Mueller Industries, Inc. Reports Second Quarter 2026 Earnings

Mueller Industries, Inc. Reports Second Quarter 2026 Earnings COLLIERVILLE, Tenn., July 21, 2026 -- Mueller Industries, Inc. (NYSE: MLI) announces results for the second quarter of 2026. Comparisons are to the second quarter of 2025. •Net Sales increased to $1.43 billion versus $1.14 billion. •Net Income increased to $249.7 million versus $245.9 million. •Operating Income increased to $310.0 million versus $304.2 million. •Diluted EPS* increased to $1.13 versus $1.11. •Dividends per share* increased to $.175 versus $.125. * Diluted EPS and dividends per share have been adjusted retroactively to reflect the two-for-one stock split that took effect on June 30, 2026. Second Quarter Financial and Operating Highlights: •COMEX copper averaged $6.16 per pound during the quarter, a 30.6 percent increase over the prior year period. •Adjusting for the $36.3 million insurance gain ($28.1 million net of tax) recognized in the second quarter of 2025, we delivered a 15.7 percent increase in operating income. •Unit volume growth in each of our three reporting segments, combined with price increases related to the rise in material costs, contributed to the overall increase in net sales. •Net cash generated from operations was $212.3 million. We utilized $138.3 million during the quarter to acquire Bison Metals Technologies LLC. •Our cash and short-term investments balance at quarter end was $1.42 billion, and our current ratio remains strong at 4.8 to 1. Regarding the results and outlook for the business, Greg Christopher, Mueller’s CEO said, “We delivered consistent year over year earnings growth and executed at a high level. Business demand continues to strengthen in our commercial, industrial and electrical markets. Backlogs are strong, and we are carrying out our 2030 strategic plan initiatives with a high sense of urgency. During the quarter, we completed two acquisitions in our core metals businesses — Bison Metals Technologies on March 30, 2026, and Chicago Extruded Metals on June 12, 2026. With Bison already having delivered a record second quarter, we expect both to meaningfully contribute in the near term. We are optimistic that the U.S. residential construction markets will eventually improve, and look forward to a resolution of the conflict in Iran, leading to lower energy costs and reduced inflationary pressures. As such, we are anticipating continued strength in our business.” 1 Mueller Industries, Inc. (NYSE: MLI) is an industrial corporation whose holdings manufacture vital goods for important markets such as air, water, oil and gas distribution; climate comfort; food preservation; electrical transmission; medical; aerospace; and automotive. It includes a network of companies and brands throughout North America, Europe, Asia, and the Middle East. ********************* Statements in this release that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties. These include economic and currency conditions, continued availability of raw materials and energy, market demand, pricing, competitive and technological factors, and the availability of financing, among others, as set forth in the Company’s SEC filings. The words “outlook,” “estimate,” “project,” “intend,” “expect,” “believe,” “target,” “encourage,” “anticipate,” “appear,” and similar expressions are intended to identify forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date of this report. The Company has no obligation to publicly update or revise any forward-looking statements to reflect events after the date of this report. CONTACT Jeffrey A. Martin (901) 753-3226 2 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For the Quarter Ended For the Six Months Ended (In thousands, except per share data) June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Net sales $ 1,427,923 $ 1,138,173 $ 2,620,928 $ 2,138,338 Cost of goods sold 1,032,577 785,194 1,867,138 1,513,379 Depreciation and amortization 17,335 17,905 33,987 35,028 Selling, general, and administrative expense 67,850 67,521 134,635 130,581 Loss (gain) on disposal of assets, net 187 (337) 1,720 (14,802) Gain on sale of business — — (41,407) — Asset impairments — — 2,653 — Gain on insurance proceeds — (36,278) — (36,278) Operating income 309,974 304,168 622,202 510,430 Interest expense (134) (17) (134) (42) Interest income 10,978 8,222 22,848 18,123 Unrealized gains on short-term investments 6,545 13,212 4,508 8,202 Other expense, net (1,127) (1,142) (2,359) (1,050) Income before income taxes 326,236 324,443 647,065 535,663 Income tax expense (82,869) (78,857) (162,424) (130,332) Income from unconsolidated affiliates, net of foreign tax 6,920 2,897 7,035 2,439 Consolidated net income 250,287 248,483 491,676 407,770 Net income attributable to noncontrolling interests (632) (2,559) (3,003) (4,414) Net income attributable to Mueller Industries, Inc. $ 249,655 $ 245,924 $ 488,673 $ 403,356 Weighted average shares for basic earnings per share (1) 217,412 217,492 217,800 219,484 Effect of dilutive stock-based awards (1) 3,780 4,392 3,706 4,530 Adjusted weighted average shares for diluted earnings per share (1) 221,192 221,884 221,506 224,014 Basic earnings per share (1) $ 1.15 $ 1.13 $ 2.24 $ 1.84 Diluted earnings per share (1) $ 1.13 $ 1.11 $ 2.21 $ 1.80 Dividends per share (1) $ 0.175 $ 0.125 $ 0.350 $ 0.250 (1) Adjusted retroactively to reflect the two-for-one stock split that occurred on June 30, 2026. 