Applied Industrial Technologies Inc 10-Q for FY2025 Q3

Applied Industrial Technologies Inc (AIT)

10-Q 2025-05-01 For: 2025-03-31

Added on April 10, 2026

About this 10-Q

Applied Industrial Technologies Inc filed this 10-Q on May 1, 2025, covering the quarter ended March 31, 2025 (FY2025 Q3).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.17B; up 1.8% from $1.15B a year earlier
Net income: $99.8M; up 2.7% from net income of $97.22M a year earlier
Diluted EPS: $2.57; up 3.6% from $2.48 a year earlier

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Ohio			34-0117420
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

One Applied Plaza	Cleveland	Ohio	44115
(Address of principal executive offices)			(Zip Code)


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, without par value	AIT	New York Stock Exchange


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2025		2024		2025		2024
Net sales	$	1,166,749	$	1,146,390	$	3,338,694	$	3,318,731
Cost of sales	811,459		808,144		2,330,272		2,338,313
Gross profit	355,290		338,246		1,008,422		980,418
Selling, distribution and administrative expense, including depreciation	225,888		217,040		644,978		623,938

Operating income	129,402		121,206		363,444		356,480
Interest expense (income), net	853		265		(710)		3,502
Other expense (income), net	1,267		(1,724)		(1,769)		(4,217)
Income before income taxes	127,282		122,665		365,923		357,195
Income tax expense	27,483		25,448		80,771		74,924
Net income	$	99,799	$	97,217	$	285,152	$	282,271
Net income per share - basic	$	2.60	$	2.51	$	7.43	$	7.29
Net income per share - diluted	$	2.57	$	2.48	$	7.33	$	7.18
Weighted average common shares outstanding for basic computation	38,322		38,675		38,383		38,707
Dilutive effect of potential common shares	525		577		537		584
Weighted average common shares outstanding for diluted computation	38,847		39,252		38,920		39,291


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2025		2024		2025		2024
Net income per the condensed statements of consolidated income	$	99,799	$	97,217	$	285,152	$	282,271

Other comprehensive loss, before tax:
Foreign currency translation adjustments	1,814		(5,112)		(19,046)		(1,685)
Post-employment benefits:
Reclassification of net actuarial gains and prior service cost into other expense (income), net and included in net periodic pension costs	(6)		(30)		(19)		(90)

Unrealized gain (loss) on cash flow hedge	21		5,105		(950)		4,203
Reclassification of interest from cash flow hedge into interest expense (income), net	(3,654)		(4,671)		(12,436)		(14,024)
Total other comprehensive loss, before tax	(1,825)		(4,708)		(32,451)		(11,596)
Income tax (benefit) expense related to items of other comprehensive loss	(897)		135		(3,255)		(2,403)
Other comprehensive loss, net of tax	(928)		(4,843)		(29,196)		(9,193)
Comprehensive income, net of tax	$	98,871	$	92,374	$	255,956	$	273,078


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	March 31, 2025		June 30, 2024
ASSETS
Current assets
Cash and cash equivalents	$	352,842	$	460,617
Accounts receivable, net	754,638		724,878
Inventories	500,562		488,258
Other current assets	83,311		96,148
Total current assets	1,691,353		1,769,901
Property, less accumulated depreciation of $251,431 and $244,640	127,039		118,527
Operating lease assets, net	191,099		133,289
Identifiable intangibles, net	350,946		245,870
Goodwill	694,193		619,395
Other assets	61,033		64,928
TOTAL ASSETS	$	3,115,663	$	2,951,910

