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Exhibit (c)(ii)

 Project Home Discussion Materials  Independent Transaction Committee  09.11.2025  Confidential – Preliminary Draft – 09.11.25 – Subject to Change 
 
 Disclaimer  3  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  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  Preliminary Analyses  Financial Statements  Other Analyses  3  Confidential – Preliminary Draft – 09.11.25 – Subject to Change 
 
 4  I. Executive Summary 
 
 Confidential – Preliminary Draft – 09.11.25 – Subject to Change  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”).  We understand that the terms and structure of the Transaction have not yet been determined.  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 cashed-out  unaffiliated 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 dated July 16, 2025. 
 
 6  II. Preliminary Analyses 
 
 Public Companies  LTM EBITDA  Implied Price Per Share  $4.88 $5.07  11.7x to 12.2x  2026p EBITDA  10.6x to 11.7x  $5.87 $6.43  Transaction Multiples  LTM EBITDA  12.1x to 12.6x  $5.03 $5.22  Discounted Cash Flow  Sensitivity Range  $4.70 $5.97  Reference  52 Week Range  10-60 VWAP Range  $4.62 $7.75  $6.33 $6.48  II. Preliminary Analyses: Summary  7  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  All values are reference ranges and no weight is assigned to any methodology.  EBITDA values throughout this report are adjusted to exclude stock compensation expense.  Company LTM EBITDA is trailing twelve months ending 7/31/2025.  Fully diluted shares provided by the Company. Diluted shares calculated using the treasury stock method, assuming proceeds from option exercises are used to repurchase shares. 
 
 II. Preliminary Analyses: Summary  7  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  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 as of 7/31/25.  (In thousands, except shares)  Public Companies  LTM EBITDA  Public Companies  2026p EBITDA  Transaction Multiples  LTM EBITDA  Discounted Cash Flow  Sensitivity Range  Metric Utilized  $16,607  $16,607  $22,451  $22,451  $16,607  $16,607  Selected Multiples  11.7x  12.2x  10.6x  11.7x  12.1x  12.6x  Implied Enterprise Value  $194,298  $202,601  $237,977  $262,672  $200,941  $209,244  $186,375  $242,426  Cash  $20,294  $20,294  $20,294  $20,294  $20,294  $20,294  $20,294  $20,294  Debt  $0  $0  $0  $0  $0  $0  $0  $0  Implied Equity Value Range  $214,592  $222,895  $258,271  $282,966  $221,235  $229,538  $206,669  $262,720  Shares Outstanding  44,001  44,001  44,001  44,001  44,001  44,001  44,001  44,001  Implied Equity Value Per Share  $4.88  to  $5.07  $5.87  to  $6.43  $5.03  to  $5.22  $4.70  to  $5.97 
 
 II. Preliminary Analyses: Price Scenarios  (b) Per share values are the average of the method range.  9  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  (a) Price scenarios are hypothetical and for discussion only.  Valuation Methods  Range  Premiums over Valuation Methods  Average  $6.00  $6.25  $6.50  $6.75  $7.00  $7.25  Public Companies LTM EBITDA  $4.97  21%  26%  31%  36%  41%  46%  Public Companies 2026p EBITDA  $6.15  -2%  2%  6%  10%  14%  18%  Transaction Multiples LTM EBITDA  $5.12  17%  22%  27%  32%  37%  42%  Discounted Cash Flow  $5.33  12%  17%  22%  27%  31%  36%  Historic Share Prices  Price  Premiums over Historic Share Prices  $6.00  $6.25  $6.50  $6.75  $7.00  $7.25  Recent Price  $6.21  -3%  1%  5%  9%  13%  17%  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  $6.33  -5%  -1%  3%  7%  11%  15%  30 Day VWAP  $6.32  -5%  -1%  3%  7%  11%  15%  60 Day VWAP  $6.48  -7%  -4%  0%  4%  8%  12%  90 Day WVAP  $6.28  -5%  -1%  3%  7%  11%  15% 
 
 II. Preliminary Analyses: Historic Comparison  (a) Summary values reflect the average of the method range.  10  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  Valuation Methods Price per Share  Company Historic Price per Share 
 
