Raising 2026 synergy commitment to $26M, $16M included in FY 2026 EBITDA Outlook
Reaffirming full year 2026 guidance
Buffalo, New York, May 7, 2026 – Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the residential, agtech, and infrastructure markets, today reported its financial results for the three-month period ended March 31, 2026.
As a reminder, on June 30, 2025, Gibraltar announced that it has reclassified its Renewables business as discontinued operations to focus its asset portfolio and resources on its building products and structures businesses – namely the residential, agtech and infrastructure segments. On February 20, 2026, Gibraltar sold the electrical balance-of-systems (eBOS) business for $70 million in cash.
“The first quarter was very busy with the closing of the OmniMax acquisition on February 2nd and the subsequent launch of our integration efforts across the combined business. There has been significant progress as our 22 integration planning teams have delivered over 500+ milestones in the last 90 days. We are accelerating key initiatives and have raised our synergy commitment again, adding another $2 million for 2026 to a total of $26 million of which $16 million is planned to be realized in full-year 2026 adjusted EBITDA. In parallel, we continued to navigate a slower Residential end market, deal with accelerating commodity inflation, and manage through some disruptive weather events in the quarter,” stated Chairman and CEO Bill Bosway.
“Including two months of OmniMax, net sales increased 44.6% and adjusted EBITDA increased 16.1% while adjusted EPS was down 50% primarily driven by an increase in interest expense and unfavorable price material economics driven by significant increase in aluminum prices during the quarter. We executed price actions in both March and April across 14 of our residential brands and operating units, which we expect will create positive price material economics for us in the second quarter. We consumed cash in the quarter per our range of expectations and applied the $70 million of proceeds of the eBOS divestiture to debt reduction.”
First Quarter 2026 Results from Continuing Operations
Three Months Ended March 31,
2026
2025
Change
Net Sales
$356.3
$246.4
44.6%
Adjusted EBITDA
$49.0
$42.2
16.1%
Net (Loss) / Income
$(12.1)
$23.1
NMF
Adjusted Net Income
$13.5
$27.3
(50.5)%
GAAP (Loss) / Earnings Per Share – Diluted
$(0.40)
$0.76
NMF
Adjusted EPS – Diluted
$0.45
$0.90
(50.0)%
Net Sales
•Driven by acquisitions of OmniMax, Lane Supply and Metal Roofing with organic growth down slightly
GAAP Income / EPS
•Net loss driven by pretax expenses of $32.6 million, or $0.80 per share related to OmniMax acquisition including deal closing and integration costs, and fair market amortization step-up
Adjusted Net Income / EPS
•Decreased 50.5% to $13.5 million, or $0.45 per share, including the net interest impact of $14.6 million versus first quarter 2025
•Aluminum market price increased significantly in the quarter. Steel, resin, and fuel inflation began to materialize in March post Middle East conflict.
•Price increases in March and April drive positive price material economics in the second quarter
• Lower volume, business and product mix
Adjusted measures are further described in the appended reconciliation of adjusted financial measures.
