Acuity Brands · Earnings release · 8-K Exhibit 99

Press Release

Investor Contact:

Charlotte McLaughlin

Vice President, Investor Relations

investorrelations@acuitybrands.com

Media Contact:

April Appling

Vice President, Corporate Communications

corporatecommunications@acuitybrands.com

Acuity Brands Reports Fiscal 2025 First-Quarter Results

Solid Execution Delivers Sales Growth and EPS Expansion; Post-Quarter Completed QSC Acquisition

■T1Delivered Net Sales of $952M, an Increase of 2% Compared to the Prior Year

■Grew Operating Profit to $133M, Flat Compared to the Prior Year; Adjusted Operating Profit of $159M, up 3% Over the Prior Year

■Reported Diluted EPS of $3.35, up 4% Over the Prior Year; T2Adjusted Diluted EPS of $3.97, up 7% Over the Prior Year

■T3Completed the Acquisition of QSC, LLC Effective January 1, 2025

ATLANTA, January 8, 2025 - Acuity Brands, Inc. (NYSE: AYI) (the “Company”), a market-leading industrial technology company, announced net sales of $951.6 million in the first quarter of fiscal 2025 ended November 30, 2024, an increase of $16.9 million, or 1.8 percent, compared to the prior year.

“Our fiscal 2025 first quarter performance was solid,” stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. “We delivered sales growth, increased our adjusted operating profit and adjusted operating profit margin, and increased our adjusted diluted earnings per share.” Neil Ashe went on to say, “We're also pleased to welcome QSC to Acuity, having successfully closed the acquisition last week.”

Operating profit was $133.3 million in the first quarter of fiscal 2025, an increase of $0.4 million, or 0.3 percent, compared to the prior year. Operating profit as a percent of net sales was 14.0 percent in the first quarter of fiscal 2025, a decrease of 20 basis points compared to the prior year. Adjusted operating profit was $158.7 million in the first quarter of fiscal 2025, an increase of $4.8 million, or 3.1 percent, compared to the prior year. Adjusted operating profit as a percent of net sales was 16.7 percent in the first quarter of fiscal 2025, an increase of 20 basis points compared to the prior year.

Diluted earnings per share was $3.35 in the first quarter of fiscal 2025, an increase of $0.14, or 4.4 percent, compared to the prior year. Adjusted diluted earnings per share was $3.97 in the first quarter of fiscal 2025, an increase of $0.25, or 6.7 percent, from $3.72 in the prior year.

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Segment Performance

Acuity Brands Lighting

Acuity Brands Lighting generated net sales of $886.0 million in the first quarter of fiscal 2025, an increase of $9.6 million, or 1.1 percent, compared to the prior year.

Operating profit was $143.3 million in the first quarter of fiscal 2025, a decrease of $0.5 million, or 0.3 percent, compared to the prior year. Operating profit as a percent of Acuity Brands Lighting net sales was 16.2 percent in the first quarter of fiscal 2025, a decrease of 20 basis points compared to the prior year. Adjusted operating profit was $153.5 million in the first quarter of fiscal 2025, a decrease of $0.3 million, or 0.2 percent, compared to the prior year. Adjusted operating profit as a percent of Acuity Brands Lighting net sales was 17.3 percent in the first quarter of fiscal 2025, a decrease of 20 basis points compared to the prior year.

Acuity Intelligent Spaces

Acuity Intelligent Spaces generated net sales of $73.5 million in the first quarter of fiscal 2025, an increase of $9.3 million, or 14.5 percent, compared to the prior year.

Operating profit was $10.8 million in the first quarter of fiscal 2025, an increase of $5.5 million compared to the prior year. Operating profit as a percent of Acuity Intelligent Spaces net sales was 14.7 percent in the first quarter of fiscal 2025, an increase of 640 basis points compared to the prior year. Adjusted operating profit was $15.4 million in the first quarter of fiscal 2025, an increase of $5.1 million compared to the prior year. Adjusted operating profit as a percent of Acuity Intelligent Spaces net sales was 21.0 percent in the first quarter of fiscal 2025, an increase of 500 basis points compared to the prior year.

