Lincoln Electric posts record Q2 2026 sales and EPS

Lincoln Electric Holdings, Inc. reported record second quarter 2026 results across sales, earnings and cash generation.

Accepted by SEC EDGAR 07/30/2026 - 09:22 AM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Lincoln Electric Holdings, Inc. reported record second quarter 2026 results across sales, earnings and cash generation. Net sales increased 12.0% to $1,220 million, driven by 10.1% organic growth, a 1.5% benefit from acquisitions and 0.4% favorable foreign exchange. Net income was $158.5 million, or $2.88 diluted EPS, including $2.7 million of after-tax special charges; adjusted net income was $161.2 million, or $2.93 adjusted EPS. Operating income rose to $220.6 million with an 18.1% margin, or 18.4% on an adjusted basis.

For the first six months of 2026, sales increased 11.9% to $2,341.1 million. Net income was $294.9 million, or $5.34 EPS, and adjusted EPS was $5.43. Second quarter cash flows from operations were $254 million with 138% cash conversion, and the Company returned $120 million to shareholders through dividends and share repurchases.

Positive

• Net sales up 12.0% to $1,220 million in Q2 2026, with 10.1% organic growth plus contributions from acquisitions and foreign exchange.
• Diluted EPS increased to $2.88, adjusted EPS to $2.93, both above the prior year’s $2.56 and $2.60, reflecting higher profitability.
• Strong cash generation with $254 million from operations and 138% cash conversion in Q2 2026, supporting $120 million returned to shareholders.
• Adjusted return on invested capital of 23.0% for the twelve months ended June 30, 2026, above the reported 21.9% ROIC.

Negative

• None.

Filing Explained

At June 30, 2026, cash was $242,443 thousand and total debt $1,150,054 thousand, versus $308,789 and $1,294,008 thousand at year-end.

This July 30, 2026 Form 8-K furnishes Lincoln Electric Holdings’ results for the quarter ended June 30, 2026. Its current state is a reported-results disclosure, and its structural update for existing common holders is an updated view of the company’s financial resources and debt obligations.

Form 8-K reports specified material events, while Item 2.02 identifies results of operations and financial condition; the attached release is expressly furnished rather than deemed filed under Section 18.

At June 30, 2026, cash and cash equivalents were $242,443 thousand, versus $308,789 thousand at December 31, 2025. Total debt was $1,150,054 thousand, versus $1,294,008 thousand at year-end.

For the six months ended June 30, 2026, operating activities provided $355,934 thousand, while financing activities used $355,588 thousand, including $143,889 thousand of short-term-borrowing repayments, $132,792 thousand of treasury-share purchases, and $87,466 thousand of dividends.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Q2 2026 Net sales: $1,220 million Q2 2026 Net income: $158.5 million Q2 2026 Diluted EPS: $2.88 +5 more

8 metrics

Q2 2026 Net sales $1,220 million Second quarter 2026 net sales; 12.0% increase year over year

Q2 2026 Net income $158.5 million Net income for the quarter ended June 30, 2026

Q2 2026 Diluted EPS $2.88 Diluted earnings per share in Q2 2026, up from $2.56 in 2025

Q2 2026 Adjusted EPS $2.93 Adjusted diluted EPS excluding special items for Q2 2026

Six-month 2026 Net sales $2,341.1 million Sales for the six months ended June 30, 2026; up 11.9%

Six-month 2026 Diluted EPS $5.34 Diluted EPS for the six months ended June 30, 2026

Q2 2026 Operating cash flow $254 million Cash flows from operations in second quarter 2026; 138% cash conversion

Adjusted ROIC 23.0% Adjusted return on invested capital for twelve months ended June 30, 2026

Key Terms

adjusted operating income, adjusted EBIT, Free cash flow, cash conversion, +2 more

6 terms

adjusted operating income financial

"Excluding special items, adjusted operating income was $224.1 million"

Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.

adjusted EBIT financial

"Adjusted EBIT (1) | $ | 223,899 | $ | 199,149"

Adjusted EBIT is a company’s operating profit before interest and taxes, but cleaned up by removing one-time or unusual items that can obscure ongoing performance. Investors use it like a tidied-up report card — it aims to show the underlying profitability of the business by excluding irregular gains, losses, or costs so comparisons across periods or companies are clearer and more meaningful for valuing operational strength.

Free cash flow financial

"Free cash flow (1) | $ | 222,327 | $ | 118,385"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

cash conversion financial

"Cash flows from operations of $254 million; 138% cash conversion"

Cash conversion describes how quickly and efficiently a business turns its sales or accounting profits into actual, usable cash on hand. Think of it like how fast a farmer can harvest crops and sell them for cash — faster conversion means the company can pay bills, invest, or reduce debt sooner, while slower conversion can signal tight liquidity and greater financial risk for investors.

return on invested capital financial

"Return on invested capital as reported | 21.9 % | 20.4 %"

A percentage that shows how effectively a company turns the money invested in its business—both borrowed funds and shareholders’ equity—into operating profit after taxes. It tells investors whether a company earns more from its core operations than it costs to fund those operations; think of it like the annual return you’d expect from renovating a rental property—higher percentages mean the company uses capital more efficiently and is more likely to create value for shareholders.

rationalization and asset impairment net charges financial

"Rationalization and asset impairment net charges | 3,481 | 2,542"

Rationalization and asset impairment net charges are one-time costs companies record when they streamline operations (job cuts, facility closures) and when assets like equipment or goodwill are written down because they’re worth less than on the books. Think of it as a business ‘cleaning out the attic’ and recognizing losses for items that no longer hold value; these charges lower reported profits, can change asset values on the balance sheet, and help investors judge whether future earnings will be weaker or simply reshaped by restructuring and write-downs.

