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OWENS CORNING Q3 2026 INVESTOR PRESENTATION This presentation shared at the following events : 08/06/26 08/06/26 IR Roadshow Hosted by Evercore ISI - Toronto Brian Chambers , Chair & Chief Executive Officer IR Roadshow Hosted by Wolfe Research - Chicago Todd Fister , Chief Operating and Financial Officer OWENS CORNING SHAREHOLDER VALUE FOAMU CONSISTENT EXECUTION ICONIC BRAND H WINNING COST POSITION OWENS CORNING UNPARALLELED ADVANTAGE ™ COMMERCIAL STRENGTH FOAMULAR LEADING TECHNOLOGY CUSTOMER GROWTH
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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 factors include, without limitation: levels of residential and non-residential construction activity; demand for our products; industry and economic conditions including, but not limited to, supply chain disruptions, recessionary conditions, inflationary pressures, and interest rate and financial markets volatility; additional changes to tariff, trade or investment policies or laws by the United States, or similar actions, including reciprocal actions, by foreign governments; availability and cost of energy and raw materials; competitive and pricing factors; relationships with key customers and customer concentration in certain areas; our ability to achieve expected synergies, cost reductions and/or productivity improvements; issues related to acquisitions, divestitures and joint ventures or expansions; c limate change, weather conditions and storm activity; legislation and related regulations or interpretations in the United States or elsewhere; domestic and international economic and political conditions, policies or other governmental actions, as well as war and civil disturbance; uninsured losses or major manufacturing disruptions, including those from natural disasters, catastrophes, pandemics, theft or sabotage; environmental, product-related or other legal and regulatory liabilities, proceedings or actions; research and development activities and intellectual property protection; issues involving implementation and protection of information technology sys tems; foreign exchange and commodity price fluctuations; our level of indebtedness; our liquidity and the availability and cost of credit; the level of fixed costs required to run our business; levels of goodwill or other indefinite-lived intangible assets; loss of key employees and labor disputes or shortages; defined benefit plan funding ob ligations; and factors detailed from time to time in the company’s filings with the U.S. Securities and Exchange Commission. This information speaks as of August 5, 2026, and is subject to change. The company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by federal securities laws. The terms “year to date” or last twelve months (“LTM”) refer to the period ended on the last calendar day of the quarter preceding the date of the investor event referenced on the first page above. Otherwise, the information in this presentation speaks as of the date of the investor event and is subject to change. The Company assumes no obligation to update or revise forward-looking statements except as required by law. Any distribution of this presentation after the investor event is not intended and should not be construed as updating or confirming such information. This presentation contains references to certain "non-GAAP financial measures" as defined by the SEC, which may be referenced in the Appendix or in the tables of our earnings press release. Adjusted EBITDA from continuing operations, adjusted earnings from continuing operations, adjusted diluted EPS from continuing operations, and return on capital from continuing operations are measures management uses to evaluate the profitability and operating performance of the business. Free cash flow is a measure management uses to evaluate cash generation and capital deployment performance. Net debt is a measure management uses to assess liquidity, financial flexibility, and leverage. These measures exclude certain items that management does not allocate to its segment results because it believes they are not representative of the company’s ongoing operations. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the Appendix and, where applicable, in the tables of our earnings press release. When the company provides forward-looking expectations for non-GAAP measures, the most comparable GAAP measures and a reconciliation between the non-GAAP expectations and the corresponding GAAP measures are generally not available without unreasonable effort due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP measures in future periods. The variability in timing and amount of adjusting items could have significant and unpredictable effect on our future GAAP results. 2THE PINK PANTHER & © 1964-2026 Metro-Goldwyn-Mayer Studios Inc. All Rights Reserved. © 2026 Owens Corning. All Rights Reserved.
