Slides
Page 1
1 MSA Safety | 2026 Jefferies Global Industrials Conference 2026 Jefferies Global Industrials Conference September 10, 2026 Steve Blanco President and Chief Executive Officer Julie Beck Senior Vice President and Chief Financial Officer
Page 2
2 MSA Safety | 2026 Jefferies Global Industrials Conference 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.
Page 3
3 MSA Safety | 2026 Jefferies Global Industrials Conference 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 our Investor Relations website.
Page 4
4 MSA Safety | 2026 Jefferies Global Industrials Conference Industrial Safety Technology Company Guided by Our Mission (1) As of December 31, 2025. “Workers Protected” is an estimate based on internal data, third -party and internal market research, product expert opinions, and certain assumptions, and is subject to change. Learn more in our Impact Report. 40+ Million Workers Protected(1) MISSION That men and women may work in safety and that they, their families, and their communities may live in health throughout the world 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 VALUES Embracing change and encouraging innovation in a culture of safety
Page 5
5 MSA Safety | 2026 Jefferies Global Industrials Conference Net Sales by Product Category(3,4) Diverse Global Business Driven by Customer-Centric Innovation See our Investor Relations website for definitions of non-GAAP measures and non-GAAP reconciliations. (1) Key metrics for the trailing-twelve months ended June 30, 2026. (2) Percentage of net sales; includes capitalized software development costs. (3) Fire Service includes Self -Contained Breathing Apparatus (SCBA) and Firefighter Helmets & Protective Apparel. Detection includes Fixed Gas & Flame Detection and Portable Gas Detection. Industrial PPE & Other include s Industrial Head Protection, Fall Protection, and Other PPE sales. (4) Pro forma for the impact of the Autronica Fire and Security transaction closed on July 9, 2026. (5) As of September 1, 2026. Net Sales by Segment(1,4) ~$2.1B Net Sales(1,4) ~5,300 Associates 5 Primary Global R&D Centers 4.3% R&D Investment(1,2) 47.6% Gross Margin(1) 23.0% Adj. Operating Margin(1) 113% Free Cash Flow Conversion(1) 1.8x Net Leverage(1,4) ~$7.2B Market Cap(5) ~45% Detection ~32% Fire Service ~23% Industrial PPE & Other ~63% Americas ~37% International
Page 6
6 MSA Safety | 2026 Jefferies Global Industrials Conference Accelerate Strategy Enables Achievement of 2028 Targets (1) Targets refer to adjusted metric, s ee our Investor Relations website for definitions of non -GAAP measures and non-GAAP reconciliations. (2) Reflects expected cumulative free cash flow after dividends and share repurchase and available debt capacity. Continue To Be the Leader In Premium Safety Solutions Implement Targeted Growth Accelerators Apply MSA Business System To Enable Excellence Deploy Capital Effectively To Achieve Our 2028 Financial Targets Organic Revenue Growth $2.1B – $2.3B Operating Margin(1) Expansion 23.5% – 25.0% Continued EPS(1) Compounding $10.00 – $11.00 Capital Deployment Optionality $1.5B+(2) + + + + Executing the Pillars of Our Strategy
Page 7
7 MSA Safety | 2026 Jefferies Global Industrials Conference Autronica Complements Detection Platform and Growth Strategy Refer to transaction press release on our Investor Relations website for more information. • Transaction estimated to be ~$555 million, net of cash acquired, at 2Q 2026 • ~17x 2025 adjusted EBITDA multiple, ~13x with run-rate synergies Valuation • 2025 sales of ~$160 million, ~20% adjusted EBITDA margin • Expected synergies of ~6% Autronica sales • Expected to be accretive to MSA’s adjusted earnings in the first full year of ownership • Transaction was funded with a combination of cash on hand and borrowings on MSA’s existing credit facility • Pro forma net leverage of 1.8x • Closed on July 9, 2026 ✓ Advances MSA’s Accelerate strategy by broadening our detection platform through a high-quality, strategic acquisition ✓ Expands MSA into a $3 billion+ addressable market with attractive growth and regulatory dynamics ✓ Enables earlier project engagement and solution-led selling, positioning MSA deeper in front-end design and specification decisions ✓ Highly complementary to MSA’s portfolio and footprint, with a strong financial profile, aligned mission-critical technologies, and large installed base Financial Impact Financing Status + Strategic Rationale