First Quarter Segment Results
Residential
($Millions) Three Months Ended March 31,
2026 GAAP
2025 GAAP
Change
2026 Adjusted
2025 Adjusted
Change
Net Sales
$281.4
$180.0
56.3%
$281.4
$180.0
56.3%
Operating Income
$20.2
$31.3
(35.5)%
$31.0
$32.4
(4.3)%
Operating Margin
7.2%
17.4%
(1020) bps
11.0%
18.0%
(700) bps
EBITDA
N/A
N/A
N/A
$43.8
$35.4
23.7%
EBITDA Margin
N/A
N/A
N/A
15.6%
19.7%
(410) bps
Net Sales
•OmniMax contributed $89 million and metal roofing acquisitions $18 million in the quarter
•Organic sales: building products down 3.8%, mail and package down 1.5%
•Solid start in the second quarter - April shipments and bookings on plan and ahead of 2025 levels
Operating Income / EBITDA
•Lower volume related to soft end market in the first quarter
•Timing of price realization against significant inflation in the quarter – executed price actions across 14 of our brands and operating units in March and April
•Operating inefficiencies related to close of OmniMax deal in middle of first quarter
OmniMax Integration – First 90 days
•22 integration planning teams and delivered 500+ milestones
•Phase 1 organization restructuring executed, Phase 2 to be completed in the second quarter
•Raised synergy commitment an additional $2 million to $26 million with $16 million realized in full-year 2026 adjusted EBITDA – added Corporate savings category
•Over 50% of synergy commitment executed to date with realized savings starting to ramp up in the second quarter
•Gained new business in 40+ new customer branches through participation initiatives
•Now have over 60+ existing customer locations buying complementary Gibraltar and OmniMax products through successful cross-selling initiatives
Agtech
($Millions) Three Months Ended March 31,
2026 GAAP
2025 GAAP
Change
2026 Adjusted
2025 Adjusted
Change
Net Sales
$55.6
$45.0
23.6%
$55.6
$45.0
23.6%
Operating Income
$3.3
$3.4
(2.9)%
$3.5
$4.9
(28.6)%
Operating Margin
6.0%
7.5%
(150) bps
6.3%
10.8%
(450) bps
EBITDA
N/A
N/A
N/A
$5.8
$6.3
(7.9)%
EBITDA Margin
N/A
N/A
N/A
10.5%
14.1%
(360) bps
Net sales were driven by the acquisition of Lane Supply. Overall, organic volume was down 3% driven by movement of projects to later in the year. Backlog for the business remains very solid at $84 million but reflects a 13% decrease at quarter-end from the removal of the CEA Arizona project.
Adjusted operating margin in the quarter was driven by lower volume associated with projects moving to later in the year, and the impact of having full quarter results for Lane in 2026.
Infrastructure
($Millions) Three Months Ended March 31,
2026 GAAP
2025 GAAP
Change
2026 Adjusted
2025 Adjusted
Change
Net Sales
$19.2
$21.3
(9.9)%
$19.2
$21.3
(9.9)%
Operating Income
$3.7
$5.3
(30.2)%
$3.7
$5.3
(30.2)%
Operating Margin
19.3%
24.7%
(540) bps
19.3%
24.7%
(540) bps
EBITDA
N/A
N/A
N/A
$4.5
$6.0
(25.0)%
EBITDA Margin
N/A
N/A
N/A
23.3%
28.2%
(490) bps
Sales were impacted by two separate weather events in March that affected power supply to our facility, resulting in a portion of March orders being shipped in April. Operations performed well, taking care of customers and staying on plan for the second quarter. Customer backlog was down 3% driven by timing of project awards but quoting / bid activity remains very strong and is expected to result in increased bookings in the second quarter and 2026. Margins were impacted by lower volume and mix.
Balance Sheet and Cash Flow
Gibraltar’s policy with respect to cash allocation will be to keep a minimum ($20-25 million) of cash on hand, use the revolver as needed to fund seasonal builds and pay down debt with excess cash flow.
During the quarter, Gibraltar used $34.6 million in cash from operations, including the outlays for closing the transaction. The Company applied the $70 million in proceeds from the eBOS sale to debt reduction and, as a result, net debt on the balance sheet was $1.2 billion and revolving credit facility availability was $467 million at quarter-end.
2026 Outlook for Continuing Operations
Mr. Bosway added, “I am pleased with the position we are in heading into the second quarter and the second half of the year. Our Residential business is off to a solid start with both shipments and bookings in April on plan and above 2025 levels. Our leadership team and Integration Management Office continue to integrate the business, identify and implement more synergy savings, execute price initiatives to deliver positive price material economics in the second quarter, and win more with customers as we displace competition and/or expand presence through successful cross-selling initiatives. We are focused on what we can control in a dynamic end market environment. In addition, our Agtech plan remains on track with a backlog of signed and funded projects, and I am excited to see the engineering backlog of Infrastructure convert to order backlog in the second quarter as well.”
