Valmont Reports Second Quarter 2026 Results and Raises Full-Year 2026 Guidance

OMAHA, Neb.--(BUSINESS WIRE)--Jul. 21, 2026-- Valmont® Industries, Inc. (NYSE: VMI), a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity, today reported financial results for the second quarter ended June 27, 2026. President and Chief Executive Officer Avner M. Applbaum commented, “Valmont delivered solid second quarter results, demonstrating the execution of our strategy and the strength of our market-leading businesses. In North America Utility and Coatings, commercial excellence, pricing discipline, and ongoing investments in capacity and operations drove another quarter of strong performance. Building on this momentum, we will continue strengthening our operations while leveraging our competitive advantages to capture the significant opportunities ahead. In Agriculture, we continue to navigate challenging market conditions through pricing discipline, operational execution, and cost management while investing in aftermarket solutions and technologies that improve grower productivity and reinforce our competitive advantage. These investments position the business to accelerate growth as market conditions improve. "During the quarter, we hosted our Investor Day and outlined a clear roadmap for profitable growth, margin expansion, disciplined resource allocation, and higher returns on invested capital. The progress we’ve made this quarter reinforces our confidence in that path and our ability to deliver sustainable long-term value for our shareholders.” Second Quarter 2026 Highlights (all metrics compared to Second Quarter 2025 unless otherwise noted) Net sales increased 6.5% to $1.12 billion, compared to $1.05 billion Operating income increased to $166.1 million or 14.8% of net sales, compared to $29.3 million or 2.8% of net sales ($141.4 million or 13.5% adjusted1) Diluted earnings (loss) per share increased to $6.14, compared to ($1.53) or $4.88 adjusted1 Generated operating cash flow of $148.1 million; cash and cash equivalents were $139.1 million and net leverage ratio1 was ~1.0x Returned $74.9 million to shareholders through $60.0 million in share repurchases and $14.9 million in dividends Invested $35.9 million in capital expenditures to primarily support capacity investments for the North America Utility product line 1Please see Reg G reconciliation to GAAP measures at end of document Key Financial Metrics Second Quarter 2026 GAAP Adjusted1 (In thousands, except per-share amounts) 6/27/2026 6/28/2025 6/27/2026 6/28/2025 Q2 2026 Q2 2025 vs. Q2 2025 Q2 2026 Q2 2025 vs. Q2 2025 Net Sales $ 1,118,689 $ 1,050,548 6.5% $ 1,118,689 $ 1,050,548 6.5% Gross Profit 340,817 321,167 6.1% 340,817 322,761 5.6% Gross Profit as a % of Net Sales 30.5% 30.6% 30.5% 30.7% Operating Income 166,111 29,276 467.4% 166,111 141,356 17.5% Operating Income as a % of Net Sales 14.8% 2.8% 14.8% 13.5% Net Earnings (Loss) Attributable to VMI2 119,918 (30,263) NM 119,918 97,198 23.4% Diluted Earnings (Loss) per Share 6.14 (1.53) NM 6.14 4.88 25.8% Weighted Average Shares Outstanding 19,520 19,809 19,520 19,930 Year-to-Date 2026 GAAP Adjusted1 (In thousands, except per-share amounts) 6/27/2026 6/28/2025 6/27/2026 6/28/2025 FY 2026 FY 2025 vs. FY 2025 FY 2026 FY 2025 vs. FY 2025 Net Sales $ 2,147,886 $ 2,019,862 6.3% $ 2,147,886 $ 2,019,862 6.3% Gross Profit 657,695 612,269 7.4% 657,695 613,863 7.1% Gross Profit as a % of Net Sales 30.6% 30.3% 30.6% 30.4% Operating Income 321,737 157,590 104.2% 321,737 269,670 19.3% Operating Income as a % of Net Sales 15.0% 7.8% 15.0% 13.4% Net Earnings Attributable to VMI2 227,951 56,998 299.9% 227,951 184,459 23.6% Diluted Earnings per Share 11.65 2.84 310.2% 11.65 9.19 26.8% Weighted Average Shares Outstanding 19,571 20,063 19,571 20,063 2Fiscal 2025 net earnings (loss) attributable