Earnings Snapshot

Q2 2026 net sales: $1,220 million

Three and six months ended June 30, 2026

Q2 2026 net sales $1,220 million Increased by 12.0% from the prior-year quarter

Q2 2026 net income $158.5 million Up from $143.4 million in the prior-year quarter

Q2 2026 diluted EPS $2.88 Increased by $0.32, or 12.5%, from $2.56

Q2 2026 adjusted EPS $2.93 Increased from $2.60 in the prior-year quarter

Six-month 2026 sales $2,341.1 million Up 11.9% versus the six months ended June 30, 2025

Six-month 2026 diluted EPS $5.34 Rose from $4.66 in the prior-year six-month period

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Lincoln Electric (LECO) net sales and EPS in Q2 2026?

Lincoln Electric reported Q2 2026 net sales of $1,220 million, a 12.0% increase year over year. Net income was $158.5 million, with diluted EPS of $2.88 and adjusted EPS of $2.93, both higher than the prior-year period.

How did Lincoln Electric (LECO) achieve its Q2 2026 sales growth?

Q2 2026 net sales grew 12.0% to $1,220 million. The Company cites 10.1% organic sales growth, a 1.5% benefit from acquisitions, and 0.4% favorable foreign exchange as the drivers of this increase across its operating segments.

What were Lincoln Electric (LECO) results for the first six months of 2026?

For the six months ended June 30, 2026, Lincoln Electric generated sales of $2,341.1 million, up 11.9% year over year. Net income was $294.9 million, or $5.34 EPS, while adjusted net income was $299.7 million, or $5.43 adjusted EPS.

How strong were Lincoln Electric (LECO) cash flows and shareholder returns in Q2 2026?

In Q2 2026, Lincoln Electric produced $254 million of cash flows from operations with 138% cash conversion. The Company returned $120 million to shareholders during the quarter through a combination of cash dividends and share repurchases.

What is Lincoln Electric (LECO) adjusted return on invested capital?

For the twelve months ended June 30, 2026, Lincoln Electric reported return on invested capital of 21.9%. On a non-GAAP basis, adjusted return on invested capital was 23.0%, reflecting the impact of excluding specified special items.

How did Lincoln Electric (LECO) operating margins trend in Q2 2026?

Q2 2026 operating income was $220.6 million, an 18.1% operating margin, versus 17.6% a year earlier. Adjusted operating income was $224.1 million, representing an 18.4% margin, compared with 17.9% in the prior-year quarter.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

0000059527false00000595272026-07-302026-07-30

​

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 30, 2026

LINCOLN ELECTRIC HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

0-1402

(Commission File Number)

​

​	​	​
Ohio	​ ​ ​	34-1860551
(State or other jurisdiction of incorporation)	​	(I.R.S. Employer Identification No.)

​

22801 St. Clair Avenue, Cleveland, Ohio 44117

(Address of principal executive offices, with zip code)

(216) 481-8100

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

​

​	​
☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
​	​
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
​	​
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
​	​
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

​

Securities registered pursuant to Section 12(b) of the Act:

​

​	​	​	​	​
Title of each class	​	Trading Symbol	​	Name of exchange on which registered
Common Shares, without par value	​	LECO	​	The NASDAQ Stock Market LLC

​

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

​

​

​

​

​

​	​	​
Item 2.02	Results of Operations and Financial Condition.
​	​
​	On July 30, 2026, Lincoln Electric Holdings, Inc. (the “Company”) issued a press release reporting its financial results for the quarter ended June 30, 2026.  A copy of the Company’s press release issued on July 30, 2026 is attached hereto as Exhibit 99.1 and incorporated herein by reference.  The press release is also available through the Company’s website at www.lincolnelectric.com.  The information in this Current Report on Form 8-K, including the Exhibit, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
​	​
Item 9.01	Financial Statements and Exhibits.
​	​
​	​	(d) Exhibits
​	​	​
​	​	99.1 The Company’s press release dated July 30, 2026.
​	​	104 Cover page Interactive Data File (formatted as Inline XBRL and contained in the Exhibit 101 attachments)

​

​

​

​

LINCOLN ELECTRIC HOLDINGS, INC.

