UFP Industries Q4 2025 sales, profit decline

UFP Industries reported weaker results for fourth-quarter and full-year 2025 as soft demand and lower prices pressured performance.

Rhea-AI Filing Summary

UFP Industries reported weaker results for fourth-quarter and full-year 2025 as soft demand and lower prices pressured performance. Q4 net sales were $1.33 billion, down 9%, with diluted EPS of $0.70 versus $1.12 a year earlier. Net earnings attributable to controlling interest fell to $40 million from $68 million.

For 2025, net sales declined 5% to $6.32 billion, while net earnings attributable to controlling interest dropped to $294.8 million from $414.6 million. Adjusted EBITDA decreased to $107.2 million in Q4 and $563.6 million for the year, with margins compressing versus 2024. Retail, Packaging, and Construction segments all saw lower sales and profits.

Despite the earnings decline, cash generation remained strong. Cash flows from operating activities in 2025 were $545.7 million, and free cash flow was $451.5 million, which funded nearly $450 million of share repurchases. Management highlighted total shareholder returns of $515 million in 2025 and year-end liquidity of about $2.2 billion, including over $900 million of cash. The company expects 2026 demand to be flat to slightly down but targets long-term annual unit growth of 7–10% and adjusted EBITDA margins of 12.5%.

Positive

• Strong cash generation and liquidity: 2025 cash flows from operating activities were $545.7 million and free cash flow was $451.5 million, supporting year-end liquidity of about $2.2 billion, including over $900 million of cash.
• Significant capital returned to shareholders: The company repurchased nearly $450 million of shares and, in total, returned $515 million to shareholders in 2025 through buybacks and dividends.
• Conservative balance sheet: Total debt remained relatively low versus equity, with long-term debt and finance lease obligations of $228.9 million against shareholders’ equity of $3.08 billion at year-end 2025.

Negative

• Meaningful earnings decline: Full-year net earnings attributable to controlling interest fell from $414.6 million to $294.8 million, a drop of about 29%, with Q4 EPS declining from $1.12 to $0.70.
• Revenue and margin compression: Net sales decreased 5% for 2025 and 9% in Q4, while adjusted EBITDA fell from $682.3 million to $563.6 million and margin from 10.3% to 8.9%.
• Segment-wide softness: Retail, Packaging and Construction segments all reported lower net sales and net earnings in both Q4 and full year, reflecting weaker organic units and, in some cases, lower selling prices.
• Management outlook for flat to slightly down demand: The company anticipates 2026 demand will be flat to slightly down across segments, with markets tied to new residential construction remaining more challenged.

Insights

Equity analyst – building products and industrials

Revenue, earnings and margins fell in 2025, but cash flow, liquidity and capital returns stayed strong.

UFP Industries saw broad-based pressure in 2025. Net sales declined 5% to $6.32 billion, and net earnings attributable to controlling interest dropped about 29% to $294.8 million. Q4 trends were weaker, with net sales down 9% and EPS at $0.70 versus $1.12. Segment data show lower net sales and compressed margins across Retail, Packaging and Construction.

Profitability contracted as gross margin and adjusted EBITDA margin fell. Adjusted EBITDA decreased to $107.2 million in Q4 and $563.6 million for the year, with consolidated adjusted EBITDA margin slipping from 10.3% to 8.9%. Management cited higher tax rates, year-end bonus adjustments and non-cash items as additional EPS headwinds, on top of weaker volumes and modest price declines.

Cash generation and balance sheet strength partially offset the earnings deterioration. Operating cash flow of $545.7 million and free cash flow of $451.5 million funded approximately $450 million of share repurchases, while year-end liquidity was roughly $2.2 billion with over $900 million of cash and modest debt. Management expects 2026 demand to be flat to slightly down but maintains long-term targets of 7–10% annual unit growth and 12.5% adjusted EBITDA margins, emphasizing cost reductions and disciplined capital allocation.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did UFP Industries (UFPI) perform financially in Q4 2025?

UFP Industries’ Q4 2025 net sales were $1.33 billion, down 9% year over year. Diluted EPS was $0.70, compared with $1.12 a year earlier, as weaker volumes, slightly lower prices and higher tax and bonus expenses reduced profitability.

What were UFP Industries’ full-year 2025 revenue and earnings?

For 2025, UFP Industries reported net sales of $6.32 billion, down 5% from 2024. Net earnings attributable to controlling interest were $294.8 million, compared with $414.6 million the prior year, reflecting lower volumes, margin pressure and higher operating costs.

How did UFP Industries’ adjusted EBITDA and margins change in 2025?

Adjusted EBITDA for 2025 was $563.6 million, down from $682.3 million in 2024. Consolidated adjusted EBITDA margin declined from 10.3% to 8.9%, as softer demand, price pressure and higher expenses reduced profitability across the Retail, Packaging and Construction segments.

What was UFP Industries’ cash flow and free cash flow in 2025?

UFP Industries generated $545.7 million in cash flows from operating activities during 2025. After maintenance capital expenditures and working capital adjustments, free cash flow was $451.5 million, which the company largely used to repurchase nearly $450 million of its common shares.

How much capital did UFP Industries return to shareholders in 2025?

In 2025, UFP Industries returned $515 million to shareholders. This included nearly $450 million of share repurchases funded by strong free cash flow, along with dividend payments, while maintaining substantial liquidity and a conservative capital structure.

What is UFP Industries’ outlook for 2026 demand and growth targets?

Management expects 2026 demand to be flat to slightly down overall, with continued challenges in new residential construction. Long term, the company targets 7–10% annual unit sales growth, at least 10% of sales from new products, and 12.5% adjusted EBITDA margins.

How strong is UFP Industries’ liquidity and balance sheet at year-end 2025?

