Exhibit 99.1

3M Delivers Strong Second-Quarter Results; Company Updates Full-Year 2024 Earnings Guidance

•Sales of $6.3 billion, down 0.5% YoY

•Adjusted sales of $6.0 billion with organic growth up 1.2% YoY

•GAAP EPS from continuing operations of $2.17, up 117% YoY

•Adjusted EPS from continuing operations of $1.93, up 39% YoY

•Operating cash flow of $1.0 billion with adjusted free cash flow of $1.2 billion

•Updates full-year 2024 adjusted EPS from continuing operations to $7.00 to $7.30 from $6.80 to $7.30

ST. PAUL, Minn. – July 26, 2024 − 3M (NYSE: MMM) today reported second-quarter results.

“We delivered another strong quarter with adjusted earnings growth up double-digits and robust cash generation. I want to thank 3M employees for their exceptional execution, which we expect to continue in the second half of the year,” said William Brown, 3M Chief Executive Officer. “As I look ahead, I am focused on three priorities: driving sustained organic revenue growth, increasing operational performance, and effectively deploying capital. I have long admired 3M’s track record of innovation and am excited to be leading this great company and by the opportunities ahead.”

Second-Quarter Highlights:

									Q2 2024						Q2 2023
			GAAP EPS from continuing operations (GAAP EPS)						$	2.17					$	(12.94)
			Special items:
			Net costs for significant litigation						0.44						14.43
			(Increase) decrease in value of Solventum ownership						(2.00)						—
			Pension risk transfer charge						1.09						—
			Other special items, net						0.23						(0.10)
			Adjusted EPS from continuing operations (Adjusted EPS)						$	1.93					$	1.39
			Memo:
			GAAP operating income margin						20.3		%				(148.9)		%
			Adjusted operating income margin						21.6		%				17.2		%

•GAAP EPS of $2.17 and operating margin of 20.3%.

•Adjusted EPS of $1.93, up 39% year-on-year.

•Adjusted operating income margin of 21.6%, an increase of 4.4 percentage points year-on-year.

									GAAP						Adjusted (Non-GAAP)
			Net sales (Millions)						$6,255						$6,019
			Sales change
			Total sales						(0.5)%						1.1%
			Components of sales change:
			Organic sales1						(0.3)%						1.2%
			Acquisitions/divestitures						1.2%						1.3%
			Translation						(1.4)%						(1.4)%
			Adjusted sales excludes manufactured PFAS products.
			1Above adjusted organic sales increase includes a 120 basis point headwind from product portfolio initiatives and exit of certain small countries.

•Sales of $6.3 billion, down 0.5% year-on-year, with organic sales down 0.3% year-on-year.

•Adjusted sales of $6.0 billion, up 1.1% year-on-year with adjusted organic sales up 1.2% year-on-year.

•Operating cash flow of $1.0 billion; adjusted free cash flow of $1.2 billion.

•3M returned $786 million to shareholders via dividends and share repurchases.

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

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Updated Full-Year 2024 Earnings Outlook

3M updated its full-year adjusted earnings expectations given the company’s strong operational execution in the first half of the year. The 2024 earnings outlook below reflects the continuing operations of 3M.

Prior 2024 forecast2

Current 2024 forecast2

Adjusted total sales growth

(0.25%) to +1.75%

(0.25%) to +1.75%

Adjusted organic sales growth

flat to +2%

flat to +2%

Adjusted EPS

$6.80 to $7.30

$7.00 to $7.30

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 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.

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3M Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME (LOSS)

(Millions, except per-share amounts)

(Unaudited)

						Three months ended June 30,												Six months ended June 30,
(Millions, except per share amounts)						2024						2023						2024						2023
Net sales						$	6,255					$	6,283					$	12,271					$	12,338
Operating expenses
Cost of sales						3,571						3,728						7,056						7,472
Selling, general and administrative expenses						1,132						11,615						2,260						12,763
Research, development and related expenses						280						298						534						595
Total operating expenses						4,983						15,641						9,850						20,830
Operating income (loss)						1,272						(9,358)						2,421						(8,492)
Other expense (income), net						(138)						72						82						128
Income (loss) from continuing operations before income taxes						1,410						(9,430)						2,339						(8,620)
Provision (benefit) for income taxes						203						(2,261)						423						(2,116)
Income (loss) from continuing operations of consolidated group						1,207						(7,169)						1,916						(6,504)
Income (loss) from unconsolidated subsidiaries, net of taxes						3						3						4						5
Net income (loss) from continuing operations including noncontrolling interest						1,210						(7,166)						1,920						(6,499)
Less: Net income (loss) attributable to noncontrolling interest						6						5						11						10
Net income (loss) from continuing operations attributable to 3M						1,204						(7,171)						1,909						(6,509)
Net income (loss) from discontinued operations, net of taxes						(59)						330						164						644
Net income (loss) attributable to 3M						$	1,145					$	(6,841)					$	2,073					$	(5,865)
Earnings (loss) per share attributable to 3M common shareholders:
Weighted average 3M common shares outstanding — basic						553.8						553.9						554.4						553.3
Earnings (loss) per share from continuing operations — basic						$	2.17					$	(12.94)					$	3.44					$	(11.76)
Earnings (loss) per share from discontinued operations — basic						(0.10)						0.59						0.30						1.16
Earnings (loss) per share — basic						$	2.07					$	(12.35)					$	3.74					$	(10.60)
Weighted average 3M common shares outstanding — diluted						554.8						553.9						555.3						553.3
Earnings (loss) per share from continuing operations — diluted						$	2.17					$	(12.94)					$	3.44					$	(11.76)
Earnings (loss) per share from discontinued operations — diluted						(0.10)						0.59						0.29						1.16
Earnings (loss) per share — diluted						$	2.07					$	(12.35)					$	3.73					$	(10.60)

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3M Company and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(Unaudited)

