Financial Analysis

Commitments and Contingencies Environmental The Company is subject to federal, state, local, and foreign environmental laws and regulations. For all properties, the Company has provided and charged to expense $2.0 million in 2025, $1.8 million in 2024, and $0.7 million in 2023 for pending environmental matters. Environmental reserves totaled $18.9 million at December 27, 2025 and $18.4 million at December 28, 2024. As of December 27, 2025, the Company expects to spend $3.2 million in 2026, $1.1 million in 2027, $0.9 million in 2028, $1.0 million in 2029, $0.9 million in 2030, and $11.8 million thereafter for ongoing projects. Non-operating Properties Southeast Kansas Sites The Kansas Department of Health and Environment (KDHE) has contacted the Company regarding environmental contamination at three former smelter sites in Kansas (Altoona, East La Harpe, and Lanyon). The Company is not a successor to the companies that operated these smelter sites, but has explored possible settlement with KDHE and other potentially responsible parties (PRP) in order to avoid litigation. In February 2022, the Company reached a settlement with another PRP relating to these three sites. Under the terms of that agreement, the Company paid $5.6 million, which was previously reserved, in exchange for the other PRPs agreement to conduct or fund any required remediation with the geographic boundaries of the three sites (namely, the parcel(s) on which the former smelters were located), plus coverage o …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Credit Agreement The Companys Credit Agreement provides for an unsecured $400.0 million revolving credit facility that matures on March 31, 2026. There were no borrowings outstanding under the Credit Agreement as of December 27, 2025 or December 28, 2024. Borrowings under the Revolving Credit Facility bear interest, at the Companys option, at the Eurocurrency Rate which is determined by the underlying currency of the Credit Extension or the Base Rate as defined by the Credit Agreement, plus a variable premium. Advances may be based upon the one, three, or six-month interest period. The variable premium is based upon the Companys debt to total capitalization ratio, and can range from 112.5 to 162.5 basis points for Eurocurrency Rate loans and 12.5 to 62.5 basis points for Base Rate loans. Additionally, a commitment fee is payable quarterly on the total commitment less any outstanding loans or issued letters of credit, and varies from 15.0 to 30.0 basis points based upon the Companys debt to total capitalization ratio. Availability of funds under the Revolving Credit Facility is reduced by the amount of certain outstanding letters of credit, which are used to secure the Companys payment of insurance deductibles, certain retiree health benefits, and other corporate obligations, totaling approximately $27.4 million at December 27, 2025. Terms of the letters of credit are generally renewable annually. Jungwoo-Mueller Jungwoo-Mueller has several secured revolving credit arrang …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation The Company has in effect stock incentive plans under which stock-based awards have been granted to certain employees and members of its Board of Directors. Under these existing plans, the Company may grant stock options, restricted stock awards, and performance stock awards. Approximately 3.1 million shares were available for future stock incentive awards at December 27, 2025. During the years ended December 27, 2025, December 28, 2024, and December 30, 2023, the Company recognized stock-based compensation, as a component of selling, general, and administrative expense, in its Consolidated Statements of Income of $26.8 million, $26.8 million, and $23.1 million, respectively. The total compensation expense not yet recognized related to stock incentive awards at December 27, 2025 was $67.2 million, with an average expense recognition period of 3.1 years. The Company generally issues treasury shares when stock options are exercised, or when restricted stock awards or performance stock awards are granted. A summary of the activity and related information follows: Stock Options Restricted Stock Awards Performance Stock Awards (Shares in thousands) Shares Weighted Average Exercise Price Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Beginning of period 422 $ 15.39 455 $ 28.83 1,739 $ 38.33 Granted N/A 19 77.30 411 96.27 Added by Performance Factor N/A N/A 323 33.80 Exercised/Released (138) 14.35 (159) 21.58 (860 …

