Carlisle Companies Incorporated · NYSE:CSL
Carlisle Companies — Q4 2025 Earnings Presentation
26 slides from Carlisle Companies's earnings presentation, Feb 3, 2026
Slide 1: Fourth Quarter 2025 Earnings Call
Fourth Quarter 2025 Earnings Call February 3, 2026
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: Full Year 2025 Overview
Full Year 2025 Overview Executing on strategic priorities in challenging conditions • Achieved return on invested capital of 24.2% $5.0B • Generated strong operating cash flow of $1.1 billion Revenues and free cash flow of $972 million • Returned $1.5 billion to shareholders through dividends and sh
Slide 4: Fourth Quarter 2025 Overview
Fourth Quarter 2025 Overview Navigating market challenges with operational excellence • Generated revenue of $1.1 billion and adjusted EPS of $3.90 $1.1B Revenues • Returned $346 million to shareholders through dividends and share repurchases in Q4 22.1% • Advanced strategic initiatives to strengthe
Slide 5: Clear Path to Achieve Vision 2030
Strong Positioning in an Attractive Market Carlisle's business model is at the forefront of secular mega trends STRATEGIC POSITION AVERAGE AGE OF EXISTING ROOFS DRIVE FOR ENERGY • Leading commercial market share Clear Path EFFICIENCY • Investment in innovation driving new, more efficient products an
Slide 6: Vision 2030 Key Pillars
Vision 2030 Key Pillars Driving above market growth to unlock additional shareholder value Carlisle Operating System • Drive operational excellence The Carlisle Experience • Win with customers through exceptional service Innovation • Advance energy-efficient and labor savings systems & solutions Str
Slide 7: Vision 2030 Financial Targets
Vision 2030 Financial Targets Best-in-Class Financial Performance $40+ ADJ. EPS 25%+ ROIC Mid Teen CAGR Maintain Superior Returns 5%+ 25%+ 15%+ ORGANIC REVENUE CAGR ADJ. EBITDA MARGIN FCF MARGIN Above Market Growth Resilient Performance Cash Generation Engine 7
Slide 8: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results M&A contributions and solid commercial re-roofing demand offset new construction weakness Revenue Adj. EBITDA Margin* Adj. EPS* +0.4% (-3% Organic*) -300 bps -13% 25.1% $4.47 $1,123M $1,128M 22.1% $3.90 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 • M&A contributions • Volume deleverage
Slide 9: Carlisle Construction Materials (CCM) Segment Results
Carlisle Construction Materials (CCM) Segment Results Solid re-roofing demand limited macroeconomic pressures on new construction Revenue Adj. EBITDA* Adj. EBITDA Margin* -0.8% (-1% Organic*) -10% -260 bps $834M $827M $245M 29.4% $222M 26.8% 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 Notable Revenue Drivers: • S
Slide 10: Carlisle Weatherproofing Technologies (CWT) Segment Results
Carlisle Weatherproofing Technologies (CWT) Segment Results Well-positioned to capitalize on the growing need for energy-efficient weatherproofing solutions Revenue Adj. EBITDA* Adj. EBITDA Margin* +4% (-7% Organic*) -10% -240 bps $289M $301M $53M $48M 18.3% 15.9% 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 Notab
Slide 11: Fourth Quarter 2025 Adjusted EPS Bridge
Fourth Quarter 2025 Adjusted EPS* Bridge Share repurchases and M&A partially offset organic earnings decline and higher net interest $4.47 $0.32 $0.03 $3.90 $(0.62) $(0.30) 4Q24 Adj. EPS* Organic Acquisitions Share Repurchases Net Interest/Tax 4Q25 Adj. EPS* 11 * Reference the financial reconciliati
Slide 12: Full Year 2025 Adjusted EPS Bridge
Full Year 2025 Adjusted EPS* Bridge Share repurchases and M&A partially offset organic earnings decline and higher net interest $20.20 $1.61 $19.40 $0.30 $(0.56) $(2.15) FY24 Adj. EPS* Organic Acquisitions Share Repurchases Net Interest/Tax FY25 Adj. EPS* 12 * Reference the financial reconciliations
Slide 13: Fourth Quarter 2025 Liquidity
Fourth Quarter 2025 Liquidity Strong balance sheet supporting strategic priorities and disciplined capital deployment strategy Debt Maturity Schedule Senior Total Liquidity Net Debt to Note EBITDA* Ratio $750M $2.1B 2.75% Including cash of $1.1B and 1.4x Senior Note Senior $600M Note $1.0B available
