Valmont Industries (NYSE: VMI) boosts 2026 forecast after Q2 EPS reaches $6.14

Rhea-AI Filing Summary

Valmont Industries reported strong second quarter 2026 results, with net sales of $1,118,689,000, up 6.5% from a year earlier. GAAP operating income rose to $166,111,000 from $29,276,000, and net earnings attributable to Valmont reached $119,918,000, compared with a prior-year loss. Diluted EPS was $6.14 versus a $(1.53) loss; on an adjusted basis, EPS increased 25.8% to $6.14 from $4.88.

Infrastructure, which represented 78.4% of net sales, grew sales 14.8% to $878.9 million, led by 33.9% growth in North America Utility and 16.6% in North America Coatings; segment operating margin improved to 17.6%. Agriculture sales declined 15.8% to $243.7 million, including a 28.9% drop in international sales tied to disruptions from the Middle East conflict, though operating margin increased to 16.5%.

For full-year 2026, Valmont raised its outlook, now expecting net sales of $4.3–$4.45 billion (Infrastructure $3.4–$3.5 billion) and diluted EPS of $22.25–$23.50, while maintaining capital expenditure guidance of $170–$200 million and an expected effective tax rate of about 26%.

Positive

• Q2 2026 profitability rebounded sharply, with net earnings attributable to Valmont at $119,918,000 versus a prior-year loss and diluted EPS at $6.14 compared with $(1.53), while adjusted EPS rose 25.8% to $6.14 from $4.88.
• Infrastructure segment drove growth and margin expansion, with sales up 14.8% to $878.9 million and operating margin improving to 17.6% of net sales, supported by 33.9% growth in North America Utility and 16.6% in North America Coatings.
• Full-year 2026 guidance was raised, with net sales now expected at $4.3–$4.45 billion (Infrastructure $3.4–$3.5 billion) and diluted EPS guided to $22.25–$23.50, signaling higher anticipated revenue and earnings.
• Balance sheet and cash generation appear solid, with four-quarter adjusted EBITDA of $717,828,000, a leverage ratio of 0.93 based on net indebtedness of $666,156,000, and year-to-date operating cash flows of $251,583,000.

Negative

• Agriculture segment revenue weakened, with Q2 2026 sales down 15.8% to $243.7 million, including a 28.9% decline in international sales driven primarily by disruptions associated with the ongoing Middle East conflict.
• International Agriculture softness offsets some Infrastructure strength, as North America irrigation sales decreased 2.3% amid continued agriculture market softness, highlighting ongoing demand challenges in that segment.

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, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Net Sales: $1,118,689,000 Q2 2026 Diluted EPS: $6.14 Q2 2026 Infrastructure Net Sales: $878,941,000 +5 more

8 metrics

Q2 2026 Net Sales $1,118,689,000 Thirteen weeks ended June 27, 2026 net sales, up 6.5% vs Q2 2025

Q2 2026 Diluted EPS $6.14 Diluted earnings per share for Q2 2026 vs $(1.53) in Q2 2025 GAAP

Q2 2026 Infrastructure Net Sales $878,941,000 Infrastructure segment sales for Q2 2026, 14.8% higher than Q2 2025

Q2 2026 Agriculture Net Sales $243,700,000 Agriculture segment sales for Q2 2026, down 15.8% from Q2 2025

Full-Year 2026 EPS Outlook $22.25–$23.50 Updated diluted earnings per share guidance range for 2026

Adjusted EBITDA $717,828,000 Adjusted EBITDA for the four fiscal quarters ended June 27, 2026

Leverage Ratio 0.93 Net indebtedness of $666,156,000 divided by adjusted EBITDA of $717,828,000

Total Backlog $1,674.9 million Backlog at June 27, 2026, including $1,583.6 million Infrastructure and $91.3 million Agriculture

Key Terms

adjusted EBITDA, redeemable noncontrolling interests, impairment of long-lived assets, realignment charges, +2 more

6 terms

adjusted EBITDA financial

"Adjusted EBITDA | ​ | $ | 717,828"

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.

redeemable noncontrolling interests financial

"change in redemption value of redeemable noncontrolling interests of $26,243"

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.

impairment of long-lived assets financial

"Impairment of long-lived assets | ​ | ​ | — | ​ | ​ | 91,337"

An impairment of long-lived assets occurs when a company concludes that a physical or intangible asset—like a building, equipment, or a patent—is worth less than its recorded value on the books, so the company writes down that asset to its recoverable amount. For investors this matters because such write-downs reduce reported profits and company net worth, signaling potential problems with future cash flow or that management overpaid for assets; think of it like recognizing that a car you bought has lost more value than you expected.

realignment charges financial

"Realignment charges | ​ | ​ | — | ​ | ​ | 8,884"

leverage ratio financial

"Leverage ratio | ​ | | 0.93"

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.

backlog financial

"Total backlog | ​ | $ | 1,674.9 | ​ | $ | 1,653.7"

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

Earnings Snapshot

Q2 2026 Net Sales: $1,118,689,000 · Guidance included

Thirteen and twenty-six weeks ended June 27, 2026

Q2 2026 Net Sales $1,118,689,000 Increased 6.5% vs Q2 2025 net sales of $1,050,548,000

Q2 2026 Operating Income (GAAP) $166,111,000 Up 467.4% vs Q2 2025 GAAP operating income of $29,276,000; 17.5% growth vs adjusted Q2 2025 operating income of $141,356,000

Q2 2026 Net Earnings Attributable to Valmont $119,918,000 Improved from a Q2 2025 net loss attributable to Valmont of $(30,263,000); adjusted growth of 23.4% vs $97,198,000

Q2 2026 Diluted EPS $6.14 Improved from a $(1.53) loss per share GAAP; adjusted EPS up 25.8% from $4.88 in Q2 2025

Year-to-Date 2026 Net Sales $2,147,886,000 Up 6.3% vs $2,019,862,000 for the twenty-six weeks ended June 28, 2025

Guidance

For full-year 2026, Valmont now expects net sales of $4.3–$4.45 billion, including Infrastructure $3.4–$3.5 billion and Agriculture $0.9–$0.95 billion, with diluted EPS raised to a range of $22.25–$23.50.

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Available on EDGAR 07/21/2026 - 07:10 AM Accepted by SEC EDGAR 07/21/2026 - 07:10 AM Learn about SEC filing dates

FAQ

How did Valmont Industries (VMI) perform financially in Q2 2026?

Valmont reported Q2 2026 net sales of $1,118,689,000, up 6.5% year over year. GAAP operating income rose to $166,111,000, and net earnings attributable to Valmont were $119,918,000, producing diluted EPS of $6.14 versus a $(1.53) loss in Q2 2025.

What were Valmont Industries (VMI) segment results for Infrastructure and Agriculture?

Infrastructure generated $878.9 million in Q2 2026 sales, up 14.8%, with operating margin at 17.6%. Agriculture sales fell 15.8% to $243.7 million, including a 28.9% drop in international sales, though its operating margin improved to 16.5% from 12.5%.

How did Valmont Industries (VMI) update its full-year 2026 outlook?

Valmont raised 2026 guidance to net sales of $4.3–$4.45 billion and diluted EPS of $22.25–$23.50. Infrastructure sales are now expected at $3.4–$3.5 billion, while Agriculture net sales guidance of $0.9–$0.95 billion and capital expenditures of $170–$200 million remain unchanged.

What challenges did Valmont Industries (VMI) report in its Agriculture business?

Agriculture faced 15.8% lower Q2 2026 sales, with international revenue down 28.9% due to disruptions from the ongoing Middle East conflict. North America irrigation sales decreased 2.3% amid continued market softness, though pricing, cost management, and margin performance partially offset volume pressure.

What is Valmont Industries (VMI) leverage and cash flow position?

Over the four fiscal quarters ended June 27, 2026, Valmont generated adjusted EBITDA of $717,828,000 and reported a leverage ratio of 0.93, based on net indebtedness of $666,156,000. Year-to-date 2026 net cash flows from operating activities totaled $251,583,000.

How large is Valmont Industries (VMI) backlog as of June 27, 2026?

Valmont reported a total backlog of $1,674.9 million at June 27, 2026, consisting of $1,583.6 million in Infrastructure and $91.3 million in Agriculture, compared with $1,653.7 million in total backlog at December 27, 2025.

0000102729false00001027292026-07-212026-07-21

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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

July 21, 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.

☐

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​

​

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Item 2.02. Results of Operations and Financial Condition.

Valmont Industries, Inc. issued a press release on July 21, 2026 announcing its financial results for its fiscal quarter ended June 27, 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 July 21, 2026
104	​	Cover Page Interactive File (the cover page XBRL tags are embedded in the Inline XBRL document)

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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: July 21, 2026

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Exhibit 99.1

​	​	​
​		FOR IMMEDIATE RELEASE
​	​	​
Contact:	Renee Campbell		​
Email:	renee.campbell@valmont.com	​
Date:	July 21, 2026	​

Valmont Reports Second Quarter 2026 Results
and Raises Full-Year 2026 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 second quarter ended June 27, 2026.

President and Chief Executive Officer Avner M. Applbaum commented, “Valmont delivered solid second quarter results, demonstrating the execution of our strategy and the strength of our market-leading businesses. In North America Utility and Coatings, commercial excellence, pricing discipline, and ongoing investments in capacity and operations drove another quarter of strong performance. Building on this momentum, we will continue strengthening our operations while leveraging our competitive advantages to capture the significant opportunities ahead. In Agriculture, we continue to navigate challenging market conditions through pricing discipline, operational execution, and cost management while investing in aftermarket solutions and technologies that improve grower productivity and reinforce our competitive advantage. These investments position the business to accelerate growth as market conditions improve.

“During the quarter, we hosted our Investor Day and outlined a clear roadmap for profitable growth, margin expansion, disciplined resource allocation, and higher returns on invested capital. The progress we’ve made this quarter reinforces our confidence in that path and our ability to deliver sustainable long-term value for our shareholders.”

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

● Net sales increased 6.5% to $1.12 billion, compared to $1.05 billion

● Operating income increased to $166.1 million or 14.8% of net sales, compared to $29.3 million or 2.8% of net sales ($141.4 million or 13.5% adjusted¹)

● Diluted earnings (loss) per share increased to $6.14, compared to ($1.53) or $4.88 adjusted¹

● Generated operating cash flow of $148.1 million; cash and cash equivalents were $139.1 million and net leverage ratio¹ was ~1.0x

● Returned $74.9 million to shareholders through $60.0 million in share repurchases and $14.9 million in dividends

● Invested $35.9 million in capital expenditures to primarily support capacity investments for the North America Utility product line

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

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Key Financial Metrics

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Second Quarter 2026

​

GAAP

​

Adjusted1

​

(In thousands, except per-share amounts)

​ ​ ​

6/27/2026

​ ​ ​

6/28/2025

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6/27/2026

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6/28/2025

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Q2 2026

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Q2 2025

​

vs. Q2 2025

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Q2 2026

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Q2 2025

​

vs. Q2 2025

​

Net Sales

​

$

1,118,689

​

$

1,050,548

​

6.5%

​

​

$

1,118,689

​

$

1,050,548

​

6.5%

​

Gross Profit

​

​

340,817

​

​

321,167

​

6.1%

​

​

​

340,817

​

​

322,761

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5.6%

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Gross Profit as a % of Net Sales

