JELD-WEN Holding, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net revenues for the three months ended September 26, 2026, were $798.5 million, a 1.4% decrease from $809.5 million in the prior year period.
• Net loss for the quarter was $17.2 million ($0.20 per share), compared to a net loss of $367.6 million ($4.30 per share) in the prior year.
• Adjusted Net Income for the quarter was $4.4 million, an increase of $21.6 million from an Adjusted Net Loss of $17.3 million in the prior year.
• Adjusted EPS was $0.05, compared to ($0.20) in the prior year.
• Operating income margin was 1.1% for the quarter, compared to (25.0%) in the prior year.
• Adjusted EBITDA was $54.4 million, an increase of $10.0 million (22.6%) from $44.4 million in the prior year.
• Adjusted EBITDA margin was 6.8%, an increase of 130 basis points from 5.5% in the prior year.
• For the nine months ended September 26, 2026, net revenues were $2,338.5 million, a 2.9% decrease from $2,409.2 million.
• Net loss for the nine months was $125.6 million ($1.45 per share), compared to $579.3 million ($6.80 per share) in the prior year.
• Adjusted EBITDA for the nine months was $102.9 million, a 2.3% decrease from $105.3 million.
• Net cash used in operating activities for the nine months was $72.8 million, compared to $37.7 million in the prior year.
• Free Cash Flow used for the nine months was $129.9 million, compared to $141.6 million in the prior year.
• Total debt was $1,281.1 million as of September 26, 2026, compared to $1,173.3 million as of December 31, 2025.
• Net Debt was $1,184.1 million as of September 26, 2026, compared to $1,037.2 million as of December 31, 2025.
• Net Debt Leverage was 10.3x as of September 26, 2026, compared to 8.8x as of December 31, 2025.

Guidance and Future Outlook:

• The Company is maintaining its full-year 2026 revenue guidance of $3.1 to $3.2 billion.
• The Company expects Adjusted EBITDA for 2026 to be in the range of $120 to $150 million.
• The revenue guidance reflects an expected year-over-year decline in Core Revenues of approximately 2% to 5% and a foreign exchange benefit of approximately $50 million.
• The EBITDA guidance reflects significant cost reductions, partially offset by continued price/cost and volume pressure.
• The Company expects 2026 operating cash flow to generate approximately $10 million.

Business Segments and Product Lines:

• North America: Net revenues decreased 3.0% to $529.7 million, driven by a 3% decline in Core Revenues due to weakened market demand. Net income was $21.2 million. Adjusted EBITDA increased 28.3% to $48.3 million.
• Europe: Net revenues increased 2.1% to $268.9 million, driven by a 3% increase in Core Revenues (4% price realization benefit offset by 1% unfavorable volume/mix) and a 1% unfavorable foreign exchange impact. Net loss was $6.9 million. Adjusted EBITDA decreased 6.5% to $15.0 million.
• The Company concluded a strategic review of its European business, deciding to retain the business with a focus on operational improvements and cost reductions.
• Capital expenditures for the nine months ended September 26, 2026, decreased to $57.2 million from $103.9 million in the prior year.

Market and Competitive Landscape:

• Market conditions remain challenging with a softer market outlook.
• Core Revenue declines were driven by volume/mix decreases in North America (3%) and unfavorable volume/mix in Europe (1%).
• Price realization provided a 1% benefit to consolidated Core Revenues and a 4% benefit to Europe Core Revenues.
• The Company is focused on improving service and managing costs to drive productivity and improve its competitive position.

Risks and Challenges:

• Challenges include unfavorable price/cost pressures and volume/mix declines.
• Europe segment performance was impacted by higher bad debt expense.
• Working capital changes resulted in a $59.6 million unfavorable year-over-year impact, driven by accounts receivable ($36.9 million), accounts payable ($15.1 million), and inventory ($7.6 million).
• The Company faces risks related to debt maturities, which it is addressing through refinancing transactions.
• Forward-looking statements note risks including geopolitical uncertainty, supply chain disruptions, raw material price changes, and the potential failure to consummate debt refinancing.

Management Commentary and Tone:

• CEO William J. Christensen stated that results reflect continued progress in strengthening the business despite challenging market conditions.
• Management emphasized a focus on improving service, managing costs, and driving productivity.
• Management expressed confidence in maintaining full-year guidance while making progress on strategic priorities, including debt refinancing and the European business strategy.

Other Key Points:

• The Company commenced transactions to extend debt maturities and raise $135.0 million of incremental liquidity.
• The Company concluded the strategic review of its European business, retaining the business.
• Third quarter 2025 net loss included $196.9 million in non-cash goodwill impairment and $122.3 million in tax special items.
• Nine months 2025 included a $334.6 million non-cash goodwill impairment charge related to North America and Europe reporting units and a $129.2 million income tax expense due to an increase to valuation allowances on U.S. tax attributes.
• Proceeds of $110.7 million from the court-ordered divestiture of the Towanda facility (completed in Q1 2025) are excluded from the current period Free Cash Flow calculation.
• The Company operates facilities in 14 countries in North America and Europe with approximately 13,900 associates.