|  |        |                                                                              |        |                                                                                |  |  |  |  |  |  |  |  |  |  |
|--|--------|------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|--|--|--|--|--|--|--|--|--|--|
|  |   | Media Relations: Mark Petrarca414-359-4100mpetrarca@aosmith.com |   | Investor Relations: Helen Gurholt414-359-4157hgurholt@aosmith.com |

|                             |         |         |              |  |  |  |  |  |  |  |  |
|-----------------------------|---------|---------|--------------|--|--|--|--|--|--|--|--|
|                             | Q1 2024 | Q1 2023 | % Change YoY |
| Net sales                   | $978.8  | $966.4  | 1%           |
| Net earnings                | $147.6  | $126.9  | 16%          |
| Adjusted earnings           | $147.6  | $142.51 | 4%           |
| Diluted earnings per share  | $1.00   | $0.84   | 19%          |
| Adjusted earnings per share | $1.00   | $0.941  | 6%           |

----

----

|                             |        |  |              |          |  |  |  |  |  |  |  |  |  |  |
|-----------------------------|--------|--|--------------|----------|--|--|--|--|--|--|--|--|--|--|
|                             | 2023   |  | 2024 Outlook |
|                             | Actual |  | Low End      | High End |
| Net sales                   | $3,853 |  | $3,970       | $4,050   |
| Diluted earnings per share  | $3.69  |  | $3.90        | $4.15    |
| Adjusted earnings per share | $3.812 |  | $3.90        | $4.15    |

----

----

|                                                         |                             |               |      |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------|-----------------------------|---------------|------|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                         | Three Months EndedMarch 31, |               |      |
|                                                    | 2024                        |               | 2023 |  |   |               |  |
| Net sales                                               | $                           | 978.8    |      |  | $ | 966.4    |  |  |  |  |  |
| Cost of products sold                                   |                             | 594.1    |      |  |   | 592.3    |  |  |  |  |  |
| Gross profit                                            |                             | 384.7    |      |  |   | 374.1    |  |  |  |  |  |
| Selling, general and administrative expenses            |                             | 192.2    |      |  |   | 187.2    |  |  |  |  |  |
| Impairment expense                                      |                             | —  |      |  |   | 15.6     |  |  |  |  |  |
| Interest expense                                        |                             | 1.0      |      |  |   | 4.0      |  |  |  |  |  |
| Other income, net                                       |                             | (1.2)         |      |  |   | (4.0)         |  |  |  |  |  |
| Earnings before provision for income taxes              |                             | 192.7    |      |  |   | 171.3    |  |  |  |  |  |
| Provision for income taxes                              |                             | 45.1     |      |  |   | 44.4     |  |  |  |  |  |
| Net earnings                                            | $                           | 147.6    |      |  | $ | 126.9    |  |  |  |  |  |
| Diluted earnings per share of common stock              | $                           | 1.00     |      |  | $ | 0.84     |  |  |  |  |  |
| Average common shares outstanding (000’s omitted) |                             | 148,297  |      |  |   | 151,900  |  |  |  |  |  |

