Quanex Building Products Announces Fourth Quarter and Full Year 2025 Results

Rhea-AI Summary

Quanex (NYSE:NX) reported results for the three and twelve months ended October 31, 2025, highlighting a 43.8% increase in full-year net sales to $1.84B driven by the Tyman acquisition and ~86% increase in cash provided by operating activities to $164.9M for the twelve months. The company repaid $75M of bank debt, ended the year with $372.4M liquidity, and says Tyman integration is substantially complete with a path to $45M of cost synergies (above $30M already realized). Fiscal 2025 included a $250.8M LTM net loss largely from a non-cash goodwill impairment; leverage remained 2.6x net debt to LTM adjusted EBITDA.

Positive

• Net sales +43.8% to $1.84B for FY2025
• Cash from operations increased ~86% to $164.9M LTM
• Repaid $75M of bank debt in fiscal 2025
• Liquidity of $372.4M as of Oct 31, 2025
• Tyman integration substantially complete; $30M synergies realized

Negative

• LTM Net loss of ($250.8M) due to non-cash goodwill impairment
• Adjusted EBITDA margin declined to 13.2% for FY2025
• Fourth-quarter net sales down 0.5% YoY on lower volumes
• Operational issue at Monterrey hardware plant; stabilization expected H1 FY2026

Key Figures

FY2025 Net Sales $1,837.6M Twelve months ended October 31, 2025 vs $1,277.9M in 2024

FY2025 Net Loss $250.8M Last twelve months net loss vs $33.1M net income in 2024

FY2025 Adjusted EBITDA $242.9M Twelve months ended October 31, 2025 vs $182.4M in 2024

FY2025 Cash from Ops $164.9M Cash provided by operating activities vs $88.8M in 2024

FY2025 Free Cash Flow $102.3M Twelve months ended October 31, 2025 vs $51.7M in 2024

Debt Repaid FY2025 $75M Total bank debt repaid during fiscal 2025

Total Debt $703.9M Total debt outstanding as of October 31, 2025

Liquidity $372.4M Cash and revolver availability as of October 31, 2025

Market Reality Check

$14.50 Last Close

Volume Volume 1,741,833 is 2.42x the 20-day average of 719,378, signaling elevated interest into the earnings release. high

Technical Shares at $14.50 are trading below the 200-day MA of $17.26 and sit well under the 52-week high of $29.69.

Peers on Argus

NX gained 6.38% with strong volume. Several building-products peers also traded higher: JELD +8.53%, JBI +5.46%, APOG +3.05%, ASPN +1.23%, SWIM +0.44%, suggesting a supportive backdrop even though the momentum scanner did not flag a sector-wide move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 05	Dividend declaration	Positive	-2.0%	Quarterly cash dividend of $0.08 per share with set record and pay dates.
Nov 26	Earnings call notice	Neutral	+0.7%	Announced timing of Q4 and FY2025 release and related conference call.
Oct 28	Board appointment	Neutral	-2.8%	Added Mary Lawler to board to support profitable growth and oversight.
Oct 20	Executive hire	Positive	+2.1%	Appointed new Chief Accounting Officer to lead global accounting function.
Sep 04	Q3 2025 earnings	Negative	-13.1%	Strong sales but large net loss from $302.3M goodwill impairment and guidance update.

Pattern Detected

Earnings releases for NX have led to relatively large moves (average 8.8%), with negative reactions when losses or impairments dominate and mixed responses to other corporate updates.

Recent Company History

Over the last six months, Quanex has mixed reactions around news. An earnings report on Sep 4, 2025 with strong sales but a large goodwill-impairment-driven loss saw shares fall 13.06%. Earlier in 2025, board and management appointments and a dividend declaration produced modest, sometimes negative moves (between about -2% and +2%). Against this backdrop, the latest FY2025 results showing higher sales, stronger cash flow, debt reduction, and ongoing Tyman integration arrive after a year of balance-sheet de-risking and restructuring.

Market Pulse Summary

The stock is surging +24.6% following this news. A strong positive reaction aligns with Quanex’s history of sizable earnings-day moves, where similar events averaged about 8.8%. FY2025 results showed net sales of $1,837.6M, higher adjusted EBITDA of $242.9M, and free cash flow of $102.3M, alongside $75M of debt repayment and liquidity of $372.4M. Risks include the recent $250.8M net loss tied to goodwill impairment and a leverage profile supported by $703.9M of total debt.

Key Terms

adjusted ebitda financial

"Adjusted EBITDA | $70.9 | | $81.1 | | $242.9 | | $182.4"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

free cash flow financial

"Free Cash Flow | $66.6 | | ($8.2) | | $102.3 | | $51.7"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

goodwill impairment financial

"mainly due to the non-cash goodwill impairment reported in the third quarter"

Goodwill impairment occurs when a company’s valued reputation or brand strength, known as goodwill, is found to be worth less than previously recorded on its financial statements. This usually happens when the company's performance declines or market conditions change, signaling that the expected benefits from acquisitions or brand value are no longer as strong. It matters to investors because it can indicate that a company's assets are less valuable than initially thought, potentially affecting its overall financial health.

leverage ratio financial

"Quanex’s leverage ratio of Net Debt to LTM Adjusted EBITDA was unchanged at 2.6x"

Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.

AI-generated analysis. Not financial advice.

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.

FAQ

What were Quanex (NX) full-year 2025 net sales and growth rate?

Quanex reported $1.84 billion in net sales for fiscal 2025, a 43.8% increase year-over-year.

How much cash did Quanex (NX) generate from operations in fiscal 2025?

Cash provided by operating activities was $164.9 million for the twelve months ended Oct 31, 2025 (~86% increase).

What caused Quanex's LTM net loss of ($250.8M) in 2025?

The LTM net loss of $250.8 million was mainly due to a non-cash goodwill impairment recorded in Q3 2025.

How much debt did Quanex (NX) repay in fiscal 2025 and what is its liquidity?

Quanex repaid $75 million of bank debt in 2025 and reported total liquidity of $372.4 million as of Oct 31, 2025.

What is the status of the Tyman acquisition integration for Quanex (NX)?

Management says the Tyman integration is substantially complete, with $30 million of cost synergies realized and a path to $45 million over time.

What guidance did Quanex (NX) give for fiscal 2026 revenue and EBITDA?

Quanex did not provide formal guidance; management expects fiscal 2026 could be flat vs. fiscal 2025 for revenue and EBITDA and will revisit guidance after Q1 2026 results.