#1GMS GYPSUM MANAGEMENT PLY, INC Raymond James 2023 Institutional Investors Conference March 8, 2023#2Safe Harbor and Basis of Presentation Forward-Looking Statement Safe Harbor - This presentation includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify forward-looking statements by the Company's use of forward-looking terminology such as "anticipate," "believe," "confident," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "seek," or "should," or the negative thereof or other variations thereon or comparable terminology. In particular, statements about the markets in which GMS operates and our products, including potential growth in those markets and products, the economy generally, our ability to continue successfully navigating the evolving operating environment and executing our business, strategic initiatives and priorities and growth potential, future M&A and greenfields, product availability, inflation, capital structure, pricing, volumes, net sales, organic sales, gross margins, incremental EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, interest expense, tax rates, capital expenditures, free cash flow, cash flow generation and working capital management, future financial performance and liquidity, the ability of the Company to grow stronger, the ability to deliver growth, value creation and long-term success, and the Company's cost reduction initiatives and results thereof contained in this presentation may be considered forward-looking statements. Statements about our expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events or performance may be considered forward-looking statements. The Company has based forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control, including current public health issues that may affect the Company's business. Forward-looking statements involve risks and uncertainties, including, but not limited to, those described in the "Risk Factors" section in the Company's most recent Annual Report on Form 10-K, and in its other periodic reports filed with the SEC. In addition, the statements in this release are made as of March 6, 2023. The Company undertakes no obligation to update any of the forward-looking statements made herein, whether as a result of new information, future events, changes in expectation or otherwise. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to March 6, 2023. Use of Non-GAAP and Adjusted Financial Information - To supplement GAAP financial information, we use adjusted measures of operating results which are non-GAAP measures. This non-GAAP adjusted financial information is provided as additional information for investors. These adjusted results exclude certain costs, expenses, gains and losses, and we believe their exclusion can enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of our operating performance by excluding non-recurring, infrequent or other non-cash charges that are not believed to be material to the ongoing performance of our business. The presentation of this additional information is not meant to be considered in isolation or as a substitute for GAAP measures of net income, diluted earnings per share or net cash provided by (used in) operating activities prepared in accordance with generally accepted accounting principles in the United States. Please see the Appendix to this presentation for a further discussion on these non-GAAP measures and a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures. GMS GYPSUM MANAGEMENT & SUPPLY, INC. 2#3GMS at a Glance 52yrs Founded in 1971 -300 Distribution yard locations across the U.S. & Canada $5.3B LTM Q3 FY23¹ Net Sales 100+ Tool Sales, Rentals & Service Centers $665.6M LTM Q3 FY23 Adj. EBITDA² 6,500+ GMS Team Members 1. LTM Q3 FY23 is defined as the twelve months ended January 31, 2023 2. For a reconciliation of Adjusted EBITDA to the most directly comparable GAAP metrics, see Appendix. Information as of March 2023 unless otherwise noted 50+ Leading Brands GMS NYSE Ticker Symbol MAX MAX DRHORTON Ameter Builder Green Card MAX RT ******** GreenGuan MA BATON under IV NODHOHA rhorton.com XS 255K HIPRO#4Providing Value to Contractors and Builders A leading North American specialty distributor of construction products GMS provides the products and value-added services to contractors who install wallboard, ceilings, steel framing and other complementary building products ● ● Expertise across local markets, leveraging scaled North American footprint One-stop-shop for