JELD

Image source: The Motley Fool. Tuesday, Aug. 4, 2026 at 9 a.m. ET Vice President of Investor Relations - James Armstrong Chief Executive Officer - William Christensen Executive Vice President and Chief Financial Officer - Samantha Stoddard Operator: Ladies and gentlemen, thank you for standing by. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to the JELD-WEN Second Quarter 2026 Earnings Conference Call. I'd like to remind everyone that this call is being recorded. [Operator Instructions] I would now like to turn the call over to James Armstrong, Vice President of Investor Relations. Please go ahead. James Armstrong: Thank you, and good morning. We issued our second quarter 2026 earnings release last night and posted a slide presentation to the Investor Relations portion of our website, which can be found at investors.jeld-wen.com. We will be referencing this presentation during our call. Today, I'm joined by Bill Christensen, Chief Executive Officer; and Samantha Stoddard, Chief Financial Officer. Before I turn it over to Bill, I would like to remind everyone that during this call, we will make certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties, including those set forth in our earnings release and provided in our Forms 10-K and 10-Q filed with the SEC. JELD-WEN does not undertake any duty to update forward-looking statements, including the guidance we are providing with respect to certain expectations for future results. Additionally, during today's call, we will discuss non-GAAP measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to their most directly comparable financial measures calculated under GAAP can be found in our earnings release and in the appendix to our earnings presentation. With that, I would like to now turn the call over to Bill. William Christensen: Thank you, James, and good morning, everyone. Before turning to our results, I want to begin by recognizing our associates at JELD-WEN. The second quarter progress would not have been possible without their commitment, focus and hard work. Our teams have continued to execute in a challenging environment, improve how we operate and provide our customers with a more dependable and consistent service experience. I want to thank everyone across the organization for the role they played in delivering these results. I would also like to welcome Christian Michel, who joined JELD-WEN in June as Executive Vice President and President of Europe. Christian brings more than 25 years of international leadership experience across manufacturing and industrial businesses. His experience in operational improvement and business transformation will be valuable as we continue to strengthen and further optimize our European business. Turning to the business. The macro environment in the second quarter was in line with our expectations. We experienced the anticipated seasonal increase in activity as we moved out of the first quarter. Overall market volumes remain soft, but the pace of the year-over-year decline is beginning to moderate. Against that backdrop, we delivered results that were consistent with our expectations and continue to make progress on the priorities we outlined at the beginning of the year. As shown on Slide 4, second quarter sales were $818 million. We continue to balance our labor and cost structure with current demand levels while maintaining the resources necessary to provide customers with the service they expect. Our on-time in-full performance declined modestly in June and remained in the high 80% range in July due to temporary disruptions. Those issues have largely subsided, and we are already seeing OTIF recover toward 90% and above. Importantly, our customers remain satisfied with our service and sustaining consistent performance remains a key priority across the organization. Adjusted EBITDA was $42 million for the quarter, up from the prior year. Importantly, this was the first quarter in 10 quarters in which adjusted EBITDA increased year-over-year. Adjusted EBITDA margin improved to 5.2% compared to 4.7% last year, an increase of 50 basis points despite the continued pressure from lower market volumes. These results demonstrate the progress we are making through improved execution, productivity and disciplined cost management. Free cash flow was a $28 million use of cash during the quarter. We continue to tightly manage capital expenditures and remain disciplined in how we deploy cash across the business. As we move into the second half of this year, we expect the seasonal working capital cycle and improved earnings performance to support improved cash generation. Looking ahead, I expect continued focus on what we can control as we remain concentrated on managing costs. At the same time, we continue to prioritize service and execution for our customers. Our improved performance is helping us compete for and win back business that we had previously lost, and we are beginning to see those efforts translate into improved commercial results. As a result, we still expect sales performance to be modestly better than the midpoint of our previous guidance. We also continue to face significant price/cost headwinds, driven primarily by freight, including the impact of freight on material costs. We are managing through these pressures and expect to continue working constructively with our customers as these cost pressures persist. Despite these headwinds, our cost actions and improved operating performance support an increase of our EBITDA guidance midpoint. Before I turn it over to Samantha, I want to briefly address both our balance sheet and portfolio priorities. We continue to actively evaluate options to address our near-term debt maturities, working closely with our advisers, including potential refinancing alternatives. Our objective is to preserve liquidity, maintain financial flexibility and provide the company with sufficient time to continue improving performance as market conditions stabilize. We also continue to make progress on the strategic review of our European business. The process remains ongoing, and we are carefully evaluating the available alternatives with a focus on long-term shareholder value. We have nothing further to announce at this time. With that, I will hand it over to Samantha to review our financial results in greater detail. Samantha Stoddard: Thank you, Bill. Turning to the financial results on Slide 6. Second quarter net revenue was $818 million compared to $824 million in the second quarter of 2025, a decline of 1% year-over-year. The decrease was driven by lower volume mix, partially offset by higher pricing and favorable foreign exchange. Adjusted EBITDA for the quarter was $42 million compared to $39 million in the prior year period, an increase of 8%. The improvement was driven primarily by continued productivity gains, which more than offset a portion of the ongoing price/cost headwinds and lower volume mix. Turning to cash flow. Free cash flow was a $28 million use of cash in the second quarter due to higher working capital, specifically the timing of accounts receivable due to higher sales at the end of the current period. We continue to manage cash closely and remain focused on working capital discipline as we move through the second half of the year. Despite the use of cash during the quarter, higher adjusted EBITDA helped keep net debt leverage flat sequentially at 11.3x at the end of the second quarter. To support the seasonal working capital investment, we have $80 million drawn on our revolving credit facility. We remain focused on improving earnings, generating cash and maintaining balance sheet flexibility as we continue to manage through the current market environment. Turning to Slide 7. The year-over-year change in revenue was driven by lower volume mix, partially offset by higher pricing and favorable foreign exchange. Core revenue declined 2%, while foreign exchange contributed a $9 million benefit. Taken together, these items resulted in a 1% decline in reported revenue for the quarter. Turning to Slide 8. Adjusted EBITDA for the second quarter was $42 million compared to $39 million in the prior year quarter. The year-over-year improvement was led by strong productivity across the business, which contributed a $36 million benefit. We also delivered meaningful SG&A savings. Those savings were partially offset by the nonrecurrence of certain onetime benefits recognized in the prior year, resulting in a combined net benefit of $1 million from SG&A and other items. These improvements more than offset continued external and market-related pressures. Price/cost was a $29 million headwind, reflecting ongoing inflation that exceeded the benefit from pricing. Lower volume mix represented an additional $5 million headwind. Overall, the bridge demonstrates the progress we are making on the areas within our control. Productivity and cost discipline enabled us to grow adjusted EBITDA year-over-year despite continued price/cost pressure and soft market volumes. Turning to Slide 9 and our segment results. North America revenue was $529 million compared to $556 million in the prior year quarter. The year-over-year decline was driven by lower volume mix, with the majority of the impact coming from lower volumes. Adjusted EBITDA for North America was $41 million compared to $35 million last year. Adjusted EBITDA margin improved to 7.7% from 6.3%. The increase reflects continued productivity gains and meaningful SG&A improvements, which more than offset a portion of the pressure from ongoing price/cost headwinds and lower volumes. In Europe, revenue was $289 million compared to $268 million in the prior year quarter, an increase of 8%. The improvement was driven by better volume mix, favorable foreign exchange and higher pricing. Foreign exchange contributed approximately 3 percentage points to the year-over-year revenue increase. Adjusted EBITDA for Europe was $13 million compared to $17 million last year. The decline was driven primarily by price/cost pressure. While we realized higher pricing year-over-year, it was not sufficient to offset additional material cost inflation during the quarter. These headwinds were partially offset by improved productivity and more favorable volume mix. I will now hand it back to Bill to discuss our market outlook. William Christensen: Thanks, Samantha. Turning to Slide 11. I want to review our current market outlook and the assumptions supporting our expectations for the remainder of 2026. We continue to operate in a soft and uncertain demand environment. While the pace of year-over-year declines is beginning to moderate in certain areas, our outlook remains cautious and does not assume a meaningful near-term recovery. In North America, we continue to expect the overall windows and doors market to decline in the low- to mid-single digits. Within that outlook, we anticipate new single-family construction will be down low single digits, while repair and remodel activity will decline in the mid-single-digit range. We expect U.S. multifamily to increase significantly year-over-year. In Canada, conditions remain more challenging, and we continue to expect high single-digit declines due to broader economic softness and weak housing activity. In Europe, market conditions appear to be stabilizing, and we continue to expect volumes to be approximately flat year-over-year, while demand remains subdued. We are not expecting a further material deterioration from current levels. At the company level, our volume assumptions remain broadly aligned with the underlying markets. We continue to see benefits from improved service and customer engagement, which are supporting opportunities to regain share. At the same time, we remain disciplined in how we approach pricing and commercial activity given the continuing price/cost pressures across the business. Overall, our outlook is based on current demand levels and continued execution against the areas within our control. We are not relying on a market recovery to deliver our expectations. Instead, our focus remains on consistent service, disciplined cost management and improved operating performance. Turning to Slide 12. I'll walk through our updated full year 2026 guidance. We are raising the low end of our revenue outlook as improved service levels begin to translate into share recovery and new incremental business. We now expect net revenue in the range of $3.1 billion to $3.2 billion compared to our previous range of $3.05 billion to $3.2 billion. As a result, we now expect core revenue to decline between 2% and 5% year-over-year compared to our previous expectation of a 3% to 6% revenue decline. We are also increasing the low end of our adjusted EBITDA guidance. We now expect adjusted EBITDA of $120 million to $150 million compared to our previous range of $100 million to $150 million. The improved revenue outlook is expected to flow through at an incremental margin of approximately 25% to 30%. We also expect additional productivity benefits from our continued focus on SG&A and broader cost management. These improvements are expected to be partially offset by continued inflation cost pressure. Turning to cash flow. We are lowering our full year expectations, primarily due to additional restructuring costs associated with rightsizing our SG&A structure and other onetime costs incurred during the year. We are partially offsetting these impacts through continued discipline on capital spending and now expect full year capital expenditures of approximately $85 million. As a result, we now expect operating cash flow of approximately $10 million and free cash flow to be a use of approximately $75 million for the year. Finally, our guidance continues to assume no significant portfolio changes. Turning to Slide 13. This chart bridges our 2025 adjusted EBITDA of $118 million to the updated midpoint of our 2026 adjusted EBITDA guidance of $135 million. Starting with the market, we continue to expect volume mix to represent an approximately $25 million headwind. This reflects the ongoing softness across our end markets and remains unchanged from our previous expectations. The next 2 items reflect improving execution across the business. We now expect net share loss to be a $20 million headwind compared to $30 million previously. This improvement reflects the progress we are making on service and the resulting opportunities to regain business with our customers. We also now expect a total of approximately $120 million of productivity benefit compared to $110 million previously. This includes both the carryover benefit from our transformation initiatives and the impact of continued business rightsizing. The increase reflects stronger productivity, additional SG&A actions and our continued focus on aligning the cost structure with current demand. These improvements are partially offset by greater price/cost pressure. We now expect price/cost to be an approximately $50 million headwind compared to $40 million previously. The increase primarily reflects continued freight and material cost inflation that is still exceeding the benefit from pricing. We are managing these pressures closely, but as we have discussed, addressing persistent price/cost headwinds will require us to continue to work constructively with our customers. The remaining items represent a net headwind of approximately $8 million. This includes approximately $10 million of headwind from variable compensation and other timing-related factors, partially offset by favorable foreign exchange and other items. Taken together, these elements bridge to the midpoint of our updated adjusted EBITDA guidance. The improvement reflects stronger productivity and less share loss, which more than offset the additional price/cost pressure we now expect. I want to spend a few minutes on the progress we continue to make with service across our North America business. Turning to Slide 14. On-time in-full delivery, or OTIF, remains one of the most important measures of how well we are serving our customers. Over the past year, we have made significant progress in improving service performance and creating greater consistency across the network. As shown on the slide, OTIF declined modestly in June and remained below 90% in July. July performance was affected by temporary production disruptions related to Canadian wildfire smoke, which required us to shut down certain sites for a period of time. We also experienced challenges with several freight providers that did not deliver the level of service we require. The impact from the wildfire smoke has now largely subsided and our affected facilities have returned to normal operations. We are also actively addressing the freight challenges, working directly with our providers and taking the necessary actions to improve reliability. Based on the progress, we