Mueller Water Products · NYSE:MWA
Mueller Water Products — Q4 FY2026 Earnings Presentation
22 slides from Mueller Water Products's earnings presentation, Nov 5, 2026
Slide 1: Fiscal 2026 Fourth Quarter Earnings Call
Fiscal 2026 Fourth Quarter Earnings Call November 5, 2026
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: Q4 FY2026 Highlights
Q4 FY2026 Highlights Fiscal 2026 (1) (y/y or bps. vs. Fiscal 2025) Delivered record FY2026 results and made meaningful progress Record for Fiscal Year Q4 FY2026 in strengthening the business $376.5M $1,475.0M Increased net sales 3.2%, reflecting benefits from enhanced Net Sales commercial execution
Slide 5: Portfolio optimization: transitioning metering business to strengthen Mueller
Portfolio optimization transitioning metering business is a decisive step to strengthen Mueller, increasing focus and further expanding margins Agreement to transition Mueller Systems’ metering business to ZENNER USA following a comprehensive strategic review Focuses resources on businesses with str
Slide 6: Consolidated Results
Consolidated Results Q4 FY2026 Net Sales ($M) Gross Profit ($M) Adj. EBITDA ($M) (2) Adj. Net Income % of Net Sales % of Net Sales per Diluted Share (2) -1.1% y/y -0.5% y/y +4.0% y/y +0.0% y/y +20 bps. +130 bps. +$0.00 $380.8 $376.5 $140.0 $139.3 36.8% 37.0% $95.5 $0.38 $0.38 $91.8 24.1% 25.4% Q4 FY
Slide 7: Segment Results
Segment Results Q4 FY2026 Water Flow Solutions (WFS) Water Management Solutions (WMS) Net Sales ($M) Adj. EBITDA ($M) (1) Net Sales ($M) Adj. EBITDA ($M) (1) % of Net Sales % of Net Sales -3.0% y/y +7.0% y/y +1.4% y/y -8.4% y/y +300 bps. -270 bps. $217.5 $210.9 $62.7 $67.1 $163.3 $165.6 28.8% 31.8%
Slide 8: Free Cash Flow
Free Cash Flow FY2026 Free Cash Flow ($M) (1) Increased free cash flow for the year $35.3M, or 20.5%, year-over-year to $250.0 $207.3M which is 84.2% of adj. net $200.0 income $191.4 $207.3 $150.0 $172.0 $100.0 Increased net cash provided by $50.0 operating activities for the year $61.4 $43.6M, or 1
Slide 9: Strong Balance Sheet and Liquidity with Ample Capacity and Flexibility
Strong Balance Sheet and Liquidity with Ample Capacity and Flexibility to Support Strategic Priorities Moody’s: Ba1 (Corporate and Notes), Stable Outlook Debt Maturities S&P: BB+ (Corporate and Notes), Stable Outlook Credit Rating $500 $400 $450M of 4.0% Senior Notes (mature June 2029) No debt finan
Slide 10: FY2027 Outlook Continues Margin Expansion
FY2027 Outlook Continues Margin Expansion with 110 bps. y/y increase in Adj. EBITDA Margin to 26.3% at midpoint Net Sales Adj. EBITDA Total SG&A Expenses Net Interest Expense $ 1,440M to $1,470M $ 378M to $388M $228M to $233M $3M to $5M Effective Income Tax Rate Depreciation and Amortization Capital
Slide 11: The Execution Engine Driving Sustainable Shareholder Value
How We Will Win Continuous Execution Accountability Improvement Our Strategic Priorities Operating System The Execution Engine Drive Above-Market Sales Growth Continue Margin Expansion Execute Disciplined Capital Allocation Driving Sustainable Shareholder Value Vision To be the leader in water infra
Slide 12: Mueller
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Slide 13: Supplemental Data
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Slide 14: Segment Results and Reconciliation of Non-GAAP to GAAP (Q4 2026)
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Quarter ended September 30, 2026 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 210.9 $ 165.6 $ — $ 376.5 Gross profit (1) $ 82.
Slide 15: Segment Results and Reconciliation of Non-GAAP to GAAP (Q4 2026)
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Quarter ended September 30, 2026 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 52.3 Income tax expense (4) 20.3 Interest expen
Slide 16: Segment Results and Reconciliation of Non-GAAP to GAAP (Q4 2025)
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Quarter ended September 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 217.5 $ 163.3 $ — $ 380.8 Gross profit (1) $ 80.
Slide 17: Segment Results and Reconciliation of Non-GAAP to GAAP (Q4 2025)
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Quarter ended September 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 52.6 Income tax expense (4) 16.1 Interest expen
Slide 18: Segment Results and Reconciliation of Non-GAAP to GAAP (FY2026)
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Water Year ended September 30, 2026 Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 817.5 $ 657.5 $ — $ 1,475.0 Gross profit (1) $ 329.
Slide 19: Segment Results and Reconciliation of Non-GAAP to GAAP (FY2026)
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Year ended September 30, 2026 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 221.9 Income tax expense (4) 65.0 Interest expense
Slide 20: Segment Results and Reconciliation of Non-GAAP to GAAP (FY2025)
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Water Year ended September 30, 2025 Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 824.9 $ 604.8 $ — $ 1,429.7 Gross profit (1) $ 296.
Slide 21: Segment Results and Reconciliation of Non-GAAP to GAAP (FY2025)
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) Year ended September 30, 2025 Water Water Flow Management Solutions Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 191.7 Income tax expense (4) 62.5 Interest expense
Slide 22: Mueller
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