Page 8
8 MSA Safety | 2026 Jefferies Global Industrials Conference See our Investor Relations website for definitions of non -GAAP measures and non-GAAP reconciliations. (1) Comparisons are year-over-year, percentage change may not calculate exactly due to rounding. Profitable Growth & Strong Cash Flow in 2Q Key Metrics(1) 2Q 2026 Net Sales $503MM +6% Adjusted Operating Income $121MM +19% Adjusted Operating Margin 24.1% +270 bps Adjusted EPS $2.40 +24% Free Cash Flow $83MM +118%
Page 9
9 MSA Safety | 2026 Jefferies Global Industrials Conference 2026 Outlook Low-Double-Digit Total Revenue Growth Supported by Mid-Single-Digit Organic Growth, a Mid-Single-Digit Contribution from Acquisitions and a Low-Single-Digit Tailwind from FX (1) Percent of net sales for the twelve-months ended June 30, 2026. Pro forma for the sales impact of the Autronica acquisition closed on July 9, 2026. (2) Includes M&C TechGroup acquisition through April and Autronica Fire and Security acquisition from July 9 th through year end 2026. (3) Based on June rates. (4) Department of Homeland Security % NET SALES(1) DIVERSE END MARKETS DETECTION • Fixed gas & flame detection • Fire protection & alarm systems • Refrigerant detection & identification • Portable gas detection • Gas analysis & process safety • Energy & chemical • Utilities • HVAC-R • Food retail • Water & wastewater • Industrial 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 ~45% ~32% ~23% OPERATING ENVIRONMENT UPDATE TAILWINDS + Positive contribution from strategic pricing actions + Strong order momentum and second half demand pipeline in U.S. fire service + North American industrial momentum evident by demand for Type II head protection and fall protection + Favorable underlying demand for fixed and portable detection, including MSA+ connected ecosystem solutions + Increasing global safety standards creating demand for sophisticated safety products and solutions; diverse end markets provide resiliency HEADWINDS – Continued macroeconomic, tariff and geopolitical policy uncertainty • Middle East conflict impacting near-term order delivery, timing, and supply chain logistics in detection; lower European economic growth – DHS(4) shutdown in the first quarter causing increased fire service order timing variability in 2026 – Non-recurrence of large detection orders in Latin America ADDITIONAL FULL-YEAR MODELING CONSIDERATIONS • M&A Contribution:(2) +MSD / Foreign Exchange:(3) FX translation 1%-2% revenue tailwind • Interest Expense: ~$40-$43MM / Tax Rate: 24%-25% (3Q: 26%-27% , 4Q: 25%-26%) • Pension and Other Non-Operating Income: Increase of ~$4-$5MM over 2025 levels
Page 10
10 MSA Safety | 2026 Jefferies Global Industrials Conference 1 2 3 4 5 MSA Safety | A Leading Industrial Safety Technology Company We leverage the MSA Business System to deliver continuous improvement and support our high-performance culture Leading positions in attractive and resilient safety technology markets across the globe with favorable long-term trends and strong distribution networks Execution of our Accelerate strategy drives profitable, above-market growth and further positions us as a leading industrial safety technology company Mission-driven company with an unwavering dedication to helping customers achieve their safety and productivity goals Our disciplined capital allocation strategy fuels growth, drives margin expansion, and returns capital to our shareholders
Page 11
11 MSA Safety | 2026 Jefferies Global Industrials Conference Q&A
Page 12
12 MSA Safety | 2026 Jefferies Global Industrials Conference Contact and Connect Tyler K. Herzing Senior Manager, Investor Relations Email: tyler.herzing@msasafety.com CONTACT INVESTOR RELATIONS Email: investorrelations@msasafety.com CONNECT WITH US
Page 13
13 MSA Safety | 2026 Jefferies Global Industrials Conference