Worthington Enterprises, Inc. · NYSE:WOR
Worthington Enterprises — Q4 2025 Earnings Presentation
25 slides from Worthington Enterprises's earnings presentation, Jun 25, 2025
Slide 1: Q4 FY25 Earnings Summary
Q4 FY25 EARNINGS SUMMARY JUNE 24, 2025
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: Q4 FY25 / Recent Highlights
Q4 FY25 / Recent Highlights • Consolidated net sales of $318 million were essentially flat year over year as the impact of the SES deconsolidation was nearly offset by higher volumes and contributions from the Ragasco acquisition. Profitability improved with gross margin increasing to 29.3% from 24.
Slide 4: Q4 FY25 Highlights – Financial Summary
Q4 FY25 Highlights – Financial Summary $ Millions except EPS Q4 Q4 Worthington Enterprises Consolidated FY25 FY24 Net Sales $318 $319 Adj. EBITDA $85 $63 % Margin 26.8% 19.8% Adj. EPS $1.06 $0.74 Building Products Segment Net Sales $192 $154 Adj. EBITDA $71 $52 % Margin 37.0% 33.7% Consumer Products
Slide 5: Q4 FY25 – Reconciliation of Adjusted Net Earnings
Q4 FY25 – Reconciliation of Adjusted Net Earnings Q4 FY25 Q4 FY24 Worthington Enterprises Consolidated $ Millions after tax Diluted EPS $ Millions after tax Diluted EPS Net Earnings (Loss) – Continuing Operations (GAAP) $4 $0.08 ($31) ($0.64) Impairment of goodwill and long-lived assets $40 $0.81 $3
Slide 6: Building Products At-a-Glance
Building Products At-a-Glance KEY FIGURES (TTM AS OF Q4 FY25) Heating and Cooking Facilitating the transition away from fuel oil, as well as providing back-up power solutions. $654M 32% $211M NE T S AL E S AD J . E B I TD A M AR GI N AD J . E B I TD A Wholly-Owned Cooling and Construction Integral i
Slide 7: Building Products Joint Ventures
Building Products Joint Ventures JV FINANCIAL METRICS Market-leading businesses providing products critical to the building envelope ($ MILLIONS) WAVE NET SALES WAVE $479 $496 $447 • 50/50 JV, established in 1992 with Armstrong World Industries • North American market leader in ceiling suspension sy
Slide 8: Consumer Products At-a-Glance
Consumer Products At-a-Glance KEY FIGURES Tools Outdoor Living (TTM AS OF Q4 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, $500M 17%
Slide 9: Worthington Enterprises - A Compelling Financial Profile
Worthington Enterprises - A Compelling Financial Profile Net Working Net Sales Adj. EBITDA1 Free Cash Flow1 Capital2 $1,154M $263M $159M $282M Adj. EBITDA Free Cash Flow Net Debt Fixed Assets Margin Conversion $53M 22.8% 103.5% $270M Note: TTM figures as of Q4 FY2025. 1 Refer to appendix for reconci
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 Composite Well Suspension Framing And Fuels Fuel Helium Tanks Residential Heating & Water Tanks Systems Heating Tanks
Slide 11: …With a well-established strategic moat
…With a well-established strategic moat STRONG CULTURE Engaged employees who lead with safety, demonstrate a transformative mindset and PRODUCT INNOVATION Established processes and principles. maintain deep relationships with Technology enabled beyond competition. suppliers and customers. MANUFACTUR
Slide 12: Serving Markets Well Positioned to Capitalize on Strong Secular Trends
Serving Markets that are Well Positioned to Capitalize on Strong Secular Trends U.S. INFRASTRUCTURE RE-SHORING AND INVESTMENT HOUSING SUPPLY NEAR SHORING Foam & Ceiling Metal HVAC Lawn & BBQ / Foam & Adhesive Industrial Metal HVAC Tools Garden Solutions Framing Products Grill Products Adhesive Produ
Slide 13: Worthington Business System Accelerates Our Growth and Profitability
Worthington Business System Accelerates Our Growth and Profitability Acquisition Innovation We acquire strategic We innovate in capabilities and invest in partnership with our accretive opportunities. customers and suppliers. Our Philosophy Transformation Our deeply held Philosophy is rooted in the
