AGM 2026

May 5, 2026

Good afternoon, ladies and gentlemen, and welcome to the 2026 annual meeting of shareholders of Danaher Corporation. I am Steven M. Rales, Chairman of the Board. At this time, the 2026 annual meeting of shareholders of the company will please come to order. Please note that a copy of our annual meeting agenda and rules and procedures are available on the site through which this meeting is being webcast. As noted in the rules and procedures, the time period for submitting questions will end upon the closing of the polls. Please submit any questions through the designated field on the site through which this meeting is being webcast. I would now like to introduce the other directors of the company who are in attendance today. Rainer M. Blair, Feroze Dewan, Linda Filler, Charles W. Lamanna, Teri L. List, Mitchell P. Rales, A. Shane Sanders, John T. Schwieters, Alan G. Spoon, Raymond C. Stevens, and Elias A. Zerhouni. In addition, I would like to introduce David Glinka of the accounting firm of Ernst & Young LLP, the independent registered public accounting firm for the company. The record date for shareholders entitled to notice of and to vote at this meeting is, in accordance with law, March sixth, 2026. Affidavits showing the proper notice of this meeting and the mailing or posting of the proxy statement have been received, and along with a certified list of shareholders as of the record date, will be filed with the records of the meeting. Our board of directors has appointed Peter Friez as the Inspector of Election, and he has taken the oath of office as required by law. The oath of office will be filed with the minutes. The Inspector of Election and our secretary have advised that we have a quorum. It's just after 3:00, 3:00 P.M. The polls are now open for voting. The polls will close following presentation of the last item being voted on here today. Most shareholders have already voted by proxy. We've tallied those votes. If you haven't yet voted, or if you want to vote or change your vote, you may vote by clicking on the voting button on the site through which the meeting is being webcast and following the instructions there. In the interest of time, we will waive a reading of the minutes of the last annual meeting. There are 4 items of business to be conducted at today's meeting. Each item is described more fully in the company's proxy statement. The company has not received notice from any of its shareholders, as required under its bylaws, of any other matter to be considered at today's meeting. Therefore, no other proposals may be properly introduced by shareholders at this time. The first item of business is the election of Rainer M. Blair, Feroze Dewan, Linda Filler, Charles W. Lamanna, Teri L. List, Mitchell P. Rales, Steven M. Rales, A. Shane Sanders, Alan G. Spoon, Raymond C. Stevens, and Elias A. Zerhouni, each of whom has been nominated by the board to serve until the 2027 annual meeting of shareholders. The board of directors recommends a vote for each nominee. The second item of business is the proposed appointment of Ernst & Young as the company's independent registered public accounting firm for fiscal year 2026. The board of directors recommends a vote for proposal 2. The third item of business is the approval on an advisory basis of the company's named executive officer compensation. The board of directors recommends a vote for proposal 3. The fourth item of business is the approval of the company's amended and restated omnibus incentive plan. The board of directors also recommends a vote for proposal 4. The polls are now closed for voting, and it's time for our voting results. I call upon the Inspector of Election for his report. Mr. Friez. Mr. Chairman, with respect to the election of directors for each nominee, a majority of the votes cast were voted in favor of election. With respect to the ratification of the selection of Ernst & Young LLP as Danaher's independent registered public accounting firm, 94.32% of the shares represented in person or by proxy and entitled to vote, voted in favor. With respect to the advisory vote on the company's named executive officer compensation, 93.01% of the shares represented in person or by proxy and entitled to vote, voted in favor. With respect to the approval of the company's amended and restated omnibus incentive plan, 93.03% of the shares represented in person or by proxy and entitled to vote, voted in favor. Thank you, Peter. In view of the results, I declare that each of the nominees for director named in the proxy statement has been duly elected a director of the company, and proposals 2, 3, and 4 have been approved. Ladies and gentlemen, that completes the business of the meeting, and I declare the formal portion of our meeting adjourned. I now invite our President and Chief Executive Officer, Rainer Blair, to provide a brief update on Danaher. Thank you, Mr. Chairman. Good day to all. Thank you for joining us today. Before we get started, please note our forward-looking statements advisories. Be sure to review those at your leisure. In 2025, we generated approximately $24.6 billion of revenue across 3 segments with over 15 operating companies. Our operating companies tend to be leading players in their respective markets. The Danaher you see today is a focused life sciences and diagnostics innovator with differentiated positioning. As you can see here, an outstanding financial profile with a gross margin of nearly 60%. An operating margin of over 28% and over $5 billion of free cash flow. This is a powerful portfolio with a combination of very attractive end markets and outstanding business models. As you look at the left side of this slide, you can see our positioning within attractive, fast-growing end markets with appropriate diversification. On the right side, you can see that our businesses are united by outstanding business models. These are razor blade businesses with large, mission-critical, and well-entrenched installed bases and spec'd in consumables. Approximately 80% of revenues today are recurring and very durable, less cyclical, with a high degree of customer intimacy, higher margins, and cash flow. The quality of our business models, supported by our attractive end market positioning, coupled with the power of the Danaher Business System, brings lasting leverage to our growth and earnings trajectory. Our markets and businesses are underpinned by very strong long-term secular growth drivers across our business. An aging population requires more health care. Over 1.5 billion people will be over the age of 65 by 2050. There are over 20,000 biologics in development today as the proliferation of large molecules continues. The largest category of these biologics, monoclonal antibodies, has shown double-digit production volume growth since 2019. Since 2019, molecular diagnostic penetration has increased, and our installed base has increased by a factor of 2.5. Advancements in life science research have increased cell and gene therapy in development by a factor of 10 since 2019. Now, while the last few years have been more dynamic, no doubt, the secular growth drivers in our industries haven't changed, and if anything, are even stronger today. We expect these secular trends to drive outstanding growth in these end markets for many years to come. You've heard about our portfolio, a group of great businesses precisely dialed into attractive end markets, but how do we run them? The foundation of how we execute at Danaher is the Danaher Business System. Based on the foundations of our core values, DBS is our source of sustainable competitive advantage. DBS is ingrained in our culture, and that drives the differentiated execution you see across all of our businesses at Danaher. It's much more than just a set of tools and processes we use to run our business. It's what enabled us to execute at scale for the last 40 years. To summarize, we have differentiated positioning within the most attractive areas of biotechnology, life sciences, and diagnostics. Our businesses have high value, high recurring revenue business models that continue to drive strong margins and cash flow generation. Our differentiated portfolio, paired with the strength of our balance sheet and the power of the Danaher Business System, provide a great foundation for Danaher to deliver differentiated performance over the long term. Thank you, Mr. Chairman. Thank you, Rainer. That concludes the 2026 annual meeting. Thank you all for your support, and have a very good afternoon. This now concludes the meeting. Thank you for joining, and have a pleasant rest of your day.