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Fourth Quarter and Full Year 2025 Earnings Presentation February 10, 2026
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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 2025 Significant Achievements
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6 Q4 2025 Review Top line decreased 2%, or 3% excluding the favorable impact of currency Achieved adjusted gross margin of 33.7% Repurchased 3.4 million shares for $217 million 6 Delivered adjusted EPS of $0.82 per share Adjusted operating profit margin was 14.4% For adjusted numbers, see Appendix for GAAP reconciliation. 6 6
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7 Full Year 2025 Review Top line decreased 3%, or 2% excluding the impacts of our divestiture and favorable currency Adjusted gross margin was 35.5% Adjusted operating profit margin was 16.8% Delivered adjusted EPS of $3.96 per share Repurchased 8.5 million shares for $571 million Drove return on invested capital of ~41% 7
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2 Financial / Operations Review Rick Westenberg 8
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9 Masco Corporation *As adjusted, see Appendix for GAAP reconciliation. Quarter Highlights 9 • Total company sales decreased 2%, or 3% excluding the favorable impact of currency • In local currency, North American sales decreased 5% • In local currency, International sales increased 1% • Operating profit impacted by lower volume and higher tariffs and commodity costs, partially offset by pricing actions and cost savings initiatives ($ in Millions, except EPS) Fourth Quarter 2025 Full Year 2025 Revenue Y-O-Y Change $1,793 (2)% $7,562 (3)% Operating Profit* Y-O-Y Change $259 $(32) $1,272 $(100) Operating Margin* Y-O-Y Change 14.4% (150) bps 16.8% (70) bps EPS* Y-O-Y Change $0.82 (8)% $3.96 (3)%
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10 Plumbing Products Segment Quarter Highlights 10 • Total segment sales increased 5%, or increased 3% excluding favorable currency • In local currency, North American sales increased 4% • In local currency, International sales increased 1% • Operating profit driven by cost savings initiatives and pricing actions, partially offset by higher tariffs and commodity costs and lower volume * As adjusted and excludes business rationalization (income) for the fourth quarter of 2025 of $3 million and rationalization charges of $1 million in the fourth quarter of 2024. The full year excludes business rationalization charges of $9 million each in 2025 and 2024. ($ in Millions) Fourth Quarter 2025 Full Year 2025 Revenue Y-O-Y Change $1,248 5% $4,992 3% Operating Profit* Y-O-Y Change $204 $4 $904 $(16) Operating Margin* Y-O-Y Change 16.3% (50) bps 18.1% (90) bps
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11 Decorative Architectural Products Segment Quarter Highlights 11 • Total segment sales decreased 15% • Paints and other coating products sales decreased double digits, including the impacts of inventory timing and the customer transition of our primer and applicator businesses. Excluding these impacts: • Total paints and other coating products sales decreased mid-single digits • PRO paint increased low single digits • DIY paint decreased high single digits • Operating profit impacted by lower volume and higher tariff and duty costs, partially offset by cost savings initiatives ($ in Millions) Fourth Quarter 2025 Full Year 2025 Revenue Y-O-Y Change $545 (15)% $2,570 (14)% Operating Profit* Y-O-Y Change $76 $(37) $457 $(93) Operating Margin* Y-O-Y Change 13.9% (380) bps 17.8% (70) bps * As adjusted and excludes business rationalization charges for the fourth quarter of 2025 of $8 million. The full year 2025 and full year 2024 excludes business rationalization charges of $9 million and $1 million, respectively. The fourth quarter of 2025 and full year of 2025 also excludes an impairment charge for other intangible assets of $5 million.
