• The Kohler of cabinets
• The Whirlpool of cabinets
• The Sherwin-Williams of cabinets

• Kitchen and Bath Cabinetry: MasterBrand manufactures and sells a wide range of kitchen and bath cabinets, offering various styles, materials, and finishes to suit different consumer preferences and price points.
• Cabinet Accessories: The company also provides related accessories such as hardware, organizational solutions, and decorative enhancements that complement its cabinetry products.

MasterBrand (symbol: MBC) sells primarily to other companies. Its major customers include:

• The Home Depot, Inc. (symbol: HD)
• Lowe's Companies, Inc. (symbol: LOW)

Conn Davis Chief Executive Officer

Conn Davis was appointed Chief Executive Officer of MasterBrand, Inc. effective March 3, 2026. Prior to this role, he held several executive leadership positions at MasterBrand, most recently as Executive Vice President, Strategy and Corporate Development. He also served as Vice President-Strategy at MasterBrand from 2020 to 2022. His career includes a role as Strategy Director at Fortune Brands Innovations, Inc., and he was a consultant at Bain & Company. Earlier in his career, he worked as a corporate litigation and transactions attorney. Mr. Davis is also the Founder and Managing Director of Annalex Equity. He earned an MBA from Washington University in St. Louis, a Juris Doctor from DePaul University College of Law, and a bachelor's degree from Southeast Missouri State University.

Andi Simon Executive Vice President & Chief Financial Officer

Andi Simon has served as Executive Vice President and Chief Financial Officer of MasterBrand since 2020, a tenure that includes the company's 2022 spin-off from Fortune Brands Home & Security, Inc. Before joining MasterBrand, Ms. Simon was President of Weir Pressure Control North America at The Weir Group PLC from 2019 to 2020, where she was responsible for a profitability turnaround plan for the company's wellhead and valve business. She also held positions as Vice President of Finance and IT of the Oil and Gas division at The Weir Group PLC from 2014 to 2019, and other progressive roles there from 2008 to 2014. Her earlier career involved roles at Briggs & Stratton Corporation, including Director of Internal Audit and Sarbanes-Oxley Compliance and International Products Group Controller, and she began her career as a CPA at Arthur Andersen, LLC. Ms. Simon holds a Bachelor of Science in Accounting and an MBA from Marquette University. She was appointed to the board of directors of Graco Inc. in 2025.

Andrean Horton Executive Vice President, Chief Legal Officer and Secretary

Andrean Horton has served as Executive Vice President, Chief Legal Officer and Secretary of MasterBrand since 2022. Previously, Ms. Horton was Partner and Chief Legal Officer of Dealer Tire Holdings, LLC from 2021 to 2022. Her prior experience includes roles at Myers Industries, Inc., where she also served as Interim President and Chief Executive Officer, and at A. Schulman, Inc.

Kurt Wanninger Executive Vice President & Chief Operations Officer

Kurt Wanninger has served as Executive Vice President and Chief Operations Officer since 2023. Prior to this, he was Executive Vice President and General Manager of Stock operations at MasterBrand since 2020. He has over 26 years of leadership experience within the cabinet industry, including two separate tenures with MasterBrand.

Navi Grewal Executive Vice President & Chief Digital & Technology Officer

Navi Grewal has served as Executive Vice President and Chief Digital Officer of MasterBrand since 2021. From 2019 to 2021, she was the Global Chief Information Officer and Vice President of Enterprise Customer Experience at DuPont Water and Protection, a division of DuPont de Nemours, Inc., where she was responsible for developing a multi-year strategic information technology strategy.

The key risks to MasterBrand (MBC) are primarily driven by its reliance on the cyclical housing market, the highly competitive nature of the cabinetry industry, and vulnerabilities in its supply chain and raw material costs.

1. Reliance on Housing Market and Economic Conditions: MasterBrand's business is highly dependent on the health of the U.S. and Canadian residential housing market, including new home construction and repair and remodel (R&R) activity. Fluctuations in interest rates, consumer confidence, employment levels, and overall economic conditions can significantly impact demand for its cabinetry products, leading to decreased sales.

2. Highly Competitive Industry and Price Competition: The residential cabinet industry is characterized by intense competition and relatively low barriers to entry. This competitive landscape can lead to significant price pressure, which could adversely affect MasterBrand's market share and profitability.

3. Supply Chain Disruptions and Raw Material Cost Volatility: MasterBrand faces operational challenges related to global supply chain issues and the sourcing of raw materials. Increased costs due to tariffs and inflation for key inputs can impact the company's manufacturing expenses and ultimately its financial performance.

The increasing adoption of modular and prefabricated construction methods in residential building.

MasterBrand (symbol: MBC) primarily operates in the residential cabinet market across North America, offering a comprehensive portfolio of cabinetry products for kitchens, bathrooms, and other areas of the home, spanning stock, semi-custom, and premium categories.

The addressable markets for MasterBrand's main products and services are as follows:

• The total addressable market for residential cabinetry in North America is approximately $17 billion.
• In the U.S. alone, the residential cabinet market was valued at USD 37.5 billion in 2023 and is projected to reach USD 51.48 billion by 2029.
• U.S. demand for residential cabinets is forecast to increase to $23 billion in 2026.
• Within the U.S. residential cabinet market, remodeling applications are projected to reach $14.6 billion in 2026.
• The U.S. kitchen cabinet market is projected to reach $18.4 billion in 2026.

Here are 3-5 expected drivers of future revenue growth for MasterBrand (MBC) over the next 2-3 years:

1. Acquisition of Supreme Cabinetry Brands and Future Inorganic Growth: The acquisition of Supreme Cabinetry Brands has already demonstrated its contribution to MasterBrand's net sales growth in 2024 and 2025. For example, it contributed 9% to net sales growth in Q3 2024 and 5% growth to full-year 2025 net sales. MasterBrand aims to continue pursuing inorganic growth opportunities and executing on deal synergies, indicating that acquisitions will remain a driver.
2. Strategic Initiatives, Operational Efficiencies, and Plant Optimization: MasterBrand is focused on strategic initiatives, continuous improvement efforts, and optimizing its operational footprint. These include streamlining manufacturing processes, consolidating facilities, and relocating to service faster-growing states at lower operational costs. While primarily aimed at cost savings and margin expansion, these efficiencies are expected to enhance competitive positioning and contribute to market share gains, thereby supporting revenue growth.
3. Tech-Enabled Initiatives and Digital Transformation: The company is investing in "tech-enabled initiatives" designed to improve operational capabilities and customer interactions, such as the MasterBrand Connect portal. These digital transformations are anticipated to unlock demand and generate incremental sales.
4. Continued Strength in the New Construction Market: Despite a generally soft overall market, MasterBrand has consistently reported strength with its customers serving the new construction market, leading to year-over-year volume growth. This includes sustained growth with both large and medium builders, with small builders also turning positive in Q2 2024. The company continues to benefit from new business wins in this sector.
5. Strategic Pricing Actions and Net Average Selling Price (ASP) Improvements: MasterBrand has implemented and expects to continue to implement price increases. In Q1 2025, the company reported a 2% growth from net ASP increases in its legacy business, demonstrating the positive impact of previous pricing strategies on revenue. These actions are a direct method for driving future revenue growth.

Share Repurchases

• MasterBrand authorized a new $50 million share repurchase program on March 17, 2025, valid until March 13, 2028.
• The company repurchased approximately $18.1 million of its common stock in 2025, following $6.5 million in repurchases in 2024.
• As of December 29, 2024, approximately $21 million remained available under a prior authorization from April 2023.

Share Issuance

• In August 2025, MasterBrand announced an all-stock merger with American Woodmark, anticipated to close in early 2026, which will involve the issuance of MasterBrand common stock to American Woodmark shareholders.

Outbound Investments

• In July 2024, MasterBrand acquired Dura Investment Holdings LLC, the parent company of Supreme Cabinetry Brands, funded by a combination of cash on hand and proceeds from a revolving credit facility.
• MasterBrand entered into a definitive agreement in August 2025 to merge with American Woodmark in an all-stock transaction, expected to close in early 2026, aiming to create synergies and expand market reach.

Capital Expenditures

• Capital expenditures were $78.2 million in 2025, $80.9 million in 2024, $57 million in 2023, $56 million in 2022, and $52 million in 2021.
• A primary focus for capital allocation is investing in the business for future growth, particularly in modernizing the company's technology foundation.
• Capital expenditures in 2025 were significantly driven by the integration of Supreme Cabinetry Brands.