PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for TopBuild Corp. as of June 30, 2025, including balance sheets, statements of operations, comprehensive income, cash flows, and changes in equity, along with detailed accounting policy notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Total Assets increased to $5.12 billion from $4.74 billion at year-end 2024, primarily driven by a significant rise in cash and cash equivalents to $842.5 million and an increase in long-term debt to $1.83 billion, while total equity slightly decreased to $2.14 billion Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $842,493 | $400,318 | | Goodwill | $2,125,827 | $2,112,259 | | Total assets | $5,119,818 | $4,735,426 | | **Liabilities & Equity** | | | | Long-term debt | $1,833,213 | $1,327,159 | | Total liabilities | $2,975,820 | $2,525,808 | | Total equity | $2,143,998 | $2,209,618 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the second quarter of 2025, net sales decreased to $1.30 billion from $1.37 billion year-over-year, while net income remained flat at $151.6 million; for the six-month period, net sales fell to $2.53 billion from $2.64 billion, and net income decreased to $275.0 million from $303.1 million in the prior year Q2 Financial Performance (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net sales | $1,297,403 | $1,365,612 | | Gross profit | $394,043 | $423,922 | | Operating profit | $219,789 | $210,392 | | Net income | $151,602 | $150,723 | | Diluted EPS | $5.32 | $4.78 | Six-Month Financial Performance (in thousands, except per share data) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net sales | $2,530,681 | $2,644,329 | | Gross profit | $745,516 | $811,072 | | Operating profit | $397,277 | $424,900 | | Net income | $274,986 | $303,104 | | Diluted EPS | $9.53 | $9.56 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities increased to $346.3 million from $269.1 million, driven by favorable working capital changes, while investing activities used $45.5 million and financing activities provided $139.1 million, largely due to debt refinancing offsetting significant share repurchases Six-Month Cash Flow Summary (in thousands) | Cash Flow Activity | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $346,279 | $269,128 | | Net cash used in investing activities | ($45,490) | ($121,947) | | Net cash provided by (used in) financing activities | $139,091 | ($531,949) | | **Net increase (decrease) in cash** | **$442,175** | **($385,344)** | - Financing activities in H1 2025 included **$1.0 billion** in proceeds from new long-term debt, offset by **$487.5 million** in debt repayment and **$351.6 million** in common stock repurchases[15](index=15&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies and provide further information on financial statement items, covering revenue recognition, goodwill, debt, segment performance, share-based compensation, share repurchases, business combinations, and subsequent events, including a major acquisition - The company operates in two reportable segments: Installation and Specialty Distribution[19](index=19&type=chunk) - On May 16, 2025, the company amended its Credit Agreement, increasing its term loan facility to **$1.0 billion** and its revolving credit facility to **$1.0 billion**[34](index=34&type=chunk) - Subsequent to the quarter end, on July 14, 2025, the company acquired Progressive, a commercial roofing installer, for approximately **$810.0 million**[101](index=101&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial results for the second quarter and first half of 2025, noting net sales declines due to softer housing demand and lower volumes, partially offset by acquisitions and higher pricing, while operating margins were impacted by lower sales and restructuring costs but benefited from cost-saving measures and the absence of a prior-year acquisition termination fee, maintaining a strong liquidity position and providing an outlook on residential and commercial markets [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q2 2025 net sales fell 5.0% YoY to $1.30 billion, driven by a 7.8% volume decrease, partially offset by a 1.9% contribution from acquisitions and a 0.9% price increase, with operating margin improving to 16.9% from 15.4% due to the absence of a prior-year acquisition termination fee; H1 2025 net sales decreased 4.3% to $2.53 billion, with operating margin slightly declining to 15.7% from 16.1% due to one-time restructuring costs and lower volume Q2 2025 vs Q2 2024 Performance Summary | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Sales | $1,297.4M | $1,365.6M | | Gross Profit Margin | 30.4% | 31.0% | | Operating Profit Margin | 16.9% | 15.4% | - The decline in Q2 net sales was primarily driven by a **7.8% decrease in volume** due to softened housing demand[111](index=111&type=chunk) - Q2 2024 SG&A included a **$23.0 million** fee to terminate a previous acquisition agreement, which favorably impacted the YoY comparison for operating margin in Q2 2025[113](index=113&type=chunk) [Business Segment Results](index=27&type=section&id=Business%20Segment%20Results) In Q2 2025, the Installation segment's sales decreased 8.3% to $780.7 million due to a 10.5% volume decline, with operating margin stable at 19.9%, while the Specialty Distribution segment's