Slide 1: Q2 2026 Investor Presentation
Q2 2026 Investor Presentation August 4, 2026 1
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements contained in this presentation, other than purely historical information, including, but not limited to estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those sta
Slide 3: Second Quarter Highlights
Second Quarter Highlights • Closed transformational merger with American Woodmark and commenced integration initiatives day Financial Highlights1 one ($ in millions) Q2 2026 Net Sales $ 815.2 • Raised combined-company annual run-rate cost synergy Gross Profit $ 205.5 target to over $100 million Gros
Slide 4: The MasterBrand Story
The MasterBrand Story OUR PURPOSE OUR VISION OUR CULTURE Building great experiences Build on our rich history by Make the team better together innovating how we work and what Be bold we offer to delight our customers Champion improvement Largest distribution network with deep builder, dealer, and ho
Slide 5: MasterBrand + American Woodmark: Stronger Together, Built to Lead
MasterBrand + American Woodmark: Stronger Together, Built to Lead Strengthens Regional Presence With a Broader Operational Footprint Across North American Markets Delivers Superior Service and Enhanced Value to Customers and Consumers Across the Full Value Chain Expands the Industry’s Most Comprehen
Slide 6: Combined Company Financial Profile
Combined Company Financial Profile Legacy Legacy Combined Company MasterBrand American Woodmark Q2 2026 TTM Q2 2026 TTM Q2 2026 TTM Market Capitalization1 $2.0 billion Net Revenue $2.7 billion $1.4 billion $4.1 billion Adj. EBITDA2 $211.9 million $82.6 million $294.5 million Adj. EBITDA Margin2 8.0%
Slide 7: Stronger Channel Partnerships, Expanded Geographic Reach, and an Industry Leading Customer Base
Stronger Channel Partnerships, Expanded Geographic Reach, and an Industry Leading Customer Base MasterBrand serves customers through Increased geographic reach and expansion in a strategic mix of channels1 key growth markets Combined Company Enhanced diversity and scale across channels, 14% allowing
Slide 8: Multi-Branded Strategy Across Price Points and Products
Multi-Branded Strategy Across Price Points and Products MasterBrand portfolio by type and key brands <$350 Price point (per cabinet) >$750 Value Stock Value Semi-custom Semi-custom Premium Legacy MasterBrand OPPORTUNITY FOR BRAND RATIONALIZATION & CONSOLIDATION 8
Slide 9: Optimizing the Manufacturing Network through Integration and Consolidation
Optimizing the Manufacturing Network through Integration and Consolidation NETWORKED FOOTPRINT: 38 manufacturing facilities across North America Duplicative capacity, coverage, and product footprint across the combined network creates opportunities to consolidate and drive synergies through combined
Slide 10: Merger Integration Underway
Merger Integration Underway Integration to Date Integration Priorities Actions Taken Since May 28, 2026, Close • Retired AMWD's existing debt at closing using a $375M delayed-draw Term A facility under existing debt Right-size corporate Optimize supply chain agreement, simplifying the capital struct
Slide 11: $100M+ Annual Run-Rate Cost Synergies Expected by End of Year Three
$100M+ Annual Run-Rate Cost Synergies Expected by End of Year Three, Accelerating and Amplifying Value Creation Breakdown of cost synergy opportunity 1 SG&A Top Items Expected Timing Corporate Headcount Y1 Corporate Costs Y1 Plant-Level SG&A Y1, Y2, Y3 43% SG&A – Indirect 43% COGS Top Items Expected
Slide 12: Q2 2026 Results
Q2 2026 Results Top-line performance reflects a $125.5 Financial Results million contribution from American Woodmark and mid- to high-single- digit end market decline slightly offset Q2 2026 Q2 2025 B/(W) by favorable net ASP from the flow- ($ in millions, except per share amounts) through of tariff
