Slides
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Third Quarter 2025 Earnings Call October 29, 2025
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2 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally use words such as "expect," "foresee," "anticipate," "believe," "project," "should," "estimate," "will," "plans," "intends," "forecast," and similar expressions, and reflect our expectations concerning the future. Such statements are made based on known events and circumstances at the time of publication and, as such, are subject in the future to unforeseen risks and uncertainties. It is possible that our future performance may differ materially from current expectations expressed in these forward- looking statements, due to a variety of factors such as: increasing price and product/service competition by foreign and domestic competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; our mix of products/services; increases in raw material costs that cannot be recovered in product pricing; domestic and foreign governmental and public policy changes including environmental and industry regulations; the ability of our customers to maintain appropriate labor levels under U.S. immigration laws, policies and practices; the ability to meet our goals relating to our intended reduction of greenhouse gas emissions, including our net zero commitments; threats associated with and efforts to combat terrorism; protection and validity of patent and other intellectual property rights; the identification of strategic acquisition targets and our successful completion of any transaction and integration of our strategic acquisitions; our successful completion of strategic dispositions; the cyclical nature of our businesses; the impact of information technology, cybersecurity, artificial intelligence or data security breaches at our businesses or third parties; the outcome of pending and future litigation and governmental proceedings; the emergence or continuation of widespread health emergencies; and the other factors discussed in the reports we file with or furnish to the Securities and Exchange Commission from time to time. In addition, such statements could be affected by general industry and market conditions and growth rates, the condition of the financial and credit markets and general domestic and international economic conditions, including inflation, interest rate and currency exchange rate fluctuations, and tariffs. Further, any conflict in the international arena, including the Russian invasion of Ukraine and war in the Middle East, may adversely affect general market conditions and our future performance. Any forward-looking statement speaks only as of the date on which that statement is made, and we undertake no duty to update any forward-looking statement to reflect events or circumstances, including unanticipated events, after the date on which that statement is made, unless otherwise required by law. New factors emerge from time to time and it is not possible for management to predict all of those factors, nor can it assess the impact of each of those factors on the business. The slides contained in this presentation refer to certain non-GAAP financial measures. The Company believes that providing these non-GAAP financial measures enhances the Company’s and investors’ understanding of the Company’s and its segments’ financial performance. Non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Please refer to the appendix for the Company’s definitions of its non-GAAP financial measures, which may not be comparable to similarly titled measures reported by other companies, and reconciliations of historical non-GAAP financial measures to the most comparable GAAP financial measures. The Company is not providing reconciliations for forward-looking non-GAAP financial measures because the Company does not provide GAAP financial measures on a forward-looking basis as the Company is unable to predict with reasonable certainty the ultimate outcome of adjusted items without unreasonable effort. These items are uncertain, depend on various factors, and could be material to the Company’s financial results computed in accordance with GAAP. Forward Looking Statements & Non-GAAP Financial Measures
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3 • Increased revenues +1% year-over-year • Returned $347 million to shareholders through dividends and share repurchases • Marked the 49th consecutive annual dividend increase • Continued focus on investing in innovation, operational excellence through COS, enhancing the Carlisle Experience, and synergistic M&A • Revising FY 2025 outlook to flat revenue year-over-year with adj. EBITDA margin down 250 basis points from 2024 • Increasing share buyback target to $1.3 billion for the year $5.61 Adj. EPS* 25.9% Adj. EBITDA Margin* $1.3B Revenues * Reference the financial reconciliations of non-GAAP financial measures to the related GAAP financial measures. Third Quarter 2025 Overview Resilient third quarter performance despite a challenging macroeconomic environment
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4 Revenue +1% (-2% Organic*) Adj. EBITDA Margin* -170 bps Adj. EPS* -3% • M&A contribution • Strong commercial re-roofing • Lower volumes due to headwinds in new construction and residential R&R • Volume deleverage • Investments in innovation • Enhancements to the Carlisle Experience • Lower organic earnings • Higher net interest expense • Share repurchases • Accretive acquisitions Third Quarter 2025 Results Contributions from M&A and solid commercial re-roofing offset by soft new construction activity $1,334M $1,347M 3Q24 3Q25 27.6% 25.9% 3Q24 3Q25 $5.78 $5.61 3Q24 3Q25 * Reference the financial reconciliations of non-GAAP financial measures to the related GAAP financial measures.
