# EDGAR Filing Document

**Accession Number:** 0001856525
**File Stem:** 0001856525-25-000115
**Filing Date:** 2025-6
**Character Count:** 57747
**Document Hash:** d88f20d3a0a903f310d9c589ce5516cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001856525-25-000115.hdr.sgml**: 20250610

**ACCESSION NUMBER**: 0001856525-25-000115

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250610

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250610

**DATE AS OF CHANGE**: 20250610

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Core & Main, Inc.
- **CENTRAL INDEX KEY:** 0001856525
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-DURABLE GOODS, NEC [5099]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 863149194
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40650
- **FILM NUMBER:** 251035940

**BUSINESS ADDRESS:**
- **STREET 1:** 1830 CRAIG PARK COURT
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63146
- **BUSINESS PHONE:** 314-432-4700

**MAIL ADDRESS:**
- **STREET 1:** 1830 CRAIG PARK COURT
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63146

?xml version='1.0' encoding='ASCII'? cnm-20250610

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

___________________________

**FORM 8-K**

___________________________

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): June 10, 2025**

___________________________

**Core & Main, Inc.**

**(Exact name of registrant as specified in its charter)**

___________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40650** | **86-3149194** |
| **(State or other jurisdiction <br>of incorporation)** | **(Commission <br>File Number)** | **(IRS Employer <br>Identification No.)** |

---

---

| | |
|:---|:---|
| **1830 Craig Park Court** | |
| **St. Louis, Missouri** | **63146** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(314) 432-4700**

**(Registrant's telephone number, including area code)**

**N/A**

**(Former name or former address, if changed since last report)**

___________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Class** | **Trading Symbol** | **Name of Each Exchange <br>on Which Registered** |
| **Class A common stock, par value $0.01 per share** | **CNM** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Conditions**

On June 10, 2025, Core & Main, Inc. ("Core & Main") issued a press release announcing its results of operations for the fiscal first quarter ended May 4, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

On June 10, 2025, Core & Main posted to the "Investor Relations" section of its website the presentation that accompanied the earnings conference call. A copy of the investor presentation is attached hereto as Exhibit 99.2.

The information provided pursuant to this Item 2.02 and in Exhibit 99.1 and Exhibit 99.2 is being "furnished" herewith and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by Core & Main under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filings, except as shall be expressly set forth by specific reference in any such filings.

------

**Item 9.01. Financial Statements and Exhibits**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Earnings release dated June 10, 2025 - Core & Main Announces Record Fiscal 2025 First Quarter Results](cnmq12025earningspressrele.htm)</u>\*\* |
| 99.2 | <u>[Investor presentation dated June 10, 2025](cnmq12025investorpresent.htm)</u>\*\* |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document)\* |

---

\* Filed herewith.

\*\* Furnished herewith.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Core & Main, Inc. | Core & Main, Inc. |
| By: | /s/ Mark G. Whittenburg |
| Name: | Mark G. Whittenburg |
| Title: | General Counsel and Secretary |

---

Date: June 10, 2025

## Exhibit 99.1

News Release

**FOR IMMEDIATE RELEASE**

**Core & Main Announces Record Fiscal 2025 First Quarter Results**

ST. LOUIS, June 10, 2025—<u>Core & Main, Inc.</u> (NYSE: CNM) ("Core & Main"), a leading specialty distributor dedicated to advancing reliable infrastructure with local service, nationwide, today announced financial results for the first quarter ended May 4, 2025.

**Fiscal 2025 First Quarter Results (Compared with Fiscal 2024 First Quarter)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales increased 9.8% to $1,911 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit increased 9.0% to $510 million; gross profit margin was 26.7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income increased 4.0% to $105 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted earnings per share increased 6.1% to $0.52

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA (Non-GAAP) increased 3.2% to $224 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net cash provided by operating activities of $77 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased $39 million of shares at an average per share price of approximately $46.64

"We are proud to report another quarter of record performance that showcases the resilience of our end markets and the strength of our business model," said Mark Witkowski, CEO of Core & Main.

"Our associates executed exceptionally well, generating continued market outperformance with a sequential step up in volume growth from last quarter. We were particularly pleased with our gross margin performance in the first quarter, as we continued to deliver on the value of our initiatives to achieve sequential margin expansion.

With a broad range of products and services, Core & Main is uniquely positioned to capture the benefits of investments needed to address aging water infrastructure across the U.S. As the macro environment continues to evolve, I am confident in our team's ability to adapt and maintain our focus on delivering the critical products and solutions valued by our customers and communities. Against this backdrop, we are reaffirming our full year outlook for net sales, Adjusted EBITDA and operating cash flow."

cont.

------

**Three Months Ended May 4, 2025**

Net sales for the three months ended May 4, 2025 increased $170 million, or 9.8%, to $1,911 million compared with $1,741 million for the three months ended April 28, 2024. Net sales increased primarily due to higher volumes and acquisitions. Net sales increased for pipes, valves & fittings, storm drainage and meter products due to higher volumes and acquisitions. Net sales for fire protection products declined due to lower end-market volumes and lower selling prices partially offset by acquisitions.

