卡莱尔伙伴 2025年度报告

In 2025,Carlisle achieved... ADJUSTED EBITDA MARGIN*24.4% FREE CASH FLOW MARGIN*19.4% ReportContents This is the annual report forCarlisleCūŞƎaŠiesTŠČūrƎūraƥeē,covering all our operations forthe period of January 1 throughDecember 31, 2025. OUR CULTUREOF INNOVATION 4Ǭ810141ǬA Letter from Our CEOAbout CarlisleA History of American InnovationVoices of Carlisle InnovationCarlisle Construction MaterialsCarlisleØeatherprooǛng Technologies THE PILLARSOF VISION 2030 182022242Ǭ28Building on Vision 2030The Carlisle Operating SystemThe Carlisle ExperienceStrategic AcquisitionsDisciplined Capital DeploymentExceptional Talent OURCOMMITMENTS ǩ0ǩ2ǩ4ǩǬSustainable Shareholder ValueCarlisle in our CommunitiesOur Board and Company OfǛcersInvestor Resources A Letter fromOur CEO ¹ĺeeNJƎaŠsiūŠūIJCarlisleȪs¤esearČĺʁTŠŠūDŽaƥiūŠCeŠƥersƭƎƎūrƥsūƭriŠēƭsƥrNjȹleaēiŠijƎrūēƭČƥēeDŽelūƎŞeŠƥeIJIJūrƥs OUR INNOVATION JOURNEY Last year marked an important milestonein our Vision 2030 journey as we turnedour focus towards building a scalable,enterprise-wide innovation engine. To thatend, we aim to increase our investment inR&D and product development to 3% ofsales under Vision 2030. We have a clearobjective: by 2030, 25% of Carlisle’s revenuewill come from products introduced in thelastǛve years. Dear Shareholders, I write this letter having just completed mytenth year as CEO, and I am grateful for theopportunity to lead this company and foryour continued conǛdence and investment inCarlisle Companies. I am proud of the resultsour team has delivered. In 2025, we made substantial structuralenhancements to our innovation engine. Weimplemented a robust×ūiČeȹūIJȹƥĺeȹCƭsƥūŞerƎrūČessto identify the most pressingcontractor and building owner pain points.We reǛned and drove further disciplinein our¬ƥaijeȹHaƥe®ijūDŽerŠaŠČeŞūēelfor new product development to allocateresources to the products with the highestexpected returns. We also strengthened ourinnovation leadership andČrūssȹIJƭŠČƥiūŠalČūllaċūraƥiūŠbetween R&D, manufacturing,and our commercial teams. Over the past decade, we generated a 419%total shareholder return, including $1.3 billionin dividends and more than $6 billion in sharerepurchases.Øe fulǛlled the commitmentsoutlined in Vision 2025, achieving our EPStarget two years ahead of schedule. Sincelaunching Vision 2025,DžeĺaDŽeŞūreƥĺaŠēūƭċleēreDŽeŠƭeaŠēaēŏƭsƥeē/T¹'iŠūƭrċƭilēiŠijƎrūēƭČƥsseijŞeŠƥsaŠēŞūreƥĺaŠƥriƎleēIJreeČasĺǜūDž. The results of these efforts are already visiblein the marketplace with the launch of award-winning products like our new ThermaThin™7 polyiso insulation, UltraTouch™ RecycledDenim Insulation, Blueskin®VPTech™integrated panel, and Sealtite™ PRO OCXspray foam insulation. Building on this performance, we completedour strategic pivot to a pure play buildingproducts company and introduced Vision2030—the next phase of Carlisle’s valuecreation strategy. Innovation is a key pillar ofVision 2030, and I would like to share a fewwords about our innovation journey. A cornerstone of our innovationtransformation is the expansion ofCarlisle's Research & Innovation Center.The expansion will accommodate newlaboratories and pilot lines to supportacceleration of industry-leading productdevelopment, adding another 175,000square feet of space dedicated to buildingscience, material development, and productinnovation. This expansion will supportover one hundred additional scientists,technicians, and support staff working ina state-of-the-art facility. By bringing thecritical stages of development in-house, weare reducing time to market while buildingproprietary knowledge that strengthens ourcompetitive advantage. ØeĺaDŽeƥƭrŠeēūƭrIJūČƭsƥūDžarēsċƭilēiŠijasČalaċleȡeŠƥerƎriseȹDžiēeiŠŠūDŽaƥiūŠeŠijiŠeȦNj20ǩ0ȡ25ɼūIJCarlisleɄsreDŽeŠƭeDžillČūŞeIJrūŞƎrūēƭČƥsiŠƥrūēƭČeēiŠƥĺelasƥǛDŽeNjearsȦ We are conǛdent these targets areachievable through low-to-mid single digitorganic growth, EBITDA margin expansionat both CCM and CWT, disciplined andsynergistic M&A, and capital return throughdividends and share repurchases. VISION 2030 In addition to the signiǛcant progress madebuilding our Innovation engine, I am proudof the progress our teams made in 2025against our otherǛve Vision 2030 pillars ofThe Carlisle Operating System (COS), TheCarlisle Experience, Strategic Acquisitions,Disciplined Capital Allocation and TalentManagement. The updates in this annualreport show just a fraction of the greatwork our teams accomplish every day. Thank you again for your support over thepast decade. I look forward to building onour momentum and continuing to deliveroutstanding performance and superior valuefor all our stakeholders in the years ahead. D. Christian KochChair, President, and Chief Executive OfǛcerMarch 1, 2026 ~ƭr×isiūŠ20ǩ0ƥarijeƥsreŞaiŠČlearȠaēŏƭsƥeē/¡¬ūIJɐ40aŠēreƥƭrŠūŠiŠDŽesƥeēČaƎiƥalaċūDŽe25ɼȦ AboutCarlisle Our mission is to be a leadingsupplier of innovative buildingenvelope products and