Lincoln Electric Reports Third Quarter 2025 Results

CLEVELAND--( BUSINESS WIRE)--Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported third quarter 2025 net income of $122.6 million, or diluted earnings per share (EPS) of $2.21, which includes special item after-tax net charges of $14.6 million, or $0.26 EPS. This compares with prior year period net income of $100.8 million, or $1.77 EPS, which included special item after-tax net charges of $21.6 million, or $0.37 EPS. Excluding special items, third quarter 2025 adjusted net income was $137.2 million, or $2.47 adjusted EPS. This compares with adjusted net income of $122.4 million, or $2.14 adjusted EPS, in the prior year period.

"We achieved strong quarterly results with an increase in profit margins, solid adjusted earnings growth, and record cash flow generation,” said Steven B. Hedlund, Chairman and Chief Executive Officer.

Third quarter 2025 sales increased 7.9% to $1,061.2 million primarily reflecting a 5.6% increase in organic sales and a 1.7% benefit from acquisitions. Operating income for the third quarter 2025 was $176.7 million, or 16.6% of sales. This compares with operating income of $145.6 million, or 14.8% of sales, in the prior year period. Excluding special items, adjusted operating income was $184.6 million, or 17.4% of sales, as compared with $169.8 million, or 17.3% of sales, in the prior year period.

“We achieved strong quarterly results with an increase in profit margins, solid adjusted earnings growth, and record cash flow generation,” said Steven B. Hedlund, Chairman and Chief Executive Officer. “Focused execution, combined with growth investments and operating agility, position us well to outperform and generate superior value through the cycle.”

Nine Months 2025 Summary

Net income for the nine months ended September 30, 2025 was $384.5 million, or $6.86 EPS, which includes special item after-tax net charges of $20.2 million, or $0.36 EPS. This compares with prior year period net income of $325.9 million, or $5.68 EPS, which included special item after-tax net charges of $59.4 million, or $1.04 EPS. Excluding special items, adjusted net income for the nine months ended September 30, 2025 was $404.7 million, or $7.22 EPS. This compares with adjusted net income of $385.3 million, or $6.72 adjusted EPS, in the prior year period.

Sales increased 5.6% to $3,154.3 million in the nine months ended September 30, 2025 primarily reflecting a 2.4% increase in organic sales and a 3.2% benefit from acquisitions. Operating income for the nine months ended September 30, 2025 was $533.7 million, or 16.9% of sales. This compares with operating income of $459.4 million, or 15.4% of sales, in the prior year period. Excluding special items, adjusted operating income was $549.1 million, or 17.4% of sales, as compared with $518.8 million, or 17.4% of sales, in the prior year period.

Dividend

The Company’s Board of Directors declared a quarterly cash dividend of $0.79 per share, or $3.16 per share on an annualized basis, a 5.3% increase from the prior quarterly cash dividend. The declared quarterly cash dividend of $0.79 per share is payable January 15, 2026 to shareholders of record as of December 31, 2025.

Webcast Information

A conference call to discuss third quarter 2025 financial results will be webcast live today, October 30, 2025, at 10:00 a.m., Eastern Time. Those interested in participating via webcast in listen-only mode can access the event here or on the Company's Investor Relations home page at https://ir.lincolnelectric.com. For participants who would like to participate via telephone, please dial (888) 440-4368 (domestic) or (646) 960-0856 (international) and use confirmation code 6709091. A replay of the earnings call will be available via webcast on the Company's website.

About Lincoln Electric

Lincoln Electric is the world leader in the engineering, design, and manufacturing of advanced arc welding solutions, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment, and has a leading global position in brazing and soldering alloys. Lincoln is recognized as the Welding Expert™ for its leading materials science, software development, automation engineering, and application expertise, which advance customers’ fabrication capabilities to help them build a better world. Headquartered in Cleveland, Ohio, Lincoln operates 71 manufacturing and automation system integration locations across 20 countries and maintains a worldwide network of distributors and sales offices serving customers in over 160 countries. For more information about Lincoln Electric and its products and services, visit the Company’s website at https://www.lincolnelectric.com.

