USA INSULATION

Data Based On: 37 USA Insulation franchises operating a total of 74 territories for the calendar year ended December 31, 2025.

* Average Gross Revenue ($1,588,037) and Median Gross Revenue ($1,491,238) were taken directly from the '2025 Gross Sales¹ Information' table on Page 1. The average gross revenue was verified by calculating the unweighted average of individual franchise gross sales from the quartile tables ($1,588,036.95). Revenue Top Quartile ($3,060,277) was taken from the 'Average Gross Sales' of the First Quartile table on Page 2. Revenue Bottom Quartile ($455,891) was taken from the 'Average Gross Sales' of the Fourth Quartile table on Page 5. Average Gross Profit was calculated using the overall average Gross Revenue and a weighted average Cost of Goods Sold (COGS) percentage. COGS for each franchise was defined as the sum of 'Cost of Proprietary Foam Products as a % of Gross Sales 2' and 'Cost of Goods as a % of Gross Sales 2'. The overall weighted average COGS percentage across all 37 franchises was calculated by summing the total COGS dollars for all franchises ($10,890,693.86) and dividing by the total Gross Sales dollars for all franchises ($58,757,367), resulting in an average COGS percentage of approximately 18.53%. Average Gross Profit = $1,588,037 * (1 - 0.1853479) = $1,293,697.67. Average Net Income, Average Net Profit, and Average EBITDA are set to null because Note 2 on Page 6 explicitly states that the provided information does not reflect all costs necessary to calculate net income or profit. Best Guess Profit Low/High: These values represent an estimated range of 'profit before other unspecified operating expenses'. They were calculated using the overall average Gross Revenue ($1,588,037) and the minimum and maximum observed 'Total Known Costs %' from individual franchises. 'Total Known Costs %' for each franchise was the sum of 'Cost of Proprietary Foam Products %', 'Cost of Goods %', 'Cost of Sales Commissions %', and 'Cost of Labor %'. The minimum 'Total Known Costs %' observed among individual franchises was 22% (Franchise #6), and the maximum was 77% (Franchise #7). Best Guess Profit High = $1,588,037 * (1 - 0.22) = $1,238,668.86. Best Guess Profit Low = $1,588,037 * (1 - 0.77) = $365,248.51. This range reflects the potential profit after accounting for the explicitly stated direct costs, but before any other operating expenses not included in the provided data.