8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 9, 2017

JELD-WEN HOLDING, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-38000	93-1273278
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

440 S. Church Street, Suite 400 Charlotte, North Carolina	28202
(Address of principal executive offices)	(Zip code)

Registrant's telephone number, including area code: (704) 378-5700

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On May 9, 2017, JELD-WEN Holding, Inc. (the “Company”) issued a press release announcing the results of the Company for the first quarter ended April 1, 2017. A copy of the press release is being furnished as Exhibit 99.1 attached hereto and is incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

On May 9, 2017, the Company’s management will present certain information in connection with its call with shareholders, analysts and others relating to the results of operations discussed above. Attached hereto as Exhibit 99.2 are slides that will be presented at that time.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release issued by JELD-WEN Holding, Inc. dated May 9, 2017, announcing results for the first quarter ended April 1, 2017.
99.2	Investor information to be presented by JELD-WEN Holding, Inc. on May 9, 2017.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 9, 2017		JELD-WEN HOLDING, INC.
	By:	/s/ Laura W. Doerre
		Laura W. Doerre
		Executive Vice President, General Counsel and Chief Compliance Officer

EX-99.1

Exhibit 99.1

For Release - May 9, 2017

JELD-WEN Announces First Quarter Results; Raises 2017 Adjusted EBITDA Outlook

Charlotte, N.C. - JELD-WEN Holding, Inc. (NYSE:JELD) today announced results for its first quarter ended April 1, 2017, and updated its 2017 annual outlook.

Highlights:

• Net revenues for the first quarter increased by 6.4%

• Net income for the first quarter increased 6.3%

• Adjusted EBITDA for the first quarter increased 32.4% and adjusted EBITDA margins expanded 180 basis points

• Cash flow from operations for the first quarter improved $20.0 million and free cash flow improved $31.0 million

• The company raised its full year 2017 outlook for adjusted EBITDA to a range of $440 million to $460 million

“Our first quarter results demonstrated continued improvement in our operational performance, as we delivered another quarter of profitable growth across all three segments,” said Mark Beck, president and chief executive officer. “Based on our strong first quarter performance and favorable outlook for the rest of the year, we are increasing our 2017 estimates for adjusted EBITDA.”

First Quarter 2017 Results

Net revenues increased $51.2 million, or 6.4%, to $847.8 million, compared to $796.5 million for the same period last year. The increase was driven by core growth of 6%, as well as the contribution of recent acquisitions in the Australasia segment. The company defines core growth as the increase in net revenues, excluding the impact of foreign exchange and acquisitions completed in the last twelve months. Core growth increased primarily as a result of increased shipping days in the quarter and positive pricing. Gross margin increased $27.8 million, or 17.6%, to $186.0 million, compared to $158.1 million for the same period last year. The increase in gross margin was due to profitable core growth, improved cost productivity and the contribution from recent acquisitions. Net income increased $0.4 million, or 6.3%, to $6.4 million, compared to $6.0 million in the same quarter last year. Adjusted EBITDA increased $19.8 million, or 32.4%, to $81.0 million, compared to $61.2 million in the same quarter last year. Adjusted EBITDA margins expanded 180 basis points in the quarter to 9.5%, from 7.7% in the same quarter a year ago.

On February 1, 2017, the company completed its initial public offering of common stock ("IPO"). As the first quarter only includes a partial period of post-IPO equity and debt capitalization, the company has not presented an earnings per share calculation for the quarter.

On a segment basis for the first quarter of 2017, compared to the same period last year:

• North America - Net revenues increased $23.9 million, or 5.2%, to $484.1 million, primarily due to core growth of 5%. Adjusted EBITDA increased $18.5 million, or 58.3%, to $50.2 million. Adjusted EBITDA margin expanded by 350 basis points to 10.4%.

