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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  December 11, 2025

_______________________________

Quanex Building Products Corporation

(Exact name of registrant as specified in its charter)

_______________________________

Delaware 001-33913 26-1561397
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

945 Bunker Hill Road, Suite 900

Houston, Texas 77024

(Address of Principal Executive Offices) (Zip Code)

(713) 961-4600

(Registrant's telephone number, including area code)

 

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 per share NX New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 
 
Item 2.02. Results of Operations and Financial Condition.

 

On December 11, 2025, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.
     
99.1   Press Release dated December 11, 2025
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 
 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Quanex Building Products Corporation
     
   
Date: December 11, 2025 By:  /s/ SCOTT ZUEHLKE        
    Scott Zuehlke
    SVP, CFO and Treasurer
   

 

EX-99.1 2 exh_991.htm PRESS RELEASE EdgarFiling

EXHIBIT 99.1

Quanex Building Products Announces Fourth Quarter and Full Year 2025 Results

Net Sales Growth of ~44% Year-Over-Year 
$75 Million of Debt Repaid in Fiscal 2025
Cash Provided by Operating Activities Increased ~86% Year-Over-Year
Healthy Balance Sheet and Strong Liquidity
Integration of Transformative Acquisition Substantially Complete and Thesis Remains Intact

HOUSTON, Dec. 11, 2025 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months and twelve months ended October 31, 2025.  

The Company reported the following selected financial results:

  Three Months Ended October 31,   Twelve Months Ended October 31,
($ in millions, except per share data) 2025   2024   2025   2024
Net Sales $489.8   $492.2   $1,837.6   $1,277.9
Gross Margin $137.6   $117.1   $499.2   $305.6
Gross Margin % 28.1%   23.8%   27.2%   23.9%
Net income (loss) $19.6   ($13.9)   ($250.8)   $33.1
Diluted EPS $0.43   ($0.30)   ($5.43)   $0.90
               
Adjusted Net Income $38.0   $38.5   $106.4   $97.5
Adjusted Diluted EPS $0.83   $0.82   $2.30   $2.66
Adjusted EBITDA $70.9   $81.1   $242.9   $182.4
Adjusted EBITDA Margin % 14.5%   16.5%   13.2%   14.3%
               
Cash Provided by Operating Activities $88.3   $5.5   $164.9   $88.8
Free Cash Flow $66.6   ($8.2)   $102.3   $51.7

(See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table, Selected Segment Data table and reconciliation tables for additional information)

George Wilson, Chairman, President and Chief Executive Officer, commented, “Our fiscal 2025 can be summarized by the successful integration of Tyman and the re-segmentation of our operating and reporting structure to align with our long-term strategic objectives, all while navigating a challenging macroeconomic environment. We believe the new segmentation represents a critical step in advancing our long-term Profitable Growth strategy and provides a solid framework to drive future revenue and margin expansion, which is consistent with the original thesis for the Tyman acquisition. Inflationary pressures, political instability, high interest rates, tariff uncertainty, housing affordability issues, and geopolitical tensions collectively weakened consumer confidence around the world, causing our end markets to decline meaningfully as compared to 2024. Despite these headwinds, we performed well and achieved another record year of safety performance, with both recordable incident and severity rates reaching historic lows.

“We continue to be encouraged by the overall resilience of the business in the current environment, demonstrated by our strong cash flow, which enabled us to repay a total of $75 million in bank debt in 2025. Our balance sheet remains healthy, and our liquidity improved further during the fourth quarter of 2025. While the integration of the Tyman business is substantially complete, we still believe there is a path to realizing approximately $45 million in cost synergies over time, above our initial projection of $30 million, which has been fully realized. In addition, we have made significant progress towards resolving the isolated operational issue at one of our window and door hardware plants in Mexico and we anticipate that the plant will be fully stabilized in the first half of fiscal 2026. Looking ahead, we continue to be optimistic about our prospects for profitable growth and value creation.”

Fourth Quarter and Fiscal 2025 Results Summary   

Quanex reported net sales of $489.8 million during the three months ended October 31, 2025, which represents a decrease of 0.5% compared to $492.2 million for the same period of 2024, mainly due to lower volume. The Company reported net sales of $1.84 billion during the twelve months ended October 31, 2025, which represents an increase of 43.8% compared to $1.28 billion for the same period of 2024. The increase for the full year was driven by the contribution from the Tyman acquisition that closed on August 1, 2024. In its Hardware Solutions segment, Quanex reported an increase of 1.4% in net sales for the fourth quarter of 2025, mostly due to foreign exchange and tariff pass-throughs, and an increase of 96.7% in net sales for the full year. In its Extruded Solutions segment, Quanex reported a decrease of 6.4% in net sales for the fourth quarter of 2025, driven by lower volumes, and an increase of 15.5% in net sales for the full year. For its Custom Solutions segment, the Company reported an increase of 2.1% in net sales for the fourth quarter of 2025, largely due to improved pricing, and an increase of 25.5% in net sales for the full year. (See Sales Analysis table for additional information)

On a consolidated basis, the decrease in adjusted earnings for the fourth quarter of 2025 was mainly due to lower volumes related to ongoing macroeconomic uncertainty coupled with low consumer confidence and operational challenges related to Quanex’s window and door hardware plant in Monterrey, Mexico.   The increase in adjusted earnings for the full year 2025, was primary attributable to the contribution from the Tyman acquisition combined with the realization of related cost synergies.