As of December 27, 2025, UFP Industries reported liquidity of about $2.2 billion, including over $900 million of cash and $1.3 billion of availability under its credit facilities. Long-term debt was $228.9 million, supporting a conservative capital structure.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/23/2026 - 04:20 PM Learn about SEC filing dates

0000912767false00009127672026-02-232026-02-23

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

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CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

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Date of Report (Date of earliest event reported): February 23, 2026

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UFP INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

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​ ​	​ ​	​ ​
Michigan (State or other Jurisdiction of Incorporation)	0-22684 (Commission File Number)	38-1465835 (IRS Employer Identification No.)

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2801 East Beltline, NE Grand Rapids, Michigan (Address of Principal Executive Offices)	49525 (Zip Code)

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Registrant's telephone number, including area code: (616) 364-6161

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None

(Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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☐        Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

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☐        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

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☐        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

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☐        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	UFPI	The NASDAQ Stock Market, LLC

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Emerging growth company ☐

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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. ☐

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Item 2.02        Results of Operations and Financial Condition

On February 23, 2026, the Registrant issued a press release announcing its financial results for the quarter-ended December 27, 2025.  A copy of the Registrant’s press release is attached as Exhibit 99(a) to this Current Report.

Item 9.01        Financial Statements, Pro Forma Financial Information, and Exhibits

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(c)Exhibits

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99(a)Press Release dated February 23, 2026

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104Cover Page Interactive File (the cover page XBRL tags are embedded in the Inline XBRL document).

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EXHIBIT INDEX

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Exhibit Number	​ ​ ​	Document	​
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99(a)	​	Press Release, dated February 23, 2026.
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104	​	Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).

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3

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SIGNATURE

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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.

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​	UFP INDUSTRIES, INC.
​	(Registrant)
​	​	​
Dated: February 23, 2026	By:	/s/ Michael R. Cole	​
​	​	Michael R. Cole
​	​	Chief Financial Officer,
​	​	Principal Financial Officer and
​	​	Treasurer

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4

Exhibit 99(a)

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UFP Industries Announces Fourth Quarter 2025 Results

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GRAND RAPIDS, MI (February 23, 2026) - UFP Industries, Inc. (Nasdaq: UFPI) a leading manufacturer focused on delivering value-added products across its Retail, Packaging, and Construction segments reported results for the fourth quarter 2025.

●Net Sales of $1.33 billion decreased by 9 percent due to a 2 percent decrease in price and a 7 percent decline in organic units.

●Diluted earnings per share of $0.70 compared to $1.12 a year ago, and Net Earnings Attributable to Controlling Interests of $40 million compared to $68 million a year ago. Earnings were impacted by a higher estimated tax rate, year-end bonus adjustments from estimates to actual, and certain non-cash transactions.

●Adjusted EBITDA¹ was $107.2 million in the quarter, or 8.1 percent of net sales compared to 9.1 percent a year ago. Adjusted EBITDA margin¹ was 8.9 percent for the year, roughly 170bps higher than 2019.

●New product sales were 7.6 percent of total net sales.

●Cash flows from operating activities in 2025 was $546 million. Free cash flow¹ of $451 million was used to repurchase nearly $450 million of our shares.

Will Schwartz, President and CEO of UFP Industries, commented, “We continue to see trends stabilizing across the majority of our businesses. Despite generally soft end-market demand, our fourth quarter sales and profits were in line with internal expectations. While 2025 proved to be a challenging year given market volatility, our team made meaningful progress navigating this environment and executing on our strategy. Our disciplined focus on cost controls and growth investments leaves us on stronger footing and well-positioned as conditions improve. After several years of headwinds, we continue to see markets normalizing and are cautiously optimistic on our business prospects in 2026.”

​

Schwartz continued, “Our balanced portfolio enables us to drive shareholder value. To that point, we returned $515 million to shareholders in 2025 and finished the year with more than $900 million of cash and cash equivalents and $2.2 billion in total liquidity. We streamlined our cost structure with $60 million in cost reduction initiatives and have approached our portfolio through a more strategic lens. We plan to strengthen our core businesses, introduce innovative value-added products, and drive above market growth. Our M&A targets reflect our desire to strengthen our core businesses and drive growth in innovation and new products. We plan to use our strong balance sheet to pursue meaningful M&A while returning capital to shareholders through opportunistic share repurchases and dividends. We enter 2026 in a stronger position to drive improved results.”

Fourth Quarter 2025 Highlights

UFP Consolidated

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​

​

​

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(In thousands)

​

Quarter Period

Year to Date

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​

2025

​

2024

​

% Change

2025

​

2024

​

% Change

Net sales

​

$

1,329,823

​

$

1,462,001

​

(9.0)

%

$

6,320,343

​

$

6,652,309

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(5.0)

%

Net earnings

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​

40,156

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​

69,783

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(42.5)

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​

295,992

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​

418,733

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(29.3)

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Net margin

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​

3.0

%

​

4.8

%

​

​

​

4.7

%

​

6.3

%

​

​

Adjusted EBITDA2

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​

107,243

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​

132,702

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(19.2)

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​

563,560

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​

682,264

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(17.4)

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Adjusted EBITDA margin

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8.1

%

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9.1

%

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​

​

8.9

%

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10.3

%

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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Percentage change in net sales:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Organic units

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​

(7)

%

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​

​

​

​

​

(3)

%

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​

​

​

​

Acquisitions

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​

—

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​

​

​

​

​

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—

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​

​

​

​

​

Selling prices

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​

(2)

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​

​

​

​

​

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(2)

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​

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¹ Represents a non-GAAP measurement; see the reconciliation of non-GAAP financial measures and related explanations below.

² Adjusted EBITDA is net of bonus expense (excluding vesting expense associated with share-based bonus arrangements) which totaled $16 million in the fourth quarter of 2025 and was $14 million higher than the same period of 2024.

