Federal Signal (FSS) Investor presentation summary

Company overview and business segments

• Operates as a leading OEM in safety equipment and specialty vehicles, with two main segments: Environmental Solutions Group (ESG, 84% of FY25 net sales) and Safety and Security Systems Group (SSG, 16%).

• Maintains a healthy product portfolio and resilient end-market exposure, supported by a disciplined M&A strategy and a target of 100% annual cash conversion.

• Employs approximately 5,800 people globally, with 27 manufacturing locations and 16 acquisitions since 2016.

Financial performance and outlook

• Achieved a net sales CAGR of ~13% from 2016 to 2025, with organic growth at ~7%.

• 2025 net sales reached $2.18bn, with adjusted EBITDA margin rising to 20.1%.

• 2026 outlook projects net sales of $2.55bn–$2.65bn and adjusted EPS of $4.50–$4.80, representing double-digit growth.

• Average cash conversion over the past five years was 102%, and Q4 2025 net debt leverage stood at 1.1x.

Product and service offerings

• ESG provides vacuum trucks, street sweepers, industrial cleaning, dump truck bodies, refuse collection, and more.

• SSG focuses on public safety equipment, signaling, and warning systems.

• Aftermarket services represent ~25% of ESG net sales, with a 14% CAGR from 2015–2025.