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1 MSA Safety | Second Quarter 2026 Earnings Presentation Second Quarter 2026 Earnings Presentation July 31, 2026
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2 MSA Safety | Second Quarter 2026 Earnings Presentation Tyler Herzing Senior Manager, Investor Relations Introduction Industrial Safety Technology Company Driven by 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.
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3 MSA Safety | Second Quarter 2026 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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4 MSA Safety | Second Quarter 2026 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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5 MSA Safety | Second Quarter 2026 Earnings Presentation Steve Blanco President and Chief Executive Officer Business Update Industrial Safety Technology Company Driven by 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.
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6 MSA Safety | Second Quarter 2026 Earnings Presentation See appendix 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. 2Q 2026 Financial Performance Delivered Profitable Growth and Strong Free Cash Flow 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%
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7 MSA Safety | Second Quarter 2026 Earnings Presentation Accelerate Strategy Update MBS-Driven Operating Performance Delivered Profitable Growth, Robust Margin Expansion and Strong Free Cash Flow; 1H Free Cash Flow Conversion of 94% 2Q 2026 Executive Summary Progressing Our Strategic Objectives Continued Leadership in Premium Safety Solutions Evident by Ongoing Market Adoption of V-Gard H2 Safety Helmet Wait for QBU T argeted Growth Accelerator: Ongoing Momentum in MSA+ Connected Solutions Including the Recently Launched AL T AIR io 6 Continued Execution Across the Pillars of Our Accelerate Growth Strategy The V-Gard H2 Full-Brim Safety Helmet provides the latest technology to help protect against vertical and lateral impacts Strong Balance Sheet and Disciplined Capital Allocation Enabled 56 th Consecutive Annual Dividend Increase; $118MM Returned to Shareholders in 1H 2026 (+45% Y oY); Net Leverage of 0.8x
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8 MSA Safety | Second Quarter 2026 Earnings Presentation Julie Beck Senior Vice President and Chief Financial Officer Financial Performance and 2026 Outlook Industrial Safety Technology Company Driven by 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.
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9 MSA Safety | Second Quarter 2026 Earnings Presentation 2Q 2026 Financial Summary Double Digit Adjusted EPS Growth Driven by Increased Sales and Robust Margin Expansion See appendix for definitions of non-GAAP measures and non-GAAP reconciliations. Percentage sales change may not calculate exactly due to rounding. Net Sales Adjusted Operating Income and Margin Adjusted EPS +6% REPORTED NET SALES GROWTH 24.1% ADJUSTED OPERA TING MARGIN +24% ADJUSTED EPS GROWTH • Sales: +3% organic, +2% FX, +1% acquisitions • Americas: +7% reported (+5% organic) – Industrial PPE and broad-based strength in detection were key areas of growth • International: +5% reported (consistent organic) – Strength in industrial PPE offset headwinds from the Middle East • Adjusted operating margin: +270 bps YoY – Americas: 32.0% – International: 15.5% • Adjusted operating margin expansion primarily reflects strategic pricing, productivity, favorable transactional FX and tariff refunds, partially offset by inflation • Adjusted EBITDA margin of 27.1%, +250 bps YoY • Sales growth and margin expansion were primary drivers of EPS growth • Incremental benefits from share repurchases, lower YoY adjusted effective tax rate and M&C $474MM $503MM 2Q 2025 2Q 2026 $1.93 $2.40 2Q 2025 2Q 2026 $101MM $121MM 2Q 2025 2Q 2026 21.4% 24.1%
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10 MSA Safety | Second Quarter 2026 Earnings Presentation 2Q 2026 Free Cash Flow and Financial Leverage Strong Free Cash Flow; Balance Sheet Remains Positioned to Fund Strategic Growth Investments Free Cash Flow Net Leverage DISCIPLINED CAPIT AL ALLOCA TION AND CASH FLOW GENERA TION • Free cash flow conversion rate of 96%, 94% YTD • Returned $47MM to shareholders via share repurchases of $26MM and dividends of $21MM • Announced 56th consecutive annual dividend increase • First half cash returns to shareholders totaled $118MM, +45% versus first half of 2025 ACTIONING STRONG BALANCE SHEET TO CREA TE SHAREHOLDER VALUE • Leveraging strong financial position to execute M&A strategy and return capital to shareholders • Announced Autronica acquisition for ~$555MM, which closed in July; pro forma net leverage post acquisition is 1.8x • Pro forma liquidity of ~$600MM(2) • M&A pipeline remains healthy and active 1.1x 0.8x 1.0x 6/30/2025 6/30/2026 $38MM $83MM 2Q 2025 2Q 2026 See appendix for definitions of non-GAAP measures and non-GAAP reconciliations (1) Pro forma for the leverage impact of the Autronica Fire and Security transaction closed on July 9, 2026. (2) Includes cash on hand and committed Revolving Credit Facility capacity following the Autronica Fire and Security transact ion closed on July 9, 2026. (1) 1.8x Actual Pro Forma
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11 MSA Safety | Second Quarter 2026 Earnings Presentation 2026 Outlook Low-Double-Digit T otal Revenue Growth Supported by Mid-Single-Digit Organic Growth, a Mid-Single-Digit Contribution from Acquisitions and a Low-Single-Digit T ailwind from FX (1) Percent of net sales for the twelve-months ended June 30, 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 40% 34% 26% OPERA TING ENVIRONMENT UPDA TE 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 CONSIDERA TIONS • M&A Contribution:(2) +MSD / Foreign Exchange:(3) FX translation 1%-2% revenue tailwind • Interest Expense: ~$40-$43MM / Tax Rate: 24%-25% • Pension and Other Non-Operating Income: Increase of ~$4-$5MM over 2025 levels
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12 MSA Safety | Second Quarter 2026 Earnings Presentation Steve Blanco President and Chief Executive Officer Closing Remarks Industrial Safety Technology Company Driven by 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.
