NDSN

The following is management's discussion and analysis of certain significant factors affecting our financial condition and results of operations for the periods included in the accompanying condensed consolidated financial statements. Throughout this Quarterly Report on Form 10-Q, components may not sum to totals due to rounding. Overview Nordson is an innovative precision technology company that leverages a scalable growth framework expected to deliver top tier growth with leading margins and returns. We engineer, manufacture and market differentiated products and systems used for precision dispensing, applying and controlling of adhesives, coatings, polymers, sealants, biomaterials, and other fluids, to test and inspect for quality, and to treat and cure surfaces and various medical products such as: catheters, cannulas, medical balloons and medical tubing. These products are supported with extensive application expertise and direct global sales and service. We serve a wide variety of consumer non-durable, consumer durable and technology end markets including packaging, electronics, medical, appliances, energy, transportation, precision agriculture, building and construction, and general product assembly and finishing. Our strategy for long-term growth is based on solving customers’ needs globally. We were incorporated in the State of Ohio in 1954 and are headquartered in Westlake, Ohio. Our products are marketed through a network of direct operations in more than 35 countries. As of July 31, 2026, we had approximately 8,200 employees worldwide. We have principal manufacturing operations and sources of supply in the United States, the People’s Republic of China, Germany, Ireland, India, Israel, Italy, Mexico, the Netherlands and the United Kingdom. Critical Accounting Policies and Estimates A comprehensive discussion of the Company’s critical accounting policies and management estimates and significant accounting policies followed in the preparation of the financial statements is included in Item 7 of our Annual Report on Form 10-K for the year ended October 31, 2025 (the "2025 Form 10-K"). There have been no significant changes in critical accounting policies, management estimates or accounting policies followed since the year ended October 31, 2025. Results of Operations Below is a detailed comparison of our results of operations for the nine months ended July 31, 2026 and July 31, 2025. As used throughout this Quarterly Report on Form 10-Q, geographic regions include the Americas (United States, Canada, Mexico and Central and South America), Asia Pacific and Europe. Consolidated Financial Results Consolidated financial results for the three months ended July 31, 2026 and July 31, 2025 were as follows: Three Months Ended (In thousands except for per-share amounts) July 31, 2026 July 31, 2025 Change Sales $ 817,667 $ 741,509 10.3 % Cost of sales 363,935 334,992 8.6 % Gross margin 453,732 406,517 11.6 % Gross margin % 55.5 % 54.8 % 0.7 % Selling and administrative expenses 230,640 206,539 11.7 % Divestiture and related charges — 12,211 100.0 % Operating profit 223,092 187,767 18.8 % Interest expense - net (20,359) (25,698) (20.8) % Other expense - net (16,794) (2,945) 470.3 % Income before income taxes 185,939 159,124 16.9 % Income tax expense 33,093 33,340 (0.7) % Net income $ 152,846 $ 125,784 21.5 % Page 21 Table of Contents Nordson Corporation Consolidated financial results for the nine months ended July 31, 2026 and July 31, 2025 were as follows: Nine Months Ended (In thousands except for per-share amounts) July 31, 2026 July 31, 2025 Change Sales $ 2,227,975 $ 2,039,867 9.2 % Cost of sales 1,004,044 923,550 8.7 % Gross margin 1,223,931 1,116,317 9.6 % Gross margin % 54.9 % 54.7 % 0.2 % Selling and administrative expenses 637,231 606,642 5.0 % Divestiture and related charges — 12,211 100.0 % Operating profit 586,700 497,464 17.9 % Interest expense - net (64,680) (77,335) (16.4) % Pension settlement charge (24,049) — 100.0 % Other expense - net (6,357) (5,380) 18.2 % Income before income taxes 491,614 414,749 18.5 % Income tax expense 88,070 81,909 7.5 % Net income $ 403,544 $ 332,840 21.2 % Net Sales Net sales for the IPS, MFS and ATS segments were as follows: Three Months Ended Variance - Increase (Decrease) Jul 31, 2026 % of Total Jul 31, 2025 % of Total Organic Acquisitions / Divestitures Currency Total IPS $ 367,249 44.9% $ 350,784 47.3% 3.3 % 0.9 % 0.5 % 4.7 % MFS 230,538 28.2% 219,465 29.6% 10.6 % (5.6) % — % 5.0 % ATS 219,880 26.9% 171,260 23.1% 30.9 % — % (2.5) % 28.4 % Total $ 817,667 $ 741,509 11.7 % (1.2) % (0.2) % 10.3 % Nine Months Ended Variance - Increase (Decrease) Jul 31, 2026 % of Total Jul 31, 2025 % of Total Organic Acquisitions / Divestitures Currency Total IPS $ 1,044,576 46.9% $ 970,079 47.6% 3.8 % 0.6 % 3.3 % 7.7 % MFS 636,571 28.6% 615,883 30.2% 7.1 % (4.6) % 0.9 % 3.4 % ATS 546,828 24.5% 453,905 22.2% 20.1 % — % 0.4 % 20.5 % Total $ 2,227,975 $ 2,039,867 8.4 % (1.2) % 2.0 % 9.2 % Three Months Ended July 31, 2026 The IPS organic sales increase of 3.3 percent was driven by strength in packaging, industrial coatings, polymer processing and nonwovens product lines. MFS organic sales increased 10.6 percent which was driven by growth in engineered fluid solutions and medical product lines. The ATS organic sales increase of 30.9 percent was driven by strong growth in electronics dispense and test and inspection product lines. Nine Months Ended July 31, 2026 The IPS organic sales increase of 3.8 percent was driven by growth in virtually all product lines with particular strength in industrial coating, precision agriculture and polymer processing product lines. MFS organic sales increased 7.1 percent driven by strong growth in engineered fluid solutions and modest growth in all other medical product lines. The ATS organic sales increase of 20.1 percent was driven by exceptional growth in electronics dispense and test and inspection product lines. Page 22 Table of Contents Nordson Corporation Net Sales by region were as follows: Three Months Ended Variance - Increase (Decrease) Jul 31, 2026 % of Total Jul 31, 2025 % of Total Organic Acquisitions / Divestitures Currency Total Americas $ 331,471 40.5% $ 314,568 42.4% 7.3 % (2.5) % 0.6 % 5.4 % Europe 192,432 23.5% 186,620 25.2% 3.2 % (0.3) % 0.2 % 3.1 % Asia Pacific 293,764 36.0% 240,321 32.4% 24.1 % (0.1) % (1.8) % 22.2 % Total $ 817,667 $ 741,509 11.7 % (1.2) % (0.2) % 10.3 % Nine Months Ended Variance - Increase (Decrease) Jul 31, 2026 % of Total Jul 31, 2025 % of Total Organic Acquisitions / Divestitures Currency Total Americas $ 901,654 40.5% $ 874,868 42.9% 4.5 % (2.3) % 0.9 % 3.1 % Europe 569,351 25.6% 526,878 25.8% 3.1 % (0.2) % 5.2 % 8.1 % Asia Pacific 756,970 34.0% 638,121 31.3% 18.2 % (0.1) % 0.5 % 18.6 % Total $ 2,227,975 $ 2,039,867 8.4 % (1.2) % 2.0 % 9.2 % Gross profit and Selling and administrative expenses Gross margins were 55.5 percent and 54.8 percent for the three months ended July 31, 2026 and July 31, 2025, respectively. Gross margins were 54.9 percent and 54.7 percent for the nine months ended July 31, 2026 and July 31, 2025, respectively. Selling and administrative expenses increased for the three and nine months ended July 31, 2026 in support of higher sales and were up slightly as a percentage of sales for the third quarter but declined as a percentage of sales year to date. Page 23 Table of Contents Nordson Corporation Profit Segment EBITDA for the IPS, MFS and ATS segments and a reconciliation to consolidated operating profit were as follows for the three and nine months ended July 31, 2026 and July 31, 2025, respectively: Three Months Ended Jul 31, 2026 % of Sales Jul 31, 2025 % of Sales % of Sales Change Industrial precision solutions $ 129,900 35.4% $ 130,130 37.1% (1.7)% Medical and fluid solutions 88,291 38.3% 83,153 37.9% 0.4% Advanced technology solutions 65,695 29.9% 41,546 24.3% 5.6% Total segment EBITDA 283,886 34.7% 254,829 34.4% 0.3% Inventory step-up amortization (2,269) — Acquisition costs (576) (235) Severance and other — (451) Divestiture and related charges — (12,211) Depreciation and amortization (36,546) (37,847) Corporate expenses (21,403) (16,318) Operating profit $ 223,092 $ 187,767 Nine Months Ended Jul 31, 2026 % of Sales Jul 31, 2025 % of Sales % of Sales Change Industrial precision solutions $ 363,789 34.8% $ 356,453 36.7% (1.9)% Medical and fluid solutions 237,690 37.3% 224,023 36.4% 0.9% Advanced technology solutions 146,622 26.8% 103,833 22.9% 3.9% Total segment EBITDA 748,101 33.6% 684,309 33.5% 0.1% Inventory step-up amortization (3,404) (3,135) Acquisition costs (1,110) (1,778) Severance and other — (16,725) Divestiture and related charges — (12,211) Depreciation and amortization (109,446) (112,454) Corporate expenses (47,441) (40,542) Operating profit 586,700 497,464 Three Months Ended July 31, 2026 Segment EBITDA for IPS decreased 170 basis points despite higher sales due to continued investment in innovation and select near-term inflationary pressures. Segment EBITDA for MFS increased 40 basis points on higher sales. Segment EBITDA for ATS increased 560 basis points driven by robust sales growth and actions taken to improve operations and footprint in prior periods. Consolidated operating profit increased in 2026 compared to 2025 principally due to the overall increase in segment EBITDA and absence of divestiture charges. Nine Months Ended July 31, 2026 Segment EBITDA for IPS decreased 190 basis points despite