TRG | The Bottom Line – 6/6

It’s all a matter of perspective, as noted from these pics snapped between meetings in the Big Apple this week. TRG this week hosted investor meetings with relatively new-IPO Acuren (TIC) and public market veteran Vulcan Materials (VMC) in NYC and Boston, respectively. Investor meetings for both companies focused on transformative strategic initiatives (Acuren’s announced intention to acquire NVEE, Vulcan’s focus on the “Vulcan Way of Operation/Vulcan Way of Selling”). Ultimately, both companies benefit from the broad secular trend of the re-industrialization of the North American market. Investor perspective for both companies just five years ago could have been described as “sleepy.” The perspective (and perception) has transformed, fueled by fundamental changes in the global landscape. Market leading plumbing/heating/ventilation/appliance distributor Ferguson (FERG) this week also reported Q3’25 earnings ahead of Street expectations, raising full year guidance. The stock traded up ~17% vs. the S&P 500 up ~1% on the upbeat quarter and expectations going forward. Non-res markets saw HSD growth and are expected to remain strong through the next 2-3 years, resi markets are subdued but stable and showing greenshoots, and FERG was able to both grow margins and increase market share while benefiting from broad end market exposure and positioning the business to participate across the lifecycle of a project.