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Footnote P E T E R J A C K S O N , C E O P E T E B E C K M A N N , C F O O c t o b e r 2 9 , 2 0 2 6 Q3 2026 Earnings Presentation
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Footnote 2 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 2 Cautionary Notice Statements in this presentation and the schedules hereto that are not purely historical facts or that necessarily depend upon future events, including statements about expected market share gains, forecasted financial performance, industry and business outlook, including single and multifamily housing starts and repair and remodel activity, capital allocation, acquisitions and integration, or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Readers are cautioned not to place undue reliance on forward-looking statements. In addition, oral statements made by the Company’s directors, officers and employees to the investor and analyst communities, media representatives and others, depending upon their nature, may also constitute forward-looking statements. All forward-looking statements are based upon currently available information and the Company’s current assumptions, expectations and projections about future events. Forward-looking statements are by nature inherently uncertain, and actual results or events may differ materially from the results or events described in the forward-looking statements as a result of many factors. Forward-looking statements involve risks and uncertainties, many of which are beyond the Company’s control or may be currently unknown to the Company, that could cause actual events or results to differ materially from the events or results described in the forward-looking statements; such risks or uncertainties include those related to the Company’s growth strategies, including acquisitions and the integration of acquired businesses and realization of their anticipated benefits, organic growth and digital and technology strategies, including the Company’s ability to drive growth by incorporating artificial intelligence and machine learning solutions into its platform, or the dependence of the Company’s revenues and operating results on, among other things, the homebuilding industry including single and multi-family housing starts, and, to a lesser extent, repair and remodel activity, which in each case is dependent on economic conditions, including inflation, interest rates, home size and affordability, consumer confidence, labor and supply shortages, tariffs and duties, and also lumber and other commodity prices, as well as risks related to the Company’s level of indebtedness and ability to reduce leverage, the outcome of tax positions and settlements with taxing authorities, and the implementation of its enterprise resource planning system. The Company may not succeed in addressing these and other risks. Further information regarding the risk factors that could affect the Company’s financial and other results can be found in Part I, Item 1A, “Risk Factors” of the Company’s 2025 Form 10-K and may also be described from time to time in the other reports the Company files with the Securities and Exchange Commission. Consequently, all forward-looking statements in this report are qualified by the factors, risks and uncertainties contained therein. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Use of Non-GAAP Financial Measures This presentation includes financial measures and terms not calculated in accordance with accounting principles generally accepted in the United States (“GAAP”) in order to provide investors with an alternative method for assessing our operating results in a manner that enables investors to more thoroughly evaluate our current performance as compared to past performance. We believe these non-GAAP measures provide investors with a better baseline for modeling our future earnings expectations. Our management uses these non-GAAP measures for the same purpose. We believe that our investors should have access to the same set of tools that we use in analyzing our results. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results. Our calculations of adjusted net income, adjusted net income as a percent of net sales, adjusted net income per share (also referred to as adjusted EPS throughout this presentation), adjusted EBITDA, adjusted EBITDA margin, adjusted income tax expense, adjusted effective tax rate, free cash flow and net leverage are not necessarily comparable to similarly titled measures reported by other companies. Reconciliations of these metrics are included in the appendix to this presentation. The company also provided detailed explanations and reconciliations of these non-GAAP financial measures in the earnings release included in its Form 8-K filed with the Securities and Exchange Commission on October 29, 2026. Safe Harbor & Non -GAAP Financial Measures
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Footnote 3 Organic Growth with a Focus on Value-Added Products and Services Drive Operational Excellence & Invest in Digital and Innovation Continue to Build Our High- Performing Culture Disciplined Capital Allocation © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 3 Clear Strategic Pillars Driving Long -Term Profitable Growth
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Footnote 4 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 4 Q3 2026 Performance Generated $76M in Free Cash Flow2 in Q3 1) Comparison reflects change relative to prior year. 2) Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Diluted EPS, Adjusted Net Income Percent of Sales, and Free Cash Flow ar e non- GAAP financial measures. See the non-GAAP Financial Measures slide in this presentation for a definition thereof and a discussio n of certain matters regarding non-GAAP guidance. 10.6% Decrease1 27.8% Gross Margin 2.2% Decrease1 24.5% Decrease1 4.2% Adj. Net Income % of Sales2 $ 3.9 B Net Sales $ 1.1 B Gross Profit $1.51 Adjusted Diluted EPS 2 $311 M Adjusted EBITDA 2 28.3% Decrease1 8.1% Adj. EBITDA Margin2