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5 $998M $1,001M 3Q24 3Q25 32.8% 30.2% 3Q24 3Q25 $328M $303M 3Q24 3Q25 Carlisle Construction Materials (CCM) Segment Results Solid re-roofing demand offset by weaker new construction and changes in distribution channel Notable Revenue Drivers: • Stable recurring re-roof activity offset by new construction headwinds • Near-term volatility in the distribution channel Adjusted EBITDA Margin Change: • Materials inflation driven by ATO and TCPP • Investments in innovation and Carlisle Experience enhancements Revenue +0.3% (0% Organic*) Adj. EBITDA* -8% Adj. EBITDA Margin* -260 bps * Reference the financial reconciliations of non-GAAP financial measures to the related GAAP financial measures.
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6 Notable Revenue Drivers: • Plasti-Fab, ThermaFoam, and Bonded Logic acquisitions • Lower volumes due to continued market softness Adjusted EBITDA Margin Change: • Deleverage on lower volume Carlisle Weatherproofing Technologies (CWT) Segment Results Contributions from recent acquisitions offset by continued market softness Revenue +3% (-8% Organic*) Adj. EBITDA* -13% Adj. EBITDA Margin* -330 bps $335M $346M 3Q24 3Q25 $69M $60M 3Q24 3Q25 20.7% 17.4% 3Q24 3Q25 * Reference the financial reconciliations of non-GAAP financial measures to the related GAAP financial measures.
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7 * Reference the financial reconciliations of non-GAAP financial measures to the related GAAP financial measures. $5.61$5.78 $(0.42) $0.07 $0.43 $(0.25) 3Q24 Adj. EPS* Organic Acquisitions Share RepurchasesNet Interest/Tax 3Q25 Adj. EPS* Third Quarter 2025 Adjusted EPS* Bridge Organic earnings decline and higher net interest expense offset by share repurchases and M&A
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8 Net Debt to EBITDA* Ratio 1.4x Within 1.0x-2.0x target Debt Profile Total Liquidity $2.1B Including cash of $1.1B and $1.0B available under revolver as of 9/30/2025 Debt Maturity Schedule 2027 2030 2032 2035 2040 Senior Note $600M 3.75% Senior Note $750M 2.75% Senior Note $550M 2.20% 3.8% Weighted Average Interest Rate 18.7x EBITDA to Interest Ratio* 7.1 Years Weighted Average Maturity * Reference the financial reconciliations of non-GAAP financial measures to the related GAAP financial measures. Third Quarter 2025 Liquidity Strong balance sheet to execute growth and high-return capital deployment strategy Senior Note $500.0 5.25% Senior Note $500.0 5.55%
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9 Third Quarter 2025 Cash Flow Performance On track to exceed Vision 2030 target FCF margin of 15%+ for FY 2025 $329M $426M $662M $712M $309M $393M $597M $620M$19M $34M $64M $91M Operating Cash Flow*Capital Expenditures*Free Cash Flow* 3Q24 3Q25 YTD24 YTD25 * Continuing Operations; Reference the financial reconciliations of non-GAAP financial measures to the related GAAP financial measures.
