Slides
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Investor Presentation Fiscal 2027 Second Quarter Results October 29, 2026
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Investor Presentation October 2026 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 2027 Second Quarter Results Fiscal 2027 Year-to-Date Results Appendix 4 18 30 36 42
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76% 15% 9% 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 June 30, 2026. 2 Listed publicly after spin-off from Capital Southwest Corporation (Nasdaq: CSWC). 3 As of 10/27/2026. 4 Reflects cash on hand of $37M and $511M of available capacity on the $700M revolving credit facility as of September 30, 2026. Key Highlights Publicly Listed Following Spin-Off2 2015 Market Capitalization3 ~$4.9B Investment in Acquisitions ~$1.7B TTM Adjusted Gross Margin ~42.8% Liquidity4 ~$548M Three Segments (Segment percentages reflect TTM1 Revenue) Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions 4 TTM Total Revenue: $1.3B Investor Presentation October 2026
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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 2026 1 Segment reporting was updated to the current structure effective 04/01/2022. 2 At 2015 public debut. 3 As of 10/27/2026. 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 ~$4.9B Market cap3 $1.3B Revenue $12.07 Adj. EPS4 26.0% Adj. EBITDA margin $326M Adj. EBITDA Industrial Products 45% Coatings, Sealants, and Adhesives 20% Specialty Chemicals 34% Other 1% $262M FY15 Sales Contractor Solutions 76% Engineered Building Solutions 9% Specialized Reliability Solutions 15% $1.3B TTM 2Q27 Sales TTM 2Q27 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 2026 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 2026 Our Commitment to Our Core Values: 1 TRIR is for the TTM period ended 12/31/25. 2 Employee Stock Ownership Plan (ESOP). Key Highlights: Total Recordable Incident Rate1 Insider ownership, including ESOP2 ~4% Independent Directors on our Board 86% Diverse Directors on our Board 43% 7 1.1
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• Total revenue CAGR of 15.0% from FY16 through FY261 • Organic revenue CAGR of 8.3% from FY16 through FY261 • Total adjusted EBITDA CAGR of 16.7% from FY16 through FY261 Compelling Investment Thesis Investor Presentation October 2026 1 Compound Annual Growth Rate (CAGR) and average percentage calculations include continuing operations only. 2 Cash on hand and revolving credit facility availability as of September 30, 2026. 3 Adjusted EBITDA is earnings before interest, tax, depreciation, amortization and impairment, and excludes significant nonrecurring items. Growth exceeding end markets served Robust margin profile Strong financial position Experienced leadership team • $511M available on our $700M revolving credit facility, and $37M cash on hand2 • $326.3M TTM adjusted EBITDA, and 26.0% adjusted EBITDA margin as a percent of revenue3 • Dedicated to enhancing shareholder value • Committed to exemplifying CSW’s culture and values 8 • 43.9% adjusted Gross Profit Margin annual average FY16 – FY261 • 22.9% adjusted EBITDA Margin annual average FY16 – FY261
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Sustainable Growth in Shareholder Value • 947% market cap growth1 • 370% Revenue growth2 • 465% adjusted EBITDA growth3 • $407M cash returned to shareholders through dividends and share repurchases4 • 900% total shareholder return5 • $1.7B investment in acquisitions6 • 15.6M shares outstanding in Sept 2015 and 16.3M shares outstanding today Investor Presentation October 2026 Our demonstrated track record of growth and enhancing long-term shareholder value. 1 ~$4.9B market cap as of 10/27/2026, compared to ~$500M at 2015 public debut. 2 $1,254.0M TTM Revenue versus $266.9M FY16. 3 $326.3M TTM adjusted EBITDA versus $57.7M FY16. 4 Dividends paid from 3Q18 thru the November 2026 dividend payment and share repurchases from 3Q18 thru 2Q27. 5 Calculated starting with the date shares began trading "regular way" (10/01/2015 - 10/27/2026). 6 Completed FY16 through 2Q27. 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 - TTM 9/30/26) 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 202610 FCF / Share FY21 - TTM CAGR: 21.0%Legend ■ Free Cash Flow1/Share ■ Adjusted EPS2 $3.80 $3.38 $6.92 $9.48 $9.32 $7.92 $10.85 $3.72 $5.18 $7.27 $8.11 $9.70 $10.38 $12.07 FY21 FY22 FY23 FY24 FY25 FY26 TTM Adjusted EPS FY21 - TTM CAGR: 23.9%
