Advanced Drainage Systems Inc.: What to Expect at WMS' Investor Day

Research evidence excerpt

Advanced Drainage Systems Inc.: What to Expect at WMS' Investor Day

Equity Research

U.S. Homebuilding & Building Products

12 June 2026

Advanced Drainage Systems Inc.

What to Expect at WMS' Investor

Day First Look

Ahead of WMS Investor Day later next week, we provide our WMS OVERWEIGHT

POSITIVEthoughts on five key topics we expect management to U.S.BuildingHomebuildingProducts &

address. Price Target USD 181.00

Price (11-Jun-26) USD 135.06

Potential Upside/Downside +34.0%

We appreciate your 5-star vote in the 2026 Extel All-America Research Survey in the Homebuilders Source: Bloomberg, Barclays Research

& Building Products category: Vote 5 Stars for Barclays »

Ahead of WMS' Investor Day on June 18th, we provide our key thoughts on expectations going U.S. Homebuilding & Building

in. We think the day may act as a positive catalyst as management outlines several areas of Products

strengths over a multi-year outlook. We think key investor focus will be around a potential Matthew Bouley

+1 212 526 9029three-year guide, an update on near-term price cost dynamics, the new product pipeline in

matthew.bouley@barclays.com

Allied and Infiltrator, a synergy update on NDS and Orenco acquisitions, and updated BCI, US

capital allocation framework. Below, we highlight five key topics:

Elizabeth Langan

Potential for a Three-Year Guidance Framework: We expect management to provide us with a +1 212 526 5960

long-term guidance framework. For illustrative purposes only, if we were to assume a 35-40% elizabeth.langan@barclays.com

BCI, USincremental margin on +MSD volume growth in FY'29 (on top of our FY'28 estimates), an FY'29

EBITDA margin would approximate 31%. As we saw with the prior investor day, a px-cost Anika Dholakia