IDEX (IEX) Citi's Global Industrial Tech & Mobility Conference 2026 summary

Strategic evolution and phase three progress

• Currently in the midpoint of a ten-year phase three, focused on integrating acquisitions and leveraging new technologies for 21st-century problem-solving, especially in the HST segment.

• HST segment has shown consistent quarterly improvement, with 34% organic order growth in Q4 and strong momentum expected through 2026.

• Ongoing M&A activity will continue, with bolt-on acquisitions and further optimization of acquired businesses.

• Leadership is focused on perfecting operational 'source code' and exploiting strong market positions.

• New CFO brings expertise in capital deployment and M&A to support growth strategies.

Capital deployment and financial strategy

• Near-term capital deployment mirrors last year: bolt-on M&A and increased share repurchases, with $75 million per quarter targeted for 2025.

• Long-term focus will shift back toward M&A as cash flow allows, with share repurchases as a flexible lever depending on deal flow.

• Capital allocation is balanced between growth investments and returning value to shareholders.

Global expansion and manufacturing footprint

• Operations are highly localized, with production and sales typically within the same geography.

• India is a key growth market, with two incubation campuses supporting localized product lines and shared infrastructure.

• Localized sourcing and tailored solutions have driven significant unit growth in India, especially in architectural coatings.

• Global footprint enables flexible support for multinational customers and emerging markets.