\n| \n \nResults for period ending December 31, 2026<\/p>\n<\/td>\n | \n \nFebruary 16, 2027 with call from 8:30 a.m. ET<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Cautionary note on forward-looking statements<\/b><\/p>\n \nCertain information included in this announcement is forward-looking, including within the meaning of the Private Securities Litigation Reform Act of 1995, and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements. Forward-looking statements cover all matters which are not historical facts and include, without limitation, statements or guidance regarding or relating to our future financial position, results of operations and growth, plans and objectives for the future including our capabilities and priorities, expectations regarding global and regional economic, market and political conditions, ability to manage supply chain challenges, ability to manage the impact of product price fluctuations, the overall performance of, including demand levels for, the markets in which we operate, the expected synergies and financial impact of recent acquisitions, capital deployment strategy, including the amount and timing of our dividends and share repurchases, investments and capital expenditures, and other statements concerning the success of our business and strategies. Forward-looking statements can be identified by the use of forward-looking terminology, including terms such as \u201cbelieves,\u201d \u201cestimates,\u201d \u201canticipates,\u201d \u201cexpects,\u201d \u201cforecasts,\u201d \u201cguidance,\u201d \u201cintends,\u201d \u201ccontinues,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201cpoised,\u201d \u201cgoal,\u201d \u201ctarget,\u201d \u201caim,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201ccould\u201d or \u201cshould\u201d or, in each case, their negative or other variations or comparable terminology and other similar references to future periods. Forward-looking statements speak only as of the date on which they are made. They are not assurances of future performance and are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Therefore, you should not place undue reliance on any of these forward-looking statements. Although we believe that the forward-looking statements contained in this announcement are based on reasonable assumptions, you should be aware that many factors could cause actual results to differ materially from those contained in such forward-looking statements, including but not limited to: weakness in the economy, market trends, uncertainty and other conditions in the markets in which we operate and the macroeconomic impact of factors beyond our control (including, among others, inflation\/deflation, recession, labor and wage pressures, trade restrictions such as tariffs, sanctions and retaliatory countermeasures, interest rates, and geopolitical conditions); failure to rapidly identify or effectively respond to direct and\/or end customers\u2019 wants, expectations or trends, including costs and potential problems associated with new or upgraded information technology systems or our ability to timely deploy new omni-channel capabilities; decreased demand for our products as a result of operating in highly competitive industries and the impact of declines in the residential and non-residential markets and our ability to effectively manage inventory as a result; changes in competition, including as a result of market consolidation, new entrants, vertical integration or competitors responding more quickly to emerging technologies (such as generative or agentic artificial intelligence (\u201cAI\u201d)); failure of a key information technology system or process as well as payment-related risks, including exposure to fraud or theft; privacy and protection of sensitive data failures, including failures due to data corruption, cybersecurity incidents, network security breaches or the use of AI; ineffectiveness of or disruption in our domestic or international supply chain or our fulfillment network, including delays in inventory availability at our distribution facilities and branches, increased delivery costs or lack of availability due to loss of key suppliers; failure to effectively manage and protect our facilities and inventory or to prevent personal injury to customers, suppliers or associates, including as a result of workplace violence; unsuccessful execution of our operational strategies, including the failure to quickly adapt our strategy to emerging technologies; failure to attract, retain and motivate key associates; exposure of associates, contractors, customers, suppliers and other individuals to health and safety risks and fleet incidents; risks associated with acquisitions, partnerships, joint ventures and other business combinations, dispositions or strategic transactions; risks associated with sales of private label products, including regulatory, product liability and reputational risks and the adverse impact such sales may have on supplier relationships and rebates; the failure to achieve and maintain a high level of product and service quality or comply with responsible sourcing standards; inability to renew leases on favorable terms or at all, as well as any remaining obligations under a lease when we close a facility; changes in, interpretations of, or compliance with tax laws and accounting standards; our access to capital, indebtedness and changes in our credit ratings and outlook; fluctuations in product prices\/costs (e.g., including as a result of the use of commodity-priced materials, inflation\/deflation, trade restrictions and\/or failure to qualify for or maintain supplier rebates) and foreign currency; funding risks related to our defined benefit pension plans; legal proceedings in the ordinary course of our business as well as any failure to comply with domestic and foreign laws, regulations and standards, as those laws, regulations and standards or interpretations and enforcement thereof may change; the occurrence of unforeseen developments such as litigation, investigations, governmental proceedings or enforcement actions; our failure to comply with the obligations associated with being a public company listed on the New York Stock Exchange and the costs associated therewith; the costs and risk exposure relating to sustainability matters and disclosures, including regulatory or legal requirements and disparate stakeholder expectations; and other risks and uncertainties set forth under the heading \u201cRisk Factors\u201d in our Transition Report on Form 10-KT for the five-month transition period ended December 31, 2025 filed with the Securities and Exchange Commission (\u201cSEC\u201d) on February 27, 2026 and in other filings we make with the SEC in the future. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with our legal or regulatory obligations, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.<\/p>\n Ferguson Enterprises Inc.
