Valmont raises 2026 adjusted EPS outlook to $22.75–$23.75

Q: How much revenue did VMI report in the third quarter of 2026?

Valmont reported net sales of $1,103.8 million for the quarter ended September 26, 2026, up 5.5% from a year earlier. Net earnings attributable to Valmont were $121.1 million, a 22.2% year-over-year increase.

The adjusted diluted EPS range rises while the full-year net sales outlook stays at $4.3 to $4.45 billion.

Filing Impact

(High)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

Valmont Industries, Inc. (VMI) reported third-quarter net sales of $1,103.8 million for the quarter ended September 26, 2026, up 5.5% from a year earlier. Net earnings attributable to Valmont were $121.1 million, up 22.2%; diluted earnings per share was $6.24, compared with $4.98, and operating income rose 22.2% to $172.8 million. Valmont raised its full-year adjusted diluted EPS outlook to $22.75 to $23.75 from $22.25 to $23.50, while reaffirming full-year net sales outlook of $4.3 to $4.45 billion.

Infrastructure operating income increased to $154.8 million from $143.4 million; North America Utility and Coatings sales rose 23.0% and 13.8%. Agriculture sales decreased 6.4% as international sales fell 25.3%, while North America sales grew 15.8%; Agriculture operating income was $40.1 million, compared with $23.2 million. President and CEO Avner M. Applbaum said capacity investments are focused on higher throughput and productivity. Management also cited higher steel and zinc costs and said the pace of margin expansion depends partly on how quickly input costs stabilize. Backlog was $2,007.8 million as of September 26, 2026, compared with $1,653.7 million as of December 27, 2025.

3 points · 1 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

Major point. Forward-looking: it has not happened yet and may not happen.Full-year adjusted diluted EPS outlook rose to $22.75–$23.75.
Moderate pointThird-quarter net sales increased 5.5% to $1,103.8 million.
Moderate pointThird-quarter net earnings attributable to Valmont rose 22.2% to $121.1 million.

Negative

Moderate pointAgriculture segment sales decreased 6.4% year over year.

Filing Explained

The furnished earnings release reports Valmont had $122,045 thousand in cash at September 26, 2026, versus $187,140 thousand at December 27, 2025, and year-to-date operating cash flow was $352,075 thousand, while financing used $296,007 thousand, including $199,859 thousand for repurchases and $43,091 thousand for dividends.

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.

Key Figures

Net sales: $1,103.8 million Net earnings attributable to Valmont: $121.1 million Operating income: $172.8 million +3 more

6 metrics

Net sales $1,103.8 million Third quarter ended September 26, 2026; up 5.5% year over year

Net earnings attributable to Valmont $121.1 million Third quarter 2026; up 22.2% year over year

Operating income $172.8 million Third quarter 2026; up 22.2% year over year

Diluted earnings per share $6.24 per share Third quarter 2026; compared with $4.98 a year earlier

Adjusted diluted EPS outlook $22.75 to $23.75 per share Full-year 2026 outlook; raised from $22.25 to $23.50

Backlog $2,007.8 million As of September 26, 2026; compared with $1,653.7 million as of December 27, 2025

Key Terms

Adjusted EBITDA, leverage ratio, redeemable noncontrolling interests, contract assets

4 terms

Adjusted EBITDA financial

"Adjusted EBITDA"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

leverage ratio financial

"Leverage ratio"

Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.

redeemable noncontrolling interests financial

"change in redemption value of redeemable noncontrolling interests"

A redeemable noncontrolling interest is a minority ownership stake in a company that the holder can force the company to buy back at a set price or under certain conditions. For investors this matters because it creates a future cash obligation and can be treated more like a liability than permanent equity, affecting a company’s reported debt, net income and valuation — think of it as a part-owner who can cash out, forcing the business to pay them.

contract assets financial

"Contract assets"

Contract assets are amounts a company has earned by doing work or delivering goods under a customer agreement but has not yet billed or collected because certain contract conditions remain. Think of it as completed work sitting in a company’s toolbox waiting for an invoice trigger. For investors, growing contract assets signal future cash and revenue potential but also raise questions about timing, cash collection risk and the real strength of reported sales.

