Core & Main, Inc. · NYSE:CNM
Core & Main — Q1 2026 Earnings Presentation
20 slides from Core & Main's earnings presentation, Jun 10, 2026
Slide 1: Fiscal 2026 First Quarter Results
Fiscal 2026 First Quarter Results June 10, 2026
Slide 2: Cautionary Statements
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 Reform Act of 1995. Forward-looking statements include, without limitation, all st
Slide 3: Today's Presenters
TODAY'S PRESENTERS Mark Witkowski Brad Cowles Robyn Bradbury Landon Althoff Chief Executive Officer President Chief Financial Officer Vice President, Investor Relations © Core & Main All Rights Reserved. Confidential and Proprietary Information. 3
Slide 4: Business Update
Business Update MARK WITKOWSKI
Slide 5: Q1 2026 Business Update
Q1 2026 BUSINESS UPDATE Executing on Growth Initiatives, Expanding Gross Margins, and Returning Capital ▪ Achieved Q1'26 net sales of $1.9B, Adjusted EBITDA(1) of $226M and Adjusted Diluted EPS(1) of $0.72 ▪ End-market demand stability driven by strength in municipal activity and select non-resident
Slide 6: Scaling High-Growth Municipal Solutions in Smart Utility & Treatment Plant
SCALING HIGH-GROWTH MUNICIPAL SOLUTIONS IN SMART UTILITY & TREATMENT PLANT From targeted investments to sustained above-market growth Smart Utility Treatment Plant Solutions 11. Deliver turnkey, end-to-end solutions 1. 1 Expand capabilities to support complex projects ̶ Hardware, software, analytics
Slide 7: Financial Results
Financial Results ROBYN BRADBURY
Slide 8: Q1 2026 Financial Results
Q1 2026 FINANCIAL RESULTS ($ in Millions, Except Per Share Amounts) Net Sales Gross Profit Net Income $1,911 $1,910 $520 $113 0% $510 $105 +2% +8% % of % of 26.7% +50 bps 27.2% 5.5% +40 bps 5.9% Sales Sales Q1'25 Q1'26 Q1'25 Q1'26 Q1'25 Q1'26 Adjusted EBITDA(1) Diluted EPS Adjusted Diluted EPS(1) $2
Slide 9: Cash Flow & Balance Sheet
CASH FLOW & BALANCE SHEET ($ in Millions) Operating Cash Flow Capital Structure $226 ($82) Facility Maturity Interest Rate As of 5/3/26 Senior ABL Credit Facility 4/9/31 S + 125(3) $ — ($36) ($29) Senior Term Loan due 2028 7/27/28 S + 200 1,230 $3 $82 Senior Term Loan due 2031 2/9/31 S + 200 930 Tot
Slide 10: Fiscal 2026 Outlook
FISCAL 2026 OUTLOOK Guidance Reaffirmed ($ in Millions) FY25 FY26 Outlook Net Sales $7,647 $7,800 - $7,900 Adjusted EBITDA(1) $931 $950 - $980 Adjusted EBITDA Margin(1) 12.2% 12.2% - 12.4% Operating Cash Flow Conversion(2) 70% 60% - 70% (1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP fin
Slide 11: Appendix
Appendix
Slide 12: Core & Main Snapshot
CORE & MAIN SNAPSHOT (1) (3) Key Stats Market Reach $9.5B $7.6B $470M $933M 370+ ~5,600 60K+ 5,000+ 225K+ Market Cap LTM Net Sales LTM Net Income LTM Adjusted EBITDA(2) Branches Associates Customers Suppliers Products U.S. Market Share (3) Total Market Share(3) $39B $44B TAM(4) TAM (4)(5) New Constr
Slide 13: Product & Service Offering
PRODUCT & SERVICE OFFERING Smart Utility Solutions © Core & Main All Rights Reserved. Confidential and Proprietary Information. 13
Slide 14: Sales Initiatives Driving Market Share Gains
SALES INITIATIVES DRIVING MARKET SHARE GAINS Smart Utility Treatment Plant Solutions Fusible HDPE Geosynthetics Strategic Accounts Geographic Expansion Industry-Leading Capabilities Drive Consistent Above Market Growth © Core & Main All Rights Reserved. Confidential and Proprietary Information. 14
Slide 15: Consistent Track Record of M&A
CONSISTENT TRACK RECORD OF M&A 2017 2018 2019 2020 2021 2022 2023 2024 2025 Acquired Sales 3 Branches 4 Branches 27 Branches 15 Branches 18 Branches 14 Branches 20 Branches 40 Branches 5 Branches ~$50M ~$20M ~$200M ~$220M ~$150M ~$160M ~$330M ~$620M ~$95M ~145 Branches and ~$1.8B of Sales Acquired S
Slide 16: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK Significant Cash Generation with a Focus on Fueling Growth & Shareholder Returns Organic Growth & ▪ Expect future capital expenditures to Operating Cash Flow Operational Initiatives average ~0.7% – 0.8% of net sales Target ~60% – 70% of Adjusted EBITDA Priority Uses ▪ Ma
Slide 17: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES ($ in Millions) Adjusted EBITDA & Adjusted EBITDA Margin Three Months Ended Twelve Months Ended May 3, 2026 May 4, 2025 May 3, 2026 Net income attributable to Core & Main, Inc. $ 108 $ 100 $ 449 Plus: net income attributable to non-controlling interest 5 5 21 Net
Slide 18: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES Adjusted Diluted EPS Three Months Ended Fiscal Years Ended May 3, 2026 May 4, 2025 February 1, 2026 February 2, 2025 January 28, 2024 Diluted earnings per share $ 0.57 $ 0.52 $ 2.31 $ 2.13 $ 2.15 Amortization of intangible assets 0.18 0.18 0.75 0.75 0.54 Equity-ba
Slide 19: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES ($ in Millions, Except Share and Per Share Amounts) Free Cash Flow & Free Cash Flow Yield Twelve Months Ended Three Months Ended May 3, 2026 May 3, 2026 February 1, 2026 November 2, 2025 August 3, 2025 Operating Cash Flow $ 655 $ 82 $ 268 $ 271 $ 34 Less: Capital
Slide 20: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES ($ in Millions) Net Debt As of May 3, 2026 May 4, 2025 Senior ABL Credit Facility due April 2031 $ — $ 100 Senior Term Loan due July 2028 1,230 1,245 Senior Term Loan due February 2031 930 939 Total Debt $ 2,160 $ 2,284 Less: Cash & Cash Equivalents (150) (8) Net