 II. Preliminary Analyses: Historic Comparison  Valuation Methods EV/EBITDA  (a) Summary values reflect the average of the method range.  10  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  Company Historic EV/EBITDA 
 
 II. Preliminary Analyses: Public Companies  (e) 2025p and 2026p are projections for the calendar year ending 12/31/25 and 12/31/26; 3Yr p are projections for the calendar year ending 12/31/27.  12  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  For company selection criterion see IV.Other Analyses: Public Company Evaluation.  Selected multiples include adjustments for performance differences, see IV. Other Analyses: Benchmarking.  Source: Public filings, press releases, Tagnifi, CapitalIQ.  Company LTM represents the last twelve months as of 7/31/25.  Capitalization  Financial Results  Enterprise Value to  (in thousands)  Price  9/10/25  Shares  Market  Cap.  Plus  Net Debt  Enterprise  Value  LTM  Rev.  LTM  EBITDA  2026p  EBITDA  LTM  Revenue  LTM  EBITDA  2026p  EBITDA  Floor & Decor Holdings, Inc.  86.81  108,381  9,408,555  19,548  9,428,103  4,600,232  532,580  588,381  2.0x  17.7x  16.0x  Home Depot, Inc.  415.34  994,000  412,847,960  49,513,000  462,360,960  165,054,000  26,111,000  26,725,118  2.8x  17.7x  17.3x  Lowes Companies Inc.  269.03  560,000  150,656,800  29,467,000  180,123,800  83,612,000  12,585,000  13,115,210  2.2x  14.3x  13.7x  Arhaus, Inc.  11.17  141,127  1,576,387  (181,560)  1,394,827  1,335,951  142,370  158,471  1.0x  9.8x  8.8x  Ethan Allen Interiors Inc.  29.35  25,634  752,358  (136,219)  616,139  614,649  79,381  78,950  1.0x  7.8x  7.8x  RH  232.98  19,913  4,639,385  3,146,617  7,786,002  3,267,745  504,450  817,869  2.4x  15.4x  9.5x  Williams Sonoma Inc.  202.64  124,163  25,160,390  (985,823)  24,174,567  7,829,759  1,784,758  1,698,127  3.1x  13.5x  14.2x  Low  752,358  616,139  614,649  79,381  78,950  1.0x  7.8x  7.8x  High  412,847,960  462,360,960  165,054,000  26,111,000  26,725,118  3.1x  17.7x  17.3x  Mean  86,434,548  97,983,485  38,044,905  5,962,791  6,168,875  2.1x  13.8x  12.5x  Median  9,408,555  9,428,103  4,600,232  532,580  817,869  2.2x  14.3x  13.7x  Selected Low  11.7x  10.6x  Selected High  12.2x  11.7x 
 
 II. Preliminary Analyses: Public Companies  (a) See footnotes on the prior page.  13  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  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%  0%  34%  9.7%  4.1%  Home Depot, Inc.  4.5%  2.9%  3.9%  33%  16%  15%  13%  11%  3%  1.1  2%  0%  27%  194.0%  14.9%  Lowes Companies Inc.  -3.1%  1.6%  3.5%  33%  15%  15%  23%  19%  1%  1.0  2%  0%  38%  -54.4%  15.0%  Arhaus, Inc.  -1.3%  6.4%  7.1%  39%  11%  11%  3%  3%  11%  1.3  8%  0%  23%  20.5%  5.7%  Ethan Allen Interiors Inc.  -4.9%  0.1%  NA  61%  13%  12%  0%  0%  26%  2.0  2%  0%  29%  10.7%  7.0%  RH  5.0%  10.8%  10.0%  45%  15%  22%  69%  41%  11%  1.4  7%  0%  41%  -42.0%  1.9%  Williams Sonoma Inc.  -0.5%  1.5%  3.0%  46%  23%  21%  0%  0%  11%  1.5  3%  0%  20%  50.7%  21.4%  Low  -4.9%  0.1%  3.0%  33%  11%  11%  0%  0%  1%  1.0  2%  0%  20%  -54.4%  1.9%  High  5.0%  10.8%  10.0%  61%  23%  22%  69%  41%  26%  2.0  10%  0%  41%  194.0%  21.4%  Mean  0.1%  4.1%  5.9%  43%  15%  15%  16%  11%  10%  1.4  5%  0%  30%  27.0%  10.0%  Median  -0.5%  2.9%  5.5%  44%  15%  15%  3%  3%  11%  1.3  3%  0%  29%  10.7%  7.0%  Working Capital (WC)  Other Metrics  Returns 
 
