• ~75% of U.S. revenue generated from #1 or #2 market positions
• 10,000+ small- to medium-sized competitors
• $340B North American opportunity
• Highly-resilient business model

• 

  Sourcing

  • Best product breadth and depth
  • Own Brand
  • Exclusive distribution
  • Global sourcing capabilities
  • Sourcing of non-stock items
  • Sustainable products
• 

  Sales Channels:

  • Inside sales / outside sales
  • Sales Centers
  • Digital commerce
  • System-to-system
  • Counter sales
  • Showroom
• 

  Customized Solutions

  • Take-off
  • Value engineering
  • Consultative approach to sustainability
  • Code and standard expertise
  • Bid tender
  • Virtual design services
  • Fabrication
  • Valve actuation
  • Pre-assembly
  • Kitting
  • Installation services
  • Project management
• 

  Fulfillment Options

  • Same-day delivery
  • Locker pick-up
  • Pro Pick-Up
  • Multiple delivery locations
  • Project staging - just in time
  • Direct shipment
• 

  After Sales Support

  • Warranty support
  • Credit
  • Project-based billing
  • Returns
  • MRO

• Opportunity to consolidate fragmented markets and expand capabilities
• >50 acquisitions over the past 5 years

Our positions in North American fragmented markets

• Residential Building and Remodel: 12% share in a $33,000,000,000 market. Number 1 market position.
• Waterworks: 21% share in a $28,000,000,000 market. Number 1 market position.
• Commerical / Mechanical: 21% share in a $18,000,000,000 market. Number 1 market position.
• Fire and Fabrication: 24% share in a $4,000,000,000 market. Number 1 market position.
• Industrial: 6% share in a $31,000,000,000 market. Number 2 market position.
• Residential Trade: 17% share in a $34,000,000,000 market. Number 2 market position.
• Facilities Supply: 1% share in a $100,000,000,000 market. Number 3 market position.
• HVAC: 5% share in a $70,000,000,000 market. Number 3 market position.
• Residential Digital Commerce: 9% share in a $27,000,000,000 market. Number 4 market position.

• Revenue and adjusted operating profit CAGR of +7.1% and +12.4% between FY20 and FY25
• Strong cash conversion delivery
• $12B returned to shareholders over the past 10 years

*This is a non-GAAP measure. See the appendix of FY2025 Q4 presentation for more information and a reconciliation of the non-GAAP measure to the most comparable U.S. GAAP measure. Adjusted operating margin is calculated as adjusted operating profit divided by net sales.