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DATE

Tuesday, Aug. 4, 2026 at 9 a.m. ET

CALL PARTICIPANTS

• Vice President of Investor Relations - James Armstrong
• Chief Executive Officer - William Christensen
• Executive Vice President and Chief Financial Officer - Samantha Stoddard

TAKEAWAYS

• Net Revenue -- $818 million, representing a 1% decline driven by lower volume mix that was partially offset by higher pricing and favorable foreign exchange.
• Core Revenue -- 2% decline, excluding a $9 million benefit from foreign exchange.
• Adjusted EBITDA -- $42 million, an 8% increase due to productivity gains that offset price/cost headwinds and lower market volumes.
• Adjusted EBITDA Margin -- 5.2%, an increase of 50 basis points from 4.7% in the prior year.
• North America Revenue -- $529 million, down from $556 million due to lower volumes in residential and repair and remodel markets.
• North America Adjusted EBITDA -- $41 million, with a margin improvement to 7.7% from 6.3% reflecting productivity and SG&A savings.
• Europe Revenue -- $289 million, an 8% increase driven by better volume mix, higher pricing, and a 3% foreign exchange benefit.
• Europe Adjusted EBITDA -- $13 million, down from $17 million due to material cost inflation exceeding pricing realization.
• Productivity Benefit -- $36 million in the second quarter, resulting from operational execution and cost discipline.
• Price/Cost Headwind -- $29 million in the quarter, as inflation in freight and materials exceeded pricing benefits.
• Net Debt Leverage -- 11.3x at the end of the second quarter, remaining flat sequentially.
• Full Year Revenue Guidance -- $3.1 billion to $3.2 billion, an increase from the previous low end of $3.05 billion.
• Full Year Adjusted EBITDA Guidance -- $120 million to $150 million, reflecting an increased low end from the previous $100 million.
• Full Year Free Cash Flow Guidance -- $75 million use of cash, lowered from previous expectations due to restructuring and onetime costs.
• Full Year Capital Expenditures Guidance -- $85 million, representing a reduction to help preserve liquidity.
• Full Year Productivity Target -- $120 million, increased from the previous $110 million goal based on SG&A actions and business rightsizing.
• Full Year Price/Cost Headwind -- $50 million expected, up from the previous $40 million projection due to persistent freight and material inflation.
• On-Time In-Full (OTIF) -- 80% range in July for North America, affected by Canadian wildfire smoke and freight provider challenges.
• Market Share Recovery -- $20 million headwind, improved from a $30 million headwind as service consistency helps win back lost business.
• Multifamily Outlook -- Significant year-over-year growth expected for the VPI business, with robust pipelines extending into the fourth quarter.
• North America Market Outlook -- Low- to mid-single-digit decline, including a mid-single-digit decline in repair and remodel activity.
• Canada Market Outlook -- High single-digit decline due to economic softness and weak housing activity.
• Tariff Refund -- $1 million received in the second quarter, with mid-single-digit millions expected in the third quarter.
• Liquidity -- $80 million drawn on the revolving credit facility to support seasonal working capital investments.

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RISKS

• Christensen stated, "July performance was affected by temporary production disruptions related to Canadian wildfire smoke, which required us to shut down certain sites for a period of time," noting that while operations have normalized, wildfires continue to pose potential disruption risks over the next two months.
• Christensen indicated, "We also experienced challenges with several freight providers that did not deliver the level of service we require," identifying reliability issues as a factor in the recent decline of service metrics.
• Stoddard noted that the company is facing "ongoing inflation that exceeded the benefit from pricing," identifying material and freight cost increases as a primary headwind to EBITDA.

SUMMARY

Management reported that improved operational execution and service levels are facilitating a recovery in market share despite a soft global demand environment. The company stated that its on-time in-full delivery performance has recovered toward 90% in August after temporary weather-related disruptions in July. Financial priorities remain focused on disciplined cost management and productivity initiatives to offset significant inflationary pressures in freight and materials. Management indicated that it is actively evaluating options to address near-term debt maturities while continuing a strategic review of the European business to maximize shareholder value.