						June 30, 2024						December 31, 2023
ASSETS
Current assets
Cash and cash equivalents						$	10,083					$	5,735
Marketable securities – current						255						50
Accounts receivable – net						3,575						3,601
Inventories						4,060						3,944
Prepaids						444						344
Other current assets						1,098						326
Current assets of discontinued operations						—						2,379
Total current assets						19,515						16,379
Property, plant and equipment – net						7,472						7,690
Operating lease right of use assets						610						657
Goodwill and intangible assets – net						7,584						7,705
Other assets						8,196						6,806
Non-current assets of discontinued operations						—						11,343
Total assets						$	43,377					$	50,580
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings and current portion of long-term debt						$	1,302					$	2,947
Accounts payable						2,813						2,776
Accrued payroll						602						695
Accrued income taxes						407						304
Operating lease liabilities – current						169						192
Other current liabilities						9,052						6,660
Current liabilities of discontinued operations						—						1,723
Total current liabilities						14,345						15,297
Long-term debt						11,781						13,088
Other liabilities						13,263						16,641
Non-current liabilities of discontinued operations						—						686
Total liabilities						39,389						45,712
Total equity						3,988						4,868
Shares outstanding
June 30, 2024: 549,353,621
December 31, 2023: 552,581,136
Total liabilities and equity						$	43,377					$	50,580

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3M Company and Subsidiaries

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Dollars in millions)

(Unaudited)

						Six months ended June 30,
						2024						2023
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES						$	1,788					$	2,784
Cash flows from investing activities:
Purchases of property, plant and equipment						(644)						(852)
Purchases and proceeds from sale or maturities of marketable securities and investments – net						(236)						170
Other investing activities						24						63
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES						(856)						(619)
Cash flows from financing activities:
Change in debt – net						5,509						(44)
Purchases of treasury stock						(421)						(29)
Proceeds from issuances of treasury stock pursuant to stock option and benefit plans						30						218
Dividends paid to shareholders						(1,221)						(1,655)
Cash transferred to Solventum related to separation, net						(577)						—
Other financing activities						(57)						(9)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES						3,263						(1,519)
Effect of exchange rate changes on cash and cash equivalents						(45)						(43)
Net increase (decrease) in cash and cash equivalents						4,150						603
Cash and cash equivalents at beginning of year						5,933						3,655
Cash and cash equivalents at end of period						$	10,083					$	4,258

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.

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3M Company and Subsidiaries

SALES CHANGE ANALYSIS3

(Unaudited)

						Three months ended June 30, 2024
Sales Change Analysis By Geographic Area						Americas						Asia Pacific						Europe, Middle East and Africa						Worldwide
Organic sales						0.7		%				0.6		%				(4.6)		%				(0.3)		%
Acquisitions						0.5						0.2						—						0.4
Divestitures						1.6						0.1						0.1						0.8
Translation						(0.3)						(4.0)						(0.7)						(1.4)
Total sales change						2.5		%				(3.1)		%				(5.2)		%				(0.5)		%
						Six months ended June 30, 2024
Sales Change Analysis By Geographic Area						Americas						Asia Pacific						Europe, Middle East and Africa						Worldwide
Organic sales						(0.6)		%				1.1		%				(1.6)		%				(0.3)		%
Acquisitions						0.7						0.1						—						0.4
Divestitures						0.8						—						(0.1)						0.4
Translation						0.1						(4.0)						0.4						(1.0)
Total sales change						1.0		%				(2.8)		%				(1.3)		%				(0.5)		%

						Three months ended June 30, 2024
Worldwide Sales Change By Business Segment						Organic sales						Acquisitions						Divestitures						Translation						Total sales change
Safety and Industrial						1.1		%				—		%				—		%				(1.3)		%				(0.2)		%
Transportation and Electronics						(1.3)						1.0						—						(1.9)						(2.2)
Consumer						(1.4)						—						—						(1.0)						(2.4)
						Six months ended June 30, 2024
Worldwide Sales Change By Business Segment						Organic sales						Acquisitions						Divestitures						Translation						Total sales change
Safety and Industrial						(0.2)		%				—		%				—		%				(0.7)		%				(0.9)		%
Transportation and Electronics						0.6						1.2						—						(1.6)						0.2
Consumer						(2.6)						—						—						(0.7)						(3.3)

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.

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3M Company and Subsidiaries

BUSINESS SEGMENTS AND DISAGGREGATED REVENUE INFORMATION

(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 activity associated with:

◦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.

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3M Company and Subsidiaries

BUSINESS SEGMENTS AND DISAGGREGATED REVENUE INFORMATION - (CONTINUED)

(Unaudited)

BUSINESS SEGMENT INFORMATION						Three months ended June 30,												Six months ended June 30,
NET SALES
(Millions)						2024						2023						2024						2023
Safety and Industrial						$	2,759					$	2,765					$	5,491					$	5,544
Transportation and Electronics						2,143						2,191						4,247						4,241
Consumer						1,263						1,293						2,403						2,485
Corporate and Unallocated						86						22						112						45
Other						4						12						18						23
Total Company						$	6,255					$	6,283					$	12,271					$	12,338

BUSINESS SEGMENT INFORMATION						Three months ended June 30,												Six months ended June 30,
OPERATING INCOME (LOSS)
(Millions)						2024						2023						2024						2023
Safety and Industrial						$	612					$	534					$	1,269					$	1,135
Transportation and Electronics						428						410						909						704
Consumer						219						235						435						414
Corporate and Unallocated
Corporate special items:
Net costs for significant litigation						(8)						(10,357)						(71)						(10,439)
Divestiture costs						(14)						(1)						(20)						(4)
Russia exit (charges) benefits						—						18						—						18
Total corporate special items						(22)						(10,340)						(91)						(10,425)
Other corporate (expense) income - net						(2)						(207)						(73)						(339)
Total Corporate and Unallocated						(24)						(10,547)						(164)						(10,764)
Other						37						10						(28)						19
Total Company operating income (loss)						1,272						(9,358)						2,421						(8,492)
Other expense/(income), net						(138)						72						82						128
Income (loss) before income taxes						$	1,410					$	(9,430)					$	2,339					$	(8,620)

Corporate and Unallocated and Other

Outside of 3M's 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 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.

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3M Company and Subsidiaries

BUSINESS SEGMENTS AND DISAGGREGATED REVENUE INFORMATION - (CONTINUED)

(Unaudited)

•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.

