# EDGAR Filing Document

**Accession Number:** 0001037646
**File Stem:** 0001037646-25-000058
**Filing Date:** 2025-11
**Character Count:** 146304
**Document Hash:** 0736cb14b3a4388709b3d4f16c8c69be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001037646-25-000058.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001037646-25-000058

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** METTLER TOLEDO INTERNATIONAL INC/
- **CENTRAL INDEX KEY:** 0001037646
- **STANDARD INDUSTRIAL CLASSIFICATION:** LABORATORY ANALYTICAL INSTRUMENTS [3826]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 133668641
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13595
- **FILM NUMBER:** 251461649

**BUSINESS ADDRESS:**
- **STREET 1:** 1900 POLARIS PARKWAY
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43240
- **BUSINESS PHONE:** 6144384511

**MAIL ADDRESS:**
- **STREET 1:** 1900 POLARIS PARKWAY
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43240

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** METTLER TOLEDO INTERNATIONAL INC
- **DATE OF NAME CHANGE:** 19971117

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MT INVESTORS INC
- **DATE OF NAME CHANGE:** 19970411

?xml version='1.0' encoding='ASCII'? mtd-20250930

**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 10-Q** 

(Mark One)

☒&nbsp;&nbsp;&nbsp;&nbsp;QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2025, OR

☐&nbsp;&nbsp;&nbsp;&nbsp;TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ____________ TO ________________

Commission File Number: 1-13595

Mettler Toledo International Inc

**_______________________________________________________________________________________________________________________________________**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware | &nbsp;&nbsp;&nbsp;&nbsp;13-3668641 |
| (State or other jurisdiction of | (I.R.S Employer Identification No.) |
| incorporation or organization) | |

---

1900 Polaris Parkway

Columbus, OH 43240

and

Im Langacher, P.O. Box MT-100

CH 8606 Greifensee, Switzerland

1-614-438-4511 and +41-44-944-22-11

**________________________________________________________________________________**

(Registrant's telephone number, including area code)

not applicable

**______________________________________________________________________________________________________________________**

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, $0.01 par value | MTD | New York Stock Exchange |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐ &nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer. ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The Registrant had 20,428,445 shares of Common Stock outstanding at September 30, 2025.

------

 **METTLER-TOLEDO INTERNATIONAL INC.**

**INDEX TO QUARTERLY REPORT ON FORM 10-Q**

---

| | | |
|:---|:---|:---|
| | | **PAGE** |
| | **<u>[PART I. FINANCIAL INFORMATION](#ifa85667e5ead49eabfb8c2af8845621c_10)</u>** | |
| **<u>[Item 1.](#ifa85667e5ead49eabfb8c2af8845621c_13)</u>** | **<u>[Financial Statements](#ifa85667e5ead49eabfb8c2af8845621c_13)</u>** | |
| | **<u>[Unaudited Interim Consolidated Financial Statements:](#ifa85667e5ead49eabfb8c2af8845621c_13)</u>** | |
|  | **<u>[Interim Consolidated Statements of Operations and Comprehensive Income for the three months ended](#ifa85667e5ead49eabfb8c2af8845621c_16)[Se](#ifa85667e5ead49eabfb8c2af8845621c_16)[ptember](#ifa85667e5ead49eabfb8c2af8845621c_16)[30, 2025 and 202](#ifa85667e5ead49eabfb8c2af8845621c_16)4</u>** | <u>[3](#ifa85667e5ead49eabfb8c2af8845621c_16)</u> |
|  | **<u>[Interim Consolidated Statements of Operations and Comprehensive Income for the](#ifa85667e5ead49eabfb8c2af8845621c_19)[n](#ifa85667e5ead49eabfb8c2af8845621c_19)[ine](#ifa85667e5ead49eabfb8c2af8845621c_19)[months ended](#ifa85667e5ead49eabfb8c2af8845621c_19)[September](#ifa85667e5ead49eabfb8c2af8845621c_19)[30, 2025 and 202](#ifa85667e5ead49eabfb8c2af8845621c_19)4</u>** | <u>[4](#ifa85667e5ead49eabfb8c2af8845621c_19)</u> |
|  | **<u>[Interim Consolidated Balance Sheets as of](#ifa85667e5ead49eabfb8c2af8845621c_22)[September](#ifa85667e5ead49eabfb8c2af8845621c_22)[30, 2025 and December 31, 202](#ifa85667e5ead49eabfb8c2af8845621c_22)4</u>** | <u>[5](#ifa85667e5ead49eabfb8c2af8845621c_22)</u> |
|  | **<u>[Interim Consolidated Statements of Shareholders' Equity for the nine months ended September 30, 2025 and 202](#ifa85667e5ead49eabfb8c2af8845621c_28)4</u>** | <u>[6](#ifa85667e5ead49eabfb8c2af8845621c_28)</u> |
|  | **<u>[Interim Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 202](#ifa85667e5ead49eabfb8c2af8845621c_31)4</u>** | <u>[7](#ifa85667e5ead49eabfb8c2af8845621c_31)</u> |
|  | **<u>[Notes to the Interim Consolidated Financial Statements at](#ifa85667e5ead49eabfb8c2af8845621c_34)[Sept](#ifa85667e5ead49eabfb8c2af8845621c_34)[ember](#ifa85667e5ead49eabfb8c2af8845621c_34)[30, 202](#ifa85667e5ead49eabfb8c2af8845621c_34)5</u>**  | <u>[8](#ifa85667e5ead49eabfb8c2af8845621c_34)</u> |
| **<u>[Item 2.](#ifa85667e5ead49eabfb8c2af8845621c_85)</u>** | **<u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#ifa85667e5ead49eabfb8c2af8845621c_85)</u>** | <u>[26](#ifa85667e5ead49eabfb8c2af8845621c_85)</u> |
| **<u>[Item 3.](#ifa85667e5ead49eabfb8c2af8845621c_94)</u>** | **<u>[Quantitative and Qualitative Disclosures About Market Risk](#ifa85667e5ead49eabfb8c2af8845621c_94)</u>** | <u>[37](#ifa85667e5ead49eabfb8c2af8845621c_94)</u> |
| **<u>[Item 4.](#ifa85667e5ead49eabfb8c2af8845621c_97)</u>** | **<u>[Controls and Procedures](#ifa85667e5ead49eabfb8c2af8845621c_97)</u>** | <u>[37](#ifa85667e5ead49eabfb8c2af8845621c_97)</u> |
|  | **<u>[PART II. OTHER INFORMATION](#ifa85667e5ead49eabfb8c2af8845621c_100)</u>** |  |
| **<u>[Item 1.](#ifa85667e5ead49eabfb8c2af8845621c_103)</u>** | **<u>[Legal Proceedings](#ifa85667e5ead49eabfb8c2af8845621c_103)</u>** | <u>[38](#ifa85667e5ead49eabfb8c2af8845621c_103)</u> |
| **<u>[Item 1A.](#ifa85667e5ead49eabfb8c2af8845621c_106)</u>** | **<u>[Risk Factors](#ifa85667e5ead49eabfb8c2af8845621c_106)</u>** | <u>[38](#ifa85667e5ead49eabfb8c2af8845621c_106)</u> |
| **<u>[Item 2.](#ifa85667e5ead49eabfb8c2af8845621c_109)</u>** | **<u>[Unregistered Sales of Equity Securities and Use of Proceeds](#ifa85667e5ead49eabfb8c2af8845621c_109)</u>** | <u>[38](#ifa85667e5ead49eabfb8c2af8845621c_109)</u> |
| **<u>[Item 3.](#ifa85667e5ead49eabfb8c2af8845621c_112)</u>** | **<u>[Defaults upon Senior Securities](#ifa85667e5ead49eabfb8c2af8845621c_112)</u>** | <u>[38](#ifa85667e5ead49eabfb8c2af8845621c_112)</u> |
| **<u>[Item 5.](#ifa85667e5ead49eabfb8c2af8845621c_115)</u>** | **<u>[Other Information](#ifa85667e5ead49eabfb8c2af8845621c_115)</u>** | <u>[38](#ifa85667e5ead49eabfb8c2af8845621c_115)</u> |
| **<u>[Item 6.](#ifa85667e5ead49eabfb8c2af8845621c_118)</u>** | **<u>[Exhibits](#ifa85667e5ead49eabfb8c2af8845621c_118)</u>** | <u>[38](#ifa85667e5ead49eabfb8c2af8845621c_118)</u> |
| **<u>[SIGNATURE](#ifa85667e5ead49eabfb8c2af8845621c_124)</u>** | **<u>[SIGNATURE](#ifa85667e5ead49eabfb8c2af8845621c_124)</u>** | <u>[40](#ifa85667e5ead49eabfb8c2af8845621c_124)</u> |

---

------

**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**PART I. FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**METTLER-TOLEDO INTERNATIONAL INC.**

**INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

**Three months ended September 30, 2025 and 2024** 

**(In thousands, except share data)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **September 30,<br>2024** |
| Net sales |  |  |
| &nbsp;&nbsp;&nbsp;Products | $766648 | $715593 |
| &nbsp;&nbsp;&nbsp;Service | 263051 | 238942 |
| Total net sales | 1029699 | 954535 |
| Cost of sales |  |  |
| &nbsp;&nbsp;&nbsp;Products | 298897 | 273205 |
| &nbsp;&nbsp;&nbsp;Service | 121346 | 108863 |
| Gross profit | 609456 | 572467 |
| Research and development | 51143 | 47117 |
| Selling, general and administrative | 248391 | 228777 |
| Amortization | 20022 | 18243 |
| Interest expense | 17695 | 18599 |
| Restructuring charges | 5972 | 2631 |
| Other charges (income), net | (3003) | (1852) |
| &nbsp;&nbsp;&nbsp;Earnings before taxes | 269236 | 258952 |
| Provision for taxes | 51743 | 47436 |
| &nbsp;&nbsp;&nbsp;Net earnings | $217493 | $211516 |
| Basic earnings per common share: |  |  |
| &nbsp;&nbsp;&nbsp;Net earnings | $10.60 | $10.01 |
| &nbsp;&nbsp;&nbsp;Weighted average number of common shares | 20510579 | 21139674 |
| Diluted earnings per common share: |  |  |
| &nbsp;&nbsp;&nbsp;Net earnings | $10.57 | $9.96 |
| &nbsp;&nbsp;&nbsp;Weighted average number of common and common equivalent shares | 20571000 | 21242343 |
| Comprehensive income, net of tax (Note 10) | $223199 | $194101 |

---

The accompanying notes are an integral part of these interim consolidated financial statements.

------

**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

**Nine months ended September 30, 2025 and 2024** 

**(In thousands, except share data)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **September 30,<br>2024** |
| Net sales |  |  |
| &nbsp;&nbsp;&nbsp;Products | $2150842 | $2128821 |
| &nbsp;&nbsp;&nbsp;Service | 745822 | 698413 |
| Total net sales | 2896664 | 2827234 |
| Cost of sales |  |  |
| &nbsp;&nbsp;&nbsp;Products | 837985 | 815703 |
| &nbsp;&nbsp;&nbsp;Service | 343468 | 325263 |
| Gross profit | 1715211 | 1686268 |
| Research and development | 146774 | 139303 |
| Selling, general and administrative | 738488 | 698963 |
| Amortization | 54796 | 54649 |
| Interest expense | 51127 | 56781 |
| Restructuring charges | 13296 | 17624 |
| Other charges (income), net | (9105) | (3728) |
| &nbsp;&nbsp;&nbsp;Earnings before taxes | 719835 | 722676 |
| Provision for taxes | 136407 | 111837 |
| &nbsp;&nbsp;&nbsp;Net earnings | $583428 | $610839 |
| Basic earnings per common share: |  |  |
| &nbsp;&nbsp;&nbsp;Net earnings | $28.20 | $28.69 |
| &nbsp;&nbsp;&nbsp;Weighted average number of common shares | 20687609 | 21288202 |
| Diluted earnings per common share: |  |  |
| &nbsp;&nbsp;&nbsp;Net earnings | $28.12 | $28.55 |
| &nbsp;&nbsp;&nbsp;Weighted average number of common and common equivalent shares | 20746950 | 21396456 |
| Comprehensive income, net of tax (Note 10) | $513351 | $602872 |

---

The accompanying notes are an integral part of these interim consolidated financial statements.

