Masonite Highlights Strategic Growth Priorities and Financial Goals in 2023 Investor Day Event

Masonite International Corporation (NYSE: DOOR) will host a virtual Investor Day today, September 19, 2023, starting at 9:00 a.m. (ET). The event will feature presentations by members of the executive leadership team on the company’s operations, strategic priorities, and long-term growth objectives, including 2027 financial goals.

“The theme of this year’s event is Invisible to Invaluable,” said Howard Heckes, President and CEO of Masonite. “Consumers consistently tell us that they expect doors to play an increasingly important role throughout the home, and we are developing innovative door solutions with the power to fundamentally improve the homeowner experience.”

“We are transforming Masonite – and the entire industry – with our Doors That Do More^TM growth strategy, which has three pillars focused on creating value through product leadership, strong customer engagement and a superior service proposition,” continued Heckes. “While each pillar drives improvements in our business, it is the integrated nature of the strategy that we believe allows us to excel at creating and capturing demand to outperform the market. Our entire team is focused on unlocking this opportunity for shareholders, as we drive towards our 2027 financial goals of delivering over $1 billion in cumulative free cash flow and expanding our Adjusted EBITDA margin to nearly 20%.”

A link to the live webcast is available on the Investor Relations section of the Masonite website at investor.masonite.com. A replay of the webcast and copies of the presentations will also be made available on the Masonite website following the event.

ABOUT MASONITE

Masonite International Corporation is a leading global designer, manufacturer, marketer and distributor of interior and exterior doors, door system components and door systems for the new construction and repair, renovation and remodeling sectors of the residential and non-residential building construction markets. Since 1925, Masonite has provided its customers with innovative products and superior service at compelling values. Masonite currently serves approximately 7,000 customers globally. Additional information about Masonite can be found at www.masonite.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking information and other forward-looking statements within the meaning of applicable Canadian and/or U.S. securities laws, including our discussion of our strategic and restructuring initiatives, statements relating to our business and growth strategy and our 2027 financial goals. When used in this press release, such forward-looking statements may be identified by the use of such words as "may," "might," "could," "will," "would," "should," "expect," "believes," "outlook," "predict," "forecast," "objective," "remain," "anticipate," "estimate," "progressing," "potential," "continue," "plan," "project," "showing," "yielding," "targeting," or the negative of these terms or other similar terminology.

Forward-looking statements involve significant known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Masonite, or industry results, to be materially different from any future plans, goals, targets, objectives, results, performance or achievements expressed or implied by such forward-looking statements. As a result, such forward-looking statements should not be read as guarantees of future performance or results, should not be unduly relied upon, and will not necessarily be accurate indications of whether or not such results will be achieved. Factors that could cause actual results to differ materially from the results discussed in the forward-looking statements include, but are not limited to, those set forth in Masonite’s reports on Forms 10-K (including the “Risk Factors” section thereof), 10-Q and 8-K filed with or furnished to the Securities and Exchange Commission from time to time. Masonite undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

NON-GAAP FINANCIAL MEASURES AND RELATED INFORMATION

Quantitative reconciliations of free cash flow and Adjusted EBITDA Margin to the corresponding GAAP information are not provided for the 2027 goals because it is difficult to predict, without unreasonable effort, the GAAP measures that are excluded from (a) Adjusted EBITDA Margin such as restructuring costs, asset impairments, share based compensation expense and gains/losses on sales of subsidiaries and PP&E and (b) the cash and non-cash components of Net Income including the impact of taxes, accruals, and other changes in assets and liabilities that impact net cash flow provided by operating activities, as well as the timing of cash outlays related to additions of property plant and equipment.

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