Owens Corning Inc · NYSE:OC
Owens Corning — Wolfe Research Housing Conference 2025
34 slides from Owens Corning's conference presentation, Mar 14, 2025
Slide 1: Owens Corning Q1 2025 Investor Presentation
OWENS CORNING Q1 2025 INVESTOR PRESENTATION This presentation shared at the following events: 03/14/25 IR Roadshow Hosted by RBC – Boston Brian Chambers, Chair & Chief Executive Officer 03/05/25 Evercore ISI Housing & Building Products Symposium – New York Todd Fister, Chief Financial Officer 03/04/
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 Residential & Commercial Building Products Leader
A RESIDENTIAL & COMMERCIAL BUILDING PRODUCTS LEADER OWENS CORNING 2024 FINANCIAL PERFORMANCE1 $11.0b $2.7b 25% $1.2b 51% Return of cash to Revenue Adjusted EBITDA Adjusted EBITDA Free Cash Flow shareholders margin OWENS CORNING 2024 REVENUE: CORE BUILDING PRODUCTS REVENUE MIX: BY SEGMENT1 BY SEGMENT
Slide 4: Executing Our Enterprise Strategy for Growth
EXECUTING OUR ENTERPRISE STRATEGY FOR GROWTH ENTERPRISE STRATEGY “THE OC ADVANTAGE” KEY SECULAR TRENDS Strengthen position in core 1 products and markets High Premium on Performing living space Teams Expand into new product 2 Sustainability Product & adjacencies that leverage our Focus Process Innov
Slide 5: Strategic Choices Enhance Long-Term Performance
STRATEGIC CHOICES ENHANCE LONG-TERM PERFORMANCE TUCK-IN ORGANIC CAPACITY INVESTMENTS MASONITE FIBERGLASS LAMINATE ACQUISITIONS ACQUISITION CAPACITY CAPACITY WearDeck New laminate New nonwovens New XPS Expanded leadership New fiberglass New laminate Natural Polymers shingle line in plant in Foamular
Slide 6: A Leader in Branded Residential Building Products
A LEADER IN BRANDED RESIDENTIAL BUILDING PRODUCTS HIGHLY VALUED PRODUCTS AND BRANDS UNPARALLELED COMMERCIAL STRENGTH ProArmor® TruDefinition® ProPink® Synthetic Duration® Blown-in Insulation Underlayment Shingles Natural Polymers™ Builders WeatherLock®G Spray Foam Ice & Water Insulation Barrier ProE
Slide 7: A High Performing Building Products Leader
A HIGH PERFORMING BUILDING PRODUCTS LEADER REVENUE ($b) ADJUSTED EBITDA MARGIN (%) FREE CASH FLOW ($b) Enterprise revenue CAGR of ~9% 1 Sustainable 20%+ EBITDA margins Significant annual FCF generation of $1b+ $11.0 24% 25% $1.3 $1.2 $1.2 $9.8 $9.7 22% 23% $1.1 $8.5 18% $6.4 $0.5 2015-2020 2021 2022
Slide 8: Balanced Capital Allocation Strategy Creates Shareholder Value
BALANCED CAPITAL ALLOCATION STRATEGY CREATES SHAREHOLDER VALUE 2021-2024: RETURNED ~$3B OF CASH, INCREASED DIVIDEND >2X, AND REPURCHASED >20% SHARES OUTSTANDING CAPITAL ALLOCATION STRATEGY FREE CASH FLOW ALLOCATION Maintain investment grade balance sheet with flexibility to support growth and drive
Slide 9: Sustainability & Innovation Driving Enterprise Value
SUSTAINABILITY & INNOVATION DRIVING ENTERPRISE VALUE SUSTAINABILITY IMPACT INNOVATION IMPACT >150 Increase the Reduce the positive impact negative impact of our products of our operations New or improved products launched over the past 3 years1 Advance our Eliminate injuries and inclusion and improv
Slide 10: Roofing Segment Overview
ROOFING SEGMENT OVERVIEW FINANCIAL PERFORMANCE Revenue ($b) EBITDA margin (%) $4.5 35% Thousands Durable pull-through model with industry leading 30% 25% contractor network of over 26,000 members $3.0 20% $3.7 $4.0 $4.1 15% $1.5 $2.7 $3.2 10% Roofing components have accelerated growth 5% with margin
Slide 11: Roofing Demand Driven by Repair and Remodel
ROOFING DEMAND DRIVEN BY REPAIR AND REMODEL Non-discretionary repair U.S. ASPHALT SHINGLE MARKET in mm of squares • Aging housing stock • Economic factors: existing 159 157 160 home sales, home equity, 151 148 11 23 consumer income 18 13 30 30 25 28 31 Major storms & weather events 25 • 43mm square
Slide 12: Insulation Segment Overview
