Masterbrand, Inc. · NYSE:MBC
Masterbrand — Q4 2025 Earnings Presentation
24 slides from Masterbrand's earnings presentation, Feb 10, 2026
Slide 1: Q4 and Full Year 2025 Investor Presentation
Q4 and Full Year 2025 Investor Presentation February 10, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements contained in this presentation, other than purely historical information, including, but not limited to es timates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those st
Slide 3: MasterBrand Overview
MasterBrand Overview #1 North American residential cabinet manufacturer MasterBrand at a glance 1 MasterBrand key financial metrics 14% ~60% 11% 13% $2.7 billion 11% 2025 Net sales Net sales to R&R 11% 11% 12,500+ $2.5 $2.9 $3.3 $2.7 $2.7 $2.7 Employees $298 million 2025 Adjusted EBITDA 2 20+ Manufa
Slide 4: The MasterBrand Story
The MasterBrand Story O UR PU RPO SE O UR VISIO N O UR CU L TU R E Building great experiences together Build on our rich history by innovating Make the team better how we work and what we offer to Be bold delight our customers Champion improvement PRE-SPIN-OFF Industry Leader Product & Brand Portfol
Slide 5: Environmental Responsibility & Sustainability
ENVIRONMENTAL RESPONSIBILITY & SUSTAINABILITY We integrate environmental care into our business boliofs, which continually drive us to enhance tho sustainability of our operations. At MasterBrand, we have built a foundation of doing what is right for people and the environment. Our sustainability jo
Slide 6: Industry Leading Customer Base
Industry Leading Customer Base MasterBrand channel mix1 Masterbrand has a leadership position across channels… 13% Overview of primary sales channels in the US and Canada: Dealer Retail Retailers / Home Dealer Channel Builder Channel 32% 55% Center Channel Builder Primary End R&R / New Home New Home
Slide 7: Multi-Branded Strategy Across Price Points and Products
Multi-Branded Strategy Across Price Points and Products MasterBrand portfolio by type and key brands <$350 Price point (per cabinet) >$750 Value Stock Value Semi-custom Semi-custom Premium 7
Slide 8: Integrated Manufacturing Network & Strong Track Record of Continuous Improvement
Integrated Manufacturing Network & Strong Track Record of Continuous Improvement O L D MO D E L: 10+ product platform / plant silos ✓ Footprint optimization + + + Assets Capabilities Product Specs ✓ Proven tools of our business system, enable product N EW MO D E L: 4 construction-specific product pl
Slide 9: MasterBrand + American Woodmark: Compelling Strategic Combination with Clear Value Drivers
MasterBrand + American Woodmark: Compelling Strategic Combination with Clear Value Drivers Brings Together Two Highly Complementary American Businesses, Benefitting Customers, Associates, and Shareholders Enhances the Industry’s Most Diversified Portfolio of World-Class Cabinet Brands and Products C
Slide 10: Q4 2025 Highlights
Q4 2025 Highlights Financial Results • Top-line performance was primarily the ($ in millions, except per share amounts) Q4 2025 Q4 2024 B/(W) result of a mid-single-digit year-on-year market decline, partially offset by the Net Sales $644.6 $667.7 (3.5%) continued flow through of previously Gross Pr
Slide 11: FY 2025 Highlights
FY 2025 Highlights Financial Results ($ in millions, except per share amounts) 2025 2024 B/(W) • Top-line performance was driven by a 5% contribution from Supreme and net ASP improvements, partially offset by a mid- Net Sales $2,734.7 $2,700.4 1.3% single-digit market decline. Gross Profit $827.6 $8
Slide 12: Near-Term Expectations
Near-Term Expectations First Quarter 2026 Outlook 1 • Q1 2026 end markets are expected to be down mid- to high-single- digits year-over-year. Market Growth MasterBrand • Adjusted EBITDA2 range primarily reflects the impact of lower expected volumes on fixed cost absorption, as well as the timing of
Slide 13: Estimated Tariff Exposure and Impact
Estimated Tariff Exposure and Impact Full Year 2026 Tariff Impact Current Tariff Environment Gross Tariff Costs1 • Liberation Day Tariffs – General tariffs against imported goods, with rates varying by country of origin. 5-6% of 2026 Net Sales • Section 232 Tariffs – Including 25% tariff on (before
Slide 14: Long-Term Financial Targets
Long-Term Financial Targets Long Term Outlook1,2 Clear Path to Achieving Results MasterBrand 1. Business and portfolio aligned with the customer Market Growth 4-6% CAGR 2. Operational excellence will fuel margin growth Net Sales 3-5% CAGR North American 3. Flexible platform allows us to navigate any
Slide 15: Appendix
05 Appendix MasterBrand: Investor Day 2022
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement the financial information presented in accordance with generally accepted accounting principles in the United S tates (“GAAP”) in this presentation, certain non- GAAP financial measures as defined under SEC rules have been included. It is our intent to provi
Slide 17: Full Year Non-GAAP Reconciliations
Full Year Non-GAAP Reconciliations Fiscal Year Ended December 27, December 26, December 25, December 31, December 29, December 28, (In millions, except percentages) 2020 2021 2022 2023 2024 2025 Reconciliation of Net Income to EBITDA to ADJUSTED Net income (GAAP) $ 145.7 $ 182.6 $ 155.4 $ 182.0 $ 12
Slide 18: Full Year Non-GAAP Reconciliation Tick Legend
Full Year Non-GAAP Reconciliation Tick Legend [1] Acquisition-related costs are transaction and integration costs, including legal, accounting and other professional fees, severance, stock-based compensation, and other integration related costs. These charges are primarily recorded within selling, g
Slide 19: Q4 2025 Non-GAAP Reconciliations
Q4 2025 Non-GAAP Reconciliations 19 Note: See tick legend on slide 21
Slide 20: 2025 Non-GAAP Reconciliations
2025 Non-GAAP Reconciliations 20 Note: See tick legend on slide 21
Slide 21: 2025 Non-GAAP Reconciliations Tick Legend
2025 Non-GAAP Reconciliations Tick Legend [1] Acqu isition-related costs are transac tion and integration costs, including legal, accoun ting and other professional fees, severanc e, stoc k-based compensation, and other integration related costs. These charges are primarily rec orded within selling,
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations 22
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations 23
Slide 24: Prior Year to Current Year Net Sales Walk
Prior Year to Current Year Net Sales Walk Q4 % Change FY 2025 % Change 2024 Net Sales (millions) $ 667.7 $ 2,700.4 Volume (35.0) -5% (156.5) -6% Net ASP1 11.9 2% 60.7 2% Acquisition of Supreme 0 0% 131.5 5% Foreign Currency 0 0% (1.4) 0% 2025 Net Sales (millions) $ 644.6 -3% $ 2,734.7 1% 1 Net ASP (