#1GYPSUM MANAGEMENT & EXTRLY. INC. Jefferies Industrials Conference September 6, 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 September 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 September 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 yards & 100+ Tool Sales, Rentals & Service Centers $5.3B FY 2023 Net Sales 60+ Leading Brands 1. For a reconciliation of Adjusted EBITDA to the most directly comparable GAAP metrics, see Appendix. Information as of April 30, 2023 $333.0M FY 2023 Net Income 7,000+ GMS Team Members 11 $665.7M FY 2023 Adj. EBITDA1 GMS NYSE Ticker Symbol MARIA VAX ARA www BAYR Will WIR WIR AND www WERE W Building Supp#4Diversified and Balanced End Market Exposure Diversified exposure across commercial and residential new and repair and remodel construction markets continues to be an advantage GMS GYPSUM MANAGEMENT & SUPPLY, INC. ~45% Residential • Single-Family New Multi-Family New Repair & Remodel Cila ~55% Commercial • New Construction Repair & Remodel ● While these percentages fluctuate from time to time as market conditions change, the numbers shown reflect the Company's "through the cycle" expectations. 4#5Providing 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 (Fiscal 2023) 29% Complementary Products 40% Wallboard 12% Ceilings 19% Steel Framing LO 5#6Local Go-To-Market Strategy with Scale Benefits AMERICAN ARCHITECTURAL PREMIUM FOAM CONSTRUCTION A OMS COMMY APITOL CMC M COASTA MATERIALS A GMS COMPANY E INC. A GMS COMPANY KARPP A GMS COMPANY NYC ACOUSTICAL SUPPLY ROCKY TOP MATERIALS, INC. AGS COMPANY TUCKER. AMES Brywall Finishing Tools & Services A GMS COMPANY CHAPARRAL MATERIALS, INC. AGMS COMPANY GATOR GYPSUM A OMS COMPANY STEVEN KEMPF BUILDING MATERIALS A GMS COMPANY OHIO VALLEY DRYWALL GMS GYPSUM MANAGEMENT & SUPPLY, INC. AGMS COMPANY Ryan AEME COMPANY TUCKER MATERIALS ASI BUILDING PRODUCTS BM CHEROKEE BUILDING MATERIALS A GMS COMPANY GYPSUM SUPPLY COMPANY KKIMCO SUPPLY COMPANY BUILDING SUPPLY SPECIALIST A CMS COMPANY OHIO VALLEY INSTALLED AGMS COMPANY SHOEMAKER DRYWALL SUPPLIES A GMS+COMPANY UNITED BADGERLAND SUPPLY A GMS COMPANY Colonial Materials GTS Interior Supply A CMS COMPANY LEADING EDGE INSULATION SERVICES AGME COMPANY OLYMPIA BUILDING SUPPLIES SLEGG BUILDING MATERIALS AGMP COMPANY BC Ceiling BLAIR Systems A GMS COMPANY A GMS COMPANY COMMONWEALTH BUILDING MATERIALS AGMS COMPANY SINCE HARDY 1946 A GMS COMPANY one Star Materials Inc. SERVICE VALUE QUALITY PHD A GMS COMPANY SVS sun valley supply, , Inc. AGMS COMPANY Valley WATSON BUILDING SUPPLIES Interior Products A OMS COMPANY BUILDING MATERIALS A GMS COMPANY reacoustics Integrated Acoustic Systems AGMS COMPANY HATHAWAY A GMS COMPANY MDS MISSOURI DRYWALL SUPPLY A GMS COMPANY PIONEER materials, inc. COMPANY WESTSIDE CAPCO A GMS COMPANY Capitel Acoustical Products Company A GMS COMPANY COWTOWN MATERIALS, INC. HOME LUMBER G SUPPLIES AGMS COMPANY EER MR.Lee BUILDING MATERIALS INC. AGMS COMPANY MA TAMARACK Tanner AGMS COMPANY WEST A OMS COMPANY Wildcat MATERIALS A GMS COMPANY CAPITOL BUILDING SUPPLY AGME COMPANY J an dL ips RIGNEY INTERIOR PRODUCTS SUPPLY NEW ENGLAND GYPSUM PMW ACOUSTICAL TEJAS MATERIALS, INC. A Compte D & Am Spy Center ACOMPANY Capitol Materials, Inc. A GMS COMPANY DSI DRYWALL SUPPLY INC. A GMS COMPANY & MATERIALS NORTH AMERICAN DOOR & HARDWARE. AGNE COMPANY RIVER BEND MATERIALS, INC. AGM COMMUNY TROWEL TTTRADES SUPPLY W Canada GMS distribution locations USA and Canada SW MW NE 