Armstrong World Industries Acquires A. Zahner Company, LLC (“Zahner®”) December 4, 2024 Exhibit 99.2
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Zahner Acquisition1 Expands External Metal Portfolio of Capabilities At-a-Glance Leader in the design, fabrication and engineering of highly crafted exterior architectural metal solutions ~160 employees ~$42M sales expected in 2024 2 production facilities 1. AWI completed the acquisition of Zahner on December 2, 2024. Clockwise from left: Cooper Union Academic Building in New York City, The Petersen Automotive Museum in Los Angeles, CA, and SoFi Stadium in Inglewood, CA.
Driving Profitable Architectural Specialties Topline Growth Through Acquisitions & Market Penetration 4 Acquisitions AWI’s scale and focus drive synergies to enhance profitability and create value EBITDA multiples: ~9x pre-synergy ~7x post-synergy2 AS Segment Net Sales 20% CAGR Reflects AS segment Net Sales midpoint as shown in the additional assumptions in the appendix to the earnings call presentation issued on October 29, 2024, and excludes any contribution from the Zahner acquisition. 2022 to 2024 acquisition post-synergies are based on future expected results. 1
Advancing External Metal Capabilities to Unlock an Additional $1B Architectural Specialties Market Opportunity “TAM”: Total Addressable Market. Based on internal company estimates. Today… Looking forward… ~$1.5B TAM1 Interior Applications Primarily interior metal, wood, felt, glass reinforced gypsum and translucents $2.5B+ TAM1 Interior Applications Exterior Metal 2023 July 2024 December