------

**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**INTERIM CONSOLIDATED BALANCE SHEETS**

**As of September 30, 2025 and December 31, 2024** 

**(In thousands, except share data)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $69065 | $59362 |
| &nbsp;&nbsp;&nbsp;Trade accounts receivable, less allowances of $16,535 at September 30, 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;and $16,657 at December 31, 2024 | 687264 | 687112 |
| &nbsp;&nbsp;&nbsp;Inventories | 401808 | 342274 |
| &nbsp;&nbsp;&nbsp;Other current assets and prepaid expenses | 123065 | 105158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1281202 | 1193906 |
| Property, plant and equipment, net | 817738 | 770280 |
| Goodwill | 731206 | 668914 |
| Other intangible assets, net | 278354 | 257143 |
| Deferred tax assets, net | 36191 | 34586 |
| Other non-current assets | 376775 | 315170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3521466 | $3239999 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** | **LIABILITIES AND SHAREHOLDERS' EQUITY** | **LIABILITIES AND SHAREHOLDERS' EQUITY** |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Trade accounts payable | $247404 | $215843 |
| &nbsp;&nbsp;&nbsp;Accrued and other liabilities | 194927 | 187701 |
| &nbsp;&nbsp;&nbsp;Accrued compensation and related items | 184565 | 184532 |
| &nbsp;&nbsp;&nbsp;Deferred revenue and customer prepayments | 234256 | 204166 |
| &nbsp;&nbsp;&nbsp;Taxes payable | 267367 | 193328 |
| &nbsp;&nbsp;&nbsp;Short-term borrowings and current maturities of long-term debt | 63609 | 182623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1192128 | 1168193 |
| Long-term debt | 2146249 | 1831265 |
| Deferred tax liabilities, net | 108037 | 103953 |
| Other non-current liabilities | 324250 | 263478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3770664 | 3366889 |
| Commitments and contingencies (Note 15) |  |  |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value per share; authorized 10,000,000 shares |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.01 par value per share; authorized 125,000,000 shares; issued 44,786,011 and 44,786,011 shares; outstanding 20,428,445 shares and 20,949,461 shares at September 30, 2025 and December 31, 2024, respectively | 448 | 448 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 917248 | 897025 |
| &nbsp;&nbsp;Treasury stock at cost (24,357,566 shares at September 30, 2025 and 23,836,550 shares at December 31, 2024) | (9705783) | (9049925) |
| &nbsp;&nbsp;&nbsp;Retained earnings | 8954824 | 8371420 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (415935) | (345858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | (249198) | (126890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $3521466 | $3239999 |

---

The accompanying notes are an integral part of these interim consolidated financial statements.

------

**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY**

**Nine months ended September 30, 2025 and 2024**

**(In thousands, except share data)**

**(unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Additional Paid-in Capital** | | | **Accumulated Other Comprehensive Income (Loss)** | |
| | **Common Stock** | **Common Stock** | **Additional Paid-in Capital** | **Treasury Stock** | **Retained Earnings** | **Accumulated Other Comprehensive Income (Loss)** | |
| | **Shares** | **Amount** | **Additional Paid-in Capital** | **Treasury Stock** | **Retained Earnings** | **Accumulated Other Comprehensive Income (Loss)** |<br>**Total** |
| **Balance at December 31, 2023** | 21526172 | $448 | $871110 | $(8212437) | $7510756 | $(319815) | $(149938) |
| Exercise of stock options and restricted stock units | 4898 |  | 585 | 1406 | (160) |  | 1831 |
| Repurchases of common stock | (173700) |  |  | (212499) |  |  | (212499) |
| Excise tax on net repurchases of common stock |  |  |  | (2083) |  |  | (2083) |
| Share-based compensation |  |  | 4722 |  |  |  | 4722 |
| Net earnings |  |  |  |  | 177509 |  | 177509 |
| Other comprehensive income (loss), net of tax |  |  |  |  |  | 21741 | 21741 |
| **Balance at March 31, 2024** | 21357370 | $448 | $876417 | $(8425613) | $7688105 | $(298074) | $(158717) |
| Exercise of stock options and restricted stock units | 18640 |  | 856 | 5449 |  |  | 6305 |
| Repurchases of common stock | (156792) |  |  | (212499) |  |  | (212499) |
| Excise tax on net repurchases of common stock |  |  |  | (1913) |  |  | (1913) |
| Share-based compensation |  |  | 4541 |  |  |  | 4541 |
| Net earnings |  |  |  |  | 221814 |  | 221814 |
| Other comprehensive income (loss), net of tax |  |  |  |  |  | (12293) | (12293) |
| **Balance at June 30, 2024** | 21219218 | $448 | $881814 | $(8634576) | $7909919 | $(310367) | $(152762) |
| Exercise of stock options and restricted stock units | 35371 |  | 3689 | 10524 | (10) |  | 14203 |
| Repurchases of common stock | (151921) |  |  | (212499) |  |  | (212499) |
| Excise tax on net repurchases of common stock |  |  |  | (1755) |  |  | (1755) |
| Share-based compensation |  |  | 4359 |  |  |  | 4359 |
| Net earnings |  |  |  |  | 211516 |  | 211516 |
| Other comprehensive income (loss), net of tax |  |  |  |  |  | (17415) | (17415) |
| **Balance at September 30, 2024** | 21102668 | $448 | $889862 | $(8838306) | $8121425 | $(327782) | $(154353) |
| **Balance at December 31, 2024** | 20949461 | $448 | $897025 | $(9049925) | $8371420 | $(345858) | $(126890) |
| Exercise of stock options and restricted stock units | 4282 |  | 896 | 1318 | (16) |  | 2198 |
| Repurchases of common stock | (170957) |  |  | (218749) |  |  | (218749) |
| Excise tax on net repurchases of common stock |  |  |  | (2026) |  |  | (2026) |
| Share-based compensation |  |  | 5139 |  |  |  | 5139 |
| Net earnings |  |  |  |  | 163587 |  | 163587 |
| Other comprehensive income (loss), net of tax |  |  |  |  |  | (5241) | (5241) |
| **Balance at March 31, 2025** | 20782786 | $448 | $903060 | $(9269382) | $8534991 | $(351099) | $(181982) |
| Exercise of stock options and restricted stock units | 13307 |  | 2705 | 4159 |  |  | 6864 |
| Repurchases of common stock | (197053) |  |  | (218748) |  |  | (218748) |
| Excise tax on net repurchases of common stock |  |  |  | (2115) |  |  | (2115) |
| Share-based compensation |  |  | 5382 |  |  |  | 5382 |
| Net earnings |  |  |  |  | 202348 |  | 202348 |
| Other comprehensive income (loss), net of tax |  |  |  |  |  | (70542) | (70542) |
| **Balance at June 30, 2025** | 20599040 | $448 | $911147 | $(9486086) | $8737339 | $(421641) | $(258793) |
| Exercise of stock options and restricted stock units | 3811 |  | 595 | 1210 | (8) |  | 1797 |
| Repurchases of common stock | (174406) |  |  | (218749) |  |  | (218749) |
| Excise tax on net repurchases of common stock |  |  |  | (2158) |  |  | (2158) |
| Share-based compensation |  |  | 5506 |  |  |  | 5506 |
| Net earnings |  |  |  |  | 217493 |  | 217493 |
| Other comprehensive income (loss), net of tax |  |  |  |  |  | 5706 | 5706 |
| **Balance at September 30, 2025** | 20428445 | $448 | $917248 | $(9705783) | $8954824 | $(415935) | $(249198) |

---

The accompanying notes are an integral part of these interim consolidated financial statements.

------

**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS**

**Nine months ended September 30, 2025 and 2024** 

**(In thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **September 30,<br>2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net earnings | $583428 | $610839 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 38049 | 37709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization | 54796 | 54649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax benefit | (5127) | (5061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 16027 | 13622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash discrete tax benefit |  | (22982) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in cash resulting from changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable, net | 40385 | 22616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (27434) | 8834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (4743) | (1775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable | 18580 | (7807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | 50040 | 5693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accruals and other | (33814) | (14178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 730187 | 702159 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of property, plant and equipment |  | 733 |
| &nbsp;&nbsp;&nbsp;Purchase of property, plant and equipment | (65620) | (62622) |
| &nbsp;&nbsp;&nbsp;Acquisitions | (75428) | (2473) |
| &nbsp;&nbsp;Other investing activities | (12421) | (4048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (153469) | (68410) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from borrowings | 1558207 | 1561649 |
| &nbsp;&nbsp;&nbsp;Repayments of borrowings | (1474937) | (1576862) |
| &nbsp;&nbsp;&nbsp;Proceeds from stock option exercises | 10859 | 22339 |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock | (656246) | (637497) |
| &nbsp;&nbsp;&nbsp;Other financing activities | (920) | (1913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (563037) | (632284) |
| Effect of exchange rate changes on cash and cash equivalents | (3978) | 302 |
| Net increase (decrease) in cash and cash equivalents | 9703 | 1767 |
| Cash and cash equivalents: |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 59362 | 69807 |
| &nbsp;&nbsp;&nbsp;End of period | $69065 | $71574 |

---

The accompanying notes are an integral part of these interim consolidated financial statements.

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

**1. BASIS OF PRESENTATION**

Mettler-Toledo International Inc. (Mettler-Toledo or the Company) is a leading global supplier of precision instruments and services. The Company manufactures weighing instruments for use in laboratory, industrial, packaging, logistics and food retailing applications. The Company also manufactures several related analytical instruments and provides automated chemistry solutions used in drug and chemical compound discovery and development. In addition, the Company manufactures metal detection and other end-of-line inspection systems used in production and packaging and provides solutions for use in certain process analytics applications. The Company's primary manufacturing facilities are located in China, Germany, Switzerland, the United Kingdom, the United States and Mexico. The Company's principal executive offices are located in Columbus, Ohio and Greifensee, Switzerland.

The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and include all entities in which the Company has control, which are its wholly-owned subsidiaries. The interim consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The accompanying interim consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. These financial statements were prepared using information reasonably available as of September 30, 2025 and through the date of this report. Actual results may differ from those estimates due to uncertainty around ongoing developments related to global trade/tariffs, governmental policies, the geopolitical environment, the conflict in Ukraine and continuing instability in the Middle East, as well as other factors.

All intercompany transactions and balances have been eliminated.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*Trade Accounts Receivable*

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for expected credit losses represents the Company's best estimate based on historical information, current information, and reasonable and supportable forecasts of future events and circumstances.

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

*Inventories*

Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company's inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required in the future.

Inventories consisted of the following:

---

| | | |
|:---|:---|:---|
| | September 30, 2025 | December 31, 2024 |
| Raw materials and parts | $179300 | $161416 |
| Work-in-progress | 81296 | 69488 |
| Finished goods | 141212 | 111370 |
| Total inventory | $401808 | $342274 |

---

*Goodwill and Other Intangible Assets*

Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair values of the assets are less than their carrying amounts.

Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period to be benefited. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangibles - Goodwill and Other" and ASC 360 "Property, Plant and Equipment".

Other intangible assets consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | September 30, 2025 | September 30, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Gross<br>Amount | Accumulated<br>Amortization | Intangibles, Net | Gross<br>Amount | Accumulated<br>Amortization | Intangibles, Net |
| Customer relationships | $326190 | $(128952) | $197238 | $289178 | $(116812) | $172366 |
| Proven technology and patents | 129944 | (90664) | 39280 | 123971 | (80634) | 43337 |
| Tradenames (finite life) | 8221 | (6264) | 1957 | 7853 | (5308) | 2545 |
| Tradenames (indefinite life) | 35792 |  | 35792 | 35088 |  | 35088 |
| Other | 14137 | (10050) | 4087 | 12426 | (8619) | 3807 |
|  | $514284 | $(235930) | $278354 | $468516 | $(211373) | $257143 |

---

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

The Company recognized amortization expense associated with the above intangible assets of $7.6 million and $6.8 million for the three months ended September 30, 2025 and 2024, respectively, and $20.8 million and $20.3 million for the nine months ended September 30, 2025 and 2024, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated to be $28.7 million for 2025, $27.7 million for 2026, $27.0 million for 2027, $24.3 million for 2028, $22.2 million for 2029, and $21.3 million for 2030. Purchased intangible amortization was $7.1 million, $5.4 million after tax, and $6.4 million, $5.0 million after tax, for the three months ended September 30, 2025 and 2024, respectively, and $19.9 million, $15.3 million after tax, and $19.5 million, $15.1 million after tax, for the nine months ended September 30, 2025 and 2024, respectively.

In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $12.4 million and $11.4 million for the three months ended September 30, 2025 and 2024, respectively, and $33.9 million and $34.2 million for the nine months ended September 30, 2025 and 2024, respectively.

*Revenue Recognition*

Product revenue is recognized from contracts with customers when a customer has obtained control of a product. The Company considers control to have transferred based upon shipping terms. To the extent the Company's arrangements have a separate performance obligation, revenue related to any post-shipment performance obligation is deferred until completed. Shipping and handling costs charged to customers are included in total net sales and the associated expense is a component of cost of sales. Certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the end customer. Revenue is recognized on these distributor arrangements upon transfer of control to the distributor. Contracts do not contain variable pricing arrangements that are retrospective, except for rebate programs. Rebates are estimated based on expected sales volumes and offset against revenue at the time such revenue is recognized. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. The related provisions for estimated returns and rebates are immaterial to the consolidated financial statements.

Certain of the Company's product arrangements include separate performance obligations, primarily related to installation. Such performance obligations are accounted for separately when the deliverables have stand-alone value and the satisfaction of the undelivered performance obligations is probable and within the Company's control. The allocation of revenue between the performance obligations is based on the observable stand-alone selling prices at the time of the sale in accordance with a number of factors including service technician billing rates, time to install, and geographic location.

Software is generally not considered a distinct performance obligation with the exception of a limited number of software applications. The Company primarily sells software products with the related hardware instrument as the software is embedded in the product. The Company's products typically require no significant production, modification, or customization of the hardware or software that is essential to the functionality of the products.