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 with economics of scale Integrated North American platform operated through over 60 highly-respected local brands CO 6#7GMS-FY2023 Highlights $5.3B FY23 Net Sales Up 15% $333M Up 146% FY23 Net Income Up 22% $441.7M $389.1M FY23 Cash from FY23 Free Cash Operations Flow* Up 181% Despite a pullback in single-family demand and lower steel prices, GMS delivered solid results for Q423 with year-over-year increases in net sales and Adjusted EBITDA*. *For a reconciliation of Adjusted EBITDA or Free Cash Flow to the most directly comparable GAAP metrics, see Appendix. Unless indicated otherwise, comparisons are to full year fiscal 2022. $665.7M FY23 Adj. EBITDA* Up 17% 6.2% FY23 Net Income Margin Up 30 bps 12.5% FY23 Adj. EBITDA Margin* Up 30 bps Full Year Results $ millions $1,858 7.4% $2,511 $2,319 8.1% 7.9% FY-16 FY-17 FY-18 Net Sales $3,116 $3,241 $3,299 9.5% 9.7% 9.2% WIRE 2125 WHO FY-19 FY-20 FY-21 FY-22 Adj. EBITDA Margin* $4,635 12.5% 12.2% Building Supplies CD F $5,329 FY-23#8GMS - Q1 FY24 at a Glance $1.4B Q124 Net Sales Up 3.7% $6.6M Q124 Cash from Operations Up $11M $86.8M Q124 Net Income Down 3.0% 6.2% Q124 Net Income Margin Down 40 bps $173.3M *For a reconciliation of Adjusted EBITDA and Adjusted EBITDA margin to the most directly comparable GAAP metrics, see Appendix. Unless indicated otherwise, comparisons are to Q1 2023. Q124 Adj. EBITDA* 12.3% Q124 Adj. EBITDA Margin* Despite a recessionary environment in single- family demand and lower steel prices, GMS delivered solid results for Q124, demonstrating pricing resilience in Wallboard, Ceilings and Complementary Products, as well as the strength and stability that our balanced end markets provide. Down 1.0% Down 60 bps -PLY STRON BUN MA Mex X- WIRE 2125 WHO CD F Building Supplies#9Strategic Growth Priorities - Q1 Fiscal 2024 Update Expand Share in Core Products Grow Complementary Products ● ● Capitalize on existing fixed investments in locations and equipment where we are underpenetrated or below expected share Industry data indicates that we grew share in each of our core product categories Value-added delivery to the point of use helped drive sales in tight labor market. Favorable mix of multi-family projects has provided a solid backlog of Steel Framing, Wallboard and Insulation deliveries to that end market. Benefits of scale and commitment to service resulted in securing a broad array of commercial projects across myriad markets. Grow Complementary Products opportunities outside of core products to diversify and profitably expand our offerings GMS GYPSUM MANAGEMENT & SUPPLY, INC. 6.0% per day net sales growth on acquisition gains. 7.7% revenue gains excluding lumber. 11.7% revenue growth on focus Tools & Fasteners, EIFS and Stucco, and Insulation product lines. 13th straight quarter of growth for Complementary. Expansion of Tool Source Warehouse operations. Expand Our Platform Expand the platform through accretive acquisition and greenfield opportunities Steady maturation of prior greenfields and acquisitions. During the 1st quarter we acquired Jawl Lumber Corporation d/b/a Home Lumber and Building Supplies in Canada. Core and Complementary pipeline remains active. 