On this page of StockholderLetter.com we present the latest annual shareholder letter from GIBRALTAR INDUSTRIES, INC. — ticker symbol ROCK. Reading current and past ROCK letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report
Company Profile Gibraltar is a leading manufacturer and provider of products and services for the residential, agtech and infrastructure markets. Our mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. We strive to create compounding and sustainable value for our stockholders and stakeholders by maintaining strong, relevant leadership positions in higher-growth profitable end markets while continuously innovating our products, services, and business processes to further optimize the important end markets we serve in the U.S. and Canada; residential and light commercial housing, infrastructure, and controlled environment agriculture growing and research. We continue to transform Gibraltar to focus on providing solutions to some of today s most significant challenges including living in safe and comfortable housing, growing food more sustainably, and improving the infrastructure across the U.S. and Canada. Our common stock is trading on the NASDAQ under the ticker symbol ROCK . Selected Financial Highlights (in thousands, except per share data) GAAP Net sales Intangible asset impairment Years Ended December 31, 2025 2024 1,135,501 $ 1,023,359 6,000 Depreciation 14,574 12,783 Amortization 15,275 6,337 Operating income 122,751 139,674 Interest income, net (1,747) (6,171) Income before taxes from continuing operations 126,576 170,987 Provision for income taxes 29,020 35,943 Income from continuing operations 97,556 135,044 Income per share from continuing operations 3.25 4.39 Weighted average shares outstanding Diluted 29,984 Adjusted Financial Measures 30,769 Years Ended December 31, 2025 2024 1,135,501 $ 1,012,980 Adjusted net sales Operating income 150,839 148,502 Income before income taxes from continuing operations 152,438 154,901 Provision for income taxes 34,844 37,487 Income from continuing operations 117,594 117,414 Income per share from continuing operations 3.92 3.82 Weighted average shares outstanding Diluted 29,984 30,769 Adjusted operating margin 13.3% 14.7% Adjusted EBITDA Adjusted EBITDA margin Free cash flow 185,297 16.3% Free cash flow - % of adjusted net sales 90,977 17.5% 8.0% Balance Sheet 177,450 153,038 15.1% December 31, 2025 2024 628,886 651,332 Current assets Current liabilities 366,022 254,862 Total assets 1,393,603 1,419,410 Total debt Total shareholders equity 950,398 1,048,034 Capital expenditures, net 46,130 16,852 Note: Reconciliation of GAAP to Adjusted Financial Measures in the table above and in the following letter are shown in the Reconciliation of GAAP to Adjusted Financial Measures provided in final pages of this Annual Report.
Dear Shareholders: Gibraltar delivered solid performance in 2025 and continued to evolve its business portfolio to focus more on building products and structures markets. For full year performance, despite an ongoing slow market impacting our largest business segment, Residential, consolidated net sales increased 11.0% to $1.14 billion while on an adjusted basis, operating income, EBITDA, and EPS all expanded. We generated $137 million in operating cash flow and $91 million in free cash flow, or 8% of net sales. Our portfolio transformation initiatives continued during the year with acquisitions serving the building products and structures markets, and Gibraltar s announcement to exit the renewables market. Below is a summary of changes to the portfolio during the year: Residential building products In March, we acquired two metal roofing companies serving the Carolinas and Rocky Mountain regions, and in July, we acquired a metal roofing company serving the Oklahoma City area. These businesses serve residential and light commercial markets. On November 17, we announced the acquisition of Omnimax International, a leading manufacturer of roofing accessories and rainwater management in the United States. Omnimax complements our existing residential building products business with significant synergies, and the combined business creates the leader for our industry that can serve and support customers locally and nationally while also helping shape the future of the industry. The acquisition of Omnimax closed on February 2, 2026. Agtech structures In February 2025, we acquired Lane Supply, an industry leader in the design, manufacture, and installation of canopies serving C-stores, QSR restaurants, and travel centers. Renewables In June, we announced the sale of the Renewables business and reclassified the business to discontinued operations for the remainder of the year. We completed the sale of the Renewables eBos business on February 20, 2026. The sale process of our Renewables racking and foundations business is expected to be completed in 2026. In 2026, the Residential segment will represent approximately 80% of Gibraltar s overall business, its largest and most profitable and cash generating segment. We will focus on execution and integration of Omnimax and metal roofing businesses, synergy execution, cash generation, and reducing debt and leverage. We will continue to optimize the portfolio and invest in the organization, operating systems, and new products to better serve our customers while staying focused on our core values Make it Better, Make it Right, Make it Together, and Make an Impact. We would like to thank our customers and suppliers, stakeholders, Board of Directors, and our entire organization, the people that make it happen. We look forward to a good year in 2026. Sincerely, William T. Bosway Atlee Valentine Pope Chairman of the Board, President and Chief Executive Officer Lead Independent Director April 6, 2026
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ROCK Shareholder/Stockholder Letter Transcript:

2025 Annual Report

Company Profile
Gibraltar is a leading manufacturer and provider of products and services for the residential, agtech and infrastructure markets.
Our mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and
technology. We strive to create compounding and sustainable value for our stockholders and stakeholders by maintaining
strong, relevant leadership positions in higher-growth profitable end markets while continuously innovating our products,
services, and business processes to further optimize the important end markets we serve in the U.S. and Canada; residential
and light commercial housing, infrastructure, and controlled environment agriculture growing and research. We continue to
transform Gibraltar to focus on providing solutions to some of today   s most significant challenges   including living in safe and
comfortable housing, growing food more sustainably, and improving the infrastructure across the U.S. and Canada. Our
common stock is trading on the NASDAQ under the ticker symbol    ROCK   .
Selected Financial Highlights (in thousands, except per share data)
GAAP
Net sales

Intangible asset impairment

Years Ended December 31,
2025
2024
1,135,501
$ 1,023,359


6,000
Depreciation

14,574

12,783
Amortization

15,275

6,337
Operating income

122,751

139,674
Interest income, net

(1,747)

(6,171)
Income before taxes from continuing operations

126,576

170,987
Provision for income taxes

29,020

35,943
Income from continuing operations

97,556

135,044
Income per share from continuing operations

3.25

4.39
Weighted average shares outstanding     Diluted
29,984
Adjusted Financial Measures
30,769
Years Ended December 31,
2025
2024
1,135,501
$ 1,012,980
Adjusted net sales

Operating income

150,839

148,502
Income before income taxes from continuing operations

152,438

154,901
Provision for income taxes

34,844

37,487
Income from continuing operations

117,594

117,414
Income per share from continuing operations

3.92

3.82
Weighted average shares outstanding     Diluted
29,984
30,769
Adjusted operating margin
13.3%
14.7%
Adjusted EBITDA

Adjusted EBITDA margin
Free cash flow
185,297

16.3%

Free cash flow - % of adjusted net sales
90,977
17.5%

8.0%
Balance Sheet
177,450
153,038
15.1%
December 31,
2025
2024
628,886
651,332

Current assets

Current liabilities

366,022

254,862
Total assets

1,393,603

1,419,410
Total debt




Total shareholders    equity

950,398

1,048,034
Capital expenditures, net

46,130

16,852
Note: Reconciliation of GAAP to Adjusted Financial Measures in the table above and in the following letter are shown in the
Reconciliation of GAAP to Adjusted Financial Measures provided in final pages of this Annual Report.

Dear Shareholders:
Gibraltar delivered solid performance in 2025 and continued to evolve its business portfolio to focus more on building products
and structures markets. For full year performance, despite an ongoing slow market impacting our largest business segment,
Residential, consolidated net sales increased 11.0% to $1.14 billion while on an adjusted basis, operating income, EBITDA,
and EPS all expanded. We generated $137 million in operating cash flow and $91 million in free cash flow, or 8% of net sales.
Our portfolio transformation initiatives continued during the year with acquisitions serving the building products and structures
markets, and Gibraltar   s announcement to exit the renewables market. Below is a summary of changes to the portfolio during
the year:
Residential building products

In March, we acquired two metal roofing companies serving the Carolinas and Rocky Mountain regions, and in July,
we acquired a metal roofing company serving the Oklahoma City area. These businesses serve residential and light
commercial markets.

On November 17, we announced the acquisition of Omnimax International, a leading manufacturer of roofing
accessories and rainwater management in the United States. Omnimax complements our existing residential building
products business with significant synergies, and the combined business creates the leader for our industry that can
serve and support customers locally and nationally while also helping shape the future of the industry. The acquisition
of Omnimax closed on February 2, 2026.
Agtech structures

In February 2025, we acquired Lane Supply, an industry leader in the design, manufacture, and installation of canopies
serving C-stores, QSR restaurants, and travel centers.
Renewables

In June, we announced the sale of the Renewables business and reclassified the business to discontinued operations
for the remainder of the year. We completed the sale of the Renewables eBos business on February 20, 2026. The
sale process of our Renewables racking and foundations business is expected to be completed in 2026.
In 2026, the Residential segment will represent approximately 80% of Gibraltar   s overall business, its largest and most profitable
and cash generating segment. We will focus on execution and integration of Omnimax and metal roofing businesses, synergy
execution, cash generation, and reducing debt and leverage. We will continue to optimize the portfolio and invest in the
organization, operating systems, and new products to better serve our customers while staying focused on our core values    
Make it Better, Make it Right, Make it Together, and Make an Impact.
We would like to thank our customers and suppliers, stakeholders, Board of Directors, and our entire organization, the people
that make it happen. We look forward to a good year in 2026.
Sincerely,
William T. Bosway
Atlee Valentine Pope
Chairman of the Board, President and
Chief Executive Officer
Lead Independent Director
April 6, 2026

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