----

|                                                  |                           |               |                   |  |   |               |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------|---------------------------|---------------|-------------------|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                  | (Unaudited) March 31,2024 |               | December 31, 2023 |
| ASSETS:                                      |                           |               |                   |  |   |
| Cash and cash equivalents                        | $                         | 251.6    |                   |  | $ | 339.9    |  |
| Marketable securities                            |                           | 51.5     |                   |  |   | 23.5     |  |
| Receivables                                      |                           | 584.6    |                   |  |   | 596.0    |  |
| Inventories                                      |                           | 522.3    |                   |  |   | 497.4    |  |
| Other current assets                             |                           | 51.5     |                   |  |   | 43.5     |  |
| Total Current Assets                             |                           | 1,461.5  |                   |  |   | 1,500.3  |  |
| Net property, plant and equipment                |                           | 599.0    |                   |  |   | 597.5    |  |
| Goodwill and other intangibles                   |                           | 985.0    |                   |  |   | 970.1    |  |
| Operating lease assets                           |                           | 35.7     |                   |  |   | 37.3     |  |
| Other assets                                     |                           | 101.0    |                   |  |   | 108.7    |  |
| Total Assets                                     | $                         | 3,182.2  |                   |  | $ | 3,213.9  |  |
| LIABILITIES AND STOCKHOLDERS’ EQUITY:  |                           |               |                   |  |   |
| Trade payables                                   | $                         | 557.7    |                   |  | $ | 600.4    |  |
| Accrued payroll and benefits                     |                           | 54.3     |                   |  |   | 92.2     |  |
| Accrued liabilities                              |                           | 197.1    |                   |  |   | 177.4    |  |
| Product warranties                               |                           | 64.3     |                   |  |   | 65.3     |  |
| Debt due within one year                         |                           | 10.0     |                   |  |   | 10.0     |  |
| Total Current Liabilities                        |                           | 883.4    |                   |  |   | 945.3    |  |
| Long-term debt                                   |                           | 109.7    |                   |  |   | 117.3    |  |
| Operating lease liabilities                      |                           | 26.4     |                   |  |   | 27.9     |  |
| Other liabilities                                |                           | 280.9    |                   |  |   | 279.0    |  |
| Stockholders’ equity                       |                           | 1,881.8  |                   |  |   | 1,844.4  |  |
| Total Liabilities and Stockholders’ Equity | $                         | 3,182.2  |                   |  | $ | 3,213.9  |  |

----

|                                                                                                   |                             |               |      |  |   |               |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------|-----------------------------|---------------|------|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                   | Three Months EndedMarch 31, |
|                                                                                              | 2024                        |               | 2023 |
| Operating Activities                                                                              |                             |               |      |  |   |
| Net earnings                                                                                      | $                           | 147.6    |      |  | $ | 126.9    |  |
| Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: |                             |               |      |  |   |
| Depreciation & amortization                                                              |                             | 19.6     |      |  |   | 19.2     |  |
| Stock based compensation expense                                                                  |                             | 8.3      |      |  |   | 7.0      |  |
| Deferred income taxes                                                                             |                             | 2.9      |      |  |   | —  |  |
| Non-cash impairment                                                                               |                             | —  |      |  |   | 15.6     |  |
|                                                                                                   |                             |               |      |  |   |
|                                                                                                   |                             |               |      |  |   |
| Net changes in operating assets and liabilities:                                              |                             |               |      |  |   |
| Current assets and liabilities                                                                    |                             | (73.7)        |      |  |   | (50.6)        |  |
| Noncurrent assets and liabilities                                                                 |                             | 1.9      |      |  |   | 1.8      |  |
| Cash Provided by Operating Activities                                                             |                             | 106.6    |      |  |   | 119.9    |  |
| Investing Activities                                                                              |                             |               |      |  |   |
| Capital expenditures                                                                              |                             | (22.0)        |      |  |   | (10.7)        |  |
| Acquisitions                                                                                      |                             | (21.1)        |      |  |   | —  |  |
| Investment in marketable securities                                                               |                             | (48.1)        |      |  |   | (14.7)        |  |
| Net proceeds from sale of marketable securities                                                   |                             | 20.0     |      |  |   | 15.6     |  |
| Cash Used in Investing Activities                                                                 |                             | (71.2)        |      |  |   | (9.8)         |  |
| Financing Activities                                                                              |                             |               |      |  |   |
| Long-term debt repaid                                                                             |                             | (6.8)         |      |  |   | (3.7)         |  |
| Common stock repurchases                                                                          |                             | (74.5)        |      |  |   | (53.1)        |  |
| Net proceeds from stock option activity                                                           |                             | 8.0      |      |  |   | 4.7      |  |
| Dividends paid                                                                                    |                             | (47.3)        |      |  |   | (45.4)        |  |
| Cash Used in Financing Activities                                                                 |                             | (120.6)       |      |  |   | (97.5)        |  |
| Effect of exchange rate changes on cash and cash equivalents                                      |                             | (3.1)         |      |  |   | 2.4      |  |
| Net (decrease) increase in cash and cash equivalents                                              |                             | (88.3)        |      |  |   | 15.0     |  |
| Cash and cash equivalents - beginning of period                                                   |                             | 339.9    |      |  |   | 391.2    |  |
| Cash and Cash Equivalents - End of Period                                                         | $                           | 251.6    |      |  | $ | 406.2    |  |

