Pentair plc: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 28 April 2026: press release. Guidance figures: 2 raised, 3 lowered, 5 new, 1 kept. The quarter’s numbers.

Key takeaways

Adjusted margin expanded 100 basis points: Adjusted return on sales was 25.0 percent, up from 24.0 percent. GAAP operating income was $210.0 million, with return on sales of 20.3 percent. Source
Adjusted EPS up 10 percent: Adjusted EPS was $1.22, compared with $1.11 in the first quarter of 2025, a 10 percent increase. Source
Flow sales rose 11 percent: Flow sales were up 11 percent, with core sales up 2 percent. Flow segment income was $61 million, up 22 percent, with return on sales of 23.7 percent. Source
Forecast assumes little U.S. residential recovery: The sales forecast assumes limited to no U.S. residential recovery, with continued expansion in commercial, industrial and municipal verticals. Source
Free cash flow negative $86 million: Free cash flow was negative $85.7 million, against negative $55.7 million a year earlier, after operating cash use of $67.4 million and capital expenditures of $18.5 million. Source
Investor Day set long-term growth targets: At the March Investor Day management presented a target long-term growth algorithm covering organic growth and margin expansion over the next three years. Source
Full-year GAAP EPS guidance lowered: Full-year GAAP EPS from continuing operations is now $4.83 to $4.93, up 23 to 25 percent, previously $4.94 to $5.09. Source
Second-quarter guidance introduced for first time: Second-quarter guidance covers GAAP EPS of $1.39 to $1.42 and adjusted EPS of $1.47 to $1.50, with reported sales up about 1 percent. Source

“Continued execution across our Move, Improve and Enjoy Water portfolio led by our Pentair Business System initiatives drove another quarter of sales and earnings growth”
John L. Stauch, Pentair’s President and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
EPS, GAAP (continuing operations, diluted) Source	FY 2026	$4.83 to $4.93	Lowered from $4.94 to $5.09
EPS, adjusted (diluted) Source	FY 2026	$5.30 to $5.40	Raised from $5.25 to $5.40
Net sales growth, reported Source	FY 2026	up approximately 2 to 4 percent	Lowered from up approximately 3 percent to 4 percent
Operating income growth Source	FY 2026	Up 19% - 21%	Lowered from Up 21% - 25%
Adjusted operating income growth Source	FY 2026	Up 6% - 8%	Raised from Up 5% - 8%
Intangible amortization Source	FY 2026	approx $62 million	Kept
EPS, GAAP (continuing operations, diluted) Source	Q2 2026	$1.39 to $1.42	New
EPS, adjusted (diluted) Source	Q2 2026	$1.47 to $1.50	New
Net sales growth, reported Source	Q2 2026	up approximately 1 percent	New
Operating income growth Source	Q2 2026	Up 36% - 37%	New
Adjusted operating income growth Source	Q2 2026	Up 5% - 6%	New

What changed from last quarter

Guidance lowered: Full-year 2026 GAAP EPS guidance was cut from $4.94 to $5.09 to $4.83 to $4.93. Source
Guidance raised: Full-year 2026 adjusted EPS guidance low end was raised from $5.25 to $5.30; the high end of $5.40 is unchanged. Source
Guidance lowered: Full-year 2026 reported sales growth guidance was lowered from 3 to 4 percent to 2 to 4 percent. Source
Guidance lowered: Full-year 2026 operating income growth guidance was lowered from 21 to 25 percent to 19 to 21 percent. Source
New guidance: Second-quarter 2026 GAAP EPS, adjusted EPS and reported sales guidance was introduced for the first time. Source
Guidance kept: Full-year 2026 intangible amortization guidance of approximately $62 million is unchanged from the February release. Source
New: Flow and Water Solutions reportable segments were reorganized effective January 1, 2026; legacy residential and irrigation flow moved into Water Solutions. Source
New: A target long-term growth algorithm was presented at the March Investor Day, covering organic growth and margin expansion. Source
New: The February release named Nick Brazis as incoming Chief Financial Officer, succeeding Robert P. Fishman; the April release names Brazis as Chief Financial Officer.

