MasterBrand Overview - MasterBrand is the 1 North American residential cabinet manufacturer with $2.7 billion in 2024 net sales[6,7] - Approximately 60% of net sales are attributed to R&R (Repair and Remodel)[7] - The company has a dealer network of over 7,700 and employs over 13,000 people across 20+ manufacturing facilities[7] - The company's 2024 Adjusted EBITDA was $364 million[7] Q3 2025 Financial Performance - Net sales for Q3 2025 were $698.9 million, a decrease of 2.7% compared to $718.1 million in Q3 2024[30] - Gross profit decreased by 8.3% from $238.0 million in Q3 2024 to $218.2 million in Q3 2025[30] - Net income decreased by 37.8% from $29.1 million in Q3 2024 to $18.1 million in Q3 2025[30] - Adjusted EBITDA decreased by 13.3% from $104.5 million in Q3 2024 to $90.6 million in Q3 2025[30] - Diluted EPS (GAAP) decreased by 36.4% from $0.22 in Q3 2024 to $0.14 in Q3 2025[30] - Free cash flow (YTD) decreased by 54.3% from $142.3 million in 2024 to $65.0 million in 2025[30] Full Year 2025 Outlook - The company anticipates a high to mid-single-digit percentage decline in the North American cabinets market[31] - The company expects net sales to be approximately flat[31] - The company projects adjusted EBITDA to be between $315 million and $335 million, with an adjusted EBITDA margin of approximately 11.5%-12.0%[31] - The company forecasts adjusted diluted EPS to be between $1.01 and $1.13[31] Long-Term Financial Targets - The company aims for a 3-5% CAGR in the North American Cabinets Market[36] - The company targets a 4-6% CAGR in Net Sales[36] - The company aims for an adjusted EBITDA margin of approximately 16%-18%[36] Additional Information - Strategic transformation initiatives have created >$180 million of cumulative annual savings since 2019, with another $50 million of incremental savings anticipated in 2025[27] - The company expects annual run-rate cost synergies of $90 million by the end of year three, following the close of the American Woodmark merger[29]