MSA Safety Announces Second Quarter 2026 Results

MSA Safety Announces Second Quarter 2026 Results Second Quarter 2026 Highlights

PITTSBURGH, July 30, 2026 /PRNewswire/ -- Global provider of advanced industrial safety products and solutions that protect people and facility infrastructures, MSA Safety Incorporated (NYSE: MSA) today reported financial results for the second quarter of 2026.

"I want to thank the MSA team for their disciplined execution across our business in the second quarter," said Steve Blanco, President and Chief Executive Officer of MSA Safety. "We delivered strong operating performance through the continued advancement of our Accelerate strategy. We also announced the acquisition of Autronica Fire and Security, which closed in early July and adds a highly complementary business that builds on the strength of our existing fixed detection platform while expanding our addressable market opportunity."

Financial Highlights

Three Months Ended June 30,

Six Months Ended June 30,

(In millions, except per share

data and percentages)

2026

2025

% Change (a)

2026

2025

% Change (a)

Net Sales

$ 503.3

$ 474.1

6 %

$ 967.0

$ 895.5

8 %

GAAP

Operating income

112.0

85.9

30 %

205.0

163.6

25 %

% of Net sales

22.2 %

18.1 %

410 bps

21.2 %

18.3 %

290 bps

Net income

86.2

62.8

37 %

157.5

122.4

29 %

Diluted EPS

2.23

1.59

40 %

4.05

3.10

31 %

Non-GAAP

Adjusted EBITDA

$ 136.4

$ 116.5

17 %

$ 252.7

$ 218.0

16 %

% of Net sales

27.1 %

24.6 %

250 bps

26.1 %

24.3 %

180 bps

Adjusted operating income

121.1

101.4

19 %

222.2

188.9

18 %

% of Net sales

24.1 %

21.4 %

270 bps

23.0 %

21.1 %

190 bps

Adjusted earnings

93.1

75.9

23 %

170.5

142.4

20 %

Adjusted diluted EPS

2.40

1.93

24 %

4.39

3.61

22 %

Free cash flow

82.7

37.9

118 %

147.8

88.9

66 %

Free cash flow conversion

96 %

60 %

94 %

73 %

Americas Segment

Net sales

$ 341.5

$ 320.1

7 %

$ 666.7

$ 613.3

9 %

GAAP operating income

106.2

91.3

16 %

202.0

167.8

20 %

% of Net sales

31.1 %

28.5 %

260 bps

30.3 %

27.4 %

290 bps

Adjusted operating income

109.1

93.3

17 %

207.2

172.0

20 %

% of Net sales

32.0 %

29.1 %

290 bps

31.1 %

28.0 %

310 bps

International Segment

Net sales

$ 161.9

$ 154.0

5 %

$ 300.3

$ 282.2

6 %

GAAP operating income

22.9

12.2

87 %

35.4

29.5

20 %

% of Net sales

14.2 %

8.0 %

620 bps

11.8 %

10.5 %

130 bps

Adjusted operating income

25.1

20.2

24 %

39.6

38.9

2 %

% of Net sales

15.5 %

13.1 %

240 bps

13.2 %

13.8 %

(60) bps

(a) Percentage change may not calculate exactly due to rounding.

"Our adjusted earnings per share increased by 24%, driven by 6% reported sales growth and robust margin expansion. We also generated strong free cash flow and returned capital to shareholders," stated Julie Beck, MSA Safety's Chief Financial Officer. "Margin expansion was primarily driven by our ongoing execution of the principles of the MSA Business System and benefited from tariff refunds. Our full-year sales outlook includes low-double-digit total revenue growth, supported by mid-single-digit organic growth, a mid-single-digit contribution from acquisitions and a low-single-digit tailwind from foreign exchange," Ms. Beck added.

The company increased its annual dividend for a 56th consecutive year and returned a total of $47 million to shareholders through $26 million of share repurchases and dividends of $21 million, while investing $13 million in capital expenditures. The company's net leverage ratio was 0.8x at quarter end. Including the debt for the acquisition of Autronica Fire and Security, pro forma net leverage is ~1.8x.

