• Imagine 3M, but entirely dedicated to industrial and emergency safety equipment like fire helmets, respirators, and gas detectors.
• Honeywell, but purely focused on advanced protective gear and hazard detection systems for workers in dangerous environments.

• Self-Contained Breathing Apparatus (SCBA): Critical respiratory protection devices providing air to users in oxygen-deficient or toxic atmospheres, primarily for firefighters and industrial workers.
• Portable Gas Detectors: Handheld instruments designed to monitor and alert users to the presence of hazardous gases and oxygen deficiencies in various industrial and confined space environments.
• Fixed Gas and Flame Detection Systems: Permanently installed systems that continuously monitor for hazardous gas leaks, combustible gases, and flames in industrial facilities, providing early warning and mitigation.
• Head Protection: A range of safety helmets and hard hats engineered to protect workers' heads from impacts, falling objects, and electrical hazards in diverse work settings.
• Fall Protection: Comprehensive systems including harnesses, lanyards, and self-retracting lifelines designed to prevent injuries or fatalities from falls when working at elevated heights.
• Thermal Imaging Cameras: Specialized cameras that use infrared technology to help firefighters see through smoke and darkness, locate victims, and identify fire sources.

Major Customers of MSA Safety (NYSE: MSA)

1. Industrial Enterprises: Companies in sectors such as oil and gas, petrochemicals, mining, construction, utilities, and general manufacturing. These entities purchase a wide range of MSA's safety equipment, including gas detection systems, fall protection, and industrial head protection, to ensure worker safety and compliance with regulations. Specific customer names are not disclosed by MSA Safety.
2. Fire and Emergency Services: Municipal fire departments, industrial fire brigades, and other first responder organizations globally. They are significant purchasers of MSA's self-contained breathing apparatus (SCBA), fire helmets, and thermal imaging cameras. These are typically governmental or quasi-governmental entities, not public companies.
3. Safety Equipment Distributors: These are key direct customers for MSA, acting as intermediaries who resell MSA's products to a vast array of industrial and commercial end-users. While MSA does not disclose specific distributor customers or their revenue contribution, it is highly probable that major industrial distributors are significant customers. Examples of such public companies include:
   • W.W. Grainger, Inc. (NYSE: GWW)
   • Fastenal Company (NASDAQ: FAST)

Steven C. Blanco, President and Chief Executive Officer

Steven C. Blanco was elected President and Chief Executive Officer of MSA Safety, effective May 10, 2024. He joined MSA Safety in 2012 as Vice President of Global Operational Excellence. Prior to his CEO appointment, he served as President and Chief Operating Officer, and before that, as President of MSA Americas, where he oversaw business in the U.S., Canada, and Latin America. Under his leadership, the Americas segment saw revenue increase by over 40 percent from 2018 through 2022. Mr. Blanco has been instrumental in the acquisitions and integrations of Globe Manufacturing, Sierra Monitor, and Bacharach. Before joining MSA Safety, he held the position of Vice President of Manufacturing for Eaton Corporation's Electrical Sector and spent nearly two decades in various engineering, plant management, and operations roles at Ford Motor Company and Visteon. He holds a Bachelor of Science degree in Mechanical Engineering Technology from Purdue University and an MBA from Indiana Wesleyan University.

Julie A. Beck, Senior Vice President, Chief Financial Officer and Treasurer

Julie A. Beck was appointed Senior Vice President, Chief Financial Officer and Treasurer of MSA Safety, effective August 18, 2025. Before joining MSA Safety, Ms. Beck served as Senior Vice President and Chief Financial Officer for Terex Corp., a global industrial equipment manufacturer with over $5 billion in annual revenue and operations across more than 75 global sites. At Terex, she directed financial strategies and business transformation initiatives, helping to mitigate the impacts of inflation and supply chain disruption, which led to sales growth and significant improvements in EPS and cash flow performance. From 2016 to 2021, she was the Senior Vice President and Chief Financial Officer for Nova Chemicals, Inc., a petrochemicals producer with approximately $4 billion in revenue. Her prior experience also includes serving as Global Vice President of Supply Chain, Operational Excellence and Quality for Joy Global, Inc., where she also held the role of Chief Financial Officer for a large Joy subsidiary. Ms. Beck is a registered CPA and holds a bachelor's degree in accounting from the University of Wisconsin-Madison, where she graduated with distinction.

Stephanie L. Sciullo, President, MSA Americas

Stephanie L. Sciullo was promoted to President of MSA Americas in June 2023, succeeding Steve Blanco in this role. She is responsible for the company's business interests in the United States, Canada, and Latin America, and also serves as the executive sponsor for MSA's corporate social responsibility programs. Ms. Sciullo joined MSA Safety in 2010 and has held various roles of increasing responsibility within the company's legal department, including Senior Vice President and Chief Legal Officer for Corporate Social Responsibility and Public Affairs. Her achievements include managing insurance recovery efforts, resolving disputes over assets valued at more than $1 billion, and leading a significant strategic transaction involving the divestment of a wholly-owned subsidiary. Prior to joining MSA Safety, Ms. Sciullo practiced law with Reed Smith, LLP. She holds a law degree from the University of Pittsburgh School of Law and a bachelor's degree in politics and philosophy from the same university.

