Slide 1: Q1 2025 Investor Presentation
Q1 2025 Investor Presentation May 6, 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: CSR Highlights
CSR HIGHLIGHTS At MasterBrand, we have built a foundation of doing what is right for people and the environment. Our sustainability journey is ongoing, and as our associates continue to innovate, inspire and lead by example, we find more opportunities to positively impact our industry and stakeholde
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 34% 53% 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 >$750 (per cabinet) 100% Stock /In-Stock Semi-Custom Custom/Premium 90% ~19% 80% 70% ~60% ~30%
Slide 8: Integrated Manufacturing Network & Strong Track Record of Continuous Improvement
Integrated Manufacturing Network & Strong Track Record of Continuous Improvement O L D M O D E L : 10+ product platform / plant silos Footprint optimization + + + Assets Capabilities Product Specs Proven tools of our business system, enable product N E W M O D E L : 4 construction-specific produ
Slide 9: Supreme Cabinetry Brands Acquisition Completed July 2024
Supreme Cabinetry Brands Acquisition Completed July 2024 1 Enhances MasterBrand’s Portfolio with Complementary Products in Resilient and Attractive Categories 2 Extends Diversity of Channel Distribution to Reach More Consumers Combines Best-in-Class Competencies to Win Today and Tomorrow, Enriching
Slide 10: Q1 2025 Highlights
Q1 2025 Highlights Financial Results ($ in millions, except per share amounts) Q1 2025 Q1 2024 B/(W) • Top-line performance was primarily the result of the positive contribution from Supreme, which continues to perform in line with our Net Sales $660.3 $638.1 3.5% expectations, the flowthrough of an
Slide 11: Near-Term Expectations
Near-Term Expectations Full Year 2025 Outlook 1 Drivers Market Growth MasterBrand • Mid-single-digit decrease in organic net sales y-o-y; Supreme to add mid-single digits Low single-digit % decline • Organic net sales performance to outperform underlying market demand, as High to Mid Single- Net Sal
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: Q1 2025 Non-GAAP Reconciliations
Q1 2025 Non-GAAP Reconciliations SUPPLEMENTAL INFORMATION (Unaudited) 13 Weeks Ended 13 Weeks Ended March 30, March 31, (U.S. Dollars presented in millions, except per share amounts and percentages) 2025 2024 1. Reconciliation of Net Income to EBITDA to Adjusted EBITDA Net income (GAAP) $ 13.3 $ 37.
Slide 18: Q1 Non-GAAP Reconciliations Tick Legend
Q1 Non-GAAP Reconciliations Tick Legend [1] Restructuring charges are nonrecurring costs incurred to implement significant cost reduction initiatives and may consist of workforce reduction costs, facility closure costs, cessation of operations, and other costs to maintain certain facilities where op
Slide 19: Q1 Non-GAAP Reconciliations
Q1 Non-GAAP Reconciliations CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 30, March 31, (U.S. Dollars presented in millions) 2025 2024 ASSETS Current assets Cash and cash equivalents ........................................................................................ $ 113.5 $ 153.7 Ac
Slide 20: Q1 Non-GAAP Reconciliations
Q1 Non-GAAP Reconciliations CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 13 Weeks Ended 13 Weeks Ended March 30, March 31, (U.S. Dollars presented in millions) 2025 2024 OPERATING ACTIVITIES Net income ...................................................................................
Slide 21: Prior Year to Current Year Net Sales Walk
Prior Year to Current Year Net Sales Walk Q1 % Change 2024 Net Sales (millions) $ 638.1 Volume (48.2) -9% 1 Net ASP 10.6 2% Acquisition of Supreme 60.8 10% Foreign Currency (1.0) 0% 2025 Net Sales (millions) $ 660.3 3% 1 Net ASP (Average Selling Price) includes price/mix and other factors that could
Slide 22: Credit Rating and Debt Profile
Credit Rating and Debt Profile Credit Ratings1 Rating Agency S&P Moody’s Fitch Corporate rating BB Ba2 BB+ Security rating (Unsecured debt) BB Ba3 BB+ Outlook Stable Stable Stable 1) As of June 17, 2024 Debt Maturity Profile $1,000 Revolving Credit Facility Senior Unsecured Notes $750 $500 $250 $- 2
Slide 23: Leverage Ratios and Liquidity
Leverage Ratios and Liquidity Flexible cost structure, low capex and high Free Cash Flow1 conversion supports the ability to drive cash flow generation across the cycles and general market conditions Historical Leverage Ratios Leverage Ratios ($ in millions) Q1 2025 Q1 2024 3.0 1 Total Debt / Adjuse