#1American Woodmark Investor Presentation Updated: July 2023#2Legal Disclosure Forward-Looking Statements This presentation contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements as to expected future financial and operating results. These forward-looking statements may be identified by the use of words such as "anticipate,” “estimate,” “project,” “forecast," "expect," "believe," "should," "could," "would," "plan," "may," "intend," "prospect," “goal,” “will,” “predict," or "potential" or other similar words or variations thereof. These statements are based on the current beliefs and expectations of the management of American Woodmark and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially from those expressed in this presentation. These risks and uncertainties are detailed in certain of American Woodmark's filings with the Securities and Exchange Commission ("SEC"), including in its Annual Report on Form 10-K for the year ended April 30, 2023 under the heading "Risk Factors", and under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements." These reports, as well as the other documents filed by American Woodmark with the SEC, are available free of charge at the SEC's website at www.sec.gov. The statements made in this presentation, including with respect to any projected financial and operating results, are based on information available to management as of the first day of the month set forth on the cover of this presentation and American Woodmark undertakes no obligation to update any such statements to reflect developments after such date. Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Net Leverage, and Free Cash Flow. These measures are intended to serve as a supplement to, and not a substitute for, the most comparable GAAP measures. For reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measures, please see Appendix A to this presentation. American Woodmark 2#3American Woodmark Table of Contents American Woodmark at a Glance Long-Term Strategy Competitive Advantages Financial Overview 5 12 20 28 20 3#4Key Messages: Why Invest With Us? 1 2 3 4 Leveraging market leadership in resilient value segment of the U.S. cabinet market to drive deeper channel penetration Superior Service Platform is a key competitive advantage ingrained in our growth strategy Our culture and connections deliver profitability through our Growth, Digital Transformation and Platform Design ("GDP") strategy Operational Excellence drives continuous improvement throughout our organization 5 Proven model expected to deliver strong Free Cash Flow ("FCF") through the cycle and support our disciplined capital allocation strategy Value-Oriented Portfolio And Operational Excellence Mindset Provides Resilience And Strong Cash Generation American Woodmark 4#5American Woodmark: At a Glance American Woodmark is a U.S. based pure play cabinet manufacturer highly focused on the resilient value segment of the U.S. market From inspiration to design and installation, we strive for simplification and the highest level of service in the industry Cabinetmaker of choice for homeowners, builders, designers, dealers, distributors, and retailers Key Company Facts Winchester, VA Headquarters ~8,800 Team Members ~$2.1 billion¹ Total Revenue 192 Manufacturing and Distribution Facilities 8 Service Centers HyFlex Founded in 1951, We Have Remained Highly Focused on Growing Our Core Cabinet Business and Serving Our Customers American Woodmark 1 FYE 4/30/2023; 2 15 Locations in US, 4 in Mexico includes the announced future expansion of a manufacturing facility in Monterrey, Mexico LO 5#6Our Purpose Driven Culture Sustains Our Competitive Advantage Mission Create value through people: • • Provide kitchens and baths of pride for the American family Reward shareholders and our employees Contribute to our society Vision Uncover and celebrate the unique potential in every individual: . • • Community Connections Customer Experience Values Our CITE principles: • Customer Satisfaction • Integrity Teamwork • Interconnected Individuals Excellence L • L Disruptive Innovation Systems Thinking L Our Communities, Employees, Designers and Customers Inspire Our Culture and Set Us Apart American Woodmark 6#7American Woodmark Our Leadership Team Strong leadership with decades of experience and