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13 MSA Safety | Second Quarter 2026 Earnings Presentation 2Q 2026 Key T akeaways Executing Accelerate Strategy to Create Stakeholder Value 1 2 3 Delivered profitable sales growth, robust margin expansion, double-digit adjusted EPS growth and strong free cash flow generation Strong financial profile provides balanced capital deployment optionality, including growth investments and returns to shareholders Executing Accelerate strategy to deliver profitable growth in 2026 and beyond; maintaining MSD organic sales growth outlook 4 Announced Autronica acquisition, a strategically aligned detection business providing profitable growth; pro forma detection sales ~45% of total Thank Y ou to Our Associates!
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14 MSA Safety | Second Quarter 2026 Earnings Presentation Q&A
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15 MSA Safety | Second Quarter 2026 Earnings Presentation Appendix
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16 MSA Safety | Second Quarter 2026 Earnings Presentation 4.3% R&D Investment(1,2) MSA Safety (NYSE: MSA) | Trailing Twelve-Month Snapshot See appendix for definitions of non-GAAP measures and non-GAAP reconciliations. (1) Key metrics for the twelve-months ended June 30, 2026. (2) Percentage of net sales; includes capitalized software development costs. (3) 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(1,3) 32% International 68% Americas 26% Industrial PPE & Other 34% Fire Service 40% Detection $1.9B Net Sales(1) 23.0% Adj. Operating Margin(1) 0.8x Net Leverage(1) 56 Y ears Consecutive Dividend Increases 47.6% Gross Profit Margin(1)
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17 MSA Safety | Second Quarter 2026 Earnings Presentation MSA Safety | Accelerate Strategy CONTINUE TO BE THE LEADER IN PREMIUM SAFETY SOLUTIONS IMPLEMENT T ARGETED GROWTH ACCELERA TORS APPL Y MSA BUSINESS SYSTEM TO ENABLE EXCELLENCE ALLOCA TE CAPIT AL EFFECTIVEL Y • 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 – 56 Years of increasing dividend – Share repurchases
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18 MSA Safety | Second Quarter 2026 Earnings Presentation MSA Safety | Business System (MBS) (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 Foundation to Achieve Superior and Sustainable Results
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19 MSA Safety | Second Quarter 2026 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 ROIC MSA Safety | 2028 Financial T argets (1) Targets refer to adjusted metric, see appendix for definitions of non -GAAP measures. (2) Reflects expected cumulative free cash flow after dividends and share repurchase and available debt capacity. MISSION-DRIVEN REINVESTMENT + + + + Our Strategy Fuels Proven Shareholder Value Creation
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20 MSA Safety | Second Quarter 2026 Earnings Presentation Autronica: Transaction Summary Accelerates Detection Growth; Adds Scaled Fire and Gas Systems Capabilities Refer to transaction press release on our Investor Relations website for more information. • Transaction valued at ~$555 million • ~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 will be 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
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21 MSA Safety | Second Quarter 2026 Earnings Presentation End Markets Geography Autronica: A Leader in Fire & Gas Detection & Alarm Systems Highly Complementary Portfolio Fit, Strategically Aligned with MSA’s Mission, Vision and Values 2025 Sales Breakdown(1)Key Products • Established fire and gas safety solutions provider founded in 1957, headquartered in Trondheim, Norway, with ~500 employees globally • Designs, manufactures, and supplies fire detection, gas detection, and alarm systems for safety-critical environments • Long operating history with a large, mission-critical installed base supported by ongoing service and aftermarket relationships • Serves commercial and industrial critical infrastructure, energy, and maritime end markets High reliability, low false-alarm rates and strong performance in high-risk environments, aligned with zero-loss-of-life mission Life Safety Advanced capabilities include multi-criteria, algorithmic sensing, integrated control architecture, software-enabled visualization platforms T echnology Leadership Strong reputation for high technical reliability, broad certifications and mission-critical applications Premium Safety Segment 5% 20% 35% 40% 10% 15% 35% 40% Critical Infrastructure Oil, Gas, Petrochemical Marine Clean Energy Norway EMEA APAC AmericasAutroGuard • Multi-certified fire detector for global customers and markets AutroFlame • Flame detector with best-in-class performance / cost ratio AutroSafe • Global multi-certified control panel for critical infrastructure, energy & power, marine and clean energy AutroPrime • Global certified fire protection system for critical infrastructure and marine Business Overview (1) Represents approximate end market and geographic sales exposure. EMEA represents sales in the Middle East, Africa, and Eu rope (excluding Norway).
