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NOV 5, 2025 NYSE: IBP Q3 2025 INSTALLED BUILDING PRODUCTS INVESTOR PRESENTATION
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2 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," "plans" and "seeks," and, in each case their negative, and other variations or comparable terminology. Forward-looking statements are based on management' s current expectations and involve risks and uncertainties that could cause actual results, performance or achievements to differ significantly from IBP's historical results or those implied in such forward-looking statements, including, without limitation, general economic and industry conditions, rising home prices, inflation and interest rates; the supply chain and material constraints; increased tariffs; federal government shutdowns and uncertainty regarding the federal government's policy changes; the timing of increases in our selling prices; and the risk discussed in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2024, as the same may be updated from time-to-time in our subsequent filings with the SEC. You should not place undue reliance on forward-looking statement as a prediction of actual results. Any forward-looking statements in this presentation speak only as of the date hereof. IBP expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to result any change in expectations or events, conditions or circumstances on which any such statements are based. Safe Harbor 2DISCLAIMER
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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) Adjusted Cost of Sales, (6) Adjusted Gross Profit, (7) Free Cash Flow, and (8) Net Debt . For the periods ended June 30, September 30, and December 31, 2024 we reported Adjusted Net Income (Loss), Diluted Adjusted Net Income (Loss) per Share, dispositions and net of dispositions in order to provide useful insight and metrics relevant to understanding and evaluating the results of our ongoing operations given plans to close a single new commercial end market-oriented branch. As of the three months ended June 30, 2025, the closing of this branch is essentially complete and its financial results were insignificant. Therefore, we have chosen not to report any financial results for dispositions or net of dispositions in the tables below. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Please refer to the Appendix of this presentation of a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP. EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Gross Profit, Adjusted Selling and Administrative Expense, and Free Cash Flow measure performance by adjusting EBITDA, GAAP net income, gross profit and selling and administrative expense, and GAAP net income, respectively, for certain income or expense items that are not considered part of our core operations. We believe that the presentation of these measures provides useful information to investors regarding our results of operations because it assists both investors and us in analyzing and benchmarking the performance and value of our business. We believe the Adjusted EBITDA measure is useful to investors and us as a measure of comparative operating performance from period to period as it measures our changes in pricing decisions, cost controls and other factors that impact operating performance, and removes the effect of our capital structure (primarily interest expense), asset base (primarily depreciation and amortization), items outside our control (primarily income taxes) and the volatility related to the timing and extent of other activities such as asset impairments and non-core income and expenses. Accordingly, we believe that this measure is useful for comparing general operating performance from period to period. In addition, we use various EBITDA-based measures in determining the achievement of awards under certain of our incentive compensation programs. Other companies may define Adjusted EBITDA differently and, as a result, our measure may not be directly comparable to measures of other companies. In addition, Adjusted EBITDA may be defined differently for purposes of covenants contained in our revolving credit facility or any future facility. Although we use the Adjusted EBITDA measure to assess the performance of