Cash Flow and Capital Allocation

Net cash from operating activities was $132.2 million for the first three months of fiscal 2025. During the quarter the Company T4repurchased approximately 17,000 shares of common stock for a total of approximately $5 million.

Post-Quarter Events

Effective January 1, 2025, the Company completed the acquisition of QSC, LLC. The acquisition expands Acuity's Intelligent Spaces into cloud-manageable audio, video and control. The gross purchase price was $1.215 billion, or $1.1 billion net of approximately $100 million in present value of expected tax benefits.

Today's Call Details

The Company will host a conference call at 8:00 a.m. (ET) today, Wednesday, January 8, 2025. Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. will lead the call. The conference call and earnings release can be accessed via the Investor Relations section of the Company's website at www.investors.acuitybrands.com. A replay of the call will also be posted to the Investor Relations website within two hours of the completion of the conference call and will be available on the website for a limited time.

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About Acuity Brands

Acuity Brands, Inc. (NYSE: AYI) is a market-leading industrial technology company. We use technology to solve problems in spaces, light, and more things to come. Through our two business segments, Acuity Brands Lighting and Acuity Intelligent Spaces, we design, manufacture, and bring to market products and services that make a valuable difference in people’s lives.

We achieve growth through the development of innovative new products and services, including lighting, lighting controls, building management solutions, and an audio, video and control platform. We achieve customer-focused efficiencies that allow us to increase market share and deliver superior returns. We look to aggressively deploy capital to grow the business and to enter attractive new verticals.

Acuity Brands, Inc. is based in Atlanta, Georgia, with operations across North America, Europe, and Asia. The Company is powered by approximately 13,000 dedicated and talented associates. Visit us at www.acuitybrands.com

Non-GAAP Financial Measures

This news release includes the following non-generally accepted accounting principles (“GAAP”) financial measures: “adjusted operating profit” and “adjusted operating profit margin” for total company and by segment; “adjusted net income;” “adjusted diluted EPS;” “earnings before interest, taxes, depreciation, and amortization (“EBITDA”);" "EBITDA margin;" “adjusted EBITDA;” and "adjusted EBITDA margin". These non-GAAP financial measures are provided to enhance the reader's overall understanding of the Company's current financial performance and prospects for the future. Specifically, management believes that these non-GAAP measures provide useful information to investors by excluding or adjusting items for amortization of acquired intangible assets, share-based payment expense, and acquisition-related items.

We also provide “free cash flow” (“FCF”) to enhance the reader’s understanding of the Company’s ability to generate additional cash from its business.

Management typically adjusts for these items for internal reviews of performance and uses the above non-GAAP measures for baseline comparative operational analysis, decision making, and other activities. Management believes these non-GAAP measures provide greater comparability and enhanced visibility into the Company’s results of operations as well as comparability with many of its peers, especially those companies focused more on technology and software. Non-GAAP financial measures included in this news release should be considered in addition to, and not as a substitute for or superior to, results prepared in accordance with GAAP.

The most directly comparable GAAP measures for adjusted operating profit and adjusted operating profit margin for total company and by segment are “operating profit” and “operating profit margin,” respectively, for total company and by segment, which include the impact of amortization of acquired intangible assets and share-based payment expense. Adjusted operating profit margin is adjusted operating profit divided by net sales for total company and by segment. The most directly comparable GAAP measures for adjusted net income and adjusted diluted EPS are “net income” and “diluted EPS,” respectively, which include the impact of amortization of acquired intangible assets, share-based payment expense, and acquisition-related items. Adjusted diluted EPS is adjusted net income divided by diluted weighted average shares outstanding.

