Financial Analysis

Commitments and Contingencies Purchase Obligations We are a party to non-cancelable purchase obligations primarily for door hardware, primary and secondary steel and primary and se condary aluminum used in our manufacturing processes, as well as expenditures related to capital projects in progress. We paid $9.5 million and $4.5 million pursuant to these arrangements for the years ended October 31, 2025 and 2024, respectively. These obligations total $8.3 million and $2.5 million at October 31, 2025 and 2024, respectively, and extend through fiscal 2027 . Future amounts paid pursuant to th ese arrangements will depend, to some extent, on our usage. Asset Retirement Obligation We maintain asset retirement obligations associated with leased facilities primarily in the U.K. We have estimated our future cash flows associated with this asset retirement obligation and recorded an asset and corresponding liability. We are depreciating the assets and accre ting the liabilities over the terms of the corresponding leases and have included an asset retirement obligation of $3.0 million in Other Liabilities on the consolidated balance sheet. Remediation and Environmental Compliance Costs Under applicable state and federal laws, we may be responsible for, among other things, all or part of the costs required to remove or remediate wastes or hazardous substances at locations we, or our predecessors, have owned or operated. From time to time, we also have been alleged to be liable for all or …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Long-term debt consisted of the following at October 31, 2025 and 2024 (in thousands): October 31, 2025 2024 Term Loan A Facility $ 468,750 $ 493,750 Revolving Credit Facility 172,500 222,500 Finance lease obligations and other 62,619 60,676 Unamortized deferred financing fees (11,040) (13,983) Total debt 692,829 762,943 Less: Current maturities of long-term debt 27,561 25,745 Long-term debt $ 665,268 $ 737,198 Revolving Credit Facility and Term A Facility On June 12, 2024, in connection with the Tyman Acquisition, the Company, Wells Fargo Bank, National Association (Wells Fargo Bank, acting as agent, swingline lender and issuing lender, the Agent), the other entities therein specified in the capacities therein specified, and the lenders parties thereto, entered into an amendment to the Second Amended and Restated Credit Agreement, dated as of July 6, 2022 (the Existing Credit Agreement, and the Existing Credit Agreement as so amended, the Amended Credit Agreement). The Amended Credit Agreement did not become effective until August 1, 2024 upon the completion of the Tyman Acquisition. Our previous credit facility is more fully described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2023. The Amended Credit Agreement (i) increased the senior secured revolving credit facility to an aggregate principal amount of $475 million (the Revolving Credit Facility) and (ii) provides for a senior secured term loan A facility in an aggregate principal amount …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation We have established and maintain an Omnibus Incentive Plan (2020 Plan) that provides for the granting of restricted stock awards, stock options, restricted stock units, performance share awards, performance restricted stock units, and other stock-based and cash-based awards. The 2020 Plan is administered by the Compensation and Management Development Committee of the Board of Directors. The aggregate number of shares of common stock authorized for grant under the 2020 Plan is 3,139,895 as approved by the shareholders. Any officer, key employee and/or non-employee director is eligible for awards under the 2020 Plan. We grant restricted stock units to non-employee directors on the first business day of each fiscal year. As approved by the Compensation & Management Development Committee of our Board of Directors annually, we grant a mix of restricted stock awards, performance shares and/or performance restricted stock units to officers, management and key employees. We also historically granted stock options to certain officers, directors and key employees. Occasionally, we may make additional grants to key employees at other times during the year. Restricted Stock Awards Restricted stock awards are granted to key employees and officers annually, and typically cliff vest over a three-year period or a three year graded vesting schedule with service and continued employment as the only vesting criteria. The recipient of a restricted stock award is enti …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements of Assets and Liabilities Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to Level 1 and the lowest priority to Level 3. The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates) and inputs that are derived principally from