Mueller Water Products · NYSE:MWA
Mueller Water Products — Q4 2025 Earnings Presentation
23 slides from Mueller Water Products's earnings presentation, Nov 7, 2025
Slide 1: Where Intelligence Meets Infrastructure
Where Intelligence Meets Infrastructure ® Earnings Conference Call 2025 Fourth Quarter September 30, 2025 November 7, 2025 These slides are not intended to be a stand-alone presentation, but are for use in conjunction with the earnings call
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: Fourth Quarter and Full Year Highlights
Fourth Quarter and Full Year Highlights • Delivered another record-breaking performance to close the year with Fiscal 2025 (1) Q4 net sales and adj. EBITDA exceeding high-end of expectations (y/y or bps. vs. Fiscal 2024) − Grew net sales 9.4% y/y reflecting strong volume gains and improved price Rec
Slide 5: Commercial and Operational Highlights
Commercial and Operational Highlights • Delivered another year of gross margin improvement and double-digit net sales growth for iron gate and specialty valves, hydrants and repair products − Exceptional execution, despite challenging external environment, through discipline, dedication and teamwork
Slide 6: Consolidated GAAP Results (Q4 FY2025)
Consolidated GAAP Results (Q4 FY2025) Net Sales ($M) Gross Profit ($M) SG&A ($M) Operating Income ($M) % of Net Sales % of Net Sales % of Net Sales +26.2% y/y +5.7% y/y +145.1% y/y +9.4% y/y +500 bps. -60 bps. +1,010 bps. $380.8 $348.2 $140.0 $66.7 $69.6 $63.1 $110.9 36.8% 18.3% 18.1% 17.5% 31.8% $2
Slide 7: Consolidated Non-GAAP Results (Q4 FY2025)
Consolidated Non-GAAP Results (Q4 FY2025) (1) Adj. Operating Income ($M) Adj. EBITDA ($M) Adj. Net Income per Diluted Share % of Net Sales % of Net Sales +39.6% y/y +26.6% y/y +72.7% y/y +450 bps. +330 bps. +$0.16 $91.8 $0.38 $78.9 24.1% $72.5 $56.5 20.7% 20.8% $0.22 16.2% Q4 FY2024 Q4 FY2025 Q4 FY2
Slide 8: Water Flow Solutions (WFS) Segment Results (Q4 FY2025)
Water Flow Solutions (WFS) Segment Results (Q4 FY2025) Net Sales ($M) Adj. Operating Income ($M) (1) Adj. EBITDA ($M) (1) % of Net Sales % of Net Sales +32.5% y/y +21.3% y/y +8.6% y/y +450 bps. +300 bps. $217.5 $62.7 $200.3 $55.1 28.8% $51.7 25.3% $41.6 25.8% 20.8% Q4 FY2024 Q4 FY2025 Q4 FY2024 Q4 F
Slide 9: Water Management Solutions (WMS) Segment Results (Q4 FY2025)
Water Management Solutions (WMS) Segment Results (Q4 FY2025) Net Sales ($M) Adj. Operating Income ($M) (1) Adj. EBITDA ($M) (1) % of Net Sales % of Net Sales +33.6% y/y +22.6% y/y +10.4% y/y +430 bps. +280 bps. $163.3 $39.8 $45.0 $147.9 24.4% $36.7 27.6% $29.8 24.8% 20.1% Q4 FY2024 Q4 FY2025 Q4 FY20
Slide 10: Free Cash Flow (FY2025)
Free Cash Flow (FY2025) • Generated $219.3M of net cash provided by $238.8 operating activities in FY2025, $19.5M below $219.3 prior year $191.4 − Decrease primarily driven by changes in working capital, $172.0 including decreases in other current liabilities, partially $ in Millions offset by highe
Slide 11: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity Ample capacity, liquidity and flexibility to support our strategic priorities, including acquisitions • Moody’s: Ba1 Corporate and Notes Ratings, Stable Outlook Debt Maturities Credit Rating • S&P: BB Corporate and Notes Ratings, Positive Outlook $500 • $450M of 4.
Slide 12: FY2026 Outlook
FY2026 Outlook (1) • Net sales expected to be between $1,450M and $1,470M Fiscal 2026 Metrics (1) (+1.4% to +2.8% y/y) Consolidated Net Sales $1,450M to $1,470M − Expect seasonality to be normalized with quarterly consolidated net Sales highest in Q3 (y/y Growth) (+1.4% to +2.8%) and lowest in Q1 wi
Slide 13: Strategic Priorities to Drive Growth and Margin Improvement
Strategic Priorities to Drive Growth and Margin Improvement Supported by Purpose-driven Organization IMPROVE ACCELERATE FOSTER CULTURE INCREASE MARGINS STRATEGIC OPERATIONAL SALES GROWTH THROUGH PURPOSE, AND FREE CASH FLOW PRIORITIES EXCELLENCE THROUGH CUSTOMER COLLABORATION, TO SUPPORT FUTURE AND E
Slide 14: Q&A
Q&A
Slide 15: Supplemental Data
Supplemental Data
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) Quarter ended September 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 217.5 $ 163.3 $ — $ 380.8 Gross profit (1) $ 80.
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) Quarter ended September 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 52.6 Income tax expense (4) 16.1 Interest expen
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) Quarter ended September 30, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 200.3 $ 147.9 $ — $ 348.2 Gross profit (1) $ 66.
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) Quarter ended September 30, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 10.0 Income tax expense (4) 14.4 Interest expen
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) Water Year ended September 30, 2025 Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 824.9 $ 604.8 $ — $ 1,429.7 Gross profit (1) $ 296.
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) Year ended September 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 191.7 Income tax expense (4) 62.5 Interest expense
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) Year ended September 30, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 755.5 $ 559.2 $ — $ 1,314.7 Gross profit (1) $ 271.
Slide 23: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Year ended September 30, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 115.9 Income tax expense (4) 47.5 Other expense 1.
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