INDEX TO EXHIBITS

​	​	​
Exhibit No.	​ ​	Exhibit
​	​	​
99.1	​	The Company’s press release dated July 30, 2026.
104	​	Cover page Interactive Data File (formatted as Inline XBRL and contained in the Exhibit 101 attachments)

​

​

​

​

​

SIGNATURES

​

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

​

​	​
​	LINCOLN ELECTRIC HOLDINGS, INC.
​	​
​	/s/ Gabriel Bruno
​	Gabriel Bruno
​	Executive Vice President, Chief Financial Officer and Treasurer
​	(Principal Financial and Accounting Officer)
​	July 30, 2026

​

​

​

​

Exhibit 99.1

​

Investor Relations: Amanda Butler (216) 383-2534

Amanda_Butler@lincolnelectric.com

​

LINCOLN ELECTRIC REPORTS SECOND QUARTER 2026 RESULTS

​

​

​

Second Quarter 2026 Highlights

​

◾

Net sales increase 12.0% to a record $1,220 million; organic sales increase 10.1%

◾

Operating income margin of 18.1%; adjusted operating income margin of 18.4%

◾

EPS of $2.88; adjusted EPS of $2.93

◾

Cash flows from operations of $254 million; 138% cash conversion

◾

Returned $120 million to shareholders through dividends and share repurchases

​

​

CLEVELAND, Thursday, July 30, 2026 - Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported second quarter 2026 net income of $158.5 million, or diluted earnings per share (EPS) of $2.88, which includes special item after-tax net charges of $2.7 million, or $0.05 EPS. This compares with prior year period net income of $143.4 million, or $2.56 EPS, which included special item after-tax net charges of $2.2 million, or $0.04 EPS. Excluding special items, second quarter 2026 adjusted net income was $161.2 million, or $2.93 adjusted EPS. This compares with adjusted net income of $145.6 million, or $2.60 adjusted EPS, in the prior year period.

​

Second quarter 2026 sales increased 12.0% to $1,219.7 million reflecting a 10.1% increase in organic sales, a 1.5% benefit from acquisitions and a 0.4% favorable foreign exchange. Operating income for the second quarter 2026 was $220.6 million, or 18.1% of sales. This compares with operating income of $192.1 million, or 17.6% of sales, in the prior year period. Excluding special items, adjusted operating income was $224.1 million, or 18.4% of sales, as compared with $195.1 million, or 17.9% of sales, in the prior year period.

​

“We achieved record second quarter results across key metrics including sales, operating income profitability, earnings, and cash generation,” stated Steven B. Hedlund, Chairman and Chief Executive Officer. “We are encouraged by improved demand and capital spending in the Americas and Asia Pacific, and strong execution of our RISE Strategy initiatives positions us well to generate superior returns for our shareholders.”

​

Six Month 2026 Summary

​

Net income for the six months ended June 30, 2026 was $294.9 million, or $5.34 EPS, which includes special item after-tax net charges of $4.8 million, or $0.09 EPS. This compares with prior year period net income of $261.9 million, or $4.66 EPS, which included special item after-tax net charges of $5.6 million, or $0.10 EPS. Excluding special items, adjusted net income for the six months ended June 30, 2026 was $299.7 million, or $5.43 EPS. This compares with adjusted net income of $267.5 million, or $4.76 adjusted EPS, in the prior year period.

​

Sales increased 11.9% to $2,341.1 million in the six months ended June 30, 2026 primarily reflecting a 9.0% increase in organic sales, a 1.5% benefit from acquisitions, and 1.4% favorable foreign exchange. Operating income for the six months ended June 30, 2026 was $406.8 million, or 17.4% of sales. This compares with operating income of $357.1 million, or 17.1% of sales, in the prior year period. Excluding special items, adjusted operating income was $413.1 million, or 17.6% of sales, as compared with $364.6 million, or 17.4% of sales, in the prior year period.

​

Webcast Information

​

This earnings release and supplemental information is available under the Investor Relations section of our website. A call to discuss second quarter 2026 financial results will be webcast live today, July 30, 2026, at 10:00 a.m., Eastern Time. Participants can access the call in listen-only mode here and at https://ir.lincolnelectric.com. 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 on the Company's website later today.

​

About Lincoln Electric

​

Lincoln Electric is a high-performance industrial machinery and technology leader who helps customers manufacture and maintain vital equipment and infrastructure. Lincoln Electric’s innovative solutions enable higher quality and productivity across a variety of processes including welding, cutting, brazing, machining, process automation and field

LINCOLN ELECTRIC REPORTS SECOND QUARTER 2026 RESULTS

repair. The Company leverages proprietary technologies and expertise in materials science, power electronics, automation and intelligent software to help customers build better and achieve resilience in their operations. Headquartered in Cleveland, Ohio, Lincoln Electric is the essential ‘Linc’ that keeps the economy running. The Company operates 71 manufacturing and automation facilities across 20 countries and serves 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, Free cash flow, 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; tariff rates in the countries where the Company conducts business; and the possible effects of events beyond our control, including but not limited to, 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, 2025.