​

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30.5%

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30.6%

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30.5%

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30.7%

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Operating Income

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166,111

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29,276

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467.4%

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166,111

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​

141,356

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17.5%

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Operating Income as a % of Net Sales

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14.8%

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2.8%

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14.8%

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13.5%

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Net Earnings (Loss) Attributable to VMI2

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119,918

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(30,263)

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NM

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119,918

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97,198

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23.4%

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Diluted Earnings (Loss) per Share

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​

6.14

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(1.53)

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NM

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​

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6.14

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4.88

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25.8%

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Weighted Average Shares Outstanding

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19,520

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19,809

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19,520

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19,930

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Year-to-Date 2026

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GAAP

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Adjusted1

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(In thousands, except per-share amounts)

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6/27/2026

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6/28/2025

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6/27/2026

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6/28/2025

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FY 2026

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FY 2025

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vs. FY 2025

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FY 2026

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FY 2025

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vs. FY 2025

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Net Sales

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$

2,147,886

​

$

2,019,862

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6.3%

​

​

$

2,147,886

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$

2,019,862

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6.3%

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Gross Profit

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657,695

​

​

612,269

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7.4%

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​

​

657,695

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613,863

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7.1%

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Gross Profit as a % of Net Sales

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30.6%

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30.3%

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30.6%

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30.4%

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Operating Income

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321,737

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157,590

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104.2%

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321,737

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269,670

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19.3%

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Operating Income as a % of Net Sales

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15.0%

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7.8%

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15.0%

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13.4%

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Net Earnings Attributable to VMI2

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227,951

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56,998

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299.9%

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227,951

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184,459

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23.6%

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Diluted Earnings per Share

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11.65

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2.84

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310.2%

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11.65

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9.19

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26.8%

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Weighted Average Shares Outstanding

​

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19,571

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20,063

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19,571

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20,063

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

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

Infrastructure (78.4% of Net Sales)

Products and solutions to serve the infrastructure markets of utility, lighting, transportation, and telecommunications, along with coatings services to protect metal products

Sales increased 14.8% to $878.9 million, compared to $765.5 million.

Infrastructure end markets remained strong, supporting sales growth of 33.9% in North America Utility and 16.6% in North America Coatings, driven by favorable pricing and higher volumes. International sales increased primarily due to favorable foreign currency impacts. These increases were partially offset by lower volumes in North America Telecommunications due to moderating carrier spend.

Operating income increased to $154.4 million or 17.6% of net sales, compared to $25.9 million or 3.4% of net sales ($124.6 million or 16.3% adjusted¹). The improvement compared to prior-year GAAP results primarily reflects the absence of impairment and realignment charges recorded in the prior year. Excluding those items, the increase compared to adjusted¹ operating income was primarily driven by favorable pricing and higher volumes, partially offset by increased input costs, primarily materials.

Agriculture (21.6% of Net Sales)

Center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture

Sales decreased 15.8% to $243.7 million, compared to $289.4 million.

In North America, irrigation sales decreased 2.3% due to lower volumes amid continued agriculture market softness, partially offset by favorable pricing. International sales decreased 28.9% driven primarily by disruptions associated with the ongoing Middle East conflict.

Operating income increased to $39.9 million or 16.5% of net sales, compared to $36.1 million or 12.5% of net sales ($44.8 million or 15.6% adjusted¹). Compared to prior-year adjusted¹ operating income, the results were impacted by lower volumes, partially offset by favorable pricing and reduced costs.

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

Full-Year 2026 Financial Outlook and Key Assumptions

The Company is raising its full-year 2026 net sales and diluted EPS outlook and updating its key assumptions.

Metric	Previous Outlook		Updated Outlook
Net Sales	$4.2 to $4.4 billion		$4.3 to $4.45 billion
Infrastructure Net Sales	$3.3 to $3.45 billion		$3.4 to $3.5 billion
Agriculture Net Sales	$0.9 to $0.95 billion		No change
Diluted Earnings per Share	$21.50 to $23.50		$22.25 to $23.50
Capital Expenditures	$170 to $200 million		No change
Effective Tax Rate	~26.0%		No change

Key Assumptions

● Steel cost assumptions are aligned with futures markets as of July 17, 2026

● Foreign currency assumptions based on FX rates as of July 17, 2026

● This outlook includes the current tariffs as of July 17, 2026 and assumes no material change to the current trade or tariff environment

A live audio discussion with Avner M. Applbaum, President and Chief Executive Officer, and John Schwietz, Executive Vice President and Chief Financial Officer, will take place on Tuesday, July 21, 2026 at 8:00 a.m. CT. The discussion can be accessed by telephone at +1 877.407.6184 or +1 201.389.0877 (no Conference ID needed) or via webcast at the following link: Valmont Industries 2Q 2026 Earnings Conference Call. A slide presentation will be available for download on the Investors page of valmont.com during the webcast. A replay of the event will be accessible three hours after the call at the above link or by telephone at +1 877.660.6853 or +1 201.612.7415 using access code 13756345. The replay will be available until 10:59 p.m. CT on Tuesday, July 28, 2026.

About Valmont Industries, Inc.

For more than 80 years, Valmont has been a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity. We are committed to customer-focused innovation that delivers lasting value. Learn more about how we’re Conserving Resources. Improving Life.^® at valmont.com.

Concerning Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions made by management, considering its experience in the industries where Valmont operates, perceptions of historical trends, current conditions, expected future developments, and other relevant factors. It is important to note that these statements are not guarantees of future performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control), and assumptions. Forward-looking statements may be accompanied by words such as “opportunities,” “estimate,” “outlook,” “clear path,” “target,” “expect,” “plan” and similar expressions. While management believes these forward-looking statements are based on reasonable assumptions as of the date made, numerous factors could cause actual results to differ materially from those anticipated. These factors include, among other things, risks described in Valmont’s reports to the Securities and Exchange Commission (“SEC”), the Company’s actual cash flows and net income, future economic and market circumstances, industry conditions, company performance and financial results, operational efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environments, geopolitical risks, and actions and policy changes by domestic and foreign governments, including tariffs. The Company cautions that any forward-looking statements in this release are made as of its publication date and does not undertake to update these statements, except as required by law.

The Company may provide certain non-GAAP financial measures (adjusted diluted earnings per share and adjusted effective tax rate) on a forward-looking basis from time to time. These measures are typically calculated by excluding the impact of items such as foreign exchange, acquisitions, divestitures, realignment or restructuring expenses, goodwill or intangible asset impairment, changes in tax laws or rates, change in

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

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.

###

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

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

(Unaudited)

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Thirteen weeks ended

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Twenty-six weeks ended

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June 27,

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June 28,

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June 27,

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June 28,

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2026

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2025

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2026

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2025

​

Net sales

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$

1,118,689

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$

1,050,548

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$

2,147,886

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$

2,019,862

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Cost of sales

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​

777,872

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729,381

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1,490,191

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1,407,593

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Gross profit

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340,817

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321,167

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657,695

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612,269

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Selling, general, and administrative expenses

​

​

174,706

​

​

191,670

​

​

335,958

​

​

354,458

​

Impairment of long-lived assets

​

​

—

​

​

91,337

​

​

—

​

​

91,337

​

Realignment charges

​

​

—

​

​

8,884

​

​

—

​

​

8,884

​

Operating income

​

​

166,111

​

​

29,276

​

​

321,737

​

​

157,590

​

Other income (expenses):

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense

​

​

(9,430)

​

​

(10,543)

​

​

(18,841)

​

​

(20,658)

​

Interest income

​

​

1,271

​

​

1,568

​

​

2,648

​

​

4,962

​

Gain on deferred compensation investments

​

​

3,786

​

​

2,384

​

​

2,228

​

​

1,543

​

Other, net

​

​

737

​

​

(3,675)

​

​

(158)

​

​

(6,405)

​

Total other income (expenses)

​

​

(3,636)

​

​

(10,266)

​

​

(14,123)

​

​

(20,558)

​

Earnings before income taxes and equity method investment loss

​

​

162,475

​

​

19,010

​

​

307,614

​

​

137,032

​

Income tax expense

​

​

41,989

​

​

22,280

​

​

79,104

​

​

53,079

​

Equity method investment loss

​

​

(264)

​

​

(21)

​

​

(264)

​

​

(581)

​

Net earnings (loss)

​

​

120,222

​

​

(3,291)

​

​

228,246

​

​

83,372

​

Earnings attributable to redeemable noncontrolling interests

​

​

(304)

​

​

(729)

​

​

(295)

​

​

(131)

​

Net earnings (loss) attributable to Valmont Industries, Inc.

​

$

119,918

​

$

(4,020)

​

$

227,951

​

$

83,241

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average shares outstanding - Basic

​

​

19,368

​

​

19,809

​

​

19,421

​

​

19,928

​

Earnings (loss) per share - Basic

​

$

6.19

​

$

(1.53)

1​

$

11.74

​

$

2.86

1​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average shares outstanding - Diluted

​

​

19,520

​

​

19,809

​

​

19,571

​

​

20,063

​

Earnings (loss) per share - Diluted

​

$

6.14

​

$

(1.53)

1​

$

11.65

​

$

2.84

1​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash dividends per share

​

$

0.77

​

$

0.68

​

$

1.54

​

$

1.36

​

​

¹Fiscal 2025 basic and diluted earnings (loss) per share include a change in redemption value of redeemable noncontrolling interests of $26,243

​

​

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Dollars in thousands)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Thirteen weeks ended

​

Twenty-six weeks ended

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

2026

​ ​ ​

2025

​ ​ ​

2026

​ ​ ​

2025

Infrastructure

​

​

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

876,718

​

$

763,092

​

$

1,679,898

​

$

1,466,583

Gross profit

​

​

264,641

​

​

227,883

​

​

508,831

​

​

440,758

as a percentage of net sales

​

​

30.2%

​

​

29.9%

​

​

30.3%

​

​

30.1%

Selling, general, and administrative expenses

​

​

110,265

​

​

111,187

​

​

211,432

​

​

206,850

as a percentage of net sales

​

​

12.6%

​

​

14.6%

​

​

12.6%

​

​

14.1%

Impairment of long-lived assets

​

​

—

​

​

89,356

​

​

—

​

​

89,356

Realignment charges

​

​

—

​

​

1,426

​

​

—

​

​

1,426

Operating income

​

​

154,376

​

​

25,914

​

​

297,399

​

​

143,126

as a percentage of net sales

​

​

17.6%

​

​

3.4%

​

​

17.7%

​

​

9.8%

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture

​

​

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

241,971

​

$

287,456

​

$

467,988

​

$

553,279

Gross profit

​

​

76,176

​

​

93,284

​

​

148,864

​

​

171,511

as a percentage of net sales

​

​

31.5%

​

​

32.5%

​

​

31.8%

​

​

31.0%

Selling, general, and administrative expenses

​

​

36,293

​

​

52,366

​

​

75,478

​

​

94,356

as a percentage of net sales

​

​

15.0%

​

​

18.2%

​

​

16.1%

​

​

17.1%

Impairment of long-lived assets

​

​

—

​

​

1,981

​

​

—

​

​

1,981

Realignment charges

​

​

—

​

​

2,886

​

​

—

​

​

2,886

Operating income

​

​

39,883

​

​

36,051

​

​

73,386

​

​

72,288

as a percentage of net sales

​

​

16.5%

​

​

12.5%

​

​

15.7%

​

​

13.1%

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate

​

​

​

​

​

​

​

​

​

​

​

​

Selling, general, and administrative expenses

​

$

28,148

​

$

28,117

​

$

49,048

​

$

53,252

Realignment charges

​

​

—

​

​

4,572

​

​

—

​

​

4,572

Operating loss

​

​

(28,148)