industry expertise Scott Culbreth President & Chief Executive Officer Paul Joachimczyk Senior Vice President & Chief Financial Officer Rob Adams Senior Vice President, Manufacturing & Technical Operations Mark Vierling Vice President & Chief Supply Chain Officer Joel Charlton Vice President & General Manager, New Construction Kim Coldiron Senior Vice President & Chief Human Resources Officer Dwayne Medlin Senior Vice President, Remodel Sales Bill Waszak Vice President & Chief Information Officer 7#8Steady Evolution Has Strengthened Our Scale And Market Position Raygold Industries is founded by Long Island dentist Alvin Goldhush to create cabinets for his dentistry business Raygold Industries grows sales to $6M and is acquired by Boise Cascade The birth of American Woodmark results from a leveraged buyout by four Boise Cascade executives with 1,100 team members and three manufacturing facilities Formation of relationships with Home Depot and Lowe's precedes the company's IPO in 1986, laying groundwork for our growth into a cabinet manufacturer of choice for consumers A vision emerges to refine our channel strategy by launching the Timberlake Brand for the new construction market TIMBERLAKE CABINETRY Launch operational transformation to navigate 2008 downturn to gain share and emerge a stronger company Waypoint marks entry into the specialty Kitchen and Bath dealer channel waypoint living spaces Acquisition of RSI solidified position in opening price point Made-to- Stock kitchen cabinets while paving the way for Origins launch in new construction; pairing RSI's low-cost production process with AMWD's logistics and service capabilities Investment in manufacturing capabilities in Monterrey, Mexico and Hamlet, North Carolina to expand and optimize Made-to-stock kitchen and bath capacity FYE Net Sales: $2,066M1 1951 1971 1980 1986 1989 2008 2010 2017 2022 American Woodmark $ Sales Growth; 1 FYE Sales 04/30/2023 8#9Tailwinds From Demographic Shifts and Undersupplied Housing Support Higher Levels of Future Residential Investment U.S. Population Age 41-56 • ~65 million (Gen X)1 Move up buyers; drives investment in remodeling Significant home equity supports higher levels of remodel activity • Higher housing turnover and increasing mobility Demographics and past underinvestment, combined with mobility and migration trends, provide strong multi-year tailwinds for the U.S. housing market over the next decade Annual U.S. Housing Starts (thousands) 1 ~15 years of underbuilding points to years of above trend demand 2,500 2,000 U.S. Population Age 25-40 1,500 ~72 million (Millennials)1 1,000 • • • Seven million more people compared to Gen X are entering prime household formation years Remote work/mobility increases migration to affordable housing markets Increasing disposable incomes American Woodmark 1 U.S. Census Bureau 500 0 50-year Average 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 9 2022#10Aging U.S. Housing Stock Is An Important Repair & Remodeling Leading Indicator Increasing Age in Years of U.S. Housing Stock: 2011 vs 20211 600 500 Historically Stable Growth in U.S. Repair & Remodel (R&R) Expenditures ($B) 2,3 28-year CAGR of ~5% 11 or less 12 to 21 22 to 31 32 to 41 42 or more 2011 2021 400 300 200 100 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 • Pent up Demand: Median age of a U.S. home is approximately 40 years old, up from a median age of 31 years in 2005 • Past Underinvestment: Homes under 11 years old fell to just 10% of total stock in 2021, down from 17% in 2011 due to ~10 years of below-trend new construction Historically Resilient: Excluding the . 2006-2009 financial crisis, the largest calendar year decline in R&R demand since 1996 was just (2.3%) in 2002 Aging U.S. Housing Stock & Declining New Home Affordability Supports Strong Multi-Year Repair & Remodel Demand American Woodmark 1 NAHB; 2 Harvard JCHS; 32023E are estimates based on Harvard JCHS projections as of January 19, 2023 10 2021 2022 2023E#11Building On a Solid Foundation to Accelerate Adjusted EBITDA¹ Growth Efficiently aligning our scaled platform with a favorable long-term growth outlook by providing quality solutions and executing our "GDP" strategy Where We've Been $35M1 FY2013 Where We Are $240M1,2,3 FYE 4/30/23 Long Term Target >$350M1,4 FY2028E Growth