Balance Sheet & Liquidity Update

As of October 31, 2025, the Company had total debt of $703.9 million and Quanex’s leverage ratio of Net Debt to LTM Adjusted EBITDA was unchanged at 2.6x, compared to the prior quarter. As of October 31, 2025, Quanex reported a LTM Net Loss of $250.8 million, mainly due to the non-cash goodwill impairment reported in the third quarter, and LTM Adjusted EBITDA of $242.9 million (See Non-GAAP Terminology Definitions and Disclaimers section, Net Debt Reconciliation table and Last Twelve Months Adjusted EBITDA Reconciliation table for additional information)

The Company’s liquidity increased to $372.4 million as of October 31, 2025, consisting of $76.0 million in cash on hand plus availability under its Senior Secured Revolving Credit Facility due 2029, less letters of credit outstanding.

Share Repurchases

Quanex’s Board authorized a $75 million share repurchase program in December of 2021. Repurchases under this program will be made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements, and other relevant factors. The Company repurchased 199,712 shares of common stock for approximately $3.1 million at an average price of $15.58 per share during the three months ended October 31, 2025. Quanex repurchased 1,709,119 shares of common stock for approximately $32.4 million at an average price of $18.93 per share during the twelve months ended October 31, 2025. As of October 31, 2025, approximately $30.5 million remained under the existing share repurchase authorization.   

Outlook        

Mr. Wilson stated, “Our long-term view continues to be favorable as the underlying fundamentals for the residential housing market remain positive. We enter fiscal 2026 with a cautious outlook due to the ongoing macroeconomic challenges, but we are optimistic that demand for our products will improve as consumer confidence is restored over time. Our current view is that fiscal 2026 could be flat compared to fiscal 2025 from a revenue and EBITDA perspective, with puts and takes, but the first half of 2026 may be more challenged than the first half of 2025, which would imply a somewhat improved second half year-over-year.   Having said that, and consistent with the last few years, based on current macro indicators, recent conversations with our customers, limited transparency, and varying opinions on the macroeconomic outlook for 2026, we are again taking a measured approach to guidance. We believe it would be premature to give official guidance at this time and intend to re-visit guidance for 2026 when we report earnings for the first quarter. As macroeconomic uncertainty subsides and consumer confidence improves, we believe our team is well positioned to capitalize on pent-up demand. In the meantime, we will stay focused on the things that we can control, with an emphasis on generating cash to continue paying down debt and opportunistically repurchasing our stock.”

Conference Call and Webcast Information

The Company has also scheduled a conference call for Friday, December 12, 2025 at 11:00 a.m. ET (10:00 a.m. CT) to discuss the release. A link to the live audio webcast will be available on Quanex’s website at http://www.quanex.com in the Investors section under Presentations & Events.

Participants can pre-register for the conference call using the following link: https://register-conf.media-server.com/register/BI74e5fd99c2e14c3896a48692a347cd12

Registered participants will receive an email containing conference call details for dial-in options. To avoid delays, it is recommended that participants dial into the conference call ten minutes ahead of the scheduled start time. A replay will be available for a limited time on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events.

About Quanex

Quanex is a global manufacturer with core capabilities and broad applications across various end markets. The Company currently collaborates and partners with leading OEMs to provide innovative solutions in the window, door, solar, refrigeration, custom mixing, building access and cabinetry markets.  Looking ahead, Quanex plans to leverage its material science expertise and process engineering to expand into adjacent markets.

Non-GAAP Terminology Definitions and Disclaimers

Adjusted Net Income (defined as net income further adjusted to exclude amortization of step-up for purchase price adjustments on inventory, asset impairment charges, transaction, advisory fees and reorganization costs, restructuring charges related to severance and disposal of software, amortization expense related to intangible assets, pension settlement refund and other net adjustments related to foreign currency transaction gain/loss and effective tax rates reflecting impacts of adjustments on a with and without basis) and Adjusted EPS are non-GAAP financial measures that Quanex believes provide a consistent basis for comparison between periods and more accurately reflects operational performance, as they are not influenced by certain income or expense items not affecting ongoing operations. EBITDA (defined as net income or loss before interest, taxes, depreciation and amortization and other, net), Adjusted EBITDA and LTM Adjusted EBITDA (defined as EBITDA further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges and asset impairment charges) are non-GAAP financial measures that the Company uses to measure operational performance and assist with financial decision-making.  Net Debt is defined as total debt (outstanding balance on the revolving credit facility plus financial lease obligations) less cash and cash equivalents. The leverage ratio of Net Debt to LTM Adjusted EBITDA is a financial measure that the Company believes is useful to investors and financial analysts in evaluating Quanex’s leverage. In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in the Company’s credit agreement.

Free Cash Flow is a non-GAAP measure calculated using cash provided by operating activities less capital expenditures. Quanex uses the Free Cash Flow metric to measure operational and cash management performance and assist with financial decision-making.   Free Cash Flow is measured before application of certain contractual commitments (including capital lease obligations), and accordingly is not a true measure of the Company’s residual cash flow available for discretionary expenditures. Quanex believes Free Cash Flow is useful to investors in understanding and evaluating the Company’s financial and cash management performance.