Reiterating 2026 Guidance Range
For the Twelve Months Ended December 31,
2026
2025
Net Sales (in billions)
$1.76
-
$1.83
$1.14
Adjusted EBITDA (in millions)
$310
-
$326
$185
Adjusted EBITDA Margin
17.6%
-
17.8%
16.3%
GAAP EPS – Diluted
$2.40
-
$2.80
$3.25
Adjusted EPS – Diluted
$3.65
-
$4.05
$3.92
First Quarter 2026 Conference Call Details
Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the first quarter of 2026. Interested parties may access the webcast through the Investors section of the Company’s website at www.gibraltar1.com, where related presentation materials will also be posted prior to the conference call. The call also may be accessed by dialing (888) 396-8049 or (416) 764-8646. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year.
About Gibraltar
Gibraltar is a leading manufacturer and provider of products and services for the residential, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living and productive growing throughout North America. For more please visit www.gibraltar1.com.
Forward-Looking Statements
Certain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, the ability of Gibraltar to successfully integrate OmniMax and/or to achieve expected cost and operational synergies from the OmniMax transaction; tariffs and retaliatory tariffs imposed by the United States or other countries on imported goods, including raw materials used in the manufacturing of the Company’s products; changes to economic conditions and customer demand for the Company’s products; the availability and pricing of principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, the loss of any key customers, adverse effects of inflation, the ability to continue to improve operating margins, the ability to generate order flow and sales and increase backlog; the ability to translate backlog into net sales, other general economic conditions and conditions in the particular markets in which we operate, changes in spending due to laws and government incentives, such as the Infrastructure Investment and Jobs Act, changes in customer demand and capital spending, competitive factors and pricing pressures, the ability to develop and launch new products in a cost-effective manner, the ability to realize synergies from newly acquired businesses, disruptions to IT systems, the impact of trade and regulation, rebates, credits and incentives and variations in government spending and ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions. Before making any investment decisions regarding the company, we strongly advise you to read the section entitled “Risk Factors” in the most recent annual report on Form 10-K which can be accessed under the “SEC Filings” link of the “Investor Info” page of the website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.
Adjusted Financial Measures
To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release and its quarterly conference call, including adjusted net sales, adjusted operating income and margin, adjusted net income, adjusted earnings per share (EPS), free cash flow and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), each a non-GAAP financial measure. Unless otherwise indicated, the consolidated financial statements, disclosures and related information disclosed herein relate to the Company's continuing operations, which exclude its Renewables business which was classified as a discontinued operation as of June 30, 2025. The Company has recast prior period amounts to reflect discontinued operations. Adjusted net income, operating income and margin exclude special charges consisting of restructuring costs (primarily comprised of exit activities costs and impairment of assets associated with 80/20 simplification, lean initiatives and / or discontinued products), acquisition related costs (legal and consulting fees, and integration costs for recent business acquisitions), and portfolio
management. These special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. The aforementioned exclusions along with other adjustments to other income below operating profit are excluded from adjusted EPS. Adjusted EBITDA further excludes interest, taxes, depreciation, amortization and stock compensation expense. In evaluating its business, the Company considers and uses these non-GAAP financial measures as supplemental measures of its operating performance. Free cash flow is operating cash flow less capital expenditures and the related margin is free cash flow divided by net sales. The Company believes that the presentation of adjusted measures and free cash flow provides meaningful supplemental data to investors, as well as management, that are indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. Adjusted EBITDA and free cash flow are also useful measures of the Company’s ability to service debt and adjusted EBITDA is one of the measures used for determining the Company’s debt covenant compliance.
Adjustments to the most directly comparable financial measures presented on a GAAP basis are quantified in the reconciliation of adjusted financial measures provided in the supplemental financial schedules that accompany this news release. These adjusted measures should not be viewed as a substitute for the Company’s GAAP results and may be different than adjusted measures used by other companies and the Company’s presentation of non-GAAP financial measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items.