‌Page 1

Exhibit 99(a)

UFP Retail

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(In thousands)

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Quarter Period

Year to Date

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2025

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2024

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% Change

2025

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2024

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% Change

Net sales

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$

443,964

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$

524,591

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(15.4)

%

$

2,433,556

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$

2,597,994

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(6.3)

%

Net earnings

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​

9,147

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​

24,359

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(62.4)

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​

86,679

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​

139,127

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(37.7)

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Net margin

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​

2.1

%

​

4.6

%

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​

​

3.6

%

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5.4

%

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​

Adjusted EBITDA

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24,535

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​

44,127

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(44.4)

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164,347

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​

220,828

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(25.6)

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Adjusted EBITDA margin

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5.5

%

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8.4

%

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​

6.8

%

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8.5

%

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Percentage change in net sales:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Organic units

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​

(13)

%

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​

​

​

​

​

(7)

%

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​

​

​

​

Acquisitions

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​

—

​

​

​

​

​

​

​

—

​

​

​

​

​

​

Selling prices

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​

(2)

​

​

​

​

​

​

​

1

​

​

​

​

​

​

● ProWood organic unit sales declined 13 percent in the quarter from year ago levels due to difficult comparisons from elevated storm related demand for our products in 2024.

● Deckorators organic unit sales grew 17 percent in the quarter from year ago levels. Our Surestone decking sales increased 44 percent and our traditional wood plastic composite decking increased 35 percent, both from the quarter a year ago.

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UFP Packaging

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(In thousands)

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Quarter Period

Year to Date

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2025

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2024

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% Change

2025

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2024

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% Change

Net sales

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$

370,097

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$

375,315

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(1.4)

%

$

1,603,723

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$

1,636,563

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(2.0)

%

Net earnings

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7,506

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16,563

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(54.7)

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66,414

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80,035

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(17.0)

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Net margin

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2.0

%

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4.4

%

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​

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4.1

%

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4.9

%

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Adjusted EBITDA

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27,518

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37,657

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(26.9)

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135,643

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​

159,277

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(14.8)

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Adjusted EBITDA margin

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​

7.4

%

​

10.0

%

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​

​

8.5

%

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9.7

%

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Percentage change in net sales:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Organic units

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​

(2)

%

​

​

​

​

​

​

(1)

%

​

​

​

​

​

Acquisitions

​

​

1

​

​

​

​

​

​

​

1

​

​

​

​

​

​

Selling prices

​

​

—

​

​

​

​

​

​

​

(2)

​

​

​

​

​

​

● Structural Packaging organic unit sales grew 1 percent in the quarter from year ago levels.

● PalletOne organic unit sales declined 8 percent in the quarter from year ago levels due to weaker demand, which was partially offset by a 4 percent contribution from acquisitions.

● Protective Packaging organic unit sales declined 2 percent in the quarter from a year ago, due to challenging market conditions.

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UFP Construction

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​

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(In thousands)

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Quarter Period

Year to Date

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​

2025

​

2024

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% Change

2025

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2024

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% Change

Net sales

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$

439,790

​

$

486,776

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(9.7)

%

$

2,003,785

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$

2,113,844

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(5.2)

%

Net earnings

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​

15,437

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​

27,595

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(44.1)

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​

89,626

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​

136,179

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(34.2)

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Net margin

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​

3.5

%

​

5.7

%

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​

​

4.5

%

​

6.4

%

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​

Adjusted EBITDA

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33,173

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​

45,022

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(26.3)

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​

157,841

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​

208,417

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(24.3)

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Adjusted EBITDA margin

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​

7.5

%

​

9.2

%

​

​

​

7.9

%

​

9.9

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Percentage change in net sales:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Organic units

​

​

(5)

%

​

​

​

​

​

​

—

%

​

​

​

​

​

Acquisitions

​

​

—

​

​

​

​

​

​

​

—

​

​

​

​

​

​

Selling prices

​

​

(5)

​

​

​

​

​

​

​

(5)

​

​

​

​

​

​

● Site Built organic unit sales declined 17 percent in the quarter from year ago levels due to weaker single-family residential activity in our core western markets.

● Factory Built organic unit sales grew 1 percent in the quarter from year ago levels.

● Concrete Forming Solutions organic unit sales grew 3 percent in the quarter from year ago levels.

‌Page 2

Exhibit 99(a)

● Commercial organic sales grew 3 percent in the quarter from year ago levels.

Capital Structure, Leverage and Liquidity Information

UFP Industries maintains a strong balance sheet and as of December 27, 2025, had liquidity of approximately $2.2 billion consisting of over $900 million of cash and $1.3 billion of remaining availability under its revolving credit facility and a shelf agreement with certain lenders. The company’s return-focused approach to capital allocation includes the following:

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● Acquisitions and Organic Growth. The company seeks strategic acquisitions and invests in organic growth opportunities when acquisition targets are not available at valuations that will allow us to meet or exceed targeted return rates. The company expects to invest approximately $300 million to $325 million on capital projects in 2026.

● Dividend payments. On February 12, 2026, the UFP Industries Board of Directors increased our quarterly cash dividend to $0.36 per share, which represents a 3 percent year-over-year increase. This dividend is payable on March 16, 2026, to shareholders of record on March 2, 2026. We continue to consider our payout ratio and yield when determining the appropriate dividend rate and have a long-term objective of increasing our dividend in line with our earnings and free cash flow growth.

● Share repurchases. As of December 27, 2025, we repurchased 4.5 million shares for $443 million, at an average share price of $98.39 for the year, representing approximately 7 percent of our shares outstanding at the beginning of the year.

​

2026 Outlook and Long-Term Targets

We anticipate that the current market environment will continue in 2026 and that overall demand will be flat to slightly down in each of our segments based on our sales mix. We anticipate markets tied to new residential construction will remain more challenged and see stabilization across our other end markets as an offset. However, we believe we are positioned well to perform better than the market due to market share gains across our portfolio and the execution of our cost out program. We anticipate initial stocking orders, upgraded manufacturing capacity, and expanded distribution will support momentum in our Deckorators and Surestone businesses in 2026.

