1. The Owens Corning (OC) for water drainage and management products.

2. Essentially, they are the Vulcan Materials (VMC) for underground plastic drainage infrastructure.

3. Like Mueller Water Products (MWA), but focused on advanced plastic pipe and systems for water management.

• Corrugated Pipe: Manufactures and sells corrugated high-density polyethylene (HDPE) and polypropylene (PP) pipe used for stormwater management and drainage across various markets.
• Stormwater Management Products: Provides solutions such as retention/detention systems (e.g., StormTech chambers) designed to manage and temporarily store excess rainwater runoff.
• Water Quality Products: Offers devices like water separators and filters that remove pollutants and sediment from stormwater runoff before it enters natural waterways.
• Geosynthetic Solutions: Supplies a variety of non-woven and woven fabrics, grids, and other materials used for soil stabilization, erosion control, and filtration in civil engineering applications.
• Fittings and Accessories: Produces a comprehensive line of fittings, couplers, and other accessories to connect and complete drainage and stormwater management systems.

Advanced Drainage Systems (symbol: WMS) sells primarily to other companies (B2B).

Its major customers are generally a diverse network of distributors and various end-users in the construction, infrastructure, and agricultural sectors. WMS does not publicly disclose specific customer companies that represent a significant portion of its revenue in its financial filings.

However, based on its product lines and market reach, major distributors in the building materials and infrastructure supply sectors are highly likely to be key customers, acting as a channel for WMS products to reach end-users. Examples of such public companies that operate as large distributors and could carry WMS products include:

• Ferguson plc (Symbol: FERG) - A leading distributor of plumbing, heating, ventilation, and air conditioning (HVAC) products, as well as waterworks and infrastructure materials.
• Builders FirstSource, Inc. (Symbol: BLDR) - One of the largest suppliers of building materials, components, and services to professional contractors, primarily for new residential construction.
• SiteOne Landscape Supply, Inc. (Symbol: SITE) - The largest and only national wholesale distributor of landscape supplies in the United States, which includes irrigation, drainage, and related products.

These companies represent the type of large-scale distributors through which WMS products are channeled to various contractors, developers, municipalities, and agricultural clients.

• Chevron Phillips Chemical Company LLC
• Dow Inc. (NYSE: DOW)
• LyondellBasell Industries N.V. (NYSE: LYB)

D. Scott Barbour, President and Chief Executive Officer

Mr. Barbour has served as President and Chief Executive Officer of Advanced Drainage Systems since September 2017. Prior to joining ADS, he spent over 25 years at Emerson Electric Co., a global technology and engineering company. His roles at Emerson included President and CEO of its $4.5 billion Network Power business from 2011 to 2016. During his time leading Network Power, he was responsible for managing its spin-off and subsequent sale, which is now Vertiv. He began his career as a product engineer at Colt Industries. Mr. Barbour holds a Bachelor of Science in Mechanical Engineering from Southern Methodist University and a Master of Business Administration from Vanderbilt University's Owen Graduate School of Management. He has also served on the board of Allison Transmission Holdings, Inc. since 2022.

Scott A. Cottrill, Executive Vice President, Chief Financial Officer and Secretary

Mr. Cottrill joined Advanced Drainage Systems in November 2015 and currently serves as Executive Vice President, Chief Financial Officer, and Secretary. He oversees the company's finance, business development, and information technology functions. Before ADS, Mr. Cottrill was Executive Vice President and Chief Financial Officer of Jeld-Wen, Inc., a global manufacturer of windows and doors, from 2012 to November 2014, and an Executive Vice President from November 2014 to February 2015. From 1998 to 2012, he held various finance and accounting positions at Goodrich Corporation, including Vice President, Controller, and Chief Accounting Officer from 2005 to 2012. He started his career at PricewaterhouseCoopers LLP, where he worked from 1987 to 1998. Mr. Cottrill earned a bachelor's degree in Accounting from The Pennsylvania State University and is a Certified Public Accountant (inactive).