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	282,191	$	266,949
Current portion of long-term debt	—		25,055
Compensation and related benefits	82,350		93,204
Other current liabilities	109,649		115,892
Total current liabilities	474,190		501,100
Long-term debt	572,300		572,279
Other liabilities	241,692		189,750
TOTAL LIABILITIES	1,288,182		1,263,129
Shareholders’ equity
Preferred stock—no par value; 2,500 shares authorized; none issued or outstanding	—		—
Common stock—no par value; 80,000 shares authorized; 54,213 shares issued	10,000		10,000
Additional paid-in capital	196,610		193,778
Retained earnings	2,375,017		2,121,838
Treasury shares—at cost (16,025 and 15,804 shares, respectively)	(647,384)		(559,269)
Accumulated other comprehensive loss	(106,762)		(77,566)
TOTAL SHAREHOLDERS’ EQUITY	1,827,481		1,688,781
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	3,115,663	$	2,951,910


For the Period Ended March 31, 2025	Shares of Common Stock Outstanding	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Shares- at Cost		Accumulated Other Comprehensive Income (Loss)		Total Shareholders' Equity
Balance at June 30, 2024	38,409	$	10,000	$	193,778	$	2,121,838	$	(559,269)	$	(77,566)	$	1,688,781
Net income						92,063						92,063
Other comprehensive loss										(8,942)		(8,942)
Cash dividends — $0.37 per share						(9)						(9)
Purchases of common stock for treasury	(52)							(10,479)				(10,479)
Treasury shares issued for:
Exercise of stock appreciation rights	19			(1,106)				(1,339)				(2,445)
Performance share awards	34			(2,213)				(3,294)				(5,507)
Restricted stock units	37			(2,123)				(2,136)				(4,259)
Compensation expense — stock appreciation rights				1,326								1,326
Other share-based compensation expense				1,675								1,675
Other	(1)			(12)		(24)		(91)				(127)
Balance at September 30, 2024	38,446	$	10,000	$	191,325	$	2,213,868	$	(576,608)	$	(86,508)	$	1,752,077
Net income						93,290						93,290
Other comprehensive loss										(19,326)		(19,326)
Cash dividends — $0.37 per share						(14,253)						(14,253)
Purchases of common stock for treasury	(75)							(20,103)				(20,103)
Treasury shares issued for:
Exercise of stock appreciation rights	6			(321)				(402)				(723)


Compensation expense — stock appreciation rights				1,127								1,127
Other share-based compensation expense				1,426								1,426
Other						(3)						(3)
Balance at December 31, 2024	38,377	$	10,000	$	193,557	$	2,292,902	$	(597,113)	$	(105,834)	$	1,793,512
Net income						99,799						99,799
Other comprehensive loss										(928)		(928)
Cash dividends — $0.46 per share						(17,683)						(17,683)
Purchases of common stock for treasury	(205)							(49,765)				(49,765)
Treasury shares issued for:
Exercise of stock appreciation rights	8			(495)				(739)				(1,234)

Restricted stock units	3			(118)				57				(61)
Compensation expense — stock appreciation rights				1,117								1,117
Other share-based compensation expense				2,723								2,723
Other	5			(174)		(1)		176				1
Balance at March 31, 2025	38,188	$	10,000	$	196,610	$	2,375,017	$	(647,384)	$	(106,762)	$	1,827,481


For the Period Ended March 31, 2024	Shares of Common Stock Outstanding	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Shares- at Cost		Accumulated Other Comprehensive Income (Loss)		Total Shareholders' Equity
Balance at June 30, 2023	38,657	$	10,000	$	188,646	$	1,792,632	$	(477,545)	$	(55,296)	$	1,458,437
Net income						93,826						93,826
Other comprehensive loss										(7,074)		(7,074)
Cash dividends — $0.35 per share						(23)						(23)

Treasury shares issued for:
Exercise of stock appreciation rights	32			(1,681)				(1,912)				(3,593)
Performance share awards	54			(3,072)				(3,487)				(6,559)
Restricted stock units	13			(726)				(910)				(1,636)
Compensation expense — stock appreciation rights				844								844
Other share-based compensation expense				1,976								1,976
Other	(1)			(1)		(3)		(78)				(82)
Balance at September 30, 2023	38,755	$	10,000	$	185,986	$	1,886,432	$	(483,932)	$	(62,370)	$	1,536,116
Net income						91,228						91,228
Other comprehensive income										2,724		2,724
Cash dividends — $0.35 per share						(13,607)						(13,607)
Purchases of common stock for treasury	(63)							(10,677)				(10,677)
Treasury shares issued for:
Exercise of stock appreciation rights	11			(391)				(335)				(726)

