Capstone Holding Corp. · NASDAQ:CAPS
Capstone — Investor Presentation (April 2026)
32 slides from Capstone's investor presentation, April 2026
Slide 1: Capstone Holding Corp. Built to Deliver. Positioned to Acquire.
CAPSTONE HOLDING CORP. BUILT TO DELIVER. POSITIONED TO ACQUIRE. READY TO SCALE. CAPS | Nasdaq April 2026
Slide 2: Preamble Disclosure & Disclaimer
Preamble Disclosure & Disclaimer The following content is completely qualified by the legal disclosures included in the Appendix. Our goal is to share with you some of our strategic thinking and financial analysis we are using to guide the growth of our business. The content is in line with our prin
Slide 3: Agenda
Agenda Agenda 2025 Recap Execution & Growth Capstone Goals for 2026 • Key Focus Areas • FY 2026 Budget • Outlook & Plans Financial Performance & Reporting 3
Slide 4: 2025 - Transformational Year At a Glance
2025 - Transformational Year At a Glance March 2025 August 2025 December 2025 Carolina Stone Canadian Stone (CSI) Nasdaq Uplist Acquisition Acquisition In 2025, Capstone expanded from a single-subsidiary, 4- location distributor to a 9-location platform spanning 38 U.S. states and Canada. ~ $68M 3 O
Slide 5: 2025 Baseline Expectations and Reality
2025 Baseline Expectations and Reality Factor Expectation Year End Outcome Below Expectations: Only ~50 bps ~100 bps of cuts earlier in the year; Interest rates meaningful demand recovery by delivered; cuts came later than forecast, demand recovery pushed to 2026 mid-year Unforecasted Headwind: Tari
Slide 6: 2025 Key Operating Accomplishments
2025 Key Operating Accomplishments Metric Detail Key Takeaway ▸ Carolina Stone acquired Aug 2025 SE entry + Canada market leader 2 Subsidiaries ▸ CSI acquired Dec 2025 NA footprint filling out Added ▸ Growth driven by acquisitions Acquisition-led growth +4.5% ▸ Carolina: 4mo impact (slower season) O
Slide 7: 2025 M&A Execution
2025 M&A Execution Two Deals. On Time. On Multiple. Carolina Stone · Aug 2025 Canadian Stone (CSI) · Dec 2025 ~$11M Revenue 4.7–5.2× EBITDA ~$15M Revenue Book Value Purchase ▸ Southeast entry: Triangle & Charlotte metros ▸ Canada market leader — fills out NA footprint ▸ Higher-margin install & value
Slide 8: New Geographic Profile: 38 U.S. States + Canada
New Geographic Profile 4 new locations → 9. Coast to Coast. 38 U.S. States + Canada From regional operator → North American platform Carolina Stone – 2 locations Canadian Stone Industries (CSI) – 3 locations ▸ Southeast entry: Triangle & Charlotte metros ▸ Canadian market leader — coast to coast ▸ A
Slide 9: Operational Wins
Operational Wins Platform built. Playbook proven. Win Detail Impact / Status Day 1 ERP deployment at CSI; full What peers take 60 days is done instantly; Rapid Integration operational visibility from close repeatable for future acquisitions Six premium brands; national + Market access across price p
Slide 10: Capstone Goals for 2026
Capstone Goals for 2026 OUTLOOK & PLANS 10
Slide 11: 2026 Year of Execution: Key Focus Areas
2026 “Year of Execution”: Key Focus Areas New Products New Geography Facilities AI Transformation Targeting high- Entering PNW and Consolidating into AI transformation in full growth segments SE markets efficient hubs swing across departments Clear path to $100M+ revenue · Margin expansion · Scalabl
Slide 12: 2026 Outlook: How We Enter 2026
2026 Outlook: How We Enter 2026 Positioned for Scalable Growth • Strategic Initiatives Underway: Executing across operations, new product launches, and geographic expansion • Stronger Platform: Entering 2026 with greater scale, broader geographic reach, and improved platform integration • $100M+ Rev
Slide 13: The Platform Is Built. Now It Pays Off. FY 2026 Budget
The Platform Is Built. Now It Pays Off. FY 2026 Budget 2026 First full year of all three subsidiaries • Revenue steps from $46.9M to $72.1M, up 54% • Gross profit nearly doubles to $18.7M; margin expands 300 bps to 26.0% • Adj.EBITDA margin more than doubles— from 2.1% to 5.2% — as integration syner
Slide 14: 2026 Strategic Priorities: New Products
2026 Strategic Priorities: New Products Expand the Brand Lineup — broadest natural & manufactured stone portfolio in North America New Brand Launches CSI Product Pipeline • Eldorado Stone — April 2026 launch • FlexBrick — thin-brick alternative for interiors • Nature's Edge — Q2 2026 launch • Aura S
Slide 15: 2026 Strategic Priorities: New Geography
2026 Strategic Priorities: New Geography Expand the Footprint — coast-to-coast coverage by end of 2026 Pacific Northwest Expansion Southeast Sales Expansion • NorCal & Pacific Northwest market buildout • Carolina Stone as SE regional hub • Local sales & operations teams • Regional sales force expans
Slide 16: 2026 Strategic Priorities: Facilities