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Footnote 5 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 5 Positioned to Outperform in All Market Scenarios ~$115M of Cost Actions in 2026 BFS ADVANTAGES Optionality to Manage Across Environments Significant Free Cash Flow Generation Through The Cycle Differentiated Scale Industry-Leading Digital Offerings and Technology Operational and Commercial Excellence ✓ Right-size network and optimize capacity ✓ Tighter controls on discretionary spending and SG&A overhead ✓ Manage fixed and variable headcount ✓ Reduce capital expenditures ✓ Accelerate digital and technology transformation ✓ Leverage cost discipline to capitalize on economies of scale and expand margins ✓ Identify and accelerate strong ROI projects ✓ Utilize excess free cash flow to increase share repurchases Weaker Housing Market Ongoing Actions Drive productivity initiatives and automation Deploy capital in a disciplined manner and prudently manage cash Balance need for variable cost reduction and future capacity Align working capital closely to demand signals Stronger Housing Market
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Footnote 6 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 6 Continued Execution of Our Strategy Continuing to Compound Value Creation with Strong Execution ▪ Grew approximately 1 to 2 percentage points of share in a challenging market ▪ ~47% value-added product mix YTD in 2026 ▪ Delivered $23M in productivity savings in Q3 and $57M YTD related to operational excellence and supply chain initiatives ▪ Remain on track to deliver $115M of cost actions in 2026, or $140M on a full run-rate basis ▪ Investments in Digs and Scaffold driving transformation of the homebuilding ecosystem ▪ Completed extensive talent review for critical roles in support of multi-year succession planning and bench building efforts ▪ >95% completion rate of AI training modules of company-endorsed AI tools to enhance team member productivity ▪ Deployed ~$161M in Q3 toward return-enhancing opportunities aligned with our priorities ▪ Completed 44 acquisitions representing ~$2.5B in annual sales since the BMC merger in 2021
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Footnote 7 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 7 Disciplined Capital Deployment in 2026 $151M $117M $303M Continue organic investments, prioritizing value-added products Pursue acquisitions to augment current capabilities and add market share Ongoing and disciplined repurchases at attractive long-term cost basis Organic Growth Inorganic Growth Share Repurchases Successfully Deployed ~$0.6 Billion YTD ~$71M invested in sustaining the business and advancing our digital strategy ~$91M deployed on two acquisitions to expand our footprint and enhance our product and service offerings Q3 Highlights
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Footnote 8 2021 2022 2023 2024 2025 2026 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 8 Increasing Value -Added Mix and Expanding to Desirable Geographies Through M&A 1) Acquisitions completed since the BMC merger through September 30, 2026. Annual sales total includes sales per day estimates used for the periods prior to the acquisition date. 44 Acquisitions Completed Since 2021 Representing ~$2.5B in Annual Sales1
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Footnote 9 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 9 Leading the Industry’s Digital Transformation Digital Strengthens Our Core and Creates Value Across the Homebuilding Industry Digitally enable team members, customer relationships, and value- added product development Transforms the digital ecosystem for builders, suppliers, homeowners, and technology partners Build consumer grade solutions to improve team member efficiency, engagement, and performance Amplifies Organic Growth Transforms the Digital EcosystemCore to How We Operate
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Footnote 10 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 10 Q3 2026 Financial Update Net Sales Mix by Product Category Net Sales Mix by End Market 66% 10% 24% $3.9BMulti-Family Repair & Remodel / Other Single Family Lumber & Lumber Sheet Goods Manufactured Products Specialty Building Products & Services Windows, Doors & Millwork Value-Added Product Mix: ~46% 24%27% 27% 22% $3.9B Net Sales ($M) by Product Category $870 $845 Q3 2025 Q3 2026 $1,011 $938 Q3 2025 Q3 2026 $1,071 $1,034 Q3 2025 Q3 2026 $990 $1,037 Q3 2025 Q3 2026 Manufactured Products Windows, Doors & Millwork Specialty Building Products & Services Lumber & Lumber Sheet Goods Value-Added Products -3% -7% +5%-3%
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Footnote 11 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 11 Q3 2026 Financial Update Core Organic Sales1 Highlights by End Market Core Organic Sales1 Highlights by Product ▪ Single Family (SF): -6% attributable to lower starts activity and value per start ▪ Multi-Family (MF): +2% driven by higher lumber and lumber sheet goods volumes ▪ R&R / Other: +0.3%, muted growth given consumer uncertainty ▪ Value-Added Core Organic Sales1 decreased 6% – Manufactured Products decreased 4%, primarily due to lower sales of engineered wood products and, to a lesser extent, trusses and wall panels – Windows, Doors & Millwork decreased 8% driven primarily by declines in doors and millwork, partially offset by growth in windows ▪ Specialty Building Products & Services Core Organic Sales1 decreased 5%, primarily due to lower product pricing and volumes ▪ Lumber & Lumber Sheet Goods Core Organic Sales1 increased 2%, reflecting faster than market growth 1) Core Organic Sales refers to revenue generated from the core business, excluding revenue from commodities, acquisitions, a nd any selling day differences. Note: Comparisons represent year-over-year change.
