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249 DEPUT OWENS CORNING SECOND - QUARTER 2026 RESULTS Brian Chambers | Chair & Chief Executive Officer Todd Fister | Chief Financial & Operating Officer August 5 , 2026 | Q2 2026
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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 market s 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 expansio ns; climate change, weather conditions and storm activity; legislation and related regulations or interpretations in the United States or elsewhere; domestic and in ternational 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 informatio n 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 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. 2 THE PINK PANTHER & © 1964-2026 Metro-Goldwyn-Mayer Studios Inc. All Rights Reserved. © 2026 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 Demonstrates Value of Reshaped Company; Delivers Strong Results from Continuing Operations in the Second Quarter 3
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4 OWENS CORNING HIGHLIGHTS Five-year financial performance2 1. Continuing operations 2. 2022-2023: As reported; 2024-LTM: Continuing operations Celebrated second annual Global Safety Week, reinforcing OC’s shared commitment to work safely Returned $327mm to shareholders through the first half of the year, reflecting commitment to return $1b of cash to shareholders in 2026 Structurally improved the earnings power of the company, continue to generate substantial earnings in the current market backdrop Second-quarter results reflect the strength of the new OC, well positioned for consistent performance and to create long-term shareholder value ($ in millions)1 Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net sales 2,756 2,747 5,021 5,277 Adjusted EBITDA 660 703 1,029 1,268 Adjusted EBITDA as % of net sales 24% 26% 20% 24%
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5 FINANCIAL SUMMARY 1. Continuing operations ($ in millions, except per share data)1 Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net sales 2,756 2,747 5,021 5,277 Net sales growth —% 10% (5)% 17% Net (loss) earnings attributable to OC 310 334 348 589 Net (loss) earnings attributable to OC as % of net sales 11% 12% 7% 11% Adjusted EBITDA 660 703 1,029 1,268 Adjusted EBITDA as % of net sales 24% 26% 20% 24% EPS (diluted) $3.84 $3.91 $4.31 $6.86 Adjusted earnings 317 360 416 616 Adjusted EPS (diluted) $3.93 $4.21 $5.15 $7.17
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6 1. Includes discontinued operations 2. Refer to Appendix A for additional details 3. Refer to Appendix A for reconciliation to Owens Corning SEC filings. BALANCE SHEET AND CAPITAL DEPLOYMENT Capital allocation strategy remains focused on consistently generating strong free cash flow, returning $1b to shareholders in 2026, and maintaining an investment grade balance sheet, while executing on business strategies to grow the company Second-Quarter 2026: • Cash Generation and Return o Free cash flow of $199mm1 o Returned $264mm of cash to shareholders through share repurchases and dividends o At the end of Q2, 10.8mm shares were available for repurchase under the current authorizations • Internal Investment o Capital additions of $194mm o Return on capital was 10% for the last twelve months2 • Liquidity o Exited Q2 with net debt-to-adjusted EBITDA3 of 2.4x, within our targeted range of 2x to 3x o Maintained liquidity of $1.8b, consisting of $271mm in cash and $1.5b of availability on bank debt facilities
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7 1. Resegmented results 2. 2022-2023: 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. ROOFING BUSINESS Delivered second-quarter revenue of $1.3b, up 1% from prior year Generated $441mm of EBITDA with 34% EBITDA margin Contractor engagement model and vertically integrated cost position support durable margin performance Five-year financial performance2 ($ in millions)1 Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net sales 1,313 1,303 2,273 2,423 EBITDA 441 457 672 789 EBITDA as % of net sales 34% 35% 30% 33%
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8 1. Resegmented results 2. 2022-2023: 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. INSULATION BUSINESS Five-year financial performance2 Delivered second-quarter revenue of $971mm, up 4% from prior year Generated $213mm of EBITDA with 22% EBITDA margin Strong commercial execution in current markets drove solid financial results ($ in millions)1 Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net sales 971 934 1,838 1,843 EBITDA 213 225 380 450 EBITDA as % of net sales 22% 24% 21% 24%
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9 1. Source: Owens Corning management estimates, Owens Corning SEC filings; Business mix statistics based on 2025 net sales; estimated error margin +/- 5% for revenue split. Rest of world (not shown) accounts for <1%. DOORS BUSINESS Delivered second-quarter revenue of $513mm, down 7% from prior year, driven primarily by strategic business exits Generated $57mm of EBITDA with 11% EBITDA margin Achieved $135mm enterprise synergies, exceeding original $125mm commitment Exterior Interior Revenue by Product1 Revenue by Geography1 Components U.S. Europe Canada & Mexico ($ in millions) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net sales 513 554 988 1,094 EBITDA 57 75 91 143 EBITDA as % of net sales 11% 14% 9% 13%