Digital Transformation Пи J Platform Design Targeting growth | in excess of market as we execute against our strategy American Woodmark 11 1 See Appendix A for a reconciliation of Adjusted EBITDA to the most comparable GAAP financial measure and for a definition of "Adjusted EBITDA."; 2 Acquisition of RSI Home Products, Inc. closed on December 29th, 2017. ³FYE April 30, 2023 4Note the FY2028 projected Adjusted EBITDA number presented above reflects the current expectations and beliefs of management. See additional disclosures footnote 1 on slide 33 for further information#12American Woodmark Long-term Strategy: "GDP" 12#13"GDP": Our Economic Engine To Drive Growth & Margin Expansion Our "GDP" Strategy is the lens we view long-term decision-making through, enabling growth and profitability through the cycle • Growth Product Innovation • Targeted launches of opening price point brands into new markets • • Relevancy across Made-to-Stock, Made-to- Order (MTO), Framed, Frameless categories Channel Initiatives Dealer/Distributor penetration • E-commerce expansion • • Digital Transformation One American Woodmark Investments in technology infrastructure to operate as one company Faster marketing cycles Driving Deeper Channel Penetration E-commerce expanding with improved product offerings, content, and experience Accelerate customer conversion with easy-to-use design and shopping tools • • • • Пи Platform Design Customer Experience (CX) Kitchen and Bath Center of Excellence Delivery, quality, response rate Operational Excellence (OPEX) Design For Manufacturing & Assembly (DFMA), materials, logistics, and labor savings Drive production and efficiency through a balanced manufacturing footprint Automation American Woodmark • Reduce labor costs and waste . Improve lead times and quality • Make our employee's jobs easier 13#14Growth: Maximize Our Market Opportunity Through Key Growth Pillar Initiatives Highly Fragmented Market Opportunity Kitchen & Bath Cabinet Industry¹ Key Growth Drivers Top 3 Imports Other Domestic Over 50% of the market is highly fragmented, less capitalized local and regional manufacturers or import products • Product Innovation and Capacity Investments Accelerating growth through product innovation and relevant offerings Building on over 30% of Made-to-Order (MTO) sales from products introduced in the last three years Monterrey, Mexico and Hamlet, North Carolina expansions to strengthen Made-to-Stock product line and improve our economics • • • Expand Channel Opportunities Simple Trends brand to compete with low-cost imports Growth opportunity in Dealer/Distributor channel E-commerce and Digital Marketing to expand customer purchase options and reduce time-to-purchase decision Our Initiatives Are Focused on Delivering Growth in Excess of Our Underlying Market Growth Rate American Woodmark 1 Management internal estimates 14#15Case Study: Adapting Our Offerings To Add Value And Accelerate Growth Origins BY TIMBERLAKE · Builder Channel Opportunity Builders increasingly look to suppliers to find ways to improve new home affordability Demographic shifts drive more first-time home buyers further accelerating the need for value-oriented options American Woodmark Solution • Gain share with Origins brand and expand offerings across the homebuilding market • Efficient logistics & service footprint built around single- family building density allows for a turnkey solution • Meet a growing builder need for opening price point homes with on-trend offerings . Outcome Achieved goal of lowering costs and improving affordability, especially for growing first time homebuyer market Origins is our fastest growing brand three years in a row American Woodmark 15#16• • • Digital Transformation: Customer Experience and Drive Efficiencies Strengthening Our Competitive Advantage and Profitability by Leveraging Digital Capabilities Unlock Efficiencies Through One American Woodmark Enterprise Resource Planning and Customer Relationship Management systems to help realize efficiency gains Better leverage information across the organization Unify offerings and capabilities under a single platform Sophisticated data analysis to track customer lifecycle and service needs Better align internal capacity across teams Increase Consumer Centric Approach to Digital Marketing