Slide 1: Fiscal 2025 Fourth Quarter and Full-Year Results
Fiscal 2025 Fourth Quarter and Full-Year Results MARCH 24, 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 Glenn Floyd Chief Executive Officer President 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: Core & Main Snapshot
CORE & MAIN SNAPSHOT Key Stats(1) Market Reach (1) $10.4B $7.6B $462M $931M 370+ ~5,600 60K+ 5,000+ 225K+ Market Cap Net Sales Net Income Adjusted EBITDA(2) Branches Associates Customers Suppliers Products U.S. Market Share (1) Total Market Share(1) 20% 17% $39B $44B TAM(3) TAM (3)(4) New Constructi
Slide 6: Compelling Value Proposition
COMPELLING VALUE PROPOSITION Local Expertise Value to Customers Value to Suppliers National Capabilities We deliver essential infrastructure products and solutions to communities for water, wastewater, storm drainage, and fire protection needs. We succeed by investing in our people to know their ind
Slide 7: FY25 Accomplishments
FY25 ACCOMPLISHMENTS Consistent Execution in a Dynamic Operating Environment ▪ Achieved FY25 net sales of $7.65B, Adjusted EBITDA(1) of $931M and Adjusted Diluted EPS(1) of $2.97 ▪ Broadened our product portfolio to address aging water infrastructure ▪ Expanded footprint with targeted growth investm
Slide 8: Secular End Market Trends
SECULAR END MARKET TRENDS Our End Markets Are Poised for Long-Term Growth U.S. Municipal Water Infrastructure Spending(1) Non-Residential Starts(2) Single Family Housing Starts(3) Considerations ▪ Municipal end market benefits from a large base of aging infrastructure that drives consistent repair a
Slide 9: Sales Initiatives Driving Market Share Gains
SALES INITIATIVES DRIVING MARKET SHARE GAINS Meters Treatment Plant Solutions Fusible HDPE Geosynthetics Strategic Accounts Geographic Expansion Industry-Leading Capabilities Drive Consistent Above Market Growth © Core & Main All Rights Reserved. Confidential and Proprietary Information. 9
Slide 10: Driving Sustainable Growth Through M&A
DRIVING SUSTAINABLE GROWTH THROUGH M&A Deep & Actionable Acquisition Pipeline… …Backed by a Proven Integration Playbook ▪ Clear strategic and financial criteria focused on geographic and Hundreds product line expansion of Acquisition Targets ▪ Proprietary acquisition sourcing model supported by deep
Slide 11: Multiple Levers to Drive Margin Expansion
MULTIPLE LEVERS TO DRIVE MARGIN EXPANSION Sourcing & Pricing Technology & Private Label Optimization Innovation Internal master distributor platform National buying expertise & Focused investment in core enabling direct-sourcing of private proactive product management business processes and white-la
Slide 12: Financial Results
Financial Results ROBYN BRADBURY
Slide 13: Q4 2025 Financial Results
Q4 2025 FINANCIAL RESULTS ($ in Millions, Except Per Share Amounts) Net Sales Gross Profit Net Income $1,698 $451 $73 $1,581 $428 (7%) (5%) $67 +9% +1% Avg. Daily % of % of 26.6% +50 bps 27.1% 3.9% +70 bps 4.6% Sales Growth(1) Sales Sales Q4'24 Q4'25 Q4'24 Q4'25 Q4'24 Q4'25 Adjusted EBITDA(2) Dilute
Slide 14: FY25 Financial Results
FY25 FINANCIAL RESULTS ($ in Millions, Except Per Share Amounts) Net Sales Gross Profit Net Income $7,647 $7,441 $2,059 +3% $1,980 $462 +4% $434 +7% +5% Avg. Daily % of % of 26.6% +30 bps 26.9% 5.8% +20 bps 6.0% Sales Growth(1) Sales Sales FY24 FY25 FY24 FY25 FY24 FY25 Adjusted EBITDA(2) Diluted EPS
Slide 15: FY25 Cash Flow & Balance Sheet
FY25 CASH FLOW & BALANCE SHEET ($ in Millions) Operating Cash Flow Capital Structure $931 ($104) Facility Maturity Interest Rate As of 2/1/26 ($103) ($79) $5 $650 Senior ABL Credit Facility 2/9/29 S + 125(3) — Senior Term Loan due 2028 7/27/28 S + 200 1,233 Senior Term Loan due 2031 2/9/31 S + 200 9
Slide 16: Fiscal 2026 Outlook
FISCAL 2026 OUTLOOK Disciplined Outlook with Margin Progress and Strong Cash Flow Generation ($ 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) Adjust
Slide 17: Appendix
Appendix
Slide 18: Product & Service Offering
PRODUCT & SERVICE OFFERING © Core & Main All Rights Reserved. Confidential and Proprietary Information. 18
Slide 19: 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 ▪ Maintain a robus
Slide 20: 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 ~$1.8B of Sales Acquired S
Slide 21: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES ($ in Millions) Adjusted EBITDA & Adjusted EBITDA Margin Three Months Ended Fiscal Years Ended February 1, 2026 February 2, 2025 February 1, 2026 February 2, 2025 Net income attributable to Core & Main, Inc. $ 70 $ 64 $ 441 $ 411 Plus: net income attributable to n
Slide 22: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES Adjusted Diluted EPS Three Months Ended Fiscal Years Ended February 1, 2026 February 2, 2025 February 1, 2026 February 2, 2025 January 28, 2024 Diluted earnings per share $ 0.37 $ 0.33 $ 2.31 $ 2.13 $ 2.15 Amortization of intangible assets 0.19 0.20 0.75 0.75 0.54
Slide 23: 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 Fiscal Year Ended Three Months Ended February 1, 2026 February 1, 2026 November 2, 2025 August 3, 2025 May 4, 2025 Operating Cash Flow $ 650 $ 268 $ 271 $ 34 $ 77 Less: Capit
Slide 24: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES ($ in Millions) Net Debt As of February 1, 2026 February 2, 2025 Senior ABL Credit Facility due February 2029 $ — $ 93 Senior Term Loan due July 2028 1,233 1,248 Senior Term Loan due February 2031 933 942 Total Debt $ 2,166 $ 2,283 Less: Cash & Cash Equivalents (2