MSA Safety Announces Second Quarter 2026 Results

Rhea-AI Summary

MSA Safety (NYSE: MSA) reported second quarter 2026 net sales of $503.3 million, up 6% year-over-year (3% organic). GAAP operating income rose to $112.0 million (22.2% margin) and GAAP net income to $86.2 million, with diluted EPS of $2.23, up 40%.

Adjusted operating income was $121.1 million (24.1% margin) and adjusted EPS $2.40, up 24%. Free cash flow increased 118% to $82.7 million with 96% conversion. MSA Safety announced the ~$555 million acquisition of Autronica Fire and Security, closed in July, and raised its annual dividend for the 56th consecutive year while returning $47 million via share repurchases and dividends. Net leverage was 0.8x at quarter-end; pro forma for the acquisition it is ~1.8x.

Positive

• Net sales up 6% to $503.3 million; organic growth 3%
• GAAP diluted EPS up 40% year-over-year to $2.23
• Adjusted EPS up 24% year-over-year to $2.40
• GAAP operating margin expanded 410 bps to 22.2%
• Free cash flow up 118% to $82.7 million; 96% conversion
• Autronica Fire and Security acquisition for ~$555 million closed in July

Negative

• Fire Service sales declined 1% reported and 2% organic in Q2
• International Detection organic sales declined 13% in Q2
• Restructuring charges increased to $2.2 million from $0.5 million
• Currency translation reduced consolidated Q2 sales growth by about 2 percentage points
• International segment organic net sales declined 3% for the first six months of 2026

Market Context

The CFO purchased 448 shares on June 11, 2026, adding insider-buying context to this earnings report...

Analysis

The CFO purchased 448 shares on June 11, 2026, adding insider-buying context to this earnings report. The platform record also shows low short positioning; investors can watch leverage integration and organic growth execution.

Key Figures

Net Sales: $503 million; +6% GAAP, +3% organic GAAP Operating Income: $112 million; 22.2% of sales GAAP Net Income: $86 million; $2.23 per diluted share +5 more

8 metrics

Net Sales $503 million; +6% GAAP, +3% organic Q2 2026 year-over-year

GAAP Operating Income $112 million; 22.2% of sales Q2 2026

GAAP Net Income $86 million; $2.23 per diluted share Q2 2026; net income increased 40% year-over-year

Adjusted Diluted EPS $2.40; +24% Q2 2026 year-over-year

Free Cash Flow $83 million; +118% Q2 2026 year-over-year

Acquisition ~$555 million Autronica Fire and Security; closed in July 2026

Annual Revenue Outlook Low-double-digit total revenue growth Full-year outlook

Pro Forma Net Leverage ~1.8x Including debt for the Autronica acquisition

Previous Earnings Reports

5 past events · Latest: May 04 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 04	Q1 earnings results	Positive	+2.2%	Sales growth, higher operating income, shareholder returns, and free cash flow
Oct 28	Q3 earnings results	Positive	+4.1%	Sales growth, margin expansion, debt repayment, and reaffirmed organic outlook
Aug 04	Q2 earnings results	Positive	+1.4%	Sales growth, M&C acquisition, shareholder returns, and maintained organic outlook
Apr 29	Q1 earnings results	Positive	+2.0%	Sales growth, Detection performance, credit facility extension, and maintained outlook
Feb 12	Q4 earnings results	Positive	+0.2%	Moderate sales growth, improved profitability, dividends, repurchases, and debt repayment

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

All five tag-matched earnings events had positive 24-hour price reactions, with an average move of 2%.