Conference Call

MSA Safety will host a conference call on Friday, July 31, 2026, at 10:00 a.m. Eastern Time to discuss its second quarter 2026 results. The call and an accompanying slide presentation will be webcast at http://investors.msasafety.com/ under the "News and Events" tab, subheading "Events & Presentations." Investors and interested parties can also dial into the call at 1-844-854-4415 (toll-free) or 1-412-902-6599 (international). When prompted, please instruct the operator to be joined into the MSA Safety Incorporated conference call. A replay of the conference call will be available at http://investors.msasafety.com/ shortly after the conclusion of the presentation and will be available for the next 90 days.

MSA Safety Incorporated

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except per share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net sales

$ 503,327

$ 474,116

$ 966,959

$ 895,456

Cost of products sold

254,036

253,406

498,088

481,351

Gross profit

249,291

220,710

468,871

414,105

Selling, general and administrative

114,073

112,078

221,756

206,042

Research and development

19,154

16,996

35,509

32,665

Restructuring charges

2,209

488

4,538

2,412

Currency exchange losses, net

1,896

5,286

2,095

9,363

Operating income

111,959

85,862

204,973

163,623

Interest expense

7,951

8,116

15,654

14,951

Other income, net

(7,379)

(5,000)

(15,060)

(12,022)

Total other expense, net

572

3,116

594

2,929

Income before income taxes

111,387

82,746

204,379

160,694

Provision for income taxes

25,193

19,973

46,916

38,316

Net income

$ 86,194

$ 62,773

$ 157,463

$ 122,378

Earnings per share attributable to common

shareholders:

Basic

$ 2.23

$ 1.60

$ 4.06

$ 3.11

Diluted

$ 2.23

$ 1.59

$ 4.05

$ 3.10

Basic shares outstanding

38,623

39,258

38,740

39,296

Diluted shares outstanding

38,697

39,359

38,841

39,430

MSA Safety Incorporated

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

June 30, 2026

December 31, 2025

Assets

Cash and cash equivalents

$ 200,057

$ 165,067

Trade receivables, net

347,877

306,452

Inventories

350,119

343,035

Other current assets

36,787

54,738

Total current assets

934,840

869,292

Property, plant and equipment, net

276,691

283,063

Prepaid pension cost

291,214

279,450

Goodwill

726,055

731,592

Intangible assets, net

285,721

299,127

Other noncurrent assets

86,990

91,850

Total assets

$ 2,601,511

$ 2,554,374

Liabilities and shareholders' equity

Notes payable and current portion of long-term debt, net

$ 8,096

$ 8,225

Accounts payable

123,632

110,775

Other current liabilities

157,171

170,211

Total current liabilities

288,899

289,211

Long-term debt, net

591,648

572,709

Pensions and other employee benefits

140,535

143,834

Deferred tax liabilities

126,747

127,540

Other noncurrent liabilities

52,025

54,068

Total shareholders' equity

1,401,657

1,367,012

Total liabilities and shareholders' equity

$ 2,601,511

$ 2,554,374

MSA Safety Incorporated

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income

$ 86,194

$ 62,773

$ 157,463

$ 122,378

Depreciation and amortization

19,322

18,099

37,674

34,350

Change in working capital and other

operating

(10,140)

(13,654)

(24,074)

(27,677)

Cash flow from operating activities

95,376

67,218

171,063

129,051

Capital expenditures

(12,673)

(29,334)

(23,260)

(40,118)

Acquisitions, net of cash acquired

—

(187,774)

—

(187,774)

Property disposals and other investing

Cash flow used in investing activities

(12,671)

(217,107)

(23,224)

(227,873)

Change in debt

(13,000)

172,686

20,760

165,220

Cash dividends paid

(20,853)

(20,848)

(41,414)

(40,881)