The most directly comparable GAAP measure for EBITDA is “net income”, which includes the impact of net interest expense, income taxes, depreciation, and amortization of acquired intangible assets. EBITDA margin is EBITDA divided by net sales for total company. The most

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directly comparable GAAP measure for adjusted EBITDA is “net income”, which includes the impact of net interest expense, income taxes, depreciation, amortization of acquired intangible assets, share-based payment expense, acquisition-related items, and miscellaneous (income) expense, net. Adjusted EBITDA margin is adjusted EBITDA divided by net sales for total company. A reconciliation of each measure to the most directly comparable GAAP measure is available in this news release.

The Company defines FCF as net cash provided by operating activities less purchases of property, plant and equipment. A calculation of this measure is available in this news release.

The Company’s non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures used by other companies, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for GAAP financial measures. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items.

Forward-Looking Information

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include, but are not limited to, statements that describe or relate to the Company’s plans, initiatives, projections, vision, goals, targets, commitments, expectations, objectives, prospects, strategies, or financial outlook, and the assumptions underlying or relating thereto. In some cases, we may use words such as “expect,” “believe,” “intend,” “anticipate,” “estimate,” “forecast,” “indicate,” “project,” “predict,” “plan,” “may,” “will,” “could,” “should,” “would,” “potential,” and words of similar meaning, as well as other words or expressions referencing future events, conditions, or circumstances, to identify forward-looking statements.

We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Act. Forward-looking statements are not guarantees of future performance. Our forward-looking statements are based on our current beliefs, expectations, and assumptions, which may not prove to be accurate, and are subject to known and unknown risks and uncertainties, assumptions, and other important factors, many of which are outside of our control and any of which could cause our actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties are discussed in our filings with the U.S. Securities and Exchange Commission, including our most recent annual report on Form 10-K (including, but not limited to, the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), quarterly reports on Form 10-Q, and current reports on Form 8-K.

Any forward-looking statement speaks only as of the date on which it is made. This press release is not comprehensive, and for that reason, should be read in conjunction with such filings. You are cautioned not to place undue reliance on any forward-looking statements. Except as required by law, we undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events, or otherwise.

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ACUITY BRANDS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except per-share data)

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

$

Accounts receivable, less reserve for doubtful accounts of $1.9 and $1.9, respectively

Inventories

Prepayments and other current assets

Total current assets

Property, plant, and equipment, net

Operating lease right-of-use assets

Goodwill

Intangible assets, net

Deferred income taxes

Other long-term assets

Total assets

$

$

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

$

Current operating lease liabilities

Accrued compensation

Other current liabilities

Total current liabilities

Long-term debt

Long-term operating lease liabilities

Accrued pension liabilities

Deferred income taxes

Other long-term liabilities

Total liabilities

Stockholders’ equity:

Preferred stock, $0.01 par value per share; 50.0 shares authorized; none issued

—

—

Common stock, $0.01 par value per share; 500.0 shares authorized; 54.8 and 54.6 issued, respectively

Paid-in capital

Retained earnings

Accumulated other comprehensive loss

Treasury stock, at cost, of 23.8 and 23.8 shares, respectively

Total stockholders’ equity

Total liabilities and stockholders’ equity

$

$

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ACUITY BRANDS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(In millions, except per-share data)

Three Months Ended

Net sales

$

$

Cost of products sold

Gross profit

Selling, distribution, and administrative expenses

Operating profit

Other (income) expense:

Interest (income) expense, net

Miscellaneous expense, net

Total other (income) expense

Income before income taxes

Income tax expense

Net income

$

$

Earnings per share(1):

Basic earnings per share

$

$

Basic weighted average number of shares outstanding

Diluted earnings per share

$

$

Diluted weighted average number of shares outstanding

Dividends declared per share

$

$

(1) Earnings per share is calculated using unrounded numbers. Amounts in the table may not recalculate exactly due to rounding.

