Q2 2026 Gibraltar Industries Inc Earnings Call

August 5, 2026

Speaker #1: Greetings, and welcome to the Gibraltar Industries Q2 2026 financial results conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation.

Operator: Greetings, welcome to the Gibraltar Industries Q2 2026 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Carolyn Capaccio of Alliance Advisors IR. Please go ahead.

Speaker #1: If anyone should require operator assistance during the conference, please press *0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Carolyn Capaccio of Alliance Advisors at IR.

Speaker #1: Please go ahead.

Speaker #2: Thank you, operator. Good morning, everyone, and thank you for joining us today. With me on the call is Bill Bosway, Gibraltar Industries Chairman, President, and Chief Executive Officer; and Joe Lavecchio, Gibraltar's Chief Financial Officer.

Carolyn Capaccio: Thank you, operator. Good morning, everyone, thank you for joining us today. With me on the call is Bill Bosway, Gibraltar Industries Chairman, President, and Chief Executive Officer, and Joe Lovechio, Gibraltar's Chief Financial Officer. The earnings press release that was issued this morning, as well as the slide presentation that management will use during the call, are both available in the investors section of the company's website, gibraltar1.com. Gibraltar's earnings press release and remarks contain non-GAAP financial measures. Tables of reconciliation of GAAP to adjusted financial measures can be found in the earnings press release that was issued today. Further, please note that continuing operations exclude net sales and operating results of the renewables business, which was classified as held for sale and as a discontinued operation with Q2 2025 results, the divestiture of which was subsequently completed on 15 July 2026.

Speaker #2: The earnings press release that was issued this morning, as well as the slide presentation that management will use during the call, are both available in the investors section of the company's website, gibraltar1.com.

Speaker #2: Gibraltar's earnings press release and remarks contain non-GAAP financial measures, tables of reconciliation of GAAP to adjusted financial measures can be found in the earnings press release that was issued today.

Speaker #2: Further, please note that continuing operations exclude net sales and operating results of the renewables business, which was classified as held for sale and as a discontinued operation with Q2 2025 results.

Speaker #2: The divestiture of which was subsequently completed on July 15, 2026. The acquisition of OmniMax International closed on February 2, 2026. Also, as noted on slide 2 of the presentation, the earnings press release and slide presentation contain forward-looking statements with respect to future financial results.

Carolyn Capaccio: The acquisition of OmniMax International closed on 2 February 2026. Also, as noted on slide two of the presentation, the earnings press release and slide presentation contain forward-looking statements with respect to future financial results. These statements are not guarantees of future performance, and the company's actual results may differ materially from the anticipated events, performance, or results expressed or implied by these forward-looking statements. Gibraltar advises you to read the risk factors detailed in its SEC filings, which can also be accessed through the company's website. Now I'll turn the call over to Bill Bosway. Bill?

Speaker #2: These statements are not guarantees of future performance, and the company's actual results may differ materially from the anticipated events performance or results, expressed or implied by these forward-looking statements.

Speaker #2: Gibraltar advises you to read the risk factors detailed in its SEC filings, which can also be accessed through the company's website. Now we'll turn over the call over to Bill Bosway.

Speaker #2: Bill?

Speaker #3: Thanks, Carolyn. Good morning, everyone, and thank you for joining today's call. We're going to review our Q2 results, which include our first full quarter of OmniMax operations.

Bill Bosway: Thanks, Carolyn. Good morning, everyone, and thank you for joining today's call. We're going to review our Q2 results, which include our first full quarter of OmniMax operations. Then we'll review the reporting segments, the balance sheet, and our full year 2026 guidance, which we are reiterating today. Then we'll open the call for your questions. Let's start with turning to slide three, and we'll discuss the Q2. It's been a very busy time for us, but we delivered solid Q2 results with our residential business delivering strong organic growth and participation gains in a flat to down market. Our residential and AgTech segments both delivered organic growth, and all segments delivered sequential margin expansion as well. Our Building Products business grew 12.7% organically.

Speaker #3: Then we'll review the reporting segments, the balance sheet, and our full year 2026 guidance, which we are reiterating today. And then we'll open the call for your questions.

Speaker #3: Let's start with turning to slide 3 and we'll discuss Q2. It's been a very busy time for us, but we delivered solid Q2 results with our residential business delivering strong organic growth and participation gains in a flat-to-down market.

Speaker #3: Our residential and ag segments both delivered organic growth, and all segments delivered sequential margin expansion as well. Our building products business grew 12.7% organically.

Speaker #3: Now, if you assume we owned OmniMax in Q2 2025, the combined business actually grew 15.5%, showing the strength of this combination in the marketplace.

Bill Bosway: Now, if you assume we owned OmniMax in Q2 2025, the combined business actually grew 15.5%, showing the strength of this combination in the marketplace. In line with our long-term strategic plan for our residential business, it continues to become a larger part of our overall portfolio and represented 83% of our total revenue in the quarter, with segment EBITDA margin improving 340 basis points sequentially to 19%. OmniMax integration continues to accelerate as our leadership team and integration management office drive our top 11 critical work streams and synergy capture.

Speaker #3: In line with our long-term strategic plan for our residential business, it continues to become a larger part of overall portfolio and represented 83% of our total revenue in the quarter, with segment EBITDA margin improving 340 basis points sequentially to 19%.

Speaker #3: OmniMax integration continues to accelerate as our leadership team and integration management office drive our top 11 critical workstreams and synergy capture. We are also excited to announce we were recently awarded an additional $630 locations now making us the supplier of Trims and Flashings to sell to more than 1,700 locations across the country for one of our key customers.

Bill Bosway: We are also excited to announce we were recently awarded an additional 630 locations, now making us the supplier of trims and flashings to sell to more than 1,700 locations across the country for one of our key customers, validating our ability to support our customers locally on a national basis with a value proposition that makes sense for them. We believe the combination of Gibraltar and OmniMax and our product portfolio was instrumental in receiving this award, and I give our team a lot of credit for staying focused on executing well, while simultaneously managing through today's dynamic geopolitical situation, as well as an ongoing inflationary environment. Including a full quarter of OmniMax, total Gibraltar net sales increased 64.6% to $510 million on total Gibraltar organic growth of 5%. Our residential segment delivered organic growth of 5%, and AgTech delivered organic growth of 8.7%.

Speaker #3: Validating our ability to support our customers locally on a national basis with a value proposition that makes sense for them. We believe the combination of Gibraltar and OmniMax and our product portfolio was instrumental in receiving this award, and I give our team a lot of credit for staying focused on executing well while simultaneously managing through today's dynamic geopolitical situation as well as an ongoing inflationary environment.

Speaker #3: Including a full quarter of OmniMax, total Gibraltar net sales increased 64.6% to $510 million, on total Gibraltar organic growth of 5%. Our residential segment delivered organic growth of 5% and ag-tech delivered organic growth of 8.7%.

Speaker #3: Adjusted operating income reached $66 million, adjusted EBITDA increased 59.7% to $88 million, and we delivered adjusted EPS of $1.11, which included a net interest impact of $20.6 million.

Bill Bosway: Adjusted operating income reached $66 million, adjusted EBITDA increased 59.7% to $88 million, and we delivered adjusted EPS of $1.11, which included a net interest impact of $20.6 million. GAAP results include $5.8 million or $0.15 per share of OmniMax acquisition, integration, and restructuring costs. Overall, we managed relatively well through a slow residential market, along with inflationary headwinds, by executing price actions, generating more participation wins, and executing synergy initiatives. As a result, adjusted EBITDA margin expanded sequentially 350 basis points to 17.3%. We generated $45 million in operating cash from continuing operations, including acquisition, integration, and restructuring costs related to OmniMax. We have now completed the divestiture of the renewables business, including the eBOS sale in Q1 and the racking business sale in July. Let's turn our attention and we'll review the business segments, and Joe will start with Residential.

Speaker #3: GAAP results include $5.8 million, or $0.15 per share, of OmniMax acquisition, integration, and restructuring costs. Overall, we managed relatively well through a slow residential market, along with inflationary headwinds, by executing price actions, generating more participation wins, and executing synergy initiatives.

Speaker #3: And as a result, adjusted EBITDA margin expanded sequentially 350 basis points to 17.3%. We generated $45 million in operating cash from continuing operations, including acquisition, integration, and restructuring costs related to OmniMax.

Speaker #3: And we have now completed the divestiture of the renewables business, including the EBOSS sale in Q1 and the racking business sale in July. Now let's turn our attention, and we'll review the business segments and Joe will start with residential.

Speaker #4: Thanks, Bill, and good morning, everyone. Let's start with residential on slide 4. Net sales increased 195.6 million, to $425.9 million, which is up 85%, driven by the inclusion of a full quarter of OmniMax results of operations.

Joe Lovechio: Thanks, Bill, and good morning, everyone. Let's start with Residential on slide four. Net sales increased to $195.6 million to $425.9 million, which is up 85%, driven by the inclusion of a full quarter of OmniMax results of operations. OmniMax contributed $182 million. A metal roofing acquisition that we completed in July of last year contributed $2.5 million, and the Residential segment organic growth was 5%. As Bill mentioned, if you assume we owned OmniMax in Q2 2025, the combined building products business grew 15.5%, driven by price realization and participation gains in the Midwest, Northeast, and Texas, which helped to overcome a flat to down end market. Turning to margin, adjusted EBITDA margins accelerated sequentially 340 basis points to 19%, as our executed price actions offset ongoing commodity and fuel inflation.

