Slide 1: Second Quarter 2025 Earnings Presentation
Second Quarter 2025 Earnings Presentation August 5, 2025 Second 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: Second Quarter 2025 Business Update
Second Quarter 2025 Business Update Solid Execution Despite Headwinds; Strong Performance in Detection and Fall Protection Driven by Our Purpose Second Quarter Business Update OUR MISSION • Generated solid results against backdrop of persistently dynamic That men and women may work in operating envi
Slide 5: Second Quarter 2025 Strategic Actions
Second Quarter 2025 Strategic Actions Strategic Advancement Underpinned by the Principles of the MSA Business System CONTINUED SAFETY LEADERSHIP AND GROWTH FOCUS Maintained momentum in high growth product categories; reaffirmed impact metric • Strong growth in detection led by MSA+ and momentum in f
Slide 6: Year-to-Date Capital Allocation
Year-to-Date Capital Allocation Aligned with ACCELERATE Strategy, Growth Oriented While Returning Cash to Shareholders Organic Growth M&A Capital Returns Innovation and NPD M&C TechGroup(2) Dividend • 4.4% Investment(1) in R&D as a • Completed acquisition of M&C • Dividend payments of $41MM percenta
Slide 7: Second Quarter 2025 Financial Summary
Second Quarter 2025 Financial Summary Generated Solid Operating Results Amid Evolving Landscape Net Sales Adjusted Operating Adjusted EPS Income and Margin $474MM $2.01 $462MM $108MM $1.93 $101MM 23.4% 21.4% 2Q 2024 2Q 2025 2Q 2024 2Q 2025 2Q 2024 2Q 2025 +3% REPORTED NET SALES GROWTH 21.4% ADJUSTED
Slide 8: Second Quarter 2025 Free Cash Flow and Financial Leverage
Second Quarter 2025 Free Cash Flow and Financial Leverage Net Leverage Increase Due to M&C Transaction; Maintain Capital Deployment Optionality Free Cash Flow Net Leverage $89MM $79MM 1.1x $39MM $38MM 0.7x 2Q 2024 2Q 2025 YTD 2024 YTD 2025 3/31/2025 6/30/2025 CASH FLOW GENERATION AND CAPITAL ALLOCAT
Slide 9: 2025 Outlook
2025 Outlook Maintaining Low-Single Digit Organic Sales Growth Outlook, Led by Detection Growth Ongoing Macroeconomic and Policy Uncertainty Risk % NET SALES(1) DIVERSE END MARKETS OPERATING ENVIRONMENT UPDATE DETECTION • Energy & utilities • HVAC-R POSITIVES • Fixed gas & flame detection • Water &
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 Second Quarter 2025 Earnings Presentation 11
Slide 12: Appendix
Appendix Second Quarter 2025 Earnings Presentation 12
Slide 13: MSA Safety (NYSE: MSA) Snapshot
MSA Safety (NYSE: MSA) Snapshot $1.8B Net Sales 1 Net Sales by Net Sales by Segment1 Product Category1,4 4.3% R&D Investment 1,2 37% Product Vitality 3 32% 38% 38% International Detection Fire Service 46.8% Gross Profit Margin 1 22.3% Adj. Operating Margin 1 1.1x Net Leverage 1 55 Consecutive Divide
Slide 14: M&C TechGroup Acquisition
M&C TechGroup Acquisition Expands Fixed Detection Portfolio; Adds Capabilities in Gas Analysis and Process Safety Markets About M&C Strategic Rationale Transaction Overview • German-based company founded in • Aligned with ACCELERATE strategy’s • Transaction valued at 188MM, net of 1985 with ~220 emp
Slide 15: 2024 Impact Report
2024 Impact Report Creating Business Growth and Positive Societal Impact Through Our Singular Mission of Safety 40+ 2024 Impact Report Highlights Our Products and Solutions Our People Our Planet Million Workers • Support worker safety and sustainability with • Energize our inclusive workforce around
Slide 16: 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 • Continue to evolve from • Drive excellence in pricing, • Leverage premi
Slide 17: MSA Safety | Product Categories and Markets
MSA Safety | Product Categories and Markets DETECTION FIRE SERVICE INDUSTRIAL PPE AND OTHER Fixed Gas & Portable Gas SCBA & Connected Protective Apparel Industrial Fall Flame Detection Detection Firefighter & Helmets Head Protection Protection PRODUCT CATEGORY GLOBAL TAM(1) ~$4.5B(2) ~$2.5B ~$3.5B5
Slide 18: 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 19: 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 20: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Second Quarter 2025 Earnings Presentation 20
Slide 21: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Organic Sales Change (Unaudited) Consolidated Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Industrial PPE Industrial PPE Detection (a) Fire Service (b) Net Sales Detection (a) Fire Service (b) Net Sales and Other (c) and Other (c) GAAP
Slide 22: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Operating Income and Adjusted EBITDA (Unaudited) Three months ended Six months ended Trailing Twelve Months Twelve Months Ended June 30, June 30, Ended June, December 31, 2025 2024 2025 2024 2025 2024 (In thousands) Adjusted EBITDA $ 116,513 $ 1
Slide 23: 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 June 30, Six Months Ended June 30, 2025 2024 % Change 2025 2024 % Change Net income $ 62,773 $ 72,234 (13%) $ 122,378 $ 130,
Slide 24: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Free Cash Flow (Unaudited) Three Months Ended Six Months Ended (In thousands, except percentage amounts) June 30, June 30, 2025 2024 2025 2024 Cash flow from operating activities $ 67,218 $ 53,302 $ 129,051 $ 104,188 Capital expenditures (29,334) (14,341
Slide 25: 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) June 30, 2025 Operating income $ 372,744 Depreciation and amortization 57,217 Restructuring charges 4,249 Currency exchange losses, net 11,271 Acquisit
Slide 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures R&D Investment (Unaudited) (In thousands) Trailing Twelve Months Twelve Months Six Months Ended June 30, Ended June 30 Ended December 31, 2025 2024 2025 2024 Research and development expense $ 32,655 $ 32,988 $ 66,193 $ 66,526 Capitalized software develo
Slide 27: Second Quarter 2025 Earnings Presentation
Second Quarter 2025 Earnings Presentation 27