JELD-WEN Holding, Inc. Q1 FY2026 earnings call

Thanked teams across Jeldwin despite market pressure. Macro environment soft in Q1, expected improvement. Implemented pricing increases, expected to flow through in Q2+. Delivered quarter within expectations, managed volume environment. Adjusted EBITDA $6 million, cash in line. Focus on customer service, seeing service improvements like on-time, in-full rates. Strategic review of European business ongoing.

North America: First quarter revenue was $453 million compared to $531 million in the prior year. The year-over-year decline was driven primarily by lower volumes and the court-ordered Tawanda divestiture. Adjusted EBITDA for North America was $4 million compared to $16 million last year. An adjusted EBITDA margin declined to 0.8% from 2.9%. Europe: Revenue was $269 million, up from $245 million in the prior year, an increase of 10% year-over-year. Adjusted EBITDA for Europe was $7 million compared to $11 million last year, and adjusted EBITDA margin was 2.6 percent versus 4.3 percent in the prior year.

Increased net revenue outlook to $3.05 billion to $3.2 billion, up from prior range. Adjusted EBITDA range unchanged at $100 million to $150 million. Core revenue decline 3% to 6% year-over-year compared to 5% to 10% previously. Operating cash flow expected to be approximately $40 million and free cash flow use approximately $60 million.

Macro environment uncertainties. Higher cost pressure, especially freight. Pricing competitive in certain areas. Ongoing strategic review of European business has uncertainties.

John Lovello asked about Q2 EBITDA bridge, Samantha and Bill responded on seasonality, pricing, and cost controls. Susan McLarty asked about service levels and inflation, Samantha talked about standard work, OTIF, and inflation impact. Matthew Gouley asked about Europe demand, pricing, and productivity initiatives, Samantha and Bill responded on Europe stabilization, pricing, and productivity progress. Jeffrey Stevenson asked about on-time deliveries and divestitures, Bill and Samantha responded on service improvements, share position, and evaluation of other divestiture options.