Kevin C. Talley, Executive Vice President & Chief Administrative Officer

Mr. Talley joined Advanced Drainage Systems in October 2011 as Vice President, Human Resources and has served as Executive Vice President & Chief Administrative Officer since August 2016. In this role, he oversees human resources, legal, office services, and aviation functions. Prior to his tenure at ADS, Mr. Talley served at The Scotts Miracle-Gro.

Thomas J. Waun, Sr., Executive Vice President, International

Mr. Waun joined Advanced Drainage Systems in June 2020. He served as Senior Vice President, International from June 2020 to June 2022 and assumed the role of Executive Vice President, International in June 2022. With over 30 years of management experience, his previous roles include Vice President and General Manager, Consulting, at Emerson Electric Corporation from 2017 to 2020, and President, Power Management at Emerson from 2015 to 2017.

Brian W. King, Executive Vice President, Product Management and Marketing

Mr. King joined Advanced Drainage Systems in September 2020 and serves as Executive Vice President, Product Management and Marketing. He brings over 25 years of experience in product management and marketing in both consumer and commercial businesses. Before joining ADS, Mr. King worked at Owens Corning from 2013 to September 2020, where he held positions as Vice President, Strategic Marketing from 2016 to 2020, and Director of Strategic Marketing from 2015 to 2016.

The key risks to Advanced Drainage Systems (WMS) are:

1. Cyclical End-Markets and Infrastructure Spending Volatility: Advanced Drainage Systems operates in cyclical end-markets, making it vulnerable to economic downturns and fluctuations in construction and infrastructure spending. A prolonged softening in these areas could lead to reduced demand for the company's products, impacting revenue and profitability.
2. Acquisition Integration Challenges: The company has recently undertaken significant acquisitions, such as NDS and Orenco Systems. While strategic, these acquisitions introduce integration risks, including potential challenges in combining operations, realizing forecasted revenue and cost synergies, and incurring elevated expenses associated with the integration process.
3. Input Cost Volatility: Advanced Drainage Systems is susceptible to fluctuations in input costs, particularly rising resin prices. Such increases can act as a headwind, potentially delaying the achievement of revenue targets and pressuring profit margins if the company is unable to effectively pass these costs on to customers.

The increasing adoption of Green Infrastructure (GI) and Low Impact Development (LID) strategies in urban planning and stormwater management. These approaches prioritize nature-based solutions such as permeable pavements, bioswales, rain gardens, and constructed wetlands to manage stormwater on-site, reduce runoff, and enhance water quality. This paradigm shift can reduce the reliance on extensive traditional pipe-based drainage systems, potentially impacting demand for Advanced Drainage Systems' core products in new developments and infrastructure retrofits.

Advanced Drainage Systems (WMS) operates in several addressable markets related to water management and drainage solutions. The primary markets for their products and services include stormwater management, corrugated plastic pipe, and onsite wastewater treatment systems.

Stormwater Management Solutions

• The U.S. stormwater management market was valued at approximately USD 7.1 billion in 2023 and is projected to grow to USD 13.95 billion by 2032, at a compound annual growth rate (CAGR) of 7.8%. Other estimates place the U.S. stormwater infrastructure market size at around USD 8.4 billion in 2024, projected to reach USD 15.89 billion by 2030 with an 8.22% CAGR. Capital expenditures for stormwater management in the U.S. are expected to increase from US$34.6 billion in 2023 to US$54.5 billion by 2030. Hardware and equipment, which includes products like pipes and detention systems, account for approximately 40% of this capital expenditure, growing from US$13.8 billion in 2023 to US$21.8 billion in 2030.
• Globally, the stormwater management market was valued at USD 54.6 billion in 2024 and is projected to reach USD 82.1 billion by 2030.

