Valmont Reports Third Quarter 2025 Results and Raises Full-Year 2025 Adjusted Earnings per Share Outlook

By: Valmont Industries, Inc. via Business Wire

October 21, 2025 at 07:00 AM EDT

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 27, 2025.

President and Chief Executive Officer Avner M. Applbaum commented, “Our third quarter results reflect strong execution on our 2025 priorities and long-term value drivers. The Infrastructure segment delivered solid growth, led by robust Utility demand, improved factory throughput, and progress on our North American capacity expansions. While Agriculture markets remain challenged and our results reflect those conditions, our teams are executing with discipline and agility, positioning the business for long-term growth. Across Valmont, we’re channeling our efforts toward the areas of greatest opportunity – deploying resources where they create the most value, advancing innovation, and enhancing performance, while operating with greater clarity and speed. Given our results and the momentum across the organization, we’re raising our full-year earnings guidance. I’m proud of our team, whose dedication and culture of excellence continue to create lasting value.”

Third Quarter 2025 Highlights (all metrics compared to Third Quarter 2024 unless otherwise noted)

Net sales increased 2.5% to $1.05 billion, compared to $1.02 billion; double-digit sales growth in Utility and Telecommunications was offset by lower Agriculture and Solar sales
Operating income increased 12.5% to $141.5 million or 13.5% of net sales, compared to $125.7 million or 12.3% of net sales
Diluted earnings per share (“EPS”) increased 21.2% to $4.98, compared to $4.11
Cash and cash equivalents were $226.1 million and net leverage ratio was ~0.9x
Returned $39.2 million to shareholders through $25.8 million in share repurchases and $13.4 million in dividends
Invested $41.9 million in capital expenditures to support strategic growth initiatives
Increased backlog by $293.2 million or 20.4% since year-end 2024, driven primarily by continued strength in Utility market demand
Raising full-year 2025 adjusted diluted EPS outlook to a range of $18.70 to $19.50, reflecting a higher midpoint

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

Key Financial Metrics


Third Quarter 2025	GAAP					Adjusted¹
(In thousands, except per-share amounts)	9/27/2025		9/28/2024				9/27/2025		9/28/2024
	Q3 2025		Q3 2024		vs. Q3 2024		Q3 2025		Q3 2024		vs. Q3 2024
Net Sales	$	1,045,980	$	1,020,175	2.5%		$	1,045,980	$	1,020,175	2.5%
Gross Profit		318,246		301,693	5.5%			318,246		301,693	5.5%
Gross Profit as a % of Net Sales		30.4%		29.6%				30.4%		29.6%
Operating Income		141,456		125,735	12.5%			141,456		125,735	12.5%
Operating Income as a % of Net Sales		13.5%		12.3%				13.5%		12.3%
Net Earnings Attributable to VMI		99,031		83,068	19.2%			99,031		83,068	19.2%
Diluted Earnings per Share		4.98		4.11	21.2%			4.98		4.11	21.2%
Weighted Average Shares Outstanding		19,876		20,234				19,876		20,234


Year-to-Date 2025	GAAP					Adjusted¹
(In thousands, except per-share amounts)	9/27/2025		9/28/2024				9/27/2025		9/28/2024
	FY 2025		FY 2024		vs. FY 2024		FY 2025		FY 2024		vs. FY 2024
Net Sales	$	3,065,842	$	3,037,740	0.9%		$	3,065,842	$	3,037,740	0.9%
Gross Profit		930,515		928,191	0.3%			932,109		928,191	0.4%
Gross Profit as a % of Net Sales		30.4%		30.6%				30.4%		30.6%
Operating Income		299,046		404,596	-26.1%			411,126		404,596	1.6%
Operating Income as a % of Net Sales		9.8%		13.3%				13.4%		13.3%
Net Earnings Attributable to VMI²		156,029		270,606	-42.3%			283,490		270,606	4.8%
Diluted Earnings per Share		7.80		13.34	-41.5%			14.17		13.34	6.2%
Weighted Average Shares Outstanding		20,001		20,283				20,001		20,283

²Net earnings attributable to Valmont Industries, Inc., including a $26,243 change in Q2 2025 in redemption value of redeemable noncontrolling interests (represents estimated liability to exit a joint venture ag solar business)

Third Quarter 2025 Segment Review (all metrics compared to Third Quarter 2024 unless otherwise noted)

Infrastructure (77.1% of Net Sales)

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

Sales increased 6.6% to $808.3 million, compared to $758.6 million.

