Armstrong World (NYSE: AWI) posts record 2025 results and upbeat 2026 guidance

Rhea-AI Filing Summary

Armstrong World Industries reported record fourth-quarter and full-year 2025 results, with net sales of $1.6 billion, up 12%, and operating income up 15% to $430.9 million. Adjusted EBITDA rose 14% to $555 million and adjusted diluted EPS increased 17% to $7.41.

Growth was driven by 28% higher Architectural Specialties sales and 5% Mineral Fiber growth, aided by 2024–2025 acquisitions and stronger pricing. Adjusted free cash flow rose 16% to $346 million. For 2026, the company guiding net sales of $1.745–$1.785 billion, adjusted EBITDA of $600–$620 million, adjusted EPS of $8.05–$8.35, and adjusted free cash flow of $375–$395 million, all implying high single- to low double-digit growth.

Insights

Equity research analyst

Record 2025 performance and double-digit 2026 growth guidance look meaningfully positive.

Armstrong World Industries delivered broad-based strength in 2025: net sales grew 12.1% to $1,620.8 million, adjusted EBITDA rose 14.1% to $555 million, and adjusted diluted EPS climbed 17.4% to $7.41. Margins expanded, with adjusted EBITDA margin improving 70 basis points to 34.3%.

Both segments contributed. Mineral Fiber net sales increased to $1,030.7 million with record 43.5% adjusted EBITDA margin, while Architectural Specialties net sales reached $590.1 million, up from $459.7 million, supported by acquisitions such as 3form, Zahner and Geometrik. Operating cash generation was strong, lifting adjusted free cash flow 15.9% to $346 million.

Guidance for 2026 points to continued momentum: net sales are expected at $1,745–$1,785 million, adjusted EBITDA at $600–$620 million, adjusted EPS at $8.05–$8.35, and adjusted free cash flow at $375–$395 million. These imply high single- to low double-digit growth across all major metrics, underpinned by roughly 6–7% Mineral Fiber AUV growth, mid-teens Architectural Specialties sales growth, and Eventscape’s contribution.

0000007431false00000074312026-02-242026-02-24

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2026

ARMSTRONG WORLD INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Pennsylvania		1-2116		23-0366390
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(IRS Employer Identification No.)
2500 Columbia Avenue P.O. Box 3001 Lancaster, Pennsylvania				17603
(Address of principal executive offices)				(Zip Code)

Registrant’s telephone number, including area code: (717) 397-0611

NA

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value per share		AWI		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Section 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition.

On February 24, 2026, Armstrong World Industries, Inc. (the "Company") issued a press release announcing its fourth quarter and full year 2025 consolidated financial results. The full text of the press release is attached hereto as Exhibit 99.1.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished herewith and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.

Section 7 – Regulation FD

Item 7.01 Regulation FD Disclosure.

On February 24, 2026, the Company issued a press release announcing that it will report its fourth quarter and full year 2025 consolidated financial results via a webcast and conference call on February 24, 2026 at 10:00 a.m. Eastern Time which can be accessed through the “Investors” section of the Company’s website, www.armstrong.com. During this report, the Company will reference a slide presentation, a copy of which is attached hereto as Exhibit 99.2 and incorporated herein by reference.

The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2, is being furnished herewith and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Act, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Section 9 – Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

No. 99.1		Press Release of Armstrong World Industries, Inc. dated February 24, 2026
No. 99.2		Earnings Call Presentation Fourth Quarter and Full Year 2025 dated February 24, 2026
No. 104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ARMSTRONG WORLD INDUSTRIES, INC.
By:		/s/ Austin K. So
		Austin K. So
		SVP General Counsel, Head of Government Relations & Chief Sustainability Officer, Secretary

Date: February 24, 2026

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Exhibit 99.1

Armstrong World Industries Reports Record-Setting

Fourth-Quarter and Full-Year 2025 Results

Fourth-Quarter 2025

•Strong fourth-quarter net sales of $388 million, an increase of 6%

•Operating income increased 12% and adjusted EBITDA increased 11%

•Operating income margin expanded 140 basis points and adjusted EBITDA margin expanded 160 basis points

•Diluted net earnings per share up 6% and adjusted diluted net earnings per share up 7%

Full-Year 2025

•Record-setting net sales of $1.6 billion, an increase of 12%

•Operating income increased 15% and adjusted EBITDA increased 14%

•Diluted net earnings per share up 18% and adjusted diluted net earnings per share up 17%

•Cash flow from operating and investing activities up 88% and adjusted free cash flow up 16%

(Comparisons above are versus the prior-year period unless otherwise stated.)

LANCASTER, Pa., Feb. 24, 2026 -- Armstrong World Industries, Inc. (NYSE:AWI), an Americas leader in the design and manufacture of innovative interior and exterior architectural applications including ceilings, specialty walls and exterior metal solutions, today reported fourth-quarter and full-year 2025 financial results highlighted by strong sales and earnings growth and issued 2026 guidance with strong growth across all key metrics.

“These results represent another strong year for Armstrong with record-setting sales and earnings for both the quarter and the full year as the key fundamental growth drivers of our business – Mineral Fiber average unit value growth, productivity and Architectural Specialties sales growth – were on full display,” said Vic Grizzle, President and CEO of Armstrong World Industries. “For the second consecutive year, we have achieved double-digit growth in both annual sales and earnings, and for the fifth consecutive year we have delivered profitable top and bottom line growth despite challenging market conditions. This sustained profitable growth reflects the impact from successful investments in our growth initiatives, the dedication and agility of our teams, our commitment to operational excellence, and the strength of our resilient business model. Together with our disciplined strategy to strengthen our core business and expand into adjacencies, the resulting consistent cash flow generation allows for reinvestment for profitable growth. It’s these attributes that set Armstrong apart and provide a strong foundation as we transition to our next CEO, Mark Hershey, and position us for continued growth into 2026 and beyond.”

Fourth-Quarter Consolidated Results

(Dollar amounts in millions except per-share data)		For the Three Months Ended December 31,
		2025				2024				Change
Net sales		$	388.3			$	367.7			5.6%
Operating income		$	92.0			$	81.9			12.3%
Operating income margin (Operating income as a % of net sales)			23.7	%			22.3	%		140bps
Net earnings		$	65.5			$	62.2			5.3%
Diluted net earnings per share		$	1.51			$	1.42			6.3%
Additional Non-GAAP* Measures
Adjusted EBITDA		$	124			$	112			11.5%
Adjusted EBITDA margin (Adjusted EBITDA as a % of net sales)			32.0	%			30.4	%		160bps
Adjusted net earnings		$	70			$	66			5.7%
Adjusted diluted net earnings per share		$	1.61			$	1.50			7.3%

* The Company uses non-GAAP adjusted measures in managing the business and believes the adjustments provide meaningful comparisons of operating performance between periods and are useful alternative measures of performance. Reconciliations of the most comparable generally accepted accounting principles in the United States ("GAAP") measure are found in the tables at the end of this press release. Excluding per share data, non-GAAP figures are rounded to the nearest million and corresponding percentages are rounded to the nearest decimal.

Consolidated net sales for the fourth quarter of 2025 increased 5.6% from the prior-year period due to higher volumes of $6 million and favorable Average Unit Value ("AUV") of $15 million. Architectural Specialties net sales increased $14 million and Mineral Fiber net sales increased $6 million from the prior-year period. Architectural Specialties net sales improved primarily due to an $8 million contribution from the 2024 acquisitions of 3form, LLC and A. Zahner Company (collectively "the 2024 Acquisitions") and a $5 million increase in organic net sales. The increase in Mineral Fiber net sales was driven by favorable AUV, partially offset by lower sales volumes.

Consolidated operating income increased 12.3% in the fourth quarter of 2025 compared to the prior-year period primarily due to a $13 million margin benefit from favorable AUV and a $1 million increase in equity earnings from the Worthington Armstrong Joint Venture ("WAVE"). These benefits were partially offset by a $2 million increase in selling, general and administrative ("SG&A") expenses, driven primarily by the 2024 Acquisitions, and a $2 million increase in manufacturing costs.

Fourth-Quarter Segment Results

Mineral Fiber

(Dollar amounts in millions)		For the Three Months Ended December 31,
		2025				2024				Change
Net sales		$	244.6			$	238.2			2.7%
Operating income		$	80.4			$	68.6			17.2%
Adjusted EBITDA*		$	103			$	89			15.1%
Operating income margin			32.9	%			28.8	%		410bps
Adjusted EBITDA margin*			42.1	%			37.5	%		460bps

Mineral Fiber net sales increased 2.7% in the fourth quarter of 2025 compared to the prior-year quarter due to $15 million of favorable AUV, partially offset by $8 million of lower sales volumes. The improvement in AUV was driven by favorable like-for-like price and, to a lesser extent, favorable mix. Sales volumes decreased as benefits from our growth initiatives were more than offset by short-term headwinds from the indirect impacts of the federal government shutdown and softer home center demand.

Mineral Fiber operating income increased 17.2% year-over-year primarily due to a $13 million benefit from favorable AUV and a $2 million decrease in manufacturing costs, primarily due to favorable inventory valuation impacts and improved manufacturing productivity, partially offset by higher input costs. Also contributing to the increase in operating

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income was a $1 million increase in WAVE equity earnings and a $1 million reduction in SG&A expenses. These benefits were partially offset by a $6 million negative impact from lower sales volumes.

Architectural Specialties

(Dollar amounts in millions)		For the Three Months Ended December 31,
		2025				2024				Change
Net sales		$	143.7			$	129.5			11.0%
Operating income		$	12.5			$	14.2			(12.0)%
Adjusted EBITDA*		$	22			$	23			(2.5)%
Operating income margin			8.7	%			11.0	%		(230)bps
Adjusted EBITDA margin*			15.3	%			17.4	%		(210)bps

Architectural Specialties net sales increased 11.0% in the fourth quarter of 2025 primarily due to an $8 million increase from the 2024 Acquisitions, in addition to increased organic net sales driven by growth across most of our specialty product categories.

Architectural Specialties operating income decreased $2 million in the fourth quarter of 2025, primarily due to a $4 million increase in SG&A expenses, primarily driven by the 2024 Acquisitions, and a $4 million increase in manufacturing costs primarily driven by less favorable operating leverage due to the timing of custom projects and the 2024 Acquisitions. These negative impacts were partially offset by a $5 million margin benefit from higher sales volumes.

Full-Year Consolidated Results

(Dollar amounts in millions)		For the Year Ended December 31,
		2025				2024				Change
Net sales		$	1,620.8			$	1,445.7			12.1%
Operating income		$	430.9			$	374.3			15.1%
Operating income margin			26.6	%			25.9	%		70bps
Net earnings		$	308.7			$	264.9			16.5%
Diluted net earnings per share		$	7.08			$	6.02			17.6%
Net cash provided by operating and investing activities		$	351.9			$	187.5			87.7%
Additional Non-GAAP* Measures
Adjusted EBITDA		$	555			$	486			14.1%
Adjusted EBITDA margin			34.3	%			33.6	%		70bps
Adjusted net earnings		$	323			$	277			16.4%
Adjusted diluted net earnings per share		$	7.41			$	6.31			17.4%
Adjusted free cash flow		$	346			$	298			15.9%

Consolidated net sales for 2025 increased 12.1% versus the prior year due to higher volumes of $117 million and favorable AUV of $58 million. Architectural Specialties net sales increased $130 million and Mineral Fiber net sales increased $45 million. Architectural Specialties segment net sales improved primarily due to a $94 million year-over-year increase attributable to the 2024 Acquisitions, in addition to a $36 million increase in organic net sales driven by strong growth across most of our specialty product categories. The increase in Mineral Fiber net sales was driven by favorable AUV, due to favorable like-for-like price and, to a lesser extent, favorable mix, partially offset by lower sales volumes. Our strong execution and benefits from growth initiatives contributed both volume and mix benefits, which were partially offset by a decrease in volumes driven by softer demand, primarily from home centers.

Consolidated operating income increased 15.1% primarily due to a $55 million margin benefit from higher sales volumes, a $38 million benefit from favorable AUV and a $9 million increase in WAVE equity earnings. These increases were partially offset by a $31 million increase in SG&A expenses and a $17 million increase in manufacturing costs.

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The year-over-year increase in manufacturing costs was primarily driven by increased costs within Architectural Specialties, both organically and from the 2024 Acquisitions, as well as higher input costs, partially offset by improved manufacturing productivity and favorable inventory valuations within Mineral Fiber.

The year-over-year increase in SG&A expenses was primarily driven by a $27 million increase related to the 2024 Acquisitions, a $4 million increase in incentive compensation and a $3 million increase in Architectural Specialties selling and advertising expenses driven primarily by higher net sales as well as additional investments in selling capabilities. These increases were partially offset by a $2 million increase in company-owned officer life insurance gains related to deferred compensation plans and a prior-period increase in reserves for environmental remediation matters of $2 million that did not recur in the current period.

Cash Flow

Cash flows from operating activities in 2025 increased $89 million or 33% in comparison to prior year. The favorable change in operating cash flows was primarily driven by higher cash earnings compared to the prior year, including a benefit from a decrease in income taxes paid due to the impact of 2025 federal tax reform. Also contributing to the increase in operating cash flows was a favorable timing-related working capital change in accounts receivable, partially offset by an unfavorable change in inventory. Cash flows used for investing activities decreased $76 million versus the prior year, primarily due to a $110 million reduction in cash paid for acquisitions and an increase in dividends from WAVE. These decreases were partially offset by an increase in purchases of property, plant and equipment and a decrease in proceeds from the sale of fixed assets, due primarily to 2024 cash proceeds received from the sale of our idled St. Helens manufacturing plant and undeveloped land adjacent to our corporate headquarters.

Eventscape Acquisition

On February 19, 2026, we acquired Eventscape, Inc., a globally recognized design and fabrication company known for delivering complex, design-driven architectural spaces. Based in New York City and Toronto, Canada, Eventscape specializes in the design, fabrication and installation of high-design, complex architectural features for multiple applications including ceilings, feature walls and facades. With this addition as well as the 2025 acquisitions of wood ceiling product manufacturer Geometrik Manufacturing, Inc. and exterior metal manufacturer FGM-Parallel LLC, the company has completed 15 acquisitions since 2017 as part of its strategy to expand its reach and capabilities in the Architectural Specialties market in North America.

Share Repurchase Program

In the fourth quarter of 2025, we repurchased 0.3 million shares of common stock for a total cost of $50 million, excluding the cost of commissions and taxes. For the full year 2025, we repurchased 0.8 million shares of common stock for a total cost of $129 million, excluding the cost of commissions and taxes, or at an average price of $167.75 per share. As of December 31, 2025, there was $533 million remaining under our Board of Directors' current authorized share repurchase program**.

** In July 2016, our Board of Directors approved our share repurchase program authorizing us to repurchase outstanding shares of common stock (the "Program"). Since inception of the Program, this authorization has been increased to permit repurchases of up to an aggregate of $1,700 million of our outstanding shares of common stock through December 2026. Since inception and through December 31, 2025, we have repurchased 15.4 million shares under the Program for a total cost of $1,167 million, excluding commissions and taxes, or an average of $75.72 per share.

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2026 Outlook

“We delivered strong results across both segments in 2025, featuring double‑digit growth across our key financial metrics and margin expansion achieved through AUV growth, continued manufacturing productivity and disciplined cost control,” said Chris Calzaretta, AWI Senior Vice President and CFO. “These results highlight the strength of our value creation drivers and the resilience of our business model that enable us to outperform in challenging market conditions. In 2026, we remain focused on delivering another year of profitable growth with further margin expansion and adjusted free cash flow growth to support all of our capital allocation priorities. With a strong balance sheet, a focus on executing our growth initiatives and a disciplined approach to capital deployment, we are confident in our ability to continue to create value for our shareholders.”

				For the Year Ended December 31, 2026
(Dollar amounts in millions except per-share data)	2025 Actual			Guidance							VPY Growth %
Net sales	$	1,621		$	1,745		to	$	1,785		8%	to	10%
Adjusted EBITDA*	$	555		$	600		to	$	620		8%	to	12%
Adjusted diluted net earnings per share*	$	7.41		$	8.05		to	$	8.35		9%	to	13%
Adjusted free cash flow*	$	346		$	375		to	$	395		9%	to	14%

Earnings Webcast
Management will host a live webcast conference call at 10:00 a.m. ET today, to discuss fourth-quarter and full-year 2025 results. This event will be available on the Company's website. The call and accompanying slide presentation can be found on the investor relations section of the Company's website at www.armstrong.com. The replay of this event will be available on the website for up to one year after the date of the call.

Uncertainties Affecting Forward-Looking Statements

Disclosures in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, those relating to future financial and operational results, market and broader economic conditions and guidance. Those statements provide our future expectations or forecasts and can be identified by our use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “outlook,” “target,” “predict,” “may,” “will,” “would,” “could,” “should,” “seek,” and other words or phrases of similar meaning in connection with any discussion of future operating or financial performance. This includes annual guidance. Forward-looking statements, by their nature, address matters that are uncertain and involve risks because they relate to events and depend on circumstances that may or may not occur in the future. As a result, our actual results may differ materially from our expected results and from those expressed in our forward-looking statements. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those projected, anticipated or implied is included in the “Risk Factors” and “Management’s Discussion and Analysis” sections of our reports on Form 10-K and Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”), including our annual report for the year ended December 31, 2025, that the Company expects to file today. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update any forward-looking statements beyond what is required under applicable securities law.

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About Armstrong and Additional Information

Armstrong World Industries, Inc (AWI) is an Americas leader in the design and manufacture of innovative interior and exterior architectural applications including ceilings, specialty walls and exterior metal solutions. For more than 165 years, Armstrong has delivered products and capabilities that enable architects, designers and contractors to transform building design and construction with elevated aesthetics, acoustics and sustainable attributes. With $1.6 billion in revenue in 2025, AWI has approximately 4,000 employees and a manufacturing network of 24 facilities, plus seven facilities dedicated to its WAVE joint venture.

More details on the Company’s performance can be found in its report on Form 10-K for the year ended December 31, 2025, that the Company expects to file with the SEC today.

Contact

Investors & Media: Theresa Womble, VP, Investor Relations and Corporate Communications

tlwomble@armstrong.com or (717) 396-6354

Investors: Morgan Leitzel, Manager, Investor Relations

mcleitzel@armstrong.com or (717) 396-2240

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Reported Financial Results

(Amounts in millions, except per share data)

SELECTED FINANCIAL RESULTS

Armstrong World Industries, Inc. and Subsidiaries

(Quarterly data is unaudited)

		For the Three Months Ended December 31,								For the Year Ended December 31,
		2025				2024				2025				2024
Net sales		$	388.3			$	367.7			$	1,620.8			$	1,445.7
Cost of goods sold			233.8				223.8				962.1				864.1
Gross profit			154.5				143.9				658.7				581.6
Selling, general and administrative expenses			87.4				85.4				339.5				308.5
Loss related to change in fair value of contingent consideration			0.9				1.0				1.4				1.6
(Gain) loss on sales of fixed assets, net			-				0.3				(0.8	)			0.6
Equity (earnings) from unconsolidated affiliates, net			(25.8	)			(24.7	)			(112.3	)			(103.4	)
Operating income			92.0				81.9				430.9				374.3
Interest expense			7.7				9.2				33.0				39.8
Other non-operating (income), net			(0.5	)			(3.3	)			(2.4	)			(12.6	)
Earnings before income taxes			84.8				76.0				400.3				347.1
Income tax expense			19.3				13.8				91.6				82.2
Net earnings		$	65.5			$	62.2			$	308.7			$	264.9
Diluted net earnings per share of common stock		$	1.51			$	1.42			$	7.08			$	6.02
Average number of diluted common shares outstanding			43.4				43.9				43.6				44.0

SEGMENT RESULTS

Armstrong World Industries, Inc. and Subsidiaries

(Quarterly data is unaudited)

		For the Three Months Ended December 31,								For the Year Ended December 31,
		2025				2024				2025				2024
Net Sales
Mineral Fiber		$	244.6			$	238.2			$	1,030.7			$	986.0
Architectural Specialties			143.7				129.5				590.1				459.7
Total net sales		$	388.3			$	367.7			$	1,620.8			$	1,445.7
		For the Three Months Ended December 31,								For the Year Ended December 31,
		2025				2024				2025				2024
Segment operating income (loss)
Mineral Fiber		$	80.4			$	68.6			$	362.0			$	322.5
Architectural Specialties			12.5				14.2				72.2				55.3
Unallocated Corporate			(0.9	)			(0.9	)			(3.3	)			(3.5	)
Total consolidated operating income		$	92.0			$	81.9			$	430.9			$	374.3

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SELECTED BALANCE SHEET INFORMATION

Armstrong World Industries, Inc. and Subsidiaries

		December 31, 2025				December 31, 2024
Assets
Current assets		$	391.5			$	348.9
Property, plant and equipment, net			630.7				598.8
Other non-current assets			902.5				895.0
Total assets		$	1,924.7			$	1,842.7
Liabilities and shareholders’ equity
Current liabilities		$	267.4			$	249.7
Non-current liabilities			756.6				835.9
Shareholders' equity			900.7				757.1
Total liabilities and shareholders’ equity		$	1,924.7			$	1,842.7

SELECTED CASH FLOW INFORMATION

Armstrong World Industries, Inc. and Subsidiaries

		For the Year Ended December 31,
		2025				2024
Net earnings		$	308.7			$	264.9
Other adjustments to reconcile net earnings to net cash provided by operating activities			55.7				20.4
Changes in operating assets and liabilities, net			(8.9	)			(18.5	)
Net cash provided by operating activities			355.5				266.8
Net cash (used for) investing activities			(3.6	)			(79.3	)
Net cash (used for) financing activities			(319.3	)			(177.6	)
Effect of exchange rate changes on cash and cash equivalents			0.8				(1.4	)
Net increase in cash and cash equivalents			33.4				8.5
Cash and cash equivalents at beginning of year			79.3				70.8
Cash and cash equivalents at end of period		$	112.7			$	79.3

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Supplemental Reconciliations of GAAP to non-GAAP Results (unaudited)

(Amounts in millions, except per share data and percentages)

To supplement its consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company provides additional measures of performance adjusted to exclude the impact of certain discrete expenses and income including adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), adjusted diluted earnings per share ("EPS") and adjusted free cash flow. Investors should not consider non-GAAP measures as a substitute for GAAP measures. The Company excludes certain acquisition related expenses (i.e. impact of adjustments related to the fair value of inventory, contingent third-party professional fees, changes in the fair value of contingent consideration and deferred compensation accruals for acquisitions). The Company also excludes all acquisition-related intangible amortization from adjusted net earnings and in calculations of adjusted diluted EPS. Examples of other excluded items have included plant closures, restructuring charges and related costs, separation costs and other cost reduction initiatives, environmental site expenses and environmental insurance recoveries, endowment level charitable contributions, the impact of defined benefit plan settlements, gains and losses on sales or impairment of fixed assets, and certain other gains and losses. The Company also excludes income/expense from its U.S. Retirement Income Plan (“RIP”) in the non-GAAP results as it represents the actuarial net periodic benefit credit/cost recorded. For all periods presented, the Company was not required and did not make cash contributions to the RIP based on guidelines established by the Pension Benefit Guaranty Corporation, nor does the Company expect to make cash contributions to the plan in 2026. Adjusted free cash flow is defined as cash from operating and investing activities, adjusted to remove the impact of cash used or proceeds received for acquisitions and divestitures, environmental site expenses and environmental insurance recoveries. Management's adjusted free cash flow measure includes returns of investment from WAVE and cash proceeds received from the settlement of company-owned life insurance policies, which are presented within investing activities on our consolidated statement of cash flows. The Company uses these adjusted performance measures in managing the business, including communications with its Board of Directors and employees, and believes that they provide users of this financial information with meaningful comparisons of operating performance between current results and results in prior periods. The Company believes that these non-GAAP financial measures are appropriate to enhance understanding of its past performance, as well as prospects for its future performance. The Company also uses adjusted EBITDA and adjusted free cash flow (with further adjustments, when necessary) as factors in determining at-risk compensation for senior management. These non-GAAP measures may not be defined and calculated the same as similar measures used by other companies. Non-GAAP financial measures utilized by the Company may not be comparable to non-GAAP financial measures used by other companies. A reconciliation of these adjustments to the most directly comparable GAAP measures is included in this release and on the Company’s website. These non-GAAP measures should not be considered in isolation or as a substitute for the most comparable GAAP measures.

In the following charts, numbers may not sum due to rounding. Excluding adjusted diluted EPS, non-GAAP figures are rounded to the nearest million and corresponding percentages are rounded to the nearest percent based on unrounded figures.

9

Consolidated Results – Adjusted EBITDA

		For the Three Months Ended December 31,								For the Year Ended December 31,
		2025				2024				2025				2024
Net sales		$	388			$	368			$	1,621			$	1,446
Net earnings		$	66			$	62			$	309			$	265
Add: Income tax expense			19				14				92				82
Earnings before income taxes		$	85			$	76			$	400			$	347
Add: Interest/other income and expense, net			7				6				31				27
Operating income		$	92			$	82			$	431			$	374
Add: RIP expense (1)			-				1				2				2
Add: Acquisition-related impacts (2)			1				2				2				4
(Less): WAVE pension settlement (3)			-				(1	)			-				-
(Less)/Add: (Gain) loss on sales of fixed assets, net (4)			-				-				(1	)			1
Add: Environmental expense			-				-				-				2
Adjusted operating income		$	94			$	84			$	435			$	383
Add: Depreciation and amortization			31				27				120				103
Adjusted EBITDA		$	124			$	112			$	555			$	486
Operating income margin			23.7	%			22.3	%			26.6	%			25.9	%
Adjusted EBITDA margin			32.0	%			30.4	%			34.3	%			33.6	%

1.RIP expense represents only the plan service cost that is recorded within Operating income. For all periods presented, we were not required to and did not make cash contributions to our RIP.

2.Represents the impact of acquisition-related adjustments for the fair value of inventory, contingent third-party professional fees and changes in fair value of contingent consideration.

3.Represents the Company's 50% share of WAVE's settlement of their defined benefit pension plan.

4.In 2025, we recorded a gain on sale of a parcel of land at a Mineral Fiber plant. In 2024, we recorded a loss on sale of an undeveloped parcel of land adjacent to our corporate headquarters, which was partially offset by a gain on sale of our idled Mineral Fiber plant in St. Helens, Oregon.

Mineral Fiber

		For the Three Months Ended December 31,								For the Year Ended December 31,
		2025				2024				2025				2024
Net sales		$	245			$	238			$	1,031			$	986
Operating income		$	80			$	69			$	362			$	323
Add: Acquisition-related impacts (1)			-				-				1				-
(Less): WAVE pension settlement (2)			-				(1	)			-				-
(Less)/Add: (Gain) loss on sales of fixed assets, net (3)			-				-				(1	)			1
Add: Environmental expense			-				-				-				2
Adjusted operating income		$	80			$	68			$	362			$	325
Add: Depreciation and amortization			22				21				87				80
Adjusted EBITDA		$	103			$	89			$	448			$	406
Operating income margin			32.9	%			28.8	%			35.1	%			32.7	%
Adjusted EBITDA margin			42.1	%			37.5	%			43.5	%			41.2	%

1.Represents the impact of acquisition-related adjustments for changes in fair value of contingent consideration.

2.Represents the Company's 50% share of WAVE's settlement of their defined benefit pension plan.

3.In 2025, we recorded a gain on sale of a parcel of land at a Mineral Fiber plant. In 2024, we recorded a loss on sale of an undeveloped parcel of land adjacent to our corporate headquarters, which was partially offset by a gain on sale of our idled Mineral Fiber plant in St. Helens, Oregon.

10

Architectural Specialties

		For the Three Months Ended December 31,								For the Year Ended December 31,
		2025				2024				2025				2024
Net sales		$	144			$	130			$	590			$	460
Operating income		$	13			$	14			$	72			$	55
Add: Acquisition-related impacts (1)			1				2				2				3
Adjusted operating income		$	14			$	16			$	74			$	59
Add: Depreciation and amortization			8				6				34				23
Adjusted EBITDA		$	22			$	23			$	108			$	82
Operating income margin			8.7	%			11.0	%			12.2	%			12.0	%
Adjusted EBITDA margin			15.3	%			17.4	%			18.3	%			17.8	%

1.Represents the impact of acquisition-related adjustments for the fair value of inventory, contingent third-party professional fees and changes in fair value of contingent consideration.

Unallocated Corporate

		For the Three Months Ended December 31,								For the Year Ended December 31,
		2025				2024				2025				2024
Operating (loss)		$	(1	)		$	(1	)		$	(3	)		$	(4	)
Add: RIP expense (1)			-				1				2				2
Adjusted operating (loss)		$	-			$	-			$	(1	)		$	(1	)
Add: Depreciation and amortization			-				-				-				-
Adjusted EBITDA		$	-			$	-			$	(1	)		$	(1	)

1.RIP expense represents only the plan service cost that is recorded within Operating income. For all periods presented, we were not required to and did not make cash contributions to our RIP.

Consolidated Results – Adjusted Free Cash Flow

		For the Three Months Ended December 31,								For the Year Ended December 31,
		2025				2024				2025				2024
Net cash provided by operating activities		$	110			$	87			$	356			$	267
Net cash (used for) investing activities		$	(20	)		$	(18	)		$	(4	)		$	(79	)
Net cash provided by operating and investing activities		$	90			$	69			$	352			$	188
Add: Acquisitions, net of cash acquired and investment in unconsolidated affiliate			7				30				15				129
Add: Arktura deferred compensation (1)			1				1				1				6
(Less): Proceeds from sales of facilities (2)			-				(13	)			(1	)			(24	)
(Less): Non-recurring cash tax benefit due to 2025 federal tax reform (3)			(10	)			-				(20	)			-
Adjusted Free Cash Flow		$	87			$	86			$	346			$	298

1.Deferred compensation related to acquisitions that were recorded as components of net cash provided by operating activities.

2.Proceeds related to the 2025 sale of a parcel of land at a Mineral Fiber plant and the 2024 sales of an Architectural Specialties design center, our idled Mineral Fiber plant in St. Helens, Oregon and undeveloped land adjacent to our corporate headquarters.

3.Represents the cash tax benefit from retroactive application of domestic research and development expense deductions for prior years, realized in 2025 as a one-time reduction in cash taxes paid resulting from 2025 federal tax reform.

11

Consolidated Results – Adjusted Diluted Earnings Per Share (EPS)

	For the Three Months Ended December 31,													For the Year Ended December 31,
	2025						2024							2025						2024
	Total			Per Diluted Share			Total			Per Diluted Share				Total			Per Diluted Share			Total			Per Diluted Share
Net earnings	$	66		$	1.51		$	62		$	1.42			$	309		$	7.08		$	265		$	6.02
Add: Income tax expense		19						14							92						82
Earnings before income taxes	$	85					$	76						$	400					$	347
Add/(Less): RIP cost (credit) (1)		-						-							1						(1	)
Add: Acquisition-related impacts (2)		1						2							2						4
Add: Acquisition-related amortization (3)		4						3							16						11
(Less): WAVE pension settlement (4)		-						(1	)						-						-
(Less)/Add: (Gain) loss on sales of fixed assets, net (5)		-						-							(1	)					1
Add: Environmental expense		-						-							-						2
Adjusted net earnings before income taxes	$	90					$	81						$	419					$	364
(Less): Adjusted income tax expense (6)		(21	)					(15	)						(96	)					(86	)
Adjusted net earnings	$	70		$	1.61		$	66		$	1.50			$	323		$	7.41		$	277		$	6.31
Adjusted diluted EPS change versus prior year				7.3%													17.4%
Diluted shares outstanding					43.4						43.9							43.6						44.0
Effective tax rate				23%						18%							23%						24%

1.RIP cost (credit) represents the entire actuarial net periodic pension cost (credit) recorded as a component of earnings. For all periods presented, we were not required to and did not make cash contributions to our RIP.

2.Represents the impact of acquisition-related adjustments for the fair value of inventory, contingent third-party professional fees and changes in fair value of contingent consideration.

3.Represents acquisition-related intangible amortization, including customer relationships, developed technology, software, trademarks and brand names, non-compete agreements and other intangibles.

4.Represents the Company's 50% share of WAVE's non-cash accounting loss upon settlement of their defined benefit pension plan.

5.In 2025, we recorded a gain on sale of a parcel of land at a Mineral Fiber plant. In 2024, we recorded a loss on sale of an undeveloped parcel of land adjacent to our corporate headquarters, which was partially offset by a gain on sale of our idled Mineral Fiber plant in St. Helens, Oregon.

6.Adjusted income tax expense is calculated using the effective tax rate multiplied by the adjusted net earnings before income taxes.

Adjusted EBITDA Guidance

		For the Year Ending December 31, 2026
		Low				High
Net earnings		$	340		to	$	349
Add: Income tax expense			115				118
Earnings before income taxes		$	456		to	$	467
Add: Interest expense			25				28
Add: Other non-operating (income), net			(2	)			(1	)
Operating income		$	479		to	$	494
Add: RIP expense (1)			2				2
Adjusted operating income		$	481		to	$	496
Add: Depreciation and amortization			119				124
Adjusted EBITDA		$	600		to	$	620

1.RIP expense represents only the plan service cost that is recorded within Operating income. We do not expect to make cash contributions to our RIP.

12

Adjusted Diluted Net Earnings Per Share Guidance

		For the Year Ending December 31, 2026
		Low				Per Diluted Share(1)				High				Per Diluted Share(1)
Net earnings		$	340			$	7.84		to	$	349			$	8.07
Add: Income tax expense			115								118
Earnings before income taxes		$	456						to	$	467
Add: RIP cost (2)			1								1
Add: Acquisition-related amortization (3)			13								15
Adjusted earnings before income taxes		$	469						to	$	483
(Less): Adjusted income tax expense (4)			(119	)							(122	)
Adjusted net earnings		$	350			$	8.05		to	$	361			$	8.35

1.Adjusted diluted EPS guidance for 2026 is calculated based on approximately 43 to 43.5 million of diluted shares outstanding.

2.RIP cost represents the entire actuarial net periodic pension cost to be recorded as a component of net earnings. We do not expect to make any cash contributions to our RIP.

3.Represents acquisition-related intangible amortization, including customer relationships, developed technology, software, trademarks and brand names, non-compete agreements and other intangibles.

4.Income tax expense is based on an adjusted effective tax rate of approximately 25%, multiplied by adjusted earnings before income taxes.

Adjusted Free Cash Flow Guidance

		For the Year Ending December 31, 2026
		Low				High
Net cash provided by operating activities		$	361		to	$	383
Add: Return of investment from joint venture			114				122
Less: Capital expenditures			(100	)			(110	)
Adjusted Free Cash Flow		$	375		to	$	395

13

4th Quarter and Full Year 2025 Earnings Presentation February 24, 2026 Exhibit 99.2

Safe Harbor Statement Disclosures in this presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, those relating to future financial and operational results, market and broader economic conditions and guidance. Those statements provide our future expectations or forecasts and can be identified by our use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “outlook,” “target,” “predict,” “may,” “will,” “would,” “could,” “should,” “seek,” and other words or phrases of similar meaning in connection with any discussion of future operating or financial performance. This includes annual guidance. Forward-looking statements, by their nature, address matters that are uncertain and involve risks because they relate to events and depend on circumstances that may or may not occur in the future. As a result, our actual results may differ materially from our expected results and from those expressed in our forward-looking statements. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those projected, anticipated or implied is included in the “Risk Factors” and “Management’s Discussion and Analysis” sections of our reports on Form 10-K and Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”), including our annual report for the year ended December 31, 2025, that the Company expects to file today. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update any forward-looking statements beyond what is required under applicable securities law. In addition, we will be referring to non-Generally Accepted Accounting Principles (“GAAP”) financial measures within the meaning of SEC Regulation G. A reconciliation of the differences between these measures with the most directly comparable financial measures calculated in accordance with GAAP are included within this presentation and available on the Investor Relations page of our website at www.armstrong.com. The guidance in this presentation is only effective as of the date given, February 24, 2026, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance.

Basis of Presentation Explanation Results throughout this presentation are presented on a normalized basis. We remove the impact of certain discrete expenses and income in certain measures including adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), adjusted diluted earnings per share (“EPS”) and adjusted free cash flow. The Company excludes certain acquisition related expenses (i.e. – impact of adjustments related to the fair value of inventory, contingent third-party professional fees, changes in the fair value of contingent consideration and deferred compensation accruals for acquisitions). The Company also excludes all acquisition-related intangible amortization from adjusted net earnings and in calculations of adjusted diluted EPS. Examples of other excluded items have included plant closures, restructuring charges and related costs, impairments, separation costs and other cost reduction initiatives, environmental site expenses and environmental insurance recoveries, endowment level charitable contributions, the impact of defined benefit plan settlements, gains and losses on sales or impairment of fixed assets, and certain other gains and losses. The Company also excludes income/expense from its U.S. Retirement Income Plan (“RIP”) in the non-GAAP results as it represents the actuarial net periodic benefit credit/cost recorded. For all periods presented, the Company was not required to and did not make cash contributions to the RIP based on guidelines established by the Pension Benefit Guaranty Corporation, nor does the Company expect to make cash contributions to the plan in 2026. Adjusted free cash flow is defined as cash from operating and investing activities, adjusted to remove the impact of cash used or proceeds received for acquisitions and divestitures, environmental site expenses and environmental insurance recoveries. Management's adjusted free cash flow measure includes returns of investment from the Worthington Armstrong Venture (“WAVE”) and cash proceeds received from the settlement of company-owned life insurance policies, which are presented within investing activities on our consolidated statement of cash flows. Investors should not consider non-GAAP measures as a substitute for GAAP measures. Excluding adjusted diluted EPS, non-GAAP figures are rounded to the nearest million and corresponding percentages are based on unrounded figures. Operating Segments: “MF”: Mineral Fiber, “AS”: Architectural Specialties, “UC”: Unallocated Corporate. We define “organic” as total company and/or AS results excluding the impact of the September 2025 acquisition of Geometrik Manufacturing, Inc. (“Geometrik”), the December 2024 acquisition of A. Zahner Company (“Zahner”) and the April 2024 acquisition of 3form, LLC (“3form”). Results from the December 2025 acquisition of FGM-Parallel LLC (“Parallel”) were not material. All dollar figures throughout the presentation are in $ millions, expect per share data, and all comparisons are versus prior year unless otherwise noted. Figures may not sum due to rounding.

GAAP and non-GAAP Financial Results AWI Consolidated Results Q4 2025 Q4 2024 Full Year 2025 Full Year 2024 Net sales $388.3 $367.7 $1,620.8 $1,445.7 Net earnings $65.5 $62.2 $308.7 $264.9 Operating income $92.0 $81.9 $430.9 $374.3 Adj. EBITDA* $124 $112 $555 $486 Operating income margin (operating income % of net sales) 23.7% 22.3% 26.6% 25.9% Adj. EBITDA margin* (Adj. EBITDA % of net sales) 32.0% 30.4% 34.3% 33.6% Diluted net earnings per share $1.51 $1.42 $7.08 $6.02 Adj. diluted net earnings per share* $1.61 $1.50 $7.41 $6.31 Net cash provided by operating & investing activities $89.6 $68.5 $351.9 $187.5 Adj. free cash flow* $87 $86 $346 $298 Net cash provided by operating & investing activities % of net sales 23.1% 18.6% 21.7% 13.0% Adj. free cash flow margin* (Adj. free cash flow % of net sales) 22.4% 23.4% 21.3% 20.6% Segment Results Q4 2025 Q4 2024 MF AS UC MF AS UC Net sales $244.6 $143.7 - $238.2 $129.5 - Operating income (loss) $80.4 $12.5 ($0.9) $68.6 $14.2 ($0.9) Adj. EBITDA* $103 $22 - $89 $23 - Operating income margin (operating income % of net sales) 32.9% 8.7% NM 28.8% 11.0% NM Adj. EBITDA margin* (Adj. EBITDA % of net sales) 42.1% 15.3% NM 37.5% 17.4% NM *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. “NM”: Not meaningful.

$1,621M (+12% VPY) Net Sales $555M (+14% VPY) Adj. EBITDA* $7.41 (+17% VPY) Adj. Diluted EPS* $346M (+16% VPY) Adj. Free Cash Flow* Full Year 2025 Key Takeaways and 2026 Outlook Record Net Sales with Adj. EBITDA Margin* Expansion *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Net Sales up 12% and Adj. EBITDA* up 14%Architectural Specialties Net Sales up 28% and Mineral Fiber Net Sales up 5%; Total company Adj. EBITDA margin* of 34.3% with Adj. EBITDA margin* expansion of 70bps Strategic M&A Continues, Strengthening Architectural SpecialtiesCompleted the acquisitions of Geometrik in September 2025, Parallel Architectural Products in December 2025 and Eventscape in February 2026 Issuing 2026 Guidance Expect strong growth for all key metrics, including 8% to 10% for Net Sales, 8% to 12% for Adj. EBITDA*, 9% to 13% for Adj. Diluted EPS* and 9% to 14% for Adj. Free Cash Flow*

$388M (+6% VPY) Net Sales $124M (+11% VPY) Adj. EBITDA* $1.61 (+7% VPY) Adj. Diluted EPS* $87M (+1% VPY) Adj. Free Cash Flow* 4th Quarter 2025 Key Takeaways Solid Sales Growth with Double-Digit Earnings Growth *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Average Unit Value (“AUV”). Includes both like-for-like price and mix impacts. Recent acquisitions include 3form, Zahner and Geometrik. Net Sales up 6% and Adj. EBITDA* up 11%Total company Adj. EBITDA margin* of 32.0% with Adj. EBITDA margin* expansion of 160bps Mineral Fiber segment Adj. EBITDA* up 15%Adj. EBITDA margin* expanded 460bps to a record-setting 42.1%, primarily driven by strong AUV1 Architectural Specialties segment Adj. EBITDA* down 3%Double-digit AS sales growth primarily driven by recent acquisitions2; Adj. EBITDA margin* of 15.3% negatively impacted by headwinds from project timing

Eventscape Acquisition1 Expands Design and Fabrication Capabilities to More Applications in the Built Environment At-a-Glance Leader in the design, fabrication and installation of custom-built-marque architectural features that elevate how a space is experienced ~150 employees ~$30M sales in 2025 2 production facilities (NYC and Toronto) 1. AWI completed the acquisition of Eventscape Inc. on Feb. 18, 2026. Clockwise from left: Royal Bank Plaza, Toronto, ON; Citibank HQ, New York, NY; Fly Condos, Toronto, ON

Mineral Fiber Q4 2025 Results Record-Setting Mineral Fiber Adj. EBITDA Margin* Net Sales Growth VPY Q4 Mineral Fiber Key Highlights Adj. EBITDA* VPY Q1 Q2 Q3 Q4 FY 2024 Adj. EBITDA* $99 $104 $113 $89 $406 AUV 8 8 9 13 38 Volume (7) 2 1 (6) (9) Manufacturing1 1 1 (1) - - Input Costs2 2 (2) (1) 2 2 SG&A1 3 3 (5) 2 3 WAVE Equity Earnings (1) 5 3 2 9 2025 Adj. EBITDA* $105 $121 $119 $103 $448 % Change 7% 16% 6% 15% 10% +3% *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Excludes the change in depreciation and amortization throughout the presentation. Includes raw material, energy and freight impacts, in addition to inventory valuation impacts. ● Record fourth-quarter Adj. EBITDA margin* of 42.1% with Adj. EBITDA margin* expansion of 460bps ● Top-line AUV growth of 6% primarily driven by like-for-like price and a positive contribution from mix ● Volume negatively impacted by the government shutdown and, to a lesser extent, softer home center demand ● Energy and raw material inflation offset by favorable inventory valuation timing ● Solid WAVE contribution with margin improvement

Architectural Specialties Q4 2025 Results Strong Sales Growth with Profitability Impacted by Project Timing Adj. EBITDA* VPY Q1 Q2 Q3 Q4 FY 2024 Adj. EBITDA* $12 $21 $26 $23 $82 Sales 27 23 10 5 64 Manufacturing1 (3) (3) (2) (4) (11) SG&A1 (12) (7) (5) (2) (27) 2025 Adj. EBITDA* $24 $34 $28 $22 $108 % Change 94% 61% 10% (3%) 32% Q4 Architectural Specialties Key Highlights Net Sales Growth VPY +11% *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Excludes the change in depreciation and amortization throughout the presentation. ● Sales growth driven primarily by the 2024 acquisitions of 3form and Zahner and organic growth ● Adj. EBITDA margin* of 15.3% negatively impacted by headwinds from project timing ● Increase in manufacturing costs driven by organic business and recent acquisitions ● Increase in SG&A expenses primarily due to recent acquisitions ● Solid backlog in place entering 2026

Q4 2025 Consolidated Company Key Metrics Robust Earnings Growth Fueled by Strong AUV and WAVE Contributions Q4 2024 Q4 2025 Variance Net Sales $368 $388 6% Adj. EBITDA* $112 $124 11% Adj. EBITDA Margin* (Adj. EBITDA % of Net Sales) 30.4% 32.0% 160bps AWI Organic Adj. EBITDA Margin* (Adj. EBITDA % of Net Sales) 31.7% 34.0% 230bps Adj. Diluted Net Earnings Per Share* $1.50 $1.61 7% 1 2 1 *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Excludes the change in depreciation and amortization throughout the presentation. Includes raw material, energy and freight impacts, in addition to inventory valuation impacts.

Full Year 2025 Consolidated Company Key Metrics Double-Digit Sales & Earnings Growth with Adj. EBITDA Margin* Expansion Full Year 2024 Full Year 2025 Variance Net Sales $1,446 $1,621 12% Adj. EBITDA* $486 $555 14% Adj. EBITDA Margin* (Adj. EBITDA % of Net Sales) 33.6% 34.3% 70bps AWI Organic Adj. EBITDA Margin* (Adj. EBITDA % of Net Sales) 34.6% 36.2% 160bps Adj. Diluted Net Earnings Per Share* $6.31 $7.41 17% Adj. Free Cash Flow* $298 $346 16% *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Excludes the change in depreciation and amortization throughout the presentation. Includes raw material, energy and freight impacts, in addition to inventory valuation impacts. 1 2 1 $486 $555 Adj. EBITDA* Bridge VPY

Robust Adj. Free Cash Flow* Growth Supports All Capital Allocation Priorities 2025 Capital Deployment 2025 Adj. Free Cash Flow* Up 16% vs PY *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Includes cash earnings, working capital, other current assets and liabilities and proceeds from company-owned officer life insurance. 2024 Adj. Operating cash flow and other1 CapEx Interest Paid WAVE Dividends 2025

Expecting strong sales and earnings growth Issuing Full Year 2026 Guidance Commentary1 $1,745M to $1,785M 8% to 10% YoY Net Sales $8.05 to $8.35 9% to 13% YoY Adjusted Diluted EPS* $600M to $620M 8% to 12% YoY Adjusted EBITDA* $375M to $395M 9% to 14% YoY Adjusted Free Cash Flow* Expect Mineral Fiber volume flat to up 1% on slightly improving market conditions and growth initiatives Expect Mineral Fiber AUV growth of ~6% … delivering Adj. EBITDA Margin* expansion WAVE equity earnings to grow mid-single digits Organic AS high-single-digit top line growth … Adj. EBITDA Margin* of ~20% Guidance includes recent acquisition of Eventscape … adds incremental Sales and Adj. EBITDA* growth to Architectural Specialties *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. Additional assumptions available in the appendix of this presentation.

Appendix

Full Year 2026 Assumptions Segment Net Sales Adjusted EBITDA Margin Mineral Fiber 6% to 7% growth > 43.5% Architectural Specialties Mid-teens % growth > 19% Consolidated Metrics Full Year 2026 Capital expenditures $100M to $110M Depreciation and amortization $119M to $124M Interest expense $25M to $28M Book / cash tax rate1 ~25% / 22% Shares outstanding ~43 to 43.5M Cash return of investment from joint venture $114M to $122M Shipping Days vs Prior Year 2025 2026 Q1 (1) - Q2 - - Q3 - - Q4 - - Full Year (1) - 15 *Non-GAAP measure. 1. Normalized cash tax rate including impact of 2025 tax reform.

RIP expense represents only the plan service cost that is recorded within Operating income. For all periods presented, we were not required to and did not make cash contributions to our RIP. Represents the impact of acquisition-related adjustments for the fair value of inventory, contingent third-party professional fees and changes in fair value of contingent consideration. Represents the Company's 50% share of WAVE's settlement of their defined benefit pension plan. In 2025, we recorded a gain on sale of a parcel of land at a Mineral Fiber plant. In 2024, we recorded a loss on sale of an undeveloped parcel of land adjacent to our corporate headquarters, which was partially offset by a gain on sale of our idled Mineral Fiber plant in St. Helens, Oregon. RIP cost (credit) represents the entire actuarial net periodic pension cost (credit) recorded as a component of earnings. For all periods presented, we were not required to and did not make cash contributions to our RIP. Represents acquisition-related intangible amortization, including customer relationships, developed technology, software, trademarks and brand names, non-compete agreements and other intangibles. Adjusted income tax expense is calculated using the effective tax rate multiplied by the adjusted net earnings before income taxes. For the Three Months Ended December 31, For the Year Ended December 31, 2025 2024 2025 2024 Net sales $388 $368 $1,621 $1,446 Net earnings $66 $62 $309 $265 Add: Income tax expense 19 14 92 82 Earnings before income taxes $85 $76 $400 $347 Add: Interest/other income and expense, net 7 6 31 27 Operating income $92 $82 $431 $374 Add: RIP expense1 - 1 2 2 Add: Acquisition-related impacts2 1 2 2 4 (Less): WAVE pension settlement3 - (1) - - (Less)/Add: (Gain) loss on sales of fixed assets, net4 - - (1) 1 Add: Environmental expense - - - 2 Adjusted operating income $94 $84 $435 $383 Add: Depreciation and amortization 31 27 120 103 Adjusted EBITDA $124 $112 $555 $486 Operating income margin 23.7% 22.3% 26.6% 25.9% Adjusted EBITDA margin 32.0% 30.4% 34.3% 33.6% For the Three Months Ended December 31, For the Year Ended December 31, 2025 2024 2025 2024 Net earnings $66 $62 $309 $265 Add: Income tax expense 19 14 92 82 Earnings before income taxes $85 $76 $400 $347 Add/(Less): RIP cost (credit)5 - - 1 (1) Add: Acquisition-related impacts2 1 2 2 4 Add: Acquisition-related amortization6 4 3 16 11 (Less): WAVE pension settlement3 - (1) - - (Less)/Add: (Gain) loss on sales of fixed assets, net4 - - (1) 1 Add: Environmental expense - - - 2 Adjusted net earnings before income taxes $90 $81 $419 $364 (Less): Adjusted income tax expense7 (21) (15) (96) (86) Adjusted net earnings $70 $66 $323 $277 Diluted shares outstanding 43.4 43.9 43.6 44.0 Effective tax rate 23% 18% 23% 24% Diluted net earnings per share $1.51 $1.42 $7.08 $6.02 Adjusted diluted net earnings per share $1.61 $1.50 $7.41 $6.31 Adjusted EBITDA Reconciliation Adjusted Diluted EPS Reconciliation

Deferred compensation related to acquisitions that were recorded as components of net cash provided by operating activities. Proceeds related to the 2025 sale of a parcel of land at a Mineral Fiber plant and the 2024 sales of an Architectural Specialties design center, our idled Mineral Fiber plant in St. Helens, Oregon and undeveloped land adjacent to our corporate headquarters. Represents the cash tax benefit from retroactive application of domestic research and development expense deductions for prior years, realized in 2025 as a one-time reduction in cash taxes paid resulting from 2025 federal tax reform. For the Three Months Ended December 31, For the Year Ended December 31, 2025 2024 2025 2024 Net cash provided by operating activities $110 $87 $356 $267 Net cash (used for) investing activities ($20) ($18) ($4) ($79) Net cash provided operating and investing activities $90 $69 $352 $188 Add: Acquisitions, net of cash acquired and investment in unconsolidated affiliate 7 30 15 129 Add: Arktura deferred compensation1 1 1 1 6 (Less): Proceeds from sale of facilities2 - (13) (1) (24) (Less): Non-recurring cash tax benefit due to 2025 federal tax reform3 (10) - (20) - Adjusted Free Cash Flow $87 $86 $346 $298 Adjusted Free Cash Flow Reconciliation

For the Three Months Ended December 31, For the Year Ended December 31, MF AS UC UNALLOCATED CORPORATE MF AS UC UNALLOCATED CORPORATE 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Net sales $245 $238 $144 $130 - - $1,031 $986 $590 $460 - - Operating income (loss) $80 $69 $13 $14 ($1) ($1) $362 $323 $72 $55 ($3) ($4) Add: RIP expense1 - - - - - 1 - - - - 2 2 Add: Acquisition-related impacts2 - - 1 2 - - 1 - 2 3 - - (Less): WAVE pension settlement3 - (1) - - - - - - - - - - (Less)/Add: (Gain) loss on sales of fixed assets, net4 - - - - - - (1) 1 - - - - Add: Environmental expense - - - - - - - 2 - - - - Adjusted operating income (loss) $80 $68 $14 $16 - - $362 $325 $74 $59 ($1) ($1) Add: Depreciation and amortization 22 21 8 6 - - 87 80 34 23 - - Adjusted EBITDA $103 $89 $22 $23 - - $448 $406 $108 $82 ($1) ($1) Operating income margin (Operating income % of net sales) 32.9% 28.8% 8.7% 11.0% NM NM 35.1% 32.7% 12.2% 12.0% NM NM Adjusted EBITDA margin (Adjusted EBITDA % of net sales) 42.1% 37.5% 15.3% 17.4% NM NM 43.5% 41.2% 18.3% 17.8% NM NM Segment Adj. EBITDA Reconciliation RIP expense represents only the plan service cost that is recorded within Operating income. For all periods presented, we were not required to and did not make cash contributions to our RIP. Represents the impact of acquisition-related adjustments for the fair value of inventory, contingent third-party professional fees and changes in fair value of contingent consideration. Represents the Company's 50% share of WAVE's settlement of their defined benefit pension plan. In 2025, we recorded a gain on sale of a parcel of land at a Mineral Fiber plant. In 2024, we recorded a loss on sale of an undeveloped parcel of land adjacent to our corporate headquarters, which was partially offset by a gain on sale of our idled Mineral Fiber plant in St. Helens, Oregon.

For the Three Months Ended December 31, For the Year Ended December 31, Total AS Recent Acquisitions1 AS Organic UNALLOCATED CORPORATE Total AS Recent Acquisitions1 AS Organic UNALLOCATED CORPORATE 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Net sales $144 $130 $39 $30 $105 $100 $590 $460 $164 $70 $426 $390 Operating income $13 $14 $1 $2 $11 $12 $72 $55 $12 $3 $60 $52 Add: Acquisition-related impacts2 1 2 - - 1 2 2 3 - - 2 3 Adjusted operating income $14 $16 $1 $2 $12 $14 $74 $59 $12 $3 $62 $55 Add: Depreciation and amortization 8 6 4 2 4 4 34 23 16 6 18 17 Adjusted EBITDA $22 $23 $5 $4 $16 $18 $108 $82 $28 $10 $80 $72 Operating income margin (Operating income % of net sales) 8.7% 11.0% 3.0% 8.1% 10.9% 11.8% 12.2% 12.0% 7.1% 4.3% 14.1% 13.4% Adjusted EBITDA margin (Adjusted EBITDA % of net sales) 15.3% 17.4% 14.1% 14.9% 15.7% 18.1% 18.3% 17.8% 17.0% 14.0% 18.7% 18.4% AS Organic Adj. EBITDA Reconciliation Recent acquisitions include the April 2024 acquisition of 3form, the December 2024 acquisition of Zahner and the September 2025 acquisition of Geometrik. Represents the impact of acquisition-related adjustments for the fair value of inventory, contingent third-party professional fees and changes in fair value of contingent consideration.

For the Three Months Ended December 31, For the Year Ended December 31, Total AWI Recent Acquisitions1 AWI Organic UNALLOCATED CORPORATE Total AWI Recent Acquisitions1 AWI Organic UNALLOCATED CORPORATE 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Net sales $388 $368 $39 $30 $349 $338 $1,621 $1,446 $164 $70 $1,457 $1,376 Operating income $92 $82 $1 $2 $91 $80 $431 $374 $12 $3 $419 $371 Add: RIP expense2 - 1 - - - 1 2 2 - - 2 2 Add: Acquisition-related impacts3 1 2 - - 1 2 2 4 - - 2 4 (Less): WAVE pension settlement4 - (1) - - - (1) - - - - - - (Less)/Add: (Gain) loss on sales of fixed assets, net5 - - - - - - (1) 1 - - (1) 1 Add: Environmental expense - - - - - - - 2 - - - 2 Adjusted operating income $94 $84 $1 $2 $93 $82 $435 $383 $12 $3 $423 $380 Add: Depreciation and amortization 31 27 4 2 26 25 120 103 16 6 104 97 Adjusted EBITDA $124 $112 $5 $4 $119 $107 $555 $486 $28 $10 $527 $477 Operating income margin (Operating income % of net sales) 23.7% 22.3% 3.0% 8.1% 26.0% 23.5% 26.6% 25.9% 7.1% 4.3% 28.8% 27.0% Adjusted EBITDA margin (Adjusted EBITDA % of net sales) 32.0% 30.4% 14.1% 14.9% 34.0% 31.7% 34.3% 33.6% 17.0% 14.0% 36.2% 34.6% AWI Organic Adj. EBITDA Reconciliation Recent acquisitions include the April 2024 acquisition of 3form, the December 2024 acquisition of Zahner and the September 2025 acquisition of Geometrik. RIP expense represents only the plan service cost that is recorded within Operating income. For all periods presented, we were not required to and did not make cash contributions to our RIP. Represents the impact of acquisition-related adjustments for the fair value of inventory, contingent third-party professional fees and changes in fair value of contingent consideration. Represents the Company's 50% share of WAVE's settlement of their defined benefit pension plan. In 2025, we sold a parcel of land at a Mineral Fiber plant. In 2024, we sold our idled Mineral Fiber plant in St. Helens, Oregon and recorded an impairment loss upon classification of a parcel of undeveloped land adjacent to our corporate campus in Lancaster, Pennsylvania to assets held for sale.

Full Year 2026 Low High Net earnings $340 $349 Add: Income tax expense 115 118 Earnings before income taxes $456 $467 Add: Interest expense 25 28 Add: Other non-operating (income), net (2) (1) Operating income $479 $494 Add: RIP expense1 2 2 Adjusted operating income $481 $496 Add: Depreciation and amortization 119 124 Adjusted EBITDA $600 $620 RIP expense represents only the plan service cost that is recorded within Operating income. We do not expect to make cash contributions to our RIP. RIP cost represents the entire actuarial net periodic pension cost recorded as a component of net earnings. We do not expect to make any cash contributions to our RIP. Represents acquisition-related intangible amortization, including customer relationships, developed technology, software, trademarks and brand names, non-compete agreements, trade secrets and other intangibles. Adjusted income tax expense is based on an adjusted effective tax rate of approximately 25%, multiplied by adjusted earnings before income taxes. Adjusted diluted EPS guidance for 2026 is calculated based on approximately 43 to 43.5 million of diluted shares outstanding. 2026 Adj. EBITDA Guidance Reconciliation 21 Full Year 2026 Low High Net earnings $340 $349 Add: Income tax expense 115 118 Earnings before income taxes $456 $467 Add: RIP cost2 1 1 Add: Acquisition-related amortization3 13 15 Adjusted earnings before income taxes $469 $483 (Less): Adjusted income tax expense4 (119) (122) Adjusted net earnings $350 $361 Diluted net earnings per share $7.84 $8.07 Adjusted diluted net earnings per share5 $8.05 $8.35 2026 Adj. Diluted EPS Guidance Reconciliation Full Year 2026 Low High Net cash provided by operating activities $361 $383 Add: Return of investment from joint venture 114 122 (Less): Capital expenditures (100) (110) Adjusted Free Cash Flow $375 $395 2026 Adj. Free Cash Flow Guidance Reconciliation

FAQ

How did Armstrong World Industries (AWI) perform financially in full-year 2025?

Armstrong World Industries delivered record 2025 results, with net sales of $1,620.8 million, up 12.1% year over year. Operating income increased 15.1% to $430.9 million, while adjusted EBITDA rose 14.1% to $555 million and adjusted diluted EPS grew 17.4% to $7.41.

What were Armstrong World Industries’ (AWI) fourth-quarter 2025 results?

In fourth-quarter 2025, Armstrong World Industries reported net sales of $388.3 million, up 5.6% from 2024. Operating income grew 12.3% to $92.0 million, adjusted EBITDA increased 11.5% to $124 million, and adjusted diluted EPS rose 7.3% to $1.61, with notable margin expansion.

What 2026 financial guidance did Armstrong World Industries (AWI) provide?

For 2026, Armstrong World Industries expects net sales of $1,745–$1,785 million, adjusted EBITDA of $600–$620 million, adjusted diluted EPS of $8.05–$8.35, and adjusted free cash flow of $375–$395 million. This guidance targets high single- to low double-digit growth across all major financial metrics.

How did Armstrong World Industries’ (AWI) segments perform in 2025?

In 2025, Mineral Fiber net sales increased to $1,030.7 million with adjusted EBITDA of $448 million and a 43.5% adjusted EBITDA margin. Architectural Specialties net sales rose to $590.1 million with adjusted EBITDA of $108 million, helped by acquisitions like 3form, Zahner and Geometrik.

What was Armstrong World Industries’ (AWI) cash flow and share repurchase activity in 2025?

Net cash provided by operating activities reached $355.5 million in 2025, while net cash used for investing was $3.6 million. Adjusted free cash flow increased to $346 million. The company repurchased 0.8 million shares for $129 million, at an average price of $167.75 per share.

How is Armstrong World Industries (AWI) expanding its Architectural Specialties business?

Architectural Specialties growth is supported by acquisitions such as 3form, A. Zahner Company, Geometrik Manufacturing, FGM-Parallel and Eventscape. In 2025, these helped lift Architectural Specialties net sales to $590.1 million, a $130 million increase from 2024, with additional capabilities in design-driven architectural features.

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