​

​

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Consolidated Statements of Income

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	​	​	​	​	​	​	​	​	​	​	​ ​ ​	Fav (Unfav) to
​	​	Three Months Ended June 30,										​	Prior Year
​	​	2026		​	% of Sales		​ ​ ​	2025		​ ​ ​	% of Sales	​	$		​	%
Net sales	​	$	1,219,663		​	100.0	%	$	1,088,673		100.0	%	$	130,990	​	12.0	%
Cost of goods sold	​	​	770,667		​	63.2	%	​	683,126		62.7	%		(87,541)	​	(12.8)	%
Gross profit	​		448,996		​	36.8	%		405,547		37.3	%		43,449	​	10.7	%
Selling, general & administrative expenses	​		224,871		​	18.4	%		210,861		19.4	%		(14,010)	​	(6.6)	%
Rationalization and asset impairment net charges	​		3,481		​	0.3	%		2,542		0.2	%		(939)	​	(36.9)	%
Operating income	​		220,644		​	18.1	%		192,144		17.6	%		28,500	​	14.8	%
Interest expense, net	​		12,521		​	1.0	%		12,619		1.2	%		98	​	0.8	%
Other (expense) income	​		(241)		​	—	​		4,034		0.4	%		(4,275)	​	(106.0)	%
Income before income taxes	​		207,882		​	17.0	%		183,559		16.9	%		24,323	​	13.3	%
Income taxes	​		49,363		​	4.0	%		40,163		3.7	%		(9,200)	​	(22.9)	%
Effective tax rate	​		23.7	%	​	​	​		21.9	%	​	​		(1.8)	%	​	​
Net income	​	$	158,519		​	13.0	%	$	143,396		13.2	%	$	15,123	​	10.5	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Basic earnings per share	​	$	2.90	​	​	​	​	$	2.58		​	​	$	0.32	​	12.4	%
Diluted earnings per share	​	$	2.88	​	​	​	​	$	2.56		​	​	$	0.32	​	12.5	%
Weighted average shares (basic)	​		54,662	​		​	​		55,545		​	​		​	​	​	​
Weighted average shares (diluted)	​		55,102	​		​	​		55,968		​	​		​	​	​	​

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	​	​	​	​	​	​	​	​	​	​	​ ​ ​	Fav (Unfav) to
​	​	Six Months Ended June 30,										​	Prior Year
​		2026		​	% of Sales		​ ​ ​	2025		​	% of Sales	​ ​ ​	$		​	%
Net sales	​	$	2,341,097		​	100.0	%	$	2,093,061		100.0	%	$	248,036	​	11.9	%
Cost of goods sold	​		1,492,969		​	63.8	%	​	1,322,066		63.2	%		(170,903)	​	(12.9)	%
Gross profit	​		848,128		​	36.2	%	​	770,995		36.8	%		77,133	​	10.0	%
Selling, general & administrative expenses	​		435,682		​	18.6	%	​	407,526		19.5	%		(28,156)	​	(6.9)	%
Rationalization and asset impairment net charges	​		5,644		​	0.2	%	​	6,407		0.3	%		763	​	11.9	%
Operating income	​		406,802		​	17.4	%	​	357,062		17.1	%		49,740	​	13.9	%
Interest expense, net	​		25,895		​	1.1	%	​	24,746		1.2	%		(1,149)	​	(4.6)	%
Other income	​		329		​	—	​	​	4,478		0.2	%		(4,149)	​	(92.7)	%
Income before income taxes	​		381,236		​	16.3	%	​	336,794		16.1	%		44,442	​	13.2	%
Income taxes	​		86,335		​	3.7	%	​	74,911		3.6	%		(11,424)	​	(15.3)	%
Effective tax rate	​		22.6	%	​	​	​	​	22.2	%	​	​		(0.4)	%	​	​
Net income	​	$	294,901		​	12.6	%	$	261,883		12.5	%	$	33,018	​	12.6	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Basic earnings per share	​	$	5.39	​	​	​		$	4.69		​	​	$	0.70	​	14.9	%
Diluted earnings per share	​	$	5.34	​	​	​		$	4.66		​	​	$	0.68	​	14.6	%
Weighted average shares (basic)	​		54,742	​	​	​		​	55,801		​	​		​	​	​	​
Weighted average shares (diluted)	​		55,206	​	​	​		​	56,242		​	​		​	​	​	​

​

​

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands)

(Unaudited)

