Revenue and Performance - The company reported net revenues driven by sales volumes and selling prices, with significant contributions from both residential and non-residential applications[198]. - Net revenues decreased by $564.4 million, or 14.9%, to $3.21 billion for the year ended December 31, 2025, compared to $3.78 billion in 2024, primarily due to a 12% decrease in Core Revenues and a 4% decrease from the divestiture of Towanda[221]. - Core Revenues decreased by 12% in 2025, driven by a 13% decrease in volume/mix, partially offset by a 1% benefit from price realization[221]. - Total consolidated net revenues decreased by $564.4 million, or 14.9%, to $3.21 billion in 2025 from $3.78 billion in 2024[250]. - Net revenues from North America decreased by $554.0 million, or 20.5%, to $2.15 billion in 2025 from $2.71 billion in 2024, primarily due to a 14% decline in Core Revenues and a 6% decrease from the court-ordered divestiture of Towanda[252]. - Net revenues in Europe decreased by $10.4 million, or 1.0%, to $1.06 billion in 2025 from $1.07 billion in 2024, primarily due to a 5% decrease in Core Revenues[254]. Costs and Expenses - Material costs, the largest component of cost of sales, have been impacted by inflation and supply chain challenges, particularly due to the ongoing conflict between Russia and Ukraine[200]. - Direct labor and benefit costs are expected to increase with inflation, reflecting adjustments in headcount according to production demand[201]. - Selling, General, and Administrative (SG&A) expenses include significant investments in sales and marketing, which are variable and tied to product promotions[207]. - Selling, general and administrative (SG&A) expenses decreased by $101.4 million, or 15.5%, to $551.1 million in 2025, remaining flat at 17.2% of net revenues[223]. - SG&A expenses decreased by $2.8 million, or 0.4%, to $652.5 million in the year ended December 31, 2024, while SG&A as a percentage of net revenues increased to 17.3% from 15.2% in 2023[235]. - Interest expense remained stable at $67.2 million for both 2025 and 2024, with changes in interest rates and principal balances affecting the overall expense[226]. - Other income decreased by $15.6 million, or 63.1%, to $9.1 million in 2025, down from $24.8 million in 2024[228]. - Income tax expense increased significantly to $147.9 million in 2025 from $16.8 million in 2024, with an effective tax rate of (31.2)% driven by valuation allowances and nondeductible goodwill impairment[229]. Goodwill and Impairment - Goodwill impairment charges were recorded for the North America and Europe reporting units, reflecting challenges in asset valuations[211]. - Goodwill impairment charges increased to $334.6 million in 2025, compared to $94.8 million in 2024, related to the full impairment of goodwill in North America and Europe reporting units[224]. - The Company recorded a goodwill impairment charge of $63.4 million for its Europe reporting unit due to a decline in fair value, with the carrying value exceeding fair value[295]. - A non-cash goodwill impairment charge of $137.7 million was recorded for the North America reporting unit in the first quarter of 2025, reflecting anticipated economic headwinds and decreased market demand[297]. - In the third quarter of 2025, the Company recorded a total goodwill impairment charge of $196.9 million for both North America and Europe reporting units due to weaker than expected market demand and economic conditions[298]. - The impairment tests indicated that all remaining goodwill related to both reporting units was fully impaired as of the third quarter of 2025[298]. Cash Flow and Financing - Net cash used in operating activities was $4.9 million for the year ended December 31, 2025, compared to cash provided of $106.2 million in 2024, primarily due to a decrease in earnings of $432.2 million[281]. - Net cash provided by investing activities was $16.3 million for the year ended December 31, 2025, compared to cash used of $153.3 million in 2024, driven by proceeds from divestitures and a decrease in capital expenditures[283]. - Net cash used in financing activities decreased to $33.0 million for the year ended December 31, 2025, compared to $80.6 million in 2024, primarily due to reduced net debt payments[285]. - Total liquidity as of December 31, 2025, was $484.7 million, a decrease from $566.7 million as of December 31, 2024, primarily due to lower ABL borrowing base availability[264]. - Total indebtedness as of December 31, 2025, was $1.18 billion, with $23.7 million in short-term debt obligations due within the next 12 months[267]. Economic and Market Conditions - The company anticipates potential risks from economic and geopolitical