contractors with a broad product offering Critical link between suppliers and a highly fragmented customer base GMS GYPSUM MANAGEMENT & SUPPLY, INC. Net Sales Breakdown (YTD Q3 FY23) 29% COMPLEMENTARY PRODUCTS 19% STEEL FRAMING xxxxxxxxxxxxx 40% WALLBOARD 12% CEILINGS Note: YTD Q3 FY23 refers to the nine months ended January 31, 2023 4#5Local Go-To-Market Strategy with Scale Benefits AMERICAN ARCHITECTURAL SAM WORK PREMIUM FOAM CONSTRUCTION CHAPARRAL MATERIALS, INC. AOME COMPANY GYPSUM SUPPLY COMPANY LEADING EDGE INSULATION SERVICES ACOMMAY OLYMPIA BUILDING SUPPLIES AG COMPANY SLEGG BUILDING MATERIALS AGE+COMPANY Interior Products A GMO COMPANY AMES. ASI Brywall Finishing Tools & Services BUILDING PRODUCTS A GMS COMPANY BM CHEROKEE BUILDING MATERIALS A GMS COMPANY GTS Interior Supply AGNA COMPANY ne Star Materials Inc. AGMS COMPANY SERVICE VALLE QUALITY PHD A GMS COMPANY G SVS sun valley supply, Inc. AGHS COMPANY WATSON ACOMPANY GMS GYPSUM MANAGEMENT & SUPPLY, INC. ACOMPANY Colonial Materials SINCE HARDY 1946 A GMS COMPANY MISSOURI DRYWALL SUPPLY A GMS COMPANY PIONEER materials, inc. BADGERLAND SUPPLY A OMS COMPANY COMMONWEALTH 2 A GMS COMPANY BUILDING MATERIALS AGMS COMPANY HATHAWAY BUILDING MATERIALS SLECE 1944 A GMS COMPANY EER IDS M.R.Lee NEW ENGLAND GYPSUM BUILDING MATERIALS INC. A GMS COMPANY MATERIA WEST TAMARACK Tanner A GMS COMPANY WESTSIDE Wildcat MATERIALS BC Ceiling Systems A GMS COMPANY AGME COMPANY coreacoustics Integrated Acoustic Sy ips INTERIOR PRODUCTS SUPPLY PMW ACOUSTICAL TEJAS MATERIALS, INC. AC D&A C CAPCO Produ A OMS COMPANY COWTOWN MATERIALS, INC. J&MATERIALS NORTH AMERICAN DOOR & HARDWARE. ACCOMANY RIVER BEND MATERIALS,INC. TROWEL TTTRADES SUPPLY CAPITOL BUILDING SUPPLY AGMS COMPANY dL RIGNEY KARPP AGMS COMPANY NYC ACOUSTICAL SUPPLY ROCKY TOP MATERIALS INC. ACOMPANY TUCKER Capitol Materials, Inc. A GMS COMPANY DRYWALL SUPPLY INC. AGMS COMPANY STEVEN KEMPF BUILDING MATERIALS AGMS COMPANY OHIO VALLEY DRYWALL SUPPLY AGIMS COMPANY Ryan APITOL DSI CATUR GYPSUM TUCKER MATERIALS MATERIAL CMC COASTAL A GMS COMPANY A OME COMPANY RKIMCO SUPPLY COMPANY SILBINE SUPPLY SPECIALIST AGME COMPANY OHIO VALLEY INSTALLED INSULATION A OMS COMPANY SHOEMAKER DRYWALL SUPPLIED UNITED AGS COMMNY W Canada GMS distribution locations USA and Canada ● SW MW NE Tod SE GMS's model provides for the intimacy of a local business, exceptional customized service and an entrepreneurial culture while leveraging North American economy of scale Combines the benefits of a local "go-to-market" strategy and relationships with economics of scale Integrated North American platform operated through over 50 highly-respected local brands 5#6Fiscal YTD Q3 FY2023 Highlights Record Levels of Net Sales, Net Income and Adjusted EBITDA¹ for Fiscal YTD Q3 FY23 Comparisons below are to YTD Q3 FY22 Net Sales of $4 billion, up 20% Gross Profit of $1.3 billion, up 21% Gross Margin of 32.3%, up 20 basis points Net Income up 31% • Adjusted EBITDA¹ up 24% to $511 million Adjusted EBITDA Margin¹ of 12.7%, up 40 basis points Significantly improved cash flow generation as compared with a year ago Cash flow provided by operating activities of $237 million YTD Q3 FY23, compared with a use of cash from operating activities of $20 million in YTD Q3 FY22 ● ● ● ● - GMS GYPSUM MANAGEMENT & SUPPLY, INC. 196.946 Net Income, Adj Net Income1 & Adj EBITDA1 ($ in millions) Net Sales $4B ↑ 20% 257.398 Net Income 237 5 YTD Q3 FY22. 303.1 Adj. Net Income Gross Profit LYTD Q3 FY23, Adj. EBITDA $1.3B ↑ 21% 412.673 ¹For a reconciliation of Adjusted SG&A, Adjusted Net Income, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable GAAP metrics, see Appendix. Note: YTD Q3 FY23 refers to the nine months ended January 31, 2023; YTD Q3 FY22 refers to the nine months ended January 31, 2022. 511.355 Net Income $257M ↑ 31% 6#7Strategic Growth Priorities - Q3 Fiscal 2023 Update Expand Share in Core Products Capitalize on existing fixed investments in locations and equipment where we are underpenetrated or below expected share ● ● ● Industry data indicates full year calendar 2022 share growth in Wallboard and Steel Framing Solid growth in Architectural Specialty Ceilings Benefits of scale and our commitment to service provide value to our customers and confidence for continued growth in our core products GMS GYPSUM MANAGEMENT & SUPPLY, INC. Grow Complementary Product opportunities outside of core products to diversify and profitably expand our offerings ● ● ● Grow Complementary Products ● 