Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported second quarter 2025 net income of $143.4 million, or diluted earnings per share (EPS) of $2.56, which includes special item after-tax net charges of $2.2 million, or $0.04 EPS. This compares with prior year period net income of $101.7 million, or $1.77 EPS, which included special item after-tax net charges of $32.6 million, or $0.57 EPS. Excluding special items, second quarter 2025 adjusted net income was $145.6 million, or $2.60 adjusted EPS. This compares with adjusted net income of $134.3 million, or $2.34 adjusted EPS, in the prior year period.

Second quarter 2025 sales increased 6.6% to $1,088.7 million reflecting a 2.9% increase in organic sales and 3.0% benefit from acquisitions. Operating income for the second quarter 2025 was $192.1 million, or 17.6% of sales. This compares with operating income of $148.8 million, or 14.6% of sales, in the prior year period. Excluding special items, adjusted operating income was $195.1 million, or 17.9% of sales, as compared with $177.6 million, or 17.4% of sales, in the prior year period.

“I am pleased to report solid second quarter results, which demonstrate how we are effectively managing the business in a dynamic operating environment while positioning for long-term growth and margin expansion,” said Steven B. Hedlund, Chair, President and Chief Executive Officer. “With the progression of the business, our operating agility and strong cash generation, we are well positioned to continue to create value for our shareholders through the cycle.”

Six Months 2025 Summary

Net income for the six months ended June 30, 2025 was $261.9 million, or $4.66 EPS, which includes special item after-tax net charges of $5.6 million, or $0.10 EPS. This compares with prior year period net income of $225.1 million, or $3.91 EPS, which included special item after-tax net charges of $37.8 million, or $0.66 EPS. Excluding special items, adjusted net income for the six months ended June 30, 2025 was $267.5 million, or $4.76 EPS. This compares with adjusted net income of $262.9 million, or $4.57 adjusted EPS, in the prior year period.

Sales increased 4.5% to $2,093.1 million in the six months ended June 30, 2025 primarily reflecting a 0.8% increase in organic sales and 3.9% benefit from acquisitions. Operating income for the six months ended June 30, 2025 was $357.1 million, or 17.1% of sales. This compares with operating income of $313.9 million, or 15.7% of sales, in the prior year period. Excluding special items, adjusted operating income was $364.6 million, or 17.4% of sales, as compared with $349.0 million, or 17.4% of sales, in the prior year period.

Other Matters

The Company has entered into an agreement to acquire the remaining 65% of Alloy Steel Australia (Int) Pty Ltd. (“Alloy Steel”), for approximately $90 million, which is expected to close on August 1, 2025, subject to the satisfaction of customary closing conditions. This transaction will result in the full ownership of Alloy Steel following the Company’s April 1, 2025, acquisition of a 35% ownership interest. Alloy Steel supplies proprietary technology, engineering services and digital monitoring to the mining sector. Alloy Steel has annual revenues of approximately $50 million and their results will be reported in the International Welding segment. The acquisition is expected to be accretive to Company earnings, excluding transaction costs, at approximately $0.13 to $0.15 per diluted common share on an annual basis.

Webcast Information

A conference call to discuss second quarter 2025 financial results will be webcast live today, July 31, 2025, at 10:00 a.m., Eastern Time. Those interested in participating via webcast in listen-only mode can access the event here or on the Company's Investor Relations home page at https://ir.lincolnelectric.com. For participants who would like to participate via telephone, please dial (888) 440-4368 (domestic) or (646) 960-0856 (international) and use confirmation code 6709091. A replay of the earnings call will be available via webcast on the Company's website.

About Lincoln Electric

Lincoln Electric is the world leader in the engineering, design, and manufacturing of advanced arc welding solutions, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment, and has a leading global position in brazing and soldering alloys. Lincoln is recognized as the Welding Expert™ for its leading materials science, software development, automation engineering, and application expertise, which advance customers’ fabrication capabilities to help them build a better world. Headquartered in Cleveland, Ohio, Lincoln operates 71 manufacturing and automation system integration locations across 20 countries and maintains a worldwide network of distributors and sales offices serving customers in over 160 countries. For more information about Lincoln Electric and its products and services, visit the Company’s website at https://www.lincolnelectric.com.