would expect OTIF to return above 90% going forward. Importantly, our customers are recognizing the quality and consistency of our service levels. Customer feedback continues to be positive, confidence in our ability to deliver has improved, and we are seeing additional opportunities to compete for and win back business that we had previously lost. The progress we have made reflects the work of our teams to improve execution, respond quickly when issues arise and build greater consistency across our operations. That stronger execution is also beginning to reshape our revenue trajectory. With service back to levels that meet customer expectations, we believe the business is better positioned to perform more in line with the market and benefit from normal market growth over time. We are encouraged by the progress we have made but need to improve consistency. Sustaining Europe's OTIF above 95%, while returning North America to above 90% and maintaining that performance will help us further strengthen customer relationships, support our share position and deliver improved performance over time. Finally, turning to Slide 15. I'll close by stepping back and highlighting the priorities that will continue to guide us through the remainder of the year. First, customer service remains at the center of our focus. We have made meaningful progress in improving consistency, responsiveness and delivery performance, and our customers are recognizing that improvement. Better service is helping us rebuild trust, strengthen relationships and create opportunities to regain business that we had previously lost. We need to maintain that momentum and continue delivering at the level our customers expect. Cash and cost management also remain critical priorities. We are laser-focused on addressing the upcoming maturities in order to strengthen our balance sheet and provide additional time to improve our business performance in choppy market conditions. We remain diligent on working capital, capital spending, cost control as well as the broader actions needed to preserve liquidity and improve free cash flow. Finally, I want to again thank our associates across JELD-WEN. We continue to operate in a difficult environment and the progress we are seeing would not be possible without their hard work, commitment and resilience. Our results are improving. Our customers are seeing the difference, and that progress is a direct reflection of the effort our teams are making every day. There is still more work to do, but we are moving in the right direction and are focused on building from here. With that, I'll turn the call over to James for questions. James Armstrong: Thanks, Bill. Operator, we're now ready to begin Q&A. Operator: [Operator Instructions] Your first question comes from the line of Susan Maklari with Goldman Sachs. Charles Perron-Piché: This is Charles Perron for Susan. First, I want to talk about customer service. Bill, I think you mentioned in your prepared remarks your effort to address the freight challenges on service level in the near term. Can you maybe first unpack some of the adjustments you're making? And as those service levels improve, how do you think about your implications to regain some of the share through the second half of the year and beyond? William Christensen: Yes. Thanks for the question. So we continue to make progress on our OTIF, which is On-Time In-Full delivery. And that's the most important metric that we track, both in Europe and in North America, and that basically represents our ability to meet customer expectations. As we shared in prepared remarks, there was a little bit of degradation, slightly below 90% in North America. In June and July, there was a few wildfire-related shutdowns, obviously, unplanned, but things that we had to react to. We're already seeing August tracking based on expectations back up to above 90% mark. So we're feeling very comfortable. The second reflection is no significant negative customer feedback through the last 3, 4 months on service levels. So we feel that we're continuing to regain some of the delivery challenges that we had coming out of last year and into the beginning of this year. And that's starting to materialize into sales gains based on where we initially budgeted the year. So we picked up probably $25 million in our latest update of top line guidance of additional sales based, we think, mainly on our ability to really perform against customer expectations. So we continue to make progress. And the wildfires continue, unfortunately, to be a real challenge. You may be seeing some of the news northwest of the U.S., there are some pretty significant wildfires burning again. So this is something that we're monitoring closely. Obviously, we want to make sure all our associates and their families are safe, but trying to manage through some potential disruptions that we still expect over the next couple of months. Charles Perron-Piché: Got it. Okay. That's very helpful color, Bill. And then second, I want to shift to price/cost. I think you mentioned that the dynamics have deteriorated a little bit from a cost perspective. Can you maybe unpack the drivers of the shift between what you're seeing from price versus inflation across region? And more broadly, how do you think about your ability to get price in this environment? William Christensen: Yes. Thanks. Probably a 2-part question and answer. Let me start just with some higher-level comments on price/cost. So there is continued select price pressure, but the larger change, as we had signaled in our prepared remarks versus prior expectations is cost inflation, and that's mainly inbound and outbound freight as well as European energy price impact. So obviously, our productivity and SG&A, as you can see on the waterfall, savings are helping to offset the near-term gap. But we are continuing to work with our customers to address the longer-term price/cost dynamics. I think Samantha can share a little bit more detail on the levers of that price/cost dynamic. Samantha Stoddard: Sure. I do want to reiterate, we are seeing positive price. So we have been putting price into the market. Unfortunately, it's been offset by the increased inflation. And as Bill mentioned, I would say it's about 2/3, 1/3 right now on material inflation and then freight inflation across the company. Energy prices, we're seeing that in Europe, but it's mostly, as Bill talked to, tied to fuel prices. So it's both the inbound on our material costs as well as the input commodities that are going into our business coming from the fuel. Operator: Your next question comes from the line of Steven Ramsey with Thompson Research Group. Steven Ramsey: I wanted to think a little bit more on winning back business, which is great to hear. Can you talk about where these wins are happening, if there's any concentration of where these wins are coming from? William Christensen: Steven, it's Bill. It's fairly balanced. Definitely on the interior door side in North America, we are seeing some small pickups. It's the North American business, it's obviously a regional business model based on where we have assets in place and how we're servicing our customers. So I'd say, in general, it's a very balanced rebound of volume that we're regaining. And there are, I'd say, hotspots. I said one of them was on the interior door side. And we continue to make progress also on regaining some of the vinyl window business, which has been important. Think about this as balanced between both our traditional sales channel, but also the R&R. Obviously, the market remains fairly soft as we know, but this is some share loss that we probably never should have lost that we're starting to pick back up connected with our OTIF improvements and the consistency that we're showing for our customers. Steven Ramsey: Okay. That's helpful. And then on your multifamily outlook being pretty robust, can you talk about how your sales are tracking against this market demand? Is there any kind of share gain here? And do you expect any of the benefits to carry over into next year for multifamily? William Christensen: Right. So how we think about and how we actually comp that business, it's Canada and multifamily is kind of how we look at it. Canada is significantly down. Multifamily is significantly up. As we've been signaling for a while. This is our VPI business. Our teams are doing a phenomenal job of gaining new business and projects across North America, but also delivering on that. This will clearly roll into next year. I mean we're already looking right now at Q4 pipelines that continue to be very robust. So we feel comfortable and confident about the trajectory. However, it's a small relative share of our overall portfolio. So not sure if there's a market share gain in this segment. But for us, the year-over-year comps are significant on the growth side. Samantha Stoddard: One other thing, Steven, on VPI, in particular, our multifamily business, we did -- we made an investment to grow some of our sales base in the East Coast a few years ago, and we're really starting to see that pay off as we continue to grow business on the Eastern part of the U.S. This was primarily a Northwestern business located out in Washington. And so that's been really positive to see, and we would expect that to continue into next year. Operator: And your next question comes from the line of Matthew Bouley with Barclays. Anika Dholakia: Anika Dholakia on for Matt today. So first off, I wanted to drill down on your productivity efforts where you guys are clearly seeing some progress. It's now contributing an incremental $10 million for the year. So just want to know how much has been actioned so far. I think last quarter, you spoke to 80% of the bucket being complete. So where does this stand now? And then how to think about the cadence of productivity in 3Q and 4Q? And any early thoughts into 2027? William Christensen: Yes. Thanks for the question. So we feel pretty good. I'd say the bucket is probably 100% actioned, and we're going to take off, obviously, every month as we roll forward through the rest of the year. So we're feeling confident about that progress. Obviously, understanding that productivity is connected to volume. And as volume moves, there could be positive or negative impacts based on how the second half materializes. We're also thinking based on what we've shown in the waterfall, the total cost that we think we can deliver cost out we think we can deliver this year, think about roughly $30 million rolling into 2027. Anika Dholakia: Okay. Great. That's really helpful. And then second off, so I know you guys outlined your tariff impact in the slides. So I'm curious to know what's changed in your tariff assumptions. And then I don't think there's an inclusion of a refund. So any details on that? And any incremental impact from the 301 tariffs that were implemented? Samantha Stoddard: Yes. So as you can see in the slide, we are seeing, I would say, overall tariff tempering slightly from when we kicked off the beginning of the year. But to your question on the tariff refund, we did receive an immaterial amount in 2Q. It was approximately $1 million. And we also did receive additional tariff refund in Q3. We expect the net benefit in Q3 will be in the mid-single-digit millions. So we will be reporting that when we release our Q3 as well. Operator: That concludes our question-and-answer session. I will now turn the conference back over to Mr. James Armstrong for closing remarks. James Armstrong: Thanks, everyone, for joining us today. If you have any follow-up questions, please feel free to reach out. We appreciate your time and interest in JELD-WEN. Have a great day. Operator: Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect. Before you buy stock in Jeld-wen, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Jeld-wen wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $399,832!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,374,595!* Now, it’s worth noting Stock Advisor’s total average return is 968% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 10, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. JELD-WEN (JELD) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in JELD-WEN Holding, Inc.? Here are five stocks we like better. JELD-WEN’s second-quarter revenue fell 1% to $818 million, but adjusted EBITDA rose 8% to $42 million, with margin improving to 5.2% as productivity and cost savings offset lower volumes and price-cost pressures. North America delivered stronger profitability despite lower revenue, while Europe’s revenue increased 8% but adjusted EBITDA declined because pricing did not fully offset material-cost inflation. Improved service levels are also helping the company recover lost business. The company raised the low end of its 2026 guidance, now targeting $3.1 billion-$3.2 billion in revenue and $120 million-$150 million in adjusted EBITDA, while increasing its productivity target but also expecting greater price-cost headwinds and continued cash-flow use. 3 construction stocks you need to know about JELD-WEN (NYSE:JELD) reported second-quarter 2026 revenue of $818 million, down 1% from $824 million a year earlier, as lower volume and mix were partly offset by pricing and favorable foreign exchange. Adjusted EBITDA rose 8% to $42 million, marking the company’s first year-over-year increase in adjusted EBITDA in 10 quarters. Chief Executive Officer Bill Christensen said the company operated in a soft demand environment but saw the pace of year-over-year market declines begin to moderate. He said JELD-WEN’s results reflected improved execution, productivity initiatives and disciplined cost management despite continued pressure from lower market volumes and inflation. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control JELD-WEN stock: When Execution Counts Adjusted EBITDA margin increased to 5.2% from 4.7% in the prior-year quarter. Chief Financial Officer Samantha Stoddard said productivity delivered a $36 million benefit during the quarter, while SG&A savings and other items contributed a net $1 million benefit. Those gains more than offset a $29 million price-cost headwind and a $5 million impact from lower volume and mix. North America revenue fell to $529 million from $556 million in the second quarter of 2025, primarily because of lower volumes and mix. However, North America adjusted EBITDA increased to $41 million from $35 million, and the segment’s adjusted EBITDA margin rose to 7.7% from 6.3%. → Financials Hit Record Highs as the AI Trade Unravels—Can They Keep Leading? Stoddard attributed the North American margin improvement to productivity gains and SG&A improvements, which more than offset some of the effects of price-cost pressure and lower volumes. European revenue increased 8% to $289 million from $268 million. The increase reflected better volume mix, pricing and favorable foreign exchange, with currency contributing about three percentage points of the revenue growth. Europe adjusted EBITDA declined to $13 million from $17 million, however, as price increases did not fully offset material-cost inflation. Improved productivity and volume mix partially mitigated those pressures. → Why Rare Earth Processing Could Be the Real 2027 Opportunity Christensen also announced that Christian Michel joined the company in June as executive vice president and president of Europe. Michel has more than 25 years of leadership experience in manufacturing and industrial businesses, Christensen said. The company said its customer-service performance has supported efforts to regain business previously lost. JELD-WEN tracks On Time In Full delivery, or OTIF, as a key service measure. North American OTIF declined modestly in June and remained in the high-80% range in July, affected by temporary production disruptions tied to Canadian wildfire smoke and service issues with certain freight providers. Christensen said the wildfire-related impact had largely subsided and facilities had returned to normal operations. The company expects North American OTIF to return above 90% going forward, while Europe is expected to sustain OTIF above 95%. During the question-and-answer session, Christensen said August service performance was tracking above 90% in North America and that the company had not received significant negative customer feedback over the preceding several months. He said improved service was contributing to additional sales opportunities and cited roughly $25 million of additional sales in the latest revenue outlook, largely tied to the company’s ability to meet customer expectations. He said recovered business was relatively balanced across North America, with gains in interior doors and vinyl windows. The company also reported strong activity in its VPI multifamily business, particularly