Slides
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Second Quarter 2025 Results August 6, 2025
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Speakers Samantha Stoddard CFO Bill Christensen CEO
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Disclosures 3 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 August 6, 2025. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review our Annual Report on Form 10-K, Form 10-Qs filed in 2025 and our other filings with the U.S. Securities and Exchange Commission. During this presentation, we will discuss certain non-GAAP financial measures including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted EPS, Free Cash Flow and Net Debt Leverage. A reconciliation of non-GAAP financial measures to their nearest comparable GAAP financial measures is available at the end of this presentation and our earnings release. Due to rounding, numbers presented throughout this presentation may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures.
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Second Quarter 2025 Highlights ▪ Sales of $824 million ▪ Adjusted EBITDA of $39 million ❑ 4.7% of Sales ▪ Implementing cost reduction actions Second Quarter 2025 OVERDELIVERED Q2 AMID CONTINUED MARKET UNCERTAINTY 4
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Q2 2025 Financial Results
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MACROECONOMIC HEADWINDS PERSIST Q2 2025 Financial Summary USD in Millions Net Revenue Core Revenue down (13%) driven by lower volume / mix Adjusted EBITDA Adjusted EBITDA Margin Volume / mix challenges driving lower earnings 6 $986 $824 Q2 2024 Q2 2025 -16% $85 $39 Q2 2024 Q2 2025 -54% 8.6% Q2 2024 4.7% Q2 2025 -390 bps
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Q2 2024 Price Volume / Mix Court-Ordered Divestiture Foreign Exchange Q2 2025 $986 $8 ($139) ($45) $14 $824 LOWER VOLUME / MIX FROM PERSISTING MARKET HEADWINDS Q2 2025 Revenue Bridge 7 USD in Millions Core Revenue (13%)
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LOWER VOLUME/MIX OFFSETS COST SAVINGS MEASURES Q2 2025 Adjusted EBITDA Bridge 8 USD in Millions Q2 2024 Price / Cost Volume / Mix Productivity SG&A / Other Income Court-Ordered Divestiture Q2 2025 $85 ($6) ($46) $5 $10 ($9) $39 Adj. Margin 8.6% Adj. Margin 4.7%
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Q2 2025 Segment Results USD in Millions Segment Highlights ▪ Lower volume / mix - North America down (16%) • Mainly driven by volume - Europe down (10%) • Mainly driven by volume North America Q2 2025 Q2 2024 (Prior Year) Q1 2025 (Previous Quarter) Net Revenue $556 $711 $531 Adjusted EBITDA $35 $76 $16 Adjusted EBITDA margin 6.3% 10.6% 2.9% Europe Q2 2025 Q2 2024 (Prior Year) Q1 2025 (Previous Quarter) Net Revenue $268 $275 $245 Adjusted EBITDA $17 $20 $11 Adjusted EBITDA margin 6.4% 7.4% 4.3% 9
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Potential Impact of Tariffs USD in Millions – Tariffs as of August 4th China Cambodia, Brazil, all others Tier 2 Suppliers* 1% 7% 5% Percent of Material Costs By Country With Exposure to Tariffs ▪ Annualized tariff impact: ~$40M - Approx. $17M in 2025 - Expect to pass on tariff impacts 8% 5% 87% Tier 1 Tier 2 No Exposure 2024 North America Direct Material Costs Exposed to Tariffs * China accounts for ~65% of Tier 2 exposure 10
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Outlook
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SIGNIFICANT LIQUIDITY WHILE EXPLORING OPTIONS TO DE -LEVER Reinstating 2025 Guidance 12 Net Revenue $3.2B to $3.4B Core Revenue Down (4%) to (9%) Adjusted EBITDA $170M to $200M Net Revenue $3.2B to $3.4B Core Revenue Down (4%) to (9%) Adjusted EBITDA $170M to $200M Operating Cash Flow ~($10M) Cap Ex ~$150M Free Cash Flow ~($150M) Operating Cash Flow ~($10M) Cap Ex ~$150M Free Cash Flow ~($150M)
