This report does not constitute a rating action. SiteOne Landscape Supply Inc. recently reported second quarter results broadly in line with S&P Global Ratings? expectations. Notably, the company continues its acquisition strategy under which it has acquired three companies since the first quarter of 2025. This acquisitive strategy will help offset sluggish organic growth being driven by softer demand in new residential construction and repair and remodel end markets. We updated our base-case forecast to incorporate these results and S&P Global economists updated macroeconomic forecasts (? Economic Outlook U.S. Q3 2025: Policy Uncertainty Limits Growth ?, published June 24, 2025). We maintain our view that acquisitions will be the primary contributor to revenue growth in fiscal 2025. We continue to
