This report does not constitute a rating action. Guardian reported results as of June 30, 2025, that were broadly in line with S&P Global Ratings' expectations. Our base-case forecast assumes a low-single-digit percent decline in repair and remodeling activity and a minimal increase in residential construction spending in 2025. Coupled with the divestiture of its SRG business, which it completed in early 2025 to further sharpen its strategic focus on its core glass operations, we expect the company's consolidated revenue will contract by about 10% in fiscal year 2025. Guardian's profitability was also somewhat pressured by its weaker operating leverage and the restructuring charges related to its European plant shutdowns. The company continues to operate with no debt on its