Gross profit for the three months ended May 4, 2025 increased $42 million, or 9.0%, to $510 million compared with $468 million for the three months ended April 28, 2024. Gross profit as a percentage of net sales for the three months ended May 4, 2025 was 26.7% compared with 26.9% for the three months ended April 28, 2024. The overall decrease in gross profit as a percentage of net sales was primarily attributable to a higher average cost of inventory this year compared to the prior year partially offset by favorable impacts from the execution of our gross margin initiatives and accretive acquisitions.

Selling, general and administrative ("SG&A") expenses for the three months ended May 4, 2025 increased $36 million, or 14.0%, to $293 million compared with $257 million during the three months ended April 28, 2024. The increase is primarily attributable to higher personnel expenses, primarily attributable to acquisitions, inflation and other distribution-related costs due to an increase in sales volume. SG&A expenses as a percentage of net sales were 15.3% for the three months ended May 4, 2025 compared with 14.8% for the three months ended April 28, 2024. The increase was primarily attributable to acquisitions and inflationary cost impacts.

Operating income for the three months ended May 4, 2025 increased $3 million, or 1.8%, to $171 million compared with $168 million during the three months ended April 28, 2024. The increase in operating income was primarily attributable to higher gross profit partially offset by higher SG&A and depreciation and amortization expenses.

Net income for the three months ended May 4, 2025 increased $4 million, or 4.0%, to $105 million compared with $101 million for the three months ended April 28, 2024. The increase in net income was primarily attributable to a 1.8% increase in operating income and a decrease in interest expense partially offset by an increase in income tax expense.

The Class A common stock basic earnings per share for the three months ended May 4, 2025 increased 8.2% to $0.53 compared with $0.49 for the three months ended April 28, 2024. The Class A common stock diluted earnings per share for the three months ended May 4, 2025 increased 6.1% to $0.52 compared with $0.49 for the three months ended April 28, 2024. The basic earnings per share increased due to an increase in net income attributable to Core & Main, Inc. and lower Class A share counts following the share repurchase transactions executed throughout fiscal 2024 and fiscal 2025. Diluted earnings per share increased due to an increase in net income and lower Class A share counts following the share repurchase transactions executed throughout fiscal 2024 and fiscal 2025.

Adjusted EBITDA for the three months ended May 4, 2025 increased $7 million, or 3.2%, to $224 million compared with $217 million for the three months ended April 28, 2024. The increase in Adjusted EBITDA was primarily attributable to higher gross profit partially offset by higher SG&A expenses. For a reconciliation of Adjusted EBITDA to net income or net income attributable to Core & Main, Inc., the most comparable GAAP (as defined below) financial metric, as applicable, see "Non-GAAP Financial Measures" below.

**Liquidity and Capital Resources**

Net cash provided by operating activities was $77 million for the three months ended May 4, 2025 compared with $78 million for the three months ended April 28, 2024. The $1 million decrease in cash provided by operating activities was due to a higher investment in working capital in the three months ended May 4, 2025 partially offset by the timing of interest payments, lower tax payments and an increase in net income.

Net Debt, calculated as gross consolidated debt net of cash and cash equivalents, as of May 4, 2025 was $2,276 million compared with $2,419 million as of April 28, 2024. The decrease in Net Debt was primarily attributable to lower borrowings on our senior asset-based revolving credit facility ("Senior ABL Credit Facility").

Core & Main Announces Record Fiscal 2025 First Quarter Results

------

As of May 4, 2025, we had $100 million outstanding borrowings on our Senior ABL Credit Facility, which provides for borrowings of up to $1,250 million, subject to borrowing base availability. As of May 4, 2025, after giving effect to approximately $15 million of letters of credit issued under the Senior ABL Credit Facility, Core & Main LP would have been able to borrow approximately $1,135 million under the Senior ABL Credit Facility, subject to borrowing base availability.

**Fiscal 2025 Outlook**

Core & Main reaffirms its full-year outlook issued in March for fiscal 2025, a 52-week year compared to fiscal 2024, a 53-week year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales of $7,600 to $7,800 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales growth of 2% to 5%, reflecting average daily sales growth of 4% to 7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA (Non-GAAP) of $950 to $1,000 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA margin (Non-GAAP) of 12.5% to 12.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating Cash Flow of $570 to $650 million

**Conference Call & Webcast Information**

Core & Main will host a conference call and webcast on June 10, 2025 at 8:30 a.m. ET to discuss the company's financial results. The live webcast will be accessible via the events calendar at <u>ir.coreandmain.com</u>. The conference call may also be accessed by dialing 833-470-1428 or +1-404-975-4839 (international). The passcode for the call is 528579. To ensure participants are connected for the full call, please dial in at least 10 minutes prior to the start of the call.

An archived version of the webcast will be available immediately following the call. A slide presentation highlighting Core & Main's results will also be made available on the Investor Relations section of Core & Main's website prior to the call.

**About Core & Main**

Based in St. Louis, Core & Main is a leader in advancing reliable infrastructure® with local service, nationwide®. As a specialty distributor with a focus on water, wastewater, storm drainage and fire protection products and related services, Core & Main provides solutions to municipalities, private water companies and professional contractors across municipal, non-residential and residential end markets. With more than 370 locations across the U.S., the company provides its customers local expertise backed by a national supply chain. The 5,700 associates at Core & Main are committed to helping their communities thrive with safe and reliable infrastructure. Visit coreandmain.com to learn more.