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12 Strong Balance Sheet Masco Corporation 1. See Appendix for reconciliation. Balance Sheet Metrics as of 12/31/2025 Cash and cash investments $647M Revolver availability $1,000M Total liquidity $1,647M Gross debt to EBITDA1 2.1x Working capital as a % of sales1 16.7% Free cash flow conversion rate1 99% 12
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13 Full Year 2026 Outlook 2026 Forecasted Adjusted EPS $4.10 - $4.30 13 Assumptions: • Reflects the integration of Liberty Hardware into Delta Faucet Company, with Liberty’s results to be reported in the Plumbing Products Segment (previously reported in the Decorative Architectural Products Segment) • Global repair and remodel market (including price) - roughly flat 13
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14 3 Q&A Jon Nudi Rick Westenberg
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15 Appendix
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16 1 Plumbing Products segment ~$125m; Decorative Architectural Products segment ~$30m; Non-operating ~$5m. 2 Based on rates as of January 31, 2026. Item Assumption Tax rate 24.5% Rationalization charges ~$50m General corporate expense ~$105m Interest and other expense ~$105m Capital expenditures (includes maintenance capex of ~$75m) ~$190m Depreciation and amortization1 ~$160m Favorable foreign currency translation impact to sales2 ~$50m Share repurchase or acquisitions ~$600m Average diluted share count for 2026 ~202m Working capital as a % of net sales ~16.5% Free cash flow conversion ~95% 2026 Assumptions
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17 Capital Allocation Strategy Reinvest in the Business • Capex: 2-2.5% of sales • Target working capital: ~16.5% of sales1 Maintain investment grade credit rating • Target gross debt to EBITDA below 2.5x2 Maintain relevant dividend • Target dividend payout ratio of ~30% • Board declared a quarterly dividend of $0.32, a 3% increase, payable on March 9, 2026, to shareholders of record on February 20, 2026 • Current expected annual dividend of $1.28 (subject to future Board declarations) 3 Deploy excess free cash flow to share repurchase or acquisitions • Consistently in the market for share repurchase, but opportunistic • Expect to deploy ~$600 million for share repurchases or acquisitions in 2026 • Actively cultivating our M&A pipeline 4 Balanced Approach to Continue to Drive Shareholder Value
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18 18 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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19 2025 Segment Mix* *Based on Company estimates and reflects the integration of Liberty Hardware into Delta Faucet Company, with Liberty’s results now being reported in the Plumbing Products Segment. Business Segment 2025 Revenue R&R% vs. NC NA% v. Int’l Total Geographic Revenue Split Plumbing Products $5.2B 84% 69% Decorative Architectural Products $2.4B 100% 100% Total Company $7.6B 89% 79% R&R = % of sales to repair and remodel channels NC = % of sales to new construction channels NA = % of sales within North America Int’l = % of sales outside North America
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20 2025 Channel Mix* *Based on Company estimates and reflects the integration of Liberty Hardware into Delta Faucet Company, with Liberty’s results now being reported in the Plumbing Products Segment. 2025 Channel Mix as a Percentage of Sales Channel Plumbing Products Decorative Architectural Products Total Masco Retail 20% 96% 45% Wholesale/Trade/Dealer 49% 3% 34% E-commerce 20% 1% 13% Specialty Dealer/Other 11% 0% 8%
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21 Profit Reconciliations – Fourth Quarter Amounts may not add due to rounding. ($ in Millions) Q4 2025 Q4 2024 Net sales $ 1,793 $ 1,828 Gross profit, as reported $ 607 $ 635 Rationalization (income) charges (1) (2) 1 Gross profit, as adjusted $ 605 $ 636 Gross margin, as reported 33.9 % 34.7 % Gross margin, as adjusted 33.7 % 34.8 % Selling, general and administrative expenses, as reported $ 354 $ 346 Rationalization charges 8 — Selling, general and administrative expenses, as adjusted $ 346 $ 345 Selling, general and administrative expenses as a percent of net sales, as reported 19.7 % 18.9 % Selling, general and administrative expenses as a percent of net sales, as adjusted 19.3 % 18.9 % Operating profit, as reported $ 248 $ 290 Rationalization charges 6 1 Impairment charge for other intangible assets 5 — Operating profit, as adjusted $ 259 $ 291 Operating margin, as reported 13.8 % 15.9 % Operating margin, as adjusted 14.4 % 15.9 % (1) Represents income for the three months ended December 31, 2025 due to the $12 million gain on the sale of a building that was related to a previous rationalization activity, partially offset by rationalization charges.
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22 Profit Reconciliations – Full Year Amounts may not add due to rounding. ($ in Millions) 2025 2024 Net sales $ 7,562 $ 7,828 Gross profit, as reported $ 2,679 $ 2,831 Rationalization charges 8 7 Gross profit, as adjusted $ 2,688 $ 2,838 Gross margin, as reported 35.4 % 36.2 % Gross margin, as adjusted 35.5 % 36.3 % Selling, general and administrative expenses, as reported $ 1,426 $ 1,468 Rationalization charges 11 2 Selling, general and administrative expenses, as adjusted $ 1,416 $ 1,466 Selling, general and administrative expenses as a percent of net sales, as reported 18.9 % 18.8 % Selling, general and administrative expenses as a percent of net sales, as adjusted 18.7 % 18.7 % Operating profit, as reported $ 1,248 $ 1,363 Rationalization charges 19 9 Impairment charge for other intangible assets 5 — Operating profit, as adjusted $ 1,272 $ 1,372 Operating margin, as reported 16.5 % 17.4 % Operating margin, as adjusted 16.8 % 17.5 %
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23 EPS Reconciliation – Fourth Quarter Amounts may not add due to rounding. ($ in Millions, Except per Common Share Data) Q4 2025 Q4 2024 Income before income taxes, as reported $ 227 $ 258 Rationalization charges 6 1 Impairment charge for other intangible assets 5 — Loss on sale of business (1) — 8 Income before income taxes, as adjusted $ 238 $ 267 Tax at 24.5% rate (58) (65) Less: Net income attributable to noncontrolling interest 11 11 Net income, as adjusted $ 169 $ 191 Net income per common share, as adjusted $ 0.82 $ 0.89 Average diluted common shares outstanding 207 215 (1) Represents the loss for the three months ended December 31, 2024 from the sale of our Kichler Lighting business.
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24 EPS Reconciliation – Full Year Amounts may not add due to rounding. ($ in Millions, Except per Common Share Data) 2025 2024 Income before income taxes, as reported $ 1,135 $ 1,161 Rationalization charges 19 9 Impairment charge for other intangible assets 5 — Loss on sale of business (1) — 88 Realized losses (gains) from private equity funds, net 4 (1) Income before income taxes, as adjusted $ 1,163 $ 1,257 Tax at 24.5% rate (285) (308) Less: Net income attributable to noncontrolling interest 48 52 Net income, as adjusted $ 830 $ 897 Net income per common share, as adjusted $ 3.96 $ 4.10 Average diluted common shares outstanding 210 219 (1) Represents the loss for the year ended December 31, 2024 from the sale of our Kichler Lighting business.
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25 Return on Invested Capital Reconciliation Return on Invested Capital Reconciliation ($ in Millions) December 31, 2025 Operating profit, as adjusted $ 1,272 Tax at 24.5% rate (312) Operating profit after income taxes, as adjusted $ 960 Average invested capital Average shareholders' equity 12 Average debt 2,948 Less: Average cash and cash investments (641) $ 2,319 Return on invested capital 41 % Amounts may not add due to rounding.
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26 Free Cash Flow Reconciliation Free Cash Flow Reconciliation ($ in Millions) Year Ended December 31, 2025 Net cash from operating activities $ 1,022 Less: Capital expenditures (156) Free cash flow $ 866 Income before income taxes, as adjusted $ 1,163 Tax at 24.5% rate (285) Net income, as adjusted (including noncontrolling interest) $ 878 Free cash flow conversion rate 99 % Amounts may not add due to rounding.
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27 EPS Outlook Reconciliation 2026 Low End High End Net income per common share $ 3.91 $ 4.11 Rationalization charges 0.19 0.19 Net income per common share, as adjusted $ 4.10 $ 4.30 Amounts may not add due to rounding.
