Worthington Enterprises, Inc. · NYSE:WOR
Worthington Enterprises — Q2 2025 Earnings Presentation
23 slides from Worthington Enterprises's earnings presentation, Dec 18, 2024
Slide 1: Q2 FY2025 Earnings Summary
ibdroot\projects\IBD-NY\trillium2020\664375_1\16. Investor Day Presentations\03. WOR Enterprises\2023.09.29 - Investor Day - WOR Enterprises Shell_v78.pptx Q2 FY2025 EARNINGS SUMMARY DECEMBER 17, 2024
Slide 2: Notes to Investors
Notes to Investors FORWARD-LOOKING STATEMENTS. Selected statements in this presentation constitute “forward-looking statements,” as that term is used in the Private Securities Litigation Reform Act of 1995 (the “Act”). Worthington Enterprises, Inc. (the “Company” or “Worthington”) wishes to take adv
Slide 3: Q2 FY2025 / Recent Highlights
Q2 FY2025 / Recent Highlights Consolidated net sales declined 8.1% year over year driven by the SES deconsolidation, but profitability improved with gross margin increasing to 27.0% from 21.2% and Adj. EBITDA margin rising to 20.5% from 18.5% in the prior year quarter Building Products Adj. EBITDA o
Slide 4: Q2 FY2025 Highlights – Financial Summary
Q2 FY2025 Highlights – Financial Summary $ Millions except EPS Q2 Q2 Worthington Enterprises Consolidated FY 2025 FY 2024 Net Sales $274 $298 Adj. EBITDA $56 $55 % Margin 20.5% 18.5% Adj. EPS $0.60 $0.57 Building Products Segment Net Sales $157 $151 Adj. EBITDA $47 $46 % Margin 30.0% 30.3% Consumer
Slide 5: Q2 FY2025 – Reconciliation of Adjusted Net Earnings
Q2 FY2025 – Reconciliation of Adjusted Net Earnings Q2 FY2025 Q2 FY2024 Worthington Enterprises Consolidated $ Millions Diluted $ Millions Diluted after tax EPS after tax EPS Net Earnings (Loss) – Continuing Operations (GAAP) $28 $0.56 $18 $0.36 Corporate costs eliminated at Separation (1) - - $7 $0
Slide 6: Worthington Enterprises
ibdroot\projects\IBD-NY\trillium2020\664375_1\16. Investor Day Presentations\03. WOR Enterprises\2023.09.29 - Investor Day - WOR Enterprises Shell_v78.pptx WORTHINGTON ENTERPRISES A market-leading designer and manufacturer of innovative Building Products and Consumer Products that help enable people
Slide 7: Building Products At-a-Glance
Building Products At-a-Glance KEY FIGURES Heating and Cooking (TTM AS OF Q2 FY25) $599M 32% $192M Facilitating the transition away from fuel oil, as well as providing back-up power solutions. Water NE T S AL E S AD J . E B I TD A M AR GI N AD J . E B I TD A Key component in providing safe and clean
Slide 8: Consumer Products At-a-Glance
Consumer Products At-a-Glance KEY FIGURES Tools Outdoor Living (TTM AS OF Q2 FY25) Hand-held torches, micro torches, lighters, accessories and fuel for constructing, fixing, making and Torches, fuel and accessories, including the first in-market digital fuel gauge, for outdoor adventures, $493M 15%
Slide 9: Worthington Enterprises - A Compelling Financial Profile
Worthington Enterprises - A Compelling Financial Profile Adj. EBITDA Net Sales Adj. EBITDA1 Margin $1,167M $235M 20% Net Working Fixed Assets Net Debt Capital2 $281M $260M $102M Note: TTM figures as of Q2 FY2025. 1 Refer to appendix for reconciliation of Adjusted EBITDA from continuing operations to
Slide 10: Established Portfolio of Market-Leading Brands
Established Portfolio of Market-Leading Brands… 80%+ of Adjusted EBITDA comes from brands and products with leading market positions Ceiling Metal Hand Torch Camping Portable Vertical Well Water Suspension Framing And Fuels Fuel Helium Tanks Residential Tanks Systems Heating Tanks Note: FY2024 perio
Slide 11: …With High Barriers-to-Entry and Returns
High Margin, Asset-Light Business Model, Generating Strong Cash Flow …With High Barriers-to-Entry and Returns Highly Engineered Solutions – Meeting Rigorous Specifications in Highly Regulated Markets Reliability, Speed & Product Quality – Exceptional Quality, Service, and Supply Chain Solutions Robu
Slide 12: Our Products Serve Markets Well Positioned for Strong Secular Trends
Our Products Serve Markets that are Well Positioned to Capitalize on Strong Secular Trends GOVERNMENT STIMULUS ENVIRONMENTAL RE-SHORING AND AND SUPPORT POPULATION SHIFT INVESTMENT NEAR SHORING Ceiling Metal HVAC Propane Propane Sustainable Refillable Lawn & BBQ / Foam & Industrial Metal HVAC Tools S
Slide 13: Worthington Business System Accelerates Our Growth and Profitability
Worthington Business System Accelerates Our Growth and Profitability Our deeply-held Philosophy is rooted in the Golden Rule – we treat our customers, employees, investors, and suppliers as we would like to be treated • Through continuous transformation we drive higher margins within Manufacturing,
Slide 14: Innovation for Highly Engineered Products Drives Incremental Sales and Margin
Innovation for Highly Engineered Products Drives Incremental Sales and Margin 01 02 03 BUILDING EXPANDING DISRUPTING THE CORE THE CORE THE CORE Improving existing Transformational Strength in channel products with a innovations driving management to drive leading brand sustainable value margin expan
Slide 15: Acquisition Strategy Focused on Driving Profitable Growth
Acquisition Strategy Focused on Driving Profitable Growth Acquired Hexagon Ragasco on June 3, 2024 HISTORICAL • A global market leader in lightweight, customizable LPG composite cylinders used for leisure, household (cooking) and industrial applications FINANCIAL METRICS ($ MILLIONS) • Highly automa
Slide 16: Guided by Our Philosophy
Guided by Our Philosophy A People-First, Performance-Based Culture Culture of Health & Positive Diversity & Profit-Sharing Engagement Safety Impact Inclusion Incentives Strong sense of Putting our people Partnering with Valuing diversity of Committed to best- belonging and first and ensuring the org
Slide 17: Low Leverage and Ample Liquidity Provides Financial Flexibility
Low Leverage and Ample Liquidity Provides Financial Flexibility Strong Leverage1: 1.3x Balance Sheet Total Debt / TTM Adj. EBITDA Commitment to Maintaining Financial Investment Grade Rating Flexibility Ample Liquidity2: $694M Disciplined Focused on growth and Capital rewarding shareholders Allocatio
Slide 18: Long-Term Capital Allocation Priorities
Long-Term Capital Allocation Priorities • Brand, Innovation, and Channel investments ORGANIC GROWTH • Investments in automation and R&D initiatives • High-returning Capex investments • Build out core businesses and selectively grow into new markets TARGETED M&A • Create value via channel and supply
Slide 19: Worthington Enterprises Key Investment Highlights
Worthington Enterprises FOUNDED IN KEY INVESTMENT HIGHLIGHTS 1955 • Established Portfolio of Market-Leading Brands with NET SALES OF High Barriers to Entry $1.2 BILLION1 • Strong Underlying Secular Trends Enabling Steady Long-Term Growth Adj. EBITDA of $235 million2 • Business Model Drives High Free
Slide 20: Appendix
ibdroot\projects\IBD-NY\trillium2020\664375_1\16. Investor Day Presentations\03. WOR Enterprises\2023.09.29 - Investor Day - WOR Enterprises Shell_v78.pptx Appendix
Slide 21: Worthington Enterprises Reconciliation of Non-GAAP Measures
Worthington Enterprises Reconciliation of Non-GAAP Measures (in millions) 05/31/24 TTM FY24 FY25 FY24 FY25 Q2 Q2 Q2 Earnings before income taxes (GAAP) $ 74.0 $ 81.6 $ 24.5 $ 37.1 Plus: Net loss attributable to noncontrolling interest 0.3 0.8 - 0.3 Net earnings before income taxes attributrable to c
Slide 22: Reconciliation of Non-GAAP Measures – Footnotes
Worthington Enterprises Reconciliation of Non-GAAP Measures (in millions) Non-GAAP Footnotes (1) Reflects reductions in certain corporate overhead costs that no longer exist post-Separation. These costs were included in continuing operations as they represent general corporate overhead that was hist
Slide 23: Use of Non-GAAP Measures and Definitions
Use of Non-GAAP Measures and Definitions Effective December 1, 2023, the Company shifted management responsibilities for a propane tank manufacturing facility that was previously reported within the Consumer Products segment to the Building Products segment. Segment financial data included in these
Worthington Enterprises — Q2 2025 Earnings Presentation on 6ix