Core & Main Announces Record Fiscal 2025 First Quarter Results

------

**Cautionary Note Regarding Forward-Looking Statements**

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, without limitation, all statements other than statements of historical facts contained in this press release, including statements relating to our intentions, beliefs, assumptions or current expectations concerning, among other things, our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding expected growth, future capital expenditures, capital allocation and debt service obligations, and the anticipated impact on our business.

Some of the forward-looking statements can be identified by the use of forward-looking terms such as "believes," "expects," "may," "will," "shall," "should," "would," "could," "seeks," "aims," "projects," "is optimistic," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable terms.

Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be outside our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of the market in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results of operations, financial condition, cash flows and the development of the market in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. A number of important factors, including, without limitation, the risks and uncertainties discussed under the captions "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended February 2, 2025 and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended February 2, 2025, could cause actual results and outcomes to differ materially from those reflected in the forward-looking statements. Furthermore, new risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release.

Core & Main Announces Record Fiscal 2025 First Quarter Results

------

Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, without limitation, declines, volatility and cyclicality in the U.S. residential and non-residential construction markets; slowdowns in municipal infrastructure spending and delays in appropriations of federal funds; our ability to competitively bid for contracts; price fluctuations in our product costs (including effects of tariffs); our ability to manage our inventory effectively, including during periods of supply chain disruptions; risks involved with acquisitions and other strategic transactions, including our ability to identify, acquire, close or integrate acquisition targets successfully; the fragmented and highly competitive markets in which we compete and consolidation within our industry; the development of alternatives to distributors of our products in the supply chain; our ability to hire, engage and retain key personnel, including sales representatives, qualified branch, district and regional managers and senior management; our ability to identify, develop and maintain relationships with a sufficient number of qualified suppliers and the potential that our exclusive or limited supplier distribution rights are terminated; changes in supplier rebates or other terms of our supplier agreements; the availability of freight; the ability of our customers to make payments on credit sales; our ability to identify and introduce new products and product lines effectively; the spread of, and response to, public health crises and the inability to predict the ultimate impact on us; costs and potential liabilities or obligations imposed by environmental, health and safety laws and requirements; regulatory change and the costs of compliance with regulation; changes in stakeholder expectations in respect of environmental, social and governance and sustainability practices; exposure to product liability, construction defect and warranty claims and other litigation and legal proceedings; potential harm to our brand or reputation; difficulties with or interruptions of our fabrication services; safety and labor risks associated with the distribution of our products; interruptions in the proper functioning of our and our third-party service providers' information technology systems, including from cybersecurity threats; impairment in the carrying value of goodwill, intangible assets or other long-lived assets; our ability to continue our customer relationships with short-term contracts; risks associated with operating internationally, including exporting and importing of certain products; our indebtedness and the potential that we may incur additional indebtedness that might restrict our operating flexibility; the limitations and restrictions in the agreements governing our indebtedness, the Amended and Restated Limited Partnership Agreement of Core & Main Holdings, LP, as amended, and the Tax Receivable Agreements (each as defined in our Annual Report on Form 10-K for the fiscal year ended February 2, 2025); increases in interest rates on our variable rate indebtedness; changes in our credit ratings and outlook; our ability to generate the significant amount of cash needed to service our indebtedness; our organizational structure, including our payment obligations under the Tax Receivable Agreements, which may be significant; our ability to sustain an active, liquid trading market for our Class A common stock; and risks related to other factors discussed under "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended February 2, 2025.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

**Contact:**

**Investor Relations:**

Glenn Floyd, 314-995-9108

<u>InvestorRelations@CoreandMain.com</u> 

Core & Main Announces Record Fiscal 2025 First Quarter Results

------

**CORE & MAIN, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

*Amounts in millions (except share and per share data), unaudited*

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **May 4, 2025** | **April 28, 2024** |
| Net sales | $1911 | $1741 |
| Cost of sales | 1401 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 510 | 468 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 293 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 46 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 339 | 300 |
| Operating income | 171 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 30 | 34 |
| Income before provision for income taxes | 141 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 36 | 33 |
| Net income | 105 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: net income attributable to non-controlling interests | 5 | 6 |
| Net income attributable to Core & Main, Inc. | $100 | $95 |
| **Earnings per share ("EPS")** |  |  |
| Basic | $0.53 | $0.49 |
| Diluted | $0.52 | $0.49 |
| **Number of shares used in computing EPS** |  |  |
| Basic | 189802381 | 192194061 |
| Diluted | 198700476 | 202615824 |