Restricted stock units	1			(86)				(108)				(194)
Compensation expense — stock appreciation rights				866								866
Other share-based compensation expense				2,261								2,261
Other	1					37						37
Balance at December 31, 2023	38,705	$	10,000	$	188,636	$	1,964,090	$	(495,052)	$	(59,646)	$	1,608,028
Net income						97,217						97,217
Other comprehensive loss										(4,843)		(4,843)
Cash dividends — $0.37 per share						(14,360)						(14,360)
Purchases of common stock for treasury	(100)							(18,198)				(18,198)
Treasury shares issued for:
Exercise of stock appreciation rights and options	27			(1,365)				(1,495)				(2,860)
Restricted stock units	1			(47)				(53)				(100)
Compensation expense — stock appreciation rights and options				860								860
Other share-based compensation expense				3,271								3,271
Other	7			(222)		9		222				9
Balance at March 31, 2024	38,640	$	10,000	$	191,133	$	2,046,956	$	(514,576)	$	(64,489)	$	1,669,024


	Three Months Ended March 31,
	2025						2024
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
Geographic Areas:
United States	$	643,479	$	388,804	$	1,032,283	$	666,170	$	350,997	$	1,017,167
Canada	71,555		—		71,555		73,388		—		73,388
Other countries	46,568		16,343		62,911		49,798		6,037		55,835
Total	$	761,602	$	405,147	$	1,166,749	$	789,356	$	357,034	$	1,146,390


	Nine Months Ended March 31,
	2025						2024
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
Geographic Areas:
United States	$	1,868,962	$	1,050,103	$	2,919,065	$	1,885,915	$	1,035,262	$	2,921,177
Canada	220,808		—		220,808		225,858		—		225,858
Other countries	145,398		53,423		198,821		153,389		18,307		171,696
Total	$	2,235,168	$	1,103,526	$	3,338,694	$	2,265,162	$	1,053,569	$	3,318,731


	March 31, 2025		June 30, 2024		$ Change		% Change
Contract assets	$	10,101	$	12,648	$	(2,547)	(20.1)	%


	Hydradyne Acquisition
Cash and cash equivalents	$	13,373
Accounts receivable	42,852
Inventories	40,308
Other current assets	915
Property, net	6,509
Operating lease assets	52,257
Identifiable intangible assets	126,050
Goodwill	71,247
Other assets	111
Total assets acquired	$	353,622
Accounts payable and accrued liabilities	15,612
Other current liabilities	4,546
Other liabilities	51,328
Net assets acquired	$	282,136


March 31, 2025	Amount		Accumulated Amortization		Net Book Value
Finite-Lived Identifiable Intangibles:
Customer relationships	$	503,249	$	224,640	$	278,609
Trade names	107,550		39,739		67,811
Other	6,802		2,276		4,526
Total Identifiable Intangibles	$	617,601	$	266,655	$	350,946


	Nine Months Ended
	March 31,
	2025		2024
Cash Flows from Operating Activities
Net income	$	285,152	$	282,271
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property	18,433		17,567
Amortization of intangibles	25,385		21,601
Provision for losses on accounts receivable	2,652		1,001
Amortization of stock appreciation rights	3,570		2,570
Other share-based compensation expense	5,824		7,508
Changes in operating assets and liabilities, net of acquisitions	5,371		(77,403)
Other, net	(1,050)		(2,956)
Net Cash provided by Operating Activities	345,337		252,159
Cash Flows from Investing Activities
Acquisition of businesses, net of cash acquired	(273,312)		(21,440)
Capital expenditures	(18,295)		(17,354)
Proceeds from property sales	1,022		514