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 Technology and process enabled improvements in myriad areas including warehouse operations, dispatch, delivery, purchasing, inventory management and pricing, Enhancing our role as a valuable partner by providing customers with the ability to easily transact with us. Organization-wide effort to reduce complexity cost and standardize data. As we've leveraged product inflation dynamics in the business, our productivity initiatives, along with growth in Complementary Products and expansion of scale, have enabled us to expand our Adjusted EBITDA margin from the upper single-digits in the years leading up to Covid to now consistently reporting these returns at double-digit levels for the past two fiscal years. 9#10Continuing to Diversify and Profitably Expand Offerings Successfully Growing Complementary Products Net Sales by Product Category ● 12% Ceilings ● 19% Steel FY23 40% Wallboard 29% Compl. Products Core Products: Wallboard: Used to finish the interior walls and ceilings in residential, commercial and institutional construction projects 21% Tools & Fasteners 19% Insulation 16% Joint Treatment 10% Lumber 9% EIFS/Stucco 25% Other GMS GYPSUM MANAGEMENT & SUPPLY, INC. 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 Steel Framing: Steel framing products sold into commercial applications, typically as part of a package with wallboard, ceilings and other products Complementary Products 16% 45% 1Up from 20% to 29% of sales from FY2014 to FY₂20/23 NET SALES BREAKDOWN (FISCAL 2014) 2014 Net Sales: $1.4B 19% Complementary Products 20% Ceilings 19% Steel Framing NET SALES BREAKDOWN (FISCAL 2023) 2023 Net Sales: $5.3B 12% Wallboard 29% 10#11Track Record of Successful Platform Expansion Completed 90+ acquisitions and greenfields since May 2014. All U.S. yard locations are fully integrated into the GMS platform Since August 2014, GMS has acquired 45 companies representing a total of 126 distribution locations Since August 2014, GMS has opened an additional -49 organic greenfield locations, complementing acquisition strategy Since acquiring AMES Taping Tools in December 2021, GMS has opened 15 new AMES store locations GMS GYPSUM MANAGEMENT & SUPPLY, INC. Date May-23 Apr-23 Apr-23 Mar-23 Jan-23 Nov-22 Acquisition/Greenfield & BUILDING SUPPLIES BLAIR BUILDING MATERIALS INC. E INC.. M J Ottawa New York City South Richmond Select Recent GMS Expansion M 1 Location - Victoria, BC ■ Locations ■ 1 Location - Toronto, ON area 4 Locations - Chicago, Atlanta, Charlotte Ottawa, ON Brooklyn, NY ■ Chester, VA M ■ Strategic Rationale Margin-accretive Complementary Products acquisition in desirable Vancouver Island market Margin-accretive Complementary Products acquisition adding new product lines in the Greater Toronto area Strategic Chicago area acquisition to increase market serviceability and gain access to key vendor relationships ■ New location for D.L. Building Materials expansion in Ottawa 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 As of August 2023 11#12Opportunities 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 over 300 distribution yard locations covering 47 U.S. States and 6 Canadian Provinces; Plus more than 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 Canada Mountain West 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 June 2023 2#13Attractive Capital Structure Supports Strategic Priorities $6.6M Q124 Cash from Operations Improved $11M ($6.9M) Q124 Use of Free Cash Flow¹ Substantial Liquidity $81.4 million of cash on hand and $816.2 million available under our revolving credit facility. Increased Share Repurchase Activity GMS GYPSUM MANAGEMENT & SUPPLY, INC. Repurchased approximately 469 thousand shares for $30.5 million during Q1 FY24; $69.6 million of repurchase authorization remaining Improved $8M Debt/Lease Payments Capital Expenditures 15% 14% 3-Year Historical Use of Cash4 Share RepHohaiscal Years 2021, 2022 and 2023 18% LTM Net Debt / PF Adjusted EBITDA² 1.8x Acquisitionsmillions 53% 1.6x $43 FY24 7/31/2022 10/31/2022 1/31/2023 4/30/2023 7/31/2023 1.6x $41 Debt³ Maturity Schedule FY25 1.4x $34 FY26 $28 FY27 1. 