1Q17 Results Overview Investor Presentation May 3, 2017 Legal - - PowerPoint PPT Presentation

1Q17 Results Overview Investor Presentation

May 3, 2017

1

Legal Disclaimer

Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “trends,” “plans,” “estimates,” “projects” or “anticipates” or similar expressions that concern our strategy, plans, expectations or intentions. Any and all statements made relating to the macroeconomic outlook for our markets, potential acquisition activity, our estimated and projected earnings, margins, costs, expenditures, cash flows, sales volumes and financial results are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those

• expected. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While

we believe that our assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect our actual results. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including but not limited to the factors discussed in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on February 28, 2017. Such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as

• therwise required by law.

Non-GAAP Financial Measures Included in this presentation are certain non-GAAP financial measures, such as Adjusted EBITDA, Further Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted EPS, Gross Profit, Net Debt, Net Leverage and Free Cash Flow designed to complement the financial information presented in accordance with U.S. GAAP because management believes such measures are useful to investors. These non-GAAP financial measures should be considered only as supplemental to, and not superior to, financial measures provided in accordance with GAAP. Please refer to the appendix of this presentation for a reconciliation of the historical non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP. Reconciliations of the non-GAAP measures used in this presentation are included in the tables attached to the appendix, to the extent available without unreasonable effort. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures.

2

Conference Call Agenda

Introduction Noel Ryan, IR Business Update Tom Hill, CEO Financial Update Brian Harris, CFO Conclusion & Outlook Tom Hill, CEO Q&A

3

Business Update Tom Hill, CEO

4

Executive Summary

1Q17 Results | 2017 Outlook

– Net Revenue increased 24.5% y/y to $259.0 million – Adjusted EBITDA increased 62.1% y/y to $13.6 million – LTM Adjusted EBITDA Margin increased 200 bps to 24.5%(1)

First Quarter 2017 | Results

(1) Adjusted EBITDA margin defined as Adjusted EBITDA divided by net revenue (2) Acquired companies include Everist Materials, Razorback Concrete, Hannah’s Bend Aggregates, Carolina Sand, Winvan Paving and Sandidge Concrete (3) As of May 3, 2017

– Gross Profit increased 29.3% y/y to $66.7 million – LTM Gross Margin increased 240 bps to 37.0% – Completed six acquisitions YTD 2017 for a combined total of $180 million(2,3) – Anticipate positive organic growth in materials sales volumes and avg. selling prices for FY17

Full-Year 2017 | Outlook

– Anticipate net leverage at approximately 3.0x by year-end 2017 – Anticipate closing on $40 million to $60 million of acquired EBITDA for FY17 – Raising FY17 gross CAPEX guidance by $5 million to a range of $140 million to $160 million – Raising FY17 Adjusted EBITDA guidance to a range of $430 million to $445 million

5

Key Financial Metrics

Growth In Net Revenue, Gross Profit, Adjusted EBITDA

Net Revenue ($MM) Gross Profit ($MM) & Margin (%)(1) Adjusted Net Income/Loss ($MM) Adjusted EBITDA ($MM) & Margin (%)

(1) Gross profit margin defined as gross profit divided by net revenue (2) Adjusted EBITDA margin defined as Adjusted EBITDA divided by net revenue (2)

$208.0 $259.0 $1,322.9 $1,539.3 1Q16 1Q17 LTM 1Q16 LTM 1Q17 $51.6 $66.7 $457.9 $569.4 1Q16 1Q17 LTM 1Q16 LTM 1Q17 24.8% 25.8% 34.6% 37.0% $8.4 $13.6 $297.3 $376.6 1Q16 1Q17 LTM 1Q16 LTM 1Q17 4.0% 5.3% 22.5% 24.5%

• $42.5
• $54.8

$81.1 $85.9 1Q16 1Q17 LTM 1Q16 LTM 1Q17

6

Price and Volume Analysis

Y/Y Organic Growth In Materials Price and Volume

Average Selling Price, Excluding Acquisitions (y/y % change) Average Selling Price, Including Acquisitions (y/y % change) Sales Volume, Excluding Acquisitions (y/y % change) Sales Volume, Including Acquisitions (y/y % change)

