Slide 1: Second Quarter Fiscal 2026 Earnings Conference Call
October 30, 2025 Second Quarter Fiscal 2026 Earnings Conference Call
Slide 2: Forward-Looking Statements
Forward-Looking Statements Forward-Looking Statements. This presentation contains forward-looking statements economic conditions or the nature or level of activity in any one or more of the markets or within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the industries in w
Slide 3: Fiscal Year 2026 Second Quarter Highlights
Fiscal Year 2026 Second Quarter Highlights Strong execution in a challenging environment Delivered solid financial results — Record revenue of $639 million — Gross profit margin of 31.3% — EPS of $4.23 Strong momentum on strategic initiatives — Maintained industry-leading safety record — Signifi
Slide 4: Cement Outlook Remains Favorable, Wallboard Long-Term View Positive Despite Near-Term Challenges
Cement Outlook Remains Favorable, Wallboard Long-Term View Positive Despite Near-Term Challenges Eagle well-positioned for anticipated demand upswing State and Federal infrastructure budgets remain healthy, infrastructure awards continue to accelerate ~60% of IIJA funds remaining to be spent, su
Slide 5: Wyoming Cement Plant Expansion Remains On-time and Within Budget
Wyoming Cement Plant Expansion Remains On-time and Within Budget Significant progress made in fiscal 2026, second quarter Replacing two older kiln lines with a modern, pre-heater, pre-calciner line Operating costs expected to be reduced by 25% Production expected to increase by 400,000 tons
Slide 6: Record Revenue Up 2%
Record Revenue Up 2% Revenue $700 In millions $650 $639 $624 $600 INCREASE DRIVEN BY: Higher Cement sales volume $550 Contribution from acquired $500 aggregates businesses $450 $400 $350 2025 2026 FISCAL Q2 6
Slide 7: EPS Down 1%
EPS Down 1% Diluted EPS $5 $5 $4.26 $4.23 $4 Q2 RESULTS REFLECT: $4 Lower net earnings $3 $3 Reduced share count due $2 to share buybacks $2 $1 $1 $0 2025 2026 FISCAL Q2 7
Slide 8: Heavy Materials Second Quarter Results Reflect Increased Cement and Aggregates Sales Volume
Heavy Materials Second Quarter Results Reflect Increased Cement and Aggregates Sales Volume Revenue1 Operating Earnings In millions In millions $467 SECOND QUARTER HIGHLIGHTS $419 $128 Cement sales volume +8% $115 Net Cement sales prices -1% Record Aggregate sales volume +103% FY2025 FY2026 FY
Slide 9: Light Materials Second Quarter Results Driven By Lower Wallboard Sales Volume and Prices
Light Materials Second Quarter Results Driven By Lower Wallboard Sales Volume and Prices Revenue Operating Earnings In millions In millions SECOND QUARTER HIGHLIGHTS $244 $98 Wallboard sales volume down $213 14% $78 Wallboard net sales prices down 2% FY2025 FY2026 FY2025 FY2026 SECOND QUARTER SE
Slide 10: Significant Cash Flow Generation
Significant Cash Flow Generation $205 million of cash flow from operations Three months ended September 30 In millions 2024 2025 Operating Cash Flow1 $233 $205 Capex, net (66) (109) Free Cash Flow $167 $96 Acquisition Spending (25) - Dividends Paid (8) (8) Share Repurchases (61) (89) Debt Borrowings
Slide 11: Strong Capital Structure Further Enhances Financial Flexibility
Strong Capital Structure Further Enhances Financial Flexibility Net Debt-to-Cap Net Debt to Adjusted EBITDA 1 1.6x 1.5x 46% 45% 3.31.25 9.30.25 3.31.25 9.30.25 1 “Net Debt to Adjusted EBITDA” is defined as Net Debt divided by Adjusted EBITDA. Net Debt to Adjusted EBITDA and Adjusted EBITDA are non-G
Slide 12: Question & Answer
E Eagle Materials Question & Answer
Slide 13: Thank you for participating in today's conference call web cast
Thank you for participating in today’s conference call web cast. An archive of this web cast will be available at eaglematerials.com later today.
Slide 14: Appendix
E Eagle Materials Appendix
Slide 15: Reconciliation of EBITDA and Adjusted EBITDA
Reconciliation of EBITDA and Adjusted EBITDA We present Earnings Before Interest, Taxes, Fiscal Year ended TTM Depreciation and Amortization (EBITDA) and March 31, 2025 September 30, 2025 Adjusted EBITDA to provide additional measures of operating performance and allow for more consistent comparison
Slide 16: Reconciliation of Net Debt to Adjusted EBITDA
Reconciliation of Net Debt to Adjusted EBITDA GAAP does not define “Net Debt” and it should As of As of not be considered as an alternative to debt as March 31, 2025 September 30, 2025 defined by GAAP. We define Net Debt as total debt minus cash and cash equivalents to indicate the amount of total d