Non-GAAP Information

Adjusted operating income, adjusted net income, adjusted EBIT, adjusted effective tax rate, adjusted diluted earnings per share (“adjusted EPS”), Organic sales, Cash conversion, adjusted net operating profit after taxes and adjusted return on invested capital (“adjusted ROIC”) are non-GAAP financial measures. Management uses non-GAAP measures to assess the Company's operating performance by excluding certain disclosed special items that management believes are not representative of the Company's core business. Management believes that excluding these special items enables them to make better period-over-period comparisons and benchmark the Company's operational performance against other companies in its industry more meaningfully. Furthermore, management believes that non-GAAP financial measures provide investors with meaningful information that provides a more complete understanding of Company operating results and enables investors to analyze financial and business trends more thoroughly. Non-GAAP financial measures should not be viewed in isolation, are not a substitute for GAAP measures and have limitations including, but not limited to, their usefulness as comparative measures as other companies may define their non-GAAP measures differently.

Forward-Looking Statements

The Company’s expectations and beliefs concerning the future contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “forecast,” “guidance” or words of similar meaning. Actual results may differ materially from such statements due to a variety of factors that could adversely affect the Company’s operating results. The factors include, but are not limited to: general economic, financial and market conditions; the effectiveness of commercial and operating initiatives; the effectiveness of information systems and cybersecurity programs; presence of artificial intelligence technologies; completion of planned divestitures; interest rates; disruptions, uncertainty or volatility in the credit markets that may limit our access to capital; currency exchange rates and devaluations; adverse outcome of pending or potential litigation; actual costs of the Company’s rationalization plans; the Company’s ability to complete acquisitions, including the Company’s ability to successfully integrate acquisitions; market risks and price fluctuations related to the purchase of commodities and energy; global regulatory complexity; the effects of changes in tax law, including any changes from the new legislation implemented in the One Big Beautiful Bill Act; tariff rates in the countries where the Company conducts business; and the possible effects of events beyond our control, including but not limited to, the ongoing geopolitical conflicts, political unrest, acts of terror, natural disasters and pandemics on the Company or its customers, suppliers and the economy in general. For additional discussion, see “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and on Form 10-Q for the quarter ended March 31, 2025.

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Consolidated Statements of Income

Fav (Unfav) to

Three Months Ended September 30,

Prior Year

2025

% of Sales

2024

% of Sales

Net sales

1,061,227

100.0

983,759

100.0

77,468

7.9

Cost of goods sold

671,916

63.3

631,681

64.2

(40,235

)

(6.4

)

Gross profit

389,311

36.7

352,078

35.8

37,233

10.6

Selling, general & administrative expenses

206,823

19.5

186,291

18.9

(20,532

)

(11.0

)

Rationalization and asset impairment charges

5,831

0.5

20,227

2.1

14,396

71.2

Operating income

176,657

16.6

145,560

14.8

31,097

21.4

Interest expense, net

13,648

1.3

11,974

1.2

(1,674

)

(14.0

)

Other income (expense)

2,986

0.3

(1,644

)

(0.2

)

4,630

281.6

Income before income taxes

165,995

15.6

131,942

13.4

34,053

25.8

Income taxes

43,367

4.1

31,186

3.2

(12,181

)

(39.1

)

Effective tax rate

26.1

23.6

(2.5

)

Net income

122,628

11.6

100,756

10.2

21,872

21.7

Basic earnings per share

2.23

1.78

0.45

25.3

Diluted earnings per share

2.21

1.77

0.44

24.9

Weighted average shares (basic)

55,097

56,565

Weighted average shares (diluted)

55,574

57,066

Fav (Unfav) to

Nine Months Ended September 30,

Prior Year

2025

% of Sales

2024

% of Sales

Net sales

3,154,288

100.0

2,986,639

100.0

167,649

5.6

Cost of goods sold

1,993,982

63.2

1,882,349

63.0

(111,633

)

(5.9

)

Gross profit

1,160,306

36.8

1,104,290

37.0

56,016

5.1

Selling, general & administrative expenses

614,349

19.5

593,523

19.9

(20,826

)

(3.5

)

Rationalization and asset impairment charges

12,238

0.4

51,322

1.7

39,084

76.2

Operating income

533,719

16.9

459,445

15.4

74,274

16.2

Interest expense, net

38,394

1.2

31,414

1.1

(6,980

)

(22.2

)

Other income (expense)

7,464

0.2

(935

)

—

8,399

898.3

Income before income taxes

502,789

15.9

427,096

14.3

75,693

17.7

Income taxes

118,278

3.7

101,217

3.4

(17,061

)

(16.9

)

Effective tax rate

23.5

23.7

0.2

Net income

384,511

12.2

325,879

10.9

58,632

18.0

Basic earnings per share

6.92

5.74

1.18

20.6

Diluted earnings per share

6.86

5.68

1.18

20.8

Weighted average shares (basic)

55,567

56,749

Weighted average shares (diluted)

56,020

57,349

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands)

(Unaudited)

Balance Sheet Highlights

Selected Consolidated Balance Sheet Data

September 30, 2025

December 31, 2024

Cash and cash equivalents

292,997

377,262

Accounts receivable, net

501,538

481,979

Inventories

671,515

544,037

Total current assets

1,779,972

1,645,281

Property, plant and equipment, net

677,257

619,181

Total assets

3,815,105

3,520,142

Trade accounts payable

398,721

296,590

Total current liabilities (1)

1,039,424

878,802

Long-term debt, less current portion

1,150,315

1,150,551

Total equity

1,414,633

1,327,433

Operating Working Capital

September 30, 2025

December 31, 2024

Average operating working capital to Net sales (2)

18.6

16.9

Invested Capital

September 30, 2025

December 31, 2024

Short-term debt (1)

88,203

110,524

Long-term debt, less current portion

1,150,315

1,150,551

Total debt

1,238,518

1,261,075

Total equity

1,414,633

1,327,433

Invested capital

2,653,151

2,588,508

Total debt / invested capital

46.7

48.7

(1)

Includes current portion of long-term debt.

(2)

Average operating working capital to Net sales is defined as the sum of Accounts receivable, Inventories and contract assets less Trade accounts payable and contract liabilities as of period end divided by annualized rolling three months of Net sales.

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Non-GAAP Financial Measures

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Operating income as reported

176,657

145,560

533,719

459,445

Special items (pre-tax):

Rationalization and asset impairment net charges (2)

5,831

20,227

12,238

51,322

Acquisition transaction costs (3)

452

610

1,683

4,551

Amortization of step up in value of acquired inventories (5)

1,622

3,359

1,482

3,474

Adjusted operating income (1)

184,562

169,756

549,122

518,792

As a percent of net sales

17.4

17.3

17.4

Net income as reported

122,628

100,756

384,511

325,879

Special items:

Rationalization and asset impairment net charges (2)

5,831

20,227

12,238

51,322

Acquisition transaction costs (3)

452

610

1,683

4,551

Pension settlement charges (4)

—

3,966

—

3,966

Amortization of step up in value of acquired inventories (5)

1,622

3,359

1,482

3,474

Loss on asset disposal (6)

—

4,950

Tax effect of Special items (7)(8)

6,685

(6,550

)

4,772

(8,858

)

Adjusted net income (1)

137,218

122,368

404,686

385,284

Interest expense, net

13,648

11,974

38,394

31,414

Income taxes as reported

43,367

31,186

118,278

101,217

Tax effect of Special items (7)(8)

(6,685

)

6,550

(4,772

)

8,858

Adjusted EBIT (1)

187,548

172,078

556,586

526,773

Effective tax rate as reported

26.1

23.6

23.5

23.7

Net special item tax impact (8)

(5.0

)

—

(1.6

)

(1.5

)

Adjusted effective tax rate (1)

21.1

23.6

21.9

22.2

Diluted earnings per share as reported

2.21

1.77

6.86

5.68

Special items per share

0.26

0.37

0.36

1.04

Adjusted diluted earnings per share (1)

2.47

2.14

7.22

6.72

Weighted average shares (diluted)

55,574

57,066

56,020

57,349

(1)

Adjusted operating income, adjusted net income, adjusted EBIT, adjusted effective tax rate and adjusted diluted EPS are non-GAAP financial measures. Refer to Non-GAAP Information section.

(2)

2025 and 2024 net charges primarily relate to rationalization plans within all three segments. Charges in 2024 include the impact of the Company’s disposition of its Russian entity.

(3)

Transaction costs related to acquisitions which are included in Selling, general & administrative expenses.

(4)

Pension settlement charges primarily due to the final settlement associated with the termination of a pension plan and are included in Other income (expense).

(5)

Costs related to acquisitions which are included in Cost of goods sold.

(6)

Loss on asset disposal included in Other income (expense).

(7)

Includes the net tax impact of Special items recorded during the respective periods. The tax effect of Special items impacting pre-tax income was calculated as the pre-tax amount multiplied by the applicable tax rate. The applicable tax rates reflect the taxable jurisdiction and nature of each Special item.

(8)

The OBBBA was enacted in the United States on July 4, 2025. During the third quarter of 2025, the Company recognized tax expense of approximately $8,800, reflecting the cumulative impact of the OBBBA provisions.

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Non-GAAP Financial Measures

Twelve Months Ended September 30,

Return on Invested Capital

2025

2024

Net income as reported

524,740

482,523

Plus: Interest expense (after-tax)

43,488

37,665

Less: Interest income (after-tax)

6,181

7,845

Net operating profit after taxes

562,047

512,343

Special Items:

Rationalization and asset impairment net charges

16,776

29,390

Acquisition transaction costs

4,174

4,554

Pension settlement (gains) charges

(174)

4,811

Amortization of step up in value of acquired inventories

3,034

3,471

Loss on asset disposal

—

4,950

Tax effect of Special items (2)

2,117

(2,413)

Adjusted net operating profit after taxes (1)

587,974

557,106

Invested Capital

September 30, 2025

September 30, 2024

Short-term debt

88,203

111,993

Long-term debt, less current portion

1,150,315

1,150,616

Total debt

1,238,518

1,262,609

Total equity

1,414,633

1,339,190

Invested capital

2,653,151

2,601,799

Return on invested capital as reported

21.2

19.7

Adjusted return on invested capital (1)

22.2

21.4

(1)

Adjusted net operating profit after taxes and adjusted ROIC are non-GAAP financial measures. Refer to Non-GAAP Information section.

(2)

Includes the net tax impact of Special items recorded during the respective periods, including the cumulative impact of the OBBBA provisions. The tax effect of Special items impacting pre-tax income was calculated as the pre-tax amount multiplied by the applicable tax rate. The applicable tax rates reflect the taxable jurisdiction and nature of each Special item.

Three Months Ended September 30,

Nine Months Ended September 30,

Cash Conversion

2025

2024

2025

2024

Net cash provided by operating activities

236,687

199,201

566,208

503,182

Capital expenditures

(31,636

)

(35,722

)

(84,028

)

(85,117

)

Free cash flow

205,051

163,479

482,180

418,065

Adjusted net income

137,218

122,368

404,686

385,284

Cash conversion

149

134

119

109

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Condensed Consolidated Statements of Cash Flows

Three Months Ended September 30,

2025

2024

OPERATING ACTIVITIES:

Net income

122,628

100,756

Adjustments to reconcile Net income to Net cash provided by operating activities:

Rationalization and asset impairment net charges

536

2,168

Depreciation and amortization

24,744

22,644

Deferred income taxes

97,737

(9,476

)

Pension settlement net charges

—

3,966

Other non-cash items, net

1,368

2,425

Changes in operating assets and liabilities, net of effects from acquisitions:

Decrease in accounts receivable

61,638

50,650

(Increase) decrease in inventory

(39,574

)

5,930

Increase in other current assets

(62,642

)

(14,758

)

Increase (decrease) in trade accounts payable

22,463

(35,844

)

Increase in other current liabilities

9,879

72,402

Net change in other long-term assets and liabilities

(2,090

)

(1,662

)

NET CASH PROVIDED BY OPERATING ACTIVITIES

236,687

199,201

INVESTING ACTIVITIES:

Capital expenditures

(31,636

)

(35,722

)

Acquisition of businesses, net of cash acquired

(104,346

)

(100,092

)

Proceeds from sale of property, plant and equipment

1,177

1,203

NET CASH USED BY INVESTING ACTIVITIES

(134,805

)

(134,611

)

FINANCING ACTIVITIES:

Proceeds from short-term borrowings

82,884

6,099

Proceeds from long-term borrowings

—

150,000

Payments on long-term borrowings

(100,000

)

(169

)

Proceeds from exercise of stock options

3,667

899

Purchase of shares for treasury

(52,664

)

(50,392

)

Cash dividends paid to shareholders

(41,572

)

(40,283

)

NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES

(107,685

)

66,154

Effect of exchange rate changes on Cash and cash equivalents

(681

)

802

(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

(6,484

)

131,546

Cash and cash equivalents at beginning of period

299,481

272,672

Cash and cash equivalents at end of period

292,997

404,218

Cash dividends paid per share

0.75

0.71

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Condensed Consolidated Statements of Cash Flows

Nine Months Ended September 30,

2025

2024

OPERATING ACTIVITIES:

