Installed Building Products, Inc. · NYSE:IBP
Installed Building Products — Q4 2025 Earnings Presentation
27 slides from Installed Building Products's earnings presentation, Feb 26, 2026
Slide 1: Installed Building Products Investor Presentation
NYSE: IBP FEB 26, 2026 Q4 2025 INSTALLED BUILDING PRODUCTS INVESTOR PRESENTATION
Slide 2: Safe Harbor
Safe Harbor This presentation contains "forward-looking statements" as defined under U.S. federal securities laws. Forward -looking statements are generally identified by the use of the words "will," "may," "believes," "expects," "forecast," "intends," "anticipates," "projects," "outlook," "target,"
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes the following non-GAAP financial measures: (1) EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, (2) Adjusted Net Income and Adjusted Net Profit Margins (3) Adjusted Net Income per diluted share, (4) Adjusted Selling Administrative (S&A), (5)
Slide 4: Company Overview
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Slide 5: National Scale
National Scale STRONG LOCAL PRESENCE + NATIONAL SCALE = HIGH QUALITY SERVICE WITH OPERATING LEVERAGE • One of the nation’s largest1 new residential insulation installers • Installer of diversified mix of complementary building products for residential and commercial projects • National platform of o
Slide 6: Benefits of a Unique Value Chain Structure
Benefits of a Unique Value Chain Structure SCALE ALLOWS IBP TO BE THE DIRECT LINK BETWEEN MANUFACTURERS AND BUILDERS, AN EFFICIENT VALUE CHAIN UNIQUE STREAMLINED VALUE CHAIN Purchasing, Logistics, Installation Building Products Manufacturer Homebuilder TYPICAL MULTI-STEP VALUE CHAIN Finished Home Wh
Slide 7: Increasing Product & End Market Diversification
Increasing Product & End Market Diversification 2015 2025 Areas for Growth Other Building Other, 7% Products, 6% Other Building Rain Gutters, 5% Products, 6% • Accretive acquisitions Shower Doors, Shelving, & Window Blinds, 3% in residential end Revenue Mirrors, 5% Fireproofing, 4% market by Rain Gu
Slide 8: Diverse Service and Product Offering
Diverse Service and Product Offering FRAGMENTED NON-INSULATION PRODUCT MARKET ALLOWS FOR REVENUE DIVERSIFICATION AND ACQUISITIONS SHOWER DOORS, WINDOW COMMERCIAL OTHER BUILDING INSULATION SHELVING, MIRRORS GARAGE DOORS RAIN GUTTERS OTHER (1) BLINDS PRODUCTS PRODUCTS Single Digit ~30% ~7% ~2% ~6% ~5%
Slide 9: Diversification Growth Opportunity
Diversification Growth Opportunity FURTHER DIVERSIFICATION ENHANCES SAME BRANCH REVENUE OPPORTUNITY Top 50 IBP Metropolitan Statistical Areas (MSAs) End Products End Markets Core Installed End Products Core End Markets • Fiberglass insulation • New single-family • Spray foam insulation • New multi-f
Slide 10: Business Model Generates Substantial Cash Flow
Business Model Generates Substantial Cash Flow OVER $1.1 BILLION IN FREE CASH FLOW IN FIVE YEARS Free Cash Flow * Cumulative Free Cash Flow * $1,200 $1,000 Asset-Light Model Generates Substantial Free Cash Flow • Working capital is largest use of operating cash $800 • Capital expenditures and financ
Slide 11: Growth Focused Capital Allocation Strategy
Growth Focused Capital Allocation Strategy CAPITAL ALLOCATION PRIORITIES 5 YEAR CAPITAL ALLOCATION (in millions) 1 Acquisitions • Contribute to profitability and revenue diversification $333 25% 2 Quarterly Dividends • $0.39 per share to be paid 3/31/26 2021 - 2025 $555 41% $1.35B 3 Share Repurchase
Slide 12: Successful Acquisition Strategy
Successful Acquisition Strategy CONSISTENT ACQUISITION 'PLAYBOOK' EXECUTED FOR OVER 30 YEARS • Keys to our value-creating acquisition approach Deploying Capital Across Nearly Three Decades, Driving Growth and Market Expansion Note: In Q2 2022, we ‒ Consistent processes and discipline led by CEO, Gre
Slide 13: Annual Operating Framework
Annual Operating Framework COMPELLING FINANCIAL MODEL CREATES LONG-TERM VALUE 2021-2025 Long-Term Outlook Acquisition Growth Assumptions Outperform U.S. Target >$100M of acquired revenue Organic Revenue (1%) - 25% Residential Completions Growth annually Growth Material purchasing power + Product Gro