Utility sales grew 12.3% due to favorable pricing and higher volumes. Telecommunications sales increased meaningfully, supported by strong execution and alignment with carrier spending programs. Coatings sales were higher, benefiting from healthy infrastructure demand. These gains were partially offset by a significant decline in Solar sales following the Company’s decision earlier this year to exit certain markets, and by reduced Lighting & Transportation sales driven by lower volumes in the Asia-Pacific region and softer lighting market demand in North America.

Operating income increased 15.9% to $143.4 million or 17.8% of net sales, compared to $123.7 million or 16.3% of net sales. The improvement was primarily attributable to higher pricing and volumes, and an improved global cost structure.

Agriculture (22.9% 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 9.0% to $241.3 million, compared to $265.3 million.

In North America, irrigation equipment sales declined amid continued agriculture market softness. International sales were also lower, primarily due to the timing of project sales in the Middle East.

Operating income decreased 19.7% to $23.2 million or 9.7% of net sales, compared to $28.9 million or 11.0% of net sales. The decrease was primarily due to lower volumes and higher credit loss expense in Brazil related to specific customer receivables.

Raising Full-Year 2025 Financial Outlook and Updating Key Assumptions

The Company is raising its full-year 2025 adjusted diluted earnings per share outlook and updating key assumptions for the year.

Metric	Previous Outlook	Updated Outlook
Net Sales	$4.0 to $4.2 billion	~ $4.1 billion
Infrastructure Net Sales	$3.02 to $3.16 billion	~ $3.1 billion
Agriculture Net Sales	$0.98 to $1.04 billion	~ $1.0 billion
Adjusted Diluted Earnings per Share	$17.50 to $19.50	$18.70 to $19.50
Capital Expenditures	$140 to $160 million	No change
Adjusted Effective Tax Rate	~26.0%	~25.0%

Key Assumptions, Including Current Tariff Considerations

Steel cost assumptions are aligned with futures markets as of October 20, 2025
The Company’s fiscal 2025 outlook reflects its current plans and actions underway to mitigate the direct impacts of tariffs as of October 17, 2025; the Company believes these mitigation plans will enable it to remain profit neutral on a dollar basis in fiscal 2025

A live audio discussion with Avner M. Applbaum, President and Chief Executive Officer, and Thomas Liguori, Executive Vice President and Chief Financial Officer, will take place on Tuesday, October 21, 2025 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 2025 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 13750349. The replay will be available until 10:59 p.m. CT on Tuesday, October 28, 2025.

About Valmont Industries, Inc.

For nearly 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. While management believes these forward-looking statements are based on reasonable assumptions, 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’s guidance includes certain non-GAAP financial measures (adjusted diluted earnings per share and adjusted effective tax rate) presented on a forward-looking basis. These measures are typically calculated by excluding the impact of items such as foreign exchange, acquisitions, divestitures, realignment or restructuring expenses, goodwill or intangible asset impairment, changes in tax laws or rates, change in redemption value of redeemable noncontrolling interests, and other non-recurring items. Reconciliations to the most directly comparable GAAP financial measures are not provided, as the Company cannot do so without unreasonable effort due to the inherent uncertainty and difficulty in predicting the timing and financial impact of such items. For the same reasons, the Company cannot assess the likely significance of unavailable information, which could be material to future results.

Website and Social Media Disclosure

The Company uses its website and social media channels, as identified on its website, to distribute company information. Posts on these channels may contain material information. Therefore, investors should monitor these channels alongside the Company’s press releases, SEC filings, and public conference calls and webcasts. The contents of the Company’s website and social media channels are not considered part of this press release.

