LOWE'S REPORTS FIRST QUARTER 2025 SALES AND EARNINGS RESULTS

— Comparable Sales Decreased 1.7%; Diluted EPS of $2.92 —— Affirms Full Year 2025 Outlook — , /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $1.6 billion and diluted earnings per share (EPS) of $2.92 for the quarter ended May 2, 2025, compared to diluted EPS of $3.06 in the first quarter of 2024. Total sales for the quarter were $20.9 billion, compared to $21.4 billion in the prior-year quarter. Comparable sales for the quarter decreased 1.7% as unfavorable weather earlier in the quarter was partially offset by mid-single-digit Pro and online comparable sales growth. "Despite near-term uncertainty and housing market headwinds, our team's unwavering focus on exceptional customer service has elevated satisfaction scores and earned Lowe's the #1 ranking in Customer Satisfaction among Home Improvement Retailers* by J.D. Power," said Marvin R. Ellison, Lowe's chairman, president and CEO. "Strategic investments in technology, inviting store environments, and our dedicated associates continue to solidify our commitment to serving our customers and communities. I'd like to extend my appreciation to our front-line associates for the dedication and hard work especially during the busy spring season." As of May 2, 2025, Lowe's operated 1,750 stores representing 195.3 million square feet of retail selling space. Capital AllocationThe company remains committed to generating sustainable shareholder value through a disciplined capital program, as reflected in a dividend payment this quarter of $645 million. The company is affirming its outlook for full year 2025. Full Year 2025 Outlook Total sales of $83.5 to $84.5 billion Comparable sales expected to be flat to up +1% as compared to prior year Operating income as a percentage of sales (operating margin) of 12.3% to 12.4% Net interest expense of approximately $1.3 billion Depreciation and Amortization expense of approximately $1.8 billion Effective income tax rate of approximately 24.5% Diluted earnings per share of approximately $12.15 to $12.40 Capital expenditures of approximately $2.5 billion A conference call to discuss first quarter 2025 operating results is scheduled for today, Wednesday, May 21, at 9 a.m. ET. The conference call will be available by webcast and can be accessed by visiting Lowe's website at ir.lowes.com and clicking on Lowe's First Quarter 2025 Earnings Conference Call Webcast. Supplemental slides will be available approximately 15 minutes prior to the start of the conference call. A replay of the call will be archived at ir.lowes.com. Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 16 million customer transactions a week in the United States. With total fiscal year 2024 sales of more than $83 billion, Lowe's operates over 1,700 home improvement stores and employs approximately 300,000 associates. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing, improving community spaces, helping to develop the next generation of skilled trade experts and providing disaster relief to communities in need. For more information, visit Lowes.com. Disclosure Regarding Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as "believe", "expect", "anticipate", "plan", "desire", "project", "estimate", "intend", "will", "should", "could", "would", "may", "strategy", "potential", "opportunity", "outlook", "scenario", "guidance", and similar expressions are forward-looking statements. Forward-looking statements involve, among other things, expectations, projections, and assumptions about future financial and operating results, objectives (including objectives related to environmental and social matters), business outlook, priorities, sales growth, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for products and services including customer acceptance of new offerings and initiatives, macroeconomic conditions and consumer spending, share repurchases, and Lowe's strategic initiatives, including those relating to acquisitions and dispositions and the impact of such transactions on our strategic and operational plans and financial results. Such statements involve risks and uncertainties, and we can give no assurance that they will prove to be correct. Actual results may differ materially from those expressed or implied in such statements. A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, the occurrence of any event or other circumstance that could give rise to the right of one or both of the parties to terminate the merger agreement between Lowe's and ADG, the failure to obtain the requisite approvals or to satisfy the other conditions to the proposed merger on a timely basis or at all, the possibility that the anticipated benefits and synergies of the merger are not realized when expected, or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of changes in general economic conditions, such as volatility and/or lack of liquidity from time to time in U.S. and world financial markets and the consequent reduced availability and/or higher cost of borrowing to Lowe's and its customers, slower rates of growth in real disposable personal income that could affect the rate of growth in consumer spending, inflation and its impacts on discretionary spending and on our costs, shortages, and other disruptions in the labor supply, interest rate and currency fluctuations, home price appreciation or decreasing housing turnover, age of housing stock, the availability of consumer credit and of mortgage financing, trade policy changes or additional tariffs, outbreaks of pandemics, fluctuations in fuel and energy costs, inflation or deflation of commodity prices, natural disasters, geopolitical or armed conflicts, acts of both domestic and international terrorism, and other factors that can negatively