to Valmont Industries, Inc. including a change in redemption value of redeemable noncontrolling interests of $26,243 Second Quarter 2026 Segment Review (all metrics compared to Second Quarter 2025 unless otherwise noted) Infrastructure (78.4% of Net Sales) Products and solutions to serve the infrastructure markets of utility, lighting, transportation, and telecommunications, along with coatings services to protect metal products Sales increased 14.8% to $878.9 million, compared to $765.5 million. Infrastructure end markets remained strong, supporting sales growth of 33.9% in North America Utility and 16.6% in North America Coatings, driven by favorable pricing and higher volumes. International sales increased primarily due to favorable foreign currency impacts. These increases were partially offset by lower volumes in North America Telecommunications due to moderating carrier spend. Operating income increased to $154.4 million or 17.6% of net sales, compared to $25.9 million or 3.4% of net sales ($124.6 million or 16.3% adjusted1). The improvement compared to prior-year GAAP results primarily reflects the absence of impairment and realignment charges recorded in the prior year. Excluding those items, the increase compared to adjusted1 operating income was primarily driven by favorable pricing and higher volumes, partially offset by increased input costs, primarily materials. Agriculture (21.6% of Net Sales) Center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture Sales decreased 15.8% to $243.7 million, compared to $289.4 million. In North America, irrigation sales decreased 2.3% due to lower volumes amid continued agriculture market softness, partially offset by favorable pricing. International sales decreased 28.9% driven primarily by disruptions associated with the ongoing Middle East conflict. Operating income increased to $39.9 million or 16.5% of net sales, compared to $36.1 million or 12.5% of net sales ($44.8 million or 15.6% adjusted1). Compared to prior-year adjusted1 operating income, the results were impacted by lower volumes, partially offset by favorable pricing and reduced costs. Full-Year 2026 Financial Outlook and Key Assumptions The Company is raising its full-year 2026 net sales and diluted EPS outlook and updating its key assumptions. Metric Previous Outlook Updated Outlook Net Sales $4.2 to $4.4 billion $4.3 to $4.45 billion Infrastructure Net Sales $3.3 to $3.45 billion $3.4 to $3.5 billion Agriculture Net Sales $0.9 to $0.95 billion No change Diluted Earnings per Share $21.50 to $23.50 $22.25 to $23.50 Capital Expenditures $170 to $200 million No change Effective Tax Rate ~26.0% No change Key Assumptions Steel cost assumptions are aligned with futures markets as of July 17, 2026 Foreign currency assumptions based on FX rates as of July 17, 2026 This outlook includes the current tariffs as of July 17, 2026 and assumes no material change to the current trade or tariff environment A live audio discussion with Avner M. Applbaum, President and Chief Executive Officer, and John Schwietz, Executive Vice President and Chief Financial Officer, will take place on Tuesday, July 21, 2026 at 8:00 a.m. CT. The discussion can be accessed by telephone at +1 877.407.6184 or +1 201.389.0877 (no Conference ID needed) or via webcast at the following link: Valmont Industries 2Q 2026 Earnings Conference Call. A slide presentation will be available for download on the Investors page of valmont.com during the webcast. A replay of the event will be accessible three hours after the call at the above link or by telephone at +1 877.660.6853 or +1 201.612.7415 using access code 13756345. The replay will be available until 10:59 p.m. CT on Tuesday, July 28, 2026. About Valmont Industries, Inc. For more than 80 years, Valmont has been a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity. We are committed to customer-focused innovation that delivers lasting value. Learn more about how we’re Conserving Resources. Improving Life.® at valmont.com. Concerning Forward-Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions made by management, considering its experience in the industries where Valmont operates, perceptions of historical trends, current conditions, expected future developments, and other relevant factors. It is important to note that these statements are not guarantees of future performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control), and assumptions. Forward-looking statements may be accompanied by words such as “opportunities,” “estimate,” “outlook,” “clear path,” “target,” “expect,” “plan” and similar expressions. While management believes these forward-looking statements are based on reasonable assumptions as of the date made, numerous factors could cause actual results to differ materially from those anticipated. These factors include, among other things, risks described in Valmont’s reports to the Securities and Exchange Commission (“SEC”), the Company’s actual cash flows and net income, future economic and market circumstances, industry conditions, company performance and financial results, operational efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environments, geopolitical risks, and actions and policy changes by domestic and foreign governments, including tariffs. The Company cautions that any forward-looking statements in this release are made as of its publication date and does not undertake to update these statements, except as required by law. The Company may provide certain non-GAAP financial measures (adjusted diluted earnings per share and adjusted effective tax rate) on a forward-looking basis from time to time. These measures are typically calculated by excluding the impact of items such as foreign exchange, acquisitions, divestitures, realignment or restructuring expenses, goodwill or intangible asset impairment, changes in tax laws or rates, change in redemption value of redeemable noncontrolling interests, and other non-recurring items. To the extent the Company provides forward-looking non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures are not provided, as the Company cannot do so without unreasonable effort due to the inherent uncertainty and difficulty in predicting the timing and financial impact of such items. For the same reasons, the Company cannot assess the likely significance of unavailable information, which could be material to future results. Website and Social Media Disclosure The Company uses its website and social media channels, as identified on its website, to distribute company information. Posts on these channels may contain material information. Therefore, investors should monitor these channels alongside the Company’s press releases, SEC filings, and public conference calls and webcasts. The contents of the Company’s website and social media channels are not considered part of this press release. VALMONT INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars and shares in thousands, except per-share amounts) (Unaudited) Thirteen weeks ended Twenty-six weeks ended June 27, June 28, June 27, June 28, 2026 2025 2026 2025 Net sales $ 1,118,689 $ 1,050,548 $ 2,147,886 $ 2,019,862 Cost of sales 777,872 729,381 1,490,191 1,407,593 Gross profit 340,817 321,167 657,695 612,269 Selling, general, and administrative expenses 174,706 191,670 335,958 354,458 Impairment of long-lived assets — 91,337 — 91,337 Realignment charges — 8,884 — 8,884 Operating income 166,111 29,276 321,737 157,590 Other income (expenses): Interest expense (9,430 ) (10,543 ) (18,841 ) (20,658 ) Interest income 1,271 1,568 2,648 4,962 Gain on deferred compensation investments 3,786 2,384 2,228 1,543 Other, net 737 (3,675 ) (158 ) (6,405 ) Total other income (expenses) (3,636 ) (10,266 ) (14,123 ) (20,558 ) Earnings before income taxes and equity method investment loss 162,475 19,010 307,614 137,032 Income tax expense 41,989 22,280 79,104 53,079 Equity method investment loss (264 ) (21 ) (264 ) (581 ) Net earnings (loss) 120,222 (3,291 ) 228,246 83,372 Earnings attributable to redeemable noncontrolling interests (304 ) (729 ) (295 ) (131 ) Net earnings (loss) attributable to Valmont Industries, Inc. $ 119,918 $ (4,020 ) $ 227,951 $ 83,241 Weighted average shares outstanding - Basic 19,368 19,809 19,421 19,928 Earnings (loss) per share - Basic $ 6.19 $ (1.53 )1 $ 11.74 $ 2.861 Weighted average shares outstanding - Diluted 19,520 19,809 19,571 20,063 Earnings (loss) per share - Diluted $ 6.14 $ (1.53 )1 $ 11.65 $ 2.841 Cash dividends per share $ 0.77 $ 0.68 $ 1.54 $ 1.36 1Fiscal 2025 basic and diluted earnings (loss) per share include a change in redemption value of redeemable noncontrolling interests of $26,243 VALMONT INDUSTRIES, INC. AND SUBSIDIARIES SUMMARY OPERATING RESULTS (Dollars in thousands) (Unaudited) Thirteen weeks ended Twenty-six weeks ended June 27, June 28, June 27, June 28, 2026 2025 2026 2025 Infrastructure Net sales $ 876,718 $ 763,092 $ 1,679,898 $ 1,466,583 Gross profit 264,641 227,883 508,831 440,758 as a percentage of net sales 30.2 % 29.9 % 30.3 % 30.1 % Selling, general, and administrative expenses 110,265 111,187 211,432 206,850 as a percentage of net sales 12.6 % 14.6 % 12.6 % 14.1 % Impairment of long-lived assets — 89,356 — 89,356 Realignment charges — 1,426 — 1,426 Operating income 154,376 25,914 297,399 143,126 as a percentage of net sales 17.6 % 3.4 % 17.7 % 9.8 % Agriculture Net sales $ 241,971 $ 287,456 $ 467,988 $ 553,279 Gross profit 76,176 93,284 148,864 171,511 as a percentage of net sales 31.5 % 32.5 % 31.8 % 31.0 % Selling, general, and administrative expenses 36,293 52,366 75,478 94,356 as a percentage of net sales 15.0 % 18.2 % 16.1 % 17.1 % Impairment of long-lived assets — 1,981 — 1,981 Realignment charges — 2,886 — 2,886 Operating income 39,883 36,051 73,386 72,288 as a percentage of net sales 16.5 % 12.5 % 15.7 % 13.1 % Corporate Selling, general, and administrative expenses $ 28,148 $ 28,117 $ 49,048 $ 53,252 Realignment charges — 4,572 — 4,572 Operating loss (28,148 ) (32,689 ) (49,048 ) (57,824 ) VALMONT INDUSTRIES, INC. AND SUBSIDIARIES SUMMARY OPERATING RESULTS (Dollars in thousands) (Unaudited) In the first quarter of fiscal 2026, the Company revised its product line presentation to better reflect how the business is currently managed. Within the Infrastructure segment, product lines are now presented as North America Utility, North America Lighting and Transportation, North America Coatings, North America Telecommunications, and International Infrastructure and Solar, replacing the previous presentation of Utility, Lighting and Transportation, Coatings, Telecommunications, and Solar. Within the Agriculture segment, product lines are now presented as Agriculture, replacing the previous presentation of Irrigation Equipment and Parts and Technology Products and Services. The prior period product line amounts have been recast to conform to the current period presentation. Thirteen weeks ended June 27, 2026 Infrastructure Agriculture Intersegment Consolidated Geographical Market: North America $ 713,814 $ 139,157 $ (3,951 ) $ 849,020 International 165,127 104,542 — 269,669 Total sales $ 878,941 $ 243,699 $ (3,951 ) $ 1,118,689 Product Line: North America Utility $ 456,738 $ — $ — $ 456,738 North America Lighting and Transportation 130,502 — — 130,502 North America Coatings 69,037 — (2,223 ) 66,814 North America Telecommunications 56,985 — — 56,985 International Infrastructure and Solar 165,679 — — 165,679 Agriculture — 243,699 (1,728 ) 241,971 Total sales $ 878,941 $ 243,699 $ (3,951 ) $ 1,118,689 Thirteen weeks ended June 28, 2025 Infrastructure Agriculture Intersegment Consolidated Geographical Market: North America $ 616,436 $ 142,482 $ (4,329 ) $ 754,589 International 149,089 146,938 (68 ) 295,959 Total sales $ 765,525 $ 289,420 $ (4,397 ) $ 1,050,548 Product Line: North America Utility $ 341,188 $ — $ — $ 341,188 North America Lighting and Transportation 133,765 — — 133,765 North America Coatings 59,184 — (2,365 ) 56,819 North America Telecommunications 77,149 — — 77,149 International Infrastructure and Solar 154,239 — (68 ) 154,171 Agriculture — 289,420 (1,964 ) 287,456 Total sales $ 765,525 $ 289,420 $ (4,397 ) $ 1,050,548 VALMONT INDUSTRIES, INC. AND SUBSIDIARIES SUMMARY OPERATING RESULTS (Dollars in thousands) (Unaudited) Twenty-six weeks ended June 27, 2026 Infrastructure Agriculture Intersegment Consolidated Geographical Market: North America $ 1,381,342 $ 278,750 $ (7,671 ) $ 1,652,421 International 303,520 191,945 — 495,465 Total sales $ 1,684,862 $ 470,695 $ (7,671 ) $ 2,147,886 Product Line: North America Utility $ 880,922 $ — $ — $ 880,922 North America Lighting and Transportation 249,154 — — 249,154 North America Coatings 132,171 — (4,964 ) 127,207 North America Telecommunications 118,489 — — 118,489 International Infrastructure and Solar 304,126 — — 304,126 Agriculture — 470,695 (2,707 ) 467,988 Total sales $ 1,684,862 $ 470,695 $ (7,671 ) $ 2,147,886 Twenty-six weeks ended June 28, 2025 Infrastructure Agriculture Intersegment Consolidated Geographical Market: North America $ 1,193,633 $ 279,958 $ (8,441 ) $ 1,465,150 International 278,113 276,733 (134 ) 554,712 Total sales $ 1,471,746 $ 556,691 $ (8,575 ) $ 2,019,862 Product Line: North America Utility $ 674,024 $ — $ — $ 674,024 North America Lighting and Transportation 257,888 — — 257,888 North America Coatings 114,892 — (5,029 ) 109,863 North America Telecommunications 141,137 — — 141,137 International Infrastructure and Solar 283,805 — (134 ) 283,671 Agriculture — 556,691 (3,412 ) 553,279 Total sales $ 1,471,746 $ 556,691 $ (8,575 ) $ 2,019,862 VALMONT INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (Unaudited) June 27, December 27, 2026 2025 ASSETS Current assets: Cash and cash equivalents $ 139,051 $ 187,140 Receivables, net 648,703 590,127 Inventories 608,842 566,396 Contract assets 272,731 266,922 Prepaid expenses and other current assets 113,126 109,063 Total current assets 1,782,453 1,719,648 Property, plant, and equipment, net 693,183 673,863 Goodwill and other non-current assets 990,069 975,818 Total assets $ 3,465,705 $ 3,369,329 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS' EQUITY Current liabilities: Current installments of long-term debt $ 60 $ 513 Mandatorily redeemable financial instrument — 8,922 Accounts payable 387,899 359,539 Accrued expenses 253,040 284,751 Contract liabilities 79,785 52,013 Income taxes payable 21,698 12,604 Dividends payable 14,864 13,278 Total current liabilities 757,346 731,620 Long-term debt, excluding current installments 730,625 795,150 Operating lease liabilities 141,056 130,007 Other non-current liabilities 101,089 70,267 Total liabilities 1,730,116 1,727,044 Redeemable noncontrolling interests 8,836 9,498 Shareholders' equity 1,726,753 1,632,787 Total liabilities, redeemable noncontrolling interests, and shareholders' equity $ 3,465,705 $ 3,369,329 VALMONT INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (Unaudited) Twenty-six weeks ended June 27, June 28, 2026 2025 Cash flows from operating activities: Net earnings $ 228,246 $ 83,372 Depreciation and amortization 46,832 43,781 Contribution to defined benefit pension plan (886 ) (1,492 ) Impairment of long-lived assets 9,340 91,337 Changes in assets and liabilities (63,694 ) 3,729 Other, net 31,745 12,012 Net cash