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

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

(Unaudited)


	Thirteen weeks ended				Thirty-nine weeks ended
	September 27,		September 28,		September 27,		September 28,
	2025		2024		2025		2024
Net sales	$	1,045,980	$	1,020,175	$	3,065,842	$	3,037,740
Cost of sales		727,734		718,482		2,135,327		2,109,549
Gross profit		318,246		301,693		930,515		928,191
Selling, general, and administrative expenses		176,790		175,958		531,248		523,595
Impairment of long-lived assets		—		—		91,337		—
Realignment charges		—		—		8,884		—
Operating income		141,456		125,735		299,046		404,596
Other income (expenses):
Interest expense		(9,738)		(14,313)		(30,396)		(46,380)
Interest income		1,588		2,080		6,550		5,358
Gain on deferred compensation investments		1,187		1,160		2,730		3,116
Other		(2,956)		(2,307)		(9,361)		(3,662)
Total other expenses		(9,919)		(13,380)		(30,477)		(41,568)
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries		131,537		112,355		268,569		363,028
Income tax expense		30,424		29,724		83,503		90,779
Equity in loss of nonconsolidated subsidiaries		(21)		(21)		(602)		(60)
Net earnings		101,092		82,610		184,464		272,189
Loss (earnings) attributable to redeemable noncontrolling interests		(2,061)		458		(2,192)		(1,583)
Net earnings attributable to Valmont Industries, Inc.	$	99,031	$	83,068	$	182,272	$	270,606

Weighted average shares outstanding - Basic		19,736		20,092		19,864		20,152
Earnings per share - Basic	$	5.02	$	4.13	$	7.85¹	$	13.43

Weighted average shares outstanding - Diluted		19,876		20,234		20,001		20,283
Earnings per share - Diluted	$	4.98	$	4.11	$	7.80¹	$	13.34

Cash dividends per share	$	0.68	$	0.60	$	2.04	$	1.80

¹Basic and diluted earnings per share for the thirty-nine weeks ended September 27, 2025 includes a $26,243 change in redemption value of redeemable noncontrolling interests (represents estimated liability to exit a joint venture ag solar business)

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Dollars in thousands)

(Unaudited)


	Thirteen weeks ended				Thirty-nine weeks ended
	September 27,		September 28,		September 27,		September 28,
	2025		2024		2025		2024
Infrastructure
Net sales	$	806,562	$	756,370	$	2,273,145	$	2,237,533
Gross profit		239,426		223,333		680,184		673,353
as a percentage of net sales		29.7%		29.5%		29.9%		30.1%
Selling, general, and administrative expenses		96,049		99,676		302,899		298,251
as a percentage of net sales		11.9%		13.2%		13.3%		13.3%
Impairment of long-lived assets		—		—		89,356		—
Realignment charges		—		—		1,426		—
Operating income		143,377		123,657		286,503		375,102
as a percentage of net sales		17.8%		16.3%		12.6%		16.8%

Agriculture
Net sales	$	239,418	$	263,805	$	792,697	$	800,207
Gross profit		78,820		78,360		250,331		254,838
as a percentage of net sales		32.9%		29.7%		31.6%		31.8%
Selling, general, and administrative expenses		55,631		49,467		149,987		145,001
as a percentage of net sales		23.2%		18.8%		18.9%		18.1%
Impairment of long-lived assets		—		—		1,981		—
Realignment charges		—		—		2,886		—
Operating income		23,189		28,893		95,477		109,837
as a percentage of net sales		9.7%		11.0%		12.0%		13.7%

Corporate
Selling, general, and administrative expenses	$	25,110	$	26,815	$	78,362	$	80,343
Realignment charges		—		—		4,572		—
Operating loss		(25,110)		(26,815)		(82,934)		(80,343)

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Dollars in thousands)

(Unaudited)

In the fourth quarter of fiscal 2024, the Company realigned management’s reporting structure for certain composite structure sales and, accordingly, revised its presentation of sales across product lines to reflect how the product is currently managed. The reporting for the thirteen and thirty-nine weeks ended September 28, 2024 was adjusted to conform to the realigned presentation. As a result, Utility product line sales increased and Lighting and Transportation product line sales decreased by $6,684 and $26,879 for the thirteen and thirty-nine weeks ended September 28, 2024, respectively.


