MSA Safety Incorporated

NYSE-MSA

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	69.6	62.8	59.6	87.9	66.6	72.2
Net Income
Depreciation & Amortization	18.6	18.1	16.3	16.8	16	16
Depreciation and Amortization
Share-Based Compensation Expense	3.4	5.4	2.6	4.7	4.2	5
Stock-Based Compensation
Other Adjustments	-1.7	1	-1.7	-6.1	-0	-2.2
Deferred Income Taxes
Pension Expense
Pension Contributions
Currency Exchange Gains, Net
Gain (Loss) on Asset Dispositions, Net
Restructuring Charges
Tax-Effected Income on Divestiture of MSA LLC
Contribution on Divestiture of MSA LLC
Asset Impairment Charges
Product Liability Expense
Collections on Insurance Receivable and Notes Receivable, Insurance Companies
Product Liability Payments
Loss on Extinguishment of Debt
Excess Tax Benefit Related to Stock Plans
Other Noncurrent Assets and Liabilities
Other, Net
Changes in Trade Receivables	29.2	-23.3	-13.7	-9.3	23.8	-27.9
Change in Trade Receivables
Changes in Inventories	-11.9	-6.7	-4.4	44.9	-26.7	-17.9
Inventories
Changes in Accounts Payable	-7.5	4.4	8.5	-14.3	-3.7	14.8
Accounts Payable
Accounts Payable and Accrued Liabilities
Changes in Other Operating Activities	37.1	-8	-5.3	-13.5	5.9	-41.9
Change in Prepaid Expenses and Other Current Assets
Change in Other Current Assets and Liabilities
Change in Other Noncurrent Assets and Liabilities
Change in Working Capital and Other Operating
Cash from Operating Activities	112.5	67.2	61.8	107.9	84.3	53.3
Cash Flow from Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-12	-29.3	-10.8	-14.4	-14.3	-14.3
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	—	0	0	0.4	0	0.1
Property Disposals
Property Disposals and Other Investing
Purchases of Investments	—	—	—	—	—	—
Purchase of Short-Term Investments
Proceeds from Sale of Investments	—	—	—	—	—	—
Proceeds from Maturities of Short-Term Investments
Payments for Business Acquisitions	—	-187.8	—	—	—	—
Acquisitions, Net of Cash Acquired
Other Investing Activities	—	—	—	—	—	—
Change in Short-Term Investments
Cash from Investing Activities	-12	-217.1	-10.8	-14	-14.2	-14.3
Cash Flow Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	236	354.7	246	281	270.6	272
Proceeds from Long-Term Debt
Repayments of Long-Term Debt	-285.9	-182	-253.5	-324.3	-308.4	-280.3
Payments on Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	-49.9	172.7	-7.5	-43.3	-37.7	-8.3
Issuance of Common Shares	0	0.3	0.2	0.7	0.2	0.1
Exercise of Stock Options
Employee Stock Purchase Plan
Repurchases of Common Shares	-1.2	-60.5	-18.3	-19.8	-20.6	-21
Company Stock Purchases
Company Stock Purchases Under Repurchase Program
Net Issuance / (Repurchases) of Common Shares	-1.1	-60.3	-18.1	-19.1	-20.5	-20.9
Common Share Dividends Paid	-20.8	-20.8	-20	-20.1	-20.1	-20.1
Cash Dividends Paid
Other Financing Activities	-51.1	170.4	—	-42.5	-38.5	-8.5
Debt Issuance Costs
Acquisition of Noncontrolling Interests in Consolidated Subsidiaries
Distribution to Noncontrolling Interests
Other Financing
Excess Tax Benefit Related to Stock Plans
Other, Net
Restricted Cash
Payments On / Proceeds from Short-Term Debt, Net
Change in Debt
Cash from Financing Activities	-71.8	119.6	-45.6	-72.5	-68.5	-38.6
Cash Flow Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	100.5	37.9	51	93.5	70.1	39
NOPAT	71	65.1	59.5	88.6	69.2	76.5
Levered Free Cash Flow	44	213.9	56.4	64.2	6.1	20.8
Unlevered Free Cash Flow	95.3	43.6	63.7	108.1	46.4	33.2
Net Change in Cash	28.7	-30.3	5.5	21.4	1.6	0.4