TopBuild (BLD) Investor Day 2025 summary

Strategic vision and growth priorities

• Pursuing a best-in-class industrial compounder model with a disciplined, performance-driven strategy focused on core competencies, operational excellence, and profitable growth through organic initiatives and M&A, targeting both core and new markets.

• Expanded total addressable market from $16B in 2022 to over $90B in 2025, with deliberate moves into non-cyclical, non-discretionary revenue streams and new adjacencies like commercial roofing.

• Completed 24 acquisitions since 2022, totaling 49 in eight years, adding $1.5B+ in revenue and expanding TAM by 6x, with a strong focus on integrating owner-operators and maintaining local empowerment culture.

• Differentiated business model leverages technology, operational excellence, and a people-first culture to drive shareholder returns, supported by a leadership team with over 250 years of industry experience.

• Clear playbook for value creation: attract and retain top talent, foster culture, drive operational excellence, and expand market presence.

Operational excellence and technology

• Systematic approach to operational excellence, with monthly reviews of 450+ branches, real-time data tracking, and special ops teams to uplift underperformers.

• Connected Technology Platform enables real-time measurement, data-driven decision-making, and seamless integration of acquisitions, optimizing scheduling, labor, and material usage.

• Investments in digital transformation, including AI-driven digital twin, e-commerce, CRM tools, and automation, drive efficiency, customer experience, and sales productivity.

• Centralized Branch Support Center streamlines back-office functions, enforces controls, and supports local empowerment, enabling branches to focus on customer-facing activities.

• Safety culture and best practices have significantly reduced incident rates, well below industry averages.

Segment performance and growth platforms

• Installation Services – Insulation: $3.1B in proforma TTM sales, 22% EBITDA margin, with a focus on best practices, local relationships, and operational excellence.

• Installation Services – Commercial Roofing: $432M in proforma TTM sales, 19% EBITDA margin, expanding through greenfields and M&A, with 70% of revenue from re-roofing and maintenance.

• Specialty Distribution: $3.1B in proforma TTM sales, 16% EBITDA margin, unmatched geographic reach, and $35M-$40M in targeted synergies from SPI acquisition over two years.

• Each segment leverages cross-selling, digital initiatives, and operational synergies to drive profitable growth.

• Commercial roofing identified as a major new platform, leveraging synergies with insulation and supplier relationships, targeting highly fragmented markets for further M&A-driven growth.