TopBuild: Acquires Specialty Products and Insulation (SPI) in All-Cash Transaction Valued at $1 Billion

Robert Buck, President & CEO Rob Kuhns, CFO

1

October 8, 2025

Specialty Products and Insulation (SPI) Snapshot

• Attractive and complementary businesses and footprint

• Specialized engineering and fabrication capabilities

• Talented and experienced management team

• Track record of profitable

growth

15%

Products

85%

Mechanical Insulation Building Insulation

SPI SALES MIX1

13%

End

Market

87%

Commercial & Industrial Residential

55%

Demand

Drivers

45%

New Construction Maintenance and Repair

1 For the trailing twelve months ended June 30, 2025. Excludes metal building insulation. 3

Acquisition Advances TopBuild's Growth Strategy and Drives Strong Returns

Acquired Specialty Products & Insulation for $1B

SPI is a leading specialty distributor and fabricator of mechanical insulation solutions

Expect $35M to $40M of annual run-rate cost synergies within

two years

1. strong Commercial and Industrial (C&I) end market mix

   and complementary product offerings to drive further innovation

   and even better meet customer needs

2. Extends geographic footprint and expands mechanical insulation fabrication capabilities in highly fragmented industry
3. Improves non-cyclical revenue mix driven by recurring maintenance and repair
4. Drives strong return on invested capital and leverages core M&A strength

4

Brings Together Two Leading Specialty Distributors with Strong C&I End Market Mix

HVAC Systems

Duct liner Duct wrap Duct board

HVAC insulation

Building Insulation

Fiberglass Spray Foam Mineral Wool

Fiberglass batt insulation

Plumbing and Mechanical

Fiberglass pipe cover Foam glass pipe cover Rubber pipe cover Pipe and tank wrap

Calcium silicate insulation Insulation jacket systems

Data Centers Industrial

Manufacturing

Oil & Gas

Energy & Alternative Fuels

Chemical

Processing

Pharmaceuticals & Biotech

Food &

Beverage Marine

5

Extends Mechanical Insulation Footprint and Fabrication Capabilities

• Expands coverage across key regions, such as Northeast and Southeast U.S., including Florida

• Enables opportunities to drive operational efficiencies

• Improves cross-selling opportunities

  Mechanical Insulation Branches

  TopBuild SPI

  Complementary Footprint Further Supports Customers
  
  
  

  6

  
  
  

  Leverages Core M&A Strengths

  
  
  CLEARLY DEFINED M&A STRATEGY AND PROCESS

  M&A Strategy

  • Disciplined approach, rigorous diligence

  • Enhance resources and capabilities

  • Expand geographic presence and customer base

  • Value accretive growth opportunities

  • Aligns to culture and leadership

    Integration Competency

    
    
    
    
    
    

  • Dedicated integration team

  • Timely conversion to our ERP system

  • Realize synergies

    quickly

  • Leverage best practices

    Track Record of Success

  • Completed 45 acquisitions since spin-off in 2015

  • Historically exceeded

    projected synergy targets

  • Consistently expanded margins post-acquisitions

7

Specialty Products & Insulation Transaction Overview

1 For the trailing twelve months ended June 30, 2025. 8

Pro Forma Revenue Mix

Installation

Specialty Distribution

Residential

Commercial & Industrial

New construction

22%

Demand

Drivers

78%

47%

End

Market

53%

43%

Segment

57%

Non-cyclical -maintenance/repair, re-roofing, repair/remodel

Drives more balanced segment mix

Increases C&I exposure

Grows non-cyclical revenue

9

1 Trailing twelve months (TTM) ended June 30, 2025 historical TopBuild revenue plus TTM ended June 30, 2025 Progressive and SPI revenue. 9

Significant Cost Synergies

~$35M to $40M

SOURCES OF SYNERGIES

~$17M to $20M

SUPPLY CHAIN

• Leverage TopBuild's scale and best practices across the supply chain and branch network

  Run-rate End Year 1 Run-rate End Year 2

  Consistent track record of successfully delivering synergies on time

  OPERATIONAL IMPROVEMENTS

• Improve efficiencies and productivity

• Achieve enhanced asset utilization

• Optimize fleet and logistics

• Reduce indirect spend

Highly complementary businesses enable substantial

synergy realization

10