on the U.S. East Coast, where Stoddard said an earlier sales investment was beginning to produce results. JELD-WEN raised the low end of its full-year revenue and adjusted EBITDA outlooks. The company now expects: Net revenue of $3.1 billion to $3.2 billion, compared with prior guidance of $3.05 billion to $3.2 billion. Core revenue to decline 2% to 5%, compared with its earlier expectation of a 3% to 6% decline. Adjusted EBITDA of $120 million to $150 million, compared with previous guidance of $100 million to $150 million. Operating cash flow of about $10 million and free cash flow usage of about $75 million. Capital expenditures of approximately $85 million. Christensen said the company expects the improved revenue outlook to produce an incremental margin of roughly 25% to 30%. The company also increased its estimated productivity benefit for 2026 to approximately $120 million from $110 million, while reducing its projected net share-loss headwind to $20 million from $30 million. At the same time, JELD-WEN increased its expected price-cost headwind to approximately $50 million from $40 million. Christensen said the larger headwind was primarily driven by inbound and outbound freight costs as well as European energy costs. Stoddard said material inflation represented roughly two-thirds of the pressure, with freight accounting for the remaining third. Free cash flow was a use of $28 million in the second quarter, driven by higher working capital and the timing of accounts receivable following higher sales near quarter-end. Net debt leverage was flat sequentially at 11.3 times adjusted EBITDA, and the company had $80 million drawn on its revolving credit facility to support seasonal working-capital needs. Christensen said JELD-WEN is evaluating options to address near-term debt maturities, including potential refinancing alternatives, with the goal of preserving liquidity and financial flexibility. The company also said its strategic review of the European business remains ongoing, with no further announcement at this time. For its end markets, JELD-WEN continues to expect the North American windows and doors market to decline by low- to mid-single digits in 2026. The company expects low-single-digit declines in U.S. single-family construction and mid-single-digit declines in repair and remodel activity, while U.S. multifamily activity is expected to increase significantly. Canada is expected to experience high-single-digit declines, and European volumes are expected to be approximately flat as conditions stabilize. JELD-WEN is a global manufacturer of windows and doors and related building products, serving both residential and commercial markets. The company's portfolio includes wood, vinyl and aluminum windows; interior wood doors; and exterior doors crafted from steel, fiberglass and composite materials. JELD-WEN's products are designed for new construction and remodeling applications, with an emphasis on quality, durability and energy efficiency. Founded in 1960 in Klamath Falls, Oregon, JELD-WEN has grown through a combination of organic expansion and strategic acquisitions to establish a manufacturing footprint in North America, Europe and Australasia. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "JELD-WEN Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Net Revenue: $818 million in Q2 2026, down 1% year-over-year from $824 million. Adjusted EBITDA: $42 million, up 8% from $39 million in the prior-year period; first year-over-year increase in 10 quarters. Adjusted EBITDA Margin: Improved to 5.2%, up 50 basis points from 4.7% last year. Free Cash Flow: $28 million use of cash during the quarter. North America Revenue: $529 million, down from $556 million in the prior-year quarter. North America Adjusted EBITDA: $41 million, up from $35 million last year; margin improved to 7.7% from 6.3%. Europe Revenue: $289 million, up 8% from $268 million in the prior-year quarter. Europe Adjusted EBITDA: $13 million, down from $17 million last year. Full-Year 2026 Revenue Guidance: Raised low end to $3.1 billion to $3.2 billion. Full-Year 2026 Adjusted EBITDA Guidance: Raised low end to $120 million to $150 million. Full-Year 2026 Free Cash Flow Guidance: Expected to be a use of approximately $75 million. Warning! GuruFocus has detected 7 Warning Signs with JELD. Is JELD fairly valued? Test your thesis with our free DCF calculator. Release Date: August 04, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. JELD-WEN Holding Inc (NYSE:JELD) reported its first year-over-year adjusted EBITDA increase in 10 quarters, with adjusted EBITDA up 8% to $42 million and margin expanding 50 basis points to 5.2%. The company is seeing tangible results from its service improvements, with on-time in-full (OTIF) delivery recovering to above 90% and customer feedback leading to regained business and improved commercial results. JELD-WEN Holding Inc (NYSE:JELD) raised the low end of its full-year 2026 revenue and adjusted EBITDA guidance, reflecting stronger productivity, less share loss, and a modestly better sales performance than previously expected. Productivity gains were a significant driver, contributing a $36 million benefit in the quarter and leading to an increased total productivity expectation of approximately $120 million for the year. The company's multifamily (VPI) business is performing strongly, with significant year-over-year growth and a robust pipeline expected to continue into next year, supported by successful investments in the East Coast. JELD-WEN Holding Inc (NYSE:JELD) is making progress on its strategic review of its European business and is actively evaluating options to address near-term debt maturities, aiming to preserve liquidity and financial flexibility. JELD-WEN Holding Inc (NYSE:JELD) continues to face significant price/cost headwinds, which increased to an expected $50 million headwind for the year, driven primarily by freight and material cost inflation that is outpacing pricing actions. The company's free cash flow was a use of $28 million in the second quarter due to higher working capital, and full-year free cash flow is now expected to be a use of approximately $75 million, a deterioration from prior expectations. Overall market volumes remain soft, with the company expecting continued declines in North America (low to mid-single-digits) and challenging conditions in Canada (high single-digit declines), with no meaningful near-term recovery assumed. North America OTIF delivery performance declined modestly in June and remained below 90% in July due to temporary disruptions, including Canadian wildfire smoke and freight provider challenges, highlighting ongoing operational risks. The company's net debt leverage remains very high at 11.3 times, and it has $80 million drawn on its revolving credit facility, underscoring the financial strain and the critical need to address upcoming debt maturities. Adjusted EBITDA in the Europe segment declined to $13 million from $17 million in the prior year, driven primarily by price/cost pressure that was not fully offset by productivity and volume mix improvements. Q: Can you unpack the drivers of the shift in price/cost dynamics and how you think about your ability to get price in this environment?A: CEO William Christensen noted continued select price pressure, but the larger change versus prior expectations is cost inflation, mainly from inbound/outbound freight and European energy prices. CFO Samantha Stoddard added that the company is seeing positive price, but it is being offset by increased inflation, which is roughly two-thirds material inflation and one-third freight inflation. The company is working with customers to address the longer-term price-cost dynamics. Q: How much of the productivity bucket has been actioned so far, and how should we think about the cadence of productivity in 3Q and 4Q and into 2027?A: CEO William Christensen stated the productivity bucket is probably 100% actioned, with benefits rolling forward monthly. He noted productivity is connected to volume, which could have positive or negative impacts in the second half. He also mentioned that roughly $30 million of cost-out is expected to roll into 2027. Q: Can you talk about where the wins are happening in winning back business and if there is any concentration?A: CEO William Christensen said the wins are fairly balanced, with small pickups on the interior door side in North America and progress on regaining vinyl window business. He emphasized the rebound is balanced between traditional sales channels and R&R, driven by OTIF improvements and consistency, representing share loss that "probably never should have lost." Q: How are your sales tracking against the robust multifamily market demand, and will benefits carry over into next year?A: CEO William Christensen said the VPI business is doing a phenomenal job gaining new projects across North America, with Q4 pipelines remaining robust. CFO Samantha Stoddard added that an investment to grow the sales base on the East Coast is paying off, with expectations for continued growth into next year. Q: What has changed in your tariff assumptions, and is there any inclusion of a refund or incremental impact from 301 tariffs?A: CFO Samantha Stoddard said overall tariffs are tempering slightly from the beginning of the year. The company received an immaterial tariff refund of approximately $1 million in Q2 and an additional refund in Q3, with a net benefit expected in the mid-single-digit millions for Q3. Q: Can you unpack the adjustments you're making to address freight challenges on service levels, and how will improved service help regain share in the second half?A: CEO William Christensen explained that OTIF declined slightly below 90% in North America due to wildfire-related shutdowns and freight provider challenges, but August is tracking back above 90%. He noted no significant negative customer feedback and that improved service has already contributed to a $25 million increase in top-line guidance. Q: How are you addressing near-term debt maturities and the strategic review of the European business?A: CEO William Christensen said the company is actively evaluating options to address near-term debt maturities, working with advisors on potential refinancing alternatives to preserve liquidity and maintain financial flexibility. The strategic review of the European business remains ongoing, with a focus on long-term shareholder value and no further announcements at this time. Q: What is driving the improved revenue outlook and the increase in the low end of adjusted EBITDA guidance?A: CEO William Christensen said improved service levels are translating into share recovery and new incremental business, supporting the raised revenue outlook. The improved revenue is expected to flow through at an incremental margin of approximately 25% to 30%, with additional productivity benefits from SG&A and cost management, partially offset by continued inflation pressure. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

CHARLOTTE, N.C., Aug. 3, 2026 /PRNewswire/ -- JELD-WEN Holding, Inc. (NYSE: JELD) ("JELD-WEN" or the "Company") today announced results for the three and six months ended June 27, 2026. Comparability is to the same period in the prior year. Second Quarter 2026 Highlights Net revenues of $817.8 million decreased (0.7%) in the second quarter driven by a decrease in Core Revenues of (2%). This was partially offset by a favorable foreign exchange impact of 1%. The decline in Core Revenues was driven by a (3%) decrease in volume/mix, partially offset by a 1% benefit from price realization. Net loss from continuing operations was ($31.5) million or ($0.37) per share, compared to net loss from continuing operations of ($22.3) million, or ($0.26) per share, during the same quarter a year ago. Operating loss margin was (0.6%) and (1.7%) for the quarters ended June 27, 2026 and June 28, 2025, respectively. Adjusted EBITDA from continuing operations was $42.3 million, an increase of $3.3 million compared to $39.0 million during the same quarter a year ago. Adjusted EBITDA Margin from continuing operations was 5.2%, an increase of 50 basis points in the second quarter primarily due to favorable productivity and lower SG&A expense, partially offset by negative price/cost and volume/mix. "Second-quarter results marked an important step forward as Adjusted EBITDA grew year-over-year for the first time in ten quarters," said Chief Executive Officer William J. Christensen. "This progress reflects deliberate actions across the business, including better service, tighter cost management, and continued productivity, which are helping us win back customers even in a soft demand environment. We are raising the mid-point of our full-year Adjusted EBITDA guidance and remain focused on executing consistently to further strengthen performance and generate cash in the second half." Second Quarter 2026 Results Net revenues decreased ($5.9) million, or (0.7%), to $817.8 million in the three months ended June 27, 2026, from $823.7 million in the three months ended June 28, 2025. The decrease in net revenues was primarily driven by a decrease in Core Revenues of (2%). This was partially offset by a favorable foreign exchange impact of 1%. The decline in Core Revenues was driven by a (3%) decrease in volume/mix, partially offset by a 1% benefit from price realization. Net loss from continuing operations was ($31.5) million in the second quarter, compared to a net loss from continuing operations of ($22.3) million in the same period last year. Adjusted Net Loss from continuing operations for the second quarter was ($9.1) million, a decrease of ($5.7) million compared to Adjusted Net Loss from continuing operations of ($3.4) million in the same period last year. Net loss per share from continuing operations for the second quarter was ($0.37), compared to a net loss per share from continuing operations of ($0.26) in the same quarter last year. Adjusted EPS from continuing operations for the second quarter was ($0.11), compared to ($0.04) in the same quarter last year. Adjusted EPS from continuing operations for the quarter ended June 27, 2026, excludes net after-tax charges of $22.4 million, or $0.26 per diluted share. Adjusted EPS from continuing operations for the quarter ended June 28, 2025, excludes net after-tax charges of $18.9 million or $0.22 per diluted share. Adjusted EBITDA from continuing operations was $42.3 million, an increase of $3.3 million compared to $39.0 million during the same quarter last year. Adjusted EBITDA Margin from continuing operations was 5.2%, an increase of 50 basis points in the second quarter primarily due to favorable productivity and lower SG&A expense, partially offset by negative price/cost and volume/mix. On a segment basis for the second quarter of 2026, compared to the same period last year: North America - Net revenues decreased ($27.2) million, or (4.9%), to $528.5 million in the three months ended June 27, 2026, from $555.7 million in the three months ended June 28, 2025. The decrease was primarily due to a decrease in Core Revenues of (5%). The decrease in Core revenues was driven by a (5%) decline in volume/mix due to weakened market demand. Net income from continuing operations was $26.9 million, an increase of $17.9 million year-over-year. Adjusted EBITDA from continuing operations in North America increased $5.9 million, or 17.1%, to $40.7 million in the three months ended June 27, 2026, from $34.7 million in the three months ended June 28, 2025. The increase was primarily due to improved productivity and lower SG&A, partially offset by unfavorable price/cost. Europe - Net revenues increased $21.3 million, or 7.9%, to $289.3 million in the three months ended June 27, 2026, from $268.1 million in the three months ended June 28, 2025. The increase was primarily due to an increase in Core Revenues of 5% and a favorable foreign exchange impact of 3%. The increase in Core Revenues was primarily driven by favorable volume/mix of 3% and a 2% benefit from price realization. Net loss from continuing operations was ($3.4) million, an increase of $0.5 million year-over-year. Adjusted EBITDA from continuing operations in Europe decreased ($3.8) million, or (22.6%), to $13.2 million in the three months ended June 27, 2026, from $17.0 million in the three months ended June 28, 2025. The decrease was primarily due to higher salaries and benefits and unfavorable price/cost, partially offset by improved productivity. Cash Flows Net cash used in operating activities was ($100.2) million in the six months ended June 27, 2026, compared to ($48.9) million in the six months ended June 28, 2025, an increase in cash used of $51.3 million. The change in cash flows from operating activities was primarily due to lower earnings after excluding the