​

Balance Sheet Highlights

​

​	​	​	​	​	​	​	​
Selected Consolidated Balance Sheet Data	​ ​ ​	June 30, 2026		​ ​ ​	December 31, 2025
Cash and cash equivalents	​	$	242,443	​	$	308,789	​
Accounts receivable, net	​	​	586,348	​	​	538,791	​
Inventories	​		690,543	​		633,364	​
Total current assets	​		1,760,550	​		1,739,512	​
Property, plant and equipment, net	​		731,762	​		702,762	​
Total assets	​		3,813,310	​		3,777,577	​
Trade accounts payable	​		447,437	​		364,934	​
Total current liabilities (1)	​		888,083	​		956,691	​
Long-term debt, less current portion	​		1,150,054	​		1,150,228	​
Total equity	​		1,554,180	​		1,469,794	​
​	​	​	​	​	​	​	​
Operating Working Capital	​	June 30, 2026		​	December 31, 2025		​
Average operating working capital to Net sales (2)	​		16.9	%		17.9	%
​	​	​	​	​	​	​	​
Invested Capital	​	June 30, 2026		​	December 31, 2025		​
Short-term debt (1)	​	$	—	​	$	143,780	​
Long-term debt, less current portion	​		1,150,054	​		1,150,228	​
Total debt	​		1,150,054	​		1,294,008	​
Total equity	​		1,554,180	​		1,469,794	​
Invested capital	​	$	2,704,234	​	$	2,763,802	​
​	​	​	​	​	​	​	​
Total debt / invested capital	​		42.5	%		46.8	%

​

(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 June 30,

​

Six Months Ended June 30,

​

​

2026

​

2025

​

​

2026

​

2025

Operating income as reported

​

$

220,644

​

$

192,144

​

$

406,802

​

$

357,062

​

Special items (pre-tax):

​

​

​

​

​

​

​

​

​

​

Rationalization and asset impairment net charges (2)

​

3,481

​

2,542

​

​

5,644

​

6,407

​

Transaction costs (3)

​

15

​

429

​

​

668

​

1,231

​

Amortization of step up in value of acquired inventories (4)

​

—

​

—

​

​

—

​

(140)

​

Adjusted operating income (1)

​

$

224,140

​

$

195,115

​

$

413,114

​

$

364,560

​

As a percent of net sales

​

18.4

%

17.9

%

​

​

17.6

%

17.4

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income as reported

​

$

158,519

​

$

143,396

​

$

294,901

​

$

261,883

​

Special items:

​

​

​

​

​

​

​

​

​

​

Rationalization and asset impairment net charges (2)

​

3,481

​

2,542

​

​

5,644

​

6,407

​

Transaction costs (3)

​

15

​

429

​

​

668

​

1,231

​

Amortization of step up in value of acquired inventories (4)

​

—

​

—

​

​

—

​

(140)

​

Tax effect of Special items (5)

​

(795)

​

(755)

​

​

(1,535)

​

(1,913)

​

Adjusted net income (1)

​

161,220

​

145,612

​

​

299,678

​

267,468

​

Interest expense, net

​

12,521

​

12,619

​

​

25,895

​

24,746

​

Income taxes as reported

​

49,363

​

40,163

​

​

86,335

​

74,911

​

Tax effect of Special items (5)

​

795

​

755

​

​

1,535

​

1,913

​

Adjusted EBIT (1)

​

$

223,899

​

$

199,149

​

$

413,443

​

$

369,038

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Effective tax rate as reported

​

23.7

%

21.9

%

​

​

22.6

%

22.2

%

Net special item tax impact

​

—

​

—

​

​

​

0.1

%

0.1

%

Adjusted effective tax rate (1)

​

23.7

%

21.9

%

​

​

22.7

%

22.3

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Diluted earnings per share as reported

​

$

2.88

​

$

2.56

​

$

5.34

​

$

4.66

​

Special items per share

​

0.05

​

0.04

​

​

0.09

​

0.10

​

Adjusted diluted earnings per share (1)

​

$

2.93

​

$

2.60

​

$

5.43

​

$

4.76

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average shares (diluted)

​

55,102

​

55,968

​

​

55,206

​

56,242

​

​

(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) 2026 and 2025 net charges primarily relate to rationalization plans within Americas Welding and International Welding.

(3) Transaction costs primarily relate to acquisitions and are included in Selling, general & administrative expenses.

(4) Costs relate to acquisitions and are included in Cost of goods sold.

(5) 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.

​

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Non-GAAP Financial Measures

​

​	​	​	​	​	​	​
​	Twelve Months Ended June 30,
Return on Invested Capital	2026		​ ​ ​	2025		​
Net income as reported	$	553,551	​	$	502,868	​
Plus: Interest expense (after-tax)	​	44,075	​	​	42,688	​
Less: Interest income (after-tax)	​	4,564	​	​	6,636	​
Net operating profit after taxes	$	593,062	​	$	538,920	​
Special Items:	​	​	​	​	​	​
Rationalization and asset impairment net charges	​	17,436	​		31,172	​
Transaction costs		2,176	​		4,332	​
Pension settlement net charges		719	​		3,792	​
Amortization of step up in value of acquired inventories		4,104	​		4,771	​
Tax effect of Special items (2)		5,555	​		(11,118)	​
Adjusted net operating profit after taxes (1)	$	623,052	​	$	571,869	​
​	​	​	​	​	​	​
Invested Capital	June 30, 2026		​	June 30, 2025		​
Short-term debt	$	—	​	$	105,323	​
Long-term debt, less current portion		1,150,054	​		1,150,395	​
Total debt		1,150,054	​		1,255,718	​
Total equity		1,554,180	​		1,379,613	​
Invested capital	$	2,704,234	​	$	2,635,331	​
​	​	​	​	​	​	​
Return on invested capital as reported	​	21.9	%	​	20.4	%
Adjusted return on invested capital (1)		23.0	%		21.7	%

