Investments in unconsolidated affiliates include our 50% equity interest in Worthington Armstrong Venture (“WAVE”), our joint venture with Worthington Enterprises, Inc., and our 14.0% equity interest in Overcast Innovations LLC (“Overcast”), our strategic partnership and equity investment entered into with McKinstry Essention, LLC. Both the WAVE joint venture and Overcast investment are reflected within our Condensed Consolidated Financial Statements using the equity method of accounting. WAVE is reflected as a component of our Mineral Fiber segment and Overcast is included as a component of our Unallocated Corporate segment.

The following table presents equity (earnings) losses from our unconsolidated affiliates for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
WAVE	$	(33.6	)	$	(32.1	)	$	(61.0	)	$	(58.9	)
Overcast		0.2			0.2			0.3			0.4
Equity (earnings) from unconsolidated affiliates, net	$	(33.4	)	$	(31.9	)	$	(60.7	)	$	(58.5	)

The following table presents condensed financial statement data for WAVE:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Net sales	$	147.4	$	140.0	$	276.4	$	264.1
Gross profit		89.8		86.7		167.2		161.8
Net earnings		69.3		66.4		126.5		121.7