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10 • CCM revenue down LSD in Q4 on continued strength in re-roofing offset by new construction headwinds • CWT revenue up LSD in Q4 on acquisitions of Plasti-Fab, ThermaFoam, and Bonded Logic • Additional Items: • Corporate & Unallocated Expense: ~$90M • Capital Expenditures: ~$130M • Depreciation and Amortization: ~$195M • Net Interest Expense: $50M-$55M • Base Tax Rate: 23-24% 2025 Full-Year Growth Outlook Revising FY 2025 outlook to flat revenue with adj. EBITDA margins down 250 bps Primary Drivers ~25% ROIC Flat Revenue Growth -250 bps Adj. EBITDA Margin Compression 15%+ FCF Margin
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11 Financial Track Record Tells the Story Sustaining building products segment margins through cycles and delivering consistent growth $1,472 $1,126$1,224$1,484$1,696$1,777$1,935$2,003$2,053$2,336 $2,880$3,233$2,996 $3,837 $5,449 $4,587 $5,004 $182 $182 $183 $205 $309 $295 $304 $388 $467 $473 $514 $672 $683 $824 $1,479 $1,262 $1,432 Segment Adj. EBITDA Margin*Revenue* Segment Adj. EBITDA* 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 12.3% 16.2% 14.9% 13.8% 18.2% 16.6% 15.7% 19.3% 22.7% 20.2% 17.8% 20.8% 22.8% 21.5% 27.1% 27.5% 28.6% Post Pandemic Supply Chain Disruptions Covid-19 Pandemic Global Financial Crisis * Combined results of CCM + CWT. Reference the financial reconciliations of non-GAAP financial measures to the related GAAP financial measures. Note: 2025 reflects the Company's latest guidance expectations. ~26% ~$5.0B
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13 Non-GAAP Financial Measures The Company uses the following definitions of financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”): 1. Organic revenue: Revenues excluding revenue from acquisitions completed in the last 12 months and the impact of changes in foreign exchange rates versus the U.S. Dollar 2. Free cash flow: Net cash provided by operating activities less capital expenditures 3. Free cash flow margin: Free cash flow from continuing operations divided by total revenues 4. EBIT: Net income excluding income/loss from discontinued operations, interest expense, interest income, and provision for income taxes 5. Adjusted EBIT: EBIT excluding gains/losses and costs from acquisitions, dispositions, restructuring, impairment, casualty losses and insurance recoveries, legal settlements, pension settlements, and debt extinguishment 6. Adjusted EBITDA: Adjusted EBIT excluding depreciation and amortization 7. Adjusted EBITDA margin: Adjusted EBITDA divided by total revenues 8. Adjusted net income: Net income excluding income/loss from discontinued operations; gains/losses and costs from acquisitions, dispositions, restructuring, impairment, casualty losses and insurance recoveries, legal settlements, pension settlements, and debt extinguishment; acquisition-related amortization; and discrete tax items 9. Adjusted EPS: Diluted EPS excluding the impact per share of income/loss from discontinued operations; gains/losses and costs from acquisitions, dispositions, restructuring, impairment, casualty losses and insurance recoveries, legal settlements, pension settlements, and debt extinguishment; acquisition-related amortization; and discrete tax items 10. ROIC: EBIT excluding acquisition-related amortization less the tax impact (provision for income taxes plus the tax impact of interest expense, interest income, and acquisition-related amortization at a base rate of 25%) divided by average invested capital (stockholders' equity plus debt, less cash, less equity of businesses held for sale) 11. Net debt to EBITDA: Net debt per debt covenants (total senior note debt less cash) divided by EBITDA per debt covenants (income from continuing operations excluding interest expense, income tax expense, depreciation, amortization, and non-cash stock compensation expense) 12. EBITDA to interest: EBITDA per debt covenants divided by interest expense