----

|                                        |                             |               |      |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------|-----------------------------|---------------|------|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                        | Three Months EndedMarch 31, |               |      |
|                                   | 2024                        |               | 2023 |  |   |               |  |
| Net sales                              |                             |               |      |  |   |               |  |  |  |
| North America                          | $                           | 766.3    |      |  | $ | 752.7    |  |  |  |  |  |
| Rest of World                          |                             | 226.9    |      |  |   | 219.1    |  |  |  |  |  |
| Inter-segment sales                    |                             | (14.4)        |      |  |   | (5.4)         |  |  |  |  |  |
|                                        | $                           | 978.8    |      |  | $ | 966.4    |  |  |  |  |  |
| Earnings                               |                             |               |      |  |   |               |  |  |  |
| North America                          | $                           | 198.7    |      |  | $ | 188.6    |  |  |  |  |  |
| Rest of World(1)                       |                             | 17.2     |      |  |   | 5.3      |  |  |  |  |  |
| Inter-segment earnings elimination     |                             | (0.3)         |      |  |   | —  |  |  |  |  |  |
|                                        |                             | 215.6    |      |  |   | 193.9    |  |  |  |  |  |
| Corporate expense(2)                   |                             | (21.9)        |      |  |   | (18.6)        |  |  |  |  |  |
| Interest expense                       |                             | (1.0)         |      |  |   | (4.0)         |  |  |  |  |  |
| Earnings before income taxes           |                             | 192.7    |      |  |   | 171.3    |  |  |  |  |  |
| Provision for incomes taxes            |                             | 45.1     |      |  |   | 44.4     |  |  |  |  |  |
| Net earnings                           | $                           | 147.6    |      |  | $ | 126.9    |  |  |  |  |  |
|                                        |                             |               |      |  |   |               |  |  |  |
| Additional Information                 |                             |               |      |  |   |               |  |  |  |
|                                        |                             |               |      |  |   |               |  |  |  |
|                                        |                             |               |      |  |   |               |  |  |  |
|                                        |                             |               |      |  |   |               |  |  |  |
|                                        |                             |               |      |  |   |               |  |  |  |
| (1) Adjustments: Rest of World     |                             |               |      |  |   |               |  |  |  |
| includes impairment expense of:    | $                           | —  |      |  | $ | 12.5     |  |  |  |  |  |
| (2) Adjustments: Corporate expense |                             |               |      |  |   |               |  |  |  |
|                                        |                             |               |      |  |   |               |  |  |  |
| includes impairment expense of:    | $                           | —  |      |  | $ | 3.1      |  |  |  |  |  |

----

|                                                  |                             |               |      |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------|-----------------------------|---------------|------|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                  | Three Months EndedMarch 31, |               |      |
|                                             | 2024                        |               | 2023 |  |   |               |  |
| Net Earnings (GAAP)                              | $                           | 147.6    |      |  | $ | 126.9    |  |  |  |  |  |
| Impairment expense, before tax                   |                             | —  |      |  |   | 15.6     |  |  |  |  |  |
|                                                  |                             |               |      |  |   |               |  |  |  |
|                                                  |                             |               |      |  |   |               |  |  |  |
|                                                  |                             |               |      |  |   |               |  |  |  |
|                                                  |                             |               |      |  |   |               |  |  |  |
| Tax effect on above items                        |                             | —  |      |  |   | —  |  |  |  |  |  |
| Adjusted Earnings (non-GAAP)                     | $                           | 147.6    |      |  | $ | 142.5    |  |  |  |  |  |
|                                                  |                             |               |      |  |   |               |  |  |  |
| Diluted Earnings Per Share (GAAP)                | $                           | 1.00     |      |  | $ | 0.84     |  |  |  |  |  |
| Impairment expense per diluted share, before tax |                             | —  |      |  |   | 0.10     |  |  |  |  |  |
|                                                  |                             |               |      |  |   |               |  |  |  |
|                                                  |                             |               |      |  |   |               |  |  |  |
|                                                  |                             |               |      |  |   |               |  |  |  |
|                                                  |                             |               |      |  |   |               |  |  |  |
| Tax effect on above items per diluted share      |                             | —  |      |  |   | —  |  |  |  |  |  |
| Adjusted Earnings Per Share (non-GAAP)           | $                           | 1.00     |      |  | $ | 0.94     |  |  |  |  |  |