Expand engagement through robust digital marketing campaign Accommodate online consumer preferences Lead generation E-commerce tools to increase business reach ⚫ Invest in Dealer/Distributor online platform to improve customer experience (CX) American Woodmark C 16 O#17Digital Transformation Case Study: Digital Marketing Platform Digital Lead Generation • Kitchen & Bath retailers in the dealer channel are key growth drivers with billions in cabinetry sales Local retailers often rely on advertising methods with limited reach due to budget constraints • • . American Woodmark Solution We bring a digital brand presence with a nationwide marketing toolkit to help consumers connect with local dealers Through a dealer locator and contact application, customers seamlessly connect with a Waypoint Living Spaces retail location A common platform creates shared visibility Waypoint representatives can provide support across the purchase journey American Woodmark 17#18Platform Design: Leverage Complexity Reduction and Operational Excellence to Drive Margin Improvement • • • Complexity Reduction and Customer Experience Localize capacity needs and position near skilled labor Establish both Kitchen & Bath Manufacturing Centers of Excellence Facility enhancements to improve reliability and service • Improve customer experience and lower costs by expanding DFMA: • Improve throughput • Shorten lead times . Optimal inventory management • • Operational Excellence and Systems Thinking Increase use of high-quality substitute materials Procurement strategy to drive global sourcing synergies ⚫ Logistics and delivery network initiatives; expand Final Mile Network Invest $75 million in automation over next five years Optimize technology to lower capital requirements and improve processes • Focus on product performance, appearance, and reducing defects Significant Opportunity For Margin Expansion Target -200bps of Adjusted EBITDA Margin Improvement by FY281 American Woodmark 1 Note the expected increase of Adjusted EBITDA Margin Improvement presented above reflects the current expectations and beliefs of management compared to FY23. See additional disclosures, footnote 1 on slide 33 for further information, Appendix A for a reconciliation of Adjusted EBITDA Margin to the most comparable GAAP financial measure and for a definition of "Adjusted EBITDA Margin." 18#19Creating Manufacturing Centers of Excellence to Meet Growing Demand Greenfield Monterrey, MX American Woodmark Facility Expected Completion: Q4 FY24 Highlights: Strategically located components capacity Strengthens Made-to-Stock Kitchen & Bath supply chain Labor availability and talent pool enhancements Lowers average cost of production across our footprint Lead time and logistics optimization • • Expansion of Hamlet, NC Facility Expected Completion: Q3 FY24 • Highlights: PROPOSED EXPANSION Creates a new Bath Manufacturing Center of Excellence in Hamlet, NC Consolidates Kitchen Manufacturing Center of Excellence in Lincolnton, NC Address growth opportunities and improve throughput Improve service to the largest U.S. repair and remodel market Strengthens our supply chain and modernize assets Expansion of Made-to-Stock Manufacturing Operations to Better Serve Large East Coast Market American Woodmark 19#20American Woodmark Competitive Advantages#21How We Win: By Providing a Superior Customer Experience Across Our Targeted Product Offerings with a Focus on Value Market Be the preeminent kitchen and bath cabinet value player that serves all market channels Product Innovation focus on a relevant, lean, value-oriented product offering for kitchen and bath Channels & Customers Objective Win in the value segment by selling through Home Centers, National Builders, Independent Dealers and Distributors and E-commerce Customer Experience Create differentiated, relevant value by offering end to end engagement, leveraging technology and connections across touchpoints, and offering efficient turnkey solutions Value segment represents 60% of the market, and our product offering addresses 80% of the segment¹ Longstanding customer relationships serving the value segment while large competitors focus elsewhere American Woodmark • Serve the largest segment of the market with strong growth rates Manufacturing know-how and platform