Net Cash used in Investing Activities	(290,585)		(38,280)
Cash Flows from Financing Activities


Long-term debt repayments	(25,106)		(25,188)
Interest rate swap settlement receipts	9,435		10,839

Purchases of treasury shares	(79,794)		(28,875)
Dividends paid	(46,159)		(41,524)
Acquisition holdback payments	(1,210)		(681)
Exercise of stock appreciation rights and options	—		127
Taxes paid for shares withheld for equity awards	(14,332)		(15,874)
Net Cash used in Financing Activities	(157,166)		(101,176)
Effect of Exchange Rate Changes on Cash	(5,361)		(206)
(Decrease) Increase in Cash and Cash Equivalents	(107,775)		112,497
Cash and Cash Equivalents at Beginning of Period	460,617		344,036
Cash and Cash Equivalents at End of Period	$	352,842	$	456,533


	Three Months Ended March 31,
	2025						2024
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
General Industry	33.8	%	41.5	%	36.6	%	35.6	%	40.7	%	37.2	%
Industrial Machinery	8.7	%	24.3	%	14.1	%	6.8	%	24.3	%	12.2	%
Food	15.5	%	2.9	%	11.1	%	17.3	%	2.5	%	12.7	%
Metals	11.1	%	6.5	%	9.5	%	11.4	%	7.4	%	10.2	%
Forest Products	12.5	%	3.1	%	9.2	%	11.7	%	3.1	%	9.0	%
Chem/Petrochem	2.7	%	13.1	%	6.3	%	2.6	%	15.4	%	6.6	%
Cement & Aggregate	7.2	%	1.3	%	5.1	%	6.7	%	1.1	%	5.0	%
Transportation	3.5	%	5.4	%	4.2	%	3.5	%	3.6	%	3.5	%
Oil & Gas	5.0	%	1.9	%	3.9	%	4.4	%	1.9	%	3.6	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%


	Nine Months Ended March 31,
	2025						2024
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
General Industry	34.5	%	39.1	%	36.1	%	34.9	%	39.5	%	36.3	%
Industrial Machinery	8.3	%	23.4	%	13.2	%	8.2	%	24.8	%	13.5	%
Food	15.3	%	3.3	%	11.4	%	15.0	%	2.6	%	11.1	%
Metals	11.1	%	7.6	%	9.9	%	11.0	%	7.7	%	10.0	%
Forest Products	12.1	%	3.2	%	9.2	%	12.0	%	3.2	%	9.2	%
Chem/Petrochem	2.8	%	15.3	%	6.9	%	2.7	%	15.7	%	6.8	%
Cement & Aggregate	7.5	%	1.4	%	5.5	%	7.3	%	1.2	%	5.4	%
Transportation	3.6	%	4.8	%	4.0	%	3.6	%	3.6	%	3.6	%
Oil & Gas	4.8	%	1.9	%	3.8	%	5.3	%	1.7	%	4.1	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%


	Three Months Ended March 31,
	2025						2024
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
Power Transmission	36.7	%	9.3	%	27.2	%	37.3	%	11.6	%	29.3	%
General MRO & Other	22.6	%	24.0	%	23.1	%	22.0	%	17.1	%	20.4	%
Fluid Power	14.7	%	36.7	%	22.3	%	14.2	%	36.0	%	21.0	%
Bearings, Linear & Seals	26.0	%	0.3	%	17.1	%	26.5	%	0.4	%	18.4	%
Specialty Flow Control	—	%	29.7	%	10.3	%	—	%	34.9	%	10.9	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%


	Acquisition Cost Allocation		Weighted-Average life
Customer relationships	$	109,848	20.0
Trade names	18,720		15.0
Other	1,945		13.9
Total Identifiable Intangibles	$	130,513	19.2


	March 31, 2025		June 30, 2024
Revolving credit facility	$	384,000	384,000
Trade receivable securitization facility	188,300		188,300
Series E notes	—		25,000
Other	—		105
Total debt	$	572,300	$	597,405
Less: unamortized debt issuance costs	—		71
	$	572,300	$	597,334


