Advanced Drainage Systems, Inc. · NYSE:WMS
Advanced Drainage Systems — Investor Day (June 2026)
86 slides from Advanced Drainage Systems's investor day presentation, Jun 18, 2026
Slide 1: Investor Day 2026
Investor Day 2026 June 18, 2026 www.adspipe.com 1
Slide 2: Welcome
Allison Justice Welcome Director, Investor Relations 2
Slide 3: Forward Looking Statements and Non-GAAP Financial Metrics
Forward Looking Statements and Non - GAAP Financial Metrics Certain statements in this press release may be deemed to be forward - looking statements. These statements are not historical fac ts but rather are based on the Company’s current expectations, estimates and projections regarding the Compan
Slide 4: Agenda
Agenda Topic Presenters Welcome Allison Justice Director, Investor Relations A Unique and Compelling Investment Opportunity Scott Barbour President and Chief Executive Officer Bret Martz EVP, Sales Accelerating Stormwater Leadership Pat Coyle EVP, Supply Chain Industry Leading Wastewater Platform Cr
Slide 5: Innovation Starts Here
INNOVATION STARTS HERE 5
Slide 6: A Unique and Compelling Investment Opportunity
A Unique and Compelling Scott Barbour Investment Opportunity President & CEO 6
Slide 7: Welcome to ADS' Engineering and Technology Center
Welcome to ADS’ Engineering and Technology Center Material Science Product Development Manufacturing Engineering 7 7
Slide 8: The Journey Of Investments For Growth
The Journey Of Investments For Growth 2018 2022 2026 “Our Reason is Water” Differentiated Growth Re - introduction of ADS + + Infiltrator Introduction Resilient Business Model Innovation & Product Development Supply Chain Supply Chain Excellence Excellence Go - To - Market Go - To - Market Go - To -
Slide 9: Advanced Drainage Systems At-A-Glance
Advanced Drainage Systems At - A- Glance Business End Market Products Pipe Allied Wastewater Stormwater Non - Residential Residential Construction Construction 52% 26% 22% 78% 46% 37% Onsite Wastewater Infrastructure 22% Construction International Agriculture 6% 6% 5% FY26 Highlights Revenue Adj. EB
Slide 10: Disciplined Execution Delivering Resilient Results
Disciplined Execution Delivering Resilient Results Sales Growth Margin Expansion Free Cash Flow Generation Target: 10% CAGR Target: 28% to 29% Target: 45% to 50% of Adj. EBITDA $3,050 31.6% 55% 46% 24.4% $2,769 FY22 FY26 FY22 FY26 FY20-FY22 FY23-FY26 2% >700 >$1B CAGR Bps improvement in Adj. EBITDA
Slide 11: Unique Investment Opportunity with Multiple Value Creation Levers
Unique Investment Opportunity with Multiple Value Creation Levers Focused on Delivering Value Pure Play Water Exposure Differentiated Growth Story Resilient Platform Disciplined Capital Deployment 11
Slide 12: Put Simply / Our Promise
PUT SIMPLY / // OUR PROMISE To protect and manage water, the world’s most precious resource, safeguarding our environment and communities. 12
Slide 13: Significant Investment Required to Address U.S. Water Infrastructure Funding Gap
Significant Investment Required to Address U.S. Water Infrastructure Funding Gap Stormwater 78% of Revenue • Flooding costs the U.S between ~$180 - $496B $690B annually 2 Estimated funding gap by • ~2.5M gallons per day used by large data centers 3 2044 based on existing • In the U.S., 20% of water
Slide 14: Expanding the Total Addressable Market to Address More Water Challenges
Expanding the Total Addressable Market to Address More Water Challenges $2B $16B $14B Onsite Wastewater Total Stormwater Market Addressable Market s 1 Market 1. Market estimates are US only, based on management research. Stormwater market includes $1B landscape irrigation market. 14
Slide 15: Industry's Strongest Brands
Industry’s Strongest Brands Superior Sales Force & Best in Product Go - to- Market Class Scale Portfolio Strategy Robust Customer Distribution Balance Sheet Excellence & & Logistics to Invest Satisfaction Network 15
Slide 16: Strong Organic Growth Driven by Core Businesses
