Slide 1: Fiscal 2025 Second Quarter Results
Fiscal 2025 Second Quarter Results SEPTEMBER 9, 2025
Slide 2: Cautionary Statements
© Core & Main All Rights Reserved. Confidential and Proprietary Information. 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 Refor
Slide 3: Today's Presenters
© Core & Main All Rights Reserved. Confidential and Proprietary Information. TODAY’S PRESENTERS Mark Witkowski Chief Executive Officer Robyn Bradbury Chief Financial Officer Glenn Floyd Director, Investor Relations 3
Slide 4: Business Update
Business Update MARK WITKOWSKI
Slide 5: Q2 2025 Business Update: Driving Solid Growth & Gross Margin Expansion
© Core & Main All Rights Reserved. Confidential and Proprietary Information. Q2 2025 BUSINESS UPDATE Driving Solid Growth & Gross Margin Expansion 5 ▪ Solid sales growth supported by balanced end markets and the execution of our product, customer and geographic expansion initiatives ▪ Strength in mu
Slide 6: Financial Results
Financial Results ROBYN BRADBURY
Slide 7: Q2 2025 Financial Results
© Core & Main All Rights Reserved. Confidential and Proprietary Information. $0.61 $0.70 Q2'24 Q2'25 $1,964 $2,093 Q2'24 Q2'25 7 Q2 2025 FINANCIAL RESULTS Net Sales Net Income ($ in Millions, Except Per Share Amounts) Gross Profit Adjusted EBITDA(1) Diluted EPS Adjusted Diluted EPS(1) (1) Adjusted E
Slide 8: Cash Flow & Balance Sheet
© Core & Main All Rights Reserved. Confidential and Proprietary Information. $266 ($166) ($40) ($27) $1 $34 Q2'25 Adjusted EBITDA Working Capital Taxes Interest Other Q2'25 Operating Cash Flow 4.6% 3.0% 2.8% Core & Main Specialty Distributor Peers S&P 500 8 CASH FLOW & BALANCE SHEET ($ in Millions)
Slide 9: Fiscal 2025 Outlook
© Core & Main All Rights Reserved. Confidential and Proprietary Information. FISCAL 2025 OUTLOOK 9 Considerations ▪ Lowering outlook to reflect current market conditions and higher operating expenses ▪ Expect FY25 sales growth of 4% to 5%, excluding the effects of one less selling week vs. FY24 ▪ En
Slide 10: Appendix
| Appendix
Slide 11: Core & Main Snapshot
© Core & Main All Rights Reserved. Confidential and Proprietary Information. 42% 38% 20% Municipal Non-Residential Residential 19% 11 CORE & MAIN SNAPSHOT Key Stats Market Reach $12.4B Market Cap(1) $7.7B LTM Net Sales $946M LTM Adjusted EBITDA(2) 370+ Branches ~5,700 Associates 49 U.S. States 60K+
Slide 12: Annual Value Creation Targets
© Core & Main All Rights Reserved. Confidential and Proprietary Information. 60 – 70% Operating Cash Flow Conversion 30 – 50 bps Adjusted EBITDA Margin Enhancement +2 – 4% Growth from Acquisitions +2 – 4% Organic Above Market Volume Growth +2 – 4% Market Volume Growth Fusible HDPE Solutions Treatmen
Slide 13: Product & Service Offering
© Core & Main All Rights Reserved. Confidential and Proprietary Information. PRODUCT & SERVICE OFFERING 13
Slide 14: Capital Allocation Framework
© Core & Main All Rights Reserved. Confidential and Proprietary Information. CAPITAL ALLOCATION FRAMEWORK 14 Priority Uses for Capital Organic Growth & Operational Initiatives M&A Share Repurchases or Dividends Significant Cash Generation with a Focus on Fueling Growth & Shareholder Returns ▪ Expect
Slide 15: Reconciliation of Non-GAAP Measures
© Core & Main All Rights Reserved. Confidential and Proprietary Information. RECONCILIATION OF NON-GAAP MEASURES 15 (1) Includes depreciation of certain assets which are reflected in “cost of sales” in our Statement of Operations. (2) Represents expenses associated with acquisition activities, inclu
Slide 16: Reconciliation of Non-GAAP Measures
© Core & Main All Rights Reserved. Confidential and Proprietary Information. RECONCILIATION OF NON-GAAP MEASURES 16 Adjusted Diluted EPS (1) Represents expenses associated with acquisition activities, including transaction costs, post-acquisition employee retention bonuses, severance payments and ex
Slide 17: Reconciliation of Non-GAAP Measures
© Core & Main All Rights Reserved. Confidential and Proprietary Information. RECONCILIATION OF NON-GAAP MEASURES 17 ($ in Millions, Except Share and Per Share Amounts) Free Cash Flow & Free Cash Flow Yield (1) As of August 3, 2025. Twelve Months Ended August 3, 2025 August 3, 2025 May 4, 2025 Februa
Slide 18: Reconciliation of Non-GAAP Measures
© Core & Main All Rights Reserved. Confidential and Proprietary Information. RECONCILIATION OF NON-GAAP MEASURES 18 ($ in Millions) Net Debt 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 20