The company’s long-term goals remain unchanged and include: 1) achieving 7-10 percent unit sales growth annually (including bolt-on acquisitions) with at least 10 percent of all sales coming from new products; 2) achieving 12.5 percent adjusted EBITDA margins; 3) earning an incremental return on new investments over our hurdle rate; and 4) maintaining a conservative capital structure.

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Conference Call

​

UFP Industries will host a conference call on Tuesday, February 24, 2026, to discuss these results and outlook. The conference call will begin at 9:30 a.m. Eastern Time and will be hosted by CEO Will Schwartz and CFO Michael Cole. Interested investors can access the webcast directly with this link (here). A replay of the call will be available through the UFP Investor Relations website at www.ufpinvestor.com for at least 90 days following the call.

UFP Industries, Inc.

UFP Industries, Inc. is a holding company whose operating subsidiaries – UFP Packaging, UFP Construction and UFP Retail – manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging and other industrial applications worldwide. Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates in North America, Europe, Asia and Australia. For more about UFP Industries, go to www.ufpi.com.

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‌Page 3

Exhibit 99(a)

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in currency and inflation; fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; changes in tariffs, import/export regulations, and other trade policies; concentration of sales to customers; the success of vertical integration strategies; excess capacity or supply chain challenges; inbound and outbound transportation costs; alternatives to replace treated wood products; government regulations, particularly involving environmental and safety regulations; our ability to make successful business acquisitions; cybersecurity breaches; and potential pandemics. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.

Non-GAAP Financial Information

This release includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Management uses Adjusted EBITDA and Free cash flow, non-GAAP financial measures, in order to evaluate historical and ongoing operations. Management believes that these non-GAAP financial measures are useful in order to enable investors to perform meaningful comparisons of historical and current performance. Adjusted EBITDA and Free cash flow are intended to supplement and should be read together with the financial results. Adjusted EBITDA and Free cash flow should not be considered alternatives or substitutes for, and should not be considered superior to, the reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measures. See the table below for a reconciliation of Net earnings to Adjusted EBITDA and a reconciliation of Cash flow from operations to Free cash flow.

Net earnings

Net earnings refers to net earnings attributable to controlling interest unless specifically noted.

# # #

---------------AT THE COMPANY---------------

​

Stanley Elliott

Director of Investor Relations

(804) 337-8217

​

​

‌Page 4

Exhibit 99(a)

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND

COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE AND TWELVE MONTHS ENDED

DECEMBER 2025/2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter Period

Year to Date

(In thousands, except per share data)

​ ​ ​

2025

2024

2025

2024

Net sales

​

$

1,329,823

​

100.0

%

$

1,462,001

​

100.0

%

$

6,320,343

​

100.0

%

$

6,652,309

​

100.0

%

Cost of sales

​

​

1,113,284

​

83.7

​

​

1,222,492

​

83.6

​

​

5,260,193

​

83.2

​

​

5,425,567

​

81.6

​

Gross profit

​

​

216,539

​

16.3

​

​

239,509

​

16.4

​

​

1,060,150

​

16.8

​

​

1,226,742

​

18.4

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Selling, general and administrative expenses

​

​

159,729

​

12.0

​

​

156,491

​

10.7

​

​

691,008

​

10.9

​

​

735,046

​

11.0

​

Net (gain) loss on disposition and impairments of assets

​

​

(3,084)

​

(0.2)

​

​

4,619

​

0.3

​

​

3,128

​

—

​

​

6,157

​

0.1

​

Other losses (gains), net

​

​

807

​

0.1

​

​

(1,060)

​

(0.1)

​

​

2,113

​

—

​

​

(6,703)

​

(0.1)

​

Total operating expenses

​

​

157,452

​

​

​

​

160,050

​

​

​

​

696,249

​

​

​

​

734,500

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings from operations

​

​

59,087

​

4.4

​

​

79,459

​

5.4

​

​

363,901

​

5.8

​

​

492,242

​

7.4

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest and other

​

​

(1,394)

​

(0.1)

​

​

(11,560)

​

(0.8)

​

​

(28,340)

​

(0.4)

​

​

(47,913)

​

(0.7)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings before income taxes

​

​

60,481

​

4.5

​

​

91,019

​

6.2

​

​

392,241

​

6.2

​

​

540,155

​

8.1

​

Income taxes

​

​

20,325

​

1.5

​

​

21,236

​

1.5

​

​

96,249

​

1.5

​

​

121,422

​

1.8

​

Net earnings

​

​

40,156

​

3.0

​

​

69,783

​

4.8

​

​

295,992

​

4.7

​

​

418,733

​

6.3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less net earnings attributable to noncontrolling interest

​

​

(197)

​

—

​

​

(1,744)

​

(0.1)

​

​

(1,200)

​

—

​

​

(4,173)

​

(0.1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net earnings attributable to controlling interest

​

$

39,959

​

3.0

​

$

68,039

​

4.7

​

$

294,792

​

4.7

​

$

414,560

​

6.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings per share - basic

​

$

0.70

​

​

​

$

1.12

​

​

​

$

5.00

​

​

​

$

6.78

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings per share - diluted

​

$

0.70

​

​

​

$

1.12

​

​

​

$

5.00

​

​

​

$

6.77

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Comprehensive income

​

$

44,078

​

​

​

$

58,121

​

​

​

$

315,340

​

​

​

$

398,753

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less comprehensive income attributable to noncontrolling interest

​

​

(795)

​

​

​

​

(1,007)

​

​

​

​

(3,673)

​

​

​

​

(610)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Comprehensive income attributable to controlling interest

