Industrials/Multi-Industry: Day 1 takeaways from BofA’s Industrials, Transportation, & Airlines Conference

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Industrials/Multi-Industry: Day 1 takeaways from BofA’s Industrials, Transportation, & Airlines Conference

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Industrials/Multi-Industry

Day 1 takeaways from BofA’s Industrials,

Transportation, & Airlines Conference

Industry Overview

Day 1: ITT, FLS, RUSHA 12 May 2026

On day one of the BofA Industrials, Transportation, & Airlines Key Leaders Conference, Equity

we hosted fireside chats with management teams from ITT (ITT), Flowserve (FLS), and Americas

Rush Enterprises (RUSHA). Industrials/Multi-Industry

ITT: positive on recent M&A, short-cycle orders, defense AndrewResearch ObinAnalyst

We hosted a fireside chat with President & CEO Luca Savi. ITT closed on the $4.8bn BofAS+1 646 855 1817

acquisition of SPX FLOW in March, the largest acquisition of CEO Savi’s tenure. 2026 andrew.obin@bofa.com

guidance includes high single-digit revenue growth for SPX FLOW, which includes no David Ridley-Lane, CFA

revenue synergies. ITT has already changed SPX FLOW’s incentive plan to emphasis ResearchBofAS Analyst

revenue growth in addition to EBITDA growth. Savi sees a “health funnel” of nutrition & +1 646 855 2907 david.ridleylane@bofa.com

health deals (~60% of SPX FLOW’s revenue) and is busy reviewing projects. In ITT’s

Devin Leonard

short cycle industrial businesses, orders improve in 4Q25, stepped up further in 1Q26, Research Analyst

and April is “equally strong” with “no pre-buy” and “no inventory buildup.” ITT has one of BofAS +1 646 855 3698

the highest defense revenue mixes within our coverage at ~10% of revenue. Savi sees devin.leonard@bofa.com

European defense spending as a “big opportunity” but more in the funnel currently with

orders coming. As a sign of ITT’s confidence, the company has already placed orders for