APOG 8-K
Apogee Enterprises, Inc. (APOG)
8-K
2026-10-06
For: 2026-10-06
View Original
Added on
October 06, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 6, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||||||||
Registrant’s telephone number, including area code: (952 ) 835-1874
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (Section 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).
| Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION | ||||
On October 6, 2026 , Apogee Enterprises, Inc. issued a press release announcing its financial results for the second quarter of fiscal 2027. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information furnished in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended, and shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS | ||||
(d) Exhibits.
| Exhibit Number | Description | ||||||||||||||||
| 99.1 | |||||||||||||||||
| 104 | Cover page interactive data file (embedded within the Inline XBRL document) | ||||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| APOGEE ENTERPRISES, INC. | ||||||||
| By: | /s/ Mark R. Augdahl | |||||||
| Mark R. Augdahl Executive Vice President and Chief Financial Officer | ||||||||
Dated: October 6, 2026
Press Release
FOR RELEASE: October 6, 2026
APOGEE ENTERPRISES REPORTS FISCAL 2027 SECOND QUARTER RESULTS
•Second-quarter net sales increased 9.2% to $391.1 million
•Second-quarter diluted EPS of $1.07 and adjusted diluted EPS of $1.17
•Advanced strategic priorities through the acquisitions of Kalwall and Groglass
•Company raises fiscal 2027 adjusted diluted EPS guidance range to $3.00-$3.40 from $2.70-$3.25
MINNEAPOLIS, MN, October 6, 2026 – Apogee Enterprises, Inc. (Nasdaq: APOG), a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications, today reported its results for the second quarter of fiscal 2027, ended August 29, 2026. The Company reported the following selected financial results:
| Three Months Ended | ||||||||||||||||||||
(Unaudited, $ in thousands, except per share amounts) | August 29, 2026 | August 30, 2025 | % Change | |||||||||||||||||
| Net sales | $ | 391,135 | $ | 358,194 | 9.2% | |||||||||||||||
| Operating income | $ | 33,486 | $ | 26,888 | 24.5% | |||||||||||||||
Operating margin | 8.6 | % | 7.5 | % | ||||||||||||||||
| Net earnings | $ | 22,380 | $ | 23,649 | (5.4)% | |||||||||||||||
Diluted earnings per share | $ | 1.07 | $ | 1.10 | (2.7)% | |||||||||||||||
Non-GAAP Measures1 | ||||||||||||||||||||
Adjusted EBITDA | $ | 49,538 | $ | 44,368 | 11.7% | |||||||||||||||
| Adjusted EBITDA margin | 12.7 | % | 12.4 | % | ||||||||||||||||
| Adjusted diluted earnings per share | $ | 1.17 | $ | 0.98 | 19.4% | |||||||||||||||
| (1) | Earnings before interest, taxes, depreciation and amortization (EBITDA), EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per share (EPS) are non-GAAP financial measures. See Use of Non-GAAP Financial Measures and reconciliations to the most directly comparable GAAP measures later in this press release. | ||||
“We are pleased with the second-quarter results which exceeded our expectations, driven by strong execution across the business. The benefits of disciplined pricing, productivity initiatives, and ongoing operational improvements helped offset a mixed demand environment," said Don Nolan, Executive Chair and Chief Executive Officer.
"The momentum we established in the first half of the year, combined with our confidence in the business, supports our decision to raise full-year guidance. We also advanced our strategic priorities through the
Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
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acquisitions of Kalwall and Groglass. Early performance at Kalwall has been encouraging, and we believe the addition of Groglass will further strengthen our portfolio through differentiated capabilities and increased exposure to attractive end markets that support long-term value creation."
Second Quarter Consolidated Results (Second Quarter Fiscal 2027 compared to Second Quarter Fiscal 2026)
•Net sales increased 9.2% to $391.1 million, driven by a $16.4 million contribution from the Kalwall acquisition, price, and favorable mix, partially offset by lower volume.
•Gross margin rose 150 basis points to 24.6%, primarily due to price, productivity improvements, including the net benefit from Project Fortify 2, and the accretive impact of the Kalwall acquisition, partially offset by higher material and manufacturing costs and impacts from lower volume.
•Selling, general and administrative (SG&A) expenses as a percentage of net sales increased 40 basis points to 16.0%, primarily due to higher incentive compensation expense, partially offset by cost savings from Fortify Phase 2.
•Operating income increased to $33.5 million from $26.9 million, and operating margin increased 110 basis points to 8.6%.
•Adjusted EBITDA increased to $49.5 million, compared to $44.4 million, and adjusted EBITDA margin increased to 12.7%, compared to 12.4%.
•Other income decreased to $0.5 million from $5.1 million, primarily due to a nonrecurring New Markets Tax Credit.
•Interest expense decreased to $3.6 million, compared to $4.1 million, primarily due to lower average debt balance.
