Zurn Elkay Water Solutions Corporation · NYSE:ZWS
Zurn Elkay Water Solutions — Q3 2026 Earnings Presentation
13 slides from Zurn Elkay Water Solutions's earnings presentation, Oct 28, 2026
Slide 1: Third Quarter 2026 Financial Results
Third Quarter 2026 Financial A a Results ag fl Zz October 28, 2026 cA Z s ‘
Slide 2: Cautionary Statement Under The Private Securities Litigation Reform Act
Cautionary Statement Under The Private Securities Litigation Reform Act Forward-Looking Statements This presentation includes "forward-looking statements” within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include statements we make con
Slide 3: Zurn Elkay Performance Update
Zurn Elkay Performance Update Strategic Developments 3Q Results v Core sales +7% YoY v_ Adjusted EBITDA” increased +15% YoY Quarterly dividend increased 18% Share repurchases: Q3: $35M, or ~700k shares v Adjusted EBITDA® margin of 28.3% ... up +150 bps YoY . . FCF® of $110M in the quarter Integratio
Slide 4: Q3 & YTD 2026 Results
Q3 & YTD 2026 Results Third Quarter Year to Date $ in millions 3Q 2026 3Q2025 Change $ in millions YTD 2026 YTD 2025 Change Net Sales $495 $455 9% Net Sales $1,419 $1,289 10% Growth from: Growth from: Core © 7% Core 9% Adjusted EBITDA $140 $122 15% Adjusted EBITDA © $392 $338 16% % of Sales ° 28.3%
Slide 5: Leverage and Debt
Leverage and Debt Net Debt Leverage Ratio“ Total Debt ($ millions) $750 1.3x 1x $500 0.8x 0.8: 0.6x $250 0.4x 0.4x 03x $0 Dec-23 Dec-24 Dec-25 Sep-25 Sep-26 Dec-23 Dec-24 —_Dec-25 Sep-25 Sep-26 Q3 2026 ZWS EARNINGS — qnetoeor coverage dna asthe rat oft bt ss eth to pre forma LIM Agusted EBITDA zumer
Slide 6: Easiest to install, commission, operate, maintain
TM Easiest to install Easiest to commission Easiest to operate Easiest to maintain 6
Slide 7: Market Macro Leading Indicators
M a a ket Macro Leading Indicators U 'e) d a te Architectural Billing Index Construction Backlog (2000=100, Seasonally Adjusted) ‘Commercial & Institutional - Months of Backlog 2004 2022 2023 2024 2025 ©2026 a2 index 2022 © 2028«=— 2024. «20252026 ZWS Participation Across the Build Cycle ZWS Mix 100
Slide 8: Dodge Starts
Dodge Starts“ mmm Dodge Starts — YoY Growth % 400 350 300 10% 7% zz With UA WA oy, 2022A 2023A 2024A 2025A 2026E 2027E 2028E 2029E 2030E Commercial Dodge Starts mmm Dodge Starts = ——YoY Growth % > 900 Y 10% = 800 Ye 700 0% 5 600 5% = 500 “lox 2 400 “15% £ 300 : 3 200 -20 3 100 25% fo -30% 2022A 2023
Slide 9: CAGR trends by building type
-4% CAGR ’22 to ‘26 +3% CAGR ’26 to ‘30 +7% CAGR ’22 to ‘26 +4% CAGR ’26 to ‘30 9
Slide 10: Resilient Growth
Resilient Growth ZWS Growth Algorithm @ex mow = @ 52 STRATEGIC BUSINESS POSITIONING MODEL ZWS Core Beck VO/ SHEERS O 50% Non-cyclical Retrofit Variable 9 Secular Growth Tailwinds 2022A @ 1% e@ e e Asset Light / 2023A @ 3% e e e Hyper-local Capex Light Go-to-Market 20244 @ 3% e e e Zurn Elkay 2025A @
Slide 11: ZWS Historical Revenue: 16 Consecutive Years of Positive Core Growth
ZWS - Historical Revenue Core Growth Trends $1,800 Share Secular / New Product Line Core Market Price M&A $1,600 Gain Markets Simplification Growth Core Growth(1) CAGR ’22-’26E FLAT +LSD +LSD +1% -1% 6% - $1,400 Longer term Growth +LSD +LSD +LSD +LSD -1% MSD+ + $1,200 $1,000 $800 $600 $400 $200 $- '
Slide 12: Zurn Elkay Outlook
Zurn Elkay Outlook Q4 2026 Outlook v Sales of $430 to $437 million v Adjusted EBITDA” of $120 to 123 million BELOW THE LINE ASSUMPTIONS Interest expense of ~$7 million Stock compensation expense of ~$11 million Depreciation & amortization of ~$22 million Adjusted tax rate ~25.0% - 26.0 Diluted share
Slide 13: Thank You
Thank You
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