impact of the ($137.7) million non-cash goodwill impairment charge related to our North America reporting unit in the prior year and a $59.3 million increase in net cash used in our working capital accounts. Accounts receivable, net was unfavorable by ($44.9) million compared to the same period in 2025, primarily driven by higher sales in the current quarter compared to the fourth quarter of 2025. Inventories had an unfavorable impact of ($12.0) million, primarily reflecting increased material purchases, and accounts payable had an unfavorable impact of ($2.4) million, mainly due to higher inventory purchases and timing of vendor payments. Capital expenditures in the six months ended June 27, 2026, decreased by $31.5 million to $44.6 million, down from $76.1 million in the six months ended June 28, 2025. Free Cash Flow used in the six months ended June 27, 2026, was ($144.8) million, compared to Free Cash Flow used in the six months ended June 28, 2025, of ($125.1) million. This does not include the impact of proceeds of $110.7 million from the court-ordered divestiture of our Towanda facility, which was completed in the first quarter of 2025. Updated Full Year 2026 Guidance JELD-WEN is updating its 2026 revenue guidance to a range of $3.1 to $3.2 billion from the previous range of $3.05 to $3.2 billion. This updated range reflects a year-over-year decline in Core Revenues of approximately (2%) to (5%), compared to 2025, and a foreign exchange benefit of approximately $50 million. Additionally, the Company expects Adjusted EBITDA to be in the range of $120 to $150 million, up from the previous range of $100 to $150 million, reflecting significant cost reductions, partially offset by continued volume pressure. The Company expects 2026 operating cash flow to generate approximately $10 million. Conference Call Information JELD-WEN management will host a conference call on August 4, 2026, at 8 a.m. ET, to discuss the Company's financial results. Interested investors and other parties can access the call either via webcast by visiting the Investor Relations section of the Company's website at https://investors.jeld-wen.com, or by dialing 888-596-4144 from the United States or +1-646-968-2525 internationally and using ID 4067832. A slide presentation highlighting the Company's results is available on the Investor Relations section of the Company's website. For those unable to listen to the live event, a webcast replay will be available approximately two hours following completion of the call. To learn more about JELD-WEN, please visit the Company's website at https://investors.jeld-wen.com. About JELD-WEN Holding, Inc. JELD-WEN Holding, Inc. (NYSE: JELD) is a leading global designer, manufacturer and distributor of high-performance interior and exterior doors, windows, and related building products serving the new construction and repair and remodeling sectors. Based in Charlotte, North Carolina, JELD-WEN operates facilities in 14 countries in North America and Europe and employs approximately 13,900 associates dedicated to bringing beauty and security to the spaces that touch our lives. The JELD-WEN family of brands includes JELD-WEN® worldwide, LaCantina® and VPI™ in North America, and Swedoor® and DANA® in Europe. For more information, visit corporate.JELD-WEN.com or follow us on LinkedIn. Investor Relations Contact:James ArmstrongVice President, Investor [email protected] Media Contact:JELD-WEN Holding, Inc.Sarah BrunerSenior Director, Enterprise [email protected] Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "plan," "possible," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts are forward-looking statements, including statements regarding our business strategies and ability to execute on our plans, market potential, future financial performance, customer demand, the potential of our categories, brands and innovations, the impact of our strategic transformation journey, footprint rationalization, cost reduction and modernization initiatives, the impact of acquisitions and divestitures on our business and our ability to maximize value and integrate operations, our pipeline of productivity projects, the estimated impact of tax reform on our results, geopolitical and economic uncertainty, security breaches and other cybersecurity incidents, impacts on our business from weather and climate change, our current level of indebtedness, our ability to generate sufficient cash to service our indebtedness and other obligations, litigation outcomes, and our expectations, beliefs, plans, objectives, prospects, assumptions, or other future events, all of which involve risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks and uncertainties and other factors, please refer to our Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q filed in 2026 and our other filings with the U.S. Securities and Exchange Commission. The forward-looking statements included in this release are made as of the date hereof, and we undertake no obligation to update any forward-looking statements, except as required by law. Non-GAAP Financial Information This press release presents certain "non-GAAP" financial measures, including Adjusted EBITDA from continuing operations, Adjusted EBITDA Margin from continuing operations, Adjusted Net Loss from continuing operations, Adjusted EPS from continuing operations, Free Cash Flow, and Net Debt Leverage. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). A reconciliation of non-GAAP financial measures used in this press release to their nearest comparable GAAP financial measures is included in the tables at the end of this press release. The Company provides certain guidance solely on a non-GAAP basis because the Company cannot predict certain elements that are included in certain reported GAAP results. While management cannot provide a reconciliation of items for forward-looking non-GAAP measures without unreasonable effort, management bases the estimated ranges of non-GAAP measures for future periods on its reasonable estimates of certain items such as assumed effective tax rate, assumed interest expense, and other assumptions about capital requirements for future periods. Although the Company believes the assumptions reflected in the range of its 2026 guidance are reasonable, actual results could vary substantially given the uncertainty regarding the future performance of the global economy, ongoing geopolitical conflicts, disruptions in supply chains, and changes in raw material prices and other costs as well as other risks and uncertainties, including those described below. In addition, the guidance ranges provided for 2026 do not include the impact of potential acquisitions or divestitures. The variability of these items may have a significant impact on our future GAAP results. Other companies may compute these measures differently. The non-GAAP information has limitations as an analytical tool and should not be considered in isolation from or as a substitute for U.S. GAAP information. It does not purport to represent any similarly titled U.S. GAAP information and is not an indicator of our performance under U.S. GAAP. We present several financial metrics in "Core" terms, which exclude the impact of foreign exchange, acquisitions and divestitures completed in the last twelve months. We define Core Revenues as net revenues excluding the impact of foreign exchange, and acquisitions and divestitures completed in the last twelve months. The use of "Core" metrics assists management, investors, and analysts in understanding the organic performance of the operations. We use Adjusted EBITDA from continuing operations, Adjusted EBITDA Margin from continuing operations, Adjusted Net Loss from continuing operations, and Adjusted EPS from continuing operations because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes Adjusted EBITDA from continuing operations and Adjusted EBITDA Margin from continuing operations are helpful in highlighting trends because they exclude certain items outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. We use Adjusted EBITDA from continuing operations and Adjusted EBITDA Margin from continuing operations to measure our financial performance in reporting our results to our Board of Directors. Further, our executive incentive compensation is based in part on Adjusted EBITDA from continuing operations. Adjusted EBITDA from continuing operations should not be considered as an alternative to net income as a measure of financial performance or to cash flows from operations as a liquidity measure. We define Adjusted EBITDA from continuing operations as income (loss) from continuing operations, net of tax, adjusted for the following items: income tax expense (benefit); depreciation and amortization; interest expense (income), net; and certain special items consisting of non-recurring net legal and professional expenses and settlements; goodwill impairment; restructuring and asset-related charges, net; M&A related costs, net; net gain on sale of business, property and equipment; loss on extinguishment and refinancing of debt; share-based compensation expense; and other special items. We use Adjusted EBITDA from continuing operations because we believe this measure assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Adjusted Net Loss from continuing operations represents loss from continuing operations adjusted for the after-tax impact of certain special items used to calculate Adjusted EBITDA from continuing operations as described above. Where applicable, the specifically identified items are tax effected at the applicable jurisdictional tax rate and tax expense is adjusted to remove the effect of discrete tax items. Adjusted EPS from continuing operations represents loss from continuing operations per diluted share adjusted to exclude the estimated per share impact of the same specifically identified items used to calculate Adjusted Net Loss from continuing operations as described above. Adjusted EBITDA Margin from continuing operations represents Adjusted EBITDA from continuing operations as a percentage of net revenues. We present Free Cash Flow because we believe this metric assists investors and analysts in determining the quality of our earnings. Free Cash Flow is defined as net cash used in operating activities less capital expenditures (including purchases of intangible assets). Free Cash Flow should not be considered as an alternative to net cash used in operating activities as a liquidity measure. We also present Net Debt Leverage because it is a key financial metric that is used by management to assess the balance sheet risk of the Company. We define Net Debt Leverage as Net Debt (total principal debt outstanding less unrestricted cash) divided by Adjusted EBITDA from continuing operations for the last twelve-month period. Due to rounding, numbers presented throughout this release may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. View original content to download multimedia:https://www.prnewswire.com/news-releases/jeld-wen-reports-second-quarter-2026-results-and-updates-guidance-302841301.html

Building products manufacturer JELD-WEN (NYSE:JELD) will be reporting earnings this Monday after market close. Here’s what investors should know. JELD-WEN met analysts’ revenue expectations last quarter, reporting revenues of $722.1 million, down 6.9% year on year. It was a mixed quarter for the company, with full-year EBITDA guidance exceeding analysts’ expectations but a significant miss of analysts’ EBITDA estimates. Is JELD-WEN a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members. This quarter, the market is expecting JELD-WEN’s revenue to decline 3.8% year on year, improving from the 16.5% decrease it recorded in the same quarter last year. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. JELD-WEN has missed Wall Street’s revenue estimates multiple times over the last two years. Looking at JELD-WEN’s peers in the home construction materials segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Simpson delivered year-on-year revenue growth of 6.3%, beating analysts’ expectations by 1.9%, and Hayward reported revenues up 6.3%, topping estimates by 2.8%. Simpson traded up 2.6% following the results while Hayward was also up 1.7%. Read our full analysis of Simpson’s results here and Hayward’s results here. Over the past year, investors have repeatedly shifted their focus from one macro narrative to another (AI disruption and AI capex spending to geopolitics, interest rates, and the broader health of the economy). While some of the home construction materials stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 5% on average over the last month. JELD-WEN is up 12.2% during the same time and is heading into earnings with an average analyst price target of $1.65 (compared to the current share price of $1.42). ONE MORE THING: 3 Hidden Platforms Growing 3X Faster than Amazon, Google, and PayPal. Amazon, Google, and Meta all followed the same playbook: Dominate an ignored market. Build an unbeatable moat. Scale until you’re unstoppable. These three platforms are running that exact playbook right now. The early investors in Amazon made fortunes. The early investors in these could do the same. Get All 3 Stocks Here for FREE.

JELD-WEN’s first quarter results reflected ongoing market headwinds, with revenue and margins pressured by lower volumes and persistent input cost inflation. Management pointed to improved service levels and operational productivity as partial offsets, while acknowledging that negative price/cost dynamics and higher freight expenses weighed on profitability. CEO William Christensen cited the impact of “deliberate actions to align our labor with current market conditions” and emphasized that productivity gains are starting to support improved customer delivery metrics. The team maintained a focus on cash preservation and cost discipline, confirming that more work remains to restore volume and profitability. Is now the time to buy JELD? Find out in our full research report (it’s free). Revenue: $722.1 million vs analyst estimates of $721 million (6.9% year-on-year decline, in line) Adjusted EPS: -$0.50 vs analyst expectations of -$0.29 (74.8% miss) Adjusted EBITDA: $6.1 million vs analyst estimates of $12.08 million (0.8% margin, 49.5% miss) The company lifted its revenue guidance for the full year to $3.13 billion at the midpoint from $3.03 billion, a 3.3% increase EBITDA guidance for the full year is $125 million at the midpoint, above analyst estimates of $114.3 million Operating Margin: -7.6%, up from -23.8% in the same quarter last year Organic Revenue fell 10% year on year Market Capitalization: $146.5 million While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. John Lovallo (UBS) asked about the bridge from Q1 to Q2 adjusted EBITDA, and CFO Samantha Stoddard explained that normal seasonality, improved volumes, and the impact of Q1 pricing actions are expected to drive the increase. Lovallo (UBS) further inquired about the sustainability of North American decremental margins, with Stoddard noting ongoing cost discipline and CEO William Christensen highlighting traction in reducing headwinds and improving share trends. Susan Maklari (Goldman Sachs) questioned the sustainability and drivers of improved service levels, and Christensen detailed ongoing standardization of operating systems and close customer engagement as key factors supporting progress. Maklari (Goldman Sachs) sought clarity on the magnitude of inflation and price/cost dynamics, with Stoddard citing freight and energy inflation as main pressures and acknowledging that competitive pricing continues to limit offsetting gains. Anika Dholakia (Barclays) asked about European market stabilization and productivity initiative progress; Christensen noted that Europe appears to have bottomed in demand, while Stoddard confirmed that transformation cost savings are largely completed and will contribute further in upcoming quarters. In coming quarters, our team will be watching (1) whether improved on-time delivery and service translate into sustained volume stabilization and share gains, (2) the company’s ability to manage persistent input cost and freight inflation while protecting margins, and (3) progress on the European business review and other liquidity-enhancing actions. Execution against these priorities will be critical for earnings recovery. JELD-WEN currently trades at $1.71, up from $1.39 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members). ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren't just high-quality businesses. Something is happening with them right now. Elite fundamentals meeting near-term momentum - both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week's Strong Momentum stocks - FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.