•Diluted earnings per share (EPS) were $1.07, compared to $1.10, and adjusted diluted EPS increased to $1.17, compared to $0.98.
Second Quarter Segment Results (Second Quarter Fiscal 2027 Compared to Second Quarter Fiscal 2026)
Architectural Metals
Net sales increased 1.8% to $143.5 million, driven by favorable price, partially offset by lower volume. Adjusted EBITDA was $22.1 million, or 15.4% of net sales, compared to $20.8 million, or 14.8% of net sales. The higher adjusted EBITDA margin was primarily driven by price, improved productivity and cost savings from Fortify Phase 2, and favorable mix, partially offset by the net impact from higher aluminum costs and lower volume.
Architectural Services
Net sales increased 7.9% to $108.5 million, primarily due to increased volume. Adjusted EBITDA was $6.2 million, or 5.8% of net sales, compared to $5.0 million, or 5.0% of net sales. The increase in adjusted EBITDA margin was primarily driven by project mix and higher volume. Segment backlog1 at the end of the quarter was $833.0 million compared to $792.3 million at the end of fiscal year 2026.
Architectural Glass
Net sales increased 21.1% to $87.4 million, driven by a $16.4 million contribution from the Kalwall acquisition and favorable mix, partially offset by lower volume and price. Adjusted EBITDA was $13.0 million, or 14.9% of net sales, compared to $11.6 million, or 16.1% of net sales. The decrease in adjusted EBITDA margin was
1 Backlog is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures later in this press release for more information.
Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
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primarily driven by price, higher manufacturing and freight costs, and lower volume, partially offset by the accretive contribution of the Kalwall acquisition and favorable mix.
Performance Surfaces
Net sales increased 14.2% to $55.3 million due to higher volume and price. Adjusted EBITDA was $12.4 million, or 22.5% of net sales compared to $11.2 million, or 23.2% of net sales. The decrease in adjusted EBITDA margin was primarily driven by the impact of higher material costs, partially offset by price and increased volume.
Corporate and Other
Corporate and other adjusted EBITDA was an expense of $4.2 million, compared to $4.3 million in the prior year. The improvement was primarily due to the benefits from cost savings related to Fortify Phase 2 and lower health insurance costs, partially offset by higher incentive compensation expense.
Financial Condition
Fiscal year-to-date, net cash provided by operating activities was $43.3 million, compared to $37.3 million in the prior year period.
Fiscal year-to-date, the Company returned $27.3 million of cash to shareholders, through $16.1 million of share repurchases and $11.2 million of dividends.
Quarter-end long-term debt increased to $335.5 million, bringing the Consolidated Leverage Ratio2 (as defined in the Company’s credit agreement) to 1.7x at the end of the quarter.
Fiscal 2027 Outlook
Reflecting stronger-than-expected first-half performance, the anticipated contributions from Kalwall and Groglass, and current macroeconomic conditions, the Company is raising its fiscal 2027 outlook. The Company now expects net sales in the range of $1.46 billion to $1.50 billion, compared with its previous range of $1.38 billion to $1.43 billion, and adjusted diluted EPS in the range of $3.00 to $3.40, compared with its previous range of $2.70 to $3.25. The Company’s outlook also assumes interest expense of approximately $15 million, an adjusted effective tax rate of approximately 26%, and capital expenditures between $35 million and $40 million.
Conference Call Information
The Company will host a conference call today at 8:00 a.m. Central Time to discuss this earnings release. This call will be webcast and is available in the Investor Relations section of the Company’s website, along with presentation slides, at https://www.apog.com/events-and-presentations. A replay and transcript of the webcast will be available on the Company’s website following the conference call.
About Apogee Enterprises
Apogee Enterprises, Inc. (Nasdaq: APOG) is a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications. Headquartered in Minneapolis, MN, our portfolio of industry-leading products and services includes architectural glass, windows, curtainwall, storefront and entrance systems, integrated project management and installation services, and high-performance coatings that provide protection, innovative design, and enhanced performance. For more information, visit www.apog.com.
Use of Non-GAAP Financial Measures
Management uses non-GAAP measures to evaluate the Company’s historical and prospective financial performance, measure operational profitability on a consistent basis, as a factor in determining executive compensation, and to provide enhanced transparency to the investment community. Non-GAAP measures should be viewed in addition to, and not as a substitute for, the reported financial results of the Company
2 Consolidated Leverage Ratio is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures later in this press release for more information.
Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
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prepared in accordance with GAAP. Other companies may calculate these measures differently, limiting the usefulness of the measures for comparison with other companies. This release and other financial communications may contain the following non-GAAP measures:
•Adjusted net earnings and adjusted diluted EPS are used by the Company to provide meaningful supplemental information about its operating performance by excluding amounts that the Company does not consider to be part of core operating results, to enhance comparability of results from period to period. The Company is unable to provide a quantitative reconciliation of its forward-looking adjusted diluted EPS guidance to the most directly comparable GAAP measure without unreasonable effort because it cannot reliably predict the timing and magnitude of certain items, including acquisition-related costs, integration costs, restructuring-related items, and other discrete items that could materially affect GAAP results.
