Valmont Reports Fourth Quarter GAAP EPS of $9.05 and Adjusted EPS of $4.92; Provides Full-Year 2026 EPS Outlook of $20.50 to $23.50

OMAHA, Neb.--( BUSINESS WIRE)--Valmont ® Industries, Inc. (NYSE: VMI), a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity, today reported financial results for the fourth quarter and fiscal year ended December 27, 2025.

President and Chief Executive Officer Avner M. Applbaum commented, “In the fourth quarter we delivered improved earnings per share and grew our backlog year-over-year amid a mixed demand environment. During 2025, we focused on optimally positioning the business for future growth through capacity investments and disciplined execution.”

“Looking ahead to 2026, we expect to achieve sales and earnings growth driven by strong Infrastructure demand and additional capacity coming online, while managing Agriculture efficiently through the downcycle. We will continue to prioritize supporting our customers and allocating capital in line with our strategy to drive long-term value for shareholders.”

Fourth Quarter 2025 Highlights (all metrics compared to Fourth Quarter 2024 unless otherwise noted)

Full-Year 2025 Highlights (all metrics compared to Full-Year 2024 unless otherwise noted)

Key Financial Metrics

Fourth Quarter 2025

GAAP

Adjusted 1

(In thousands, except per-share amounts)

12/27/2025

12/28/2024

12/27/2025

12/28/2024

Q4 2025

Q4 2024

vs. Q4 2024

Q4 2025

Q4 2024

vs. Q4 2024

Net Sales

1,038,260

1,037,294

0.1%

1,038,260

1,037,294

0.1%

Gross Profit

309,421

313,021

-1.2%

309,188

313,021

-1.2%

Gross Profit as a % of Net Sales

29.8%

30.2%

29.8%

30.2%

Operating Income

116,530

119,988

-2.9%

126,727

119,988

5.6%

Operating Income as a % of Net Sales

11.2%

11.6%

12.2%

11.6%

Net Earnings Attributable to VMI 2

178,755

77,653

130.2%

97,113

77,653

25.1%

Diluted Earnings per Share

9.05

3.84

135.7%

4.92

3.84

28.1%

Weighted Average Shares Outstanding

19,745

20,197

19,745

20,197

Full Year 2025

GAAP

Adjusted 1

(In thousands, except per-share amounts)

12/27/2025

12/28/2024

12/27/2025

12/28/2024

FY 2025

FY 2024

vs. FY 2024

FY 2025

FY 2024

vs. FY 2024

Net Sales

4,104,102

4,075,034

0.7%

4,104,102

4,075,034

0.7%

Gross Profit

1,239,936

1,241,212

-0.1%

1,241,296

1,241,212

0.0%

Gross Profit as a % of Net Sales

30.2%

30.5%

30.2%

30.5%

Operating Income

415,576

524,584

-20.8%

537,853

524,584

2.5%

Operating Income as a % of Net Sales

10.1%

12.9%

13.1%

12.9%

Net Earnings Attributable to VMI 2

334,784

348,259

-3.9%

380,603

348,259

9.3%

Diluted Earnings per Share

16.79

17.19

-2.3%

19.09

17.19

11.1%

Weighted Average Shares Outstanding

19,937

20,261

19,937

20,261

2 Net earnings attributable to Valmont Industries, Inc., including changes in redemption value of redeemable noncontrolling interests of $10,754 for the fourth quarter of fiscal 2025 and ($15,489) for the full year of fiscal 2025.

Fourth Quarter 2025 Segment Review (all metrics compared to Fourth Quarter 2024 unless otherwise noted)

Infrastructure (78.6% of Net Sales)

Products and solutions to serve the infrastructure markets of utility, lighting, transportation, telecommunications, and solar, along with coatings services to protect metal products

Sales increased 7.2% to $819.0 million, compared to $763.6 million.

Utility sales grew 21.0% driven by strong market demand, which led to higher pricing and volumes. Sales of other North America infrastructure products remained steady, excluding Solar which decreased following the Company’s decision to exit that market earlier in 2025. International sales declined, reflecting continued Asia-Pacific market softness.

