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Third Quarter 2025 Earnings Presentation October 29, 2025
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2 Safe Harbor Statement This presentation contains statements that reflect our views about our future performance and constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “outlook,” “believe,” “anticipate,” “appear,” “may,” “will,” “should,” “intend,” “plan,” “estimate,” “expect,” “assume,” “seek,” “forecast,” and similar references to future periods. Our views about future performance involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. We caution you against relying on any of these forward-looking statements. Our future performance may be affected by the levels of residential repair and remodel activity, and to a lesser extent, new home construction, our ability to maintain our strong brands, to develop innovative products and respond to changing consumer purchasing practices and preferences, our ability to maintain our public image and reputation, our ability to maintain our competitive position in our industries, our reliance on key customers, the cost and availability of materials, our dependence on suppliers and service providers, extreme weather events and changes in climate, risks associated with our international operations and global strategies, the impact on demand, pricing and product costs resulting from tariffs, our ability to achieve the anticipated benefits of our strategic initiatives, our ability to successfully execute our acquisition strategy and integrate businesses that we have acquired and may in the future acquire, our ability to attract, develop and retain a talented workforce, risks associated with cybersecurity vulnerabilities, threats and attacks and risks associated with our reliance on information systems and technology. These and other factors are discussed in detail in Item 1A. "Risk Factors" in our most recent Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and in other filings we make with the Securities and Exchange Commission. Any forward-looking statement made by us speaks only as of the date on which it was made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise.
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3 Agenda 1 Summary of Results Jon Nudi 2 Financial / Operations Review Rick Westenberg 3 Q&A Jon Nudi Rick Westenberg
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4 1 Summary of Results Jon Nudi
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5 CEO First 100 Days Reflections
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6 Q3 2025 Review Top line decreased 3%, or 2% excluding the impacts of our divestiture and currency Achieved adjusted gross margin of 34.6% Repurchased 1.8 million shares for $124 million 6 Delivered adjusted EPS of $0.97 per share Adjusted operating profit margin was 16.3% For adjusted numbers, see Appendix for GAAP reconciliation. 6 6 Updated anticipated full year adjusted EPS to $3.90-$3.95 per share from $3.90-$4.10 per share
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2 Financial / Operations Review Rick Westenberg 7
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8 Masco Corporation *As adjusted, see Appendix for GAAP reconciliation. Quarter Highlights 8 • Total company sales decreased 3%, or 2% excluding the impacts of our divestiture and currency • In local currency, North American sales decreased 6%, or 2% excluding the impact of our divestiture • In local currency, International sales were in line with prior year • Operating profit impacted by lower volume and higher costs, including tariffs and inventory-related reserves, partially offset by pricing actions and cost savings initiatives ($ in Millions) Third Quarter 2025 Revenue Y-O-Y Change $1,917 (3)% Operating Profit* Y-O-Y Change $312 $(48) Operating Margin* Y-O-Y Change 16.3% (190) bps EPS* Y-O-Y Change $0.97 (10)%
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9 Plumbing Products Segment Quarter Highlights 9 • Total segment sales increased 2%, or increased 1% excluding currency • In local currency, North American sales increased 1% • In local currency, International sales were in line with prior year • Operating profit impacted by lower volume and higher costs, including tariffs and inventory-related reserves, partially offset by pricing actions and cost savings initiatives * As adjusted and excludes business rationalization charges for the third quarter of 2025 and 2024 of $8 million and $2 million, respectively. ($ in Millions) Third Quarter 2025 Revenue Y-O-Y Change $1,247 2% Operating Profit* Y-O-Y Change $204 $(38) Operating Margin* Y-O-Y Change 16.4% (350) bps
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10 Decorative Architectural Products Segment Quarter Highlights 10 • Total segment sales decreased 12%, or 6% excluding our divestiture • Paints and other coating products sales decreased low single digits • PRO paint increased low single digits • DIY paint decreased mid-single digits • Operating profit impacted by lower volume, partially offset by cost savings initiatives ($ in Millions) Third Quarter 2025 Revenue Y-O-Y Change $670 (12)% Operating Profit* Y-O-Y Change $128 $(10) Operating Margin* Y-O-Y Change 19.1% 100 bps * As adjusted and excludes business rationalization charges for the third quarter of 2025 of $1 million.
