•Fourth quarter sales of $973 million; full year 2024 sales of $4.1 billion.

•Operating income in the fourth quarter increased 17 percent to $195 million reflecting ROS of 20.1 percent, an increase of 310 basis points when compared to fourth quarter 2023; on an adjusted basis, ROS expanded 370 basis points to 23.8 percent. Full year operating income increased 9 percent to $804 million reflecting ROS of 19.7 percent, an increase of 170 basis points from the prior year; on an adjusted basis, ROS expanded 270 basis points to 23.5 percent.

•Fourth quarter GAAP EPS of $0.99 and adjusted EPS of $1.08; full year 2024 GAAP EPS of $3.74 and adjusted EPS of $4.33.

•Full year net cash provided by operating activities of continuing operations was $767 million, an increase of $146 million compared to the prior year and free cash flow provided by continuing operations for the full year was $693 million, an increase of $143 million compared to full year 2023.

•The Company introduces 2025 GAAP EPS guidance of approximately $4.37 to $4.52; and adjusted EPS guidance of approximately $4.65 to $4.80.

LONDON, United Kingdom — February 4, 2025 — Pentair plc (NYSE: PNR) today announced fourth quarter 2024 sales of $973 million. Sales were down 1 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales declined 1 percent in the fourth quarter. Fourth quarter 2024 earnings per diluted share from continuing operations (“EPS”) were $0.99 compared to $1.25 in the fourth quarter of 2023. On an adjusted basis, the Company reported EPS of $1.08 in the fourth quarter compared to $0.87 in the fourth quarter of 2023. Adjusted operating income, reportable segment income, adjusted net income, free cash flow, and adjusted EPS are described in the attached schedules.

Fourth quarter 2024 operating income was $195 million, up 17 percent compared to operating income for the fourth quarter of 2023, and return on sales (“ROS”) was 20.1 percent, an increase of 310 basis points when compared to the fourth quarter of 2023. On an adjusted basis, the Company reported adjusted operating income of $231 million, up 17 percent for the fourth quarter of 2024 compared to adjusted operating income for the fourth quarter of 2023, and ROS was 23.8 percent, an increase of 370 basis points when compared to the fourth quarter of 2023.

“We delivered another transformative year in 2024 and drove strong margin expansion across our entire portfolio despite a challenging global macroeconomic and geopolitical environment. By leveraging our Transformation initiatives and 80/20, our teams produced another solid year of operational and financial performance which mitigated risk to the topline while expanding profitability. This was a direct reflection of the power of our balanced and resilient water portfolio, our focused growth strategy and strong execution,” said John L. Stauch, Pentair’s President and Chief Executive Officer. “Each of our Move, Improve and Enjoy Water segments drove record margins for another consecutive year post the nVent separation in 2018. In Flow, we continued to grow our Commercial business while evolving our go-to-market strategy within Industrial. In Water Solutions, our filtration sales delivered another year of growth, and in Pool, we returned to sales growth driven by a strong aftermarket. We ended the year with strong cash flow and a solid balance sheet. We increased our dividend by approximately 9 percent for 2025 marking the 49th consecutive year of dividend increases and reaffirming our dividend aristocrat status. I’m proud of our accomplishments across the company and how our teams have delivered for customers and shareholders in 2024.”

Full year 2024 sales were $4.1 billion. Sales were down 1 percent compared to sales last year. Excluding currency translation, acquisitions and divestitures, core sales were flat in 2024. Full year 2024 EPS from continuing operations was $3.74 compared to $3.75 in 2023. On an adjusted basis, the Company reported EPS of $4.33 for 2024 compared to $3.75 in 2023.

Full year 2024 operating income was $804 million, up 9 percent compared to operating income in 2023, and ROS was 19.7 percent, an increase of 170 basis points when compared to 2023. On an adjusted basis, the Company reported adjusted operating income of $959 million, up 12 percent in 2024, compared to adjusted operating income in 2023, and ROS was 23.5 percent, an increase of 270 basis points when compared to 2023.

Flow sales were down 5 percent in the fourth quarter of 2024 compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales declined 5 percent in the fourth quarter. Reportable segment income of $74 million was up 13 percent compared to the fourth quarter of 2023, and ROS was 20.4 percent, an increase of 320 basis points when compared to the fourth quarter of 2023.

Flow sales were down 4 percent for the full year of 2024 compared to sales for 2023. Excluding currency translation, acquisitions and divestitures, core sales declined 4 percent in 2024. Reportable segment income of $318 million was up 13 percent compared to 2023, and ROS was 21.0 percent, an increase of 320 basis points when compared to 2023.

