21:56:41 EST Mon 02 Nov 2026
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MSA Safety Announces Third Quarter 2026 Results

2026-11-02 16:30 ET - News Release

MSA Safety Announces Third Quarter 2026 Results

PR Newswire

Third Quarter 2026 Highlights

  • Achieved quarterly net sales of $536 million, a 15% GAAP increase and a 6% organic increase year-over-year
  • Generated GAAP operating income of $88 million, or 16.4% of sales, and adjusted operating income of $115 million, or 21.4% of sales
  • Recorded GAAP net income of $58 million, or $1.51 per diluted share, a decrease from prior year due to Autronica acquisition costs, and adjusted earnings of $81 million, or $2.09 per diluted share, an increase of 8% year-over-year
  • Completed the acquisition of Autronica Fire and Security for $563 million, net of cash acquired

PITTSBURGH, Nov. 2, 2026 /PRNewswire/ -- Global provider of advanced industrial safety technology products and solutions that protect people and facility infrastructures, MSA Safety Incorporated (NYSE: MSA) today reported financial results for the third quarter of 2026.

"The MSA team continued to advance our Accelerate strategy in the third quarter, delivering 15% sales growth," said Steve Blanco, President and Chief Executive Officer of MSA Safety. "We executed several strategic objectives, including closing the acquisition of Autronica Fire and Security, launching the G1 City Edition SCBA, and continuing momentum in MSA+ connected safety, with an ALTAIR io 6 order that marked our largest MSA+ order to date. Together, these actions strengthen our safety technology portfolio, reinforce our market leadership, and enhance our ability to deliver sustainable long-term growth," Mr. Blanco added.


 
          
            Financial Highlights


                                                                                             Three Months Ended September 30,                           Nine Months Ended September 30,



 
          (In millions, except per share data and percentages)               2026    2025                                  % Change            2026      2025                        % Change

                                                                                                                                        (a)                                                     (a)



 
          Net Sales                                                        $536.4  $468.4                                             15 % $1,503.4  $1,363.9                                   10 %



 
          GAAP



 Operating income                                                              88.2    94.3                                            (6) %    293.2     257.9                                   14 %



 
          % of Net sales                                                   16.4 % 20.1 %                                       (370) bps   19.5 %   18.9 %                                60 bps



 Net income                                                                    58.4    69.6                                           (16) %    215.9     192.0                                   12 %



 Diluted EPS                                                                   1.51    1.77                                           (15) %     5.57      4.87                                   14 %



 
          Non-GAAP



 Adjusted EBITDA                                                             $130.7  $118.9                                             10 %   $383.4    $336.9                                   14 %



 
          % of Net sales                                                   24.4 % 25.4 %                                       (100) bps   25.5 %   24.7 %                                80 bps



 Adjusted operating income                                                    114.9   103.7                                             11 %    337.2     292.7                                   15 %



 
          % of Net sales                                                   21.4 % 22.1 %                                        (70) bps   22.4 %   21.5 %                                90 bps



 Adjusted earnings                                                             80.6    76.2                                              6 %    251.2     218.6                                   15 %



 Adjusted diluted EPS                                                          2.09    1.94                                              8 %     6.48      5.55                                   17 %



 Free cash flow                                                                68.2   100.5                                           (32) %    216.0     189.4                                   14 %



 
          Free cash flow conversion                                         117 %  144 %                                                    100 %     99 %



 
          Americas Segment



 Net sales                                                                   $338.2  $313.3                                              8 % $1,004.9    $926.6                                    8 %



 GAAP operating income                                                         93.9    86.7                                              8 %    295.8     254.5                                   16 %



 
          % of Net sales                                                   27.8 % 27.7 %                                          10 bps   29.4 %   27.5 %                               190 bps



 Adjusted operating income                                                     96.7    88.7                                              9 %    303.9     260.7                                   17 %



 
          % of Net sales                                                   28.6 % 28.3 %                                          30 bps   30.2 %   28.1 %                               210 bps



 
          International Segment



 Net sales                                                                   $198.2  $155.1                                             28 %   $498.5    $437.3                                   14 %



 GAAP operating income                                                         22.9    22.7                                              1 %     58.3      52.3                                   11 %