​

$

43,283

​

​

​

$

57,114

​

​

​

$

311,667

​

​

​

$

398,143

​

​

​

​

​

​

​

‌Page 5

Exhibit 99(a)

CONDENSED CONSOLIDATED STATEMENTS

OF EARNINGS BY SEGMENT (UNAUDITED)

FOR THE THREE MONTHS ENDED DECEMBER 2025/2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter Period 2025

(In thousands)

​

Retail

​

Packaging

​

Construction

​

All Other

​

Corporate

​

Total

Net sales

​

$

443,964

​

$

370,097

​

$

439,790

​

$

73,744

​

$

2,228

​

$

1,329,823

Cost of sales

​

373,322

​

312,198

​

364,195

​

​

51,793

​

​

11,776

​

​

1,113,284

Gross profit

​

​

70,642

​

​

57,899

​

​

75,595

​

​

21,951

​

​

(9,548)

​

​

216,539

Selling, general and administrative expenses

​

​

55,233

​

​

43,871

​

​

52,495

​

​

9,772

​

​

(1,642)

​

​

159,729

Net loss (gain) on disposition and impairments of assets

​

​

49

​

​

1,826

​

​

(13)

​

​

488

​

​

(5,434)

​

​

(3,084)

Other losses (gains), net

​

618

​

​

—

​

​

(3)

​

​

240

​

​

(48)

​

​

807

Earnings from operations

​

​

14,742

​

​

12,202

​

​

23,116

​

​

11,451

​

​

(2,424)

​

​

59,087

Interest and other

​

​

(119)

​

​

170

​

​

(3)

​

​

(1,876)

​

​

434

​

​

(1,394)

Earnings before income taxes

​

​

14,861

​

​

12,032

​

​

23,119

​

​

13,327

​

​

(2,858)

​

​

60,481

Income taxes

​

​

5,714

​

​

4,526

​

​

7,682

​

​

2,194

​

​

209

​

​

20,325

Net earnings

​

$

9,147

​

$

7,506

​

$

15,437

​

$

11,133

​

$

(3,067)

​

$

40,156

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter Period 2024

(In thousands)

​

Retail

​

Packaging

​

Construction

​

All Other

​

Corporate

​

Total

Net sales

​

$

524,591

​

$

375,315

​

$

486,776

​

$

73,971

​

$

1,348

​

$

1,462,001

Cost of sales

​

456,731

​

314,427

​

399,826

​

68,602

​

​

(17,094)

​

​

1,222,492

Gross profit

​

​

67,860

​

​

60,888

​

​

86,950

​

​

5,369

​

​

18,442

​

​

239,509

Selling, general and administrative expenses

​

​

34,578

​

​

35,468

​

​

51,014

​

​

(1,723)

​

​

37,154

​

​

156,491

Net loss (gain) on disposition and impairments of assets

​

​

2,189

​

​

5,090

​

​

452

​

​

18

​

​

(3,130)

​

​

4,619

Other (gains) losses, net

​

(436)

​

​

—

​

​

(447)

​

​

(286)

​

​

109

​

​

(1,060)

Earnings from operations

​

​

31,529

​

​

20,330

​

​

35,931

​

​

7,360

​

​

(15,691)

​

​

79,459

Interest and other

​

​

(171)

​

​

(1,415)

​

​

42

​

​

(530)

​

​

(9,486)

​

​

(11,560)

Earnings before income taxes

​

​

31,700

​

​

21,745

​

​

35,889

​

​

7,890

​

​

(6,205)

​

​

91,019

Income taxes

​

​

7,341

​

​

5,182

​

​

8,294

​

​

721

​

​

(302)

​

​

21,236

Net earnings

​

$

24,359

​

$

16,563

​

$

27,595

​

$

7,169

​

$

(5,903)

​

$

69,783

​

​

‌Page 6

Exhibit 99(a)

CONDENSED CONSOLIDATED STATEMENTS

OF EARNINGS BY SEGMENT (UNAUDITED)

FOR THE TWELVE MONTHS ENDED DECEMBER 2025/2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year to Date 2025

(In thousands)

​

Retail

​

Packaging

​

Construction

​

All Other

​

Corporate

​

Total

Net sales

​

$

2,433,556

​

$

1,603,723

​

$

2,003,785

​

$

271,550

​

$

7,729

​

$

6,320,343

Cost of sales

​

2,087,657

​

1,338,247

​

1,645,998

​

212,499

​

​

(24,208)

​

​

5,260,193

Gross profit

​

​

345,899

​

​

265,476

​

​

357,787

​

​

59,051

​

​

31,937

​

​

1,060,150

Selling, general and administrative expenses

​

​

218,262

​

​

180,619

​

​

237,949

​

​

37,858

​

​

16,320

​

​

691,008

Net loss (gain) on disposition and impairments of assets

​

​

11,139

​

​

(2,887)

​

​

259

​

​

3,167

​

​

(8,550)

​

​

3,128

Other losses (gains), net

​

​

1,398

​

​

—

​

​

265

​

​

691

​

​

(241)

​

​

2,113

Earnings from operations

​

​

115,100

​

​

87,744

​

​

119,314

​

​

17,335

​

​

24,408

​

​

363,901

Interest and other

​

​

(303)

​

​

(678)

​

​

(11)

​

​

(8,180)

​

​

(19,168)

​

​

(28,340)

Earnings before income taxes

​

​

115,403

​

​

88,422

​

​

119,325

​

​

25,515

​

​

43,576

​

​

392,241

Income taxes

​

​

28,724

​

​

22,008

​

​

29,699

​

​

4,973

​

​

10,845

​

​

96,249

Net earnings

​

$

86,679

​

$

66,414

​

$

89,626

​

$

20,542

​

$

32,731

​

$

295,992

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year to Date 2024

(In thousands)

