Climate Action

Governance

As a diversified global manufacturer and solutions provider, we are aware of our environmental responsibilities. We recognize that climate change is a serious concern that warrants timely, meaningful action. We also believe that our focus on climate action enhances operational efficiency, reduces costs, improves margins and enables us to better serve our customers. Our climate strategy focuses on monitoring climate risk and resilience while reducing emissions in our operations and value chain (Scope 1, 2 and 3).

Dover’s Board of Directors (the "Board") provides oversight of the development and execution of our climate change strategy and the incorporation of climate-related risks and opportunities into Dover’s strategy and operations. Dover’s CEO, who is a member of the Board, has management responsibility over climate issues. This is largely performed through the cross-functional Sustainability Steering Committee ("SSC"), chaired by the General Counsel and comprised of senior corporate center and operating company leaders. The SSC meets generally quarterly to oversee the implementation of Dover’s energy and greenhouse gas ("GHG") initiatives. The corporate center sustainability working group, which includes members of the corporate Employee Health and Safety ("EHS") team, translates the SSC’s direction into strategy and operational initiatives across Dover’s business.

At the operating company level, Sustainability Champions are selected to work with Dover's corporate center to plan, execute and measure operational emissions reduction efforts. Sustainability Champions inform the environmental strategy by tracking Dover’s energy usage data, implementing Sustainability Kaizens at the sites and submitting information to Dover's corporate center about new or ongoing energy saving projects, including expected energy savings, cost and payback periods. For our downstream emissions, product teams support customers’ climate goals by considering sustainability in innovation and identifying end markets for our sustainable products. These efforts reduce our product carbon footprint and deliver environmentally responsible solutions.

Policies

Our Code of Conduct provides foundational guidance for managing climate related impacts across our operations, including compliance with applicable environmental laws and standards and the responsible use of energy and other natural resources.

We also drive supply chain responsibility by requiring that all our suppliers, prior to onboarding, agree to comply with our Supplier Code of Conduct. Similar to our Code of Conduct, the Supplier Code of Conduct establishes our expectations regarding climate-related issues. This has supported consistent compliance, coupled with Dover’s expectation that suppliers promptly respond to information requests on climate commitments and reporting.

Actions and Initiatives

Climate Risk and Resilience
Dover has conducted a climate risk assessment consistent with the recommendations set forth by the Task Force on Climate-related Financial Disclosures ("TCFD"). Through this process, members of the SSC, representing Dover and our operating companies, identified and evaluated a broad range of climate related risks and opportunities.

As part of this process, we first facilitated workshops to build awareness of climate risks and opportunities and to assess and prioritize a comprehensive universe of existing and emerging risks and opportunities based on criteria such as impact, likelihood, materiality to Dover and stakeholder concern.

Dover then conducted an in depth climate scenario analysis on the prioritized risks and opportunities under two future climate pathways: a “worst case” 4°C scenario aligned with RCP 8.5¹ and an aggressive mitigation 2°C scenario aligned with RCP 2.6. Under each scenario, the SSC evaluated the likelihood and potential impact of each risk and opportunity on Dover’s business. Where practical, Dover translated climate related risks and opportunities into potential financial impacts using scientific literature, internal data and professional judgment.

Through this process, Dover identified eight priority physical and transition risks and opportunities, along with their underlying drivers, which were assessed through a 2050 time horizon under both climate scenarios. For additional details on our climate-related risks and opportunities and climate scenario analysis, see both our TCFD Index and latest CDP response.

¹ RCP = Representative Concentration Pathway; physical models from the Intergovernmental Panel on Climate Change ("IPCC"), the U.N. body for assessing climate science

Dover TCFD Index

For more details on how Dover addresses the recommendations of the Task Force on Climate-related Financial Disclosures TCFD, see our TCFD Index which summarizes detailed information reported in our annual CDP Climate Change response.

	Category	Climate-related risk and/or opportunity	Risk Exposure¹ Results from Scenario Analysis
	Category	Climate-related risk and/or opportunity	4°C	2°C
Transition	Policy and Legal	#1: Risk of increased operation costs due to carbon pricing/taxes/cap	Low-moderate	Moderate
	Technology	#2: Opportunity to improve energy efficiency and switch to renewable energy via on-site solar or wind generation or a virtual purchase power agreement ("vPPA"), reducing energy costs, emissions and exposure to carbon pricing	Low	Moderate-high
	Market	#3: Opportunity of research and development ("R&D") advancements achieving goals for sustainable products and technologies and losing or gaining market share	Moderate	High
		#4: Risk of reduced demand for fossil fuels and Dover products serving energy and retail fueling industries impacting future revenues	Low-moderate	High
		#5: Risk of increasing logistics costs impacting materials costs	Low-moderate	Moderate
	Reputation	#6: Risk to sustain and enhance Dover's reputation as a strong climate action performer to stakeholders (e.g., employees, investors, customers and the communities we operate in)	Low-Moderate	Moderate
Physical	Acute	#7: Risk of increased frequency and severity of storms shutting down operations	Moderate	Low-moderate
Physical	Acute	#8: Risk of disruptions to critical suppliers due to hurricanes, flooding or other climate-related extreme weather events	Moderate	Low-moderate

¹ Risk exposure considers Impact and Likelihood of risks and opportunities through 2050. The risk exposure listed above was evaluated without taking into account the benefit of any risk mitigation measures. The climate risks identified should not be interpreted as a decision by Dover that such information is “material” as that term is used or understood in filings with the Securities and Exchange Commission ("SEC").