Gregory L. Martin, Senior Vice President, Chief Product and Technology Officer

Gregory L. Martin serves as Senior Vice President, Chief Product and Technology Officer at MSA Safety. In this role, he leads the company's product strategy, product development, and corporate digital transformation efforts, with a focus on enhancing customer safety and productivity through technology and software. Mr. Martin joined MSA Safety in 2005. Before his current position, he held various leadership roles in product development and strategy within MSA. Prior to MSA Safety, he held product marketing positions at Alstom S.A. and Areva S.A. within the energy sector, and engineering positions at Teradyne, Inc. in the semiconductor industry. He earned a Bachelor's degree in Electrical and Electronics Engineering from Penn State University and an MBA from Point Park University.

Richard W. Roda, Vice President, Secretary and Chief Legal Officer

Richard W. Roda was elected Vice President, Secretary, and Chief Legal Officer of MSA Safety in June 2023. In this role, he is responsible for the company's global legal affairs and serves as Chief Compliance Officer, overseeing the design and implementation of the company's ethics and compliance program. Mr. Roda joined MSA Safety in 1995. He began his career as a Customer Service Representative and progressed through various sales support and product technical support roles before becoming a full-time commercial and transactional attorney after graduating from Duquesne University Law School in 2001. He has overseen the legal work related to every MSA acquisition over the past two decades and guided efforts to modernize the company's legal structure.

MSA Safety (NYSE: MSA) operates in several addressable markets for its main products and services, primarily within the personal protective equipment (PPE) and safety instrumentation sectors. The estimated market sizes for their key offerings are as follows:

• Personal Protective Equipment (PPE): The global personal protective equipment market was estimated at USD 84.55 billion in 2024.
• Respiratory Protective Equipment (RPE): The global respiratory protective equipment market size was estimated at USD 15.34 billion in 2024.
• Fall Protection Equipment: The global fall protection equipment market size was valued at USD 3.12 billion in 2024.
• Industrial Head Protection: The global industrial head protection market size was valued at USD 3.37 billion in 2024.
• Fixed Gas Detection Systems: The global market for fixed gas detection systems, a segment of the broader fire and gas detection system market, was approximately USD 6.13 billion in 2024.
• Portable Gas Detection Instruments: The global portable gas detector market, a segment of the gas detection equipment market, was approximately USD 1.96 billion in 2024.

Expected Drivers of Future Revenue Growth for MSA Safety (MSA)

• Innovation and New Product Development, particularly in Connected Safety Technology and Regulatory-Compliant Offerings: MSA Safety is focusing on organic growth through research and development, introducing advanced safety products that meet evolving industry standards. Recent examples include the U.S. government approval of its G1 XR 2025 Edition SCBA, which adheres to new NFPA 1970 performance standards, and the launch of the ALTAIR io 6 Multigas Detector for the European market. The company's "io4 device" is highlighted as a core of its industrial technology strategy, signifying a push into connected portable gas detection devices.
• Strong Performance and Expansion within the Detection Segment: The detection segment, encompassing both fixed and portable detection instruments, is a consistent driver of sales momentum. Management specifically attributes sales growth to the robust performance of connected portable gas detection devices, which accounted for over half of portable growth in recent quarters.
• Growth in Industrial Personal Protective Equipment (PPE), especially Fall Protection: MSA Safety anticipates continued tailwinds from its industrial PPE segment, with fall protection identified as an area of sustained strength and double-digit organic growth.
• Strategic Acquisitions: The company maintains an active mergers and acquisitions (M&A) pipeline, utilizing disciplined capital deployment to complement its organic growth strategy. Contributions from acquisitions, such as the M&C TechGroup, have already bolstered reported sales, particularly in the International segment.
• International Market Expansion: MSA Safety expects continued momentum in international markets, with the international segment showing reported growth. The introduction of new products like the ALTAIR io 6 Multigas Detector in Europe underscores the company's focus on expanding its global reach and capitalizing on international opportunities.

Share Repurchases

• In May 2024, MSA Safety's Board of Directors authorized a new share repurchase program for up to $200 million of the company's common stock, replacing a previous $100 million plan from 2015.
• For the full year 2024, the company repurchased $30 million of common stock.
• MSA Safety repurchased $10 million of common stock in the fourth quarter of 2024, $10 million in the first quarter of 2025, and $10 million in the third quarter of 2024.

Share Issuance

• The number of outstanding shares for MSA Safety was 39.25 million as of October 2025, 39.25 million as of February 7, 2025, and 39.32 million as of February 9, 2024.
• The company's outstanding shares were 39.33 million in 2023, 39.20 million in 2022, 39.23 million in 2021, and 38.98 million in 2020.
• Fluctuations in the number of outstanding shares are typically influenced by factors such as stock splits and share buybacks.

Outbound Investments

• On January 5, 2023, MSA Safety divested Mine Safety Appliances LLC ("MSA LLC"), a wholly owned subsidiary that held legacy product liability.
• The acquisition of M&C TechGroup is expected to contribute approximately 2 percentage points to full-year revenue growth and add about $0.10 to adjusted EPS in 2025.

Capital Expenditures

• MSA Safety invested $54 million in capital expenditures for the full year 2024.
• For the quarters of 2024 and 2025, capital expenditures included $14 million in Q4 2024, $11 million in Q1 2025, $29 million in Q2 2025, and $14 million in Q3 2024.
• Capital expenditures in Q2 2025 included a strategic investment in MSA Safety's Pennsylvania facility.