UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________________

FORM 10-Q

_________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~November~~May 3031, ~~2024~~2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 0-6365

_________________________________

APOGEE ENTERPRISES, INC.

(Exact name of registrant as specified in its charter)

_________________________________

Minnesota

41-0919654

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

4400 West 78th Street, Suite 520

Minneapolis

Minnesota

55435

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (952) 835-1874

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

_________________________________

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, par value $0.33 1/3 per share

APOG

The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes x No

As of ~~January~~June 327, 2025, 21,~~953~~529,~~364~~570 shares of the registrant’s common stock, par value $0.33 1/3 per share, were outstanding.

APOGEE ENTERPRISES, INC. AND SUBSIDIARIES

		Page
PART I	Financial Information
Item 1.	Financial Statements (Unaudited):
	Consolidated Balance Sheets	4
	Consolidated Results of Operations	5
	Consolidated Statements of Comprehensive Earnings	6
	Consolidated Statements of Cash Flows	7
	Consolidated Statements of Shareholders' Equity	8
	Notes to Consolidated Financial Statements	109
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2223
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3332
Item 4.	Controls and Procedures	3332
PART II	Other Information
Item 1.	Legal Proceedings	3433
Item 1A.	Risk Factors	3433
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3433
Item 5.	Other Information	3433
Item 6.	Exhibits	3534
Signatures		3635

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1.Financial Statements

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except stock data)

~~November~~May 3031, ~~2024~~2025

March 21, ~~2024~~2025

Assets

Current assets

Cash and cash equivalents

4332,~~855~~831

3741,~~216~~448

Receivables, net

~~187~~189,~~799~~956

~~173~~185,~~557~~590

Inventories, net

97103,~~003~~901

6992,~~240~~305

Contract assets

5769,~~545~~457

4971,~~502~~842

Other current assets

4551,~~119~~814

2950,~~124~~919

Total current assets

~~431~~447,~~321~~959

~~358~~442,~~639~~104

Property, plant and equipment, net of accumulated depreciation of $465,837 and $445,017

269,063

244,216

Property, plant and equipment, net of accumulated depreciation of $480,155 and $469,480

263,279

268,139

Operating lease right-of-use assets

6358,~~663~~961

4062,~~221~~314

Goodwill

~~234~~236,~~814~~560

~~129~~235,~~182~~775

Intangible assets, net

~~140~~119,~~390~~117

66128,~~114~~417

Other non-current assets

4130,~~269~~956

4538,~~692~~520

Total assets

1,~~180~~156,~~520~~832

~~884~~1,~~064~~175,269

Liabilities and Shareholders’ Equity

Current liabilities

Accounts payable

9697,~~372~~763

8498,~~755~~804

Accrued compensation and benefits

3932,~~432~~153

5348,~~801~~510

Contract liabilities

4643,~~165~~342

3435,~~755~~193

Operating lease liabilities

1415,~~958~~671

1215,~~286~~290

Other current liabilities

6664,~~982~~317

5987,~~108~~659

Total current liabilities

~~263~~253,~~909~~246

~~244~~285,~~705~~456

Long-term debt

~~272~~311,000

62285,000

Non-current operating lease liabilities

5448,~~188~~653

3151,~~907~~632

Non-current self-insurance reserves

3329,~~303~~560

30,~~552~~382

Other non-current liabilities

3532,~~051~~590

4334,~~875~~901

Commitments and contingent liabilities (Note 6)

Shareholders’ equity

Junior preferred stock of $1.00 par value; authorized 200,000 shares; zero issued and outstanding

—

Common stock of $0.33-1/3 par value; authorized 50,000,000 shares; issued and outstanding 21,939,010 and 22,089,265, respectively

7,313

7,363

Common stock of $0.33-1/3 par value; authorized 50,000,000 shares; issued and outstanding 21,532,572 and 21,417,631, respectively

7,178

7,139

Additional paid-in capital

~~158~~157,~~248~~788

~~152~~156,~~818~~075

Retained earnings

~~388~~349,~~478~~501

~~340~~359,~~375~~976

Accumulated other comprehensive loss

(3132,~~970~~684)

(2935,~~531~~292)

Total shareholders’ equity

~~522~~481,~~069~~783

~~471~~487,~~025~~898

Total liabilities and shareholders’ equity

1,~~180~~156,~~520~~832

~~884~~1,~~064~~175,269

See accompanying notes to consolidated financial statements.

Table of Contents

CONSOLIDATED RESULTS OF OPERATIONS

(Unaudited)

	Three Months Ended				~~Nine Months Ended~~
(In thousands, except per share data)	~~November~~May 3031, ~~2024~~2025		~~November~~June 251, ~~2023~~2024		~~November 30, 2024~~		~~November 25, 2023~~
Net sales	$	~~341~~346,~~344~~622	$	~~339~~331,~~714~~516	$	~~1,015,300~~	$	~~1,055,102~~
Cost of sales	~~252~~271,~~195~~497		~~249~~232,~~409~~661		~~729,975~~		~~776,440~~
Gross profit	8975,~~149~~125		9098,~~305~~855		~~285,325~~		~~278,662~~
Selling, general and administrative expenses	6068,~~520~~194		5257,~~658~~474		~~173,350~~		~~166,695~~
Operating income	286,~~629~~931		3741,~~647~~381		~~111,975~~		~~111,967~~
Interest expense, net	13,~~044~~846		~~1,454~~450		~~2,634~~		~~5,720~~
Other (income) expense, net	(60)		890		(493)		(3,722)
Other expense (income), net	682		(143)
Earnings before income taxes	272,~~645~~403		3541,~~303~~074		~~109,834~~		~~109,969~~
Income tax expense	65,~~656~~091		810,~~329~~063		~~27,268~~		~~26,092~~
Net earnings	$	20,989	$	26,974	$	82,566	$	83,877
Net (loss) earnings	$	(2,688)	$	31,011
Basic earnings per share	$	0.96	$	1.24	$	3.79	$	3.83
Basic (loss) earnings per share	$	(0.13)	$	1.42
Diluted earnings per share	$	0.96	$	1.23	$	3.76	$	3.80
Diluted (loss) earnings per share	$	(0.13)	$	1.41
Weighted average basic shares outstanding	21,~~782~~338		21,~~819~~823		~~21,789~~		~~21,889~~
Weighted average diluted shares outstanding	21,~~917~~338		22,~~013~~061		~~21,937~~		~~22,093~~

See accompanying notes to consolidated financial statements.

Table of Contents

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(Unaudited)

	Three Months Ended				~~Nine Months Ended~~
(In thousands)	~~November~~May 3031, ~~2024~~2025		~~November~~June 251, ~~2023~~2024		~~November 30, 2024~~		~~November 25, 2023~~
Net earnings	$	20,989	$	26,974	$	82,566	$	83,877
Net (loss) earnings	$	(2,688)	$	31,011
Other comprehensive (loss) earnings:
Other comprehensive earnings:
Unrealized (loss) gain on marketable securities, net of $(13), $(2), $16 and $23 of tax (benefit) expense, respectively	(48)		(7)		60		86
Unrealized gain (loss) on marketable securities, net of $10 and $(1) of tax expense (benefit), respectively	35		(6)
Unrealized (loss) gain on derivative instruments, net of $(21), $56, $86 and $1 of tax (benefit) expense, respectively	(69)		186		281		6
Unrealized (loss) gain on derivative instruments, net of $(32) and $364 of tax (benefit) expense, respectively	(94)		1,196
Foreign currency translation adjustments	(12,~~619)~~667		(~~604~~669)		~~(2,780)~~		~~340~~
Other comprehensive (loss) earnings	(1,736)		(425)		(2,439)		432
Other comprehensive earnings	2,608		521
Total comprehensive earnings	$	19,253	$	26,549	$	80,127	$	84,309
Total comprehensive (loss) earnings	$	(80)	$	31,532

See accompanying notes to consolidated financial statements.

Table of Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended
	Three Months Ended
(In thousands)	~~November~~May 3031, ~~2024~~2025		~~November~~June 251, ~~2023~~2024
Operating Activities
Net earnings	$	82,566	$	83,877
Net (loss) earnings	$	(2,688)	$	31,011
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	3012,~~798~~436		319,~~185~~976
Share-based compensation	82,~~067~~300		62,~~644~~704
Deferred income taxes	52,~~109~~496		13,~~296~~466
Loss (gain) on disposal of property, plant and equipment	159		(50)
Loss on disposal of property, plant and equipment	328		22
Settlement of New Markets Tax Credit transaction	—		(4,687)
Impairment on intangible assets	7,418		—
Non-cash lease expense	93,~~926~~738		82,~~742~~895
Other, net	1,~~800~~294		10(925)
Changes in operating assets and liabilities:
Receivables	(23,~~191~~938)		(~~846~~9,845)
Inventories	(811,~~284~~255)		8(11,~~256~~337)
Contract assets	(82,~~168)~~596		115,~~194~~511
Accounts payable	61,~~796~~103		(1,~~902~~871)
Accrued compensation and benefits	(2016,~~958~~639)		(724,~~015~~850)
Contract liabilities	118,~~499~~104		71,~~635~~648
Operating lease liability	(93,~~387~~643)		(93,~~214~~007)
Accrued income taxes	(61,~~498)~~698		(76,~~587)~~535
Other current assets and liabilities	(625,~~104~~130)		1(6,~~714~~480)
Net cash provided by operating activities	95,130		129,252
Net cash (used in) provided by operating activities	(19,782)		5,453
Investing Activities
Capital expenditures	(247,~~696~~167)		(267,~~956~~229)
Proceeds from sales of property, plant and equipment	~~744~~10		~~247~~40
Purchases of marketable securities	~~(2,394)~~—		(~~969~~740)
Sales/maturities of marketable securities	~~2,370~~175		~~1,370~~600
Acquisition of business, net of cash acquired	(233,125)		—
Net cash used in investing activities	(6,982)		(7,329)
Net cash used by investing activities	(257,101)		(26,308)
Financing Activities
Proceeds from revolving credit facilities	9559,~~201~~000		~~195~~30,~~851~~000
Repayment on revolving credit facilities	(~~115~~33,~~201~~000)		(~~265~~15,000)
Proceeds from term loans	250,000		—
Repurchase of common stock	—		(15,061)
Repayment of term loans	(20,000)		—
Dividends paid	(5,520)		—
Payments of debt issuance costs	(3,798)		—
Other, net	(2,835)		(4,865)
Repurchase of common stock	(15,061)		(11,821)
Net cash provided by (used in) financing activities	17,645		(4,926)
Dividends paid	(16,238)		(15,690)
Effect of exchange rates on cash	502		(51)
Other, net	(5,884)		(3,781)
Decrease in cash, cash equivalents and restricted cash	(8,617)		(6,853)
Net cash provided (used) by financing activities	169,019		(100,441)
Cash, cash equivalents and restricted cash at beginning of period	41,448		37,216
Effect of exchange rates on cash	(409)		(569)
Cash and cash equivalents at end of period	$	32,831	$	30,363
Increase in cash and cash equivalents	6,639		1,934
Cash and cash equivalents at beginning of period	37,216		21,473
Cash and cash equivalents at end of period	$	43,855	$	23,407
Non-cash Activity
Capital expenditures in accounts payable	$	~~2,299~~922	$	~~1,231~~472
Dividends declared but not yet paid	$	—	$	5,409

See accompanying notes to consolidated financial statements.

Table of Contents

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(Unaudited)

(In thousands)	Common Shares Outstanding	Common Stock at Par Value		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Total Shareholders' Equity
Balance at March 2, 2024	22,089	$	7,363	$	152,818	$	340,375	$	(29,531)	$	471,025
Balance at March 1, 2025	21,418	$	7,139	$	156,075	$	359,976	$	(35,292)	$	487,898
Net earnings	—	—		—		31,011		—		31,011
Net loss	—	—		—		(2,688)		—		(2,688)
Other comprehensive income, net of tax	—	—		—		—		~~521~~2,608		~~521~~2,608
Issuance of stock, net of cancellations	~~170~~182	5761		(5761)		—		—		—
Share-based compensation	—	—		2,~~704~~300		—		—		2,~~704~~300
Share repurchases	(242)	(81)		(1,860)		(13,120)		—		(15,061)
Other share retirements	(67)	(22)		(526)		(2,267)		—		(2,815)
Other share retirements	(80)	(27)		(603)		(4,206)		—		(4,836)
Cash dividends	—	—		—		(5,520)		—		(5,520)
Declared dividends	—	—		—		(5,409)		—		(5,409)
Balance at May 31, 2025	21,533	$	7,178	$	157,788	$	349,501	$	(32,684)	$	481,783
Balance at June 1, 2024	21,937	$	7,312	$	153,002	$	348,651	$	(29,010)	$	479,955
Net earnings	—	—		—		30,566		—		30,566
Other comprehensive loss, net of tax	—	—		—		—		(1,224)		(1,224)
Issuance of stock, net of cancellations	16	5		(5)		—		—		—
Share-based compensation	—	—		2,938		—		—		2,938
Other share retirements	(7)	(2)		(52)		(347)		—		(401)
Cash dividends	—	—		—		(5,412)		—		(5,412)
Balance at August 31, 2024	21,946	$	7,315	$	155,883	$	373,458	$	(30,234)	$	506,422
Net earnings	—	—		—		20,989		—		20,989
Other comprehensive loss, net of tax	—	—		—		—		(1,736)		(1,736)
Issuance of stock, net of cancellations	1	—		—		—		—		—
Share-based compensation	—	—		2,425		—		—		2,425
Other share retirements	(8)	(2)		(60)		(552)		—		(614)
Cash dividends	—	—		—		(5,417)		—		(5,417)
Balance at November 30, 2024	21,939	$	7,313	$	158,248	$	388,478	$	(31,970)	$	522,069

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(Unaudited)


(In thousands)	Common Shares Outstanding	Common Stock at Par Value		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Total Shareholders' Equity
Balance at March 2, 2024	22,089	$	7,363	$	152,818	$	340,375	$	(29,531)	$	471,025
Net earnings	—	—		—		31,011		—		31,011
Other comprehensive income, net of tax	—	—		—		—		521		521
Issuance of stock, net of cancellations	170	57		(57)		—		—		—
Share-based compensation	—	—		2,704		—		—		2,704

Share repurchases	(242)	(81)		(1,860)		(13,120)		—		(15,061)
Other share retirements	(80)	(27)		(603)		(4,206)		—		(4,836)
Declared dividends	—	—		—		(5,409)		—		(5,409)
Balance at June 1, 2024	21,937	$	7,312	$	153,002	$	348,651	$	(29,010)	$	479,955

See accompanying notes to consolidated financial statements.

Table of Contents

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(In thousands)	Common Shares Outstanding	Common Stock at Par Value		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Total Shareholders' Equity
Balance at February 25, 2023	22,224	$	7,408	$	146,816	$	273,740	$	(31,556)	$	396,408
Net earnings	—	—		—		23,576		—		23,576
Other comprehensive income, net of tax	—	—		—		—		159		159
Issuance of stock, net of cancellations	155	52		13		(9)		—		56
Share-based compensation	—	—		2,178		—		—		2,178
Share repurchases	(120)	(40)		(829)		(4,324)		—		(5,193)
Other share retirements	(40)	(14)		(281)		(1,438)		—		(1,733)
Cash dividends	—	—		—		(5,245)		—		(5,245)
Balance at May 27, 2023	22,219	$	7,406	$	147,897	$	286,300	$	(31,397)	$	410,206
Net earnings	—	—		—		33,327		—		33,327
Other comprehensive income, net of tax	—	—		—		—		697		697
Issuance of stock, net of cancellations	(3)	(1)		7		(195)		—		(189)
Share-based compensation	—	—		2,305		—		—		2,305
Exercise of stock options	25	8		(1,192)		—		—		(1,184)
Share repurchases	(160)	(53)		(1,160)		(5,415)		—		(6,628)
Other share retirements	(9)	(3)		(444)		(547)		—		(994)
Cash dividends	—	—		—		(5,222)		—		(5,222)
Balance at August 26, 2023	22,072	$	7,357	$	147,413	$	308,248	$	(30,700)	$	432,318
Net earnings	—	—		—		26,974		—		26,974
Other comprehensive loss, net of tax	—	—		—		—		(424)		(424)
Issuance of stock, net of cancellations	15	6		(5)		—		—		1
Share-based compensation	—	—		2,161		—		—		2,161
Other share retirements	(2)	(1)		(12)		(64)		—		(77)
Cash dividends	—	—		—		(5,222)		—		(5,222)
Balance at November 25, 2023	22,085	$	7,362	$	149,557	$	329,936	$	(31,124)	$	455,731

See accompanying notes to consolidated financial statements.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Summary of Significant Accounting Policies

Basis of presentation

The consolidated financial statements of Apogee Enterprises, Inc. (we, us, our or the Company) have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The information included in this Form 10-Q should be read in conjunction with the Company’s Form 10-K for the year ended March 21, ~~2024~~2025. We use the same accounting policies in preparing quarterly and annual financial statements. All adjustments necessary for a fair presentation of quarterly and year to date operating results are reflected herein and are of a normal, recurring nature. The results of operations for the three- ~~and nine-~~month ~~periods~~period ended ~~November~~May 3031, ~~2024~~2025 are not necessarily indicative of the results to be expected for the full year.

