Carlisle Companies Incorporated · NYSE:CSL
Carlisle Companies — Q1 2026 Earnings Presentation
18 slides from Carlisle Companies's earnings presentation, Apr 23, 2026
Slide 1: First Quarter 2026 Earnings Call
First Quarter 2026 Earnings Call April 23, 2026
Slide 2: Forward Looking Statements & Non-GAAP Financial Measures
Forward Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about our expectations, plans, objectives, future financial performance and other matters that are not historica
Slide 3: First Quarter 2026 Overview
First Quarter 2026 Overview Navigating macro challenges with disciplined execution against Vision 2030 priorities • Generated revenue of $1.1 billion $1.1B • Protected profitability with adjusted EPS up 1% Revenues • Expanded adjusted EBITDA margin by 50 bps 22.3% • Drove productivity and controlled
Slide 4: First Quarter 2026 Results
First Quarter 2026 Results Sales pressured by timing-related weather and tariff impacts; margins improved through execution Revenue Adj. EBITDA Margin* Adj. EPS* -4% (-5% Organic*) +50 bps +1% $1,096M $1,052M 22.3% 21.8% $3.61 $3.63 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 • Harsh winter weather limited • COS-
Slide 5: Carlisle Construction Materials (CCM) Segment Results
Carlisle Construction Materials (CCM) Segment Results Expanded margins despite harsh winter weather and continued new construction headwinds Revenue Adj. EBITDA* Adj. EBITDA Margin* -5% (-6% Organic*) -4% +30 bps $799M $758M $217M $208M 27.1% 27.4% 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 Notable Revenue Drive
Slide 6: Carlisle Weatherproofing Technologies (CWT) Segment Results
Carlisle Weatherproofing Technologies (CWT) Segment Results Continuation of soft new construction activity partly offset by recent acquisitions Revenue Adj. EBITDA* Adj. EBITDA Margin* -1% (-3% Organic*) -3% -40 bps $297M $294M $46M $45M 15.6% 15.2% 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 Notable Revenue Driv
Slide 7: First Quarter 2026 Adjusted EPS Bridge
First Quarter 2026 Adjusted EPS* Bridge Share repurchases offset lower organic earnings and higher net interest $0.29 $3.63 $3.61 $(0.06) $(0.03) $(0.18) 1Q25 Adj. EPS* Organic Acquisitions Share Repurchases Net Interest/Tax 1Q26 Adj. EPS* 7 * Reference the financial reconciliations of non-GAAP fina
Slide 8: First Quarter 2026 Liquidity
First Quarter 2026 Liquidity Strong balance sheet supporting strategic priorities and disciplined capital deployment strategy Debt Maturity Schedule Senior Total Liquidity Net Debt to Note EBITDA* Ratio $750M $1.8B 2.75% Including cash of $771M and 1.7x Senior Note Senior $600M Note $1.0B available
Slide 9: First Quarter 2026 Cash Flow Performance
First Quarter 2026 Cash Flow Performance Seasonal working capital investment to support construction ramp-up and settle year-end liabilities 1Q'25 1Q'26 Operating cash flow* $(1.4)M $(44.7)M CapEx* $(29.0)M $(28.3)M Free cash flow* $(30.4)M $(73.0)M * Continuing Operations; Reference the financial r
Slide 10: Full Year 2026 Outlook
Full Year 2026 Outlook Increasing revenues and expanding margins resulting in double-digit adj. EPS growth Primary Drivers • CCM revenue up LSD YoY due to higher prices and +LSD +50 bps re-roofing demand offsetting slower new construction Revenue Adj. EBITDA • CWT revenue up LSD YoY due to higher pr
Slide 11: Appendix
CARLISLE Appendix
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company uses the following definitions of financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”): 1. Organic revenue: Revenues excluding revenue from acquisitions completed in the
Slide 13: Reconciliation to Organic Revenue
Reconciliation to Organic Revenue Three Months Ended March 31, (in millions, except percentages) CSL CCM CWT 2025 Revenues (GAAP) $ 1,095.8 $ 798.5 $ 297.3 Organic (55.0) (5.0)% (46.2) (5.8)% (8.8) (3.0)% Acquisitions 4.2 0.4 % — —% 4.2 1.4 % FX impact 7.1 0.6 % 5.8 0.7 % 1.3 0.5 % Total change (43.
Slide 14: Reconciliation to Free Cash Flow
Reconciliation to Free Cash Flow Three Months Ended March 31, (in millions) 2026 2025 Net cash provided by (used in) operating activities (GAAP) $ (44.7) $ 1.8 Less: Operating cash flow from discontinued operations — 3.2 Operating cash flow from (used in) continuing operations $ (44.7) $ (1.4) Capit
Slide 15: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Three Months Ended March 31, (in millions, except percentages) 2026 2025 Net income (GAAP) $ 127.7 $ 143.3 Less: Income from discontinued operations (GAAP) — Senior 3.2 Income from continuing operations (GAAP) 127.7 Note 140.1 Provision for income taxes 35.5 $750 34
Slide 16: Reconciliation to Segment Adjusted EBITDA
Reconciliation to Segment Adjusted EBITDA Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 (in millions, except percentages) CCM CWT Corporate CCM CWT Corporate Operating income (loss) (GAAP) $ 184.0 $ 17.3 $ (21.0) $ 194.8 $ 16.2 $ Senior (27.4) Non-operating expense (income), ne
Slide 17: Reconciliation to Adjusted EPS
Reconciliation to Adjusted EPS Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Pre-tax After-tax Impact to Pre-tax After-tax Impact to (in millions, except per share amounts) Impact Impact(1) Diluted EPS(2) Impact Impact(1) Diluted EPS(2) Net income (GAAP) $ 127.7 $ 3.10 $ 143.3
Slide 18: Reconciliation of Debt Covenant Ratios
Reconciliation of Debt Covenant Ratios (in millions, except ratios) LTM 3/31/2026 Income from continuing operations (GAAP) $ 730.1 Income tax expense 206.9 Interest expense 92.0 Depreciation and amortization 197.9 Non-cash stock-based compensation expense 32.6 EBITDA per debt covenants $ 1,259.5 Con