# EDGAR Filing Document

**Accession Number:** 0001856525
**File Stem:** 0001856525-25-000172
**Filing Date:** 2025-9
**Character Count:** 66266
**Document Hash:** fb3751d2bb681c0411470bc670de73da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001856525-25-000172.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001856525-25-000172

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250909

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**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:** 251301661

**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-20250909

**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): September 9, 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. ☐

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

On September 9, 2025, Core & Main, Inc. ("Core & Main") issued a press release announcing its results of operations for the fiscal second quarter ended August 3, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

On September 9, 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.

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**Item 9.01. Financial Statements and Exhibits**

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

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Earnings release dated September 9, 2025 - Core & Main Announces Fiscal 2025 Second Quarter Results](cnmq22025earningspressrele.htm)</u>\*\* |
| 99.2 | <u>[Investor presentation dated September 9, 2025](cnmq22025investorpresent.htm)</u>\*\* |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document)\* |

---

\* Filed herewith.

\*\* Furnished herewith.

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**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: September 9, 2025

## Exhibit 99.1

News Release

**FOR IMMEDIATE RELEASE**

**Core & Main Announces Fiscal 2025 Second Quarter Results**

ST. LOUIS, Sept. 9, 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 second quarter ended August 3, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales increased 6.6% to $2,093 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit increased 8.1% to $560 million; gross profit margin was 26.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income increased 11.9% to $141 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA (Non-GAAP) increased 3.5% to $266 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted earnings per share increased 14.8% to $0.70

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Diluted Earnings Per Share (Non-GAAP) increased 13.0% to $0.87

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net cash provided by operating activities of $34 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Opened new locations in Kansas City, Kansas and Columbus, Wisconsin after the quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announced the acquisition of Canada Waterworks after the quarter

"I am proud of our associates' dedication to supporting customers in delivering critical infrastructure projects," said Mark Witkowski, CEO of Core & Main.

"We achieved roughly 7% net sales growth in the second quarter and our balanced end market exposure served us well, with strength in municipal demand and stability in non-residential demand helping to offset softness in residential lot development. We drove significant sales growth across key initiatives, including treatment plant and fusible high-density polyethylene projects, where our technical expertise and consistent execution set us apart. We also continued to expand gross margins, both sequentially and year-over-year, through better price realization and the execution of our private label and sourcing initiatives. The strong cash flow we generate enables us to reinvest in growth and market share gains. After the quarter, we opened two new locations in priority markets and completed an acquisition that expands our platform in Canada.

At the same time, we are operating in an environment marked by higher operating expenses and softer residential demand. To address these dynamics, we have implemented targeted actions to improve productivity and operating margins. As a result of these trends, we're lowering our expectations for full-year net sales to $7,600 to $7,700 million, Adjusted EBITDA to $920 to $940 million, and operating cash flow to $550 to $610 million.

We remain confident in our long-term growth and margin expansion opportunities, and in our ability to balance strategic investments with disciplined cost control to drive continued growth and efficiency. With our broad portfolio of products and services, Core & Main is well-positioned to benefit from sustained investment in U.S. water infrastructure. We remain committed to delivering value to our customers, suppliers, communities and shareholders."

cont.

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**Three Months Ended August 3, 2025**

Net sales for the three months ended August 3, 2025 increased $129 million, or 6.6%, to $2,093 million compared with $1,964 million for the three months ended July 28, 2024. Net sales increased primarily due to higher volumes and acquisitions. Net sales increased for pipes, valves & fittings, storm drainage and fire protection products due to higher volumes and acquisitions. Net sales of meter products declined due to project delays in the current quarter following substantial growth in the prior year period.

Gross profit for the three months ended August 3, 2025 increased $42 million, or 8.1%, to $560 million compared with $518 million for the three months ended July 28, 2024. Gross profit as a percentage of net sales for the three months ended August 3, 2025 was 26.8% compared with 26.4% for the three months ended July 28, 2024. The overall increase in gross profit as a percentage of net sales was primarily attributable to favorable impacts from the execution of our gross margin initiatives.

