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    Alex Isaac • JPMorgan Chase & Co.

    Alex Isaac's questions to Installed Building Products Inc (IBP) leadership

    Alex Isaac's questions to Installed Building Products Inc (IBP) leadership • Q2 2025

    Question

    Alex Isaac, on for Michael Root, asked about the price and supply trends for fiberglass in Q2 and the outlook for the second half, including potential impacts on price-cost dynamics. He also questioned what drove IBP's volume outperformance relative to the broader single-family and multifamily markets.

    Answer

    EVP, CFO & Director Michael Miller stated that the fiberglass pricing environment has been 'relatively benign' with no significant price deflation, but noted that tariffs could present a challenge in Q4. Regarding volume outperformance, Miller credited the exceptional execution of their field teams, highlighting mid-to-high single-digit growth in key states like the Carolinas, Texas, and several Midwestern states. He added that IBP's relatively lower market share in the struggling Florida market was a perverse benefit.

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    Alex Isaac's questions to Installed Building Products Inc (IBP) leadership • Q1 2025

    Question

    Alex Isaac, on for Michael Rehaut at JPMorgan, inquired about single-family demand trends across different builder types and regions, as well as the outlook for material prices through 2026.

    Answer

    CFO Michael Miller observed that regional and local builder business performed slightly better than production builders in Q1. He noted a shift in their internal outlook for public builder revenue from positive 3% to negative 3%. Geographically, Florida is weak while Texas and the West Coast are solid. On materials, both Mr. Miller and CEO Jeffrey Edwards described the cost environment as 'benign' and not inflationary, with the main uncertainty being potential tariffs, which could have a $10-20 million impact.

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    Alex Isaac's questions to Installed Building Products Inc (IBP) leadership • Q4 2024

    Question

    Alex Isaac, on for Mike Rehaut, inquired about the M&A pipeline compared to the past year and asked for an outlook on fiberglass supply and price/cost dynamics in 2025.

    Answer

    CEO Jeffrey Edwards described the M&A pipeline as 'as good as it's been,' driven by private owners' retirement plans rather than market conditions. On fiberglass, Edwards noted a recent manufacturer price increase failed due to ample supply, and he remains skeptical about a potential spring increase. CFO Michael Miller added that a successful price hike would imply a stronger demand environment, which would be a net positive for IBP.

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    Alex Isaac's questions to Whirlpool Corp (WHR) leadership

    Alex Isaac's questions to Whirlpool Corp (WHR) leadership • Q2 2025

    Question

    Alex Isaac, calling for Michael Rehaut at JPMorgan Chase & Co., asked for more granular detail on what drove the downward revision in demand expectations across regions and requested more information on the direct-to-consumer (D2C) business within the SDA segment.

    Answer

    Marc Bitzer, Chairman & CEO, explained the demand revisions were driven by poor consumer sentiment in North America, a broader economic slowdown in Latin America, and unfavorable weather patterns in India. For the SDA segment, he described the D2C business as a high-growth, complementary channel that is approaching nearly a quarter of the segment's sales and offers an attractive margin profile.

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    Alex Isaac's questions to Forestar Group Inc (FOR) leadership

    Alex Isaac's questions to Forestar Group Inc (FOR) leadership • Q3 2025

    Question

    Alex Isaac from J.P. Morgan Chase & Co. inquired about the regional focus of Forestar's recent new market entries and asked if the company had ever considered converting to a Real Estate Investment Trust (REIT) structure.

    Answer

    Anthony Oxley, President & CEO, identified the new markets as being in the Pacific Northwest, Northern California, Salt Lake, and Reno. James Allen, EVP & CFO, stated that a REIT conversion is not being considered, as Forestar's business model is focused on development rather than land banking or financing.

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    Alex Isaac's questions to Forestar Group Inc (FOR) leadership • Q2 2025

    Question

    Alex Isaac, on behalf of Michael Rehaut at JPMorgan Chase & Co., asked about the potential impact of federal deregulation on lot supply, particularly in constrained markets. He also inquired about the long-term outlook for gross margins and where they might settle in a steady-state environment.

    Answer

    President and CEO Anthony Oxley stated that it was 'too early to tell' the potential impact of any federal deregulation. Regarding margins, Mr. Oxley noted they have been stable in the 21% to 23% range and that he believes they are in a 'relatively stable margin environment' without the significant cost pressures seen in the post-COVID period, though results remain subject to market conditions.

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