​

​

(32,689)

​

​

(49,048)

​

​

(57,824)

​

​

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Dollars in thousands)

(Unaudited)

In the first quarter of fiscal 2026, the Company revised its product line presentation to better reflect how the business is currently managed. Within the Infrastructure segment, product lines are now presented as North America Utility, North America Lighting and Transportation, North America Coatings, North America Telecommunications, and International Infrastructure and Solar, replacing the previous presentation of Utility, Lighting and Transportation, Coatings, Telecommunications, and Solar. Within the Agriculture segment, product lines are now presented as Agriculture, replacing the previous presentation of Irrigation Equipment and Parts and Technology Products and Services. The prior period product line amounts have been recast to conform to the current period presentation.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Thirteen weeks ended June 27, 2026

​

​ ​ ​

Infrastructure

​ ​ ​

Agriculture

​

Intersegment

​ ​ ​

Consolidated

Geographical Market:

​

​

​

​

​

​

​

​

​

​

​

​

North America

​

$

713,814

​

$

139,157

​

$

(3,951)

​

$

849,020

International

​

​

165,127

​

​

104,542

​

​

—

​

​

269,669

Total sales

​

$

878,941

​

$

243,699

​

$

(3,951)

​

$

1,118,689

​

​

​

​

​

​

​

​

​

​

​

​

​

Product Line:

​

​

​

​

​

​

​

​

​

​

​

​

North America Utility

​

$

456,738

​

$

—

​

$

—

​

$

456,738

North America Lighting and Transportation

​

​

130,502

​

​

—

​

​

—

​

​

130,502

North America Coatings

​

​

69,037

​

​

—

​

​

(2,223)

​

​

66,814

North America Telecommunications

​

​

56,985

​

​

—

​

​

—

​

​

56,985

International Infrastructure and Solar

​

​

165,679

​

​

—

​

​

—

​

​

165,679

Agriculture

​

​

—

​

​

243,699

​

​

(1,728)

​

​

241,971

Total sales

​

$

878,941

​

$

243,699

​

$

(3,951)

​

$

1,118,689

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Thirteen weeks ended June 28, 2025

​

​ ​ ​

Infrastructure

​ ​ ​

Agriculture

​

Intersegment

​ ​ ​

Consolidated

Geographical Market:

​

​

​

​

​

​

​

​

​

​

​

​

North America

​

$

616,436

​

$

142,482

​

$

(4,329)

​

$

754,589

International

​

​

149,089

​

​

146,938

​

​

(68)

​

​

295,959

Total sales

​

$

765,525

​

$

289,420

​

$

(4,397)

​

$

1,050,548

​

​

​

​

​

​

​

​

​

​

​

​

​

Product Line:

​

​

​

​

​

​

​

​

​

​

​

​

North America Utility

​

$

341,188

​

$

—

​

$

—

​

$

341,188

North America Lighting and Transportation

​

​

133,765

​

​

—

​

​

—

​

​

133,765

North America Coatings

​

​

59,184

​

​

—

​

​

(2,365)

​

​

56,819

North America Telecommunications

​

​

77,149

​

​

—

​

​

—

​

​

77,149

International Infrastructure and Solar

​

​

154,239

​

​

—

​

​

(68)

​

​

154,171

Agriculture

​

​

—

​

​

289,420

​

​

(1,964)

​

​

287,456

Total sales

​

$

765,525

​

$

289,420

​

$

(4,397)

​

$

1,050,548

​

​

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Dollars in thousands)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Twenty-six weeks ended June 27, 2026

​

​ ​ ​

Infrastructure

​ ​ ​

Agriculture

​

Intersegment

​ ​ ​

Consolidated

Geographical Market:

​

​

​

​

​

​

​

​

​

​

​

​

North America

​

$

1,381,342

​

$

278,750

​

$

(7,671)

​

$

1,652,421

International

​

​

303,520

​

​

191,945

​

​

—

​

​

495,465

Total sales

​

$

1,684,862

​

$

470,695

​

$

(7,671)

​

$

2,147,886

​

​

​

​

​

​

​

​

​

​

​

​

​

Product Line:

​

​

​

​

​

​

​

​

​

​

​

​

North America Utility

​

$

880,922

​

$

—

​

$

—

​

$

880,922

North America Lighting and Transportation

​

​

249,154

​

​

—

​

​

—

​

​

249,154

North America Coatings

​

​

132,171

​

​

—

​

​

(4,964)

​

​

127,207

North America Telecommunications

​

​

118,489

​

​

—

​

​

—

​

​

118,489

International Infrastructure and Solar

​

​

304,126

​

​

—

​

​

—

​

​

304,126

Agriculture

​

​

—

​

​

470,695

​

​

(2,707)

​

​

467,988

Total sales

​

$

1,684,862

​

$

470,695

​

$

(7,671)

​

$

2,147,886

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Twenty-six weeks ended June 28, 2025

​

​ ​ ​

Infrastructure

​ ​ ​

Agriculture

​

Intersegment

​ ​ ​

Consolidated

Geographical Market:

​

​

​

​

​

​

​

​

​

​

​

​

North America

​

$

1,193,633

​

$

279,958

​

$

(8,441)

​

$

1,465,150

International

​

​

278,113

​

​

276,733

​

​

(134)

​

​

554,712

Total sales

​

$

1,471,746

​

$

556,691

​

$

(8,575)

​

$

2,019,862

​

​

​

​

​

​

​

​

​

​

​

​

​

Product Line:

​

​

​

​

​

​

​

​

​

​

​

​

North America Utility

​

$

674,024

​

$

—

​

$

—

​

$

674,024

North America Lighting and Transportation

​

​

257,888

​

​

—

​

​

—

​

​

257,888

North America Coatings

​

​

114,892

​

​

—

​

​

(5,029)

​

​

109,863

North America Telecommunications

​

​

141,137

​

​

—

​

​

—

​

​

141,137

International Infrastructure and Solar

​

​

283,805

​

​

—

​

​

(134)

​

​

283,671

Agriculture

​

​

—

​

​

556,691

​

​

(3,412)

​

​

553,279

Total sales

​

$

1,471,746

​

$

556,691

​

$

(8,575)

​

$

2,019,862

​

​

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

​	​	​	​	​	​	​
​	​	June 27,		​	December 27,
​	​	2026		​ ​ ​	2025
ASSETS	​	​	​	​	​	​
Current assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	139,051	​	$	187,140
Receivables, net	​	​	648,703	​	​	590,127
Inventories	​	​	608,842	​	​	566,396
Contract assets	​	​	272,731	​	​	266,922
Prepaid expenses and other current assets	​	​	113,126	​	​	109,063
Total current assets	​	​	1,782,453	​	​	1,719,648
Property, plant, and equipment, net	​	​	693,183	​	​	673,863
Goodwill and other non-current assets	​	​	990,069	​	​	975,818
Total assets	​	$	3,465,705	​	$	3,369,329
​	​	​	​	​	​	​
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS' EQUITY	​	​	​	​	​	​
Current liabilities:	​	​	​	​	​	​
Current installments of long-term debt	​	$	60	​	$	513
Mandatorily redeemable financial instrument	​	​	—	​	​	8,922
Accounts payable	​	​	387,899	​	​	359,539
Accrued expenses	​	​	253,040	​	​	284,751
Contract liabilities	​	​	79,785	​	​	52,013
Income taxes payable	​	​	21,698	​	​	12,604
Dividends payable	​	​	14,864	​	​	13,278
Total current liabilities	​	​	757,346	​	​	731,620
Long-term debt, excluding current installments	​	​	730,625	​	​	795,150
Operating lease liabilities	​	​	141,056	​	​	130,007
Other non-current liabilities	​	​	101,089	​	​	70,267
Total liabilities	​	​	1,730,116	​	​	1,727,044
Redeemable noncontrolling interests	​	​	8,836	​	​	9,498
Shareholders' equity	​	​	1,726,753	​	​	1,632,787
Total liabilities, redeemable noncontrolling interests, and shareholders' equity	​	$	3,465,705	​	$	3,369,329

​

​

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

​	​	​	​	​	​	​
​	​	Twenty-six weeks ended
​	​	June 27,		​	June 28,
​	​	2026		​ ​ ​	2025
Cash flows from operating activities:	​	​	​	​	​	​
Net earnings	​	$	228,246	​	$	83,372
Depreciation and amortization	​	​	46,832	​	​	43,781
Contribution to defined benefit pension plan	​	​	(886)	​	​	(1,492)
Impairment of long-lived assets	​	​	9,340	​	​	91,337
Changes in assets and liabilities	​	​	(63,694)	​	​	3,729
Other, net	​	​	31,745	​	​	12,012
Net cash flows from operating activities	​	​	251,583	​	​	232,739
Cash flows from investing activities:	​	​	​	​	​	​
Purchases of property, plant, and equipment	​	​	(70,504)	​	​	(62,306)
Acquisitions, net of cash acquired	​	​	(11,470)	​	​	—
Other, net	​	​	5,418	​	​	(2,013)
Net cash flows from investing activities	​	​	(76,556)	​	​	(64,319)
Cash flows from financing activities:	​	​	​	​	​	​
Net repayments on short-term borrowings	​	​	—	​	​	(1,652)
Proceeds from long-term borrowings	​	​	65,211	​	​	130,000
Principal repayments on long-term borrowings	​	​	(130,558)	​	​	(130,358)
Dividends paid	​	​	(28,227)	​	​	(25,667)
Purchases of redeemable noncontrolling interests	​	​	(8,922)	​	​	—
Repurchases of common stock	​	​	(117,540)	​	​	(100,007)
Other, net	​	​	(3,680)	​	​	(3,539)
Net cash flows from financing activities	​	​	(223,716)	​	​	(131,223)
Effect of exchange rates on cash and cash equivalents	​	​	600	​	​	7,021
Net change in cash and cash equivalents	​	​	(48,089)	​	​	44,218
Cash and cash equivalents—beginning of period	​	​	187,140	​	​	164,315
Cash and cash equivalents—end of period	​	$	139,051	​	$	208,533

​

​

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

USE OF NON-GAAP FINANCIAL MEASURES

Management utilizes non-GAAP financial measures to assess the Company’s historical and prospective financial performance, evaluate operational profitability on a consistent basis, factor into executive compensation decisions, and enhance transparency for the investment community. These non-GAAP measures are intended to supplement, not replace, the Company’s reported financial results prepared in accordance with GAAP. It is important to note that other companies may calculate these measures differently, which can limit their usefulness for comparison across organizations.

The following non-GAAP measures may be included in financial releases and other financial communications:

● Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Net Earnings, Adjusted Diluted EPS, and Adjusted Effective Tax Rate: These metrics provide meaningful supplemental insights into the Company’s operating performance by excluding items that are not considered part of core operating results. This approach enhances comparability across reporting periods. Adjustments may include costs or benefits associated with acquisitions, divestitures, expenses related to realignment or restructuring programs, goodwill or intangible asset impairment, significant expenses or benefits from changes in tax laws or rates, cumulative effects of changes in accounting standards, refinancing-related expenses, a loss or a gain from a partial or full settlement of the U.K. defined benefit pension plan obligation, losses from natural disasters, change in redemption value of redeemable noncontrolling interests, and other non-recurring items.