Operating income was $143.7 million or 17.6% of net sales ($149.6 million or 18.3% adjusted 1), compared to $122.0 million or 16.0% of net sales. The improvement was primarily attributable to higher pricing and volumes, and lower SG&A.

Agriculture (21.4% of Net Sales)

Center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture

Sales decreased 19.9% to $222.7 million, compared to $278.0 million.

In North America, irrigation equipment sales declined due to continued agriculture market softness. International sales were also lower, primarily due to ongoing market softness in Brazil and lower project sales in the Middle East.

Operating loss was ($3.4) million, compared to operating income of $28.5 million or 10.3% of net sales. The decrease was primarily driven by lower volumes, and $27.5 million of legal and credit loss expense in Brazil.

Introducing Full-Year 2026 Financial Outlook and Key Assumptions

The Company is introducing its full-year 2026 financial outlook, including projected net sales and diluted EPS, and key assumptions for the year.

Metric

2026 Outlook

Net Sales

$4.2 to $4.4 billion

+2.5% to +7%

Infrastructure Net Sales

$3.25 to $3.4 billion

+5% to +9%

Agriculture Net Sales

$0.95 to $1.0 billion

(6.5%) to +0.5%

Diluted Earnings per Share 1

$20.50 to $23.50

+7% to +23%

Capital Expenditures

$170 to $200 million

Effective Tax Rate

~26.0%

Key Assumptions

A live audio discussion with Avner M. Applbaum, President and Chief Executive Officer, and Thomas Liguori, Executive Vice President and Chief Financial Officer, will take place on Tuesday, February 17, 2026 at 8:00 a.m. CT. The discussion can be accessed by telephone at +1 877.407.6184 or +1 201.389.0877 (no Conference ID needed) or via webcast at the following link: Valmont Industries 4Q and Full Year 2025 Earnings Conference Call. A slide presentation will be available for download on the Investors page of valmont.com during the webcast. A replay of the event will be accessible three hours after the call at the above link or by telephone at +1 877.660.6853 or +1 201.612.7415 using access code 13756343. The replay will be available until 10:59 p.m. CT on Tuesday, February 24, 2026.

About Valmont Industries, Inc.

For 80 years, Valmont has been a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity. We are committed to customer-focused innovation that delivers lasting value. Learn more about how we’re Conserving Resources. Improving Life. ® at valmont.com.

1 Please see Reg G reconciliation to GAAP measures at end of document

Concerning Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions made by management, considering its experience in the industries where Valmont operates, perceptions of historical trends, current conditions, expected future developments, and other relevant factors. It is important to note that these statements are not guarantees of future performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control), and assumptions. While management believes these forward-looking statements are based on reasonable assumptions, numerous factors could cause actual results to differ materially from those anticipated. These factors include, among other things, risks described in Valmont’s reports to the Securities and Exchange Commission (“SEC”), the Company’s actual cash flows and net income, future economic and market circumstances, industry conditions, company performance and financial results, operational efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environments, geopolitical risks, and actions and policy changes by domestic and foreign governments, including tariffs. The Company cautions that any forward-looking statements in this release are made as of its publication date and does not undertake to update these statements, except as required by law.

The Company’s guidance includes certain non-GAAP financial measures (adjusted diluted earnings per share and adjusted effective tax rate) presented on a forward-looking basis. These measures are typically calculated by excluding the impact of items such as foreign exchange, acquisitions, divestitures, realignment or restructuring expenses, goodwill or intangible asset impairment, changes in tax laws or rates, change in redemption value of redeemable noncontrolling interests, and other non-recurring items. Reconciliations to the most directly comparable GAAP financial measures are not provided, as the Company cannot do so without unreasonable effort due to the inherent uncertainty and difficulty in predicting the timing and financial impact of such items. For the same reasons, the Company cannot assess the likely significance of unavailable information, which could be material to future results.

