3M · Earnings release

3M Reports Third-Quarter Results; Raises Full-Year 2024 Earnings Guidance

•Sales of $6.3 billion, up 0.4% YoY

•Adjusted sales of $6.1 billion with organic growth up 1.0% YoY

•GAAP EPS from continuing operations of $2.48, up 154% YoY

•Adjusted EPS from continuing operations of $1.98, up 18% YoY

•Operating cash flow of $(1.8) billion with adjusted free cash flow of $1.5 billion

•Updating full-year 2024 adjusted EPS from continuing operations to $7.20 to $7.30 from $7.00 to $7.30

ST. PAUL, Minn. – October 22, 2024 − 3M (NYSE: MMM) today reported third-quarter results.

“The 3M team delivered another quarter of strong operational execution, resulting in a double-digit increase in adjusted earnings along with solid adjusted free cash flow generation” said William Brown, 3M Chief Executive Officer. “Our ongoing execution positions us well to deliver a strong finish to the year. I am confident that our work on advancing our three priorities – organic growth, operational excellence, and capital deployment – will deliver long-term value creation for our shareholders.”

Third-Quarter Highlights:

GAAP EPS from continuing operations (GAAP EPS)

$

$

Special items:

Net costs for significant litigation

(Increase) decrease in value of Solventum ownership

—

Other special items, net

Adjusted EPS from continuing operations (Adjusted EPS)

$

$

Memo:

GAAP operating income margin

%

%

Adjusted operating income margin

%

%

•GAAP EPS of $2.48 and operating margin of 20.9%.

•Adjusted EPS of $1.98, up 18% year-on-year.

•Adjusted operating income margin of 23.0%, an increase of 1.4 percentage points year-on-year.

GAAP

Adjusted (Non-GAAP)

Net sales (Millions)

Sales change

Total sales

Components of sales change:

Organic sales1

Acquisitions/divestitures

Translation

Adjusted sales excludes manufactured PFAS products.

1Above adjusted organic sales increase includes a 100 basis point headwind from product portfolio initiatives and exit of certain small countries.

•Sales of $6.3 billion, up 0.4% year-on-year, with organic sales down 0.1% year-on-year.

•Adjusted sales of $6.1 billion, up 1.5% year-on-year with adjusted organic sales up 1.0% year-on-year.

•3M returned $1.1 billion to shareholders via dividends and share repurchases.

•Cash from operations of $(1.8) billion, driven by $3.6 billion net after tax payments for costs of significant litigation, primarily Public Water Systems and Combat Arms Earplugs.

•Adjusted free cash flow of $1.5 billion.

This document includes reference to certain non-GAAP measures. See the “Supplemental Financial Information Non-GAAP Measures” section for applicable information.

1

Updating Full-Year 2024 Earnings Outlook

As a result of our strong year-to-date performance the company is raising its full-year adjusted earnings expectations. The 2024 earnings outlook below reflects the continuing operations of 3M.

Adjusted total sales growth

~1%

Adjusted organic sales growth

flat to +2%

~1%

Adjusted EPS

2As further discussed at 6 within the "Supplemental Financial Information Non-GAAP Measures" sections, 3M cannot, without unreasonable effort, forecast certain items required to develop meaningful comparable GAAP financial measures and, therefore, does not provide them on a forward-looking basis reflecting these items.

Conference Call

3M will conduct an investor teleconference at 9 a.m. EDT (8 a.m. CDT) today. Investors can access this conference via the following:

