Mueller Water Products · NYSE:MWA
Mueller Water Products — Q1 2026 Earnings Presentation
18 slides from Mueller Water Products's earnings presentation, Feb 5, 2026
Slide 1: Where Intelligence Meets Infrastructure
Where Intelligence Meets Infrastructure ® Earnings Conference Call 2026 First Quarter December 31, 2025 February 5, 2026 These slides are not intended to be a stand-alone presentation, but are for use in conjunction with the earnings call
Slide 2: Non-GAAP Measures
Non-GAAP Measures In an effort to provide investors with additional information regarding the Company’s results as determined by accounting principles generally accepted in the United States (“GAAP”), the Company also provides non-GAAP information that management believes is useful to investors. The
Slide 3: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain statements that may be deemed “forward-looking statements” within the meaning of the federal securities laws. All statements that address activities, events or developments that the Company intends, expects, plans, projects, believes or a
Slide 4: First Quarter Highlights
First Quarter Highlights • Delivered solid net sales growth in the quarter, supported by resilient Fiscal 2026 (1) end markets and customer service (y/y or bps. vs. Fiscal 2025) Record for Quarter Q1 • Expanded gross margin with operations and supply chain teams Net executing well Sales $318.2M +4.6
Slide 5: Consolidated GAAP Results (Q1 FY2026)
Consolidated GAAP Results (Q1 FY2026) Net Sales ($M) Gross Profit ($M) SG&A ($M) Operating Income ($M) % of Net Sales % of Net Sales % of Net Sales +16.3% y/y +10.9% y/y +19.6% y/y +4.6% y/y +380 bps. +110 bps. +220 bps. $318.2 $56.7 $304.3 $119.8 $59.8 $103.0 $53.9 $47.4 17.8% 37.6% 18.8% 33.8% 17.
Slide 6: Consolidated Non-GAAP Results (Q1 FY2026)
Consolidated Non-GAAP Results (Q1 FY2026) (1) Adj. Operating Income ($M) Adj. EBITDA ($M) Adj. Net Income per Diluted Share % of Net Sales % of Net Sales +14.5% y/y +13.5% y/y +16.0% y/y +170 bps. +180 bps. +$0.04 $72.1 $0.29 $60.0 $63.5 $0.25 $52.4 22.7% 18.9% 20.9% 17.2% Q1 FY2025 Q1 FY2026 Q1 FY2
Slide 7: Water Flow Solutions (WFS) Segment Results (Q1 FY2026)
Water Flow Solutions (WFS) Segment Results (Q1 FY2026) Net Sales ($M) Adj. Operating Income ($M) (1) Adj. EBITDA ($M) (1) % of Net Sales % of Net Sales +28.0% y/y +26.4% y/y -0.9% y/y +650 bps. +710 bps. $174.6 $173.0 $56.5 $49.4 32.7% $44.7 28.6% $38.6 25.6% 22.1% Q1 FY2025 Q1 FY2026 Q1 FY2025 Q1 F
Slide 8: Water Management Solutions (WMS) Segment Results (Q1 FY2026)
Water Management Solutions (WMS) Segment Results (Q1 FY2026) Net Sales ($M) Adj. Operating Income ($M) (1) Adj. EBITDA ($M) (1) % of Net Sales % of Net Sales -11.2% y/y -9.5% y/y +12.0% y/y -440 bps. -480 bps. $145.2 $129.7 $32.6 $29.5 $27.6 $24.5 25.1% 20.3% 21.3% 16.9% Q1 FY2025 Q1 FY2026 Q1 FY202
Slide 9: Free Cash Flow (Q1 FY2026)
Free Cash Flow (Q1 FY2026) • Increased net cash provided by operating activities in Q1FY2026 by $7.1M y/y to $100.0 $83.5 $61.2M, primarily driven by driven by higher $80.0 net income and non-cash charges $67.4 $69.0 compared with the prior year, partially offset $60.0 $54.1 $61.2 by changes in work
Slide 10: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity Ample capacity, liquidity and flexibility to support our strategic priorities, including acquisitions Credit • Moody’s: Ba1 (Corporate and Notes), Stable Outlook Debt Maturities Rating • S&P: BB+ (Corporate and Notes), Stable Outlook $500 • $450M of 4.0% Senior Not
Slide 11: FY2026 Outlook
FY2026 Outlook (1) • Raising net sales expectations to be between $1,470M and Fiscal 2026 Metrics (1) $1,490M (+2.8% to +4.2% y/y) − Increasing $20M vs. prior guidance, at the midpoint of the range, reflects Q1 performance, Consolidated Net Sales (2) $1,470M to $1,490M and current expectations for e
Slide 12: Key Takeaways
Key Takeaways • Excited about start to the year as we continue to execute well despite the challenging external environment • Pleased to be raising annual guidance at this point in the year • Benefiting from strategic capital investments and improving commercial and operational execution • Confident
Slide 13: Q&A
Q&A
Slide 14: Supplemental Data
Supplemental Data
Slide 15: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Three months ended December 31, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 173.0 $ 145.2 $ — $ 318.2 Gross profit $ 70.
Slide 16: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Three months ended December 31, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 43.2 Income tax expense (3) 12.5 Interest e
Slide 17: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Three months ended December 31, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 174.6 $ 129.7 $ — $ 304.3 Gross profit (1) $
Slide 18: Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Three months ended December 31, 2024 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 35.3 Income tax expense (4) 10.5 Interest e
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