our business, the use of the measure is limited because it does not include certain material expenses, such as interest and taxes, necessary to operate our business. Adjusted EBITDA should be considered in addition to, and not as a substitute for, GAAP net income as a measure of performance. Our presentation of this measure should not be construed as an indication that our future results will be unaffected by unusual or non-recurring items. This measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Because of these limitations, this measure is not intended as an alternative to net income as an indicator of our operating performance, as an alternative to any other measure of performance in conformity with GAAP or as an alternative to cash flow provided by operating activities as a measure of liquidity. You should therefore not place undue reliance on this measure or ratios calculated using this measure. We also believe the Adjusted Net Income measure is useful to investors and us as a measure of comparative operating performance from period to period as it measures our changes in pricing decisions, cost controls and other factors that impact operating performance, and removes the effect of certain non-core items such as discontinued operations, acquisition related expenses, amortization expense, the tax impact of these certain non-core items, and the volatility related to the timing and extent of other activities such as asset impairments and non-core income and expenses. To make the financial presentation more consistent with other public building products companies, beginning in the fourth quarter 2016 we included an addback for non-cash amortization expense related to acquisitions. Accordingly, we believe that this measure is useful for comparing general operating performance from period to period. Other companies may define Adjusted Net Income differently and, as a result, our measure may not be directly comparable to measures of other companies. In addition, Adjusted Net Income may be defined differently for purposes of covenants contained in our revolving credit facility or any future facility. 3DISCLAIMER Non-GAAP Financial Measures
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COMPANY OVERVIEW
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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 over 250 locations serving all 48 continental states and the District of Columbia Note: Shaded states are where we have a physical presence. Some dots represent multiple locations. 1 Based on internal estimates. 5COMPANY OVERVIEW
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Homebuilder Finished Home ContractorWholesaler / RetailerDistributor Building Products Manufacturer Purchasing, Logistics, Installation 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 TYPICAL MULTI-STEP VALUE CHAIN 6COMPANY OVERVIEW
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Revenue by Product Revenue by End-Market Note: For 2024 revenue by product, Other includes net revenue for manufacturing and distribution operations. Insulation, 78% Garage Doors, 6% Shower Doors, Shelving, & Mirrors, 5% Rain Gutters, 5% Other Building Products, 6% Insulation, 60%Shower Doors, Shelves, & Mirrors, 7% Garage Doors, 6% Waterproofing, 5% Rain Gutters, 4% Fireproofing, 3% Window Blinds, 3% Other Building Products, 6% Other, 6% New Single Family, 75% New Multi-Family, 6% Commercial, 11% R&R, 8% New Single Family, 57%New Multi-Family, 16% Commercial, 18% R&R, 9% 2015 2024 Areas for Growth • Accretive acquisitions in residential end market • Tuck-in acquisitions, organically introduce complementary building products • Organically introduce our product offerings in existing branches • New products • Leverage centralized multi-family platform in existing IBP branches Increasing Product & End Market Diversification 7COMPANY OVERVIEW