• CEO Christensen attributed the top-line guidance raise to improved service levels, stating, "Our improved performance is helping us compete for and win back business that we had previously lost."
• Management reported that the VPI multifamily business is expanding its footprint beyond the Northwest, with CFO Stoddard noting, "We're really starting to see that pay off as we continue to grow business on the Eastern part of the U.S."
• The company expects approximately $30 million in productivity benefits to roll into 2027 as a result of current-year cost-out actions.
• CEO Christensen noted that while market volumes in Europe are subdued, they appear to be stabilizing with expectations for flat year-over-year volumes.
• Management confirmed the strategic review of the European business is ongoing, though no final decisions or alternatives were announced during the call.
• CFO Stoddard detailed the inflation mix, stating it is currently about "two-thirds, one-third right now on material inflation and then freight inflation across the company."
• The company plans to use seasonal working capital cycles and improved second-half earnings to support cash generation following a cash use in the first half of the year.

INDUSTRY GLOSSARY

• Adjusted EBITDA: Earnings before interest, taxes, depreciation, and amortization, further adjusted for special items like restructuring and share-based compensation.
• Core Revenue: Net revenue excluding the impact of foreign exchange, acquisitions, and divestitures completed in the last 12 months.
• OTIF (On-Time In-Full): A logistics metric measuring the percentage of orders delivered according to the customer's requested date and quantity.
• R&R: Repair and remodel; a segment of the construction market focused on existing homes rather than new construction.
• VPI: A JELD-WEN brand focused on vinyl windows for the multifamily and mid-rise commercial markets.
• SG&A: Selling, general, and administrative expenses.

Full Conference Call Transcript

Operator: Ladies and gentlemen, thank you for standing by. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to the JELD-WEN Second Quarter 2026 Earnings Conference Call. I'd like to remind everyone that this call is being recorded. [Operator Instructions] I would now like to turn the call over to James Armstrong, Vice President of Investor Relations. Please go ahead.

James Armstrong: Thank you, and good morning. We issued our second 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.jeld-wen.com. We will be referencing this presentation during our call. Today, I'm joined by Bill Christensen, Chief Executive Officer; and Samantha Stoddard, Chief Financial Officer. Before I turn it over to Bill, 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.

These statements are subject to a variety of 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. 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.

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

William Christensen: Thank you, James, and good morning, everyone. Before turning to our results, I want to begin by recognizing our associates at JELD-WEN. The second quarter progress would not have been possible without their commitment, focus and hard work. Our teams have continued to execute in a challenging environment, improve how we operate and provide our customers with a more dependable and consistent service experience. I want to thank everyone across the organization for the role they played in delivering these results. I would also like to welcome Christian Michel, who joined JELD-WEN in June as Executive Vice President and President of Europe. Christian brings more than 25 years of international leadership experience across manufacturing and industrial businesses.

His experience in operational improvement and business transformation will be valuable as we continue to strengthen and further optimize our European business. Turning to the business. The macro environment in the second quarter was in line with our expectations. We experienced the anticipated seasonal increase in activity as we moved out of the first quarter. Overall market volumes remain soft, but the pace of the year-over-year decline is beginning to moderate. Against that backdrop, we delivered results that were consistent with our expectations and continue to make progress on the priorities we outlined at the beginning of the year. As shown on Slide 4, second quarter sales were $818 million.

We continue to balance our labor and cost structure with current demand levels while maintaining the resources necessary to provide customers with the service they expect. Our on-time in-full performance declined modestly in June and remained in the high 80% range in July due to temporary disruptions. Those issues have largely subsided, and we are already seeing OTIF recover toward 90% and above. Importantly, our customers remain satisfied with our service and sustaining consistent performance remains a key priority across the organization. Adjusted EBITDA was $42 million for the quarter, up from the prior year. Importantly, this was the first quarter in 10 quarters in which adjusted EBITDA increased year-over-year.

Adjusted EBITDA margin improved to 5.2% compared to 4.7% last year, an increase of 50 basis points despite the continued pressure from lower market volumes. These results demonstrate the progress we are making through improved execution, productivity and disciplined cost management. Free cash flow was a $28 million use of cash during the quarter. We continue to tightly manage capital expenditures and remain disciplined in how we deploy cash across the business. As we move into the second half of this year, we expect the seasonal working capital cycle and improved earnings performance to support improved cash generation. Looking ahead, I expect continued focus on what we can control as we remain concentrated on managing costs.

At the same time, we continue to prioritize service and execution for our customers. Our improved performance is helping us compete for and win back business that we had previously lost, and we are beginning to see those efforts translate into improved commercial results. As a result, we still expect sales performance to be modestly better than the midpoint of our previous guidance. We also continue to face significant price/cost headwinds, driven primarily by freight, including the impact of freight on material costs. We are managing through these pressures and expect to continue working constructively with our customers as these cost pressures persist.