2. For a reconciliation of free cash flow to cash used in operating activities, the most directly comparable GAAP metric, see Appendix. 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. 4. Includes cash used for Capital Expenditures, Acquisitions, Share Repurchases, Payments on Principal on Long-Term Debt and Payments on Principal on Finance Lease Obligations for fiscal years 2021, 2022 and 2023 5. Balance sheet, capital structure and share repurchase authorization references are as at 7/31/23. 1.5x $134 FY28 $834 Thereafter 13#14GMS 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 32 greenfield locations and completed 16 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 1.5x at July 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 near-term high levels of multi-family residential activity While varying by region, we expect single-family demand levels to continue to improve from lows experienced over the last ~8-12 months. We expect continued near-term YOY declines as we roll over challenging comparisons, but we also expect those to improve over the balance of the fiscal year as our current run rates and comments from some large builders continue to provide encouraging signs for the single-family end market. Solid activity levels in commercial (outside of office) are continuing 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 August 31, 2023. 14#15GMS GYPSUM MANAGEMENT & SUPPLY, INC. Appendix Hilelia 192-122 FEMA NAS TEMA 5 12 MAYOR 45RAC 15#16End Market & Product-Level Expectations for Q2 FY2024 Product Category Q2 FY24 YOY Volume Expectations Q2 FY24 YOY Price/Mix Expectations Wallboard Ceilings Steel Framing Complementary Products Multi-family: Up high single-digits Single-family: Down low double-digits Commercial: Up low single-digits Total Wallboard: Down low single-digits Up low single-digits Up high single-digits Up* GMS GYPSUM MANAGEMENT & SUPPLY, INC. ● *Sales growth in Complementary Products, including the benefits of recent acquisitions, is expected to be up mid single-digits. 12hvdS Georgia Pacific Georgie-Pie Ria Georgia Pacific Georgia Pacifie Sergio Georgia-Pacific Georgia Pacific INTERIOR CEILING PLAFOND INTERIOR CEIL ed PLAFOND INTERIEUR cainTeed INTERIOR CRILING POUR PLAFOND INTERIEUR INTERIOR CEILING Certainleed COUPLEOND INTE POUR TERIEUR Certairfoed UR PLAFOND INTERIEUR Certainleed "TERIOR CEINTERIEUR POUR PLAFOND Certainleed INTERIOR CEILING KEND INTÉRIEUR Down low single-digits Down low single-digits Down -25% Up* 1/2" x 12 TE/BAZIL 1/2" x 12' TE/BA 1/2 x 12 TE/BA 1/2 x 12 1/2" 12 BELOZNIA TE/BA 1/2 x 12 BELL EL *.ZIL CO/AL.ZL*.2/L TE/BA TE/BA 1/2 x 12 TE/BA 12 TE/BA L MORENO MORINI MORINI OSVOT CONFERMONE HOTELI OSV DNNEDE MOINEEN MON 16#17Consolidated GMS Expectations for Q2 FY24 and Full Year Fiscal 2024 Metric for Q2 FY24 Net Sales Gross Margin Adjusted EBITDA1 Metric for Full Year FY24 Interest Expense Capital Expenditures Free Cash Flow¹ Tax Rate² GMS GYPSUM MANAGEMENT & SUPPLY, INC. Q2 FY24 Expectation Down low single-digits primarily driven by steel price declines At or near long term average of 32% $160 million - $165 million Full Year FY24 Expectation ~$70 million ~$50 million ~ 50% - 60% of FY24 Adj. EBITDA¹ -25.5% -26.0% ¹For a reconciliation of Adjusted EBITDA, Adjusted Net Income or Free Cash Flow to the most directly comparable GAAP metrics, see Appendix. 