•Adjusted EBITDA represents adjusted net earnings before interest, taxes, depreciation, and amortization. The Company uses adjusted EBITDA and adjusted EBITDA margin to assess segment performance and make decisions about the allocation of operating and capital resources by analyzing recent results, trends, and variances of each segment in relation to forecasts and historical performance.
•Consolidated Leverage Ratio is calculated as Consolidated Funded Indebtedness minus Unrestricted Cash at the end of the current period, divided by Consolidated EBITDA. All capitalized and undefined terms used in this bullet and not otherwise defined herein are defined in the Company’s credit agreement dated July 19, 2024, which is included as an exhibit to the Company’s most recent Annual Report on form 10-K. The Company is unable to present a quantitative reconciliation of forward-looking expected Consolidated Leverage Ratio to its most directly comparable forward-looking GAAP financial measure without unreasonable effort because management cannot reliably predict all the necessary components of that GAAP measure. In addition, the Company believes such reconciliation could imply a degree of precision that would be confusing or misleading to investors.
•Backlog is defined as the dollar amount of signed contracts or firm orders, generally as a result of a competitive bidding process, which is expected to be recognized as revenue. Backlog is an operating measure used by management to assess future potential sales revenue. It is most meaningful for the Architectural Services segment, due to the longer-term nature of their projects. Backlog is not a term defined under U.S. GAAP and is not a measure of contract profitability. Backlog should not be used as the sole indicator of future revenue because the Company has a substantial number of projects with short lead times that book-and-bill within the same reporting period that are not included in backlog.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The words “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “will,” “continue,” and similar expressions are intended to identify “forward-looking statements”. These statements reflect Apogee management’s expectations or beliefs as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified by factors that may affect the results, performance, financial condition, prospects and opportunities of the Company, including the following: (A) North American and global economic conditions, including the cyclical nature of the North American and Latin American non-residential construction industries, which may adversely affect demand for the Company’s products and services; (B) U.S. and global instability and uncertainty arising from events outside of our control; (C) actions of new and existing competitors; (D) departure of key personnel and ability to source sufficient labor; (E) product performance, reliability and quality issues; (F) project management and installation issues that could affect the profitability of individual contracts; (G) financial and operating results that could differ from market expectations; (H) self-insurance risk related to a material product liability or other events for which the Company is liable; (I) maintaining our information technology systems and potential cybersecurity threats; (J) cost of regulatory compliance, including environmental regulations; (K) supply chain disruptions, including fluctuations in the availability and cost of
Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
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materials used in our products and the impact of trade policies and regulations, including existing and potential future tariffs; (L) the ability to complete announced acquisitions on expected terms and timing; the successful integration and future operating performance of acquired businesses; and the ability to achieve anticipated benefits, including cost synergies, within expected timeframes; (M) our ability to successfully manage and implement our enterprise strategy; (N) our ability to maintain effective internal controls over financial reporting; (O) our judgments regarding accounting for tax positions and resolution of tax disputes; (P) the impacts of cost inflation and interest rates; and (Q) the impact of changes in capital and credit markets on our liquidity and cost of capital. These factors are not exhaustive. Additional factors that could cause actual results to differ materially from those described in the forward-looking statements may emerge from time to time, and it is not possible for the Company to predict all such factors or assess the impact of each factor, or any combination of factors, on the Company’s business. More information concerning these and other risks is included in the Company’s Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission.