or corroborated by observable market data b y correlation or other means. Level 3 - Inputs that are both significant to …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Goodwill and Intangible Assets Goodwill The change in the carrying amount of goodwill for the years ended October 31, 2025 and 2024 was as follows (in thousands): Year Ended October 31, 2025 2024 Beginning balance as of November 1, 2024 and 2023 $ 574,711 $ 182,956 Acquisitions 385,045 Measurement period adjustments (3,989) Goodwill impairment charge (302,284) Foreign currency translation adjustment 2,908 6,710 Balance as of October 31, 2025 and 2024 $ 271,346 $ 574,711 In connection with our restructuring, we reassigned goodwill among certain of our reporting units using a relative fair value approach and performed a quantitative goodwill impairment test on all reporting units to determine if any impairment existed. To estimate the fair value of our reporting units, we applied both the discounted cash flow method under the income approach and the market approach. The resulting fair value was lower than the carrying value for certain reporting units as a result of the prolonged decline in our stock price through the testing date, driven by weaker consumer confidence and high levels of uncertainty across the industry, necessitating the recognition of a non-cash goodwill impairment charge of $302.3 million, which has been recorded in the consolidated statements of (loss) income within Goodwill impairment charges for the year ended October 31, 2025. As a result of the restructuring in the third quarter of 2025, we had ten reporting units, nine of which comprised our goodwill ba …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Income Taxes The provision or benefit for income taxes includes U.S. federal income taxes, foreign income taxes and state income taxes. We provide for income taxes on taxable income at the applicable statutory rates. The following table summarizes the components of income tax expense for the years ended October 31, 2025, 2024 and 2023 (in thousands): Year Ended October 31, 2025 2024 2023 Current Federal $ 9,396 $ 12,453 $ 2,631 State and local 2,950 3,326 1,860 Non-United States 14,402 8,580 4,907 Total current 26,748 24,359 9,398 Deferred Federal (19,091) (2,371) 4,637 State and local (2,997) (154) 1,015 Non-United States 3,553 (12,811) (505) Total deferred (18,535) (15,336) 5,147 Total income tax expense $ 8,213 $ 9,023 $ 14,545 For financial reporting purposes, income before income taxes for the years ended October 31, 2025, 2024 and 2023 includes the following components (in thousands): Year Ended October 31, 2025 2024 2023 Domestic $ (221,468) $ 34,315 $ 42,586 Foreign (21,125) 7,767 54,460 Total (loss) income before income taxes $ (242,593) $ 42,082 $ 97,046 The following table reconciles our effective income tax rate to the federal statutory rate for the years ended October 31, 2025, 2024 and 2023: Year Ended October 31, 2025 2024 2023 United States tax at statutory rate 21.0 % 21.0 % 21.0 % Goodwill impairment (22.4) % % % Deferred true up (3.3) % % % State and local income taxes net of federal tax benefit 0.5 % 5.9 % 1.8 % Foreign tax rate differential (0.7) % (1.4) …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Retirement Plans We have a number of retirement plans covering substantially all employees. We have provided both defined benefit and defined contribution plans, though we terminated our defined benefit plan in 2023. In general, an employees coverage for retirement benefits depends on the location of employment. Defined Benefit Plan During the year ended October 31, 2023, we terminated our defined benefit plan and settled the obligation during the three months ended October 31, 2023. Until such time that the termination was complete, the participants received an interest related credit on their respective balance equivalent to the prevailing 30-year Treasury rate. The majority of our pension plan participants had their benefit determined pursuant to the cash balance formula. For the remaining participants, the benefit formula was a traditional formula for retirement benefits, whereby the plan payed benefits to employees using a formula which considered years of service and pensionable compensation. During the year ended October 31, 2023, we contributed $6.3 million to the plan in connection with the termination and distribution of the obligation. The net periodic benefit cost for the year ended October 2023, was as follows (in thousands): Year Ended October 31, 2023 Service cost $ 383 Interest cost 1,558 Expected return on plan assets (1,465) Amortization of net loss 42 Settlements 5,431 Net periodic benefit cost $ 5,949 Defined Contribution Plan We also sponsor a defined con …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Segment Information In our Annual Report on Form 10-K as of October 31, 2024 and our Quarterly Reports on Form 10- Q as of January 31, 2025 and April 30, 2025, respectively, we presented four reportable business segments: (1) NA Fenestration, comprising four operating segments primarily focused on the fenestration market in North America including vinyl profiles, insulating glass spacers, screens, custom compound mixing, and other fenestration components; (2) EU Fenestration, comprising our U.K.-based vinyl extrusion business, manufacturing vinyl profiles and conservatories, and the European insulating glass business manufacturing insulating glass spacers; (3) NA Cabinet Components, comprising our cabinet door and components segment; and (4) Tyman, which was acquired on August 1, 2024, comprising a leading international supplier of engineered fenestration components and access solutions to the construction industry. During the third quarter of 2025, we restructured our reportable segments due to changes in our organizational structure and how our CODM makes key operating decisions, allocates resources and assesses the performance of our business. As a result, we now report in three reportable segments: Hardware Solutions, which provides window and door hardware and screens; Extruded Solutions, which supplies insulating glass spacers, vinyl window and door profiles, seals, and weatherstripping; and Custom Solutions, which provides wood, mixing, and building access solutions. W …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Stockholders' Equity As of October 31, 2025, our authorized capital stock consists of 125,000,000 shares of common stock, at par value of $0.01 per s hare, and 1,000,000 shares of preferred stock, with no par value. As of October 31, 2025 and 2024, we had 51,211,469 and 51,266,501 shares of common stock issued, respectively, and 45,674,726 and 47,252,070 shares of common stock outstanding, respectively. There were no shares of preferred stock issued or outstanding at October 31, 2025 and 2024. Stock Repurchase Program and Treasury Stock During December 2021, our Board of Directors approved a stock repurchase program that authorized the repurchase of up to $75.0 million worth of shares of our common stock. Repurchases under the program are made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors. The program does not have an expiration date or a limit on the number of shares that may be purchas ed. During the years ended October 31, 2025 and 2024, we purchased 1,709,119 shares and zero shares, respectively, at a cost of $32.4 million and zero, respectively, under this program. We record treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. Shares are generally issued from treasury stock at the time of grant of restricted stock awards, upon the exercise of stock options, and upon the vesting of performance sha …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Contingencies Remediation and Environmental Compliance Costs Under applicable state and federal laws, we may be responsible for, among other things, all or part of the costs required to remove or remediate wastes or hazardous substances at locations we, or our predecessors, have owned or operated. From time to time, we also have been alleged to be liable for all or part of the costs incurred to clean up third-party sites where there might have been an alleged improper disposal of hazardous substances. Currently, we are not involved in any such matters. From time to time, we incur routine expenses and capital expenditures associated with compliance with existing environmental regulations, including control of air emissions and water discharges, and plant decommissioning costs. We have not incurred any material expenses or capital expenditures related to environmental matters during the past three fiscal years, and do not expect to incur a material amount of such costs in fiscal 2026. While we will continue to have future expenditures related to environmental matters, any such amounts are impossible to reasonably estimate at this time. Based upon our experience to date, we do not believe that our compliance with environmental requirements will have a material adverse effect on our operations, financial condition or cash flows. Litigation From time to time, we, along with our subsidiaries, are involved in various litigation matters arising in the ordinary course of our business, …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt and Finance Lease Obligations Long-term debt consisted of the following at April 30, 2026 and October 31, 2025 (in thousands): April 30, 2026 October 31, 2025 Term Loan A Facility $ 456,250 $ 468,750 Revolving Credit Facility 204,500 172,500 Finance lease obligations and other 54,294 62,619 Unamortized deferred financing fees (9,567) (11,040) Total debt $ 705,477 $ 692,829 Less: Current maturities of