Slide 1: Second Quarter 2025
SECOND QUARTER 2025 Robert Buck, President & CEO Rob Kuhns, CFO Published August 5, 2025
Slide 2: Safe Harbor
SAFE HARBOR Statements contained herein reflect our views about future periods, including our future plans and performance, constitute “forward- looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “will,” “woul
Slide 3: Key Takeaways
KEY TAKEAWAYS Continued Confidence in the Long-Term Opportunity • Significant accomplishments YTD • Soft demand driven by uncertainty continues across ✓ Completed Progressive Roofing acquisition, adding ~$438M in annual residential and light commercial construction landscape revenue - Mixed economic
Slide 4: Q2 2025 Financial Results
Q2 2025 FINANCIAL RESULTS Consistent Execution and Profitability Comparisons are to the three months ended June 30, 2024 ($ in 000s) Three Months Ended June 30, 2025 Sales $1,297,403 TruTeam insulation installation Change (5.0)% Adjusted Operating Profit* $220,651 Change (7.3)% Adjusted Operating Ma
Slide 5: Installation
INSTALLATION Driving Solid Profitability Despite Soft Demand Environment Comparisons are to the three months ended June 30, 2024 ($ in 000s) Three Months Ended June 30, 2025 Sales $780,678 Change (8.3%) TruTeam commercial insulation installation Adjusted Operating Profit* $154,541 Change (9.6)% Adju
Slide 6: Specialty Distribution
SPECIALTY DISTRIBUTION Top Line Growth Continues in Commercial & Industrial Comparisons are to the three months ended June 30, 2024 ($ in 000s) Three Months Ended June 30, 2025 Sales $599,184 Change 1.1% Distribution International custom fabrication of mechanical insulation Adjusted Operating Profit
Slide 7: Healthy Balance Sheet and Strong Cash Flow
HEALTHY BALANCE SHEET AND STRONG CASH FLOW FREE CASH FLOW1 ($ in millions) ($ in millions) $794.9 Cash, Available Liquidity & Working Capital $663.4 Cash & Cash Equivalents $ 842.5 Available Credit Under Revolver 938.8 Total Available Liquidity $1,781.3 Net Debt and Leverage Net Debt $1,057.5 LTM 6/
Slide 8: Capital Allocation
CAPITAL ALLOCATION Acquisition Strategy Built On Core Strengths • Acquisitions completed to date • Continued robust M&A pipeline • Returned $136.0 million in capital to shareholders in Q2 − YTD share repurchases totaled $351.6 million − $836.4 million of availability remains under current authorizat
Slide 9: Providing Commercial & Industrial Building Solutions
PROVIDING COMMERCIAL & INDUSTRIAL BUILDING SOLUTIONS Building Envelope Installation and Distribution Installation Services Specialty Distribution HVAC Systems Building Insulation HVAC insulation Mineral wool Duct liner, wrap and board Spray foam Curtain wall insulation Plumbing & Mechanical Food and
Slide 10: Successful Business Diversification
SUCCESSFUL BUSINESS DIVERSIFICATION Greater Resiliency with Recurring, Non-Discretionary and Non-Cyclical Sales 2025 Outlook (@ midpoint) ~$5.250B Sales 19.4% EBITDA margin Data Center 40% Commercial 2015 & Industrial ~$1.6B Sales 6.6% EBITDA margin 60% Hospital ~15% Commercial Residential & Industr
Slide 11: 2025 Outlook
2025 OUTLOOK Guidance Includes Progressive Roofing (as of August 5, 2025) RESIDENTIAL1 LOW DOUBLE-DIGIT DECLINE COMMERCIAL FLATTISH TO LOW & INDUSTRIAL1 SINGLE DIGIT GROWTH SALES ADJUSTED EBITDA3 $5,150M to $5,350M $970M to $1,070M M&A2 SALES OF ~$300M 1 Same branch basis, inclusive of pricing 2 202
Slide 12: About Us
4TopBuild ABOUT US
Slide 13: Proven Track Record of Value Creation
PROVEN TRACK RECORD OF VALUE CREATION Sales ($M) Adjusted EBITDA ($M)1 • Capital allocation approach prioritizes strategic $5,330 $1,075 M&A 14.2% 29.2% • Financially disciplined CAGR $1,617 CAGR • Leverage core strengths $107 • Deliver strong shareholder returns 2015 2024 2015 2024 • Completed 44 a
Slide 14: Appendix
4TopBuild APPENDIX
Slide 15: Reconciliation of Adjusted EBITDA to Net Income
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (Unaudited) (in thousands) Trailing Twelve Year Ended December 31, Three Months Ended June 30, Six Months Ended June 30, Months Ended 2015 2024 2025 2024 2025 2024 June 30, 2025 Net income, as reported $ 78,971 622,602 $ 151,602 $ 150,723 $ 274,986 $ 3
Slide 16: Acquisition Adjusted Net Sales
ACQUISITION ADJUSTED NET SALES (Unaudited) (dollars in thousands) Trailing Twelve 2024 2025 Months Ended Q3 Q4 Q1 Q2 June 30, 2025 Net Sales $ 1,373,268 $ 1,312,206 $ 1,233,278 $ 1,297,403 $ 5,216,155 Acquisitions proforma adjustment † 16,695 12,058 3,297 210 32,260 Net sales, acquisition adjusted $
Slide 17: Segment Data
SEGMENT DATA (dollars in thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Change 2025 2024 Change Installation Sales $ 780,678 $ 850,983 (8.3) % $ 1,526,211 $ 1,649,726 (7.5) % Operating profit, as reported $ 155,441 $ 170,718 $ 285,057 $ 327,475 Operating margi
Slide 18: Margin Reconciliation
MARGIN RECONCILIATION (Unaudited) (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Operating profit, as reported - segments $ 242,923 $ 260,091 $ 441,598 $ 494,426 General corporate expense, net (9,502) (36,859) (18,762) (45,926) Intercompany eliminati
Slide 19: 2025 Estimated Adjusted EBITDA Range
2025 ESTIMATED ADJUSTED EBITDA RANGE (Unaudited) (in millions) Twelve Months Ending December 31, 2025 Low High Estimated net income $ 499.0 $ 584.0 Adjustments to arrive at estimated EBITDA, as adjusted: Interest expense and other, net 82.0 78.0 Income tax expense 175.0 205.0 Depreciation and amorti