(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. 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 June 30,

​

​

Six Months Ended June 30,

​

Cash Conversion

2026

​

2025

​

​

2026

​

2025

​

Net cash provided by operating activities

$

253,764

​

$

143,828

​

​

$

355,934

​

$

329,521

​

Capital expenditures

​

(31,437)

​

​

(25,443)

​

​

​

(70,600)

​

​

(52,392)

​

Free cash flow (1)

$

222,327

​

$

118,385

​

​

$

285,334

​

$

277,129

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted net income

$

161,220

​

$

145,612

​

​

$

299,678

​

$

267,468

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash conversion (1)

​

138

%

​

81

%

​

​

95

%

​

104

%

​

(1) Free cash flow and cash conversion are non-GAAP financial measures. Refer to Non-GAAP Information section.

​

​

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

​

Condensed Consolidated Statements of Cash Flows

​

​	​	​	​	​	​
​	Three Months Ended June 30,
​	2026		​	2025
OPERATING ACTIVITIES:	​	​		​	​
Net income	$	158,519	​	$	143,396
Adjustments to reconcile Net income to Net cash provided by operating activities:		​	​		​
Depreciation and amortization		25,969	​		24,462
Deferred income taxes	​	(4,041)	​	​	(20,504)
Other non-cash items, net		4,655	​		3,464
Changes in operating assets and liabilities, net of effects from acquisitions:	​	​	​	​	​
Decrease (increase) in accounts receivable		11,603	​		(18,100)
Decrease (increase) in inventories		1,723	​		(27,481)
Decrease (increase) in other current assets	​	31,620	​	​	(5,465)
(Decrease) increase in trade accounts payable		(568)	​		3,208
Increase in other current liabilities		31,850	​		47,373
Net change in other long-term assets and liabilities		(7,566)	​		(6,525)
NET CASH PROVIDED BY OPERATING ACTIVITIES		253,764	​		143,828
​	​	​	​	​	​
INVESTING ACTIVITIES:		​	​		​
Capital expenditures		(31,437)	​		(25,443)
Acquisition of businesses, net of cash acquired		—	​		(32,309)
Proceeds from sale of property, plant and equipment	​	948	​		585
NET CASH USED BY INVESTING ACTIVITIES		(30,489)	​		(57,167)
​	​	​	​	​	​
FINANCING ACTIVITIES:		​	​		​
Payments on short-term borrowings, net		(163,502)	​		(4,302)
Proceeds from exercise of stock options		—	​		140
Purchase of shares for treasury		(76,122)	​		(127,130)
Cash dividends paid to shareholders		(43,395)	​		(41,929)
NET CASH USED BY FINANCING ACTIVITIES		(283,019)	​		(173,221)
​	​	​	​	​	​
Effect of exchange rate changes on Cash and cash equivalents		3,284	​		(8,664)
DECREASE IN CASH AND CASH EQUIVALENTS		(56,460)	​		(95,224)
Cash and cash equivalents at beginning of period		298,903	​		394,705
Cash and cash equivalents at end of period	$	242,443	​	$	299,481
​	​	​	​	​	​
Cash dividends paid per share	$	0.79	​	$	0.75

​

​

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

​

Condensed Consolidated Statements of Cash Flows

​

​	​	​	​	​	​	​
​	​ ​ ​	Six Months Ended June 30,
​	​	2026		​	2025
OPERATING ACTIVITIES:		​	​		​	​
Net income	​	$	294,901	​	$	261,883
Adjustments to reconcile Net income to Net cash provided by operating activities:	​		​	​		​
Depreciation and amortization	​		51,978	​		48,246
Deferred income taxes	​	​	18,492	​	​	(26,342)
Other non-cash items, net	​		12,719	​		12,098
Changes in operating assets and liabilities, net of effects from acquisitions:	​		​	​		​
Increase in accounts receivable	​		(48,609)	​		(52,208)
Increase in inventories	​		(60,153)	​		(47,648)
Decrease (increase) in other current assets	​		18,149	​		(3,408)
Increase in trade accounts payable	​		83,216	​		68,092
(Decrease) increase in other current liabilities	​		(11,288)	​		68,579
Net change in other assets and liabilities	​		(3,471)	​		229
NET CASH PROVIDED BY OPERATING ACTIVITIES	​		355,934	​		329,521
​	​	​	​	​	​	​
INVESTING ACTIVITIES:	​		​	​		​
Capital expenditures	​		(70,600)	​		(52,392)
Acquisition of businesses, net of cash acquired	​		140	​		(32,309)
Proceeds from sale of property, plant and equipment	​		1,256	​		5,231
NET CASH USED BY INVESTING ACTIVITIES	​		(69,204)	​		(79,470)
​	​	​	​	​	​	​
FINANCING ACTIVITIES:	​		​	​		​
Payments on short-term borrowings, net	​		(143,889)	​		(5,206)
Payments on long-term borrowings	​	​	—	​	​	(169)
Proceeds from exercise of stock options	​		8,559	​		6,394
Purchase of shares for treasury	​		(132,792)	​		(233,824)
Cash dividends paid to shareholders	​		(87,466)	​		(84,904)
NET CASH USED BY FINANCING ACTIVITIES	​		(355,588)	​		(317,709)
​	​	​	​	​	​	​
Effect of exchange rate changes on Cash and cash equivalents	​		2,512	​		(10,123)
DECREASE IN CASH AND CASH EQUIVALENTS	​		(66,346)	​		(77,781)
Cash and cash equivalents at beginning of period	​		308,789	​		377,262
Cash and cash equivalents at end of period	​	$	242,443	​	$	299,481
​	​	​	​	​	​	​
Cash dividends paid per share	​	$	1.58	​	$	1.50