​

Retail

​

Packaging

​

Construction

​

All Other

​

Corporate

​

Total

Net sales

​

$

2,597,994

​

$

1,636,563

​

$

2,113,844

​

$

298,190

​

$

5,718

​

$

6,652,309

Cost of sales

​

2,209,195

​

1,335,304

​

1,675,346

​

240,518

​

​

(34,796)

​

​

5,425,567

Gross profit

​

​

388,799

​

​

301,259

​

​

438,498

​

​

57,672

​

​

40,514

​

​

1,226,742

Selling, general and administrative expenses

​

​

209,592

​

​

191,757

​

​

262,517

​

​

39,940

​

​

31,240

​

​

735,046

Net loss (gain) on disposition and impairments of assets

​

​

3,067

​

​

6,545

​

​

673

​

​

28

​

​

(4,156)

​

​

6,157

Other (gains) losses, net

​

​

(2,964)

​

​

—

​

​

(376)

​

​

(3,572)

​

​

209

​

​

(6,703)

Earnings from operations

​

​

179,104

​

​

102,957

​

​

175,684

​

​

21,276

​

​

13,221

​

​

492,242

Interest and other

​

​

(557)

​

​

(101)

​

​

17

​

​

(9,356)

​

​

(37,916)

​

​

(47,913)

Earnings before income taxes

​

​

179,661

​

​

103,058

​

​

175,667

​

​

30,632

​

​

51,137

​

​

540,155

Income taxes

​

​

40,534

​

​

23,023

​

​

39,488

​

​

5,793

​

​

12,584

​

​

121,422

Net earnings

​

$

139,127

​

$

80,035

​

$

136,179

​

$

24,839

​

$

38,553

​

$

418,733

​

‌Page 7

Exhibit 99(a)

​

RECONCILIATION OF NET EARNINGS TO

ADJUSTED EBITDA BY SEGMENT (UNAUDITED)

FOR THE THREE MONTHS ENDED DECEMBER 2025/2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter Period 2025

(In thousands)

​

Retail

​

Packaging

​

Construction

​

All Other

​

Corporate

​

Total

Net earnings

​

$

9,147

​

$

7,506

​

$

15,437

​

$

11,133

​

$

(3,067)

​

$

40,156

Interest and other

​

​

(119)

​

​

170

​

​

(3)

​

​

(1,876)

​

​

434

​

​

(1,394)

Income taxes

​

​

5,714

​

​

4,526

​

​

7,682

​

​

2,194

​

​

209

​

​

20,325

Expenses associated with share-based compensation arrangements

​

​

894

​

​

1,639

​

​

2,667

​

​

408

​

​

4,278

​

​

9,886

Net loss (gain) on disposition and impairments of assets

​

​

49

​

​

1,826

​

​

(13)

​

​

488

​

​

(5,434)

​

​

(3,084)

Gain from reduction of estimated earnout liability

​

​

—

​

​

—

​

​

—

​

​

(457)

​

​

—

​

​

(457)

Depreciation expense

​

​

8,013

​

​

9,773

​

​

6,675

​

​

1,085

​

​

11,240

​

​

36,786

Amortization of intangibles

​

​

837

​

​

2,078

​

​

728

​

​

1,007

​

​

375

​

​

5,025

Adjusted EBITDA

​

$

24,535

​

$

27,518

​

$

33,173

​

$

13,982

​

$

8,035

​

$

107,243

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net earnings as a percentage of net sales

​

​

2.1%

​

​

2.0%

​

​

3.5%

​

​

15.1%

​

​

*

​

​

3.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted EBITDA as a percentage of net sales

​

​

5.5%

​

​

7.4%

​

​

7.5%

​

​

19.0%

​

​

*

​

​

8.1%

* Not meaningful

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter Period 2024

(In thousands)

​

Retail

​

Packaging

​

Construction

​

All Other

​

Corporate

​

Total

Net earnings

​

$

24,359

​

$

16,563

​

$

27,595

​

$

7,169

​

$

(5,903)

​

$

69,783

Interest and other

​

​

(171)

​

​

(1,415)

​

​

42

​

​

(530)

​

​

(9,486)

​

​

(11,560)

Income taxes

​

​

7,341

​

​

5,182

​

​

8,294

​

​

721

​

​

(302)

​

​

21,236

Expenses associated with share-based compensation arrangements

​

​

1,860

​

​

1,623

​

​

1,846

​

​

163

​

​

5,326

​

​

10,818

Net loss (gain) on disposition and impairments of assets

​

​

940

​

​

861

​

​

451

​

​

18

​

​

(3,130)

​

​

(860)

Impairment of intangibles

​

​

1,250

​

​

4,229

​

​

—

​

​

—

​

​

—

​

​

5,479

Gain from reduction of estimated earnout liability

​

​

—

​

​

(605)

​

​

—

​

​

—

​

​

—

​

​

(605)

Depreciation expense

​

​

7,550

​

​

9,003

​

​

6,092

​

​

889

​

​

8,977

​

​

32,511

Amortization of intangibles

​

​

998

​

​

2,216

​

​

702

​

​

1,551

​

​

433

​

​

5,900

Adjusted EBITDA

​

$

44,127

​

$

37,657

​

$

45,022

​

$

9,981

​

$

(4,085)

​

$

132,702

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net earnings as a percentage of net sales

​

​

4.6%

​

​

4.4%

​

​

5.7%

​

​

9.7%

​

​

*

​

​

4.8%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted EBITDA as a percentage of net sales

​

​

8.4%

​

​

10.0%

​

​

9.2%

​

​

13.5%

​

​

*

​

​

9.1%

* Not meaningful

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

‌Page 8

Exhibit 99(a)

RECONCILIATION OF NET EARNINGS TO

ADJUSTED EBITDA BY SEGMENT (UNAUDITED)

FOR THE TWELVE MONTHS ENDED DECEMBER 2025/2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year to Date 2025

(In thousands)