Selling, general and administrative ("SG&A") expenses for the three months ended August 3, 2025 increased $34 million, or 12.7%, to $302 million compared with $268 million during the three months ended July 28, 2024. SG&A expenses as a percentage of net sales were 14.4% for the three months ended August 3, 2025 compared with 13.6% for the three months ended July 28, 2024. The increase was primarily attributable to higher personnel expenses, including higher variable compensation costs from an increase in gross profit, higher employee benefits costs and other distribution-related expenses driven by inflation and increased sales volume.

Operating income for the three months ended August 3, 2025 increased $9 million, or 4.4%, to $213 million compared with $204 million during the three months ended July 28, 2024. The increase in operating income was primarily attributable to higher gross profit partially offset by higher SG&A expenses.

Net income for the three months ended August 3, 2025 increased $15 million, or 11.9%, to $141 million compared with $126 million for the three months ended July 28, 2024. The increase in net income was primarily attributable to an increase in operating income and a decrease in interest expense.

The Class A common stock basic earnings per share for the three months ended August 3, 2025 increased 14.5% to $0.71 compared with $0.62 for the three months ended July 28, 2024. The Class A common stock diluted earnings per share for the three months ended August 3, 2025 increased 14.8% to $0.70 compared with $0.61 for the three months ended July 28, 2024. The increase in basic and diluted earnings per share was attributable to an increase in net income and lower Class A share counts following share repurchase transactions executed throughout fiscal 2024 and fiscal 2025.

Adjusted EBITDA for the three months ended August 3, 2025 increased $9 million, or 3.5%, to $266 million compared with $257 million for the three months ended July 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.

Adjusted Diluted Earnings Per Share for the three months ended August 3, 2025 increased 13.0% to $0.87 compared with $0.77 for the three months ended July 28, 2024. The increase in Adjusted Diluted Earnings Per Share was primarily attributable to an increase in net income and lower Class A share counts following the share repurchase transactions executed throughout fiscal 2024 and fiscal 2025. For a reconciliation of Adjusted Diluted Earnings Per Share to diluted earnings per share, the most comparable GAAP (as defined below) financial metric, as applicable, see "Non-GAAP Financial Measures" below.

Core & Main Announces Fiscal 2025 Second Quarter Results

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**Six Months Ended August 3, 2025**

Net sales for the six months ended August 3, 2025 increased $299 million, or 8.1%, to $4,004 million compared with $3,705 million for the six months ended July 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 selling prices partially offset by acquisitions.

Gross profit for the six months ended August 3, 2025 increased $84 million, or 8.5%, to $1,070 million compared with $986 million for the six months ended July 28, 2024. Gross profit as a percentage of net sales for the six months ended August 3, 2025 was 26.7% compared with 26.6% for the six months ended July 28, 2024. The overall increase in gross profit as a percentage of net sales was primarily attributable to favorable impacts from the execution of our gross margin initiatives and accretive acquisitions partially offset by higher average cost of inventory this year compared to the prior year.

SG&A expenses for the six months ended August 3, 2025 increased $70 million, or 13.3%, to $595 million compared with $525 million during the six months ended July 28, 2024. SG&A expenses as a percentage of net sales were 14.9% for the six months ended August 3, 2025 compared with 14.2% for the six months ended July 28, 2024. The increase was primarily attributable to higher personnel expenses, including higher variable compensation costs from an increase in gross profit, higher acquisition related costs, higher employee benefits costs and other distribution-related expenses driven by inflation and increased sales volume.

Operating income for the six months ended August 3, 2025 increased $12 million, or 3.2%, to $384 million compared with $372 million during the six months ended July 28, 2024. The increase in operating income was primarily attributable to higher gross profit partially offset by higher SG&A expenses.

Net income for the six months ended August 3, 2025 increased $19 million, or 8.4%, to $246 million compared with $227 million for the six months ended July 28, 2024. The increase in net income was primarily attributable to an increase in operating income and a decrease in interest expense.

The Class A common stock basic earnings per share for the six months ended August 3, 2025 increased 10.8% to $1.23 compared with $1.11 for the six months ended July 28, 2024. The Class A common stock diluted earnings per share for the six months ended August 3, 2025 increased 9.9% to $1.22 compared with $1.11 for the six months ended July 28, 2024. The basic and 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 six months ended August 3, 2025 increased $16 million, or 3.4%, to $490 million compared with $474 million for the six months ended July 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.