is structured to win in this segment See additional disclosures, footnote 1 on slide 33 for further information. Strategic Rationale Achieve above market growth through deeper channel penetration Create a more diversified, and balanced portfolio • Create sustainable differentiation through relevant product and service solutions Higher customer satisfaction presents opportunity to capture pricing 21 221#22U.S. Centric Revenue Profile with Significant Scale and Operational Capabilities in Key Growth Regions Proximity to customers enhances our service capabilities and improves overall speed and customer experience Strategically located manufacturing facilities is a critical cost and logistics differentiator Corporate Headquarters 18 Manufacturing & Distribution Facilities 1 Announced Future Manufacturing Facility 8 Primary Service Centers Manufacturing presence efficiently serves large East Coast market and faster growing Sunbelt and Southwest regions of the U.S. Invested Presence in Attractive Regions of Opportunity, with Efficient, Low-Cost Manufacturing Across U.S. and Mexico American Woodmark 22#23Positioned to Capture Outsized Growth Towards Affordable Offerings New Construction1 Market Size $5.1 B 20% E-commerce¹ Market Size -$1.3 B Home Center¹ Dealer/Distributor¹ Market Size $4.1 B Market Size $9.0 B 27% 2% 7% Approximate American Woodmark Market Share2 Cabinet Market Channel Total Domestic Market of ~$18.2B1 With Growing Emphasis On E-commerce Across Our Core Market Channels Direct-to-Builder sales model offers . turnkey solutions • Target first time buyers and mid-level housing Simplified selection process with ongoing service and engagement I • Repair & Remodel historically • shown stable mid-single-digit growth • • Leveraging national retail footprint Deepening relationships with Pro customers • Improving customer experience and omnichannel strategy Estimate $1.8B1 in addressable dealer/distributor market opportunity • E-commerce opportunities increasing within all core market channels Partner with trusted vendors and expand access to value brands • Better meet changing customer preferences • Targeting ~3x LTM² E-commerce sales by FY28 Increasing product categories to meet customer needs Expand geographically Our Value Focus Allows Us to Win With our Customers and Capture New Market Opportunities American Woodmark 1 See additional disclosures, footnote 2, 3 on slide 33 for further information. 2 FYE April 30th, 2023. 23 23#24Market Shifting to Value Offering Plays into Our Core Competency Price High Low Custom Semi-Custom Wide range of personalization options Made-to-Order Wide range of door styles and colors with limited personalization options American Woodmark Focus Area Represents ~60% of the ~$18B Market, 1 which Provides Significant Opportunity To Grow Sales From $2.1B² Today Made-to-Stock Off the shelf, ready to install cabinets with limited door styles and colors Content and Platform Complexity American Woodmark 1 See additional disclosures, footnote 2 on slide 33 for further information. 2 FYE April 30th, 2023 High L Made-to-Stock Provide less cyclical growth with affordable, high-quality products Lean, on trend, and relevant offerings help drive operational excellence and supply chain optimization • Made-to-Order Meeting customers with value-added products made on a case-by-case basis MTO products help capture later cycle upside 24 224#25Our Leading Brands Reinforce Long-Term Customer Relationships and Allow Us To Capitalize On Emerging Trends Builders Leading Brands Home Centers Dealer/Distributor TIMBERLAKE CABINETRY simple trends TIMBERLAKE CABINETRY | Woodmark Woodmark PRO Styles PROJECT SOURCE. waypoint Origins PCS BY TIMBERLAKE Professional Cabinet Solutions Relationships with 19 of top 20 builders GLACIER BAY. HOME DECORATORS COLLECTION ESTATE Stor-It-All HAMPTON BAY HAMPTON BAY. DESIGNER SERIES Shenandoah CABINETRY allen + roth Shenandoah Pro 40+ year relationships Professional Cabinet SolutionsTM PCS.coppe waypoint living spaces ~1,800+ customers American Woodmark 25 25#26Case Study: Superior Service Platform Builder Channel Opportunity Builders seek to provide superior service to maximize positive customer experiences from purchase decision to install Cabinetry is one of the most essential parts of the home, and one