Interested in JELD-WEN Holding, Inc.? Here are five stocks we like better. JELD-WEN’s Q1 results weakened as revenue fell 7% year over year to $722 million and adjusted EBITDA dropped to $6 million, pressured by lower volumes, inflation, and negative price-cost dynamics. Operating cash flow was a $91 million use of cash, and net debt leverage rose to 11.3x. North America remained under pressure while Europe showed signs of stabilization. North American revenue declined sharply to $453 million, while Europe revenue rose 10% in euros, helped by foreign exchange and slightly better pricing, though volumes still fell. Management lifted full-year revenue guidance to $3.05 billion-$3.2 billion, citing improving service levels and a smaller expected share-loss headwind, but kept EBITDA guidance unchanged at $100 million-$150 million. The company also said it is continuing a strategic review of its European business and other liquidity options. 3 construction stocks you need to know about JELD-WEN (NYSE:JELD) reported lower first-quarter 2026 revenue and earnings as weak demand, inflation and negative price-cost dynamics weighed on results, while management raised its full-year revenue outlook based on improving service levels and a smaller expected share-loss headwind. The windows and doors manufacturer posted first-quarter net revenue of $722 million, down 7% from $776 million a year earlier. Chief Financial Officer Samantha Stoddard said the decline was driven primarily by lower volumes, with mix down slightly year over year. Core revenue declined 10%, while foreign exchange provided a $30 million tailwind, helped by a stronger euro relative to the dollar. → Beyond NVIDIA: Picks-and-Shovels AI Plays with Strong Momentum JELD-WEN stock: When Execution Counts Adjusted EBITDA fell to $6 million from $22 million in the prior-year quarter, and adjusted EBITDA margin declined to 0.9% from 2.8%. Stoddard said the earnings decline reflected lower volume mix and negative price-cost dynamics, with inflation not fully offset by pricing. She said those pressures were partially offset by “significantly improved productivity year-over-year.” Chief Executive Officer Bill Christensen said the macro environment remained soft in the quarter, consistent with the company’s expectations. He noted that the first quarter is typically JELD-WEN’s seasonal low period and said the company anticipates improvement through the rest of the year. → 3 Ways to Target the Resources Powering AI and Data Centers “We delivered the quarter within our expectations and managed through a difficult volume environment,” Christensen said. Stoddard said first-quarter adjusted EBITDA was hurt by a $21 million price-cost headwind, as pricing was slightly positive but was outweighed by inflation in areas including glass, metals and transportation. Volume mix created another $22 million headwind. Those pressures were offset in part by a $22 million productivity benefit and a $6 million improvement in selling, general and administrative and other expenses, despite a $10 million other income headwind from the prior year. → Quantum Earnings Season Is Ramping Up—What to Watch From 2 Major Players Operating cash flow was a $91 million use of cash in the quarter, reflecting lower adjusted EBITDA and a $43 million working capital use. Stoddard said the first quarter is typically the company’s highest working capital quarter, and management expects “significant working capital improvement” through the remainder of 2026. Net debt leverage increased to 11.3 times at quarter-end, and the company drew $40 million on its revolver. In North America, first-quarter revenue was $453 million, down from $531 million a year earlier. Stoddard attributed the decline primarily to lower volumes and the court-ordered Towanda divestiture, which had a partial impact in the first quarter of 2025. North America adjusted EBITDA was $4 million, down from $16 million, while adjusted EBITDA margin fell to 0.8% from 2.9%. Stoddard said North American profitability was pressured by inflation and lower volumes, partly offset by significant productivity and SG&A improvements. In Europe, revenue was EUR 269 million, up from EUR 245 million a year earlier, a 10% increase. Stoddard said the improvement was driven primarily by foreign exchange and slightly better pricing, partly offset by continued volume declines. Foreign exchange contributed approximately 11.5 percentage points to the year-over-year revenue change. Europe adjusted EBITDA was $7 million, down from $11 million, and adjusted EBITDA margin declined to 2.6% from 4.3%. Christensen said European conditions appear to be stabilizing, with the company expecting volumes to be roughly flat year over year. “Demand remains subdued, but we are not seeing further deterioration from current levels,” he said. JELD-WEN raised its full-year 2026 net revenue outlook to a range of $3.05 billion to $3.2 billion, up from its prior range of $2.95 billion to $3.1 billion. Management now expects core revenue to decline 3% to 6% year over year, compared with a prior expected decline of 5% to 10%. Christensen said the higher revenue outlook reflects a modest benefit from improving service levels, bringing company volume assumptions more in line with the underlying market. He added that April sales were in line with expectations. The company maintained its full-year adjusted EBITDA guidance of $100 million to $150 million. Christensen said improved volumes are being offset by incremental price-cost headwinds versus prior assumptions, including higher freight costs and competitive pricing in certain areas. JELD-WEN also maintained its cash flow outlook, expecting operating cash flow of approximately $40 million and a free cash flow use of approximately $60 million. Capital expenditures are expected to be approximately $100 million and “largely maintenance in nature.” The guidance assumes no portfolio changes. For 2026 end-market assumptions, management said it expects the North American windows and doors market to be down low to mid-single digits. New single-family construction is expected to be down low single digits, repair and remodel down mid-single digits, U.S. multifamily up significantly year over year, and Canada down high single digits. In Europe, volumes are expected to be roughly flat. Management emphasized progress on customer service, particularly in North America. Christensen said On-Time In-Full delivery, or OTIF, has improved to more than 90% over the past year, with a goal of consistently operating above 95%. “Customers are noticing the improvement,” Christensen said, adding that JELD-WEN is seeing better engagement, more consistent order patterns and more opportunities to quote and compete for new business. He said the company has deployed its A3 Management System across the network to improve issue identification, root-cause problem solving and plant-level consistency. JELD-WEN has also made targeted service investments, including higher transportation spending such as shipping partial loads when needed, while maintaining staffing levels despite lower volumes. During the question-and-answer session, Stoddard said the company expects second-quarter adjusted EBITDA to improve from the first quarter primarily because of normal seasonality, higher sales volume, better labor absorption and pricing actions implemented in the first quarter that should flow through more meaningfully in the second quarter. Stoddard also said the company’s normal incremental margins in an improving volume environment are expected to be in the 25% to 30% range. On productivity initiatives, she said $35 million of transformation carryover benefits are 100% complete, while more than 80% of base productivity and rightsizing initiatives are done. Christensen said JELD-WEN continues to progress its strategic review of the European business, but has nothing to announce. He said the review could provide meaningful liquidity and help strengthen the balance sheet. In response to an analyst question about other potential asset sales, Christensen said the company continues to evaluate options to improve liquidity, including sales of other assets and potential sale-leaseback transactions. He said JELD-WEN expects to address near-term maturities before they become current in December. “Cash and liquidity remain a priority,” Christensen said. “We are taking actions to preserve cash, and we continue to evaluate opportunities to strengthen liquidity and maintain flexibility in an uncertain environment.” JELD-WEN is a global manufacturer of windows and doors and related building products, serving both residential and commercial markets. The company's portfolio includes wood, vinyl and aluminum windows; interior wood doors; and exterior doors crafted from steel, fiberglass and composite materials. JELD-WEN's products are designed for new construction and remodeling applications, with an emphasis on quality, durability and energy efficiency. Founded in 1960 in Klamath Falls, Oregon, JELD-WEN has grown through a combination of organic expansion and strategic acquisitions to establish a manufacturing footprint in North America, Europe and Australasia. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "JELD-WEN Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Image source: The Motley Fool. Tuesday, November 4, 2025 at 8 a.m. ET Chief Executive Officer — William Christensen Chief Financial Officer — Samantha Stoddard EVP, North America — Rachael Elliott VP, Investor Relations — James Armstrong William Christensen: Thank you, James, and good morning, everyone. Before we begin, I want to once again recognize our entire team for their ongoing commitment and continued hard work in what has remained a challenging environment. The past quarter has tested our organization in many ways. I'm grateful for the dedication, resilience and collaboration shown across every part of JELD-WEN. It is because of their continued efforts that we remain able to navigate this environment and position the company for long-term success. The third quarter, both in Europe and North America, was marked by further softening in market conditions and an overall degradation in demand trends. While we had anticipated stability at low levels both new construction and repair and remodel activity weakened further. We also faced operational challenges that limited our ability to capture additional market share with customer orders coming in below expectations. As a result, our performance fell short of our plans, and we are taking clear actions to address the areas that need improvement, strengthen execution and ensure that we are better aligned with the current market conditions. We continue to experience price cost headwinds across several areas of the business. Inflation in both labor and materials has persisted and given current market dynamics, we have seen some pushback on both tariff-related pricing actions and pricing increases to offset market inflation. These factors have created additional short-term margin pressure, which we are actively working to offset through cost reductions, operational efficiencies and focused performance improvement initiatives. Importantly, we remain confident that the steps we are taking will help us better balance our cost structure with current demand while protecting our long-term strategic priorities. Turning now to Slide 4 and our third quarter highlights. The quarter reflected a more difficult backdrop than anticipated, driven by softening demand and continued inflationary pressure. In response, we are taking meaningful actions to address our cost base, including approximately 11% reduction of North America and corporate headcount. Additionally, we are preserving liquidity while continuing to advance our transformation efforts. As part of that work, we are announcing a strategic review of our European business, evaluating all potential alternatives to strengthen our balance sheet and sharpen our strategic focus. While the process is in its early stages and there is nothing further to announce at this time, we believe this review will allow us to effectively address our upcoming maturities and enhance our long-term balance sheet flexibility. We are also evaluating additional options around smaller noncore assets such as our distribution business and select sale-leaseback transactions, but have nothing specific to announce at this point in time. Our liquidity position remains strong with approximately $100 million in cash and approximately $400 million of revolver availability. As a reminder, we have no debt maturities until December 2027. Importantly, our only relevant covenant requires an approximate minimum of $40 million in total liquidity compared to our current position of approximately $500 million. We also continue to strengthen the North American team with the addition of Rachael Elliott as EVP of North America. Rachael brings broad experience from our time with other notable building products companies and we are excited to have her join the organization. While the near-term environment remains uncertain, we continue to focus on what we can control: improving execution, strengthening operations and ensuring a strong financial foundation. These actions are designed to ensure that we remain well positioned to capture growth as market conditions improve. With that, I'll hand it over to Samantha to review our financial results in greater detail. Samantha Stoddard: Thank you, Bill. Turning to Slide 6. As Bill mentioned, market conditions remained challenging throughout the quarter, and our results came in below our internal expectations. The shortfall primarily reflects softer market demand, operational challenges that limited our ability to capture incremental share as expected and ongoing price and cost headwinds across several categories. Revenue for the quarter was $809 million, with core revenue down 10% year-over-year. This decline was driven mainly by lower volumes in both North America and Europe as market softness more than offset the benefits from our cost reduction initiatives and productivity efforts. Adjusted EBITDA came in at $44 million or 5.5% of sales and was up sequentially from the prior quarter, although below prior year and below our expectations. The lower margin primarily reflected continued price/cost pressure, unfavorable volume and staffing levels that were set in anticipation of market share gains that did not materialize. Turning to cash flow. Earnings pressure and continued investment in transformation initiatives led to negative free cash flow in the quarter. That said, working capital performance remained disciplined, contributing modestly to liquidity despite the softer sales environment. Our net debt leverage increased to 7.4x driven by lower year-over-year EBITDA rather than new borrowing. Reducing leverage remains a top priority for us as part of that effort, we have initiated a strategic review of our European segment aimed in part at addressing this elevated leverage and further strengthening our balance sheet. As shown on Slide 7, the revenue decline this quarter was driven primarily by lower volumes with core revenue down 10% year-over-year. The softness reflects continued market weakness and share loss, along with carryover from the loss of business with the Midwest retailer that occurred in the third quarter of last year. We also had a negative impact from the court order divestiture of our Towanda operations, which weighed on the year-over-year comparison. Product mix was slightly positive versus the prior year but the benefit was not enough to offset the volume pressure. In a few moments, I will provide additional context on the market factors influencing our performance and how we are positioning the business for the remainder of the year. As shown on Slide 8, adjusted EBITDA for the quarter was $44 million, a decline of about $38 million from the prior year. This reflects the continued softness in demand and the unfavorable price and cost environment that persisted throughout the quarter. Lower volumes were the main driver of the decline as reduced production levels weighed on earnings and more than offset the benefits from our ongoing cost actions. Product mix was slightly positive, but the benefit was not enough to offset the volume deleverage from lower demand. At the same time, price and