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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 2026 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 $21M Acquisitions $695M Dividends $19M Share Repurchases $134M Allocating Capital Efficiently Investor Presentation October 2026 1 Acquisition capital includes the cash portion of the acquisition consideration during the TTM. 2 As of September 30, 2026. 3 Share repurchase program inception 3Q18. 4 As of September 30, 2026. TTM Capital Allocation1 ($ 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 • $511M available on our $700M revolver4 Repayment of Debt • Cumulative share repurchases of $317M and 2.6M shares since 3Q182, 3 • 31 consecutive quarters of dividends declared since first dividend in April 2019, for cumulative cash return of $90M Return of Capital to Shareholders $868M 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 2026 • 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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2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 14 Investor Presentation October 2026 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 22 Acquisitions completed since October 2015 $1.7B Cumulative capital deployed on acquisitions 10.6x 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 $1,044 $100 $29 $28 $10 $12 $44 $62 $37 22 917 328 668 22 17 9 17
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Our Distribution Channels Accelerate Growth Investor Presentation October 202615 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: 20.9% Revenue 5-Year CAGR1 • Compelling Profitability: 27.8%, 26.2%, and 27.8% adjusted EBITDA margin 2Q27 YTD, 2Q26 YTD, 2Q25 YTD, respectively • Capital Allocation Priorities: Pay-down of borrowings under our Revolving Credit Facility then pay-down of outstanding Term Loan A • 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 four years in a row Our Guiding Objectives Investor Presentation October 2026 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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Fiscal 2027 Outlook 17 Revenue, Adjusted EBITDA, Adjusted EPS, and Cash Flows • Expect to deliver full-year growth in organic revenue, adjusted EBITDA, adjusted EPS, and cash flows • Expectations reflect current view of market conditions and are subject to the forward-looking risks and assumptions discussed in our materials Capital Structure, Borrowings, Interest Hedge, Interest Expense, & Intangible Amortization • Interest Expense and Intangible Amortization Forecast ◦ As of 11/1/26, incurring interest expense on Syndicated Term Loam A and Revolver borrowings at an interest rate of SOFR plus 175 basis points based on a net Debt-to-EBITDA leverage ratio of 2.10x ◦ Fiscal 2027 interest expense is estimated to be approximately $49M, including recent increase in the 1-month SOFR rate and current debt paydown estimate, assuming no additional investments ◦ Anticipate annualized amortization of intangible assets will be around $61M, assuming no additional investments • $700M Revolving Credit Facility and $600M Term Loan A ◦ $577.5M outstanding as of 9/30/26 on the Term Loan A ◦ $189M outstanding as of 9/30/26 on the Revolving Credit Facility • $300M Interest Rate Hedge on Term Loan A ◦ 3 years, or 360-day term ◦ Fixed Rate: 3.416% ◦ Floating Rate: One-Month Term SOFR Investor Presentation October 2026
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Business Segment Overview
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Segments Summary Investor Presentation October 2026 1 TTM figures for Engineered Building Solutions exclude the Greco business. • $966.9M TTM Revenue, $299.4M adjusted EBITDA, and 31.0% 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 • $88.5M TTM Revenue, $20.6M EBITDA, and 23.3% adjusted 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 (ex-Greco)1 • $182.2M TTM Revenue, $37.4M adjusted EBITDA, and 20.5% adjusted EBITDA margin • Provides long-established products for increasing the reliability, performance, and lifespan of industrial assets and solving equipment maintenance challenges Specialized Reliability Solutions 19
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Contractor Solutions Segment: Markets & Brands • 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 20 • 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: Investor Presentation October 2026
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Plumbing Products Motors & Capacitors Condensate overflow switches and clean out devices Contractor Solutions: Products 21 Surge Protective Devices Indoor Air Quality (IAQ) Products Grilles, Registers, and Diffusers (GRD) Air Handlers and Evaporator Coils Pipe Thread Sealant Investor Presentation October 2026
