Eagle Materials: 1Q27 webcast slides FINAL

First Quarter Fiscal 2027 Earnings Conference Call

Fiscal Year 2027 First Quarter Highlights

Strong financial and strategic execution in midst of ongoing macroeconomic uncertainty

• Delivered solid financial results

  • Revenue up 3%, to record $651 million

  • Gross profit margin of 24.8%

  • EPS of $3.29

• Advanced strategic goals: Employee safety, asset efficiency

  • Increased hazard observation and first-aid reporting

  • Excellent progress on Laramie, WY cement and Duke, OK wallboard plant modernization and expansions, which will further advance low-cost position

  • Continued effort to convert waste streams across businesses to higher-margin revenue streams

• Generated $154 million of operating cash flow, up 13%
• Returned $92 million to shareholders

  • Repurchased 406,5000 shares for $84 million

  • Paid quarterly dividend

    
    
    
    
    

    End Markets Remain Resilient

    Eagle remains strongly positioned, even in dynamic market conditions

    Cement

Record Revenue Up 3%

Revenue

In millions

INCREASE DRIVEN BY:

• Higher Cement and Recycled Paperboard sales volumes

• Higher Aggregates sales volume and prices

  
  
  
  
  

  EPS Down 13%

  Q1 RESULTS REFLECT:

• Lower Cement and Wallboard earnings resulting from higher freight costs and equipment downtime at Mountain Cement

• Partially offset by reduced share count due to share buybacks

Heavy Materials First Quarter Results Reflect Increased Cement Sales Volume and Higher Operating Costs

FIRST QUARTER HIGHLIGHTS

• Cement sales volume +8%

• Net Cement sales prices -2%

• Aggregates sales volume +1%

• Higher freight & raw materials costs and downtime at Mountain Cement

  Revenue*

  In millions

  $454 $421

  FY2026 FY2027

  Operating Earnings

  In millions

  $87 $78

  FY2026 FY2027

  FIRST QUARTER FIRST QUARTER

  * Includes Cement, Concrete and Aggregates and Cement Intersegment revenue, and our proportionate share of the Joint Venture

  
  
  
  
  

  Light Materials Results Driven by Lower Wallboard Sales Volume and Higher Freight Costs

  Revenue

  In millions

  $238 $251 Operating Earnings

  In millions

  FIRST QUARTER HIGHLIGHTS

• Wallboard sales volume -2%

• Wallboard net sales prices -10%

• Higher freight costs

FY2026 FY2027

FIRST QUARTER

FY2026 FY2027

FIRST QUARTER

1 Includes depreciation of $41 million for quarters ended June 30, 2025 and 2026, respectively.

Due to rounding, numbers may not add up precisely to the total provided. 9

Capital Structure Provides Significant

Financial Flexibility Supporting Growth Strategy

50% 51%

3.31.26 6.30.26

2.1x

1.9x

3.31.26 6.30.26

1 "Net Debt to Adjusted EBITDA" is defined as Net Debt divided by Adjusted EBITDA. Net Debt to Adjusted EBITDA and Adjusted EBITDA are non-GAAP financial measures and are described in the Appendix.

10

Question & Answer

An archive of this web cast will be available at eaglematerials.com later today.

Appendix

Reconciliation of EBITDA and Adjusted EBITDA

Net Earnings, as reported Income Tax Expense Interest Expense

Depreciation, Depletion and Amortization EBITDA

Stock-based Compensation Adjusted EBITDA

Fiscal Year ended

March 31, 2026

TTM

June 30, 2026

In millions

$424 118

46

165

753

21

$774

$403 113

48

165

729

21

$750

We present Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA to provide additional measures of operating performance and allow for more consistent comparison of operating performance from period to period. EBITDA is a non-GAAP financial measure that provides supplemental information regarding the operating performance of our business without regard to financing methods, capital structures or historical cost basis. Adjusted EBITDA is also a non-GAAP financial measure that excludes the impact from non-routine items (Non-routine Items) and stock-based compensation, in each case if applicable during the relevant fiscal quarter or fiscal year. Management uses EBITDA and Adjusted EBITDA as alternative bases for comparing the operating performance of Eagle from period to period and for purposes of its budgeting and planning processes. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA in the same manner.

Neither EBITDA nor Adjusted EBITDA should be considered in isolation or as an alternative to net income, cash flow from operations or any other measure of financial performance in accordance with GAAP. The table beside shows the calculation of EBITDA and Adjusted EBITDA and reconciles them to net earnings in accordance with GAAP for the fiscal year ended March 31, 2026, and the trailing twelve-month period ended June 30, 2026.

Reconciliation of Net Debt to Adjusted EBITDA

Total debt, excluding debt issuance costs

Trailing Twelve Months Adjusted EBITDA Net Debt to Adjusted EBITDA

As of

March 31, 2026

As of

June 30, 2026

In millions

$1,781

$774 1.9x

$1,778

$750 2.1x

GAAP does not define "Net Debt" and it should not be considered as an alternative to debt as 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 equivalents held by it to the payment of outstanding debt.

The Company also uses "Net Debt to Adjusted EBITDA," which it defines as Net Debt divided by Adjusted EBITDA, as an alternative metric to assist it in understanding its leverage position.

We present this metric for the convenience of the investment community and rating agencies who use such metrics in their analysis, and for investors who need to understand the metrics we use to assess performance and monitor our cash and liquidity positions.