long-term debt 26,545 27,561 Long-term debt $ 678,932 $ 665,268 Revolving Credit Facility and Term A Facility On June 12, 2024, in connection with the Tyman Acquisition, the Company, Wells Fargo Bank, National Association (Wells Fargo Bank, acting as agent, swingline lender and issuing lender, the Agent), the other entities therein specified in the capacities therein specified, and the lenders parties thereto, entered into an amendment to the Second Amended and Restated Credit Agreement, dated as of July 6, 2022 (the Existing Credit Agreement, and the Existing Credit Agreement as so amended, the Amended Credit Agreement). The Amended Credit Agreement did not become effective until August 1, 2024 upon the completion of the Tyman Acquisition. The Amended Credit Agreement (i) increased the senior secured revolving credit facility to an aggregate principal amount of $475 million (the Revolving Credit Facility) and (ii) provides for a senior secured term loan A facility in an aggregate principal amount of $500 million (the Term A Facility and together with the Revolving Credit Fa …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Three Months Ended Six Months Ended April 30, April 30, 2026 2025 2026 2025 (In thousands) Hardware Solutions: Window and door hardware $ 109,377 $ 104,887 $ 234,078 $ 227,240 Screens 91,482 95,860 154,081 156,414 Other 2,160 2,188 3,972 4,021 $ 203,019 $ 202,935 $ 392,131 $ 387,675 Extruded Solutions: Window profiles $ 72,542 $ 70,009 130,897 129,854 Seals and gaskets 19,530 19,401 37,164 37,442 Spacers 52,526 50,671 100,128 93,532 Solar 5,312 7,062 9,917 12,585 Flashing Tape 3,228 1,599 4,746 3,713 Window and door hardware 8,470 11,177 15,982 20,635 Other 3,341 4,048 5,915 5,836 $ 164,949 $ 163,967 $ 304,749 $ 303,597 Custom Solutions: Wood solutions $ 56,906 $ 51,237 $ 103,560 $ 95,047 Access solutions 26,455 23,880 49,501 46,788 Mixing solutions 20,552 22,390 39,994 40,710 $ 103,913 $ 97,507 $ 193,055 $ 182,545 Unallocated Corporate & Other: Eliminations $ (9,514) $ (11,931) $ (18,479) $ (21,295) $ (9,514) $ (11,931) $ (18,479) $ (21,295) Net sales $ 462,367 $ 452,478 $ 871,456 $ 852,522

DisaggregationOfRevenueTableTextBlock

Stock-Based Compensation We maintain an Omnibus Incentive Plan (2020 Plan) that provides for the granting of restricted stock awards, stock options, restricted stock units, performance share awards, performance restricted stock units, and other stock-based and cash-based awards. The 2020 Plan is administered by the Compensation and Management Development Committee of the Board of Directors. The aggregate number of shares of common stock authorized for grant under the 2020 Plan is 3,139,895 as approved by the shareholders. Any officer, key employee and/or non-employee director is eligible for awards under the 2020 Plan. We grant restricted stock units to non-employee directors on the first business day of each fiscal year. As approved by the Compensation & Management Development Committee of our Board of Directors annually, we grant a mix of restricted stock awards, performance shares and/or performance restricted stock units to officers, management and key employees. We also historically granted stock options to certain officers, directors and key employees. Occasionally, we may make additional grants to key employees during the year. Restricted Stock Awards Restricted stock awards are granted to key employees and officers annually, and typically cliff vest over a three-year period or a three-year graded vesting schedule with service and continued employment as the only vesting criteria. The recipient of the restricted stock award is entitled to all of the rights of a sha …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurement of Assets and Liabilities Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market data developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to Level 1 and the lowest priority to Level 3. The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates) and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measu …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets Goodwill The change in the carrying amount of goodwill for the six months ended April 30, 2026 was as follows (in thousands): Six Months Ended April 30, 2026 Beginning balance as of November 1, 2025 $ 271,346 Foreign currency translation adjustment 3,404 Balance as of the end of the period $ 274,750 As of April 30, 2026, we have ten reporting units, seven of which comprised our current goodwill balance. These ten reporting units are aggregated into our three reportable segments. See Note 12, Segment Information for a summary of the change in the carrying amount of goodwill by segment. Identifiable Intangible Assets Amortizable intangible assets consisted of the following as of April 30, 2026 and October 31, 2025 (in thousands): April 