Capstone Holding Corp. · NASDAQ:CAPS
Capstone — Q2 2026 Earnings Presentation
21 slides from Capstone's earnings presentation, August 2026
Slide 1: Capstone Holding Corp. Profitability Inflection. Margin Expansion. Accelerated Growth.
CAPSTONE HOLDING CORP. PROFITABILITY INFLECTION. MARGIN EXPANSION. ACCELERATED GROWTH. CAPS | Nasdaq August 2026
Slide 2: Preamble Disclosure & Disclaimer
Preamble Disclosure & Disclaimer The following content is completely qualified by the legal disclosures included in the Appendix. 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. We operate in a hyper dynamic econom
Slide 3: Q2 '26 Highlights: The Profitability Inflection
Q2 ‘26 Highlights: The Profitability Inflection REVENUE GROSS PROFIT ADJ. EBITDA (STONE BUSINESS) +67% +92% +126% $12.9M → $21.5M YoY $3.1M → $6.0M YoY $0.9M → $2.0M YoY Capstone achieved positive Stone Business Revenue growth accelerated as peak Gross profit again outpaced revenue Adjusted EBITDA a
Slide 4: Q2 Trajectory Supports Full-Year Guidance for Stone Business
Q2 Trajectory Supports Full-Year Guidance for Stone Business Metric Q2 2025 Q2 2026 YoY Growth FY 2026 Guidance Revenue $12.9M $21.5M +67% $72.1M Gross Profit $3.1M $6.0M +92% $18.7M Gross Margin 24.4% 27.9% +357 bps 26.0% Adj. EBITDA $0.9M $2.0M +126% $3.8M (Stone Business) Adj. EBITDA Margin 6.9%
Slide 5: Quarterly Performance — 2025 vs. 2026
Quarterly Performance — 2025 vs. 2026 Reported quarters, combined, $ in millions. 2026 includes Carolina Stone and CSI (Canada); prior-year quarters are pre-acquisition (Instone). Revenue ($M) Adj. EBITDA ($M) 21.5 2.0 12.9 0.9 12.6 7.9 -0.6 -0.9 Q1 Q2 Q1 Q2 2025 2026 2025 2026 DEMAND STRENGTHENED A
Slide 6: Structural Drivers of Margin Expansion
Structural Drivers of Margin Expansion GROSS MARGIN TRAJECTORY GROWTH LEVERS SCALE 27.9% Carolina Stone + CSI expanded our footprint, lifting operating leverage on a 28 26 24.4% largely fixed cost base. 24 21.0% 22 PRODUCT MIX 20 18 Higher-margin owned brands, architectural stone, and installation a
Slide 7: Stone Business Second Quarter: Overview of Results
Stone Business Second Quarter: Overview of Results Stone Business includes Instone, Carolina Stone as of August 22nd , 2025 and Canadian Stone Industries as of December 1st , 2025 Notes: (1) Excluded from SG&A in Q2 26 are one-time expenses: Alsip warehouse move ($97K), foreign currency translation
Slide 8: Stone Business First Half: Overview of Results
Stone Business First Half: Overview of Results Stone Business includes Instone, Carolina Stone as of August 22nd , 2025 and Canadian Stone Industries as of December 1st , 2025 Notes: (1) Excluded from SG&A in H1 26 are one-time expenses: Alsip warehouse move ($97K), fair value of contingent consider
Slide 9: Capstone Standalone Second Quarter: Overview of Results
Capstone Standalone Second Quarter: Overview of Results OPERATING EXPENSES DOWN 21% ($845K) → ($671K) YoY — standalone Capstone overhead Standalone overhead fell to $671K from $845K as non-recurring IR and IPO costs rolled off. The wider ($2,656K) loss reflects $1,446K interest and $399K stock comp.
Slide 10: Capstone Standalone First Half: Overview of Results
Capstone Standalone First Half: Overview of Results OPERATING EXPENSES DOWN 34% ($1,409K) → ($929K) YoY — standalone Capstone overhead H1 standalone overhead fell to $929K from $1,409K as non-recurring IR and IPO costs rolled off. The wider ($3,402K) loss reflects $1,862K interest and $399K stock co
Slide 11: Strategy: Two Growth Platforms
Strategy: Two Growth Platforms Drive organic, capital-efficient revenue growth while expanding margins through operating leverage. GROW DISTRIBUTION GROW INSTALLATION Expand distribution revenue by adding products and brands Expand installation revenue by leveraging existing crews, across existing c
Slide 12: Capstone's Strategic Priorities in 2026
Capstone’s Strategic Priorities in 2026 NEW PRODUCTS GEOGRAPHIC EXPANSION Location #9 opens August 17 — distribution Eldorado sold in 17 states ten weeks after and installation together; five customers launch. Willki Stone and Nature’s Edge broaden signed. Mid-Atlantic added; West follows in the lin
Slide 13: New Products — Richer Mix, Richer Margin
New Products — Richer Mix, Richer Margin ELDORADO STONE Q2 2026 LAUNCH Nature's Edge 81 A lower-cost thin veneer, built for the volume end of the market. Dealers across 17 states, ten weeks after WILLKI STONE launch. May Launch in Canada Initial two projects delivered strong outcomes and received ex
Slide 14: Geographic Expansion — Southeast Goes Live
Geographic Expansion — Southeast Goes Live OPENING ON TRACK PLATFORM FOOTPRINT Lease signed; doors open August 17. 9 OPERATIONALLY READY Inventory, equipment, people, systems — in place. Locations in August — 38 states and Canada. EARLY DEMAND Wilmington & Myrtle Beach — our first greenfield, openin
Slide 15: Capstone FY2026 Guidance Reaffirmed
Capstone FY2026 Guidance Reaffirmed 2026 First full year of all three subsidiaries • Revenue steps from $46.9M to $72.1M, up 54% • Annual gross profit nearly doubles to $18.7M; margin expands 300 bps to 26.0% • Adj.EBITDA margin more than doubles— from 2.1% to 5.2% — as integration synergies reach t
Slide 16: The Compounding Has Begun.
THE COMPOUNDING HAS BEGUN. LEARN MORE AT www.capstoneholdingcorp.com 16
Slide 17: Appendix
Appendix 17
Slide 18: Reconciliation of Non-GAAP Results
Reconciliation of Non-GAAP Results Notes: (1) Comprehensive loss excludes ($705K) Class B units preferred return. It includes foreign currency translation adjustment. In addition to figures prepared in accordance with GAAP, Capstone from time to time presents alternative non-GAAP performance measure
Slide 19: 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 c
Slide 20: 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 21: 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