Earnings Snapshot

Net sales: $1,103.8 million · Guidance included

Third quarter ended September 26, 2026

Net sales $1,103.8 million Up 5.5% year over year

Net earnings attributable to Valmont $121.1 million Up 22.2% year over year

Diluted earnings per share $6.24 per share Up 25.3% year over year

Adjusted diluted EPS outlook $22.75 to $23.75 per share Raised from $22.25 to $23.50

Guidance

Full-year 2026 net sales outlook reaffirmed at $4.3 to $4.45 billion.

FAQ

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

How much revenue did VMI report in the third quarter of 2026?

Valmont reported net sales of $1,103.8 million for the quarter ended September 26, 2026, up 5.5% from a year earlier. Net earnings attributable to Valmont were $121.1 million, a 22.2% year-over-year increase.

What is VMI's updated 2026 adjusted EPS guidance?

Valmont raised its full-year adjusted diluted EPS outlook to $22.75 to $23.75, from $22.25 to $23.50. The company reaffirmed its full-year net sales outlook at $4.3 to $4.45 billion.

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

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Available on EDGAR 10/20/2026 - 07:05 AM EDT Accepted by SEC EDGAR 10/20/2026 - 07:05 AM EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

October 20, 2026

Date of Report (Date of earliest event reported)

Valmont Industries, Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

1-31429		47-0351813
(Commission File Number)		(IRS Employer Identification No.)

15000 Valmont Plaza		68154
Omaha, Nebraska
(Address of principal executive offices)		(Zip Code)

(402) 963-1000

Registrant's telephone number, including area code

N/A

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

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 (see General Instruction A.2. below):

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

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

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

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

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	VMI	New York Stock Exchange

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).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02. Results of Operations and Financial Condition.

Valmont Industries, Inc. issued a press release on October 20, 2026 announcing its financial results for its fiscal quarter ended September 26, 2026. The press release is furnished with this Form 8-K as Exhibit 99.1.

The information in Item 2.02 is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in Item 2.02 shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.


Exhibit No.		Description
99.1		Earnings Press Release dated October 20, 2026
104		Cover Page Interactive File (the cover page XBRL tags are embedded in the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		VALMONT INDUSTRIES, INC.

		By:	/s/ JOHN SCHWIETZ
		Name:	John Schwietz
		Title:	Executive Vice President and Chief Financial Officer

Date: October 20, 2026

Exhibit 99.1


		FOR IMMEDIATE RELEASE

Contact:	Renee Campbell
Email:	renee.campbell@valmont.com
Date:	October 20, 2026

Valmont Reports Third Quarter 2026 Results and Raises Full-Year 2026
Adjusted EPS Guidance

OMAHA, Neb.-- 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 third quarter ended September 26, 2026.

President and Chief Executive Officer Avner M. Applbaum commented, “We delivered another quarter of sales and earnings growth. Higher sales in North America Utility and Coatings reinforce our confidence in the strength and durability of the infrastructure market. To support continued infrastructure demand, we are focused on increasing capacity and improving throughput, with a continued focus on reliable delivery and disciplined execution. In Agriculture, we delivered sales growth in North America despite broader market softness. Our focus remains on deepening strategic customer relationships and expanding our higher-value aftermarket and technology solutions, positioning the business for stronger growth as market conditions improve.

“Given our results, we are raising our adjusted earnings per share guidance range. As we finish 2026 and prepare for 2027, we are focused on turning our capacity investments into higher throughput and improved productivity across the Infrastructure segment. At the same time, we are taking pricing actions and applying contractual pass-throughs to recover higher steel and zinc costs. The pace of margin expansion depends in part on how quickly input costs stabilize. Strong customer demand in Utility and Coatings, together with our investments and operating improvements across Infrastructure and Agriculture support our confidence in the objectives presented at our 2026 Investor Day.”

Third Quarter 2026 Highlights (all metrics compared to Third Quarter 2025 unless otherwise noted)

●	Net sales increased 5.5% to $1.10 billion, compared to $1.05 billion

●	Operating income increased 22.2% to $172.8 million or 15.7% of net sales, compared to $141.5 million or 13.5% of net sales

●	Diluted earnings per share increased 25.3% to $6.24, compared to $4.98

●	Generated operating cash flow of $100.5 million; cash and cash equivalents were $122.0 million and net leverage ratio¹ was ~0.9x

●	Returned $97.2 million to shareholders through $82.3 million in share repurchases and $14.9 million in dividends

●	Invested $45.6 million in capital expenditures to primarily support growth-related capacity expansion in the North America Utility product line

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

Key Financial Metrics


Third Quarter 2026		GAAP								Adjusted¹
(In thousands, except per-share amounts)		9/26/2026			9/27/2025						9/26/2026			9/27/2025
		Q3 2026			Q3 2025			vs. Q3 2025			Q3 2026			Q3 2025			vs. Q3 2025
Net Sales		$	1,103,801		$	1,045,980		5.5%			$	1,103,801		$	1,045,980		5.5%
Gross Profit			331,384			318,246		4.1%				331,384			318,246		4.1%
Gross Profit as a % of Net Sales			30.0%			30.4%						30.0%			30.4%
Operating Income			172,834			141,456		22.2%				172,834			141,456		22.2%
Operating Income as a % of Net Sales			15.7%			13.5%						15.7%			13.5%
Net Earnings Attributable to VMI			121,053			99,031		22.2%				121,053			99,031		22.2%
Diluted Earnings per Share			6.24			4.98		25.3%				6.24			4.98		25.3%
Weighted Average Shares Outstanding			19,391			19,876						19,391			19,876


Year-to-Date 2026		GAAP								Adjusted¹
(In thousands, except per-share amounts)		9/26/2026			9/27/2025						9/26/2026			9/27/2025
		YTD 2026			YTD 2025			vs. YTD 2025			YTD 2026			YTD 2025			vs. YTD 2025
Net Sales		$	3,251,687		$	3,065,842		6.1%			$	3,251,687		$	3,065,842		6.1%
Gross Profit			989,079			930,515		6.3%				989,079			932,109		6.1%
Gross Profit as a % of Net Sales			30.4%			30.4%						30.4%			30.4%
Operating Income			494,571			299,046		65.4%				494,571			411,126		20.3%
Operating Income as a % of Net Sales			15.2%			9.8%						15.2%			13.4%
Net Earnings Attributable to VMI²			349,004			156,029		123.7%				349,004			283,490		23.1%
Diluted Earnings per Share			17.88			7.80		129.2%				17.88			14.17		26.2%
Weighted Average Shares Outstanding			19,516			20,001						19,516			20,001

²Fiscal 2025 net earnings attributable to Valmont Industries, Inc. including a change in redemption value of redeemable noncontrolling interests of $26,243

Third Quarter 2026 Segment Review (all metrics compared to Third Quarter 2025 unless otherwise noted)

Infrastructure (79.7% 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 9.1% to $882.1 million, compared to $808.3 million.

North America Utility sales increased 23.0%, driven by higher pricing and volumes, supported by strong market demand. North America Coatings sales grew 13.8%, supported by broader infrastructure demand. International sales increased primarily due to pricing actions and favorable foreign currency impacts. These increases were partially offset by significantly lower volumes in North America Telecommunications, reflecting lower carrier spend as customers shifted capital allocation priorities.

Operating income increased to $154.8 million or 17.6% of net sales, compared to $143.4 million or 17.8% of net sales. Higher pricing and volumes in North America Utility and Coatings were partially offset by higher material costs, primarily steel and zinc, costs associated with ramping Utility capacity, and lower North America Telecom volumes.

Agriculture (20.3% 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 6.4% to $226.0 million, compared to $241.3 million.

