QXO Insulation, LLC

TopBuild Corp. (NYSE: BLD) is a leading installer of insulation and commercial roofing and a specialty distributor of insulation and other building products to the construction industry in the United States and Canada. The company operates through two complementary business segments: Installation Services, which accounts for approximately 59 percent of sales, and Specialty Distribution, representing approximately 41 percent of sales. More information is available at www.topbuild.com.

The Installation Services segment provides insulation and commercial roofing services nationwide through more than 200 branches located throughout the continental United States. Installation offerings include fiberglass batts and rolls, blown-in loose fill fiberglass, polyurethane spray foam, blown-in loose fill cellulose, and commercial roofing services including single-ply roofing, built-up roofing systems, and metal roofing systems. The segment also installs complementary building products such as glass and windows, rain gutters, garage doors, closet shelving, and fireplaces. Insulation services represent 74 percent of the Installation Services segment's sales.

The Specialty Distribution segment operates more than 250 distribution centers across the United States and Canada, distributing building and mechanical insulation, insulation accessories, rain gutters, and other building product materials. Insulation and insulation accessories comprise approximately 88 percent of Specialty Distribution sales. The company sources the majority of its fiberglass building products from four primary U.S.-based manufacturers: CertainTeed, Johns Manville, Knauf, and Owens Corning.

As of December 31, 2025, TopBuild employed 14,707 total employees, including 6,744 insulation installers. The company maintains a diversified customer base with no single customer representing more than 3.1 percent of total revenues. TopBuild's competitive advantages stem from its combined scale across both segments, dual distribution channels reaching builders and contractors of all sizes, diversified product lines spanning residential and commercial markets, strong local market presence, and ability to offset cyclical downturns through its integrated business model. The company also benefits from strong cash flow generation and favorable working capital dynamics that support organic growth initiatives.