sales grew 1.1% to $599.2 million, driven by acquisitions and pricing, but its operating margin fell to 14.6% from 15.1% due to price pressures on residential products Q2 2025 Segment Performance | Segment | Net Sales (in millions) | % Change YoY | Operating Margin | | :--- | :--- | :--- | :--- | | Installation | $780.7 | (8.3)% | 19.9% | | Specialty Distribution | $599.2 | 1.1% | 14.6% | [Cash Flows and Liquidity](index=30&type=section&id=Cash%20Flows%20and%20Liquidity) The company's liquidity position strengthened significantly, with total liquidity reaching $1.78 billion as of June 30, 2025, up from $836.5 million at year-end 2024, driven by increased cash from operations and an expanded revolving credit facility, with cash and cash equivalents standing at $842.5 million Liquidity Summary (in thousands) | Component | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $842,493 | $400,318 | | Availability under Revolving facility | $938,802 | $436,230 | | **Total liquidity** | **$1,781,295** | **$836,548** | - Net cash from operating activities increased by **$77.2 million** in H1 2025 compared to H1 2024, mainly due to favorable changes in working capital[138](index=138&type=chunk) [Outlook](index=31&type=section&id=Outlook) Management notes uneven demand for single-family homes and a slowdown in multi-family activity due to near-term uncertainty but remains optimistic about long-term fundamentals, while the commercial and industrial outlook is positive, supported by a strong backlog, active bidding, and the recent acquisition of Progressive - Residential: Demand for single-family homes is uneven, and multi-family activity has slowed. Long-term fundamentals remain positive due to prior underbuilding[145](index=145&type=chunk) - Commercial/Industrial: The outlook is positive, supported by a strong backlog, active bidding, and the acquisition of Progressive[146](index=146&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate risk on its variable-rate debt, which includes a $1.0 billion Term Loan, with a hypothetical 100-basis point (1%) increase in interest rates resulting in a $9.8 million increase in annualized interest expense based on outstanding borrowings at June 30, 2025 - The company has a **$1.0 billion** Term Loan with a variable interest rate, exposing it to market risk from rate fluctuations[156](index=156&type=chunk) - A **100-basis point** increase in interest rates would increase annualized interest expense by an estimated **$9.8 million** based on outstanding borrowings at June 30, 2025[157](index=157&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on an evaluation as of June 30, 2025, the company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective, with no material changes to the company's internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective as of June 30, 2025[158](index=158&type=chunk) - No material changes were made to the company's internal control over financial reporting during the second quarter of 2025[159](index=159&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various claims and litigation in the ordinary course of business but does not believe the ultimate outcome of these matters will have a material adverse effect - The company is involved in routine litigation incidental to its business, which is not expected to have a material adverse impact[97](index=97&type=chunk)[161](index=161&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to risk factors were reported since the last Annual Report[162](index=162&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the second quarter of 2025, the company repurchased 454,802 shares of its common stock at an average price of $299.01 per share, with approximately $836.4 million remaining available for future repurchases under the authorized program as of June 30, 2025 Share Repurchases for Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 123,690 | $300.79 | | May 2025 | 80,970 | $281.55 | | June 2025 | 250,142 | $303.79 | | **Total Q2** | **454,802** | **$299.01** | - As of June 30, 2025, **$836.4 million** remained authorized for share repurchases[81](index=81&type=chunk)[163](index=163&type=chunk) [Other Information](index=34&type=section&id=Item%205.%20Other%20Information) On May 21, 2025, Alec Covington, a director of the company, adopted a Rule 10b5-1 trading arrangement for the potential sale of up to 3,500 shares of common stock, with an expiration date of July 24, 2026 - A director, Alec Covington, adopted a Rule 10b5-1 trading plan on May 21, 2025, for the sale of up to **3,500 shares**[167](index=167&type=chunk)