2Tax rate refers to the normalized cash tax rate excluding the impact of acquisition accounting and certain other deferred tax amounts. 17#18Summary Quarterly Financials (In millions) (Unaudited) Wallboard Volume (MSF) Wallboard Price ($ /'000 Sq. Ft.) Wallboard Ceilings Steel framing Complementary products Net sales Cost of sales Gross profit Gross margin Operating expenses: Selling, general and administrative expenses Depreciation and amortization Total operating expenses Operating income Other (expense) income: Interest expense Write-off of discount and deferred financing costs Other income, net Total other expense, net Income before taxes Income tax expense Net income Business Days Net Sales by Business Day Beginning Branch Count Added Branches Ending Branch Count GMS GYPSUM MANAGEMENT & SUPPLY, INC. $ $ $ $ 1Q23 1,191 438 $ 522 $ 167 275 396 1,360 925 435 32.0% 268 32 300 135 (15) 2 (13) 122 32 90 $ 63 21.6 $ 286 3 289 2Q23 1,232 474 $ 585 160 278 409 1,431 966 465 32.5% 279 32 311 153 (16) 2 (14) 139 36 103 $ 289 2 291 $ 65 22.0 $ 3Q23 1,058 473 $ 501 147 234 353 1,235 832 402 32.6% 267 31 299 103 (17) 2 (15) 88 24 65 62 19.9 291 6 297 $ $ 4Q23 1,130 481 $ 545 $ 155 224 380 1,304 880 424 32.5% 280 31 311 114 (18) 3 (16) 98 23 76 $ 63 $ 20.7 $ 297 7 304 FY23 4,611 467 $ 2,152 $ 629 1,011 1,538 5,329 3,603 1,726 32.4% 1,094 127 1,221 505 (66) 8 (58) 448 115 333 253 21.1 286 18 304 $ $ 1Q24 1,204 475 571 175 237 426 1,410 959 451 32.0% 287 32 319 132 (19) (1) 2 (18) 114 27 87 64 22.0 304 1 305 18#19Quarterly Cash Flows ($ in millions) (Unaudited) Net income Non-cash changes & other changes Changes in primary working capital components: Trade accounts and notes receivable Inventories Accounts payable Cash provided by (used in) operating activities Purchases of property and equipment Proceeds from sale of assets Acquisitions of businesses, net of cash acquired Cash (used in) investing activities Cash provided by (used in) financing activities Effect of exchange rates Increase (decrease) in cash and cash equivalents Balance, beginning of period Balance, end of period Supplemental cash flow disclosures: Cash paid for income taxes Cash paid for interest Cash provided by (used in) operating activities Purchases of property and equipment Free cash flow (1) GMS GYPSUM MANAGEMENT & SUPPLY, INC. $ $ 1Q23 $ 89.5 $ 103.2 $ 8.9 63.3 (69.6) (28.7) (4.4) (4.4) (10.9) 0.3 (2.6) (13.3) 2Q23 22.2 0.2 4.7 101.9 $106.6 $ 3.2 $ 17.8 $ 3Q23 (63.8) 105.3 (3.6) (2.4) 8.2 (55.3) 107.3 134.1 (10.7) (11.6) 0.6 0.8 (0.0) (17.8) (10.1) (28.6) 57.6 $ 11.5 $ (4.4) $ 107.3 $ (10.9) (10.7) (15.3) $ 96.5 $ 4Q23 64.8 $ 75.6 $ 333.0 $ 21.8 62.0 155.9 24.9 $ 19.9 $ FY23 (8.9) (37.0) 17.9 (16.8) 58.2 6.7 441.7 204.8 (19.4) 1.2 (41.3) (59.5) (52.7) 2.9 (77.4) (43.8) (166.7) (265.6) 0.8 (0.6) 62.5 (21.9) (2.2) 17.6 106.6 124.2 $ 124.2 186.7 101.9 186.7 $ 164.7 $ 164.7 $ (61.7) (111.5) (1.8) 62.8 1Q24 24.7 $110.4 $ 12.6 $ 61.8 $ 134.1 $ (11.6) 122.5 $185.4 $ 389.1 $ 204.8 $ 441.7 $ (19.4) (52.7) 86.8 (12.3) (38.2) (1.4) (28.3) 6.6 (13.5) 1.0 (39.0) (51.5) (39.1) 0.7 (83.3) 164.7 81.4 3.2 21.9 6.6 (13.5) (6.9) (1) Free cash flow is a non-GAAP financial measure defined as net cash provided by (used in) operations less capital expenditures. Differences may occur due to rounding. 19#20Q1 2024 Net Sales ($ in millions) (Unaudited) Organic (1) Acquisitions Fx Impact Total Net Sales Wallboard Ceilings Steel Framing Complementary Products Total Net Sales GMS GYPSUM MANAGEMENT & SUPPLY, INC. Fiscal Q1 FY24 1,372.7 44.2 (7.2) 1,409.6 571.4 175.2 236.8 FY23 $ 1,359.6 $ 1,359.6 $ 521.6 167.3 274.9 426.2 395.8 1,409.6 $ 1,359.6 Variance Reported Organic 3.7% 9.6% 4.7% (13.9%) 7.7% 3.7% (1) 1.0% 9.3% 2.0% (15.0%) 0.7% 1.0% 1. Organic net sales growth calculation excludes net sales of acquired businesses until first anniversary of acquisition date and impact of foreign currency translation. 20#21Quarterly Net Income to Adjusted EBITDA (Ş in 000s) (Unaudited) Net Income Add: Interest Expense Add: Write off of debt discount and deferred financing fees Less: Interest Income Add: Income Tax Expense Add: Depreciation Expense Add: Amortization Expense EBITDA Adjustments Stock appreciation rights Redeemable noncontrolling interests Equity-based compensation Severance and other permitted costs Transaction costs (acquisition and other) (Gain) loss on disposal of assets Effects of fair value adjustments to inventory Gain on legal settlement Debt transaction costs Total Adjustments Adjusted EBITDA (as reported) Net Sales Adjusted EBITDA Margin GMS GYPSUM MANAGEMENT & SUPPLY, INC. (A) (B) (F) (G) (H) Reconciliation 1Q23 $ 14,661 89,470 $ 103,153 $ 64,775 (56) 2Q23 2,344 495 3,132 352 386 (284) 44 6,469 16,055 (180) 23,697 32,030 35,995 14,993 15,058 15,162 17,447 17,168 16,257 168,545 $ 187,275 Ș 136,654 (154) 3,230 340 3Q23 3,781 379 292 81 135 8,238 16,943 314 368 3,285 (315) 476 (411) 457 4,174 4Q23 $1,359,553 $1,430,979 $1,234,618 12.9% 13.7% 11.4% $ 75,593 18,184 (897) 22,790 15,964 14,858 1,815 (25) 3,019 2,372 807 (799) 487 173 7,849 FY23 (1,287) 114,512 61,177 65,730 146,492 $ 638,966 $ 165,423 $1,304,102 11.8% $ 332,991 $ 86,830 65,843 7,703 1,178 13,217 2,788 1,961 1Q24 (1,413) 1,123 18,914 1,401 $5,329,252 12.5% (474) 26,734 16,327 15,691 1,218 480 3,304 406 1,385 $ 175,014 Ș 195,513 $ 140,828 $ 154,341 $ 665,696 $ 173,298 (131) 302 173 911 $ 26,730 $ 7,875 $1,409,600 12.3% Commentary A. Represents changes in the fair value of stock appreciation rights B. Represents changes in the fair value of noncontrolling interests C. Represents non-cash equity-based compensation expense related to the issuance of share-based awards D. Represents severance expenses and other costs permitted in calculations under the ABL Facility and the Term Loan Facility E. Represents one-time costs related to acquisitions paid to third parties F. Includes gains and losses from the sale and disposal of assets G. Represents the non-cash cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value H. Represents expenses paid to third party advisors related to debt refinancing activities 21#22Net Income to Pro Forma Adjusted EBITDA ($ in 000s) (Unaudited) Net Income Add: Interest Expense Add: Write off of debt discount and deferred financing fees Less: Interest Income Add: Income Tax Expense Add: Depreciation Expense Add: Amortization Expense EBITDA Adjustments Impairment of goodwill Stock appreciation rights Redeemable noncontrolling interests Equity-based compensation Severance and other permitted costs costs (acquisition and other) (Gain) loss on disposal of assets Effects of fair value adjustments to