North America sales increased 15.8%, driven by higher volumes, including storm replacement activity and favorable pricing. International sales decreased 25.3%, primarily due to lower volumes in the Middle East and Brazil.

Operating income increased to $40.1 million or 17.9% of net sales, compared to $23.2 million or 9.7% of net sales. Lower credit losses in Brazil and higher North America volumes contributed to the year-over-year increase, partially offset by lower international volumes.

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

Full-Year 2026 Financial Outlook and Key Assumptions

The Company is reaffirming its full-year 2026 net sales outlook and raising its adjusted diluted EPS outlook. Key assumptions have also been updated.


Metric	Previous Outlook	Updated Outlook
Net Sales	$4.3 to $4.45 billion	No change
Infrastructure Net Sales	$3.4 to $3.5 billion	No change
Agriculture Net Sales	$0.9 to $0.95 billion	No change
Adjusted Diluted Earnings per Share	$22.25 to $23.50	$22.75 to $23.75
Capital Expenditures	$170 to $200 million	No change
Adjusted Effective Tax Rate	~26.0%	No change

Key Assumptions

●

Steel cost assumptions are aligned with markets as of October 16, 2026

●

Foreign currency assumptions are based on FX rates as of October 16, 2026

●

This outlook includes the current tariffs as of October 16, 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, October 20, 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 3Q 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 13756346. The replay will be available until 10:59 p.m. CT on Tuesday, October 27, 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

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

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.

###

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

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

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

(Unaudited)


	Thirteen weeks ended						Thirty-nine weeks ended
	September 26,			September 27,			September 26,			September 27,
	2026			2025			2026			2025
Net sales	$	1,103,801		$	1,045,980		$	3,251,687		$	3,065,842
Cost of sales		772,417			727,734			2,262,608			2,135,327
Gross profit		331,384			318,246			989,079			930,515
Selling, general, and administrative expenses		158,550			176,790			494,508			531,248
Impairment of long-lived assets		—			—			—			91,337
Realignment charges		—			—			—			8,884
Operating income		172,834			141,456			494,571			299,046
Other income (expenses):
Interest expense		(9,306)			(9,738)			(28,147)			(30,396)
Interest income		1,274			1,588			3,922			6,550
Gain on deferred compensation investments		793			1,187			3,021			2,730
Other, net		(2,310)			(2,956)			(2,468)			(9,361)
Total other expenses		(9,549)			(9,919)			(23,672)			(30,477)
Earnings before income taxes and equity method investment loss		163,285			131,537			470,899			268,569
Income tax expense		41,821			30,424			120,925			83,503
Equity method investment loss		—			(21)			(264)			(602)
Net earnings		121,464			101,092			349,710			184,464
Earnings attributable to redeemable noncontrolling interests		(411)			(2,061)			(706)			(2,192)
Net earnings attributable to Valmont Industries, Inc.	$	121,053		$	99,031		$	349,004		$	182,272

Weighted average shares outstanding - Basic		19,232			19,736			19,357			19,864
Earnings per share - Basic	$	6.29		$	5.02		$	18.03		$	7.85	¹

Weighted average shares outstanding - Diluted		19,391			19,876			19,516			20,001
Earnings per share - Diluted	$	6.24		$	4.98		$	17.88		$	7.80	¹

Cash dividends per share	$	0.77		$	0.68		$	2.31		$	2.04

¹Fiscal 2025 basic and diluted earnings 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						Thirty-nine weeks ended
	September 26,			September 27,			September 26,			September 27,
	2026			2025			2026			2025
Infrastructure
Net sales	$	879,586		$	806,562		$	2,559,484		$	2,273,145
Gross profit		255,371			239,426			764,202			680,184
as a percentage of net sales		29.0%			29.7%			29.9%			29.9%
Selling, general, and administrative expenses		100,532			96,049			311,964			302,899
as a percentage of net sales		11.4%			11.9%			12.2%			13.3%
Impairment of long-lived assets		—			—			—			89,356
Realignment charges		—			—			—			1,426
Operating income		154,839			143,377			452,238			286,503
as a percentage of net sales		17.6%			17.8%			17.7%			12.6%