Aggregates Cement Aggregates Cement Ready-Mix Concrete Asphalt Aggregates Cement Ready-Mix Concrete Asphalt 1Q16 1Q17 9.4% 2.9% 6.3% Aggregates Cement 6.0% 6.3%

• 29.4%

0.6% 17.6%

• 11.4%

64.5% 14.3% 142.7% 10.0%

• 26.7%

14.4% 27.5% 18.9% 66.8% 8.6% 6.7% 5.4% 7.3%

7

Gross Margin Scorecard

Sustained Y/Y Growth In Materials Margins

Aggregates Business Gross Margin (%) Cement Segment Gross Margin (%) Products Business Gross Margin (%) Services Business Gross Margin (%)

42.9% 43.6% 59.4% 62.0% 1Q16 1Q17 2015 2016 23.1% 21.2% 24.7% 26.6% 1Q16 1Q17 2015 2016 8.4% 21.7% 26.5% 28.0% 1Q16 1Q17 2015 2016 12.8% 14.3% 43.1% 45.2% 1Q16 1Q17 2015 2016

8

Positive Demographic Trends In Key Markets

SUM’s Top 5 States Outperform National Averages

Single Family Housing Starts in SUM’s Top 5 State Markets 40% Below Prior Peak AND Below 30-Year Average(1,2) Unemployment in SUM’s Top 5 State Markets Below National Average 29 of The Last 30 Years(1,2)

50,000 100,000 150,000 200,000 250,000 300,000

30-Year Average (1) Source: Moody’s Analytics, U.S. Department of Labor (BLS) (2) States include Texas, Missouri, Utah, Kansas and Virginia

2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Unemployment Rate - SUM's Top 5 States Unemployment Rate - National

9

New Residential Cycle Emerging in Texas

Unsold Home Inventories Declining, Permits Higher

(1) Source: JBREC Survey, March 2017. Survey results comprise 20% of new home sales in the U.S. Survey participants oversee 3,000+ communities across more than 70 metro regions. Publicly traded builders account for 31% of responses.

Number of Unsold Finished Homes Per Community Texas New Home Inventories Declined by 25% Y/Y in March 2017(1) LTM Percent Change In Single-Family Home Permits By Key Texas Markets Austin Market Experiencing Sharp Recovery, Houston Market Stabilizing

1.79 1.53 2.38 1.69 Texas United States Mar-16 Mar-17

• 3%
• 6%

23%

• 1%

Austin Houston LTM Thru Mar-16 LTM Thru Mar-17

10

Long-Term Funding Drives Infrastructure Spending

SUM Well-Positioned To Capitalize On Funding Growth

FAST Act Provides More Than $225 Billion in Federal Highway Program Funding Thru 2020(1)

(1) Source: American Road & Transportation Builders Association (2016) – denotes highway program funding under the FAST Act

Texas Kansas Utah Missouri Virginia

The FAST Act Expected To Drive Multi-Year Infrastructure Spending Growth In SUM’s State Markets(1)

SUM’s Top Five State Markets Expected To Receive a combined ~$30 billion of FAST Act Highway Funding (2016-2020) SUM State Markets Expected To Receive 40% of FAST Act Highway Funding, or More Than $80 billion (2016-2020)

$18.3 billion 8.8%

• f total

$5.4 billion 2.6%

• f total

$5.0 billion 2.4%

• f total

$2.0 billion 1.0%

• f total

$1.8 billion 1.0%

• f total

$41.0 $43.1 $44.0 $45.0 $46.0 $47.1 2015 2016 2017 2018 2019 2020

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Increased State-Level Funding For Infrastructure

State Funding Initiatives in Texas, Utah and Iowa

Texas Utah

Legislation Date Passed Date Effective Annual Proceeds For Roads & Highways Legislative Overview

Proposition 7 November 2015 September 2017 (Fiscal 2018) Up to ~$5 billion annually Proposition 7 creates a constitutional amendment to dedicate portions of revenue from the state’s general sales and use tax, as well as from the motor vehicle sales and rental tax to the State Highway Fund, for use

• n

the construction, maintenance, rehabilitation

• f non-tolled public roads. Prop 7 stands

to dedicate up to $5 billion in biennial sales tax revenue to the State Highway Fund starting in Sept 2017 (for the 2018-19 fiscal year). S.B. 277 March 2017 July 2017 Up to ~$1 billion

• ver four years

SB 277 allows the Utah Transportation Commission to accelerate several previously approved highway projects at a maximum spend of $1 billion over the next four years. Prior to the passage of SB 277, Utah was budgeting $1.9 billion for FY17 on “all state building construction, highway construction and maintenance and state-wide administrative functions”.

