#1GMS GYPSUM MANAGEMENT & SUPPLY, INC. Q4 2023 Earnings Call June 22, 2023 60 ALNY Acts E M THE C BEZ syste#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 June 22, 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 June 22, 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-FY2023 at a Glance $5.3 B FY23 Net Sales Up 15% $441.7M FY23 Cash from Operations Up 146% $333M FY23 Net Income Up 22% $389.1 M FY23 Free Cash 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 Record Full Year Results $ millions $1,858 7.4% $2,319 8.1% $2,511 7.9% FY-16 FY-17 FY-18 Net Sales $3,116 $3,241 $3,299 9.5% 9.7% 9.2% WIR WIRE Rizk WTO FY-19 FY-20 FY-21 FY-22 Adj. EBITDA Margin* $4,635 12.5% 12.2% $5,329 LI FY-23#4Strategic Growth Priorities - Q4 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 that we are maintaining or growing share in each of our core product categories We have strengthened relationships and successfully won business in all of our end markets 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 Products Grow Complementary Products opportunities outside of core products to diversify and profitably expand our offerings ● • 4.0% per day net sales growth ● 1.5% per day organic sales growth 12th straight quarter of growth for this category The Complementary Products Taskforce facilitates the sharing of best practices, identifies areas of opportunity, leverages our scale and consolidates vendors where sensible. Platform Expansion Expand the platform through accretive acquisition and greenfield opportunities During the 4th quarter we: Acquired EMJ in Chicago and Blair Building Materials in Toronto ● Opened a greenfield yard in Ontario, Canada Opened two new AMES store locations For the full year, we completed four acquisitions and opened six new greenfield yards and 11 AMES stores 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. 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 ● • Driving purchasing and operational efficiencies and helping to offset operational cost increases As we've leveraged inflationary 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#5Q4 Fiscal 2023 Sales Highlights Inconsistent fundamentals with strong levels of multi-family demand, signs of a recovering commercial environment with softness in single-family and office. Resilient Wallboard, Ceilings and Complementary Products pricing but with deflationary trends in Steel Framing. $1.3B Q423 Net Sales Per Day Net Sales 2.8% Total U.S. Residential Sales Wallboard Per Day Net Sales Q4 23 Q4 22 $ 8.6 $ 7.7 $ 2.5 $ 2.3 Steel Framing $ 3.6 $ 4.3 Complementary Products $ 6.0 $5.8 Ceilings $ 20.7 $ 20.1 GMS GYPSUM MANAGEMENT & SUPPLY, INC. Up 5.8% Change 12.7% 5.9% -17.9% 4.0% 2.8% U.S. Commercial Sales Up 1.2% Per Day Organic Sales Q4 22 Change $ 7.7 13.1% $ 2.3 5.4% $4.3 -17.8% $5.9 $ 5.8 1.5% $20.7 $ 20.1 2.2% Q4 23 $ 8.7 $ 2.5 $ 3.6 Per Day Organic Growth Volume Price/Mix/Fx -2.5% -1.0% 6.4% 15.7% 6.4% -24.2% U.S. Wallboard Volume For GMS Mutli-Family - Up 27.9% Commercial - Up 7.3% Single-Family - Down 16.6% 5#6With Higher SG&A & Increased Interest Expense, Net Income Declined While Adj. EBITDA¹ Improved YOY for Q423 Gross Profit & Gross Margin ("GM") Up YOY due to the successful pass-through of product inflation, improved commercial Wallboard sales, growth in higher margin Complementary Products, shifts in end markets and incremental profit from acquisitions ($ mm) $412.8 32.0% Fiscal Q4 2022 Gross Profit GMS GYPSUM MANAGEMENT & SUPPLY, INC. $424.5 32.5% Fiscal Q4 2023 Gross Margin SG&A Inflationary