Slide 1: Q4 FY2025 Earnings Call
Q4 FY2025 Earnings Call June 18, 2025
Slide 2: Safe Harbor and Basis of Presentation
Safe Harbor and Basis of Presentation Forward-Looking Statement Safe Harbor — This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify forward-looking statements by the Company’s use of forward-look
Slide 3: Full Year Results Highlighted by Continued Platform Expansion, Cost Reductions and Strong Cash Flow
Full Year Results Highlighted by Continued Platform Expansion, Cost Reductions and Strong Cash Flow Full Year FY 2025 Results2 + 0.6% Net Sales $5.5B • Acquisitions helped drive slight growth in net sales for the year per day • Completed three strategic acquisitions during FY25 including Yvon Buildi
Slide 4: Resilient Pricing and Strong Cash Flow Generation Amid Challenging Market Conditions During Q4
Resilient Pricing and Strong Cash Flow Generation Amid Challenging Market Conditions During Q4 Q4 FY 2025 Results2 - 4.1% Net Sales $1.3B • Solid results, better than forecasted, even as macroeconomic per day challenges continue • Strong cash flow generation; Free Cash Flow1 was 167% of Adj Gross 31
Slide 5: Becoming Leaner & More Efficient as End Markets Expected to Remain Soft
Becoming Leaner & More Efficient as End Markets Expected to Remain Soft in the Near Term SINGLE FAMILY MARKET MULTI-FAMILY MARKET COMMERCIAL MARKET • Soft market conditions continuing • Stable or rising rents in most • Activity levels negatively impacted markets by high interest rates, the lack of •
Slide 6: Sales Ahead of Forecast as Market Conditions Recovered Slightly from Q3
Sales Ahead of Forecast as Market Conditions Recovered Slightly from Q3 • Ceilings continued to benefit from project mix and saw both volume and price expansion • Resilient pricing across Wallboard, Ceilings and Complementary Products U.S. Single Family U.S. Per Day U.S. Per Day $1.3B 4.5% per day s
Slide 7: Cost Reduction Actions Help Offset General Cost Inflation
Cost Reduction Actions Help Offset General Cost Inflation Q4 FY 2025 Results2 Gross Margin Bridge FY24 Q4 GM% 31.9% Net Income $26.1M - 53.7% Lower Volume-Based Incentives -1.1% Steel Price/Cost -0.2% Wallboard Price/Cost +0.2% Net Income 2.0% - 200 bps Complementary Price/Cost +0.2% Margin Ceilings
Slide 8: Attractive Capital Structure Supports the Execution of Strategic Priorities
Attractive Capital Structure Supports the Execution of Strategic Priorities Recent Quarterly Reductions in Net Debt $1,398 $1,327 $1,351 $1,208 Q425 Cash Flow1 $1,114 Debt/Lease • Cash generated by operating Payments activities was $196.8 million 10% Acquisitions • Free cash flow was $183.4 million
Slide 9: End Market & Product-Level Expectations
End Market & Product-Level Expectations Q1 FY26 YOY Per Day Volume Expectations Q1 FY26 YOY Per Day Product Category Price/Mix Expectations Organic Total (Incl. acquisitions) •Single-family: Flat to up slightly •Multi-family: Down 25% to 30% •Commercial: Down low teens Down mid to high Total Wallboa
Slide 10: Consolidated Expectations
Consolidated Expectations Metric for Q1 FY26 Q1 FY26 Expectation Net Sales Down low to mid single digits in total; Down mid to high single digits organically Gross Margin ~ 31.2% GAAP Net Income $51 million to $53 million Adjusted EBITDA1 $132 million to $137 million Adjusted EBITDA Margin1 9.5% to
Slide 11: Appendix
Appendix 11
Slide 12: Q4 Fiscal 2025 At a Glance
Q4 Fiscal 2025 At a Glance Q4 FY25 Net Sales Comparisons are to Q4 FY24 unless noted otherwise Complementary Products 31% • Net Sales of $1.3 billion, down 4.1% per day Wallboard 40% Steel Framing Ceilings 14% 15% • Gross margin of 31.2%, flat with Q3 FY25 and down 70 bps YOY • Economic uncertainty,