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22 MSA Safety | Second Quarter 2026 Earnings Presentation Reconciliation of Non-GAAP Financial Measures
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23 MSA Safety | Second Quarter 2026 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. Consolidated Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Detection(a) Fire Service(b) Industrial PPE and Other(c) Net Sales Detection(a) Fire Service(b) Industrial PPE and Other(c) Net Sales GAAP reported sales change 4% (1)% 20% 6% 8% 2% 16% 8% Currency translation effects (1)% (1)% (4)% (2)% (2)% (2)% (5)% (3)% Less: Acquisitions (3)% —% —% (1)% (6)% —% —% (2)% Organic sales change —% (2)% 16% 3% —% —% 11% 3% Americas Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Detection(a) Fire Service(b) Industrial PPE and Other(c) Net Sales Detection(a) Fire Service(b) Industrial PPE and Other(c) Net Sales GAAP reported sales change 9% (2)% 15% 7% 11% 4% 13% 9% Currency translation effects (1)% (1)% (4)% (2)% (1)% (1)% (5)% (2)% Less: Acquisitions (1)% —% —% —% (3)% —% —% (1)% Organic sales change 7% (3)% 11% 5% 7% 3% 8% 6% International Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Detection(a) Fire Service(b) Industrial PPE and Other(c) Net Sales Detection(a) Fire Service(b) Industrial PPE and Other(c) Net Sales GAAP reported sales change (6)% 2% 30% 5% 2% —% 25% 6% Currency translation effects (2)% (2)% (3)% (2)% (4)% (5)% (6)% (5)% Less: Acquisitions (5)% —% —% (3)% (11)% —% —% (4)% Organic sales change (13)% —% 27% —% (13)% (5)% 19% (3)%
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24 MSA Safety | Second Quarter 2026 Earnings Presentation Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit and Margin (Unaudited) Management believes that adjusted gross profit and adjusted gross profit margin 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 gross profit is consistent with that of other companies. As such, management believes that it is appropriate to consider both gross profit determined on a GAAP basis as well as adjusted gross profit. Three Months Ended June 30, 2026 Gross profit 249,291 Acquisition related amortization 3,377 Adjusted gross profit 252,668 Net sales 503,327 Gross profit margin 49.5 % Acquisition related amortization as a percent of net sales 0.7 % Adjusted gross profit margin 50.2 %
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25 MSA Safety | Second Quarter 2026 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 our evaluation of or in connection with acquisitions and divestitures. These costs are included in selling, general and administrative expense in the Condensed Consolidated Statements of Operations. 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. (In Thousands) Three Months Ended June 30, Six months ended June 30, Trailing Twelve Months Ended June 30 Twelve Months Ended December 31, 2026 2025 2026 2025 2026 2025 Adjusted EBITDA from reportable segments $ 149,441 $ 128,027 $ 277,281 $ 239,166 $ 554,438 $ 516,323 Less: Depreciation and amortization 15,285 14,549 30,468 28,286 60,495 58,313 Adjusted operating income from reportable segments 134,156 113,478 246,813 210,880 493,943 458,010 Less: Corporate expenses 13,038 12,044 24,574 21,944 46,042 43,412 Adjusted operating income 121,118 101,434 222,239 188,936 447,901 414,598 Less: Currency exchange losses, net 1,896 5,286 2,095 9,363 8,533 15,801 Restructuring charges 2,209 488 4,538 2,412 6,023 3,897 Acquisition-related amortization 3,377 3,153 6,769 5,439 13,945 12,615 Transaction costs (a) 1,677 6,645 3,864 8,099 6,232 10,467 GAAP operating income 111,959 85,862 204,973 163,623 413,168 371,818 Less: Interest expense 7,951 8,116 15,654 14,951 32,502 31,799 Other income, net (7,379) (5,000) (15,060) (12,022) (29,417) (26,379) Income before income taxes 111,387 82,746 204,379 160,694 410,083 366,398 Provision for income taxes 25,193 19,973 46,916 38,316 96,074 87,474 Net income $ 86,194 $ 62,773 $ 157,463 $ 122,378 $ 314,009 $ 278,924 Net Sales 503,327 474,116 1,946,317 Adjusted Operating Income 121,118 101,434 447,901 Adjusted Operating Margin % 24.1 % 21.4 % 23.0 %