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Install and design shelving systems using branded products Steel, aluminum, wood, and vinyl doors and opener systems Aluminum or copper, assembled on the job site INSULATION GARAGE DOORS RAIN GUTTERS OTHER BUILDING PRODUCTS WINDOW BLINDS COMMERCIAL PRODUCTS SHOWER DOORS, SHELVING, MIRRORS Fiberglass, spray foam, and cellulose insulation Basic sliding doors, custom designs, closet shelving and custom mirrors ~6% Cordless blinds, shades, and shutters Waterproofing, fireproofing, firestopping Note: All market share figures, except for commercial products, are internal estimates for IBP new residential construction. (1) Other includes net revenue for manufacturing and distribution operations. ~30% ~7% ~2% ~5% Single Digit % Share NA OTHER (1) NA Distribution and manufacturing of building products Diverse Service and Product Offering FRAGMENTED NON-INSULATION PRODUCT MARKET ALLOWS FOR REVENUE DIVERSIFICATION AND ACQUISITIONS Estimated Market Share 8COMPANY OVERVIEW
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Top 50 IBP Metropolitan Statistical Areas (MSAs) Established, 30% Developing, 70% Established, 68% Developing, 32% • On average, an established IBP branch with diversified revenue by product and/or end market generates ~$4,400 per residential permit, while a developing branch with more concentrated revenue generates ~$2,200 per residential permit Core End Markets • New single-family • New multi-family • Commercial • Repair & Remodel If a branch has 3 or more end markets that represent more than 10% of its revenue, then it is categorized as established. Core Installed End Products • Fiberglass insulation • Spray foam insulation • Shower shelving and mirrors • Gutters • Waterproofing • Garage doors • Window blinds If a branch has four or more products that represent more than 10% of its revenue, then it is categorized as established. End Products End Markets Source: Company estimates. Note: The categorization (developing / established) of each of IBPs top 50 MSAs is based on the product and end market revenue contribution of multiple IBP branches within that MSA. Diversification Growth Opportunity FURTHER DIVERSIFICATION ENHANCES SAME BRANCH REVENUE OPPORTUNITY 9COMPANY OVERVIEW
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Asset-Light Model Generates Substantial Free Cash Flow • Working capital is largest use of operating cash • Capital expenditures and finance capital lease expense averages 2-3% of net revenue over the long term • Cash balances have supported acquisition growth Robust Liquidity and Low Leverage Provide Flexibility Through Cycle • Multiple funding sources and staggered maturities • Target leverage ratio < 2.00x, 1.09x as of September 30, 2025 * Free cash flow is a non-GAAP measure calculated as net cash provided by operating activities minus purchases of property and equipment. A reconciliation to the most comparable measure prepared in accordance with GAAP is included in the Appendix. Note: All $ figures in millions. Business Model Generates Substantial Cash Flow 10COMPANY OVERVIEW OVER $1 BILLION IN FREE CASH FLOW IN FIVE YEARS Free Cash Flow * Cumulative Free Cash Flow * 2020 2021 2022 2023 2024$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000
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CAPITAL ALLOCATION PRIORITIES 5 YEAR CAPITAL ALLOCATION (in millions) $579 50% $323 28% $246 21% Acquisitions Share RepurchasesDividends Acquisitions • Contribute to profitability and revenue diversification Growth Focused Capital Allocation Strategy Quarterly Dividends • Quarterly dividend of $0.37 per share Share Repurchases • $500 million authorization expires 3/1/26 Annual Variable Dividend • Paid $1.70 per share 3/31/25 1 2 3 4 11COMPANY OVERVIEW Note: Dividend policy initiated in Q1 2021. 2020 - 2024 $1.15B
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Deploying Capital Across Nearly Three Decades, Driving Growth and Market Expansion Note: In Q2 2022, we changed the criteria for how acquisitions are counted in the chart. Generally, acquisitions presented meet the following criteria: (1) we pay for goodwill; (2) business has a standalone location; (3) business name is projected to remain over the long term; and (4) purchase price greater than $0.5 million. First acquisition in 1994. US residential completions data based on U.S. Census Bureau in million units, left axis. US Residential CompletionsIBP Acquisition Count 1995199719992001200320052007200920112013201520172019202120230.00 0.40 0.80 1.20 1.60 2.00 0 5 10 15 20 25 Great Financial Crisis IBP IPO Successful Acquisition Strategy CONSISTENT ACQUISITION 'PLAYBOOK' EXECUTED FOR OVER 30 YEARS 12COMPANY OVERVIEW • Keys to our value-creating acquisition approach ‒ Consistent processes and discipline led by CEO, CFO and EVP for over 20 years ‒ Target profitable and reputable operators ‒ Maintain existing / local name and management personnel ‒ Apply national buying material power effective on day one ‒ Introduce new sales opportunities through relationships with national homebuilders ‒ Provide corporate support allowing branch managers to focus more on customer acquisition, operational efficiency, and service quality control
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1 Adjusted Net Income per share, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. A reconciliation to the most comparable measure prepared in accordance with GAAP is included in the Appendix Organic Revenue Growth Gross Profit Margin Adjusted EPS Growth (1) Adjusted EBITDA Growth (1) Target >$100M of acquired revenue annually Material purchasing power + Product diversification = Margin % benefit Immediately accretive >10% Adjusted EBITDA Margin 0-25% 30-34% 7-65% 5-54% 2020-2024 Long-Term Outlook Outperform U.S. Residential Completions Growth 30-32% Mid-teens 20-25% Organic Incremental Margin Acquisition Growth Assumptions Annual Operating Framework COMPELLING FINANCIAL MODEL CREATES LONG-TERM VALUE 13COMPANY OVERVIEW
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FINANCIAL PERFORMANCE
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1 % Net revenue growth over prior year period. 2 Adjusted cost of sales relate to stock compensation expense, Financial Wellness Program, branch start-up costs and employee pay and employee medical expenses directly attributable to COVID-19. See the Adjusted Cost of Sales and Adjusted Gross Profit Reconciliation included in the Appendix. Adjusted Cost of Sales and Adjusted Gross Profit are non-GAAP financial measures. 3 Adjusted Selling & Administrative expense is a non-GAAP financial measures. A reconciliation to the most comparable measure prepared in accordance with GAAP is included in the Appendix. 4 Adjusted EBITDA is a non-GAAP financial measure. A reconciliation to the most comparable measure prepared in accordance with GAAP is included in the Appendix. Twelve months ended December 31, ($ in millions) 2021 2022 2023 2024 LTM 9/30/25 Net revenue $ 1,968.7 $ 2,669.8 $ 2,778.6 $ 2,941.3 $ 2,973.5 % Net revenue growth (1) 19.1 % 35.6 % 4.1 % 5.9 % 2.1 % Same branch consolidated sales growth 9.7 % 24.6 % 0.2 % 3.5 % (0.4) % Adjusted cost of sales (2) $ 1,378.3 $ 1,841.4 $ 1,847.0 $ 1,945.7 $ 1,972.8 Adjusted gross profit (2) $ 590.4 $ 828.4 $ 931.6 $ 995.6 $ 1,000.7 Adjusted gross profit margin (2) 30.0 % 31.0 % 33.5 % 33.8 % 33.7 % Adjusted Selling & Administrative expense (3) $ 348.5 $ 435.9 $ 498.9 $ 544.2 $ 558.4 Adjusted Selling & Administrative expense (3) - % Total Revenue 17.7 % 16.3 % 18.0 % 18.5 % 18.8 % Adjusted EBITDA (4) $ 285.4 $ 439.3 $ 485.9 $ 511.4 $ 508.3 Adjusted EBITDA margin (4) 14.5 % 16.5 % 17.5 % 17.4 % 17.1 % Summary Financial Results 15FINANCIAL PERFORMANCE
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3 Adjusted EBITDA is a non-GAAP financial measure. A reconciliation to the most comparable measure prepared in accordance with GAAP is included in the Appendix. Adjusted Gross Profit (1) Adjusted Selling & Administrative (2) Adjusted EBITDA (3) Working Capital (4) (% of net revenues) $590 $828 $932 $996 $1,001 30.0% 31.0% 33.5% 33.8% 33.7% 2021 2022 2023 2024 LTM 9/30/25 (% of net revenues) $285 $439 $486 $511 $508 14.5% 16.5% 17.5% 17.4% 17.1% 2021 2022 2023 2024 LTM 9/30/25 (% of net revenue)$349 $436 $499 $544 $558 17.7% 16.3% 18.0% 18.5% 18.8% 2021 2022 2023 2024 LTM 9/30/25 (% of net revenue) $218 $327 $337 $368 $330 11.1% 12.2% 12.1% 12.5% 11.1% 2021 2022 2023 2024 9/30/25 Multi-Year Financial Improvement ADDITIONAL VALUE DRIVEN BY OPERATING LEVERAGE AND NATIONAL SCALE 16FINANCIAL PERFORMANCE 4 Working Capital excludes cash (in millions) of 2021 - $334, 2022 -$230, 2023 - $387, 2024 - $328, and 9/30/2025 - $333. 2 Adjusted Selling & Administrative is a non-GAAP financial measure. A reconciliation to the most comparable measure prepared in accordance with GAAP is included in the Appendix. 1 Adjusted Gross Profit is a non- GAAP financial measure. A reconciliation to the most comparable measure prepared in accordance with GAAP is included in the Appendix.
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Twelve months ended December 31, ($ in millions) 2021 2022 2023 2024 LTM 9/30/25 Cash and Investments $ 333.5 $ 229.6 $ 386.5 $ 327.6 $ 333.3 Total Debt 868.1 870.1 876.6 883.0 887.3 Net Debt (1) $ 534.6 $ 640.5 $ 490.1 $ 555.4 $ 554.0 Adjusted EBITDA (2) $ 285.4 $ 439.3 $ 485.9 $ 511.4 $ 508.3 Net Debt / Adjusted EBITDA (2) (3) 1.87x 1.46x 1.01x 1.09x 1.09x Working Capital (Excluding Cash & Investments) (3) $ 218.3 $ 326.7 $ 337.1 $ 368.3 $ 329.7 1 Net debt is a non-GAAP financial measure and is calculated by subtracting cash from total debt. 2 Adjusted EBITDA is a non-GAAP financial measure. A reconciliation to the most comparable measure prepared in accordance with GAAP is included in the Appendix. The most recent quarter is a last twelve months figure. 3 Working Capital excludes cash (in millions) of 2021 - $334, 2022 -$230, 2023 - $387, 2024 - $328, and 9/30/2025 - $333. Total Debt Net Debt Net Debt / Adjusted EBITDA 2021 2022 2023 2024 Q3 2025$— $400 $800 $1,200 0.80x 1.20x 1.60x 2.00x Conservative Capital Structure 17FINANCIAL PERFORMANCE
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2024 2025 2026 2027 2028 2029 2030 2031$— $100 $200 $300 $400 $500 $600 Current Corporate Credit Ratings S&P: BB- Moody's: Ba1 Matures 2/01/2028 Ba2 / B+ Matures 3/28/2031 Ba1 / BB+ Debt Maturities and Credit Ratings NO SIGNIFICANT MATURITIES NO SIGNIFICANT MATURITIES 18FINANCIAL PERFORMANCE 5.75% SENIOR NOTES TERM LOAN B
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ESG HIGHLIGHTS
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Environmental • Committed to sustainability, insulation is the best way to prevent energy waste • Reducing our carbon footprint Social Governance & Responsibility • Maintaining employee turnover significantly below industry average • Employee benefits, programs, and training to enhance engagement, build culture, and promote a safe and productive workforce Inclusion & Belonging • Maintaining workplaces free from discrimination and harassment Community and Employee Engagement • Making an impact with our employees and communities we serve through the IBP Foundation which issues scholarships, employee financial assistance and supports nonprofit organizations focused on housing, education, and strengthening our communities CLICK HERE TO VIEW ESG REPORT Environmental, Social & Governance OUR BUSINESS IS COMMITTED TO MAKING AN IMPACT WITH OUR PRODUCTS, OUR PEOPLE, AND COMMUNITIES WE SERVE 20ESG HIGHLIGHTS
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APPENDIX
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1 Addback of employee pay, employee medical expenses and legal fees directly attributable to COVID-19. Twelve months ended December 31, ($ in millions) 2021 2022 2023 2024 LTM 9/30/25 Net income, as reported $ 118.8 $ 223.4 $ 243.7 $ 256.6 $ 255.7 Interest expense 32.8 41.6 37.0 36.9 32.6 Provision for income tax 36.7 79.9 89.4 89.8 88.7 Depreciation and amortization 80.6 91.0 96.7 101.6 106.2 EBITDA $ 268.9 $ 435.9 $ 466.8 $ 484.9 $ 483.2 Acquisition related expenses 2.8 3.0 1.9 2.2 2.4 Share based compensation expense 13.8 13.8 15.9 19.4 22.7 COVID-19 expenses (1) 0.4 0.3 — — — Gain on acquisition earnouts — (16.1) — — — Gain on sale of assets (0.5) — — — — Legal reserve — 2.3 1.3 — — Asset impairment (2) — — — 4.9 — Adjusted EBITDA $ 285.4 $ 439.2 $ 485.9 $ 511.4 $ 508.3 Net profit margin 6.0 % 8.4 % 8.8 % 8.7 % 8.6 % EBITDA margin 13.7 % 16.3 % 16.8 % 16.5 % 16.3 % Adjusted EBITDA margin 14.5 % 16.5 % 17.5 % 17.4 % 17.1 % EBITDA and Adjusted EBITDA Reconciliation 22APPENDIX 2 During the twelve months ended December 31, 2024, we recognized intangible and asset impairment charges for a combined amount of $4.9 million related to winding down the operations of a branch that installs one of our non-core building products. .
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Twelve months ended December 31, ($ in millions) 2021 2022 2023 2024 LTM 9/30/25 Selling & administrative $ 364.6 $ 438.6 $ 517.1 $ 564.6 $ 582.4 Acquisition related expenses 3.8 3.0 1.9 2.2 2.4 Gains on acquisition earnouts (1.0) (16.1) — — — Share-based compensation expense 13.3 13.2 15.0 18.2 21.6 COVID-19 (1) — 0.3 — — — Legal reserve — 2.3 1.3 — — Adjusted Selling & Administrative $ 348.5 $ 435.9 $ 498.9 $ 544.2 $ 558.4 Selling & Administrative - % Total revenue 18.5 % 16.4 % 18.6 % 19.2 % 19.6 % Adjusted Selling & Administrative - % Total revenue 17.7 % 16.3 % 18.0 % 18.5 % 18.8 % Adjusted Selling & Administrative Expense 23APPENDIX 1 Addback of employee pay, employee medical expenses and legal fees directly attributable to COVID-19.
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Net Income and Adjusted Net Income Reconciliation 24APPENDIX Twelve months ended December 31, ($ in millions) 2021 2022 2023 2024 LTM 9/30/25 Net income, as reported $ 118.8 $ 223.4 $ 243.7 $ 256.6 $ 255.7 Adjustments for adjusted net income Share-based compensation expense 13.8 13.8 15.9 19.4 22.7 Acquisition related expenses 3.8 2.0 1.9 2.2 2.4 Gain on earnout (1.0) (15.1) — — — COVID-19 expenses (1) 0.4 0.3 — — — Gain on sale of assets (0.5) — — — — Amortization expense (2) 37.1 43.8 44.5 42.5 41.1 Legal reserve — 2.3 1.3 — — Loan refinancing expenses (3) 1.8 — — 5.0 0.9 Miscellaneous non-operating income — — — — — Asset impairment (4) — — — 4.9 — Tax impact of adjusted items at a normalized tax rate (5) (13.1) (12.2) (16.5) (19.2) (17.4) Adjusted net income $ 161.1 $ 258.3 $ 290.8 $ 311.4 $ 305.4 Net profit margin 6.0 % 8.4 % 8.8 % 8.7 % 8.6 % Adjusted net profit margin 8.1 % 9.7 % 10.5 % 10.6 % 10.3 % 1 Addback of employee pay, employee medical expenses, and legal fees directly attributable to COVID-19. 2 Addback of all non-cash amortization resulting from business combinations. 4 During the twelve months ended December 31, 2024, we recognized intangible and asset impairment charges for a combined amount of $4.9 million related to winding down the operations of a branch that installs one of our non-core building products. 3 $1.5 million of non-cash write-off of capitalized loan expense and $3.5 million of cash paid to third parties in connection with loan refinancing for the twelve months ended December 31, 2024, respectively. 5 Normalized effective tax rate of 26.0% applied to periods presented.
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Twelve months ended December 31, ($ in millions) 2021 2022 2023 2024 LTM 9/30/25 Net revenue $ 1,968.6 $ 2,669.8 $ 2,778.6 $ 2,941.3 $ 2,973.5 Cost of sales 1,379.1 1,842.1 1,847.9 1,946.8 1,974.0 Share-based compensation expense 0.4 0.6 0.9 1.1 1.2 COVID-19 expenses (1) 0.4 — — — — Adjusted cost of sales $ 1,378.3 $ 1,841.5 $ 1,847.0 $ 1,945.7 $ 1,972.8 Gross Profit $ 589.5 $ 827.8 $ 930.7 $ 994.5 $ 999.5 Adjustments to gross profit 0.8 0.6 0.9 1.1 1.2 Adjusted gross profit $ 590.3 $ 828.4 $ 931.6 $ 995.6 $ 1,000.7 Gross Profit - % of Total Revenue 29.9 % 31.0 % 33.5 % 33.8 % 33.6 % Adjusted Gross Profit - % Total Revenue 30.0 % 31.0 % 33.5 % 33.8 % 33.7 % 25APPENDIX 1 Addback of employee pay, employee medical expenses, and legal fees directly attributable to COVID-19. Adjusted Cost of Sales and Gross Profit Reconciliation
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Twelve months ended December 31, ($ in millions) 2021 2022 2023 2024 LTM 9/30/25 Net cash provided by operating activities $ 138.3 $ 277.9 $ 340.2 $ 340.0 $ 381.3 Purchases of property and equipment (37.0) (45.6) (61.6) (88.6) (76.9) Free cash flow $ 101.3 $ 232.3 $ 278.6 $ 251.4 $ 304.4 Free Cash Flow Reconciliation 26APPENDIX
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INVESTOR RELATIONS 614-221-9944 investorrelations@installed.net