TRG | The Bottom Line – 1/2

For the past three years, TRG has been preaching that reshoring and reindustrialization is a multiyear megatrend for the U.S. To put a finer point on the thesis, TRG maintains we are in the construction phase of this secular shift. America cannot reindustrialize without building. This trend is happening and supporting the results of multiple companies’ results and correspondingly, their stock prices. As large GC who plays on data centers shared, “The demand is so strong that we are saying no more than we are saying yes.” Another large GC said, “We’ve been hitting record backlogs the past few years, and to end 2025 it continues to be hotter and heavier.” Against this backdrop, TRG this week highlighted a heavy materials up and comer in the public markets – Suncrete. Suncrete is a fast-growing concrete company focused in the “Sunbelt” region of the U.S. The company is on a path to go public in early 2026. In anticipation of its analyst day January 14th, TRG seeks to provide a basic framework in advance to better understand Suncrete core strategy, to clarify ready-mix concrete industry basics given a changing U.S. heavy materials landscape, and to provide essential financials and forward outlook.