• Europe - Net revenues increased $3.8 million, or 1.6%, to $242.3 million, primarily due to core growth of 6%. The increase in core growth was partially offset by the negative impact of foreign exchange of (4)%. Adjusted EBITDA increased $2.5 million, or 10.2%, to $27.2 million. Adjusted EBITDA margin expanded by 80 basis points to 11.2%.

• Australasia - Net revenues increased $23.6 million, or 24.1%, to $121.4 million, primarily due to a 12% contribution from the recent acquisitions of Breezway and Trend. Core growth increased 7% and foreign exchange had a positive impact of 5%. Adjusted EBITDA increased $4.3 million, or 48.5%, to $13.2 million. Adjusted EBITDA margin expanded by 180 basis points to 10.9%.

Cash and cash equivalents as of April 1, 2017 were $185.5 million, compared to $102.7 million as of December 31, 2016. Total debt as of April 1, 2017 was $1.2 billion, compared to $1.6 billion as of December 31, 2016. On February 1, 2017, the company received net proceeds from its IPO of $472.7 million and used a portion of these proceeds to repay $375.0 million of debt. In conjunction with the debt repayment in the first quarter, the company wrote off $7.0 million of original issue discount and deferred financing fees.

Cash flow from operations improved $20.0 million in the first quarter of 2017 to $(8.2) million, from $(28.2) million in the same period last year. Free cash flow improved $31.0 million in the first quarter of 2017 to $(18.0) million, from $(49.0) million in the same period last year.

Updated Annual Outlook for 2017

For full year 2017 compared to full year 2016, the company continues to expect an increase in net revenues of 1.5% to 3.5%. The increase in net revenues is expected to be driven by core growth and a small incremental carryover from 2016 acquisitions, partially offset by unfavorable foreign exchange impact.

The company has raised its expectation for 2017 adjusted EBITDA to a range of $440 million to $460 million, from its prior expectation of $435 million to $455 million, compared to adjusted EBITDA of $394.1 million for 2016. Capital expenditures are still expected to be in the range of $90 million to $100 million.

“The fundamental demand drivers in the majority of our diverse global end markets continue to look positive for the remainder of 2017,” stated Beck. “We are confident in delivering our 2017 plan as we focus on profitable organic growth and realize operational improvements from the implementation of the JELD-WEN Excellence Model. We also continue to invest for the future through new product development, sales force effectiveness tools, and targeted advertising as well as pursuing a healthy pipeline of acquisition opportunities."

Adjustments to Previously Reported Financial Information

During the first quarter ended April 1, 2017, we identified errors related to the tax treatment of our share-based compensation expense and the inter-quarter allocation of a tax benefit associated with the release of a valuation allowance in a foreign jurisdiction reported for the year ended December 31, 2016. The amounts are not material to the periods impacted, and we have elected to revise our previously issued consolidated financial statements in our upcoming filings to correct the prior periods. In addition to the tax corrections, we also revised the financial statements for other accumulated misstatements impacting the period. The cumulative impact of the corrections for the three months ended March 26, 2016 was an increase in share-based compensation expense of $0.4 million and a decrease in tax expense of $0.1 million. The corrections had no impact on cash flow or adjusted EBITDA. Please refer to our Form 10-Q for the three-month period ended April 1, 2017 for additional details.

Conference Call Information

JELD-WEN management will host a conference call today, May 9, 2017, at 8 a.m. EDT, to discuss the company’s financial results. The conference call can be accessed by dialing (877) 407-9208 (domestic) or (201) 493-6784 (international). A telephonic replay will be available approximately two hours after the call by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the replay is 13659798. The replay will be available until 11:59 p.m. EDT on May 23, 2017.

Interested investors and other parties can also listen to a webcast of the live conference call by logging onto the Investor Relations section of the company’s website at http://investors.jeld-wen.com. The online replay will be available for 30 days on the same website immediately following the call. A slide presentation highlighting the company’s results will also be available on the Investor Relations section of the company’s website.

To learn more about JELD-WEN, please visit the company’s website at http://investors.jeld-wen.com.

