This report does not constitute a rating action. We expect unfavorable macro conditions and intensified competition to pressure sales. Key macroeconomic variables such as interest rates, inflation, consumer sentiment, and anemic housing data continue to weigh on volumes for the more cyclical new construction and repair and upgrade end markets. We do not anticipate these factors improving for the remainder of fiscal 2026 or throughout 2027. Broad-based inflation for most of SiteOne’s products, plus strategic pricing actions related to fuel surcharges, led us to raise our price growth expectation for 2026. However, we believe this will be offset by unfavorable price elasticity dynamics. A spike in prices for fertilizer and chemicals--used mainly by maintenance end-market customers, who typically work off