~~New~~Adoption of new accounting standards

InOn November 27, 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-07, Improvements to Reportable Segment Disclosures, which expands the required disclosure for reportable segments. This guidance requires entities to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all segment disclosures which are currently required annually. This ASU additionally requires entities to disclose the title and position of the individual or the name of the group or committee identified as its chief operating decision-maker. ~~Such~~We ~~guidance,~~adopted ~~which~~this isguidance ~~required~~in tothe befourth ~~applied~~quarter ~~retrospectively,~~of isfiscal ~~effective~~2025 for ~~fiscal~~the ~~years~~annual ~~beginning~~requirements ~~after December 15, 2023,~~ and ~~interim~~in ~~periods within fiscal years beginning after December 15, 2024, although early adoption is permitted. While~~ the ~~adoption~~first ofquarter ~~this ASU will not have an impact on our financial position and/or results~~ of ~~operations,~~fiscal we2026 ~~are currently evaluating the impact to our segment disclosures~~ for the ~~year ended March 1, 2025 and future~~ interim ~~periods~~requirements.

InOn December 14, 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures~~, intended to enhance the transparency and decision-usefulness of income tax disclosures~~. ~~Such~~The ~~guidance~~ASU ~~requires~~is ~~entities~~effective tofor ~~provide~~our ~~additional~~fiscal ~~information~~2026 ~~within~~annual ~~their~~financial ~~income~~statements ~~tax rate reconciliation, including further disclosure of federal, state,~~ and ~~foreign~~for ~~income~~our ~~taxes~~interim ~~and~~financial tostatements ~~provide~~beginning ~~more~~fiscal ~~details about these reconciling items if a quantitative threshold is met~~2027. This guidance ~~additionally~~expands ~~requires~~the ~~expanded~~existing disclosure ofrequirements ~~income~~for ~~taxes~~the ~~paid,~~annual ~~including~~rate ~~amounts~~reconciliation ~~paid~~between ~~for~~the ~~federal,~~effective ~~state,~~tax rate and ~~foreign~~the ~~taxes.~~statutory ~~This~~federal ~~ASU,~~tax ~~which~~rate isby ~~required~~requiring reconciliation items to be ~~applied~~disaggregated ~~prospectively,~~by isdefined ~~effective~~categories ~~for~~and ~~fiscal~~disclosed ~~years~~as ~~beginning~~both ~~after~~percentages ~~December 15, 2024, although early adoption~~ and ~~retrospective application is permitted~~amounts. ~~While the adoption of this~~ ASU ~~will~~2023-09 ~~not~~also ~~have~~requires anthe ~~impact~~disaggregation ~~on our financial position and/or results~~ of ~~operations, we are currently evaluating the impact on our~~ income ~~tax~~taxes ~~disclosures,~~paid ~~including~~by ~~the~~jurisdiction ~~processes~~for ~~and~~each ~~controls~~annual ~~around~~period ~~the collection of this information~~presented.

Accounting standards not yet adopted

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This guidance requires entities to disclose more detailed information about the types of expenses, including purchases of inventory, employee compensation, depreciation, amortization, and depletion in commonly presented expense captions such as cost of sales and selling, general and administrative (SG&A) expenses. Such guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, although early adoption is permitted. This guidance should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. While the adoption of this ASU will not have an impact on our financial position and/or results of operations, we are currently evaluating the impact this ASU may have on our consolidated financial statement disclosures, including the processes and controls around the collection of this information.

2.Revenue, Receivables and Contract Assets and Liabilities

Revenue

The following table disaggregates total revenue by timing of recognition (see Note 12 for disclosure of revenue by segment):

Three Months Ended

~~Nine Months Ended~~

(In thousands)

~~November~~May 3031, ~~2024~~2025

~~November~~June 251, ~~2023~~2024

~~November 30, 2024~~

~~November 25, 2023~~

Recognized at shipment

~~150~~158,~~704~~155

~~144~~136,~~910~~722

~~427,945~~

~~449,805~~

Recognized over time (input method)

~~125~~119,~~451~~224

~~115~~116,~~345~~681

~~360,815~~

~~356,996~~

Recognized over time (output method)

6569,~~189~~243

7978,~~459~~113

~~226,540~~

~~248,301~~

Total

~~341~~346,~~344~~622

~~339~~331,~~714~~516

~~1,015,300~~

~~1,055,102~~

10Revenue is recognized at the time products are shipped from our manufacturing facilities, which is when control is transferred to our customer. Revenue is also recognized over time using an input method and an output method. The contracts for the businesses that recognize revenue following an over-time input method have a single, bundled performance obligation, as these businesses generally provide interrelated products and services and integrate these products and services into a combined output specified by the customer. The customer obtains control of this combined output, generally integrated window systems or

Table of Contents

installed window and curtainwall systems, over time. We measure progress on these contracts following an input method, by comparing total costs incurred to-date to the total estimated costs for the contract, and record that proportion of the total contract price as revenue in the period. Contract costs include materials, labor and other direct costs related to contract performance. We believe this method of recognizing revenue is consistent with our progress in satisfying our contract obligations.

Revenue is also recognized following an over-time output method based upon units produced. The customer is considered to have control over the products at the time of production, as the products are highly customized with no alternative use, and we have an enforceable right to payment for performance completed over the production period. We believe this over-time output method of recognizing revenue reasonably depicts the fulfillment of our performance obligations under our contracts.

Receivables

Receivables reflected in the financial statements represent the net amount expected to be collected. An allowance for credit losses is established based on expected losses. Expected losses are estimated by reviewing individual accounts, considering aging, financial condition of the debtor, recent payment history, current and forecasted economic conditions and other relevant factors. Upon billing, aging of receivables is monitored until collection. An account is considered current when it is within agreed upon payment terms. An account is written off when it is determined that the asset is no longer collectible.

(In thousands)

~~November~~May 3031, ~~2024~~2025

March 21, ~~2024~~2025

Trade accounts

~~121~~126,~~329~~884

~~115~~117,~~061~~533

Construction contracts

6865,~~953~~856

6170,~~879~~724

Total receivables

~~190~~192,~~282~~740

~~176~~188,~~940~~257

Less: allowance for credit losses

2,~~483~~784

32,~~383~~667

Receivables, net

~~187~~189,~~799~~956

~~173~~185,~~557~~590

The following table summarizes the activity in the allowance for credit losses for the ~~nine~~three-month period ended:

(In thousands)	~~November~~May 3031, ~~2024~~2025
Beginning balance	$	32,~~383~~667
Credits charged to costs and expenses	(1,412)
Charges against costs and expenses	89
Deductions from allowance, net of recoveries	(722)
Allowance for credit losses from acquisitions	607
Other adjustments	30
Other adjustments	(23)
Ending balance	$	2,784
Ending balance	$	2,483

Contract assets and liabilities

Contract assets consist of retainage, costs and earnings in excess of billings and other unbilled amounts typically generated when revenue recognized exceeds the amount billed to the customer. Retainage on construction contracts represents amounts withheld by our customers on long-term projects until the project reaches a level of completion where amounts are released to us from the customer. Contract liabilities consist of billings in excess of costs and earnings and other deferred revenue on contracts.

The time period between when performance obligations are complete and payment is due is not significant. In certain parts of our business that recognize revenue over time, progress billings follow an agreed-upon schedule of values.


(In thousands)	May 31, 2025		March 1, 2025
Contract assets	$	69,457	$	71,842
Contract liabilities	43,342		35,193

The changes in contract assets and contract liabilities were mainly due to timing of project activity within our businesses that operate under long-term contracts.

Other contract-related disclosures

Three Months Ended

~~Nine Months Ended~~

(In thousands)

~~November~~May 3031, ~~2024~~2025

~~November~~June 251, ~~2023~~2024

~~November 30, 2024~~

~~November 25, 2023~~

Revenue recognized related to contract liabilities from prior year-end

~~399~~6,830

~~191~~26,530

~~30,760~~

~~25,147~~

Revenue recognized related to prior satisfaction of performance obligations

~~4,129~~473

~~730~~3,298

~~12,295~~

~~5,634~~

Some of our contracts have an expected duration of longer than a year, with performance obligations extending over that time frame. Generally, these contracts are found in our businesses that typically operate with long-term contracts, which recognize revenue over time. The transaction prices associated with unsatisfied performance obligations at November 30, 2024 are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods:10

(In thousands)	November 30, 2024
Within one year	$	530,834
Between one and two years	261,463
Beyond two years	88,030
Total	$	880,327

Table of Contents

Some of our contracts have an expected duration of longer than a year, with performance obligations extending over that time frame. Generally, these contracts are found in our businesses that typically operate with long-term contracts, which recognize revenue over time. The transaction prices associated with unsatisfied performance obligations at May 31, 2025 are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods:


(In thousands)	May 31, 2025
Within one year	$	535,558
Between one and two years	210,117
Beyond two years	89,831
Total	$	835,506

Long-term contracts are often modified to account for changes in contract specifications and requirements of work to be performed. We consider contract modifications to exist when the modification, generally through a change order, either creates new or changes existing enforceable rights and obligations, and we evaluate these types of modifications to determine whether they may be considered distinct performance obligations. In most cases, these contract modifications are for goods or services that are not distinct from the existing contract, due to the significant integration service provided in the context of the contract. Therefore, these modifications are accounted for as part of the existing contract. The effect of a contract modification on the transaction price and our measure of progress is recognized as an adjustment to revenue, generally on a cumulative catch-up basis.

The net cumulative catch-up adjustments on our longer-term contracts for changes in estimates had the following effect on the respective periods shown:


(in thousands, except earnings per share data)	Three Months Ended
		May 31, 2025		June 1, 2024


Operating income		$	67	$	3,004
Earnings per share:
Basic		0.00		0.10
Diluted		0.00		0.10

Table of Contents

3.Inventories

Inventories



(In thousands)	May 31, 2025		March 1, 2025
Raw materials	$	43,323	$	36,804
Work-in-process	17,789		15,554
Finished goods	42,789		39,947
Total inventories, net	$	103,901	$	92,305

(In thousands)	November 30, 2024		March 2, 2024
Raw materials	$	37,871	$	31,363
Work-in-process	17,504		12,291
Finished goods	41,628		25,586
Total inventories, net	$	97,003	$	69,240

4.Financial Instruments

Marketable securities

Through our wholly-owned insurance subsidiary, Prism Assurance, Ltd. (Prism), we hold the following available-for-sale marketable securities, made up of fixed-maturity investments:

(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
November 30, 2024	$	11,444	$	43	$	389	$	11,098
May 31, 2025	$	9,963	$	42	$	186	$	9,819
March 2, 2024	11,327		15		437		10,905
March 1, 2025	10,148		33		222		9,959

Prism insures a portion of our general liability, workers’ compensation and automobile liability risks using reinsurance agreements to meet statutory requirements. The reinsurance carrier requires Prism to maintain fixed-maturity investments for the purpose of providing collateral for Prism’s obligations under the reinsurance agreements.

The amortized cost and estimated fair values of these investments at ~~November~~May 3031, ~~2024~~2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities, as borrowers may have the right to call or prepay obligations with or without penalty. Investments that are due within one year are included in other current assets while those due after one year are included as other non-current assets. Gross realized gains and losses were insignificant for all periods presented.

(In thousands)

Amortized Cost

Estimated Fair Value

Due within one year

45,~~081~~384

35,~~971~~349

Due after one year through five years

74,~~363~~579

74,~~127~~470

Total

119,~~444~~963

119,~~098~~819

Derivative instruments

We periodically use interest rate swaps, currency put options, ~~and~~ forward purchase contracts, or other instruments to manage risks generally associated with foreign exchange rate (primarily related to the Canadian dollar and euro), interest rate and commodity price fluctuations. The information that follows explains the various types of derivatives and financial instruments we use, how such instruments are accounted for, and how such instruments impact our financial position and performance.

In fiscal ~~2020~~2025, we entered into an interest rate swap with a notional value of $75.0 million with an expiration date of January 5, 2027, to hedge a portion of our exposure to variability in cash flows from interest payments on our floating-rate ~~borrowings~~revolving ~~under our~~ credit facility. AsIn offiscal ~~November 30~~2020, ~~2024,~~we ~~the~~entered into an interest rate swap ~~contract~~with ~~had~~ a notional value of $30.0 million ~~and~~with ~~has~~an aexpiration ~~maturity~~ date of February 5, 2026., to hedge a portion of our exposure to variability in cash flows from interest payments on our floating-rate revolving credit facility.

We periodically enter into forward purchase contracts and/or fixed/floating swaps to manage the risk associated with fluctuations in aluminum prices and fluctuations in foreign exchange rates. These contracts generally have an original maturity date of less than one year. As of ~~November~~May 3031, ~~2024~~2025, we held ~~aluminum purchase contracts and~~ foreign exchange option contracts with U.S. dollar notional values of $0.~~2 million and $0.~~8 million~~, respectively~~.

~~The~~Derivative ~~mark~~instruments tothat ~~market~~qualify ~~adjustments~~for onhedge ~~these~~accounting ~~derivative instruments~~ are recorded within our consolidated balance sheets within other current assets and other current liabilities. Gains or losses associated with these instruments are recorded as a component of accumulated other comprehensive loss until which time the hedged transaction is settled and gains or losses are reclassified to ~~net~~ earnings.

Table of Contents

Fair value measurements

Financial assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement: Level 1 (unadjusted quoted prices in active markets for identical assets or liabilities); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data). We do not have any Level 3 financial assets or liabilities.

(In thousands)	Quoted Prices inActive Markets(Level 1)		Other Observable Inputs (Level 2)		Total Fair Value
November 30, 2024
Assets:
Money market funds	$	25,010	$	—	$	25,010
Municipal and corporate bonds	—		11,098		11,098
Foreign currency option contract	—		39		39
Interest rate swap contract	—		713		713
Liabilities:
Aluminum hedging contract			6		6
March 2, 2024
Assets:
Money market funds	$	26,529	$	—	$	26,529
Municipal and corporate bonds	—		10,905		10,905
Foreign currency option contract	—		3		3
Interest rate swap contract	—		1,292		1,292
Liabilities:
Aluminum hedging contract	—		529		529

Financial assets and liabilities measured at fair value on a recurring basis were:


(In thousands)	Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Total Fair Value
May 31, 2025
Assets:
Money market funds	$	23,499	$	—	$	23,499

Municipal bonds	—		9,819		9,819
Foreign currency option contract	—		—		—

Interest rate swap contracts	—		437		437

Liabilities:

Interest rate swap contracts	—		531		531


March 1, 2025
Assets:
Money market funds	$	20,758	$	—	$	20,758

Municipal bonds	—		9,959		9,959
Foreign currency option contract	—		29		29
Interest rate swap contracts	—		539		539

Liabilities:

Interest rate swap contracts	—		540		540

5.Debt

On July 19, 2024, we entered into a Credit Agreement (the Credit Agreement) with Bank of America, N.A., as administrative agent, and other lenders. The Credit Agreement provides for an unsecured senior credit facility in an aggregate principal amount of up to $700.0 million, in which commitments were made through a $450.0 million, five-year revolving credit facility and a committed $250.0 million delayed draw term loan facility. Borrowings under the revolving credit facility can be in Canadian dollars (CAD) limited to $25.0 million USD. The term loan facility may be utilized in up to two ~~drawdowns~~draw downs, which are available to be made within one year after the closing date. The senior credit facility has a term of five years with a maturity date of July 19, 2029.

The Credit Agreement ~~replaces~~replaced the previous revolving credit facility with Wells Fargo Bank, N.A., as administrative agent, and other lenders, with maximum borrowings up to $385.0 million, and the two Canadian credit facilities with Bank of Montreal totaling $25.0 million USD. ~~Outstanding borrowings under the previous revolving credit facility were $50.0 million as of March 2, 2024. We had no outstanding borrowings under the Canadian facilities as of March 2, 2024.~~

As a result of the execution of the Credit Agreement, in the second quarter of fiscal 2025, we recognized a loss on extinguishment of debt within interest expense of $0.5 million for the write-off of unamortized financing fees related to the previous revolving credit facility. Additionally, we capitalized $3.0 million of lender fees and $0.8 million of third-party fees incurred in connection with the Credit Agreement, which were recorded as other non-current assets and ~~will~~are bebeing amortized over the term of the credit facility as interest expense.