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<\/b>Non-GAAP Reconciliations and Supplementary Information
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<\/b>(unaudited)<\/b><\/p>\n Non-GAAP items<\/b><\/p>\n \nThis announcement contains certain financial information that is not presented in conformity with U.S. GAAP. These non-GAAP financial measures include adjusted operating profit, adjusted operating margin, adjusted net income, adjusted earnings per share – diluted, adjusted EBITDA, adjusted effective tax rate, net debt and net debt to adjusted EBITDA ratio. The Company believes that these non-GAAP financial measures provide users of the Company\u2019s financial information with additional meaningful information to assist in understanding financial results and assessing the Company\u2019s performance from period to period. Management believes these measures are important indicators of operations because they exclude items that may not be indicative of our core operating results and provide a better baseline for analyzing trends in our underlying businesses, and they are consistent with how business performance is planned, reported and assessed internally by management and the board of directors. Such non-GAAP adjustments include amortization of acquired intangible assets, discrete tax items, certain significant acquisition-related transaction and integration costs associated with acquisitions that are outside the Company\u2019s typical acquisition profile and any other items that are non-recurring. Non-recurring items may include various restructuring charges, gains or losses on the disposals of businesses which by their nature do not reflect primary operations, as well as certain other items deemed non-recurring in nature and\/or that are not a result of the Company\u2019s primary operations. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. These non-GAAP financial measures should not be considered in isolation or as a substitute for results reported under U.S. GAAP. These non-GAAP financial measures reflect an additional way of viewing aspects of operations that, when viewed with U.S. GAAP results, provide a more complete understanding of the business. The Company strongly encourages investors and shareholders to review the Company\u2019s financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.<\/p>\n \nThe Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures on a forward-looking basis because it is unable to predict with reasonable certainty or without unreasonable effort non-recurring items, such as those described above, that may arise in the future. The variability of these items is unpredictable and may have a significant impact.<\/p>\n \n\n| \n Reconciliation of Net Income to Adjusted Operating Profit and Adjusted EBITDA<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three months ended<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Nine months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (In millions)<\/b><\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Net income<\/b><\/p>\n<\/td>\n | \n \n$598<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$638<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$1,678<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$1,617<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProvision for income taxes<\/p>\n<\/td>\n | \n \n207<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n153<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n533<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n433<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense, net<\/p>\n<\/td>\n | \n \n64<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n47<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n161<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n142<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther expense, net<\/p>\n<\/td>\n | \n \n16<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n<\/tr>\n | \n| \n Operating profit<\/b><\/p>\n<\/td>\n | \n \n885<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n844<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,390<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,193<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCorporate restructuring expenses(1)<\/sup><\/p>\n<\/td>\n| \n \n2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBusiness restructuring expenses(2)<\/sup><\/p>\n<\/td>\n| \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n73<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcquisition and integration costs(3)<\/sup><\/p>\n<\/td>\n| \n \n25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of acquired intangibles<\/p>\n<\/td>\n | \n \n50<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n120<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n114<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted Operating Profit<\/b><\/p>\n<\/td>\n | \n \n962<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n883<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,541<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,386<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation & impairment of PP&E<\/p>\n<\/td>\n | \n \n60<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n53<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n174<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n149<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of non-acquired intangibles<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n22<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n | \n \n$1,028<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$943<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$2,733<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$2,557<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n(1)<\/p>\n<\/td>\n | \n \nFor the three and nine months ended September 30, 2026 and 2025, corporate restructuring expenses primarily related to incremental costs in connection with transition activities following the establishment of our parent company\u2019s domicile in the United States.