Mueller Water Products · NYSE:MWA
Mueller Water Products — Q3 2025 Earnings Presentation
24 slides from Mueller Water Products's earnings presentation, Aug 5, 2025
Slide 1: Where Intelligence Meets Infrastructure
Where Intelligence Meets Infrastructure ® Earnings Conference Call 2025 Third Quarter June 30, 2025 August 5, 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: Third Quarter Highlights
Third Quarter Highlights • Achieved impressive quarter, setting new records for consolidated net Fiscal 2025 (1) sales, gross margin and adjusted EBITDA (y/y or bps. vs. Fiscal 2024) • Gross margin exceeded 38% (+150 bps. y/y, +320 bps. q/q) with teams Q3 YTD capitalizing on higher-than-expected ord
Slide 5: ESG is Part of Mueller’s Rich Legacy
ESG is Part of Mueller’s Rich Legacy • We develop products and solutions that help cities and utilities deliver clean, safe drinking water to hundreds of millions of people across North America • Our 5th annual ESG Report highlights our ongoing progress to becoming more sustainable, innovative and i
Slide 6: Mitigating Tariff Impacts with Targeted Price Actions and Supply Chain and Operational Initiatives
Mitigating Tariff Impacts with Targeted Price Actions and Supply Chain and Operational Initiatives Summary of Currently Enacted Tariff Impacts (As of August 4, 2025) • Achieved record quarterly gross margin with >300 bps. improvement vs. Q2 Flow of • Seeing benefits from ongoing investments in busin
Slide 7: Consolidated GAAP Results (Q3 FY2025)
Consolidated GAAP Results (Q3 FY2025) Net Sales ($M) Gross Profit ($M) SG&A ($M) Operating Income ($M) % of Net Sales % of Net Sales % of Net Sales +10.9% y/y +15.4% y/y +10.0% y/y +6.6% y/y +150 bps. +150 bps. +60 bps. $380.3 $145.7 $73.7 $356.7 $71.0 $131.4 $67.0 $61.5 38.3% 18.7% 19.4% 36.8% 18.8
Slide 8: Consolidated Non-GAAP Results (Q3 FY2025)
Consolidated Non-GAAP Results (Q3 FY2025) (1) Adj. Operating Income ($M) Adj. EBITDA ($M) Adj. Net Income per Diluted Share % of Net Sales % of Net Sales +6.9% y/y +1.4% y/y +6.3% y/y +0 bps. -120 bps. +$0.02 $85.2 $86.4 $74.7 $0.34 $69.9 23.9% 22.7% 19.6% 19.6% $0.32 Q3 FY2024 Q3 FY2025 Q3 FY2024 Q
Slide 9: Water Flow Solutions (WFS) Segment Results (Q3 FY2025)
Water Flow Solutions (WFS) Segment Results (Q3 FY2025) Net Sales ($M) Adj. Operating Income ($M) (1) Adj. EBITDA ($M) (1) % of Net Sales % of Net Sales +4.7% y/y +0.3% y/y +4.1% y/y +10 bps. -110 bps. $66.9 $67.1 $208.1 $216.6 $60.5 32.1% $57.8 31.0% 27.9% 27.8% Q3 FY2024 Q3 FY2025 Q3 FY2024 Q3 FY20
Slide 10: Water Management Solutions (WMS) Segment Results (Q3 FY2025)
Water Management Solutions (WMS) Segment Results (Q3 FY2025) Net Sales ($M) Adj. Operating Income ($M) (1) Adj. EBITDA ($M) (1) % of Net Sales % of Net Sales +12.6% y/y +3.8% y/y +10.2% y/y +40 bps. -130 bps. $163.7 $148.6 $30.3 $34.0 $35.3 $26.9 21.6% 18.5% 22.9% 18.1% Q3 FY2024 Q3 FY2025 Q3 FY2024
Slide 11: Free Cash Flow (YTD Q3 FY2025)
Free Cash Flow (YTD Q3 FY2025) • Generated $135.8M of net cash provided by $149.5 operating activities for the nine-month period, $121.5 $135.8 $13.7M below prior year period $103.0 − Decrease primarily driven by changes in working capital, including decreases in other current liabilities, partially
Slide 12: 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 13: FY2025 Outlook
FY2025 Outlook (1) • Increasing net sales expectations to be between $1,405M and $1,415M Fiscal 2025 Metrics (1) (+6.9% to +7.6% y/y) − $15M increase vs. prior guidance, at the midpoint of the range, reflects Q3 performance, as Consolidated Net Sales $1,405M to $1,415M well as current expectations f
Slide 14: Strategic Priorities to Drive Growth and Margin Improvement Supported by Purpose-driven Organization
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 15: Q&A
Q&A
Slide 16: Supplemental Data
Supplemental Data
Slide 17: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (Q3 2025)
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Three months ended June 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 216.6 $ 163.7 $ — $ 380.3 Gross profit $ 83.8 $
Slide 18: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (Q3 2025)
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Three months ended June 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 52.5 Income tax expense (3) 19.5 Interest expen
Slide 19: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (Q3 2024)
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Three months ended June 30, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 208.1 $ 148.6 $ — $ 356.7 Gross profit $ 81.9 $
Slide 20: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (Q3 2024)
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Three months ended June 30, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 47.3 Income tax expense (3) 15.9 Interest expen
Slide 21: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (Nine Months 2025)
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Nine months ended June 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 607.4 $ 441.5 $ — $ 1,048.9 Gross profit (1) $ 21
Slide 22: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (Nine Months 2025)
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Nine months ended June 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 139.1 Income tax expense (4) 46.4 Interest expen
Slide 23: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (Nine Months 2024)
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Nine months ended June 30, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 555.2 $ 411.3 $ — $ 966.5 Gross profit $ 205.7 $
Slide 24: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (Nine Months 2024)
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Nine months ended June 30, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 105.9 Income tax expense (3) 33.1 Other expense
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