ADVANCED DRAINAGE SYSTEMS Business Summary

Advanced Drainage Systems, Inc. (WMS) is a leading provider of water management solutions, generating revenue through the manufacture and sale of high-performance thermoplastic corrugated pipes and onsite wastewater systems. The company operates across four primary segments: Pipe, which provides drainage solutions for infrastructure and construction; Infiltrator, specializing in septic tanks and leach field chambers; Allied Products & Other, offering specialized technologies such as StormTech storage and water quality structures; and International, covering markets in Canada, Mexico, and South America. Following the strategic acquisitions of Orenco Systems and National Diversified Sales (NDS), ADS has established itself as the dominant player in the North American stormwater and wastewater management market. It maintains a superior market position relative to direct competitors like UFP Industries (UFPI), TopBuild (BLD), and Eagle Materials (EXP) by leveraging the industry's largest company-owned logistics fleet and its status as one of the region's largest plastic recyclers. Founded in 1966 by engineers Ron Martin and Marty Sixt, the company is led by President and CEO D. Scott Barbour, who brought extensive industrial experience from Emerson Electric and Colt Industries upon his appointment in 2017. The leadership team includes EVP and CFO Scott A. Cottrill, whose pedigree includes executive finance roles at JELD-WEN and Goodrich Corporation, and Craig J. Taylor, who oversees the high-growth Infiltrator segment after a tenure at Stanley Black & Decker. Governance is directed by Board Chair Robert M. Eversole, with a board composed of seasoned executives such as Anesa T. Chaibi and Luther C. Kissam IV. The company is backed by a high concentration of institutional capital, with major stakeholders including Vanguard Group, BlackRock, and State Street, underscoring its reputation for disciplined capital allocation and consistent margin expansion.