Website and Social Media Disclosure

The Company uses its website and social media channels, as identified on its website, to distribute company information. Posts on these channels may contain material information. Therefore, investors should monitor these channels alongside the Company’s press releases, SEC filings, and public conference calls and webcasts. The contents of the Company’s website and social media channels are not considered part of this press release.

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Dollars and shares in thousands, except per-share amounts)

(Unaudited)

Thirteen weeks ended

Fifty-two weeks ended

December 27,

December 28,

December 27,

December 28,

2025

2024

2025

2024

Net sales

1,038,260

1,037,294

4,104,102

4,075,034

Cost of sales

728,839

724,273

2,864,166

2,833,822

Gross profit

309,421

313,021

1,239,936

1,241,212

Selling, general, and administrative expenses

186,385

193,033

717,633

716,628

Impairment of long-lived assets

—

91,337

—

Realignment charges

6,506

—

15,390

—

Operating income

116,530

119,988

415,576

524,584

Other income (expenses):

Interest expense

(10,146

)

(12,342

)

(40,542

)

(58,722

)

Interest income

1,639

1,825

8,189

7,183

Gain on deferred compensation investments

857

518

3,587

3,634

Loss on divestitures

—

(4,474

)

—

(4,474

)

Other

193

138

(9,168

)

(3,524

)

Total other expenses

(7,457

)

(14,335

)

(37,934

)

(55,903

)

Earnings before income taxes and equity method investment earnings (loss)

109,073

105,653

377,642

468,681

Income tax expense (benefit)

(59,639

)

27,199

23,864

117,978

Equity method investment earnings (loss)

512

(19

)

(90

)

(79

)

Net earnings

169,224

78,435

353,688

350,624

Earnings attributable to redeemable noncontrolling interests

(1,223

)

(782

)

(3,415

)

(2,365

)

Net earnings attributable to Valmont Industries, Inc.

168,001

77,653

350,273

348,259

Weighted average shares outstanding - Basic

19,589

20,031

19,795

20,122

Earnings per share - Basic

9.13

3.88

16.91

17.31

Weighted average shares outstanding - Diluted

19,745

20,197

19,937

20,261

Earnings per share - Diluted

9.05

3.84

16.79

17.19

Cash dividends per share

0.68

0.60

2.72

2.40

1 Basic and diluted earnings per share for the thirteen and fifty-two weeks ended December 27, 2025 included $10,754 and ($15,489) changes in redemption values of redeemable noncontrolling interests, respectively.

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Dollars in thousands)

(Unaudited)

Thirteen weeks ended

Fifty-two weeks ended

December 27,

December 28,

December 27,

December 28,

2025

2024

2025

2024

Infrastructure

Net sales

816,587

760,848

3,089,732

2,998,381

Gross profit

245,450

230,383

925,634

903,736

as a percentage of net sales

30.1

30.3

30.0

30.1

Selling, general, and administrative expenses

95,605

108,345

398,504

406,596

as a percentage of net sales

11.7

14.2

12.9

13.6

Impairment of long-lived assets

—

89,356

—

Realignment charges

6,174

—

7,600

—

Operating income

143,671

122,038

430,174

497,140

as a percentage of net sales

17.6

16.0

13.9

16.6

Agriculture

Net sales

221,673

276,446

1,014,370

1,076,653

Gross profit

63,971

82,638

314,302

337,476

as a percentage of net sales

28.9

29.9

31.0

31.3

Selling, general, and administrative expenses

67,372

54,139

217,359

199,140

as a percentage of net sales

30.4

19.6

21.4

18.5

Impairment of long-lived assets

—

1,981

—

Realignment charges

—

2,886

—

Operating income (loss)

(3,401

)

28,499

92,076

138,336

as a percentage of net sales

(1.5

10.3

9.1

12.8

Corporate

Selling, general, and administrative expenses

23,408

30,549

101,770

110,892

Realignment charges

332

—

4,904

—

Operating loss

(23,740

)

