Mueller Water Products · NYSE:MWA
Mueller Water Products — Investor Presentation (September 2025)
37 slides from Mueller Water Products's investor presentation, Sep 2, 2025
Slide 1: Where Intelligence Meets Infrastructure
Where Intelligence Meets Infrastructure ® Investor Presentation September 2, 2025
Slide 2: Non-GAAP Measures
Non-GAAP Measures In an effort to provide investors with additional information regarding the Company’s results as determined by accounting principles generally accepted in the United States (“GAAP”), the Company also provides non-GAAP information that management believes is useful to investors. The
Slide 3: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain statements that may be deemed “forward-looking statements” within the meaning of the federal securities laws. All statements that address activities, events or developments that the Company intends, expects, plans, projects, believes or a
Slide 4: Mueller Water Products at a Glance
Mueller Water Products at a Glance Highlights (1) Geography (2) Segments (2,3) (% of Consolidated Net Sales) (% of Consolidated Net Sales) $1,397M $306.9M Net Sales Adjusted EBITDA Water United States (LTM Q3FY25) (LTM Q3FY25) Water Flow Management Solutions Solutions 18.4% 22.0% Adj. Operating Inco
Slide 5: Why Invest in Mueller
Why Invest in Mueller Continued investments in customer experience, product innovation and operational excellence support further net sales growth and margin improvements LEADING BRANDS WITH LARGE INSTALLED BASE OF INNOVATIVE INFRASTRUCTURE PRODUCTS AND SOLUTIONS BENEFITING FROM LONG-TERM END MARKET
Slide 6: Sustainability is Part of Mueller’s Rich Legacy
Sustainability is Part of Mueller’s Rich Legacy as a Leader in Water Infrastructure Solutions, Solving Challenges, Enriching Lives and Safeguarding the Future 2024 ESG Report highlights our ongoing progress to becoming a more sustainable, innovative and impactful organization 2024 Highlights ESG Pil
Slide 7: Strategic Priorities to Drive Growth and Margin Improvement
Strategic Priorities to Drive Growth and Margin Improvement Supported by Purpose-driven Organization IMPROVE ACCELERATE FOSTER CULTURE INCREASE MARGINS STRATEGIC OPERATIONAL SALES GROWTH THROUGH PURPOSE, AND FREE CASH FLOW PRIORITIES EXCELLENCE THROUGH CUSTOMER COLLABORATION, TO SUPPORT FUTURE AND E
Slide 8: Products and Markets
Products and Markets
Slide 9: History of Innovation for Water Infrastructure
History of Innovation for Water Infrastructure Learn more about www.muellerwaterproducts.com Mueller Water Products www.youtube.com/@Mueller-Water-Products 9
Slide 10: Uniquely Positioned to Address Opportunities with Utilities
Uniquely Positioned to Address Opportunities with Utilities with Leading Infrastructure Products and Solutions and Large Installed Base • Water-focused Leading company Product Positions with in Key more Categories Product than 90%(1)of Broad Portfolio of Products and Solutions consolidated net sales
Slide 11: Water Utilities Are Facing Many Challenges
Water Utilities Are Facing Many Challenges 2024 Top 10 Concerns Facing Water Sector (1) Water Utilities in North America • Renewal and replacement of aging water infrastructure had been the • >50,000 water utilities and >14,000 wastewater utilities in U.S. top concern for decades, and was displaced
Slide 12: Aging Pipe Infrastructure and Water Main Breaks
Aging Pipe Infrastructure and Water Main Breaks Utah State Study on Water Main Break Rates (1) • Surveyed more than 800 water utilities with nearly 400,000 miles of water mains in the U.S. and Canada, representing approximately 2.3 million 53 years <1% 17% of the estimated total length miles of drin
Slide 13: Historical Underinvestment in Aging Water Infrastructure
Historical Underinvestment in Aging Water Infrastructure Has Created Significant Funding Deficit Sources of Funding for U.S. Utilities Funding Gap • For U.S. utilities, 96% of funding at state/local government level (1) • ASCE grade for drinking water infrastructure is C- and grade for wastewater −
Slide 14: Water Utilities Required to Address Lead in Water
Water Utilities Required to Address Lead in Water Lead Service Line (LSL) Replacement Background (1) Distribution of Lead Service Lines (LSLs) (1) • Presence of lead in drinking water, which can cause severe health • EPA estimates 9.2 million LSLs in the U.S., U.S. territories, Puerto consequences f
Slide 15: Technology-Enabled Products and Solutions Help Address Critical Needs
Technology-Enabled Products and Solutions Help Address Critical Needs for Water Utilities Challenges Facing Water Utilities Mueller’s Product Offerings “Bluefield projects digital water Aging Infrastructure Fixed Leak spending in U.S. Detection Non-Revenue Water and Canada to and Pipe Condition grow
Slide 16: Water Distribution Asset Management Technology to Monitor and Detect
Water Distribution Asset Management Technology to Monitor and Detect Emerging Leaks Before They Become Catastrophes EchoShore® Leak Monitoring Supported by SentryxTM Pipe Condition Assessment Using ePulse® • Leak detection technologies used in a variety of ways to get actionable data on the structur
Slide 17: Large Capital Investments Supporting Operational Improvements