Water Solutions sales were down 4 percent in the fourth quarter of 2024 compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales declined 4 percent in the fourth quarter. Reportable segment income of $62 million was up 21 percent compared to the fourth quarter of 2023, and ROS was 24.1 percent, an increase of 500 basis points when compared to the fourth quarter of 2023.

Water Solutions sales were down 4 percent for the full year of 2024 compared to sales for 2023. Excluding currency translation, acquisitions and divestitures, core sales declined 4 percent in 2024. Reportable segment income of $255 million was up 3 percent compared to 2023, and ROS was 22.6 percent, an increase of 160 basis points when compared to 2023.

Pool sales were up 5 percent in the fourth quarter of 2024 compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 4 percent in the fourth quarter. Reportable segment income of $119 million was up 14 percent compared to the fourth quarter of 2023, and ROS was 33.8 percent, an increase of 250 basis points when compared to the fourth quarter of 2023.

Pool sales were up 7 percent for the full year of 2024 compared to sales for 2023. Excluding currency translation, acquisitions and divestitures, core sales grew 7 percent in 2024. Reportable segment income of $476 million was up 14 percent compared to 2023, and ROS was 33.2 percent, an increase of 220 basis points when compared to 2023.

Full year net cash provided by operating activities of continuing operations was $767 million and free cash flow from continuing operations was $693 million.

Pentair paid a regular cash dividend of $0.23 per share in the fourth quarter of 2024. Pentair previously announced on December 16, 2024 that it will pay a regular quarterly cash dividend of $0.25 per share on February 7, 2025 to shareholders of record at the close of business on January 24, 2025. This $0.25 per share quarterly cash dividend reflects an approximate 9 percent increase in the Company’s regular cash dividend rate as compared to $0.23 per share per quarter in 2024 and marks the 49thconsecutive year that Pentair has increased its dividend.

During the fourth quarter, the company repurchased 0.4 million shares for $50 million. During the year ended December 31, 2024, the company repurchased 1.6 million shares for $150 million. As of December 31, 2024, we had $450 million available for share repurchases under our share repurchase authorization.

Mr. Stauch concluded, “As we look to 2025, we are focused on our mission to help the world sustainably move, improve, and enjoy water, life’s most essential resource. We expect to continue to invest in key areas across the company and execute on our Transformation initiatives and 80/20 to drive long-term growth, profitability and returns. We believe our balanced water portfolio is proving its resilience as Pool is expected to grow offsetting our Flow and Water Solutions residential end markets that remain pressured by higher interest rates. We are confident in our strategy and our ability to control what we can internally while mitigating risk from an uncertain macroeconomic and geopolitical environment near-term.”

The Company is introducing 2025 GAAP EPS guidance of approximately $4.37 to $4.52, up 17 percent to 21 percent; and on an adjusted basis of approximately $4.65 to $4.80. This is an increase of 7 percent to 11 percent compared to 2024 adjusted EPS. The Company anticipates full year 2025 sales to be approximately flat to up 2 percent on a reported basis.

In addition, the Company introduces first quarter 2025 GAAP EPS of approximately $0.93 to $0.95 and on an adjusted EPS basis of approximately $1.00 to $1.02. The Company expects first quarter sales to be down approximately 3 percent to 4 percent on a reported basis compared to first quarter 2024.

Pentair President and Chief Executive Officer John L. Stauch and Chief Financial Officer Robert P. Fishman will discuss the Company’s fourth quarter and full year 2024 results on a conference call with investors at 9:00 a.m. Eastern today. A live audio webcast of the call, along with the related presentation, can be accessed in the Investor Relations section of the Company’s website, www.pentair.com, shortly before the call begins.

Reconciliations of non-GAAP financial measures are set forth in the attachments to this release and in the presentations, each of which can be found on Pentair’s website. The webcast and presentations will be archived at the Company’s website following the conclusion of the event.

This release contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,” “should,” “would,” “could,” “positioned,” “strategy,” or “future” or words, phrases, or terms of similar substance or the negative thereof are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the overall global economic and business conditions impacting our business, including the strength of housing and related markets and conditions relating to international hostilities; supply, demand, logistics, competition and pricing pressures related to and in the markets we serve; the ability to achieve the benefits of our restructuring plans, cost reduction initiatives and Transformation Program; the impact of raw material, logistics and labor costs and other inflation; volatility in currency exchange rates and interest rates; failure of markets to accept new product introductions and enhancements; the ability to successfully identify, finance, complete and integrate acquisitions; risks associated with operating foreign businesses; the impact of seasonality of sales and weather conditions; our ability to comply with laws and regulations; the impact of changes in laws, regulations and administrative policy, including those that limit U.S. tax benefits or impact trade agreements and tariffs; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating and sustainability goals and targets. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2023. All forward-looking statements, including all financial forecasts, speak only as of the date of this release. Pentair assumes no obligation, and disclaims any obligation, to update the information contained in this release.

