Armstrong World Industries Inc · NYSE:AWI
Armstrong World Industries — Investor Presentation (May 2026)
37 slides from Armstrong World Industries's investor presentation, May 11, 2026
Slide 1: Armstrong World Industries Investor Presentation May 2026
Armstrong World Industries Investor Presentation May 2026 Exhibit 99.2
Slide 2: Safe Harbor Statement
Safe Harbor Statement When we refer to “AWI,” the “Company,” “we,” “our” or “us,” we are referring to Armstrong World Industries, Inc. and its subsidiaries. Disclosures in this presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995,
Slide 3: Basis of Presentation Explanation
Basis of Presentation Explanation Results throughout this presentation are presented on a normalized basis. We remove the impact of certain discrete expenses and income in certain measures including adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), adjusted diluted
Slide 4: Armstrong World Industries, Inc.
Armstrong World Industries, Inc. An Americas leader in the design and manufacture of innovative interior & exterior architectural applications including ceilings, specialty walls and exterior metal solutions FULL YEAR 2025 CONSOLIDATED RESULTS1 $1,621M Net Sales $7.41 ADJUSTED DILUTED EPS* $346M ADJ
Slide 5: The Armstrong Purpose
The Armstrong Purpose Making a positive difference in the spaces where we… LIVE WORK LEARN HEAL PLAY It matters to us, and it matters to our stakeholders
Slide 6: Three Pillars guide our sustainability program
Our workforce will be safe, diverse, inclusive and fulfilled, and we will actively contribute to our local communities. Our electricity will be either directly or indirectly sourced through renewable energy, and we will reduce carbon, GHG waste and water impacts of our products and solutions. We are
Slide 7: Creating a Differentiated and Focused Building Products Company
Creating a Differentiated and Focused Building Products Company 1. AWI Net Sales represents AWI on a Continuing Operations (Americas, ceilings and walls only) basis. 2013 2016 2021 2025 Added digital capabilities to better serve our customers Sold international business to focus on the Americas Bega
Slide 8: Why Invest in AWI?
Unique company in an attractive industry Complementary, high performing segments Strong financial returns Focused strategy for consistent, profitable growth Value Creation for Shareholders Why Invest in AWI?
Slide 9: Why Invest in AWI?
Unique company in an attractive industry Complementary, high performing segments Strong financial returns Focused strategy for consistent, profitable growth Value Creation for Shareholders Why Invest in AWI?
Slide 10: Unique company in an attractive industry
Strong and trusted brand Broadest, most innovative product portfolio Specification excellence through deep and long-standing relationships with architects and designers Large manufacturing scale with strong exclusive distribution partners Operational excellence supporting best-in-class service and q
Slide 11: Diverse End Markets Drive Stability Throughout Cycles
Diverse End Markets Drive Stability Throughout Cycles *12-to-24-month outlook based on internal company estimates and Dodge data and analytics, excluding indirect tariff-related impacts. | **Based on internal company estimates. 1. According to the Federal Aviation Administration. | 2. Includes data
Slide 12: Why Invest in AWI?
Unique company in an attractive industry Complementary, high performing segments Strong financial returns Focused strategy for consistent, profitable growth Value Creation for Shareholders Why Invest in AWI?
Slide 13: Complementary Segments With Strong Profitability
Complementary Segments With Strong Profitability *Non-GAAP Measure. Reconciliations provided in the appendix of this presentation. | 1. CAGR represents 2020 to 2025 results. | 2. Based on internal company estimates. | 3. Average Unit Value. Mineral Fiber Segment Consistent AUV3 growth supported by i
Slide 14: Successful Joint Venture Creates Important Competitive Advantage
WAVE leverages the strengths and expertise of both parent companies Successful Joint Venture Creates Important Competitive Advantage Go to market expertise Steel procurement and supply chain management expertise Established in 1992 — 50/50 joint venture North American market leader in ceiling suspen
Slide 15: Together Our Segments Enable the AWI Total Customer Experience
Together Our Segments Enable the AWI Total Customer Experience AWI is uniquely positioned to efficiently deliver a broad range of innovative, highly-specified solutions to our customers Mineral Fiber Architectural Specialties Specification Leadership Broadest Portfolio of Products Brand Strength Ope
Slide 16: AWI is the Supplier of Choice for Large, Complex Projects
AWI is the Supplier of Choice for Large, Complex Projects Adobe North Tower, San Jose, CA Products Specified CISCA Award Winner Check out the full project here! AS: MetalWorks™ Custom Blades AS: Arktura® Vapor® Cluster AS: Turf® Custom Grid AS: Arktura® Vapor® Frequency AS: Tectum® AS: WoodWorks® MF
Slide 17: Why Invest in AWI?
