Worthington Enterprises, Inc. · NYSE:WOR
Worthington Enterprises — Q1 2026 Earnings Presentation
26 slides from Worthington Enterprises's earnings presentation, Sep 24, 2025
Slide 1: Q1 2026 Earnings Summary
Q1 2026 EARNINGS SUMMARY SEPTEMBER 23, 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: Q1 FY26 Recent Highlights
Q1 FY26 / Recent Highlights • Consolidated net sales of $304 million increased 18% year over year driven by higher volumes in Building Products and contributions from Elgen. Profitability improved with gross margin expanding to 27.1% from 24.3% and Adj. EBITDA margin rising to 21.4% from 18.8% in th
Slide 4: Q1 FY26 Highlights – Financial Summary
Q1 FY26 Highlights – Financial Summary $ Millions except EPS Q1 Q1 Worthington Enterprises Consolidated FY26 FY25 Net Sales $304 $257 Adj. EBITDA $65 $48 % Margin 21.4% 18.8% Adj. EPS $0.74 $0.50 Building Products Segment Net Sales $185 $140 Adj. EBITDA $58 $40 % Margin 31.3% 28.4% Consumer Products
Slide 5: Q1 FY26 Reconciliation of Adjusted Net Earnings
Q1 FY26 – Reconciliation of Adjusted Net Earnings Q1 FY26 Q1 FY25 Worthington Enterprises Consolidated $ Millions after tax Diluted EPS $ Millions after tax Diluted EPS Net Earnings (GAAP) $35 $0.70 $24 $0.48 Restructuring and other expenses, net $2 $0.04 $1 $0.02 Adj. Net Earning (Non-GAAP)(1) $37
Slide 6: Building Products At-a-Glance
Building Products At-a-Glance KEY FIGURES (TTM AS OF Q1 FY26) Heating and Cooking Facilitating the transition away from fuel oil, as well as providing back-up power solutions. $699M 33% $229M Cooling and Construction NE T S AL E S AD J . E B I TD A M AR GI N AD J . E B I TD A Wholly-Owned Integral i
Slide 7: Building Products Joint Ventures
Building Products Joint Ventures JV FINANCIAL METRICS Market-leading businesses providing products critical to the building envelope ($ 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 (TTM AS OF Q1 FY26) Tools Outdoor Living Hand-held torches, micro torches, Torches, fuel and accessories, $501M 16% $81M NET SALES ADJ. EBI TDA MARGI N ADJ. EBI TDA lighters, accessories and fuel for including the first in-market digital fuel constructing, f
Slide 9: 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 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 Vertical Composite Hand Torch Camping Portable Well Suspension Framing Residential Heating & And Fuels Fuel Helium Tanks 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 Positioned for 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 13: Worthington Business System Accelerates Growth
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
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
Low Leverage, Ample Liquidity, and Solid Free Cash Flow Provides Financial Flexibility Leverage1: 1.1x Strong Total Debt / TTM Adj. EBITDA Balance Sheet Commitment to Maintaining Investment Grade Rating Financial Ample Liquidity2: $667M Flexibility TTM Free Cash Flow3: $156M Disciplined Focused on g
Slide 17: 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 $280 million2 • Business Model Drives High Free Cash Flow and Returns
Slide 19: 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 20: 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 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 WORTHINGTON ENTERPRISES 21
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 – Free Cash Flow
Worthington Enterprises Reconciliation of Non-GAAP Measures (in millions) Consolidated Results – Free Cash Flow WORTHINGTON ENTERPRISES 23
Slide 24: 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 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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