​

​

Lincoln Electric Holdings, Inc.

Segment Highlights

(In thousands)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

Americas

​ ​ ​

International

​ ​ ​

The Harris

​ ​ ​

Corporate /

​ ​ ​

​

​

​

​

Welding

​

Welding

​

Products Group

​

Eliminations

​

Consolidated

Three months ended June 30, 2026

​

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

774,438

​

$

243,292

​

$

201,933

​

$

—

​

$

1,219,663

​

Inter-segment sales

​

28,904

​

7,564

​

4,972

​

(41,440)

​

—

​

Total sales

​

$

803,342

​

$

250,856

​

$

206,905

​

$

(41,440)

​

$

1,219,663

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

​

​

​

​

​

​

​

​

​

​

​

​

$

158,519

​

As a percent of total sales

​

​

​

​

​

​

​

​

​

13.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBIT (1)

​

$

157,083

​

$

24,313

​

$

42,066

​

$

(3,059)

​

$

220,403

​

As a percent of total sales

​

19.6

%

9.7

%

20.3

%

​

​

18.1

%

Special items charges (3)

​

1,012

​

2,282

​

187

​

15

​

3,496

​

Adjusted EBIT (2)

​

$

158,095

​

$

26,595

​

$

42,253

​

$

(3,044)

​

$

223,899

​

As a percent of total sales

​

19.7

%

10.6

%

20.4

%

​

​

18.4

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30, 2025

​

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

696,730

​

$

232,824

​

$

159,119

​

$

—

​

$

1,088,673

​

Inter-segment sales

​

43,391

​

7,641

​

5,110

​

(56,142)

​

—

​

Total sales

​

$

740,121

​

$

240,465

​

$

164,229

​

$

(56,142)

​

$

1,088,673

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

​

​

​

​

​

​

​

​

​

​

​

​

$

143,396

​

As a percent of total sales

​

​

​

​

​

​

​

​

​

13.2

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBIT (1)

​

$

137,010

​

$

28,999

​

$

31,798

​

$

(1,629)

​

$

196,178

​

As a percent of total sales

​

18.5

%

12.1

%

19.4

%

​

​

18.0

%

Special items charges (4)

​

905

​

1,551

​

86

​

429

​

2,971

​

Adjusted EBIT (2)

​

$

137,915

​

$

30,550

​

$

31,884

​

$

(1,200)

​

$

199,149

​

As a percent of total sales

​

18.6

%

12.7

%

19.4

%

​

​

18.3

%

​

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

(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 2026 primarily reflect Rationalization and asset impairments net charges of $1,012 in Americas Welding, $2,282 in International Welding and $187 in The Harris Products Group.

(4) Special items in 2025 primarily reflect Rationalization and asset impairments net charges of $905 in Americas Welding, $1,551 in International Welding and $86 in The Harris Products Group, as well as transaction costs of $429 in Corporate/Eliminations.

​

​

Lincoln Electric Holdings, Inc.

Segment Highlights

(In thousands)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

Americas

​ ​ ​

International

​ ​ ​

The Harris

​ ​ ​

Corporate /

​ ​ ​

​

​

​

​

Welding

​

Welding

​

Products Group

​

Eliminations

​

Consolidated

Six months ended June 30, 2026

​

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

1,480,663

​

$

470,327

​

$

390,107

​

$

—

​

$

2,341,097

​

Inter-segment sales

​

65,613

​

13,371

​

9,636

​

(88,620)

​

—

​

Total sales

​

$

1,546,276

​

$

483,698

​

$

399,743

​

$

(88,620)

​

$

2,341,097

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

​

​

​

​

​

​

​

​

​

$

294,901

​

As a percent of total sales

​

​

​

​

​

​

​

​

​

12.6

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBIT (1)

​

$

283,978

​

$

45,203

​

$

83,057

​

$

(5,107)

​

$

407,131

​

As a percent of total sales

​

18.4

%

9.3

%

20.8

%

​

​

17.4

%

Special items charges (3)

​

1,585

​

4,054

​

5

​

668

​

6,312

​

Adjusted EBIT (2)

​

$

285,563

​

$

49,257

​

$

83,062

​

$

(4,439)

