Masco (MAS) Barclays 42nd Annual Industrial Select Conference summary

Audience sentiment and market expectations

• Audience at the conference leaned neutral on the company, with most expecting EPS growth in line with peers and favoring share repurchases for excess cash deployment.

• Investors see the most significant share price headwind as core growth, margin performance, capital deployment, or execution strategy.

Portfolio strategy and business focus

• The business has been streamlined to focus on repair and remodel markets, exiting more cyclical segments like cabinets, windows, and doors.

• Current portfolio centers on plumbing and coatings, aiming for consistent earnings and double-digit EPS growth through cycles.

• Over the last five years, EPS has grown at a 12% CAGR, with a continued commitment to double-digit growth.

End market and consumer trends

• The repair and remodel market is stabilizing after a post-COVID pull-forward and subsequent downturn, with 2025 expected to be flat to down low single digits globally.

• U.S. market is expected to be flat, while international markets, mainly Europe and China, are expected to be down.

• Long-term tailwinds include record home equity and an aging housing stock, with 1.7 million homes entering the primary remodeling age over the next three years.