cost pressures remain significant, particularly as labor and material inflation continued to outpace our ability to recover pricing in the market. These factors led to a sequential decline in margins and further compressed profitability year-over-year. Even with these challenges, we continue to make steady progress on our transformation and cost reduction programs, which provided a partial offset to these headwinds. We also delivered additional savings within SG&A reflecting disciplined expense control and execution of the cost actions we've put in place. Turning to our segment results on Slide 9. In North America, revenue declined 19% year-over-year, with volume and mix down 13%. The decline was driven primarily by weaker market demand while mix was slightly positive for the quarter. The remainder of the year-over-year decline reflects the court order divestiture of our Towanda operation. Adjusted EBITDA for North America was $38 million compared with $75 million in the same quarter last year. The decrease was largely the result of lower volumes and operational inefficiencies associated with reduced manufacturing throughput in addition to the price cost challenges mentioned previously. These headwinds were partially offset by the benefits from our ongoing cost reduction and transformation initiatives. In Europe, revenue increased 2% year-over-year with volume and mix down 6%. As in North America, mix was slightly positive, but overall demand remained soft across several key markets. Adjusted EBITDA for Europe was $16 million, which was roughly flat compared to last year as the benefits of productivity improvements and cost actions largely offset the impact of lower volumes. Before turning it back to Bill, I want to take a moment to address tariffs, which continued to be an area of focus. If you turn to Slide 10, you'll see an overview of our current exposure under the most recent tariff framework. At current rates, we estimate the annualized impact of tariffs on our business to be around $45 million, with roughly $17 million expected to materialize in our 2025 results. While the situation remains fluid, we've been largely successful in passing through tariff surcharges to most of our customers. However, in recent months, we've begun to experience greater resistance from some of our larger accounts which has slightly tempered our overall recovery rate. From a sourcing perspective, our exposure remains relatively modest. Approximately 13% of our combined Tier 1 and Tier 2 supplier spend is subject to potential tariff impact. As we have previously stated, direct sourcing from China represents less than 1% of our total material spend. Even when including Tier 2 exposure, China accounts for about 5% overall. This limited exposure positions us well relative to others in the industry. Overall, while the tariff environment remains uncertain, we're staying nimble in our approach, actively managing near-term impacts and maintaining a disciplined focus on pricing and sourcing strategies that help mitigate cost pressures. With that, I'll turn it back over to Bill to discuss our updated market outlook and how we're positioning JELD-WEN for the path ahead. William Christensen: Thanks, Samantha. Turning to Slide 12. I want to provide some perspective on how the market environment has evolved since our last update. Earlier this year, we expect the conditions to stabilize at relatively low levels during the back half of 2025. However, over the past 3 months, we've seen a notable deterioration across our core markets both new construction and repair and remodel activity have weakened further as both consumer confidence and housing affordability remain under pressure. In Canada, the slowdown has been especially sharp with housing starts down more than 40% year-over-year, reflecting the broader slowdown in the economy. Given these developments, we've updated our market outlook expectations. In North America, we now anticipate full year demand for windows and doors to be down in the high single digits compared to our prior view of a low to mid-single-digit decline. In Europe, we expect demand for doors to be down mid-single digits versus the low single-digit decline we previously forecasted. Across both regions, demand continues to be concentrated at the lower end of the market with affordability driving purchasing decisions and limiting overall mix-up improvement. Turning to Slide 13. I'll walk through our updated full year guidance. Following the significant market deterioration we saw during the third quarter, we are lowering our 2025 outlook to reflect current demand levels and operational performance. We now expect sales of $3.1 billion to $3.2 billion compared to our previous range of $3.2 billion to $3.4 billion. Adjusted EBITDA is now expected to be between $105 million and $120 million, down from our prior range of $170 million to $200 million. Core revenue is expected to decline 10% to 13% compared with our previous expectation of a 4% to 9% decline. This change is primarily due to 3 factors. First, we had limited success on converting the market share gains we had planned for and staff against earlier this year. Second, this revision reflects the further weakening in market demand that emerged late in the quarter and some of our own operational challenges. On sales, we faced continued pressure in a weak market and experienced a modest share loss tied to ongoing operational performance issues. Third, while operations are improving the pace of that improvement is not yet where it needs to be, and we continue to be focused on execution and consistency across the network. Because of these 3 challenges, we now expect a more typical seasonal pattern in the fourth quarter rather than the relative strength we had previously forecasted. We also anticipate continued negative price cost as pricing pressure has intensified, particularly around the edges of the market. At the same time, some of our larger customers are pushing back more forcefully on tariff surcharges, while cost inflation has accelerated across materials, freight and labor. On operating cash flow, we now expect the use of approximately $45 million compared to our prior forecast for a use of $10 million. This includes approximately $15 million of restructuring that will occur in the fourth quarter as part of our workforce reduction. Although EBITDA expectations have come down, we've taken a disciplined approach to working capital and our focus on cash management remains unchanged. We also expect capital expenditures of approximately $125 million, down from our prior forecast of $150 million, reflecting a tighter focus on critical investments. Looking ahead to 2026, while we're not providing formal guidance, we would expect CapEx to be lower than this year's level given the current demand outlook and our intent to align spending with market conditions. On leverage, we are actively addressing the issue. As part of this, we have announced a strategic review of our European operations. While we cannot predict the outcome of that process, it represents one potential avenue to help reduce leverage and strengthen the balance sheet. We continue to evaluate other strategic options such as selective smaller asset reviews and targeted sale leasebacks. Beyond the European review, however, we have no further updates at this time. Finally, I want to reiterate that we continue to maintain sufficient liquidity for the midterm. As of the end of the third quarter, we have not drawn on our revolver, and we are taking proactive steps to ensure our liquidity position remains strong as we navigate through this challenging environment. Turning to Slide 14. This chart bridges our 2024 adjusted EBITDA of $275 million to our 2025 guidance midpoint of $113 million. As shown on the left, the first step reflects the court order Towanda divestiture, which is expected to reduce EBITDA by about $50 million this year. The most significant change comes from market volume and mix, which we now expect to reduce earnings by roughly $100 million, reflecting the broad-based deterioration we have seen in both new construction and repair and remodel activity. We're also seeing a modest impact from share loss as operational challenges have limited our ability to recapture volume in several key product lines. Moving left to right across the chart, price and cost headwinds have intensified when compared to our earlier expectations. Competitive pricing pressure has increased, especially at the lower end of the market, while cost inflation in materials, freight and labor has accelerated. These dynamics, combined with lower base productivity driven by volume loss represent another significant drag on earnings. On the positive side, we continue to benefit from headwind mitigation actions and transformation initiatives, which together are expected to contribute about $150 million in savings this year. These benefits include both carryover savings from 2024 and the in-year actions already implemented. The remaining items include variable compensation and onetime reversals which represent a modest headwind and foreign exchange and other, which provide a small tailwind. Altogether, these factors bring us to our 2025 adjusted EBITDA guidance midpoint of $113 million, reflecting the additional price, cost, volume and productivity headwinds and that have emerged since our last update. Moving to Slide 15. The current results do not reflect the potential of JELD-WEN and are disappointing. We have begun and will continue to take broader actions required to change the trajectory of JELD-WEN, including addressing our cost base. First, we have initiated a strategic review of our European business, while the outcome of this review is not predetermined, we know that significant and difficult decisions must be made. Our European operations include well-known brands and highly skilled teams that have built leading positions in their respective markets. The strategic review will determine how we can unlock the value of our European assets to strengthen our long-term financial foundation. Second, we are rightsizing our North America cost base, which includes a headcount reduction of approximately 11% by the end of this year. The market for windows and doors has contracted sharply over the past 3 years, and we do not expect a rapid recovery. We can no longer maintain a structure designed for a level of demand not expected in the near-term. Third, we continue to simplify our product portfolio and are removing unnecessary complexity. Our portfolio breadth has added complexity that must be balanced with our customers' expectations on service and product costs. We will center our efforts on a defined set of core product families. And when customers need bespoke solutions, we must deliver them with precision and price them for their value. This will lead to improved service levels and better operating efficiency. These actions are not adjustments and will redefine how this company operates and competes. The current environment requires the painful but necessary decisions to ensure performance, accountability and free cash flow growth. As we execute on these significant changes, I want to take a moment to thank our teams across JELD-WEN for their dedication and hard work. Their focus and commitment are driving real progress in our operations every day. I also want to thank our customers for their continued partnership as we further strengthen our service and reliability. We remain confident that the actions we are taking today, both operational and strategic are setting up a stronger JELD-WEN in the years ahead. Thank you once again for your continued support and interest. With that, I will now turn the call back over to James for the Q&A. James Armstrong: Thanks, Bill. Operator, we're now ready to begin Q&A. Operator: [Operator Instructions] Your first question comes from the line of Susan Maklari of Goldman Sachs. Susan Maklari: My first question is going back to the share losses that you talked about in your prepared remarks. Can you give us a bit more color on where those are coming from? How they came through over the last quarter? And then understanding that you've had a more challenging time regaining some of that share. But just how do you think about the path from here? William Christensen: So thanks for the question, Susan. A couple of comments. As you remember, there was a significant share loss last year with the Midwest retailer on the windows side of the business. So that laps in September. So we were still tackling that base effect in Q3. Second point, as we did note in our prepared remarks, pricing remains challenging across the market in North America, particularly and there have been some aggressive pricing actions around the edges from some competitors, mainly on the door side of the business. So we have seen specific regional share loss, but on balance, not material. And I think the third point is, as we continue to our simplification of our portfolio, our target is to reduce approximately 30% of our SKUs by year-end -- or not by year-end, excuse me, we're in the process of reducing 30% of our SKUs. We're about 50% of the way there. So we have been trimming complexity which allows us then to optimize our service levels into our customers. I think the last point is then just a weak overall market. And we've said we're really focused on rebalancing our shares with customers where we have strong door volume, we want to try and increase our window business and the other way around. We've actually made some progress on the Windows side. But in general, the soft market has created, I think, opportunities from aggressive pricing as we've talked about and our portfolio reduction, which is simplification driven has also led to a little bit of that. And as we look forward, we see that continuing into the fourth quarter from a market standpoint. Volumes remain soft. Nothing that we've seen in the month of October would suggest a different run rate. So we're expecting that through the end of the year, and you can see that on the bridge. Samantha Stoddard: And just to follow up on that, Susan, when you compare kind of our previous guidance to the bridge that we're sharing in this earnings release, the share loss hasn't changed. That is, as Bill described. Most of this has already occurred. It's more about the volume mix that we expected to gain that did not materialize. That's the big change on that. Susan Maklari: Okay. That's very helpful. And then turning to the productivity and the cost saving efforts that you have been working on, can you give us an update on where those projects are and how you're thinking about the carryover benefit into 2026? Appreciating you're not giving guidance for next year yet, but just any thoughts on those projects specifically where they're falling and the outlook there? William Christensen: Sure, Susan. As you've seen on our guidance bridge, Page 14, we expect about $150 million to offset the various headwinds that we've laid out. As in prior years, we would expect from our transformation savings of about $100 million, roughly half of that to roll forward. And in addition, as we've announced and talked about today in the prepared remarks, there are going to be some pretty significant headcount reductions taking place in the fourth quarter of this year, and we would expect benefits of roughly $50 million as we're thinking about a full year impact 2026. So that's roughly $100 million currently. And I think we wouldn't want to give any more specific guidance than that. Samantha Stoddard: And Susan, on that, the headwind mitigation of $50 million, that was already done and executed in the beginning part of this year. So taking effect in Q2. The transformation initiatives that we have, the $100 million, those are already underway delivering results, things like plant closures, automation equipment that is now up and running in production. So back to Bill's point, these are already done in our P&L. Unfortunately, the other items like the more significantly negative price cost volume essentially not the incremental share that we expected is offsetting those. Operator: The question comes from the line of John Lovallo of UBS. John Lovallo: And maybe just a follow-up on Susan's question and just to put a finer point on it. The outlook implies $55 million of