Jeld-Wen (JELD) investor relations material

Executive summary

• Q2 2025 net revenues were $823.7–$824 million, down 16–16.5% year-over-year, driven by lower demand, volume/mix, and the Towanda divestiture.

• Adjusted EBITDA for Q2 2025 was $39 million, a 54% decrease year-over-year, with a margin of 4.7%.

• Net loss from continuing operations for Q2 2025 was $21.5–$22.3 million, compared to $18.5 million in Q2 2024.

• The company reinstated full-year 2025 guidance, projecting revenue of $3.2–$3.4 billion and Adjusted EBITDA of $170–$200 million.

• Transformation and cost actions, including restructuring and facility closures, yielded tangible benefits but also significant non-recurring expenses.

Financial highlights

• Q2 2025 net revenue was $823.7–$824 million, down 16–16.5% from the prior year.

• Adjusted EBITDA dropped 54% year-over-year to $39 million, with margin decreasing from 8.6% to 4.7%.

• Free cash flow for the first half of 2025 was negative $125 million, compared to negative $34 million in the prior year.

• Gross margin for Q2 2025 was 17.4%, down from 19.3% year-over-year.

• Adjusted net loss from continuing operations for Q2 was $3.4 million, versus adjusted net income of $29.4 million in Q2 2024.

Outlook and guidance

• 2025 revenue guidance is $3.2–$3.4 billion, with core revenue expected to decline 4–9%.

• Adjusted EBITDA for 2025 is expected to be $170–$200 million, with continued pricing and volume pressure.

• Operating cash flow for 2025 is projected to be a $10 million use of cash; free cash flow near negative $150 million.

• CapEx for 2025 is projected at $150 million, with potential reduction in 2026 if market softness persists.

• Guidance assumes continued market softening, share loss, and price/cost declines to maintain volume.