Apogee Enterprises, Inc 10-Q for FY2027 Q2
Apogee Enterprises, Inc. (APOG)
10-Q
2026-10-06
For: 2026-08-29
View Original
Added on
October 06, 2026
About this 10-Q
Apogee Enterprises, Inc filed this 10-Q on October 6, 2026, covering the quarter ended August 29, 2026 (FY2027 Q2).
Headline figures
Quarter ended August 29, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.
- Revenue
- $391.14M
- up 9.2% from $358.19M a year earlier
- Net income
- $22.38M
- down 5.4% from net income of $23.65M a year earlier
- Diluted EPS
- $1.07
- down 2.7% from $1.10 a year earlier
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM | ||
| QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended August 29, 2026
| TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from to
Commission File Number: 0-6365
_________________________________
(Exact name of registrant as specified in its charter)
_________________________________
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: (952 ) 835-1874
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
_________________________________
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
x | Accelerated filer | ☐ | ||||||||||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
| 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. | ☐ | |||||||||||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes x No
As of October 2, 2026, 20,895,599 shares of the registrant’s common stock, par value $0.33 1/3 per share, were outstanding.
APOGEE ENTERPRISES, INC. AND SUBSIDIARIES
| Page | ||||||||
| PART I | ||||||||
| Item 1. | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| PART II | ||||||||
| Item 1. | ||||||||
| Item 1A. | ||||||||
| Item 2. | ||||||||
| Item 5. | ||||||||
| Item 6. | ||||||||
2
PART I. FINANCIAL INFORMATION
Item 1.Financial Statements
CONSOLIDATED BALANCE SHEETS
(Unaudited) | ||||||||||||||
| (In thousands, except stock data) | August 29, 2026 | February 28, 2026 | ||||||||||||
| Assets | ||||||||||||||
| Current assets | ||||||||||||||
| Cash and cash equivalents | $ | $ | ||||||||||||
Receivables, net | ||||||||||||||
| Inventories, net | ||||||||||||||
| Contract assets | ||||||||||||||
| Other current assets | ||||||||||||||
| Total current assets | ||||||||||||||
| Property, plant and equipment, net | ||||||||||||||
| Operating lease right-of-use assets | ||||||||||||||
| Goodwill | ||||||||||||||
| Intangible assets, net | ||||||||||||||
| Other non-current assets | ||||||||||||||
| Total assets | $ | $ | ||||||||||||
| Liabilities and Shareholders’ Equity | ||||||||||||||
| Current liabilities | ||||||||||||||
| Accounts payable | $ | $ | ||||||||||||
| Accrued compensation and benefits | ||||||||||||||
| Contract liabilities | ||||||||||||||
| Operating lease liabilities | ||||||||||||||
| Other current liabilities | ||||||||||||||
| Total current liabilities | ||||||||||||||
| Long-term debt | ||||||||||||||
| Non-current operating lease liabilities | ||||||||||||||
| Non-current self-insurance reserves | ||||||||||||||
| Other non-current liabilities | ||||||||||||||
| Commitments and contingent liabilities (Note 6) | ||||||||||||||
| Shareholders’ equity | ||||||||||||||
Common stock of $ | ||||||||||||||
| Additional paid-in capital | ||||||||||||||
| Retained earnings | ||||||||||||||
| Accumulated other comprehensive loss | ( | ( | ||||||||||||
| Total shareholders’ equity | ||||||||||||||
| Total liabilities and shareholders’ equity | $ | $ | ||||||||||||
See accompanying notes to consolidated financial statements.
3
CONSOLIDATED RESULTS OF OPERATIONS
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| (In thousands, except per share data) | August 29, 2026 | August 30, 2025 | August 29, 2026 | August 30, 2025 | ||||||||||||||||||||||
| Net sales | $ | $ | $ | $ | ||||||||||||||||||||||
| Cost of sales | ||||||||||||||||||||||||||
| Gross profit | ||||||||||||||||||||||||||
| Selling, general and administrative expenses | ||||||||||||||||||||||||||
| Operating income | ||||||||||||||||||||||||||
| Interest expense, net | ||||||||||||||||||||||||||
| Other income, net | ||||||||||||||||||||||||||
| Earnings before income taxes | ||||||||||||||||||||||||||
| Income tax expense | ||||||||||||||||||||||||||
| Net earnings | $ | $ | $ | $ | ||||||||||||||||||||||
| Basic earnings per share | $ | $ | $ | $ | ||||||||||||||||||||||
| Diluted earnings per share | $ | $ | $ | $ | ||||||||||||||||||||||
| Weighted average basic shares outstanding | ||||||||||||||||||||||||||
| Weighted average diluted shares outstanding | ||||||||||||||||||||||||||
See accompanying notes to consolidated financial statements.
4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| (In thousands) | August 29, 2026 | August 30, 2025 | August 29, 2026 | August 30, 2025 | ||||||||||||||||||||||
| Net earnings | $ | $ | $ | $ | ||||||||||||||||||||||
| Other comprehensive earnings: | ||||||||||||||||||||||||||
Unrealized (loss) gain on marketable securities, net of $( | ( | ( | ( | |||||||||||||||||||||||
Unrealized (loss) gain on derivative instruments, net of $( | ( | ( | ( | |||||||||||||||||||||||
| Foreign currency translation adjustments | ( | |||||||||||||||||||||||||
| Other comprehensive (loss) earnings | ( | |||||||||||||||||||||||||
| Total comprehensive earnings | $ | $ | $ | $ | ||||||||||||||||||||||
See accompanying notes to consolidated financial statements.
5
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Six Months Ended | ||||||||||||||
| (In thousands) | August 29, 2026 | August 30, 2025 | ||||||||||||
| Operating Activities | ||||||||||||||
| Net earnings | $ | $ | ||||||||||||
| Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||||||||||||||
| Depreciation and amortization | ||||||||||||||
| Share-based compensation | ||||||||||||||
| Deferred income taxes | ||||||||||||||
| Impairment of long-lived assets | ||||||||||||||
| Settlement of New Markets Tax Credit transaction | ( | |||||||||||||
| Non-cash lease expense | ||||||||||||||
| Other, net | ||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||
| Receivables | ( | |||||||||||||
| Inventories | ( | ( | ||||||||||||
| Contract assets | ( | |||||||||||||
| Accounts payable | ( | ( | ||||||||||||
| Accrued compensation and benefits | ( | |||||||||||||
| Contract liabilities | ( | |||||||||||||
| Operating lease liability | ( | ( | ||||||||||||
| Accrued income taxes | ( | |||||||||||||
| Other current assets and liabilities | ( | ( | ||||||||||||
| Net cash provided by operating activities | ||||||||||||||
| Investing Activities | ||||||||||||||
| Capital expenditures | ( | ( | ||||||||||||
| Purchases of marketable securities | ( | ( | ||||||||||||
| Acquisition of business, net of cash acquired | ( | |||||||||||||
| Other, net | ||||||||||||||
| Net cash used in investing activities | ( | ( | ||||||||||||
| Financing Activities | ||||||||||||||
| Proceeds from revolving credit facilities | ||||||||||||||
| Repayment on revolving credit facilities | ( | ( | ||||||||||||
| Repayment of term loans | ( | |||||||||||||
| Repurchase of common stock | ( | |||||||||||||
| Dividends paid | ( | ( | ||||||||||||
| Other, net | ( | ( | ||||||||||||
| Net cash provided by (used in) financing activities | ( | |||||||||||||
| Effect of exchange rates on cash | ||||||||||||||
| Decrease in cash and cash equivalents | ( | ( | ||||||||||||
| Cash and cash equivalents at beginning of period | ||||||||||||||
| Cash and cash equivalents at end of period | $ | $ | ||||||||||||
| Non-cash Activity | ||||||||||||||
| Capital expenditures in accounts payable | $ | $ | ||||||||||||
See accompanying notes to consolidated financial statements.
