8 Attractive financial profile with efficient operating model © Core & Main All Rights Reserved. Confidential and Proprietary Information. 18 OUR APPROACH TO M&A | --- | --- | --- | --- | --- | --- | --- | --- | |-------------|-------------|--------------|---------------|-----------------------------------------|------------|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Market Overview - Core & Main estimates its addressable market for water, wastewater, storm drainage, and fire protection products in the U.S. to be approximately $40 billion in annual sales for fiscal 2022[55]. - The company estimates that its net sales represented approximately 17% of the $40 billion addressable market in fiscal 2022[83]. - Approximately 39% of the company's net sales in fiscal 2022 were related to the municipal market, highlighting its dependence on municipal infrastructure spending[131]. Sales Breakdown - For fiscal 2022, approximately 39% of net sales were derived from the municipal construction sector, 39% from non-residential construction, and 22% from residential construction[1]. - Approximately 22% and 39% of the company's net sales in fiscal 2022 were directly related to the U.S. residential and non-residential construction markets, respectively[97]. - The company estimates that around 39% of its net sales in fiscal 2022 were linked to clean water and wastewater infrastructure, storm drainage, and fire protection systems supporting U.S. non-residential construction activity[102]. Product Categories - Pipes, valves, and fittings accounted for approximately 68% of net sales in fiscal 2022[79]. - Storm drainage products accounted for approximately 14% of net sales, while fire protection products accounted for about 11% of net sales in fiscal 2022[110][111]. - The company’s products include smart meter systems and fusible HDPE piping solutions, enhancing its offerings in the infrastructure sector[246]. Growth Strategy - The company plans to replicate successful expansion in underpenetrated geographies to drive future growth[58]. - Core & Main's strategic accounts program, which focuses on large-scale projects, represented less than 5% of fiscal 2022 net sales, indicating potential for growth in this area[76]. - The company utilizes its geographic footprint and customer relationships to introduce new products and technology, targeting underpenetrated product categories for growth[107]. Operational Efficiency - The company aims to enhance margins through pricing analytics and optimization of system-wide pricing, which could lead to long-term margin expansion[60]. - Gross margin improved by approximately 290 basis points from fiscal 2020 to fiscal 2022, driven by private label product expansion and category management optimization[105]. - The company is expanding its direct sourcing and distribution capabilities to drive further margin expansion in the future[105]. Customer Base - The company has a fragmented customer base of approximately 60,000 customers, with the top 50 customers representing about 12% of net sales in fiscal 2022[113]. - The company has a branch network that connects large suppliers with smaller volume customers, with each branch carrying approximately 4,500 SKUs on average[118]. Workforce - As of January 29, 2023, the company employed approximately 4,500 associates, including 1,700 in sales positions and 250 in branch management[121]. - The sales force includes approximately 550 field sales representatives with an average of over 13 years of experience in relevant industries[120]. - The company focuses on attracting and retaining talent through competitive compensation and training programs, contributing to low turnover rates[122]. Financial Risks - The company is subject to inventory management risks, which can impact sales opportunities and gross margins[133]. - The company faces competitive pressures in a fragmented market, with only one major national competitor and various regional and local competitors[134]. - Approximately 98% of the company's net sales volume in fiscal 2022 was facilitated through credit sales to customers whose ability to pay is dependent on economic strength[138]. Supply Chain and Regulatory Challenges - Supply chain constraints have led to increased pressure on the company's operations, resulting in significant inflation throughout fiscal 2022[141]. - Regulatory changes could increase the company's costs and impact its operations, particularly in relation to environmental and safety regulations[143]. - The company is dependent on third-party freight carriers, and a shortage of qualified drivers could impact product delivery and operational efficiency[170]. Debt and Financing - As of January 29, 2023, total consolidated indebtedness was $1,478 million, with $198 million in outstanding lease commitments[188]. - The company had the ability to borrow $1,238 million under the Senior ABL Credit Facility, subject to borrowing base availability[188]. - A one percentage point increase in interest rates would result in an approximately $27 million increase in annual interest expense on the Senior ABL Credit Facility and the Senior Term Loan Facility[190]. Corporate Governance and Ownership - CD&R Investors beneficially own approximately 65.4% of the combined voting power of the company's common stock, allowing them to control significant corporate actions[203]. - The company is classified as a "controlled company," with CD&R Investors holding a majority of the voting power, which allows it to rely on exemptions from certain corporate governance requirements[237]. - The company’s Certificate of Incorporation includes anti-takeover provisions that may discourage changes in management or control, potentially affecting the market price of its Class A common stock[235]. Stock and Market Performance - The market price of Class A common stock may be volatile and could decline, affecting liquidity and trading[228]. - Future sales of shares by the company or existing stockholders could lead to a decline in stock price[230]. - The company currently does not have an approved plan to pay dividends on its Class A common stock, intending to use future earnings for debt repayment and business development[206].

