• Core & Main is like **Home Depot or Lowe's, but for the critical water, sewer, and fire protection infrastructure that keeps cities running.**
• Think of Core & Main as a specialized **Grainger, focused exclusively on distributing products for municipal water, sewer, and fire protection systems.**

• Waterworks Products: Core & Main distributes a comprehensive range of pipes, valves, hydrants, fittings, and meters essential for potable water infrastructure.
• Wastewater and Storm Drainage Products: The company provides pipes, manholes, catch basins, and other related materials for sanitary sewer and stormwater management systems.
• Fire Protection Products: Core & Main supplies fire hydrants, sprinkler system components, and various related equipment for commercial and residential fire suppression.
• Geosynthetics and Erosion Control: They offer specialized materials such as geotextiles, geogrids, and erosion blankets used for soil stabilization, filtration, and erosion prevention.
• Fabrication Services: The company provides custom cutting, threading, grooving, and coating services for pipes and other materials to meet specific project requirements.
• Valve and Hydrant Repair Services: Core & Main offers repair, maintenance, and testing services for critical water infrastructure components like valves and hydrants.
• Meter Services: They provide installation, calibration, and maintenance of water metering systems to ensure accurate measurement of water usage.

Core & Main (CNM) primarily sells to other companies and organizations, making it a business-to-business (B2B) operation.

As a leading distributor of water, wastewater, storm drainage, and fire protection products, Core & Main serves a highly diversified customer base across the United States. Due to the nature of their distribution business, no single customer or group of related customers accounts for a significant portion (typically 10% or more) of their consolidated net sales. Therefore, no specific "major customer companies" are individually identified in their public filings.

Instead, Core & Main's customer base can be broadly categorized into the following types of entities:

• Municipalities: Local and state government entities responsible for the development, maintenance, and repair of public water, sewer, and storm drain infrastructure. These are not public companies with stock symbols.
• Private Water Companies: Privately owned utility companies that provide water and wastewater services to communities. While Core & Main likely supplies products to these companies or their contractors, no specific private water company is disclosed as a major customer. Examples of large publicly traded water utility companies in the U.S. include American Water Works (AWK) and Essential Utilities (WTRG), but these are not confirmed major customers of CNM.
• Professional Contractors: Companies specializing in the construction, repair, and upgrade of water, wastewater, storm drainage, and fire protection systems for both public and private sector projects. These contractors often work on behalf of municipalities and private water companies. Many of these contractors are privately held, and none individually represent a major customer for Core & Main.

Mark Witkowski, Chief Executive Officer

Mark Witkowski was appointed Chief Executive Officer of Core & Main in March 2025, previously serving as the company's Chief Financial Officer since February 2016. He joined Core & Main in 2007 and, prior to becoming CFO, was the Vice President of Finance. Witkowski has been crucial in the company's growth initiatives, investment, and mergers and acquisition strategy, and was instrumental in establishing various financial functions, including tax, internal audit, external reporting, treasury, risk management, pricing, acquisition integrations, and investor relations. He led Core & Main through its initial public offering (IPO) in 2021. Before joining Core & Main, he was a senior manager at PricewaterhouseCoopers, where he served large SEC audit clients in manufacturing and large private companies in manufacturing, distribution, and higher education. Witkowski has a demonstrated history of creating shareholder value in both private equity-backed companies and publicly traded corporations.

Robyn Bradbury, Chief Financial Officer

Robyn Bradbury is set to become Core & Main's Chief Financial Officer, effective March 31, 2025. She joined Core & Main in 2009 and has been a significant contributor to the company's finance and strategy, including her role in investor relations and the successful IPO in 2021.

Brad Cowles, President

Brad Cowles serves as President of Core & Main, overseeing various product lines including waterworks, storm drainage, geosynthetics, and meters, as well as private label initiatives. He possesses over 25 years of strategic leadership experience in growth-oriented organizations. In 2017, Cowles was named Chief Operating Officer of HD Supply Waterworks and Fire Protection and played a key role in the division's carve-out to become Core & Main, partnering with a private equity firm. He joined HD Supply in 2005, where he led the IT integration of more than 30 acquired companies, followed by a divestiture from The Home Depot under private equity ownership, and ultimately an IPO. His progression at HD Supply included roles as divisional Chief Information Officer (CIO) for three business units, culminating in his appointment as CIO of HD Supply.

Mike Huebert, President

Mike Huebert joined Core & Main as President on July 22, 2024, where he is responsible for the fire protection product line and other high-growth product lines. Before coming to Core & Main, Huebert was the Executive Vice President of Sales at Advanced Drainage Systems (ADS), overseeing field sales and engineering, national accounts, and retail sales teams. He brings extensive experience in business development, commercial operations, and driving sales and operational performance.

Mark Whittenburg, General Counsel and Secretary

Mark Whittenburg holds the position of General Counsel and Secretary at Core & Main.

The key risks to Core & Main's business (CNM) are primarily tied to the cyclical nature of its markets, intense competition, and potential supply chain disruptions.

1. Market Cyclicality and Economic Uncertainty: Core & Main operates within the construction sector, encompassing municipal, non-residential, and residential markets, all of which are highly sensitive to broader economic conditions. Factors such as changes in interest rates, consumer confidence, and overall economic growth can significantly influence demand for Core & Main's products. A downturn in construction activities, particularly in the residential segment, can lead to reduced sales and profitability. While municipal spending tends to be more stable due to essential infrastructure needs, it remains vulnerable to budget cycles, permitting delays, and shifts in political priorities.
2. Competitive Landscape and Price Volatility: The specialty distribution market in which Core & Main operates is fragmented and intensely competitive. The company faces significant competition from a mix of large national players and smaller regional distributors. This competitive pressure can lead to pricing leverage being sought by competitors, potentially impacting Core & Main's pricing strategies, market share, and gross margins, particularly for commoditized products. Furthermore, price fluctuations in raw materials, such as those used for pipes and fittings, can directly affect the company's cost of goods sold and overall profitability.
3. Supply Chain Vulnerabilities and Operational Challenges: Core & Main faces risks related to its supply chain, including unpredictable lead times and potential delays from suppliers. These disruptions can result in increased product costs and may lead to customer dissatisfaction if the company is unable to meet demand promptly. Effective inventory management is crucial, and challenges in this area, exacerbated by volatile raw material prices, pose ongoing operational concerns.

Core & Main (symbol: CNM) operates within several addressable markets primarily in the United States, focusing on water, wastewater, storm drainage, and fire protection products and related services. The estimated total addressable market for Core & Main's core products and services in the U.S. is approximately $39 billion to $40 billion.

Here are the addressable market sizes for their main products or services within the U.S. region:

• Water Infrastructure: The U.S. water infrastructure and management market size was valued at USD 120.2 billion in 2024 and is projected to reach USD 179.6 billion by 2032. The water infrastructure construction market was valued at USD 69.9 billion in 2023 and is projected to reach USD 107.3 billion by 2030. Additionally, the water infrastructure repair technologies market was $80.0 billion in 2024 and is expected to grow to $116.75 billion by 2029.
• Wastewater Treatment: The U.S. wastewater treatment market was valued at USD 121.4 billion in 2024, with projections to increase to USD 204.7 billion by 2032. Another estimate for the U.S. water and wastewater treatment market size was USD 64.27 billion in 2024, anticipated to grow to approximately USD 123.76 billion by 2034.
• Storm Drainage (Stormwater Management): The U.S. stormwater infrastructure market size was valued at approximately USD 8.4 billion in 2024 and is projected to reach USD 15.89 billion by 2030. Capital expenditures for stormwater management in the U.S. are projected to increase from US$34.6 billion to US$54.5 billion between 2023 and 2030.
• Fire Protection: The U.S. fire protection system market size was estimated at USD 25.94 billion in 2024 and is projected to reach USD 32.26 billion by 2030. Another report indicates that the U.S. fire protection system market size was estimated at USD 21.52 billion in 2023 and is expected to reach USD 30.38 billion by 2033.

Core & Main's sales in fiscal year 2024 were composed of 67% pipes, valves, and fittings; 16% storm drainage products; 8% fire protection products; and 9% water metering products.

Core & Main (CNM) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives and favorable market conditions. Key drivers include:

1. Strategic Acquisitions: Core & Main consistently utilizes a disciplined acquisition strategy to expand its market presence, gain access to new product lines, and acquire talent. Acquisitions contributed significantly to sales growth in fiscal 2024, and the company expects additional sales growth from already completed acquisitions in fiscal 2025.
2. Organic Market Share Gains & Above-Market Volume Growth: The company is focused on outperforming overall market growth by capturing greater market share. They aim to achieve 2-4 points of above-market volume growth by expanding into underpenetrated geographies, increasing the adoption of new products, and developing new sales talent.
3. Growth in Municipal End Markets and Infrastructure Investments: A significant portion of Core & Main's demand comes from municipal end markets, which are expected to grow, supported by ongoing investments in aging water infrastructure across the United States. This includes anticipated benefits from federal funding initiatives such as the Infrastructure Investment and Jobs Act (IIJA).
4. Product and Geographic Expansion: Core & Main is actively expanding its product offerings and geographic footprint. This includes initiatives like growing its private label offerings, with a long-term goal for private label products to represent 10% or more of sales from approximately 4% currently, as well as opening new branches in key markets. The company has also seen strong growth in specific product categories such as meter sales and projects related to water and wastewater treatment plants.
5. Pricing Initiatives: Core & Main aims to achieve better price realization through its pricing initiatives, which are expected to contribute to gross margin expansion. While the pricing environment may be neutral to slightly positive, these efforts are anticipated to support overall revenue growth.

Share Repurchases

• On June 12, 2024, Core & Main authorized a share repurchase program of up to $500 million of its Class A common stock.
• In fiscal year 2024, Core & Main repurchased $454.43 million in January and $100.18 million in October.
• In fiscal year 2023, the company repurchased $208.72 million in April, $88.80 million in July, and $91.20 million in October.

Share Issuance

• No significant share issuance events have been reported. Instead, the number of shares outstanding has decreased.
• The number of shares outstanding decreased by 7.47% in 2024 and 11.58% in 2025.
• Core & Main's share count shrunk by 13.4% over a two-year period due to repurchases.

Outbound Investments

• Core & Main actively pursues strategic acquisitions to expand its market presence and product offerings.
• The company completed 9 acquisitions in 2024 and 8 in 2023.
• Recent acquisitions include Canada Waterworks (September 2025) to expand into the Canadian market, HM Pipe Products (August 2024), and Eastcom Assoc (October 2024), a distributor of utility location, leak detection, and pipeline inspection equipment.

Capital Expenditures

• Capital expenditures were -$42 million in the last twelve months (as of August 2025).
• Annual capital expenditures were approximately -$35 million in fiscal year 2025, -$39 million in fiscal year 2024, and -$25 million in fiscal year 2023.
• The company continues to invest in organic growth and acquisitions, with capital expenditures (excluding acquisitions) increasing by 44% in the first half of fiscal year 2025.