Quanex believes that the presented non-GAAP measures provide a consistent basis for comparison between periods and will assist investors in understanding the Company’s financial performance when comparing results to other investment opportunities.  The presented non-GAAP measures may not be the same as those used by other companies. Quanex does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with U.S. GAAP.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.   Statements that use the words “estimated,” “expect,” “could,” “should,” “believe,” “will,” “might,” or similar words reflecting future expectations or beliefs are forward-looking statements. The forward-looking statements include, but are not limited to, the following: the Company’s ability to resolve an isolated operational issue at its window and door hardware plant located in Monterrey, Mexico, timing estimates or any other expectations related to the acquisition of Tyman, Quanex’s future operating results, future financial condition, future uses of cash and other expenditures, expenses and tax rates, expectations relating to the Company’s industry, and Quanex’s future growth, including any guidance discussed in this press release. The statements and guidance set forth in this release are based on current expectations. Actual results or events may differ materially from this release. Therefore, you should not rely on any of these forward-looking statements. For a complete discussion of factors that may affect the Company’s future performance, please refer to Quanex’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024, and the Company’s Quarterly Reports on Form 10-Q under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. Any forward-looking statements in this press release are made as of the date hereof, and Quanex undertakes no obligation to update or revise any forward-looking statements, whether written or oral, to reflect new information, developments or events.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
                 
    Three Months Ended October 31,   Twelve Months Ended October 31,
      2025       2024       2025       2024  
                 
Net sales   $ 489,846     $ 492,161     $ 1,837,641     $ 1,277,862  
Cost of sales     352,284       375,111       1,338,413       972,238  
Selling, general and administrative     69,008       86,891       277,261       190,470  
Restructuring (credit) charges     (16 )     -       10,191       -  
Depreciation and amortization     25,630       27,329       103,444       60,328  
Goodwill impairment charges     -       -       302,284       -  
Operating income (loss)     42,940       2,830       (193,952 )     54,826  
Interest expense     (13,468 )     (17,697 )     (55,812 )     (20,593 )
Other, net     5,246       (2,671 )     7,171       7,849  
Income (loss) before income taxes     34,718       (17,538 )     (242,593 )     42,082  
Income tax (expense) benefit     (15,147 )     3,621       (8,213 )     (9,023 )
Net income (loss)   $ 19,571     $ (13,917 )   $ (250,806 )   $ 33,059  
                 
Earnings (loss) per common share, basic   $ 0.43     $ (0.30 )   $ (5.43 )   $ 0.91  
Earnings (loss) per common share, diluted   $ 0.43     $ (0.30 )   $ (5.43 )   $ 0.90  
                 
Weighted average common shares outstanding:              
Basic     45,502       47,015       46,170       36,416  
Diluted     45,593       47,015       46,170       36,648  
                 
Cash dividends per share   $ 0.08     $ 0.08     $ 0.32     $ 0.32  
                 


QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
       
  October 31, 2025   October 31, 2024
ASSETS      
Current assets:      
Cash and cash equivalents $ 76,018     $ 97,744  
Restricted Cash   2,100       5,251  
Accounts receivable, net   205,384       197,689  
Inventories   254,122       275,550  
Income taxes receivable   -       5,937  
Prepaid assets   32,387       23,419  
Other current assets   3,764       5,678  
Total current assets   573,775       611,268  
Property, plant and equipment, net   411,591       402,466  
Operating lease right-of-use assets   154,866       126,715  
Deferred tax assets   2,706       3,845  
Goodwill   271,346       574,711  
Intangible assets, net   549,137       597,909  
Other assets   4,812       2,874  
Total assets $ 1,968,233     $ 2,319,788  
       
LIABILITIES AND STOCKHOLDERS' EQUITY      
Current liabilities:      
Accounts payable $ 131,307     $ 124,404  
Accrued liabilities   95,155       103,623  
Income taxes payable   12,076       6,620  
Current maturities of long-term debt   27,561       25,745  
Current operating lease liabilities   15,446       12,475  
Total current liabilities   281,545       272,867  
Long-term debt   665,268       737,198  
Noncurrent operating lease liabilities   145,459       117,560  
Deferred income taxes   135,993       162,304  
Other liabilities   13,789       19,113  
Total liabilities   1,242,054       1,309,042  
Stockholders’ equity:      
Common stock   512       513  
Additional paid-in-capital   700,029       701,008  
Retained earnings   164,710       430,405  
Accumulated other comprehensive loss   (35,439 )     (46,428 )
Treasury stock at cost   (103,633 )     (74,752 )
Total stockholders’ equity   726,179       1,010,746  
Total liabilities and stockholders' equity $ 1,968,233     $ 2,319,788  
       


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)
       
