Owens Corning (OC) Investor presentation summary

Strategic positioning and business mix

• Focused on building products with over 50% exposure to repair and remodel markets, driving resilience and growth.

• Operates three market-leading businesses: Roofing (43% of sales), Insulation (36%), and Doors (21%).

• Revenue is primarily generated in the U.S. (80%), with additional presence in Canada, Mexico, and Europe.

• Roofing segment leverages a leading brand and contractor engagement model, while insulation benefits from efficient production and secular tailwinds.

• Doors business leverages integration and The OC Advantage™ for higher margins and growth.

Financial performance and targets

• Sustained adjusted EBITDA margins above 20% since 2021, outperforming peers and maintaining structural margin improvements even in lower markets.

• 2025 revenue reached $10.1B, with a mid-20% adjusted EBITDA margin and $2.3B in adjusted EBITDA.

• Free cash flow generation remains strong, with $1.2B in 2025 and a 4% CAGR in both revenue and operating cash flow from 2021 to 2025.

• Financial targets include $12.5B revenue by 2028, mid-20% EBITDA margin, and $2B returned to shareholders in 2025-2026.

• Over $4.6B returned to shareholders since 2019, with 31% of shares repurchased from 2019-2025.

Segment highlights and operational initiatives

• Roofing: Non-discretionary repair demand dominates, with 95% of demand now laminate shingles and a contractor network exceeding 30,000.

• Insulation: Industry-leading business with a 24% average EBITDA margin, benefiting from energy efficiency trends and underbuilt housing.

• Doors: Achieved $125M in synergies, identified $75M more, and is on a path to 20% EBITDA margins through network optimization and automation.

• Continuous investment in growth, modernization, and sustainability, with capex at 4-5% of sales and a focus on decarbonization.

• Product and process innovation remain priorities, with 120+ new or improved products launched in three years and a 20%+ Product Vitality Index in 2025.