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ACUITY BRANDS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

Three Months Ended

Cash flows from operating activities:

Net income

$

$

Adjustments to reconcile net income to cash flows from operating activities:

Depreciation and amortization

Share-based payment expense

Changes in operating assets and liabilities, net of acquisitions and divestitures:

Accounts receivable

Inventories

Prepayments and other current assets

Accounts payable

Other operating activities

Net cash provided by operating activities

Cash flows from investing activities:

Purchases of property, plant, and equipment

Other investing activities

Net cash used for investing activities

Cash flows from financing activities:

Repurchases of common stock

Proceeds from stock option exercises and other

Payments of taxes withheld on net settlement of equity awards

Dividends paid

Net cash used for financing activities

Effect of exchange rate changes on cash and cash equivalents

Net change in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

$

$

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ACUITY BRANDS, INC.

DISAGGREGATED NET SALES

(In millions)

The following tables show net sales by channel for the periods presented:

Three Months Ended

Increase (Decrease)

Percent Change

Acuity Brands Lighting:

Independent sales network

$

$

$

%

Direct sales network

%

Retail sales

%

Corporate accounts

%

Original equipment manufacturer and other

%

Total Acuity Brands Lighting

%

Acuity Intelligent Spaces

%

Eliminations

%

Total

$

$

$

%

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ACUITY BRANDS, INC.

Reconciliation of Non-U.S. GAAP Measures

The tables below reconcile certain GAAP financial measures to the corresponding non-GAAP measures for total Company as well as our reportable operating segments (in millions except per share data):

Three Months Ended

Increase (Decrease)

Percent Change

Net sales

$

$

$

%

Operating profit (GAAP)

$

$

$

%

Percent of net sales (GAAP)

%

%

bps

Add-back: Amortization of acquired intangible assets

Add-back: Share-based payment expense

Add-back: Acquisition-related items (1)

—

Adjusted operating profit (Non-GAAP)

$

$

$

%

Percent of net sales (Non-GAAP)

%

%

bps

Net income (GAAP)

$

$

$

%

Add-back: Amortization of acquired intangible assets

Add-back: Share-based payment expense

Add-back: Acquisition-related items (1)

—

Total pre-tax adjustments to net income

Income tax effects

Adjusted net income (Non-GAAP)

$

$

$

%

Diluted earnings per share (GAAP)

$

$

$

%

Adjusted diluted earnings per share (Non-GAAP)

$

$

$

%

Net income (GAAP)

$

$

$

%

Percent of net sales (GAAP)

%

%

bps

Interest (income) expense, net

Income tax expense

Depreciation

Amortization of acquired intangible assets

EBITDA (Non-GAAP)

%

Percent of net sales (Non-GAAP)

%

%

bps

Share-based payment expense

Acquisition-related items (1)

—

Miscellaneous expense, net

Adjusted EBITDA (Non-GAAP)

$

$

$

%

Percent of net sales (Non-GAAP)

%

%

bps

(1) T5Acquisition-related items include professional fees.

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Three Months Ended

Acuity Brands Lighting

Increase (Decrease)

Percent Change

Net sales

$

$

$

%

Operating profit (GAAP)

$

$

$

%

Add-back: Amortization of acquired intangible assets

Add-back: Share-based payment expense

Adjusted operating profit (Non-GAAP)

$

$

$

%

Operating profit margin (GAAP)

%

%

bps

Adjusted operating profit margin (Non-GAAP)

%

%

bps

Three Months Ended

Acuity Intelligent Spaces

Increase (Decrease)

Percent Change

Net sales

$

$

$

%

Operating profit (GAAP)

$

$

$

%

Add-back: Amortization of acquired intangible assets

Add-back: Share-based payment expense

Adjusted operating profit (Non-GAAP)

$

$

$

%

Operating profit margin (GAAP)

%

%

bps

Adjusted operating profit margin (Non-GAAP)

%

%

bps

Three Months Ended

Increase (Decrease)

Percent Change

Net cash provided by operating activities (GAAP)

$

$

$

%

Less: Purchases of property, plant, and equipment

Free cash flow (Non-GAAP)

$

$

$

%