Msa Safety Incorporated · NYSE:MSA
Msa Safety — Q3 2025 Earnings Presentation
24 slides from Msa Safety's earnings presentation, Oct 29, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 Earnings Presentation October 29, 2025 Third Quarter 2025 Earnings Presentation 1
Slide 2: Cautionary Statements Regarding Forward-looking Statements
Cautionary Statements Regarding Forward-looking Statements This presentation may contain (and verbal statements made by MSA® Safety Incorporated (“MSA Safety”) may contain) “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relat
Slide 3: Non-GAAP Financials
Non-GAAP Financials To supplement our Consolidated Financial Statements presented in accordance with generally accepted accounting principles (“GAAP”), we use, and this presentation includes, certain non-GAAP financial measures. These financial measures include organic sales change, adjusted operati
Slide 4: Third Quarter 2025 Business Update
Third Quarter 2025 Business Update Delivered 6% Adjusted EPS Accretion on 3% Organic Sales Growth Driven by Our Purpose Third Quarter Business Update OUR MISSION • Strong performance in detection and industrial PPE enabled sales and That men and women may work in adjusted EPS growth: safety and that
Slide 5: Third Quarter 2025 Strategic Actions
Third Quarter 2025 Strategic Actions Pillars of ACCELERATE Guiding Strategic Execution CONTINUED SAFETY LEADERSHIP AND GROWTH FOCUS INNOVATION SPOTLIGHT Expanded connected worker ecosystem and market-leading head protection portfolio; continued momentum in fall protection • New product innovations i
Slide 6: Americas Fire Service Market Update
Americas Fire Service Market Update AFG and NFPA Dynamics Create Near-Term Volatility, Long-Term Market Fundamentals Intact ASSISTANCE TO FIREFIGHTER GRANTS (AFG) MSA Fire Service Sales Breakdown(1) • Annual U.S. Government funding supports a portion of the North American fire service market, fully
Slide 7: Third Quarter 2025 Financial Summary
Third Quarter 2025 Financial Summary Broad-based Growth Across Segments and Product Categories Net Sales Adjusted Operating Adjusted EPS Income and Margin $468MM $1.94 $104MM $1.83 $98MM $433MM 22.6% 22.1% 3Q 2024 3Q 2025 3Q 2024 3Q 2025 3Q 2024 3Q 2025 +8% REPORTED NET SALES GROWTH 22.1% ADJUSTED O
Slide 8: Third Quarter 2025 Free Cash Flow and Financial Leverage
Third Quarter 2025 Free Cash Flow and Financial Leverage Robust Free Cash Generation; Strong Balance Sheet Provides Capacity for Strategic Deployment Free Cash Flow Net Leverage $100MM 1.1x 1.0x $70MM 3Q 2024 3Q 2025 6/30/2025 9/30/2025 CASH FLOW GENERATION AND CAPITAL ALLOCATION ROBUST BALANCE SHEE
Slide 9: 2025 Outlook
2025 Outlook Maintaining Low-Single Digit Organic Sales Growth Outlook, Led by Detection and Fall Protection Ongoing Macroeconomic and Policy Uncertainty Risk; Fire Service Timing Headwinds % NET SALES(1) DIVERSE END MARKETS OPERATING ENVIRONMENT UPDATE DETECTION • Energy & utilities • Fixed gas & f
Slide 10: A Leader in Industrial Safety Technology
A Leader in Industrial Safety Technology Executing Our ACCELERATE Strategy to Deliver Long-Term Profitable Growth and Value Creation Thank You to Our Associates! 1 2 3 4 5 Solid operating Mission-driven Reliable, Reinvestment in Strong balance performance culture and diversified base innovation and
Slide 11: Q&A
Q&A Third Quarter 2025 Earnings Presentation 11
Slide 12: Appendix
Appendix Third Quarter 2025 Earnings Presentation 12
Slide 13: MSA Safety (NYSE: MSA) Snapshot
MSA Safety (NYSE: MSA) Snapshot $1.9B Net Sales (1) Net Sales by Net Sales by Segment(1) Product Category(1,4) 4.3% R&D Investment (1,2) 37% Product Vitality (3) 32% 38% 37% International Detection Fire Service 46.5% Gross Profit Margin (1) 22.2% Adj. Operating Margin (1) 1.0x Net Leverage (1) 55 Co
Slide 14: MSA Safety | ACCELERATE Strategy
MSA Safety | ACCELERATE Strategy CONTINUE TO BE THE IMPLEMENT APPLY MSA BUSINESS ALLOCATE LEADER IN PREMIUM TARGETED GROWTH SYSTEM TO ENABLE CAPITAL SAFETY SOLUTIONS ACCELERATORS EXCELLENCE EFFECTIVELY • Leverage scale, market leadership, • Continue to evolve from hardware • Drive excellence in pric
Slide 15: MSA Safety | Business System (MBS)
MSA Safety | Business System (MBS) BEHAVIORS The way we act and react to changes and challenges • Relentless focus on improving our performance on new product development, SG&A, project management, and global business service PROCESSES How we work with others and apply tools • Working Capital: SIOP(
Slide 16: MSA Safety | 2028 Financial Targets
MSA Safety | 2028 Financial Targets MISSION-DRIVEN REINVESTMENT • 3 – 5% organic revenue growth Resilient Organic • Market growth, customer-centric innovation, and commercial + Revenue Growth $2.1B – $2.3B excellence • Macro secular safety trends • Target 30 – 50 bps annually Operating Margin(1) + E
Slide 17: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Third Quarter 2025 Earnings Presentation 17
Slide 18: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Organic Sales Change (Unaudited) (a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. (b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel. (c) Industrial PPE and Other includes Industri
Slide 19: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Operating Income and Adjusted EBITDA (Unaudited) Three Months Ended Nine Months Ended Trailing Twelve Months Twelve Months Ended September 30, September 30, Ended September 30, December 31, 2025 2024 2025 2024 2025 2024 (In thousands) Adjusted E
Slide 20: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Earnings and Adjusted Earnings per Diluted Share (Unaudited) (In thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 % Change 2025 2024 % Change Net income $ 69,613 $ 66,648 4% $ 191,99
Slide 21: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Free Cash Flow (Unaudited) Three Months Ended Nine Months Ended (In thousands, except percentage amounts) September 30, September 30, 2025 2024 2025 2024 Cash flow from operating activities $ 112,462 $ 84,332 $ 241,513 $ 188,520 Capital expenditures (11,
Slide 22: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited) Twelve Months Ended (In thousands) September 30, 2025 Operating income $ 375,577 Depreciation and amortization 58,721 Currency exchange losses, net 12,160 Restructuring charges 3,123 Acq
Slide 23: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures R&D Investment (Unaudited) (In thousands) Trailing Twelve Months Twelve Months Nine Months Ended September 30, Ended September 30, Ended December 31, 2025 2024 2025 2024 Research and development expense $ 49,186 $ 49,695 $ 66,017 $ 66,526 Capitalized sof
Slide 24: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 Earnings Presentation 24