#1GMS GYPSUM MANAGEMENT & SUPPLY, INC. Q1 2024 Earnings Call August 31, 2023 E ވފއވމފހއ#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 or expected 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, 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, future financial performance and liquidity, and the ability of the Company to grow stronger 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 August 31, 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 August 31, 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 - Q1 FY24 at a Glance $1.4B Q124 Net Sales $6.6 M Q124 Cash from Operations $86.8M Q124 Net Income 6.2% Q124 Net Income Margin $173.3 M Q124 Adj. EBITDA* *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. 12.3% Q 124 Adj. EBITDA Margin* Despite a pullback 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.#4Strategic Growth Priorities - Q1 Fiscal 2024 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 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 GMS GYPSUM MANAGEMENT & SUPPLY INC. Grow Complementary Products opportunities outside of core products to diversify and profitably expand our offerings 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. 4#5Q1 Fiscal 2024 Sales Highlights Mixed end market economics, with continuing multi-family demand and strength in myriad commercial applications, offset by softness in single-family and office. Resilient Wallboard, Ceilings and Complementary Products pricing, but with deflationary trends in Steel Framing and Lumber. $1.4B Q124 Net Sales Total Per Day Net Sales 2.1% U.S. Residential Sales Wallboard Per Day Net Sales Q124 Q123 Change $ 8.9 $8.3 7.9% $ 2.7 $ 2.7 3.1% Steel Framing $ 3.7 $ 4.4 -15.2% Complementary Products $ 6.7 $ 6.3 6.0% Ceilings $ 22.0 $ 21.6 2.1% GMS GYPSUM MANAGEMENT & SUPPLY INC. Per Day Sales 3.5% U.S. Commercial Sales Per Day Sales 0.6% Per Day Organic Sales Q124 Q123 Change $8.9 $8.3 7.6% $ 2.7 $ 2.7 0.4% $ 3.7 $ 4.4 - 16.3% $ 6.2 $ 6.3 -0.9% $21.5 $ 21.7 -0.6% Per Day Organic Growth Volume Price/Mix/Fx -0.6% -1.1% 12.9% 8.2% 1.5% -29.2% U.S. Wallboard Volume For GMS Multi-Family - Up 22.1% Commercial - Up 5.9% Single-Family - Down 12.5% 5#6Solid Levels of Profitability Gross Profit & Gross Margin Gross Profit up YOY primarily due to incremental gross profit from acquisitions, the continued pass through of product inflation in Wallboard, Ceilings and Complementary Products and growth in commercial and multi- family sales volumes. ($ mm) $434.7 32.0% Fiscal Q1 2023 Gross Profit GMS GYPSUM MANAGEMENT & SUPPLY INC. $450.6 32.0% Fiscal Q1 2024 Gross Margin SG&A Higher SG&A expenses were primarily driven by recently acquired businesses, but also the result of inflationary wages and higher maintenance costs. SG & A percent of sales leverage was also negatively impacted by steel price deflation. ($ mm) $261.3 19.2% Fiscal Q1 2023 Adj. SG&A $279.2 19.8% Fiscal Q1 2024 -Adj. SG&A as % of Sales Net Income & Adj. EBITDA¹ Net income decreased 3.0% YOY from $89.5M to $86.8M. Included a 29% increase in interest expense and a one-time $1.4 million refinancing charge, offset by a one- time tax planning rate benefit. Adjusted EBITDA of $173.3 million with 12.3% AEBITDA margin. ($ mm) $175.0 12.9% Fiscal Q1 2023 1 Adj. EBITDA $173.3 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. 12.3% Fiscal Q1 2024 1 -Adj. EBITDA Margin 6#7Attractive Capital Structure Supports Strategic Priorities $6.6 M ($6.9M) Q124 Cash from Operations Improved $11M Substantial Liquidity $81.4 million of cash on hand and $816.2 million available under our revolving credit facility. Q124 Use of Free Cash Flow 1 Increased Share Repurchase Activity Repurchased approximately 469 thousand shares for $30.5 million during Q1 FY24; $69.6 million of repurchase authorization remaining GMS GYPSUM MANAGEMENT & SUPPLY INC 5. Improved $8M Debt/Lease Payments 14% Capital Expenditures 15% Share Repurchases 18% 3-Year Historical Use of Cash4 Acquisitions 53% For Fiscal Years 2021, 2022 and 2023 LTM Net Debt / PF Adjusted EBITDA² 1.8x 7/31/2022 $ in millions $43 FY24 1.6x 1.6x 10/31/2022 1/31/2023 4/30/2023 $41 Debt³ Maturity Schedule FY25 $34 $28 FY26 1.4x FY27 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. 