Tile Shop Holdings Inc. Discussion Materials Independent Transaction Committee 10.03.2025 Confidential

Disclaimer 3 Confidential This presentation is provided solely to the Independent Committee of the Board of Directors (the “Committee”) of Project Home (the “Company”) by GuideCap Partners, LLC (“GuideCap”), in connection with the Company’s contemplation of a potential transaction. No part of them may be reproduced, distributed, quoted, or transmitted without the prior written consent of GuideCap. These materials were prepared in connection with an actual corporate engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with GuideCap. No other person or entity is entitled to rely on the materials, and GuideCap expressly disclaims any liability to any such person. The materials are for discussion purposes only and are subject to further review and modification. Because these materials were prepared for use in a presentation to the Committee, they are incomplete without reference to, and should be reviewed only in conjunction with, the oral briefings and supplemental information provided by GuideCap. GuideCap makes no representation as to the completeness or accuracy of the materials if reviewed without the accompanying oral presentation. These materials should not be reviewed in isolation; reliance on portions of the analysis without full context may result in a misleading or incomplete understanding. The analyses contained herein involve complex methodologies and the application of professional judgment. The analysis herein is based on current market conditions, which are subject to change, and GuideCap assumes no obligation to update or revise these materials. The information contained herein was obtained from the Company and/or publicly available sources. GuideCap has relied upon such information without independent verification and does not assume any liability for its accuracy or completeness. Any estimates, projections, or other forward-looking information have been prepared by the Company and are assumed to reflect the best currently available estimates and judgment of Company management. Actual results may vary materially. No representation or warranty, express or implied, is made as to the accuracy or completeness of such information. GuideCap’s role is limited to providing financial analysis and related advice to the Committee and does not include evaluating strategic alternatives, negotiating transaction terms, assessing the business rationale for the Transaction, or recommending a price per share. These materials do not constitute legal, tax, accounting, regulatory, or investment advice and should not be relied upon as such. GuideCap is acting solely as financial advisor to the Committee and is not acting as agent or fiduciary of the Company, the Committee, or any other party. GuideCap has not conducted any physical inspection of assets or facilities of the Company or any other party, nor has it performed or obtained independent appraisals or valuations. Any due diligence performed was for GuideCap’s own use in forming its analyses and was not conducted on behalf of the Committee or the Company. These materials do not constitute an independent valuation, solvency opinion, or fairness opinion unless specifically stated otherwise in a separately delivered document. No portion of GuideCap’s compensation is contingent upon the conclusions reached or the outcome of the transaction under consideration. The financial arrangements between GuideCap and the Company have been reviewed and approved by the Committee. Notwithstanding any other provision, the Company and its representatives may disclose, without limitation, the U.S. federal income tax treatment and structure of the transaction and any related materials provided by GuideCap, subject to compliance with applicable securities laws. These materials do not form part of an offer to sell or a solicitation to buy any securities or assets, nor do they constitute a recommendation to enter into any transaction.

Table of Contents Executive Summary Analyses Financial Statements Other Analyses 3 Confidential

4 I. Executive Summary

Confidential I. Executive Summary Transaction We understand that Project Home (the “Company”) is contemplating a transaction (the “Transaction”) that will result in: A reverse stock split to be followed by a reciprocal forward stock split of the common stock that will result in fractional shares. A subsequent cash-out of fractional shares which will reduce the number of stockholders. An expected stockholder count of less than 300, which will allow the Company cease being a public reporting company, and terminate its registration obligations under the Exchange Act of 1934, as amended. Other Information GuideCap has been retained on behalf of, and will report solely to, the Independent Transaction Committee (the “Committee”). GuideCap’s Role The Committee has requested that GuideCap: Provide financial analyses to assist the Committee in evaluating pricing alternatives for the Transaction; provided however, GuideCap will not determine or recommend the price per share, and all negotiation and pricing decisions shall be made solely by the Committee. Render an opinion (the “Opinion”) as to whether the price per share consideration is fair from a financial point of view, to the unaffiliated cashed-out shareholders. The Opinion will not address the business rationale, strategic merits, or the Company’s decision to pursue the Transaction, or any other non-financial considerations. 5 (a) This Executive Summary is abbreviated and is subject to the full terms as detailed in the letter of engagement executed on July 22, 2025.