​

Retail

​

Packaging

​

Construction

​

All Other

​

Corporate

​

Total

Net earnings

​

$

86,679

​

$

66,414

​

$

89,626

​

$

20,542

​

$

32,731

​

$

295,992

Interest and other

​

​

(303)

​

​

(678)

​

​

(11)

​

​

(8,180)

​

​

(19,168)

​

​

(28,340)

Income taxes

​

​

28,724

​

​

22,008

​

​

29,699

​

​

4,973

​

​

10,845

​

​

96,249

Expenses associated with share-based compensation arrangements

​

​

4,040

​

​

7,029

​

​

9,840

​

​

1,017

​

​

15,866

​

​

37,792

Net loss (gain) on disposition and impairments of assets

​

​

8,739

​

​

(2,887)

​

​

259

​

​

3,167

​

​

(8,550)

​

​

728

Impairment of intangibles

​

​

2,400

​

​

—

​

​

—

​

​

—

​

​

—

​

​

2,400

Gain from reduction of estimated earnout liability

​

​

—

​

​

(1,511)

​

​

(344)

​

​

(457)

​

​

—

​

​

(2,312)

Depreciation expense

​

​

30,438

​

​

36,706

​

​

25,863

​

​

4,165

​

​

41,188

​

​

138,360

Amortization of intangibles

​

​

3,630

​

​

8,562

​

​

2,909

​

​

5,980

​

​

1,610

​

​

22,691

Adjusted EBITDA

​

$

164,347

​

$

135,643

​

$

157,841

​

$

31,207

​

$

74,522

​

$

563,560

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net earnings as a percentage of net sales

​

​

3.6%

​

​

4.1%

​

​

4.5%

​

​

7.6%

​

​

*

​

​

4.7%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted EBITDA as a percentage of net sales

​

​

6.8%

​

​

8.5%

​

​

7.9%

​

​

11.5%

​

​

*

​

​

8.9%

* Not meaningful

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year to Date 2024

(In thousands)

​

Retail

​

Packaging

​

Construction

​

All Other

​

Corporate

​

Total

Net earnings

​

$

139,127

​

$

80,035

​

$

136,179

​

$

24,839

​

$

38,553

​

$

418,733

Interest and other

​

​

(557)

​

​

(101)

​

​

17

​

​

(9,356)

​

​

(37,916)

​

​

(47,913)

Income taxes

​

​

40,534

​

​

23,023

​

​

39,488

​

​

5,793

​

​

12,584

​

​

121,422

Expenses associated with share-based compensation arrangements

​

​

5,788

​

​

6,974

​

​

7,944

​

​

772

​

​

16,685

​

​

38,163

Net loss (gain) on disposition and impairments of assets

​

​

1,817

​

​

2,316

​

​

673

​

​

28

​

​

(4,156)

​

​

678

Impairment of intangibles

​

​

1,250

​

​

4,229

​

​

—

​

​

—

​

​

—

​

​

5,479

Gain from reduction of estimated earnout liability

​

​

—

​

​

(642)

​

​

(1,818)

​

​

—

​

​

—

​

​

(2,460)

Depreciation expense

​

​

28,877

​

​

34,603

​

​

23,124

​

​

3,338

​

​

34,699

​

​

124,641

Amortization of intangibles

​

​

3,992

​

​

8,840

​

​

2,810

​

​

6,124

​

​

1,755

​

​

23,521

Adjusted EBITDA

​

$

220,828

​

$

159,277

​

$

208,417

​

$

31,538

​

$

62,204

​

$

682,264

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net earnings as a percentage of net sales

​

​

5.4%

​

​

4.9%

​

​

6.4%

​

​

8.3%

​

​

*

​

​

6.3%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted EBITDA as a percentage of net sales

​

​

8.5%

​

​

9.7%

​

​

9.9%

​

​

10.6%

​

​

*

​

​

10.3%

* Not meaningful

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

‌Page 9

Exhibit 99(a)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

DECEMBER 2025/2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(In thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​ ​ ​

​

2025

​ ​ ​

​

2024

​ ​ ​

Liabilities and equity

​ ​ ​

​

2025

​ ​ ​

​

2024

​

Current assets

​

​

​

​

​

​

​

Current liabilities

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

914,199

​

$

1,171,828

​

Accounts payable

​

$

205,932

​

$

224,659

​

Restricted cash

​

​

10,872

​

​

7,766

​

Accrued liabilities and other

​

​

287,390

​

​

283,664

​

Investments

​

​

34,374

​

​

31,087

​

Current portion of debt

​

​

899

​

​

4,125

​

Accounts receivable

​

​

475,959

​

​

500,920

​

​

​

​

​

​

​

​

​

Inventories

​

​

722,020

​

​

720,824

​

Total current liabilities

​

​

494,221

​

​

512,448

​

Other current assets

​

​

111,228

​

​

70,600

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term debt and finance lease obligations

​

​

228,859

​

​

229,830

​

Total current assets

​

​

2,268,652

​

​

2,503,025

​

Other liabilities

​

​

211,106

​

​

158,669

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other assets

​

​

276,788

​

​

257,533

​

Temporary equity

​

​

4,463

​

​

5,366

​

Intangible assets, net

​

​

484,873

​

​

499,637

​

​

​

​

​

​

​

​

​

Property, plant and equipment, net

​

​

992,580

​

​

890,743

​

Shareholders' equity

​

​

3,084,244

​

​

3,244,625

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

4,022,893

​

$

4,150,938

​

Total liabilities and equity

​

$

4,022,893

​

$

4,150,938

​

​

​

​

‌Page 10

Exhibit 99(a)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE TWELVE MONTHS ENDED

