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Twelve Months Ended March 31, 2025 Three Months Ended June 30, 2024 Three Months Ended June 30, 2025 Twelve Months Ended June 30, 2025 Net income $ 452,573 $ (162,322) $ 144,091 $ 434,342 Depreciation and amortization 183,281 (41,098) 50,228 192,411 Interest expense 91,803 (22,824) 23,029 92,008 Income tax expense 141,063 (49,886) 46,674 137,851 EBITDA 868,720 (276,130) 264,022 856,612 Restructuring and realignment expense(a) 3,858 (292) 9,993 13,559 Stock-based compensation expense 26,581 (6,977) 8,404 28,008 Transaction costs(b) 9,291 (10) 807 10,088 Interest income (23,485) 6,565 (5,405) (22,325) Other adjustments(c) 4,263 1,346 346 5,955 Adjusted EBITDA $ 889,228 $ (275,498) $ 278,167 $ 891,897 Adjusted EBITDA Margin 30.6% 30.6% (c)Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, and the proportionate share of interest, income taxes, depreciation and amortization related to the South American Joint Venture, which is accounted for under the equity method of accounting and executive retirement expense. (b)Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions. (a)Includes Loss on disposal of assets and costs from exit and disposal activities, which includes costs associated with plant closures, as well as professional fees incurred in connection with supporting enterprise-wide restructuring and realignment initiatives.
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(Amounts in thousands) Twelve Months Ended March 31, 2025(a) Three Months Ended June 30, 2024 Three Months Ended June 30, 2025 Twelve Months Ended June 30, 2025 Pipe $ 1,486,325 $ (426,388) $ 415,538 $ 1,475,475 Infiltrator 577,876 (147,302) 178,353 608,927 International International - Pipe 134,247 (40,074) 33,473 127,646 International - Allied & Other 60,383 (17,631) 15,018 57,770 Total International 194,630 (57,705) 48,491 185,416 Allied Products & Other 645,414 (183,941) 187,498 648,971 Net Sales $ 2,904,245 $ (815,336) $ 829,880 $ 2,918,789 (a) In the first quarter of fiscal 2026, the Company realigned certain products used in wastewater applications to the Infiltrator reportable segment. The Company transitioned its ARC Septic Chambers from Allied Products & Other and certain pipe products used in wastewater applications from Pipe. Prior period segment information for fiscal 2025 has been recast to conform to the fiscal 2026 presentation.
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The leverage ratio is calculated as net debt divided by the trailing twelve months Adjusted EBITDA: June 30, 2025 $ 1,430,243 638,268 $ 791,975 0.9Leverage Ratio (Amounts in thousands) Total debt (debt and finance lease obligations) Cash Net debt (total debt less cash)