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- **Revenue Decline**: Core revenue expected to drop 10-13% YoY due to market softness and operational challenges.
- **Cost Actions**: 11% headcount reduction in North America and strategic European review to address $45 million annual tariff impact.
- **Financial Pressure**: Q3 EBITDA of $44 million (-46% YoY) reflects volume declines and price/cost headwinds, with full-year EBITDA guidance lowered to $105-120 million.
- **Liquidity Management**: Maintaining strong cash position ($500 million total liquidity) despite negative free cash flow, with no immediate debt concerns.

**【CEO Summary Section】**
- **Market Challenges**: Q3 2025 saw further softening in North America and Europe, with weaker demand and operational inefficiencies leading to a 10-13% year-over-year decline in core revenue.
- **Strategic Actions**: Announced an 11% reduction in North America and corporate headcount, and initiated a strategic review of the European business to address debt maturities and improve balance sheet flexibility.
- **Tariff Impact**: Estimated annualized tariff impact of $45 million, with $17 million expected in 2025. Despite successful surcharge pass-through to most customers, larger accounts are resisting price increases.
- **Liquidity**: Maintained strong liquidity with $100 million cash and $400 million revolver availability, no debt maturities until 2027.

**【CFO Financial Commentary】**
- **Revenue and EBITDA**: Q3 revenue of $809 million (-10% YoY), Adjusted EBITDA of $44 million (5.5% of sales), down 46% YoY due to volume declines and price/cost headwinds.
- **Segment Performance**: North America revenue down 19% YoY, Europe flat YoY. Europe's EBITDA remained stable at $16 million due to cost actions offsetting volume loss.
- **Cash Flow**: Negative free cash flow in Q3 due to earnings pressure and transformation investments. Full-year free cash flow use expected at $45 million, including $15 million restructuring costs.
- **Leverage**: Net debt leverage increased to 7.4x, with a focus on reducing leverage through strategic asset reviews.

**【Q&A Highlights】**
- **Share Loss**: Driven by base effects from 2024 Midwest retailer loss, regional pricing competition, and portfolio simplification efforts. Q4 volumes expected to remain soft with no significant recovery.
- **Productivity Savings**: $150 million in headwind mitigation and transformation savings (e.g., plant closures, automation) offsetting $100 million in base productivity headwinds. Full-year savings expected to roll into 2026.
- **Tariff Resistance**: Larger customers pushing back on tariff surcharges, contributing to $50 million price/cost headwind in 2025. Cost inflation in materials, freight, and labor accelerating.
- **Liquidity Strategy**: Evaluating sale-leaseback transactions and smaller asset divestitures to generate liquidity, with no immediate revolver draw plans.

JELD-WEN Holding, Inc. (JELD) Q3 2025 Earnings Call Transcript

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JELD

JELD fundamentals

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