	Three Months Ended March 31, 2025
	Foreign currency translation adjustment		Post-employment benefits		Cash flow hedge		Total Accumulated other comprehensive loss
Balance at December 31, 2024	$	(116,461)	$	(399)	$	11,026	$	(105,834)
Other comprehensive income	1,818		—		16		1,834
Amounts reclassified from accumulated other comprehensive loss	—		(3)		(2,759)		(2,762)

Net current-period other comprehensive income (loss)	1,818		(3)		(2,743)		(928)
Balance at March 31, 2025	$	(114,643)	$	(402)	$	8,283	$	(106,762)


	Three Months Ended March 31, 2024
	Foreign currency translation adjustment		Post-employment benefits		Cash flow hedge		Total Accumulated other comprehensive loss
Balance at December 31, 2023	$	(79,667)	$	(244)	$	20,265	$	(59,646)
Other comprehensive (loss) income	(5,147)		—		3,856		(1,291)
Amounts reclassified from accumulated other comprehensive loss	—		(24)		(3,528)		(3,552)
Net current-period other comprehensive (loss) income	(5,147)		(24)		328		(4,843)
Balance at March 31, 2024	$	(84,814)	$	(268)	$	20,593	$	(64,489)


	Nine Months Ended March 31, 2025
	Foreign currency translation adjustment		Post-employment benefits		Cash flow hedge		Total Accumulated other comprehensive loss
Balance at June 30, 2024	$	(95,566)	$	(391)	$	18,391	$	(77,566)
Other comprehensive loss	(19,077)		—		(718)		(19,795)
Amounts reclassified from accumulated other comprehensive loss	—		(11)		(9,390)		(9,401)

Net current-period other comprehensive loss	(19,077)		(11)		(10,108)		(29,196)
Balance at March 31, 2025	$	(114,643)	$	(402)	$	8,283	$	(106,762)


	Nine Months Ended March 31, 2024
	Foreign currency translation adjustment		Post-employment benefits		Cash flow hedge		Total Accumulated other comprehensive loss
Balance at June 30, 2023	$	(83,099)	$	(197)	$	28,000	$	(55,296)
Other comprehensive (loss) income	(1,715)		—		3,189		1,474
Amounts reclassified from accumulated other comprehensive loss	—		(71)		(10,596)		(10,667)

Net current-period other comprehensive loss	(1,715)		(71)		(7,407)		(9,193)
Balance at March 31, 2024	$	(84,814)	$	(268)	$	20,593	$	(64,489)


	Index Reading
Month	MCU	PMI	IP
March 2025	77.8	49.0	100.5
February 2025	78.2	50.3	100.1
January 2025	77.6	50.9	99.1
December 2024	77.6	49.2	99.0
June 2024	78.2	48.3	99.4


	Three Months Ended March 31,				Change in $'s Versus Prior Period - % Increase
	As a Percent of Net Sales
	2025		2024
Net sales	100.0	%	100.0	%	1.8	%
Gross profit	30.5	%	29.5	%	5.0	%
Selling, distribution & administrative expense	19.4	%	18.9	%	4.1	%
Operating income	11.1	%	10.6	%	6.8	%
Net income	8.6	%	8.5	%	2.7	%


Sales by Reportable Segment	Three Months Ended March 31,				Sales (Decrease) Increase		Amount of change due to
	Three Months Ended March 31,								Foreign Currency		Organic Change
	2025		2024				Acquisitions		Foreign Currency		Organic Change
Service Center Based Distribution	$	761.6	$	789.4	$	(27.8)	$	1.5	$	(10.1)	$	(19.2)
Engineered Solutions	405.1		357.0		48.1		74.2		—		(26.1)
Total	$	1,166.7	$	1,146.4	$	20.3	$	75.7	$	(10.1)	$	(45.3)