(30,549

)

(106,674

)

(110,892

)

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Dollars in thousands)

(Unaudited)

Thirteen weeks ended December 27, 2025

Infrastructure

Agriculture

Intersegment

Consolidated

Geographical Market:

North America

665,684

115,024

(3,464

)

777,244

International

153,319

107,697

—

261,016

Total sales

819,003

222,721

(3,464

)

1,038,260

Product Line:

Utility

424,471

—

424,471

Lighting and Transportation

204,640

—

204,640

Coatings

92,502

—

(2,416

)

90,086

Telecommunications

73,771

—

73,771

Solar

23,619

—

23,619

Irrigation Equipment and Parts

—

199,046

(1,048

)

197,998

Technology Products and Services

—

23,675

—

23,675

Total sales

819,003

222,721

(3,464

)

1,038,260

Thirteen weeks ended December 28, 2024

Infrastructure

Agriculture

Intersegment

Consolidated

Geographical Market:

North America

597,830

129,319

(4,209

)

722,940

International

165,811

148,665

(122

)

314,354

Total sales

763,641

277,984

(4,331

)

1,037,294

Product Line:

Utility

350,710

—

350,710

Lighting and Transportation

216,130

—

216,130

Coatings

87,029

—

(2,671

)

84,358

Telecommunications

74,121

—

74,121

Solar

35,651

—

(122

)

35,529

Irrigation Equipment and Parts

—

255,042

(1,538

)

253,504

Technology Products and Services

—

22,942

—

22,942

Total sales

763,641

277,984

(4,331

)

1,037,294

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Dollars in thousands)

(Unaudited)

Fifty-two weeks ended December 27, 2025

Infrastructure

Agriculture

Intersegment

Consolidated

Geographical Market:

North America

2,515,602

506,316

(15,543

)

3,006,375

International

583,432

514,434

(139

)

1,097,727

Total sales

3,099,034

1,020,750

(15,682

)

4,104,102

Product Line:

Utility

1,511,053

—

1,511,053

Lighting and Transportation

830,268

—

830,268

Coatings

362,209

—

(9,163

)

353,046

Telecommunications

313,882

—

313,882

Solar

81,622

—

(139

)

81,483

Irrigation Equipment and Parts

—

926,276

(6,380

)

919,896

Technology Products and Services

—

94,474

—

94,474

Total sales

3,099,034

1,020,750

(15,682

)

4,104,102

Fifty-two weeks ended December 28, 2024

Infrastructure

Agriculture

Intersegment

Consolidated

Geographical Market:

North America

2,348,250

570,517

(17,045

)

2,901,722

International

660,326

513,191

(205

)

1,173,312

Total sales

3,008,576

1,083,708

(17,250

)

4,075,034

Product Line:

Utility

1,368,333

—

1,368,333

Lighting and Transportation

884,128

—

884,128

Coatings

353,739

—

(9,992

)

343,747

Telecommunications

250,770

—

250,770

Solar

151,606

—

(203

)

151,403

Irrigation Equipment and Parts

—

985,840

(7,055

)

978,785

Technology Products and Services

—

97,868

—

97,868

Total sales

3,008,576

1,083,708

(17,250

)

4,075,034

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

December 27,

December 28,

2025

2024

ASSETS

Current assets:

Cash and cash equivalents

187,140

164,315

Receivables, net

590,127

654,360

Inventories

566,396

590,263

Contract assets

266,922

187,257

Prepaid expenses and other current assets

109,063

87,197

Total current assets

1,719,648

1,683,392

Property, plant, and equipment, net

673,863

588,972

Goodwill and other non-current assets

975,818

1,057,608

Total assets

3,369,329

3,329,972

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS' EQUITY

Current liabilities:

Current installments of long-term debt

513

692

Notes payable to banks

—

1,669

Mandatorily redeemable financial instrument

8,922

—

Accounts payable

359,539

372,197

Accrued expenses

284,751

275,407

Contract liabilities

52,013

126,932

Income taxes payable

12,604

22,509

Dividends payable

13,278

12,019

Total current liabilities

731,620

811,425

Long-term debt, excluding current installments

795,150

729,941

Operating lease liabilities

130,007

134,534

Other non-current liabilities

70,267

60,459

Total liabilities

1,727,044

1,736,359

Redeemable noncontrolling interests

9,498

51,519

Shareholders' equity

1,632,787

1,542,094

Total liabilities, redeemable noncontrolling interests, and shareholders' equity

3,369,329

3,329,972

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

Fifty-two weeks ended

December 27,

December 28,

2025

2024

Cash flows from operating activities:

Net earnings

353,688

350,624

Depreciation and amortization

88,509

95,395

Contribution to defined benefit pension plan

(3,159

)

(19,599

)

Impairment of long-lived assets

91,337

—

Loss on divestitures

—

4,474

Changes in assets and liabilities

(82,424

)

128,232

Other

8,533

13,552

Net cash flows from operating activities

456,484

572,678

Cash flows from investing activities:

Purchases of property, plant, and equipment

(145,035

)

(79,451

)

Proceeds from divestitures, net of cash divested

—

3,830

Other

2,296

(3,257

)

Net cash flows from investing activities

(142,739

)

(78,878

)

Cash flows from financing activities:

Net repayments on short-term borrowings

(1,652

)

(1,485

)

Proceeds from long-term borrowings

215,785

30,009

Principal repayments on long-term borrowings

(151,563

)

(408,080

)

Dividends paid

(52,481

)

(48,358

)

Purchases of redeemable noncontrolling interests

(101,771

)

(17,745

)

Repurchases of common stock

(198,089

)

(70,069

)

Other

(9,091

)

(6,832

)

Net cash flows from financing activities

(298,862

)

(522,560

)

Effect of exchange rates on cash and cash equivalents

7,942

(9,966

)

Net change in cash and cash equivalents

22,825

(38,726

)

Cash and cash equivalents—beginning of period

164,315

203,041

Cash and cash equivalents—end of period

187,140

164,315

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

USE OF NON-GAAP FINANCIAL MEASURES

Management utilizes non-GAAP financial measures to assess the Company’s historical and prospective financial performance, evaluate operational profitability on a consistent basis, factor into executive compensation decisions, and enhance transparency for the investment community. These non-GAAP measures are intended to supplement, not replace, the Company’s reported financial results prepared in accordance with GAAP. It is important to note that other companies may calculate these measures differently, which can limit their usefulness for comparison across organizations.

The following non-GAAP measures may be included in financial releases and other financial communications:

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS

REGULATION G RECONCILIATION

(Dollars in thousands)

(Unaudited)

Thirteen weeks ended December 27, 2025

Gross Profit Reconciliation

Infrastructure

Agriculture

Corporate

Consolidated

Gross profit - as reported

245,450

63,971

—

309,421

Realignment charges

(287

)

—

(233

)

Adjusted gross profit

245,163

64,025

—

309,188

Net sales - as reported

816,587

221,673

—

1,038,260

Gross profit as a % of net sales

30.1

28.9

29.8

Adjusted gross profit as a % of net sales

30.0

28.9

29.8

Fifty-two weeks ended December 27, 2025

Gross Profit Reconciliation

Infrastructure

Agriculture

Corporate

Consolidated

Gross profit - as reported

925,634

314,302

—

1,239,936

Realignment charges

622

—

676

Other non-recurring charges 1

—

684

—

684

Adjusted gross profit

926,256

315,040

—

1,241,296

Net sales - as reported

3,089,732

1,014,370

—

4,104,102

Gross profit as a % of net sales

30.0

31.0

30.2

Adjusted gross profit as a % of net sales

30.0

31.1

30.2

1 Other non-recurring charges consist of asset valuation adjustments for a joint venture ag solar business.

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS

REGULATION G RECONCILIATION

(Dollars in thousands)

(Unaudited)

