Eagle Materials Inc · NYSE:EXP
Eagle Materials — Investor Presentation (September 2025)
25 slides from Eagle Materials's investor presentation, Sep 5, 2025
Slide 1: Company Overview, Evolution and Outlook: Fall 2025 Investor Presentation
Company Overview Evolution and Outlook Fall 2025 Investor Presentation Exhibit 99.1
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
Founded in 1963 as a subsidiary of Centex Corp. Completed the IPO in 1994 and stock began trading on the NYSE In 2004, Centex spun off Centex Construction Products which became Eagle Materials Inc. (NYSE: EXP) Two primary business lines: Portland cement and gypsum wallboard Basic building products u
Slide 4: Who We Are: We Manufacture Necessities Not Luxuries
Our two major product lines are Portland cement (“Heavy” materials) and gypsum wallboard (“Light” materials), today proportionately 50/50 Both building products have essential roles in the growth and renewal of America We strategically operate with limited vertical integration, e.g., meaning distrib
Slide 5: Operational Benchmarking – Public Market Peers
Operational Benchmarking – Public Market Peers Source: Factset. Note: “Light Peers” represents median of Light materials peers. Light Peers include SSD, JHX, OC, JELD, AWI, and LPX Note: MLM Margin adjusts for $1.3 billion gain on sale of Hunter, TX plant. Pre-Tax Margin % (10-Year Average) Pre-Tax
Slide 6: Return on Capital – Public Market Peers
Return on Capital – Public Market Peers Return on Equity % (10-Year Average) Return on Equity % (FY 2025 / CY 2024) Return on Invested Capital % (10-Year Average) Return on Invested Capital % (FY 2025 / CY 2024) Source: Factset. Note: “Light Peers” represents median of Light materials peers. Light P
Slide 7: Free Cash Flow – Public Market Peers
Free Cash Flow – Public Market Peers Free Cash Flow Yield % (10-Year Average) Free Cash Flow Yield % (FY 2025 / CY 2024) Free Cash Flow Conversion % (10-Year Average) Free Cash Flow Conversion % (FY 2025 / CY 2024) Source: Factset. Note: “Light Peers” represents median of Light materials peers. Ligh
Slide 8: Gypsum wallboard and cement end-use segments and applications
The water molecule imbedded in gypsum wallboard chemistry provides an inherent fire resistance benefit that is essential in meeting US construction specifications There are few practical substitutes, and wallboard is not generally imported to the US from offshore Residential Construction and Repair
Slide 9: Heavy-Side Footprint Across US Heartland
Texas Lehigh (50%)720 Illinois Cement1,100 Mountain Cement800 Nevada Cement550 Central Plains Sugar Creek1,300 Central Plains Tulsa900 Fairborn Cement980 Kosmos Cement1,800 8,150 1 Represents cement grinding production capacity; generally, a plant’s cement grinding production capacity is greater tha
Slide 10: Theoretical US Clinker Capacity
Theoretical US Clinker Capacity New capacity -- and capacity expansion -- is constrained due to regulation (NESHAP) Imports will be required again to meet demand Source: American Cement Association, “US Forecast Summer 2025” US Cement Consumption and Clinker Capacity Million Metric Tons
Slide 11: Cement Consumption Since 2000
Cement Consumption Since 2000 Current Cement Consumption Nearly 20% Below Prior Peak Source: American Cement Association, World Bank via FRED® Note: Cement consumption figures represent calendar year data US Population, 2024: 340 million US Population, 2000: 282 million US Population, 2024: 340 mill
Slide 12: Gypsum Wallboard and Paperboard System
Gypsum, CO 700 MMSF Albuquerque, NM 425 MMSF Duke, OK 1,300 MMSF Georgetown, SC 900 MMSF Lawton, OK 390,000 tons paperboard Bernalillo, NM 550 MMSF Total Wallboard Design Capacity ~ 4 Billion SF West of Mississippi River Natural Gypsum East of Mississippi River Synthetic Gypsum Gypsum Wallboard and
Slide 13: Gypsum Wallboard Raw Material Constraints
Period of Wallboard Capacity additions Source: US Census Bureau Gypsum Wallboard Raw Material Constraints Have Impacted Industry Costs and Supply Lack of availability of key raw material source for almost 50% of the industry (but not Eagle) has led to: Steepening of the industry cost curve Crimping
Slide 14: Wallboard Consumption Since 2000
Wallboard Consumption Since 2000 Current Wallboard Consumption Well Below Prior Peak Source: Gypsum Association, World Bank via FRED® Note: Wallboard consumption figures represent calendar year data US Population, 2024: 340 million US Population, 2000: 282 million US Population, 2024: 340 million EX
Slide 15: Supply Constraints Have Led To Pricing Stability
Supply Constraints Have Led To Pricing Stability Producer Price Indices Since January 2011 Source: Bureau of Labor Statistics 2011-2024 CAGR Wallboard: 7% Aggregates: 5% Cement: 5%
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 our existi
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) $430 million investment 400,000 tons of additional production capacity (5% addition to total Eagle capacity) 25% reduction in
Slide 18: Well-Managed Capital Structure
Well-Managed Capital Structure Net Debt/Adj. EBITDA Below 2x (with Exception of Temporary Increase For the Kosmos Acquisition) Net Debt and Adjusted EBITDA are non-GAAP measures; see appendix for reconciliation Kosmos Acquisition Plan was implemented to quickly reduce leverage post-acquisition
Slide 19: Capital Allocation Priorities Remain Unchanged
29% Heavy-Side Growth and Improvement (e.g., Acquisitions) 65% Return of Cash to Shareholders 6% Light-Side Improvement (e.g., Paperboard Expansion) Note: Includes Fiscal year 2021—2025; excludes divested business units Capital Allocation Priorities Remain Unchanged Investments in Profitable Strateg
Slide 20: First Quarter Fiscal 2026 Results
First Quarter Fiscal 2026 Results
Slide 21: First Quarter Fiscal 2026 Financial Highlights
First Quarter Fiscal 2026 Financial Highlights Delivered Record Results Heavy Materials Sales1 Operating Income OE + DD&A $421.3M $87.3M $107.8M 5% 5% 2% Light Materials Sales Operating Income OE + DD&A $250.6M $102.1M $112.3M 1% Flat Flat Revenue Diluted EPS Cashflow from Operations Operating Margi
Slide 22: Market Outlook Remains Favorable
Market Outlook Remains Favorable Eagle Well-Positioned Over Medium-Long Term
Slide 23: Appendix
Eris, Materials Appendix
Slide 24: EBITDA and Adjusted EBITDA reconciliation
1 Represents the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting and business development costs We present Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA to provide more consistent comparison of operat
Slide 25: Net Debt and Net Debt to Adjusted EBITDA
GAAP does not define “Net Debt” and it should not be considered as an alternative to cash flow or liquidity measures defined by GAAP. We define Net Debt as total debt minus cash and cash equivalents to indicate the amount of total debt that would remain if the Company applied the cash and cash equiv
Eagle Materials — Investor Presentation (September 2025) on 6ix