Mueller Water Products · NYSE:MWA
Mueller Water Products — Q2 2026 Earnings Presentation
23 slides from Mueller Water Products's earnings presentation, May 6, 2026
Slide 1: Fiscal 2026 Second Quarter Earnings Call
Fiscal 2026 Second Quarter Earnings Call May 6, 2026
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: Q2 FY2026 Highlights
Q2 FY2026 Highlights Fiscal 2026 (1) Record for Quarter (y/y or bps. vs. Fiscal 2025) Set new quarterly records for net sales, adjusted EBITDA Q2 Q2 YTD and adjusted net income per share +$384.4M +$702.6M Delivered net sales growth of 5.5%, demonstrating the Net Sales +5.5% +5.1% strength of our bra
Slide 5: Value Creation Framework
Value Creation Framework Drive Above-Market Continue Margin Execute Disciplined Sales Growth Expansion Capital Allocation Vision We create shareholder value through our dedicated team To be the leader in water infrastructure solutions, solving challenges, enriching lives and safeguarding the future
Slide 6: Mueller Operating System to drive discipline, execution, and excellence
Mueller Operating System to drive discipline, execution, and excellence throughout the organization Engaged People Margin Expansion A Disciplined Safety-first Mindset Simplification to Reduce Complexity System of Tools People & Leadership Priority Business Process Excellence and Processes Culture of
Slide 7: Consolidated Results
Consolidated Results Q2 FY2026 Net Sales ($M) Gross Profit ($M) Adj. EBITDA ($M) (1) Adj. Net Income % of Net Sales % of Net Sales per Diluted Share (1) +5.5% y/y +12.9% y/y +15.0% y/y +17.6% y/y +250 bps. +210 bps. +$0.06 $144.5 $0.40 $384.4 $97.2 $364.3 $128.0 $0.34 37.6% 25.3% 35.1% $84.5 23.2% Q
Slide 8: Segment Results
Segment Results Q2 FY2026 Water Flow Solutions (WFS) Water Management Solutions (WMS) Net Sales ($M) Adj. EBITDA ($M) (1) Net Sales ($M) Adj. EBITDA ($M) (1) % of Net Sales % of Net Sales +1.0% y/y +16.4% y/y +12.2% y/y +11.5% y/y +440 bps. -20 bps. $216.2 $218.3 $166.1 $148.1 $72.4 $62.2 33.2% 28.8
Slide 9: Free Cash Flow
Free Cash Flow Q2 and YTD FY2026 Free Cash Flow ($M) (1) Free cash flow for the 6-month period decreased $30.8M to $16.5M and $69.0 $80.0 $55.7 was 15% of adj. net income $60.0 $42.2 $44.0 $40.0 Net cash provided by operating $20.0 $5.1 $0.0 activities for 1st half FY2026 ($20.0) decreased $20.0M y/
Slide 10: Strong Balance Sheet and Liquidity with Ample Capacity and Flexibility
Strong Balance Sheet and Liquidity with Ample Capacity and Flexibility to Support Strategic Priorities Moody’s: Ba1 (Corporate and Notes), Stable Outlook Debt Maturities S&P: BB+ (Corporate and Notes), Stable Outlook Credit Rating $500 $400 $450M of 4.0% Senior Notes (mature June 2029) No debt finan
Slide 11: FY2026 Outlook Increased following Q2 Results
FY2026 Outlook Increased following Q2 Results with Adj. EBITDA Margin expanding 170 bps. y/y to 24.5% at midpoint (1) Net Sales Adjusted EBITDA (2) Total SG&A Expenses (3) Net Interest Expense (y/y Growth) (y/y Growth) $ 243M to $247M $5M to $6M $ 1,470M to $1,490M $ 360M to $365M (+2.8% to +4.2%) (
Slide 12: Key Takeaways
Key Takeaways Excited about our team’s outstanding performance this quarter and pleased to be raising our annual guidance at this point in the year Remain vigilant as our end markets evolve in this increasingly uncertain external operating environment Focused on what we can control, executing our on
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Slide 14: Supplemental Data
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Slide 15: 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 March 31, 2026 Water Water Flow Management Solutions Solutions Corporate Consolidated (in millions, except per share amounts) Net sales $ 218.3 $ 166.1 $ — $ 384.4 Gross profit $ 87.1 $ 57.4 $
Slide 16: 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 March 31, 2026 Water Water Flow Management Solutions Solutions Corporate Consolidated (in millions, except per share amounts) Net income $ 59.1 Income tax expense (3) 19.7 Interest expense, net
Slide 17: 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 March 31, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (in millions, except per share amounts) Net sales $ 216.2 $ 148.1 $ — $ 364.3 Gross profit (1) $ 77.0 $ 51.
Slide 18: 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 March 31, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (in millions, except per share amounts) Net income $ 51.3 Income tax expense (4) 16.4 Interest expense, net
Slide 19: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Six months ended March 31, 2026 Water Water Flow Management Solutions Solutions Corporate Consolidated (in millions, except per share amounts) Net sales $ 391.3 $ 311.3 $ — $ 702.6 Gross profit $ 157.9 $ 106.4 $
Slide 20: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Six months ended March 31, 2026 Water Water Flow Management Solutions Solutions Corporate Consolidated (in millions, except per share amounts) Net income $ 102.3 Income tax expense (3) 32.2 Interest expense, net
Slide 21: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Six months ended March 31, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (in millions, except per share amounts) Net sales $ 390.8 $ 277.8 $ — $ 668.6 Gross profit (1) $ 132.1 $ 98.9
Slide 22: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Six months ended March 31, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (in millions, except per share amounts) Net income $ 86.6 Income tax expense (4) 26.9 Interest expense, net (
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