Reconciliations of non-GAAP measures related to full-year 2026 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations.
Contact:
Alliance Advisors Investor Relations
Jody Burfening/Carolyn Capaccio
(212) 838-3777
rock@allianceadvisors.com
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended March 31,
2026
2025
Net sales
$
356,287
$
246,357
Cost of sales
277,416
176,504
Gross profit
78,871
69,853
Selling, general, and administrative expense
83,327
41,198
Operating (loss) income
(4,456)
28,655
Interest expense (income), net
13,024
(1,637)
Other (income) expense, net
(814)
76
(Loss) income before taxes from continuing operations
(16,666)
30,216
(Benefit of) provision for income taxes
(4,614)
7,101
(Loss) income from continuing operations
(12,052)
23,115
Discontinued operations:
Loss before taxes from discontinued operations
(59,871)
(3,163)
Benefit of income taxes
(4,453)
(1,167)
Loss from discontinued operations
(55,418)
(1,996)
Net (loss) income
$
(67,470)
$
21,119
Net (loss) earnings per share – Basic:
(Loss) income from continuing operations
$
(0.40)
$
0.76
Loss from discontinued operations
(1.86)
(0.06)
Net (loss) income
$
(2.26)
$
0.70
Weighted average shares outstanding – Basic
29,796
30,252
Net (loss) earnings per share – Diluted:
(Loss) income from continuing operations
$
(0.40)
$
0.76
Loss from discontinued operations
(1.86)
(0.07)
Net (loss) income
$
(2.26)
$
0.69
Weighted average shares outstanding – Diluted
29,796
30,474
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
March 31, 2026
December 31, 2025
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
20,347
$
115,724
Trade receivables, net of allowance of $3,329 and $2,558, respectively
224,577
120,327
Costs in excess of billings, net
25,496
26,799
Inventories, net
268,110
116,770
Prepaid expenses and other current assets
71,892
56,904
Assets of discontinued operations
89,283
192,362
Total current assets
699,705
628,886
Property, plant, and equipment, net
191,983
130,456
Operating lease assets
167,840
55,355
Goodwill
932,219
415,032
Customer relationships, net
631,704
109,092
Other intangibles, net
142,707
34,464
Other assets
21,337
20,318
$
2,787,495
$
1,393,603
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
183,169
$
108,216
Accrued expenses
193,380
155,807
Billings in excess of costs
8,480
8,879
Liabilities of discontinued operations
112,312
93,120
Total current liabilities
497,341
366,022
Long-term debt
1,220,825
—
Deferred income taxes
11,127
5,116
Non-current operating lease liabilities
153,374
46,199
Other non-current liabilities
24,196
25,868
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding
—
—
Common stock, $0.01 par value; authorized 100,000 shares; 34,674 and 34,482 shares issued and outstanding, respectively
347
345
Additional paid-in capital
354,993
353,018
Retained earnings
763,993
831,463
Accumulated other comprehensive loss
(4,581)
(3,683)
Treasury stock, at cost; 5,013 and 4,935 shares, respectively
(234,120)
(230,745)
Total stockholders’ equity
880,632
950,398
$
2,787,495
$
1,393,603
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended March 31,
2026
2025
Cash Flows from Operating Activities
Net (loss) income
$
(67,470)
$
21,119
Loss from discontinued operations
(55,418)
(1,996)
(Loss) income from continuing operations
(12,052)
23,115