6 II. Analyses

II. Analyses: Summary All values are reference ranges and no weight is assigned to any methodology. Company EBITDA values are adjusted to exclude stock compensation expense and is referred to as EBITDA throughout this report. Company LTM EBITDA is trailing twelve months ending 7/31/2025. Public Companies LTM EBITDA Implied Price Per Share $4.99 $5.18 12.0x to 12.5x 2026p EBITDA 11.0x to 11.5x $6.07 $6.33 Precedent Transactions LTM EBITDA 12.0x to 12.5x $4.99 $5.18 Discounted Cash Flow Sensitivity Range $4.24 $5.51 Reference 52 Week Range 10-90 VWAP Range $4.62 $6.43 $6.55 $7.75 7 Confidential

II. Analyses: Summary 7 Confidential Enterprise Value is defined as market capitalization plus net long-term debt, including finance lease debt. Historic financials and projections were provided by management. 2026p EBITDA is for the calendar year ending 12/31/2026. Cash balance is as of 7/31/25. Proforma fully diluted shares provided by the Company. The dilutive effect of the shares were calculated using the treasury stock method, assuming proceeds from option exercises are used to repurchase shares. (In thousands) Public Companies LTM EBITDA Public Companies 2026p EBITDA Precedent Transactions LTM EBITDA Discounted Cash Flow Sensitivity Range Metric Utilized $16,607 $16,607 $22,451 $22,451 $16,607 $16,607 Selected Multiples 12.0x 12.5x 11.0x 11.5x 12.0x 12.5x Implied Enterprise Value $199,280 $207,583 $246,957 $258,182 $199,280 $207,583 Cash $20,294 $20,294 $20,294 $20,294 $20,294 $20,294 Debt $0 $0 $0 $0 $0 $0 Implied Equity Value Range $219,574 $227,877 $267,251 $278,476 $219,574 $227,877 $186,375 $242,426 Shares Outstanding 44,001 44,001 44,001 44,001 44,001 44,001 44,001 44,001 Implied Equity Value Per Share $4.99 to $5.18 $6.07 to $6.33 $4.99 to $5.18 $4.24 to $5.51

II. Analyses: Premiums over Historical Share Prices (b) VWAP is the average trading price of a stock during a period, weighted by trading volume. 9 Confidential (a) The hypothetical premiums are based on a hypothetical transaction share price range which is shown for information purposes only. Historic Share Prices Historic Hypothetical Premiums over Historic Share Prices Price $6.00 $6.25 $6.50 $6.75 $7.00 $7.25 Recent Price $5.95 1% 5% 9% 13% 18% 22% 52 Week High $7.75 -23% -19% -16% -13% -10% -6% 52 Week Low $4.62 30% 35% 41% 46% 52% 57% 10 Day VWAP $6.55 -8% -5% -1% 3% 7% 11% 30 Day VWAP $6.40 -6% -2% 2% 6% 9% 13% 60 Day VWAP $6.46 -7% -3% 1% 5% 8% 12% 90 Day WVAP $6.43 -7% -3% 1% 5% 9% 13%

II. Analyses: Premiums over Valuation Methods 10 Confidential (a) The hypothetical premiums are based on a hypothetical transaction share price range which is shown for information purposes only. Valuation Methods Method Hypothetical Premiums over Valuation Methods Average $6.00 $6.25 $6.50 $6.75 $7.00 $7.25 Public Companies LTM EBITDA $5.08 18% 23% 28% 33% 38% 43% Public Companies 2026p EBITDA $6.20 -3% 1% 5% 9% 13% 17% Precedent Transactions LTM EBITDA $5.08 18% 23% 28% 33% 38% 43% Discounted Cash Flow $4.87 23% 28% 33% 39% 44% 49%

II. Analyses: Historic Comparison: Price Per Share 11 Confidential (a) Summary Equity Value for each method is the average of the value indications for the method. Valuation Methods Price per Share Company Historic Price per Share

II. Analyses: Historic Comparison: EV/EBITDA 11 Confidential (a) Summary Enterprise Value With Cash for each method is the average of the values indications for the method. Valuation Methods Implied EV/EBITDA Company Historic EV/EBITDA