wages, higher facilities costs and a one-time charge for bad debt negatively impacted SG&A. SG&A leverage was also negatively impacted by deflationary steel prices and end market shift ($ mm) $259.9 20.2% Fiscal Q4 2022 Adj. SG&A $272.4 20.9% Fiscal Q4 2023 -Adj. SG&A as % of Sales Net Income & Adj. EBITDA¹ Including a 27% increase in interest expense, Net income decreased 1.2% YOY from $76.5M to $75.6M. EPS outpaced net income due to our share repurchase activity. ($ mm) $154.2 12.0% Fiscal Q4 2022 Adj. EBITDA 1 $154.3 11.8% Fiscal Q4 2023 1 -Adj. EBITDA Margin 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. 6#7Attractive Capital Structure Supports Strategic Priorities Higher capital expenditures $204.8M due to opportunistic purchases of off-lease equipment and certain building and leasehold improvements Q423 Cash from Operations Up 2.7% Substantial Liquidity $164.7 million of cash on hand and $759.2 million available under our revolving credit facilities at 4/30/23 Increased Share Repurchase Activity Repurchased approximately 497 thousand shares for $27.9 million during Q4 FY23; $100.2 million of repurchase authorization remaining at 4/30/23 GMS GYPSUM MANAGEMENT & SUPPLY, INC. $185.4M Q423 Free Cash Flow ¹ Debt/Lease Payments 14% Capital Expenditures 15% Share Repurchases 18% Down 3.2% 3-Year Historical Use of Cash4 Acquisitions 53% LTM Net Debt / PF Adjusted EBITDA² 1.8x 1.8x $ in millions 4/30/2022 7/31/2022 10/31/2022 1/31/2023 4/30/2023 $52 Debt³ Maturity Schedule as of 04/30/23 Adjusted for Amended Term Loan FY24 1.6x 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. 3. Debt includes First Lien Term Loan, ABL Facility, Senior Notes, Finance Leases & Installment Notes. 4. $38 $31 FY25 FY26 $25 1.6x FY27 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 1.4x $128 $831 FY28 Thereafter 7#8End Market & Product-Level Expectations for Q1 FY2024 Product Category Q1 FY24 YOY Volume Expectations Wallboard Ceilings Steel Framing Complementary Products Multi-family: Up high teens Single-family: Down 10-15% Commercial: Up mid-to-high single-digits. Total Wallboard: Flat to down low single-digits GMS GYPSUM MANAGEMENT & SUPPLY, INC. Down low single-digits Up low-to-mid teens Up * spation *Sales growth in Complementary Products, including the benefits of recent acquisitions, is expected to be up low double-digits YOY with balanced contributions from both volume and price. Spongestions dis y Georgia Pacific Georgia Pacific Georgsthetic Georgic Am Georglspacific Georgiadacific w INTERIOR CEILING POUR PLAFOND INTERIEUR INTERIOR CEILING 200U PLAFOND INTERIEUR INTERIOR CEILING ainfeed POUR PLAFOND INTÉRIEUR Certainleed Certainfood INTERIOR CEILING Certainleed Certainleed POUR PLAFOND INTERIEUR INTERIOR CEILING Q1 FY24 YOY Price Expectations INTERIOR CEILING POUR PLAFOND INTERIEUR PLAFOND INTERIEUR ECOND INTÉRIEUR INTERIOR CEILING Up high single-digits Up low single-digits Down 25% - 30% Up* 1/2 x 12 TE/BA 4341 1/2"x 12, TE/BA 1/2 x 12' TE/BA 1/2 x 12 TE/BA www 1/2 x 12 TE/BA 1/2"x 12 TE/BA 12' TE/BA b L 12/ /.*.2/L MICH Y .*.2/ L HELL MONTIN OSVOT OF MO MORIN OS ONFIDH HORNBAN ONIT VON 8#9Consolidated GMS Expectations for Q1 FY24 and Full Year Fiscal 2024 Metric for Q1 FY24 Net Sales Gross Margin Adjusted EBITDA¹ Metric for Full Year FY24 Interest Expense Capital Expenditures Free Cash Flow ¹ GMS GYPSUM MANAGEMENT & SUPPLY, INC. Q1 FY24 Expectation Up low single-digits YOY on a per day basis At or near prior year gross margin of 32% $170 million - $175 million Full Year FY24 Expectation ~$70 million ~$50 million ~ 50% - 60% of FY24 Adj. EBITDA¹ ¹For a reconciliation of Adjusted EBITDA, Adjusted Net Income or Free Cash Flow to the most directly comparable GAAP metrics, see Appendix. 9#102225 GMS GYPSUM MANAGEMENT & SUPPLY, INC. Appendix Lilililil 17+ 12 FEMA nd WATER WANAM troue en YWN STRONA AAA OES 10#11GMS at a Glance 52yrs 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 C $665.7M FY 2023 Adj. EBITDA¹ GMS NYSE Ticker Symbol TUR-AK MA PERMAN WIRT WARN Ww2 1090 PEUG www PR WERDEN Building Sup#12Summary Quarterly Financials. (In millions) (Unaudited) Wallboard Volume (MSF) Wallboard Price ($ /'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 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. $ $ $ $ 1Q22 1,095 356 $ 390 $ 138 196 318 1,042 706 336 32.2% 214 28 242 94 (14) 1 (13) 81 20 61 $ 262 15 277 2Q22 1,104 376 415 $ 141 272 323 1,151 779 372 32.3% 231 29 260 112 (15) 1 (14) 98 24 74 63 64 16.5 $ 18.0 277 2 279 $ $ 3Q22 1,054 394 $ 415 140 283 316 1,154 786 368 31.9% 241 30 271 97 (15) 1 (14) 83 21 61 62 18.6 279 1 280 $ $ $ 4Q22 1,181 4,433 416 $ 386 491 149 277 372 1,289 876 413 32.0% 264 32 297 116 (14) 1 (13) 103 26 76 $ 280 6 286 $ GA 64 20.1 $ FY22 GA 1,711 $ 568 1,028 1,328 4,635 3,147 1,488 32.1% 950 119 1,069 419 (58) 4 (54) 365 91 273 253 18.3 $ 262 24 286 CA $ EA 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 $ 65 22.0 $ 289 2 291 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 80 (18) $ $ (16) 98 23 76 $ 297 7 304 63 20.7 $ 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 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. $ 1Q22 $ 61.2 $ 74.4 $ 28.8 57.8 $ (73.5) (87.3) (4.3) (75.1) (6.8) 0.3 (123.0) (129.6) 81.4 (0.2) (123.4) 167.0 2Q22 43.6 $ 1.0 $ 8.6 $ $ (75.1) $ (6.8) $ (81.9) $ (73.9) (81.2) 20.9 (2.0) 3Q22 28.7 (9.3) 0.2 (17.0) 0.7 (220.4) (11.1) (236.8) (1.9) 0.1 15.7 43.6 59.3 $ 36.8 $ 9.0 $ (2.0) $ (9.3) (11.3) $ 37.4 (22.6) (62.9) 57.2 61.4 $ 76.5 $273.4 $ 43.9 196.2 65.6 4Q22 (0.5) 27.7 FY22 (52.2) (162.1) 34.8 (156.3) 74.7 28.4 199.5 179.6 (7.9) 0.8 (2.7) (9.8) 23.3 $ 18.1 $ 207.8 (174.6) 143.3 (0.8) (65.1) 59.3 87.0 167.0 87.0 $ 101.9 $ 101.9 $ (41.1) 1.9 (348.1) (387.2) (0.2) 14.9 1Q23 25.2 $ 86.3 $ 10.5 S 46.2 $ (69.6) (28.7) (4.4) (4.4) (10.9) 0.3 (2.6) (13.3) 22.2 2Q23 89.5 $103.2 $ 64.8 $ 75.6 $ 333.0 8.9 63.3 21.8 62.0 155.9 0.2 4.7 3Q23 3.2 $ 17.8 $ (63.8) 105.3 (3.6) 8.2 107.3 (2.4) (55.3) 134.1 (10.7) 0.6 (0.0) (17.8) (10.1) (28.6) (11.6) 0.8 4Q23 (2.2) 17.6 106.6 124.2 106.6 $ 124.2 $ 186.7 $ 101.9 57.6 $ 11.5 $ (77.4) (43.8) (166.7) (8.9) 17.9 58.2 204.8 (19.4) 1.2 (41.3) (59.5) 24.9 $ 19.9 $ FY23 (37.0) (16.8) 6.7 441.7 (52.7) 2.9 (61.7) (111.5) (265.6) 0.8 (0.6) 62.5 (21.9) 186.7 101.9 164.7 $ 164.7 (1.8) 62.8 24.7 $110.4 12.6 $ 61.8 57.2 $ 199.5 $179.6 $ (4.4) $ 107.3 $ (17.0) (7.9) (41.1) (10.9) 40.2 $ 191.6 $ 138.5 $ (15.3) $ 134.1 $ 204.8 $ 441.7 (11.6) (10.7) (19.4) (52.7) 96.5 $ 122.5 $ 185.4 $ 389.1 (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. 13#14Q4 2023 Net Sales ($ in millions) Fiscal Q4 (Unaudited) Organic (1) Acquisitions Fx Impact Total Net Sales Wallboard Ceilings Steel Framing Complementary Products Total Net Sales GMS GYPSUM MANAGEMENT & SUPPLY, INC. $ $ FY23 1,297.0 18.1 (11.0) 1,304.1 FY22 $ 1,288.7 $ 1,288.7 544.7 $ 491.1 155.1 148.9 223.8 276.9 380.5 371.8 1,304.1 $ 1,288.7 Variance Reported Organic 1.2% 10.9% 4.2% (19.2%) 2.3% 1.2% (1) 0.7% 11.4% 3.8% (19.1%) (0.0%) 0.7% 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 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 Debt transaction