At Pentair, we help the world sustainably move, improve, and enjoy water, life’s most essential resource. From our residential and commercial water solutions, to industrial water management and everything in between, Pentair is a core large cap value S&P 500 equity stock focused on smart, sustainable water solutions that help our planet and people thrive.

Pentair had revenue in 2024 of approximately $4.1 billion, and trades under the ticker symbol PNR. With approximately 9,750 global employees serving customers in more than 150 countries, we work to help improve lives and the environment around the world. To learn more, visit www.pentair.com.

Pentair plc and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
			Three months ended									Twelve months ended
In millions, except per-share data			December 31, 2024			December 31, 2023						December 31, 2024			December 31, 2023
Net sales			$	972.9		$	984.6					$	4,082.8		$	4,104.5
Cost of goods sold			595.3			618.5						2,484.0			2,585.3
Gross profit			377.6			366.1						1,598.8			1,519.2
% of net sales			38.8		%	37.2		%				39.2		%	37.0		%
Selling, general and administrative			160.7			175.6						701.4			680.2
% of net sales			16.5		%	17.8		%				17.2		%	16.6		%
Research and development			21.8			23.5						93.6			99.8
% of net sales			2.2		%	2.4		%				2.3		%	2.4		%
Operating income			195.1			167.0						803.8			739.2
% of net sales			20.1		%	17.0		%				19.7		%	18.0		%
Other (income) expense
Other (income) expense			(4.5)			6.4						(3.7)			2.0
Net interest expense			15.2			26.6						88.6			118.3
% of net sales			1.6		%	2.7		%				2.2		%	2.9		%
Income from continuing operations before income taxes			184.4			134.0						718.9			618.9
Provision (benefit) for income taxes			18.0			(74.1)						93.3			(4.0)
Effective tax rate			9.8		%	(55.3)		%				13.0		%	(0.6)		%
Net income from continuing operations			166.4			208.1						625.6			622.9
Loss from discontinued operations, net of tax			—			(0.1)						(0.2)			(0.2)
Net income			$	166.4		$	208.0					$	625.4		$	622.7
Earnings per ordinary share
Basic
Continuing operations			$	1.01		$	1.26					$	3.78		$	3.77
Discontinued operations			—			—						—			—
Basic earnings per ordinary share			$	1.01		$	1.26					$	3.78		$	3.77
Diluted
Continuing operations			$	0.99		$	1.25					$	3.74		$	3.75
Discontinued operations			—			—						—			—
Diluted earnings per ordinary share			$	0.99		$	1.25					$	3.74		$	3.75
Weighted average ordinary shares outstanding
Basic			165.2			165.3						165.6			165.1
Diluted			166.8			166.7						167.1			166.3
Cash dividends paid per ordinary share			$	0.23		$	0.22					$	0.92		$	0.88

Pentair plc and Subsidiaries

Reconciliation of GAAP to Non-GAAP Financial Measures for the Year Ending December 31, 2025

Excluding the Effect of Adjustments (Unaudited)

Forecast

In millions, except per-share data

First Quarter

Full Year

Net sales

approx

Down 3% - 4%

approx

Flat - Up 2%

Operating income

approx

Up 16% - 18%

approx

Up 19% - 23%

Adjustments:

Intangible amortization

approx

$

14

approx

$

55

Equity income of unconsolidated subsidiaries

approx

1

approx

4

Adjusted operating income

approx

Up 3% - 5%

approx

Up 6% - 9%

Net income from continuing operations—as reported

approx

$155 - $158

approx

$726 - $751

Adjustments to operating income

approx

14

approx

55

Income tax adjustments

approx

(2)

approx

(9)

Net income from continuing operations—as adjusted

approx

$167 - $170

approx

$772 - $797

Continuing earnings per ordinary share—diluted

Diluted earnings per ordinary share—as reported

approx

$0.93 - $0.95

approx

$4.37 - $4.52

Adjustments

approx

0.07

approx

0.28

Diluted earnings per ordinary share—as adjusted

approx

$1.00 - $1.02

approx

$4.65 - $4.80

(1) Income tax adjustments in the fourth quarter include $74.3 million resulting from favorable impacts of worthless stock deductions related to exiting certain businesses in our Water Solutions segment and favorable discrete items primarily related to the recognition of deferred tax assets.