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 Balance sheet, capital structure and share repurchase authorization references are as at 7/31/23. $134 FY28 1.5x 7/31/2023 $834 Thereafter 7#8End Market & Product-Level Expectations for Q2 FY2024 Product Category Q2 FY24 YOY Volume 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. Q2 FY24 YOY Price/Mix Expectations Down low single-digits Down low single-digits Down -25% Up* Vaa 12 TE/BA/AL.EL 1/2 - 12: TEMBA 12-12 TE/BA 7/21 -12 TEMBA Vat- 12 TEBA 1/2-12 TE/BA ww HOTEL AN MOVAL.EL MURAL 90/EL.CL* 7 MOTELLE CHORA. TEMAHO/BL.EL. 8#9Consolidated GMS Expectations for Q2 FY24 and Full Year Fiscal 2024 Metric for Q2 FY24 Net Sales Gross Margin Adjusted EBITDA ¹ Metric for Full Year FY 24 Interest Expense Capital Expenditures Free Cash Flow ¹ 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. 9#10wghting GMS GYPSUM MANAGEMENT & SUPPLY INC Appendix HOMEMA PERTZIAL www.ACA NONSA55AV NGAN TERA CA WAYA YAYA 10#11GMS at a Glance 52 yrs Founded in 1971 300+ Distribution yards & 100+ Tool Sales, Rentals & Service Centers $5.3 B FY 2023 Net Sales 60+ Leading Brands $333.0M FY 2023 Net Income 7,000+ GMS Team Members 1. For a reconciliation of Adjusted EBITDA to the most directly comparable GAAP metrics, see Appendix. Information as of April 30, 2023 $665.7M FY 2023 Adj. EBITDA¹ GMS NYSE Ticker Symbol ME#12Summary Quarterly Financials (In millions) (Unaudited) Wallboard Volume (MSF) Wallboard Price ($ /'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 W rite-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 $ 880 424 32.5% 280 31 311 114 545 $ 2,152 $ 155 629 1,011 224 380 1,304 1,538 5,329 (18) 3 (16) 98 18 18 23 76 63 20.7 297 7 304 $ FY23 $ 4,611 467 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 12#13Quarterly 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 (1) Free cash flow GMS GYPSUM MANAGEMENT & SUPPLY INC. $ 89.5 $ 103.2 $ 8.9 63.3 $ 1Q23 $ $ 0.2 4.7 101.9 $ 106.6 $ (69.6) (28.7) (4.4) (4.4) $ (10.9) 0.3 (2.6) (13.3) 22.2 2Q23 3.2 $ 17.8 $ 3Q23 (63.8) 105.3 (3.6) 8.2 107.3 (2.2) 17.6 (10.7) (11.6) 0.6 (0.0) 0.8 (17.8) (28.6) (10.1) 106.6 124.2 $ (77.4) (43.8) 64.8 $ 75.6 $ 333.0 $ 21.8 62.0 155.9 (2.4) (55.3) 134.1 57.6 $ 11.5 $ 4Q23 FY23 (8.9) 17.9 58.2 204.8 24.9 $ 19.9 $ (37.0) (16.8) 6.7 441.7 (19.4) (52.7) 1.2 2.9 (41.3) (61.7) (59.5) (111.5) (166.7) (265.6) 0.8 (0.6) 62.5 (21.9) 124.2 101.9 186.7 186.7 $ 164.7 $ 164.7 $ (1.8) 62.8 1Q24 24.7 $110.4 $ 12.6 $ 61.8 $ 107.3 $ (10.7) 96.5 $122.5 $ 185.4 $ 389.1 $ 134.1 $ 204.8 $ 441.7 $ (11.6) (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) (4.4) $ (10.9) (15.3) $ (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. 0.7 (83.3) 164.7 81.4 3.2 21.9 6.6 (13.5) (6.9) 13#14Q1 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 FY23 1,372.7 $ 1,359.6 44.2 (7.2) 1,409.6 $ 1,359.6 571.4 $ 521.6 175.2 167.3 236.8 274.9 426.2 395.8 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. 14#15Quarterly Net Income to 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 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 (56) 32,030 14,993 17,447 $ 89,470 $ 103,153 $ 64,775 $ 75,593 2Q23 2,344 495 3,132 352 386 (284) 44 $ 6,469 16,055 $ 168,545 $ 187,275 (154) 35,995 15,058 17,168 3,230 340 3,781 379 292 81 135 8,238 3Q23 $ 175,014 $ 195,513 16,943 (180) 23,697 15,162 16,257 $ 136,654 314 368 3,285 (315) 476 (411) 457 $ 4,174 4Q23 $ 140,828 18,184 (897) 22,790 15,964 14,858 $ 146,492 1,815 (25) 3,019 2,372 807 (799) 487 173 7,849 $ 154,341 $1,359,553 $1,430,979 $1,234,618 $1,304,102 12.9% 13.7% 11.4% 11.8% FY23 $ 332,991 65,843 (1,287) 114,512 61,177 65,730 7,703 1,178 13,217 2,788 1,961 (1,413) 1,123 26,734 16,327 15,691 $ 638,966 $ 165,423 173 $ 26,730 $ 665,696 $5,329,252 12.5% 1Q24 $ 86,830 18,914 1,401 $ (474) 1,218 480 3,304 406 1,385 (131) 302 911 7,875 $ 173,298 $1,409,600 12.3% Commentary A. Represents changes in the fair value of stock appreciation rights B. Represents changes in the fair value of noncontrolling interests C. Represents non-cash equity-based compensation expense related to the issuance of share-based awards D. Represents severance expenses and other costs permitted in calculations under the ABL Facility and the Term Loan Facility E. Represents one-time costs related to acquisitions paid to third parties F. Includes gains and losses from the sale and disposal of assets G. Represents the non-cash cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value H. Represents expenses paid to third party advisors related to debt refinancing activities 15#16Net Income to Pro Forma Adjusted EBITDA ($ 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 Transaction 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) $ $ 1024 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 $ 663,980 $ 13,583 $ 677,563 $5,379,299 12.3% 2023 Reconciliation 332,991 $ 65,843 $ 638,966 (1,287) 114,512 61,177 65,730 7,703 1,178 13,217 2,788 1,961 (1,413) 1,123 173 26,730 $ $ 665,696 $ 9,535 $ 675,231 $5,329,252 12.5% $ 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 $ 105,560 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 $3,298,823 9.7% $ 23,381 $ 2020 $ 67,718 1,331 (88) 22,944 51,332 65,201 231,819 63,074 1,572 520 7,060 5,733 2,414 658 575 (14,029) 363 319,371 $ 1,480 4,948 $ 324,319 $ 301,239 $ 67,940 $ $ $3,241,307 9.2% 299,759 $ $ 2019 56,002 73,677 (66) 14,039 46,456 71,003 261,111 $ 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 $ $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 1,280 9,500 200,538 $ 197,729 $2,319,146 8.1% Commentary A. Represents changes in the fair value of stock appreciation rights B. Represents changes in the fair value of noncontrolling interests C. Represents non-cash equity-based compensation expense related to the issuance of share-based awards D. Represents severance expenses and other costs permitted in calculations under the ABL Facility and the Term Loan Facility, including certain unusual, nonrecurring costs and credits received due to the COVID-19 pandemic E. Represents one-time costs related to our initial public offering and acquisitions paid to third party advisors as well as costs related to the retirement of corporate stock appreciation rights F. Represents the non-cas cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value G. Represents mark-to-market adjustments for derivative financial instruments H. Represents one-time costs related to our secondary offerings paid to third party advisors I. J. Represents expenses paid to third party advisors related to debt refinancing activities Pro forma impact of earnings from acquisitions from the beginning of the LTM period to the date of acquisition, including synergies 16#17Income Before Taxes to Adjusted Net Income ($ 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 $ $ 113,564 $ 121,500 6,469 7,875 1,401 10,915 133,755 34,108 99,647 25.5% $ is in 1Q24 $ 1Q23 40,749 41,477 13,278 141,247 36,018 $ 105,229 25.5% 42,549 43,317 2.45 $ 2.47 2.40 $ 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 17#18Reported 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 $ (3.2) (0.3) (3.8) (0.4) (0.3) (0.1) 270.9 $ 18.9% 3Q23 (0.3) (0.4) (3.3) 0.3 (0.5) 0.4 4Q23 267.4 $ 279.8 $ 1,093.8 $ 286.8 263.6 $ 21.4% FY2023 (1.8) 0.0 (3.0) (2.4) (0.8) 0.8 (7.7) (1.2) (13.2) (2.9) 1Q24 (2.0) (0.2) 1.4 (0.2) 272.4 $1,068.1 $ 20.9% 20.0% (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 18#19Leverage Summary ($ mm) Cash and cash equivalents Revolving Credit Facilities First Lien Term Loan (1) (2) Senior Notes (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) GEWNE (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 7/31/23 LTM LTM $164 $110 497 346 137 8 $1,099 $935 $684 1.6x 1.4x $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. 19#20Net 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 20