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A FOCUSED BUILDING PRODUCTS LEADER Note: Data as of 2025 Form 10 -K for Owens Corning. Consolidated figures eliminate intercompany net sales between reportable segm ents. Business mix statistics based on 2025 net sales. Note: Non-discretionary replacement refers to Roofing shingles. Comparability may differ over time. Estimated error margin +/ - 5% for revenue split. Source: Owens Corning management estimates, Owens Corning SEC filings. 34% 17% 23%26% Non-Discretionary Repair Residential R&R New Residential Non-Residential REVENUE BY END MARKET 3 ROOFING INSULATION $4.4B (43% of sales) $3.7B (36% of sales) DOORS $2.1B (21% of sales) A leading door systems business leveraging The Owens Corning Advantage to deliver higher margins and growth A leading brand with Total Protection Roofing System® and the industry's premier Contractor Engagement Model in unique non-discretionary repair market Attractive residential and non- residential insulation mix with highly efficient production network in a market with attractive secular tailwinds REVENUE BY GEOGRAPHY 1% 11% 8% 80% Rest of World Europe Canada & Mexico United States $10.1B 2025 REVENUE THREE MARKET-LEADING BUSINESSES Reshaped with over 50% R&R exposure
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OC Peers PROFITABILITY OUTPERFORMING OUR PEERS 4 Source: S&P Capital IQ. Peers defined as Carlisle (CSL), Fortune Brands Innovations (FBIN), and MASCO (MAS). 1. Adjusted EBITDA for our peers is determined by removing one -time or unusual items which requires management judgement and may no t align to how we identify one -time or unusual items which may limit the direct comparability of adjusted EBITDA across companie s. 2. Adjusted EBITDA margin for our peers is an average. 10% 15% 20% 25% 20202019 20222021 2023 2024 ADJUSTED EBITDA 1 MARGIN 2 PERFORMANCE VS. PEERS 2025
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OC STRUCTURALLY IMPROVED MARGINS IN LOWER MARKETS 5 Housing starts, shingle market and existing home sales data presented as an index with 2016 as the base year (2016 = 100). 1. Lagged (90 days), thousands. 2. Squares, millions (excludes components shingles known in ARMA reporting as individual shingles). ARMA. 3. Single family, thousands. 10% 15% 20% 25% ADJUSTED EBITDA 1 MARGIN PERFORMANCE VS. MACROS 20202019 20222021 2023 2024 2025201820172016 Housing Starts1 Shingle Market2 Existing Home Sales3 1,144 1,203 1,266 1,236 1,342 1,577 1,614 1,407 1,385 1,370 133 144 136 139 151 159 148 157 160 143 4,822 4,904 4,736 4,746 5,057 5,425 4,532 3,676 3,673 3,706
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HIGHER STRUCTURAL MARGINS AND MORE RESILIENT EARNINGS 6 ROOFING INSULATION DOORS TOTAL OC ADJUSTED EBITDA MARGIN MID-20% AVERAGE 20%-27% RANGE 135MM-160MM+ shingle market1 1.2MM-1.6MM U.S. housing starts Flat to +3% discretionary R&R growth Flat to +3% EU non- residential construction KEY MACRO ASSUMPTIONS 30% average EBITDA margin 27%-35% EBITDA margin range 24% average EBITDA margin 20%-27% EBITDA margin range Path to 20% EBITDA margin 13%-22% EBITDA margin range Note: Annual EBITDA margin ranges. 1. Shingle market excludes components shingles known in ARMA reporting as individual shingles
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HIGH PERFORMING BUILDING PRODUCTS LEADER 7 STRATEGIC PRIORITIES FINANCIAL TARGETS TO OUTPERFORM THE MARKET $12.5B revenue by 2028 Mid-20% adjusted EBITDA margin sustained $5B+ 2025-2028 cumulative FCF Mid-teens+ return on capital Strengthen our market leading positions Leverage enterprise scale and capabilities Extend product offering in existing businesses TM $2B returned to shareholders 2025-2026