Unique company in an attractive industry Complementary, high performing segments Strong financial returns Focused strategy for consistent, profitable growth Value Creation for Shareholders Why Invest in AWI?
Slide 18: Focused Strategy That Consistently Drives Value for Stakeholders
Focused Strategy That Consistently Drives Value for Stakeholders Market-driven product innovation Acquisitions to build greater market opportunity Enhances our competitive advantage Expands volume and AUV growth potential Creates shareholder value GROWTH STRATEGY EXPECTED OUTCOMES Customer-centric g
Slide 19: New Products and Features Consistently Rewarded by the Market
New Products and Features Consistently Rewarded by the Market 1. Product Vitality Index represents the percent of total sales from products introduced in the last 5 years. Pre-Spin and Post-Spin refers to the separation from Armstrong Flooring, Inc., completed on April 1, 2016. 2. US and Canada Mine
Slide 20: Innovation Focus: Reducing Energy Use and Carbon in the Built Environment
Innovation Focus: Reducing Energy Use and Carbon in the Built Environment Energy Savings Case Studies Los Angeles Office Energy Modeling Palm Springs Classroom Case Study Recent Product Launches Ultima® Low Embodied Carbon (LEC) Ceiling Panels Offers 43% reduction2 in embodied carbon using sustainab
Slide 21: Innovation Focus: Enabling High-Performance Data Centers
Innovation Focus: Enabling High-Performance Data Centers Recent Product Launches DynaMax® & DynaMax® LT Structural Grid High‑load structural ceiling systems that support data center infrastructure requirements, including cable management and mechanical systems, while enabling flexible, future‑ready
Slide 22: Strategic Initiatives Support Volume and AUV Growth
Sustainable, Energy Efficient Buildings Description Digital platform to deliver end-to-end ceiling solutions, accessing untouched demand Automated design service to deepen customer relationships, strengthen specifications & lower construction costs Focus on energy saving products, construction effic
Slide 23: Driving Profitable AS Topline Growth Through Acquisitions and Market Penetration
Driving Profitable AS Topline Growth Through Both Acquisitions and Market Penetration 23 Acquisitions AWI’s scale and focus drive synergies to enhance profitability and create value EBITDA multiples: ~9x pre-synergy ~6x post-synergy1 AS Segment Net Sales 22% CAGR 2023, 2024 and 2025 acquisition post
Slide 24: Eventscape Acquisition Expands Design and Fabrication Capabilities
Eventscape Acquisition1 Expands Design and Fabrication Capabilities to More Applications in the Built Environment At-a-Glance Leader in the design, fabrication and installation of custom-built marquee architectural features that elevate how a space is experienced ~150 employees ~$30M sales in 2025 2
Slide 25: Advancing External Metal Capabilities to Unlock Additional $1B Market Opportunity
Advancing External Metal Capabilities to Unlock an Additional $1B Architectural Specialties Market Opportunity “TAM”: Total Addressable Market. Based on internal company estimates. Prior… Looking forward… ~$1.5B TAM1 Interior Applications Primarily interior metal, wood, felt, glass reinforced gypsum
Slide 26: Why Invest in AWI?
Unique company in an attractive industry Complementary, high performing segments Strong financial returns Focused strategy for consistent, profitable growth Value Creation for Shareholders Why Invest in AWI?
Slide 27: Resilient Business Model Creates Value for Shareholders
^ Resilient Business Model Creates Value for Shareholders *Non-GAAP measure. See appendix for reconciliation to the nearest GAAP measure. Delivering exceptional results despite a tough macro environment Net Sales ($M) Adjusted EBITDA* ($M) Adj Free Cash Flow* ($M) Adjusted Diluted EPS* 14% 4 Year CA
Slide 28: Strong Cash Flow Profile Supports All Capital Allocation Priorities
Strong Cash Flow Profile Supports All Capital Allocation Priorities Adj. Free Cash Flow* Adj. Free Cash Flow Conversion*1 ~$1.3B of Adj. Free Cash Flow* generated since 2021 Balanced Approach To Capital Allocation Capital Allocation Priorities Share Repurchases Acquisitions2 CapEx Cash Dividends $20
Slide 29: Creating Value for Shareholders
Creating Value for Shareholders 1. The performance shown in the chart assumes $100 invested on December 31, 2023 through March 31, 2026, with dividends reinvested, and it should not be considered indicative of future performance. Unique company in an attractive industry Complementary, high performin
Slide 30: Expecting strong growth across all key metrics
Expecting strong growth across all key metrics Updated Full Year 2026 Guidance1 Commentary2 $1,745M to $1,785M 8% to 10% YoY Net Sales Prior: $8.05 to $8.35 9% to 13% YoY Adjusted Diluted EPS* $600M to $620M 8% to 12% YoY Adjusted EBITDA* $375M to $395M 9% to 14% YoY Adjusted Free Cash Flow* Expect
Slide 31: Appendix
® Appendix
Slide 32: Full Year 2026 Assumptions
Full Year 2026 Assumptions1 Segment Net Sales Adjusted EBITDA Margin Mineral Fiber 6% to 7% growth ~44% (prior: > 43.5%) Architectural Specialties Mid-teens % growth ~19% (prior: > 19%) Consolidated Metrics Full Year 2026 Capital expenditures $100M to $110M Depreciation and amortization $119M to $12
Slide 33: 2021 – 2025 Adjusted EBITDA Reconciliation
2021 – 2025 Adjusted EBITDA Reconciliation For the Twelve Months Ended December 31, 2021 2022 2023 2024 2025 Net Sales $1,107 $1,233 $1,295 $1,446 $1,621 Net earnings $183 $203 $224 $265 $309 Less: Net (loss) earnings from discontinued operations (2) 3 - - - Earnings from continuing operations $185
Slide 34: 2021 – 2025 Adjusted Diluted Earnings per Share Reconciliation
2021 – 2025 Adjusted Diluted Earnings per Share Reconciliation For the Twelve Months Ended December 31, For the Twelve Months Ended December 31, 2021 2022 2023 2024 2025 Earnings from continuing operations $185 $200 $224 $265 $309 Add: Income tax expense, as reported 57 58 75 82 92 Earnings from con
Slide 35: 2021 – 2025 Adjusted Free Cash Flow Reconciliation
2021 – 2025 Adjusted Free Cash Flow Reconciliation . Year Ended December 31, For the Three Months Ended March 31: 2021 2022 2023 2024 2025 Net cash provided by operating activities $187 $182 $234 $267 $356 Net cash (used for) provided by investing activities ($14) $28 ($10) ($79) ($4) Net cash provi
Slide 36: 2025 Segment Adjusted EBITDA Reconciliation
2025 Segment Adjusted EBITDA Reconciliation RIP expense represents only the plan service cost related to the RIP that is recorded within Operating Income. For all periods presented, we were not required to and did not make cash contributions to our RIP. Represents the impact of acquisition-related a
Slide 37: Full Year 2026 Adjusted EBITDA Reconciliation
Full Year 2026 Low High Net earnings $339 $348 Add: Income tax expense 113 116 Earnings before income taxes $452 $464 Add: Interest expense 27 29 Add: Other non-operating (income), net (5) (4) Operating income $474 $489 Add: RIP expense1 2 2 Add: Acquisition-related impacts2 3 3 Add: Severance and c
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