Contact
Jeremy Steffan
Vice President, Investor Relations & Communications
952.346.3502
Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
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| Apogee Enterprises, Inc. | |||||||||||||||||||||||||||||||||||
| Consolidated Statements of Income | |||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
| (In thousands, except per share amounts) | August 29, 2026 | August 30, 2025 | % Change | August 29, 2026 | August 30, 2025 | % Change | |||||||||||||||||||||||||||||
| Net sales | $ | 391,135 | $ | 358,194 | 9.2 | % | $ | 733,820 | $ | 704,816 | 4.1 | % | |||||||||||||||||||||||
| Cost of sales | 294,970 | 275,587 | 7.0 | % | 562,624 | 547,084 | 2.8 | % | |||||||||||||||||||||||||||
| Gross profit | 96,165 | 82,607 | 16.4 | % | 171,196 | 157,732 | 8.5 | % | |||||||||||||||||||||||||||
| Selling, general and administrative expenses | 62,679 | 55,719 | 12.5 | % | 118,870 | 123,913 | (4.1) | % | |||||||||||||||||||||||||||
| Operating income | 33,486 | 26,888 | 24.5 | % | 52,326 | 33,819 | 54.7 | % | |||||||||||||||||||||||||||
| Interest expense, net | 3,554 | 4,075 | (12.8) | % | 6,388 | 7,921 | (19.4) | % | |||||||||||||||||||||||||||
| Other income, net | 485 | 5,140 | (90.6) | % | 412 | 4,458 | (90.8) | % | |||||||||||||||||||||||||||
| Earnings before income taxes | 30,417 | 27,953 | 8.8 | % | 46,350 | 30,356 | 52.7 | % | |||||||||||||||||||||||||||
| Income tax expense | 8,037 | 4,304 | 86.7 | % | 12,433 | 9,394 | 32.4 | % | |||||||||||||||||||||||||||
| Net earnings | $ | 22,380 | $ | 23,649 | (5.4) | % | $ | 33,917 | $ | 20,962 | 61.8 | % | |||||||||||||||||||||||
| Basic earnings per share | $ | 1.08 | $ | 1.10 | (1.8) | % | $ | 1.62 | $ | 0.98 | 65.3 | % | |||||||||||||||||||||||
| Diluted earnings per share | $ | 1.07 | $ | 1.10 | (2.7) | % | $ | 1.61 | $ | 0.97 | 66.0 | % | |||||||||||||||||||||||
| Weighted average basic shares outstanding | 20,722 | 21,408 | (3.2) | % | 20,884 | 21,373 | (2.3) | % | |||||||||||||||||||||||||||
| Weighted average diluted shares outstanding | 20,901 | 21,590 | (3.2) | % | 21,014 | 21,562 | (2.5) | % | |||||||||||||||||||||||||||
| Cash dividends per common share | $ | 0.27 | $ | 0.26 | 3.8 | % | $ | 0.54 | $ | 0.52 | 3.8 | % | |||||||||||||||||||||||
| % of Sales | |||||||||||||||||||||||||||||||||||
| Gross margin | 24.6 | % | 23.1 | % | 23.3 | % | 22.4 | % | |||||||||||||||||||||||||||
| Selling, general and administrative expenses | 16.0 | % | 15.6 | % | 16.2 | % | 17.6 | % | |||||||||||||||||||||||||||
| Operating margin | 8.6 | % | 7.5 | % | 7.1 | % | 4.8 | % | |||||||||||||||||||||||||||
Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
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| Apogee Enterprises, Inc. | ||||||||||||||
| Consolidated Condensed Balance Sheets | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands) | August 29, 2026 | February 28, 2026 | ||||||||||||
| Assets | ||||||||||||||
| Current assets | ||||||||||||||
| Cash and cash equivalents | $ | 36,529 | $ | 39,523 | ||||||||||
| Receivables, net | 206,327 | 198,516 | ||||||||||||
| Inventories, net | 116,760 | 98,059 | ||||||||||||
| Contract assets | 68,806 | 59,512 | ||||||||||||
| Other current assets | 43,888 | 43,823 | ||||||||||||
| Total current assets | 472,310 | 439,433 | ||||||||||||
| Property, plant and equipment, net | 277,349 | 255,032 | ||||||||||||
| Operating lease right-of-use assets | 42,534 | 48,736 | ||||||||||||
| Goodwill | 255,499 | 236,744 | ||||||||||||
| Intangible assets, net | 154,383 | 111,261 | ||||||||||||
| Other non-current assets | 42,029 | 31,139 | ||||||||||||
| Total assets | $ | 1,244,104 | $ | 1,122,345 | ||||||||||
| Liabilities and shareholders' equity | ||||||||||||||
| Current liabilities | ||||||||||||||
| Accounts payable | $ | 89,423 | $ | 105,478 | ||||||||||
| Accrued compensation and benefits | 45,506 | 39,667 | ||||||||||||
| Contract liabilities | 59,343 | 60,903 | ||||||||||||
| Operating lease liabilities | 14,618 | 14,729 | ||||||||||||
| Other current liabilities | 55,749 | 46,079 | ||||||||||||
| Total current liabilities | 264,639 | 266,856 | ||||||||||||
| Long-term debt | 335,545 | 232,279 | ||||||||||||
