Installed Building Products, Inc.

Greetings. Welcome to the Installed Building Products Second Quarter 2026 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A 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. Please note this conference is being recorded. I will now turn the conference over to Ryan Ricketts, Managing Director, Investor Relations. Thank you, Ryan. You may begin.

Good morning and welcome to Installed Building Products Second Quarter 2026 Earnings Conference Call. Earlier today, we issued a press release on our financial results for the 2026 second quarter, which can be found in the investor relations section of our website. On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements within the meaning of federal securities laws. These forward-looking statements are based on management's current beliefs and expectations. and are subject to factors that could cause actual results to differ materially from those described today. Please refer to our SEC filings for cautionary statements and risk factors. We undertake no duty or obligation to update any forward-looking statement as a result of new information or future events, except as required by federal securities laws. In addition, management refers to certain non-GAAP and adjusted financial measures on this call. You can find a reconciliation of such non-GAAP measures to the nearest GAAP equivalent in the company's earnings release and investor presentation, both of which are available in the investor relations section of our website. This morning's conference call is hosted by Jeff Edwards, our Chairman and Chief Executive Officer, Michael Miller, our Chief Financial Officer, and we are also joined by Jason Niswonger, our Chief Administrative and Sustainability Officer, and Brad Wheeler, our Chief Offering Officer. Jeff, I will now turn the call over to you.

Thanks, Ryan, and good morning to everyone joining us today. As usual, I will start the call with some highlights and then turn the call over to Michael, who will discuss our financial results in more detail before we take your questions. Our team continued to execute well during the second quarter, working closely with our customers to navigate a challenging residential housing backdrop while maintaining the high level of service they expect from IPP. We delivered positive consolidated revenue growth supported by the contribution from recent acquisitions and growth within our commercial, installation, manufacturing and distribution businesses. These results demonstrate the value of our diversified operating platform and the multiple avenues available to support growth across varying market conditions. Throughout the quarter, the macroeconomic backdrop was impacted by geopolitical factors which increased the level of uncertainty for U.S. consumers. The low consumer confidence along with affordability concerns has made new home sales More challenging. Even with industry-specific headwinds expected to continue to affect our new residential installation segment in the near term, our overall business has been resilient. All the credit goes to the hardworking men and women across our more than 250 branches throughout the United States and those who support them from our office in Columbus, Ohio. To everyone at IVP, thank you for your hard work and dedication. Looking at our 2026 second quarter performance, consolidated sales increased 2% and same branch sales declined less than 1%. Our commercial end market continued to show strength, delivering double digit installation sales growth for the fifth consecutive quarter with heavy commercial sales growth exceeding 15% during the quarter. With respect to our new single family end market, activity remains challenged as a result of affordability concerns and lower consumer confidence. with some geographic markets feeling more upbeat than others. In our multifamily end market, our contract backlog continues to grow, which is encouraging. Our other segment revenue grew 50% net of eliminations, partially due to acquisitions. We continue to effectively manage both material and labor to meet the needs of our customers and remain flexible to adjust to varying demand across regions. During the 2026 second quarter and in July, completed acquisitions representing approximately $30 million of annual sales from a diversified product set in residential, commercial, and industrial end markets. Acquisitions during the quarter and in July included an installer of mechanical insulation with the majority of its sales derived from retrofit work between industrial and commercial applications throughout the Upper Midwest region with annual sales of approximately $12 million. An installer of shower doors, closet shelving, mirrors, and other accessories across residential markets serving customers throughout Minnesota and surrounding states with annual sales of approximately $7 million An installer of door, bath, and fencing hardware primarily in new residential markets throughout South Carolina and Georgia with annual sales of approximately $7 million Although deal timing is hard to predict, our current outlook for acquisition opportunities in 2026 is strong We expect to acquire at least $100 million of annual revenue this year. In terms of broader housing construction activity, U.S. Census Bureau data for the 2026 second quarter showed single-family starts decreased 4% from the prior year, while multifamily starts were up 10% for the same period. I'm proud of our team's continued success and commitment to doing an excellent job for our customers. Once again, to everyone at IDP, thank you. I remain encouraged by the fundamentals of our industry, our competitive positioning, and am optimistic about the prospects ahead for IVP and the broader installation and complimentary building products installation business. With this overview, I'd like to turn the call over to Michael to provide more detail on our 2026 second quarter financial results.