6
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
| (In thousands) | Common Shares Outstanding | Common Stock at Par Value | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||
| Balance at February 28, 2026 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
| Net earnings | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Issuance of stock, net of cancellations | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Share repurchases | ( | ( | ( | ( | — | ( | ||||||||||||||||||||||||||||||||
| Other share retirements | ( | ( | ( | ( | — | ( | ||||||||||||||||||||||||||||||||
Cash dividends, $ | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
| Balance at May 30, 2026 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
| Net earnings | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Other comprehensive loss, net of tax | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
| Issuance of stock, net of cancellations | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Share repurchases | ( | ( | ( | ( | — | ( | ||||||||||||||||||||||||||||||||
| Other share retirements | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||||||
Cash dividends, $ | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
| Balance at August 29, 2026 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
| (In thousands) | Common Shares Outstanding | Common Stock at Par Value | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||
| Balance at March 1, 2025 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
| Net loss | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Issuance of stock, net of cancellations | ( | — | — | — | ||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Other share retirements | ( | ( | ( | ( | — | ( | ||||||||||||||||||||||||||||||||
Cash dividends, $ | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
| Balance at May 31, 2025 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
| Net loss | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Cancellations of stock, net of issuance | ( | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | |||||||||||||||||||||||||||||||||||
| Other share retirements | ( | ( | ( | ( | — | ( | ||||||||||||||||||||||||||||||||
Cash dividends, $ | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
| Balance at August 30, 2025 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
See accompanying notes to consolidated financial statements.
7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.Summary of Significant Accounting Policies
Basis of presentation
The consolidated financial statements of Apogee Enterprises, Inc. (Apogee, we, us, our or the Company) have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The information included in this Form 10-Q should be read in conjunction with the Company’s Form 10-K for the year ended February 28, 2026. We use the same accounting policies in preparing quarterly and annual financial statements. All adjustments necessary for a fair presentation of quarterly and year to date operating results are reflected herein. The results of operations for the three and six month period ended August 29, 2026, are not necessarily indicative of the results to be expected for the full year.
Accounting standards not yet adopted
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This guidance requires entities to disclose more detailed information about the types of expenses, including purchases of inventory, employee compensation, depreciation, amortization, and depletion in commonly presented expense captions such as cost of sales and selling, general and administrative (SG&A) expenses. Such guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, although early adoption is permitted. This guidance should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. While the adoption of this ASU will not have an impact on our financial position and/or results of operations, we are currently evaluating the impact this ASU may have on our consolidated financial statement disclosures, including the processes and controls around the collection of this information.
2.Revenue, Receivables and Contract Assets and Liabilities
Revenue
The following table disaggregates total revenue by timing of recognition (see Note 12 for disclosure of revenue by segment):
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| (In thousands) | August 29, 2026 | August 30, 2025 | August 29, 2026 | August 30, 2025 | ||||||||||||||||||||||
| Recognized at shipment | $ | $ | $ | $ | ||||||||||||||||||||||
| Recognized over time (input method) | ||||||||||||||||||||||||||
| Recognized over time (output method) | ||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||||||||||||
Receivables
Receivables reflected in the financial statements represent the net amount expected to be collected. An allowance for credit losses is established based on expected losses. Expected losses are estimated by reviewing individual accounts, considering aging, financial condition of the debtor, recent payment history, current and forecasted economic conditions and other relevant factors. Upon billing, aging of receivables is monitored until collection. An account is considered current when it is within agreed upon payment terms. An account is written off when it is determined that the amount is no longer collectible.
| (In thousands) | August 29, 2026 | February 28, 2026 | ||||||||||||
| Trade accounts | $ | $ | ||||||||||||
| Construction contracts | ||||||||||||||
| Total receivables | ||||||||||||||
| Less: allowance for credit losses | ||||||||||||||
| Receivables, net | $ | $ | ||||||||||||
8
The following table summarizes the activity in the allowance for credit losses for the six months ended August 29, 2026:
| (In thousands) | August 29, 2026 | |||||||||||||
| Beginning balance | $ | |||||||||||||
| Credits against costs and expenses | ||||||||||||||
| Deductions from allowance, net of recoveries | ( | |||||||||||||
| Allowance for credit losses from acquisitions | ||||||||||||||
| Ending balance | $ | |||||||||||||
Contract assets and liabilities
Contract assets consist of retainage, costs and earnings in excess of billings and other unbilled amounts typically generated when revenue recognized exceeds the amount billed to the customer. Retainage on construction contracts represents amounts withheld by our customers on long-term projects until the project reaches a level of completion where amounts are released to us from the customer. Contract liabilities consist of billings in excess of costs and earnings and other deferred revenue on contracts.
The time period between when performance obligations are complete and payment is due is not significant. In certain parts of our business that recognize revenue over time, progress billings follow an agreed-upon schedule of values.
| (In thousands) | August 29, 2026 | February 28, 2026 | ||||||||||||
| Contract assets | $ | $ | ||||||||||||
| Contract liabilities | ||||||||||||||
Other contract-related disclosures
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| (In thousands) | August 29, 2026 | August 30, 2025 | August 29, 2026 | August 30, 2025 | ||||||||||||||||
| Revenue recognized related to contract liabilities from prior year-end | $ | $ | $ | $ | ||||||||||||||||
| Revenue recognized related to prior satisfaction of performance obligations | ||||||||||||||||||||
Some of our contracts have an expected duration of longer than a year, with performance obligations extending over that time frame. The transaction price associated with performance obligations that were not yet satisfied as of August 29, 2026, will be recognized as revenue in the following estimated time periods:
| (In thousands) | August 29, 2026 | ||||||||||
Within one year | $ | ||||||||||
Between one and two years | |||||||||||
| Beyond two years | |||||||||||
| Total | $ | ||||||||||
Due to the nature of the work required under these long-term contracts, the estimation of total revenue and costs of sales is subject to many variables and requires significant judgment. We estimate variable consideration at the most likely amount to which we expect to be entitled. Our final cost of sales estimates are based largely on our assessments of anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. Changes in estimated revenue, cost of sales and the related effect on operating income are recognized using a cumulative catch-up adjustment, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a long-term contracts percentage of completion. When the current estimates of total revenues and costs at completion for a long-term contract indicate a loss, a provision for the entire loss on the long-term contract is recognized.
9
The net cumulative catch-up adjustments on our longer-term contracts for changes in estimates had the following effect on the respective periods shown:
| (in thousands, except earnings per share data) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||
| August 29, 2026 | August 30, 2025 | August 29, 2026 | August 30, 2025 | |||||||||||||||||||||||||||||||||||
| Operating income | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Earnings per share: | ||||||||||||||||||||||||||||||||||||||
| Basic | ||||||||||||||||||||||||||||||||||||||
| Diluted | ||||||||||||||||||||||||||||||||||||||
3.Supplemental Balance Sheet Information
Inventories
| Inventories | August 29, 2026 | February 28, 2026 | ||||||||||||
| Raw materials | $ | $ | ||||||||||||
| Work-in-process | ||||||||||||||
| Finished goods | ||||||||||||||
| Total inventories, net | $ | $ | ||||||||||||
4.Financial Assets and Liabilities
Marketable securities
Through our wholly-owned insurance subsidiary, Prism Assurance, Ltd. (Prism), we hold the following available-for-sale marketable securities, made up of fixed-maturity investments:
| (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||
| August 29, 2026 | $ | $ | $ | $ | ||||||||||||||||||||||
| February 28, 2026 | ||||||||||||||||||||||||||
Prism insures a portion of our general liability, workers’ compensation and automobile liability risks using third-party agreements to meet statutory requirements. The reinsurance carrier requires Prism to maintain fixed-maturity investments, for the purpose of providing collateral for Prism's obligations under the reinsurance agreements.
The amortized cost and estimated fair values of these investments at August 29, 2026, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities, as borrowers may have the right to call or prepay obligations with or without penalty. Investments that are due within one year are included in other current assets while those due after one year are included as other non-current assets. Gross realized gains and losses were insignificant for all periods presented.
| (In thousands) | Amortized Cost | Estimated Fair Value | ||||||||||||
| Due within one year | $ | $ | ||||||||||||
| Due after one year through five years | ||||||||||||||
| Due after five years through 10 years | ||||||||||||||
| Total | $ | $ | ||||||||||||
Derivative instruments
We may use interest rate swaps, currency put options, forward purchase contracts, or other instruments to manage risks generally associated with foreign exchange rate, interest rate and commodity price fluctuations. The information that follows explains the various types of derivatives and financial instruments used, how such instruments are accounted for, and how such instruments impact our financial position and performance.