Net income

384,511

325,879

Adjustments to reconcile Net income to Net cash provided by operating activities:

Rationalization and asset impairment net charges

1,211

25,919

Depreciation and amortization

72,990

65,095

Deferred income taxes

71,395

(13,340

)

Pension settlement net charges

—

3,966

Other non-cash items, net

12,791

22,824

Changes in operating assets and liabilities, net of effects from acquisitions:

Decrease in accounts receivable

9,430

36,166

Increase in inventories

(87,222

)

(21,696

)

Increase in other current assets

(66,050

)

(19,911

)

Increase (decrease) in trade accounts payable

90,555

(6,888

)

Increase in other current liabilities

78,458

67,310

Net change in other long-term assets and liabilities

(1,861

)

17,858

NET CASH PROVIDED BY OPERATING ACTIVITIES

566,208

503,182

INVESTING ACTIVITIES:

Capital expenditures

(84,028

)

(85,117

)

Acquisition of businesses, net of cash acquired

(136,655

)

(252,746

)

Proceeds from sale of property, plant and equipment

6,408

2,506

NET CASH USED BY INVESTING ACTIVITIES

(214,275

)

(335,357

)

FINANCING ACTIVITIES:

Proceeds from short-term borrowings

77,678

5,521

Proceeds from long-term borrowings

—

550,000

Payments on long-term borrowings

(100,169

)

(400,508

)

Proceeds from exercise of stock options

10,061

25,880

Purchase of shares for treasury

(286,488

)

(211,212

)

Cash dividends paid to shareholders

(126,476

)

(121,979

)

NET CASH USED BY FINANCING ACTIVITIES

(425,394

)

(152,298

)

Effect of exchange rate changes on Cash and cash equivalents

(10,804

)

(5,096

)

(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

(84,265

)

10,431

Cash and cash equivalents at beginning of period

377,262

393,787

Cash and cash equivalents at end of period

292,997

404,218

Cash dividends paid per share

2.25

2.13

Lincoln Electric Holdings, Inc.

Segment Highlights

(In thousands)

(Unaudited)

Americas

International

The Harris

Corporate /

Welding

Products Group

Eliminations

Consolidated

Three months ended September 30, 2025

Net sales

691,794

219,629

149,804

—

1,061,227

Inter-segment sales

30,058

9,830

3,441

(43,329

)

—

Total sales

721,852

229,459

153,245

(43,329

)

1,061,227

Net income

122,628

As a percent of total sales

11.6

EBIT (1)

127,240

23,059

27,762

1,582

179,643

As a percent of total sales

17.6

10.0

18.1

16.9

Special items charges (3)

4,375

2,762

316

452

7,905

Adjusted EBIT (2)

131,615

25,821

28,078

2,034

187,548

As a percent of total sales

18.2

11.3

18.3

17.7

Three months ended September 30, 2024

Net sales

637,026

216,224

130,509

—

983,759

Inter-segment sales

30,845

7,371

3,155

(41,371

)

—

Total sales

667,871

223,595

133,664

(41,371

)

983,759

Net income

100,756

As a percent of total sales

10.2

EBIT (1)

102,158

17,175

20,690

3,893

143,916

As a percent of total sales

15.3

7.7

15.5

14.6

Special items charges (4)

23,357

2,926

1,269

610

28,162

Adjusted EBIT (2)

125,515

20,101

21,959

4,503

172,078

As a percent of total sales

18.8

9.0

16.4

17.5

(1)

EBIT is defined as Operating income plus Other income (expense).

(2)

The primary profit measure used by management to assess segment performance is adjusted EBIT. EBIT for each operating segment is adjusted for special items to derive adjusted EBIT.

(3)

Special items in 2025 primarily reflect Rationalization and asset impairments net charges of $4,150 in Americas Welding, $1,365 in International Welding and $316 in The Harris Products Group. In addition, there was an amortization of step up in value of acquired inventories of $1,397 in International Welding, as well as acquisition transaction costs of $452 in Corporate/Eliminations.

(4)

Special items in 2024 primarily reflect Rationalization net charges of $16,282 in Americas Welding, $2,676 in International Welding and $1,269 in The Harris Products Group. In addition, there was an amortization of step up in value of acquired inventories of $3,109 and $250 in Americas Welding and International Welding, respectively, pension settlement charges of $3,966 in Americas Welding and acquisition transaction costs of $610 in Corporate/Eliminations.

Lincoln Electric Holdings, Inc.

Segment Highlights

(In thousands)

(Unaudited)

Americas

International

The Harris

Corporate /

Welding

Products Group

Eliminations

Consolidated

Nine months ended September 30, 2025

Net sales

2,041,631

671,514

441,143

—

3,154,288

Inter-segment sales

103,821

24,303

12,535

(140,659

)

—

Total sales

2,145,452

695,817

453,678

(140,659

)

3,154,288

Net income

384,511

As a percent of total sales

12.2

EBIT (1)

386,313

73,658

83,711

(2,499

)

541,183

As a percent of total sales

18.0

10.6

18.5

17.2

Special items charges (3)

7,415

5,725

580

1,683

15,403

Adjusted EBIT (2)

393,728

79,383

84,291

(816

)

556,586

As a percent of total sales

18.4

11.4

18.6

17.6

Nine months ended September 30, 2024

Net sales

1,910,061

690,743

385,835

—

2,986,639

Inter-segment sales

98,624

24,628

9,520

(132,772

)

—

Total sales

2,008,685

715,371

395,355

(132,772

)

2,986,639

Net income

325,879

As a percent of total sales

10.9

EBIT (1)

374,554

36,357

64,095

(16,496

)

458,510

As a percent of total sales

18.6

5.1

16.2

15.4

Special items charges (4)

23,711

37,230

2,666

4,656

68,263

Adjusted EBIT (2)

398,265

73,587

66,761

(11,840

)

526,773

As a percent of total sales

19.8

10.3

16.9

17.6

(1)

EBIT is defined as Operating income plus Other income (expense).

(2)

The primary profit measure used by management to assess segment performance is adjusted EBIT. EBIT for each operating segment is adjusted for special items to derive adjusted EBIT.

(3)

Special items in 2025 primarily reflect Rationalization and asset impairments net charges of $7,190 in Americas Welding, $4,468 in International Welding and $580 in The Harris Products Group. In addition, there was an amortization of step up in value of acquired inventories of $1,257 in International Welding, as well as acquisition transaction costs of $1,683 in Corporate/Eliminations.

(4)

Special items in 2024 primarily reflect rationalization net charges of $16,521 in Americas Welding, $32,030 in International Welding, including the impact of the Company’s disposition of its Russian entity, and $2,666 in The Harris Products Group. In addition, there was a loss on asset disposal of $4,950 recorded to Other income (expense) in International Welding, an amortization of step up in value of acquired inventories of $3,224 and $250 in Americas Welding and International Welding, respectively, pension settlement charges of $3,966 in Americas Welding, and acquisition transaction costs of $4,551 in Corporate/Eliminations.

Lincoln Electric Holdings, Inc.

Change in Net Sales by Segment

(In thousands)

(Unaudited)

Three Months Ended September 30 th Change in Net Sales by Segment

Change in Net Sales due to:

Net Sales

Foreign

Net Sales

2024

Volume

Price

Acquisitions

Exchange

2025

Operating Segments

Americas Welding

637,026

(15,011

)

60,885

8,842

691,794

International Welding

216,224

(9,174

)

7,868

4,618

219,629

The Harris Products Group

130,509

2,998

15,432

—

865

149,804

Consolidated

983,759

(21,187

)

76,410

16,710

5,535

1,061,227

% Change

Americas Welding

(2.4

)

9.6

1.4

—

8.6

International Welding

(4.2

)

—

3.7

2.1

1.6

The Harris Products Group

2.3

11.8

—

0.7

14.8

Consolidated

(2.2

)

7.8

1.7

0.6

7.9

Nine Months Ended September 30 th Change in Net Sales by Segment

Change in Net Sales due to:

Net Sales

Foreign

Net Sales

2024

Volume

Price

Acquisitions

Exchange

2025

Operating Segments

Americas Welding

1,910,061

(62,097

)

116,519

86,361

(9,213

)

2,041,631

International Welding

690,743

(38,994

)

1,773

8,998

8,994

671,514

The Harris Products Group

385,835

18,456

36,824

—

441,143

Consolidated

2,986,639

(82,635

)

155,116

95,359

(191

)

3,154,288

% Change

Americas Welding

(3.3

)

6.1

4.5

(0.4

)

6.9

International Welding

(5.6

)

0.3

1.3

1.2

(2.8

)

The Harris Products Group

4.8

9.5

—

14.3

Consolidated

(2.8

)

5.2

3.2

—

5.6