We undertake no obligation to update these statements beyond what is required under applicable securities laws. Please refer to the cautionary statements and the risk factors identified in our SEC filings for more detail. Second, presentation slides and today's remarks contain non-GAAP financial measures. Explanations and reconciliations of non-GAAP to GAAP measures may be found in our earnings press release and presentation, available on the Investors section of our website, owenscorning.com. Third, financ ...

Financial Data and Key Metrics Changes - In Q3 2025, the company generated $2.7 billion in revenue and $638 million in adjusted EBITDA, resulting in an adjusted EBITDA margin of 24% [6][17] - Revenue decreased by 3% year-over-year due to lower volumes, while adjusted earnings per diluted share were $3.67 [17][18] - Free cash flow for the quarter was $752 million, an increase from $558 million in the same period last year [18] Business Line Data and Key Metrics Changes - **Roofing Business**: Revenue was $1.2 billion, up 2% from the prior year, driven by positive price realization despite flat volumes. EBITDA was $423 million, maintaining a 34% margin [20][22] - **Insulation Business**: Revenue decreased by 7% to $941 million, primarily due to lower demand for residential products. EBITDA margins were 23%, resulting in $212 million in EBITDA [23][24] - **Doors Business**: Revenue was $545 million, down 5% from the prior year, with EBITDA of $56 million and margins of 10% [24][25] Market Data and Key Metrics Changes - The U.S. roofing market faced a uniquely quiet storm season, with no named storms making landfall, impacting demand [8][22] - Residential trends in the U.S. are weakening, affecting volumes in both repair and remodel and new construction product lines [8][10] - Non-residential construction activity in North America is expected to decline slightly, while European markets are anticipated to gradually improve [29] Company Strategy and Development Direction - The company is focused on maintaining strong cash generation capabilities and disciplined capital allocation, with a commitment to return $2 billion to shareholders over 2025 and 2026 [7][19] - Strategic investments are being made to enhance market-leading positions, including a new plant in Alabama for roofing and a new fiberglass line in Kansas City for insulation [11][12] - The divestiture of the glass reinforcements business is targeted for completion by the end of the year [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve margin and cash flow goals despite current financial performance challenges [9][10] - The outlook for Q4 anticipates revenue to be approximately $2.1 billion to $2.2 billion, down mid to high teens versus the prior year, with adjusted EBITDA margins expected to be around 16-18% [29][30] - The company expects to see a gradual recovery in the European market and improved housing affordability in the U.S. as mortgage rates decline [10][29] Other Important Information - The company was recognized as one of the 100 Best Corporate Citizens, ranking third for its environmental, social, and governance performance [15] - The company continues to focus on operational efficiencies and cost synergies, with a target of achieving $125 million in enterprise cost synergies by the end of the second year of ownership [13] Q&A Session Summary Question: Concerns about roofing margins and pricing pressure - Management indicated that pricing has remained positive throughout the year, driven by the value provided to contractors and distributors, despite typical seasonal pressures [37][39] Question: Non-residential demand and project delays - Management noted project delays in both the U.S. and Mexico, viewing them as shifts from quarter to quarter and potentially into 2026 [42][44] Question: Doors segment impairment and market share - Management explained the impairment was due to near-term market weakness, but they remain confident in long-term earnings potential and are focused on cost synergies [46][48] Question: Inventory destocking and its impact - Management expects inventory destocking to normalize in Q1, with cautious buying behavior anticipated from distributors [71][73]

THIRD-QUARTER 2025 RESULTS Brian Chambers | Chair & Chief Executive Officer Todd Fister | Chief Financial Officer November 5, 2025 | Q3 2025 FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES This presentation and the associated remarks contain forward-looking statements. We caution you against relying on these statements as they are subject to risks, uncertainties and other factors and actual results may differ materially from those results projected in the statements. These risks, uncertainties and other fa ...

