We hosted a fireside chat with Gibraltar Industries Chairman and CEO Bill Bosway and CFO Joe Lovechio at the Sidoti September 2025 Small-Cap Conference. Much of our discussion centered around the Residential segment (71% of our forecasted 2025E sales mix), including level-setting the underlying business units, and a deep dive into the go-forward strategy. We came away with the impression that the foray into Metal Roofing is arguably an evolution of ROCK's localization strategy (to drive participation gains), adding a third channel (direct to contractor) with distinct advantages and barriers to entry, and a function of its core “80/20” strategy pillar (focusing on the smaller set of customers/products that drive the majority of the profits). One key takeaway was management placing a finer point on roofing's total addressable market (TAM). By adding metal roofing products to its traditional roofing products, ROCK stated it has collectively created a TAM of $6 billion. ROCK noted it has narrowed down its group of buyers for the Renewables segment (held for sale and classified as discontinued as of June 2025), and reaffirmed its target to complete the sale by year-end 2025. ROCK held no debt and $43 million in cash as of 2Q:25, supporting our moderate risk rating. We expect additional balance sheet capacity post-Renewables sale. Our $83 price target continues to be based on 18x our 2026 EPS estimate of $4.60.