Results and growth drivers

Sales rose 3 percent: Net sales were $1,036.7 million, up 3 percent from $1,010.4 million. Core sales grew 1 percent excluding currency, acquisitions and divestitures. Source
Adjusted margin expanded 100 basis points: Adjusted return on sales was 25.0 percent, up from 24.0 percent. GAAP operating income was $210.0 million, with return on sales of 20.3 percent. Source
GAAP EPS up 5 percent: Diluted EPS from continuing operations was $0.98, compared with $0.93 a year earlier. The release reports adjusted EPS separately. Source
Adjusted EPS up 10 percent: Adjusted EPS was $1.22, compared with $1.11 in the first quarter of 2025, a 10 percent increase. Source

Segments and reorganization

Flow sales rose 11 percent: Flow sales were up 11 percent, with core sales up 2 percent. Flow segment income was $61 million, up 22 percent, with return on sales of 23.7 percent. Source
Water Solutions sales slipped 1 percent: Water Solutions sales fell 1 percent, with core sales up 1 percent. Segment income was $100 million, up 6 percent, with return on sales of 25.5 percent. Source
Pool sales rose 1 percent: Pool sales rose 1 percent, with core sales also up 1 percent. Pool segment income was $128 million, up 2 percent, at a return on sales of 33.1 percent. Source
Residential flow moved to Water Solutions: Legacy residential and irrigation flow moved from Flow into Water Solutions. Prior periods were restated, with no effect on consolidated results. Source

“We believe we have structurally changed our business model into a resilient and balanced water portfolio to drive durable earnings growth long term and mitigate the impacts of economic cyclicality.”
John L. Stauch, Pentair’s President and Chief Executive Officer

Costs, margins and pricing

Gross margin widened to 41.8 percent: Gross profit was $433.4 million, or 41.8 percent of net sales, compared with 39.9 percent a year earlier, on cost of goods sold of $603.3 million. Source
SG&A rose to 19.2 percent of sales: Selling, general and administrative expense was $198.9 million, or 19.2 percent of net sales, up from $176.6 million and 17.5 percent. Source
Adjustments for restructuring and transformation: Adjusted operating income excluded $21.4 million of restructuring and other, $11.5 million of transformation costs and $15.7 million of intangible amortization. Source

Demand and receivables

Forecast assumes little U.S. residential recovery: The sales forecast assumes limited to no U.S. residential recovery, with continued expansion in commercial, industrial and municipal verticals. Source
Second quarter most important seasonally: Management said the company is heading into its most important quarter seasonally, which is the second quarter. Source
Receivables rose in the quarter: Accounts receivable, net rose to $913.7 million from $673.2 million at December 31, 2025, absorbing $243.0 million of operating cash in the quarter. Source

“We also introduced second quarter guidance reflecting sales growth, margin expansion and EPS growth.”
John L. Stauch, Pentair’s President and Chief Executive Officer

Capital, cash and shareholder returns

Free cash flow negative $86 million: Free cash flow was negative $85.7 million, against negative $55.7 million a year earlier, after operating cash use of $67.4 million and capital expenditures of $18.5 million. Source
Repurchased 2.0 million shares for $200 million: The company repurchased 2.0 million shares for $200 million during the first quarter. Source
$800 million left on repurchase authorization: Remaining repurchase authorization was $800.0 million at March 31, 2026, down from $1.0 billion at December 31, 2025. Source
Dividend of $0.27 in 50th year: The company paid a regular cash dividend of $0.27 per share in the first quarter, in the 50th consecutive year of dividend increases. Source
Net revolving borrowings of $304.9 million: Net borrowings of revolving long-term debt were $304.9 million in the quarter. Long-term debt was $1,944.3 million at March 31, 2026, up from $1,638.6 million. Source

Strategy and investment

Investor Day set long-term growth targets: At the March Investor Day management presented a target long-term growth algorithm covering organic growth and margin expansion over the next three years. Source
Continued investment in long-term growth: Management said it continues to invest to drive long-term sales and earnings growth, and to invest in organic growth. Source

People and leadership

Brazis presented as CFO: Chief Executive Officer John L. Stauch and Chief Financial Officer Nicholas J. Brazis were named as presenters of the first quarter 2026 results call. Source
CFO transition from Fishman to Brazis: The February release described Robert P. Fishman as outgoing Chief Financial Officer and Nick Brazis as incoming Chief Financial Officer.