Financial Data and Key Metrics Changes - Revenues increased by 10% year-over-year, with earnings growing by 30% [8][10] - Adjusted EBITDA for the second quarter was $703 million, with an adjusted EBITDA margin of 26% [8][21] - Free cash flow for the quarter was $129 million, down from $336 million in the same period last year [22] - The company returned $279 million to shareholders through share repurchases and dividends [23] Business Line Data and Key Metrics Changes - Roofing business sales were $1.3 billion, up 4% from the prior year, with EBITDA of $457 million and margins of 35% [25][26] - Insulation business revenues were $934 million, a 4% decrease from the previous year, with EBITDA of $225 million and margins of 24% [28][29] - Doors business generated revenue of $554 million, with EBITDA of $75 million and margins of 14% [30] Market Data and Key Metrics Changes - North American repair and remodel activity accounts for over half of the company's revenue, with stable demand in non-residential markets [11] - Residential new construction demand is under pressure, representing only about a quarter of overall revenue [11] - European markets are showing encouraging improvement, with gradual recovery expected [11][36] Company Strategy and Development Direction - The company is focused on high-value building materials in attractive markets, emphasizing structural improvements and strategic investments [10][12] - Recent acquisitions and divestitures, including the sale of the building materials business in China and Korea, are part of the strategy to sharpen focus [12][21] - The company aims to leverage its OC Advantage, which includes brand strength, technology, and cost position, to drive growth [15][16] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the company's ability to deliver higher, more durable margins and strong free cash flow despite challenging market conditions [42] - For the third quarter, revenue is expected to be approximately $2.7 billion to $2.8 billion, slightly below or in line with the prior year [36] - The company anticipates ongoing cost inflation and a slight decline in residential new construction demand [39][41] Other Important Information - The company achieved a recordable incident rate of 0.6, maintaining a safe operating environment [7] - The company has captured more than 75% of its enterprise run rate synergy target of $125 million from the Masonite acquisition [15] - The company is on track to return $2 billion to shareholders through dividends and share repurchases by 2026 [23] Q&A Session Summary Question: North American industry capacity utilization trends - Management noted that industry utilization was below 90%, impacting pricing dynamics, with limited traction on price increases due to inflation [45][49] Question: Revenue expectations for non-residential insulation in Europe - Management indicated modest growth in non-residential insulation, driven by strong demand in data centers and manufacturing [55][59] Question: Performance of the doors business - Management expects low double-digit to low teens EBITDA margins for the doors business, driven by ongoing cost synergies and network optimization [63][66] Question: Mix dynamics in insulation and roofing - Management clarified that negative mix in insulation was timing-related and not a permanent trend, while roofing mix remains stable with increased demand for laminated shingles [72][74]

Financial Performance Highlights - Owens Corning's Q2 2025 net sales from continuing operations reached $2747 million, a 10% increase compared to Q2 2024's $2497 million[13, 16] - Adjusted EBITDA for Q2 2025 was $703 million, up from $678 million in Q2 2024, while the adjusted EBITDA margin was 26% compared to 27%[13, 16] - Year-to-date 2025 net sales were $5277 million, a 17% increase from $4514 million in the same period of 2024[13, 16] - Year-to-date 2025 adjusted EBITDA reached $1268 million, compared to $1193 million in 2024, with adjusted EBITDA as a percentage of net sales at 24% versus 26%[13, 16] - Roofing business delivered Q2 2025 revenue of $1303 million, a 4% increase from $1252 million in the prior year, with an EBITDA of $457 million and a 35% EBITDA margin[20] - Insulation business delivered Q2 2025 revenue of $934 million, a 4% decrease from $974 million in the prior year, with an EBITDA of $225 million and a 24% EBITDA margin[23] - Doors business delivered Q2 2025 revenue of $554 million, with an EBITDA of $75 million and a 14% EBITDA margin[27] Balance Sheet and Capital Deployment - Free cash flow for Q2 2025 was $129 million[19] - $279 million of free cash flow was returned to shareholders through share repurchases and dividends in Q2 2025[19] - Capital additions totaled $198 million in Q2 2025[19] - The company maintained liquidity of $1700 million, including approximately $200 million in cash and $1500 million available on a bank debt facility[19] - Net debt-to-adjusted EBITDA ratio was 21x at the end of Q2 2025[19] Full-Year 2025 Outlook - General corporate EBITDA expenses are projected to be between $240 million and $260 million[33] - Interest expense is expected to be between $250 million and $260 million[33] - The full-year effective tax rate is projected to be between 24% and 26%[33] - Capital additions are estimated to be approximately $800 million[33] - Depreciation and amortization are expected to be approximately $650 million[33]