  Twelve Months Ended October 31,
    2025       2024  
Operating activities:      
Net (loss) income $ (250,806 )   $ 33,059  
Adjustments to reconcile net (loss) income to cash provided by operating activities:      
Depreciation and amortization   103,444       60,328  
Loss (gain) on disposition of capital assets   613       (5,218 )
Stock-based compensation   3,685       2,952  
Deferred income tax   (18,535 )     (15,336 )
Goodwill impairment charge   302,284       -  
Charge for deferred loan costs and debt discount   -       3,469  
Gain on deal contingent foreign exchange forward currency contract   -       (6,512 )
Restructuring charges   4,561       -  
Other, net   7,114       4,495  
Changes in assets and liabilities:      
(Increase) decrease in accounts receivable   (6,878 )     973  
Decrease in inventory   23,553       33,484  
(Increase) decrease in other current assets   (3,653 )     4,297  
Increase (decrease) in accounts payable   3,313       (35,824 )
(Decrease) increase in accrued liabilities   (9,657 )     6,250  
Increase in current income taxes payable   11,108       9,139  
Decrease in other long-term liabilities   (4,693 )     (7,155 )
Other, net   (556 )     411  
Cash provided by operating activities   164,897       88,812  
Investing activities:      
Business acquisition   -       (398,554 )
Capital expenditures   (62,642 )     (37,086 )
Proceeds from disposition of capital assets   634       15,046  
Cash used for investing activities   (62,008 )     (420,594 )
Financing activities:      
Borrowings under credit facilities   190,000       785,000  
Repayments of credit facility borrowings   (265,000 )     (83,750 )
Debt issuance costs   -       (13,808 )
Repayments of other long-term debt   (4,045 )     (296,206 )
Common stock dividends paid   (14,889 )     (11,972 )
Issuance of common stock   214       573  
Proceeds from deal contingent foreign exchange forward currency contract   -       6,512  
Payroll tax paid to settle shares forfeited upon vesting of stock   (1,400 )     (1,193 )
Purchase of treasury stock   (32,360 )     -  
Cash (used for) provided by financing activities   (127,480 )     385,156  
Effect of exchange rate changes on cash and cash equivalents   (286 )     (8,853 )
(Decrease) Increase in cash, cash equivalents and restricted cash   (24,877 )     44,521  
Cash, cash equivalents and restricted cash at beginning of period   102,995       58,474  
Cash, cash equivalents and restricted cash at end of period $ 78,118     $ 102,995  
       


QUANEX BUILDING PRODUCTS CORPORATION
FREE CASH FLOW AND NET DEBT RECONCILIATION
(In thousands)
(Unaudited)
                       
The following table reconciles the Company's calculation of Free Cash Flow, a non-GAAP measure, to its most directly comparable GAAP measure. The Company defines Free Cash Flow as cash provided by operating activities less capital expenditures.
                       
  Three Months Ended October 31,   Twelve Months Ended October 31,
  2025     2024     2025     2024  
Cash provided by operating activities $88,254     $5,479     164,897     $88,812  
Capital expenditures (21,646 )   (13,651 )   (62,642 )   (37,086 )
Free Cash Flow $66,608     ($8,172 )   102,255     $51,726  
                       
                       
The following table reconciles the Company's Net Debt which is defined as total debt principal of the Company plus finance lease obligations minus cash.
                       
  As of October 31,        
  2025     2024              
Term loan facility $468,750     $493,750              
Revolving credit facility 172,500     222,500              
Finance lease obligations (1) 62,619     60,676              
Total debt (2) 703,869     776,926              
Less: Cash and cash equivalents 76,018     97,744              
Net Debt 627,851     679,182              
                       
(1) Includes $56.4 million and $50.3 million in real estate lease liabilities considered finance leases under U.S. GAAP as of October 31, 2025 and 2024, respectively.
(2) Excludes outstanding letters of credit.
                       


QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
LAST TWELVE MONTHS ADJUSTED EBITDA RECONCILIATION
(In thousands, except per share data)
(Unaudited)
                     
Reconciliation of Last Twelve Months Adjusted EBITDA   Three Months Ended
October 31, 2025
  Three Months Ended
July 31, 2025
  Three Months Ended
April 30, 2025
  Three Months Ended
January 31, 2025
  Total
    Reconciliation   Reconciliation   Reconciliation   Reconciliation   Reconciliation
Net income (loss) as reported   $ 19,571     $ (276,007 )   $ 20,515   $ (14,885 )   $ (250,806 )
Income tax expense (benefit)     15,147       (8,191 )     6,307     (5,050 )     8,213  
Other, net     (5,246 )     (855 )     159     (1,229 )     (7,171 )
Interest expense     13,468       14,218       13,940     14,186       55,812  
Depreciation and amortization     25,630       33,882       19,192     24,740       103,444  
Asset impairment charges     -       302,284       -     -       302,284  
EBITDA     68,570       65,331       60,113     17,762       211,776  
Cost of sales (1),(2)     308       148       976     9,007       10,439  
Selling, general and administrative (1),(3)     2,056       3,449       1,110     3,869       10,484  
Restructuring (credit) charges (4)     (16 )     1,367       936     7,904       10,191  
Adjusted EBITDA   $ 70,918     $ 70,295     $ 63,135   $ 38,542     $ 242,890  
                     
(1) Expense related to plant closure/relocation.                    
(2) Amortization of step-up for purchase price adjustments on inventory.                
(3) Transaction, advisory fees, reorganization costs and product recall expenses.                
(4) Restructuring charges related to severance.                    
                     

QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
(In thousands, except per share data)
(Unaudited)

                                   
                                   
Reconciliation of Adjusted Net Income and Adjusted EPS   Three Months Ended
October 31, 2025
  Three Months Ended
October 31, 2024
  Twelve Months Ended
October 31, 2025
  Twelve Months Ended
October 31, 2024
 
    Net Income   Diluted EPS   Net Income   Diluted EPS   Net Income   Diluted EPS   Net Income   Diluted EPS  
Net income (loss) as reported   $ 19,571     $ 0.43     $ (13,917 )   $ (0.30 )   $ (250,806 )   $ (5.43 )   $ 33,059     $ 0.90    
Net income (loss) reconciling items from below     18,454     $ 0.40       52,440     $ 1.12       357,209     $ 7.73       64,462     $ 1.76    
Adjusted net income and adjusted EPS   $ 38,025     $ 0.83     $ 38,523     $ 0.82     $ 106,403     $ 2.30     $ 97,521     $ 2.66    
                                   
Reconciliation of Adjusted EBITDA   Three Months Ended
October 31, 2025
  Three Months Ended
October 31, 2024
  Twelve Months Ended
October 31, 2025
  Twelve Months Ended
October 31, 2024
 
    Reconciliation       Reconciliation       Reconciliation       Reconciliation      
Net income (loss)as reported   $ 19,571         $ (13,917 )       $ (250,806 )       $ 33,059        
Income tax expense (benefit)     15,147           (3,621 )         8,213           9,023        
Other, net     (5,246 )         2,671           (7,171 )         (7,849 )      
Interest expense     13,468           17,697           55,812           20,593        
Depreciation and amortization     25,630           27,329           103,444           60,328        
Asset impairment charges     -           -           302,284           -        
EBITDA     68,570           30,159           211,776           115,154        
EBITDA reconciling items from below     2,348           50,891           31,114           67,229        
Adjusted EBITDA   $ 70,918         $ 81,050         $ 242,890         $ 182,383        
                                   
Reconciling Items   Three Months Ended
October 31, 2025
  Three Months Ended
October 31, 2024
  Twelve Months Ended
October 31, 2025
  Twelve Months Ended
October 31, 2024
 
    Income Statement   Reconciling Items   Income Statement   Reconciling Items   Income Statement   Reconciling Items   Income Statement   Reconciling Items  
Net sales   $ 489,846     $ -     $ 492,161     $ -     $ 1,837,641     $ -     $ 1,277,862     $ -    
Cost of sales     352,284       (308 ) (1)
  375,111       (29,363 ) (1),(2)   1,338,413       (10,439 ) (1),(2)   972,238       (31,501 ) (1),(2)
Selling, general and administrative     69,008       (2,056 ) (1),(3)   86,891       (21,528 ) (1),(3),(4)   277,261       (10,484 ) (1),(3)   190,470       (35,728 ) (1),(3),(4)
Restructuring credit (charges)     (16 )     16   (5)
  -       -       10,191       (10,191 ) (5)
  -       -   (5)
EBITDA     68,570       2,348       30,159       50,891       211,776       31,114       115,154       67,229    
Goowill impairment charges     -       -       -       -       302,284       (302,284 ) (6)
  -       -    
Depreciation and amortization     25,630       (9,839 ) (7)
  27,329       (12,623 ) (7)
  103,444       (46,547 ) (7)
  60,328       (21,605 ) (7)
Operating income (loss)     42,940       12,187       2,830       63,514       (193,952 )     379,945       54,826       88,834    
Interest expense     (13,468 )     -       (17,697 )     -       (55,812 )     -       (20,593 )     -    
Other, net     5,246       238   (8)
  (2,671 )     3,271   (8)
  7,171       120   (8)
  7,849       (6,738 ) (8)
Income (loss) before income taxes     34,718       12,425       (17,538 )     66,785       (242,593 )     380,065       42,082       82,096    
Income tax (expense) benefit     (15,147 )     6,029   (9)
  3,621       (14,345 ) (9)
  (8,213 )     (22,856 ) (9)
  (9,023 )     (17,634 ) (9)
Net income (loss)   $ 19,571     $ 18,454     $ (13,917 )   $ 52,440     $ (250,806 )   $ 357,209     $ 33,059     $ 64,462    
                                   
Diluted earnings (loss) per share   $ 0.43         $ (0.30 )       $ (5.43 )       $ 0.90        
                                   
                                   
(1) Expense related to plant closure/relocation.
(2) Amortization of step-up for purchase price adjustments on inventory.
(3) Transaction, advisory fees, reorganization costs and product recall expenses.
(4) Amortization of step-up for purchase price adjustments on accounts receivable.
(5) Restructuring credit (charges) related to severance and disposal of software.
(6) Goodwill impairment.
(7) Amortization expense related to intangible assets and onetime deprecation adjustment.
(8) Pension settlement refund and foreign currency transaction gains.
(9) Tax impact of net income reconciling items.
                                   


