Earnings release
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FOR IMMEDIATE RELEASE FROM: MSA Safety Incorporated Ticker: MSA (NYSE) Media Relations Contact: Ron Hudok (724) 822-7925 Investor Relations Contact: Julie Beck (724) 799-9105 MSA Safety Announces Second Quarter 2026 Results Second Quarter 2026 Highlights • Achieved quarterly net sales of $503 million, a 6% GAAP increase and a 3% organic increase year-over-year • Generated GAAP operating income of $112 million, or 22.2% of sales, and adjusted operating income of $121 million, or 24.1% of sales • Recorded GAAP net income of $86 million, or $2.23 per diluted share, an increase of 40% year-over-year, and adjusted earnings of $93 million, or $2.40 per diluted share, an increase of 24% year-over-year • Generated free cash flow of $83 million and returned $47 million of capital to shareholders via share repurchases and dividend payments • Announced the acquisition of Autronica Fire and Security for ~$555 million, which closed in July, and raised annual dividend for 56th consecutive year PITTSBURGH, July 30, 2026 - Global provider of advanced industrial safety products and solutions that protect people and facility infrastructures, MSA Safety Incorporated (NYSE: MSA) today reported financial results for the second quarter of 2026. "I want to thank the MSA team for their disciplined execution across our business in the second quarter," said Steve Blanco, President and Chief Executive Officer of MSA Safety. "We delivered strong operating performance through the continued advancement of our Accelerate strategy. We also announced the acquisition of Autronica Fire and Security, which closed in early July and adds a highly complementary business that builds on the strength of our existing fixed detection platform while expanding our addressable market opportunity." (more)
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Financial Highlights Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data and percentages) 2026 2025 % Change (a) 2026 2025 % Change (a) Net Sales $ 503.3 $ 474.1 6% $ 967.0 $ 895.5 8 % GAAP Operating income 112.0 85.9 30 % 205.0 163.6 25 % % of Net sales 22.2 % 18.1 % 410 bps 21.2 % 18.3 % 290 bps Net income 86.2 62.8 37 % 157.5 122.4 29 % Diluted EPS 2.23 1.59 40 % 4.05 3.10 31 % Non-GAAP Adjusted EBITDA $ 136.4 $ 116.5 17 % $ 252.7 $ 218.0 16 % % of Net sales 27.1 % 24.6 % 250 bps 26.1 % 24.3 % 180 bps Adjusted operating income 121.1 101.4 19 % 222.2 188.9 18 % % of Net sales 24.1 % 21.4 % 270 bps 23.0 % 21.1 % 190 bps Adjusted earnings 93.1 75.9 23 % 170.5 142.4 20 % Adjusted diluted EPS 2.40 1.93 24 % 4.39 3.61 22 % Free cash flow 82.7 37.9 118 % 147.8 88.9 66 % Free cash flow conversion 96 % 60 % 94 % 73 % Americas Segment Net sales $ 341.5 $ 320.1 7 % $ 666.7 $ 613.3 9 % GAAP operating income 106.2 91.3 16 % 202.0 167.8 20 % % of Net sales 31.1 % 28.5 % 260 bps 30.3 % 27.4 % 290 bps Adjusted operating income 109.1 93.3 17 % 207.2 172.0 20 % % of Net sales 32.0 % 29.1 % 290 bps 31.1 % 28.0 % 310 bps International Segment Net sales $ 161.9 $ 154.0 5 % $ 300.3 $ 282.2 6 % GAAP operating income 22.9 12.2 87 % 35.4 29.5 20 % % of Net sales 14.2 % 8.0 % 620 bps 11.8 % 10.5 % 130 bps Adjusted operating income 25.1 20.2 24 % 39.6 38.9 2 % % of Net sales 15.5 % 13.1 % 240 bps 13.2 % 13.8 % (60) bps (a) Percentage change may not calculate exactly due to rounding. "Our adjusted earnings per share increased by 24%, driven by 6% reported sales growth and robust margin expansion. We also generated strong free cash flow and returned capital to shareholders," stated Julie Beck, MSA Safety's Chief Financial Officer. "Margin expansion was primarily driven by our ongoing execution of the principles of the MSA Business System and benefited from tariff refunds. Our full-year sales outlook includes 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 foreign exchange," Ms. Beck added. 2 (more)
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The company increased its annual dividend for a 56th consecutive year and returned a total of $47 million to shareholders through $26 million of share repurchases and dividends of $21 million, while investing $13 million in capital expenditures. The company's net leverage ratio was 0.8x at quarter end. Including the debt for the acquisition of Autronica Fire and Security, pro forma net leverage is ~1.8x. Conference Call MSA Safety will host a conference call on Friday, July 31, 2026, at 10:00 a.m. Eastern Time to discuss its second quarter 2026 results. The call and an accompanying slide presentation will be webcast at http://investors.msasafety.com/ under the “News and Events” tab, subheading “Events & Presentations.” Investors and interested parties can also dial into the call at 1-844-854-4415 (toll- free) or 1-412-902-6599 (international). When prompted, please instruct the operator to be joined into the MSA Safety Incorporated conference call. A replay of the conference call will be available at http://investors.msasafety.com/ shortly after the conclusion of the presentation and will be available for the next 90 days. 3 (more)