---

Core & Main Announces Record Fiscal 2025 First Quarter Results

------

**CORE & MAIN, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

*Amounts in millions (except share and per share data), unaudited*

---

| | | |
|:---|:---|:---|
| | **May 4, 2025** | **February 2, 2025** |
| **ASSETS** | | |
| Current assets: |  |  |
| Cash and cash equivalents | $8 | $8 |
| Receivables, net of allowance for credit losses of $21 and $18, respectively | 1319 | 1066 |
| Inventories | 1069 | 908 |
| Prepaid expenses and other current assets | 48 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2444 | 2025 |
| Property, plant and equipment, net | 174 | 168 |
| Operating lease right-of-use assets | 265 | 244 |
| Intangible assets, net | 901 | 935 |
| Goodwill | 1899 | 1898 |
| Deferred income taxes | 566 | 558 |
| Other assets | 29 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $6278 | $5870 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| Current maturities of long-term debt | $24 | $24 |
| Accounts payable | 923 | 562 |
| Accrued compensation and benefits | 68 | 123 |
| Current operating lease liabilities | 70 | 67 |
| Other current liabilities | 161 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1246 | 866 |
| Long-term debt | 2239 | 2237 |
| Non-current operating lease liabilities | 196 | 178 |
| Deferred income taxes | 87 | 87 |
| Tax receivable agreement liabilities | 669 | 706 |
| Other liabilities | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4457 | 4096 |
| Commitments and contingencies |  |  |
| Class A common stock, par value $0.01 per share, 1,000,000,000 shares authorized, 189,451,269 and 189,815,899 shares issued and outstanding as of May 4, 2025 and February 2, 2025, respectively | 2 | 2 |
| Class B common stock, par value $0.01 per share, 500,000,000 shares authorized, 7,649,490 and 7,936,061 shares issued and outstanding as of May 4, 2025 and February 2, 2025, respectively |  |  |
| Additional paid-in capital | 1220 | 1220 |
| Retained earnings | 515 | 449 |
| Accumulated other comprehensive income | 7 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity attributable to Core & Main, Inc. | 1744 | 1698 |
| Non-controlling interests | 77 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1821 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $6278 | $5870 |

---

Core & Main Announces Record Fiscal 2025 First Quarter Results

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**CORE & MAIN, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

*Amounts in millions, unaudited*

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **May 4, 2025** | **April 28, 2024** |
| **Cash Flows From Operating Activities:** | | |
| Net income | $105 | $101 |
| Adjustments to reconcile net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 48 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation expense | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 4 | 2 |
| Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivables | (257) | (170) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in inventories | (163) | (104) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | (5) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable | 361 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued liabilities | (24) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 77 | 78 |
| **Cash Flows From Investing Activities:** |  |  |
| Capital expenditures | (13) | (7) |
| Acquisitions of businesses, net of cash acquired |  | (564) |
| Other | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (16) | (574) |
| **Cash Flows From Financing Activities:** |  |  |
| Repurchase and retirement of equity interests | (39) |  |
| Distributions to non-controlling interest holders | (2) | (4) |
| Payments pursuant to Tax Receivable Agreements | (18) | (11) |
| Borrowings on asset-based revolving credit facility | 100 | 585 |
| Repayments on asset-based revolving credit facility | (93) | (774) |
| Issuance of long-term debt |  | 750 |
| Repayments of long-term debt | (6) | (6) |
| Debt issuance costs |  | (12) |
| Other | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | (61) | 525 |
| Increase in cash and cash equivalents |  | 29 |
| Cash and cash equivalents at the beginning of the period | 8 | 1 |
| Cash and cash equivalents at the end of the period | $8 | $30 |
| Cash paid for interest (excluding effects of interest rate swap) | $14 | $34 |
| Cash paid for income taxes | 29 | 47 |

---

Core & Main Announces Record Fiscal 2025 First Quarter Results

------

**Non-GAAP Financial Measures**

In addition to providing results that are determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"), we present EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Net Debt, all of which are non-GAAP financial measures. These measures are not considered measures of financial performance or liquidity under GAAP and the items excluded therefrom are significant components in understanding and assessing our financial performance or liquidity. These measures should not be considered in isolation or as alternatives to GAAP measures such as net income or net income attributable to Core & Main, Inc., as applicable, or other financial statement data presented in our financial statements as an indicator of our financial performance or liquidity.

We define EBITDA as net income or net income attributable to Core & Main, Inc., as applicable, adjusted for non-controlling interests, depreciation and amortization, provision for income taxes and interest expense. We define Adjusted EBITDA as EBITDA as further adjusted for certain items management believes are not reflective of the underlying operations of our business, including but not limited to (a) loss on debt modification and extinguishment, (b) equity-based compensation, (c) expenses associated with the initial public offering and subsequent offerings and (d) expenses associated with acquisition activities. Net income attributable to Core & Main, Inc. is the most directly comparable GAAP measure to EBITDA and Adjusted EBITDA. We define Adjusted EBITDA margin as Adjusted EBITDA divided by net sales. We define Net Debt as total consolidated debt (gross of unamortized discounts and debt issuance costs), net of cash and cash equivalents.

We use EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Net Debt to assess the operating results and effectiveness and efficiency of our business. Adjusted EBITDA includes amounts otherwise attributable to non-controlling interests as we manage the consolidated Company and evaluate operating performance in a similar manner. We present these non-GAAP financial measures because we believe that investors consider them to be important supplemental measures of performance, and we believe that these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Non-GAAP financial measures as reported by us may not be comparable to similarly titled metrics reported by other companies and may not be calculated in the same manner. These measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. For example, EBITDA and Adjusted EBITDA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payments on debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• do not reflect income tax expenses, the cash requirements to pay taxes or related distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• do not reflect cash requirements to replace in the future any assets being depreciated and amortized; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exclude certain transactions or expenses as allowed by the various agreements governing our indebtedness.

EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Net Debt are not alternative measures of financial performance or liquidity under GAAP and therefore should be considered in conjunction with net income, net income attributable to Core & Main, Inc. and other performance measures such as gross profit or net cash provided by or used in operating, investing or financing activities and not as alternatives to such GAAP measures. In evaluating Adjusted EBITDA, you should be aware that, in the future, we may incur expenses similar to those eliminated in this presentation.

Core & Main Announces Record Fiscal 2025 First Quarter Results

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No reconciliation of the estimated range for Adjusted EBITDA or Adjusted EBITDA margin for fiscal 2025 is included herein because we are unable to quantify certain amounts that would be required to be included in net income attributable to Core & Main, Inc., the most directly comparable GAAP measure, without unreasonable efforts due to the high variability and difficulty to predict certain items excluded from Adjusted EBITDA. Consequently, we believe such reconciliation would imply a degree of precision that would be misleading to investors. In particular, the effects of acquisition expenses cannot be reasonably predicted in light of the inherent difficulty in quantifying such items on a forward-looking basis. We expect the variability of these excluded items may have an unpredictable, and potentially significant, impact on our future GAAP financial results.

The following table sets forth a reconciliation of net income or net income attributable to Core & Main, Inc. to EBITDA and Adjusted EBITDA for the periods presented:

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| | | |
|:---|:---|:---|
| *(Amounts in millions)* | **Three Months Ended** | **Three Months Ended** |
|  | **May 4, 2025** | **April 28, 2024** |
| Net income attributable to Core & Main, Inc. | $100 | $95 |
| Plus: net income attributable to non-controlling interest | 5 | 6 |
| Net income | $105 | $101 |
| Depreciation and amortization <sup>(1)</sup> | 47 | 44 |
| Provision for income taxes | 36 | 33 |
| Interest expense | 30 | 34 |
| EBITDA | $218 | $212 |
| Equity-based compensation | 5 | 3 |
| Acquisition expenses <sup>(2)</sup> | 1 | 2 |
| Adjusted EBITDA | $224 | $217 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Includes depreciation of certain assets which are reflected in "cost of sales" in our Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Represents expenses associated with acquisition activities, including transaction costs, post-acquisition employee retention bonuses, severance payments, expense recognition of purchase accounting fair value adjustments (excluding amortization).

The following table sets forth a calculation of Net Debt for the periods presented:

---

| | | |
|:---|:---|:---|
| *(Amounts in millions)* | **As of** | **As of** |
|  | **May 4, 2025** | **April 28, 2024** |
| Senior ABL Credit Facility due February 2029 | $100 | $241 |
| Senior Term Loan due July 2028 | 1245 | 1459 |
| Senior Term Loan due February 2031 | 939 | 749 |
| Total Debt | $2284 | $2449 |
| Less: Cash & Cash Equivalents | (8) | (30) |
| Net Debt | $2276 | $2419 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Core & Main Announces Record Fiscal 2025 First Quarter Results

## Exhibit 99.2

![](cnmq12025investorpresent001.jpg)