Slide 13: Near-Term Expectations
Near-Term Expectations 2H 2026 Outlook1 • Second-half 2026 addressable market is expected to be down mid-single digits year-over-year, with the broader market expected to begin its recovery in 2027. Market Growth MasterBrand • Net sales range reflects contribution from American Woodmark for the full
Slide 14: Estimated Tariff Exposure and Impact
Estimated Tariff Exposure and Impact Full Year 2026 Tariff Impact Current Tariff Environment Recent Developments Gross Tariff Costs1 Mitigation Expectations • Section 301 Tariff – Tariffs ranging from 10% to 12.5% on imports from approximately 60 5-6% of 2026 100% of Tariff Costs Offset on trading p
Slide 15: Leverage, Liquidity, and Cash Generation
Leverage, Liquidity, and Cash Generation Leverage Ratios ($ in millions) Liquidity and Cash Generation Q2 2026 Q2 2025 June 28, 2026 Adjusted EBITDA¹ TTM $294.5 – Unrestricted Cash $241.6 (Incl. full TTM American Woodmark contribution) Revolver Availability $393.9 Total Debt $1,390.3 $998.7 Total Li
Slide 16: Appendix
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Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement the financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”) in this earnings release, certain non-GAAP financial measures as defined under SEC rules have been included. It is our intent to pro
Slide 18: Q2 2026 Non-GAAP Reconciliations
Q2 2026 Non-GAAP Reconciliations SUPPLEMENTAL INFORMATION - Quarter-to-date (Unaudited) 13 Weeks Ended 13 Weeks Ended June 28, June 29, (U.S. Dollars presented in millions, except per share amounts and percentages) 2026 2025 1. Reconciliation of Net (Loss) Income to EBITDA to ADJUSTED EBITDA Net (lo
Slide 19: Q2 2026 Non-GAAP Reconciliations Tick Legend
Q2 2026 Non-GAAP Reconciliations Tick Legend [1] Restructuring charges are nonrecurring costs incurred to implement significant cost reduction initiatives and may consist of workforce reduction costs, facility closure costs, cessation of operations and other costs to maintain certain facilities wher
Slide 20: TTM Non-GAAP Reconciliations
TTM Non-GAAP Reconciliations MasterBrand MasterBrand MasterBrand MasterBrand American Consolidated Legacy Legacy Legacy Legacy Woodmark 52 Weeks Ended 26 Weeks Ended 26 Weeks Ended TTM TTM TTM December 28, June June June June June (In millions, except percentages) 2025 29, 2025 28, 2026 28, 2026 28,
Slide 21: TTM Non-GAAP Reconciliations Tick Legend
TTM Non-GAAP Reconciliations Tick Legend [1] Restructuring charges are nonrecurring costs incurred to implement significant cost reduction initiatives and may consist of workforce reduction costs, facility closure costs, cessation of operations and other costs to maintain certain facilities where op
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 28, June 29, (U.S. Dollars presented in millions) 2026 2025 ASSETS Current assets Cash and cash equivalents $ 241.6 $ 120.1 Accounts receivable, net 247.2 218.8 Inventories 435.6 277.0 Other current assets 137.3 73.8 TOT
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 26 Weeks Ended 26 Weeks Ended June 28, June 29, (U.S. Dollars presented in millions) 2026 2025 OPERATING ACTIVITIES Net (loss) income $ (73.0) $ 50.6 Adjustments to reconcile net (loss) income to net cash provided b
Slide 24: Prior Year to Current Year Net Sales Walk
Prior Year to Current Year Net Sales Walk Q2 % Change YTD % Change 2025 Net Sales (millions) $ 730.9 $ 1,391.2 Volume (48.0) (6.6)% (90.0) (6.5)% Foreign Currency 0 0.0 % 0.8 0.1 % Net ASP1 6.8 0.9 % 5.7 0.4 % American Woodmark 125.5 17.2 % 125.5 9.0 % 2026 Net Sales (millions) $ 815.2 11.5 % $ 1,43