Despite these headwinds, our cost actions and improved operating performance support an increase of our EBITDA guidance midpoint. Before I turn it over to Samantha, I want to briefly address both our balance sheet and portfolio priorities. We continue to actively evaluate options to address our near-term debt maturities, working closely with our advisers, including potential refinancing alternatives. Our objective is to preserve liquidity, maintain financial flexibility and provide the company with sufficient time to continue improving performance as market conditions stabilize. We also continue to make progress on the strategic review of our European business. The process remains ongoing, and we are carefully evaluating the available alternatives with a focus on long-term shareholder value.

We have nothing further to announce at this time. With that, I will hand it over to Samantha to review our financial results in greater detail.

Samantha Stoddard: Thank you, Bill. Turning to the financial results on Slide 6. Second quarter net revenue was $818 million compared to $824 million in the second quarter of 2025, a decline of 1% year-over-year. The decrease was driven by lower volume mix, partially offset by higher pricing and favorable foreign exchange. Adjusted EBITDA for the quarter was $42 million compared to $39 million in the prior year period, an increase of 8%. The improvement was driven primarily by continued productivity gains, which more than offset a portion of the ongoing price/cost headwinds and lower volume mix. Turning to cash flow.

Free cash flow was a $28 million use of cash in the second quarter due to higher working capital, specifically the timing of accounts receivable due to higher sales at the end of the current period. We continue to manage cash closely and remain focused on working capital discipline as we move through the second half of the year. Despite the use of cash during the quarter, higher adjusted EBITDA helped keep net debt leverage flat sequentially at 11.3x at the end of the second quarter. To support the seasonal working capital investment, we have $80 million drawn on our revolving credit facility.

We remain focused on improving earnings, generating cash and maintaining balance sheet flexibility as we continue to manage through the current market environment. Turning to Slide 7. The year-over-year change in revenue was driven by lower volume mix, partially offset by higher pricing and favorable foreign exchange. Core revenue declined 2%, while foreign exchange contributed a $9 million benefit. Taken together, these items resulted in a 1% decline in reported revenue for the quarter. Turning to Slide 8. Adjusted EBITDA for the second quarter was $42 million compared to $39 million in the prior year quarter. The year-over-year improvement was led by strong productivity across the business, which contributed a $36 million benefit. We also delivered meaningful SG&A savings.

Those savings were partially offset by the nonrecurrence of certain onetime benefits recognized in the prior year, resulting in a combined net benefit of $1 million from SG&A and other items. These improvements more than offset continued external and market-related pressures. Price/cost was a $29 million headwind, reflecting ongoing inflation that exceeded the benefit from pricing. Lower volume mix represented an additional $5 million headwind. Overall, the bridge demonstrates the progress we are making on the areas within our control. Productivity and cost discipline enabled us to grow adjusted EBITDA year-over-year despite continued price/cost pressure and soft market volumes. Turning to Slide 9 and our segment results.

North America revenue was $529 million compared to $556 million in the prior year quarter. The year-over-year decline was driven by lower volume mix, with the majority of the impact coming from lower volumes. Adjusted EBITDA for North America was $41 million compared to $35 million last year. Adjusted EBITDA margin improved to 7.7% from 6.3%. The increase reflects continued productivity gains and meaningful SG&A improvements, which more than offset a portion of the pressure from ongoing price/cost headwinds and lower volumes. In Europe, revenue was $289 million compared to $268 million in the prior year quarter, an increase of 8%. The improvement was driven by better volume mix, favorable foreign exchange and higher pricing.

Foreign exchange contributed approximately 3 percentage points to the year-over-year revenue increase. Adjusted EBITDA for Europe was $13 million compared to $17 million last year. The decline was driven primarily by price/cost pressure. While we realized higher pricing year-over-year, it was not sufficient to offset additional material cost inflation during the quarter. These headwinds were partially offset by improved productivity and more favorable volume mix. I will now hand it back to Bill to discuss our market outlook.

William Christensen: Thanks, Samantha. Turning to Slide 11. I want to review our current market outlook and the assumptions supporting our expectations for the remainder of 2026. We continue to operate in a soft and uncertain demand environment. While the pace of year-over-year declines is beginning to moderate in certain areas, our outlook remains cautious and does not assume a meaningful near-term recovery. In North America, we continue to expect the overall windows and doors market to decline in the low- to mid-single digits. Within that outlook, we anticipate new single-family construction will be down low single digits, while repair and remodel activity will decline in the mid-single-digit range. We expect U.S. multifamily to increase significantly year-over-year.