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CONSISTENTLY EXECUTING THE OC ADVANTAGE TM 8 Higher, more resilient earnings Robust free cash flow Lower long-term capital intensity Organic growth IMPROVING PRODUCT MIXIMPROVING MARKET POSITION & CUSTOMER MIX CONTINUOUS OPERATIONAL EFFICIENCY INVESTING IN GROWTH ✓ Contractor engagement model ✓ Pink Advantage Dealer Program ✓ Leading brand creates pull- through opportunities ✓ Conversion of strips to lams ✓ Growing the Roofing components business ✓ Emphasizing growth in non- residential applications like data centers ✓ KC fiberglass line to support growth in non- residential and residential ✓ Prattville shingle plant to service largest asphalt shingle region in the U.S. ✓ Russellville plant supports rising commercial market growth ✓ Doors network optimization; closed 5 facilities ✓ Leverage advanced analytics and AI to drive efficiency ✓ Factory modernization initiative improving cost position ✓ Driving opex leverage through enterprise scale
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18% 22% 23% 24% 25% 22% $6.4 $8.5 $9.8 $9.7 $10.6 $10.1 Enterprise revenue CAGR of ~4% Sustainable 20%+ EBITDA margins CONSISTENT AND DISCIPLINED EXECUTION OF OUR STRATEGY REVENUE ($B) ADJUSTED EBITDA MARGIN (%) 9 2015- 2020 Average 202320222021 Note: Compounded annual growth rate (“CAGR”) calculated 2021 to 2025 as reported Note: 2024 pro forma revenue for re -segmentation, full year of Doors, excludes glass reinforcements and building products in Chi na and Korea Source: Owens Corning SEC filings; please refer to Appendix C for reconciliation to Owens Corning SEC filings 2024 Proforma 2025 2015- 2020 Average 202320222021 2024 2025
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$0.5 $1.1 $1.3 $1.2 $1.2 $1.0$0.9 $1.5 $1.8 $1.7 $1.9 $1.8 Enterprise operating cash flow CAGR of ~4% SIGNIFICANT ANNUAL CASH FLOW GENERATION OPERATING CASH FLOW ($B) FREE CASH FLOW ($B) 10 2015- 2020 Average 202320222021 Note: Compounded annual growth rate (“CAGR”) calculated 2021 to 2025 as reported Source: Owens Corning SEC filings; please refer to Appendix C for reconciliation to Owens Corning SEC filings 2024 2025 2015- 2020 Average 202320222021 2024 2025 Significant annual FCF generation
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Maintain investment grade balance sheet targeting 2-3x net debt to adjusted EBITDA leverage Return free cash flow to shareholders through dividends and repurchases Invest to strengthen our market leading positions Invest to extend product offering in existing businesses DELIVERING SIGNIFICANT SHAREHOLDER RETURNS FREE CASH FLOW ALLOCATIONDISCIPLINED CAPITAL ALLOCATION STRATEGY 50% FCF to shareholders target over time Share Repurchases Dividend Other 2015 – 2020 2024202320222021 $4.6B cash returned to shareholders since 2019 More than TRIPLED quarterly dividend since 2019 31% of outstanding shares repurchased 2019-2025 11 2025 $2B return to shareholders 2025-2026
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INVESTING TO STRENGTHEN AND EXTEND OC’S LEADERSHIP 12 2025-2027 2028 2024 Reshaping the company Investments in growth and modernization Operating a more modernized network 5% Capex as % of sales 4% Capex as % of sales
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LEADING TECHNOLOGY & SUSTAINABILITY POSITION 13 PRODUCT AND PROCESS INNOVATION SUSTAINABILITY IMPACTDIGITAL TOOLS TO HELP OUR CUSTOMERS WIN AND GROW Contractor selling tools VR technology for contractor training Digital customer portal Self-guided online customer learning modules Customer-inspired product innovation ~120 new or improved products launched in last 3 years Maintained 20%+ Product Vitality Index in 2025 Productivity driven process innovation Increase the positive impact of our products Reduce the negative impact of our operations Eliminate injuries and improve the quality of life of our employees and their families Have a positive impact on our communities
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ROOFING SEGMENT OVERVIEW 14 MARKET-LEADING POSITION IN AN ATTRACTIVE MARKET; non- discretionary repair demand with shift to higher value roofing systems ROOFING COMPONENTS OFFER ATTRACTIVE GROWTH OPPORTUNITIES with margins similar to shingles CREATING AND CAPTURING VALUE THROUGH CONTRACTOR ENGAGEMENT helping our customers and contractors win through our unique advantages INVESTING IN OUR WINNING COST AND SERVICE POSITION; enhancing our manufacturing network, capabilities, and supply security SUSTAINING THE FINANCIAL PERFORMANCE OF THE BUSINESS Raising long-term EBITDA margin to 30% on average FINANCIAL PERFORMANCE Revenue ($b) EBITDA margin (%) Shingles Components U.S. Canada & Mexico REVENUE BY PRODUCT REVENUE BY GEOGRAPHY $3.7 $4.0 $4.6 $4.4 $4.3 0% 5% 10% 15% 20% 25% 30% 35% $0.0 $1.5 $3.0 $4.5 2022 2023 2024 2025 LTM Thousands Europe Note: 2024 revenue figures pro forma for resegmentation. Roofing includes nonwovens and lumber, included in Components. Note: Comparability may differ over time. Revenue before inter -segment eliminations; estimated error margin +/ - 5% for revenue split. Source: Owens Corning management estimates, Owens Corning SEC filings. Business mix statistics based on 2025 net sales. SHINGLES COMPONENTS ASPHALT NONWOVENS
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MARKET-LEADING POSITION IN AN ATTRACTIVE ROOFING MARKET 151. ARMA, OC Management Estimates. U.S. asphalt shingle market excludes components shingles (e.g., Hip & Ridge, Starter Strip) kn own in ARMA reporting as individual shingles. Refer to Appendix A for more details. LAMINATE SHINGLES VS. STRIP SHINGLES (%)1 StripsLaminates SIGNIFICANT OC SHINGLE VOLUME COMES THROUGH OCCN CAGR in contractor additions to the network from 2015 to 202517% of Roofing demand is now laminate shingles, reinforcing the foundation for higher value roofing systems 95% 80%+ of Roofing demand fueled by non-discretionary demand driven by replacement and weather OCCN Members Duration® Mix ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 ‘24 >30,000 CONTRACTORS ‘25 2015-2020 AVG. 2021 2022 2023 2024 2025 U.S. ASPHALT SHINGLE MARKET (MM, SQUARES)1 21 28 26 24 25 23 75 90 81 78 81 79 40 41 41 55 54 41 2015-2020 AVG. 2021 2022 2023 2024 136 159 148 157 160 143 2025 New Construction RepairWeather
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INSULATION SEGMENT OVERVIEW $3.7 $3.7 $3.9 $3.7 $3.7 0% 5% 10% 15% 20% 25% $0.0 $1.0 $2.0 $3.0 $4.0 2022 2023 2024 2025 LTM Thousands NA Residential Europe REVENUE BY PRODUCT 1 REVENUE BY GEOGRAPHY 1 U.S. Canada & Mexico Europe INDUSTRY-LEADING BUSINESS IN ATTRACTIVE, GROWING MARKETS Energy efficiency and product attributes drive strong demand MULTIPLE PATHS TO WIN WITH OUR CUSTOMERS Iconic brand, broad product offering, and innovation ADVANTAGED ASSET BASE DRIVES WINNING COST POSITION Cost effective, flexible network enhanced through process technology TRANSFORMED FOR HIGHER AND CONSISTENT EARNINGS Raising long-term EBITDA margin to 24% on average FINANCIAL PERFORMANCE Revenue ($b) EBITDA margin (%) 16 NA Non-ResidentialNote: 2024 revenue figures pro forma for resegmentation. Insulation includes WUCS and excludes Building Products China and Ko rea. Note: Comparability may differ over time. Revenue before inter -segment eliminations; estimated error margin +/ - 5% for revenue split. Source: Owens Corning management estimates, Owens Corning SEC filings. 1. Business mix statistics based on 2025 net sales and excludes Building Products China and Korea. Rest of world (not shown), accounts for <1% of revenue. N.A. RESIDENTIAL N.A. NON-RESIDENTIAL EUROPE
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ATTRACTIVE LONG-TERM SECULAR TRENDS IN INSULATION 17 NORTH AMERICA RESIDENTIAL Codes drive more insulation in homes NORTH AMERICA NON-RESIDENTIAL Diverse portfolio in growth markets EUROPE Energy efficiency changing construction practices ~30% more lbs. per home in last 10 to 15 years 1 39% of commercial building spend is on repair and remodel 3 >25% of building stock to be renovated over the next decade to meet European Green Deal requirements 4 2-4MM underbuilt housing units in the U.S. 2 GROWING DEMAND for onshoring, mission critical facilities, and other highly engineered applications 3X GROWTH functional roofs growing faster than commercial market 1. Home Innovation Research Labs (HIRL), 2009 -2021. 2. Freddie Mac, 2024. Management estimates. 3. Principia January 2025, Ducker study 2022, Freedonia 2022. 4. European Council, Council of the European Union.