 II. Preliminary Analyses: Transaction Multiples  two years with transaction values greater than $200 million where transaction multiples were available.  14  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  (a) No relevant Home Improvement Retail transactions were found, thus the search was expanded to Furniture Retail and Building Materials. Companies were included based on the following: Transactions occurring in the past   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  Pending  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 
 
 II. Preliminary Analyses: Discounted Cash Flow  Projections 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.  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   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   (1,097)  6,333  850  491  4,873  13,493  2,142  (1,916)  9,459  12,596  2,642  (1,765)  14,347  12,208  3,292  (2,038)  19,702  12,754  3,292  (2,238)  19,702  12,754  3,292  (2,238)   (4,581) (12,624) (13,003) (13,393) (13,795) (13,257)  $1,996 $5,968 $9,928 $14,416 $19,714  Stock based compensation Earnings before interest & taxes Cash income taxes  Debt-free earnings after-tax Depreciation & amortization Stock based compensation  Decrease (Inc) in net working capital Capital expenditures  Unlevered free cash flow (future value) Long-term growth rate  Terminal value, undiscounted  $20,252  3.8%  $241,627  Present Value  Interim Cash Flows Terminal Value Enterprise Value Plus Cash  Equity Value  $37,882  $152,338  $190,220  $20,294  $210,514  Equity Value Sensitivity Analysis Long-Term Growth  3.6% 3.8% 4.0%  11.50%  12.00%  12.50%  13.00%  13.50%  232,473  218,866  206,804  196,039  186,375  237,320  223,091  210,514  199,318  189,291  242,426  227,528  214,399  202,743  192,329  Assumptions Discount rate  Long-term growth rate Tax rate  12.50%  3.8%  28.5%  Cost of Capital  (e) The terminal value was calculated using the Constant Growth Formula (Gordon Growth Model). 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 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.  15  Confidential – Preliminary Draft – 09.11.25 – Subject to Change 
 
 II. Preliminary 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.  16  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  Risk free rate: The spot 20-year Treasury Yield as of 8/20/25.  Equity risk premium: Kroll Equity Risk Premium (Supply Side) as of 12/31/24.  Project Home five-year beta.  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 8/29/25.  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  4.86%  Equity risk premium  Multiplied by relevered beta  Plus: Adjusted equity risk premium  6.26%  0.85x  5.32%  Plus: Size premium  2.18%  Plus: Company specific premium   0.00%  Total equity rate  12.36%  Cost of debt capital Pre-tax cost of debt  6.03%  Tax rate   28.50%  After-tax debt rate  4.31%  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)  12.36%  11.56%  Selected (Rounded)  12.50%  11.50% 
 
 17  III. Financial Statements 
 
 III. Income Statement  18  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  (a) Financials 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  18  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  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% 
 
 III. Income Statement: Growth Rates  18  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  Income Statements  Projected  For the year ending December 31  2020  2021  2022  2023  2024  2025  2026  2027  2028  2029   (Growth Rates)   Total revenue  -4%  14.0%  6.5%  -4.4%  -8.0%  -1.0%  5.5%  5.1%  5.5%  5.7%  Total cost of goods sold  -1%  13.6%  15.5%  -1.2%  -11.1%  1.6%  5.7%  4.5%  5.0%  5.0%  Total gross profit  -6%  14.3%  2.3%  -6.1%  -6.2%  -2.4%  5.4%  5.4%  5.8%  6.1%  Total operating expenses  -9%  8.1%  1.6%  -4.0%  -1.1%  0.1%  1.4%  2.7%  3.2%  3.5%  Operating income  NM  NM  9.7%  -28.5%  -78.2%  -157.1%  NM  94.1%  51.7%  37.3%  Interest expense  -51%  -65.0%  140.6%  37.1%  -87.3%  -62.5%  -2.9%  0.0%  0.0%  0.0%  Pretax Income/(loss)  191%  NM  5.4%  -33.5%  -76.8%  -165.1%  NM  95.5%  52.1%  37.5%  Income tax expense  -150%  NM  2.8%  -26.3%  -76.5%  -148.1%  NM  92.1%  50.5%  36.5%  Net income  NM  145.0%  6.3%  -35.9%  -76.9%  -171.8%  NM  96.9%  52.7%  37.9%  EBITDA calculation  Operating income  NM  NM  9.7%  -28.5%  -78.2%  -157.1%  NM  94.1%  51.7%  37.3%  Plus: Depreciation  -5%  -12.6%  -8.2%  -15.6%  -16.3%  -12.1%  -13.6%  -6.6%  -3.1%  4.5%  Plus: Stock based comp.  -15%  1.1%  -19.2%  -24.0%  -3.9%  22.7%  30.4%  23.3%  24.6%  0.0%  Plus: Non-recurring items  NM  NM  NM  NM  NM  NM  -100.0%  NM  NM  NM  Adjusted EBITDA  15%  25.8%  -1.3%  -21.8%  -41.7%  -31.8%  45.6%  26.8%  24.9%  22.6% 
 
