This report does not constitute a rating action. Overview Key strengths Key risks U.S. roofing manufacturer derives over three-quarters of sales from nondiscretionary repair and replacement. Narrow product focus on roofing shingles within the U.S. market alone, compared with larger, more diverse roofing producers Adjusted net leverage in the 3x area, which supports our rating. Large percentage of sales in the U.S. southeast exposes it to storm-based demand and related revenue volatility compared with direct peers. Ample liquidity with no debt maturities until 2028. Aggressive dividend policy, with payouts amounting to almost all its free cash flow. We forecast revenues to increase by low single digits in 2025, this compares to 2024 where revenue increased by 18%, exceeding our previous
