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Investor Presentation Third Quarter 2025
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Certain matters discussed in this presentation contain forward-looking statements concerning our business, operations and financial performance and conditions, as well as our plans, objectives and expectations for our business operations and financial performance and condition. These statements may be preceded by, followed by or include the words “may,” “expect,” “will,” “will likely result,” “should,” “estimate,” “plan” and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are inherently subject to risks and uncertainties, many of which are beyond our control. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties, including but not limited to, the levels of residential repair and remodel activity, and to a lesser extent, new home construction; the effects of inflationary pressures and interest rates on demand for our products, our ability to renew our credit facilities, our ability to access capital; our ability to maintain our strong brands and reputation and to develop innovative products; our ability to maintain our competitive position in our industries; our reliance on key suppliers and customers; macroeconomic instability and its impact on domestic and international economic activity, consumer confidence, our production capabilities, our employees and our supply chain; the cost and availability of materials and the imposition of tariffs; risks associated with our international operations and global strategies; our ability to achieve the anticipated benefits of our strategic initiatives; our ability to successfully execute our acquisition strategy and integrate businesses that we may acquire; risks associated with our reliance on information systems and technology, and our ability to achieve the anticipated benefits from our investments in new technology; our ability to attract, develop and retain talented and diverse personnel; our ability to obtain additional capital to finance our planned operations; regulatory developments in the United States and Internationally; our ability to establish and maintain intellectual property protection for our products, as well as our ability to operate our business without infringing the intellectual property rights of others; and other risks and uncertainties, including those listed under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, as well as subsequent reports we file from time to time with the U.S. Securities and Exchange Commission (available at www.sec.gov). Non-GAAP Measures: To supplement its reporting of financials measures determined in accordance with GAAP, the Company utilizes certain non-GAAP financials measures. The non- GAAP financial measures described below are in addition to, and not meant to be considered superior to, or a substitute for, the Company’s financials statements prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this presentation reflect management’s judgement of particular items, and may be different from, and therefore may not be comparable to, similarly titled measures reported by other companies. The reconciliation of those measures to the most comparable GAAP measures are included at the end of this presentation. Disclaimer 2
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Founded in 1988 IPO in January 2022 Revenue by Product Category For the Nine Months Ended September 30, 2025 Sanitaryware 61.2%Bath Furniture 11.9% Shower System 16.8% Others 10.1% FGI is a leading global B2B supplier of Kitchen and Bath products with a reputation of Innovation, Quality and Service developed over 30 years in conjunction with our parent company, Foremost Groups Ltd. FGI Industries at a Glance Leading global B2B supplier of Kitchen and Bath Products • Strong Growth Opportunity BPC strategy offers meaningful growth potential • Favorable Market Trends Repair and Remodel market generates stable, predictable growth; limited exposure to new construction • Attractive Operating Model Outsourced manufacturing model and strong partner relationships provide flexibility and downside protection • Capital Efficient Model Capital-lite model drives strong free cash flow conversion Recent Performance $132 MM Annual Revenue Business(2) Annual Gross Profits of $35.4 MM(2) (1) See attached appendix for reconciliation of GAAP and non-GAAP financial measures (2) Revenue, Gross Profit, and Market/Channel Mix as of December 31, 2024 Revenue by Geographic Location For the Nine Months Ended September 30, 2025 USA 61.6% Canada 26.1% EU 10.4% Rest of the World 1.9% Revenue by Channel For the Nine Months Ended September 30, 2025 Mass Retail 48.0% Wholesale / Commercial 34.0% E-commerce 7.0% Specialty 11.0%
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Sanitaryware Bath Furniture Shower Systems Kitchen Cabinetry, etc. $81MM in 2024 Sales (62% of sales) $15MM in 2024 Sales (11% of sales) $26MM in 2024 Sales (19% of sales) $10MM in 2024 Sales (8% of sales) Sanitaryware segment markets and sells toilets, sinks, pedestals, and toilet seats. Bath Furniture segment markets and sells vanities, mirrors, and cabinets. Shower systems segment markets and sells shower walls, shower doors, and shower basins. Other segment consists primarily of our custom kitchen cabinetry business. 4 Company Overview Diverse Business Mix Provides Stability
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We are dedicated to driving shareholder value through a strict focus on our strategic priorities which include our BPC strategy to drive organic growth, enhanced financial performance, and a disciplined capital deployment philosophy. Diversified Portfolio and History of Innovation • Diversified mix of products, market segments and sales channels • Tradition of strong innovation with leading ‘on-trend’ designs: Innovation, Quality, Services Attractive Growth Opportunity • Brands, Products, Channels (BPC) growth strategy Margin Improvement Initiatives • More favorable mix and efficiency measures to drive margin improvement Attractive Operating Model • Capital-lite manufacturing model and strong partner relationships Favorable long-term industry trends • Despite recent headwinds, K&B are most significant areas of home improvement, Stability of R&R Capital Deployment Strategy • Re-invest, Bolt-on acquisitions, Return of Capital 5 Key Investment Highlights Opportunity to drive significant shareholder value
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Third Quarter Overview and Financial Review 6
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Revenue Financial Position Gross Margin BPC Update Operating Income Fluid Tariff Environment Third quarter revenue decreased 0.7% year-over-year. We ended the quarter with $12.2 million of net debt(1) and total liquidity of $14.2 million, which we believe is sufficient to fund our growth initiatives. Third quarter gross margin was 26.5%, up 70 basis points from the prior year quarter. Brands • FLUSH GUARD® - gaining acceptance • JETCOAT® - tariff related decline • Covered Bridge Cabinetry® - continued growth Channels • India expansion • UK expansion • Australasia closure Operating income increased year-over- year due to lower operating expenses. The demand outlook remains fluid as customers evaluate the tariff environment as signs of clarity develop. (1) See attached appendix for reconciliation of GAAP and non-GAAP financial measures7 Business Highlights – 3Q25
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Total Revenue $MM Gross Profit $MM Adjusted Operating Income(1) $MM Adjusted Net Income(1) $MM Revenue decreased 0.7% compared to the prior-year period driven by growth in Sanitaryware. Gross profit was $9.5 million during the third quarter of 2025 , an increase of 2.0% compared to last year. Adjusted Operating Income was $0.4 million as we continue to prioritize strategic initiatives that help continue to expand our market presence in new regions/channels, introduce new products and position the business for future incremental growth. We are being disciplined with overall expenses. Adjusted Net Income for the third quarter of 2025 was $241,000 , versus adjusted net loss of $0.1 million for the same period last year. 8 Quarterly Consolidated Financial Results $36.1 $35.8 $127.2 $135.7 3Q24 3Q25 LTM 3Q24 LTM 3Q25 $9.3 $9.5 $35.7 $35.8 3Q24 3Q25 LTM 3Q24 LTM 3Q25 $0.1 $0.4 $0.9 $(2.9) 3Q24 3Q25 LTM 3Q24 LTM 3Q25 $(0.1) $0.2 $0.6 $(2.7) 3Q24 3Q25 LTM 3Q24 LTM 3Q25 (1) See attached appendix for reconciliation of GAAP and non-GAAP financial measures
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Sanitaryware $MM Bath Furniture $MM Shower Systems $MM Other $MM Sanitaryware revenue was up 7.0% from the prior-year period, despite the impact of tariffs. Bath Furniture revenue decrease d 10.8% to $3.7 million during the quarter, a decrease of $0.4 million in the prior-year period. Shower Systems revenue was down 17.8% from the prior-year period. Other revenue, which consists primarily of the custom kitchen cabinetry business, decreased 0.7% to $3.3 million this quarter, down from $3.3 million last year. Covered Bridge continues to expand geographies and grow dealer count. 9 Quarterly Business Line Results Revenue by Product Category $21.5 $22.9 $79.9 $83.0 3Q24 3Q25 LTM 3Q24 LTM 3Q25 $4.2 $3.7 $13.7 $15.4 3Q24 3Q25 LTM 3Q24 LTM 3Q25 $7.1 $5.9 $24.5 $23.5 3Q24 3Q25 LTM 3Q24 LTM 3Q25 $3.3 $3.3 $9.0 $13.7 3Q24 3Q25 LTM 3Q24 LTM 3Q25
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Cash & Availability ($MM) Net Debt (1) ($MM) Inventory ($MM) • Cash and availability under our facilities was $14.2 million at 3Q25 • Inventory has increased by $2.5 million from 3Q23 • Net debt (1) was $12.2 million at 3Q25 Balance sheet and liquidity continues to support ongoing working capital needs 10 Balance Sheet & Liquidity Update $20.9 $24.4 $17.8 $17.4 $16.3 $15.6 $13.6 $16.4 $14.2 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $9.8 $9.9 $11.6 $12.8 $13.8 $14.0 $12.6 $12.7 $12.3 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $2.6 $(0.8) $8.1 $8.4 $9.4 $9.9 $11.9 $10.0 $12.2 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 (1) See attached appendix for reconciliation of GAAP and non-GAAP financial measures
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Guidance for adjusted operating income is presented on an adjusted basis and excludes certain non-recurring items. Guidance for adjusted net income is presented on an adjusted basis and excludes certain non-recurring extraordinary items and includes an adjustment for minority interest. All guidance is current as of the time provided and is subject to change. The Company's reconciliations of full year 2024 Adjusted Operating Income and 2024 Adjusted Net Income are not available, as the Company is unable to quantify certain amounts to the degree of precision that would be required in the relevant GAAP measures without unreasonable effort. 11 Financial Outlook 2025 Guidance Net Revenue Adjusted Operating Income Adjusted Net Income $135 – 145 million $(2.0) – 1.5 million $(1.9) – 1.0 million
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TRUSTED GLOBAL SUPPLIER STRONG ORGANIC GROWTH POTENTIAL We are global, diversified, and reputable supplier of quality kitchen & bath products (Innovation, Quality, Service). With decades of continuous innovation and strategic investment, we have become a trusted partner for many of the world’s largest retailers and wholesalers. We pursue a “BPC” strategy: focus on Brands, Products and sales Channel. Our BPC plan is the key driver of our growth strategy. ATTRACTIVE MARGIN OPPORTUNITY VALUE-ACCRETIVE BOLT-ONS As a carve-out division from our parent company, we will leverage our independence and our prior investments to generate improved financial performance. We may engage in selective “bolt-ons” and large, strategic M&A, should such opportunities clear our return-on-capital hurdles. 12 Investment Conclusion Ample liquidity to support ongoing growth of business
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13 Appendix: Non-GAAP Reconciliations For the Three Months Ended September 30, For the Twelve Months Ended September 30, 2025 2024 2025 2024 USD USD USD USD Loss from operations $ 369,723 $ (65,826) $ (3,005,943) $ 408,283 Adjustments: Non-recurring IPO-related share-based compensation — 59,719 79,625 238,877 Business expansion expense — 61,770 61,770 247,080 Adjusted Operating Income (Loss) $ 369,723 $ 55,663 $ (2,864,548) $ 894,240 Revenue $ 35,848,861 $ 36,099,179 $ 135,654,095 $ 127,180,460 Adjusted Operating Margins (%) 1.0 0.2 (2.1) 0.7
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14 Appendix: Non-GAAP Reconciliations For the Three Months Ended September 30, For the Twelve Months Ended September 30, 2025 2024 2025 2024 USD USD USD USD Loss before income taxes $ (68,467) $ (430,711) $ (4,216,582) $ (405,512) Adjustments: Non-recurring IPO-related share-based compensation — 59,719 79,625 238,877 Business expansion expense — 61,770 61,770 247,080 Adjusted loss before income taxes (68,467) (309,222) (4,075,187) 80,445 Less: income taxes at 18% rate (12,324) (55,660) (733,534) 14,480 Less: net loss attributable to non-controlling shareholders (296,734) (148,111) (688,567) (548,758) Adjusted Net Income (Loss) $ 240,591 $ (105,451) $ (2,653,086) $ 614,723
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15 Appendix: Non-GAAP Reconciliations 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Total debt $ 7,962,203 $ 6,959,175 $ 11,442,651 $ 9,692,200 $ 12,485,497 $ 14,502,367 $ 13,171,555 $ 12,558,500 $ 14,076,346 Less: cash 5,369,947 7,777,241 3,319,066 1,307,092 3,044,662 4,558,160 1,226,365 2,519,117 1,875,682 Net debt $ 2,592,256 $ (818,066) $ 8,123,585 $ 8,385,108 $ 9,440,835 $ 9,944,207 $ 11,945,190 $ 10,039,383 $ 12,200,664