Owens Corning (OC) 2025 Investor Day Summary Company Overview - **Company**: Owens Corning (OC) - **Event**: 2025 Investor Day - **Date**: May 14, 2025 - **Location**: Toledo, Ohio Core Industry and Market Focus - **Industry**: Building Products - **Geographic Focus**: North America and Europe - **Total Addressable Market**: $95 billion, with OC holding an 11% market share - **Recent Acquisition**: Masonite, adding approximately $30 billion to addressable market Key Financial Highlights - **Revenue Growth**: Average annual revenue growth of 9% since 2021, with a 4% organic CAGR - **EBIT Margin Improvement**: Average adjusted EBIT margin expanded by nearly 500 basis points - **Free Cash Flow Return**: 63% of free cash flow returned to shareholders from 2022 to 2024 - **Adjusted EBITDA Margins**: Consistently above 20% for 19 consecutive quarters - **Total Cash Returned to Shareholders**: $3.6 billion since 2019 Strategic Initiatives and Performance - **Focus on High-Value Products**: Shift towards high-value building products, particularly in roofing and insulation - **Operational Efficiency**: Continuous improvement in manufacturing and supply chain efficiency - **Investment in Innovation**: Over 150 new or refreshed products launched in the last three years, contributing to 20% of revenues - **Contractor Engagement Model**: Building strong relationships with contractors to drive demand and loyalty Market Trends and Growth Drivers - **Aging Housing Stock**: Both the U.S. and Europe face aging and underbuilt residential housing stock, increasing demand for building products - **Energy Efficiency Demand**: Rising demand for energy-efficient solutions, particularly in insulation - **Non-Discretionary Reroofing**: Over 80% of roofing demand driven by non-discretionary reroofing activities Future Outlook - **Revenue Target**: Expected revenue growth to $12.5 billion by 2028 - **EBITDA Margin Target**: Anticipated adjusted EBITDA margins in the mid-twenty percent range - **Free Cash Flow Generation**: Projected generation of over $5 billion in free cash flow through 2028 Unique Competitive Advantages - **Brand Recognition**: The Owens Corning brand, symbolized by the Pink Panther, is highly trusted among consumers and contractors - **Commercial Strength**: Strong relationships with contractors and a broad distribution network enhance market position - **Technological Leadership**: Continuous investment in R&D and process innovation to maintain competitive edge Additional Insights - **Operational Playbook**: A structured approach to optimize operations and drive cost efficiencies across all business segments - **Market Positioning**: Focus on essential branded building products, leveraging local manufacturing and materials to meet specific market needs - **Sustainability Commitment**: Emphasis on energy-efficient solutions aligns with broader market trends towards sustainability Conclusion - **Company's Vision**: Owens Corning is positioned to outperform the market through strategic investments, operational excellence, and a strong commitment to customer success, with a clear path for future growth and profitability.

Financial Data and Key Metrics Changes - The company reported revenue of $2.5 billion for Q1 2025, a 25% increase year-over-year from $2 billion in Q1 2024 [7][19] - Adjusted EBITDA for the first quarter totaled $565 million, marking a 10% increase from the prior year, with an adjusted EBITDA margin of 22% [7][19] - The recordable incident rate for safety was 0.54, which is 80% lower than the manufacturing industry average [6] Business Line Data and Key Metrics Changes - Roofing segment revenue was $1.1 billion, up 2% year-over-year, with EBITDA of $332 million and EBITDA margins of 30% [22][24] - Insulation segment revenues were $909 million, a 5% decrease from the previous year, with EBITDA of $225 million and EBITDA margins of 25% [25][27] - Doors business generated revenue of $540 million, with EBITDA of $68 million and EBITDA margins of 13% [29] Market Data and Key Metrics Changes - Demand for repair and remodel activities remained challenged, except for non-discretionary re-roofing, which remained solid [9][10] - New residential construction started the year slower due to elevated interest rates, accounting for about 25% of enterprise revenue [9][10] - Non-residential markets, which account for about 20% of the business, remained stable overall [10] Company Strategy and Development Direction - The company is focused on high-value building product categories and is making phased investments in roofing and insulation businesses to support long-term growth [9][12] - Strategic divestitures are ongoing, including the sale of Glass Reinforcements and the Building Materials business in China and Korea, to streamline operations [13][14] - The company aims to reshape itself into a branded building products leader, driving higher returns and long-term value creation [14] Management's Comments on Operating Environment and Future Outlook - The management noted mixed market conditions in North America and Europe, with expectations for solid demand in non-discretionary re-roofing but weaker residential new construction [34] - For Q2 2025, the company anticipates revenue growth in the high single digits compared to Q1 2025, with adjusted EBITDA margins in the low to mid-twenty percent range [34] - The management expressed confidence in the company's ability to outperform the market despite mixed near-term conditions [41] Other Important Information - The company published its nineteenth annual sustainability report, highlighting efforts to keep employees safe and reduce greenhouse gas emissions [15][16] - Owens Corning was recognized by Barron's as one of the hundred most sustainable companies in the US, ranking fourth on the annual list [17] - The company will host its 2025 Investor Day on May 14 at its headquarters in Toledo, Ohio [17] Q&A Session Summary Question: Concerns about scheduled capacity additions in the insulation sector - Management acknowledged the industry dynamics and emphasized the long-term need for insulation materials due to underbuilding in the housing market [43][49] Question: Pricing expectations for fiberglass insulation - Management indicated that while there is a positive pricing environment, the second half of the year may see challenges due to market dynamics [51][52] Question: Tariff mitigation strategies - Management outlined various mitigation strategies, including optimizing supply chains and positioning inventory ahead of tariffs, resulting in a reduced net impact from tariffs [56][60][62] Question: Balancing market share versus defending margins - Management reiterated a focus on value creation for customers while maintaining competitiveness in pricing to defend margins [65][68] Question: Update on roofing demand and storm activity - Management reported strong demand in roofing, with ongoing repair work and a positive outlook for storm season activity [88][90]