TopBuild (NYSE:BLD) 2025 Investor Day December 09, 2025 08:00 AM ET Company ParticipantsRobert Buck - President and CEOJeff Krestancic - President of TruTeamSteven Raia - President of Special Operations and Executive AdviserNone - Video NarratorRob Kuhns - CFODavid Stowers - COO of Progressive RoofingJoey Viselli - Chief Growth OfficerDavid Fischer - President of Specialty DistributionJohn Achille - COOSridhar Pullareddy - CIONick Hadden - CEO of Progressive RoofingMadeline Otero - Chief Accounting OfficerJ ...

Acquisition Overview - TopBuild will acquire Progressive Roofing for a cash consideration of $810 million[3] - The acquisition represents a valuation of 91x Progressive Roofing's EBITDA[3] - Post-synergies, considering $5 million in synergies, the valuation is 86x EBITDA[3] - The transaction is expected to close in early Q3 2025[3] Progressive Roofing Highlights - Progressive Roofing has a revenue of $438 million and an EBITDA of $89 million, resulting in an EBITDA margin of 203%[3] - Approximately 70% of Progressive Roofing's revenue comes from re-roofing and maintenance services, which are considered non-discretionary[6,22] - Progressive Roofing has a customer retention rate of approximately 80% with multi-year repeat customers[10] Market Opportunity - The commercial roofing market has a total addressable market (TAM) of $75 billion[3,4,27] - The top 20 commercial roofing companies hold approximately 10% of the market share, indicating a highly fragmented market[27,30] TopBuild's Financial Performance - TopBuild's sales increased from $1617 million in 2015 to $5330 million in 2024, representing a CAGR of 142%[32] - TopBuild's adjusted EBITDA increased from $107 million in 2015 to $1075 million in 2024, representing a CAGR of 292%[33]