| Non-current operating lease liabilities | 32,351 | 39,375 | ||||||||||||
| Non-current self-insurance reserves | 26,866 | 24,914 | ||||||||||||
| Other non-current liabilities | 61,369 | 47,127 | ||||||||||||
| Total shareholders’ equity | 523,334 | 511,794 | ||||||||||||
| Total liabilities and shareholders’ equity | $ | 1,244,104 | $ | 1,122,345 | ||||||||||
Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
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| Apogee Enterprises, Inc. | ||||||||||||||
Consolidated Statement of Cash Flows | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Six Months Ended | ||||||||||||||
| August 29, 2026 | August 30, 2025 | |||||||||||||
| (In thousands) | ||||||||||||||
| Operating Activities | ||||||||||||||
| Net earnings | $ | 33,917 | $ | 20,962 | ||||||||||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | 26,569 | 24,943 | ||||||||||||
| Share-based compensation | 4,927 | 2,773 | ||||||||||||
| Deferred income taxes | 3,494 | 17,214 | ||||||||||||
| Impairment of long-lived assets | — | 7,418 | ||||||||||||
| Settlement of New Markets Tax Credit transaction | — | (4,597) | ||||||||||||
| Non-cash lease expense | 6,064 | 5,474 | ||||||||||||
| Other, net | 4,137 | 4,129 | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||
| Receivables | 4,666 | (9,204) | ||||||||||||
| Inventories | (9,931) | (9,735) | ||||||||||||
| Contract assets | (9,379) | 10,518 | ||||||||||||
| Accounts payable | (15,576) | (2,575) | ||||||||||||
| Accrued compensation and benefits | 2,971 | (9,681) | ||||||||||||
| Contract liabilities | (1,621) | 15,734 | ||||||||||||
| Operating lease liability | (6,952) | (4,608) | ||||||||||||
| Accrued income taxes | 2,426 | (11,008) | ||||||||||||
| Other current assets and liabilities | (2,453) | (20,477) | ||||||||||||
| Net cash provided by operating activities | 43,259 | 37,280 | ||||||||||||
| Investing Activities | ||||||||||||||
| Capital expenditures | (17,796) | (11,827) | ||||||||||||
| Purchases of marketable securities | (7,418) | (200) | ||||||||||||
| Acquisition of business, net of cash acquired | (99,574) | |||||||||||||
| Other, net | 2,957 | 1,144 | ||||||||||||
| Net cash used by investing activities | (121,831) | (10,883) | ||||||||||||
| Financing Activities | ||||||||||||||
| Proceeds from revolving credit facilities | 161,000 | 76,000 | ||||||||||||
| Repayment on revolving credit facilities | (54,867) | (91,000) | ||||||||||||
| Repayment of term loans | (2,867) | — | ||||||||||||
| Repurchase of common stock | (16,099) | — | ||||||||||||
| Dividends paid | (11,175) | (11,043) | ||||||||||||
| Other, net | (1,117) | (3,087) | ||||||||||||
| Net cash (used by) provided by financing activities | 74,875 | (29,130) | ||||||||||||
| Effect of exchange rates on cash | 702 | 811 | ||||||||||||
| Decrease in cash and cash equivalents | (2,994) | (1,922) | ||||||||||||
| Cash and cash equivalents at beginning of period | 39,523 | 41,448 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 36,529 | $ | 39,526 | ||||||||||
| Non-cash Activity | ||||||||||||||
| Capital expenditures in accounts payable | $ | 1,348 | $ | 2,202 | ||||||||||
Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
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| Apogee Enterprises, Inc. | ||||||||||||||||||||||||||||||||||||||
| Components of Changes in Net Sales | ||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended August 29, 2026 | ||||||||||||||||||||||||||||||||||||||
| (In thousands, except percentages) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Intersegment eliminations | Consolidated | ||||||||||||||||||||||||||||||||
| Fiscal 2026 net sales | $ | 140,935 | $ | 100,490 | $ | 72,181 | $ | 48,390 | $ | (3,802) | $ | 358,194 | ||||||||||||||||||||||||||
Organic business (1) | 2,585 | 7,974 | (1,120) | 6,867 | 273 | 16,579 | ||||||||||||||||||||||||||||||||
Acquisition (2) | — | — | 16,362 | — | — | 16,362 | ||||||||||||||||||||||||||||||||
| Fiscal 2027 net sales | $ | 143,520 | $ | 108,464 | $ | 87,423 | $ | 55,257 | $ | (3,529) | $ | 391,135 | ||||||||||||||||||||||||||
| Total net sales growth (decline) | 1.8 | % | 7.9 | % | 21.1 | % | 14.2 | % | 7.2 | % | 9.2 | % | ||||||||||||||||||||||||||
