Owens Corning Delivers Resilient First-Quarter Revenue and Margin Results from Continuing Operations While Completing Portfolio Shift to Branded Building Products Leader

TOLEDO, Ohio–(BUSINESS WIRE)–Owens Corning (NYSE: OC), a branded building products leader, today reported first-quarter 2026 results.

• Reported Net Sales from Continuing Operations of $2.3 Billion, a 10% Decrease from Prior Year

• Generated Net Earnings Margin from Continuing Operations of 2% and Adjusted EBITDA Margin from Continuing Operations of 16%

• Delivered Diluted EPS from Continuing Operations of $0.47 and Adjusted Diluted EPS from Continuing Operations of $1.22

• Produced Operating Cash Outflow of $154 Million and Free Cash Outflow of $387 Million

• Returned $63 Million to Shareholders through a Cash Dividend

“Our first-quarter results highlight our ability to deliver strong financial performance within current market conditions. This is driven by the strength of our team and the actions we have taken over the last several years to reshape the earnings profile of the company,” said Chair and Chief Executive Officer Brian Chambers. “With the sale of our glass reinforcements business complete, we are now well positioned to operate as a more integrated company and unlock additional cost efficiencies that can be reinvested to accelerate our growth as a branded building products leader. Executing the OC Advantages^TM across our three complementary businesses, we are focused on enhancing our market positions, helping our customers win and grow, and delivering additional value to shareholders.”

Enterprise Performance from Continuing Operations

Enterprise Strategy Updates

• In the first quarter, Owens Corning maintained a high level of safety performance with a recordable incident rate (RIR) of 0.46.

• Owens Corning completed the sale of its glass reinforcements business on April 30, 2026, advancing the company’s strategy to operate as a focused building products leader in North America and Europe and enhancing its capital efficiency. The company will realize cash proceeds from the transaction of approximately $280 million and expects to generate additional cash of approximately $50 million to $70 million from excess alloy sales over the next year. Proceeds will be used to fund organic growth initiatives and cash returns to shareholders. The sale positions the company to deliver higher, more resilient margins and cash flows in support of its capital allocation strategy.

Cash Returned to Shareholders

• Owens Corning returned $63 million to shareholders through a cash dividend. The company remains committed to returning $2 billion of cash to shareholders over 2025 and 2026 through dividends and share repurchases. At the end of the quarter, 12.5 million shares were available for repurchase under the current authorizations.

“In the first quarter, Owens Corning executed well in markets that include the carryover impact of 2025 roofing market conditions. We are delivering strong margins at this point in the cycle in Roofing and Insulation, while we continue to reinvest for future growth and margin expansion,” said Executive Vice President and Chief Financial and Operating Officer Todd Fister. “Our teams are highly focused on operational discipline and integrated execution, and in my expanded role I look forward to accelerating the benefits of our more focused company.”

Other Notable Highlights

• Owens Corning has been recognized by S&P Global as a top 1% performer in the Sustainability Yearbook for the building products industry, placing the company among a select group of sustainability leaders worldwide.

First-Quarter Business Performance from Continuing Operations

• First-quarter performance was driven by solid commercial and operational execution despite the market environment, resulting in an enterprise adjusted EBITDA margin of 16%.

Second-Quarter Outlook for Continuing Operations

• The key economic factors that impact the company’s business are residential repair activity, residential remodeling activity, U.S. housing starts, and commercial construction activity.

• Owens Corning expects discretionary remodeling activity and residential new construction to remain under pressure. Absent major storm activity, the company expects roofing demand to remain solid but slightly down versus prior year due to heightened restocking activity at the end of the first quarter. Non-residential construction activity in North America is expected to be stable, and market conditions in Europe are anticipated to gradually improve.

• Owens Corning anticipates inflationary impact from the Iran conflict to result in incremental costs of approximately $60 million in the second quarter.

• For the second-quarter 2026, Owens Corning expects to continue delivering strong financial performance based on structural improvements made to the company and its market-leading positions. Revenue from continuing operations is expected to be approximately $2.6 billion to $2.7 billion. The company expects to generate enterprise adjusted EBITDA margin from continuing operations of approximately 20% to 22%.

• Not included in the second-quarter outlook is the impact of potential refunds for tariffs paid under the International Emergency Economic Powers Act. Approximately $25 million in refunds may be available to Owens Corning in the quarter.

Current 2026 Financial Outlook for Continuing Operations

First-Quarter 2026 Conference Call and Presentation

Wednesday, May 6, 2026

9 a.m. Eastern Time

All Callers

• Live dial-in telephone number: U.S. and Canada 1.833.461.5787; and other international locations +1.585.542.9983

• Meeting code: 708832778 (Please dial in 10-15 minutes before conference call start time)

• Live webcast: https://events.q4inc.com/attendee/708832778

• Webcast replay will be available for one year using the above link.

About Owens Corning

Owens Corning is a branded building products leader with three complementary market‑leading businesses providing roofing, insulation, and doors primarily for residential markets in North America and Europe. The company operates with an integrated go‑to‑market strategy and a unique set of OC Advantages™ – including its iconic brand, unparalleled commercial strength, leading technology, and winning cost position – to help customers win and grow in the market. Owens Corning is committed to helping build better and achieve more through winning partnerships, leading performance, and engaging people. Founded in 1938 and headquartered in Toledo, Ohio, Owens Corning is listed on the New York Stock Exchange (NYSE: OC). For more information, visit www.owenscorning.com.

Use of Non-GAAP Measures

Owens Corning uses non-GAAP measures in its earnings press release that are intended to supplement investors’ understanding of the company’s financial information. These non-GAAP measures include EBITDA from continuing operations, adjusted EBITDA from continuing operations, adjusted earnings from continuing operations, adjusted diluted earnings per share attributable to Owens Corning common stockholders (“adjusted EPS”) from continuing operations and free cash flow. When used to report historical financial information, reconciliations of these non-GAAP measures to the corresponding GAAP measures are included in the financial tables of this press release. Specifically, see Table 2 for adjusted EBITDA from continuing operations, Table 3 for adjusted earnings from continuing operations and adjusted EPS from continuing operations, and Table 8 for free cash flow.

For purposes of internal review of Owens Corning’s year-over-year operational performance, management excludes from net earnings attributable to Owens Corning certain items it believes are not representative of ongoing operations. The non-GAAP financial measures resulting from these adjustments (including adjusted EBITDA from continuing operations, adjusted earnings from continuing operations and adjusted EPS from continuing operations) are used internally by Owens Corning for various purposes, including reporting results of operations to the Board of Directors, analysis of performance, and related employee compensation measures. Management believes that these adjustments result in a measure that provides a useful representation of its operational performance; however, the adjusted measures should not be considered in isolation or as a substitute for net earnings attributable to Owens Corning as prepared in accordance with GAAP.

Free cash flow is a non-GAAP liquidity measure used by investors, financial analysts and management to help evaluate the company’s ability to generate cash to pursue opportunities that enhance shareholder value. The company defines free cash flow as net cash flow provided by operating activities, less cash paid for property, plant and equipment. Free cash flow is not a measure of residual cash flow available for discretionary expenditures due to the company’s mandatory debt service requirements. Free cash flow is used internally by the company for various purposes, including reporting results of operations to the Board of Directors of the company and analysis of performance.

Management believes that these measures provide a useful representation of our operational performance and liquidity; however, the measures should not be considered in isolation or as a substitute for net cash flow provided by operating activities or net earnings attributable to Owens Corning as prepared in accordance with GAAP.

When the company provides forward-looking expectations for non-GAAP measures, the most comparable GAAP measures and a reconciliation between the non-GAAP expectations and the corresponding GAAP measures are generally not available without unreasonable effort due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP measures in future periods. The variability in timing and amount of adjusting items could have significant and unpredictable effect on our future GAAP results.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to risks, uncertainties and other factors and actual results may differ materially from those results projected in the statements. These risks, uncertainties and other factors include, without limitation: levels of residential and non-residential construction activity; demand for our products; industry and economic conditions including, but not limited to, supply chain disruptions, recessionary conditions, inflationary pressures, and interest rate and financial markets volatility; additional changes to tariff, trade or investment policies or laws by the United States, or similar actions, including reciprocal actions, by foreign governments; availability and cost of energy and raw materials; competitive and pricing factors; relationships with key customers and customer concentration in certain areas; our ability to achieve expected synergies, cost reductions and/or productivity improvements; issues related to acquisitions, divestitures and joint ventures or expansions; climate change, weather conditions and storm activity; legislation and related regulations or interpretations in the United States or elsewhere; domestic and international economic and political conditions, policies or other governmental actions, as well as war and civil disturbance; uninsured losses or major manufacturing disruptions, including those from natural disasters, catastrophes, pandemics, theft or sabotage; environmental, product-related or other legal and regulatory liabilities, proceedings or actions; research and development activities and intellectual property protection; issues involving implementation and protection of information technology systems; foreign exchange and commodity price fluctuations; our level of indebtedness; our liquidity and the availability and cost of credit; the level of fixed costs required to run our business; levels of goodwill or other indefinite-lived intangible assets; loss of key employees and labor disputes or shortages; defined benefit plan funding obligations; and factors detailed from time to time in the company’s filings with the U.S. Securities and Exchange Commission. The information in this news release speaks as of May 6, 2026, and is subject to change. The company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by federal securities laws. Any distribution of this news release after that date is not intended and should not be construed as updating or confirming such information.

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