II. Analyses: Public Companies (e) 2025p and 2026p are projections for the calendar year ending 12/31/25 and 12/31/26; 3Y p are projections are the calendar year ending 12/31/27. 13 Confidential For selection criterion see IV. Other Analyses: Public Company Sector Evaluation. Selected multiples include adjustments for performance differences. See IV. Other Analyses: Peer Benchmarking. Source: Public filings, press releases, TagniFi, Capital IQ. Company LTM represents the last twelve months as of 7/31/25. Capitalization Financial Results Enterprise Value to (in thousands) Price 9/30/25 Shares Market Cap. Plus Net Debt Enterprise Value LTM Rev. LTM EBITDA 2026p EBITDA LTM Revenue LTM EBITDA 2026p EBITDA Floor & Decor Holdings, Inc. 73.70 108,381 7,987,680 19,548 8,007,228 4,600,232 532,580 586,498 1.7x 15.0x 13.7x Home Depot, Inc. 405.19 994,000 402,758,860 49,513,000 452,271,860 165,054,000 26,111,000 26,754,458 2.7x 17.3x 16.9x Lowes Companies Inc. 251.31 560,000 140,733,600 29,467,000 170,200,600 83,612,000 12,585,000 13,147,565 2.0x 13.5x 12.9x Arhaus, Inc. 10.63 141,127 1,500,179 (181,560) 1,318,619 1,335,951 142,370 158,471 1.0x 9.3x 8.3x Ethan Allen Interiors Inc. 29.46 25,634 755,178 (136,219) 618,959 614,649 79,381 82,200 1.0x 7.8x 7.5x RH 203.16 19,825 4,027,704 3,136,010 7,163,714 3,337,241 598,920 772,882 2.1x 12.0x 9.3x Williams Sonoma Inc. 195.45 124,163 24,267,658 (985,823) 23,281,835 7,829,759 1,784,758 1,701,094 3.0x 13.0x 13.7x Low 755,178 618,959 614,649 79,381 82,200 1.0x 7.8x 7.5x High 402,758,860 452,271,860 165,054,000 26,111,000 26,754,458 3.0x 17.3x 16.9x Mean 83,147,266 94,694,688 38,054,833 5,976,287 6,171,881 1.9x 12.6x 11.8x Median 7,987,680 8,007,228 4,600,232 598,920 772,882 2.0x 13.0x 12.9x Selected Low 12.0x 11.0x Selected High 12.5x 11.5x

II. Analyses: Public Companies Revenue Growth Margins Debt (in thousands) 2024 23-24 2025p 24-25 3Yr p CAGR LTM GM LTM EBITDA 2025p EBITDA Debt/ Equity Debt/ MVIC WC % Rev Current Ratio CAPEX % Rev. SG&A % Rev. Net PPE % Assets LTM ROE LTM ROA Floor & Decor Holdings, Inc. 0.9% 5.5% 8.1% 44% 12% 12% 2% 2% 7% 1.3 10% 37% 34% 9.7% 4.1% Home Depot, Inc. 4.5% 3.0% 3.9% 33% 16% 15% 13% 11% 3% 1.1 2% 18% 27% 194.0% 14.9% Lowes Companies Inc. -3.1% 1.6% 3.6% 33% 15% 15% 25% 20% 1% 1.0 2% 19% 38% -54.4% 15.0% Arhaus, Inc. -1.3% 6.5% 7.1% 39% 11% 11% 4% 3% 11% 1.3 8% 33% 23% 20.5% 5.7% Ethan Allen Interiors Inc. -4.9% 0.1% NA 61% 13% 12% 0% 0% 26% 2.0 2% 50% 29% 10.7% 7.0% RH 5.0% 9.8% 9.8% 45% 18% 20% 79% 44% 7% 1.3 7% 34% 43% -77.5% 2.4% Williams Sonoma Inc. -0.5% 1.8% 2.9% 46% 23% 21% 0% 0% 11% 1.5 3% 27% 20% 50.7% 21.4% Low -4.9% 0.1% 2.9% 33% 11% 11% 0% 0% 1% 1.0 2% 18% 20% -77.5% 2.4% High 5.0% 9.8% 9.8% 61% 23% 21% 79% 44% 26% 2.0 10% 50% 43% 194.0% 21.4% Mean 0.1% 4.0% 5.9% 43% 15% 15% 17% 12% 9% 1.4 5% 31% 30% 22.0% 10.0% Median -0.5% 3.0% 5.5% 44% 15% 15% 4% 3% 7% 1.3 3% 33% 29% 10.7% 7.0% Working Capital (WC) Other Metrics Returns (a) See footnotes on the prior page. 14 Confidential

