Slide 1: Q3 2025 Investor Presentation
Q3 2025 Investor Presentation November 4, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements contained in this presentation, other than purely historical information, including, but not limited to estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those sta
Slide 3: MasterBrand Overview
MasterBrand Overview #1 North American residential cabinet manufacturer MasterBrand at a glance 1 MasterBrand key financial metrics $3.5 14% ~60% 11% 13% 14% $2.7 billion Net sales to R&R $3.0 11% 2024 Net sales 11% 12% $2.5 10% 13,000+ $2.5 $2.9 $3.3 $2.7 $2.7 10% Employees $2.0 $2.4 $364 million 8
Slide 4: The MasterBrand Story
The MasterBrand Story OUR PURPOSE OUR VISION OUR CULTURE 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 How? Tools that enable us to: PRE-SPIN-OFF Industry Leader Pro
Slide 5: Foundation of doing what is right for people and the environment
At MasterBrand, we have built a foundation of doing what is right for people and the We are committed to fulfilling our roles as good corporate citizens by seeking environment. Our sustainability journey is ongoing, and as our associates continue to improve our impact on the environment, ensuring th
Slide 6: Industry Leading Customer Base
Industry Leading Customer Base MasterBrand channel mix 1 MasterBrand has a leadership position across channels… 13% Overview of primary sales channels in the US and Canada: Dealer Retailers / Home Dealer Channel Builder Channel Retail Center Channel 32% 55% Industry Channel Builder $7.3bn $3.4bn $1.
Slide 7: Multi-Branded Strategy Across Price Points and Products
Multi-Branded Strategy Across Price Points and Products MasterBrand offers the most MasterBrand portfolio by type and key brands diverse product portfolio and covers the price spectrum 1 Price point <$350 >$750 (per cabinet) 100% Stock /In-Stock Semi-Custom Custom/Premium 90% ~20% 80% 70% ~60% ~27%
Slide 8: Integrated Manufacturing Network & Strong Track Record of Continuous Improvement
Integrated Manufacturing Network & Strong Track Record of Continuous Improvement O L D M O D E L : 10+ product platform / plant silos ✓ Footprint optimization + + + Assets Capabilities Product Specs ✓ Proven tools of our business system, enable product N E W M O D E L : 4 construction-specific produ
Slide 9: MasterBrand + American Woodmark: Compelling Strategic Combination with Clear Value Drivers
MasterBrand + American Woodmark: Compelling Strategic Combination with Clear Value Drivers Brings Together Two Highly Complementary American Businesses, Benefitting Customers, Associates, and Shareholders Enhances the Industry’s Most Diversified Portfolio of World-Class Cabinet Brands and Products C
Slide 10: Q3 2025 Highlights
Q3 2025 Highlights Financial Results • Top-line performance was primarily the ($ in millions, except per share amounts) Q3 2025 Q3 2024 B/(W) result of mid- to high single-digit market decline, partially offset by the continued Net Sales $698.9 $718.1 (2.7%) flow through of previously implemented Gr
Slide 11: Near-Term Expectations
Near-Term Expectations Full Year 2025 Outlook 1 Drivers • Mid-single-digit decrease in organic net sales y-o-y; Supreme to add mid- single-digits Market Growth MasterBrand • Organic net sales performance to outperform underlying market demand as new products and channel-specific offerings, and previ
Slide 12: Long-Term Financial Targets
Long-Term Financial Targets Long Term Outlook1 Market Growth MasterBrand 3-5% CAGR 4-6% CAGR North American Cabinets Market Net Sales ~16%-18% FY Adjusted EBITDA Margin2 Clear Path to Achieving Results 1. Business and portfolio aligned with the customer 2. Operational Excellence will fuel margin gro
Slide 13: Appendix
05 Appendix MasterBrand: Investor Day 2022
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement the financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”) in this presentation, certain non-GAAP financial measures as defined under SEC rules have been included. It is our intent to provide
Slide 15: Full Year Non-GAAP Reconciliations
Full Year Non-GAAP Reconciliations Fiscal Year Ended December 29, December 27, December 26, December 25, December 31, December 29, (In millions, except percentages) 2019 2020 2021 2022 2023 2024 Reconciliation of Net Income to EBITDA to ADJUSTED EBITDA Net income (GAAP) $ 100.7 $ 145.7 $ 182.6 $ 155
Slide 16: FY Non-GAAP Reconciliations Tick Legend
FY Non-GAAP Reconciliations 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, general
Slide 17: Q3 2025 Non-GAAP Reconciliations
Q3 2025 Non-GAAP Reconciliations 18 Note: See tick legend on slide 20
Slide 18: YTD 2025 Non-GAAP Reconciliations
YTD 2025 Non-GAAP Reconciliations 19 Note: See tick legend on slide 20
Slide 19: 2025 Non-GAAP Reconciliations Tick Legend
2025 Non-GAAP Reconciliations 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, gener
Slide 20: Non-GAAP Reconciliations: Condensed Consolidated Balance Sheets
Non-GAAP Reconciliations CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 28, September 29, (U.S. Dollars presented in millions) 2025 2024 ASSETS Current assets Cash and cash equivalents ........................................................................................ $ 114.8 $ 108
Slide 21: Non-GAAP Reconciliations: Condensed Consolidated Statements of Cash Flows
Non-GAAP Reconciliations CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 39 Weeks Ended 39 Weeks Ended September 28, September 29, (U.S. Dollars presented in millions) 2025 2024 OPERATING ACTIVITIES Net income ..............................................................................
Slide 22: Prior Year to Current Year Net Sales Walk
Prior Year to Current Year Net Sales Walk Q3 % Change YTD % Change 2024 Net Sales (millions) $ 718.1 $ 2,032.7 Volume (38.3) -5% (121.4) -6% Net ASP1 19.3 3% 48.8 2% Acquisition of Supreme 0 0% 131.5 6% Foreign Currency (0.2) 0% (1.5) 0% 2025 Net Sales (millions) $ 698.9 -3% $ 2,090.1 3% 1 Net ASP (