Core & Main, Inc. (NYSE:CNM) Q3 2022 Earnings Conference Call December 13, 2022 8:30 AM ET Company Participants Robyn Bradbury - Vice President, Finance and Investor Relations Steve LeClair - Chief Executive Officer Mark Witkowski - Chief Financial Officer Conference Call Participants Matthew Bouley - Barclays David Manthey - Baird Kathryn Thompson - Thompson Research Group Mike Dahl - RBC Capital Markets Keith Hughes - Truist Securities Vivek Srivastava - Goldman Sachs Patrick Baumann - JPMorgan David Ridl ...

Fiscal 2022 Third Quarter Results DECEMBER 13, 2022 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 facts contained in our accompanying Quarterly Report on Form 10-Q, including statements relating to our intentions, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number 001-40650 Core & Main, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or or ...

Financial Data and Key Metrics Changes - The company reported a net sales increase of 43% to $1.86 billion for the quarter, driven by price inflation, mid-single-digit volume growth, and contributions from acquisitions [26] - Gross profit increased 54% to $501 million, with a gross profit margin improvement of 190 basis points to 26.9% [27] - Adjusted net income for the second quarter was $169 million compared to $61 million in the prior year, reflecting strong sales growth and gross margin improvement [29] - Adjusted EBITDA increased approximately 79% to $277 million, with an adjusted EBITDA margin improvement of 300 basis points to 14.9% [30] Business Line Data and Key Metrics Changes - Municipal repair and replacement activity, which constitutes roughly 40% of net sales, remains strong with favorable bidding and backlog trends [9] - Nonresidential development, also making up 40% of net sales, showed positive activity despite some softness in certain metro areas [10][39] - Residential volume was healthy through the second quarter, but there are signs of potential softening in lot development due to rising interest rates [12][37] Market Data and Key Metrics Changes - The company noted strong demand across all end markets, with municipal budgets supporting repair and replacement activities [9] - There is a growing need for maintenance and repair of aging water and wastewater infrastructure, with an estimated $2.2 trillion required for repairs over the next 20 years [20] - The company expects funds from the Infrastructure Bill to strengthen investments in municipal water infrastructure repair starting in 2023 [21] Company Strategy and Development Direction - The company remains active in M&A, having closed several acquisitions that are expected to contribute approximately $95 million in annual net sales [17] - The focus is on executing key growth strategies, deepening competitive advantages, and building a foundation for long-term profitable growth [23] - The company aims to leverage its diversified end markets and customer base to provide stability compared to smaller distributors [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite challenges from inflation and supply chain constraints [6][19] - The company anticipates that demand for its products will remain strong, even as commodity prices may moderate [8] - There is an expectation of continued positive end market demand, although rising interest rates may impact residential lot development [36] Other Important Information - The company has a capital allocation plan that prioritizes maintaining financial strength while pursuing growth opportunities [34] - Net debt at the end of the quarter was $1.627 billion, with improved leverage to 1.9x due to increased adjusted EBITDA [32] Q&A Session Summary Question: Can you provide a breakout of price and volume expectations for the second half? - Management expects volume to be flat to slightly down, with price contributions in the low to mid-teens and acquisitions contributing a couple of points [42] Question: What are you seeing regarding inflation and product pricing? - Management noted stabilization in commodity-based products and some non-commodity products showing price increases [43] Question: Can you elaborate on the slowdown in residential lot development? - Management indicated that major metro areas are experiencing a pause in nonresidential and commercial construction, impacting fire protection products [46] Question: How are municipalities dealing with inflationary pressures? - Management reported that while some projects are being deferred due to product availability, municipal repair and replacement activity remains steady [56] Question: What is the outlook for the Infrastructure Bill's impact? - Management does not expect to see significant benefits from the Infrastructure Bill until 2023, as projects utilizing those funds are not yet evident [60] Question: Can you discuss the M&A pipeline and acquisition multiples? - Management indicated a strong pipeline for acquisitions, with multiples in the range of 6 to 9x adjusted EBITDA pre-synergies [69]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number 001-40650 Core & Main, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...

Core & Main, Inc. (NYSE:CNM) Q1 2022 Earnings Conference Call June 14, 2022 8:30 AM ET Company Participants Robyn Bradbury - VP, IR and FP&A Steve LeClair - CEO Mark Witkowski - CFO Conference Call Participants Elizabeth Langan - Barclays William Vranka - Wolfe Research Joseph Ritchie - Goldman Sachs Jamie Cook - Crédit Suisse Michael Dahl - RBC Capital Markets Patrick Baumann - J.P. Morgan Keith Hughes - Truist Securities David Manthey - Robert W. Baird Unidentified Analyst - Citigroup Kathryn Thompson - T ...

Fiscal 2022 First Quarter Results JUNE 14, 2022 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 facts contained in our accompanying Quarterly Report on Form 10-Q, including statements relating to our intentions, bel ...

