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1 Third Quarter 2025 Earnings Presentation Third Quarter 2025 Earnings Presentation October 29, 2025
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2 Third Quarter 2025 Earnings Presentation Cautionary Statements Regarding Forward-looking Statements This presentation may contain (and verbal statements made by MSA® Safety Incorporated (“MSA Safety”) may contain) “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These risks and other factors include, but are not limited to, statements in this presentation regarding our expectations of future results, performance or financial condition we express or imply in any forward-looking statements. In some cases, you can identify forward-looking statements by words such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “objectives,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or other comparable words. Actual results, performance or outcomes may differ materially from those expressed or implied by these forward-looking statements and may not align with historical performance and events due to a number of factors, including those discussed in the sections of our annual report on Form 10-K entitled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors,” and those discussed in our Form 10-Q quarterly reports filed after such annual report. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and caution should be exercised against placing undue reliance upon such statements, which are based only on information currently available to us and speak only as of the date hereof. We are under no duty to update publicly any of the forward-looking statements after the date of this presentation, whether as a result of new information, future events or otherwise, except as required by law.
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3 Third Quarter 2025 Earnings Presentation Non-GAAP Financials To supplement our Consolidated Financial Statements presented in accordance with generally accepted accounting principles (“GAAP”), we use, and this presentation includes, certain non-GAAP financial measures. These financial measures include organic sales change, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, adjusted earnings per diluted share, R&D investment, net debt, debt to adjusted EBITDA, net debt to adjusted EBITDA (net leverage), free cash flow and free cash flow conversion. These metrics are consistent with how management evaluates segment results and makes strategic decisions about the business. Additionally, these non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management also uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use, and computational methods with respect thereto, may differ from the non- GAAP financial measures and key performance indicators, and computational methods, that our peers use to assess their performance and trends. The presentation of these non-GAAP financial measures does not comply with U.S. GAAP. These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. When non-GAAP financial measures are disclosed, the Securities and Exchange Commission's Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. For an explanation of these measures, together with a reconciliation to the most directly comparable GAAP financial measure, see the appendix of this presentation.
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4 Third Quarter 2025 Earnings Presentation $468MM +8% Reported Net Sales $104MM +6% Adjusted Operating Income 22.1% -50 bps Adjusted Operating Margin $1.94 +6% Adjusted EPS $100MM 144% Free Cash Flow & Conversion Third Quarter 2025 Business Update Delivered 6% Adjusted EPS Accretion on 3% Organic Sales Growth See appendix for definitions of non-GAAP measures and non-GAAP reconciliations. (1) National Fire Protection Association. • Strong performance in detection and industrial PPE enabled sales and adjusted EPS growth: – Net sales of $468MM (+8% reported, +3% organic YoY); Adjusted EPS $1.94, +6% YoY – Healthy order books in detection and industrial PPE, fire service down due to near-term market dynamics and U.S. Air Force comp – M&C TechGroup accretive to adjusted EPS and integration on track • Introduced innovative new products in detection and industrial PPE • Assistance to Firefighter Grants (AFG) released at September month end • 2025 NFPA(1) standard remains on track for approval by early 2026 Third Quarter Business Update OUR MISSION That men and women may work in safety and that they, their families, and their communities may live in health throughout the world OUR VISION To be the world’s leading provider of safety solutions that protect workers when life is on the line We pursue this vision with an unsurpassed commitment to integrity, customer service, and product innovation that creates exceptional value for all MSA stakeholders OUR VALUES Embracing change and encouraging innovation in a culture of safety Driven by Our Purpose
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5 Third Quarter 2025 Earnings Presentation Third Quarter 2025 Strategic Actions Pillars of ACCELERATE Guiding Strategic Execution CONTINUED SAFETY LEADERSHIP AND GROWTH FOCUS Expanded connected worker ecosystem and market-leading head protection portfolio; continued momentum in fall protection • New product innovations in detection and industrial PPE • Double digit growth in fall protection aided by strategic investments OPERATIONAL AND COMMERCIAL EXCELLENCE Ongoing tariff mitigation, including pricing and productivity measures; continued broad-based momentum in detection • Ongoing tariff management; target to be price/cost neutral in first half 2026 • Excellent commercial execution in MSA+ connected portables CAPITAL ALLOCATION Strong balance sheet and ample liquidity continue to provide growth-oriented strategic optionality, M&A pipeline remains active • M&A pipeline remains healthy • Year-to-date 2025 share repurchases offset full year dilution; $130M remains under current authorization ALTAIR ioTM 6 Portable Gas Detector V-Gard H2® Full Brim Safety Helmet INNOVATION SPOTLIGHT
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6 Third Quarter 2025 Earnings Presentation Americas Fire Service Market Update AFG and NFPA Dynamics Create Near-Term Volatility, Long-Term Market Fundamentals Intact MSA Fire Service Sales Breakdown(1) 70% 30% Americas International 61% 39% Self-Contained Breathing Apparatus Helmets & Protective Apparel Segment Product (1) Net sales for the trailing twelve-months ended September 30, 2025. ASSISTANCE TO FIREFIGHTER GRANTS (AFG) • Annual U.S. Government funding supports a portion of the North American fire service market, fully funded program since 2001 − 2025 Awards released historically late at September month end, typical award announcement timing is April-September; U.S. Government shutdown added further complexity • These near-term timing factors impacted third quarter orders; MSA has a plan and team in place to facilitate customer orders and deliveries as conditions ease 2025 NFPA STANDARD CHANGE • NFPA standard changes occur approximately every five years, the last taking place in 2019; 2025 NFPA edition product approvals expected to be received in late 2025 or early 2026 • 2025 Standard impact on growth expected to be more in line with incremental 2019 standard change rather than revolutionary 2014 introduction of G1TM SCBA platform • Flagship G1 SCBA remains premium product in the NFPA market, introduced G1 XR edition as bridge product between standards POSITIVE LONG-TERM MARKET OUTLOOK • AFG and NFPA dynamics have created short-term volatility around order timing, while pipeline remains strong and fundamentals secure • Long-term market fundamentals remain intact, expected growth tailwind in the latter part of the decade, driven by SCBA replacement cycle • Well-positioned to deliver next-generation connected SCBA technology • Bipartisan support for firefighter funding expected to continue
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7 Third Quarter 2025 Earnings Presentation Third Quarter 2025 Financial Summary Broad-based Growth Across Segments and Product Categories See appendix for definitions of non-GAAP measures and non-GAAP reconciliations. Net Sales Adjusted Operating Income and Margin Adjusted EPS +8% REPORTED NET SALES GROWTH 22.1% ADJUSTED OPERATING MARGIN +6% ADJUSTED EPS GROWTH • Sales +3% organic, +4% acquisitions, +1% FX – Americas: +5% reported (+3% organic) – International: +16% reported (+5% organic) • Positive contributions from price and M&C TechGroup acquisition, partially offset by lower fire service volume • HSD organic growth in industrial PPE and MSD growth in detection was partially offset by LSD contraction in fire service • Reflects impacts from inflation, tariffs and transactional FX partially offset by price, effective SG&A management and variable compensation adjustments – Americas: 28.3% – International: 16.0% • Adjusted EBITDA margin of 25.4%, down 40 bps YoY • Higher operating income driven by net sales growth with contribution from M&C TechGroup • Lower interest expense due to lower weighted average interest rate, partially offset by higher debt from M&C TechGroup acquisition $433MM $468MM 3Q 2024 3Q 2025 $1.83 $1.94 3Q 2024 3Q 2025 $98MM $104MM 3Q 2024 3Q 2025 22.6% 22.1%
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8 Third Quarter 2025 Earnings Presentation Third Quarter 2025 Free Cash Flow and Financial Leverage Robust Free Cash Generation; Strong Balance Sheet Provides Capacity for Strategic Deployment Free Cash Flow Net Leverage CASH FLOW GENERATION AND CAPITAL ALLOCATION • Free cash flow conversion rate of 144%, 99% YTD • Dividends to shareholders totaled $21MM • Capital expenditures totaled $12MM • Year-to-date repurchases of $40MM offset full year dilution, expect to execute additional repurchases in the fourth quarter ROBUST BALANCE SHEET WITH 1.0X NET LEVERAGE AND AMPLE LIQUIDITY • Ample liquidity of ~$1.1B • Debt repayments totaled $50MM, $459MM of net debt • Target net leverage range: 1.5x-2.5x 1.1x 1.0x 6/30/2025 9/30/2025 $70MM $100MM 3Q 2024 3Q 2025 See appendix for definitions of non-GAAP measures and non-GAAP reconciliations.
