Mueller Industries, Inc. Reports Fiscal 2025 Fourth Quarter and Full Year Results

Mueller Industries, Inc. Reports Fiscal 2025 Fourth Quarter and Full Year Results COLLIERVILLE, Tenn., February 3, 2026 -- Mueller Industries, Inc. (NYSE: MLI) today reported fourth quarter and full year results for 2025. For the Fourth Quarter 2025 versus Fourth Quarter 2024: •Net sales: $962.4 million vs. $923.5 million, up 4.2%. •Operating income: $172.0 million vs. $170.3 million, up 1.0%. •Net income: $153.7 million vs. $137.7 million, up 11.6%. •Diluted EPS: $1.38 vs. $1.21, up 14.0%. For the Full Year 2025 versus the Full Year 2024: •Net sales: $4.2 billion vs. $3.8 billion, up 10.5%. •Operating income: $958.5 million vs. $770.4 million, up 24.4%. •Net income: $765.2 million vs. $604.9 million, up 26.5%. •Diluted EPS: $6.86 vs. $5.31, up 29.2%. Financial and Operating Commentary for the Fourth Quarter of 2025: •COMEX copper averaged $5.13 per pound during the quarter, 22% higher than the prior year period. •Net sales increased by $38.9 million. The increase was attributable to higher net selling prices due to rising raw material costs, but offset by lower unit volumes, primarily in our core copper and brass products. •Gross margin was impacted by an $18.2 million unrealized loss recorded on open hedge contracts, which resulted from the rapid rise in copper prices during the last two weeks of the quarter. •The Company generated $141.2 million of cash from operations during the fourth quarter. •Year-end cash and short-term investments totaled $1.39 billion, and our current ratio is 5.9 to 1. Regarding the results, Greg Christopher, Mueller’s CEO said, “Our fourth quarter capped a year in which every quarter marked an improvement over the prior year period. Those results culminated in the highest annual operating and net income in our Company’s history, a particularly noteworthy achievement given that market conditions worsened compared to 2024, not to mention the disruption and costs that tariffs imposed on several of our businesses.” He added, “We remain excited about our Company’s future. Although we do not expect market conditions to abruptly rebound in 2026, we nonetheless anticipate considerable improvements as the year progresses. This past year, we completed several operational improvement initiatives that will deliver financial benefits in 2026. We have absorbed the impact of changes in tariff and trade policies, and will continue to adapt as such policies evolve. Moreover, we continue to have opportunities to invest in and 1 improve each of our business platforms. We have a strong balance sheet, no debt and the necessary capital not only to support these priorities, but also to pursue strategic acquisition opportunities when they arise.” 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; energy 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 Year Ended (In thousands, except per share data) December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024 Net sales $ 962,385 $ 923,536 $ 4,178,547 $ 3,768,766 Cost of goods sold 714,556 668,166 2,966,083 2,724,328 Depreciation and amortization 16,926 22,236 68,561 53,133 Selling, general, and administrative expense 56,413 64,703 248,651 226,696 Loss (gain) on disposal of assets, net 776 (1,827) (25,878) (5,780) Impairment charges 1,717 — 3,735 — Gain on insurance proceeds — — (41,147) — Operating income 171,997 170,258 958,542 770,389 Interest expense (60) (75) (108) (410) Interest income 12,123 10,695 41,068 53,468 Realized and unrealized gains on short-term investments 12,622 385 18,547 914 Gain on extinguishment of NMTC liability — 1,265 — 1,265 Environmental expense (847) (542) (2,151) (2,218) Pension plan termination expense — — (4,830) — Other income (expense), net 413 (3,774) 1,294 (2,946) Income before income taxes 196,248 178,212 1,012,362 820,462 Income tax expense (43,115) (45,670) (247,351) (205,076) Income from unconsolidated affiliates, net of foreign tax 2,439 8,061 8,579 2,156 Consolidated net income 155,572 140,603 773,590 617,542 Net income attributable to noncontrolling interests (1,860) (2,951) (8,399) (12,663) Net income attributable to Mueller Industries, Inc. $ 153,712 $ 137,652 $ 765,191 $ 604,879 Weighted average shares for basic earnings per share 109,302 111,545 109,475 111,385 Effect of dilutive stock-based awards 1,721 2,415 2,017 2,580 Adjusted weighted average shares for diluted earnings per share 111,023 113,960 111,492 113,965 Basic earnings per share $ 1.41 $ 1.23 $ 6.99 $ 5.43 Diluted earnings per share $ 1.38 $ 1.21 $ 6.86 $ 5.31 Dividends per share $ 0.25 $ 0.20 $ 1.00 $ 0.80 3 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED (Unaudited) For the Quarter Ended For the