#1JELD-WEN Inaugural Investor Day May 18, 2021 JW#2Forward-Looking Statements This presentation contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding our business strategies and ability to execute on our plans, market potential and growth opportunities, future financial performance, shareholder value, customer demand, the potential of our categories, brands and innovations, the impact of our footprint rationalization and modernization program, our pipeline of productivity projects, our targets and outlook for future periods, 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. Risks and uncertainties that could cause actual results to differ materially from such statements include risks associated with the impact of the COVID-19 pandemic on the company and our employees, customers and suppliers, and other factors, including the factors discussed in our Annual Reports on Form 10-K and our other filings filed with the Securities and Exchange Commission. 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 Disclosure 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. N © 2021 JELD-WEN | Investor Day JW#33 AGENDA A Compelling Investment Opportunity Gary S. Michel | President and CEO Video: JELD-WEN Excellence Model (JEM) A Sustainable Competitive Advantage - JEM Gregg Miner | SVP Global JEM Multi-faceted Growth Opportunities in North America Daniel Castillo | EVP and President, North America Video: Improving Cycle Time and Productivity Through JEM Q&A Session JELD-WEN Accelerated Growth (JAG) Shawn Laskoski | SVP Corporate Strategy and Business Development Multi-faceted Growth Opportunities in Europe David Guernsey | EVP and President, Europe Our ESG Ambition Roya Behnia | EVP, General Counsel and CCO Delivering Exceptional Shareholder Returns John Linker | EVP and CFO Video: Accelerating Growth Through JEM Q&A Session © 2021 JELD-WEN | Investor Day JW#41 3/8" INTERNATION A Compelling Investment Opportunity Gary S. Michel President and CEO 4 H1 3/8" 1 1/8" 2 1/8" 1 1/8" Frame Size Rough Opening#5A Compelling Investment Opportunity Multi-faceted GROWTH STRATEGY Proven STRATEGY and BUSINESS OPERATING SYSTEM WORLD-CLASS FRANCHISE with BREADTH and SCALE LO © 2021 JELD-WEN | Investor Day JW#6Strategic Growth Drivers Delivering Results CO 6 World-Class Financial Performance and Shareholder Returns Accelerate Organic Growth Operational Excellence and Margin Expansion Cash Flow and Disciplined Capital Allocation vpi ✓ A&L WINDOWS DOORS Premier Performing Culture MARKET LEADER | STRONG BRANDS | UNRIVALED PRODUCT BREADTH | GLOBAL OPERATING PLATFORM JELD-WEN EXCELLENCE MODEL JEM JELD-WEN EXCELLENCE MODEL © 2021 JELD-WEN | Investor Day JW#7Values-Driven Culture Based on Our Deep Roots... As one global team, we: BUILD businesses ethically and safely INVEST in people INSPIRE customers through innovation DELIVER on our promises ll IMPROVE every day ...and the foundation of our future. 7 © 2021 JELD-WEN | Investor Day JW#8Strong Brands with Broad Product Offering 8 PORTFOLIO OF TRUSTED BRANDS A&L WINDOWS | DOORS С CORINTHIAN DOORS BREADTH OF PRODUCT OFFERING Airlite Doors aneeta 65% DANA Eine Marke von JELD-WEN DOMOFERM DOORIA® by JELD-WEN EXTIRA by JELD-WEN JELD-WEN. KARONA by JELD-WEN KUNGSATER KELLPAX+ DAS SCHWEIZER ORIGINAL YON JELD-WEN KILSGAARD • QUALITY DOO S SINCE 19 DOORS MIRATEC Treated Exterior Composite TRIM SWEDOOR JW LaCANTINA DOORS MATTIOVI Regency TREND WINDOWS & DOORS STEGBAR William Russell Premium Timber Doors zargaga Wir verbinden Lebensräume. © 2021 JELD-WEN | Investor Day Windows 20% 2020 Revenue ~$4.2B Ancillary 15% RESIDENTIAL INTERIOR DOORS Molded and flush • Wood veneer and glass • Stile and rail doors Value added services ANCILLARY PRODUCTS • Closet systems Shower enclosures . Molding and trim boards COMMERCIAL DOORS 16 • Wood • Steel ⚫ MDF • Fire rated RESIDENTIAL EXTERIOR DOORS • Wood veneer, Fiberglass, and Steel • Patio doors • Folding and sliding wall systems • Value added services RESIDENTIAL WINDOWS • Wood Vinyl Aluminum JW#9Profile of a Global Leader #1 Global leader in windows and doors operating in North America, Europe and Australasia $4.2B 2020 Net Revenue 80 bps 2020 Adj. EBITDA Margin Expansion 60% Revenue from North America Segment 4.6% 2015-2020 Revenue CAGR 7.5% 2015-2020 Adj. EBITDA CAGR 50% Revenue from Stable Repair and Renovation Market 9 © 2021 JELD-WEN | Investor Day JW#10Aspiring to be a "Great Company" 10 CUSTOMERS want to BUY from Where PEOPLE want to WORK