Guidance and changes to it

Full-year GAAP EPS guidance lowered: Full-year GAAP EPS from continuing operations is now $4.83 to $4.93, up 23 to 25 percent, previously $4.94 to $5.09. Source
Full-year adjusted EPS low end raised: Full-year adjusted EPS is now $5.30 to $5.40. The low end moved up from $5.25; the high end is unchanged. Source
Second-quarter guidance introduced for first time: Second-quarter guidance covers GAAP EPS of $1.39 to $1.42 and adjusted EPS of $1.47 to $1.50, with reported sales up about 1 percent. Source
Full-year sales growth range narrowed: Reported full-year sales growth is now 2 to 4 percent, previously 3 to 4 percent. Source

Coming up, as management said on 28 April 2026

Quarterly dividend payable May 1, 2026: The company will pay a regular quarterly cash dividend of $0.27 per share on May 1, 2026, to holders of record at the close of business on April 17, 2026. Source

Risks management discussed

Demand: The sales forecast assumes little or no U.S. residential recovery, with growth from commercial, industrial and municipal verticals. Source
Operational: Management said it expects to control the factors it can and to continue mitigating risk, without naming specific risks. Source

Earlier plans management reported on

Not stated: February guidance for first-quarter adjusted EPS was $1.15 to $1.18; reported adjusted EPS was $1.22. Management did not state a status for this guidance.
Not stated: February guidance for first-quarter reported sales was growth of 1 to 2 percent; reported sales growth was 3 percent. Management did not state a status.
Not stated: The February release expected another year of sales and earnings growth and margin expansion in 2026. The April release revises the full-year ranges; management did not state a status.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Pentair Reports Strong First Quarter 2026 Results

Sales of $1,037 million, up 3 percent compared to sales for the same period last year
Operating income was $210 million with ROS of 20.3 percent, an increase of 20 basis points compared to the prior year period; on an adjusted basis, ROS expanded 100 basis points to 25.0 percent
GAAP EPS increased 5 percent to $0.98 when compared to the prior year period and adjusted EPS rose 10 percent to $1.22
Repurchased $200 million of ordinary shares
The company updated its full year 2026 GAAP EPS guidance to approximately $4.83 to $4.93, up 23 percent to 25 percent versus the prior year, and updated EPS guidance on an adjusted basis to approximately $5.30 to $5.40, up 8 percent to 10 percent versus the prior year

Reconciliations of GAAP to Non-GAAP measures are in the attached financial tables.

LONDON, United Kingdom - April 28, 2026 - Pentair plc (NYSE: PNR), a leader in helping the world sustainably move, improve and enjoy water, life’s most essential resource, today announced first quarter 2026 sales of $1,037 million. Sales were up 3 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 1 percent in the first quarter. First quarter 2026 earnings per diluted share from continuing operations (“EPS”) were $0.98 compared to $0.93 in the first quarter of 2025, a 5 percent increase. On an adjusted basis, the Company reported first quarter 2026 EPS of $1.22 compared to $1.11 in the first quarter of 2025, reflecting a 10 percent increase. Adjusted operating income, reportable segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.

John L. Stauch, Pentair’s President and Chief Executive Officer commented, “Continued execution across our Move, Improve and Enjoy Water portfolio led by our Pentair Business System initiatives drove another quarter of sales and earnings growth, and delivered strong productivity and margin expansion. At our recent Investor Day in March, we provided our target long-term growth algorithm detailing our organic growth strategy and continued margin expansion opportunity over the next three years. We believe we have structurally changed our business model into a resilient and balanced water portfolio to drive durable earnings growth long term and mitigate the impacts of economic cyclicality. Our strategy has guided us to deliver breakthrough innovation, invest in organic growth, drive strong financial performance and return capital to shareholders. With a solid balance sheet, strong cash flow, a balanced capital deployment strategy and a resilient water portfolio, we remain focused on delivering long-term shareholder value.”

First quarter 2026 operating income was $210 million, up 3 percent compared to operating income for the first quarter of 2025, and return on sales (“ROS”) was 20.3 percent, an increase of 20 basis points when compared to the first quarter of 2025. On an adjusted basis, the Company had adjusted operating income of $259 million for the first quarter of 2026, up 7 percent compared to adjusted operating income for the first quarter of 2025, and ROS was 25.0 percent, an increase of 100 basis points when compared to the first quarter of 2025.

Flow sales were up 11 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 2 percent in the first quarter. Reportable segment income of $61 million was up 22 percent compared to the first quarter of 2025, and ROS was 23.7 percent, an increase of 210 basis points when compared to the first quarter of 2025.

Water Solutions sales were down 1 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 1 percent in the first quarter. Reportable segment income of $100 million was up 6 percent compared to the first quarter of 2025, and ROS was 25.5 percent, an increase of 160 basis points when compared to the first quarter of 2025.

