Owens Corning Inc · NYSE:OC
Owens Corning — Zelman Housing Summit – Boston 2025
31 slides from Owens Corning's conference presentation, Sep 12, 2025
Slide 1: Owens Corning Q3 2025 Investor Presentation
OWENS CORNING Q3 2025 INVESTOR PRESENTATION This presentation shared at the following event: 09/12/25 Zelman Housing Summit – Boston TM Todd Fister, Chief Financial Officer
Slide 2: Forward-Looking Statements and Non-GAAP Measures
FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES This presentation and the associated remarks contain forward-looking statements. We caution you against relying on these statements as they are subject to risks, uncertainties and other factors and actual results may differ materially from those resul
Slide 3: A Focused Building Products Leader
A FOCUSED BUILDING PRODUCTS LEADER Reshaped with over 50% Repair & Remodel exposure 2024 PROFORMA REVENUE REVENUE BY END MARKET REVENUE BY GEOGRAPHY $10.6B 35% 7% Non-Discretionary R&R 10% Rest of World 17% Residential R&R 1% Europe New Residential Canada & Mexico Non-Residential 24% 82% United Stat
Slide 4: Profitability Outperforming Our Peers and the Market
PROFITABILITY OUTPERFORMING OUR PEERS AND THE MARKET ADJUSTED EBITDA1 MARGIN PERFORMANCE VS. PEERS OC ADJ EBITDA 25% 25% 2021 PEERS AVERAGE INVESTOR DAY ADJ EBITDA 22% 20% 15% 10% 2019 2020 2021 2022 2023 2024 Source: S&P Capital IQ Peers defined as Carlisle (CSL), Fortune Brands Innovations (FBIN),
Slide 5: Higher Structural Margins and More Resilient Earnings
HIGHER STRUCTURAL MARGINS AND MORE RESILIENT EARNINGS TOTAL OC ADJUSTED EBITDA MARGIN MID-20% AVERAGE 20%-27% RANGE ROOFING INSULATION DOORS 30% average EBITDA margin 24% average EBITDA margin Path to 20% EBITDA margin 27%-35% EBITDA margin range 20%-27% EBITDA margin range 13%-22% EBITDA margin ran
Slide 6: High Performing Building Products Leader
HIGH PERFORMING BUILDING PRODUCTS LEADER FINANCIAL TARGETS TO STRATEGIC PRIORITIES OUTPERFORM THE MARKET Strengthen our market $12.5B Mid-20% leading positions revenue adjusted EBITDA by 2028 margin sustained Leverage TM enterprise scale and capabilities $5B+ Mid-teens+ 2025-2028 return on Extend cu
Slide 7: Reshaped and Focused the Company
RESHAPED AND FOCUSED THE COMPANY 2021-2022 2023 2024-2025 ORGANIC • Nonwovens mat • Laminate shingle line • Fiberglass line GROWTH & coating plant • XPS Foamular plant • Shingle plant ® • WearDeck STRATEGIC • Natural Polymers ACQUISITIONS • FiberTeq Nonwovens • European DUCS • Protective packaging •
Slide 8: Consistently Executing Commercial & Operational Playbook
CONSISTENTLY EXECUTING COMMERCIAL & OPERATIONAL PLAYBOOK CONTINUOUS INVESTING IN OPERATIONAL Organic growth IMPROVING GROWTH EFFICIENCY IMPROVING PRODUCT MIX MARKET ✓ Improving network Higher, more resilient earnings POSITION & footprint and ✓ Expanding CUSTOMER capacity to flexibility MIX ✓ Convers
Slide 9: Consistent and Disciplined Execution of Our Strategy
CONSISTENT AND DISCIPLINED EXECUTION OF OUR STRATEGY REVENUE ($B) ADJUSTED EBITDA MARGIN (%) FREE CASH FLOW ($B) Enterprise revenue Sustainable 20%+ Significant annual CAGR of ~9% EBITDA margins FCF generation $11.0 $10.6 25% $1.3 $1.2 $1.2 23% 24% $1.1 $9.8 $9.7 22% $8.5 18% $6.4 $0.5 2015- 2021 20
Slide 10: Capital Allocation Strategy Creates Shareholder Value
CAPITAL ALLOCATION STRATEGY CREATES SHAREHOLDER VALUE DISCIPLINED CAPITAL ALLOCATION STRATEGY FREE CASH FLOW ALLOCATION Maintain investment grade balance sheet targeting 2- 3x net debt to adjusted EBITDA leverage Invest to strengthen our market leading positions 50% FCF to shareholders target over t
Slide 11: Leading Technology & Sustainability Position
LEADING TECHNOLOGY & SUSTAINABILITY POSITION DIGITAL TOOLS TO HELP OUR PRODUCT AND PROCESS INNOVATION SUSTAINABILITY IMPACT CUSTOMERS WIN AND GROW Increase the positive impact of our products Customer-inspired product innovation Contractor selling tools Reduce the negative impact of our >150 new or
Slide 12: The New Owens Corning: Built to Outperform
THE NEW OWENS CORNING: BUILT TO OUTPERFORM EV/2025E ADJ. EBITDA 24x FINANCIAL TARGETS TO OUTPERFORM THE MARKET Revenue OC Adj. EBITDA 20x margin range $12.5B Mid-20% 16x revenue adjusted EBITDA by 2028 margin sustained 12x OC 2015 $5B+ Mid-teens+ 8x 2025-2028 return on cumulative capital OC 2025 FCF
Slide 13: Roofing Segment Overview