The table below provides disaggregated revenue information for full-year 2023 revised to reflect the changes to composition of segment information 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. Similar information relative to applicable periods will be included in 3M’s Form 10-Q filed for the second quarter of 2024. The information below should be read together with information in 3M’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Reports on Form 10-Q during the year ended December 31, 2023 (including the consolidated financial statements, notes thereto and Management’s Discussion and Analysis included in those documents), along with information included in 3M’s Current Reports on Form 8-K filed April 4, 2024. The financial information that follows does not revise or otherwise amend or restate any previously filed financial information of 3M. This information is preliminary, unaudited, and based on current estimates, and remains subject to change.

Disaggregated revenue information

Net sales by division reflecting continuing operations (millions)																		2023
Abrasives																		$	1,327
Automotive Aftermarket																		1,237
Electrical Markets																		1,285
Industrial Adhesives and Tapes																		2,051
Industrial Specialties																		1,180
Personal Safety																		3,382
Roofing Granules																		494
Total Safety and Industrial Business Segment																		10,956
Advanced Materials																		1,167
Automotive and Aerospace																		1,925
Commercial Branding and Transportation																		2,546
Electronics																		2,863
Total Transportation and Electronics Business Segment																		8,501
Consumer Safety and Well-Being																		1,096
Home and Auto Care																		1,260
Home Improvement																		1,448
Packaging and Expression																		1,222
Total Consumer Business Segment																		5,026
Corporate and Unallocated																		90
Other																		37
Total Company																		$	24,610

Net sales by geographic area reflecting continuing operations (millions)																		2023
Americas																		$	13,268
Asia Pacific																		7,068
Europe, Middle East and Africa																		4,274
Worldwide																		$	24,610

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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.

10

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3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES – (CONTINUED)

(Unaudited)

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

						Three months ended June 30, 2023
(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															$	534					19.3		%
Adjustments for special items:
Net costs for significant litigation															80
Total special items															80
Adjusted amounts (non-GAAP measures)4															$	614					22.2		%
Transportation and Electronics
GAAP amounts						$	2,191								$	410					18.7		%
Adjustments for special items:
Manufactured PFAS products						(332)									(41)
Total special items						(332)									(41)
Adjusted amounts (non-GAAP measures)4						$	1,859								$	369					19.8		%
Total Company
GAAP amounts						$	6,283								$	(9,358)					(148.9)		%				$	72					$	(9,430)					$	(2,261)					24.0		%				$	(7,171)					$	(12.94)
Adjustments for special items:
Net costs for significant litigation5						—									10,437												(12)						10,449						2,457												7,992						14.43
Manufactured PFAS products						(332)									(41)												—						(41)						(10)												(31)						(0.06)
Russia exit charges (benefits)						—									(18)												—						(18)						3												(21)						(0.04)
Divestiture costs						—									1												—						1						—												1						—
Total special items						(332)									10,379												(12)						10,391						2,450												7,941						14.33
Adjusted amounts (non-GAAP measures)4						$	5,951								$	1,021					17.2		%				$	60					$	961					$	189					19.5		%				$	770					$	1.39

						Three months ended June 30, 2024
(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																		$	612					22.2		%
Adjustments for special items:
Net costs for significant litigation																		11
Total special items																		11
Adjusted amounts (non-GAAP measures)4																		$	623					22.6		%
Transportation and Electronics
GAAP amounts						$	2,143					(2.2)		%				$	428					20.0		%
Adjustments for special items:
Manufactured PFAS products						(236)												(2)
Total special items						(236)												(2)
Adjusted amounts (non-GAAP measures)4						$	1,907					2.6		%				$	426					22.3		%
Total Company
GAAP amounts						$	6,255					(0.5)		%				$	1,272					20.3		%				$	(138)					$	1,410					$	203					14.4		%				$	1,204					$	2.17					117		%
Adjustments for special items:
Net costs for significant litigation						—												19												(202)						221						(25)												246						0.44
Manufactured PFAS products						(236)												(2)												—						(2)						(1)												(1)						—
Divestiture costs						—												14												—						14						(113)												127						0.23
Solventum ownership - change in value						—												—												1,113						(1,113)						—												(1,113)						(2.00)
Pension risk transfer charge						—												—												(795)						795						188												607						1.09
Total special items						(236)												31												116						(85)						49												(134)						(0.24)
Adjusted amounts (non-GAAP measures)4						$	6,019					1.1		%				$	1,303					21.6		%				$	(22)					$	1,325					$	252					19.1		%				$	1,070					$	1.93					39		%

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.

11

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3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES

(Unaudited)

						Six months ended June 30, 2023
(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															$	1,135					20.5		%
Adjustments for special items:
Net costs for significant litigation															41
Total special items															41
Adjusted amounts (non-GAAP measures)4															$	1,176					21.2		%
Transportation and Electronics
GAAP amounts						$	4,241								$	704					16.6		%
Adjustments for special items:
Manufactured PFAS products						(677)									(51)
Total special items						(677)									(51)
Adjusted amounts (non-GAAP measures)4						$	3,564								$	653					18.3		%
Total Company
GAAP amounts						$	12,338								$	(8,492)					(68.8)		%				$	128					$	(8,620)					$	(2,116)					24.6		%				$	(6,509)					$	(11.76)
Adjustments for special items:
Net costs for significant litigation5						—									10,480												(12)						10,492						2,464												8,028						14.51
Manufactured PFAS products						(677)									(51)												—						(51)						(13)												(38)						(0.07)
Russia exit charges (benefits)						—									(18)												—						(18)						3												(21)						(0.04)
Divestiture costs						—									4												—						4						—												4						0.01
Total special items						(677)									10,415												(12)						10,427						2,454												7,973						14.41
Adjusted amounts (non-GAAP measures)4						$	11,661								$	1,923					16.5		%				$	116					$	1,807					$	338					18.7		%				$	1,464					$	2.65

						Six months ended June 30, 2024
(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																		$	1,269					23.1		%
Adjustments for special items:
Net costs for significant litigation																		18
Total special items																		18
Adjusted amounts (non-GAAP measures)4																		$	1,287					23.4		%
Transportation and Electronics
GAAP amounts						$	4,247					0.2		%				$	909					21.4		%
Adjustments for special items:
Manufactured PFAS products						(517)												(4)
Total special items						(517)												(4)
Adjusted amounts (non-GAAP measures)4						$	3,730					4.7		%				$	905					24.3		%
Total Company
GAAP amounts						$	12,271					(0.5)		%				$	2,421					19.7		%				$	82					$	2,339					$	423					18.1		%				$	1,909					$	3.44					129		%
Adjustments for special items:
Net costs for significant litigation						—												89												(406)						495						6												489						0.88
Manufactured PFAS products						(517)												(4)												—						(4)						(2)												(2)						—
Divestiture costs						—												20												—						20						(111)												131						0.24
Solventum ownership - change in value						—												—												1,113						(1,113)						—												(1,113)						(2.01)
Pension risk transfer charge						—												—												(795)						795						188												607						1.09
Total special items						(517)												105												(88)						193						81												112						0.20
Adjusted amounts (non-GAAP measures)4						$	11,754					0.8		%				$	2,526					21.5		%				$	(6)					$	2,532					$	504					19.9		%				$	2,021					$	3.64					38		%

12

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3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES (CONTINUED)

(Unaudited)

2024 forecast

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

$7.00 to $7.30

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

19% to 20%

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”.

						Three months ended June 30, 2024
Sales Change3						Organic sales						Acquisitions						Divestitures						Translation						Total sales change
Total Company						(0.3)		%				0.4		%				0.8		%				(1.4)		%				(0.5)		%
Remove manufactured PFAS products special item impact						1.5						—						0.1						—						1.6
Adjusted total Company (non-GAAP measures)4						1.2		%				0.4		%				0.9		%				(1.4)		%				1.1		%
Transportation and Electronics						(1.3)		%				1.0		%				—		%				(1.9)		%				(2.2)		%
Remove manufactured PFAS products special item impact						4.6						0.1						—						0.1						4.8
Adjusted Transportation and Electronics (non-GAAP measures)4						3.3		%				1.1		%				—		%				(1.8)		%				2.6		%
By Geographic Area
Americas						0.7		%				0.5		%				1.6		%				(0.3)		%				2.5		%
Remove manufactured PFAS products special item impact						0.3						—						—						0.1						0.4
Adjusted Americas (non-GAAP measures)4						1.0		%				0.5		%				1.6		%				(0.2)		%				2.9		%
Asia Pacific						0.6		%				0.2		%				0.1		%				(4.0)		%				(3.1)		%
Remove manufactured PFAS products special item impact						3.0						(0.1)						0.1						0.1						3.1
Adjusted Asia Pacific (non-GAAP measures)4						3.6		%				0.1		%				0.2		%				(3.9)		%				—		%
Europe, Middle East & Africa						(4.6)		%				—		%				0.1		%				(0.7)		%				(5.2)		%
Remove manufactured PFAS products special item impact						2.6						0.1						—						(0.1)						2.6
Adjusted Europe, Middle East & Africa (non-GAAP measures)4						(2.0)		%				0.1		%				0.1		%				(0.8)		%				(2.6)		%

13

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3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES (CONTINUED)

(Unaudited)

						Six months ended June 30, 2024
Sales Change3						Organic sales						Acquisitions						Divestitures						Translation						Total sales change
Total Company						(0.3)		%				0.4		%				0.4		%				(1.0)		%				(0.5)		%
Remove manufactured PFAS products special item impact						1.3						—						—						—						1.3
Adjusted total Company (non-GAAP measures)4						1.0		%				0.4		%				0.4		%				(1.0)		%				0.8		%
Transportation and Electronics						0.6		%				1.2		%				—		%				(1.6)		%				0.2		%
Remove manufactured PFAS products special item impact						4.3						0.2						—						—						4.5
Adjusted Transportation and Electronics (non-GAAP measures)4						4.9		%				1.4		%				—		%				(1.6)		%				4.7		%
By Geographic Area
Americas						(0.6)		%				0.7		%				0.8		%				0.1		%				1.0		%
Remove manufactured PFAS products special item impact						0.6						—						—						—						0.6
Adjusted Americas (non-GAAP measures)4						—		%				0.7		%				0.8		%				0.1		%				1.6		%
Asia Pacific						1.1		%				0.1		%				—		%				(4.0)		%				(2.8)		%
Remove manufactured PFAS products special item impact						2.6						—						—						—						2.6
Adjusted Asia Pacific (non-GAAP measures)4						3.7		%				0.1		%				—		%				(4.0)		%				(0.2)		%
Europe, Middle East & Africa						(1.6)		%				—		%				(0.1)		%				0.4		%				(1.3)		%
Remove manufactured PFAS products special item impact						1.3						0.1						(0.1)						—						1.3
Adjusted Europe, Middle East & Africa (non-GAAP measures)4						(0.3)		%				0.1		%				(0.2)		%				0.4		%				—		%

						Full-Year 2024 Forecast
Sales Change3						Organic sales						Acquisitions						Divestitures						Translation						Total sales change
Total Company6						flat to +2%						—		%				0.75		%				(1)		%				(0.25%) to +1.75%
Remove manufactured PFAS products impact6						—						—						—						—						—
Adjusted total Company (non-GAAP measures)4,6						flat to +2%						—		%				0.75		%				(1)		%				(0.25%) to +1.75%

14

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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 June 30,												Six months ended June 30,
Major GAAP Cash Flow Categories (dollars in millions)						2024						2023						2024						2023
Net cash provided by (used in) operating activities						$	1,021					$	1,509					$	1,788					$	2,784
Net cash provided by (used in) investing activities						(463)						(233)						(856)						(619)
Net cash provided by (used in) financing activities						(1,358)						(803)						3,263						(1,519)