costs Total Adjustments Adjusted EBITDA (as reported) Net Sales Adjusted EBITDA Margin GMS GYPSUM MANAGEMENT & SUPPLY, INC. (A) (B) (C) (D) (E) (F) (G) (H) 1Q22 $ 61,202 13,657 19,971 12,925 14,789 892 310 1,958 147 575 (78) 2Q22 15,429 (40) 21,211 13,816 15,934 $ 122,544 $ 142,250 $ 127,733 1,731 Reconciliation 14,744 $ 74,361 $ 61,383 $ 76,496 $ 273,442 (27) 23,769 13,703 15,700 983 593 3,215 249 2,393 (144) $ 5,535 $ 7,289 3Q22 $ 128,079 $ 149,539 $ 1,251 182 3,077 273 921 (252) 4Q22 1,870 14,267 (96) 26,426 14,993 17,372 1,277 898 2,718 463 (344) (439) 217 FY22 7,322 $ 4,790 $ 135,055 $ 154,248 58,097 (163) 91,377 55,437 63,795 $ 149,458 $ 541,985 $ 168,545 4,403 1,983 10,968 1,132 1Q23 3,545 (913) 3,818 $ 89,470 $ 103,153 14,661 (56) 32,030 14,993 17,447 2,344 495 3,132 352 386 (284) 44 2Q23 $ 566,921 $ 175,014 16,055 (154) 35,995 15,058 17,168 $ 187,275 3,230 340 3,781 379 292 81 135 $ 24,936 $ 6,469 $ 8,238 $ $1,042,076 $1,150,551 $1,153,595 $1,288,653 $4,634,875 $1,359,553 $1,430,979 12.3% 13.0% 11.7% 12.0% 12.2% 12.9% 13.7% $ $ $ 195,513 $ 3Q23 64,775 16,943 (180) 23,697 15,162 16,257 136,654 314 368 3,285 (315) 476 4Q23 (411) 457 $ 75,593 1,815 FY23 18,184 (897) 22,790 15,964 14,858 61,177 65,730 $ 146,492 $ 638,966 $ 332,991 7,703 3,019 1,178 13,217 2,372 2,788 807 1,961 (799) (1,413) 487 1,123 173 173 4,174 $ 7,849 $ 26,730 (25) 65,843 (1,287) 114,512 140,828 $ 154,341 $ 665,696 $1,234,618 $1,304,102 $5,329,252 12.5% 11.4% 11.8% Commentary A. Represents changes in the fair value of stock appreciation rights B. Represents changes in the fair value of noncontrolling interests C. Represents non-cash equity-based compensation expense related to the issuance of share-based awards D. Represents severance expenses and other costs permitted in calculations under the ABL Facility and the Term Loan Facility E. Represents one-time costs related to acquisitions paid to third parties F. Includes gains and losses from the sale and disposal of assets G. Represents the non-cash cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value H. Represents expenses paid to third party advisors related to debt refinancing activities 15#16Net Income to Pro Forma Adjusted EBITDA ($ 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) (G) (H) (1) (J) $ $ $ $ 2023 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 26,730 665,696 9.535 675,231 $5,329,252 12.5% $ $ $ 2022 Reconciliation 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 $ $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) 21,348 4,948 $ 588,269 $ 324,319 $ 532 15,846 $ $ 319,371 $ $3,298,823 9.7% $ 2020 23,381 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 67,940 299,759 1,480 301,239 $3,241,307 9.2% $ $ 2019 (66) 14,039 46,456 71,003 $ 261,111 $ 56,002 $ 73,677 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 $ $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 $ 199,258 $ 188,229 $ 1,280 9,500 200,538 $ 197,729 $ $2,319,146 8.1% 2016 12,564 37,418 (928) 12,584 26,667 37,548 125,853 1,988 880 2,699 379 3,751 (645) 1,009 19 12,330 138,183 12,093 150,276 $1,858,177 7.4% Commentary A. Represents changes in the fair value of stock appreciation rights B. Represents changes in the fair value of noncontrolling interests C. Represents non-cash equity-based compensation expense related to the issuance of share-based awards D. Represents severance expenses and other costs permitted in calculations under the ABL Facility and the Term Loan Facility, including certain unusual, nonrecurring costs and credits received due to the COVID-19 pandemic E. Represents one-time costs related to our initial public offering and acquisitions paid to third party advisors as well as costs related to the retirement of corporate stock appreciation rights F. Represents the non-cash cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value G. Represents mark-to-market adjustments for derivative financial instruments H. Represents one-time costs related to our secondary offerings paid to third party advisors I. J. Represents expenses paid to third party advisors related to debt refinancing activities Pro forma impact of earnings from acquisitions from the beginning of the LTM period to the date of acquisition, including synergies 16#17Income Before Taxes to Adjusted Net Income ($ in 000s) (Unaudited) Income before taxes EBITDA adjustments 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. $ $ 98,383 $ 102,922 7,849 11,111 117,343 28,749 $ 88,594 24.5% es es 4Q23 $ 41,239 41,913 4Q22 4,790 13,226 120,938 29,630 $ 91,308 24.5% 2.15 $ 2.11 $ 42,977 43,776 2.12 2.09 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) (E) 1Q22 2Q22 (0.9) (0.3) (2.0) (0.2) (0.6) 0.1 Reconciliation (1.0) (0.6) (3.2) (0.3) (2.4) 0.1 3Q22 $ 214.1 $ 230.5 $ 241.0 $ 264.5 4Q22 (1.3) (0.2) (3.1) (0.3) (0.9) 0.3 (1.3) (0.9) (2.7) (0.4) 0.3 0.4 $ 210.3 $223.2 $235.6 $ 259.9 20.2% 19.4% 20.4% 20.2% FY2022 1Q23 $ 950.1 2Q23 (4.4) (2.3) (2.0) (0.5) (3.1) (11.0) (1.1) (0.4) (3.5) (0.4) 0.3 0.9 3Q23 $ 267.7 $ 279.0 $267.4 $ 279.8 $ 1,093.8 (3.2) (0.3) (0.3) (0.4) (3.8) (3.3) (0.4) 0.3 (0.3) (0.5) (0.1) 0.4 4Q23 $ 929.0 $ 261.3 $ 270.9 $ 263.6 20.0% 19.2% 18.9% 21.4% FY2023 (1.8) 0.0 (7.7) (1.2) (3.0) (2.4) (13.2) (2.9) (2.0) (0.8) 0.8 (0.2) 1.4 (0.2) $ 272.4 $1,068.1 20.9% 20.0% Commentary A. Represents changes in the fair value of stock appreciation rights B. Represents changes in the fair value of noncontrolling interests C. Represents non-cash equity-based compensation expense related to the issuance of share-based awards D. Represents severance expenses and other costs permitted in calculations under the ABL Facility and the Term Loan Facility E. Represents one-time costs related to acquisitions paid to third parties 18#19Leverage Summary ($ 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. JEWNE 4/30/22 LTM (4) (5) $102 $211 501 345 120 7 $1,184 $1,082 $588 2.0x 1.8x 7/31/22 10/31/22 1/31/23 4/30/23 LTM LTM LTM LTM $107 $265 500 345 125 5 $1,240 $1,133 $625 2.0x 1.8x $124 $240 499 345 126 3 $1,214 $1,090 $662 1.8x 1.6x $187 $240 498 346 132 8 $1,223 $1,037 $668 1.8x 1.6x $164 $110 497 346 137 8 $1,099 $935 $675 (1) Net of unamortized discount of $0.5mm, $0.4mm, $0.4mm, $0.3mm and $0.3mm as of April 30, 2022, July 31, 2022, October 31, 2022, January 31, 2023 and April 30, 2023 respectively. Net of deferred financing costs of $3.1mm, $2.9mm, $2.6mm, $2.4mm and $2.1mm as of April 30, 2022, July 31, 2022, October 31, 2022, January 31, 2023 and April 30, 2023 respectively. Net of deferred financing costs of $4.8 mm, $4.7mm, $4.5mm, $4.3mm and $4.1mm as of April 30, 2022, July 31, 2022, October 31, 2022, January 31, 2023 and April 30, 2023 respectively. Net of unamortized discount of $0.4mm, $0.3mm, $0.2mm, $0.2mm and $0.1mm as of April 30, 2022, July 31, 2022, October 31, 2022, January 31, 2023 and April 30, 2023 respectively. For a reconciliation Pro Forma Adjusted EBITDA to net income, the most directly comparable GAAP metric, see Appendix. 1.6x 1.4x 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. Q1 FY24 $89 - $92 18.4 18.9 30.1 - 31.0 30.5 - 31.4 2.0 $170 - $175 20