Installed Building Products (IBP): what its 10-K says it depends on

Customers

Publicly traded homebuilders

earns from · approximately 14% of net revenue

Our top ten customers, which are primarily a combination of national and regional builders, accounted for approximately 14% of net revenue for the year ended December 31, 2025.Business (Item 1)

Suppliers

Owens Corning

depends on · approximately 35% of all material purchasesnamed as a risk

The fiberglass insulation manufacturing market is highly consolidated and primarily served by four major manufacturers (Owens Corning, Knauf Insulation, CertainTeed and Johns Manville).Business (Item 1)

Also named by QXO

CertainTeed

depends onnamed as a risk

The fiberglass insulation manufacturing market is highly consolidated and primarily served by four major manufacturers (Owens Corning, Knauf Insulation, CertainTeed and Johns Manville).Business (Item 1)

Also named by QXO

Johns Manville

depends onnamed as a risk

The fiberglass insulation manufacturing market is highly consolidated and primarily served by four major manufacturers (Owens Corning, Knauf Insulation, CertainTeed and Johns Manville).Business (Item 1)

Also named by QXO

Knauf Insulation

depends onnamed as a risk

We buy significant volume from all four manufacturers and have relationships with each company spanning more than two decades.Business (Item 1)

Other companies

Term SOFR

exposed to its price · $91.3 millionnamed as a risk

As a result, total variable rate debt of $91.3 million was exposed to market risks as of December 31, 2025.Market risk (Item 7A)

Also named by BWIN, CLH, DORM, DPZ, DY, ECG, HUBB, IEX and 9 more

Places

U.S. commercial construction market

earns from · 17% of revenuesnamed as a risk

Revenue from the commercial end market comprised approximately 11% of revenues for the year ended December 31, 2013, and increased to 17% of revenues for the year ended December 31, 2025.Business (Item 1)

Also named by CSL

Florida

operates innamed as a risk

For example, we lease facilities and have significant operations in Florida, Texas, California and other coastal areas that experience extreme weather conditions or natural disasters including hurricanes and wildfires.Risk factors (Item 1A)

Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more

Texas

operates innamed as a risk

For example, we lease facilities and have significant operations in Florida, Texas, California and other coastal areas that experience extreme weather conditions or natural disasters including hurricanes and wildfires.Risk factors (Item 1A)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more

California

operates innamed as a risk

For example, we lease facilities and have significant operations in Florida, Texas, California and other coastal areas that experience extreme weather conditions or natural disasters including hurricanes and wildfires.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

U.S. residential new construction market

earns fromnamed as a risk

The majority of revenue from our business comes from the installation of building products in the new residential housing market.Risk factors (Item 1A)

Bucyrus, Ohio

operates in

Our manufacturing operations include Advanced Fiber Technology ("AFT") located in Bucyrus, Ohio, and Carolina Precision Fibers ("CPF"), a 2025 acquisition operating in Ronda, North Carolina.Business (Item 1)

Hazards

Hurricanes

operates innamed as a risk

For example, we lease facilities and have significant operations in Florida, Texas, California and other coastal areas that experience extreme weather conditions or natural disasters including hurricanes and wildfires.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Wildfires

operates innamed as a risk

For example, we lease facilities and have significant operations in Florida, Texas, California and other coastal areas that experience extreme weather conditions or natural disasters including hurricanes and wildfires.Risk factors (Item 1A)

Also named by AAON, AMRC, AZO, BRK/B, CCI, CDNS, CINF, CNP and 17 more

Winter weather

operates innamed as a risk

This winter slowdown contributes to traditionally lower sales and profitability in our first quarter.Risk factors (Item 1A)

Also named by CHRD, DY, JBHT, ODFL, QXO, XPO

Commodities and inputs

Fiberglass insulation

depends on · approximately 35% of all material purchasesnamed as a risk

Due to the limited number of large fiberglass insulation manufacturers, our three largest suppliers in the aggregate accounted for approximately 35% of all material purchases for the year ended December 31, 2025.Business (Item 1)

Spray foam insulation

depends on · approximately 17% of our insulation installation sales

Spray foam insulation accounted for approximately 17% of our insulation installation sales for the year ended December 31, 2025.Business (Item 1)

Aluminum

exposed to its pricenamed as a risk

CAS purchases the majority of its finished painted aluminum from a single supplier and is subject to fluctuations in the commodity pricing of aluminum.Business (Item 1)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Fuel

exposed to its pricenamed as a risk

The price of oil has fluctuated at times and has created volatility in our fuel costs.Risk factors (Item 1A)

Also named by ASO, CARR, COR, CPNG, CPRT, DDS, DKS, DY and 16 more

Regulators

U.S. Department of Transportation (DOT)

subject tonamed as a risk

Our transportation operations, which we depend on to transport materials from our locations to job sites or customers, are subject to the regulatory jurisdiction of the DOT.Risk factors (Item 1A)

Also named by ACHR, AESI, ALK, BLDR, CHRW, CTAS, DAL, EXPE and 19 more

Occupational Safety and Health Administration (OSHA)

subject tonamed as a risk

Our operations are also subject to the regulatory jurisdiction of the U.S. Department of Labor’s Occupational Safety and Health Administration ("OSHA") which has broad administrative powers regarding workplace and jobsite safety.Business (Item 1)

Also named by BLDR, CSW, CTOS, ECG, FIX, GVA, HLIO, PRIM and 7 more

U.S. Department of Homeland Security

subject tonamed as a risk

We are subject to regulations of the Department of Homeland Security, and we are audited from time to time for compliance with work authentication requirements.Risk factors (Item 1A)

Also named by CHRW

Laws and programs

U.S. Section 232 aluminum tariffs

exposed to its price · 50%named as a risk

Aluminum prices have experienced significant increases as the tariffs imposed on imported aluminum increased to 50% in 2025.Risk factors (Item 1A)

Also named by AA

International Emergency Economic Powers Act tariffs

subject tonamed as a risk

On February 20, 2026, the U.S. Supreme Court rendered a decision invalidating tariffs imposed under the International Emergency Economic Powers Act, which has increased uncertainty around future trade policy actions.Risk factors (Item 1A)

Also named by AAOI, ANET, ARW, COHR, CSW, DECK, FIVE, KLAC and 8 more

Multiemployer pension plans (Washington, Oregon, California, Illinois)

named as a risk

We participate in various multiemployer pension plans under collective bargaining agreements in Washington, Oregon, California and Illinois with other companies in the construction industry.Risk factors (Item 1A)

Also named by ECG, LYV, MDLZ, NYT, PWR, RSG, STRL, TJX and 3 more

E-Verify

subject tonamed as a risk

Although we verify the employment eligibility status of all our employees, including through participation in the “E-Verify” program in the states that require it, some of our employees may, without our knowledge, be unauthorized workers.Risk factors (Item 1A)

Also named by EFX

California Senate Bills 253 and 219

subject tonamed as a risk

For example, we are subject to increased climate regulation, including California Senate Bills 253 and 219 that go into effect in 2026 and mandate certain climate disclosure and reporting.Risk factors (Item 1A)

Ohio and Indiana sales tax exemptions

subject tonamed as a risk

We organize our transportation operations as a separate legal entity in certain states, including Ohio and Indiana, to take advantage of sales tax exemptions relating to vehicle operating costs.Risk factors (Item 1A)

Federal Trade Commission non-compete rule

subject tonamed as a risk

Our non-competition agreements may prove to be unenforceable which could have a material adverse effect on our retention of key employees and our customer relationships.Risk factors (Item 1A)

Technology

jobCORE

depends onnamed as a risk

Our operations are dependent upon our information technology systems, including our web-enabled internal software technology, jobCORE.Risk factors (Item 1A)