Trimble Inc. Common Stock Piper Sandler 5th Annual Growth Frontiers Conference

Well, thanks. Good to be here again.

Yeah. Great. So I would characterize 2026 as really a year of continued execution across the business. Maybe to step back and give a little bit of context to that statement, really like where Trimble is, as I think about sort of the growth drivers and the thesis around us, it is around the markets, the strategy, the execution, and the execution by the right management team. So when I think about the markets, large global underserved, under-penetrated markets for Trimble. Our Investor Day, late 2024, we indicated $72 billion of addressable markets. That is only 25% penetrated across Trimble. So that says that there is a lot of ability for us to continue to grow, continue to drive our offerings and our applications, particularly in the world of AI that I will talk about in a little bit. The right strategies. We started on our connect and scale strategy, and this is connecting workflows, connecting data via our ecosystems and our platforms.

We have a platform within engineering and construction, which connects both the digital and the physical, which is unique, I think, for Trimble, and also within transportation logistics business. We have the right strategy. We identified over $1.4 billion of cross-sell opportunities with products we have with the customers we have today, and that was actually as of Investor Day in 2024. Since then, we continue to build more capabilities organically and inorganically and be able to continue to have more options to be able to cross-sell those offerings. How does that manifest in 2026? Well, it's the execution of that plan and that strategy in the market. In Q2, for example, the company had a 10% revenue growth.

That was despite about a $14 million headwind due to tariffs. We had some tariff refunds, which were counter-revenue. But we were up 10%. Our ARR has been up 12% in the quarter. Our EPS was 21% growth year-over-year. If I think back to our original guide for the year, we're up $65 million. We've guided now plus $65 million on revenue for the year and another $0.13, plus $0.13 EPS, which gives us a 17% EPS growth. So continue to execute on the market conditions, continue to execute with our strategy in delivering the results in 2026.

Yeah. Great question. Just to put it in context, the Trimble AECO business has grown mid-teens or higher for 28 straight quarters, and we're doing that at scale. We're just under $1.6 billion of ARR coming out of Q2. So this goes back to what I just talked about earlier, which is the market size is there, our capabilities are there. We focus on execution, our go-to-market. We unlock that cross-sell opportunity, which we're seeing in the business. We continue to add more and more capabilities to the business to unlock even more and more cross-sell. I think the market's there, and the business has been executing.

As we think about going forward, some in particular that is probably topical now is AI, which I think we are really, really set up very well as a company to be a leader and continue to be a leader as we think about AI and additional unlock for us as we go forward. When I think about our platform, I mentioned both the AECO and the transportation platform. What makes Trimble unique and how do I think about our competitive moats and our moats is trusted data. We have trusted data within our ecosystems. The domain context, these are very large and complex industries that we are in. These are complex problems to be solved. We have the domain knowledge. I mentioned the connection to the office and the field from an engineering and construction standpoint.

We have the hardware in the field to be able to move the dirt, build the buildings. That hardware also connects back into the back office where you have the digital twin. We think about a continuum where the digital to physical can move back and forth. I really like that setup. How do we see it in action? Well, we continue to see within our Trimble Connect platform the growing amount of users, project data, and the engagement through the platform. All that lends itself to that opportunity in front of us.

Well, I think it is both to your last statement. We want to continue to add capabilities both organically and inorganically, and we think about that regularly. We have done a lot of the tuck-ins. We like that play. We quickly can take capabilities and integrate them into our systems and put them in the hands of our sellers to be able to have more cross-sell and up-sell opportunities with customers. We really like that play. Document Crunch is, really pleased the business is at or ahead of the models that we put out. It is an AI-forward risk management solution, which is one of the biggest concerns within construction. I think the average disputes in construction are close to $60 million now, so it is a big number. It takes, I think, north of 12 months to resolve these, so it takes a lot of time and effort from our customers.

How do we get more proactive with our customers in risk managing their construction projects to get in front of these types of disputes to save time, save money and action upon them proactively versus reactively. I really like the business. I really like the people on the team that has come along with the business. They are an AI-forward team and are really helping us as we continue to move forward in this age of AI and continue to up our game and those opportunities to deliver the products and the capabilities to our customers.