						Three months ended June 30,												Six months ended June 30,
Adjusted Free Cash Flow (non-GAAP measure) (dollars in millions)						2024						2023						2024						2023
Net cash provided by (used in) operating activities						$	1,021					$	1,509					$	1,788					$	2,784
Adjustments for special items:
Net costs for significant litigation after-tax payment impacts						122						101						473						159
Divestiture costs after-tax payment impacts						136						74						275						117
Divestiture-related restructuring after-tax payment impacts						1						5						2						7
TCJA transition tax payment						193						126						193						126
Manufactured PFAS products impact after-tax payment impacts						(58)						(24)						(128)						(11)
Total adjustments for special items						394						282						815						398
Adjusted net cash provided by (used in) operating activities (non-GAAP measure)7						$	1,415					$	1,791					$	2,603					$	3,182
Purchases of property, plant and equipment (PPE)						(269)						(377)						(644)						(852)
Manufactured PFAS products impact - removing related purchases of PPE						19						49						39						79
Adjusted purchases of PPE (non-GAAP measure)7						$	(250)					$	(328)					$	(605)					$	(773)
Adjusted free cash flow (non-GAAP measure)7						$	1,165					$	1,463					$	1,998					$	2,409
Net income (loss) attributable to 3M						$	1,145					$	(6,841)					$	2,073					$	(5,865)
Adjustments for special items, net of tax:
Net costs for significant litigation						246						7,992						489						8,028
Manufactured PFAS products impact						(1)						(31)						(2)						(38)
Russia exit charges (benefits)						—						(21)						—						(21)
Divestiture costs						184						105						341						187
Solventum ownership - change in value						(1,113)						—						(1,113)						—
Pension risk transfer charge						607						—						607						—
Total adjustments for special items, net of tax						(77)						8,045						322						8,156
Net income (loss) attributable to 3M adjusted for special items (used for adjusted free cash flow calculation)						$	1,068					$	1,204					$	2,395					$	2,291
Adjusted free cash flow conversion (non-GAAP measure)7						109		%				122		%				83		%				105		%

73M’s Consolidated Statements of Cash Flows include the results of continuing and discontinued operations; accordingly, amounts associated with the determination of adjusted free cash flow include both continuing and discontinued operations 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).

15

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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 June 30,												Six months ended June 30,												Three months ended June 30,												Six months ended June 30,
(Dollars in millions)						2024						2023						2024						2023						2024						2023						2024						2023
Safety and Industrial						$	760					$	746					$	1,559					$	1,442					27.6%						27.0%						28.4%						26.0%
Transportation and Electronics						510						446						1,072						807						26.8%						23.9%						28.8%						22.6%
Consumer						258						273						512						490						20.5%						21.1%						21.3%						19.7%
Corporate and Unallocated and Other						48						(164)						(78)						(238)
Total Company						$	1,576					$	1,301					$	3,065					$	2,501					26.2%						21.9%						26.1%						21.5%

						Three months ended June 30,												Six months ended June 30,
Adjusted EBITDA (non-GAAP measure) (dollars in millions)						2024						2023						2024						2023
Adjusted net sales (non-GAAP measure)4						$	6,019					$	5,951					$	11,754					$	11,661
Net income (loss) from continuing operations attributable to 3M						1,204						(7,171)						1,909						(6,509)
Add/(subtract):
Net income/(loss) attributable to noncontrolling interest						6						5						11						10
(Income)/loss from unconsolidated subsidiaries, net of taxes						(3)						(3)						(4)						(5)
Provision for income taxes						203						(2,261)						423						(2,116)
Other expense/(income):
Interest (Income)/expense						179						97						410						179
Pension & OPEB non-service cost (benefit)						796						(25)						785						(51)
Solventum ownership - change in value						(1,113)						—						(1,113)						—
Depreciation and amortization (DA) expense						302						311						592						638
Adjustments for special items:
Net costs for significant litigation						19						10,437						89						10,480
Manufactured PFAS products impact:
Remove manufactured PFAS products operating (income) loss						(2)						(41)						(4)						(51)
Subtract PFAS-related amount included in DA above						(29)						(31)						(53)						(60)
Russia exit charges (benefits)						—						(18)						—						(18)
Divestiture costs						14						1						20						4
Total special items						2						10,348						52						10,355
Adjusted EBITDA (non-GAAP measure)8						$	1,576					$	1,301					$	3,065					$	2,501
Adjusted EBITDA margin (non-GAAP measure)8						26.2		%				21.9		%				26.1		%				21.5		%

83M defines adjusted EBITDA as net income (loss) from continuing operations attributable to 3M, adjusted for net income/(loss) attributable to noncontrolling interest,(income)/loss from unconsolidated subsidiaries, provision for income taxes, other expense/(income), depreciation and amortization expense, and special items. For business segments, 3M defines adjusted EBITDA as business segment operating income (loss) (3M’s measure of segment operating performance) adjusted for special items that is then further adjusted for depreciation and amortization (DA) expense, net of the PFAS-related amount included in DA. The Company defines adjusted EBITDA margin as adjusted EBITDA divided by net sales, adjusted for special items.

16

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3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Adjusted EBITDA (non-GAAP measure) Three months ended June 30, 2024 (dollars in millions)						Safety and Industrial						Transportation and Electronics						Consumer						Corporate and Unallocated and Other																		Total Company
Adjusted net sales (non-GAAP measure)4						$	2,759					$	1,907					$	1,263					$	90																	$	6,019
Business segment operating income (loss) (measure of segment operating performance), adjusted for special items (non-GAAP measure)4						$	623					$	426					$	219					$	35																	$	1,303
Add/(subtract):
Add depreciation and amortization (DA) expense						137						113						39						13																		302
Subtract PFAS-related amount included in DA above						—						(29)						—						—																		(29)
Adjusted EBITDA (non-GAAP measure)8						$	760					$	510					$	258					$	48																	$	1,576
Adjusted EBITDA margin (non-GAAP measure)8						27.6		%				26.8		%				20.5		%																						26.2		%
Three months ended June 30, 2023 (dollars in millions)
Adjusted net sales (non-GAAP measure)4						$	2,765					$	1,859					$	1,293					$	34																	$	5,951
Business segment operating income (loss) (measure of segment operating performance), adjusted for special items (non-GAAP measure)4						$	614					$	369					$	235					$	(197)																	$	1,021
Add/(subtract):
Add depreciation and amortization (DA) expense						132						108						38						33																		311
Subtract PFAS-related amount included in DA above						—						(31)						—						—																		(31)
Adjusted EBITDA (non-GAAP measure)8						$	746					$	446					$	273					$	(164)																	$	1,301
Adjusted EBITDA margin (non-GAAP measure)8						27.0		%				23.9		%				21.1		%																						21.9		%

