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THIRD-QUARTER 2025 RESULTS Brian Chambers | Chair & Chief Executive Officer Todd Fister | Chief Financial Officer November 5, 2025 | Q3 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 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; 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 November 5, 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 “Our third-quarter financial results continue to demonstrate our ability to perform at a high level even in the face of challenging market conditions.” 3 -Brian Chambers
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4 OWENS CORNING HIGHLIGHTS Five-year financial performance2 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. Continuing operations 2. 2021-2023: As reported; 2024-LTM: Continuing operations Maintained high level of safety performance and celebrated annual Manufacturing Appreciation Month Delivered solid third-quarter results in challenging market conditions, outperforming prior cycles Advanced strategic investments to optimize cost and strengthen market- leading positions to support growth Remain on track with commitment to return $2 billion to shareholders through share repurchases and dividends by the end of 2026 ($ in millions)1 Q3 2025 Q3 2024 YTD 2025 YTD 2024 Net sales 2,684 2,763 7,961 7,277 Adjusted EBITDA 638 705 1,906 1,898 Adjusted EBITDA as % of net sales 24% 26% 24% 26%
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5 FINANCIAL SUMMARY ($ in millions, except per share data)1 Q3 2025 Q3 2024 YTD 2025 YTD 2024 Net sales 2,684 2,763 7,961 7,277 Net sales growth (3%) n/a 9% n/a Net (loss) earnings attributable to OC (495) 287 94 821 Net (loss) earnings attributable to OC as % of net sales (18%) 10% 1% 11% Adjusted EBITDA 638 705 1,906 1,898 Adjusted EBITDA as % of net sales 24% 26% 24% 26% EPS (diluted) ($5.93) $3.26 $1.10 $9.33 Adjusted earnings 306 356 922 1,041 Adjusted EPS (diluted) $3.67 $4.05 $10.81 $11.83 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 Third-Quarter 2025: • Cash Generation and Return o Free cash flow of $752mm o Returned $278mm of free cash flow to shareholders through share repurchases and dividends o At the end of Q3, 14.6mm shares were available for repurchase under the current authorizations • Internal Investment o Capital additions of $166mm o Return on capital was 13% for the last twelve months1 • Liquidity o Maintained liquidity of $1.8b, consisting of approximately $300mm of cash and $1.5b of availability on bank debt facility o Exited Q3 with net debt-to-adjusted EBITDA2 of 2x, at the low end of our targeted range of 2x to 3x 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 third-quarter revenue of $1.2b, up 2% from prior year Generated $423mm of EBITDA with 34% EBITDA margin Outperformed the U.S. asphalt shingle market; OC contractor network has grown ~9% since beginning of the year 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 Q3 2025 Q3 2024 YTD 2025 YTD 2024 Net sales 1,240 1,221 3,663 3,571 EBITDA 423 419 1,212 1,194 EBITDA as % of net sales 34% 34% 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 third-quarter revenue of $941mm, down 7% from prior year Generated $212mm of EBITDA with 23% EBITDA margin Sustained 20%+ EBITDA margin in more difficult markets, demonstrating the impact of structural improvements 1. Resegmented results 2. 2021-2023: As reported; 2024-LTM: Continuing operations Source: Owens Corning management estimates and Owens Corning SEC filings; comparability may differ over time. Revenue before inter-segment eliminations. ($ in millions)1 Q3 2025 Q3 2024 YTD 2025 YTD 2024 Net sales 941 1,008 2,784 2,939 EBITDA 212 248 662 717 EBITDA as % of net sales 23% 25% 24% 24%
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9 DOORS BUSINESS Delivered third-quarter revenue of $545mm, down 5% from prior year Generated $56mm of EBITDA with 10% EBITDA margin Navigating challenging market; on track to achieve full $125mm of enterprise synergies; additional $75mm of structural cost savings identified Exterior Interior Revenue by Product2 Revenue by Geography2 Components U.S. Europe Canada & Mexico ($ in millions)1 Q3 2025 Q3 2024 YTD 2025 YTD 2024 Net sales 545 573 1,639 884 EBITDA 56 89 199 150 EBITDA as % of net sales 10% 16% 12% n/a 1. Doors segment added on May 15, 2024 as a result of the acquisition of Masonite. YTD 2024 reflects the period May 15, 2024 through September 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 Approximately $240mm1 Interest expense $250mm - $260mm2 Full-year effective tax rate 24% - 26% Capital additions Approximately $800mm2 Depreciation and amortization Approximately $650mm 1. General corporate expenses previously $240mm to $260mm 2. Reflects full company performance inclusive of discontinued operations
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11 Q4 2025 BUSINESS OUTLOOK ENTERPRISE: • Revenue for continuing operations down mid- to high-teens versus prior year, approximately $2.1 to $2.2 billion • Expect North America residential markets to see volume declines versus prior year • Anticipate slight decline in North America non-residential construction and gradual market improvement in Europe • Adjusted EBITDA margin of approximately 16% to 18% ROOFING • Revenue down mid-20% • Industry shipments for U.S. shingle end- market demand down high-20% with OC shingle volumes slightly outperforming the market • Components and nonwovens volume down in line with lower shingles demand • Pricing up slightly with ongoing inflation, resulting in negative price/cost • Anticipate additional production curtailment, partially offset by productivity • EBITDA margin of mid-20% INSULATION DOORS • Revenue down high-single digits • Sale of China building materials business • NA residential revenue down low double-digits; lower demand and targeted price moves • NA non-residential revenue down slightly • Europe revenue up; gradual market recovery and currency tailwinds • Expect ongoing cost inflation, with negative price/cost • Incremental production curtailment, largely offset by productivity and cost controls • EBITDA margin slightly above 20% • Revenue down high-single digits • Challenging market conditions in both discretionary R&R and new construction driving lower demand • Relatively flat price and ongoing inflation, driven primarily by tariff exposure, resulting in negative price/cost • Continue to benefit from synergies and cost control realization • Incremental production curtailment, partially offset by productivity • EBITDA margin of approximately 10%, similar to Q3 2025 The above outlook reflects a year-over-year comparison to resegmented Q4 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