On this page of StockholderLetter.com we present the latest annual shareholder letter from Mueller Water Products, Inc. — ticker symbol MWA. Reading current and past MWA letters to shareholders can bring important insights into the investment thesis.

 •  12/19/2025 Letter Continued (Full PDF)
 •  1/19/2024 MWA Stockholder Letter
 •  12/18/2024 MWA Stockholder Letter
 •  More "Industrial Machinery & Equipment" Category Stockholder Letters
 •  MWA Benford's Law Stock Score = 81

MWA Shareholder/Stockholder Letter Transcript:

2025
ANNUAL REPORT
WHERE INTELLIGENCE
MEETS INFRASTRUCTURE   

OVERVIEW
Mueller Water Products, Inc. (NYSE:MWA) is a leading
the plant, below the ground, on the street and in the
manufacturer and marketer of products and solutions used
cloud. Built on a solid legacy of innovation, we have the
in the transmission, distribution and measurement of water
expertise and vision to provide advanced infrastructure
in North America. Our broad portfolio includes engineered
and technology solutions for transmitting, distributing,
valves,    re hydrants, pipe connection and repair products,
measuring and monitoring water more safely and
metering products, leak detection, pipe condition
e   ectively than ever before. We help municipalities
assessment, pressure management products, and software
increase operational e   ciencies, improve customer
that provides critical water system data. Mueller Water
service and prioritize capital spending, demonstrating
Products is one of the only companies that can ful   ll the
why Mueller Water Products is Where Intelligence
needs of water utilities from end to end     at the source, at
Meets 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 ZAKAS I 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 a
clear strategy and the unwavering commitment of our dedicated employees. Our standout financial performance reflects
the strength of our business model, our commitment to innovation, and our ability to generate sustained, long-term
value for stockholders.
For nearly 170 years, we   ve been at the forefront of water infrastructure, connecting communities to water, life   s most
essential 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 volume
and notable margin improvements, including achieving record levels for net sales and adjusted EBITDA, and increased our
gross margin by more than 600 basis points over the past two years. Our recent performance highlights our ongoing
commitment 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 increased
adjusted 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 increased
adjusted 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, innovative
and 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 our
EchoShore   leak detection technology. We achieved this goal in 2024, three years ahead of our target date. As a result, we
have set a new goal of identifying a total of 18 billion gallons of water loss by 2029. We are proud of our EchoShore   leak
detection 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 Total
Recordable Incident Rate (TRIR) in our history for 2025. Lastly, we completed the transition to our state-of-the-art brass
foundry in Decatur, Illinois, with the closure of our legacy brass foundry delivering significant operational efficiencies and
strengthened 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 benefit
from the investments needed to address the aging North American infrastructure. We believe our collective focus on
enhancing commercial execution, driving operational and supply chain efficiencies, and investing in our facilities will support
further margin expansion in fiscal 2026 and beyond. Similarly, our strong capital structure and robust financial position
provide us with the flexibility and capacity to pursue strategic acquisitions that will further strengthen our portfolio while
continuing to return cash to stockholders.
We are also advancing our leadership in water infrastructure with the introduction of solutions such as our hydrant renewal
systems that modernize aging hydrants with acoustic leak detection. These innovations underscore our commitment to
developing cutting-edge technologies that help utilities operate more intelligently, efficiently and sustainably. Despite
heightened uncertainty in the external environment, I remain confident in our team   s ability to adapt, execute, and deliver
strong results. Their unwavering commitment to our customers and operational discipline will continue to propel Mueller
Water Products forward.
Finally, this letter marks my last Annual Report to stockholders. In November, I announced that I will be retiring as Chief
Executive Officer and a member of the Board of Directors, effective February 9, 2026. I am very pleased that the Board has
appointed Paul McAndrew as my successor as Chief Executive Officer, effective February 9, 2026. I will remain with the
Company as a Senior Advisor through December 31, 2026, to facilitate a smooth transition for Paul, our team and the Board. I
have great confidence that Paul and the entire Mueller team will build on our positive momentum and success as we continue
to address the challenges of aging water infrastructure across markets with our products, services and solutions. Paul has a
deep understanding of our industry portfolio, operations, culture, and customer relationships. He has been a key driver in
strengthening our organization and delivering outstanding financial results, and I am confident he will continue to lead with
vision, innovation and a relentless focus on creating long-term value for all our stockholders.
It has been the privilege of a lifetime to lead this extraordinary team and Company and to further develop Mueller   s rich
legacy. Since I joined Mueller almost 20 years ago, Mueller has made meaningful progress     driving growth, delivering
innovative and sustainable solutions, and addressing real-world challenges. Our commitment to excellence in all that we do
has remained     and will remain     steadfast. I am deeply proud of the entire Mueller team, and I know that I leave Mueller
poised for future success with its leadership team and talented employees. Thank you for being part of this journey and for
your continued support.
Sincerely,
Marietta Edmunds Zakas
Chief Executive Officer



 12/19/2025 Letter Continued (Full PDF)