Slide 1: Fourth Quarter and Full-Year 2025 Earnings Presentation
Fourth Quarter and Full-Year 2025 Earnings Presentation February 12, 2026 MSA Safety | Fourth Quarter and Full-Year 2025 Earnings Presentation 1
Slide 2: Introduction
Larry De Maria Executive Director of Investor Relations Introduction Purpose-led Company Driven by Our Mission: That men and women may work in safety and that they, their families, and their communities may live in health throughout the world. MSA Safety | Fourth Quarter and Full-Year 2025 Earnings
Slide 3: Cautionary Statements Regarding Forward-looking Statements
Cautionary Statements Regarding Forward-looking Statements This presentation may contain (and verbal statements made by MSA® Safety Incorporated (“MSA Safety”) may contain) “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relat
Slide 4: Non-GAAP Financials
Non-GAAP Financials To supplement our Consolidated Financial Statements presented in accordance with generally accepted accounting principles (“GAAP”), we use, and this presentation includes, certain non-GAAP financial measures. These financial measures include organic sales change, adjusted operati
Slide 5: Business Update
Steve Blanco President and Chief Executive Officer Business Update Purpose-led Company Driven by Our Mission: That men and women may work in safety and that they, their families, and their communities may live in health throughout the world. MSA Safety | Fourth Quarter and Full-Year 2025 Earnings Pr
Slide 6: 4Q and FY 2025 Performance Summary
4Q and FY 2025 Performance Summary Solid 4Q Operating Results to Conclude a Dynamic 2025 Key Metrics(1) 4Q Full-Year Net Sales $511MM $1.9B +2% +4% Adj. Operating Income $122MM $415MM +1% +0% Adj. Operating Margin 23.9% 22.1% (10 bps) (80 bps) Adj. EPS $2.38 $7.93 +6% +3% Free Cash Flow $106MM $295M
Slide 7: 2025 Safety Performance
2025 Safety Performance MSA Business System and Continuous Improvement Culture Drove World-Class Safety Performance Behavior-Driven Safety Journey Excellent Safety Performance in 2025 Yielding Results Total Lost Time Incident Rate 0.4 0.3 0.3 0.02 0.1 0.1 0.1 0.02 0.1 0 0.1 2022 2023 2024 2025 (1) (
Slide 8: 2025 Executive Summary
2025 Executive Summary Laser Focused Strategic Execution in a Fluid Operating Environment 2025 Accelerate Strategy Execution Delivered above-market results in Growth Accelerator product categories of detection and fall protection Workers Total Capital Free Cash Flow Protected(2) Deployed(3) Conversi
Slide 9: 2026 End Market Assumptions
2026 End Market Assumptions Protecting Workers Around the World Across Diverse and Attractive End Markets End Market Trend Energy and Chemical 40+ Million Workers Fire Service Protected(1) General Industrial Industrial Construction and Infrastructure All Other Positive Neutral (1) As of December 31,
Slide 10: Financial Performance and 2026 Outlook
Julie Beck Senior Vice President and Chief Financial Officer Financial Performance and 2026 Outlook Purpose-led Company Driven by Our Mission: That men and women may work in safety and that they, their families, and their communities may live in health throughout the world. MSA Safety | Fourth Quart
Slide 11: 4Q 2025 Financial Summary
4Q 2025 Financial Summary Organic Sales Growth Impacted by Timing Delays in Fire Service Net Sales Adjusted Operating Adjusted EPS Income and Margin $511MM $122MM $500MM $120MM $2.38 $2.25 24.0% 23.9% 4Q 2024 4Q 2025 4Q 2024 4Q 2025 4Q 2024 4Q 2025 +2% REPORTED NET SALES GROWTH 23.9% ADJUSTED OPERAT
Slide 12: Full-Year 2025 Financial Summary
Full-Year 2025 Financial Summary Low-Single Digit Organic Sales Growth; 20% Adjusted ROIC Including Impact of M&C Acquisition Net Sales Adjusted Operating Adjusted EPS Income and Margin $1,875MM $414MM $415MM $7.93 $1,808MM $7.70 22.9% 22.1% FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 +4% REPORT
Slide 13: 4Q and Full Year 2025 Free Cash Flow and Financial Leverage
4Q and Full Year 2025 Free Cash Flow and Financial Leverage Strong Cash Generation and Ample Liquidity Support Accelerate Strategy Free Cash Flow Net Leverage Fourth Quarter Full-Year $295MM $106MM $93MM 0.9x $242MM 0.7x 4Q 2024 4Q 2025 FY 2024 FY 2025 12/31/2024 12/31/2025 DISCIPLINED CAPITAL ALLOC
Slide 14: 2026 Outlook
2026 Outlook Mid-Single Digit Organic Sales Growth Outlook; Reflects Growth Across Diverse Portfolio % NET SALES(1) DIVERSE END MARKETS OPERATING ENVIRONMENT UPDATE DETECTION • Energy & chemical TAILWINDS • Fixed gas & flame detection • Utilities + Increasing global safety standards creating demand
Slide 15: 2026 Strategic Priorities and Closing Remarks
Steve Blanco President and Chief Executive Officer 2026 Strategic Priorities and Closing Remarks Purpose-led Company Driven by Our Mission: That men and women may work in safety and that they, their families, and their communities may live in health throughout the world. MSA Safety | Fourth Quarter
Slide 16: 2026 Strategic Priorities
2026 Strategic Priorities Entering 2026 Steadfast in Our Commitment to Serving Our Mission, Accelerating Value Creation 2026 Accelerate Strategic Priorities CONTINUED SAFETY LEADERSHIP AND GROWTH FOCUS Leveraging technology to lead in the safety market with premium innovative solutions • Leverage be
Slide 17: Key Takeaways
Key Takeaways Positioned to Deliver Stakeholder Value in 2026 and Beyond Strategic execution in 2025 delivered solid 1 financial results while navigating challenging macro conditions Strong financial profile provides balanced capital 2 deployment optionality, including growth investments and returns
Slide 18: Q&A
Q&A MSA Safety | Fourth Quarter and Full-Year 2025 Earnings Presentation 18
Slide 19: Appendix
Appendix MSA Safety | Fourth Quarter and Full-Year 2025 Earnings Presentation 19
Slide 20: MSA Safety (NYSE: MSA) Snapshot
MSA Safety (NYSE: MSA) Snapshot $1.9B Net Sales (1) Net Sales by Net Sales by Segment(1) Product Category(1,4) 4.3% R&D Investment (1,2) 37% Product Vitality (3) 33% 41% 34% International Detection Fire Service 46.5% Gross Profit Margin (1) 22.1% Adj. Operating Margin (1) 0.9x Net Leverage (1) 55 Co
Slide 21: MSA Safety | Accelerate Strategy
MSA Safety | Accelerate Strategy CONTINUE TO BE THE IMPLEMENT APPLY MSA BUSINESS ALLOCATE LEADER IN PREMIUM TARGETED GROWTH SYSTEM TO ENABLE CAPITAL SAFETY SOLUTIONS ACCELERATORS EXCELLENCE EFFECTIVELY • Leverage scale, market leadership, • Continue to evolve from hardware • Drive excellence in pric
Slide 22: MSA Safety | Business System (MBS)
MSA Safety | Business System (MBS) BEHAVIORS The way we act and react to changes and challenges • Relentless focus on improving our performance on new product development, SG&A, project management, and global business service PROCESSES How we work with others and apply tools • Working Capital: SIOP(
Slide 23: MSA Safety | 2028 Financial Targets
MSA Safety | 2028 Financial Targets MISSION-DRIVEN REINVESTMENT • 3 – 5% organic revenue growth Resilient Organic • Market growth, customer-centric innovation, and commercial + Revenue Growth $2.1B – $2.3B excellence • Macro secular safety trends • Target 30 – 50 bps annually Operating Margin(1) + E
Slide 24: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures MSA Safety | Fourth Quarter and Full-Year 2025 Earnings Presentation 24
Slide 25: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Organic Sales Change (Unaudited) (a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. (b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel. (c) Industrial PPE and Other includes Industri
Slide 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Operating Income and Adjusted EBITDA (Unaudited) Three Months Ended 12 Months Ended December 31, December 31, 2025 2024 2025 2024 (In thousands) Adjusted EBITDA $ 135,999 $ 134,642 $ 472,911 $ 469,431 Less: Depreciation and amortization 14,076 1
Slide 27: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Earnings and Adjusted Earnings per Diluted Share (Unaudited) (In thousands, except per share amounts) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 % Change 2025 2024 % Change Net income $ 86,933 $ 87,946 (1%) $ 278,
Slide 28: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Return on Invested Capital, ROIC (Unaudited) Twelve Months Ended December 31, (In thousands, except percentage amounts) 2025 Adjusted earnings $ 311,929 Adjusted ROIC earnings Pre-Tax interest expense 31,799 Adjusted effective tax rate 24.1% Adjusted aft
Slide 29: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Return on Invested Capital, ROIC Continued (Unaudited) For the Twelve Months Ended December 31, 2025 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Average Debt $ 580,934 $ 628,583 $ 679,348 $ 502,057 $ 508,013 $ 579,787 Shareholder's equity 1,367,012 1,302,390
Slide 30: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Free Cash Flow (Unaudited) Three Months Ended Twelve Months Ended (In thousands, except percentage amounts) December 31, December 31, 2025 2024 2025 2024 Cash flow from operating activities $ 122,354 $ 107,908 $ 363,867 $ 296,428 Capital expenditures (16
Slide 31: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited) Twelve Months Twelve Months (In thousands) Ended December 31, Ended December 31, 2025 2024 Operating income $ 371,818 $ 389,177 Depreciation and amortization 58,313 55,159 Currency excha
Slide 32: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures R&D Investment (Unaudited) (In thousands, except percentage amounts) Twelve Months Ended December 31, 2025 2024 Research and development expense $ 65,343 $ 66,526 Capitalized software development costs 14,914 12,993 Total R&D investment $ 80,257 $ 79,519
Slide 33: MSA Safety | Fourth Quarter and Full-Year 2025 Earnings Presentation
MSA Safety | Fourth Quarter and Full-Year 2025 Earnings Presentation 33