uncertainties, which could impact financial performance and market conditions[19]. - Future performance may be affected by changes in interest rates and the availability of financing for home construction and improvements[19]. - The Company updated its financial forecast for the Europe reporting unit to reflect anticipated macroeconomic conditions leading to reduced revenue growth expectations[295]. Research and Development - Research and Development (R&D) expenses are primarily focused on developing new products and improving existing offerings, with all R&D costs expensed as incurred[208]. Pension and Employee Benefits - The discount rate for the U.S. pension plan decreased to 5.41% at December 31, 2025, from 5.57% at December 31, 2024[312]. - A 25 bps decrease in the discount rate would increase the U.S. pension obligation by approximately $4.0 million and decrease fiscal year 2026 pension expense by about $0.2 million[312]. - A 100 bps change in the assumed rate of return on plan assets would affect the 2026 net periodic pension expense by approximately $1.5 million[313]. - The company may execute transactions to reduce volatility in the U.S. defined benefit pension plan, which could result in non-cash pre-tax pension settlement charges[315]. Corporate Governance and Accounting Policies - The Company relies on dividends or advances from its subsidiaries to fund operations, with the majority of operating income derived from its main operating subsidiary, JWI[287]. - The Company evaluates its estimates and judgments related to accounting policies on an ongoing basis, which may affect reported amounts of assets, liabilities, revenues, and expenses[288]. - The Company applies the fair value method of accounting for share-based compensation, using the Black-Scholes option-pricing model to determine compensation expense[304].

Financial Data and Key Metrics Changes - Fourth quarter net revenue was $802 million, down 10% year-over-year from $896 million in the prior year, with core revenue declining 8% primarily due to lower volume [14][17] - Adjusted EBITDA for the quarter was $15 million, or 1.8% of sales, compared to $40 million, or 4.5% of sales in the fourth quarter of last year, reflecting unfavorable operating leverage and ongoing price and cost pressure [14][18] - For the full year, sales totaled $3.2 billion and Adjusted EBITDA was $120 million, which was at the high end of guidance but below initial expectations [8][12] Business Line Data and Key Metrics Changes - In North America, fourth quarter revenue was $522 million, down from $640 million in the prior year, with Adjusted EBITDA declining to $14 million from $42 million [19] - In Europe, revenue increased to $280 million from $256 million in the prior year, primarily due to a weaker US dollar, but volumes and mix were lower year-over-year [19][20] Market Data and Key Metrics Changes - The overall market for windows and doors in North America is expected to decline low- to mid-single digits, with new single-family construction down low single digits and repair and remodel activity down mid-single digits [22] - The Canadian market is anticipated to see high single-digit declines due to ongoing economic slowdown and weaker housing activity [22] - In Europe, volumes are expected to be broadly flat year-over-year, indicating stabilization without material improvements [22] Company Strategy and Development Direction - The company is focused on controlling costs and improving service levels while preparing for a potential market recovery [10][34] - A strategic review of the European business is ongoing, with potential actions to improve liquidity and strengthen the balance sheet [10][11] - The company is implementing a new A3 Operating System across its manufacturing network to enhance problem-solving and operational efficiency [31][32] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment remained soft, with no meaningful improvement in demand expected in the near term [4][10] - The company is prioritizing pricing discipline and managing costs to navigate the challenging market conditions [24][25] - Future guidance reflects continued uncertainty, with expectations for net revenue between $2.95 billion and $3.1 billion and Adjusted EBITDA in the range of $100 million to $150 million [24][25] Other Important Information - The company completed a sale-leaseback of its Coral Springs facility, generating approximately $38 million in net proceeds, which improved liquidity [7][15] - At year-end, the company had approximately $136 million in cash and about $350 million available on its revolver, with no debt maturities until December 2027 [11] Q&A Session Summary Question: Price versus volume dynamic - Management indicated that pricing actions are largely implemented and expect slight headwinds from price-cost dynamics due to inflation [42][43] Question: Implementation of operational improvements - Management reported that they are approximately 85% through the implementation of the new operating model across all sites, focusing on shop floor improvements and problem-solving [47][48] Question: Future productivity and efficiency projects - Management acknowledged that while productivity opportunities exist, current volume reductions are limiting the ability to realize those benefits [48][50]

