BlueLinx : Q2 2021 BlueLinx Holdings Inc Earnings Conference Call Presentation

Second Quarter Results Conference Call

August 4, 2021

Safe Harbor Statement

Note to Our Investors

This presentation contains forward-lookingstatements. Forward-looking statements include, without limitation, any statement that predicts, forecasts, indicates or implies future results, performance, liquidity levels or achievements, and may contain the words " believe,"" anticipate,"" expect,"" estimate,"" intend,"" project," "plan," "will be, "be, "will likely continue, "continue," "will likely result" or words or phrases of similar meaning. Forward-looking statements involve risks and uncertainties that may cause our business, strategy, or actual results to differ materially from the forward-looking statements. The forward-looking statements in this presentation include statements about our strategic imperatives and priorities, and our focus thereon; our ability to capitalize on our geographic footprint to grow our national dealer and home center customer markets; our local entrepreneurial initiatives; our focus on reducing non-essential costs and our ability to, and the potential success of, investing in resources to support strategic sales growth; our market and business outlook, including the outlook for the residential housing construction markets, and trends in wood-based commodity prices; trends in deurbanization, housing inventory and prices; trends in residential repair and remodel activity; the influence of wood-based commodity price inflation on specialty product sales; our efforts to manage commodity price volatility and the potential success thereof; and the COVID-19 pandemic and our response thereto, including statements about the potential trajectory of the pandemic and its potential effects.

Forward-looking statements in this presentation are based on estimates and assumptions made by our management that, although believed by us to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties that may cause our business, strategy, or actual results to differ materially from the forward-looking statements. These risks and uncertainties include those discussed in greater detail in our filings with the Securities and Exchange Commission. We operate in a changing environment in which new risks can emerge from time to time. It is not possible for management to predict all of these risks, nor can it assess the extent to which any factor, or a combination of factors, may cause our business, strategy, or actual results to differ materially from those contained in forward-looking statements. Factors that may cause these differences include, among other things: pricing and product cost variability; volumes of product sold; changes in the prices, supply, and/or demand for products that we distribute; the cyclical nature of the industry in which we operate; housing market conditions; the COVID-19 pandemic and other contagious illness outbreaks and their potential effects on our industry; effective inventory management relative to our sales volume or the prices of the products we produce; information technology security risks and business interruption risks; increases in petroleum prices; consolidation among competitors, suppliers, and customers; disintermediation risk; loss of products or key suppliers and manufacturers; our dependence on international suppliers and manufacturers for certain products; business disruptions; exposure to product liability and other claims and legal proceedings related to our business and the products we distribute; natural disasters, catastrophes, fire, or other unexpected events; successful implementation of our strategy; wage increases or work stoppages by our union employees; costs imposed by federal, state, local, and other regulations; compliance costs associated with federal, state, and local environmental protection laws; our level of indebtedness and our ability to incur additional debt to fund future needs; the risk that our cash flows and capital resources may be insufficient to service our existing or future indebtedness; the covenants of the instruments governing our indebtedness limiting the discretion of our management in operating our business; the fact that we lease many of our distribution centers, and we would still be obligated under these leases even if we close a leased distribution center; changes in our product mix; shareholder activism; potential acquisitions and the integration and completion of such acquisitions; the possibility that the value of our deferred tax assets could become impaired; changes in our expected annual effective tax rate could be volatile; the costs and liabilities related to our participation in multi-employer pension plans could increase; the possibility that we could be the subject of securities class action litigation due to stock price volatility; and changes in, or interpretation of, accounting principles. Given these risks and uncertainties, we caution you not to place undue reliance on forward-looking statements. We expressly disclaim any obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

Non-GAAPFinancial Measures. BlueLinx reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We also believe that presentation of certain non-GAAP measures, such as Adjusted EBITDA, net debt, the ratio of our total net debt to Adjusted EBITDA, and free cash flow, may be useful to investors and may provide a more complete understanding of the factors and trends affecting the business than using reported GAAP results alone. Explanations of these non-GAAP measures are included in the accompanying Appendix to this presentation, and any non-GAAP measures used herein are reconciled herein or in the financial tables in the Appendix to their most directly comparable GAAP measures. We caution that non-GAAP measures should be considered in addition to, but not as a substitute for, our reported GAAP results.

Immaterial Rounding Differences. Immaterial rounding adjustments and differences may exist between slides, press releases, and previously issued presentations.

This presentation and the associated remarks made during this conference call are integrally related and are intended to be presented and understood together.

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Executive Summary

Market Update and Second Quarter 2021 Performance

Market Conditions

• Single-familyresidential housing remains strong. Q2 single-familyhousing starts consistent with 1Q21 estimates; still well below prior cyclical peak. Favorable mortgage rates, low housing inventory, deurbanization and improved employment conditions continuing to support positive housing trends
• Commodity wood prices are volatile. Framing Lumber is currently ~70% off its peak in May 2021 and Structural Panel prices peaked in June at $1,705/MSF but have since decreased ~50%
• Builders' Confidence Index remains elevated. NAHB Builders' Confidence Index
  60% above the 20-year average at 80 as of July 2021
• Remodeling activity continues to strengthen. LIRA Index and NAHB RMI both indicate continued R&R momentum with LIRA reaching record levels in Q2
• Economic measures trending positively. National unemployment rate down to 5.9% in June, a 60-basispoint improvement from December 2020. 30-yearfixed mortgage rates continue to stay at historically low levels

Note: All comparisons versus the prior-year period unless otherwise noted

Company Performance

• Record second quarter results. Record net income and Adjusted EBITDA, driven by specialty volume growth and margin expansion along with structural sales growth
• Significant leverage reduction while enhancing liquidity. Reduced net debt outstanding by $53 million year over year; Paid off Term Loan in full in 1Q21; Excess availability and cash increased to $276 million as of quarter end
• Broad-basedsales increase. Overall net sales $1.3 billion, higher by 87%
• Margin expansion across both product categories. Total gross margin +480 bps to 19.2%; Record specialty products gross margin +710 bps to 24.4%; Structural products gross margin +430 bps to 13.6%
• Disciplined cost controls. Maintaining cost discipline; SG&A normalizing post pandemic
• Improved profitability. Net income increased $107 million; earnings per diluted share of $11.61 vs. $0.71 in prior year period; Adjusted EBITDA of $166 million, up from $31 million

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Single-Family Housing Demand

Our business is correlated to single-family housing starts (SFHS)

Total U.S. Single Family Housing Starts

Total U.S. Monthly Single-Family Residential Home Supply

	Housing starts in thousands(1)				Months of inventory(2)
• 2021 SFHS forecasted at 1.2 million	2,000												Single-family residential home supply is 7% above the 20-year average
1,800										14
units were consistent with 1Q21
1,600						2021 SFHS annual estimate ~33% below the			12
estimates; 12% above 50-year						prior cyclical peak achieved in 2005
1,400
									10
average. Further growth expected	1,200
									8
over next 3 years(1)	1,000
					50-year average
	800									6
• Months of supply for new and	600										4					20-year average
400
existing homes increased in 2Q21										2
200
due to higher home prices and
-										0
construction materials inflation	2000	2001 2002	2003 2004	2005	2006	2007	2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019	2020 2021E 2022E	2023E	2024E	2000	2001	2002 2003 2004 2005	2006	2007	2008 2009 2010 2011	2012	2013 2014 2015 2016 2017 2018	2019	2020	2021
slowing recent sales

• Builders' Confidence remains well	30 Year Fixed Mortgage Rates															NAHB "Builders' Confidence" Market Index
As of July 2021(3)																				Composite index(4)
above the 20-year average at 80
18.0%	16.6%																						100		Builders' confidence reached a 35-yearhigh in Nov-20 and remains elevated
	16.0%																								90
• Average U.S. home prices currently
14.0%																								80
16% higher than a year ago; double-	12.0%																								70
digit % growth for full year 2021(1)	10.0%																								60
8.0%																								50
																																20-year average
	6.0%			40-yearaverage																	40
• Low mortgage rates continue to
																				3.1%		30
4.0%
support market demand	2.0%																								20
																							10
	0.0%
	1980	1982	1984	1986	1988	1990	1992	1994	1996	1998	2000	2002	2004	2006	2008	2010	2012	2014	2016	2018	2020	2022P	2024P	0
								2007										2017
		2000	2001	2002	2003	2004	2005	2006	2008	2009	2010	2011	2012	2013	2014	2015	2016	2018	2019	2020	2021
(1) Source: Historical data is U.S. Census Bureau; Forecast: John Burns Real Estate Consulting, LLC subject limitations and disclaimers - not for redistribution
(2) Source: U.S. Census Bureau. The months' supply is the ratio of houses for sale to houses sold. This statistic provides an indication of the size of the for-sale inventory in relation to the number of houses currently being sold. The months' supply indicates how long the current for-sale inventory would

last given the current sales rate if no additional new houses were built.

(3) Source: Historical data is Freddie Mac; Forecast: John Burns Real Estate Consulting, LLC subject limitations and disclaimers - not for redistribution.

(4) Source: NAHB. The NAHB Housing Market Index (HMI) is based on a monthly survey of NAHB members designed to take the pulse of the single-family housing market. The survey asks respondents to rate market conditions for the sale of new homes at the present time and in the next six months as well as the traffic of prospective buyers of new homes.

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Residential Repair & Remodel Activity Remains Healthy

Elevated Repair & Remodel activity continues

		Total Installed Base of U.S. Homes, Including Renter and		U.S. Private Residential Construction Put-In-Place (CPP)
•	Annual U.S. Homes installed base	Owner-Occupied Homes			Dollars in millions(2)
Homes in millions(1)			$1,400
	forecast expects continued
						$1,200
	increases through 2025; positive					129
					$1,000
	for both residential construction				128
	and repair and remodel end				127		$800
	markets				126		$600
				125
						$400
					124
• CPP and remodeling data continue					$200
			123
	to indicate continued elevating				122		$0
	R&R activity; LIRA expected to				121		2002	2003	2004	2005	2006	2007	2008	2009	2010	2011		2012	2013	2014	2015	2016	2017	2018		2019	2020	2021
			120
	increase and remain elevated
			119			LIRA Remodeling Activity Index
	through 1H 2022			118
					TTM Moving Total - Dollars in Billions(3)
				118
•		116	117	117			$450
Strong existing home sales and				$400
	record home values are fueling						$350
	home improvement activity						$300
							$250
							$200
							$150
							$100
							$50
							$0																						1Q22 (P)
	(1) Source: HIRL Research; updated annually						1Q00	1Q01	1Q02	1Q03	1Q04	1Q05	1Q06	1Q07	1Q08	1Q09	1Q10	1Q11	1Q12	1Q13	1Q14	1Q15	1Q16	1Q17	1Q18	1Q19	1Q20	1Q21
	(2) Source: Historical data is from the U.S. Census Bureau; The Value of Construction Put in Place Survey (VIP) provides monthly estimates of the total dollar value of construction work done in the U.S. The survey covers construction work done each month on new
	structures or improvements to existing structures for private and public sectors.
	(3) Source: Joint Center for Housing Studies at Harvard University. The Leading Indicator of Remodeling Activity (LIRA) provides a short-term outlook of national home improvement and repair spending to owner-occupied homes. The indicator, measured as an
	annual rate-of-change of its components, is designed to project the annual rate of change in spending for the current quarter and subsequent four quarters, and is intended to help identify future turning points in the business cycle of the home improvement and
	repair industry.

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