We hosted a presentation with Gibraltar Industries Chairman and CEO Bill Bosway and CFO Joe Lovechio at the Sidoti Year-End 2025 Virtual Small-Cap Conference. ROCK's presentation was on the heels of its announced acquisition of OmniMax International (a residential roofing and rainware manufacturer; expected closing in 2026) for $1.335 billion in cash. Management's commentary expressed high confidence in achieving its outlined cost synergy and deleveraging targets, emphasizing how complementary the product lines and geographies are across the two organizations. While ROCK's stated cost synergy target is for $35 million by the end of year three post-close, management noted it had identified up to $60 million in potential cost synergies, which suggests the (unchanged) $35 million target is conservative. No revenue synergies are included in the stated targets at this time. While we came away modestly more positive on OmniMax's merits as a quality company and not a fixer-upper, we think investor sentiment will remain appropriately cautious in the near term for a transaction of this size until management can demonstrate early integration wins. Following the deal, we estimate pro forma leverage (inclusive of $35 million of cost synergies) will stand at 3.7x (or about 4.2x ex-cost synergies), with ROCK targeting 2.0x-2.5x within 24 months of closing. We model leverage of 3.2x by year-end 2027. Our $70 price target continues to be based on 13x our 2027 EPS estimate of $5.40. We maintain our Moderate risk rating as the company has a history of solid cash generation and additional levers to pull to reduce debt.