	Three Months Ended March 31,				Sales Increase (Decrease)		Amount of change due to
	Three Months Ended March 31,								Foreign Currency		Organic Change
Sales by Geographic Area	2025		2024				Acquisitions		Foreign Currency		Organic Change
United States	$	1,032.3	$	1,017.2	$	15.1	$	65.5	$	—	$	(50.4)
Canada	71.5		73.4		(1.9)		—		(4.5)		2.6
Other countries	62.9		55.8		7.1		10.2		(5.6)		2.5
Total	$	1,166.7	$	1,146.4	$	20.3	$	75.7	$	(10.1)	$	(45.3)


	Three Months Ended March 31,				SD&A Increase		Amount of change due to
	Three Months Ended March 31,								Foreign Currency		Organic Change
	2025		2024				Acquisitions		Foreign Currency		Organic Change
SD&A	$	225.9	$	217.0	$	8.9	$	25.9	$	(2.0)	$	(15.0)


	Nine Months Ended March 31,				Change in $'s Versus Prior Period - % Increase
	As a Percent of Net Sales
	2025		2024
Net sales	100.0	%	100.0	%	0.6	%
Gross profit	30.2	%	29.5	%	2.9	%
Selling, distribution & administrative expense	19.3	%	18.8	%	3.4	%
Operating income	10.9	%	10.7	%	2.0	%
Net income	8.5	%	8.5	%	1.0	%


	Nine Months Ended March 31,
Net Cash Provided by (Used in):	2025		2024
Operating Activities	$	345,337	$	252,159
Investing Activities	(290,585)		(38,280)
Financing Activities	(157,166)		(101,176)
Exchange Rate Effect	(5,361)		(206)
(Decrease) Increase in Cash and Cash Equivalents	$	(107,775)	$	112,497


							March 31,			June 30,
							2025			2024
Accounts receivable, gross							$	768,535		$	737,941
Allowance for doubtful accounts							13,897			13,063
Accounts receivable, net							$	754,638		$	724,878
Allowance for doubtful accounts, % of gross receivables							1.8		%	1.8		%

	Three Months Ended March 31,						Nine Months Ended March 31,
	2025			2024			2025			2024
Provision for losses on accounts receivable	$	(954)		$	(25)		$	2,652		$	1,001
Provision as a % of net sales	(0.08)		%	—		%	0.08		%	0.03		%


Period	(a) Total Number of Shares	(b) Average Price Paid per Share ($)	(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
January 1, 2025 to January 31, 2025	0	$0.00	0	974,624
February 1, 2025 to February 28, 2025	91,000	$253.68	91,000	883,624
March 1, 2025 to March 31, 2025	113,500	$231.10	113,500	770,124
Total	204,500	$241.15	204,500	770,124


Exhibit No.						Description
2.1						Securities Purchase Agreement, dated November 21, 2024, by and among Applied Industrial Technologies, Inc., LOR, Inc., and Hydradyne, LLC (filed as Exhibit 2.1 to the Company’s Form 8-K filed November 22, 2024, SEC File No. 1-2299, and incorporated here by reference).

3.1						Amended and Restated Articles of Incorporation of Applied Industrial Technologies, Inc., as amended on October 25, 2005 (filed as Exhibit 3(a) to the Company’s Form 10-Q for the quarter ended December 31, 2005, SEC File No. 1-2299, and incorporated here by reference).

3.2						Code of Regulations of Applied Industrial Technologies, Inc., as amended on October 19, 1999 (filed as Exhibit 3(b) to the Company’s Form 10-Q for the quarter ended September 30, 1999, SEC File No. 1-2299, and incorporated here by reference).

4.1						Certificate of Merger of Bearings, Inc. (Ohio) (now named Applied Industrial Technologies, Inc.) and Bearings, Inc. (Delaware) filed with the Ohio Secretary of State on October 18, 1988, including an Agreement and Plan of Reorganization dated September 6, 1988 (filed as Exhibit 4(a) to the Company’s Registration Statement on Form S-4 filed May 23, 1997, Registration No. 333-27801, and incorporated here by reference).

