Legal Disclaimer

Forward-Looking Statements

This presentation includes "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "outlook," "should," "seeks," "intends," "trends," "plans," "estimates," "projects" or "anticipates" or similar expressions that concern our strategy, plans, expectations or intentions. All statements made relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results are forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, it is very difficult to predict the effect of known factors, and, of course, it is impossible to anticipate all factors that could affect our actual results. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be realized. Important factors could affect our results and could cause results to differ materially from those expressed in our forward- looking statements, including but not limited to the factors discussed in the section entitled "Risk Factors" in Summit Materials, Inc.'s ("Summit Inc.") Annual Report on Form 10-K for the fiscal year ended December 28, 2019 and Quarterly Report on Form 10-Q for the quarterly period ended March 28, 2020, each as filed with the SEC, and any factors discussed in the section entitled "Risk Factors" in any of our subsequently filed SEC filings as filed with the Securities and Exchange Commission (the "SEC"), and the following: the impact of the coronavirus ("COVID-19") pandemic on our business, or any similar crisis; our dependence on the construction industry and the strength of the local economies in which we operate; the cyclical nature of our business; risks related to weather and seasonality; risks associated with our capital-intensive business; competition within our local markets; our ability to execute on our acquisition strategy, successfully integrate acquisitions with our existing operations and retain key employees of acquired businesses; our dependence on securing and permitting aggregate reserves in strategically located areas; declines in public infrastructure construction and delays or reductions in governmental funding, including the funding by transportation authorities and other state agencies particularly if such are not augmented by federal funding or if the federal government fails to act on a highway infrastructure bill; our reliance on private investment in infrastructure, which may be adversely affected by periods of economic stagnation and recession; environmental, health, safety and climate change laws or governmental requirements or policies concerning zoning and land use; costs associated with pending or future litigation; rising prices for commodities, labor and other production and delivery inputs as a result of inflation or otherwise; conditions in the credit markets; our ability to accurately estimate the overall risks, requirements or costs when we bid on or negotiate contracts that are ultimately awarded to us; material costs and losses as a result of claims that our products do not meet regulatory requirements or contractual specifications; cancellation of a significant number of contracts or our disqualification from bidding for new contracts; special hazards related to our operations that may cause personal injury or property damage not covered by insurance; unexpected factors affecting self- insurance claims and reserve estimates; our substantial current level of indebtedness, including our exposure to variable rate risk; our dependence on senior management and other key personnel, and our ability to retain and attract qualified personnel; supply constraints or significant price fluctuations in electricity and the petroleum-based resources that we use, including diesel fuel and liquid asphalt; climate change and climate change legislation or regulation; unexpected operational difficulties; interruptions in our information technology systems and infrastructure, including cybersecurity and data leakage; and potential labor disputes, strikes and other forms of work stoppage and other union activities. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements. Any forward-looking statement that we make herein speaks only as of the date of this presentation. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

Included in this presentation are certain non-GAAP financial measures, such as Adjusted EBITDA, Adjusted EBITDA Margin, Further Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Diluted Net Income(Loss0, Adjusted (Diluted) Earnings Per Share, Adjusted Cash Gross Profit, Adjusted Cash Gross Profit Margin, Net Debt, Net Leverage, Free Cash Flow, designed to complement the financial information presented in accordance with U.S. GAAP because management believes such measures are useful to investors. These non-GAAP financial measures should be considered only as supplemental to, and not superior to, financial measures provided in accordance with GAAP. Please refer to the appendix of this presentation for a reconciliation of the historical non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP.

Reconciliations of the non-GAAP measures used in this presentation are included or described in the tables attached to the appendix. 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-lookingnon-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.

1

Conference Call Agenda

Safe Harbor Disclosure

Karli Anderson, VP Investor Relations

Business Update

Tom Hill, CEO

Financial Update

Brian Harris, CFO

Management Outlook

Tom Hill, CEO

Q&A

2

Q2 Executive Summary

  • Safety and distancing protocols still in place and vital to our operations
  • COVID-19precautions are an integral part of our safety program
  • Working with stakeholders to enhance operations under these new working conditions
    • Steady demand in our largest markets offset lower demand in some smaller markets
    • Variable costs adjusted to flex with demand

Construction is essential in all of

SUM's markets

3

Q2 Executive Summary

  • Record Q2 Net Revenue, Operating Income, Net Income and Adjusted EBITDA
    • July market conditions thus far resemble Q2
    • July close of Multisources acquisition, a 100% pure play aggregates business
  • We continue to assess potential future impacts from COVID-19 economic disruption
    • Summit is not providing Adjusted EBITDA guidance at this time
    • We are maintaining 2020 capex guidance of $145-$160MM
  • Successfully withstanding challenges thanks to our unique value proposition
    • Locally-managedcompanies that can act quickly and leverage economies of scale
    • Serving private end markets that are structurally sound and not oversupplied
    • Supporting essential repair/replace work for public infrastructure
    • $580MM available Q2 liquidity; pro-forma net of Multisources is ~$490MM

4

2Q Highlights & Early 3Q Indicators

2Q20 Results compared to 2Q19:

  • Net Revenue of $575.2MM, up 4.1%; Net Income of $57.1MM, up 57.2%
  • Adjusted EBITDA of $160.2 million, up 14.1%
  • Pricing growth in Cement(+1.2%), Asphalt(+2.3%), Ready Mix(+5.5%)
  • Aggregates pricing (-0.2%) lapped Q219 comp of +8% (flood work in MO)
    • 2Q Aggregates margin expanded 250bps to 63.9%(1,2) 1H 20 Mix-adjusted aggregates pricing is +2.5%

Early 3Q indicators:

  • Residential demand in our markets generally strong; unemployment impacts not seen except in NV
  • Non-residentialgrowth fueled by windfarms and distribution centers; some airport and retail projects are delayed
  • Cement volumes expected to be lower in 2H 20 than in 2H 19 on challenging conditions in southern markets
  • Public activity resilient in TX, KS, UT, VA, CO; challenging in KY, NC, BC
  1. See reconciliations of Adjusted Cash Gross Profit Margin in the appendix
  2. Adjusted Cash Gross Profit Margin is defined as Adjusted Cash Gross Profit divided by Net Revenue. In this presentation of the data, Adjusted Cash Gross Profit is calculated by line of

business, less net cost of revenue by line of business

5

Cement Update

Cement was ~22% of SUM's 2019 Adjusted EBITDA

  • 2Q20 Cement Adjusted EBITDA flat vs 2Q19
    • Gross margin rebounded by 500 bps to 50.8% on normal weather and shipping conditions
    • ~$4MM 2Q impact from down time at Green America Recycling; expect similar impact in 3Q 20
    • Volume declined by ~6% and price increased by 1.2% vs 2Q 19
  • Price increases enacted June 1, thus not entirely reflected 2Q 20 reported average selling price
  • Production continues to flex with demand: 2H 20 volume expected to be lower than in 2H 19
    • PCA 2020 forecasts range from a 5% increase to a 14% decrease in states on the river market

Cement Segment Bridge 2Q19 to 2Q20

Adjusted EBITDA ($MM)

40

5.2

0.8

3.8

4.1

2.5

0.1

30

1.7

20

35.7

35.5

10

0

Q2 '19

Volume, net of

Price

Green America Plant costs

2019 Flood

Distribution

Other

Q2 '20

Purchased

costs

costs

6

Geographic Business Overview

38%/31%/31% Public/Res/Non-Res, Mostly Rural & Exurban

Top 5 State Markets = 64% of Total Company Revenue in FY '19 and 40% of our Total Company Public Infrastructure Work

TexasKansas

Utah

Missouri

Kentucky

8%

223%

% of Total '19 Revenue(1)

Private vs. Public (%)(1)

60%

40%

Public

TXDOT awarding jobs

Private

Current Public Activity

and backlog has not

been interrupted. expect

(July 2020)

to receive full Prop 7

allocation in FY21

Houston new res permit

Current Private Activity

volume +7.6% in May

(July 2020)

after a pause in April; non

Residential/Non-Residential

res resilient

Res & non res bidding

slower in Permian and N.

Texas

13%

54% 46%

State highway fund not

impacted by plan to address 2021 budget shortfall; LTM fuel taxes flat y/y through May

Non-res windfarm projects throughout the state; res activity steady

12%

10%

7%

25%

32%

30%

75%

68%

70%

Lettings activity is

DOT steady for now; Less

Limited letting activity in July;

normal; 2020 Backlog

flood repair work than 2019;

road fund impacts less severe

in place. 2nd lowest

than originally estimated

unemployment in the

Fuel consumption -4.7%

US(May)

y/y in May

Res activity higher

Non-res windfarm and

Stable res and non res

than in the last couple

warehouse work

of years;.

activity, small proportion

continues, residential

Non res has backlog

of KY business

steady

through fall '20

  1. For the fiscal year 2019.

7

Outlook by End-Market

Difficult to predict impact of stimulus, employment trends and federal funding

Residential

Non-

Residential

Public

  • NAHB/Wells Fargo Housing Market Index (HMI) rebounded to pre-pandemic levels in July 1
  • Mortgage rates at all-time lows2
  • Buyer traffic and pricing strong in many of our markets, particularly Salt Lake City and Houston
  • Official unemployment rate of 11.1%3 ; economists expect year-end unemployment in the 11-14% range4
  • May architectural billings improved relative to April, but are still significantly lower than a year ago5
  • Windfarms, distribution centers are being completed and new projects are emerging in the Midwest
  • Several airport expansion projects have been delayed or deferred
  • We focus on low-rise commercial that follows residential, avoiding volatile high-rise construction
  • States evaluating future transportation budgets; funding sources and tax revenue impacts vary by state
  • Both House INVEST Act & Senate' ATIA Act would increase federal funding for infrastructure
  • Current FAST Act expires September 30, 2020; continuing resolution likely if no other action
  1. National Association of Home Builders, July 16, 2020.
  2. Freddie Mac Primary Mortgage Market Survey, July 9, 2020.
  3. US Bureau of Labor Statistics, July 2, 2020.
  4. Wall Street Journal Economic Survey May 2020 of 75 economists.
  5. AIA Architectural Billings Index May 2020.

8

Multisources Sand & Gravel Acquisition

  • Investment Highlights
    • $92MM investment at attractive valuation
    • Strategically core acquisition → pure-play aggregates in high-growth metro area
    • Excellent fit with existing footprint
    • Multiple synergy opportunities
    • Creates leading aggregates supplier in the Houston market
  • Transaction closed July 10th

Line of Business(1,2)

Materials

Products

100%

End Markets(1,2)

20%

Private

Public

80%

Shape Legend

Aggregates

Ready Mix Concrete

Color Legend

Alleyton

Multisources

(1)

As of July 2020

(2)

Line of business split on an EBITDA basis; end market split is an internal estimate

9

Greenfields

Cap Ex ($MM)

Greenfields Estimated CapEx1 and Illustrative Adjusted EBITDA2 ($MM)

$250~$45MM Adjusted

EBITDA per year,

$200

run rate by 2024

$150

$100

$50

$0

2014-2018

2019

2020

2021

2022

2023

2024

CapEx Incremental

Incremental Adjusted EBITDA

$50

$40

$30

$20

$10

$0

EBITDA($MM) Adjusted

Projects

▪ 5 Aggregates Greenfields completed ❖ Utah, Texas (3 projects), Georgia

❖ 5 Aggregates Greenfields under development ❖ Georgia (2), Carolinas(2), Missouri

▪ Estimated future Greenfields spending: ❖ ~$50-$60MM in 2020

Recently❖ ~$35-$45MM in 2021 ▪ ~450 million tons of reserves

(1)

Does not include deferred consideration.

10

(2) Adjusted EBITDA contribution by year is a illustrative.

Financial Update

Brian Harris, CFO

11

Capital Structure Overview

($ in Millions)

Q2 '19

Q2 '20

Cash

$67.7

$253.4

Debt:

Revolver1

--

--

Senior Secured Term Loans

$625.8

$621.1

Capital Leases and Other

$58.9

$57.4

Senior Secured Debt

$684.8

$678.5

Acq.-related Liab.

$71.2

$42.3

5.125% Senior Notes

$300.0

$300.0

6.5% Senior Notes

$300.0

$300.0

6.125% Senior Notes

$650.0

$650.0

Senior Unsecured Debt

$1,321.2

$1,292.3

Total Debt

$2,005.9

$1,970.8

Net Senior Secured Debt

$617.1

$425.1

Net Total Debt

$1,938.3

$1,717.4

Est. Annual Cash Int. Run Rate

$113.9

$97.3

LTM Further Adj. EBITDA

$411.9

$491.1

Net Senior Secured Leverage

1.5x

0.9x

Total Net Leverage

4.7x

3.5x

▪ Strongest 2Q-ended financial(2) position in

(2)

(2)

Company history

(2)

  • Leverage ratio improved to 3.5x at quarter end Q2 20 from 4.7x at Q2 19
  • $60.2MM of free cash flow at 2Q end benefitted from improved working capital, lower A/R
  • Over $580MM available liquidity at 2Q end; $490MM pro-forma liquidity net of Multisources acquisition, which closed in July

1 Revolver Capacity post-usage for (undrawn) Letters of Credit is $329.0M as of 3/27/20. If more than $100 million 6.125% notes are outstanding in April 2023, revolver will mature in April 2023.

12

Cap Ex Update

2020 Cap Ex Guidance Range $145-$160MM

$160

$145

Estimated Greenfields Cap Ex

is embedded within

Total Cap Ex Range

$60

$50

Total - Low End Greenfields Low Greenfields High Total - High End

2020 Cap Ex Review Considerations

Greenfields: Deferred ~$10 million to future periods; not expected to change estimated of 2024 EBITDA contribution

Maintenance: Deferred ~$20-$35 million of maintenance and discretionary projects

Other considerations: $102MM spent YTD, ~$45MM estimated to spend in 3Q, ~$10MM to spend in in 4Q

$USD Millions

Cash position reflects seasonality of the business; current liquidity of ~$582.5 MM is the highest ever for 2Q

$800

Cash

Revolver Capacity

$600

$400

$200

$0

Q1 '17

Q2 '17

Q3 '17

Q4 '17

Q1 '18

Q2 '18

Q3 '18

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

Q1 '20

Q2 '20

Pro-Forma

net of

Multisources

acquisition

Enhancing Liquidity Through EBITDA Recovery & Disciplined Use of Capital

13

Net Revenue Bridge

Net Revenue by Reporting Segment - Q2 2019 vs. Q2 2020 ($MM)

$5.8

$8.9

$25.7

$575.2

$552.6

Q2 2019

West

East

Cement

Q2 2020

14

Adjusted EBITDA Bridge

Q2 2019 Adjusted EBITDA vs Q2 2020 Adjusted EBITDA ($MM)

$1.0

$0.2

$3.5

$24.1

$160.2

$140.5

Q2 2019

West

East

Cement

Corp

Q2 2020

15

Key Performance Indicators

GAAP Financial Metrics

Net Revenue ($MM)

$858.5

$917.6

$552.6

$575.2

2Q19

2Q20

1H19

1H20

Net Income - Summit Inc. ($MM)

$57.1

$36.4

$12.1

$(32.4)

2Q19

2Q20

1H19

1H20

Operating Income ($MM)

$100.1

$80.4

$58.3

$22.8

2Q19

2Q20

1H19

1H20

Basic Earnings Per Share(1)

$0.50

$0.32

2Q19

2Q20

  1. Diluted share count includes all outstanding Class A common stock and LP Units not held by Summit Inc.

16

Key Performance Indicators

Non-GAAP Financial Metrics

Adj. Cash Gross Profit ($MM)

  • Margin (%)(1,2)

32.9%

30.4%

$301.9

35.4%

38.4%

$261.0

$220.9

$195.4

2Q19

2Q20

1H19

1H20

Adj. EBITDA ($MM)

& Margin (%)(1,3)

27.9%

19.2%

25.4%

17.1%

$176.6

$160.2

$140.5

$147.1

2Q19

2Q20

1H19

1H20

Adj. Diluted Net Income ($MM)(1)

Adj. Diluted Earnings Per Share (1,4)

$58.9

$36.0

$2.6

$(20.9)

2Q19

2Q20

1H19

1H20

$0.50

$0.31

2Q19

2Q20

  1. See appendix for reconciliation of these non-GAAP metrics to the most comparable GAAP metrics
  2. Adjusted Cash Gross Profit Margin is defined as Adjusted Cash Gross Profit divided by Net Revenue
  3. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Net Revenue
  4. Adjusted diluted share count includes all outstanding Class A common stock and LP Units not held by Summit Inc.

17

Price and Volume Analysis

Average Selling Price, Excluding Acquisitions

Average Selling Price, Including Acquisitions

(year-over-year % change)

(year-over-year % change)

Aggregates

Cement

Aggregates

Cement

7.4%

8.5%

0.6%

1.6%

1.6%

0.0%

0.6%

0.0%

Sales Volume, Excluding Acquisitions

(year-over-year % change)

Sales Volume, Including Acquisitions

(year-over-year % change)

Aggregates

Cement

Ready-Mix

Asphalt

Aggregates

Cement

Ready-Mix

Asphalt

Concrete

Concrete

7.9%

7.2%

12.6%

5.3%

5.5%

7.9%

7.2%

5.5%

2.2%

1.6%

2.2%

2.9%

-4.1%

-5.9%

-4.1%

-6.5%

1H19

1H20

18

Adjusted Cash Gross Margin Scorecard

Margins expanding in Aggregates, Products and Services

Aggregates Business

Adjusted Cash Gross Profit Margin (%)(1,2)

61.4%

63.9%

57.0%

54.0%

2Q19

2Q20

1H19

1H20

Products Business

Adjusted Cash Gross Profit Margin (%)(1,2)

22.3%

25.4%

22.7%

19.0%

2Q19

2Q20

1H19

1H20

Cement Segment

Adjusted Cash Gross Profit Margin (%)(1,2)

45.8%

50.8%

32.7%

30.5%

2Q19

2Q20

1H19

1H20

Services Business

Adjusted Cash Gross Profit Margin (%)(1,2)

31.1%

27.1%

23.0%

21.5%

2Q19

2Q20

1H19

1H20

  1. See reconciliations of Adjusted Cash Gross Profit Margin in the appendix
  2. Adjusted Cash Gross Profit Margin is defined as Adjusted Cash Gross Profit divided by Net Revenue. In this presentation of the data, Adjusted Cash Gross Profit is calculated by line of business, less net cost of revenue by line of business

19

Management Outlook

Tom Hill, CEO

20

Management Outlook

Last 12 Months' Adjusted EBITDA

$500

$480

$460

$440

$420

$400

$380

$360

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Catalysts to watch for

  • Progress on the INVEST act, ATIA Act, infrastructure stimulus and/or FAST act reauthorization or continuing resolution
  • Housing inventory in our markets
  • Growth in low rise non-residential
  • Positioned for stability today and growth when conditions return to normal:
    • Strong financial position, flexible cost structure, and entrepreneurial culture
    • Acquisition of synergistic, 100% aggregates business
    • Greenfields aggregates projects accretive to EBITDA with discretion in spending today
    • Bi-partisansupport for public highway work with more aid possibly flowing to states

21

APPENDIX

22

EXHIBIT 1

Historical Industry Dynamics-Consumption & Price

Aggregates Pricing Has Proven to be Resilient Throughout Periods of Demand Cyclicality

Consumption and Consumption per Capita Remain Below Long-Term Trendlines and Price has Increased 70 of last 75 Years (1)

4,000

12.0

3,500

10.0

3,000

8.0

2,500

2,000

6.0

1,500

4.0

1,000

2.0

500

-

-

1903

1906

1909

1912

1915

1918

1921

1924

1927

1930

1933

1936

1939

1942

1945

1948

1951

1954

1957

1960

1963

1966

1969

1972

1975

1978

1981

1984

1987

1990

1993

1996

1999

2002

2005

2008

2011

2014

2017

Consumption

116 Yr. Consumption Trendline

Consumption per Capita

116 Yr. Consumption per Capita Trendline

Cement Outlook Supported by Below Trendline Consumption, High Cost of Entry and Demand Nearing Capacity

Consumption and Consumption per Capita Remain Below Long-Term Trendlines(1)

150,000

0.60

125,000

0.50

100,000

0.40

75,000

0.30

50,000

0.20

25,000

0.10

-

-

1900

1903

1906

1909

1912

1915

1918

1921

1924

1927

1930

1933

1936

1939

1942

1945

1948

1951

1954

1957

1960

1963

1966

1969

1972

1975

1978

1981

1984

1987

1990

1993

1996

1999

2002

2005

2008

2011

2014

2017

Consumption

118 Yr. Consumption Trendline

Consumption per Capita

118 Yr. per Capita Trendline

(1)

Source: USGS and PCA.

23

EXHIBIT 2

Residential Housing Inventory

Fundamentals Are In Place for Extended, Steady Growth Once Economic Conditions Stabilize(1)

  • Mortgage rates are at all-time lows
  • Permits, starts and sales remain below historical averages on a national level
  • Home ownership remains below the historical average

Estimated Months of Supply In SUM Metro Markets1

Every SUM market had below-average inventory through June 2020

June 2020 Inventory

Average Inventory

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Dallas, TX

Fort Worth, TX

Houston, TX Kansas City, MO-KS Las Vegas, NV

Lexington, KY Minneapolis, MN-WI Salt Lake City, UT US National (May Wilmington, NC

2020)

  1. Source: JBREC, July 13, 2020; US National Reflects May 2020, all others reflect June2020

24

EXHIBIT 3

Positive Outlook For Infrastructure Funding

Federal Highway Program Could See a ~5% CAGR, 2017-2022

($B) FAST Act Authorization and Additional Appropriations(1)

$48.3

$49.4

$49.6

$54.4

$55.5

$43.3

FY '17 Enacted

FY'18 Enacted

FY '19 FAST Act + Additional

FY' 20 FAST Act + Additional FY '21 Projected (ARTBA)

FY '22 Projected(ARTBA)

Appropriations

Appropriations

U.S. Construction Spending Forecast On Highway, Street, Bridge & Tunnel Related Work

Spending Rebounded in 2019 with Stable Growth Forecasted through 2023(2)

$178.7

$183.8

$188.7

$192.8

$170.8

+2.2%

$156.7

$159.8

+2.7%

$154.3

$160.5

+4.6%

+2.9%

+6.9%

+8.9%

+4.0%

-.05%

+.1%

$141.7

$77.0

$73.8

$75.4

$69.1

$71.8

$57.4

$61.6

$65.2

$67.5

$52.3

$89.4

$96.9

$98.9

$94.5

$92.3

$101.7

$106.9

$110.0

$113.3

$115.8

2014

2015

2016

2017

2018E

2019F

2020F

2021F

2022F

2023F

Public Highway, Steet, Bridge & Tunnel

Private Highway, Street & Bridge

  1. Source: FHWA, ARBTA, Bloomberg.

(2)

ARTBA - 2020 Transportation Construction Market Forecast, January 2020

25

EXHIBIT 4

Reconciliation of Operating Income to Adjusted Cash Gross Profit

Three months ended

Six months ended

June 27,

June 29,

June 27,

June 29,

Reconciliation of Operating Income to Adjusted Cash Gross Profit

2020

2019

2020

2019

($ in thousands)

Operating income

$

100,060

$

80,422

$

58,340

$

22,751

General and administrative expenses

66,544

60,961

136,768

128,571

Depreciation, depletion, amortization and accretion

53,928

53,625

105,706

109,013

Transaction costs

319

390

1,072

698

Adjusted Cash Gross Profit (exclusive of items shown separately)

$

220,851

$

195,398

$

301,886

$

261,033

Adjusted Cash Gross Profit Margin (exclusive of items shown separa

38.4%

35.4%

32.9%

30.4%

(1) Adjusted Cash Gross Profit Margin defined as Adjusted Cash Gross Profit divided by Net Revenue

26

EXHIBIT 5

Reconciliation of Gross Revenue to Net Revenue by LOB

Three months ended June 27, 2020

Gross Revenue

Intercompany

Net

Volume s

Pricing

by Product

Elimination/Delivery

Revenue

Aggregates

14,901

$

11.12

$

165,648

$

(35,659)

$

129,989

Cement

654

116.29

76,106

(2,813)

73,293

Materials

$

241,754

$

(38,472)

$

203,282

Ready-mix concrete

1,443

116.41

167,964

(82)

167,882

Asphalt

1,755

59.48

104,373

(179)

104,194

Other Products

97,974

(85,072)

12,902

Products

$

370,311

$

(85,333)

$

284,978

Six months ended June 27, 2020

Gross Revenue

Intercompany

Net

Volume s

Pricing

by Product

Elimination/De live ry

Re ve nue

Aggregates

26,093

$

11.00

$

287,121

$

(60,971)

$

226,150

Cement

954

116.26

110,864

(4,708)

106,156

Materials

$

397,985

$

(65,679)

$

332,306

Ready-mix concrete

2,686

115.31

309,773

(187)

309,586

Asphalt

2,163

58.99

127,616

(228)

127,388

Other Products

167,820

(143,533)

24,287

Products

$

605,209

$

(143,948)

$

461,261

27

EXHIBIT 6

Reconciliation of Net Income (Loss) to Further Adjusted EBITDA

Three months ended

Six months ended

Last Twelve Months Ended (1)

($ in millions)

June 27,

June 29,

June 27,

June 29,

June 27,

March 28,

December 28,

September 28,

June 29,

March 30,

December 29,

September 29,

June 30,

March 31,

December 30,

2020

2019

2020

2019

2020

2020

2019

2019

2019

2019

2018

2018

2018

2018

2017

Net income (loss)

$

59

$

38

$

12

$

(34)

$

107

$

86

$

61

$

6

$

22

$

21

$

36

$

99

$

110

$

125

126

Interest expense

26

29

53

59

110

114

117

118

118

118

117

115

115

112

109

Income tax (benefit) expense

17

17

(6)

(11)

23

22

17

78

53

48

60

229

(290)

(299)

(284)

Depreciation, depletion, amortization, and accretion expens

54

54

106

109

214

213

217

218

217

214

205

197

192

187

180

IPO/ Legacy equity modification costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on debt financings

-

-

-

15

-

-

15

15

15

15

-

5

5

5

5

Gain on sale of business

-

-

-

-

-

-

-

-

(12)

(12)

(12)

(12)

-

-

-

Goodwill impairment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

T ax receivable agreement expense

-

-

-

-

16

16

16

(23)

(23)

(23)

(23)

(232)

269

271

271

Acquisition transaction expenses

-

-

1

1

3

3

2

2

2

3

4

5

6

8

8

Non-cash compensation

5

5

10

11

20

19

20

21

22

23

25

27

26

25

21

Other

(1)

(3)

1

(3)

(2)

(2)

(4)

(1)

(2)

-

(6)

(6)

(5)

(6)

-

Adjusted EBIT DA

$

160

$

140

$

177

$

147

$

491

$

471

$

461

$

434

$

412

$

407

$

406

$

427

$

428

$

428

$

436

EBIT DA for certain completed acquisitions (2)

-

-

-

-

-

1

2

6

11

22

17

Further Adjusted EBIT DA (3)

$

491

$

471

$

461

$

434

$

412

$

408

$

408

$

433

$

439

$

450

$

453

Net Revenue

$

575

$

553

$

918

$

859

$

2,090

$

2,067

$

2,031

$

1,969

$

1,929

$

1,925

$

1,909

$

1,905

$

1,854

$

1,783

$

1,752

Adjusted EBIT DA Margin (4)

27.9%

25.4%

19.2%

17.1%

23.5%

22.8%

22.7%

22.0%

21.4%

21.2%

21.3%

22.4%

23.1%

24.0%

24.9%

Net Debt

$

1,717

$

1,774

$

1,667

$

1,820

$

1,938

$

1,940

$

1,828

$

1,845

$

1,866

$

1,760

$

1,551

T otal Net Leverage (5)

3.5x

3.8x

3.6x

4.2x

4.7x

4.8x

4.5x

4.3x

4.3x

3.9x

3.4x

  1. Last twelve month ("LTM") information corresponding to fiscal years (i.e., the periods ended December 28, 2019, December 29, 2018, and December 30, 2017, and reflects our audited historical results for such fiscal years presented in accordance with U.S. GAAP. Information presented for other LTM periods (i.e., June 27, 2020, March 28, 2020, September 28, 2019, June 29, 2019, March 30, 2019, September 29, 2018, June 30, 2018, and March 31, 2018) reflect unaudited trailing four quarter financial information calculated by starting with the results from the most recent audited fiscal year included in such LTM period and then (x) adding quarterly information for subsequent fiscal quarters and (y) subtracting quarterly information for the corresponding prior year period. For example, LTM June 27, 2020 has been calculated by starting with the data from the twelve months ended December 28, 2019 and then adding data for the six months ended June 27, 2020, followed by subtracting data for the six months ended June 29, 2019. This presentation is not in accordance with U.S. GAAP. However, we believe this information is useful to investors as we use it to evaluate our financial performance for ongoing planning purposes, including a continuous assessment of our financial performance in comparison to budgets and internal projections. We also use such LTM financial data to test compliance with covenants under our senior secured credit facilities. This presentation has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Please see our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q for the relevant periods for the historical amounts used to calculate the LTM information presented.
  2. EBITDA for certain completed acquisitions, net of dispositions, is pro forma for all acquisitions completed as of the date listed.
  3. Further Adjusted EBITDA is calculated using trailing four quarter financial data to test compliance with covenants under our senior secured credit facilities.
  4. Adjusted EBITDA Margin defined as Adjusted EBITDA as a percentage of net revenue
  5. Net Leverage defined as net debt divided by Further Adjusted EBITDA

28

EXHIBIT 7

Non-GAAP Reconciliation of Long-Term Debt to Net Debt

Reconciliation of Long-term Debt to Net Debt

($ in millions)

Q2'20

Q1'20

Q4'19

Q3'19

Q2'19

Q1'19

Q4'18

Q3'18

Q2'18

Q1'18

Q4'17

Long-term debt, including current portion

$ 1,871

$ 1,873

$ 1,874

$ 1,876

$ 1,876

$ 1,877

$ 1,831

$ 1,831

$ 1,832

$ 1,834

$ 1,835

Acquisition related liabilities

42

42

48

71

71

72

77

37

38

60

64

Finance leases and other

57

58

56

56

59

56

49

42

46

44

36

Less: Cash and cash equivalents

(253)

(199)

(311)

(183)

(68)

(65)

(129)

(65)

(50)

(178)

(384)

Net debt

$ 1,717

$ 1,774

$ 1,667

$ 1,820

$ 1,938

$ 1,940

$ 1,828

$ 1,845

$ 1,866

$ 1,760

$ 1,551

29

EXHIBIT 8

Non-GAAP Reconciliation of Net Income (Loss) to Adj. EBITDA

Reconciliation of Net Income (Loss) to Adjusted

Three months ended June 27, 2020

EBITDA by Segment

West

East

Cem ent

Corporate

Consolidated

($ in thousands)

Net income (loss)

$

57,040

$

32,206

$

29,386

$

(59,745)

$

58,887

Interest expense (income)

(709)

(433)

(3,116)

29,866

25,608

Income tax expense

1,054

(36)

-

16,163

17,181

Depreciation, depletion and amortization

22,050

21,014

9,291

992

53,347

EBITDA

$

79,435

$

52,751

$

35,561

$

(12,724)

$

155,023

Accretion

115

380

86

-

581

Transaction costs

-

-

-

319

319

Non-cash compensation

-

-

-

4,892

4,892

Other

(607)

253

-

(229)

(583)

Adjusted EBITDA

$

78,943

$

53,384

$

35,647

$

(7,742)

$

160,232

Adjusted EBITDA Margin (1)

26.4%

26.6%

47.1%

27.9%

Reconciliation of Net Income (Loss) to Adjusted

Three months ended June 29, 2019

EBITDA by Segment

West

East

Cem ent

Corporate

Consolidated

($ in thousands)

Net income (loss)

$

30,739

$

35,175

$

27,917

$

(55,841)

$

37,990

Interest expense

751

1,047

(2,345)

29,948

29,401

Income tax expense (benefit)

777

64

-

15,866

16,707

Depreciation, depletion and amortization

22,784

19,540

9,719

992

53,035

EBITDA

$

55,051

$

55,826

$

35,291

$

(9,035)

$

137,133

Accretion

140

300

150

-

590

Loss on debt financings

-

-

-

-

-

Transaction costs

11

-

-

379

390

Non-cash compensation

-

-

-

4,699

4,699

Other

(382)

(1,714)

-

(250)

(2,346)

Adjusted EBITDA

$

54,820

$

54,412

$

35,441

$

(4,207)

$

140,466

Adjusted EBITDA Margin (1)

20.1%

27.9%

41.9%

25.4%

(1)

Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of net revenue

30

EXHIBIT 9

Non-GAAP Reconciliation of Net Income (Loss) to Adj. EBITDA

Reconciliation of Net Income (Loss) to Adjusted

EBITDA by Segment

($ in thousands)

Net loss

$

Interest expense (income)

Income tax expense (benefit)

Depreciation, depletion and amortization

EBITDA

$

Accretion

Transaction costs

Non-cash compensation

Other

Adjusted EBITDA

$

Adjusted EBITDA Margin (1)

Reconciliation of Net Income (Loss) to Adjusted

EBITDA by Segment

($ in thousands)

Net income (loss)

$

Interest expense (income)

Income tax expense (benefit)

Depreciation, depletion and amortization

EBITDA

$

Accretion

Loss on debt financings

Transaction costs

Non-cash compensation

Other

Adjusted EBITDA

$

Adjusted EBITDA Margin (1)

Six months ended June 27, 2020

West

East

Cement

Corporate

Consolidated

57,538

$

21,139

$

17,108

$

(83,624)

$

12,161

(1,287)

(1,002)

(6,292)

62,007

53,426

587

(165)

-

(6,142)

(5,720)

43,734

41,734

17,099

1,981

104,548

100,572

$

61,706

$

27,915

$

(25,778)

$

164,415

231

756

171

-

1,158

-

-

-

1,072

1,072

-

-

-

9,797

9,797

608

495

-

(899)

204

101,411

$

62,957

$

28,086

$

(15,808)

$

176,646

21.0%

19.6%

24.7%

19.2%

Six months ended June 29, 2019

West

East

Cement

Corporate

Consolidated

21,187

$

16,808

$

17,349

$

(88,855)

$

(33,511)

1,494

2,055

(4,664)

60,621

59,506

334

118

-

(11,782)

(11,330)

46,580

39,445

19,873

1,944

107,842

69,595

$

58,426

$

32,558

$

(38,072)

$

122,507

269

606

296

-

1,171

-

-

-

14,565

14,565

11

-

-

687

698

-

-

-

10,605

10,605

(757)

(1,378)

-

(357)

(2,492)

69,118

$

57,654

$

32,854

$

(12,572)

$

147,054

15.7%

19.5%

27.0%

17.1%

(1)

Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of net revenue

31

EXHIBIT 10

Non-GAAP Reconciliation of Net Income(Loss) to Adj. Diluted Net Income (Loss)

Reconciliation of Net Income (Loss) Per Share to Adjusted Diluted EPS

(In thousands, except share and per share amounts)

Three months ended

Six months ended

June 27, 2020

June 29, 2019

June 27, 2020

June 29, 2019

Net Income

Per Equity Unit

Net Income

Per Equity Unit

Net Income

Per Equity Unit

Net Loss

Per Equity Unit

Net income (loss) attributable to Summit Materials, Inc.

$

57,064

$

0.49

$

36,410

$

0.32

$

12,085

$

0.10

$

(32,362)

$

(0.28)

Adjustments:

Net income (loss) attributable to noncontrolling

interest

1,823

0.01

1,580

0.01

76

-

(1,149)

(0.01)

Adjustment to acquisition deferred liability

-

-

(2,000)

(0.02)

-

-

(2,000)

(0.02)

Loss on debt financings

-

-

-

-

-

-

14,565

0.13

Adjusted diluted net income (loss) before tax related

adjustments

58,887

0.50

35,990

0.31

12,161

0.10

(20,946)

(0.18)

Changes in unrecognized tax benefits

-

-

-

-

(9,537)

(0.08)

-

-

Adjusted diluted net income (loss)

$

58,887

$

0.50

$

35,990

$

0.31

$

2,624

$

0.02

$

(20,946)

$

(0.18)

Weighted-average shares:

Basic Class A common stock

114,111,204

112,070,009

113,856,657

111,940,844

LP Units outstanding

3,053,115

3,418,018

3,103,672

3,422,318

T otal equity units

117,164,319

115,488,027

116,960,329

115,363,162

32

EXHIBIT 11

Non-GAAP Reconciliation of Adj. Cash Gross Profit by LOB

Three months ended

Six months ended

($ in thousands)

June 27,

June 29,

June 27,

June 29,

Segment Net Revenue:

2020

2019

2020

2019

West

$

299,024

$

273,306

$

483,516

$

441,535

East

200,554

194,738

320,543

295,153

Cement

75,662

84,547

113,587

121,853

Net Revenue

$

575,240

$

552,591

$

917,646

$

858,541

Line of Business - Net Revenue:

Materials

Aggregates

$

129,989

$

128,650

$

226,150

$

216,522

Cement (1)

73,293

77,799

106,156

110,298

Products

284,978

261,188

461,261

412,458

Total Materials and Products

488,260

467,637

793,567

739,278

Services

86,980

84,954

124,079

119,263

Net Revenue

$

575,240

$

552,591

$

917,646

$

858,541

Line of Business - Net Cost of Revenue:

Materials

Aggregates

$

46,923

$

49,652

$

97,186

$

99,542

Cement

34,891

39,112

71,542

70,463

Products

212,661

203,035

356,588

333,890

Total Materials and Products

294,475

291,799

525,316

503,895

Services

59,914

65,394

90,444

93,613

Net Cost of Revenue

$

354,389

$

357,193

$

615,760

$

597,508

Line of Business - Adjusted Cash Gross Profit (2):

Materials

Aggregates

$

83,066

$

78,998

$

128,964

$

116,980

Cement (3)

38,402

38,687

34,614

39,835

Products

72,317

58,153

104,673

78,568

Services

27,066

19,560

33,635

25,650

Adjusted Cash Gross Profit

$

220,851

$

195,398

$

301,886

$

261,033

Adjusted Cash Gross Profit Margin (2)

Materials

Aggregates

63.9%

61.4%

57.0%

54.0%

Cement (3)

50.8%

45.8%

30.5%

32.7%

Products

25.4%

22.3%

22.7%

19.0%

Services

31.1%

23.0%

27.1%

21.5%

Total Adjusted Cash Gross Profit Margin

38.4%

35.4%

32.9%

30.4%

  1. Net revenue for the cement line of business excludes revenue associated with hazardous and non-hazardous waste, which is processed into fuel and used in the cement plants and is included in services net revenue. Additionally, net revenue from cement swaps and other cement-related products are included in products net revenue.
  2. Adjusted cash gross profit calculated as net revenue by line of business less net cost of revenue by line of business. Adjusted cash gross profit margin is defined as adjusted cash gross profit divided by net revenue.
  3. The cement adjusted cash gross profit includes the earnings from the waste processing operations, cement swaps and other products. Cement line of business adjusted cash gross profit margin defined as cement adjusted

33cash gross profit divided by cement segment net revenue.

EXHIBIT 12

Free Cash Flow

Three months ended

Six months ended

June 27,

June 29,

June 27,

June 29,

($ in thousands)

2020

2019

2020

2019

Net income (loss)

$

58,887

$

37,990

$

12,161

$

(33,511)

Non-cash items

74,346

71,751

110,013

107,830

Net income (loss) adjusted for non-cash item

133,233

109,741

122,174

74,319

Change in working capital accounts

(32,601)

(63,117)

(60,473)

(58,371)

Net cash provided by operating activities

100,632

46,624

61,701

15,948

Capital expenditures, net of asset sales

(40,448)

(38,173)

(99,117)

(97,564)

Free cash flow

$

60,184

$

8,451

$

(37,416)

$

(81,616)

34

EXHIBIT 13

Capital Structure

Summit Materials, LLC Financials

Capital Structure Slide

($ in Millions)

Q2 '19

Q3 '19

Q4 '19

Q1 '20

Q2 '20

Int. Rates

Maturity

Cash

$67.7

$182.6

$311.3

$199.1

$253.4

0.36%

n/a

Debt:

Revolver1

--

--

--

--

--

3.45%

Feb-2024

Senior Secured Term Loans

$625.8

$625.8

$624.3

$622.7

$621.1

2.17%

Nov-2024

Capital Leases and Other

$58.9

$56.4

$56.4

$58.0

$57.4

5.50%

Various

Senior Secured Debt

$684.8

$682.2

$680.7

$680.7

$678.5

2.46%

Acq.-related Liab.

$71.2

$70.5

$47.9

$41.7

$42.3

10.00%

Various

5.125% Senior Notes

$300.0

$300.0

$300.0

$300.0

$300.0

5.125%

Jun-2025

6.5% Senior Notes

$300.0

$300.0

$300.0

$300.0

$300.0

6.50%

Mar-2027

6.125% Senior Notes

$650.0

$650.0

$650.0

$650.0

$650.0

6.125%

Jul-2023

Senior Unsecured Debt

$1,321.2

$1,320.5

$1,297.9

$1,291.7

$1,292.3

6.11%

Total Debt

$2,005.9

$2,002.8

$1,978.5

$1,972.4

$1,970.8

4.85%

Net Senior Secured Debt

$617.1

$499.6

$369.4

$481.6

$425.1

Net Total Debt

$1,938.3

$1,820.2

$1,667.2

$1,773.3

$1,717.4

Est. Annual Cash Int. Run Rate

$113.9

$111.5

$107.4

$102.4

$97.3

LTM Further Adj. EBITDA

$411.9

$434.0

$461.5

$471.3

$491.1

Net Senior Secured Leverage

1.5x

1.2x

0.8x

1.0x

0.9x

Total Net Leverage

4.7x

4.2x

3.6x

3.8x

3.5x

1 Revolver Capacity post-usage for (undrawn) Letters of Credit is $329.1M as of 6/27/20

35

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Summit Materials Inc. published this content on 22 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2020 20:35:18 UTC