Here are 1-3 brief analogies for Installed Building Products (IBP):

• IBP is like the Orkin for new home building product installations.
• IBP is like ADT for new home building product installations.
• IBP is like Waste Management for new home building product installations.

• Insulation Installation Services: Installation of various types of insulation, including fiberglass, spray foam, and cellulose, for residential and commercial buildings.
• Gutter Installation Services: Installation of seamless gutters and downspouts designed to manage rainwater runoff from buildings.
• Garage Door Installation Services: Installation of garage doors, openers, and related access systems for residential and commercial properties.
• Fireproofing Installation Services: Application of passive fire protection systems to enhance the fire resistance of building structures.
• Shower Door & Mirror Installation Services: Installation of custom shower enclosures, doors, and various types of mirrors for bathrooms and other spaces.
• Shelving & Storage Solution Installation Services: Installation of wire shelving, custom wood shelving, and other organized storage systems.
• Waterproofing Installation Services: Application of waterproofing materials to foundations and other building elements to prevent moisture intrusion.

Installed Building Products (IBP) sells primarily to other companies rather than directly to individuals.

According to the company's annual reports (10-K filings), including the most recent one for the fiscal year ended December 31, 2023, no single customer accounted for 10% or more of IBP's total consolidated revenue. This indicates a highly diversified customer base, and therefore, no specific "major customers" can be individually named and listed with their symbols.

Instead, IBP's customer base is comprised of a broad range of companies within the building and construction industry. These major customer categories include:

• Production and Custom Homebuilders: Companies that construct single-family homes, ranging from large-scale developments to custom-designed residences. IBP provides insulation and other building products for these new constructions.
• Multi-Family and Commercial Builders: Companies specializing in the construction of apartment complexes, condominiums, and various commercial structures (e.g., offices, retail spaces, hotels). IBP supplies and installs products for these larger projects.
• Remodelers: Companies focused on renovating and upgrading existing residential and commercial properties. IBP's services are utilized for retrofits and improvements in these projects.

• Owens Corning (Symbol: OC)
• Johns Manville
• CertainTeed

Jeffrey W. Edwards, Executive Chairman

Jeffrey W. Edwards co-founded Installed Building Products (IBP) in 1993 and served as its President and Chief Executive Officer from inception until the end of 2023, currently holding the position of Executive Chairman. Under his leadership, IBP experienced substantial growth, expanding its national footprint and going public on the New York Stock Exchange in 2014. Mr. Edwards also serves as President of Edwards Companies, a privately held conglomerate focused on real estate development and construction. He possesses over 30 years of experience in the building products industry, including significant expertise in strategic, operational, and mergers and acquisitions (M&A) activities.

Michael T. Miller, Executive Vice President, Chief Financial Officer and Director

Michael T. Miller joined Installed Building Products in 2000 as Executive Vice President – Finance, becoming Chief Financial Officer in 2013 and a director in 2004. Prior to his tenure at IBP, Mr. Miller was a Senior Vice President/Managing Director of Corporate Investment Banking at Huntington Capital Corp., a subsidiary of Huntington Bancshares, Inc. He also held various positions with Deutsche Bank, Canadian Imperial Bank of Commerce, and First Union National Bank. Mr. Miller has extensive experience in capital structure, risk management, and M&A, and previously served on the board and audit committee of BMC Stock Holdings, Inc., a publicly traded diversified building products company.

Brad A. Wheeler, Chief Operating Officer

Brad A. Wheeler serves as the Chief Operating Officer of Installed Building Products.

W. Jeffrey Hire, President of External Affairs

W. Jeffrey Hire holds the title of President of External Affairs at Installed Building Products.

Jason R. Niswonger, Chief Administrative and Sustainability Officer

Jason R. Niswonger has been the Chief Administrative and Sustainability Officer since March 2022. He joined the company in 2014, initially serving as Director of Investor Relations, then as Senior Vice President, Finance and Investor Relations. Before joining IBP, Mr. Niswonger was the Director, Financial Reporting for Edwards Industries, a national property development and management company. His career also includes finance and accounting roles at Commercial Vehicle Group, Inc., Sterling Commerce, Inc., Express (a division of The Limited), and Exel Logistics.

The increasing adoption of prefabrication and modular construction methods in residential building presents a clear emerging threat. As more homes and building components are constructed off-site in factory settings, the need for traditional on-site installation services for products like insulation, gutters, and other building materials will diminish. This shift moves the labor from fragmented on-site contractors, like Installed Building Products, to factory-based labor and integrated manufacturing processes, thereby disrupting IBP's core business model of providing on-site installation services.

Installed Building Products (IBP) operates in several addressable markets within the United States for their main products and services:

• Insulation: The U.S. insulation market was estimated at USD 12.51 billion in 2023, is expected to reach USD 13.26 billion in 2024, and is projected to grow to approximately USD 21.47 billion by 2034.
• Waterproofing: The U.S. waterproofing market was valued at USD 14.7 billion in 2024 and is expected to reach USD 22.112 billion by 2030. Another estimate for the U.S. waterproofing market was USD 19.19 billion in 2024.
• Fireproofing/Firestopping (Passive Fire Protection): The U.S. passive fire protection market size was estimated at USD 747.3 million in 2023 and is projected to reach USD 1.25 billion by 2033. The U.S. fire stopping materials market alone was USD 480 million in 2024 and is projected to reach approximately USD 1.17 billion by 2034.
• Garage Door Installation: The U.S. Garage Door Installation industry's revenue is estimated at USD 459.3 million in 2025.
• Shower Doors: The U.S. shower glass door market was valued at USD 3.20 billion in 2020 and is estimated to reach USD 4.51 billion by 2026. Another source projects the U.S. shower glass door market to rise from USD 3.188 billion in 2019 to USD 6.781 billion by 2030.
• Closet Shelving: The North American shelving market, which includes closet shelving, contributed approximately USD 4.2 billion in 2024, representing 29% of the global shelving market, which was valued at USD 14.6 billion in 2024 and is projected to reach USD 23.3 billion by 2033.

1. Strategic Acquisitions: IBP consistently prioritizes growth through the acquisition of well-managed installers of insulation and complementary building products. The company aims to acquire at least $100 million of annual revenue in 2025, continuing a proven strategy that has significantly contributed to its revenue growth and diversification. This approach allows IBP to expand its geographic footprint and service offerings.
2. Diversification of Products and End Markets: The company is actively diversifying its product mix beyond insulation and expanding its presence in commercial and multi-family construction markets. This strategy reduces its reliance on new single-family residential construction, which historically accounted for a larger portion of its revenue. By diversifying, IBP aims to capitalize on a broader range of construction activities and mitigate risks associated with fluctuations in any single market segment.
3. Growth in Commercial and Multi-family Construction: Despite potential near-term challenges in the residential sector, IBP is optimistic about growth opportunities in the commercial and multi-family markets. The company has noted strong growth in its heavy commercial backlog and has observed double-digit multifamily starts growth, indicating an improving market in these segments. This shift in focus is expected to drive installation revenue.
4. Outperforming Residential Completion Growth: IBP's long-term outlook includes outperforming the overall U.S. residential completion growth. This suggests the company expects to gain market share or leverage its operational efficiencies and national scale to grow faster than the broader residential construction market.

Share Repurchases

• During the first six months of 2025, Installed Building Products repurchased 500,000 shares of its common stock at a total cost of $83.5 million.
• In the first quarter of 2025, the company repurchased 200,000 shares of common stock at a cost of $34.3 million.
• As of March 31, 2025, approximately $465.7 million remained available under the company's stock repurchase program, with a new program authorizing up to $500 million effective through March 1, 2026.

Share Issuance

• No significant dollar amounts of share issuances were explicitly reported within the last 3-5 years, outside of potential issuances related to compensation plans which are typically offset by repurchases, leading to a net decline in shares outstanding.

Inbound Investments

• No information available regarding large inbound investments made in the company by third-parties such as strategic partners or private equity firms.

Outbound Investments

• Installed Building Products' capital allocation strategy prioritizes profitable growth through the acquisition of well-run installers of insulation and complementary building products.
• To date in 2025, the company has acquired approximately $55 million in annual revenue, with a stated goal to acquire at least $100 million of annual revenue for the full year.
• Notable acquisitions in 2025 include Echols Glass & Mirror and Vanderkoy Bros, LLC (over $16 million in annual revenue), Carolina Precision Fibers ACP, LLC (over $20 million in annual revenue), and Pro Foamers, Inc. ($4 million annual revenue).

Capital Expenditures

• For the three months ended June 30, 2024, capital expenditures and total incurred finance leases were approximately $22 million, representing about 3% of revenue.