The 2Q:25 release was noisy with several moving parts. The clear takeaway for us is that Gibraltar Industries now has a simplified portfolio that should be easier to follow on a go-forward basis. As expected, ROCK classified its Renewables segment (22% and 9% of the respective 2024 sales and profit mix) as discontinued operations, following its June 30, 2025 announcement that it would refocus its portfolio and resources on its core businesses. Accordingly, ROCK provided restated GAAP and adjusted financials for the full-year 2023, 2024, and 1Q:25-2Q:25. Our financial presentation and updated model (see pages 3-6) reflects the recast financial statements. ROCK stated the sale process of Renewables is “active and ongoing”, and that it is targeting a sale by year-end 2025. 2Q:25 adjusted sales were modestly below our forecast. Adjusted operating income was essentially in line with our projections. 2025 guidance was updated to sales of $1.150-$1.200 billion and adjusted EPS of $4.20-$4.45. We lower our estimates to account for Agtech project volume shifting to the fourth quarter (and account for the modest risk of slippage into 2026). All told, we view the portfolio reshaping as a positive, as it clarifies ROCK's strategy. We continue to believe ROCK has underappreciated earnings power. We think the stock's prospects rest on management's ability to execute on its roll-up M&A strategy to strengthen the Residential and Structures businesses. ROCK's debt-free balance sheet supports our moderate risk rating. We temper our price target to $83 (from $93), now based on a steady 18x our newly lowered 2026 EPS estimate of $4.60 (from $5.18).