Company: QXO-PB
Filing Date: 2025-02-21
Form Type: DFAN14A
Source: 0000950142-25-000485
Chunk: 9

Company: QXO, Inc.
Filing Date: 2025-02-21
Form: DFAN14A
Chunk 9
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 not made pursuant to a Rule 10b5-1 plan or to pay any exercise price or tax liability incident to the receipt, exercise or vesting of equity awards 7 Reported revenues for Beacon and Building Products Proxy Peers 8 Market data as of November 15, 2024. Total shareholder return reflects stock price performance adjusted for cash dividends paid, stock splits, rights offerings and spin-offs during the period 9 As per Capital IQ as of November 15, 2024 10 Based on median 2025E Wall Street research estimates, sourced from Capital IQ as of February 19, 2025 11 Calculated as 2025E Implied Future Share Price discounted to February 19, 2025. Assumes cost of equity of 13.2% derived via the Capital Asset Pricing Model: Risk-Free Rate = 4.4%, Beta per Barra = 1.46, Market Risk Premium = 6.0%. Assumes Beacon balance sheet assumptions per broker consensus estimates: 2025E Net Debt: $2.2 billion, Q3’ 2024 Fully Diluted Shares Outstanding: 64 million. Assumes Next-Twelve-Months EBITDA multiple of 8.1x, consistent with last-three-year historical average. QXO’s offer implied Revenue assumes 2026E consensus EBITDA margin 12 As per Schedule 14D-9 filed with the SEC on February 6, 2025 13 SRS statistics as per industry sources; Beacon statistics as per public filings 14 ROIC defined as tax-effected EBIT divided by invested capital, with invested capital reflecting book equity and debt 15 Wolfe Research, “QXO Announces Bid for Beacon at $124.25 Per Share” (1/15/2025) 2025 QXO, Inc. All rights reserved. Disclaimer The information contained herein (this “Site”) is being made available to all investors. Except as otherwise stated on this Site, the claims made on this Site are based on publicly available information about Beacon Roofing Supply, Inc. (“Beacon”). QXO, Inc. (“QXO”) disclaims any obligation to update the information contained on this Site, except as may be required by applicable law. Certain statements made on this Site may have been derived or obtained from filings made with the U.S. Securities and Exchange Commission (the “SEC”), other regulatory authorities or other third party reports or sources. QXO has neither