Strong Organic Growth Driven by Core Businesses Solutions Last Mile Delivery & Digital Package Strong Distribution Tools Material Regulatory Customer Innovation & Conversion Approvals Service New Products 8% CAGR ADS Legacy Organic Revenue FY20 to FY26 Proactively investing in capacity and commercia
Slide 17: Driving Future Organic Growth
Driving Future Organic Growth Innovation & Distributor Programs Partnerships New Products & Expansion ~$430M ~$80M ~$10M FY26 Revenue FY26 Revenue FY26 Revenue >$40M revenue generated from Engineering and Technology Center product launches since 2024 Innovation & new products includes products intro
Slide 18: Acquisitions Have been a Key Driver of our Evolution
Acquisitions Have been a Key Driver of our Evolution Acquisition 1 Revenue $550M $3B TAM Expansion ~$1B ~$370M $300M In Annual Revenue In Annual Adj. EBITDA 2 Synergies $100M Material Science Procurement ~$110M & Innovation Scale Cost Synergies $50M 1. Revenue for Infiltrator, Orenco, Jet Polymer, C
Slide 19: NDS: Value Creation Through Synergies
NDS: Value Creation Through Synergies Revenue Synergies Cost Synergies Improved cross - selling opportunities through $25M expected annually complementary existing product lines Procurement Raw Material Costs Logistics Increased exposure to new distribution channels Enhanced market capture through e
Slide 20: Sustainable Water Management Solutions: 2022
Sustainable Water Management Solutions: 2022 20
Slide 21: Sustainable Water Management Solutions: 2026
Sustainable Water Management Solutions: 2026 21
Slide 22: Enhancing Resiliency, Growth and Profitability
Enhancing Resiliency, Growth and Profitability Intentionally Accelerating Transformation into a Comprehensive Water Management Solutions Provider: ADS (FY16) ADS ( FY 26) FY16 Allied Products FY25 Allied Products + NDS 26% 26% 48% $ 1.3B $3.1B of sales from Revenue Revenue outside pipe business Pipe
Slide 23: Resilient Platform Through Economic Cycles
Resilient Platform Through Economic Cycles 32.1% 31.6% 30.6% 29.4% 28.6% 24.4% $3.1 $3.1 Margin +1,000 bps 21.6% $2.9 $2.9 $2.8 $2.0 $1.7 Revenue CAGR +10.5% Market ~ flat FY20 FY21 FY22 FY23 FY24 FY25 FY26 Revenue Margin We consistently outperform our end markets, translating execution into profita
Slide 24: Disciplined Capital Allocation Framework
Disciplined Capital Allocation Framework Repurchases 24% Capital Expenditures Dividends 7% >$5B in Capital Allocated 22% M&A ~70% of Capital Allocated FY20 – FY26 47% To Growth Drivers 24
Slide 25: Key Investor Day Themes
Key Investor Day Themes Pure - Play Differentiated Resilient Water Exposure Growth Strategy Platform • Pure - play water company with leadership • Driving above market growth through • Well- developed value proposition across position in stormwater and wastewater material conversion strategy stormwa
Slide 26: Accelerating Stormwater Leadership
Bret Martz Accelerating Stormwater Leadership EVP, Sales 26
Slide 27: A Leader in Stormwater Management
A Leader in Stormwater Management Pipe Allied FY26 Highlights 59% 41% Product FY27 1 $2.4B 28.9% Category Revenue Adj. EBITDA Margin Non - Residential Residential Construction Construction End 52% 29% $703M $14B Markets FY27 1 Adj. EBITDA Addressable Market Infrastructure Construction International
Slide 28: Innovative Stormwater Management Solutions
Innovative Stormwater Management Solutions Advancing quality of life through sustainable solutions to water management challenges 28
Slide 29: Well Positioned to Address Stormwater Management Challenges
Well Positioned to Address Stormwater Management Challenges Market Customer Needs Innovative Solutions • Aging and underbuilt stormwater • Total solution, one manufacturer • Simple solutions to complex infrastructure • Maximize land use challenges • Innovative ways for water reuse • Reliable service
Slide 30: Proven and Repeatable Go-to-Market Strategy
Proven and Repeatable Go - to- Market Strategy Proven market share model leverages best - in- class sales force, technical expertise, and distribution & logistics network to deliver above - market growth and position ADS as the supplier of choice • Works closely with local agencies and State DOT’s •
