Mueller Water Products Inc 2024年度报告

OVERVIEW Mueller Water Products, Inc. (NYSE:MWA) is a leadingmanufacturer and marketer of products and solutions usedin the transmission, distribution and measurement of waterin North America. Our broad portfolio includes engineeredvalves, fire hydrants, pipe connection and repair products,metering products, leak detection, pipe conditionassessment, pressure management products, and softwarethat provides critical water system data. Mueller WaterProducts is one of the only companies that can fulfill theneeds of water utilities from end to end – at the source, at the plant, below the ground, on the street and in thecloud. Built on a solid legacy of innovation, we have theexpertise and vision to provide advanced infrastructureand technology solutions for transmitting, distributing,measuring and monitoring water more safely andeffectively than ever before. We help municipalitiesincrease operational efficiencies, improve customerservice and prioritize capital spending, demonstratingwhy Mueller Water Products is Where IntelligenceMeets Infrastructure®. Mueller brands include Mueller®, Echologics®, Hydro Gate®, Hydro-Guard®, HYMAX®, i2O®, Jones®,Krausz®, Mi.Net®, Milliken®, Pratt®, Pratt Industrial®, Sentryx™, Singer®and U.S. Pipe Valve and Hydrant. To learn more visit www.muellerwaterproducts.com. CEO’s Letter MARIETTA EDMUNDS ZAKASI Chief Executive Officer December 19, 2025 Dear Fellow Shareholders, I am proud to share that Mueller Water Products delivered another record-setting year of results in 2025, driven by aclear strategy and the unwavering commitment of our dedicated employees. Our standout financial performance reflectsthe strength of our business model, our commitment to innovation, and our ability to generate sustained, long-termvalue for stockholders. For nearly 170 years, we’ve been at the forefront of water infrastructure, connecting communities to water, life’s mostessential resource, with exceptional people, solutions and products. Within our industry, the brand name Mueller is iconic.In fact, to our customers, the Mueller brand is revered because it is a symbol of trust, quality, and reliability. Thanks to our team’s strong focus on operational excellence and customer service, we achieved substantial growth in volumeand notable margin improvements, including achieving record levels for net sales and adjusted EBITDA, and increased ourgross margin by more than 600 basis points over the past two years. Our recent performance highlights our ongoingcommitment to driving further improvements and taking advantage of positive market trends in infrastructure investment. Here are some highlights from our 2025 fiscal year: •Increased consolidated net sales 8.7% to $1.430 billion, compared with $1.315 billion in the prior year•Generated net income of $191.7 million as compared with $115.9 million in the prior year, and increasedadjusted net income 36.9% to $205.6 million as compared with $150.2 million in the prior year•Reported net income per diluted share of $1.22 as compared with $0.74 in the prior year, and increasedadjusted net income per diluted share 36.5% to $1.31 as compared with $0.96 in the prior year•Delivered free cash flow of $172.0 million as compared with $191.4 million in the prior year•Returned $56.9 million to stockholders through dividends and common stock repurchases,with a 4.7% increase in our quarterly dividend per share In August, we published our fifth ESG Report highlighting our ongoing progress to becoming a more sustainable, innovativeand impactful organization. Throughout our history, we have been working to support and enhance our sustainability efforts,while creating innovative solutions that help solve real-world problems for our customers, communities and industries. For example, Mueller set an initial goal of identifying 7.7 billion gallons of water loss between 2020 and 2027 using ourEchoShore®leak detection technology. We achieved this goal in 2024, three years ahead of our target date. As a result, wehave set a new goal of identifying a total of 18 billion gallons of water loss by 2029. We are proud of our EchoShore®leakdetection technology and all our sustainable solutions that benefit both our customers and the communities we serve. We’re also proud to share that our employees continue to prioritize safety in our facilities, resulting in the lowest TotalRecordable Incident Rate (TRIR) in our history for 2025. Lastly, we completed the transition to our state-of-the-art brassfoundry in Decatur, Illinois, with the closure of our legacy brass foundry delivering significant operational efficiencies andstrengthened our domestic manufacturing capabilities for American-made products, including specialty and large valves. Looking to 2026, we are well-positioned for continued net sales growth as we leverage our strong market position and benefitfrom the investments needed to address the aging North American infrastructure. We believe our collective focus onenhan