•Live webcast at https://investors.3M.com

•Webcast replay at https://investors.3m.com/financials/quarterly-earnings

Forward-Looking Statements

This news release contains forward-looking statements. You can identify these statements by the use of words such as “plan,” “expect,” “aim,” “believe,” “project,” “target,” “anticipate,” “intend,” “estimate,” “will,” “should,” “could,” “would,” “forecast” and other words and terms of similar meaning. Forward-looking statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties. Actual future results and trends may differ materially from historical results or those reflected in any such forward-looking statements depending on a variety of factors. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, regulatory, international trade, geopolitical, capital markets and other external conditions and other factors beyond the Company's control, including inflation, recession, military conflicts, and natural and other disasters or climate change affecting the operations of the Company or its customers and suppliers; (2) foreign currency exchange rates and fluctuations in those rates; (3) liabilities and the outcome of contingencies related to certain fluorochemicals; known as “PFAS,” including liabilities related to claims, lawsuits, and government regulatory proceedings concerning various PFAS-related products and chemistries, as well as risks related to the Company’s plans to exit PFAS manufacturing and discontinue use of PFAS across its product portfolio; (4) risks related to the class-action settlement to resolve claims by public water suppliers in the United States regarding PFAS; (5) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's reports on Form 10-K, 10-Q and 8-K (the “Reports”); (6) competitive conditions and customer preferences; (7) the timing and market acceptance of new product and service offerings; (8) the availability and cost of purchased components, compounds, raw materials and energy due to shortages, increased demand and wages, supply chain interruptions, or natural or other disasters; (9) unanticipated problems or delays with the phased implementation of a global enterprise resource planning system, or security breaches and other disruptions to the Company's information or operational technology infrastructure; (10) the impact of acquisitions, strategic alliances, divestitures, and other strategic events resulting from portfolio management actions and other evolving business strategies; (11) operational execution, including the extent to which the Company can realize the benefits of planned productivity improvements, as well as the impact of organizational restructuring activities; (12) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans; (13) the Company's credit ratings and its cost of capital; (14) tax-related external conditions, including changes in tax rates, laws or regulations; (15) matters relating to the spin-off of the Company’s Health Care business, including the risk that the expected benefits will not be realized; the risk that the costs or dis-synergies will exceed the anticipated amounts; potential business disruption; the diversion of management time; the impact of the transaction on the Company's ability to retain talent; potential impacts on the Company's relationships with its customers, suppliers, employees, regulators and other counterparties; the ability to realize the desired tax treatment; the risk that any consents or approvals required will not be obtained; risks under the agreements and obligations entered into in connection with the spin-off, and (16) matters relating to Combat Arms Earplugs (“CAE”), including those related to, the August 2023 settlement that is intended to resolve, to the fullest extent possible, all litigation and alleged claims involving the CAE sold or manufactured by the Company’s subsidiary Aearo Technologies and certain of its affiliates and/or the Company.

A further description of these factors is located in the Reports under “Cautionary Note Concerning Factors That May Affect Future Results” and “Risk Factors” in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Reports). Changes in such assumptions or factors could produce significantly different results. The Company assumes no obligation to update any forward-looking statements discussed herein as a result of new information or future events or developments.

2

3M Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME (LOSS)

(Millions, except per-share amounts)

(Unaudited)

Three months ended

Nine months ended

Net sales

$

$

$

$

Operating expenses

Cost of sales

Selling, general and administrative expenses

Research, development and related expenses

Gain on business divestitures

—

—

Total operating expenses

Operating income (loss)

Other expense (income), net

Income (loss) from continuing operations before income taxes

Provision (benefit) for income taxes

Income (loss) from continuing operations of consolidated group

Income (loss) from unconsolidated subsidiaries, net of taxes

3

2

7

7

Net income (loss) from continuing operations including noncontrolling interest

Less: Net income (loss) attributable to noncontrolling interest

4

4

Net income (loss) from continuing operations attributable to 3M

Net income (loss) from discontinued operations, net of taxes

—

Net income (loss) attributable to 3M

$

$

$

$

Earnings (loss) per share attributable to 3M common shareholders:

Weighted average 3M common shares outstanding — basic

Earnings (loss) per share from continuing operations — basic

$

$

$

$

Earnings (loss) per share from discontinued operations — basic

—

Earnings (loss) per share — basic

$

$

$

$

Weighted average 3M common shares outstanding — diluted

Earnings (loss) per share from continuing operations — diluted

$

$

$

$

Earnings (loss) per share from discontinued operations — diluted

—

Earnings (loss) per share — diluted

$

$

$

$

3

3M Company and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

$

Marketable securities – current

Accounts receivable – net

Inventories

Prepaids

Other current assets

Current assets of discontinued operations

—

Total current assets

Property, plant and equipment – net

Operating lease right of use assets

Goodwill and intangible assets – net

Other assets

Non-current assets of discontinued operations

—

Total assets

$

$

LIABILITIES AND EQUITY

Current liabilities

Short-term borrowings and current portion of long-term debt

$

$

Accounts payable

Accrued payroll

Accrued income taxes

Operating lease liabilities – current

Other current liabilities

Current liabilities of discontinued operations

—

Total current liabilities

Long-term debt

Other liabilities

Non-current liabilities of discontinued operations

—

Total liabilities

Total equity

Shares outstanding

Total liabilities and equity

$

$

4

3M Company and Subsidiaries

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Dollars in millions)

(Unaudited)

Nine months ended September 30,

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

$

1

$

Cash flows from investing activities:

Purchases of property, plant and equipment

Purchases and proceeds from sale or maturities of marketable securities and investments – net

Proceeds from sale of businesses, net of cash sold

—

Other investing activities

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

Cash flows from financing activities:

Change in debt – net

Purchases of treasury stock

Proceeds from issuances of treasury stock pursuant to stock option and benefit plans

Dividends paid to shareholders

Cash transferred to Solventum related to separation, net

—

Other financing activities

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

Effect of exchange rate changes on cash and cash equivalents

(2)

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of year

Cash and cash equivalents at end of period

$

$

The Consolidated Statements of Cash Flows include the results of continuing and discontinued operations and, therefore, also include cash and cash equivalents associated with Solventum through its April 2024 separation from 3M that were presented in current assets of discontinued operations in the 3M Consolidated Balance Sheet.

5

3M Company and Subsidiaries

SALES CHANGE ANALYSIS3

(Unaudited)

Sales Change Analysis By Geographic Area

Americas

Asia Pacific

Europe, Middle East and Africa

Worldwide

Organic sales

%

%

%

%

Divestitures

Translation

Total sales change

%

%

%

%

Sales Change Analysis By Geographic Area

Americas

Asia Pacific

Europe, Middle East and Africa

Worldwide

Organic sales

%

%

%

%

Acquisitions

—

Divestitures

—

Translation

Total sales change

%

%

%

%

Worldwide Sales Change By Business Segment

Organic sales

Acquisitions

Divestitures

Translation

Total sales

change

Safety and Industrial

%

—

%

—

%

%

%

Transportation and Electronics

—

—

Consumer

—

—

Worldwide Sales Change By Business Segment

Organic sales

Acquisitions

Divestitures

Translation

Total sales

change

Safety and Industrial

%

—

%

—

%

%

%

Transportation and Electronics

—

—

Consumer

—

—

3Total sales change is calculated based on reported sales results. The components of sales change include organic local-currency sales, acquisitions, divestitures, and translation. Organic local-currency sales include both organic volume impacts (which excludes acquisition and divestiture impacts) and selling price changes. Acquisition and divestiture impacts are measured separately for the first 12 months post-transaction and, beginning April 2024, include the impact of commercial agreements associated with the separation of Solventum.

6

3M Company and Subsidiaries

BUSINESS SEGMENTS

(Unaudited)

3M discloses business segment operating income (loss) as its measure of segment profit/loss, reconciled to both total 3M operating income (loss) and income before taxes. Business segment operating income (loss) excludes certain expenses and income that are not allocated to business segments (as described below in “Corporate and Unallocated and Other”).

3M made certain changes to the composition of segment information reviewed by 3M's chief operating decision maker (CODM) effective in the second quarter of 2024 largely as a result of the separation of Solventum and changes within its business segments effective in the first quarter of 2024. Accordingly, information provided herein reflects the impact of these changes for all applicable periods presented.

Effective in the second quarter of 2024, this change included the following:

Elimination of former Health Care business segment

•The former Health Care business segment was eliminated in the second quarter of 2024 in connection with the separation of Solventum and reflection of its historical net income and applicable assets and liabilities included in the Separation as discontinued operations within 3M's financial statements.

Addition of ‘Other’ and update to ‘Corporate and Unallocated’

•3M added the “Other” category of information as a result of the Separation. It principally reflects:

◦Transition arrangement agreements (e.g. fees charged by 3M, net of underlying costs) related to divested businesses, including those related to the Separation, as well as other applicable divestitures.

◦Operations of businesses of the former Health Care segment divested prior to the Separation and therefore not reflected as discontinued operations within 3M's financial statements, along with limited-duration supply agreements with those previous divestitures.

•Activity included in 3M’s existing “Corporate and Unallocated” was updated primarily to additionally reflect:

◦Removal of costs related to separating and divesting Solventum that were eligible to be part of discontinued operations.

◦Commercial activity with Solventum post-Separation and certain operations of the former Health Care business segment retained by 3M.

◦Costs previously allocated to Solventum prior to the Separation that were not eligible to be part of discontinued operations (and prospectively, post-spin, became additional costs allocated to remaining business segments) other than those beginning in the first quarter of 2024 included in “Other” associated with transition arrangement activity for which 3M began to charge fees in April 2024.

In addition, effective in the first quarter of 2024, 3M made certain changes within its business segments as described below. While they impacted the composition of certain divisions within business segments, they did not change the overall composition of segments or the measure of segment operating performance used by 3M’s CODM.

Creation of Industrial Specialties division (within Safety and Industrial business segment) and Commercial Branding and Transportation division (within Transportation and Electronics business segment)

•3M created the Industrial Specialties division within the Safety and Industrial business segment, which consists of the former Closure and Masking Systems division along with certain products formerly within the Industrial Adhesive and Tapes division and the Personal Safety division. Further, 3M created the Commercial Branding and Transportation division within the Transportation and Electronics business segment, which consists of the former Commercial Solutions division and the Transportation Safety division.

Re-alignment of divisions within Consumer business segment

•Within the Consumer business segment, the business re-aligned to the following four divisions: Consumer Safety and Well-Being, Home and Auto Care, Home Improvement, and Packaging and Expression.

7

3M Company and Subsidiaries

BUSINESS SEGMENTS - (CONTINUED)

(Unaudited)

BUSINESS SEGMENT INFORMATION

Three months ended

Nine months ended

NET SALES

(Millions)

Safety and Industrial

$

$

$

$

Transportation and Electronics

Consumer

Total reportable business segments

Corporate and Unallocated

Other

8

7

Total Company

$

$

$

$

BUSINESS SEGMENT INFORMATION

Three months ended

Nine months ended

OPERATING INCOME (LOSS)

(Millions)

Safety and Industrial

$

$

$

$

Transportation and Electronics

Consumer

Total reportable business segments

Corporate and Unallocated

Corporate special items:

Net costs for significant litigation

Divestiture costs

—

(7)

Gain on business divestitures

—

—

Russia exit (charges) benefits

—

—

—

Total corporate special items

Other corporate (expense) income - net

Total Corporate and Unallocated

Other

6

6

Total Company operating income (loss)

Other expense/(income), net

Income (loss) before income taxes

$

$

$

$

Corporate and Unallocated and Other

Outside of 3M's reportable operating segments, 3M has Corporate and Unallocated and Other which are not reportable business segments as they do not meet the segment reporting criteria. Because Corporate and Unallocated and Other include a variety of miscellaneous items, they are subject to fluctuation on a quarterly and annual basis.

•Corporate and Unallocated operating income (loss) includes “corporate special items” and “other corporate expense-net”.

◦Corporate special items include net costs for significant litigation impacting operating income (loss) associated with PFAS-related other environmental and Combat Arms Earplugs matters. In addition, during the voluntary chapter 11 bankruptcy period (which began in July 2022 and ended in June 2023), costs associated with the Aearo portion of respirator mask/asbestos matters were also included in corporate special items. Prior to the bankruptcy, costs associated with Combat Arms Earplugs matters were not included in the Corporate net costs for significant litigation special item, instead being reflected in the Safety and Industrial business segment. Corporate special items for the periods presented also include divestiture costs and Russia exit costs/ benefits.

