INSTALLED BUILDING PRODUCTS

Lender Presentation

March 2024

Disclaimer

This presentation is being delivered on behalf of Installed Building Products, Inc. (the "Company") to the lenders. The sole purpose of this presentation is to provide information in connection with a review of the Company's proposed refinancing. This presentation does not purport to be all-inclusive or to contain all of the information that the lenders may desire in reviewing the Company.

This presentation contains certain forward-looking statements and estimates including, without limitation, statements about the housing market and the commercial market, our financial and business model, business strategy, acquisition pipeline, potential growth opportunities and competitive position. Forward-looking statements are generally identified by the use of the words "will," "may," "believes," "expects," "forecasts," "estimates," "intends," "anticipates," "projects," "plans," and "seeks," and in each case their negative, and other variations or comparable terminology. These estimates and other forward-looking statements are not facts, are based on assumptions of management of the Company and are subject to a number of significant risks, contingencies and uncertainties, many of which are beyond the Company's control, and that could cause actual results, performance or achievements to differ significantly from the Company's historical results or those contemplated by such estimates and other forward-looking statements. These risks include, without limitation, general economic and industry conditions; increases in mortgage interest rates and rising home prices; inflation and interest rates; the risk that transactions in the Company's acquisition pipeline will not be completed on the expected terms, during the expected timeframe, or at all; the material price and supply environment; the timing of increases in our selling prices; and the risks discussed in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2023, as the same may be updated from time to time in our subsequent filings with the SEC. There can be no assurance that the results contemplated in any estimates, and forward-looking statements will be realized, and the Company's actual results of operations and financial performance may differ materially and adversely from the estimates, and forward-looking statements contained in this presentation. Caution should be taken with respect to such statements and you should not place undue reliance on any such forward-looking statements. In addition, such estimates were not prepared with a view to public disclosure or compliance with published guidelines of the U.S. Securities and Exchange Commission, the guidelines established by the American Institute of Certified Public Accountants or U.S. generally accepted accounting principles. Accordingly, although the Company's management believes the estimates contained herein represent a reasonable estimate of the Company's financial condition and results of operations, there can be no assurance as to the reliability or correctness of such estimates, nor should any assurances be inferred, and actual results may vary materially from those projected.

The information in this presentation is solely for information purposes. Neither the Company nor any of its affiliates, representatives or advisors assumes any responsibility for, and makes no representation or warranty (express or implied) as to, the reasonableness, completeness, accuracy or reliability of the estimates and other information contained herein, all of which speak only as of the date identified on the cover page of this presentation. The Company and its affiliates, representatives and advisors expressly disclaim any and all liability based, in whole or in part, on such information, errors therein or omissions therefrom. Neither the Company nor any of its affiliates, representatives or advisors intends to update or otherwise revise the estimates and other information contained herein to reflect circumstances existing after the date identified on the cover page of this presentation to reflect the occurrence of future events even if any or all of the assumptions, judgments and estimates on which the information contained herein is based are shown to be in error. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking information to reflect any change in expectations or events, conditions or circumstances on which any such information is based.

Non-GAAP Measures:

This presentation includes the non-GAAP financial measures of Adjusted EBITDA, Further Adjusted EBITDA, Adjusted EBITDA margin, Adjusted COGS, Adjusted Operating Expense, Free Cash Flow and Net Debt. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for the Company's financial results prepared in accordance with GAAP. Please refer to the Appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP. Non-GAAP measures in this presentation may be calculated in a way that is not comparable to similarly titled measures reported by other companies.

THIS PRESENTATION IS NEITHER AN OFFER TO SELL NOR THE SOLICITATION OF AN OFFER TO PURCHASE ANY LOANS OR SECURITIES OF THE COMPANY OR ANY FINANCIAL INSTRUMENTS RELATED THERETO IN ANY JURISDICTION. NEITHER THIS PRESENTATION (NOR ANY PART HEREOF) NOR ANY INFORMATION OR STATEMENT CONTAINED HEREIN SHALL FORM THE BASIS OF OR BE RELIED UPON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT WHATSOEVER.

