#1GMS GYPSUM MANAGEMENT & SUPPLY, INC. Q2 2024 Earnings Call December 7, 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 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 December 7, 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 December 7, 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-Q2 FY24 at a Glance $1.4B Q224 Net Sales $118.1 M Q224 Cash from Operations GMS GYPSUM MANAGEMENT & SUPPLY, INC. $81.0M Q224 Net Income 5.7% Q224 Net Income Margin $167.6M Q224 Adj. EBITDA* 11.8% Q224 Adj. EBITDA Margin* ● ● Solid demand in commercial and multi-family construction drove volume increases in Ceilings, Steel Framing and Complementary Products Price deflation in Steel Framing offset the benefits from the commercial and multi-family volume increases Wallboard experienced only a slight volume decline, contributing to continued resilience in pricing. *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 Q2 2023. 3#4Strategic Growth Priorities Expand Share in Core Products Capitalize on existing fixed investments in locations & equipment where we are underpenetrated or below expected share ● The Gypsum Association, Steel Framing Industry Association and ceilings manufacturers all indicate that we continue to gain share GMS GYPSUM MANAGEMENT & SUPPLY, INC. Grow Complementary Products DEWALT HEAVY DUTY CONSTRUCTION LASERS LASERES PARA TRABAJO PESADO DE CONSTRUCCIÓN ● DEWALT ● DEWALT SP DWOB3K KEY FEATURE Self Leveling Spot S acts Down B Grow Complementary Product opportunities to diversify and profitably expand our product offerings grated Magnetic Locking Penutur Q224 was the 14th consecutive quarter of year-over-year growth for our Complementary Products Focus areas Tools & Fasteners, EIFS/Stucco and Insulation continue to outperform the broader category Platform Expansion ● Canada SW MW NE SE Expand the platform through accretive acquisition and greenfield opportunities, balanced with debt reduction priorities During Q224, we completed the acquisition of AMW Construction Supply, a highly respected distributor of Tools & Fasteners and other Complementary Products in the Phoenix, AZ market Opened 2 greenfield locations and 1 AMES store during the quarter Drive Improved Productivity & Profitability Leverage our scale and employ technology and best practices to deliver a best-in-class customer experience with an aim to further profit improvement ● Efforts to improve productivity and profitability and to reduce complexity costs helped drive favorable SG&A costs for the quarter 4#5Q2 Fiscal 2024 Sales Highlights Solid demand in commercial and multi-family construction drove volume increases in Ceilings, Steel Framing and Complementary Products, offset by price deflation in Steel Framing Deflationary price dynamics in Steel Framing reduced net sales by $85 million for the quarter $1.4B Q224 Net Sales 0.7% Total GMS GYPSUM MANAGEMENT & SUPPLY, INC. U.S. Residential Sales Wallboard Ceilings Steel Framing Complementary Products essen 5.7% Q224 $ 9.0 $ 2.7 $ $ 3.6 $ $ 6.6 $ $21.9 $ $ U.S. Commercial Sales Per Day Net Sales Q223 9.0 2.5 4.3 6.3 22.1 Change 0.4% 0.1% $ 9.9% $ - 16.6% $ $ 4.8% -0.7% $ U.S. Wallboard Volume For GMS Per Day Organic Sales Q224 9.0 $ 9.0 2.6 $ 2.5 3.5 $ 4.3 6.2 $ 6.3 21.3 $ 22.1 Multi-Family - Up 17.0% Commercial - Up 6.5% Single-Family - Down 11.4% Q223 Change -0.3% 7.2% -17.4% -1.4% -3.1% Per Day Organic Growth Volume Price/Mix/Fx -1.0% 5.8% 13.1% 0.7% 1.4% -30.5% 5#6Deflationary Steel Pricing Impacts Profitability Cost Containment and Efficiency Gains Drive Favorable SG&A Results Gross Profit & Gross Margin Gross Profit up year-over-year and Gross Margin down due to deflationary steel pricing ($ mm) $464.5 32.5% Fiscal Q2 2023 Gross Profit GMS GYPSUM MANAGEMENT & SUPPLY, INC. $458.6 32.3% Fiscal Q2 2024 Gross Margin SG&A SG&A and Adj. SG&A expenses were up YOY due to the costs. related to recently acquired businesses & greenfields and more robust multi-family and commercial volumes; Adj. SG&A percent of sales leverage was primarily negatively impacted by steel price deflation. ($ mm) $270.9 18.9% Fiscal Q2 2023 Adj. SG&A $293.0 20.6% Fiscal Q2 2024 Adj. SG&A as % of Sales Net Income & Adj. EBITDA ¹ Net income decreased 21.5% YOY to $81.0M. Included a 16.7% increase in interest expense. Adjusted EBITDA of $167.6 million with 11.8% Adjusted EBITDA margin. ($ mm) $195.5 13.7% Fiscal Q2 2023 1 Adj. EBITDA $167.6 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. 11.8% Fiscal Q2 2024 1 -Adj. EBITDA Margin 6#7Attractive Capital Structure Supports Strategic Priorities $118.1 M $102.1M Q224 Cash from Operations Improved 10% YOY Substantial Liquidity $76.5 million of cash on hand and $823.7 million available under our revolving credit facility. Expanded Share Repurchase Authorization Q224 Free Cash Flow 1 Expanded repurchase authorization up to $250 million approved in October; $241.3 million of repurchase authorization remaining at 10/31/23 GMS GYPSUM MANAGEMENT & SUPPLY, INC. 3. 4. 5. Improved 6% YOY 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 1.6x I 10/31/2022 1/31/2023 4/30/2023 7/31/2023 10/31/2023 $ in millions $25 1.6x FY24 $45 1.4x Debt³ Maturity Schedule FY25 $38 $32 FY26 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. 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 of 10/31/23. FY27 1.5x $106 FY28 1.5x $840 Thereafter 7#8End Market & Product-Level Expectations for Q3 FY2024 Product Category Q3 FY24 YOY Volume Expectations Wallboard Ceilings Steel Framing Complementary Products GMS GYPSUM MANAGEMENT & SUPPLY, INC. Multi-family: Up mid-teens. Single-family: Down low single-digits Commercial: Up mid single-digits Total Wallboard: Up mid single-digits Up mid-to-high single-digits Up low single-digits Up low double-digits Down nearly 25% Total sales growth in Complementary Products, including the benefits of recent acquisitions, is expected to be up high single to low double-digits ● Georgia Parifie Georgia Porife PERFOND INTERIEUR INTERIC CEILING INTERIOR pred airTeed TERIOR CEILING POUR PAFOND INTERIEUR INTERIOR CEILING LOVE MLALONG WIT Certained Certained FOUR PLAFONO INTERIEUR Certainiiged INTERIOR CEILING Q3 FY24 YOY Price/Mix Expectations IL PLAYOND INTERIEUR CertainFood INTERIOR CEILING Flat to down slightly BELE 1/2 x 12 TE/BA 1/2 x 12 TE/BA 2/ 1/2" x 12 TE/BAIL 1/2 x 12 1/2" 12 1/2"x 12 a.. TE/BA TE/BA th TE/BA REAL.L./L 1/2 x 12 TE/BA/L 12' TE/BA 28/3/ MORE HOREAN VORSINI OSVOT ONE MORE MOBILNI OSV MORNIN 8#9Consolidated GMS Expectations for Q3 FY24 and Full Year Fiscal 2024 Metric for Q3 FY24 Net Sales Gross Margin Adjusted EBITDA1 Metric for Full Year FY24 Interest Expense Capital Expenditures Free Cash Flow ¹ Tax Rate² GMS GYPSUM MANAGEMENT & SUPPLY, INC. Q3 FY24 Expectation Up low single-digits Similar to Q224's Gross Margin of 32.3% $123 million - $127 million Full Year FY24 Expectation ~$70 - $72 million ~$55 million ~ 50% - 60% of FY24 Adj. EBITDA¹ ~25.5% -26.0% ¹For a reconciliation of Adjusted EBITDA, Adjusted Net Income or Free Cash Flow to the most directly comparable GAAP metrics, see Appendix. 2Tax rate refers to the normalized cash tax rate excluding the impact of acquisition accounting and certain other deferred tax amounts. 9#102225 GMS GYPSUM MANAGEMENT & SUPPLY, INC. Appendix Lilililil 17+ 12 FEMA nd WATER WANAM troue en YWN STRONA AAA OES 10#11Summary Quarterly Financials (In millions) (Unaudited) Wallboard Volume (MSF) Wallboard Price ($ /'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 $ 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 -826 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 2Q24 1,231 476 585 175 232 428 1,421 962 459 32.3% 301 33 334 125 (19) 2 (17) 108 27 81 65 21.9 305 3 308 11#12Quarterly 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. $ $ $ 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) 22.2 2Q23 0.2 4.7 3.2 $ 17.8 $ (63.8) (3.6) 8.2 107.3 $ (15.3) $ (10.7) 0.6 (0.0) (10.1) (2.2) 17.6 106.6 106.6 $ 124.2 $ 101.9 3Q23 57.6 $ 11.5 $ (4.4) $ 107.3 $ (10.9) 4Q23 105.3 (2.4) (55.3) 134.1 FY23 (52.7) (11.6) 0.8 (17.8) (19.4) 1.2 (41.3) 2.9 (61.7) (28.6) (59.5) (111.5) (77.4) (43.8) (166.7) (265.6) (39.1) (1.8) 62.8 0.8 (0.6) 62.5 (21.9) 124.2 186.7 186.7 $164.7 101.9 $164.7 $ 64.8 $ 75.6 $ 333.0 $ 86.8 $ 21.8 62.0 155.9 (12.3) (8.9) (37.0) 17.9 (16.8) 58.2 204.8 6.7 441.7 1Q24 134.1 $ 204.8 $ 441.7 $ (10.7) (11.6) (19.4) (52.7) 96.5 $ 122.5 $ 185.4 $ 389.1 $ 24.9 $ 24.7 $110.4 $ 19.9 $ 12.6 $ 61.8 $ (38.2) (1.4) (28.3) 6.6 (13.5) 1.0 (39.0) (51.5) 0.7 (83.3) 164.7 81.4 $ 3.2 $ 21.9 $ 6.6 $ (13.5) (6.9) $ 2Q24 81.0 48.2 (51.1) 21.6 18.4 118.1 (16.0) 0.7 (17.0) (32.3) (89.7) (1.1) (4.9) (4.9) 66.1 13.5 118.1 (16.0) 102.1 (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. 12#13Q2 2024 Net Sales ($ in millions) Fiscal Q2 (Unaudited) Organic (1) Acquisitions Fx Impact Total Net Sales Wallboard Ceilings Steel Framing Complementary Products Total Net Sales GMS GYPSUM MANAGEMENT & SUPPLY, INC. FY24 1,386.5 38.3 (3.8) 1,420.9 FY23 $ 1,431.0 $ 1,431.0 585.2 $ 584.6 175.3 159.6 232.1 278.2 428.3 408.7 1,420.9 $1,431.0 Variance Reported (0.7%) 0.1% 9.9% (16.6%) 4.8% (0.7%) Organic (1) (3.1%) (0.3%) 7.2% (17.4%) (1.4%) (3.1%) 1. Organic net sales growth calculation excludes net sales of acquired businesses until first anniversary of acquisition date and impact of foreign currency translation. 13#14Quarterly Net Income to Adjusted EBITDA ($ 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 $ 89,470 14,661 (56) 32,030 14,993 17,447 $ 168,545 2,344 495 3,132 352 386 (284) 44 2Q23 $ 103,153 16,055 (154) 35,995 15,058 17,168 3,230 340 3,781 379 292 81 135 3Q23 $ 6,469 $ 8,238 $ 16,943 (180) 23,697 15,162 16,257 $ 64,775 $ 75,593 $ 332,991 $ 86,830 $ 80,957 314 368 3,285 4Q23 (315) 476 $ 187,275 $ 136,654 $ 146,492 $ 638,966 (411) 457 18,184 (897) 22,790 15,964 14,858 1,815 (25) 3,019 2,372 807 (799) 487 173 4,174 $ 7,849 FY23 $ 175,014 $ 195,513 $ 140,828 $ 154,341 $1,359,553 $1,430,979 $1,234,618 $1,304,102 12.9% 13.7% 11.4% 11.8% 65,843 (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 1Q24 $5,329,252 12.5% 18,914 1,401 (474) 1,218 480 3,304 406 1,385 (131) 302 26,734 27,205 16,327 16,963 15,691 15,974 $ 165,423 $ 159,549 911 $ 7,875 2Q24 $ 173,298 $1,409,600 12.3% 18,742 (292) 401 184 5,111 882 1,223 (310) 140 378 $ 8,009 $ 167,558 $1,420,930 11.8% Commentary A. Represents changes in the fair value of stock appreciation rights B. Represents changes in the fair value of noncontrolling interests C. Represents non-cash equity-based compensation expense related to the issuance of share-based awards D. Represents severance expenses and certain other cost adjustments as permitted under the ABL Facility and the Term Loan Facility E. Represents one-time costs related to acquisitions paid to third parties F. Includes gains and losses from the sale and disposal of assets G. Represents the non-cash cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value H. Represents expenses paid to third party advisors related to debt refinancing activities 14#15Net Income to Pro Forma Adjusted EBITDA ($ 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) $ 308,155 $ $ 2Q24 LTM $ 72,783 1,401 (1,843) 100,426 64,416 62,780 608,118 3,748 1,007 14,719 3.345 3,891 (1,651) 1,386 1,462 27,907 636,025 $ $5,369,250 11.8% $ 2023 $ Reconciliation 332,991 (1,287) 114,512 61,177 65,730 $ 638,966 65,843 7,703 1,178 13,217 2,788 1,961 (1,413) 1,123 173 26,730 11,386 9,535 $ 647,411 $ 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) 3,818 665,696 $ 566,921 24,936 $ $4,634,875 12.2% $ $ $ 21,348 $ 588,269 $ 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% 319,371 $ 4,948 324,319 $ 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 $ $3,241,307 9.2% $ 299,759 $ 1,480 301,239 $ 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 6,717 302,386 $ $3,116,032 9.5% $ 295,669 $ $ $ 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 $2,319,146 8.1% Commentary A. Represents changes in the fair value of stock appreciation rights B. Represents changes in the fair value of noncontrolling interests C. Represents non-cash equity-based compensation expense related to the issuance of share-based awards D. Represents severance expenses and certain other cost adjustments as permitted under the ABL Facility and the Term Loan Facility E. Represents one-time costs related to our initial public offering and acquisitions paid to third party advisors as well as costs related to the retirement of corporate stock appreciation rights F. Represents the non-cash cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value G. Represents mark-to-market adjustments for derivative financial instruments H. Represents one-time costs related to our secondary offerings paid to third party advisors I. Represents expenses paid to third party advisors related to debt refinancing activities J. Pro form a impact of earnings from acquisitions from the beginning of the LTM period to the date of acquisition, including synergies 15#16Income Before Taxes to Adjusted Net Income ($ 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. $ 2Q24 $ 108,162 $ 139,148 8,009 8,238 $ $ 10,823 126,994 32,383 94,611 25.5% 40,466 41,088 2Q23 13,057 160,443 40,913 $ 119,530 25.5% 2.34 $ 2.30 $ 42,232 42,887 2.83 2.79 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 16#17Reported 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 Net Sales Adjusted SG&A Margin GMS GYPSUM MANAGEMENT & SUPPLY, INC. (A) (B) (C) (D) (H) $ $ $ Reconciliation 1Q23 267.7 $ (2.3) (0.5) (3.1) (0.4) (0.4) 0.3 261.3 $ 1,359.6 $ 19.2% 2Q23 279.0 $ (3.2) (0.3) (3.8) (0.4) (0.3) (0.1) 270.9 $ 1,431.0 $ 18.9% 3Q23 267.4 $ (0.3) (0.4) (3.3) 0.3 (0.5) 0.4 263.6 $ 1,234.6 $ 21.4% 4Q23 FY2023 (1.8) 0.0 (3.0) (2.4) (0.8) 0.8 279.8 $1,093.8 $ 286.8 $ 300.9 (7.7) (1.2) (13.2) (2.9) (2.0) 1.4 (0.2) (0.2) 272.4 $ 1,068.1 $ 1Q24 1,304.1 $ 5,329.3 $ 20.9% 20.0% (1.2) (0.5) (3.3) 2Q24 (0.4) (0.2) (5.1) (0.4) (0.9) (1.4) (1.2) 0.1 0.3 (0.9) (0.4) 279.2 $293.0 1,409.6 19.8% $ 1,420.9 20.6% 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 certain other cost adjustments as permitted under the ABL Facility and the Term Loan Facility E. Represents one-time costs related to acquisitions paid to third parties 17#18Leverage Summary ($ mm) Cash and cash equivalents Revolving Credit Facilities First Lien Term Loan Senior Notes Capital Lease Obligations Installment Notes Total Debt Total Net Debt PF Adj. EBITDA Total Debt / PF Adj. EBITDA Net Debt / PF Adj. EBITDA GMS GYPSUM MANAGEMENT & SUPPLY, INC. (1) (2) (3) (4) (5) 10/31/22 1/31/23 4/30/23 7/31/23 10/31/23 LTM LTM LTM LTM LTM $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 $684 1.6x 1.4x $81 $113 493 346 136 13 $77 $81 494 346 150 6 $1,102 $1,076 $1,021 $1,000 $678 $649 1.6x 1.5x 1.7x 1.5x Net of unamortized discount of $0.4mm, $0.3mm, $0.3mm, $2.5mm and $2.4mm as of October 31, 2022, January 31, 2023, April 30, 2023, July 31, 2023 and October 31, 2023 respectively. Net of deferred financing costs of $2.6 mm, $2.4mm, $2.1mm, $4.1mm and $3.9mm as of October 31, 2022, January 31, 2023, April 30, 2023, July 31, 2023 and October 31, 2023 respectively. Net of deferred financing costs of $4.5mm, $4.3mm, $4.1mm, $3.9mm and $3.8mm as of October 31, 2022, January 31, 2023, April 30, 2023, July 31, 2023 and October 31, 2023 respectively Net of unamortized discount of $0.2mm, $0.2mm, $0.1mm, $0.1mm, and $0.0mm as of October 31, 2022, January 31, 2023, April 30, 2023, July 31, 2023 and October 31, 2023 respectively. For a reconciliation Pro Forma Adjusted EBITDA to net income, the most directly comparable GAAP metric, see Appendix. 18#19Net Income to Adjusted EBITDA Outlook Net Income Interest expense, net Provision for income taxes Depreciation and amortization expense Other Adjustments Adjusted EBITDA Reconciliation ($ in millions) GMS GYPSUM MANAGEMENT & SUPPLY, INC. Q3 FY24 $48 - $50 17.1 17.6 16.5 17.0 29.7 - 30.6 12.0 $123 - $127 19