SHAREHOLDERS want to INVEST in © 2021 JELD-WEN | Investor Day Doing the RIGHT THING for PEOPLE, our COMMUNITIES, and the WORLD JW#11Experienced Leadership Team Delivering Results GARY MICHEL President and Chief Executive Officer JOHN LINKER Executive Vice President and Chief Financial Officer ROYA BEHNIA Executive Vice President, General Counsel and Chief Compliance Officer TIM CRAVEN Executive Vice President, Human Resources DANIEL CASTILLO Executive Vice President and President, North America PETER FARMAKIS Executive Vice President and President, Australasia Proven Experience and Thought Leaders in: Strategy Growth Operational Excellence Lean Diversity, Equity and Inclusion Sustainability Mergers and Acquisitions Delivering Results DAVID GUERNSEY Executive Vice President and President, Europe MARK DIXON Senior Vice President, Global Procurement SHAWN LASKOSKI Senior Vice President, Corporate Strategy and Business Development KEVIN LILLY Senior Vice President, Chief Information Officer GREGG MINER Senior Vice President, Global JEM Leader 11 © 2021 JELD-WEN | Investor Day JW#12JEM Enables Growth and Margin Expansion JEM JELD-WEN EXCELLENCE MODEL 12 © 2021 JELD-WEN | Investor Day EVOLUTION OF LEAN CULTURE LEADING Strategy and Growth Focus Leadership and Growth Excellence Commercial and Operational Excellence LIVING System Focus DOING Continuous Improvement Tool Focus Culture JEM Delivers Multiple Growth Levers JW#13Universal ("U") Strategy for Growth PREMIUM MATERIALS FOR CONSTRUCTION CUSTOMER EXPERIENCE HIGH-PERFORMANCE EXTERIOR & INTERIOR BUILDING PRODUCTS INDUSTRY PRODUCTIVITY INNOVATION AND SUSTAINABILITY Universally applied strategy - across all customer segments, all regions, all offerings, and all brands 13 © 2021 JELD-WEN | Investor Day JW#14Reliably Boring, Relentlessly Repeatable RELIABLY BORING "THE HOW" • Say-do culture • Field the best team JEM . ESG 14 © 2021 JELD-WEN | Investor Day 37 RELENTLESSLY REPEATABLE "THE WHAT" · Differentiated, superior customer experience Deliver results ⚫ Drive growth#15High Visibility to Achieving 2025 Targets ORGANIC REVENUE CAGR 2021-2025 2025 ADJUSTED EBITDA MARGIN FREE CASH FLOW CONVERSION 2021-2025 CAPITAL ALLOCATION 2021-2025 Above market = 6% to 8% 15% to 17% 90% to 100% of adjusted net income ~$4 billion of M&A capacity(1); share repurchase as alternative Multi-faceted growth platform will deliver growth, margin expansion, and compounding cash flow through disciplined capital allocation (1) Assumes maximum net debt leverage of 2.5x 15 © 2021 JELD-WEN | Investor Day JW#1616 SAFE, SECURE, SUSTAINABLE ENVIRONMENTS JELD-WEN FSG Report JW © 2021 JELD-WEN | Investor Day ESG Strategy Aligned with Core Values • Sustainable supply chain and circular economy • Energy efficient product portfolios • Innovation and research • Diversity, equity and inclusion • Health and safety • Transparency and governance Building on our legacy and delivering value for all stakeholders JW#1717 THE JELD-WEN EXCELLENCE MODEL A Sustainable Competitive Advantage Gregg Miner Senior Vice President, Global JEM Leader F#18Creating a Sustainable Competitive Advantage JELD-WEN Excellence Model (JEM) SUSTAINABLE COMPETITIVE ADVANTAGE OPERATIONAL EXCELLENCE LEADERSHIP AND GROWTH EXCELLENCE Transformation Model Blueprint Strat Six Sigma/Variation Reduction Integrated Business Planning Goal Deployment Talent Dev. and Acquisition Dep. Supply Chain/Material ERP Strategic Planning Lean Leadership Processes ACHIEVE CONTINUOUS IMPROVEMENT CULTURE Changeover Reduction Poka Yoke/Quality At (SMED)/TPM The Source Manufacturing System Design Pull/Kanban/Flow Model Cell Standard Work w/ Layered Process Audit Gemba Walks 5s Workplace Organization Visual Management: SQDCI and Hour X Hour Boards Commercial Excellence Segmentation and Value Propositions RACI: Accountability Transaction Process Improvement Kaizen Innovation Excellence Product/Process Dev.. and Validation Project/Diagonal Management Change Management Value Stream/ Process Mapping BASIC PROBLEM SOLVING (INCLUDING A3) VOICE OF CUSTOMER ENVIRONMENTAL, HEALTH and SAFETY Doing Living Leading MDI DAILY Act WEEKLY SQDCI Plan Check JEM DP ANNUALLY. Do VSA MONTHLY RIE Accelerate positive momentum with structured transformation model 18 © 2021 JELD-WEN | Investor Day JW#19Creating a Premier Performance Culture Actions RESULTS-DRIVEN BEHAVIOR TO BEHAVIOR-DRIVEN RESULTS * TOOL FOCUSED Doing JEM 80 JEM resources across the globe Hundreds of discrete kaizens Basic problem solving via SQDCI Demonstrated productivity savings Habits Values O........ • • SYSTEM FOCUSED STRATEGY Living JEM End to end value stream mapping • 14 model plants globally Hundreds of lean training activities monthly FOCUSED Four new global leaders with 100+ years of collective experience • Real time problem solving with daily management SQDCI for systemic problem solving • Accelerating productivity savings Beliefs (*) GROWTH • FOCUSED Leading JEM Sustained differentiated performance in: Cycle time Throughput capacity and growth Productivity Cash conversion JEM delivers growth, productivity savings and cash conversion 19 © 2021 JELD-WEN | Investor Day JW#20JEM - Focus On Value To Deliver Growth Value Value Stream Velocity Speed and Efficiency V3 Determined by the Customer How We Create Value Focus on adding value to the customer - while accelerating growth, margin and cash Quote to Cash Order to Ship Waste Reduction Accelerates Customer Value Delivery 20 © 2021 JELD-WEN | Investor Day JW#21JEM - Building a Model for Long-Term Success 14 Model Sites Across 3 Regions Detailed Plans in the Model Sites Each site has customer- centric value streams focus Creates a body of work to achieve future state Full Value Stream Analysis Projects PERFORMANCE 50% TARGETS Lead Time Reduction 2x Productivity 20% Actions Proactive and forward looking Focused on removing waste, increasing velocity and delivering value Results Rapid improvements in less than 30 days Minimal capital investment required 21 © 2021 JELD-WEN | Investor Day Transformation Team Development Quality Improvement Cultural Transformation Workshops Just Do Its Week-long Rapid Improvement Events 14 Strategic Value Streams Under Transformation JW#22Velocity Driven Growth Improved Special Order Lead Time in North American Door Facility 1234 5 6 7 8 9 10 WEEKS 11 12 22 22 Lead Time Days -Units/Day 13 F Focus on Velocity 96% Lead Time Reduction 3x Higher Throughput Increasing capacity with minimal capital investment © 2021 JELD-WEN | Investor Day JW#23JEM Beyond the Factory Floor Accounting and Finance: • Closing Process 20% reduction in touch • time (productivity) 90% reduction in weekend work (respect for every individual) . Hiring and Recruiting: Process implemented in North America - Expanding to Europe and Australasia 18% reduction in Time To Fill New Employee Technology: 50% reduction in approvals • 33% reduction in cycle time JEM tools and behaviors permeating the entire enterprise 23 23 © 2021 JELD-WEN | Investor Day JW#24Footprint Rationalization and Modernization $100M Savings Target From Footprint Rationalization Revenue Per Square Foot In Progress 7% Improvement $170 Planning $159 Complete 2019 2021 (F) Footprint rationalization and modernization program driving cost savings, improved cycle time, enhanced quality, and improved productivity 24 © 2021 JELD-WEN | Investor Day JW#25Multi-faceted Growth Opportunities in North America 25 25 Daniel Castillo Executive Vice President and President, North America#26Windows and Doors Leader in North America Overview • • $2.5B consolidated doors and windows provider in North America Strong brand and industry leading market positions in key products Multi-faceted growth opportunities End Market Residential New Construction Repair and Renovation Non-Residential 2020 REVENUE Channel Product Distributors Retail/Home Center Leading doors and windows solutions Doors Windows Value-Added Distribution Other 26 © 2021 JELD-WEN | Investor Day JW#27Lead Time Reduction Supports Growth Vinyl Windows Entry Doors LEAD TIME 64% ORDERS LEAD TIME 150% Competition JELD-WEN Prior Current • 50% ORDERS 94% Competition JELD-WEN Prior Current Best in class talent utilizes JEM to create a winning culture Lead time reduction fuels double digit growth rates Productivity improves service levels and expands capacity Service level improvements yield significant growth opportunity 27 © 2021 JELD-WEN | Investor Day JW#28Increased Velocity Drives Growth Executing interior molded door cycle time reduction increases production and supports increased demand to deliver revenue growth... 