Slide 13: Continued Focus on the Execution of Our Strategy
Continued Focus on the Execution of Our Strategy Strategic Pillars • Taking near-term actions to further align and rationalize our Plus, operations with today’s market realities • Solid balance sheet with no near-term maturities • Significant levels of free cash flow generation • Disciplined capital
Slide 14: Summary Quarterly Financials
Summary Quarterly Financials (In millions) 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 (Unaudited) Commentary Wallboard Volume (MSF) 1,204 1,231 1,101 1,234 4,769 1,233 1,211 1,047 1,101 4,592 A. Net reduction in branches is a result of the Wallboard Price ($ / '000 Sq. Ft.) $ 475 $ 476 $ 473
Slide 15: Quarterly Cash Flows
Quarterly Cash Flows ($ in millions) (Unaudited) 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 Net income (loss) $ 86.8 $ 81.0 $ 51.9 $ 56.4 $ 276.1 $ 57.2 $ 53.5 $ (21.4) $ 26.1 $ 115.5 Non-cash changes & other changes (12.3) 48.2 27.5 81.1 144.5 (12.5) 64.7 59.8 107.3 219.2 Changes in primary
Slide 16: Q4 2025 Net Sales
Q4 2025 Net Sales ($ in millions) Fiscal Q4 Variance (Unaudited) FY25 FY24 Reported Organic (1) Organic (1) $ 1,275.5 $ 1,413.0 Acquisitions 67.2 - Fx Impact (8.8) - Total Net Sales $ 1,333.8 $ 1,413.0 (5.6%) (9.7%) Wallboard $ 526.6 $ 586.0 (10.1%) (12.5%) Ceilings 201.0 188.9 6.4% 2.9% Steel Frami
Slide 17: Quarterly Net Income (Loss) to Adjusted EBITDA
Quarterly Net Income (Loss) to Adjusted EBITDA Reconciliation Commentary ( $ in 000s) 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 (Unaudited) Net Income (Loss) $ 86,830 $ 80,957 $ 51,905 $ 56,387 $ 276,079 $ 57,248 $ 53,536 $ (21,409) $ 26,094 $ 115,469 A. Represents changes in the fair value
Slide 18: Net Income to Pro Forma Adjusted EBITDA
Net Income to Pro Forma Adjusted EBITDA Reconciliation Commentary ( $ in 000s) 2025 2024 2023 2022 2021 A. Represents changes in the fair value of stock (Unaudited) appreciation rights Net Income $ 115,469 $ 276,079 $ 332,991 $ 273,442 $ 105,560 B. Represents changes in the fair value of Add: Intere
Slide 19: Income Before Taxes to Adjusted Net Income
Income Before Taxes to Adjusted Net Income Reconciliation Commentary ($ in 000s) 4Q25 4Q24 (Unaudited) A. Represents all non-cash amortization resulting from business combinations. Income before taxes $ 40,907 $ 83,067 To make the financial presentation more EBITDA adjustments 7,327 8,823 consistent
Slide 20: Reported SG&A to Adjusted SG&A
Reported SG&A to Adjusted SG&A Reconciliation Commentary (Unaudited) 1Q24 2Q24 3Q24 3Q24 FY2024 1Q25 2Q25 3Q25 4Q25 FY2025 ($ in millions) A. Represents changes in the fair value of SG&A - Reported $ 286.8 $ 300.9 $ 295.7 $ 315.5 $ 1,198.9 $ 315.2 $ 324.2 $ 310.8 $ 315.1 $ 1,265.3 stock appreciation
Slide 21: Leverage Summary
Leverage Summary ($ mm) 4/30/24 7/31/24 10/31/24 1/31/25 4/30/25 LTM LTM LTM LTM LTM Cash and cash equivalents $166 $53 $84 $59 $56 ABL Facility $270 $359 $449 $373 $225 First Lien Term Loan 491 490 489 488 487 Senior Notes 347 347 347 347 347 Finance Lease Obligations 169 174 185 191 193 Installmen
Slide 22: Net Income to Adjusted EBITDA Outlook
Net Income to Adjusted EBITDA Outlook Reconciliation $ in millions Q1 FY26 Net Income $51 - $53 Interest expense, net 18.7 - 19.4 Provision for income taxes 18.0 - 18.7 Depreciation and amortization expense 39.3 - 40.8 Other Adjustments 4.9 - 5.1 Adjusted EBITDA $132 - $137 22