Pool sales were up 1 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 1 percent in the first quarter. Reportable segment income of $128 million was up 2 percent compared to the first quarter of 2025, and ROS was 33.1 percent, an increase of 30 basis points when compared to the first quarter of 2025.

Net cash used for operating activities was $67 million for the quarter compared to $39 million in the first quarter of 2025. Free cash flow used for the quarter was $86 million compared to $56 million in the first quarter of 2025.

SHAREHOLDER RETURNS

Pentair paid a regular cash dividend of $0.27 per share in the first quarter of 2026. In addition, Pentair previously announced on February 23, 2026 that it will pay a regular quarterly cash dividend of $0.27 per share on May 1, 2026 to shareholders of record at the close of business on April 17, 2026. This year marks the 50th consecutive year that Pentair has increased its dividend.

During the first quarter, the Company repurchased 2.0 million shares for $200 million. As of March 31, 2026, we had $800.0 million available for share repurchases under our share repurchase authorization.

OUTLOOK

Mr. Stauch concluded, “Our full year outlook reflects a strong first quarter and cautious optimism as we head into our most important quarter seasonally. Our sales growth forecast assumes limited to no U.S. residential recovery and continued expansion across our commercial, industrial and municipal verticals. We feel confident that we expect to control what we can and continue to mitigate risk. We also introduced second quarter guidance reflecting sales growth, margin expansion and EPS growth. As a leader in helping the world move, improve and enjoy water, life’s most essential resource, we are well positioned to capture opportunities from favorable secular trends in water and we continue to invest to drive long-term sales and earnings growth.”

The Company updated its estimated 2026 GAAP EPS from continuing operations to approximately $4.83 to $4.93, up 23 percent to 25 percent versus the prior year, and updated estimated EPS on an adjusted basis to approximately $5.30 to $5.40, up 8 percent to 10 percent versus the prior year. The Company updated its estimated full year 2026 sales to be up approximately 2 to 4 percent on a reported basis.

In addition, the Company introduces estimated second quarter 2026 GAAP EPS from continuing operations guidance of approximately $1.39 to $1.42, up approximately 54 percent to 58 percent compared to the prior year period, and adjusted EPS of approximately $1.47 to $1.50, up approximately 6 percent to 8 percent compared to the prior year period. The Company expects second quarter sales to be up approximately 1 percent on a reported basis compared to the second quarter of 2025.

EARNINGS CONFERENCE CALL

Pentair President and Chief Executive Officer John L. Stauch and Chief Financial Officer Nicholas J. Brazis will discuss the Company’s first quarter 2026 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.

SEGMENT REORGANIZATION

Effective January 1, 2026, we reorganized the composition of our Flow and Water Solutions reportable segments to reflect how we are managing our business. As a result of this reorganization, our legacy residential and irrigation flow business moved from our Flow segment into our Water Solutions segment. The Pool segment remains unchanged. The applicable prior period amounts related to this change have been retrospectively reclassified to conform to the new composition. These changes have no impact on the Company’s historical consolidated financial performance or results of operations.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Forward-looking statements notice

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, including our Annual Report on Form 10-K for the year ended December 31, 2025. 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.

ABOUT PENTAIR PLC

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 2025 of approximately $4.2 billion, and trades under the ticker symbol PNR. With approximately 9,000 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 CONTACTS

	Three months ended
Pentair plc and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
In millions, except per-share data	March 31, 2026	March 31, 2025
Net sales	$1,036.7	$1,010.4
Cost of goods sold	603.3	607.1
Gross profit	433.4	403.3
% of net sales	41.8%	39.9%
Selling, general and administrative	198.9	176.6
% of net sales	19.2%	17.5%
Research and development	24.5	23.6
% of net sales	2.4%	2.3%
Operating income	210.0	203.1
% of net sales	20.3%	20.1%
Other expense
Other expense	0.5	0.5
Net interest expense	20.1	19.7
% of net sales	1.9%	1.9%
Income from continuing operations before income taxes	189.4	182.9
Provision for income taxes	28.6	28.0
Effective tax rate	15.1%	15.3%
Net income from continuing operations	160.8	154.9
Income from discontinued operations, net of tax	11.6	-
Net income	$172.4	$154.9
Earnings per ordinary share
Basic
Continuing operations	$0.99	$0.94
Discontinued operations	0.07	-
Basic earnings per ordinary share	$1.06	$0.94
Diluted
Continuing operations	$0.98	$0.93
Discontinued operations	0.07	-
Diluted earnings per ordinary share	$1.05	$0.93
Weighted average ordinary shares outstanding
Basic	162.5	164.9
Diluted	163.7	166.3
Cash dividends paid per ordinary share	$0.27	$0.25

	March 31, 2026	December 31, 2025
Pentair plc and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
In millions
Assets
Current assets
Cash and cash equivalents	$67.7	$101.6
Accounts receivable, net	913.7	673.2
Inventories	642.0	632.6
Other current assets	139.6	134.4
Total current assets	1,763.0	1,541.8
Property, plant and equipment, net	377.1	376.8
Other assets
Goodwill	3,524.7	3,538.1
Intangibles, net	1,056.1	1,073.3
Other non-current assets	351.1	338.8
Total other assets	4,931.9	4,950.2
Total assets	$7,072.0	$6,868.8
Liabilities and Equity
Current liabilities
Accounts payable	$332.5	$301.5
Employee compensation and benefits	94.5	120.1
Other current liabilities	512.5	537.7
Total current liabilities	939.5	959.3
Other liabilities
Long-term debt	1,944.3	1,638.6
Pension and other post-retirement compensation and benefits	58.2	58.8
Deferred tax liabilities	45.7	47.5
Other non-current liabilities	274.2	295.4
Total liabilities	3,261.9	2,999.6
Equity	3,810.1	3,869.2
Total liabilities and equity	$7,072.0	$6,868.8

	Three months ended
Pentair plc and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
In millions	March 31, 2026	March 31, 2025
Operating activities
Net income	$172.4	$154.9
Income from discontinued operations, net of tax	(11.6)	-
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities of continuing operations
Equity income of unconsolidated subsidiaries	(0.5)	(0.4)
Depreciation	14.6	14.8
Amortization	15.7	14.2
Deferred income taxes	1.8	11.5
Share-based compensation	15.7	12.6
Asset impairment and write-offs	-	5.2
Changes in assets and liabilities, net of effects of business acquisitions
Accounts receivable	(243.0)	(261.6)
Inventories	(11.5)	(3.5)
Other current assets	(6.6)	(12.5)
Accounts payable	33.5	23.8
Employee compensation and benefits	(24.5)	(24.3)
Other current liabilities	(23.7)	22.6
Other non-current assets and liabilities	0.3	3.8
Net cash used for operating activities	(67.4)	(38.9)
Investing activities
Capital expenditures	(18.5)	(16.8)
Proceeds from sale of property and equipment	0.2	-
Net cash used for investing activities	(18.3)	(16.8)
Financing activities
Net repayments of short-term borrowings	-	(9.3)
Net borrowings of revolving long-term debt	304.9	196.2
Shares issued to employees, net of shares withheld	(10.2)	(8.6)
Repurchases of ordinary shares	(200.0)	(50.0)
Dividends paid	(44.1)	(41.2)
Net cash provided by financing activities	50.6	87.1
Effect of exchange rate changes on cash and cash equivalents	1.2	(9.5)
Change in cash and cash equivalents	(33.9)	21.9
Cash and cash equivalents, beginning of period	101.6	118.7
Cash and cash equivalents, end of period	$67.7	$140.6

	Three months ended	Three months ended
Pentair plc and Subsidiaries
Reconciliation of the GAAP Operating Activities Cash Flow to the Non-GAAP Free Cash Flow (Unaudited)
In millions	March 31, 2026	March 31, 2025
Net cash used for operating activities	$(67.4)	$(38.9)
Capital expenditures	(18.5)	(16.8)
Proceeds from sale of property and equipment	0.2	-
Free cash flow	$(85.7)	$(55.7)

	2026
Pentair plc and Subsidiaries
Supplemental Financial Information by Reportable Segment (Unaudited)
In millions	First Quarter		First Quarter
Net sales
Flow		$258.1		$232.6
Water Solutions		391.0		393.5
Pool		387.1		383.9
Reportable segment net sales		1,036.2		1,010.0
Corporate and other		0.5		0.4
Net sales		$1,036.7		$1,010.4
Reportable segment income (loss)
Flow		$61.2		$50.2
Water Solutions		99.9		94.1
Pool		128.1		126.0
Reportable segment income		289.2		270.3
Corporate and other		(30.1)		(27.8)
Adjusted operating income		$259.1		$242.5
Return on sales
Flow	23.7%		21.6%
Water Solutions	25.5%		23.9%
Pool	33.1%		32.8%
Adjusted return on sales	25.0%		24.0%