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Goodwill and Other Intangible Assets Goodwill The changes in the carrying amount of goodwill by segment were as follows: (In thousands) Piping Systems Industrial Metals Climate Total Goodwill $ 172,806 $ 8,854 $ 21,652 $ 203,312 Accumulated impairment charges (40,552) (8,853) (2,087) (51,492) Balance at December 30, 2023: 132,254 1 19,565 151,820 Additions (1) 15,107 146,137 161,244 Currency translation (1,899) (1,899) Balance at December 28, 2024: 145,462 146,138 19,565 311,165 Reductions (2) (14,449) (14,449) Currency translation 1,472 1,472 Balance at December 27, 2025: Goodwill 173,037 154,991 21,652 349,680 Accumulated impairment charges (40,552) (8,853) (2,087) (51,492) Goodwill, net $ 132,485 $ 146,138 $ 19,565 $ 298,188 (1) Includes acquisitions of Nehring and Elkhart businesses. (2) Includes finalization of the purchase price allocation adjustment for Elkhart of $14.4 million. Reporting units with recorded goodwill include Domestic Piping Systems Group, B&K LLC, Great Lakes, European Operations, Jungwoo-Mueller, Mueller Middle East, Westermeyer, Flex Duct, and Nehring . Several factors give rise to goodwill in the Companys acquisitions, such as the expected benefit from synergies of the combination and the existing workforce of the acquired businesses. For 2025, the Company utilized a qualitative assessment in the annual goodwill impairment testing for all reporting units except the Nehring Electrical Works reporting unit. Based on the qualitative assessment, the …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The components of income before income taxes were taxed under the following jurisdictions: (In thousands) 2025 2024 2023 Domestic $ 891,985 $ 672,625 $ 722,153 Foreign 120,377 147,837 123,079 Income before income taxes $ 1,012,362 $ 820,462 $ 845,232 Income tax expense consists of the following: (In thousands) 2025 2024 2023 Current tax expense: Federal $ 168,263 $ 136,248 $ 144,111 Foreign 28,671 37,269 39,167 State and local 43,852 32,426 32,694 Current tax expense 240,786 205,943 215,972 Deferred tax expense (benefit): Federal 2,248 1,617 4,806 Foreign 2,789 3,285 270 State and local 1,528 (5,769) (286) Deferred tax expense (benefit) 6,565 (867) 4,790 Income tax expense $ 247,351 $ 205,076 $ 220,762 The difference between the reported income tax expense and a tax determined by applying the applicable U.S. federal statutory income tax rate to income before income taxes is reconciled as follows: (In thousands) 2025 2024 2023 Amount Percent Amount Percent Amount Percent Expected income tax expense $ 212,568 21.00 % $ 172,297 21.00 % $ 177,499 21.00 % State and local income tax, net of federal benefit 36,172 3.57 % 19,847 2.42 % 25,542 3.02 % Foreign tax effects: Canada % % 10,318 1.22 % Other foreign jurisdictions 6,208 0.61 % 9,308 1.13 % 4,201 0.50 % Other, net (7,597) (0.75) % 3,624 0.44 % 3,202 0.38 % Income tax expense $ 247,351 24.43 % $ 205,076 25.00 % $ 220,762 26.12 % State taxes in CA, IL, MI, and MS made up the majority (greater than 50 percent) of the …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company leases certain facilities, vehicles, and equipment which expire on various dates through 2041. The following table includes supplemental information with regards to the Companys operating leases: (In thousands, except lease term and discount rate) 2025 2024 Operating lease right-of-use assets $ 27,211 $ 32,702 Current portion of operating lease liabilities 8,520 8,117 Noncurrent operating lease liabilities 18,970 24,547 Total operating lease liabilities $ 27,490 $ 32,664 Weighted average discount rate 4.14 % 3.87 % Weighted average remaining lease term (in years) 3.59 4.72 Some of the Companys leases include variable lease costs such as taxes, insurance, etc. These costs are immaterial for disclosure. The following table presents certain information related to operating lease costs and cash paid during the period: For the Year Ended (In thousands) December 27, 2025 December 28, 2024 Operating lease costs $ 9,993 $ 10,036 Short term lease costs 4,514 3,512 Total lease costs $ 14,507 $ 13,548 Cash paid for amounts included in the measurement of lease liabilities $ 9,748 $ 9,609 Maturities of the Companys operating leases are as follows: (In thousands) Amount 2026 $ 9,407 2027 7,961 2028 4,927 2029 3,459 2030 2,365 2031 and thereafter 1,341 Total lease payments 29,460 Less imputed interest (1,970) Total lease obligations 27,490 Less current obligations (8,520) Noncurrent lease obligations $ 18,970 …