Fiscal 2025 First Quarter Results JUNE 10, 2025

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![](cnmq12025investorpresent002.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. 2 CAUTIONARY STATEMENTS Cautionary Note Regarding Forward-Looking Statements This presentation and accompanying discussion may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, all statements other than statements of historical or current facts relating to our intentions, beliefs, assumptions or current expectations concerning, among other things, our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding expected growth, future capital expenditures, capital allocation and debt service obligations, and the anticipated impact on our business. Some of the forward-looking statements can be identified by the use of forward-looking terms such as "believes," "expects," "may," "will," "shall," "should," "would," "could," "seeks," "aims," "projects," "is optimistic," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable terms. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be outside our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of the market in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if our results of operations, financial condition, cash flows and the development of the market in which we operate, are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. A number of important factors, including, without limitation, the risks and uncertainties discussed under the captions "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended February 2, 2025 ("Annual Report on Form 10-K") and other factors discussed in our filings with the United States Securities and Exchange Commission, could cause actual results and outcomes to differ materially from those reflected in the forward-looking statements. Furthermore, new risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this presentation. Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, without limitation: declines, volatility and cyclicality in the U.S. residential and non- residential construction markets; slowdowns in municipal infrastructure spending and delays in appropriations of federal funds; our ability to competitively bid for contracts; price fluctuations in our product costs (including effects of tariffs); our ability to manage our inventory effectively, including during periods of supply chain disruptions; risks involved with acquisitions and other strategic transactions, including our ability to identify, acquire, close or integrate acquisition targets successfully; the fragmented and highly competitive markets in which we compete and consolidation within our industry; the development of alternatives to distributors of our products in the supply chain; our ability to hire, engage and retain key personnel, including sales representatives, qualified branch, district and regional managers and senior management; our ability to identify, develop and maintain relationships with a sufficient number of qualified suppliers and the potential that our exclusive or limited supplier distribution rights are terminated; changes in supplier rebates or other terms of our supplier agreements; the availability of freight; the ability of our customers to make payments on credit sales; our ability to identify and introduce new products and product lines effectively; the spread of, and response to, public health crises and the inability to predict the ultimate impact on us; costs and potential liabilities or obligations imposed by environmental, health and safety laws and requirements; regulatory change and the costs of compliance with regulation; changes in stakeholder expectations in respect of environmental, social and governance and sustainability practices; exposure to product liability, construction defect and warranty claims and other litigation and legal proceedings; potential harm to our brand or reputation; difficulties with or interruptions of our fabrication services; safety and labor risks associated with the distribution of our products; interruptions in the proper functioning of our and our third-party service providers' information technology systems, including from cybersecurity threats; impairment in the carrying value of goodwill, intangible assets or other long-lived assets; our ability to continue our customer relationships with short-term contracts; risks associated with operating internationally, including exporting and importing our products; our indebtedness and the potential that we may incur additional indebtedness that might restrict our operating flexibility; the limitations and restrictions in the agreements governing our indebtedness, the Amended and Restated Limited Partnership Agreement of Core & Main Holdings, LP as amended, and the Tax Receivable Agreements (each as defined in our Annual Report on Form 10-K); increases in interest rates on our variable indebtedness; changes in our credit ratings and outlook; our ability to generate the significant amount of cash needed to service our indebtedness; our organizational structure, including our payment obligations under the Tax Receivable Agreements, which may be significant; our ability to sustain an active, liquid trading market for our Class A common stock; and risks related to other factors described under "Risk Factors" in our Annual Report on Form 10-K . These factors are not exhaustive, and new factors may emerge or changes to the foregoing factors may occur that could impact our business. Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, which speak only as of the date of this presentation. Use of Non-GAAP Financial Measures In addition to providing results that are determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"), we present EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Net Debt, all of which are non-GAAP financial measures. These measures are not considered measures of financial performance or liquidity under GAAP and the items excluded therefrom are significant components in understanding and assessing our financial performance or liquidity. These measures should not be considered in isolation or as alternatives to GAAP measures such as net income or net income attributable to Core & Main, Inc., as applicable, or other financial statement data presented in the financial statements as an indicator of our financial performance or liquidity. We use EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Net Debt to assess the operating results and effectiveness and efficiency of our business. We present these non-GAAP financial measures because we believe investors consider them to be important supplemental measures of performance, and we believe that these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Non-GAAP financial measures as reported by us may not be comparable to similarly titled metrics reported by other companies and may not be calculated in the same manner. These measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Reconciliations of such non- GAAP measures to the most directly comparable GAAP measure and calculations of the non-GAAP measures are set forth in the appendix of this presentation. No reconciliation of the estimated range for Adjusted EBITDA or Adjusted EBITDA margin for fiscal 2025 are included herein because we are unable to quantify certain amounts that would be required to be included in net income attributable to Core & Main, Inc. without unreasonable efforts due to the high variability and difficulty to predict certain items excluded from Adjusted EBITDA. Consequently, we believe such reconciliation would imply a degree of precision that would be misleading to investors. In particular, the effects of acquisition expenses cannot be reasonably predicted in light of the inherent difficulty in quantifying such items on a forward-looking basis. We expect the variability of these excluded items may have an unpredictable, and potentially significant, impact on our future GAAP results. Presentation of Financial Information The accompanying financial information presents the results of operations, financial position and cash flows of Core & Main, Inc. ("Core & Main" or the "Company") and its subsidiaries, which includes the consolidated financial information of Core & Main Holdings, LP, a Delaware limited partnership ("Holdings"), and its consolidated subsidiary, Core & Main LP, as the legal entity that conducts the operations of the Company. Core & Main is the primary beneficiary and general partner of Holdings and has decision making authority that significantly affects the economic performance of the entity. As a result, Core & Main consolidates the consolidated financial statements of Holdings. All intercompany balances and transactions have been eliminated in consolidation. The Company records non-controlling interests related to Partnership Interests (as defined in our Annual Report on Form 10-K) held by the Continuing Limited Partners (as defined in our Annual Report on Form 10-K) in Holdings. The Company's fiscal year is a 52 or 53-week period ending on the Sunday nearest to January 31st. Quarters within the fiscal year include 13-week periods, unless a fiscal year includes a 53rd week, in which case the fourth quarter of the fiscal year will be a 14-week period. Each of the three months ended May 4, 2025 and three months ended April 28, 2024 included 13 weeks. The current fiscal year ending February 1, 2026 ("fiscal 2025") includes 52 weeks.

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![](cnmq12025investorpresent003.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. 3 TODAY'S PRESENTERS Mark Witkowski Chief Executive Officer Robyn Bradbury Chief Financial Officer Glenn Floyd Director, Investor Relations

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![](cnmq12025investorpresent004.jpg)

Business Update MARK WITKOWSKI

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![](cnmq12025investorpresent005.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. Q1 2025 BUSINESS UPDATE ▪ Delivered record Q1 performance and strong market share gains ▪ End market demand remains resilient driven by the critical need to repair & upgrade aging water infrastructure ▪ Sequential gross margin improvement driven by margin initiatives and M&A synergies ▪ Minimal exposure and impact from tariffs ▪ Continue to execute capital allocation strategy: ̶ Achieved ~$77M of operating cash flow in a seasonally low cash generation quarter ̶ Investment in growth is the top priority; M&A pipeline remains healthy ̶ Deployed $39M of capital to repurchase 837k shares Initiatives Driving Above Market Growth Momentum 5