Large Capital Investments Supporting Operational Improvements and Expanding Capabilities • Benefits include accelerating product development, driving operational efficiencies, reducing duplicative expenses, expanding capabilities for American-made products and advancing sustainability goals • Capita
Slide 18: Financial Performance
Financial Performance
Slide 19: Highlights (Q3 FY2025)
Highlights (Q3 FY2025) • Achieved impressive quarter, setting new records for consolidated net Fiscal 2025 (1) sales, gross margin and adjusted EBITDA (y/y or bps. vs. Fiscal 2024) • Gross margin exceeded 38% (+150 bps. y/y, +320 bps. q/q) with teams Q3 YTD capitalizing on higher-than-expected order
Slide 20: Consolidated Results (Q3 FY2025)
Consolidated Results (Q3 FY2025) Gross Profit ($M) Adj. EBITDA ($M) Adj. Net Income Net Sales ($M) % of Net Sales % of Net Sales per Diluted Share +10.9% y/y +1.4% y/y +6.3% y/y +6.6% y/y +150 bps. -120 bps +$0.02 $380.3 $145.7 $73.7 $356.7 $85.2 $86.4 $131.4 $67.0 38.3% 22.7% 36.8% 23.9% Q3 FY2024
Slide 21: Mitigating Tariff Impacts with Targeted Price Actions
Mitigating Tariff Impacts with Targeted Price Actions and Supply Chain and Operational Initiatives Summary of Currently Enacted Tariff Impacts (As of August 4, 2025) (1) • Achieved record quarterly gross margin with >300 bps. improvement vs. Q2 Flow of • Seeing benefits from ongoing investments in b
Slide 22: Free Cash Flow (YTD Q3 FY2025)
Free Cash Flow (YTD Q3 FY2025) • Generated $135.8M of net cash provided by $149.5 operating activities for the nine-month period, $121.5 $135.8 $13.7M below prior year period $103.0 − Decrease primarily driven by changes in working capital, including decreases in other current liabilities, partially
Slide 23: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity Ample capacity, liquidity and flexibility to support our strategic priorities, including acquisitions • Moody’s: Ba1 Corporate and Notes Ratings, Stable Outlook Debt Maturities Credit Rating • S&P: BB Corporate and Notes Ratings, Positive Outlook $500 • $450M of 4.
Slide 24: FY2025 Outlook
FY2025 Outlook (1) • Increased net sales expectations to be between $1,405M and $1,415M Fiscal 2025 Metrics (1) (+6.9% to +7.6% y/y) − $15M increase vs. prior guidance, at the midpoint of the range, reflects Q3 performance, as Consolidated Net Sales $1,405M to $1,415M well as current expectations fo
Slide 25: Balanced and Disciplined Capital Allocation
Balanced and Disciplined Capital Allocation Balanced approach to capital allocation to strengthen and grow the business through capital investments and bolt-on acquisitions while continuing to return cash to shareholders Capital Allocation Priorities 5-Year Cash Allocation (FY20-FY24)* • Disciplined
Slide 26: Investment Highlights
Investment Highlights Continued investments in customer experience, product innovation and operational excellence support further net sales growth and margin improvements LEADING BRANDS WITH LARGE INSTALLED BASE OF INNOVATIVE INFRASTRUCTURE PRODUCTS AND SOLUTIONS BENEFITING FROM LONG-TERM END MARKET
Slide 27: Supplemental Data
Supplemental Data
Slide 28: Historical Financial Performance
Historical Financial Performance • Achieved record levels for consolidated net sales, adjusted EBITDA and adjusted EBITDA margin in FY24 − Increased consolidated net sales and adjusted EBITDA at 6.3% and 7.5% CAGR, respectively, over last 5 years Consolidated Net Sales Consolidated Adj. EBITDA (1) $
Slide 29: Historical Free Cash Flow
Historical Free Cash Flow • Over the past 5 years, generated $697M in $238.8 cash provided by operating activities and $191.4 delivered $417M of Free Cash Flow after $156.7 investing $280M in capital expenditures $140.3 $109.0 $94.0 • In fiscal 2024… $92.5 $72.6 $61.4 $ in Millions $52.3 − Achieved
Slide 30: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Three months ended June 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 216.6 $ 163.7 $ — $ 380.3 Gross profit $ 83.8 $
Slide 31: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Three months ended June 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 52.5 Income tax expense (3) 19.5 Interest expen
Slide 32: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Three months ended June 30, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 208.1 $ 148.6 $ — $ 356.7 Gross profit $ 81.9 $
Slide 33: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Three months ended June 30, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 47.3 Income tax expense (3) 15.9 Interest expen
Slide 34: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Nine months ended June 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 607.4 $ 441.5 $ — $ 1,048.9 Gross profit (1) $ 21
Slide 35: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Nine months ended June 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 139.1 Income tax expense (4) 46.4 Interest expen
Slide 36: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Nine months ended June 30, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 555.2 $ 411.3 $ — $ 966.5 Gross profit $ 205.7 $
Slide 37: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Nine months ended June 30, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 105.9 Income tax expense (3) 33.1 Other expense
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