We have entered into interest rate swaps with a total notional value of $175.0 million, with expiration dates throughout fiscal 2030, to hedge a portion of our exposure to variability in cash flows from interest payments on our floating-rate revolving credit facility.
10
We have also entered into multiple aluminum commodity swap contracts with an aggregate notional value of $27.2 million to hedge a portion of our exposure to variability in cash flows associated with forecasted aluminum purchases. These swap contracts mature over the next twelve months, with final settlements occurring by May 2027.
The mark-to-market adjustments on these derivative instruments are recorded within our Consolidated Balance Sheets within other current assets or other current liabilities. Gains or losses associated with these instruments are recorded as a component within the Consolidated Statements of Comprehensive Earnings until which time the hedged transaction is settled and gains or losses are recorded in net earnings.
Fair value measurements
Financial assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement: Level 1 (unadjusted quoted prices in active markets for identical assets or liabilities); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data). We do not have any Level 3 financial assets or liabilities.
Financial assets and liabilities measured at fair value on a recurring basis were:
| (In thousands) | Quoted Prices in Active Markets (Level 1) | Other Observable Inputs (Level 2) | Total Fair Value | |||||||||||||||||
| August 29, 2026 | ||||||||||||||||||||
| Assets: | ||||||||||||||||||||
| Money market funds | $ | $ | $ | |||||||||||||||||
| Municipal bonds | ||||||||||||||||||||
| Aluminum hedging contract | ||||||||||||||||||||
| Interest rate swap contracts | ||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Interest rate swap contracts | ||||||||||||||||||||
| February 28, 2026 | ||||||||||||||||||||
| Assets: | ||||||||||||||||||||
| Money market funds | $ | $ | $ | |||||||||||||||||
| Municipal bonds | ||||||||||||||||||||
| Aluminum hedging contract | ||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Interest rate swap contracts | ||||||||||||||||||||
Money market funds
Fair value of money market funds was determined based on quoted prices for identical assets in active markets. These assets are included within cash and cash equivalents on our Consolidated Balance Sheets.
Municipal bonds
Municipal bonds were measured at fair value based on market prices from recent trades of similar securities and are classified within our Consolidated Balance Sheets as other current or other non-current assets based on maturity date.
Derivative instruments
Interest rate swaps are measured at fair value using other observable market inputs, based off benchmark interest rates. Forward purchase aluminum contracts are measured at fair value using other observable market inputs. Derivative positions are primarily valued using standard calculations and models that use as their basis readily observable market parameters. Industry standard data providers are our primary source for forward and spot rate information for interest and currency rates and aluminum prices.
Nonrecurring fair value measurements
11
5.Debt
We are party to a Credit Agreement (the Credit Agreement) with Bank of America, N.A., as administrative agent, and other lenders. The Credit Agreement provides for an unsecured senior credit facility in an aggregate principal amount of up to $700.0 million, in which commitments were made through a $450.0 million, five-year floating rate revolving credit facility and a committed $250.0 million delayed draw term loan facility. Borrowings under the revolving credit facility can be in Canadian dollars (CAD) limited to $25.0 million USD. The senior credit facility has a term of five years with a maturity date of July 19, 2029.
The Credit Agreement contains two maintenance financial covenants that require our Consolidated Leverage Ratio (as defined in the Credit Agreement) to be less than 3.50 and our Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) to exceed 3.00 . At August 29, 2026, we were in compliance with all covenants as defined under the terms of the Credit Agreement.
Borrowings under the Credit Agreement bear floating interest at either the Base Rate or Term Secured Overnight Financing Rate (SOFR), or, for CAD borrowings, Canadian Overnight Repo Rate Average (CORRA), plus a margin based on the Consolidated Leverage Ratio (as defined in the Credit Agreement). For Base Rate borrowings, the margin ranges from 0.25 % to 0.75 %. For Term SOFR and CORRA borrowings, the margin ranges from 1.25 % to 1.75 %, with an incremental Term SOFR and CORRA adjustment of 0.10 % and 0.29547 %, respectively.
Outstanding borrowings under the term loan facility and current floating rate revolving facility were $206.5 million and $129.0 million, respectively, as of August 29, 2026. At August 29, 2026, we had a total of $2.6 million of ongoing letters of credit related to the senior credit facility, construction contracts and insurance collateral that expire in fiscal 2027 and reduce borrowing capacity under the floating rate revolving credit facility to an amount of $318.4 million.
Interest payments under the credit facilities were $6.7 million and $9.0 million for the six months ended August 29, 2026 and August 30, 2025, respectively. The weighted average interest rates on borrowings outstanding, inclusive of the impact of our interest rate swaps as of August 29, 2026, and February 28, 2026, were 4.45 % and 4.44 %, respectively.
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| (In thousands) | August 29, 2026 | August 30, 2025 | August 29, 2026 | August 30, 2025 | ||||||||||||||||
| Interest on debt | $ | $ | $ | $ | ||||||||||||||||
| Interest rate swap expense (income) | ( | ( | ||||||||||||||||||
| Other interest expense | ||||||||||||||||||||
| Interest income | ( | ( | ( | ( | ||||||||||||||||
Interest expense, net | $ | $ | $ | $ | ||||||||||||||||
The fair value of our senior credit facility approximated carrying value at August 29, 2026, and would be classified as Level 2 within the fair value hierarchy described in Note 4, due to the variable interest rates on these instruments.
6.Commitments and Contingent Liabilities
Bond commitments
In the ordinary course of business, predominantly in our Architectural Services Segment, we are required to provide surety or performance bonds that commit payments to our customers for non-performance against our contracts. At August 29, 2026, $1.2 billion of these types of bonds were outstanding, of which $264.3 million is in our backlog. These bonds have expiration dates that align with the completion of these contracts. We have never been required to make payments under surety or performance bonds with respect to our existing businesses.
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Warranty and project-related contingencies
We reserve estimated exposures on known claims, as well as on a portion of anticipated claims, for product warranty and rework cost, based on historical product liability claims as a ratio of sales. Claim costs are deducted from the accrual when paid. Factors that could have an impact on these accruals in any given period include changes in manufacturing quality, changes in product mix, and any significant changes in sales volume.
| Six Months Ended | ||||||||||||||
| (In thousands) | August 29, 2026 | |||||||||||||
| Beginning balance | $ | |||||||||||||
| Additional provision | ||||||||||||||
| Acquired reserves from acquisitions | ||||||||||||||
| Claims paid | ( | |||||||||||||
| Ending balance | $ | |||||||||||||
Additionally, we are subject to project management and installation-related contingencies as a result of our fixed-price material supply and installation service contracts, primarily in our Architectural Services Segment and in certain parts of our Architectural Metals Segment. We manage the risk of these exposures through contract negotiations, proactive project management and insurance coverages.
Letters of credit
At August 29, 2026, we had $2.6 million of ongoing letters of credit as discussed in Note 5.
Purchase obligations
Purchase obligations for raw material commitments and capital expenditures totaled $33.5 million as of August 29, 2026.
Litigation
The Company is a party to various legal proceedings incidental to its normal operating activities. In particular, like others in the construction supply and services industry, the Company is routinely involved in various disputes and claims arising out of construction projects, sometimes involving significant monetary damages or product replacement. We have in the past and are currently subject to product liability and warranty claims, including certain legal claims related to a commercial sealant product formerly incorporated into our products.
The Company is also subject to litigation arising out of areas such as employment practices, workers compensation and general liability matters. Although it is very difficult to accurately predict the outcome of any such proceedings, facts currently available indicate that no matters will result in losses that would have a material adverse effect on the results of operations, cash flows or financial condition of the Company.
7.Supplier Finance Program Obligations
We have a supplier financing arrangement that enables select suppliers, at their sole discretion, to sell our receivables (i.e., our payment obligations to the suppliers) on a non-recourse basis in order to be paid earlier than our payment terms provide. These suppliers’ voluntary inclusion of invoices in the supplier financing arrangement has no bearing on our payment terms, the amounts we pay, or our liquidity. We have no economic interest in the supplier’s decision to participate in the supplier financing program, and we do not provide any guarantees in connection with it. The balances owed are reflected in accounts payable in the Consolidated Balance Sheets and are reflected in operating activities in our Consolidated Statements of Cash Flows when settled.
The following table summarizes the obligation activity and outstanding balance for the six months ended August 29, 2026, that we have confirmed as valid to the administrators of our program:
| (In thousands) | August 29, 2026 | |||||||||||||
| Balance at beginning of period | $ | |||||||||||||
| Obligations added to the program | ||||||||||||||
| Obligations settled | ( | |||||||||||||
| Balance at end of period | $ | |||||||||||||
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8.Shareholders' Equity
We paid dividends totaling $11.2 million ($0.54 per share) in the first six months of fiscal 2027, compared to dividends paid of $11.0 million ($0.52 per share) in the comparable prior year period.
During fiscal 2004, the Board of Directors authorized a share repurchase program allowing us to repurchase shares of our outstanding common stock, with subsequent increases in authorization. During the six months ended August 29, 2026, we repurchased 428,220 shares under the program, for a total of $16.1 million. No shares were repurchased during the six months ended August 30, 2025. We have repurchased a total of 12,880,009 shares, at a total cost of $469.3 million, since the inception of this program in fiscal 2004. We have remaining authority to repurchase 1,369,991 shares under this program, which has no expiration date. We may elect to repurchase additional shares of common stock under our authorization, subject to limitations contained in our debt agreements and based upon our assessment of a number of factors, including share price, trading volume and general market conditions, working capital requirements, general business conditions, financial conditions, any applicable contractual limitations, and other factors, including alternative investment opportunities. We may finance share repurchases with available cash, additional debt or other sources of financing.
Additionally, shares withheld from the vesting of restricted awards, or the settlement of performance-based awards, are treated as purchases and retirements, and are included within Other, net in the financing activities section in the Consolidated Statement of Cash Flows.
The Company maintains a Junior Preferred Stock plan, under which 200,000 shares of $1.00 par value junior preferred stock are authorized, with zero
9.Share-Based Compensation
As part of our compensation structure, we grant stock-based compensation awards to certain employees and non-employee directors during the fiscal year. We have a 2019 Stock Incentive Plan and a 2019 Non-Employee Director Stock Plan (the Plans) that provide for the issuance of 2,950,000 and 300,000 shares, respectively, for various forms of stock-based compensation to employees and non-employee directors. Awards under these Plans may be in the form of incentive stock options (to employees only), non-statutory options, stock-settled stock appreciation rights (SARs), restricted stock awards, or performance share unit awards, all of which are granted at a price or with an exercise price equal to the fair market value of the Company’s stock at the date of award.
We recorded share-based compensation expense, in which we account for any forfeitures as they occur, as follows:
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| (In thousands) | August 29, 2026 | August 30, 2025 | August 29, 2026 | August 30, 2025 | ||||||||||||||||||||||
| Restricted stock awards and restricted stock units | $ | $ | $ | $ | ||||||||||||||||||||||
| Performance share units | ( | ( | ||||||||||||||||||||||||
Share-based compensation expense | $ | $ | $ | $ | ||||||||||||||||||||||
At August 29, 2026, there was $13.0 million of total unrecognized compensation cost related to nonvested share and nonvested share unit awards, which is expected to be recognized over a weighted average period of approximately 1.7 years. The total fair value of shares vested during the six months ended August 29, 2026, was $3.3 million.
The table below sets forth the number of stock-based compensation awards granted during the six months ended August 29, 2026, along with the weighted average grant date fair value:
| Awards | Number of Awards | Weighted Average Grant Date Fair Value | ||||||||||||
Restricted stock awards and restricted stock units(1) | $ | |||||||||||||
Performance share units (2) | $ | |||||||||||||
| (1) | Represent service condition awards which generally vest over a - or -year period. | ||||
| (2) | Represent performance condition awards with the grant equal to the target number of performance shares based on the share price at grant date. These grants allow for the right to receive a variable number of shares, between | ||||
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10.Income Taxes
The Company files income tax returns in the U.S. (federal and certain states), Canada, Brazil and other international jurisdictions and is generally subject to limited audit activity. The Internal Revenue Service is in the process of conducting a U.S. federal examination for fiscal year 2023.
11.Earnings per Share
Basic earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding, including the dilutive effects of stock options, SARs and nonvested shares.
The following table presents a reconciliation of the share amounts used in the computation of basic and diluted earnings per share:
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| (In thousands) | August 29, 2026 | August 30, 2025 | August 29, 2026 | August 30, 2025 | ||||||||||||||||||||||
| Basic earnings per share – weighted common shares outstanding | ||||||||||||||||||||||||||
| Weighted average effect of nonvested share grants and assumed exercise of stock options | ||||||||||||||||||||||||||
| Diluted earnings per share – weighted common shares and potential common shares outstanding | ||||||||||||||||||||||||||
| Stock awards excluded from the calculation of earnings per share because the exercise price was greater than the average market price of the common shares | ||||||||||||||||||||||||||
12.Business Segment Data
We have four four
•The Architectural Metals Segment designs, engineers, fabricates and finishes aluminum window, curtainwall, storefront and entrance systems used primarily in non-residential construction.
•The Architectural Services Segment integrates technical services, project management, and field installation services to design, engineer, fabricate, and install architectural curtainwall and other façade-related systems primarily in non-residential construction.
•The Architectural Glass Segment cuts, treats, coats and fabricates high-performance glass used in custom window and wall systems primarily for non-residential buildings.
•The Performance Surfaces Segment develops and manufactures high-performance coated materials for a variety of applications, including wall decor, museums, graphic design, digital displays, architectural interiors, and industrial flooring.
The Company’s CEO is the chief operating decision maker (CODM). The CODM utilizes segment net sales and adjusted EBITDA 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.
Net sales, adjusted cost of sales, adjusted SG&A, adjusted other expense, net, depreciation and amortization and the resulting adjusted EBITDA for each of the Company’s four
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| Three Months Ended August 29, 2026 | ||||||||||||||||||||||||||||||||||||||
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | ||||||||||||||||||||||||||||||||||
| Net sales to external customers | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Intersegment net sales | ||||||||||||||||||||||||||||||||||||||
| Total segment net sales | ||||||||||||||||||||||||||||||||||||||
Adjusted cost of sales (1) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Adjusted SG&A (2) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Three Months Ended August 30, 2025 | ||||||||||||||||||||||||||||||||||||||
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | ||||||||||||||||||||||||||||||||||
| Net sales to external customers | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Intersegment net sales | ||||||||||||||||||||||||||||||||||||||
| Total segment net sales | ||||||||||||||||||||||||||||||||||||||
Adjusted cost of sales (1) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Adjusted SG&A (2) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Six Months Ended August 29, 2026 | ||||||||||||||||||||||||||||||||||||||
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | ||||||||||||||||||||||||||||||||||
| Net sales to external customers | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Intersegment net sales | ||||||||||||||||||||||||||||||||||||||
| Total segment net sales | ||||||||||||||||||||||||||||||||||||||
Adjusted cost of sales (1) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Adjusted SG&A (2) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Six Months Ended August 30, 2025 | ||||||||||||||||||||||||||||||||||||||
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | ||||||||||||||||||||||||||||||||||
| Net sales to external customers | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Intersegment net sales | ||||||||||||||||||||||||||||||||||||||
| Total segment net sales | ||||||||||||||||||||||||||||||||||||||
Adjusted cost of sales (1) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Adjusted SG&A (2) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
(1) | There were | ||||
| (2) | Adjusted SG&A expense excludes $ | ||||
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The following table presents the reconciliation of adjusted EBITDA to net earnings, the nearest measurement under U.S. GAAP:
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
| (In thousands) | August 29, 2026 | August 30, 2025 | August 29, 2026 | August 30, 2025 | ||||||||||||||||||||||||||||
| Segment adjusted EBITDA | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Corporate and Other expenses (1) | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Segment acquisition-related costs (2) | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Segment restructuring costs (3) | ( | ( | ||||||||||||||||||||||||||||||
| Depreciation and amortization | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Other income (4) | ||||||||||||||||||||||||||||||||
| Interest expense, net | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Income tax expense | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Net earnings | $ | $ | $ | $ | ||||||||||||||||||||||||||||
(1) | Includes $1.3 million and $2.1 million in acquisition related costs incurred at Corporate for the Keller Companies, Inc. (Kalwall) in the three and six months ended August 29, 2026. Includes $ | ||||
| (2) | Acquisition-related costs incurred to integrate Kalwall during the three and six months ended August 29, 2026, and UW Solutions during the three and six months ended August 30, 2025. | ||||
| (3) | Restructuring charges related to Project Fortify. | ||||
| (4) | New Markets Tax Credit (NMTC) gain recognized in the three and six months ended August 30, 2025. | ||||
13.Acquisition
On July 1, 2026, we completed the acquisition of Kalwall for $104.7 million in cash and an estimated $7.5 million of contingent consideration in the form of an earn-out. Kalwall is a U.S.-based, vertically integrated manufacturer of high-performance translucent day lighting solutions. The Kalwall business activity is included in our Glass Segment.
The total purchase consideration was $112.2 million of cash and contingent consideration, net of a preliminary net working capital adjustment of $0.8 million and cash acquired of $5.1 million. The acquisition was funded with borrowings under our existing credit facility. During the three-month and six-month period ended August 29, 2026, we incurred acquisition costs of $1.6 million and $2.4 million, respectively, which are included in selling, general and administrative expenses in our Consolidated Results of Operations.
The purchase of Kawall includes contingent consideration of up to $10 million, which may be earned this fiscal year upon achieving certain financial targets. As of August 29, 2026, fair value of this contingent consideration is estimated to be $7.5 million, which is included in other current liabilities in our Consolidated Balance Sheet.
We accounted for the acquisition as a purchase of a business and recorded the excess of the purchase price over the estimated fair value of the assets acquired and liabilities assumed as goodwill of $18.9 million. The goodwill recognized is attributable primarily to expected synergies and by providing a more comprehensive glass and substrate offering for the building envelope market by integrating Kalwall into our Glass Segment. The transaction was structured as a stock acquisition; therefore, the associated goodwill is not deductible for tax purposes. We have provisionally determined the fair values of the acquired intangible assets and the economic lives of the assets acquired. We assigned $34.3 million to customer relationships to be amortized over a 15-year expected life, based on Kalwall's historical customer attrition rates. We assigned $13.1 million to trade names to be amortized over a 15-year expected life. We assigned $2.4 million to contract backlog to be amortized over a 6-month expected life.
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The following table presents the preliminary estimated fair values of assets acquired and liabilities assumed at the acquisition date:
| (In thousands) | ||||||||
| Assets: | ||||||||
| Cash and cash equivalents | $ | |||||||
| Receivables, net | ||||||||
| Inventories, net | ||||||||
| Other current assets | ||||||||
| Property, plant, and equipment | ||||||||
| Intangible assets | ||||||||
| Goodwill | ||||||||
| Total Assets | ||||||||
Liabilities: | ||||||||
| Accounts payable | ||||||||
| Accrued compensation and benefits | ||||||||
| Other current liabilities | ||||||||
| Other non-current liabilities | ||||||||
| Total Liabilities | ||||||||
| Net assets recorded | $ | |||||||
The impact of the acquisition of Kalwall on our consolidated results of operations for the three-month and six-month period ended on August 29, 2026 was $16.4 0.9
14.Restructuring
Project Fortify, announced in the fourth quarter of fiscal 2024, was a restructuring program designed to streamline operations, improve cost efficiency, and enhance the Company’s operating model, primarily within the Architectural Metals Segment. The program was completed in the fourth quarter of fiscal 2025. A second phase of Project Fortify (Phase 2) was announced during the first quarter of fiscal 2026, and focused on driving additional cost efficiencies and further optimizing the Company’s operating footprint and resource alignment.
During the second quarter of fiscal 2026, we incurred $3.1 million of pre-tax costs associated with Phase 2, of which $3.0 million was included in cost of sales and $0.1 million was included within SG&A. During the first six months of fiscal 2026, we incurred $18.5 million of pre-tax costs associated with Phase 2, of which, $9.9 million was included in cost of sales and $8.6 million was included within SG&A. During the first six months of fiscal 2026, SG&A charges include a $5.0 million non-cash intangible asset impairment charge in the Architectural Services Segment and a $2.6 million non-cash asset write-off and other charges in Corporate and Other. The actions associated with Phase 2 were substantially completed in the fourth quarter of fiscal 2026, and therefore no further activity occurred during the first six months of fiscal 2027.
The table below reflects the pretax impact of Project Fortify Phase 2 for the quarter ended August 30, 2025.
| (In thousands) | Architectural Metals | Architectural Services | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||
| August 30, 2025 | ||||||||||||||||||||||||||||||||||||||
| Termination benefits | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Contract termination costs | ||||||||||||||||||||||||||||||||||||||
| Other restructuring charges | ||||||||||||||||||||||||||||||||||||||
| Total restructuring charges | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
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The table below reflects the pretax impact of Project Fortify Phase 2 for the six months ended August 30, 2025.
| (In thousands) | Architectural Metals | Architectural Services | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||
| August 30, 2025 | ||||||||||||||||||||||||||||||||||||||
| Termination benefits | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Contract termination costs | ||||||||||||||||||||||||||||||||||||||
| Other restructuring charges | ||||||||||||||||||||||||||||||||||||||
| Total restructuring charges | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring related accrual balances included within accrued payroll and related benefits and other current liabilities in the Consolidated Balance Sheets. All remaining accrual balances are expected to be paid within fiscal 2027.
| (In thousands) | Architectural Metals | Architectural Services | Corporate and Other | Total | ||||||||||||||||||||||||||||
| Balance at February 28, 2026 | $ | $ | $ | $ | ||||||||||||||||||||||||||||
| Payments | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Other adjustments | ( | ( | ( | |||||||||||||||||||||||||||||
| Balance at August 29, 2026 | $ | $ | $ | $ | ||||||||||||||||||||||||||||
15.Subsequent Events
On September 18, 2026, we completed the acquisition of SIA “Alzette”, the parent company of SIA “GroGlass” (“Groglass”), a Latvia-based provider of high-performance glass surface solutions specializing in anti-reflective and other advanced coating technologies, for up to €62.5 million on a cash-free, debt-free basis, subject to certain customary purchase price adjustments. The purchase price includes up to €10 million in contingent consideration payable based on Groglass achieving specified financial performance targets during the three-year period following closing. The acquisition was funded with borrowings under our existing credit facility. Groglass will be integrated into our Performance Surfaces Segment, and its results will be included in our consolidated results of operations from the acquisition date. Due to the proximity of the acquisition date to the filing date of this Form 10-Q, the Company has not yet completed the valuation analyses necessary to determine the fair value of assets acquired and liabilities assumed and as a result, the disclosures required by ASC 805 are not yet complete. The Company expects to finalize purchase accounting during the measurement period and provide required disclosure information in future filings.
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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-looking statements
This Quarterly Report on Form 10-Q, including the section, Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains certain statements that are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current views with respect to future events and financial performance. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “will,” “continue” or similar words or expressions. All forecasts and projections in this document are “forward-looking statements,” and are based on management’s current expectations or beliefs of the Company's near-term results, based on current information available pertaining to the Company. From time to time, we may also provide oral and written forward-looking statements in other materials we release to the public, such as press releases, presentations to securities analysts or investors, or other communications by the Company. Any or all of our forward-looking statements in this report and in any public statements we make could be materially different from actual results.
Accordingly, we wish to caution investors that any forward-looking statements made by or on behalf of the Company are subject to uncertainties and other factors that could cause actual results to differ materially from such statements. These uncertainties and other risk factors include, but are not limited to, the risks and uncertainties set forth under “Risk Factors” section of our Annual Report on Form 10-K for the year ended February 28, 2026, and in subsequent filings with the U.S. Securities and Exchange Commission, including this Quarterly Report on Form 10-Q.
We also wish to caution investors that other factors might in the future prove to be important in affecting the Company’s results of operations. New factors emerge from time to time; it is not possible for management to predict all such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or a combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Overview
We are a leading provider of architectural products and services for enclosing buildings, and high-performance coating products used in applications for preservation, protection and enhanced viewing. Our four reporting segments are: Architectural Metals, Architectural Services, Architectural Glass, and Performance Surfaces.
