Annual Report 2025

Annual Report 2025

17th Consecutive Year of

+91bps

GROSS MARGIN IMPROVEMENT
Gearing

US$700M

NET CASH POSITION
EBIT

5.2%arrow-up

US$1,336 million
Grew 5.2% to US$1,336 million
Profit attributable to
Owners of the Company

6.8%arrow-up

US$1,198 million
Increased 6.8% to US$1,198 million
Basic Earnings per share

6.8%arrow-up

US65.61 cents
Improved 6.8% to US65.61 cents
Dividend per share

13.7%arrow-up

US33.08 cents
Full-year dividend increased 13.7% against US29.09 cents per share in 2024
Business Growth
in local currency
MILWAUKEE
+7.9%
RYOBI
+5.4%
17th Consecutive Year of

GROSS MARGIN IMPROVEMENT

+91bps
For the year ended December 31, 2025

NET CASH POSITION

US$700M
For the year ended December 31, 2025
EBIT

5.2%arrow-up

US$1,336 million
Grew 5.2% to US$1,336 million
For the year ended December 31, 2025
Profit attributable to
Owners of the Company

6.8%arrow-up

US$1,198 million
Increased 6.8% to US$1,198 million
For the year ended December 31, 2025
Basic Earnings per share

6.8%arrow-up

US65.61 cents
Improved 6.8% to US65.61 cents
For the year ended December 31, 2025
Dividend per share

13.7%arrow-up

US33.08 cents
Full-year dividend increased 13.7% against US29.09 cents per share in 2024
For the year ended December 31, 2025

Financial Highlights

 
2025
US$’ million
2024
US$’ million
Changes
Revenue
15,260
14,622
+4.4%
Gross profit margin
41.2%
40.3%
+91 bps
EBIT
1,336
1,270
+5.2%
Profit attributable to Owners of the Company
1,198
1,122
+6.8%
Basic Earnings per share (US cents)
65.61
61.43
+6.8%
Dividend per share (approx. US cents)
33.08
29.09
+13.7%

Executive Chairman’s Statement

With the healthiest balance sheet in the Company’s history, a diversified global manufacturing footprint, and stable capital spending requirements, we are confident in our ability to further increase returns to shareholders in the years to come.

Horst Julius Pudwill
Executive Chairman

Chief Executive Officer’s Message

We are aligned as one team, sharing best practices and resources across the organization to drive process improvement, and to scale for continued future growth.

Steven P. Richman
Chief Executive Officer

Strategic Drivers

TTI is a global strategy-based organization. We have been diligent in researching and refining the key concepts for ongoing sustainability and growth. Early on, leadership identified four strategic areas that would drive our success: Powerful Brands, Innovative Products, Exceptional People and Operational Excellence.

The synergy in our four strategic drivers creates a culture of disruptive innovation and execution resulting in world-class, powerful brands. This dynamic structure of interconnectivity not only maximizes growth and improvement in every area of our company; but also, delivers the innovative, high-quality driven products needed by consumers and professionals around the world.
Strategic Drivers

BUILT ON TRUST, POWERED BY INNOVATION:
REAL SOLUTIONS THAT BEGIN WITH REAL
PARTNERSHIPS

It all starts by earning the right to serve our users.

At MILWAUKEE, everything we do is built on one foundation: the user. We leverage breakthrough technology, products, and services to disrupt not only the industry but also how professional tradespeople experience their work. A core part of this disruption lies in how we approach the user differently — by becoming a true partner. Through these partnerships, we aim to build an unshakable, lifelong trust with our users — a trust rooted in our ability to consistently deliver solutions that empower them to excel in their work every single day.

Our process starts in the field with dedicated teams working side by side with trade professionals, observing everything from how their day begins to how it ends. We uncover their pain points, whether they stem from the jobsite or the broader challenges of labor. This unmatched level of insight allows us to deliver solutions that make them more productive, safer, and ultimately, more successful.

This access isn’t given — it’s earned through extraordinary commitment and action. We lead the industry because we understand our users’ needs better than anyone else, delivering innovations that redefine performance, productivity, and safety.

Mechanical
Mechanical
Transportation <br> Maintenance
Transportation
Maintenance
Electrical
Electrical
General <br> Contracting
General
Contracting
Plumbing
Plumbing
Landscaping & <br> Tree Care
Landscaping &
Tree Care
Remodeling
Remodeling
Energy
Energy
Utility
Utility
Mining
Mining
Leader in safety helmet performance
BOLT Safety Helmet with IMPACT ARMOR Liner

SETTING THE BAR HIGH
AS THE #1 DIY TOOL BRAND

RYOBI Systems

USB Lithium
oneplus
40V
80V
Link

RYOBI is the world’s #1 DIY tool brand, offering a comprehensive portfolio of cordless solutions across home, outdoor, and on the go. The 18V ONE+ System, with battery compatibility dating back to 1996, is the flagship platform, serving users across the globe from entry-level DIYers to experienced professionals.

The USB Lithium platform, launched in 2022, has expanded from three to over 40 products, creating a rechargeable ecosystem that replaces disposable and internal battery-powered solutions for everyday applications. For users with larger outdoor power demands, the 40V System includes 85+ tools delivering gas-equivalent performance without fuel or emissions, while the 80V System delivers premium lawn care with a walk-behind and riding lawn mowers.

RYOBI HP Brushless products represent the highest performance tier across platforms, leveraging brushless motors, advanced electronics, and high-performance lithium technology to deliver increased power, runtime, durability, and speed.

Complementing the cordless RYOBI Systems, the RYOBI LINK Modular Storage System provides scalable, customizable solutions for organization, access, and transport through interconnected wall-mounted and mobile storage.

LIGHT DIY
LIGHT DIY
Remodel
Remodel
HEAVY DIY
HEAVY DIY
Storage & Organization
Storage & Organization
Lawn & Garden
Lawn & Garden
Transportation <br>Maintenance
Transportation
Maintenance
Lifestyle & <br>Recreation
Lifestyle &
Recreation
Cleaning
Cleaning
HOOVER FORMULAS

HOOVER formulas are crafted to tackle all your cleaning needs — from deep‑cleaning carpets and removing tough stains to refreshing upholstery.

Management’s Discussion and Analysis

Power Equipment

The TTI Power Equipment segment delivered sales of US$14.4 billion in 2025, an increase of 5.3% in reported currency and 5.0% in local currency.

Floorcare & Cleaning

Sales for Floorcare and Cleaning fell 9.7% in 2025 due to weakness in the HOOVER, DIRT DEVIL, ORECK, and VAX brands. Floorcare has now been reorganized into a single global business, creating one world-class product development, marketing, manufacturing, and engineering team. Additionally, we have consolidated our North American Floorcare footprint by closing our Charlotte, NC facility and combining with our Consumer business in Anderson, SC. This is a good example of our efforts to balance innovation and drive improved profitability in the Floorcare business.

Downloads

Full Report (PDF)
Section (PDF)
Financial Highlights
Executive Summary
Strategic Drivers
Power Equipment
Floorcare & Cleaning
MD&A and Governance
Financials
Corporate Information

Intellectual Property

All trademarks and trade names listed other than AEG and RYOBI are owned by the Group.

AEG is a registered trademark of AB Electrolux (publ.), and is used under license.

RYOBI is a registered trademark of Ryobi Limited, and is used under license.