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HVAC/R: Ducted Products 22 Outdoor Indoor Novent Red Refrigerant Caps RSH-Series Disconnect Switch Outset Seal & Jacket Adjustable Lineset Wall Seal and Jacket AmRad Turbo 200 Universal Start Capacitor PolarPad Heavy Duty HVAC Equipment Pads Dust Free SST2 System Service Transition Aspen Manufacturing Coils & Air Handlers HVAC Air Traps Waterless Traps EZ Trap Float Switch Condensate Overflow Protection ClearDrain PVC Biocide-Free, Slime-Blocking PVC Piping System Safe-T-Switch SSW Water Sensor for Secondary Drain Pans Safe-T-Switch SSL Condensate Overflow Protection Goliath Secondary Condensate Drain Pan Dust Free Lightstick Gold Germicidal UV Light Dust Free Active Gold Air Purifier TRUaire / Shoemaker Grilles, Registers & Diffusers RSH Series RSH-20 ECM Motor Surge Protector Investor Presentation October 2026
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HVAC/R: Ductless (Mini-Split) Products 23 RSH-50 VRMDC Kit Surge Protection CoverGuard / Fortress / SlimDuct Lineset Covers Mounting Mini-Split Support System Novent Red Refrigerant Caps Duckt-Strip Universal Mini-Split Cable PairCoil Pre-Insulated, Paired Lineset for Mini-Split Installation Drain Hose For Condensate Management Outdoor Indoor Safe-T-Switch SS610E Condensate Overflow Cutoff Switch Ghost Condensate Pumps Designed for Mini-Split Systems NoKink Flexible Refrigerant Line Connector Mighty Bracket Installation Support Tool Dust Free Duality Germicidal UV Light HVAC Air-Trap DMS-Series, Waterless Trap Investor Presentation October 2026
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Plumbing: Water Heating Products 24 TripleGuard Active All-In-One Shutoff Falcon Thermal Expansion Tank Calci-Flush Tank Cleaner Falcon Water Connectors Falcon Gas Connectors Drain Pans Aluminum Tanked TripleGuard Active All-In-One Shutoff Calci-Free Tankless Cleaner Falcon Gas Connectors Drain Pans All-In-One Shutoff pH-Pro Condensate Neutralizer Tankless Investor Presentation October 2026
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Specialized Reliability Solutions Segment: Markets & Brands Investor Presentation October 2026 • 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 25 • 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 26 Investor Presentation October 2026
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Specialized Reliability Solutions: Shell Whitmore JV Products 27 Investor Presentation October 2026
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Engineered Building Solutions Segment: Markets & Brands Investor Presentation October 2026 • 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 Expansion Joints Safety Egress 28 • 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 202629
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Fiscal 2027 Second Quarter Summary of Financial Results
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$227.9 $277.0 $361.4 $60.8 $72.9 $96.7 Revenue EBITDA 2Q25 2Q26 2Q27 $285.8 $49.5$28.4 Consolidated Results: 2Q27 Summary • All-Time Record revenue of $361.4M, a 31% increase ◦ $56.3M increase in inorganic revenue from recent acquisitions in Contractor Solutions and Specialized Reliability Solutions segments ◦ $28.2M increase in organic revenue, from Contractor Solutions and Specialized Reliability Solutions segments • Record second quarter adjusted EBITDA of $96.7M, a 33% increase ◦ Adjusted EBITDA increase demonstrating the earnings power of our expanded platform and ability to meet market demand ◦ Adjusted EBITDA margin expanded 50 basis points to 26.8%, primarily due to the contribution from recent acquisitions, strategic pricing actions, synergy and restructuring realization, and disciplined cost controls • Record second quarter adjusted EPS of $3.66, a 24% increase ◦ Increased adjusted EPS was primarily due to the higher adjusted income and was partially offset by higher interest expense due to an increased debt balance following significant acquisition activity and share repurchases over the last year Investor Presentation October 2026 Consolidated Financial Highlights (2Q27 vs 2Q26): Summary Quarterly Consolidated Results ($ in millions) 26.8% Margin 26.3% Margin 26.7% Margin Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions 2Q27 Revenue ($ in millions) $361.4M Consolidated CSW1 31 1 Consolidated CSW revenue includes Corporate & Other, which are not depicted above. Please see the Appendix for the breakout.
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$158.8 $208.5 $285.8 $53.7 $67.6 $88.9 Revenue EBITDA 2Q25 2Q26 2Q27 Contractor Solutions: 2Q27 Segment Summary Investor Presentation October 2026 • Segment Revenue of $285.8M, a 37% increase ◦ Inorganic revenue growth of $50.5M, due to MARS acquisition ◦ Organic revenue growth of $26.8M or 13% including both pricing actions and volume growth • Segment adjusted EBITDA increased 32% to $88.9M, however, adjusted EBITDA margin decreased 130 bps to 31.1% ◦ Adjusted EBITDA margin decreased primarily due to increased raw materials and freight expenses, more than offsetting pricing actions • Expect to outperform the end markets served and execute on market share gains through our expanded portfolio from recent acquisitions, while utilizing our current growth strategy 33.8% Margin 32.4% Margin 31.1% Margin Segment as a % of Consolidated CSW Revenue: 69% 2Q25 74% 2Q26 78% 2Q27 32 Segment Financials (2Q27 vs 2Q26): Summary Quarterly Segment Results ($ in millions) Outlook:
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• Segment Revenue of $49.5M, a 28% increase ◦ Inorganic revenue growth of 15% driven by recent acquisitions ◦ Organic revenue growth of 13% driven by solid demand momentum and pricing actions • Segment adjusted EBITDA increased 66% to $10.6M, and adjusted EBITDA margin increased 490 bps ◦ Adjusted EBITDA and adjusted EBITDA margin increase was driven by an increase in gross margins due to the inclusion of acquisitions, pricing actions, and a favorable product mix which was partially offset by increased freight • Developing new sales channels, managing cost increases through pricing actions, and establishing new customers amidst current economic conditions. Diversifying our end markets served through acquisitions and market resiliency $38.5 $38.8 $49.5 $7.1 $6.4 $10.6 Revenue EBITDA 2Q25 2Q26 2Q27 Specialized Reliability Solutions: 2Q27 Segment Summary Investor Presentation October 2026 Segment as a % of Consolidated CSW Revenue: 17% 2Q25 14% 2Q26 14% 2Q27 18.4% Margin 16.5% Margin 21.5% Margin 33 Segment Financials (2Q27 vs 2Q26):Summary Quarterly Segment Results ($ in millions) Outlook:
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• Segment Revenue of $28.4M, an 11% decrease ◦ Decrease primarily the result of our plan to sell the Greco U.S. business and strategically exit the Greco Canada business ("Greco Plan"), partially offset by growth in the continuing businesses • Segment adjusted EBITDA decreased 31%, and adjusted EBITDA margin decreased 360 bps ◦ Decrease in adjusted EBITDA and adjusted EBITDA margin driven by the Greco Plan mentioned above • Healthy backlog in the continuing businesses and quality improving ◦ New products have improved margin profiles on future results $32.7 $31.9 $28.4 $6.6 $5.2 $3.6 Revenue EBITDA 2Q25 2Q26 2Q27 Segment as a % of Consolidated CSW Revenue: 14% 2Q25 12% 2Q26 8% 2Q27 20.1% Margin 16.4% Margin 12.8% Margin Engineered Building Solutions: 2Q27 Segment Summary Investor Presentation October 202634 Segment Financials (2Q27 vs 2Q26): Summary Quarterly Segment Results ($ in millions) Outlook:
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• Segment Revenue of $22.7M, a 2% increase ◦ Increase due to pricing and slight volume growth • Segment adjusted EBITDA decreased 11%, and adjusted EBITDA margin decreased 290 bps ◦ Decrease in adjusted EBITDA margin driven by an unfavorable product mix, as well as increased cost of raw materials and freight • Healthy order backlog with increasing book to bill ratio ◦ New products have improved margin profiles on future results ◦ Supports confidence in stronger margins over time $22.1 $22.1 $22.7 $5.1 $4.9 $4.4 Revenue EBITDA 2Q25 2Q26 2Q27 Segment as a % of Consolidated CSW Revenue (ex-Greco): 10% 2Q25 8% 2Q26 7% 2Q27 23.0% Margin 22.1% Margin 19.3% Margin Engineered Building Solutions (ex-Greco): 2Q27 Segment Summary Investor Presentation October 202635 Segment Financials (2Q27 vs 2Q26): Summary Quarterly Segment Results ($ in millions) Outlook:
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Fiscal Year-to-Date 2Q27 Summary of Financial Results
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• All-Time Record H1 Revenue of $712M, a 32% increase ◦ Inorganic revenue of $129M from the recent acquisitions ◦ $42M organic increase due to both unit volumes increasing and pricing actions • All-Time Record Adjusted EBITDA of $198M, or 40% growth ◦ Adjusted EBITDA margin increased 160 bps primarily due to synergy and restructuring realization, disciplined cost controls, and pricing actions that offset the impact from increased material costs and freight expenses • All-Time Record Adjusted EPS of $7.50, a 29% increase, compared to $5.81 ◦ Increased adjusted EPS due to increased operating income, offset by higher interest expense due to an increased debt balance following significant acquisition activity and share repurchases over the last year • All-Time Record Cash Flows from Operations of $171.0M, increasing 39.7% due to increased profit and strong working capital management $454.1 $540.6 $712.1 $126.1 $141.7 $198.3 Revenue EBITDA 2Q25 2Q26 2Q27 $561.8 $97.7$57.3 Consolidated Results: Fiscal Year 2027 YTD Summary Investor Presentation October 2026 Consolidated Financial Highlights (2Q27 YTD vs 2Q26 YTD): 1 Consolidated CSW revenue includes Corporate & Other, which are not depicted above. Please see the Appendix for the breakout. Summary 2Q27 YTD Consolidated Results1 ($ in millions) 27.8% Margin 26.2% Margin 27.8% Margin Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions 2Q27 YTD Revenue ($ in millions) $712.1M Consolidated CSW 1 37
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$319.3 $405.2 $561.8 $112.0 $132.6 $183.3 Revenue EBITDA 2Q25 2Q26 2Q27 Contractor Solutions: Fiscal Year 2027 YTD Segment Summary Investor Presentation October 2026 • Segment Revenue increased 39% to $562M, primarily driven by: ◦ Inorganic growth of $118M from recent acquisitions ◦ Organic increase of $38M or 9.5%, primarily driven by pricing actions as well as increased in unit volumes • Segment adjusted EBITDA increased 38% to $183M ◦ Segment adjusted EBITDA margin decreased 10 basis points driven mainly by an increase in freight and material costs, partially offset by pricing actions • Contractor Solutions' growth continues to outpace the end markets served as we work to harmonize revenue in our acquired businesses. We continue to look for great products and businesses that are complementary, innovative, and/or synergistic within our existing end markets served. 35.1% Margin 32.7% Margin 32.6% Margin Segment as a % of Consolidated CSW Revenue: 69% 2Q25 YTD 74% 2Q26 YTD 78% 2Q27 YTD 38 Segment Financials (2Q27 YTD vs 2Q26 YTD): Summary 2Q27 YTD Segment Results ($ in millions)
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• Segment Revenue increased 29%, to $98M, primarily driven by: ◦ Inorganic revenue growth of 15% driven by recent acquisitions ◦ Organic revenue growth of 15% coming from pricing actions and volume growth. • Segment adjusted EBITDA increased 60% to $21M and adjusted EBITDA margin increased 410 basis points ◦ Adjusted EBITDA and adjusted EBITDA margin increase was driven by an increase in gross margins due to the inclusion of acquisitions, pricing actions, and a favorable product mix as well as restructuring expense savings • Some of our end markets served experienced pressure during FY26, however, our recent acquisitions further diversify the end markets served. We will continue to manage cost increases through pricing actions, and product availability is creating new market share $75.3 $75.6 $97.7 $15.6 $12.9 $20.7 Revenue EBITDA 2Q25 2Q26 2Q27 Specialized Reliability Solutions: Fiscal Year 2027 YTD Segment Summary Investor Presentation October 2026 Segment as a % of Consolidated CSW Revenue: 17% 2Q25 YTD 14% 2Q26 YTD 14% 2Q27 YTD 20.7% Margin 17.1% Margin 21.2% Margin 39 Segment Financials (2Q27 YTD vs 2Q26 YTD):Summary 2Q27 YTD Segment Results ($ in millions)
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• Segment Revenue decreased 10% to $57.3M ◦ Decrease due to impact from the aforementioned Greco Plan • Segment adjusted EBITDA decreased 10% to $8.7M ◦ Segment adjusted EBITDA margin was comparable to the prior year • Actions provide future confidence and stronger margins ◦ Bidding and re-bidding trends have been strong in the remaining businesses ◦ Backlog quality continues to improve with better margin products $63.6 $63.8 $57.3 $12.8 $9.7 $8.7 Revenue EBITDA 2Q25 2Q26 2Q27 Segment as a % of Consolidated CSW Revenue: 14% 2Q25 YTD 12% 2Q26 YTD 8% 2Q27 YTD 20.1% Margin 15.1% Margin 15.1% Margin Engineered Building Solutions: Fiscal Year 2027 Segment Summary Investor Presentation October 202640 Segment Financials (2Q27 YTD vs 2Q26 YTD): Summary 2Q27 YTD Segment Results ($ in millions)
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• Segment Revenue of $46.1M, a 5% increase • Increase due to pricing and slight volume growth • Segment adjusted EBITDA increased 21%, and adjusted EBITDA margin increased 300 basis points • Increase in adjusted EBITDA margin driven primarily by successful sourcing strategies and lower warranty expense. • Healthy order backlog with increasing book to bill ratio of 1.05 to 1 • New products have improved margin profiles on future results • Backlog continues to rise despite challenging construction market • Stronger rebid volumes signal bids are going deeper into the evaluation process $42.9 $44.0 $46.1 $9.6 $8.7 $10.5 Revenue EBITDA 2Q25 2Q26 2Q27 Segment as a % of Consolidated CSW Revenue (ex-Greco): 10%14% 2Q25 YTD 8% 2Q26 YTD 7% 2Q27 YTD 22.4% Margin 19.8% Margin 22.8% Margin Engineered Building Solutions (ex-Greco): Fiscal Year 2027 Segment Summary Investor Presentation October 202641 Segment Financials (2Q27 YTD vs 2Q26 YTD): Summary 2Q27 YTD Segment Results ($ 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 2026 Veteran leadership with broad industry experience, dedicated to enhancing shareholder value. 43 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 Executive 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 2026 Note: Numbers may not foot due to rounding. CS - Contractor Solutions | SRS - Specialized Reliability Solutions | EBS - Engineered Building Solutions | Other - Corporate & Other 44 (unaudited) (unaudited) (unaudited) (Amounts in thousands) Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Three months ended September 30, 2024 CS SRS EBS Other CSW CS SRS EBS Other CSW CS SRS EBS Other CSW Revenue, net $ 285,790 $ 49,509 $ 28,373 $ (2,237) $ 361,435 $ 208,468 $ 38,806 $ 31,914 $ (2,236) $ 276,951 $ 158,834 $ 38,534 $ 32,673 $ (2,115) $ 227,926 Operating Income $ 69,692 $ 8,926 $ 3,419 $ (6,505) $ 75,532 $ 53,375 $ 5,093 $ 4,832 $ (6,519) $ 56,780 $ 46,254 $ 5,819 $ 6,082 $ (6,606) $ 51,550 Adjusting Items: Acquisition-related integration expenses 795 359 — — 1,154 1,550 — — 209 1,759 — — — — — Greco Plan related expenses — — 85 — 85 — — — — — — — — — — Adjusted Operating Income $ 70,487 $ 9,284 $ 3,504 $ (6,505) $ 76,770 $ 54,925 $ 5,093 $ 4,832 $ (6,310) $ 58,539 $ 46,254 $ 5,819 $ 6,082 $ (6,606) $ 51,550 % Revenue 24.7 % 18.8 % 12.4 % 21.2 % 26.3 % 13.1 % 15.1 % 21.1 % 29.1 % 15.1 % 18.6 % 22.6 % Adjusting Items: Other income (expense), net 180 (153) 9 8 44 133 (19) (40) (67) 8 (543) (121) (12) (2) (678) Depreciation & amortization 17,946 1,508 118 22 19,594 12,555 1,347 440 49 14,392 8,002 1,409 494 45 9,951 Reversal of tax indemnification receivable 300 — — — 300 — — — — — — — — — — Adjusted EBITDA $ 88,912 $ 10,640 $ 3,631 $ (6,474) $ 96,708 $ 67,613 $ 6,421 $ 5,233 $ (6,328) $ 72,939 $ 53,713 $ 7,108 $ 6,564 $ (6,562) $ 60,823 % Revenue 31.1 % 21.5 % 12.8 % 26.8 % 32.4 % 16.5 % 16.4 % 26.3 % 33.8 % 18.4 % 20.1 % 26.7 %
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Reconciliation of Fiscal Year 2027 YTD Segment Operating Income to Segment Adjusted EBITDA Investor Presentation October 2026 Note: Numbers may not foot due to rounding. CS - Contractor Solutions | SRS - Specialized Reliability Solutions | EBS - Engineered Building Solutions | Other - Corporate & Other 45 (unaudited) (unaudited) (unaudited) (Amounts in thousands) Six Months Ended September 30, 2026 Six Months Ended September 30, 2025 Year ended September 30, 2024 CS SRS EBS Other CSW CS SRS EBS Other CSW CS SRS EBS Other CSW Revenue, net $ 561,798 $ 97,703 $ 57,311 $ (4,726) $ 712,085 $ 405,208 $ 75,611 $ 63,810 $ (4,033) $ 540,597 $ 319,252 $ 75,325 $ 63,566 $ (4,041) $ 454,103 Operating Income $ 144,708 $ 16,980 $ 7,992 $ (14,294) $ 155,386 $ 106,134 $ 10,335 $ 8,831 $ (13,643) $ 111,656 $ 96,138 $ 12,970 $ 11,806 $ (14,304) $ 106,610 Adjusting Items: Acquisition-related integration expenses 1,706 837 — — 2,542 — — — — — — — — — — Acquisition-related transaction expenses — — — — — 1,550 — — 209 1,759 — — — — — Greco Plan related expenses — — 392 — 392 — — — — — — — — — — Adjusted Operating Income $ 146,414 $ 17,817 $ 8,384 $ (14,294) $ 158,320 $ 107,684 $ 10,335 $ 8,831 $ (13,434) $ 113,415 $ 96,138 $ 12,970 $ 11,806 $ (14,304) $ 106,610 % Revenue 26.1 % 18.2 % 14.6 % 22.2 % 26.6 % 13.7 % 13.8 % 21.0 % 30.1 % 17.2 % 18.6 % 23.5 % Adjusting Items: Other income (expense), (10) (152) 44 (59) (177) 831 (94) (32) (168) 536 (147) (183) (19) (68) (418) Depreciation & amortization 36,558 3,012 236 47 39,853 24,095 2,684 856 94 27,730 15,985 2,832 979 87 19,883 Reversal of tax indemnification receivable 300 — — — 300 — — — — — — — — — — Adjusted EBITDA $ 183,261 $ 20,676 $ 8,663 $ (14,305) $ 198,296 $ 132,609 $ 12,924 $ 9,655 $ (13,508) $ 141,681 $ 111,976 $ 15,619 $ 12,766 $ (14,285) $ 126,075 % Revenue 32.6 % 21.2 % 15.1 % 27.8 % 32.7 % 17.1 % 15.1 % 26.2 % 35.1 % 20.7 % 20.1 % 27.8 %
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Reconciliation of TTM Segment Operating Income to Segment Adjusted EBITDA Investor Presentation October 2026 Note: Numbers may not foot due to rounding. CS - Contractor Solutions | SRS - Specialized Reliability Solutions | EBS - Engineered Building Solutions | Other - Corporate & Other 46 (unaudited) (Amounts in thousands) Trailing Twelve Months Ended September 30, 2026 Contractor Specialized Engineered Solutions Reliability Building Corporate Consolidated CS SRS EBS Other CSW Revenue, net $ 966,906 $ 182,202 $ 113,374 $ (8,445) $ 1,254,037 Operating Income $ 214,251 $ 28,725 $ (2,018) $ (28,693) $ 212,264 Adjusting Items: Acquisition-related transaction expenses 1,312 423 — 770 2,506 Acquisition-related integration expenses 8,323 1,884 — — 10,207 Nonrecurring inventory write-down 3,135 — — — 3,135 Nonrecurring restructuring expenses — 542 — — 542 Greco Exit related expenses — — 2,522 — 2,522 Greco impairment expenses — — 15,627 — 15,627 Adjusted Operating Income $ 227,021 $ 31,574 $ 16,130 $ (27,923) $ 246,803 % Revenue 23.5 % 17.3 % 14.2 % 19.7 % Adjusting Items: Other income (expense), net (1,184) (193) 84 (157) (1,451) Depreciation & amortization 71,871 6,053 1,206 65 79,194 Reversal of tax indemnification receivable 1,706 — — — 1,706 Adjusted EBITDA $ 299,414 $ 37,434 $ 17,420 $ (28,015) $ 326,253 % Revenue 31.0 % 20.5 % 15.4 % 26.0 %
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Reconciliation of Fiscal Year Company Net Income to Adjusted EBITDA Investor Presentation October 2026 Note: Numbers may not foot due to rounding.47 (Amounts in thousands) TTM Ended 9/30/2026 Year Ended 3/31/2026 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 $ 127,565 $ 112,045 $ 136,652 $ 101,648 $ 96,435 $ 66,385 $ 40,099 $ 44,656 $ 29,705 Plus: Income attributable to Redeemable Noncontrolling Interest 965 802 832 891 139 934 — — — Net Income $ 128,530 $ 112,846 $ 137,484 $ 102,539 $ 96,574 $ 67,319 $ 40,099 $ 44,656 $ 29,705 Adjusting Items: Interest Expense 45,097 22,245 269 12,723 13,197 5,449 2,383 1,331 611 Income Tax Expense 37,187 32,706 42,633 37,942 29,338 24,146 10,769 12,732 15,223 Depreciation & Amortization 79,194 67,071 42,223 38,289 34,958 36,408 22,718 15,587 10,515 Transaction Costs & Other Professional Fees 2,506 4,265 2,294 — — — 10,360 200 — Reversal of Indemnification Receivable 1,706 1,406 858 8,519 — — 5,000 — — Pension Termination — — — — — — — 6,488 — Gain on Sale of Property — — — — — — — (776) — Acquisition-related Integration Expenses 10,206 7,664 — — — — — — — Impairment Expense 15,627 15,627 — — — — — — — Nonrecurring Inventory Write-down 3,135 3,135 — — — — — — — Greco Exit related Expenses 2,522 2,130 — — — — — — — Nonrecurring Restructuring Expenses 542 542 — — — — — — — Fair Value Change in Contingent Consideration Liability — — 2,100 — — — — — — Adjusted EBITDA $ 326,252 $ 269,639 $ 227,860 $ 200,011 $ 174,067 $ 133,323 $ 91,329 $ 80,217 $ 56,054 % Revenue 26.0 % 24.9 % 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 2026 Note: Numbers may not foot due to rounding.48 (Amounts in thousands) TTM Ended 9/30/2026 Year Ended 3/31/2026 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 $ 1,254,037 $ 1,082,549 $ 878,301 $ 792,840 $ 757,904 $ 626,435 $ 419,205 $ 385,871 $ 350,155 Cost of Revenue 725,697 628,867 484,989 442,095 439,690 370,473 234,655 209,034 188,787 Gross Profit $ 528,340 $ 453,682 $ 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) Acquisition-related Integration Expenses 4,778 4,017 — — — — — — — Nonrecurring Inventory Write-down 3,135 3,135 — — — — — — — Greco Canada Exit Related Expenses 1,018 739 — — — — — — — Adjusted Gross Profit $ 537,271 $ 461,573 $ 393,312 $ 350,745 $ 318,214 $ 259,881 $ 187,514 $ 176,061 $ 159,321 % Revenue 42.8 % 42.6 % 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 2026 Note: Numbers may not foot due to rounding.49 (Amounts in thousands) TTM Ended 9/30/2026 Year Ended 3/31/2026 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 $ 198,235 $ 149,653 $ 168,362 $ 164,332 $ 121,453 $ 69,089 $ 66,254 $ 71,397 Less: Capital Expenditures (20,774) (17,257) (16,266) (16,575) (13,951) (15,653) (8,833) (11,437) Free Cash Flows $ 177,461 $ 132,396 $ 152,096 $ 147,757 $ 107,502 $ 53,436 $ 57,421 $ 59,960 Diluted Shares 16,354 16,712 16,314 15,581 15,546 15,807 15,126 15,206 Free Cash Flow/Share $ 10.85 $ 7.92 $ 9.32 $ 9.48 $ 6.92 $ 3.38 $ 3.80 $ 3.94 FCF/Adjusted EBITDA 54.4 % 49.1 % 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 2026 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. 50 (Amounts in thousands) TTM Ended 9/30/2026 Year Ended 3/31/2026 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 $ 127,564 $ 112,045 $ 136,652 $ 101,648 $ 96,435 $ 66,385 $ 40,099 $ 44,656 Diluted Shares 16,354 16,712 16,314 15,581 15,546 15,807 15,126 15,206 GAAP EPS $ 7.80 $ 6.70 $ 8.38 $ 6.52 $ 6.20 $ 4.20 $ 2.65 $ 2.94 Adjusting Items: Amortization of acquisition-related intangibles and inventory step-up 2.83 2.30 1.29 1.10 1.07 0.98 0.51 0.34 Transaction Costs & Other Professional Fees 0.16 0.23 0.10 — — — 0.58 0.01 Reversal of Indemnification Receivable — — — 0.49 — — (0.02) — Nonrecurring Inventory Write-down 0.14 0.14 — — — — — — Acquisition-related Integration Expenses 0.47 0.35 — — — — — — Greco Canada Exit Related Expenses 0.11 0.09 — — — — — — — Nonrecurring Restructuring Expenses 0.02 0.02 — — — — — — Greco Impairment Expenses 0.81 0.81 — — — — — — 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 (0.27) (0.27) (0.16) — — — — — Other Misc. Items — — — — — — — (0.04) Adjusted EPS1 $ 12.07 $ 10.38 $ 9.70 $ 8.11 $ 7.27 $ 5.18 $ 3.72 $ 3.53