Adjustments to reconcile (loss) income from continuing operations to net cash (used in) provided by operating activities:
Depreciation and amortization
15,903
6,806
Stock compensation expense
1,859
2,860
Other, net
2,448
(144)
Changes in operating assets and liabilities net of effects from acquisitions:
Trade receivables and costs in excess of billings
(56,100)
(24,037)
Inventories
(20,460)
(8,233)
Other current assets and other assets
(3,325)
(5,579)
Accounts payable
47,613
18,202
Accrued expenses and other non-current liabilities
(10,439)
(7,905)
Net cash (used in) provided by operating activities of continuing operations
(34,553)
5,085
Net cash (used in) provided by operating activities of discontinued operations
(6,614)
8,599
Net cash (used in) provided by operating activities
(41,167)
13,684
Cash Flows from Investing Activities
Acquisitions, net of cash acquired
(1,340,027)
(184,585)
Purchases of property, plant, and equipment, net
(5,997)
(10,757)
Net proceeds from sale of business
—
352
Net cash used in investing activities of continuing operations
(1,346,024)
(194,990)
Net cash provided by (used in) investing activities of discontinued operations
74,944
(674)
Net cash used in investing activities
(1,271,080)
(195,664)
Cash Flows from Financing Activities
Proceeds from long-term debt
1,325,000
—
Long-term debt payments
(75,000)
—
Payment of debt issuance costs
(29,254)
—
Purchase of common stock at market prices
(3,857)
(62,394)
Net cash provided by (used in) financing activities
1,216,889
(62,394)
Effect of exchange rate changes on cash
(19)
8
Net decrease in cash and cash equivalents
(95,377)
(244,366)
Cash and cash equivalents at beginning of year
115,724
269,480
Cash and cash equivalents at end of period
$
20,347
$
25,114
GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)
Three Months Ended March 31, 2026
(Loss) income before taxes
(Benefit of) provision for income taxes
Net (loss) income from continuing operations
Net (loss) income from continuing operations per share - diluted
As Reported in GAAP Statements
$
(16,666)
$
(4,614)
$
(12,052)
$
(0.40)
Restructuring Charges (1)
2,310
635
1,675
0.05
Acquisition Related Costs (2)
32,641
8,766
23,875
0.80
Adjusted Financial Measures
$
18,285
$
4,787
$
13,498
$
0.45
Residential
Agtech
Infrastructure
Corporate
Consolidated
Operating Margin
7.2
%
6.0
%
19.3
%
n/a
(1.3)
%
Restructuring Charges (1)
0.8
%
0.1
%
—
%
n/a
0.6
%
Acquisition Related Costs (2)
3.0
%
0.3
%
—
%
n/a
9.2
%
Adjusted Operating Margin
11.0
%
6.3
%
19.3
%
n/a
8.6
%
Income from Operations
$
20,246
$
3,327
$
3,717
$
(31,746)
$
(4,456)
Restructuring Charges (1)
2,239
55
—
16
2,310
Acquisition Related Costs (2)
8,528
149
—
24,068
32,745
Adjusted Income from Operations
$
31,013
$
3,531
$
3,717
$
(7,662)
$
30,599
Net Sales
$
281,435
$
55,630
$
19,222
$
—
$
356,287
(1) Comprised primarily of exit activities costs
(2) Represents acquisition related expenses including due diligence and integration costs of recent business combinations
GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)
Three Months Ended March 31, 2025
Income before taxes
Provision for income taxes
Net income from continuing operations
Net income from continuing operations per share - diluted
As Previously Reported in GAAP Statements
$
27,053
$
5,934
$
21,119
$
0.69
Discontinued Operations (1)
3,163
1,167
1,996
0.07
As Reported in GAAP Statements
$
30,216
$
7,101
$
23,115
$
0.76
Restructuring Charges (2)
1,236
300
936
0.03
Acquisition Related Costs (3)
4,255
998
3,257
0.11
Adjusted Financial Measures Recast
$
35,707
$
8,399
$
27,308
$
0.90
Residential
Agtech
Renewables
Infrastructure
Corporate
Consolidated
Operating Margin Previously Reported
17.4
%
7.5
%
(7.2)
%
24.7
%
n/a
8.8
%
Discontinued Operations (1)
n/a
n/a
Operating Margin as Reported in GAAP Statements
17.4
%
7.5
%
n/a
24.7
%
n/a
11.6
%
Restructuring Charges (2)
0.6
%
0.2
%
n/a
—
%
n/a
0.5
%
Acquisition Related Costs (3)
—
%
3.2
%
n/a
—
%
n/a
1.7
%
Adjusted Operating Margin Recast
18.0
%
10.8
%
n/a
24.7
%
n/a
13.9
%
Income from Operations Previously Reported
$
31,260
$
3,385
$
(3,145)
$
5,258
$
(11,248)
$
25,510
Discontinued Operations (1)
—
—
3,145
—
—
3,145
Income from Operations as Reported in GAAP Statements
$
31,260
$
3,385
$
—
$
5,258
$
(11,248)
$
28,655
Restructuring Charges (2)
1,137
68
—
—
31
1,236
Acquisition Related Costs (3)
—
1,419
—
—
2,847
4,266
Adjusted Income from Operations Recast
$
32,397
$
4,872
$
—
$
5,258
$
(8,370)
$
34,157
Net Sales Previously Reported
$
179,994
$
45,040
$
43,658
$
21,323
$
—
$
290,015
Discontinued Operations (1)
—
—
(43,658)
—
—
(43,658)
Net Sales as Reported in GAAP Statements
$
179,994
$
45,040
$
—
$
21,323
$
—
$
246,357
(1) Represents the results generated by the Company's Renewables business classified as Discontinued Operations in 2025
(2) Comprised primarily of exit activities costs
(3) Represents acquisition-related expenses, including due diligence and integration costs of recent business combinations
GIBRALTAR INDUSTRIES, INC.
Reconciliation of GAAP and Adjusted Financial Measures
(in thousands, except per share data)
(unaudited)
Year Ended December 31, 2025
Income before taxes
Provision for income taxes
Net income from continuing operations
Net income from continuing operations per share - diluted
As Reported in GAAP Statements
$
126,576
$
29,020
$
97,556
$
3.25
Restructuring Charges (1)
8,318
1,988
6,330
0.22
Acquisition Related Costs (2) (3)
17,544
3,836
13,708
0.45
Adjusted Financial Measures
$
152,438
$
34,844
$
117,594
$
3.92
Residential
Agtech
Infrastructure
Corporate
Consolidated
Operating Margin
16.6
%
4.5
%
23.9
%
n/a
10.8
%
Restructuring Charges (1)
0.9
%
0.6
%
—
%
n/a
0.7
%
Acquisition Related Costs (2)
—
%
2.1
%
—
%
n/a
1.6
%
Adjusted Operating Margin
17.6
%
7.1
%
23.9
%
n/a
13.3
%
Income from Operations
$
137,195
$
9,804
$
22,042
$
(46,290)
$
122,751
Restructuring Charges (1)
7,034
1,253
—
31
8,318
Acquisition Related Costs (2)
669
4,580
—
14,521
19,770
Adjusted Income from Operations
$
144,898
$
15,637
$
22,042
$
(31,738)
$
150,839
Net Sales
$
824,079
$
219,301
$
92,121
$
—
$
1,135,501
(1) Comprised primarily of exit activities costs
(2) Represents acquisition related expenses including due diligence and integration costs of recent business combinations
(3) Includes one-time gain of $2.2M from an acquisition-related item
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)
Three Months Ended March 31, 2026
Consolidated
Residential
Agtech
Infrastructure
Net Sales
$
356,287
$
281,435
$
55,630
$
19,222
Net Loss from Continuing Operations
(12,052)
Benefit of Income Taxes
(4,614)
Interest Expense
13,024
Other Income
(814)
Operating Profit
(4,456)
20,246
3,327
3,717
Adjusted Measures*
35,055
10,767
204
—
Adjusted Operating Profit
30,599
31,013
3,531
