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SECOND-QUARTER 2025 RESULTS Brian Chambers | Chair & Chief Executive Officer Todd Fister | Chief Financial Officer August 6, 2025 | Q2 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 August 6, 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 diluted 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 Second Quarter Results from Continuing Operations 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 $12,000 2021 2022 2023 2024 LTM 1. 2020-2024: As reported; 2025: Continuing operations 2. Continuing operations 3. 2021-2023: As reported; 2024-LTM: Continuing operations Maintained safe operating environment and hosted first Global Safety Week Reached milestone of 20 consecutive quarters delivering 20% or better adjusted EBITDA margins1 Sharpened focus on North America and Europe with sale of China and Korea building materials business Strengthened market-leading positions with strategic investments to deliver above market growth ($ in millions)2 Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net sales 2,747 2,497 5,277 4,514 Adjusted EBITDA 703 678 1,268 1,193 Adjusted EBITDA as % of net sales 26% 27% 24% 26%
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5 FINANCIAL SUMMARY ($ in millions, except per share data)1 Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net sales 2,747 2,497 5,277 4,514 Net sales growth 10% n/a 17% n/a Net earnings attributable to OC 334 256 589 534 Net earnings attributable to OC as % of net sales 12% 10% 11% 12% Adjusted EBITDA 703 678 1,268 1,193 Adjusted EBITDA as % of net sales 26% 27% 24% 26% EPS (diluted) $3.91 $2.91 $6.86 $6.06 Adjusted earnings 360 386 616 685 Adjusted EPS (diluted) $4.21 $4.39 $7.17 $7.78 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 $2 billion to shareholders through 2026, and maintaining an investment grade balance sheet, while executing on business strategies to grow the company Second-Quarter 2025: • Cash Generation and Return o Free cash flow of $129mm o Returned $279mm of free cash flow to shareholders through share repurchases and dividends o At the end of Q2, 16.0mm shares were available for repurchase under the current authorizations • Internal Investment o Capital additions of $198mm o Return on capital was 13% for the last twelve months1 • Liquidity o Maintained liquidity of $1.7b, consisting of approximately $200mm of cash and $1.5b of availability on bank debt facility o Exited Q2 with net debt-to-adjusted EBITDA of 2.1x, at the low end of our targeted range of 2x to 3x2 1. Refer to Appendix A for additional details 2. Refer to Appendix A for reconciliation to Owens Corning SEC filings.
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7 ROOFING BUSINESS EBITDA as % of net salesNet sales in millions Delivered second-quarter revenue of $1.3b, up 4% from prior year Generated $457mm of EBITDA with 35% EBITDA margin Demand remained strong; shingle volumes outperformed the U.S. asphalt shingle market 0% 5% 10% 15% 20% 25% 30% 35% $0 $1,000 $2,000 $3,000 $4,000 $5,000 2021 2022 2023 2024 LTM Five-year financial performance2 1. Resegmented results 2. 2021-2023: As reported; 2024-LTM: Continuing operations Source: Owens Corning management estimates and Owens Corning SEC filings; comparability may differ over time. Revenue before inter-segment eliminations. ($ in millions)1 Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net sales 1,303 1,252 2,423 2,350 EBITDA 457 437 789 775 EBITDA as % of net sales 35% 35% 33% 33%
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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 Delivered second-quarter revenue of $934mm, down 4% from prior year Generated $225mm of EBITDA with 24% EBITDA margin Demonstrated impact of structural improvements, sustained 20%+ EBITDA margin 1. Resegmented results 2. 2021-2023: As reported; 2024-LTM: Continuing operations Source: Owens Corning management estimates and Owens Corning SEC filings; comparability may differ over time. Revenue before inter-segment eliminations. ($ in millions)1 Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net sales 934 974 1,843 1,931 EBITDA 225 246 450 469 EBITDA as % of net sales 24% 25% 24% 24%
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9 DOORS BUSINESS Delivered second-quarter revenue of $554mm Generated $75mm of EBITDA with 14% EBITDA margin Continued to perform well in a challenging market Exterior Interior Revenue by Product2 Revenue by Geography2 Components U.S. Europe Canada & Mexico ($ in millions)1 Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net sales 554 311 1,094 311 EBITDA 75 61 143 61 EBITDA as % of net sales 14% n/a 13% n/a 1. Doors segment added on May 15, 2024 as a result of the acquisition of Masonite. Q2 2024 and YTD 2024 reflects the period May 15, 2024 through June 30, 2024. 2. Source: Owens Corning management estimates, Owens Corning SEC filings; Business mix statistics based on 2024 net sales; estimated error margin +/- 5% for revenue split. 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 Q3 2025 BUSINESS OUTLOOK ENTERPRISE: • Revenue for continuing operations slightly down to in line with prior year, approximately $2.7 to $2.8 billion • Expect North America residential markets to see volume declines versus prior year • Anticipate relatively stable North America non-residential construction and gradual market improvement in Europe • Adjusted EBITDA margin of approximately 23% to 25% ROOFING • Revenue up low to mid-single digits • Industry shipments for U.S. shingle end- market demand down with OC shingle volumes relatively stable • Normalized attachment rates for Components and growth in nonwovens • Expect to incur moderate cost and delivery inflation, with positive price/cost • Anticipate higher manufacturing and SG&A costs • EBITDA margin similar to Q3 2024, which was 34% INSULATION DOORS • Revenue down mid to high-single digits • Sale of China building materials business • NA residential revenue down low double- digits; lower demand • NA non-residential revenue up slightly • Europe revenue up; gradual market recovery and currency tailwinds • Expect ongoing cost inflation, with negative price/cost • Incremental downtime, partially offset by productivity • EBITDA margin in low-20% range • Revenue down low to mid-single digits • Challenging market conditions; lower demand and pricing down slightly • Anticipate synergies and cost controls to continue • Expect cost inflation, including the ongoing impact of tariffs • EBITDA margin of low double-digit to low-teens The above outlook reflects a year-over-year comparison to resegmented Q3 2024 results
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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
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26 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 14
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27 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 15