II. Analyses: Precedent Transactions Distribution. Companies were included based on the following: Transactions occurring in the past two years with transaction values greater than $200 million where transaction multiples were available. 15 Confidential (a) No relevant Home Improvement Retail Precedent Transactions were found. The expanded search in Furniture Retail and Building Materials yielded few results so the search was further expanded to Building Materials Transaction Financial Results Enterprise Value to Acquiror (in thousands) Target Target Sector Closed Enterprise Value LTM Revenue LTM EBITDA EBITDA Margin LTM Revenue LTM EBITDA Lowes Companies Inc Foundation Building Materials Building Materials Distribution Pending $8,800,000 $6,500,000 $635,000 10% 1.4x 13.9x SRS Distribution, Inc. GMS Inc. Building Materials Distribution 2025-09-03 5,720,920 5,315,700 456,800 9% 1.1x 12.5x James Hardie Industries Azek Co Inc. Home Furn. & Fixtures 2025-07-01 8,553,250 1,486,430 359,440 24% 5.8x 23.8x QXO, Inc. Beacon Roofing Supply Inc Building Materials Distribution 2025-04-29 10,662,700 9,763,200 867,200 9% 1.1x 12.3x Home Depot, Inc. SRS Distribution, Inc. Building Materials Distribution 2024-06-18 17,867,000 10,000,000 1,100,000 11% 1.8x 16.2x Owens Corning Masonite International Corp Building Materials Distribution 2024-05-15 3,900,000 2,830,700 401,800 14% 1.4x 9.7x Breedon Group Plc BMC Enterprises Inc. Building Materials Distribution 2024-03-07 300,000 178,900 35,500 20% 1.7x 8.5x Miter Brands PGT Innovations, Inc. Doors & Windows 2024-03-28 3,075,950 1,504,200 260,900 17% 2.0x 11.8x Summit Materials, Inc. Argos Usa Building Materials Distribution 2024-01-12 3,200,000 1,700,000 315,000 19% 1.9x 10.2x Masonite International Fleetwood Aluminum Products Doors & Windows 2023-10-19 285,000 150,000 40,710 27% 1.9x 7.0x Low 285,000 150,000 35,500 9% 1.1x 7.0x High 17,867,000 10,000,000 1,100,000 27% 5.8x 23.8x Mean 6,236,482 3,942,913 447,235 16% 2.0x 12.6x Median 4,810,460 2,265,350 380,620 16% 1.8x 12.1x Selected Low Selected High 12.0x 12.5x

II. Analyses: Discounted Cash Flow Projections were provided by management. Net working capital requirements determined by GuideCap based on historic averages. Long-term growth rate: Projected long-term GDP based on the Federal Reserve’s 6/18/25 projection of 1.8% real GDP growth plus 2.0% inflation target. Cash flows are discounted using the midpoint convention. The terminal value was calculated using the Perpetuity Growth Method. It assumes cash flows grow at a constant rate in perpetuity. Formula: Terminal Value = FCF₁ × (1 + g) / (r - g), where FCF₁ is free cash flow in the For the year ending December 31 (in thousands) 8/1/2025 to 12/31/25 2026 2027 2028 2029 Terminal Year Revenue $140,059 $362,476 $380,788 $401,677 $424,715 $424,715 Adjusted EBITDA 5,851 22,451 28,467 35,565 43,600 43,600 Margin % 4.2% 6.2% 7.5% 8.9% 10.3% 10.3% Depreciation & amortization 6,333 13,493 12,596 12,208 12,754 12,754 Stock based compensation Earnings before interest & taxes Cash income taxes 850 2,142 2,642 3,292 3,292 3,292 (1,332) 6,815 13,229 20,066 27,555 27,555 (235) 1,942 3,770 5,719 7,853 7,853 Debt-free earnings after-tax (1,097) 4,873 9,459 14,347 19,702 19,702 Depreciation & amortization 6,333 13,493 12,596 12,208 12,754 12,754 Stock based compensation 850 2,142 2,642 3,292 3,292 3,292 Decrease (Inc) in net working capital 491 (1,916) (1,765) (2,038) (2,238) (2,238) Capital expenditures (4,581) (12,624) (13,003) (13,393) (13,795) (13,257) Unlevered free cash flow (future value) $1,996 $5,968 $9,928 $14,416 $19,714 $20,252 Long-term growth rate 3.8% Terminal value, undiscounted Present Value $241,627 sh) Assumptions Discount rate Long-term growth rate Tax rate 12.00% 12.50% 13.00% 13.50% 218,866 206,804 196,039 186,375 223,091 210,514 199,318 189,291 227,528 214,399 202,743 192,329 12.50% 3.8% 28.5% Cost of Ca Interim Cash Flows $37,882 Terminal Value $152,338 Enterprise Value Plus Cash 7/31/25 $190,220 Equity Value Sensitivity Analysis (with Ca $20,294 Long-Term Growth Equity Value $210,514 3.6% 3.8% 4.0% pital 11.50% 232,473 237,320 242,426 final forecast year, g is the perpetual growth rate, and r is the discount rate. The formula calculates the present value of all future cash flows from year n+1 to infinity under constant growth assumptions. 16 Confidential