*Company estimate

Iowa S.F. 257 February 2015 March 2015 ~$200 million annually SF 257 increased the fuel tax by 10 cents per-gallon. SF 257 also established (1) a variable tax rate for ethanol blended fuels until June 30, 2020; (2) increased the jet fuel tax by 2 cents-per-gallon (from 3 cpg to 5 cpg); a variable tax rate of diesel fuel effective July 1, 2015; and increased some oversize/overweight permit fees effective January 1, 2015.

12

Texas Public Funding Rising Materially

More Than 20% Est. Y/Y Increase In Fiscal 2018

Texas DOT Statewide Transportation Improvement Program FY2017-FY2020 TXDOT Estimates(1)

(1) Source: Texas Department of Transportation FY17-FY20 Forecast. Note that TXDOT fiscal year 2018 begins in September 2017. (2) Proposition 7 becomes effective in fiscal year 2018 (September 2017).

FY17 FY18 FY19 FY20 Federal Funding State Funding

$9.7 billion $11.9 billion $11.9 billion $12.6 billion

Proposition 1 and Proposition 7 Revenues Drive State Level Highway Funding Growth Proposition 7 Adds $2.5 billion Per Year Beginning In FY2018(1,2)

$594 million $740 million $875 million $875 million $2.5 billion $2.5 billion $2.9 billion FY17 FY18 FY19 FY20 Proposition 1 Proposition 7

13

Cement Imports Provide Incremental Supply

Import Shipping Costs Could Push Cement ASPs Higher

5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000

(1) Source: Portland Cement Association, company research and estimates

Greece, Turkey & China Supply ~45% of All Cement Imported To The United States(1)

18% Greece 13% Turkey 13% China 56% Rest of World

Cement Imports Currently 60% Below Prior Peak (In Thousands of Metrics Tons)(1) U.S. Nearing Domestic Cement Production Capacity Project Domestic Supply Surpassed Before 2020(1)

25,000 50,000 75,000 100,000 125,000 150,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E 2020E

Portland Cement Consumption By Year (Thousands of Metric Tons) Domestic Clinker Capacity By Year (Thousands of MetricTons)

14

Cement Pricing Poised To Rise In Out Years

Could We See Another Multi-Year Pricing Spike?

Tracking Historical Spikes In National Average Selling Prices for Portland Cement ($ Per Metric Ton)(1)

(1) Source: USGS, PCA, company research and estimates

$40.00 $50.00 $60.00 $70.00 $80.00 $90.00 $100.00 $110.00 $120.00

1993-1995 ASPs +21.5% 2004-2006 ASPs +27.7%

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Invested ~$180 million In 6 Acquisitions YTD 2017

Recently Completed Transactions(1)

Geographic Markets Asset Base Line(s) of Business(2) End Markets(2) Rationale HANNA’S BEND AGGREGATE CAROLINA SAND WINVAN PAVING SANDIDGE CONCRETE

NE Houston, Texas One sand & gravel pit with permitted reserves

Aggregates Ready-Mixed Concrete 100% Private Public 16% 84%

Aggregates expansion into NE Houston; increased public and non-residential market exposure NE South Carolina Three sand & gravel pits pits; permitted reserves

100% 100%

High-synergy aggregates bolt-on to existing Carolinas business Downstream bolt-on to existing aggregates-only business in B.C. Strategic bolt-on to our existing platform in Missouri Vancouver, B.C. Asphalt plant and paving assets

Asphalt and Paving 100% 50% 50%

Central Missouri Three ready-mix concrete plants

100% 30% 70% (1) As of May 3, 2017 (2) Sourced from internal management research and estimates 100%

EVERIST MATERIALS RAZORBACK CONCRETE

West-Central Colorado Two aggregates pits; Five ready-mix concrete plants; Two asphalt plants; one landfill Vertically integrated, materials-based business that expands existing Colorado presence Northeast Arkansas Four sand/gravel pits; 19 ready-mix concrete plants Expansion in Arkansas; strong fit with existing Summit businesses

40% 40% 20% 60% 40% 25% 75% 80% 20%

Newly Announced Acquisitions $70 Million Invested Capital (March-May 2017) Previously Announced Acquisitions $110 Million Invested Capital (Jan-Feb 2017)

16

Financial Update Brian Harris, CFO

17

Net Revenue Bridge

1Q16 vs. 1Q17

Organic vs. Acquisition - Net Revenue by Reporting Segment ($MM)

$208.0 $259.0 $20.9 $6.1 $17.0 $6.4 $3.4 1Q16 West - Organic West - Acquisition East - Organic East - Acquisition Cement - Organic Cement - Acquisition 1Q17

($2.8)

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Sustained Growth In Adj. EBITDA Margin

~900 Basis Point Increase Since 2013

Targeting Continued Increase In Adjusted EBITDA Margin By Mid-Cycle (%)(1)

(1) Adjusted EBITDA margin defined as Adjusted EBITDA divided by net revenue

15.8% 17.7% 22.3% 22.5% 24.5% 27.0% 2013 2014 2015 LTM 1Q16 LTM 1Q17 Mid-Cycle Target

19

Sustained Growth In Cash Flows

LTM Operating Cash Flow and FCF Grew Significantly Y/Y

(1) Summit Materials defines free cash flow, a non-GAAP measure, as net cash flow from operations less net capital expenditures

LTM Operating Cash Flow More Than Doubled Y/Y ($MM)

Net CAPEX $136.6 million Net CAPEX $75.8 Net CAPEX $62.8 $68 $118 $241 LTM 1Q15 LTM 1Q16 LTM 1Q17

LTM Free Cash Flow Increased By Nearly 4x Y/Y ($MM)(1)

$8 $24 $91 LTM 1Q15 LTM 1Q16 LTM 1Q17

20

Net Leverage Reduction

Targeting Net Leverage of 3.0x By Year-End 2017

Net leverage declined for four consecutive quarters, ratio at lowest level since IPO(1)

(1) Calculation uses “Further Adjusted EBITDA”, which includes full LTM benefit of all acquisitions in a given year (2) Summit had full revolver availability of $215.4 million as of 4/1/17

Cash and available liquidity increased more than 20% Y/Y ($MM)(2)

4.0 x 4.4 x 3.9 x 4.5 x 4.5 x 4.3 x 3.9 x 3.7 x 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

$157.4 $156.1 $395.9 $301.8 $203.6 $223.6 $352.8 $371.5 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Cash Revolver Capacity

21

2017 Financial Guidance

Improved Full-Year Outlook

Increasing Full-Year 2017 Adjusted EBITDA Guidance ($MM)(1) Increasing Full-Year 2017 Gross Capital Expenditure Guidance ($MM)(1)

(1) Full-year 2017 Adjusted EBITDA guidance excludes any contributions from any acquisitions that have not been announced and may be completed during 2017

$425 million to $445 million Prior FY17 Guidance New FY17 Guidance $430 million to $445 million $410 million to $425 million Prior FY17 Guidance New FY17 Guidance $140 million to $160 million $135 million to $155 million

22

Conclusion Tom Hill, CEO

23

Conclusion

Strong Market Fundamentals, Improved Demand/Pricing, Upwardly Revised Outlook

– Organic materials volumes and ASPs are trending positively – Combination of FAST Act and state-level funding measures support strong outlook for public markets – Select mid-continent private markets experiencing a “residential renaissance” (e.g., Utah) – Robust acquisition pipeline – several attractive materials bolt-on deals in late stage diligence – Continued growth in Adjusted EBITDA, continued reduction in net leverage – Increased full-year 2017 Adjusted EBITDA guidance reflects continued business momentum – Recent ratings agency upgrades at S&P and Moody’s Investor Services

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APPENDIX

EXHIBIT 1 Capital Structure Overview

25 (1) Revolver Capacity post-usage for (undrawn) Letters of Credit is $215.4M as of 3/31/17 (2) Net leverage is a metric used to test compliance with our debt agreements

2

($ in Millions) 1Q16 2Q16 3Q16 4Q16 1Q17 Interest Rates Maturity Cash $91.2 $8.2 $14.2 $142.7 $156.1 1.05% n/a Debt: Revolver1

• $14.0
• 4.39%

Mar-2020 Senior Secured Term Loans $645.1 $643.5 $641.9 $640.3 $638.6 3.73% Jul-2022 Capital Leases and Other $44.4 $41.4 $41.3 $39.3 $40.9 3.50% Various Senior Secured Debt $689.5 $698.9 $683.1 $679.6 $679.6 3.72% Acq.-related Liab. $40.7 $40.8 $43.6 $46.8 $43.8 11.00% Various 8.5% Senior Notes $250.0 $250.0 $250.0 $250.0 $250.0 8.50% Apr-2022 6.125% Senior Notes $650.0 $650.0 $650.0 $650.0 $650.0 6.125% Jul-2023 Senior Unsecured Debt $940.7 $940.8 $943.6 $946.8 $943.8 6.98% Total Debt $1,630.3 $1,639.7 $1,626.8 $1,626.4 $1,623.4 5.61% Net Debt $1,539.1 $1,631.6 $1,612.6 $1,483.7 $1,467.3

• Est. Annual Cash Int. Run Rate

$94.1 $94.6 $94.2 $91.3 $92.3 LTM Further Adj. EBITDA $340.3 $360.0 $379.1 $382.4 $398.0 Net Senior Secured Leverage 1.8x 1.9x 1.8x 1.4x 1.3x Total Net Leverage2 4.5 4.5 4.3 3.9 3.7x

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EXHIBIT 2 Top 5 States Represent ~70% of Net Revenue

State Net Revenue as %

• f Total Net Revenue(1)

Public vs. Private (%)(1) Public Outlook (Positive/Neutral/Negative) Private Market Cycle Position(2) (Early/Mid/Late)

Texas Kansas Utah Missouri

(1) For the full-year 2016 (2) Estimated cycle position reflects exposure to specific MSAs in the state in which Summit Materials currently has operations Early Early Early Early Early Late Late Late Late Late 27% 22% 21%

Virginia

25% 14% 12% 12%

6%

Public Private

43% 57% 49% 51% 21% 79% 28% 72% 20% 80%

Private Outlook (Positive/Neutral/Negative)

= +

Early cycle Early cycle Early/mid cycle Early cycle

++ + + + + = ++ +

Very early cycle

27

EXHIBIT 3 Consumption Well Below Prior Peak Levels

Higher Value Domestic Crushed Stone Consumption ~15% Below Prior Peak, While ASPs Are ~35% Higher(1,2)

500 1,000 1,500 2,000 $6.00 $8.00 $10.00 $12.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Crushed Stone Consumption (Millions of Metric Tons) Crushed Stone ($ Per Metric Ton)

(1) Source: U.S. Geological Survey (2017), Company estimates

Lower Value Domestic Sand and Gravel Consumption ~23% Below Prior Peak, While ASPs Are ~35% Higher(1,2)

500 1,000 1,500 $6.00 $7.00 $8.00 $9.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Sand and Gravel Consumption (Millions of Metric Tons) Sand and Gravel ($ Per Metric Ton)

EXHIBIT 4 Reconciliation of Op. Income to Gross Profit

28 (1) Gross margin defined as gross profit as a percentage of net revenue

April 1, April 2, April 1, April 2,

Reconciliation of Operating Loss to Gross Profit

2017 2016 2017 2016

(in thousands) Operating (loss) income $ (32,784) $ (29,457) $ 151,335 $ 164,573 General and administrative expenses 58,468 45,370 256,610 155,905 Depreciation, depletion, amortization and accretion 39,748 32,360 156,688 125,957 Transaction costs 1,273 3,316 4,754 11,471 Gross Profit (exclusive of items shown separately) $ 66,705 $ 51,589 $ 569,387 $ 457,906 Gross Margin (exclusive of items shown separately) (1) 25.8 % 24.8 % 37.0 % 34.6 %

Twelve months ended Three months ended

29

Volumes

Aggregates 7,963 $ 9.84 $ 78,370 $ (16,748) $ 61,622 Cement 362 111.48 40,304 (869) 39,435 Materials $ 118,674 $ (17,617) $ 101,057 Ready-mix concrete 906 103.04 93,358 (181) 93,177 Asphalt 362 53.98 19,562 (61) 19,501 Other Products 57,563 (46,281) 11,282 Products $ 170,483 $ (46,523) $ 123,960

Three months ended April 1, 2017 Gross Revenue Intercompany Net Pricing by Product Elimination/Delivery Revenue

EXHIBIT 5 Reconciliation of Gross Revenue to Net Revenue by LOB

EXHIBIT 6 Reconciliation of Net Income to Further Adjusted EBITDA

30 (1) EBITDA for certain completed acquisitions is pro forma for all acquisitions completed as of the date listed (2) Further Adjusted EBITDA is calculated using trailing four quarter financial data to test compliance with covenants under our senior secured credit facilities (3) Adjusted EBITDA margin defined as Adjusted EBITDA as a percentage of net revenue ($ in millions) April 1, April 2, April 1, December 31, October 1, July 2, April 2, January 2, December 27, December 28, 2017 2016 2017 2016 2016 2016 2016 2016 2014 2013 Net (loss) income (55) $ (43) $ 34 $ 46 $ 87 $ 60 $ 39 $ 1 $ (6) $ (104) $ Interest expense 25 22 101 98 95 90 82 85 87 56 Income tax benefit (2) (8) 1 (5) (14) (18) (22) (18) (7) (3) Depreciation, depletion, amortization, and accretion expense 40 32 157 149 142 136 126 120 88 73 IPO/ Legacy equity modification costs

• 37

37 37 25

• 28
• Loss on debt financings
• 7

40 71 72

• 3

Goodwill impairment

• 68

Tax receivable agreement expense

• 15

15

• Acquisition transaction expenses

1 3 5 7 7 5 11 10 9 4 Management fees and expenses

• (1)

(1)

• 1

5 3 Non-cash compensation 5 2 15 13 10 8 7 5 2 2 Other

• 13

12 (11) (12) (17) (16) 11 28 Adjusted EBITDA 14 $ 8 $ 377 $ 371 $ 360 $ 334 $ 297 $ 288 $ 189 $ 130 $ EBITDA for certain completed acquisitions (1) 21 11 19 26 43 20 23 (2) Further Adjusted EBITDA (2) 14 $ 8 $ 398 $ 382 $ 379 $ 360 $ 340 $ 308 $ 212 $ 128 $ Net Revenue 259 $ 208 $ 1,539 $ 1,488 $ 1,460 $ 1,406 $ 1,323 $ 1,290 $ 1,071 $ 824 $ Adjusted EBITDA Margin (3) 5.3% 4.0% 24.5% 25.0% 24.6% 23.7% 22.5% 22.3% 17.7% 15.8% Three months ended Last Twelve Months Ended

EXHIBIT 7 Non-GAAP Reconciliation

31

Reconciliation of Long-term Debt to Net Debt IPO ($ in millions) Q4'14 3/11/15 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Long-term debt, including current portion 1,041 $ 773 $ 1,040 $ 817 $ 1,214 $ 1,297 $ 1,545 $ 1,558 $ 1,542 $ 1,540 $ 1,539 $ Acquisition related liabilities 61 59 59 54 51 49 41 41 44 47 44 Capital leases and other 31 35 35 50 47 44 44 41 41 39 41 Less: Cash and cash equivalents (13) (5) (315) (13) (5) (185) (91) (8) (14) (143) (156) Net debt 1,120 $ 862 $ 819 $ 908 $ 1,307 $ 1,205 $ 1,539 $ 1,632 $ 1,613 $ 1,483 $ 1,468 $ Net cash used in operating activities $ 241,282 $ 117,551 $ 68,307 Capital expenditures, net of asset sales (150,240) (93,979) (60,024) Free cash outflow $ 91,042 $ 23,572 $ 8,283 April 1, April 2, 2017 2016 Twelve months ended March 28, 2015

EXHIBIT 8 Non-GAAP Reconciliation

32

Reconciliation of Net Loss Per Share to Adjusted Diluted EPS (In thousands, except share and per share amounts) Net loss attributable to Summit Materials, Inc. $ (52,444) $ (0.48) $ (21,118) $ (0.21) Adjustments: Net loss attributable to noncontrolling interest (2,566) (0.02) (21,337) (0.21) Loss on debt financings, net of tax 190 — — — Adjusted diluted net loss $ (54,820) $ (0.50) $ (42,455) $ (0.42) Weighted-average shares: Class A common stock 105,171,661 50,882,663 LP Units outstanding 5,069,805 50,261,491 Total equity interest 110,241,466 101,144,154 Per Share Net Income Per Share Net Income Three months ended April 1, 2017 April 2, 2016 Reconciliation of Net Income Per Share to Adjusted net income (In thousands) Net income attributable to Summit Materials, Inc. $ 5,457 $ Adjustments: Net income attributable to noncontrolling interest 28,098 IPO/ Legacy equity modification costs 37,257 Tax receivable agreement expense 14,938 Loss on debt financings, net of tax 190 Gain on transfer of Bettendorf assets — Adjusted net income $ 85,940 $ April 1, 2017 Net Income Twelve months ended April 2, 2016 21,959 16,751 Net Income 81,063 (16,561) 58,914 — —

EXHIBIT 9 Non-GAAP Reconciliation

33

($ in thousands) April 1, 2017 April 2, 2016 December 31, 2016 January 2, 2016 Net Revenue by Segment West 131,974 $ 113,847 $ 736,573 $ 719,485 $ East 83,235 60,204 470,614 374,997 Cement 43,835 33,988 281,087 195,484 Net Revenue 259,044 $ 208,039 $ 1,488,274 $ 1,289,966 $ Net Revenue by Line of Business Materials Aggregates 61,622 $ 49,908 $ 264,609 $ 219,040 $ Cement (1) 39,435 28,536 250,349 167,696 Products 123,960 101,658 708,050 657,107 Total Materials and Products 225,017 180,102 1,223,008 1,043,843 Services 34,027 27,937 265,266 246,123 Net Revenue 259,044 $ 208,039 $ 1,488,274 $ 1,289,966 $ Gross Profit Materials Aggregates 26,840 $ 21,417 $ 164,129 $ 130,163 $ Cement (1) 6,262 4,353 127,185 84,187 Products 26,219 23,475 188,611 162,466 Services 7,384 2,344 74,346 65,219 Gross Profit 66,705 $ 51,589 $ 554,271 $ 442,035 $ Gross Profit Margin (2) Materials Aggregates 43.6% 42.9% 62.0% 59.4% Cement (3) 14.3% 12.8% 45.2% 43.1% Products 21.2% 23.1% 26.6% 24.7% Services 21.7% 8.4% 28.0% 26.5% Total Gross Margin 25.8% 24.8% 37.2% 34.3% Three months ended Year end

(1) Net revenue for the cement line of business excludes revenue associated with the processing of hazardous and non-hazardous waste, which is processed into fuel and used in the cement plants and is included in services net revenue. Additionally, net revenue from cement swaps and other cement-related products are included in products net revenue. The cement segment gross profit includes the earnings from the waste processing

• perations, cement swaps and other products.

(2) Gross profit margin defined as gross profit divided by net revenue. (3) Cement gross profit margin defined as cement gross profit divided by cement segment net revenue.

34

EXHIBIT 10 Production Process

Cement Aggregates Ready-Mixed Concrete Asphalt Raw Material Extracted Raw Materials Transported to Plant Stone Crushed in Multi- Stage Process Crushed Rock Sorted and Stored by Size Finished Product Loaded onto Trucks Production Process Raw Material Extracted Raw Materials Crushed & Chemicals Added Heated in Large, Tilted, Rotating Kiln (~2700o F) Gypsum & Minerals Added Cement Packaged & Shipped Aggregates, Cement, Water and Chemicals Combined Transferred into Mixing Trucks Product Continues to Mix in Transit Delivery to Job Site Crude Petroleum Distilled & Processed Asphalt Mixed with Aggregates & Cement Heated, Proportioned & Mixed to Desired Specs Delivery to Job Site or Storage Materials Products