affect our customers. Investors and others should carefully consider the foregoing factors and other uncertainties, risks and potential events including, but not limited to, those described in "Item 1A - Risk Factors" in our most recent Annual Report on Form 10-K and as may be updated from time to time in Item 1A in our quarterly reports on Form 10-Q or other subsequent filings with the SEC. All such forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update these statements other than as required by law. LOW-IR * Lowe's received the highest score in the J.D. Power 2025 U.S. Home Improvement Retailer Satisfaction Study of customers' satisfaction with major home improvement retailers. Visit jdpower.com/awards for more details. Lowe's Companies, Inc. Consolidated Statements of Current Earnings and Accumulated Deficit (Unaudited) In Millions, Except Per Share and Percentage Data Three Months Ended May 2, 2025 May 3, 2024 Current Earnings Amount % Sales Amount % Sales Net sales $ 20,930 100.00 $ 21,364 100.00 Cost of sales 13,944 66.62 14,274 66.81 Gross margin 6,986 33.38 7,090 33.19 Expenses: Selling, general and administrative 4,046 19.33 4,009 18.77 Depreciation and amortization 446 2.13 428 2.00 Operating income 2,494 11.92 2,653 12.42 Interest – net 337 1.61 352 1.65 Pre-tax earnings 2,157 10.31 2,301 10.77 Income tax provision 516 2.47 546 2.56 Net earnings $ 1,641 7.84 $ 1,755 8.21 Weighted average common shares outstanding – basic 559 571 Basic earnings per common share (1) $ 2.93 $ 3.06 Weighted average common shares outstanding – diluted 560 572 Diluted earnings per common share (1) $ 2.92 $ 3.06 Cash dividends per share $ 1.15 $ 1.10 Accumulated Deficit Balance at beginning of period $ (14,799) $ (15,637) Net earnings 1,641 1,755 Cash dividends declared (645) (629) Share repurchases (30) (677) Balance at end of period $ (13,833) $ (15,188) (1) Under the two-class method, earnings per share is calculated using net earnings allocable to common shares, which is derived by reducing net earnings by the earnings allocable to participating securities. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were $1,636 million for the three months ended May 2, 2025, and $1,750 million for the three months ended May 3, 2024. Lowe's Companies, Inc. Consolidated Statements of Comprehensive Income (Unaudited) In Millions, Except Percentage Data Three Months Ended May 2, 2025 May 3, 2024 Amount % Sales Amount % Sales Net earnings $ 1,641 7.84 $ 1,755 8.21 Cash flow hedges – net of tax (3) (0.01) (3) (0.02) Other — — (1) — Other comprehensive loss (3) (0.01) (4) (0.02) Comprehensive income $ 1,638 7.83 $ 1,751 8.19 Lowe's Companies, Inc. Consolidated Balance Sheets (Unaudited) In Millions, Except Par Value Data May 2, 2025 May 3, 2024 Assets Current assets: Cash and cash equivalents $ 3,054 $ 3,237 Short-term investments 368 264 Merchandise inventory – net 18,335 18,224 Other current assets 918 1,025 Total current assets 22,675 22,750 Property, less accumulated depreciation 17,636 17,531 Operating lease right-of-use assets 3,799 3,829 Long-term investments 300 306 Deferred income taxes – net 118 115 Other assets 844 834 Total assets $ 45,372 $ 45,365 Liabilities and shareholders' deficit Current liabilities: Current maturities of long-term debt 4,183 1,294 Current operating lease liabilities 562 552 Accounts payable 11,235 11,737 Accrued compensation and employee benefits 853 870 Deferred revenue 1,500 1,409 Other current liabilities 4,055 3,644 Total current liabilities 22,388 19,506 Long-term debt, excluding current maturities 30,541 34,622 Noncurrent operating lease liabilities 3,669 3,759 Deferred revenue – Lowe's protection plans 1,266 1,225 Other liabilities 762 859 Total liabilities 58,626 59,971 Shareholders' deficit: Preferred stock, $5 par value: Authorized – 5.0 million shares; Issued and outstanding – none — — Common stock, $0.50 par value: Authorized – 5.6 billion shares; Issued and outstanding – 560 million and 572 million, respectively 280 286 Accumulated deficit (13,833) (15,188) Accumulated other comprehensive income 286 296 Total shareholders' deficit (13,254) (14,606) Total liabilities and shareholders' deficit $ 45,372 $ 45,365 Lowe's Companies, Inc. Consolidated Statements of Cash Flows (Unaudited) In Millions Three Months Ended May 2, 2025 May 3, 2024 Cash flows from operating activities: Net earnings $ 1,641 $ 1,755 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 507 486 Noncash lease expense 131 131 Deferred income taxes 126 135 (Gain)/loss on property and other assets – net 20 (7) Share-based payment expense 58 55 Changes in operating assets and liabilities: Merchandise inventory – net (926) (1,330) Other operating assets (106) (86) Accounts payable 1,945 3,033 Other operating liabilities (17) 90 Net cash provided by operating activities 3,379 4,262 Cash flows from investing activities: Purchases of investments (391) (277) Proceeds from sale/maturity of investments 375 266 Capital expenditures (518) (382) Proceeds from sale of property and other long-term assets 2 15 Other – net (1) — Net cash used in investing activities (533) (378) Cash flows from financing activities: Repayment of debt (778) (22) Proceeds from issuance of common stock under share-based payment plans 2 15 Cash dividend payments (645) (633) Repurchases of common stock (112) (923) Other – net (20) (5) Net cash used in financing activities (1,553) (1,568) Net increase in cash and cash equivalents 1,293 2,316 Cash and cash equivalents, beginning of period 1,761 921 Cash and cash equivalents, end of period $ 3,054 $ 3,237 SOURCE Lowe's Companies, Inc. 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LOWE'S REPORTS FIRST QUARTER 2025 SALES AND EARNINGS RESULTS

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