Our enterprise strategy is based on the following three key elements:
1.Accelerate Leadership in Target Markets. We intend to enhance our position in targeted end markets by differentiating through deep customer focus and insight, using an informed understanding of customer needs to shape our offerings and delivery models. By aligning our capabilities, investments, and operating approach around this customer‑focused strategy, we believe we will be better positioned to differentiate, compete effectively, and strengthen our position in the markets we serve.
2.Grow and Strengthen the Portfolio. We seek to grow and strengthen our portfolio through disciplined organic and inorganic investments in differentiated solutions that align with evolving customer needs. By prioritizing opportunities that enhance our competitive positioning and directly address customer challenges, we will reinforce our disciplined approach to portfolio growth and improvement.
3.Advance Core Capabilities. We expect to advance core capabilities by fostering a culture of continuous improvement grounded in operational excellence, talent development, and disciplined process execution. Through targeted investments in people, systems, and technology, we will strengthen our ability to deliver consistent performance and enhance the customer experience across the organization.
Recent Developments
On July 1, 2026, we completed the acquisition of Keller Companies, Inc. ("Kalwall"), the controlling shareholder of Kalwall Corporation and Structures Unlimited Inc. The total purchase consideration was $112.2 million, including contingent earn-out consideration of $7.5 million. The acquisition was funded with borrowings under our existing credit facility. The acquired business is reported within our Architectural Glass Segment, and its results of operations have been included in our consolidated financial statements since the acquisition date.
On September 18, 2026, we completed the acquisition of SIA “Alzette”, the parent company of SIA “GroGlass” (“Groglass”), a Latvia-based provider of high-performance glass surface solutions specializing in anti-reflective and other advanced coating technologies, for up to €62.5 million on a cash-free, debt-free basis, subject to certain customary purchase price adjustments. For additional information regarding this acquisition, see Note 15, Subsequent Events, in our consolidated financial statements.
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The following selected financial data should be read in conjunction with the Company’s Form 10-K for the year ended February 28, 2026, and the consolidated financial statements, including the notes to consolidated financial statements, included therein.
Results of Operations
The following is a discussion of our financial condition and results of operations during the three and six months ended August 29, 2026 and August 30, 2025.
| Three Months Ended | % of Net Sales | |||||||||||||||||||||||||||||||||||||
| (in thousands, except percentages) | August 29, 2026 | August 30, 2025 | August 29, 2026 | August 30, 2025 | ||||||||||||||||||||||||||||||||||
| Net sales | $ | 391,135 | $ | 358,194 | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||
| Cost of sales | 294,970 | 275,587 | 75.4 | % | 76.9 | % | ||||||||||||||||||||||||||||||||
| Gross profit | 96,165 | 82,607 | 24.6 | % | 23.1 | % | ||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 62,679 | 55,719 | 16.0 | % | 15.6 | % | ||||||||||||||||||||||||||||||||
| Operating income | 33,486 | 26,888 | 8.6 | % | 7.5 | % | ||||||||||||||||||||||||||||||||
| Interest expense, net | 3,554 | 4,075 | 0.9 | % | 1.1 | % | ||||||||||||||||||||||||||||||||
| Other income, net | 485 | 5,140 | 0.1 | % | 1.4 | % | ||||||||||||||||||||||||||||||||
| Earnings before income taxes | 30,417 | 27,953 | 7.8 | % | 7.8 | % | ||||||||||||||||||||||||||||||||
| Income tax expense | 8,037 | 4,304 | 2.1 | % | 1.2 | % | ||||||||||||||||||||||||||||||||
| Net earnings | $ | 22,380 | $ | 23,649 | 5.7 | % | 6.6 | % | ||||||||||||||||||||||||||||||
| Effective tax rate | 26.4 | % | 15.4 | % | ||||||||||||||||||||||||||||||||||
| Non-GAAP Measures | ||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 49,538 | $ | 44,368 | 12.7 | % | 12.4 | % | ||||||||||||||||||||||||||||||
| Adjusted net earnings | $ | 24,401 | $ | 21,098 | 6.2 | % | 5.9 | % | ||||||||||||||||||||||||||||||
| Six Months Ended | % of Net Sales | |||||||||||||||||||||||||||||||||||||
| (in thousands, except percentages) | August 29, 2026 | August 30, 2025 | August 29, 2026 | August 30, 2025 | ||||||||||||||||||||||||||||||||||
| Net sales | $ | 733,820 | $ | 704,816 | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||
| Cost of sales | 562,624 | 547,084 | 76.7 | % | 77.6 | % | ||||||||||||||||||||||||||||||||
| Gross profit | 171,196 | 157,732 | 23.3 | % | 22.4 | % | ||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 118,870 | 123,913 | 16.2 | % | 17.6 | % | ||||||||||||||||||||||||||||||||
| Operating income | 52,326 | 33,819 | 7.1 | % | 4.8 | % | ||||||||||||||||||||||||||||||||
| Interest expense, net | 6,388 | 7,921 | 0.9 | % | 1.1 | % | ||||||||||||||||||||||||||||||||
| Other income, net | 412 | 4,458 | 0.1 | % | 0.6 | % | ||||||||||||||||||||||||||||||||
| Earnings before income taxes | 46,350 | 30,356 | 6.3 | % | 4.3 | % | ||||||||||||||||||||||||||||||||
| Income tax expense | 12,433 | 9,394 | 1.7 | % | 1.3 | % | ||||||||||||||||||||||||||||||||
| Net earnings | $ | 33,917 | $ | 20,962 | 4.6 | % | 3.0 | % | ||||||||||||||||||||||||||||||
| Effective tax rate | 26.8 | % | 30.9 | % | ||||||||||||||||||||||||||||||||||
| Non-GAAP Measures | ||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 81,653 | $ | 78,752 | 11.1 | % | 11.2 | % | ||||||||||||||||||||||||||||||
| Adjusted net earnings | $ | 36,520 | $ | 32,948 | 5.0 | % | 4.7 | % | ||||||||||||||||||||||||||||||
The following table summarizes the changes in net sales from Second Quarter Fiscal 2027 to Second Quarter Fiscal 2026:
21
| 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 growth (decline) in net sales from legacy businesses and from acquired businesses, twelve months after the acquisition date. | ||||
| (2) | Kalwall was acquired on July 1, 2026. | ||||
Comparison of Second Quarter Fiscal 2027 to Second Quarter Fiscal 2026
•Consolidated 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 increased 150 basis points to 24.6%, compared to 23.1%, primarily due to price, and 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) expense as a percent of net sales increased to 16.0%, compared to 15.6%, 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%.
•Interest expense decreased to $3.6 million, primarily due to lower average debt balance.
•Other income was $0.5 million compared to $5.1 million. The prior year included a $4.6 million gain related to a New Markets Tax Credit.
•Income tax expense as a percentage of earnings before income tax was 26.4%, compared to 15.4%. The increase in the effective tax rate was primarily attributable to non-recurring favorable discrete tax items recognized in the prior year.
•Net earnings were $22.4 million compared to $23.6 million in the prior year.
•Adjusted EBITDA increased to $49.5 million, compared to $44.4 million, and adjusted EBITDA margin increased to 12.7%, compared to 12.4%.
Comparison of First Six Months Fiscal 2027 to First Six Months Fiscal 2026
•Consolidated net sales increased 4.1%, to $733.8 million, primarily driven by price and mix favorability, in addition to the $16.4 million contribution from the Kalwall acquisition, partially offset by lower volume.
22
•Gross margin increased to 23.3%, compared to 22.4%, primarily due to price and productivity improvements, including the net benefit from Fortify Phase 2, and favorable mix, partially offset by higher material and manufacturing costs and impacts from lower volume.
•SG&A expenses as a percent of net sales decreased to 16.2%, compared to 17.6%. The decrease was driven by the net cost savings from Fortify Phase 2, partially offset by higher incentive expense.
•Operating income increased to $52.3 million from $33.8 million, and operating margin increased 230 basis points to 7.1%.
•Interest expense, net decreased to $6.4 million, due to a lower average debt balance compared to the prior year.
•Other income was $0.4 million compared to $4.5 million. The prior year included a $4.6 million gain related to a New Markets Tax Credit.
•Income tax expense as a percentage of earnings before income tax was 26.8%, compared to 30.9% for the same period last year, as a result of the similar value of discrete tax items on higher earnings before income tax in the current year.
•Net earnings were $33.9 million compared to $21.0 million.