inventory Gain on legal settlement Change in fair value of financial instruments Secondary public offerings Debt transaction costs Total Adjustments Adjusted EBITDA (as reported) Contributions from acquisitions Pro Forma Adjusted EBITDA Net Sales Adjusted EBITDA margin (as reported) GMS GYPSUM MANAGEMENT & SUPPLY, INC. (A) (B) (C) (D (E) (F) (1) (J) 1Q24 LTM $ 330,351 $ 70,096 1,401 (1,705) 109,216 62,511 63,974 635,844 6,577 1,163 13,389 2,842 2,960 (1,260) 1,381 1,084 28,136 $ $ $5,379,299 12.3% 2023 Reconciliation 332,991 65,843 (1,287) 114,512 61,177 65,730 638,966 7,703 1,178 13,217 2,788 1,961 (1,413) 1,123 173 26,730 $ 663,980 $ 665,696 $ $5,329,252 12.5% $ 9,535 13,583 677,563 $ 675,231 $ 2022 273,442 58,097 (163) 91,377 55,437 63,795 541,985 4,403 1,983 10,968 1,132 3,545 (913) 3,818 24,936 $ 566,921 $ 21,348 588,269 $ $4,634,875 12.2% 2021 Ş 105,560 S 53,786 4,606 (86) 31,534 50,480 57,645 $ 303,525 $ 3,173 1,288 8,442 2,948 1,068 (1,011) 788 (1,382) 532 15,846 $ 319,371 $ 4,948 324,319 $ $3,298,823 9.7% 2020 63,074 1,572 520 7,060 5,733 2,414 658 575 (14,029) 23,381 Ş 67,718 1,331 (88) 22,944 51,332 65,201 231,819 $ 261,111 $ 363 67,940 299,759 $ 1,480 301,239 $ 2019 $3,241,307 9.2% 56,002 73,677 (66) 14,039 46,456 71,003 2,730 1,188 3,906 8,152 7,858 (525) 4,176 6,395 $ 678 34,558 $ 295,669 $ 6,717 302,386 $ $3,116,032 9.5% 2018 62,971 $ 31,395 74 (177) 20,883 24,075 41,455 180,676 $ 2,318 1,868 1,695 581 3,370 (509) 324 6,125 1,525 1,285 18,582 $ 199,258 $ 1,280 200,538 $ $2,511,469 7.9% 2017 48,886 29,360 7,103 (152) 22,654 25,565 43,675 177,091 148 3,536 2,534 (157) 2,249 (338) 946 382 1,385 265 11,138 188,229 9,500 197,729 $2,319,146 8.1% Commentary A. Represents changes in the fair value of stock appreciation rights B. Represents changes in the fair value of noncontrolling interests C. Represents non-cash equity-based compensation expense related to the issuance of share-based awards D. Represents severance expenses and other costs permitted in calculations under the ABL Facility and the Term Loan Facility, including certain unusual, nonrecurring costs and credits received due to the COVID-19 pandemic E. Represents one-time costs related to our initial public offering and acquisitions paid to third party advisors as well as costs related to the retirement of corporate stock appreciation rights F. Represents the non-cash cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value G. Represents mark-to-market adjustments for derivative financial instruments H. Represents one-time costs related to our secondary offerings paid to third party advisors Represents expenses paid to third party advisors related to debt refinancing activities J. Pro forma impact of earnings from acquisitions from the beginning of the LTM period to the date of acquisition, including synergies 22#23Income Before Taxes to Adjusted Net Income ($ in 000s) (Unaudited) Income before taxes EBITDA adjustments Write-off of debt discount and deferred financing fees Purchase accounting depreciation and amortization (A) Adjusted pre-tax income Adjusted income tax expense Adjusted net income Effective tax rate (B) Weighted average shares outstanding: Basic Diluted Adjusted net income per share: Basic Diluted Reconciliation GMS GYPSUM MANAGEMENT & SUPPLY, INC. $ 1Q24 $ 113,564 $ 121,500 6,469 7,875 1,401 10,915 133,755 34,108 99,647 25.5% $ $ 40,749 41,477 1Q23 2.45 2.40 13,278 141,247 36,018 $ 105,229 25.5% 42,549 43,317 $ 2.47 $ 2.43 Commentary