AMERICAN WOODMARK Business Summary

American Woodmark Corporation (AMWD) is a premier manufacturer and distributor of kitchen and bath cabinetry, generating revenue through the high-volume production of stock, semi-custom, and custom products for the North American residential market. The company’s business model is structured around three primary sales channels: Home Centers (servicing The Home Depot and Lowe’s), which accounted for approximately 41% of fiscal 2025 sales; Builders (direct-to-builder sales for new construction), representing 43.5%; and Independent Dealers and Distributors (remodeling), making up 15.5%. AMWD maintains a top-three market position in the U.S. with an estimated 11% market share, competing directly with MasterBrand, Inc., Cabinetworks Group, and Wellborn Cabinet, Inc. As of February 2026, the company is in the final stages of a pending $3.6 billion all-stock merger with its primary competitor, MasterBrand, Inc. This transaction, which received shareholder approval in late 2025 and is currently undergoing FTC regulatory review, aims to create the largest residential cabinet manufacturer in North America by consolidating AMWD’s value-tier dominance with MasterBrand’s premium portfolio. Founded in 1980 following a management buyout of Boise Cascade’s cabinet division led by William F. Brandt, Jr. and Richard Graber, American Woodmark is currently led by President and CEO M. Scott Culbreth, who joined the firm in 2014 and has served as interim CFO since mid-2025. The executive leadership team includes Senior Vice President of Growth and New Construction Jimmy Mason and Senior Vice President of Manufacturing and Supply Chain Rob Adams. Governance is overseen by a Board of Directors chaired by Vance W. Tang, former CEO of KONE Inc., and includes notable directors such as Andrew Cogan, former CEO of Knoll, and Emily Videtto, President of Pella Corporation. Upon the anticipated completion of the MasterBrand merger in early 2026, the combined entity will be led by MasterBrand CEO Dave Banyard, with three current American Woodmark directors expected to join the consolidated board. The company’s ownership remains heavily institutional, with major stakes held by BlackRock, Vanguard, and Pzena Investment Management.