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DOORS SEGMENT OVERVIEW Exterior Interior U.S. Components Europe A DIFFERENTIATED MANUFACTURER OF INNOVATIVE DOORS AND DOOR SYSTEMS in attractive categories DRIVING A WINNING COST POSITION by exceeding $125 million of original enterprise synergies and identifying $75 million additional; total structural improvement of 500bps VERTICALLY INTEGRATED across components, panels, and systems enables network flexibility CREATING VALUE FOR CUSTOMERS THROUGH QUALITY, SERVICE, AND BRAND to drive growth in every channel STRUCTURALLY IMPROVING the business with a path to 20% EBITDA margins leveraging The OC Advantage , and positioning to outperform the market 18 Canada & Mexico Source: Owens Corning management estimates, Owens Corning SEC filings; Business mix statistics based on 2025 net sales; estim ated error margin +/- 5% for revenue split. Note: Rest of world (not shown), accounts for <1% of revenue. RESIDENTIAL INTERIOR RESIDENTIAL EXTERIOR LUXURY EXTERIOR COMPONENTS REVENUE BY PRODUCT REVENUE BY GEOGRAPHY
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ACCELERATING DOORS GROWTH THROUGH A UNIQUE GO-TO-MARKET STRATEGY HOME CENTERS WHOLESALE Slabs/ Components Prehung systems WINNING DIFFERENTIATORS DOWNSTREAM DEMAND CREATION • Brand matters: OC a top retail partner • Dedicated account teams, integrated across categories • Win with unparalleled commercial strength: service levels and product innovation • Independent dealer and homebuilder loyalty programs • Incentivizes indirect customers to leverage complete OC portfolio • Creates pull-through product demand in distribution REVENUE SYNERGIES AND PRODUCT INNOVATION TO ENHANCE ORGANIC GROWTH IMPROVING SERVICE LEVELS AND CREATING PULL-THROUGH DEMAND 19
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BUILDING A WINNING COST POSITION IN DOORS 201. Management estimates. Estimate 10% of savings allocated to the Enterprise P&L and 90% of savings allocated to the Doors P &L. COST IMPROVEMENT PRIORITIESADDITIONAL $75MM IN COST SYNERGIES1 75 Network Optimization Automation Other Efficiency Total Identified additional $75 million of synergies above the original $125 million enterprise commitment Maintain focus on building a customer centric service organization with market leading quality Streamline footprint, delivering benefit from network optimization Driving efficiencies through automation in door assembly and fiberglass skin pressing Delivering efficiency through operational excellence and TPM
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APPENDIX A: U.S. ROOFING MARKET
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APPENDIX A: U.S. ROOFING MARKET 221. ARMA, OC Management Estimates. U.S. asphalt shingle market excludes components shingles (e.g., Hip & Ridge, Starter Strip) kn own in ARMA reporting as individual shingles. 2. ARMA, OC Management Estimates. U.S. asphalt shingle market includes components shingles (e.g., Hip & Ridge, Starter Strip) kn own in ARMA reporting as individual shingles. U.S. ASPHALT SHINGLE MARKET WITH COMPONENTS (MM, SQUARES)2 21 28 26 24 25 23 75 90 81 78 81 79 40 41 41 55 54 41 8 10 10 12 13 11 2015-2020 AVG. 2021 2022 2023 2024 143 169 158 169 172 154 2025 New Construction RepairWeather Components Shingles U.S. ASPHALT SHINGLE MARKET (MM, SQUARES)1 21 28 26 24 25 23 75 90 81 78 81 79 40 41 41 55 54 41 2015-2020 AVG. 2021 2022 2023 2024 136 159 148 157 160 143 2025 New Construction RepairWeather Year New Construction Repair Weather 2025 16% 55% 29% 2024 16% 50% 34% 2023 15% 50% 35% 2022 17% 55% 28% 2021 18% 56% 26% 2015-2020 Avg. 16% 55% 29% Year New Construction Repair Weather Components Shingles 2025 15% 51% 27% 7% 2024 15% 47% 31% 7% 2023 14% 46% 33% 7% 2022 17% 51% 26% 6% 2021 17% 53% 24% 6% 2015-2020 Avg. 15% 52% 28% 5%
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APPENDIX B: ADDITIONAL FINANCIAL INFORMATION
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APPENDIX B: KEY FINANCIAL DATA – BUSINESSES Owens Corning* Roofing Insulation Doors ($ in millions) Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Net sales 2,756 2,747 1,313 1,303 971 934 513 554 EBITDA* 660 703 441 457 213 225 57 75 EBITDA* as % of net sales 24% 26% 34% 35% 22% 24% 11% 14% 24Source: Owens Corning SEC filings for continuing operations; reportable segment totals are shown in SEC filings before interc ompany eliminations. *EBITDA for Owens Corning reflects Adjusted EBITDA; please refer to Appendix C for reconciliation to Owens Corning SEC filing s Owens Corning* Roofing Insulation Doors ($ in millions) YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 Net sales 5,021 5,277 2,273 2,423 1,838 1,843 988 1,094 EBITDA* 1,029 1,268 672 789 380 450 91 143 EBITDA* as % of net sales 20% 24% 30% 33% 21% 24% 9% 13%
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APPENDIX B: KEY FINANCIAL DATA – DISAGGREGATED REVENUE Three Months Ended June 30, 2026 ($ in millions) Disaggregation Categories Roofing Insulation Doors Eliminations Consolidated North America Residential $ 1,123 $ 354 $ 448 $ (37) $ 1,888 North America Non-Residential 131 396 — (3) 524 Total North America 1,254 750 448 (40) 2,412 Europe 58 217 60 (1) 334 Asia-Pacific 1 — — — 1 Rest of world — 4 5 — 9 NET SALES $ 1,313 $ 971 $ 513 $ (41) $ 2,756 25Source: Owens Corning management estimates, Owens Corning SEC filings; estimated error margin +/ - 5% for revenue split. Twelve Months Ended December 31, 2025 ($ in millions) Disaggregation Categories Roofing Insulation Doors Eliminations Consolidated North America Residential $ 3,791 $ 1,483 $ 1,877 $ (146) $ 7,005 North America Non-Residential 437 1,420 - (9) 1,848 Total North America 4,228 2,903 1,877 (155) 8,853 Europe 200 728 228 (4) 1,152 Asia-Pacific 9 56 3 - 68 Rest of world - 13 17 - 30 NET SALES $ 4,437 $ 3,700 $ 2,125 $ (159) $ 10,103
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APPENDIX C: NON-GAAP RECONCILIATIONS
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APPENDIX C: NON-GAAP RECONCILIATION – TABLE 1 27 The adjusting (expense) income items to EBITDA are shown in the table below (in millions): Twelve Months Ended December 31, Three Months Ended June 30, Six Months Ended June 30, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2025 2026 2025 2026 Restructuring costs (b) $ (2) $ (28) $ (48) $ (22) $ (28) $ (41) $ (34) $ (48) $ (169) $ (73) $ (27) $ (9) $ (16) $ (12) $ (59) Gains on sale of certain precious metals — — — — — 26 53 18 2 19 45 12 10 21 22 Gain on sale of Shanghai, China facility — — — — — — — 27 — — — — — — — Gain on sale of land in India — — — — — — 15 — — — — — — — — Acquisition and divestiture-related costs — (9) (15) (16) — — — (7) — — — — — — — Acquisition-related transaction costs — — — — — — — — — (49) — — — — — Acquisition-related integration costs excluding depreciation and amortization — — — — — — — — — (73) (26) (4) — (6) (9) Recognition of acquisition inventory fair value step-up — (10) (5) (2) — — (1) — — (18) — — — — — Litigation settlement gain, net of legal fees — — 29 — — — — — — — — — — — — Pension settlement losses — — (64) — (43) — — — (145) — — — — — — Loss on sale of business — — — — — — — — (91) (30) (24) — (26) — Gain on sale of business — — — — — — — — — — — — — — 4 Gain on sale of site (previous restructuring action in the Roofing segment) — — — — — — — — — — — — 4 — 4 Environmental liability charges — — (15) — (4) — — — — — — — — — — Loss on sale of Chambery, France assets held for sale — — — — — — — (30) — — — — — — — Gain on remeasurement of Fiberteq equity investment — — — — — — — 130 — — — — — — — Gain on sale of Santa Clara, California site — — — — — — — — 189 — — — — — — Paroc marine recall — — — — — — — — (15) (58) (2) (1) (1) (2) (33) Loss on sale of Russian operations — — — — — — — (33) — — — — — — — Strategic review-related charges — — — — — — — — — (46) — — — — — Impairment of venture investments — — — — — — — — — (15) — — — — (7) Goodwill impairment charges — — — — — (987) — (96) — — (1,135) — — — — Intangible assets impairment charges — — — — — — — — — — (39) — — — — Total adjusting items (a) $ (2) $ (47) $ (118) $ (40) $ (75) $(1,002) $ 33 $ (39) $ (138) $ (404) $(1,214) $ (26) $ (3) $ (25) $ (78) (a) For fiscal year 2015 to 2023, please refer to each year's respective Form 10-K filing in the "Adjusted Earnings Before Interest and Taxes" section of Management's Discussion and Analysis for additional information on these items. For fiscal year 2024 and 2025, please refer to our 2025 Form 10-K filing in the "Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") From Continuing Operations" section of Management's Discussion and Analysis for additional information on these adjusting items. For the three and six months ended June 30, 2025 and June 30, 2026, please refer to our Form 10-Q filing for the second quarter of 2026 in the "Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") From Continuing Operations" section of Management's Discussion and Analysis for additional information on these adjusting items. (b) For fiscal year 2015 to 2023, accelerated depreciation and amortization is included in restructuring. Accelerated depreciation and amortization has been excluded from restructuring for all other periods presented.
