordinary share-as reported Adjustments Diluted earnings per ordinary share-as adjusted 16 Q2 2022 Earnings Release. 2022 Pentair. All Rights Reserved. First Quarter Second Quarter Third Quarter Fourth Quarter Full Year $ 865.9 $ 941.1 $ 969.2 $ 988.6 $ 3,764.8 157.1 161.8 167.3 150.7 636.9 18.1 % 17.2 % 17.3 % 15.2 % 16.9% 1.5 3.9 0.1 2.0 7.5 1.9 4.0 5.8 11.7 7.1 6.3 6.0 6.9 26.3 0.2 0.1 0.1 0.2 0.6 (2.4) (5.2) (7.6) 2.3 2.3 0.7 1.0 2.1 4.1 7.9 0.2 (0.1) 0.1 0.1 0.3 164.4 174.9 179.7 166.9 685.9 19.0 % 18.6 % 18.5 % 16.9 % 18.2 % 131.1 132.6 143.7 148.6 556.0 (1.4) (1.4) (2.4) (2.4) (0.3) (0.3) 7.1 (2.4) 13.2 12.3 16.1 48.7 (4.6) (6.2) (17.0) (30.2) 135.8 $ 140.9 $ 148.4 $ 145.3 $ 570.4 $ 0.78 $ 0.03 $ 0.81 $ 0.79 $ 0.05 0.84 $ 0.86 0.03 0.89 $ $ 0.89 $ 3.32 (0.02) 0.08 0.87 $ 3.40 PENTAIR#17Core Sales Growth Reconciliation Total Pentair Consumer Solutions Industrial & Flow Technologies Pentair plc and Subsidiaries Reconciliation of Net Sales Growth to Core Net Sales Growth by Segment For the Quarter Ended June 30, 2022 (Unaudited) 17 Q2 2022 Earnings Release. 2022 Pentair. All Rights Reserved. Q2 Net Sales Growth Core Currency Acq./Div. Total 12.3 % (2.2)% 3.0 % 13.1 % 15.4 % (1.2)% 4.7 % 18.9 % 7.4 % (4.1)% 0.4 % 3.7 % PENTAIR#18ROIC Reconciliation Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter 2021 2021 2021 2022 2022 Dollars in millions Return on Invested Capital (ROIC) Segment income $ 174.9 $ 179.7 $ 166.9 $ 172.1 $ 205.9 Reported effective tax rate 15.9 % 13.3 % 2.0 % 15.4 % 15.7 % Adjusted effective tax rate 17.4 % 16.0 % 12.1 % 16.0 % 16.0 % NOPAT $ Depreciation 144.5 12.8 $ 150.9 $ 146.7 $ 144.6 $ 173.0 12.8 Capital expenditures ("Cap Ex") (11.1) (14.3) 12.9 (21.6) 13.0 13.5 (17.7) (22.4) Total NOPAT, Depreciation, and Cap Ex $ 146.2 $ 149.4 $ 138.0 $ 139.9 $ 164.1 Trailing four quarter NOPAT, Depreciation, and Cap Ex $ 521.5 $ 551.5 $ Ending Invested Capital Trailing five quarter average invested capital 2,892.3 2,886.4 2,865.8 2,885.1 573.7 $ 3,222.0 2,975.0 573.5 $ 591.4 3,492.9 3,100.8 3,339.7 3,162.5 After-tax Return on Invested Capital 18.1 % 19.1 % 19.3 % 18.5 % 18.7 % NOPAT (Net Operating Profit After Tax) is Defined as [(Segment Income) X (1 - Adjusted Effective Tax Rate)] Ending Invested Capital is Defined as [Total Shareholders' Equity + Long-term Debt + Current Maturities of Long-term Debt and Short-term Borrowings - Cash and Cash Equivalents] 18 Q2 2022 Earnings Release. 2022 Pentair. All Rights Reserved. PENTAIR#19Free Cash Flow Reconciliation 19 Pentair plc and Subsidiaries Reconciliation of the GAAP Operating Activities Cash Flow to the Non-GAAP Free Cash Flow (Unaudited) Three months Three months ended Six months ended ended March 31, June 30, June 30, In millions 2022 2022 2022 Net cash (used for) provided by operating activities of continuing operations Capital expenditures $ (131.5) $ 307.8 $ 176.3 (17.7) (22.4) (40.1) Proceeds from sale of property and equipment 2.9 2.9 Free cash flow from continuing operations $ (149.2) $ 288.3 $ 139.1 Net cash used for discontinued operations Free cash flow (1.0) (1.0) $ (149.2) $ 287.3 $ 138.1 In millions Net cash (used for) provided by operating activities of continuing operations Capital expenditures Proceeds from sale of property and equipment Free cash flow from continuing operations Net cash used for discontinued operations Free cash flow Q2 2022 Earnings Release. 2022 Pentair. All Rights Reserved. Three months ended Three months ended March 31, 2021 June 30, Six months ended June 30, 2021 2021 (18.8) $ 379.8 361.0 (13.2) (11.1) (24.3) 3.4 0.1 3.5 $ (28.6) $ 368.8 $ 340.2 (0.2) (0.2) $ (28.8) $ 368.8 $ 340.0 PENTAIR#20Last Twelve Months Adjusted EBITDA Reconciliation In millions Pentair plc and Subsidiaries Reconciliation of Net Income from Continuing Operations to Adjusted EBITDA (Unaudited) Net income from continuing operations Third Quarter Fourth Quarter First Quarter Second Quarter Last Twelve Months 2021 2021 2022 2022 143.7 $ 148.6 $ 118.5 $ 153.0 $ 563.8 Adjustments: Deal-related costs and expenses 2.1 4.1 6.4 1.6 14.2 Restructuring and other 0.1 2.0 2.1 1.1 5.3 Transformation costs 4.0 5.8 5.5 5.2 20.5 Intangible amortization 6.0 6.9 6.6 6.3 25.8 COVID-19 related costs and expenses 0.1 0.2 0.3 Legal accrual adjustments and settlements (5.2) (0.7) 0.5 (5.4) Pension and other post-retirement mark-to-market gain (2.4) (2.4) Inventory step-up 2.3 2.3 Gain on sale of businesses (1.4) (1.4) Russia business exit costs Net interest expense Other expense Provision for income taxes Segment income Adjustments: Depreciation Adjusted EBITDA 5.9 5.9 2.6 1.0 5.7 9.2 18.5 0.4 0.5 0.6 0.5 2.0 22.1 3.1 21.5 28.5 75.2 179.7 $ 166.9 $ 172.1 $ 205.9 $ 724.6 12.8 12.9 $ 192.5 $ 179.8 $ 13.0 185.1 $ 13.5 219.4 $ 52.2 776.8 20 Q2 2022 Earnings Release. 2022 Pentair. All Rights Reserved. PENTAIR#21PENTAIR Essential Resources For Life АЗИЕ