M First-Quarter Results Driven by Strong Operational Performance Company Initiates Full-Year 2024 Guidance Reflecting Completion of Solventum Spin Company delivers strong first quarter results - Sales of $8.0 billion, do

3M First-Quarter Results Driven by Strong Operational Performance Company Initiates Full-Year 2024 Guidance Reflecting Completion of Solventum Spin

Company delivers strong first quarter results

- Sales of $8.0 billion, down 0.3% YoY adjusted sales of $7.7 billion with organic growth up 1% YoY

- GAAP earnings per share of $1.67, down 5% YoY adjusted earnings of $2.39, up double digits YoY

Successfully completed the spin of Solventum on April 1st

Finalized legal settlements for Public Water Suppliers and Combat Arms Earplugs

Initiates guidance on a continuing operations basis and updates capital allocation framework

Named William "Bill" Brown as CEO effective May 1st Mike Roman will become Executive Chairman

ST. PAUL, Minn. - Apr. 30, 2024 3M (NYSE MMM) today reported first-quarter results and initiated its 2024 financial earnings outlook reflecting Solventum as a discontinued operation for the full-year, including Q1.

"We delivered results that were better than our expectations as we returned to organic growth and achieved double digit adjusted earnings growth. We improved performance in our businesses through strong operational execution, completed the spin-off of Solventum, and finalized two major legal settlements," said 3M chairman and CEO Mike Roman. "The progress we have made in executing our strategic priorities, positions the company for long-term shareholder value creation as Bill Brown assumes the role of 3M CEO."

First-Quarter Highlights

Q1 2024 results are reported inclusive of the Health Care business segment, on the same basis on which 3M provided its first-quarter guidance.

GAAP earnings per share of $1.67 and operating margin of 18.8%.

Adjusted EPS of $2.39, up 21 percent year-on-year.

Adjusted operating income margin of 21.9%, an increase of 4.0 percentage points year-on-year.

Sales of $8.0 billion, down 0.3 percent year-on-year, with organic sales flat year-on-year.

Adjusted sales of $7.7 billion, up 0.5 percent year-on-year with adjusted organic sales increase of 0.8 percent year-on-year.

Operating cash flow of $0.8 billion adjusted free cash flow of $0.8 billion.

3M returned $835 million to shareholders via dividends.

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

3M Completes Spin-off of Solventum

On April 1, 3M completed the planned spin-off of its health care business, which formally launched Solventum Corporation as an independent company. Solventum is listed on the New York Stock Exchange as SOLV. 3M retained 19.9% of the outstanding shares of Solventum common stock, which will be monetized within five years following the spin-off.

Solventum Corporation's financial reporting will differ from the basis of presentation used by 3M for the Health Care segment.

3M Resolves Public Water Supplier and Combat Arms Earplugs Litigation

On March 29, the company's previously announced settlement agreement with U.S. public water suppliers received final approval from the U.S. District Court in Charleston, South Carolina. The agreement includes a pre-tax present value commitment of up to $10.3 billion payable over 13 years, for which the company has previously recorded reserves.

On March 26, 3M announced that, as of the final registration date for the Combat Arms Earplug settlement agreement, more than 99% of claimants are participating in the settlement. Under the terms of the agreement, 3M will pay a total amount of up to $6.0 billion, between 2023 and 2029, to resolve the litigation, provided all participation thresholds are met. This represents a total pre-tax present value of $5.3 billion, for which the company has previously recorded reserves.

Initiating Full-Year 2024 Earnings Outlook Reflecting Solventum as a Discontinued Operation

3M initiated the following full-year 2024 expectations. Beginning in the second quarter of 2024, Solventum's historical earnings results will be reported within 3M's financial statements as discontinued operations. The 2024 earnings outlook below reflects Solventum's net income as discontinued operations for the full year, including the first quarter of 2024.

In addition, following the spin of Solventum, 3M's dividend payout ratio is expected to be approximately 40% of adjusted free cash flow. The second-quarter dividend is expected to be declared in May 2024, and is subject to board approval.

23M is supplying preliminary estimated information that is illustrative as if Solventum's net income was reflected as a discontinued operation. This information is preliminary, unaudited, and based on current estimates, and remains subject to change. See further discussion in the "Supplemental Financial Information Non-GAAP Measures - Reflecting Solventum Net Income as Discontinued Operation" section.

3As further discussed at 10 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.

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

Call 800-343-4136 within the U.S. or +1 203-518-9843 outside the U.S., conference ID MMMQ124. Please join the call at least 10 minutes before the start time.

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

Call 800-839-7076 within the U.S. or +1 402-220-6063 outside the U.S. (for both U.S. and outside the U.S., the security code is 6639). The telephone replay will be available until May 7, 2024.

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. 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 systems 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 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. Changes in such assumptions or factors could produce significantly different results. 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). The Company assumes no obligation to update any forward-looking statements discussed herein as a result of new information or future events or developments.

3M Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME (LOSS)

(Millions, except per-share amounts)

3M Company and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEET

(Dollars in millions)

3M Company and Subsidiaries

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Dollars in millions)

3M Company and Subsidiaries

SALES CHANGE ANALYSIS4

4Total 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.

3M Company and Subsidiaries

3M discloses business segment operating income (loss) as its measure of segment profit loss, reconciled to both total 3M operating income (loss) and income (loss) 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").

Effective in the first quarter of 2024, 3M made certain changes within its business segments in its continuing effort to improve the alignment of businesses around markets and customers. The changes included the items described below. While they impacted the composition of certain divisions within 3M's business segments, they did not change the overall composition of segments or the measure of segment operating performance used by 3M's chief operating decision maker (CODM). The financial information presented herein reflects the impact of these changes for all periods presented.

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 Safety and Industrial business segment, which consists of the former Closure and Masking Systems division along with certain products formerly within 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 from three to four divisions within Consumer business segment

The Consumer business segment re-aligned from three divisions to the following four divisions Consumer Safety and Well-Being, Home and Auto Care, Home Improvement, and Packaging and Expression.

Division name changes within the Health Care business segment

The names of three of the Heath Care segment's divisions were changed. The Medical Solutions, Oral Care, and Separation and Purification Sciences divisions were renamed to Medical Surgical (MedSurg), Dental Solutions, and Purification and Filtration, respectively.

3M Company and Subsidiaries

BUSINESS SEGMENTS - (CONTINUED)

Corporate and Unallocated

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 also include divestiture costs and divestiture-related restructuring costs impacting operating income. Divestiture costs include costs 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. Because Corporate and Unallocated includes a variety of miscellaneous items, it is subject to fluctuation on a quarterly and annual basis.

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

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

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)

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

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES - (CONTINUED)

5These items represent amounts adjusted for special items. See lead-in to non-GAAP measures discussion.

6For 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 - (CONTINUED)

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)