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APPENDIX C: NON-GAAP RECONCILIATION – TABLE 2 28 (a) Management excludes from Net earnings attributable to Owens Corning certain items it believes are not representative of ongoing operations. Please refer to Table 1 of Appendix C for explanation of adjusting items. Twelve Months Ended December 31, 2015 2016 2017 2018 2019 2020 Average 2015 to 2020 2021 2022 2023 Net earnings (loss) attributable to Owens Corning $ 330 $ 393 $ 289 $ 545 $ 405 $ (383) n/a $ 995 $1,241 $1,196 Net earnings (loss) attributable to non-redeemable and redeemable noncontrolling interests 4 6 1 2 — (2) n/a — — (3) Net earnings (loss) 334 399 290 547 405 (385) n/a 995 1,241 1,193 Equity in net earnings (loss) of affiliates 1 (3) — (1) 1 — n/a 1 — 3 Income tax expense 120 188 269 156 186 129 n/a 319 373 401 Earnings (loss) before taxes 453 590 559 704 590 (256) n/a 1,313 1,614 1,591 Interest expense, net 100 108 107 117 131 132 n/a 126 109 76 Loss on debt extinguishment (5) 1 71 — 32 — n/a 9 — — Earnings (loss) before interest and taxes 548 699 737 821 753 (124) n/a 1,448 1,723 1,667 Less: Adjusting items (a) (2) (47) (118) (40) (75) (1,002) n/a 33 (39) (138) Adjusted EBIT $ 550 $ 746 $ 855 $ 861 $ 828 $ 878 $ 786 $1,415 $1,762 $1,805 Net sales $5,350 $5,677 $6,384 $7,057 $7,160 $7,055 $6,447 $8,498 $9,761 $9,677 Adjusted EBIT as a % of Net sales 10 % 13 % 13 % 12 % 12 % 12 % 12 % 17 % 18 % 19 % Earnings (loss) before interest and taxes 548 699 737 821 753 (124) n/a 1,448 1,723 1,667 Depreciation and amortization 300 343 371 433 457 493 n/a 502 531 609 Earnings before interest and taxes, depreciation and amortization 848 1,042 1,108 1,254 1,210 369 n/a 1,950 2,254 2,276 Less: Adjusting items (a) (2) (47) (118) (40) (75) (1,002) n/a 33 (39) (138) Accelerated depreciation and amortization included in restructuring (3) (19) (17) (10) (9) (20) n/a (13) (26) (101) Adjusted EBITDA $ 847 $1,070 $1,209 $1,284 $1,276 $1,351 $1,173 $1,904 $2,267 $2,313 Net sales $5,350 $5,677 $6,384 $7,057 $7,160 $7,055 $6,447 $8,498 $9,761 $9,677 Adjusted EBITDA as a % of Net sales 16 % 19 % 19 % 18 % 18 % 19 % 18 % 22 % 23 % 24 % The reconciliation from net earnings (loss) attributable to Owens Corning to EBIT/EBITDA and Adjusted EBIT/EBITDA is shown in the table below (in millions):
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APPENDIX C: NON-GAAP RECONCILIATION – TABLE 3 29 The reconciliation from Net earnings from continuing operations attributable to Owens Corning to Adjusted EBITDA from continuing operations is shown in the table below (in millions): Twelve Months Ended December 31, 2024 2025 Net earnings (loss) from continuing operations attributable to Owens Corning $ 947 $ (188) Net (loss) earnings attributable to non-redeemable and redeemable noncontrolling interests — — Net earnings (loss) from continuing operations 947 (188) Equity in net earnings of affiliates 6 1 Income tax expense 334 293 Earnings from continuing operations before taxes 1,275 104 Interest expense, net 208 256 Earnings from continuing operations before interest and taxes 1,483 360 Less: Adjusting items (a) (404) (1,214) Depreciation and amortization 581 694 Adjusted EBITDA from continuing operations $ 2,468 $ 2,268 Net sales $ 9,851 $ 10,103 Adjusted EBITDA from continuing operations as a % of Net sales 25 % 22 % (a) Management excludes from Net earnings attributable to Owens Corning certain items it believes are not representative of ongoing operations. Please refer to Table 1 of Appendix C for explanation of adjusting items.
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APPENDIX C: NON-GAAP RECONCILIATION – TABLE 4 30 The reconciliation of Net earnings from continuing operations attributable to Owens Corning to Adjusted EBITDA from continuing operations is shown in the table below (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO OWENS CORNING $ 310 $ 334 $ 348 $ 589 Net earnings (loss) attributable to noncontrolling interests 1 (1) 2 (1) NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS 311 333 350 588 Equity in net earnings of affiliates — 1 — 1 Income tax expense 102 110 117 198 EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES 413 442 467 785 Interest expense, net 69 63 135 127 EARNINGS FROM CONTINUING OPERATIONS BEFORE INTEREST AND TAXES 482 505 602 912 Less: Adjusting items (a) (3) (26) (78) (25) Depreciation and amortization 175 172 349 331 ADJUSTED EBITDA FROM CONTINUING OPERATIONS $ 660 $ 703 $ 1,029 $ 1,268 Net Sales 2,756 2,747 5,021 5,277 ADJUSTED EBITDA FROM CONTINUING OPERATIONS a % of Net sales 24 % 26 % 20 % 24 % (a) Please refer to Table 1 of Appendix C for detail of adjusting items to EBITDA from continuing operations.
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APPENDIX C: NON-GAAP RECONCILIATION – TABLE 5 31 The reconciliation from net cash flow provided by operating activities to free cash flow is shown in the table below (in millions): Twelve Months Ended December 31, Average of 2015 to 2020 Twelve Months Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net cash flow provided by operating activities $ 742 $ 943 $1,016 $ 803 $1,037 $1,135 $ 946 $1,503 $1,760 $1,719 $1,892 $1,786 Less: Cash paid for property, plant and equipment (401) (373) (337) (537) (447) (307) (400) (416) (446) (526) (647) (824) Free cash flow (a) $ 341 $ 570 $ 679 $ 266 $ 590 $ 828 $ 546 $1,087 $1,314 $1,193 $1,245 $ 962 (a) Free cash flow is a non-GAAP liquidity measure used by investors, financial analysts and management to help evaluate the Company's ability to generate cash to pursue opportunities that enhance shareholder value. Free cash flow is not a measure of residual cash flow available for discretionary expenditures due to the Company's mandatory debt service requirements.
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APPENDIX C: NON-GAAP RECONCILIATION – TABLE 6 32 The reconciliation of LTM EBITDA for the Company's segments is shown in the tables below (in millions): Twelve Months Ended December 31, Six Months Ended June 30, Last Twelve Months (LTM) Ended June 30, 2026 Roofing 2025 (A) 2025 (B) 2026 (C) (A) - (B) + (C) Segment Net Sales $ 4,437 $ 2,423 $ 2,273 $ 4,287 Segment EBITDA $ 1,411 $ 789 $ 672 $ 1,294 Segment EBITDA as a % of Net Sales 32 % 33 % 30 % 30 % Twelve Months Ended December 31, Six Months Ended June 30, Last Twelve Months (LTM) Ended June 30, 2026 Insulation 2025 (A) 2025 (B) 2026 (C) (A) - (B) + (C) Segment Net Sales $ 3,700 $ 1,843 $ 1,838 $ 3,695 Segment EBITDA $ 848 $ 450 $ 380 $ 778 Segment EBITDA as a % of Net Sales 23 % 24 % 21 % 21 %
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APPENDIX C: NON-GAAP RECONCILIATION – TABLE 7 33 (a) Excludes building products in China and Korea, which was classified as held for sale and sold in July 2025. (b) Includes full year of Doors, which was acquired on May 15, 2024. Year Ended December 31, 2024 Reported Continuing Operations - Building Materials China and Korea (a) + Pre-Acquisition Doors (b) = Pro Forma Net Sales $9,851 $133 $906 $10,624 The following tables reconcile Owens Corning and Doors pro forma net sales (in millions):