Service revenue not under contract is recognized upon the completion of the service performed. Revenue from spare parts sold on a stand-alone basis is recognized when control is transferred to the customer, which is generally at the time of shipment or delivery. Revenue from service contracts is recognized ratably over the contract period using a time-based method. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification, and preventative maintenance on a customer's pre-defined equipment over the contract period.

------

**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

*Share-Based Compensation*

The Company recognizes share-based compensation expense within selling, general and administrative in the consolidated statements of operations and other comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recognized $5.5 million and $16.0 million of share-based compensation expense for the three and nine months ended September 30, 2025, respectively, compared to $4.4 million and $13.6 million for the corresponding periods in 2024.

*Research and Development*

Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred.

*Business Combinations and Asset Acquisitions*

The Company accounts for business acquisitions under the accounting standards for business combinations using the acquisition method of accounting. The results of each acquisition are included in the Company's consolidated results as of the acquisition date. The purchase price of an acquisition is generally allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values and any consideration in excess of the net assets acquired is recognized as goodwill. The determination of the fair values of the acquired assets and assumed liabilities, including goodwill and intangible assets, require significant judgment. Acquisition transaction costs are expensed when incurred.

In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the expected contingent payments as of the acquisition date. Subsequent changes in the fair value of the contingent consideration are recorded to other charges (income), net.

*Recent Accounting Pronouncements*

In November 2023, the FASB issued ASU 2023-07: Improvements to Reportable Segment Disclosures which requires incremental disclosures about a public entity's reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The Company adopted these annual disclosure requirements on a retrospective basis in 2024. See Note 14 for the quarterly reportable segments disclosures.

In December 2023, the FASB issued ASU 2023-09: Improvements to Income Tax Disclosures, which enhances income tax disclosures, especially related to the rate reconciliation and income taxes paid information. The Company will adopt the annual disclosure requirements prospectively in 2025 and is currently evaluating the impact of these requirements on the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03: Disaggregation of Income Statement Expenses, which requires disclosures about the nature of expenses presented on the face of the income statement. The Company will adopt the annual disclosure requirements in 2027 and is currently evaluating the impact of this guidance on the consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06: Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software costs. The guidance is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. The Company has not determined when and how it will adopt this guidance and is currently evaluating the impact on the consolidated financial statements.

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

**3. REVENUE**

The Company disaggregates revenue from contracts with customers by product, service, timing of revenue recognition and geography. A summary of revenue by the Company's reportable segments for the three and nine months ended September 30, 2025 and 2024 follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the three months ended September 30, 2025 | U.S. Operations | Swiss Operations | Western European Operations | Chinese Operations | Other Operations | Total |
| Product Revenue | $278252 | $39832 | $152897 | $150526 | $145141 | $766648 |
| Service Revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Point in time | 80158 | 8800 | 48323 | 11795 | 42215 | 191291 |
| &nbsp;&nbsp;&nbsp;Over time | 27440 | 3440 | 25956 | 4643 | 10281 | 71760 |
| Total | $385850 | $52072 | $227176 | $166964 | $197637 | $1029699 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the three months ended September 30, 2024 | U.S. Operations | Swiss Operations | Western European Operations | Chinese Operations | Other Operations | Total |
| Product Revenue | $253663 | $42311 | $135271 | $147851 | $136497 | $715593 |
| Service Revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Point in time | 72240 | 7969 | 43250 | 11852 | 36370 | 171681 |
| &nbsp;&nbsp;&nbsp;Over time | 25139 | 3155 | 23316 | 4697 | 10954 | 67261 |
| Total | $351042 | $53435 | $201837 | $164400 | $183821 | $954535 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the nine months ended September 30, 2025 | U.S. Operations | Swiss Operations | Western European Operations | Chinese Operations | Other Operations | Total |
| Product Revenue | $797101 | $113592 | $417320 | $425358 | $397471 | $2150842 |
| Service Revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Point in time | 227822 | 25780 | 137462 | 31530 | 109576 | 532170 |
| &nbsp;&nbsp;&nbsp;Over time | 79201 | 9557 | 74679 | 13261 | 36954 | 213652 |
| Total | $1104124 | $148929 | $629461 | $470149 | $544001 | $2896664 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For the nine months ended September 30, 2024 | U.S. Operations | Swiss Operations | Western European Operations | Chinese Operations | Other Operations | Total |
| Product Revenue | $768744 | $125350 | $423919 | $425298 | $385510 | $2128821 |
| Service Revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Point in time | 219213 | 23348 | 129289 | 33506 | 102194 | 507550 |
| &nbsp;&nbsp;&nbsp;Over time | 71423 | 9172 | 65707 | 13178 | 31383 | 190863 |
| Total | $1059380 | $157870 | $618915 | $471982 | $519087 | $2827234 |

---

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

A breakdown of net sales to external customers by geographic customer destination for the three and nine months ended September 30 follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| | September 30, | September 30, | September 30, | September 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Americas | $431522 | $393620 | $1223530 | $1181992 |
| Europe | 292862 | 259993 | 814940 | 792690 |
| Asia / Rest of World | 305315 | 300922 | 858194 | 852552 |
| Total | $1029699 | $954535 | $2896664 | $2827234 |

---

The Company's global revenue mix by product category is laboratory (55% of sales), industrial (40% of sales) and retail (5% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global revenue mix except the Company's Swiss Operations is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A breakdown of the Company's sales by product category for the three and nine months ended September 30 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| | September 30, | September 30, | September 30, | September 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Laboratory | $564767 | $534835 | $1602907 | $1583123 |
| Industrial | 406395 | 365514 | 1142223 | 1091616 |
| Retail | 58537 | 54186 | 151534 | 152495 |
| Total | $1029699 | $954535 | $2896664 | $2827234 |

---

The payment terms in the Company's contracts with customers do not exceed one year and therefore contracts do not contain a significant financing component. In most cases, after appropriate credit evaluations, payments are due in arrears and are recognized as receivables. Unbilled revenue is recorded when performance obligations have been satisfied, but not yet billed to the customer. Unbilled revenue as of September 30, 2025 and December 31, 2024 was $43.2 million and $32.6 million, respectively, and is included within accounts receivable. Deferred revenue and customer prepayments are recorded when cash payments are received or due in advance of the performance obligation being satisfied. Deferred revenue primarily includes prepaid service contracts, as well as deferred installation.

Changes in the components of deferred revenue and customer prepayments during the nine month periods ended September 30, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Beginning balance as of January 1 | $204166 | $202022 |
| Customer pre-payments/deferred revenue | 532093 | 483079 |
| Revenue recognized | (513038) | (474832) |
| Foreign currency translation | 11035 | 381 |
| Ending balance as of September 30 | $234256 | $210650 |

---

The Company generally expenses sales commissions when incurred because the contract period is one year or less. These costs are recorded within selling, general, and administrative expenses. The value of unsatisfied performance obligations other than customer prepayments and deferred revenue associated with contracts greater than one year is immaterial.

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

**4. &nbsp;&nbsp;&nbsp;&nbsp;ACQUISITIONS**

During the third quarter of 2025, the Company acquired several companies related to its North American distribution and an extension of its life science equipment offering. The cumulative initial cash payments were $72.6 million and the Company may be required to pay additional consideration of up to $31.2 million. The additional consideration is based upon various financial thresholds measured over a period of one to three years after the closing of the respective transaction. The estimated fair value of the aggregate contingent consideration obligation at the time of acquisition of $16.8 million was determined using a Monte Carlo simulation based on the Company's forecast of future financial results.

Goodwill recorded in connection with the acquisitions totaled $48.4 million, which is deductible for tax purposes. Goodwill of $34.8 million and $13.6 million are included in the Company's U.S. Operations segment and Other Operations segment, respectively. Identified intangible finite-life assets acquired include customer relationships of $30.3 million. The Company used variations of the income approach in determining the fair value of the intangible assets acquired. Specifically, the multi-period excess earnings method was used to determine the fair value of the customer relationships acquired. The Company's determination of the fair value of the acquired intangible assets involved the use of estimates and assumptions principally related to revenue growth, and customer attrition rates.

The identifiable finite-life intangible assets will be amortized on a straight-line basis over periods of 5 to 10 years and the annual aggregate amortization expense is estimated at $3.3 million. Net tangible assets acquired were $7.7 million and were recorded at fair value in the consolidated financial statements. Acquired assets of $6.6 million and $1.1 million are included in the Company's U.S. Operations segment and Other Operations segment, respectively.

**5. &nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL INSTRUMENTS**

The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. The Company enters into certain interest rate and cross currency swap agreements in order to manage its exposure to changes in interest rates. The amount of the Company's fixed obligation interest payments may change based upon the expiration dates of its interest rate and cross currency swap agreements and the level and composition of its debt. The Company also enters into certain foreign currency forward contracts to limit the Company's exposure to currency fluctuations on the respective hedged items. For additional disclosures on derivative instruments regarding balance sheet location, fair value, and the amounts reclassified into other comprehensive income and the effective portion of the cash flow hedges, also see Note 6 and Note 10 to the interim consolidated financial statements. As also described in Note 8, the Company has designated its euro-denominated debt as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries.

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

*Cash Flow Hedges* 

The Company has entered into a number of cross currency swaps designated as cash flow hedges. The agreements convert borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate SOFR-based interest payments, excluding the credit spread, to a fixed Swiss franc income or expense as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Agreement Date** | **Amount<br>Converted** | **Effective Swiss Franc<br>Interest Rate** | **Maturity Date** |
| June 2019 | $50 million | (0.82)% | June 2023 |
| November 2021 | $50 million | (0.67)% | November 2023 |
| June 2021 | $50 million | (0.73)% | June 2024 |
| June 2021 | $50 million | (0.59)% | June 2025 |
| December 2023 | $50 million | 1.04% | November 2026 |
| November 2023 | $50 million | 1.16% | November 2026 |
| June 2023 | $50 million | 1.55% | June 2027 |
| June 2024 | $50 million | 1.15% | June 2027 |
| June 2025 | $50 million | (0.21)% | June 2028 |

---

In June 2025, the Company entered into a cross currency swap arrangement, as summarized above, to replace the cross currency swap that matured in June 2025. The new swap was designated as an effective cash flow hedge.

The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at September 30, 2025 and December 31, 2024, respectively. A derivative gain of $5.0 million based upon interest rates at September 30, 2025, is expected to be reclassified from other comprehensive income (loss) to earnings in the next twelve months. The cash flow hedges remain effective as of September 30, 2025.

*Other Derivatives*

The Company enters into foreign currency forward contracts in order to economically hedge short-term trade and non-trade intercompany balances largely denominated in Swiss franc, other major European currencies, and the Chinese renminbi with its foreign businesses. In accordance with U.S. GAAP, these contracts are considered "derivatives not designated as hedging instruments." Gains or losses on these instruments are reported in current earnings. The foreign currency forward contracts are recorded at fair value in the consolidated balance sheet at September 30, 2025 and December 31, 2024, as disclosed in Note 5. The Company recognized in other charges (income) a net gain of $2.0 million and a net loss of $3.1 million during the three months ended September 30, 2025 and 2024, respectively, and a net loss of $9.3 million and a net gain of $1.5 million during the nine months ended September 30, 2025 and 2024, respectively, which offset the related transaction gains (losses) associated with these contracts. At September 30, 2025 and December 31, 2024, these contracts had a notional value of $913.9 million and $788.6 million, respectively.&nbsp;&nbsp;&nbsp;&nbsp;

**6.&nbsp;&nbsp;&nbsp;&nbsp;FAIR VALUE MEASUREMENTS**

At September 30, 2025 and December 31, 2024, the Company had derivative assets totaling $1.4 million and $9.2 million respectively, and derivative liabilities totaling $33.7 million and $8.5 million, respectively. The Company has limited involvement with derivative financial instruments and therefore does not present all the required disclosures in tabular format. The fair values of the cross-currency swap agreements and foreign currency forward contracts that economically hedge short-term intercompany balances are estimated based upon inputs from current valuation information obtained from dealer quotes

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

and priced with observable market assumptions and appropriate valuation adjustments for credit risk. The Company has evaluated the valuation methodologies used to develop the fair values by dealers in order to determine whether such valuations are representative of an exit price in the Company's principal market. In addition, the Company uses an internally developed model to perform testing on the valuations received from brokers. The Company has also considered both its own credit risk and counterparty credit risk in determining fair value and determined these adjustments were insignificant at September 30, 2025 and December 31, 2024.

Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement consists of observable and unobservable inputs that reflect the assumptions that a market participant would use in pricing an asset or liability.