About JELD-WEN

JELD-WEN, founded in 1960, is one of the world’s largest door and window manufacturers, operating 115 manufacturing facilities in 19 countries located primarily in North America, Europe and Australia. Headquartered in Charlotte, North Carolina, JELD-WEN designs, produces and distributes an extensive range of interior and exterior doors, wood, vinyl and aluminum windows and related products for use in the new construction and repair and remodeling of residential homes and non-residential buildings. Our products are marketed globally under the JELD-WEN® brand, along with several market-leading regional brands such as Swedoor® and DANA® in Europe and Corinthian®, Stegbar®, and Trend® in Australia.

Investor Relations Contact:     

JELD-WEN Holding, Inc.

John Linker

SVP, Corporate Development and Investor Relations

704-378-7007

investors@jeldwen.com

Forward-Looking Statements

This press release contains certain “forward-looking statements” regarding business strategies, market potential, future financial performance, the potential of our categories and brands, and our expectations, beliefs, plans, objectives, prospects, assumptions, or other future events. Forward-looking statements are generally identified by our use of forward-looking terminology such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “potential”, “predict”, “seek”, or “should”, or the negative thereof or other variations thereon or comparable terminology. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on the current plans, expectations, assumptions, estimates, and projections of our management. Although we believe that these statements are based on reasonable expectations, assumptions, estimates and projections, they are only predictions and involve known and unknown risks, many of which are beyond our control that could cause actual outcomes and results to be materially different from those indicated in such statements.

Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including the factors discussed in our prospectus filed with the Securities and Exchange Commission on January 30, 2017, and our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission.

The assumptions underlying the guidance provided for 2017 include the achievement of anticipated improvements in end markets, competitive position, and product portfolio; stable macroeconomic factors; no changes in foreign currency exchange and tax rates; and favorable interest expense due to the recent debt reduction. The forward-looking statements included in this release are made as of the date hereof, and except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this release.

Non-GAAP Financial Information

This press release presents certain “non-GAAP” financial measures. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of non-GAAP financial measures used in this press release to their nearest comparable GAAP financial measures is included in the tables at the end of this press release. The company provides certain guidance on a non-GAAP basis because the company cannot predict certain elements that are included in certain reported GAAP results, including the variables and individual adjustments necessary for a reconciliation to GAAP.

We use Adjusted EBITDA and Adjusted EBITDA margin because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes Adjusted EBITDA and Adjusted EBITDA margin are helpful in highlighting trends because they exclude the results of decisions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. We use Adjusted EBITDA and Adjusted EBITDA margin to measure our financial performance and also to report our results to our board of directors. Further, our executive incentive compensation is based in part on Adjusted EBITDA. In addition, we use Adjusted EBITDA as calculated herein for purposes of calculating compliance with our debt covenants in certain of our debt facilities. Adjusted EBITDA should not be considered as an alternative to net income (loss) as a measure of financial performance or to cash flows from operations as a liquidity measure.

We define Adjusted EBITDA as net income (loss), eliminating the impact of the following items: loss from discontinued operations, net of tax; gain (loss) on sale of discontinued operations, net of tax; equity (earnings) loss of non-consolidated entities; income tax; depreciation and amortization; interest expense, net; impairment and restructuring charges; gain on sale of property and equipment; share-based compensation expense; non-cash foreign exchange transaction/translation income (loss); other non-cash items; other items; and costs related to debt restructuring, debt refinancing, and the Onex investment. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by net revenues.

We present free cash flow because we believe it assists investors and analysts in determining the quality of our earnings. We also use free cash flow to measure our financial performance and to report to our board of directors. In addition, our executive

incentive compensation is based in part on free cash flow. We define free cash flow as cash flow from operations less purchases of property, equipment, and intangible assets. Free cash flow should not be considered as an alternative to cash flows from operations as a liquidity measure.

Other companies may compute these measures differently. No non-GAAP metric should be considered as an alternative to any other measure derived in accordance with GAAP.

Due to rounding, numbers presented throughout this document may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures.

JELD-WEN Holding, Inc.

Consolidated Statements of Operations (Unaudited)

(In millions)

	Three Months Ended
	April 1, 2017			March 26, 2016			% Variance
Net revenues	$	847.8		$	796.5		6.4	%
Cost of sales	661.8			638.4			3.7	%
Gross margin	186.0			158.1			17.6	%
Selling, general and administrative	147.1			132.0			11.4	%
Impairment and restructuring charges	1.2			3.0			(59.7	)%
Operating income	37.7			23.2			62.8	%
Interest expense, net	(26.9		)	(17.0		)	58.1	%
Other (expense) income	(2.6		)	0.7			NM
Income before taxes, equity earnings and discontinued operations	8.2			6.9			19.5	%
Income tax expense	(2.3		)	(2.1		)	7.4	%
Income from continuing operations, net of tax	5.9			4.8			24.8	%
Equity earnings of non-consolidated entities	0.5			0.8			(37.1	)%
Income from discontinued operations, net of tax	—			0.5			NM
Net income	$	6.4		$	6.0		6.3	%
Other financial data:
Adjusted EBITDA(1)	$	81.0		$	61.2		32.4	%
Adjusted EBITDA Margin	9.5		%	7.7		%

⁽¹⁾  Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA, see above under the heading “Non-GAAP Financial Information”.

JELD-WEN Holding, Inc.

Selected Financial Data (Unaudited)

(In millions)

	April 1, 2017			December 31, 2016
Consolidated balance sheet data:
Cash, cash equivalents	$	185.5		$	102.7
Accounts receivable, net	439.1			407.2
Inventories	365.7			334.6
Total current assets	1,018.8			875.4
Total assets	2,677.9			2,530.1
Accounts payable	212.6			188.9
Total current liabilities	519.2			512.8
Total debt	1,245.8			1,620.0
Redeemable convertible preferred stock	—			151.0
Total shareholders’ equity	714.7			56.0
	Three Months Ended
Statement of cash flows data:	April 1, 2017			March 26, 2016
Net cash flow (used in) provided by:
Operating activities	$	(8.2	)	$	(28.2	)
Investing activities	(7.7		)	(42.0		)
Financing activities	97.0			(0.8		)

JELD-WEN Holding, Inc.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(In millions)

	Three Months Ended
	April 1, 2017			March 26, 2016
Net income	$	6.4		$	6.0
Income from discontinued operations, net of tax	—			(0.5		)
Equity earnings of non-consolidated entities	(0.5		)	(0.8		)
Income tax expense	2.3			2.1
Depreciation and intangible amortization	27.1			25.7
Interest expense, net(1)	26.9			17.0
Impairment and restructuring charges	1.2			2.9
Gain on sale of property and equipment	—			(3.6		)
Stock-based compensation expense	5.4			5.1
Non-cash foreign exchange transaction/translation (income) loss	4.4			5.0
Other non-cash items	—			0.4
Other items(2)	7.6			1.8
Costs relating to debt restructuring and refinancing	0.3			—
Adjusted EBITDA(3)	$	81.0		$	61.2

⁽¹⁾  For the three-months ended April 1, 2017, interest expense includes the write-off of $7.0 million of original issue discount and deferred financing fees related to the repayment of debt.

⁽²⁾  Other items not core to business activity include: (i) in the three-months ended April 1, 2017, (1) $5.7 million in legal costs, (2) $0.5 million in facility shut down costs, and (3) $0.3 million in IPO costs; and (ii) in the three-months ended March 26, 2016, (1) $0.9 million in acquisition costs, (2) $0.3 million in Dooria plant closure costs, and (3) $0.2 million of tax consulting costs in Europe.

⁽³⁾  Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA, see above under the heading “Non-GAAP Financial Information”.

	Three Months Ended
	April 1, 2017			March 26, 2016
Net cash used in operating activities	$	(8.2	)	$	(28.2	)
Less capital expenditures	9.8			20.8
Free cash flow	$	(18.0	)	$	(49.0	)

JELD-WEN Holding, Inc.

Segment Results (Unaudited)

(In millions)

	Three Months Ended
	April 1, 2017			March 26, 2016
Net revenues from external customers							% Variance
North America	$	484.1		$	460.2		5.2	%
Europe	242.3			238.5			1.6	%
Australasia	121.4			97.8			24.1	%
Total Consolidated	$	847.8		$	796.5		6.4	%
Adjusted EBITDA(1)
North America	$	50.2		$	31.7		58.3	%
Europe	27.2			24.7			10.2	%
Australasia	13.2			8.9			48.5	%
Corporate and unallocated costs	(9.7		)	(4.2		)	132.6	%
Total Consolidated	$	81.0		$	61.2		32.4	%

⁽¹⁾  Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA, see above under the heading “Non-GAAP Financial Information”.

EX-99.2

1 P R I V I L E G E D A N D C O N F I D E N T I A L \\intranet.barcapint.com\dfs-amer\group\Nyk\area\ibd\Industrial\Companies\Jeld-Wen\2015.07 Project Jamaica Dual Track\2015.10 IPO Execution\Presentation\Roadshow Presentation\Project Falcon_Roadshow Presentation_(1.13.17)_vNear Final_v10pm Q1 2017 Results Presentation | May 9, 2017

2 Disclosures Forward-Looking Statements This presentation contains certain "forward-looking statements" regarding business strategies, market potential, future financial performance, the potential of our categories and brands, and our expectations, beliefs, plans, objectives, prospects, assumptions, or other future events. Forward-looking statements are generally identified by our use of forward- looking terminology such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “potential”, “predict”, “seek”, or “should”, or the negative thereof or other variations thereon or comparable terminology. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on the current plans, expectations, assumptions, estimates, and projections of our management. Although we believe that these statements are based on reasonable expectations, assumptions, estimates and projections, they are only predictions and involve known and unknown risks, many of which are beyond our control that could cause actual outcomes and results to be materially different from those indicated in such statements. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including the factors discussed in our prospectus filed with the Securities and Exchange Commission on January 30, 2017, and our Annual Report on Form 10-K for the year ended December 31, 2016, to be filed with the Securities and Exchange Commission. The assumptions underlying the guidance provided for 2017 include the achievement of anticipated improvements in end markets, competitive position, and product portfolio; stable macroeconomic factors; no changes in foreign currency exchange and tax rates; and favorable interest expense due to the recent debt reduction. The forward-looking statements included in this presentation are made as of the date hereof, and except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this presentation. Non-GAAP Financial Measures This presentation presents certain “non-GAAP” financial measures. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of non-GAAP financial measures used in this presentation to their nearest comparable GAAP financial measures is included at the end of this presentation. The Company provides certain guidance on a non-GAAP basis because the Company cannot predict certain elements that are included in certain reported GAAP results, including the variables and individual adjustments necessary for a reconciliation to GAAP. We use Adjusted EBITDA and Adjusted EBITDA margin because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes Adjusted EBITDA and Adjusted EBITDA margin are helpful in highlighting trends because they exclude the results of decisions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. We use Adjusted EBITDA and Adjusted EBITDA margin to measure our financial performance and also to report our results to our board of directors. Further, our executive incentive compensation is based in part on Adjusted EBITDA. In addition, we use Adjusted EBITDA as calculated herein for purposes of calculating compliance with our debt covenants in certain of our debt facilities. Adjusted EBITDA should not be considered as an alternative to net income (loss) as a measure of financial performance or to cash flows from operations as a liquidity measure. We define Adjusted EBITDA as net income (loss), eliminating the impact of the following items: loss from discontinued operations, net of tax; gain (loss) on sale of discontinued operations, net of tax; equity (earnings) loss of non-consolidated entities; income tax; depreciation and amortization; interest expense, net; impairment and restructuring charges; gain on sale of property and equipment; share-based compensation expense; non-cash foreign exchange transaction/translation income (loss); other non-cash items; other items; and costs related to debt restructuring, debt refinancing, and the Onex investment. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by net revenues. We present free cash flow because we believe it assists investors and analysts in determining the quality of our earnings. We also use free cash flow to measure our financial performance and to report to our board of directors. In addition, our executive incentive compensation is based in part on free cash flow. We define free cash flow as cash flow from operations less purchases of property, equipment, and intangible assets. Free cash flow should not be considered as an alternative to cash flows from operations as a liquidity measure. Other companies may compute these measures differently. No non-GAAP metric should be considered as an alternative to any other measure derived in accordance with GAAP. Due to rounding, numbers presented throughout this document may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures.

3 Introduction Mark Beck, President and CEO

4 JELD-WEN at a Glance  Global market leader in windows and doors  Q1 2017 LTM Net Revenues of $3.7 billion and Adj. EBITDA of $414 million (~11.1% margin)  Scaled platform creating competitive advantage • 115 manufacturing facilities in 19 countries • 20,000+ employees • 13,000+ customers  Long-standing customer relationships with home centers, builders and independent dealers  Six strategic acquisitions in the past 18 months – all on track to deliver strong ROI Business Highlights Key Brands Net Revenues Mix(1) ApplicationProduct Geography (1) Based on FY2016 results. GLOBAL MARKET LEADER WITH UNMATCHED SCALE A us t ra l as i a 14% E urope 27% N .A . 59% N on-R es i . 10% R es i . R epa i r & R em ode l 45% R es i . N ew C ons t ruc t i o n 45% Othe r 9% W i ndows 24% D oors 67%

5 An Extraordinary Transformation Underway PROVEN TEAM DRIVING EARNINGS GROWTH AND FREE CASH FLOW Adjusted EBITDA Margin % Where We Are Today Our Proven Operating Model  Early stages of a multi-year turnaround  A global platform with scale, iconic brands and leading market positions  A team of accomplished leaders assembled from the best Industrials (Danaher, Cooper, UTC, etc.) executing a proven operating model • Self-help: quality, productivity, sourcing • Steady profitable growth: price, innovation, share-gain • Strategic M&A: as an industry consolidator Where We Are Going 1 2 3 4.4% 11.1% 15%+ FY 2013 Target*LTM Q1 2017 *Note: This presentation includes long-term targets, which are for illustrative purposes only. These long-term targets should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, if at all, such performance or results will be achieved.

6 Proven Operating Model Target Identification Target Cultivation Stage Gate Process Integration Playbook Performance Tracking Strategic M&AOperational Excellence Talent Management, JELD-WEN Excellence Model (JEM), and Enabling Technology WORLD-CLASS PERFORMANCE AND RETURNS New Products and Innovation Brand Strategy Channel Management Sales Force Effectiveness Pricing Optimization Profitable Organic Growth Safety and Compliance Quality System Customer Experience Productivity Sourcing

7 Operational Excellence JELD-WEN Excellence Model (JEM) ESTABLISHING A CONTINUOUS IMPROVEMENT CULTURE 2016 2017 2018 20192014 2015 Phase I: Establish mindset of discipline (e.g., Operating Cadence, Gemba Walks) Phase II: Deploy fundamental JEM tools (e.g., Daily Visual Management System, Basic Problem Solving, Standard Work, Model Area, 5S) Phase III: Deploy intermediate JEM tools (e.g., Total Productive Maintenance Cycle Time Reduction, Kaizen, Kanban, etc.) Phase IV: Continuously deploy advanced tools (e.g., Policy Deployment, Obeya, etc.) Ongoing Commitment to Continuous Improvement JEM Culture:

8 BUSINESS TRANSFORMATION DRIVING EARNINGS AND FCF IMPROVEMENT Net Revenue Growth Free Cash Flow(1) Financial Performance USD in millions $61.2 $81.0 7.7% 9.5% Q1 2016 Q1 2017 % Margin Adjusted EBITDA (1) Free Cash Flow is defined as cash flow from operating activities minus (i) purchases of property and equipment and (ii) purchases of intangible assets. $796.5 $847.8 Q1 2016 Q1 2017 ($49.0) ($18.0) Q1 2016 Q1 2017 6.4% increase 32.4% increase $31 mill ion increase

9 Financial Review Brooks Mallard, EVP and Chief Financial Officer

10 MARGIN EXPANSION CONTINUED IN Q1 2017 YoY Change(1) Net Revenues $847.8 6.4% Gross Margin $186.0 17.6% Gross Margin Percent 21.9% 200 bps Net Income $6.4 6.3% Adjusted EBITDA $81.0 32.4% Adjusted EBITDA Margin 9.5% 180 bps Q1 2017 Financial Summary USD in millions Q1 (1) See page 21 for note on “Adjustments to Previously Reported Financial Information”

11 Q1 2017 Pricing 2% 2% 1% 1% Volume/Mix 4% 3% 5% 6% Core Growth 6% 5% 6% 7% Acquisitions 1% 0% 0% 12% FX (1%) 0% (4%) 5% Total 6.4% 5.2% 1.6% 24.1% CORE GROWTH MOMENTUM CONTINUES ACROSS ALL REGIONS Q1 Net Revenues Walk JELD-WEN North America Europe Australasia

12 CORE GROWTH DRIVING GROWTH IN EARNINGS AND MARGIN 2017 YoY Change Net Revenues $484.1 5.2% Adjusted EBITDA $50.2 58.3% Adjusted EBITDA Margin 10.4% 350 bps North America Segment Performance USD in millions Q1 Wood Windows Vinyl Windows Interior Doors Exterior Doors Wall Systems

13 SIGNIFICANT MARGIN IMPROVEMENT ON FLAT USD REVENUES IN 2016 2017 YoY Change Net Revenues $242.3 1.6% Adjusted EBITDA $27.2 10.2% Adjusted EBITDA Margin 11.2% 80 bps Europe Segment Performance USD in millions Q1 Residential Doors Commercial Doors Fire Resistant Sound Dampening Security Doors

14 RECENT ACQUISITIONS DRIVING TOP-LINE GROWTH 2017 YoY Change Net Revenues $121.4 24.1% Adjusted EBITDA $13.2 48.5% Adjusted EBITDA Margin 10.9% 180 bps Australasia Segment Performance USD in millions Q1 Windows Doors Shower Enclosures Closet Systems Specialty Windows

15 Balance Sheet and Cash Flow USD in millions NET LEVERAGE REDUCED TO 2.56x; SIGNIFICANT LIQUIDITY Balance Sheet and Liquidity April 1, 2017 December 31, 2016(1) Total Debt $1,245.8 $1,620.0 Cash $185.5 $102.7 Total Net Debt $1,060.3 $1,517.3 Net Debt / Adjusted EBITDA 2.56x 3.85x Liquidity (2) $448.4 $381.9 Cash Flow Q1 2017 Q1 2016 Cash Flow From Operations ($8.2) ($28.2) Capital Expenditures (3) ($9.8) ($20.8) Free Cash Flow ($18.0) ($49.0) ( 1 ) D o e s n o t r e f l e c t t h e i mp a c t o f p r o c e e d s r e c e i v e d f r o m i n i t i a l p u b l i c o f f e r i n g s u b s e q u e n t t o y e a r e n d . ( 2 ) L i q u i d i t y i n c l u d e s c a s h a n d a v a i l a b i l i t y f r o m u n d r a wn r e v o l v i n g c r e d i t f a c i l i t i e s . ( 3 ) I n c l u d e s p u r c h a s e s o f p r o p e r t y , e q u i p me n t , a n d i n t a n g i b l e a s s e t s .

16 Summary and 2017 Outlook Mark Beck, President and Chief Executive Officer

17 Balanced Approach to Revenue Growth COMBINATION OF CORE GROWTH AND M&A DRIVE REVENUE GROWTH* Future Acquisitions Markets Pricing Innovation Share  Exposure to attractive end markets  Analytics in place  Disciplined approach  Strategic focus  New products  Emerging technologies  Brand and channel investments  Sales force effectiveness tools Target* Core Growth 4-5% JELD-WEN Revenue Growth *Note: This presentation includes long-term targets, which are for illustrative purposes only. These long-term targets should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, if at all, such performance or results will be achieved.

18 Balanced Approach to Margin Expansion BLEND OF INTERNAL / EXTERNAL LEVERS DRIVING MARGIN EXPANSION Acquisitions 15%+ JELD-WEN Adj. EBITDA Margin Target* Profitable Organic Growth Operational Excellence  Implementation of JEM • Productivity / cost initiatives • Strategic sourcing • Sales, Inventory and Operations Planning • Quality  Operating leverage  Innovative new products  Share gains driven by: • Brand focus • Channel management • Sales force effectiveness  Strategic pricing  Drive margin accretive M&A through: • Target cultivation • Disciplined valuations • Effective integration • High-value products • Delivering synergies *Note: This presentation includes long-term targets, which are for illustrative purposes only. These long-term targets should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, if at all, such performance or results will be achieved.

19 2017 Outlook USD in millions OUTLOOK BASED ON CONTINUED MARGIN IMPROVEMENT IN 2017 Original Net Revenue Growth 1.5% – 3.5% 1.5% – 3.5% Adjusted EBITDA $435 – $455 $440 – $460 Capital Expenditures $90 – $100 $90 – $100 Updated

20 Appendix

21 Adjusted EBITDA Reconciliation USD in millions NOTE: Adjustments to Previously Reported Financial Information During the first quarter ended April 1, 2017, we identified errors related to the tax treatment of our share-based compensation expense and the inter- quarter allocation of a tax benefit associated with the release of a valuation allowance in a foreign jurisdiction reported for the year ended December 31, 2016. The amounts are not material to the periods impacted, and we have elected to revise our previously issued consolidated financial statements in our upcoming filings to correct the prior periods. In addition to the tax corrections, we also revised the financial statements for other accumulated misstatements impacting the period. The cumulative impact of the corrections for the three months ended March 26, 2016 was an increase in share-based compensation expense of $0.4 million and a decrease in tax expense of $0.1 million. The corrections had no impact on cash flow or adjusted EBITDA. Please refer to our Form 10-Q for the three-month period ended April 1, 2017 for additional details. Three months ending April 1, 2017 March 26, 2016 Net Income (loss) $6.4 $6.0 Adjustments: Loss (income) from discontinued operations, net of tax $0.0 ($0.5) Equity (earnings) loss of non-consolidated entities ($0.5) ($0.8) Income tax expense (benefit) $2.3 $2.1 Depreciation and amortization $27.1 $25.7 Interest expense, net(a) $26.9 $17.0 Impairment and restructuring charges $1.2 $2.9 Gain on sale of property and equipment ($0.0) ($3.6) Share-based compensation expense $5.4 $5.1 Non-cash foreign exchange transaction/translation (income) loss $4.4 $5.0 Other non-cash items $0.0 $0.4 Other items(b) $7.6 $1.8 Costs relating to debt restructuring and debt financing $0.3 $0.0 Adjusted EBITDA $81.0 $61.2 (a) For the tree months ended April 1, 2017, interest expense includes the write-off of $7.0 million of original issue discount and deferred financing fees related to the repayment of $375 million of debt (b) Other items not core to business activity include: (i) in the three-months ended April 1, 2017, (1) $5.7 million in legal costs, (2) $0.5 million in facility shut down costs, and (3) $0.3 million in IPO costs; and (ii) in the three-months ended March 26, 2016, (1) $0.9 million in acquisition costs, (2) $0.3 million in Dooria plant closure costs, and (3) $0.2 million of tax consulting costs in Europe.