1Q26 Recap: Legacy Business Seeing Solid Growth; Executing on M&A Playbook

研报英文原文证据摘录

1Q26 Recap: Legacy Business Seeing Solid Growth; Executing on M&A Playbook

USA | Building Materials

Suncrete EquityMayResearch19, 2026

TARGET CHANGE1Q26 Recap: Legacy Business Seeing Solid

RATING BUYGrowth; Executing on M&A Playbook

PRICE $17.74^

RMIX's legacy business is seeing strong demand in Tulsa and OKC, and margins

are holding up. Mgmt is executing on its M&A strategy, with 4 deals closed/ PRICE TARGET | % TO PT $21.00 ($19.00) | +18%

under LOI, and has a robust pipeline it can tap into and unlock meaningful 52W HIGH-LOW $18.75 - $9.20

synergies. FLOAT (%) | ADV MM (USD) 50.5% | 7.86

MARKET CAP $1.3B

2026 guidance appears appropriate with M&A driven upside. RMIX provided 2026 guidance for TICKER RMIX

revenue of $420-480 mil and EBITDA of $68-93 mil. At the midpoint, EBITDA margins are expected ^Priornoted.trading day's closing price unless otherwise

at 17.9%, with margins down YOY as they integrate recent transactions, but flattish margins

organically. RMIX is seeing growth in all three end markets, and MSD pricing. We're lowering

our estimates to line up with guidance, which better accounts for customer churn & lower-than- FY (Dec) CHANGE TO JEFe JEF vs CONS

expected initial margins in recent acquisitions. Guidance is inclusive of a company under LOI in 2026 2027 2026 2027

the AR market with ~$50 mil of revenue and ~$7 mil of EBITDA annualized. Additionally, RMIX REV -11% -8% +1% -7%

highlighted five other targets that were under active discussion with $400 mil of revenue and ~$60 EPS NA NA NA NA

mil of EBITDA.

Robust M&A pipeline. Since the de-SPAC, RMIX has completed three acquisitions and has entered

TX (DFW metro area) and LA, providing a platform for RMIX and to pursue additional M&A

candidates.