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Investor Presentation Fiscal 2026 Second Quarter Results October 30, 2025
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Investor Presentation October 2025 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to, among other things, the business, financial condition and results of operations of CSW Industrials, Inc. (“CSW” or the “Company”). Any statements preceded or followed by or that include the words “believe,” “expect,” “intend,” “plan,” “should” or words, phrases or similar expressions or the negative thereof, are intended to identify forward-looking statements. These statements are made on the basis of the current beliefs, expectations and assumptions of the management of CSW. There are a number of risks and uncertainties that could cause CSW’s actual results to differ materially from the forward-looking statements included in this presentation. In light of these risks, uncertainties, assumptions, and other factors inherent in forward-looking statements, actual results may differ materially from those discussed in this presentation. Other unknown or unpredictable factors could also have a material adverse effect on CSW’s actual future results, performance, or achievements and include, without limitation, the factors described from time to time in our filings with the SEC, including the risk factors described in our Annual Report on Form 10-K. As a result of the foregoing, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. CSW does not assume any obligation to update these forward-looking statements to reflect any new information, subsequent events or circumstances, or otherwise, except as may be required by law. Forward Looking Statement This presentation includes non-GAAP financial measures including Adjusted Earnings Per Share, Adjusted Net Income, Adjusted Operating Income, Adjusted EBITDA and Free Cash Flows. Reconciliations to the most directly comparable GAAP measures are included in the Appendix of this presentation. These measures should be considered in addition to results prepared in accordance with GAAP, but are not a substitute for GAAP results. Non-GAAP Financial Information 2
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Index Overview, Culture, Values, and Investment Thesis Business Segment Overview Fiscal 2026 Second Quarter Results Fiscal 2026 Year-to Date Results Appendix 4 17 27 32 37
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72% 15% 13% CSW Industrials, Inc. (NYSE: CSW) A diversified industrial growth company with a strategic focus on providing niche, value-added products in the end markets we serve. 1 Throughout the presentation, Trailing Twelve Months (TTM) are defined as the twelve months ended September 30, 2025. 2 Listed publicly after spin-off from Capital Southwest Corporation (Nasdaq: CSWC). 3 As of 10/24/2025. 4 Reflects cash on hand of $31M and $639M of available capacity on the $700M revolving credit facility as of September 30, 2025. Key Highlights Publicly Listed Following Spin-Off 2015 Market Capitalization3 ~$4.1B Investment in Acquisitions ~$1.0B TTM Gross Margin ~43% Liquidity4 ~$670M Three Segments (Segment percentages reflect TTM1 Revenue) Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions 4 TTM Total Revenue: $965M Investor Presentation October 2025
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Continuously Evolving Our Portfolio CSW Industrials has consistently evolved through strategic acquisitions and initiatives, resulting in a proven track record of sustained growth and margin expansion. 5 Investor Presentation October 2025 1 Segment reporting was updated to the current structure effective 04/01/2022 2 at 2015 public debut 3 as of 10/24/2025 4 EPS adjusted to exclude nonrecurring items and the amortization of acquisition-related intangible assets and inventory step-up 2015 Portfolio Revenue by segment Revenue by segment ~$500M Market cap2 $262M Revenue 21.4% EBITDA margin $2.12 Adj. EPS4 $56M EBITDA ~$4.1B Market cap3 $965M Revenue $10.21 Adj. EPS4 25.2% Adj. EBITDA margin $243M Adj. EBITDA Industrial Products 45% Coatings, Sealants, and Adhesives 20% Specialty Chemicals 34% Other 1% $262M FY15 Sales Contractor Solutions 72%Engineered Building Solutions 13% Specialized Reliability Solutions 15% $965M TTM 2Q26 Sales TTM 2Q26 portfolio1
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Corporate Culture and Values CSW is committed to recruiting great talent, offering rewarding career destinations, and recognizing team members. Our employee-centric culture features an environment where every team member belongs, is encouraged to contribute, and is provided with options to develop and expand their skill sets. CSW leaders embody and cultivate our Core Values. Everything we do is accomplished with a focus on environmental stewardship, and the health and safety of our team members. Investor Presentation October 2025 The Goal of Our Corporate Culture is to Maximize Performance 6 Our Core Values Provide the Framework for Our Corporate Culture Accountability Citizenship Teamwork Respect Integrity Stewardship Excellence
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Corporate Culture and Values We seek to create, nurture, and sustain an inclusive and diverse environment that attracts and retains the highest caliber team members, respects the intrinsic value of each individual, and leverages their skills and expertise to serve our customers. We are dedicated to attracting, developing, and retaining high-quality individuals of all backgrounds, and to making CSW a place where everyone belongs and can contribute and grow. We at CSW believe that our values not only inspire our internal team, but also inform customer insight and service, and we are excited to have been named to Forbes 2025 America's Most Successful Midsize Companies list and certified for a third year as a Great Place To Work. Investor Presentation October 2025 Our Commitment to Our Core Values: 1 TRIR is for the TTM period ended 12/31/24. 2 Employee Stock Ownership Plan (ESOP). Key Highlights: Total Recordable Incident Rate1 Insider ownership, including ESOP2 ~4% Independent Directors on our Board 88% Diverse Directors on our Board 38% 7 1.2