30, 2026 October 31, 2025 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 509,759 $ 155,891 $ 506,473 $ 141,462 Trademarks and trade names 242,419 66,064 240,622 59,833 Patents and other technology 26,128 22,956 26,105 22,768 Total $ 778,306 $ 244,911 $ 773,200 $ 224,063 We had amortization expense related to intangible assets for the three and six months ended April 30, 2026 of $9.8 million and $19.5 million, respectively, compared to $6.5 million and $17.1 million for the comparable prior year periods, respectively. Amortization expense for the six months ended April 30, 2025 included a one-time adjustment of $3.5 million. Estimated remaining a …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes To determine our income tax expense or benefit for interim periods, consistent with accounting standards, we apply the estimated annual effective income tax rate to year-to-date results, plus any applicable discrete items, which are recorded in the period in which they occur. Discrete items include, among others, such events as changes in estimates due to the finalization of tax returns, tax audit settlements, expiration of statutes of limitations, tax benefits or expense of uncertain tax positions, tax benefits on equity compensation, and increases or decreases in valuation allowances on deferred tax assets. Our estimated annual effective tax rates from continuing operations for the six months ended April 30, 2026 and 2025 were 122.4% and 18.2%, respectively. The difference between our estimated annual effective income tax rate and the U.S. federal statutory rate of 21% principally results from discrete tax items, U.S. state taxes, a non-U.S. tax rate differential and other permanent differences. The increase in the 2026 effective tax rate compared to the prior year was primarily driven by $3.2 million of discrete items including equity-based compensation award activity, state deferred tax remeasurement from legal entity reorganization activities, and changes in reserves for uncertain tax positions, which had a disproportionate impact on the rate given the lower pre-tax earnings in the current period. The primary discrete item affecting the 2025 effective rate w …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Retirement Plans Defined Contribution Plan We sponsor a defined contribution plan into which we and our employees make contributions. We match 100% of employee deferrals up to 5% of eligible annual compensation for all employees under the plan. We do not offer our common stock as a direct investment option under these plans. For the six months ended April 30, 2026 and 2025 , we contributed approximately $5.8 million and $4.9 million for these plans, respectively. Other Plans We maintain a non-qualified deferred compensation plan covering members of the Board of Directors and certain key employees. As of April 30, 2026 and October 31, 2025, the liability associated with the deferred compensation plan was approximately $4.8 million and $4.1 million, respectively. We record the current portion of liabilities associated with these plans under the caption Accrued liabilities, and the long-term portion under the caption Other liabilities in the accompanying condensed consolidated balance sheets. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Segment Information Prior to the third quarter of 2025, we presented four reportable business segments in accordance with ASC Topic 280-10-50, Segment Reporting (ASC 280): (1) NA Fenestration, comprising four operating segments primarily focused on the fenestration market in North America including vinyl profiles, insulating glass spacers, screens, custom compound mixing, and other fenestration components; (2) EU Fenestration, comprising our U.K.-based vinyl extrusion business, manufacturing vinyl profiles and conservatories, and the European insulating glass business manufacturing insulating glass spacers; (3) NA Cabinet Components, comprising our cabinet door and components segment; and (4) Tyman, which was acquired on August 1, 2024, comprising a leading international supplier of engineered fenestration components and access solutions to the construction industry. During the third quarter of 2025, we restructured our reportable segments due to changes in our organizational structure and how our CODM makes key operating decisions, allocates resources and assesses the performance of our business. As a result, we now report in three reportable segments, based on the nature of products offered: Hardware Solutions, which provides window and door hardware and screens; Extruded Solutions, which supplies insulating glass spacers, vinyl window and door profiles, seals, and weatherstripping; and Custom Solutions, which provides wood, mixing, and building access solutions. We continu …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing