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Annual Report 2024 www.itt.com
Annual Report 2024 About Us Revenue Profile At ITT, we have a clear purpose as an organization to provide our customers with cutting-edge solutions to help solve their most critical needs across key global end markets. Our continuous improvement mindset drives our commitment to evolving our capabilities as a multi-industrial technology, Segments manufacturing and engineering leader. Motion Technologies Financial Highlights Industrial Process Connect & Control Technologies (In millions, except per share data) $643 $3,631 $2,988 $3,283 $555 $474 17.7% 16.9% Regions 15.9% FY 2022 FY 2023 FY 2024 $5.21 FY 2023 FY 2024 Adjusted Operating Income & Adjusted Operating Margin* Revenue $4.44 FY 2022 $430 $5.86 North America Asia Europe Middle East & Africa South America $439 $174 End Markets FY 2022 FY 2023 FY 2024 Adjusted Earnings Per Share* FY 2022 FY 2023 FY 2024 Free Cash Flow* For a reconciliation of non-GAAP to GAAP results, please refer to the press releases and earnings presentations for the fourth quarters and full years ended December 31, 2024, 2023 and 2022, available on our website at investors.itt.com under the Results and Filings Quarterly Results section Automotive & Rail General Industrial Chemical & Industrial Pumps Energy Aerospace & Defense
Annual Report 2024 CEO Letter Dear Stakeholders, The ITT leadership team, the board of directors and I are proud and humbled by the achievements our teams around the world delivered in 2024, a very pivotal year for ITT. We grew our business, outperforming in most of the end markets we participate in. We executed, delivering significant margin expansion and eclipsing our 2026 long-term targets two years ahead of plan. We transformed, shifting our portfolio through M&A. This performance was the result of our differentiation through execution, innovation, M&A and, most importantly, our people. In 2024, once again our value creation from organic growth and margin expansion continued, highlighted by double-digit growth in orders and revenue, 80 basis points of adjusted margin expansion to 17.7% and 12% adjusted EPS growth after more than 17% growth in 2023. And on top of this, we are already adding value through M&A, with the acquisitions of cryogenic pump manufacturer Svaneh j and defense interconnect specialist kSARIA to bolster our position in higher growth, higher margin businesses whilst divesting the Wolverine automotive business and overcoming the lost earnings from the divestiture to deliver on our full year commitments. Let me share just few highlights of our performance in 2024. Execution At ITT, our differentiation starts with execution. In Motion Technologies (MT), Friction continued to execute with near-perfect quality and ontime delivery, and flawless launches of new OE platforms. This drove an outperformance of global automotive production by more than 700 basis points. And even in an internal combustion engine market that was down 10%, Friction grew 1% an outperformance of over 1,100 basis points. In Industrial Process (IP), the local team in Saudi Arabia delivered near-perfect on-time delivery for the third year in a row. This level of performance in a growing yet challenging market was a key driver of IP s growth in our projects business, which grew 19% organically in 2024 following 31% organic growth in 2023. And in Connect & Control Technologies (CCT), the rapid prototyping capabilities of our connectors business was a key driver of the high-profile defense awards we secured, including on the Virginia Class submarine and Joint Strike Fighter. In IP, Svaneh j s deepwell fuel pumps will be deployed on the world s first commercial vessels capable of being powered by ammonia, one of the transportation fuels of the future. These pumps, fully compatible with all liquefied gas fuels including LNG, LPG and methanol, are poised to drive long-term growth as the marine sector s green energy transition continues. And in CCT, we won developmental engineering contracts to produce critical components for a highly advanced military aircraft. This is a testament to the agility of our engineering teams in delivering highly customized solutions to meet rigorous defense specifications. Differentiation through M&A Our above-market organic growth and margin expansion is creating shareholder value, and we believe it is here to stay. And now, we are compounding this growth with impactful M&A in fast growing and highly profitable flow and connectors businesses. In 2024, we deployed more than $860 million to acquire Svaneh j and kSARIA. This portfolio shift to higher growth and higher margin businesses is already creating value for our shareholders. Svaneh j orders grew 26% for the full year in 2024 as it is a leader in the transition towards cleaner fuels. And kSARIA, after just three months as part of ITT in 2024, is already contributing meaningfully and continues to gain share on highly coveted defense platforms including the Columbia Class submarine. And thanks to our strong free cash flow generation, we also returned more than $200 million to shareholders. In total, we deployed over $1.2 billion of capital in 2024, approximately 2.7 times our free cash flow. With a $1.6 billion backlog, a continuously improving operational performance and innovation across our businesses, we are ready to capture the value creation opportunities ahead in 2025. ITT s differentiation through execution, innovation and M&A will continue to distinguish us from the competition. Still, the last and most important pillar of ITT s differentiation is our people. Their ingenuity and hard work each and every day drove ITT s outperformance in 2024, and it will continue to drive our differentiation in the future. Their willingness to deliver no matter the challenge inspires and truly humbles me. For this, once again, thank you to all our ITTers. Innovation Sincerely, Innovation is how we differentiate next, and with innovation, we continue to turn technical challenges into opportunities. In MT, our world-class R&D organization is developing another game-changer: a new geopolymer used in Friction s brake pads that is designed to revolutionize the manufacturing process. The geopolymer uses fewer ingredients per pad and removes the baking element from production, which will reduce capital expenditures and energy usage in our process. Once again Friction challenged the status quo through innovations in material science. Luca Savi Chief Executive Officer and President, ITT Inc.
Annual Report 2024 Meet Our Team ITT Board of Directors Kevin Berryman Maggie Chu Donald DeFosset Jr. Nazzic Keene Rebecca A. McDonald Christopher O Shea Timothy H. Powers Luca Savi Cheryl L. Shavers Luca Savi Davide Barbon Emmanuel Caprais Michael Guhde Bartek Makowiecki Lori B. Marino Independent Registered Public Accounting Firm Annual Meeting of Shareholders Ethics Champion Program Deloitte & Touche LLP 695 East Main Street Stamford, CT 06901 The annual meeting will be held at 9 a.m. EDT on Wednesday May 21, 2025 virtually via a live webcast at www.virtualshareholdermeeting.com/ITT2025 Transfer Agent & Registrar Corporate Governance For General Corporate and Financial Information, Contact: Former CFO and President Jacobs Solutions, Inc. Senior Vice President & CHRO Littelfuse, Inc. Former CEO Science Applications International Corporation Former Chairman, President & CEO Hubbell Incorporated Former CEO Laurus Energy, Inc. Former Chairman, President & CEO Walter Industries Inc. CEO Centrica plc CEO & President ITT Inc. Chair & CEO Global Smarts, Inc. Sharon Szafranski EVP, Welding Segment Illinois Tool Works Inc. ITT Leadership Team Chief Executive Officer and President Senior Vice President and President, Motion Technologies & Asia Pacific Senior Vice President and President, Connect & Control Technologies Senior Vice President, Chief Strategy Officer and President, Industrial Process Senior Vice President and Chief Financial Officer Senior Vice President, Chief Legal Officer, Secretary & Chief Compliance Officer Emrana Sheikh Senior Vice President and Chief Human Resources Officer Shareholder Information Computershare PO Box 43006 Providence, RI 02940 Within US: 1-888-217-2614 Outside US: 1-781-575-3100 CEO & President Luca Savi Worldwide Employees 11,700+ Copies of the ITT Code of Conduct, Corporate Governance Principles and Committee charters are available on our website: www.itt.com. Founded 1920 NYSE ITT The ITT Ethics Champion Program encourages employees to report possible violations of our Code of Corporate Conduct or other misconduct. The ITT Ethics Champion can be contacted at: ethics.champion@itt.com. Mark Macaluso, Vice President, Investor Relations and Global Communications mark.macaluso@itt.com
 • shareholder letter icon 4/8/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/28/2023 ITT Stockholder Letter
 • stockholder letter icon 4/2/2024 ITT Stockholder Letter
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ITT Shareholder/Stockholder Letter Transcript:

Annual Report
2024
www.itt.com

Annual Report 2024
About Us
Revenue Profile
At ITT, we have a clear purpose as an organization     to provide
our customers with cutting-edge solutions to help solve
their most critical needs across key global end markets. Our
continuous improvement mindset drives our commitment
to evolving our capabilities as a multi-industrial technology,
Segments
manufacturing and engineering leader.
Motion Technologies
Financial Highlights
Industrial Process
Connect & Control Technologies
(In millions, except per share data)
$643
$3,631
$2,988
$3,283
$555
$474
17.7%
16.9%
Regions
15.9%
FY 2022
FY 2023
FY 2024
$5.21
FY 2023
FY 2024
Adjusted Operating Income
& Adjusted Operating Margin*
Revenue
$4.44
FY 2022
$430
$5.86
North America
Asia
Europe
Middle East & Africa
South America
$439
$174
End Markets
FY 2022
FY 2023
FY 2024
Adjusted Earnings Per Share*
FY 2022
FY 2023
FY 2024
Free Cash Flow*
For a reconciliation of non-GAAP to GAAP results, please refer to the press
releases and earnings presentations for the fourth quarters and full years ended
December 31, 2024, 2023 and 2022, available on our website at investors.itt.com
under the    Results and Filings     Quarterly Results    section

Automotive & Rail
General Industrial
Chemical & Industrial Pumps
Energy
Aerospace & Defense

Annual Report 2024
CEO Letter
Dear Stakeholders,
The ITT leadership team, the board of directors and I are proud and humbled by the achievements
our teams around the world delivered in 2024, a very pivotal year for ITT.
We grew our business, outperforming in most of the end markets we
participate in.
We executed, delivering significant margin expansion and eclipsing our
2026 long-term targets two years ahead of plan.
We transformed, shifting our portfolio through M&A.
This performance was the result of our differentiation     through execution,
innovation, M&A and, most importantly, our people.
In 2024, once again our value creation from organic growth and margin
expansion continued, highlighted by double-digit growth in orders and
revenue, 80 basis points of adjusted margin expansion to 17.7% and 12%
adjusted EPS growth after more than 17% growth in 2023.
And on top of this, we are already adding value through M&A, with the
acquisitions of cryogenic pump manufacturer Svaneh  j and defense
interconnect specialist kSARIA to bolster our position in higher growth,
higher margin businesses whilst divesting the Wolverine automotive
business and overcoming the lost earnings from the divestiture to deliver
on our full year commitments.
Let me share just few highlights of our performance in 2024.
Execution
At ITT, our differentiation starts with execution. In Motion Technologies
(MT), Friction continued to execute with near-perfect quality and ontime delivery, and flawless launches of new OE platforms. This drove
an outperformance of global automotive production by more than 700
basis points. And even in an internal combustion engine market that
was down 10%, Friction grew 1%     an outperformance of over 1,100
basis points. In Industrial Process (IP), the local team in Saudi Arabia
delivered near-perfect on-time delivery for the third year in a row. This
level of performance in a growing yet challenging market was a key driver
of IP   s growth in our projects business, which grew 19% organically in
2024 following 31% organic growth in 2023. And in Connect & Control
Technologies (CCT), the rapid prototyping capabilities of our connectors
business was a key driver of the high-profile defense awards we secured,
including on the Virginia Class submarine and Joint Strike Fighter.
In IP, Svaneh  j   s deepwell fuel pumps will be deployed on the world   s first
commercial vessels capable of being powered by ammonia, one of the
transportation fuels of the future. These pumps, fully compatible with
all liquefied gas fuels including LNG, LPG and methanol, are poised to
drive long-term growth as the marine sector   s green energy transition
continues. And in CCT, we won developmental engineering contracts to
produce critical components for a highly advanced military aircraft. This
is a testament to the agility of our engineering teams in delivering highly
customized solutions to meet rigorous defense specifications.
Differentiation through M&A
Our above-market organic growth and margin expansion is creating
shareholder value, and we believe it is here to stay. And now, we are
compounding this growth with impactful M&A in fast growing and highly
profitable flow and connectors businesses.