Divestiture costs include costs that were not eligible to be part of discontinued operations related to separating and divesting substantially an entire business segment of 3M following public announcement of its intended divestiture.

◦Other corporate expense-net includes certain enterprise and governance activities resulting in unallocated corporate costs and other activity and net costs that 3M may choose not to allocate directly to its business segments. Other corporate expense-net also includes costs previously allocated to Solventum prior to the

8

3M Company and Subsidiaries

BUSINESS SEGMENTS - (CONTINUED)

(Unaudited)

Separation that were not eligible to be part of discontinued operations, commercial activity with Solventum post-Separation, and certain operations of the former Health Care business segment retained by 3M.

•Other principally reflects activity associated with:

◦Operations of businesses of the former Health Care segment divested prior to the Separation and therefore not reflected as discontinued operations within 3M's financial statements, along with limited-duration supply agreements with those previous divestitures.

◦Transition arrangement agreements (e.g. fees charged by 3M, net of underlying costs) related to divested businesses, including those related to the Separation, as well as other applicable divestitures.

9

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES

(Unaudited)

In addition to reporting financial results in accordance with U.S. GAAP, 3M also provides certain non-GAAP measures. These measures are not in accordance with, nor are they a substitute for GAAP measures, and may not be comparable to similarly titled measures used by other companies.

Certain measures adjust for the impacts of special items. Special items for the periods presented include the items described in the section entitled “Description of special items”. Because 3M provides certain information with respect to business segments, it is noteworthy that special items impacting operating income (loss) are reflected in Corporate and Unallocated, except as described with respect to net costs for significant litigation and manufactured PFAS products items in the “Description of special items” section. The reconciliations below, therefore, also include impacted segments as applicable.

This document contains measures for which 3M provides the reported GAAP measure and a non-GAAP measure adjusted for special items. The document also contains additional measures which are not defined under U.S. GAAP. These measures and reasons 3M believes they are useful to investors (and, as applicable, used by 3M) include:

GAAP amounts for which a measure adjusted for special items is also provided:

Reasons 3M believes the measure is useful:

•Net sales (and sales change)

Considered, in addition to segment operating performance, in evaluating and managing operations; useful in understanding underlying business performance, provides additional transparency to special items

•Operating income (loss), segment operating income (loss) and operating income (loss) margin

•Other expense (income), net

•Income (loss) from continuing operations before taxes

•Provision for income taxes and effective tax rate

•Net income (loss) from continuing operations

•Earnings (loss) per share from continuing operations

Additional non-GAAP measures:

•Adjusted net cash provided by (used in) operating activities; adjusted purchases of property, plant and equipment (also referred to as adjusted capital expenditures); adjusted free cash flow and adjusted free cash flow conversion

Used as indicators of strength and ability to generate cash and as indicator of capital deployment; meaningful as measures of performance

•Adjusted EBITDA and adjusted EBITDA margin

Considered in evaluating and managing operations; meaningful in analyses of ongoing underlying operating trends

•Net debt

Meaningful as indicator of liquidity and measure of capital structure strategy

The following provides additional information and applicable GAAP amounts reconciled to non-GAAP measures.

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES – (CONTINUED)

(Unaudited)

Certain amounts adjusted for special items (non-GAAP measures):

(Dollars in millions, except per share amounts)

Net sales

Operating income (loss)

Operating income (loss) margin

Other expense (income), net

Income (loss) from continuing operations before taxes

Provision (benefit) for income taxes

Effective tax rate

Net income (loss) from continuing operations attributable to 3M

Earnings (loss) per diluted share from continuing operations

Safety and Industrial

GAAP amounts

$

%

Adjustments for special items:

Net costs for significant litigation

Total special items

Adjusted amounts (non-GAAP measures)4

$

%

Transportation and Electronics

GAAP amounts

$

$

%

Adjustments for special items:

Manufactured PFAS products

Total special items

Adjusted amounts (non-GAAP measures)4

$

$

%

Total Company

GAAP amounts

$

$

%

$

$

$

%

$

$

Adjustments for special items:

Net costs for significant litigation5

—

Manufactured PFAS products

—

Gain on business divestitures

—

—

Divestiture costs

—

7

—

7

2

5

Total special items

Adjusted amounts (non-GAAP measures)4

$

$

%

$

$

$

%

$

$

(Dollars in millions, except per share amounts)

Net sales

Sales change

Operating income (loss)

Operating income (loss) margin

Other expense (income), net

Income (loss) from continuing operations before taxes

Provision (benefit) for income taxes

Effective tax rate

Net income (loss) from continuing operations attributable to 3M

Earnings (loss) per diluted share from continuing operations

Earnings per diluted share from continuing operations percent change

Safety and Industrial

GAAP amounts

$

%

Adjustments for special items:

Net costs for significant litigation

Total special items

Adjusted amounts (non-GAAP measures)4

$

%

Transportation and Electronics

GAAP amounts

$

%

$

%

Adjustments for special items:

Manufactured PFAS products

Total special items

Adjusted amounts (non-GAAP measures)4

$

%

$

%

Total Company

GAAP amounts

$

%

$

%

$

$

$

%

$

$

%

Adjustments for special items:

Net costs for significant litigation

—

Manufactured PFAS products

—

9

Solventum ownership - change in value

—

—

—

Total special items

Adjusted amounts (non-GAAP measures)4

$

%

$

%

$

$

$

%

$

$

%

4These items represent amounts adjusted for special items. See lead-in to non-GAAP measures discussion.

5For the per share amount, this includes adjusting-out the impact of this item causing weighted average shares outstanding to be the same for both basic and diluted loss per share in periods of resulting net losses.

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES

(Unaudited)

(Dollars in millions, except per share amounts)

Net sales

Operating income (loss)

Operating income (loss) margin

Other expense (income), net

Income (loss) from continuing operations before taxes

Provision (benefit) for income taxes

Effective tax rate

Net income (loss) from continuing operations attributable to 3M

Earnings (loss) per diluted share from continuing operations

Safety and Industrial

GAAP amounts

$

%

Adjustments for special items:

Net costs for significant litigation

Total special items

Adjusted amounts (non-GAAP measures)4

$

%

Transportation and Electronics

GAAP amounts

$

$

%

Adjustments for special items:

Manufactured PFAS products

Total special items

Adjusted amounts (non-GAAP measures)4

$

$

%

Total Company

GAAP amounts

$

$

%

$

$

$

%

$

$

Adjustments for special items:

Net costs for significant litigation5

—

Manufactured PFAS products

—

Gain on business divestitures

—

—

Russia exit charges (benefits)

—

—

3

Divestiture costs

—

—

2

9

Total special items

Adjusted amounts (non-GAAP measures)4

$

$

%

$

$

$

%

$

$

(Dollars in millions, except per share amounts)

Net sales

Sales change

Operating income (loss)

Operating income (loss) margin

Other expense (income), net

Income (loss) from continuing operations before taxes

Provision (benefit) for income taxes

Effective tax rate

Net income (loss) from continuing operations attributable to 3M

Earnings (loss) per diluted share from continuing operations

Earnings per diluted share from continuing operations percent change

Safety and Industrial

GAAP amounts

$

%

Adjustments for special items:

Net costs for significant litigation

Total special items

Adjusted amounts (non-GAAP measures)4

$

%

Transportation and Electronics

GAAP amounts

$

%

$

%

Adjustments for special items:

Manufactured PFAS products

Total special items

Adjusted amounts (non-GAAP measures)4

$

%

$

%

Total Company

GAAP amounts

$

%

$

%

$

$

$

%

$

$

%

Adjustments for special items:

Net costs for significant litigation

—

Manufactured PFAS products

—

7

Divestiture costs

—

—

Solventum ownership - change in value

—

—

—

Pension risk transfer charge

—

—

Total special items

Adjusted amounts (non-GAAP measures)4

$

%

$

%

$

$

$

%

$

$

%

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES (CONTINUED)

