Carlisle Companies Incorporated · NYSE:CSL
Carlisle Companies — Q3 2025 Earnings Presentation
20 slides from Carlisle Companies's earnings presentation, Oct 29, 2025
Slide 1: Third Quarter 2025 Earnings Call
Third Quarter 2025 Earnings Call October 29, 2025
Slide 2: Forward Looking Statements & Non-GAAP Financial Measures
Forward Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally use words such as "expect," "foresee," "anticipate," "believe," "project," "
Slide 3: Third Quarter 2025 Overview
Third Quarter 2025 Overview Resilient third quarter performance despite a challenging macroeconomic environment • Increased revenues +1% year-over-year • Returned $347 million to shareholders through dividends and $1.3B share repurchases Revenues • Marked the 49th consecutive annual dividend increas
Slide 4: Third Quarter 2025 Results
Third Quarter 2025 Results Contributions from M&A and solid commercial re-roofing offset by soft new construction activity Revenue Adj. EBITDA Margin* Adj. EPS* +1% (-2% Organic*) -170 bps -3% 27.6% $5.78 $1,347M 25.9% $5.61 $1,334M 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 • M&A contribution • Volume deleverag
Slide 5: Carlisle Construction Materials (CCM) Segment Results
Carlisle Construction Materials (CCM) Segment Results Solid re-roofing demand offset by weaker new construction and changes in distribution channel Revenue Adj. EBITDA* Adj. EBITDA Margin* +0.3% (0% Organic*) -8% -260 bps $998M $1,001M $328M 32.8% $303M 30.2% 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 Notable Re
Slide 6: Carlisle Weatherproofing Technologies (CWT) Segment Results
Carlisle Weatherproofing Technologies (CWT) Segment Results Contributions from recent acquisitions offset by continued market softness Revenue Adj. EBITDA* Adj. EBITDA Margin* +3% (-8% Organic*) -13% -330 bps $335M $346M $69M 20.7% $60M 17.4% 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 Notable Revenue Drivers: •
Slide 7: Third Quarter 2025 Adjusted EPS Bridge
Third Quarter 2025 Adjusted EPS* Bridge Organic earnings decline and higher net interest expense offset by share repurchases and M&A $5.78 $0.43 $0.07 $5.61 $(0.25) $(0.42) 3Q24 Adj. EPS* Organic Acquisitions Share Repurchases Net Interest/Tax 3Q25 Adj. EPS* 7 * Reference the financial reconciliatio
Slide 8: Third Quarter 2025 Liquidity
Third Quarter 2025 Liquidity Strong balance sheet to execute growth and high-return capital deployment strategy Debt Maturity Schedule Senior Total Liquidity Net Debt to Note EBITDA* Ratio $750M $2.1B 2.75% Including cash of $1.1B and 1.4x Senior Note Senior $600M Note $1.0B available under Within 1
Slide 9: Third Quarter 2025 Cash Flow Performance
Third Quarter 2025 Cash Flow Performance On track to exceed Vision 2030 target FCF margin of 15%+ for FY 2025 $712M $662M $91M $64M $426M $34M $329M $19M $620M $597M $393M $309M 3Q24 3Q25 YTD24 YTD25 Operating Cash Flow* Capital Expenditures* Free Cash Flow* 9 * Continuing Operations; Reference the
Slide 10: 2025 Full-Year Growth Outlook
2025 Full-Year Growth Outlook Revising FY 2025 outlook to flat revenue with adj. EBITDA margins down 250 bps Primary Drivers • CCM revenue down LSD in Q4 on continued strength in re-roofing offset by new construction Flat -250 bps headwinds Revenue Adj. EBITDA • CWT revenue up LSD in Q4 on acquisiti
Slide 11: Financial Track Record Tells the Story
Financial Track Record Tells the Story Sustaining building products segment margins through cycles and delivering consistent growth 28.6% 27.1% 27.5% ~26% 22.7% 22.8% 21.5% 20.2% 20.8% 19.3% $5,449 18.2% 17.8% $5,004 ~$5.0B 16.2% 16.6% $4,587 15.7% 14.9% 13.8% $3,837 12.3% $3,233 $2,880 $2,996 $2,33
Slide 12: Appendix
CARLISLE Appendix
Slide 13: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company uses the following definitions of financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”): 1. Organic revenue: Revenues excluding revenue from acquisitions completed in the
Slide 14: Reconciliation to Organic Revenue
Reconciliation to Organic Revenue Three Months Ended September 30, (in millions, except percentages) CSL CCM CWT 2024 Revenues (GAAP) $ 1,333.6 $ 998.2 $ 335.4 Organic (28.5) (2.1)% (0.2) —% (28.3) (8.4)% Acquisitions 38.9 2.9 % — —% 38.9 11.6 % FX impact 2.9 0.2 % 2.8 0.3 % 0.1 —% Total change 13.3
Slide 15: Reconciliation to Free Cash Flow
Reconciliation to Free Cash Flow Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2025 2024 2025 2024 Operating cash flow (GAAP) $ 426.9 $ 312.8 $ 715.8 $ 659.7 Less: operating cash flow from discontinued operations 0.7 (15.9) 4.2 (1.8) Operating cash flow from continui
Slide 16: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Three Months Ended September 30, (in millions, except percentages) 2025 2024 Net income (GAAP) $ 214.2 $ 244.3 Less: Income from discontinued operations 0.7 Senior (2.3) Income from continuing operations (GAAP) 213.5 Note246.6 Provision for income taxes 64.3 $750 74
Slide 17: Reconciliation to Segment Adjusted EBITDA
Reconciliation to Segment Adjusted EBITDA Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Corporate Corporate and and (in millions, except percentages) CCM CWT unallocated CCM CWT unallocated Operating income (loss) (GAAP) $ 280.3 $ 29.6 $ (16.0) $ 303.0 $ 46.8 $ Senior (
Slide 18: Reconciliation to Adjusted EBITDA - Building Products
Reconciliation to Adjusted EBITDA - Building Products(1) Year Ended December 31, (in millions, except percentages) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Operating income (loss) (GAAP) $151.1 $155.1 $159.1 $178.2 $273.4 $264.3 $269.8 $351.1 $430.3 $421.9
Slide 19: Reconciliation to Adjusted EPS
Reconciliation to Adjusted EPS Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Pre-tax Post-tax Impact to Pre-tax Post-tax Impact to (in millions, except per share amounts) Impact Impact(1) Diluted EPS(2) Impact Impact(1) Diluted EPS(2) Net income (GAAP) $ 214.2 $ 4.98 $
Slide 20: Reconciliation of Debt Covenant Ratios
Reconciliation of Debt Covenant Ratios (in millions, except ratios) LTM 9/30/2025 Income from continuing operations (GAAP) $ 771.5 Income tax expense 206.9 Interest expense 68.1 Depreciation and amortization 192.5 Non-cash stock-based compensation expense 34.5 EBITDA per debt covenants $ 1,273.5 Con