 
          % of Net sales                                                   11.6 % 14.7 %                                       (310) bps   11.7 %   12.0 %                              (30) bps



 Adjusted operating income                                                     31.8    24.8                                             28 %     71.4      63.7                                   12 %



 
          % of Net sales                                                   16.1 % 16.0 %                                          10 bps   14.3 %   14.6 %                              (30) bps



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

"Our adjusted earnings per share increased by 8% and we continued to deliver strong free cash flow conversion. Our cash generation and disciplined capital allocation framework enabled the acquisition of Autronica Fire and Security and meaningful shareholder returns via dividends and share repurchases. With net leverage within our target range, we remain well positioned to pursue strategic growth opportunities. We are maintaining our full-year sales outlook of low-double-digit reported growth," stated Julie Beck, MSA Safety's Chief Financial Officer.

Conference Call
MSA Safety will host a conference call on Tuesday, November 3, 2026, at 10:00 a.m. Eastern Time to discuss its third 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            Nine Months Ended
                                                             September 30,             September 30,


                                                              2026                2025        2026               2025





 Net sales                                               $536,430            $468,445  $1,503,389         $1,363,900



 Cost of products sold                                    292,199             250,829     790,287            732,179



 Gross profit                                             244,231             217,616     713,102            631,721





 Selling, general and administrative                      132,377             102,852     354,133            308,895



 Research and development                                  19,963              16,521      55,472             49,186



 Restructuring charges                                      1,780                  58       6,318              2,470



 Currency exchange losses, net                              1,876               3,875       3,971             13,237



 Operating income                                          88,235              94,310     293,208            257,933





 Interest expense                                          13,759               8,416      29,413             23,368



 Other income, net                                        (7,478)            (6,562)   (22,538)          (18,585)



 Total other expense, net                                   6,281               1,854       6,875              4,783





 Income before income taxes                                81,954              92,456     286,333            253,150



 Provision for income taxes                                23,558              22,843      70,474             61,159



 Net income                                               $58,396             $69,613    $215,859           $191,991





 Earnings per share attributable to common shareholders:



 Basic                                                      $1.51               $1.78       $5.58              $4.89



 Diluted                                                    $1.51               $1.77       $5.57              $4.87





 Basic shares outstanding                                  38,564              39,168      38,681             39,253



 Diluted shares outstanding                                38,647              39,280      38,776             39,380


 MSA Safety Incorporated


 Condensed Consolidated Balance Sheets (Unaudited)


 (In thousands)




                                                           September 30, 2026 December 31,
                                                                                   2025





 Assets



 Cash and cash equivalents                                          $187,248      $165,067



 Trade receivables, net                                              374,211       306,452



 Inventories                                                         370,595       343,035



 Other current assets                                                 58,690        54,738



     Total current assets                                            990,744       869,292





 Property, plant and equipment, net                                  282,269       283,063



 Prepaid pension cost                                                297,101       279,450



 Goodwill                                                          1,044,108       731,592



 Intangible assets, net                                              558,574       299,127



 Other noncurrent assets                                             105,516        91,850



    Total assets                                                  $3,278,312    $2,554,374





 Liabilities and shareholders' equity



 Notes payable and current portion of long-term debt, net            $33,098        $8,225



 Accounts payable                                                    145,800       110,775



 Other current liabilities                                           194,800       170,211



    Total current liabilities                                        373,698       289,211





 Long-term debt, net                                               1,088,108       572,709



 Pensions and other employee benefits                                139,464       143,834



 Deferred tax liabilities                                            172,328       127,540



 Other noncurrent liabilities                                         70,727        54,068



 Total shareholders' equity                                        1,433,987     1,367,012



    Total liabilities and shareholders' equity                    $3,278,312    $2,554,374


 MSA Safety Incorporated


 Condensed Consolidated Statements of Cash Flows (Unaudited)


 (In thousands)




                                                                                        Three Months Ended            Nine Months Ended
                                                                                    September 30,            September 30,


                                                                                     2026               2025        2026               2025





 Net income                                                                      $58,396            $69,613    $215,859           $191,991



 Depreciation and amortization                                                    23,009             18,585      60,683             52,935



 Change in working capital and other operating                                       907             24,264    (23,167)           (3,413)



