JELD-WEN Holding, Inc.

Thank you and good morning. We issued our third quarter 2025 earnings release last night and posted a slide presentation to the investor relations portion of our website, which can be found at investors.jeldwin.com. We will be referencing this presentation during our call. Today, I am joined by Bill Christensen, Chief Executive Officer, and Samantha Stoddard, Chief Financial Officer. Before I turn it over to Bill, I would like to remind everyone that during this call, we will make certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties, including those set forth in our earnings release and provided in our Forms 10-K and 10-Q filed with the SEC. gentlemen does not undertake any duty to update forward-looking statements, including the guidance we are providing with respect to certain expectations for future results. Additionally, during today's call, we will discuss non-GAAP measures which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for the results prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to their most directly comparable financial measures calculated under GAAP can be found in our earnings release and in the appendix of our earnings presentation. With that, I would like to now turn the call over to Bill.

Thank you, James, and good morning, everyone. Before we begin, I want to once again recognize our entire team for their ongoing commitment and continued hard work in what has remained a challenging environment. The past quarter has tested our organization in many ways. I'm grateful for the dedication, resilience, and collaboration shown across every part of Jeldwin. It is because of their continued efforts that we remain able to navigate this environment and position the company for long-term success. The third quarter, both in Europe and North America, was marked by further softening in market conditions and an overall degradation in demand trends. While we had anticipated stability at low levels, both new construction and repair and remodel activity weakened further. We also faced operational challenges that limited our ability to capture additional market share with customer orders coming in below expectations. As a result, our performance fell short of our plans and we are taking clear actions to address the areas that need improvement, strengthen execution, and ensure that we are better aligned with the current market conditions. We continue to experience price-cost headwinds across several areas of the business. Inflation in both labor and materials has persisted, and given current market dynamics, we have seen some pushback on both tariff-related pricing actions and pricing increases to offset market inflation. These factors have created additional short-term margin pressure, which we are actively working to offset through cost reductions, operational efficiencies, and focused performance improvement initiatives. Importantly, we remain confident that the steps we are taking will help us better balance our cost structure with current demand while protecting our long-term strategic priorities. Turning now to slide four and our third quarter highlights. The quarter reflected a more difficult backdrop than anticipated, driven by softening demand and continued inflationary pressure. In response, we are taking meaningful actions to address our cost base including approximately 11% reduction of North America and corporate headcount. Additionally, we are preserving liquidity while continuing to advance our transformation efforts. As part of that work, we are announcing a strategic review of our European business, evaluating all potential alternatives to strengthen our balance sheet and sharpen our strategic focus. While the process is in its early stages and there is nothing further to announce at this time, we believe this review will allow us to effectively address our upcoming maturities and enhance our long-term balance sheet flexibility. We are also evaluating additional options around smaller non-core assets, such as our distribution business and select sale leaseback transactions. but have nothing specific to announce at this point in time. Our liquidity position remains strong with approximately $100 million in cash and approximately $400 million of revolver availability. As a reminder, we have no debt maturities until December 2027. Importantly, Our only relevant covenant requires an approximate minimum of $40 million in total liquidity compared to our current position of approximately $500 million. We also continue to strengthen the North American team with the addition of Rachel Elliott as EVP of North America. Rachel brings broad experience from her time with other notable building products companies, and we are excited to have her join the organization. While the near-term environment remains uncertain, we continue to focus on what we can control, improving execution, strengthening operations, and ensuring a strong financial foundation. These actions are designed to ensure that we remain well positioned to capture growth as market conditions improve. With that, I'll hand it over to Samantha to review our financial results in greater detail.