productivity, SG&A and other in the fourth quarter. I think there's only been about $37 million year-to-date. So what is driving that ramp? It sounds like if I understood the answer to Susan's question that a lot of this is already baked and is just and is waiting to come through? Is that the right way to think about it? Samantha Stoddard: Yes. So thanks for the question, John. It's -- a lot of the savings are fully baked. So the headwind mitigation, the transformation is fully baked. The actions that Bill described in the recorded remarks, are not expected to have a material impact in Q4. We would expect that full run rate going into 2026. Where you see in just kind of isolating maybe Q4 and looking at that year-on-year, the biggest drivers, I would say, on the negative side are the volume mix, which is, let's call it, in line with what we expected in Q3 in previous quarters. Price cost, unfortunately, being more negative. And part of that is some of the resistance on tariff surcharge pass-throughs. So that is more negative in Q4. And then the continued, let's call it, court ordered divestiture of Towanda's impact into our P&L. The mitigation efforts, those are -- as I said, they're already done and dusted and they're in the P&L. And so that's going to be helping to offset some of those. John Lovallo: Okay. Maybe I'm missing it. So I'm still curious where that $55 million is coming from when there's been only $37 million year-to-date. What's driving that $55 million? Samantha Stoddard: You're talking about the $55 million of negative base productivity. John Lovallo: No -- of productivity savings. Yes. Samantha Stoddard: Okay. So when you think about on the bridge, the base productivity, and I think this is what you're referring to, the negativity on that is coming from the fact that we staffed up our network in order to support incremental share gains that did not materialize. So in addition to essentially not having the volume flow-through, we then had costs we had to come out. So when you think about -- I think question, John, is looking at there's transformation of around $100 million and then there's going to be base productivity offsetting that. And I think that's where you get to essentially the combination of what you're driving at. So $150 million, right, let's call it, good guys from actions we've already taken, less that negative base productivity gets you to a net of, let's call it, $100 million. John Lovallo: Okay. All right. We'll follow up on that. Just I guess the 39% reduction in EBITDA expectations since August, I'm curious, I mean has the market gotten that much worse? Or were there things that just were not foreseen by you guys that maybe should have been? I mean what drove that 39% reduction? William Christensen: So let me start with -- let's start with sales, John, at the top. So in the second quarter, we had growth plans that we had staffed up for in our network, as Samantha mentioned, and they did not materialize. There's a couple of reasons for that. Number one, the market was softer in Q3 than we had anticipated. That's point #1. The initiatives also that we were running, there was a basket of different initiatives to start trying to offset some of the headwinds in the market, and we were really focused on product line initiatives and the market was pivoting and wanting more portfolio baskets in the different projects that they were running across the network. So we were product line focused and not portfolio focused, which created challenges for us to be able to drive that penetration and there was a lower take rate. And third, we've had some selective service issues across our network, and we've made a ton of progress and I would say we're very close to where we need to be, but we were still struggling in the third quarter and our ability to react on some specific areas was below our own expectations. So what are we doing? We're rightsizing our cost structure to market reality. We're further simplifying our portfolio as I've noted, we were taking about 30% of the SKUs out, we're about midway through that. And we've been really driving the operating model rollout across our network of distribution windows and doors manufacturing sites in North America. And so we missed the market downturn, John, we thought we're going to be able to compensate some of it with our own initiatives. We did not materialize based on limited take rates, and we staffed up for that, and that hit us hard in the third quarter, and we're correcting now that as we go into the fourth quarter. Operator: Your next question comes from the line of Philip Ng of Jefferies. Fiona Shang: You have Fiona on for Phil today. Just wondering on your full year EBITDA guide, can you help us understand how much of that is coming from Europe? We're assuming about roughly half of the consolidated total. Is that directionally correct? Samantha Stoddard: Yes. That's directionally correct. So when you think about Europe and North America, how much is coming from each, it's about in line. We've seen, let's call it, an improvement of Europe. And unfortunately, because of some of the challenges in the North American market, a bit of a decline in North America year-on-year from an EBITDA standpoint. So that's the right way to look at it, Fiona. Thank you for the question. Fiona Shang: And then one more. So if you were to sell your business and say you got probably 7.5 multiple like you did for Australia business, our math shows that it wouldn't really move to leverage that much so just wondering, can you provide more color on that, maybe both on deleveraging and liquidity? William Christensen: Thanks for the question, Fiona. So clearly, we're not going to share any details of expectations. What I want to say is that if a decision made on the strategic review would be one that generates capital we would use that to deleverage and strengthen our balance sheet. And clearly, that is a focus that we've been talking about for a number of quarters to make sure that we are managing our balance sheet effectively. I think the second comment in that area is there's no liquidity issues. We have a revolver. We're expecting that we have ample liquidity. And so we're managing the process and evaluating all options as you would in a strategic review. And once we have more clarity on that, we'll be back to the capital markets share details. Operator: Your next question comes from the line of Trevor Allinson of Wolfe Research. Trevor Allinson: First one just on 4Q EBITDA guidance, the implied 4Q EBITDA guidance. The bottom end of that is roughly breakeven from an EBITDA perspective. That would be a pretty severe decline sequentially compared to what you guys are expecting from a revenue standpoint from 3Q to 4Q. Can you just talk about what's driving that big drop-off in EBITDA expectations sequentially? Anything more onetime in nature occurring in 4Q, then that wouldn't repeat going forward? Samantha Stoddard: Yes. I can go through that. So a few things. When we initially guided out, we expected a nonseasonal Q4, so a much stronger Q4 in terms of both the volume as well as the productivity. And unfortunately, we are seeing, I would say, more of the seasonality that we've seen in previous years. So when we think about the range that we've guided to, you're correct on the low end of that range and that's tied to some of the uncertainty that we are seeing going into Q4. The last month of the year is generally for us, a very soft year with different holiday period, customer buying patterns. And so it's hard to predict on that. But I would say when you look at kind of the midpoint of our range and how we're guiding to the 2 biggest drivers, as I talked about earlier are the volume mix being, I would say, as down year-on-year as Q3 with maybe a little bit more of softness and then the price/cost negativity being almost double what we experienced in Q3. We are seeing cost inflation, of course, more in line with our expectations, maybe slightly higher, but more in line with what we expected. Unfortunately, the pricing realization is lower than expected, as we talked about earlier. So those 2 are, I would say, the biggest needle movers in driving. And then some of the base productivity is we need to rightsize our North America structure for the lower demand that did not materialize from the incremental gains we initially expected. Trevor Allinson: Okay. That's very helpful. And then circling back to liquidity here, more near-term liquidity, assuming Europe takes some time to play out here and any actions potentially in your distribution business takes some time to play out. Is your expectation to lean into your revolver near-term, just given we're going into a slower part of the year. And then you also talked about potential for sale and leaseback actions. Any color on how much liquidity those actions could generate? Samantha Stoddard: Sure. So in terms of liquidity, as we've talked about, we have not draw on the revolver to date. Our plans are to not draw on the revolver in Q4. We have not guided anything on 2026 nor are we providing guidance at this time. But from a liquidity standpoint, we are already working through some select sale leasebacks to provide additional liquidity as a buffer. And when you look at Q4, just in isolation outside of some of the cost measures or the cost actions that we are taking, which will have restructuring costs tied to it. We are driving to a free cash flow neutrality in Q4. So we are pulling back our CapEx. We are managing working capital in a much more, I would say, rigorous and disciplined fashion, and that would continue. So from a liquidity standpoint, we are taking actions on, let's call it, more select smaller pieces of our real estate portfolio. And I would say nothing to guide into '26 at this time. Operator: [Operator Instructions] Your next question comes from the line of Steven Ramsey of Thompson Research Group. Steven Ramsey: On the share gain that you expected to capture, would you say that opportunity is gone? Or is that something that you hope to get in '26 to greater fruition and then maybe if you could share any detail on the opportunity itself, if it was windows or doors or channel? Any color there? William Christensen: Yes, Steven -- so definitely something that we expect that we're going to be able to target in 2026. A number of these things that we were targeting would be in the bucket of share we never should have lost, and I'm linking that to some challenging performance across our network, service levels, specifically and we felt we were ready to go and get it, but the market obviously took a step down in the third quarter and that was unexpected by our organization, and we were challenged by that headwind. So clearly, we're making great progress across our network, getting our service levels where they need to be, and we're going to be tackling this in 2026 on a different cost base, and we do expect as we've said, that there's not going to be dramatic changes in volume. So we're going to have to control what we can control, and that's what we're planning on doing in '26. Steven Ramsey: Okay. That's helpful color. And then on the pricing pushback, I think you attribute it to large customers. Can you share any more detail on that pushback? And is this something that continues to impact in '26? Or does this impact the usual annual pricing actions that you would be taking as you would every year for 2026. William Christensen: Yes. So there a number of different questions in that question, Steven. Let me just start with 2025 because that's what we're talking through and what we have visibility to. So as you've seen from our bridge, we're expecting roughly a $50 million price/cost headwind for full year in '25. And clearly, we can't continue at that rate. So we're taking a lot of actions addressing cost structure, driving efficiency and simplification to more effectively manage the headwinds going forward. It still remains a dynamic market with tariffs still, I would put it in the dynamic bucket with potential changes ahead. We know what we need to do in order to drive mitigation, and that's going to be our focus and already is our focus this year. And I don't want to guide or commit to anything that we'd be thinking through next year. But clearly, we know that we have a lot of homework to be done and it is a challenged environment. We can see consumers are still being very discretionary on larger ticket items, especially what we see through our retail partners. There's hesitation based on affordability and uncertainty, and that's continuing putting additional pressure, obviously, on the price side of the equation. Operator: Next question comes from the line of Matthew Bouley of Barclays. Anika Dholakia: You have Anika Dholakia on for Matt today. So I wanted to start off. I'm wondering how sales trended through the quarter and into October as we saw some interest rate relief. And similarly, how has mix trended as you see relief on the rate side. I'm wondering if people are willing to mix up and more broadly, what you think is necessary to improve the mix dynamics? I know mix is positive this quarter, but maybe it was more so a function of lapping easier year-over-year comps. William Christensen: Yes. So let me take the first part. When we're thinking about kind of the rate -- the funds -- Fed funds rate decline and that trickling then down through. There's a couple of different dynamics. I mean there's huge pent-up demand. Obviously, there's a lot of home equity that's there but not being acted on because there is uncertainty. If we think about mortgage rates and where mortgage rates currently are and where they need to be to create some additional significant traction. I don't think we're yet at a point where we're going to see dramatic improvements. And again, you need to remember after the Fed funds rates decline, if it does flow through to the long end of the curve and mortgages are repriced, there is an expectation that doors and windows, especially if it's new construction or probably 6 to 9 months behind the start. So there clearly is a lag from rate reduction to products being purchased and built in to new homes. So don't expect a very close connect between rate reductions and volume increases on the new construction side of the business. I think in general, consumers still remain very cautious I said before to Steven's question, big ticket items are still very slow in the retail side of the business and the expectations are that this continues. We haven't seen a significantly different trend in October than we did through the third quarter. And so I think, to answer your question specifically, the Fed funds reductions did not move the needle for us in the month of October. Anika Dholakia: Understood. That's helpful. And then second, I'm just wondering, you lowered the revenue guide for core. It's now down 10% to 13% from prior 4% to 9%. It seems to be largely driven by volume and mix as you look at the '25 guidance bridge. So just going back to that mix point, if you can separate how much is volume given you lowered the end market assumptions for both new construction and retail? And then how much is mix? Samantha Stoddard: Yes. I can take that question. A very small portion of that is mix. I would say there's maybe small mix changes on the edges of some of the product groups. But we are expecting in the near-term, as Bill talked about, to be at a very low mix level. So we don't expect mix further down from where we are. But I mean, just in ballpark, I mean, it's more than 90% volume. It's a much bigger volume story than it is mix. Operator: I'd now like to hand the call back to James Armstrong for final remarks. James Armstrong: So thank you for joining our call today. If you have any questions, please reach out to me, and I'm happy to answer anything I can. This ends our call, and have a great day. Operator: Thank you for attending today's call. You may now disconnect. Goodbye. Before you buy stock in Jeld-wen, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Jeld-wen wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $496,473!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,216,605!* Now, it’s worth noting Stock Advisor’s total average return is 968% — a market-crushing outperformance compared to 202% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 4, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Jeld-Wen (JELD) Q3 2025 Earnings Transcript was originally published by The Motley Fool