flows from operating activities 251,583 232,739 Cash flows from investing activities: Purchases of property, plant, and equipment (70,504 ) (62,306 ) Acquisitions, net of cash acquired (11,470 ) — Other, net 5,418 (2,013 ) Net cash flows from investing activities (76,556 ) (64,319 ) Cash flows from financing activities: Net repayments on short-term borrowings — (1,652 ) Proceeds from long-term borrowings 65,211 130,000 Principal repayments on long-term borrowings (130,558 ) (130,358 ) Dividends paid (28,227 ) (25,667 ) Purchases of redeemable noncontrolling interests (8,922 ) — Repurchases of common stock (117,540 ) (100,007 ) Other, net (3,680 ) (3,539 ) Net cash flows from financing activities (223,716 ) (131,223 ) Effect of exchange rates on cash and cash equivalents 600 7,021 Net change in cash and cash equivalents (48,089 ) 44,218 Cash and cash equivalents—beginning of period 187,140 164,315 Cash and cash equivalents—end of period $ 139,051 $ 208,533 VALMONT INDUSTRIES, INC. AND SUBSIDIARIES USE OF NON-GAAP FINANCIAL MEASURES Management utilizes non-GAAP financial measures to assess the Company’s historical and prospective financial performance, evaluate operational profitability on a consistent basis, factor into executive compensation decisions, and enhance transparency for the investment community. These non-GAAP measures are intended to supplement, not replace, the Company’s reported financial results prepared in accordance with GAAP. It is important to note that other companies may calculate these measures differently, which can limit their usefulness for comparison across organizations. The following non-GAAP measures may be included in financial releases and other financial communications: Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Net Earnings, Adjusted Diluted EPS, and Adjusted Effective Tax Rate: These metrics provide meaningful supplemental insights into the Company’s operating performance by excluding items that are not considered part of core operating results. This approach enhances comparability across reporting periods. Adjustments may include costs or benefits associated with acquisitions, divestitures, expenses related to realignment or restructuring programs, goodwill or intangible asset impairment, significant expenses or benefits from changes in tax laws or rates, cumulative effects of changes in accounting standards, refinancing-related expenses, a loss or a gain from a partial or full settlement of the U.K. defined benefit pension plan obligation, losses from natural disasters, change in redemption value of redeemable noncontrolling interests, and other non-recurring items. Adjusted EBITDA: This metric is a key component of a financial ratio included in the covenants of our major debt agreements. It is calculated as net earnings before interest, taxes, depreciation, amortization, stock-based compensation, and other adjustments as outlined in the applicable debt agreements. This metric offers investors and analysts valuable insights into the Company’s core operating performance. Adjusted EBITDA margin is also used to evaluate profitability. Leverage Ratio: This ratio is calculated by taking the sum of interest-bearing debt, minus unrestricted cash in excess of $50.0 million (but not exceeding $500.0 million), and dividing it by Adjusted EBITDA. This is a key financial ratio included in the covenants of our major debt agreements and is calculated on a rolling four-fiscal-quarter basis. The revolving credit facility requires us to maintain a financial leverage ratio of 3.50 or lower, measured as of the last day of each fiscal quarter. Free Cash Flow: Calculated as net cash provided by operating activities minus capital expenditures, free cash flow serves as an indicator of the Company’s financial strength. However, this measure does not fully