3 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED (Unaudited) For the Quarter Ended For the Six Months Ended (In thousands) June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Summary Segment Data: Net sales: Piping Systems Segment $ 946,575 $ 743,475 $ 1,707,103 $ 1,383,158 Industrial Metals Segment 354,998 270,598 676,275 522,511 Climate Segment 144,952 137,515 268,717 260,622 Elimination of intersegment sales (18,602) (13,415) (31,167) (27,953) Net sales $ 1,427,923 $ 1,138,173 $ 2,620,928 $ 2,138,338 Operating income: Piping Systems Segment $ 248,346 $ 250,296 $ 465,356 $ 408,460 Industrial Metals Segment 42,787 30,610 87,058 60,694 Climate Segment 42,583 42,628 75,962 78,252 Unallocated expenses (23,742) (19,366) (6,174) (36,976) Operating income $ 309,974 $ 304,168 $ 622,202 $ 510,430 4 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) June 27, 2026 December 27, 2025 ASSETS Cash and cash equivalents $ 1,388,748 $ 1,367,003 Short-term investments 27,241 22,733 Accounts receivable, net 761,869 475,566 Inventories 607,654 510,463 Other current assets 59,759 69,980 Total current assets 2,845,271 2,445,745 Property, plant, and equipment, net 557,196 536,466 Operating lease right-of-use assets 19,239 27,211 Other assets 835,562 723,607 Total assets $ 4,257,268 $ 3,733,029 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ 295,767 $ 180,577 Current portion of operating lease liabilities 7,589 8,520 Other current liabilities 292,468 224,037 Total current liabilities 595,824 413,134 Long-term debt 5,243 — Pension and postretirement liabilities 8,389 8,393 Environmental reserves 15,689 15,684 Deferred income taxes 34,513 31,640 Noncurrent operating lease liabilities 11,852 18,970 Other noncurrent liabilities 11,742 9,302 Total liabilities 683,252 497,123 Total Mueller Industries, Inc. stockholders’ equity 3,547,750 3,209,966 Noncontrolling interests 26,266 25,940 Total equity 3,574,016 3,235,906 Total liabilities and equity $ 4,257,268 $ 3,733,029 5 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Six Months Ended (In thousands) June 27, 2026 June 28, 2025 Cash flows from operating activities Consolidated net income $ 491,676 $ 407,770 Reconciliation of consolidated net income to net cash provided by operating activities: Depreciation and amortization 33,987 35,028 Stock-based compensation expense 15,846 13,940 Provision for credit losses 818 73 Income from unconsolidated affiliates (7,035) (2,439) Dividends from unconsolidated affiliates 4,621 2,812 Insurance proceeds - noncapital related — 12,345 Loss (gain) on disposals of assets, net 1,720 (14,802) Gain on sale of business (41,407) — Unrealized gains on short-term investments (4,508) (8,202) Impairment charges 2,653 — Gain on insurance proceeds — (36,278) Deferred income tax expense 3,109 4,420 Changes in assets and liabilities, net of effects of businesses acquired and sold: Receivables (292,241) (134,535) Inventories (89,164) (41,190) Other assets 983 (4,371) Current liabilities 167,903 72,259 Other liabilities 2,365 (2,420) Other, net 675 (249) Net cash provided by operating activities $ 292,001 $ 304,161 Cash flows from investing activities Capital expenditures $ (38,796) $ (30,691) Acquisition of business, net of cash acquired (138,269) — Proceeds from sale of business, net of cash sold 57,004 — Insurance proceeds - capital related — 2,655 Purchase of short-term investments — (26,633) Purchase of long-term investments (5,834) (552) Proceeds from sales of assets 62 21,135 Other — 600 Net cash used in investing activities $ (125,833) $ (33,486) 6 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Six Months Ended (In thousands) June 27, 2026 June 28, 2025 Cash flows from financing activities Dividends paid to stockholders of Mueller Industries, Inc. $ (76,094) $ (54,398) Repurchase of common stock (76,439) (243,615) Repayments of debt — (111) Net cash used to settle stock-based awards (497) (4,189) Dividends paid to noncontrolling interests (4,956) (12,240) Other 3,100 — Net cash used in financing activities $ (154,886) $ (314,553) Effect of exchange rate changes on cash (5,718) 11,718 Increase (decrease) in cash, cash equivalents, and restricted cash 5,564 (32,160) Cash, cash equivalents, and restricted cash at the beginning of the period 1,385,157 1,038,895 Cash, cash equivalents, and restricted cash at the end of the period $ 1,390,721 $ 1,006,735 7