Thirteen weeks ended December 27, 2025

Operating Income (Loss) Reconciliation

Infrastructure

Agriculture

Corporate

Consolidated

Operating income (loss) - as reported

143,671

(3,401

)

(23,740

)

116,530

Realignment charges

5,886

332

6,272

Other non-recurring charges 1

—

3,925

Adjusted operating income (loss)

149,557

(3,347

)

(19,483

)

126,727

Net sales - as reported

816,587

221,673

—

1,038,260

Operating income (loss) as a % of net sales

17.6

11.2

Adjusted operating income (loss) as a % of net sales

18.3

12.2

Fifty-two weeks ended December 27, 2025

Operating Income (Loss) Reconciliation

Infrastructure

Agriculture

Corporate

Consolidated

Operating income (loss) - as reported

430,174

92,076

(106,674

)

415,576

Impairment of long-lived assets

89,356

1,981

—

91,337

Realignment charges

8,222

2,940

4,904

16,066

Other non-recurring charges 1

7,031

3,918

3,925

14,874

Adjusted operating income (loss)

534,783

100,915

(97,845

)

537,853

Net sales - as reported

3,089,732

1,014,370

—

4,104,102

Operating income (loss) as a % of net sales

13.9

9.1

10.1

Adjusted operating income (loss) as a % of net sales

17.3

9.9

13.1

1 Other non-recurring charges consist of costs to fulfill contractually required payments for system licenses no longer needed, asset valuation adjustments for a joint venture ag solar business, and certain tax advisory professional service fees.

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS

REGULATION G RECONCILIATION

(Dollars and shares in thousands, except per-share amounts)

(Unaudited)

Thirteen

Fifty-two

weeks ended

Diluted

weeks ended

Diluted

December 27,

earnings

December 27,

earnings

2025

per share 1

2025

per share 1

Net earnings attributable to Valmont Industries, Inc. including change in redemption value of redeemable noncontrolling interests

178,755

9.05

334,784

16.79

Less: Change in redemption value of redeemable noncontrolling interests

(10,754

)

(0.54

)

15,489

0.78

Net earnings attributable to Valmont Industries, Inc. - as reported

168,001

8.51

350,273

17.57

Impairment of long-lived assets 3

—

91,337

4.58

Realignment charges 4

6,272

0.32

16,066

0.81

Other non-recurring charges 5

3,925

0.20

14,874

0.75

Total adjustments, pre-tax

10,197

0.52

122,277

6.13

Tax effect of adjustments 2

(2,591

)

(0.13

)

(13,453

)

(0.67

)

Non-recurring tax benefit items

(78,494

)

(3.98

)

(78,494

)

(3.94

)

Net earnings attributable to Valmont Industries, Inc. - adjusted

97,113

4.92

380,603

19.09

Average shares outstanding - diluted

19,745

19,937

1 Diluted earnings per share includes rounding.

2 The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction.

3 The Company recorded non-cash impairment charges of $71.1 million for goodwill and certain intangible assets in the Solar and Access Systems businesses and recorded $20.2 million for other long-lived assets that will no longer be utilized.

4 The Company took realignment actions resulting in pre-tax charges of $16.1 million, primarily severance related.

5 Other non-recurring charges consist of costs to fulfill contractually required payments for system licenses no longer needed, asset valuation adjustments for a joint venture ag solar business, and certain tax advisory professional service fees.

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

REGULATION G RECONCILIATION OF ADJUSTED EFFECTIVE TAX RATE

(Dollars in thousands)

(Unaudited)

Thirteen weeks ended

Fifty-two weeks ended

December 27, 2025

Earnings

before income

taxes and

equity method

earnings (loss)

Income tax

expense

(benefit)

Effective

tax rate

Earnings

before income

taxes and

equity method

earnings (loss)

Income tax

expense

Effective

tax rate

As reported

109,073

(59,639

)

