Topbuild Corp. · NYSE:BLD
Topbuild — Q4 2025 Earnings Presentation
18 slides from Topbuild's earnings presentation, Feb 26, 2026
Slide 1: Fourth Quarter 2025
FOURTH QUARTER 2025 Robert Buck, President & CEO John Achille, COO Rob Kuhns, CFO Published February 26, 2026
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 Proven Track Record of Delivering Compounded Growth • Fourth quarter performance in line with expectations • 2026 outlook assumes macro environment is unchanged; • Solid profitability given continued softness in residential and Long-term fundamentals strong light commercial new constru
Slide 4: Q4 2025 Financial Results
Q4 2025 FINANCIAL RESULTS Acquisitions Drove Top Line Growth, Offsetting Macro-Driven Residential Softness Comparisons are to the three months ended December 31, 2024 ($ in 000s) Three Months Ended December 31, 2025 Same Branch M&A Total TopBuild Sales $1,183,228 $302,019 $1,485,247 TruTeam insulati
Slide 5: Installation Services
INSTALLATION SERVICES Continued Resilience in Adjusted EBITDA Margin Comparisons are to the three months ended December 31, 2024 ($ in 000s) Three Months Ended December 31, 2025 Same Branch M&A Installation Services Sales $670,046 $128,331 $798,377 TruTeam commercial insulation installation Change (
Slide 6: Specialty Distribution
SPECIALTY DISTRIBUTION Ongoing Strength in Commercial & Industrial Comparisons are to the three months ended December 31, 2024 ($ in 000s) Three Months Ended December 31, 2025 Same Branch M&A Specialty Distribution Sales $581,549 $173,895 $755,444 Distribution International custom fabrication of mec
Slide 7: Healthy Balance Sheet and Strong Cash Flow
HEALTHY BALANCE SHEET AND STRONG CASH FLOW FREE CASH FLOW1 ($ in millions) ($ in millions) $706.7 $696.9 Cash, Available Liquidity & Working Capital Cash & Cash Equivalents $ 184.7 Available Credit Under Revolver 933.9 Total Available Liquidity $1,118.6 Net Debt and Leverage Net Debt $2,687.1 FY 202
Slide 8: Capital Allocation
CAPITAL ALLOCATION Acquisitions Aligned with Core Strengths • Announced Johnson Roofing acquisition (Feb 2026) • Completed acquisitions of Applied Coatings and Upstate Spray Foam (Feb 2026) • Completed 7 acquisitions totaling ~$1.2B in annual revenue in 2025 • Returned $434.2 million in capital to s
Slide 9: 2026 Outlook
2026 OUTLOOK Assumes No Significant Change to Current Macro Environment (as of February 26, 2026) RESIDENTIAL1 ADDITIONAL METRICS3 SALES MID-SINGLE DIGIT DECLINE Interest Expense and Other, Net $143 M - $149 M $5.925 B to $6.225 B COMMERCIAL & INDUSTRIAL1 Tax Rate ~26% c LOW SINGLE DIGIT GROWTH ADJU
Slide 10: Proven M&A Track Record of Value Creation
PROVEN M&A TRACK RECORD OF VALUE CREATION Sales ($M) Adjusted EBITDA ($M)1 • Capital allocation approach prioritizes strategic $5,409 $1,037 M&A 12.8% 25.5% • Financially disciplined CAGR $1,617 CAGR • Leverage core strengths $107 • Deliver strong shareholder returns 2015 2025 2015 2025 • Completed
Slide 11: Strong Business Diversification
STRONG BUSINESS DIVERSIFICATION Greater Resiliency with 22% Non-Cyclical Revenue TOPBUILD PRO FORMA REVENUE1 = $6.2 B 22% 45% 48% Demand Segment End Market 55% 52% Drivers 78% Non-cyclical – Installation Specialty Commercial & New maintenance/repair, Services Distribution Residential Industrial cons
Slide 12: Appendix
4TopBuild APPENDIX
Slide 13: Reconciliation of Adjusted EBITDA to Net Income
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (Unaudited) (dollars in thousands) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net income, as reported $ 104,515 $ 150,540 $ 521,727 $ 622,602 Adjustments to arrive at EBITDA, as adjusted: Interest expense and other, net
Slide 14: Acquisition Adjusted Net Sales
ACQUISITION ADJUSTED NET SALES (Unaudited) (dollars in thousands) 2025 Year Ended Q1 Q2 Q3 Q4 December 31, 2025 Net sales $ 1,233,278 $ 1,297,403 $ 1,393,158 $ 1,485,247 $ 5,409,086 † Acquisitions pro forma adjustment 289,594 308,195 194,047 13,132 804,968 Net sales, acquisition adjusted $ 1,522,872
Slide 15: Segment Data
SEGMENT DATA (Unaudited) (dollars in thousands) Three Months Ended December 31, Year Ended December 31, 2025 2024 Change 2025 2024 Change Installation Services Sales $ 798,377 $ 788,554 1.2 % $ 3,182,853 $ 3,294,630 (3.4) % Operating profit, as reported $ 137,675 $ 149,445 $ 589,494 $ 649,162 Operat
Slide 16: Same Branch and Acquisition Metrics
SAME BRANCH AND ACQUISITION METRICS (dollars in thousands) (Unaudited) Three Months Ended December 31, 2025 2024 Net sales Same branch: Installation Services $ 670,046 $ 788,554 Specialty Distribution 581,549 601,830 Eliminations (68,367) (78,178) Total same branch $ 1,183,228 $ 1,312,206 Acquisitio
Slide 17: Margin Reconciliation
MARGIN RECONCILIATION (Unaudited) (dollars in thousands) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Operating profit, as reported - segments $ 216,986 $ 240,014 $ 912,460 $ 1,001,593 General corporate expense, net (23,733) (9,807) (66,647) (65,416) Intercompany elimi
Slide 18: 2026 Estimated Guidance Ranges
2026 ESTIMATED GUIDANCE RANGES (Unaudited) (in millions) Twelve Months Ending December 31, 2026 Low Mid High Estimated net income $ 446.0 $ 507.0 $ 568.0 Adjustments to arrive at estimated adjusted measures: Interest expense and other, net 149.0 146.0 143.0 Income tax expense 157.0 178.0 199.0 Estim