 Cash flow from operating activities                                              82,312            112,462     253,375            241,513





 Acquisitions, net of cash acquired                                            (563,087)                    (563,087)         (187,774)



 Capital expenditures                                                           (14,128)          (11,986)   (37,388)          (52,104)



 Property disposals and other investing                                                -                           36                 19



 Cash flow used in investing activities                                        (577,215)          (11,986)  (600,439)         (239,859)





 Change in debt                                                                  521,698           (49,892)    542,458            115,328



 Cash dividends paid                                                            (20,834)          (20,757)   (62,248)          (61,638)



 Company stock purchases under repurchase program                               (12,683)                     (88,809)          (39,995)



 Other financing                                                                   (224)           (1,156)    (9,392)          (11,521)



 Cash flow (used in) from financing activities                                   487,957           (71,805)    382,009              2,174





 Effect of exchange rate changes on cash, cash equivalents and restricted cash   (5,900)           (5,690)   (12,477)             2,002





 Change in cash, cash equivalents and restricted cash                          $(12,846)           $22,981     $22,468             $5,830


          MSA Safety Incorporated


          Sales by Product Group (Unaudited)


          (In thousands, except percentages)







          Three Months Ended September 30, 2026                                                                   Consolidated                      
        Americas           International


                                                                                                          Dollars                   Percent            Dollars         Percent   Dollars       Percent



          Detection(a)                                                                                  $233,935                       44 %           $130,107             38 %  $103,828           52 %



          Fire Service(b)                                                                                173,214                       32 %            119,179             35 %    54,035           27 %



          Industrial PPE and Other(c)                                                                    129,281                       24 %             88,960             27 %    40,321           21 %



          Total                                                                                         $536,430                      100 %           $338,246            100 %  $198,184          100 %





          Three Months Ended September 30, 2025                                                                   Consolidated                      
        Americas           International


                                                                                                          Dollars                   Percent            Dollars         Percent   Dollars       Percent



          Detection(a)                                                                                  $191,188                       41 %           $124,111             40 %   $67,077           43 %



          Fire Service(b)                                                                                158,654                       34 %            109,497             35 %    49,157           32 %



          Industrial PPE and Other(c)                                                                    118,603                       25 %             79,742             25 %    38,861           25 %



          Total                                                                                         $468,445                      100 %           $313,350            100 %  $155,095          100 %



          
            (a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from the Autronica
Fire and Security acquisition from July 9, 2026 onward (Americas and International).


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


          
            (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.


          Nine Months Ended September 30, 2026                                                               Consolidated                      
          Americas           International


                                                                                                     Dollars                   Percent              Dollars         Percent   Dollars       Percent



          Detection(a)                                                                             $616,154                       41 %             $392,710             39 %  $223,444           45 %



          Fire Service(b)                                                                           494,378                       33 %              343,514             34 %   150,864           30 %



          Industrial PPE and Other(c)                                                               392,857                       26 %              268,711             27 %   124,146           25 %



          Total                                                                                  $1,503,389                      100 %           $1,004,935            100 %  $498,454          100 %





          Nine Months Ended September 30, 2025                                                               Consolidated                     
          Americas            International


                                                                                                     Dollars                   Percent              Dollars         Percent   Dollars       Percent



          Detection(a)                                                                             $546,094                       40 %             $361,176             39 %  $184,918           42 %



          Fire Service(b)                                                                           472,576                       35 %              326,220             35 %   146,356           33 %



          Industrial PPE and Other(c)                                                               345,230                       25 %              239,253             26 %   105,977           25 %



          Total                                                                                  $1,363,900                      100 %             $926,649            100 %  $437,251          100 %



          
            (a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from the M&C
TechGroup acquisition from May 6, 2025, onward (Americas and International) and sales from the Autronica Fire and Security
acquisition from July 9, 2026 onward (Americas and International).


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


          
            (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.


 MSA Safety Incorporated


 Reconciliation of Non-GAAP Financial Measures


 Organic sales change (Unaudited)




 Consolidated




                                                              Three Months Ended September 30, 2026


                                                Detection(a)           Fire              Industrial    Net
                                                                                             PPE      Sales
                                                             Service(b)          and Other(c)



 GAAP reported sales change                            22 %            9 %                     9 %    15 %



 Currency translation effects                           - %           - %                  (2) %   (1) %



 Less: Acquisitions                                  (20) %            - %                    - %  (8) %



 Organic sales change                                   2 %            9 %                     7 %     6 %




                                                               Nine Months Ended September 30, 2026


                                                Detection(a)           Fire              Industrial    Net
                                                                                             PPE      Sales
                                                             Service(b)          and Other(c)



 GAAP reported sales change                            13 %            5 %                    14 %    10 %



 Currency translation effects                         (1) %          (2) %                   (4) %   (2) %



 Less: Acquisitions                                  (11) %            - %                    - %  (4) %



 Organic sales change                                   1 %            3 %                    10 %     4 %


 Americas Segment




                                              Three Months Ended September 30, 2026


                               Detection(a)           Fire              Industrial     Net
                                                                            PPE       Sales
                                            Service(b)          and Other(c)



 GAAP reported sales change            5 %            9 %                    12 %      8 %


  Currency translation effects          - %           - %                  (3) %    (1) %



 Less: Acquisitions                  (1) %            - %                    - %     - %



 Organic sales change                  4 %            9 %                     9 %      7 %




                                              Nine months ended September 30, 2026


                               Detection(a)           Fire              Industrial     Net
                                                                            PPE       Sales
                                            Service(b)          and Other(c)



 GAAP reported sales change            9 %            5 %                    12 %      8 %


  Currency translation effects        (1) %            - %                  (3) %    (1) %



 Less: Acquisitions                  (2) %            - %                    - %   (1) %



 Organic sales change                  6 %            5 %                     9 %      6 %


          International Segment




                                                                                                         
          Three Months Ended September 30, 2026


                                                                                               Detection(a)              Fire              Industrial PPE Net Sales
                                                                                                               Service(b)            and Other(c)



          GAAP reported sales change                                                                  55 %              10 %                         4 %      28 %



          Currency translation effects                                                                 - %              - %                      (1) %       - %



          Less: Acquisitions                                                                        (59) %               - %                        - %   (26) %



          Organic sales change                                                                       (4) %              10 %                         3 %       2 %




                                                                                                          
          Nine months ended September 30, 2026


                                                                                               Detection(a)              Fire              Industrial PPE Net Sales
                                                                                                               Service(b)            and Other(c)



          GAAP reported sales change                                                                  21 %               3 %                        17 %      14 %



          Currency translation effects                                                               (2) %             (4) %                       (4) %     (3) %



          Less: Acquisitions                                                                        (29) %               - %                        - %   (12) %



          Organic sales change                                                                      (10) %             (1) %                        13 %     (1) %



          
            (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.


          
            (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.

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          Nine months ended
                                                                                                                                       September 30,            September 30,


                                                                                                                                       2026                2025       2026                2025





          Adjusted EBITDA from reportable segments                                                                                $144,278            $128,487   $421,559            $367,651



          Less:



               Depreciation and amortization                                                                                        15,784              14,973     46,252              43,258



          Adjusted operating income from reportable segments                                                                       128,494             113,514    375,307             324,393



          Less:



               Corporate expenses                                                                                                   13,564               9,773     38,138              31,718



          Adjusted operating income                                                                                                114,930             103,741    337,169             292,675



          Less:



               Currency exchange losses, net                                                                                         1,876               3,875      3,971              13,237



               Restructuring charges                                                                                                 1,780                  58      6,318               2,470



               Acquisition-related amortization                                                                                      8,072               3,595     14,841               9,033



               Transaction and digital transformation costs (a)                                                                     14,967               1,903     18,831              10,002



          GAAP operating income                                                                                                     88,235              94,310    293,208             257,933



          Less:



               Interest expense                                                                                                     13,759               8,416     29,413              23,368



               Other income, net                                                                                                   (7,478)            (6,562)  (22,538)           (18,585)



          Income before income taxes                                                                                                81,954              92,456    286,333             253,150



          Provision for income taxes                                                                                                23,558              22,843     70,474              61,159



          Net income                                                                                                               $58,396             $69,613   $215,859            $191,991