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Footnote 12 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 12 Q3 2026 Financial Update Note: Bridge values may not sum to total due to rounding. 1) Core Organic Sales refers to revenue generated from the core business, excluding revenue from commodities, acquisitions, and any selling day differences. 2) Non-Commodity includes acquisitions, selling day adjustments, and core organic sales. 3) Adjusted EBITDA is a non-GAAP financial measure. See the non-GAAP Financial Measures slide in this presentation for a definition thereof and a discussion of certain matters regarding non-GAAP guidance. Note: Comparisons represent year-over-year change. $434 $311 -$121 -$2 Q3 2025 Non-Commodity Commodity Q3 20262 Net Sales ($M) Bridge Adjusted EBITDA3 ($M) Bridge $3,941 $3,854 -$85 -$2 Q3 2025 Non-Commodity Commodity Q3 20262 -0.1% Deflation-3.9% Core Organic1 +1.8% Acquisitions
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Footnote 13 $559 $286 $1,529 $3,270 $1,877 $1,506 $874 $425 2019PF 2020PF 2021 2022 2023 2024 2025 2026E $550 $2,000 $1,000 $750 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 13 Financial Flexibility Supported by Strong Liquidity and Capital Position Consistent Capital Allocation Priorities ABL Senior Notes Weighted Average Debt Maturity of ~6 Years2 ($M) 1) Net Leverage calculated as principal value of debt and lease obligations less cash and cash equivalents divided by LTM Adj usted EBITDA. Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. See the non-GAAP Financial Measures slide in this presentation for a definition thereof and a discussion of certain matters regarding non-GAAP guidance. 2) Excludes finance leases and other finance obligations. Solid shading on ABL reflects drawn portion of ABL ($ 197M as of 9/30). 2030 debt includes $550M of 5.0% notes and an ABL facility of up to $2.2B. 2032 debt includes $1.3B of 4.25% and $0.7B of 6.375% notes. 3) Represents midpoint of 2026 outlook range of $400 million to $450 million. 4) Liquidity as of 9/30/26 was ~$1.5 billion, consisting of ~$1.4 billion in net borrowing availability under the revolving c redit facility and $0.1 billion of cash on hand. Note: 2019 and 2020 are pro forma for BMC earnings. Maintain a Strong Balance Sheet Organic Growth Inorganic Growth Return Capital to Shareholders 1 2 3 4 $2,750 $2,200 ABL Facility $197 ~$1.5B Liquidity4 Free Cash Flow1 ($M) 3 Net Leverage1 Profile 1.9x 1.3x 1.0x 0.7x 1.1x 1.5x 2.7x 4.1x 2019PF 2020PF 2021 2022 2023 2024 2025 Q3 2026
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Footnote 14 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 14 2026 Outlook 2026 Full Year Outlook Metrics Current Guidance Prior Guidance 2025 Actual Total Net Sales1 Gross Profit Margin1 Total Adjusted EBITDA1,4 Total Adjusted EBITDA Margin1,4 Free Cash Flow2,4 Base Business Sales3 Base Business Adjusted EBITDA3,4 Base Business Adjusted EBITDA Margin3,4 Capital Expenditures5 Interest Expense Depreciation & Amortization Expense6 $14.2 to $14.6 billion 27.5% to 28.5% $1.075 to $1.125 billion 7.4% to 7.9% $0.4 to $0.45 billion $14.4 billion $1.1 billion 7.6% $175 to $225 million $290 to $300 million $580 to $610 million $15.2 billion 30.4% $1.6 billion 10.4% $0.9 billion $15.5 billion $1.6 billion 10.3% $342 million $274 million $591 million Note: Assumptions are mutually exclusive, and guidance may not account for compounding effects. We are not providing a quantitative reconciliation of our forward-looking guidance of adjusted EBITDA, adjusted EBITDA margin or free cash flow because we are unable to predict with reasonable certainty all the components required to provide such reconciliation without unreasonable efforts, which are uncertain and could have a material impact on GAAP reported results for the guidance period. See “Non-GAAP Financial Measures” for additional information. 1) Projected Total Net Sales, Gross Profit Margin, and Adjusted EBITDA include the expected net benefit of price, commodity, and margin impacts for full year 2026. 2) Reflects estimated SAP ERP implementation expense for 2026. 3) Assumes $400/mbf commodity price for all periods and maintained for the full year. Base Business is based on management estimates to provide investors another method for evaluating our performance. Base Business should be considered in addition to results prepared in accordance with GAAP and should not be considered a substitute for or superior to GAAP results. 4) Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow are Non-GAAP financial measures. See the Non-GAAP Financial Measures slide in this presentation for a definition thereof and a discussion of certain matters regarding non-GAAP guidance. 5) The capital expenditure expectation is net of proceeds from the sale of property, equipment, and real estate. 6) Depreciation expense forecast includes depreciation accounted for within cost of sales. $14.0 to $14.8 billion 27.5% to 28.5% $1.0 to $1.2 billion 7.1% to 8.1% $0.4 to $0.5 billion $14.4 billion $1.1 billion 7.6% $175 to $225 million $280 to $290 million $580 to $610 million
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Footnote 15 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 15 2026 Full Year Assumptions Single Family Starts Growth (BLDR geographies) Multi-Family Starts Growth (BLDR geographies)1 Repair & Remodel Growth (BLDR geographies) Selling Days Average Commodity Prices ($/mbf) Productivity Savings Sales Growth From Acquisitions Completed in LTM 2026 Full Year Assumptions Metrics Current Assumptions Prior Assumptions Down ~7% Down ~4% Down 1% No change vs. 2025 $390 to $410 $60 to $70 million 1.5% to 2% Note: Assumptions are mutually exclusive, and guidance may not account for compounding effects. 1) Reflects industry starts for five story and below wood structures. Down ~7% Down ~4% Down 1% No change vs. 2025 $390 to $410 $50 to $70 million 1%
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16 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 16 Total Sales3 Adj. EBITDA3,4 Commodity Price ($/mbf)2 Scenario Analysis Based on SF Housing and Commodity Assumptions 1) 2026E is based on guidance. 2) Commodity price based on a composite of 70% lumber and 30% OSB using Random Lengths data. 3) Total Sales and Adjusted EBITDA include Multi-Family and R&R/Other. 4) Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow are Non -GAAP financial measures. See the Non-GAAP Financial Measures slide in this presentation for a definition thereof and a discussion of certain matters regarding non -GAAP guidance. 2026E1 Full Year 2027 Scenarios ~875K (Down ~7%) 788K (Down ~10%) 831K (Down ~5%) 875K (~Flat) ~$390 to ~$410 ~$375 ~$400 ~$425 $14.2B to $14.6B $12.7B to $13.7B $13.5B to $14.5B $14.3B to $15.3B $1.075B to $1.125B $0.6B to $0.8B $0.7B to $1.0B $0.9B to $1.2B Free Cash Flow4 of $0.2B to $0.6B Single Family Housing Starts Assumptions Price fluctuations can result in materially different results than in a static commodity environment Adjusted EBITDA and margin reflect estimated gross profit and SG&A expense for various end market, commodity cost, sales volume, and sales mix assumptions Expenses associated with commodity price changes are included Does not currently include additional fixed cost actions or formal guidance assumptions 2027 Illustrative Scenarios – Not Guidance
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Footnote Appendix © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D .
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Footnote 18 26% 27% 22% 25% 2026 Base Business Product Sales Mix at $400/mbf Overview of Base Business Framework ~61% of BFS’s Base Business1 is Non-Commodity Base Business Value-Added Product Mix 47% Commodity Exposed: ~39% Windows, Doors & Millwork Manufactured Products Lumber & Lumber Sheet Goods Specialty Products & Other © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 18 Base Business Showcases Underlying Strength, Profitability of Core Business Adjusting for Commodity Price Fluctuations Underlying Base Business Assumptions ▪ Assumes $400/mbf lumber and lumber sheet goods pricing (in line with long-term average commodity prices) ▪ Commodity margins reflect historical trends and relative market strength (contemplates ~39% of sales mix impacted by commodity prices) ▪ Expense structure is adjusted to reflect changes in commodity prices 1) Base Business is based on management estimates to provide investors another method for evaluating our performance. Base Bu siness should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superi or to GAAP results.