Non-GAAP Information

Adjusted operating income, adjusted net income, adjusted EBIT, adjusted effective tax rate, adjusted diluted earnings per share (“adjusted EPS”), Organic sales, Cash conversion, adjusted net operating profit after taxes and adjusted return on invested capital (“adjusted ROIC”) are non-GAAP financial measures. Management uses non-GAAP measures to assess the Company's operating performance by excluding certain disclosed special items that management believes are not representative of the Company's core business. Management believes that excluding these special items enables them to make better period-over-period comparisons and benchmark the Company's operational performance against other companies in its industry more meaningfully. Furthermore, management believes that non-GAAP financial measures provide investors with meaningful information that provides a more complete understanding of Company operating results and enables investors to analyze financial and business trends more thoroughly. Non-GAAP financial measures should not be viewed in isolation, are not a substitute for GAAP measures and have limitations including, but not limited to, their usefulness as comparative measures as other companies may define their non-GAAP measures differently.

Forward-Looking Statements

The Company’s expectations and beliefs concerning the future contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “forecast,” “guidance” or words of similar meaning. Actual results may differ materially from such statements due to a variety of factors that could adversely affect the Company’s operating results. The factors include, but are not limited to: general economic, financial and market conditions; the effectiveness of commercial and operating initiatives; the effectiveness of information systems and cybersecurity programs; presence of artificial intelligence technologies; completion of planned divestitures; interest rates; disruptions, uncertainty or volatility in the credit markets that may limit our access to capital; currency exchange rates and devaluations; adverse outcome of pending or potential litigation; actual costs of the Company’s rationalization plans; the Company’s ability to complete acquisitions, including the Company’s ability to successfully integrate acquisitions; market risks and price fluctuations related to the purchase of commodities and energy; global regulatory complexity; the effects of changes in tax law, including any changes from the new legislation implemented in the One Big Beautiful Bill Act; tariff rates in the countries where the Company conducts business; and the possible effects of events beyond our control, including but not limited to, the ongoing geopolitical conflicts, political unrest, acts of terror, natural disasters and pandemics on the Company or its customers, suppliers and the economy in general. For additional discussion, see “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and on Form 10-Q for the quarter ended March 31, 2025.

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Consolidated Statements of Income

Fav (Unfav) to

Three Months Ended June 30,

Prior Year

2025

% of Sales

2024

% of Sales

$

%

Net sales

$

1,088,673

100.0

%

$

1,021,683

100.0

%

$

66,990

6.6

%

Cost of goods sold

683,126

62.7

%

637,870

62.4

%

(45,256)

(7.1)

%

Gross profit

405,547

37.3

%

383,813

37.6

%

21,734

5.7

%

Selling, general & administrative expenses

210,861

19.4

%

208,485

20.4

%

(2,376)

(1.1)

%

Rationalization and asset impairment charges

2,542

0.2

%

26,490

2.6

%

23,948

90.4

%

Operating income

192,144

17.6

%

148,838

14.6

%

43,306

29.1

%

Interest expense, net

12,619

1.2

%

10,661

1.0

%

(1,958)

(18.4)

%

Other income (expense)

4,034

0.4

%

(1,553)

(0.2)

%

5,587

359.8

%

Income before income taxes

183,559

16.9

%

136,624

13.4

%

46,935

34.4

%

Income taxes

40,163

3.7

%

34,916

3.4

%

(5,247)

(15.0)

%

Effective tax rate

21.9

%

25.6

%

3.7

%

Net income

$

143,396

13.2

%

$

101,708

10.0

%

$

41,688

41.0

%

Basic earnings per share

$

2.58

$

1.79

$

0.79

44.1

%

Diluted earnings per share

$

2.56

$

1.77

$

0.79

44.6

%

Weighted average shares (basic)

55,545

56,816

Weighted average shares (diluted)

55,968

57,366

Fav (Unfav) to

Six Months Ended June 30,

Prior Year

2025

% of Sales

2024

% of Sales

$

%

Net sales

$

2,093,061

100.0

%

$

2,002,880

100.0

%

$

90,181

4.5

%

Cost of goods sold

1,322,066

63.2

%

1,250,668

62.4

%

(71,398)

(5.7)

%

Gross profit

770,995

36.8

%

752,212

37.6

%

18,783

2.5

%

Selling, general & administrative expenses

407,526

19.5

%

407,232

20.3

%

(294)

(0.1)

%

Rationalization and asset impairment charges

6,407

0.3

%

31,095

1.6

%

24,688

79.4

%

Operating income

357,062

17.1

%

313,885

15.7

%

43,177

13.8

%

Interest expense, net

24,746

1.2

%

19,440

1.0

%

(5,306)

(27.3)

%

Other income

4,478

0.2

%

709

—

3,769

531.6

%

Income before income taxes

336,794

16.1

%

295,154

14.7

%

41,640

14.1

%

Income taxes

74,911

3.6

%

70,031

3.5

%

(4,880)

(7.0)

%

Effective tax rate

22.2

%

23.7

%

1.5

%

Net income

$

261,883

12.5

%

$

225,123

11.2

%

$

36,760

16.3

%

Basic earnings per share

$

4.69

$

3.96

$

0.73

18.4

%

Diluted earnings per share

$

4.66

$

3.91

$

0.75

19.2

%

Weighted average shares (basic)

55,801

56,841

Weighted average shares (diluted)

56,242

57,505

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands)

(Unaudited)

Balance Sheet Highlights

Selected Consolidated Balance Sheet Data

June 30, 2025

December 31, 2024

Cash and cash equivalents

$

299,481

$

377,262

Accounts receivable, net

554,277

481,979

Inventories

621,440

544,037

Total current assets

1,725,226

1,645,281

Property, plant and equipment, net

660,672

619,181

Total assets

3,727,369

3,520,142

Trade accounts payable

375,833

296,590

Total current liabilities (1)

1,025,239

878,802

Long-term debt, less current portion

1,150,395

1,150,551

Total equity

1,379,613

1,327,433

Operating Working Capital

June 30, 2025

December 31, 2024

Average operating working capital to Net sales (2)

18.4

%

16.9

%

Invested Capital

June 30, 2025

December 31, 2024

Short-term debt (1)

$

105,323

$

110,524

Long-term debt, less current portion

1,150,395

1,150,551

Total debt

1,255,718

1,261,075

Total equity

1,379,613

1,327,433

Invested capital

$

2,635,331

$

2,588,508

Total debt / invested capital

47.6

%

48.7

%

(1)

Includes current portion of long-term debt.

(2)

Average operating working capital to Net sales is defined as the sum of Accounts receivable, Inventories and contract assets less Trade accounts payable and contract liabilities as of period end divided by annualized rolling three months of Net sales.

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Non-GAAP Financial Measures

Three Months Ended
June 30,

Six Months Ended
June 30,

2025

2024

2025

2024

Operating income as reported

$

192,144

$

148,838

$

357,062

$

313,885

Special items (pre-tax):

Rationalization and asset impairment charges (2)

2,542

26,490

6,407

31,095

Acquisition transaction costs (3)

429

2,182

1,231

3,944

Amortization of step up in value of acquired inventories (4)

—

112

(140)

112

Adjusted operating income (1)

$

195,115

$

177,622

$

364,560

$

349,036

As a percent of net sales

17.9

%

17.4

%

17.4

%

17.4

%

Net income as reported

$

143,396

$

101,708

$

261,883

$

225,123

Special items:

Rationalization and asset impairment charges (2)

2,542

26,490

6,407

31,095

Acquisition transaction costs (3)

429

2,182

1,231

3,944

Amortization of step up in value of acquired inventories (4)

—

112

(140)

112

Loss on asset disposal (5)

—

4,950

—

4,950

Tax effect of Special items (6)

(755)

(1,182)

(1,913)

(2,308)

Adjusted net income (1)

145,612

134,260

267,468

262,916

Interest expense, net

12,619

10,661

24,746

19,440

Income taxes as reported

40,163

34,916

74,911

70,031

Tax effect of Special items (6)

755

1,182

1,913

2,308

Adjusted EBIT (1)

$

199,149

$

181,019

$

369,038

$

354,695

Effective tax rate as reported

21.9

%

25.6

%

22.2

%

23.7

%

Net special item tax impact

0.0

%

(4.4)

%

0.1

%

(2.1)

%

Adjusted effective tax rate (1)

21.9

%

21.2

%

22.3

%

21.6

%

Diluted earnings per share as reported

$

2.56

$

1.77

$

4.66

$

3.91

Special items per share

0.04

0.57

0.10

0.66

Adjusted diluted earnings per share (1)

$

2.60

$

2.34

$

4.76

$

4.57

Weighted average shares (diluted)

55,968

57,366

56,242

57,505

(1)

Adjusted operating income, adjusted net income, adjusted EBIT, adjusted effective tax rate and adjusted diluted EPS are non-GAAP financial measures. Refer to Non-GAAP Information section.

(2)

2025 charges primarily relate to rationalization plans initiated in Americas Welding and International Welding. 2024 charges primarily relate to rationalization plans initiated within International Welding and the Harris Products Group.

(3)

Transaction costs related to acquisitions which are included in Selling, general & administrative expenses.

(4)

Costs related to acquisitions which are included in Cost of goods sold.

(5)

Loss on asset disposal included in Other income (expense).

(6)

Includes the net tax impact of Special items recorded during the respective periods. The tax effect of Special items impacting pre-tax income was calculated as the pre-tax amount multiplied by the applicable tax rate. The applicable tax rates reflect the taxable jurisdiction and nature of each Special item.

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Non-GAAP Financial Measures

Twelve Months Ended June 30,

Return on Invested Capital

2025

2024

Net income as reported

$

502,868

$

511,110

Plus: Interest expense (after-tax)

42,688

36,607

Less: Interest income (after-tax)

6,636

7,654

Net operating profit after taxes

$

538,920

$

540,063

Special Items:

Rationalization and asset impairment charges

31,172

16,237

Acquisition transaction costs

4,332

3,944

Pension settlement charges

3,792

845

Amortization of step up in value of acquired inventories

4,771

4,964

Loss on asset disposal

—

4,950

Tax effect of Special items (2)

(11,118)

2,357

Adjusted net operating profit after taxes (1)

$

571,869

$

573,360

Invested Capital

June 30, 2025

June 30, 2024

Short-term debt

$

105,323

$

6,254

Long-term debt, less current portion

1,150,395

1,098,430

Total debt

1,255,718

1,104,684

Total equity

1,379,613

1,312,906

Invested capital

$

2,635,331

$

2,417,590

Return on invested capital as reported

20.4

%

22.3

%

Adjusted return on invested capital (1)

21.7

%

23.7

%

(1)

Adjusted net operating profit after taxes and adjusted ROIC are non-GAAP financial measures. Refer to Non-GAAP Information section.

(2)

Includes the net tax impact of Special items recorded during the respective periods. The tax effect of Special items impacting pre-tax income was calculated as the pre-tax amount multiplied by the applicable tax rate. The applicable tax rates reflect the taxable jurisdiction and nature of each Special item.

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Condensed Consolidated Statements of Cash Flows

Three Months Ended
June 30,

2025

2024

OPERATING ACTIVITIES:

Net income

$

143,396

$

101,708

Adjustments to reconcile Net income to Net cash provided by operating activities:

Rationalization and asset impairment net charges

675

23,687

Depreciation and amortization

24,462

20,865

Other non-cash items, net

(17,715

)

4,589

Changes in operating assets and liabilities, net of effects from acquisitions:

Increase in accounts receivable

(18,100

)

(4,881

)

Increase in inventories

(27,481

)

(18,210

)

Increase in other current assets

(5,465

)

(8,484

)

Decrease in trade accounts payable

3,208

24,999

Decrease in other current liabilities

47,373

3,029

Net change in other long-term assets and liabilities

(6,525

)

23,385

NET CASH PROVIDED BY OPERATING ACTIVITIES

143,828

170,687

INVESTING ACTIVITIES:

Capital expenditures

(25,443

)

(23,139

)

Acquisition of businesses, net of cash acquired

(32,309

)

(152,654

)

Proceeds from sale of property, plant and equipment

585

987

NET CASH USED BY INVESTING ACTIVITIES

(57,167

)

(174,806

)

FINANCING ACTIVITIES:

Payments on short-term borrowings

(4,302

)

(2,594

)

Proceeds from long-term borrowings

—

400,000

Payments on long-term borrowings

—

(400,170

)

Proceeds from exercise of stock options

140

543

Purchase of shares for treasury

(127,130

)

(50,415

)

Cash dividends paid to shareholders

(41,929

)

(40,416

)

NET CASH USED BY FINANCING ACTIVITIES

(173,221

)

(93,052

)

Effect of exchange rate changes on Cash and cash equivalents

(8,664

)

(5,135

)

DECREASE IN CASH AND CASH EQUIVALENTS

(95,224

)

(102,306

)

Cash and cash equivalents at beginning of period

394,705

374,978

Cash and cash equivalents at end of period

$

299,481

$

272,672

Cash dividends paid per share

$

0.75

$

0.71

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Condensed Consolidated Statements of Cash Flows

Six Months Ended
June 30,

2025

2024

OPERATING ACTIVITIES:

Net income

$

261,883

$

225,123

Adjustments to reconcile Net income to Net cash provided by operating activities:

Rationalization and asset impairment net charges

675

23,751

Depreciation and amortization

48,246

42,451

Other non-cash items, net

(14,919

)

16,535

Changes in operating assets and liabilities, net of effects from acquisitions:

Increase in accounts receivable

(52,208

)

(14,484

)

Increase in inventories

(47,648

)

(27,626

)

Increase in other current assets

(3,408

)

(5,153

)

Increase in trade accounts payable

68,092

28,956

Increase (decrease) in other current liabilities

68,579

(5,092

)

Net change in other long-term assets and liabilities

229

19,520

NET CASH PROVIDED BY OPERATING ACTIVITIES

329,521

303,981

INVESTING ACTIVITIES:

Capital expenditures

(52,392

)

(49,395

)

Acquisition of businesses, net of cash acquired

(32,309

)

(152,654

)

Proceeds from sale of property, plant and equipment

5,231

1,303

NET CASH USED BY INVESTING ACTIVITIES

(79,470

)

(200,746

)

FINANCING ACTIVITIES:

Payments on short-term borrowings

(5,206

)

(578

)

Proceeds from long-term borrowings

—

400,000

Payments on long-term borrowings

(169

)

(400,339

)

Proceeds from exercise of stock options

6,394

24,981

Purchase of shares for treasury

(233,824

)

(160,820

)

Cash dividends paid to shareholders

(84,904

)

(81,696

)

NET CASH USED BY FINANCING ACTIVITIES

(317,709

)

(218,452

)

Effect of exchange rate changes on Cash and cash equivalents

(10,123

)

(5,898

)

DECREASE IN CASH AND CASH EQUIVALENTS

(77,781

)

(121,115

)

Cash and cash equivalents at beginning of period

377,262

393,787

Cash and cash equivalents at end of period

$

299,481

$

272,672

Cash dividends paid per share

$

1.50

$

1.42

Lincoln Electric Holdings, Inc.

Segment Highlights (1)

(In thousands)

(Unaudited)

Americas

International

The Harris

Corporate /

Welding

Welding

Products Group

Eliminations

Consolidated

Three months ended June 30, 2025

Net sales

$

696,730

$

232,824

$

159,119

$

—

$

1,088,673

Inter-segment sales

43,391

7,641

5,110

(56,142)

—

Total sales

$

740,121

$

240,465

$

164,229

$

(56,142)

$

1,088,673

Net income

$

143,396

As a percent of total sales

13.2

%

EBIT (1)

$

137,010

$

28,999

$

31,798

$

(1,629)

$

196,178

As a percent of total sales

18.5

%

12.1

%

19.4

%

18.0

%

Special items charges (3)

905

1,551

86

429

2,971

Adjusted EBIT (2)

$

137,915

$

30,550

$

31,884

$

(1,200)

$

199,149

As a percent of total sales

18.6

%

12.7

%

19.4

%

18.3

%

Three months ended June 30, 2024

Net sales

$

648,936

$

238,758

$

133,989

$

—

$

1,021,683

Inter-segment sales

37,800

8,849

3,272

(49,921)

—

Total sales

$

686,736

$

247,607

$

137,261

$

(49,921)

$

1,021,683

Net income

$

101,708

As a percent of total sales

10

%

EBIT (1)

$

136,297

$

(5,525)

$

25,063

$

(8,550)

$

147,285

As a percent of total sales

19.8

%

(2.2)

%

18.3

%

14.4

%

Special items charges (4)

354

31,234

(140)

2,286

33,734

Adjusted EBIT (2)

$

136,651

$

25,709

$

24,923

$

(6,264)

$

181,019

As a percent of total sales

19.9

%

10.4

%

18.2

%

17.7

%

(1)

EBIT is defined as Operating income plus Other income.

(2)

The primary profit measure used by management to assess segment performance is adjusted EBIT. EBIT for each operating segment is adjusted for special items to derive adjusted EBIT.

(3)

Special items in 2025 primarily reflect Rationalization and asset impairments net charges of $905 in Americas Welding, $1,551 in International Welding and $86 in Harris Products Group, as well as acquisition transaction costs of $429 in Corporate/Eliminations.

Lincoln Electric Holdings, Inc.