4.2						Amended and Restated Note Purchase and Private Shelf Agreement dated as of October 30, 2019, between Applied Industrial Technologies, Inc.and PGIM, Inc. (formerly known as Prudential Investment Management, Inc.), and certain of its affiliates (filed as Exhibit 10.1 to the Company's Form 8-K filed November 5, 2019, SEC File No. 1-2299, and incorporated here by reference).

4.3						Amendment No. 1 to Amended and Restated Note Purchase and Private Shelf Agreement dated as of March 26, 2021 between Applied Industrial Technologies, Inc. and PGIM, Inc. (formerly known as Prudential Investment Management, Inc.), and certain of its affiliates, (filed as Exhibit 4.3 to the Company’s Form 10-Q for the quarter ended March 31, 2021, SEC File No. 1-2299, and incorporated here by reference).

4.4						Amendment No. 2 to Amended and Restated Note Purchase and Private Shelf Agreement, dated as of December 9, 2021, between Applied and PGIM, Inc., (filed as Exhibit 10.2 to the Company's Form 8-K filed December 14, 2021, SEC File No. 1-2299, and incorporated here by reference).

4.5						Amendment No. 3 to Amended and Restated Note Purchase and Private Shelf Agreement, dated as of October 28, 2022, between Applied and PGIM, Inc. (filed as Exhibit 10.1 to the Company's Form 8-K filed November 1, 2022, SEC File No. 1-2299, as incorporated here by reference).

4.6						Credit Agreement dated as of December 9, 2021, among Applied Industrial Technologies, Inc., KeyBank National Association as Agent, and various financial institutions, (filed as Exhibit 10.1 to the Company's Form 8-K filed December 14, 2021, SEC File No. 1-2299, and incorporated here by reference).

4.7						First Amendment Agreement, dated as of May 12, 2023, among Applied Industrial Technologies, Inc., KeyBank National Association as Agent, and the Lenders set forth therein (filed as Exhibit 4.7 to Applied’s Form 10-K for the fiscal year ended June 30, 2023, SEC File No. 1-2299, and incorporated here by reference).

4.8						Guaranty of Payment Joinder, dated as of January 16, 2025, among Applied Bearing Distributors, LLC, Cangro Industries, LLC, Itech Automation Solutions, LLC, KeyBank National Association as Agent, and various financial institutions.

4.9						Guaranty of Payment Joinder, dated as of March 14, 2025, among Stanley M. Proctor Company, LLC, KeyBank National Association as Agent, and various financial institutions.

4.10						Guaranty of Payment Joinder, dated as of March 14, 2025, among Hydradyne, LLC., KeyBank National Association as Agent, and various financial institutions.

4.11						Receivables Financing Agreement dated as of August 31, 2018 among AIT Receivables LLC, as borrower, PNC Bank, National Association, as administrative agent, Applied Industrial Technologies, Inc., as initial servicer, PNC Capital Markets LLC, as structuring agent and the additional persons from time to time party thereto, as lenders (filed as Exhibit 10.1 to the Company's Form 8-K filed September 6, 2018, SEC File No. 1-2299, and incorporated here by reference).

4.12						Amendment No. 1 to Receivables Financing Agreement and Reaffirmation of Performance Guaranty dated as of March 26, 2021 among AIT Receivables LLC, as borrower, PNC Bank, National Association, as administrative agent, Applied Industrial Technologies, Inc., as initial servicer, PNC Capital Markets LLC, as structuring agent and the additional persons from time to time party thereto, as lenders (filed as Exhibit 10.2 to the Company's Form 8-K filed March 29, 2021, SEC File No. 1-2299, and incorporated here by reference).