(Unaudited)

2024 adjusted earnings per share from continuing operations (non-GAAP measure)4,6

2024 adjusted effective tax rate (non-GAAP measure)4,6

63M provides these forward-looking non-GAAP measures, but cannot, without unreasonable effort, forecast certain items to present or provide a reconciliation to corresponding forecasted GAAP measures. These include special items such as net costs for significant litigation; projected divestiture gains; divestiture costs; divestiture-related restructuring; changes in value of Solventum ownership; and net sales and estimates of income and associated activity of exited manufactured PFAS products all of which are subject to limitations in predictability of timing, ultimate outcome and numerous conditions outside of 3M’s control. 3M believes these limitations would result in a range of projected values so broad as to not be meaningful to investors. For these reasons, 3M believes that the probable significance of such information is low.

Additionally, for similar reasons, 3M does not include the impact of potentially-divested or acquired businesses on expected operations in forecasted outlook guidance it provides until close of a transaction. Information with respect to special items for certain historical periods is included in the section entitled “Description of special items”.

Sales Change3

Organic sales

Acquisitions

Divestitures

Translation

Total sales change

Total Company

%

—

%

%

%

%

Remove manufactured PFAS products special item impact

—

Adjusted total Company (non-GAAP measures)4

%

—

%

%

%

%

Transportation and Electronics

%

—

%

—

%

%

%

Remove manufactured PFAS products special item impact

—

—

Adjusted Transportation and Electronics (non-GAAP measures)4

%

—

%

—

%

%

%

By Geographic Area

Americas

%

—

%

%

%

%

Remove manufactured PFAS products special item impact

—

—

—

—

—

Adjusted Americas (non-GAAP measures)4

%

—

%

%

%

%

Asia Pacific

%

—

%

%

%

%

Remove manufactured PFAS products special item impact

—

—

—

Adjusted Asia Pacific (non-GAAP measures)4

%

—

%

%

%

%

Europe, Middle East & Africa

%

—

%

%

%

%

Remove manufactured PFAS products special item impact

—

—

Adjusted Europe, Middle East & Africa (non-GAAP measures)4

%

—

%

%

%

%

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Sales Change3

Organic sales

Acquisitions

Divestitures

Translation

Total sales change

Total Company

%

%

%

%

%

Remove manufactured PFAS products special item impact

—

Adjusted total Company (non-GAAP measures)4

%

%

%

%

%

Transportation and Electronics

—

%

%

—

%

%

%

Remove manufactured PFAS products special item impact

—

Adjusted Transportation and Electronics (non-GAAP measures)4

%

%

—

%

%

%

By Geographic Area

Americas

%

%

%

%

%

Remove manufactured PFAS products special item impact

—

Adjusted Americas (non-GAAP measures)4

%

%

%

%

%

Asia Pacific

%

%

—

%

%

%

Remove manufactured PFAS products special item impact

—

Adjusted Asia Pacific (non-GAAP measures)4

%

—

%

%

%

%

Europe, Middle East & Africa

%

—

%

%

%

%

Remove manufactured PFAS products special item impact

—

—

Adjusted Europe, Middle East & Africa (non-GAAP measures)4

%

—

%

%

%

—

%

Sales Change3

Organic sales

Acquisitions

Divestitures

Translation

Total sales change

Total Company6

~1%

—

%

~1%

Remove manufactured PFAS products impact6

—

—

—

—

—

Adjusted total Company (non-GAAP measures)4,6

~1%

—

%

~1%

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Adjusted net cash provided by (used in) operating activities; adjusted purchases of property, plant and equipment (also referred to as adjusted capital expenditures); adjusted free cash flow and adjusted free cash flow conversion (non-GAAP measures):

Three months ended

Nine months ended

Major GAAP Cash Flow Categories (dollars in millions)

Net cash provided by (used in) operating activities

$

$

$

1

$

Net cash provided by (used in) investing activities

Net cash provided by (used in) financing activities

Three months ended

Nine months ended

Adjusted Free Cash Flow (non-GAAP measure) (dollars in millions)

Net cash provided by (used in) operating activities

$

$

$

1

$

Adjustments for special items:

Net costs for significant litigation after-tax payment impacts

Divestiture costs after-tax payment impacts

Divestiture-related restructuring after-tax payment impacts

—

—

2

7

TCJA transition tax payment

—

—

Manufactured PFAS products impact after-tax payment impacts

Total adjustments for special items

Adjusted net cash provided by (used in) operating activities (non-GAAP measure)7

$

$

$

$

Purchases of property, plant and equipment (PPE)

Manufactured PFAS products impact - removing related purchases of PPE

Adjusted purchases of PPE (non-GAAP measure)7

$

$

$

$

Adjusted free cash flow (non-GAAP measure)7

$

$

$

$

Net income (loss) attributable to 3M

$

$

$

$

Adjustments for special items, net of tax:

Net costs for significant litigation

Manufactured PFAS products impact

Gain on business divestitures

—

—

Russia exit charges (benefits)

—

—

—

Divestiture costs

—

Solventum ownership - change in value

—

—

Pension risk transfer charge

—

—

—

Total adjustments for special items, net of tax

Net income (loss) attributable to 3M adjusted for special items

(used for adjusted free cash flow calculation)

$

$

$

$

Adjusted free cash flow conversion (non-GAAP measure)7

%

%

%

%

73M’s Consolidated Statements of Cash Flows include the results of continuing and discontinued operations (Solventum separated from 3M in April 2024); accordingly, amounts associated with the determination of adjusted free cash flow include both continuing and discontinued operations in certain periods both from an income and cash flow perspective. 3M defines adjusted net cash provided by (used in) operating activities as net cash provided by operating activities, adjusted for special items. 3M defines adjusted purchases of property, plant and equipment (also referred to as adjusted capital expenditures) as purchases of property, plant and equipment (PPE) adjusted for the estimated impact of such purchases associated with manufactured PFAS products activity. 3M defines adjusted free cash flow as adjusted net cash provided by (used in) operating activities less adjusted purchases of PPE.

Cash payments/receipts associated with special items in the determination of adjusted net cash provided by (used in) operating activities are reflected net of applicable tax. The cash tax impact for the portion of payments of costs for significant litigation under the 2023 settlement agreements relative to Combat Arms Earplugs and relative to public water systems regarding PFAS is based on the timing/amount of the actual cash tax deduction (which differs from the timing of the pre-tax settlement payments). The impacts of certain tax-related divestiture costs are based on applicable tax rates and the timing of tax payments relative to underlying Separation transactions. For other special items, the cash tax impact is estimated using the U.S. statutory corporate tax rate during the period of payment/receipt.

Tax impacts include associated impacts on Foreign Derived Intangible Income (FDII), Global Intangible Low Taxed Income (GILTI), foreign tax credits, and tax costs of repatriation. 3M defines adjusted free cash flow conversion as adjusted free cash flow divided by net income (loss) attributable to 3M, adjusted for special items (used for adjusted free cash flow calculation).

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Adjusted EBITDA and adjusted EBITDA margin (non-GAAP measures):

Adjusted EBITDA (non-GAAP measure)8

Adjusted EBITDA margin (non-GAAP measure)8

Three months ended

Nine months ended

Three months ended

Nine months ended

(Dollars in millions)

Safety and Industrial

$

$

$

$

Transportation and Electronics

Consumer

Corporate and Unallocated and Other

4

Total Company

$

$

$

$

Three months ended

Nine months ended

Adjusted EBITDA (non-GAAP measure) (dollars in millions)

Adjusted net sales (non-GAAP measure)4

$

$

$

$

Net income (loss) from continuing operations attributable to 3M

Add/(subtract):

Net income/(loss) attributable to noncontrolling interest

4

4

(Income)/loss from unconsolidated subsidiaries, net of taxes

(3)

(2)

(7)