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14 Reconciliation to Organic Revenue Three Months Ended September 30, (in millions, except percentages) CSL CCM CWT 2024 Revenues (GAAP) $ 1,333.6 $ 998.2 $ 335.4 Organic (28.5) (2.1) % (0.2) — % (28.3) (8.4) % Acquisitions 38.9 2.9 % — — % 38.9 11.6 % FX impact 2.9 0.2 % 2.8 0.3 % 0.1 — % Total change 13.3 1.0 % 2.6 0.3 % 10.7 3.2 % 2025 Revenues (GAAP) 1,346.9 1,000.8 346.1
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15 Reconciliation to Free Cash Flow Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2025 2024 2025 2024 Operating cash flow (GAAP) $ 426.9 $ 312.8 $ 715.8 $ 659.7 Less: operating cash flow from discontinued operations 0.7 (15.9) 4.2 (1.8) Operating cash flow from continuing operations $ 426.2 $ 328.7 $ 711.6 $ 661.5 Capital expenditures (GAAP) $ (33.5) $ (19.3) $ (91.3) $ (76.7) Less: capital expenditures at discontinued operations — — — (12.4) Capital expenditures at continuing operations $ (33.5) $ (19.3) $ (91.3) $ (64.3) Operating cash flow from continuing operations $ 426.2 $ 328.7 $ 711.6 $ 661.5 Capital expenditures at continuing operations (33.5) (19.3) (91.3) (64.3) Free cash flow from continuing operations $ 392.7 $ 309.4 $ 620.3 $ 597.2 Revenues $ 1,346.9 $ 1,333.6 $ 3,892.2 $ 3,880.7 Free cash flow margin 29.2 % 23.2 % 15.9 % 15.4 %
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16 Reconciliation to Adjusted EBITDA Senior Note $350 M 3.75% Senior Note $300 M 0.55% Senior Note $400 M 3.50% Senior Note $600 M 3.75% Senior Note $750 M 2.75% Three Months Ended September 30, (in millions, except percentages) 2025 2024 Net income (GAAP) $ 214.2 $ 244.3 Less: Income from discontinued operations 0.7 (2.3) Income from continuing operations (GAAP) 213.5 246.6 Provision for income taxes 64.3 74.9 Interest expense 21.3 18.6 Interest income (6.8) (22.6) EBIT 292.3 317.5 Plus (gains)/losses and costs from: Acquisitions 0.6 2.7 Dispositions — (0.3) Restructuring 2.8 1.9 Legal settlements 1.1 1.5 Pension settlements 2.1 — Total non-comparable items 6.6 5.8 Adjusted EBIT 298.9 323.3 Depreciation 19.2 17.5 Amortization 30.6 27.1 Adjusted EBITDA 348.7 367.9 Divided by: Total revenues $ 1,346.9 $ 1,333.6 Adjusted EBITDA margin 25.9 % 27.6 %
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17 Reconciliation to Segment Adjusted EBITDA Senior Note $350 M 3.75% Senior Note $300 M 0.55% Senior Note $400 M 3.50% Senior Note $600 M 3.75% Senior Note $750 M 2.75% Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 (in millions, except percentages) CCM CWT Corporate and unallocated CCM CWT Corporate and unallocated Operating income (loss) (GAAP) $ 280.3 $ 29.6 $ (16.0) $ 303.0 $ 46.8 $ (33.4) Non-operating expense (income), net 0.5 0.1 1.0 (0.5) 0.3 (0.9) EBIT 279.8 29.5 (17.0) 303.5 46.5 (32.5) Plus (gains) / losses and costs from: Acquisitions — 0.7 (0.1) 0.1 — 2.6 Dispositions 0.1 (0.1) — (0.1) (0.2) — Restructuring 0.1 2.7 — 1.3 0.6 — Legal settlements — 1.1 — 1.0 0.5 — Pension settlements — — 2.1 — — — Total non-comparable items 0.2 4.4 2.0 2.3 0.9 2.6 Adjusted EBIT 280.0 33.9 (15.0) 305.8 47.4 (29.9) Depreciation 13.4 5.4 0.4 13.0 4.1 0.4 Amortization 9.2 20.9 0.5 8.8 17.8 0.5 Adjusted EBITDA $ 302.6 $ 60.2 $ (14.1) $ 327.6 $ 69.3 $ (29.0) Divided by: Total revenues $ 1,000.8 $ 346.1 $ — $ 998.2 $ 335.4 $ — Adjusted EBITDA margin 30.2 % 17.4 % NM 32.8 % 20.7 % NM
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18 Reconciliation to Adjusted EBITDA - Building Products(1) Senior Note $350 M 3.75% Senior Note $300 M 0.55% Senior Note $400 M 3.50% Senior Note $600 M 3.75% Senior Note $750 M 2.75% Year Ended December 31, (in millions, except percentages) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Operating income (loss) (GAAP) $ 151.1 $ 155.1 $ 159.1 $ 178.2 $ 273.4 $ 264.3 $ 269.8 $ 351.1 $ 430.3 $ 421.9 $ 435.4 $ 576.0 $ 581.6 $ 684.3 $ 1,303.6 $ 1,101.8 $ 1,257.9 Non-operating expense (income), net — (0.1) (0.1) 0.3 — 0.3 0.9 — (0.1) 0.8 (0.1) 0.5 3.8 2.1 2.8 (0.2) (0.5) EBIT 151.1 155.2 159.2 177.9 273.4 264.0 268.9 351.1 430.4 421.1 435.5 575.5 577.8 682.2 1,300.8 1,102.0 1,258.4 Plus (gains) / losses and costs from: Acquisitions — — — 3.0 1.9 — — — 0.5 9.5 2.2 2.6 0.1 24.4 — 0.5 4.6 Dispositions — 0.3 — — 5.1 (0.3) — — — — (1.8) 0.1 7.0 2.2 0.3 2.9 (0.4) Restructuring 1.6 — — — 0.8 0.9 0.9 — — — — 0.3 1.0 0.5 0.2 7.8 2.9 Impairment 4.2 1.6 — — — — — — — — — — — — 25.0 1.8 — Casualty losses and insurance recoveries — — — — — — — — — — — — (0.7) 0.7 0.3 — (5.0) Legal settlements — — — — — (0.6) — — — — — — — — — 1.5 2.6 Total non-comparable items 5.8 1.9 — 3.0 7.8 — 0.9 — 0.5 9.5 0.4 3.0 7.4 27.8 25.8 14.5 4.7 Adjusted EBIT 156.9 157.1 159.2 180.9 281.2 264.0 269.8 351.1 430.9 430.6 435.9 578.5 585.2 710.0 1,326.6 1,116.5 1,263.1 Depreciation 23.6 23.8 22.2 21.5 22.5 25.4 28.6 31.2 31.1 31.7 37.5 43.2 48.2 52.3 62.8 62.5 68.6 Amortization 1.2 1.2 1.1 2.2 5.4 5.6 6.0 5.2 4.5 10.2 40.4 50.7 49.8 61.7 89.9 82.6 100.4 Adjusted EBITDA $ 181.7 $ 182.1 $ 182.5 $ 204.6 $ 309.1 $ 295.0 $ 304.4 $ 387.5 $ 466.5 $ 472.5 $ 513.8 $ 672.4 $ 683.2 $ 824.0 $ 1,479.3 $ 1,261.6 $ 1,432.1 Divided by: Total revenues $ 1,472.3 $ 1,125.9 $ 1,223.6 $ 1,484.0 $ 1,695.8 $ 1,776.5 $ 1,935.4 $ 2,002.6 $ 2,052.6 $ 2,336.2 $ 2,880.3 $ 3,233.3 $ 2,995.6 $ 3,836.7 $ 5,449.4 $ 4,586.9 $ 5,003.6 Adjusted EBITDA margin 12.3 % 16.2 % 14.9 % 13.8 % 18.2 % 16.6 % 15.7 % 19.3 % 22.7 % 20.2 % 17.8 % 20.8 % 22.8 % 21.5 % 27.1 % 27.5 % 28.6 % (1) Represents combined results of CCM and CWT
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19 Reconciliation to Adjusted EPS Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 (in millions, except per share amounts) Pre-tax Impact Post-tax Impact(1) Impact to Diluted EPS(2) Pre-tax Impact Post-tax Impact(1) Impact to Diluted EPS(2) Net income (GAAP) $ 214.2 $ 4.98 $ 244.3 $ 5.25 Less: Income from discontinued operations (GAAP) 0.7 0.01 (2.3) (0.05) Income from continuing operations (GAAP) 213.5 4.97 246.6 5.30 Plus (gains)/losses and costs from: Acquisitions 0.6 0.5 0.01 2.7 2.0 0.04 Dispositions — — — (0.3) (0.2) — Restructuring 2.8 2.2 0.05 1.9 1.5 0.03 Legal settlements 1.1 0.8 0.02 1.5 1.1 0.03 Pension settlements 2.1 1.6 0.04 — — — Acquisition-related amortization(3) 28.7 22.1 0.51 25.4 19.2 0.41 Discrete tax items(4) — 0.5 0.01 — (1.3) (0.03) Total adjustments 27.7 0.64 22.3 0.48 Adjusted net income $ 241.2 $ 5.61 $ 268.9 $ 5.78 (1)The impact to net income reflects the tax effect of noted items, which is based on the statutory rate in the jurisdiction in which the expense or income is deductible or taxable. (2)The per share impact of adjustments to each period is based on diluted shares outstanding using the two-class method. (3)Acquisition-related amortization includes the amortization of customer relationships, technology, trade names and other intangible assets recorded in purchase accounting in connection with a business combination. These intangible assets contribute to revenue generation and the amortization of these assets will recur until such intangible assets are fully amortized. (4)Discrete tax items include current period tax expense or benefit related to prior year items, excess tax benefits from stock compensation, the tax impact of foreign currency gains and losses, or changes in tax laws or rates.
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20 Reconciliation of Debt Covenant Ratios (in millions, except ratios) LTM 9/30/2025 Income from continuing operations (GAAP) $ 771.5 Income tax expense 206.9 Interest expense 68.1 Depreciation and amortization 192.5 Non-cash stock-based compensation expense 34.5 EBITDA per debt covenants $ 1,273.5 Consolidated interest expense $ 68.1 Total senior note debt $ 2,900.0 Less: cash 1,105.0 Net debt per debt covenants $ 1,795.0 Net debt to EBITDA per debt covenants 1.4x EBITDA per debt covenants to interest 18.7x