Mueller Industries, Inc. · NYSE:MLI
Mueller Industries — Investor Presentation (August 2026)
40 slides from Mueller Industries's investor presentation, August 2026
Slide 1: Investor Presentation
Investor Presentation August 2026
Slide 2: Legal Disclaimers
Legal Disclaimers Forward-looking Statements This presentation contains various forward-looking statements and includes assumptions concerning the operations, future results, and prospects of Mueller Industries, Inc. (the “Company”). These forward-looking statements are based on current expectations
Slide 3: Mueller Industries, Inc. At A Glance
Mueller Industries, Inc. At A Glance Global Industrial Corporation Strong Financial Foundation ✓ Global manufacturer of copper, brass and aluminum ✓ Robust cash generation and high returns on capital products ✓ Strong, flexible balance sheet enables growth and ✓ Exposure to HVAC/R, plumbing, electri
Slide 4: Financial & Equity Performance Overview
Financial & Equity Performance Overview Operational Execution... $4.2 B $1.0 B ~90% $0 Revenue(1) EBITDA(1) FCF Conversion Ratio(1) Net Debt(2) …Drives Strong Shareholder Returns 22% 20.1% 16.7x Return on Avg. Total Shareholder Price-to-Earnings Invested Capital(1) Return(3) Multiple(4) (1) For the
Slide 5: Mueller is an Industry Leader
Mueller is an Industry Leader ✓ Number 1 or 2 in core products o Global expertise in non-ferrous metals casting, extrusion and fabrication o Leading manufacturer of insulated flexible duct systems, refrigeration and gas valves, and a variety of products serving the HVAC/R industry o Vertically integ
Slide 6: Playing an Important Part
Playing an Important Part Mueller manufacturers products necessary in everyday life. Cold Transport Data Centers Fire Protection Oil & Gas Distribution Medical Gas Distribution Sports & Recreation Military & Defense Pools & Spas Mechanical HVAC/R / Climate Comfort Electrical Infrastructure Refrigera
Slide 7: Three Reporting Segments
Three Reporting Segments REVENUE BY REPORTING SEGMENT(1) $498 M $1,023 M $2,708 M Piping Systems Industrial Metals Climate • Produce and distribute tubing, • Produce and distribute rod, bar, • Produce and distribute insulated Piping Systems wire, cable, and a variety of products flex duct and line s
Slide 8: Mueller's Global Footprint
Mueller’s Global Footprint Industry-leading presence, strategically located next to our end customers. 8
Slide 9: Diversified Market Exposure...
Diversified Market Exposure... Net Sales by Geography Net Sales by End Market $4.18B(1) $4.18B(1) Asia Mexico Transportation/Equipment 2% 2% Construction Other 5% 2% Industrial Manufacturing 6% Canada Building Construction - 8% Commercial Refrigeration EMEA 7% Building Construction - 9% Plumbing 42%
Slide 10: ...Including Diverse Exposure in Primary End-Market
...Including Diverse Exposure in Primary End-Market 77% of Net Sales(1) are Building Construction Related Building Construction Sales by Sector Building Construction Sales by Channel $3.2B(1) $3.2B(1) Remodel Direct OEM 12% 17% Retail Distribution Commercial 10% 44% Residential Wholesale Distributio
Slide 11: Adjacent Markets Offer Growth Opportunities
Adjacent Markets Offer Growth Opportunities 23% of Net Sales(1) from Adjacent Markets • Industrial Manufacturing Non-Building Construction Markets • Transportation and Equipment $981 M(1) - Automotive 1% 1% - Mining and Agriculture 2% 1% 1% 3% - Construction Equipment - Aerospace - Marine • Medical
Slide 12: Our Guiding Principles
Our Guiding Principles Financial Operational Market People Management Management Management Management Long Term Focused Low-Cost Manufacturer Quality Products Experienced Leadership Team Decentralized and Balanced Capital Disciplined Market Empowered Structure Successful “Build our Allocation Leade
Slide 13: Go-To-Market Competitive Advantages
Go-To-Market Competitive Advantages Market-Focused Preferred Value-Added Price Salesforce Brands Products Management Promotes strong Longstanding portfolio of Vertical integration Strong pricing discipline customer relationships industry-leading brands drives expansion of readily adjusts for raw wit
