Jeld-Wen (JELD) investor relations material

Executive summary

• Q3 2025 net revenues declined 13.4% year-over-year to $809.5 million, driven by lower core volumes, the Towanda divestiture, and persistent inflation, with a $196.9 million goodwill impairment and significant restructuring actions including an 11% workforce reduction in North America and a strategic review of the European business.

• Net loss for Q3 2025 was $367.6 million, compared to $74.4 million in Q3 2024, primarily due to goodwill impairment and restructuring charges.

• Adjusted EBITDA fell 45.6% to $44.4 million, with margin dropping to 5.5% from 8.7% last year.

• Liquidity at quarter-end was approximately $474 million, with no debt maturities until December 2027.

• Restructuring and transformation initiatives are ongoing to address market deterioration and operational challenges.

Financial highlights

• Q3 2025 revenue was $809.5 million, down from $935 million in Q3 2024, with core revenue down 10% year-over-year.

• Adjusted EBITDA was $44.4 million, down from $82 million in Q3 2024.

• Gross margin for Q3 2025 was $140.9 million (17.4% of revenue), down from $179.9 million (19.2%) year-over-year.

• Free cash flow used in the nine months ended September 27, 2025, was $(141.6) million, compared to $(40.0) million in the prior year.

• Net debt leverage increased to 7.4x as of Q3 2025, compared to 3.8x at year-end 2024.

Outlook and guidance

• 2025 revenue guidance lowered to $3.1–$3.2 billion, with core revenue expected to decline 10%–13% year-over-year.

• Adjusted EBITDA guidance for 2025 reduced to $105–$120 million, down from prior guidance of $170–$200 million.

• Operating cash flow for 2025 expected to be an approximate $45 million use of cash, including $10–$20 million in workforce reduction costs.

• CapEx for 2025 reduced to $125 million, with expectations for lower CapEx in 2026.

• Management expects continued headwinds from weak market demand, persistent inflation, and elevated interest rates.