Worthington Enterprises, Inc. · NYSE:WOR
Worthington Enterprises — Baird 2025 Global Industrial Conference
26 slides from Worthington Enterprises's conference presentation, Nov 13, 2025
Slide 1: 2025 Global Industrial Conference
2025 GLOBAL INDUSTRIAL CONFERENCE NOVEMBER 13, 2025 Joe Hayek – CEO Colin Souza - CFO
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: 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 $280 million2 • Business Model Drives High Free Cash Flow and Returns
Slide 4: Building Products At-a-Glance
Building Products At-a-Glance A portfolio of market-leading products supporting critical building systems and components that elevate the spaces where people live, work, and gather. KEY FIGURES (TTM AS OF Q1 FY26) Heating and Cooking Facilitating the transition away from fuel oil, as well as providi
Slide 5: Building Products Joint Ventures
Building Products Joint Ventures JV FINANCIAL METRICS Market-leading businesses providing products critical to the building envelope ($ 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 6: Consumer Products At-a-Glance
Consumer Products At-a-Glance A portfolio of market-leading brands that elevate the everyday experience of outdoor living, celebrations, and home improvement. KEY FIGURES (TTM AS OF Q1 FY26) Tools Outdoor Living Hand-held torches, micro torches, Torches, fuel and accessories, $501M 16% $81M NET SALE
Slide 7: 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 8: Delivering organic growth through innovation, new product development and strategic market 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 9: 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 10: Worthington Enterprises - A Compelling Financial Profile
Worthington Enterprises - A Compelling Financial Profile Net Working Net Sales Adj. EBITDA1 Free Cash Flow1 Capital2 $1,200M $280M $156M $313M Adj. EBITDA Free Cash Flow Net Debt Fixed Assets Margin Conversion $139M 23.3% 93.7% $287M Note: TTM figures as of Q1 FY2026. 1 Refer to appendix for reconci
Slide 11: Adjusted EBITDA and Margin Grew Meaningfully on Year-over-Year Trailing Twelve Month Basis
Adjusted EBITDA and Margin Grew Meaningfully on Year-over-Year Trailing Twelve Month Basis Adjusted EBITDA from Continuing Operations ($ millions) +20% $11 ($14) $8 $280 $42 $234 Adj. EBITDA Margin Adj. EBITDA 23.3% Margin 19.6% TTM Q1 FY2025 Building Products (excl JVs) WAVE ClarkDietrich Consumer
Slide 12: Low Leverage, Ample Liquidity, and Solid Free Cash Flow Provides Financial Flexibility
Low Leverage, Ample Liquidity, and Solid Free Cash Flow Provides Financial Flexibility Net Leverage1: 0.5x Strong Net Debt / TTM Adj. EBITDA Balance Sheet Commitment to Maintaining Investment Grade Rating Financial Ample Liquidity2: $667M Flexibility TTM Free Cash Flow1: $156M Disciplined Focused on
Slide 13: 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 14: Strong Financial Profile with Attractive Upside
Strong Financial Profile with Attractive Upside High Margin, High Cash Flow, and Asset Light Adj. EBITDA Margin % (FY2025) FCF Conversion (FY2025)1 130.0% 30.0% 110.0% 103.5% 22.8% Peer Average: 23.5% Peer Average: 94.3% 90.0% 20.0% 70.0% 10.0% 50.0% 0.0% 30.0% AWI CSW CSL SSD WOR AOS FBIN MAS WDFC
Slide 15: 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 $280 million2 • Business Model Drives High Free Cash Flow and Returns
Slide 16: 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 17: 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 Vertical Composite Hand Torch Camping Portable Well Suspension Framing Residential Heating & And Fuels Fuel Helium Tanks Water Tanks Systems Heating Tanks
Slide 18: …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 19: Serving Markets that are Well Positioned to Capitalize on Strong Secular Trends
Serving Markets that are Well Positioned to Capitalize on Strong Secular Trends U.S. INFRASTRUCTURE HOUSING RE-SHORING AND INVESTMENT SUPPLY NEAR SHORING Foam & Adhesive Ceiling Metal HVAC Lawn & BBQ / Foam & Industrial Metal HVAC Tools Garden Solutions Framing Products Grill Products Adhesive Produ
Slide 20: Corporate Citizenship & Sustainability
Corporate Citizenship & Sustainability FY25 Highlights PEOPLE PROCESS & PLANET Outperforming safety total case incident rate (TCIR) Fostering an engaged and inclusive workforce Reducing our environmental footprint Introducing corporate recycling and organics diversion programs LEADING 40% 85% 88% TH
Slide 21: 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 05/31/24 05/31/25 FY25 FY26 FY24 FY25 Q1 TTM Q1 TTM Net earnings from continuing operations (GAAP) $ 35.0 $ 95.0 $ 29.9 $ 105.7 Plus: Net los
Slide 22: 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 23: Reconciliation of Non-GAAP Measures
Worthington Enterprises Reconciliation of Non-GAAP Measures (in millions) Consolidated Results – Free Cash Flow 05/31/25 TTM FY25 FY26 Q1 Net cash provided by operating activities (GAAP) $ 209.7 $ 209.7 Investment in property, plant, and equipment (50.6) (54.1) Free cash flow (non-GAAP) $ 159.1 $ 15
Slide 24: Reconciliation of Non-GAAP Measures
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 25: Use of Non-GAAP Measures and Definitions
Use of Non-GAAP Measures and Definitions NON-GAAP FINANCIAL MEASURES. These materials include certain financial measures that are not calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Non-GAAP financial measures typically exclude item
Slide 26: 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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