DECEMBER 2025/2024

​	​	​	​	​	​	​	​
(In thousands)	​ ​ ​	​	2025	​ ​ ​	​	2024	​
Cash flows from operating activities:	​	​	​	​	​	​	​
Net earnings	​	$	295,992	​	$	418,733	​
Adjustments to reconcile net earnings to net cash from operating activities:	​	​	​	​	​	​	​
Depreciation	​	​	138,360	​	​	124,641	​
Amortization of intangibles	​	​	22,691	​	​	23,521	​
Expense associated with share-based and grant compensation arrangements	​	​	37,792	​	​	38,163	​
Deferred income taxes	​	​	49,915	​	​	(15,382)	​
Unrealized gain on investment and other	​	​	(2,431)	​	​	(1,217)	​
Impairment of investments	​	​	6,500	​	​	—	​
Equity in earnings of investee	​	​	(709)	​	​	(89)	​
Net loss on sale, disposition and impairment of assets	​	​	728	​	​	678	​
Impairment of intangibles	​	​	2,400	​	​	5,479	​
Gain from reduction of estimated earnout liability	​	​	(2,312)	​	​	(2,460)	​
Changes in:	​	​	​	​	​	​	​
Accounts receivable	​	​	27,464	​	​	47,070	​
Inventories	​	​	7,291	​	​	6,356	​
Accounts payable	​	​	(20,190)	​	​	22,394	​
Accrued liabilities and other	​	​	(17,754)	​	​	(25,316)	​
Net cash from operating activities	​	​	545,737	​	​	642,571	​
​	​	​	​	​	​	​	​
Cash flows used in investing activities:	​	​	​	​	​	​	​
Capital expenditures	​	​	(269,377)	​	​	(232,274)	​
Proceeds from sale of property, plant and equipment	​	​	31,472	​	​	11,501	​
Acquisitions and purchases of non-controlling interest, net of cash received	​	​	(17,626)	​	​	(29,830)	​
Purchases of investments	​	​	(38,767)	​	​	(55,397)	​
Proceeds from sale of investments	​	​	19,953	​	​	30,844	​
Other	​	​	1,104	​	​	4,406	​
Net cash used in investing activities	​	​	(273,241)	​	​	(270,750)	​
​	​	​	​	​	​	​	​
Cash flows used in financing activities:	​	​	​	​	​	​	​
Borrowings under revolving credit facilities	​	​	34,426	​	​	29,913	​
Repayments under revolving credit facilities	​	​	(38,133)	​	​	(32,256)	​
Repayments of debt	​	​	—	​	​	(40,000)	​
Repayment of debt on behalf of investee	​	​	—	​	​	(6,303)	​
Contingent consideration payments and other	​	​	(221)	​	​	(4,868)	​
Proceeds from issuance of common stock	​	​	2,471	​	​	2,811	​
Dividends paid to shareholders	​	​	(82,350)	​	​	(80,782)	​
Distributions to noncontrolling interest	​	​	(3,005)	​	​	(11,848)	​
Purchase of remaining noncontrolling interest of subsidiary	​	​	(549)	​	​	(4,902)	​
Payments to taxing authorities in connection with shares directly withheld from employees	​	​	(9,591)	​	​	(17,838)	​
Repurchase of common stock	​	​	(433,028)	​	​	(141,120)	​
Other	​	​	(163)	​	​	73	​
Net cash used in financing activities	​	​	(530,143)	​	​	(307,120)	​
​	​	​	​	​	​	​	​
Effect of exchange rate changes on cash	​	​	3,124	​	​	(7,363)	​
Net change in cash and cash equivalents	​	​	(254,523)	​	​	57,338	​
​	​	​	​	​	​	​	​
All cash and cash equivalents, beginning of period	​	​	1,179,594	​	​	1,122,256	​
​	​	​	​	​	​	​	​
All cash and cash equivalents, end of period	​	$	925,071	​	$	1,179,594	​
​	​	​	​	​	​	​	​
Reconciliation of cash and cash equivalents and restricted cash:	​	​	​	​	​	​	​
Cash and cash equivalents, beginning of period	​	$	1,171,828	​	$	1,118,329	​
Restricted cash, beginning of period	​	​	7,766	​	​	3,927	​
All cash and cash equivalents, beginning of period	​	$	1,179,594	​	$	1,122,256	​
​	​	​	​	​	​	​	​
Cash and cash equivalents, end of period	​	$	914,199	​	$	1,171,828	​
Restricted cash, end of period	​	​	10,872	​	​	7,766	​
All cash and cash equivalents, end of period	​	$	925,071	​	$	1,179,594	​

​

​

‌Page 11

Exhibit 99(a)

RECONCILIATION OF NET CASH FROM OPERATING

ACTIVITIES TO FREE CASH FLOW (UNAUDITED)

FOR THE TWELVE MONTHS ENDED DECEMBER 2025/2024

​

​

​	​	​	​	​	​	​	​
(In thousands)	​ ​ ​	​	2025	​ ​ ​	​	2024	​
Net cash from operating activities	​	$	545,737	​	$	642,571	​
Increase (decrease) in investment in net working capital	​	​	3,189	​	​	(50,504)	​
Maintenance capital expenditures(1)	​	​	(105,703)	​	​	(124,511)	​
Interest expense, net of taxes	​	​	8,238	​	​	9,852	​
Free cash flow	​	$	451,461	​	$	477,408	​
​	​	​	​	​	​	​	​
(1) Breakdown of capital expenditures from the condensed consolidated statements of cash flows:	​	​	​	​	​	​	​
Maintenance capital expenditures	​	$	105,703	​	$	124,511	​
Expansionary and efficiency capital expenditures	​	​	163,674	​	​	107,763	​
Total capital expenditures	​	$	269,377	​	$	232,274	​

​

‌Page 12

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99 EX-99(A) 1.3 MB

Other Documents

• EX-101 EX-101.SCH 2.6 KB
• EX-101 EX-101.LAB 14.9 KB
• EX-101 EX-101.PRE 9.8 KB