Armstrong World Industries Inc · NYSE:AWI
Armstrong World Industries — Q3 2026 Earnings Presentation
19 slides from Armstrong World Industries's earnings presentation, Oct 27, 2026
Slide 1: 3rd Quarter 2026 Earnings Presentation
October 27, 2026 3rd Quarter 2026 Earnings Presentation Exhibit 99.2
Slide 2: Safe Harbor Statement
Safe Harbor Statement Disclosures in this presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, those relating to future financial and operational results, market and broader economic conditions and g
Slide 3: Basis of Presentation Explanation
Basis of Presentation Explanation Results throughout this presentation are presented on a normalized basis. We remove the impact of certain discrete expenses and income in certain measures including adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), adjusted diluted
Slide 4: GAAP and non-GAAP Financial Results
GAAP and non-GAAP Financial Results AWI Consolidated Results Q3 2026 Q3 2025 YTD 2026 YTD 2025 Net sales $475.8 $425.2 $1,357.7 $1,232.5 Net earnings $91.9 $86.3 $255.4 $243.2 Operating income $131.2 $117.2 $359.2 $338.9 Adj. EBITDA* $164 $148 $460 $431 Operating income margin (operating income % of
Slide 5: 3rd Quarter 2026 Key Takeaways
$476M (+12% VPY) Net Sales $164M (+11% VPY) Adj. EBITDA* $2.26 (+10% VPY) Adj. Diluted EPS* $106M (-13% VPY) Adj. Free Cash Flow* 3rd Quarter 2026 Key Takeaways Double-Digit Sales and Adj. EBITDA* Growth Net Sales up 12% and Adj. EBITDA* up 11% Total company Adj. EBITDA margin* of 34.5% Mineral Fibe
Slide 6: Mineral Fiber Q3 2026 Results
*Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Excludes the change in depreciation and amortization throughout the presentation. | 2. Includes raw material, energy and freight impacts, in addition to inventory valuation impacts. Mineral Fiber Q3 2026 Results AUV Growt
Slide 7: Architectural Specialties Q3 2026 Results
*Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Excludes the change in depreciation and amortization throughout the presentation. Architectural Specialties Q3 2026 Results Double-Digit Top and Bottom-Line Growth Higher sales driven by strong growth across product categor
Slide 8: Q3 2026 Consolidated Company Key Metrics
*Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. 1. Excludes the change in depreciation and amortization throughout the presentation. | 2. Includes raw material, energy and freight impacts, in addition to inventory valuation impacts. Q3 2026 Consolidated Company Key Met
Slide 9: Year-to-Date 2026 Consolidated Company Key Metrics
*Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. 1. Excludes the change in depreciation and amortization throughout the presentation. | 2. Includes raw material, energy and freight impacts, in addition to inventory valuation impacts. Year-to-Date 2026 Consolidated Compa
Slide 10: Adjusted Free Cash Flow Funds All Capital Allocation Priorities
*Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. 1. Includes cash earnings, working capital, and other current assets and liabilities and proceeds from company-owned officer life insurance. 2. Excludes excise taxes. Adjusted Free Cash Flow* Funds All Capital Allocation P
Slide 11: Updated Full Year 2026 Guidance
*Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. 1. Additional assumptions available on the following page. Updated Full Year 2026 Guidance Commentary1 $1,788M to $1,803M Net Sales 10% to 11% YoY Prior: $605M to $620M Adjusted EBITDA* 9% to 12% YoY Adjusted Diluted EPS* Pr
Slide 12: Appendix
® Appendix
Slide 13: Full Year 2026 Assumptions
Full Year 2026 Assumptions Segment Net Sales Adjusted EBITDA Margin* Mineral Fiber ~6.5% growth (prior: ~7%) 43-44% (prior: ~44%) Architectural Specialties 18-19% growth (prior: 15-17%) ~19% Consolidated Metrics Full Year 2026 Capital expenditures $100M to $105M (prior: $100M to $110M) Depreciation
Slide 14: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation For the Three Months Ended September 30, For the Nine Months Ended September 30, 2026 2025 2026 2025 Net sales $476 $425 $1,358 $1,233 Net earnings $92 $86 $255 $243 Add: Income tax expense 33 23 84 72 Earnings before income taxes $124 $110 $340 $316 Add: Interest/othe
Slide 15: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation For the Three Months Ended September 30, For the Nine Months Ended September 30, 2026 2025 2026 2025 Net cash provided by operating activities $96 $123 $222 $246 Net cash provided by (used for) investing activities $10 $4 ($35) $17 Net cash provided by operatin
Slide 16: Segment Adj. EBITDA Reconciliation
Segment Adj. EBITDA Reconciliation For the Three Months Ended September 30, For the Nine Months Ended September 30, MF AS UC UNALLOCATED CORPORATE MF AS UC UNALLOCATED CORPORATE 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Net sales $292 $274 $184 $151 - - $838 $786 $520 $446 - - Oper
Slide 17: AS Organic Adj. EBITDA Reconciliation
Recent acquisitions include the February 2026 acquisition of Eventscape, the December 2025 acquisition of Parallel and the September 2025 acquisition of Geometrik. Represents the impact of third-party professional fees and changes in fair value of contingent consideration. AS Organic Adj. EBITDA Rec
Slide 18: AWI Organic Adj. EBITDA Reconciliation
Recent acquisitions include the February 2026 acquisition of Eventscape, the December 2025 acquisition of Parallel and the September 2025 acquisition of Geometrik. RIP expense represents only the plan service cost that is recorded within Operating income. For all periods presented, we were not requi
Slide 19: 2026 Adj. EBITDA Guidance Reconciliation
2026 Adj. EBITDA Guidance Reconciliation Full Year 2026 Low High Net earnings $335 $340 Add: Income tax expense 112 113 Earnings before income taxes $446 $453 Add: Interest expense 30 30 Add: Other non-operating (income), net (4) (4) Operating income $472 $479 Add: RIP expense1 2 2 Add: Acquisition-
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