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These geopolitical tensions could result in, among other things, cyberattacks, supply chain disruptions, disruptions (including limitations on access to rare earth minerals and other raw materials), higher energy and other commodity costs, lower consumer demand, and changes to foreign exchange rates and financial markets, any of which and tariffs and trade restrictions may result in increased production costs and product pricing, further supply chain disruptions, limited access to end markets, lower profitability, and uncertainty related to planning long-term investments and strategies, and may have a material adverse effect the Company's business and supply chain. other competitive effects.

Depending on the availability and feasibility Examples of such PFAS-containing third-party products not containing PFAS, the Company continues to evaluate circumstances in which the use of PFAS-containing products manufactured by third parties and used in certain applications in 3M’s product portfolios, such as include lithium ion batteries, printed circuit boards and boards, certain seals and gaskets, all and other products widely used in commerce across a variety of industries, and in some cases required by regulatory or industry standards, may or are expected to, depending on applications, continue beyond 2025. standards.

In other certain cases, sales and use of products manufactured before the end of 2025, and sales of products through customer transitions to new products, regulatory approval, approvals, or customer re-certification re-certifications or re-qualification re-qualifications of substitutes or replacements to eliminate the use of PFAS manufactured by third parties may PFAS, were not be completed, or, depending on circumstances, are not expected to be completed, completed by the end of 2025. 2025 and transitional efforts are ongoing.

Depending on the availability and feasibility of such third-party products not containing PFAS, the Company continues to evaluate circumstances in which the use of PFAS-containing products manufactured by third parties and used in certain applications in 3M’s product portfolios, such as lithium ion batteries, printed circuit boards and certain seals and gaskets, all widely used in commerce across a variety of industries, and in some cases required by regulatory or industry standards, may or are expected to, depending on applications, portfolios will continue beyond the end of 2025.

In addition, the 2022 PFAS Announcement involves risks, including: the actual timing, costs, costs and financial impact of such exit; the Company’s ability to complete such exit on the anticipated timing or at all; potential governmental or regulatory actions relating to PFAS or the Company’s exit plans; exit; the Company’s ability to identify and manufacture, or procure from third parties if possible, acceptable substitutes for PFAS-containing materials in 3M's supply chain; the possibility that such non-PFAS options are not available or that such substitutes may not achieve the anticipated or desired commercial, financial or operational results; potential litigation relating to the Company’s exit plans or to any products that include third-party manufactured materials containing PFAS that are incorporated into the products the Company sells; and the possibility that the planned exit will involve greater costs than anticipated, may not be feasible, may not be feasible on the timeframe initially predicted, or may otherwise have negative impacts on the Company’s relationships with its customers and other parties.

The separation may also impose challenges on the Company and its business, including potential impacts on the Company’s relationships with its customers, employees, regulators, and other counterparties; and the risk that any consents or approvals required will not be obtained or will be obtained subject to material modifications to the terms of the underlying arrangement. counterparties.

Supplier relationships have been and could be interrupted or terminated in the future due to events such as supplier material shortage, shortages, climate impacts and severe weather events, natural and other disasters, and other disruptive events such as military conflicts, or be terminated. those noted in the first risk factor above.

The U.S. and other governments have imposed imposed, and propose to impose additional, export controls and tariffs on certain products products, and financial and economic sanctions on certain industry sectors and parties in certain conflict zones. parties.

As previously reported, governments in the United States and internationally have increasingly been regulating a broad group of perfluoroalkyl and polyfluoroalkyl substances produced by the Company, substances, collectively known as “PFAS,” including some presently or historically produced by the Company. Company prior to the end of 2025.

Demand for the Company’s products, which impacts revenue and profit margins, is affected by, among other things, (i) the development and timing of the introduction of competitive products;

Environmental Protection Agency (EPA)), and international agencies in their reviews of the environmental and health effects of certain PFAS produced by the Company. Company prior to the end of 2025. 3M currently is defending lawsuits concerning various PFAS-related products and chemistries, and is subject to unasserted and asserted claims and governmental regulatory proceedings and inquiries related to the production and use of PFAS in a variety of jurisdictions, as discussed in Note 19, 17, “Commitments and Contingencies,” within the Notes to Consolidated Financial Statements. 3M has seen increased public and private lawsuits being filed on behalf of states, counties, cities, and utilities alleging, among other things, harm to the general public and damages to natural resources, some of which are pending in the AFFF multi-district litigation and some of which are pending in other jurisdictions. jurisdictions, including internationally.

Demand for the Company’s products, which impacts revenue and profit margins, is affected by, among other things, (i) the development and timing of the introduction of competitive products; things:

Various factors or developments can lead the Company to change current estimates of liabilities and related insurance receivables, or make such estimates possible for matters previously not susceptible of reasonable estimates, such as a significant judicial ruling or judgment, a significant settlement, significant regulatory developments or changes in applicable law.

