格里丰 2025年度报告

Annual Report 2025 I am pleased to report that Griffon delivered another strongperformanceinfiscal2025despiteachallengingmacroeconomicenvironment.Our results continue tohighlight the strength of our portfolio, the resilience of ourbusinesses, and the disciplined execution of our strategy. Our fiscal year 2025 results were once again highlightedbyrobust free cash flow generation and operatingprofitabilitydriven primarily by the performance of ourHomeand Building Products(HBP)segment,whichgenerated EBITDA margin exceeding 30%. The Consumerand Professional Products (CPP) segment increased profitandmargin,despite lower volume,as the segmentcontinuesto realize the benefits of the global sourcingexpansion initiative completed in September 2024. Wecontinue to invest in technology,innovation andproductivityacross our businesses and see theseinvestmentsas a catalyst for our long-term growth.In2025, HBP was recognized internationally with prestigiousawards from peers for product innovation in the buildingproducts industry and for being an exceptional customerpartner. Similarly, CPP has innovated by entering excitingnew product categories and strategically expanding productofferings. These actions will enhance our operating marginsin both segments in the near term and will drive growth andmargin expansion in the longer term, as consumer, housingand commercial construction markets improve. Griffon’s 2025 adjusted EBITDA1was $580 million (beforeunallocatedexpenses),representing a 23.0%EBITDAmarginanda100+basispointyear-over-yearimprovementinprofitability.Thisstrongoperatingperformancedrove$323 million of free cash flow2,ofwhich $174 million was returned to Griffon shareholders intheform of share repurchases and dividends.Wesimultaneously strengthened our balance sheet by payingdown $116 million in debt and reducing our year-over-yearleverage by 0.2x to 2.4 times net debt to EBITDA.3 Ourcontinued commitment to returning value to shareholders isreflected in Griffon’s Total Shareholder Return (TSR), whichcompares favorably to the returns of the Russell 2000 andS&P 600. The cumulative return chart over the last one,three,and five fiscal years illustrates this excellentperformance. HOME AND BUILDING PRODUCTS This innovative vertically stacking door, previously launchedinthe commercial space,reimagines the conventionalgaragedoor,offering a clean,modern design thateliminatescumbersome overhead tracks and exposedhinges. TheHome and Building Products segment conducts itsoperationsthrough Clopay Corporation(Clopay),thepreeminentmanufacturer and marketer of sectionalresidential,and commercial,garage doors and rollingsteel doors in North America. Clopay’s products are soldunder the Clopay, Cornell, Cookson, Ideal DoorandHolmesbrands. Clopay leverages its extensive design,manufacturing and logistics capabilities, including its 57NorthAmerican distribution centers, to serve a diversecustomerportfolio spanning a network of over 3,000professional dealers and retail partners. Cornelland Cookson, Clopay’s industry-leading rollingsteel brands, earned industry recognition for leadership inadvanced security, life safety, and sustainable designs. Akey product introduction was the Thermiser Max– Low Udoor, the industry’s only thermally broken rolling slat design,whichset a new standard for thermal efficiency whilemeeting evolving building code requirements for challengingapplications including data centers and other conditionedspaces. Fiscal 2025 also saw a significant adoption of thenew space-saving, counter fire door design and the industryleading Ultra™powder coat finish – the only finish on themarket that provides a warranty against wear. Despitecontinued challenges in the residential andcommercialconstruction markets,HBP generated fiscal2025 revenue of $1.6 billion and adjusted EBITDA1of $495million.These results demonstrate the resilience andstrength of Clopay’s business model, the dedication of itsteam, and its commitment to the success of its customers. Clopay continues to expand the appeal of its best-sellingresidentialproducts with enhancements to its CanyonRidge,Bridgeport™,and Modern Steel™product lines.Homeowners have been highly receptive to the four newModernSteel™Ultra-GrainPlank designs,which aredrivingincreaseddemand.Withever-growingcolorpalettes, wood designs and window options, Clopay offersthe broadest residential product portfolio in the industry. Innovation Fiscal2025 was yet another landmark year for Clopayinnovationas it continues to be the market leader inredefining the garage door industry. Clopay’s new productdevelopmentpipeline continued to expand,providingexciting new products and features for evolving customerneedsin design,functionality,and connectivity.Clopayremainscommitted to providing the best products toarchitects,designers,facilityowners,homeowners,remodelers, and homebuilders alike. Infrastructure and Technology As an industry leader, Clopay continually invests in cutting-edge tec