<div id="readability-page-1"><div>Fitch Ratings-Chicago-01 December 2025:Fitch Ratings has assigned Installed Building Products, Inc. (IBP) a first-time Long-Term Issuer Default Rating (IDR) of 'BB+'. Fitch has also assigned a 'BBB-' rating with a Recovery Rating of 'RR1' to IBP's ABL credit facility, a 'BBB-'/'RR2' rating to its senior secured term loan, and a 'BB+'/'RR4' rating to the company's senior unsecured notes. The Rating Outlook is Stable.The 'BB+' IDR reflects IBP's conservative leverage profile, strong cash flow generation, healthy liquidity position, leading market position within insulation installation, and broad geographic presence in the U.S. The IDR also incorporates IBP's exposure to the cyclical new construction market, as well as its acquisitive strategy.Key Rating DriversConservative Leverage: IBP has consistently operated with EBITDA leverage below 3.0x, excluding a few one-off leveraging events to pursue acquisitions. Since 2022, leverage has trended below 2.0x and Fitch expects this ratio will remain at or below this level over the next few years. Management targets leverage below 2.0x on a net basis. (CFO-capex)/debt has regularly exceeded 25% and Fitch expects this to continue. Leverage metrics are strong relative to the 'BB+' IDR, which provides the company substantial rating headroom to navigate a more difficult and uncertain housing and economic environment.Acquisitive Strategy: The company has grown primarily through acquisitions, carrying out multiple bolt-on purchases of local and regional building products installers. These transactions have enabled the company to expand geographically and diversify its product offering to include complementary building products and expand into commercial end-markets. Fitch believes the company's growth strategy execution has been strong as it has gained market share while improving profitability and revenue diversity as it consolidates the industry.The building products installation sector remains highly fragmented, and Fitch expects IBP's inorganic growth strategy to continue. Fitch expects growth will be directed toward bolt-on acquisitions, funded primarily with FCF. Fitch's rating case forecast does not incorporate large debt-funded acquisitions.Exposure to New Construction: IBP is primarily exposed to the construction market, with about 72% of its 2024 revenues derived from new residential construction, 16% from new commercial construction projects, and the remainder from repair and remodel activity. The exposure to the more volatile new construction market is high relative to building products issuers in Fitch's coverage and could result in more volatile earnings through the cycle, which weighs on the company's credit profile. During the last downturn, IBP's revenues fell 44% peak to trough, while housing starts fell 73% during the same period.Subdued Demand Environment: Fitch expects demand weakness as new residential construction, residential remodeling activity and commercial construction remain challenging amid uncertain tariff policies and higher interest rates. Potential inflationary pressures from tariffs and immigration policies could further impact construction activity. Fitch forecasts organic revenues will improve slightly in 2026 and 2027.Leading Insulation Market Position: IBP has a top two market share position within the fragmented insulation installation market. Fitch believes this leading market position provides IBP with competitive advantages, particularly when dealing with public homebuilders as these companies typically seek regional and national purchasing opportunities. The company's leading share and larger size have also allowed it to maintain strong long-standing relationships with building products manufacturers.Strong Profitability and FCF: IBP's generates strong profitability and FCF metrics relative to its 'BB+' IDR. EBITDA margins are forecast to be between 16% and 17% in the next few years, slightly below the 17.2% level reported in 2023 and 2024. Fitch expects FCF margins to be 6%-7% in 2025 and 2026, modestly above the 5.5% reported in 2024. This assumes capex as a percentage of sales of around 2%-2.5% and modest annual dividend increases. In a moderate housing downturn, Fitch would expect IBP to still generate positive cash flow despite EBITDA margin contraction as it winds down working capital.Peer AnalysisIBP's direct peer is TopBuild Corp. TopBuild is substantially larger than IBP and has stronger profitability metrics. TopBuild's EBITDA leverage has historically been lower than IBP, but is forecast to be modestly higher in the coming years due to significant acquisitions this year. TopBuild has a more diversified end-market exposure than IBP, with about 53% of pro forma revenues directed to residential construction and 47% to commercial/industrial end-markets.IBP's leverage is lower than most building products manufacturer peers, including MasterBrand, Inc. (BB+/Stable) and Masco Corporation (BBB/Stable). IBP's EBITDA margin is better than MasterBrand but lower than Masco. IBP is significantly smaller than Masco and MasterBrand (after its acquisition of American Woodmark) and has higher exposure to the more cyclical new residential construction market. IBP's EBITDA margin is higher than MasterBrand's, but lower than Masco's.Fitch’s Key Rating-Case Assumptions- Revenues grow low-single digits in 2025 and increases low-single digits organically in 2026 and 2027;- EBITDA margin of 16%-17% in 2025-2027;- FCF margin of 6%-7% in 2025-2027;- EBITDA leverage between 1.5x and 2.0x in 2025-2027;- (CFO-capex)/Debt between 30% and 35% in 2025-2027;- Acquisitions totalling $125 million annually in 2026-2027, funded by FCF.RATING SENSITIVITIESFactors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade- Fitch's expectation that EBITDA leverage will sustain above 3.0x;- Shareholder-friendly capital allocation during a construction downturn or period of economic stress;- Fitch's expectation that (CFO-capex)/debt will consistently be below 8%.;- EBITDA margin sustained below 12%.Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade- A more balanced exposure to various construction end markets resulting in more stable revenues and margins throughthe cycle, while maintaining EBITDA leverage below 2.0x and (CFO-capex)/debt above 12%;- The company continues to strongly execute on its growth strategy, as evidenced by EBITDA margins sustaining in the mid-teens while IBP continues to smoothly integrate future acquisitions.Liquidity and Debt StructureIBP has a healthy liquidity position with $330 million of cash as of Sept. 30, 2025, and $246.5 million of availability under its $250 million ABL revolver that matures in February 2027. The company has no material upcoming maturities until 2028, when $300 million of senior unsecured notes mature. Annual amortization of $5 million under its term loan facility is manageable given its strong FCF generation.Issuer ProfileIBP is one of the nation's largest new residential insulation installers and is a diversified installer of complementary building products, including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors and other products for residential and commercial builders.Date of Relevant Committee 17-Nov-2025 REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Click here to access Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in our credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG ConsiderationsThe highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.Installed Building Products, Inc.; Long Term Issuer Default Rating; New Rating; BB+; Rating Outlook Stable----senior secured; Long Term Rating; New Rating; BBB-----senior secured; Long Term Rating; New Rating; BBB-----senior unsecured; Long Term Rating; New Rating; BB+Contacts:Primary Rating AnalystRobert Rulla, CPASenior Director+1 312 606 2311robert.rulla@fitchratings.comFitch Ratings, Inc.One North Wacker DriveChicago, IL 60606Secondary Rating AnalystNajae Moore,Senior Analyst+1 646 582 3646najae.moore@fitchratings.comCommittee ChairpersonDavid Peterson,Senior Director+1 312 368 3177david.peterson@fitchratings.comMEDIA RELATIONS: Eleis Brennan, New York, Tel: +1 646 582 3666, Email: eleis.brennan@thefitchgroup.comAdditional information is available on www.fitchratings.comApplicable ModelNumbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).Corporate Monitoring &amp; Forecasting Model (COMFORT Model), v8.2.0 (1)ADDITIONAL DISCLOSURESDodd-Frank Rating Information Disclosure FormSolicitation StatusAdditional Disclosures For Unsolicited Credit RatingsEndorsement StatusEndorsement PolicyALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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Fitch Ratings has assigned Installed Building Products, Inc. (IBP) a first-time Long-Term Issuer Default Rating (IDR) of 'BB+'. The rating reflects IBP's conservative leverage, strong cash flow, and leading market position in insulation installation. Fitch also rated IBP's credit facilities and senior notes. The outlook is stable, despite exposure to the cyclical construction market. IBP's growth strategy focuses on acquisitions, and it maintains strong profitability and free cash flow. Fitch expects modest revenue growth and stable EBITDA margins in the coming years.

Fitch Assigns Installed Building Products First-Time 'BB+' IDR; Outlook Stable