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9 Third Quarter 2025 Earnings Presentation 2025 Outlook Maintaining Low-Single Digit Organic Sales Growth Outlook, Led by Detection and Fall Protection Ongoing Macroeconomic and Policy Uncertainty Risk; Fire Service Timing Headwinds (1) Percent of net sales for the trailing twelve -months ended September 30, 2025. (2) Based on September rates. (3) Acquisition of M&C TechGroup. % NET SALES(1) DIVERSE END MARKETS DETECTION • Fixed gas & flame detection • Refrigerant detection & identification • Portable gas detection • Gas analysis & process safety • Energy & utilities • HVAC-R • Water & wastewater • Food retail • Industrial • Automotive FIRE SERVICE • SCBA • Helmets • Protective apparel • Government fire service • Municipal fire service • First responder INDUSTRIAL PPE AND OTHER • Industrial head protection • Fall protection • APR & other PPE • Energy & utilities • Construction • Manufacturing • Industrial • Healthcare & pharma 38% 37% 25% OPERATING ENVIRONMENT UPDATE POSITIVES + Diverse end market demand provides resiliency + Favorable growth environment for fixed and portable detection, including MSA+ solutions categories + Continued momentum in fall protection + Leveraging MSA Business System + Growing global demand for safety products and solutions CHALLENGES – Later AFG award timing and U.S. Government shutdown – 2025 NFPA standard change approval timing – Non-recurrence of U.S. Air Force order – Heightened macroeconomic, tariff and geopolitical policy uncertainty – Mixed industrial end market demand globally – Transactional foreign exchange volatility ADDITIONAL FULL-YEAR MODELING CONSIDERATIONS • Foreign Exchange: FX translation 0%-1% revenue tailwind(2) / M&A Contribution(3): +2% • Interest Expense: ~$29-$32MM / Tax Rate: 24%-25% • Pension and Other Non-Operating Income: Increase of ~$4-$5MM over 2024 levels
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10 Third Quarter 2025 Earnings Presentation A Leader in Industrial Safety Technology Executing Our ACCELERATE Strategy to Deliver Long-Term Profitable Growth and Value Creation 1 Solid operating performance in 3Q with strong results in high growth categories and continued execution of ACCELERATE strategy 2 Mission-driven culture and unwavering commitment to the safety of our customers and our employees 3 Reliable, diversified base business drives organic growth and margin expansion opportunities across economic cycles Reinvestment in innovation and technology, including strategic M&A, enables leading positions in attractive end markets 4 5 Strong balance sheet supports growth investments and return of capital to shareholders while navigating dynamic environment Thank You to Our Associates!
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11 Third Quarter 2025 Earnings Presentation Q&A
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12 Third Quarter 2025 Earnings Presentation Appendix
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13 Third Quarter 2025 Earnings Presentation 4.3% R&D Investment(1,2) MSA Safety (NYSE: MSA) Snapshot See appendix for definitions of non-GAAP measures and non-GAAP reconciliations. (1) Key metrics for the trailing twelve-months ended September 30, 2025. (2) Percentage of net sales; includes capitalized software development costs. (3) Percent of sales from products developed and launched in past 5 years. (4) Detection includes Fixed Gas & Flame Detection and Portable Gas Detection. Fire Service includes Self-Contained Breathing Apparatus (SCBA) and Firefighter Helmets & Protective Apparel. Industrial PPE & Other includes Industrial Head Protection, Fall Protection, and Other PPE Sales. Net Sales by Segment(1) Net Sales by Product Category(1,4) 32% International 68% Americas 25% Industrial PPE & Other 37% Fire Service 38% Detection $1.9B Net Sales(1) 37% Product Vitality(3) 22.2% Adj. Operating Margin(1) 1.0x Net Leverage(1) 55 Years Consecutive Dividend Increases 46.5% Gross Profit Margin(1)
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14 Third Quarter 2025 Earnings Presentation MSA Safety | ACCELERATE Strategy CONTINUE TO BE THE LEADER IN PREMIUM SAFETY SOLUTIONS IMPLEMENT TARGETED GROWTH ACCELERATORS APPLY MSA BUSINESS SYSTEM TO ENABLE EXCELLENCE ALLOCATE CAPITAL EFFECTIVELY • Leverage scale, market leadership, and customer-centric innovation to drive above-market profitable growth • Deliver excellence in customer experience and commercial execution • Enhance diversification across end markets, geographies, and product portfolio to fortify resilient organic growth • Continue to evolve from hardware supplier to system solutions provider, improving customer safety outcomes and generating recurring revenue • Lean into high-growth end markets such as detection and fall protection with distinct safety megatrends around connectivity and productivity solutions • Enhance portfolio through strategic acquisitions • Drive excellence in pricing, operations, resource allocation, and balance sheet efficiency • Set foundation for digital automation • Empower high-performance teams and leaders • Win as a team with consistent tools, processes, and behaviors • Leverage premier financial profile to deliver sustainable long-term growth • Maintain disciplined, growth- oriented capital allocation strategy, priorities include: – Organic growth – M&A – 55 Years of increasing dividend – Share repurchases
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15 Third Quarter 2025 Earnings Presentation MSA Safety | Business System (MBS) FOUNDATION TO ACHIEVE SUPERIOR AND SUSTAINABLE RESULTS (1) Sales, Inventory, and Operations Planning. BEHAVIORS The way we act and react to changes and challenges • Relentless focus on improving our performance on new product development, SG&A, project management, and global business service PROCESSES How we work with others and apply tools • Working Capital: SIOP(1) to forecast supply and demand and apply global best practices in transaction processing TOOLS Ways to identify and eliminate waste, standardize work, and problem solve • Manufacturing Execution System (MES): gaining greater visibility and real-time data from our manufacturing plants through technology
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16 Third Quarter 2025 Earnings Presentation Resilient Organic Revenue Growth $2.1B – $2.3B • 3 – 5% organic revenue growth • Market growth, customer-centric innovation, and commercial excellence • Macro secular safety trends Operating Margin(1) Expansion 23.5% – 25.0% • Target 30 – 50 bps annually • MSA Business System evolution across global business • Continued focus on operating efficiency Continued EPS(1) Compounding $10.00 – $11.00 • Strategy evolution delivers new base of expansion • 30 – 40% incremental operating margins Capital Deployment Optionality $1.5B+(2) • Consistent organic growth investment • Sustained dividend + share repurchases • Accretive acquisitions from free cash flow generation and available debt capacity • Continue performance of 20%+ Adjusted ROCE(3) MSA Safety | 2028 Financial Targets OUR STRATEGY FUELS PROVEN SHAREHOLDER VALUE CREATION (1) Targets refer to adjusted metric, see appendix for definitions of non -GAAP measures. (2) Reflects expected cumulative free c ash flow after dividends and share repurchase and available debt capacity. (3) Adjusted ROCE is defined as adjusted earnings plus after -tax interest expense, divided by average capital employed. MISSION-DRIVEN REINVESTMENT + + + +
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17 Third Quarter 2025 Earnings Presentation Reconciliation of Non-GAAP Financial Measures
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18 Third Quarter 2025 Earnings Presentation Reconciliation of Non-GAAP Financial Measures Organic Sales Change (Unaudited) (a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. (b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel. (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core. Management believes that organic sales change is a useful metric for investors, as foreign currency translation, acquisitions and divestitures can have a material impact on sales change trends. Organic sales change highlights ongoing business performance excluding the impact of fluctuating foreign currencies, acquisitions and divestitures. There can be no assurances that MSA's definition of organic sales change is consistent with that of other companies. As such, management believes that it is appropriate to consider sales change determined on a GAAP basis in addition to this non-GAAP financial measure.
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19 Third Quarter 2025 Earnings Presentation Reconciliation of Non-GAAP Financial Measures Adjusted Operating Income and Adjusted EBITDA (Unaudited) (a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. Adjusted operating income and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) are the measures used by management to evaluate segment performance and allocate resources. As such, management believes these measures are useful metrics for investors. Adjusted operating income is defined as operating income excluding restructuring charges, currency exchange gains / losses, amortization of acquisition-related intangible assets, and transaction costs and Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization. Adjusted operating income and adjusted EBITDA are not recognized terms under GAAP and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance. The company's definition of adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. As such, management believes that it is appropriate to consider operating income and net income determined on a GAAP basis in addition to these non-GAAP measures. Trailing Twelve Months Ended September 30, Twelve Months Ended December 31, 2025 2024 2025 2024 2025 2024 (In thousands) Adjusted EBITDA $ 118,934 $ 111,605 $ 336,912 $ 334,789 $ 471,554 $ 469,431 Less: Depreciation and amortization 15,193 13,690 44,237 40,675 58,721 55,159 Adjusted operating income 103,741 97,915 292,675 294,114 412,833 414,272 Less: Currency exchange losses (gains), net 3,875 2,985 13,237 4,715 12,160 3,638 Restructuring charges 58 1,184 2,470 5,744 3,123 6,397 Acquisition-related amortization 3,595 2,269 9,033 6,888 11,319 9,174 Transaction costs(a) 1,903 - 10,002 234 10,654 886 Net cost for product-related legal matter - - - 5,000 - 5,000 GAAP operating income $ 94,310 $ 91,477 $ 257,933 $ 271,533 $ 375,577 $ 389,177 Less: Interest expense 8,416 9,153 23,368 29,556 30,701 36,889 Other income, net (6,562) (5,833) (18,585) (16,215) (25,088) (22,718) Income before income taxes 92,456 88,157 253,150 258,192 369,964 375,006 Provision for income taxes 22,843 21,509 61,159 61,171 90,027 90,039 Net income $ 69,613 $ 66,648 $ 191,991 $ 197,021 $ 279,937 $ 284,967 Net Sales $ 468,445 $ 432,679 $ 1,863,597 Adjusted Operating Income 103,741 97,915 412,833 Adjusted Operating Margin % 22.1% 22.6% 22.2% Nine Months Ended September 30, Three Months Ended September 30,
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20 Third Quarter 2025 Earnings Presentation Reconciliation of Non-GAAP Financial Measures Adjusted Earnings and Adjusted Earnings per Diluted Share (Unaudited) (a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. Management believes that adjusted earnings and adjusted earnings per diluted share are useful measures for investors, as management uses these measures to internally assess the company’s performance and ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that MSA's definition of adjusted earnings is consistent with that of other companies. As such, management believes that it is appropriate to consider both net income determined on a GAAP basis as well as adjusted earnings. (In thousands, except per share amounts) 2025 2024 % Change 2025 2024 % Change Net income $ 69,613 $ 66,648 4% $ 191,991 $ 197,021 (3%) Currency exchange losses (gains), net 3,875 2,985 13,237 4,715 Restructuring charges 58 1,184 2,470 5,744 Acquisition-related amortization 3,595 2,269 9,033 6,888 Transaction costs (a) 1,903 - 10,002 234 Asset related losses 97 207 989 959 Pension settlement - - 721 1,308 Net cost for product related legal matter - - - 5,000 Income tax expense on adjustments (2,949) (995) (9,885) (6,412) Adjusted earnings $ 76,192 $ 72,298 5% $ 218,558 $ 215,457 1% Adjusted earnings per diluted share $ 1.94 $ 1.83 6% $ 5.55 $ 5.45 2% Nine Months Ended September 30,Three Months Ended September 30,
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21 Third Quarter 2025 Earnings Presentation Reconciliation of Non-GAAP Financial Measures Free Cash Flow (Unaudited) Management believes that free cash flow is a meaningful measure for investors. Management reviews cash from operations after deducting capital expenditures because these expenditures are necessary to promote growth of MSA’s business and are likely to produce cash from operations in future periods. It is important to note that free cash flow does not reflect the residual cash balance of the company for discretionary spending since other items, including debt and dividend payments, are deducted from free cash flow before arriving at the company’s ending cash balance. Management defines free cash flow conversion as free cash flow divided by net income. There can be no assurances that MSA's definition of free cash flow is consistent with that of other companies. As such, management believes that it is appropriate to consider cash from operating activities determined on a GAAP basis as well as free cash flow. (In thousands, except percentage amounts) 2025 2024 2025 2024 Cash flow from operating activities $ 112,462 $ 84,332 $ 241,513 $ 188,520 Capital expenditures (11,986) (14,254) (52,104) (39,814) Free cash flow $ 100,476 $ 70,078 $ 189,409 $ 148,706 Net Income 69,613 66,648 191,991 197,021 Free cash flow conversion 144% 105% 99% 75% Three Months Ended September 30, September 30, Nine Months Ended
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22 Third Quarter 2025 Earnings Presentation Reconciliation of Non-GAAP Financial Measures Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited) (a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations. Management believes that Debt to adjusted EBITDA and Net debt to adjusted EBITDA are useful measures for investors, as management uses these measures to internally assess the company’s liquidity and balance sheet strength. There can be no assurances that that MSA's definition of Debt to adjusted EBITDA and Net debt to adjusted EBITDA is consisten t with that of other companies. (In thousands) Twelve Months Ended September 30, 2025 Operating income $ 375,577 Depreciation and amortization 58,721 Currency exchange losses, net 12,160 Restructuring charges 3,123 Acquisition-related amortization 11,319 Transaction costs(a) 10,654 Adjusted EBITDA $ 471,554 Total end-of-period debt 628,583 Debt to adjusted EBITDA 1.3 Total end-of-period debt $ 628,583 Total end-of-period cash and cash equivalents 169,998 Net debt $ 458,585 Net debt to adjusted EBITDA 1.0
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23 Third Quarter 2025 Earnings Presentation Reconciliation of Non-GAAP Financial Measures R&D Investment (Unaudited) Management believes that total R&D investment is a meaningful measure for investors. Management includes capitalized software development costs when evaluating total research and development expenditures as it believes it better represents its overall spend. Management defines R&D investment as research and development expense plus capitalized software development cost. As such, management believes that it is appropriate to consider research and development expense determined on a GAAP basis as well as total R&D investment. (In thousands) Trailing Twelve Months Ended September 30, Twelve Months Ended December 31, 2025 2024 2025 2024 Research and development expense $ 49,186 $ 49,695 $ 66,017 $ 66,526 Capitalized software development costs 10,400 10,000 $ 13,400 13,000 Total R&D investment $ 59,586 $ 59,695 $ 79,417 $ 79,526 Net sales $ 1,363,900 $ 1,308,443 $ 1,863,597 $ 1,808,140 R&D investment (% net sales) 4.4% 4.6% 4.3% 4.4% Nine Months Ended September 30,
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24 Third Quarter 2025 Earnings Presentation