II. Analyses: Cost of Capital (i) Industry capital structure is shown for reference only. The Public Companies had wide variations in ratios and 10% percent was selected for illustrative purposes. 17 Confidential Risk free rate: The spot 20-year Treasury Yield as of 09/23/25. Equity risk premium: Kroll Equity Risk Premium (Supply Side) as of 12/31/24. The Company’s beta was calculated based on a regression of the Company’s monthly stock returns against the S&P 500 Index over the most recent 60-month period. Size premium: Kroll size premium for decile 10w. Implied market capitalization range of $221 to $304 million, as of 12/31/24. Pre-tax cost of debt: Moody's Seasoned Baa Corporate Bond Yield as of 9/29/25, which approximates the Company’s SOFR based borrowing rate. Expected future tax rate, provided by Company management. Capital structure: Company capital structure is the current structure. Industry is the hypothetical capital structure based on peer ratios. Debt: Long-term interest-bearing debt including capital leases divided by market equity. Capital Asset Pricing Model Cost of equity capital Risk-free rate 4.70% Equity risk premium Company-specific observed beta Plus: Adjusted equity risk premium 6.26% 0.90x 5.63% Plus: Size premium 2.18% Plus: Company specific premium 0.00% Total equity rate 12.51% Cost of debt capital Pre-tax cost of debt 5.79% Tax rate 28.50% After-tax debt rate 4.14% Reference Capital structure Company Industry Equity / invested capital 100.00% 90.00% Debt / invested capital 0.00% 10.00% Total invested capital 100.00% 100.00% Weighted average cost of capital (WACC) 12.51% 11.68% Selected (Rounded) 12.50% 11.50%

18 III. Financial Statements

III. Income Statement 19 Confidential (a) Financials statements and projections provided by management. Income Statements For the year ending December 31 2019 2020 2021 2022 2023 2024 LTM Jul-25 2025 2026 Projected 2027 2028 2029 (in thousands) Total revenue 340,366 325,057 370,700 394,702 377,146 347,071 338,811 343,613 362,476 380,788 401,677 424,715 Total cost of goods sold 104,233 103,534 117,570 135,765 134,085 119,197 118,646 121,143 128,088 133,809 140,490 147,500 Total gross profit 236,133 221,524 253,131 258,937 243,061 227,874 220,165 222,470 234,388 246,979 261,187 277,216 Total operating expenses 237,263 215,149 232,520 236,328 226,904 224,357 221,074 224,477 227,573 233,750 241,121 249,661 Operating income (1,130) 6,375 20,611 22,609 16,157 3,517 (909) (2,007) 6,815 13,229 20,066 27,555 Interest expense 3,801 1,874 656 1,579 2,164 275 15 103 100 100 100 100 Pretax Income/(loss) (4,931) 4,501 19,954 21,031 13,993 3,242 (924) (2,110) 6,715 13,129 19,966 27,455 Income tax expense (613) (1,529) 5,180 5,327 3,923 921 (234) (443) 1,947 3,742 5,630 7,687 Net income (4,319) 6,030 14,774 15,704 10,070 2,321 (690) (1,667) 4,768 9,387 14,335 19,767 EBITDA calculation Operating income (1,130) 6,375 20,611 22,609 16,157 3,517 (909) (2,007) 6,815 13,229 20,066 27,555 Plus: Depreciation 33,116 31,336 27,379 25,142 21,229 17,759 16,172 15,610 13,493 12,596 12,208 12,754 Plus: Stock based comp. 2,645 2,242 2,266 1,832 1,392 1,338 1,345 1,642 2,142 2,642 3,292 3,292 Plus: Non-recurring items 170 Adjusted EBITDA 34,631 39,952 50,256 49,583 38,779 22,614 16,607 15,415 22,451 28,467 35,565 43,600