Slide 14: Delivering organic growth through innovation, new product development and share wins
Delivering organic growth through innovation, new product development and strategic market share wins INNOVATION & NEW STRATEGIC SHARE WINS PRODUCT DEVELOPMENT AND PRODUCT PLACEMENT SureSense SureSense – IoT-enabled propane level Level5 Tools – gained placement for sensor designed to improve efficie
Slide 15: Acquisition Strategy Focused on Driving Profitable Growth
Acquisition Strategy Focused on Driving Profitable Growth RECENT ACQUISITIONS Targeted acquisition criteria: 2025 • Market-leading positions in niche markets Building Products: Leading designer and manufacturer of HVAC parts and components, ductwork and structural framing primarily used • High margi
Slide 16: Low Leverage, Ample Liquidity, and Solid Free Cash Flow Provides Financial Flexibility
Low Leverage, Ample Liquidity, and Solid Free Cash Flow Provides Financial Flexibility Leverage1: 1.2x Strong Total Debt / TTM Adj. EBITDA Balance Sheet Commitment to Maintaining Investment Grade Rating Financial Ample Liquidity2: $750M Flexibility TTM Free Cash Flow3: $159M Disciplined Focused on g
Slide 17: Disciplined Capital Allocation Strategy Focused on Growth and Rewarding Shareholders
Disciplined Capital Allocation Strategy Focused on Growth and Rewarding Shareholders • Invest in facilities to maintain equipment and Capital Expenditures improve safety $31 • Strategic capex to drive further growth (15%) $51 Growth (24%) • Focus on market leading niche businesses in building and co
Slide 18: Key Investment Highlights
Key Investment Highlights NET SALES OF • Established Portfolio of Market-Leading Brands with High FOUNDED IN $1.2 BILLION 1 1955 Barriers to Entry • Strong Underlying Secular Trends Enabling Steady Long-Term Growth Adj. EBITDA of $263 million2 • Business Model Drives High Free Cash Flow and Returns
Slide 19: 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 20: Worthington Enterprises Reconciliation of Non-GAAP Measures
Worthington Enterprises Reconciliation of Non-GAAP Measures (in millions) See next slide for detailed footnotes related to reconciliation of Non-GAAP measures 5/31/2024 5/31/2025 FY24 FY25 FY24 FY25 Q4 Q4 Net earnings (loss) from continuing operations (GAAP) $ 35.0 $ 95.0 $ (31.8) $ 3.6 Plus: Net lo
Slide 21: Worthington Enterprises Reconciliation of Non-GAAP Measures
Worthington Enterprises Reconciliation of Non-GAAP Measures (in millions) Non-GAAP Footnotes (1) EBIT and adjusted EBIT are non-GAAP financial measures. However, these measures are not used by management to evaluate the Company's performance, engage in financial and operational planning, or to deter
Slide 22: Reconciliation of Non-GAAP Measures – Free Cash Flow
Worthington Enterprises Reconciliation of Non-GAAP Measures (in millions) Consolidated Results – Free Cash Flow 5/31/2025 FY24 FY25 FY25 Q4 Q4 Net cash provided by operating activities (GAAP) $ 209.7 $ 45.2 $ 62.4 Investment in property, plant, and equipment (50.6) (11.3) (13.1) Free cash flow (non-
Slide 23: Reconciliation of Non-GAAP Measures – Joint Venture EBITDA
Worthington Enterprises Reconciliation of Non-GAAP Measures (in millions) Joint Venture Results - EBITDA WAVE Fiscal Year FY23 FY24 FY25 Net earnings (GAAP) $ 171.7 $ 206.0 $ 221.5 I nterest expense, net 13.0 17.3 16.8 I ncome tax expense 0.2 0.3 0.3 EBI T (subtotal) 184.9 223.5 238.6 Depreciation a
Slide 24: 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
Slide 25: Use of Non-GAAP Measures and Definitions (Continued)
Use of Non-GAAP Measures and Definitions (Continued) EXCLUSIONS FROM NON-GAAP FINANCIAL MEASURES Management believes it is useful to exclude the following items from its non-GAAP financial measures for its own and investors’ assessment of the business for the reasons identified below. Additionally,
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