4.13						Amendment No. 2 to Receivables Financing Agreement and Reaffirmation of Performance Guaranty, dated as of May 12, 2023, by and among AIT Receivables, LLC, Applied Industrial Technologies, Inc., PNC Bank, National Association, Regions Bank, and PNC Capital Markets LLC (filed as Exhibit 4.10 to Applied’s Form 10-K for the fiscal year ended June 30, 2023, SEC File No. 1-2299, and incorporated here by reference).

4.14						Purchase and Sale Agreement dated as of August 31, 2018 among various entities listed on Schedule I thereto (including Applied Industrial Technologies, Inc.), as originators, Applied Industrial Technologies, Inc., as servicer, and AIT Receivables LLC, as buyer (filed as Exhibit 10.2 to the Company's Form 8-K filed September 6, 2018, SEC File No. 1-2299, and incorporated here by reference).

4.15						Amendment No. 1 to Purchase and Sale Agreement dated as of November 19, 2018 among Applied Industrial Technologies, Inc. and various of its affiliates, as originators, Applied Industrial Technologies, Inc., as servicer, and AIT Receivables LLC, as buyer, (filed as Exhibit 4.10 to the Company’s Form 10-Q for the quarter ended March 31, 2021, SEC File No. 1-2299, and incorporated here by reference).

4.16						Amendment No. 2 to Purchase and Sale Agreement dated as of March 26, 2021 among various entities listed on Schedule 1 thereto (including Applied Industrial Technologies, Inc.), as originators, Applied Industrial Technologies, Inc., as servicer, and AIT Receivables LLC, as buyer (filed as Exhibit 10.2 to the Company's Form 8-K filed March 29, 2021, SEC File No. 1-2299, and incorporated here by reference).

4.17						Amendment No. 3 to Receivables Financing Agreement and Reaffirmation of Performance Guaranty dated as of August 6, 2023 among AIT Receivables LLC, as borrower, PNC Bank, National Association, as administrative agent, Applied Industrial Technologies, Inc., as initial servicer, PNC Capital Markets LLC, as structuring agent, and the additional persons from time to time party thereto, as lenders (filed as Exhibit 10.1 to Applied’s Form 8-K filed August 9, 2023, SEC File No. 1-2299, and incorporated here by reference).

4.18						Amendment No. 3 to Purchase and Sale Agreement dated as of August 4, 2023 among various entities listed on Schedule I thereto (including Applied Industrial Technologies, Inc.), as originators, Applied Industrial Technologies, Inc., as servicer, and AIT Receivables LLC, as buyer (filed as Exhibit 10.2 to Applied’s Form 8-K filed August 9, 2023, SEC File No. 1-2299, and incorporated here by reference).

31						Rule 13a-14(a)/15d-14(a) certifications

32						Section 1350 certifications

95						Mine safety and health disclosures

101						The following financial information from Applied Industrial Technologies Inc.'s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Condensed Statements of Consolidated Income, (ii) the Condensed Statements of Consolidated Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Statements of Consolidated Cash Flows, (v) the Condensed Statements of Shareholders' Equity, and (vi) the Notes to Condensed Consolidated Financial Statements.

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


		APPLIED INDUSTRIAL TECHNOLOGIES, INC.
		(Company)

Date:	May 1, 2025	By: /s/ Neil A. Schrimsher
		Neil A. Schrimsher
		President & Chief Executive Officer


Date:	May 1, 2025	By: /s/ David K. Wells
		David K. Wells
		Vice President-Chief Financial Officer & Treasurer


Address:	One Applied Plaza	APPLIED BEARING DISTRIBUTORS, LLC
	Cleveland, Ohio 44115
		By:	/s/ Jon S. Ploetz
	Attention: Chief Financial Officer		Jon S. Ploetz
			Vice President - General Counsel & Secretary


Address:	One Applied Plaza	CANGRO INDUSTRIES, LLC
	Cleveland, Ohio 44115
		By:	/s/ Jon S. Ploetz
	Attention: Chief Financial Officer		Jon S. Ploetz
			Vice President - General Counsel & Secretary