ADENTRA : Investor Presentation

CREATING BEAUTIFUL SPACES WHERE WE LIVE, WORK, AND PLAY

August 2023

TSX : ADEN

Calgary Public Library:

Ceilings, wall panels, and stairs by ADENTRA

FORWARD

Forward Looking Statements

CertainLOOKINGstatements in this presentation contain forward-looking information within the meaning of applicable securities laws in Canada ("forward-looking information"). The

wordsSTATEMENTS"anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "will", "would" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words.

Forward-looking information is included, but not limited to: We release working capital and generate additional cash flow in periods of reduced economic activity; Our strategies have provided us with the size, strength and diversification to successfully manage through changing market conditions; the combined impact of recent inflation and interest rate hikes is expected to have a continued near-term negative effect on economic activity; this, in turn, is resulting in a moderation of demand for our products as compared to 2022, and could lead to a continuation of the softer product pricing and volumes that we have experienced thus far in 2023; we expect third quarter 2023 adjusted results will be similar to what we achieved in Q2 2023; we do not expect our overall 2023 financial performance to match the record-setting levels achieved in 2022; we are adept at managing our business and cash flows effectively in challenging market conditions; our size and scale, together with the diversity in our product categories, customer channels and end markets, provide important stability while reducing our exposure to any one geography or segment of the industry; our strong balance sheet provides financial stability as we move through periods of changing market conditions, and our business model will continue to convert a high proportion of EBITDA to operating cash flows before changes in working capital; our investment in working capital typically decreases during periods of reduced activity, resulting in an additional source of cash; over the longer term we anticipate a return to robust demand levels, supported by strong fundamentals in our end markets which include historic underbuilding of homes, positive demographic factors, strong home equity, and an aging housing stock; we continue to see a multi-year runway for growth in the repair and remodel, residential, and commercial markets we participate in; Lowes and Home Depot both anticipate comparable sales to be down low single digits as compared to 2022; on a longer- term basis, market fundamentals are well supported by record levels of home equity in the U.S. and a median home age of over 40 years; the residential construction market (~40% of sales) is showing initial signs of stabilizing; longer term, leading indicators for the residential construction market remain favorable; housing starts have meaningfully lagged population growth this past decade and this supply deficit, combined with positive demographic factors, is expected to underpin long-term demand for new housing; the demand outlook for U.S. commercial markets (~15% of sales) remains mixed, with some sectors showing strength and others recovering at a slower pace; commercial market participation is highly diverse for ADENTRA and includes construction activity in healthcare, education, public buildings, hospitality, office, retail facilities and recreational vehicles, and we expect this market to remain flat through the balance of 2023; as we move forward, we are well positioned with an industry-leading,world-class platform for architectural products that supports the continued growth and profitability of our business; this includes continued opportunities for acquisition-based growth in a highly fragmented industry; although we are one of the largest distributors in our industry, our market share amounts to approximately 6%; we see significant market share growth opportunities, both organic and acquisitions based, which we intend to capture; our goal is to grow sales to $3.5 billion by 2026 (run-rate);quarter-to-quarter comparisons of our financial results are not necessarily meaningful and should not be relied upon as an indication of future performance; historically, the first and fourth quarters can be seasonally slower

periods for our business; in addition, net earnings reported in each quarter may be impacted by acquisitions, foreign currency fluctuations, and changes in customer buying patterns, sales force, competition, pricing inputs, and supply constraints; our business requires an ongoing investment in working capital which we consider to be comprised of accounts receivable, inventory, and prepaid expenses, partially offset by short-term credit provided by suppliers in the form of accounts payable and accrued liabilities; our investment in working capital may fluctuate from quarter-to-quarter based on factors such as sales demand, strategic purchasing decisions taken by management, and the timing of collections from customers; historically, the first and fourth quarters can be seasonally slower periods for construction activity, resulting in reduced demand for architectural building products; our debt management strategy is to repay a portion of our credit facilities related to acquisitions, and maintain a base level of debt as part of our capital structure; our intent is to roll and renew our credit facilities when they expire; we do not intend to restrict future dividends in order to fully extinguish our debt obligations upon their maturity; the amount of debt that will actually be drawn on our available revolving credit facilities will depend upon the seasonal and cyclical needs of the business and our cash generating capacity going forward; when making future dividend and share repurchase decisions, we will consider the amount of financial leverage, and therefore debt, we believe is appropriate given existing and expected market conditions and available business opportunities; we do not target a specific financial leverage amount; we believe our current credit facilities are sufficient to finance our working capital needs and market expansion strategy; the fair value of non- current receivables, notes payable, other liabilities and finance lease obligations are not expected to differ materially from carrying value given the interest rates being charged and term to maturity; the carrying values of the credit facilities approximate their fair values due to the existence of floating market-based interest rates.The forecasts and projections that make up the forward-looking information are based on assumptions which include, but are not limited to: there are no material exchange rate fluctuations between the Canadian and US dollar that affect our performance; the general state of the economy does not worsen; we do not lose any key personnel; there is no labor shortage across multiple geographic locations; there are no circumstances, of which we are aware that could lead to the Company incurring costs for environmental remediation; there are no decreases in the supply of, demand for, or market values of our products that harm our business; we do not incur material losses related to credit provided to our customers; our products are not subjected to negative trade outcomes; we are able to sustain our level of sales and earnings margins; we are able to grow our business long term and to manage our growth; we are able to integrate acquired businesses; there is no new competition in our markets that leads to reduced revenues and profitability; we can comply with existing regulations and will not become subject to more stringent regulations; no material product liability claims; importation of components or other innovative products does not increase and replace products manufactured in North America; our management information systems upon which we are dependent are not impaired; we are not adversely impacted by disruptive technologies; an outbreak or escalation of a contagious disease does not adversely affect our business; and, our insurance is sufficient to cover losses that may occur as a result of our operations.

The forward-looking information is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. The factors which could cause results to differ from current expectations include, but are not limited to: exchange rate fluctuations between the Canadian and U.S. dollar could affect our performance; our results are dependent upon the general state of the economy; the impacts of COVID- 19, further mutations thereof or other outbreaks of disease, could have significant impacts on our business; we depend on key personnel, the loss of which could harm our business; a labour shortage across multiple geographic locations could harm our business; decreases in the supply of, demand for, or market values of hardwood lumber or sheet goods could harm our business; we may incur losses related to credit provided

to our customers; our products may be subject to negative trade outcomes; we may not be able to sustain our level of sales or earnings margins; we may be unable to grow our business long term or to manage any growth; we are unable to integrate acquired businesses; competition in our markets may lead to reduced revenues and profitability; we may fail to comply with existing regulations or become subject to more stringent regulations; product liability claims could affect our revenues, profitability and reputation; importation of components or other innovative products may increase, and replace products manufactured in North America; disruptive technologies could lead to reduced revenues or a change in our business model; we are dependent upon our management information systems; disruptive technologies could lead to reduced revenues or a change in our business model; our information systems are subject to cyber securities risks; our insurance may be insufficient to cover losses that may occur as a result of our operations; an outbreak or escalation of a contagious disease may adversely affect our business; our credit facility affects our liquidity, contains restrictions on our ability to borrow funds, and impose restrictions on distributions that can be made by us and certain of our subsidiaries; the market price of our Shares will fluctuate; there is a possibility of dilution of existing Shareholders; and, other risks described in our Annual Information Form, our Information Circular and in this presentation.

This presentation contains information that may constitute a "financial outlook" within the meaning of applicable securities laws. The financial outlook has been approved by our management as of the date of this presentation. The financial outlook is provided for the purpose of providing readers with an understanding of our anticipated financial performance. Readers are cautioned that the information contained in the financial outlook may not be appropriate for other purposes.

All forward-looking information in this presentation is qualified in its entirety by this cautionary statement and, except as may be required by law, we undertake no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise after the date hereof.

Third Party Information

Certain information contained in this presentation includes market and industry data that has been obtained from or is based upon estimates derived from third-party sources, including industry publications, reports and websites. Although the data is believed to be reliable, we have not independently verified the accuracy, currency or completeness of any of the information from third-party sources referred to in this presentation or ascertained from the underlying economic assumptions relied upon by such sources. We hereby disclaim any responsibility or liability whatsoever in respect of any third-party sources of market and industry data or information.

Notice to Reader

Unless otherwise stated, the information presented herein is for both ADENTRA as well as the material and transformative acquisitions of Novo Building Products Holdings LLC ("Novo" - closed in the third quarter of 2021, and the acquisition of Mid-Am Building Supply Inc. ("Mid-Am" - closed in February, 2022).

All $ figures in this presentation are in USD unless otherwise indicated.

Information provided herein includes the Company's reported financial results through the second quarter of 2023 (Issued August 10, 2023).

All photos in this presentation feature ADENTRA products used in a variety of commercial and residential applications.

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Creating beautiful spaces where we live, work, and play

A COMPANY

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