III. Income Statement: Common Size Income Statements For the year ending December 31 2019 2020 2021 2022 2023 2024 LTM Jul-25 2025 2026 Projected 2027 2028 2029 (Common Size) Total revenue 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Total cost of goods sold 31% 32% 32% 34% 36% 34% 35% 35% 35% 35% 35% 35% Total gross profit 69% 68% 68% 66% 64% 66% 65% 65% 65% 65% 65% 65% Total operating expenses 70% 66% 63% 60% 60% 65% 65% 65% 63% 61% 60% 59% Operating income 0% 2% 6% 6% 4% 1% 0% -1% 2% 3% 5% 6% Interest expense 1% 1% 0% 0% 1% 0% 0% 0% 0% 0% 0% 0% Pretax Income/(loss) -1% 1% 5% 5% 4% 1% 0% -1% 2% 3% 5% 6% Income tax expense 0% 0% 1% 1% 1% 0% 0% 0% 1% 1% 1% 2% Net income -1% 2% 4% 4% 3% 1% 0% 0% 1% 2% 4% 5% EBITDA calculation Operating income 0% 2% 6% 6% 4% 1% 0% -1% 2% 3% 5% 6% Plus: Depreciation 10% 10% 7% 6% 6% 5% 5% 5% 4% 3% 3% 3% Plus: Stock based comp. 1% 1% 1% 0% 0% 0% 0% 0% 1% 1% 1% 1% Plus: Non-recurring items 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Adjusted EBITDA 10% 12% 14% 13% 10% 7% 5% 4% 6% 7% 9% 10% 19 Confidential

III. Balance Sheets 19 Confidential Balance Sheets For the year ending December 31 2019 2020 2021 2022 2023 2024 7/31/25 (in thousands) Assets Cash 9,919 10,272 10,013 7,759 8,620 20,957 20,294 Accounts receivable 3,370 2,975 3,202 3,411 2,882 3,085 3,708 Inventory 97,620 74,296 97,175 120,952 93,679 86,267 85,417 Income tax receivable 3,090 8,116 6,923 3,859 129 850 1,543 Other current assets 8,180 8,995 9,769 10,422 9,248 8,663 7,744 Total current assets 122,179 104,654 127,082 146,403 114,558 119,822 118,706 Property, plant and equip, net 130,461 99,035 82,285 71,095 64,317 59,733 58,511 Right of use asset 137,737 132,374 123,101 118,501 129,092 132,861 130,006 Deferred tax assets 7,196 5,341 6,953 6,536 5,256 4,890 4,553 Other assets 2,241 1,286 1,337 3,287 3,449 2,297 1,803 Net fixed assets 277,635 238,036 213,676 199,419 202,114 199,781 194,874 Total assets 399,814 342,690 340,758 345,822 316,672 319,603 313,580 Liabilities & equity Accounts payable 18,181 15,382 30,884 23,506 23,345 23,808 19,383 Income tax payable 87 93 390 3 1,135 62 (13) Current portion of lease liability 26,993 27,223 28,190 27,866 27,265 28,880 29,792 Other accrued liabilities 24,589 34,106 38,248 31,916 27,000 25,644 27,054 Total current liabilities 69,850 76,804 97,712 83,291 78,745 78,394 76,217 Long-term debt, net 63,000 - 5,000 45,400 - - - Long-term lease liability, net 131,451 122,678 110,262 103,353 112,697 113,700 109,450 Other long-term liabilities 4,614 4,146 5,560 5,009 5,543 4,597 5,067 Total long-term liabilities 199,065 126,824 120,822 153,762 118,240 118,297 114,517 Total liabilities 268,915 203,628 218,534 237,053 196,985 196,691 190,733 Owners' equity 130,899 139,062 122,224 108,769 119,687 122,912 122,847 Total liabilities & equity 399,814 342,690 340,758 345,822 316,672 319,603 313,580

