NIRI 2025 Takeaways | Hallmarks of Best-in-Class Investor Days
We attended the NIRI 2025 Annual Conference in Boston earlier this month, and one standout session was a panel titled “Hallmarks of Best-in-Class Investor Days.” Moderated by Rob Lockerman (VP, Investor Day Practice, Corbin Advisors), the session featured IR veterans Shelly Hubbard (VP, IR, Pentair plc) and Heather Kos (SVP, IR, Builders FirstSource).
Rob skillfully guided the discussion, with Shelly and Heather sharing practical insights from recent experiences. Some ideas validated best practices we already believe in, while others pushed us to reconsider how we approach key Investor Day moments.
Below, we’ve organized the top takeaways from this session into two groups: in-depth strategies worth deeper reflection and quick, tactical hits for immediate use.
Key Strategic Takeaways
1. Start planning 9–12 months out (not slides, but strategy)
You don’t need to begin slide creation that early. But you do need sufficient lead time to align on strategy, pressure test long-term targets, and secure internal buy-in. If the Investor Day message surprises your internal team, you’ve missed a critical step. Early planning ensures internal alignment and a stronger external story.
2. “We have nothing new to say” isn’t a reason to skip Investor Day
Heather’s company had a new CEO. While their strategy wasn’t changing, holding an Investor Day still reinforced the message and reassured investors, especially after multiple acquisitions. Just saying “nothing new” isn’t enough; investors prefer direct reassurance from leadership. Shelly emphasized regular Investor Days every two to three years to keep long-term targets from becoming stale.
3. Add meaningful experiences beyond presentations
Builders FirstSource combined their formal I-day presentations with well-crafted experiences. The evening before, they hosted an interactive product showcase with bars and cocktails, encouraging analysts to engage deeply with the products in a relaxed environment.
After the main presentation, analysts took a 45-minute bus ride to a manufacturing facility. Heather’s team maximized the travel time by providing boxed lunches, printed fact sheets, and curated videos about the company’s unique capabilities. The tour itself showcased their robotics, automation, and operational scale, clearly illustrating their margin advantage. These experiences significantly deepened analysts’ understanding, as reflected in subsequent analyst reports.
4. Split Q&A sessions into two parts: Strategy first, Financials later
We know multiple Q&A sessions are a best practice but most of the time I see companies avoiding it due to time crunch. Here’s why you may want to reconsider. Builders FirstSource structured their Investor Day with two separate Q&A sessions: one following the strategic presentations from the CEO and business leaders, focusing on vision and initiatives, and a second after the CFO covered financial details. This kept the first Q&A focused on strategic discussions (a big reason to host an I-day to begin with) without financial distractions.
Tip: Don’t upload your presentation in advance. This way, you prevent analysts from prematurely asking questions related to financials and long-term targets, and derailing strategic conversations.
What Analysts & Investors are Saying
Slides from the Session: These quotes and stats echoed the panel’s bigger message. Investors value clarity, structure, and direct access to leadership, even in the absence of a new strategy.
Quick Hits (Validations & Tactics)
Three-year targets are standard and credible.
Panelists confirmed three years is ideal for long-term revenue, gross margin, EBITDA, and adjusted EPS targets.
Exclude external factors to clarify targets.
Heather’s team sets targets excluding commodity impacts from EBITDA and EPS, ensuring targets reflect factors truly under management control.
Conduct the first dry run 30 days ahead.
Rob advised an initial rehearsal a month before Investor Day, quickly identifying presenters and content needing extra support. (A second dry run closer to the I-day is recommended in addition to the “dress rehearsal” the day prior.)
Measure success beyond stock performance.
Shelly noted sustained stock rerating post I-Day, resulting in significant market cap growth. Plus, the reuse of Investor Day presentations and messaging in follow-up communications has kept the story sharp and consistent. Heather saw improved analyst accuracy and reduced stock beta as investor misconceptions diminished greatly.
Investor Days offer high ROI.
Panelists agreed that while Investor Days can be expensive, they often deliver strong returns when done well. A compelling story, communicated clearly, can lead to market cap gains. Even without an immediate stock bump, benefits like stronger analyst relationships, better leadership impressions, and deeper appreciation for company culture and products make the investment worthwhile.
That’s all the notes we could take on this session…
These were some truly golden nuggets from veteran IR practitioners. Highlights like structuring dual Q&A sessions, creating meaningful “experiences”, and the importance of extended strategy planning really hit home.
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