Agriculture
Net sales	$	224,215		$	239,418		$	692,203		$	792,697
Gross profit		76,013			78,820			224,877			250,331
as a percentage of net sales		33.9%			32.9%			32.5%			31.6%
Selling, general, and administrative expenses		35,864			55,631			111,342			149,987
as a percentage of net sales		16.0%			23.2%			16.1%			18.9%
Impairment of long-lived assets		—			—			—			1,981
Realignment charges		—			—			—			2,886
Operating income		40,149			23,189			113,535			95,477
as a percentage of net sales		17.9%			9.7%			16.4%			12.0%

Corporate
Selling, general, and administrative expenses	$	22,154		$	25,110		$	71,202		$	78,362
Realignment charges		—			—			—			4,572
Operating loss		(22,154)			(25,110)			(71,202)			(82,934)

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 September 26, 2026
		Infrastructure			Agriculture		Intersegment			Consolidated
Geographical Market:
North America		$	721,751		$	128,920	$	(4,285)		$	846,386
International			160,338			97,077		—			257,415
Total sales		$	882,089		$	225,997	$	(4,285)		$	1,103,801

Product Line:
North America Utility		$	469,622		$	—	$	—		$	469,622
North America Lighting and Transportation			127,471			—		—			127,471
North America Coatings			69,713			—		(2,503)			67,210
North America Telecommunications			54,885			—		—			54,885
International Infrastructure and Solar			160,398			—		—			160,398
Agriculture			—			225,997		(1,782)			224,215
Total sales		$	882,089		$	225,997	$	(4,285)		$	1,103,801


		Thirteen weeks ended September 27, 2025
		Infrastructure			Agriculture		Intersegment			Consolidated
Geographical Market:
North America		$	656,285		$	111,334	$	(3,638)		$	763,981
International			152,000			130,004		(5)			281,999
Total sales		$	808,285		$	241,338	$	(3,643)		$	1,045,980

Product Line:
North America Utility		$	381,657		$	—	$	—		$	381,657
North America Lighting and Transportation			130,369			—		—			130,369
North America Coatings			61,251			—		(1,718)			59,533
North America Telecommunications			82,926			—		—			82,926
International Infrastructure and Solar			152,082			—		(5)			152,077
Agriculture			—			241,338		(1,920)			239,418
Total sales		$	808,285		$	241,338	$	(3,643)		$	1,045,980

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Dollars in thousands)

(Unaudited)


		Thirty-nine weeks ended September 26, 2026
		Infrastructure			Agriculture		Intersegment			Consolidated
Geographical Market:
North America		$	2,103,093		$	407,670	$	(11,956)		$	2,498,807
International			463,858			289,022		—			752,880
Total sales		$	2,566,951		$	696,692	$	(11,956)		$	3,251,687

Product Line:
North America Utility		$	1,350,544		$	—	$	—		$	1,350,544
North America Lighting and Transportation			376,625			—		—			376,625
North America Coatings			201,884			—		(7,467)			194,417
North America Telecommunications			173,374			—		—			173,374
International Infrastructure and Solar			464,524			—		—			464,524
Agriculture			—			696,692		(4,489)			692,203
Total sales		$	2,566,951		$	696,692	$	(11,956)		$	3,251,687


		Thirty-nine weeks ended September 27, 2025
		Infrastructure			Agriculture		Intersegment			Consolidated
Geographical Market:
North America		$	1,849,918		$	391,292	$	(12,079)		$	2,229,131
International			430,113			406,737		(139)			836,711
Total sales		$	2,280,031		$	798,029	$	(12,218)		$	3,065,842

Product Line:
North America Utility		$	1,055,681		$	—	$	—		$	1,055,681
North America Lighting and Transportation			388,257			—		—			388,257
North America Coatings			176,143			—		(6,747)			169,396
North America Telecommunications			224,063			—		—			224,063
International Infrastructure and Solar			435,887			—		(139)			435,748
Agriculture			—			798,029		(5,332)			792,697
Total sales		$	2,280,031		$	798,029	$	(12,218)		$	3,065,842