Six months ended June 30, 2024 (dollars in millions)
Adjusted net sales (non-GAAP measure)4						$	5,491					$	3,730					$	2,403					$	130																	$	11,754
Business segment operating income (loss) (measure of segment operating performance), adjusted for special items (non-GAAP measure)4						$	1,287					$	905					$	435					$	(101)																	$	2,526
Add/(subtract):
Add depreciation and amortization (DA) expense						272						220						77						23																		592
Subtract PFAS-related amount included in DA above						—						(53)						—						—																		(53)
Adjusted EBITDA (non-GAAP measure)8						$	1,559					$	1,072					$	512					$	(78)																	$	3,065
Adjusted EBITDA margin (non-GAAP measure)8						28.4		%				28.8		%				21.3		%																						26.1		%
Six months ended June 30, 2023 (dollars in millions)
Adjusted net sales (non-GAAP measure)4						$	5,544					$	3,564					$	2,485					$	68																	$	11,661
Business segment operating income (measure of segment operating performance), adjusted for special items (non-GAAP measure)4						$	1,176					$	653					$	414					$	(320)																	$	1,923
Add/(subtract):
Add depreciation and amortization (DA) expense						266						214						76						82																		638
Subtract PFAS-related amount included in DA above						—						(60)						—						—																		(60)
Adjusted EBITDA (non-GAAP measure)8						$	1,442					$	807					$	490					$	(238)																	$	2,501
Adjusted EBITDA margin (non-GAAP measure)8						26.0		%				22.6		%				19.7		%																						21.5		%

Net debt (non-GAAP measure):

Net Debt (non-GAAP measure)						June 30, 2024						December 31, 2023
Total debt						$	13,083					$	16,035
Less: Cash, cash equivalents and marketable securities						10,372						5,805
Net debt (non-GAAP measure)9						$	2,711					$	10,230

9The Company defines net debt as total debt less the total of cash, cash equivalents and current and long-term marketable securities all on a continuing operations basis.

17

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3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Reflecting Solventum as a discontinued operation for certain historical periods—amounts adjusted for special items (non-GAAP measures):

The tables below provide summaries of certain supplemental historical financial information (1) revised to reflect Solventum as a discontinued operation and (2) further adjusted for special items (non-GAAP measures).

This information should be read together with information in 3M’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Reports on Form 10-Q during the year ended December 31, 2023 (including the consolidated financial statements, notes thereto and Management’s Discussion and Analysis included in those documents), along with information included in 3M’s Current Reports on Form 8-K filed April 4, 2024. The financial information that follows does not revise or otherwise amend or restate any previously filed financial information of 3M. This information is preliminary, unaudited, and based on current estimates, and remains subject to change.

The term "N/M" used herein references "not meaningful" for certain percent computations.

Reflecting Solventum as a discontinued operation

The table below provides a summary of certain supplemental financial information as revised to reflect the reclassification of Solventum’s net income to discontinued operations, thus reflecting the continuing operations of 3M.

						Reflecting continuing operations
(Millions, except per share amounts)						Net sales						Operating income (loss)						Operating income (loss) margin																		Effective tax rate						Net income (loss) from continuing operations attributable to 3M						Earnings (loss) per share from continuing operations — diluted
Q1 2024						$	6,016					$	1,149					19.1		%																23.7		%				$	705					$	1.27
Q1 2023						6,055						866						14.3																		17.9						662						1.20
Q2 2023						6,283						(9,358)						N/M																		24.0						(7,171)						(12.94)
Q3 2023						6,270						(3,096)						(49.4)																		23.5						(2,527)						(4.56)
Q4 2023						6,002						899						15.0																		3.9						634						1.14
Full-Year 2023						24,610						(10,689)						(43.4)																		25.4						(8,402)						(15.17)
Full-Year 2022						26,161						4,369						16.7																		4.5						4,013						7.07
Full-Year 2021						27,224						4,929						18.1																		17.1						3,935						6.72

Reflecting Solventum as a discontinued operation — amounts adjusted for special items (non-GAAP measures)

The table below provides a summary of certain supplemental financial information adjusted for special items (non-GAAP measures) as revised to reflect the reclassification of Solventum’s net income to discontinued operations.

						Continuing operations adjusted amounts (non-GAAP measures)
(Millions, except per share amounts)						Net sales						Operating income						Operating income margin						Effective tax rate						Net income from continuing operations attributable to 3M						Earnings per share from continuing operations — diluted
Q1 2024						$	5,735					$	1,223					21.3		%				20.9		%				$	951					$	1.71
Q1 2023						5,710						902						15.8						17.7						694						1.26
Q2 2023						5,951						1,021						17.2						19.5						770						1.39
Q3 2023						5,978						1,292						21.6						24.8						934						1.68
Q4 2023						5,682						1,129						19.9						13.6						948						1.70
Full-Year 2023						23,321						4,344						18.6						19.2						3,346						6.04
Full-Year 2022						24,810						4,717						19.0						16.6						3,796						6.69
Full-Year 2021						25,966						5,257						20.2						17.5						4,188						7.15

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3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES (CONTINUED)

(Unaudited)

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

						Three months ended March 31, 2024
						Reflecting continuing operations
(Dollars in millions, except per share amounts)						Net sales						Operating income (loss)						Operating income (loss) margin						Income (loss) from continuing operations before income 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
Reflecting continuing operations						$	6,016					$	1,149					19.1		%				$	929					$	220					23.7		%				$	705					$	1.27
Adjustments for special items:
Net costs for significant litigation						—						70												274						31												243						0.44
Manufactured PFAS products						(281)						(2)												(2)						(1)												(1)						—
Divestiture costs						—						6												6						2												4						—
Total special items						(281)						74												278						32												246						0.44
Continuing operations adjusted amounts (non-GAAP measures)						$	5,735					$	1,223					21.3		%				$	1,207					$	252					20.9		%				$	951					$	1.71