Adjusted Diluted Earnings Per Share for the six months ended August 3, 2025 increased 9.2% to $1.55 compared with $1.42 for the six months ended July 28, 2024. The increase in Adjusted Diluted Earnings Per Share was primarily attributable to an increase in net income and lower Class A share counts following the share repurchase transactions executed throughout fiscal 2024 and fiscal 2025. For a reconciliation of Adjusted Diluted Earnings Per Share to diluted earnings per share, the most comparable GAAP (as defined below) financial metric, as applicable, see "Non-GAAP Financial Measures" below.

Core & Main Announces Fiscal 2025 Second Quarter Results

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**Liquidity and Capital Resources**

Net cash provided by operating activities was $111 million for the six months ended August 3, 2025 compared with $126 million for the six months ended July 28, 2024. The $15 million decrease in cash provided by operating activities was due to a higher investment in working capital in the six months ended August 3, 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 August 3, 2025 was $2,253 million compared with $2,439 million as of July 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").

As of August 3, 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 August 3, 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**

For fiscal 2025, a 52-week year compared to fiscal 2024, a 53-week year, Core & Main has lowered its outlook as reflected in the guidance below. The revised expectations take into account current market conditions and higher operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales of $7,600 to $7,700 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales growth of 2% to 3%, reflecting average daily sales growth of 4% to 5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA (Non-GAAP) of $920 to $940 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA Margin (Non-GAAP) of 12.1% to 12.2%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating Cash Flow of $550 to $610 million

**Conference Call & Webcast Information**

Core & Main will host a conference call and webcast on September 9, 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 530343. 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, nationwide. 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 Fiscal 2025 Second Quarter Results

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**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.

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

Core & Main Announces Fiscal 2025 Second Quarter Results

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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.

**Contacts**

**Investor Relations:**

Glenn Floyd, 314-995-9108

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

**Media Relations:**

Patrick Lunsford, 314-789-0726

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

Core & Main Announces Fiscal 2025 Second Quarter Results

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**CORE & MAIN, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **August 3, 2025** | **July 28, 2024** | **August 3, 2025** | **July 28, 2024** |
| Net sales | $2093 | $1964 | $4004 | $3705 |
| Cost of sales | 1533 | 1446 | 2934 | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 560 | 518 | 1070 | 986 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 302 | 268 | 595 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 45 | 46 | 91 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 347 | 314 | 686 | 614 |
| Operating income | 213 | 204 | 384 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 31 | 36 | 61 | 70 |
| Income before provision for income taxes | 182 | 168 | 323 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 41 | 42 | 77 | 75 |
| Net income | 141 | 126 | 246 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: net income attributable to non-controlling interests | 7 | 7 | 12 | 13 |
| Net income attributable to Core & Main, Inc. | $134 | $119 | $234 | $214 |
| **Earnings per share ("EPS")** |  |  |  |  |
| Basic | $0.71 | $0.62 | $1.23 | $1.11 |
| Diluted | $0.70 | $0.61 | $1.22 | $1.11 |
| **Number of shares used in computing EPS** |  |  |  |  |
| Basic | 189904002 | 192797961 | 189855388 | 192495255 |
| Diluted | 198302610 | 202667354 | 198503146 | 202640993 |

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Core & Main Announces Fiscal 2025 Second Quarter Results

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**CORE & MAIN, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

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

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| | | |
|:---|:---|:---|
| | **August 3, 2025** | **February 2, 2025** |
| **ASSETS** | | |
| Current assets: |  |  |
| Cash and cash equivalents | $25 | $8 |
| Receivables, net of allowance for credit losses of $21 and $18, respectively | 1357 | 1066 |
| Inventories | 1056 | 908 |
| Prepaid expenses and other current assets | 72 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2510 | 2025 |
| Property, plant and equipment, net | 175 | 168 |
| Operating lease right-of-use assets | 275 | 244 |
| Intangible assets, net | 867 | 935 |
| Goodwill | 1898 | 1898 |
| Deferred income taxes | 579 | 558 |
| Other assets | 2 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $6306 | $5870 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| Current maturities of long-term debt | $24 | $24 |
| Accounts payable | 758 | 562 |
| Accrued compensation and benefits | 94 | 123 |
| Current operating lease liabilities | 73 | 67 |
| Other current liabilities | 168 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1117 | 866 |
| Long-term debt | 2234 | 2237 |
| Non-current operating lease liabilities | 203 | 178 |
| Deferred income taxes | 88 | 87 |
| Tax receivable agreement liabilities | 680 | 706 |
| Other liabilities | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4344 | 4096 |
| Commitments and contingencies |  |  |
| Class A common stock, par value $0.01 per share, 1,000,000,000 shares authorized, 190,491,983 and 189,815,899 shares issued and outstanding as of August 3, 2025 and February 2, 2025, respectively | 2 | 2 |
| Class B common stock, par value $0.01 per share, 500,000,000 shares authorized, 6,932,015 and 7,936,061 shares issued and outstanding as of August 3, 2025 and February 2, 2025, respectively |  |  |
| Additional paid-in capital | 1243 | 1220 |
| Retained earnings | 642 | 449 |
| Accumulated other comprehensive (loss) income | (1) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity attributable to Core & Main, Inc. | 1886 | 1698 |
| Non-controlling interests | 76 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1962 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $6306 | $5870 |