	Actual
Pentair plc and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures for the Year Ending December 31, 2026
Excluding the Effect of Adjustments (Unaudited)
In millions, except per-share data	First Quarter	SecondQuarter		Full Year
Net sales	$1,036.7		approx	Up 1%	approx	Up 2% - 4%
Operating income	210.0		approx	Up 36% - 37%	approx	Up 19% - 21%
Return on sales	20.3%
Adjustments:
Restructuring and other	21.4		approx	$ -	approx	$21
Transformation costs	11.5		approx	-	approx	12
Intangible amortization	15.7		approx	15	approx	62
Equity income of unconsolidated subsidiaries	0.5		approx	1	approx	3
Adjusted operating income	259.1		approx	Up 5% - 6%	approx	Up 6% - 8%
Adjusted return on sales	25.0%
Net income from continuing operations - as reported	160.8		approx	$227 - $232	approx	$787 - $803
Adjustments to operating income	48.6		approx	15	approx	95
Income tax adjustments	(10.4)		approx	(2)	approx	(18)
Net income from continuing operations - as adjusted	$199.0		approx	$240 - $245	approx	$864 - $880
Continuing earnings per ordinary share - diluted
Diluted earnings per ordinary share - as reported	$0.98		approx	$1.39 - $1.42	approx	$4.83 - $4.93
Adjustments	0.24		approx	0.08	approx	0.47
Diluted earnings per ordinary share - as adjusted	$1.22		approx	$1.47 - $1.50	approx	$5.30 - $5.40

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)
In millions, except per-share data	First Quarter	Second Quarter	Third Quarter	FourthQuarter	Full Year
Net sales	$1,010.4	$1,123.1	$1,022.0	$1,020.5	$4,176.0
Operating income	203.1	217.7	231.7	205.0	857.5
Return on sales	20.1%	19.4%	22.7%	20.1%	20.5%
Adjustments:
Restructuring and other	10.5	10.4	0.2	10.2	31.3
Transformation costs	9.1	12.5	10.8	8.4	40.8
Intangible amortization	14.2	14.3	13.9	15.7	58.1
Legal accrual adjustments and settlements	-	-	-	11.6	11.6
Asset impairment and write-offs	5.2	41.8	1.5	0.6	49.1
Deal-related costs and expenses	-	-	4.1	-	4.1
Equity income of unconsolidated subsidiaries	0.4	-	0.4	0.2	1.0
Adjusted operating income	242.5	296.7	262.6	251.7	1,053.5
Adjusted return on sales	24.0%	26.4%	25.7%	24.7%	25.2%
Net income from continuing operations - as reported	154.9	148.5	184.3	161.8	649.5
Loss on sale of business	-	26.3	-	-	26.3
Pension and other post retirement mark-to-market loss	-	-	-	2.4	2.4
Adjustments to operating income	39.0	79.0	30.5	46.5	195.0
Income tax adjustments	(9.7)	(23.3)	(9.5)	(16.0)	(58.5)
Net income from continuing operations - as adjusted	$184.2	$230.5	$205.3	$194.7	$814.7
Continuing earnings per ordinary share - diluted
Diluted earnings per ordinary share - as reported	$0.93	$0.90	$1.12	$0.98	$3.93
Adjustments	0.18	0.49	0.12	0.20	0.99
Diluted earnings per ordinary share - as adjusted	$1.11	$1.39	$1.24	$1.18	$4.92

	Q1 Net Sales Growth
	Core	Currency	Acq. / Div.	Total
Pentair plc and Subsidiaries
Reconciliation of Net Sales Growth to Core Net Sales Growth by Reportable Segment
For the Quarter Ended March 31, 2026 (Unaudited)
Total Pentair	1.1%	2.1%	(0.6)%	2.6%
Flow	2.5%	4.2%	4.3%	11.0%
Water Solutions	0.9%	2.5%	(4.0)%	(0.6)%
Pool	0.5%	0.3%	- %	0.8%

Contacts
Shelly Hubbard · Vice President, Investor Relations · Direct: 763-656-5575 · Email: shelly.hubbard@pentair.com
Rebecca Osborn · Vice President, Communications · Direct: 763-656-5589 · Email: rebecca.osborn@pentair.com