Segment Highlights

(In thousands)

(Unaudited)

Americas

International

The Harris

Corporate /

Welding

Welding

Products Group

Eliminations

Consolidated

Six months ended June 30, 2025

Net sales

$

1,349,837

$

451,885

$

291,339

$

—

$

2,093,061

Inter-segment sales

73,763

14,473

9,094

(97,330)

—

Total sales

$

1,423,600

$

466,358

$

300,433

$

(97,330)

$

2,093,061

Net income

$

261,883

As a percent of total sales

12.5

%

EBIT (1)

$

259,073

$

50,599

$

55,949

$

(4,081)

$

361,540

As a percent of total sales

18.2

%

10.8

%

18.6

%

17.3

%

Special items charges (3)

3,040

2,963

264

1,231

7,498

Adjusted EBIT (2)

$

262,113

$

53,562

$

56,213

$

(2,850)

$

369,038

As a percent of total sales

18.4

%

11.5

%

18.7

%

17.6

%

Six months ended June 30, 2024

Net sales

$

1,273,035

$

474,519

$

255,326

$

—

$

2,002,880

Inter-segment sales

67,778

17,257

6,365

(91,400)

—

Total sales

$

1,340,813

$

491,776

$

261,691

$

(91,400)

$

2,002,880

Net income

$

225,123

As a percent of total sales

11.2

%

EBIT (1)

$

272,396

$

19,182

$

43,406

$

(20,390)

$

314,594

As a percent of total sales

20.3

%

3.9

%

16.6

%

15.7

%

Special items charges (4)

354

34,304

1,396

4,047

40,101

Adjusted EBIT (2)

$

272,750

$

53,486

$

44,802

$

(16,343)

$

354,695

As a percent of total sales

20.3

%

10.9

%

17.1

%

17.7

%

(1)

EBIT is defined as Operating income plus Other income.

(2)

The primary profit measure used by management to assess segment performance is adjusted EBIT. EBIT for each operating segment is adjusted for special items to derive adjusted EBIT.

(3)

Special items in 2025 primarily reflect Rationalization and asset impairments net charges of $3,040 in Americas Welding, $3,103 in International Welding and $264 in Harris Products Group, as well as acquisition transaction costs of $1,231 in Corporate/Eliminations.

(4)

Special items in 2024 primarily reflect rationalization net charges of $29,354 in International Welding, primarily due to the impact of the Company’s disposition of its Russian entity, and $1,396 in the Harris Products Group, a loss on asset disposal of $4,950 recorded to Other income (expense) in International Welding, and acquisition transaction costs of $3,944 in Corporate/Eliminations.

Lincoln Electric Holdings, Inc.

Change in Net Sales by Segment

(In thousands)

(Unaudited)

Three Months Ended June 30th Change in Net Sales by Segment

Change in Net Sales due to:

Net Sales

Foreign

Net Sales

2024

Volume

Price

Acquisitions

Exchange

2025

Operating Segments

Americas Welding

$

648,936

$

(22,346)

$

42,265

$

30,192

$

(2,317)

$

696,730

International Welding

238,758

(16,172)

852

315

9,071

232,824

The Harris Products Group

133,989

14,671

9,858

—

601

159,119

Consolidated

$

1,021,683

$

(23,847)

$

52,975

$

30,507

$

7,355

$

1,088,673

% Change

Americas Welding

(3.4)

%

6.5

%

4.7

%

(0.4)

%

7.4

%

International Welding

(6.8)

%

0.4

%

0.1

%

3.8

%

(2.5)

%

The Harris Products Group

11.0

%

7.4

%

—

0.4

%

18.8

%

Consolidated

(2.3)

%

5.2

%

3.0

%

0.7

%

6.6

%

Six Months Ended June 30th Change in Net Sales by Segment

Change in Net Sales due to:

Net Sales

Foreign

Net Sales

2024

Volume

Price

Acquisitions

Exchange

2025

Operating Segments

Americas Welding

$

1,273,035

$

(47,086)

$

55,634

$

77,519

$

(9,265)

$

1,349,837

International Welding

474,519

(29,820)

1,680

1,130

4,376

451,885

The Harris Products Group

255,326

15,458

21,392

—

(837)

291,339

Consolidated

$

2,002,880

$

(61,448)

$

78,706

$

78,649

$

(5,726)

$

2,093,061

% Change

Americas Welding

(3.7)

%

4.4

%

6.1

%

(0.8)

%

6.0

%

International Welding

(6.3)

%

0.4

%

0.2

%

0.9

%

(4.8)

%

The Harris Products Group

6.1

%

8.4

%

—

(0.4)

%

14.1

%

Consolidated

(3.1)

%

3.9

%

3.9

%

(0.2)

%

4.5

%

View source version on businesswire.com: https://www.businesswire.com/news/home/20250731101289/en/

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