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FIRST-QUARTER 2025 RESULTS Brian Chambers | Chair & Chief Executive Officer Todd Fister | Chief Financial Officer May 7, 2025 | Q1 2025
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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 commercial or industrial 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; our ability to complete the announced divestiture of our glass reinforcements business on the e xpected terms and within the anticipated time period, or at all, which is dependent on the parties' ability to satisfy certain closing conditions; climate 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 systems; 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 obligations; and factors detailed from time to time in the company’s Securities and Exchange Commission filings. The information in this presentation speaks as of May 7, 2025, and is subject to change. The company does not undertake any duty to update or revise forward-looking statements 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 EPS from continuing operations and return on capital from continuing operations 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. When the company provides forward-looking expectations for non-GAAP measures, the most comparable GAAP measures and reconciliations to those 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 effects on future GAAP results. 2 THE PINK PANTHER & © 1964-2025 Metro-Goldwyn-Mayer Studios Inc. All Rights Reserved. © 2025 Owens Corning. All Rights Reserved.
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AGENDA COMPANY HIGHLIGHTS Brian Chambers FINANCIAL RESULTS Todd Fister BUSINESS OUTLOOK Brian Chambers QUESTIONS AND DISCUSSION All Owens Corning Delivers Strong Revenue and Margin Performance from Continuing Operations in the First Quarter 3
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4 OWENS CORNING HIGHLIGHTS Five-year financial performance3 Adj. EBITDA as % of net salesNet sales in millions 0% 5% 10% 15% 20% 25% 30% $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 2021 2022 2023 2024 LTM ($ in millions)2 Q1 2025 Q1 2024 Net sales 2,530 2,017 Adjusted EBITDA 565 515 Adjusted EBITDA as % of net sales 22% 26% 1. 2020-2024: As reported; 2025: Continuing operations 2. Continuing operations 3. 2021-2023: As reported; 2024-LTM: Continuing operations Maintained high level of safety performance, including Doors segment 19th consecutive quarter delivering 20% or better adjusted EBITDA margins1 Growth investments and strategic divestitures are reshaping Owens Corning for long-term value creation Issued 19th annual sustainability report, highlighting efforts toward enterprise goals
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5 FINANCIAL SUMMARY ($ in millions, except per share data)1 Q1 2025 Q1 2024 Net sales 2,530 2,017 Net sales growth 25% n/a Net earnings attributable to OC 255 278 Net earnings attributable to OC as % of net sales 10% 14% Adjusted EBITDA 565 515 Adjusted EBITDA as % of net sales 22% 26% EPS (diluted) $2.95 $3.16 Adjusted earnings 256 299 Adjusted EPS (diluted) $2.97 $3.40 1. Continuing operations
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6 BALANCE SHEET AND CAPITAL DEPLOYMENT Capital allocation strategy remains focused on consistently generating strong free cash flow, returning approximately 50% to investors over time, and maintaining an investment grade balance sheet, while executing on business strategies to grow the company First-Quarter 2025: • Cash Generation and Return o Free cash outflow of $252mm o Returned $159mm of free cash flow to shareholders through share repurchases and dividends o At the end of Q1, 5.7mm shares were available for repurchase under the current authorization • Internal Investment o Capital additions of $203mm o Return on capital was 16% for the last twelve months1 • Liquidity o Maintained liquidity of $1.9b, consisting of approximately $400mm of cash and $1.5b of availability on bank debt facility 1. Refer to Appendix A for additional details
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7 ROOFING BUSINESS EBITDA as % of net salesNet sales in millions ($ in millions)1 Q1 2025 Q1 2024 Net sales 1,120 1,098 EBITDA 332 338 EBITDA as % of net sales 30% 31% Delivered first-quarter revenue of $1.1b, up 2% from prior year Generated $332mm of EBITDA with 30% EBITDA margin Demand remained strong; shingle volumes in-line with the U.S. asphalt shingle market 0% 5% 10% 15% 20% 25% 30% 35% $0 $1,000 $2,000 $3,000 $4,000 $5,000 2021 2022 2023 2024 LTM Five-year financial performance2 1. Resegmented results 2. 2021-2023: As reported; 2024-LTM: Continuing operations Source: Owens Corning management estimates and Owens Corning SEC filings; comparability may differ over time. Revenue before inter-segment eliminations.