						Three months ended March 31, 2023
						Reflecting continuing operations
(Dollars in millions, except per share amounts)						Net sales						Operating income (loss)						Operating income (loss) margin						Income (loss) from continuing operations before income 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
Reflecting continuing operations						$	6,055					$	866					14.3		%				$	810					$	145					17.9		%				$	662					$	1.20
Adjustments for special items:
Net costs for significant litigation						—						43												43						7												36						0.07
Manufactured PFAS products						(345)						(10)												(10)						(3)												(7)						(0.01)
Divestiture costs						—						3												3						—												3						—
Total special items						(345)						36												36						4												32						0.06
Continuing operations adjusted amounts (non-GAAP measures)						$	5,710					$	902					15.8		%				$	846					$	149					17.7		%				$	694					$	1.26

						Three months ended June 30, 2023
						Reflecting continuing operations
(Dollars in millions, except per share amounts)						Net sales						Operating income (loss)						Operating income (loss) margin						Income (loss) from continuing operations before income 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
Reflecting continuing operations						$	6,283					$	(9,358)					N/M						$	(9,430)					$	(2,261)					24.0		%				$	(7,171)					$	(12.94)
Adjustments for special items:
Net costs for significant litigation						—						10,437												10,449						2,457												7,992						14.43
Manufactured PFAS products						(332)						(41)												(41)						(10)												(31)						(0.06)
Russia exit charges (benefits)						—						(18)												(18)						3												(21)						(0.04)
Divestiture costs						—						1												1						—												1						—
Total special items						(332)						10,379												10,391						2,450												7,941						14.33
Continuing operations adjusted amounts (non-GAAP measures)						$	5,951					$	1,021					17.2		%				$	961					$	189					19.5		%				$	770					$	1.39

19

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3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES (CONTINUED)

(Unaudited)

						Three months ended September 30, 2023
						Reflecting continuing operations
(Dollars in millions, except per share amounts)						Net sales						Operating income (loss)						Operating income (loss) margin						Income (loss) from continuing operations before income 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
Reflecting continuing operations						$	6,270					$	(3,096)					(49.4)		%				$	(3,302)					$	(777)					23.5		%				$	(2,527)					$	(4.56)
Adjustments for special items:
Net costs for significant litigation						—						4,312												4,469						1,068												3,401						6.13
Manufactured PFAS products						(292)						105												105						25												80						0.15
Gain on business divestiture						—						(36)												(36)						(11)												(25)						(0.05)
Divestiture costs						—						7												7						2												5						0.01
Total special items						(292)						4,388												4,545						1,084												3,461						6.24
Continuing operations adjusted amounts (non-GAAP measures)						$	5,978					$	1,292					21.6		%				$	1,243					$	307					24.8		%				$	934					$	1.68

						Three months ended December 31, 2023
						Reflecting continuing operations
(Dollars in millions, except per share amounts)						Net sales						Operating income (loss)						Operating income (loss) margin						Income (loss) from continuing operations before income 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
Reflecting continuing operations						$	6,002					$	899					15.0		%				$	651					$	26					3.9		%				$	634					$	1.14
Adjustments for special items:
Net costs for significant litigation						—						77												284						83												201						0.36
Manufactured PFAS products						(320)						151												151						38												113						0.20
Divestiture costs						—						2												2						2												—						—
Total special items						(320)						230												437						123												314						0.56
Continuing operations adjusted amounts (non-GAAP measures)						$	5,682					$	1,129					19.9		%				$	1,088					$	149					13.6		%				$	948					$	1.70

						Year ended December 31, 2023
						Reflecting continuing operations
(Dollars in millions, except per share amounts)						Net sales						Operating income (loss)						Operating income (loss) margin						Income (loss) from continuing operations before income 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
Reflecting continuing operations						$	24,610					$	(10,689)					(43.4)		%				$	(11,271)					$	(2,867)					25.4		%				$	(8,402)					$	(15.17)
Adjustments for special items:
Net costs for significant litigation						—						14,869												15,245						3,615												11,630						21.00
Manufactured PFAS products						(1,289)						205												205						50												155						0.28
Gain on business divestitures						—						(36)												(36)						(11)												(25)						(0.05)
Russia exit charges (benefits)						—						(18)												(18)						3												(21)						(0.04)
Divestiture costs						—						13												13						4												9						0.02
Total special items						(1,289)						15,033												15,409						3,661												11,748						21.21
Continuing operations adjusted amounts (non-GAAP measures)						$	23,321					$	4,344					18.6		%				$	4,138					$	794					19.2		%				$	3,346					$	6.04

20

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3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES (CONTINUED)

(Unaudited)

						Year ended December 31, 2022
						Reflecting continuing operations
(Dollars in millions, except per share amounts)						Net sales						Operating income (loss)						Operating income (loss) margin						Income (loss) from continuing operations before income 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
Reflecting continuing operations						$	26,161					$	4,369					16.7		%				$	4,204					$	188					4.5		%				$	4,013					$	7.07
Adjustments for special items:
Net costs for significant litigation						—						2,291												2,291						476												1,815						3.20
Manufactured PFAS products						(1,351)						631												631						121												510						0.90
Gain on business divestitures						—						(2,724)												(2,724)						(39)												(2,685)						(4.73)
Russia exit charges (benefits)						—						101												101						(2)												103						0.19
Divestiture-related restructuring actions						—						41												41						9												32						0.05
Divestiture costs						—						8												8						—												8						0.01
Total special items						(1,351)						348												348						565												(217)						(0.38)
Continuing operations adjusted amounts (non-GAAP measures)						$	24,810					$	4,717					19.0		%				$	4,552					$	753					16.6		%				$	3,796					$	6.69

						Year ended December 31, 2021
						Reflecting continuing operations
(Dollars in millions, except per share amounts)						Net sales						Operating income (loss)						Operating income (loss) margin						Income (loss) from continuing operations before income 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
Reflecting continuing operations						$	27,224					$	4,929					18.1		%				$	4,746					$	813					17.1		%				$	3,935					$	6.72
Adjustments for special items:
Net costs for significant litigation						—						463												463						104												359						0.61
Manufactured PFAS products						(1,258)						(135)												(135)						(29)												(106)						(0.18)
Total special items						(1,258)						328												328						75												253						0.43
Continuing operations adjusted amounts (non-GAAP measures)						$	25,966					$	5,257					20.2		%				$	5,074					$	888					17.5		%				$	4,188					$	7.15

