Trex Company, Inc. · NYSE:TREX
Trex — Q1 2026 Earnings Presentation
39 slides from Trex's earnings presentation, May 7, 2026
Slide 1: Investor Presentation
Investor Presentation May 2026 | INVESTOR PRESENTATION | 1
Slide 2: Introduction
Introduction | INVESTOR PRESENTATION | 2
Slide 3: Safe Harbor / Non-GAAP Measures
SAFE HARBOR / NON-GAAP MEASURES This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements regarding: full-year and quarterly 2026 financial
Slide 4: Key Messages
Key Messages Leveraging our established brand to capture a large, underpenetrated 1 wood-to-composite conversion opportunity Delivering differentiated material -science innovation and an enhanced 2 go-to-market model to deliver above-market growth Capitalizing on our recent, multi-year investment cy
Slide 5: Grounded in Our New Mission, Vision and Values
Grounded in Our New Mission, Vision and Values MISSION VISION VALUES Trex delivers trusted, To shape the future Innovate with high-performance of outdoor living Purpose outdoor living solutions through purposeful through engineering innovation that Obsess Over excellence, enriches people’s the Custo
Slide 6: Trex Snapshot (NYSE: TREX)
Trex Snapshot (NYSE: TREX) Key Stats Best-in-Class Production Geographically Well-positioned Sites Distributor Location Production Site Founded 1996 Headquarters Winchester, VA Employees 1,800+ Distributor Locations 100+ Fernley, NV Winchester, VA Home Center Locations 6,700+ Revenue ~$1.2B Little R
Slide 7: Market-leading Product Portfolio Engineered to Maximize Value
Market-leading Product Portfolio Engineered to Maximize Value DECKING RAILING High-performance, FASTENERS Durable Solutions LIGHTING OUTDOOR LIFESTYLE Delivering Durable, Low -maintenance Products Across Every Style, Color, and Price Point | INVESTOR PRESENTATION | 7
Slide 8: Operating in a Resilient Category with a Compelling Long-term Growth Opportunity
Operating in a Resilient Category with a Compelling Long-term Growth Opportunity Deferred R&R …Combined with Rising …Creates Visible, Multi-year Demand Backdrop… + Composite Decking Adoption… Growth Runway for Trex R&R Annual Growth 1 Historical Long -term Volume Growth Based on Historically, Deferr
Slide 9: Decades of Category Leadership Built on Materials Science and Brand
Decades of Category Leadership Built on Materials Science and Brand Key Strategic Evolution Over Past Decade Strong Foundation Today Single-product decking company Multi-category outdoor living brand Performance-driven premium Wood-alternative product segment leader Focused, high impact $100M+ targe
Slide 10: Sustainable Competitive Advantages Drive Market Leadership
Sustainable Competitive Advantages Drive Market Leadership Product and Unique Go-to-Market Footprint and Technology Backbone Model Industrial Capabilities Deep materials Relationship with installers Scalable nationwide know-how and distributors coverage Proven innovation and Brand leadership Vertica
Slide 11: Proprietary Raw Materials Sourcing: A Structural Cost Advantage
Proprietary Raw Materials Sourcing: A Structural Cost Advantage Recycled Plastic Film Reclaimed Wood = Trex Composite Decking Sources Sources Benefits Post-consumer materials Sawmills ✓ High performance Post-commercial waste Wood processing facilities ✓ Sustainable inputs Post-retail streams Agricul
Slide 12: Reinvigorated, Execution-focused Leadership Team
Reinvigorated, Execution-focused Leadership Team Adam Zambanini Prith Gandhi Zach Lauer President and Chief SVP, Chief Financial SVP, Chief Operations Executive Officer* Officer Officer* Joined: 2005 2025 2016 Amy Fernandez Jay Rudolph TBA – Executive SVP, Chief Legal Officer, SVP, Chief Human Searc
Slide 13: Clear Long-term Strategy
Clear Long-term Strategy | INVESTOR PRESENTATION | 13
Slide 14: Strategic Priorities to Accelerate Profitable Growth
Strategic Priorities to Accelerate Profitable Growth Create an Launch High- Optimize Lower Unbreakable performance Channels the Cost Bond with Innovation for Growth of Railing End-Users $ Fuel Priorities through Growth Enablement | INVESTOR PRESENTATION | 14
Slide 15: Create an Unbreakable Bond with End Users
Create an Unbreakable Bond with End Users Unlocking Full Potential of Our Market-leading Brand Early Proof Point of Success Active Marketing Campaigns Aligning campaigns to innovation investments Contractor-focused Marketing Shifting from consumer-only brand building to driving contractor prefer
Slide 16: Shifting Innovation Approach to Focus on Fewer, Higher-impact Programs
Shifting Innovation Approach to Focus on Fewer, Higher-impact Programs INVEST IN MULTIPLE INITIATIVES WITH $100M+ in Revenue Potential R&D Spend Focus Areas Materials Applications Offerings New Product 20%+ Lower Cost Performance Target Vitality of Goods Heat Marine Index 1 (Submersibles, Fencing Mi
Slide 17: Optimize Channels for Growth with Refined Go-to-Market Initiatives
Optimize Channels for Growth with Refined Go-to-Market Initiatives Enhance Strengthen Grow Drive Portfolio- Expand Go-to-Market Channel Railing level Pricing Stocking Approach Partnerships Attachment Strategy Positions Drive contractor Invest in channel Steadily increase Deploy new, internal Continu
Slide 18: Lower the Cost of Railing
Lower the Cost of Railing Railing Presents a Strengthening Our Position and Major Market Opportunity Improving Railing Economics • Expanding internal manufacturing capabilities, $4B 2025 Railing TAM 1 including vertical integration - Streamlining metal and composite railing production to reduce cost
Slide 19: Growth Enablement: Foundational to Executing Our Strategy
Growth Enablement: Foundational to Executing Our Strategy EARLY STAGES – ESTABLISHING KEY OBJECTIVES Culture & Engagement Workplace of the Future Drive intentional culture Capabilities in place and maximize employee engagement to execute against innovation, commercial, and operational goals Growth E
Slide 20: Expanding the Outdoor Living Platform
Expanding the Outdoor Living Platform | INVESTOR PRESENTATION | 20
Slide 21: Significant Total Addressable Market within Outdoor Living Market
Significant Total Addressable Market 1 within Outdoor Living Market ~$15B $8.2B Decking $3.8B Railing $2.7B Adjacencies 2 | INVESTOR PRESENTATION | 21 1 Source: Principia, company estimates. 2 Adjacencies include fencing, lighting, and fasteners.
Slide 22: Decking: Material Conversion Opportunity with Significant Long-term Upside
Decking: Material Conversion Opportunity with Significant Long-term Upside Secular Growth Drivers Shaping Future Growth • 40M – 50M existing homes Leading Brand with 18% Total Decking Share with aging decks in need of Leading Brand with 6% Total Railing Share replacement • Consumer shift toward prem
Slide 23: Higher Capacity Utilization Translates into Meaningful Gross Margin Expansion
Higher Capacity Utilization 1 Translates into Meaningful Gross Margin Expansion at Trex Building a Proven Playbook Results 180 44.0% 45.0% 43.1% 170 41.1% 43.0% 45% Increase 160 41.0% in Utilization (2012 – 2018) 36.9% 145 39.0% 150 35.8% 37.0% 140 34.4% 34.9% 132 130 130 35.0% ~10% Expansion 120 11
Slide 24: Railing: The First and Clearest Adjacency
Railing: The First and Clearest Adjacency Background: Why We Have a Key Initiatives for Continued Clear Right to Win Share Gains • Our fastest growing product line • Drive higher attachment rates on Trex with double-digit growth decks through brand pull-through and distribution strength • Natural ri
Slide 25: Fencing: A Natural Adjacency and Fit to Owning the Full Backyard
Fencing: A Natural Adjacency and Fit to Owning the Full Backyard Background: Strategic Rationale Key Initiatives for Pursuing Fencing • Execute targeted go-to-market strategy • Early stages of market penetration today with focus on material conversion and with clear expansion opportunity given contr
Slide 26: The Financial Setup: Significant Margin and Cash Flow Potential
The Financial Setup: Significant Margin and Cash Flow Potential | INVESTOR PRESENTATION | 26
Slide 27: Exiting Recent Peak Capital Investment Cycle
Exiting Recent Peak Capital Investment Cycle SPOTLIGHT Capex Trajectory Little Rock, AR Production Facility ~$225M • Most efficient manufacturing facility in company history ➔ Delivering gross margin expansion, freight savings, and meaningful fixed cost leverage • Sufficient capacity to support $2B+
Slide 28: Positioned to Capture Significant Operating Leverage Opportunity
Positioned to Capture Significant Operating Leverage Opportunity Adj. EBITDA Margin Expansion Over the Long -term Positioned to Capture Meaningful EBITDA Margin Expansion as 28.5% SG&A Freight leverage as Volume Recovers and Fixed cost efficiencies revenue from Little scales absorption Little Rock,
Slide 29: Financial Performance
Financial Performance Sales ($M) Adj. Gross Profit ($M) & Adj. EBITDA ($M) & Adj. Gross Margin (%) Adj. EBITDA Margin (%) $376 140.0% 140.0% $1,151 $1,174 $502 $336 $1,095 $469 $321 $447 120.0% 120.0% 100.0% 100.0% 80.0% 80.0% 60.0% 60.0% 41% 44% 40% 40.0% 29% 33% 29% 40.0% 20.0% 20.0% 0.0% 0.0% 202
Slide 30: Strong Balance Sheet and Financial Flexibility
Strong Balance Sheet and Financial Flexibility Summary Balance Sheet Net Debt ($M) & Net Debt to Adj. EBITDA As of 3/31/2026 Cash & Cash Equivalents $5M $201 Total Debt $383M Shareholders’ Equity $996M $130 Net Debt $378M Liquidity Available Credit Under Revolving Credit Facility $317M 0.5x 0.4x $4
Slide 31: Disciplined Capital Allocation Priorities
Disciplined Capital Allocation Priorities Historical Use of Cash Future Use of Cash Go-Forward Priorities (2021 – 2025) (2026 – 2030) • Focus on driving innovation, Organic brand extension, and Reinvestment profitable growth 20% ~40% Share • $150M in H1 2026 ~$1.6B $1.8B - $2.2B Repurchases • 14M sh
Slide 32: M&A Framework: Focused on Tuck-in Acquisitions
M&A Framework: Focused on Tuck-in Acquisitions Strategic Criteria Financial Filters Value and Earnings / Margin Accretive Vertical Expands Increases Provides Integration; TAM into Residential Future Growth Strong Growth Profile Builds on Adjacencies Market Options within (At Least MSD+) Existing Mfg
Slide 33: Delivering Value through Share Repurchase Program
Delivering Value through Share Repurchase Program % Shares Repurchased 3.0% 14M Shares Authorized (As of May 1, 2026) 1.5% 1.4% $660M Cumulative Capital Returned Over 0.2% Last 5 Years 2023 2024 2025 YTD 2026 YTD through May 1, 2026 | INVESTOR PRESENTATION | 33
Slide 34: Full Year 2026 and Q2 2026 Guidance
Full Year 2026 and Q2 2026 Guidance 1 Full Year 2026 Low – High Range Net Sales $1.185B – $1.230B Adjusted EBITDA $315M – $340M Depreciation & Amortization ~$85M SG&A (as a % of Net Sales) ~18% Interest Expense $8M – $10M Effective Tax Rate 25.5% – 27% CapEx $100M – $120M Q2 2026 Net Sales $388M – $
Slide 35: Why Invest in Trex
Why Invest in Trex | INVESTOR PRESENTATION | 35
Slide 36: Investment Thesis
Investment Thesis 1 2 3 4 5 Well-positioned in Trex is the Driving above Industry leading Returning capital large addressable category-defining market growth margin profile to shareholders market brand with through material with capital cycle continues to be substantial conversion ending, FCF #1 pri
Slide 37: Appendix
Appendix | INVESTOR PRESENTATION | 37
Slide 38: Non-GAAP to GAAP Reconciliation Tables
Non-GAAP to GAAP Reconciliation Tables $ Millions 2023 2024 2025 GAAP Sales $ 1,095 $ 1,151 $ 1,174 Adjustments1 - - 6 Adjusted Sales $ 1,095 $ 1,151 $ 1,180 GAAP Gross Profit $ 451 $ 502 $ 460 Adjustments2 (4) - 9 Adjusted Gross Profit $ 447 $ 502 $ 469 Gross Margin 41.2% 43.6% 39.2% Adjusted Gross
Slide 39: Non-GAAP to GAAP Reconciliation Tables
Non-GAAP to GAAP Reconciliation Tables $ Millions 2012 2013 2014 2015 2016 2017 2018 Sales 307 343 392 441 480 565 684 Gross Profit 85 99 140 155 187 243 295 Adjustments^ 21 21 - 8 10 - 6 Adjusted Gross Profit 106 120 140 163 197 243 301 Gross Margin 27.5% 28.8% 35.8% 35.1% 39.0% 43.1% 43.1% Adjuste