<div id="readability-page-1"><div>Fitch Ratings-Chicago-03 December 2025:Fitch Ratings has affirmed the ratings of Mohawk Industries, Inc., including its Long-Term Issuer Default Rating (IDR) and unsecured debt ratings, at 'BBB+'. Fitch also affirmed the senior unsecured notes issued by Mohawk Capital Finance S.A. at 'BBB+'. The Rating Outlook is Stable.Mohawk's IDR reflects its leading market positions in flooring products, its standing as the largest global flooring manufacturer, strong credit metrics, conservative capital allocation, strong geographic and customer diversity, and its cyclical end markets.The Stable Outlook reflects Fitch's expectations that Mohawk's credit metrics will remain stable and stay within Fitch's sensitivities for the IDR despite a subdued demand environment.Key Rating DriversMeaningful Rating Headroom: Mohawk has strong credit metrics, providing a meaningful cushion relative to Fitch's negative sensitivities for the 'BBB+' IDR. EBITDA leverage for the LTM ended Sept. 27, 2025 was 1.4x, and Fitch expects Mohawk to maintain EBITDA leverage of 1.3x-1.8x in the intermediate term. This compares favorably to the negative sensitivity of EBITDA leverage above 2.0x for the 'BBB+' IDR. (CFO-capex)/debt has been above 25% for the past two years and Fitch expects this ratio to remain above this level in the next few years, modestly stronger than the 20%-25% ratio that is appropriate for the 'BBB+' IDR.Subdued Demand Environment: Fitch expects the construction market to remain challenged through at least the first half of 2026 amid uncertain tariff policies and elevated interest rates. Fitch expects housing starts will be slightly lower this year and improve somewhat in 2026. Home improvement spending is forecast to improve by the low single digits in 2026 following three years of declines. However, big-ticket discretionary spending will remain subdued as consumers remain cautious. Commercial construction spending is forecast to grow modestly in 2026.Fitch forecasts Mohawk's revenue growth will fall to low-single digits in 2025 and improve by low-single digits organically in 2026. Fitch expects 2025 EBITDA margin will fall 100-150 bps to around 12% in 2025 and improve 25-50 bps in 2026. Free cash flow (FCF) margin is forecast to be between 5%-6% in 2025 and 4%-5% in 2026.Leadership Position: Fitch believes Mohawk's leadership positions and meaningful market share provide competitive advantages, such as access to a wide range of distribution channels, some pricing power, fixed-cost leverage and a platform to execute organic and inorganic growth initiatives. Companies with leading brands also typically have strong profitability. Mohawk has leading market positions in most flooring categories in which it competes and is the largest flooring manufacturer globally. Fitch estimates that it has about a 20% market share in the North American flooring industry and leading market positions in ceramics globally.Conservative Capital Allocation: Mohawk has maintained a conservative posture and reported stronger credit metrics than most 'BBB' category peers in recent years. It typically maintains EBITDA leverage at or below 2.0x and only exceeds that for 18-24 months for acquisition opportunities, with a clear path to deleveraging. Capex as a percentage of sales range from 4% to 6%, depending on growth capex. It does not pay a dividend and has made modest share repurchases over the past few years, generally refraining from meaningful buybacks when leverage is elevated. Fitch's rating case forecast assumes modest share repurchases in the next few years, funded primarily by FCF.Strong Financial Flexibility: Mohawk has strong financial flexibility to execute on its capital allocation priorities, including funding growth capex, pursuing bolt-on acquisitions and share repurchases. The company has strong liquidity with USD 516 million of cash and USD 1.43 billion of availability under its revolving credit facility. Financial flexibility is further enhanced by Mohawk's strong FCF generation and well-laddered debt maturity schedule.Cyclical End Markets: Mohawk's end-market exposure is predominantly focused on residential markets within the U.S., combined with some exposure to commercial end markets, providing the company with exposure to sectors with typically different cycle timing. Mohawk's modest exposure to the more highly cyclical new construction market, combined with its product offering, which tends to be part of larger, more discretionary remodel projects, poses risks to profit stability through economic cycles. Its customer base is more diverse than building products peers, which tend to have higher exposure to home centers. Sales outside the U.S. represented 45% of 2024 revenue.Peer AnalysisMohawk's