Owens Corning (OC) investor relations material

Executive summary

• Achieved 20 consecutive quarters with adjusted EBITDA margins at or above 20%, with Q2 2025 net sales of $2.75B, up 10% year-over-year, and adjusted EBITDA of $703M at a 26% margin.

• Net earnings from continuing operations were $334M in Q2 2025, up 30% year-over-year, with diluted EPS at $3.91 and adjusted EPS at $4.21.

• Strategic focus on North America and Europe, with the sale of China and Korea building materials business completed and glass reinforcements divestiture progressing.

• Masonite acquisition in May 2024 created a new Doors segment, significantly contributing to revenue and earnings.

• Returned $279M to shareholders in Q2 via dividends and share repurchases, with a $2B return targeted by 2026.

Financial highlights

• Q2 2025 net sales: $2.75B, up 10% year-over-year; adjusted EBITDA: $703M, margin 26%.

• Net earnings attributable to shareholders: $334M in Q2 2025, up from $256M in Q2 2024.

• Diluted EPS: $3.91 in Q2 2025, up from $2.91; adjusted EPS: $4.21.

• Free cash flow: $129M in Q2, down from $336M year-over-year due to higher capital additions and working capital timing.

• Returned $279M to shareholders in Q2 through $220M in share repurchases and $59M in dividends.

Outlook and guidance

• Q3 2025 revenue expected at $2.7B–$2.8B, slightly down to in line with prior year.

• Q3 adjusted EBITDA margin guidance: 23%–25%.

• Roofing: Q3 revenue growth low to mid-single digits; EBITDA margin similar to prior year (34%).

• Insulation: Q3 revenue to decline mid to high single digits; EBITDA margin expected in low 20% range.

• Doors: Q3 revenue to decline low to mid-single digits; EBITDA margin low double digits to low teens.