Carlisle Companies Incorporated · NYSE:CSL
Carlisle Companies — Q2 2025 Earnings Presentation
22 slides from Carlisle Companies's earnings presentation, Jul 30, 2025
Slide 1: Second Quarter 2025 Earnings Call
Second Quarter 2025 Earnings Call July 30, 2025
Slide 2: Forward Looking Statements & Non-GAAP Financial Measures
Forward Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally use words such as "expect," "foresee," "anticipate," "believe," "project," "
Slide 3: Second Quarter 2025 Overview
Second Quarter 2025 Overview • Resilient second quarter performance despite $1.4B continued market challenges Revenues ◦ Revenues flat year-over-year ◦ Adj EBITDA margin above Vision 2030 target ◦ Record adjusted EPS 26.9% Adj. EBITDA • Returned $343 million to shareholders through Margin* dividends
Slide 4: July Carlisle Market Survey Results
July Carlisle Market Survey Results Commercial Volume Residential Volume April Survey July Survey April Survey July Survey Re-Roofing MSD MSD Replace & Remodel LSD New Construction LSD New Construction MSD • Commercial re-roofing market remains strong with MSD growth expectation • Residential replac
Slide 5: Bonded Logic Acquisition
Bonded Logic Acquisition Bonded Logic is a provider of innovative recycled denim insulation that excels in thermal performance, sound absorption, and fire rating, without the itch and safety concerns of traditional fiberglass insulation • Market Expansion: Uniquely positioned to serve North America'
Slide 6: Innovation – Recent Product Launches
Innovation – Recent Product Launches Flexible Fast Blueskin VP Adhesive Tech • Weather barrier, insulation • Spray format delivers and seam shield in one 60% labor savings integrated solution • 30% installation time savings Blueskin 12’ InsulBase ZeroFlash Flat Polyiso • Installation down to 0° F •
Slide 7: Second Quarter 2025 Results
Second Quarter 2025 Results Revenue Adj. EBITDA Margin* Adj. EPS* -0.1% (-3% Organic*) -190 bps +0.5% $1,451M $1,450M 28.8% $6.24 $6.27 26.9% 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 • Strong commercial re-roofing • Volume deleverage • Share repurchases • Lower volumes due to • Higher operating costs • Accreti
Slide 8: Carlisle Construction Materials (CCM) Segment
Carlisle Construction Materials (CCM) Segment Second Quarter 2025 Performance Revenue Adj. EBITDA* Adj. EBITDA Margin* +0.6% (-0.6% Organic*) -5% -180 bps $1,089M $1,096M $364M $346M 33.4% 31.6% 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 Notable Revenue Drivers: • MTL acquisition • Stable recurring re-roof activ
Slide 9: Carlisle Weatherproofing Technologies (CWT) Segment
Carlisle Weatherproofing Technologies (CWT) Segment Second Quarter 2025 Performance Revenue Adj. EBITDA* Adj. EBITDA Margin* -2% (-10% Organic*) -13% -260 bps $362M $354M $81M 22.5% $71M 19.9% 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 Notable Revenue Drivers: • Lower volumes due to softer residential end-market
Slide 10: Second Quarter 2025 Adjusted EPS Bridge
Second Quarter 2025 Adjusted EPS* Bridge $6.24 $0.55 $6.27 $0.11 $(0.08) $(0.55) 2Q24 Adj. EPS* Organic Acquisitions Share Repurchases Net Interest/Tax 2Q25 Adj. EPS* 10 * Reference the financial reconciliations of non-GAAP financial measures to the related GAAP financial measures.
Slide 11: Second Quarter 2025 Liquidity
Second Quarter 2025 Liquidity Debt Maturity Schedule Total Liquidity Net Debt to EBITDA* Ratio $1.1B Senior Note Including cash of $68M and 1.4x $750M 2.75% $1.0B available under Senior Within 1.0x-2.0x target Note Senior Senior revolver as of 6/30/2025 $600M NoteNote 3.75% $550M $550M 2.20% 2.20% D
Slide 12: Second Quarter 2025 Cash Flow Performance
Second Quarter 2025 Cash Flow Performance $333 $287 $45 $285 $29 $58 $177 $21 $288 $258 $228 $156 2Q24 2Q25 YTD24 YTD25 Operating Cash Flow* Capital Expenditures* Free Cash Flow* On track to exceed Vision 2030 target FCF margin of 15%+ 12 * Continuing Operations; Reference the financial reconciliati
Slide 13: 2025 Full-Year Growth Outlook
2025 Full-Year Growth Outlook Primary Drivers • CCM revenue up LSD YoY on continued strength LSD -150 bps in re-roofing and full year of MTL acquisition • CWT revenue up LSD YoY on acquisitions of Adj. EBITDA Revenue Plasti-Fab, ThermaFoam, and Bonded Logic Margin Growth • Additional Items: Compress
Slide 14: Positioning & Focus For Long Term
Positioning & Focus For Long Term CCM: Maintaining Market Leadership: • Leverage strong position with attractive secular trends and margins • Expand margins through synergy realization, operational excellence, and pricing discipline • Build out innovation pipeline with labor and energy-saving produc
Slide 15: Appendix
CARLISLE Appendix
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company uses the following definitions of financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”): 1. Organic revenue: Revenues excluding revenue from acquisitions completed in the
Slide 17: Reconciliation to Organic Revenue
Reconciliation to Organic Revenue Three Months Ended June 30, (in millions, except percentages) CSL CCM CWT 2024 Revenues (GAAP) $ 1,450.6 $ 1,088.9 $ 361.7 Organic (42.3) (2.9)% (6.6) (0.6)% (35.7) (9.9)% Acquisitions 39.0 2.7 % 11.2 1.0 % 27.8 7.7 % FX impact 2.2 0.1 % 2.1 0.2 % 0.1 —% Total chang
Slide 18: Reconciliation to Free Cash Flow
Reconciliation to Free Cash Flow Three Months Ended Six Months Ended June 30, June 30, (in millions) 2025 2024 2025 2024 Operating cash flow (GAAP) $ 287.1 $ 183.4 $ 288.9 $ 346.9 Less: operating cash flow from discontinued operations 0.3 6.6 3.5 14.1 Operating cash flow from continuing operations $
Slide 19: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Three Months Ended June 30, (in millions, except percentages) 2025 2024 Net income (GAAP) $ 255.8 $ 712.4 Less: Income from discontinued operations 0.3 Senior427.2 Income from continuing operations (GAAP) 255.5 Note285.2 Provision for income taxes 68.1 $750 87.4 Int
Slide 20: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Corporate Corporate and and (in millions, except percentages) CCM CWT unallocated CCM CWT unallocated Operating income (loss) (GAAP) $ 323.8 $ 42.5 $ (31.3) $ 346.8 $ 59.2$ Senior (28.5) Non-operating
Slide 21: Reconciliation to Adjusted EPS
Reconciliation to Adjusted EPS Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Pre-tax Post-tax Impact to Pre-tax Post-tax Impact to (in millions, except per share amounts) Impact Impact(1) Diluted EPS(2) Impact Impact(1) Diluted EPS(2) Net income (GAAP) $ 255.8 $ 5.88 $ 712.4 $ 14
Slide 22: Reconciliation of Debt Covenant Ratios
Reconciliation of Debt Covenant Ratios (in millions, except ratios) LTM 6/30/2025 Income from continuing operations (GAAP) $ 804.6 Income tax expense 217.5 Interest expense 65.4 Depreciation and amortization 187.3 Non-cash stock-based compensation expense 34.7 EBITDA per debt covenants $ 1,309.5 Con