What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-23 compared with 2025-02-20 · 59 added, 47 removed, 236 unchanged (31% of the section changed)

6 unchanged sentences

Our business is highly diversified by distribution channel, geography, and construction application as illustrated below:

2024 Net Revenues $3,776 million

2025 Net Revenues $3.21 billion

Channel Geography Construction Application (1)

5 unchanged sentences

The net assets and operations of the disposal group met the criteria to be classified as “discontinued operations” and are reported as such in all periods.

Unless otherwise indicated, the description of our business provided in Part I pertains to continuing operations only (refer to Note 1 - Description of Company and Summary of Significant Accounting Policies and Note 2 - Discontinued Operations to our consolidated financial statements included in this Form 10-K for more information) .

Unless otherwise indicated, the description of our business provided in Part I pertains to continuing operations only.

Refer to Note 1 - Description of Company and Summary of Significant Accounting Policies and Note 2 - Discontinued Operations and Divestiture to our consolidated financial statements included in this Form 10-K for more information .

For many product lines, our manufacturing processes are vertically integrated, enhancing our range of capabilities, our ability to innovate, and our quality control, as well as providing us with supply chain, transportation, and working capital savings.

60 unchanged sentences

We are the only manufacturer that offers a full line of interior and exterior door and window products, allowing us to offer a more complete solution to our customer base.

While we expect to realize some benefit from share gains and continued growth from pricing strategies to offset inflation, our North American market is expected to continue to face headwinds during 2025 primarily due to heightened interest rates and continued labor, freight, and raw material inflation.

We believe that our total market opportunity in North America will continue to include non-residential applications and other related building products.

Our North American market is expected to continue to face headwinds during 2026 primarily due to historically high interest rates and continued labor, freight, and raw material inflation.

We believe that our total market opportunity in North America will continue to include residential, non-residential, and repair and remodel applications along with other related building products.

The European market for doors is highly fragmented, and we have the only platform in the industry capable of serving nearly all European countries.

In our Europe segment, we compete primarily in the market for residential and non-residential doors in Germany, the U.K., France, Austria, Switzerland, and Scandinavia.

During 2025, we expect softer markets in our residential and non-residential markets in Germany, France, and Austria due to general economic weakness and interest rates that are expected to remain high.

During 2026, we expect Europe markets to remain broadly flat, with the Nordics, the UK, and France expected to show signs of growth.

The DACH region is likely to experience continued softness until late 2026, when conditions are expected to improve.

Renovation is expected to outpace new builds in some regions, mainly due to government incentives introduced to stimulate demand.

Refer to Note 14 - Segment Information to our consolidated financial statements included in this Form 10-K for more information about our segments.

3 unchanged sentences

Wood components for our window operations are sourced primarily from our own manufacturing plants, which allow us to improve margins and take advantage of our proprietary technologies such as our AuraLast wood treatment process.

We track commodities in order to understand our vendors’ costs, realizing that our costs are determined by the broader competitive market as well as by increases in the inputs to our vendors.

We track commodities to understand our vendors’ costs, realizing that our costs are determined by the broader competitive market, tariffs, as well as by increases in the inputs to our vendors.

To manage the risk in material costs, we develop strategic relationships with suppliers, routinely evaluate substitute components, develop new products, vertically integrate, where applicable, and seek alternative sources of supply from multiple vendors and often from multiple geographies.

15 unchanged sentences

Research and Development

A core aspect of our business strategy is the investment and innovation of new products and technologies.

We believe that leading the market in innovation will enhance demand for our products and allow us to sell a higher margin product mix.

Our research and development efforts encompass the development of new products and material inputs, derivative product development, as well as value-added re-engineering of components used in our existing products leading to reduced costs and manufacturing efficiencies.

We have a governance process that prioritizes the most impactful projects, which is expected to improve the efficiency and quality of our research and development efforts.

Although product specifications and certifications vary from country to country, the global nature of our operations allows us to leverage our global innovation capabilities and create product platforms which enable us to share designs across our markets.

We believe that the global nature of our research and development capabilities is unique among our door and window competition.

We emphasize sustained investment in the development of new products, technologies, and materials as a core element of our business strategy.

Our R&D activities include (i) creating new and derivative products, (ii) improving materials and components, and (iii) reengineering existing designs to reduce costs and enhance manufacturing efficiency.

We employ a formal governance framework to prioritize high‑impact initiatives and a stage‑gate process to manage execution from concept through commercialization, supporting consistent quality and efficient resource allocation.

