4q19 and fiscal 2019 results overview investor presentation

4Q19 and Fiscal 2019 Results OverviewInvestor PresentationFebruary 5, 2020

1

Legal Disclaimer

Forward-Looking Statements

This presentation includes “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,” “outlook,” “should,” “seeks,”

“intends,” “trends,” “plans,” “estimates,” “projects” or “anticipates” or similar expressions that concern our strategy, plans, expectations or intentions. All statements made relating to our estimated and

projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results are forward-looking statements. These forward-looking statements are subject to risks, uncertainties

and other factors that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-

looking statements. 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 effect 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 realized. 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 Summit Materials, Inc.’s (“Summit Inc.”) Annual Report on Form 10-K for the fiscal

year ended December 29, 2018, as filed with the Securities and Exchange Commission (the “SEC”), any factors discussed in the section entitled “Risk Factors” in any of our subsequently SEC

filings, including our Annual Report on Form 10-K for the fiscal year ended December 28, 2019, which is expected to be filed on or about the date of this presentation, and the following: our

dependence on the construction industry and the strength of the local economies in which we operate; the cyclical nature of our business; risks related to weather and seasonality; risks associated

with our capital-intensive business; competition within our local markets; our ability to execute on our acquisition strategy, successfully integrate acquisitions with our existing operations and retain

key employees of acquired businesses; our dependence on securing and permitting aggregate reserves in strategically located areas; declines in public infrastructure construction and delays or

reductions in governmental funding, including the funding by transportation authorities and other state agencies; environmental, health, safety and climate change laws or governmental requirements

or policies concerning zoning and land use; costs associated with pending or future litigation; shortages of or increases in prices for commodities, labor and other production and delivery inputs;

conditions in the credit markets; our ability to accurately estimate the overall risks, requirements or costs when we bid on or negotiate contracts that are ultimately awarded to us; material costs and

losses as a result of claims that our products do not meet regulatory requirements or contractual specifications; cancellation of a significant number of contracts or our disqualification from bidding for

new contracts; special hazards related to our operations that may cause personal injury or property damage not covered by insurance; our substantial current level of indebtedness, including our

exposure to variable rate risk; our dependence on senior management and other key personnel, and our ability to retain and attract qualified personnel; supply constraints or significant price

fluctuations in electricity and the petroleum-based resources that we use, including diesel fuel and liquid asphalt; climate change and climate change legislation or regulation; unexpected operational

difficulties; interruptions in our information technology systems and infrastructure, including cybersecurity and data leakage; and potential labor disputes, strikes and other forms of work stoppage and

other union activities. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary

statements. Any forward-looking statement that we make herein speaks only as of the date of this presentation. 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 required by law.

Non-GAAP Financial Measures

Included in this presentation are certain non-GAAP financial measures, such as Adjusted EBITDA, Adjusted EBITDA Margin, Further Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted

(Diluted) Earnings Per Share, Adjusted Cash Gross Profit, Adjusted Cash Gross Profit Margin, Net Debt, Net Leverage, Free Cash Flow, and Cash Flow Return on Invested Capital, 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 or described in the tables attached to the appendix. 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. For the same reasons we

are unable to address the probable significance of the unavailable information, which could be material to future results.

2

Conference Call Agenda

Safe Harbor Disclosure

Karli Anderson, VP Investor Relations

Business Update

Tom Hill, CEO

Financial Update

Brian Harris, CFO

Management Outlook

Tom Hill, CEO

Q&A

3

Business Update

Tom Hill, CEO

✓ Operating Income of $59.9 million, more than double Q4 2018

✓ Adjusted EBITDA of $121.1 million, up 29.6%

✓ Net Leverage Improved to 3.6x at Year-end

4

✓ Net Revenue of $2.0 billion, up 6.4%

✓ Free Cash Flow of $180.9 million, up $170.5 million from 2018

Record Annual Results in 2019Volume and Price Growth in All Lines of Business, Led by Aggregates

✓ Adjusted EBITDA of $461.5 million, up 13.6%

✓ Operating Income of $213.6 million, up 31.4%

✓ Net Revenue of $506.3 million, up 13.7%

2019 Results compared to 2018

Q4 2019 Results Compared to Q4 2018

✓ Net Income of $59.1 million, up 74.2%

✓ Net Income of $36.4 million, compared to a loss of $18.6 million in Q4 2018

2020 Outlook

5

2019 Performance & 2020 Outlook

Pricing

Margins

Costs

• Aggregates up 6.5% and Asphalt pricing up 6.2%

• Adjusted for mix, aggregates pricing increased ~4%

Margin Recovery

• Pricing caught up to 2017-18 cost acceleration

Lean processes & purchasing improvements

— Dredge loss & higher cement distribution costs

2019 Performance

• Mid-single digits price increases in Aggregates & RMC

• Cautiously optimistic on Cement pricing

Margin Improvement Potential

• Contribution from 2019 project investments

• Sustained price enhancement

• Proactive cost management

Performance improvements implemented

— Slight headwind from higher benefits and insurance

Volume• Aggregates up 9.5%, Cement up 2.8%

• Adjusting for mix, aggregates up 6%

• Low single digits volume increases expected in all lines

of business

6

Outlook by End-Market

• Single family housing starts at their highest level since 2007(1), providing for a cautious but healthy outlook

• Supply and home ownership remain well below their peaks and historical averages

• Employment, interest rates and affordability favor a growing housing market in the near term

• After a soft start to 2019, architectural billings increased late in the year, led by the South, West, and Midwest(2)

• AIA chief economist “…recent fears about a downturn in construction activity have largely subsided”(3)

• We focus on low-rise commercial that follows residential development; less exposure to volatile high-rise construction

• 2020 Forecast public highway, street and related work expected to grow 6% in 2020 over 2019 spending(3)

• States continue to implement self-funding mechanisms:

o 27 states (11 Summit states) raised or adjusted gas taxes since 2013(4)

o 89% of state and local transportation investment ballot measures were approved in the November 2019 election (4)

• ARTBA forecasts 2.6% CAGR for U.S. highway, bridge and related construction spend through 2024(4)

Outlook Supported by Resurgence of Residential and Public Demand, Likely to Benefit Aggregates

(1) Source: US Census Bureau, January 17, 2020.

(2) Source: AIA Architectural Billings Index November 2019;

(3) Source: AIA Architectural Billings Index, December 2019;

(4) Source: ARTBA - 2020 Transportation Construction Market Forecast.

Residential

Non-

Residential

Public

7

Greenfields

Projects

• 5 completed Aggregates Greenfields to date

• Utah, Texas (2 projects), Georgia, Missouri

• 3 Aggregates Greenfields under development

• Georgia (2 projects), Carolinas

• Greenfields spending:

• $25MM in 2019

• ~$65-$80MM in 2020

• ~$10-$15MM in 2021

• ~450 million tons of reserves

Recently acquired Aggregates property in Missouri

$0

$10

$20

$30

$40

$50

$0

$50

$100

$150

$200

$250

2014-2018 2019 2020 2021 2022 2023 2024

Greenfields Estimated CapEx and Forecast Adjusted EBITDA ($MM)

CapEx Incremental Incremental Adjusted EBITDA

~$45MM Adjusted

EBITDA per year

expected on

investment of

~$230MM

Cap

Ex

($M

M)

Adjusted E

BIT

DA

($MM

)

Recently commissioned crushing plant, Georgia, October 2019

8

Financial Update

Brian Harris, CFO

9

Net Revenue Bridge 2019 Increase led by Organic Growth

Net Revenue by Reporting Segment – 2018 vs. 2019 ($MM)

$1,909.3

$2,030.6

$41.2

$9.2

$82.1

$17.8

$9.9

$38.8

2018 West - Sale (1) West - Organic West - Acquisition East - Organic East - Acquisition Cement - Organic 2019

(1) Revenue from a West Segment non-core business sold in September 2018.

10

Adjusted EBITDA Bridge2019 Increase led by Organic Growth

2019 Adjusted EBITDA vs. 2018 Adjusted EBITDA ($MM)

Organic growth in the East and West Segment Offset Higher Variable Costs in our Cement Business

$406.3

$461.5

$13.6

$2.4

$45.5

$4.1 $8.0 $2.4

2018 West - Organic West - Acquisition East - Organic East - Acquisition Cement - Organic Corp - Organic 2019

11

Key Performance IndicatorsGAAP Financial Metrics

Net Revenue ($MM) Operating Income ($MM)

Net Income - Summit Inc. ($MM) Basic Earnings Per Share(1)

(1) Diluted share count includes all outstanding Class A common stock and LP Units not held by Summit Inc.

$445.1 $506.3

$1,909.3 $2,030.6

4Q18 4Q19 2018 2019

$28.5

$59.9

$162.5

$213.6

4Q18 4Q19 2018 2019

$(19.2)

$35.7 $33.9

$59.1

4Q18 4Q19 2018 2019

$(0.17)

$0.32 $0.30

$0.53

4Q18 4Q19 2018 2019

12

Key Performance IndicatorsNon-GAAP Financial Metrics

Adj. Cash Gross Profit ($MM)

& Margin (%)(1,2)

Adj. Diluted Earnings Per Share (1,4)

Adj. EBITDA ($MM)

& Margin (%)(1,3)

(1) See appendix for reconciliation of these non-GAAP metrics to the most comparable GAAP metrics

(2) Adjusted Cash Gross Profit Margin is defined as Adjusted Cash Gross Profit divided by Net Revenue

(3) Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Net Revenue

(4) Adjusted diluted share count includes all outstanding Class A common stock and LP Units not held by Summit Inc.

Adj. Diluted Net Income ($MM)(1)

34.3%

$145.8 $185.7

$625.2 $695.8

4Q18 4Q19 2018 2019

32.8%36.7%

$93.4 $121.1

$406.3

$461.5

4Q18 4Q19 2018 2019

$(18.6)

$71.5

$17.4

$108.8

4Q18 4Q19 2018 2019

$(0.16)

$0.62

$0.15

$0.94

4Q18 4Q19 2018 2019

32.7%

21.0%23.9%

21.3%

22.7%

13

Average Selling Price, Excluding Acquisitions

(year-over-year % change)

Average Selling Price, Including Acquisitions


Sales Volume, Excluding Acquisitions


Sales Volume, Including Acquisitions


Aggregates Cement

Aggregates Cement Ready-Mix

ConcreteAsphalt Aggregates Cement

Ready-Mix

Concrete Asphalt

2018 2019

Aggregates Cement

Price and Volume Analysis

3.3%

0.6%

6.5%

1.7%3.0%

0.6%

7.0%

1.7%

-0.1%

-8.6%

0.2%

-0.4%

9.5%

2.8%

0.1%

2.6%

14.2%

-8.6%

16.1%

2.7%

13.3%

2.8%0.6%

3.0%

14

Adjusted Cash Gross Margin ScorecardAggregates steady, Cement recovering, Products & Services improving

Aggregates Business

Adjusted Cash Gross Profit Margin (%)(1,2)

Cement Segment


Products Business


Services Business


(1) See reconciliations of Adjusted Cash Gross Profit Margin in the appendix

(2) Adjusted Cash Gross Profit Margin is defined as Adjusted Cash Gross Profit divided by Net Revenue. In this presentation of the data, Adjusted Cash Gross Profit is

calculated by line of business, less net cost of revenue by line of business

46.4% 45.4% 44.3%40.3%

4Q18 4Q19 2018 2019

54.8%61.9%

59.4% 60.2%

4Q18 4Q19 2018 2019

21.6%23.9%

21.1% 22.1%

4Q18 4Q19 2018 2019

22.8%

29.3%

24.2% 25.4%

4Q18 4Q19 2018 2019

15

Capital Allocation & Leverage

Capital Allocation Balanced Between Organic & Acquisition(1) CapEx % of Net Revenue Returning to Target of 7-8%

De-levered By Nearly 1 Full Turn at Year End 2019 from a Year Ago

Reduced Leverage Through EBITDA Recovery & Disciplined Use of Capital

($MM)

7% 7%

10%11%

12%

9%

7%

2014 2015 2016 2017 2018 2019

2019 reported Capex of $177MM was 9% of net revenue; deducting capex related to greenfield it was 7%

3.9X 3.9X

3.4X

4.5X

3.6X

4Q15 4Q16 4Q17 4Q18 4Q19

$409 $528

$369 $410 $283

$39

$76

$89

$153 $194

$221

$177

$485

$617

$522

$604

$503

$217

2014 2015 2016 2017 2018 2019

Acquisitions & Acq. Related Payments CapEx

(1) Acquisitions & Acquisition Related Payments are the sum of acquisitions net of cash acquired and payments on acquisition-related liabilities.

16

Management Outlook

Tom Hill, CEO

17

Management Outlook2020 growth will build on late 2019 momentum

Aggregates: low single digits volume growth and mid single digits price growth

Cement: low single digits volume and price growth

2020 Outlook

2020 Adjusted EBITDA Guidance 460-500($MM) 2020 Cap Ex Guidance Range 185-205($MM)

Products & Services: Margin improvement through price and volume

Leverage: Low 3’s based on the midpoint of 2020 adjusted EBITDA guidance

$185

$65$80

$205

Total - Low End Greenfields Low Greenfields High Total Cap Ex -High End

Estimated Greenfields Cap Ex

is embedded within

Total Cap Ex Range

Upsides & Downsides: Cement pricing, weather conditions, level of flood repair work

$461.5 $460

$480

$500

$350.0

$370.0

$390.0

$410.0

$430.0

$450.0

$470.0

$490.0

$510.0

2019 Actual 2020 Low 2020 Mid 2020 High

8% y/y growth to high end

4.8%

10.2%9.4%

6.6%

10.2%

DEC '15 DEC '16 DEC '17 DEC '18 DEC '19

Cash Flow Return on Invested Capital (CFROIC)(1) is above historical peer average

Starting 2020 from a Position of Strength

18

De-levered By Nearly 1 Full Turn at Year End 2019 from a Year Ago

Net Debt to Adjusted EBITDA ratio

3.9x 3.9x

3.4x

4.5x

3.6x

4Q15 4Q16 4Q17 4Q18 4Q19

9.2%

Peer avg Why we are set up for success in 2020:

✓ Financial ratios significantly improved from a year ago

✓ Margin expansion through performance improvement

✓ Greenfields program generating Adjusted EBITDA

✓ Favorable end-market indicators

✓ Active M&A Pipeline

✓ Construction cycle positive outlook

(1) Cash Flow Return on Invested Capital (“CFROIC”) is calculated as Net cash provided by operating activities, divided by Total invested capital. Total invested capital is calculated as the sum of Total

debt, including current portion of long-term debt, excluding original issuance premium or discount and deferred financing costs, and Total stockholder’s equity. Peer average includes Martin Marietta

Materials and Vulcan Materials for the fiscal years ended 2014 through 2018. Source: Factset.

19

APPENDIX

20

Aggregates Pricing Has Proven to be Resilient Throughout Periods of Demand CyclicalityConsumption and Consumption per Capita Remain Below Long-Term Trendlines and Price has Increased 70 of last 75 Years (1)

EXHIBIT 1Favorable Industry Dynamics—Consumption & Price

Cement Outlook Supported by Below Trendline Consumption, High Cost of Entry and Demand Nearing CapacityConsumption and Consumption per Capita Remain Below Long-Term Trendlines(1)

(1) Source: USGS and PCA.