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)


	September 26,			December 27,
	2026			2025
ASSETS
Current assets:
Cash and cash equivalents	$	122,045		$	187,140
Receivables, net		651,738			590,127
Inventories		644,813			566,396
Contract assets		303,996			266,922
Prepaid expenses and other current assets		112,744			109,063
Total current assets		1,835,336			1,719,648
Property, plant, and equipment, net		716,289			673,863
Goodwill and other non-current assets		989,249			975,818
Total assets	$	3,540,874		$	3,369,329

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt	$	152		$	513
Mandatorily redeemable financial instrument		—			8,922
Accounts payable		406,475			359,539
Accrued expenses		265,392			284,751
Contract liabilities		64,911			52,013
Income taxes payable		9,306			12,604
Dividends payable		14,737			13,278
Total current liabilities		760,973			731,620
Long-term debt, excluding current installments		756,141			795,150
Operating lease liabilities		139,358			130,007
Other non-current liabilities		115,545			70,267
Total liabilities		1,772,017			1,727,044
Redeemable noncontrolling interests		9,236			9,498
Shareholders' equity		1,759,621			1,632,787
Total liabilities, redeemable noncontrolling interests, and shareholders' equity	$	3,540,874		$	3,369,329

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)


	Thirty-nine weeks ended
	September 26,			September 27,
	2026			2025
Cash flows from operating activities:
Net earnings	$	349,710		$	184,464
Depreciation and amortization		72,860			65,429
Contribution to defined benefit pension plan		(886)			(3,155)
Impairment of long-lived assets		9,629			91,337
Changes in assets and liabilities		(127,397)			(18,745)
Other, net		48,159			25,913
Net cash flows from operating activities		352,075			345,243
Cash flows from investing activities:
Purchases of property, plant, and equipment		(116,077)			(104,230)
Acquisitions, net of cash acquired		(11,470)			—
Other, net		5,676			(81)
Net cash flows from investing activities		(121,871)			(104,311)
Cash flows from financing activities:
Net repayments on short-term borrowings		—			(1,652)
Proceeds from long-term borrowings		120,665			130,000
Principal repayments on long-term borrowings		(160,590)			(130,531)
Dividends paid		(43,091)			(39,085)
Purchases of redeemable noncontrolling interests		(8,922)			(14,624)
Repurchases of common stock		(199,859)			(125,839)
Other, net		(4,210)			(4,438)
Net cash flows from financing activities		(296,007)			(186,169)
Effect of exchange rates on cash and cash equivalents		708			7,029
Net change in cash and cash equivalents		(65,095)			61,792
Cash and cash equivalents—beginning of period		187,140			164,315
Cash and cash equivalents—end of period	$	122,045		$	226,107

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 September 27, 2025
Gross Profit Reconciliation	Infrastructure		Agriculture		Corporate		Consolidated
Gross profit - as reported	$	239,426	$	78,820	$	—	$	318,246
Adjusted gross profit	$	239,426	$	78,820	$	—	$	318,246
Net sales - as reported		806,562		239,418		—		1,045,980

Gross profit as a % of net sales		29.7%		32.9%		NM		30.4%
Adjusted gross profit as a % of net sales		29.7%		32.9%		NM		30.4%


	Thirty-nine weeks ended September 27, 2025
Gross Profit Reconciliation	Infrastructure		Agriculture		Corporate		Consolidated
Gross profit - as reported	$	680,184	$	250,331	$	—	$	930,515
Realignment charges		910		—		—		910
Other non-recurring charges		—		684		—		684
Adjusted gross profit	$	681,094	$	251,015	$	—	$	932,109
Net sales - as reported		2,273,145		792,697		—		3,065,842