A fair value hierarchy has been established that categorizes these inputs into three levels:

Level 1:&nbsp;&nbsp;&nbsp;&nbsp;Quoted prices in active markets for identical assets and liabilities

Level 2:&nbsp;&nbsp;&nbsp;&nbsp;Observable inputs other than quoted prices in active markets for identical assets and liabilities

Level 3:&nbsp;&nbsp;&nbsp;&nbsp;Unobservable inputs

The following table presents the Company's assets and liabilities, which are all categorized as Level 2, that are measured at fair value on a recurring basis. The Company does not have any assets or liabilities which are categorized as Level 1:

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| | | | |
|:---|:---|:---|:---|
| | September 30, 2025 | December 31, 2024 | Balance Sheet Classification |
| Foreign currency forward contracts not designated as hedging instruments | $1397 | $7949 | Other current assets and prepaid expenses |
| Cash Flow Hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cross currency swap agreement |  | $855 | Other current assets and prepaid expenses |
| &nbsp;&nbsp;&nbsp;Cross currency swap agreement |  | 398 | Other non-current assets |
| Total derivative assets | $1397 | $9202 |  |
| Foreign currency forward contracts not designated as hedging instruments | $1652 | $4078 | Accrued and other liabilities |
| Cash Flow Hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cross currency swap agreement |  |  | Accrued and other liabilities |
| &nbsp;&nbsp;&nbsp;Cross currency swap agreement | 32074 | 4463 | Other non-current liabilities |
| Total derivative liabilities | $33726 | $8541 |  |

---

The Company had $12.5 million and $3.7 million of cash equivalents at September 30, 2025 and December 31, 2024, respectively, the fair value of which is determined using Level 2 inputs, through quoted and corroborated prices in active markets. The fair value of cash equivalents approximates cost.

The fair value of the Company's debt is less than the carrying value by approximately $183.8 million as of September 30, 2025. The fair value of the Company's fixed interest rate debt was estimated using Level 2 inputs, primarily discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company.

The Company has acquisition-related contingent consideration obligations totaling $16.8 million based upon actual results and future financial projections as of September 30, 2025. The fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement.

------

**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

**7.&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAXES**

The Company's reported tax rate was 19.2% and 18.3% during the three months ended September 30, 2025 and 2024, respectively and 18.9% and 15.5% during the nine months ended September 30, 2025 and 2024, respectively. The provision for taxes is based upon using the Company's projected annual effective tax rate of 19.0% before non-recurring discrete tax items during 2025 and 2024. The difference between the Company's projected annual effective tax rate and the reported tax rate is primarily related to the timing of excess tax benefits associated with stock option exercises. The reported tax rate for the nine month period ended September 30, 2024 also includes a non-cash discrete tax benefit of $23 million resulting from the reduction of uncertain tax position liabilities related to the settlement of a tax audit.

On July 4, 2025, the United States enacted new tax legislation into law. The Company reflected the impact of the legislation, which was not material, during the three months ended September 30, 2025. The Company does not expect the legislation to have a material impact on its projected annual income tax rate or consolidated financial statements..

**8.&nbsp;&nbsp;&nbsp;&nbsp;DEBT** 

Debt consisted of the following at September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | U.S. Dollar | Other Principal Trading Currencies | Total |
| 3.91% $75 million ten-year Senior Notes due June 25, 2029 | 75000 |  | 75000 |
| 5.45% $150 million ten-year Senior Notes due March 1, 2033 | 150000 |  | 150000 |
| 2.83% $125 million twelve-year Senior Notes due July 22, 2033 | 125000 |  | 125000 |
| 3.19% $50 million fifteen-year Senior Notes due January 24, 2035 | 50000 |  | 50000 |
| 2.81% $150 million fifteen-year Senior Note due March 17, 2037 | 150000 |  | 150000 |
| 2.91% $150 million fifteen-year Senior Note due September 1, 2037 | 150000 |  | 150000 |
| 1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030 |  | 146260 | 146260 |
| 1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034 |  | 157961 | 157961 |
| 1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036 |  | 146260 | 146260 |
| 3.80% Euro 100 million 10 1/2-year Senior Notes due July 9, 2035 |  | 117008 | 117008 |
| Debt issuance costs, net | (2141) | (1807) | (3948) |
| Total Senior Notes | 697859 | 565682 | 1263541 |
| $1.35 billion Credit Agreement, interest at benchmark plus 87.5 basis points <sup>(a)</sup> | 491556 | 381515 | 873071 |
| Other local arrangements | 13100 | 60146 | 73246 |
| &nbsp;&nbsp;&nbsp;Total debt | 1202515 | 1007343 | 2209858 |
| Less: current portion | (3898) | (59711) | (63609) |
| &nbsp;&nbsp;&nbsp;Total long-term debt | $1198617 | $947632 | $2146249 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> The benchmark interest rate is determined by the borrowing currency. The benchmark rates by borrowing currency are as follows: SOFR for U.S. dollars (plus a 10 basis points spread adjustment), SARON for Swiss franc, EURIBOR for Euro and SONIA for Great British pounds.

On May 30, 2024, the Company entered into a $1.35 billion Credit Agreement (the Credit Agreement), which amended its $1.25 billion Amended and Restated Credit Agreement (the Prior Credit Agreement). As of September 30, 2025, the Company had $472.4 million of additional borrowings

------

**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

available under its Credit Agreement, and the Company maintained $69.1 million of cash and cash equivalents.

The Credit Agreement is provided by a group of financial institutions (similar to the Company's Prior Credit Agreement) and has a maturity date of 2029. It is a revolving credit facility and is not subject to any scheduled principal payments prior to maturity. The obligations under the Credit Agreement are unsecured.

Borrowings under the Credit Agreement bear interest at current market rates plus a margin based on the Company's consolidated leverage ratio. The Company must also pay facility fees that are tied to its leverage ratio. The Credit Agreement contains covenants that are similar to those contained in the prior Credit Agreement, with which the Company was in compliance as of September 30, 2025. The Company is required to maintain (i) a ratio of net funded indebtedness to EBITDA of 3.5 to 1.0 or less, except in certain circumstances and (ii) an interest coverage ratio of 3.0 to 1.0 or greater. The Credit Agreement also places certain limitations on the Company, including limiting the ability to incur liens or indebtedness at a subsidiary level. In addition, the Credit Agreement has several events of default, with customary grace periods applicable.

In January 2025, the Company entered into an agreement to issue and sell EUR 100 million 10 1/2-year Senior Notes with a fixed interest rate of 3.8% (3.8% Euro Senior Notes) in a private placement, which will mature in July 2035. The 3.8% Euro Senior Notes are unsecured obligations of the Company, and the terms are consistent with the previous Notes as disclosed in Note 10 to the Company's consolidated financial statements for the year ended December 31, 2024. The Company used the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes.

The Company has designated the EUR 125 million 1.47% Euro Senior Notes, the EUR 135 million 1.30% Euro Senior Notes, the EUR 125 million 1.06% Euro Senior Notes, and the EUR 100 million 3.80% Euro Senior Notes as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries to reduce foreign currency risk associated with the net investment. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The Company recorded in other comprehensive income (loss) related to this net investment hedge an unrealized gain of $0.1 million and unrealized loss of $17.9 million for the three months ended September 30, 2025 and 2024, respectively, and an unrealized loss of $63.7 million and unrealized loss of $4.6 million for the nine month periods ended September 30, 2025 and 2024, respectively. The Company has an unrealized loss of $21.4 million recorded in accumulated other comprehensive income (loss) as of September 30, 2025.

*Other Local Arrangements*

In April 2018, two of the Company's non-U.S. pension plans issued loans totaling $39.6 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and conditions, which include an interest rate of SARON plus 87.5 basis points. The loans were renewed for one year in April 2025.

**9.&nbsp;&nbsp;&nbsp;&nbsp;SHARE REPURCHASE PROGRAM AND TREASURY STOCK**

In November 2025, the Company's Board of Directors authorized an additional $2.75 billion to be added to its share repurchase program, which had $1.1 billion of remaining availability as of September 30, 2025. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity, and other factors.

------

**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

The Company has purchased 32.9 million shares at an average price per share of $317.56 since the inception of the program in 2004 through September 30, 2025. During the nine months ended September 30, 2025 and 2024, the Company spent $656.2 million and $637.5 million on the repurchase of 542,416 shares and 482,413 shares at an average price per share of $1,209.84 and $1,321.46, respectively. The Company also reissued 21,400 shares and 58,909 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the nine months ended September 30, 2025 and 2024, respectively. In addition, the Company incurred $2.2 million and $1.8 million of excise tax during the three months ended September 30, 2025 and 2024, respectively, and $6.3 million and $5.8 million of excise tax during the nine months ended September 30, 2025 and 2024, respectively related to the Inflation Reduction Act which is reflected as a reduction in shareholders' equity in the Company's consolidated financial statements.

**10.&nbsp;&nbsp;&nbsp;&nbsp;ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)**

Comprehensive income (loss), net of tax consisted of the following as of September 30:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| | September 30, | September 30, | September 30, | September 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Net earnings | $217493 | $211516 | $583428 | $610839 |
| Other comprehensive income (loss), net of tax | 5706 | (17415) | (70077) | (7967) |
| Comprehensive income, net of tax | $223199 | $194101 | $513351 | $602872 |

---

&nbsp;&nbsp;&nbsp;&nbsp;The following table presents changes in accumulated other comprehensive income by component for the nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Currency Translation Adjustment, Net of Tax | Net Unrealized<br>Gain (Loss) on <br>Cash Flow Hedging Arrangements,<br>Net of Tax | Pension and Post-Retirement Benefit Related Items,<br>Net of Tax | Total |
| Balance at December 31, 2024 | $(133503) | $(3920) | $(208435) | $(345858) |
| Other comprehensive income (loss), net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) on cash flow hedging arrangements |  | (17013) |  | (17013) |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | (55984) |  | (23390) | (79374) |
| Amounts recognized from accumulated other comprehensive income (loss), net of tax |  | 16781 | 9529 | 26310 |
| Net change in other comprehensive income (loss), net of tax | (55984) | (232) | (13861) | (70077) |
| Balance at September 30, 2025 | $(189487) | $(4152) | $(222296) | $(415935) |

---

------

**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Currency Translation Adjustment, Net of Tax | Net Unrealized<br>Gain (Loss) on <br>Cash Flow Hedging Arrangements,<br>Net of Tax | Pension and Post-Retirement Benefit Related Items,<br>Net of Tax | Total |
| Balance at December 31, 2023 | $(117230) | $120 | $(202705) | $(319815) |
| Other comprehensive income (loss), net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) on cash flow hedging arrangements |  | 4448 |  | 4448 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | (12677) |  | 1677 | (11000) |
| Amounts recognized from accumulated other comprehensive income (loss), net of tax |  | (8767) | 7352 | (1415) |
| Net change in other comprehensive income (loss), net of tax | (12677) | (4319) | 9029 | (7967) |
| Balance at September 30, 2024 | $(129907) | $(4199) | $(193676) | $(327782) |

---

&nbsp;&nbsp;&nbsp;&nbsp;The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and nine month periods ended September 30:

---

| | | | |
|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | |
| | September 30, | September 30, | |
| | 2025 | 2024 | Location of Amounts Recognized in Earnings |
| Effective portion of (gains) losses on cash flow hedging arrangements: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cross currency swap agreement | $(1162) | $11042 | (a) |
| &nbsp;&nbsp;&nbsp;Provision for taxes | (221) | 2098 | Provision for taxes |
| &nbsp;&nbsp;&nbsp;Total, net of taxes | $(941) | $8944 |  |
| Recognition of defined benefit pension and post-retirement items: |  |  |  |
| &nbsp;&nbsp;&nbsp;Recognition of actuarial losses and prior service cost, before taxes | $4107 | $3125 | (b) |
| &nbsp;&nbsp;&nbsp;Provision for taxes | 806 | 636 | Provision for taxes |
| &nbsp;&nbsp;&nbsp;Total, net of taxes | $3301 | $2489 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The cross currency swap reflects an unrealized loss of $0.9 million for the three months ended September 30, 2025 recorded in other charges (income) that was offset by the underlying unrealized gain on the hedged debt. The cross currency swap also reflects a realized gain of $2.1 million recorded in interest expense for the three months ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 12 for additional details for the three months ended September 30, 2025 and 2024.

------

**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

---

| | | | |
|:---|:---|:---|:---|
| | Nine Months Ended | Nine Months Ended | |
| | September 30, | September 30, | |
| | 2025 | 2024 | Location of Amounts Recognized in Earnings |
| Effective portion of (gains) losses on cash flow hedging arrangements: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cross currency swap agreement | $20717 | $(10823) | (a) |
| &nbsp;&nbsp;&nbsp;Provision for taxes | 3936 | (2056) | Provision for taxes |
| &nbsp;&nbsp;&nbsp;Total, net of taxes | $16781 | $(8767) |  |
| Recognition of defined benefit pension and post-retirement items: |  |  |  |
| &nbsp;&nbsp;&nbsp;Recognition of actuarial losses and prior service cost, before taxes | $11867 | $9231 | (b) |
| &nbsp;&nbsp;&nbsp;Provision for taxes | 2338 | 1879 | Provision for taxes |
| &nbsp;&nbsp;&nbsp;Total, net of taxes | $9529 | $7352 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The cross currency swap reflects an unrealized loss of $27.1 million for the nine months ended September 30, 2025 recorded in other charges (income) that was offset by the underlying unrealized gain on the hedged debt. The cross currency swap also reflects a realized gain of $6.4 million recorded in interest expense for the nine months ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 12 for additional details for the nine months ended September 30, 2025 and 2024.

**11.&nbsp;&nbsp;&nbsp;&nbsp;EARNINGS PER COMMON SHARE**

In accordance with the treasury stock method, the Company has included the following common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three and nine months ended September 30, relating to outstanding stock options and restricted stock units:

---

| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Three months ended | 60,421 | 102,669 |
| Nine months ended | 59,341 | 108,254 |

---

Outstanding options and restricted stock units to purchase or receive 72,958 and 45,292 shares of common stock for the three month period ended September 30, 2025 and 2024, respectively, have been excluded from the calculation of diluted weighted average number of common and common equivalent shares as such options and restricted stock units would be anti-dilutive. Options and restricted stock units to purchase or receive 92,090 and 60,982 shares for the nine month period ended September 30, 2025 and 2024, respectively, have been excluded from the calculation of diluted weighted average of common and common equivalent shares as such options and restricted stock units would be anti-dilutive.

------

**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

**12.&nbsp;&nbsp;&nbsp;&nbsp;NET PERIODIC PENSION COST**

Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended September 30:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | U.S. Pension Benefits | U.S. Pension Benefits | Non-U.S. Pension Benefits | Non-U.S. Pension Benefits | Other U.S. Post-retirement Benefits | Other U.S. Post-retirement Benefits | Total | Total |
| | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Service cost, net | $233 | $397 | $4923 | $4040 | $— | $— | $5156 | $4437 |
| Interest cost on projected benefit obligations | 1201 | 1192 | 3941 | 4503 | 6 | 7 | 5148 | 5702 |
| Expected return on plan assets | (1428) | (1368) | (11397) | (9394) |  |  | (12825) | (10762) |
| Recognition of prior service cost |  |  | (1083) | (1167) | (19) | (18) | (1102) | (1185) |
| Recognition of actuarial losses/(gains) | 393 | 521 | 4849 | 3782 | 8 | 8 | 5250 | 4311 |
| Net periodic pension cost/(credit) | $399 | $742 | $1233 | $1764 | $(5) | $(3) | $1627 | $2503 |

---

Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the nine months ended September 30:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | U.S. Pension Benefits | U.S. Pension Benefits | Non-U.S. Pension Benefits | Non-U.S. Pension Benefits | Other U.S. Post-retirement Benefits | Other U.S. Post-retirement Benefits | Total | Total |
| | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Service cost, net | $699 | $1191 | $14079 | $11952 | $— | $— | $14778 | $13143 |
| Interest cost on projected benefit obligations | 3603 | 3575 | 11315 | 13352 | 17 | 20 | 14935 | 16947 |
| Expected return on plan assets | (4284) | (4104) | (32613) | (27789) |  |  | (36897) | (31893) |
| Recognition of prior service cost |  |  | (3087) | (3448) | (56) | (56) | (3143) | (3504) |
| Recognition of actuarial losses/(gains) | 1178 | 1562 | 13862 | 11181 | 24 | 24 | 15064 | 12767 |
| Net periodic pension cost/(credit) | $1196 | $2224 | $3556 | $5248 | $(15) | $(12) | $4737 | $7460 |

---

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, the Company expects to make employer contributions of approximately $25.4 million to its non-U.S. pension plans during the year ended December 31, 2025. This estimate may change based upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements.

**13.&nbsp;&nbsp;&nbsp;&nbsp;OTHER CHARGES (INCOME), NET**

Other charges (income), net includes non-service pension costs (benefits), (gains) losses from foreign currency transactions and related hedging activities, interest income and other items. Non-service pension benefits were $3.5 million and $1.9 million for the three month periods ended September 30, 2025 and 2024, respectively, and $10.1 million and $5.7 million for the nine month periods ended September 30, 2025 and 2024, respectively. Other charges (income), net also includes $1.3 million of acquisition transaction costs for the three and nine months ended September 30, 2025.

**14.&nbsp;&nbsp;&nbsp;&nbsp;SEGMENT REPORTING**

As disclosed in Note 18 to the Company's consolidated financial statements for the year ended December 31, 2024, the Company has determined there are five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other Operations.

------

**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

Our reportable segments comprise the structure used by our Chief Executive Officer, who is our Chief Operating Decision Maker (CODM), to make key operating decisions and assess performance. The Company evaluates performance based on segment profit for segment reporting (gross profit less research and development and selling, general, and administrative expenses, before amortization, interest expense, restructuring charges, other charges (income), net, and taxes).

The following tables show the operations of the Company's operating segments:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months ended <br>September 30, 2025** | **U.S. Operations** | **Swiss Operations** | **Western European Operations** | **Chinese Operations** | **Other Operations**<sup>(a)</sup> | **Eliminations and Corporate**<sup>(b)</sup> | **Total** |
| **Three Months ended <br>September 30, 2025** | **U.S. Operations** | **Swiss Operations** | **Western European Operations** | **Chinese Operations** | **Other Operations**<sup>(a)</sup> | **Eliminations and Corporate**<sup>(b)</sup> | **Total** |
| Net sales to external customers | $385850 | $52072 | $227176 | $166964 | $197637 | $— | $1029699 |
| Net sales to other segments | 35784 | 218605 | 52029 | 87272 | 11213 | (404903) |  |
| Total net sales | 421634 | 270677 | 279205 | 254236 | 208850 | (404903) | 1029699 |
| Segment cost of sales<sup>(c)</sup> | 186632 | 126308 | 126898 | 112946 | 113874 |  |  |
| Segment period expense<sup>(d)</sup> | 135097 | 62336 | 95061 | 47034 | 58292 |  |  |
| Unallocated expense / eliminations |  |  |  |  |  | 60202 |  |
| Segment profit | $99905 | $82033 | $57246 | $94256 | $36684 | $(60202) | $309922 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months ended <br>September 30, 2025** | **U.S. Operations** | **Swiss Operations** | **Western European Operations** | **Chinese Operations** | **Other Operations**<sup>(a)</sup> | **Eliminations and Corporate**<sup>(b)</sup> | **Total** |
| **Nine Months ended <br>September 30, 2025** | **U.S. Operations** | **Swiss Operations** | **Western European Operations** | **Chinese Operations** | **Other Operations**<sup>(a)</sup> | **Eliminations and Corporate**<sup>(b)</sup> | **Total** |
| Net sales to external customers | $1104124 | $148929 | $629461 | $470149 | $544001 | $— | $2896664 |
| Net sales to other segments | 109050 | 594434 | 147663 | 247664 | 28899 | (1127710) |  |
| Total net sales | 1213174 | 743363 | 777124 | 717813 | 572900 | (1127710) | 2896664 |
| Segment cost of sales<sup>(c)</sup> | 536803 | 345338 | 345947 | 323415 | 308978 |  |  |
| Segment period expense<sup>(d)</sup> | 399470 | 184416 | 279006 | 134787 | 171644 |  |  |
| Unallocated expense / eliminations |  |  |  |  |  | 164621 |  |
| Segment profit | $276901 | $213609 | $152171 | $259611 | $92278 | $(164621) | $829949 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Other Operations includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company's operating segments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Segment cost of sales includes variable production and other costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Segment period expense includes certain manufacturing, field service costs, research and development, and selling, general and administrative costs.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months ended <br>September 30, 2024** | **U.S. Operations** | **Swiss Operations** | **Western European Operations** | **Chinese Operations** | **Other Operations**<sup>(a)</sup> | **Eliminations and Corporate**<sup>(b)</sup> | **Total** |
| **Three Months ended <br>September 30, 2024** | **U.S. Operations** | **Swiss Operations** | **Western European Operations** | **Chinese Operations** | **Other Operations**<sup>(a)</sup> | **Eliminations and Corporate**<sup>(b)</sup> | **Total** |
| Net sales to external customers | $351042 | $53435 | $201837 | $164400 | $183821 | $— | $954535 |
| Net sales to other segments | 37411 | 188956 | 43605 | 78069 | 5786 | (353827) |  |
| Total net sales | 388453 | 242391 | 245442 | 242469 | 189607 | (353827) | 954535 |
| Segment cost of sales<sup>(c)</sup> | 167199 | 106381 | 113969 | 107650 | 105255 |  |  |
| Segment period expense<sup>(d)</sup> | 123977 | 55815 | 87513 | 45384 | 52897 |  |  |
| Unallocated expense / eliminations |  |  |  |  |  | 45749 |  |
| Segment profit | $97277 | $80195 | $43960 | $89435 | $31455 | $(45749) | $296573 |

---

------

**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months ended <br>September 30, 2024** | **U.S. Operations** | **Swiss Operations** | **Western European Operations** | **Chinese Operations** | **Other Operations**<sup>(a)</sup> | **Eliminations and Corporate**<sup>(b)</sup> | **Total** |
| **Nine Months ended <br>September 30, 2024** | **U.S. Operations** | **Swiss Operations** | **Western European Operations** | **Chinese Operations** | **Other Operations**<sup>(a)</sup> | **Eliminations and Corporate**<sup>(b)</sup> | **Total** |
| Net sales to external customers | $1059380 | $157870 | $618915 | $471982 | $519087 | $— | $2827234 |
| Net sales to other segments | 110846 | 581521 | 133513 | 240604 | 16722 | (1083206) |  |
| Total net sales | 1170226 | 739391 | 752428 | 712586 | 535809 | (1083206) | 2827234 |
| Segment cost of sales<sup>(c)</sup> | 505417 | 369557 | 349169 | 315640 | 295760 |  |  |
| Segment period expense<sup>(d)</sup> | 373649 | 174749 | 263864 | 132191 | 158785 |  |  |
| Unallocated expense / eliminations |  |  |  |  |  | 123657 |  |
| Segment profit | $291160 | $195085 | $139395 | $264755 | $81264 | $(123657) | $848002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Other Operations includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company's operating segments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Segment cost of sales includes variable production and other costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Segment period expense includes certain manufacturing, field service costs, research and development, and selling, general and administrative costs.

&nbsp;&nbsp;&nbsp;&nbsp;A reconciliation of earnings before taxes to segment profit for the three and nine month periods ended September 30 follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
| | 2025 | 2024 | 2025 | 2024 |
| Segment profit | $309922 | $296573 | $829949 | $848002 |
| Amortization | (20022) | (18243) | (54796) | (54649) |
| Interest expense | (17695) | (18599) | (51127) | (56781) |
| Restructuring charges | (5972) | (2631) | (13296) | (17624) |
| Other income, net | 3003 | 1852 | 9105 | 3728 |
| Earnings before taxes | $269236 | $258952 | $719835 | $722676 |

---

The following tables show the additional disclosures for the Company's reportable segments:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months ended <br>September 30, 2025** | **U.S. Operations** | **Swiss Operations** | **Western European Operations** | **Chinese Operations** | **Other Operations**<sup>(a)</sup> | **Eliminations and Corporate**<sup>(b)</sup> | **Total** |
| **Three Months ended <br>September 30, 2025** | **U.S. Operations** | **Swiss Operations** | **Western European Operations** | **Chinese Operations** | **Other Operations**<sup>(a)</sup> | **Eliminations and Corporate**<sup>(b)</sup> | **Total** |
| Depreciation | $4160 | $1764 | $1509 | $2360 | $1278 | $1644 | $12715 |
| Total assets | $4291423 | $4075489 | $1672058 | $949603 | $489820 | $(7956927) | $3521466 |
| Purchase of property, plant, and equipment | $(6219) | $(3355) | $(3384) | $(6806) | $(3097) | $(25504) | $(48365) |
| Goodwill | $567223 | $29029 | $107218 | $615 | $27121 | $— | $731206 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months ended <br>September 30, 2025** | **U.S. Operations** | **Swiss Operations** | **Western European Operations** | **Chinese Operations** | **Other Operations**<sup>(a)</sup> | **Eliminations and Corporate**<sup>(b)</sup> | **Total** |
| **Nine Months ended <br>September 30, 2025** | **U.S. Operations** | **Swiss Operations** | **Western European Operations** | **Chinese Operations** | **Other Operations**<sup>(a)</sup> | **Eliminations and Corporate**<sup>(b)</sup> | **Total** |
| Depreciation | $12481 | $5110 | $4309 | $7019 | $4395 | $4735 | $38049 |
| Purchase of property, plant, and equipment | $(8517) | $(4058) | $(4581) | $(8523) | $(4406) | $(35535) | $(65620) |

---

(a)Other Operations includes reporting units in Southeast Asia, Latin America, Eastern Europe, and other countries.

(b)Eliminations and Corporate includes the elimination of intersegment transactions as well as certain corporate expenses and intercompany investments, which are not included in the Company's operating segments.

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**METTLER-TOLEDO INTERNATIONAL INC.**

**NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

(In thousands, except share data, unless otherwise stated)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months ended <br>September 30, 2024** | **U.S. Operations** | **Swiss Operations** | **Western European Operations** | **Chinese Operations** | **Other Operations**<sup>(a)</sup> | **Eliminations and Corporate**<sup>(b)</sup> | **Total** |
| **Three Months ended <br>September 30, 2024** | **U.S. Operations** | **Swiss Operations** | **Western European Operations** | **Chinese Operations** | **Other Operations**<sup>(a)</sup> | **Eliminations and Corporate**<sup>(b)</sup> | **Total** |
| Depreciation | $4442 | $1826 | $1310 | $2353 | $1317 | $1588 | $12836 |
| Total assets | $4020585 | $3869423 | $1570262 | $1184116 | $425251 | $(7749809) | $3319828 |
| Purchase of property, plant, and equipment | $(5714) | $(3983) | $(3839) | $(4570) | $(2691) | $(24376) | $(45173) |
| Goodwill | $526337 | $27316 | $104334 | $629 | $13788 | $— | $672404 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months ended <br>September 30, 2024** | **U.S. Operations** | **Swiss Operations** | **Western European Operations** | **Chinese Operations** | **Other Operations**<sup>(a)</sup> | **Eliminations and Corporate**<sup>(b)</sup> | **Total** |
| **Nine Months ended <br>September 30, 2024** | **U.S. Operations** | **Swiss Operations** | **Western European Operations** | **Chinese Operations** | **Other Operations**<sup>(a)</sup> | **Eliminations and Corporate**<sup>(b)</sup> | **Total** |
| Depreciation | $12768 | $5307 | $3977 | $7093 | $3975 | $4589 | $37709 |
| Purchase of property, plant, and equipment | $(10139) | $(5065) | $(4831) | $(5667) | $(4376) | $(32544) | $(62622) |

---

(a)Other Operations includes reporting units in Southeast Asia, Latin America, Eastern Europe, and other countries.

(b)Eliminations and Corporate includes the elimination of intersegment transactions as well as certain corporate expenses and intercompany investments, which are not included in the Company's operating segments.

**15.&nbsp;&nbsp;&nbsp;&nbsp;COMMITMENTS AND CONTINGENCIES**

The Company is party to various legal proceedings, including certain environmental matters, incidental to the normal course of business. Management does not expect that any of such proceedings, either individually or in the aggregate, will have a material adverse effect on the Company's financial condition, results of operations or cash flows.

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Unaudited Interim Consolidated Financial Statements included herein.*

**General**

Our interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025.

Changes in local currencies exclude the effect of currency exchange rate fluctuations. Local currency amounts are determined by translating current and previous year consolidated financial information at an index utilizing historical currency exchange rates. We believe local currency information provides a helpful assessment of business performance and a useful measure of results between periods. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. We present non-GAAP financial measures in reporting our financial results to provide investors with an additional analytical tool to evaluate our operating results.

We also include in the discussion below disclosures of immaterial qualitative factors that are not quantified. Although the impact of such factors is not considered material, we believe these disclosures can be useful in evaluating our operating results.

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**Results of Operations – Consolidated**

The following tables set forth certain items from our interim consolidated statements of operations and comprehensive income for the three and nine month periods ended September 30, 2025 and 2024 (amounts in thousands).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| | **(unaudited)** | **%** | **(unaudited)** | **%** | **(unaudited)** | **%** | **(unaudited)** | **%** |
| Net sales | $1029699 | 100.0 | $954535 | 100.0 | $2896664 | 100.0 | $2827234 | 100.0 |
| Cost of sales | 420243 | 40.8 | 382068 | 40.0 | 1181453 | 40.8 | 1140966 | 40.4 |
| Gross profit | 609456 | 59.2 | 572467 | 60.0 | 1715211 | 59.2 | 1686268 | 59.6 |
| Research and development | 51143 | 5.0 | 47117 | 4.9 | 146774 | 5.1 | 139303 | 4.9 |
| Selling, general and administrative | 248391 | 24.1 | 228777 | 24.0 | 738488 | 25.5 | 698963 | 24.7 |
| Amortization | 20022 | 1.9 | 18243 | 1.9 | 54796 | 1.9 | 54649 | 1.9 |
| Interest expense | 17695 | 1.7 | 18599 | 1.9 | 51127 | 1.7 | 56781 | 2.0 |
| Restructuring charges | 5972 | 0.6 | 2631 | 0.3 | 13296 | 0.5 | 17624 | 0.6 |
| Other charges (income), net | (3003) | (0.2) | (1852) | (0.2) | (9105) | (0.4) | (3728) | (0.1) |
| Earnings before taxes | 269236 | 26.1 | 258952 | 27.2 | 719835 | 24.9 | 722676 | 25.6 |
| Provision for taxes | 51743 | 5.0 | 47436 | 5.0 | 136407 | 4.8 | 111837 | 4.0 |
| Net earnings | $217493 | 21.1 | $211516 | 22.2 | $583428 | 20.1 | $610839 | 21.6 |

---

*Recent developments in global trade disputes/tariffs*

In 2025, the U.S. government enacted incremental tariff rates at various levels ranging from 10% to 145% on U.S. imports from certain foreign countries. In response to the U.S. tariffs, the Chinese government implemented an additional tariff of 125% on imports from the U.S. that has been reduced to 10%. We estimate we will incur costs before mitigation actions from the incremental 2025 tariff rates of approximately $50 million in 2025. We are implementing various actions to fully offset the effect of the current incremental tariffs in 2026. Incremental tariff rates during 2025 are currently 39% on imports from Switzerland, 25% on non-USMCA imports from Mexico, 30% on imports from China, 15% on imports from the European Union and 10% on imports from the United Kingdom. The U.S. government has indicated it may make further changes to tariff rates in the future, especially related to China, that may adversely impact our financial results in future periods.

The recent escalation in global trade disputes/tariffs has increased economic uncertainty in

our end markets and the global economic environment, including increasing the risk of recession in many countries, and market conditions may change quickly. Although we are implementing various actions to mitigate the effect of the tariffs, they could adversely impact our financial results and could have a greater impact on our operating results in future periods. Please refer to Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 for more information.

*Net sales*

Net sales were $1.0 billion and $954.5 million for the three months ended September 30, 2025, and 2024, respectively, and $2.9 billion and $2.8 billion for nine month periods ended September 30, 2025 and 2024, respectively. Sales in U.S. dollars increased 8% for the three month period and 2% for the nine month period ended September 30, 2025. Excluding the effect of currency exchange rate fluctuations, or in local currencies, net sales increased 6% for the three month period and 2% for the nine month period ended September 30, 2025. Net sales in local currencies increased 5% for the three month period ended September 30, 2025 excluding acquisitions. We estimate that net sales growth for the nine months ended September 30, 2025 was reduced approximately 2% from the recovery of previously disclosed shipping delays during the three months ended March 31, 2024 related to a new external European logistics service provider.

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Excluding this impact, sales increased 4% in local currency for the nine months ended September 30, 2025 compared to the corresponding period in 2024.

We continue to benefit from the execution of our global sales and marketing programs, our innovative product portfolio, and investments in our field organization, particularly surrounding digital tools and techniques. However, the recent escalation in global trade disputes/tariffs has increased uncertainty in our end markets and the global economic environment, including increasing the risk of recession in many countries, and market conditions may change quickly. The ongoing developments related to global trade disputes/tariffs, governmental policies, the geopolitical environment, the conflict in Ukraine, and continuing instability in the Middle East also present several risks to our business as further described in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024. These topics could adversely impact our financial results and could have a greater impact on our operating results in future periods.

Net sales by geographic destination for the three months ended September 30, 2025 in U.S. dollars increased 10% in the Americas, 13% in Europe, and 1% Asia/Rest of World. In local currencies, our net sales by geographic destination increased 10% in the Americas, 6% in Europe, and 1% in Asia/Rest of World. Net sales in the Americas benefited approximately 1% from acquisitions for the three months ended September 30, 2025. Our net sales by geographic destination for the nine months ended September 30, 2025 in U.S. dollars increased 4% in the Americas, 3% in Europe, and 1% in Asia/Rest of World. Net sales by geographic destination for the nine months ended September 30, 2025 in local currencies increased 4% in the Americas and 1% Asia/Rest of World, and were flat in Europe. Net sales in Asia/Rest of World in local currency includes an increase of 2% and flat sales in China during the three and nine months ended September 30, 2025. Excluding the impact of the recovery of delayed shipments in the prior year, local currency sales during the nine months ended September 30, 2025 increased 5% in the Americas, 3% in Europe, and 2% in Asia/Rest of World, with a 1% increase in China. A discussion of sales by operating segment is included below.

As described in Note 18 to our consolidated financial statements for the year ended December 31, 2024, our net sales comprise product sales of precision instruments and related services. Service revenues are primarily derived from repair and other services, including regulatory compliance qualification, calibration, certification, preventative maintenance and spare parts.

Net sales of products increased 7% in U.S. dollars and 5% in local currencies for the three months ended September 30, 2025 and increased 1% in U.S. dollars and were flat in local currencies for the nine months ended September 30, 2025, compared to the corresponding periods in 2024. Service revenue (including spare parts) increased 10% in U.S. dollars and 8% in local currencies for the three months ended September 30, 2025 and increased 7% in U.S. dollars and 6% in local currencies for the nine months ended September 30, 2025, compared to the corresponding periods in 2024. Service revenue benefited approximately 1% from acquisitions for the three months ended September 30, 2025.

Net sales of our laboratory products and services, which represented approximately 55% of our total net sales, increased 6% in U.S. dollars and 4% in local currencies for the three months ended September 30, 2025, and increased 1% in both U.S. dollars and local currencies for the nine months ended September 30, 2025. Laboratory net sales growth for the nine months ended September 30, 2025 was reduced by approximately 3% from the recovery of previously disclosed shipping delays during the nine month period ended September 30, 2024. The local currency increase in net sales of our laboratory-related products for the three and nine months ended September 30, 2025 includes growth in most product categories, with particularly strong growth in process analytics during the three months ended September 30, 2025.

Net sales of our industrial products and services, which represented approximately 40% of our total net sales, increased 11% in U.S. dollars and 9% in local currencies for the three months ended September 30, 2025, and increased 5% in U.S. dollars and 4% local currencies for the nine months ended September 30, 2025. Net sales of our industrial products and services benefited approximately 1% from acquisitions for the three months ended September 30, 2025. Industrial net

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sales growth for the nine months ended September 30, 2025 was reduced by approximately 1% from the recovery of previously disclosed shipping delays during the nine month period ended September 30, 2024. The local currency increase in net sales of our industrial-related products for the three months ended September 30, 2025 includes strong growth in most product categories, especially core-industrial products. The nine months ended September 30, 2025 also benefited from excellent growth in product inspection.

Net sales in our food retailing products and services, which represented approximately 5% of our total net sales, increased 8% in U.S. dollars and 5% in local currencies for the three months ended September 30, 2025, and decreased 1% in U.S. dollars and 2% in local currencies for the nine months ended September 30, 2025. Retail net sales growth for the nine months ended September 30, 2025 was reduced by approximately 3% from the recovery of the previously disclosed shipping delays during the nine month period ended September 30, 2024. The local currency net sales of our food retailing products for the three and nine months ended September 30, 2025 are impacted by the timing of customer project activity with strong growth in Europe during the three month period ended September 30, 2025.

*Gross profit*

Gross profit as a percentage of net sales was 59.2% and 60.0% for the three months ended September 30, 2025 and 2024, respectively, and 59.2% and 59.6% for the nine months ended September 30, 2025 and 2024, respectively.

Gross profit as a percentage of net sales for products was 61.0% and 61.8% for the three months ended September 30, 2025 and 2024, respectively, and 61.0% and 61.7% for the nine months ended September 30, 2025 and 2024, respectively.

Gross profit as a percentage of net sales for services (including spare parts) was 53.9% and 54.4% for the three months ended September 30, 2025 and 2024, respectively, and 53.9% and 53.4% for the nine months ended September 30, 2025 and 2024, respectively.

The decrease in gross profit as a percentage of net sales for the three and nine months ended September 30, 2025 primarily reflects increased tariff costs and unfavorable business mix, partially offset by favorable price realization and benefits from our SternDrive program. The decrease in gross profit as a percentage of net sales for the nine months ended September 30, 2025 also includes lower sales volume related to the recovery of shipping delays in the prior year.

The escalation in global trade disputes/tariffs may negatively impact our gross margins in future periods. As previously mentioned, we have implemented various actions to mitigate the effect of the tariffs.

*Research and development and selling, general and administrative expenses*

Research and development expenses as a percentage of net sales was 5.0% and 4.9% for the three months ended September 30, 2025 and 2024, respectively, and was 5.1% and 4.9% for the nine months ended September 30, 2025 and 2024, respectively. Research and development expenses increased 9% in U.S. dollars and 4% in local currencies for the three months ended September 30, 2025, and increased 5% in U.S. dollars and 3% in local currencies for the nine months ended September 30, 2025, respectively, compared to the corresponding periods in 2024.

Selling, general and administrative expenses as a percentage of net sales were 24.1% and 24.0% for the three months ended September 30, 2025 and 2024, respectively, and were 25.5% and 24.7% for the nine months ended September 30, 2025 and 2024, respectively. Selling, general and administrative expenses increased 9% in U.S. dollars and 6% in local currencies for the three months ended September 30, 2025, and increased 6% in U.S. dollars and 4% local currencies for the nine months ended September 30, 2025. The local currency increase for the three and nine months ended September 30, 2025 includes sales and marketing investments, offset in part by savings from our cost savings initiatives.