QUANEX BUILDING PRODUCTS CORPORATION
SELECTED SEGMENT DATA
(In thousands)
(Unaudited)
                   
This table provides gross margin, operating income (loss), EBITDA, and Adjusted EBITDA by reportable segment. Non-operating expense and income tax expense are not allocated to the reportable segments.
  Hardware Solutions   Extruded Solutions   Custom Solutions   Unallocated Corp & Other   Total
Three months ended October 31, 2025                  
Net sales $ 226,883     $ 168,603     $ 103,401     $ (9,041 )   $ 489,846  
Cost of sales   168,881       114,227       78,561       (9,385 )     352,284  
Gross Margin   58,002       54,376       24,840       344       137,562  
Gross Margin %   25.6 %     32.3 %     24.0 %         28.1 %
Selling, general and administrative (1)   29,439       22,795       14,117       2,657       69,008  
Restructuring (credit) charges   (219 )     -       179       24       (16 )
Depreciation and amortization   12,863       7,138       5,555       74       25,630  
Operating income (loss)   15,919       24,443       4,989       (2,411 )     42,940  
Depreciation and amortization   12,863       7,138       5,555       74       25,630  
EBITDA   28,782       31,581       10,544       (2,337 )     68,570  
Expense related to plant relocation (Cost of sales)   308       -       -       -       308  
Credit related to plant relocation (SG&A)   (25 )     -       -       -       (25 )
Transaction, advisory fees, reorganization costs, and product recall expenses   113       87       31       1,850       2,081  
Restructuring (credit) charges related to severance   (219 )     -       179       24       (16 )
Adjusted EBITDA $ 28,959     $ 31,668     $ 10,754     $ (463 )   $ 70,918  
Adjusted EBITDA Margin %   12.8 %     18.8 %     10.4 %         14.5 %
                   
Three months ended October 31, 2024                  
Net sales $ 223,712     $ 180,135     $ 101,240     $ (12,926 )   $ 492,161  
Cost of sales   183,427       126,653       77,746       (12,715 )     375,111  
Gross Margin   40,285       53,482       23,494       (211 )     117,050  
Gross Margin %   18.0 %     29.7 %     23.2 %         23.8 %
Selling, general and administrative (1)   32,860       12,367       11,612       30,052       86,891  
Restructuring charges                   -  
Depreciation and amortization   13,049       8,503       5,663       114       27,329  
Operating (loss) income   (5,624 )     32,612       6,219       (30,377 )     2,830  
Depreciation and amortization   13,049       8,503       5,663       114       27,329  
EBITDA   7,425       41,115       11,882       (30,263 )     30,159  
Expense related to plant closure (Cost of sales)   -       887       -       -       887  
Gain related to plant closure (SG&A)   -       (5,299 )     -       -       (5,299 )
Amortization of step-up for purchase price adjustments on inventory and accounts receivable   24,240       1,137       3,699       -       29,076  
Transaction and advisory fees   268       88       -       25,871       26,227  
Adjusted EBITDA $ 31,933     $ 37,928     $ 15,581     $ (4,392 )   $ 81,050  
Adjusted EBITDA Margin %   14.3 %     21.1 %     15.4 %         16.5 %
                   
Twelve months ended October 31, 2025                  
Net sales $ 841,674     $ 646,627     $ 388,210     $ (38,870 )   $ 1,837,641  
Cost of sales   635,481       440,141       298,316       (35,525 )     1,338,413  
Gross Margin   206,193       206,486       89,894       (3,345 )     499,228  
Gross Margin %   24.5 %     31.9 %     23.2 %         27.2 %
Selling, general and administrative (1)   128,009       83,716       48,273       17,263       277,261  
Restructuring charges   7,936       34       205       2,016       10,191  
Depreciation and amortization   51,681       29,204       21,248       1,311       103,444  
Goodwill impairment charges   163,198       54,934       84,152       -       302,284  
Operating (loss) income   (144,631 )     38,598       (63,984 )     (23,935 )     (193,952 )
Depreciation and amortization   51,681       29,204       21,248       1,311       103,444  
Asset impairment charges   163,198       54,934       84,152       -       302,284  
EBITDA   70,248       122,736       41,416       (22,624 )     211,776  
Expense related to plant relocation (Cost of sales)   1,432       -       -       -       1,432  
Expense related to plant relocation (SG&A)   221       -       -       -       221  
Amortization of step-up for purchase price adjustments on inventory   7,453       365       1,189       -       9,007  
Transaction, advisory fees, reorganization costs, and product recall expenses   1,510       263       81       8,409       10,263  
Restructuring charges related to severance and disposal of software   7,936       34       205       2,016       10,191  
Adjusted EBITDA $ 88,800     $ 123,398     $ 42,891     $ (12,199 )   $ 242,890  
Adjusted EBITDA Margin %   10.6 %     19.1 %     11.0 %         13.2 %
                   
Twelve months ended October 31, 2024                  
Net sales $ 427,839     $ 559,995     $ 309,441     $ (19,413 )   $ 1,277,862  
Cost of sales   349,379       389,760       252,111       (19,012 )     972,238  
Gross Margin   78,460       170,235       57,330       (401 )     305,624  
Gross Margin %   18.3 %     30.4 %     18.5 %         23.9 %
Selling, general and administrative (1)   51,564       58,100       31,068       49,738       190,470  
Restructuring charges   -       -       -       -       -  
Depreciation and amortization   16,580       25,119       18,348       281       60,328  
Operating income (loss)   10,316       87,016       7,914       (50,420 )     54,826  
Depreciation and amortization   16,580       25,119       18,348       281       60,328  
EBITDA   26,896       112,135       26,262       (50,139 )     115,154  
Expense related to plant closure (Cost of sales)   -       3,025       -       -       3,025  
Gain related to plant closure (SG&A)   -       (4,196 )     -       -       (4,196 )
Amortization of step-up for purchase price adjustments on inventory and accounts receivable   24,240       1,137       3,699       -       29,076  
Transaction and advisory fees   268       88       -       38,968       39,324  
Adjusted EBITDA $ 51,404     $ 112,189     $ 29,961     $ (11,171 )   $ 182,383  
Adjusted EBITDA Margin %   12.0 %     20.0 %     9.7 %         14.3 %
                   
(1) Includes stock-based compensation (credit) expense for the three and twelve months ended October 31, 2025, respectively of ($1.2) million and $2.4 million, and $2.0 million and $7.4 million for the comparable prior year periods.
                   


QUANEX BUILDING PRODUCTS CORPORATION
SELECTED SEGMENT DATA RECONCILIATION
(In thousands)
(Unaudited)
                         
This table reconciles our segment presentation, as previously reported in Exhibit 99.1 to our Current Report Form 8-K dated December 12, 2024 for the three and twelve months ended October 31, 2024, to the current presentation.
    NA Fenestration   EU Fenestration   NA Cabinet Components   Tyman   Unallocated Corp & Other   Total
Three months ended October 31, 2024                        
Net sales   $ 172,031     $ 65,075     $ 52,761     $ 203,435     $ (1,141 )   $ 492,161  
Cost of sales     127,448       40,258       44,136       163,946       (677 )     375,111  
Gross Margin     44,583       24,817       8,625       39,489       (464 )     117,050  
Gross Margin %     25.9 %     38.1 %     16.3 %     19.4 %         23.8 %
Selling, general and administrative     10,072       8,310       5,373       44,453       18,683       86,891  
Depreciation and amortization     5,107       2,715       3,004       16,438       65       27,329  
Operating income (loss)     29,404       13,792       248       (21,402 )     (19,212 )     2,830  
Depreciation and amortization     5,107       2,715       3,004       16,438       65       27,329  
EBITDA     34,511       16,507       3,252       (4,964 )     (19,147 )     30,159  
Expense related to plant closure (Cost of sales)     887       -       -       -       -       887  
Net gain related to plant closure (SG&A)     (5,299 )     -       -       -       -       (5,299 )
Amortization of step-up for purchase price adjustments on inventory and accounts receivable     -       -       -       29,076       -       29,076  
Transaction and advisory fees     -       -       -       10,359       15,868       26,227  
Adjusted EBITDA   $ 30,099     $ 16,507     $ 3,252     $ 34,471     $ (3,279 )   $ 81,050  
Adjusted EBITDA Margin %     17.5 %     25.4 %     6.2 %     16.9 %         16.5 %
                         
    Hardware Solutions(1)   Extruded Solutions(2)   Custom Solutions(3)   Tyman   Unallocated Corp & Other   Total
Three months ended October 31, 2024                        
Net sales   $ 223,712     $ 180,135     $ 101,240     $ -     $ (12,926 )   $ 492,161  
Cost of sales     183,427       126,653       77,746       -       (12,715 )     375,111  
Gross Margin     40,285       53,482       23,494       -       (211 )     117,050  
Gross Margin %     18.0 %     29.7 %     23.2 %             23.8 %
Selling, general and administrative     32,860       12,367       11,612       -       30,052       86,891  
Depreciation and amortization     13,049       8,503       5,663       -       114       27,329  
Operating income     (5,624 )     32,612       6,219       -       (30,377 )     2,830  
Depreciation and amortization     13,049       8,503       5,663       -       114       27,329  
EBITDA     7,425       41,115       11,882       -       (30,263 )     30,159  
Expense related to plant closure (Cost of sales)     -       887       -       -       -       887  
Net gain related to plant closure (SG&A)     -       (5,299 )     -       -       -       (5,299 )
Amortization of step-up for purchase price adjustments on inventory and accounts receivable     24,240       1,137       3,699       -   -   -       29,076  
Transaction and advisory fees     268       88       -       -       25,871       26,227  
Adjusted EBITDA   $ 31,933     $ 37,928     $ 15,581     $ -     $ (4,392 )   $ 81,050  
Adjusted EBITDA Margin %     14.3 %     21.1 %     15.4 %             16.5 %
                         