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• Total revenue CAGR of 14.1% from FY16 through FY251 • Organic revenue CAGR of 8.7% from FY16 through FY251 • Total adjusted EBITDA CAGR of 16.5% from FY16 through FY251 Compelling Investment Thesis Investor Presentation October 2025 1 Compound Annual Growth Rate (CAGR) and average percentage calculations include continuing operations only. 2 Cash on hand, revolving credit facility, and availability as of September 30, 2025. 3 Adjusted EBITDA is earnings before interest, tax, depreciation & amortization, and excludes significant nonrecurring items. Growth exceeding end markets served Robust margin profile Strong financial position Experienced leadership team • $639M available on our $700M revolving credit facility, and $31M cash on hand2 • $243.5M TTM adjusted EBITDA, and 25.2% adjusted EBITDA margin as a percent of revenue3 • Dedicated to enhancing shareholder value • Committed to exemplifying CSW’s culture and values 8 • 44.1% adjusted Gross Profit Margin annual average FY16 – FY251 • 22.5% adjusted EBITDA Margin annual average FY16 – FY251
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Sustainable Growth in Shareholder Value • 777% market cap growth1 • 261% Revenue growth2 • 322% adjusted EBITDA growth3 • $255M cash returned to shareholders through dividends and share repurchases4 • 710% total shareholder return5 • $1.0B investment in acquisitions6 • 15.6M shares outstanding in Sept 2015 and 16.7M shares outstanding today Investor Presentation October 2025 Our demonstrated track record of growth and enhancing long-term shareholder value. 1 ~$4.1B market cap as of 10/24/2025, compared to ~$500M at 2015 public debut. 2 $964.8M TTM Revenue versus $266.9M FY16. 3 $243.5M TTM adjusted EBITDA versus $57.7M FY16. 4 From 3Q18 thru the November 2025 dividend payment. 5 Calculated starting with the date shares began trading "regular way" (10/01/2015 - 10/24/2025). 6 Completed FY16 through 2Q26 Maintain Our Strong Balance Sheet Allocate Capital Efficiently Maximize Channels to Market and Increase Market Share Invest in Organic Growth Disciplined Acquisition Strategy 9 Since Inception
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Strong Long-Term Free Cash Flow and Adjusted EPS Growth Free Cash Flow1/ Share and Adjusted EPS2 (FY21 - FY25) 1 Defined as Cash from Operations less capital expenditures 2 EPS adjusted to exclude the nonrecurring items and amortization of acquisition-related intangible assets and inventory step-up Investor Presentation October 202510 FCF / Share FY21 - FY25 CAGR: 25.2%Legend ■ Free Cash Flow1/Share ■ Adjusted EPS2 $3.80 $3.38 $6.92 $9.48 $9.32 $3.87 $5.37 $7.27 $8.11 $9.70 FY21 FY22 FY23 FY24 FY25 Adjusted EPS FY21 - FY25 CAGR: 25.8% There were 15.5M shares outstanding at year-end FY24 and 16.8M shares outstanding at year-end FY25
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Stated Capital Allocation Principles CSW Industrials is committed to maintaining a strong balance sheet with ample liquidity through both cash and available credit to capitalize on growth opportunities, both organically and inorganically. 11 Investor Presentation October 2025 Capital Allocation Policy issued in November 2018 and reaffirmed in December 2022. CSW Industrials targets a sustained leverage ratio of 1x to 3x total debt to EBITDA with the flexibility to exceed the maximum sustained leverage ratio for a limited time to support strategic investment opportunities. Investment to support organic growth opportunities Investment in inorganic growth opportunities Return of excess free cash to shareholders as appropriate through opportunistic share repurchases and dividends
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Capital Expenditures $13.7 Acquisitions $377.9 Dividends $13.1 Share Repurchases $32.4 Allocating Capital Efficiently Investor Presentation October 2025 1 Acquisition capital includes the cash portion of the acquisition consideration during the TTM. 2 As of September 30, 2025. 3 Share repurchase program inception 3Q18 4 As of September 30, 2025 TTM Capital Allocation1 ($ in millions) • Prioritize accretive, synergistic acquisitions within current end markets • Consider broader strategic opportunities as appropriate Inorganic Growth • Continue to maintain strong balance sheet for future opportunities • $639M available on our $700M revolver4 Repayment of Debt • Cumulative share repurchases of $183M and 2.1M shares since 3Q182, 3 • 27 consecutive quarters of dividends declared since first dividend in April 2019, for cumulative cash return of $72M Return of Capital to Shareholders $437.0M Organic Growth Capital allocation decisions are prioritized on a risk-adjusted returns basis, with the ultimate goal of driving long-term shareholder value. 12 • Invest in enhancing innovative, value- adding products and efficiency initiatives • Increase global sales footprint
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Strategic, Disciplined Approach to M&A Investor Presentation October 2025 • Long-term growth well in excess of GDP • Strong margin contribution in-line with existing operations, and margin resiliency through cycles • Leverage our strategy and channels to market, including our extensive distribution network • Execute our capital allocation strategy, investing in opportunities with the highest risk-adjusted rate of return • Expand in current markets with product introductions and meaningful acquisitions • Maintain strong balance sheet • Drive enhanced returns by leveraging market knowledge, and existing systems and processes As a diversified industrial growth company, our goal is to increase free cash flow through sustainable organic growth, accretive inorganic growth, and operational efficiencies. CSW Industrials Criteria: 13
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$29 $28 $10 $12 $44 $62 $37 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 14 Investor Presentation October 2025 Long Standing Track Record of Successful Acquisitions We have a successful record of making attractive and synergistic acquisitions that support expansion of our broad portfolio of solutions. Acquisition Metrics Acquisitions Post-Spin • Identify and execute accretive acquisitions that will broaden and complement our portfolio of brands and products • Focus on commercially proven products and solutions that: ◦ Are attractive in our target end markets ◦ Currently have limited access to distribution channels that will benefit from our market channels • Utilize strong free cash flow or financing to fund acquisitions 1 Reflects weighted average of publicly disclosed purchase multiples; excludes 2024 plumbing acquisitions, Petersen Metals, MSD Research and Deacon acquisitions due to undisclosed multiples (Acquisition Price in millions; years reflect CSW Fiscal years) Key Highlights 17 Acquisitions completed since October 2015 $1.0B Cumulative capital deployed on acquisitions 9.6x Weighted average purchase price multiple1 Legend Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions 16 13 $386 CAB 2 Add-on acquisitions 34 3 3 37 22 46 51 3CB $326 $100
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Our Distribution Channels Accelerate Growth Investor Presentation October 202515 We have focused on expanding our distribution network in recent years, enhancing revenue growth from new product introductions and acquisitions. Without CSW: Limited Distribution With CSW: Broad Distribution The Power of Our Distribution Model CSW sustains strong access to distributors, including through buying groups and national account relationships. CSW can acquire or mass distribute products, resulting in sales at a faster and more cost-effective rate due to logistics leverage, supply agreements, sales staff, credit and back-office support. Newly designed products, while innovative & helpful for contractors, are often challenged by limited distribution
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• Continuous improvement in material and freight costs • Minimize freight delays and maximize supplier on-time delivery • Proactively increased dual- sourcing on critical components • Leverage internal manufacturing capacity • Top-Line Growth: 17.9% Revenue 5-Year CAGR1 • Compelling Profitability: 26.2%, 27.8%, and 26.4% adjusted EBITDA margin 2Q26 YTD, 2Q25 YTD, and 2Q24 YTD, respectively • Capital Allocation Priorities: $75M pay-down of borrowings under our Revolving Credit Facility since the Aspen acquisition completed in May 2025 • Focus on Safety: ◦ Goal is a zero-incident workplace • Focus on Total Rewards: ◦ Competitive total rewards with generous health and retirement benefits • Focus on Wellness: ◦ Cigna Well-Being Award • Great Place to Work Certified for three years in a row Our Guiding Objectives Investor Presentation October 2025 1 Compound Annual Growth Rate (CAGR) and average percentage calculations include continuing operations only. At CSW, how we succeed matters, and accordingly we will: Treat Our Team Members Well • Emphasize consistent availability and timely delivery • Continuously evaluate inventory at both the product and category levels to meet customer demand, while optimizing working capital investments • Focus on driving market and wallet share gains Serve Our Customers Well Manage Our Supply Chains Effectively Position CSW for Sustainable, Long-Term Growth and Profitability 16
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Business Segment Overview
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Segments Summary Investor Presentation October 2025 • $703.3M TTM Revenue, $226.1M adjusted EBITDA, and 32.1% adjusted EBITDA margin • Manufactures and supplies efficiency and performance enhancing products for residential and commercial HVAC/R, electrical, and plumbing applications, designed primarily for professional tradespeople Contractor Solutions • $121.4M TTM Revenue, $17.9M EBITDA, and 14.8% EBITDA margin • Provides primarily code-driven products focused on life-safety that are engineered to provide aesthetically-pleasing solutions for the construction, refurbishment and modernization of commercial, institutional, and multi-family residential buildings Engineered Building Solutions • $147.9M TTM Revenue, $25.3M EBITDA, and 17.1% EBITDA margin • Provides long-established products for increasing the reliability, performance, and lifespan of industrial assets and solving equipment maintenance challenges Specialized Reliability Solutions 18
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Contractor Solutions Segment: Markets & Brands Investor Presentation October 2025 ◦ Highly diversified product portfolio providing industry leading products in both direct-to- customer and distributor models ◦ Adding value by innovating new and existing products to accelerate organic growth Summary: End Markets Served: HVAC/R Plumbing Electrical General Industrial 19 ◦ Future growth focus on new product introductions through organic innovation and inorganic additions ◦ Strong reputation for providing high quality products to long-standing customer base Contractor Solutions Brands:
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Pipe Thread Sealant Plumbing Products (Retail & Distribution Channels) Indoor Air Quality (IAQ) Products Water & Gas Connectors Condensate overflow switches and clean out devices Contractor Solutions: Products 20 Surge Protective Devices Grilles, Registers, and Diffusers (GRD) Investor Presentation October 2025 Air Handlers and Evaporator Coils
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HVAC/R Mini-Split Niche Market: Products 21 Safe-T-Switch Primary drain pan overflow protection. Mighty Bracket Support tool - allows single person evaporator installation or repair Aspen Pumps Univolt or Silent+. Four discrete condensate pump models. White, Aqua, Orange, Lime. Nokink Flexible, easy flare line connector Dust Free Duality Germicidal UV light and VOC filter for improved IAQ Coil-Cure EPA registered coil cleaner and disinfectant. Desolv Cleaning Kit and Aerosol protect walls and floors Condenser brackets Powdercoat and stainless EZ Trap Waterless in-line condensate trap AC Leak Freeze with UV Leak stop sealant, non clogging, non reactive polymer-free nano formula Flaretite Flare gasket against leaks for common fittings, 45° copper stamping with coating Slimduct, Fortress, Cover Guard Lineset duct and fitting systems, 7 sizes, 4 colors Surge Protection Protects equipment from electrical surges and other voltage disturbances PRO-Fit Flaring & Swaging Tool Bit Kits Create precise and fast standard 45° flare or swage Novent Code compliant, locking caps protect against refrigerant theft and inhalation. A2L refrigerant compatible Investor Presentation October 2025
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Specialized Reliability Solutions Segment: Markets & Brands Investor Presentation October 2025 ◦ Our product portfolio allows us to compete and capture enhanced margins relative to larger peers ◦ Focus on end markets with sustainable growth trends, offering products that serve niche solutions ◦ Established reputation for solving equipment maintenance challenges and increasing the reliability, performance, and lifespan of industrial assets utilized in the most demanding environments and extreme conditions Summary: End Markets Served: Rail Transport Energy Mining General Industrial 22 ◦ Innovating new and existing products to accelerate organic growth ◦ Growth focus on new product introductions through organic innovation and inorganic additions ◦ Two centuries of combined operations manufacturing and supplying our trusted specialty lubricants, compounds, sealants, coatings, desiccant breather filtration, and lubrication management systems Specialized Reliability Solutions Brands:
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Specialized Reliability Solutions: Products Investor Presentation October 202523
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Specialized Reliability Solutions: Shell Whitmore JV Products Investor Presentation October 202524
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Engineered Building Solutions Segment: Markets & Brands Investor Presentation October 2025 ◦ Market leader in providing unique solutions to architects and contractors that meet code requirements, while adding functionality, performance, and aesthetically-pleasing designs ◦ Decades of experience creating products that protect lives ◦ Endless use cases for construction, refurbishments, and modernization of buildings Summary: End Markets Served: Smoke & Fire Protection Safety Railings Expansion Joints Safety Egress 25 ◦ Multiple manufacturing locations provide efficiency to meet the needs of general contractors and architects ◦ Continuous engineering improvement to produce best in class products ◦ Design, manufacture and install stainless steel and other architectural metal product railings for interior and exterior end uses Engineered Building Solutions Brands:
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Engineered Building Solutions: Products Investor Presentation October 202526
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Fiscal 2026 Second Quarter Summary of Financial Results
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$203.7 $227.9 $277.0 $53.0 $60.8 $72.9 Revenue EBITDA 2Q24 2Q25 2Q26 $208.5 $38.8$31.9 Consolidated Results: 2Q26 Summary • Record quarterly revenue of $277.0M, a 22% increase ◦ $61.9M increase in inorganic revenue from recent acquisitions ◦ $12.9M decrease in organic revenue mostly in Contractor Solutions as a result of decreased volumes due to softer demand in the residential HVAC/R market ◦ Increased revenue in the HVAC/R, electrical, plumbing, general industrial, and mining end markets • Record quarterly adjusted EBITDA of $72.9M, a 20% increase ◦ Adjusted EBITDA increase resulting from increased revenue from acquisitions ◦ Adjusted EBITDA margin declined 40 basis points to 26.3% primarily due to a contraction in gross margin as a result of the inclusion of Aspen acquisition, and inflation of material costs, including the direct and indirect impact of tariffs • Record quarterly adjusted EPS of $2.96, a 15% increase ◦ Increased adjusted EPS due to increased revenue, offset somewhat by increased shares outstanding resulting from the follow-on equity offering in September 2024 Investor Presentation October 2025 Consolidated Financial Highlights (2Q26 vs 2Q25): Summary Quarterly Consolidated Results ($ in millions) 26.3% Margin 26.7% Margin 26.0% Margin Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions 2Q26 Revenue ($ in millions) $277.0M Consolidated CSW1 28 1 Consolidated CSW revenue includes Corporate & Other, which are not depicted above. Please see the Appendix for the breakout.
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$139.9 $158.8 $208.5 $46.6 $53.7 $67.6 Revenue EBITDA 2Q24 2Q25 2Q26 Contractor Solutions: 2Q26 Segment Summary Investor Presentation October 2025 • Segment Revenue of $208.5M, a 31% increase ◦ Inorganic revenue of $61.9M, due to recent acquisitions ◦ Organic revenue decrease of $12.3M or 7.7%, due to a decrease in unit volumes mostly in products related to housing activity • Segment adjusted EBITDA increased 26% to $67.6M, and adjusted EBITDA margin decreased 140 bps to 32.4% ◦ Adjusted EBITDA increase driven mainly by incremental profit from the inclusion of recent acquisitions, pricing initiatives, and lower ocean freight, partially offset by the impact of lower organic sales, unfavorable sales mix, and the impact of tariffs • Expect to outperform the end markets served and execute on the implementation of our acquisition growth strategy, and manage the impact of tariffs through pricing actions 33.3% Margin 33.8% Margin 32.4% Margin Segment as a % of Consolidated CSW Revenue: 68% 2Q24 69% 2Q25 74% 2Q26 29 Segment Financials (2Q26 vs 2Q25): Summary Quarterly Segment Results ($ in millions)
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• Segment Revenue of $38.8M, a 0.7% increase ◦ Revenue growth in the general industrial and mining end markets, offset by a contraction in the energy and rail end markets • Segment EBITDA decreased 10% to $6.4M, and EBITDA margin decreased 190 bps ◦ EBITDA and EBITDA margin decrease was driven by a decrease in gross margins due to an escalation in material costs, indirectly driven by tariffs, as well as increased freight costs to support incremental growth of international shipments • Developing new sales channels, managing material cost increases through pricing actions, and working on establishing new customers amidst current economic conditions. Our niche products, high value solutions, and new product introductions will help this segment to outpace growth the end markets we participate in. $36.6 $38.5 $38.8 $6.3 $7.1 $6.4 Revenue EBITDA 2Q24 2Q25 2Q26 Specialized Reliability Solutions: 2Q26 Segment Summary Investor Presentation October 2025 Segment as a % of Consolidated CSW Revenue: 18% 2Q24 17% 2Q25 14% 2Q26 17.2% Margin 18.4% Margin 16.5% Margin 30 Segment Financials (2Q26 vs 2Q25):Summary Quarterly Segment Results ($ in millions)
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• Segment Revenue of $31.9M, a 2% decrease ◦ Decrease primarily due to the softness in the market • Segment EBITDA decreased 20%, and EBITDA margin decreased 370 bps ◦ Decrease in EBITDA and EBITDA margin driven by increased material costs indirectly related to tariffs and strategic pricing to address competitive pressures • Backlog quality improving with better margin products ◦ Product development investment for future booking opportunities ◦ New products have improved margin profiles $29.2 $32.7 $31.9 $5.7 $6.6 $5.2 Revenue EBITDA 2Q24 2Q25 2Q26 Segment as a % of Consolidated CSW Revenue: 14% 2Q24 14% 2Q25 12% 2Q26 18.3% Margin 20.1% Margin 16.4% Margin Engineered Building Solutions: 2Q26 Segment Summary Investor Presentation October 202531 Segment Financials (2Q26 vs 2Q25): Summary Quarterly Segment Results ($ in millions)
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Fiscal Year-to-Date 2Q26 Summary of Financial Results
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• Record 1H Revenue of $540.6M, a 19% increase ◦ Inorganic revenue of $105.6M from the recent acquisitions ◦ $19.1M organic decrease due primarily to unit volume decline driven by softer demand in the residential HVAC/R market • Adjusted EBITDA of $141.7M, or 12% growth ◦ Adjusted EBITDA margin decreased 160 bps due to gross margin contraction from inclusion of recent acquisitions, increases in tariffs and material costs, and unfavorable revenue mix • Adjusted EPS of $5.81, a 9% increase, compared to $5.35 ◦ Increased adjusted EPS due to increased revenue and lower interest expense, offset somewhat by increased shares outstanding resulting from the follow-on equity offering in September 2024 • Returned $32.1M of cash to shareholders, including $23.0M through share repurchases and $9.1M in dividends $407.0 $454.1 $540.6 $107.4 $126.1 $141.7 Revenue EBITDA 2Q24 2Q25 2Q26 $405.2 $75.6$63.8 Consolidated Results: Fiscal Year 2026 YTD Summary Investor Presentation October 2025 Consolidated Financial Highlights (2Q26 YTD vs 2Q25 YTD): 1 Consolidated CSW revenue includes Corporate & Other, which are not depicted above. Please see the Appendix for the breakout. Summary 2Q26 YTD Consolidated Results1 ($ in millions) 26.2% Margin 27.8% Margin26.4% Margin Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions 2Q26 YTD Revenue ($ in millions) $540.6M Consolidated CSW 1 33
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$279.9 $319.3 $405.2 $93.4 $112.0 $132.6 Revenue EBITDA 2Q24 2Q25 2Q26 Contractor Solutions: Fiscal Year 2026 YTD Segment Summary Investor Presentation October 2025 • Segment Revenue increased 27% to $405.2M, primarily driven by: ◦ Inorganic growth of $105.6M from recent acquisitions ◦ Organic decrease of $19.6M or 6%, primarily driven by a decrease in unit volumes • Segment adjusted EBITDA increased 18% to $132.6M ◦ Segment adjusted EBITDA margin decreased 230 basis points driven mainly by the inclusion of recent acquisitions, unfavorable revenue mix, and an increase in tariffs, partially offset by pricing actions and lower ocean freight • Contractor Solutions' growth continues to outpace the end markets served, and we will continue to integrate our recently acquired business, while continuing to look for other great acquisition targets and managing the impact of tariffs through pricing actions 33.3% Margin 35.1% Margin 32.7% Margin Segment as a % of Consolidated CSW Revenue: 68% 2Q24 YTD 69% 2Q25 YTD 74% 2Q26 YTD 34 Segment Financials (2Q26 YTD vs 2Q25 YTD): Summary 2Q26 YTD Segment Results ($ in millions)
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• Segment Revenue increased 0.4%, to $75.6M, primarily driven by: ◦ Growth coming from the mining and general industrial end markets was mostly offset by a contraction in the energy and rail end markets • Segment EBITDA decreased 17% to $12.9M and EBITDA margin decreased 360 basis points ◦ EBITDA and EBITDA margin decrease was driven by a decrease in gross margins due to sales mix favoring lower margin products, escalated material costs related to tariffs and commodity pricing, and one-time additional expenses associated with the consolidation of a manufacturing facility into our primary Texas facility • Some of our end markets served have seen contraction, especially in oil and gas, however, the consumable nature of our specialty products allow us to continue to sell during a challenged economic period and manage material cost increases through pricing actions $74.3 $75.3 $75.6 $14.7 $15.6 $12.9 Revenue EBITDA 2Q24 2Q25 2Q26 Specialized Reliability Solutions: Fiscal Year 2026 YTD Segment Summary Investor Presentation October 2025 Segment as a % of Consolidated CSW Revenue: 18% 2Q24 YTD 17% 2Q25 YTD 14% 2Q26 YTD 19.8% Margin 20.7% Margin 17.1% Margin 35 Segment Financials (2Q26 YTD vs 2Q25 YTD):Summary 2Q26 YTD Segment Results ($ in millions)
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• Segment Revenue increased 0.4% to $63.8M • Segment EBITDA decreased 24% to $9.7M ◦ Segment EBITDA margin decreased 500 basis points over the prior year, driven by gross margin contraction due to increased material costs, higher warranty expenses and strategic pricing in response to competitive pressures. • Actions provide future confidence ◦ Bidding and re-bidding trends have been strong ◦ Backlog quality continues to improve with better margin products $56.8 $63.6 $63.8 $10.4 $12.8 $9.7 Revenue EBITDA 2Q24 2Q25 2Q26 Segment as a % of Consolidated CSW Revenue: 14% 2Q24 YTD 14% 2Q25 YTD 12% 2Q26 YTD 18.3% Margin 20.1% Margin 15.1% Margin Engineered Building Solutions: Fiscal Year 2026 YTD Segment Summary Investor Presentation October 202536 Segment Financials (2Q26 YTD vs 2Q25 YTD): Summary 2Q26 YTD Segment Results ($ in millions)
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Appendix
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James has been EVP and CFO since May 2020. From 2004 to 2019, he served in financial roles with Trinity Industries, a publicly held, diversified industrial company, and served as its CFO from 2010 to 2019. From 2001 to 2004, Mr. Perry was a senior financial executive at RMH Teleservices, including serving as CFO. He previously held positions at JP Morgan Chase & Co. and Ernst & Young LLP. Donal has served as EVP & Chief Strategy Officer since April 2024, and previously served as EVP & General Manager, Contractor Solutions since May 2020. Prior to that Mr. Sullivan served as SVP, Industrial Products since January 2016, and was appointed as an executive officer of the Company in March 2019. He has previously held roles at Goodman Global and Carrier Corporation. Luke has served as SVP, General Counsel & Secretary since February 2016. From May 2008 to February 2016, Mr. Alverson held roles of increasing responsibility with Flowserve Corporation, a leading global manufacturer of fluid motion control products and provider of related services, serving most recently as VP, Corporate Legal Services & Assistant Secretary. CSW Executive Team Investor Presentation October 2025 Veteran leadership with broad industry experience, dedicated to enhancing shareholder value. 38 Joseph B. Armes Chairman, CEO and President Joe has served as the Company’s Chairman of the Board of Directors & CEO since September 2015, & President since February 2018. Prior to the Company’s September 2015 spin- off from Capital Southwest Corporation, a capital provider to middle market companies, Mr. Armes served as the Chairman, CEO & President of Capital Southwest Corporation from June 2013 to September 2015. James E. Perry Executive VP and CFO Donal J. Sullivan Executive VP and Chief Strategy Officer Luke E. Alverson Senior VP, General Counsel and Secretary Danielle R. Garde Senior VP and Chief People Officer Danielle has served as SVP and Chief People Officer since October 2022. From June 2020 to September 2022, she was the Chief Human Resources Officer at PlayPower, Inc., a privately- held producer of recreation equipment. From March 2014 to February 2020, Ms. Garde held roles of increasing responsibility with KidKraft Inc., a privately- held producer of children’s toys and furniture, last serving as VP, Human Resources. Jeff A. Underwood Senior VP and GM, Contractor Solutions Jeff has served as SVP & General Manager, Contractor Solutions since April 2024, and previously served as SVP, Sales & Marketing for the Company's RectorSeal operating subsidiary within the Contractor Solutions segment since May 2021. Mr. Underwood joined the Company in September 2018 as VP of Sales for RectorSeal. He previously held roles at Goodman Manufacturing and Bain & Company.
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Reconciliation of Fiscal Second Quarter Segment Operating Income to Segment Adjusted EBITDA Investor Presentation October 2025 Note: Numbers may not foot due to rounding. CS - Contractor Solutions | SRS - Specialized Reliability Solutions | EBS - Engineered Building Solutions | Other - Corporate & Other 39 (unaudited) (unaudited) (unaudited) (Amounts in thousands) Three months ended September 30, 2025 Three months ended September 30, 2024 Three months ended September 30, 2023 CS SRS EBS Other CSW CS SRS EBS Other CSW CS SRS EBS Other CSW Revenue, net $ 208,468 $ 38,806 $ 31,914 $ (2,236) $ 276,951 $ 158,834 $ 38,534 $ 32,673 $ (2,115) $ 227,926 $ 139,902 $ 36,614 $ 29,211 $ (2,075) $ 203,653 Operating Income $ 53,375 $ 5,093 $ 4,832 $ (6,519) $ 56,780 $ 46,254 $ 5,819 $ 6,082 $ (6,606) $ 51,550 $ 39,025 $ 4,829 $ 5,233 $ (7,095) $ 41,993 Adjusting Items: Transaction expenses 1,550 — — 209 1,759 — — — — — — — — — — Adjusted Operating Income $ 54,925 $ 5,093 $ 4,832 $ (6,310) $ 58,539 $ 46,254 $ 5,819 $ 6,082 $ (6,606) $ 51,550 $ 39,025 $ 4,829 $ 5,233 $ (7,095) $ 41,993 % Revenue 26.3 % 13.1 % 15.1 % 21.1 % 29.1 % 15.1 % 18.6 % 22.6 % 27.9 % 13.2 % 17.9 % 20.6 % Adjusting Items: Other income (expense), net 133 (19) (40) (67) 8 (543) (121) (12) (2) (678) 575 (54) 3 1,402 1,926 Depreciation & amortization 12,555 1,347 440 49 14,392 8,002 1,409 494 45 9,951 7,045 1,505 453 42 9,045 Adjusted EBITDA $ 67,613 $ 6,421 $ 5,233 $ (6,328) $ 72,939 $ 53,713 $ 7,108 $ 6,564 $ (6,562) $ 60,823 $ 46,645 $ 6,280 $ 5,690 $ (5,651) $ 52,964 % Revenue 32.4 % 16.5 % 16.4 % 26.3 % 33.8 % 18.4 % 20.1 % 26.7 % 33.3 % 17.2 % 19.5 % 26.0 %
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Reconciliation of Fiscal Year 2026 YTD Segment Operating Income to Segment Adjusted EBITDA Investor Presentation October 2025 Note: Numbers may not foot due to rounding. CS - Contractor Solutions | SRS - Specialized Reliability Solutions | EBS - Engineered Building Solutions | Other - Corporate & Other 40 (unaudited) (unaudited) (unaudited) (Amounts in thousands) Six Months ended September 30, 2025 Six Months ended September 30, 2024 Six Months ended September 30, 2023 CS SRS EBS Other CSW CS SRS EBS Other CSW CS SRS EBS Other CSW Revenue, net $ 405,208 $ 75,611 $ 63,810 $ (4,033) $ 540,597 $ 319,252 $ 75,325 $ 63,566 $ (4,041) $ 454,103 $ 279,856 $ 74,326 $ 56,798 $ (3,967) $ 407,013 Operating Income $ 106,134 $ 10,335 $ 8,831 $ (13,643) $ 111,656 $ 96,138 $ 12,970 $ 11,806 $ (14,304) $ 106,610 $ 78,692 $ 11,794 $ 9,493 $ (12,780) $ 87,199 Adjusting Items: Transaction expenses 1,550 — — 209 1,759 — — — — — — — — — — Adjusted Operating Income $ 107,684 $ 10,335 $ 8,831 $ (13,434) $ 113,415 $ 96,138 $ 12,970 $ 11,806 $ (14,304) $ 106,610 $ 78,692 $ 11,794 $ 9,493 $ (12,780) $ 87,199 % Revenue 26.6 % 13.7 % 13.8 % 21.0 % 30.1 % 17.2 % 18.6 % 23.5 % 28.1 % 15.9 % 16.7 % 21.4 % Adjusting Items: Other Income (Expense) 831 (94) (32) (168) 536 (147) (183) (19) (68) (418) 747 (91) 11 1,573 2,240 Depreciation & amortization 24,095 2,684 856 94 27,730 15,985 2,832 979 87 19,883 13,940 3,035 895 90 17,960 Adjusted EBITDA $ 132,609 $ 12,924 $ 9,655 $ (13,508) $ 141,681 $ 111,976 $ 15,619 $ 12,766 $ (14,285) $ 126,075 $ 93,380 $ 14,738 $ 10,398 $ (11,117) $ 107,399 % Revenue 32.7 % 17.1 % 15.1 % 26.2 % 35.1 % 20.7 % 20.1 % 27.8 % 33.4 % 19.8 % 18.3 % 26.4 %
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Reconciliation of TTM Segment Operating Income to Segment Adjusted EBITDA Investor Presentation October 2025 Note: Numbers may not foot due to rounding. CS - Contractor Solutions | SRS - Specialized Reliability Solutions | EBS - Engineered Building Solutions | Other - Corporate & Other 41 (unaudited) (Amounts in thousands) Trailing Twelve Months Ended September 30, 2025 Contractor Specialized Engineered Solutions Reliability Building Corporate Consolidated CS SRS EBS Other CSW Revenue, net $ 703,287 $ 147,927 $ 121,363 $ (7,782) $ 964,795 Operating Income $ 175,889 $ 20,037 $ 16,212 $ (25,844) $ 186,294 Adjusting Items: Fair value change in contingent consideration liability 2,100 — — — 2,100 Transaction expenses 3,844 — — 209 4,053 Adjusted Operating Income $ 181,833 $ 20,037 $ 16,212 $ (25,635) $ 192,447 % Revenue 25.0 % 13.5 % 13.4 % 19.9 % Adjusting Items: Other income (expense), net 607 (144) (6) (365) 92 Depreciation & amortization 42,776 5,405 1,703 184 50,069 Reversal of tax indemnification receivable 858 — — — 858 Adjusted EBITDA $ 226,074 $ 25,298 $ 17,909 $ (25,815) $ 243,466 % Revenue 32.1 % 17.1 % 14.8 % 25.2 %
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Reconciliation of Fiscal Year Company Net Income to Adjusted EBITDA Investor Presentation October 2025 Note: Numbers may not foot due to rounding.42 (Amounts in thousands) Year Ended 3/31/2025 Year Ended 3/31/2024 Year Ended 3/31/2023 Year Ended 3/31/2022 Year Ended 3/31/2021 Year Ended 3/31/2020 Year Ended 3/31/2015 Net Income attributable to CSW 136,652 101,648 96,435 66,385 40,099 44,656 29,705 Plus: Income attributable to Redeemable Noncontrolling Interest 832 891 139 934 — — — Net Income 137,484 102,539 96,574 67,319 40,099 44,656 29,705 Adjusting Items: Interest Expense 269 12,723 13,197 5,449 2,383 1,331 611 Income Tax Expense 42,633 37,942 29,338 24,146 10,769 12,732 15,223 Depreciation & Amortization 42,223 38,289 34,958 36,408 22,718 15,587 10,515 Transaction Costs & Other Professional Fees 2,294 — — — 10,360 200 — Reversal of Indemnification Receivable 858 8,519 — — 5,000 — — Pension Termination — — — — — 6,488 — Gain on Sale of Property — — — — — (776) — Fair value change in contingent consideration liability 2,100 — — — — — — Adjusted EBITDA 227,860 200,011 174,067 133,323 91,329 80,217 56,054 % Revenue 25.9 % 25.2 % 23.0 % 21.3 % 21.8 % 20.8 % 21.4 %
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Reconciliation of Fiscal Year Company Gross Profit to Adjusted Gross Profit Investor Presentation October 2025 Note: Numbers may not foot due to rounding.43 (Amounts in thousands) Year Ended 3/31/2025 Year Ended 3/31/2024 Year Ended 3/31/2023 Year Ended 3/31/2022 Year Ended 3/31/2021 Year Ended 3/31/2020 Year Ended 3/31/2019 Revenue, net 878,301 792,840 757,904 626,435 419,205 385,871 350,155 Cost of Revenue 484,989 442,095 439,690 370,473 234,655 209,034 188,787 Gross Profit 393,312 350,745 318,214 255,962 184,551 176,837 161,368 Adjusting Items: Purchase Accounting Effect — — — 3,919 2,963 — — Gain on Sale of Property — — — — — (776) (2,047) Adjusted Gross Profit 393,312 350,745 318,214 259,881 187,514 176,061 159,321 % Revenue 44.8 % 44.2 % 42.0 % 41.5 % 44.7 % 45.6 % 45.5 %
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Reconciliation of Fiscal Year Company Operating Cash Flow to Free Cash Flow/ Share Investor Presentation October 2025 Note: Numbers may not foot due to rounding.44 (Amounts in thousands) Year Ended 3/31/2025 Year Ended 3/31/2024 Year Ended 3/31/2023 Year Ended 3/31/2022 Year Ended 3/31/2021 Year Ended 3/31/2020 Net Cash Provided by Operating Activities 168,362 164,332 121,453 69,089 66,254 71,397 Less: Capital Expenditures (16,266) (16,575) (13,951) (15,653) (8,833) (11,437) Free Cash Flows 152,096 147,757 107,502 53,436 57,421 59,960 Diluted Shares 16,314 15,581 15,546 15,807 15,126 15,206 Free Cash Flow/Share 9.32 9.48 6.92 3.38 3.80 3.94 FCF/Adjusted EBITDA 66.7 % 73.9 % 61.8 % 40.1 % 62.9 % 74.7 %
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Reconciliation of Fiscal Year Company EPS to Adjusted EPS1 Investor Presentation October 2025 1 EPS adjusted to exclude nonrecurring items and the amortization of acquisition-related intangible assets and inventory step-up Note: Numbers may not foot due to rounding. 45 (Amounts in thousands) Year Ended 3/31/2025 Year Ended 3/31/2024 Year Ended 3/31/2023 Year Ended 3/31/2022 Year Ended 3/31/2021 Year Ended 3/31/2020 Net Income attributable to CSW 136,652 101,648 96,435 66,385 40,099 44,656 Diluted Shares 16,314 15,581 15,546 15,807 15,126 15,206 GAAP EPS 8.38 6.52 6.20 4.20 2.65 2.94 Adjusting Items: Amortization of acquisition-related intangibles and inventory step-up 1.29 1.10 1.07 0.98 0.51 0.34 Transaction Costs & Other Professional Fees 0.10 — — — 0.58 0.01 Reversal of Indemnification Receivable — 0.49 — — (0.02) — Purchase Accounting Effect — — — 0.19 0.15 — Pension Termination — — — — — 0.32 Gain on Sale of Property — — — — — (0.04) Fair value change in contingent consideration liability 0.10 — — — — — Uncertain tax position accrual release (0.16) — — — — — Other Misc. Items — — — — — (0.04) Adjusted EPS1 9.70 8.11 7.27 5.37 3.87 3.53