Financial Analysis

NOTE 9 FINANCING ARRANGEMENTS Debt consisted of: June 30, 2026 December 31, 2025 Senior Secured Credit Agreement $ 247,750 $ 280,750 Credit Facility 6.40% Note Agreement 30,000 30,000 Total debt 277,750 310,750 Unamortized discount and debt issuance fees ( 2,752 ) ( 3,219 ) Total debt, net 274,998 307,531 Less: current portion of long-term debt ( 23,125 ) Total long-term debt, net $ 274,998 $ 284,406 The carrying value of long term debt, including the current portion, approximates fair value as the variable interest rates approximate rates available to other market participants with comparable credit risk, and interest rates as of June 30, 2026 were approximately the same as interest rates at the time the fixed rate agreement was executed. Amended and Restated Senior Secured Credit Agreement On May 31, 2024, the Company entered into an Amended and Restated Senior Secured Credit Agreement (the Amended and Restated Senior Credit Agreement) with several lenders, which amended, extended, and restated the Companys previous Senior Secured Credit Agreement, dated as of May 31, 2022. The Amended and Restated Senior Credit Agreement provides for a term loan facility in an aggregate principal amount of $ 370 million (the Senior Term Loan Facility), a revolving credit facility in an aggregate principal amount of up to $ 100 million (the Credit Facility), a letter of credit sub-facility in the aggregate available amount of up to $ 30 million, as a sublimit of the Credit Facility, and a s …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables disaggregate total net sales by end market and geographic location: End market Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Industrial $ 32,965 $ 31,332 $ 65,148 $ 59,934 Fire 29,638 31,864 57,130 64,730 Agriculture 27,594 23,415 54,448 45,876 Construction 28,859 24,129 56,051 44,863 Municipal 28,782 29,836 53,735 51,845 Petroleum 5,084 5,549 10,221 11,019 OEM 13,206 12,299 25,924 23,343 Repair parts 19,937 20,621 40,001 41,384 Total net sales $ 186,065 $ 179,045 $ 362,658 $ 342,994 Geographic Location Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 United States $ 140,353 $ 136,104 $ 274,684 $ 257,542 Foreign countries 45,712 42,941 87,974 85,452 Total net sales $ 186,065 $ 179,045 $ 362,658 $ 342,994

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NOTE 6 - PENSION AND OTHER POSTRETIREMENT BENEFITS The Company sponsors a defined benefit pension plan (GR Plan) covering certain domestic employees. Benefits are based on each covered employees years of service and compensation. The GR Plan is funded in conformity with the funding requirements of applicable U.S. regulations. The GR Plan was closed to new participants effective January 1, 2008. Employees hired after this date, in eligible locations, participate in an enhanced 401(k) plan instead of the defined benefit pension plan. Employees hired prior to this date continue to accrue benefits. Additionally, the Company sponsors defined contribution pension plans made available to all domestic and Canadian employees. The Company funds the cost of these benefits as incurred. The Company also sponsors a non-contributory defined benefit postretirement health care plan that provides health benefits to certain domestic and Canadian retirees and eligible spouses and dependent children. The Company funds the cost of these benefits as incurred. The following tables present the components of net periodic benefit costs: Pension Benefits Postretirement Benefits Three Months Ended June 30, Three Months Ended June 30, 2026 2025 2026 2025 Service cost $ 474 $ 493 $ 220 $ 202 Interest cost 714 750 327 310 Expected return on plan assets ( 879 ) ( 832 ) Amortization of prior service cost ( 19 ) ( 19 ) Recognized actuarial loss (gain) 213 285 13 ( 8 ) Net periodic benefit cost (a) $ 522 $ 696 …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 2 REVENUE The following tables disaggregate total net sales by end market and geographic location: End market Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Industrial $ 32,965 $ 31,332 $ 65,148 $ 59,934 Fire 29,638 31,864 57,130 64,730 Agriculture 27,594 23,415 54,448 45,876 Construction 28,859 24,129 56,051 44,863 Municipal 28,782 29,836 53,735 51,845 Petroleum 5,084 5,549 10,221 11,019 OEM 13,206 12,299 25,924 23,343 Repair parts 19,937 20,621 40,001 41,384 Total net sales $ 186,065 $ 179,045 $ 362,658 $ 342,994 Geographic Location Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 United States $ 140,353 $ 136,104 $ 274,684 $ 257,542 Foreign countries 45,712 42,941 87,974 85,452 Total net sales $ 186,065 $ 179,045 $ 362,658 $ 342,994 The Company attributes revenues to individual countries based on the customer location to which finished products are shipped. International sales represented approximately 25 % and 24 % of total net sales for the second quarter of 2026 and 2025, respectively. On June 30, 2026 , the Company had $ 239.7 million of remaining performance obligations, also referred to as backlog. The Company expects to recognize as revenue substantially all of its remaining performance obligations within one year . The Companys contract assets and liabilities as of June 30, 2026 and December 31, 2025 were as follows: June 30, 2026 December 31, 2025 Contract assets $ $ 634 Contract liabilities 10,161 7,658 Rev …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Note 10 BUSINESS SEGMENT INFORMATION The Company operates in one business segment comprising the design, manufacture and sale of pumps and pump systems. The Companys products are used in water, wastewater, construction, industrial, petroleum, original equipment, agriculture, fire suppression, heating, ventilation and air conditioning (HVAC), military and other liquid-handling applications. The pumps and pump systems are marketed in the United States and worldwide through a broad network of distributors, through manufacturers representatives (for sales to many original equipment manufacturers), through third-party distributor catalogs, and by direct sales. International sales are made primarily through foreign distributors and representatives. The Company's chief operating decision maker (""CODM"") is its chief executive officer , who reviews financial information presented on a consolidated basis. The CODM uses consolidated operating income and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the allocation of capital between reinvestment in the business, the payment of dividends, paying down debt, and/or acquisitions. The measure of segment assets is reported on the balance sheet as total consolidated assets. The following table presents selected financial information with respect to the Companys single operating segment: Three Months Ended June 30, Six Months Ended June …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 8 COMMON SHARE REPURCHASES The Company has a share repurchase program wit h the authorization to purchase up to $ 50.0 million of the Companys common shares. As of June 30, 2026, the Company had $ 48.1 million available for repurchase under the share repurchase program. During the six-month period ending June 30, 2026 , the Company repurchased 40,558 common shares at an average cost per share of $ 65.32 for a total of $ 2.6 million in the surrender of common shares to cover taxes in connection with the vesting of stock awards, which were not part of the share repurchase program. During the six-month period ending June 30, 2025 , the Company repurchased 30,371 common shares at an average cost per share of $ 37.92 for a total of $ 1.2 million in the surrender of common shares to cover taxes in connection with the vesting of stock awards, which were not part of the share repurchase program. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing