Summit Materials (SUM) Announces Preliminary Fourth Quarter Results

Summit Materials (NYSE: SUM)

Preliminary Fourth Quarter and Year End Financial Results

The following presents selected preliminary estimates of the consolidated financial data of Summit Materials, Inc. (the “Company,” “we” or “our”) for the year ended December 31, 2024. Our consolidated financial statements as of, and for the year ended December 31, 2024 are not yet available and are subject to completion of our financial closing procedures. Our expectations with respect to our results for the year ended December 31, 2024 are based upon estimates of our management. The estimates set forth below were prepared based upon a number of assumptions, estimates and business decisions that are inherently subject to significant business and economic conditions and competitive uncertainties and contingencies, many of which are beyond our control. We have provided ranges, rather than specific amounts, for the preliminary financial information described below, as our final results remain subject to the completion of our closing procedures, final adjustments and developments that may arise between now and the time the financial results are finalized. Our independent auditors, KPMG LLP, has not audited, reviewed, compiled or performed any procedures with respect to the preliminary information. Therefore, KPMG LLP does not express an opinion or any other form of assurance with respect thereto.

The following are our estimated preliminary results:

Reconciliation of Income from Operations Before Taxes to Adjusted EBITDA

In considering the operating performance of the business, management analyzes, among other metrics, Adjusted EBITDA. Adjusted EBITDA is defined as income from operations before taxes adjusted for the following items: interest expense, depreciation, depletion, accretion and amortization, loss on debt financings, gain on sale of businesses, non-cash compensation, certain costs associated with the Company’s transactions with Quikrete Holdings, Inc. (“Purchaser”) and Argos North America Corp. (“Argos USA”), and certain other costs. We believe Adjusted EBITDA is useful to investors because this performance measure enables a more consistent evaluation of our operational performance period to period.

Adjusted EBITDA has limitations as an analytical tool. It is not defined by U.S. GAAP and should not be considered as an alternative to net income or net loss for the period determined in accordance with U.S. GAAP. Adjusted EBITDA is not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider this performance measure in isolation from, or as a substitute analysis for, our results of operations as determined in accordance with U.S. GAAP.

The following table reconciles income from operations before taxes to Adjusted EBITDA for the year ended December 31, 2024:

The information in this Current Report on Form 8-K is being furnished and shall not be deemed to be “filed” for 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 in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

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