Financial Performance - Net sales for the three months ended May 1, 2022, were $1,598 million, a 51.6% increase from $1,055 million for the same period in 2021[18] - Gross profit for the same period was $421 million, representing a gross margin of 26.3%, compared to $257 million and a gross margin of 24.4% in the prior year[18] - Operating income increased to $180 million, up from $69 million year-over-year, reflecting a significant improvement in operational efficiency[18] - Net income attributable to Core & Main, Inc. was $86 million, compared to $27 million in the same quarter last year, marking a 218.5% increase[18] - Adjusted EBITDA for the three months ended May 1, 2022 increased by $110 million, or 100.9%, to $219 million compared to $109 million for the same period in 2021[127] - EBITDA for the three months ended May 1, 2022, was $216 million, up from $104 million for the same period in 2021[143] - Net income for the three months ended May 1, 2022 increased by $110 million to $137 million compared to $27 million for the same period in 2021[123] - Selling, general and administrative expenses for the three months ended May 1, 2022 increased by $52 million, or 33.8%, to $206 million compared to $154 million for the same period in 2021[118] Assets and Equity - Total assets as of May 1, 2022, were $4,894 million, up from $4,434 million at the end of January 30, 2022, indicating strong asset growth[15] - Total stockholders' equity increased to $2,006 million from $1,831 million, reflecting a growth of 9.6%[15] - The gross goodwill as of May 1, 2022, was $1,517 million, reflecting an increase of $2 million during the three months ended May 1, 2022[55] - The company reported intangible assets valued at $1,354 million as of May 1, 2022, with accumulated amortization of $510 million[57] Cash Flow and Debt - Cash and cash equivalents remained stable at $1 million, with net cash used in operating activities of $37 million for the quarter[28] - The company reported a net interest rate swap gain of $37 million, contributing to total comprehensive income of $174 million for the quarter[21] - The Senior Term Loan Facility has a principal amount of $1,531 million due July 2028, with a weighted average interest rate of 3.57%[61] - The Senior ABL Credit Facility has a borrowing capacity of up to $850 million, with $57 million outstanding as of May 1, 2022, at a weighted average interest rate of 2.49%[62] - As of May 1, 2022, Core & Main had $1,546 million of outstanding variable-rate debt, with efforts to mitigate interest rate risk through interest rate swaps[100] Acquisitions and Growth Strategies - The company made acquisitions of businesses totaling $6 million during the quarter, reflecting ongoing growth strategies[28] - The company completed the acquisition of L&M Bag & Supply Co., Inc. for up to $60 million on August 30, 2021, funded with cash on hand[45] - Core & Main acquired Pacific Pipe Company, Inc. for up to $103 million on August 9, 2021, also funded with cash on hand[46] - The company completed additional acquisitions valued at $7 million during the three months ended May 1, 2022, with a significant portion allocated to customer relationships and goodwill[47] - The total assets acquired from the L&M Acquisition amounted to $67 million, while the Pacific Pipe Acquisition totaled $140 million[50] Operational Metrics - The company disaggregated net sales by product category, with pipes, valves, and fittings products generating $1,110 million, storm drainage products $209 million, and fire protection products $172 million for the three months ended May 1, 2022[44] - Core & Main operates approximately 300 branches across 48 states, serving municipalities and contractors in various markets[1] - The company has integrated smart meter systems and fusible HDPE piping solutions into its product offerings to enhance its service capabilities[1] Tax and Legal Matters - The effective tax rate for the three months ended May 1, 2022, was 18.0%, slightly down from 18.2% for the same period in 2021[69] - The company expects to recognize a deferred tax asset of approximately $644 million under the Continuing Limited Partners Tax Receivable Agreement, with a corresponding liability of approximately $548 million[69] - The company does not expect any existing claims or legal proceedings to have a material adverse effect on its business or financial condition[157] Market and Economic Factors - The company expects increased federal infrastructure investment, particularly from the $55 billion allocated for water infrastructure under the Infrastructure Investment and Jobs Act, to positively impact its business[96] - Approximately 32% of net sales in fiscal 2021 were from commodity-based products, which are subject to price fluctuations due to various economic factors[98] - The company anticipates that recent year-over-year growth rates will moderate in the second half of fiscal 2022 due to inflation effects from fiscal 2021[98] - Adverse winter weather historically reduces construction activity, leading to lower net sales in the first and fourth fiscal quarters[97] Internal Controls and Reporting - There were no changes in internal control over financial reporting that materially affected the company's financial reporting during the fiscal quarter[153] - The management believes that the disclosure controls and procedures are effective at a reasonable assurance level, but acknowledges inherent limitations that may prevent detection of all errors and fraud[154] - The management emphasizes that control systems can only provide reasonable, not absolute, assurance of achieving their objectives[154]