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![](cnmq12025investorpresent006.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. MULTIPLE LEVERS TO DRIVE GROWTH Significant Opportunity to Grow & Scale Capabilities 6 . Product Initiatives Sales Talent Development Greenfields Acquisitions ▪ ~13% 10-year product initiative CAGR, including: ̶ Meters ̶ Fusible HDPE Solutions ̶ Treatment Plant ̶ Storm Drainage ̶ Geosynthetics ▪ >600 field sales representatives with an average ~14 years of tenure in the industry ▪ Award-winning training curriculum enables sales talent development to drive profitable growth ▪ 20 new locations since 2017, adding ~$300M of annual net sales ▪ Underpenetrated in >50% of U.S. metropolitan statistical areas(1) ▪ 40+ acquisitions completed since 2017, adding ~$1.8B of annual net sales ▪ Widely viewed as "acquirer of choice" in the industry ▪ Robust pipeline of priority targets (1) Reflects metropolitan statistical areas where we have an estimated market penetration less than Company average.

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![](cnmq12025investorpresent007.jpg)

Financial Results ROBYN BRADBURY

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![](cnmq12025investorpresent008.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. $1,741 $1,911 Q1'24 Q1'25 $468 $510 Q1'24 Q1'25 $217 $224 Q1'24 Q1'25 $101 $105 Q1'24 Q1'25 8 Q1 2025 FINANCIAL RESULTS Net Sales Gross Profit Net Income Adjusted EBITDA(1) (1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Refer to the appendix of the presentation for a reconciliation to the nearest GAAP measure. +10% ($ in Millions) ($ in Millions) ($ in Millions) ($ in Millions) +9% +3% 11.7%12.5%% of Sales(1) % of Sales 26.7%26.9% (20 bps) (80 bps) +4% 5.5%5.8%% of Sales (30 bps) Record Performance & Continued Market Share Gains

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![](cnmq12025investorpresent009.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. $224 ($89) ($29) ($6) ($23) $77 Q1'25 Adjusted EBITDA Working Capital Taxes Interest Other Q1'25 Operating Cash Flow CASH FLOW & BALANCE SHEET Strong Cash Flow with Strategic Approach to Capital Allocation Operating Cash Flow Capital Structure 9 (1) Adjusted EBITDA and Net Debt are non-GAAP financial measures. Refer to the appendix of the presentation for a reconciliation to the nearest GAAP measure. (2) Represents operating cash taxes paid to the IRS and other state & local taxing authorities. Does not include the portion of our tax obligation distributed to non-controlling interest holders as a financing cash outflow. (3) Carries interest at term secured overnight financing rate ("Term SOFR") plus a margin ranging from 125 to 175 basis points, depending on borrowing capacity. Facility Maturity Interest Rate As of 5/4/25 Senior ABL Credit Facility 2/9/29 S + 125(3) 100 Senior Term Loan due 2028 7/27/28 S + 200 1,245 Senior Term Loan due 2031 2/9/31 S + 200 939 Total Debt $2,284 Less: Cash & Cash Equivalents (8) Net Debt(1) $2,276 Capital Allocation ($ in Millions) Share Repurchases ($39M) Capital Expenditures ($13M) Debt Service ($6M) $58M (1) (2)

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![](cnmq12025investorpresent010.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. FISCAL 2025 OUTLOOK 10 Considerations ▪ Reaffirming FY25 outlook ▪ Uncertainty surrounding tariffs, inflation, interest rates and their potential impact on construction activity persists ▪ Continue to expect sales growth of 4% to 7% for fiscal 2025, excluding the effects of one less selling week compared with fiscal 2024 ▪ Gross margins expected to improve from the execution of private label, sourcing optimization and pricing initiatives ▪ Strong cash flow generation to fuel organic growth, M&A strategy and return of capital to shareholders ▪ Underlying macro fundamentals support long-term growth opportunity End Market Assumptions % of Net Sales FY25 Outlook Residential ~20% Flat Non-Residential ~38% Flat Municipal ~42% Up Low-Single Digits (1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Refer to "Use of Non-GAAP Financial Measures" for a discussion regarding the lack of a reconciliation of these estimated ranges. Metric FY24 FY25 Outlook Net Sales ($ in Millions) $7,441 $7,600 - $7,800 Adjusted EBITDA(1) ($ in Millions) $930 $950 - $1,000 Adjusted EBITDA Margin(1) 12.5% 12.5% - 12.8% Operating Cash Flow ($ in Millions) $621 $570 - $650 Reaffirming Guidance for the Year

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![](cnmq12025investorpresent011.jpg)

Appendix

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![](cnmq12025investorpresent012.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. 42% 38% 20% Municipal Non-Residential Residential 19% 12 CORE & MAIN SNAPSHOT Key Stats Market Reach $10.7B Market Cap(1) $7.6B LTM Net Sales $937M LTM Adjusted EBITDA 370+ Branches ~5,700 Associates 49 U.S. States 60K+ Customers 5,000+ Suppliers Market Share Product Mix $39B TAM(3) 50%50% New Construction Repair & Replacement Market Mix New Construction vs. Repair & Replace (1) As of May 4, 2025. (2) Adjusted EBITDA is a non-GAAP financial measure. Refer to page 17 of the presentation for a reconciliation to the nearest GAAP measure. (3) Based on independent third-party research and management estimates. Leader in Advancing Reliable Infrastructure with Local Service, Nationwide $438M LTM Net Income Branch locations Headquarters 225K+ Products 67% 16% 9% 8% Pipes, Valves & Fittings Storm Drainage Meters Fire Protection