Financial Data and Key Metrics Changes - Fourth quarter net revenue was $802 million, down 10% year-over-year from $896 million in the prior year, with core revenue declining 8% primarily due to lower volume [14][16] - Adjusted EBITDA for the quarter was $15 million, or 1.8% of sales, compared to $40 million, or 4.5% of sales in the fourth quarter of last year, driven by lower volume and ongoing price and cost pressure [14][18] - For the full year, sales totaled $3.2 billion and adjusted EBITDA was $120 million, which was at the high end of guidance but below initial expectations [8][12] Business Line Data and Key Metrics Changes - In North America, fourth quarter revenue was $522 million, down from $640 million in the prior year, with adjusted EBITDA declining to $14 million from $42 million [19] - In Europe, revenue increased to $280 million from $256 million in the prior year, primarily due to a weaker US dollar, but volumes and mix were lower year-over-year [20] Market Data and Key Metrics Changes - The overall market for windows and doors in North America is expected to decline low- to mid-single digits, with new single-family construction down low single digits and repair and remodel activity down mid-single digits [22] - The Canadian market is expected to see high single-digit declines due to ongoing economic slowdown and weaker housing activity [22] Company Strategy and Development Direction - The company is focused on controlling costs and improving service levels while preparing for a potential market recovery, emphasizing disciplined pricing and operational improvements [10][24] - A strategic review of the European business is ongoing, with potential actions to improve liquidity and strengthen the balance sheet [10][11] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment remained soft, with no meaningful improvement in demand expected in the near term, but operational performance is improving [4][10] - The company is managing through a challenging environment with a focus on execution and maintaining financial flexibility [11][34] Other Important Information - The company completed a sale-leaseback of its Coral Springs facility, generating approximately $38 million in net proceeds, which improved liquidity [7][15] - Net debt leverage increased to 8.6x at year-end, driven by earnings pressure rather than incremental borrowing [16] Q&A Session Summary Question: Price versus volume dynamic - Management indicated that pricing actions are largely implemented and expect slight headwinds from price-cost dynamics due to ongoing cost inflation, particularly in glass [42][43] Question: Implementation of operational improvements - Management reported that they are approximately 85% through the implementation of a new operating model across all sites, focusing on local management and problem-solving [47] - The company is controlling what it can and is focused on shop floor improvements without requiring large capital expenditures [48][49]

Financial Data and Key Metrics Changes - Fourth quarter net revenue was $802 million, down 10% year-over-year from $896 million in the prior year, with core revenue declining 8% primarily due to lower volume [13][16] - Adjusted EBITDA for the quarter was $15 million, or 1.8% of sales, compared to $40 million, or 4.5% of sales in the fourth quarter of last year, reflecting unfavorable operating leverage and ongoing price and cost pressures [13][18] - For the full year, sales totaled $3.2 billion and Adjusted EBITDA was $120 million, which was at the high end of guidance but below initial expectations [8][12] Business Line Data and Key Metrics Changes - In North America, fourth quarter revenue was $522 million, down from $640 million in the prior year, with Adjusted EBITDA declining to $14 million from $42 million [19] - In Europe, revenue increased to $280 million from $256 million in the prior year, primarily due to a weaker US dollar, but volumes and mix were lower year-over-year [19][20] Market Data and Key Metrics Changes - The overall market for windows and doors in North America is expected to decline low- to mid-single