higher sales due to unfavorable product and geographic mix in the first quarter, continued investment in innovation and select near-term inflationary pressures. Segment EBITDA for MFS increased 90 basis points due to higher sales and favorable mix from the divestiture of the contract manufacturing business, partially offset by the impact of near-term product start-up headwinds. Segment EBITDA for ATS increased 390 basis points driven by robust sales growth, controlled selling and administrative expenses and actions taken to improve operations and footprint in prior periods. Consolidated operating profit increased in 2026 compared to 2025 principally due to the overall increase in segment EBITDA and the absence of severance costs and divestiture charges. Page 24 Table of Contents Nordson Corporation Interest expense and Other expenses Interest expense for the three months ended July 31, 2026 was $20,823, compared to $26,258 in the comparable period of 2025. The decrease, compared to the prior year period, was primarily due to lower average debt levels enabled by our strong cash generation and a stable-to-declining rate environment. Other expense - net for the three months ended July 31, 2026 was expense of $16,794 compared to expense of $2,945 in the comparable period of 2025. Included in other expense - net for the three months ended July 31, 2026 were unrealized losses on minority investments of $14,892, pension and postretirement income of $984, and $2,023 of foreign currency losses. Included in other expense - net for the three months ended July 31, 2025 were pension and postretirement income of $1,008 and $3,041 in foreign currency losses. Interest expense for the nine months ended July 31, 2026 was $65,896, compared to $79,389 in the comparable period of 2025. The decrease, compared to the prior year period, was primarily due to lower average debt levels enabled by our strong cash generation and a stable-to-declining rate environment. Other expense - net was $6,357 compared to expense of $5,380 in the comparable period of 2025. Included in other expense - net for the nine months ended July 31, 2026 were unrealized losses on minority investments of $2,481, pension and postretirement income of $2,906, and $6,702 of foreign currency losses. Included in other expense - net for the nine months ended July 31, 2025 were pension and postretirement income of $3,042 and $5,909 in foreign currency losses. During the second quarter of 2026, we completed a partial plan settlement transaction in regards to our U.S. pension plan in which plan assets amounting to $104,148 were used to purchase a group annuity contract from RGA. The settlement resulted in a loss of $24,049 for the nine months ended July 31, 2026 as shown on the Condensed Consolidated Statements of Income. Income Tax Expense Income tax expense was $33,093, or 17.8% of pre-tax income, for the three months ended July 31, 2026, as compared to $33,340, or 21.0% of pre-tax income for the three months ended July 31, 2025. Income tax expense was $88,070, or 17.9% of pre-tax income, for the nine months ended July 31, 2026, as compared to $81,909, or 19.7% of pre-tax income for the nine months ended July 31, 2025. Net Income Net income was $152,846, or $2.73 per diluted share, for the three months ended July 31, 2026, compared to net income of $125,784, or $2.22 per diluted share, in the same period of 2025. This represented a 21.5 percent increase in net income and a 23.0 percent increase in diluted earnings per share. The increase of $0.51 per diluted share was primarily driven by higher operating profit, lower interest expense and the benefit of share repurchases, partially offset by a pension settlement charge and higher other expense. Net income was $403,544, or $7.20 per diluted share, for the nine months ended July 31, 2026, compared to net income of $332,840, or $5.83 per diluted share, in the same period of 2025. This represented a 21.2 percent increase in net income and a 23.5 percent increase in diluted earnings per share. The increase of $1.37 per diluted share was primarily driven by higher operating profit, lower interest and tax expense, and the benefit of share repurchases, partially offset by a pension settlement charge. Page 25 Table of Contents Nordson Corporation Financial Condition Liquidity and Capital Resources Cash and cash equivalents increased $4,989 during the nine months ended July 31, 2026. Approximately 81 percent of our consolidated cash and cash equivalents were held at various foreign subsidiaries as of July 31, 2026. A comparison of cash flow changes for the nine months ended July 31, 2026 to the nine months ended July 31, 2025 is as follows: Nine Months Ended July 31, 2026 July 31, 2025 Increase (Decrease) Net Income and non-cash items $ 551,824 $ 469,659 $ 82,165 Changes in operating assets and liabilities 18,649 46,605 (27,956) Net cash provided by operating activities 570,473 516,264 54,209 Additions to property, plant and equipment (40,313) (49,002) 8,689 Acquisitions of businesses, net of cash acquired (11,643) — (11,643) Other - net (3,513) 4,272 (7,785) Net cash used in investing activities (55,469) (44,730) (10,739) Proceeds from (repayment of) short-term debt - net 192,000 — 192,000 Net repayment of long-term debt - net (450,025) (94,664) (355,361) Repayment of finance lease obligations (5,633) (4,083) (1,550) Dividends paid (137,384) (133,008) (4,376) Issuance of common shares 49,143 5,419 43,724 Purchase of treasury shares (158,792) (158,792) (218,194) 59,402 Net cash used in financing activities $ (510,691) $ (444,530) $ (66,161) The increase in operating assets and liabilities was principally driven by an increase in accounts receivable to support higher sales demand. During the nine months ended July 31, 2026, the Company was able to utilize its strong cashflow generation to repay $258 million of debt, repurchase $159 million of common shares, pay $137 million in dividends, and fund capital projects to drive organic growth. We have a $1,200,000 Revolving Credit Facility that matures in January 2031. We have a commercial paper program of $1,200,000 that uses the Revolving Credit Facility as a liquidity backstop. At July 31, 2026, we had zero outstanding under the Revolving Credit Facility and $192 million of outstanding commercial paper. Our operating performance, balance sheet position and financial ratios for the nine months ended July 31, 2026 remained strong. We were in compliance with all covenants in the agreements governing our debt as of July 31, 2026. We believe the Company is well-positioned to manage liquidity needs that arise from working capital requirements, capital expenditures, contributions related to pension and postretirement obligations, principal and interest payments on our outstanding debt, dividends, and share repurchases. Our primary sources of capital to meet these needs, as well as other opportunistic investments, are a combination of cash on hand, which was $113,431 as of July 31, 2026, cash provided by operations, which was $570,473 for the nine months ended July 31, 2026, and available borrowings under our loan agreements and unused bank lines of credit, which totaled $1,142,987 as of July 31, 2026. Cash from operations, which when combined with our available borrowing capacity and ready access to capital markets, is expected to be more than adequate to fund our liquidity needs over the twelve months and the foreseeable future thereafter. The Company believes it has the ability to generate and obtain adequate amounts of cash to meet its short-term and long-term needs for cash. However, the impact of international conflicts, changes in trade policies, tariffs, and other import/export regulations of the United States and other nations could negatively impact our cash flow from operations and liquidity in future periods. Page 26 Table of Contents Nordson Corporation Safe Harbor Statements Under the Private Securities Litigation Reform Act of 1995 This Quarterly Report on Form 10-Q, particularly “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, income, earnings, cash flows, changes in operations, operating improvements, businesses in which we operate and the United States and global economies. Statements in this quarterly report that are not historical are hereby identified as “forward-looking statements” and may be indicated by words or phrases such as “anticipates,” “supports,” “plans,” “projects,” “expects,” “believes,” “should,” “would,” “could,” “hope,” “forecast,” “management is of the opinion,” use of the future tense and similar words or phrases. These forward-looking statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic and political conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions and the Company’s ability to complete and successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements, including changes in tariffs by the United States or other nations; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflicts in Europe and the Middle East, acts of terror, natural disasters and pandemics. In light of these risks and uncertainties, actual events and results may vary significantly from those included in or contemplated or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Factors that could cause our actual results to differ materially from the expected results are discussed in Part I, Item 1A, Risk Factors in our 2025 Form 10-K and Part II, Item 1A, Risk Factors in the Quarterly Report on Form 10-Q.