In Canada, conditions remain more challenging, and we continue to expect high single-digit declines due to broader economic softness and weak housing activity. In Europe, market conditions appear to be stabilizing, and we continue to expect volumes to be approximately flat year-over-year, while demand remains subdued. We are not expecting a further material deterioration from current levels. At the company level, our volume assumptions remain broadly aligned with the underlying markets. We continue to see benefits from improved service and customer engagement, which are supporting opportunities to regain share. At the same time, we remain disciplined in how we approach pricing and commercial activity given the continuing price/cost pressures across the business.

Overall, our outlook is based on current demand levels and continued execution against the areas within our control. We are not relying on a market recovery to deliver our expectations. Instead, our focus remains on consistent service, disciplined cost management and improved operating performance. Turning to Slide 12. I'll walk through our updated full year 2026 guidance. We are raising the low end of our revenue outlook as improved service levels begin to translate into share recovery and new incremental business. We now expect net revenue in the range of $3.1 billion to $3.2 billion compared to our previous range of $3.05 billion to $3.2 billion.

As a result, we now expect core revenue to decline between 2% and 5% year-over-year compared to our previous expectation of a 3% to 6% revenue decline. We are also increasing the low end of our adjusted EBITDA guidance. We now expect adjusted EBITDA of $120 million to $150 million compared to our previous range of $100 million to $150 million. The improved revenue outlook is expected to flow through at an incremental margin of approximately 25% to 30%. We also expect additional productivity benefits from our continued focus on SG&A and broader cost management. These improvements are expected to be partially offset by continued inflation cost pressure. Turning to cash flow.

We are lowering our full year expectations, primarily due to additional restructuring costs associated with rightsizing our SG&A structure and other onetime costs incurred during the year. We are partially offsetting these impacts through continued discipline on capital spending and now expect full year capital expenditures of approximately $85 million. As a result, we now expect operating cash flow of approximately $10 million and free cash flow to be a use of approximately $75 million for the year. Finally, our guidance continues to assume no significant portfolio changes. Turning to Slide 13. This chart bridges our 2025 adjusted EBITDA of $118 million to the updated midpoint of our 2026 adjusted EBITDA guidance of $135 million.

Starting with the market, we continue to expect volume mix to represent an approximately $25 million headwind. This reflects the ongoing softness across our end markets and remains unchanged from our previous expectations. The next 2 items reflect improving execution across the business. We now expect net share loss to be a $20 million headwind compared to $30 million previously. This improvement reflects the progress we are making on service and the resulting opportunities to regain business with our customers. We also now expect a total of approximately $120 million of productivity benefit compared to $110 million previously. This includes both the carryover benefit from our transformation initiatives and the impact of continued business rightsizing.

The increase reflects stronger productivity, additional SG&A actions and our continued focus on aligning the cost structure with current demand. These improvements are partially offset by greater price/cost pressure. We now expect price/cost to be an approximately $50 million headwind compared to $40 million previously. The increase primarily reflects continued freight and material cost inflation that is still exceeding the benefit from pricing. We are managing these pressures closely, but as we have discussed, addressing persistent price/cost headwinds will require us to continue to work constructively with our customers. The remaining items represent a net headwind of approximately $8 million.

This includes approximately $10 million of headwind from variable compensation and other timing-related factors, partially offset by favorable foreign exchange and other items. Taken together, these elements bridge to the midpoint of our updated adjusted EBITDA guidance. The improvement reflects stronger productivity and less share loss, which more than offset the additional price/cost pressure we now expect. I want to spend a few minutes on the progress we continue to make with service across our North America business. Turning to Slide 14. On-time in-full delivery, or OTIF, remains one of the most important measures of how well we are serving our customers.

Over the past year, we have made significant progress in improving service performance and creating greater consistency across the network. As shown on the slide, OTIF declined modestly in June and remained below 90% in July. July performance was affected by temporary production disruptions related to Canadian wildfire smoke, which required us to shut down certain sites for a period of time. We also experienced challenges with several freight providers that did not deliver the level of service we require. The impact from the wildfire smoke has now largely subsided and our affected facilities have returned to normal operations. We are also actively addressing the freight challenges, working directly with our providers and taking the necessary actions to improve reliability.

