MasterBrand, Inc. · NYSE:MBC
MasterBrand — Q3 2026 Earnings Presentation
23 slides from MasterBrand's earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 Investor Presentation
1 Q3 2026 Investor Presentation November 5, 2026
Slide 2: Forward Looking Statements
Certain statements contained in this presentation, other than purely historical information, including, but not limited to estimates, projections, statements relating to our business plans, objectives and expected operating results, financial outlook and cost synergies, and the assumptions upon whic
Slide 3: Third Quarter 2026 Highlights
Third Quarter 2026 Highlights • Completed first full quarter as a combined company, with integration ahead of schedule • Synergy capture ahead of plan, with approximately $11 million of cost synergies realized to date • Outperformed a mid- to high-single-digit market decline, with legacy MasterBrand
Slide 4: The MasterBrand Story
The MasterBrand Story Building great experiences together O U R P U R P O S E Build on our rich history by innovating how we work and what we offer to delight our customers O U R V I S I O N Make the team better Be bold Champion improvement O U R C U L T U R E Lead through Lean Engage teams and fost
Slide 5: Stronger Channel Partnerships, Expanded Geographic Reach, and Industry Leading Customer Base
Stronger Channel Partnerships, Expanded Geographic Reach, and an Industry Leading Customer Base MasterBrand serves customers through a strategic mix of channels1 14% 33% 53% 22% 37% 41% 38% 45% 17% Dealer-DistributorRetailBuilder Combined Company 5 Enhanced diversity and scale across channels, allow
Slide 6: Multi-Branded Strategy Across Price Points and Products
Multi-Branded Strategy Across Price Points and Products MasterBrand portfolio by type and key brands O P P O R T U N I T Y F O R B R A N D R A T I O N A L I Z A T I O N & C O N S O L I D A T I O N Price point (per cabinet)<$350 >$750 Value Semi-custom Semi-custom PremiumValue Stock Legacy MasterBran
Slide 7: Optimizing the Manufacturing Network through Integration and Consolidation
Optimizing the Manufacturing Network through Integration and Consolidation N E T W O R K E D F O O T P R I N T : 38 manufacturing facilities across North America MasterBrand Cabinets American Woodmark Announced Integration-Related Footprint Actions Duplicative capacity, coverage, and product footpri
Slide 8: Merger Integration Underway
Merger Integration Underway Integration PrioritiesIntegration Progress Actions Taken in Q3 2026 • Realized $8.9M in cost synergies in the third quarter, with procurement now contributing alongside headcount and overhead reductions • Completed the majority of organizational actions, streamlining lead
Slide 9: Cost Synergies Tracking Ahead of Plan
Breakdown of cost synergy opportunity Cost Synergies Tracking Ahead of Plan, On Track for $100M+ Run-Rate by End of Year Three 9 $50M+ Y2-Y3 Synergies realized post-close COGS Top Items Timing Status Supply Chain Y1-Y2 Underway Footprint Actions Y1-Y3 5 plants announced SG&A Top Items Timing Status
Slide 10: Q3 2026 Results
Financial Results ($ in millions, except per share amounts) Q3 2026 Q3 2025 B/(W) Net Sales $ 1,036.8 $ 698.9 48.3% Gross Profit $ 254.9 $ 218.2 16.8% Gross Profit Margin 24.6% 31.2% (660) bps SG&A $ 224.0 $ 167.5 (33.7)% Net (Loss) Income $ (9.2) $ 18.1 (150.8)% Net (Loss) Income Margin (0.9)% 2.6%
Slide 11: Q4 2026 Outlook
Q4 2026 Outlook1 • 2026 addressable market now expected to be down high-single digits year-over-year, compared with mid- single digits previously, with no improvement in demand assumed for the remainder of the year. • Fourth quarter reflects softer demand seen late in the third quarter persisting th
Slide 12: Current Tariff Environment