11.7% net sales growth 8.2% organic sales growth 11th straight quarter of growth for this category Complementary Products has grown over time to contribute nearly 30% of our net sales Platform Expansion Expand the platform through accretive acquisition and greenfield opportunities ● ● Made our first entries into the New York City market ● ● Acquisition of Tanner Bolt & Nut, Inc. added four New York City metro area locations specializing in the distribution of tools & fasteners. Represents a platform from which we intend to expand our Tools & Fastener offerings in New York and the surrounding areas. Also opened a Ceilings-focused greenfield in Brooklyn, NY in Jan. Opened a greenfield yard location in Chester, VA in November Also opened three new AMES store locations during the quarter • Net debt leverage at Jan. 31, 2023 was 1.6 times, down from 2.3 a year ago Drive Improved Productivity & Profitability Leverage our scale and employ technology and best practices to deliver a best-in-class customer experience and further profit improvement ● Enhancing our role as a valuable partner by providing customers with the ability to easily transact with us, including online ordering, delivery status updates and proof of delivery notification and photos • Driving purchasing and operational efficiencies and helping to offset operational cost increases ● Building our "Yard of the Future" to improve efficiency, productivity and profitability while delivering greater value to our customers and stakeholders Organization-wide effort to reduce complexity cost 7#8Continuing to Diversify and Profitably Expand Offerings Successfully Growing Complementary Products Net Sales by Product Category ● 12% Ceilings ● 20% Steel YTD 29% Q3 FY23 Compl. Products 40% Wallboard Core Products: Wallboard: Used to finish the interior walls and ceilings in residential, commercial and institutional construction projects 20% Tools & Fasteners 19% Insulation 15% Joint Treatment 10% Lumber 9% EIFS/Stucco 25% Other Ceilings: Suspended ceiling systems comprised primarily of acoustical solutions for commercial spaces including mineral fiber tiles and grid as well as architectural specialties such as wood, steel and other unique finishes GMS GYPSUM MANAGEMENT & SUPPLY, INC. Steel Framing: Steel framing products sold into commercial applications, typically as part of a package with wallboard, ceilings and other products Note: YTD Q3 FY23 refers to the nine months ended January 31, 2023 Complementary Products 45% 1 Up from 20% to 29% of sales from FY2014 to FY2022 NET SALES BREAKDOWN (FISCAL 2014) 2014 Net Sales: $1.4B 16% 19% Complementary Products Ceilings 37% * Steel Framing NET SALES BREAKDOWN (FISCAL 2022) 2022 Net Sales: $4.6B 22% Wallboard 12% *Steel framing experienced significant product price inflation during fiscal 2022. As a comparison, steel framing contributed 14% of fiscal 2021's net sales. 8#9Track Record of Successful Platform Expansion Completed 85+ acquisitions and greenfields since May 2014. All U.S. yard locations are fully integrated into the GMS platform Since August 2014, GMS has acquired 42 companies representing a total of ~120 distribution locations Since August 2014, GMS has opened an additional -48 organic greenfield locations, complementing acquisition strategy Since acquiring AMES Taping Tools in December 2021, GMS has opened 14 new AMES store locations GMS GYPSUM MANAGEMENT & SUPPLY, INC. Date Dec-22 Jun-22 Dec-21 Jan-23 Nov-22 Aug-22 May-22 Acquisition/Greenfield Tanner A GMS COMPANY CONSTRUCTION SUPPLY LORIDA, INC. OF AMES New York City South Richmond Greenville Cleveland Select Recent GMS Expansion Locations ▪ 4 Locations - NYC Metro Area ▪ Sarasota, FL ▪ ~85 US Locations at purchase date Brooklyn, NY Chester, VA Greenville, NC Cleveland, OH ▪ Establishes multi-location complimentary products in the #1 MSA - NYC Metro Area . M 1 Strategic Rationale ■ Margin-accretive Complementary Products acquisition in highly desirable SW Florida market Diversified core products with complementary product offerings Inaugural location focused on Ceilings products in the New York City market Expands market service coverage in the Richmond, VA market for Commonwealth Building Materials New location for Colonial Materials to enhance service capabilities in the Greenville market Full-product-line location complementing acquisition of Architectural Coatings Distributors As of Sep 1, 2022 9#10Opportunities for Further Platform Expansion ● ● ● Opportunity to