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8 INSULATION BUSINESS 0% 5% 10% 15% 20% 25% $0 $800 $1,600 $2,400 $3,200 $4,000 2021 2022 2023 2024 LTM EBITDA as % of net salesNet sales in millions Five-year financial performance2 ($ in millions)1 Q1 2025 Q1 2024 Net sales 909 957 EBITDA 225 223 EBITDA as % of net sales 25% 23% Delivered first-quarter revenue of $909mm, down 5% from prior year Generated $225mm of EBITDA with 25% EBITDA margin Expanded margin in mixed end market conditions 1. Resegmented results 2. 2021-2023: As reported; 2024-LTM: Continuing operations Source: Owens Corning management estimates and Owens Corning SEC filings; comparability may differ over time. Revenue before inter-segment eliminations.
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9 DOORS BUSINESS ($ in millions) Q1 2025 Net sales 540 EBITDA 68 EBITDA as % of net sales 13% Delivered first-quarter revenue of $540mm Generated $68mm of EBITDA with 13% EBITDA margin On track to exceed $125mm of enterprise cost synergies Exterior Interior Revenue by Product1 Revenue by Geography1 Components U.S. Europe Canada 1. Source: Owens Corning management estimates, Owens Corning SEC filings; Business mix statistics based on 2024 net sales for the period May 15, 2024 through December 31, 2024. Rest of world (not shown) accounts for <1%. .
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10 FULL-YEAR 2025 KEY FINANCIAL OUTLOOK FY 2025 General corporate EBITDA expenses $240mm - $260mm Interest expense1 $250mm - $260mm Full-year effective tax rate1 24% - 26% Capital additions1 Approximately $800mm Depreciation and amortization Approximately $650mm 1. Reflects full company performance inclusive of discontinued operations
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11 Q2 2025 BUSINESS OUTLOOK ENTERPRISE: • Revenue growth for continuing operations of high single-digits, compared to prior year’s revenue of $2.5 billion • Expect building products end markets in North America and Europe to provide solid, but mixed, opportunities • Anticipate positive price for the enterprise overall, more than offsetting anticipated cost inflation • Adjusted EBITDA margin of low-to-mid 20% ROOFING • Revenue up low-single digits • Industry shipments for U.S. shingle end- market demand down low to mid-single digits with OC shingle volumes in line with the market • Normalized attachment rates for Components and growth in nonwovens • Expect to incur moderate cost inflation, with positive price/cost • Anticipate higher manufacturing costs • EBITDA margin slightly below Q2 2024 INSULATION DOORS • Revenue down mid single-digits • In North American residential, revenue down low to mid-teens on lower demand • In North American non-residential and Europe, revenue similar to prior year • Anticipate currency headwind • Expect to incur cost inflation, offset by ongoing price realization • EBITDA margin near mid-20% • Revenue up low-single digits sequentially • Continuing to perform well relative to market conditions • Slightly stronger seasonal demand • Ongoing synergies and cost controls to largely offset tariffs • EBITDA margin of low double-digit to low-teens, similar to Q1 2025 The above outlook reflects a year-over-year comparison to resegmented Q2 2024 results except for the Doors outlook, which is compared to Q1 2025
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QUESTIONS AND DISCUSSION
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13 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 1
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14 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 2
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15 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 3
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16 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 4
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17 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 5
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18 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 6
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19 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 7
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20 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 8
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21 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 9
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22 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 10
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23 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 11
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24 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 12
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25 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 13