On this page of StockholderLetter.com we present the latest annual shareholder letter from Enpro Inc. — ticker symbol NPO. Reading current and past NPO letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report to Shareholders
Strategic Goals Advanced in Year 1 of Enpro 3.0 Organic growth of 7.6% Operating profit increased by 14% Growth investments across the company increased Two-thirds of capital spending focused on long-term profitable growth and efficiency Value-creating acquisitions without excess leverage Total shareholder returns above premium peers Premium franchise valuation achieved reflecting differentiation and consistent execution Colleague training and personal development milestones accelerated
We advanced our Enpro 3.0 strategy throughout 2025 and are motivated to continue our growth focus, discipline and resilience to execute on our commitments in 2026 and beyond. Eric A. Vaillancourt President and Chief Executive Officer Fellow Shareholders, 2025 was a year of continued progress for Enpro as we built upon our firm foundation and demonstrated the strength, resilience, and strategic discipline of our platform. In the first year of Enpro 3.0 our multi-year strategy to accelerate personal and profitable growth we achieved meaningful operational and financial results that set us on a path to deliver on our long-term objectives. Our continued focus on operational excellence, efficiency, and execution of our key priorities enabled us to deliver strong performance. Across the organization, our teams executed well, as we navigated the dynamism of the macroeconomy with agility. Our colleagues embraced development initiatives, and our disciplined financial management positioned us to continue investing in compelling, highreturn growth opportunities that will fuel our long-term value creation trajectory. Our balanced portfolio once again proved to be a competitive advantage. Despite uneven industrial demand internationally, shifting semiconductor industry dynamics, and softness in commercial vehicle OEM markets, we delivered healthy organic growth and strong profitability. Our differentiated technologies and process expertise enabled us to protect critical environments for our customers and capitalize on opportunities in our priority end markets. 2025 ANNUAL REPORT 1 ENPRO INC.
In Sealing Technologies, disciplined execution helped offset softness in certain parts of the portfolio, most notably, commercial vehicle OEM. Demand remained healthy in aerospace, food and biopharma, and the domestic industrial and commercial vehicle aftermarket, supporting strong growth and profitability. While commercial vehicle OEM demand remains at a low point, our technology and process differentiation, long-standing customer relationships, and targeted adjacent-market investments, as well as the hard work of our teams across the segment, enabled us to capture new opportunities, while reaffirming our conviction in the segment s long-term growth profile. Our performance in Advanced Surface Technologies (AST) reflected widely recognized headwinds across the semiconductor industry over the past several quarters. While overall segment sales remained under pressure early in the year, we saw healthy growth in areas tied to leading-edge applications, particularly in precision cleaning solutions supporting advanced node chip production. These areas of strength helped drive solid segment profitability as we continued to invest in growth platforms in the United States and Asia. We remain confident in the long-term opportunities in AST, and our targeted investments in next-generation platform qualifications, regional capacity expansion, and advanced node readiness position us well to capitalize on these opportunities as global semiconductor demand improves. We closed 2025 with strong momentum, supported by our balanced portfolio, disciplined execution, and leading positions in attractive and growing end markets. 2025 Revenue Mix Sales by segment 64% Sales by channel Sales by geography 54% Sealing Technologies 57% Aftermarket 36% Advanced Surface Technologies 2025 ANNUAL REPORT North America 7% 46% Original Equipment RoW 2 22% Asia Pacific 14% Europe Sales by market 32% Semiconductor 26% General Industrial 15% Commercial Vehicle 6% Power Generation 8% Aerospace 6% Oil & Gas 7% Food & Biopharma ENPRO INC.
Advancing Enpro 3.0 In 2025, we transitioned to Enpro 3.0, our five-year strategic plan focused on unlocking the full value-creation potential of our platform to accelerate personal and profitable growth. In our first year of Enpro 3.0, the company executed very well against our critical growth objectives. This included driving solid revenue gains, directing our capital investments toward highreturn organic growth initiatives, advancing our programmatic M&A strategy with discipline, while strengthening the franchise valuation of our enterprise. In Sealing Technologies, we achieved mid-single-digit revenue growth, in line with our stated annual objective. AST is showing similar momentum as demand strengthened through the year, driven by leading-edge solutions and improved demand. Importantly, our businesses continued to maintain and improve profitability at current premium levels. We expect to continue driving growth with ongoing mix improvement, targeted operational efficiency initiatives, and disciplined strategic pricing. This early momentum reinforces our confidence in Enpro 3.0 and positions us well as we advance our multi-year growth journey. 2025 ANNUAL REPORT 3 ENPRO INC.
 • shareholder letter icon 3/23/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/24/2023 NPO Stockholder Letter
 • stockholder letter icon 3/25/2024 NPO Stockholder Letter
 • stockholder letter icon 3/24/2025 NPO Stockholder Letter
 • stockholder letter icon More "Industrial Machinery & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon NPO Benford's Law Stock Score = 84