CHARLOTTE, N.C., May 4, 2026 /PRNewswire/ -- JELD-WEN Holding, Inc. (NYSE: JELD) ("JELD-WEN" or the "Company") today announced results for the three months ended March 28, 2026. Comparability is to the same period in the prior year. First Quarter 2026 Highlights Net revenues of $722.1 million decreased (6.9%) in the first quarter driven by a decrease in Core Revenues of (10%) combined with a decrease in net revenues from the court-ordered divestiture of Towanda of (1%). These were partially offset by a favorable foreign exchange impact of 4%. The decline in Core Revenues was driven by a (10%) decrease in volume/mix. Net loss was ($76.8) million or ($0.90) per share, compared to net loss of ($190.1) million, or ($2.24) per share in the same quarter a year ago. Net loss in first quarter 2025 included $137.7 million in non-cash goodwill impairment charges. Operating loss margin was (7.6%) and (23.8%) for the quarters ended March 28, 2026 and March 29, 2025, respectively. Adjusted EBITDA was $6.1 million, a decrease of ($15.7) million compared to $21.9 million during the same quarter a year ago. Adjusted EBITDA Margin was 0.9%, a decrease of (190) basis points year-over-year due to unfavorable price/cost and volume/mix, partially offset by favorable productivity and lower SG&A expense. "First-quarter results were in line with our expectations as we continue to navigate the challenging demand environment and focus on service investments that improve how we support our customers," said Chief Executive Officer William J. Christensen. "We are seeing meaningful improvement in our delivery and consistency, and customers are beginning to recognize the difference. While there is more work to do, we believe these actions are positioning us for improved sales and earnings. At the same time, we remain focused on disciplined cost management, preserving cash, and strengthening liquidity." First Quarter 2026 Results Net revenues decreased ($53.9) million, or (6.9%), to $722.1 million in the quarter ended March 28, 2026, from $776.0 million in the quarter ended March 29, 2025. The decrease in net revenues was primarily driven by a decrease in Core Revenues of (10%) and a decrease in net revenues from the court-ordered divestiture of Towanda of (1%). The decline in Core Revenues was driven by a (10%) decrease in volume/mix. Net loss was ($76.8) million in the first quarter 2026, compared to a net loss of ($190.1) million in the first quarter 2025. Net loss in the quarter ended March 29, 2025, included $137.7 million in non-cash goodwill impairment charges. Adjusted Net Loss for the three months ended March 28, 2026, was ($43.3) million, a decrease of ($29.1) million compared to Adjusted Net Loss of ($14.2) million in the same quarter a year ago. Net loss per share for the quarter ended March 28, 2026, was ($0.90), compared to a net loss per share of ($2.24) for the quarter ended March 29, 2025. Adjusted EPS for the three months ended March 28, 2026, was ($0.50) compared to ($0.17) in the three months ended March 29, 2025. Adjusted EPS for the first quarter 2026, excludes net after-tax charges of $33.5 million, or $0.39 per diluted share. Adjusted EPS for the first quarter 2025 excludes net after-tax charges of $175.9 million or $2.07 per diluted share, mainly associated with a non-cash goodwill impairment in our North America segment. Adjusted EBITDA was $6.1 million, a decline of ($15.7) million compared to $21.9 million during the same quarter a year ago. Adjusted EBITDA Margin was 0.9%, a decrease of (190) basis points in the first quarter 2026, due to unfavorable price/cost and volume/mix, partially offset by favorable productivity and lower SG&A. On a segment basis for the first quarter 2026, compared to the same quarter a year ago: North America - Net revenues decreased ($77.8) million, or (14.7%), to $452.7 million in the three months ended March 28, 2026, from $530.6 million in the three months ended March 29, 2025. The decrease was primarily due to a decrease in Core Revenues of (14%) and a decrease in net revenues from the court-ordered divestiture of Towanda of (1%). The decrease in Core revenues was driven by a (13%) decline in volume/mix and by a (1%) decline in pricing. Net loss was ($35.0) million, an increase of $126.3 million year-over-year. Adjusted EBITDA in North America decreased ($11.9) million, or (76.7%), to $3.6 million in the three months ended March 28, 2026, from $15.5 million in the three months ended March 29, 2025. The decrease was primarily due to negative price/cost and unfavorable volume/mix, partially offset by higher productivity and lower SG&A. Europe - Net revenues increased $24.0 million, or 9.8%, to $269.4 million in the three months ended March 28, 2026, from $245.4 million in the three months ended March 29, 2025. The increase was primarily due to a favorable foreign exchange impact of 12%, partially offset by a decrease in Core Revenues of (2%). Core Revenues decreased primarily due to unfavorable volume/mix of (4%), partially offset by a 2% benefit from price realization. Net loss was ($10.1) million, a decline of ($6.6) million year-over-year. Adjusted EBITDA in Europe decreased ($3.6) million, or (33.6%), to $7.1 million in the three months ended March 28, 2026, from $10.7 million in the three months ended March 29, 2025. The decrease was primarily due to unfavorable volume/mix, partially offset by favorable productivity. Cash Flows Net cash used in operating activities was ($91.2) million in the three months ended March 28, 2026, compared to ($83.5) million in the three months ended March 29, 2025, an increase of ($7.7) million. The change in cash flows from operating activities was primarily due to the increase in earnings of $113.3 million, inclusive of ($137.7) million in non-cash goodwill impairment charges related to our North America reporting unit in the prior year and a $12.8 million increase in net cash used in our working capital accounts. The impact of accounts receivable, net, was unfavorable by ($13.0) million for the three months ended March 28, 2026, compared to the same period in 2025, primarily driven by higher sales at the end of the current quarter. Accounts payable had a favorable impact of $26.2 million, mainly due to higher inventory purchases. Inventories had an unfavorable impact of ($26.0) million, primarily reflecting increased material purchases. Capital expenditures in the three months ended March 28, 2026, decreased by $15.9 million to $26.1 million, down from $42.0 million in the three months ended March 29, 2025. Free Cash Flow used in the three months ended March 28, 2026, was ($117.3) million, compared to Free Cash Flow used in the three months ended March 29, 2025, of ($125.4) million. This does not include the impact of proceeds of $112.1 million from the court-ordered divestiture of our Towanda facility, which was completed in the first quarter of 2025. Updated Full Year 2026 Guidance JELD-WEN is updating 2026 revenue guidance to a range of $3.05 to $3.2 billion from the previous range of $2.95 to $3.1 billion. This updated range reflects a year-over-year decline in Core Revenues of approximately (3%) to (6%) compared to 2025 and a foreign exchange benefit of approximately $50 million. Additionally, the Company continues to expect its Adjusted EBITDA to be in the range of $100 to $150 million, unchanged from previous guidance, reflecting significant cost reductions, partially offset by continued volume pressure. The Company expects 2026 operating cash flow to generate approximately $40 million. Conference Call Information JELD-WEN management will host a conference call on May 5, 2026, at 8 a.m. ET, to discuss the Company's financial results. Interested investors and other parties can access the call either via webcast by visiting the Investor Relations section of the Company's website at https://investors.jeld-wen.com, or by dialing 888-596-4144 from the United States or +1-646-968-2525 internationally and using ID 4067832. A slide presentation highlighting the Company's results is available on the Investor Relations section of the Company's website. For those unable to listen to the live event, a webcast replay will be available approximately two hours following completion of the call. To learn more about JELD-WEN, please visit the Company's website at https://investors.jeld-wen.com. About JELD-WEN Holding, Inc. JELD-WEN Holding, Inc. (NYSE: JELD) is a leading global designer, manufacturer and distributor of high-performance interior and exterior doors, windows, and related building products serving the new construction and repair and remodeling sectors. Based in Charlotte, North Carolina, JELD-WEN operates facilities in 14 countries in North America and Europe and employs approximately 13,900 associates dedicated to bringing beauty and security to the spaces that touch our lives. The JELD-WEN family of brands includes JELD-WEN® worldwide, LaCantina® and VPI™ in North America, and Swedoor® and DANA® in Europe. For more information, visit corporate.JELD-WEN.com or follow us on LinkedIn. Investor Relations Contact: James Armstrong Vice President, Investor Relations 704-378-5731 [email protected] Media Contact: JELD-WEN Holding, Inc. Melissa Farrington Vice President, Enterprise Communications 262-350-6021 [email protected] Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "plan," "possible," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts are forward-looking statements, including statements regarding our business strategies and ability to execute on our plans, market potential, future financial performance, customer demand, the potential of our categories, brands and innovations, the impact of our strategic transformation journey, footprint rationalization, cost reduction and modernization initiatives, the impact of acquisitions and divestitures on our business and our ability to maximize value and integrate operations, our pipeline of productivity projects, the estimated impact of tax reform on our results, geopolitical and economic uncertainty, security breaches and other cybersecurity incidents, impacts on our business from weather and climate change, our current level of indebtedness, litigation outcomes, and our expectations, beliefs, plans, objectives, prospects, assumptions, or other future events, all of which involve risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks and uncertainties and other factors, please refer to our Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q filed in 2026 and our other filings with the U.S. Securities and Exchange Commission. The forward-looking statements included in this release are made as of the date hereof, and we undertake no obligation to update any forward-looking statements, except as required by law. Non-GAAP Financial Information This press release presents certain "non-GAAP" financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Loss, Adjusted EPS, Free Cash Flow, and Net Debt Leverage. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). A reconciliation of non-GAAP financial measures used in this press release to their nearest comparable GAAP financial measures is included in the tables at the end of this press release. The Company provides certain guidance solely on a non-GAAP basis because the Company cannot predict certain elements that are included in certain reported GAAP results. While management cannot provide a reconciliation of items for forward-looking non-GAAP measures without unreasonable effort, management bases the estimated ranges of non-GAAP measures for future periods on its reasonable estimates of certain items such as assumed effective tax rate, assumed interest expense, and other assumptions about capital requirements for future periods. Although the Company believes the assumptions reflected in the range of its 2026 guidance are reasonable, actual results could vary substantially given the uncertainty regarding the future performance of the global economy, ongoing geopolitical conflicts, disruptions in supply chains, and changes in raw material prices and other costs as well as other risks and uncertainties, including those described below. In addition, the guidance ranges provided for 2026 do not include the impact of potential acquisitions or divestitures. The variability of these items may have a significant impact on our future GAAP results. Other companies may compute these measures differently. The non-U.S. GAAP information has limitations as an analytical tool and should not be considered in isolation from or as a substitute for U.S. GAAP information. It does not purport to represent any similarly titled U.S. GAAP information and is not an indicator of our performance under U.S. GAAP. We present several financial metrics in "Core" terms, which exclude the impact of foreign exchange, acquisitions and divestitures completed in the last twelve months. We define Core Revenues as net revenues excluding the impact of foreign exchange, and acquisitions and divestitures completed in the last twelve months. The use of "Core" metrics assists management, investors, and analysts in understanding the organic performance of the operations. We use Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Loss, and Adjusted EPS because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes Adjusted EBITDA and Adjusted EBITDA Margin are helpful in highlighting trends because they exclude certain items outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. We use Adjusted EBITDA and Adjusted EBITDA Margin to measure our financial performance in reporting our results to our Board of Directors. Further, our executive incentive compensation is based in part on Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income as a measure of financial performance or to cash flows from operations as a liquidity measure. We define Adjusted EBITDA as income (loss), net of tax, adjusted for the following items: income tax expense (benefit); depreciation and amortization; interest expense (income), net; and certain special items consisting of non-recurring net legal and professional expenses and settlements; goodwill impairment; restructuring and asset-related charges, net; M&A related costs, net; net gain on sale of business, property and equipment; loss on extinguishment and refinancing of debt; share-based compensation expense; and other special items. We use Adjusted EBITDA because we believe this measure assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Adjusted Net Loss represents loss adjusted for the after-tax impact of (i) certain special items used to calculate Adjusted EBITDA as described above and (ii) accelerated amortization of an ERP that we are no longer utilizing after we completed our related obligations under the JW Australia Transition Services Agreement. Where applicable, the specifically identified items are tax effected at the applicable jurisdictional tax rate and tax expense is adjusted to remove the effect of discrete tax items. Adjusted EPS represents loss per diluted share adjusted to exclude the estimated per share impact of the same specifically identified items used to calculate Adjusted Net Loss as described above. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of net revenues. We present Free Cash Flow because we believe this metric assists investors and analysts in determining the quality of our earnings. Free Cash Flow is defined as net cash used in operating activities less capital expenditures (including purchases of intangible assets). Free Cash Flow should not be considered as an alternative to net cash used in operating activities as a liquidity measure. We also present Net Debt Leverage because it is a key financial metric that is used by management to assess the balance sheet risk of the Company. We define Net Debt Leverage as Net Debt (total principal debt outstanding less unrestricted cash) divided by Adjusted EBITDA for the last twelve-month period. Due to rounding, numbers presented throughout this release may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. View original content to download multimedia:https://www.prnewswire.com/news-releases/jeld-wen-reports-first-quarter-2026-results-and-updates-full-year-guidance-302761463.html