Slide 1: Fiscal 2025 First Quarter Results
Fiscal 2025 First Quarter Results JUNE 10, 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: Q1 2025 Business Update
Q1 2025 BUSINESS UPDATE Initiatives Driving Above Market Growth Momentum ▪ Delivered record Q1 performance and strong market share gains ▪ End market demand remains resilient driven by the critical need to repair & upgrade aging water infrastructure ▪ Sequential gross margin improvement driven by ma
Slide 6: Multiple Levers to Drive Growth
MULTIPLE LEVERS TO DRIVE GROWTH Significant Opportunity to Grow & Scale Capabilities . Product Sales Talent Greenfields Acquisitions Initiatives Development ▪ ~13% 10-year product ▪ >600 field sales ▪ 20 new locations since 2017, ▪ 40+ acquisitions completed initiative CAGR, including: representativ
Slide 7: Financial Results
Financial Results ROBYN BRADBURY
Slide 8: Q1 2025 Financial Results
Q1 2025 FINANCIAL RESULTS Record Performance & Continued Market Share Gains Net Sales Gross Profit ($ in Millions) ($ in Millions) $1,911 $1,741 $510 +10% $468 +9% % of Sales 26.9% (20 bps) 26.7% Q1'24 Q1'25 Q1'24 Q1'25 Net Income Adjusted EBITDA(1) ($ in Millions) ($ in Millions) $101 $105 $217 $22
Slide 9: Cash Flow & Balance Sheet
CASH FLOW & BALANCE SHEET Strong Cash Flow with Strategic Approach to Capital Allocation Operating Cash Flow Capital Structure ($ in Millions) Facility Maturity Interest Rate As of 5/4/25 (3) Senior ABL Credit Facility 2/9/29 S + 125 100 $224 ($89) Senior Term Loan due 2028 7/27/28 S + 200 1,245 Sen
Slide 10: Fiscal 2025 Outlook
FISCAL 2025 OUTLOOK Reaffirming Guidance for the Year Metric FY24 FY25 Outlook Considerations Net Sales $7,441 $7,600 - $7,800 ▪ Reaffirming FY25 outlook ($ in Millions) Adjusted EBITDA(1) ▪ Uncertainty surrounding tariffs, inflation, interest rates and their $930 $950 - $1,000 potential impact on c
Slide 11: Appendix
Appendix
Slide 12: Core & Main Snapshot
CORE & MAIN SNAPSHOT Key Stats Market Reach $10.7B $7.6B $438M $937M 370+ ~5,700 49 60K+ 5,000+ 225K+ Market Cap(1) LTM Net Sales LTM Net Income LTM Adjusted EBITDA Branches Associates U.S. States Customers Suppliers Products Market Share Product Mix 8% 19% 9% Pipes, Valves & Fittings Storm Drainage
Slide 13: 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 14: Product & Service Offering
PRODUCT & SERVICE OFFERING © Core & Main All Rights Reserved. Confidential and Proprietary Information. 14
Slide 15: 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 16: Compounding Growth Through M&A
COMPOUNDING GROWTH THROUGH M&A FY17 – FY20 FY21 FY22 FY23 FY24 Total 11 5 7 8 10 41 Acquisitions Acquisitions Acquisitions Acquisitions Acquisitions Acquisitions ~$500M ~$150M ~$160M ~$330M ~$620M ~$1,760M Net Sales(1) Net Sales(1) Net Sales(1) Net Sales(1) Net Sales(1) Net Sales(1) ▪ Minnesota Pipe
Slide 17: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES ($ in Millions) Adjusted EBITDA & Adjusted EBITDA Margin Three Months Ended Fiscal Years Ended May 4, 2025 April 28, 2024 Net income attributable to Core & Main, Inc. $ 100 $ 95 Plus: net income attributable to non-controlling interest 5 6 Net income 105 101 (1) D
Slide 18: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES ($ in Millions) Net Debt As of May 4, 2025 February 2, 2025 April 28, 2024 Senior ABL Credit Facility due February 2029 $ 100 $ 93 $ 241 Senior Term Loan due July 2028 1,245 1,248 1,459 Senior Term Loan due February 2031 939 942 749 Total Debt $ 2,284 $ 2,283 $ 2,