NPO Shareholder/Stockholder Letter Transcript:

2025
Annual Report
to Shareholders

Strategic Goals Advanced in Year 1 of Enpro 3.0
    Organic growth of 7.6%
    Operating profit increased by 14%
    Growth investments across the company increased
    Two-thirds of capital spending focused on long-term
profitable growth and efficiency
    Value-creating acquisitions without excess leverage
    Total shareholder returns above premium peers
    Premium franchise valuation achieved reflecting
differentiation and consistent execution
    Colleague training and personal development
milestones accelerated

We advanced our Enpro
3.0 strategy throughout
2025 and are motivated
to continue our growth
focus, discipline and
resilience to execute
on our commitments in
2026 and beyond.
Eric A. Vaillancourt
President and
Chief Executive Officer
Fellow Shareholders,
2025 was a year of continued progress for Enpro as we built upon our firm foundation and
demonstrated the strength, resilience, and strategic discipline of our platform. In the first
year of Enpro 3.0     our multi-year strategy to accelerate personal and profitable growth    
we achieved meaningful operational and financial results that set us on a path to deliver
on our long-term objectives. Our continued focus on operational excellence, efficiency, and
execution of our key priorities enabled us to deliver strong performance.
Across the organization, our teams executed well, as we navigated the dynamism of the
macroeconomy with agility. Our colleagues embraced development initiatives, and our
disciplined financial management positioned us to continue investing in compelling, highreturn growth opportunities that will fuel our long-term value creation trajectory.
Our balanced portfolio once again proved to be a competitive advantage. Despite uneven
industrial demand internationally, shifting semiconductor industry dynamics, and softness in
commercial vehicle OEM markets, we delivered healthy organic growth and strong profitability.
Our differentiated technologies and process expertise enabled us to protect critical
environments for our customers and capitalize on opportunities in our priority end markets.
2025 ANNUAL REPORT
1
ENPRO INC.

In Sealing Technologies, disciplined execution helped offset softness in certain parts of the
portfolio, most notably, commercial vehicle OEM. Demand remained healthy in aerospace,
food and biopharma, and the domestic industrial and commercial vehicle aftermarket,
supporting strong growth and profitability. While commercial vehicle OEM demand remains
at a low point, our technology and process differentiation, long-standing customer
relationships, and targeted adjacent-market investments, as well as the hard work of our
teams across the segment, enabled us to capture new opportunities, while reaffirming our
conviction in the segment   s long-term growth profile.
Our performance in Advanced Surface Technologies (AST) reflected widely recognized
headwinds across the semiconductor industry over the past several quarters. While overall
segment sales remained under pressure early in the year, we saw healthy growth in areas
tied to leading-edge applications, particularly in precision cleaning solutions supporting
advanced node chip production. These areas of strength helped drive solid segment
profitability as we continued to invest in growth platforms in the United States and Asia. We
remain confident in the long-term opportunities in AST, and our targeted investments in
next-generation platform qualifications, regional capacity expansion, and advanced node
readiness position us well to capitalize on these opportunities as global semiconductor
demand improves.
We closed 2025 with strong momentum, supported by our balanced portfolio, disciplined
execution, and leading positions in attractive and growing end markets.
2025 Revenue Mix
Sales by segment
64%
Sales by channel
Sales by geography
54%
Sealing Technologies
57%
Aftermarket
36%
Advanced Surface Technologies
2025 ANNUAL REPORT
North America
7%
46%
Original Equipment
RoW
2
22%
Asia Pacific
14%
Europe
Sales by market
32% Semiconductor
26% General Industrial
15% Commercial Vehicle
6% Power
Generation
8%
Aerospace
6% Oil
& Gas
7% Food &
Biopharma
ENPRO INC.

Advancing Enpro 3.0
In 2025, we transitioned to Enpro 3.0, our five-year strategic plan focused on unlocking the full
value-creation potential of our platform to accelerate personal and profitable growth. In our
first year of Enpro 3.0, the company executed very well against our critical growth objectives.
This included driving solid revenue gains, directing our capital investments toward highreturn organic growth initiatives, advancing our programmatic M&A strategy with discipline,
while strengthening the franchise valuation of our enterprise.
In Sealing Technologies, we achieved mid-single-digit revenue growth, in line with our stated
annual objective. AST is showing similar momentum as demand strengthened through the
year, driven by leading-edge solutions and improved demand. Importantly, our businesses
continued to maintain and improve profitability at current premium levels. We expect to
continue driving growth with ongoing mix improvement, targeted operational efficiency
initiatives, and disciplined strategic pricing. This early momentum reinforces our confidence
in Enpro 3.0 and positions us well as we advance our multi-year growth journey.
2025 ANNUAL REPORT
3
ENPRO INC.


shareholder letter icon 3/23/2026 Letter Continued (Full PDF)
 

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