Net costs for significant litigation1 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 Manufactured PFAS products (1,289) 205 205 50 155 0.28 Russia exit benefits — (18) (18) 3 (21) (0.04) Total special items (1,289) 15,033 15,409 3,661 11,748 21.21 Adjusted amounts (non-GAAP measures) $ 23,321 (6.0)% $ 4,344 18.6% $ 4,138 $ 794 19.2% $ 3,346 $ 6.04 (10)%

Manufactured PFAS products (945) 144 Total special items (945) 144 (669) 292 Adjusted amounts (non-GAAP measures) $ 7,435 3.1% 7,603 2.3% $ 1,722 23.2% 1,728 22.7% Total Company GAAP amounts $ 24,575 (0.1)% 24,948 1.5% $ 4,822 19.6% 4,629 18.6% $ 4,819 4,213 $ 804 16.7% 1,003 23.8% $ 4,009 3,250 $ 7.26 148% 6.00 (17)% Adjustments for special items:

Net costs for significant litigation — 81 800 68 732 1.32 Divestiture costs — 20 20 (111) 131 0.24 Manufactured PFAS products (945) 144 144 34 110 0.20 Divestiture costs Pension risk transfer charge — 20 20 (111) 131 0.24 — 808 191 617 1.11 Solventum ownership - change in value — — (1,564) — (1,564) (2.83) Pension risk transfer charge — — 808 191 617 1.11 Total special items (945) 245 208 182 26 0.04 Adjusted amounts (non-GAAP measures) $ 23,630 1.3% $ 5,067 21.4% $ 5,027 $ 986 19.6% $ 4,035 $ 7.30 21%

References are made to organic (b) Organic sales change (which include includes both organic volume impacts and selling price impacts), which is defined as the change in net sales, absent the separate impacts on sales from foreign currency translation and acquisitions, net of divestitures. 3M believes this information is useful to investors and management in understanding ongoing operations and in analysis of ongoing operating trends.

Organic sales (1.2) sales(b) (1.5) % (4.7) (1.0) % Divestitures Acquisitions(c) — 0.6 Divestitures(c) (0.1) — Translation (0.7) (0.2) 0.3 (1.0) Total sales change (1.9) (1.3) % (5.0) (1.4) % Business segment operating income (millions) $ 932 1,436 $ 904 1,578 Percent change 3.1 (9.0) % (7.6) 20.2 % Percent of sales 18.9 17.4 % 18.0 18.8 %

The primary factors that impacted impacting 2024 were the effective tax rate benefit on the change in value of 3M's retained ownership interest in Solventum Solventum, offset by the effective tax rate on the PWS Settlement and the CAE Settlement (as discussed (discussed in Note 19), including 3M’s related decision in the fourth quarter of 2024 to defer certain deductions and accelerate income for tax purposes. 17).

Certain additional Additional information about results of operations and financial condition for 2024 and 2023 and 2022, not otherwise impacted by reflection (including the detailed discussion of the above for applicable prior periods presented, year 2024 to 2023 year-over-year changes) can be found in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections in 3M's Annual Report on Form 10-K for the year ended December 31, 2023. 2024.

In connection with the Separation, As a result, Solventum became an independent public company, 3M no longer consolidated Solventum into 3M’s financial results and the historical net income of Solventum Solventum, and applicable assets and liabilities included in the Separation are were reported in 3M's consolidated financial statements as discontinued operations.

Organic sales (1.2) sales(b) 3.2 % (4.7) 0.7 % Divestitures — (0.1) Translation 0.7 (0.7) (0.2) Total sales change (1.9) 3.9 % (5.0) — % Business segment operating income (millions) $ 932 2,836 $ 904 2,491 Percent change 3.1 13.9 % (7.6) 7.2 % Percent of sales 18.9 24.9 % 18.0 22.7 %

Organic sales sales(b) (0.3) % (1.2) % (4.7) % Divestitures — (0.1) Translation 0.1 (0.7) (0.2) Total sales change (0.2) % (1.9) % (5.0) % Business segment operating income (millions) $ 996 $ 932 $ 904 Percent change 6.9 % 3.1 % (7.6) % Percent of sales 20.2 % 18.9 % 18.0 %

Asset returns in 2024 for the primary The U.S. qualified non-qualified pension plan were 2.3 percent, as is not funded due to tax considerations and other factors. 3M strategically invests in both growth assets and fixed income matching assets to manage its funded status.

Business segment operating income margins increased year-on-year primarily YoY driven by benefits from growth, productivity productivity, and spending discipline lower restructuring costs partially offset by translation, continued growth investments in the business and cost dis-synergies due to the exit of PFAS manufacturing and 2024 spin of Solventum.

The Company’s primary short-term liquidity needs are can be met through cash on hand and U.S. commercial paper issuances. 3M believes it will have continuous access to the commercial paper market. 3M’s commercial paper program permits the Company to have a maximum of $5 billion outstanding with a maximum maturity of 397 days from date of issuance.