Summit Materials (SUM) Provides Update on Elevate Strategy

Summit Materials, Inc. (NYSE: SUM) announces highlights that are being presented at its Investor Day today in New York City.

"Since the introduction of our Elevate Summit Strategy in March 2021, it has been the cornerstone of our decision-making process, shaping our actions and providing a clear roadmap for our future," said Anne Noonan, CEO of Summit Materials. "Today, we are excited to share further insights into our strategic achievements and outline a detailed plan for reaching our Elevate Summit financial goals. We are confident in the attractiveness of the markets we operate in, the quality of our assets, and, importantly, our unique operational opportunities to drive profitable and sustainable growth, which, coupled with our ability to generate material synergies and our strong financial position, will drive ongoing growth and value creation for Summit shareholders."

Six key themes for today's presentation include:

• Consistent Strategic Priorities: Enabled by our people and our culture, we maintain relentlessly focused on our four strategic priorities of Market Leadership, Asset Light, Sustainability, and Innovation.
• Reaffirming our Path to Achieve Elevate Summit Financial Targets: Anchored by North Star profitability targets, an intentional shift towards a more materials-led organization, and an invest-to-grow mindset, we aim to maintain leverage below 3x, achieve ROIC of at least 10%, and reach Adjusted EBITDA margins of 30% or greater.
• Recommitment to being the Most Socially Responsible: Our Sustainability Roadmap, which includes our goals for reducing carbon emissions, is deeply embedded in our organizational DNA. We are dedicated to benefiting communities and driving greater value through these initiatives.
• Unlocking Value by Leveraging a Proven Integration Playbook: We'll rely on deep expertise and a long track record as we safely integrate Argos USA, fulfill synergy commitments, and enhance enterprise-wide profitability and cash flow.
• Strengthening the Materials-led Portfolio: Ongoing portfolio optimization together with aggregates-oriented acquisitions will further our materials-led portfolio strategy.
• Capital Allocation Priorities Aligned with Growth Objectives: Prioritizing above-market growth, our deployment of capital will be growth-oriented and directed towards the highest return opportunities.

"We are also pleased to announce the elimination of our Up-C corporate structure," added Summit CFO Scott Anderson. "By completing the exchange of all outstanding LP units, we have streamlined our structure significantly, reducing corporate complexity. We are focusing on eliminating the associated TRA liability in a value-accretive manner, as we have successfully done in the past."

Investors and other interested parties can watch the webcast of the event, which will begin at 9:00 a.m. ET today, at the Company's website, https://investors.summit-materials.com/corporate-profile/default.aspx. The event will be recorded and available for replay shortly after its conclusion.

2024 Guidance

For the full year 2024, Summit is reiterating all guidance items. The Company currently projects Adjusted EBITDA of approximately $950 million to $1,010 million, and continues to expect 2024 capital expenditure of approximately $430 million to $470 million.

Adjusted EBITDA is a non-GAAP measure. Refer to the "Non-GAAP Financial Measures" section for more information. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.

Investor Day Webcast Information

Summit Materials will conduct a conference call on Wednesday, March 13, 2024 beginning at 9:00am eastern time (7:00am mountain time).

Chief Executive Officer Anne Noonan and her executive leadership team will lead an investor presentation and Q&A session that will focus on the Elevate Summit Strategy, growth drivers, integration plans, ESG initiatives, as well as the Company's capital allocation priorities.

A live webcast of the investor day presentation, along with supporting materials, will be available on the day of the event at the following link: https://app.webinar.net/d0y198kr4b6

A replay of the webcast and accompanying presentation materials will be available in the Investors section of Summit's website at investors.summit-materials.com shortly following the conclusion of the event.

Contact:

Andy Larkin
VP, Investor Relations
[email protected]
720-618-6013

About Summit Materials

Summit Materials is a market-leading producer of aggregates and cement with vertically integrated operations that supply ready-mix concrete and asphalt in select markets. Summit is a geographically diverse, materials-led business of scale that offers customers in the United States and British Columbia, Canada high quality products and services for the public infrastructure, residential and non-residential end markets. Summit has a strong track record of successful acquisitions since its founding and continues to pursue high-return growth opportunities in new and existing markets. For more information about Summit Materials, please visit www.summit-materials.com.

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