Chicago Bound! Builder/Building Product Prep Pack (330+ Qs) for Wells Fargo's '26 Industrial Conference

研报英文原文证据摘录

Chicago Bound! Builder/Building Product Prep Pack (330+ Qs) for Wells Fargo's '26 Industrial Conference

Equity Research

Multi Company Update — June 5, 2026

Building Products

Distributors

Homebuilders

Chicago Bound! Builder/Building Product Prep

Pack (330+ Qs) for Wells Fargo's '26 Industrial

Conference

Our Call Sam Reid

We're off to Chicago next wk (6/9-6/11) for the Wells Fargo Industrial Conference, w/ 20+ Equity Analyst | Wells Fargo Securities, LLC

Sam.Reid@wellsfargo.com | 727-512-3872

builders/products/distributors, incl BLDR/DHI/IBP/MHK/PHM/POOL/SWK/TOL. Our

Eric Cohen, CFAlatest Q-bank (330+ Qs), ests, & macro tidbits are herein to help you prep.

Associate Equity Analyst | Wells Fargo Securities, LLC

Eric.Cohen@wellsfargo.com | 212-214-8061

Key builder debates. In builders, we're hosting DHI/PHM/TOL in our coverage, w/ plenty

of SMIDs beyond (8 in total plus SKY). 4 focus areas: 1) Latest reads on spring traffic/

demand (not great based on our latest builder scrape), plus any summer perspective;

2) Sustainability of move-up buyer health (still strong, but for how long); 3) GM% (NT:

current incentive backdrop; LT: lot cost inflation, ASP deflation); 4) Perspective on

industry consolidation post TMHC/BRK M&A (came out of left field).

Key building product debates. We’re hosting MHK & SWK, among others (plus AWI

& CSL). 5 focus areas: 1) Price/cost outlooks (esp for MHK, w/ price realization & raws

still big wildcards); 2) Tariffs (latest outlooks & conviction on pass-thru price); 3) SWK’s

path to 2H & LT GM% tgts (35%/35-37%, respectively); 4) CSL’s latest perspective on

distributor inventories (topical post recent distributor consolidation); 5) Latest end

consumer reads (not great based on our latest Pro survey).

Key distributor debates.