Slide 14: Financial Overview
> _ pi Financial@verview > eC
Slide 15: Consolidated Financial Highlights
Consolidated Financial Highlights Net Sales Gross Margin $4,179 28.1% 28.9% 27.7% 29.0% $3,769 $3,982 $3,769 $3,420 22.0% $2,398 18.0% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Operating Performance Diluted EPS $8.25 $959 $6.86 $877 $871 $895 $5.82 $756 $739 $770 $765 $5.30 $5.31 $
Slide 16: Profitable Through All Economic Cycles
Profitable Through All Economic Cycles Diluted Earnings per Share(1) $7.00 $6.00 $5.00 $4.00 Global Pandemic $3.00 Recessionary Recessionary Periods $2.00 Period $1.00 $0.00 (1) Diluted Earnings Per Share data for 2021 – 2023 reflects the 2x1 stock split on October 20, 2023, and 113,529,410 shares o
Slide 17: 2030 Strategic Plan
> _ pl 2030 Strategic Plan > eC
Slide 18: 2030 Strategic Plan
2030 Strategic Plan Our 2030 Ambition: Achieve $1.5B in operating income by 2030, doubling the 2024 baseline Foundation For Success Operating Income ▪ Enterprise-wide strategic plan launched in 2025, 2x OI Growth built bottom-up across all businesses $1.5 B ▪ Strong balance sheet and liquidity ▪ Pro
Slide 19: 2030 Plan: Three Strategic Priorities
2030 Plan: Three Strategic Priorities #11 2 #2 3 #3 Invest in Our Core Expand Downstream Capabilities Accelerate Growth , allocation ▪ Maintain lowest-cost-producer ▪ Vertical integration in markets we ▪ Build on HVAC/R and Electrical position know well momentum ▪ Modernize, automate, and ▪ Leverage
Slide 20: 2030 Plan: Portfolio Aligned to Four Market Platforms
2030 Plan: Portfolio Aligned to Four Market Platforms Water, Oil & Gas Infrastructure ▪ Legacy brands supporting critical flow control systems WOG ▪ Well positioned to material and method trends HVAC / Refrigeration ▪ Broad offering of essential HVAC/R system components HVAC/R ▪ Momentum from acquis
Slide 21: 2030 Plan: Capital Investments to Drive Growth
2030 Plan: Capital Investments to Drive Growth Capital Philosophy ▪ Modest increase in annual capex to support modernization and automation ▪ Strong liquidity and cash generation to fund growth ▪ Investments aligned to four platforms: WOG, HVAC/R, Electrical, Industrial Strategic Projects $300-$500M
Slide 22: Capital Allocation Philosophy
Capital Allocation Philosophy 22
Slide 23: Capital Deployment Priorities
Capital Deployment Priorities • Reinvestment in current operations to maintain efficiencies and competitive position Internal Reinvestment • Product development and strategic investments • Maintenance capital • M&A to support continued end-market diversification Acquisitions • Expand into adjacent m
Slide 24: Quality Balance Sheet Provides Flexibility for Growth
Quality Balance Sheet Provides Flexibility for Growth Minimal Debt Service & Cash Net Working Capital Credit Facility CapEx Requirements • ~$1.4 billion cash on hand • ~$860 million of net • $100 million committed, • $5.2 million debt and short-term working capital(2) unsecured credit facility outst
Slide 25: Strong Total Returns vs. Peers
Strong Total Returns vs. Peers Consistent profitability, strong balance sheet and disciplined use of capital drive industry leading returns on equity and average invested capital. Mueller Industries: 21.5% Return on Peer Average: Equity(1) 21.5%(2) (%) 2019 2020 2021 2022 2023 2024 2025 2026 (3) Pee
Slide 26: Strong Cash Flow Fuels Growth & Shareholder Returns
Strong Cash Flow Fuels Growth & Shareholder Returns Resilient cash flows fuel growth and stockholder returns throughout all cycles. $800 $4,500 $700 $4,000 $3,500 Operating Cash Flow ($M) $600 Recessionary Periods $3,000 Net Sales ($M) $500 $2,500 $400 Recessionary Global $2,000 Period Pandemic $300
Slide 27: Effective Capital Deployment
Effective Capital Deployment $1.94 Billion 2021 – 2026(1) Cumulative Deployed Capital Expenditures Shareholder Returns Acquisitions • Strategic capital • Repurchases of common • Core tuck-in acquisitions investments stock • Product diversification • Maintenance capital • Quarterly cash dividends • S
Slide 28: Acquisition Framework
