JELD-WEN Reports Second Quarter 2025 Results and Reinstates Full Year Guidance

JELD-WEN Holding, Inc. (“JELD-WEN” or the “Company”) announced results for the three and six months ended June 28, 2025. Comparability is to the same period in the prior year.

Second Quarter Highlights

• Net revenues of $823.7 million decreased (16.5%) in the second quarter driven by a decrease in Core Revenues of (13%) combined with a decrease in net revenues from the court-ordered divestiture of Towanda of (5%). These were partially offset by a favorable foreign exchange impact of 1%. The decline in Core Revenues was driven by a (14%) decrease in volume/mix, partially offset by a 1% benefit from price realization.
• Net loss from continuing operations was ($22.3) million or ($0.26) per share, compared to net loss from continuing operations of ($18.5) million, or ($0.22) per share, during the same quarter a year ago. Operating (loss) income margin was (1.7%) and 0.5% for the quarters ended June 28, 2025 and June 29, 2024, respectively.
• Adjusted EBITDA from continuing operations was $39.0 million, a decrease of ($45.8) million compared to $84.8 million during the same quarter a year ago. Adjusted EBITDA Margin from continuing operations was 4.7%, a decrease of (390) basis points in the second quarter due to unfavorable volume/mix, partially offset by favorable productivity and lower SG&A expense.

“While the second quarter brought continued challenges, we managed the uncertainty effectively, delivering cost reductions across the business,” said Chief Executive Officer William J. Christensen. “We are making steady progress improving quality and service, though we recognize there is more work ahead. That focus, combined with disciplined execution, is helping us navigate a still-uncertain macro environment. As always, we remain committed to meeting our customers’ needs and positioning the business for long-term success as demand returns to more normalized levels.”

Second Quarter 2025 Results

Net revenues for the three months ended June 28, 2025, were $823.7 million, a decrease of ($162.3) million, or (16.5%), compared to $986.0 million for the same period last year. The decrease in net revenues was primarily driven by a decrease in Core Revenues of (13%) and a decrease in net revenues from the court-ordered divestiture of Towanda of (5%). These were partially offset by a favorable foreign exchange impact of 1%. The decline in Core Revenues was driven by a (14%) decrease in volume/mix, partially offset by a 1% benefit from price realization.

Net loss from continuing operations was ($22.3) million in the second quarter, similar to a net loss from continuing operations of ($18.5) million in the same period last year. Adjusted Net Loss from continuing operations for the second quarter was ($3.4) million, a decrease of ($32.8) million compared to Adjusted Net Income from continuing operations of $29.4 million in the same period last year.

Net loss per share from continuing operations for the second quarter was ($0.26), compared to a net loss from continuing operations per share of ($0.22) in the same quarter last year. Adjusted EPS from continuing operations for the second quarter was ($0.04) compared to $0.34 in the same quarter last year. 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, associated mainly with costs to execute on the Company’s transformation journey. Adjusted EPS from continuing operations for the quarter ended June 29, 2024, excludes net after-tax charges of $47.9 million or $0.55 per diluted share.

Adjusted EBITDA from continuing operations was $39.0 million, a decline of ($45.8) million compared to $84.8 million during the same quarter last year. While we drove significant improvements from our transformation activities, these benefits were more than offset by the impact of lower sales, negative price/cost and the associated loss of productivity. Adjusted EBITDA Margin from continuing operations was 4.7%, a decrease of (390) basis points in the second quarter due to unfavorable volume/mix, partially offset by favorable productivity and lower SG&A.

On a segment basis for the second quarter of 2025, compared to the same period last year:

• North America – Net revenue was $555.7 million, a decline of ($154.9) million, or (21.8%), driven by a decrease in Core Revenues of (15%) and a decrease in net revenues from the court-ordered divestiture of Towanda of (7%). The decrease in Core revenues was driven by a (16%) decline in volume/mix due to weakened market demand, partially offset by a 1% benefit from price realization. Net income from continuing operations was $8.9 million, a decline of ($21.8) million year-over-year. Adjusted EBITDA from continuing operations was $34.7 million, a decline of ($40.9) million primarily due to unfavorable volume/mix, price/cost, and productivity, partially offset by lower SG&A.
• Europe – Net revenue was $268.1 million, a decline of ($7.4) million, or (2.7%), driven by a decrease in Core Revenues of (8%), partially offset by a favorable foreign exchange impact of 5%. Core Revenues decreased primarily due to unfavorable volume/mix of (10%) primarily due to market softness across the region, partially offset by a 2% benefit from price realization. Net loss from continuing operations was ($4.0) million, an increase of $1.1 million year-over-year. Adjusted EBITDA from continuing operations was $17.0 million, a decline of ($3.4) million primarily due to unfavorable volume/mix, partially offset by favorable productivity and price/cost.

Cash Flow

Net cash used in operating activities was ($48.9) million in the six months ended June 28, 2025, compared to cash provided by operating activities of $40.4 million in the six months ended June 29, 2024. The increase in net cash used in operating activities was primarily due to the decrease in earnings of ($165.4) million, inclusive of a $137.7 million non-cash goodwill impairment charge related to our North America reporting unit during the first quarter of 2025, and a $39.5 million increase in net cash used in our working capital accounts. The impact of accounts receivable, net of ($38.4) million was unfavorable in the six months ended June 28, 2025, compared to the six months ended June 29, 2024, which was primarily due to the decrease in sales outpacing the decrease in accounts receivable. The ($25.6) million unfavorable impact from accounts payable is primarily due to decreased inventory purchases in North America and lower payables for professional expenses associated with a transformation consultant when compared to the prior year. The $24.5 million favorable impact of inventory is primarily due to a reduction in purchases of materials in North America.

Capital expenditures in the six months ended June 28, 2025, increased by $2.0 million to $76.1 million, up from $74.1 million in the six months ended June 29, 2024. Free Cash Flow used in the six months ended June 28, 2025, was ($125.1) million, compared to Free Cash Flow used in the six months ended June 29, 2024, of ($33.8) million. This does not include the impact of the court-ordered divestiture of our Towanda facility proceeds of $110.7 million, which was completed in the first quarter of the current year.

Full Year 2025 Guidance Reinstatement and Update

JELD-WEN previously announced that it was not in a position to update its full-year 2025 outlook during its earnings call on May 6, 2025, given the uncertainties around the general economy following a number of significant tariff announcements from the federal government. While tariff uncertainty remains, the Company is reinstating and updating its full-year 2025 financial outlook.

JELD-WEN is providing its 2025 revenue guidance of $3.2 to $3.4 billion, which reflects a year-over-year decline in core revenues of approximately (4%) to (9%) compared to 2024. Additionally, the Company expects its Adjusted EBITDA to be in the range of $170 to $200 million, reflecting continued pressure from a competitive pricing and volume environment.

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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 16,000 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.

Contact:

Katie Lykins – Manager of External Communications – klykins@jeldwen.com – (704) 303-4720

Source: JELD-WEN Holding, Inc.