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Core & Main Announces Fiscal 2025 Second Quarter Results

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**CORE & MAIN, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

*Amounts in millions, unaudited*

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| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **August 3, 2025** | **July 28, 2024** |
| **Cash Flows From Operating Activities:** | | |
| Net income | $246 | $227 |
| Adjustments to reconcile net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 96 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation expense | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense | 7 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 7 | 7 |
| Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivables | (300) | (263) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in inventories | (152) | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | (5) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable | 196 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued liabilities | 6 | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 111 | 126 |
| **Cash Flows From Investing Activities:** |  |  |
| Capital expenditures | (23) | (16) |
| Acquisitions of businesses, net of cash acquired |  | (596) |
| Other | (5) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (28) | (618) |
| **Cash Flows From Financing Activities:** |  |  |
| Repurchase and retirement of equity interests | (47) | (21) |
| Distributions to non-controlling interest holders | (4) | (7) |
| Payments pursuant to Tax Receivable Agreements | (18) | (11) |
| Borrowings on asset-based revolving credit facility | 100 | 605 |
| Repayments on asset-based revolving credit facility | (93) | (785) |
| Issuance of long-term debt |  | 750 |
| Repayments of long-term debt | (12) | (11) |
| Debt issuance costs |  | (14) |
| Other | 8 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | (66) | 504 |
| Increase in cash and cash equivalents | 17 | 12 |
| Cash and cash equivalents at the beginning of the period | 8 | 1 |
| Cash and cash equivalents at the end of the period | $25 | $13 |
| Cash paid for interest (excluding effects of interest rate swap) | $49 | $95 |
| Cash paid for income taxes | 69 | 84 |

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Core & Main Announces Fiscal 2025 Second Quarter Results

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**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, Net Debt and Adjusted Diluted Earnings Per Share, 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, net income attributable to Core & Main, Inc. or diluted earnings per share, 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 secondary 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 define Adjusted Diluted Earnings Per Share as diluted earnings per share adjusted for (a) amortization of intangible assets, (b) loss on debt modification and extinguishment, (c) equity-based compensation, (d) expenses associated acquisition activities, (e) the initial public offering and subsequent secondary offerings and (f) the tax impact of these Non-GAAP adjusted, divided by the weighted-average number of shares of our common stock outstanding on a fully diluted basis for the applicable period. Diluted earnings per share is the most directly comparable GAAP measure to Adjusted Diluted Earnings Per Share.

We use EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Net Debt and Adjusted Diluted Earnings Per Share to assess the operating results and effectiveness and efficiency of our business. Adjusted EBITDA and Adjusted Diluted Earnings Per Share include 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.

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.

Core & Main Announces Fiscal 2025 Second Quarter Results

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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** | **Six Months Ended** | **Six Months Ended** |
|  | **August 3, 2025** | **July 28, 2024** | **August 3, 2025** | **July 28, 2024** |
| Net income attributable to Core & Main, Inc. | $134 | $119 | $234 | $214 |
| Plus: net income attributable to non-controlling interest | 7 | 7 | 12 | 13 |
| Net income | 141 | 126 | 246 | 227 |
| Depreciation and amortization <sup>(1)</sup> | 46 | 47 | 93 | 91 |
| Provision for income taxes | 41 | 42 | 77 | 75 |
| Interest expense | 31 | 36 | 61 | 70 |
| EBITDA | $259 | $251 | $477 | $463 |
| Equity-based compensation | 5 | 4 | 10 | 7 |
| Acquisition expenses <sup>(2)</sup> | 2 | 2 | 3 | 4 |
| Adjusted EBITDA | $266 | $257 | $490 | $474 |

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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 and expense recognition of purchase accounting fair value adjustments (excluding amortization).