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MSA Safety Incorporated Condensed Consolidated Statements of Income (Unaudited) (In thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net sales $ 503,327 $ 474,116 $ 966,959 $ 895,456 Cost of products sold 254,036 253,406 498,088 481,351 Gross profit 249,291 220,710 468,871 414,105 Selling, general and administrative 114,073 112,078 221,756 206,042 Research and development 19,154 16,996 35,509 32,665 Restructuring charges 2,209 488 4,538 2,412 Currency exchange losses, net 1,896 5,286 2,095 9,363 Operating income 111,959 85,862 204,973 163,623 Interest expense 7,951 8,116 15,654 14,951 Other income, net (7,379) (5,000) (15,060) (12,022) Total other expense, net 572 3,116 594 2,929 Income before income taxes 111,387 82,746 204,379 160,694 Provision for income taxes 25,193 19,973 46,916 38,316 Net income $ 86,194 $ 62,773 $ 157,463 $ 122,378 Earnings per share attributable to common shareholders: Basic $ 2.23 $ 1.60 $ 4.06 $ 3.11 Diluted $ 2.23 $ 1.59 $ 4.05 $ 3.10 Basic shares outstanding 38,623 39,258 38,740 39,296 Diluted shares outstanding 38,697 39,359 38,841 39,430 4 (more)
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MSA Safety Incorporated Condensed Consolidated Balance Sheets (Unaudited) (In thousands) June 30, 2026 December 31, 2025 Assets Cash and cash equivalents $ 200,057 $ 165,067 Trade receivables, net 347,877 306,452 Inventories 350,119 343,035 Other current assets 36,787 54,738 Total current assets 934,840 869,292 Property, plant and equipment, net 276,691 283,063 Prepaid pension cost 291,214 279,450 Goodwill 726,055 731,592 Intangible assets, net 285,721 299,127 Other noncurrent assets 86,990 91,850 Total assets $ 2,601,511 $ 2,554,374 Liabilities and shareholders' equity Notes payable and current portion of long-term debt, net $ 8,096 $ 8,225 Accounts payable 123,632 110,775 Other current liabilities 157,171 170,211 Total current liabilities 288,899 289,211 Long-term debt, net 591,648 572,709 Pensions and other employee benefits 140,535 143,834 Deferred tax liabilities 126,747 127,540 Other noncurrent liabilities 52,025 54,068 Total shareholders' equity 1,401,657 1,367,012 Total liabilities and shareholders' equity $ 2,601,511 $ 2,554,374 5 (more)
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MSA Safety Incorporated Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 86,194 $ 62,773 $ 157,463 $ 122,378 Depreciation and amortization 19,322 18,099 37,674 34,350 Change in working capital and other operating (10,140) (13,654) (24,074) (27,677) Cash flow from operating activities 95,376 67,218 171,063 129,051 Capital expenditures (12,673) (29,334) (23,260) (40,118) Acquisitions, net of cash acquired — (187,774) — (187,774) Property disposals and other investing 2 1 36 19 Cash flow used in investing activities (12,671) (217,107) (23,224) (227,873) Change in debt (13,000) 172,686 20,760 165,220 Cash dividends paid (20,853) (20,848) (41,414) (40,881) Company stock purchases under repurchase program (25,679) (29,998) (76,126) (39,995) Other financing 807 (2,249) (9,168) (10,365) Cash flow (used in) from financing activities (58,725) 119,591 (105,948) 73,979 Effect of exchange rate changes on cash, cash equivalents and restricted cash (4,009) 6,949 (6,577) 7,692 Increase (decrease) in cash, cash equivalents and restricted cash $ 19,971 $ (23,349) $ 35,314 $ (17,151) 6 (more)