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ADDITIONAL PRICE/COST & PRODUCTIVITY HEADWINDS 2025 Guidance Bridge 13 Adjusted EBITDA; USD in Millions $275 $225 $185 $50 $100 $4 2024 EBITDA Court- Orderd Towanda Divestiture 2024 EBITDA Without Towanda Market Volume / Mix Pruning / Share Loss from ’24 Price / Cost Base Productivity Headwind Mitigation Transformation Variable Comp / One Time Reversals Other / FX 2025 EBITDA Guidance Midpoint ($50) ($64) ($50) ($27) ($29) ($24)
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IN THE NEXT PHASE OF OUR TRANSFORMATION JELD-WEN In 2025 14 Service Level Improvement Service Level Improvement Network Optimization Network Optimization Investing to Reduce Costs Investing to Reduce Costs
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Appendix
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Guidance Assumptions MARKET IMPACTS OUTWEIGH TRANSFORMATION ACTIONS 16 Market continues to soften, with comparisons year-over-year stabilizing in 2H Share loss from Midwest customer anniversaries in 2H Price/Cost decline driven by pricing adjustments to maintain volume Base productivity reduction driven by volume deleveraging Transformation/Headwind mitigations on track +/– – – – +
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Q2 2025 Net Revenue Walk 17 Q2 2025 JELD-WEN North America Europe Price 1% 1% 2% Volume / Mix (14%) (16%) (10%) Core Revenue Growth (13%) (15%) (8%) FX 1% -% 5% Court-Ordered Divestiture (5%) (7%) -% Total (16.5%) (21.8%) (2.7%)
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Balance Sheet and Cash Flow USD in Millions 18 Cash Flow (YTD) Q2 2025 Q2 2024 Net cash used in (provided by) operating activities ($49) $40 Capital Expenditures(1) ($76) ($74) Free Cash Flow(2) ($125) ($34) Balance Sheet June 28, 2025 December 31, 2024 Total Debt $1,179 $1,183 Cash $134 $150 Net Debt(3) $1,045 $1,033 Divided by trailing twelve months Adjusted EBITDA(4) $183 $275 Net Debt Leverage(3) 5.7x 3.8x Liquidity(5) $528 $567 (1) Includes purchases of property, equipment and intangible assets. (2) Free Cash Flow is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Free Cash Flow see the Q2 2025 earnings release. (3) Net Debt and Net Debt Leverage are financial measures that are not calculated in accordance with GAAP. For a discussion of our presentation of Net Debt Leverage see the earnings release. (4) Trailing twelve months Adjusted EBITDA for both periods. Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA, see the earnings release. Refer to the calculation of TTM Adjusted EBITDA from continuing operations listed below. (5) Liquidity includes cash and cash equivalents and availability from undrawn committed credit facilities.
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YTD 2024 Price Volume / Mix Court-Ordered Divestiture Foreign Exchange YTD 2025 $1,945 $13 ($288) ($74) $4 $1,600 LOWER VOLUME / MIX FROM PERSISTING MARKET HEADWINDS Q2 YTD 2025 Revenue Bridge 19 USD in Millions Core Revenue (14%)
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LOWER VOLUME/MIX OFFSETS COST SAVINGS MEASURES Q2 YTD 2025 Adjusted EBITDA Bridge 20 USD in Millions YTD 2024 Price / Cost Volume / Mix Productivity SG&A / Other Income Court-Ordered Divestiture YTD 2025 $154 ($14) ($84) ($2) $22 ($14) $61 Adj. Margin 7.9% Adj. Margin 3.8% Note: Amounts do not foot due to rounding
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Adjusted Net (Loss) Income From Continuing Operations Reconciliation 1. Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed below. 2. Accelerated amortization of an ERP that we are no longer utilizing after we completed our related obligations under the JW Australia Transition Services Agreement during the first quarter of 2024. 3. Except as otherwise noted, adjustments to net (loss) income and net (loss) income per share are tax-effected at the jurisdictional statutory tax rate. 4. Tax special items for the six months ended June 28, 2025, were primarily driven by valuation expense recorded against our U.S. tax attributes of $14.2 million. For the three and six months ended June 28, 2025, tax expense attributable to share-based compensation was $0.6 million and $1.8 million, respectively. Tax special items for the three and six months ended June 29, 2024 were primarily driven by tax expense on uncertain tax positions from audits dating back to the year 2015 of $7.7 million and $9.7 million, respectively, and valuation expense recorded against our tax attributes of $1.9 million and $2.3 million, respectively. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. USD in Millions Three Months Ended Six Months Ended (amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Loss from continuing operations, net of tax $ (22.3) $ (18.5) $ (212.4) $ (46.2) Special items:(1) Net legal and professional expenses and settlements 8.6 20.3 20.5 37.5 Goodwill impairment — — 137.7 — Restructuring and asset-related charges, net 8.8 16.4 23.4 34.5 M&A related costs (income) 0.1 5.1 (0.5) 6.2 Net (gain) loss on sale of business, property and equipment (2.2) 0.1 (2.8) (2.8) Loss on extinguishment and refinancing of debt — — 0.2 1.4 Share-based compensation expense 4.4 5.1 7.7 10.1 Non-cash foreign exchange transaction/translation gain — (1.2) — (2.7) Accelerated amortization of an ERP system(2) — — — 14.1 Other special items 1.1 3.1 3.9 7.4 Tax impact of special items(3) (3.6) (10.5) (10.6) (23.9) Tax special items(4) 1.6 9.4 15.3 12.1 Adjusted Net (Loss) Income from continuing operations $ (3.4) $ 29.4 $ (17.6) $ 47.8 21
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Adjusted Net (Loss) Income Per Share From Continuing Operations Reconciliation 1. Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed below. 2. Accelerated amortization of an ERP that we are no longer utilizing after we completed our related obligations under the JW Australia Transition Services Agreement during the first quarter of 2024. 3. Except as otherwise noted, adjustments to net (loss) income and net (loss) income per share are tax-effected at the jurisdictional statutory tax rate. 4. Tax special items for the six months ended June 28, 2025, were primarily driven by valuation expense recorded against our U.S. tax attributes of $14.2 million. For the three and six months ended June 28, 2025, tax expense attributable to share-based compensation was $0.6 million and $1.8 million, respectively. Tax special items for the three and six months ended June 29, 2024 were primarily driven by tax expense on uncertain tax positions from audits dating back to the year 2015 of $7.7 million and $9.7 million, respectively, and valuation expense recorded against our tax attributes of $1.9 million and $2.3 million, respectively. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. Three Months Ended Six Months Ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Diluted loss per share from continuing operations $ (0.26) $ (0.22) $ (2.50) $ (0.54) Special items:(1) Net legal and professional expenses and settlements 0.10 0.24 0.24 0.43 Goodwill impairment — — 1.62 — Restructuring and asset-related charges, net 0.10 0.19 0.27 0.40 M&A related costs (income) — 0.06 (0.01) 0.07 Net gain on sale of business, property and equipment (0.03) — (0.03) (0.03) Loss on extinguishment and refinancing of debt — — — 0.02 Share-based compensation expense 0.05 0.06 0.09 0.12 Non-cash foreign exchange transaction/translation gain — (0.01) — (0.03) Accelerated amortization of an ERP system(2) — — — 0.16 Other special items 0.01 0.04 0.05 0.09 Tax impact of special items(3) (0.04) (0.12) (0.12) (0.28) Tax special items(4) 0.02 0.11 0.18 0.14 Adjusted Net (Loss) Income per share from continuing operations $ (0.04) $ 0.34 $ (0.21) $ 0.55 Weighted average diluted shares 85,298,517 86,472,671 85,111,100 86,769,580 Less: Effect of dilutive securities — 1,200,972 — 1,372,513 Weighted average basic shares 85,298,517 85,271,699 85,111,100 85,397,067 22