In 2024, we deployed more than $860 million to acquire Svaneh  j and
kSARIA. This portfolio shift to higher growth and higher margin businesses
is already creating value for our shareholders. Svaneh  j orders grew 26%
for the full year in 2024 as it is a leader in the transition towards cleaner
fuels. And kSARIA, after just three months as part of ITT in 2024, is already
contributing meaningfully and continues to gain share on highly coveted
defense platforms including the Columbia Class submarine. And thanks
to our strong free cash flow generation, we also returned more than $200
million to shareholders. In total, we deployed over $1.2 billion of capital in
2024, approximately 2.7 times our free cash flow.
With a $1.6 billion backlog, a continuously improving operational
performance and innovation across our businesses, we are ready to capture
the value creation opportunities ahead in 2025. ITT   s differentiation
through execution, innovation and M&A will continue to distinguish us
from the competition.
Still, the last and most important pillar of ITT   s differentiation is our
people. Their ingenuity and hard work each and every day drove ITT   s
outperformance in 2024, and it will continue to drive our differentiation
in the future. Their willingness to deliver no matter the challenge inspires
and truly humbles me. For this, once again, thank you to all our ITTers.
Innovation
Sincerely,
Innovation is how we differentiate next, and with innovation, we continue
to turn technical challenges into opportunities. In MT, our world-class R&D
organization is developing another game-changer: a new geopolymer
used in Friction   s brake pads that is designed to revolutionize the
manufacturing process. The geopolymer uses fewer ingredients per
pad and removes the baking element from production, which will reduce
capital expenditures and energy usage in our process. Once again Friction
challenged the status quo through innovations in material science.
Luca Savi
Chief Executive Officer
and President, ITT Inc.

Annual Report 2024
Meet Our Team
ITT Board of Directors
Kevin Berryman
Maggie Chu
Donald DeFosset Jr.
Nazzic Keene
Rebecca A. McDonald
Christopher O   Shea
Timothy H. Powers
Luca Savi
Cheryl L. Shavers
Luca Savi
Davide Barbon
Emmanuel Caprais
Michael Guhde
Bartek Makowiecki
Lori B. Marino
Independent Registered
Public Accounting Firm
Annual Meeting of Shareholders
Ethics Champion Program
Deloitte & Touche LLP
695 East Main Street
Stamford, CT 06901
The annual meeting will be held at
9 a.m. EDT on Wednesday May 21, 2025
virtually via a live webcast at
www.virtualshareholdermeeting.com/ITT2025
Transfer Agent & Registrar
Corporate Governance
For General Corporate and
Financial Information, Contact:
Former CFO and President
Jacobs Solutions, Inc.
Senior Vice President & CHRO
Littelfuse, Inc.
Former CEO
Science Applications International Corporation
Former Chairman, President & CEO
Hubbell Incorporated
Former CEO
Laurus Energy, Inc.
Former Chairman, President & CEO
Walter Industries Inc.
CEO
Centrica plc
CEO & President
ITT Inc.
Chair & CEO
Global Smarts, Inc.
Sharon Szafranski
EVP, Welding Segment
Illinois Tool Works Inc.
ITT Leadership Team
Chief Executive Officer
and President
Senior Vice President and President,
Motion Technologies & Asia Pacific
Senior Vice President and President,
Connect & Control Technologies
Senior Vice President, Chief Strategy Officer
and President, Industrial Process
Senior Vice President
and Chief Financial Officer
Senior Vice President, Chief Legal Officer,
Secretary & Chief Compliance Officer
Emrana Sheikh
Senior Vice President
and Chief Human Resources Officer
Shareholder Information
Computershare
PO Box 43006
Providence, RI 02940
Within US: 1-888-217-2614
Outside US: 1-781-575-3100
CEO & President
Luca Savi
Worldwide Employees
11,700+
Copies of the ITT Code of Conduct,
Corporate Governance Principles
and Committee charters are available
on our website: www.itt.com.
Founded
1920
NYSE
ITT
The ITT Ethics Champion Program encourages
employees to report possible violations of
our Code of Corporate Conduct or other
misconduct. The ITT Ethics Champion can be
contacted at: ethics.champion@itt.com.
Mark Macaluso, Vice President,
Investor Relations and Global Communications
mark.macaluso@itt.com



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