Acquisition Framework Acquisitions are a key component of our growth strategy. Target Profile: High-Quality Businesses Rationale: Supports Strategic Priorities ✓ Leading market position ✓ Protects or strengthens core business ✓ Experienced management team ✓ Value-added business that leverages core ✓
Slide 29: Acquisition of Bison Metals Technologies
Acquisition of Bison Metals Technologies Expanding Domestic Tube Capacity with the Acquisition of Bison Metals Technologies About Bison Metals Technologies Strategic Rationale • U.S. manufacturer of copper tube • Strong fit with Mueller’s operational footprint and long-term growth priorities • Singl
Slide 30: Investment Highlights of Mueller Industries
Investment Highlights of Mueller Industries ✓ Diversified product portfolio that serves critical end markets with strong secular tailwinds ✓ Global operator with regional manufacturing capabilities across key markets served ✓ Market leaders with a trusted reputation ✓ Profitable throughout all econo
Slide 31: Appendix
~— a Appendix > eC
Slide 32: Q2 2026 Highlights
Q2 2026 Highlights(1) • Net sales increased to $1.43 B vs. $1.14 B in the prior year due to: • Unit volume growth in each reporting segment, combined with price increases related to the rise in material costs, contributed to the overall increase • Operating income increased to $310.0 M compared to $
Slide 33: Inventory Valuation
Inventory Valuation Inventory valuation methods moderate gross margin volatility. Mueller uses the following inventory valuation methods Impact to Earnings: across its companies: • Cost of sales reported at current replacement cost • Periods of rising prices: Inventory gains removed (LIFO expense) L
Slide 34: Sustainability and Corporate Responsibility
Sustainability and Corporate Responsibility OUR OBJECTIVES EFFORTS TO DATE • Safety: • Ensure safe working conditions for our o 44% reduction in Total Recordable Injury Rate in last 5 employees while operating our years business responsibly and efficiently • Environmental impact across primary North
Slide 35: Rich History of Growth
Rich History of Growth 100+ years of experience in a technical market with high barriers to entry. 1917 1992 -1997 2004 - 2005 2020 2021 2024 - 2026 Mueller Metals Organic growth via capital • Declared first dividend of Expanded core • Expanded flex duct businesses • Acquired Nehring Electrical Work
Slide 36: Summary of Operations
Summary of Operations 2025 2024 2023 2022 2021 2020 SUMMARY OF OPERATIONS (Dollars in thousands except per share data) ($) ($) ($) ($) ($) ($) Net sales 4,178,547 3,768,766 3,420,345 3,982,455 3,769,345 2,398,043 Operating income 958,542 770,389 756,053 877,149 655,845 245,838 Net income 765,191 604
Slide 37: EBITDA Reconciliation
EBITDA Reconciliation RECONCILATION OF OPERATING INCOME AS REPORTED TO NON-GAAP FINANCIAL MEASURES 2025 2024 2023 2022 2021 2020 (Dollars in thousands) Operating income $ 958,542 $ 770,389 $ 756,053 $ 877,149 $ 655,845 $ 245,838 Litigation settlement, net - - - - - (22,053) Gain on sale of businesse
Slide 38: EBITDA Reconciliation
EBITDA Reconciliation RECONCILIATION OF OPERATING INCOME AS REPORTED TO NON-GAAP FINANCIAL MEASURES (Dollars in Thousands) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Operating income $ 304,168 $ 276,115 $ 171,997 $ 312,228 $ 309,974 Impairment loss - 2,018 1,717 2,653 - (Gain)/loss on sale of businesse
Slide 39: Our Companies and Brands
Our Companies and Brands ATCO Rubber Products is the worldwide leader in flex duct systems. With Howell Metal is an established manufacturer of line sets for residential a complete line of flex duct products for residential and commercial and commercial construction markets. Howell Metal offers line
Slide 40: Our Companies and Brands (Continued)
Our Companies and Brands (Continued) Mueller Commercial is a Mexico-based manufacturer and distributor of Nehring Electrical Works Company produces high-quality wire and cable various plumbing, HVAC/R, and industrial products. The company serves solutions for the utility, telecommunication, electric
Mueller Industries — Investor Presentation (August 2026) on 6ix