 III. Balance Sheets  18  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  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  18  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  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 Evaluation  24  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  Few public Home Improvement retailers exist, thus adjacent sectors were evaluated. Furniture Retailers were selected as the best available proxy. Company selection criterion included: Market capitalization greater than $200 million; primarily retail; primarily brick and mortar; forward revenue and ebitda estimates available; and excludes troubled companies.  Highlighted metrics represent the sector metric closest to Project Home.  Source: Public filings, press releases, TagniFi, Capital IQ.  Enterprise Value ($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  $175,300,400  33.4%  14.8%  8.2%  2.5%  0.9%  4.8%  -6.6%  5.0%  2.9%  3.9%  -0.1%  3.9%  Furniture  $4,492,343  45.1%  13.8%  7.3%  4.8%  -0.9%  3.0%  -17.9%  11.2%  3.4%  4.8%  -5.7%  2.9%  Building Products  $6,864,025  38.8%  23.5%  9.9%  5.6%  0.8%  7.5%  -3.5%  10.2%  6.7%  8.1%  13.4%  17.7%  Home Improvements  + Furniture  $9,428,103  43.7%  15.1%  8.2%  3.3%  -0.5%  3.3%  -6.5%  5.5%  2.9%  5.5%  -2.3%  3.2% 
 
 IV. Premiums Paid Analysis  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.  Target  Acquirer  Date Closed  Offer Price Per Share   Control Premium (Discount) to Pre-Announcement Share Price at: 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.  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%  24  Confidential – Preliminary Draft – 09.11.25 – Subject to Change 
 
 IV. Benchmarking  -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 – Preliminary Draft – 09.11.25 – Subject to Change  0.1%  1.6%  1.5%  2.9%  5.5%  6.4%  10.8%  ETD  LOW  WSM  HD  FND  ARHS  RH  Revenue Growth (2023-2024)  Revenue Growth (2024-2025)  (a) The Company financial quality is lower than its public company peers in size, profitability, and growth. The Company performed last in each of the benchmarking category (other than capital expenditures). Company LTM EBITDA margins were 4.9% approximately 67% lower than the peer median of 15%. Company 3Yr Revenue CAGR of 3.1% is 44% lower than the peer median of 5.5%. Based on these factors a 15% discount was applied to the multiples to arrive at the selected multiples in the Public Companies Analysis. Sufficient data was not available to quantify performance differences in the Transaction Multiples Analysis. 
 
 IV. Benchmarking  3.1%  3.0%  3.5%  3.9%  7.1%  8.1%  10.0%  Company  WSM  LOW  HD  ARHS  FND  RH  ETD  4.9%  26  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  10.7%  11.6%  12.9%  15.1%  15.4%  15.8%  22.8%  Company  ARHS  FND  ETD  LOW  RH  HD  WSM  Revenue Growth (2024-2027p CAGR)  EBITDA Margin (TTM)  NA 
 
 IV. Benchmarking  1.8%  26  Confidential – Preliminary Draft – 09.11.25 – Subject to Change  2.1%  2.3%  2.8%  4.4%  7.1%  8.0%  9.7%  ETD  HD  LOW  WSM  Company  RH  ARHS  FND  Capital Expenditures to Revenue (TTM)