----

|                                                   |                             |               |      |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------|-----------------------------|---------------|------|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                   | Three Months EndedMarch 31, |               |      |
|                                              | 2024                        |               | 2023 |  |   |               |  |
| Earnings Before Provision for Income Taxes (GAAP) | $                           | 192.7    |      |  | $ | 171.3    |  |  |  |  |  |
| Add: Corporate expense(1)                     |                             | 21.9     |      |  |   | 18.6     |  |  |  |  |  |
| Add: Interest expense                         |                             | 1.0      |      |  |   | 4.0      |  |  |  |  |  |
| Total Segment Earnings (non-GAAP)                 | $                           | 215.6    |      |  | $ | 193.9    |  |  |  |  |  |
|                                                   |                             |               |      |  |   |               |  |  |  |
| North America                                     | $                           | 198.7    |      |  | $ | 188.6    |  |  |  |  |  |
| Rest of World(2)                                  |                             | 17.2     |      |  |   | 5.3      |  |  |  |  |  |
| Inter-segment earnings elimination                |                             | (0.3)         |      |  |   | —  |  |  |  |  |  |
| Total Segment Earnings (non-GAAP)                 | $                           | 215.6    |      |  | $ | 193.9    |  |  |  |  |  |
|                                                   |                             |               |      |  |   |               |  |  |  |
| Additional Information                            |                             |               |      |  |   |               |  |  |  |
| (1)Corporate expense                              | $                           | (21.9)        |      |  | $ | (18.6)        |  |  |  |  |  |
|                                                   |                             |               |      |  |   |               |  |  |  |
| Impairment expense, before tax                    |                             | —  |      |  |   | 3.1      |  |  |  |  |  |
| Adjusted Corporate expense (non-GAAP)             | $                           | (21.9)        |      |  | $ | (15.5)        |  |  |  |  |  |
|                                                   |                             |               |      |  |   |               |  |  |  |
|                                                   |                             |               |      |  |   |               |  |  |  |
|                                                   |                             |               |      |  |   |               |  |  |  |
|                                                   |                             |               |      |  |   |               |  |  |  |
|                                                   |                             |               |      |  |   |               |  |  |  |
|                                                   |                             |               |      |  |   |               |  |  |  |
|                                                   |                             |               |      |  |   |               |  |  |  |
| (2)Rest of World                                  | $                           | 17.2     |      |  | $ | 5.3      |  |  |  |  |  |
| Impairment expense, before tax                    |                             | —  |      |  |   | 12.5     |  |  |  |  |  |
| Adjusted Rest of World (non-GAAP)                 | $                           | 17.2     |      |  | $ | 17.8     |  |  |  |  |  |

----

|                                              |                             |             |      |  |   |             |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------|-----------------------------|-------------|------|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|
|                                              | Three Months EndedMarch 31, |
|                                              | 2024                        |             | 2023 |
| Cash provided by operating activities (GAAP) | $                           | 106.6  |      |  | $ | 119.9  |  |
| Less: Capital expenditures               |                             | (22.0)      |      |  |   | (10.7)      |  |
| Free cash flow (non-GAAP)                    | $                           | 84.6   |      |  | $ | 109.2  |  |

|                                      |              |               |      |   |            |            |  |     |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|--------------|---------------|------|---|------------|------------|--|-----|--|--|--|--|--|--|--|--|--|--|--|--|
|                                      | 2024Guidance |               | 2023 |   |
| Diluted EPS (GAAP)                   | $            | 3.90 - 4.15   |      | $ | 3.69  |            |  |
| Restructuring and impairment expense |              | —  |      |   |            | 0.12  |  | (1) |
| Adjusted EPS (non-GAAP)              | $            | 3.90 - 4.15   |      | $ | 3.81  |            |  |