The Credit Agreement contains two maintenance financial covenants that require our Consolidated Leverage Ratio (as defined in the Credit Agreement) to be less than 3.50 and our Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) to exceed 3.00. At ~~November~~May 3031, ~~2024~~2025, we were in compliance with all covenants as defined under the terms of the Credit Agreement.

The Credit Agreement also contains an acquisition “holiday.” In the event we make an acquisition for which the purchase price is greater than $75 million, we can elect to increase the maximum Consolidated Leverage Ratio (as defined in the Credit Agreement) to 4.00 for a period of four consecutive fiscal quarters, commencing with the fiscal quarter in which a qualifying acquisition occurs. No more than two acquisition holidays can occur during the term of the Credit Agreement, and at least two fiscal quarters must separate qualifying acquisitions.

Table of Contents

Borrowings under the Credit Agreement bear floating interest at either the Base Rate or Term Secured Overnight Financing Rate (SOFR), or, for CAD borrowings, Canadian Overnight Repo Rate Average (CORRA) plus, in each a margin based on the Consolidated Leverage Ratio (as defined in the Credit Agreement). For Base Rate borrowings, the margin ranges from 0.25% to 0.75%. For Term SOFR and CORRA borrowings, the margin ranges from 1.25% to 1.75%, with an incremental Term SOFR and CORRA adjustment of 0.10% and 0.29547%, respectively.

The Credit Agreement also contains an “accordion” provision. Under this provision, we can request that the senior credit facility be increased by unlimited additional amounts. Any lender may elect or decline to participate in the requested increase at their sole discretion.

On November 4, 2024, as part of the acquisition of UW Interco, LLC (UW Solutions), and for working capital and general corporate purposes, we executed a drawdown against the delayed draw term loan facility for $250.0 million. Outstanding borrowings under the term loan facility were $~~230~~215.0 million as of ~~November~~May 3031, ~~2024~~2025. Outstanding borrowings under the revolving credit facility were $3096.0 million as of ~~November~~May 3031, ~~2024~~2025.

At ~~November~~May 3031, ~~2024~~2025, we had a total of $272.36 million of ongoing letters of credit related to the senior credit facility ~~and industrial revenue bonds~~, construction contracts and insurance collateral that expire in fiscal ~~years~~year 2026 ~~through 2032~~ and reduce borrowing capacity under the revolving credit facility. As of ~~November~~May 3031, ~~2024~~2025, the amount available for revolving borrowings was $~~405~~351.04 million.

AtThe ~~November~~fair 30value of our senior credit facility approximated carrying value at May 31, ~~2024~~2025, ~~debt~~and ~~included~~would ~~$12.0~~be ~~million~~classified ofas ~~industrial~~Level ~~revenue~~2 ~~bonds~~within ~~that~~the ~~mature~~fair value hierarchy described in ~~fiscal~~Note ~~years~~4, ~~2036~~due ~~through~~to ~~2043~~the variable interest rates on these instruments.

The fair value of our senior credit facility and industrial revenue bonds approximated carrying values at November 30, 2024, and would be classified as Level 2 within the fair value hierarchy described in Note 4, due to the variable interest rates on these instruments.


(In thousands)	May 31, 2025		June 1, 2024
Interest on debt	$	4,483	$	1,174
Interest rate swap gain	(181)		(236)
Other interest expense	115		21
Interest income	(571)		(509)
Interest expense, net	$	3,846	$	450

	Three Months Ended				Nine Months Ended
(In thousands)	November 30, 2024		November 25, 2023		November 30, 2024		November 25, 2023
Interest on debt	$	2,077	$	2,000	$	4,590	$	7,171
Interest rate swap gain	(223)		(236)		(695)		(656)
Other interest expense	38		274		653		352
Interest income	$	(848)	$	(584)	$	(1,914)	$	(1,147)
Interest expense, net	$	1,044	$	1,454	$	2,634	$	5,720

Interest payments under the credit facilities were $4.4 million and $1.1 million for the three months ended May 31, 2025 and June 1, 2024, respectively. The weighted average interest rates on borrowings outstanding, inclusive of the impact of our interest rate swap as of May 31, 2025 and March 1, 2025 were 4.46% and 4.32%, respectively.

Interest payments under the credit facilities were $3.5 million and $7.5 million for the nine months ended November 30, 2024 and November 25, 2023, respectively. The weighted average interest rates on borrowings outstanding, inclusive of the impact of our interest rate swap as of November 30, 2024 and March 2, 2024 were 5.6% and 4.9%, respectively.

6.Commitments and Contingent Liabilities

Bond commitments

In the ordinary course of business, predominantly in our Architectural Services ~~and Architectural Framing Systems Segments~~Segment, we are required to provide surety or performance bonds that commit payments to our customers for ~~any~~ non-performance against our contracts. At ~~November~~May 3031, ~~2024~~2025, $1.2 billion of these types of bonds were outstanding, of which $~~307~~339.2 million is in our backlog. These bonds have expiration dates that align with the completion of ~~the~~these ~~sales order or contract~~contracts. We have never been required to make payments under surety or performance bonds with respect to our existing businesses.

Warranty and project-related contingencies

We reserve estimated exposures on known claims, as well as on a portion of anticipated claims, for product warranty and rework cost, based on historical product liability claims as a ratio of sales. Claim costs are deducted from the accrual when paid. Factors that could have an impact on these accruals in any given period include changes in manufacturing quality, changes in product mix, and any significant changes in sales volume.


	Three Months Ended
(In thousands)	May 31, 2025
Balance at beginning of period	$	18,461
Additional accruals	1,539

Claims paid	(1,792)
Balance at end of period	$	18,208

Table of Contents

	Nine Months Ended
(In thousands)	November 30, 2024
Balance at beginning of period	$	21,362
Additions charged to costs and expenses	6,795
Deductions from reserve, net of recoveries	(8,438)
Balance at end of period	$	19,719

Architectural Metals Segment. We manage the risk of these exposures through contract negotiations, proactive project management and insurance coverages.

Additionally, we are subject to project management and installation-related contingencies as a result of our fixed-price material supply and installation service contracts, primarily in our Architectural Services Segment and in certain parts of our Architectural Framing Systems Segment. We manage the risk of these exposures through contract negotiations, proactive project management and insurance coverages.

Letters of credit

At ~~November~~May 3031, ~~2024~~2025, we had $272.36 million of ongoing letters of credit as discussed in Note 5.

Purchase obligations

Purchase obligations for raw material commitments and capital expenditures totaled $2016.0 million as of ~~November~~May 3031, ~~2024~~2025.

New Markets Tax Credit (NMTC) transactions

We have two outstanding NMTC arrangements which help to support operational expansion. Proceeds received from investors on these transactions are included within other current liabilities in our consolidated balance sheets. The NMTC arrangements are subject to 100 percent tax credit recapture for a period of seven years from the date of each respective transaction. Upon the termination of each arrangement, these proceeds will be recognized in earnings in exchange for the transfer of tax credits. The direct and incremental costs incurred in structuring these arrangements have been deferred and are included in other current assets in our consolidated balance sheets. These costs will be recognized in conjunction with the recognition of the related proceeds on each arrangement. During the construction phase or for working capital purposes for each project, we are required to hold cash dedicated to fund each project, which is classified as restricted cash in our consolidated balance sheets. As a result of the structure of these transactions, variable-interest entities were created. As the other investors in these programs do not have a material interest in the entities' underlying economics, we include 100% of the results of the variable-interest entities in our consolidated financial statements.

The table below provides a summary of estimated benefits related to our outstanding NMTC transactions (in thousands):

Inception date	Termination date	Deferred ~~Benefit~~benefit		Deferred costs		Net benefit
May 2022(1)	August 2025	$	6,052	$	1,~~875~~855	$	4,~~177~~197
September 2018	September 2025	$	3,198	$	~~1,031~~631	$	2,~~167~~567
Total		$	9,250	$	2,~~906~~486	$	6,~~344~~764

(1) Continuation of the August 2018 NMTC financing transaction

Litigation

The Company is a party to various legal proceedings incidental to its normal operating activities. In particular, like others in the construction supply and services industry, the Company is routinely involved in various disputes and claims arising out of construction projects, sometimes involving significant monetary damages or product replacement. We have in the past and are currently subject to product liability and warranty claims, including certain legal claims related to a commercial sealant product formerly incorporated into our products. In December 2022, the claimant in an arbitration of one such claim was awarded $20 million. The Company has appealed the award and believes, after taking into account all currently available information, including the advice of counsel and the likelihood of available insurance coverage, that this award will not have a material adverse effect on the Company's business, financial condition, results of operations or cash flows. The Company is also subject to litigation arising out of areas such as employment practices, workers compensation and general liability matters. Although it is very difficult to accurately predict the outcome of any such proceedings, facts currently available indicate that no matters will result in losses that would have a material adverse effect on the results of operations, cash flows or financial condition of the Company.

In December 2022, the claimant in an arbitration of one such claim was awarded $20 million by an arbitration panel. The claimant then sought to confirm this award in Los Angeles Superior Court in March 2023. In response, the Company moved to vacate the award. Later in March 2023, the Superior Court confirmed the award, which the Company appealed in June 2023. The appeal was argued before the California Court of Appeals, Second Appellate District, Division Seven, on March 7, 2025. The California Court of Appeals confirmed the judgment of the Superior Court on March 25, 2025 and the Company paid the final arbitration award, including accrued post-judgment interest, in the amount of $24.7 million, on April 7, 2025. As a result of the judgment, in the fourth quarter of fiscal 2025, we recorded expense of $9.4 million, which represented the impact of the award amount net of existing reserves and insurance proceeds of $11.0 million.

The Company is also subject to litigation arising out of areas such as employment practices, workers compensation and general liability matters. Although it is very difficult to accurately predict the outcome of any such proceedings, facts currently available indicate that no matters will result in losses that would have a material adverse effect on the results of operations, cash flows or financial condition of the Company.

Table of Contents

7.Supplier Finance Program Obligations

InWe ~~the~~have ~~first quarter of fiscal 2024, we implemented~~ a supplier financing arrangement that enables select suppliers, at their sole discretion, to sell our receivables (i.e., our payment obligations to the suppliers) on a non-recourse basis in order to be paid earlier than our payment terms provide. These suppliers’ voluntary inclusion of invoices in the supplier financing arrangement has no bearing on our payment terms, the amounts we pay, or our liquidity. We have no economic interest in the supplier’s decision to participate in the supplier financing program, and we do not provide any guarantees in connection with it. The balances owed are reflected in accounts payable in the consolidated balance sheets and are reflected in net cash provided by operating activities in our consolidated statements of cash flows when settled.

The following table summarizes the obligation activity ~~for the nine months ended November 30, 2024~~ and outstanding balance as of ~~November~~May 3031, ~~2024~~2025 that we have confirmed as valid to the administrators of our program:

(In thousands)

~~November~~May 3031, ~~2024~~2025

Balance at beginning of period

6,~~527~~846

Obligations added to the program

3513,~~881~~392

Obligations settled

(3412,~~612~~794)

Balance at end of period

7,~~796~~444

8.Shareholders' Equity

We paid dividends totaling $165.25 million ($0.7526 per share) in the first ~~nine~~three months of fiscal ~~2025~~2026, compared to declared dividends ~~paid~~ of $155.74 million ($0.7225 per share) in the comparable prior year period.

During fiscal 2004, the Board of Directors authorized a share repurchase program allowing us to repurchase shares of our outstanding common stock, with subsequent increases in authorization. During the ~~nine~~three-months ended ~~November~~May 3031, ~~2024~~2025, we ~~repurchased~~did ~~241,573~~not repurchase shares under the program~~, for a total cost of $15~~.1 ~~million, inclusive of the applicable excise tax.~~ During the ~~nine~~three-months ended ~~November~~June 251, ~~2023~~2024, we repurchased ~~279~~241,~~916~~573 shares under the program, for a total cost of $1115.81 million. We have repurchased a total of 1112,~~518~~063,~~090~~207 shares, at a total cost of $~~408~~438.5 million, since the inception of this program in fiscal 2004. We have remaining authority to repurchase 2,~~731~~186,~~910~~793 shares under this program, which has no expiration date. We may also elect to repurchase additional shares of common stock under our authorization, subject to limitations contained in our debt agreements and based upon our assessment of a number of factors, including share price, trading volume and general market conditions, working capital requirements, general business conditions, financial conditions, any applicable contractual limitations, and other factors, including alternative investment opportunities. We may finance share repurchases with available cash, additional debt or other sources of financing.

Additionally, shares withheld from the vesting of restricted awards, or the settlement of performance-based awards, are treated as purchases and retirements, and are included within other, net in the financing activities section in the consolidated statement of cash flows.

9.Share-Based Compensation

As part of our compensation structure, we grant stock-based compensation awards to certain employees and non-employee directors during the fiscal year. These awards may be in the form of incentive stock options (to employees only), restricted stock awards and restricted stock units, and performance share unit awards, all of which are granted at a price or with an exercise price equal to the fair market value of the Company’s stock at the date of award, unless the date of the award is on a day the Nasdaq Stock Market is not open for trading,. ~~then~~In that case, the exercise price shall equal the fair market value on the most recent preceding date when such market is open.

Table of Contents

The table below sets forth the number of stock-based compensation awards granted during the ~~nine~~three-months ended ~~November~~May 3031, ~~2024~~2025, along with the weighted average grant date fair value:

Awards

Number of Awards

Weighted Average Grant Date Fair Value

Restricted stock awards and restricted stock units(1)

~~127~~134,~~117~~036

~~63.~~45.62

Performance share units (2)

3752,~~151~~018

6245.7865

(1) Represent service condition awards which generally vest over a two- or three-year period.

(2) Represent performance condition awards with the grant equal to the target number of performance shares based on the share price at grant date. These grants allow for the right to receive a variable number of shares, between 0% and 200% of target, dependent on being employed at the end of the performance period and achieving defined performance goals for average return on invested capital and cumulative earnings per share.

(2) Represent performance condition awards with the grant equal to the target number of performance shares based on the share price at grant date. These grants allow for the right to receive a variable number of shares, between 0% and 200% of target, dependent on being employed at the end of the performance period and achieving defined performance goals for average adjusted return on invested capital and cumulative adjusted earnings per share.

Total share-based compensation expense included in the results of operations was $2.~~4 million~~3 ~~and $2.2~~ million for the three-month ~~periods~~period ended ~~November~~May 3031, ~~2024~~2025 and ~~November 25, 2023, respectively and~~ $82.17 million ~~and $6.6 million~~ for the ~~nine~~three-month ~~periods~~period ended ~~November~~June 301, 2024 ~~and November 25~~, ~~2023,~~ respectively.

At ~~November~~May 3031, ~~2024~~2025, there was $1417.2 million of total unrecognized compensation cost related to nonvested share and nonvested share unit awards, which is expected to be recognized over a weighted average period of approximately 2426 months. The total fair value of shares vested during the ~~nine~~three-months ended ~~November~~May 3031, ~~2024~~2025 was $97.54 million.

10.Income Taxes

We file income tax returns in the U.S. federal jurisdiction, various U.S. state and local jurisdictions, Canada, Brazil, and other international jurisdictions. We are not subject to U.S. federal tax examinations for years prior to fiscal 2021, or state and local income tax examinations for years prior to fiscal 2020. We are not currently under U.S. federal examination for years subsequent to fiscal year 2020, and there is very limited audit activity of our income tax returns in U.S. state jurisdictions or international jurisdictions.

For interim periods, our income tax expense and resulting effective tax rate are based upon an estimated annual effective tax rate adjusted for the effects of items required to be treated as discrete to the period, including changes in tax laws, changes in estimated exposures for uncertain tax positions and other items. ~~For~~Income ~~the three-months ended November 30, 2024, income~~ tax expense as a percentage of earnings before income tax was 24211.19%, compared to ~~23.6% for the same period last year. For the nine-months ended November 30, 2024, income tax expense as a percentage of earnings before income tax was~~ 24.85%, ~~compared to 23.7%~~ for the same period last year. The ~~change~~increase in the effective tax rate ~~for both the three- and nine-month periods~~ was primarily ~~due~~driven toby anlower ~~increase~~net inearnings ~~tax~~before ~~expense~~income ~~for discrete items~~tax.

The total liability for unrecognized tax benefits was $56.71 million at ~~November~~May 3031, ~~2024~~2025 compared to $56.10 million at March 21, ~~2024, respectively~~2025. Penalties and interest related to unrecognized tax benefits are recorded in income tax expense.