3,717
Adjusted Operating Margin
8.6
%
11.0
%
6.3
%
19.3
%
Adjusted Other Income
(668)
—
—
—
Depreciation & Amortization
15,903
12,129
2,088
713
Stock Compensation Expense
1,859
647
208
55
Adjusted EBITDA
$
49,029
$
43,789
$
5,827
$
4,485
Adjusted EBITDA Margin
13.8
%
15.6
%
10.5
%
23.3
%
Cash Flow - Operating Activities
(34,553)
Purchase of PPE, Net
(5,997)
Free Cash Flow
(40,550)
Free Cash Flow - % of Net Sales
(11.4)
%
*Adjusted Measures details are presented on the corresponding Reconciliation of GAAP and Adjusted Financial Measures
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)
Three Months Ended March 31, 2025
Consolidated
Residential
Agtech
Infrastructure
Net Sales Recast*
$
246,357
$
179,994
$
45,040
$
21,323
Net Income from Continuing Operations
23,115
Provision for Income Taxes
7,101
Interest Income
(1,637)
Other Expense
76
Operating Profit
28,655
31,260
3,385
5,258
Adjusted Measures*
5,502
1,137
1,487
—
Adjusted Operating Profit
34,157
32,397
4,872
5,258
Adjusted Operating Margin
13.9
%
18.0
%
10.8
%
24.7
%
Adjusted Other Expense
87
—
—
—
Adjusted Depreciation & Amortization (1)
5,387
2,527
1,341
701
Adjusted Stock Compensation Expense (2)
2,778
452
135
63
Adjusted EBITDA Recast**
$
42,235
$
35,376
$
6,348
$
6,022
Adjusted EBITDA Margin Recast**
17.1
%
19.7
%
14.1
%
28.2
%
Adjusted EBITDA Previously Reported
$
46,174
$
35,376
$
6,348
$
6,022
Adjusted EBITDA Margin Previously Reported
15.9
%
19.7
%
14.1
%
28.2
%
Cash Flow - Operating Activities
5,085
Purchase of PPE, Net
(10,757)
Free Cash Flow
(5,672)
Free Cash Flow - % of Net Sales
(2.3)
%
*Details for the classification of the Company's Renewables business as Discontinued Operations are presented on corresponding Reconciliation of GAAP and Adjusted Financial Measures
**Recast for the classification of the Company's Renewables business as Discontinued Operations
(1) Recast Depreciation & Amortization for impact of ($2.280M) from classification of Renewables business as Discontinued Operations
(2) Recast Stock Compensation Expense for impact of ($211k) from classification of Renewables business as Discontinued Operations
GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands)
(unaudited)
Year Ended December 31, 2025
Consolidated
Residential
Agtech
Infrastructure
Net Sales
$
1,135,501
$
824,079
$
219,301
$
92,121
Net Income from Continuing Operations
97,556
Provision for Income Taxes
29,020
Interest Income
(1,747)
Other Income
(2,078)
Operating Profit
122,751
137,195
9,804
22,042
Adjusted Measures*
28,088
7,703
5,833
—
Adjusted Operating Profit
150,839
144,898
15,637
22,042
Adjusted Operating Margin
13.3
%
17.6
%
7.1
%
23.9
%
Adjusted Other Expense
148
—
—
—
Depreciation & Amortization
29,849
13,351
10,368
2,845
Less: Acquisition-related amortization
(3,500)
—
(3,500)
—
Adjusted Depreciation & Amortization
26,349
13,351
6,868
2,845
Stock Compensation Expense
8,339
2,591
729
274
Less: SLT Related Stock Compensation Expense
(82)
—
—
—
Adjusted Stock Compensation Expense
8,257
2,591
729
274
Adjusted EBITDA
$
185,297
$
160,840
$
23,234
$
25,161
Adjusted EBITDA Margin
16.3
%
19.5
%
10.6
%
27.3
%
Cash Flow - Operating Activities
137,107
Purchase of PPE, Net
(46,130)
Free Cash Flow
90,977
Free Cash Flow - % of Net Sales
8.0
%
*Adjusted Measures details are presented on the corresponding Reconciliation of GAAP and Adjusted Financial Measures