of the most complicated aspects to plan American Woodmark Solution Streamlined Quote-to-Order system simplifies the kitchen ordering process Provide software package to eliminate manual work, reducing error rates and cycle times Timberlake Connect reports issues and completes tasks with real-time tracking and communication • Outcome ⚫ Builders experience increased accuracy with Timberlake, removing over 300,000 service tasks every year . Our unique model to support the Top National Home Builders has helped grow share by more than 50% over the last ten years American Woodmark 26 26#27Commitment to Sustainability Supports Our People and Our Brand Three Main Focus Areas Guide Our Path to Sustainability 2030 8 Our Team Members Leveraging Our Greatest Resource Elevate already impressive safety record and provide sustainability training Carbon Footprint Deploying Innovation to Reduce Emissions and Fuel Consumption Increase use of Smartway-approved carriers and improve the efficiency of our vehicles for sales and service functions The Planet Reducing Waste and Assuring a Responsible Supply Chain Enhance our Supplier Code of Conduct and reduce our landfill waste through useful outlets for our byproducts Employee Health and Safety • Goal to further improve upon our five-year recordable incident rate which is already superior to our industry average Sustainability Education • Provide sustainability training for team members Fleet Innovation . We have reached ~70% Smartway carrier usage for over-the-road (OTR) shipments out of our 2030 goal of 100% Renewable Energy • We plan to continue to obtain an increasing amount of energy from renewable sources Sustainable Forests We have improved our Supplier Code of Conduct to target suppliers who use the best land management and sustainable forestry practices Waste Elimination • We currently recycle much of our waste with a goal to minimize landfill usage American Woodmark 27#28American Woodmark Financial Overview#29Leveraging Our Strategy And Long-Term Housing Tailwinds To Drive Strong Adjusted EBITDA Growth 4-5% -8% FY28E Five Year CAGR Maintaining Strong Free Cash Flow FY28E Five Year CAGR Closed over half the gap in FY23 to reach FY28 ~$2,600 >$350 $153 >$150 $2,066 FY23 FY28E $240 FY23 FY28E FY23 FY28E Net Sales ($M) 1,2 Revenue Enablers: Active growth programs, new products, E-commerce, Dealer/Distributor penetration, multi-year housing tailwinds Adjusted EBITDA1,2 ($M) Adjusted EBITDA Enablers: Platform investments, supply chain initiatives, digital transformation, operating leverage Free Cash Flow 1,2 ($M) FCF Enablers: Share gains, productivity investments, working capital management Focused on Above-Market Revenue Growth, FCF Generation, and Returning Long Range Adj. EBITDA Margins¹ to ~14-15% American Woodmark 1 Note the FY2028 projected financial numbers presented above reflect the current expectations and beliefs of management. See additional disclosures, footnote 1 on slide 33 for further information, Appendix A for a reconciliation of each non-GAAP number to the most comparable GAAP financial measure and for definitions of "Adjusted EBITDA", and "Free Cash Flow".; 2FYE 4/30/2023 29#30Powerful Cash Engine Supports Our Capital Deployment Priorities And Fuels Our Strategy Free Cash Flow¹ ($M) $520 $500 Capital Allocation Priorities Next 5 Years Est. Capital Deployment >$1.0B Strong Balance Sheet Net Debt/Adj. EBITDA1 • $194 FY14 - FY18 FY19 - FY23 FY24 FY28E Delivered $714M in cumulative FCF from FY14 - FY23 Significant optionality with a focus on target leverage <1.5x and buybacks • Target: $500M of cumulative FCF from FY24 - FY28 while also investing for growth • • Target: FY28 FCF >$150 million Growth Capex Maintenance Capex Capital allocation priorities are reinvesting for growth, debt paydown, and returning excess cash to shareholders via buybacks -75% of Capex earmarked for growth through FY28, providing substantial flexibility Target: $500M in investments in our GDP initiatives through FY28 4.2x 3.5x Target leverage: <1.5x 2.6x 2.1x 1.9x 1.4x • FY18 FY19 FY20 FY21 FY22 FY23 Executed on rapid deleveraging since FY22 resulting • in a 2.10x reduction in leverage through FY23 Current fixed rate debt comprises >50% of total debt at below market rates through FY25 • Target leverage: Achieve and maintain Net Debt / Adj. EBITDA below ~1.5x through the cycle American Woodmark 1 Note the FY 2024 through FY 2028 projected financial numbers presented above reflect the current expectations and beliefs of management. See additional disclosures, footnote 1 on slide 33 for further information, Appendix A for a reconciliation of each non-GAAP number to the most comparable GAAP financial measure and for definitions of "Adjusted EBITDA" and "Free Cash Flow". 