Core & Main Announces Fiscal 2025 Second Quarter Results

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The following table sets forth a reconciliation of diluted earnings per share to Adjusted Diluted Earnings Per Share for the periods presented:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **August 3, 2025** | **July 28, 2024** | **August 3, 2025** | **July 28, 2024** |
| Diluted earnings per share | $0.70 | $0.61 | $1.22 | $1.11 |
| Amortization of intangible assets | 0.19 | 0.19 | 0.37 | 0.36 |
| Equity-based compensation | 0.03 | 0.02 | 0.05 | 0.03 |
| Acquisition expenses <sup>(1)</sup> | 0.01 | 0.01 | 0.02 | 0.02 |
| Income tax impact of adjustments <sup>(2)</sup> | (0.06) | (0.06) | (0.11) | (0.10) |
| Adjusted Diluted Earnings Per Share | $0.87 | $0.77 | $1.55 | $1.42 |

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Years Ended** | **Fiscal Years Ended** | **Fiscal Years Ended** |
| | **February 2, 2025** | **January 28, 2024** | **January 29, 2023** |
| Diluted earnings per share | $2.13 | $2.15 | $2.13 |
| Amortization of intangible assets | 0.75 | 0.54 | 0.49 |
| Equity-based compensation | 0.07 | 0.04 | 0.04 |
| Acquisition expenses <sup>(1)</sup> | 0.05 | 0.03 | 0.02 |
| Offering expenses <sup>(3)</sup> |  | 0.02 |  |
| Income tax impact of adjustments <sup>(2)</sup> | (0.22) | (0.16) | (0.13) |
| Adjusted Diluted Earnings Per Share | $2.78 | $2.62 | $2.55 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)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).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents the tax impact on non-GAAP adjustments for amortization of intangibles, equity-based compensation, acquisition expenses and offering expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents costs related to our initial public offering and subsequent secondary offerings reflected in selling, general and administrative expenses in our Statement of Operations.

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

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| | | |
|:---|:---|:---|
| *(Amounts in millions)* | **As of** | **As of** |
|  | **August 3, 2025** | **July 28, 2024** |
| Senior ABL Credit Facility due February 2029 | $100 | $250 |
| Senior Term Loan due July 2028 | 1241 | 1455 |
| Senior Term Loan due February 2031 | 937 | 747 |
| Total Debt | $2278 | $2452 |
| Less: Cash & Cash Equivalents | (25) | (13) |
| Net Debt | $2253 | $2439 |

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

Core & Main Announces Fiscal 2025 Second Quarter Results

## Exhibit 99.2

![](cnmq22025investorpresent001.jpg)

Fiscal 2025 Second Quarter Results SEPTEMBER 9, 2025

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![](cnmq22025investorpresent002.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. 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, Net Debt, Adjusted Diluted Earnings Per Share ("Adjusted Diluted EPS)", Free Cash Flow and Free Cash Flow Yield, 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, net income attributable to Core & Main, Inc. or diluted earnings per share, as applicable, or other financial statement data presented in our financial statements as an indicator of our financial performance or liquidity. We use EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Net Debt, Adjusted Diluted EPS, Free Cash Flow and Free Cash Flow Yield 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 August 3, 2025 and three months ended July 28, 2024 included 13 weeks and each of the six months ended August 3, 2025 and six months ended July 28, 2024 included 26 weeks. The current fiscal year ending February 1, 2026 ("fiscal 2025") will include 52 weeks. 2

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![](cnmq22025investorpresent003.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. TODAY'S PRESENTERS Mark Witkowski Chief Executive Officer Robyn Bradbury Chief Financial Officer Glenn Floyd Director, Investor Relations 3

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![](cnmq22025investorpresent004.jpg)

