Company Overview and Strategy - TopBuild has a market capitalization of approximately $12.5 billion and operates over 450 branches [21] - The company's sales breakdown is 56% from Installation Services and 44% from Specialty Distribution [21] - TopBuild's strategy focuses on operational excellence, talent development, technology leverage, and strategic M&A [24] - Since 2022, TopBuild has expanded its total addressable market by approximately 6x to over $90 billion [26] Financial Performance and Outlook - TopBuild's 2025 proforma TTM sales for Installation Services are $3.527 billion, with an adjusted EBITDA of $761.552 million [314] - Specialty Distribution's 2025 proforma TTM sales are $3.101 billion, with an adjusted EBITDA of $485.763 million [314] - The company is committed to delivering $35 million to $40 million in synergies from the SPI acquisition over the next two years [181] - TopBuild anticipates 2030 sales of $9 billion to $10 billion, with a cumulative free cash flow between 2026 and 2030 of $4.2 billion to $5.0 billion [302] M&A Activity - Since 2022, TopBuild has completed 24 acquisitions, contributing over $1.5 billion in revenue [33] - The company has deployed $2.2 billion in capital for M&A since 2022 [33] - M&A remains TopBuild's number one capital allocation priority [286]

Core Insights - TopBuild Corp. is hosting its Investor Day in New York City on December 9, 2025, starting at 8:00 a.m. ET, focusing on its business model and growth strategies [1][2] Company Overview - TopBuild Corp. is a leading installer of insulation and commercial roofing, as well as a specialty distributor of insulation and related building products in the U.S. and Canada [4] - The company operates over 200 branches for installation services and more than 250 branches for specialty distribution across the U.S. and Canada [4] Leadership Presentation - The presentation will feature insights from President and CEO Robert Buck, CFO Rob Kuhns, and other senior leaders, detailing the company's operational and capital allocation strategies [2] - Management will also provide a long-term financial outlook through 2030, along with multiple Q&A sessions for investors [2] Webcast Information - A live video webcast of the Investor Day will be available on the TopBuild website, with an archived version accessible after the event [3]

Core Insights - TopBuild Corp. reported third quarter sales of $1.4 billion, reflecting a 1.4% increase, and an adjusted EBITDA margin of 19.8% [1][2][5] - The company raised its 2025 sales outlook to a range of $5.35 to $5.45 billion, with adjusted EBITDA expected between $1.01 to $1.06 billion, incorporating contributions from recent acquisitions [1][3][14] Financial Performance - For the three months ended September 30, 2025, reported sales were $1,393,158, compared to $1,373,268 in the same period of 2024, with a gross profit of $418,920 [5][22] - The gross margin decreased to 30.1% from 30.7% year-over-year, while SG&A expenses increased to $203,910, representing 14.6% of sales [5][22] - Net income for the third quarter was $142,226, down from $168,960 in the prior year, with diluted earnings per share of $5.04 [5][22] Segment Performance - Installation Services segment sales were $858 million, a slight increase of 0.2%, while Specialty Distribution sales rose by 1.4% to $609 million [8][27] - Year-to-date, the company completed acquisitions totaling approximately $1.2 billion in annual revenue, enhancing its insulation and commercial roofing businesses [3][10] Acquisitions and Growth Strategy - TopBuild has prioritized acquisitions, spending approximately $851.2 million year-to-date, with additional acquisitions expected to close in the fourth quarter [10][11] - Recent acquisitions include Progressive Roofing and Specialty Products and Insulation, which are expected to contribute significantly to future growth [3][11] Market Outlook - The company remains optimistic about long-term fundamentals despite current challenges in residential construction due to weak consumer confidence [4] - The strength in commercial and industrial markets is viewed as a positive indicator for future opportunities [4]

Core Insights - TopBuild Corp. announced four acquisitions that will collectively add approximately $53 million in annual revenue, enhancing its business operations in insulation and commercial roofing [2][6] Company Overview - TopBuild Corp. is a leading installer of insulation and commercial roofing, as well as a specialty distributor of insulation and related building products in the U.S. and Canada [3] - The company operates over 200 branches for installation services and more than 250 branches for specialty distribution across the U.S. and Canada [3] Acquisitions Details - The acquisitions include: - **Insulation Fabrics**: Based in Alpharetta, Georgia, generates approximately $6.1 million in annual revenue, specializes in insulation netting and protective equipment [6] - **Diamond Door Products**: Located in Hempstead, Texas, generates about $30.4 million in annual revenue, focuses on insulated steel door systems for commercial and industrial buildings [6] - **Performance Insulation Fabricators**: Based in Nashville, Tennessee, generates approximately $8.9 million in annual revenue, distributes mechanical insulation for commercial and industrial markets [6] - **L&L Insulation**: A residential insulation installation business based in Fort Collins, Colorado, expected to close in November, generates about $7.2 million in annual revenue [6]

Core Points - TopBuild Corp. will release its third quarter 2025 results on November 4, 2025, before 7:00 a.m. Eastern time [1] - A conference call to discuss the financial results will take place at 9:00 a.m. on the same day [1] Company Overview - TopBuild Corp. is a leading installer of insulation and commercial roofing, as well as a specialty distributor of insulation and related building materials in the U.S. and Canada [3] - The company operates over 200 branches for insulation and commercial roofing installation services across the United States [3] - TopBuild's Specialty Distribution business has more than 150 branches in the U.S. and Canada, distributing building and mechanical insulation and related products [3]

Core Viewpoint - TopBuild Corp. has announced a private offering of $750 million in senior notes due 2034 with an interest rate of 5.625%, intended for general corporate purposes, including potential acquisitions [1][2]. Group 1: Offering Details - The offering is expected to close on September 25, 2025, subject to customary closing conditions [2]. - The notes will be guaranteed on an unsecured senior basis by TopBuild's wholly owned domestic subsidiaries that are borrowers or guarantors under the Company's credit agreement [2]. - The notes will not be registered under the Securities Act or any state securities laws, and cannot be offered or sold in the U.S. without registration or an applicable exemption [3]. Group 2: Company Overview - TopBuild Corp. is a leading installer of insulation and commercial roofing, as well as a specialty distributor of insulation and related building materials in the U.S. and Canada [4]. - The company operates over 200 branches nationwide for insulation and commercial roofing installation services and has more than 150 branches for its Specialty Distribution business [4].

Core Viewpoint - TopBuild Corp. announced a private offering of $750 million in senior notes due 2034 to qualified institutional buyers and certain non-U.S. persons, intending to use the proceeds for general corporate purposes, including potential acquisitions [1][2]. Company Overview - TopBuild Corp. is a leading installer of insulation and commercial roofing, as well as a specialty distributor of insulation and related building materials in the U.S. and Canada [4]. - The company operates over 200 branches nationwide for insulation and commercial roofing installation services and has more than 150 branches for its Specialty Distribution business [4]. Offering Details - The notes will be guaranteed on an unsecured senior basis by TopBuild's wholly owned domestic subsidiaries that are borrowers or guarantors under the company's credit agreement [2]. - The offering is subject to market conditions, and there is no assurance regarding its completion or terms [2]. - The notes will not be registered under the Securities Act or any state securities laws, and cannot be offered or sold in the U.S. without registration or an applicable exemption [3].