Based on the progress, we would expect OTIF to return above 90% going forward. Importantly, our customers are recognizing the quality and consistency of our service levels. Customer feedback continues to be positive, confidence in our ability to deliver has improved, and we are seeing additional opportunities to compete for and win back business that we had previously lost. The progress we have made reflects the work of our teams to improve execution, respond quickly when issues arise and build greater consistency across our operations. That stronger execution is also beginning to reshape our revenue trajectory.

With service back to levels that meet customer expectations, we believe the business is better positioned to perform more in line with the market and benefit from normal market growth over time. We are encouraged by the progress we have made but need to improve consistency. Sustaining Europe's OTIF above 95%, while returning North America to above 90% and maintaining that performance will help us further strengthen customer relationships, support our share position and deliver improved performance over time. Finally, turning to Slide 15. I'll close by stepping back and highlighting the priorities that will continue to guide us through the remainder of the year. First, customer service remains at the center of our focus.

We have made meaningful progress in improving consistency, responsiveness and delivery performance, and our customers are recognizing that improvement. Better service is helping us rebuild trust, strengthen relationships and create opportunities to regain business that we had previously lost. We need to maintain that momentum and continue delivering at the level our customers expect. Cash and cost management also remain critical priorities. We are laser-focused on addressing the upcoming maturities in order to strengthen our balance sheet and provide additional time to improve our business performance in choppy market conditions. We remain diligent on working capital, capital spending, cost control as well as the broader actions needed to preserve liquidity and improve free cash flow.

Finally, I want to again thank our associates across JELD-WEN. We continue to operate in a difficult environment and the progress we are seeing would not be possible without their hard work, commitment and resilience. Our results are improving. Our customers are seeing the difference, and that progress is a direct reflection of the effort our teams are making every day. There is still more work to do, but we are moving in the right direction and are focused on building from here. With that, I'll turn the call over to James for questions.

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

Operator: [Operator Instructions] Your first question comes from the line of Susan Maklari with Goldman Sachs.

Charles Perron-Piché: This is Charles Perron for Susan. First, I want to talk about customer service. Bill, I think you mentioned in your prepared remarks your effort to address the freight challenges on service level in the near term. Can you maybe first unpack some of the adjustments you're making? And as those service levels improve, how do you think about your implications to regain some of the share through the second half of the year and beyond?

William Christensen: Yes. Thanks for the question. So we continue to make progress on our OTIF, which is On-Time In-Full delivery. And that's the most important metric that we track, both in Europe and in North America, and that basically represents our ability to meet customer expectations. As we shared in prepared remarks, there was a little bit of degradation, slightly below 90% in North America. In June and July, there was a few wildfire-related shutdowns, obviously, unplanned, but things that we had to react to. We're already seeing August tracking based on expectations back up to above 90% mark. So we're feeling very comfortable.

The second reflection is no significant negative customer feedback through the last 3, 4 months on service levels. So we feel that we're continuing to regain some of the delivery challenges that we had coming out of last year and into the beginning of this year. And that's starting to materialize into sales gains based on where we initially budgeted the year. So we picked up probably $25 million in our latest update of top line guidance of additional sales based, we think, mainly on our ability to really perform against customer expectations. So we continue to make progress. And the wildfires continue, unfortunately, to be a real challenge.

You may be seeing some of the news northwest of the U.S., there are some pretty significant wildfires burning again. So this is something that we're monitoring closely. Obviously, we want to make sure all our associates and their families are safe, but trying to manage through some potential disruptions that we still expect over the next couple of months.

Charles Perron-Piché: Got it. Okay. That's very helpful color, Bill. And then second, I want to shift to price/cost. I think you mentioned that the dynamics have deteriorated a little bit from a cost perspective. Can you maybe unpack the drivers of the shift between what you're seeing from price versus inflation across region? And more broadly, how do you think about your ability to get price in this environment?

William Christensen: Yes. Thanks. Probably a 2-part question and answer. Let me start just with some higher-level comments on price/cost. So there is continued select price pressure, but the larger change, as we had signaled in our prepared remarks versus prior expectations is cost inflation, and that's mainly inbound and outbound freight as well as European energy price impact. So obviously, our productivity and SG&A, as you can see on the waterfall, savings are helping to offset the near-term gap. But we are continuing to work with our customers to address the longer-term price/cost dynamics. I think Samantha can share a little bit more detail on the levers of that price/cost dynamic.

Samantha Stoddard: Sure. I do want to reiterate, we are seeing positive price. So we have been putting price into the market. Unfortunately, it's been offset by the increased inflation. And as Bill mentioned, I would say it's about 2/3, 1/3 right now on material inflation and then freight inflation across the company. Energy prices, we're seeing that in Europe, but it's mostly, as Bill talked to, tied to fuel prices. So it's both the inbound on our material costs as well as the input commodities that are going into our business coming from the fuel.

Operator: Your next question comes from the line of Steven Ramsey with Thompson Research Group.

Steven Ramsey: I wanted to think a little bit more on winning back business, which is great to hear. Can you talk about where these wins are happening, if there's any concentration of where these wins are coming from?

William Christensen: Steven, it's Bill. It's fairly balanced. Definitely on the interior door side in North America, we are seeing some small pickups. It's the North American business, it's obviously a regional business model based on where we have assets in place and how we're servicing our customers. So I'd say, in general, it's a very balanced rebound of volume that we're regaining. And there are, I'd say, hotspots. I said one of them was on the interior door side. And we continue to make progress also on regaining some of the vinyl window business, which has been important. Think about this as balanced between both our traditional sales channel, but also the R&R.

Obviously, the market remains fairly soft as we know, but this is some share loss that we probably never should have lost that we're starting to pick back up connected with our OTIF improvements and the consistency that we're showing for our customers.

Steven Ramsey: Okay. That's helpful. And then on your multifamily outlook being pretty robust, can you talk about how your sales are tracking against this market demand? Is there any kind of share gain here? And do you expect any of the benefits to carry over into next year for multifamily?

William Christensen: Right. So how we think about and how we actually comp that business, it's Canada and multifamily is kind of how we look at it. Canada is significantly down. Multifamily is significantly up. As we've been signaling for a while. This is our VPI business. Our teams are doing a phenomenal job of gaining new business and projects across North America, but also delivering on that. This will clearly roll into next year. I mean we're already looking right now at Q4 pipelines that continue to be very robust. So we feel comfortable and confident about the trajectory. However, it's a small relative share of our overall portfolio. So not sure if there's a market share gain in this segment.

But for us, the year-over-year comps are significant on the growth side.

Samantha Stoddard: One other thing, Steven, on VPI, in particular, our multifamily business, we did -- we made an investment to grow some of our sales base in the East Coast a few years ago, and we're really starting to see that pay off as we continue to grow business on the Eastern part of the U.S. This was primarily a Northwestern business located out in Washington. And so that's been really positive to see, and we would expect that to continue into next year.

Operator: And your next question comes from the line of Matthew Bouley with Barclays.

Anika Dholakia: Anika Dholakia on for Matt today. So first off, I wanted to drill down on your productivity efforts where you guys are clearly seeing some progress. It's now contributing an incremental $10 million for the year. So just want to know how much has been actioned so far. I think last quarter, you spoke to 80% of the bucket being complete. So where does this stand now? And then how to think about the cadence of productivity in 3Q and 4Q? And any early thoughts into 2027?

William Christensen: Yes. Thanks for the question. So we feel pretty good. I'd say the bucket is probably 100% actioned, and we're going to take off, obviously, every month as we roll forward through the rest of the year. So we're feeling confident about that progress. Obviously, understanding that productivity is connected to volume. And as volume moves, there could be positive or negative impacts based on how the second half materializes. We're also thinking based on what we've shown in the waterfall, the total cost that we think we can deliver cost out we think we can deliver this year, think about roughly $30 million rolling into 2027.

Anika Dholakia: Okay. Great. That's really helpful. And then second off, so I know you guys outlined your tariff impact in the slides. So I'm curious to know what's changed in your tariff assumptions. And then I don't think there's an inclusion of a refund. So any details on that? And any incremental impact from the 301 tariffs that were implemented?

Samantha Stoddard: Yes. So as you can see in the slide, we are seeing, I would say, overall tariff tempering slightly from when we kicked off the beginning of the year. But to your question on the tariff refund, we did receive an immaterial amount in 2Q. It was approximately $1 million. And we also did receive additional tariff refund in Q3. We expect the net benefit in Q3 will be in the mid-single-digit millions. So we will be reporting that when we release our Q3 as well.

Operator: That concludes our question-and-answer session. I will now turn the conference back over to Mr. James Armstrong for closing remarks.

James Armstrong: 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.

Operator: Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.