Organic business (1) | 1.8 | % | 7.9 | % | (1.6) | % | 14.2 | % | 7.2 | % | 4.6 | % | ||||||||||||||||||||||||||
Acquisition (2) | — | % | — | % | 22.7 | % | — | % | — | % | 4.6 | % | ||||||||||||||||||||||||||
Six Months Ended August 29, 2026 | ||||||||||||||||||||||||||||||||||||||
| (In thousands, except percentages) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Intersegment eliminations | Consolidated | ||||||||||||||||||||||||||||||||
| Fiscal 2026 net sales | $ | 269,559 | $ | 206,995 | $ | 145,454 | $ | 90,640 | $ | (7,832) | $ | 704,816 | ||||||||||||||||||||||||||
Organic business (1) | (3,596) | 16,705 | (6,679) | 8,941 | (2,729) | 12,642 | ||||||||||||||||||||||||||||||||
Acquisition (2) | — | — | 16,362 | — | — | 16,362 | ||||||||||||||||||||||||||||||||
| Fiscal 2027 net sales | $ | 265,963 | $ | 223,700 | $ | 155,137 | $ | 99,581 | $ | (10,561) | $ | 733,820 | ||||||||||||||||||||||||||
| Total net sales (decline) growth | (1.3) | % | 8.1 | % | 6.7 | % | 9.9 | % | (34.8) | % | 4.1 | % | ||||||||||||||||||||||||||
Organic business (1) | (1.3) | % | 8.1 | % | (4.6) | % | 9.9 | % | (34.8) | % | 1.8 | % | ||||||||||||||||||||||||||
Acquisition (2) | — | % | — | % | 11.2 | % | — | % | — | % | 2.3 | % | ||||||||||||||||||||||||||
| (1) | Organic business is defined as (declines) growth in net sales from legacy businesses and from acquired businesses, twelve months after the acquisition date. | ||||
| (2) | The acquisition of Kalwall, completed on July 1, 2026. | ||||
Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
Page 10
| Apogee Enterprises, Inc. | |||||||||||||||||||||||||||||||||||
| Business Segment Information | |||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
| (In thousands) | August 29, 2026 | August 30, 2025 | % Change | August 29, 2026 | August 30, 2025 | % Change | |||||||||||||||||||||||||||||
| Segment net sales | |||||||||||||||||||||||||||||||||||
| Architectural Metals | $ | 143,520 | $ | 140,935 | 1.8 | % | $ | 265,963 | $ | 269,559 | (1.3) | % | |||||||||||||||||||||||
| Architectural Services | 108,464 | 100,490 | 7.9 | % | 223,700 | 206,995 | 8.1 | % | |||||||||||||||||||||||||||
| Architectural Glass | 87,423 | 72,181 | 21.1 | % | 155,137 | 145,454 | 6.7 | % | |||||||||||||||||||||||||||
| Performance Surfaces | 55,257 | 48,390 | 14.2 | % | 99,581 | 90,640 | 9.9 | % | |||||||||||||||||||||||||||
| Intersegment eliminations | (3,529) | (3,802) | (7.2) | % | (10,561) | (7,832) | 34.8 | % | |||||||||||||||||||||||||||
| Net sales | $ | 391,135 | $ | 358,194 | 9.2 | % | $ | 733,820 | $ | 704,816 | 4.1 | % | |||||||||||||||||||||||
| Segment adjusted EBITDA | |||||||||||||||||||||||||||||||||||
| Architectural Metals | $ | 22,116 | $ | 20,828 | 6.2 | % | $ | 35,816 | $ | 30,195 | 18.6 | % | |||||||||||||||||||||||
| Architectural Services | 6,249 | 5,016 | 24.6 | % | 12,385 | 11,084 | 11.7 | % | |||||||||||||||||||||||||||
| Architectural Glass | 12,992 | 11,647 | 11.5 | % | 18,885 | 25,064 | (24.7) | % | |||||||||||||||||||||||||||
| Performance Surfaces | 12,410 | 11,221 | 10.6 | % | 18,987 | 19,179 | (1.0) | % | |||||||||||||||||||||||||||
| Corporate and other | (4,229) | (4,344) | (2.6) | % | (4,420) | (6,770) | (34.7) | % | |||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 49,538 | $ | 44,368 | 11.7 | % | $ | 81,653 | $ | 78,752 | 3.7 | % | |||||||||||||||||||||||
| Segment adjusted EBITDA margins | |||||||||||||||||||||||||||||||||||
| Architectural Metals | 15.4 | % | 14.8 | % | 13.5 | % | 11.2 | % | |||||||||||||||||||||||||||
| Architectural Services | 5.8 | % | 5.0 | % | 5.5 | % | 5.4 | % | |||||||||||||||||||||||||||
| Architectural Glass | 14.9 | % | 16.1 | % | 12.2 | % | 17.2 | % | |||||||||||||||||||||||||||
| Performance Surfaces | 22.5 | % | 23.2 | % | 19.1 | % | 21.2 | % | |||||||||||||||||||||||||||
| Adjusted EBITDA margin | 12.7 | % | 12.4 | % | 11.1 | % | 11.2 | % | |||||||||||||||||||||||||||
•Segment net sales is defined as net sales of the segment including revenue related to intersegment transactions.
•Intersegment net sales eliminations are presented separately to exclude these sales from our consolidated total.
Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
Page 11
| Apogee Enterprises, Inc. | ||||||||||||||||||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA and Adjusted EBITDA Margin | ||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||
| Three Months Ended August 29, 2026 | ||||||||||||||||||||||||||||||||||||||
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Corporate and Other | Consolidated | ||||||||||||||||||||||||||||||||
| Net earnings (loss) | $ | 18,221 | $ | 5,488 | $ | 7,804 | $ | 8,349 | $ | (17,482) | $ | 22,380 | ||||||||||||||||||||||||||
| Interest expense (income), net | 384 | (40) | (250) | — | 3,461 | 3,554 | ||||||||||||||||||||||||||||||||
| Income tax expense | — | — | 325 | — | 7,711 | 8,037 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 3,511 | 801 | 4,207 | 3,929 | 743 | 13,191 | ||||||||||||||||||||||||||||||||
| EBITDA | 22,116 | 6,249 | 12,086 | 12,278 | (5,567) | 47,162 | ||||||||||||||||||||||||||||||||
Acquisition-related costs (1) | — | — | 906 | 132 | 1,338 | 2,376 | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 22,116 | $ | 6,249 | $ | 12,992 | $ | 12,410 | $ | (4,229) | $ | 49,538 | ||||||||||||||||||||||||||
| EBITDA margin | 15.4 | % | 5.8 | % | 14.4 | % | 22.2 | % | N/M | 12.1 | % | |||||||||||||||||||||||||||
| Adjusted EBITDA margin | 15.4 | % | 5.8 | % | 15.5 | % | 22.5 | % | N/M | 12.6 | % | |||||||||||||||||||||||||||
| Apogee Enterprises, Inc. | ||||||||||||||||||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA and Adjusted EBITDA Margin | ||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||
| Three Months Ended August 30, 2025 | ||||||||||||||||||||||||||||||||||||||
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Corporate and Other | Consolidated | ||||||||||||||||||||||||||||||||
| Net earnings (loss) | $ | 20,874 | $ | 1,433 | $ | 8,429 | $ | 6,245 | $ | (13,332) | $ | 23,649 | ||||||||||||||||||||||||||
| Interest expense (income), net | 444 | (86) | (131) | — | 3,848 | 4,075 | ||||||||||||||||||||||||||||||||
| Income tax expense | — | — | 26 | — | 4,278 | 4,304 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 3,752 | 911 | 3,323 | 3,789 | 732 | 12,507 | ||||||||||||||||||||||||||||||||
| EBITDA | 25,070 | 2,258 | 11,647 | 10,034 | (4,474) | 44,535 | ||||||||||||||||||||||||||||||||
Acquisition-related costs (1) | — | — | — | 1,187 | 120 | 1,307 | ||||||||||||||||||||||||||||||||
Restructuring costs (2) | 355 | 2,758 | — | — | 10 | 3,123 | ||||||||||||||||||||||||||||||||
NMTC settlement gain (3) | (4,597) | — | — | — | — | (4,597) | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 20,828 | $ | 5,016 | $ | 11,647 | $ | 11,221 | $ | (4,344) | $ | 44,368 | ||||||||||||||||||||||||||
| EBITDA margin | 17.8 | % | 2.2 | % | 16.1 | % | 20.7 | % | N/M | 12.4 | % | |||||||||||||||||||||||||||
| Adjusted EBITDA margin | 14.8 | % | 5.0 | % | 16.1 | % | 23.2 | % | N/M | 12.4 | % | |||||||||||||||||||||||||||
| (1) | Acquisition-related costs for the Kalwall acquisition and pending Groglass acquisition in fiscal 2027 and the UW Solutions acquisition in fiscal 2026, respectively, which management does not consider reflective of core operating performance for the periods presented. | |||||||||||||
| (2) | Restructuring costs related to Project Fortify Phase 2. | |||||||||||||
| (3) | Settlement of a New Market Tax Credit transaction. | |||||||||||||
Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
Page 12
| Apogee Enterprises, Inc. | ||||||||||||||||||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA and Adjusted EBITDA Margin | ||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||
| Six Months Ended August 29, 2026 | ||||||||||||||||||||||||||||||||||||||
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Corporate and Other | Consolidated | ||||||||||||||||||||||||||||||||
| Net earnings (loss) | $ | 27,981 | $ | 10,860 | $ | 10,300 | $ | 10,976 | $ | (26,200) | $ | 33,917 | ||||||||||||||||||||||||||
| Interest expense (income), net | 770 | (74) | (422) | — | 6,114 | 6,388 | ||||||||||||||||||||||||||||||||
| Income tax expense | 396 | 12,037 | 12,433 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 7,065 | 1,599 | 7,705 | 7,879 | 1,521 | 25,769 | ||||||||||||||||||||||||||||||||
| EBITDA | 35,816 | 12,385 | 17,979 | 18,855 | (6,528) | 78,507 | ||||||||||||||||||||||||||||||||
Acquisition-related costs (1) | — | — | 906 | 132 | 2,108 | 3,146 | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 35,816 | $ | 12,385 | $ | 18,885 | $ | 18,987 | $ | (4,420) | $ | 81,653 | ||||||||||||||||||||||||||