Business Update MARK WITKOWSKI

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![](cnmq22025investorpresent005.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. Q2 2025 BUSINESS UPDATE Driving Solid Growth & Gross Margin Expansion 5 ▪ Solid sales growth supported by balanced end markets and the execution of our product, customer and geographic expansion initiatives ▪ Strength in municipal demand and stability in non-residential partially offset softer residential lot development demand in the quarter ▪ Gross margin expansion driven by pricing discipline and initiative execution ▪ Targeted cost-out actions underway to improve operating margins ▪ Strong cash flow generation fueling organic growth, M&A strategy and return of capital to shareholders ▪ Continued to make investments in organic and inorganic growth opportunities ̶ Opened new locations in Kansas City, Kansas and Columbus, Wisconsin ̶ Announced the acquisition of Canada Waterworks on 9/2/2025

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![](cnmq22025investorpresent006.jpg)

Financial Results ROBYN BRADBURY

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![](cnmq22025investorpresent007.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. $0.61 $0.70 Q2'24 Q2'25 $1,964 $2,093 Q2'24 Q2'25 7 Q2 2025 FINANCIAL RESULTS Net Sales Net Income ($ in Millions, Except Per Share Amounts) Gross Profit Adjusted EBITDA(1) Diluted EPS Adjusted Diluted EPS(1) (1) Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Diluted EPS are non-GAAP financial measures. Refer to the appendix of the presentation for a reconciliation to the nearest GAAP measure. +7% $518 $560 Q2'24 Q2'25 % of Sales 26.8%26.4% +40 bps +8% $126 $141 Q2'24 Q2'25 6.7%6.4% +30 bps % of Sales +12% $257 $266 Q2'24 Q2'25 12.7%13.1% (40 bps) % of Sales(1) +4% +15% $0.77 $0.87 Q2'24 Q2'25 +13%

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![](cnmq22025investorpresent008.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. $266 ($166) ($40) ($27) $1 $34 Q2'25 Adjusted EBITDA Working Capital Taxes Interest Other Q2'25 Operating Cash Flow 4.6% 3.0% 2.8% Core & Main Specialty Distributor Peers S&P 500 8 CASH FLOW & BALANCE SHEET ($ in Millions) Operating Cash Flow Capital Structure Capital Allocation Free Cash Flow Yield(1)(4) (1) Adjusted EBITDA, Net Debt and Free Cash Flow Yield 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. (4) Defined as last twelve months free cash flow (net cash provided by operating activities minus capital expenditures) divided by market capitalization as of 8/3/2025. (5) Includes Ferguson, SiteOne Landscape Supply, Pool Corporation and Watsco. Facility Maturity Interest Rate As of 8/3/25 Senior ABL Credit Facility 2/9/29 S + 125(3) 100 Senior Term Loan due 2028 7/27/28 S + 200 1,241 Senior Term Loan due 2031 2/9/31 S + 200 937 Total Debt $2,278 Less: Cash & Cash Equivalents (25) Net Debt(1) $2,253 Share Repurchases ($8M) Capital Expenditures ($10M) Debt Service ($6M) $24M (5) (1) (2)

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![](cnmq22025investorpresent009.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. FISCAL 2025 OUTLOOK 9 Considerations ▪ Lowering outlook to reflect current market conditions and higher operating expenses ▪ Expect FY25 sales growth of 4% to 5%, excluding the effects of one less selling week vs. FY24 ▪ End markets expected to be down slightly for the year on softer residential lot development demand ▪ On track to deliver 2% to 4% organic above-market growth ▪ FY25 gross margin expected to exceed prior year, supported by private label, sourcing optimization and pricing initiatives ▪ Targeted SG&A actions underway to enhance operating margins End Market Assumptions % of Net Sales FY25 Outlook Residential ~20% Down Low Double Digits 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 $7,441 $7,600 - $7,700 Adjusted EBITDA(1) $930 $920 - $940 Adjusted EBITDA Margin(1) 12.5% 12.1% - 12.2% Operating Cash Flow $621 $550 - $610 ($ in Millions)

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Appendix

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![](cnmq22025investorpresent011.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. 42% 38% 20% Municipal Non-Residential Residential 19% 11 CORE & MAIN SNAPSHOT Key Stats Market Reach $12.4B Market Cap(1) $7.7B LTM Net Sales $946M LTM Adjusted EBITDA(2) 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 August 3, 2025. (2) Adjusted EBITDA is a non-GAAP financial measure. Refer to page 15 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 $453M LTM Net Income Branch locations Headquarters 225K+ Products 67% 16% 9% 8% Pipes, Valves & Fittings Storm Drainage Meters Fire Protection