11.Earnings per Share

The following table presents a reconciliation of the share amounts used in the computation of basic and diluted earnings per share (diluted EPS):

	Three Months Ended		Nine Months Ended
(In thousands)	November 30, 2024	November 25, 2023	November 30, 2024	November 25, 2023
Basic earnings per share – weighted average common shares outstanding	21,782	21,819	21,789	21,889
Weighted average effect of nonvested share grants and assumed exercise of stock options	135	194	148	204
Diluted earnings per share – weighted average common shares and potential common shares outstanding	21,917	22,013	21,937	22,093
Stock awards excluded from the calculation of earnings per share because the effect was anti-dilutive (award price greater than average market price of the shares)	1	37	18	56

Table of Contents

1211.~~Business~~Earnings ~~Segment~~per ~~Data~~Share

WeThe ~~have~~following ~~four~~table ~~reporting~~presents ~~segments:~~a reconciliation of the share amounts used in the computation of basic and diluted earnings per share (diluted EPS):

•The Architectural Framing Systems Segment designs, engineers, fabricates and finishes aluminum window, curtainwall, storefront and entrance systems for the exterior of buildings.


	Three Months Ended
(In thousands)	May 31, 2025		June 1, 2024
Net (loss) earnings	$	(2,688)	$	31,011

Basic earnings per share – weighted average common shares outstanding	21,338		21,823
Weighted average effect of nonvested share grants and assumed exercise of stock options	—		238
Diluted earnings per share – weighted average common shares and potential common shares outstanding (1)	21,338		22,061
Stock awards excluded from the calculation of earnings per share because the effect was anti-dilutive (award price greater than average market price of the shares)	—		87

Basic (loss) earnings per share	$	(0.13)	$	1.42
Diluted (loss) earnings per share	$	(0.13)	$	1.41
(1) In the first quarter of fiscal 2026, there were 224 shares excluded from the calculation of diluted loss per share, due to their anti-dilutive effect.

•The Architectural Glass Segment coats and fabricates high-performance glass used in custom window and wall systems on non-residential buildings.

•The Architectural Services Segment integrates technical services, project management, and field installation services to design, engineer, fabricate, and install building glass and curtainwall systems.

•The Large-Scale Optical (LSO) Segment manufactures high-performance coated substrate products for the custom framing, fine and graphic art, industrial flooring and engineered optics markets.

Segment net sales is defined as net sales for a certain segment and includes revenue related to intersegment transactions. We report net sales intersegment eliminations separately to exclude these sales from our consolidated total. Segment operating income is equal to net sales, less cost of goods sold, SG&A expenses, and any asset impairment charges associated with the segment. Segment operating income includes operating income related to intersegment sales transactions and excludes certain corporate costs that are not allocated at a segment level. We report these unallocated corporate costs in Corporate and Other. Operating income does not include other income or expense, interest expense or income tax expense.

	Three Months Ended				Nine Months Ended
(In thousands)	November 30, 2024		November 25, 2023		November 30, 2024		November 25, 2023
Segment net sales
Architectural Framing Systems	$	138,039	$	139,585	$	412,561	$	462,548
Architectural Glass	70,236		90,964		247,040		282,262
Architectural Services	104,921		94,662		301,966		272,144
Large-Scale Optical	33,196		26,009		74,232		72,110
Intersegment eliminations	(5,048)		(11,506)		(20,499)		(33,962)
Net sales	$	341,344	$	339,714	$	1,015,300	$	1,055,102
Segment operating income (loss)
Architectural Framing Systems	$	12,710	$	16,981	$	48,187	$	57,986
Architectural Glass	10,118		15,164		48,277		49,119
Architectural Services	9,730		5,288		21,483		8,211
Large-Scale Optical	4,842		7,100		13,481		17,288
Corporate and Other	(8,771)		(6,886)		(19,453)		(20,637)
Operating income	$	28,629	$	37,647	$	111,975	$	111,967

Due to the varying combinations and integration of individual window, storefront and curtainwall systems, it is impractical to report product revenues generated by class of product, beyond the segment revenues currently reported.

13. Acquisitions

On November 4, 2024, we completed the acquisition of UW Solutions for $241.8 million in cash. UW Solutions is a U.S. based, vertically integrated manufacturer of high-performance coated substrates with a portfolio of well-known brands, including ResinDEK®, ChromaLuxe®, RDC Coatings™, and Unisub®, each known as a leader in its specified applications. The UW Solutions business activity is included in our Large-Scale Optical Segment.

The total purchase consideration was $233.1 million in cash, net of a preliminary net working capital adjustment of $1.8 million and cash acquired of $8.7 million. The acquisition was funded with cash on hand and borrowings under our existing credit agreement. During the third quarter of fiscal 2025, we incurred pre-tax acquisition-related expenses of $5.9 million associated with the UW Solutions acquisition. We incurred $0.4 million for inventory step-up expense which was included in costs of sales as well as $3.7 million of transaction costs, $0.9 million of integration costs, and $0.8 million of amortization of acquired backlog, which was included in SG&A within our consolidated results of operations.

Table of Contents

We accounted for the acquisition as a purchase of a business and recorded the excess of the purchase price over the estimated fair value of the assets acquired and liabilities assumed as goodwill of $10612.~~3 million.~~Business ~~The goodwill recognized is attributable primarily to expected synergies by integrating UW Solutions into our Large-Scale Optical~~ Segment and by creating a scalable growth platform in the specialty coatings and materials market. The goodwill is expected to be amortized and deductible for income tax purposes. We have provisionally determined the appropriate fair values of the acquired intangible assets and completed our analysis of the economic lives of the assets acquired. We assigned $21.0 million to tradenames and are amortizing over a 15-year expected life. We assigned $3.2 million to contract backlog and are amortizing over a 4-month expected life. We assigned $47.4 million to customer relationships and are amortizing a portion over a 10-year expected life and the remainder over a 15-year expected life, based on historical customer attrition rates. We assigned $7.8 million to developed technology and are amortizing over a 7.5-year expected life.Data

~~The~~We ~~following~~have ~~table~~four ~~presents~~operating ~~the~~segments ~~preliminary~~which ~~estimated~~are ~~fair~~also ~~values~~reportable segments. Each of ~~assets~~our ~~acquired~~four segments have distinct economic characteristics, including products and ~~liabilities~~services ~~assumed~~provided, atproduction ~~the~~processes ~~acquisition~~and ~~date~~varying ranges in performance and results:

(In thousands)
Assets:
Cash and cash equivalents	$	8,703
Receivables, net	12,673
Inventories, net	19,805
Other current assets	1,335
Property, plant, and equipment	27,701
Operating lease right-of-use assets	14,268
Intangible assets	79,420
Goodwill	106,264
Other non-current assets	166
Total Assets	$	270,335
Liabilities:
Accounts payable	5,032
Accrued compensation and benefits	6,767
Operating lease liabilities	1,447
Other current liabilities	1,287
Non-current operating lease liabilities	14,030
Total Liabilities	$	28,563
Net assets recorded	$	241,772

•The Architectural Metals Segment designs, engineers, fabricates and finishes aluminum window, curtainwall, storefront and entrance systems used primarily in non-residential construction.

•The ~~impact~~Architectural ofServices ~~the~~Segment ~~acquisition~~integrates oftechnical UWservices, ~~Solutions~~project onmanagement, ~~our consolidated results of operations for the three~~ and ~~nine-month~~field ~~periods~~installation ~~ended~~services onto ~~November~~design, 30engineer, ~~2024 was $8.8 million of net sales and $4.2 million net loss~~fabricate, ~~respectively. The net sales~~ and ~~net~~install ~~loss~~architectural ~~represent~~curtainwall ~~approximately four weeks of operating results, transaction~~ and ~~integration~~other façade-related ~~costs,~~systems ~~interest~~primarily ~~and~~in ~~the~~non-residential ~~net tax effect~~construction.

•The ~~following~~Architectural ~~supplemental~~Glass ~~unaudited~~Segment ~~pro~~cuts, ~~forma information presents our financial results as if the acquisition of UW Solutions had occurred on February 26~~treats, ~~2023.~~coats ~~This supplemental pro forma information has been prepared for comparative purposes~~ and ~~would~~fabricates ~~not~~high-performance ~~necessarily~~glass ~~indicate~~used ~~what~~in ~~may~~custom ~~have~~window ~~occurred if the acquisition had been completed on February 26, 2023,~~ and ~~this~~wall ~~information~~systems isprimarily ~~not~~for ~~intended~~non-residential ~~to be indicative of future results~~buildings.

•The Performance Surfaces Segment develops and manufactures high-performance coated materials for a variety of applications, including wall decor, museums, graphic design, digital displays, architectural interiors, and industrial flooring.

The Company’s CEO is the chief operating decision maker (CODM). The CODM utilizes net sales and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to assess segment performance and make decisions about the allocation of operating and capital resources by analyzing recent results, trends, and variances of each segment in relation to forecasts and historical performance.

Net sales, adjusted cost of sales, adjusted SG&A, other income (expense), depreciation and amortization and the resulting adjusted EBITDA for each of the Company’s four reportable segments are presented below. Segment net sales is defined as net sales for a certain segment and includes revenue related to intersegment transactions. We report net sales intersegment eliminations separately to exclude these sales from our consolidated total. Segment adjusted EBITDA includes intersegment sales transactions and excludes certain corporate costs that are not allocated at a segment level. We report these unallocated corporate costs in Corporate and Other.


	Three Months Ended May 31, 2025
(In thousands)	Architectural Metals		Architectural Services		Architectural Glass		Performance Surfaces		Total
Net sales	$	128,596	$	106,505	$	69,271	$	42,250	$	346,622
Intersegment net sales	28		—		4,002		—		4,030
Total segment net sales	128,624		106,505		73,273		42,250		350,652
Adjusted cost of sales (1)	(97,603)		(90,664)		(51,759)		(28,217)		(268,243)
Adjusted SG&A (2)	(25,468)		(10,847)		(11,309)		(9,624)		(57,248)
Other expense, net	—		—		(58)		—		(58)
Depreciation and amortization	3,813		1,073		3,270		3,550		11,706
Adjusted EBITDA	$	9,366	$	6,067	$	13,417	$	7,959	$	36,809


	Three Months Ended June 1, 2024
(In thousands)	Architectural Metals		Architectural Services		Architectural Glass		Performance Surfaces		Total
Net sales	$	133,109	$	99,027	$	78,176	$	21,204	$	331,516
Intersegment net sales	63		—		8,527		—		8,590
Total segment net sales	133,172		99,027		86,703		21,204		340,106
Adjusted cost of sales (1)	(88,552)		(81,852)		(58,288)		(12,485)		(241,177)
Adjusted SG&A (2)	(25,287)		(11,552)		(11,324)		(3,873)		(52,036)
Other income (expense), net	—		—		130		—		130
Depreciation and amortization	4,507		950		3,010		796		9,263
Adjusted EBITDA	$	23,840	$	6,573	$	20,231	$	5,642	$	56,286

Table of Contents

(in thousands, except earnings per share data)(Unaudited)		Three Months Ended				Nine Months Ended
(1)	Adjusted cost of sales excludes $7.0 million of adjustments related to acquisition and restructuring expense and $0.6 million of adjustments related to restructuring expense as described in more detail within the reconciliation presented below, for the three months ended May 31, 2025 and June 1, 2024, respectively.
		November 30, 2024		November 25, 2023		November 30, 2024		November 25, 2023
(2)	Adjusted SG&A expenses excludes $6.0 million of adjustments related to acquisition and restructuring expense and $0.4 million of adjustments related to restructuring expense as described in more detail within the reconciliation presented below, for the three months ended May 31, 2025 and June 1, 2024, respectively.
Net sales		$	359,904	$	368,243	$	1,077,941	$	1,131,489
Net earnings		25,364		26,951		84,804		71,890
Earnings per share:
Basic		1.16		1.24		3.89		3.28
Diluted		1.16		1.22		3.86		3.25

~~Nonrecurring~~The ~~charges~~following oftable ~~$3.7 million~~presents ofthe ~~transaction~~reconciliation ~~costs, $0.9 million~~ of ~~integration~~adjusted ~~costs,~~EBITDA ~~$0.8 million~~to ofnet ~~amortization~~(loss) ~~of acquired backlog~~earnings, ~~and $0.4 million of inventory step-up expense incurred in~~ the ~~third~~nearest ~~quarter~~measurement ofunder ~~fiscal 2025 are reflected as if those charges were incurred in the first quarter of fiscal 2024 supplemental pro forma earnings~~U.S. GAAP:

These amounts have been calculated after applying our accounting policies and adjusting the results of UW Solutions to reflect the effect of definite-lived intangible assets recognized as part of the business combination on amortization expense as if the acquisition had occurred on February 26, 2023.



	Three Months Ended
(In thousands)	May 31, 2025		June 1, 2024
Segment Adjusted EBITDA	$	36,809	$	56,286
Corporate and Other Expenses	(5,129)		(3,481)
Segment acquisition-related costs (1)	(277)		—
Segment restructuring costs (2)	(12,718)		(998)
Depreciation and amortization	(12,436)		(10,283)
Interest expense, net	(3,846)		(450)
Income tax expense	(5,091)		(10,063)
Net (loss) earnings	$	(2,688)	$	31,011


(1)			Acquisition-related costs include costs related to one-time expenses incurred to integrate the UW Solutions acquisition.
(2)			Segment restructuring charges related to Project Fortify.

13. Acquisitions

On November 4, 2024, we completed the acquisition of UW Solutions for $240.9 million in cash. UW Solutions is a U.S. based, vertically integrated manufacturer of high-performance coated substrates with a portfolio of well-known brands, including ResinDEK®, ChromaLuxe®, RDC Coatings™, and Unisub®, each known as a leader in its specified applications. The UW Solutions business activity is included in our Large-Scale Optical Segment.

The total purchase consideration was $232.2 million in cash, net of a favorable net working capital adjustment of $0.9 million and cash acquired of $8.7 million. The acquisition was funded with cash on hand and borrowings under our existing credit agreement. During fiscal 2025, we incurred total pre-tax acquisition-related expenses of $10.3 million associated with the acquisition. During the first quarter of fiscal 2026, we incurred $0.1 million and $0.2 million in integration costs associated with the acquisition, which are included in cost of sales and SG&A within our consolidated results of operations, respectively.

The following table presents the estimated fair values of assets acquired and liabilities assumed at the acquisition date:

Table of Contents


(In thousands)
Assets:
Cash and cash equivalents	$	8,703
Receivables, net	12,427
Inventories, net	17,903
Other current assets	1,122
Property, plant and equipment	26,563
Operating lease right-of-use assets	14,189
Goodwill	107,826
Intangible assets, net	79,679
Other non-current assets	166
Total Assets	$	268,578
Liabilities:
Accounts payable	5,126
Accrued compensation and benefits	6,900
Operating lease liabilities	1,259
Other non-current liabilities	1,490
Noncurrent operating lease liabilities	12,930
Total Liabilities	$	27,705
Net assets recorded	$	240,873

The impact of the acquisition of UW Solutions on our consolidated results of operations for the three-month period ended on May 31, 2025 was $22.0 million of net sales and $1.4 million net loss, respectively.

The following supplemental unaudited pro forma information presents our financial results as if the acquisition of UW Solutions had occurred on March 3, 2024. This supplemental pro forma information has been prepared for comparative purposes and would not necessarily indicate what may have occurred if the acquisition had been completed on March 3, 2024, and this information is not intended to be indicative of future results.


(in thousands, except earnings per share data) (Unaudited)	Three Months Ended
		June 1, 2024
Net sales		$	354,628
Net earnings		29,930
Earnings per share:
Basic		$	1.37
Diluted		$	1.36

Nonrecurring charges of $0.3 million integration costs incurred in the first quarter of fiscal 2026 are reflected as if those charges were incurred in the first quarter of fiscal 2025 supplemental pro forma earnings.

14. Restructuring

During the fourth quarter of fiscal 2024, we announced strategic actions to ~~further~~ streamline our business operations, enable a more efficient cost model, and better position the Company for profitable growth (referred to as “Project Fortify”). Project Fortify primarily ~~impacts~~impacted the Architectural ~~Framing~~Metals ~~Systems~~ Segment and ~~includes~~included:

•Eliminating certain lower-margin product and service offerings, enabling consolidation into a single operating entity.

Table of Contents

•Transferring production operations from the Company’s facility in Walker, Michigan, to the Company’s facilities in Monett, Missouri and Wausau, Wisconsin.

•Simplifying the segment’s brand portfolio and commercial model to improve flexibility, better leverage the Company’s capabilities, and enhance customer service.

Additionally, the Company ~~has~~ implemented ~~similar~~ actions to optimize processes and streamline resources in its Architectural Services ~~Segment~~ and Corporate and Other. The Company completed Project Fortify during the fourth quarter of fiscal 2025 and incurred a total of $16.7 million of restructuring charges, which led to an annualized pre-tax cost savings of approximately $14 million.

~~During~~On ~~the~~April ~~third~~23, ~~quarter of fiscal~~ 2025, we ~~incurred~~announced ~~$0.9~~a ~~million~~second phase of ~~pre-tax costs associated with~~ Project Fortify, ~~which included $~~(~~0.1)~~referred ~~million~~to ~~within~~as ~~cost~~"Project ofFortify ~~sales~~Phase ~~and~~2" ~~$1.0~~or ~~million~~"Phase ~~included~~2") ~~within~~to ~~SG&A~~drive ~~expenses.~~further ~~During~~cost ~~the first nine-months of fiscal 2025~~efficiencies, weprimarily ~~incurred~~in ~~$3.2 million~~the ofArchitectural ~~pre-tax~~Metals ~~costs~~and ~~associated~~Architectural ~~with~~Services ~~Project~~Segments. ~~Fortify,~~Phase of2 ~~which~~focuses ~~$1.3 million~~on ~~was~~further ~~included~~optimizing ~~within~~our ~~cost~~operating offootprint ~~sales~~ and ~~$1.9 million~~aligning ~~was~~resources ~~included~~to ~~within~~enable ~~SG&A~~a ~~expenses.~~more ~~Since~~effective ~~announcing~~operating ~~Project~~model. ~~Fortify,~~We weexpect ~~have~~to ~~incurred~~incur approximately $~~15.6~~24 million ~~of pre-tax costs. The Company now expects these restructuring actions~~ to be$26 million ~~substantially complete by the end~~ of ~~the fourth quarter of fiscal 2025 and expects to incur total~~ pre-tax charges ofassociated ~~approximately~~with ~~$16.0~~Phase ~~million to $17~~2.0 ~~million. Total~~The ~~Project~~total ~~Fortify restructuring~~ charges are expected to include the following:

•~~Approximately~~$9 million to $~~7.0~~10 million of severance and employee related costs;

•~~Approximately~~$~~1.7~~2 million to $3 million of contract termination costs; and

•$~~7.5~~ 12 million to $~~8.5~~ 13 million of other expenses.

~~The~~We ~~Company~~expect ~~expects~~the ~~that~~actions ~~these~~associated ~~actions~~with ~~will~~Phase ~~lead~~2 to be substantially completed by the end of the fourth quarter of fiscal 2026 and expect them to deliver annualized pre-tax cost savings of approximately $13 million to $14 15 million.

	Three Months Ended November 30, 2024
(In thousands)	Architectural Framing		Architectural Services		Corporate & Other		Total
Termination benefits	$	387	$	(764)	$	787	$	410
Other restructuring charges	455		47		—		502
Total restructuring charges	$	842	$	(717)	$	787	$	912

During the first quarter of fiscal 2026, we incurred $15.3 million of pre-tax costs associated with Phase 2, of which $6.9 million is included in cost of sales and $8.4 million is included within SG&A. The SG&A charges include a $5.0 million non-cash intangible asset impairment charge in the Architectural Services segment and $2.6 million of a non-cash asset write-off and other charges in Corporate and Other.

20The table below reflects the pretax impact of Project Fortify for the quarters ended May 31, 2025 and June 1, 2024, respectively.

Table of Contents


(In thousands)	Architectural Metals		Architectural Services		Corporate and Other		Total

May 31, 2025
Termination benefits	$	805	$	5,947	$	—	$	6,752

Other restructuring charges	665		5,300		2,630		8,595
Total restructuring charges	$	1,470	$	11,247	$	2,630	$	15,347
June 1, 2024
Termination benefits	$	302	$	—	$	124	$	426
Other restructuring charges	696		—		—		696
Total restructuring charges	$	998	$	—	$	124	$	1,122

	Nine Months Ended November 30, 2024
(In thousands)	Architectural Framing		Architectural Services		Corporate & Other		Total
Termination benefits	$	960	$	(592)	$	917	$	1,285
Contract termination costs	108		—		—		108
Other restructuring charges	1,687		133		—		1,820
Total restructuring charges	$	2,755	$	(459)	$	917	$	3,213

The following table summarizes our restructuring related accrual balances included within accrued payroll and related benefits and other current liabilities in the consolidated balance sheets. All remaining accrual balances are expected to be paid within fiscal 2026.


(In thousands)	Architectural Metals		Architectural Services		Corporate and Other		Total






Balance at March 1, 2025	$	1,286	$	650	$	511	$	2,447
Restructuring expense	1,088		5,947		2,630		9,665
Payments	(259)		(966)		(182)		(1,407)
Balance at May 31, 2025	$	2,115	$	5,631	$	2,959	$	10,705

(In thousands)	Architectural Framing		Architectural Services		Corporate & Other		Total
Balance at March 2, 2024	$	2,814	$	2,067	$	56	$	4,937
Restructuring expense	1,090		(764)		912		1,238
Payments	(3,829)		(518)		(180)		(4,527)
Other adjustments	778		—		—		778
Balance at November 30, 2024	$	853	$	785	$	788	$	2,426

The charges presented in the roll forward of our restructuring accruals do not include items charged directly to expense as incurred, as those items are not reflected in accrued payroll and related benefits and other current liabilities in the consolidated balance sheets.

2122

Table of Contents

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-looking statements

This Quarterly Report on Form 10-Q, including the section, Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains certain statements that are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current views with respect to future events and financial performance. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “will,” “continue” or similar words or expressions. All forecasts and projections in this document are “forward-looking statements,” and are based on management’s current expectations or beliefs of the Company's near-term results, based on current information available pertaining to the Company. From time to time, we may also provide oral and written forward-looking statements in other materials we release to the public, such as press releases, presentations to securities analysts or investors, or other communications by the Company. Any or all of our forward-looking statements in this report and in any public statements we make could be materially different from actual results.

Accordingly, we wish to caution investors that any forward-looking statements made by or on behalf of the Company are subject to uncertainties and other factors that could cause actual results to differ materially from such statements. These uncertainties and other risk factors include, but are not limited to, the risks and uncertainties set forth under “Risk Factors” section of our Annual Report on Form 10-K for the year ended March 21, ~~2024~~2025 and in subsequent filings with the U.S. Securities and Exchange Commission, including this Quarterly Report on Form 10-Q.

We also wish to caution investors that other factors might in the future prove to be important in affecting the Company’s results of operations. New factors emerge from time to time; it is not possible for management to predict all such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or a combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Measures

We have included in this report measures of financial performance that are not defined by U.S. GAAP. We believe that these measures provide useful information and include these measures in other communications to investors. For each of these non-GAAP financial measures, we provide a reconciliation of the differences between the non-GAAP measure and the most directly comparable U.S. GAAP measure (see “Reconciliation of Non-GAAP Financial Measures” in this Item 2 below), and an explanation of why we believe the non-GAAP measure provides useful information to management and investors. These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable U.S. GAAP measure.

Overview

We are a leading provider of architectural products and services for enclosing buildings, and high-performance coating products used in applications for preservation, protection and enhanced viewing. Our four reporting segments are: Architectural ~~Framing Systems~~Metals, Architectural ~~Glass~~Services, Architectural ~~Services~~Glass, and ~~Large-Scale~~Performance ~~Optical~~Surfaces.

Our enterprise strategy is based on the following three key elements:

1.Become the economic leader in our target markets. We ~~are~~have ~~developing~~developed a deep understanding of our target markets and ~~aligning~~aligned our businesses with clear go-to-market strategies to drive value for our customers through differentiated product and service offerings. We are focused on operational execution, driving productivity improvements, and maintaining a competitive cost structure, so that we may bring more value to our customers and improve our own profitability.

2.Actively manage our portfolio to drive higher margins and returns. We are shifting our business mix toward higher operating margin offerings in order to improve our return on invested capital performance. We ~~expect to~~ accomplish this by allocating resources to grow our top performing businesses, actively addressing underperforming businesses, and investing to add new differentiated product and service offerings to accelerate our growth and increase margins. We continually analyze our current portfolio of products, services, and capabilities to identify the best areas for future profitable growth. We also evaluate inorganic opportunities where we can deploy capital to acquire businesses that will be accretive to our long-term growth rate and operating margins.

3.Strengthen our core capabilities. We are shifting from our historical, decentralized operating model to one with center-led functional expertise that enables us to leverage the scale of the enterprise to better support the needs of the business. InWe ~~fiscal~~have ~~2022, we~~ established a Company-wide operating system with common tools and processes based on the foundation of Lean and Continuous Improvement, which we call the “Apogee Management System.” Our strategy is supported by a robust talent management program and a commitment to strong governance to ensure compliance and drive sustainable performance.

2223

Table of Contents

We set this strategy by developing a deep knowledge of the markets we serve and by gaining extensive input from customers and industry influencers, along with detailed competitive benchmarking. We continually analyze our portfolio of products, services, and capabilities to identify the best areas for future profitable growth. We also evaluate our operating model to ensure we have the organizational structure and capabilities needed to deliver consistent profitable growth. Through this work, we validate strengths that we can leverage and identify opportunities to improve our performance.

In fiscal 2024 and through the third quarter of fiscal 2025, we drove further progress toward our strategic goals and financial targets. We continued the deployment of the Apogee Management System across our business, supporting sustainable cost and productivity improvements. We have invested in inorganic and organic growth initiatives, including the acquisition of UW Interco, LLC (UW Solutions), capacity expansion in the Large-Scale Optical Segment and geographic growth in the Architectural Services Segment. We increased our focus on differentiated products and services, and continued to diversify the mix of architectural projects that we serve while leaning more heavily into higher, value-added products. We also advanced several initiatives to strengthen our core capabilities, driving the standardization of key business processes and systems, and strengthening talent management and leadership development programs.

Recent Developments

InOn ~~the~~April ~~third~~23, ~~quarter of fiscal~~ 2025, we ~~acquired~~announced UWan ~~Solutions.~~extension UWof ~~Solutions~~Project isFortify a("Project ~~U.S.~~Fortify ~~based,~~Phase ~~vertically~~2" ~~integrated~~or ~~manufacturer~~"Phase of2") ~~high-performance~~to ~~coated~~drive ~~substrates~~further cost efficiencies, ~~differentiated~~primarily byin ~~its~~the ~~proprietary~~Architectural ~~formulations~~Metals and ~~coating~~Architectural ~~application~~Services ~~processes~~Segments. ~~The~~Phase ~~Company~~2 ~~serves~~focuses on further optimizing our operating footprint and aligning resources to enable a ~~broad~~more ~~range~~effective operating model. We expect the actions of ~~customers~~Phase in2 ~~attractive~~to ~~end~~incur ~~markets,~~approximately ~~including~~$24 million ~~building~~to ~~products~~$26 million ~~for~~of ~~distribution~~pre-tax ~~centers~~charges. ~~and~~Phase ~~manufacturing~~2 ~~facilities,~~is asexpected ~~well~~to asdeliver ~~premium~~annualized ~~products~~pre-tax ~~for~~cost ~~the~~savings ~~graphic~~of ~~arts~~approximately ~~market~~$13 million to $15 million. ~~See~~We ~~Note~~expect 13the ~~for~~actions ~~additional~~associated ~~information~~with onPhase 2 to be substantially completed by the ~~terms~~end ~~and~~of ~~conditions~~the fourth quarter of ~~this~~fiscal ~~transaction~~2026. See Note 14 for additional information.

The following selected financial data should be read in conjunction with the Company’s Form 10-K for the year ended March 21, ~~2024~~2025 and the consolidated financial statements, including the notes to consolidated financial statements, included therein.

Results of Operations

The following tables provide various components of operations as year over year U.S. dollar and percentage change, as well as a percentage of net sales.

	Three Months Ended				% of Net Sales
(in thousands, except percentages)	~~November~~May 3031, ~~2024~~2025		~~November~~June 251, ~~2023~~2024		~~November~~May 3031, ~~2024~~2025		~~November~~June 251, ~~2023~~2024
Net sales	$	~~341~~346,~~344~~622	$	~~339~~331,~~714~~516	100.0	%	100.0	%
Cost of sales	~~252~~271,~~195~~497		~~249~~232,~~409~~661		7378.93		7370.42
Gross profit	8975,~~149~~125		9098,~~305~~855		2621.17		2629.68
Selling, general and administrative expenses	6068,~~520~~194		5257,~~658~~474		1719.7		1517.53
Operating income	286,~~629~~931		3741,~~647~~381		82.40		1112.15
Interest expense, net	13,~~044~~846		~~1,454~~450		01.31		0.41
Other (income) expense, net	(60)		890		—		0.3
Other expense (income), net	682		(143)		0.2		—
Earnings before income taxes	272,~~645~~403		3541,~~303~~074		80.17		1012.4
Income tax expense	65,~~656~~091		810,~~329~~063		1.95		23.50
Net earnings	$	20,989	$	26,974	6.1	%	7.9	%
Net (loss) earnings	$	(2,688)	$	31,011	(0.8)	%	9.4	%
Effective tax rate					24211.19	%	2324.65	%

23Comparison of First Quarter Fiscal 2026 to First Quarter Fiscal 2025

~~Table~~•Consolidated net sales increased 4.6%, to $346.6 million, driven by $22.0 million of ~~Contents~~inorganic sales contribution from the acquisition of UW Solutions. Growth from inorganic sales was partially offset by lower volume in Architectural Glass and a less favorable mix in Architectural Metals.

	Nine Months Ended				% of Net Sales
(in thousands, except percentages)	November 30, 2024		November 25, 2023		November 30, 2024		November 25, 2023
Net sales	$	1,015,300	$	1,055,102	100.0	%	100.0	%
Cost of sales	729,975		776,440		71.9		73.6
Gross profit	285,325		278,662		28.1		26.4
Selling, general and administrative expenses	173,350		166,695		17.1		15.8
Operating income	111,975		111,967		11.0		10.6
Interest expense, net	2,634		5,720		0.3		0.5
Other (income) expense, net	(493)		(3,722)		—		(0.4)
Earnings before income taxes	109,834		109,969		10.8		10.4
Income tax expense	27,268		26,092		2.7		2.5
Net earnings	$	82,566	$	83,877	8.1	%	7.9	%
Effective tax rate					24.8	%	23.7	%

•Gross margin decreased to 21.7%, compared to 29.8%, primarily due to restructuring charges of $6.9 million, a less favorable mix and higher aluminum costs in Architectural Metals, and higher tariff expense in Architectural Services.

~~Comparison~~•SG&A expenses increased $10.7 million to 19.7% of ~~Third~~net ~~Quarter~~sales, ~~Fiscal~~compared ~~2025~~to 17.3% of net sales. The increase in SG&A as a percentage of net sales was primarily due to ~~Third~~restructuring ~~Quarter~~charges ~~Fiscal~~of ~~2024~~$8.4 million and increased amortization expense associated with the UW Solutions transaction, partially offset by lower long-term incentive expense.

•~~Consolidated~~Operating ~~net~~income ~~sales~~declined ~~increased~~to 0$6.~~5%,~~9 tomillion from $~~341~~41.34 million, ~~driven~~and byoperating $8margin decreased 1,050 basis points to 2.80%. ~~million~~The ofdecline ~~inorganic~~in ~~sales~~operating ~~contribution~~margin ~~from~~was ~~the~~primarily ~~acquisition~~driven ofby UWrestructuring ~~Solutions~~charges ~~and~~of $15.3 million, a ~~more~~less favorable mix ofand ~~projects~~higher aluminum costs in Architectural Metals, higher tariff expense in Architectural Services, ~~partially~~and ~~offset~~increased byamortization ~~less~~expense ~~favorable~~associated ~~mix~~with inthe ~~Architectural~~UW ~~Framing~~Solutions ~~Systems~~transaction, ~~and~~partially ~~lower~~offset ~~volume~~by inlower ~~Architectural~~long-term ~~Glass.~~incentive expense.

•~~Gross~~Adjusted ~~margin~~EBITDA decreased to 26$34.~~1%,~~4 million compared to 26$52.6%, ~~primarily~~million ~~driven~~and byadjusted ~~the~~EBITDA ~~unfavorable~~margin ~~sales~~decreased ~~leverage~~to ~~impact~~9.9% ofcompared ~~lower~~to ~~volume,~~15.9%. aThe ~~less~~decrease ~~favorable~~in ~~product~~adjusted ~~mix~~EBITDA inmargin ~~the~~was ~~Architectural~~primarily ~~Framing~~driven ~~Systems~~by ~~Segment,~~a ~~and~~less ~~higher~~favorable ~~incentive~~mix ~~compensation~~ and ~~lease~~higher ~~expenses,~~aluminum ~~partially~~costs ~~offset~~in byArchitectural aMetals, ~~more~~as ~~favorable~~well ~~mix~~as ofhigher ~~projects~~tariff expense in Architectural Services ~~Segment~~, ~~and~~partially ~~lower~~offset ~~quality~~by ~~and~~lower ~~insurance~~long-~~related~~term ~~costs~~incentive expense.

•~~SG&A~~Interest ~~expenses~~expense, net increased ~~$7.9 million~~ to 17$3.7%8 ~~of net sales~~million, ~~compared to 15.5% of net sales. The increase in SG&A as a percentage of net sales was~~ primarily due to ~~acquisition-related~~increased ~~expenses~~debt ~~associated~~resulting ~~with~~from the ~~UW Solutions~~ acquisition, ~~restructuring expense related to Project Fortify, and the unfavorable sales leverage impact~~ of ~~lower~~UW ~~volume~~Solutions.

•Operating income declined to $28.6 million from $37.6 million, and operating margin decreased 270 basis points to 8.4%. The lower operating margin was primarily driven by acquisition-related expenses associated with the UW Solutions transaction, unfavorable sales leverage impact on lower volume, less favorable product mix, higher incentive compensation, higher lease expense, and $0.9 million of restructuring costs related to Project Fortify, partially offset by a more favorable mix of projects in Architectural Services and lower insurance-related costs. Adjusted operating income was lower by 5.9% to $35.4 million, and adjusted operating margin was reduced to 10.4%.

•Interest expense, net declined to $1.0 million, primarily driven by lower weighted-average interest rates and higher interest income.

•Other income was $0.1 million compared to expense of $0.9 million. The change was driven by an increase in value of company-owned life insurance assets.

•Income tax expense as a percentage of earnings before income tax was 24.1%, compared to 23.6% for the same period last year. The increase in the effective tax rate was primarily due to an increase in tax expense for discrete items.

Comparison of First Nine Months of Fiscal 2025 to First Nine Months of Fiscal 2024

•Consolidated net sales decreased 3.8%, to $1,015.3 million, primarily driven by lower volume and mix, partially offset by a more favorable mix of projects in Architectural Services, improved pricing, and the $8.8 million inorganic sales contribution from the acquisition of UW Solutions.

•Gross margin increased to 28.1%, compared to 26.4%, primarily driven by improved pricing and a more favorable mix of projects in Architectural Services, favorable material costs, and lower quality and insurance-related costs, partially

Table of Contents

~~offset~~•Other byincome ~~the~~was ~~unfavorable~~$0.7 ~~sales~~million ~~leverage~~compared ~~impact~~to expense of ~~lower~~$0.1 ~~volume,~~million. ~~higher~~The ~~incentive~~change ~~compensation~~was ~~expense,~~driven ~~higher~~by ~~lease~~an ~~costs,~~increase ~~and~~in ~~$1.3~~value ~~million~~ of ~~restructuring~~company-owned ~~costs~~life ~~associated~~insurance ~~with Project Fortify~~assets.

•~~SG&A~~Income ~~expenses~~tax ~~increased~~expense ~~$6.7 million~~as toa ~~17.1%~~percentage of ~~net~~earnings ~~sales~~before income tax was 211.9%, compared to 1524.85% offor ~~net~~the ~~sales~~same period last year. The increase in ~~SG&A~~the aseffective atax ~~percentage~~rate ~~of net sales~~ was primarily due to ~~the impact of acquisition-related expenses, and the unfavorable sales leverage impact of~~ lower ~~volume,~~earnings ~~partially~~before ~~offset~~income ~~by lower bad debt expense~~taxes.

•~~Operating~~Net ~~income~~loss ~~was~~of $~~112~~2.0 7 million ~~and~~compared ~~operating margin increased 40 basis points~~ to ~~11.0%.~~net ~~The~~earnings ~~improvement in operating margin was primarily driven by improved pricing, a more favorable mix~~ of projects in Architectural Services, favorable material costs, lower insurance-related costs, and lower bad debt expense, partially offset by the unfavorable sales leverage impact of lower volume, acquisition-related expenses, and $331.20 million ~~of restructuring costs related to Project Fortify~~. ~~Adjusted operating income grew 8.1% to $121.1 million, and adjusted operating margin improved to 11.9%.~~

•Interest expense, net was $2.6 million, compared to $5.7 million, primarily driven by lower average debt levels and increased interest income from higher invested cash over the periods, partially offset by the impact of the write-off of unamortized financing fees related to our previous credit facility.

•Other income was $0.5 million compared to $3.7 million. The higher amount of income in the prior year period was primarily due to $4.7 million of New Market Tax Credit income recognized in the prior year period.

•Income tax expense as a percentage of earnings before income tax was 24.8%, compared to 23.7% for the same period last year. The increase in the effective tax rate was primarily due to an increase in tax expense for discrete items.

Segment Analysis

~~The~~We ~~following~~have ~~table~~four ~~presents~~operating ~~net~~segments ~~sales,~~which ~~operating~~are ~~income~~also ~~(loss)~~reportable segments. Each of our four segments have distinct economic characteristics, including products and ~~operating~~services ~~margin~~provided, byproduction ~~segment~~processes and ~~consolidated~~varying ~~total~~ranges in performance and results.

	Three Months Ended								Nine Months Ended
(In thousands, except percentages)	November 30, 2024			November 25, 2023			% Change		November 30, 2024			November 25, 2023			% Change
Segment net sales
Architectural Framing Systems	$	138,039		$	139,585		(1.1)	%	$	412,561		$	462,548		(10.8)	%
Architectural Glass	70,236			90,964			(22.8)		247,040			282,262			(12.5)
Architectural Services	104,921			94,662			10.8		301,966			272,144			11.0
Large-Scale Optical	33,196			26,009			27.6		74,232			72,110			2.9
Intersegment eliminations	(5,048)			(11,506)			(56.1)		(20,499)			(33,962)			(39.6)
Net sales	$	341,344		$	339,714		0.5	%	$	1,015,300		$	1,055,102		(3.8)	%
Segment operating income (loss)
Architectural Framing Systems	$	12,710		$	16,981		(25.2)	%	$	48,187		$	57,986		(16.9)	%
Architectural Glass	10,118			15,164			(33.3)		48,277			49,119			(1.7)
Architectural Services	9,730			5,288			84.0		21,483			8,211			161.6
Large-Scale Optical	4,842			7,100			(31.8)		13,481			17,288			(22.0)
Corporate and Other	(8,771)			(6,886)			27.4		(19,453)			(20,637)			(5.7)
Operating income	$	28,629		$	37,647		(24.0)	%	$	111,975		$	111,967		—	%
Segment operating margin
Architectural Framing Systems	9.2		%	12.2		%			11.7		%	12.5		%
Architectural Glass	14.4			16.7					19.5			17.4
Architectural Services	9.3			5.6					7.1			3.0
Large-Scale Optical	14.6			27.3					18.2			24.0
Corporate and Other	N/M			N/M					N/M			N/M
Operating income	8.4		%	11.1		%			11.0		%	10.6		%
N/M Indicates calculation not meaningful.

We evaluate the performance of our segments based on segment net sales and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). Our CEO is our chief operating decision maker (CODM). The CODM uses these measurements to assess segment performance and make decisions about the allocation of operating and capital resources by analyzing recent results, trends, and variances of each segment in relation to forecasts and historical performance.

The segment measurements provided to, and evaluated by, the CODM are described in Note 12 of our unaudited condensed consolidated financial statements.

The following table presents net sales, adjusted EBITDA and adjusted EBITDA margin by segment and the consolidated total.


	Three Months Ended
(In thousands, except percentages)	May 31, 2025			June 1, 2024			% Change
Segment net sales
Architectural Metals	$	128,624		$	133,172		(3.4)	%
Architectural Services	106,505			99,027			7.6	%
Architectural Glass	73,273			86,703			(15.5)	%
Performance Surfaces	42,250			21,204			99.3	%
Total segment sales	350,652			340,106			3.1	%
Intersegment eliminations	(4,030)			(8,590)			(53.1)	%
Net sales	$	346,622		$	331,516		4.6	%
Segment adjusted EBITDA
Architectural Metals	9,366			23,840			(60.7)	%
Architectural Services	6,067			6,573			(7.7)	%
Architectural Glass	13,417			20,231			(33.7)	%
Performance Surfaces	7,959			5,642			41.1	%
Corporate and Other	(2,425)			(3,664)			(33.8)	%
Adjusted EBITDA	$	34,384		$	52,622		(34.7)	%
Segment adjusted EBITDA margins
Architectural Metals	7.3		%	17.9		%
Architectural Services	5.7		%	6.6		%
Architectural Glass	18.3		%	23.3		%
Performance Surfaces	18.8		%	26.6		%
Corporate and Other	N/M			N/M
Adjusted EBITDA margin	9.9		%	15.9		%
N/M Indicates calculation not meaningful.

The following table summarizes the impact that different items had on our net sales for the first quarter fiscal 2026. All net sales for the first quarter of fiscal 2025 were organic.

Table of Contents

Segment net sales is defined as net sales for a certain segment and includes revenue related to intersegment transactions. We report net sales intersegment eliminations separately to exclude these sales from our consolidated total. Segment operating income is equal to net sales, less cost of goods sold, SG&A, and any asset impairment charges associated with the segment. Segment operating income includes operating income related to intersegment sales transactions and excludes certain corporate costs that are not allocated at a segment level. We report these unallocated corporate costs in Corporate and Other. Operating income does not include other income or expense, interest expense or income tax expense.



(In thousands, except percentages)	Architectural Metals			Architectural Services			Architectural Glass			Performance Surfaces			Intersegment eliminations			Consolidated
Fiscal 2025 net sales	$	133,172		$	99,027		$	86,703		$	21,204		$	(8,590)		$	331,516
Organic business (1)	(4,548)			7,478			(13,430)			(982)			4,560			(6,922)

Acquisition (2)	—			—			—			22,028			—			22,028
Fiscal 2026 net sales	$	128,624		$	106,505		$	73,273		$	42,250		$	(4,030)		$	346,622

Total net sales growth (decline)	(3.4)		%	7.6		%	(15.5)		%	99.3		%	(53.1)		%	4.6		%
Organic business (1)	(3.4)		%	7.6		%	(15.5)		%	(4.6)		%	(53.1)		%	(2.1)		%

Acquisition (2)	—		%	—		%	—		%	103.9		%	—		%	6.6		%

Architectural Framing Systems


(1)			Organic business includes net sales associated with acquired product lines or businesses that occur after the first twelve months from the date the product line or business is acquired and net sales from internally developed product lines or businesses.

(2)			On November 4, 2024, we completed the acquisition of UW Solutions. For additional information, see Note 13 to the accompanying consolidated financial statements.

Comparison of Third Quarter Fiscal 2025 to Third Quarter Fiscal 2024

•Net sales were $138.0 million, compared to $139.6 million, primarily reflecting a less favorable product mix, partially offset by increased volume.

•Operating income was $12.7 million, or 9.2% of net sales, compared to $17.0 million, or 12.2% of net sales. The decline in operating margin was primarily driven by the less favorable product mix as well as higher freight and compensation expenses and $0.8 million of restructuring charges related to Project Fortify. Adjusted operating income was $13.6 million, or 9.8% of net sales, compared to $17.0 million, or 12.2% of net sales.

Comparison of First Nine Months of Fiscal 2025 to First Nine Months of Fiscal 2024

•Net sales were $412.6 million, compared to $462.5 million, primarily reflecting reduced volume due to exiting certain lower-margin product lines as part of Project Fortify and lower end market demand as well as a less favorable product mix.

•Operating income was $48.2 million, or 11.7% of net sales, compared to $58.0 million, or 12.5% of net sales. The decline in operating margin was primarily driven by the unfavorable sales leverage impact of lower volume, higher compensation costs, and $2.8 million of restructuring charges as part of Project Fortify, partially offset by favorable material costs and lower bad debt expense. Adjusted operating income was $50.9 million, or 12.3% of net sales, compared to $58.0 million, or 12.5% of net sales.

Architectural Glass

Comparison of Third Quarter Fiscal 2025 to Third Quarter Fiscal 2024

•Net sales were $70.2 million, compared to $91.0 million, primarily reflecting reduced volume due to lower end-market demand.

•Operating income decreased to $10.1 million, or 14.4% of net sales, compared to $15.2 million, or 16.7% of net sales. The lower operating margin was primarily driven by unfavorable sales leverage impact of lower volume partially offset by improved productivity, favorable freight costs, and lower quality-related expense.

Comparison of First Nine Months of Fiscal 2025 to First Nine Months of Fiscal 2024

•Net sales were $247.0 million, compared to $282.3 million, reflecting lower volume due to lower end-market demand, partially offset by improved pricing.

•Operating income decreased to $48.3 million, or 19.5% of net sales, compared to $49.1 million, or 17.4% of net sales. The improvement in operating margin was primarily driven by improved pricing, improved productivity, and lower quality-related costs, partially offset by the unfavorable sales leverage impact of lower volume.

Architectural Services

Comparison of Third Quarter Fiscal 2025 to Third Quarter Fiscal 2024

•Net sales were $104.9 million, compared to $94.7 million, primarily due to a more favorable mix of projects and increased volume.

•Operating income increased to $9.7 million, or 9.3% of net sales, compared to $5.3 million, or 5.6% of net sales. The improvement in operating margin was primarily driven by a more favorable mix of projects partially offset by higher incentive compensation expense and higher lease costs.

Comparison of First Nine Months of Fiscal 2025 to First Nine Months of Fiscal 2024

•Net sales were $302.0 million, compared to $272.1 million, primarily due increased volume and a more favorable mix of projects.

Table of Contents

~~•Operating~~Architectural income increased to $21.5 million, or 7.1% of net sales, compared to $8.2 million, or 3.0% of net sales. The improvement in operating margin was primarily driven by a more favorable mix of projects, partially offset by higher incentive compensation expense and higher lease costs.Metals

~~Large-Scale~~Comparison ~~Optical~~of ~~(LSO)~~First Quarter Fiscal 2026 to First Quarter Fiscal 2025

~~Comparison~~•Net ofsales ~~Third~~were ~~Quarter~~$128.6 ~~Fiscal~~million, ~~2025~~compared to ~~Third~~$133.2 ~~Quarter~~million, ~~Fiscal~~primarily ~~2024~~reflecting a less favorable mix, partially offset by increased volume.

•~~LSO~~Adjusted ~~net~~EBITDA ~~sales~~was ~~were~~ $339.24 million, ~~compared~~or ~~to $26~~7.03% ~~million~~of net sales, ~~which~~compared ~~included~~to $823.8 million, or 17.9% of ~~inorganic~~net sales. ~~contribution~~The ~~from~~decline ~~the~~in ~~acquisition~~adjusted ofEBITDA UWmargin ~~Solutions~~was primarily driven by a less favorable mix, higher aluminum costs, unfavorable productivity, and unfavorable sales leverage, partially offset by ~~lower~~the ~~volume~~impact infrom ~~the~~higher ~~retail channel~~volume.

~~•Operating~~Architectural income was $4.8 million, or 14.6% of net sales, compared to $7.1 million, or 27.3% of net sales. The decline in operating margin was primarily driven by acquisition-related costs, the unfavorable sales leverage impact of lower volume, and the dilutive effect of lower operating margin from acquiring UW Solutions.Services

Comparison of First ~~Nine~~Quarter ~~Months of~~ Fiscal ~~2025~~2026 to First ~~Nine~~Quarter ~~Months of~~ Fiscal ~~2024~~2025

•~~LSO~~Net ~~net~~ sales were $74106.25 million, compared to $7299.10 million, ~~which~~primarily ~~included~~due ~~$8.8~~to ~~million~~increased ~~of sales from UW Solutions, partially offset by lower~~ volume ~~in the retail channel~~.

•~~Operating~~Adjusted ~~income~~EBITDA ~~was~~decreased to $136.51 million, or 185.27% of net sales, compared to $176.36 million, or 246.06% of net sales. The ~~decline~~decrease in ~~operating~~adjusted EBITDA margin was primarily driven by ~~acquisition-related~~higher ~~costs~~tariff ~~and~~expense, ~~the~~partially ~~sales~~offset ~~leverage~~by ~~impact~~a more favorable mix of ~~lower~~projects ~~volume~~and favorable sales leverage.

•For the three months ended May 31, 2025 and June 1, 2024, cumulative catch-up adjustments on our longer-term contracts for changes in estimates were as follows:


(in thousands)	2026		2025
Gross favorable adjustments	$	5,293	$	3,554
Gross unfavorable adjustments	(5,226)		(550)
Net adjustments	$	67	$	3,004

Architectural Glass

Comparison of First Quarter Fiscal 2026 to First Quarter Fiscal 2025

•Net sales were $73.3 million, compared to $86.7 million, primarily reflecting reduced volume due to lower end-market demand.

•Adjusted EBITDA decreased to $13.4 million, or 18.3% of net sales, compared to $20.2 million, or 23.3% of net sales. The decline in adjusted EBITDA margin was primarily driven by unfavorable sales leverage.

Performance Surfaces

Comparison of First Quarter Fiscal 2026 to First Quarter Fiscal 2025

•Net sales were $42.3 million, compared to $21.2 million, which included $22.0 million of inorganic sales contribution from the acquisition of UW Solutions.

•Adjusted EBITDA was $8.0 million, or 18.8% of net sales, compared to $5.6 million, or 26.6% of net sales. The decline in adjusted EBITDA margin was primarily driven by the dilutive effect of lower adjusted EBITDA margin from UW Solutions, unfavorable mix, and increased corporate allocation expense.

Corporate and Other

Comparison of ~~Third~~First Quarter Fiscal ~~2025~~2026 to ~~Third~~First Quarter Fiscal ~~2024~~2025

•Corporate and Other adjusted EBITDA expense was $82.84 million, compared to $63.97 million., ~~The increase was~~ primarily driven by ~~acquisition-related costs, partially offset by~~ lower ~~incentive compensation and insurance~~long-~~related~~term ~~costs~~incentive expense.

Comparison of First Nine Months of Fiscal 2025 to First Nine Months of Fiscal 2024

•Corporate and Other expense was $19.5 million, compared to $20.6 million. The decrease was primarily due to lower insurance-related and incentive compensation costs, partially offset by acquisition-related costs.

Backlog

Backlog represents the dollar amount of signed contracts or firm orders, generally as a result of a competitive bidding process, which may be expected to be recognized as revenue in the future. Backlog is most meaningful for Architectural Services due to the longer-term nature of their projects. Backlog is not a term defined under U.S. GAAP and is not a measure of contract profitability. We view backlog as one indicator of future revenues, particularly in our longer-lead time businesses. In addition to backlog, we have a substantial amount of projects with short lead times that book-and-bill within the same reporting period and are not included in backlog.

Architectural Services

As of November 30, 2024, segment backlog was approximately $742.2 million, compared to approximately $792.1 million at the end of the prior quarter. The decrease in backlog compared to the prior quarter was primarily driven by executing more project work in the quarter than securing new project awards that were added to backlog. Our backlog in this segment tends to vary significantly given the variable timing and relatively large size of projects awarded.

Reconciliation of Non-GAAP Financial Measures

Adjusted operating income, adjusted operating margin, adjusted net earnings, adjusted diluted earnings per share (adjusted diluted EPS), adjusted net earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), and adjusted EBITDA margin are supplemental non-GAAP financial measures provided by the Company to assess performance on a more comparable basis from period-to-period by excluding amounts that management does not consider part of core operating results. Management uses these non-GAAP measures as noted below:

•We use adjusted operating income, adjusted operating margin, adjusted net earnings, and adjusted diluted EPS to provide meaningful supplemental information about our operating performance by excluding amounts that are not considered part of core operating results to enhance comparability of results from period to period.

•We believe adjusted EBITDA and adjusted EBITDA margin metrics provide useful information to investors and analysts about our core operating performance.

Table of Contents

Architectural Services

As of May 31, 2025, segment backlog was approximately $682.9 million, compared to approximately $720.3 million at the end of the fourth quarter of fiscal 2025.

Reconciliation of Non-GAAP Financial Measures

Adjusted net earnings, adjusted diluted earnings per share (adjusted diluted EPS), adjusted net earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), and adjusted EBITDA margin are supplemental non-GAAP financial measures provided by the Company to assess performance on a more comparable basis from period-to-period by excluding amounts that management does not consider part of core operating results. Management uses these non-GAAP measures as noted below:

•We use adjusted net earnings, and adjusted diluted EPS to provide meaningful supplemental information about our operating performance by excluding amounts that are not considered part of core operating results to enhance comparability of results from period to period.

•We believe adjusted EBITDA and adjusted EBITDA margin metrics provide useful information to investors and analysts about our core operating performance. In addition, adjusted EBITDA is among the primary measures used by management for the planning and forecasting of future period, as well as for measuring performance for compensation of executives and other members of management.

These non-GAAP measures should be viewed in addition to, and not as an alternative to, the reported financial results of the Company prepared in accordance with U.S. GAAP. Other companies may calculate these measures differently, thereby limiting the usefulness of the measures for comparison with other companies.

Reconciliation of Non-GAAP Financial Measures
Adjusted Operating Income and Adjusted Operating Margin
(Unaudited)
	Three Months Ended November 30, 2024
(In thousands, except percentages)	Architectural Framing Systems			Architectural Glass			Architectural Services			LSO			Corporate and Other		Consolidated
Operating income	$	12,710		$	10,118		$	9,730		$	4,842		$	(8,771)	$	28,629
Acquisition-related costs (1)
Transaction	—			—			—			—			3,748		3,748
Integration	—			—			—			147			794		941
Backlog amortization	—			—			—			805			—		805
Inventory step-up	—			—			—			379			—		379
Total Acquisition-related costs	—			—			—			1,331			4,542		5,873
Restructuring charges (2)	842			—			(717)			—			787		912
Adjusted operating income	$	13,552		$	10,118		$	9,013		$	6,173		$	(3,442)	$	35,414
Operating margin	9.2		%	14.4		%	9.3		%	14.6		%	N/M		8.4		%
Acquisition-related costs (1)
Transaction	—		%	—		%	—		%	—		%	N/M		1.1		%
Integration	—		%	—		%	—		%	0.4		%	N/M		0.3		%
Backlog amortization	—		%	—		%	—		%	2.4		%	N/M		0.2		%
Inventory step-up	—		%	—		%	—		%	1.1		%	N/M		0.1		%
Total Acquisition-related costs	—		%	—		%	—		%	4.0		%	N/M		1.7		%
Restructuring charges (2)	0.6		%	—		%	(0.7)		%	—		%	N/M		0.3		%
Adjusted operating margin	9.8		%	14.4		%	8.6		%	18.6		%	N/M		10.4		%
	Three Months Ended November 25, 2023
	Architectural Framing Systems			Architectural Glass			Architectural Services			LSO			Corporate and Other		Consolidated
Operating income	$	16,981		$	15,164		$	5,288		$	7,100		$	(6,886)	$	37,647
Operating margin	12.2		%	16.7		%	5.6		%	27.3		%	N/M		11.1		%

(1)			Acquisition-related costs include:•Transaction costs related to the UW Solutions acquisition.•Integration costs related to one-time expenses incurred to integrate the UW Solutions acquisition.•Backlog amortization is related to the value attributed to contracting the backlog purchased in the UW Solutions acquisition. These costs will be amortized in SG&A over the period that the contracted backlog is shipped.•Inventory step-up is related to the incremental cost to value inventory acquired as part of the UW Solutions acquisition at fair value. These costs will be expensed to cost of goods sold over the period the inventory is sold.
(2)			Restructuring charges related to Project Fortify, including $0.4 million of employee termination costs and $0.5 million of other costs incurred in the third quarter of fiscal 2025.

Table of Contents

	Nine Months Ended November 30, 2024
Apogee Enterprises, Inc.
(In thousands, except percentages)	Architectural Framing Systems			Architectural Glass			Architectural Services			LSO			Corporate and Other			Consolidated
Reconciliation of Non-GAAP Financial Measures
Operating income	$	48,187		$	48,277		$	21,483		$	13,481		$	(19,453)		$	111,975
Adjusted EBITDA and Adjusted EBITDA Margin
Acquisition-related costs (1)
(Unaudited)
Transaction	—			—			—			—			3,748			$	3,748
	Three Months Ended May 31, 2025
Integration	—			—			—			147			794			$	941
(In thousands)	Architectural Metals			Architectural Services			Architectural Glass			Performance Surfaces			Corporate and Other			Consolidated
Backlog amortization	—			—			—			805			—			$	805
Net (loss) earnings	$	3,669		$	(6,193)		$	10,202		$	4,132		$	(14,498)		$	(2,688)
Inventory step-up	—			—			—			379			—			$	379
Interest expense (income), net	457			(52)			(145)			—			3,586			3,846
Total Acquisition-related costs	—			—			—			1,331			4.542			$	5,873
Income tax (benefit) expense	(44)			(8)			90			—			5,053			5,091
Restructuring charges (2)	2,755			—			(459)			—			917			3,213
Depreciation and amortization	3,813			1,072			3,270			3,550			731			12,436
Adjusted operating income	$	50,942		$	48,277		$	21,024		$	14,812		$	(13,994)		$	121,061
EBITDA	7,895			(5,181)			13,417			7,682			(5,128)			18,685
Operating margin	11.7		%	19.5		%	7.1		%	18.2		%	N/M			11.0		%
Acquisition-related costs (1)	—			—			—			277			72			349
Acquisition-related costs (1)
Restructuring costs (2)	1,471			11,248			—			—			2,631			15,350
Transaction	—		%	—		%	—		%	—		%	N/M			0.4		%
Adjusted EBITDA	$	9,366		$	6,067		$	13,417		$	7,959		$	(2,425)		$	34,384
Integration	—		%	—		%	—		%	0.2		%	N/M			0.1		%
EBITDA margin	6.1		%	(4.9)		%	18.3		%	18.2		%	(1.5)		%	5.4		%
Backlog amortization	—		%	—		%	—		%	1.1		%	N/M			0.1		%
Adjusted EBITDA margin	7.3		%	5.7		%	18.3		%	18.8		%	(0.7)		%	9.9		%
Inventory step-up	—		%	—		%	—		%	0.5		%	N/M			—		%
Total Acquisition-related costs	—		%	—		%	—		%	1.8		%	N/M			0.6		%
Restructuring charges (2)	0.7		%	—		%	(0.2)		%	—		%	N/M			0.3		%
Adjusted operating margin	12.3		%	19.5		%	7.0		%	20.0		%	N/M			11.9		%
	Nine Months Ended November 25, 2023
	Architectural Framing Systems			Architectural Glass			Architectural Services			LSO			Corporate and Other			Consolidated
Operating income	$	57,986		$	49,119		$	8,211		$	17,288		$	(20,637)		$	111,967
Operating margin	12.5		%	17.4		%	3.0		%	24.0		%	N/M			10.6		%

(1)			~~Acquisition-related~~Costs ~~costs include:•Transaction costs~~ related to the ~~UW Solutions~~ acquisition~~.•Integration~~ costs related to one-time expenses incurred to integrate the UW Solutions acquisition.•Backlog amortization is related to the value attributed to contracting the backlog purchased in the UW Solutions acquisition. These costs will be amortized in SG&A over the period that the contracted backlog is shipped.•Inventory step-up is related to the incremental cost to value inventory acquired as part of ~~the~~ UW Solutions ~~acquisition at fair value~~. ~~These costs will be expensed to cost of goods sold over the period the inventory is sold.~~
(2)			Restructuring charges related to Project Fortify, ~~including~~Phase $12.~~3 million of employee termination costs, $0.1 million of contract termination costs and $1.8 million of other costs incurred in the first nine months of fiscal 2025.~~


	Three Months Ended June 1, 2024
(In thousands)	Architectural Metals			Architectural Services			Architectural Glass			Performance Surfaces			Corporate and Other			Consolidated
Net (loss) earnings	$	17,759		$	5,620		$	18,050		$	4,846		$	(15,264)		$	31,011
Interest expense (income), net	570			3			(112)			—			(11)			450
Income tax expense (benefit)	6			—			(717)			—			10,774			10,063
Depreciation and amortization	4,507			950			3,010			796			713			9,976
EBITDA	22,842			6,573			20,231			5,642			(3,788)			51,500
Restructuring costs (3)	998			—			—			—			124			1,122
Adjusted EBITDA	$	23,840		$	6,573		$	20,231		$	5,642		$	(3,664)		$	52,622

EBITDA margin	17.2		%	6.6		%	23.3		%	26.6		%	(1.1)		%	15.5		%
Adjusted EBITDA margin	17.9		%	6.6		%	23.3		%	26.6		%	(1.1)		%	15.9		%

(3)

Restructuring charges related to Project Fortify Phase 1.

Table of Contents

Reconciliation of Non-GAAP Financial Measures	~~Reconciliation of Non-GAAP Financial Measures~~
Adjusted Net Earnings and Adjusted Diluted Earnings Per Share	~~Adjusted Net Earnings and Adjusted Diluted Earnings Per Share~~
(Unaudited)	~~(Unaudited)~~
		Three Months Ended		~~Three Months Ended~~						~~Nine Months Ended~~
(In thousands, except per share amounts)				November 30, 2024				November 25, 2023		November 30, 2024		November 25, 2023
(In thousands)		May 31, 2025				June 1, 2024
Net earnings				$	20,989			$	26,974	$	82,566	$	83,877
Net (loss) earnings		$	(2,688)			$	31,011
Acquisition-related costs (1)		349				—
Transaction				3,748				—		3,748		—
Restructuring charges (2)		15,350				1,122
Integration				941				—		941		—
Income tax impact on above adjustments (3)		(1,161)				(275)
Backlog amortization				805				—		805		—
Adjusted net earnings		$	11,850			$	31,858
Inventory step-up				379				—		379		—
Total Acquisition-related costs				5,873				—		5,873		—
Restructuring charges (2)				912				—		3,213		—
NMTC settlement gain (3)				—				—		—		(4,687)
Income tax impact on above adjustments (4)				(1,662)				—		(2,226)		1,148
Adjusted net earnings				$	26,112			$	26,974	$	89,426	$	80,338
				Three Months Ended						Nine Months Ended
				November 30, 2024				November 25, 2023		November 30, 2024		November 25, 2023
Diluted EPS				$	0.96			$	1.23	$	3.76	$	3.80
Acquisition-related costs (1)
Transaction				0.17				—		0.17		—
Integration				0.04				—		0.04		—
Backlog amortization				0.04				—		0.04		—
Inventory step-up				0.02				—		0.02		—
Total Acquisition-related costs				0.27				—		0.27		—
Restructuring charges (2)				0.04				—		0.15		—
NMTC settlement gain (3)				—				—		—		(0.21)
Income tax impact on above adjustments (4)				(0.08)				—		(0.10)		0.05
Adjusted diluted EPS				$	1.19			$	1.23	$	4.08	$	3.64
Shares outstanding for EPS				21,917				22,013		21,937		22,093
(1)	Acquisition-related costs include:•Transaction costs related to the UW Solutions acquisition.•Integration costs related to one-time expenses incurred to integrate the UW Solutions acquisition.•Backlog amortization is related to the value attributed to contracting the backlog purchased in the UW Solutions acquisition. These costs will be amortized in SG&A over the period that the contracted backlog is shipped.•Inventory step-up is related to the incremental cost to value inventory acquired as part of the UW Solutions acquisition at fair value. These costs will be expensed to cost of goods sold over the period the inventory is sold.
(2)	Restructuring charges related to Project Fortify, including $0.4 million of employee termination costs and $0.5 million of other costs incurred in the third quarter of fiscal 2025, and $1.3 million of employee termination costs, $0.1 million of contract termination costs and $1.8 million of other costs incurred in the first nine months of fiscal 2025.
(3)	Realization of a New Markets Tax Credit (NMTC) benefit during the second quarter of fiscal 2024, which was recorded in other expense (income), net.
(4)	Income tax impact calculated using an estimated statutory tax rate of 24.5%, which reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred.


	Three Months Ended
	May 31, 2025		June 1, 2024
Diluted (loss) earnings per share	$	(0.13)	$	1.41
Acquisition-related costs (1)	0.02		—
Restructuring charges (2)	0.72		0.05
Income tax impact on above adjustments (3)	(0.05)		(0.01)
Adjusted diluted earnings per share	$	0.56	$	1.44

Weighted average diluted shares outstanding	21,338		22,061

Table of Contents



(1)			Acquisition-related costs include costs related to one-time expenses incurred to integrate the UW Solutions acquisition.
(2)			Restructuring charges related to Project Fortify Phase 2.
(3)			Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred.

Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA Margin(Earnings before interest, taxes, depreciation and amortization)
(Unaudited)
	Three Months Ended						Nine Months Ended
(In thousands)	November 30, 2024			November 25, 2023			November 30, 2024			November 25, 2023
Net earnings	$	20,989		$	26,974		$	82,566		$	83,877
Income tax expense	6,656			8,329			27,268			26,092
Interest expense, net	1,044			1,454			2,634			5,720
Depreciation and amortization	11,134			10,524			30,798			31,185
EBITDA	$	39,823		$	47,281		$	143,266		$	146,874
Acquisition-related costs (1)
Transaction	3,748			—			3,748			—
Integration	941			—			941			—
Inventory step-up	379			—			379			—
Total Acquisition-related costs	5,068			—			5,068			—
Restructuring charges (2)	912			—			3,213			—
NMTC settlement gain (3)	—			—			—			(4,687)
Adjusted EBITDA	$	45,803		$	47,281		$	151,547		$	142,187
EBITDA Margin	11.7		%	13.9		%	14.1		%	13.9		%
Adjusted EBITDA Margin	13.4		%	13.9		%	14.9		%	13.5		%

(1)			Acquisition-related costs include:•Transaction costs related to the UW Solutions acquisition.•Integration costs related to one-time expenses incurred to integrate the UW Solutions acquisition.•Inventory step-up is related to the incremental cost to value inventory acquired as part of the UW Solutions acquisition at fair value. These costs will be expensed to cost of goods sold over the period the inventory is sold.
(2)			Restructuring charges related to Project Fortify, including $0.4 million of employee termination costs and $0.5 million of other costs incurred in the third quarter of fiscal 2025, and $1.3 million of employee termination costs, $0.1 million of contract termination costs and $1.8 million of other costs incurred in the first nine months of fiscal 2025.
(3)			Realization of a New Markets Tax Credit (NMTC) benefit during the second quarter of fiscal 2024, which was recorded in other expense (income), net.

Liquidity and Capital Resources

We rely on cash provided by operations for our material cash requirements, including working capital needs, capital expenditures, satisfaction of contractual commitments (including principal and interest payments on our outstanding indebtedness) and shareholder return through dividend payments and share repurchases.

Operating Activities. Net cash ~~provided~~used byin operating activities was $9519.18 million for the first ~~nine~~three months of fiscal ~~2025~~2026, compared to cash provided by operating activities of $~~129~~5.35 million in the prior year period. The ~~decrease~~increase inof ~~net~~ cash ~~provided~~used byin operating activities was primarily driven by lower net earnings and an increased cash used for working capital, including a payment of $24.7 million for the settlement of an arbitration award.

Investing Activities. Net cash used byin investing activities was $~~257~~7.10 million for the first ~~nine~~three months of fiscal ~~2025~~2026, compared to $267.3 million in the prior year period. The ~~increase in~~ net cash used byin investing activities was primarily related to ~~$233.1~~capital ~~million~~expenditures ofin ~~cash~~both ~~used for the acquisition of UW Solutions~~periods.

Financing Activities. Net cash provided by financing activities was $~~169~~17.06 million for the first ~~nine~~three months of fiscal ~~2025~~2026, compared to $~~100.~~4.9 million of net cash used byin financing activities in the prior year period. The increase in net cash provided by financing activities was primarily driven by ~~the~~differences ~~proceeds~~in ofcash ~~$250.0~~requirements ~~million~~to ~~from~~support the ~~delayed~~change ~~draw~~in ~~term~~operating ~~loan~~cash ~~utilized~~flows tobetween ~~finance the UW Solutions acquisition~~periods.

Additional Liquidity Considerations. We periodically evaluate our liquidity requirements, cash needs and availability of debt resources relative to acquisition plans, significant capital plans, and other working capital needs.

31On July 19, 2024, we entered into a Credit Agreement (the Credit Agreement) with Bank of America, N.A., as administrative agent, and other lenders. The Credit Agreement provides for an unsecured senior credit facility in an aggregate principal amount of up to $700.0 million, in which commitments were made through a $450.0 million, five-year revolving credit facility and a committed $250.0 million delayed draw term loan facility. Borrowings under the revolving credit facility can be in Canadian dollars (CAD) limited to $25.0 million USD. The term loan facility may be utilized in up to two drawdowns, which are available to be ma

Table of Contents

Onde July 19, 2024, we entered into a Credit Agreement (the Credit Agreement) with Bank of America, N.A., as administrative agent, and other lenders. The Credit Agreement provides for an unsecured senior credit facility in an aggregate principal amount of up to $700.0 million, in which commitments were made through a $450.0 million, five-year revolving credit facility and a committed $250.0 million delayed draw term loan facility. Borrowings under the revolving credit facility can be in Canadian dollars (CAD) limited to $25.0 million USD. The term loan facility may be utilized in up to two drawdowns, which are available to be made within one year after the closing date. The senior credit facility has a term of five years with a maturity date of July 19, 2029.

Borrowings under the Credit Agreement bear floating interest at either the Base Rate or Term Secured Overnight Financing Rate (SOFR), or for CAD borrowings, Canadian Overnight Repo Rate Average (CORRA) plus, in each a margin based on the Consolidated Leverage Ratio (as defined in the Credit Agreement). For Base Rate borrowings, the margin ranges from 0.25% to 0.75%. For Term SOFR and CORRA borrowings, the margin ranges from 1.25% to 1.75%, with an incremental Term SOFR and CORRA adjustment of 0.10% and 0.29547% respectively.

On November 4, 2024, as part of the acquisition of UW Solutions, and for working capital and general corporate purposes, we executed a drawdown against the delayed draw term loan facility for $250.0 million. Outstanding borrowings under the term loan facility were $~~230~~215.0 million as of ~~November~~May 3031, ~~2024~~2025. Outstanding borrowings under the revolving credit facility were $3096.0 million as of ~~November~~May 3031, ~~2024~~2025.

We acquire the use of certain assets through operating leases, such as property, manufacturing equipment, vehicles and other equipment. Future payments for such leases, excluding leases with initial terms of one year or less, were $7371.98 million at ~~November~~May 3031, ~~2024~~2025, with $412.35 million payable during the remainder of fiscal ~~2025~~2026.

As of ~~November~~May 3031, ~~2024~~2025, we had $2016.0 million of open purchase obligations, of which payments totaling $147.58 million are expected to become due during the remainder of fiscal ~~2025~~2026. These purchase obligations primarily relate to raw material commitments and capital expenditures and are not expected to impact future liquidity, as amounts should be recovered through customer billings.

We expect to make contributions of $0.4 million to our defined-benefit pension plans in fiscal ~~2025~~2026, which will equal or exceed our minimum funding requirements.

32As of May 31, 2025, we had reserves of $6.1 million for unrecognized tax benefits. We are unable to reasonably estimate in which future periods the remaining unrecognized tax benefits will ultimately be settled.

We are required, in the ordinary course of business, to provide surety or performance bonds that commit payments to our customers for any non-performance. At May 31, 2025, $1.2 billion of these types of bonds were outstanding, of which $339.2 milli

Table of Contents

Ason ofis ~~November~~in ~~30,~~our ~~2024,~~backlog. weThese ~~had~~bonds ~~reserves~~have ofexpiration ~~$5.7~~dates ~~million~~that ~~for~~align ~~unrecognized~~with ~~tax~~completion ~~benefits~~of the purchase order or contract. We ~~are~~have ~~unable~~not tobeen ~~reasonably~~required ~~estimate~~to inmake ~~which~~any ~~future~~payments ~~periods~~under ~~the~~these ~~remaining~~bonds ~~unrecognized~~with ~~tax~~respect ~~benefits~~to ~~will~~our ~~ultimately~~existing ~~be settled~~businesses.

We are required, in the ordinary course of business, to provide surety or performance bonds that commit payments to our customers for any non-performance. At November 30, 2024, $1.2 billion of these types of bonds were outstanding, of which $307.2 million is in our backlog. These bonds have expiration dates that align with completion of the purchase order or contract. We have not been required to make any payments under these bonds with respect to our existing businesses.

Due to our ability to generate strong cash from operations and our borrowing capability under our committed revolving credit facility, we believe that our sources of liquidity will be adequate to meet our short-term and long-term liquidity and capital expenditure needs. In addition, we believe we have the ability to obtain both short-term and long-term debt to meet our financing needs, including additional sources of debt to finance potential acquisitions, for the foreseeable future. We also believe we will be able to operate our business so as to continue to be in compliance with our existing debt covenants over the next fiscal year.

We continually review our portfolio of businesses and their assets and how they support our business strategy and performance objectives. As part of this review, we may acquire other businesses, pursue geographic expansion, take actions to manage capacity and further invest in, divest and/or sell parts of our current businesses.

Related Party Transactions

No material changes have occurred in the disclosure with respect to our related party transactions set forth in our Annual Report on Form 10-K for the fiscal year ended March 21, ~~2024~~2025.

Critical Accounting Policies

There have been no material changes to our critical accounting policies from those disclosed in our Annual Report on Form 10-K for the fiscal year ended March 21, ~~2024~~2025.

Item 3.Quantitative and Qualitative Disclosures About Market Risk

Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended March 21, ~~2024~~2025 for a discussion of the Company’s market risk. There have been no material changes in market risk since March 21, ~~2024~~2025.

Item 4.Controls and Procedures

a)Evaluation of disclosure controls and procedures: As of the end of the period covered by this report (the Evaluation Date), we carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, our disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in applicable rules and forms, and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

b)~~Changes~~On inNovember 4, 2024, we completed our acquisition of UW Solutions. In accordance with Securities Exchange Commission guidance permitting a company to exclude an acquired business from management’s assessment of the effectiveness of internal ~~controls:~~control ~~There~~over ~~was~~financial noreporting ~~change~~for the year in which the ~~Company’s~~acquisition is completed, we have excluded UW Solutions from our assessment of the effectiveness of internal control over financial reporting as of May 31, 2025. The assets and net sales of UW Solutions that ~~occurred~~were ~~during~~excluded from our assessment constituted approximately 22.0% and 6.4%, respectively, of the ~~fiscal~~related ~~quarter~~consolidated financial statement amounts as of and for the three months ended ~~November~~ 30May 31, ~~2024~~2025. The scope of management’s assessment of the effectiveness of the design and operation of our disclosure controls and procedures as May 31, ~~that~~2025 ~~has~~includes ~~materially~~all ~~affected~~of our consolidated operations except for those disclosure controls and procedures of UW Solutions. See Note 13 for additional information regarding the UW Solutions acquisition. Based on our assessment, orthe isCompany's ~~reasonably~~management ~~likely~~believes tothat, ~~materially~~as ~~affect~~of May 31, 2025, the Company’'s internal control over financial reporting was effective based on those criteria.

33c)Changes in internal controls: There was no change in the Company’s internal control over financial reporting that occurred during the fiscal quarter ended May 31, 2025, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Table of Contents

PART II. OTHER INFORMATION

Item 1.Legal Proceedings

In December 2022, the claimant in an arbitration of one such claim was awarded $20 million by an arbitration panel. The claimant then sought to confirm this award in Los Angeles Superior Court in March 2023. In response, the Company moved to vacate the award. Later in March 2023, the Superior Court confirmed the award, which the Company appealed in June 2023. The appeal was argued before the California Court of Appeals, Second Appellate District, Division Seven, on March 7, 2025. The California Court of Appeals confirmed the judgment of the Superior Court on March 25, 2025. The Company paid the final arbitration award, including accrued post-judgment interest, in the amount of $24.7 million, on April 7, 2025. As a result of the judgment, we recorded expense of $9.4 million, which represents the impact of the award amount net of existing reserves and insurance proceeds of $11.0 million. This impact was recorded in cost of goods sold in the fourth quarter of fiscal 2025.

Item 1A.Risk Factors

There have been no material changes or additions to our risk factors discussed in our Annual Report on Form 10-K for the fiscal year ended March 21, ~~2024~~2025.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information with respect to purchases made by the Company of its own stock during the ~~third~~first quarter of fiscal ~~2025~~2026:

Period	Total Number of Shares Purchased (a)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b)	Maximum Number of Shares that May Yet Be Purchased under the Plans or Programs (b)
September 1, 2024 to September 28, 2024	122	$	67.50	—	2,731,910
March 2, 2025 to March 29, 2025	—	$	—	—	2,189,793
September 29, 2024 to October 26, 2024	7,648	77.53		—	2,731,910
March 30, 2025 to April 26, 2025	—	—		—	2,189,793
October 27, 2024 to November 30, 2024	—	—		—	2,731,910
April 27, 2025 to May 31, 2025	—	—		—	2,189,793
Total	~~7,770~~—	$	~~75.02~~—	—	2,~~731~~189,~~910~~793

(a)~~The~~We did not purchase any shares inpursuant ~~this~~to ~~column~~our ~~represent~~publicly announced repurchase program during the ~~total~~fiscal ~~number~~quarter, ofnor were any shares surrendered to us by plan participants to satisfy withholding tax obligations related to share-based compensation. ~~We did not purchase any shares pursuant to our publicly announced repurchase program~~ during the ~~fiscal~~ quarter.

(b)In fiscal 2004, announced on April 10, 2003, the Board of Directors authorized the repurchase of 1,500,000 shares of Company stock. The Board increased the authorization by 750,000 shares, announced on January 24, 2008; by 1,000,000 shares on each of the announcement dates of October 8, 2008, January 13, 2016, January 9, 2018, January 14, 2020, October 7, 2021, and June 22, 2022; and by 2,000,000 shares, on each of the announcement dates of October 3, 2018, January 14, 2022 and October 6, 2023. The repurchase program does not have an expiration date.

Item 5. Other Information

Insider Adoption or Termination of Trading Arrangements

During the three months ended ~~November~~May 3031, ~~2024~~2025, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated any “Rule 10b5-1 trading arrangement” or any “non-Rule 10b5-1 trading arrangement”, as each term is defined in Item 408(c) of Regulation S-K.

3433

Table of Contents

Item 6. Exhibits

2.1			Membership Interest Purchase Agreement, dated as of September 23, 2024, by and among UW Holdings, LLC, UW Interco, LLC and Apogee Enterprises, Inc. Incorporate by reference to Exhibit 2.1 to Registrant's Current Report on Form 8-K filed on September 25, 2024.
3.1			Restated Articles of Incorporation. (Incorporated by reference to Exhibit 3.1 to Registrant's Annual Report on Form 10-K for the year-ended February 28, 2004.)
3.2			Articles of Amendment to Restated Articles of Incorporation. Incorporated by reference to Exhibit 3.1 to Registrant's Current Report on Form 8-K filed on January 16, 2020.
3.3			Amended and Restated Bylaws of Apogee Enterprises, Inc. Incorporated by reference to Exhibit 3.3 to the Registrant’s Quarterly Report on Form 10-Q filed on July 1, 2021.
10.1			Apogee Enterprises, Inc. 2019 Non-Employee Director Stock Plan as Amended and Restated (2024). Incorporated by reference to Exhibit 4.5 to Apogee’s Registration Statement on Form S-8 filed on June 20, 2024.
10.1#			Apogee Enterprises, Inc. 2000 Employee Stock Purchase Plan (Amended and Restated Effective as of June 13, 2025)
10.2			Credit Agreement dated July 19, 2024 between Apogee Enterprises, Inc., certain material domestic subsidiaries of the Company as guarantors, Bank of America, N.A., as administrative agent, swingline lender and L/C issuer and the syndicate of lenders which are party thereto from time to time. Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on July 25, 2024.
31.1#			Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2#			Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
32.1#			Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2#			Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101#			The following materials from Apogee Enterprises, Inc.’s Quarterly Report on Form 10-Q for the quarter ended ~~November~~May 3031, ~~2024~~2025, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Balance Sheets as of ~~November~~May 3031, ~~2024~~2025 and March 21, ~~2024~~2025, (ii) the Consolidated Results of Operations for the three- ~~and nine~~-months ended ~~November~~May 3031, ~~2024~~2025 and ~~November~~June 251, ~~2023~~2024, (iii) the Consolidated Statements of Comprehensive Earnings for the three- ~~and nine~~-months ended ~~November~~May 3031, ~~2024~~2025 and ~~November~~June 251, ~~2023~~2024, (iv) the Consolidated Statements of Cash Flows for the ~~nine~~three-months ended ~~November~~May 3031, ~~2024~~2025 and ~~November~~June 251, ~~2023~~2024, (v) the Consolidated Statements of Shareholders' Equity for the three- ~~and nine~~-months ended ~~November~~May 3031, ~~2024~~2025 and ~~November~~June 251, ~~2023~~2024, and (vi) Notes to Consolidated Financial Statements.
104#			Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101)
			Exhibits marked with a (#) sign are filed herewith.

3534

Table of Contents

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 thereunto duly authorized.

	APOGEE ENTERPRISES, INC.
Date: January 7, 2025	By: /s/ Ty R. Silberhorn
Date: July 2, 2025	By: /s/ Ty R. Silberhorn
		Ty R. SilberhornPresident and Chief Executive Officer(Principal Executive Officer)

Date: ~~January~~July 72, 2025 By: /s/ Matthew J. Osberg Matthew J. OsbergExecutive Vice President and Chief Financial Officer(Principal Financial and Accounting Officer)

3635

Filing Compare · APOGEE ENTERPRISES, INC.