MasterBrand Inc 2024年度报告

MASTERBRAND BY THE NUMBERS 13,000+Associates $2.7BNet Sales 7,700+DealerNetwork 20+Manufacturing Facilitiesand Offices North AmericanResidentialCabinet Manufacturer The people of MasterBrand make a difference every day inmeaningful ways. From caring about each other to betteringthe communities in which we live, we are fostering a moresustainable world…The MasterBrand Way. DEAR SHAREHOLDERS, 2024 was another year of significant achievements by MasterBrand.As an organization, we continued to execute on our stated strategyand capital deployment priorities. These efforts further pivoted theorganization towards a growth focus and position us to capitalize onmarket trends now and into the future. I am pleased with the great number of accomplishmentsMasterBrand delivered in 2024. Our associates mademeaningful strides commercially and operationallythrough the disciplined use of our business system:The MasterBrand Way. From a commercial standpoint,the organization continued to utilize the principles of80/20 to focus on developing products and channelspecific offerings to address the specific needs of themost attractive portions of the market. We saw thebenefits of this approach through new customer winsand share gains during the year. Operationally, wecontinued to drive efficiency throughkaizenevents andtargeted investments in our manufacturing network.These efforts, and similar ones from years past, allowedMasterBrand to deliver another year of strong freecash flow despite the challenging macroeconomicenvironment. These accomplishments reinforce thatour strategy is working, and we remain committed toinvesting in the business and in our associates for long-term sustainable growth. R. David Banyard, Jr. President and Chief Executive Officer INVESTING FOR GROWTH Beyond new product and channel specific offerings,we are maturing in our strategy and unlocking newsources of organic growth. During the year, we madeincremental investments in our digital and technologycapabilities through our Tech Enabled initiative. Buildingon the success of this initiative inside our facilities andback office, we began to move outside of our four wallsand closer to the consumer, with the goal of easing thebuying process and unlocking demand. 2024 also sawMasterBrand make its first acquisition since becominga standalone public company with our purchaseof Supreme Cabinetry Brands®. Supreme is a greatexample of the inorganic opportunities in the marketand the strategic fit that is possible. position MasterBrand to take advantage of marketopportunities and further differentiate ourselvesfrom our competitors. We believe this differentiationwill help us outperform the market and maximizeshareholder value. INVESTING IN ASSOCIATES The cornerstone of our organization is our uniquepurpose, vision and culture. Our culture ofMake theTeam Better, Be Bold and Champion Improvement, isbased on the concept of continuous improvement. Wecall on our associates to improve and evolve, but wedo not ask them to do so alone. As an organization anda management team, we do all we can to support andequip our associates to be successful. Accordingly, in2024, we introduced new training for frontline leadersand enhanced our ability to recognize associates whodemonstrated breakthrough performance duringthe year. For over 70 years, we’ve carefully crafted the cabinetsthat families and friends gather around. Now, we’relooking to build on that legacy. Not just as a leader inthe cabinet space, but as a leader in business: deliveringa superior product to consumers, a superior place towork for our associates and a superior return for ourinvestors. We appreciate your support as a shareholderas we focus onBuilding Great Experiences Togethertoday and in the future. INVESTING FOR THE FUTURE R. David Banyard, Jr. We believe investing in our business and our peoplewill drive superior financial results. We recognize thatthese investments will impact near-term financialperformance, but we believe they will position theorganization for superior financial results in the long-term. Our scale and breadth of offering uniquely President and Chief Executive Officer FINANCIAL PERFORMANCE 2024 marked a transformational year for MasterBrand.Despite challenging end market demand, MasterBrandcontinued to focus on growth with our acquisition ofSupreme Cabinetry Brands and generated another strongyear of cash from operating activities. Cash from Operating Activities(in millions) Through our organic growth initiatives, we believe we cancontinue to grow net sales at a rate above the marketswe serve. We feel our greatest opportunity remains inhigh-return internal projects. With new products in ourpipeline that feature innovative designs and materialsfor consumers and labor-saving solutions for installers,MasterBrand is focused on helping our channel partnerswin new business. We also remain particularly excitedabout the opportunities in our Tech Enabled initiative. Ourgoal is t