Corrugated Plastic Pipe

• The global market for corrugated high-density polyethylene (HDPE) pipe was valued at approximately $16.5 billion in 2023 and is projected to reach around $26 billion by 2032, demonstrating a CAGR of 5%.
• The broader global corrugated pipe market (encompassing various materials) was valued at USD 21.7 billion in 2024 and is anticipated to increase to USD 35.0 billion by 2035, with a CAGR of 4.45%.
• The plastic drainage system market specifically is expected to grow at a CAGR of 5.2% from 2024 to 2032, reaching a valuation of $12.5 billion by 2032.

Onsite Wastewater Treatment Systems (including Septic Solutions)

• The global onsite wastewater treatment systems market is projected to grow from USD 23.4 billion in 2025 to USD 59.4 billion by 2034, at an impressive CAGR of 10.9%.
• The global septic solutions market is expected to reach US$ 11.3 billion by 2032, growing from US$ 6.72 billion in 2025 with a CAGR of 7.7%. North America is a significant region within this market, projected to hold over 32% of the market share in 2025.
• The U.S. septic tanks market size was valued at USD 1.02 billion in 2023 and is projected to grow to USD 1.39 billion by 2032, exhibiting a CAGR of 3.5%.

Advanced Drainage Systems (WMS) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Strategic Acquisitions and Integration: Acquisitions are a significant driver, with the recent Orenco acquisition notably contributing to the Infiltrator segment's revenue growth. The planned acquisition of NDS is also anticipated to further enhance the company's product portfolio and market reach.
2. Growth in Higher-Margin Product Segments (Infiltrator and Allied Products): Advanced Drainage Systems is strategically focusing on and seeing strong performance from its higher-margin Infiltrator and Allied Products segments. The Infiltrator business, including Orenco, experienced substantial revenue growth, driven by tanks and advanced treatment products. Similarly, Allied product sales have shown double-digit growth, benefiting from new product introductions such as StormTech retention detention chambers and Nyloplast catch basins.
3. Expansion in Infrastructure and Non-Residential Construction Markets: The company has noted significant improvements and strong demand in both the infrastructure and non-residential end markets. Non-residential sales growth has been broad-based geographically across the U.S., indicating continued activity and opportunity in these sectors.
4. Product Innovation and Development: A continued focus on innovation and the launch of new products and services, particularly within Allied and advanced wastewater systems, is expected to fuel growth. Advanced Drainage Systems is investing in new product development and automation to enhance its offerings and market position.
5. Leveraging Secular Tailwinds in Water Management: The company benefits from broader secular tailwinds, such as changing climate patterns, which are increasing the demand for resilient water management solutions. This societal and environmental shift provides a sustained underlying demand for Advanced Drainage Systems' products and services.

Share Repurchases

• Advanced Drainage Systems authorized a new $1 billion stock repurchase program on February 3, 2022, to be executed over multiple years.
• As of March 31, 2025, $147.7 million remained under the company's share repurchase authorization.
• In the twelve months ended March 31, 2025, the company repurchased 0.4 million shares for a total cost of $69.9 million.

Share Issuance

• Advanced Drainage Systems' average trailing twelve months (TTM) Buyback Yield for the past three years stood at -3.14%, with a lowest recorded value of -3.19% on March 31, 2021, indicating some level of share dilution.

Outbound Investments

• On October 1, 2024, Advanced Drainage Systems completed the acquisition of Orenco, a manufacturer of decentralized wastewater management products, which is expected to drive margin improvement and expand market opportunities.
• The company acquired River Valley Pipe, which strengthened its presence in the agricultural market in the Midwest.
• Advanced Drainage Systems also completed the acquisition of Jet Polymers in February 2022.

Capital Expenditures

• For the full fiscal year 2026, Advanced Drainage Systems expects capital expenditures to be approximately $200 million to $225 million.
• Capital expenditures for the first half of fiscal year 2026 totaled $111 million.
• These investments are primarily focused on innovation, new product development, increasing recycling capacity, enhancing customer service, improving productivity and automation, and executing growth initiatives in key geographies.