reflect the Company’s ability to deploy cash freely, as it has obligations such as debt repayments and other fixed commitments. Backlog: This operating measure is used to evaluate future potential sales revenue. An order is included in the backlog upon receipt of a customer purchase order or the execution of a sales order contract. Backlog is particularly relevant to the Infrastructure segment due to the longer-term nature of its projects. However, backlog is not a term defined under U.S. GAAP and does not measure contract profitability. It should not be viewed as the sole indicator of future revenue, as many projects with short lead times book-and-bill within the same reporting period and are not included in the backlog. ROIC: Return on invested capital (“ROIC”) and adjusted ROIC are key operating ratios that enable investors to assess our operating performance relative to the investment needed to generate operating profit. ROIC is calculated as after-tax operating income divided by the average of beginning and ending invested capital. Adjusted ROIC is calculated as after-tax adjusted operating income divided by the average of beginning and ending invested capital. Invested capital represents total assets minus total liabilities (excluding interest-bearing debt and redeemable noncontrolling interests). VALMONT INDUSTRIES, INC. AND SUBSIDIARIES SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS REGULATION G RECONCILIATION (Dollars in thousands) (Unaudited) Thirteen weeks ended June 28, 2025 Gross Profit Reconciliation Infrastructure Agriculture Corporate Consolidated Gross profit - as reported $ 227,883 $ 93,284 $ — $ 321,167 Realignment charges 910 — — 910 Other non-recurring charges — 684 — 684 Adjusted gross profit $ 228,793 $ 93,968 $ — $ 322,761 Net sales - as reported 763,092 287,456 — 1,050,548 Gross profit as a % of net sales 29.9 % 32.5 % NM 30.6 % Adjusted gross profit as a % of net sales 30.0 % 32.7 % NM 30.7 % Twenty-six weeks ended June 28, 2025 Gross Profit Reconciliation Infrastructure Agriculture Corporate Consolidated Gross profit - as reported $ 440,758 $ 171,511 $ — $ 612,269 Realignment charges 910 — — 910 Other non-recurring charges — 684 — 684 Adjusted gross profit $ 441,668 $ 172,195 $ — $ 613,863 Net sales - as reported 1,466,583 553,279 — 2,019,862 Gross profit as a % of net sales 30.1 % 31.0 % NM 30.3 % Adjusted gross profit as a % of net sales 30.1 % 31.1 % NM 30.4 % VALMONT INDUSTRIES, INC. AND SUBSIDIARIES SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS REGULATION G RECONCILIATION (Dollars in thousands) (Unaudited) Thirteen weeks ended June 28, 2025 Operating Income (Loss) Reconciliation Infrastructure Agriculture Corporate Consolidated Operating income (loss) - as reported $ 25,914 $ 36,051 $ (32,689 ) $ 29,276 Impairment of long-lived assets 89,356 1,981 — 91,337 Realignment charges 2,336 2,886 4,572 9,794 Other non-recurring charges 7,031 3,918 — 10,949 Adjusted operating income (loss) $ 124,637 $ 44,836 $ (28,117 ) $ 141,356 Net sales - as reported 763,092 287,456 — 1,050,548 Operating income (loss) as a % of net sales 3.4 % 12.5 % NM 2.8 % Adjusted operating income (loss) as a % of net sales 16.3 % 15.6 % NM 13.5 % Twenty-six weeks ended June 28, 2025 Operating Income (Loss) Reconciliation Infrastructure Agriculture Corporate Consolidated Operating income (loss) - as reported $ 143,126 $ 72,288 $ (57,824 ) $ 157,590 Impairment of long-lived assets 89,356 1,981 — 91,337 Realignment charges 2,336 2,886 4,572 9,794 Other non-recurring charges 7,031 3,918 — 10,949 Adjusted operating income (loss) $ 241,849 $ 81,073 $ (53,252 ) $ 269,670 Net sales - as reported 1,466,583 553,279 — 2,019,862 Operating income (loss) as a % of net sales 9.8 % 13.1 % NM 7.8 % Adjusted operating income (loss) as a % of net sales 16.5 % 14.7 % NM 13.4 % VALMONT