This stage‑gate framework is used across the organization including R&D and information technology to strengthen delivery discipline.

The global scale of our operations enables us to leverage shared product platforms and design libraries across markets.

While product specifications and certifications vary by country, our global R&D footprint allows us to adapt designs to local requirements while capturing efficiencies in development, testing, and sourcing.

We sell our products worldwide and have well-established relationships with numerous customers throughout the door and window distribution chain in each of our end markets, including retail home centers, wholesale distributors, and building product dealers that supply homebuilders, contractors, and consumers.

3 unchanged sentences

Our top ten customers together accounted for approximately 48%, 46%, and 43% of our net revenues in the years ended December 31, 2025, 2024, and 2023, respectively.

The Home Depot, a customer of our North America segment, represents 16%, 15%, and 16% of our consolidated net revenues during the years ended December 31, 2024, 2023 and 2022, respectively.

Lowe’s Companies, another customer of our North America segment, represents 12%, 11%, and 11% of our consolidated net revenues during the years ended December 31, 2024, 2023 and 2022, respectively.

The Home Depot, a customer of our North America segment, represented approximately 17%, 16%, and 15% of our consolidated net revenues during the years ended December 31, 2025, 2024, and 2023, respectively.

Lowe’s Companies, another customer of our North America segment, represented approximately 13%, 12%, and 11% of our consolidated net revenues during the years ended December 31, 2025, 2024, and 2023, respectively.

The door and window industry is highly competitive and includes several regional and international competitors.

10 unchanged sentences

We intend to maintain the trademark registrations listed below so long as they remain valuable to our business.

window and door trademarks include JELD-WEN ® , AuraLast ® , LaCANTINA ® , MMI Door ® , Karona ® , ImpactGard ® , JW ® , Aurora ® , IWP ® , True BLU ® , ABS TM , Siteline ® , National Door ® , Low-Friction Glider ® , Hydrolock ® , VPI TM , FINISHIELD ® , MILLENNIUM ® , TRUFIT ® , EPICVUE ® , and EVELIN ® .

window and door trademarks include JELD-WEN ® , AuraLast ® , LaCANTINA ® , MMI Door ® , Karona ® , ImpactGard ® , JW ® , True BLU ® , ABS™, Siteline ® , National Door ® , Low-Friction Glider ® , Hydrolock ® , VPI™, FINISHIELD ® , MILLENNIUM ® , TRUFIT ® , EPICVUE ® , and EVELIN ® .

Our trademarks are either registered or have been used as common law trademarks by us.

The trademarks we use outside the U.S.

include the Swedoor ® , Dooria ® , DANA ® , Mattiovi TM , Zargag ® , Alupan ® , Domoferm ® , Kellpax ® , and HSE™ marks in Europe.

include the Swedoor ® , Dooria ® , DANA ® , Mattiovi™, Zargag ® , Alupan ® , Domoferm ® , Kellpax ® , and HSE™ marks in Europe.

Environmental, Social, and Governance Matters

10 unchanged sentences

In Canada, approximately 73% of our employees work at facilities covered by collective bargaining agreements.

As is common in Europe, the majority of our facilities are covered by work councils and/or labor agreements.

As is common in Europe, most of our facilities are covered by work councils and/or labor agreements.

We believe we have satisfactory relationships with our employees and our organized labor unions.

12 unchanged sentences

Our senior leadership team works to promote these goals in their respective organizations, and our recruitment strategy reflects our dedication to cognitive diversity.

Furthermore, as part of our human capital strategy, we incorporate mentoring programs, support employee resource groups, and maintain an open-door policy where employees are free to inject their ideas, concerns, and other opinions for consideration into broader discussions around Company culture and strategy.

Furthermore, as part of our human capital strategy, we incorporate mentoring programs, support employee resource groups, and maintain an open-door policy where employees are free to inject their ideas, concerns, and other opinions into broader discussions around Company culture and strategy.

Training and Talent Development

We strive to not only attract and retain great talent but are committed to the continued development of our workforce.

We invest in formal leadership development programs that help prepare senior leaders for succession into executive roles, in regional programs to accelerate the leadership conversion of mid-level managers, and in focused efforts to upskill our front-line leaders.

Retaining and developing early career talent is an additional focus.

Across our teams, we welcome apprenticeship and work study arrangements that seed talent into manufacturing and team lead roles.

