Jeld-wen Holding, Inc. · NYSE:JELD
Jeld-wen — Q1 2025 Earnings Presentation
24 slides from Jeld-wen's earnings presentation, May 6, 2025
Slide 1: First Quarter 2025 Results
First Quarter 2025 Results May 6, 2025
Slide 2: Speakers
Speakers Bill Christensen CEO Samantha Stoddard CFO
Slide 3: Disclosures
Disclosures Certain statements in this presentation, including our guidance and business strategies, are forward- looking statements that involve risk, uncertainty and assumptions, and are based on information as of May 6, 2025. Actual results may differ materially from those set forth in such state
Slide 4: First Quarter 2025 Highlights
First Quarter 2025 Highlights First Quarter 2025 ▪ Sales of $776 million ▪ Adjusted EBITDA of $22 million ❑ 2.8% of Sales ▪ Transformation cost measures on track MARKET UNCERTAINTY IMPACTING FY OUTLOOK 4
Slide 5: Q1 2025 Financial Results
Q1 2025 Financial Results
Slide 6: Q1 2025 Financial Summary
Q1 2025 Financial Summary USD in Millions Net Revenue Adjusted EBITDA Adjusted EBITDA Margin -440 bps -19% -68% $959 $69 7.2% $776 $22 2.8% Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Core Revenue down (15%) driven Volume / mix challenges driving lower earnings by lower volume / mix MACROECONOMI
Slide 7: Q1 2025 Revenue Bridge
Q1 2025 Revenue Bridge USD in Millions $959 $5 ($149) $776 ($29) ($10) Core Revenue (15%) Q1 2024 Price Volume / Mix Divestiture Foreign Exchange Q1 2025 LOWER VOLUME / MIX FROM PERSISTING MARKET HEADWINDS 7
Slide 8: Q1 2025 Adjusted EBITDA Bridge
Q1 2025 Adjusted EBITDA Bridge USD in Millions $69 ($5) $13 $22 ($39) ($5) ($10) Adj. Margin Adj. Margin 7.2% 2.8% Q1 2024 Price / Cost Volume / Mix Productivity SG&A / Other Divestiture Q1 2025 Income Note: Amounts do not foot due to rounding LOWER VOLUME/MIX OFFSETS COST SAVINGS MEASURES 8
Slide 9: Q1 2025 Segment Results
Q1 2025 Segment Results USD in Millions Q1 2024 Q4 2024 Segment Highlights North America Q1 2025 (Prior Year) (Previous Quarter) Net Revenue $531 $680 $640 ▪ Lower volume / mix Adjusted EBITDA $16 $61 $42 - North America down (18%) Adjusted EBITDA margin 2.9% 9.0% 6.6% • Mainly driven by volume - Eu
Slide 10: Potential Impact of Tariffs
Potential Impact of Tariffs USD in Millions – Tariffs as of April 29th 2024 North America Direct Percent of Material Costs By Country With Exposure to Tariffs Material Costs Exposed to Tariffs 7% Tier 1 8% 5% Tier 2 5% 87% No Exposure ▪ Annualized tariff impact: ~$55M - Approx. $30M in 2025 1% - Exp
Slide 11: Outlook
Outlook
Slide 12: Actions to Address Current Market Conditions
Actions to Address Current Market Conditions ▪ Actively reducing lead times to customers ▪ Addressing new builder needs in changing market ▪ Balancing headcount with market demand PROACTIVELY ADJUSTING TO MARKET DYNAMICS 12
Slide 13: Outlook
Outlook ▪ Expect Q2 Adjusted EBITDA to be slightly better seasonally compared to Q1 ▪ CAPEX to remain elevated at ~$150 million TARIFF IMPACT ON DEMAND STILL UNKNOWN 13
Slide 14: Service Level Improvement Network
JELD-WEN In 2025 Service Level Network Investing to Improvement Optimization Reduce Costs IN THE NEXT PHASE OF OUR TRANSFORMATION 14
Slide 15: Appendix
Appendix
Slide 16: Q1 2025 Net Revenue Walk
Q1 2025 Net Revenue Walk Q1 2025 JELD-WEN North America Europe Price 1% 1% 1% Volume / Mix (16%) (18%) (10%) Core Revenue Growth (15%) (17%) (9%) FX (1%) (1%) (3%) Divestiture (3%) (4%) -% Total (19.1%) (22.0%) (12.1%) 16
Slide 17: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow USD in Millions Cash Flow Q1 2025 Q1 2024 Net cash used in operating activities ($83) ($11) Capital Expenditures(1) ($42) ($35) Free Cash Flow(2) ($125) ($46) Balance Sheet March 29, 2025 December 31, 2024 Total Debt $1,182 $1,183 Cash $132 $150 Net Debt(3) $1,050 $1,033
Slide 18: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation USD in Millions Three Months Ended March 29, 2025 March 30, 2024 Loss, net of tax $ (179.8) $ (27.7) (1) Special items: Net legal and professional expenses and settlements 11.9 17.2 Goodwill impairment 124.6 — Restructuring and asset-related charges 14.5 18.1 M&A r
Slide 19: Adjusted Net Income Per Share Reconciliation
Adjusted Net Income Per Share Reconciliation Three Months Ended March 29, 2025 March 30, 2024 Diluted loss per share $ (2.12) $ (0.32) (1) Special items: Net legal and professional expenses and settlements 0.14 0.20 Goodwill impairment 1.47 — Restructuring and asset-related charges 0.17 0.21 M&A rel
Slide 20: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation USD in Millions Three Months Ended March 29, 2025 March 30, 2024 Loss, net of tax $ (179.8) $ (27.7) Income tax expense (benefit) 3.4 (3.4) Depreciation and amortization(1) 27.3 41.4 Interest expense, net 14.9 15.7 Special items: Net legal and professional expenses and
Slide 21: Q1 2025 Segment Adjusted EBITDA Reconciliation
Q1 2025 Segment Adjusted EBITDA Reconciliation USD in Millions Three Months Ended March 29, 2025 Corporate and Total North America Europe Unallocated Consolidated Costs Loss, net of tax $ (150.9) $ (3.5) $ (25.4) $ (179.8) Income tax expense (benefit) 12.2 1.9 (10.6) 3.4 Depreciation and amortizatio
Slide 22: Q1 2024 Segment Adjusted EBITDA Reconciliation
Q1 2024 Segment Adjusted EBITDA Reconciliation USD in Millions Three Months Ended March 30, 2024 Corporate and Total North America Europe Unallocated Consolidated Costs Income (loss), net of tax $ 16.3 $ — $ (44.0) $ (27.7) Income tax expense (benefit) 7.4 2.9 (13.7) (3.4) Depreciation and amortizat
Slide 23: Q4 2024 Segment Adjusted EBITDA Reconciliation
Q4 2024 Segment Adjusted EBITDA Reconciliation USD in Millions Three Months Ended December 31, 2024 Corporate and Total North America Europe Unallocated Consolidated Costs Income (loss) from continuing operations, net of tax $ 0.1 $ 7.3 $ (75.8) $ (68.4) Income tax (benefit) expense (8.1) (7.7) 19.2
Slide 24: Full Year 2024 Segment Adjusted EBITDA Reconciliation
Full Year 2024 Segment Adjusted EBITDA Reconciliation USD in Millions Year Ended December 31, 2024 Corporate and Total North America Europe Unallocated Consolidated Costs Income (loss) from continuing operations, net of tax $ 82.8 $ (64.3) $ (206.1) $ (187.6) Income tax expense (benefit) 18.7 8.1 (1