INDUSTRIES, INC. AND SUBSIDIARIES SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS REGULATION G RECONCILIATION (Dollars in thousands) (Unaudited) Thirteen Diluted Twenty-six weeks ended earnings weeks ended Diluted June 28, (loss) per June 28, earnings per 2025 share1,2 2025 share1,2 Net earnings (loss) attributable to Valmont Industries, Inc. including change in redemption value of redeemable noncontrolling interests - as reported $ (30,263 ) $ (1.52 ) $ 56,998 $ 2.84 Less: Change in redemption value of redeemable noncontrolling interests 26,243 1.32 26,243 1.31 Net earnings (loss) attributable to Valmont Industries, Inc. (4,020 ) (0.20 ) 83,241 4.15 Impairment of long-lived assets4 91,337 4.58 91,337 4.55 Realignment charges5 9,794 0.49 9,794 0.49 Other non-recurring charges6 10,949 0.55 10,949 0.55 Total adjustments, pre-tax 112,080 5.62 112,080 5.59 Tax effect of adjustments3 (10,862 ) (0.55 ) (10,862 ) (0.54 ) Net earnings attributable to Valmont Industries, Inc. - adjusted $ 97,198 $ 4.88 $ 184,459 $ 9.19 Average shares outstanding - diluted 19,930 20,063 1In the second quarter of fiscal 2025, the Company reported a GAAP net loss. In periods in which the Company recognizes a net loss, the Company excludes the impact of outstanding stock awards from the diluted loss per share calculation, as their inclusion would have an anti-dilutive effect. The adjusted diluted earnings per share calculation includes the impact of outstanding stock awards. 2Diluted earnings (loss) per share includes rounding. 3The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction. 4The Company recorded non-cash impairment charges of $71.1 million for goodwill and certain intangible assets in the Solar and Access Systems businesses and recorded $20.2 million for other long-lived assets that will no longer be utilized. 5The Company took realignment actions resulting in pre-tax charges of $9.8 million, primarily severance-related. 6Other non-recurring charges consist of costs to fulfill contractually required payments for system licenses no longer needed and asset valuation adjustments for a joint venture ag solar business. VALMONT INDUSTRIES, INC. AND SUBSIDIARIES REGULATION G RECONCILIATION OF ADJUSTED EBITDA (Dollars in thousands) (Unaudited) Four fiscal quarters ended June 27, 2026 Net cash flows from operating activities $ 475,328 Interest expense 38,725 Income tax expense 49,889 Impairment of long-lived assets (9,340 ) Deferred income taxes (4,631 ) Redeemable noncontrolling interests (3,579 ) Net periodic pension cost (2,677 ) Contribution to defined benefit pension plan 2,553 Changes in assets and liabilities 149,847 Other, net 1,392 Impairment of long-lived assets 9,340 Realignment activities 6,272 Pro forma acquisition adjustment 4,709 Adjusted EBITDA $ 717,828 Net earnings attributable to Valmont Industries, Inc. $ 494,983 Interest expense 38,725 Income tax expense 49,889 Depreciation and amortization 91,560 Stock-based compensation 22,350 Impairment of long-lived assets 9,340 Realignment activities 6,272 Pro forma acquisition adjustment 4,709 Adjusted EBITDA $ 717,828 VALMONT INDUSTRIES, INC. AND SUBSIDIARIES REGULATION G RECONCILIATION OF LEVERAGE RATIO (Dollars in thousands) (Unaudited) June 27, 2026 Interest-bearing debt, excluding origination fees and discounts of $24,522 $ 755,207 Less: Cash and cash equivalents in excess of $50,000 89,051 Net indebtedness $ 666,156 Adjusted EBITDA 717,828 Leverage ratio 0.93 VALMONT INDUSTRIES, INC. AND SUBSIDIARIES BACKLOG (Dollars in millions) (Unaudited) June 27, December 27, 2026 2025 Infrastructure $ 1,583.6 $ 1,548.3 Agriculture 91.3 105.4 Total backlog $ 1,674.9 $ 1,653.7 View source version on businesswire.com: https://www.businesswire.com/news/home/20260721572238/en/ Renee Campbell [email protected] Source: Valmont Industries, Inc.