Cummins Inc.

- No explicit mention of new fundraising through debt or equity in the provided pages. - The company emphasizes strong cash generation as a priority to enable continued investment, shareholder returns, and maintaining a strong balance sheet to weather economic volatility (Page 5). - Returned over $0.5 billion to shareholders in Q1 2026 through share repurchases and dividends, indicating sufficient liquidity without immediate need for fundraising (Page 4). - Interest expense slightly decreased by $1 million from the prior year, suggesting stable or possibly reduced debt levels (Page 4). - The company highlighted investments of $1.35 billion to $1.45 billion planned for 2026 supporting future growth (Page 5), but no indication that this will be funded through new equity or debt issuance. - They are taking actions to reduce losses in specific segments (Accelera) and focusing on cash flow and operational improvements rather than seeking new capital raises.

- Total investment for 2026 is expected to be in the range of $1.35 billion to $1.45 billion to support future growth. - Focus on capacity investments for the 95-liter engine platform and potential additional capacity investments across plants and supply chain. - Strategic investments continue in product development, especially related to new engine platforms for EPA ’27 regulation. - Investments in ramping up capacity at plants and supply chain to meet increasing demand, including adding a third shift at Rocky Mount. - Continued investment in Accelera business focusing on battery-electric powertrain and zero-emissions technology, despite reductions in low-pressure fuel cell business. - Long-term growth and updated financial targets, including capital deployment, will be discussed in detail at Analyst Day on May 21.

- Full-year 2026 revenue growth is expected to be 8% to 11%, up from earlier guidance of 3% to 8%. - North America heavy-duty truck forecast raised to 230,000–250,000 units for 2026 (previously 220,000–240,000), driven by strong recent orders and improved spot rates. - North America medium-duty truck forecast increased to 125,000–135,000 units (from 110,000–120,000), reflecting stronger demand and momentum. - Engine shipments for North American pickup trucks expected at 125,000–140,000 units in 2026. - China revenue, including joint ventures, expected to grow about 10% in 2026 due to data center demand; heavy and medium-duty truck demand forecast flat to down 10%. - India revenue projected to increase 2% in 2026, improved from prior decline outlook, supported by tax incentives. - Global construction demand expected flat to up 10% year-over-year, improved from down 10% to flat previously.

- Full-year 2026 revenues are expected to increase by 8% to 11%. - EBITDA margin guidance raised to 17.75% to 18.5% for 2026, up from previous forecasts. - Engine segment revenue expected to grow 7% to 12% with EBITDA margins improving to 12.5%–13.5%. - Components segment revenues projected up 5% to 10% with margins improving to 13.5%–14.5%. - Distribution segment revenues growing 9% to 14% with EBITDA margins improving to 13.7%–14.7%. - Power Systems revenues forecasted to grow 14% to 19% with EBITDA margins of approximately 25% to 26%. - Incremental margins expected to improve after the peak investment period in new platforms. - EPS excluding one-time charges rose to $6.15 per share in Q1 from $5.96 prior year; full-year EPS outlook improved. - Cash generation remains strong, supporting reinvestment and shareholder returns.

- Medium-duty demand improving strongly, driving the addition of a third production shift at the Rocky Mount plant. - Heavy-duty truck orders have increased over recent months, with spot rates improving. - Customers indicate that 2026 build slots for heavy-duty trucks are filling, with expectations to sell out and transition to 2027 engine orders. - Overall demand for existing combustion engine products in North America is currently high and outpacing the market. - Supply constraints may limit how much build rates can increase despite strong demand. - Inventory and production ramp-up efforts, including supplier readiness and capacity investments, indicate strong pending orders across segments.