​

$

413,443

​

As a percent of total sales

​

18.5

%

10.2

%

20.8

%

​

​

17.7

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six months ended June 30, 2025

​

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

1,349,837

​

$

451,885

​

$

291,339

​

$

—

​

$

2,093,061

​

Inter-segment sales

​

73,763

​

14,473

​

9,094

​

(97,330)

​

—

​

Total sales

​

$

1,423,600

​

$

466,358

​

$

300,433

​

$

(97,330)

​

$

2,093,061

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

​

​

​

​

​

​

​

​

​

$

261,883

​

As a percent of total sales

​

​

​

​

​

​

​

​

​

12.5

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBIT (1)

​

$

259,073

​

$

50,599

​

$

55,949

​

$

(4,081)

​

$

361,540

​

As a percent of total sales

​

18.2

%

10.8

%

18.6

%

​

​

17.3

%

Special items charges (4)

​

3,040

​

2,963

​

264

​

1,231

​

7,498

​

Adjusted EBIT (2)

​

$

262,113

​

$

53,562

​

$

56,213

​

$

(2,850)

​

$

369,038

​

As a percent of total sales

​

18.4

%

11.5

%

18.7

%

​

​

17.6

%

​

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

(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 2026 primarily reflect Rationalization and asset impairments net charges of $1,585 in Americas Welding, $4,054 in International Welding and $5 in The Harris Products Group. In addition, there were transaction costs of $668 in Corporate/Eliminations.

(4) Special items in 2025 primarily reflect Rationalization and asset impairments net charges of $3,040 in Americas Welding, $3,103 in International Welding and $264 in The Harris Products Group, as well as transaction costs of $1,231 in Corporate/Eliminations.

​

​

​

Lincoln Electric Holdings, Inc.

Change in Net Sales by Segment

(In thousands)

(Unaudited)

​

​

Three Months Ended June 30^th Change in Net Sales by Segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

Change in Net Sales due to:

​ ​ ​

​ ​ ​

​

​

Net Sales

​

​

​

​

​

​

​

​

​

​

Foreign

​

Net Sales

​

2025

​

Volume

​

Price

​

Acquisitions

​

Exchange

​

2026

Operating Segments

​

​

​

​

​

​

​

​

​

​

​

​

​

Americas Welding

$

696,730

​

$

49,704

$

25,681

$

—

$

2,323

​

$

774,438

​

International Welding

​

232,824

​

(10,931)

​

3,776

​

16,193

​

1,430

​

243,292

​

The Harris Products Group

​

159,119

​

(12,983)

​

54,454

​

—

​

1,343

​

201,933

​

Consolidated

$

1,088,673

​

$

25,790

$

83,911

$

16,193

$

5,096

​

$

1,219,663

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

% Change

​

​

​

​

​

​

​

​

​

​

​

​

​

Americas Welding

​

​

​

7.1

%

​

3.7

%

​

—

​

​

0.4

%

11.2

%

International Welding

​

​

​

(4.7)

%

​

1.6

%

​

7.0

%

​

0.6

%

4.5

%

The Harris Products Group

​

​

​

(8.2)

%

​

34.2

%

​

—

​

​

0.9

%

26.9

%

Consolidated

​

​

​

2.4

%

​

7.7

%

​

1.5

%

​

0.4

%

12.0

%

​

​

Six Months Ended June 30^th Change in Net Sales by Segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

​

​

​ ​ ​

Change in Net Sales due to:

​ ​ ​

​

​ ​ ​

​

​

Net Sales

​

​

​

​

​

​

​

​

​

​

Foreign

​

Net Sales

​

​

2025

​

Volume

​

Price

​

Acquisitions

​

Exchange

​

2026

Operating Segments

​

​

​

​

​

​

​

​

​

​

​

​

​

Americas Welding

$

1,349,837

$

47,069

​

$

75,160

​

$

—

​

$

8,597

$

1,480,663

​

International Welding

​

451,885

​

(32,562)

​

​

4,073

​

​

31,987

​

​

14,944

​

470,327

​

The Harris Products Group

​

291,339

​

(14,358)

​

​

109,236

​

​

—

​

​

3,890

​

390,107

​

Consolidated

$

2,093,061

$

149

$

188,469

$

31,987

$

27,431

$

2,341,097

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

% Change

​

​

​

​

​

​

​

​

​

​

​

​

​

Americas Welding

​

​

​

​

3.5

%

​

5.6

%

​

—

​

​

0.6

%

​

9.7

%

International Welding

​

​

​

(7.2)

%

​

0.9

%

​

7.1

%

​

3.3

%

​

4.1

%

The Harris Products Group

​

​

​

​

(4.9)

%

​

37.5

%

​

—

​

​

1.3

%

​

33.9

%

Consolidated

​

​

​

—

​

​

9.0

%

​

1.5

%

​

1.4

%

​

11.9

%

​

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 1.1 MB

Other Documents

• EX-101 EX-101.SCH 2.6 KB
• EX-101 EX-101.LAB 14.9 KB
• EX-101 EX-101.PRE 9.8 KB