66 "Appreciate our strategic business partners taking care of us during so much market uncertainty!" - STRATEGIC TRADITIONAL CHANNEL CUSTOMER "Best in Class service management through COVID environment." MAJOR RETAILER ELIMINATING waste through advanced problem-solving DRIVES productivity and increased throughput IMPROVED manufacturing efficiency by 5 seconds yields up to 5% revenue growth across entire NA interior molded door footprint 28 © 2021 JELD-WEN | Investor Day JEM fuels growth opportunities JW#29Capacity Expansion Enables Growth Multi-Family Windows Single Family Windows • • MALDEN STATIO Productivity and Capital investments increase unit capacity -50% by 2023 Geographic expansion into new markets Expanded service footprint enables ~2x share growth by 2023 . Expanding window capacity through automation Rebalancing capacity to high growth markets Investing in product innovation Significant growth opportunities in all channels 29 29 © 2021 JELD-WEN | Investor Day JW#30Interior Doors Competitive Advantage in Value Stream INTEGRATED value stream analysis from raw material to finished product STANDARDIZED product offering to simplify ordering and fulfillment, reducing SKU's from the hundreds to the 20's SOLVED key customer challenge, increasing penetration with key builder and channel partners STREAMLINED end to end process, eliminating waste, driving efficiencies, and improving the customer experience INCREASED throughput and aligned capacity, drives additional growth opportunities in interior doors and across product lines 30 Long term and sustainable competitive advantage © 2021 JELD-WEN | Investor Day JW#31Innovation Fuels Growth Process Innovation Hands-Free Assembly using Robotics Automated Guided Vehicle (AGV's) transportation Multi-functioning tooling for flexibility . • Single Piece Flow 31 © 2021 JELD-WEN | Investor Day Product Innovation Customer Experience Innovation Contemporary high-end sliding door solutions Entry door systems with IoT functionality Increasing utilization of composite wood materials Expanding digital transaction experience Field deployment of real time product support tools Developing best in class order configurator tools JW#32Q&A Session#3333 JELD-WEN Accelerated Growth (JAG) Shawn Laskoski Senior Vice President, Corporate Strategy and Business Development F#34JEM is also for Growth JELD-WEN Excellence Model (JEM) SUSTAINABLE COMPETITIVE ADVANTAGE OPERATIONAL EXCELLENCE LEADERSHIP AND GROWTH JELD-WEN Accelerated Growth (JAG) EXCELLENCE Six Sigma/Variation Reduction Integrated Business Planning Goal Deployment Talent Dev. and Acquisition Supply Chain/ Material ERP Strategic Planning Lean Leadership Processes ACHIEVE CONTINUOUS IMPROVEMENT CULTURE Changeover Reduction Poka Yoke/Quality At The Source (SMED)/TPM Commercial Excellence Innovation Excellence Manufacturing System Design Pull/Kanban/Flow Segmentation and Value Propositions Product/Process Dev. and Validation Model Cell Standard Work w/ Layered Process Audit Gemba Walks 5s Workplace Organization Visual Management: SQDCI and Hour X Hour Boards Project/Diagonal Management Change Management Value Stream/ Process Mapping BASIC PROBLEM SOLVING (INCLUDING A 3) VOICE OF CUSTOMER ENVIRONMENTAL, HEALTH and SAFETY RACI: Accountability Transaction Process Improvement Kaizen Breakthrough Innovation JEM tools and processes enable multi-faceted growth 34 © 2021 JELD-WEN | Investor Day Inorganic Growth Core Growth JW#35Universal ("U") Strategy for Growth PREMIUM MATERIALS FOR CONSTRUCTION CUSTOMER EXPERIENCE HIGH-PERFORMANCE EXTERIOR & INTERIOR BUILDING PRODUCTS INDUSTRY PRODUCTIVITY INNOVATION AND SUSTAINABILITY Universally applied strategy - across all customer segments, all regions, all offerings, and all brands 35 © 2021 JELD-WEN | Investor Day JW#36ACCELERATED GROWTH VIA: Differentiated Customer Experience Customer Experience Create differentiated position by delivering best CX at all touchpoints, enabled by digital Actions Across Full End-to-End Customer Journey Architects / Designers Channel Partner Builder Homeowner LEARN PLAN / SPEC QUOTE ORDER RECEIVE CARE Builder and Consumer Brands that Generate Pull Engage Architects, Designers, and Specifiers PERPETUAL FUTURE-STATE CUSTOMER EXPERIENCE EXECUTE PLAN IN AGILE FASHION Reinvented End-to-End Experiences for Builders, Partners and Homeowners ...evergreen capabilities roadmap and investments required to deliver to ensure continued CX leadership, foundational to our strategy Enhanced customer experience will drive profitable organic growth 36 © 2021 JELD-WEN | Investor Day JW#37ACCELERATED GROWTH VIA: Increasing Construction Productivity Construction Productivity Aid construction industry with productivity challenges and drive adoption of new methods that address labor challenges Better Products, New Opportunities