•Adjusted EBITDA increased to $81.7 million compared to $78.8 million and adjusted EBITDA margin remained consistent at 11.1% compared to 11.2% in the prior year.
Use and Reconciliation of Non-GAAP Financial Measures
In addition to reporting financial results in accordance with U.S. GAAP, we also provide certain non-GAAP financial measures. These measures are not in accordance with, nor are they a substitute for U.S. GAAP measures, and may not be comparable to similarly titled measures used by other companies. 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. For each of these non-GAAP measures, we provide a reconciliation between the non-GAAP measure and the most directly comparable U.S. GAAP measure, and an explanation of why we believe the non-GAAP measure provides useful information to management and investors.
Non-GAAP measures include:
•Adjusted net earnings and adjusted earnings per diluted share (adjusted diluted EPS), is used by the Company to provide meaningful supplemental information about its operating performance by excluding amounts that are not considered part of core operating results, to enhance comparability from period-to-period.
•Adjusted EBITDA, defined as adjusted net earnings before interest, taxes, depreciation, and amortization, and adjusted EBITDA margin, defined as adjusted EBITDA as a percentage of net sales. We use 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.
| 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 | % | |||||||||||||||||||||||||||
23
| 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 | % | |||||||||||||||||||||||||||
| 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 | % | |||||||||||||||||||||||||||
| 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 in fiscal 2027 and 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 Markets Tax Credit transactions. | ||||
24
| Reconciliation of Non-GAAP Financial Measures | ||
| Adjusted Net Earnings | ||
| (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 | ||||||||||||||||||
(1) | Acquisition-related costs for the Kalwall acquisition in fiscal 2027 and 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 Markets Tax Credit transactions. | ||||
| (4) | Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred. | ||||
Segment Analysis
Disclosures related to our business segments are included in Note 12 of our Consolidated Financial Statements. We manage our business in four reportable segments: Architectural Metals, Architectural Services, Architectural Glass and Performance Surfaces.
The following table presents net sales, adjusted EBITDA and adjusted EBITDA margin by segment and the consolidated total.
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
| (In thousands, except percentages) | 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 margin | ||||||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||
| Corporate and Other | N/A | N/A | N/M | N/M | ||||||||||||||||||||||||||||||||||
| Adjusted EBITDA margin | 12.7 | % | 12.4 | % | 11.1 | % | 11.2 | % | ||||||||||||||||||||||||||||||
25
Architectural Metals
Comparison of Second Quarter Fiscal 2027 to Second Quarter Fiscal 2026
•Net sales were $143.5 million, compared to $140.9 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, 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.
Comparison of First Six Months of Fiscal 2027 to First Six Months of Fiscal 2026
•Net sales were $266.0 million, compared to $269.6 million, driven by lower volume offsetting favorable price and mix.
•Adjusted EBITDA was $35.8 million, or 13.5% of net sales, compared to $30.2 million, or 11.2% of net sales. The improvement in 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
Comparison of Second Quarter Fiscal 2027 to Second Quarter Fiscal 2026
•Net sales were $108.5 million, compared to $100.5 million, primarily due to increased volume.
•Adjusted EBITDA increased to $6.2 million, or 5.8% of net sales, compared to $5.0 million, or 5.0% of net sales, primarily driven by project mix and higher volume.
Comparison of First Six Months of Fiscal 2027 to First Six Months of Fiscal 2026
•Net sales were $223.7 million, compared to $207.0 million, driven by increased volume.
•Adjusted EBITDA increased to $12.4 million, or 5.5% of net sales, compared to $11.1 million, or 5.4% of net sales, driven by increased volume, partially offset by unfavorable mix and price.
Cumulative catch-up adjustments on our longer-term contracts for changes in estimates were as follows:
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
| (in thousands) | August 29, 2026 | August 30, 2025 | August 29, 2026 | August 30, 2025 | |||||||||||||||||||||||||||||||||||||
| Gross favorable adjustments | $ | 4,949 | $ | 9,454 | $ | 9,250 | $ | 14,747 | |||||||||||||||||||||||||||||||||
| Gross unfavorable adjustments | (3,416) | (8,722) | (8,386) | (13,948) | |||||||||||||||||||||||||||||||||||||
Net adjustments | $ | 1,532 | $ | 731 | $ | 863 | $ | 799 | |||||||||||||||||||||||||||||||||
Architectural Glass
Comparison of Second Quarter Fiscal 2027 to Second Quarter Fiscal 2026
•Net sales were $87.4 million compared to $72.2 million, driven by the $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 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.
Comparison of First Six Months of Fiscal 2027 to First Six Months of Fiscal 2026
•Net sales were $155.1 million compared to $145.5 million, driven by the $16.4 million contribution from the Kalwall acquisition and favorable mix, partially offset by lower volume and price.
•Adjusted EBITDA decreased to $18.9 million, or 13.1% of net sales, compared to $25.1 million, or 17.2% of net sales. The decrease in adjusted EBITDA margin was primarily driven by price, lower volume and higher manufacturing and freight costs, partially offset by the accretive contribution of the Kalwall acquisition and favorable mix.
Performance Surfaces
Comparison of Second Quarter Fiscal 2027 to Second Quarter Fiscal 2026
•Net sales were $55.3 million, compared to $48.4 million, due to higher volume and price.
26
•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.
Comparison of First Six Months of Fiscal 2027 to First Six Months of Fiscal 2026
•Net sales were $99.6 million, compared to $90.6 million, due to higher volume and price.
•Adjusted EBITDA was $19.0 million, or 19.1% of net sales, compared to $19.2 million, or 21.2% of net sales. The decrease in adjusted EBITDA margin was primarily driven by the impact of higher material costs, partially offset by favorable price and increased volume.
Corporate and Other
Comparison of Second Quarter Fiscal 2027 to Second Quarter Fiscal 2026
•Corporate and Other adjusted EBITDA expense was $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.
Comparison of First Six Months of Fiscal 2027 to First Six Months of Fiscal 2026
•Corporate and Other adjusted EBITDA expense was $4.4 million, compared to $6.8 million in the prior year driven by net cost savings related to Fortify Phase 2 and lower health insurance costs, partially offset by higher incentive compensation expense.
Backlog
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. 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 we have a substantial number of projects with short lead times that book-and-bill within the same reporting period that are not included in backlog. It is most meaningful for the Architectural Services segment, due to the long-term nature of their projects.
As of August 29, 2026, segment backlog in the Architectural Services Segment was approximately $833.0 million, compared to approximately $792.3 million at the end of the second quarter of fiscal 2026.
Liquidity and Capital Resources
We rely on cash provided by operations for our ongoing cash requirements, including working capital needs, capital expenditures, satisfaction of contractual commitments (including principal and interest payments on our outstanding indebtedness) and shareholder return through dividend payments and share repurchases.
Operating Activities. Net cash provided by operating activities was $43.3 million for the first six months of fiscal 2027, compared to $37.3 million in the prior year period. The increase in cash provided by operating activities is driven by higher net earnings, partially offset by increased cash used for working capital.
Investing Activities. Net cash used in investing activities was $121.8 million for the first six months of fiscal 2027, compared to $10.9 million in the prior-year period. The increase net cash used in investing activities was primarily related to the acquisition of Kalwall.
Financing Activities. Net cash provided by financing activities was $74.9 million for the first six months of fiscal 2027, compared to $29.1 million of cash used in financing activities in the prior year period. The increase primarily relates to additional proceeds from our revolving credit facility used to fund the Kalwall acquisition, as well as lower debt payments compared to the prior year.
Additional Liquidity Considerations. We periodically evaluate our liquidity requirements, cash needs and availability of debt resources relative to acquisition plans, significant capital plans, and other working capital needs. See Note 5 to our Consolidated Financial Statements for more information related to our debt agreements.
Outstanding borrowings under the term loan facility were $206.5 million as of August 29, 2026. Outstanding borrowings under the revolving credit facility were $129.0 million as of August 29, 2026.
At August 29, 2026, we had a total of $2.6 million of ongoing letters of credit related to the senior credit facility, construction contracts and insurance collateral that expire in fiscal 2027 and reduce borrowing capacity under the revolving credit facility. As of August 29, 2026, the amount available for revolving borrowings was $318.4 million.
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We acquire the use of certain assets through operating leases, such as property, manufacturing equipment, vehicles and other equipment. Future payments for such leases, excluding leases with initial terms of one year or less, were $53.0 million at August 29, 2026, with $7.9 million payable during the remainder of fiscal 2027.
As of August 29, 2026, we had $33.5 million of open purchase obligations, of which payments totaling $10.6 million are expected to become due during the remainder of fiscal 2027.
We are required, in the ordinary course of business, to provide surety or performance bonds that commit payments to our customers for any non-performance. At August 29, 2026, $1.2 billion of these types of bonds were outstanding, of which $264.3 million is in our backlog. These bonds have expiration dates that align with completion of the purchase order or contract. We have not been required to make any payments under these bonds with respect to our existing businesses.
Due to our ability to generate strong cash from operations and our borrowing capability under our committed revolving credit facility, we believe that our sources of liquidity will be adequate to meet our short-term and long-term liquidity and capital expenditure needs. In addition, we believe we have the ability to obtain both short-term and long-term debt to meet our financing needs, including additional sources of debt to finance potential acquisitions, for the foreseeable future. We also believe we will be able to operate our business so as to continue to be in compliance with our existing debt covenants over the next fiscal year.
We continually review our portfolio of businesses and their assets and how they support our business strategy and performance objectives. As part of this review, we may acquire other businesses, pursue geographic expansion, take actions to manage capacity and further invest in, divest and/or sell parts of our current businesses.
Related Party Transactions
No material changes have occurred in the disclosure with respect to our related party transactions set forth in our Annual Report on Form 10-K for the fiscal year ended February 28, 2026.
Critical Accounting Policies
There have been no significant changes to our critical accounting policies from those disclosed in our Annual Report on Form 10-K for the fiscal year ended February 28, 2026.
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2026, for a discussion of the Company’s market risk. There have been no material changes in market risk since February 28, 2026.
Item 4.Controls and Procedures
a)Evaluation of disclosure controls and procedures: As of the end of the period covered by this report (the Evaluation Date), we carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, our disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in applicable rules and forms, and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.
b)On July 1, 2026, we completed our acquisition of Kalwall. In accordance with Securities Exchange Commission guidance permitting a company to exclude an acquired business from management’s assessment of the effectiveness of internal control over financial reporting for the year in which the acquisition is completed, we have excluded Kalwall from our assessment of the effectiveness of internal control over financial reporting as of August 29, 2026. The assets and net sales of Kalwall that were excluded from our assessment constituted approximately 10% and 4%, respectively, of the related consolidated financial statement amounts as of and for the three months ended August 29, 2026. The scope of management’s assessment of the effectiveness of the design and operation of our disclosure controls and procedures as of August 29, 2026 includes all of our consolidated operations except for those disclosure controls and procedures of Kalwall. See Note 13 for additional information regarding the Kalwall acquisition. Based on
our assessment, the Company's management believes that, as of August 29, 2026, the Company's internal control over financial reporting was effective based on those criteria.
c)Changes in internal controls: There was no change in the Company’s internal control over financial reporting that occurred during the fiscal quarter ended August 29, 2026, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
28
PART II. OTHER INFORMATION
Item 1.Legal Proceedings
The Company is a party to various legal proceedings incidental to its normal operating activities. In particular, like others in the construction supply and services industry, the Company is routinely involved in various disputes and claims arising out of construction projects, sometimes involving significant monetary damages or product replacement. We have in the past and are currently subject to product liability and warranty claims, including certain legal claims related to a commercial sealant product formerly incorporated into our products.
The Company is also subject to litigation arising out of areas such as employment practices, workers compensation and general liability matters. Although it is very difficult to accurately predict the outcome of any such proceedings, facts currently available indicate that no matters will result in losses that would have a material adverse effect on the results of operations, cash flows or financial condition of the Company.
Item 1A.Risk Factors
There have been no significant changes or additions to our risk factors discussed in our Annual Report on Form 10-K for the fiscal year ended February 28, 2026.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information with respect to purchases made by the Company of its own stock during the second quarter of fiscal 2027:
| Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b) | Maximum Number of Shares that May Yet Be Purchased under the Plans or Programs (b) | ||||||||||||||||||||||
| May 31, 2026 to June 27, 2026 | 169,420 | $ | 39.09 | 169,420 | 1,370,291 | |||||||||||||||||||||
| June 28, 2026 to July 25, 2026 | 300 | 43.70 | 300 | 1,369,991 | ||||||||||||||||||||||
| July 26, 2026 to August 29, 2026 | — | — | — | 1,369,991 | ||||||||||||||||||||||
| Total | 169,720 | $ | 37.90 | 169,720 | 1,369,991 | |||||||||||||||||||||
(a)This column includes shares repurchased pursuant to our publicly announced repurchase program and, to the extent applicable, shares that were surrendered by plan participants to satisfy withholding tax obligations related to share-based compensation.
(b)In fiscal 2004, announced on April 10, 2003, the Board of Directors authorized the repurchase of 1,500,000 shares of Company stock. The Board increased the authorization by 750,000 shares, announced on January 24, 2008; by 1,000,000 shares on each of the announcement dates of October 8, 2008, January 13, 2016, January 9, 2018, January 14, 2020, October 7, 2021, and June 22, 2022; and by 2,000,000 shares, on each of the announcement dates of October 3, 2018, January 14, 2022 and October 6, 2023. The repurchase program does not have an expiration date.
Item 5. Other Information
Insider Adoption or Termination of Trading Arrangements
During the three months ended August 29, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted terminated
29
Item 6. Exhibits
| 2.1 | |||||
| 3.1 | |||||
| 3.2 | |||||
| 3.3 | |||||
| 31.1# | |||||
| 31.2# | |||||
| 32.1# | |||||
| 32.2# | |||||
| 101# | The following materials from Apogee Enterprises, Inc.’s Quarterly Report on Form 10-Q for the quarter ended August 29, 2026, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Balance Sheets as of August 29, 2026 and February 28, 2026, (ii) the Consolidated Results of Operations for the three and six months ended August 29, 2026 and August 30, 2025, (iii) the Consolidated Statements of Comprehensive Earnings for the three and six months ended August 29, 2026 and August 30, 2025, (iv) the Consolidated Statements of Cash Flows for the six-months ended August 29, 2026 and August 30, 2025, (v) the Consolidated Statements of Shareholders' Equity for the three and six months ended August 29, 2026 and August 30, 2025, and (vi) Notes to Consolidated Financial Statements. | ||||
| 104# | Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101) | ||||
| Exhibits marked with a (#) sign are filed herewith. | |||||
30
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. | |||||||||||
| Date: October 6, 2026 | By: /s/ Donald A. Nolan | ||||||||||
| Donald A. Nolan Executive Chair and Chief Executive Officer (Principal Executive Officer) | |||||||||||
| Date: October 6, 2026 | By: /s/ Mark R. Augdahl | ||||||||||
| Mark R. Augdahl Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | |||||||||||
31
Exhibit 31.1
CERTIFICATION
I, Donald A. Nolan, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Apogee Enterprises, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: Date: October 6, 2026
/s/ Donald A. Nolan | |||||
Donald A. Nolan Executive Chair, President and Chief Executive Officer | |||||
Exhibit 31.2
CERTIFICATION
I, Mark R. Augdahl, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Apogee Enterprises, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: Date: October 6, 2026
| /s/ Mark R. Augdahl | |||||
Mark R. Augdahl Executive Vice President and Chief Financial Officer | |||||
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Apogee Enterprises, Inc. (the “Company”) on Form 10-Q for the period ended August 29, 2026 as filed with the Securities and Exchange Commission (the “Report”), I, Donald A. Nolan, Executive Chair, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that based on my knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| /s/ Donald A. Nolan | |||||
| Donald A. Nolan Executive Chair, President and Chief Executive Officer | |||||
| Date: October 6, 2026 | |||||
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Apogee Enterprises, Inc. (the “Company”) on Form 10-Q for the period ended August 29, 2026 as filed with the Securities and Exchange Commission (the “Report”), I, Mark R. Augdahl, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that based on my knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| /s/ Mark R. Augdahl | |||||
| Mark R. Augdahl Executive Vice President and Chief Financial Officer | |||||
| Date: October 6, 2026 | |||||