Slide 14: Fourth Quarter and Full Year 2025 Cash Flow Performance
Fourth Quarter and Full Year 2025 Cash Flow Performance Generated record free cash flow from continuing operations in 2025 $1,104M $1,039M $131M $101M $938M $972M $378M $392M $37M $40M $341M $352M 4Q24 4Q25 YTD24 YTD25 Operating Cash Flow* Capital Expenditures* Free Cash Flow* 14 * Continuing Operat
Slide 15: Full Year 2026 Outlook
Full Year 2026 Outlook Focused on executing our Vision 2030 strategy to grow revenues and expand margins Primary Drivers • CCM revenue up LSD YoY as recurring re-roofing demand offsets slower new construction activity +LSD +50 bps • CWT revenue up LSD YoY as share gain Revenue Adj. EBITDA initiative
Slide 16: Appendix
CARLISLE Appendix
Slide 17: 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 18: Reconciliation to Organic Revenue
Reconciliation to Organic Revenue Three Months Ended December 31, (in millions, except percentages) CSL CCM CWT 2024 Revenues (GAAP) $ 1,122.9 $ 833.6 $ 289.3 Organic (28.2) (2.5)% (9.0) (1.1)% (19.2) (6.6)% Acquisitions 30.4 2.7 % — —% 30.4 10.5 % FX impact 2.6 0.2 % 2.2 0.3 % 0.4 0.1 % Total chang
Slide 19: Reconciliation to Free Cash Flow
Reconciliation to Free Cash Flow Three Months Ended Year Ended December 31, December 31, (in millions) 2025 2024 2025 2024 Operating cash flow (GAAP) $ 386.0 $ 370.6 $ 1,101.8 $ 1,030.3 Less: operating cash flow from discontinued operations (6.0) (7.1) (1.8) (8.9) Operating cash flow from continuing
Slide 20: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Three Months Ended Year Ended December 31, December 31, (in millions, except percentages) 2025 2024 2025 2024 Net income (GAAP) $ 127.4 $ 162.8 $ 740.7 $ 1,311.8 Less: Income from discontinued operations (6.0) 0.4 (1.8) Senior 446.7 Income from continuing operations
Slide 21: Reconciliation to Segment Adjusted EBITDA
Reconciliation to Segment Adjusted EBITDA Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 Corporate Corporate and and (in millions, except percentages) CCM CWT unallocated CCM CWT unallocated Operating income (loss) (GAAP) $ 198.3 $ 13.6 $ (21.9) $ 223.3 $ 25.4 $ Senior (24
Slide 22: Reconciliation to Segment Adjusted EBITDA
Reconciliation to Segment Adjusted EBITDA Year Ended December 31, 2025 Year Ended December 31, 2024 Corporate Corporate and and (in millions, except percentages) CCM CWT unallocated CCM CWT unallocated Operating income (loss) (GAAP) $ 997.2 $ 101.9 $ (96.6) $ 1,084.3 $ 173.6 $ Senior (114.8) Non-ope
Slide 23: Reconciliation to Adjusted EPS
Reconciliation to Adjusted EPS Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 Pre-tax After-tax Impact to Pre-tax After-tax Impact to (in millions, except per share amounts) Impact Impact(1) Diluted EPS(2) Impact Impact(1) Diluted EPS(2) Net income (GAAP) $ 127.4 $ 3.05 $
Slide 24: Reconciliation to Adjusted EPS
Reconciliation to Adjusted EPS Year Ended December 31, 2025 Year Ended December 31, 2024 Pre-tax After-tax Impact to Pre-tax After-tax Impact to (in millions, except per share amounts) Impact Impact(1) Diluted EPS(2) Impact Impact(1) Diluted EPS(2) Net income (GAAP) $ 740.7 $ 17.12 $ 1,311.8 $ 27.82
Slide 25: Reconciliation of Debt Covenant Ratios
Reconciliation of Debt Covenant Ratios (in millions, except ratios) LTM 12/31/2025 Income from continuing operations (GAAP) $ 742.5 Income tax expense 206.3 Interest expense 78.5 Depreciation and amortization 196.5 Non-cash stock-based compensation expense 34.8 EBITDA per debt covenants $ 1,258.6 Co
Slide 26: Reconciliation to ROIC
Reconciliation to ROIC Year Ended (in millions, except percentages) December 31, 2025 Net income (GAAP) $ 740.7 Less: income (loss) from discontinued operations (GAAP) (1.8) Income from continuing operations (GAAP) 742.5 Provision for income taxes 206.3 Interest expense 78.5 Interest Income (25.9) E