T Labor Shortages Turnkey Solutions Pre-Fabrication Market Development for Emerging Technologies ELDWEN Global Supply Chain AR Construction Dynamics STEGBAR ALDWIN RY Offerings that increase construction productivity present new growth opportunities 37 © 2021 JELD-WEN | Investor Day JW#38ACCELERATED GROWTH VIA: Market Driven Offerings Offering Focus Premium Materials for High-performance Exterior and Interior Building Products Entry and Patio Doors Current Synergies, Future Opportunities PATIO DOORS 88% CORE SYNERGIES Bought from windows supplier* ENTRY DOORS 79% INTERIOR DOORS vpi Quality Windows 59% 000 DO ADJACENT SYNERGIES Bought from windows or door supplier LaCANTINA DOORS Int. trim & millwork 61% DANA Eine Marke von JELD-WEN Ext. door hardware 56% Windows Int. door hardware Ext. siding & trim 50% 40% Decking 36% Stairs & stair parts 36% Interior Doors Closet organizers 20% Fencing 16% Cabinetry 15% Flooring 12% SWEDOOR JW CORINTHIAN DOORS STEGBAR ☐ Adjacent Opportunities Shower glass / enclosures Countertops 12% 11% Source: JELD-WEN - US Home Builder Survey March 2021 Capital deployment and inorganic activity will accelerate growth 38 © 2021 JELD-WEN | Investor Day JW#39ACCELERATED GROWTH VIA: Sustainable Innovation Innovation Priorities Innovation Focus Areas ESG Alignment Sustainability Focus Areas Connected Offerings (IoT) Integrated Product Systems Construction and Installation Methods B Material Science ($) Energy Efficiency Circular Products Sustainable Processes Waste/Water Management Innovation and sustainability are core to creating growth 39 © 2021 JELD-WEN | Investor Day JW#40Multi-faceted Growth Opportunities in Europe David Guernsey Executive Vice President and President, Europe 40 40#41SWEDOOR JW DOORIA Positioned to Grow JW JELD-WEN JELD-WEN is the door leader in Europe 喝 #1 in doors in Europe nni €13B Market KELLPAX+ DAS SCHWEEN ONGINN VON JELD WEN DOMOFERM BEST OF STEEL 11 KILSGAARD BOS JW JELD WEN DOOR SOLUTIONS DANA A brand of JELD-WEN JELD WEN DOOR SOLUTIONS MATTIOVI На SE JELD WEN DOOR SOLUTIONS Operating from 17 countries Serving 300M people 32 Production facilities • Broad portfolio • Well established brands • 12 Brands • • • . Strong customer relationships Residential and Commercial #1 or #2 in present markets Manufacture close to customers Vertically integrated Driving leadership with service, product and innovation 41 © 2021 JELD-WEN | Investor Day JW#42Leadership and Significant Growth Potential Share Acquisition Leverage Brand and Incumbency .• Service Advantage . e-Commerce . Product Innovation JW Market Addressed by JELD-WEN * €13B Segment Potential Solve Product Gaps in Current Footprint • • . High Performance Products to UK and France Exterior door opportunities in Germany and UK Steel products to N. Europe Geography Potential Pursue Organic and Inorganic expansion . Adjacent Countries Eastern Europe Market Opportunity for JELD-WEN Big opportunities in markets and segments yet to be addressed Management estimate of European door market size 42 © 2021 JELD-WEN | Investor Day JW#43Creating Value for our Customers Superior customer experience driving above market growth OFFER Customer preferred configuration, quotation, order entry and order management tool Customer managed configurator Differentiated from competitors by rich product data Enables instantaneous quotations 20%-40% reduction in order processing time • EDI to JELD-WEN factory Integration with customer's ERP Order confirmation in hours vs days enabling 5 Plus process 5 Creates value and efficiency for customers with a unique approach to lead times for make-to-order product 5 Day Guaranteed 5 day lead time Basic product options Higher price premium 10 Day Guaranteed 10 day lead time More complex product options Moderate price premium Standard 15-30 day lead time Technical product portfolio Standard pricing Service proposition enabled by digital platform, unique manufacturing process and JEM 43 © 2021 JELD-WEN | Investor Day JW#44Expanding Service Superiority with e-Commerce Rapid-development techniques delivered B2B e-Commerce platforms to France and the UK in <90 Days JW JELD-WEN Establishing platform leverageable globally ACCUEIL PORTE TECHNIQUE Q Entrez le mot-clé ou le numéro SKU PORTE DE DECORATION HUISSERIE ACCESSORIES ✓ CONTACTEZ-NOUS Order cycle time reduced from up to 24 hours to 30 minutes PORTE TECHNIQUE e-Commerce orders average 40% larger than traditional order entry ACCUEIL ✓ Rapid deployment continues to Northern Europe FILTRES EFFACER TOUT Additional business to consumer options offered through our big box, merchant and online partners CATÉGORIE Porte Technique Acoustique (5) MacBook Air Actively removing friction from the buying experience 44 © 2021 JELD-WEN | Investor Day JW 80 1-20 sur 318#45Leading Through Innovation • New product innovations drive about 30% Eco-Options · of our growth Securing and increasing our market leading position Addressing developing customer preferences Sustainability Connected Home / IOT Instagram Instagram Instagram DON'T LIKE GREEN? 