Slide 14: Financial Performance
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Slide 15: Summary Financial Results
Summary Financial Results Twelve months ended December 31, ($ in millions) 2021 2022 2023 2024 2025 Net revenue $ 1,968.7 $ 2,669.8 $ 2,778.6 $ 2,941.3 $ 2,970.8 % Net revenue growth (1) 19.1% 35.6% 4.1% 5.9% 1.0% Same branch consolidated sales growth 9.7% 24.6% 0.2% 3.5% (1.3)% Adjusted cost of sal
Slide 16: Multi-Year Financial Improvement
Multi-Year Financial Improvement ADDITIONAL VALUE DRIVEN BY OPERATING LEVERAGE AND NATIONAL SCALE Adjusted Gross Profit (1) (1) Adjusted Gross Profit is a non-GAAP Adjusted Selling & Administrative (2) financial measure. A reconciliation to the most comparable measure $544 $559 prepared in accordanc
Slide 17: Conservative Capital Structure
Conservative Capital Structure Twelve months ended December 31, ($ in millions) 2021 2022 2023 2024 2025 (1) Net debt is a non-GAAP financial Cash and Investments $ 333.5 $ 229.6 $ 386.5 $ 327.6 $ 321.9 measure and is calculated by Total Debt 868.1 870.1 876.6 883.0 893.3 subtracting cash from total
Slide 18: Debt Maturities and Credit Ratings
Debt Maturities and Credit Ratings $600 Matures Matures 3/28/2031 2/01/2034 Ba1 / BBB- / BBB- Ba2 / BB- / BB+ $500 Current Corporate Credit Ratings $400 Senior Unsecured Notes Moody's: Ba1 Term Loan B $300 S&P: BB $200 Fitch: BB+ $100 NO SIGNIFICANT NO SIGNIFICANT MATURITIES MATURITIES $— 2026 2027
Slide 19: ESG Highlights
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Slide 20: Environmental, Social & Governance
Environmental, Social & Governance OUR BUSINESS IS COMMITTED TO MAKING AN IMPACT WITH OUR PRODUCTS, OUR PEOPLE, AND COMMUNITIES WE SERVE Environmental • Committed to sustainability, insulation is the best way to prevent energy waste • Reducing our carbon footprint Social Governance & Responsibility
Slide 21: Appendix
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Slide 22: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA Reconciliation Twelve months ended December 31, ($ in millions) 2021 2022 2023 2024 2025 (1) Addback of employee pay, Net income, as reported $ 118.0 $ 223.4 $ 243.7 $ 256.6 $ 265.4 employee medical expenses Interest expense 32.8 41.6 37.0 36.9 31.7 and legal fees directly
Slide 23: Adjusted Selling & Administrative Expense
Adjusted Selling & Administrative Expense Twelve months ended December 31, ($ in millions) 2021 2022 2023 2024 2025 (1) Addback of employee pay, Selling & administrative $ 364.6 $ 438.6 $ 517.1 $ 564.6 $ 581.8 employee medical expenses Share-based compensation expense 13.3 13.2 15.0 18.2 20.4 and le
Slide 24: Net Income and Adjusted Net Income Reconciliation
Net Income and Adjusted Net Income Reconciliation Twelve months ended December 31, ($ in millions) 2021 2022 2023 2024 2025 (1) Addback of employee pay, employee Net income, as reported $ 118.8 $ 223.4 $ 243.7 $ 256.6 $ 265.4 medical expenses, and legal fees Adjustments for adjusted net income direc
Slide 25: Adjusted Cost of Sales and Gross Profit Reconciliation
Adjusted Cost of Sales and Gross Profit Reconciliation Twelve months ended December 31, ($ in millions) 2021 2022 2023 2024 2025 (1) Addback of employee pay, Net revenue $ 1,968.7 $ 2,669.8 $ 2,778.6 $ 2,941.3 $ 2,970.8 employee medical expenses, Cost of sales 1,379.1 1,842.1 1,847.9 1,946.8 1,961.5
Slide 26: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation Twelve months ended December 31, ($ in millions) 2021 2022 2023 2024 2025 Net cash provided by operating activities $ 138.3 $ 277.9 $ 340.2 $ 340.0 $ 371.4 Purchases of property and equipment (37.0) (45.6) (61.6) (88.6) (70.6) Free cash flow $ 101.3 $ 232.3 $ 278.6 $ 25
Slide 27: Investor Relations
INVESTOR RELATIONS 614-221-9944 investorrelations@installed.net
Installed Building Products — Q4 2025 Earnings Presentation on 6ix