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2)<\/p>\n<\/td>\n | \n \nFor the three and nine months ended September 30, 2025, business restructuring expenses primarily related to the Company\u2019s implementation of targeted actions to streamline operations, enhancing speed and efficiency to better serve customers and drive further profitable growth.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(3)<\/p>\n<\/td>\n | \n \nFor the three and nine months ended September 30, 2026, acquisition and integration costs related to the Company\u2019s incremental costs in connection with the FloWorks acquisition.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Net Debt : Adjusted EBITDA Reconciliation<\/b><\/p>\n \nTo assess the appropriateness of its capital structure, the Company\u2019s principal measure of financial leverage is net debt to adjusted EBITDA. The Company aims to operate with investment grade credit metrics and keep this ratio within one to two times.<\/p>\n Net debt<\/b><\/p>\n \nNet debt comprises bank overdrafts, bank and other loans and derivative financial instruments, excluding lease liabilities, less cash and cash equivalents. Long-term debt is presented net of debt issuance costs.<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n As of September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (In millions)<\/b><\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nLong-term debt<\/p>\n<\/td>\n | \n \n$5,571<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$4,124<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShort-term debt<\/p>\n<\/td>\n | \n \n599<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBank overdrafts(1)<\/sup><\/p>\n<\/td>\n| \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDerivative liabilities<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash and cash equivalents<\/p>\n<\/td>\n | \n \n(476)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(832)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet debt<\/p>\n<\/td>\n | \n \n$5,695<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$3,297<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n(1)<\/p>\n<\/td>\n | \n \nBank overdrafts are included in other current liabilities in the Company\u2019s Consolidated Balance Sheets.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Adjusted EBITDA (Rolling 12-month)<\/b><\/p>\n \nAdjusted EBITDA is net income before charges\/credits relating to depreciation, amortization, impairment and certain non-GAAP adjustments. A rolling 12-month adjusted EBITDA is used in the net debt to adjusted EBITDA ratio to assess the appropriateness of the Company\u2019s financial leverage.<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Twelve months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (In millions, except ratios)<\/b><\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Net income<\/b><\/p>\n<\/td>\n | \n \n$2,067<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$1,973<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProvision for income taxes<\/p>\n<\/td>\n | \n \n678<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n542<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense, net<\/p>\n<\/td>\n | \n \n209<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n190<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther expense (income), net<\/p>\n<\/td>\n | \n \n32<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestructuring activities(1)<\/sup><\/p>\n<\/td>\n| \n \n1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n79<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcquisition and integration costs(2)<\/sup><\/p>\n<\/td>\n| \n \n25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization<\/p>\n<\/td>\n | \n \n407<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n377<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n | \n \n$3,419<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$3,158<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net Debt: Adjusted EBITDA<\/b><\/p>\n<\/td>\n | \n \n1.7x<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.0x<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n(1)<\/p>\n<\/td>\n | \n \nFor the rolling twelve months ended September 30, 2026, restructuring activities primarily related to incremental costs in connection with transition activities following the establishment of our parent company\u2019s domicile in the United States, partially offset by a gain on the sale of a closed distribution center in November 2025 relating to previous business restructuring activities. For the rolling twelve months ended September 30, 2025, restructuring expenses primarily related to the Company\u2019s implementation of targeted actions to streamline operations, enhancing speed and efficiency to better serve customers and drive further profitable growth, as well as incremental costs in connection with transition activities following the establishment of our parent company\u2019s domicile in the United States.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2)<\/p>\n<\/td>\n | \n \nFor the rolling twelve months ended September 30, 2026, acquisition and integration costs related to the Company\u2019s incremental costs in connection with the FloWorks acquisition.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS – Diluted<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (In millions, except per share amounts)<\/b><\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n per share(1)<\/sup><\/i><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n per share(1)<\/sup><\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Net income<\/b><\/p>\n<\/td>\n | \n \n$598<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$3.08<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$638<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$3.24<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCorporate restructuring expenses(2)<\/sup><\/p>\n<\/td>\n| \n \n2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.01<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.01<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBusiness restructuring expenses(3)<\/sup><\/p>\n<\/td>\n| \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.01<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcquisition and integration costs(4)<\/sup><\/p>\n<\/td>\n| \n \n25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.13<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of acquired intangibles<\/p>\n<\/td>\n | \n \n50<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.26<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.18<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLoss on disposal of non-operating entity(5)<\/sup><\/p>\n<\/td>\n| \n \n9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.05<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiscrete tax adjustments(6)<\/sup><\/p>\n<\/td>\n| \n \n(4)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.02)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(42)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.21)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTax impact-non-GAAP adjustments(7)<\/sup><\/p>\n<\/td>\n| \n \n(16)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.08)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(9)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.05)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted net income<\/b><\/p>\n<\/td>\n | \n \n$664<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$3.43<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$626<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$3.18<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiluted weighted-average shares outstanding<\/p>\n<\/td>\n | \n \n193.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n196.9<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Nine months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (In millions, except per share amounts)<\/b><\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n per share(1)<\/sup><\/i><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n per share(1)<\/sup><\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Net income<\/b><\/p>\n<\/td>\n | \n \n$1,678<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$8.63<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$1,617<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$8.17<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCorporate restructuring expenses(2)<\/sup><\/p>\n<\/td>\n| \n \n6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.03<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.03<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBusiness restructuring expenses(3)<\/sup><\/p>\n<\/td>\n| \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n73<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.37<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcquisition and integration costs(4)<\/sup><\/p>\n<\/td>\n| \n \n25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.13<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of acquired intangibles<\/p>\n<\/td>\n | \n \n120<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.62<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n114<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.58<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLoss on disposal of non-operating entity(5)<\/sup><\/p>\n<\/td>\n| \n \n9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.05<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiscrete tax adjustments(6)<\/sup><\/p>\n<\/td>\n| \n \n(38)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.20)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(85)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.43)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTax impact-non-GAAP adjustments(7)<\/sup><\/p>\n<\/td>\n| \n \n(34)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.17)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(48)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.24)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted net income<\/b><\/p>\n<\/td>\n | \n \n$1,766<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$9.09<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$1,677<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$8.48<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiluted weighted-average shares outstanding<\/p>\n<\/td>\n | \n \n194.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n197.9<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n(1)<\/p>\n<\/td>\n | \n \nPer share on a dilutive basis.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2)<\/p>\n<\/td>\n | \n \nFor the three months and nine months ended September 30, 2026 and 2025, corporate restructuring expenses primarily related to incremental costs in connection with transition activities following the establishment of our parent company\u2019s domicile in the United States.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(3)<\/p>\n<\/td>\n | \n \nFor the three and nine months ended September 30, 2025, business restructuring expenses primarily related to the Company\u2019s implementation of targeted actions to streamline operations, enhancing speed and efficiency to better serve customers and drive further profitable growth.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(4)<\/p>\n<\/td>\n | \n \nFor the three and nine months ended September 30, 2026, acquisition and integration costs related to the Company\u2019s incremental costs in connection with the FloWorks acquisition.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(5)<\/p>\n<\/td>\n | \n \nFor the three and nine months ended September 30, 2026, the Company disposed of a non-operating entity at a loss. This loss is included in other expense, net in the Company\u2019s consolidated statement of earnings.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(6)<\/p>\n<\/td>\n | For the three and nine months ended September 30, 2026 and 2025, discrete tax adjustments primarily related to the release of uncertain tax positions due to lapses in statutes of limitations, the tax treatment of certain compensation items that were not individually significant, and, for the year-to-date periods, adjustments related to prior-year tax positions.<\/td>\n<\/tr>\n | \n| \n \n(7)<\/p>\n<\/td>\n | For the three and nine months ended September 30, 2026, the tax impact on non-GAAP adjustments primarily related to the amortization of acquired intangibles, and, to a lesser extent, certain costs related to the FloWorks acquisition. For the three and nine months ended September 30, 2025, the tax impact on non-GAAP adjustments primarily related to the amortization of acquired intangibles, along with the tax impact of certain restructuring expenses.<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Ferguson Enterprises Inc.<\/b><\/p>\n Condensed Consolidated Statements of Earnings<\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three months ended<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Nine months ended<\/b><\/p>\n<\/td>\n<\/tr>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |