Company: MWA
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001350593-25-000069
Chunk: 31

Company: Mueller Water Products, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 31
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0 million). Adjusted EBITDA, adjusted net income per diluted share and free cash flow are financial measures not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) and are therefore considered non-GAAP measures. See Exhibit A for a reconciliation of non-GAAP to GAAP measures. |     |                                                                                           |     |                                                                                |     |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     | Dividend Benefits                                                                         |     |                                                                                |     | Stockholder Value |
| •We paid stockholders a quarterly $0.067 per share dividend during fiscal 2025, an increase of approximately 4.7% from fiscal 2024.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 •We returned $41.9 million to our stockholders through dividends in fiscal 2025.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |     |                                                                                           |     | We repurchased $15 million of our outstanding Common Stock during fiscal 2025. |     |                   |

Highlights of 2025 Performance Related to Executive Compensation

The Compensation Committee used several financial and performance elements (including those set forth below) to assess and determine incentive plan compensation earned during fiscal 2025. Our compensation programs continually evolve to incorporate stockholder feedback, market best practices, and performance and retention considerations. See Exhibit A for a reconciliation of the following non-GAAP financial measures used in determining executive compensation to GAAP financial results.

#### PROXY STATEMENT FOR 2026 ANNUAL MEETING41

### EXECUTIVE COMPENSATION
| Company Results for Performance Evaluation Basis |     |                |     |                    |     |                                                            |     |                                      |     |         |
|                                                  |     |   Adjusted Net 
          Sales |     | Adjusted EBITDA(1) |     | Adjusted Working Capital (as a % of Adjusted Net Sales)(2) |     | Relative Total Shareholder Return(3) 
 (rTSR)                               |     | ROIC(4) |
|                                                  |     | -$ in millions |     |                    |     |                                                          % |     | Percentile                           |     | %       |
| 2025                                             |     |        1,429.7 |     |              326.2 |     |                                                       27.7 |     | 74th                                 |     | 16.40%  |

(1) Defined for this purpose as net income plus interest, income tax, depreciation and amortization expenses, adjusted to exclude significant