Year Ended (In thousands) December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024 Summary Segment Data: Net sales: Piping Systems Segment $ 607,165 $ 592,834 $ 2,708,727 $ 2,514,096 Industrial Metals Segment 252,179 229,017 1,023,629 818,439 Climate Segment 110,642 112,622 497,929 488,446 Elimination of intersegment sales (7,601) (10,937) (51,738) (52,215) Net sales $ 962,385 $ 923,536 $ 4,178,547 $ 3,768,766 Operating income: Piping Systems Segment $ 147,697 $ 148,912 $ 772,316 $ 617,451 Industrial Metals Segment 13,426 14,399 105,048 92,560 Climate Segment 27,901 33,718 145,053 146,054 Unallocated expenses (17,027) (26,771) (63,875) (85,676) Operating income $ 171,997 $ 170,258 $ 958,542 $ 770,389 4 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) December 27, 2025 December 28, 2024 ASSETS Cash and cash equivalents $ 1,367,003 $ 1,037,229 Short-term investments 22,733 21,874 Accounts receivable, net 475,566 450,113 Inventories 510,463 462,279 Other current assets 69,980 40,734 Total current assets 2,445,745 2,012,229 Property, plant, and equipment, net 536,466 515,131 Operating lease right-of-use assets 27,211 32,702 Other assets 723,607 730,844 $ 3,733,029 $ 3,290,906 LIABILITIES AND STOCKHOLDERS’ EQUITY Current portion of debt $ — $ 1,094 Accounts payable 180,577 173,743 Current portion of operating lease liabilities 8,520 8,117 Other current liabilities 224,037 215,033 Total current liabilities 413,134 397,987 Pension and postretirement liabilities 8,393 11,199 Environmental reserves 15,684 15,423 Deferred income taxes 31,640 25,742 Noncurrent operating lease liabilities 18,970 24,547 Other noncurrent liabilities 9,302 11,600 Total liabilities 497,123 486,498 Total Mueller Industries, Inc. stockholders’ equity 3,209,966 2,773,165 Noncontrolling interests 25,940 31,243 Total equity 3,235,906 2,804,408 $ 3,733,029 $ 3,290,906 5 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Year Ended (In thousands) December 27, 2025 December 28, 2024 Cash flows from operating activities Consolidated net income $ 773,590 $ 617,542 Reconciliation of consolidated net income to net cash provided by operating activities: Depreciation and amortization 68,561 53,376 Stock-based compensation expense 26,764 26,787 Provision for doubtful accounts receivable 143 1,147 Income from unconsolidated affiliates (8,579) (2,156) Dividends from unconsolidated affiliates 6,824 4,769 Unrealized gains on short-term investments (1,852) (549) Gain on disposals of assets, net (25,878) (5,780) Insurance proceeds - noncapital related 15,469 18,900 Gain on sale of securities (16,695) (365) Gain on insurance proceeds (41,147) — Impairment charges 3,735 — Gain on extinguishment of NMTC liability — (1,265) Deferred income tax expense (benefit) 6,565 (867) Change in fair value of contingent consideration (4,636) — Changes in assets and liabilities, net of effects of businesses acquired: Receivables (19,093) (56,565) Inventories (40,428) (32,768) Other assets (16,377) (1,046) Current liabilities 35,078 24,360 Other liabilities (5,363) (1,145) Other, net (1,237) 1,533 Net cash provided by operating activities $ 755,444 $ 645,908 Cash flows from investing activities Proceeds from sale of assets, net of cash transferred $ 38,508 $ 12,005 Purchase of short-term investments (70,748) (21,325) Purchase of long-term investments (781) (6,785) Proceeds from the sale of securities 88,436 98,465 Acquisition of businesses, net of cash acquired — (602,692) Capital expenditures (68,805) (80,203) Insurance proceeds - capital related 4,531 6,100 Payment received for (issuance of) notes receivable with unconsolidated affiliates 1,250 (3,800) Investment received from noncontrolling interests 600 — Investments in unconsolidated affiliates (17,902) (8,700) Net cash used in investing activities $ (24,911) $ (606,935) 6 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED (Unaudited) For the Year Ended (In thousands) December 27, 2025 December 28, 2024 Cash flows from financing activities Dividends paid to stockholders of Mueller Industries, Inc. $ (109,050) $ (89,107) Dividends paid to noncontrolling interests (12,240) — Repayments of long-term debt (185) (222) Issuance of debt by consolidated joint ventures, net — 397 Repurchase of common stock (243,615) (48,681) Net cash used to settle stock-based awards (29,528) (22,865) Net cash used in financing activities $ (394,618) $ (160,478) Effect of exchange rate changes on cash 10,347 (13,823) Increase (decrease) in cash, cash equivalents, and restricted cash 346,262 (135,328) Cash, cash equivalents, and restricted cash at the beginning of the year 1,038,895 1,174,223 Cash, cash equivalents, and restricted cash at the end of the year $ 1,385,157 $ 1,038,895 7