Slide 1: Capstone Holding Corp. Built to Deliver. Positioned to Acquire.
CAPSTONE HOLDING CORP. BUILT TO DELIVER. POSITIONED TO ACQUIRE. READY TO SCALE. November 2025
Slide 2: Preamble Disclosure & Disclaimer
Preamble Disclosure & Disclaimer The following content is completely qualified by the legal disclosures on the following two slides. Our goal is to share with you some of our strategic thinking and financial analysis we are using to guide the growth of our business. The content is in line with our p
Slide 3: Legal Disclosure & Disclaimer
Legal Disclosure & Disclaimer This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act that reflect our current views with respect to, among other things, our operations, business strategy, interpretation of prior development activities
Slide 4: Contd...
Contd... THIS PRESENTATION IS NOT INTENDED TO SERVE AS A FORECAST OF ANY SUCH FUTURE PERFORMANCE OR PROSPECTS. An investor must not act on any matter contained in this document but must make its own assessment of Capstone and conduct its own investigations and analysis. Investors should assess their
Slide 5: Agenda
Agenda Agenda Executive Summary Capstone 2025 Goals & Strategic Progress • Acquisition Progress • Acquisition Announcement • M&A pipeline update Stone Business YTD 2025 Performance Review 5
Slide 6: Executive Summary: YTD results – Growth From Acquisition
Executive Summary: YTD results – Growth From Acquisition +19% Revenue +19% YoY, driven Revenue by Carolina Stone. YoY 19% YoY Growth reflects Mix & Sourcing Improvement PF impact of Carolina +34% +34% margin growth driven Stone (9 months in 2025 vs. Gross Profit Instone-only in 2024) by sourcing imp
Slide 7: Executive Summary: Acquisition Strategy & Progress
Executive Summary: Acquisition Strategy & Progress Key Accomplishments M&A Momentum Toward $100M Goal • Active pipeline of North American targets focused on synergy, Two deals adding ~$26 M revenue cultural fit, and margin accretion. • Carolina Stone closed (Aug-2025) • Ongoing M&A execution driving
Slide 8: Executive Summary: Outlook
Executive Summary: Outlook Initial anticipated economic backdrop for 2025 Disciplined Execution Amid Economic Headwinds. • Later and fewer interest rate cuts affected sales momentum. • Tariff increases created macro uncertainty and muted demand. • Capstone refocused on cost discipline and operationa
Slide 9: Capstone Goals for 2025
Capstone Goals for 2025 PROGRESS UPDATE 9
Slide 10: Acquisition Strategy
Acquisition Strategy FOCUS ON THREE-PRONGED ACQUISITION STRATEGY Tuck-In Acquisitions | Sister Companies | Platform Acquisitions Capstone is capitalizing on a favorable deal environment Attractive Valuations Flexible Consideration Execution Confidence 4-6x EBITDA multiple 20-45% non-cash Pricing and
Slide 11: Progress Update: Stone Business Platform
Progress Update: Stone Business Platform Building a North American Platform – Foundation Established, Expansion Across Key Growth Corridors Underway. Stone Carolina Distributor Active Instone Stone in New Pipeline Regions Acquired LOI Signed 3-4 Acquisitions August 2025 October 2025; expected Target
Slide 12: Capstone: Acquisition Funnel Insight
Capstone: Acquisition Funnel Insight Advancing Platform Expansion Strategy Capstone advancing toward its 2026 acquisition objectives: • Targeting additional 3–4 strategic acquisitions in 2026 in complementary stone and building product segments. • Pipeline includes a mix of regional distributors and
Slide 13: Performance of Stone Business YTD September
Performance of Stone Business YTD September 13
Slide 14: Performance of Stone Business: YTD 2025
Performance of Stone Business: YTD 2025 Platform Scale & Financial Discipline • Carolina Stone acquisition closed in August 2025; expanded footprint into the Southeast U.S. • Pro forma revenue up 19% YoY to $41.2 M, driven by the acquisition of Carolina Stone. • Adjusted EBITDA increased 46% YoY, re
Slide 15: Stone Business YTD Q3 2025 Overview of Results
Stone Business YTD Q3 2025 Overview of Results Stone Business includes Instone and Carolina Stone (Carolina Stone only included in 2025). Combined Stone Business Results Pro Forma (1) (in USD 000) 2024 2025 (GAAP) YTD YTD Revenue 34,563 41,244 COGS 27,062 31,165 Gross Profit 7,501 10,079 Gross Profi
Slide 16: Stone Business Third Quarter Overview of Results
Stone Business Third Quarter Overview of Results Stone Business includes Instone and Carolina Stone (Carolina Stone only included in 2025). Combined Stone Business Results (1) Pro Forma (in USD 000) 2024 2025 (GAAP) Q3 Q3 Revenue 12,318 15,343 COGS 9,325 11,586 Gross Profit 2,993 3,757 Gross Profit
Slide 17: Capstone Corporate Costs
Capstone Corporate Costs Relatively Fixed: • FTE, Corporate Acquisition Costs, Legal & Insurance, Board Fees, Other Public Company / Financing Costs. Variable: • Investor Relations, IR/PR, Marketing. Costs can be adjusted as required. • Investor relations expenses of $245K year to date are expected
Slide 18: Capstone Standalone YTD Overview of Results
Capstone Standalone YTD Overview of Results (in USD 000) 2024 2025 (GAAP) YTD YTD Revenue - - COGS - - Gross Profit - - Variable: Investor Relations 39 817 (1) Investor Relations - Nonrecurring - 245 Instone Fee - IPO Related Costs - 150 Financial Services - Nonrecurring (2) 201 - Relatively Fixed:
Slide 19: Capstone Standalone Third Quarter Overview of Results
Capstone Standalone Third Quarter Overview of Results (in USD 000) 2024 2025 (GAAP) Q3 Q3 Revenue - - COGS - - Gross Profit - - Variable: Investor Relations 20 362 Investor Relations - Nonrecurring - - Instone Fee - IPO Related Costs - - (1) Financial Services - Nonrecurring 201 - Relatively Fixed:
Slide 20: 2026: Positioned For Scalable Growth
2026: Positioned For Scalable Growth Integration Complete. Growth Accelerating. Rate relief fuels housing and renovation demand. Integration complete, owned brands scaling. Capstone enters 2026 3–4 accretive acquisitions targeted. Stronger, Leaner, and Ready to Scale. Margin expansion from sourcing,
Slide 21: Key Principals Of Capstone
Key Principals Of Capstone TRANSPARENCY ACCOUNTABILITY ADAPTABILITY Clear View Into Enables Performance Expect to Update Range Every Performance Builds Trust Management And Ownership Quarter As Year Moves Forward 21
Slide 22: Appendix
Appendix 22
Slide 23: Reconciliation of Non-GAAP Results
Reconciliation of Non- GAAP Results (in USD $000) 2024 2025 2024 2025 Q3 Q3 YTD YTD Capstone Consolidated Net Income (loss) 34 (2,014) (1,460) (4,442) Reconciliation to Net Income (loss) Remove Capstone Expenses &Pre Acquistion Carolina Stone Net Income Interest 21 170 50 214 Taxes 5 22 Loss on exti
Slide 24: Financial Measures - Non-GAAP
Financial Measures - Non- GAAP Capstone uses non-GAAP Adjusted EBITDA as a supplemental measure of our performance that is not required by, or presented in accordance with, accounting principles generally accepted in the United States (GAAP). A non-GAAP financial measure is a numerical measure of a
Slide 25: Growth Is Just Getting Started.
GROWTH IS JUST GETTING STARTED. LEARN MORE AT www.capstoneholdingcorp.com 25