digits, with new single-family construction down low single digits and repair and remodel activity down mid-single digits [21][24] - The Canadian market is anticipated to see high single-digit declines due to ongoing economic slowdown and weaker housing activity [21] - In Europe, volumes are expected to be broadly flat year-over-year, indicating stabilization without material improvements [22][23] Company Strategy and Development Direction - The company is focused on controlling costs and improving execution in a challenging macro environment, with structural actions taken to align costs with current market realities [10][11] - A strategic review of the European business is ongoing, with potential actions to improve liquidity and strengthen the balance sheet [10][11] - The company is implementing a new A3 Operating System across its manufacturing network to improve problem-solving and operational consistency [31][32] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment remained soft, with no meaningful improvement in demand expected in the near term [4][10] - The company is prioritizing pricing discipline and expects to face continued headwinds from cost inflation, particularly in tariffs and materials [24][28] - Management expressed confidence in the company's ability to operate from a stronger position as market conditions improve, focusing on service and operational improvements [12][34] Other Important Information - The company completed a sale-leaseback of its Coral Springs facility, generating approximately $38 million in net proceeds, enhancing liquidity [6][15] - At year-end, the company had approximately $136 million in cash and about $350 million available on its revolver, with no debt maturities until December 2027 [11] Q&A Session Summary Question: Price versus volume dynamic - Management indicated that pricing actions are largely implemented and expect slight headwinds from price-cost dynamics due to ongoing inflation [42][43] Question: Implementation of operational improvements - Management reported that they are approximately 85% through the implementation of the new operating model across all sites, focusing on shop floor improvements and productivity [46][47]

Fourth Quarter & Full Year 2025 Results February 18, 2026 $$\mathrm{~uA~}$$ Speakers Bill Christensen CEO Samantha Stoddard CFO Disclosures Certain statements in this presentation, including our guidance and business strategies, are forward- looking statements that involve risk, uncertainty and assumptions, and are based on information as of February 18, 2026. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review ou ...

Financial Performance - Fourth-quarter net revenues decreased by $93.8 million, or 10.5%, to $802.0 million, primarily due to an 8% decrease in Core Revenues and a 5% decrease from the divestiture of Towanda[5]. - Net loss from continuing operations for the fourth quarter was $40.1 million, or $0.47 per share, an improvement from a net loss of $68.4 million, or $0.81 per share, in the same quarter last year[6]. - Adjusted EBITDA for the fourth quarter was $14.8 million, a decrease of $25.3 million compared to $40.1 million in the same quarter last year, with an Adjusted EBITDA Margin of 1.8%[9]. - Full year 2025 net revenues decreased by $564.4 million, or 14.9%, to $3.21 billion, driven by a 12% decrease in Core Revenues and a 4% decrease from the divestiture of Towanda[10]. - Full year net loss from continuing operations was $620.1 million, or $7.27 per share, compared to a net loss of $187.6 million, or $2.21 per share, in 2024[11]. - Adjusted EBITDA for the full year was $120.1 million, a decline of $155.2 million compared to $275.2 million in the prior year, with an Adjusted EBITDA Margin of 3.7%[13]. - The company reported a net loss of $39.8 million in Q4 2025, compared to a net loss of $68.4 million in Q4 2024, representing a 41.7% improvement[37]. - For the full year 2025, the net loss was $619.1 million, a significant increase of 227.5% from a net loss of $189.0 million in 2024[39]. - Total consolidated loss from continuing operations for the year ended December 31, 2025, was $620.1 million, compared to $187.6 million in 2024[55]. Revenue Breakdown - North America net revenues decreased by $554.0 million, or 20.5%, to $2.15 billion in 2025, primarily due to a 14% decrease in Core Revenues[21]. - Europe net revenues decreased by $10.4 million, or 1.0%, to $1.06 billion in 2025, primarily due to a 5% decrease in Core Revenues, partially offset by a 4% favorable foreign exchange impact[21]. - Net revenues for Q4 2025 were $802.0 million, a decrease of 10.5% compared to $895.7 million in Q4 2024[37]. - For the full year 2025, net revenues totaled $3,211.2 