JELD-WEN Holding, Inc.

Second quarter net revenue was $818 million, compared with $824 million in Q2 2025, down 1% year over year. Adjusted EBITDA was $42 million versus $39 million last year, up 8%, and adjusted EBITDA margin improved to 5.2% from 4.7%, a 50-basis-point increase. On a segment basis, North America revenue was $529 million and adjusted EBITDA was $41 million with a 7.7% margin; Europe revenue was $289 million and adjusted EBITDA was $13 million. Free cash flow was a $28 million use of cash in the quarter, and net debt leverage was flat sequentially at 11.3x; the company also had $80 million drawn on its revolver. For 2026, JELD-WEN raised its net revenue outlook to $3.1 billion-$3.2 billion from $3.05 billion-$3.2 billion, raised adjusted EBITDA guidance to $120 million-$150 million from $100 million-$150 million, and now expects capex of about $85 million, operating cash flow of about $10 million, and free cash flow use of about $75 million.

Bill Christensen framed the quarter as progress in a still-soft demand environment, emphasizing better execution, stronger service, and disciplined cost control. He said OTIF recovered toward 90% and above after temporary disruptions, and that improved service is helping win back business and support a modestly better sales outlook than the midpoint of prior guidance. He also highlighted the strategic review of Europe and efforts to address near-term debt maturities while preserving liquidity and financial flexibility.

Samantha Stoddard emphasized that Q2 revenue declined 1% because lower volume mix was only partly offset by pricing and foreign exchange, while adjusted EBITDA improved to $42 million from $39 million on productivity gains and SG&A savings. She said price/cost was a $29 million headwind, driven by inflation that outpaced pricing, and noted North America EBITDA improved to $41 million while Europe EBITDA fell to $13 million on material cost inflation. On cash, she said free cash flow was a $28 million use due to working capital timing, leverage was 11.3x, and $80 million was drawn on the revolver to support seasonal working capital.

Analysts focused on service recovery, share gains, price/cost pressure, productivity, and tariffs. Management said OTIF dipped below 90% in North America because of wildfire-related shutdowns and freight issues but is already tracking back above 90%, with no significant negative customer feedback and some share recovery showing up in guidance. On price/cost, management said pricing is positive but being overwhelmed by inflation, especially freight and material costs, with Europe also seeing energy-related pressure. On tariffs, Samantha said the company received about $1 million in refunds in Q2 and expects a mid-single-digit million net benefit in Q3.