Gorman Rupp : 2026 Q1 Investor Presentation
GRC
Published on 04/23/2026 at 02:46 pm EDT
APRIL 2026 PRESENTATION
INVESTMENT HIGHLIGHTS
Durable Market Leadership in Essential Applications
Gorman Rupp is a leading designer and manufacturer of pumps and pump systems serving mission critical, non-discretionary end markets, supported by more than 90 years of operating history and strong brand recognition.
Highly Diversified End Markets
Broad exposure across Fire Suppression, Industrial, Agriculture, Construction, Municipal, Petroleum, and OEM markets, reducing cyclicality and dependence on any single sector.
Structural Competitive Advantages
Durable competitive advantages driven by high quality products, customer-first service, engineering expertise and a deeply established distributor network, reinforced by a primarily U.S.-centric manufacturing and supply chain.
Recognized Family of Brands
Portfolio of well-known brands strengthened through organic product development and disciplined acquisitions.
Attractive Financial Profile
History of strong margins and consistent operating cash flow generation support disciplined capital allocation priorities and shareholder return across market cycles.
Multiple Growth Levers
Positioned to benefit from infrastructure investment, market share gains, new product development, international expansion, and disciplined acquisitions, while maintaining a balanced risk profile.
Disciplined Capital Allocation
Clear priorities to reinvest in the business, extend 53-year track record of dividend increases, continue debt reduction, and pursue value accretive acquisitions.
DELIVERING PROFITABLE GROWTH
Where we were: What we have done:
2016-2020 2021-2025
Initiatives/Drivers:
What
Sales CAGR
(3.0%)
Organic - (3.0%)
14.4%
Organic - 8.6%
Acquisition - 5.7%
Fill-Rite acquisition
Post-COVID preparedness
Enhanced strategic planning process
New Product Development
Distribution optimization
Well positioned for large stormwater projects
Gross
Margin
Avg. 25.8%
Avg. 28.4%
2025 - 30.6%
EBITDA %
of Sales
Avg. 15.4%
Avg. 17.7%
2025 - 18.9%
Leveraging organic sales growth
Fill-Rite acquisition
Diligent cost control
Effective pricing
Increased automation and efficiency
IT system consolidation
Employee Benefits consolidation
Average Operating Working Capital to Sales (1)
2020 - 53.7%
2025 - 38.6%
Leveraging existing inventory to support organic growth
Since 2020 sales have increased 95% while inventory increased 38%
(1) Defined as sum of accounts receivable and inventory (excluding LIFO reserves) less accounts payable divided by annual sales
FAVORABLE EXTERNAL TRENDS
TREND
IMPACT
GRC CAPABILITIES
Poor infrastructure conditions
Aging Water and
combined with available federal
Broad selection of pumps and systems for
Wastewater
Infrastructure
funding and utility rate increases
potable water and wastewater applications
leading to increased investment
Flooding from storms, hurricanes, etc.
Uniquely positioned with engineering
Rise in Frequency of
is driving states and municipalities to
expertise and production facilities to
Catastrophic Weather
Events
evaluate and invest in stormwater
manufacture pumps that can move up to
management solutions
one million gallons per minute
Increased Demand for
Computer processing capacity
Numerous data center pump applications
Computer Processing
demands from AI continue to drive
including fire pumps, HVAC and liquid
Capacity
construction of data centers globally
computer cooling
Tariff Driven Supply Chain Uncertainty
Tariffs and reshoring U.S. production continues to create supply chain uncertainty and challenges
GRC's supply chain has been U.S. centric since it was founded, providing stability and minimizing tariff related price increases
Agriculture and
The agriculture and construction
GRC's products and sales channels make
Construction Market
GRC well suited to serve these markets as
been challenging recently but are
expected to turn at some point
COMPANY HISTORY
1933 - Company founded with $1,500 initial - and only - capital investment
1956 - First international expansion - established Canadian manufacturing facility
1968 - Publicly listed (American Stock Exchange NYSE MKT NYSE in 2017)
1988 - Acquired Patterson Pump Company, manufacturer of large volume pumps for sewage, flood control and fire suppression
1998 - Patterson Pump Ireland established for manufacture and sale of fire pumps in Europe
2010 - Acquired National Pump Company, submersible vertical turbine manufacturer serving the agricultural irrigation, municipal and petroleum markets
2002 - 2016 - Multiple smaller international and domestic acquisitions 2022 - Acquisition of Fill-Rite, leading provider of fixed and
portable fuel transfer pumps, chemical transfer pumps, meters, and accessories
2025 - To
increases
tal of 76 years of cash dividends and 53 consecutive years of
INDUSTRY OVERVIEW
Pumps are Widely Used in Our Daily Lives - drinking water, wastewater, stormwater, irrigation, appliance cooling, transportation, fuel, industrial products, chemicals, fire suppression, construction, mining, HVAC, food and beverage, marine, medical applications, computer cooling
Significant Market Size- Industry sources estimate market size of approximately $80B per year
Fragmented - many niche-oriented players with specialized products that fit unique applications
Diverse Competition - competitors include large public companies, divisions of larger companies as well as many small privately held businesses
Mature Industry - leads to general pricing stability due to extent of value-added products and mature competition
Strong Brand Loyalty - customers tend to be brand loyal if you are meeting their needs, given many applications are mission critical
COMPETITIVE POSITIONING
Reputation for high-quality products and customer-first service, creating durable competitive advantages and long-standing customer relationships.
Deep application-specific engineering expertise-combining in-house design, testing, and manufacturing-enables Gorman-Rupp to deliver highly customized, highly reliable pump solutions driving lifecycle value in critical end-markets.
Primarily U.S.-based manufacturing and sourcing provide supply chain stability, responsiveness, and resilience.
Well-established domestic and international distributor base with deep application expertise and strong local market presence.
GLOBAL OPERATIONS
Mission Statement
"To provide a quality product, competitively priced, delivered on time, backed by reliable service, at a profit that provides an equitable return to our shareholders, as well as providing our employees with competitive wages and benefits."
- J.C. Gorman and Herb Rupp - 1933
Mansfield, OH Canada
South Africa Netherlands Belgium
Toccoa, GA Olive Branch, MS
Ireland
Glendale, AZ Lubbock, TX
Royersford, PA
Bellville, OH Fort Wayne, IN Lenexa, KS
OPERATING MODEL
Centralized operations drive scale, reduce cost, and improve efficiency driving profitable growth and margin resiliency
Localized operations (1) support customer-first service through industry leading engineering expertise and deep application experience, (2) drive growth through new product development and distribution optimization, and (3) improve operating efficiency by matching manufacturing methods to product size and value streams.
Quality products and strong reputations
Philosophy & Culture
Customer focus - taking care of customers
Customer education
Product availability
Available and reasonably priced repair parts
People - training, career development, health & safety, profit sharing
Active in communities
Acquisitions
Corporate
Capital Allocation
Information Technology
Employee Benefits
Shared
Human Resources
Workforce Development
Purchasing
Sustainability
Division
(Closest to Customer)
Sales, Customer Service and Distribution Relationships
Marketing / Advertising
Treasury
Legal
Insurance / Risk Management
External Reporting & Compliance
Investor Relations
Customer Facing Technology
Strategic Planning
Product Development / Engineering
State of the Art Manufacturing & Testing Facilities
PRODUCT DIVERSITY
APRIL 2026 PRESENTATION 11
MARKET DIVERSITY - BY DESIGN
Broad market exposure creates resilient demand base reducing cyclicality and dependence on any single sector
Agriculture &
Irrigation Supply
Municipal
Water / Wastewater
Fire
Suppression
Construction
& Dewatering
OEM
Industrial /
Chemicals & HVAC Supply
Refined
Petroleum
Repair Parts
Gorman-Rupp Company Markets
MARKETS
Industrial/Chemicals & HVAC Supply (19% - 21%)
Fire Suppression (19% - 22%)
Agriculture & Irrigation Supply (14% - 16%)
Municipal Water / Wastewater (12% - 15%)
Construction & Dewatering (11% - 13%)
OEM (6% - 8%)
Refined Petroleum (2% - 4%)
REPAIR PARTS (9% - 12%)
REPAIR PARTS
Most parts ship within 24 hours
Consolidated 9% - 12%
Approximately 20% adjusted for markets with minimal repairs
HOW LONG DO PUMPS LAST?
Large range by market and application - from 30% for Construction/Industrial to minimal for Fire Suppression
Abrasive
Wear
Corrosive
Solids
Clean Liquids
< 1 Year
5 Years
10 Years
15 Years
20+ Years
Fire Suppression Fuel Handling
Municipal Wastewater
Industrial
Construction Rental
Fracking
INTERNATIONAL SALES
International sales represent approximately 25% of total company sales annually
$85
million
$79
million
Mexico / South & Central America 20%
Europe 26%
Canada 23%
Exported From USA Locations
Direct From International Locations
Asia/Oceania 12%
Middle East / Africa 19%
SALES CHANNELS
Sales Channels ◼ Most distribution is exclusive by geographic territory and market
OEM
Direct
Retail & E-
Commerce
Distribution
& Sales Reps
Other
No single distributor makes up > 5% of sales
Expectations of distribution:
Physical location
Stock inventory
Service capabilities
Trained sales team
Sufficient capital and focus on GR
Retail & E-commerce sales are primarily related to Fill-Rite
FINANCIAL SUMMARY
NET SALES & ADJUSTED EPS
Adjusted EPS growth of 28% in 2024 and 22% in 2025
$800 $2.50
$700
$2.00
$600
$500
$1.50
Dollars
(Adjusted EPS)
Millions of Dollars
(Sales)
$400
$300
$1.00
$200
$0.50
$100
$0
2021 2022* 2023 2024 2025
$0.00
See appendix for non-GAAP reconciliations.
* Unusually high LIFO expense of $0.56 per share
STRONG ADJUSTED EBITDA
Adjusted EBITDA has increased by over 2.5X since 2020
$140 20%
$120
Millions in Dollars
$100
18%
16%
14%
$80
$60
12%
% of Sales
10%
8%
$40 6%
4%
$20
2%
$0 0%
2021 2022 2023 2024 2025
See appendix for non-GAAP reconciliations.
2026 P&L HIGHLIGHTS
Net sales of $176.6 million increased 7.7%, or $12.7 million, compared to the first quarter of 2025
Record net income of $17.8 million, or $0.68 per share, compared to net income of $12.1 million, or $0.46 per share, for the first quarter of 2025
Incoming orders of $187.5 million increased 5.5%, or $9.7 million, compared to the first quarter of 2026 with backlog increasing to $247.9 million at March 31, 2026
($ in millions
except for per share amounts)
Q1 2026
Dollars
Change v. prior year
Net Sales
$176.6
+7.7%
Gross Profit %
32.5%
+180 bps
Operating Income
$27.5
+24.2%
EPS
$0.68
+47.8%
Adjusted EBITDA1
$35.5
+19.6%
Incoming Orders
$187.5
+5.5%
Backlog
$247.9
+13.8%
See appendix for non-GAAP reconciliations.
INCOMING & BACKLOG TREND
Total Incoming Orders Backlog
$300
$280
$260
$240
Millions
$220
$200
$180
$160
$140
$120
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
2024
2025
2026
$100
APRIL 2026 PRESENTATION
Disclaimer
The Gorman-Rupp Company published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 18:45 UTC.