Decarbonization
Dover’s total, relevant greenhouse gas emissions include Scope 1, 2 and 3 (Categories 1 and 11).

Decarbonizing our operations
Dover is committed to responsible operations and energy use. While Scope 1 and 2 emissions represent approximately 2% of our total, relevant greenhouse gas emissions, they offer some of the most direct opportunities to reduce our footprint. In recent years, we have implemented a range of emissions reduction initiatives across our facilities, with additional efforts underway.

Energy efficiency improvements

HVAC improvements, such as programmable thermostats
Replacement of energy-intensive equipment
Refrigerant management
Lighting retrofits
Compressed air improvements, such as new compressor systems
Process upgrades, including machinery and technology
Behavioral improvements, such as shutting down machinery at night

Switches to low/no emission energy sources

Solar photovoltaic installation at various facilities
Purchasing energy from renewable sources
Switching fleet and machinery from diesel to electric or other alternative fuels
Low-emission fuels for curing oven use

Decarbonizing our products in their use phase
Approximately 98% of Dover’s total, relevant greenhouse gas emissions are attributable to Scope 3, with Category 11 (Use of Sold Products) consistently representing over 90% of those emissions. As a result, our reduction strategy is focused on improving product efficiency to reduce emissions during use. These efforts are particularly focused on three operating companies, which together account for more than 80% of Category 11 emissions. Advancing innovation within these businesses enables us to drive meaningful reductions in our overall footprint.

Decarbonization drivers

Natural refrigerant usage
Trend toward sustainable product mix
Energy-efficient design
Electrification of offerings, such as electric vehicle charging hardware

While we have identified our most significant decarbonization opportunities, all 15 of Dover’s operating companies support both our sustainability goals and those of our customers through innovation and thoughtful design. Sustainability considerations are integrated into R&D across all five business segments as part of the stage-gate product development process. This framework, supported by sustainability scorecards and assessments, helps formalize considerations such as energy and resource use, waste management and recyclability throughout the design process. These efforts support the long‑term competitiveness of our product portfolio and position our customers to adapt to evolving demand for more climate‑friendly solutions.

Incorporating Sustainability Into Supplier Audits
Some Dover operating companies have implemented additional measures to promote environmental management within their supply chains. For example, SWEP has incorporated several sustainability topics into its supplier audit program, including product circularity, carbon management, energy management, water management and waste management. SWEP also requires that all suppliers have risk mitigation plans in place, including consideration of climate-related risks. These strategies help us improve the sustainability of our supply chain — specifically, Scope 3 Category 1 emissions, which amount to ~7% of our annual GHG footprint.

Targets, Metrics and KPIs

Launched in 2021 and approved by the Science Based Targets initiative ("SBTi"), Dover set targets against a 2019 baseline to reduce its direct greenhouse gas emissions from operations (absolute Scope 1 and Scope 2 market-based emissions) by 30% and its indirect (Scope 3) emissions by 15% by 2030. Our efforts to date have achieved a 22% reduction in Scope 1 and Scope 2 emissions from our 2019 base year and a 35% reduction in relevant Scope emissions.²

² All Scope 3 percentage changes are calculated against a rebaselined 2019 base year, unless otherwise noted.

2025 Progress Against 2030 Science-Based Targets

Scope 1 and 2

In 2025, Scope 1 and 2 emissions collectively dropped by 9% since 2024, bringing us to 22% reduction in emissions from our 2019 baseline. We have also introduced renewable energy into our operations and, as of the end of 2025, renewable electricity accounted for over 6% of Dover’s electricity use. Dover intends to continue this progress through the efforts of our operating companies and their own pursuit of energy efficiency and decarbonization initiatives.

To support this progress, our corporate center sustainability working group is currently working closely with our Sustainability Champions to refine our decarbonization roadmap designed to meet Dover's Science Based Targets ("SBTs") in a cost-effective manner. Our roadmap, modeled out to 2030, outlines the expected carbon savings and financial investments of 15 decarbonization levers, allowing us to create a pathway to achieve our Scope 1 and 2 reduction goals.

Scope 3

Dover’s relevant Scope 3 emissions decreased by nearly 10% in 2025, bringing us to a 35% reduction since our 2019 baseline. This year’s reductions were driven in part by grid greening and a broader shift toward sales to customers in more energy-efficient regions. Additional reductions have also been realized as our teams’ innovations come to market, as illustrated by DFR Advansor’s ongoing success in delivering sustainable climate solutions. Fueled by a global need to expand the usage of natural refrigerants, the strong performance of these offerings underscores our commitment to not only advance the capabilities of our products but also strengthen our customers’ ability to minimize their environmental impact.

R&D spend, including qualifying engineering costs, represented 2.0% of our annual revenue in 2025. This level of R&D investment has remained relatively consistent for the past several years and has allowed us to make progress on our 2030 greenhouse gas goals.

Research and Development Spending Graphic