Armstrong World Industries : Investor Presentation November 2025

Armstrong World Industries

Investor Presentation

November 2025

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 earnings per share ("EPS") and adjusted free cash flow. The Company excludes certain acquisition related expenses (i.e. - impact of adjustments related to the fair value of inventory, contingent third-party professional fees, changes in the fair value of contingent consideration and deferred compensation accruals1 for acquisitions). The Company also excludes all acquisition-related intangible amortization from adjusted net earnings and in calculations of adjusted diluted EPS. Examples of other excluded items have included plant closures, restructuring charges and related costs, impairments, separation costs and other cost reduction initiatives, environmental site expenses and environmental insurance recoveries, endowment level charitable contributions, the impact of defined benefit plan settlements, gains and losses on sales or impairment of fixed assets, and certain other gains and losses. The Company also excludes income/expense from its U.S. Retirement Income Plan ("RIP") in the non-GAAP results as it represents the actuarial net periodic benefit credit/cost recorded. For all periods presented, the Company was not required to and did not make cash contributions to the RIP based on guidelines established by the Pension Benefit Guaranty Corporation, nor does the Company expect to make cash contributions to the plan in 2025. Adjusted free cash flow is defined as cash from operating and investing activities, adjusted to remove the impact of cash used or proceeds received for acquisitions and divestitures, environmental site expenses and environmental insurance recoveries. Management's adjusted free cash flow measure includes returns of investment from WAVE and cash proceeds received from the settlement of company-owned life insurance policies, which are presented within investing activities on our consolidated statement of cash flows.

Investors should not consider non-GAAP measures as a substitute for GAAP measures.

Excluding adjusted diluted EPS, non-GAAP figures are rounded to the nearest million and corresponding percentages are based on unrounded figures. Operating Segments: "MF": Mineral Fiber, "AS": Architectural Specialties, "UC": Unallocated Corporate

All dollar figures throughout the presentation are in $ millions, except per share data, and all comparisons are versus the applicable prior-year period unless otherwise noted. Figures may not sum due to rounding.

1. The deferred compensation accruals were for cash and stock awards that are recorded over each awards' respective vesting period, as such payments were subject to the sellers' and employees' continued employment with the Company. 3

Armstrong World Industries, Inc.

For more than 160 years,

we have built our business

NYSE

AWI

An Americas leader in the design and manufacturing of innovative interior & exterior architectural applications including ceilings, specialty walls and exterior metal solutions

on trust and integrity

FULL YEAR 2024 CONSOLIDATED RESULTS1

21

Operating Facilities2

~3,800

Employees

NET SALES

Architectural Specialties

NET SALES ADJ. EBITDA*

$460M $82M

JOINT VENTURE

$1,446M

ADJUSTED EBITDA*

$486M

ADJUSTED DILUTED EPS*

$6.31

ADJUSTED FREE CASH FLOW*

$298M

Mineral Fiber

NET SALES ADJ. EBITDA*

$986M $406M

Key Verticals and contribution to AWI Net Sales**

EDUCATION

30%

OFFICE

30%

HEALTHCARE

20%

RETAIL

10%

TRANSPORTATION

10%

Headquartered in

Lancaster, PA

*Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. | **Based on internal company estimates. | 1. Includes impacts from Unallocated Corporate 4

segment. | 2. Excluding 7 WAVE facilities.

The Armstrong Purpose

Making a positive difference in the spaces where we…

LIVE WORK LEARN HEAL PLAY

It matters to us, and it matters to our stakeholders

5

Sustainability is Integral to Our Success

Three Pillars guide our sustainability program, each with their own ambitions.

Our Approach

We aim to lead a transformation in the design and building of spaces so that occupants, owners, operators and communities can thrive.

Healthy and Circular Products

We are committed to responsible sourcing and to providing transparency in our products. In addition, we will design our products to minimize waste and pollution, support circularity and contribute to the regeneration of natural systems.

Healthy Planet

Our electricity will be either directly or indirectly sourced through renewable energy, and we will reduce carbon, GHG waste and water impacts of our products and solutions.

Thriving People and Communities

Our workforce will be safe, diverse, inclusive and fulfilled, and we will actively contribute to our local communities.

Additional Resources:

AWI Sustainability Website

2025 Sustainability Report

6

Creating a Differentiated and Focused Building Products Company

$781M

2%

CAGR

$837M

AWI Net Sales1

6%

CAGR

2021

$1,107M

9%

CAGR

$1,446M

2013

Pre-Spin

2016

Sold International business to focus on the Americas

Added digital capabilities to better serve our customers

2024

Separated from flooring company to focus on ceilings and walls

Began expanding

AS portfolio with acquisitions

Launched innovative energy saving ceilings

1. AWI Net Sales represents AWI on a Continuing Operations (Americas, ceilings and walls only) basis.

Completed 12 AS acquisitions between 2017 - 2024 7

Why Invest in AWI?

Unique company in an attractive industry

Complementary, high performing segments

Focused strategy for consistent, profitable growth

Strong financial returns

Value Creation for Shareholders

Why Invest in AWI?

Unique company in an attractive industry

Complementary, high performing segments

Focused strategy for consistent, profitable growth

Strong financial returns

Value Creation for Shareholders

Uniquely Positioned to Win in an Attractive Category

Ceiling and wall solutions matter in designing high-performing spaces

Attractive Category

Ceilings and wall category has distinctive attributes in the building products industry

Why We Win

As the industry leader, AWI is advantageously positioned to win within this category

Consolidated industry structure with exposure to diverse end markets

Large Mineral Fiber installed base (est. at ~40 Billion ft2)* generates stable and repeating repair & remodel demand

Highly specified, high-value products with few cost-effective substitutes

Customers demonstrate brand loyalty; rewarding performance, service and innovation

Ceilings are an integral part of evolving solutions to meet increasing demand for total indoor environmental quality

Strong and trusted brand

Broadest, most innovative product portfolio

Specification excellence through deep and long-standing relationships with architects and designers

Large manufacturing scale with strong exclusive distribution partners

Operational excellence supporting best-in-class service and quality

A culture that fosters empowerment, innovation, teamwork and execution across functional areas

*Based on internal company estimates. 10