          
            (a) Transaction and digital transformation costs include advisory, legal, accounting, valuation, and other professional or
consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures as well as costs associated
with strategic digital transformation efforts. 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 and digital transformation 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                                           Nine Months Ended
                                                                                                           September 30,                                           September 30,


                                                                                                            2026              2025                       %               2026               2025         %

                                                                                                                                                  Change                                         Change





          Net income                                                                                    $58,396           $69,613                    (16) %         $215,859           $191,991        12 %





          Currency exchange losses, net                                                                   1,876             3,875                                      3,971             13,237



          Restructuring charges                                                                           1,780                58                                      6,318              2,470



          Acquisition-related amortization                                                                8,072             3,595                                     14,841              9,033



          Transaction and digital transformation costs (a)                                               14,967             1,903                                     18,831             10,002



          Asset related losses                                                                              249                97                                        637                989



          Pension settlement                                                                                  -                                                                          721



          Income tax expense on adjustments                                                             (4,693)          (2,949)                                   (9,301)           (9,885)



          Adjusted earnings                                                                             $80,647           $76,192                       6 %         $251,156           $218,558        15 %





          Adjusted diluted earnings per share                                                             $2.09             $1.94                       8 %            $6.48              $5.55        17 %





          Diluted shares outstanding                                                                     38,647            39,280                                     38,776             39,380



          
            (a) Transaction and digital transformation costs include advisory, legal, accounting, valuation, and other professional or consulting fees
incurred during our evaluation of or in connection with acquisitions and divestitures as well as costs associated with strategic digital
transformation efforts. 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


 Free Cash Flow (Unaudited)


 (In thousands, except percentages)




                                                      Three Months Ended           Nine Months Ended
                                                   September 30,              September 30,


                                                    2026                 2025        2026               2025





 Cash flow from operating activities            $82,312             $112,462    $253,375           $241,513



 Capital expenditures                          (14,128)            (11,986)   (37,388)          (52,104)



 Free cash flow                                 $68,184             $100,476    $215,987           $189,409





 Net Income                                     $58,396              $69,613    $215,859           $191,991





 Free cash flow conversion                        117 %               144 %      100 %              99 %



Management believes that free cash flow is a meaningful measure for investors. Management reviews cash from operations after deducting capital expenditures because these expenditures are necessary to promote growth of MSA's business and are likely to produce cash from operations in future periods. It is important to note that free cash flow does not reflect the residual cash balance of the company for discretionary spending since other items, including debt and dividend payments, are deducted from free cash flow before arriving at the company's ending cash balance. Management defines free cash flow conversion as free cash flow divided by net income. There can be no assurances that MSA's definition of free cash flow is consistent with that of other companies. As such, management believes that it is appropriate to consider cash from operating activities determined on a GAAP basis as well as free cash flow.


 MSA Safety Incorporated


 Reconciliation of Non-GAAP Financial Measures


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


 (In thousands)




                                                                      Twelve Months Ended
                                                                    September 30,


                                                                                     2026



 Operating income                                                               $407,093



 Depreciation and amortization                                                    60,328



 Currency exchange losses, net                                                     6,535



 Restructuring charges                                                             7,745



 Acquisition-related amortization                                                 18,423



 Transaction and digital transformation costs (a)                                 19,296



 Autronica estimated adjusted EBITDA contribution (b)                             24,000



 Adjusted EBITDA                                                                $543,420





 Total end-of-period debt                                                      1,121,206





 Debt to adjusted EBITDA                                                             2.1





 Total end-of-period debt                                                     $1,121,206



 Total end-of-period cash and cash equivalents                                   187,248



 Net debt                                                                       $933,958





 Net debt to adjusted EBITDA                                                         1.7


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



          
            (b) Adjusted EBITDA includes Autronica estimates for nine months preceding MSA's ownership.  The estimate was developed using
information disclosed in MSA's Form 8-K filed on May 5, 2026. Pro forma Adjusted EBITDA is derived from Autronica's estimated
2025 revenue of approximately $160 million and estimated Adjusted EBITDA margin of approximately 20%. These amounts are
unaudited and based on preliminary estimates.

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.

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SOURCE MSA Safety

Contact:

Media Relations Contact: Ron Hudok (724) 822-7925; Investor Relations Contact: Julie Beck (724) 799-9105

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