Gibraltar Industries (ROCK) CJS Securities 25th Annual “New Ideas for the New Year” Investor Conference summary

Business segment updates

• Residential segment remained stable in 2024, with most activity in repair rather than remodel; market expected to stay slow in early 2025 but pick up later in the year.

• Renewables saw rapid adoption of new tracker technology, with operational challenges now largely resolved; double-digit margins targeted for 2025.

• Agtech bookings and backlog are strong, with large projects expected to drive significant growth in 2025.

• Infrastructure business benefits from robust project design backlog and new fiber optic installation technology.

Strategic initiatives and market outlook

• Focus remains on increasing market participation, especially in residential, through organic expansion and targeted M&A in key MSAs.

• Renewables plan built around multiple regulatory scenarios, with less anticipated disruption from new administration or further DOC investigations.

• Agtech and residential M&A opportunities are increasing, with a pipeline of deals ranging from $5M to $120M EBITDA expected over the next 12-24 months.

• Supply chain improvements and internal distribution centers are enhancing efficiency, especially for tracker products.

Regulatory and policy environment

• No major short-term regulatory changes expected in residential; market driven by interest rates and economic health.

• Renewables sector awaits final DOC/USITC determinations in April, with customers in a wait-and-see mode until then.

• Administration likely to focus on energy costs and inflation, with potential for more domestic content requirements benefiting local suppliers.

• Clarity and stability in policy are key needs for customers; less regulatory volatility anticipated in 2025.