ADENTRA : Investor Presentation

Investor Presentation

March 2024

TSX : ADEN

Calgary Public Library:

Ceilings, wall panels, and stairs by ADENTRA

Forward-Looking Statements

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

words "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 ended the year with significant unused borrowing capacity, which will enable us to continue to manage short- term economic headwinds, fund anticipated future growth and continue executing on our strategies; our capital allocation priorities going forward will include a continued focus on repayment of debt and growth through acquisitions; the inflation and interest rate hikes of recent years are expected to continue to moderately impact economic activity; while our sales volumes have stabilized in recent quarters, we continue to experience softness in product pricing; forecasters are anticipating a stable environment for residential construction in 2024 and a flat-to-lower year for the repair and remodel market; we expect first quarter 2024 sales to be lower than the same period in 2023, with higher volumes being offset by weaker product prices year-over- year; sales comparisons to 2023 are expected to improve in the latter half of the year; in this environment, we anticipate modest growth in 2024 Adjusted EBITDA, driven by continued gross margin strength and disciplined management of operating expenses; as we have demonstrated in previous business cycles and most recently in 2023, 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 is expected to continue converting a high proportion of EBITDA to operating cash flows before changes in working capital; in addition, our investment in working capital typically decreases during periods of reduced activity, resulting in an additional source of cash; over the longer term our business is supported by strong fundamentals in our end markets which include historic under-building of homes, positive demographic factors, strong home equity, and an aging housing stock; forecasters are also anticipating potential interest rate cuts in the later half of 2024, which could further support end-market demand for our products; we continue to see a multi-year runway for growth in the repair and remodel, residential, and commercial markets we participate in; we also do not expect the market to grow meaningfully in 2024; our business requires an ongoing investment in working capital; 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; and we intend to issue common shares from treasury to settle the portion of the obligation not paid to employees in cash.

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 US 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 our MD&A, each of which are available on the Company's SEDAR+ profile at www.sedarplus.ca.

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 fourth quarter of 2023 (Issued March 18, 2024).

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

2

Creating beautiful spaces where we live, work, and play

From top left: Sacramento Airport - Sacramento, CA; Signal House - Newport Beach, CA; Microsoft Canada Excellence Centre - Vancouver, B.C.; Health Sciences Innovation Building, University of Arizona - Tucson, AZ; Lincolnshire House - Toronto, ON; Brooklyn Townhouse - Cobble Hill, Brooklyn, NY; Microsoft Canada Excellence Centre - Vancouver, B.C.; U.S. Residence.

3

Why Invest in ADENTRA

Industry Leader	Architectural Building
Product Focus
✓ We maintain a	✓ Our specialty products are
differentiated position in a	characterized by:
fragmented market	o higher gross margins1
✓ We offer product solutions	o predictable product
across diverse customer	pricing2
channels and end markets	o branded and exclusive
throughout North America	offerings

Well-Positioned to

Capture Market

Share

• We hold a single-digit

market share today, leaving

• substantial room for

  organic growth

• Positive economic and
  market fundamentals are

expected to provide a multi-

year tailwind

Active Strategies to Accelerate Growth

• Clear strategy to capture
  above-market growth

through the execution of

our Destination 2028 plan

Track Record of

Financial

Performance

• Efficient use of our balance sheet and strong cash flow generation provide strength and flexibility to create value in the mid-to- long term

• Disciplined capital
  allocation focused on

investing in the business, accretive acquisitions, dividends and opportunistic share repurchases

1. Relative to commodity building products

2.Excluding the COVID pandemic period during 2021-2022

4

ADENTRA Snapshot (TSX: ADEN)

$2.2 B		$185 M		$238 M	C$770 M
Sales		Adj. EBITDA1	Operating Cash flows	Market Cap2

65,000+ 2,700+ 175,000+

Customers

Employees

SKUs in portfolio

	16%	40%
	Home Centers	Repair & Remodel
	Essential	End-	13%
	Commercial
	Customer	Market
	Channels	Access
57%	27%	40%	7%
Diversified
Industrial	ProDealers	New Residential

86	90 / 10	800+
Locations	Revenue split	Sales Team

Using a multi-brand strategy and coast-to-coast distribution platform to serve

North America's fastest-growing markets

Dollar values shown are in USD unless otherwise noted. Sales, Adj. EBITDA, Operating Cash flows, Customers and Employees areas of December 31, 2023.	5
1.	"Adjusted EBITDA" is a Non-IFRS and Non-GAAP measure. See the Company's Annual Report and Financial Results for further information.
2.	Market Cap. is calculated with share count and per share price of ADEN common shares as of March 15, 2024.

1. world-classplatform of architectural building products.

2,000

SUPPLIERS

Access to North American markets

Our unique customer-centric

insights inform leading product

solutions

Includes branded products,

exclusive rights and

demonstrated buying power

Strong customer relationships and brand loyalty

65,000+

CUSTOMERS

Access to our

extensive

175,000+ SKU

product portfolio

We provide an invaluable link between our vast supplier network

and our extensive customer base

6

Product Offerings

Broad product participation, emphasis on specialty materials

10%

boards

5%

stair parts

15%

diversified

4%

composites

12%

decorative surfaces

17%

hardwood plywood

8%

$2.2B hardwood lumber

2023 Sales

16%

doors

13%

mouldings

• Extensive 175,000+ SKU
• • 
    product portfolio
  • 50% of products are branded, exclusive, or semi-exclusive

7

All dollar values are in USD.

1. Percentages are based on proportionate full-year sales for all products in 2023.

Opportunity to Capture New Market Share

Hardwood Plywood

Doors

Mouldings

Deco Surfaces

Diversified

Boards

Hardwood Lumber

Stair Parts

Composites

ADENTRA's Share of Total Addressable Market1

	$2.2B	17%
	Market	Share
								$14.3B	2%
								Market	Share
					$6.9B	4%
					Market	Share
					$6.5B	4%
					Market	Share
				$5.5B	5%			$2.2B
				Market	Share
			$3.6B	6%				2023 Sales with a
			Market	Share
$1.9B	10%					$43B
Market	Share
$1.3B	9%							Total Addressable Market
Market	Share
$1.0B	10%
Market	Share

All dollar values are in USD.	8
1. TAM (Total Addressable Market) value developed by Ducker Research (November 2022).

Total Addressable Market - Customer Channel

$43B1

Home Center

Pro Dealer $10B

$16B

Industrial

$17B

Thousands of small, privately-owned companies

Industrial

• Segment includes OEM manufacturers, commercial millwork shops, specialty dealers/fabricators, and lumber yards

Pro Dealer

• Segment includes one/two-step distributors and millwork wholesalers

Home Center

• Segment includes big box retailers and regional home center stores

Recent acquisitions of Novo and Mid-Am expanded ADENTRA's TAM by 150%

All dollar values are in USD.	9
1. TAM (Total Addressable Market) developed by Ducker Research (November 2022).

Long-TermEnd-Market Fundamentals Remain Positive

	New U.S. Housing Starts and				Aging U.S. Housing Stock &	Annual Average Rate on 30-year
	Cumulative Underbuild1				Strong Home Equity Levels2		Fixed-Rate Mortgages1 (%)
Units			Average Age		Home Equity	Interest Rate
(millions)
				(years)					(US$Trillions)	(%)
4,000				43					35	8.0
3,500				42					30	7.0
3,000				41					25	6.0
2,500				40
										5.0
				39					20
2,000								4.0
				38					15
1,500		Long-term					3.0
	37
		Average						10
1,000			36					2.0
500				35					5	1.0
0				34							0	0.0
								Equity		Age

25-year Average (5.18%)

Long-term growth in new residential	High levels of home equity and	Mortgage rates have risen significantly, and
supported by historic under-build	an aging housing stock support	any relief could be a demand driver
and demographic patterns in the U.S.	investment in home improvement	for the industry

Macroeconomics underpin multi-year growth in the markets we serve

1. Historical data from St. Louis Fed.

10

2. Age data from U.S. Census Bureau (available up to 2022, and home equity values from St. Louis Fed ("2023" = end of Q3, 2023).