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10 1. Continuing operations 2. Cash taxes are anticipated to be lower FULL-YEAR 2026 KEY FINANCIAL OUTLOOK1 FY 2026 General corporate EBITDA expenses $245mm - $255mm Interest expense $255mm - $265mm Full-year effective tax rate2 24% - 26% Capital additions Approximately $800mm Depreciation and amortization Approximately $680mm
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11 The above outlook reflects a year-over-year comparison to Q3 2025 results for continuing operations Q3 2026 BUSINESS OUTLOOK ENTERPRISE: • Revenue for continuing operations of approximately $2.6b to $2.7b, slightly below Q3 2025 • Expect North America residential markets to remain under some pressure versus prior year • Anticipate North America non-residential construction to remain stable and conditions in core European markets to gradually improve • Adjusted EBITDA margin of approximately 20% to 22% ROOFING • Revenue down mid to high-single digits • Industry shipments for U.S. end-market demand down high-single digits with OC volumes broadly in line with the market • Solid realization on pricing actions • Ongoing input cost and transportation inflation, resulting in negative price/cost • EBITDA margin of approximately 30% INSULATION DOORS • Revenue up mid-single digits • NA residential revenue relatively flat; slightly higher volumes offset by previous price actions • NA non-residential revenue up low-double digits with higher volume and pricing execution • Europe revenue up; strong volume, pricing execution, and continued market recovery • Overall, slightly positive price to be more than offset by ongoing input cost and transportation inflation, resulting in negative price/cost • EBITDA margin in line with Q2 2026, which was 22% • Revenue down mid-single digits • Revenue decline driven primarily by the strategic sale of Oregon components facility impacting volume, and divestiture of company-owned distribution business • Pricing expected to be slightly positive with ongoing input cost and transportation inflation, resulting in negative price/cost • Continue to realize benefit from ongoing cost optimization and commercial work • EBITDA margin of approximately 10%, in line with prior year
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QUESTIONS AND DISCUSSION
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13 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 1 (a) For fiscal year 2022 and 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 2022 and 2023, accelerated depreciation and amortization is included in restructuring. Accelerated depreciation and amortization has been excluded from restructuring for all other periods presented. Twelve Months Ended December 31, Three Months Ended June 30, Six Months Ended June 30, Last Twelve Months (LTM) Ended June 30, 2026 2022 2023 2024 2025 (A) 2025 2026 2025 (B) 2026 (C) (A) - (B) + (C) Restructuring costs (b) $ (48) $ (169) $ (73) $ (27) $ (9) $ (16) $ (12) $ (59) $ (74) Gain on sale of certain precious metals 18 2 19 45 12 10 21 22 46 Gain on sale of Shanghai, China facility 27 — — — — — — — — Acquisition and divestiture-related costs (7) — — — — — — — — Acquisition-related transaction costs — — (49) — — — — — — Acquisition-related integration costs excluding depreciation and amortization — — (73) (26) (4) — (6) (9) (29) Recognition of acquisition inventory fair value step-up — — (18) — — — — — — Loss on sale of business — — (91) (30) (24) — (26) — (4) Gain on sale of business — — — — — — — 4 4 Pension settlement losses — (145) — — — — — — — 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 — — — — — — — Gain on sale of site (previous restructuring action in the Roofing segment) — — — — — 4 — 4 4 Paroc marine recall — (15) (58) (2) (1) (1) (2) (33) (33) Loss on sale of Russian operations (33) — — — — — — — — Strategic review-related charges — — (46) — — — — — — Impairment of venture investment — — (15) — — — — (7) (7) Goodwill impairment charge — — — (1,135) — — — — (1,135) Intangible assets impairment charge (96) — — (39) — — — — (39) Total adjusting items (a) $ (39) $ (138) $ (404) $ (1,214) $ (26) $ (3) $ (25) $ (78) $ (1,267) The adjusting income (expense) items to EBITDA are shown in the tables below (in millions):
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14 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 2 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 FROM CONTINUING OPERATIONS ATTRIBUTABLE TO OWENS CORNING $ 310 $ 334 $ 348 $ 589 Net earnings (loss) attributable to noncontrolling interests 1 (1) 2 (1) NET EARNINGS 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 A for detail of adjusting items to EBITDA from continuing operations.
