Core & Main, Inc. · NYSE:CNM
Core & Main — Q2 2025 Earnings Presentation
18 slides from Core & Main's earnings presentation, Sep 9, 2025
Slide 1: Fiscal 2025 Second Quarter Results
Fiscal 2025 Second Quarter Results SEPTEMBER 9, 2025
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS Cautionary Note Regarding Forward-Looking Statements This presentation and accompanying discussion may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, all st
Slide 3: Today's Presenters
TODAY’S PRESENTERS Mark Witkowski Robyn Bradbury Glenn Floyd Chief Executive Officer Chief Financial Officer Director, Investor Relations © Core & Main All Rights Reserved. Confidential and Proprietary Information. 3
Slide 4: Business Update
Business Update MARK WITKOWSKI
Slide 5: Q2 2025 Business Update
Q2 2025 BUSINESS UPDATE Driving Solid Growth & Gross Margin Expansion ▪ Solid sales growth supported by balanced end markets and the execution of our product, customer and geographic expansion initiatives ▪ Strength in municipal demand and stability in non-residential partially offset softer residen
Slide 6: Financial Results
Financial Results ROBYN BRADBURY
Slide 7: Q2 2025 Financial Results
Q2 2025 FINANCIAL RESULTS ($ in Millions, Except Per Share Amounts) Net Sales Gross Profit Net Income $2,093 $1,964 $560 +7% $518 $141 +8% $126 +12% % of % of 26.4% +40 bps 26.8% 6.4% +30 bps 6.7% Sales Sales Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Adjusted EBITDA(1) Diluted EPS Adjusted Diluted EPS(1)
Slide 8: Cash Flow & Balance Sheet
CASH FLOW & BALANCE SHEET ($ in Millions) Operating Cash Flow Capital Structure $266 ($166) Facility Maturity Interest Rate As of 8/3/25 (3) Senior ABL Credit Facility 2/9/29 S + 125 100 Senior Term Loan due 2028 7/27/28 S + 200 1,241 ($40) Senior Term Loan due 2031 2/9/31 S + 200 937 ($27) $1 $34 T
Slide 9: Fiscal 2025 Outlook
FISCAL 2025 OUTLOOK ($ in Millions) Metric FY24 FY25 Outlook Considerations ▪ Lowering outlook to reflect current market conditions and higher Net Sales $7,441 $7,600 - $7,700 operating expenses Adjusted EBITDA(1) $930 $920 - $940 ▪ Expect FY25 sales growth of 4% to 5%, excluding the effects of one
Slide 10: Appendix
Appendix
Slide 11: Core & Main Snapshot
CORE & MAIN SNAPSHOT Key Stats Market Reach $12.4B $7.7B $453M $946M 370+ ~5,700 49 60K+ 5,000+ 225K+ LTM Adjusted Market Cap(1) LTM Net Sales LTM Net Income Branches Associates U.S. States Customers Suppliers Products EBITDA(2) Market Share Product Mix 8% 19% 9% Pipes, Valves & Fittings Storm Drain
Slide 12: Annual Value Creation Targets
ANNUAL VALUE CREATION TARGETS +2 – 4% +2 – 4% +2 – 4% 30 – 50 bps 60 – 70% Market Volume Organic Above Growth from Adjusted Operating Growth Market Volume Acquisitions EBITDA Margin Cash Flow Growth Enhancement Conversion Fusible HDPE MultipleTreatment Solutions Levers Plant Greenfield to Drive Sust
Slide 13: Product & Service Offering
PRODUCT & SERVICE OFFERING © Core & Main All Rights Reserved. Confidential and Proprietary Information. 13
Slide 14: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK Significant Cash Generation with a Focus on Fueling Growth & Shareholder Returns Organic Growth & ▪ Expect future capital expenditures to Operating Cash Flow Operational Initiatives average ~0.5% – 0.6% of net sales Target ~60% – 70% of Adjusted EBITDA ▪ Maintain a robus
Slide 15: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES ($ in Millions) Adjusted EBITDA & Adjusted EBITDA Margin Three Months Ended Six Months Ended Twelve Months Ended August 3, 2025 July 28, 2024 August 3, 2025 July 28, 2024 August 3, 2025 Net income attributable to Core & Main, Inc. $ 134 $ 119 $ 234 $ 214 $ 431 Plu
Slide 16: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES Adjusted Diluted EPS Three Months Ended Six Months Ended Fiscal Years Ended August 3, 2025 July 28, 2024 August 3, 2025 July 28, 2024 February 2, 2025 January 28, 2024 January 29, 2023 Diluted earnings per share $ 0.70 $ 0.61 $ 1.22 $ 1.11 $ 2.13 $ 2.15 $ 2.13 Amo
Slide 17: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES ($ in Millions, Except Share and Per Share Amounts) Free Cash Flow & Free Cash Flow Yield Twelve Months Ended Three Months Ended August 3, 2025 August 3, 2025 May 4, 2025 February 2, 2025 October 27, 2024 Operating Cash Flow $ 606 $ 34 $ 77 $ 235 $ 260 Less: Capit
Slide 18: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES ($ in Millions) Net Debt As of August 3, 2025 July 28, 2024 Senior ABL Credit Facility due February 2029 $ 100 $ 250 Senior Term Loan due July 2028 1,241 1,455 Senior Term Loan due February 2031 937 747 Total Debt $ 2,278 $ 2,452 Less: Cash & Cash Equivalents (25)