Envision Energy Powers the World's First Green Marine Ammonia Bunkering, Pioneering Net Zero Shipping Fuel
'This successful bunkering demonstrates how net zero fuels can scale from renewable power generation to hard-to-abate sectors like maritime shipping – a true breakthrough for green ammonia,' said Frank Yu, Senior Vice President of Envision Energy, 'We are proud that our green ammonia powered the world's first bunkering of its kind. It's a testament to Envision's ability to deliver end-to-end net zero solutions that accelerate the replacement of fossil fuels with green energy in shipping and redefine what's possible for the broader industrial transition.'
The green ammonia fuel supplied for this bunkering is a direct result of Envision's cutting-edge innovation at the Chifeng Green Hydrogen-Ammonia Project – the world's largest and most cost-effective facility of its kind. Powered entirely by the world's largest independent renewable energy system, the project integrates wind, solar, and energy storage with proprietary hydrogen and ammonia production technologies to achieve dynamic coupling of power generation and green molecule production. The project has been awarded the ISCC Plus certification, becoming the world's first project certified for green ammonia with a verified GHG (greenhouse gas) footprint. Additionally, the green ammonia produced has received renewable ammonia certification from Bureau Veritas, further confirming its environmental integrity and sustainability credentials.
The port tugboat that received the green ammonia fuel is equipped with key technologies including an independently developed ammonia dual-fuel engine and a dedicated fuel supply system. The vessel achieves an ammonia substitution rate of up to 91%, significantly reducing reliance on traditional fossil fuels and effectively cutting carbon emissions during operations. This vessel has obtained the 'Ammonia Fuel Tug' classification from China Classification Society, setting a benchmark for the future of green shipping technology.
The success of this operation positions Dalian Port as the world's first port capable of offering biofuel, green methanol, LNG, and green ammonia bunkering services, reinforcing its status as a green energy hub in Northeast Asia. It also fills a critical gap in the supply chain for green ammonia marine fuel for international trade vessels.
This pioneering achievement marks a critical step in the decarbonization of global shipping and sets a scalable blueprint for green fuel ecosystems worldwide. By enabling the full value chain of green ammonia, from production to application, Envision reinforces its leadership in providing practical, scalable solutions for a sustainable energy future, accelerating the green transformation of global shipping and beyond.
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In addition, this earnings release, the slide presentation accompanying the related earnings call, non-GAAP reconciliations and a note containing details of historical and anticipated, future financial performance have been posted to the 'Investors' section of Veralto's website ( under the subheading 'Quarterly Earnings.' FORWARD-LOOKING STATEMENTS Certain statements in this release, including statements regarding the Company's third quarter and full year 2025 financial performance and guidance, the Company's differentiation and positioning to continue delivering sustainable, long-term shareholder value and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are 'forward-looking' statements within the meaning of the federal securities laws. 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C This line item reflects the aggregate tax effect of all nontax adjustments reflected in the preceding line items of the table. In addition, the footnotes above indicate the after-tax amount of each individual adjustment item. Veralto estimates the tax effect of each adjustment item by applying Veralto's overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. D Discrete tax matters relate to changes in estimates associated with prior period uncertain tax positions, audit settlements and excess tax benefits from stock-based compensation. VERALTO CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES Sales Growth by Segment, Core Sales Growth by Segment % Change Three-Month Period Ended July 4, 2025 2024 Period Segments Total Company Water Quality Product Qualityand Innovation Total sales growth (GAAP) 6.4 % 6.2 % 6.8 % Impact of: Acquisitions/divestitures (0.1) % (0.1) % — % Currency exchange rates (1.5) % (1.1) % (2.2) % Core sales growth (non-GAAP) 4.8 % 5.0 % 4.6 % VERALTO CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES Forecasted Core Sales Growth, Adjusted Operating Profit Margin, Adjusted Diluted Net Earnings per Share and Free Cash Flow to Net Earnings Conversion Ratio The Company provides forecasted sales only on a non-GAAP basis because of the difficulty in estimating the other components of GAAP revenue, such as currency translation, acquisitions and divested product lines. Additionally, we do not reconcile adjusted operating profit margin (or components thereof), adjusted diluted earnings per share or free cash flow to net earnings conversion ratio to the comparable GAAP measures because of the difficulty in estimating the other unknown components such as investment gains and losses, impairments and separation costs, which would be reflected in any forecasted GAAP operating profit, forecasted diluted earnings per share or forecasted net earnings ratio. % Change Three-MonthPeriod Ending October 3,2025 vs. Comparable 2024Period Core sales growth (non-GAAP) +Mid-single-digits Three-Month Period EndingOctober 3, 2025 Adjusted Diluted Net Earnings per Share (non-GAAP) $0.91 to $0.95 % Change Year EndingDecember 31, 2025 2024 Period Core sales growth (non-GAAP) +Mid-single-digits Year Ending December 31, 2025 Adjusted Operating Profit Margin (non-GAAP) flat to +50 basis points Adjusted Diluted Net Earnings per Share (non-GAAP) $3.72 to $3.80 Free cash flow to net earnings conversion ratio (non-GAAP) 90% to 100% VERALTO CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES Cash Flow and