30#31Key Takeaways 1 A compelling investment opportunity with a purpose driven culture and clearly defined "GDP" strategy 2 A track record of attractive growth with long-term industry tailwinds and strong market position in our core value segment 3 Investments in supply chain, production capabilities, and digital build upon our strong foundation for expected profitable growth 4 Disciplined capital allocation with a continuous focus on driving efficiencies 5 Expect significant cash flow and strong cash conversion driven by operational excellence and resilient product mix Unwavering Commitment to a Value-Oriented Approach and Operational Excellence Provides Resilience Through the Cycle American Woodmark 31#32American Woodmark Appendix#33Additional Disclosures 1 The projections herein are based on a number of assumptions and estimates that are inherently subject to business, economic and competitive uncertainties and contingencies, many of which are beyond our control. See page 2 of this presentation for a discussion of the risks and uncertainties that could cause actual results to differ materially from those expressed in this presentation. 2 The information presented on this slide with respect to the overall US cabinet market and the size of the New Construction, Home Center & Retail and Dealer/Distributor markets represents internal management estimates. These estimates are based on management's knowledge and experience in these markets and are informed by certain internal surveys, market research, industry publications and surveys and additional sources. Although management believes these estimates are reliable, they may prove to be inaccurate due to the method by which we obtained some of the data for these estimates or because of the inability to verify such data with certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in data gathering. These estimates and any internal surveys informing such estimates have not been independently verified. For these reasons, investors should not place undue reliance on the market information presented. Total market size is estimated by company management at $18.2 billion. Current addressable market opportunity within Dealer/Distributor channels is estimated at $1.8B based on internal management estimates. This data is as of Calendar year 2022. 3 Estimate for e-commerce market is inclusive of all e-commerce within New Construction, Home Center, Dealer/Distributor market channels. American Woodmark 33 33#34Appendix A Adjusted EBITDA, and Adjusted EBITDA margin Definition We use EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin in evaluating the performance of our business, and we use each in the preparation of our annual operating budgets and as indicators of business performance and profitability. We believe EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin allow us to readily view operating trends, perform analytical comparisons and identify strategies to improve operating performance. We define Adjusted EBITDA as net income adjusted to exclude (1) income tax expense, (2) interest expense, net, (3) depreciation and amortization expense, (4) amortization of customer relationship intangibles, (5) expenses related to the acquisition of RSI Home Products, Inc. ("RSI acquisition") and the subsequent restructuring charges that the Company incurred related to the acquisition, (6) inventory step-up amortization, (7) non-recurring restructuring charges, (8) stock-based compensation expense, (9) gain/loss on asset disposals, (10) change in fair value of foreign exchange forward contracts, and (11) pension settlement charges. We believe Adjusted EBITDA, when presented in conjunction with comparable GAAP measures, is useful for investors because management uses Adjusted EBITDA in evaluating the performance of our business. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net sales. American Woodmark 34 34#35Reconciliation of Adjusted Non-GAAP Financial Measures to the GAAP Equivalents Adjusted EBITDA and Adjusted EBITDA Margin (in thousands) Year ended April 30, 2013 Year ended April 30, 2018 Year ended April 30, 2019 Year ended April 30, 2020 Year ended April 30, 2021 Year ended April 30, 2022 Year ended April 30, 2023 Net income (GAAP) Add back: Income tax expense Interest (income) expense, net Depreciation and amortization expense Amortization of customer relationship intangibles and trademarks EBITDA (Non-GAAP) Add back: Acquisition related expenses Inventory step-up amortization Non-recurring restructuring charges, net Pension Settlement Net loss on debt modification Change in fair value of foreign exchange forward contracts Stock-based compensation expense Loss on asset disposal Adjusted EBITDA (Non-GAAP) Net Sales Adjusted EBITDA margin (Non-GAAP) $ 9,758 $ 63,141 $ 83,688 $ 74,861 $ 61,193 $ (29,722) 93,723 6,982 31,619 27,200 25,687 19,500 (13,257) 28,963 643 13,054 35,652 29,027 23,128 10,189 15,994 14,431 28,671 45,446 49,513 51,100 50,939 48,077 16,333 49,000 49,000 47,889 45,667 45,667 $ 31,814 $ 152,818 $ 240,986 $ 228,088 $ 202,810 $ 63,816 $ 232,424 $ 12,902 6,334 $ 4,118 $ 221 $ 174 $ 80 $ 80 270 5,848 183 68,473 1,525 (7) (5,266) 13,792 (2,089) 1,102 (1,102) 3,509 3,040 1,973 3,097 615 (250) 35,343 $ 175,766 $ 244,851 $ 236,029 $ 226,504 $ 137,957 $ 240,379 3,989 4,598 2,629 384 4,708 697 7,396 1,050 $ 630,437 5.6% 1,250,274 $ 1,645,319 $ 1,650,333 $ 14.1% 14.9% 14.3% 1,744,014 13.0% $ 1,857,186 7.4% $ 2,066,200 11.6% A reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin as projected is not provided because we do not forecast Net Income as we cannot, without unreasonable effort, estimate or predict with certainty various components of Net Income. American Woodmark 35#36Additional Definitions Free cash flow To better understand trends in our business, we believe that it is helpful to subtract amounts for capital expenditures consisting of cash payments for property, plant and equipment and cash payments for investments in displays from cash flows from continuing operations which is how we define free cash flow. Management believes this measure gives investors an additional perspective on cash flow from operating activities in excess of amounts required for reinvestment. It also provides a measure of our ability to repay our debt obligations. Net leverage Net leverage is a performance measure that we believe provides investors a more complete understanding of our leverage position and borrowing capacity after factoring in cash and cash equivalents that eventually could be used to repay outstanding debt. We define net leverage as net debt (total debt less cash and cash equivalents) divided by the trailing 12 months Adjusted EBITDA. A reconciliation of these non-GAAP financial measures and the most directly comparable measures calculated and presented in accordance with GAAP are set forth on the following tables. American Woodmark 36 36#37Reconciliation of Adjusted Non-GAAP Financial Measures to the GAAP Equivalents Free Cash Flow (in thousands) Cash provided by operating activities Less: Capital expenditures Free cash flow Free Cash Flow (in thousands) Cash provided by operating activities Less: Capital expenditures Free cash flow Current maturities of long-term debt Long-term debt, less current maturities Total Debt Less: cash and cash equivalents Net debt Net leverage American Woodmark 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $ 40,535 $ 58,737 $ 71,778 $ 11,402 22,378 29,133 $ 36,359 $ 33,119 38,659 $ 77,080 $ 86,775 $ 25,531 49,893 51,549 $ 36,882 $ 190,845 $ 177,542 $ 151,763 $ 39,385 40,739 46,318 151,460 $ 136,803 $ 105,445 $ 24,445 $ 196,727 51,582 43,270 (27,137) $ 153,457 2028E 2024-2028E 250,000 $ 1,000,000 100,000 500,000 $ 150,000 $ 500,000 As of As of As of As of As of April 30, 2018 April 30, 2019 April 30, 2020 April 30, 2021 $ 4,143 $ 2,286 $ 2,216 $ 8,322 2,264 $ As of April 30, 2022 April 30, 2023 $ 2,263 809,897 689,205 594,921 513,450 506,732 369,396 814,040 691,491 597,137 521,772 508,996 371,659 (78,410) (57,656) (97,059) (91,071) (22,325) (41,732) $ 735,630 $ 633,835 $ 500,078 $ 430,701 $ 486,671 $ 329,927 4.19 2.59 2.12 1.90 3.53 1.37 31 37