Company stock purchases under repurchase

program

(25,679)

(29,998)

(76,126)

(39,995)

Other financing

807

(2,249)

(9,168)

(10,365)

Cash flow (used in) from financing

activities

(58,725)

119,591

(105,948)

73,979

Effect of exchange rate changes on cash,

cash equivalents and restricted cash

(4,009)

6,949

(6,577)

7,692

Increase (decrease) in cash, cash

equivalents and restricted cash

$ 19,971

$ (23,349)

$ 35,314

$ (17,151)

MSA Safety Incorporated

Sales by Product Group (Unaudited)

(In thousands, except percentages)

Three Months Ended June 30, 2026

Consolidated

Americas

International

Dollars

Percent

Dollars

Percent

Dollars

Percent

Detection (a)

$ 201,376

40 %

$ 138,628

41 %

$ 62,748

39 %

Fire Service (b)

161,892

32 %

108,243

32 %

53,649

33 %

Industrial PPE and Other (c)

140,059

28 %

94,580

27 %

45,479

28 %

Total

$ 503,327

100 %

$ 341,451

100 %

$ 161,876

100 %

Three Months Ended June 30, 2025

Consolidated

Americas

International

Dollars

Percent

Dollars

Percent

Dollars

Percent

Detection (a)

$ 193,835

41 %

$ 127,174

40 %

$ 66,661

43 %

Fire Service (b)

163,306

34 %

110,815

35 %

52,491

34 %

Industrial PPE and Other (c)

116,975

25 %

82,150

25 %

34,825

23 %

Total

$ 474,116

100 %

$ 320,139

100 %

$ 153,977

100 %

(a) Detection includes Fixed Gas and Flame Detection and Portable Gas detection. Detection includes sales from M&C TechGroup Germany GmbH and its affiliated companies ("M&C"), acquired by the Company, from May 6th, 2025, onward (Americas and International).

(b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.

Six Months Ended June 30, 2026

Consolidated

Americas

International

Dollars

Percent

Dollars

Percent

Dollars

Percent

Detection (a)

$ 382,218

40 %

$ 262,602

39 %

$ 119,616

40 %

Fire Service (b)

321,164

33 %

224,335

34 %

96,829

32 %

Industrial PPE and Other (c)

263,577

27 %

179,752

27 %

83,825

28 %

Total

$ 966,959

100 %

$ 666,689

100 %

$ 300,270

100 %

Six Months Ended June 30, 2025

Consolidated

Americas

International

Dollars

Percent

Dollars

Percent

Dollars

Percent

Detection (a)

$ 354,906

40 %

$ 237,065

39 %

$ 117,841

42 %

Fire Service (b)

313,922

35 %

216,722

35 %

97,200

34 %

Industrial PPE and Other (c)

226,628

25 %

159,512

26 %

67,116

24 %

Total

$ 895,456

100 %

$ 613,299

100 %

$ 282,157

100 %

(b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.

MSA Safety Incorporated

Reconciliation of Non-GAAP Financial Measures

Organic sales change (Unaudited)

Consolidated

Three Months Ended June 30, 2026

Detection (a)

Fire

Service (b)

Industrial PPE

and Other (c)

Net Sales

GAAP reported sales change

4 %

(1) %

20 %

6 %

Currency translation effects

(1) %

(4) %

(2) %

Less: Acquisitions

(3) %

— %

(1) %

Organic sales change

— %

(2) %

16 %

3 %

Six Months Ended June 30, 2026

Detection (a)

Fire

Service (b)

Industrial PPE

and Other (c)

Net Sales

GAAP reported sales change

8 %

2 %

16 %

8 %

Currency translation effects

(2) %

(5) %

(3) %

Less: Acquisitions

(6) %

— %

(2) %

Organic sales change

— %

11 %

3 %

Americas Segment

Three Months Ended June 30, 2026

Detection (a)

Fire

Service (b)

Industrial PPE

and Other (c)

Net Sales

GAAP reported sales change

9 %

(2) %

15 %

7 %

Currency translation effects

(1) %

(4) %

(2) %

Less: Acquisitions

(1) %

— %

Organic sales change

7 %

(3) %

11 %

5 %

Six months ended June 30, 2026

Detection (a)

Fire

Service (b)

Industrial PPE

and Other (c)

Net Sales

GAAP reported sales change

11 %

4 %

13 %

9 %

Currency translation effects

(1) %

(5) %

(2) %

Less: Acquisitions

(3) %

— %

(1) %

Organic sales change

7 %

3 %

8 %

6 %

International Segment

Three Months Ended June 30, 2026

Detection (a)

Fire

Service (b)

Industrial PPE

and Other (c)

Net Sales

GAAP reported sales change

(6) %

2 %

30 %

5 %

Currency translation effects

(2) %

(3) %

(2) %

Less: Acquisitions

(5) %

— %

(3) %

Organic sales change

(13) %

— %

27 %

— %

Six months ended June 30, 2026

Detection (a)

Fire

Service (b)

Industrial PPE

and Other (c)

Net Sales

GAAP reported sales change

2 %

— %

25 %

6 %

Currency translation effects

(4) %

(5) %

(6) %

(5) %

Less: Acquisitions

(11) %

— %

(4) %

Organic sales change

(13) %

(5) %

19 %

(3) %

(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from M&C, acquired by the Company, from May 6th, 2025, onward (Americas and International).

(b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.

Management believes that organic sales change is a useful metric for investors, as foreign currency translation, acquisitions and divestitures can have a material impact on sales change trends. Organic sales change highlights ongoing business performance excluding the impact of fluctuating foreign currencies, acquisitions and divestitures. There can be no assurances that MSA's definition of organic sales change is consistent with that of other companies. As such, management believes that it is appropriate to consider sales change determined on a GAAP basis in addition to this non-GAAP financial measure.

MSA Safety Incorporated

Reconciliation of Non-GAAP Financial Measures

Adjusted operating income (Unaudited)

Adjusted EBITDA (Unaudited)

(In thousands)

Three Months Ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Adjusted EBITDA from reportable segments

$ 149,441

$ 128,027

$ 277,281

$ 239,166

Less:

Depreciation and amortization

15,285

14,549

30,468

28,286

Adjusted operating income from reportable

segments

134,156

113,478

246,813

210,880

Less:

Corporate expenses

13,038

12,044

24,574

21,944

Adjusted operating income

121,118

101,434

222,239

188,936

Less:

Currency exchange losses, net

1,896

5,286

2,095

9,363

Restructuring charges

2,209

488

4,538

2,412

Acquisition-related amortization

3,377

3,153

6,769

5,439

Transaction costs (a)

1,677

6,645

3,864

8,099

GAAP operating income

111,959

85,862

204,973

163,623

Less:

Interest expense

7,951

8,116

15,654

14,951

Other income, net

(7,379)

(5,000)

(15,060)

(12,022)

Income before income taxes

111,387

82,746

204,379

160,694

Provision for income taxes

25,193

19,973

46,916

38,316

Net income

$ 86,194

$ 62,773

$ 157,463

$ 122,378

(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.

Adjusted operating income, adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are non-GAAP financial measures and operating ratios derived from non-GAAP measures. Adjusted operating income is defined as operating income excluding currency exchange gains / losses, restructuring charges, acquisition-related amortization, and transaction costs. Adjusted operating margin is defined as adjusted operating income divided by net sales to external customers. Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization, and adjusted EBITDA margin is defined as adjusted EBITDA divided by net sales to external customers. These metrics are consistent with how management evaluates segment results and makes strategic decisions about the business. Additionally, these non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under GAAP, and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance. The company's definition of adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. As such, management believes that it is appropriate to consider operating income and net income determined on a GAAP basis in addition to these non-GAAP measures.