(54.7

377,642

23,864

6.3

Impairment of long-lived assets

—

91,337

6,744

Realignment charges

6,272

1,610

16,066

3,970

Other non-recurring charges 1

3,925

981

14,874

2,739

Non-recurring tax benefit items

—

78,494

—

78,494

Adjusted

119,270

21,446

18.0

499,919

115,811

23.2

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

REGULATION G RECONCILIATION OF ADJUSTED EBITDA

(Dollars in thousands)

(Unaudited)

Four fiscal quarters ended

December 27,

2025

Net cash flows from operating activities

456,484

Interest expense

40,542

Income tax expense

23,864

Impairment of long-lived assets

(91,337

)

Deferred income taxes

19,196

Redeemable noncontrolling interests

(3,415

)

Net periodic pension cost

(1,052

)

Contribution to defined benefit pension plan

3,159

Changes in assets and liabilities

82,424

Other

(2,369

)

Impairment of long-lived assets

91,337

Realignment charges

16,066

Non-recurring non-cash charges 1

3,918

Adjusted EBITDA

638,817

Net earnings attributable to Valmont Industries, Inc.

350,273

Interest expense

40,542

Income tax expense

23,864

Depreciation and amortization

88,509

Stock-based compensation

24,308

Impairment of long-lived assets

91,337

Realignment charges

16,066

Non-recurring non-cash charges 1

3,918

Adjusted EBITDA

638,817

1 Non-recurring non-cash charges consist of asset valuation adjustments for a joint venture ag solar business.

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

REGULATION G RECONCILIATION OF LEVERAGE RATIO

(Dollars in thousands)

(Unaudited)

December 27,

2025

Interest-bearing debt, excluding origination fees and discounts of $24,892

829,477

Less: Cash and cash equivalents in excess of $50,000

137,140

Net indebtedness

692,337

Adjusted EBITDA

638,817

Leverage ratio

1.08

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

REGULATION G RECONCILIATION OF FREE CASH FLOW

(Dollars in thousands)

(Unaudited)

Fifty-two weeks ended

December 27,

December 28,

2025

2024

Net cash flows from operating activities

456,484

572,678

Net cash flows from investing activities

(142,739

)

(78,878

)

Net cash flows from financing activities

(298,862

)

(522,560

)

Net cash flows from operating activities

456,484

572,678

Purchases of property, plant, and equipment

(145,035

)

(79,451

)

Free cash flow

311,449

493,227

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

BACKLOG

(Dollars in millions)

(Unaudited)

December 27,

December 28,

2025

2024

Infrastructure

1,548.3

1,273.3

Agriculture

105.4

163.4

Total backlog

1,653.7

1,436.7

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

REGULATION G RECONCILIATION OF RETURN ON INVESTED CAPITAL

AND ADJUSTED RETURN ON INVESTED CAPITAL

(Dollars in thousands)

(Unaudited)

Fifty-two

weeks ended

December 27,

2025

Operating income

415,576

Tax rate

6.3

Tax effect on operating income

(26,261

)

After-tax operating income

389,315

Average invested capital

2,343,300

Return on invested capital

16.6

Operating income

415,576

Impairment of long-lived assets

91,337

Realignment charges

16,066

Other non-recurring charges 1

14,874

Adjusted operating income

537,853

Adjusted effective tax rate

23.2

Tax effect on adjusted operating income

(124,599

)

After-tax adjusted operating income

413,254

Average invested capital

2,343,300

Adjusted return on invested capital

17.6

Total assets

3,369,329

Less: Defined benefit pension asset

(39,666

)

Less: Accounts payable

(359,539

)

Less: Accrued expenses

(284,751

)

Less: Contract liabilities

(52,013

)

Less: Income taxes payable

(12,604

)

Less: Dividends payable

(13,278

)

Less: Deferred income taxes

(5,316

)

Less: Operating lease liabilities

(130,007

)

Less: Deferred compensation

(29,631

)

Less: Other non-current liabilities

(35,320

)

Total invested capital

2,407,204

Beginning invested capital

2,279,395

Average invested capital

2,343,300