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Recently Adopted Accounting Standards In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The new guidance primarily enhances and expands both the income tax rate reconciliation disclosure and the income taxes paid disclosure. The ASU was effective for annual periods beginning after December 15, 2024 for public entities on a prospective basis. The Company adopted the ASU during the fourth quarter of 2025 and updated its disclosures accordingly. See Note 16 Income Taxes for additional information. Recently Issued Accounting Standards In December 2025, the FASB issued ASU 2025-12, Codification Improvements . The new guidance addresses suggestions received from stakeholders regarding the Accounting Standards Codification (ASC) and makes other incremental improvements to U.S. GAAP. The update represents changes to the ASC that clarify, correct errors in, or make other improvements to a variety of topics that are intended to make it easier to understand and apply. The ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. Entities are required to apply the amendments to ASC 260 retrospectively. All other amendments may be applied prospectively or retrospectively. Early adoption is permitted. The Company is evaluating the impact of this guidance on its Consolidated Financial Statements and rela …

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Benefit Plans Pension and Other Postretirement Plans The Company sponsors several qualified and nonqualified pension plans and other postretirement benefit plans for certain employees. The information disclosed below does not include a pension plan in South Korea, as it is immaterial to the Companys Consolidated Financial Statements. The following tables provide a reconciliation of the changes in the most significant plans benefit obligations and the fair value of the plans assets for 2025 and 2024, and a statement of the plans aggregate funded status: Pension Benefits Other Benefits (In thousands) 2025 2024 2025 2024 Change in benefit obligation: Obligation at beginning of year $ 47,777 $ 54,435 $ 8,317 $ 9,557 Service cost 198 202 Interest cost 2,580 2,337 532 497 Actuarial gain (527) (5,245) (354) (604) Benefit payments (3,125) (3,263) (514) (664) Foreign currency translation adjustment 3,324 (487) 456 (671) Obligation at end of year 50,029 47,777 8,635 8,317 Change in fair value of plan assets: Fair value of plan assets at beginning of year 51,040 62,871 Actual return on plan assets 6,314 (7,788) Employer contributions 514 664 Benefit payments (3,125) (3,263) (514) (664) Foreign currency translation adjustment 3,447 (780) Fair value of plan assets at end of year 57,676 51,040 Funded (underfunded) status at end of year $ 7,647 $ 3,263 $ (8,635) $ (8,317) The following represents amounts recognized in AOCI (before the effect of income taxes): Pension Benefits Other Benefits …

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Related Party TransactionsThe non-controlling interest in the Companys South Korean joint venture owns 100 percent of a copper tube mill which supplies Mueller affiliates. These affiliates purchased $17.8 million and $19.0 million of product from the supplier in 2025 and 2024, respectively. Payables related to these sales were $0.2 million as of December27, 2025. …

