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THIRD QUARTER 2025 EARNINGS CALL October 30, 2025 1
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SAFE HARBOR STATEMENTS 2 Forward-Looking Statements Certain information set forth in this presentation, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, tariffs and retaliatory tariffs imposed by the United States or other countries on imported goods, including raw materials used in the manufacturing of the Company’s products; changes to economic conditions and customer demand for the Company’s products; the availability and pricing of the principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions,, the loss of any key customers, adverse effects of inflation, the ability to continue to improve operating margins, the ability to generate order flow and sales and increase backlog, the ability to translate the backlog into net sales, other general economic conditions and conditions in the particular markets in which we operate, changes in spending due to law and government incentives, such as the Infrastructure Investment and Jobs Act, changes in customer demand and capital spending, competitive factors and pricing pressures, the ability to develop and launch new products in a cost-effective manner, the ability to realize synergies from newly acquired businesses, disruptions to IT systems, the impact of trade and regulation, rebates, credits and incentives and variations in government spending and the ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions. Before making any investment decisions regarding the company, we strongly advise you to read the section entitled “Risk Factors” in the most recent annual report on Form 10-K which can be accessed under the “SEC Filings” link of the “Investor Info” page of the website at www.Gibraltar1.com. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation. Adjusted Financial Measures To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this presentation, including adjusted net sales, adjusted operating income and margin, adjusted net income, adjusted earnings per share (EPS), free cash flow and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA). each a non-GAAP financial measure. Unless otherwise indicated, the consolidated financial statements, disclosures and related information disclosed herein relate to the Company's continuing operations, which exclude its Renewables business which was classified as a discontinued operation as of June 30, 2025. The Company has recast prior period amounts to reflect discontinued operations. Adjusted net sales reflects the removal of net sales associated with the residential electronic locker business sold on December 17, 2024. Adjusted net income, operating income and margin exclude special charges consisting of restructuring costs (primarily comprised of exit activities costs and impairment of both tangible and intangible assets associated with 80/20 simplification, lean initiatives and / or discontinued products), senior leadership transition costs (associated with new and/or terminated senior executive roles), acquisition related costs (legal and consulting fees for recent business acquisitions), and portfolio management (which includes the gain on sale and operating results). The aforementioned exclusions along with other adjustments to other income below operating profit, are excluded from adjusted EPS. Adjusted EBITDA further excludes interest, taxes, depreciation, amortization and stock compensation expense. In evaluating its business, the Company considers and uses these non-GAAP financial measures as supplemental measures of its operating performance. The Company believes that the presentation of adjusted measures and free cash flows provides meaningful supplemental data to investors, as well as management, that are indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. Adjusted EBITDA and free cash flow are also useful measures of the Company’s ability to service debt and Adjusted EBITDA is one of the measures used for determining the Company’s debt covenant compliance. Special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. Adjustments to the most directly comparable financial measures presented on a GAAP basis are quantified in the reconciliation of adjusted financial measures provided in the supplemental financial schedules that accompany the earnings news release. These adjusted measures should not be viewed as a substitute for the Company’s GAAP results and may be different than adjusted measures used by other companies and the presentation of non-GAAP financial measures should not be construed as an inference that the future results will be unaffected by unusual or non-recurring items. Reconciliations of non-GAAP measures related to full-year 2025 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations.
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THIRD QUARTER 2025 REVIEW – CONTINUING OPERATIONS NET SALES ▪ Driven by Structures and Metal Roofing acquisitions and building accessories growth in residential ▪ Offset by ongoing softness in mail and package and delays in a large Agtech (CEA) project as discussed in Q2 earnings call ▪ Order backlog increased 50% with Agtech and Infrastructure bookings off to a good start in Q4 INCOME & CASH ▪ Driven by product mix and shift of volume to Q4 for Agtech projects ▪ Generated $57 million operating cash flow PORTFOLIO MANAGEMENT ▪ Lane Supply and metal roofing performing to plan ▪ M&A discussions in core end markets continuing FOCUS 1. Participation gains, quality of earnings, strong cash performance 2. 80/20, productivity, execution 3. Continue to monitor and execute in slower market and tariff environment 1 From continuing operations, including Residential, Agtech and Infrastructure segments. Refer to appendix in the earnings news release for adjusted measures reconciliations. 3 ADJUSTED NET SALES $311M ↑13% ADJUSTED OPERATING INCOME ADJUSTED EPS ADJUSTED EBITDA FREE CASH FLOW (% of Sales) $43M 13.7% $1.14 (1%) $51M $49M 16% 16.5%
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4 RESIDENTIAL *Amounts are stated in $Millions. **Refer to appendix in the earnings news release for adjusted measures reconciliations. 4 $230.3 $209.8 +9.8% -200 bps -130 bps 18.2% 20.2% 20.3% 21.6% $640.5 $603.7 +6.1% -130 bps -90 bps 18.6% 19.9% 20.4% 21.3% Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 NET SALES* OPERATING MARGIN EBITDA MARGIN ADJUSTED PROFIT MEASURES** YTD 25 YTD 24 YTD 25 YTD 24 YTD 25 YTD 24 NET SALES* OPERATING MARGIN EBITDA MARGIN ADJUSTED PROFIT MEASURES** 3RD QUARTER RESULTS NINE MONTHS RESULTS NET SALES ▪ Building Accessories up 2% in a market down approximately 5% - 10% - segment organic revenue down 1% ▪ Metal roofing – performing as expected, acquisitions tracking to plan ▪ Mail and package – driven by weakness in prior-year single home and multi-family new construction starts ADJUSTED OPERATING & EBITDA MARGIN ▪ Driven by business and product mix and accelerating integration of individual metal roofing businesses
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5 US ROOFING INDUSTRY UPDATE Q3 Change YTD Change T exas 6.3 (25.2%) 19.7 (12.5%) Florida 2.8 (2.3%) 10.6 9.6% N. Carolina 2.0 (3.6%) 6.2 0.1% Georgia 1.8 7.6% 6.0 9.6% California 1.4 (33.0%) 5.0 (18.1%) Missouri 1.8 10.8% 4.8 5.0% Ohio 1.5 0.4% 4.7 2.6% T ennessee 1.6 23.3% 4.5 16.3% Illinois 1.4 (13.7%) 4.4 (11.2%) Michigan 1.0 (20.0%) 3.7 (4.5%) T op 10 (54%) 21.6 (12.1%) 69.6 (3.3%) T otal U.S. 40.4 (10.0%) 127.4 (5.4%) 2025 SHINGLE SHIPMENTS – TOP 10 STATES* (“SQUARES” - IN MILLIONS**) *Source: Asphalt Roofers Manufacturing Association (ARMA) October report for shingle shipments in Q3 and YTD 9 months **Reference: one square represents 100 square feet of roof area per square ▪ POS down 4.5% in Q3 across trims / flashings / ventilation ▪ Inventory rightsizing initiatives expected through end of 2025 ▪ Decline related to less weather -related activity - California rains, T exas hailstorms, Hurricanes in 2024 ▪ General slow conditions in Arizona, California, Florida, and Texas markets due to labor availability INDUSTRY FEEDBACK BUILDING ACCESSORIES 2025 PERFORMANCE 10.0% Q3 Year-to-Date (Sept) 2.0% 2.5% 5.4% Gibraltar Market
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RESIDENTIAL EXPANSION INITIATIVES 6 Q3 EXPANSION INITIATIVES 1. Denver and Boise now providing regional support for Retailers 2. Salt Lake City expanded and now supports Retail customers 3. Additional locations to support the West regions coming soon Fife,WA Portland,OR Boise,ID Idaho Falls,ID Missoula,MT SLC,UT Pomona,CA Greely,CO Colorado Springs,CO Denver,CO OKC,OK Dallas,TX San Antonio,TX Statesville,NC Myrtle Beach,SC Charleston,SC Jacksonville,FL Orrick,MO Hastings,MI Appleton, WI New Locations Existing Locations
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7 AGTECH *Amounts are stated in $Millions. **Refer to appendix in the earnings news release for adjusted measures reconciliations. 7 $57.6 $41.5 +38.8% -440 bps -280 bps 5.7% 10.1% 9.4% 12.2% $156.7 $110.1 +42.3% -120 bps Flat 7.2% 8.4% 10.8% 10.8% NET SALES* OPERATING MARGIN EBITDA MARGIN ADJUSTED PROFIT MEASURES** NET SALES* OPERATING MARGIN ADJUSTED PROFIT MEASURES** 3RD QUARTER RESULTS NINE MONTHS RESULTS EBITDA MARGIN Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 YTD 25 YTD 24 YTD 25 YTD 24 YTD 25 YTD 24 NET SALES ▪ Growth driven by Lane Supply acquisition – performing as expected with solid demand ▪ Offset by expected delay of large CEA project communicated on the Q2 earnings call ▪ Demand remains very good – segment backlog +96%, organic backlog +75% ADJUSTED OPERATING & EBITDA MARGIN ▪ Driven by lower volumes and impact of integration activities for Lane supply ▪ Lane integration activities on schedule with focus on systems integration and supply chain initiatives
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AGTECH CEA PROJECT STATUS UPDATE #1 Design / Build Expansion ▪ Phase 2 expansion of bell pepper facility – 18 acres ▪ Started and in process ▪ 120-acre retrofit for cucumbers & tomatoes - growing operations in full swing ▪ Phase 1: design engineering complete and maintenance services ongoing ▪ Phase 2: remains on hold due to USDA funding delay – now expected to be released 12/1/2025 HOUWELINGS ARIZONA CONTRACT: $13.6M SIGNED Q3 2025 8 #2 Greenhouse “Lift” Project ▪ Lift 5 acres of greenhouse by 6’2” ▪ Started and complete in Q4 POMAS FARMS CONTRACT: $90.0M SIGNED Q4 2024
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$186 $98 $0 $50 $100 $150 $200 $250 $300 AGTECH BOOKINGS AND BACKLOG ACCELERATING Lane Organic BOOKINGS YTD 9 2024 2025 $129 $285 $Millions Change 121% ---- 44% $153 $36 $0 $50 $100 $150 $200 2024 2025 $90 $189 $Millions Change 110% ---- 70% AVERAGE BACKLOG YTD Lane Organic CUSTOMER & BUSINESS SUMMARY ▪ Customer expansion has been accelerating since 2024 – we have added… ̶ 15 CEA, 24 Classic, 20 Institutional customers ▪ The business is currently ~55% CEA and 45% Commercial / Institutional ▪ New construction is ~60% and retrofit / service is 40%
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AGTECH NEW PROJECT WINS IN COMMERCIAL AND INSTITUTIONAL BUSINESS 10 FRANKLIN PARK CONSERVATORY & BOTANICAL GARDENS KAPLAN ORCHID CONSERVATORY & RESEARCH FACILITY ▪ Design/Build retrofit project ▪ Location: Columbus, Ohio CONTRACT: $7.6M START: Q1 2026 ▪ New Design/Build facility ▪ Location: Norfolk, VA CONTRACT: $4.1M START: Q2 2026
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11 INFRASTRUCTURE *Amounts are stated in $Millions. **Refer to appendix in the earnings news release for adjusted measures reconciliations. 11 $23.1 $23.2 -0.4% -740 bps -740 bps 20.5% 27.9% 24.0% 31.4% $69.6 $69.9 -0.4% -70 bps -70 bps 24.5% 25.2% 27.9% 28.6% NET SALES* OPERATING MARGIN EBITDA MARGIN ADJUSTED PROFIT MEASURES** NET SALES* OPERATING MARGIN ADJUSTED PROFIT MEASURES** 3RD QUARTER RESULTS NINE MONTHS RESULTS EBITDA MARGIN Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 YTD 25 YTD 24 YTD 25 YTD 24 YTD 25 YTD 24 NET SALES ▪ Driven by now-resolved supplier transition in September that moved revenue into the fourth quarter ▪ Backlog down 2% but strong order inflows are being booked in October ADJUSTED OPERATING & EBITDA MARGIN ▪ Driven by lower volume and inefficiency related to supplier transition
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▪ A patented seal to protect telecom fiber-optic cables installed in shallow-depth trenches in asphalt pavement ▪ Enables shallow-depth trenching to be a better alternative to traditional full-depth trenching and boring 1. Installation speed 2. Reduced roadway closures 3. Trafficable immediately 4. Seal durability ▪ Since March 2024, 350 miles across 13 states have been installed NEW MICRO-TRENCHING SEAL TECHNOLOGY BY D.S. BROWN 12
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BALANCE SHEET – SOLID FREE CASH FLOW, AMPLE LIQUIDITY Balance Sheet Remains Unleveraged Revolver Cash LIQUIDITY ($M) 13 WORKING CAPITAL GENERATED CASH $15M Q3 Sources ▪ Other Assets $ 11M ▪ AP $ 8M ▪ Inventory $ 5M Q3 Uses ▪ Other Liabilities $ 6M ▪ AR $ 3M CASH FLOW ▪ OCF $57M ▪ FCF $49M Expect 2025 FCF ~10% Net Sales NO Q3 SHARE REPURCHASES Note: FCF = Free Cash Flow. Refer to appendix in the earnings news release for adjusted measures reconciliations. $18 $99 $179 2023 2024 Q3 2025 $99 $270 $396 $395 $394 $495 $665 $483 $89
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UPDATED 2025 GUIDANCE 14 2024* 2025 PRIOR GUIDE 2025 UPDATED GUIDE Adjusted Net Sales $1.01B $1.150– $1.200B $1.150– $1.175B Operating Income GAAP Adjusted Adjusted EBITDA Operating Margin GAAP Adjusted Adjusted EBITDA % $139.7M $148.5M $177.5M 13.6% 14.7% 17.5% $148.4 – $158.4M $168.4 – $178.4M $200.9 – $212.4M ~ 12.9% – 13.2% ~ 14.6% – 14.9% ~ 17.5% – 17.7% $140.6 – $144.6M $162.7 – $166.7M $197.4 – $202.0M ~ 12.2% – 12.3% ~ 14.1% – 14.2% ~ 17.1% – 17.2% GAAP EPS Adjusted EPS $4.58 $3.82 $3.67 – $3.91 $4.20 – $4.45 $3.67 – $3.77 $4.20 – $4.30 Free Cash Flow / Sales 15.7% ~ 10% ~ 10% * 2024 adjusted measures have been recast to remove the results of the Renewables business and the residential electronic loc ker business sold on December 17, 2024. Refer to appendix in the earnings news release adjusted measures reconciliations.
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GIBRALTAR October 30, 2025