● Adjusted EBITDA: This metric is a key component of a financial ratio included in the covenants of our major debt agreements. It is calculated as net earnings before interest, taxes, depreciation, amortization, stock-based compensation, and other adjustments as outlined in the applicable debt agreements. This metric offers investors and analysts valuable insights into the Company’s core operating performance. Adjusted EBITDA margin is also used to evaluate profitability.

● Leverage Ratio: This ratio is calculated by taking the sum of interest-bearing debt, minus unrestricted cash in excess of $50.0 million (but not exceeding $500.0 million), and dividing it by Adjusted EBITDA. This is a key financial ratio included in the covenants of our major debt agreements and is calculated on a rolling four-fiscal-quarter basis. The revolving credit facility requires us to maintain a financial leverage ratio of 3.50 or lower, measured as of the last day of each fiscal quarter.

● Free Cash Flow: Calculated as net cash provided by operating activities minus capital expenditures, free cash flow serves as an indicator of the Company’s financial strength. However, this measure does not fully reflect the Company’s ability to deploy cash freely, as it has obligations such as debt repayments and other fixed commitments.

● Backlog: This operating measure is used to evaluate future potential sales revenue. An order is included in the backlog upon receipt of a customer purchase order or the execution of a sales order contract. Backlog is particularly relevant to the Infrastructure segment due to the longer-term nature of its projects. However, backlog is not a term defined under U.S. GAAP and does not measure contract profitability. It should not be viewed as the sole indicator of future revenue, as many projects with short lead times book-and-bill within the same reporting period and are not included in the backlog.

● ROIC: Return on invested capital (“ROIC”) and adjusted ROIC are key operating ratios that enable investors to assess our operating performance relative to the investment needed to generate operating profit. ROIC is calculated as after-tax operating income divided by the average of beginning and ending invested capital. Adjusted ROIC is calculated as after-tax adjusted operating income divided by the average of beginning and ending invested capital. Invested capital represents total assets minus total liabilities (excluding interest-bearing debt and redeemable noncontrolling interests).

​

​

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS

REGULATION G RECONCILIATION

(Dollars in thousands)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Thirteen weeks ended June 28, 2025

Gross Profit Reconciliation

​

Infrastructure

​ ​ ​

Agriculture

​ ​ ​

Corporate

​ ​ ​

Consolidated

Gross profit - as reported

​

$

227,883

​

$

93,284

​

$

—

​

$

321,167

Realignment charges

​

​

910

​

​

—

​

​

—

​

​

910

Other non-recurring charges

​

​

—

​

​

684

​

​

—

​

​

684

Adjusted gross profit

​

$

228,793

​

$

93,968

​

$

—

​

$

322,761

Net sales - as reported

​

​

763,092

​

​

287,456

​

​

—

​

​

1,050,548

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross profit as a % of net sales

​

​

29.9%

​

​

32.5%

​

​

NM

​

​

30.6%

Adjusted gross profit as a % of net sales

​

​

30.0%

​

​

32.7%

​

​

NM

​

​

30.7%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Twenty-six weeks ended June 28, 2025

Gross Profit Reconciliation

​

Infrastructure

​ ​ ​

Agriculture

​ ​ ​

Corporate

​ ​ ​

Consolidated

Gross profit - as reported

​

$

440,758

​

$

171,511

​

$

—

​

$

612,269

Realignment charges

​

​

910

​

​

—

​

​

—

​

​

910

Other non-recurring charges

​

​

—

​

​

684

​

​

—

​

​

684

Adjusted gross profit

​

$

441,668

​

$

172,195

​

$

—

​

$

613,863

Net sales - as reported

​

​

1,466,583

​

​

553,279

​

​

—

​

​

2,019,862

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross profit as a % of net sales

​

​

30.1%

​

​

31.0%

​

​

NM

​

​

30.3%

Adjusted gross profit as a % of net sales

​

​

30.1%

​

​

31.1%

​

​

NM

​

​

30.4%

​

​

​

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS

REGULATION G RECONCILIATION

(Dollars in thousands)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Thirteen weeks ended June 28, 2025

Operating Income (Loss) Reconciliation

​

Infrastructure

​ ​ ​

Agriculture

​

Corporate

​ ​ ​

Consolidated

Operating income (loss) - as reported

​

$

25,914

​

$

36,051

​

$

(32,689)

​

$

29,276

Impairment of long-lived assets

​

​

89,356

​

​

1,981

​

​

—

​

​

91,337

Realignment charges

​

​

2,336

​

​

2,886

​

​

4,572

​

​

9,794

Other non-recurring charges

​

​

7,031

​

​

3,918

​

​

—

​

​

10,949

Adjusted operating income (loss)

​

$

124,637

​

$

44,836

​

$

(28,117)

​

$

141,356

Net sales - as reported

​

​

763,092

​

​

287,456

​

​

—

​

​

1,050,548

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating income (loss) as a % of net sales

​

​

3.4%

​

​

12.5%

​

​

NM

​

​

2.8%

Adjusted operating income (loss) as a % of net sales

​

​

16.3%

​

​

15.6%

​

​

NM

​

​

13.5%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Twenty-six weeks ended June 28, 2025

Operating Income (Loss) Reconciliation

​

Infrastructure

​ ​ ​

Agriculture

​

Corporate

​ ​ ​

Consolidated

Operating income (loss) - as reported

​

$

143,126

​

$

72,288

​

$

(57,824)

​

$

157,590

Impairment of long-lived assets

​

​

89,356

​

​

1,981

​

​

—

​

​

91,337

Realignment charges

​

​

2,336

​

​

2,886

​

​

4,572

​

​

9,794

Other non-recurring charges

​

​

7,031

​

​

3,918

​

​

—

​

​

10,949

Adjusted operating income (loss)

