Slide 1: Company Overview: Evolution and Outlook
Company Overview Evolution and Outlook Investor Presentation Summer 2026
Slide 2: Forward Looking Statements
Forward Looking Statements Forward-Looking Statements. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking s
Slide 3: Eagle Materials Company Overview
Eagle Materials Company Overview ▪ Founded in 1963 as a subsidiary of Centex Corp. Revenue (FYE March 31, $ in millions) ▪ Completed the IPO in 1994 and stock began $2,309 trading on the NYSE $2,259 $2,261 ▪ In 2004, Centex spun off Centex Construction Products which became Eagle Materials Inc. (NYS
Slide 4: Who We Are
Who We Are We Manufacture Necessities Not Luxuries • Our two major product lines are Portland Operating Earnings + DD&A by Segment cement (“Heavy” materials) and gypsum for FYE Mar-25 ($ in millions) wallboard (“Light” materials), today proportionately 60/40 Gypsum Wallboard $311 • Both building pro
Slide 5: Operational Benchmarking – Public Market Peers
Operational Benchmarking – Public Market Peers Pre-Tax Margin % (FY 2026 / CY 2025) Pre-Tax Margin % (10-Year Average) 30.0 30.0 23.5 22.4 19.9 20.0 17.5 20.0 17.5 14.7 14.5 13.8 12.7 12.8 12.8 9.3 10.7 10.0 6.8 8.4 10.0 8.0 8.3 5.7 – – Eagle Heavy Peers Light Eagle Heavy Peers Light Peers 1 Peers 1
Slide 6: Return on Capital – Public Market Peers
Return on Capital – Public Market Peers Return on Equity % (FY 2026 / CY 2025) Return on Equity % (10-Year Average) 28.9 30.0 30.0 26.3 20.8 22.4 20.0 18.4 16.4 20.0 13.0 13.1 13.3 11.8 11.7 10.1 10.2 10.2 11.1 10.0 8.4 5.5 10.0 6.5 N/A 0.0 – Eagle Heavy Peers Light Eagle Heavy Peers Light Peers 1 P
Slide 7: Free Cash Flow – Public Market Peers
Free Cash Flow – Public Market Peers Free Cash Flow Yield % (FY 2026 / CY 2025) Free Cash Flow Yield % (10-Year Average) 8.0 8.0 6.5 6.0 6.0 4.8 6.0 5.1 4.4 3.5 3.9 4.0 3.2 3.0 3.4 3.0 4.0 2.6 2.6 2.4 2.0 2.0 N/A – – Eagle Heavy Peers Light Eagle Heavy Peers Light Peers 1 Peers 1 Free Cash Flow Conv
Slide 8: End-Use Applications
End-Use Applications US Building Code and Specification Driven Cement is the essential The water binding material in concrete molecule US End-Use imbedded in which has • Unrivaled strength, durability, Cement Segments Wallboard gypsum longevity and resilience wallboard • Energy efficiency Applicatio
Slide 9: Heavy-Side Footprint Across US Heartland
Heavy-Side Footprint Across US Heartland Strategic Geographic Focus, Manufacturing Away from US Coastlines (Imports) Plants and Capacities1 (ST2 thousands) Texas Lehigh (50%) 720 Illinois Cement 1,100 Mountain Cement 800 Nevada Cement 550 Central Plains Sugar Creek 1,300 Central Plains Tulsa 900 Fai
Slide 10: US Cement Consumption and Clinker Capacity
US Cement Consumption and Clinker Capacity Million Metric Tons 120,000 Theoretical US Clinker Capacity 100,000 New capacity -- and capacity expansion -- is 80,000 constrained due to regulation (NESHAP) 60,000 Imports will be required 40,000 again to meet demand 20,000 0 2021 2022 2023 2024 2025 2026
Slide 11: Cement Consumption Since 2000
Cement Consumption Since 2000 Current Cement Consumption Nearly 20% Below Prior Peak US Population, 2000: US Population, 2025: 282 million 340 million EXP FY06 Cement EBITDA Margin: EXP FY26 Cement EBITDA Margin: 160 30.9% 33.5% 140.6 140.0 140 132.1 123.8 126.1 120.5 119.3 119.2 121.5 120.4 119.0 1
Slide 12: Gypsum Wallboard and Paperboard System
Gypsum Wallboard and Paperboard System US Sunbelt Strategic Geographic Focus West of Mississippi River Natural Gypsum Gypsum, CO East of Mississippi River 700 MMSF Synthetic Gypsum Duke, OK 1,200 MMSF Albuquerque, NM Georgetown, SC 425 MMSF 900 MMSF Bernalillo, NM Lawton, OK 550 MMSF 380,000 tons pa
Slide 13: Gypsum Wallboard
Gypsum Wallboard Raw Material Constraints Have Impacted Industry Costs and Supply 2,500 Lack of availability of key raw material source for $300 almost 50% of the industry (but not Eagle) has led to: ▪ Steepening of the industry cost curve ▪ Crimping of existing capacity $250 2,000 ▪ Limited ability
Slide 14: Wallboard Consumption Since 2000
Wallboard Consumption Since 2000 Current Wallboard Consumption Well Below Prior Peak US Population, 2000: ▪ Wallboard consumption 25% below prior peak US Population, 2025: 282 million 340 million ▪ Single-family housing starts 45% below prior peak 50 EXP FY06 Wallboard EBITDA Margin: EXP FY26 Wallbo
Slide 15: Supply Constraints Have Led To Pricing Stability
50 0 100 150 200 250 300 Jan-11 May-11 Sep-11 Jan-12 May-12 Source: Bureau of Labor Statistics Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 Cement May-17 Sep-17 Jan-18 May-18 Sep-18 Wallboard Jan-19 May-19 Sep-19 Jan-20 May-20 Aggregates Sep-20 Ja
Slide 16: Growth Initiatives – Acquisitions
Growth Initiatives – Acquisitions Strengthened Footprint Through Aggregates Acquisitions ▪ Big Bend Quarry Acquisition — ~$25 million purchase price — Added 1.2 million tons of annual production capacity — Added 65 million tons of aggregates reserves — Pure-play aggregates business complimentary to
Slide 17: Growth Initiatives – Organic
Growth Initiatives – Organic Executing On Strategic Priorities and Long-Term Growth Projects ▪ Mountain Cement Modernization and Expansion (Expected commissioning in late 2026) — ~$400+ million investment — 400,000 tons of additional production capacity (5% addition to total Eagle capacity) — 25% re
Slide 18: Wyoming Cement Plant Modernization Progress
Wyoming Cement Plant Modernization Progress Expected Commissioning Late Calendar 2026 ▪ ~$400+ million investment ▪ 400,000 tons of additional production capacity (5% addition to total Eagle capacity) ▪ 25% reduction in operating costs ▪ Single, modern production line replaces two-older, inefficient
Slide 19: Oklahoma Wallboard Plant Modernization Progress
Oklahoma Wallboard Plant Modernization Progress Expected Commissioning Late Calendar 2027 ▪ ~$300+ million investment ▪ 20% reduction in operating costs ▪ 300 million square feet of additional production capacity (8% addition to total Eagle capacity) ▪ Single, modern production line replaces two-old
Slide 20: Well-Managed Capital Structure
Well-Managed Capital Structure Flexibility For Growth Through Focus on Balance Sheet Strength Kosmos Acquisition Plan was implemented to 3.1x quickly reduce leverage post-acquisition 1.9x 1.5x 1.4x 1.4x 1.5x 1.3x 1.3x FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Net Debt and Adjusted EBITDA are non-GAAP
Slide 21: Eagle Materials Capital Allocation
Eagle Materials Capital Allocation Light-Side Nearly $3.5 Billion Over the Last Five Years Improvement ▪ Capital Allocation Priorities Remain Unchanged Heavy-Side Growth and Improvement — Investments in Profitable Strategic Growth Opportunities — Investments to Maintain and Improve Existing Share As
Slide 22: Long-Term Outlook Remains Favorable
Long-Term Outlook Remains Favorable Eagle is Well-Positioned for Long-Term Growth 22
Slide 23: Appendix
—al Eagle Materials Appendix
Slide 24: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation $ in millions, Fiscal Year Ending March 31 FY 24 FY 25 FY 26 We present Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA to provide more consistent Net Earnings, as reported $ 478 $ 463 $ 424 comparison of operating performanc
Slide 25: Net Debt to Adjusted EBITDA Reconciliation
Net Debt to Adjusted EBITDA Reconciliation $ in millions, Fiscal Year Ending March 31 GAAP does not define “Net Debt” and it should FY 24 FY 25 FY 26 not be considered as an alternative to cash flow or liquidity measures defined by GAAP. We Total debt, excluding debt issuance costs $ 1,103 $ 1,246 $