ROOFING SEGMENT OVERVIEW FINANCIAL PERFORMANCE SHINGLES COMPONENTS ASPHALT NONWOVENS Revenue ($b) EBITDA margin (%) $4.5 35% Thousands 30% 25% $3.0 20% $4.6 $4.7 MARKET-LEADING POSITION IN AN ATTRACTIVE MARKET; non- $3.7 $4.0 15% $1.5 $3.2 10% discretionary re-roof demand with shift to higher value
Slide 14: Market-Leading Position in an Attractive Roofing Market
MARKET-LEADING POSITION IN AN ATTRACTIVE ROOFING MARKET SIGNIFICANT OC SHINGLE VOLUME COMES U.S. ASPHALT SHINGLE MARKET LAMINATE SHINGLES VS. STRIP SHINGLES THROUGH OCCN (MM, SQUARES)1 (%)1 Duration® Mix Re-Roof New Construction Laminates Strips >26,000 OCCN Members CONTRACTORS 159 157 160 148 136 1
Slide 15: Insulation Segment Overview
INSULATION SEGMENT OVERVIEW FINANCIAL PERFORMANCE Revenue ($b) EBITDA margin (%) N.A. RESIDENTIAL N.A. NON-RESIDENTIAL EUROPE $4.0 25% Thousands $3.0 20% 15% $2.0 $3.7 $3.7 $3.9 $3.8 $3.2 10% INDUSTRY-LEADING BUSINESS IN ATTRACTIVE, GROWING MARKETS $1.0 5% Energy efficiency and product attributes dr
Slide 16: Attractive Long-Term Secular Trends in Insulation
ATTRACTIVE LONG-TERM SECULAR TRENDS IN INSULATION NORTH AMERICA RESIDENTIAL NORTH AMERICA NON-RESIDENTIAL EUROPE Codes drive more Diverse portfolio in Energy efficiency changing insulation in homes growth markets construction practices ~30% 39% >25% more lbs. per home of commercial building spend of
Slide 17: Doors Segment Overview
DOORS SEGMENT OVERVIEW A DIFFERENTIATED MANUFACTURER OF INNOVATIVE DOORS AND RESIDENTIAL RESIDENTIAL LUXURY COMPONENTS DOOR SYSTEMS in attractive categories INTERIOR EXTERIOR EXTERIOR DRIVING A WINNING COST POSITION through synergy capture and network optimization VERTICALLY INTEGRATED across compon
Slide 18: Accelerating Doors Growth Through a Unique Go-to-Market Strategy
ACCELERATING DOORS GROWTH THROUGH A UNIQUE GO-TO-MARKET STRATEGY HOME CENTERS WINNING DIFFERENTIATORS • Brand matters: OC a top retail partner REVENUE SYNERGIES AND PRODUCT • Dedicated account teams, integrated Prehung across categories INNOVATION TO systems ENHANCE ORGANIC • Win with unparalleled c
Slide 19: Multiple Paths for Value Creation in Doors
MULTIPLE PATHS FOR VALUE CREATION IN DOORS OC DOORS EBITDA PERFORMANCE (%) 22% MARGIN DRIVERS OF IMPROVEMENT BENEFIT 18% 13% Near-term synergy realization 250 bps Ongoing cost optimization 250 bps Q1 2025 MID- LONG- TOTAL STRUCTURAL IMPROVEMENT 500 bps EBITDA TERM TERM Improved market conditions and
Slide 20: Appendix A: Glass Reinforcements
APPENDIX A: GLASS REINFORCEMENTS
Slide 21: Glass Reinforcements Strategic Review Completed
GLASS REINFORCEMENTS STRATEGIC REVIEW COMPLETED Owens Corning signed a definitive agreement to sell its GR business to Praana Group for an enterprise value of $755mm with expected after-tax net proceeds of approximately $360mm, anticipated to close in 2025 2024 revenue of ~$1.1b with long-term EBITD
Slide 22: Appendix B: Additional Financial Information
APPENDIX B: ADDITIONAL FINANCIAL INFORMATION
Slide 23: B: Key Financial Data – Businesses
APPENDIX B: KEY FINANCIAL DATA – BUSINESSES Owens Corning* Roofing Insulation Doors ($ in millions) Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Net sales 2,747 2,497 1,303 1,252 934 974 554 311 EBITDA* 703 678 457 437 225 246 75 61 EBITDA* as % of net sales 26% 27% 35% 35% 24% 25
Slide 24: B: Key Financial Data – Disaggregated Revenue
APPENDIX B: KEY FINANCIAL DATA – DISAGGREGATED REVENUE Three Months Ended June 30, 2025 ($ in millions) Disaggregation Categories Roofing Insulation Doors Eliminations Consolidated North America Residential $ 1,128 $ 346 $ 489 $ (40) $ 1,923 North America Non-Residential 118 373 - (3) 488 Total Nort
Slide 25: C: Non-GAAP Reconciliations
APPENDIX C: NON-GAAP RECONCILIATIONS
Slide 26: C: Non-GAAP Reconciliation – Table 1
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 1 26
Slide 27: C: Non-GAAP Reconciliation – Table 2
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 2 27
Slide 28: C: Non-GAAP Reconciliation – Table 3
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 3 28
Slide 29: C: Non-GAAP Reconciliation – Table 4
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 4 29
Slide 30: C: Non-GAAP Reconciliation – Table 5
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 5 30
Slide 31: C: Non-GAAP Reconciliation – Table 6
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 6 31