Zurn Elkay Water Solutions Corporation · NYSE:ZWS
Zurn Elkay Water Solutions — Q3 2025 Earnings Presentation
12 slides from Zurn Elkay Water Solutions's earnings presentation, Oct 29, 2025
Slide 1: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results October 29, 2025
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 Quarterly dividend increased 22% Y Core sales +11% YoY Completed U.S. pension plan termination y Adjusted EBITDA“ increased +16% YoY Increased authorized share buy back to $500M Adjusted EBITDA® margin of 26.8% ... up +120 bps YoY Share
Slide 4: Q3 & YTD 2025 Results
Q3 & YTD 2025 Results Third Quarter Year to Date $ in millions 3Q 2025 3Q2024 Change $ in millions YTD 2025 YTD 2024 Change Net Sales $455 $410 1% Net Sales $1,289 $1,196 8% Growth from: Growth from: Core 1% Core © 8% Adjusted EBITDA © $122 $105 16% Adjusted EBITDA © $338 $299 13% % of Sales 26.8% 2
Slide 5: Leverage and Free Cash Flow
Leverage and Free Cash Flow Net Debt Leverage Ratio™ Free Cash Flow ($ millions) $300 1.5x 14x 272 $225 233 234 27 1x ox $150 140 0.8x 0.8x 975 0.6x 0.5x $0 Dec-22 Dec-23 Dec-24 Sep-24 — Sep-25 Dec-22” Dec-23 Dec-24 YTD-24 — YTD-25 3shto proforma LTM Agusted EBITDA zurnvelkay = 5 @ 5d
Slide 6: 2025 YTD Sustainability Impact
2025 YTD Sustainability Impact METRIC METHODOLOGY SUSTAINABLE PRODUCTS SUSTAINABLE PRODUCTS SUSTAINABLE PRODUCTS 86% 24.7 vition 1.8 biti (0) ef billion -O billion revenue from products gallons of water saved gallons of safer, cleaner with sustainable from our products? filtered water delivered by a
Slide 7: Market Update
Market Update Macro Leading Indicators Dodge Momentum Index” Architectural Billing Index Construction Backlog® (2000=100, Seasonally Adjusted) 60 Commercial & Institutional - Months of Backlog 300 1 250 8s 8 200 50 6 45 ‘ 150 2 100 40 ° 2021 2022 2023 2024 2025 2021 2022 2028 2024 2025 2021 2022 202
Slide 8: Dodge Starts
Dodge Starts mmm Dodge Starts © —=—=YoY Growth % 400 G 375 2 350 & 325 $ 300 8 275 900 850 800 750 Dodge Starts (Millions Sq Ft) 700 2023A 2023A 2024 mmm Dodige Starts 20240, 2025E _ NN X 20276 YoY Growth % 2026E (D Dodge Construction Network Sneak Peak 202503, Released August 2025 20278 2028E 10% 6
Slide 9: ZWS Key Verticals Within Dodge
ZWS Key Verticals Within Dodge Education & Healthcare Dodge Starts“ 300 mmm Docige Starts YoY Growth % s% Education and Education & Healthcare = 5 -60% of Dodge institutional starts (sq ft) & 25 WY 4% Healthcare Healthcare -80% of ZWS exposure to Institutional § 210 3% 2026 Dodge Sq Ft = 005 2% Star
Slide 10: Zurn Elkay Business Model
Zurn Elkay Business Model Pure Play: Water Zurn Elkay Business System uperior Value Creation Environmental Incremental Breakthroughs + Multibillion Dollar Markets Margins Acquisitions Customer Satisfaction Flexible Business Model 4 Leading Brand Positions Long-Term Growth Potential Shareholder Retur
Slide 11: Zurn Elkay Outlook
Zurn Elkay Outlook Q4 2025 Outlook Full Year 2025 Outlook * Core sales growth +HSD * Adjusted EBITDA” $437 to $440 million + Adjusted EBITDA” $99 to $102 million + Free cash flow™ greater than $300 million * Below the line assumptio * Below the line assumptions: Interest expense of ~$7 million + Int
Slide 12: Thank You
Thank You
Zurn Elkay Water Solutions — Q3 2025 Earnings Presentation on 6ix