	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:
Utility	$	391,901	$	—	$	—	$	391,901
Lighting and Transportation		215,072		—		—		215,072
Coatings		96,561		—		(1,718)		94,843
Telecommunications		88,097		—		—		88,097
Solar		16,654		—		(5)		16,649
Irrigation Equipment and Parts		—		220,963		(1,920)		219,043
Technology Products and Services		—		20,375		—		20,375
Total sales	$	808,285	$	241,338	$	(3,643)	$	1,045,980


	Thirteen weeks ended September 28, 2024
	*Infrastructure*		*Agriculture*		*Intersegment*		*Consolidated*
Geographical Market:
North America	$	599,705	$	119,973	$	(3,684)	$	715,994
International		158,874		145,313		(6)		304,181
Total sales	$	758,579	$	265,286	$	(3,690)	$	1,020,175

Product Line:
Utility	$	349,085	$	—	$	—	$	349,085
Lighting and Transportation		222,535		—		—		222,535
Coatings		88,046		—		(2,201)		85,845
Telecommunications		64,288		—		—		64,288
Solar		34,625		—		(8)		34,617
Irrigation Equipment and Parts		—		243,368		(1,481)		241,887
Technology Products and Services		—		21,918		—		21,918
Total sales	$	758,579	$	265,286	$	(3,690)	$	1,020,175

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Dollars in thousands)

(Unaudited)


	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:
Utility	$	1,086,582	$	—	$	—	$	1,086,582
Lighting and Transportation		625,628		—		—		625,628
Coatings		269,707		—		(6,747)		262,960
Telecommunications		240,111		—		—		240,111
Solar		58,003		—		(139)		57,864
Irrigation Equipment and Parts		—		727,230		(5,332)		721,898
Technology Products and Services		—		70,799		—		70,799
Total sales	$	2,280,031	$	798,029	$	(12,218)	$	3,065,842


	Thirty-nine weeks ended September 28, 2024
	*Infrastructure*		*Agriculture*		*Intersegment*		*Consolidated*
Geographical Market:
North America	$	1,750,420	$	441,198	$	(12,836)	$	2,178,782
International		494,515		364,526		(83)		858,958
Total sales	$	2,244,935	$	805,724	$	(12,919)	$	3,037,740

Product Line:
Utility	$	1,017,623	$	—	$	—	$	1,017,623
Lighting and Transportation		667,998		—		—		667,998
Coatings		266,710		—		(7,321)		259,389
Telecommunications		176,649		—		—		176,649
Solar		115,955		—		(81)		115,874
Irrigation Equipment and Parts		—		730,798		(5,517)		725,281
Technology Products and Services		—		74,926		—		74,926
Total sales	$	2,244,935	$	805,724	$	(12,919)	$	3,037,740

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)


	September 27,		December 28,
	2025		2024
ASSETS
Current assets:
Cash and cash equivalents	$	226,107	$	164,315
Receivables, net		614,670		654,360
Inventories		591,351		590,263
Contract assets		229,372		187,257
Prepaid expenses and other current assets		95,498		87,197
Total current assets		1,756,998		1,683,392
Property, plant, and equipment, net		642,887		588,972
Goodwill and other non-current assets		968,114		1,057,608
Total assets	$	3,367,999	$	3,329,972

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt	$	571	$	692
Notes payable to banks		—		1,669
Accounts payable		377,259		372,197
Accrued expenses		270,070		275,407
Contract liabilities		81,116		126,932
Income taxes payable		36,172		22,509
Dividends payable		13,396		12,019
Total current liabilities		778,584		811,425
Long-term debt, excluding current installments		730,094		729,941
Operating lease liabilities		127,619		134,534
Other non-current liabilities		64,484		60,459
Total liabilities		1,700,781		1,736,359
Redeemable noncontrolling interests		71,468		51,519
Shareholders' equity		1,595,750		1,542,094
Total liabilities, redeemable noncontrolling interests, and shareholders' equity	$	3,367,999	$	3,329,972

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)


