2Q27 webcast slides FINAL

November 4, 2026

Strong execution in a challenging environment

• Delivered solid financial results

  • Record revenue of $653 million

  • Gross profit margin of 26.7%

  • EPS of $3.63

• Excellent progress on strategic initiatives: Enhancing safety and low-cost production

  • Maintained industry-leading safety record

  • Construction on Laramie, Wyoming cement plant modernization and expansion on track for completion by the end of calendar 2026

  • Duke, Oklahoma wallboard plant upgrade on track for construction completion in second half of calendar 2027

• Generated $210 million of operating cash flow

• Returned approximately $70 million to shareholders

  • Repurchased 304,881 shares for approximately $62 million

  • Paid quarterly dividend

    Cement Outlook Remains Favorable, Wallboard Long-Term View Positive Despite Near-Term Challenges Eagle well-positioned for anticipated demand upswing

    Cement

Revenue

In millions

INCREASE DRIVEN BY:

• Record Cement sales volume

• Higher Wallboard and Recycled Paperboard sales volume

  $639 $653

  EPS Down 14% Diluted EPS

  $3.63

  $4.23

  Q2 RESULTS REFLECT:

• Higher freight costs due to elevated diesel prices across all businesses

• Reduced share count due to share buybacks

• Cement sales volume slightly higher

• Net Cement sales prices down slightly

• Higher freight & raw materials costs

  Revenue1

  In millions

  $467 $478

  FY2026 FY2027

  SECOND QUARTER

  Operating Earnings

  In millions

  $128

  $113

  FY2026 FY2027

  SECOND QUARTER

  1 Includes Cement, Concrete and Aggregates, Cement Intersegment revenue, and our proportionate share of the Joint Venture.

  Light Materials Second Quarter Results Driven By Lower Net Wallboard Sales Prices Revenue

  In millions

  Operating Earnings

  In millions

  SECOND QUARTER HIGHLIGHTS

  • Wallboard sales volume up 7%

  • Wallboard net sales prices down 10%

$213 $216

FY2026 FY2027

SECOND QUARTER

$78

$68

FY2026 FY2027

SECOND QUARTER

1 Includes depreciation of $83 million for the six months ended September 30, 2025, and 2026, respectively. Due to rounding, numbers may not add up precisely to the total provided.

Capital Structure Provides Flexibility, Supporting Strategic Investment through Cycles

3.31.26 9.30.26

1.9x

3.31.26 9.30.26

1 "Net Debt to Adjusted EBITDA" is defined as Net Debt divided by Adjusted EBITDA. Net Debt to Adjusted EBITDA and Adjusted EBITDA are non-GAAP financial measures and are described in the Appendix.

Adjusted EBITDA

Fiscal Year ended

March 31, 2026

TTM

September 30, 2026

In millions

$774

$719

We present Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA to provide additional measures of operating performance and allow for more consistent comparison of operating performance from period to period. EBITDA is a non-GAAP financial measure that provides supplemental information regarding the operating performance of our business without regard to financing methods, capital structures or historical cost basis. Adjusted EBITDA is also a non-GAAP financial measure that excludes the impact from non-routine items (Non-routine Items) and stock-based compensation. Management uses EBITDA and Adjusted EBITDA as alternative bases for comparing the operating performance of Eagle from period to period and for purposes of its budgeting and planning processes. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA in the same manner. Neither EBITDA nor Adjusted EBITDA should be considered in isolation or as an alternative to net income, cash flow from operations or any other measure of financial performance in accordance with GAAP. The table beside shows the calculation of EBITDA and Adjusted EBITDA and reconciles them to net earnings in accordance with GAAP for the fiscal year ended March 31, 2025, and the trailing twelve-month period ended September 30, 2026.

Total debt, excluding debt issuance costs

Adjusted EBITDA (TTM)

Net Debt to Adjusted EBITDA

As of

March 31, 2026

As of

September 30, 2026

In millions

$1,781

$774 1.9x

$1,774

$719 2.1x

GAAP does not define "Net Debt" and it should not be considered as an alternative to debt as defined by GAAP. We define Net Debt as total debt minus cash and cash equivalents to indicate the amount of total debt that would remain if the Company applied the cash and cash equivalents held by it to the payment of outstanding debt.

The Company also uses "Net Debt to Adjusted EBITDA," which it defines as Net Debt divided by Adjusted EBITDA, as an alternative metric to assist it in understanding its leverage position.

We present this metric for the convenience of the investment community and rating agencies who use such metrics in their analysis, and for investors who need to understand the metrics we use to assess performance and monitor our cash and liquidity positions.