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*Amortization, interest expense, restructuring charges, other charges (income), net and taxes* 

Amortization expense was $20.0 million and $18.2 million for the three months ended September 30, 2025 and 2024, respectively, and $54.8 million and $54.6 million for the nine months ended September 30, 2025 and 2024, respectively.

Interest expense was $17.7 million and $18.6 million for the three months ended September 30, 2025 and 2024, respectively, and $51.1 million and $56.8 million for the nine months ended September 30, 2025 and 2024, respectively.

Restructuring charges were $6.0 million and $2.6 million for the three months ended September 30, 2025 and 2024, respectively, and $13.3 million and $17.6 million for the nine months ended September 30, 2025 and 2024, respectively. Restructuring expenses are primarily comprised of employee-related costs.

Other charges (income), net includes non-service pension costs (benefits), net (gains) losses from foreign currency transactions and hedging activities, interest income and other items. Non-service pension benefits were $3.5 million and $1.9 million for the three months ended September 30, 2025 and 2024, respectively, and $10.1 million and $5.7 million for the nine months ended September 30, 2025 and 2024, respectively. Other charges (income), net also includes $1.3 million of acquisition transaction costs for the three and nine months ended September 30, 2025.

Our reported tax rate was 19.2% and 18.3% during the three months ended September 30, 2025 and 2024, respectively, and 18.9% and 15.5% during the nine months ended September 30, 2025 and 2024, respectively. The reported tax rate for the nine month period ended September 30, 2024 includes a non-cash discrete tax benefit of $23.0 million resulting from the reduction of uncertain tax position liabilities related to the settlement of a tax audit. The provision for taxes is based upon our projected annual effective tax rate of 19.0% before non-recurring discrete tax items for the periods ended September 30, 2025 and 2024. The difference between our projected annual effective tax rate and the reported tax rate is related to the timing of excess tax benefits associated with stock option exercises and the non-recurring discrete tax item in the prior year.

On July 4, 2025, the United States enacted new tax legislation into law. We reflected the impact of the legislation, which was not material, during the three months ended September 30, 2025. We do not expect the legislation to have a material impact on our projected annual income tax rate or consolidated financial statements.

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**Results of Operations – by Operating Segment**

The following is a discussion of the financial results of our operating segments. We currently have five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other Operations. A more detailed description of these segments is outlined in Note 18 to our consolidated financial statements for the year ended December 31, 2024.

*U.S. Operations (amounts in thousands)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | | **Nine months ended September 30,** | **Nine months ended September 30,** | |
| | 2025 | 2024 |% | 2025 | 2024 |% |
| Net sales to external customers | $385850 | $351042 | 10% | $1104124 | $1059380 | 4% |
| Net sales to other segments | 35784 | 37411 | (4)% | 109050 | 110846 | (2)% |
| Segment net sales | 421634 | 388453 | 9% | 1213174 | 1170226 | 4% |
| Segment cost of sales | 186632 | 167199 | 12% | 536803 | 505417 | 6% |
| Segment period expense | 135097 | 123977 | 9% | 399470 | 373649 | 7% |
| Segment profit | $99905 | $97277 | 3% | $276901 | $291160 | (5)% |

---

Segment net sales increased 9% and 4% for the three and nine months ended September 30, 2025, respectively, compared with the corresponding periods in 2024. Net sales to external customers increased 10% and 4% for the three and nine months ended September 30, 2025, respectively, compared with the corresponding periods in 2024. Net sales to external customers and segment net sales benefited 1% from acquisitions for the three months ended September 30, 2025. The growth in net sales to external customers during the nine months ended September 30, 2025 was reduced approximately 1% from the recovery of previously disclosed shipping delays during the nine months ended September 30, 2024. Net sales to external customers for the three and nine months ended September 30, 2025 includes particularly strong growth in process analytics and product inspection. Net sales to external customers for the three months ended September 30, 2025 also includes strong growth in core industrial.

Segment profit increased $2.6 million and decreased $14.3 million for the three and nine months ended September 30, 2025, compared to the corresponding periods in 2024. Segment profit during the three and nine months ended September 30, 2025 includes higher tariff costs offset in part by pricing. Segment profit during the nine months ended September 30, 2025 was also negatively impacted by lower sales volume in the first quarter related to the previously disclosed shipping delay recovery in the prior year.

*Swiss Operations (amounts in thousands)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | | **Nine months ended September 30,** | **Nine months ended September 30,** | |
| | 2025 | 2024 |%<sup>1)</sup> | 2025 | 2024 |%<sup>1)</sup> |
| Net sales to external customers | $52072 | $53435 | (3)% | $148929 | $157870 | (6)% |
| Net sales to other segments | 218605 | 188956 | 16% | 594434 | 581521 | 2% |
| Segment net sales | 270677 | 242391 | 12% | 743363 | 739391 | 1% |
| Segment cost of sales | 126308 | 106381 | 19% | 345338 | 369557 | (7)% |
| Segment period expense | 62336 | 55815 | 12% | 184416 | 174749 | 6% |
| Segment profit | $82033 | $80195 | 2% | $213609 | $195085 | 9% |

---

1)Represents U.S. dollar growth (decline).

&nbsp;&nbsp;&nbsp;&nbsp;

Segment net sales increased 12% in U.S. dollars and 4% in local currency for the three months ended September 30, 2025, and increased 1% in U.S. dollars and decreased 4% in local currency for the nine months ended September 30, 2025, respectively, compared to the

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corresponding periods in 2024. Net sales to external customers decreased 3% in U.S. dollars and 7% in local currency for the three months ended September 30, 2025 and decreased 6% in U.S. dollars and 8% in local currency for the nine months ended September 30, 2025, compared to the corresponding periods in 2024. The decline in net sales to external customers during the nine months ended September 30, 2025 includes a 4% decline from the recovery of previously disclosed shipping delays during the nine months ended September 30, 2024. Net sales to external customers for the three and nine months ended September 30, 2025 includes declines in most product categories.

Segment profit increased $1.8 million and $18.5 million for the three and nine months ended September 30, 2025, respectively, compared to the corresponding periods in 2024. Segment profit increased during the three months ended September 30, 2025 primarily due to higher net sales to other segments, offset in part by unfavorable foreign currency translation.

*Western European Operations (amounts in thousands)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | | **Nine months ended September 30,** | **Nine months ended September 30,** | |
| | 2025 | 2024 |%<sup>1)</sup> | 2025 | 2024 |%<sup>1)</sup> |
| Net sales to external customers | $227176 | $201837 | 13% | $629461 | $618915 | 2% |
| Net sales to other segments | 52029 | 43605 | 19% | 147663 | 133513 | 11% |
| Segment net sales | 279205 | 245442 | 14% | 777124 | 752428 | 3% |
| Segment cost of sales | 126898 | 113969 | 11% | 345947 | 349169 | (1)% |
| Segment period expense | 95061 | 87513 | 9% | 279006 | 263864 | 6% |
| Segment profit | $57246 | $43960 | 30% | $152171 | $139395 | 9% |

---

1)Represents U.S. dollar growth (decline).

Segment net sales increased 14% in U.S. dollars and 7% in local currencies for the three months ended September 30, 2025 and increased 3% in U.S. dollars and were flat in local currencies for the nine months ended September 30, 2025, compared to the corresponding periods in 2024. Net sales to external customers increased 13% in U.S. dollars and 6% in local currencies for the three months ended September 30, 2025, and increased 2% in U.S. dollars and decreased 1% in local currencies for the nine months ended September 30, 2025, compared to the corresponding periods in 2024. The growth in net sales to external customers during the nine months ended September 30, 2025 was reduced approximately 3% from the recovery of previously disclosed shipping delays during the nine month period ended September 30, 2024. Net sales to external customers for the three months ended September 30, 2025 includes very strong growth in core industrial and retail products.

Segment profit increased $13.3 million and $12.8 million for the three and nine month periods ended September 30, 2025, respectively, compared to the corresponding periods in 2024. The increase in segment profit during the three and nine months ended September 30, 2025 includes increased net sales and benefits from our margin expansion initiatives, as well as favorable foreign currency translation.

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

*Chinese Operations (amounts in thousands)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | | **Nine months ended September 30,** | **Nine months ended September 30,** | |
| | 2025 | 2024 |%<sup>1)</sup> | 2025 | 2024 |%<sup>1)</sup> |
| Net sales to external customers | $166964 | $164400 | 2% | $470149 | $471982 | —% |
| Net sales to other segments | 87272 | 78069 | 12% | 247664 | 240604 | 3% |
| Segment net sales | 254236 | 242469 | 5% | 717813 | 712586 | 1% |
| Segment cost of sales | 112946 | 107650 | 5% | 323415 | 315640 | 2% |
| Segment period expense | 47034 | 45384 | 4% | 134787 | 132191 | 2% |
| Segment profit | $94256 | $89435 | 5% | $259611 | $264755 | (2)% |

---

1)Represents U.S. dollar growth (decline).

Segment net sales increased 5% in both U.S. dollars and local currency for the three months ended September 30, 2025 and increased 1% in both U.S. dollars and local currency for the nine months ended September 30, 2025, compared to the corresponding periods in 2024. Net sales to external customers increased 2% in U.S. dollars and 1% in local currency by origin for the three months ended September 30, 2025 and were flat in both U.S. dollars and local currency during the nine months ended September 30, 2025, compared to the corresponding periods in 2024. The growth in net sales to external customers during the nine months ended September 30, 2025 was reduced approximately 1% from the recovery of previously disclosed shipping delays during the nine month period ended September 30, 2024. Net sales to external customers for the three months ended September 30, 2025 includes modest growth in both industrial and laboratory-related products.

Segment profit increased $4.8 million and decreased $5.1 million for the three and nine month periods ended September 30, 2025, respectively, compared to the corresponding periods in 2024. The increase in segment profit during the three months ended September 30, 2025 includes higher sales volume and benefits from our margin expansion initiatives.

*Other Operations (amounts in thousands)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | | **Nine months ended September 30,** | **Nine months ended September 30,** | |
| | 2025 | 2024 |%<sup>1)</sup> | 2025 | 2024 |%<sup>1)</sup> |
| Net sales to external customers | $197637 | $183821 | 8% | $544001 | $519087 | 5% |
| Net sales to other segments | 11213 | 5786 | 94% | 28899 | 16722 | 73% |
| Segment net sales | 208850 | 189607 | 10% | 572900 | 535809 | 7% |
| Segment cost of sales | 113874 | 105255 | 8% | 308978 | 295760 | 4% |
| Segment period expense | 58292 | 52897 | 10% | 171644 | 158785 | 8% |
| Segment profit | $36684 | $31455 | 17% | $92278 | $81264 | 14% |

---

1)Represents U.S. dollar growth (decline).

Segment net sales increased 10% in U.S. dollars and 9% in local currency for the three months ended September 30, 2025 and increased 7% in U.S. dollars and 8% in local currency for the nine months ended September 30, 2025, compared to the corresponding periods in 2024. Net sales to external customers increased 8% in U.S. dollars and 6% in local currencies for the three months ended September 30, 2025 and increased 5% in both U.S. dollars and local currencies for the nine months ended September 30, 2025, compared to the corresponding periods in 2024. Other Operations net sales to external customers and segment net sales benefited approximately 1% from acquisitions for the three months ended September 30, 2025. The growth in net sales to external customers during the nine months ended September 30, 2025 was reduced approximately 3% from the recovery of previously disclosed shipping delays during the nine months ended September 30, 2024. Net sales to external customers for the three and nine months ended September 30, 2025 includes strong growth in most product categories, particularly process analytics.

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

Segment profit increased $5.2 million and $11.0 million for the three and nine months ended September 30, 2025, respectively, compared to the corresponding periods in 2024. The increase in segment profit for the three and nine months ended September 30, 2025 is primarily related to increased sales volume and benefits from our margin expansion initiatives.

**Liquidity and Capital Resources**

Liquidity is our ability to generate sufficient cash flows from operating activities to meet our obligations and commitments. In addition, liquidity includes available borrowings under our Credit Agreement, the ability to obtain appropriate financing and our cash and cash equivalent balances. Currently, our liquidity needs are primarily driven by working capital requirements, capital expenditures, share repurchases and acquisitions. Global market conditions can be uncertain, and our ability to generate cash flows could be reduced by a deterioration in global markets.

We currently believe that cash flows from operating activities, together with liquidity available under our Credit Agreement, local working capital facilities, and cash balances, will be sufficient to fund currently anticipated working capital needs and spending requirements for at least the foreseeable future.

Cash provided by operating activities totaled $730.2 million during the nine months ended September 30, 2025, compared to $702.2 million in the corresponding period in 2024. The increase for the nine months ended September 30, 2025 includes lower tax payments and favorable working capital, offset in part by higher cash incentive payments of approximately $36 million related to prior year performance.

Capital expenditures are made primarily for investments in information systems and technology, machinery, equipment and the purchase and expansion of facilities. Our capital expenditures totaled $65.6 million for the nine months ended September 30, 2025 compared to $62.6 million in the corresponding period in 2024.