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11 Strong Balance Sheet Masco Corporation 1. See Appendix for reconciliation. Balance Sheet Metrics as of 9/30/2025 Cash and cash investments $559M Revolver availability $1,000M Total liquidity $1,559M Gross debt to EBITDA1 2.0x Working capital as a % of sales1 18.5% 11
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12 Full Year 2025 Outlook 2025 Forecasted Adjusted EPS $3.90 - $3.95 12 Assumptions: • 2025 guidance includes all enacted tariffs in effect in October, net of mitigation actions, but does not include potential future tariffs or changes to existing tariffs • Global repair and remodel market (including price): down low single digits ◦ North American repair and remodel market: down low single digits ◦ Masco International markets in aggregate: down low single digits • Year over year sales impacts: ◦ Divestiture (unfavorable): Masco ~(2)%; Decorative Architectural Products ~(6)% ◦ Foreign Currency (favorable): Masco ~1%; Plumbing Products ~1% 12
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13 3 Q&A Jon Nudi Rick Westenberg
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14 Appendix
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15 1 Plumbing Products segment ~$110m; Decorative Architectural Products segment ~$30m; Non-operating ~$10m. 2 Based on rates as of September 30, 2025. Item Assumption Tax rate 24.5% General corporate expense ~$95m Interest and other expense ~$110m Capital expenditures (includes maintenance capex of ~$75m) ~$160m Depreciation and amortization1 ~$150m Favorable foreign currency translation impact to sales2 ~$50m Share repurchase or acquisitions ~$500m Average diluted share count for 2025 ~211m Working capital as a % of net sales ~17.5% Free cash flow conversion ~90% 2025 Assumptions
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16 Capital Allocation Strategy Reinvest in the Business • Capex: 2-2.5% of sales • Target working capital: ~16% of sales1 Maintain investment grade credit rating • Target gross debt to EBITDA below 2.5x2 Maintain relevant dividend • Current expected annual dividend of $1.24 (subject to future Board declaration) • Target dividend payout ratio of ~30%3 Deploy excess free cash flow to share repurchase or acquisitions • Consistently in the market for share repurchase, but opportunistic • Expect to deploy ~$500 million for share repurchases or acquisitions in 2025 • Actively cultivating our M&A pipeline 4 Balanced Approach to Continue to Drive Shareholder Value
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17 17 LONG-TERM OUTLOOK Average annual sales growth • Organic: ~3-5% • Acquisition: ~1-3% Operating profit margin • Expand margins through cost productivity and volume leverage Capital deployment • Share buybacks: ~2-4% EPS growth • Dividends: ~1-2% return on top of EPS growth Average annual EPS growth • ~10% Market-leading brands, history of innovation, customer focus Low ticket, repair and remodel products provide growth and stability through an economic cycle Strong free cash flow and value creating capital allocation
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18 2024 Segment Mix* *Based on Company estimates Amounts may not add due to rounding Business Segment 2024 Revenue R&R% vs. NC NA% v. Int’l Total Geographic Revenue Split Plumbing Products $4.9B 83% 68% Decorative Architectural Products $3.0B 97% 100% Total Company $7.8B 88% 80% R&R = % of sales to repair and remodel channels NC = % of sales to new construction channels NA = % of sales within North America Int’l = % of sales outside North America
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19 2024 Channel Mix* *Based on Company estimates 2024 Channel Mix as a Percentage of Sales Channel Plumbing Products Decorative Architectural Products Total Masco Retail 19% 88% 46% Wholesale/trade/dealer 52% 8% 35% E-commerce 18% 4% 12% Specialty Dealer/Other 11% 0% 7%
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20 Profit Reconciliations – Third Quarter Amounts may not add due to rounding. ($ in Millions) Q3 2025 Q3 2024 Net sales $ 1,917 $ 1,983 Gross profit, as reported $ 656 $ 725 Rationalization charges 7 2 Gross profit, as adjusted $ 663 $ 727 Gross margin, as reported 34.2 % 36.6 % Gross margin, as adjusted 34.6 % 36.7 % Selling, general and administrative expenses, as reported $ 353 $ 368 Rationalization charges 2 — Selling, general and administrative expenses, as adjusted $ 352 $ 368 Selling, general and administrative expenses as a percent of net sales, as reported 18.4 % 18.6 % Selling, general and administrative expenses as a percent of net sales, as adjusted 18.4 % 18.6 % Operating profit, as reported $ 303 $ 357 Rationalization charges 8 2 Operating profit, as adjusted $ 312 $ 360 Operating margin, as reported 15.8 % 18.0 % Operating margin, as adjusted 16.3 % 18.2 %
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21 EPS Reconciliation – Third Quarter Amounts may not add due to rounding. ($ in Millions, Except per Common Share Data) Q3 2025 Q3 2024 Income before income taxes, as reported $ 276 $ 248 Rationalization charges 8 2 Loss on sale of business (1) — 81 Realized (gains) from private equity funds, net — (1) Income before income taxes, as adjusted $ 284 $ 330 Tax at 24.5% rate (70) (81) Less: Net income attributable to noncontrolling interest 11 13 Net income, as adjusted $ 204 $ 236 Net income per common share, as adjusted $ 0.97 $ 1.08 Average diluted common shares outstanding 209 218 (1) Represents the preliminary loss for the three months ended September 30, 2024 from the sale of our Kichler Lighting business.
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22 EPS Outlook Reconciliation 2025 Low End High End Net income per common share $ 3.84 $ 3.89 Rationalization charges 0.04 0.04 Realized losses from private equity funds, net 0.02 0.02 Net income per common share, as adjusted $ 3.90 $ 3.95 Amounts may not add due to rounding.
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23 Gross Debt to EBITDA Reconciliation Amounts may not add due to rounding. ($ in Millions) September 30, 2025 Debt $ 2,947 ($ in Millions) TTM September 30, 2025 Operating profit, as reported $ 1,291 Rationalization charges 14 Operating profit, as adjusted $ 1,304 Depreciation and amortization 145 EBITDA, as adjusted $ 1,450 Debt to EBITDA 2.0 x
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24 Working Capital as a % of Sales Amounts may not add due to rounding. As Reported ($ in Millions) September 30, 2025 Receivables $ 1,181 Inventories 1,069 Less: Accounts payable (842) Working capital $ 1,408 Net sales (last 12 months) $ 7,597 Working capital as a % of sales 18.5 %