III. Balance Sheets: Common Size 19 Confidential Balance Sheets For the year ending December 31 2019 2020 2021 2022 2023 2024 7/31/25 (Common size) Assets Cash 2% 3% 3% 2% 3% 7% 6% Accounts receivable 1% 1% 1% 1% 1% 1% 1% Inventory 24% 22% 29% 35% 30% 27% 27% Income tax receivable 1% 2% 2% 1% 0% 0% 0% Other current assets 2% 3% 3% 3% 3% 3% 2% Total current assets 31% 31% 37% 42% 36% 37% 38% Property, plant and equip, net 33% 29% 24% 21% 20% 19% 19% Right of use asset 34% 39% 36% 34% 41% 42% 41% Deferred tax assets 2% 2% 2% 2% 2% 2% 1% Other assets 1% 0% 0% 1% 1% 1% 1% Net fixed assets 69% 69% 63% 58% 64% 63% 62% Total assets 100% 100% 100% 100% 100% 100% 100% Liabilities & equity Accounts payable 5% 4% 9% 7% 7% 7% 6% Income tax payable 0% 0% 0% 0% 0% 0% 0% Current portion of lease liability 7% 8% 8% 8% 9% 9% 10% Other accrued liabilities 6% 10% 11% 9% 9% 8% 9% Total current liabilities 17% 22% 29% 24% 25% 25% 24% Long-term debt, net 16% 0% 1% 13% 0% 0% 0% Long-term lease liability, net 33% 36% 32% 30% 36% 36% 35% Other long-term liabilities 1% 1% 2% 1% 2% 1% 2% Total long-term liabilities 50% 37% 35% 44% 37% 37% 37% Total liabilities 67% 59% 64% 69% 62% 62% 61% Owners' equity 33% 41% 36% 31% 38% 38% 39% Total liabilities & equity 100% 100% 100% 100% 100% 100% 100%

23 IV. Other Analyses

IV. Public Company Sector Evaluation 24 Confidential Few public Home Improvement Retail companies exist, thus adjacent sectors were evaluated. Furniture Retail were selected as a relevant proxy. Company selection criterion included: Market capitalization greater than $200 million; primarily retail; primarily brick and mortar; forward revenue and ebitda estimates available; and excludes troubled companies. Highlighted metrics represent the sector metric closest to the Company. Source: Public filings, press releases, TagniFi, Capital IQ. Enterprise Value ($M) LTM Margins Gross EBITDA Margin Margin Net Income Margin CapEx/ Revenue Historic Revenue Growth 1yr 5yr CAGR '23-24 '19-24 Historic EBITDA Growth 1yr 5yr CAGR '23-24 '19-24 Projected Revenue Growth 1yr 3yr CAGR '24-25 '24-27 Projected EBITDA Growth 1yr 3yr CAGR '24-25 '24-27 Project Home $250 +/- 65.0% 4.9% -0.2% 4.4% -8.0% 2.0% -41.7% -34.7% -1.0% 3.1% -31.8% 8.0% Home Improvements $170,200,600 33.5% 14.8% 8.2% 2.5% 0.9% 4.8% -6.6% 5.0% 3.0% 3.9% -0.3% 4.0% Furniture $4,241,167 45.4% 13.7% 6.9% 4.9% -0.9% 3.0% -11.9% 2.7% 4.1% 7.1% -2.0% 4.2% Building Materials $5,783,612 38.8% 23.5% 9.9% 5.6% 0.8% 7.5% -3.5% 10.2% 6.7% 8.5% 13.4% 19.4% Home Improvements + Furniture $8,007,228 43.7% 15.1% 8.2% 3.3% -0.5% 3.3% -6.5% 5.5% 3.0% 5.5% -2.4% 3.3%