100 The Smart Door C 寫 DON'T WORRY. OUR GREEN DOORS COME IN ALL COLORS. Instagram NO KEY. NO A DO Continued leadership through innovation 45 © 2021 JELD-WEN | Investor Day Instagram WORRIES. 29508 A Instagram TRY HANDSFREE! a JW#4646 Our JELD-WEN Home: Our ESG Ambition Roya Behnia Executive Vice President, General Counsel and Chief Compliance Officer#47Our JELD-WEN Home: Our ESG Ambition Through our products, processes, and partnerships we care for people and the planet we call home 47 MATERIALS THAT MATTER DOORS THAT OPEN Energy Efficient Product Portfolio Sustainable Supply Chain and Circular Economy © 2021 JELD-WEN | Investor Day Innovation and Research WINDOWS THAT BRIGHTEN Transparency, Reporting and Accountability Diversity, Equity and Inclusion Health and Safety JW#48Materials That Matter: Highlights • • • Energy Efficient Product Portfolio ENERGY STAR Partner since 1998 Targeting ENERGY STAR certification for all new products developed in North America Two product lines certified by the Passive House Institute for energy efficiency Doors made of 100% sustainable materials Energy efficiency certified across product lines Canadian Northern Tri-Pane Collection TM windows help heating and cooling and can decrease sound transmission Sustainable Supply Chain and Circular Economy Investing in systems that support cradle-to-cradle product lifecycles • Manufacturing wood doors that are FSC/PEFC certified or the equivalent • Increasing proportion of products from recycled materials • Increasing volume of recycled content across the full product portfolio • Designing products for circular end-of-use disposal 48 © 2021 JELD-WEN | Investor Day JW#49Materials That Matter: Cirebon, Indonesia JELD WEN DOORS Sustainability is built into every inch of the Cirebon Facility 49 © 2021 JELD-WEN | Investor Day#5050 Doors That Open: Highlights Innovation and Research Hired a global lead for innovation; established global innovation teams enabled by idea management systems Revamping our portfolio management process to increase focus on transformational and cutting-edge ideas Expanding our capabilities and investment in material science Diversity, Equity and Inclusion Three women on our Board of Directors including first person of color Requiring a diverse slate for selection and succession for leadership positions Conducting proactive interventions to eliminate discriminatory bias Diverse Representation Workforce Management Professional Female (global) Ethnically Diverse (US) 24% 31% 20% 16% 46% 19% © 2021 JELD-WEN | Investor Day#5151 © 2021 JELD-WEN | Investor Day Windows That Brighten: Highlights Health and Safety • • Implementing best-in-class health and safety management systems, standards and training requirements to prevent workplace injuries, fatalities and illness 74 full-time employees focused on health and safety and 50 full-time employees focused on environmental issues Launched health and safety campaign focusing on 12 critical safety rules JW#52Windows That Brighten: Highlights Increasing visibility and transparency We are building integrated sustainability reporting systems Our executive compensation is linked to ESG metrics on safety, employee engagement and diversity 52 52 21,000+ associate engagement surveys sent 19 languages © 2021 JELD-WEN | Investor Day 85% response rate in 2020#5353 Our Path Forward JW#5454 54 Delivering Exceptional Shareholder Returns John Linker Executive Vice President and CFO#55Extraordinary Track Record of Performance Net Revenue Adjusted EBITDA USD in millions Free Cash Flow $3,381 4.6% CAGR $4,236 2015 2020 $311 7.5% CAGR $446 22.3% CAGR 11 2015 2020 $95 2015 $259 2020 Demonstrated revenue and earnings growth with compounding cash flow 55 © 2021 JELD-WEN | Investor Day JW#56Multi-faceted Framework for Growth and Cash TARGET DEMONSTRATED TRACK RECORD Volume Deliver above market growth Volume growth