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MSA Safety Incorporated Sales by Product Group (Unaudited) (In thousands, except percentages) Three Months Ended June 30, 2026 Consolidated Americas International Dollars Percent Dollars Percent Dollars Percent Detection(a) $ 201,376 40% $ 138,628 41% $ 62,748 39% Fire Service(b) 161,892 32% 108,243 32% 53,649 33% Industrial PPE and Other(c) 140,059 28% 94,580 27% 45,479 28% Total $ 503,327 100% $ 341,451 100% $ 161,876 100% Three Months Ended June 30, 2025 Consolidated Americas International Dollars Percent Dollars Percent Dollars Percent Detection(a) $ 193,835 41% $ 127,174 40% $ 66,661 43% Fire Service(b) 163,306 34% 110,815 35% 52,491 34% Industrial PPE and Other(c) 116,975 25% 82,150 25% 34,825 23% Total $ 474,116 100% $ 320,139 100% $ 153,977 100% (a) Detection includes Fixed Gas and Flame Detection and Portable Gas detection. Detection includes sales from M&C TechGroup Germany GmbH and its affiliated companies ("M&C"), acquired by the Company, from May 6th, 2025, onward (Americas and International). (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. Six Months Ended June 30, 2026 Consolidated Americas International Dollars Percent Dollars Percent Dollars Percent Detection(a) $ 382,218 40% $ 262,602 39% $ 119,616 40% Fire Service(b) 321,164 33% 224,335 34% 96,829 32% Industrial PPE and Other(c) 263,577 27% 179,752 27% 83,825 28% Total $ 966,959 100% $ 666,689 100% $ 300,270 100% Six Months Ended June 30, 2025 Consolidated Americas International Dollars Percent Dollars Percent Dollars Percent Detection(a) $ 354,906 40% $ 237,065 39% $ 117,841 42% Fire Service(b) 313,922 35% 216,722 35% 97,200 34% Industrial PPE and Other(c) 226,628 25% 159,512 26% 67,116 24% Total $ 895,456 100% $ 613,299 100% $ 282,157 100% (a) Detection includes Fixed Gas and Flame Detection and Portable Gas detection. Detection includes sales from M&C TechGroup Germany GmbH and its affiliated companies ("M&C"), acquired by the Company, from May 6th, 2025, onward (Americas and International). (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. 7 (more)
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MSA Safety Incorporated Reconciliation of Non-GAAP Financial Measures Organic sales change (Unaudited) Consolidated Three Months Ended June 30, 2026 Detection(a) Fire Service(b) Industrial PPE and Other(c) Net Sales GAAP reported sales change 4% (1)% 20% 6% Currency translation effects (1)% (1)% (4)% (2)% Less: Acquisitions (3)% —% —% (1)% Organic sales change —% (2)% 16% 3% Six Months Ended June 30, 2026 Detection(a) Fire Service(b) Industrial PPE and Other(c) Net Sales GAAP reported sales change 8% 2% 16% 8% Currency translation effects (2)% (2)% (5)% (3)% Less: Acquisitions (6)% —% —% (2)% Organic sales change —% —% 11% 3% Americas Segment Three Months Ended June 30, 2026 Detection(a) Fire Service(b) Industrial PPE and Other(c) Net Sales GAAP reported sales change 9% (2)% 15% 7% Currency translation effects (1)% (1)% (4)% (2)% Less: Acquisitions (1)% —% —% —% Organic sales change 7% (3)% 11% 5% Six months ended June 30, 2026 Detection(a) Fire Service(b) Industrial PPE and Other(c) Net Sales GAAP reported sales change 11% 4% 13% 9% Currency translation effects (1)% (1)% (5)% (2)% Less: Acquisitions (3)% —% —% (1)% Organic sales change 7% 3% 8% 6% 8 (more)
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International Segment Three Months Ended June 30, 2026 Detection(a) Fire Service(b) Industrial PPE and Other(c) Net Sales GAAP reported sales change (6)% 2% 30% 5% Currency translation effects (2)% (2)% (3)% (2)% Less: Acquisitions (5)% —% —% (3)% Organic sales change (13)% —% 27% —% Six months ended June 30, 2026 Detection(a) Fire Service(b) Industrial PPE and Other(c) Net Sales GAAP reported sales change 2% —% 25% 6% Currency translation effects (4)% (5)% (6)% (5)% Less: Acquisitions (11)% —% —% (4)% Organic sales change (13)% (5)% 19% (3)% (a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from M&C, acquired by the Company, from May 6th, 2025, onward (Americas and International). (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. 9 (more)
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MSA Safety Incorporated Reconciliation of Non-GAAP Financial Measures Adjusted operating income (Unaudited) Adjusted EBITDA (Unaudited) (In thousands) Three Months Ended June 30, Six months ended June 30, 2026 2025 2026 2025 Adjusted EBITDA from reportable segments $ 149,441 $ 128,027 $ 277,281 $ 239,166 Less: Depreciation and amortization 15,285 14,549 30,468 28,286 Adjusted operating income from reportable segments 134,156 113,478 246,813 210,880 Less: Corporate expenses 13,038 12,044 24,574 21,944 Adjusted operating income 121,118 101,434 222,239 188,936 Less: 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 8,099 GAAP operating income 111,959 85,862 204,973 163,623 Less: Interest expense 7,951 8,116 15,654 14,951 Other income, net (7,379) (5,000) (15,060) (12,022) Income before income taxes 111,387 82,746 204,379 160,694 Provision for income taxes 25,193 19,973 46,916 38,316 Net income $ 86,194 $ 62,773 $ 157,463 $ 122,378 (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 unaudited Condensed Consolidated Statements of Income. Adjusted operating income, adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are non-GAAP financial measures and operating ratios derived from non-GAAP measures. Adjusted operating income is defined as operating income excluding currency exchange gains / losses, restructuring charges, acquisition-related amortization, and transaction costs. Adjusted operating margin is defined as adjusted operating income divided by net sales to external customers. Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization, and adjusted EBITDA margin is defined as adjusted EBITDA divided by net sales to external customers. 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. Adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin 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. 10 (more)
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MSA Safety Incorporated Reconciliation of Non-GAAP Financial Measures Adjusted earnings (Unaudited) Adjusted diluted earnings per share (Unaudited) (In thousands, except per share amounts and percentages) 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 8,099 Asset related losses 228 884 388 892 Pension settlement — 721 — 721 Income tax expense on adjustments (2,524) (4,021) (4,607) (6,937) Adjusted earnings $ 93,057 $ 75,929 23% $ 170,510 $ 142,367 20% Adjusted diluted earnings per share $ 2.40 $ 1.93 24% $ 4.39 $ 3.61 22% Diluted shares outstanding 38,697 39,359 38,841 39,430 (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 unaudited Condensed Consolidated Statements of Income. Management believes that adjusted earnings and adjusted diluted earnings per 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. 11 (more)
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MSA Safety Incorporated Reconciliation of Non-GAAP Financial Measures Debt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited) (In thousands) Twelve Months Ended June 30, 2026 Operating income $ 413,168 Depreciation and amortization 59,738 Currency exchange losses, net 8,533 Restructuring charges 6,023 Acquisition-related amortization 13,945 Transaction costs (a) 6,232 Adjusted EBITDA $ 507,639 Total end-of-period debt 599,744 Debt to adjusted EBITDA 1.2 Total end-of-period debt $ 599,744 Total end-of-period cash and cash equivalents 200,057 Net debt $ 399,687 Net debt to adjusted EBITDA 0.8 (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 unaudited Condensed Consolidated Statements of Income. 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 MSA's definition of Debt to adjusted EBITDA and Net debt to adjusted EBITDA is consistent with that of other companies. 12 (more)
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About MSA Safety: MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced industrial safety technology products and solutions. Driven by its singular mission of safety, the company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. With 2025 revenues of $1.9 billion, MSA Safety is headquartered in Cranberry Township, Pennsylvania and employs a team of approximately 5,300 associates across its more than 40 international locations. For more information, please visit www.MSASafety.com. Cautionary Statement Regarding Forward-Looking Statements: Except for historical information, certain matters discussed in this press release may be "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. In some cases, you can identify forward-looking statements by words such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “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. MSA’s SEC filings are readily obtainable at no charge at www.sec.gov, as well as on its own investor relations website at http://investors.MSAsafety.com. 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 earnings press release, whether as a result of new information, future events or otherwise, except as required by law. Non-GAAP Financial Measures: This press release 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, debt to adjusted EBITDA, and net debt to adjusted EBITDA. 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. 13 (more)
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The presentation of these non-GAAP financial measures does not comply with U.S. generally accepted accounting principles ("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, with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures in the financial tables section above. # # # 14