JELD-WEN Holding Inc (JELD) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. My name is Kelvin and I will be your conference operator today. At this time, I would like to welcome everyone to the JELD-WEN's first quarter 2026 earnings conference call. (Operator instructions) Thank you. I would now like to turn the call over to James Armstrong, Vice President of Investor Relations. Please go ahead.

各位女士、先生，早安，感謝各位撥冗等候。我叫 Kelvin，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 JELD-WEN 2026 年第一季財報電話會議。(接線員指示) 謝謝。現在我想把電話交給投資人關係副總裁 James Armstrong。請開始。

Thank you, and good morning. We issued our first quarter 2026 earnings release last night and posted a slide presentation to the Investor Relations portion of our website, which can be found at investors.jeldwen.com. We will be referencing this presentation during our call. Today, I'm joined by Will Christensen, Chief Executive Officer, and Samantha Stoddard, Chief Financial Officer.

謝謝，各位早安。我們昨晚發布了 2026 年第一季財報新聞稿，並在公司網站的投資人關係專區（investors.jeldwen.com）上傳了簡報資料。我們將在本次電話會議中引用該簡報。今天與我一同出席的有執行長 Will Christensen，以及財務長 Samantha Stoddard。

Before I turn it over to Will, 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.

在我把電話交給 Will 之前，我想提醒各位，本次電話會議中我們將發表若干聲明，依 1995 年《私人證券訴訟改革法》之定義，這些聲明構成前瞻性陳述。

These statements are subject to a variety in 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. JELD-WEN does not undertake any duty to update forward-looking statements, including the guidance we are providing with respect to certain expectations for future results.

這些陳述受到多項風險與不確定性影響，包括我們財報新聞稿所載，以及我們向美國證券交易委員會（SEC）提交的 10-K 與 10-Q 表格文件中所揭露者。JELD-WEN 不承擔更新前瞻性陳述的任何義務，包括我們就未來結果若干預期所提供的指引。

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 results prepared in accordance with GAAP.

此外，在今天的電話會議中，我們將討論非 GAAP 指標；我們相信這些指標有助於評估公司的經營表現。此等補充資訊不應被孤立看待，亦不應作為依 GAAP 編製之結果的替代。

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 to our earnings presentation.

這些非 GAAP 指標與依 GAAP 計算之最直接可比財務指標之調節表，可見於我們的財報新聞稿以及財報簡報的附錄。

With that, I would like to now turn the call over to Will.

接下來，我把電話交給 Will。

Thank you, James, and good morning, everyone. Before turning to our results, I want to thank the teams across JELD-WEN. Even with continued market pressure, our organization is showing up every day with focus and urgency, driving operational improvements, supporting customers, and advancing the work needed to strengthen the company.

謝謝你，James，各位早安。在談到我們的業績之前，我想先感謝 JELD-WEN 全體團隊。即使市場壓力持續，我們的組織每天仍以專注與緊迫感投入工作，推動營運改善、支援客戶，並推進強化公司的必要工作。

A key element of that work is investing for our customers through improved service and customer experience. As a company, we continue to place incremental focus into service and responsiveness, and we believe that this will create value as the year progresses.

其中一項關鍵工作，是透過提升服務與客戶體驗來為客戶投資。作為一家公司，我們持續加碼聚焦於服務與回應速度，我們相信這將在今年進展過程中創造價值。

The macro environment remained soft in the first quarter, consistent with our expectations. As a reminder, the first quarter is the seasonal low period, and we anticipate improvement as we move through the remainder of the year.

第一季的總體環境仍然疲弱，符合我們的預期。提醒各位，第一季是季節性淡季，我們預期隨著今年剩餘期間推進，情況將有所改善。

During the quarter, we also implemented a number of pricing increases, and we expect those increases to begin flowing through more meaningfully in the second quarter and beyond. Overall, we delivered the quarter within our expectations and managed through a difficult volume environment.

本季我們也實施了多項調價上調，並預期這些漲價將在第二季及之後更明顯地反映在業績中。整體而言，我們本季表現符合預期，並在艱難的出貨量環境下妥善因應。

As seen on slide 4, sales for the quarter were $722 million. As we have previously discussed, we took deliberate actions to align our labor with current market conditions, and we continue to adapt the cost structure of the business.

如第 4 頁投影片所示，本季銷售額為 7.22 億美元。如我們先前所討論，我們採取了審慎措施，使人力配置與目前市場狀況一致，並持續調整公司的成本結構。

At the same time, we are balancing investments in our customers by maintaining the resources needed to deliver quality and dependable service. We are already seeing significant service improvements across the company, including our on-time, in-full rates.

同時，我們也在為客戶投資與維持提供高品質、可靠服務所需資源之間取得平衡。我們已在全公司看到顯著的服務改善，包括準時且足量（on-time, in-full）交付比率。

Adjusted EBITDA was a modestly positive $6 million for the quarter, and cash performance was generally in line with our expectations. As a reminder, the first quarter is typically the highest working capital quarter and we would expect working capital to unwind as we move into the back half of the year, consistent with the seasonality of the building products industry.

本季調整後 EBITDA 小幅為正，為 600 萬美元；現金表現整體大致符合我們的預期。提醒各位，第一季通常是營運資金占用最高的季度；依建材產業的季節性，我們預期隨著進入下半年，營運資金將逐步回轉。

As we look ahead, we continue to focus on what we can control. As we mentioned last quarter, customers are very clear that consistent delivery and follow-through are what they value most and we continue to direct investments toward these priorities.

展望未來，我們持續聚焦於可控事項。如我們上季所提，客戶非常明確表示，他們最重視的是穩定交付與落實執行；我們也持續將投資導向這些優先事項。

With the improvements we are seeing. We continue to discuss opportunities to regain volume, and we now expect improved execution and service levels to contribute to incremental sales versus the 2026 expectations we shared in the fourth quarter results call.

