Owens Corning : Q2 2022 Earnings Report Presentation

SECOND-QUARTER 2022 RESULTS

Brian Chambers | Chair & Chief Executive Officer

Ken Parks | Chief Financial Officer

July 27, 2022 | Q2 2022

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 actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; levels of residential, commercial and industrial construction activity; levels of global industrial production; availability and cost of energy, transportation, raw materials or other inputs; issues related to acquisitions, divestitures, joint ventures or expansions; competitive and pricing factors; demand for our products; relationships with key customers; domestic and international economic and political conditions, including new legislation, policies or other governmental actions in the U.S. or elsewhere; industry and economic conditions that affect the market and operating conditions of our customers, suppliers or lenders; climate change, weather conditions and storm activity; uninsured losses, including those from natural disasters, pandemics, catastrophe, theft or sabotage; legal and regulatory proceedings, including litigation and environmental actions; changes to tariff, trade or investment policies or laws; research and development activities and intellectual property protection; issues involving implementation and protection of Information technology systems; achievement of expected synergies, cost reductions and/or productivity improvements; the level of fixed costs required to run our business; foreign exchange and commodity price fluctuations; our level of indebtedness; our liquidity and the availability and cost of credit; levels of goodwill or other indefinite-lived intangible assets; price volatility in certain wind energy markets in the U.S.; loss of key employees, labor disputes or shortages; defined benefit plan funding obligations; and factors detailed from time to time in the company's Securities and Exchange Commission 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™ & © 1964-2022Metro-Goldwyn-Mayer Studios Inc. All Rights Reserved. © 2022 Owens Corning. All Rights Reserved.

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AGENDA

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

Owens Corning Delivers Record Net Sales of $2.6 Billion;

Generates Net Earnings of $343 Million and

Adjusted EBIT of $525 Million

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OWENS CORNING HIGHLIGHTS

Maintained world-class level of safety performance

Delivered revenue growth of 16%, and adjusted EBIT growth of 29%

Completed acquisition of WearDeck®, a premium producer of composite weather-resistant decking

Formed joint-venture with Pultron Composites to manufacture industry- leading fiberglass rebar

Signed agreement to acquire Natural Polymers, LLC, an innovative manufacturer of spray foam insulation

($ in millions)	Q2 2022	Q2 2021	YTD 2022	YTD 2021
Net sales	2,601	2,239	4,947	4,154
Adjusted EBIT	525	408	942	690
Adjusted EBIT as % of net sales	20%	18%	19%	17%
Adjusted EBITDA	656	529	1,199	929
Adjusted EBITDA as % of net sales	25%	24%	24%	22%

					Five-year financial performance
$10,000								20%
$8,000								16%
$6,000								12%
$4,000								8%
$2,000								4%
$0									0%
2018	2019	2020	2021	LTM
		Net sales in millions			Adj. EBIT as % of net sales
									4

FINANCIAL SUMMARY

($ in millions, except per share data)	Q2 2022	Q2 2021	YTD 2022	YTD 2021
Net sales	2,601	2,239	4,947	4,154
Net sales growth	16%	38%	19%	29%
Adjusted EBIT	525	408	942	690
Adjusted EBIT as % of net sales	20%	18%	19%	17%
Adjusted earnings	377	283	662	473
Adjusted EPS (diluted)	$3.83	$2.68	$6.67	$4.47

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