1

Presenters

Name

Title

Michael Miller

Executive Vice President, CFO and Director

Jeff Hire

President, External Affairs

Jason Niswonger

Chief Administrative and Sustainability Officer

Darren Hicks

Managing Director, Investor Relations

Tim Mundorf

Managing Director, Finance

Ryan Ricketts

Director, Financial Planning & Analysis

2

Agenda

I

II

III

IV

V

VI

Transaction Overview

Company Overview

Credit Highlights

Historical Financial Performance

Syndication Overview

Appendix

3

Transaction Overview

Installed Building Products

Section I

Executive Summary

  • Installed Building Products, Inc. ("IBP" or the "Company") is one of the largest(1) installers of insulation for new residential applications in the U.S. with ~250 locations serving all 48 continental states and the District of Columbia
    • #1 or #2 market position for new single-family insulation installation in more than half(1) of the markets in which IBP operates
    • Manages all aspects of the installation process for its customers including direct purchase of material from the manufacturers, supply of material to jobsites to ensure quality service, and timely installation
    • Installation of insulation is a critical phase in the construction process, as certain interior work cannot begin until the insulation phase passes inspection
    • Diversified installer of complementary building products, including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors, and other products for residential and commercial builders
    • Company also has growing distribution businesses that sell insulation, gutters and accessories and a cellulose insulation manufacturing business
    • Publicly traded company (NYSE: IBP) with a $6.7 billion market capitalization(2)
  • For the LTM period ending December 31, 2023 ("LTM Period"), IBP generated Net Revenue and Adjusted EBITDA(3) of $2,779 million and $486 million (17.5% Adjusted EBITDA margin)(3), respectively
    • We estimate that businesses acquired during the LTM Period would have generated approximately $33 million of net revenue and $5 million of Adjusted EBITDA(3) if we had owned them for the full LTM Period, for a total Net Revenue of $2,812 million and a total Further Adjusted EBITDA(3) of $490 million (17.4% Further Adjusted EBITDA margin)(3), respectively

•

•

Transaction Overview

Given IBP's continued strong performance, the Company is seeking to raise a new 7-year $500 million term loan B with proceeds to be used to refinance the existing $490 million term loan B

IBP will have a conservative capital structure with expected total net leverage of 1.0x(3)

(1) Based on internal estimates. (2) As of March 11, 2024. (3) Adj. EBITDA and Adj. EBITDA Margin are non-GAAP financial measures. A reconciliation to the most comparable measure prepared in accordance with GAAP is

included in the Appendix. Net leverage of 1.0x is based on LTM 12/31/23 Further Adj. EBITDA of $490 million, which includes the estimated impact of acquisitions closed in 2023. Estimated Adjusted EBITDA for acquired

5

companies is based on management estimates and the acquired company's historical financials. A forward-looking estimate of net income (loss) is not provided with the forward-looking estimate of Adjusted EBITDA (a non-

GAAP measure) because the items necessary to estimate net income (loss) are not accessible or estimable at this time without unreasonable efforts. Such items are not expected to have a significant impact on the Company's net income (loss). Adj. EBITDA Margin is defined as Adj. EBITDA divided by Net Revenue.

Sources & Uses and Pro Forma Capitalization

($ in millions)

Sources & Uses of Funds

Sources of Funds

New Term Loan B

$500

Total Sources

$500

Uses of Funds

Refinance Existing Term Loan B

$490

Est. Fees & Expenses

10

Total Uses

$500

Pro Forma Capitalization

Current (as of 12/31/23)

Amount

% of Cap

x LTM Adj. EBITDA

(3)

Cash & Cash Equivalents

$386

ABL Revolver ($250 million)

$-

Term Loan B

490

New Term Loan B

-

Other Secured Debt

(1)

94

Secured Debt

$584

8%

1.2x

Secured Net Debt

$197

0.4x

Senior Unsecured Notes

300

Total Debt

$884

12%

1.8x

Net Debt

(2)

$497

1.0x

Market Capitalization

6,674

88%

13.6x

Total Capitalization

$7,557

100%

15.4x

Adjusted EBITDA

(3)

$486

Pre-Acquisition EBITDA Adjustments

(3)(4)

5

Further Adjusted EBITDA

(3)(4)

$490

Pro Forma

Δ

Amount

% of Cap

x LTM Adj. EBITDA

(3)

$386

$-

(490)

-

500

500

94

$594

8%

1.2x

$207

0.4x

300

$894

12%

1.8x

$507

1.0x

6,674

88%

13.6x

$7,567

100%

15.4x

$486

5

$490

(1)

Other Secured Debt includes finance lease obligations, vehicle and equipment notes, and other notes payable.

(2)

Net Debt is a non-GAAP financial measure and is calculated by subtracting cash and short-term investments from Total Debt.

(3)

Adjusted EBITDA is a non-GAAP financial measure. A reconciliation to the most comparable measure prepared in accordance with GAAP is included in the Appendix.

(4)

Includes estimated Adjusted EBITDA for all acquisitions that have been completed through 2023 as if they occurred January 1, 2023 using available historical financial data. Estimated Adjusted EBITDA for acquired

6

companies is based on management estimates and the acquired company's historical financials. A forward-looking estimate of net income (loss) is not provided with the forward-looking estimate of Adjusted EBITDA (a

non-GAAP measure) because the items necessary to estimate net income (loss) are not accessible or estimable at this time without unreasonable efforts. Such items are not expected to have a significant impact on the Company's net income (loss).

Company Overview

Installed Building Products

Section II

Leading Platform with Proven Track Record of Growth

• IBP is one of the largest(1) new residential insulation installers

in the U.S. with ~250 locations serving all 48 continental

states and the District of Columbia

- Specializes in installing all types of insulation including

fiberglass, spray foam, and cellulose from industry-

leading manufacturers

- Also installs garage doors, waterproofing systems, rain

gutters, closet shelving, shower doors, mirrors, and

Revenue Breakdown (FY2023)

By Product

By End-Market

Other Building Other (2)

Products

6%

Window Blinds 7%

2%

Commercial

Fireproofing

3%

18%

Rain Gutters

R&R

4%

8%

Waterproofing

Insulation

New Multi-

New Single-

5%

Garage Doors

60%

Family

Family

6%

16%

58%

Shower Doors,

fireplaces

- Manages all aspects of the installation process for

customers including direct purchase of material from the

manufacturers, supply of material to jobsites to ensure

quality service, and timely installation with employee labor

• Operates in the fragmented insulation installation industry

- ~30% current market share (up from 5% in 2005)(1)

Shelving & Mirrors

7%

($ in millions)

$663 $863

Revenue

$2,670 $2,779

$1,969

$1,133 $1,336 $1,512 $1,653

2015

2016

2017

2018

2019

2020

2021

2022

2023

    • #1 or #2 for new single-family insulation installation in more than half of the markets in which IBP operates, based on permits issued in these markets
  • Founded in 1977 with a single location in Columbus, Ohio, IBP has grown to ~250 locations with $2.8 billion of net revenue and $486 million of Adjusted EBITDA(4) for FY2023
    • NYSE-listedwith a market capitalization of $6.7 billion(3)

Adj. EBITDA and Margin (4)

($ in millions)

$439

$486

$246

$285

$197

$141

$164

$105

$

71

16.5%

17.5%

13.0%

14.9%

14.5%

10.7%

12.1%

12.5%

12.3%

2015

2016

2017

2018

2019

2020

2021

2022

2023

Source:Company reporting, Management estimates, U.S. Census.

(1) Based on internal estimates. (2) Other includes net revenue for manufacturing and distribution operations. (3) As of March 11, 2024. (4) Adjusted EBITDA and Adjusted EBITDA

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margin are non-GAAP financial measures. A reconciliation to the most comparable measure prepared in accordance with GAAP is included in the Appendix.

National Scale with Strong Local Presence

National Scale

Local Presence

Selected IBP Local Trade Names

  • One of the nation's largest(1) new residential insulation installers
  • Diversified installer of complementary building products, including waterproofing, fire-stopping,fireproofing, garage doors, rain gutters, window blinds, shower doors, mirrors, and other products for residential and commercial builders
  • National platform of ~250 locations serving all 48 continental states and the District of Columbia
  • Local operating brands maintain strong customer relationships and brand equity

Additional Value from Operating Leverage and National Scale

Note:Shaded states represent where IBP has a physical presence. Some dots represent multiple locations.

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(1) Based on internal estimates.

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Disclaimer

Installed Building Products Inc. published this content on 11 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 March 2024 12:23:10 UTC.