3M Company: Takeaways from meeting with IR

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3M Company: Takeaways from meeting with IR

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3M Company

Takeaways from meeting with IR

Reiterate Rating: BUY | PO: 200.00 USD | Price: 160.60 USD

Takeaway from IR meeting 22 June 2026

We hosted investor meetings with Chinmay Trivedi, SVP Investor Relations, on June 17. Key Equity

takeaways: 1) 3M is constructive on 2Q and optimistic on how the year is unfolding given

orders and backlog, echoing recent public statements. 2) It is seeing continuing strength in

Key ChangesSafety & Industrial (SIBG); Transportation & Electronics’ (TEBG) ongoing weakness in autos

and consumer electronics is being offset by growth in data centers and semis. 3) The (US$) Previous Current

margin outlook remains supported by productivity initiatives and price/cost discipline, with 2026E Rev (m) 25,092.2 25,204.2

incremental tailwinds expected into 2027. 4) The company highlights growth opportunities 2027E Rev (m) 25,845.6 25,961.3

related to its optical IP with the TAM raised to $2bn vs. $1bn estimate from 1Q26 earnings. 2028E Rev (m) 26,661.8 26,781.6

We reiterate our Buy rating and raise our 2026 EPS estimate by $0.10 to $8.80, reflecting 2026E EPS 8.70 8.80

the company’s recent updates. We also raise our 2Q EPS estimate by $0.02 to $2.28, 2027E EPS 9.18 9.28

reflecting 4.0% organic growth vs. our previous 3.2% estimate. 2028E EPS 9.79 9.89

2Q tacking solidly above 3% organic growth Andrew Obin

Research Analyst

At our conference in May, 3M was constructive on 1Q momentum continuing into April. BofAS

At a June conference update, 3M further strengthened this view, guiding 2Q organic andrew.obin@bofa.com

growth ”solidly” above 3% and noting that the continuing order strength indicates David Ridley-Lane, CFA Research Analyst

limited scope of prebuy in 1Q.