Mueller Water Products · NYSE:MWA
Mueller Water Products — Investor Presentation (November 2025)
35 slides from Mueller Water Products's investor presentation, Nov 11, 2025
Slide 1: Where Intelligence Meets Infrastructure
Where Intelligence Meets Infrastructure ® Investor Presentation November 11, 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) $1,430M 8.2% Net Sales Net Sales Water United States (FY2025) 5-Year CAGR Water Flow Management Solutions Solutions $326.2M 11.3% Adjusted EBITDA Adjusted EBITDA
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 Driven Vision to be the Leader in Water Infrastructure Solutions
Sustainability Driven Vision to be the Leader in Water Infrastructure Solutions, Solving Challenges, Enriching Lives and Safeguarding the Future Sustainability is Part of Mueller’s Rich Legacy as a Leader in Water Infrastructure Solutions, Solving Challenges, Enriching Lives and Safeguarding the Fut
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 Has Created Funding Deficit
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 for Water Utilities
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 Emerging Leaks
Water Distribution Asset Management Technology to Monitor and Detect Emerging Leaks Before They Become Catastrophes EchoShore® Leak Monitoring Supported by SentryxTM Goal to identify a total of 18 billion gallons of • Leak detection technologies used in a variety of ways to water loss from EchoShore
Slide 17: Large Capital Investments Supporting Operational Improvements and Expanding Capabilities
Large Capital Investments Supporting Operational Improvements and Expanding Capabilities • Increased strategic capital investments over multi-year period, primarily between 2017 and 2023, driven by 3 large projects to replace century-old brass foundry and expand opportunities for specialty and large
Slide 18: Financial Performance
Financial Performance
Slide 19: Fourth Quarter and Full Year Highlights
Fourth Quarter and Full Year Highlights • Delivered another record-breaking performance to close the year with Fiscal 2025 (1) Q4 net sales and adj. EBITDA exceeding high-end of expectations (y/y or bps. vs. Fiscal 2024) − Grew net sales 9.4% y/y reflecting strong volume gains and improved price rea
Slide 20: Commercial and Operational Highlights
Commercial and Operational Highlights • Delivered another year of gross margin improvement and double-digit net sales growth for iron gate and specialty valves, hydrants and repair products − Exceptional execution, despite challenging external environment, through discipline, dedication and teamwork
Slide 21: Historical Financial Performance
Historical Financial Performance • Achieved second consecutive year of record results in FY2025 for consolidated net sales, adj. EBITDA and adj. EBITDA margin − Increased consolidated net sales and adj. EBITDA at 8.2% and 11.3% CAGR, respectively, over last 5 years − Adj. EBITDA Margin has expanded
Slide 22: Growing Free Cash Flow through Higher Operating Cash Flow
Growing Free Cash Flow through Higher Operating Cash Flow Fund Strategic Investments and Returning Cash to Shareholders • Over the past 5 years, generated $516M of free $238.8 $219.3 cash flow, after investing $260M in capital $191.4 expenditures, over the past 5 years $156.7 $172.0 • Over past 2 ye
Slide 23: FY2026 Outlook
FY2026 Outlook (1) • Net sales expected to be between $1,450M and $1,470M Fiscal 2026 Metrics (1) (+1.4% to +2.8% y/y) Consolidated Net Sales $1,450M to $1,470M − Expect seasonality to be normalized with quarterly consolidated net Sales (y/y Growth) (+1.4% to +2.8%) highest in Q3 and lowest in Q1 wi
Slide 24: 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 25: Balanced and Disciplined Approach to Capital Allocation
Balanced and Disciplined Approach to Capital Allocation to Strengthen and Grow while Continuing to Return Cash to Shareholders Capital Allocation Priorities 7-Year Cash Allocation* • Disciplined and strategic capital investments to expand domestic capacity and capabilities and drive efficiencies – A
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: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Quarter ended September 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 217.5 $ 163.3 $ — $ 380.8 Gross profit (1) $ 80.
Slide 29: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Quarter ended September 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 52.6 Income tax expense (4) 16.1 Interest expen
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) Quarter ended September 30, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 200.3 $ 147.9 $ — $ 348.2 Gross profit (1) $ 66.
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) Quarter ended September 30, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 10.0 Income tax expense (4) 14.4 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) Water Year ended September 30, 2025 Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 824.9 $ 604.8 $ — $ 1,429.7 Gross profit (1) $ 296.
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) Year ended September 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 191.7 Income tax expense (4) 62.5 Interest expense
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) Year ended September 30, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 755.5 $ 559.2 $ — $ 1,314.7 Gross profit (1) $ 271.
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) Year ended September 30, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 115.9 Income tax expense (4) 47.5 Other expense 1.
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