Mueller Industries (MLI) Investor presentation summary

Business overview and market position

• Global manufacturer of copper, brass, and aluminum products with operations in North America, Europe, Asia, and the Middle East.

• Leading positions in HVAC/R, plumbing, electrical, and industrial end markets, supporting critical infrastructure.

• Number 1 or 2 in core products and key markets, with a vertically integrated model and low geopolitical risk exposure.

• Diverse product portfolio serving essential sectors such as construction, medical, defense, and energy.

• Three main reporting segments: Piping Systems, Industrial Metals, and Climate, with strong operating margins, especially in Piping Systems and Climate.

Financial performance and shareholder returns

• 2025 revenue reached $4.2B with EBITDA of $1.0B and a net cash position of $1.4B.

• Return on average invested capital at 22% and total shareholder return CAGR of 19% from 2010 to 2026.

• Consistent profitability and strong cash flow generation across economic cycles, with $755M cash from operations in 2025.

• Peer-leading returns on equity (22%) and invested capital (24.4%) as of 2026.

• Dividend growth with a 40% increase to $0.35 per share in Q1 2026 and 22 consecutive years of quarterly payments.

Strategic priorities and growth initiatives

• 2030 ambition to double operating income to $1.5B, leveraging a diversified portfolio and strong balance sheet.

• Focus on investing in core products, expanding downstream capabilities, and accelerating growth through acquisitions and capital investments.

• Capital investments of $300–$500M over 3–5 years to modernize manufacturing, expand capacity, and enhance distribution.

• Acquisition of Bison Metals Technologies to expand domestic copper tube capacity and support strategic priorities.

• Effective capital deployment with $1.74B invested from 2021–2026 in capex, acquisitions, and shareholder returns.