Core & Main, Inc. · NYSE:CNM
Core & Main — Q3 2025 Earnings Presentation
17 slides from Core & Main's earnings presentation, Dec 9, 2025
Slide 1: Fiscal 2025 Third Quarter Results
Fiscal 2025 Third Quarter Results December 9, 2025
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 Robyn Bradbury Glenn Floyd Chief Executive Officer Chief Financial Officer Director, Investor Relations © Core & Main All Rights Reserved. Confidential and Proprietary Information. 3
Slide 4: Business Update
Business Update MARK WITKOWSKI
Slide 5: Q3 2025 Business Update
Q3 2025 BUSINESS UPDATE Executing Growth & Gross Margin Initiatives ▪ End markets resilient overall; strength in municipal and certain non-residential projects partially offset softness in residential lot development ▪ Product initiatives are driving results: fusible high-density polyethylene, treat
Slide 6: Financial Results
Financial Results ROBYN BRADBURY
Slide 7: Q3 2025 Financial Results
Q3 2025 FINANCIAL RESULTS ($ in Millions, Except Per Share Amounts) Net Sales Gross Profit Net Income $2,038 $2,062 $561 $543 $140 $143 +1% +3% +2% % of % of 26.6% +60 bps 27.2% 6.9% +0 bps 6.9% Sales Sales Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Adjusted EBITDA(1) Diluted EPS Adjusted Diluted EPS(1) $2
Slide 8: Cash Flow & Balance Sheet
CASH FLOW & BALANCE SHEET ($ in Millions) Operating Cash Flow Capital Structure Facility Maturity Interest Rate As of 11/2/25 $52 ($53) $274 ($3) $1 $271 Senior ABL Credit Facility 2/9/29 S + 125(3) — Senior Term Loan due 2028 7/27/28 S + 200 1,237 Senior Term Loan due 2031 2/9/31 S + 200 935 Total
Slide 9: Fiscal 2025 Outlook
FISCAL 2025 OUTLOOK Reaffirming Guidance for the Year Metric FY24 FY25 Outlook Considerations Net Sales $7,441 $7,600 - $7,700 ▪ Reaffirming FY25 outlook issued in September 2025 ($ in millions) Adjusted EBITDA(1) $930 $920 - $940 ▪ Expect sales growth of 4% to 5%, excluding the effects of ($ in mil
Slide 10: Appendix
Appendix
Slide 11: Core & Main Snapshot
CORE & MAIN SNAPSHOT Key Stats(1) Market Reach $10.3B $7.8B $456M $943M 370+ ~5,700 49 60K+ 5,000+ 225K+ LTM Adjusted Branches Associates U.S. States Customers Suppliers Products Market Cap LTM Net Sales LTM Net Income EBITDA(2) Market Share(3) Product Mix (3) $39B TAM(4) New Construction vs. Repair
Slide 12: Product & Service Offering
PRODUCT & SERVICE OFFERING © Core & Main All Rights Reserved. Confidential and Proprietary Information. 12
Slide 13: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK Significant Cash Generation with a Focus on Fueling Growth & Shareholder Returns Organic Growth & ▪ Expect future capital expenditures to Operating Cash Flow Operational Initiatives average ~0.5% – 0.6% of net sales Target ~60% – 70% of Adjusted EBITDA ▪ Maintain a robus
Slide 14: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES ($ in Millions) Adjusted EBITDA & Adjusted EBITDA Margin Three Months Ended Nine Months Ended Twelve Months Ended November 2, 2025 October 27, 2024 November 2, 2025 October 27, 2024 November 2, 2025 Net income attributable to Core & Main, Inc. $ 137 $ 133 $ 371 $
Slide 15: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES Adjusted Diluted EPS Three Months Ended Nine Months Ended Fiscal Years Ended November 2, 2025 October 27, 2024 November 2, 2025 October 27, 2024 February 2, 2025 January 28, 2024 January 29, 2023 Diluted earnings per share $ 0.72 $ 0.69 $ 1.94 $ 1.79 $ 2.13 $ 2.15
Slide 16: 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 November 2, 2025 November 2, 2025 August 3, 2025 May 4, 2025 February 2, 2025 Operating Cash Flow $ 617 $ 271 $ 34 $ 77 $ 235 Less: Cap
Slide 17: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES ($ in Millions) Net Debt As of November 2, 2025 October 27, 2024 Senior ABL Credit Facility due February 2029 $ — $ 235 Senior Term Loan due July 2028 1,237 1,451 Senior Term Loan due February 2031 935 744 Total Debt $ 2,172 $ 2,430 Less: Cash & Cash Equivalents (