    NA Fenestration   EU Fenestration   NA Cabinet Components   Tyman   Unallocated Corp & Other   Total
Twelve months ended October 31, 2024                        
Net sales   $ 650,058     $ 230,712     $ 198,424     $ 203,435     $ (4,767 )   $ 1,277,862  
Cost of sales     498,378       144,585       168,414       163,946       (3,085 )     972,238  
Gross Margin     151,680       86,127       30,010       39,489       (1,682 )     305,624  
Gross Margin %     23.3 %     37.3 %     15.1 %     19.4 %         23.9 %
Selling, general and administrative     56,630       31,318       20,727       44,453       37,342       190,470  
Depreciation and amortization     20,994       10,420       12,244       16,438       232       60,328  
Operating income (loss)     74,056       44,389       (2,961 )     (21,402 )     (39,256 )     54,826  
Depreciation and amortization     20,994       10,420       12,244       16,438       232       60,328  
EBITDA     95,050       54,809       9,283       (4,964 )     (39,024 )     115,154  
Expense related to plant closure (Cost of sales)     3,025       -       -       -       -       3,025  
Net gain related to plant closure (SG&A)     (4,196 )     -       -       -       -       (4,196 )
Amortization of step-up for purchase price adjustments on inventory and accounts receivable     -       -       -       29,076       -       29,076  
Transaction and advisory fees     -       -       -       10,359       28,965       39,324  
Adjusted EBITDA   $ 93,879     $ 54,809     $ 9,283     $ 34,471     $ (10,059 )   $ 182,383  
Adjusted EBITDA Margin %     14.4 %     23.8 %     4.7 %     16.9 %         14.3 %
                         
    Hardware Solutions(1)   Extruded Solutions(2)   Custom Solutions(3)   Tyman   Unallocated Corp & Other   Total
Twelve months ended October 31, 2024                        
Net sales   $ 427,839     $ 559,995     $ 309,441     $ -     $ (19,413 )   $ 1,277,862  
Cost of sales     349,379       389,760       252,111       -       (19,012 )     972,238  
Gross Margin     78,460       170,235       57,330       -       (401 )     305,624  
Gross Margin %     18.3 %     30.4 %     18.5 %             23.9 %
Selling, general and administrative     51,564       58,100       31,068       -       49,738       190,470  
Depreciation and amortization     16,580       25,119       18,348       -       281       60,328  
Operating income (loss)     10,316       87,016       7,914       -       (50,420 )     54,826  
Depreciation and amortization     16,580       25,119       18,348       -       281       60,328  
EBITDA     26,896       112,135       26,262       -       (50,139 )     115,154  
Loss on damage to manufacturing facilities (Cost of sales)     -       3,025       -       -       -       3,025  
Net gain related to plant closure (SG&A)     -       (4,196 )     -       -       -       (4,196 )
Amortization of step-up for purchase price adjustments on inventory and accounts receivable     24,240       1,137       3,699       -       -       29,076  
Transaction and advisory fees     268       88       -       -       38,968       39,324  
Adjusted EBITDA   $ 51,404     $ 112,189     $ 29,961     $ -     $ (11,171 )   $ 182,383  
Adjusted EBITDA Margin %     12.0 %     20.0 %     9.7 %             14.3 %
                         
(1) Contains a portion of the previously reported NA Fenestration segment.
(2) Contains a portion of the NA Fenestration segment and the EU Fenestration segment.
(3) Contains a portion of the NA Fenestration segment and the NA Cabinet Components segment.
                         

QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS
(In thousands)
(Unaudited)



                 
    Three Months Ended October 31,
  Twelve Months Ended October 31,
      2025       2024       2025       2024  
                 
Hardware Solutions:(1)              
  Window and door hardware $ 141,303     $ 146,187     $ 552,825     $ 146,187  
  Screens   77,545       75,677       280,814       279,804  
  Other   8,035       1,848       8,035       1,848  
    $ 226,883     $ 223,712     $ 841,674     $ 427,839  
Extruded Solutions:(2)              
  Window profiles $ 73,526     $ 62,058     $ 278,399     $ 255,816  
  Seals and gaskets   18,601       21,321       80,916       21,321  
  Spacers   52,673       51,714       199,217       198,475  
  Solar   6,245       9,598       24,080       25,672  
  Flashing Tape   3,074       4,751       9,825       18,263  
  Window and door hardware   10,032       11,177       39,726       11,177  
  Other   4,452       19,516       14,464       29,271  
    $ 168,603     $ 180,135     $ 646,627     $ 559,995  
Custom Solutions:(3)              
  Wood solutions $ 51,648     $ 52,761     $ 200,104     $ 198,424  
  Access solutions   27,746       25,792       101,904       25,792  
  Mixing solutions   24,007       22,687       86,202       85,225  
    $ 103,401     $ 101,240     $ 388,210     $ 309,441  
                 
Unallocated Corporate & Other:              
  Eliminations $ (9,041 )   $ (12,926 )   $ (38,870 )   $ (19,413 )
    $ (9,041 )   $ (12,926 )   $ (38,870 )   $ (19,413 )
                 
Net Sales $ 489,846     $ 492,161     $ 1,837,641     $ 1,277,862  
                 
(1) Reflects an increase of $2.5 million in revenue associated with foreign currency exchange rate impacts for the three and twelve months ended October 31, 2025, respectively.
(2) Reflects an increase of $2.5 million and $5.4 million in revenue associated with foreign currency exchange rate impacts for the three and twelve months ended October 31, 2025, respectively.
(3) Reflects an increase of $0.2 million in revenue associated with foreign currency exchange rate impacts for the three and twelve months ended October 31, 2025, respectively.