QXO (QXO) Investor update summary

CKX investment

• Jacobs Private Equity plans to invest $900m in CKX, with $100m from co-investors led by HRTG Partners; Jacobs expects to become majority owner, Chairman and CEO while retaining his current leadership roles.

• CKX is planned as a standalone public growth platform under a new name, with its future industry yet to be determined.

• CKX stockholders are expected to receive a $20.8m aggregate cash payment while retaining existing business value and participation in potential future upside; closing is expected in early 2027, subject to stockholder approval and other conditions.

Q3 performance

• Preliminary 3Q26 net sales were $4.895bn, up 79% YoY; Adjusted EBITDA was $557m, up 85%, with an 11.4% margin. September finished stronger than expected.

• GAAP net loss was $123m versus $139m in 3Q25; GAAP net margin was (2.5)% versus (5.1)%.

• 3Q26 includes Kodiak from April 1 and TopBuild from July 1, 2026; neither acquisition was included in 3Q25 results.

• Results are preliminary and unaudited, subject to management review; full 3Q26 results are expected November 12, 2026.

Commercial progress and growth levers

• Organic revenue per day trends improved for a second consecutive quarter; pricing rose 2.2% YoY, with positive pricing in nine of 11 areas.

• October daily sales rose 5.4% YoY overall and 9.1% in roofing and waterproofing; Q3 roofing and waterproofing gross margin improved YoY despite a soft external environment.

• Roofing and waterproofing on-time delivery improved 650 bps, key-product out-of-stocks fell more than 25%, invoice accuracy rose from the low 90s to the high 90s, and customer meetings increased 57% from July to early November.

• Higher-margin complementary product sales in roofing and waterproofing rose 4.2% to $607m in Q3; TRI-BUILT reached 10.6% of segment sales, with trailing 12-month sales of $943m and a target above $2bn within three years.

• Priorities include cross-selling across 194,000 customers, reactivating dormant accounts, expanding private label, data-driven pricing, procurement savings, inventory availability and improving underperforming branches.