Strong performance driven by its competitive differentiator - Ingersoll Rand Execution Excellence (IRX):

•First quarter orders of $1,707 million, down 4%, or down 7% organic

◦On a two-year stack, up 5%, or up 1% organic

•Reported first quarter revenues of $1,670 million, up 3%, or down 1% organic1

◦On a two-year stack, up 24%, or up 20% organic1

•Reported net income attributable to Ingersoll Rand Inc. of $202 million, or earnings of $0.50 per share

◦Adjusted net income1 of $320 million, or $0.78 per share

•Adjusted EBITDA1 of $459 million, up 15%, with a margin of 27.5%, up 290 basis points year over year

•Reported operating cash flow of $162 million and free cash flow1 of $99 million, down 33%

•Liquidity of $3.5 billion as of March 31, 2024, including $1.5 billion of cash on hand and undrawn capacity of $2.0 billion under available credit facilities

•Backlog remains near historically high levels, up 2% with a book to bill of 1.02x

•Maintaining organic revenue growth guidance range of 2% to 4% for the full year

•Raising Adjusted EBITDA1 guidance to a range of $1,940 to $2,000 million, up 9% to 12% over prior year

•Raising full-year 2024 Adjusted EPS1 guidance to a range of $3.20 to $3.30, up 8% to 11% over prior year

DAVIDSON, N.C. - May 2, 2024 - Ingersoll Rand Inc. (NYSE: IR) reported record first quarter revenues, Adjusted EBITDA, and Adjusted EPS.

“Our team delivered another strong start to the year with record first quarter revenue, Adjusted EBITDA, and Adjusted EPS,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “We believe the power of IRX combined with our ownership mindset and leading portfolios strengthens the durability of our company while driving long-term value to shareholders.”

Industrial Technologies and Services Segment (IT&S): broad range of compressor, vacuum, blower, and air treatment solutions as well as industrial technologies including power tools and lifting equipment

•Reported Orders of $1,398 million, down 4%, or down 7% organic

◦On a two-year stack, up 9%, or up 3% organic

◦Book to bill of 1.02x

•Reported Revenues of $1,373 million, up 4%, or flat organic1

•Reported Segment Adjusted EBITDA of $411 million, up 19%

1 Non-GAAP measure (definitions and/or reconciliations in tables below)

•Reported Segment Adjusted EBITDA Margin of 29.9%, up 370 basis points, due to continued pricing strength and IRX driving strong operational execution

•IT&S saw organic orders finish largely in line with expectations, down 7%, mainly due to tough comparisons to the 10% organic order growth in the first quarter of the prior year. The tough comparisons are primarily driven by large, long-cycle orders taken in the prior year in renewable natural gas (RNG) in Americas, electric vehicle (EV) battery and solar end markets in China, and general manufacturing and process gas across all regions. Book to bill remains on track and consistent with the previous guidance of above 1.0x in the first half of the year and approximately 1.0x for the full year.

Precision and Science Technologies Segment (P&ST): highly specialized fluid management solutions including precision liquid and gas pumps and niche compression technologies

•Reported Orders of $309 million, down 5%, or down 5% organic

◦On a two-year stack, down 9%, or down 7% organic

◦Book to bill of 1.04x

•Reported Revenues of $297 million, down 5%, or down 5% organic2

•Reported Segment Adjusted EBITDA of $91 million, down 3%

•Reported Segment Adjusted EBITDA Margin of 30.8%, up 50 basis points, driven largely by improvements in pricing versus cost and strong operational execution driven by IRX

•Order declines were primarily driven by the Life Sciences end markets and tough comparisons in large, longer cycle orders. Despite the expected year over year declines, Life Sciences saw a 15% sequential improvement in orders for Q1 2024 as compared to Q4 2023. In the industrial businesses, short cycle orders grew 9% sequentially, driven by demand generation activities and the use of IRX.

Ingersoll Rand remains in a strong financial position with ample liquidity of $3.5 billion. On a reported basis, the Company generated $162 million of cash flow from operating activities and invested $62 million in capital expenditures, resulting in free cash flow2 of $99 million, compared to cash flow from operating activities of $170 million and free cash flow2 of $148 million in the prior year period. The year over year decline in free cash flow was driven primarily by the timing of capital expenditures of approximately $40 million and interest payments of approximately $20 million on our recently issued bonds which require interest payments two times per year as compared to our prior indebtedness structure, which generally required even repayment over the course of the year. Net debt to Adjusted EBITDA leverage2 was 0.7x for the first quarter, which was an improvement of 0.4x as compared to the prior year.

The Board also authorized a $1 billion increase to the Company’s share repurchase program. This increase is incremental to the amount remaining on the existing $750 million authorization, which is expected to be exhausted by the end of 2024. These authorizations do not have any expiration date. The program authorizes Ingersoll Rand to repurchase shares from time to time, in the open market at prevailing market prices (including through Rule 10b5-1 plans), in privately negotiated transactions, a combination thereof, or through other transactions. The actual timing, number, manner, and value of any shares repurchased will depend on several factors, including the market price of the Company’s stock, general market and economic conditions, the Company’s liquidity requirements, applicable legal requirements, and other business considerations.

Consistent with our comprehensive capital allocation strategy led by M&A, in the first quarter of 2024, Ingersoll Rand deployed $143 million to M&A. Ingersoll Rand closed on the acquisition of Controlled Fluidics, a specialized manufacturer of thermoplastic, high-performance plastic bonding, and custom plastic assembly products for life sciences, medical, aerospace, and industrial applications. In addition, the Company closed on the acquisition of Ethafilter s.r.l., a leading producer of filters and filter elements that can be used with all major brands in the compressed air sector. The Company also returned $81 million to shareholders through $73 million in share repurchases and $8 million through its quarterly dividend payment in the first quarter.

2 Non-GAAP measure (definitions and/or reconciliations in tables below)

Ingersoll Rand is raising its guidance for full-year 2024 Adjusted EBITDA and Adjusted EPS ranges based on the strong performance in the first quarter, and its expectations of continued strong commercial and operational performance for the balance of the year:

1 Non-GAAP measure (definitions and/or reconciliations in tables below)

2 All revenue outlook commentary expressed in percentages and based on growth as compared to 2023

3 Based on March 2024 FX rates; does not include impact of FX on M&A

4 Reflects all completed and closed M&A as of May 1, 2024

Ingersoll Rand will host a live earnings conference call to discuss the first quarter results on Friday, May 3, 2024 at 8:00 a.m. (Eastern Time). To participate in the call, please dial 1-888-330-3073, domestically, or 1-646-960-0683, internationally, and use access Code 8970061. A real-time audio webcast of the presentation can be accessed via the Events and Presentations section of the Ingersoll Rand Investor Relations website (https://investors.irco.com), where related materials will be posted prior to the conference call. A replay of the webcast will be available after conclusion of the conference and can be accessed on the Ingersoll Rand Investor Relations website.

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to Ingersoll Rand Inc.’s (the “Company” or “Ingersoll Rand”) expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “on track to” “will continue,” “will likely result,” “guidance” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than historical facts are forward-looking statements.

These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) adverse impact on our operations and financial performance due to natural disaster, catastrophe, global pandemics, geopolitical tensions, cyber events, or other events outside of our control; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exclusive.

Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit www.IRCO.com.

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In addition to consolidated GAAP financial measures, Ingersoll Rand reviews various non-GAAP financial measures, including “Organic Revenue Growth/(Decline),” “Two-Year Stack (for Organic Revenue Growth/(Decline)),” “Adjusted EBITDA,” “Adjusted Net Income,” “Adjusted Diluted EPS” and “Free Cash Flow.”

Ingersoll Rand believes Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS are helpful supplemental measures to assist management and investors in evaluating the Company’s operating results as they exclude certain items that are unusual in nature or whose fluctuation from period to period do not necessarily correspond to changes in the operations of Ingersoll Rand’s business. Ingersoll Rand believes Organic Revenue Growth/(Decline) and Two-Year Stack (for Organic Revenue Growth/(Decline)) are helpful supplemental measure to assist management and investors in evaluating the Company’s operating results as it excludes the impact of foreign currency and acquisitions on revenue growth. Adjusted EBITDA represents net income before interest, taxes, depreciation, amortization and certain non-cash, non-recurring and other adjustment items. Adjusted Net Income is defined as net income including interest, depreciation and amortization of non-acquisition related intangible assets and excluding other items used to calculate Adjusted EBITDA and further adjusted for the tax effect of these exclusions. Organic Revenue Growth/(Decline) is defined as As Reported Revenue growth less the impacts of Foreign Currency and Acquisitions. Two-Year Stack with respect to Organic Revenue is defined as the sum of current year and prior year Organic Revenue Growth/(Decline). Ingersoll Rand believes that the adjustments applied in presenting Adjusted EBITDA and Adjusted Net Income are appropriate to provide additional information to investors about certain material non-cash items and about non-recurring items that the Company does not expect to continue at the same level in the future. Adjusted Diluted EPS is defined as Adjusted Net Income divided by Adjusted Diluted Average Shares Outstanding. Incrementals/Decrementals are defined as the change in Adjusted EBITDA versus the prior year period divided by the change in revenue versus the prior year period.

Ingersoll Rand uses Free Cash Flow to review the liquidity of its operations. Ingersoll Rand measures Free Cash Flow as cash flows from operating activities less capital expenditures. Ingersoll Rand believes Free Cash Flow is a useful supplemental financial measures for management and investors in assessing the Company’s ability to pursue business opportunities and investments and to service its debt.

Free Cash Flow is not a measure of our liquidity under GAAP and should not be considered as an alternative to cash flows from operating activities.

Management and Ingersoll Rand’s board of directors regularly use these measures as tools in evaluating the Company’s operating and financial performance and in establishing discretionary annual compensation. Such measures are provided in addition to, and should not be considered to be a substitute for, or superior to, the comparable measures under GAAP. In addition, Ingersoll Rand believes that Organic Revenue Growth/(Decline), Two-Year Stack (for Organic Revenue Growth/(Decline)), Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, Incrementals/Decrementals and Free Cash Flow are frequently used by investors and other interested parties in the evaluation of issuers, many of which also present Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow when reporting their results in an effort to facilitate an understanding of their operating and financial results and liquidity.

Organic Revenue Growth/(Decline), Two-Year Stack (for Organic Revenue Growth/(Decline)), Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS and Free Cash Flow should not be considered as alternatives to revenue growth, net income, diluted earnings per share or any other performance measure derived in accordance with GAAP, or as alternatives to cash flow from operating activities as a measure of our liquidity. Organic Revenue Growth/(Decline), Two-Year Stack (for Organic Revenue Growth/(Decline)), Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS and Free Cash Flow have limitations as analytical tools, and you should not consider such measures either in isolation or as substitutes for analyzing Ingersoll Rand’s results as reported under GAAP.

Reconciliations of Organic Revenue Growth/(Decline), Two-Year Stack (for Organic Revenue Growth/(Decline)), Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS and Free Cash Flow to their most comparable U.S. GAAP financial metrics for historical periods are presented in the tables below.

(Unaudited; in millions, except per share amounts)

(Unaudited; in millions, except share amounts)

(Dollars in millions)

1 Basic and diluted earnings (loss) per share (as reported) are calculated by dividing net income (loss) attributable to Ingersoll Rand Inc. by the basic and diluted average shares outstanding for the respective periods.

2 Adjusted diluted share count and adjusted diluted earnings per share include incremental dilutive shares, using the treasury stock method, which are added to average shares outstanding.

ORDERS GROWTH (DECLINE) BY SEGMENT1

1 Organic growth/(decline), impact of foreign currency, and impact of acquisitions are non-GAAP measures. References to “impact of acquisitions” refer to GAAP sales from acquired businesses recorded prior to the first anniversary of the acquisition. The portion of GAAP revenue attributable to currency translation is calculated as the difference between (a) the period-to-period change in revenue (excluding acquisition sales) and (b) the period-to-period change in revenue (excluding acquisition sales) after applying prior year foreign exchange rates to the current year period.

2 Two-year stack is defined as the sum of current year growth/(decline) and prior year growth/(decline).

REVENUE GROWTH (DECLINE) BY SEGMENT1

1 Organic growth/(decline), impact of foreign currency, and impact of acquisitions are non-GAAP measures. References to “impact of acquisitions” refer to GAAP sales from acquired businesses recorded prior to the first anniversary of the acquisition. The portion of GAAP revenue attributable to currency translation is calculated as the difference between (a) the period-to-period change in revenue (excluding acquisition sales) and (b) the period-to-period change in revenue (excluding acquisition sales) after applying prior year foreign exchange rates to the current year period.

2 Two-year stack is defined as the sum of current year growth/(decline) and prior year growth/(decline).