Armstrong World Industries Inc · NYSE:AWI
Armstrong World Industries — Q2 2026 Earnings Presentation
19 slides from Armstrong World Industries's earnings presentation, Jul 28, 2026
Slide 1: 2nd Quarter 2026 Earnings Presentation
2 Quarter 2026 nd Earnings Presentation July 28, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement Disclosures in this presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, those relating to future financial and operational results, market and broader economic conditions and g
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: GAAP and non-GAAP Financial Results
GAAP and non-GAAP Financial Results AWI Consolidated Results Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net sales $472.0 $424.6 $881.9 $807.3 Net earnings $96.7 $87.8 $163.5 $156.9 Operating income $133.8 $123.2 $228.0 $221.7 Adj. EBITDA* $166 $154 $296 $283 Operating income margin (operating income % of net
Slide 5: Double-Digit Sales and Solid Adj. EBITDA Growth
Double-Digit Sales and Solid Adj. EBITDA* Growth 2nd Quarter 2026 Key Takeaways Net Sales up 11% and Adj. EBITDA* up 8% $472M (+11% VPY) Total company Adj. EBITDA margin* of 35.2% Net Sales Mineral Fiber segment Adj. EBITDA* up 7% Adj. EBITDA margin* of 44.7%, with strong AUV1, positive volumes and
Slide 6: Mineral Fiber Q2 2026 Results
Mineral Fiber Q2 2026 Results Strong AUV and Positive Volume Drive Solid Results +8% $288 Q2 Mineral Fiber Key Highlights $267 Net Sales • Top-line AUV growth of 6% driven by Growth VPY both favorable like-for-like price and mix from continued demand at the high-end of the product portfolio Q2 '25 Q
Slide 7: Architectural Specialties Q2 2026 Results
Architectural Specialties Q2 2026 Results Double-Digit Top and Bottom-Line Growth 17% $184 $158 Q2 Architectural Specialties Net Sales Key Highlights Growth VPY • Sales growth driven by broad-based organic growth and recent acquisitions Q2 '25 Q2 '26 • Slight increase in manufacturing costs, inclusi
Slide 8: Positive Volume and AUV Drive Solid Adj. EBITDA Growth
Positive Volume and AUV Drive Solid Adj. EBITDA* Growth Q2 2026 Consolidated Company Key Metrics Q2 2025 Q2 2026 Variance Net Sales $425 $472 11% Adj. EBITDA* $154 $166 8% Adj. EBITDA Margin* (Adj. EBITDA % of Net Sales) 36.3% 35.2% (110bps) AWI Organic Adj. EBITDA Margin* (Adj. EBITDA % of Net Sale
Slide 9: Solid Sales Growth with Modest Adj. EBITDA Growth
Solid Sales Growth with Modest Adj. EBITDA* Growth Year-to-Date 2026 Consolidated Company Key Metrics YTD 2025 YTD 2026 Variance Net Sales $807 $882 9% Adj. EBITDA* $283 $296 4% Adj. EBITDA Margin* (Adj. EBITDA % of Net Sales) 35.1% 33.5% (160bps) AWI Organic Adj. EBITDA Margin* (Adj. EBITDA % of Ne
Slide 10: Adjusted Free Cash Flow Funds All Capital Allocation Priorities
Adjusted Free Cash Flow* Funds All Capital Allocation Priorities 2026 Year-to-Date Adj. Free Cash Flow* 2026 Year-to-Date Capital Up 9% VPY Deployment Cash Share CapEx Acquisitions Dividends Repurchases $6 $147 $5 $3 $42 $136 ($3) $65 $30 $39 $27 $135 $52 2025 Adj. Operating CapEx Interest WAVE 2026
Slide 11: Raising Full Year 2026 Guidance Midpoints
Raising Full Year 2026 Guidance Midpoints Expecting strong growth across all key metrics Commentary1 Net Sales Adjusted EBITDA* Expect Mineral Fiber volume up $1,770M to $1,800M $605M to $620M ~1% on strong execution and growth initiatives … market conditions remain 9% to 11% YoY 9% to 12% YoY uncha
Slide 12: Appendix
@) Appendix
Slide 13: Full Year 2026 Assumptions
Full Year 2026 Assumptions Segment Net Sales Adjusted EBITDA Margin* Mineral Fiber ~7% growth (prior: 6% to 7%) ~44% Architectural Specialties 15-17% growth (prior: Mid-teens %) ~19% Consolidated Metrics Full Year 2026 Shipping Days vs Prior Year 2025 2026 Capital expenditures $100M to $110M Q1 (1)
Slide 14: Adjusted EBITDA and Adjusted Diluted EPS Reconciliation
For the Three Months For the Six Months Adjusted EBITDA Ended June 30, Ended June 30, For the Three Months For the Six Months Reconciliation 2026 2025 2026 2025 Adjusted Diluted EPS Ended June 30, Ended June 30, Net sales $472 $425 $882 $807 Reconciliation 2026 2025 2026 2025 Net earnings $97 $88 $1
Slide 15: Adjusted Free Cash Flow Reconciliation
For the Three Months Ended June 30, For the Six Months Ended June 30, Adjusted Free Cash Flow Reconciliation 2026 2025 2026 2025 Net cash provided by operating activities $94 $82 $126 $123 Net cash provided by (used for) investing activities $6 $7 ($45) $13 Net cash provided by operating and investi
Slide 16: Segment Adj. EBITDA Reconciliation
For the Three Months Ended June 30, For the Six Months Ended June 30, Segment Adj. EBITDA MF AS UC MF AS UC Reconciliation 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Net sales $288 $267 $184 $158 - - $545 $512 $337 $295 - - Operating income (loss) $105 $98 $29 $26 ($1) ($1) $191 $18
Slide 17: AS Organic Adj. EBITDA Reconciliation
AS Organic Adj. EBITDA Reconciliation For the Three Months Ended June 30, For the Six Months Ended June 30, Recent Recent Total AS AS Organic Total AS AS Organic Acquisitions1 Acquisitions1 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Net sales $184 $158 $11 - $172 $158 $337 $295 $17
Slide 18: AWI Organic Adj. EBITDA Reconciliation
AWI Organic Adj. EBITDA Reconciliation For the Three Months Ended June 30, For the Six Months Ended June 30, Recent Recent Total AWI AWI Organic Total AWI AWI Organic Acquisitions1 Acquisitions1 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Net sales $472 $425 $11 - $461 $425 $882 $807
Slide 19: 2026 Guidance Reconciliations
Full Year 2026 2026 Adj. Free Cash Flow Full Year 2026 2026 Adj. EBITDA Guidance Reconciliation Low High Guidance Reconciliation Low High Net earnings $339 $345 Net cash provided by operating activities $365 $382 Add: Income tax expense 113 115 Add: Return of investment from joint venture 114 122 Ea
Armstrong World Industries — Q2 2026 Earnings Presentation on 6ix