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Segment Information The Companys reportable segments are Piping Systems, Industrial Metals, and Climate. Each of the reportable segments is composed of certain operating segments that are aggregated primarily by the nature of products offered as follows: Piping Systems Piping Systems is composed of the following operating segments: Domestic Piping Systems Group (including Elkhart, acquired in fiscal August 2024), Great Lakes Copper, European Operations, Trading Group, Jungwoo-Mueller (the Companys South Korean joint venture), and Mueller Middle East (the Companys Bahraini joint venture). The Domestic Piping Systems Group manufactures and distributes copper tube, fittings, and line sets. These products are manufactured in the U.S., sold in the U.S., and exported to markets worldwide. Outside the U.S., Great Lakes Copper manufactures copper tube and line sets in Canada and sells the products primarily in the U.S. and Canada. European Operations manufactures copper tube in the U.K. which is sold primarily in Europe. The Trading Group manufactures pipe nipples and resells brass and plastic plumbing valves, malleable iron fittings, faucets, and plumbing specialty products in the U.S. and Mexico. Jungwoo-Mueller manufactures copper-based joining products that are sold worldwide. Mueller Middle East manufactures copper tube and serves markets in the Middle East and Northern Africa. The Piping Systems segments products are sold primarily to plumbing, refrigeration, and air-conditioni …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Nature of Operations The principal business of Mueller Industries, Inc. is the manufacture and sale of copper tube and fittings; line sets; steel nipples; brass rod, bar, and shapes; aluminum and brass forgings; aluminum impact extrusions; compressed gas valves; refrigeration valves and fittings; compressed gas valves; pressure vessels; insulated flexible duct systems; and high-quality wire and cable solutions. The Company also resells brass and plastic plumbing valves, plastic fittings, malleable iron fittings, faucets, and plumbing specialty products. The Company markets its products to the HVAC, plumbing, refrigeration, hardware, and other industries. Muellers operations are located throughout the United States and in Canada, Mexico, Great Britain, South Korea, the Middle East, and China. Fiscal Years The Companys fiscal year consists of 52 weeks ending on the last Saturday of December. These dates were December 27, 2025, December 28, 2024, and December 30, 2023. Basis of Presentation The Consolidated Financial Statements include the accounts of Mueller Industries, Inc. and its majority-owned subsidiaries. The noncontrolling interests represent private ownership interests of 40 percent of Jungwoo Metal Ind. Co., LTD (Jungwoo-Mueller), 45 percent of Mueller Middle East WLL (Mueller Middle East), and 40 percent of Joining Systems Co. LLC (Joining Systems). The Company records the results of Jungwoo-Mueller one month in arrears in th …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Equity The Companys Board of Directors has extended, until July 2026, its authorization to repurchase up to 40 million shares of the Companys common stock through open market transactions or through privately negotiated transactions. The Company has no obligation to purchase any shares and may cancel, suspend, or extend the time period for the purchase of shares at any time. Any purchases will be funded primarily through existing cash and cash from operations. The Company may hold any shares purchased in treasury or use a portion of the repurchased shares for its stock-based compensation plans, as well as for other corporate purposes. From its initial authorization in 1999 through December 27, 2025, the Company has repurchased approximately 19.0 million shares under this authorization. …

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Subsequent Events On December 17, 2025, the Company entered into a purchase agreement with CD OpCo Holdings, LLC pursuant to which the Company sold all of the outstanding membership interests of Sherwood Valve LLC for approximately $58.3 million. The transaction closed on January 7, 2026. This business manufactures brass, aluminum, and stainless steel valves and fluid control solutions for the compressed gas and specialty markets in the U.S. It was included in the Industrial Metals segment. The business reported net sales of $40.2 million and operating income of $6.7 million for the year ended December 27, 2025 compared to net sales of $38.2 million and operating income of $4.7 million in the year ended December 28, 2024. The carrying value of the assets disposed totaled $19.3 million, consisting primarily of accounts receivable, inventories, and long-lived assets. The carrying value of the liabilities disposed totaled $2.1 million, consisting primarily of accounts payable and accrued payroll.

