Acquisition Highlights - TopBuild acquired Specialty Products & Insulation (SPI) for $1 billion in an all-cash transaction[1,7] - The acquisition is expected to generate $35 million to $40 million in annual run-rate cost synergies within two years[7,21] - The transaction closed on October 7, 2025[20] SPI Snapshot - SPI's sales mix consists of 85% building insulation and 15% mechanical insulation[4] - SPI's end market is comprised of 87% residential and 13% commercial & industrial[4] - SPI's demand drivers are 45% maintenance and repair and 55% new construction[4] - SPI's revenue was approximately $700 million as of June 30, 2025, with an EBITDA of $75 million and an EBITDA margin of 10.7%[20] Financial Impact - The acquisition is immediately accretive to EPS[20] - Inclusive of tax asset, represents 12.4x EBITDA or 8.3x EBITDA post-synergies[20] - TopBuild's pro forma net debt to adjusted EBITDA is approximately 2.4x as of June 30, 2025[20] - TopBuild pro forma revenue is $6.4 billion[24] - Approximately 22% of TopBuild's total revenue is non-cyclical[25]