Advanced Drainage Systems, Inc. · NYSE:WMS
Advanced Drainage Systems — Q4 2026 Earnings Presentation
18 slides from Advanced Drainage Systems's earnings presentation, May 21, 2026
Slide 1: Q4 Fiscal 2026 Financial Results
Q4 Fiscal 2026 Financial Results May 21, 2026
Slide 2: Management Presenters
Management Presenters Scott Barbour President and Chief Executive Officer Scott Cottrill Executive Vice President, Chief Financial Officer Craig Taylor President, Infiltrator Water Technologies Mike Higgins Vice President, Corporate Strategy & Investor Relations 2
Slide 3: Forward Looking Statements and Non-GAAP Financial Metrics
Forward Looking Statements and Non-GAAP Financial Metrics Forward Looking Statements Certain statements in this press release may be deemed to be forward-looking statements. These statements are not historical facts but rather are based on the Company’s current expectations, estimates and projection
Slide 4: CEO Highlights
CEO Highlights Q4 Fiscal 2026 Revenue Q4 Fiscal 2026 Profitability Sales Adjusted EBITDA Margin • Stormwater sales driven by acquisition of • Continued favorable volume and +12% (90) bps NDS. Stormwater organic revenue +2%, with 28.7% price/cost performance. $535 $479 12% organic growth in Allied pr
Slide 5: Fiscal Year 2026 Results
Fiscal Year 2026 Results Key Metric FY 2026 Guidance FY 2026 Results Net Sales $2,990 - $3,040 $3,050 (in Millions) Adj. EBITDA $930 - $960 $963 (in Millions) Adj. EBITDA Margin 31.1% - 31.6% 31.6% Revenue by End Market International Sales Results 6% Agriculture +8% Non-Residential Construction 5% N
Slide 6: Fiscal 2027 Market Expectations
Fiscal 2027 Market Expectations End Market Assumption Commentary • Economic/geopolitical uncertainty weighing on Non-Residential Flat to up low-single digits market, though market is fairly stable overall • Large project activity still going well • Interest rates and economic/geopolitical uncertaint
Slide 7: Q4 Fiscal 2026 Financial Performance
Q4 Fiscal 2026 Financial Performance Revenue Revenue Performance (USD, in millions) +10% By Business Domestic Markets $677 + Stormwater +12% + Construction +9% $616 − Pipe (2%) + Non-Residential +6% + Allied Products +43% + Residential +18% − Infrastructure (13%) + Wastewater +4% Q4 FY26 Q4 FY25 + A
Slide 8: Free Cash Flow and Capital Structure
Free Cash Flow and Capital Structure Free Cash Flow(1) YTD FY 2026 YTD FY 2025 ∆ Consolidated Adjusted EBITDA $963 $889 $74 Working capital(2) 51 (37) 88 Cash tax (113) (142) 29 Cash interest paid (88) (89) 1 Cash interest received 25 23 2 Transaction costs(3) (41) (9) (32) Other 22 (54) 76 Consolid
Slide 9: Disciplined Approach to Capital Allocation
Disciplined Approach to Capital Allocation Fiscal 2026 Fiscal 2025 1 Organic Capital Expenditures $250M $213M 2 Acquisitions $991M $237M Subtotal: Capital reinvested in business $1,241M $450M 3 Dividends $56M $50M 4 Share Repurchases $99M $70M Subtotal: Capital returned to shareholders $155M $120M T
Slide 10: Fiscal Year 2027 Guidance
Fiscal Year 2027 Guidance Fiscal 2027 Expectations Key Metric FY 2026 FY 2027 Y-o-Y Change Net Sales $3,050 $3,350 - $3,550 +10% to +16% (in Millions) Adj. EBITDA $963 $1,000 - $1,050 +4% to +9% (in Millions) Adj. EBITDA Margin 31.6% 29.6% - 29.9% (170) to (200) bps 10
Slide 11: Q&A
Q&A
Slide 12: Appendix
Appendix IPDS @
Slide 13: Fiscal 2026 Financial Performance
Fiscal 2026 Financial Performance Revenue Revenue Performance (USD, in millions) +5% By Business Domestic Markets + Stormwater +3% + Construction +6% $3,050 $2,904 + Non-Residential +8% − Pipe (2%) + Allied Products +14% + Residential +7% − Infrastructure (10%) + Wastewater +13% FY26 FY25 Agricult
Slide 14: Reconciliations
Reconciliations Three Months Ended March 31, 2026 (Amount in thousands) Intersegment Net Sales: Stormwater Wastewater Eliminations Total Net sales from external customers $ 534,749 $ 142,012 $ - $ 676,761 Intersegment net sales 8,870 13,534 (22,404) - Net Sales 543,619 155,546 (22,404) 676,761 Signi
Slide 15: Reconciliations
Reconciliations Three Months Ended March 31, 2025 (Amount in thousands) Intersegment Net Sales: Stormwater Wastewater Eliminations Total Net sales from external customers $ 478,799 $ 136,962 $ - $ 615,761 Intersegment net sales 8,530 11,205 (19,735) - Net Sales 487,329 148,167 (19,735) 615,761 Signi
Slide 16: Reconciliations
Reconciliations Fiscal Year Ended March 31, 2026 (Amount in thousands) Intersegment Net Sales: Stormwater Wastewater Eliminations Total Net sales from external customers $ 2,397,414 $ 652,962 $ - $ 3,050,376 Intersegment net sales 36,466 61,580 (98,046) - Net Sales 2,433,880 714,542 (98,046) 3,050,3
Slide 17: Reconciliations
Reconciliations Fiscal Year Ended March 31, 2025 (Amount in thousands) Intersegment Net Sales: Stormwater Wastewater Eliminations Total Net sales from external customers $ 2,326,370 $ 577,875 $ - $ 2,904,245 Intersegment net sales 35,647 52,031 (87,678) - Net Sales 2,362,017 629,906 (87,678) 2,904,2
Slide 18: Reconciliations
Reconciliations Three Months Ended March 31, Fiscal Year Ended March 31, (Amounts in thousands) 2026 2025 2026 2025 Net income from continuing operations $ 35,235 $ 76,788 $ 429,863 $ 452,573 Depreciation and amortization 59,818 49,610 216,261 183,281 Interest expense 25,145 22,729 93,869 91,803 Inc
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