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26 MSA Safety | Second Quarter 2026 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. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Cash flow from operating activities 95,376 67,218 171,063 129,051 Capital expenditures (12,673) (29,334) (23,260) (40,118) Free cash flow 82,703 37,884 147,803 88,933 Net Income 86,194 62,773 157,463 122,378 Free cash flow conversion 96 % 60 % 94 % 73 %
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27 MSA Safety | Second Quarter 2026 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 our evaluation of or in connection with acquisitions and divestitures. These costs are included in selling, general and administrative expense in the Condensed Consolidated Statements of Operations. 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. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 % Change 2026 2025 % Change Net income $ 86,194 $ 62,773 37% $ 157,463 $ 122,378 29% Currency exchange losses, net 1,896 5,286 2,095 9,363 Restructuring charges 2,209 488 4,538 2,412 Acquisition-related amortization 3,377 3,153 6,769 5,439 Transaction costs (a) 1,677 6,645 3,864 1,455 Asset related losses 228 884 228 892 Pension settlement — 721 Income tax expense on adjustments (2,524) (4,021) (2,524) (2,916) Adjusted earnings $ 93,057 $ 75,929 23% $ 172,433 $ 139,023 24% Adjusted diluted earnings per share $ 2.40 $ 1.93 24% $ 4.44 $ 3.53 26% Diluted shares outstanding 38,697 39,359 38,841 39,430
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28 MSA Safety | Second Quarter 2026 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 in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. (b) Pro forma Adjusted EBITDA and debt are based on information disclosed in MSA's Form 8-K filed on May 5, 2026. Pro forma Adjusted EBITDA is derived from Autronica's estimated 2025 revenue of approximately $160 million and estimated Adjusted EBITDA margin of approximately 20%. Pro forma debt is based on the estimated purchase price of approximately $555 million. These amounts are unaudited and based on preliminary estimates. MSA is continuing to finalize its valuation and purchase accounting analyses; therefore, these amounts are subject to change based on management's ongoing review of estimates and assumptions, preliminary valuation results, and the receipt of additional information. 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. Twelve Months Ended June 30, 2026 Pro Forma Adjustment (b) 6/30/2026 Pro Forma Operating income $ 413,168 $ 413,168 Depreciation and amortization 59,738 59,738 Currency exchange losses, net 8,533 8,533 Restructuring charges 6,023 6,023 Acquisition-related amortization 13,945 13,945 Transaction costs (a) 6,232 6,232 Pro forma adjusted EBITDA contribution (b) — $ 32,000 32,000 Adjusted EBITDA $ 507,639 $ 539,639 Total end-of-period debt 599,744 555,000 1,154,744 Debt to adjusted EBITDA 1.2 2.1 Total end-of-period debt $ 599,744 555,000 $ 1,154,744 Total end-of-period cash and cash equivalents 200,057 200,057 Net debt $ 399,687 $ 954,687 Net debt to adjusted EBITDA 0.8 1.8
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29 MSA Safety | Second Quarter 2026 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. Six Months Ended June 30, Trailing Twelve Months Ended June 30, Twelve Months Ended December 31, 2026 2025 2026 2025 Research and development expense $ 35,509 $ 32,665 $ 68,187 $ 65,343 Capitalized software development costs 7,900 6,700 16,114 14,914 Total R&D investment 43,409 39,365 84,301 80,257 Net sales $ 966,959 $ 895,456 $ 1,946,317 $ 1,874,814 R&D investment (% net sales) 4.5 % 4.4 % 4.3 % 4.3 %
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30 MSA Safety | Second Quarter 2026 Earnings Presentation