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Adjusted EBITDA From Continuing Operations Reconciliation USD in Millions (1) Depreciation and amortization expense includes accelerated amortization of $14.1 million in the six months ended June 29, 2024, in Corporate and unallocated costs for an ERP system that we are no longer utilizing after we completed our related obligations under the JW Australia Transition Services Agreement during the first quarter of 2024. (2) Net legal and professional expenses and settlements include non-recurring transformation journey expenses of $8.1 million and $19.3 million in the three and six months ended June 28, 2025, respectively, and $18.2 million and $34.6 million in the three and six months ended June 29, 2024, respectively. For the three and six months ended June 28, 2025, these expenses primarily relate to project- based consulting fees that directly support the transformation journey that are not expected to recur in the foreseeable futu re. These projects include the centralization of human resources processes, North America supply chain network optimization strategy, and other projects related to our transformation journey. For the three and six months ended June 29, 2024, these e xpenses primarily relate to the engagement of a transformation consultant for a period spanning from the third quarter of 2023 through April 2025, for which we incurred $13.8 million and $28.4 million in the three and six months ended June 29, 2024, respectively. Expenses for this transformation consultant’s engagement, which was extended into 2025, included $0.4 million and $2.5 million in the three and six months ended June 28, 2025, respectively. Additionally, net legal and professional expenses and settlements include $(0.6) million and a nominal amount in the three and six months ended June 28, 2025, respectively, and $1.5 million and $2.6 million in the three and six months ended June 29, 2024, respectively, relating to litigation of historic legal matters. (3) Goodwill impairment consists of goodwill impairment charges associated with our North America reporting unit. (4) Represents severance, accelerated depreciation and amortization, equipment relocation and other expenses directly incurred as a result of restructuring events. The restructuring charges primarily relate to charges incurred to change the operating structure, eliminate certain roles, and close certain manufacturing facilities in our North America and Europe segments. (5) Product and inventory-related charges related to announced facility closures were detrimental to Adjusted EBITDA from continuing operations.(6) M&A related costs (income) consist primarily of legal and professional expenses related to the court-ordered divestiture of Towanda. (7) Net gain on sale of business, property and equipment in the three months ended June 28, 2025, primarily relates to the sale of property and equipment in Marion, North Carolina. Net gain on sale of business, property and equipment in the six months ended June 28, 2025, primarily relates to the court-ordered divestiture of Towanda and the sale of property and equipment in Marion, North Carolina. Net gain on sale of business, property and equipment in the six months ended June 29, 2024, primarily relates to the sale of property in Chile. (8) Loss on extinguishment and refinancing of debt consists of $0.2 million in the six months ended June 28, 2025, associated with an amendment of our ABL Facility and $1.4 million in the six months ended June 29, 2024, associated with an amendment of our Term Loan Facility. (9) Represents non-cash equity-based compensation expense related to the issuance of share-based awards. (10) Non-cash foreign exchange transaction/translation gain is primarily associated with fair value adjustments of foreign currency derivatives and revaluation of balances denominated in foreign currencies. (11) Other special items not core to ongoing business activity include: (i) in the three months ended June 29, 2024, a one-time realized foreign currency loss of $1.6 million in our Europe segment related to a cash repatriation event; (ii) the six months ended June 29, 2024, a loss of $4.3 million of cumulative foreign currency translation adjustments related to the substantial liquidation of a foreign subsidiary in Chile in our North America segment, a one-time realized foreign currency loss of $1.6 million in our Europe segment related to a cash repatriation event, and ($1.5) million of cash received on an impaired note in Corporate and unallocated costs. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. Three Months Ended Six Months Ended (amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Loss from continuing operations, net of tax $ (22.3) $ (18.5) $ (212.4) $ (46.2) Income tax (benefit) expense (3.5) 9.6 (2.9) 6.1 Depreciation and amortization(1) 27.4 28.2 54.7 69.7 Interest expense, net 16.5 16.6 31.4 32.3 Special items: Net legal and professional expenses and settlements(2) 8.6 20.3 20.5 37.5 Goodwill impairment(3) — — 137.7 — Restructuring and asset-related charges, net(4)(5) 8.8 16.4 23.4 34.5 M&A related costs (income)(6) 0.1 5.1 (0.5) 6.2 Net (gain) loss on sale of business, property and equipment(7) (2.2) 0.1 (2.8) (2.8) Loss on extinguishment and refinancing of debt(8) — — 0.2 1.4 Share-based compensation expense(9) 4.4 5.1 7.7 10.1 Non-cash foreign exchange transaction/translation gain(10) — (1.2) — (2.7) Other special items(11) 1.1 3.1 3.9 7.4 Adjusted EBITDA from continuing operations $ 39.0 $ 84.8 $ 60.9 $ 153.5 23
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Q2 2025 QTD Segment Adjusted EBITDA From Continuing Operations Reconciliation (1) Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed above. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. Three Months Ended June 28, 2025 (amounts in millions) North America Europe Corporate and Unallocated Costs Total Consolidated Income (loss) from continuing operations, net of tax $ 8.9 $ (4.0) $ (27.3) $ (22.3) Income tax expense (benefit) 5.3 4.5 (13.2) (3.5) Depreciation and amortization 16.8 8.2 2.4 27.4 Interest (income) expense, net (0.6) 1.6 15.5 16.5 Special items:(1) Net legal and professional expenses and settlements 0.8 1.7 6.2 8.6 Restructuring and asset-related charges, net 4.4 4.4 — 8.8 M&A related costs — — 0.1 0.1 Net gain on sale of business, property and equipment (2.2) — — (2.2) Share-based compensation expense 1.0 0.6 2.9 4.4 Other special items 0.3 0.1 0.7 1.1 Adjusted EBITDA from continuing operations $ 34.7 $ 17.0 $ (12.8) $ 39.0 24 USD in Millions
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(1) Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed above. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. Three Months Ended June 29, 2024 (amounts in millions) North America Europe Corporate and Unallocated Costs Total Consolidated Income (loss) from continuing operations, net of tax $ 30.7 $ (5.0) $ (44.2) $ (18.5) Income tax expense (benefit) 12.9 10.3 (13.7) 9.6 Depreciation and amortization 18.9 7.6 1.8 28.2 Interest expense, net 0.6 0.6 15.4 16.6 Special items:(1) Net legal and professional expenses and settlements 0.9 1.1 18.3 20.3 Restructuring and asset-related charges 9.2 6.7 0.6 16.4 M&A related (income) costs — — 5.1 5.1 Net loss (gain) on sale property and equipment 0.3 (0.2) — 0.1 Share-based compensation expense 1.0 0.1 3.9 5.1 Non-cash foreign exchange transaction/translation loss (gain) 0.2 (2.4) 0.9 (1.2) Other special items 0.8 1.6 0.7 3.1 Adjusted EBITDA from continuing operations $ 75.6 $ 20.4 $ (11.2) $ 84.8 25 Q2 2024 QTD Segment Adjusted EBITDA From Continuing Operations Reconciliation USD in Millions
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(1) Refer to the calculation of Adjusted EBITDA for a discussion of the Special items listed above. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. Three Months Ended March 29, 2025 (amounts in millions) North America Europe Corporate and Unallocated Costs Total Consolidated Loss, net of tax $ (161.2) $ (3.5) $ (25.4) $ (190.1) Income tax expense (benefit) 9.4 1.9 (10.6) 0.6 Depreciation and amortization 17.3 7.6 2.4 27.3 Interest (income) expense, net (0.6) — 15.5 14.9 Special items:(1) Net legal and professional expenses and settlements 0.7 1.0 10.2 11.9 Goodwill impairment 137.7 — — 137.7 Restructuring and asset-related charges, net 10.7 3.1 0.7 14.5 M&A related income — — (0.6) (0.6) Net gain on sale of business, property and equipment (0.7) — — (0.7) Loss on extinguishment and refinancing of debt — — 0.2 0.2 Share-based compensation expense 0.5 0.4 2.3 3.2 Other special items 1.8 — 1.1 2.8 Adjusted EBITDA $ 15.5 $ 10.7 $ (4.3) $ 21.9 26 USD in Millions Q1 2025 QTD Segment Adjusted EBITDA Reconciliation