Slide 31: Material Conversion Strategy
Material Conversion Strategy Stormwater Revenue vs. Market Driving above market growth in ADS: higher value product categories +79% such as HP pipe and Allied products Market: Installs 2x - 3x Faster +6% FY20 FY21 FY22 FY23 FY24 FY25 FY26 20%+ Less Installed Cost Stormwater Revenue Stormwater Market
Slide 32: Allied Products Drive Growth and Profitability
Allied Products Drive Growth and Profitability % of Allied Revenue CAGR Allied Product Sales Storage growth driven by evolving regulations, new product 17% introductions, and market dynamics Treatment growth driven by evolving regulations and new 15% product introductions Capture growth driven by ne
Slide 33: NDS Increases the Breadth and Depth of the Product Portfolio
NDS Increases the Breadth and Depth of the Product Portfolio 33
Slide 34: Opportunity to Increase Participation in New Channels
Opportunity to Increase Participation in New Channels Waterworks Distribution >80% ~10% of revenue of revenue Turf and Irrigation <10% ~50% of revenue of revenue Retail and E - Commerce <10% ~40% of revenue of revenue Cross - selling represents ~$50M opportunity Notes: 34 Revenue percentages based o
Slide 35: NDS Product Portfolio Complements ADS in Important Markets
NDS Product Portfolio Complements ADS in Important Markets Stormwater Management Turf & Landscape Irrigation N- 12 HP Storm Duraslot Fittings Access Boxes Driplines Tubing Outlets InsertaTee Nyloplast StormTech Cultec Valves Adapters Pro Span Fittings Fab Control Zone Separators Fittings LID Biofilt
Slide 36: Increasing Participation in Residential Enhanced by NDS Portfolio
Increasing Participation in Residential Enhanced by NDS Portfolio Residential Market Share ADS Residential Market Sales Established relationships >25% with national and regional homebuilders, through dedicated resources to <10% drive share gains FY20 FY26 Residential Land R&R / DIY Development ~50%
Slide 37: Differentiated Growth Through Expanding and Selling the Package
Differentiated Growth Through Expanding and Selling the Package New + Improved Products Acquired Products + Partnerships SC - 800 Arcadia EcoStream Fittings EcoPure Aquabox Catch Basins Grates Channel Drains Dura Trench Cultec StormGrid Universal In - Flex Dual Wall Duraslot XL Ag Lift Station Line
Slide 38: Best-in-Class Customer Experience
BEST - IN- CLASS CUSTOMER EXPERIENCE 38
Slide 39: Accelerating Growth Through the Cycle
Accelerating Growth Through the Cycle Material conversion strategy continues to drive above market growth Allied products growing faster than overall market due to evolving regulations, new product introductions and selling the package Diversification of end markets enables resilient sales model thr
Slide 40: Accelerating Stormwater Leadership
Pat Coyle Accelerating Stormwater Leadership EVP, Supply Chain 40
Slide 41: Scaled Manufacturing Excellence Through the Cycle
Scaled Manufacturing Excellence Through the Cycle Safer Operating Structural Improvement More Efficient Higher Throughput Environment in Productivity Network Footprint per Asset 64% +10% 12% +13% Reduction Pipe Manufacturing Manufacturing Production Pounds in Safety Incidents Productivity Square Foo
Slide 42: Accelerating Growth through Investments in Capacity
Accelerating Growth through Investments in Capacity Spotlight: ~$90M Southeast invested since FY20 Strategically expanded capacity across the Southeast 81% +42% to create a more integrated and efficient operating network Safety Capacity Improvement Investments enhance service levels, improve logisti
Slide 43: Investing in Automation and Capacity to Enable Growth of Allied Products
Investing in Automation and Capacity to Enable Growth of Allied Products Spotlight: ~$20M New Miami, OH invested since FY20 • Upgraded equipment and processes at primary 75% +25% fittings manufacturing location in New Miami, OH Safety Capacity • Produces ~7M parts annually, representing ~$120M Impro
Slide 44: Vertically Integrated Recycling Capabilities
Vertically Integrated Recycling Capabilities Spotlight: ~$40M ADS Recycling invested since FY20 48% +10% • Incorporating recycled material results in significant cost advantage as cost of recycled material is 10% Safety Capacity to 20% less expensive on average Improvement • Network optimization - t
Slide 45: Industry Leading Logistics Capabilities
INDUSTRY LEADING LOGISTICS CAPABILITIES 45
Slide 46: Differentiated Logistics Platform is a Competitive Advantage
Differentiated Logistics Platform is a Competitive Advantage ADS fleet is both a key service for customers and significant ~$170M invested since FY20 competitive advantage 600 1,100 Trucks Trailers 46% - 25% Safety Maintenance Improvement Cost Investment dollars include capital expenditures and fina
Slide 47: Improving the Customer Experience
Improving the Customer Experience Raising the Bar for ~$20M Our Customers invested since FY20 Changing the way we do business Delivery Performance +92% • Order automation • Process flow improvement • Inventory visibility Order • Integrated functionality • Improved communication Processing Time - 71%
Slide 48: Key Stormwater Themes
Key Stormwater Themes Pure - Play Differentiated Resilient Water Exposure Growth Strategy Platform • Scaled market leading position in • Material conversion driving above • Diversified and cycle - resilient model stormwater market growth • Manufacturing excellence and • Comprehensive portfolio cover
Slide 49: Industry Leading Wastewater Platform
Craig Taylor Industry Leading Wastewater Platform President, Infiltrator 49
Slide 50: A Leader in Wastewater Management
A Leader in Wastewater Management Advanced Treatment Dispersal FY26 Highlights 57% 24% Product $653M 43.6% Category Collection 19% Revenue Adj. EBITDA Margin Non - Residential Residential Construction Construction $311M $2B End 11% 89% Markets Adj. EBITDA Addressable Market Metrics based on Fiscal Y
Slide 51: Innovative Wastewater Management Solutions
Innovative Wastewater Management Solutions Sustainably recharging groundwater through innovative solutions 51
Slide 52: Well Positioned to Address Wastewater Challenges
Well Positioned to Address Wastewater Challenges Market Customer Needs Innovative Solutions • 4M homes underbuilt • Efficient use of land • Market leading provider for all • Average home age >40 years • Upgraded advanced treatment residential onsite products • 32M systems aging out systems to meet r
Slide 53: Comprehensive Portfolio of Products for Wastewater Management Solutions
Comprehensive Portfolio of Products for Wastewater Management Solutions Our leading product portfolio in the wastewater management industry allows us to drive conversion and sell the whole package Collection Treatment Dispersal Quick4 Series Quick4 Plus Series CM - 1060 IM- 1250 IM- 1530 AX20 AX - M
Slide 54: Strong Organic Growth Driven by Core Businesses
Strong Organic Growth Driven by Core Businesses Material New Operational Strong Conversion Products Efficiency Distribution Regulatory Solutions Leading Approvals Package Salesforce 11% CAGR (1) Legacy Infiltrator Organic Revenue FY20 to FY26 Comprehensive strategy driving above market growth 1. FY2
Slide 55: Wastewater Conversion Strategy Driving Above Market Growth
Wastewater Conversion Strategy Driving Above Market Growth Above market growth driven by new Wastewater Revenue vs. Market product introductions in tanks and chambers, expanding distribution, and Wastewater: innovation in advanced treatment 118% Growth Infiltrator is the preferred partner to distrib
Slide 56: Advanced Treatment Market is a Significant Growth Opportunity
Advanced Treatment Market is a Significant Growth Opportunity Advanced Treatment Sales Advanced treatment systems represent a ~$1 billion market opportunity $156M Higher - level effluent treatment prior to dispersal $32 M Market is growing due to overall desire to protect water FY22 FY26 Regulatory
Slide 57: Orenco Acquisition Accelerates Leadership in Advanced Treatment Market
Orenco Acquisition Accelerates Leadership in Advanced Treatment Market Accelerating Growth • Expands exposure to fast - growing and fragmented advanced treatment market • Complementary fit within Infiltrator product portfolio • Deepens relevance in non - residential end markets Goal to Achieve Value
Slide 58: Engineered Systems Opportunity
Engineered Systems Opportunity Engineered Designed & Installed Manufactured Engineering Firms Infiltrator Contractor • Local engineer provides wastewater • Turnkey or custom solution is • Work with bidding contractor and capacity and quality needs designed to meet requirements distributor to meet cu
Slide 59: Decentralized Wastewater Systems Enable Communities to Thrive
Decentralized Wastewater Systems Enable Communities to Thrive 59
Slide 60: Differentiated Growth Through Expanding and Selling the Package
Differentiated Growth Through Expanding and Selling the Package New + Improved Products Acquired Products + Partnerships CM - 1060 IM- 1250 ECOPOD Edge AX20 AX - Max Quick5 AeroFin Combined Treatment Low Head Pump & Controls Dispersal General Onsite ProSTEP Omni - Max Guardian IM- 300 ~$ 130M 24% ~$
Slide 61: Recycling Differentiation
Recycling Differentiation Contributes to cost advantage and supply chain resiliency Infiltrator consumes ~160M pounds of recycled Residential Chambers & Tanks polypropylene annually Significant cost advantage as cost of recycled material is less volatile than virgin material 98% Established strategi
Slide 62: Capacity Investments Support Growth
Capacity Investments Support Growth Targeted investments in $175M tooling, equipment, invested since 2020 automation, and facility expansion to support long - term market demand and improve operational flexibility. Investments made to increase capacity, creating meaningful embedded growth capacity a
Slide 63: Advanced Automation Driving Operational Excellence
ADVANCED AUTOMATION DRIVING OPERATIONAL EXCELLENCE 63
Slide 64: Automation Investments
Automation Investments FY22 vs. FY26 - 16% +21% 57% Safety Labor Cost Capacity Improvement Targeted investments in automation are improving safety, productivity, and scalability across our operations 64
Slide 65: Key Wastewater Themes
Key Wastewater Themes Pure - Play Differentiated Resilient Water Exposure Growth Strategy Platform • Industry leader in onsite wastewater • Strong innovation platform driving • Industry leading manufacturing • Comprehensive portfolio covering new product growth capabilities the full wastewater lifec
Slide 66: Break
Break 66
Slide 67: Innovation & the Future of Water Management Solutions
Innovation & the Future of Water Management Solutions Mike Higgins Bret Martz Craig Taylor Pat Coyle VP, Corporate Strategy & EVP, Sales President, Infiltrator EVP, Supply Chain Investor Relations 67
Slide 68: Fiscal '30 Vision
Scott Cottrill Fiscal ’30 Vision EVP, CFO 68
Slide 69: Key Takeaways
Key Takeaways Completed another year of outperformance in Fiscal 2026 Beat expectations on revenue and profitability Resilient platform driving outstanding profitability Demonstrated ability to preserve margins through the cycle Strong cash generation a differentiator in capital deployment M&A as an
Slide 70: Unique and Compelling Water Investment Opportunity
Unique and Compelling Water Investment Opportunity FY26 Highlights Non - Residential Residential Construction Construction 46% 37% $3.05B $963M Sales by Net Sales, +5% YoY Adj EBITDA, +8% YoY end market Infrastructure Construction International Agriculture 6% 31.6% $819M 6% 5% Cash Flow from EBITDA
Slide 71: Robust and Flexible Balance Sheet Enables Capital Deployment
Robust and Flexible Balance Sheet Enables Capital Deployment Significant capacity to support disciplined FY26 Highlights capital allocation Investment grade spreads with high yield $950M 1.6x flexibility Liquidity Leverage Debt is 65% fixed, 35% floating No significant maturities until Fiscal 2031 6
Slide 72: Strong Results that Enable Future Growth
Strong Results that Enable Future Growth Revenue Adj. EBITDA Cash From Operations $3,050 $819 $2,769 $963 $676 $1,330 $275 $210 $137 FY18 FY22 FY26 FY18 FY22 FY26 FY18 FY22 FY26 16% 24% 32% 65% 41% 85% Adj. EBITDA Margin Conversion from Adj. EBITDA Converting sales growth into improved profitability
Slide 73: Fiscal Year 2030 Vision
Fiscal Year 2030 Vision Revenue Adj. EBITDA Cash From Operations >$4B >$900M >$1.2B $819 $3,050 $2,769 $963 $676 $1,330 $275 $210 $137 FY18 FY22 FY26 FY30 FY18 FY22 FY26 FY30 FY18 FY22 FY26 FY30 >8% >30% >70%+ Organic Growth Adj. EBTIDA Margin of Adj. EBITDA See appendix for reconciliations of Non -
Slide 74: Resilient Platform Delivering Shareholder Returns
Resilient Platform Delivering Shareholder Returns 3- Year Total Shareholder Return vs. Water Peers 10- Year Total Shareholder Return vs. Water Peers* Return from June 9, 2023 to June 9 , 2026 Return from June 9, 2016 to June 9 , 2026 458.2% 30.3% 22.6% 20.0% 224.0% 124.8% ADS Water Peers Building Pr
Slide 75: Disciplined Approach to Capital Allocation
Disciplined Approach to Capital Allocation FY19 - FY22 FY23 - FY26 Dividends Dividends 10% M&A 6% M&A 58% 40% Share Repurchases Share Repurchases Growth Growth 15% 29% ~$2B 75% >$3B 65% in Capital Allocated in Capital Allocated FY19 – FY22 FY23 – FY26 Capital Expenditures 17% Capital Expenditures 25
Slide 76: Significant Opportunity to Deploy Capital
Significant Opportunity to Deploy Capital Deployment Priorities Leverage • Innovation & Capacity Allocable new products Capital Capital • Productivity & capacity Acquisitions and $5B Expenditures • Safety • Allied + Infiltrator Available to deploy Share Repurchases • Relatedness Operating Strategic
Slide 77: ADS Value Creation Framework
ADS Value Creation Framework Strong Above Best in Class Operating Cash Market Growth Profitability Flow Generation >8% >30% >70% Organic Adj. EBITDA of Adj. Growth Margin EBITDA Reinvest in organic business to drive profitable growth $5B Available for M&A & Share Buyback Multiple levers to create va
Slide 78: Scaled and Disciplined Approach to Future Acquisitions
Scaled and Disciplined Approach to Future Acquisitions Disciplined framework to ensure Relatedness Attractiveness strategic fit with clear objectives • Established criteria • Close to core water • Strong secular growth markets drivers • Dedicated resources • Customer sharing • Size of market • Activ
Slide 79: Scaled and Disciplined Approach to Future Acquisitions
Scaled and Disciplined Approach to Future Acquisitions Deploying ~40% or $2B of >10% available capital to acquisitions CAGR amplifies growth >8% +LSD to CAGR +MSD +MSD +LSD +LSD to $3.05B +MSD FY26 Market Growth Conversion High Growth FY30 M&A Potential Products Deploying capital to acquisitions rei
Slide 80: A Unique and Compelling Investment Opportunity
A Unique and Compelling Scott Barbour Investment Opportunity President & CEO 80
Slide 81: ADS Value Creation Framework
ADS Value Creation Framework Strong Above Best in Class Operating Cash Market Growth Profitability Flow Generation >8% >30% >70% Organic Adj. EBITDA of Adj. Growth Margin EBITDA Reinvest in organic business to drive profitable growth $5B Available for M&A and Share Buybacks Multiple levers to create
Slide 82: Q&A
Q&A 82
Slide 83: Appendix
Appendix 85
Slide 84: Reconciliations
/IBDS. Reconciliations Adjusted EBITDA & Adjusted EBITDA Margin Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal (in thousands) 2026 2025 2024 2023 2022 2021 2020 2018 2016 Net income from continuing operations $ 429,863 $ 452,573 $ 513,291 $ 511,353 $ 275,026 $ 226,090 $ (191,797) $ 6
Slide 85: Reconciliations
Reconciliations ‘Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin ‘Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin (in thousands) Not sales from external customers Intersegment net sales Net sales Significant segment expenses: Cost of goods sold Selling, general and administrati
Slide 86: Reconciliations
Reconciliations 88 1. Other acquisitions includes Cultec, River Valley Pipe and Jet Polymer.