A. Depreciation and amortization from the increase in value of certain long-term assets associated with the April 1, 2014 acquisition of the predecessor company and amortization of intangible assets from the acquisitions of Titan, Westside Building Materials, and AMES Taping Tools B. Normalized cash tax rate determined based on our estimated taxes excluding the impact of purchase accounting and certain other deferred tax amounts 23#24Reported SG&A to Adjusted SG&A (Unaudited) ($ in millions) SG&A - Reported Adjustments Stock appreciation rights Redeemable noncontrolling interests Equity-based compensation Severance and other permitted costs Transaction costs (acquisition and other) Gain (loss) on disposal of assets Debt transaction costs SG&A - Adjusted % of net sales GMS GYPSUM MANAGEMENT & SUPPLY, INC. (A) (B) (C) (D) (E) $ Reconciliation 1Q23 267.7 $ (2.3) (0.5) (3.1) (0.4) (0.4) 0.3 261.3 $ 19.2% 2Q23 279.0 $ 267.4 $ (3.2) (0.3) (3.8) (0.4) (0.3) (0.1) 3Q23 270.9 18.9% (0.3) (0.4) (3.3) 0.3 (0.5) 0.4 263.6 $ 21.4% 4Q23 279.8 $ 1,093.8 $ (1.8) 0.0 FY2023 (3.0) (2.4) (0.8) 0.8 (7.7) (1.2) (13.2) (2.9) (2.0) 1.4 (0.2) (0.2) 272.4 $1,068.1 $ 20.9% 20.0% 1Q24 286.8 (1.2) (0.5) (3.3) (0.4) (1.4) 0.1 (0.9) 279.2 19.8% Commentary A. Represents changes in the fair value of stock appreciation rights B. Represents changes in the fair value of noncontrolling interests C. Represents non-cash equity-based compensation expense related to the issuance of share-based awards D. Represents severance expenses and other costs permitted in calculations under the ABL Facility and the Term Loan Facility E. Represents one-time costs related to acquisitions paid to third parties 24#25Leverage Summary ($ mm) Cash and cash equivalents Revolving Credit Facilities First Lien Term Loan (1) (2) Senior lotes (3) Capital Lease Obligations Installment Notes & Other (4) Total Debt Total Net Debt PF Adj. EBITDA (5) Total Debt / PF Adj. EBITDA Net Debt / PF Adj. EBITDA GMS GYPSUM MANAGEMENT & SUPPLY, INC. (1) (2) (3) (4) (5) 7/31/22 10/31/22 1/31/23 LTM LTM LTM $107 $265 500 345 125 5 $1,240 $1,133 $625 2.0x 1.8x $124 $240 499 345 126 3 $187 $240 498 346 132 8 $1,214 $1,223 $1,090 $1,037 $662 $668 1.8x 1.6x 1.8x 1.6x 4/30/23 LTM $164 $110 497 346 137 8 $1,099 $935 $684 1.6x 1.4x 7/31/23 LTM $81 $113 493 346 136 13 $1,102 $1,021 $678 1.6x 1.5x Net of unamortized discount of $0.4mm, $0.4mm, $0.3mm, $0.3mm and $2.5mm as of July 31, 2022, October 31, 2022, January 31, 2023, April 30, 2023 and July 31, 2023 respectively. Net of deferred financing costs of $2.9mm, $2.6mm, $2.4mm, $2.1mm and $4.1mm as of July 31, 2022, October 31, 2022, January 31, 2023, April 30, 2023 and July 31, 2023 respectively. Net of deferred financing costs of $4.7mm, $4.5mm, $4.3mm, $4.1mm and $3.9mm as of July 31, 2022, October 31, 2022, January 31, 2023, April 30, 2023 and July 31, 2023 respectively. Net of unamortized discount of $0.3mm, $0.2mm, $0.2mm, $0.1mm and $0.1mm as of July 31, 2022, October 31, 2022, January 31, 2023, April 30, 2023 and July 31, 2023 respectively. For a reconciliation Pro Forma Adjusted EBITDA to net income, the most directly comparable GAAP metric, see Appendix. 25#26Net Income to Adjusted EBITDA Outlook Net Income Interest expense, net Provision for income taxes Depreciation and amortization expense Other Adjustments Adjusted EBITDA Reconciliation GMS GYPSUM MANAGEMENT & SUPPLY, INC. Q2 FY24 $77-$79 17.7 - 18.3 26.3 - 27.1 30.5 - 31.4 8.0 $160 - $165 26