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15 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 3 The reconciliation from Net earnings (loss) attributable to Owens Corning to Adjusted EBITDA is shown in the tables below (in millions): Twelve Months Ended December 31, 2022 2023 Net earnings attributable to Owens Corning $ 1,241 $ 1,196 Less: Net (loss) earnings attributable to non-redeemable and redeemable noncontrolling interests — (3) Net earnings 1,241 1,193 Equity in net earnings (loss) of affiliates — 3 Income tax expense 373 401 Earnings before taxes 1,614 1,591 Interest expense, net 109 76 Loss on debt extinguishment — — Earnings before interest and taxes 1,723 1,667 Less: Adjusting items (a) (39) (138) Depreciation and amortization 531 609 Accelerated depreciation and amortization (26) (101) Adjusted EBITDA $ 2,267 $ 2,313 Net sales $ 9,761 $ 9,677 Adjusted EBITDA as a % of Net sales 23 % 24 % (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 A for explanation of adjusting items.
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16 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 4 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 Net earnings from continuing operations attributable to Owens Corning $ 947 Net (loss) earnings attributable to non-redeemable and redeemable noncontrolling interests — Net earnings from continuing operations 947 Equity in net earnings of affiliates 6 Income tax expense 334 Earnings from continuing operations before taxes 1,275 Interest expense, net 208 Earnings from continuing operations before interest and taxes 1,483 Less: Adjusting items (a) (404) Depreciation and amortization 581 Adjusted EBITDA from continuing operations $ 2,468 Net sales $ 9,851 Adjusted EBITDA from continuing operations as a % of Net sales 25 % (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 A for explanation of adjusting items.
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17 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 5 (a) Management excludes from Net earnings from continuing operations attributable to Owens Corning certain items it believes are not representative of ongoing operations. Please refer to Table 1 of Appendix A for explanation of adjusting items. (b) To compute adjusted earnings from continuing operations, we apply a full year pro forma effective tax rate to each quarter presented. The pro forma tax rate is equal to each year's effective tax rate, excluding the tax impact of adjusting items referenced in (a), and excluding the impact of significant tax items. For 2026, we used a full year pro forma effective tax rate of 25%, which is the mid-point of our 2026 effective tax rate guidance of 24% to 26%. There were no significant tax items in the first six months of 2026. For comparability, in 2025, we have used an effective tax rate of 25% which was our 2025 effective tax rate, excluding the adjusting items referenced in (a). The taxes at pro forma tax rate is is applied to adjusted EBITDA from continuing operations after deducting depreciation and amortization expense. (c) To remove the impact of accelerated depreciation and amortization charges for restructuring projects and impairments which are excluded from adjusted earnings from continuing operations. Twelve Months Ended December 31, Six Months Ended June 30, Last Twelve Months (LTM) Ended June 30, 2026 2025 (A) 2025 (B) 2026 (C) (A) - (B) + (C) Net (loss) earnings from continuing operations attributable to Owens Corning $ (188) $ 589 $ 348 $ (429) Net (loss) earnings attributable to non-redeemable and redeemable noncontrolling interests — (1) 2 3 Net (loss) earnings from continuing operations (188) 588 350 (426) Equity in net earnings of affiliates 1 1 — — Income tax expense 293 198 117 212 Earnings from continuing operations before taxes 104 785 467 (214) Interest expense, net 256 127 135 264 Earnings from continuing operations before interest and taxes 360 912 602 50 Less: Adjusting items (a) (1,214) (25) (78) (1,267) Depreciation and amortization 694 331 349 712 Adjusted EBITDA from continuing operations $ 2,268 $ 1,268 $ 1,029 $ 2,029 Less: Taxes at pro forma tax rate (b) $ (410) $ (237) $ (173) $ (346) Depreciation and amortization $ (694) $ (331) $ (349) $ (712) Adjustment to remove adjusting items for depreciation and amortization (c) $ 37 $ 9 $ 12 $ 40 NOPAT from continuing operations $ 1,201 $ 709 $ 519 $ 1,011 Net sales $ 10,103 $ 5,277 $ 5,021 $ 9,847 Adjusted EBITDA from continuing operations as a % of Net sales 22 % 24 % 20 % 21 % The reconciliation from Net earnings from continuing operations attributable to Owens Corning to Adjusted EBITDA from continuing operations and the calculation of net operating profit after tax (NOPAT) from continuing operations are shown in the table below (in millions):
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18 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 6 (a) Please refer to Table 5 of Appendix A for the reconciliation of net earnings from continuing operations attributable to Owens Corning to Adjusted EBITDA from continuing operations for the last twelve months ended June 30, 2026. (b) To compute NOPAT, we apply a full year pro forma effective tax rate to each quarter presented. The pro forma tax rate is equal to each year's effective tax rate, excluding the tax impact of adjusting items referenced in (a), and excluding the impact of significant tax items. For 2026, we used a full year pro forma effective tax rate of 25%, which is the mid-point of our 2026 effective tax rate guidance of 24% to 26%. There were no significant tax items in the first six months of 2026. The taxes at pro forma tax rate is is applied to adjusted EBITDA from continuing operations after deducting depreciation and amortization expense. (c) When used to discuss segment ROC, the measure differs from the total company ROC formula. Segment return on capital uses a business-specific tax rate and excludes fresh-start accounting adjustments from the numerator and the denominator. Last Twelve Months Ended, June 30, 2026 June 30, 2025 Numerator Adjusted EBITDA from continuing operations (a) $ 2,029 N/A Depreciation and amortization (712) N/A Adjustment to remove adjusting items for depreciation and amortization (b) 40 N/A Less: Taxes at pro forma tax rate (c) (346) N/A Net operating profit after tax from continuing operations $ 1,011 N/A Denominator Goodwill $ 1,658 $ 2,814 Intangible assets, net 2,460 2,664 Receivables, less allowances 1,508 1,644 Inventories 1,455 1,459 Less: Accounts payable (1,350) (1,253) Property, plant and equipment, net 4,153 3,952 Total capital $ 9,884 $ 11,280 Average of beginning and ending total capital $ 10,582 N/A Return on capital from continuing operations (NOPAT / Average total capital) (d) 10 % N/A The calculations of net operating profit after tax (NOPAT) from continuing operations, total capital and return on capital (ROC) from continuing operations are shown in the table below (in millions):
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19 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 7 A reconciliation from Net (loss) earnings from continuing operations attributable to Owens Corning to Adjusted earnings from continuing operations and a reconciliation from Diluted earnings per share from continuing operations to Adjusted diluted earnings per share from continuing operations are shown in the tables below: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 RECONCILIATION TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO OWENS CORNING $ 310 $ 334 $ 348 $ 589 Adjustment to remove adjusting items and other adjustments (a) 3 26 78 25 Adjustment to remove adjusting items for depreciation and amortization (b) 7 9 12 9 Adjustment to remove tax (benefit)/expense on adjusting items and other adjustments (c) (5) (8) (23) (8) Adjustment to tax expense/(benefit) to reflect pro forma tax rate (d) 2 (1) 1 1 ADJUSTED EARNINGS FROM CONTINUING OPERATIONS $ 317 $ 360 $ 416 $ 616 RECONCILIATION TO ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS FROM CONTINUING OPERATIONS DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS $ 3.84 $ 3.91 $ 4.31 $ 6.86 Adjustment to remove adjusting items and other adjustments (a) 0.04 0.30 0.96 0.29 Adjustment to remove adjusting items for depreciation and amortization (b) 0.09 0.11 0.15 0.10 Adjustment