IV. Premiums Paid Analysis 24 Confidential Source: TagniFi, public filings and press releases. Selection criterion: Retail transactions in the last 10 years; market capitalization greater than $200 million; excludes transactions with premiums in excess of 100%. This analysis is for reference only. Date Offer Price Control Premium (Discount) to Pre-Announcement Share Price at: Target Acquirer Closed Per Share 1-Day 1-Week 1-Month 2-Month 3-Month 6-Month 1-Year Ann Inc. Ascena Retail Group, Inc. 2015-08-21 47.00 21.4% 20.5% 23.3% 12.8% 31.4% 26.1% 17.2% Belk Inc Sycamore Partners 2015-12-10 68.00 0.0% 0.0% 0.0% 7.3% 2.9% 33.1% 14.6% Cabelas Inc. Bass Pro Shops 2017-09-26 65.50 19.2% 25.4% 33.3% 28.8% 28.8% 34.0% 48.4% Staples Inc Sycamore Partners 2017-09-12 10.25 11.9% 18.4% 15.7% 6.3% 18.9% 15.8% 28.1% West Marine Inc Monomoy Capital Partners 2019-05-17 12.97 33.7% 34.8% 33.0% 18.9% 36.5% 24.1% 55.5% Finish Line Inc. JD Sports Fashion PLC 2018-06-18 13.50 28.0% 31.5% 31.3% 8.3% -2.3% 32.6% 9.7% Smart & Final Stores, Inc. Apollo Global Management, Inc. 2019-06-20 6.50 18.6% 23.3% 29.2% -1.4% -0.8% 22.9% 26.2% Barnes & Noble Inc. Elliott Management Corporation 2019-08-07 6.50 9.1% 48.1% 26.5% 22.0% 22.2% -2.4% 15.0% Tiffany & Co LVMH Moet Hennessy Louis Vuitton S.E 2021-01-07 135.00 7.6% 7.9% 37.0% 48.6% 63.3% 44.2% 31.9% Michaels Companies, Inc. Apollo Global Management, Inc. 2021-04-15 22.00 22.1% 48.0% 43.5% 69.1% 78.4% 95.9% 468.5% At Home Group Inc. Hellman & Friedman 2021-07-23 37.00 3.6% 0.7% -1.9% 23.2% 23.4% 131.5% 389.4% Chico'S Fas, Inc. Sycamore Partners 2024-01-05 7.60 64.9% 66.3% 46.7% 27.5% 42.1% 40.7% 53.8% Hibbett Inc. JD Sports Fashion PLC 2024-07-25 87.50 20.7% 23.6% 20.8% 14.1% 32.7% 86.5% 55.1% Nordstrom Inc. El Puerto de Liverpool, S.A.B. de C.V. 2025-05-20 24.25 6.3% 11.0% 15.5% 12.1% 15.2% 42.1% 65.2% Low 0.0% 0.0% -1.9% -1.4% -2.3% -2.4% 9.7% 25th Percentile 7.2% 10.3% 15.6% 8.1% 12.1% 23.8% 16.7% Mean 19.1% 25.7% 25.3% 21.3% 28.1% 44.8% 91.3% Median 18.9% 23.5% 27.8% 16.5% 26.1% 33.6% 40.2% 75th Percentile 23.6% 38.1% 34.3% 27.8% 37.9% 54.7% 57.9% High 64.9% 66.3% 46.7% 69.1% 78.4% 131.5% 468.5%

-8.0% Company -4.9% -3.1% -1.3% -0.5% 0.9% 4.5% 5.0% ETD LOW ARHS WSM FND HD RH -1.0% Company 26 Confidential 0.1% 1.6% 1.8% 3.0% 5.5% 6.5% 9.8% ETD LOW WSM HD FND ARHS RH IV. Peer Benchmarking Revenue Growth (2023-2024) Revenue Growth (2024-2025) (a) The quality of the Company’s performance and financials is lower than its public company peers in size, profitability, and growth. The Company performed last in each of the benchmarking categories other than capital expenditures. Company historic revenue growth is significantly less than all peers. The Company LTM EBITDA margins were 4.9% approximately 65% lower than the peer median of 14%. Company 3Yr Revenue CAGR of 3.1% is 19% lower than the peer median of 3.9%. These factors were considered in determining the selected multiples in the Public Companies Analysis. Sufficient data was not available to quantify performance differences in the Precedent Transaction Analysis.

3.1% 2.9% 3.6% 3.9% 7.1% 8.1% 9.8% Company WSM LOW HD ARHS FND RH ETD 4.9% 26 Confidential 10.7% 11.6% 12.9% 15.1% 17.9% 15.8% 22.8% Company ARHS FND ETD LOW RH HD WSM IV. Peer Benchmarking Revenue Growth (2024-2027p CAGR) EBITDA Margin (TTM) NA

1.8% 26 Confidential 2.1% 2.3% 2.8% 4.4% 6.9% 8.0% 9.7% ETD HD LOW WSM Company RH ARHS FND IV. Peer Benchmarking Capital Expenditures to Revenue (TTM)