A.o. Smith Corporation · NYSE:AOS
A.o. Smith — Smith A O — Merger or Acquisition (October 2026)
7 slides from A.o. Smith's merger presentation, Oct 28, 2026
Slide 1: CPE to Acquire Majority Interest in China Business
CPE to Acquire Majority Interest in China Business October 27, 2026
Slide 2: Forward-looking statements
2 This presentation contains statements that we believe are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements generally can be identified by the use of words such as “may,” “will,” “expect,” “confident”, “intend,” “es
Slide 3: Transaction Overview, Terms & Valuation, Value Creation
3 Transaction Overview • Announced definitive agreements on October 27, 2026, with CPE, a leading China- based alternative asset manager, to acquire a majority interest in the China business • Completes the strategic review of the China business announced in July 2025 • Sharpens strategic focus and
Slide 4: North American Focused Water Platform with Enhanced Growth & Margins
4 Excluding China(2)Historical 2025 Revenue 2025 Revenue Growth 2025 EBIT Margin Revenue by Geography(2) $3.8B $3.2B 0% 3% 19% 21% Retains scale with market leading positions Raises growth profile Improves EBIT margin by ~200bps Focused portfolio with a resilient core 77% 18% 2025A(1) Revenue Europe
Slide 5: Sharper Focus. Higher Margins. Investing Where We Win.
5 Sharper Focus. Higher Margins. Investing Where We Win. 1 2 3 4 Focused levers to grow shareholder value… ✓ ✓ ✓ Portfolio Priorities How We Create Value Market-Led Innovation: Differentiated products and solutions that navigate the regulatory environment, build brand of choice, and win share Operat
Slide 6: as oO = ® 2. 2. <x (smith.
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Slide 7: 2025 Net Sales and EBIT and EBIT Margin
77 2025 Net Sales and Earnings before interest and taxes (EBIT) and EBIT Margin ($ in Millions)