In our regions, we seek out, seed, and utilize financial grants and social educational investment requirements to reinvest in the ongoing learning and development needs of our diverse global workforce.

Internal job opportunities are posted for employees to review, and our internal mobility philosophy encourages employees to apply for roles after they have passed twelve months on a job.

As part of the annual performance management process, managers and employees meet to review goals and performance and discuss actions for ongoing growth and development.

The Company continues to invest in its employees through global learning platforms, content libraries, and additional formal and informal training programs.

We strive not only to attract and retain great talent but also to remain committed to the continued development of our workforce.

Through a combination of individual development initiatives and training programs, we prepare employees for future, often advanced, roles that align with their career goals.

Training is available for employees at all levels, whether they are senior leaders, mid-level managers, or front-line leaders, to upskill and grow their careers.

This training incorporates global learning platforms, content libraries, and additional formal and informal training opportunities.

Internal job opportunities are posted for employees to review, and our internal mobility philosophy encourages employees to apply for roles after completing twelve months in their current position.

As part of the annual performance management process, managers and employees meet to review goals and performance and to discuss actions for ongoing growth and development.

Additionally, through enhancements in our global human capital platform, managers can identify and track potential successors for roles on their teams.

Retaining and developing early-career talent is also an important focus.

Across our teams, we welcome interns, apprentices, and work-study arrangements that seed talent into manufacturing and team lead roles.

Focusing on talent development across the organization will continue to be a key contributor to the company’s future success.

Organizational Health

10 unchanged sentences

We offer a variety of products that contain pre-consumer recycled content, such as our vinyl windows, aluminum cladding, and window glass.

In January 2023, we launched a new primer formula developed by our coatings division designed to decrease VOC emissions in coatings applied to interior door skins.

In September 2024, we installed a solar PV panel system at our Spital, Austria facility which both cut costs from rising electricity prices in Central Europe and reduced GHG emissions from purchased electricity.

produced pine wood windows and select patio doors and door frames are made from AuraLast ® pine, which is a proprietary, water-based wood protection process that results in a decrease of VOCs released during production.

7 unchanged sentences

Laws and regulations with respect to the investigation and remediation of contaminated sites can impose joint and several liability for releases or threatened releases of hazardous materials upon statutorily defined parties, including us, regardless of fault or the lawfulness of the original activity or disposal.

We have been subject to claims, including having been named as a potentially responsible party, in certain proceedings initiated pursuant to the CERCLA and similar state and foreign laws, regulations, and statutes, and may be named a potentially responsible party in other similar proceedings in the future.

We have been subject to claims, including having been named as a potentially responsible party, in certain proceedings initiated pursuant to CERCLA and similar state and foreign laws, regulations, and statutes, and may be named a potentially responsible party in other similar proceedings in the future.

Unforeseen expenditures or liabilities may arise in connection with such matters.

13 unchanged sentences

With additional information gathered from the CAP investigation during 2024, we determined the total range of possible remediation cost outcomes to be between $17.4 million to $33.6 million.

We retained a provision of $11.8 million within our financial statements which considers the range of possible outcome costs and potential allocation of the responsibility between the identified PLPs, both of which could vary materially from our estimates.

We retained a provision of $11.8 million within our financial statements which considers the range of possible outcome costs and potential allocation of responsibility between the identified PLPs, both of which could vary materially from our estimates.

In December 2025, as the scope and timing of the remedial work was further refined, we determined the total range of possible remediation cost outcomes remained between $17.4 million and $33.6 million, but that the more likely possible remediation cost outcome is approximately $21.0 million.

The Company adjusted the provision within its financial statements to that amount and recognized a long-term receivable of $5.6 million within other assets in the accompanying consolidated balance sheet related to loss recoveries.

This provision may ultimately be offset in whole or in part by recoveries from PLPs or insurance proceeds.

In December 2020, we entered into a COA with the PaDEP to remove a pile of wood fiber waste from our site in Towanda, Pennsylvania, which we acquired in connection with our acquisition of CMI in 2012, by using it as fuel for a boiler at that site.

The COA replaced a 2018 Consent Decree between PaDEP and us.

Under the COA, we are required to achieve certain periodic removal objectives and ultimately remove the entire pile by August 31, 2025.

As of December 31, 2024 and 2023, there was $1.4 million in bonds posted in connection with these obligations.

Failure to remove the pile by August 31, 2025, would have resulted in forfeiture of the bonds and penalties by PaDEP.

During December 2024, we removed the wood fiber waste pile from the site and our removal obligations under the COA closed.