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(1) Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed above. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. Six Months Ended June 28, 2025 (amounts in millions) North America Europe Corporate and Unallocated Costs Total Consolidated Loss from continuing operations, net of tax $ (152.3) $ (7.4) $ (52.7) $ (212.4) Income tax expense (benefit) 14.6 6.4 (23.9) (2.9) Depreciation and amortization 34.1 15.8 4.8 54.7 Interest (income) expense, net (1.2) 1.6 31.0 31.4 Special items:(1) Net legal and professional expenses and settlements 1.5 2.7 16.3 20.5 Goodwill impairment 137.7 — — 137.7 Restructuring and asset-related charges, net 15.1 7.6 0.7 23.4 M&A related income — — (0.5) (0.5) Net gain on sale of business, property and equipment (2.8) — — (2.8) Loss on extinguishment and refinancing of debt — — 0.2 0.2 Share-based compensation expense 1.5 1.0 5.1 7.7 Other special items 2.1 0.1 1.8 3.9 Adjusted EBITDA from continuing operations $ 50.3 $ 27.7 $ (17.1) $ 60.9 27 USD in Millions Q2 2025 YTD Segment Adjusted EBITDA From Continuing Operations Reconciliation
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(1) Corporate and unallocated depreciation and amortization expense in the six months ended June 29, 2024, includes accel erated amortization of $14.1 million for an ERP system that we are no longer utilizing after we completed our related obligations under the JW Australia Transition Services Agreement. (2) Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed above. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. Six Months Ended June 29, 2024 (amounts in millions) North America Europe Corporate and Unallocated Costs Total Consolidated Income (loss) from continuing operations, net of tax $ 47.0 $ (5.0) $ (88.2) $ (46.2) Income tax expense (benefit) 20.3 13.2 (27.4) 6.1 Depreciation and amortization(1) 36.9 15.1 17.7 69.7 Interest expense, net 1.3 0.9 30.0 32.3 Special items:(2) Net legal and professional expenses and settlements 1.7 1.4 34.4 37.5 Restructuring and asset-related charges 23.1 10.6 0.8 34.5 M&A related costs — — 6.2 6.2 Net gain on sale of business, property and equipment (2.6) (0.2) — (2.8) Loss on extinguishment and refinancing of debt — — 1.4 1.4 Share-based compensation expense 2.3 0.6 7.2 10.1 Non-cash foreign exchange transaction/translation loss (gain) 0.3 (3.3) 0.3 (2.7) Other special items 6.5 1.6 (0.7) 7.4 Adjusted EBITDA from continuing operations $ 136.8 $ 34.9 $ (18.2) $ 153.5 28 USD in Millions Q2 2024 YTD Segment Adjusted EBITDA From Continuing Operations Reconciliation
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(1) Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed above. Due to rounding, numbers presented may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. Trailing Twelve Months (amounts in millions) June 28, 2025 December 31, 2024 Loss from continuing operations, net of tax $ (353.8) $ (187.6) Income tax expense 7.7 16.8 Depreciation and amortization 110.8 125.8 Interest expense, net 66.4 67.2 Special items: (1) Net legal and professional expenses and settlements 45.7 62.7 Goodwill impairment 232.5 94.8 Restructuring and asset-related charges, net 57.0 68.1 M&A related costs 8.6 15.3 Net gain on sale of business, property and equipment (13.8) (13.8) Loss on extinguishment and refinancing of debt 0.7 1.9 Share-based compensation expense 13.0 15.5 Non-cash foreign exchange transaction/translation gain (0.4) (3.1) Other special items 8.1 11.6 Adjusted EBITDA from continuing operations $ 182.6 $ 275.2 29 Q2 2025 TTM Adjusted EBITDA From Continuing Operations Reconciliation USD in Millions