accelerating Pricing Price realization exceeds material and freight inflation 10 consecutive quarters of favorable price/cost Productivity Annual reduction in COGS excluding volume/price/mix ~$50M of savings achieved from 2018-2020 Fixed Cost Annual reduction in fixed costs Working Capital Annual reduction in net working capital as percent of revenue 56 1.5M sq. ft. reduction in footprint since 2018 160 bps reduction as percent of sales 2018 - 2020 Delivering results and providing visibility to future revenue growth, margin expansion, and compounding cash flow © 2021 JELD-WEN | Investor Day JW#57Highly Variable Cost Structure Enabled by JEM 2020 Cost of Goods Sold Variable Fixed Overhead Overhead Freight Labor Material Variable costs Near-term fixed costs Adjusted EBITDA Per Employee 2015 ~24% 2020 Direct Labor % of Cost of Goods Sold 2015 260 bps 2020 Highly variable cost structure provides platform for profitable growth; JEM enables ongoing improvements in cost structure 57 © 2021 JELD-WEN | Investor Day JW#58Attractive Cash Conversion Dynamics Net Working Capital % of Sales (1) D&A as % of Capital Expenditures Effective Cash Tax Rate 11.6% 2018 160 bps reduction enabled by JEM Capital expenditures at or below D&A 138.9% 35.1% 105.4% 98.4% 10.5% 10.0% 2019 2020 2018 1. Net working capital = Accounts receivable + Inventory - Accounts Payable - certain Accrued Expenses Favorable tax attributes 22.2% 17.5% 2019 2020 2018 2019 2020 High cash conversion supported by JEM and favorable tax attributes 58 © 2021 JELD-WEN | Investor Day JW#59Balanced and Disciplined Capital Deployment Cash Deployed 2017-2020 (~$940M) Return on Invested Capital Debt Reduction Share Repurchases M & A Capital Expenditures 11%-12% 9.9% 8.8% 2019 2020 2021F Disciplined approach to capital allocation driving enhanced ROIC Return on invested capital = [(Adjusted EBITDA minus D&A) * (1 - 27% tax rate)] / [Current Assets - Non-Interest Bearing Current Liabilities + Net PP&E + Goodwill and Intangibles + Operating Lease Asset - Cash in excess of $100M minimum operating cash] 59 © 2021 JELD-WEN | Investor Day JW#60High Visibility to Achieving 2025 Targets ORGANIC REVENUE CAGR 2021-2025 2025 ADJUSTED EBITDA MARGIN FREE CASH FLOW CONVERSION 2021-2025 CAPITAL ALLOCATION 2021-2025 Above market = 6% to 8% 15% to 17% 90% to 100% of adjusted net income ~$4 billion of M&A capacity(1); share repurchase as alternative Multi-faceted growth platform will deliver growth, margin expansion, and compounding cash flow through disciplined capital allocation (1) Assumes maximum net debt leverage of 2.5x 60 60 © 2021 JELD-WEN | Investor Day JW#612025 Plan - Adjusted EBITDA Margin 11.2% 15% to 17% 2021F Outlook Midpoint Price In Excess of Inflation Volume/mix Productivity Re-Investments in Future Growth 2025T Well-positioned to deliver achievable long-term margin target 61 © 2021 JELD-WEN | Investor Day JW#62Q&A Session#63Appendix#64Reconciliation of Non-GAAP Financial Measures Management uses certain non-GAAP financial measures and considers them to be important supplemental measures of the company's performance. In addition, management believes these non-GAAP financial measures provide additional insight for analysts and investors in evaluating the company's financial and operating performance. These non-GAAP financial measures should not be considered alternatives to, or more meaningful indicators of, the company's financial measures as prepared in accordance with GAAP. The company's methods of determining these non-GAAP financial measures may differ from the methods used by other companies and may not be comparable. The company also provides certain guidance solely 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. While management is not able to specifically quantify the reconciliation items for forward-looking non-GAAP measures without unreasonable effort, the company expects these items to be similar to the types of charges and costs excluded from Adjusted EBITDA in prior periods. Management bases the estimated ranges of non-GAAP measures for future periods on its reasonable estimates of such factors as assumed effective tax rate, assumed interest expense, stock-based compensation expense, litigation expense, and other assumptions about capital requirements for future periods. The variability of these items may have a significant impact on our future GAAP financial results. We use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, and Adjusted EPS 