million, down 14.9% from $3,775.6 million in 2024[39]. - North America net revenues for the year ended December 31, 2025, were $2,154.3 million, a decline of 20.5% from $2,708.4 million in 2024[61]. - Europe net revenues for the year ended December 31, 2025, were $1,056.8 million, a slight decrease of 1.0% from $1,067.2 million in 2024[61]. Adjusted EBITDA and Margins - Adjusted EBITDA from continuing operations for Q4 2025 was $14.8 million, a decline of 63.1% from $40.1 million in Q4 2024[37]. - The full year 2025 Adjusted EBITDA from continuing operations was $120.1 million, down 56.4% from $275.2 million in 2024[39]. - Adjusted EBITDA from continuing operations for the year ended December 31, 2025, was $120.1 million, down from $275.2 million in 2024, a decrease of 56.4%[61]. Impairments and Charges - Goodwill impairment for the year was $334.6 million, a 253.0% increase from $94.8 million in 2024[39]. - The company reported a goodwill impairment of $334.6 million for the year ended December 31, 2025, significantly higher than $94.8 million in 2024[47]. - The company incurred special items totaling $62.7 million, including goodwill impairment of $94.8 million and restructuring charges of $68.1 million for the year ended December 31, 2024[57]. - Restructuring and asset-related charges for the year ended December 31, 2025, totaled $44.5 million, down from $68.1 million in 2024[55]. Cash Flow and Assets - The company reported a net cash used in operating activities of $4.9 million for 2025, a stark contrast to the net cash provided of $106.2 million in 2024[43]. - Cash and cash equivalents at the end of 2025 were $138.2 million, down from $151.0 million at the end of 2024, a decrease of 8.5%[43]. - Total assets decreased from $2,620.2 million in 2024 to $2,102.8 million in 2025, a decline of approximately 19.7%[41]. - Long-term debt remained relatively stable at $1,149.6 million in 2025 compared to $1,152.4 million in 2024, a slight decrease of 0.2%[41]. - Total current liabilities decreased from $625.0 million in 2024 to $575.8 million in 2025, a reduction of 7.9%[41]. Future Outlook - The company expects 2026 revenue guidance to be in the range of $2.95 to $3.1 billion, reflecting a year-over-year decline in Core Revenues of approximately 5% to 10%[18]. - 2026 Adjusted EBITDA is expected to be in the range of $100 to $150 million, with anticipated operating cash flow of approximately $40 million[19]. - The company anticipates ongoing challenges due to geopolitical conflicts and supply chain disruptions impacting future performance[27].

Core Insights - JELD-WEN reported a significant decline in financial performance for both the fourth quarter and full year of 2025, with adjusted EBITDA from continuing operations dropping to $14.8 million in Q4 and $120.1 million for the year, down from $40.1 million and $275.2 million respectively in the prior year [1][2][5] - The company experienced a net loss from continuing operations of $40.1 million in Q4 2025, an improvement from a loss of $68.4 million in Q4 2024, while the full year net loss was $620.1 million compared to $187.6 million in 2024 [1][2][5] - JELD-WEN's net revenues decreased by 10.5% in Q4 to $802.0 million and by 14.9% for the full year to $3.21 billion, primarily due to declines in core revenues and the impact of a court-ordered divestiture [1][2][5] Fourth Quarter Highlights - Adjusted EBITDA margin from continuing operations was 1.8%, down 270 basis points year-over-year, attributed to unfavorable price/cost dynamics and volume/mix [1][2] - Core revenues decreased by 8% in Q4, with a notable decline in volume/mix contributing to the downturn [1][2] - The company reported a favorable foreign exchange impact of 3% in Q4, which partially offset revenue declines [1][2] Full Year Highlights - The adjusted EBITDA margin for the full year was 3.7%, a decrease of 360 basis points compared to the previous year, driven by unfavorable volume/mix and price/cost [1][2] - The full year net revenues of $3.21 billion reflected a 14.9% decrease, with core revenues down 12% and a 4% decline from the divestiture of Towanda [1][2] - The net loss for the year included significant non-cash goodwill impairment charges of $334.6 million and a valuation expense of $129.2 million related to U.S. tax attributes [1][2] Segment Performance - In Europe, net revenues increased by 9.4% to $280.0 million in Q4, primarily due to favorable foreign exchange impacts, while adjusted EBITDA decreased by 30% to $11.6 million [1][2] - North America saw a revenue decline of 18.4% to $522.0 million in Q4, with core revenues down 12% and a 6% decrease from the divestiture of Towanda [1][2] - For the full year, North America revenues