Slide 1: Fourth Quarter and Year End Results Presentation
Fourth Quarter and Year End Results Presentation Results to July 31, 2025
Slide 2: Legal Disclaimer
Legal Disclaimer Cautionary note on forward-looking statements Certain information included in this presentation and discussed on the conference call that this presentation accompanies is forward-looking, including within the meaning of the Private Securities Litigation Reform Act of 1995, and invol
Slide 3: Highlights and introduction
01 Highlights and introduction Kevin Murphy, CEO
Slide 4: Fourth quarter financial highlights
Fourth quarter financial highlights Net sales Growth driven by market outperformance $8.5b Organic growth +5.8% +6.9% vs Q4 2024 Acquisition growth +1.1% Adj. operating profit* Strong gross margin and disciplined cost management $972m Adjusted operating margin* of 11.4%, up 60 bps +13.4% vs Q4 2024
Slide 5: Balanced approach to US end markets
Balanced approach to US end markets Q4 2025 Q4 2024 % of US net US net sales US net sales sales* growth growth Residential 50% Flat Flat Non-residential 50% +15% +3% Commercial 34% +17% +2% Civil/Infrastructure 9% +13% +4% Industrial 7% +5% +3% 100% +7.1% +1.3% Large capital projects continued to dr
Slide 6: US fourth quarter net sales
US fourth quarter net sales Q4 2025 Q4 2024 % of US net Customer group net sales net sales sales* growth/(decline) growth/(decline) HVAC 12% (1%) +9% Residential Trade Plumbing 17% (2%) +1% Ferguson Home 19% +3% (5%) Waterworks 23% +15% +5% Commercial/Mechanical 14% +21% +6% Fire & Fabrication, Faci
Slide 7: FY2025 Financial highlights
FY2025 Financial highlights $30.8b $2.8b 9.2% $9.94 Net sales +3.8% vs. FY24 Adj. operating profit* +0.6% vs. FY24 Adj. operating margin* 9.5% in FY24 Adj. EPS – diluted* +2.6% vs FY24 $1.9b $1.4b 9 29.4% Operating cash flow Shareholder returns** Number of acquisitions Return on capital employed* Di
Slide 8: Market update: Full year US organic growth
Market update: Full year US organic growth FY2025 FY2025 Ferguson US Estimated market % of US net sales* organic revenue decline** growth*** Residential 50% Approx. (3%) +1% Non-residential 50% Approx. Flat +6% 100% Approx. (2%) +3.2% Continued outperformance * For year ende d July 31, 202 5. ** Der
Slide 9: Growth focus
Growth focus HVAC Waterworks Large Capital Projects Ferguson Home FY25 growth +8% FY25 growth +10% FY25 non-resi growth +7% Completed >600 of 650 planned Address the nation's aging Multi-customer group approach Combining digital solutions with dual-trade counter conversions infrastructure our expert
Slide 10: Financial Review
02 Financial Review Bill Brundage, CFO
Slide 11: Fourth quarter financial highlights
Fourth quarter financial highlights $m (except per share amounts) Q4 2025 Q4 2024 Change Net sales 8,497 7,946 +6.9% Gross margin 31.7% 31.0% +70 bps Adjusted operating profit* 972 857 +13.4% Adjusted operating margin* 11.4% 10.8% +60 bps Adjusted earnings per share – diluted* $3.48 $2.98 +16.8% Adj
Slide 12: Segment financial highlights
Segment financial highlights $m Q4 2025 Q4 2024 Change Net sales US 8,059 7,528 +7.1% Canada 438 418 +4.8% Total net sales 8,497 7,946 +6.9% Adjusted operating profit* US 962 844 +14.0% Canada 24 22 +9.1% Central and other costs (14) (9) Total adjusted operating profit 972 857 +13.4% * The Company u
Slide 13: FY2025 financial highlights
FY2025 financial highlights $m (except per share amounts) FY2025 FY2024 Change Net sales 30,762 29,635 +3.8% Gross margin 30.7% 30.5% +20 bps Adjusted operating profit* 2,842 2,824 +0.6% Adjusted operating margin* 9.2% 9.5% (30) bps Adjusted earnings per share – diluted* $9.94 $9.69 +2.6% Adjusted E
Slide 14: Cash flow – Full Year
Cash flow – Full Year $m FY2025 FY2024 Adjusted EBITDA* 3,059 3,015 Working capital (316) (339) Interest and tax (790) (839) Other items (45) 36 Operating cash flow 1,908 1,873 Capex (305) (372) Proceeds from the sale of assets 51 21 Free cash flow* 1,654 1,522 Continued strong cash generation * Thi
Slide 15: Capital allocation
Capital allocation 1. Organic growth 2. Dividends 3. Acquisitions 4. Surplus capital returns Working capital • Quarterly dividend • Completed 4 acquisitions • $948m share repurchases • Inventory to support order of $0.83 per share, an during the fourth quarter, a completed during the fiscal volumes
Slide 16: Calendar first half financial highlights
Calendar first half financial highlights H1 2024 Actuals H1 2025 Actuals January 1 – June 30, 2024 January 1 – June 30, 2025 Change (Unaudited) (Unaudited) Net sales $14,848 million $15,576 million +4.9% Adjusted operating profit* $1,388 million $1,503 million +8.3% Adjusted operating margin* 9.3% 9
Slide 17: Calendar 2025 full year guidance
Calendar 2025 full year guidance Calendar 2024 Actuals Calendar 2025 Guidance January 1 – December 31, 2024 January 1 – December 31, 2025 (Unaudited) Net sales $29.8 billion Mid-single digit growth Adjusted operating margin 9.1%* 9.2% to 9.6%** Interest expense $180 million $180 to $200 million Capi
Slide 18: Closing Remarks
03 Closing Remarks Kevin Murphy, CEO
Slide 19: Closing remarks
Closing remarks Thank you to our associates. 1. Our associates delivered strong results to finish the year, as they continued to serve our customers and execute our strategy in a challenging market environment. 2. Our investments and focus on key growth initiatives continue to deliver market share g
Slide 20: Join us for Q&A
Join us for Q&A
Slide 21: Appendix
04 Appendix FERGUSON
Slide 22: Reconciliation of Net Income to Adjusted Operating Profit and Adjusted EBITDA
Reconciliation of Net Income to Adjusted Operating Profit and Adjusted EBITDA Three months ended Twelve months ended July 31, July 31 (In millions) 2025 2024 2025 2024 Net income $700 $451 $1,856 $1,735 Provision for income taxes 172 308 567 729 Interest expense, net 50 47 190 179 Other expense (inc
Slide 23: Net Debt: Adjusted EBITDA Reconciliation
Net Debt: Adjusted EBITDA Reconciliation Net debt comprises bank overdrafts, bank and other loans and derivative financial instruments, excluding lease liabilities, less cash and cash equivalents. Long-term debt is presented net of debt issuance costs. A rolling 12-month adjusted EBITDA is used in t
Slide 24: Return on Capital Employed
Return on Capital Employed As of July 31, (In millions) 2025 Average net debt (1) $3,425 Average stockholders' equity(2) 5,724 Average capital employed 9,149 Return on capital employed (ROCE)(3) 29.4% 1. Management employs the following averaging method: beginning balance net debt plus ending balanc
Slide 25: Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS-Diluted
Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS-Diluted Three months ended Twelve months ended July 31, July 31 2025 2024 2025 2024 (In millions, except per share amounts) per share(1) per share(1) per share(1) per share(1) Net income $700 $3.55 $451 $2.23 $1,856 $9.32 $1,735 $8
Slide 26: Historical Calendar Year Results
Disclaimer: All historical calendar year results contained in this presentation 05 Historical Calendar Year Results are unaudited, preliminary and subject to change. Accordingly, such information may be presented differently in future filings with the SEC. In addition, the Company is presenting sele
Slide 27: Calendar Year Financial Highlights
Calendar Year Financial Highlights * This is a non-GAAP measure. See slides 29 to 31 for more information and a reconciliation of the Three months ended Six months ended non-GAAP measure to the most comparable U.S. GAAP measure. Adjusted operating margin is US$ (In millions, except per share amounts
Slide 28: Calendar Year Segment Results
Calendar Year Segment Results Three months ended Six months ended US$ (In millions) March 31, 2025 June 30, 2025 June 30, 2025 Net sales: USA 6,904 7,947 14,851 Canada 309 416 725 Total net sales 7,213 8,363 15,576 Adjusted operating profit: USA 611 899 1,510 Canada 6 23 29 Central and other costs (
Slide 29: Reconciliation of Net Income to Adjusted Operating Profit and Adjusted EBITDA
Reconciliation of Net Income to Adjusted Operating Profit and Adjusted EBITDA Three months ended Six months ended US$ (In millions) March 31, 2025 June 30, 2025 June 30, 2025 1. For periods presented in 2025, restructuring expenses primarily related to the Company’s Net income $345 $634 $979 impleme
Slide 30: Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS-Diluted
Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS-Diluted Three months ended March 31, 2025 June 30, 2025 US$ (In millions, except per share amounts) per share(1) per share(1) Net income $345 $1.73 $634 $3.21 Restructuring expenses (2) 51 0.26 25 0.12 Amortization of acquired inta
Slide 31: Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS-Diluted
Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS-Diluted Six months ended Six months ended Twelve months ended June 30, 2025 June 30, 2024 December 31, 2024 US$ (In millions, except per share amounts) per share(1) US$ (In millions, except per share amounts) per share(1) per share
Slide 32: Net Debt: Adjusted EBITDA Reconciliation
Net Debt: Adjusted EBITDA Reconciliation Net debt comprises bank overdrafts, bank and other loans and derivative financial instruments, excluding lease liabilities, less cash and cash equivalents. A rolling 12-month adjusted EBITDA is used in the net debt to adjusted EBITDA ratio to assess the appro
Slide 33: Condensed Consolidated Statement of Earnings
Condensed Consolidated Statement of Earnings Three months ended Six months ended Twelve months ended March 31, June 30, September 30, December 31, June 30, December 31, (In millions, except per share amounts) 2025 2024 2025 2024 2024 2024 2025 2024 2024 Net sales $7,213 $7,001 $8,363 $7,847 $7,736 $
Slide 34: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet As of June 30, December 31, (In millions) 2025 2024 Assets Cash and cash equivalents $407 $722 Accounts receivable, net 3,964 3,160 Inventories 4,572 4,363 Prepaid and other current assets 1,022 970 Assets held for sale 86 26 Total current assets 10,051 9,241 Pro
Slide 35: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Six months ended Twelve months ended June 30, 2025 December 31, 2024 (In millions) Cash flows from operating activities: Net income $979 $1,651 Other operating activities 144 420 Net cash provided by operating activities 1,123 2,071 Cash flows from inv
Slide 36: Thank You
Thank You FERGUSON