2026 Strategic Priorities: Facilities Optimize & Consolidate — $480K annual savings identified The Move: Alsip → Navarre Expected Impact $480K annual savings • Consolidating Alsip, IL facility into Navarre, OH • Rent & overhead elimination — immediate P&L impact • Eliminating duplicate overhead & ad
Slide 17: 2026 Strategic Priorities: AI Transformation
2026 Strategic Priorities: AI Transformation AI Platform Build-Out — Re-creating the company from the ground up, as if it were AI native Team & Infrastructure Automation Targets • Dedicated AI team with new hires • Purchasing — AI-driven procurement optimization • External consultants engaged • Inve
Slide 18: 2026 Outlook: Planning Assumptions
2026 Outlook: Planning Assumptions Key Macro Assumptions • Execution-Driven: Planning assumptions do not rely on a broad macro recovery; growth initiatives remain primarily execution-driven • Interest Rates: Rate environment expected to become more supportive than in 2025 • Canada Outlook: Near-term
Slide 19: Acquisition Strategy & Pipeline Overview
Capstone: Acquisition Strategy & Pipeline Overview Pipeline Scale 150+ identified targets; valuations remain attractive at 4–6× EBITDA with realistic seller expectations Active Engagement Pipeline active across regional distributors and niche product specialists — relationships being nurtured Near-T
Slide 20: Acquisition Strategy
Acquisition Strategy FOCUS ON THREE-PRONGED ACQUISITION STRATEGY Tuck-In Acquisitions | Sister Companies | Platform Acquisitions Capstone is capitalizing on a favorable deal environment Attractive Valuations Flexible Consideration Execution Confidence 4-6x EBITDA multiple 20-45% non-cash Pricing and
Slide 21: Performance of Stone Business FY 2025
Performance of Stone Business FY 2025 21
Slide 22: Stone Business FY 2025 Overview of Results
Stone Business FY 2025 Overview of Results Stone Business includes Instone, Carolina Stone as of August 22nd , 2025 and Canadian Stone Industries as of December 1st , 2025 Note: (1)Excluded from SG&A are one-time expenses in FY25: acquisition ERP implementation costs ($91K), other acquisition relate
Slide 23: Capstone Corporate Costs
Capstone Corporate Costs Relatively Fixed: • FTE, Corporate Acquisition Costs, Legal & Insurance, Board Fees, Other Public Company / Financing Costs. Variable: • Investor Relations, IR/PR, Marketing. Costs can be adjusted as required. • Investor relations expenses of $1,103K in FY25 are expected to
Slide 24: Capstone Standalone FY 2025 Overview of Results
Capstone Standalone FY 2025 Overview of Results Note: (1) Investor relations expenses of $1,103K in FY25 were nonrecurring. (2) Financial services expenses of $201K in FY24 were nonrecurring. (3) Includes one-time expenses in FY25: legal M&A ($518K), M&A broker and insurance ($225K), and other acqui
Slide 25: 2026: Positioned For Scalable Growth
2026: Positioned For Scalable Growth Integration Complete. Growth Accelerating. Rate relief fuels housing and renovation demand. Integration complete, owned brands scaling, new added. Capstone enters 2026 Platform built. Playbook proven. Built to compound. Stronger, Leaner, and Ready to Scale. Margi
Slide 26: Key Principals Of Capstone
Key Principals Of Capstone Our Foundation for Delivering Long-Term Value TRANSPARENCY ACCOUNTABILITY ADAPTABILITY Clear View Into Enables Performance Expect to Update Range Every Performance Builds Trust Management And Ownership Quarter As Year Moves Forward 26
Slide 27: Appendix
Appendix 27
Slide 28: Reconciliation of Non-GAAP Results
Reconciliation of Non- GAAP Results In addition to figures prepared in accordance with GAAP, Capstone from time to time presents alternative non-GAAP performance measures, e.g., EBITDA, adjusted EBITDA, adjusted net profit/loss, adjusted earnings per share, free cash flow. These measures should be c
Slide 29: Financial Measures - Non-GAAP
Financial Measures - Non- GAAP Capstone uses non-GAAP Adjusted EBITDA as a supplemental measure of our performance that is not required by, or presented in accordance with, accounting principles generally accepted in the United States (GAAP). A non-GAAP financial measure is a numerical measure of a
Slide 30: Legal Disclosure & Disclaimer
Legal Disclosure & Disclaimer This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act that reflect our current views with respect to, among other things, our operations, business strategy, interpretation of prior development activities
Slide 31: Legal Disclosure & Disclaimer (Contd.)
Contd... THIS PRESENTATION IS NOT INTENDED TO SERVE AS A FORECAST OF ANY SUCH FUTURE PERFORMANCE OR PROSPECTS. An investor must not act on any matter contained in this document but must make its own assessment of Capstone and conduct its own investigations and analysis. Investors should assess their
Slide 32: Growth Is Just Getting Started
GROWTH IS JUST GETTING STARTED. LEARN MORE AT www.capstoneholdingcorp.com 32
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