-

2.0

4.0

6.0

8.0

10.0

12.0

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

1903

1906

1909

1912

1915

1918

1921

1924

1927

1930

1933

1936

1939

1942

1945

1948

1951

1954

1957

1960

1963

1966

1969

1972

1975

1978

1981

1984

1987

1990

1993

1996

1999

2002

2005

2008

2011

2014

2017

Consumption 116 Yr. Consumption Trendline Consumption per Capita 116 Yr. Consumption per Capita Trendline

-

0.10

0.20

0.30

0.40

0.50

0.60

-

25,000

50,000

75,000

100,000

125,000

150,000

1900

1903

1906

1909

1912

1915

1918

1921

1924

1927

1930

1933

1936

1939

1942

1945

1948

1951

1954

1957

1960

1963

1966

1969

1972

1975

1978

1981

1984

1987

1990

1993

1996

1999

2002

2005

2008

2011

2014

2017

Consumption 118 Yr. Consumption Trendline Consumption per Capita 118 Yr. per Capita Trendline

21

EXHIBIT 2Long-Term Residential Fundamentals Remain Intact

(1) Source: JBREC.

(2) Source: Moody’s.

(3) Source: JBREC. Long-term averages vary by market (Minneapolis-Saint Paul and Lexington since 2007, all others since 2006).

Single Family Housing Starts/Permits In SUM Metro Markets

2018E vs. Peak . . . Weighted Average of 41% Below(2)

• Mortgage rates remain low relative to historical rates

• Permits, starts and sales remain below historical averages on a national level

• Home ownership remains below the historical average

• New housing demand exceeds new supply supported by low unemployment, housing formation rates and pent up millennial demand

• Survey of housing industry executives reports reflects that most do not expect to reach 1.5 million permits until 2022+(1)

Slow Recovery to Date, Certain Markets Starting to Overheat . . . But Fundamentals Are In Place for Extended, Steady Growth(1)

Estimated Months of Supply In SUM Metro Markets

Dec-18 vs. Long-Term Average . . . Average of 47% Below(3)

41% Below

28% Below43% Below

33% Below

46% Below

50% Below

42% Below

72% Below

52% Below

Houston DFW Las Vegas MSP KC SLC Wilmington Lexington U.S.

Dec-18 Variance to Long-Term Average

28% Below

27% Below

69% Below

59% Below

59% Below

13% Below

33% Below 65% Below

-

10,000

20,000

30,000

40,000

50,000

60,000

Houston DFW Las Vegas MSP KC SLC Wilmington Lexington

2018E Variance to Peak

22

EXHIBIT 3Positive Outlook For Infrastructure Funding

(1) Source: FHWA, ARBTA, Bloomberg.

(2) ARTBA - 2020 Transportation Construction Market Forecast

Federal Highway Program Could See a ~5% CAGR, 2017-2022

($B) FAST Act Authorization and Additional Appropriations(1)

U.S. Construction Spending Forecast On Highway, Street, Bridge & Tunnel Related Work

Spending Rebounded in 2019 with Stable Growth Forecasted through 2023(2)

$43.3 $48.3 $49.4 $49.6

$54.4 $55.5

FY '17 Enacted FY'18 Enacted FY '19 FAST Act + AdditionalAppropriations

FY' 20 FAST Act + AdditionalAppropriations

FY '21 Projected (ARTBA) FY '22 Projected(ARTBA)

$89.4 $96.9 $98.9 $94.5 $92.3 $101.7 $106.9 $110.0 $113.3 $115.8

$52.3 $57.4 $61.6 $65.2 $67.5

$69.1 $71.8 $73.8 $75.4 $77.0

2014 2015 2016 2017 2018E 2019F 2020F 2021F 2022F 2023F

Public Highway, Steet, Bridge & Tunnel Private Highway, Street & Bridge

$141.7

$154.3

+8.9%

$160.5

+4.0%

$156.7

-.05%

$159.8

+.1%

$170.8

+6.9%

$178.7

+4.6%

$183.8

+2.9%

$188.7

+2.7%

$192.8

+2.2%

PrivatePublic

23

% of Total Revenue(1)

Public vs. Private (%)(1)

Public Outlook

(Positive/Neutral/Negative)

Texas Missouri

(1) For the full-year 2019.

Private Outlook

(Positive/Neutral/Negative) +

++

+

EXHIBIT 4 Balanced Private-Public Revenue Profile

SUM’s Top 5 State Markets

Top 5 State Markets = 64% of Total Company Revenue in FY ‘19

Kansas

=

Utah

+

+

23%13% 12% 8%

2/3 Residential & Commercial and 1/3 Public Revenue Profile

=

40%60%

25%

75%

46%54%

32%

68%

Kentucky

70%

30%

22% 10%

+

==

7%

EXHIBIT 5Capital Structure Overview – 76.5% Fixed / 23.5% Floating Rate Borrowings

24

(2)

(2)

(2)

(2)

Summit Materials, LLC Financials

Capital Structure Slide

($ in Millions) Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Int. Rates2 Maturity

Cash $128.5 $64.8 $67.7 $182.6 $311.3 1.75% n/a

Debt:

Revolver1 -- -- -- -- -- 5.01% Feb-2024

Senior Secured Term Loans $630.6 $627.4 $625.8 $625.8 $624.3 3.70% Nov-2024

Capital Leases and Other $49.1 $55.3 $58.9 $56.4 $56.4 5.50% Various

Senior Secured Debt $679.7 $682.7 $684.8 $682.2 $680.7 3.85%

Acq.-related Liab. $77.1 $72.0 $71.2 $70.5 $47.9 10.00% Various

5.125% Senior Notes $300.0 $300.0 $300.0 $300.0 $300.0 5.125% Jun-2025

8.5% Senior Notes $250.0 $0.0 $0.0 $0.0 $0.0 8.50% n/a

6.5% Senior Notes $0.0 $300.0 $300.0 $300.0 $300.0 6.50% Mar-2027

6.125% Senior Notes $650.0 $650.0 $650.0 $650.0 $650.0 6.125% Jul-2023

Senior Unsecured Debt $1,277.1 $1,322.0 $1,321.2 $1,320.5 $1,297.9 6.12%

Total Debt $1,956.9 $2,004.7 $2,005.9 $2,002.8 $1,978.5 5.34%

Net Debt $1,828.3 $1,939.9 $1,938.3 $1,820.2 $1,667.2

Est. Annual Cash Int. Run Rate $115.2 $114.5 $113.9 $111.5 $107.4

LTM Further Adj. EBITDA $408.4 $408.4 $411.9 $434.0 $461.5

Net Senior Secured Leverage 1.3x 1.5x 1.5x 1.2x 0.8x

Total Net Leverage 4.5x 4.8x 4.7x 4.2x 3.6x

1 Revolver Capacity post-usage for (undrawn) Letters of Credit is $329.8M as of 12/28/19

2 All rates as-of 12/28/2019; the Cash rate is our money-market cash-equivalent investment; Revolver is 75/25 1mL vs. Base

EXHIBIT 6Reconciliation of Operating Income to Adjusted Cash Gross Profit

25

(1) Adjusted Cash Gross Profit Margin defined as Adjusted Cash Gross Profit divided by Net Revenue

December 28, December 29, December 28, December 29,

Reconciliation of Operating Income to Adjusted Cash Gross Profit 2019 2018 2019 2018

($ in thousands)

Operating income $ 59,926 $ 28,545 $ 213,558 $ 162,466

General and administrative expenses 72,011 62,634 262,926 253,609

Depreciation, depletion, amortization and accretion 52,962 54,247 217,102 204,910

Transaction costs 773 421 2,222 4,238

Adjusted Cash Gross Profit (exclusive of items shown separately) $ 185,672 $ 145,847 $ 695,808 $ 625,223

Adjusted Cash Gross Profit Margin (exclusive of items shown separately) (1) 36.7% 32.8% 34.3% 32.7%

Three months ended Year ended

26

EXHIBIT 7Reconciliation of Gross Revenue to Net Revenue by LOB

Volumes

Aggregates 13,325 $ 10.95 $ 145,868 $ (30,248) $ 115,620

Cement 574 115.27 66,196 (2,741) 63,455

Materials $ 212,064 $ (32,989) $ 179,075

Ready-mix concrete 1,431 114.21 163,466 (102) 163,364

Asphalt 1,288 58.73 75,654 (68) 75,586

Other Products 91,295 (78,857) 12,438

Products $ 330,415 $ (79,027) $ 251,388

Three months ended December 28, 2019

Gross Revenue Intercompany Net

Elimination/Delivery Revenue Pricing by Product

Volumes

Aggregates 53,954 $ 10.99 $ 593,027 $ (123,357) $ 469,670

Cement 2,395 115.03 275,530 (9,295) 266,235

Materials $ 868,557 $ (132,652) $ 735,905

Ready-mix concrete 5,466 111.27 608,168 (546) 607,622

Asphalt 5,568 58.93 328,165 (213) 327,952

Other Products 377,900 (324,917) 52,983

Products $ 1,314,233 $ (325,676) $ 988,557

Year ended December 28, 2019

Gross Revenue Intercompany Net

Elimination/Delivery RevenuePricing by Product

EXHIBIT 8Reconciliation of Net Income (Loss) to Further Adjusted EBITDA

27

(1) Last twelve month (“LTM”) information corresponding to fiscal years (i.e., the periods ended December 29, 2018, December 30, 2017, December 31, 2016 and January 2, 2016 reflects our audited historical results for such fiscal years presented in accordance with U.S. GAAP. Information presented for other LTM periods (i.e., September 29, 2018, June 30, 2018, March 31, 2018, September, 30, 2017, July 1, 2017 and April 1, 2017) reflect unaudited trailing four quarter financial information calculated by starting with the results from the most recent audited fiscal year included in such LTM period and then (x) adding quarterly information for subsequent fiscal quarters and (y) subtracting quarterly information for the corresponding prior year period. For example, LTM September 29, 2018 has been calculated by starting with the data from the twelve months ended December 30, 2017 and then adding data for the nine months ended September 29, 2018, followed by subtracting data for the nine months ended September, 30, 2017. This presentation is not in accordance with U.S. GAAP. However, we believe this information is useful to investors as we use it to evaluate our financial performance for ongoing planning purposes, including a continuous assessment of our financial performance in comparison to budgets and internal projections. We also use such LTM financial data to test compliance with covenants under our senior secured credit facilities. This presentation has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Please see our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q for the relevant periods for the historical amounts used to calculate the LTM information presented.

(2) In the first quarter of 2018, we negotiated a $6.9 million reduction in the amount of a contingent liability from one of our acquisitions. As we had passed the period to revise the opening balance sheet for this acquisition, the adjustment was recorded as other income.

(3) EBITDA for certain completed acquisitions, net of dispositions, is pro forma for all acquisitions completed as of the date listed. (4) Further Adjusted EBITDA is calculated using trailing four quarter financial data to test compliance with covenants under our senior secured credit facilities(5) Adjusted EBITDA Margin defined as Adjusted EBITDA as a percentage of net revenue(6) Net Leverage defined as net debt divided by Further Adjusted EBITDA

($ in millions) December 28, December 29, December 28, September 28, June 29, March 30, December 29, September 29, June 30, March 31, December 30, September 30, July 1, April 1, December 31, January 2,

2019 2018 2019 2019 2019 2019 2018 2018 2018 2018 2017 2017 2017 2017 2016 2016

Net income (loss) 36$ (19)$ 61$ 6$ 22$ 21$ 36$ 99$ 110$ 125$ 126 87$ 64$ 34$ 46$ 1$

Interest expense 28 30 117 118 118 118 117 115 115 112 109 105 101 101 98 85

Income tax (benefit) expense (17) 43 17 78 53 48 60 229 (290) (299) (284) (494) 5 1 (5) (18)

Depreciation, depletion, amortization, and accretion expense 53 54 217 218 217 214 205 197 192 187 180 174 164 157 149 120

IPO/ Legacy equity modification costs - - - - - - - - - - - - 13 37 37 28

Loss on debt financings - - 15 15 15 15 - 5 5 5 5 - - - - 72

Gain on sale of business - - - - (12) (12) (12) (12) - - - - - - - -

Goodwill impairment - - - - - - - - - - 0 - - - - -

Tax receivable agreement expense (benefit) 16 (23) 16 (23) (23) (23) (23) (232) 269 271 271 518 17 15 15 -

Acquisition transaction expenses 1 - 2 2 2 3 4 5 6 8 8 8 7 5 7 10

Non-cash compensation 5 6 20 21 22 23 25 27 26 25 21 18 17 15 13 5

Other (2) (1) 2 (4) (1) (2) - (6) (6) (5) (6) - 8 9 12 11 (15)

Adjusted EBITDA 121$ 93$ 461$ 434$ 412$ 407$ 406$ 427$ 428$ 428$ 436$ 424$ 397$ 377$ 371$ 288$

EBITDA for certain completed acquisitions (3) - - - 1 2 6 11 22 17 25 25 21 11 20

Further Adjusted EBITDA (4) 461$ 434$ 412$ 408$ 408$ 433$ 439$ 450$ 453$ 449$ 422$ 398$ 382$ 308$

Net Revenue 506$ 445$ 2,031$ 1,969$ 1,929$ 1,925$ 1,909$ 1,905$ 1,854$ 1,783$ 1,752$ 1,699$ 1,605$ 1,539$ 1,488$ 1,290$

Adjusted EBITDA Margin (5) 23.9% 21.0% 22.7% 22.0% 21.4% 21.2% 21.3% 22.4% 23.1% 24.0% 24.9% 24.9% 24.7% 24.5% 25.0% 22.3%

Net Debt 1,667$ 1,820$ 1,938$ 1,940$ 1,828$ 1,845$ 1,866$ 1,760$ 1,551$ 1,639$ 1,570$ 1,468$ 1,483$ 1,205$

Total Net Leverage (6) 3.6x 4.2x 4.7x 4.8x 4.5x 4.3x 4.3x 3.9x 3.4x 3.7x 3.7x 3.7x 3.9x 3.9x

Three months ended Last Twelve Months Ended (1)

EXHIBIT 9Non-GAAP Reconciliation of Long-Term Debt to Net Debt

28

Reconciliation of Long-term Debt to Net Debt

($ in millions) Q4'19 Q3'19 Q2'19 Q1'19 Q4'18 Q3'18 Q2'18 Q1'18 Q4'17 Q3'17 Q2'17 Q1'17 Q4'16

Long-term debt, including current portion 1,874$ 1,876$ 1,876$ 1,877$ 1,831$ 1,831$ 1,832$ 1,834$ 1,835$ 1,835$ 1,837$ 1,539$ 1,540$

Acquisition related liabilities 48 71 71 72 77 37 38 60 64 53 48 44 47

Finance leases and other 56 56 59 56 49 42 46 44 36 38 38 41 39

Less: Cash and cash equivalents (311) (183) (68) (65) (129) (65) (50) (178) (384) (287) (353) (156) (143)

Net debt 1,667$ 1,820$ 1,938$ 1,940$ 1,828$ 1,845$ 1,866$ 1,760$ 1,551$ 1,639$ 1,570$ 1,468$ 1,483$

EXHIBIT 10Non-GAAP Reconciliation of Net Income (Loss) to Adj. EBITDA

29(1) Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of net revenue

Reconciliation of Net Income (Loss) to Adjusted

EBITDA by Segment

($ in thousands)

Net income (loss) $ 30,735 $ 32,859 $ 23,828 $ (51,025) $ 36,397

Interest expense (income) (171) (463) (3,094) 31,814 28,086

Income tax expense 440 (411) — (17,200) (17,171)

Depreciation, depletion and amortization 22,986 21,411 7,061 1,011 52,469

EBITDA $ 53,990 $ 53,396 $ 27,795 $ (35,400) $ 99,781

Accretion 114 273 106 — 493

Loss on debt financings — — — — —

Tax receivable agreement benefit — — — 16,237 16,237

Transaction costs 84 — — 689 773

Non-cash compensation — — — 4,979 4,979

Other (278) (523) — (371) (1,172)

Adjusted EBITDA $ 53,910 $ 53,146 $ 27,901 $ (13,866) $ 121,091

Adjusted EBITDA Margin (1) 21.6% 28.5% 39.9% 23.9%


East Cement Corporate ConsolidatedWest


EBITDA by Segment

($ in thousands)

Net income (loss) $ 11,738 $ 16,451 $ 21,461 $ (68,277) $ (18,627)

Interest expense 950 1,094 (2,021) 29,909 29,932

Income tax expense (benefit) (81) 27 — 43,552 43,498

Depreciation, depletion and amortization 23,627 20,191 9,345 703 53,866

EBITDA $ 36,234 $ 37,763 $ 28,785 $ 5,887 $ 108,669

Accretion 138 260 (17) — 381

Loss on debt financings — — — — —

Tax receivable agreement expense — — — (22,684) (22,684)

Gain on sale of business — — — — —

Transaction costs 1 — — 420 421


Other 1,310 (488) — 247 1,069

Adjusted EBITDA $ 37,683 $ 37,535 $ 28,768 $ (10,585) $ 93,401



Corporate ConsolidatedWest East Cement

EXHIBIT 11Non-GAAP Reconciliation of Net Income (Loss) to Adj. EBITDA

30

(1) Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of net revenue(2) In the year ended December 28, 2019, we negotiated a $2.0 million reduction in the amount of a contingent liability from one of our acquisitions. In the year ended December 29, 2018, we negotiated a $6.9 million reduction in

the amount of a contingent liability from one of our acquisitions. As we had passed the period to revise the opening balance sheet for this acquisition, the adjustment was recorded in the respective period as other income.


EBITDA by Segment

($ in thousands)

Net loss $ 108,751 $ 106,307 $ 75,480 $ (229,415) $ 61,123

Interest expense (income) 1,734 1,774 (10,489) 123,490 116,509

Income tax expense (benefit) 1,918 (267) — 15,450 17,101


EBITDA $ 205,140 $ 188,076 $ 102,882 $ (86,479) $ 409,619

Accretion 519 1,141 556 — 2,216

Loss on debt financings — — — 14,565 14,565

Tax receivable agreement benefit — — — 16,237 16,237

Transaction costs 96 — — 2,126 2,222


Other (2) (791) (1,592) — (1,417) (3,800)

Adjusted EBITDA $ 204,964 $ 187,625 $ 103,438 $ (34,565) $ 461,462



West East Cement Corporate Consolidated


EBITDA by Segment

($ in thousands)

Net income (loss) $ 109,363 $ 58,579 $ 83,148 $ (214,760) $ 36,330

Interest expense (income) 5,064 3,491 (6,815) 114,808 116,548

Income tax expense 535 32 — 59,180 59,747


EBITDA $ 206,186 $ 136,565 $ 111,329 $ (38,150) $ 415,930

Accretion 570 970 65 — 1,605

Loss on debt financings — — — 149 149

Tax receivable agreement benefit — — — (22,684) (22,684)

Gain on sale of business (12,108) — — — (12,108)

Transaction costs (3) — — 4,241 4,238


Other (2) (5,646) 497 — (1,098) (6,247)

Adjusted EBITDA $ 188,999 $ 138,032 $ 111,394 $ (32,164) $ 406,261



West East Cement Corporate Consolidated

EXHIBIT 12Non-GAAP Reconciliation of Net Income to Adj. Diluted Net Income

31

(In thousands, except share and per share amounts)

Net income (loss) attributable to Summit Materials, Inc. $ 35,671 $ 0.31 $ (19,163) $ (0.17) $ 59,066 $ 0.51 $ 33,906 $ 0.30

Adjustments:

Net income attributable to noncontrolling interest 726 0.01 536 0.01 2,057 0.02 2,424 0.02

Adjustment to acquisition deferred liability — — — — (2,000) (0.02) (6,947) (0.06)

Gain on sale of business — — — — — — (12,108) (0.11)

Loss on debt financings — — — — 14,565 0.13 149 —

Adjusted diluted net (loss) income before tax related adjustments 36,397 0.32 (18,627) (0.16) 73,688 0.64 17,424 0.15

Tax receiv able agreement (benefit) ex pense 16,237 0.14 (22,684) (0.20) 16,237 0.14 (22,684) (0.20)

Unrecognized tax benefits 18,885 0.16 22,663 0.20 18,885 0.16 22,663 0.20

Adjusted diluted net income (loss) $ 71,519 $ 0.62 $ (18,648) $ (0.16) $ 108,810 $ 0.94 $ 17,403 $ 0.15

Weighted-av erage shares:

Basic Class A common stock 112,755,444 111,656,069 112,204,067 111,380,175

LP Units outstanding 3,278,133 3,435,518 3,372,707 3,512,669

Total equity units 116,033,577 115,091,587 115,576,774 114,892,844

Three months ended Year endedReconciliation of Net Income (Loss) Per Share to

Adjusted Diluted EPS December 29, 2018 December 28, 2019 December 29, 2018December 28, 2019

Per Equity Unit Net Income Per Equity UnitNet Income Per Equity Unit Net Loss Per Equity Unit Net Income

EXHIBIT 13Non-GAAP Reconciliation of Adj. Cash Gross Profit by LOB

32

(1) Net revenue for the cement line of business excludes revenue associated with 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.

(2) Adjusted cash gross profit calculated as net revenue by line of business less net cost of revenue by line of business. Adjusted cash gross profit margin is defined as adjusted cash gross profit divided by net revenue.(3) The cement adjusted cash gross profit includes the earnings from the waste processing operations, cement swaps and other products. Cement line of business adjusted cash gross profit margin defined as cement adjusted

cash gross profit divided by cement segment net revenue.

($ in thousands)

Segment Net Revenue:

West $ 249,694 $ 219,180 $ 1,022,730 $ 1,011,155

East 186,705 158,485 717,213 617,314

Cement 69,860 67,425 290,704 280,789

Net Revenue $ 506,259 $ 445,090 $ 2,030,647 $ 1,909,258

Line of Business - Net Revenue:

Materials

Aggregates $ 115,620 $ 93,063 $ 469,670 $ 373,824

Cement (1) 63,455 61,437 266,235 258,876

Products 251,388 216,063 988,557 967,459

Total Materials and Products 430,463 370,563 1,724,462 1,600,159

Serv ices 75,796 74,527 306,185 309,099

Net Revenue $ 506,259 $ 445,090 $ 2,030,647 $ 1,909,258

Line of Business - Net Cost of Revenue:

Materials

Aggregates $ 44,026 $ 42,091 $ 186,724 $ 151,838

Cement 31,726 30,156 149,149 134,597

Products 191,247 169,457 770,533 763,319

Total Materials and Products 266,999 241,704 1,106,406 1,049,754

Serv ices 53,588 57,539 228,433 234,281

Net Cost of Revenue $ 320,587 $ 299,243 $ 1,334,839 $ 1,284,035

Line of Business - Adjusted Cash Gross Profit (2):

Materials

Aggregates $ 71,594 $ 50,972 $ 282,946 $ 221,986

Cement (3) 31,729 31,281 117,086 124,279

Products 60,141 46,606 218,024 204,140

Serv ices 22,208 16,988 77,752 74,818

Adjusted Cash Gross Profit $ 185,672 $ 145,847 $ 695,808 $ 625,223

Adjusted Cash Gross Profit Margin (2)

Materials

Aggregates 61.9% 54.8% 60.2% 59.4%

Cement (3) 45.4% 46.4% 40.3% 44.3%

Products 23.9% 21.6% 22.1% 21.1%

Serv ices 29.3% 22.8% 25.4% 24.2%

Total Adjusted Cash Gross Profit Margin 36.7% 32.8% 34.3% 32.7%

December 29,

Year ended

2019 2018

December 28,

Three months ended

December 28, December 29,

2019 2018

EXHIBIT 14Non-GAAP Reconciliation of Free Cash Flow

33

($ in thousands)

Net income $ 36,397 $ (18,627) $ 61,123 $ 36,330

Non-cash items 41,330 104,714 249,698 263,565

Net income adjusted for non-cash items 77,727 86,087 310,821 299,895

Change in working capital accounts 95,614 52,724 26,363 (90,527)

Net cash provided by operating activities 173,341 138,811 337,184 209,368

Capital expenditures, net of asset sales (29,595) (33,724) (156,322) (199,050)

Free cash flow $ 143,746 $ 105,087 $ 180,862 $ 10,318

Year endedThree months ended


2019 2018 2019 2018


34

EXHIBIT 15Non-GAAP Reconciliation of Cash Flow Return on Invested Capital(CFROIC)

($ in thousands)

Net cash provided by operating activities $ 337,184 $ 209,368 $ 292,183 $ 244,863 $ 98,203

Total debt, including current portion of long-term debt,

excluding original issuance premium or discount and

deferred financing costs 1,874,255 1,830,611 1,835,375 1,540,250 1,296,750

Total stockholders’ equity 1,444,773 1,342,145 1,271,721 860,039 767,860

Total invested capital $ 3,319,028 $ 3,172,756 $ 3,107,096 $ 2,400,289 $ 2,064,610

Cash Flow Return on Invested Capital (1) 10.2% 6.6% 9.4% 10.2% 4.8%

Year ended

December 28,

2019

January 2,December 31,December 30,December 29,

2016201620172018

(1) Cash Flow Return on Invested Capital (“CFROIC”) is calculated as Net cash provided by operating activities, divided by Total invested capital. Total invested capital is calculated as the sum of Total debt, including current portion of

long-term debt, excluding original issuance premium or discount and deferred financing costs, and Total stockholder’s equity

4q19 and fiscal 2019 results overview investor presentation

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