	Thirty-nine weeks ended
	September 27,		September 28,
	2025		2024
Cash flows from operating activities:
Net earnings	$	184,464	$	272,189
Depreciation and amortization		65,429		70,541
Contribution to defined benefit pension plan		(3,155)		(19,539)
Impairment of long-lived assets		91,337		—
Change in working capital		(23,474)		44,615
Other		30,642		11,458
Net cash flows from operating activities		345,243		379,264
Cash flows from investing activities:
Purchases of property, plant, and equipment		(104,230)	��	(53,833)
Other		(81)		(1,266)
Net cash flows from investing activities		(104,311)		(55,099)
Cash flows from financing activities:
Net repayments on short-term borrowings		(1,652)		(1,899)
Proceeds from long-term borrowings		130,000		30,009
Principal repayments on long-term borrowings		(130,531)		(240,522)
Dividends paid		(39,085)		(36,337)
Purchases of redeemable noncontrolling interests		(14,624)		(17,745)
Repurchases of common stock		(125,839)		(55,069)
Other		(4,438)		(4,314)
Net cash flows from financing activities		(186,169)		(325,877)
Effect of exchange rates on cash and cash equivalents		7,029		(852)
Net change in cash and cash equivalents		61,792		(2,564)
Cash and cash equivalents—beginning of period		164,315		203,041
Cash and cash equivalents—end of period	$	226,107	$	200,477

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.
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.
Constant Currency: Defined as financial results adjusted for foreign currency translation impacts by translating current period and prior period activity using the same currency conversion rate. This approach is used for countries whose functional currency is not the U.S. dollar.
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 and shares in thousands, except per-share amounts)

(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	$	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. - as reported	$	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 EFFECTIVE TAX RATE

(Dollars in thousands)

(Unaudited)


	Thirteen weeks ended						Thirty-nine weeks ended
	September 27, 2025						September 27, 2025
	Earnings before income taxes and equity in loss of nonconsolidated subsidiaries		Income tax expense		Effective tax rate		Earnings before income taxes and equity in loss of nonconsolidated subsidiaries		Income tax expense		Effective tax rate
As reported	$	131,537	$	30,424		23.1%	$	268,569	$	83,503		31.1%
Impairment of long-lived assets		—		—				91,337		6,744
Realignment charges		—		—				9,794		2,360
Other non-recurring charges		—		—				10,949		1,758
Adjusted	$	131,537	$	30,424		23.1%	$	380,649	$	94,365		24.8%

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

REGULATION G RECONCILIATION OF ADJUSTED EBITDA

(Dollars in thousands)

(Unaudited)


	Four fiscal quarters ended
	September 27,
	2025
Net cash flows from operating activities	$	538,657
Interest expense		42,738
Income tax expense		110,702
Impairment of long-lived assets		(91,337)
Deferred income taxes		3,700
Redeemable noncontrolling interests		(2,974)
Net periodic pension cost		(958)
Contribution to defined benefit pension plan		3,215
Changes in assets and liabilities		(60,136)
Other		(12,359)
Impairment of long-lived assets		91,337
Realignment charges		9,794
Non-recurring non-cash charges		3,918
Proforma divestitures adjustment		59
Adjusted EBITDA	$	636,356

Net earnings attributable to Valmont Industries, Inc.	$	259,925
Interest expense		42,738
Income tax expense		110,702
Depreciation and amortization		90,283
Stock-based compensation		27,600
Impairment of long-lived assets		91,337
Realignment charges		9,794
Non-recurring non-cash charges		3,918
Proforma divestitures adjustment		59
Adjusted EBITDA	$	636,356

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

REGULATION G RECONCILIATION OF LEVERAGE RATIO

(Dollars in thousands)

(Unaudited)


	September 27,
	2025
Interest-bearing debt, excluding origination fees and discounts of $25,075	$	755,740
Less: Cash and cash equivalents in excess of $50,000		176,107
Net indebtedness	$	579,633
Adjusted EBITDA		636,356
Leverage ratio		0.91

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

BACKLOG

(Dollars in millions)

(Unaudited)


	September 27,		December 28,
	2025		2024
Infrastructure	$	1,634.8	$	1,273.3
Agriculture		95.1		163.4
Total backlog	$	1,729.9	$	1,436.7

View source version on businesswire.com: https://www.businesswire.com/news/home/20251021950985/en/

Contacts

Renee Campbell

renee.campbell@valmont.com

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