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Here are 1-2 brief analogies for Installed Building Products (IBP):

• A national Home Depot for installed building products, but catering solely to professional home builders.

• The national Roto-Rooter for essential building components like insulation, garage doors, and gutters in new homes.

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• Insulation Installation: Provides installation services for various types of insulation, including fiberglass, spray foam, and cellulose, in residential and commercial structures.
• Shower Door Installation: Installs custom and standard shower doors and enclosures for bathrooms.
• Closet Shelving and Storage System Installation: Designs and installs wire and laminate shelving and storage systems for closets and pantries.
• Gutter Installation: Installs seamless gutters and downspouts to manage water drainage from building roofs.
• Mirror Installation: Provides installation services for custom and framed mirrors in various residential and commercial settings.
• Fireproofing Services: Applies fire-resistant coatings and materials to structural components to enhance fire safety.
• Waterproofing Services: Offers solutions for protecting building foundations and structures from water intrusion and moisture.

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Installed Building Products (symbol: IBP) primarily sells its services and products to other companies within the construction industry rather than directly to individuals for the majority of its revenue.

According to the company's annual reports (e.g., their 2023 10-K filing), no single customer accounted for 10% or more of their consolidated net revenue in the past several years. This indicates a diversified customer base across numerous builders and contractors, rather than reliance on a few major clients that would require individual disclosure.

Therefore, while specific names of major customer companies are not disclosed by IBP due to the dispersed nature of its client base, its primary categories of business customers include:

• National Home Builders: Large-scale residential construction companies operating across multiple states.
• Regional and Local Home Builders: Companies focused on residential construction within specific geographic regions or local markets.
• Multi-Family Builders: Developers and contractors specializing in apartment complexes, condominiums, and other multi-unit residential projects.
• Commercial Builders: Companies involved in the construction of non-residential buildings such as offices, retail spaces, and institutional facilities.
• Remodelers: Businesses undertaking significant renovation and remodeling projects, often for existing residential or commercial properties.

While IBP does serve individual homeowners directly for repair and remodel projects, this segment represents a smaller portion of its overall revenue compared to its business-to-business (B2B) builder customers.

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• Owens Corning (OC)
• Knauf Insulation
• Clopay Corporation

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Jeffrey W. Edwards President, Chief Executive Officer and Chairman
Mr. Edwards co-founded Installed Building Products (IBP) in 1993, successfully growing it into a prominent installer of insulation and complementary building products across the United States. He served as President and Chief Executive Officer from IBP's inception until the end of 2023, and currently holds the title of Executive Chairman. Mr. Edwards played a pivotal role in taking the company public on the New York Stock Exchange in 2014. With over 30 years of experience in the building products industry, he previously served as an officer and strategist for several family-owned companies he and his family started, acquired, or invested in over more than 40 years. These ventures spanned various sectors, including multi-family and student housing development and management, industrial tool distribution, wholesale building supply, homebuilding, land and real estate development, and real estate brokerage. He also serves as President of Edwards Companies, a privately held conglomerate primarily focused on real estate development and construction.

Michael T. Miller Executive Vice President, Chief Financial Officer and Director
Mr. Miller has served as the most senior financial officer of Installed Building Products since joining the company in 2000 as Executive Vice President – Finance. He was appointed Chief Financial Officer in 2013 and became a director in 2004. His professional background includes experience with Wachovia Bank, Deutsche Bank, and CIBC. Additionally, Mr. Miller has served as a Board Member at BMC Stock Holdings Inc.

Brad A. Wheeler Chief Operating Officer
Mr. Wheeler assumed the role of Chief Operating Officer for Installed Building Products in 2024.

W. Jeffrey Hire President of External Affairs
Mr. Hire serves as the President of External Affairs for Installed Building Products.

Jason R. Niswonger Chief Administrative and Sustainability Officer
Mr. Niswonger is the Chief Administrative and Sustainability Officer at Installed Building Products. He previously held the position of Senior Vice President, Finance & Investor Relations.

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The key risks to Installed Building Products (IBP) are primarily concentrated in its reliance on the cyclical housing market, operational challenges including competition and cost management, and regulatory changes.

1. Reliance on Cyclical Housing Market and Economic Conditions: Installed Building Products is heavily dependent on the cyclical and seasonal nature of the housing market, which is significantly influenced by factors such as interest rates, inflation, and consumer confidence. Economic downturns, rising interest rates, or declines in housing starts could substantially reduce demand for IBP's products and services, leading to lower revenues and profits. The company anticipates a decline in overall housing starts in 2025.
2. Operational Challenges and Competition: The markets for building products and installation services are highly competitive, which can result in pricing pressures, reduced profit margins, and a loss of market share for IBP. Additionally, the company faces challenges in managing rising labor costs and potential shortages of skilled workers, which can increase expenses and delay project completion. Supply chain disruptions, such as material shortages or increased raw material costs, also pose a risk to IBP's ability to fulfill contracts and maintain profitability, especially given competitive pressures that might hinder their ability to pass on these increased costs to customers.
3. Regulatory Changes: IBP is exposed to risks associated with changes in governmental regulations. This includes evolving building codes, environmental regulations (including ESG standards), and potential changes in immigration laws, which could impact labor availability and increase compliance costs.

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The increasing adoption of off-site construction methods, such as modular and panelized building, presents a clear emerging threat. These methods shift a significant portion of the building product installation process (including insulation, windows, and other components) from traditional on-site activities to factory environments. As modular and prefabricated construction gain market share due to benefits like increased efficiency, reduced labor costs, and faster build times, the demand for IBP's on-site installation services could diminish, impacting their core business model.

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• Insulation: The U.S. insulation market was estimated at USD 12.51 billion in 2023 and is projected to reach USD 13.26 billion in 2024. This market is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.4% from 2024 to 2030, reaching USD 19.25 billion by 2030. This market size is for the U.S. region.
• Other Main Products and Services: IBP also installs a range of complementary building products including shower doors, garage doors, rain gutters, window blinds, waterproofing, fireproofing, closet shelving, mirrors, bath hardware, fireplaces, and door locksets and hardware. While IBP has market share in these categories, specific addressable market sizes for these individual complementary products and services were not identified in the provided information.

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Installed Building Products (IBP): Expected Drivers of Future Revenue Growth

Installed Building Products (IBP) is anticipated to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, robust performance in its commercial segment (particularly heavy commercial), continued expansion of complementary products, and favorable pricing and mix shifts. The company's ability to gain market share and expand geographically will also contribute to its top-line expansion.

The following are 3-5 expected drivers of future revenue growth for IBP:

1. Strategic Acquisitions: IBP consistently utilizes an acquisition strategy to expand its market presence and service offerings. The company aims to acquire over $100 million in annual revenue, having already completed several acquisitions year-to-date in 2025, including cellulose insulation manufacturing, glass, and regional installation firms. This inorganic growth is a significant component of its revenue expansion strategy.
2. Growth in the Heavy Commercial Segment: Despite some softness in residential and light commercial markets, the heavy commercial segment has demonstrated strong performance, with same-branch sales growth exceeding 30% in Q3 2025. This segment is expected to continue providing a substantial tailwind for revenue and profitability beyond 2025 due to increasing contract backlogs.
3. Expansion of Complementary Products and Product Diversification: IBP has seen double-digit growth in its complementary product sales, which include items such as specialty insulation, glass, and hydromulch. This diversification helps to support margins and earnings, offsetting volatility in other segments and broadening the company's offerings to both residential and commercial customers.
4. Favorable Price/Mix and Operational Discipline: While job volumes can fluctuate, IBP has achieved price/mix increases, which contributed to its revenue growth and margin stability. This is partly driven by a shift towards custom and semi-custom homebuilders, which typically offer higher average selling prices (ASPs). The company's national branch execution and operational discipline also play a role in navigating market challenges and capitalizing on opportunities.

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Share Repurchases

• Installed Building Products (IBP) repurchased 700,000 shares of its common stock at a total cost of $134.9 million during the nine months ended September 30, 2025.
• As of September 30, 2025, the company had approximately $365 million available under its stock repurchase program, which expires on March 1, 2026.
• Between 2020 and 2024, IBP allocated $323 million to share repurchases.

Share Issuance

• There is no information available regarding significant company-led share issuances during the last 3-5 years. The number of shares outstanding has generally declined due to repurchases.

Inbound Investments

• No information is available regarding large investments made in Installed Building Products by third-parties over the last 3-5 years.

Outbound Investments

• Between 2020 and 2024, IBP allocated $246 million to acquisitions.
• To date in 2025, IBP has acquired over $58 million of annual revenue through acquisitions. This includes acquisitions of Carolina Precision Fibers ACP, Echols Glass & Mirror, Inc., Vanderkoy Bros, LLC, and Big Rock Insulation Corporation, contributing approximately $20 million, $12 million, $4 million, and $3 million of annual revenue respectively.
• In 2021, IBP completed 12 acquisitions representing approximately $211 million of annual revenues, exceeding its target for the year.

Capital Expenditures

• Capital expenditures and total incurred finance leases for the three months ended September 30, 2025, were approximately $20 million combined, which was about 3% of revenue. This was higher than usual due to accelerated vehicle purchases in anticipation of expected price increases.
• IBP's business model is characterized by relatively low capital expenditure requirements.