expand our geographic footprint in under-served and under-penetrated markets through accretive greenfield locations and acquisitions Current footprint comprises ~300 distribution yard locations covering 47 U.S. States and 6 Canadian Provinces; Plus ~100 AMES store locations At least some level of presence in 78 of the Top 100 U.S. Metropolitan Statistical Areas ("MSA's") and 8 of the Top 10 Canadian Metropolitan Areas ("CMA's") Significant whitespace and underpenetrated markets remaining in both the U.S. and Canada Opportunities to develop "Complementary Products" in markets where GMS already has an established presence to drive further share gains GMS GYPSUM MANAGEMENT & SUPPLY, INC. • California Western Canada Mountain West Canada United States South Central Texas Central Midwest Gulf Coast Map Legend GMS Distribution Location AMES Location Targeted Expansion Area Eastern Canada New England South Florida As of March 2023 10#11Proven Track Record of Growth & Improved Profitability $ milions 1858 0.074 FY-16 GMS GYPSUM MANAGEMENT & SUPPLY, INC. 2319 0.081 FY-17 2511 0.079 3116 0.095 FY-19 FY-18 ■Net Sales 3241 0.092 FY-20 3299 0.097 4634.9 0.122 5313.803 0.125 FY-21 FY-22 ◆Adj. EBITDA Margin* LTM Q323 *For a reconciliation of Adjusted EBITDA and Adjusted EBITDA margin to the most directly comparable GAAP metrics, see Appendix. Note: LTM Q323 refers to the twelve months ended January 31, 2023. CAGR FY-16 through LTM Q323: Net Sales: ↑ 16.8% Adjusted EBITDA*: 1 26.2% 11#12Attractive Capital Structure Supports Strategic Priorities Cash From Operations and Free Cash Flow¹ Significant improvement in cash flow as the supply chain improved ● ● ● ● Generated Cash from Operating Activities of $134.1 million, compared to $57.2 million in Q3 FY22 ● Generated Free Cash Flow¹ of $122.5 million, compared to $40.2 million in Q3 FY22 Substantial liquidity, with $186.7 million of cash on hand and an additional $574.4 million available under our revolving credit facilities as of 1/31/2023 Fiscal year 2023 Free Cash Flow¹ is expected to exceed our "Through the Cycle" expectation of 40% - 50% of Adjusted EBITDA¹ Increased Share Repurchase Activity Repurchased approximately 656 thousand shares for $33.2 million during Q3 FY23 As of the end of Q3 FY23, $128 million of repurchase authorization remained GMS GYPSUM MANAGEMENT & SUPPLY, INC. $ in millions X 1/31/2022 FY23 LTM Net Debt / PF Adjusted EBITDA² 1.8X FY24 4/30/2022 1.8X FY25 7/31/2022 Debt³ Maturity Schedule as of 01/31/2023 FY26 1.6X 1. For a reconciliation of free cash flow to cash used in operating activities, the most directly comparable GAAP metric, see Appendix. 2. For detail, including a reconciliation of Pro Forma Adjusted EBITDA to net income, the most directly comparable GAAP metric, see Appendix. Debt includes First Lien Term Loan, ABL Facility, Senior Notes, Finance Leases & Installment Notes. 3. 10/31/2022 FY27 1.6X 1/31/2023 603.559 Thereafter 12#13GMS is Well Positioned across Commercial and Residential Markets with Scale and Balanced Product Mix Strategic Investments Position GMS for Near-Term Industry Dynamics & Long-Term Success Opened 31 greenfield locations and completed 13 strategic acquisitions since the start of fiscal 2020 to enhance customer service, drive growth in product offerings and improve efficiencies, all while reducing our net debt leverage ratio from 3.6x at April 30, 2019 to 1.6x at January 31, 2023 ● ● Continuing to modernize and upgrade fleet, adding safety features to protect employees and customers and for risk management benefits Technology investments to automate work has led to increased productivity, making us better operators Lowering complexity costs in the business Industry Fundamentals Support Outlook Continue to see high levels of multi-family residential activity Further deterioration of single-family residential demand is expected in the near-term; Extent and duration of decline is uncertain, but recent comments from some large public builders are encouraging Year-over-year improvement in commercial construction activity expected in near-term Favorable demographics in an underbuilt industry provides support for the medium- to long-term GMS GYPSUM MANAGEMENT & SUPPLY, INC. Greenfield and Acquisition totals are calculated since the start of fiscal 2020 through January 31, 2023 13#14Q&A GMS GYPSUM MANAGEMENT SUPPLY, INC Raymond James 2023 Institutional Investors Conference March 8, 2023#15GMS GYPSUM MANAGEMENT & SUPPLY, INC. Appendix 15