Thank you, Bill. Turning to slide six, as Bill mentioned, market conditions remain challenging throughout the quarter, and our results came in below our internal expectations. The shortfall primarily reflects softer market demand, operational challenges that limited our ability to capture incremental share as expected, and ongoing price and cost headwinds across several categories. Revenue for the quarter was $809 million. with core revenue down 10% year over year. This decline was driven mainly by lower volumes in both North America and Europe, as market softness more than offset the benefits from our cost reduction initiatives and productivity efforts. Adjusted EBITDA came in at $44 million, or 5.5% of sales, and was up sequentially from the prior quarter, although below prior year and below our expectations. The lower margin primarily reflected continued price-cost pressure, unfavorable volume, and staffing levels that were set in anticipation of market share gains that did not materialize. Turning to cash flow, earnings pressure and continued investment in transformation initiatives led to negative free cash flow in the quarter. That said, working capital performance remained disciplined, contributing modestly to liquidity despite the softer sales environment. our net debt leverage increased to 7.4 times, driven by lower year-over-year EBITDA rather than new borrowing. Reducing leverage remains a top priority for us. As part of that effort, we have initiated a strategic review of our European segment, aimed in part at addressing this elevated leverage and further strengthening our balance sheet. As shown on slide seven, The revenue decline this quarter was driven primarily by lower volumes, with core revenue down 10% year over year. The softness reflects continued market weakness and share loss, along with carryover from the loss of business with a Midwest retailer that occurred in the third quarter of last year. We also had a negative impact from the court-ordered divestiture of our Tawanda operations, which weighed on the year-over-year comparison. Product mix was slightly positive versus the prior year, but the benefit was not enough to offset the volume pressure. In a few moments, I will provide additional context on the market factors influencing our performance and how we are positioning the business for the remainder of the year. As shown on slide 8, adjusted EBITDA for the quarter was $44 million, a decline of about $38 million from the prior year. This reflects the continued softness in demand and the unfavorable price and cost environment that persisted throughout the quarter. Lower volumes were the main driver of the decline, as reduced production levels weighed on earnings and more than offset the benefits from our ongoing cost actions. Product mix was slightly positive, but the benefit was not enough to offset the volume deleverage from lower demand. At the same time, price and cost pressures remained significant, particularly as labor and material inflation continued to outpace our ability to recover pricing in the market. These factors led to a sequential decline in margins and further compressed profitability year over year. Even with these challenges, we continued to make steady progress on our transformation and cost reduction programs, which provided a partial offset to these headwinds. We also delivered additional savings within SG&A, reflecting disciplined expense control and execution of the cost actions we've put in place. Turning to our segment results on slide nine. In North America, revenue declined 19% year over year, with volume and mix down 13%. The decline was driven primarily by weaker market demand, while mix was slightly positive for the quarter. The remainder of the year-over-year decline reflects the court-ordered divestiture of our Tawanda operations. Adjusted EBITDA for North America was $38 million, compared with $75 million in the same quarter last year. The decrease was largely the result of lower volumes and operational inefficiencies associated with reduced manufacturing throughput, in addition to the price-cost challenges mentioned previously. These headwinds were partially offset by the benefits from our ongoing cost reduction and transformation initiative. In Europe, revenue increased 2% year over year, with volume and mix down 6%. As in North America, mix was slightly positive, but overall demand remained soft across several key markets. Adjusted EBITDA for Europe was $16 million, which was roughly flat compared to last year, as the benefits of productivity improvements and cost actions largely offset the impact of lower volumes. Before turning it back to Bill, I want to take a moment to address tariffs, which continue to be an area of focus. If you turn to slide 10, you'll see an overview of our current exposure under the most recent tariff framework. At current rates, we estimate the annualized impact of tariffs on our business to be around $45 million with roughly $17 million expected to materialize in our 2025 results. While the situation remains fluid, we've been largely successful in passing through tariff surcharges to most of our customers. However, in recent months, we've begun to experience greater resistance from some of our larger accounts, which has slightly tempered our overall recovery rate. From a sourcing perspective, Our exposure remains relatively modest. Approximately 13% of our combined Tier 1 and Tier 2 supplier spend is subject to potential tariff impact. As we have previously stated, direct sourcing from China represents less than 1% of our total material spend. Even when including Tier 2 exposure, China accounts for about 5% overall. This limited exposure positions us well relative to others in the industry. Overall, while the tariff environment remains uncertain, we're staying nimble in our approach, actively managing near-term impacts, and maintaining a disciplined focus on pricing and sourcing strategies that help mitigate cost pressures. With that, I'll turn it back over to Bill to discuss our updated market outlook and how we're positioning GELDWIN for the path ahead.