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![](cnmq22025investorpresent012.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 12

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![](cnmq22025investorpresent013.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. PRODUCT & SERVICE OFFERING 13

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![](cnmq22025investorpresent014.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. CAPITAL ALLOCATION FRAMEWORK 14 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 dividends, subject to board approval 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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![](cnmq22025investorpresent015.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. RECONCILIATION OF NON-GAAP MEASURES 15 (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 Six Months Ended Twelve Months Ended August 3, 2025 July 28, 2024 August 3, 2025 July 28, 2024 August 3, 2025 Net income attributable to Core & Main, Inc. 134$119$234$214$431$ Plus: net income attributable to non-controlling interest 7 7 12 13 22 Net income 141 126 246 227 453 Depreciation and amortization (1) 46 47 93 91 188 Provision for income taxes 41 42 77 75 145 Interest expense 31 36 61 70 133 EBITDA 259$251$477$463$919$ Equity-based compensation 5 4 10 7 17 Acquisition expenses (2) 2 2 3 4 10 Adjusted EBITDA 266$257$490$474$946$ Adjusted EBITDA Margin: Net Sales 2,093$1,964$4,004$3,705$7,740$ Adjusted EBITDA / Net Sales 12.7% 13.1% 12.2% 12.8% 12.2% Net Income Margin: Net Sales 2,093$1,964$4,004$3,705$7,740$ Net Income / Net Sales 6.7% 6.4% 6.1% 6.1% 5.9%

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![](cnmq22025investorpresent016.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. RECONCILIATION OF NON-GAAP MEASURES 16 Adjusted Diluted EPS (1) 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). (2) Represents costs related to our initial public offering and subsequent secondary offerings reflected in selling, general and administrative expenses in our Statement of Operations. (3) Represents the tax impact on non-GAAP adjustments for amortization of intangibles, equity-based compensation, acquisition expenses and offering expenses. August 3, 2025 July 28, 2024 August 3, 2025 July 28, 2024 February 2, 2025 January 28, 2024 January 29, 2023 Diluted earnings per share 0.70$0.61$1.22$1.11$2.13$2.15$2.13$ Amortization of intangible assets 0.19 0.19 0.37 0.36 0.75 0.54 0.49 Equity-based compensation 0.03 0.02 0.05 0.03 0.07 0.04 0.04 Acquisition expenses (1) 0.01 0.01 0.02 0.02 0.05 0.03 0.02 Offering expenses (2) - - - - - 0.02 - Income tax impact of adjustments (3) (0.06) (0.06) (0.11) (0.10) (0.22) (0.16) (0.13) Adjusted Diluted Earnings Per Share 0.87$0.77$1.55$1.42$2.78$2.62$2.55$ Fiscal Years EndedThree Months Ended Six Months Ended

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![](cnmq22025investorpresent017.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. RECONCILIATION OF NON-GAAP MEASURES 17 ($ in Millions, Except Share and Per Share Amounts) Free Cash Flow & Free Cash Flow Yield (1) As of August 3, 2025. Twelve Months Ended August 3, 2025 August 3, 2025 May 4, 2025 February 2, 2025 October 27, 2024 Operating Cash Flow 606$34$77$235$260$ Less: Capital Expenditures (42) (10) (13) (11) (8) Free Cash Flow 564$24$64$224$252$ Class A Shares (1) 190,491,983 Class B Shares (1) 6,932,015 Total Shares Outstanding 197,423,998 Share Price (1) 62.68$ Market Capitalization 12,375$ Free Cash Flow Yield 4.6% Three Months Ended

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![](cnmq22025investorpresent018.jpg)© Core & Main All Rights Reserved. Confidential and Proprietary Information. RECONCILIATION OF NON-GAAP MEASURES 18 ($ in Millions) Net Debt August 3, 2025 July 28, 2024 Senior ABL Credit Facility due February 2029 100$250$ Senior Term Loan due July 2028 1,241 1,455 Senior Term Loan due February 2031 937 747 Total Debt 2,278$2,452$ Less: Cash & Cash Equivalents (25) (13) Net Debt 2,253$2,439$ As of

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