We continue to explore potential acquisitions. In connection with any acquisition, we may incur additional indebtedness. During the third quarter of 2025, we acquired several acquisitions related to our North America distribution and an extension of our life science equipment offering. The cumulative initial cash payments were $72.6 million and we may be required to pay additional consideration of up to $31.2 million. Goodwill recorded in connection with the acquisitions totaled $48.4 million. We also recorded $31.8 million of identified intangibles primarily pertaining to customer relationships in connection with the acquisitions, which will be amortized on a straight-line basis over 5 to 10 years. For additional information related to these acquisitions, refer to Note 4 to the interim consolidated financial statements.

Cash flows used in financing activities are primarily comprised of share repurchases. In accordance with our share repurchase program, we spent $656.2 million and $637.5 million on the repurchase of 542,416 shares and 482,413 shares, during the nine months ended September 30, 2025 and 2024, respectively.

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

*Senior Notes and Credit Facility Agreement*

Our debt consisted of the following at September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | U.S. Dollar | Other Principal Trading Currencies | Total |
| 3.91% $75 million ten-year Senior Notes due June 25, 2029 | 75000 |  | 75000 |
| 5.45% $150 million ten-year Senior Notes due March 1, 2033 | 150000 |  | 150000 |
| 2.83% $125 million twelve-year Senior Notes due July 22, 2033 | 125000 |  | 125000 |
| 3.19% $50 million fifteen-year Senior Notes due January 24, 2035 | 50000 |  | 50000 |
| 2.81% $150 million fifteen-year Senior Note due March 17, 2037 | 150000 |  | 150000 |
| 2.91% $150 million fifteen-year Senior Note due September 1, 2037 | 150000 |  | 150000 |
| 1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030 |  | 146260 | 146260 |
| 1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034 |  | 157961 | 157961 |
| 1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036 |  | 146260 | 146260 |
| 3.80% Euro 100 million 10 1/2-year Senior Notes due July 9, 2035 |  | 117008 | 117008 |
| Debt issuance costs, net | (2141) | (1807) | (3948) |
| Total Senior Notes | 697859 | 565682 | 1263541 |
| $1.35 billion Credit Agreement, interest at benchmark plus 87.5 basis points <sup>(a)</sup> | 491556 | 381515 | 873071 |
| Other local arrangements | 13100 | 60146 | 73246 |
| &nbsp;&nbsp;&nbsp;Total debt | 1202515 | 1007343 | 2209858 |
| Less: current portion | (3898) | (59711) | (63609) |
| &nbsp;&nbsp;&nbsp;Total long-term debt | $1198617 | $947632 | $2146249 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> The benchmark interest rate is determined by the borrowing currency. The benchmark rates by borrowing currency are as follows: SOFR for U.S. dollars (plus a 10 basis points spread adjustment), SARON for Swiss franc, EURIBOR for Euro and SONIA for Great British pounds.&nbsp;&nbsp;&nbsp;&nbsp;

On May 30, 2024, we entered into a $1.35 billion Credit Agreement (the Credit Agreement), which amended our $1.25 billion Amended and Restated Credit Agreement (the Prior Credit Agreement), that is further described in Note 8 of our consolidated financial statements.

As of September 30, 2025, we had $472.4 million of additional borrowings available under our Credit Agreement, and we maintained $69.1 million of cash and cash equivalents.

Changes in exchange rates between the currencies in which we generate cash flows and the currencies in which our borrowings are denominated affect our liquidity. In addition, because we borrow in a variety of currencies, our debt balances fluctuate due to changes in exchange rates. Further, we do not have any downgrade triggers relating to ratings from rating agencies that would accelerate the maturity dates of our debt. We were in compliance with our debt covenants as of September 30, 2025.

In January 2025, we entered into an agreement to issue and sell EUR 100 million 10 1/2-year Senior Notes with a fixed interest rate of 3.8% (3.8% Euro Senior Notes) in a private placement, which will mature in July 2035. The 3.8% Euro Senior Notes are unsecured obligations of the Company and the terms are consistent with the previous Notes as disclosed in Note 10 to our consolidated financial statements for the year ended December 31, 2024. We used the proceeds from the sale of the Notes to refinance existing indebtedness and for other general corporate purposes.

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

*Other Local Arrangements*

In April 2018, two of our non-U.S. pension plans issued loans totaling $39.6 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and conditions which include an interest rate of SARON plus 87.5 basis points. The loans were renewed for one year in April 2025.

*Share Repurchase Program*

In November 2025, the Company's Board of Directors authorized an additional $2.75 billion to be added to our share repurchase program, which had $1.1 billion of remaining availability as of September 30, 2025. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity, and other factors.

We have purchased 32.9 million shares at an average price per share of $317.56 since the inception of the program in 2004 through September 30, 2025. During the nine months ended September 30, 2025 and 2024, we spent $656.2 million and $637.5 million on the repurchase of 542,416 and 482,413 shares at an average price per share of $1,209.84 and $1,321.46, respectively. We also reissued 21,400 shares and 58,909 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the nine months ended September 30, 2025 and 2024, respectively. In addition, we incurred $2.2 million and $1.8 million of excise tax during the three months ended September 30, 2025 and 2024, respectively, and $6.3 million and $5.8 million of excise tax during the nine months ended September 30, 2025 and 2024, respectively related to the Inflation Reduction Act which is reflected as a reduction in shareholders' equity in our consolidated financial statements.

**Effect of Currency on Results of Operations**

Our earnings are affected by changes in exchange rates. We are most sensitive to changes in the exchange rates between the Swiss franc, euro, Chinese renminbi, and U.S. dollar. We have more Swiss franc expenses than we do Swiss franc sales because we develop and manufacture products in Switzerland that we sell globally, and have a number of corporate functions located in Switzerland. When the Swiss franc strengthens against our other trading currencies, particularly the U.S. dollar and euro, our earnings decrease. We also have significantly more sales in the euro than we do expenses. When the euro weakens against the U.S. dollar and Swiss franc, our earnings also decrease. We estimate a 1% strengthening of the Swiss franc against the euro would reduce our earnings before tax by approximately $2.6 million to $2.9 million annually.

We also conduct business in many geographies throughout the world, including Asia Pacific, the United Kingdom, Eastern Europe, Latin America, and Canada. Fluctuations in these currency exchange rates against the U.S. dollar can also affect our operating results. The most significant of these currency exposures is the Chinese renminbi. The impact on our earnings before tax of the Chinese renminbi weakening 1% against the U.S. dollar is a reduction of approximately $2.1 million to $2.4 million annually.

In addition to the effects of exchange rate movements on operating profits, our debt levels can fluctuate due to changes in exchange rates, particularly between the U.S. dollar, the Swiss franc and the euro. Based on our outstanding debt at September 30, 2025, we estimate that a 5% weakening of the U.S. dollar against the currencies in which our debt is denominated would result in an increase of approximately $53.1 million in the reported U.S. dollar value of our debt.

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**Forward-Looking Statements Disclaimer**

*You should not rely on forward-looking statements to predict our actual results. Our actual results or performance may be materially different than reflected in forward-looking statements because of various risks and uncertainties. You can identify forward-looking statements by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," or "continue."*

*We make forward-looking statements in this Quarterly Report about future events or our future financial performance, including sales and earnings growth, earnings per share, strategic plans and contingency plans, growth opportunities or economic downturns, our ability to respond to changes in market conditions, planned research and development efforts and product introductions, adequacy of facilities, access to and the costs of raw materials, shipping and supplier costs, gross margins, customer demand, our competitive position, pricing, capital expenditures, cash flow, share repurchases, tax-related matters, the impact of foreign currencies, compliance with laws, effects of acquisitions, the impact of inflation, ongoing developments related to global trade disputes/tariffs, governmental policies, the geopolitical environment, the conflict in Ukraine and continuing instability in the Middle East on our business.*

*Our forward-looking statements may not be accurate or complete, speak only as of the date of this Quarterly Report, and we do not intend to update or revise them in light of actual results. New risks also periodically arise. Please consider the risks and factors that could cause our results to differ materially from what is described in our forward-looking statements, including ongoing developments related to global trade disputes/tariffs, governmental policies, the geopolitical environment, inflation, the conflict in Ukraine and continuing instability in the Middle East. See in particular "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC from time to time.*

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

As of September 30, 2025, there was no material change in the information provided under Item 7A in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

**Item 4. Controls and Procedures**

Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer, have concluded that these disclosure controls and procedures are effective. There were no changes in our internal control over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings.** None

**Item 1A. Risk Factors.**

For the three and nine months ended September 30, 2025 there were no material changes from risk factors disclosed in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

*Issuer Purchases of Equity Securities*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | (a) | (b) | (c) | (d) |  |  |  |  |  |
| | Total Number of<br>Shares Purchased | Average Price Paid<br>per Share | Total Number of<br>Shares Purchased as Part of Publicly Announced Program | Approximate Dollar<br>Value (in thousands) of Shares that may yet be Purchased under the Program | | | | | |
| | Total Number of<br>Shares Purchased | Average Price Paid<br>per Share | Total Number of<br>Shares Purchased as Part of Publicly Announced Program | Approximate Dollar<br>Value (in thousands) of Shares that may yet be Purchased under the Program | July 1 to July 31, 2025 | 61728 | $1219.71 | 61728 | $1195646 |
| | Total Number of<br>Shares Purchased | Average Price Paid<br>per Share | Total Number of<br>Shares Purchased as Part of Publicly Announced Program | Approximate Dollar<br>Value (in thousands) of Shares that may yet be Purchased under the Program | August 1 to August 31, 2025 | 59056 | $1274.95 | 59056 | $1120351 |
| September 1 to September 30, 2025 | 53622 | $1271.15 | 53622 | $1052188 |  |  |  |  |  |
| Total | 174406 | $1254.23 | 174406 | $1052188 |  |  |  |  |  |

---

In November 2025, the Company's Board of Directors authorized an additional $2.75 billion to be added to the share repurchase program, which had $1.1 billion of remaining availability as of September 30, 2025. The Company has purchased 32.9 million shares at an average price per share of $317.56 since the inception of the program in 2004 through September 30, 2025.

During the nine months ended September 30, 2025 and 2024, the Company spent $656.2 million and $637.5 million on the repurchase of 542,416 and 482,413 shares at an average price per share of $1,209.84 and $1,321.46, respectively. The Company also reissued 21,400 shares and 58,909 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the nine months ended September 30, 2025 and 2024, respectively. In addition, the Company incurred $2.2 million and $1.8 million of excise tax during the three months ended September 30, 2025 and 2024, respectively, and $6.3 million and $5.8 million of excise tax during the nine months ended September 30, 2025 and 2024, respectively related to the Inflation Reduction Act which is reflected as a reduction in shareholders' equity in the Company's consolidated financial statements.

**Item 3. Defaults Upon Senior Securities.** None

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Other information.** None

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.** See Exhibit Index.

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**<u>[**Table of Contents**](#ifa85667e5ead49eabfb8c2af8845621c_7)</u>**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| Exhibit No. | Description |
| <u>[31.1\*](mtdexhibit3119302025.htm)</u> | <u>[Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes — Oxley Act of 2002](mtdexhibit3119302025.htm)</u> |
| <u>[31.2\*](mtdexhibit3129302025.htm)</u> | <u>[Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes — Oxley Act of 2002](mtdexhibit3129302025.htm)</u> |
| <u>[32\*](mtdexhibit329302025.htm)</u> | <u>[Certification Pursuant to Section 906 of the Sarbanes — Oxley Act of 2002](mtdexhibit329302025.htm)</u> |
| 101.INS\* | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH\* | XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB\* | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF\* | XBRL Taxonomy Extension Definition Linkbase Document |

---

**_______________________**

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | | Mettler-Toledo International Inc. | Mettler-Toledo International Inc. |
| Date: | November 7, 2025 | By: | /s/ Shawn P. Vadala |
|  |  |  | Shawn P. Vadala |
|  |  |  | Chief Financial Officer |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Patrick Kaltenbach, certify that:

(1)I have reviewed this quarterly report on Form 10-Q of Mettler-Toledo International Inc.;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

(5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: November 7, 2025

<u>/s/ Patrick Kaltenbach</u>

&nbsp;&nbsp;&nbsp;&nbsp;

Patrick Kaltenbach&nbsp;&nbsp;&nbsp;&nbsp;

Chief Executive Officer

## Exhibit 31.2

**Exhibit 31.2**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Shawn P. Vadala, certify that:

(1)I have reviewed this quarterly report on Form 10-Q of Mettler-Toledo International Inc.;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

(5)The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: November 7, 2025

<u>/s/ Shawn P. Vadala</u>

Shawn P. Vadala

Chief Financial Officer

## Ex-32

**Exhibit 32**

**Certification Pursuant to** 

**Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), each of the undersigned officers of Mettler-Toledo International Inc. (the "Company") does hereby certify, to such officer's knowledge, that:

This quarterly report on Form 10-Q for the period ending September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in this periodic report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 7, 2025

<u>/s/ Patrick Kaltenbach</u>

Patrick Kaltenbach

Chief Executive Officer

<u>/s/ Shawn P. Vadala</u>

Shawn P. Vadala

Chief Financial Officer

<br>