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28 Gross Debt to EBITDA Reconciliation Amounts may not add due to rounding. ($ in Millions) December 31, 2025 Debt $ 2,947 ($ in Millions) TTM December 31, 2025 Operating profit, as reported $ 1,248 Rationalization charges 19 Impairment charge for other intangible assets 5 Operating profit, as adjusted $ 1,272 Depreciation and amortization 148 EBITDA, as adjusted $ 1,420 Debt to EBITDA 2.1 x
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29 Working Capital as a % of Sales Amounts may not add due to rounding. As Reported ($ in Millions) December 31, 2025 Receivables $ 1,028 Inventories 1,046 Less: Accounts payable (810) Working capital $ 1,264 Net sales $ 7,562 Working capital as a % of sales 16.7 %
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30 Recasted Segment Data – Full Year Amounts may not add due to rounding. ($ in Millions) Year Ended December 31, 2025 Year Ended December 31, 2024 Reported Adjustment (1) Recasted Reported Adjustment (1) Recasted Plumbing Products Net sales $ 4,992 $ 218 $ 5,209 $ 4,853 $ 260 $ 5,113 Operating profit, as reported $ 895 $ 12 $ 906 $ 911 $ 43 $ 954 Operating margin, as reported 17.9 % 17.4 % 18.8 % 18.7 % Rationalization charges 9 1 10 9 — 9 Accelerated depreciation related to rationalization activity 1 — 1 — — — Operating profit, as adjusted $ 904 $ 13 $ 917 $ 920 $ 43 $ 962 Operating margin, as adjusted 18.1 % 17.6 % 19.0 % 18.8 % Decorative Architectural Products Net sales $ 2,570 $ (218) $ 2,353 $ 2,975 $ (260) $ 2,715 Operating profit, as reported $ 443 $ (12) $ 431 $ 549 $ (43) $ 507 Operating margin, as reported 17.2 % 18.3 % 18.5 % 18.7 % Rationalization charges 9 (1) 8 1 — 1 Impairment charge for other intangible assets 5 — 5 — — — Operating profit, as adjusted $ 457 $ (13) $ 444 $ 550 $ (43) $ 507 Operating margin, as adjusted 17.8 % 18.9 % 18.5 % 18.7 % (1) Represents the impact of the internal reorganization resulting in the integration of our Liberty Hardware business into our Delta Faucet business.
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31 Amounts may not add due to rounding. ($ in Millions) Three Months Ended March 31, 2025 Three Months Ended June 30, 2025 Reported Adjustment (1) Recasted Reported Adjustment (1) Recasted Plumbing Products Net sales $ 1,185 $ 61 $ 1,246 $ 1,312 $ 60 $ 1,372 Operating profit, as reported $ 217 $ 7 $ 225 $ 275 $ 10 $ 285 Operating margin, as reported 18.3 % 18.1 % 21.0 % 20.8 % Rationalization charges 2 — 2 2 — 2 Operating profit, as adjusted $ 219 $ 7 $ 227 $ 276 $ 10 $ 286 Operating margin, as adjusted 18.5 % 18.2 % 21.0 % 20.8 % Decorative Architectural Products Net sales $ 617 $ (61) $ 556 $ 738 $ (60) $ 679 Operating profit, as reported $ 96 $ (7) $ 88 $ 157 $ (10) $ 147 Operating margin, as reported 15.6 % 15.8 % 21.3 % 21.6 % (1) Represents the impact of the internal reorganization resulting in the integration of our Liberty Hardware business into our Delta Faucet business. Recasted Segment Data – First & Second Quarter 2025
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32 Recasted Segment Data – Third & Fourth Quarter 2025 Amounts may not add due to rounding. ($ in Millions) Three Months Ended September 30, 2025 Three Months Ended December 31, 2025 Reported Adjustment (1) Recasted Reported Adjustment (1) Recasted Plumbing Products Net sales $ 1,247 $ 43 $ 1,290 $ 1,248 $ 54 $ 1,302 Operating profit, as reported $ 196 $ — $ 196 $ 207 $ (6) $ 201 Operating margin, as reported 15.7 % 15.2 % 16.6 % 15.4 % Rationalization charges (income) 8 1 8 (3) — (2) Operating profit, as adjusted $ 204 $ 1 $ 205 $ 204 $ (5) $ 199 Operating margin, as adjusted 16.4 % 15.9 % 16.3 % 15.3 % Decorative Architectural Products Net sales $ 670 $ (43) $ 627 $ 545 $ (54) $ 491 Operating profit, as reported $ 128 $ — $ 127 $ 62 $ 6 $ 68 Operating margin, as reported 19.1 % 20.3 % 11.4 % 13.8 % Rationalization charges 1 (1) — 8 — 8 Impairment charge for other intangible assets — — — 5 — 5 Operating profit, as adjusted $ 128 $ (1) $ 127 $ 76 $ 5 $ 81 Operating margin, as adjusted 19.1 % 20.3 % 13.9 % 16.5 % (1) Represents the impact of the internal reorganization resulting in the integration of our Liberty Hardware business into our Delta Faucet business.