Description of special items:

In addition to reporting financial results in accordance with U.S. GAAP, the Company also provides various non-GAAP measures that incorporate adjustments for the impacts of special items. Special items incorporated in the preparation of these non-GAAP measures for the periods presented include the items described below:

Net costs for significant litigation:

•These relate to 3M's respirator mask/asbestos (which include Aearo and non-Aearo items), PFAS-related other environmental, and Combat Arms Earplugs matters. Net costs include the impacts of changes in accrued liabilities (including interest imputation on applicable settlement obligations), external legal fees, and insurance recoveries, along with the associated tax impacts. Associated tax impacts of significant litigation include impacts on Foreign Derived Intangible Income (FDII), Global Intangible Low Taxed Income (GILTI), and foreign tax credits. 3M does not consider the elements of the net costs associated with these matters to be normal, operating expenses related to the Company’s ongoing operations, revenue generating activities, business strategy, industry, and regulatory environment. Net costs related to respirator mask/asbestos are reflected as special items in the Safety and Industrial business segment while those impacting operating income (loss) associated with PFAS-related other environmental and Combat Arms Earplugs matters are reflected as corporate special items in Corporate and Unallocated. 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 reflected in corporate special items in Corporate and Unallocated. Prior to the bankruptcy, costs associated with Combat Arms Earplugs matters were reflected as part of special items in the Safety and Industrial business segment. In the second quarter of 2024 and 2023, 3M reflected net payments of approximately $428 million and $129 million, respectively, related to net costs for significant litigation. In the first six months of 2024 and 2023, 3M made payments of approximately $799 million and $202 million, respectively, related to net costs for significant litigation.

21

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3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES (CONTINUED)

(Unaudited)

Divestiture costs:

•These include certain limited costs that were not eligible to be included within discontinued operations related to separating and divesting substantially an entire business segment of 3M following public announcement of its intended divestiture. As a result of completion of the April 2024 separation of Solventum, this includes the tax cost of update to 3M’s previous indefinite reinvestment plans on past unrepatriated earnings through the period of the Separation’s close and to tax positions retained by 3M. 3M’s statement of cash flows includes the results of both continuing and discontinued operations. Therefore, in the context of amounts used in the determination of non-GAAP measures associated with cash flow and adjusted free cash flow conversion, this special item further includes the broader extent of such costs that included within discontinued operations, including interest expense on debt issued by Solventum for the period outstanding prior to the April 1, 2024 completion of the separation of Solventum from 3M and net tax costs of entity structuring associated with the separation of Solventum. In the second quarter of 2024 and 2023, 3M made payments of approximately $58 million and $94 million, respectively, associated with divestiture costs. In the first six months of 2024 and 2023, 3M made payments of approximately $192 million and $148 million, respectively, associated with divestiture costs.

Gain on business divestitures:

•In the third quarter of 2023, 3M recorded a gain related to the sale of its dental local anesthetic business partially offset by a loss associated with a previously contingent indemnification obligation from a 2020 divestiture.

•In 2022, 3M recorded a gain related to the split-off and combination of its Food Safety business with Neogen Corporation.

Russia exit charges/benefits:

•    In the second quarter of 2023, 3M recorded a gain on final disposal of net assets in Russia. Previously, in the third quarter of 2022, 3M recorded a charge primarily related to impairment of these assets in connection with management's committed exit and disposal plan.

Divestiture-related restructuring actions:

•In the third quarter of 2022, following the split-off of the Food Safety business, management approved and committed to undertake certain restructuring actions addressing corporate functional costs across 3M in relation to the magnitude of amounts previously allocated to the divested business. In the second quarter of 2023, 3M made payments of approximately $5 million associated with divestiture-related restructuring actions. In the first six months of 2024 and 2023, 3M made payments of approximately $2 million and $8 million, respectively, associated with divestiture-related restructuring actions.

Enactment/measurement period adjustments related to the Tax Cuts and Jobs Act (TCJA):

•In the second quarter of 2024 and 2023, 3M made payments of approximately $193 million and $126 million, respectively, related to the transition tax expense incurred as a result of the 2017 enactment of the TCJA.

Manufactured PFAS products:

•These amounts relate to sales and estimates of income (loss) and associated activity regarding manufactured PFAS products that 3M plans to exit by the end of 2025 included within the Transportation and Electronics business segment. Estimated income does not contemplate impacts on non-operating items such as net interest income/expense and the non-service cost components portion of defined benefit plan net periodic benefit costs. Relative to the impact of the activity of manufactured PFAS products on cash provided by (used in) operating activities, amounts are based on estimates of associated income, depreciation/amortization, certain changes in working capital and accruals, and timing of associated payments.

Pension risk transfer charge:

•In the second quarter of 2024, 3M recorded a non-cash pension settlement charge reflected in other expense (income), net as a result of transferring a portion of its U.S. pension payment obligations and related plan assets to an insurance company.

Solventum ownership - change in value:

•This amount relates to the change in value of 3M's retained ownership interest in Solventum common stock reflected in other expense (income), net.

22

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About 3M

3M (NYSE: MMM) believes science helps create a brighter world for everyone. By unlocking the power of people, ideas and science to reimagine what's possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Learn how we're working to improve lives and make what's next at 3M.com/news.

Please note that the company announces material financial, business and operational information using the 3M investor relations website, SEC filings, press releases, public conference calls and webcasts. The company also uses the 3M News Center and social media to communicate with our customers and the public about the company, products and services and other matters. It is possible that the information 3M posts on the News Center and social media could be deemed to be material information. Therefore, the company encourages investors, the media and others interested in 3M to review the information posted on 3M’s news center and the social media channels such as @3M or @3MNews.

Contacts

3M

Investor Contacts:

Bruce Jermeland, 651-733-1807

or

Diane Farrow, 612-202-2449

or

Eric Herron, 651-233-0043

Media Contact:

Sean Lynch, slynch2@mmm.com

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