Mueller Industries (MLI) Investor presentation summary

Business and market exposure

• Global manufacturer of copper, brass and aluminum products serving HVAC/R, plumbing, electrical, industrial and OEM markets across North America, Europe, Asia and the Middle East.

• FY2025 segment sales: Piping Systems $2,708M, Industrial Metals $1,023M and Climate $498M; operating margins were 28.5%, 10.3% and 29.1%, respectively.

• Building construction represented 77% of FY2025 net sales; adjacent markets contributed 23%.

• U.S. sales were 79% of FY2025 net sales, with EMEA 9%, Canada 8%, and Asia and Mexico 2% each; core products and key markets hold number 1 or 2 positions.

Financial performance and liquidity

• FY2025 net sales were $4.179B, operating income $958.5M, net income $765.2M and diluted EPS $6.86; operating income rose from $770.4M in 2024.

• Q3 2026 net sales increased to $1.42B from $1.08B YoY, supported by unit-volume growth across most of the business and material-cost-related price adjustments.

• Q3 2026 operating income was $281.6M versus $276.1M YoY; higher sales were partly offset by increased operating costs.

• Q3 2026 operating cash flow was $337.0M, and cash and short-term investments reached $1.48B.

• As of September 26, 2026, cash and short-term investments were ~$1.5B, available liquidity ~$1.6B, debt outstanding $5.2M, with no credit-facility borrowings.

2030 strategic plan

• 2030 ambition: $1.5B operating income, doubling the $770M 2024 baseline.

• Priorities are investing in core operations, expanding downstream capabilities through vertical integration, and accelerating growth in HVAC/R and Electrical through acquisitions and capital investments.

• Four market platforms are Water, Oil & Gas Infrastructure; HVAC/R; Electrical; and Industrial.

• Planned strategic projects total $300M-$500M over 3-5 years, including copper refining and tube technologies, aluminum capabilities, joining products and U.S. distribution expansion.

• Bison Metals Technologies acquisition expands U.S. copper-tube capacity, broadens industrial tube capabilities and supports domestic feedstock supply and cost position.