Sam Karlov • William Blair

Question 1

Sam Karlov's questions to MSA Safety Inc (MSA) leadership • Q2 2025

Aug 5, 2025

Question

Sam Karlov of William Blair inquired about the growth drivers within the Detection segment, asking for a breakdown between fixed gas, non-connected portables, and connected portables. He also sought color on the adoption of the MSA+ software platform and the timing for the launch of the upcoming IO6 product.

Answer

President & CEO Steven Blanco explained that Q2 Detection growth was led by strength in the fixed gas business, driven by energy and renewables, and the MSA+ connected portables platform. He noted that most of the absolute dollar growth in portables came from MSA+ solutions, while traditional portables saw mild growth. Regarding new products, Blanco indicated that announcements related to the connected work platform could be expected in the next few months.

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Question 2

Sam Karlov's questions to Federal Signal Corp (FSS) leadership • Q2 2025

Jul 30, 2025

Question

Sam Karlov, on behalf of William Blair, asked about the factors beyond manufacturing absorption that led to raising the through-cycle margin targets and requested an update on the performance of recently reassigned sales territories.

Answer

President & CEO Jennifer Sherman explained that the higher margin targets are supported by a pipeline of internal initiatives, including aftermarket growth, acquisition synergies, and insourcing. Regarding the territory changes, she reported that order intake was in line with expectations and expressed confidence in long-term share gains as the new dealers build out their infrastructure.