Distribution Changes; TREX Pre-announces

研报英文原文证据摘录

Distribution Changes; TREX Pre-announces

USA | Building Products

Trex EquityJulyResearch14, 2026

FLASH NOTEDistribution Changes; TREX Pre-announces

With rumblings of potential distribution movement post JHX/Azek, TREX RATING BUY

managed that outcome well & aligned itself with a larger relationship with one of PRICE $45.90^

the fastest-growing specialty distributors. We see JHX as a logical partner to fill PRICE TARGET | % TO PT $51.00 | +11%

the void at BCC in decking, and it should be additive to its commercial synergies. 52W HIGH-LOW $68.78 - $29.77

FLOAT (%) | ADV MM (USD) 98.0% | 86.19

TREX realigning channel partners. TREX is expanding its existing relationship with one of the MARKET CAP $4.8B

fastest-growing specialty distributors, which will be TREX's sole national distributor of decking & TICKER TREX

railing in NA, with expanded locations in the West & additional territories. TREX also announced it ^Prior trading day's closing price unless otherwise

is transitioning out of its national distribution relationship with BCC, which was one of its largest noted.

Price: After-hours price

customers (JEFe: ~25% of sales), and will grow new or expanded relationships with regional

distributors, WS Building Materials, Coastal Forest Products, and BXC to fill any gaps. We would

view these regional distributors as a downgrade from BCC, which either had an existing relationship

with TREX or were non-Azek distributors. TREX will be returning to its dual-distribution model vs

triple sourced approach in recent years, with a national & regional partner in most markets. Mgmt

expects the transition should be largely complete within 30 days, with no supply disruption & limited

financial impact. There are no restructuring costs or termination fees associated with the move