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MSA Safety (MSA) investor relations material

MSA Safety Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary5 Aug, 2025

Executive summary

  • Q2 2025 net sales reached $474M, up 3% year-over-year, with flat organic growth and adjusted EPS of $1.93, down 4% year-over-year; GAAP net income was $63M or $1.59 per diluted share.

  • Detection and fall protection segments led growth, while fire service and industrial PPE declined; backlog normalized but declined more than expected.

  • Completed $188M acquisition of M&C Tech Group, expanding detection capabilities and contributing $10.8M–$11M in Q2 sales; expected to add $0.10 to adjusted EPS for the year.

  • Returned capital to shareholders via $30M in Q2 share repurchases and increased annual dividend for the 55th consecutive year.

  • Published 2024 Impact Report, reaffirming protection of 40+ million workers and progress on sustainability goals.

Financial highlights

  • Gross margin was 46.6%, down from 48.2% year-over-year, mainly due to FX, inflation, and tariffs; adjusted operating margin was 21.4%, down 200 bps.

  • Adjusted EBITDA margin was 24.6% for Q2; free cash flow was $38M (60% conversion rate), with operating cash flow up over 25% year-over-year.

  • Net debt rose to $532M due to the M&C acquisition, with net leverage at 1.1x; cash balance at quarter-end was $147M.

  • Q2 2025 net income was $62.8M; diluted EPS was $1.59.

  • Six-month net sales were $895.5M (+2.2% year-over-year); six-month net income was $122.4M.

Outlook and guidance

  • Maintains low single-digit full-year organic sales growth outlook, with M&C expected to add ~2 points to revenue growth and $0.10 to adjusted EPS.

  • FX and tariff pressures expected to continue impacting gross margin in the second half; mitigating pricing actions underway.

  • Interest expense for the year expected to be $29M–$32M; tax rate expected at 24–25%.

  • Ongoing macroeconomic, tariff, and regulatory approval timing uncertainties present risks to growth.

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Frequently asked questions

MSA Safety Incorporated produces safety products that protect people and facility infrastructures. It offers air-purifying respirators and supplied air respirators, fall protection devices, gas monitors, combined safety and communications systems; detection instruments; thermal imaging cameras; self-contained breathing apparatus; fixed gas and flame detection systems, head protection products, portable gas detection instruments; rescue equipment; thermal imagers; and personal protective clothing. The company sells its products through distributors and sales representatives. MSA Safety Incorporated was founded in 1914 and is headquartered in Cranberry Township, Pennsylvania.

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