leverage metrics are better positioned relative to 'BBB' category U.S. building products peers, including Fortune Brands Innovations, Inc. (Fortune Brands; BBB/Stable), Masco Corporation (BBB/Stable), PPG Industries, Inc. (PPG; BBB+/Stable) and The Sherwin-Williams Company (Sherwin-Williams; BBB+/Stable). Mohawk's EBITDA margin is lower compared to these peers but has historically employed a more conservative capital allocation strategy.Mohawk's market position is comparable to that of investment-grade building products peers, which are typically top players in the product areas in which they compete. Mohawk's end-market and geographic diversity are stronger than that of Masco Corporation and Fortune Brands. Its end-market diversity is weaker than Sherwin-Williams and PPG.Fitch’s Key Rating-Case Assumptions-- Revenue declines by low-single digits in 2025 and improves by low-single digits organically in 2026;-- EBITDA margin of 12%-12.5% in 2025 and 2026;-- Capex of USD 480 million in 2025 and 4.0%-4.5% of revenue in 2026;-- FCF margin of 4.5%-5% in 2025 and 2026;-- FCF used mainly for opportunistic acquisitions and share repurchases in 2025 and 2026;-- EBITDA leverage situates in 1.3x-1.8x in the intermediate term;-- (CFO-capex)/debt settles between 28% and 30% in the next few years.RATING SENSITIVITIESFactors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade-- Fitch's expectation EBITDA leverage will sustain above 2.0x;-- (CFO-capex)/debt sustained below 20%.Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade-- Fitch's expectation EBITDA leverage will be sustained below 1.5x on a long-term basis, supported by management adopting more conservative financial policies;-- (CFO-capex)/debt sustained above 25%.Liquidity and Debt StructureThe company has strong liquidity with USD 516 million of cash and USD 1.43 billion of availability under its revolving credit facility, which takes into account USD 152.8 million of revolver and commercial paper borrowings. Financial flexibility is further enhanced by Mohawk's strong FCF generation and well-laddered debt maturity schedule. The company has no major debt maturities until 2027, when its revolving credit facility and EUR 500 million 1.75% senior notes mature. Fitch expects Mohawk will extend its revolver maturity ahead of its due date and also refinance the maturing senior notes in 2027.Issuer ProfileMohawk Industries, Inc. is a leading producer of floor covering products for residential and commercial applications globally. The company's product offerings include carpet, rugs, ceramic tile, laminate and luxury vinyl tile, wood, and other flooring and building products.REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Click here to access Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in our credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG ConsiderationsThe highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.Mohawk Industries, Inc.; Long Term Issuer Default Rating; Affirmed; BBB+; Rating Outlook Stable----senior unsecured; Long Term Rating; Affirmed; BBB+Mohawk Capital Finance S.A.----senior unsecured; Long Term Rating; Affirmed; BBB+Contacts:Primary Rating AnalystRobert Rulla, CPASenior Director+1 312 606 2311robert.rulla@fitchratings.comFitch Ratings, Inc.One North Wacker DriveChicago, IL 60606Secondary Rating AnalystArslan Khawaja,Associate Director+1 647 264 0474arslan.khawaja@fitchratings.comCommittee ChairpersonSteven Marks, CFAManaging Director+1 212 908 9161steven.marks@fitchratings.comMEDIA RELATIONS: Eleis Brennan, New York, Tel: +1 646 582 3666, Email: eleis.brennan@thefitchgroup.comAdditional information is available on www.fitchratings.comApplicable ModelNumbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).Corporate Monitoring &amp; Forecasting Model (COMFORT Model), v8.2.0 (1)ADDITIONAL DISCLOSURESDodd-Frank Rating Information Disclosure FormSolicitation StatusAdditional Disclosures For Unsolicited Credit RatingsEndorsement StatusEndorsement PolicyALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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Fitch Ratings has affirmed Mohawk Industries' Long-Term Issuer Default Rating at 'BBB+' with a Stable Outlook. Mohawk's strong credit metrics, leadership in flooring products, and conservative capital allocation support this rating. Despite a subdued demand environment, Fitch expects Mohawk's credit metrics to remain stable. Mohawk's financial flexibility is bolstered by strong liquidity and free cash flow generation, allowing for growth initiatives and acquisitions. The company's market position and diversity provide competitive advantages, although cyclical end markets pose risks to profit stability.

Fitch Affirms Mohawk Industries' IDR at 'BBB+'; Outlook Stable