CumminsCMI

01Cummins is positioned to capture sustained demand from hyperscale data-center buildouts because its Power Systems and Distribution segments supply large-displacement engines and generator sets that serve as primary and backup power for facilities that cannot tolerate grid interruption. This structural demand driver is distinct from the cyclical truck market and may underpin multi-year revenue growth.

02Cummins' global distribution and service footprint, combined with OEM integration through long-standing supply relationships and consolidated joint ventures, creates high switching costs for fleets and OEMs. Replacing Cummins powertrain components would require replicating parts availability across 13,000 dealer locations and re-engineering vehicle integration, which locks in aftermarket revenue and recurring equity earnings.

03At June 30, 2026, we had $3.9 billion in cash and marketable securities on hand and access to our $4.0 billion credit facilities (net of $348 million of commercial paper outstanding) Our debt to capital ratio at June 30, 2026 was 35.6 percent, compared to 36.0 percent at December 31, 2025 We generated $1,808 million in cash from operations for H1 2026 compared to $782 million for the comparable period in 2025 In H1 2026 we repurchased common stock at higher levels than prior year with stock repurchases increasing $468 million versus the comparable period Our global pension plans were 112 percent funded at December 31, 2025; our U.S. defined benefit plans were 115 percent funded

04Cummins' diversified geographic footprint allows it to offset North American on-highway softness with construction and power-generation demand in China, Europe, and Asia-Pacific. This geographic diversification reduces single-region cyclical exposure and provides multiple growth levers as regional cycles diverge.