Current Tariff Environment Recent Developments • IEEPA Duty Refunds – Collected $10.9 million in Q3; $1.3 million received in Q4; remaining $1.5 million expected in 2027. • Section 338 Tariff – An additional 50% duty on certain Canadian-origin wood products and furniture imports, effective August 22
Slide 13: Leverage, Liquidity, and Cash Generation
Leverage, Liquidity, and Cash Generation Leverage Ratios ($ in millions) Q3 2026 Q3 2025 Adjusted EBITDA¹ Trailing Twelve Months (“TTM”) (Incl. full TTM American Woodmark contribution) $253.9 $337.7 Total Debt $1,230.8 $954.1 Net Debt¹ $1,091.1 $839.3 Net Debt to Adjusted EBITDA¹ TTM (Incl. full TTM
Slide 14: Appendix
14 05 Appendix
Slide 15: Non-GAAP Financial Measures
To supplement the financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”) in this presentation, certain non-GAAP financial measures as defined under SEC rules have been included. It is our intent to provide non-GAAP financial informat
Slide 16: Q3 2026 Non-GAAP Reconciliations
Q3 2026 Non-GAAP Reconciliations 16 SUPPLEMENTAL INFORMATION - Quarter-to-date (Unaudited) 13 Weeks Ended 13 Weeks Ended September 27, September 28, (U.S. Dollars presented in millions, except per share amounts and percentages) 2026 2025 1. Reconciliation of Net (Loss) Income to EBITDA to ADJUSTED E
Slide 17: Non-GAAP Reconciliation Footnotes
[1] Restructuring charges are nonrecurring costs incurred to implement significant cost reduction initiatives and may consist of workforce reduction costs, facility closure costs, cessation of operations and other costs to maintain certain facilities where operations have ceased, but which we are st
Slide 18: Q3 2026 Pro Forma Non-GAAP Reconciliations
Q3 2026 Pro Forma Non-GAAP Reconciliations 18 MasterBrand MasterBrand Legacy American Woodmark Pro Forma Combined 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended (U.S. Dollars presented in millions, except percentages) September 27, 2026 September 28, 2025 September 28, 2025 September 28
Slide 19: Q3 2026 TTM Non-GAAP Reconciliations
Q3 2026 TTM Non-GAAP Reconciliations 19 MasterBrand Legacy MasterBrand Legacy MasterBrand Legacy MasterBrand Legacy American Woodmark Combined 52 Weeks Ended 39 Weeks Ended 39 Weeks Ended TTM TTM TTM (U.S. Dollars presented in millions, except percentages) December 28, 2025 September 28, 2025 Septem
Slide 20: Q3 2026 Pro Forma & TTM Non-GAAP Reconciliations Tick Legend
Q3 2026 Pro Forma & TTM Non-GAAP Reconciliations Tick Legend 20 [1] Restructuring charges are nonrecurring costs incurred to implement significant cost reduction initiatives and may consist of workforce reduction costs, facility closure costs, cessation of operations and other costs to maintain cert
Slide 21: Condensed Consolidated Balance Sheets
21 Q3 2026 Non-GAAP Reconciliations - QTD CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 27, September 28, (U.S. Dollars presented in millions) 2026 2025 ASSETS Current assets Cash and cash equivalents $ 139.7 $ 114.8 Accounts receivable, net 233.4 218.4 Inventories 438.3 272.4 Other cu
Slide 22: Condensed Consolidated Statements of Cash Flows
22 Q3 2026 Non-GAAP Reconciliations - YTD CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 39 Weeks Ended 39 Weeks Ended September 27, September 28, (U.S. Dollars presented in millions) 2026 2025 OPERATING ACTIVITIES Net (loss) income $ (82.2) $ 68.7 Adjustments to reconcile net (loss) in
Slide 23: Q3 2026 Prior Year to Current Year Net Sales Walk
(U.S. Dollars presented in millions, except percentages) Q3 % Change YTD % Change 2025 Net Sales $ 698.9 $ 2,090.1 Volume (23.8) (3.4)% (113.8) (5.4)% Foreign Currency (0.3) 0.0 % 0.5 0.0% Net ASP1 6.3 0.9 % 12.0 0.6 % American Woodmark 355.7 50.9 % 481.2 23.0 % 2026 Net Sales $ 1,036.8 48.3 % $ 2,4