Owens Corning : Q1 2021 Earnings Report Presentation

FIRST-QUARTER 2021 RESULTS

Brian Chambers | Chairman & Chief Executive Officer Ken Parks | Chief Financial Officer

April 28, 2021 | Q1 2021

FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES

This presentation and the associated remarks contain forward-looking statements. We caution you against relying on these statements as they involve risks and uncertainties that are difficult to predict and the Company's actual results may differ materially from those projected. Such risks and uncertainties include, without limitation: the severity and duration of the current COVID-19 pandemic on our operations, customers and suppliers, as well as related governmental actions; levels of residential, commercial and industrial construction activity; global industrial production; competitive and pricing factors; demand for our products and relationships with key customers; issues related to acquisitions, divestitures, joint ventures or expansions; industry, economic and political conditions, including new legislation, policies or other governmental actions in the U.S. or elsewhere; climate change, weather and storm activity; changes to tariff, trade or investment policies or law; uninsured losses, including those from natural disasters, pandemics, catastrophe, theft or sabotage; energy, transportation, raw material and other input availability, price volatility and cost issues; legal and regulatory, including environmental, disputes or proceedings; ability to protect our intellectual property and information technology systems; achievement of expected synergies or productivity improvements; the level of fixed costs required to run our business; currency, commodity and interest rate fluctuations; our level of indebtedness, liquidity, and the availability and cost of credit; levels of goodwill or other indefinite-lived intangible assets; price volatility in U.S. wind energy markets; labor disputes or shortages, or loss of key employees; pension obligations;

and factors detailed from time to time in the Company's SEC filings.

The terms "year to date" or last twelve months ("LTM") refer to the period ended on the last calendar day of the quarter preceding the date of the investor event referenced on the first page above. Otherwise the information in this presentation speaks as of the date of the investor event, and is subject to change. The Company assumes no obligation to update or revise forward-looking statements except as required by law. Any distribution of this presentation after the investor event is not intended and should not be construed as updating or confirming such information.

This presentation contains references to certain "non-GAAP financial measures" as defined by the SEC, which may be referenced in the Appendix or in the tables of our earnings press release. Adjusted EBIT, adjusted EBITDA, adjusted earnings, adjusted EPS and return on capital exclude certain items that management does not allocate to its segment results because it believes they are not representative of the Company's ongoing operations. When the company provides forward-looking expectations for non-GAAP measures, the most comparable GAAP measures and reconciliations to those GAAP measures are generally not available without unreasonable effort due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP measures in future periods. The variability in timing and amount of adjusting items could have significant and unpredictable effects on future GAAP results.

THE PINK PANTHER™ & © 1964-2021Metro-Goldwyn-Mayer Studios Inc. All Rights Reserved. © 2021 Owens Corning. All Rights Reserved.

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AGENDA

Business updates	Brian Chambers
Financial results	Ken Parks
Business outlook	Brian Chambers
Questions and discussion	All

Company Delivered Net Sales of $1.9 Billion;

Generated Net Earnings of $210 Million and

Adjusted EBIT of $282 Million

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HIGHLIGHTS

• Maintained a high level of safety performance
• Revenue up 20%, 18% on a constant currency basis
• Adjusted EBIT of $282mm, more than double the same period last year
• Announced the appointment of two executives
• Published our 15th annual sustainability report

INSULATION		COMPOSITES		ROOFING
Delivered $82mm of EBIT		Reported $79mm of EBIT with		Produced $156mm of EBIT
with 12% EBIT margins		14% EBIT margins		with 22% EBIT margins

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KEY FINANCIAL DATA

($ in millions, except per share data)	Q1 2021	Q1 2020
Net sales		1,601
1,915
Net earnings (loss) attributable to Owens Corning	210	(917)
Diluted earnings (loss) per common share (EPS)	$1.98	($8.43)
attributable to Owens Corning common stockholders
Earnings (loss) before interest and taxes (EBIT)	301	(866)
Earnings (loss) before interest, taxes, depreciation and	420	(750)
amortization (EBITDA)
Adjusted EBIT	282	116
Adjusted EBITDA	400	231
Adjusted earnings	183	67
Adjusted EPS (diluted)	$1.73	$0.62
Adjusted EBIT as a % of net sales	15%	7%
Adjusted EBITDA as a % of net sales	21%	14%
Depreciation and amortization (D&A)	119	116
Net cash flow provided by (used for) operating activities	204	(52)
Free cash flow	120	(144)
Net debt	2,564	3,149

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