to remove tax (benefit)/expense on adjusting items and other adjustments (c) (0.06) (0.09) (0.28) (0.09) Adjustment to tax expense/(benefit) to reflect pro forma tax rate (d) 0.02 (0.02) 0.01 0.01 ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS FROM CONTINUING OPERATIONS $ 3.93 $ 4.21 $ 5.15 $ 7.17 RECONCILIATION TO DILUTED SHARES OUTSTANDING Weighted average shares outstanding used for basic earnings per share 80.3 85.0 80.5 85.4 Unvested restricted shares and performance shares 0.3 0.5 0.3 0.5 Diluted shares outstanding 80.6 85.5 80.8 85.9 (a) Management excludes from net earnings from continuing operations attributable to Owens Corning certain items it believes are not representative of ongoing operations. Please refer to Table 1 of Appendix A for explanation of adjusting items. (b) To remove the impact of accelerated depreciation and amortization charges for restructuring projects and impairments which are excluded from adjusted earnings from continuing operations. (c) The tax impact of adjusting items is based on our expected tax accounting treatment and rate for the jurisdiction of each adjusting item. (d) To compute adjusted earnings from continuing operations, we apply a full year pro forma effective tax rate to each quarter presented. For 2026, we have used a full year pro forma effective tax rate of 25%, which is the mid-point of our 2026 effective tax rate guidance of 24% to 26%. For comparability, in 2025, we have used an effective tax rate of 25%, which was our 2025 effective tax rate excluding the adjusting items referenced in (a), (b) and (c).
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20 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 8 The reconciliation of LTM EBITDA from continuing operations for the Company's segments is shown in the tables below (in millions): Three Months Ended June 30, Twelve Months Ended December 31, Six Months Ended June 30, Last Twelve Months (LTM) Ended June 30, 2026 Roofing 2026 2025 2025 (A) 2025 (B) 2026 (C) (A) - (B) + (C) Segment Net Sales $ 1,313 $ 1,303 $ 4,437 $ 2,423 $ 2,273 $ 4,287 Segment EBITDA $ 441 $ 457 $ 1,411 $ 789 $ 672 $ 1,294 Segment EBITDA as a % of Net Sales 34 % 35 % 32 % 33 % 30 % 30 % Three Months Ended June 30, Twelve Months Ended December 31, Six Months Ended June 30, Last Twelve Months (LTM) Ended June 30, 2026 Insulation 2026 2025 2025 (A) 2025 (B) 2026 (C) (A) - (B) + (C) Segment Net Sales $ 971 $ 934 $ 3,700 $ 1,843 $ 1,838 $ 3,695 Segment EBITDA $ 213 $ 225 $ 848 $ 450 $ 380 $ 778 Segment EBITDA as a % of Net Sales 22 % 24 % 23 % 24 % 21 % 21 %
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21 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 9 The reconciliation from Net cash flow provided by operating activities to free cash flow is shown in the table below (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES $ 398 $ 327 $ 244 $ 278 Less: Cash paid for property, plant and equipment (199) (198) (432) (401) FREE CASH FLOW $ 199 $ 129 $ (188) $ (123)
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22 APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 10 Net debt (a non-GAAP financial measure) is defined by the Company as total borrowings, less cash and cash equivalents. The reconciliation from 'Total debt to Net earnings from continuing operations attributable to Owens Corning' to 'Net debt to Adjusted EBITDA from continuing operations' is shown in the table below (in millions): June 30, 2026 Short-term debt $ 65 Long-term debt - current portion 937 Long-term debt, net of current portion 4,188 Total debt $ 5,190 Less: Cash and cash equivalents (271) Net debt $ 4,919 LTM Net (loss) earnings from continuing operations attributable to Owens Corning (a) $ (429) Total Debt / LTM Net (loss) earnings from continuing operations attributable to Owens Corning (12.1) LTM Adjusted EBITDA from continuing operations (a) $ 2,029 Net Debt / LTM Adjusted EBITDA from continuing operations 2.4 (a) Please refer to Table 5 of Appendix A for the reconciliation of net earnings from continuing operations attributable to Owens Corning to Adjusted EBITDA from continuing operations for the last twelve months ended June 30, 2026.