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![](cnmq12025investorpresent013.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. 60 – 70% Operating Cash Flow Conversion 30 – 50 bps Adjusted EBITDA Margin Enhancement +2 – 4% Growth from Acquisitions +2 – 4% Organic Above Market Volume Growth +2 – 4% Market Volume Growth Fusible HDPE Solutions Treatment Plant Greenfield Expansion ANNUAL VALUE CREATION TARGETS Multiple Levers to Drive Sustainable Growth and Margin Expansion Over the Long Term 13

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![](cnmq12025investorpresent014.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. PRODUCT & SERVICE OFFERING 14

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![](cnmq12025investorpresent015.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. CAPITAL ALLOCATION FRAMEWORK 15 Priority Uses for Capital Organic Growth & Operational Initiatives M&A Share Repurchases or Dividends Significant Cash Generation with a Focus on Fueling Growth & Shareholder Returns ▪ Expect future capital expenditures to average ~0.5% – 0.6% of net sales ▪ Maintain a robust M&A pipeline and a disciplined approach to sourcing, acquiring and integrating businesses ▪ Deploy surplus capital towards share repurchases and/or, subject to board approval, dividends Operating Cash Flow Target ~60% – 70% of Adjusted EBITDA Maintain Flexible Balance Sheet with Net Debt Leverage Target of 1.5x – 3.0x

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![](cnmq12025investorpresent016.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. 16 FY17 – FY20 FY21 FY22 FY23 FY24 Total ▪ Landscape & Construction Supplies ▪ UPSCO ▪ Midwest Pipe Supply ▪ Foster Supply ▪ D'Angelo Company ▪ Enviroscape ▪ Granite Water Works ▪ Lee Supply Company ▪ Minnesota Pipe & Equipment ▪ STL Fab & Supply ▪ DOT Sales ▪ Finish Line Systems ▪ DCL Fabrication & Supply ▪ Maskell Pipe & Supply ▪ Long Island Pipe Supply ▪ J&J Supply ▪ Erosion Resources & Supply ▪ R&B Company ▪ Water Works Supply ▪ Triple T Pipe & Supply ▪ Pacific Pipe ▪ L&M Bag and Supply ▪ CES Industrial Piping Supply ▪ Catalone Pipe & Supply ▪ Dodson Engineered Products ▪ Lock City Supply ▪ Earthsavers Erosion Control ▪ Inland Water Works Supply ▪ Trumbull ▪ Distributors ▪ Lanier Municipal Supply Co. ▪ Eastern Supply ▪ Dana Kepner ▪ ACF West ▪ EGW Utilities ▪ Geothermal Supply Company ▪ HM Pipe Products ▪ GroGreen Solutions ▪ Green Equipment Company ▪ Eastcom Associates ▪ ARGCO COMPOUNDING GROWTH THROUGH M&A (1) Reflects last twelve months net sales in the year acquired. 10 Acquisitions 41 Acquisitions ~$620M Net Sales(1) ~$1,760M Net Sales(1) 11 Acquisitions ~$500M Net Sales(1) 5 Acquisitions ~$150M Net Sales(1) 7 Acquisitions ~$160M Net Sales(1) 8 Acquisitions ~$330M Net Sales(1)

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![](cnmq12025investorpresent017.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. RECONCILIATION OF NON-GAAP MEASURES 17 (1) Includes depreciation of certain assets which are reflected in "cost of sales" in our Statement of Operations. (2) Represents expenses associated with acquisition activities, including transaction costs, post-acquisition employee retention bonuses, severance payments and expense recognition of purchase accounting fair value adjustments (excluding amortization). ($ in Millions) Adjusted EBITDA & Adjusted EBITDA Margin Three Months Ended Fiscal Years Ended May 4, 2025 April 28, 2024 Net income attributable to Core & Main, Inc. 100$95$ Plus: net income attributable to non-controlling interest 5 6 Net income 105 101 Depreciation and amortization (1) 47 44 Provision for income taxes 36 33 Interest expense 30 34 EBITDA 218$212$ Equity-based compensation 5 3 Acquisition expenses (2) 1 2 Adjusted EBITDA 224$217$ Adjusted EBITDA Margin: Net Sales 1,911$1,741$ Adjusted EBITDA / Net Sales 11.7% 12.5% Net Income Margin: Net Sales 1,911$1,741$ Net Income / Net Sales 5.5% 5.8%

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![](cnmq12025investorpresent018.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. May 4, 2025 February 2, 2025 April 28, 2024 Senior ABL Credit Facility due February 2029 100$93$241$ Senior Term Loan due July 2028 1,245 1,248 1,459 Senior Term Loan due February 2031 939 942 749 Total Debt 2,284$2,283$2,449$ Less: Cash & Cash Equivalents (8) (8) (30) Net Debt 2,276$2,275$2,419$ As of RECONCILIATION OF NON-GAAP MEASURES 18 ($ in Millions) Net Debt

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