Key Terms

gaap, adjusted ebitda, diluted eps, organic sales change, +1 more

5 terms

gaap financial

"Achieved quarterly net sales of $503 million, a 6% GAAP increase"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

adjusted ebitda financial

"Non-GAAP Adjusted EBITDA | $ 136.4 | | $ 116.5"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

diluted eps financial

"Adjusted diluted EPS | 2.40 | | 1.93 | | 24 %"

Diluted earnings per share (EPS) shows how much profit a company makes for each share of stock, assuming all possible shares from stock options or convertible securities are used. It provides a more conservative estimate than basic EPS, accounting for potential share increases that could dilute ownership. Investors use diluted EPS to get a clearer picture of a company's true profitability on a per-share basis.

organic sales change financial

"Organic sales change highlights ongoing business performance"

Organic sales change measures how a company’s revenue grows or shrinks from its ongoing operations after removing effects from things like buying or selling businesses and swings in currency value. It tells investors whether the core business is gaining or losing customers and market share — like judging a garden’s growth by the plants you tended yourself, not by adding new pots or blaming the weather — which helps separate real performance from one-time or external factors.

net leverage ratio financial

"The company's net leverage ratio was 0.8x at quarter end"

The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Second Quarter 2026 Highlights

• Achieved quarterly net sales of $503 million, a 6% GAAP increase and a 3% organic increase year-over-year
• Generated GAAP operating income of $112 million, or 22.2% of sales, and adjusted operating income of $121 million, or 24.1% of sales
• Recorded GAAP net income of $86 million, or $2.23 per diluted share, an increase of 40% year-over-year, and adjusted earnings of $93 million, or $2.40 per diluted share, an increase of 24% year-over-year
• Generated free cash flow of $83 million and returned $47 million of capital to shareholders via share repurchases and dividend payments 
• Announced the acquisition of Autronica Fire and Security for ~$555 million, which closed in July, and raised annual dividend for 56th consecutive year

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	2		1		36		19
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.

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

 

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 %

(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.

(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 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) %	(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) %	(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) %	(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) %	(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) %	(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.

(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 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.

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SOURCE MSA Safety

FAQ

How did MSA Safety (MSA) perform financially in Q2 2026?

MSA Safety reported higher sales, earnings, and cash flow in Q2 2026. According to MSA Safety, net sales rose 6% to $503.3 million, GAAP diluted EPS grew 40% to $2.23, and free cash flow increased 118% to $82.7 million with 96% conversion.

What were MSA Safety's profit margins in the second quarter of 2026?

MSA Safety expanded both GAAP and adjusted margins in Q2 2026. According to MSA Safety, GAAP operating margin reached 22.2% of sales, up 410 basis points, while adjusted operating margin was 24.1%, up 270 basis points year-over-year, supported by efficiency initiatives and tariff refunds.

What is the significance of MSA Safety's acquisition of Autronica Fire and Security?

MSA Safety agreed to acquire Autronica Fire and Security for approximately $555 million. According to MSA Safety, the deal closed in early July 2026 and adds a complementary fixed detection business that expands its addressable market, with pro forma net leverage estimated at about 1.8x after the transaction.

How much capital did MSA Safety return to shareholders in Q2 2026?

MSA Safety returned $47 million to shareholders during Q2 2026. According to MSA Safety, this included $26 million of share repurchases and $21 million in dividends, alongside raising its annual dividend for the 56th consecutive year and investing $13 million in capital expenditures.

What guidance did MSA Safety provide for full-year 2026 sales growth?

MSA Safety outlined expectations for low-double-digit total revenue growth in 2026. According to MSA Safety, this outlook is based on mid-single-digit organic growth, a mid-single-digit contribution from acquisitions, and a low-single-digit tailwind from foreign exchange for the full year.

How did MSA Safety's Americas and International segments perform in Q2 2026?

Both segments grew sales but with differing drivers. According to MSA Safety, Americas net sales rose 7% to $341.5 million, with 5% organic growth, while International net sales increased 5% to $161.9 million, despite mixed organic trends, particularly weaker Detection performance.

What was MSA Safety's leverage and cash position after Q2 2026?

MSA Safety ended Q2 2026 with modest leverage and strong liquidity. According to MSA Safety, net leverage was 0.8x at quarter-end, cash and cash equivalents totaled $200.1 million, and pro forma net leverage including the Autronica acquisition debt is approximately 1.8x.