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Commitments and Contingencies The Company is involved in certain litigation as a result of claims that arose in the ordinary course of business, which management believes will not have a material adverse effect on the Companys financial position, results of operations, or cash flows. The Company may also realize the benefit of certain legal claims and litigation in the future; these gain contingencies are not recognized in the Condensed Consolidated Financial Statements. Environmental Non-operating Properties Southeast Kansas Sites The Kansas Department of Health and Environment (KDHE) has contacted the Company regarding environmental contamination at three former smelter sites in Kansas (Altoona, East La Harpe, and Lanyon). The Company is not a successor to the companies that operated these smelter sites, but has explored possible settlement with KDHE and other potentially responsible parties (PRP) in order to avoid litigation. In February 2022, the Company reached a settlement with another PRP relating to these three sites. Under the terms of that agreement, the Company paid $5.6 million, which was previously reserved, in exchange for the other PRPs agreement to conduct or fund any required remediation within the geographic boundaries of the three sites (namely, the parcel(s) on which the former smelters were located), plus coverage of certain off-site areas (namely, contamination that migrated by surface water runoff or air emissions from the Altoona or East La Harpe site, …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The Companys effective tax rate for the second quarter of 2026 was 25 percent compared with 24 percent for the same period last year. The primary items impacting the effective tax rate for the second quarter of 2026 were increases related to the provision for state income taxes, net of the federal benefit, of $10.9 million and other items of $3.5 million . The primary item impacting the effective tax rate for the second quarter of 2025 was an increase related to the provision for state income taxes, net of the federal benefit, of $10.1 million. The Companys effective tax rate for the first half of 2026 was 25 percent compared with 24 percent for the same period last year. The items impacting the effective tax rate for the first half of 2026 were increases related to the provision for state income taxes, net of the federal benefit, of $21.6 million and other items of $5.0 million. The primary item impacting the effective tax rate for the first half of 2025 was an increase related to the provision for state income taxes, net of the federal benefit, of $16.9 million. The Company files a consolidated U.S. federal income tax return and numerous consolidated and separate-company income tax returns in many state, local, and foreign jurisdictions. The statute of limitations is open for the Companys federal tax return for 2022 and all subsequent years. The statutes of limitations for most state returns are open for 2022 and all subsequent years, and some state and foreign …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-12, Codification Improvements . The new guidance addresses suggestions received from stakeholders regarding the Accounting Standards Codification (ASC) and makes other incremental improvements to U.S. GAAP. The update represents changes to the ASC that clarify, correct errors in, or make other improvements to a variety of topics that are intended to make it easier to understand and apply. The ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. Entities are required to apply the amendments to ASC 260 retrospectively. All other amendments may be applied prospectively or retrospectively. Early adoption is permitted. The Company is evaluating the impact of this guidance on its Condensed Consolidated Financial Statements and related disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements . The new guidance is intended to improve the navigability of guidance in ASC 270, Interim Reporting , and clarify when it applies. The amendments also provide guidance on what disclosures should be provided in interim reporting periods. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The guidance can be applied prospectively or retrospectively, and early adoption is permitted. The Company is in t …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Benefit Plans Pension and Other Postretirement Plans The Company sponsors several qualified and nonqualified pension plans and other postretirement benefit plans for certain of its employees. The components of net periodic benefit cost (income) are as follows: For the Quarter Ended For the Six Months Ended (In thousands) June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Pension benefits: Interest cost $ 653 $ 612 $ 1,307 $ 1,223 Expected return on plan assets (614) (553) (1,228) (1,107) Amortization of net loss 77 82 155 164 Net periodic benefit cost $ 116 $ 141 $ 234 $ 280 Other benefits: Service cost $ 59 $ 47 $ 119 $ 93 Interest cost 122 123 245 246 Amortization of prior service credit (1) (1) (1) (1) Amortization of net gain (99) (104) (198) (204) Net periodic benefit cost $ 81 $ 65 $ 165 $ 134 The components of net periodic benefit cost (income) other than the service cost component are included in other expense, net in the Condensed Consolidated Statements of Income.

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Segment Information Each of the Companys reportable segments is composed of certain operating segments that are aggregated primarily by the nature of products offered as follows: Piping Systems Piping Systems is composed of the following operating segments: Domestic Piping Systems Group, Great Lakes Copper, European Operations, Trading Group, Jungwoo-Mueller (the Companys South Korean joint venture), and Mueller Middle East (the Companys Bahraini joint venture). The Domestic Piping Systems Group manufactures and distributes copper tube, fittings, and line sets. These products are manufactured in the U.S., sold in the U.S., and exported to markets worldwide. Outside the U.S., Great Lakes Copper manufactures copper tube and line sets in Canada and sells the products primarily in the U.S. and Canada. European Operations manufactures copper tube in the U.K. which is sold primarily in Europe. The Trading Group manufactures pipe nipples and resells brass and plastic plumbing valves, malleable iron fittings, faucets, and plumbing specialty products in the U.S. and Mexico. Jungwoo-Mueller manufactures copper-based joining products that are sold worldwide. Mueller Middle East manufactures copper tube and serves markets in the Middle East and Northern Africa. The Piping Systems segments products are sold primarily to plumbing, refrigeration, and air-conditioning wholesalers, hardware wholesalers and co-ops, building product retailers, and air-conditioning original equipment manufacture …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing