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FISCAL FIRST QUARTER 2026 EARNINGS JANUARY 7, 2026
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2investor.mscdirect.com CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Statements in this presentation may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of present or historical fact, that address activities, events or developments that MSC expects, believes or anticipates will or may occur in the future, including statements about results of operations and financial condition, expected future results, expected benefits from our investment and strategic plans and other initiatives, and expected future growth and profitability, are forward-looking statements. The words “will,” “may,” “believes,” “anticipates,” “thinks,” “expects,” “estimates,” “plans,” “intends” and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. In addition, statements which refer to expectations, projections or other characterizations of future events or circumstances, statements involving a discussion of strategy, plans or intentions, statements about management’s assumptions, projections or predictions of future events or market outlook and any other statement other than a statement of present or historical fact are forward-looking statements. The inclusion of any statement in this presentation does not constitute an admission by MSC or any other person that the events or circumstances described in such statement are material. In addition, new risks may emerge from time to time and it is not possible for management to predict such risks or to assess the impact of such risks on our business or financial results. Accordingly, future results may differ materially from historical results or from those discussed or implied by these forward-looking statements. Given these risks and uncertainties, the reader should not place undue reliance on these forward-looking statements. These risks and uncertainties include, but are not limited to, the following: general economic conditions in the markets in which we operate; changing customer and product mixes; volatility in commodity, energy and labor prices, and the impact of prolonged periods of low, high or rapid inflation; competition, including the adoption by competitors of aggressive pricing strategies or sales methods; industry consolidation and other changes in the industrial distribution sector; the applicability of laws and regulations relating to our status as a supplier to the U.S. government and public sector; the credit risk of our customers; our ability to accurately forecast customer demands; interruptions in our ability to make deliveries to customers; supply chain disruptions; our ability to attract and retain sales and customer service personnel; the risk of loss of key suppliers or contractors or key brands; changes to trade policies or trade relationships, including tariff policies; risks associated with opening or expanding our customer fulfillment centers; our ability to estimate the cost of healthcare claims incurred under our self-insurance plan; interruption of operations at our headquarters or customer fulfillment centers; products liability due to the nature of the products that we sell; impairments of goodwill and other indefinite-lived intangible assets; the impact of climate change; operating and financial restrictions imposed by the terms of our material debt instruments; our ability to access additional liquidity; the significant influence that our principal shareholders will continue to have over our decisions; our ability to execute on our E-commerce strategies and maintain our digital platforms; costs associated with maintaining our information technology (“IT”) systems and complying with data privacy laws; disruptions or breaches of our IT systems or violations of data privacy laws, including such disruptions or breaches in connection with our E-commerce channels; risks related to online payment methods and other online transactions; the retention of key management personnel; litigation risk due to the nature of our business; failure to comply with environmental, health, and safety laws and regulations; and our ability to comply with, and the costs associated with, social and environmental responsibility policies. Additional information concerning these and other risks is described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual and Quarterly Reports on Forms 10-K and 10-Q, respectively, and in the other reports and documents that we file with the United States Securities and Exchange Commission. We expressly disclaim any obligation to update any of these forward- looking statements, except to the extent required by applicable law.
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3investor.mscdirect.com FISCAL FIRST QUARTER 2026 HIGHLIGHTS Average daily sales (“ADS”) up 4% YoY and at the midpoint of outlook as Core Customer strength and return to growth in National Accounts offset government shutdown headwinds that persisted through most of 1Q’26 * Represents a non-GAAP financial measure. See appendix for non-GAAP reconciliations ** The Company defines Incremental Operating Margin as the change in year-over-year Income from Operations as a percentage of the change in year-over-year Net Sales and Adjusted Incremental Operating Margin as Incremental Operating Margin adjusted to exclude restructuring and other costs and share reclassification litigation costs by excluding such items from Income from Operations. The Company’s management believes that Incremental Operating Margin is useful because it shows the direction that operating profit margins are moving as a result of changes in net sales between periods, and that, by excluding the aforementioned items, Adjusted Incremental Operating Margin helps to more clearly show, on a comparable basis between periods, trends in the Company’s underlying business and results of operations. The Company believes that investors benefit from seeing results from the perspective of management in addition to seeing results presented in accordance with GAAP for the same reasons and purposes for which management uses such non-GAAP financial measures. Gross margin of 40.7% at the midpoint of outlookas price/cost returned to expected levels and improved from 4Q’25 levels following pricing actions taken in the first half of 1Q’26 Reported EPS $0.93 and adjusted* EPS of $0.99 up 12% and 15% YoY, respectively Reported and adjusted* operating margin up 10 bps and 40 bps YoY, respectively, and above the midpoint of outlook driven by operating expenses that performed slightly better than anticipated Reported and adjusted* incremental operating margin** of 11% and 18% achieved in 1Q’26, respectively, and anticipating stronger performance in the second half of the fiscal year 1 2 3 4 5 Approximately $62 million returned to shareholders in the form of dividends and share repurchases in 1Q’26 6
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4investor.mscdirect.com DRIVING GROWTH AND SALES EXCELLENCE IN DIRECT PARTNERSHIP WITH OUR SUPPLIER COMMUNITY 3 Day Industry-Leading Event ~1,400 MSC Associates Attending PLAN PARTNER GROW Strongly Participated By Suppliers
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5investor.mscdirect.com ESG HIGHLIGHTS AND LONG-TERM SUSTAINABILITY GOALS 15% Reduction in Scope 1 & 2 GHG emissions by 2030 Establishing long-term sustainability goals Military Recognition Military Partnerships 119,651 Tools re-ground 8,400 lbs Carbide recycled
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6investor.mscdirect.com ENCOURAGING RESULTS IN FISCAL 1Q AS PROGRESS CONTINUES 18%8.4%40.7%4% ADJUSTED* INCREMENTAL OPERATING MARGIN** ADJUSTED OPERATING MARGIN* GROSS MARGIN AVERAGE DAILY SALES GROWTH Fiscal 1Q’26 Highlights Core Customers and Coverage Public Sector National Accounts and Solutions Web and Marketing LSD = Low Single Digits MSD = Mid Single Digits HSD = High Single Digits. ADS Up ~6% YoY and outperformed total company for 2nd consecutive quarter Sales Per Rep Per Day Up HSD YoY ADS Down ~5% YoY driven by the federal government shutdown that created a meaningful ADS headwind to Public Sector sales National Accounts Return to growth in ADS with improvement of ~3% YoY Solutions In-Plant programs up 13% YoY and Vending up 9% YoY Web ADS up MSD YoY and LSD QoQ Marketing Continuing to see favorable returns on higher spend * Represents a non-GAAP financial measure. See appendix for non-GAAP reconciliations ** The Company defines Incremental Operating Margin as the change in year-over-year Income from Operations as a percentage of the change in year-over-year Net Sales and Adjusted Incremental Operating Margin as Incremental Operating Margin adjusted to exclude restructuring and other costs and share reclassification litigation costs by excluding such items from Income from Operations. The Company’s management believes that Incremental Operating Margin is useful because it shows the direction that operating profit margins are moving as a result of changes in net sales between periods, and that, by excluding the aforementioned items, Adjusted Incremental Operating Margin helps to more clearly show, on a comparable basis between periods, trends in the Company’s underlying business and results of operations. The Company believes that investors benefit from seeing results from the perspective of management in addition to seeing results presented in accordance with GAAP for the same reasons and purposes for which management uses such non-GAAP financial measures.
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7investor.mscdirect.com PERFORMANCE AGAINST INDUSTRIAL PRODUCTION IMPROVING AS MOMENTUM BUILDS FROM GROWTH INITIATIVES • Data as of December 23, 2025; • Source: Federal Reserve 1Q’26Industry Group 2.4%Machinery & Equipment 3.8%Primary Metals 3.3%Fabricated Metals (2.6)%Automotive 29.3%Aerospace IP Index Performance YoY of MSC’s Top 5 Industries -20% -15% -10% -5% 0% 5% 10% 15% 20% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 MSC Total Growth (3 Mo Avg) IP Growth (3 Mo Avg) MSC Total Organic Sales Growth 3-Month Average - IP Index
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8investor.mscdirect.com FISCAL FIRST QUARTER 2026 REPORTED AND ADJUSTED RESULTS * Represents a non-GAAP financial measure. See appendix for non-GAAP reconciliations. Individual amounts may not agree to the total due to rounding. • ADS growth of 4.0% primarily driven by benefits from price of 420 bps being partially offset by a volume decline of 30 bps due to impacts from the government shutdown that represented a ~100 bps headwind • Core and Other Customers up 6%, National Accounts up 3%, and Public Sector down 5% • Sales to customers with an In-Plant program up 13%, representing 20% of total sales • Sales through vending machines up 9%, representing 19% of total sales Net Sales (millions) • Gross margin flat YoY • YoY performance primarily driven by favorable customer mix of 10 bps due to lower Public Sector sales being offset by slightly negative price/cost Gross Profit (millions and % of sales) • Reported operating profit in Q1’26 includes $4.9 million of restructuring and other costs and share reclassification litigation costs • Reported operating profit in Q1’25 includes $2.3 million of restructuring and other costs • Operating margin improvement primarily driven by higher sales and benefits from operating expense productivity Operating Profit (millions and % of sales) • Q1’26 reported EPS includes $0.07 of restructuring and other costs • Q1’25 reported EPS includes $0.03 of restructuring and other costs • Lower interest and other expenses, which includes FX revaluation, represent an adjusted EPS tailwind of $0.04 Earnings (per diluted share) 42.9% 40.7% 41.9% 40.5% $928.5 $965.7 Q1 2025 Q1 2026 $378.2 $392.7 Q1 2025 Q1 2026 40.7% 40.7% $72.3 $76.2 Q1 2025 Q1 2026 7.8% 7.9% $74.6 $81.2 Q1 2025 Q1 2026 8.0% 8.4% Reported Adjusted* $0.83 $0.93 Q1 2025 Q1 2026 $0.86 $0.99 Q1 2025 Q1 2026 Reported Adjusted*
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9investor.mscdirect.com FISCAL FIRST QUARTER 2026 BALANCE SHEET AND CASH FLOW • Decrease in operating cash flow YoY primarily driven by investments in working capital due to the increase in sales resulting in operating cash flow conversion** of 58% • Generated free cash flow conversion* of 14% YoY but remain confident in achieving our FY’26 target of ~90% * Represents a non-GAAP financial measure. See appendix for non-GAAP reconciliations ** The Company defines Operating Cash Flow Conversion as Net cash provided by operating activities as a percentage of Net Income. The Company’s management uses Operating Cash Flow Conversion to evaluate the Company’s operating performance, in particular how efficiently the Company turns its sales and profits into cash, and to assess the efficiency of the Company’s use of working capital. The Company believes Operating Cash Flow Conversion is useful to investors for the foregoing reasons and as a measure of the rate at which the Company converts its net income reported in accordance with GAAP to cash inflows, which helps investors assess whether the Company is generating sufficient cash flow to provide an ad equate return Free Cash Flow* (millions) Net Debt and Financial Leverage (millions, except ratio) $81.7 $7.4 Q1 2025 Q1 2026 • Net debt increased $28 million as a result of higher debt levels and lower cash on hand • Maintaining a healthy balance sheet with net debt to EBITDA currently at 1.2x* • Target net debt to EBITDA ratio between 1.0x and 2.0x* $462.7 $490.7 Q1 2025 Q1 2026 1.0x 1.2x Q1 2025 Q1 2026 Net Debt Net Debt to EBITDA*
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10investor.mscdirect.com CLEAR CAPITAL ALLOCATION PRIORITIES Dividends and Share Repurchases 23% 7% 23% 47% ~$1.5B CAPITAL DEPLOYED (FY 2022 – FY 2025) Growth Spend Ordinary Dividends Long-Term Priorities Significant capital allocation optionality after deprioritizing special dividends; potential uses include organic growth investments, strategic M&A, debt paydown, or further deployment to shareholders Strategic Optionality Ongoing investment to strengthen operations, digital capabilities, and service offeringsCapex Bolt-on acquisitions with a focus on underserved regions, adjacent product categories, technologies, and high-growth end markets M&A Targeting to offset annual stock-based compensation dilution at a minimum Share Repurchases Targeting modest annual increases in the ordinary dividendOrdinary Dividend Disciplined focus on Return on Invested Capital* and value creation * Represents a non-GAAP financial measure. See appendix for non-GAAP reconciliations
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11investor.mscdirect.com SECOND QUARTER EXPECTATIONS REFLECT CONTINUED MOMENTUM BEING PARTIALLY OFFSET BY A SLOW START TO THE QUARTER Up 3.5% to 5.5% YoY AVERAGE DAILY SALES (ADS) 7.3% to 7.9% ADJUSTED OPERATING MARGIN* Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb 10% (10)% 0% 2Q’25 (5)% 3Q’25 (1)% 4Q’25 3% 1Q’26 4% ~2.5% ASSUMPTIONS Average Daily Sales • Midpoint of the range assumes ADS in January and February improving ~3% vs. 1Q levels and ~5.5% YoY • Headwinds from the federal government shutdown in 1Q expected to not repeat in 2Q and to provide a sequential tailwind of ~50 bps to ADS in 2Q • Timing of supplier conference expected to be a headwind of ~50 bps to ADS in 2Q and provide a benefit similar in size to ADS in 3Q Profitability & Adjusted Operating Margin • Gross margin expected to be 40.8% +/- 20 bps • Operating margin negatively impacted by 10 bps due to an increase in travel and other costs related to the supplier conference • In a mid-single digit growth scenario, we expect adjusted* incremental operating margin** of approximately 20% for the fiscal year 2Q’26 QTD ADS YoY TRENDS *Represents a non-GAAP financial measure. See appendix for non-GAAP reconciliations ** The Company defines Incremental Operating Margin as the change in year-over-year Income from Operations as a percentage of t he change in year-over-year Net Sales and Adjusted Incremental Operating Margin as Incremental Operating Margin adjusted to exclude restructuring and other costs and share reclassification litigation costs by excluding such items from Income from Operations. The Company’s management believes that Incremental Operating Margin is useful because it shows the direction that operating profit margins are moving as a result of changes in net sales between periods, and that, by excluding the aforementioned items, Adjusted Incremental Operating Margin helps to more clearly show, on a comparable basis between periods, trends in the Company’s underlying business and results of operations. The Company believes that investors benefit from seeing results from the perspective of management in addition to seeing results presented in accordance with GAAP for the same reasons and purposes for which management uses such non-GAAP financial measures. 2Q’26 OUTLOOK
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12investor.mscdirect.com FY’26 GUIDED METRICS AND HISTORICAL SEQUENTIAL AVERAGE DAILY SALES TRENDS WITH CONSIDERATIONS AVERAGE DAILY SALES CADENCE FY’26 MODELING ASSUMPTIONS 24.5%-25.5%~90%$100-$110M***~$35M$95-$100M Tax Rate Free Cash Flow Conversion* Capital Expenditures Interest and Other Expense Depreciation and Amortization 3Q to 4Q2Q to 3Q1Q to 2Q Roughly Flat+6%(2)% Mid-point of outlook assumes ~(5)%Historical QoQ Average** • Limited visibility into macro conditions in the first half of calendar 2026 driven by tariff uncertainty but cautiously optimistic • Momentum in growth initiatives expected to build throughout the fiscal year • Potential for further pricing actions if inflationary pressures persist • QoQ ADS performance challenged by a particularly soft December due to the timing of holidays and revenues potentially shifting from 2Q’26 to 3Q’26 due to the timing of our supplier conference • Partially offset by benefits from price and Public Sector ADS improvement post federal government shutdown Considerations 4Q: 643Q: 642Q: 63Business Days 2Q’26 ADS Mid Point $14.8M *Represents a non-GAAP financial measure. See appendix for non-GAAP reconciliations **5-year historical ADS average (FY’21-FY’25) *** Includes expenditures associated with cloud computing arrangements
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13investor.mscdirect.com SUMMARY Average daily sales up 4% YoY and at the midpoint of outlook as Core Customer strength and return to growth in National Accounts offset government shutdown headwinds that persisted through most of 1Q’26 * Represents a non-GAAP financial measure. See appendix for non-GAAP reconciliations ** The Company defines Incremental Operating Margin as the change in year-over-year Income from Operations as a percentage of the change in year-over-year Net Sales and Adjusted Incremental Operating Margin as Incremental Operating Margin adjusted to exclude restructuring and other costs and share reclassification litigation costs by excluding such items from Income from Operations. The Company’s management believes that Incremental Operating Margin is useful because it shows the direction that operating profit margins are moving as a result of changes in net sales between periods, and that, by excluding the aforementioned items, Adjusted Incremental Operating Margin helps to more clearly show, on a comparable basis between periods, trends in the Company’s underlying business and results of operations. The Company believes that investors benefit from seeing results from the perspective of management in addition to seeing results presented in accordance with GAAP for the same reasons and purposes for which management uses such non-GAAP financial measures. Gross margin of 40.7% at the midpoint of outlookas price/cost returned to expected levels and improved from 4Q’25 levels following pricing actions taken in the first half of 1Q’26 Reported EPS $0.93 and adjusted* EPS of $0.99 up 12% and 15% YoY, respectively Reported and adjusted* operating margin up 10 bps and 40 bps YoY, respectively, and above the midpoint of outlook driven by operating expenses that performed slightly better than anticipated Reported and adjusted* incremental operating margin** of 11% and 18% achieved in 1Q’26, respectively, and anticipating stronger performance in the second half of the fiscal year 1 2 3 4 5 Approximately $62 million returned to shareholders in the form of dividends and share repurchases in 1Q’26 6
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APPENDIX
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15investor.mscdirect.com RECONCILIATIONS Non-GAAP Financial Measures To supplement MSC’s unaudited selected financial data presented consistent with accounting principles generally accepted in the United States (“GAAP”), the Company discloses certain non-GAAP financial measures, including return on invested capital (as defined below), non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP incremental operating margin, non-GAAP provision for income taxes, non-GAAP net income and non-GAAP diluted earnings per share, that exclude items such as restructuring and other costs and share reclassification litigation costs, and tax effects, as well as free cash flow conversion, which is a measure calculated using free cash flow, which is a non-GAAP measure. These non-GAAP financial measures are not presented in accordance with GAAP or an alternative for GAAP financial measures and may be different from similar non-GAAP financial measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP financial measure and should only be used to evaluate MSC’s results of operations in conjunction with the corresponding GAAP financial measure. This presentation also includes certain forward-looking information that is not presented in accordance with GAAP, including adjusted operating margin, adjusted incremental operating margin and free cash flow conversion. The Company believes that a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts because a reconciliation of these non-GAAP financial measures would require the Company to predict the timing and likelihood of potential future events such as restructurings, M&A activity, and other infrequent or unusual gains and losses. Neither the timing or likelihood of these events, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of such forward-looking information to the most directly comparable GAAP financial measure is not provided. Free Cash Flow (“FCF”) and Free Cash Flow Conversion (“FCF Conversion”) FCF is a non-GAAP financial measure. FCF is used in addition to and in conjunction with results presented in accordance with GAAP, and FCF should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and to not rely on any single financial measure. FCF, which we reconcile to “Net cash provided by operating activities,” is cash flow from operations reduced by “Expenditures for property, plant and equipment”. We believe that FCF, although similar to cash flow from operations, is a useful additional measure since capital expenditures are a necessary component of ongoing operations. Management also views FCF, as a measure of the Company’s ability to reduce debt, add to cash balances, pay dividends, and repurchase stock. FCF has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures. For example, FCF does not incorporate payments made on finance lease obligations or required debt service payments. In addition, different companies define FCF differently. Therefore, we believe it is important to view FCF as a complement to our entire consolidated statements of cash flows. FCF Conversion is useful to investors for the foregoing reasons and as a measure of the rate at which the Company converts its net income reported in accordance with GAAP to cash inflows, which helps investors assess whether the Company is generating sufficient cash flow to provide an adequate return. Incremental Operating Margin and Adjusted Incremental Operating Margin The Company defines Incremental Operating Margin as the change in year-over-year Income from Operations as a percentage of the change in year-over-year Net Sales and Adjusted Incremental Operating Margin as Incremental Operating Margin adjusted to exclude restructuring and other costs and share reclassification litigation costs by excluding such items from Income from Operations. The Company’s management believes that Incremental Operating Margin is useful because it shows the direction that operating profit margins are moving as a result of changes in net sales between periods, and that, by excluding the aforementioned items, Adjusted Incremental Operating Margin helps to more clearly show, on a comparable basis between periods, trends in the Company’s underlying business and results of operations. The Company believes that investors benefit from seeing results from the perspective of management in addition to seeing results presented in accordance with GAAP for the same reasons and purposes for which management uses such non-GAAP financial measures.
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16investor.mscdirect.com RECONCILIATIONS Non-GAAP Financial Measures Results Excluding Restructuring and Other Costs and Share Reclassification Litigation Costs In calculating certain non-GAAP financial measures, we exclude items such as restructuring and other costs and share reclassification litigation costs, and tax effects. Management makes these adjustments to facilitate a review of the Company’s operating performance on a comparable basis between periods, for comparing with forecasts and strategic plans, for identifying and analyzing trends in the Company’s underlying business and for benchmarking performance externally against competitors. We believe that investors benefit from seeing results from the perspective of management in addition to seeing results presented in accordance with GAAP for the same reasons and purposes for which management uses such non-GAAP financial measures. Return on Invested Capital (“ROIC”) ROIC is calculated using a non-GAAP financial measure. We calculate ROIC by dividing non-GAAP net operating profit after tax (“NOPAT”) by average invested capital, a GAAP measure. NOPAT is defined as tax effected income from operations. Average invested capital is defined as net debt plus shareholder’s equity using a trailing 13-month average. We believe that ROIC is useful to investors as a measure of performance and of the effectiveness of the use of capital in our operations. We use ROIC as one measure to monitor and evaluate operating performance. This method of determining non-GAAP ROIC may differ from other companies' methods and therefore may not be comparable to those used by other companies. ROIC should be considered in addition to, rather than as a substitute for, other information provided in accordance with GAAP. The financial measure calculated under GAAP which is most directly comparable to ROIC is considered to be the ratio of Net income to Average invested capital. See below for the calculation of ROIC and the reconciliation to the comparable GAAP measure. Net Debt to Earnings before Interest, Taxes, and Depreciation and Amortization (“EBITDA”) Net debt to EBITDA is calculated using a non-GAAP financial measure, EBITDA. The Company defines EBITDA as GAAP net income adjusted for taxes, total other expense and depreciation and amortization for the preceding 12 months. Net debt, a GAAP measure, is calculated as total debt less cash and cash equivalents. The Company presents net debt to EBITDA because it more clearly represents the operating profitability of the company and is a more accurate representation of the Company's financial position and its ability to cover its net debt obligations with results from its core operations. The Company’s management uses net debt to EBITDA to evaluate the timeframe it would take to pay back its debt if net debt and EBITDA are held constant. The Company believes net debt to EBITDA is useful to investors for the foregoing reasons and as a measure of the rate at which the Company can cover its debts, which helps investors assess whether the Company has ability to grow its debt to support future growth initiatives. This method of determining non-GAAP EBITDA may differ from other companies' methods and therefore may not be comparable to those used by other companies. EBITDA should be considered in addition to, rather than as a substitute for, other information provided in accordance with GAAP.
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THANK YOU