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Footnote 19 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 19 Base Business Performance Aligned with Long -Term Plan 1) Assumes a $400/mbf commodity price for all periods and maintained for the full year. Base Business is based on management estimates to provide investors another method for evaluating our performance. Base Business should be considered in addition to results prepared in accordan ce with GAAP but should not be considered a substitute for or superior to GAAP results. 2) Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP financial measures. See the non-GAAP Financial Measures slide in this presentation for a definition thereof and a discussion of certain matters regarding non-GAAP guidance. 3) Source: A composite of third-party sources, including the National Association of Home Builders and John Burns Research and C onsulting. Note: 2019 and 2020 are pro forma for BMC earnings. Sales ($B) $11.5 $12.5 $15.7 $17.7 $16.5 $16.4 $15.5 $14.4 ($0.6) $0.3 $4.2 $5.0 $0.6 $0.0 ($0.3) $10.9 $12.8 $19.9 $22.7 $17.1 $16.4 $15.2 $14.4 2019PF 2020PF 2021 2022 2023 2024 2025 2026E Adjusted EBITDA2 ($B) $0.9 $1.1 $1.8 $2.3 $2.3 $2.3 $1.6 $1.1 ($0.1) $0.0 $1.3 $2.1 $0.6 $0.0 $0.0 $0.8 $1.1 $3.1 $4.4 $2.9 $2.3 $1.6 $1.1 2019PF 2020PF 2021 2022 2023 2024 2025 2026E Adjusted EBITDA2 Margin (On Base Business) +150 bps +90 bps +10 bps 11.5% 13.0% 13.9% 14.0% 2021 2022 2023 2024 10.3% (370 bps) 2025 SF Starts 888 991 1,127 1,005 948 1,013 940 ~875 +270 bps 8.8% 2020PF 7.8% 2019PF +100 bps ~3% ~3% Base Business1 Commodity <>$400/mbf Single-Family Housing Starts (000s)3 2019PF-2026E Base Business CAGR SF Starts 888 991 1,127 1,005 948 1,013 940 ~875 7.6% (270 bps) 2026E
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Footnote 20 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 20 Historical Trend Comparison 1) Based on midpoint of 2026 outlook. 2) Aggregated represents the combination of BLDR and BMC information from historical Form 10-Ks submitted to the SEC. 3) Pro Forma represents the estimated combined results of BLDR and BMC as represented during merger activities. 4) Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP financial measures. See the Non-GAAP Financial Measures slide in this presentation for a definition thereof and a discussion of certain matters regarding non-GAAP guidance. 5) Represents 70%/30% split between Lumber composite and OSB composite, respectively, for each year. 849 876 888 991 1,127 1,005 948 1,013 940 875 700 800 900 1,000 1,100 1,200 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 10-Year Single Family Starts Trend 2026E1 $14,400 28.0% $1,100 7.6% $400 2017 $10,400 24.3% $669 6.4% $405 2018 $11,407 24.8% $842 7.4% $434 2019 $10,907 26.9% $777 7.1% $321 2020 $12,766 25.8% $1,072 8.4% $546 2021 $19,894 29.4% $3,060 15.4% $885 2022 $22,726 34.1% $4,377 19.3% $760 2023 $17,097 35.2% $2,899 17.0% $408 2024 $16,400 32.8% $2,331 14.2% $406 2025 $15,191 30.4% $1,584 10.4% $384 ActualsPro Forma3 thousands Aggregated2 Net Sales Gross Margin Adj. EBITDA4 Adj. EBITDA %4 Commodity5 ($/mbf) $ in millions, except where noted 1 Outlook1
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Footnote 21 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 21 Adjusted Net Income and Adjusted EPS Definition Change Reconciliation Note: 2019 and 2020 are pro forma for BMC earnings. Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY FY FY FY FY FY FY (in millions, except per share amounts) 2025 2025 2025 2025 2026 2026 2026 2019PF 2020PF 2021 2022 2023 2024 2025 Net Income 96.3 185.0 122.4 31.5 (47.4) (3.9) 60.4 331.7 484.8 1,725.4 2,749.4 1,540.6 1,077.9 435.2 Amortization Expense 73.3 73.9 73.5 76.5 72.9 72.1 70.6 34.1 42.2 358.1 302.6 335.7 305.4 297.2 Technology / Acquisition Expenses 27.5 30.2 39.9 45.6 28.9 41.2 39.3 20.1 50.0 126.1 76.9 112.3 85.4 143.2 Stock Compensation Expense 14.2 16.2 16.4 6.7 13.6 7.2 15.6 24.7 33.0 25.0 31.3 48.5 63.1 53.5 Debt Issuance and Refinancing Cost - 0.2 - - - - - - 29.4 8.1 27.4 0.7 - 0.2 Other Management-Identified Adjustments (2.0) 0.9 1.1 9.5 6.4 2.4 8.3 2.1 0.2 (25.4) 1.0 3.9 25.1 9.4 Tax Effect (27.1) (29.1) (31.4) (33.2) (29.2) (29.5) (32.1) (19.4) (37.2) (118.0) (105.4) (120.3) (115.0) (120.8) R&D Credit - - - - - 43.9 - - - - - - - - Adj. Net Income - New 182.2 277.3 221.8 136.6 45.1 133.4 162.2 393.3 602.4 2,099.1 3,083.1 1,921.4 1,441.9 817.9 Adj. Net Income - Old 172.9 264.3 208.5 124.3 29.9 126.1 144.0 372.9 577.2 2,099.4 3,058.6 1,881.6 1,374.9 770.1 Var 9.3 12.9 13.3 12.3 15.2 7.3 18.2 20.4 25.3 (0.3) 24.5 39.8 67.0 47.8 Base Shares-Diluted 114.3 111.2 110.9 110.9 109.9 107.6 107.6 207.0 207.0 203.5 163.5 129.0 119.0 111.8 Adjusted EPS - New 1.59$ 2.49$ 2.00$ 1.23$ 0.41$ 1.24$ 1.51$ 1.90$ 2.91$ 10.31$ 18.86$ 14.89$ 12.12$ 7.31$ Adjusted EPS - Old 1.51$ 2.38$ 1.88$ 1.12$ 0.27$ 1.17$ 1.34$ 1.80$ 2.79$ 10.32$ 18.71$ 14.59$ 11.56$ 6.89$ Var 0.08$ 0.12$ 0.12$ 0.11$ 0.14$ 0.07$ 0.17$ 0.10$ 0.12$ (0.00)$ 0.15$ 0.31$ 0.56$ 0.43$ Variance Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 2019PF 2020PF 2021 2022 2023 2024 2025 Stock Compensation Expense 14.2 16.2 16.4 6.7 13.6 7.2 15.6 24.7 33.0 25.0 31.3 48.5 63.1 53.5 Other Management-Identified Adjustments 2.0 1.2 2.1 3.4 5.3 2.2 5.2 4.8 1.9 1.0 2.7 5.7 8.1 8.6 Gain/Loss on Sale of Assets, etc. (4.0) (0.3) (1.0) 6.1 1.1 0.1 3.1 (2.7) (1.6) (26.4) (1.7) (1.8) 17.0 0.8 Tax Effect (2.9) (4.1) (4.2) (3.9) (4.8) (2.3) (5.7) (6.4) (8.0) 0.1 (7.8) (12.6) (21.2) (15.1) Net Change 9.3 12.9 13.3 12.3 15.2 7.3 18.2 20.4 25.3 (0.3) 24.5 39.8 67.0 47.8
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Footnote 22 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 22 Summary Financial Information & Reconciliations
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Footnote 23 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 23 Summary Financial Information & Reconciliations
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Footnote 24 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 24 Summary Financial Information & Reconciliations
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Footnote 25 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 25 Summary Financial Information & Reconciliations
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Footnote 26 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 26 Summary Financial Information & Reconciliations
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Footnote 27 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 27 Summary Financial Information & Reconciliations
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Footnote 28 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 28 Summary Financial Information & Reconciliations
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Footnote 29 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 29 Summary Financial Information & Reconciliations
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Footnote 30 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 30 Summary Financial Information & Reconciliations
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Footnote 31 © C O P Y R I G H T B U I L D E R S F I R S T S O U R C E . A L L R I G H T S R E S E R V E D . 31 Summary Financial Information & Reconciliations