The COA replaced a 2018 Consent Decree between the Company and PaDEP.

Under the COA, we were required to achieve certain periodic removal objectives and ultimately remove the entire pile by August 31, 2025.

As of December 31, 2024, there was $1.4 million in bonds posted in connection with these obligations.

During December 2024, we removed the wood fiber waste pile from the site and our removal obligations under the COA were closed.

For more information regarding the risks associated with environmental, health, and safety laws and regulations, refer to Item 1A - Risk Factors .

13 unchanged sentences

There are no family relationships among the following executive officers.

Christensen , Chief Executive Officer and Director.

William Christensen , Chief Executive Officer and Director.

Christensen, age 53, joined the Company in April 2022 as Executive Vice President and President, Europe.

11 unchanged sentences

Christensen earned a bachelor’s degree in economics from Rollins College and an MBA from the University of Chicago’s Booth School of Business.

Hayes , Executive Vice President, General Counsel and Corporate Secretary.

Rachael Elliott , Executive Vice President, North America.

Elliott, age 46, joined the Company as Executive Vice President, North America in October 2025.

Prior to joining the Company, Ms.

Elliot was the Senior Vice President, Manufacturing Operations at Ashley Furniture Industries, a home furnishings manufacturer and retailer, from June 2022 to October 2025.

Prior to Ashley Furniture, Ms.

Elliott held various leadership roles at Masonite International, a designer, manufacturer and distributor of interior and exterior doors, including Vice President, Environmental Health and Safety, from January 2022 to June 2022 and Vice President, Global Operations and Supply Chain-Architectural, from January 2020 to January 2022.

Elliott also held various leadership roles at Walmart.

Elliott earned a bachelor’s degree in construction engineering and a master’s degree in workforce training and development from the University of Southern Mississippi.

Jeffrey Embt , Vice President, Chief Accounting Officer.

Embt, age 44, joined the Company as Vice President and Chief Accounting Officer in January 2026.

Prior to joining the Company, Mr.

Embt served as Chief Financial Officer of Proterra LLC, a manufacturer of battery systems for electric vehicles and commercial equipment, where he was also the Chief Accounting Officer from June 2023 until March 2024.

Prior to Proterra, Mr.

Embt held various accounting and finance positions with increasing levels of responsibilities at BWX Technologies, Inc., global manufacturer of nuclear components, including Head of Finance for BWXT Medical from February 2022 to June 2023 and Manager, Technical Accounting from April 2017 to January 2022.

Embt was also an Audit Senior Manager with Deloitte & Touche LLP.

Embt has a bachelor’s degree in accounting and finance from Coastal Carolina University and completed his graduate and executive education at the University of Tennessee.

James Hayes , Executive Vice President, General Counsel and Corporate Secretary.

Hayes, age 53, joined the Company in August 2018 as Vice President, Deputy General Counsel.

3 unchanged sentences

Hayes earned a bachelor’s degree in English and history from Emory University and a law degree from Villanova University School of Law.

Michael Leon , Senior Vice President and Chief Accounting Officer.

Leon, age 44, joined the Company as Senior Vice President and Chief Accounting Officer in March 2023.

Prior to joining the Company, Mr.

Leon was the Chief Accounting Officer and Corporate Controller at Sealed Air, a global provider of packaging solutions, from June 2018 to March 2023, where he was also the Assistant Corporate Controller from December 2014 to June 2018.

Leon earned a master’s degree in accounting from the University of South Carolina.

Wendy Livingston , Executive Vice President, Chief Human Resources Officer.

18 unchanged sentences

Stoddard earned a bachelor’s degree in economics and political science from Wake Forest University and a master’s degree in accounting from The University of Texas at Dallas.

Gustavo Vianna , Executive Vice President and President, Europe.

Vianna, age 56, joined the Company as Executive Vice President and President, Europe in January 2024.

Prior to joining the Company, Mr.

Vianna was employed at Aliaxis Group SA, a global manufacturer of advanced fluid management solutions, as Chief Executive Officer, EMEA from November 2020 to September 2022 and as Chief Business Officer from September 2019 to November 2020.

Previously, he was the Chief Executive Officer, Pipe Business for Saint-Gobain Europe du Nord, a manufacturer and distributor of construction materials, from September 2016 to February 2019.

Vianna earned a bachelor’s degree in electrical engineering from Pontifical Catholic University and a master’s degree in business administration from Fundacão Getúlio Vargas.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business