Speaker #4: OmniMax contributed $182 million. A metal roofing acquisition that we completed in July of last year contributed $2.5 million, and the residential segment organic growth was 5%.

Speaker #4: As Bill mentioned, if you assume we owned OmniMax in Q2 2025, the combined building products business grew 15.5%, driven by price realization and participation gains in the Midwest, Northeast, and Texas, which helped to overcome a flat-to-down end market.

Speaker #4: Turning to margin, adjusted EBITDA margins accelerated sequentially 340 basis points to 19%, as our executed price actions offset ongoing commodity and fuel inflation. On a year-over-year basis, adjusted EBITDA margin was down primarily due to price cost alignment, business and product mix, and some inefficiencies with the integration.

Joe Lovechio: On a year-over-year basis, adjusted EBITDA margin was down primarily due to price cost alignment, business and product mix, and some inefficiencies with the integration. Our cost and commercial synergies through the OmniMax integration started contributing in Q2, we expect those to continue to ramp going forward.

Speaker #4: Our cost and commercial synergies through the OmniMax integration started contributing in Q2, and we expect those to continue to ramp going forward.

Speaker #3: So now let's move to slide 5, and let's talk a little bit about the U.S. residential roofing market. I'd say overall market demand in the quarter versus prior year, based on the ARMA data, for shingle shipments to distributors and retailers, was flat.

Bill Bosway: Let's move to slide five, let's talk a little bit about the US residential roofing market. I'd say overall market demand in the quarter versus prior year, based on the ARMA data for shingle shipments to distributors and retailers, was flat. The story varied greatly by region, with positive growth in shipments to the Northeast, Midwest, and West, while shipments to the Southeast, Southwest, Florida, and Texas were down in the quarter. Sequentially, shipments total were up 17.6%, with just two of the seven regions not experiencing growth, which would be the Southwest and Texas. We do believe Q2 shipments were driven by restocking in the distributor channel and customers buying ahead of shingles manufacturer price increases. For the H1 of the year, ARMA shipments were down 4.7% year over year, with similar demand patterns across the regions.

Speaker #3: But the story varied greatly by region, with positive growth in shipments to the Northeast, Midwest, and West, while shipments to the Southeast, Southwest, Florida, and Texas were down in the quarter.

Speaker #3: Sequentially, shipments total were up 17.6%, with just 2 of the 7 regions not experiencing growth, which would be the Southwest and Texas. We do believe Q2 shipments were driven by restocking in the distributor channel and customers buying ahead of shingles manufacturer price increases.

Speaker #3: For the first half of the year, ARMA shipments were down 4.7% year-over-year, with similar demand patterns across the regions. In the retail channel, volume remained soft with point-of-sale results down anywhere between 8% to 10% in the quarter, as customers remained concerned about the ongoing geopolitical situation impacting consumer sentiment, interest rates, and overall affordability.

Bill Bosway: In the retail channel, volume remained soft with point of sale results down anywhere between 8% to 10% in the quarter, as customers remain concerned about the ongoing geopolitical situation impacting consumer sentiment, interest rates, and overall affordability. POS for the H1 were also down roughly 8% to 10% versus prior year. Based on ARMA and POS data to date, we believe the actual end market demand for the quarter and the H1 was down mid-single digits and will probably remain so for the rest of the year. Now that we have broader presence across the US, we have more visibility to the market in total and by region, which provides a stronger foundation to build and execute more effective local and national growth initiatives with our customers. Despite today's slower market, we were able to generate positive organic growth in the quarter.

Speaker #3: POS for the first half were also down roughly 8% to 10% versus prior year. So, based on ARMA and POS data to date, we believe actual end-market demand for the quarter and the first half was down mid-single digits and will probably remain so for the rest of the year.

Speaker #3: Now that we have broader presence across the U.S., we have more visibility to the market in total, and by region, which provides a stronger foundation to build and execute more effective local and national growth initiatives with our customers.

Speaker #3: And despite today's slower market, we were able to generate positive organic growth in the quarter. As I mentioned earlier, if we assume if you assume we owned OmniMax and for Q2 and 2025, the combined building products business actually grew 15.5% organically, with price and mix accounting for 9.7% of that, participation gains 7.1% of that, and the market being down 1.3%.

Bill Bosway: As I mentioned earlier, if you assume we owned OmniMax in 4Q2 in 2025, the combined building products business actually grew 15.5% organically, with price and mix accounting for 9.7% of that, participation gains 7.1% of that, and the market being down 1.3%. Relative to channel, sales to wholesalers were up 25.1%, and sales to retailers were up 8%. By region, the Northeast was up 43.6%, the Midwest was up 54.5%, the Southwest up 17.5%, and the West up 1.7%, and the Southeast down 11.1%. Effectively, we were able to outperform the market in each region, and our strength in four of the five regions helped offset a slow market in the Southeast. We do believe that having more presence across the country does provide more leverage to us in managing our business.

Speaker #3: Relative to channel, sales to wholesalers were up 25.1%, and sales to retailers were up 8%. By region, the Northeast was up 43.6%, the Midwest was up 54.5%, the Southwest up 17.5%, and the West up 1.7%, and the Southeast down 11.1%.

Speaker #3: Effectively, we were able to outperform the market in each region, and our strength in 4 of the 5 regions helped offset a slow market in the Southeast.

Speaker #3: We do believe that having more presence across the country does provide more levers to us in managing our business. We have the ability to better align with local and regional markets, which creates an opportunity to better optimize and align customer and revenue initiatives with end market demand situations.

Bill Bosway: We have the ability to better align with local and regional markets, which creates an opportunity to better optimize and align customer and revenue initiatives with end market demand situations. Our playbook is gonna remain similar going forward as we expect the market to remain slow given the ongoing headwinds I mentioned. We will continue to identify and execute participation opportunities to help us in the H2 and going into 2027. With that, let's turn to slide six to talk about an exciting and big customer win for the team that happened here recently. If you remember, one of the core tenets of our strategy with the addition of OmniMax is to find a way to simplify our customer supply chain and become the easy button for them, while also reducing the cost of doing business with each other.

Speaker #3: Our playbook is going to remain similar going forward, as we expect the market to remain slow given the ongoing headwinds I mentioned. We will continue to identify and execute participation opportunities to help us in the second half, and going into 2027.

Speaker #3: And with that, let's turn to slide 6 to talk about an exciting and big customer win for the team that happened here recently. So, if you remember, one of the core tenets of our strategy with the addition of OmniMax is to find a way to simplify our customer supply chain and become the easy button for them, while also reducing the cost of doing business with each other.

Speaker #3: We believe we do this through great service and quality, local capability on a national basis, a harmonized and simplified product offering through 80/20 efforts for each region and location, optimizing our manufacturing and transportation logistics, and the ability to simplify and cost-reduce transactions with our customers.

Bill Bosway: We believe we do this through great service and quality, local capability on a national basis, a harmonized and simplified product offering through 80/20 efforts for each region and location, optimizing our manufacturing and transportation logistics, and the ability to simplify and cost reduce transactions with our customers. We have work to do in each of these initiatives, but we are having some initial success just 149 days into the integration of this business. Just recently, we awarded our first supply agreement where we will become the supplier of trims and flashings to more than 1,700 locations across the country for one of our key customers. The win adds 630 locations to our existing service footprint, effectively covering all regions of the US. I will say we are grateful for this opportunity and appreciate the confidence our customer has in us to support them across the country.

Speaker #3: We have work to do in each of these initiatives, but we are having some initial success, just 149 days into the integration of this business.

Speaker #3: Just recently, we awarded our first supply agreement, where we will become the supplier of trims and flashings to more than 1,700 locations across the country for one of our key customers.

Speaker #3: The win adds 630 locations to our existing service footprint, effectively covering all regions of the U.S. And I will say we are grateful for this opportunity and appreciate the confidence our customer has in us to support them across the country.

Speaker #3: Our team did a fantastic job, creating a value proposition that makes sense, which really focused on three things. First, finding the best way to support and assist our customers as they focus even more on the pro-contractor while leveraging some of our local presence and experience with the distribution channel and contractor market.

Bill Bosway: Our team did a fantastic job creating a value proposition that makes sense, which really focused on three things. First, finding the best way to support and assist our customers as they focus even more on the pro contractor while leveraging some of our local presence and experience with the distribution channel and contractor market. Secondly, really trying to solve the pain point of high freight minimum requirements through better logistics optimization across our national network. Third, creating an easy button service capability while also focusing on lowering the cost of doing business. We expect the business to start late in Q4 as the transition of the incumbent happens accordingly. I'd say overall, a good start, we are still in the very early innings of this type of effort and looking forward to doing more as we go forward.

Speaker #3: Secondly, just really trying to solve the pain point of high freight minimum requirements through better logistics optimization across our national network. And third, creating an easy button service capability while also focusing on lowering the cost of doing business.

Speaker #3: Now, we expect the business to start late in the fourth quarter, as the transition of the incumbent happens accordingly. So I'd say overall, a good start, but we are still in the very early innings of this type of effort and looking forward to doing more as we go forward.

Speaker #3: Now let's move to slide 7 for an update on our integration efforts. At the end of Q2, as I mentioned earlier, just 149 days post the transaction close, the business continues to evolve from organization transition to capture and driving more synergy opportunities.

Bill Bosway: Let's move to slide seven for an update on our integration efforts. At the end of Q2, as I mentioned earlier, 149 days post the transaction close, the business continues to evolve from organization transition to capture and driving more synergy opportunities. Our integration management office, which is a tremendous team, is executing our 11 core work streams, which will continue throughout 2026 and into 2027. During Q2, we completed phase two of our organization optimization and will continue with more initiatives as we further commonize operating systems and data flow across the business. Our focus going into Q3 is driving additional performance lifts with bringing service reliability to benchmark levels, and for us, that's 95%-plus on-time delivery. It's making sure that we're operating in the most safe way possible and obviously driving a lot of our lean and 80/20 initiatives.

Speaker #3: Our integration management office which is a tremendous team is executing our 11-core workstreams, which will continue throughout 2026 and into 2027. During the second quarter, we completed phase two of our organization optimization, and we'll continue with more initiatives as we further harmonize operating systems and data flow across the business.

Speaker #3: Our focus going into the third quarter is driving additional performance lift, with bringing service reliability to benchmark levels and, for us, that's 95%-plus on-time delivery; it's making sure that we're operating in the most safe way possible and obviously driving a lot of our lean and 80/20 initiatives.

Speaker #3: But also focusing on upgrading commercial excellence, expanding, and expanding margins. We are also starting an 80/20 initiative in two regions focused on product and SKU harmonization, operations optimization, and transaction reduction.

Bill Bosway: Also focused on upgrading commercial excellence, expanding, and expanding margins. We are also starting 80/20 initiatives in two regions focused on product and SKU harmonization, operations optimization, and transaction reduction. These initiatives will begin late in Q4 and early next year. Let's now turn to slide eight, and I'll talk a little bit about our work streams, and I will touch on a few accomplishments for the team, and then we'll review progress on our cost and commercial savings. The 11 work streams that are listed on the left side of the slide, and the rest of the slide really provides a brief summary of some key wins to date. I mentioned we have implemented phase one and two of our organizational realignment, probably the most important initiative related to creating the right foundation for all our other initiatives.

Speaker #3: These initiatives will begin late in Q4 and early next year. Let's now turn to slide 8, and I'll talk a little bit about our workstreams and I will touch on a few accomplishments for the team, and then we'll review progress on our cost and commercial savings.

Speaker #3: The 11 workstreams that are listed on the left side of the slide. And the rest of the slide really provides a brief summary of some key wins to date.

Speaker #3: I mentioned we have implemented phase one and phase two of our organizational realignment, probably the most important initiative related to creating the right foundation for all our other initiatives.

Speaker #3: Today, about 65% to 70% of our targeted 2026 exit-rate organization savings has been implemented. In general, the other 12 wins span across initiatives and production, supply chain, commercial team development, commercial participation gains, corporate synergies, and the beginning of 80/20 efforts.

Bill Bosway: To date, about 65% to 70% of our targeted 2026 exit rate organization savings has been implemented. In general, the other 12 wins span across initiatives in production, supply chain, commercial team development, commercial participation gains, corporate synergies, and the beginning of 80/20 efforts. We will continue to execute across the entire organization as we strengthen our foundation for the business. Let's move to slide nine for an update on the 2026 synergy saving targets and realization. During the quarter, we identified additional synergies to be implemented this year. First, we executed a logistics freight initiative worth $1.2 million annually, of which $600,000 will flow into this year. Secondly, as mentioned earlier, we executed a large participation gain, which will generate approximately $2 million in annual margin improvement, with $100,000 flowing into this year. All that's based on timing.

Speaker #3: We will continue to execute across the entire organization as we strengthen our foundation for the business. Now let's move to slide 9 for an update on the 2026 synergy saving targets, and realization.

Speaker #3: So during the quarter, we identified additional synergies to be implemented this year. First, we executed a logistics freight initiative worth $1.2 million annually, of which $600,000 will flow into this year.

Speaker #3: And secondly, as mentioned earlier, we executed a large participation gain which will generate approximately $2 million in annual margin improvement, with $100,000 flowing into this year.

Speaker #3: And all that's based on timing. As a result, we are again raising our synergy commitment, now expecting 29.4 million executed in 2026, with $17 million to be realized in 2026.

Bill Bosway: As a result, we are again raising our synergy commitment, now expecting $29.4 million executed in 2026, with $17 million to be realized in 2026. As well, $7 million of synergy commitment has been realized to date, which will ramp further in Q3. Now let's move to AgTech on slide 10. Our AgTech segment net sales grew $4.7 million or 8.7%, all of which was organic. This growth was driven by strength in structures and our commercial greenhouse applications. Backlog for the segment stands at a solid $66.2 million, but reflects a 34% decrease from last year, with timing of projects in the H2 compared to last year. We are seeing strong quoting activity across end markets and demand at Lane Supply is strong. Remember, our Lane Supply structures business, those orders turn much more quickly and are therefore of shorter duration.

Speaker #3: As well, $7 million of synergy commitments have been realized to date, which will ramp further in Q3.

Speaker #1: So now let's move to AgTech on slide 10. Our AgTech segment net sales grew 4.7 million or 8.7%, all of which was organic. This growth was driven by strength in structures and our commercial greenhouse applications.

Joe Lovechio: Now let's move to AgTech on slide 10. Our AgTech segment net sales grew $4.7 million or 8.7%, all of which was organic. This growth was driven by strength in structures and our commercial greenhouse applications. Backlog for the segment stands at a solid $66.2 million, but reflects a 34% decrease from last year, with timing of projects in the H2 compared to last year. We are seeing strong quoting activity across end markets and demand at Lane Supply is strong. Remember, our Lane Supply structures business, those orders turn much more quickly and are therefore of shorter duration.

Speaker #1: Backlog for the segment stands at a solid 66.2 million, but reflects a 34% decrease from last year, with timing of projects in the second half compared to last year.

Speaker #1: We are seeing strong quoting activity across end markets, and demand at lean supply is strong. And remember, our lean supply structures business, we have those orders turned much more quickly and are therefore of shorter duration.

Speaker #1: Adjusted operating margin and EBITDA margin improved 450 and 430 points year over year, respectively, driven by stronger volumes, favorable business mix, and 80/20 operating initiatives.

Bill Bosway: Adjusted operating margin and EBITDA margin improved 450 and 430 points year-over-year respectively, driven by stronger volumes, favorable business mix, and 80/20 operating initiatives. We are also excited to bring online our powder coating painting capability, which is expected to drive additional cost productivity for future controlled environment agriculture projects, particularly for berries and lettuce. Let's quickly move to infrastructure on slide 11. Segment sales decreased slightly due to the timing of projects. Our backlog grew 2%, and our quoting activity remains very strong. Segment adjusted operating and EBITDA margins were impacted by lower volume and product mix. Let's move to slide 12 to touch on our balance sheet and cash flow.

Joe Lovechio: Adjusted operating margin and EBITDA margin improved 450 and 430 points year-over-year respectively, driven by stronger volumes, favorable business mix, and 80/20 operating initiatives. We are also excited to bring online our powder coating painting capability, which is expected to drive additional cost productivity for future controlled environment agriculture projects, particularly for berries and lettuce. Let's quickly move to infrastructure on slide 11. Segment sales decreased slightly due to the timing of projects. Our backlog grew 2%, and our quoting activity remains very strong. Segment adjusted operating and EBITDA margins were impacted by lower volume and product mix. Let's move to slide 12 to touch on our balance sheet and cash flow.

Speaker #1: We are also excited to bring online our powder-coating painting capability, which is expected to drive additional cost productivity for future controlled environment agriculture projects, particularly for berries and lettuce.

Speaker #1: Let's quickly move to infrastructure on slide 11. Segment sales decreased slightly due to the timing of projects. Our backlog grew 2%, and our quoting activity remains very strong.

Speaker #1: Segment adjusted operating and EBITDA margins were impacted by lower volume and product mix. Let's move to slide 12 to touch on our balance sheet and cash flow.

Speaker #1: Gibraltar's policy with respect to cash allocation during the debt paydown period will be to keep a minimum amount of cash on hand, use the revolver as needed to fund seasonal needs, and pay down debt with excess cash flow.

Bill Bosway: Gibraltar's policy with respect to cash allocation during the debt paydown period will be to keep a minimum amount of cash on hand, use the revolver as needed to fund seasonal needs, and pay down debt with excess cash flow. During the quarter, Gibraltar generated $44.5 million in operating cash flow from continuing operations and used $40.8 million from discontinued operations. The discontinued operations cash use includes the payment of a settlement agreement regarding warranty claims, as we discussed last quarter. We generated free cash flow from continuing operations of $39 million or approximately 8% of sales. We used $8 million for working capital, primarily due to accounts receivable. Capital expenditures were $5 million or 1% of sales in the quarter. At quarter end, we had borrowing on our revolver of $21 million, and our cash on hand was $15 million.

Joe Lovechio: Gibraltar's policy with respect to cash allocation during the debt paydown period will be to keep a minimum amount of cash on hand, use the revolver as needed to fund seasonal needs, and pay down debt with excess cash flow. During the quarter, Gibraltar generated $44.5 million in operating cash flow from continuing operations and used $40.8 million from discontinued operations. The discontinued operations cash use includes the payment of a settlement agreement regarding warranty claims, as we discussed last quarter. We generated free cash flow from continuing operations of $39 million or approximately 8% of sales. We used $8 million for working capital, primarily due to accounts receivable. Capital expenditures were $5 million or 1% of sales in the quarter. At quarter end, we had borrowing on our revolver of $21 million, and our cash on hand was $15 million.

Speaker #1: During the quarter, Gibraltar generated 44.5 million in operating cash flow from continuing operations, and used 40.8 million from discontinued operations. The discontinued operations cash use includes the payment of a settlement agreement regarding warranty claims as we discussed last quarter.

Speaker #1: We generated free cash flow from continuing operations of $39 million or approximately 8% of sales, we used $8 million for working capital primarily due to accounts receivable, capital expenditures were $5 million or 1% of sales in the quarter, and at quarter end we had borrowing on our revolver of $21 million and our cash on hand was $15 million.

Speaker #1: At quarter end, our net debt on the balance sheet was $1.2 billion and our net leverage, which includes anticipated synergies, as allowed in our credit agreement in the pro forma adjusted EBITDA was $3.9 times.

Bill Bosway: At quarter end, our net debt on the balance sheet was $1.2 billion and our net leverage, which includes anticipated synergies as allowed in our credit agreement in the pro forma adjusted EBITDA, was 3.9x. The availability on our revolving credit facility was $470 million, and total available liquidity was $485 million. Let's review our deleveraging roadmap on slide 13. Over the next 12 to 18 months, our priority and focus is to deleverage as quickly as possible. The left side of this slide shows a plan of strong EBITDA delivery and synergy realization, working capital optimization, and utilization of cash tax benefits. Our planned uses of cash include capital expenditures at 2% to 3% of sales, interest payments on our debt, and special charges related to acquisition, transaction, integration, and restructuring related costs. The special charges we reported today for Q2 were $6 million.

Joe Lovechio: At quarter end, our net debt on the balance sheet was $1.2 billion and our net leverage, which includes anticipated synergies as allowed in our credit agreement in the pro forma adjusted EBITDA, was 3.9x. The availability on our revolving credit facility was $470 million, and total available liquidity was $485 million. Let's review our deleveraging roadmap on slide 13. Over the next 12 to 18 months, our priority and focus is to deleverage as quickly as possible. The left side of this slide shows a plan of strong EBITDA delivery and synergy realization, working capital optimization, and utilization of cash tax benefits. Our planned uses of cash include capital expenditures at 2% to 3% of sales, interest payments on our debt, and special charges related to acquisition, transaction, integration, and restructuring related costs. The special charges we reported today for Q2 were $6 million.

Speaker #1: The availability on our revolving credit facility was $470 million, and total available liquidity was $485 million. Let's review our deleveraging roadmap on slide 13.

Speaker #1: Over the next 12 to 18 months, our priority and focus is to deleverage as quickly as possible. The left side of this slide shows a plan of strong EBITDA delivery and synergy realization, working capital optimization and utilization of cash tax benefits.

Speaker #1: Our planned uses of cash include capital expenditures at 2 to 3% of sales, interest payments on our debt, and special charges related to acquisition transaction integration and restructuring related costs.

Speaker #1: The special charges we reported today for the second quarter were $6 million. Year to date, we have recorded $41 million of special charges, which is approximately 80% of the expected amount in 2026.

Bill Bosway: Year to date, we have recorded $41 million of special charges, which is approximately 80% of the expected amount in 2026. During the second year post-transaction close, we continue to expect strong EBITDA margin, the realization of additional synergies, benefits from continued working capital optimization and cash taxes, lower interest payments as our debt level is reduced, and a reduced amount of special charges. These factors are expected to increase our free cash flow year over year and facilitate continued reduction in our net debt level. Also in line with our long-term strategic plan, we are also evaluating other non-core asset divestitures that could create additional liquidity for debt reduction. Our deleverage path targets a net leverage ratio of approximately two and a half times adjusted EBITDA in 24 months ended Q1 2028.

Joe Lovechio: Year to date, we have recorded $41 million of special charges, which is approximately 80% of the expected amount in 2026. During the second year post-transaction close, we continue to expect strong EBITDA margin, the realization of additional synergies, benefits from continued working capital optimization and cash taxes, lower interest payments as our debt level is reduced, and a reduced amount of special charges. These factors are expected to increase our free cash flow year over year and facilitate continued reduction in our net debt level. Also in line with our long-term strategic plan, we are also evaluating other non-core asset divestitures that could create additional liquidity for debt reduction. Our deleverage path targets a net leverage ratio of approximately two and a half times adjusted EBITDA in 24 months ended Q1 2028.

Speaker #1: During the second year post-transaction close, we continue to expect strong EBITDA margin, the realization of additional synergies, benefits from continued working capital optimization, and cash taxes.

Speaker #1: Lower interest payments as our debt level is reduced, and a reduced amount of special charges. These factors are expected to increase our free cash flow year over year and facilitate continued reduction in our net debt level.

Speaker #1: Also in line with our long-term strategic plan, we are also evaluating other non-core assets investors that could create additional liquidity for debt reduction. Our deleverage path targets a net leverage ratio of approximately 2.5 times adjusted EBITDA in 24 months ended first quarter 2028.

Speaker #1: Again, during this two-year period, our capital allocation will be focused on funding the growth of our business through capital expenditures and on debt reduction.

Bill Bosway: During this two-year period, our capital allocation will be focused on funding the growth of our business through capital expenditures and on debt reduction.

Joe Lovechio: During this two-year period, our capital allocation will be focused on funding the growth of our business through capital expenditures and on debt reduction.

Speaker #1: Let's move to slide 14, where we are reiterating our 2026 guidance. For continuing operations, our guidance remains consolidated net sales between $1.76 billion and $1.83 billion, compared to $1.14 billion in 2025.

Joe Lovechio: Let's move to slide 14, where we are reiterating our 2026 guidance. For continuing operations, our guidance remains consolidated net sales between $1.76 to 1.83 billion, compared to $1.14 billion in 2025. Adjusted operating income between $222 to 238 million, compared to $151 million. Adjusted EBITDA between $310 to 326 million, compared to $185 million for 2025. GAAP EPS between $2.40 and $2.80, compared to $3.25 in 2025, which the 2026 number includes the expected impact of special charges related to the acquisition transaction integration and restructuring related costs. Adjusted EPS between $3.65 and $4.05, compared to $3.92 in 2025. Free cash flow of approximately 8% of sales for continuing operations.

Speaker #1: Adjusted operating income between $222 million and $238 million, compared to $151 million. Adjusted EBITDA between $310 million and $326 million, compared to $185 million for 2025.

Speaker #1: GAAP EPS between $2.40 and $2.80, compared to $3.25 in 2025, which the 2026 number includes the expected impact of special charges related to the acquisition transaction integration and restructuring related costs.

Speaker #1: Adjusted EPS between $3.65 and $4.05, compared to $3.92 in 2025, and free cash flow of approximately 8% of sales for continuing operations. Some key assumptions in our 2026 plan include total depreciation, amortization, and stock compensation expense of approximately $90 million for the year, which includes an approximate $40 million annual assumption for non-cash amortization related to intangibles due to the OmniMax acquisition.

Joe Lovechio: Some key assumptions in our 2026 plan include total depreciation, amortization, and stock compensation expense of approximately $90 million for the year, which includes an approximately $40 million annual assumption for non-cash amortization related to intangibles due to the OmniMax acquisition. We anticipate approximately $50 million in special charges related to acquisition transaction integration and restructuring costs, of which approximately 80% has already occurred in H1. We would expect the remaining to occur throughout Q3 and Q4 this year. We expect over $70 million in interest expense financing commitment fees, which will be dependent on the timing of our debt repayments and interest rates. CapEx of approximately 2% of sales. Finally, a 26% tax rate. Now, let me turn it over to Bill.

Speaker #1: We anticipate approximately $50 million in special charges related to acquisition transaction integration and restructuring costs, of which approximately 80% has already occurred in the first half.

Speaker #1: We would expect the remaining to occur throughout Q3 and Q4 this year. We expect over $70 million in interest expense financing commitment fees, which will be dependent on the timing of our debt repayments and interest rates.

Speaker #1: CAPEX of approximately 2% of sales, and finally, a 26% tax rate. Now, let me turn it over to Bill.

Speaker #2: Thanks, Joe. We delivered solid first half 2026 results and made good progress in executing integration initiatives, synergy capture, and further simplifying the portfolio. We expect the current macro environment to remain dynamic, and the residential market to remain unchanged relative to the first half of the year. Our playbook for residential will remain focused on execution, integration, synergy capture, and participation gains as we drive towards residential representing an even larger part of our portfolio.

Bill Bosway: Thanks, Joe. We delivered solid H1 2026 results and made good progress in execution, integration initiatives, synergy capture, and further simplifying the portfolio. We expect the current macro environment to remain dynamic and the residential market to remain unchanged relative to the H1 of the year. Our playbook for residential will remain focused on execution, integration, synergy capture, and participation gains as we drive towards residential representing an even larger part of our portfolio. Our AgTech and infrastructure businesses are focused on building backlog and executing existing contracts. Finally, our capital allocation strategy is to remain laser-focused on cash performance and debt reduction. With that, now let's open the call up and we'll take your questions.

Speaker #2: Our ag tech and infrastructure businesses are focused on building backlog and executing existing contracts. And finally, our capital allocation strategy is to remain laser focused on cash performance and debt reduction.

Speaker #2: So with that, now let's open the call up and we'll take your questions.

Speaker #3: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad.

Operator: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Thank you. Our first question comes from the line of Daniel Moore with CJS Securities. Please proceed with your question.

Speaker #3: A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue.

Speaker #3: For participants using speaker equipment, it may be necessary to pick up your hands up before pressing the star keys. One moment please while we poll for questions.

Speaker #3: Thank you. Our first question comes from the line of Daniel Moore with CJS Securities. Please proceed with your question.

Speaker #2: Bill, Joe, good morning. Thanks for the call and taking the questions.

Daniel Moore: Bill, Joe, good morning. Thanks for the color. Taking the questions.

Speaker #4: Good morning, Dan.

Bill Bosway: Good morning, Dan.

Speaker #5: Good morning, Dan.

Joe Lovechio: Morning, Dan.

Daniel Moore: I'll start with just the participation gains. Just talk to the sustainability of the gains that you achieved in Q1, particularly in Building Products, where you're seeing the greatest impact from cross-selling, be it product, geography. Obviously, increased penetration within the existing customer account as well. Any additional color of where that's coming from and how we're kind of think about H2?

Speaker #2: I'll start with just the participation gains. You know, just talk to the sustainability of the gains that you achieved in Q1, particularly in building products.

Speaker #2: Where you're seeing the greatest impact from cross-selling, be it, you know, product, geography, obviously, you know, increased penetration within the existing customer account as well.

Speaker #2: But, you know, any, any additional color of, where that's coming from and, and how we're kind of think about the back half of the year.

Speaker #4: Yeah, so, we mentioned that if you looked at where our sales growth was, you saw the Northeast, Midwest, which reflected not just participation gains, which were, were good in those areas, but also that's where a lot of storm activity occurred.

Bill Bosway: Yeah. We mentioned that if you looked at where our sales growth was, you saw the Northeast, Midwest, which reflected not just participation gains, which were good in those areas, but also that's where a lot of storm activity occurred. Good participation gains there. Also in Texas. The flip side of that is you have some really down regions, particularly the Southeast, and that's driven by Florida still, which hasn't had the storm activity the last two or three years. I'd say in general, the participation gains have been around team doing a great job getting out, knocking on doors, explaining our value proposition, everything we had talked about. We're going to continue down that path. There's more work to be done. There's more opportunity out there for us to go after over time. It's hard work.

Speaker #4: But good participation gains there also in Texas. you know, flip side of that is you have some really down, regions, particularly the Southeast, and that's driven by Florida still.

Speaker #4: you know, which hasn't had the storm activity the last two or three years, but I'd say in general the participation gains have been around, you know, team doing a great job getting out, you know, knocking on doors, explaining our value proposition, everything we had talked about.

Speaker #4: And, you know, we're going to continue down that path. You know, there's more work to be done. There's more opportunity out there, for us to go after over time.

Speaker #4: It's hard work. You know, the market's not robust right now, so your value proposition has to be of value for a customer, and they're unique to each customer, as you might expect.

Bill Bosway: The market's not robust right now. Your value proposition has to be of value for a customer, and they're unique to each customer, as you might expect. They're somewhat unique by region and locale as well. The ground game doesn't change. We're going to continue to fight for more of those things. As you think about what are the types of things, yeah, it's geographic. It's also potential cross-selling opportunities. We've done a little bit of that. There's potentially more to come. There's other things around 80/20 and rationalization and harmonization of product lines that can matter relative to value proposition. A lot of levers to pull as we think about how to go win more business. We're going to continue to do so.

Speaker #4: And there's somewhat unique by region and locale as well. So, you know, the, the, the ground game doesn't, change; we're going to continue to, you know, fight for more of those things.

Speaker #4: And then as you think about what are the types of things, so yes, geographic, it, it's also potential cross-selling opportunities, we've done a little bit of that.

Speaker #4: there's, there's potentially more to come. there's other things around 80/20 and rationalization and harmonization of product lines that can matter relative to the value proposition.

Speaker #4: So, a lot of, a lot of levers to pull as we think about how to, go win more business. and we're going to continue to do so.

Speaker #2: And then just maybe talk to the incremental revenue opportunity from the 600-plus store expansion, you know, beyond fiscal '26, and conversations you're having with other national retailers.

Daniel Moore: just maybe talk to the incremental revenue opportunity from the 600-plus store expansion beyond fiscal 2026 and conversations you're having with other national retailers, and kind of how we're thinking about that opportunity continuing to grow.

Speaker #2: you know, at, in, in kind of how we're, we're thinking about, that opportunity continuing to grow.

Speaker #4: Yeah, so it's a, it's a, it's a big one for the team, and, you know, we have six really large customers, and we have a host of others that are also very important to us.

Bill Bosway: Yeah. It's a big win for the team. We have six really large customers, and we have a host of others that are also very important to us. Whether it's distribution or on a national level or regional, or if it's retail on a national level or regional, I think there's going to be more an opportunity for us to engage. Again, every value proposition is going to be a little bit different in terms of where the starting point is and what their pain points are, what they're trying to realize. It's a big win for us. The majority of that, if not all of that, I said it's going to start late this year, but it really is a 2027 impactful thing, but it's sizable, and we're excited about it.

Speaker #4: And so whether it's distribution or, or, on a national level or regional, or if it's retail on a national level or regional, I think there's, going to be more an opportunity for us to engage in, again, every value proposition is going to be a little bit different in terms of where the starting point is and what their pain points are, what they're trying to, to, realize.

Speaker #4: But it's a big oppo it's a big win for us. The majority of that, if not all of that, you know, I said it's going to start late this year, but it really is a 2027, impactful thing, but it's, it's sizable and we're excited about it.

Speaker #2: Maybe one more, and I'll jump back, but, just in terms of what you're seeing in ag tech, 9% growth, you know, certainly impressive. Just break it down between volume and price and then, with backlog, backlog declining to some degree, you know, can you talk to auto rates and your expectations for backlog, as we move through the back of the year?

Daniel Moore: Maybe one more, and I'll jump back. Just in terms of what you're seeing in AgTech, 9% growth, certainly impressive. Just break it down between volume and price, and then with the backlog declining to some degree, can you talk to order rates and your expectations for backlog as we move through the back of the year? Thanks again.

Speaker #2: Thanks again.

Speaker #4: Yeah, I think on the ag tech side, it's as much volume as anything else. These are actual projects that are flowing through. Lane, as Joe mentioned, is, a much quicker turn in a, in a lot of projects, and then, you know, on the, on the CEA side, we're growing fruits and vegetables.

Bill Bosway: Yeah, I think on the AgTech side, it's as much volume as anything else. These are actual projects that are flowing through. Lane, as Joe mentioned, is a much quicker turn and a lot of projects. On the CEA side, we're growing fruits and vegetables. Those are larger projects that don't turn near as quickly. It's really two different types of businesses, but they're effectively volume associated with projects that people are starting to construct on. There's a lot of activity out there right now that we're working through engineering and design and bidding with both businesses. We're excited about those opportunities. On the larger projects, those are projects that may help you this year, but also setting up for 2027.

Speaker #4: Those are larger projects that don't turn nearly as quickly. So, it's really two different types of businesses, but they're effectively, you know, volume associated with projects that are, that, you know, people are starting to construct on.

Speaker #4: There's a lot of activity out there right now that we're working through engineering and design and bidding with, with both businesses, and so we're excited about those opportunities.

Speaker #4: And on a larger projects, those are projects that may help you this, this year, but also setting up for 2027. And then on the lane side, it's, it's really, just a lot of activity across our core customer base as they expand and invest more in their, different retail sites.

Bill Bosway: On the lane side, it's really just a lot of activity across our core customer base as they expand and invest more in their different retail sites.

Operator: Does that complete your question?

Speaker #3: Does that complete your question?

Speaker #2: Yes, I'll jump back with any follow-ups. Thank you. Appreciate it.

Daniel Moore: Yes. I'll jump back with any follow-ups. Thank you. Appreciate it.

Speaker #3: Thank you.

Operator: Thank you.

Speaker #4: Thanks, Dan.

Bill Bosway: Thanks.

Speaker #3: Our next question comes from the line of David McGregor with Longbow Research. Please proceed with your question.

Operator: Our next question comes from the line of David MacGregor with Longbow Research. Please proceed with your question.

Speaker #6: Yes, good morning. And, thanks for taking my questions and, congratulations on the progress to date. I guess I wanted to ask about the, synergies.

David MacGregor: Yes, good morning. Thanks for taking my questions, and congratulations on the progress to date. I guess I wanted to ask about the synergies, $29.4 million. Just to clarify, that's a 2026 year in run rate. Are we pulling forward from a timing standpoint, or are we finding new opportunities?

Speaker #6: $29.4 million, just to clarify, that's a 2026 year-end run rate. And are we pulling forward, from a timing standpoint, or are we finding new opportunities?

Speaker #4: Yeah, I would characterize it more as finding new opportunities. So, you know, it's one of those things where as you get into this, the team is really done a nice job finding, across every functional area or every aspect of the business just more opportunities.

Bill Bosway: I would characterize it that more as finding new opportunities. It's one of those things where as you get into this, the team has really done a nice job finding across every functional area or every aspect of the business, just more opportunities. Some of them are coming sooner than we thought. On top of that, we're identifying more at the same time. I had said early on that you tend not to go to the street with a number, assuming that's all you had. We thought there might be more out there. I think some of that is happening as we had expected and probably maybe a little bit sooner than we had expected. It's really finding more and some of it just happening a little bit sooner.

Speaker #4: Some of them are coming sooner than we thought, but on top of that, you know, we're identifying more at the same time. And I had said early on that, you know, you tend not to go to the street with a number, assuming that's all you had, and we thought there might be more out there.

Speaker #4: And I think, you know, some of that is happening as, we had expected. And probably maybe a little bit sooner than we had expected.

Speaker #4: So, yeah, it's really, finding more and, and some of it just happening a little bit sooner. But to your original question, yeah, the 29.4 is what we think we'll get implemented this year, and then you'll.

Bill Bosway: To your original question, the $29.4 is what we think will get implemented this year.

David MacGregor: Right.

Bill Bosway: You'll start to see a run rate of that impact next year.

Speaker #4: You'll start to see a year run rate of that impact next year.

Speaker #6: So should we be adding to the 35 million, which was the, the articulated target in total, or how should we be thinking about the total?

David MacGregor: Should we be adding to the $35 million, which was the articulated target in total, or how should we be thinking about the total?

Speaker #4: Well, I think, like I said, there's, there's the potential to do to find more than that.

Bill Bosway: Well, I think, like I said, there's potential to find more than that.

Speaker #6: Yeah.

David MacGregor: Yeah.

Speaker #4: And, you know, we're going to work hard to do so. And as we go forward in time here, we'll talk more about some of those other potential opportunities and make those adjustments to the plan accordingly.

Bill Bosway: We're going to work hard to do so. As we go in time here, we'll talk more about some of those other potential opportunities and make those adjustments to the plan accordingly. Right now, we're running pretty strong ahead, maybe close to a year ahead of where we thought we would be, and hopefully we'll continue to accelerate on that as we go forward. That would result in identifying more. Yeah, I'd say in general, there's more out there. As we quantify more, we'll share more of that with you as we get a little bit closer.

Speaker #4: But, you know, right now we're running pretty strong ahead. You know, maybe close to a year ahead of where we thought we would be, and, you know, hopefully we'll continue to, to accelerate on that as we go forward.

Speaker #4: And that would result in identifying more. but yeah, I'd say in general there's more out there. and as we quantify more, we'll share more of that with, with you as we get a little bit closer.

Speaker #6: Okay. And then just again on the synergies, Bill, you made passing reference to commercial opportunities or, or revenue synergies. Can you dig in a little further on that and just give us a sense of what you're seeing so far and maybe what you've learned from this big win and, and just how to dimension that, that opportunity?

David MacGregor: Okay. Just again on the synergies, Bill, you made passing reference to commercial opportunities or revenue synergies. Can you dig in a little further on that and just give us a sense of what you're seeing so far and maybe what you've learned from this big win and just how to dimension that opportunity?

Speaker #4: Yeah, you know, I think, talked a little bit about the value proposition of the team, kind of brought to the table. Every customer has a little different scenario that they're dealing with, and so the starting point, obviously is different.

Bill Bosway: Yeah. I think we talked a little bit about the value proposition the team kind of brought to the table. Every customer has a little different scenario that they're dealing with, the starting point obviously is different. I think ultimate end of the day, the fundamentals around what we're trying to do are really trying to lower the cost of doing business with us and the rest of the supply chain that our customers have had to grow up with. Again, your starting point is different for everybody, but that's everything from things like are you local enough to where you can really optimize on behalf of your customer, things like freight minimums, logistics costs, transportation costs. There's also transaction costs and things of that nature.

Speaker #4: And, you know, I think ultimately at the end of the day, the fundamentals around what we're trying to do are really trying to lower the cost of doing business, with us and, and the, and the rest of the supply chain that our customers have had to grow up with.

Speaker #4: And so, again, your starting point's different for everybody, but that's everything from things like, you know, are you local enough to where you can really optimize on behalf of your customer—things like minimum freight, you know, freight minimums, logistics costs, transportation costs.

Speaker #4: But there's also transaction costs and things of that nature when we simplify the, the product portfolio, is it make it that much easier for our, our customers to, order from us and therefore does it make it easier for us to serve them that much better?

Bill Bosway: When we simplify the product portfolio, is it make it that much easier for our customers to order from us? Therefore, does it make it easier for us to serve them that much better? It's a combination of things, I think whether it's distribution or retail or national or local, it still comes down to the fundamentals of you have to have great service. The table stakes are great service quality, as I mentioned earlier. Bringing these other things to the table I think will matter over time. Just having the opportunity to prove ourselves to folks on a broader basis is a good first step. Now we have to go out and execute accordingly and do it really well. Yeah, we're going into this with a combination of business. We said early on, we're not a combined business.

Speaker #4: So, it's a combination of things, and I think, whether it's distribution or retail, or national or local, it still comes down to the fundamentals—you have to have great service.

Speaker #4: You know, the table stakes are great service, quality, as I mentioned earlier. But bringing these other things to the table, I think, will matter over time.

Speaker #4: just having the opportunity to, to prove ourselves to folks on a broader basis is, is a good first step. And, you know, now we have to go out and execute accordingly and do it really well.

Speaker #4: But, yeah, we're going into this with a combination of business— you know, we said early on, we're not, you know, a combined business.

Speaker #4: We, we're not 90% market participation. There's a lot of runway in our swim lanes that we can actually go build the business organically. If we just execute well and differentiate ourselves, whether the market's robust or not, there's opportunity for us to go win a bigger piece of the pie.

Bill Bosway: We're not 90% market participation. There's a lot of runway in our swim lanes that we can actually go build the business organically if we just execute well and differentiate ourselves. Whether the market's robust or not, there's opportunity for us to go win a bigger piece of the pie. There are certain things that we have to do better than everybody else, those are things we're focused on. I think they resonate pretty well regardless of the type of customer or what channel you're talking about. Everyone has a little different starting point and pain point that we're trying to go resolve.

Speaker #4: But there are certain things that we have to do better than everybody else, and those, those are things we're focused on. And I think they resonate pretty well regardless of the type of customer or what channel you're talking about.

Speaker #4: But everyone has a little different starting point and pain point that we're trying to go resolve. But fundamentally, we are actually trying to become that easy button, trying to lower the cost of doing business with the supply chain on behalf of our customers, and there's a lot of ways to attack that, and that's where our focus is going to remain, going forward.

Bill Bosway: Fundamentally, we are actually trying to become that easy button, trying to lower the cost of doing business with the supply chain on behalf of our customers, and there's a lot of ways to attack that, and that's where our focus is going to remain going forward.

Speaker #6: Yeah, very encouraging. Last question for me is just on price, cost, and how you're seeing that play out—how we should be thinking about that in the second half of the year.

David MacGregor: Yeah. Very encouraging. Last question from me is just on price cost and how you're seeing that play out, how we should be thinking about that in H2 of the year.

Speaker #4: Yeah, well, if someone can tell me what's going to happen in the Middle East and guarantee it, I would give them a better answer.

Bill Bosway: Yeah. Well, if someone can tell me what's going to happen in the Middle East and guarantee it, I would give them a better picture. In all seriousness.

Speaker #4: But in all seriousness, you know, it's, it's been a bit of a little bit of a roller coaster. We still are, are dealing with, things like fuel surcharges and, and we'll see how things play out.

David MacGregor: Sure

Bill Bosway: it's been a little bit of a roller coaster. We still are dealing with things like fuel surcharges, and we'll see how things play out. It has been quite a bit of an up-and-down environment to manage through. Same with on commodities, swinging a little bit up and down. Right now, there's still work to be done to overcome some of those incremental costs that are out there. As we've talked in the past, when we see inflation, we have a pretty good track record of executing price with our customers and working with them through that, and vice versa. As long as things continue to go up, you're always chasing because of the price process that you have to go through, right? It's hard to balance until that commodity, whatever that you're trying to overcome, stabilizes.

Speaker #4: but it has been quite of a rol quite a bit of a up and down, environment to, to, to manage through. Same with on, on commodities.

Speaker #4: you know, swinging a little bit up and down. So, right now, they're still work to be done to overcome some of those incremental costs that are out there.

Speaker #4: And as we've talked in the past, when we see inflation, we have a pretty good track record of, of executing price with our customers and working with them through that and vice versa.

Speaker #4: but as long as things continue to go up, you're always chasing because of the price process that you have to go through, right? So it's hard to, to balance until that commodity, whatever that you're trying to overcome, stabilizes.

Speaker #4: So, we'll see how the second half works with some of these commodities and what happens with things like fuel, fuel surcharges, overall transportation cost, aluminum, steel, etc.

Bill Bosway: We'll see how the H2 works with some of these commodities and what happens with things like fuel surcharges, overall transportation cost, aluminum, steel, et cetera. It's a handful of things that we have to deal with, but we're continuing to stay focused on that. There's still work to be done to address some of the inflationary pressures that are out there. That's baked into our plan.

Speaker #4: It's, it's a handful of things that we have to deal with, but, we, we, we're continuously focused on that. But they're still work to be done to, to, to address some of the inflationary pressures that are out there.

Speaker #4: And that's baked into our plan.

Speaker #6: Thanks. Got it. Thanks, and good luck.

David MacGregor: Got it. Thanks, and good luck.

Speaker #4: Thanks.

Bill Bosway: Thanks.

Speaker #2: Our next question comes from the line of Julio Romero with Sidoti. Please proceed with your question.

Operator: Our next question comes from the line of Julio Romero with Sidoti. Please proceed with your question.

Speaker #7: Thanks. Hey, good morning, Bill and Joe.

Julio Romero: Thanks. Hey, good morning, Bill and Joe.

Speaker #4: Hey, Julio.

Bill Bosway: Hey, Julio.

Speaker #7: hey, good morning. You mentioned, the, the Omnimax, synergies began to cont-contribute in the second quarter. that's obviously a, a, you know, big step. Congratulations on that se-seven million realized, I believe.

Julio Romero: Hey, good morning. You mentioned the OmniMax synergies began to contribute in Q2. That's obviously a big step, and congratulations on that. $7 million realized, I believe. You broke out $17 million realization for the full year. If you could help us understand the cadence of the remaining $10 million in realization expected over the course of Q3 and Q4.

Speaker #7: and then you broke out 17 realizations for the full year. If you could help us understand the cadence of the remaining 10 million in realization expected over the course of 3Q and 4Q.

Speaker #4: Yeah, I think they're going to be split somewhat evenly. based on the type of synergies they actually are. So it may vary 60/40, but you'll, you'll see, a chunk of that flow through and, and in Q3 and then Q4.

Bill Bosway: Yeah, I think they're going to be split somewhat evenly, based on the type of synergies they actually are. It may vary 60/40, but you'll see a chunk of that flow through in Q3 and then Q4. I would think of them maybe splitting that $10 million in that way, whether it be 50/50 or 60/40, somewhere in that range.

Speaker #4: But I would think of them maybe, you know, splitting that 10 in that way, whether it be 50/50 or 60/40, somewhere in that range.

Speaker #7: Okay. That, that's helpful. And then, you know, staying on residential, the, the, the, the operating margins and the EBITDA margins were impressive. definitely growth sequentially.

Julio Romero: Okay. That's helpful. Staying on residential, the operating margins and the EBITDA margins were impressive. Definitely growth sequentially. I guess, just given that this is the first full quarter of OmniMax contribution, is there any way to kind of bracket out how much legacy ROCK's residential operating margin and EBITDA margin performed? Or maybe asked another way, did legacy ROCK residential margins expand on a year-over-year basis?

Speaker #7: I guess, just given that this is the first full quarter of Omnimax’s contribution, is there any way to kind of bracket out how much legacy, legacy R&R’s residential operating margin and EBITDA margin performed?

Speaker #7: Or maybe ask another way, did legacy rock residential margins expand on a year-over-year basis?

Speaker #4: Yeah. I would say, y-y I want to say yes. it's getting harder for us to carve that out, to be honest, because we're starting to share, facilities and materials and, you know, the organization is one.

Bill Bosway: Yeah. I want to say yes. It's getting harder for us to carve that out, to be honest, because we're starting to share facilities and materials and the organization is one. We're not necessarily tracking it that way, Julio, if you think about it. It is getting a little bit more gray in terms of how to do that because the way that we're supporting customers, the way we're running the business. John Krause is running this business. He's got a team, and they're operating as one. We're starting to do things in that light, if you will. I would say both are contributing accordingly. That's an important thing to see. If you think about it's really down to each business in each location relative to how the market's doing in each region, et cetera.

Speaker #4: So we're not necessarily tracking it that way. Julio, if you think about it, but it is getting a little bit more, gray in terms of how to do that because, the way that we're supporting customers, the way we're running the business, John Krauss running this business, he's got a team and they're, they're operating as one and, and, so we're starting to do things in that light, if you will.

Speaker #4: so, I, I would say, you know, both are contributing, accordingly. and that's an important thing to see. But if you think about it, i-it's really down to, each business in each location, relative to how the market's doing in each lo each region, etc.

Speaker #4: But in general, both are contributing towards the success or towards the improvement we had in Q2.

Bill Bosway: In general, both are contributing towards the improvement we had in Q2.

Speaker #7: Excellent. That's helpful. I, I appreciate the thought exercise, Bill. I'll, I'll pass it on. Thanks very much.

Julio Romero: Excellent. That's helpful. I appreciate the thought exercise, Bill. I'll pass it on. Thanks very much.

Speaker #4: Yep.

Bill Bosway: Yep.

Speaker #2: As a reminder, if you would like to ask a question, press star one on your telephone keypad. Our next question comes from a line of Walt Liptak with Seaport Global.

Operator: As a reminder, if you would like to ask a question, press star one on your telephone keypad. Our next question comes from the line of Walt Liptak with Seaport Global. Please proceed with your question.

Speaker #2: Please proceed with your question.

Speaker #8: Hi. Thanks. good morning, Bill and Joe.

Walt Liptak: Hi. Thanks. Morning, Bill and Joe.

Speaker #6: Hi, Walt.

Bill Bosway: Morning, Walt.

Speaker #8: One. one to ask, about the channel inventories. I think last time we did, an earnings call, you guys talked about, how the there were some channel fill that was starting to happen with residential distributors.

Walt Liptak: Wanted to ask about the channel inventories. I think last time we did an earnings call, you guys talked about how there was some channel fill that was starting to happen with residential distributors. I wonder if you could talk about how inventory levels are now in the channel.

Speaker #8: I wonder if you can talk about, you know, how inventory levels are now in the channel.

Speaker #4: Yeah. good question, Walt. I think it differs a little bit by channel. retail may be, if, if you, as I was talking, you know, the POS results for retail were down 8 to 10 percent.

Bill Bosway: Yeah. Good question, Walt. I think it differs a little bit by channel. As I was talking, the POS results for retail were down 8% to 10%. That's sales out, right? We get a chance to see that, therefore we see the inventory because we know what we sell in. I would say that probably feels a little different than maybe distribution because they've probably turned a little bit more. We don't get data on that. It's really got to drill into every customer, have a conversation, we have a directional view, I think, on channel inventory. I would say it was restocked. I think it varied by channel. I think, as I mentioned in my comments, there's probably more caution with the retail channel than probably the distribution channel as it relates to how the market is moving.

Speaker #4: That's sales out, right? So we, we get a chance to see that. And then therefore we see the inventory, because we know what we sell in.

Speaker #4: So I would say that probably feels a little different than maybe distribution, because they've probably turned a little bit more. But we don't get data on that.

Speaker #4: It's really got to drill into every customer, have a conversation, and, you know, so we have a directional view, I think, on channel inventory.

Speaker #4: But I would say it's, you know, it was restocked. I think it varied by channel. and I think there's, as I mentioned in my comments, there's probably more caution, with the retail, channel than probably the distribution channel as it relates to, how the market is moving and I think it also depends on where you are in the region, right?

Bill Bosway: I think it also depends on where you are in the region, right? If you're sitting in Florida, the market's still down significantly. Those stores and those locations probably are managing inventory a little differently than maybe where there's growth, where we had more storm activity, say, in the Midwest and in parts of the Northeast. I wouldn't give a blanket statement about how it's looking, but I would say in general inventory was built up accordingly for the season. I think people are managing through that now as they go into Q3, which is partly why we say we don't think the market's going to really change a whole lot from Q2 to Q3. It's going to remain paced at the same level that we've been seeing. You're just not going to have the restocking going on like you did in Q2.

Speaker #4: If you're sitting in Florida, the market's still down significantly. So those stores and, those, locations probably are managing inventory a little differently than maybe where there's growth, where we had more storm activity, say, in the Midwest and, and parts of the Northeast.

Speaker #4: So it's, it's, I wouldn't give a blanket statement about how it, it, it, it's looking, but I would say in general, you know, inventory is, is, i-is was built up, accordingly for the season and, you know, I think people are managing through that now as they go into Q3, which is partly why we say we don't, you know, we don't think the market's going to really change a whole lot from Q2 to Q3.

Speaker #4: it's going to remain kind of paced at the same, same level that we've been seeing. But you're just not going to have the restocking go on going on like you did in Q2.

Speaker #4: And, and, we'll see how end demand kind of flushes that out as we go. And then you go into Q, Q4, and that's, you know, the slower part of the year.

Bill Bosway: We'll see how end demand kind of flushes that out as we go. You go into Q4, and that's the slower part of the year. More to come on that, but I think decent shape. I think it varies a little bit by channel, and it varies a lot by region.

Speaker #4: So more to come on that, but I think, you know, decent shape, but, I think it varies a little bit by channel and it varies a lot by region.

Speaker #8: Okay. Great. And yeah, and thinking about the third quarter, so are you saying that you think that the growth rate should be similar in the third quarter?

Walt Liptak: Okay, great. Thinking about Q3, are you saying that you think that the growth rate should be similar in Q3? Or are you saying that the absolute USD of revenue for residential would be about the same?

Walt Liptak: Okay, great. Thinking about Q3, are you saying that you think that the growth rate should be similar in Q3? Or are you saying that the absolute dollars of revenue for residential would be about the same?

Speaker #8: Or are you saying that the absolute dollars of revenue for residential would be about the same?

Speaker #4: No, what I'm saying is the market itself—the end market demand itself—we think is going to be very similar to what we've been seeing in the second quarter, which was down mid-single digits.

Bill Bosway: No, what I'm saying is the market itself, the end market demand itself, we think is going to be very similar to what we've been seeing in Q2, which was down mid-single digits. We don't think that's going to change. The only thing that would probably drive that to be different in a short period of time is some major weather events that occur. Outside of that, I think you're going to see a consistent market in H2 of what you saw in Q2, which isn't necessarily reflective of ARMA. It's more reflective of a combination of ARMA and POS results, which we would say the market is probably down mid-single digits, which we expect that to continue.

Speaker #4: We don't think that's going to change. The only thing that would probably drive that to be different in the short period of time is some, you know, major weather events that occur.

Speaker #4: Other outside of that, I think you're going to see a consistent market in the second half of what you saw in Q2, which isn't necessarily reflective of ARMA.

Speaker #4: It's more reflective of a combination of ARMA and POS results, which we would say means the market is probably down mid-single digits, which we expect to continue.

Speaker #4: And so we have to. Perform inside that, you know, as we as we have tried in the in Q2, we're going to continue the same playbook as we go forward.

Walt Liptak: Okay, great.

Bill Bosway: The performance as we have tried in Q2. We are going to continue the same playbook as we go forward.

Speaker #8: Okay. And maybe, just one more on this. You mentioned that there was some pre-buy that might be in the ARMA data. I wonder if you.

Walt Liptak: Okay. Maybe just one more on this. You mentioned that there was some pre-buy that might be in the ARMA data.

Bill Bosway: Yeah

Speaker #8: Do you think that you had a pre-buy in the quarter?

Walt Liptak: Do you think that you had a pre-buy in the quarter?

Speaker #4: well, any time you have price increases. So we executed price increases, and I'd say for any component or product in this space, when you announce a price increase, there's always a pre-buy, if you will, to get ahead of that, right?

Bill Bosway: Well, anytime you have price increases. We executed price increases, and I'd say for any component or product in this space, when you announce a price increase, there's always a pre-buy, if you will, to get ahead of that, right? As it relates to ARMA, same thing there. You have shingle manufacturers that were putting out price increase just like all of us to offset the inflationary pressures, and there's a pre-buy associated with that. That probably pulled some sales into Q2 as it relates to ARMA data showing flat year-over-year and sequentially up the way it was up. It probably doesn't necessarily reflect a pure end demand or out sale to the same degree as it shows up in the data.

Speaker #4: So as it relates to ARMA, same thing there. You have shingle manufacturers that were putting out price increases just like all of us to offset the inflationary pressures.

Speaker #4: And there's a pre-buy associated with that. That probably pulled some sales into Q2 as it relates to ARMA, data showing, you know, flat year-over-year and sequentially up the way it was up.

Speaker #4: It probably doesn't necessarily reflect a pure end demand or outsale to the same degree as it shows up in the data.

Speaker #4: And the reason we think that is because the POS data, which is reflective of outsales as well, at the retail level, was down 8 to 10 percent.

Bill Bosway: The reason we think that is because the POS data, which is reflective out sales as well at the retail level, was down 8% to 10%. Again, there's no industry data published across the board, if you will, outside of ARMA. When you think of all that across the various product lines that are sold into this roofing space, we think the market was down mid-single digits. Not flat, not down 10, somewhere in between.

Speaker #4: So you kind of, again, there's no industry data published across the board, if you will, outside of ARMA, but when you think of all that across the various product lines that are sold into this roofing space, you know, we think the market was down mid single digits, not flat, not down 10, somewhere in between.

Speaker #8: Okay. Great. Yeah. Very impressive for your residential business. and maybe just the last one for me, and just thinking about, you know, also the improvement in the integration benefits and you called out, some regional work, doing 80/20.

Walt Liptak: Okay, great. Yeah, very impressive for your residential business. Maybe just the last one for me, just thinking about also the improvement in the integration benefits, and you called out some regional work doing 80/20. I wonder if you could just unpack that for us a little bit. It's great to see that you've got plans that are coming together for that. I wonder if you can help us understand what the plan might look like.

Speaker #8: I wonder if you could just unpack that for us a little bit, you know? It's great to see that you're, you've got plans that are, are coming together, together for that.

Speaker #8: But I wonder if you can help us understand what the plan might look like.

Speaker #4: Yeah. So good question. There's a couple different aspects to this. One, there's, product line that, we are, looking to get out of. So we'll 80/20 out of that.

Bill Bosway: Yeah. Good question. There's a couple different aspects to this. One, there's a product line that we are looking to get out of. We'll 80/20 out of that we don't think makes sense to have in a portfolio. That's something smaller, but it's important. It's actually a subset of what we're doing in one of the regions I mentioned. Then the other aspect of what we're doing in that region is really attacking our SKUs that we're selling to that region from a couple different facilities that exist today. We're looking to actually reduce our SKUs by a significant amount, whether that's 20%, 30%, 40%. The idea behind that, obviously, it simplifies a lot of things that we do, we think it attacks an opportunity to simplify, from our customers' perspective, transactions and everything they have to buy.

Speaker #4: That we don't think makes sense to have in the portfolio. That's something smaller, but it's important as part of—there's actually a subset of what we're doing in one of the regions I mentioned. Then, the other aspect of what we're doing in that region is really attacking our SKUs that we're selling to that region from a couple of different facilities that exist today.

Speaker #4: And so we're looking to actually reduce our SKUs by a significant amount, whether that's, you know, 20, 30, 40 percent. And the idea behind that—obviously it simplifies a lot of things that we do—but we think it addresses an opportunity to simplify, from our customers' perspective, transactions and everything they have to buy.

Speaker #4: So we're doing that through product harmonization. So we have, if I if you guys recall, I don't know if it was last call or one before, but we have a, a VP of engineering innovation that is, part of the organization.

Bill Bosway: We're doing that through product harmonization. If you guys recall, I don't know if it was last call or one before, but we have a VP of engineering and innovation that is part of the organization. We've never had that before, either OmniMax or Gibraltar. Now we do. She's an incredibly bright lady that is attacking this in a very positive way. I think as we do more of this, you're not going to do this across the board day one. You're going to find places where you have unique situations where you want to go in and do that and use that as your pilot, which then becomes a proxy for maybe how to do it in other regions. Because you're starting with a different bucket of SKUs in every region, you have to do it that way.

Speaker #4: We've never had that before, either OmniMax or Gibraltar, and now we do. And she's an incredibly bright lady that is attacking this, in a in a very positive way.

Speaker #4: And I think as we're as we do more of this, you're not going to do this across the board day one. You're going to find places where you have unique situations where you want to go in and do that and use that as your pilot, which then becomes a proxy for maybe how to do it in other regions.

Speaker #4: But because you're starting with a different bucket of SKUs in every region, you know, you have to do it that way. And so, we're going to start that way, and she and her team are doing a great job of quantifying what the opportunities are.

Bill Bosway: We're going to start that way. She and her team are doing a great job of quantifying what the opportunities are. When you think about that, you've got to drill into, from a bottoms up, every design that we have for every component that is being produced and sold in that area. You start this harmonization process around codes and specs and how do we bring colors, widths, and material and all that into consideration as we think about simplifying the business. There's a customer aspect of that. Obviously, you have to work closely with your customers to make sure that you're supporting them and it fits their needs at the same time. It's a good first step for us. We're excited about that. More to come as we get into that.

Speaker #4: And when you think about that, you've got to drill into from a bottoms up, every design that we have for every component that is being produced and sold in that area, and then you start this harmonization process around codes and specs and how do we bring colors and widths and material and all that into, a consideration as we think about simplifi simplifying the, the business.

Speaker #4: So, and then there's a customer aspect to that. Obviously, you have to work closely with your customers to make sure that you're supporting them and it fits their needs at the same time.

Speaker #4: So it's a good first step for us. and, we're excited about that. And more to come, as we get into that. But a lot of the prep work is, has been started in earnest, and, very, very strong cross-functional team that will be attacking this over the over the next few months for sure.

Bill Bosway: A lot of prep work has been started in earnest and very strong cross-functional team that'll be attacking this over the next few months for sure. You'll see implementation towards the end of this year, early next year.

Speaker #4: And then you'll see implementation towards the end of this year, early next year.

Speaker #8: Okay, all right. Sounds great. Thank you.

Walt Liptak: Okay. All right. Sounds great. Thank you.

Speaker #4: Yep.

Bill Bosway: Yep.

Speaker #2: Thank you. We have no further questions at this time. Mr. Bosway, I'd like to turn the floor back over to you for closing comments.

Operator: Thank you. We have no further questions at this time. Mr. Bosway, I'd like to turn the floor back over to you for closing comments.

Speaker #4: Okay. Thank you. I, I just, want to thank everyone for joining us today and, and, obviously, your support for us. We are going to be at the Seaport Annual Summer Investor Conference on August 18th, and the Sadote Small Cap Conference in September.

Bill Bosway: Okay. Thank you. I just want to thank everyone for joining us today and obviously your support for us. We are going to be at the Seaport Annual Summer Investor Conference on 18 August and the Sidoti Small Cap Conference in September. We'll speak to you again after the Q3. Have a great rest of your summer, and I appreciate you guys calling in today and appreciate your support. Thank you.

Speaker #4: and we'll speak to you again after the third quarter. So have a great rest of your summer, and I appreciate you guys calling in today.

Speaker #4: And appreciate your support. Thank you.

Speaker #2: Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

Operator: Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

Q2 2026 Gibraltar Industries Inc Earnings Call

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