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 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 as a measure of financial performance or to cash flows from operations as a liquidity measure. We define Adjusted EBITDA as net income (loss), adjusted for the following items: loss from discontinued operations, net of tax; equity of non-consolidated entities; income tax (benefit) expense; depreciation and amortization; interest expense, net; impairment and restructuring charges; gain on previously held shares of equity investment; (gain) loss on sale of property and equipment; share-based compensation expense; non-cash foreign exchange transaction/translation (income) loss; other non-cash items; and costs related to debt restructuring and debt refinancing. 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 capital expenditures (including purchases of intangible assets). Free cash flow should not be considered as an alternative to cash flows from operations as a liquidity measure. We also present net debt leverage because it is a key financial metric that is used by management to assess the balance sheet risk of the company. We define net debt leverage as net debt (total principal debt outstanding less unrestricted cash) divided by adjusted EBITDA for the last twelve month period. Adjusted net income represents net income adjusted for certain items as presented in our reconciliation of non-GAAP, including the after-tax impact of i) non-cash foreign currency (gains) losses, ii) impairment and restructuring charges, iii) one-time, non-cash gains, and iv) other non-recurring expenses associated with certain matters such as mergers and acquisitions, and litigation. Adjusted EPS represents net income per diluted share adjusted to exclude the estimated per share impact of the same specifically identified items used to calculate adjusted net income as described above. Where applicable such items are tax-effected at our estimated annual effective tax rate. We also present Return on Invested Capital (ROIC) because we believe ROIC is a meaningful metric of how effectively we create value from cash deployment. Although ROIC is a common financial metric, numerous methods exist for calculating ROIC. Accordingly, the method we use may differ from the methods used by other companies. Due to rounding, numbers presented throughout this presentation may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures. 64 © 2021 JELD-WEN | Investor Day JW#65Non-GAAP Reconciliation 2015 2016 Year Ended December 31, 2017 2018 USD in millions 2019 2020 Net income Adjustments: Loss from discontinued operations, net of tax Equity earnings of non-consolidated entities Income tax expense (benefit) Depreciation and amortization Interest expense, net Impairment and restructuring charges $ 90.9 $ 376.1 $ 8.1 $ 141.9 $ 63.0 $ 91.6 2.9 3.3 (2.4) (3.8) (3.6) (0.7) (5.4) (246.8) 137.8 (10.1) 57.1 25.1 95.2 108.0 111.3 125.1 134.0 134.6 60.6 77.6 79.0 70.8 71.8 74.8 31.0 18.4 13.1 17.3 22.7 10.7 Gain on previously held shares of equity investment (20.8) (Gain) loss on sale of property and equipment (0.4) (3.3) (0.3) 0.1 1.7 (4.2) Share-based compensation expense 15.6 22.5 19.8 15.1 13.3 16.4 Non-cash foreign exchange transaction/translation loss (income) 2.7 5.7 (1.2) (1.3) 3.4 12.9 Other non-cash items 1.1 2.8 0.5 3.9 0.7 Other items 18.9 30.6 47.0 117.5 47.3 84.1 Costs relating to debt restructuring and debt refinancing Adjusted EBITDA 0.2 1.1 23.7 0.3 0.2 311.0 $ 392.2 $ 435.2 $ 459.2 $ 415.0 $ 446.4 Net cash provided by operating activities Less capital expenditures (1) Free cash flow (1) Capital Expenditures defined as purchases of property, equipment and intangible assets 65 © 2021 JELD-WEN | Investor Day 2015 2016 Year Ended December 31, 2017 2018 2019 2020 $ $ 172.3 (77.7) 94.7 $ 201.6 $ 265.8 (79.5) $ 122.1 $ 219.7 $ 302.7 $ 355.7 (63.0) (118.7) (136.2) (96.9) $ 202.7 $ 101.0 $ 166.5 $ 258.8 JW#6699 66 Australasia Overview ~$520 million provider of windows, doors, and ancillary products, primarily for the residential new construction and repair and remodel markets Broad portfolio of well-established brands, with #1 share position in both windows and doors End Market Residential New Construction Residential Repair and Remodel Non-residential 2020 REVENUE Channel Direct to Builder/Consumer Traditional Distribution Retail/Home Center Leading doors and windows solutions © 2021 JELD-WEN | Investor Day Product Doors Windows Other JW