INSULATION SEGMENT OVERVIEW FINANCIAL PERFORMANCE Revenue ($b) EBITDA margin (%) $4.0 25% Thousands Attractive and diverse global businesses with $3.0 20% market-leading positions 15% $2.0 $3.7 $3.7 $3.7 $3.2 10% $2.6 $1.0 5% Ability to grow above the construction market $0.0 0% through demand for m
Slide 13: Technical and Global Insulation 2024 Revenues by End Market
TECHNICAL AND GLOBAL INSULATION 2024 REVENUES BY END MARKET 1 Commercial Industrial and other 2 3 Residential 4 1 Manufacturing and warehouse 2 Education, healthcare, and government 3 Office and retail 4 All other Note: Technical and Global building insulation includes pipe and flexible duct media i
Slide 14: Doors Segment Overview
DOORS SEGMENT OVERVIEW FINANCIAL PERFORMANCE1 Revenue ($b) Adj. EBITDA margin (%) $3.2 20% A leading designer and manufacturer of residential $2.4 15% interior and exterior doors and door systems $1.6 $1.4 10% $2.6 $2.9 $2.8 $2.3 $0.8 5% $1.0 Expanding product offering into complementary $0.0 0% adj
Slide 15: A Leader in Residential Doors and Door Systems
A LEADER IN RESIDENTIAL DOORS AND DOOR SYSTEMS OPPORTUNITY FOR GROWTH WITH R&R RECOVERY BROAD PRODUCT OFFERING Interior Exterior Residential Repair & Remodel Components Fleetwood Residential New Construction 2024 Doors revenue for the period May 15, 2024 through December 31, 2024 15 Source: Manageme
Slide 16: Appendix A: Nonwovens and Glass Reinforcements
APPENDIX A: NONWOVENS AND GLASS REINFORCEMENTS
Slide 17: A Leading Nonwovens Business Serves Building & Construction Market
A LEADING NONWOVENS BUSINESS SERVES BUILDING & CONSTRUCTION MARKET Residential Roofing Sheathing & Walls We are a global market leader in Asphalt Shingles Gypsum1 & insulation boards nonwovens, investing in capacity expansion Highly specified and customized products deliver customer value Unique man
Slide 18: 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 ~$1.1b with long-term EBITD
Slide 19: Appendix B: Additional Financial Information
APPENDIX B: ADDITIONAL FINANCIAL INFORMATION
Slide 20: B: Key Financial Data – Businesses
APPENDIX B: KEY FINANCIAL DATA – BUSINESSES Owens Corning* Roofing Insulation Doors Composites ($ in millions) Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Net sales 2,840 2,304 912 928 926 931 564 - 515 514 EBIT* 430 392 280 284 155 150 29 - 47 26 EBIT* as % of ne
Slide 21: B: Key Financial Data – Disaggregated Revenue
APPENDIX B: KEY FINANCIAL DATA – DISAGGREGATED REVENUE Three Months Ended December 31, 2024 ($ in millions) Disaggregation Categories Roofing Insulation Doors Composites Eliminations Consolidated U.S. residential $ 876 $ 401 $ 438 $ 116 $ (74) $ 1,757 U.S. commercial and industrial 28 203 - 179 (2)
Slide 22: Appendix C: Non-GAAP Reconciliations
APPENDIX C: NON-GAAP RECONCILIATIONS
Slide 23: Non-GAAP Reconciliation – Table 1
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 1 23
Slide 24: Non-GAAP Reconciliation – Table 2
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 2 24
Slide 25: Non-GAAP Reconciliation – Table 3
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 3 25
Slide 26: Non-GAAP Reconciliation – Table 4
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 4 26
Slide 27: Non-GAAP Reconciliation – Table 5
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 5 27
Slide 28: Non-GAAP Reconciliation – Table 6
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 6 28
Slide 29: Non-GAAP Reconciliation – Table 7
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 7 29
Slide 30: Non-GAAP Reconciliation – Table 8
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 8 30
Slide 31: Non-GAAP Reconciliation – Table 9
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 9 31
Slide 32: Non-GAAP Reconciliation – Table 10
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 10 32
Slide 33: Non-GAAP Reconciliation – Table 11
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 11 33
Slide 34: Non-GAAP Reconciliation – Table 12
APPENDIX C: NON-GAAP RECONCILIATION – TABLE 12 34
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