MSA Safety Incorporated

Reconciliation of Non-GAAP Financial Measures

Adjusted earnings (Unaudited)

Adjusted diluted earnings per share (Unaudited)

(In thousands, except per share amounts and percentages)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

Change

2026

2025

Change

Net income

$ 86,194

$ 62,773

37 %

$ 157,463

$ 122,378

29 %

Currency exchange losses, net

1,896

5,286

2,095

9,363

Restructuring charges

2,209

488

4,538

2,412

Acquisition-related amortization

3,377

3,153

6,769

5,439

Transaction costs (a)

1,677

6,645

3,864

8,099

Asset related losses

228

884

388

892

Pension settlement

—

721

—

721

Income tax expense on adjustments

(2,524)

(4,021)

(4,607)

(6,937)

Adjusted earnings

$ 93,057

$ 75,929

23 %

$ 170,510

$ 142,367

20 %

Adjusted diluted earnings per share

$ 2.40

$ 1.93

24 %

$ 4.39

$ 3.61

22 %

Diluted shares outstanding

38,697

39,359

38,841

39,430

(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.

Management believes that adjusted earnings and adjusted diluted earnings per share are useful measures for investors, as management uses these measures to internally assess the company's performance and ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that MSA's definition of adjusted earnings is consistent with that of other companies. As such, management believes that it is appropriate to consider both net income determined on a GAAP basis as well as adjusted earnings.

MSA Safety Incorporated

Reconciliation of Non-GAAP Financial Measures

Debt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited)

(In thousands)

Twelve Months Ended

June 30,

2026

Operating income

$ 413,168

Depreciation and amortization

59,738

Currency exchange losses, net

8,533

Restructuring charges

6,023

Acquisition-related amortization

13,945

Transaction costs (a)

6,232

Adjusted EBITDA

$ 507,639

Total end-of-period debt

599,744

Debt to adjusted EBITDA

1.2

Total end-of-period debt

$ 599,744

Total end-of-period cash and cash equivalents

200,057

Net debt

$ 399,687

Net debt to adjusted EBITDA

0.8

(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.

Management believes that Debt to adjusted EBITDA and Net debt to adjusted EBITDA are useful measures for investors, as management uses these measures to internally assess the company's liquidity and balance sheet strength. There can be no assurances that MSA's definition of Debt to adjusted EBITDA and Net debt to adjusted EBITDA is consistent with that of other companies.

About MSA Safety:

MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced industrial safety technology products and solutions. Driven by its singular mission of safety, the company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. With 2025 revenues of $1.9 billion, MSA Safety is headquartered in Cranberry Township, Pennsylvania and employs a team of approximately 5,300 associates across its more than 40 international locations. For more information, please visit www.MSASafety.com.

Cautionary Statement Regarding Forward-Looking Statements:

Except for historical information, certain matters discussed in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or other comparable words. Actual results, performance or outcomes may differ materially from those expressed or implied by these forward-looking statements and may not align with historical performance and events due to a number of factors, including those discussed in the sections of our annual report on Form 10-K entitled "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors," and those discussed in our Form 10-Q quarterly reports filed after such annual report. MSA's SEC filings are readily obtainable at no charge at www.sec.gov, as well as on its own investor relations website at http://investors.MSAsafety.com. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and caution should be exercised against placing undue reliance upon such statements, which are based only on information currently available to us and speak only as of the date hereof. We are under no duty to update publicly any of the forward-looking statements after the date of this earnings press release, whether as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures:

This press release includes certain non-GAAP financial measures. These financial measures include organic sales change, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, adjusted earnings per diluted share, debt to adjusted EBITDA, and net debt to adjusted EBITDA. These non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management also uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use, and computational methods with respect thereto, may differ from the non-GAAP financial measures and key performance indicators, and computational methods, that our peers use to assess their performance and trends.

The presentation of these non-GAAP financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. When non-GAAP financial measures are disclosed, the Securities and Exchange Commission's Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. For an explanation of these measures, with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures in the financial tables section above.

SOURCE MSA Safety