decreased by 20.5% to $2.15 billion, with adjusted EBITDA down 60% to $101.6 million [1][2] Cash Flow and Capital Expenditures - Net cash used in operating activities was ($4.9) million for the year, a significant decline from $106.2 million in the previous year, primarily due to decreased earnings and increased working capital needs [3][6] - Capital expenditures decreased by $37.8 million to $135.9 million in 2025, reflecting a focus on cost management [3][6] 2026 Guidance - JELD-WEN provided revenue guidance for 2026 in the range of $2.95 to $3.1 billion, indicating a projected decline in core revenues of approximately 5% to 10% compared to 2025 [3][6] - The company expects adjusted EBITDA for 2026 to be between $100 million and $150 million, reflecting ongoing cost reductions amid continued volume pressure [3][6]

Group 1 - The core focus of Crude Value Insights is on cash flow and companies that generate it, highlighting value and growth prospects in the oil and natural gas sector [1] - Subscribers benefit from a 50+ stock model account, which provides a comprehensive analysis of cash flow for exploration and production (E&P) firms [1] - The service includes live chat discussions about the sector, fostering a community for investors interested in oil and gas [1] Group 2 - A two-week free trial is available for new subscribers, encouraging engagement with the oil and gas investment service [2]

Core Viewpoint - JELD-WEN Holding, Inc. will release its fourth quarter and full year 2025 results on February 17, 2026, followed by a conference call on February 18, 2026, to discuss the results [1]. Group 1 - The conference call can be accessed via webcast on the company's Investor Relations website or by dialing specific phone numbers for U.S. and international participants [2]. - A replay of the conference call will be available on the company's website approximately two hours after the live event [2]. Group 2 - JELD-WEN Holding, Inc. is a global designer, manufacturer, and distributor of high-performance building products, including doors and windows, serving both new construction and remodeling sectors [2]. - The company is headquartered in Charlotte, North Carolina, operates in 14 countries across North America and Europe, and employs around 16,000 associates [2]. - The JELD-WEN brand portfolio includes JELD-WEN worldwide, LaCantina, VPI™ in North America, and Swedoor and DANA in Europe [2].

Core Insights - The market is witnessing a potential multi-year outperformance cycle for low-valuation equities and small caps, which have lagged for about a decade [2] - Value stocks outperformed growth stocks by 269-724 basis points across all market caps in Q4 [3] - The concentration of large-cap technology stocks has increased significantly, with the top 12 AI-linked stocks adding approximately $15 trillion in market cap since the launch of ChatGPT in 2022, while their revenue growth was only $650 billion [5] Market Performance - In Q4, value stocks across various market caps showed significant outperformance compared to growth stocks, with the Russell Top 200 value stocks returning 3.81% versus 1.12% for growth, resulting in a 2.69% difference [4] - Small caps have shown signs of recovery, with earnings growth slightly exceeding that of larger companies for the first time in thirteen quarters [7] - The Deep Value Select strategy returned +5.09% in the last quarter, outperforming both the S&P 1500 Value Index and the S&P 600 Value Index [12] Capital Expenditure Trends - The five largest AI hyperscalers have seen their combined capital expenditures rise from $97 billion in 2020 to approximately $400 billion in 2025, with expectations of exceeding $600 billion by 2027 [6] - Technology sector capital expenditures as a percentage of U.S. GDP are projected to surpass the peak of 1.2% seen in 2000 [6] Company-Specific Insights - Nabors Industries improved its balance sheet significantly, reducing debt leverage from over 6x to near 2x, and is well-positioned to benefit from a potential increase in global rig demand [14][17] - JELD-WEN is undergoing a multi-year transformation to improve profitability, despite facing challenges in the housing market [19] - Conduent is in the midst of a multi-year transformation, focusing on streamlining operations and reducing debt, with a significant portion of its shares repurchased [20][24] Valuation Insights - Small caps are currently trading at a forward 1-year price-to-earnings multiple that is 30% lower than large caps, indicating a potential for valuation expansion [8] - The valuation spread between large-cap growth and small-cap value is near historical extremes, suggesting that small-cap value may be poised for outperformance [12]