3M Q4 adjusted EPS $2.28, sales $8.1B; FY23 guidance weak; to cut 2,500 jobs

Full-Year Highlights: Full Year 2022 Full Year 2021 GAAP EPS $ 10.18 $ 10.12 Special Items (0.08) 0.61 Adjusted EPS $ 10.10 $ 10.73 Memo: GAAP operating income margin 19.1 % 20.8 % Adjusted operating income margin 20.8 % 22.2 % See the “Supplemental Financial Information Non-GAAP Measures” section for applicable information. • Sales of $34.2 billion, down 3 percent year-on-year, which included impacts of negative 1 percent from divestitures and negative 4 percent from foreign currency translation due to strength of U.S. dollar.

Fourth-Quarter Highlights: • Company reports GAAP earnings per share of $0.98, which included a $1.15 per share pre-tax charge relating to PFAS manufacturing exit costs adjusted for in special items. • Adjusted earnings per share of $2.28, excluding the impact of special items. Q4 2022 Q4 2021 GAAP EPS $ 0.98 $ 2.31 Special Items 1.30 0.14 Adjusted EPS $ 2.28 $ 2.45 Memo: GAAP operating income margin 7.8 % 18.8 % Adjusted operating income margin 19.1 % 20.0 % See the “Supplemental Financial Information Non-GAAP Measures” section for applicable information. • Sales of $8.1 billion, down 6 percent year-on-year, which included impacts of negative 2 percent from divestitures and negative 5 percent from foreign currency translation due to strength of U.S. dollar.

Full-Year 2023 Outlook 3M's full-year expectations for 2023 include the following: • -6 to -2 percent adjusted total sales growth^ reflecting the following: ◦ -3 percent to flat adjusted organic sales growth^, includes -2 percentage point impact from disposable respirator decline and exit of Russia ◦ -2 to -1 percent adjusted foreign currency translation impact^ ◦ -1 percent adjusted divestiture impact^ • Adjusted earnings per share^ of $8.50 to $9.00, versus 2022 of $9.88 on a comparable basis ◦ 2023 adjusted earnings per share include -$0.55 to -$0.80 of combined year-on-year headwinds from the decline in disposable respirator demand, exit of Russia, foreign currency translation, and divestitures