​

$

241,849

​

$

81,073

​

$

(53,252)

​

$

269,670

Net sales - as reported

​

​

1,466,583

​

​

553,279

​

​

—

​

​

2,019,862

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating income (loss) as a % of net sales

​

​

9.8%

​

​

13.1%

​

​

NM

​

​

7.8%

Adjusted operating income (loss) as a % of net sales

​

​

16.5%

​

​

14.7%

​

​

NM

​

​

13.4%

​

​

​

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS

REGULATION G RECONCILIATION

(Dollars in thousands)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Thirteen

​

Diluted

​

Twenty-six

​

​

​

​

​

weeks ended

​

earnings

​

weeks ended

​

Diluted

​

​

June 28,

​

(loss) per

​

June 28,

​

earnings per

​

​

2025

​

share1,2

​

2025

​

share1,2

Net earnings (loss) attributable to Valmont Industries,

​

​

​

​

​

​

​

​

​

​

​

​

Inc. including change in redemption value of

​

​

​

​

​

​

​

​

​

​

​

​

redeemable noncontrolling interests - as reported

​

$

(30,263)

​

$

(1.52)

​

$

56,998

​

$

2.84

Less: Change in redemption value of redeemable

​

​

​

​

​

​

​

​

​

​

​

​

noncontrolling interests

​

​

26,243

​

​

1.32

​

​

26,243

​

​

1.31

Net earnings (loss) attributable to Valmont Industries, Inc.

​

​

(4,020)

​

​

(0.20)

​

​

83,241

​

​

4.15

Impairment of long-lived assets4

​

​

91,337

​

​

4.58

​

​

91,337

​

​

4.55

Realignment charges5

​

​

9,794

​

​

0.49

​

​

9,794

​

​

0.49

Other non-recurring charges6

​

​

10,949

​

​

0.55

​

​

10,949

​

​

0.55

Total adjustments, pre-tax

​

​

112,080

​

​

5.62

​

​

112,080

​

​

5.59

Tax effect of adjustments3

​

​

(10,862)

​

​

(0.55)

​

​

(10,862)

​

​

(0.54)

Net earnings attributable to Valmont Industries, Inc. -

​

​

​

​

​

​

​

​

​

​

​

​

adjusted

​

$

97,198

​

$

4.88

​

$

184,459

​

$

9.19

Average shares outstanding - diluted

​

​

​

​

​

19,930

​

​

​

​

​

20,063

¹In the second quarter of fiscal 2025, the Company reported a GAAP net loss. In periods in which the Company recognizes a net loss, the Company excludes the impact of outstanding stock awards from the diluted loss per share calculation, as their inclusion would have an anti-dilutive effect. The adjusted diluted earnings per share calculation includes the impact of outstanding stock awards.

²Diluted earnings (loss) per share includes rounding.

³The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction.

⁴The Company recorded non-cash impairment charges of $71.1 million for goodwill and certain intangible assets in the Solar and Access Systems businesses and recorded $20.2 million for other long-lived assets that will no longer be utilized.

⁵The Company took realignment actions resulting in pre-tax charges of $9.8 million, primarily severance-related.

⁶Other non-recurring charges consist of costs to fulfill contractually required payments for system licenses no longer needed and asset valuation adjustments for a joint venture ag solar business.

​

​

​

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

REGULATION G RECONCILIATION OF ADJUSTED EBITDA

(Dollars in thousands)

(Unaudited)

​	​	​	​
​	​	Four fiscal quarters ended
​	​	June 27,
​	​	2026
Net cash flows from operating activities	​	$	475,328
Interest expense	​	​	38,725
Income tax expense	​	​	49,889
Impairment of long-lived assets	​	​	(9,340)
Deferred income taxes	​	​	(4,631)
Redeemable noncontrolling interests	​	​	(3,579)
Net periodic pension cost	​	​	(2,677)
Contribution to defined benefit pension plan	​	​	2,553
Changes in assets and liabilities	​	​	149,847
Other, net	​	​	1,392
Impairment of long-lived assets	​	​	9,340
Realignment activities	​	​	6,272
Pro forma acquisition adjustment	​	​	4,709
Adjusted EBITDA	​	$	717,828
​	​	​	​
Net earnings attributable to Valmont Industries, Inc.	​	$	494,983
Interest expense	​		38,725
Income tax expense	​		49,889
Depreciation and amortization	​		91,560
Stock-based compensation	​		22,350
Impairment of long-lived assets	​		9,340
Realignment activities	​	​	6,272
Pro forma acquisition adjustment	​	​	4,709
Adjusted EBITDA	​	$	717,828

​

​

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

REGULATION G RECONCILIATION OF LEVERAGE RATIO

(Dollars in thousands)

(Unaudited)

​	​	​	​
​	​ ​ ​	June 27,
​	​	2026
Interest-bearing debt, excluding origination fees and discounts of $24,522	​	$	755,207
Less: Cash and cash equivalents in excess of $50,000	​		89,051
Net indebtedness	​	$	666,156
Adjusted EBITDA	​		717,828
Leverage ratio	​		0.93

​

​

​

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

BACKLOG

(Dollars in millions)

(Unaudited)

​	​	​	​	​	​	​
​	​ ​ ​	June 27,		​	December 27,
​	​	2026		​ ​ ​	2025
Infrastructure	​	$	1,583.6	​	$	1,548.3
Agriculture	​		91.3	​		105.4
Total backlog	​	$	1,674.9	​	$	1,653.7

​

​

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 956.3 KB

Other Documents

• EX-101 EX-101.SCH 2.6 KB
• EX-101 EX-101.LAB 14.9 KB
• EX-101 EX-101.PRE 9.7 KB