隨著我們所看到的改善。我們持續討論重新取得出貨量的機會，且我們現在預期，執行力與服務水準的提升，將相較於我們在第四季財報電話會議中分享的 2026 年預期，帶來額外的增量銷售。

We are strengthening the customer experience through better execution and consistency, and we expect that to support improved performance as the year progresses. At the same time, we are also seeing higher cost pressure, particularly in freight, and pricing remains competitive in certain areas versus what we expected previously.

我們透過更佳的執行與一致性來強化客戶體驗，並預期這將在今年進展過程中支撐表現改善。同時，我們也看到成本壓力上升，尤其是運輸費用；且在某些領域，定價競爭仍較我們先前預期更為激烈。

We are managing those dynamics, staying disciplined on what is within our control, while continuing to prioritize customer service and operational execution. Finally, we continue to progress the strategic review of our European business. While the process is ongoing and we have nothing to announce at this time, we believe this review could provide meaningful liquidity and help further strengthen our balance sheet.

我們正在管理這些動態，對可控事項保持紀律，同時持續優先推動客戶服務與營運執行。最後，我們持續推進對歐洲業務的策略性檢視。雖然流程仍在進行中，目前沒有可宣布事項，但我們相信此檢視可能帶來具意義的流動性，並有助於進一步強化資產負債表。

We are also evaluating various alternatives thoughtfully with a focus on improving financial flexibility while preserving long-term value.

我們也正以審慎方式評估各種替代方案，重點在於提升財務彈性，同時維持長期價值。

With that. I'll hand it over to Samantha to review our financial results in greater detail.

接下來。我把電話交給 Samantha，請她更詳細地說明我們的財務結果。

Thank you, Bill. Turning to the financial results on slide 6. First quarter net revenue was $722 million, down 7% year-over-year. The revenue decline was driven by lower volume mix. While mix was down slightly year-over-year, most of the volume mix decline was driven by lower volume.

謝謝你，Bill。接著看第 6 頁投影片的財務結果。第一季淨營收為 7.22 億美元，年減 7%。營收下滑主要由較低的銷量組合所致。雖然產品組合較去年同期略為下降，但銷量組合下滑的大部分原因來自出貨量較低。

Adjusted EBITDA for the quarter was $6 million, down 72% year-over-year and adjusted EBITDA margin was 0.9%, down 190 basis points year-over-year. The lower earnings performance was primarily driven by volume mix, along with negative price cost dynamics during the quarter as inflation was not fully offset by pricing. These headwinds were partially offset by significantly improved productivity year-over-year.

本季調整後 EBITDA 為 600 萬美元，年減 72%；調整後 EBITDA 利潤率為 0.9%，年減 190 個基點。獲利表現較弱主要由銷量組合所驅動，並且本季價格與成本動態不利，因通膨未能完全透過調價抵銷。上述逆風部分被生產力較去年同期顯著改善所抵銷。

Turning to cash flow. Operating cash flow was a $91 million use of cash in the first quarter driven by lower EBITDA, combined with a $43 million use of working capital. As a reminder, the first quarter is typically the highest working capital quarter of the year, and we expect significant working capital improvement as we move through the remainder of 2026. As a result of lower EBITDA and the use of cash, net debt leverage increased to 11.3 times at the end of the first quarter. Given the seasonal use of working capital, we drew $40 million on our revolver.

接著看現金流。第一季營業現金流為現金流出 9,100 萬美元，主要因 EBITDA 較低，並伴隨營運資金使用 4,300 萬美元。提醒各位，第一季通常是全年營運資金占用最高的季度；我們預期在 2026 年剩餘期間，營運資金將顯著改善。由於 EBITDA 較低且現金流出，第一季末淨負債槓桿倍數上升至 11.3 倍。考量營運資金的季節性使用，我們自循環信貸額度（revolver）提領了 4,000 萬美元。

We continue to manage the business with a disciplined focus on cash, cost and balance sheet flexibility. Turning to slide 7. The year-over-year change in net revenue was driven primarily by lower volume mix. First quarter sales were $722 million, compared to $776 million in the prior year, and core revenue declined 10% year-over-year.

我們持續以嚴謹的紀律，聚焦於現金、成本以及資產負債表的彈性來管理業務。接著看第 7 頁投影片。淨營收的年對年變動主要是由於銷量組合下滑所致。第一季銷售額為 7.22 億美元，較去年同期的 7.76 億美元下降，核心營收年對年下滑 10%。

Pricing was a slight positive, but it was more than offset by the volume mix decline, which drove the majority of the year-over-year reduction. The comparison also reflects a $30 million tailwind from foreign exchange driven by a stronger euro relative to the dollar. Taken together, these factors explain the year-over-year change in revenue and are consistent with the market conditions we discussed earlier.

定價略為正向，但被銷量組合下滑所抵銷，後者造成了年對年降幅的大部分。此比較亦反映外匯帶來 3,000 萬美元的順風，主因是歐元相對美元走強。綜合而言，這些因素解釋了營收的年對年變動，並與我們先前討論的市場狀況一致。

Turning to slide 8. Adjusted EBITDA for the first quarter was $6 million, compared to $22 million in the first quarter of last year. The year-over-year decline reflects a combination of cost pressure and lower volume mix. Price, cost was a $21 million headwind as pricing was slightly positive, but it continued to be outweighed by cost inflation in areas like glass, metals and transportation. Volume mix was also a $22 million headwind, and that impact was driven primarily by lower volumes year-over-year.

接著看第 8 頁投影片。第一季調整後 EBITDA 為 600 萬美元，去年第一季為 2,200 萬美元。年對年下滑反映成本壓力與較低的銷量組合共同影響。價格/成本為 2,100 萬美元的不利因素：雖然定價略為正向，但仍持續被玻璃、金屬與運輸等領域的成本通膨所超過。銷量組合亦為 2,200 萬美元的不利因素，其影響主要由年對年銷量下降所驅動。

These headwinds were partially offset by improved execution across the business. Productivity was a $22 million benefit year-over-year, and we also delivered a $6 million improvement in SG&A and other expense despite a $10 million other income headwind from prior year.

上述不利因素部分被全公司執行改善所抵銷。生產力年對年帶來 2,200 萬美元的助益；此外，儘管相較去年有 1,000 萬美元的其他收入逆風，我們仍在銷售、一般及行政費用（SG&A）與其他費用方面實現 600 萬美元的改善。

Turning to slide 9 and our segment results. In 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 order to Towanda divestiture which had partial impact in the first quarter of 2025. Adjusted EBITDA for North America was $4 million compared to $16 million last year. And adjusted EBITDA margin declined to 0.8% from 2.9%. Profitability was pressured by continued inflation and lower volumes, partially offset by significant year-over-year productivity and SG&A improvements.

接著看第 9 頁投影片與我們的分部結果。北美第一季營收為 4.53 億美元，去年同期為 5.31 億美元。年對年下滑主要由較低銷量，以及法院命令要求 Towanda 資產剝離（該事項於 2025 年第一季產生部分影響）所致。北美調整後 EBITDA 為 400 萬美元，去年為 1,600 萬美元。調整後 EBITDA 利潤率由 2.9% 降至 0.8%。獲利能力受到持續通膨與較低銷量的壓力，但部分被顯著的年對年生產力提升與 SG&A 改善所抵銷。

In Europe, revenue was $269 million, up from $245 million in the prior year, an increase of 10% year-over-year. The improvement was driven primarily by foreign exchange and slightly better pricing, partially offset by continued volume decline. Foreign exchange contributed approximately 11.5 percentage points to the year-over-year revenue change.

歐洲營收為 2.69 億美元，高於去年同期的 2.45 億美元，年對年增加 10%。改善主要由外匯與略佳的定價所帶動，但部分被持續的銷量下滑所抵銷。外匯約貢獻年對年營收變動的 11.5 個百分點。

Adjusted EBITDA for Europe was $7 million compared to $11 million last year and adjusted EBITDA margin was 2.6% versus 4.3% in the prior year. Productivity was a slight positive, but those benefits were more than offset by lower volume mix, along with higher SG&A expense. With that, I will turn it back over to Bill to discuss our updated market outlook and how we are positioning JELD-WEN for the path ahead.

歐洲調整後 EBITDA 為 700 萬美元，去年為 1,100 萬美元；調整後 EBITDA 利潤率為 2.6%，去年為 4.3%。生產力略為正向，但其效益被較低的銷量組合以及較高的 SG&A 費用所超過。接下來我把時間交回給 Bill，請他說明我們更新後的市場展望，以及我們如何為 JELD-WEN 的未來道路進行布局。

Thanks, Samantha. Turning to slide 11. I want to walk through our market outlook for 2026 and the assumptions underlying our guidance. Importantly, our view of the market has not meaningfully changed from what we outlined previously in our fourth quarter 2025 results call. We continue to operate in a challenging and uncertain environment and our outlook reflects a cautious view rather than any expectation of a near-term recovery.

謝謝，Samantha。接著看第 11 頁投影片。我想說明我們對 2026 年的市場展望，以及支撐我們指引的假設。重要的是，我們對市場的看法與先前在 2025 年第四季財報電話會議中所概述的內容並無實質改變。我們仍在充滿挑戰且不確定的環境中營運，我們的展望反映的是審慎觀點，而非預期短期內會復甦。

In North America, we expect the overall windows and doors market to be down low to mid-single digits. Within that, we see new single-family construction down low single digits and repair and remodel down mid-single digits. We now expect US multifamily to be up significantly year-over-year, while Canada continues to face more significant pressure with high single-digit declines, reflecting ongoing economic softness and continued weak housing activity.

在北美，我們預期整體門窗市場將下滑低至中個位數百分比。其中，我們看到新建獨棟住宅下滑低個位數百分比，修繕與翻新下滑中個位數百分比。我們目前預期美國多戶住宅年對年將顯著成長；而加拿大仍面臨更明顯的壓力，預期將出現高個位數百分比的下滑，反映經濟持續疲弱以及住宅活動仍然低迷。

In Europe, conditions appear to be stabilizing. We expect volumes to be roughly flat year-over-year. Demand remains subdued, but we are not seeing further deterioration from current levels. At the company level, our volume assumptions are now more aligned with the underlying market. We continue to expect some impact from prior pricing actions but we are also beginning to see the benefits of improved service levels.

在歐洲，情況似乎正在趨於穩定。我們預期銷量年對年大致持平。需求仍然疲弱，但我們未見在目前水準之上進一步惡化。在公司層面，我們的銷量假設如今更貼近基礎市場走勢。我們仍預期先前定價措施會帶來一些影響，但也開始看到服務水準改善所帶來的效益。

Our guidance reflects a modest contribution from these service improvements while maintaining a clear focus on pricing discipline. Overall, our framework remains consistent. Our guidance is based on current demand levels with pricing actions largely in place and a continued focus on margin protection and execution rather than relying on an improvement in end market conditions.

我們的指引反映服務改善帶來的溫和貢獻，同時維持對定價紀律的明確聚焦。整體而言，我們的框架維持一致。我們的指引以目前需求水準為基礎，定價措施大致已到位，並持續聚焦於毛利保護與執行力，而非仰賴終端市場狀況改善。

Turning to slide 12. I I'll walk through our updated full year 2026 guidance. Overall, we are increasing our revenue outlook, holding our adjusted EBITDA range and maintaining cash flow expectations. We now expect net revenue in the range of $3.05 billion to $3.2 billion, up from our prior range of $2.95 billion to $3.1 billion. This reflects a modest benefit from improving service levels, which brings our company volume assumptions more in line with the underlying market.

接著看第 12 頁投影片。我將說明我們更新後的 2026 全年指引。整體而言，我們上調營收展望，維持調整後 EBITDA 區間不變，並維持現金流預期。我們目前預期淨營收介於 30.5 億至 32.0 億美元，高於先前的 29.5 億至 31.0 億美元區間。這反映服務水準改善帶來的溫和助益，使我們對公司銷量的假設更貼近基礎市場。

April sales have been in line with our expectations, which supports the updated view we are sharing today. As a result, we now expect core revenue to decline between 3% and 6% year-over-year compared to 5% to 10% previously. The adjusted EBITDA range remains unchanged at $100 million to $150 million.

4 月銷售表現符合我們的預期，支持我們今天分享的更新觀點。因此，我們目前預期核心營收年對年將下滑 3% 至 6%，先前為下滑 5% 至 10%。調整後 EBITDA 區間維持不變，仍為 1.00 億至 1.50 億美元。

While the higher revenues progress, we are seeing incremental price cost headwinds relative to our prior assumptions, which offset the benefit from improved volumes. Our outlook continues to reflect higher pricing and a focus on execution in a still changing demand environment.

儘管營收提高有所進展，但相較於先前假設，我們看到額外的價格/成本逆風，抵銷了銷量改善帶來的效益。在需求環境仍持續變動之際，我們的展望仍反映較高的定價以及對執行力的聚焦。

On cash flow, we continue to expect operating cash flow of approximately $40 million and a free cash flow use of approximately $60 million. We still anticipate capital expenditures of approximately $100 million that are largely maintenance in nature. Our guidance assumes no portfolio changes. However, as noted, we continue to evaluate strategic options, including our review of the European business, and additional actions to improve liquidity.

在現金流方面，我們仍預期營運現金流約為 4,000 萬美元，自由現金流約使用 6,000 萬美元。我們仍預期資本支出約為 1.00 億美元，且多屬維護性質。我們的指引假設投資組合不發生變動。然而，如先前所述，我們仍在評估策略選項，包括對歐洲業務的檢視，以及其他改善流動性的行動。

Turning to slide 13. This chart bridges our 2025 adjusted EBITDA of $118 million to the midpoint of our 2026 adjusted EBITDA guidance of $125 million. Starting on the left, market volume mix remains a headwind of approximately $25 million, reflecting the continued pressure we see across our end markets.

接著看第 13 頁投影片。此圖表將我們 2025 年調整後 EBITDA 的 1.18 億美元，銜接至 2026 年調整後 EBITDA 指引中點的 1.25 億美元。從左側開始，市場銷量組合仍為約 2,500 萬美元的不利因素，反映我們在各終端市場持續看到的壓力。

The next item is net share loss which we now expect to be a $30 million headwind, improved from our prior expectation of $60 million. This reflects early progress on service and a more stable customer response as those improvements begin to take hold.

下一項是淨份額損失，我們目前預期將帶來3,000萬美元的不利影響，較先前預期的6,000萬美元有所改善。這反映了我們在服務方面的早期進展，以及隨著這些改善開始發揮作用，客戶反應更趨穩定。

We now expect a greater headwind from price costs, which we anticipate to be approximately $40 million compared to $10 million previously. The environment remains highly competitive. And as our service improves, we've been more active commercially including targeted promotional activity to regain traction with certain customers.

我們現在預期價格成本帶來更大的不利影響，估計約為4,000萬美元，而先前為1,000萬美元。市場環境仍然高度競爭。隨著我們的服務改善，我們在商業面也更為積極，包括針對特定客戶的定向促銷活動，以重新取得動能。

In addition, we are seeing higher-than-expected cost pressure, most notably in freight. These external and commercial pressures are offset by actions within our control. We continue to expect approximately $75 million of benefit from rightsizing and base productivity reflecting actions that are largely executed and will be realized over the course of the year.

此外，我們看到高於預期的成本壓力，最明顯的是運輸費用。這些外部與商業面的壓力，部分由我們可控範圍內的行動所抵銷。我們仍預期透過規模調整與基礎生產力提升帶來約7,500萬美元的效益，這反映了相關行動大多已執行，並將在全年逐步實現。

We also expect about $35 million of carryover benefit from our transformation initiatives, including automation, footprint optimization and systems improvements as those efforts continue to move in a more steady state operating model.

我們也預期可從轉型計畫中取得約3,500萬美元的延續效益，包括自動化、據點/產能布局優化與系統改善，隨著這些工作持續推進，營運模式正逐步進入更穩定的常態化狀態。

The remaining items include approximately $10 million of headwind and from compensation and other timing-related factors, partially offset by foreign exchange and other items. Taken together, these elements bridge to the midpoint of our 2026 adjusted EBITDA guidance.

其餘項目包括約1,000萬美元的不利影響，主要來自薪酬以及其他與時點相關的因素，部分由外匯及其他項目所抵銷。綜合而言，這些要素銜接至我們2026年調整後EBITDA指引的中位數。

While the mix of headwinds has shifted, the overall earnings outcome remains unchanged, reflecting both the ongoing pressure in the market and the impact of the actions we are taking to manage through it.

雖然不利因素的組成有所變化，但整體獲利結果維持不變，反映市場持續承壓，以及我們為因應並管理這些壓力所採取行動的影響。

Before we wrap up, I want to step back and highlight the progress we are making on service across our North America business. On Time in Full delivery or OTIF, is a key customer metric and it is where we have been intensely focused.

在結束之前，我想退一步強調我們在北美業務服務面所取得的進展。準時且完整交付（OTIF）是關鍵的客戶指標，也是我們高度聚焦的領域。

As you can see on slide 14, our OTIF performance has improved significantly over the past year, moving to over 90%. This is a meaningful step change in how we are serving our customers, and we are seeing that reflected in the feedback we are getting across the business. Customers are noticing the improvement.

如投影片14所示，我們的OTIF表現過去一年顯著改善，提升至90%以上。這代表我們服務客戶方式的一個重要躍升，我們也從整個業務收到的回饋中看到這點。客戶正在注意到這些改善。

We are seeing better engagement, more consistent order patterns and importantly, increased opportunities to quote and compete for new business as our service levels improve. This progress is being driven by both stronger execution and deliberate investment.

隨著服務水準提升，我們看到更好的互動、更一致的下單模式，更重要的是，報價與競爭新業務的機會增加。這些進展同時來自更強的執行力與有意識的投資。

Operationally, we have now deployed our A3 management system across the network which has improved how we identify issues, solve problems at the root cause and maintain consistency as well as ownership at the plant level.

在營運面，我們已在整個網路部署A3管理系統，改善了我們辨識問題、從根本原因解決問題、維持一致性，以及在工廠層級的責任歸屬。

At the same time, we have made conscious decisions to prioritize service, including higher transportation spend, such as shipping partial loads when needed and maintaining staffing levels despite lower volumes. These are targeted investments to support service and rebuild trust with our customers. We believe that as service continues to improve, that trust will translate into volume recovery and share gains over time.

同時，我們也做出有意識的決策以優先提升服務，包括提高運輸支出，例如在需要時運送部分裝載，以及在量能較低的情況下仍維持人力配置。這些是為了支援服務並重建客戶信任的精準投資。我們相信，隨著服務持續改善，這份信任將隨時間轉化為出貨量回升與市占提升。

That said, we are not finished. Our goal is to consistently operate above 95% OTIF and reaching that level will require further progress particularly with our vendor base and how we manage special order products. Overall, we are encouraged by the progress we are making. Service is improving, customers are responding and we are beginning to see that translate into commercial opportunities.

話雖如此，我們尚未完成。我們的目標是穩定運作在95%以上的OTIF，而要達到該水準仍需進一步進展，特別是在供應商基礎以及我們如何管理特殊訂單產品方面。整體而言，我們對目前的進展感到鼓舞。服務正在改善、客戶正在回應，我們也開始看到這些轉化為商業機會。

Turning to Slide 15. I'll close by stepping back and putting our progress into perspective. Over the past year, we've made significant improvements in how we serve our customers. We have invested in service, strengthened our operating discipline and focus the organization on the metrics that matter most. Cash and liquidity remain a priority.

接著看投影片15。我將在結尾退一步，將我們的進展放在更大的脈絡中看待。過去一年，我們在服務客戶的方式上有顯著改善。我們投資於服務、強化營運紀律，並讓組織聚焦在最重要的指標上。現金與流動性仍是優先事項。

We are taking actions to preserve cash, and we continue to evaluate opportunities to strengthen liquidity and maintain flexibility in an uncertain environment. Our strategic review of Europe is ongoing, and we continue to evaluate other opportunities to improve liquidity and strengthen financial flexibility. Across the business, we are also aligning labor with current market conditions while continuing to invest in the organization for the long term. That includes work to improve culture and engagement.

我們正採取行動以保留現金，並持續評估在不確定環境中強化流動性與維持彈性的機會。我們對歐洲業務的策略檢討仍在進行中，也持續評估其他改善流動性並強化財務彈性的機會。在整個業務範圍內，我們也在使人力配置與當前市場狀況一致，同時持續為長期投資於組織。其中包括改善企業文化與員工投入度的工作。

We recently completed a company-wide baseline employee engagement survey, and our managers are actively using that feedback to create individual action plans focused on local level engagement. Importantly, our customers are seeing the difference.

我們最近完成了全公司基準員工投入度調查，我們的管理團隊正積極運用這些回饋，制定聚焦於在地層級投入度的個別行動計畫。重要的是，我們的客戶正在看到差異。

Service levels have improved, performance is more consistent, and we are beginning to rebuild trust. That is showing up in better engagement and increasing opportunities to compete for new business. However, we are not yet where we need to be.

服務水準已改善、表現更一致，我們也開始重建信任。這反映在更好的互動，以及競爭新業務機會的增加。然而，我們距離應達到的水準仍有差距。

There's more work to do and we know that this will not happen overnight, but we are moving in the right direction and starting to see the early benefits. At the same time, we are managing the business with a clear view of current market conditions. We are aligning the cost structure to demand, maintaining pricing discipline and staying focused on execution.

還有更多工作要做，我們也知道這不會一蹴可幾，但我們正朝正確方向前進，並開始看到早期效益。同時，我們以清楚掌握當前市場狀況的視角來經營業務。我們正使成本結構與需求相匹配、維持定價紀律，並持續聚焦於執行。

As I close, I want to recognize the work of our associates across JELD-WEN. The progress we are seeing is the result of their effort and focus every day. Our customers are noticing the improvement and it is important that we continue to build on that momentum. Overall, we are becoming a more consistent and disciplined company. We are improving service, rebuilding customer confidence and managing the business with a clear focus on cash and execution.

在結尾，我想肯定JELD-WEN全體同仁的努力。我們所看到的進展，來自他們每天的投入與專注。客戶正在注意到改善，我們必須持續在這股動能上再接再厲。整體而言，我們正成為一家更一致、更有紀律的公司。我們正在改善服務、重建客戶信心，並以清楚聚焦現金與執行力來管理業務。

With that, I'll turn the call back over to James for questions.

接下來，我把電話交回給James進行提問。

Thanks, Bill. Operator, we're now ready to begin Q&A.

謝謝你，Bill。接線員，我們現在準備開始問答。

(Operator instructions)

（接線員指示）

John Lovallo, UBS.

John Lovallo，瑞銀（UBS）。

Good morning, guys. Thank you for taking my questions. The first one is, at the midpoint, your outlook seems to imply 2Q adjusted EBITDA of about $31 million. That's versus about $6 million in the first quarter. Can you just help us kind of bridge the ramp from first quarter to second quarter?

各位早安。謝謝你們回答我的問題。第一個問題是，以中位數來看，你們的展望似乎意味著第二季調整後EBITDA約為3,100萬美元。相較之下，第一季約為600萬美元。你們能否協助我們大致銜接一下，從第一季到第二季的提升是如何形成的？

Hey, John, yeah, this is Samantha. I can help bridge that gap. So it's primarily driven by normal seasonality with the second quarter typically benefiting from higher sales volume and then better labor absorption as well. This year, we also expect to see the benefit of pricing actions that we implemented already in Q1, but begin flowing through more meaningfully at the start of Q2. And as you heard Bill say in the earlier remarks, we are already seeing the uptick in April. So we do feel good about going into Q2.

嗨，John，是的，我是Samantha。我可以協助說明這個差距。主要是由正常的季節性所驅動，第二季通常受惠於較高的銷售量，以及更好的人力成本吸收。今年我們也預期能看到我們在第一季已實施的定價措施所帶來的效益，但會在第二季初更明顯地反映出來。而且如同你先前聽到Bill在談話中提到的，我們在4月已經看到回升。因此，我們對進入第二季的表現感到樂觀。

Got it. That's helpful. And then on the North American decremental margins, it's around 15%, which was pretty favorable. And I think it speaks to the cost controls and the cost take that you guys have achieved mean how sustainable do you think this level of decremental is? And maybe more importantly, how are you thinking about incrementals in an improving volume environment?

了解。這很有幫助。然後就北美的遞減毛利率而言，大約是 15%，表現相當有利。我想這反映了你們已達成的成本控管與成本削減；你們認為這種遞減幅度的水準有多可持續？另外也許更重要的是，在出貨量改善的環境下，你們如何看待增量利潤率？

Yes, so I can start, and then I'll let Bill jump in. I think that in the short term, you are going to see us holding the line with the costs in particular. So you're right in that a lot of the transformational actions and cost takeouts that we saw in '25, going into '26, are going to continue with the improved volumes from what I just spoke about the seasonality as well as some of the higher price. That should then flow, I would say, our normal incrementals, 25% to 30% on the upside.

是的，我先開始，然後再請 Bill 補充。我認為短期內，特別是在成本方面，你們會看到我們持續守住成本線。所以你說得沒錯，我們在 25 年看到的許多轉型行動與成本削減，進入 26 年後，將會隨著我剛提到的季節性帶來的量能改善，以及部分較高的價格而持續發揮作用。我會說，這應該會帶來我們正常的增量利潤率，上行約 25% 到 30%。

Hey, John, it's Bill. So the only thing I'd add there is what I'm really pleased with is if you look at our bridge coming out of our full year '25, guide to where we are now, we've removed about $100 million of headwind. And that speaks to the hard work that our teams are doing every day to really make things work for our customers. So we're starting to gain traction and reducing the rate of decline, which is great. So we do have some share loss that's lapping from '25, but we feel pretty good here headed into the last three quarters of this year.

嗨，John，我是 Bill。我唯一想補充的是，我非常滿意的是，如果你看我們從 25 年全年指引到現在的銜接（bridge），我們已經移除了大約 1 億美元的不利因素（headwind）。這反映了我們團隊每天的辛勤工作，真正讓事情為客戶運作順暢。所以我們開始取得進展並降低下滑速度，這很棒。我們確實有一些從 25 年延續下來的市占流失（share loss）在比較基期中，但我們對今年剩下三個季度的走勢感覺相當不錯。

Susan Maklari, Goldman Sachs.

Susan Maklari，高盛。

Thank you. Good morning, everyone.

謝謝。各位早安。

Hey, good morning. Good morning, Susan.

嗨，早安。早安，Susan。

Good morning. My first question is on the improved service levels. It's encouraging to hear that you're seeing such a nice lift there. I guess can you talk more about how you're thinking of the path from here, the specific programs that you are working on and putting in place to support that. I know last quarter, we talked about standardizing some of your operating systems and processes to help with that service. Is this part of what's driving that? And where you are? That process as well?

早安。我的第一個問題是關於服務水準的改善。聽到你們在這方面有這麼好的提升令人鼓舞。我想請你們多談談接下來的路徑：你們正在推動並落地哪些具體方案來支撐這點？我記得上季我們談到要標準化一些營運系統與流程，以協助提升服務。這是否是推動改善的其中一部分？以及你們目前進展到哪裡？那個流程也是如此嗎？

Yes, Susan. Thanks for the question. So absolutely, standard work across our network of sites, both in Europe and in North America is progressing very well. And you can see, based on what we showed on Chart 14 with the improvement on the OTIF metrics, clearly, there's still work to be done. But we are in a pretty choppy demand environment.

是的，Susan。謝謝你的問題。所以完全正確，我們在歐洲與北美各據點網路推動的標準作業（standard work）進展非常順利。而且你可以看到，根據我們在圖表 14 所展示的 OTIF 指標改善，顯然仍有工作要做。但我們正處於一個相當顛簸的需求環境。

And so our network needs to be very flexible and as we noted in the prepared remarks, we have incurred some additional costs based on not in full shipments, but making sure we're doing everything we can to meet our customers' expectations. So that's progressing well.

因此，我們的網路必須非常有彈性；正如我們在事先準備的講稿中提到的，為了確保我們盡一切所能滿足客戶期望，我們已承擔了一些額外成本——不是因為未完整出貨，而是為了確保我們能做到最好。所以這方面進展良好。

I think the second thing I'd want to call out is that the teams are working extremely hard to connect with our customers and define areas of opportunity where we can lean in together with them to regain some of the share that we've lost in the last couple of years, and that's starting to show up as well. So we think this bodes well for the back half of the year, even though we still are expecting a pretty soft market environment, as we outlined in prepared remarks.

我想第二點要強調的是，團隊非常努力地與客戶連結，並界定我們可以與他們一起加大投入的機會領域，以收復過去幾年流失的一些市占，而這也開始反映在結果上。因此，我們認為這對下半年是個好兆頭，儘管如同我們在事先準備的講稿中所概述的，我們仍預期市場環境會相當疲弱。

Okay, that's very helpful. And then can you give a bit more color on the magnitude of the inflation how we should be thinking about that path for price cost this year? I know you mentioned that you're starting to see some of the realization on the first quarter increase. And with that, how are you thinking about that balance between volume versus price in this environment?

好的，這非常有幫助。另外，你能否再多提供一些關於通膨幅度的細節，以及我們今年應如何看待價格與成本的走勢路徑？我知道你提到第一季的漲價開始看到一些落地（realization）。在此背景下，在這樣的環境中，你們如何看待量與價之間的平衡？

Yes. Let me go ahead and start that Susan. So on the inflation side, I think the biggest area that we're seeing inflation is going to be around the freight and energy prices. So we're seeing that both in North America as well as Europe. On a better note, we are seeing slightly less tariffs exposure that we did expect when we were starting the year.

是的。Susan，我先來回答。在通膨方面，我認為我們看到通膨最大的領域會在運費與能源價格。我們在北美與歐洲都看到這點。比較正面的是，我們看到的關稅曝險略低於年初預期。

In terms of the magnitude, they are somewhat offsetting each other. Not exactly, but materially, they're about offsetting. So when we think about the price cost negativity, I think that there is some of that in inflationary pressures. And there is the affordability challenge from a price standpoint, we are seeing competitive pricing in different areas of the market.

就幅度而言，它們在某種程度上彼此抵銷。不完全相等，但在實質上大致互相抵銷。因此當我們思考價格/成本的不利（price cost negativity）時，我認為其中一部分來自通膨壓力。另外從價格角度也存在可負擔性挑戰，我們在市場不同領域看到競爭性定價。

So while we have already gone out with price, that is why we're calling down some of the price cost that we initially expected to be around negative 10% from an EBITDA bridge, we are now seeing that to be a little bit higher.

所以，雖然我們已經推出漲價，這也是為什麼我們下修了原先預期的價格/成本影響——原本在 EBITDA bridge 中大約是負 10%，現在我們看到這個負面影響會稍微大一些。

Okay. All right. That's helpful. Thank you for the color.

好的。好。這很有幫助。謝謝你提供的細節。

Matthew Bouley, Barclays.

Matthew Bouley，巴克萊。

Good morning. You have Anika Dholakia on for Matt today. So first off, for Europe, you guys mentioned that you're not seeing any further demand pressure from current levels. So I'm curious if this suggests that pricing strength can continue in this region similar to 1Q? And then just kind of going off of that, how have some of the recent geopolitical dynamics maybe impacted the review of the European business if at all. So yes, any color on that? Thanks.

早安。今天由 Anika Dholakia 代替 Matt 參與。首先，關於歐洲，你們提到從目前水準來看，沒有看到需求壓力進一步加劇。所以我想了解，這是否意味著該地區的定價力道可以像第一季一樣持續？另外延伸這點，近期一些地緣政治動態是否對歐洲業務的檢視（review）造成任何影響？所以，是的，想請你們分享一些看法。謝謝。

Thanks for your question. Yes. So we clearly are seeing more signals that we're at the bottom of the valley from a volume decline. So Europe has stabilized. We called it last quarter. We're seeing similar trends just to remind you, it takes 9 to 12 months post start to put our product in. So it's going to be a while until you see things tick up in the Doors world.

謝謝你的問題。是的。所以我們確實看到更多訊號顯示，從出貨量下滑的角度來看，我們已經在谷底。歐洲已經穩定下來。我們上季就這麼說了。我們看到類似的趨勢；提醒你一下，從開始到把我們的產品導入需要 9 到 12 個月。所以在 Doors 業務上，要看到回升還需要一段時間。

On pricing, we've done a great job across many European markets of introducing price to offset inflation and headwinds. The macro reality is going to have a pretty significant impact in Europe on energy, feedstock input prices, transportation costs, et cetera. We're already in market with pricing to offset a number of those headwinds. So I'd say we're feeling fairly balanced currently in Europe.

在定價方面，我們在許多歐洲市場導入價格以抵銷通膨與逆風，做得非常好。宏觀現實將對歐洲的能源、原料投入價格、運輸成本等產生相當顯著的影響。我們已經在市場上透過定價來抵銷其中不少逆風。所以我會說，目前我們在歐洲的狀態感覺相對均衡。

And then the third comment is we wouldn't really comment specifically on where we are on the strategic review and what the influences would or wouldn't be as we said in the prepared remarks, nothing further process is ongoing, but no further details today.

接著第三點評論是，我們不會就我們在策略性檢討中的進度，以及哪些因素會或不會產生影響做具體評論；正如我們在事先準備的發言中所說，相關流程仍在進行中，但今天沒有進一步細節可提供。

Okay. Great. That's really helpful. And then on the second question, so on the productivity initiatives on the $110 million, I'm curious, I think last quarter, you guys said 50% completed, 25% was action, but haven't hit and then 25% still needed to be actioned. Is this on track with what you guys expected? Or any updates to these numbers? Thanks.

好的。太好了。這真的很有幫助。那第二個問題，關於1.10億美元的生產力提升計畫，我好奇的是，我記得上季你們說已完成50%，其中25%已採取行動但尚未反映，另外25%仍需要採取行動。這是否符合你們原先的預期進度？或這些數字有任何更新嗎？謝謝。

Sure. So breaking it down, the $35 million of the transformation carryover, that is 100% completed at this point. So these are structural costs. We talked about it on an earlier question that we are seeing the benefits of and they're 100% complete. On kind of the base productivity, rightsizing of the business, I would say we're greater than 80% of those initiatives that are done.

當然。拆開來看，3,500萬美元的轉型結轉部分，目前已100%完成。這些是結構性成本。我們在先前的問題中提到，我們正在看到其帶來的效益，而且已100%完成。至於基礎生產力、業務規模調整（rightsizing）方面，我會說這些計畫已完成超過80%。

So there's still a little bit of work to be done on some of the smaller initiatives, but the majority has been banked at this point, and we'll see that carry through in Q2 through Q4.

所以在一些較小的計畫上仍有一點工作要做，但大部分到目前為止都已經落袋（banked），我們會在第二季到第四季看到其延續的效果。

Awesome. Thank you both, and good luck.

太棒了。謝謝你們兩位，祝順利。

All right. Thanks.

好的。謝謝。

Have a good day.

祝你有美好的一天。

Jeffrey Stevenson, Loop Capital.

Loop Capital 的 Jeffrey Stevenson。

Hi, thanks for taking my questions today.

嗨，謝謝今天讓我提問。

Hey, Bill.

嗨，Bill。

Can you talk more about the improvement in on-time deliveries you've seen over the last year and whether it's corresponded with the stabilization in your share position over that time period of service levels continue to improve?

你能多談談過去一年你們準時交付（on-time deliveries）的改善情況嗎？以及這是否與你們在這段期間市占率位置的穩定相呼應，因為服務水準仍在持續改善？

Yes, so yes, that's the short answer. The longer answer is, obviously, we have a fairly broad portfolio in the North American market. So there's a number of different areas where we're performing very well and continue to do so. And there's other areas where clearly we weren't meeting expectations of our customers.

是的，所以答案是肯定的，簡短回答就是如此。較長的回答是，很明顯地，我們在北美市場有相當廣泛的產品組合。因此有許多不同領域我們表現得非常好，並且持續如此。也有其他領域，我們顯然未能達到客戶的期望。

And as we had described last year, there was some share loss some pruning on our side, but also some share loss and we're definitely regaining share in certain pockets that our North America team is very focused on partnering with our customers to give them the product at the right time at the right place. So we're pleased with the improvements.

而如同我們去年所描述的，我們這邊有一些市占流失、也做了一些修剪（pruning），同時也確實有市占流失；但我們也正在某些區塊重新奪回市占，我們的北美團隊非常專注於與客戶合作，在正確的時間、正確的地點提供產品。所以我們對這些改善感到滿意。

And as I said, we've probably reduced by about half the headwind that we thought we would have this year from a top line standpoint. So we're making good progress, not finished. There's more work to be done, but I think that's a good signal that we're moving in the right direction, Jeff I think that's the important message today on the call.

而且如我所說，從營收端（top line）的角度來看，我們今年原本預期的逆風大概已減少了約一半。所以我們進展良好，但還沒完成。仍有更多工作要做，但我認為這是我們正朝正確方向前進的一個良好訊號；Jeff，我想這就是今天電話會議上最重要的訊息。

And Jeff, just highlighting back to the full year guidance bridge. As I talked about earlier with Susan, that the price cost, unfortunately, has become a little bit more negative but that share loss volume mix, EBITDA impact, as Bill was talking about, has improved by about $30 million from last quarter.

另外 Jeff，我再回到全年財測的調整橋（guidance bridge）補充一下。如同我先前和 Susan 談到的，價格與成本（price cost）不幸變得更為負面；但如 Bill 所說，市占流失／銷量組合（volume mix）對 EBITDA 的影響，相較上季已改善約3,000萬美元。

No, that's very helpful. Thank you, Samantha. And then thanks for the update on the strategic review. But previously, you talked about divestitures of smaller noncore assets as well, such as your distribution business in North America. And I just wondered if there are still opportunities across your footprint for other potential divestitures as well.

不，這非常有幫助。謝謝你，Samantha。另外也謝謝你們更新策略性檢討的情況。但先前你們也談到可能處分較小的非核心資產，例如你們在北美的配銷業務。我想請問，在你們的版圖中，是否仍有其他潛在處分的機會？

Yes. So Jeff, what we've said is we continue to evaluate other options in addition to the strategic review improved liquidity, which clearly is a key focus point of ourselves given the current macro environment. And that includes assessing sale of other assets, potential sale leaseback transactions no further detail from our side. I think more importantly, we've said this a number of times, I want to reiterate, we expect to address our near-term maturities before they go current in December.

是的。所以 Jeff，我們說過，除了策略性檢討之外，我們也持續評估其他選項，以改善流動性；在目前的總體環境下，這顯然是我們的關注重點。這包括評估出售其他資產、以及潛在的售後回租（sale-leaseback）交易；我們這邊沒有更多細節可提供。我認為更重要的是，我們已多次提到，我想再重申一次：我們預期會在12月到期項目轉為流動（go current）之前，處理我們近期到期的債務。

And for the time being, as Samantha laid out in her prepared remarks, we have ample liquidity, and we're actively managing cash in this soft macro environment. So I think that important combination. We continue to evaluate options.

同時，如 Samantha 在事先準備的發言中所說，我們目前有充足的流動性，並且在這個疲弱的總體環境中積極管理現金。所以我認為這個重要的組合。我們會持續評估各種選項。

We have a number of options, and we're staying very close to the cash situation, combine that with improvements on service and better volume outlook from our side. We're feeling good about where we are currently.

我們有多種選項，也非常密切關注現金狀況；再加上服務改善以及我們這邊對銷量前景更佳的看法。我們對目前的狀況感到樂觀。

Great. Thank you.

很好。謝謝。

You're welcome.

不客氣。

There are no further questions at this time. And with that, I will now turn the call back over to James Armstrong for final closing remarks. Please go ahead.

目前沒有其他問題。接下來我將把電話交回給 James Armstrong 作最後的結語。請開始。

Thanks, everyone, for joining us today. If you have any follow-up questions, please feel free to reach out. We appreciate your time and interest in JELD-WEN. Have a great day.

謝謝各位今天加入我們。如果你們有任何後續問題，歡迎隨時聯繫。感謝各位撥冗並關注 JELD-WEN。祝各位有美好的一天。

Ladies and gentlemen, this concludes today's call. We thank you for participating. You may now disconnect your lines.

各位女士先生，今天的電話會議到此結束。感謝各位參與。現在您可以掛斷電話。