Armstrong World Industries Inc · NYSE:AWI
Armstrong World Industries — Investor Presentation (November 2026)
35 slides from Armstrong World Industries's investor presentation, Nov 9, 2026
Slide 1: November 2026 Investor Presentation
November 2026 Investor Presentation Exhibit 99.2
Slide 2: Safe Harbor Statement
Safe Harbor Statement When we refer to “AWI,” the “Company,” “we,” “our” or “us,” we are referring to Armstrong World Industries, Inc. and its subsidiaries. Certain statements in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Refor
Slide 3: Basis of Presentation Explanation
Basis of Presentation Explanation Results throughout this presentation are presented on a normalized basis. We remove the impact of certain discrete expenses and income in certain measures including adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), adjusted diluted
Slide 4: Armstrong World Industries at a glance
Headquartered in Lancaster, PA *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure | **Based on internal company estimates. 1. Includes impacts from Unallocated Corporate segment. | 2. Excluding 7 WAVE facilities. | 3. Includes data centers. Armstrong World Industries, Inc. An
Slide 5: The Armstrong Purpose
The Armstrong Purpose Making a positive difference in the spaces where we… Live Work Learn Heal Play It matters to us, and it matters to our stakeholders 5
Slide 6: Sustainability is Integral to Our Success
Our workforce will be safe, diverse, inclusive and fulfilled, and we will actively contribute to our local communities. Our electricity will be either directly or indirectly sourced through renewable energy, and we will reduce carbon, GHG waste and water impacts of our products and solutions. We are
Slide 7: Creating a Differentiated and Focused Building Products Company
1. AWI Net Sales represents AWI on a Continuing Operations (Americas, ceilings and walls only) basis. Creating a Differentiated and Focused Building Products Company AWI Net Sales1 2013 2016 2021 2025 2014 2015 2017 2018 2019 2020 2022 2023 2024 Added digital capabilities to better serve our custome
Slide 8: Why Invest in AWI?
Why Invest in AWI? Value Creation for Shareholders Unique company in an attractive industry Complementary, high performing segments Strong financial returns Focused strategy for consistent, profitable growth
Slide 9: Why Invest in AWI? Unique company in an attractive industry
Why Invest in AWI? Value Creation for Shareholders Unique company in an attractive industry Complementary, high performing segments Strong financial returns Focused strategy for consistent, profitable growth
Slide 10: Uniquely Positioned to Win in an Attractive Category
*Based on internal company estimates. Ceiling and wall solutions matter in designing high-performing spaces Uniquely Positioned to Win in an Attractive Category Attractive Category Ceilings and wall category has distinctive attributes in the building products industry Why We Win As the industry lead
Slide 11: Diverse End Markets Drive Stability Throughout Cycles
*12-to-24-month outlook based on internal company estimates and Dodge data and analytics. | **Based on internal company estimates. 1. According to the Federal Aviation Administration. | 2. Includes data centers. Diverse End Markets Drive Stability Throughout Cycles End Market Vertical Outlook* 10% R
Slide 12: Why Invest in AWI? Complementary, high performing segments
Why Invest in AWI? Value Creation for Shareholders Unique company in an attractive industry Complementary, high performing segments Strong financial returns Focused strategy for consistent, profitable growth
Slide 13: Complementary Segments with Strong Profitability
*Non-GAAP Measure. Reconciliations provided in the appendix of this presentation. | 1. CAGR represents 2020 to 2025 results. | 2. Based on internal company estimates. | 3. Average Unit Value. Complementary Segments with Strong Profitability Mineral Fiber Segment Architectural Specialties Segment Con
Slide 14: Successful Joint Venture Creates Important Competitive Advantage
1. Through the year ended December 31, 2025. | 2. As of December 31, 2025. WAVE leverages the strengths and expertise of both parent companies Successful Joint Venture Creates Important Competitive Advantage Go to market expertise Steel procurement and supply chain management expertise Established i
Slide 15: Together Our Segments Deliver the AWI Total Customer Experience
Together Our Segments Deliver the AWI Total Customer Experience AWI is uniquely positioned to efficiently deliver a broad range of innovative, highly-specified solutions to our customers Specification Leadership Broadest Portfolio of Products Brand Strength Operational Excellence Best-in-Class Distr
Slide 16: AWI is the Supplier of Choice for Large, Complex Projects
Virginia Tech Innovation Campus Academic Building One AWI is the Supplier of Choice for Large, Complex Projects Products Specified AS: WoodWorks® ACGI Walls & Ceilings MF: InvisAcoustics™ Ceiling Panels AS: Turf® Design Acoustical Backer WAVE: Axiom® Classic Trim AS: Turf® Slice Acoustical Panels WA
Slide 17: Why Invest in AWI? Focused strategy for consistent, profitable growth
Why Invest in AWI? Value Creation for Shareholders Unique company in an attractive industry Complementary, high performing segments Strong financial returns Focused strategy for consistent, profitable growth
Slide 18: Focused Growth Strategy that Consistently Drives Value for Stakeholders
Focused Growth Strategy that Consistently Drives Value for Stakeholders Enhances our competitive advantage Expands volume and AUV growth potential Creates shareholder value Expected Outcomes Consistently strong financial performance Market-driven product innovation Acquisitions to build greater mark
Slide 19: New Products and Features Consistently Rewarded by the Market
New Products and Features Consistently Rewarded by the Market 1. Product Vitality Index represents the percent of total sales from products introduced in the last 5 years. Pre-Spin and Post-Spin refers to the separation from Armstrong Flooring, Inc., completed on April 1, 2016. 2. US and Canada Mine
Slide 20: Innovation Focus: Reducing Energy Use and Carbon in the Built Environment
Innovation Focus: Reducing Energy Use and Carbon in the Built Environment Energy Savings Case Studies The LEEAP Center Case Study Palm Springs Classroom Case Study Recent Product Launches Ultima® Low Embodied Carbon (LEC) Ceiling Panels Offers 43% reduction2 in embodied carbon using sustainably prod
Slide 21: Innovation Focus: Enabling High-Performance Data Centers
Innovation Focus: Enabling High-Performance Data Centers Recent Product Launches Solutions Aligned with Market Needs Multi-Year, Macro-Driven Opportunity Supports long‑term growth driven by increasing demand for resilient digital infrastructure, underpinned by the continued expansion of cloud comput
Slide 22: Large Installed Base Provides Sizable Opportunity to Influence Demand
*Based on internal company estimates. Large Installed Base Provides Sizable Opportunity to Influence Demand Strategic Initiatives Support Volume and AUV Growth Sustainable, Energy Efficient Buildings Description Digital platform to deliver end-to-end ceiling solutions, accessing untouched demand Aut
Slide 23: Driving Profitable AS Topline Growth Through Acquisitions and Market Penetration
1. 2023, 2024 and 2025 acquisition post-synergies are based on future expected results. Driving Profitable AS Topline Growth Through Both Acquisitions and Market Penetration AS Segment Net Sales (M) 22% CAGR ACQUISITIONS: AWI’s scale and focus drive synergies to enhance profitability and create val
Slide 24: Why Invest in AWI? Strong financial returns
Why Invest in AWI? Value Creation for Shareholders Unique company in an attractive industry Complementary, high performing segments Strong financial returns Focused strategy for consistent, profitable growth
Slide 25: Resilient Business Model Creates Value for Shareholders
*Non-GAAP measure. See appendix for reconciliation to the nearest GAAP measure. Resilient Business Model Creates Value for Shareholders Delivering consistent and exceptional results despite a challenging macro environment Net Sales ($M) Adjusted EBITDA* ($M) Adj Free Cash Flow* ($M) Adjusted Diluted
Slide 26: Strong Cash Flow Profile Supports All Capital Allocation Priorities
Strong Cash Flow Profile Supports All Capital Allocation Priorities ~$1.3B of Adj. Free Cash Flow* generated since 2021 Balanced Approach to Capital Allocation Adj. Free Cash Flow* Adj. Free Cash Flow Conversion*1 Capital Allocation Priorities Reinvesting into the business Strategic acquisitions & p
Slide 27: Creating Value for Shareholders
Creating Value for Shareholders Unique company in an attractive industry Complementary, high performing segments Focused strategy for consistent, profitable growth Strong financial returns AWI Investor Value Proposition AWI vs S&P 500 and Russell 2000 $169 Share price performance indexed to $1001 AW
Slide 28: Updated Full Year 2026 Guidance
Updated Full Year 2026 Guidance1 Commentary2 $1,788M to $1,803M Net Sales 10% to 11% YoY Prior: $605M to $620M Adjusted EBITDA* 9% to 12% YoY Adjusted Diluted EPS* Prior: $8.30 to $8.50 12% to 15% YoY $8.30 to $8.40 12% to 13% YoY Adjusted Free Cash Flow* 10% to 14% YoY Prior: $1,770M to $1,800M 9%
Slide 29: Appendix
® Appendix
Slide 30: Full Year 2026 Assumptions
Full Year 2026 Assumptions1 Segment Net Sales Adjusted EBITDA Margin* Mineral Fiber ~6.5% growth (prior: ~7%) 43-44% (prior: ~44%) Architectural Specialties 18-19% growth (prior: 15-17%) ~19% Consolidated Metrics Full Year 2026 Capital expenditures $100M to $105M (prior: $100M to $110M) Depreciation
Slide 31: 2021 – 2025 Adjusted EBITDA Reconciliation
2021 – 2025 Adjusted EBITDA Reconciliation For the Twelve Months Ended December 31, 2021 2022 2023 2024 2025 Net Sales $1,107 $1,233 $1,295 $1,446 $1,621 Net earnings $183 $203 $224 $265 $309 Less: Net (loss) earnings from discontinued operations (2) 3 - - - Earnings from continuing operations $185
Slide 32: 2021 – 2025 Adjusted Diluted Earnings per Share Reconciliation
2021 – 2025 Adjusted Diluted Earnings per Share Reconciliation For the Twelve Months Ended December 31, For the Twelve Months Ended December 31, 2021 2022 2023 2024 2025 Earnings from continuing operations $185 $200 $224 $265 $309 Add: Income tax expense, as reported 57 58 75 82 92 Earnings from con
Slide 33: 2021 – 2025 Adjusted Free Cash Flow Reconciliation
2021 – 2025 Adjusted Free Cash Flow Reconciliation . Year Ended December 31, For the Three Months Ended March 31: 2021 2022 2023 2024 2025 Net cash provided by operating activities $187 $182 $234 $267 $356 Net cash (used for) provided by investing activities ($14) $28 ($10) ($79) ($4) Net cash provi
Slide 34: 2025 Segment Adjusted EBITDA Reconciliation
2025 Segment Adjusted EBITDA Reconciliation Year Ended December 31, 2025 MF AS UC Net sales $1,031 $590 - Operating income (loss) $362 $72 ($3) Add: RIP expense1 - - 2 Add: Acquisition-related impacts2 1 2 - (Less): Gain on sales of fixed assets, net3 (1) - - Adjusted operating income (loss) $362 $7
Slide 35: 2026 Adj. EBITDA Guidance Reconciliation
2026 Adj. EBITDA Guidance Reconciliation Full Year 2026 Low High Net earnings $335 $340 Add: Income tax expense 112 113 Earnings before income taxes $446 $453 Add: Interest expense 30 30 Add: Other non-operating (income), net (4) (4) Operating income $472 $479 Add: RIP expense1 2 2 Add: Acquisition-
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