Free Cash Flow ($ in millions) Three-Month Period Ended July 4, 2025 June 28, 2024 Year-over-YearChange Total Cash Flows: Net cash provided by operating activities (GAAP) $ 339 $ 251 Total cash used in investing activities (GAAP) $ (40) $ (11) Total cash used in financing activities (GAAP) $ (15) $ (13) Free Cash Flow: Total cash provided by operating activities (GAAP) $ 339 $ 251 ~ 35.0 % Less: payments for additions to property, plant & equipment (capital expenditures) (GAAP) (16) (11) Free cash flow (non-GAAP) $ 323 $ 240 ~ 34.5 % We define free cash flow as operating cash flows, less payments for additions to property, plant and equipment ('capital expenditures') plus the proceeds from sales of plant, property and equipment ('capital disposals'). Statement Regarding Non-GAAP Measures Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing Veralto Corporation's ('Veralto' or the 'Company') results that, when reconciled to the corresponding GAAP measure, help our investors: with respect to the profitability-related non-GAAP measures, understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers; with respect to core sales and related sales measures, identify underlying growth trends in our business and compare our sales performance with prior and future periods and to our peers; and with respect to free cash flow and related cash flow measures (the 'FCF Measure'), understand Veralto's ability to generate cash without external financings, strengthen its balance sheet, invest in its business and grow its business through acquisitions and other strategic opportunities (although a limitation of free cash flow is that it does not take into account the Company's non-discretionary expenditures, and as a result the entire free cash flow amount is not necessarily available for discretionary expenditures). Management uses these non-GAAP measures to measure the Company's operating and financial performance. The items excluded from the non-GAAP measures set forth above have been excluded for the following reasons: Amortization of Intangible Assets: We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition's purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe however that it is important for investors to understand that such intangible assets contribute to sales generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Restructuring Charges: We exclude costs incurred pursuant to discrete restructuring plans that are fundamentally different (in terms of the size, strategic nature and planning requirements, as well as the inconsistent frequency, of such plans) from the ongoing productivity improvements that result from application of the Veralto Enterprise System. Because these restructuring plans are incremental to the core activities that arise in the ordinary course of our business and we believe are not indicative of Veralto's ongoing operating costs in a given period, we exclude these costs to facilitate a more consistent comparison of operating results over time. Other Adjustments: With respect to the other items excluded from the profitability-related non-GAAP measures, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be unrelated to Veralto's commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long-term performance difficult. With respect to core operating profit margin changes, in addition to the explanation set forth in the bullets above relating to 'restructuring charges' and 'other adjustments', we exclude the impact of businesses owned for less than one year (or disposed of during such period and not treated as discontinued operations) because the timing, size, number and nature of such transactions can vary significantly from period to period and may obscure underlying business trends and make comparisons of long-term performance difficult. With respect to core sales related measures, (1) we exclude the impact of currency translation because it is not under management's control, is subject to volatility and can obscure underlying business trends, and (2) we exclude the effect of acquisitions and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult. With respect to the FCF Measure, we exclude payments for additions to property, plant and equipment (net of the proceeds from capital disposals) to demonstrate the amount of operating cash flow for the period that remains after accounting for the Company's capital expenditure requirements. Amortization of Intangible Assets: We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition's purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe however that it is important for investors to understand that such intangible assets contribute to sales generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Restructuring Charges: We exclude costs incurred pursuant to discrete restructuring plans that are fundamentally different (in terms of the size, strategic nature and planning requirements, as well as the inconsistent frequency, of such plans) from the ongoing productivity improvements that result from application of the Veralto Enterprise System. Because these restructuring plans are incremental to the core activities that arise in the ordinary course of our business and we believe are not indicative of Veralto's ongoing operating costs in a given period, we exclude these costs to facilitate a more consistent comparison of operating results over time. Other Adjustments: With respect to the other items excluded from the profitability-related non-GAAP measures, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be unrelated to Veralto's commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long-term performance difficult. With respect to core operating profit margin changes, in addition to the explanation set forth in the bullets above relating to 'restructuring charges' and 'other adjustments', we exclude the impact of businesses owned for less than one year (or disposed of during such period and not treated as discontinued operations) because the timing, size, number and nature of such transactions can vary significantly from period to period and may obscure underlying business trends and make comparisons of long-term performance difficult.
