Caterpillar (CAT) Investor update summary

Strategic progress and growth outlook

• Revenue guidance for 2030 was raised to 6%-9% above 2024, with significant capacity investments in large engines tripling 2024 levels.

• All business segments are experiencing strong tailwinds, with notable backlog growth and robust performance in power, energy, and construction.

• Services growth remains a key focus, with mining rebuilds and construction services both accelerating.

• The refreshed strategy is gaining traction globally, supported by leadership engagement and regional conferences.

Power and energy segment update

• Capacity additions for turbines are on plan, while large engine capacity is slightly ahead of schedule, driven by supply base investments.

• Demand for oil and gas, especially natural gas and gas compression, is strong and expected to grow with increased power generation needs.

• Capacity investments are designed to support oil and gas, power generation, and services growth, with flexibility to adapt to market changes.

• Backlog visibility extends into 2029 and 2030, with framework agreements providing line of sight beyond reported backlog.

Supply-demand dynamics and pricing discipline

• Current demand for power generation remains robust, with no slowdown observed among customers.

• Capacity is being brought online in a measured way, considering diverse end markets and long-term customer relationships.

• Pricing strategy remains value-based, with discipline expected even if supply outpaces demand, aiming to maintain premium positioning.