Core Insights - TopBuild reported $1.3 billion in revenue for the quarter ended June 2025, reflecting a year-over-year decline of 5% [1] - The EPS for the same period was $5.31, down from $5.42 a year ago, but exceeded the consensus estimate of $5.07 by 4.73% [1] - The revenue surpassed the Zacks Consensus Estimate of $1.29 billion by 0.21% [1] Financial Performance Metrics - Net Sales in Specialty Distribution reached $599 million, exceeding the average estimate of $589.99 million, with a year-over-year increase of 1% [4] - Net Sales in Installation amounted to $781 million, slightly above the estimated $774.74 million, but showed a decline of 8.2% compared to the previous year [4] - Intercompany eliminations reported a figure of $-82.46 million, worse than the average estimate of $-73.93 million, but improved by 5.5% year-over-year [4] Operating Profit Analysis - Operating profit for Installation was reported at $155.44 million, surpassing the average estimate of $145.26 million [4] - Operating profit for Specialty Distribution was $87.48 million, slightly above the average estimate of $86.58 million [4] - General corporate expense netted $-9.5 million, better than the estimated $-14.6 million [4] Stock Performance - TopBuild shares have returned +12.7% over the past month, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Total sales in the second quarter declined by 5% to $1.3 billion, with volume down 7.8%, partially offset by M&A growth of 1.9% and pricing of 0.9% [14][15] - Adjusted EBITDA margin for the second quarter was 20.1%, reflecting a sequential improvement of 110 basis points from the first quarter [17] - Adjusted earnings per diluted share were $5.31, compared to $5.42 in the previous year [18] Business Line Data and Key Metrics Changes - Installation segment sales totaled $780.7 million, down 8.3%, driven by a 10.5% volume decline, partially offset by acquisitions of 1.4% and pricing of 0.9% [15] - Specialty distribution sales improved by 1.1% to $599.2 million, with acquisitions contributing 2.3% and pricing adding 0.8%, despite a 2.1% decline in volume [15][16] Market Data and Key Metrics Changes - Weakness in residential new construction was noted, with single-family demand sliding further year-over-year [7] - Heavy commercial and industrial sectors showed growth, particularly in technology, education, and healthcare [7][14] Company Strategy and Development Direction - The acquisition of Progressive Roofing was completed, establishing a new growth platform in the $75 billion commercial roofing services market [4][8] - The company aims to diversify its business, with commercial and industrial sales now accounting for approximately 40% of total sales, up from 15% in 2015 [11] - The total addressable market for insulation and commercial roofing is nearly $95 billion, indicating significant growth opportunities [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying fundamentals of the business, emphasizing a flexible and diversified business model [24] - The company anticipates continued challenges in the residential market, projecting low double-digit declines in residential sales for the year [21] - The guidance for full-year sales is expected to be between $5.15 billion and $5.35 billion, with M&A expected to add approximately $300 million to sales [21][22] Other Important Information - The company repurchased approximately 455,000 shares, returning $136 million in capital to shareholders [9][20] - Total liquidity at the end of the quarter was $1.8 billion, with total debt at $2.4 billion [18][19] Q&A Session Summary Question: Impact of Progressive on margins and sales synergy opportunities - Management indicated that Progressive is expected to contribute approximately $215 million in incremental sales, with EBITDA around 20%, not significantly dilutive to current margins [27][28] Question: Details on residential market softness - Management noted that the residential market is primarily affected by single-family construction, with light commercial also facing challenges, while heavy commercial remains strong [31][34] Question: Pricing and cost dynamics - Management acknowledged a $30 million headwind in the second half due to price-cost dynamics, with expectations of tougher comparisons on pricing [56][57] Question: Outlook for M&A in commercial roofing - Management expressed optimism about the M&A pipeline in commercial roofing, with several larger deals anticipated [101][102] Question: Staffing adjustments in response to market conditions - Management confirmed that they have calibrated staffing levels in response to current market conditions, with ongoing monitoring for further adjustments if necessary [96][98]

Financial Data and Key Metrics Changes - Total sales in Q2 2025 declined by 5% to $1,300,000,000, with volume down 7.8%, partially offset by M&A contributing 1.9% and pricing contributing 0.9% [13][14] - Adjusted EBITDA for Q2 was $261,300,000, representing a margin of 20.1%, which improved by 110 basis points from Q1 and was down only 20 basis points year-over-year [15][16] - Adjusted earnings per diluted share were $5.31, compared to $5.42 in the previous year [17] Business Line Data and Key Metrics Changes - Installation segment sales totaled $780,700,000, down 8.3%, driven by a 10.5% volume decline, partially offset by acquisitions and pricing [14] - Specialty distribution sales improved by 1.1% to $599,200,000, with acquisitions growing sales by 2.3% and pricing adding 0.8% [14][15] - Adjusted EBITDA margin for the installation segment was 22.3%, up 120 basis points sequentially and flat year-over-year [16] Market Data and Key Metrics Changes - The residential new construction market remained weak, with single-family demand sliding further year-over-year [6][7] - Heavy commercial and industrial sectors showed growth, particularly in technology, education, and healthcare [6][14] - The company noted a mixed economic environment affecting consumer confidence, particularly in the housing market [6][7] Company Strategy and Development Direction - The acquisition of Progressive Roofing aims to establish a new growth platform in the $75 billion commercial roofing services market, enhancing service offerings and exposure to non-cyclical revenue [4][5] - The company has diversified its business, with commercial and industrial sales now accounting for approximately 40% of total sales, up from 15% in 2015 [10] - The total addressable market for insulation and commercial roofing is nearly $95 billion, indicating significant growth opportunities [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying fundamentals of the business, emphasizing the ability to adjust operations as demand changes [24] - The company anticipates continued challenges in the residential market, projecting low double-digit declines in residential sales for the year [21][33] - Management highlighted a robust pipeline of acquisition candidates and remains disciplined around valuation to drive shareholder returns [7][20] Other Important Information - The company repurchased approximately 455,000 shares, returning $136,000,000 to shareholders in Q2 [8][20] - Total liquidity at the end of Q2 was $1,800,000,000, with total debt at $2,400,000,000 [17][18] Q&A Session Summary Question: Impact of Progressive on margins and future contributions - Management indicated that Progressive is expected to contribute approximately $215,000,000 in incremental sales, with EBITDA around 20%, not significantly dilutive to current margins [27][28] Question: Details on residential market softness - Management noted that the residential market is primarily affected by single-family construction, with light commercial also facing challenges, while heavy commercial remains strong [31][33] Question: Pricing and cost dynamics - Management acknowledged a $30,000,000 headwind in the second half due to pricing pressures, particularly in the residential distribution side, while maintaining solid pricing in commercial products [55][56] Question: Outlook for M&A in commercial roofing - Management expressed optimism about the M&A pipeline in commercial roofing, with several larger deals anticipated and a disciplined approach to acquisitions [99][100] Question: Staffing adjustments in response to market conditions - Management confirmed that they have calibrated staffing levels appropriately and will continue to monitor the situation as market conditions evolve [91][93]

Financial Performance - Q2 2025 - Sales decreased by 50% to $1297403000 compared to the three months ended June 30 2024[8] - Adjusted Operating Profit decreased by 73% to $220651000[8] - Adjusted Operating Margin was 170% a decrease of 40 bps[8] - Adjusted EBITDA Margin was 201% a decrease of 20 bps[8] Segment Performance - Installation - Installation sales decreased by 83% to $780678000[12] - Installation Adjusted Operating Profit decreased by 96% to $154541000[12] - Installation Adjusted Operating Margin was 198% a decrease of 30 bps[12] - Installation Adjusted EBITDA Margin was 223%[12] Segment Performance - Specialty Distribution - Specialty Distribution sales increased by 11% to $599184000[16] - Specialty Distribution Adjusted Operating Profit decreased by 22% to $87429000[16] - Specialty Distribution Adjusted Operating Margin was 146% a decrease of 50 bps[16] - Specialty Distribution Adjusted EBITDA Margin was 172% a decrease of 50 bps[16] Capital Allocation and Outlook - The company completed the Progressive Roofing acquisition adding approximately $438 million in annual revenue[7] - The company returned $1360 million in capital to shareholders in Q2 2025[25] - The company estimates sales of $5150 million to $5350 million and adjusted EBITDA of $970 million to $1070 million for 2025[34]

Company Performance - TopBuild reported quarterly earnings of $5.31 per share, exceeding the Zacks Consensus Estimate of $5.07 per share, but down from $5.42 per share a year ago, representing an earnings surprise of +4.73% [1] - The company posted revenues of $1.3 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.21%, but down from $1.37 billion year-over-year [2] - Over the last four quarters, TopBuild has surpassed consensus EPS estimates four times and topped consensus revenue estimates two times [2] Stock Performance - TopBuild shares have increased approximately 24.4% since the beginning of the year, significantly outperforming the S&P 500's gain of 7.6% [3] - The current Zacks Rank for TopBuild is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $5.32 on revenues of $1.34 billion, and for the current fiscal year, it is $19.92 on revenues of $5.17 billion [7] - The outlook for the industry, specifically the Building Products - Miscellaneous sector, is currently in the bottom 35% of over 250 Zacks industries, which may impact TopBuild's stock performance [8]

Exhibit 99.1 TopBuild Reports Second Quarter 2025 Results; Issues Guidance to Include Progressive Roofing Acquisition Delivers second quarter sales of $1.3 billion and adjusted EBITDA margin of 20.1% 2025 outlook for $5.150 to $5.350 billion in sales and $970 to $1,070 million in adjusted EBITDA includes contribution from Progressive Roofing acquisition DAYTONA BEACH, Fla. – August 5, 2025 — TopBuild Corp. (NYSE:BLD), a leading installer of insulation and commercial roofing and a specialty distributor of in ...

Core Insights - TopBuild Corp. reported second quarter sales of $1.3 billion, reflecting a 5.0% decline compared to the previous year, primarily due to an 8.3% decrease in Installation sales, partially offset by a 1.1% increase in Specialty Distribution sales [2][5][9] - The company achieved an adjusted EBITDA margin of 20.1% for the second quarter, indicating effective cost management and operational improvements [2][5] - For 2025, TopBuild projects sales between $5.150 billion and $5.350 billion, with adjusted EBITDA expected to range from $970 million to $1,070 million, including contributions from the recent acquisition of Progressive Roofing [1][15] Financial Performance - Second quarter net income was $151.6 million, with net income per diluted share at $5.32, compared to $150.7 million and $4.78 per share in the same quarter of 2024 [5][21] - The gross profit for the second quarter was $394.0 million, resulting in a gross margin of 30.4%, slightly down from 31.0% in the prior year [5][21] - Selling, general, and administrative expenses (SG&A) decreased to $174.3 million, representing 13.4% of sales, down from 15.6% in the previous year [5][21] Segment Analysis - In the Installation segment, sales were $781 million, down 8.3%, while the Specialty Distribution segment saw sales of $599 million, up 1.1% [9][10] - The operating profit for Installation was $155.4 million with a margin of 19.9%, while Specialty Distribution had an operating profit of $87.5 million and a margin of 14.6% [10][25] - Year-to-date, the company has spent approximately $833 million on acquisitions, including the $810 million acquisition of Progressive Roofing [12][13] Capital Allocation and Shareholder Returns - TopBuild repurchased nearly 455,000 shares in the second quarter, returning $136 million to shareholders, with a total of 1.1 million shares repurchased year-to-date for $351.6 million [4][12] - The company maintains a strong focus on mergers and acquisitions as a key strategy for capital deployment [4][12] Market Outlook - The company remains optimistic about long-term fundamentals despite current challenges in the residential new construction market, citing positive trends in heavy commercial and industrial sectors [3][4] - The outlook for 2025 does not account for any additional acquisitions beyond Progressive Roofing, indicating potential for further growth [14][15]

Core Viewpoint - The analysis compares Compagnie de Saint-Gobain - Unsponsored ADR (CODYY) and TopBuild (BLD) to determine which stock represents a better undervalued investment opportunity for investors in the Building Products - Miscellaneous sector [1]. Valuation Metrics - CODYY has a forward P/E ratio of 15.83, while BLD has a forward P/E of 19.26, indicating that CODYY may be undervalued compared to BLD [5]. - The PEG ratio for CODYY is 4.12, whereas BLD's PEG ratio is 4.93, suggesting that CODYY has a more favorable earnings growth outlook relative to its valuation [5]. - CODYY's P/B ratio stands at 2.2, compared to BLD's P/B of 5.19, further supporting the argument that CODYY is the more attractive value option [6]. Investment Ratings - CODYY currently holds a Zacks Rank of 2 (Buy), while BLD has a Zacks Rank of 3 (Hold), indicating a stronger earnings outlook for CODYY [3]. - The Value grades for the two companies are B for CODYY and C for BLD, reinforcing the conclusion that CODYY is the superior value option at this time [6].

Company Overview - Bow River Capital, a Denver-based alternative asset management firm, has completed the sale of Progressive Roofing to TopBuild Corp. for $810 million in an all-cash transaction [1] - Progressive Roofing, headquartered in Phoenix, Arizona, specializes in commercial roofing services, including re-roofing, maintenance, and new construction, primarily serving education, technology, industrial, healthcare, and government sectors [2] - Progressive Roofing has expanded its workforce to over 1,700 employees and completed three strategic acquisitions during its partnership with Bow River Capital [2][4] Growth and Development - Under Bow River Capital's partnership, Progressive Roofing invested in talent, technology, and operational excellence, enhancing its reputation as a leading commercial roofing contractor [2] - The company has a strong commitment to quality, customer service, culture, and safety, which has solidified its position as a national market leader in commercial roofing [3] Strategic Insights - TopBuild Corp. is well-positioned to support and build upon the strong foundation established by Progressive Roofing, leveraging its proven track record of growth [3] - Progressive Roofing's business philosophy emphasizes customer satisfaction, high quality, and a safety-first workplace environment, which aligns with TopBuild's core strengths [3][4] Industry Context - TopBuild Corp. is a leading installer and distributor of insulation and related building materials in the U.S. and Canada, with over 200 branches for insulation installation services and more than 150 branches for specialty distribution [6] - Bow River Capital focuses on investing in lower and middle markets across various asset classes, including industrial and infrastructure services, which aligns with the growth trajectory of companies like Progressive Roofing [5]