| EBITDA margin | 13.5 | % | 5.5 | % | 12.4 | % | 18.9 | % | N/M | 10.7 | % | |||||||||||||||||||||||||||
| Adjusted EBITDA margin | 13.5 | % | 5.5 | % | 13.1 | % | 19.1 | % | N/M | 11.0 | % | |||||||||||||||||||||||||||
| Apogee Enterprises, Inc. | ||||||||||||||||||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA and Adjusted EBITDA Margin | ||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||
| Six Months Ended August 30, 2025 | ||||||||||||||||||||||||||||||||||||||
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Corporate and Other | Consolidated | ||||||||||||||||||||||||||||||||
| Net earnings (loss) | $ | 24,543 | $ | (4,759) | $ | 18,631 | $ | 10,377 | $ | (27,830) | $ | 20,962 | ||||||||||||||||||||||||||
| Interest expense (income), net | 901 | (138) | (276) | — | 7,434 | 7,921 | ||||||||||||||||||||||||||||||||
| Income tax (benefit) expense | (43) | (8) | 116 | — | 9,329 | 9,394 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 7,566 | 1,983 | 6,593 | 7,338 | 1,463 | 24,943 | ||||||||||||||||||||||||||||||||
| EBITDA | 32,967 | (2,922) | 25,064 | 17,715 | (9,604) | 63,220 | ||||||||||||||||||||||||||||||||
Acquisition-related costs (1) | — | — | — | 1,464 | 193 | 1,657 | ||||||||||||||||||||||||||||||||
Restructuring costs (2) | 1,825 | 14,006 | — | — | 2,641 | 18,472 | ||||||||||||||||||||||||||||||||
NMTC settlement gain (3) | (4,597) | — | — | — | — | (4,597) | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 30,195 | $ | 11,084 | $ | 25,064 | $ | 19,179 | $ | (6,770) | $ | 78,752 | ||||||||||||||||||||||||||
| EBITDA margin | 12.2 | % | (1.4 | %) | 17.2 | % | 19.5 | % | N/M | 9.0 | % | |||||||||||||||||||||||||||
| Adjusted EBITDA margin | 11.2 | % | 5.4 | % | 17.2 | % | 21.2 | % | N/M | 11.2 | % | |||||||||||||||||||||||||||
| (1) | Acquisition-related costs for the Kalwall acquisition and pending Groglass acquisition in fiscal 2027 and the UW Solutions acquisition in fiscal 2026, respectively, which management does not consider reflective of core operating performance for the periods presented. | |||||||||||||
| (2) | Restructuring costs related to Project Fortify Phase 2. | |||||||||||||
| (3) | Settlement of a New Market Tax Credit transaction. | |||||||||||||
Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
Page 13
| Apogee Enterprises, Inc. | ||
| Reconciliation of Non-GAAP Financial Measures | ||
| Adjusted net earnings and adjusted diluted earnings per share | ||
| (Unaudited) | ||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| (In thousands) | August 29, 2026 | August 30, 2025 | August 29, 2026 | August 30, 2025 | ||||||||||||||||||||||
| Net earnings | $ | 22,380 | $ | 23,649 | $ | 33,917 | $ | 20,962 | ||||||||||||||||||
Acquisition-related costs (1) | 2,376 | 1,307 | 3,146 | 1,657 | ||||||||||||||||||||||
Restructuring costs (2) | — | 3,123 | — | 18,472 | ||||||||||||||||||||||
NMTC settlement gain (3) | — | (4,597) | — | (4,597) | ||||||||||||||||||||||
Income tax impact on above adjustments (4) | (355) | (2,384) | (543) | (3,546) | ||||||||||||||||||||||
| Adjusted net earnings | $ | 24,401 | $ | 21,098 | $ | 36,520 | $ | 32,948 | ||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| August 29, 2026 | August 30, 2025 | August 29, 2026 | August 30, 2025 | |||||||||||||||||||||||
| Diluted earnings per share | $ | 1.07 | $ | 1.10 | $ | 1.61 | $ | 0.97 | ||||||||||||||||||
Acquisition-related costs (1) | 0.11 | 0.06 | 0.15 | 0.08 | ||||||||||||||||||||||
Restructuring costs (2) | — | 0.14 | — | 0.86 | ||||||||||||||||||||||
NMTC settlement gain (3) | — | (0.21) | — | (0.21) | ||||||||||||||||||||||
Income tax impact on above adjustments (4) | (0.02) | (0.11) | (0.03) | (0.16) | ||||||||||||||||||||||
| Adjusted diluted earnings per share | $ | 1.17 | $ | 0.98 | $ | 1.74 | $ | 1.53 | ||||||||||||||||||
| Weighted average diluted shares outstanding | 20,901 | 21,590 | 21,014 | 21,562 | ||||||||||||||||||||||
| (1) | Acquisition-related costs for the Kalwall acquisition and pending Groglass acquisition in fiscal 2027 and the UW Solutions acquisition in fiscal 2026, respectively, which management does not consider reflective of core operating performance for the periods presented. | ||||
| (2) | Restructuring costs related to Project Fortify Phase 2 in fiscal 2026. | ||||
| (3) | Settlement of a New Market Tax Credit transaction. | ||||
| (4) | Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred. | ||||
Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com