Mueller Water Products · NYSE:MWA
Mueller Water Products — Investor Presentation (February 2026)
34 slides from Mueller Water Products's investor presentation, Feb 26, 2026
Slide 1: Where Intelligence Meets Infrastructure
Where Intelligence Meets Infrastructure ® Investor Presentation February 26, 2026
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: Mueller Water Products at a Glance
Mueller Water Products at a Glance 2025 Highlights (1) Geography (2) Segments (2,3) (% of Consolidated Net Sales) (% of Consolidated Net Sales) Net Sales $1,430M Net Sales 8.2% 5-Year CAGR Water United States Water Flow Management Solutions Solutions Adjusted Adjusted $326.2M EBITDA & % 11.3% EBITDA
Slide 5: Why Invest in Mueller
Why Invest in Mueller LEADING BRANDS WITH LARGE INSTALLED BASE OF INNOVATIVE INFRASTRUCTURE PRODUCTS AND SOLUTIONS BENEFITING FROM LONG-TERM END MARKET DYNAMICS SUPPORTED BY AGING WATER INFRASTRUCTURE ENHANCING CUSTOMER EXPERIENCE TO DRIVE GROWTH THROUGH COMPREHENSIVE DISTRIBUTION NETWORK DRIVING OP
Slide 6: Sustainability Driven Vision
Sustainability Driven Vision to be the Leader in Water Infrastructure Solutions, Solving Challenges, Enriching Lives and Safeguarding the Future Sustainability is Part of Mueller’s Rich Legacy as a Leader in Water Infrastructure Solutions, Solving Challenges, Enriching Lives and Safeguarding the Fut
Slide 7: Strategic Priorities
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 8: Products and Markets
Products and Markets
Slide 9: Water Utilities Are Facing Many Challenges
Water Utilities Are Facing Many Challenges 2024 Top 10 Concerns Facing Water Sector (1) Water Utilities in North America • Water challenges vary across regions but commonly include issues • >50,000 water utilities and >14,000 wastewater utilities in U.S. related to water scarcity, quality and distri
Slide 10: Aging Pipe Infrastructure and Water Main Breaks
Aging Pipe Infrastructure and Water Main Breaks Utah State Study on Water Main Break Rates (1) • Surveyed more than 800 water utilities with nearly 400,000 miles of water mains in the U.S. and Canada, representing approximately 2.3 million 53 years <1% 17% of the estimated total length miles of drin
Slide 11: Historical Underinvestment in Aging Water Infrastructure
Historical Underinvestment in Aging Water Infrastructure Has Created Significant Funding Deficit Sources of Funding for U.S. Utilities Funding Gap • For U.S. utilities, 96% of funding at state/local government level (1) • ASCE grade for drinking water infrastructure is C- and grade for wastewater −
Slide 12: Water Utilities Required to Address Lead in Water
Water Utilities Required to Address Lead in Water Lead Service Line (LSL) Replacement Background (1) Distribution of Lead Service Lines (LSLs) (1) • Presence of lead in drinking water, which can cause severe health • EPA estimates 4.0 million LSLs in the U.S., U.S. territories, Puerto Rico, and cons
Slide 13: Uniquely Positioned to Address Critical Needs for Infrastructure Investments
Uniquely Positioned to Address Critical Needs for Infrastructure Investments 13
Slide 14: History of Innovation for Water Infrastructure
History of Innovation for Water Infrastructure Learn more about www.muellerwaterproducts.com Mueller Water Products www.youtube.com/@Mueller-Water-Products 14
Slide 15: Vertically Integrated Innovation and Manufacturing Capabilities
Vertically Integrated Innovation and Manufacturing Capabilities Southampton | UK Toronto | Ontario Ariel | Israel Jingmen | China Decatur | IL Emporia | KS Cleveland | NC Chattanooga | TN Albertville | AL Kimball | TN Brownsville | TX Cleveland | TN Atlanta | GA – Corp HQ 10 Manufacturing Facilities
Slide 16: Leading Brands and Specification Positions
Leading Brands and Specification Positions Supported by Strong Commercial Presence • Water-focused Leading company Product Positions with in Key more Categories Product than 90%(1)of Broad Portfolio of Products and Solutions consolidated net sales associated with water With Leading Positions in Key
Slide 17: Technology-Enabled Products and Solutions
Technology-Enabled Products and Solutions Help Address Critical Needs for Water Utilities Challenges Facing Water Utilities Mueller’s Product Offerings “Bluefield projects digital water Aging Infrastructure Fixed Leak spending in U.S. Detection Non-Revenue Water and Canada to and Pipe Condition grow
Slide 18: Water Distribution Asset Management Technology
Water Distribution Asset Management Technology to Monitor and Detect Emerging Leaks Before They Become Catastrophes EchoShore® Leak Monitoring Supported by SentryxTM Goal to identify a total of 18 billion gallons of • Leak detection technologies used in a variety of ways to water loss from EchoShore
Slide 19: Large Capital Investments Supporting Operational Improvements
Large Capital Investments Supporting Operational Improvements and Expanding Capabilities • Increased strategic capital investments over multi-year period, primarily between 2017 and 2023, driven by 3 large projects to replace century-old brass foundry and expand opportunities for specialty and large
Slide 20: Financial Performance
Financial Performance
Slide 21: Achieved Second Consecutive Year of Record Results
Achieved Second Consecutive Year of Record Results for Consolidated Net Sales, Adj. EBITDA, Adj. EBITDA margin and Adj. Net Income per Diluted Share • Increased consolidated net sales, adj. EBITDA and adj. net income per share over the last 5 years (FY2021 to FY2025) at 8.2%, 11.3% and 20.3% CAGRs,
Slide 22: Growing Free Cash Flow Funds Strategic Investments
Growing Free Cash Flow Funds Strategic Investments and Returning Cash to Shareholders • Over the past 5 years, generated $516M of free $238.8 cash flow, after investing $260M in capital $191.4 $219.3 expenditures $172.0 • Over past 2 years, generated $363M of free $140.3 $156.7 cash flow, after inve
Slide 23: Q1 FY2026 Highlights
Q1 FY2026 Highlights • Delivered solid net sales growth in the quarter, supported by resilient Fiscal 2026 (1) end markets and customer service (y/y or bps. vs. Fiscal 2025) Record for Quarter Q1 • Expanded gross margin with operations and supply chain teams Net executing well Sales $318.2M +4.6% •
Slide 24: FY2026 Outlook
FY2026 Outlook (1) • Raising net sales expectations to be between $1,470M and Fiscal 2026 Metrics (1) $1,490M (+2.8% to +4.2% y/y) − Increasing $20M vs. prior guidance, at the midpoint of the range, reflects Q1 performance, Consolidated Net Sales (2) $1,470M to $1,490M and current expectations for e
Slide 25: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity Ample capacity, liquidity and flexibility to support our strategic priorities, including acquisitions Credit • Moody’s: Ba1 (Corporate and Notes), Stable Outlook Debt Maturities Rating • S&P: BB+ (Corporate and Notes), Stable Outlook $500 • $450M of 4.0% Senior Not
Slide 26: Balanced and Disciplined Approach to Capital Allocation
Balanced and Disciplined Approach to Capital Allocation to Strengthen and Grow while Continuing to Return Cash to Shareholders Capital Allocation Priorities 5-Year Cash Allocation* • Disciplined and strategic capital investments to expand domestic capacity and capabilities and drive efficiencies – A
Slide 27: Investment Highlights
Investment Highlights LEADING BRANDS WITH LARGE INSTALLED BASE OF INNOVATIVE INFRASTRUCTURE PRODUCTS AND SOLUTIONS BENEFITING FROM LONG-TERM END MARKET DYNAMICS SUPPORTED BY AGING WATER INFRASTRUCTURE ENHANCING CUSTOMER EXPERIENCE TO DRIVE GROWTH THROUGH COMPREHENSIVE DISTRIBUTION NETWORK DRIVING OP
Slide 28: Supplemental Data
Supplemental Data
Slide 29: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Three months ended December 31, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 173.0 $ 145.2 $ — $ 318.2 Gross profit $ 70.
Slide 30: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Three months ended December 31, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 43.2 Income tax expense (3) 12.5 Interest e
Slide 31: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Three months ended December 31, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 174.6 $ 129.7 $ — $ 304.3 Gross profit (1) $
Slide 32: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Three months ended December 31, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 35.3 Income tax expense (4) 10.5 Interest e
Slide 33: 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 34: 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
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