Gross profit as a % of net sales		29.9%		31.6%		NM		30.4%
Adjusted gross profit as a % of net sales		30.0%		31.7%		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 September 27, 2025
Operating Income (Loss) Reconciliation	Infrastructure		Agriculture		Corporate		Consolidated
Operating income (loss) - as reported	$	143,377	$	23,189	$	(25,110)	$	141,456
Adjusted operating income (loss)	$	143,377	$	23,189	$	(25,110)	$	141,456
Net sales - as reported		806,562		239,418		—		1,045,980

Operating income (loss) as a % of net sales		17.8%		9.7%		NM		13.5%
Adjusted operating income (loss) as a % of net sales		17.8%		9.7%		NM		13.5%


	Thirty-nine weeks ended September 27, 2025
Operating Income (Loss) Reconciliation	Infrastructure		Agriculture		Corporate		Consolidated
Operating income (loss) - as reported	$	286,503	$	95,477	$	(82,934)	$	299,046
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)	$	385,226	$	104,262	$	(78,362)	$	411,126
Net sales - as reported		2,273,145		792,697		—		3,065,842

Operating income (loss) as a % of net sales		12.6%		12.0%		NM		9.8%
Adjusted operating income (loss) as a % of net sales		16.9%		13.2%		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				Thirty-nine
	weeks ended		Diluted		weeks ended		Diluted
	September 27,		earnings		September 27,		earnings
	2025		per share¹		2025		per share¹
Net earnings attributable to Valmont Industries,
Inc. including change in redemption value of
redeemable noncontrolling interests - as reported	$	99,031	$	4.98	$	156,029	$	7.80
Less: Change in redemption value of redeemable
noncontrolling interests		—		—		26,243		1.31
Net earnings attributable to Valmont Industries, Inc.		99,031		4.98		182,272		9.11
Impairment of long-lived assets³		—		—		91,337		4.57
Realignment charges⁴		—		—		9,794		0.49
Other non-recurring charges⁵		—		—		10,949		0.55
Total adjustments, pre-tax		—		—		112,080		5.60
Tax effect of adjustments²		—		—		(10,862)		(0.54)
Net earnings attributable to Valmont Industries, Inc. -
adjusted	$	99,031	$	4.98	$	283,490	$	14.17
Average shares outstanding - diluted				19,876				20,001

¹Diluted earnings per share includes rounding.

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

³The 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.

⁴The Company took realignment actions resulting in pre-tax charges of $9.8 million, primarily severance-related.

⁵Other 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
	September 26,
	2026
Net cash flows from operating activities	$	463,316
Interest expense		38,293
Income tax expense		61,286
Impairment of long-lived assets		(9,629)
Deferred income taxes		(4,458)
Redeemable noncontrolling interests		(1,929)
Net periodic pension cost		(3,481)
Contribution to defined benefit pension plan		890
Changes in assets and liabilities		191,076
Other, net		(255)
Impairment of long-lived assets		9,629
Realignment activities		6,272
Pro forma acquisition adjustment		2,030
Adjusted EBITDA	$	753,040

Net earnings attributable to Valmont Industries, Inc.	$	517,005
Interest expense		38,293
Income tax expense		61,286
Depreciation and amortization		95,940
Stock-based compensation		22,585
Impairment of long-lived assets		9,629
Realignment activities		6,272
Pro forma acquisition adjustment		2,030
Adjusted EBITDA	$	753,040

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

REGULATION G RECONCILIATION OF LEVERAGE RATIO

(Dollars in thousands)

(Unaudited)


		September 26,
		2026
Interest-bearing debt, excluding origination fees and discounts of $24,335		$	780,628
Less: Cash and cash equivalents in excess of $50,000			72,045
Net indebtedness		$	708,583
Adjusted EBITDA			753,040
Leverage ratio			0.94

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

BACKLOG

(Dollars in millions)

(Unaudited)


		September 26,			December 27,
		2026			2025
Infrastructure		$	1,808.2		$	1,548.3
Agriculture			199.6			105.4
Total backlog		$	2,007.8		$	1,653.7

Source: View Original Filing on SEC EDGAR

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