Bluelinx Holdings Inc. · NYSE:BXC
Bluelinx — Q3 2025 Earnings Presentation
25 slides from Bluelinx's earnings presentation, Nov 4, 2025
Slide 1: BlueLinx Q3 2025 Results: Delivering What Matters
BlueLinx Q3 2025 Results Delivering What Matters November 5, 2025 © BlueLinx 2025. All Rights Reserved. 1 EXHIBIT 99.2
Slide 2: Forward-looking statements
This presentation contains forward-looking statements. Forward-looking statements include, without limitation, any statement that predicts, forecasts, indicates or implies future results, performance, liquidity levels or achievements, and may contain the words “believe,” “anticipate,” “could”, “expe
Slide 3: Opening Remarks
Opening Remarks 3 Shyam Reddy President & CEO
Slide 4: Strategic Priorities
STRATEGIC PRIORITIES PEED | - Scale/Nationwide footprint Excellence + Cost management Business me Excellence + Pricing, Procurement and Commercial + Engineered Wood, Siding, Industrial Came ienens Products, Millwork, Outdoor Living Growth Di F pateing + Enhancing technology and tools + Expand geogra
Slide 5: Third Quarter 2025 Results
n Net sales of $749M, up 0.2% year-over-year q Due to higher volumes in specialty products n Gross profit of $108M, down 14% year-over-year q 81% of gross profit from specialty products n Gross margin of 14.4%, down 240 bps year-over-year q 16.6% specialty gross margin. Duty related expense of $2.2M
Slide 6: U.S. Housing Market Conditions
n New housing starts remain soft year-over-year q Aug '25 total housing starts down 9% from Jul '25 and down 6% from Aug '24 (1) q Single Family Starts: down 7% from July; down 12% year-over-year q Multi Family Starts: down 11% from July; up 16% year-over-year q Builder's confidence was 37 in Octobe
Slide 7: Financial Review
Financial Review 7 Kelly Wall SVP, Chief Financial Officer and Treasurer
Slide 8: Third Quarter 2025 Results Commentary
n Net Sales increased 0.2% to $749M q Specialty product Net sales increased 1% q Structural product Net sales decreased 2% n Gross Margin of 14.4%, down 240 bps n Adjusted Diluted EPS of $0.45 (1) n Adjusted EBITDA of $22.4M (1) q Adjusted EBITDA margin of 3.0% n Free Cash Flow of $53M (1) q Cash Fl
Slide 9: Specialty Products Q3 2025 Results
($ in millions) n Net sales of $525M, up 1% q Driven by higher volumes in EWP and outdoor Living q Specialty product sales represent ~70% of total net sales n Gross profit of $87M, down 13% q Specialty product gross profits represent ~81% of total gross profit n Gross margin of 16.6%, down 280 bps q
Slide 10: Structural Products Q3 2025 Results
($ in millions) n Net sales of $223M, down 2% q Driven by lower volumes in lumber and panels, lower pricing in panels q Mixed year-over-year industry commodity pricing: Ÿ 6.5% increase in average price of lumber Ÿ 14% decrease in average price of panels n Gross profit of $21M, down 17% q Structural
Slide 11: Balance Sheet
(1) Net Leverage including real property financing leases was 0.5x, 0.5x, and 2.1x in Q3 2023, Q3 2024, and Q3 2025 respectively. Net leverage ratio excluding finance lease obligations for real property, as presented above, is included within the terms of our revolving credit agreement. See Appendix
Slide 12: Working Capital and Free Cash Flow
3Q 2025 Free Cash Flow Walk * $ in millions Net Working Capital Management (1) $ in millions * See Appendix for reconciliations for all non-GAAP measures (1) Net Working Capital includes accounts receivable, inventory, and accounts payable; Return on net working capital is calculated by dividing tra
Slide 13: Capital Allocation Framework
INVEST IN THE BUSINESS EXPAND GEOGRAPHIC FOOTPRINT SHARE REPURCHASES OPERATING CASH FLOW GUIDING PRINCIPLES n Maintain strong balance sheet and financial stability n Long-term net leverage could increase to at or around 2.0x when considering growth n Invest in business through fluctuating economic c
Slide 14: Q&A
Q&A BLUELINX “
Slide 15: Appendix
Appendix 15
Slide 16: Macro Trends
20-year average (1) Source: Historical data is U.S. Census Bureau; Forecast from John Burns Real Estate Consulting, LLC subject limitations and disclaimers – not for redistribution (2) Source: Joint Center for Housing Studies at Harvard University. The Leading Indicator of Remodeling Activity (LIRA)
Slide 17: Wood-Based Commodity Price Trends
Average Q3 25 lumber prices increased 6% year- over-year and decreased 9% from Q2 25 (1) Source: Random Lengths and company analysis 17 WOOD-BASED COMMODITY PRICE TRENDS Average Q3 25 panel prices declined 14% year-over- year and decreased 9% from Q2 25 484540467 347357344357368400411 762687 987 1,2
Slide 18: Non-GAAP financial measures
The Company reports its financial results in accordance with GAAP. The Company also believes that presentation of certain non-GAAP measures may be useful to investors and may provide a more complete understanding of the factors and trends affecting the business than using reported GAAP results alone
Slide 19: Supplemental Financial Information
Supplemental Financial Information Net sales, gross profit dollars, gross profit percentages, sales mix, and gross profit mix by product category by fiscal quarter, Q4 2022 – Q3 2025 (unaudited) In millions where dollars are presented. Rounded figures in this table may not agree to presentations in
Slide 20: Adjusted Net Income and Adjusted Diluted EPS Reconciliation
Adjusted Net Income and Adjusted Diluted EPS reconciliation for fiscal quarters Q4 2022 - Q3 2025 (unaudited) In thousands, except EPS amounts. Rounded figures in this table may not agree to presentations in other formats we have published such as earnings releases, earnings decks, or other similar
Slide 21: Free Cash Flow Reconciliation
The following schedule reconciles Net cash provided by operating activities to Free cash flow (non-GAAP) for Q4 2022 to Q3 2025 (unaudited) In millions. Rounded figures in this table may not agree to presentations in other formats we have published such as earnings releases, earnings decks, or other
Slide 22: Net Working Capital Reconciliation
Non-GAAP Reconciliation Net Working Capital by Fiscal Quarter Q4 2022 – Q3 2025 (unaudited) $ amounts in millions 22 Fiscal Quarter 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 4Q 2022 Receivables, less allowances $269 $279 $276 $226 $278 $274 $288 $228 $29
Slide 23: Adjusted EBITDA Reconciliation
Adjusted EBITDA reconciliation by fiscal quarter, Q4 2022 – Q3 2025 (unaudited) In millions where dollars are presented. Some dollar amounts round to less than $1 million and therefore no amount is presented in the table below. 23 (1) Reflects expenses related to our previously disclosed settlement
Slide 24: Trailing Twelve-Month Adjusted EBITDA Reconciliation
Twelve-Month Trailing Adjusted EBITDA reconciliation by Fiscal Quarter, Q4 2022 – Q3 2025 (unaudited) In millions $. Some dollar amounts round to less than $1 million and therefore no amount is presented in the table below. 24 Non-GAAP Reconciliation (1) Reflects expenses related to our previously d
Slide 25: Net Debt and Net Leverage Reconciliation
Fiscal Quarter 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 4Q 2022 ($ amounts in thousands) Long term debt(1) $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 Finance lease liabilities