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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 27, 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: 001-31429

Valmont Industries, Inc.

(Exact name of registrant as specified in its charter)

Delaware	47-0351813
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
15000 Valmont Plaza,
Omaha, Nebraska	68154
(Address of principal executive offices)	(Zip Code)

(402) 963-1000

(Registrant’s telephone number, including area code)

N/A

(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, $1.00 par value		VMI		New York Stock Exchange

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. ☒ Yes ☐ 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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 ☒ No

As of October 24, 2025, there were 19,699,639 shares of the registrant’s common stock outstanding.

Table of Contents

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

TABLE OF CONTENTS


	PART I—FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Statements of Earnings for the thirteen and thirty-nine weeks ended September 27, 2025 and September 28, 2024	3
	Condensed Consolidated Statements of Comprehensive Income for the thirteen and thirty-nine weeks ended September 27, 2025 and September 28, 2024	4
	Condensed Consolidated Balance Sheets as of September 27, 2025 and December 28, 2024	5
	Condensed Consolidated Statements of Cash Flows for the thirty-nine weeks ended September 27, 2025 and September 28, 2024	6
	Condensed Consolidated Statements of Shareholders’ Equity and Redeemable Noncontrolling Interests for the thirteen and thirty-nine weeks ended September 27, 2025 and September 28, 2024	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	35

	PART II—OTHER INFORMATION
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 3.	Defaults Upon Senior Securities	36
Item 4.	Mine Safety Disclosures	36
Item 5.	Other Information	36
Item 6.	Exhibits	37

Signatures		38

Table of Contents

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Dollars in thousands, except per-share amounts)

(Unaudited)


	Thirteen weeks ended				Thirty-nine weeks ended
	September 27,		September 28,		September 27,		September 28,
	2025		2024		2025		2024
Product sales	$	928,106	$	922,062	$	2,745,966	$	2,725,219
Service sales		117,874		98,113		319,876		312,521
Net sales		1,045,980		1,020,175		3,065,842		3,037,740
Product cost of sales		655,859		659,805		1,945,931		1,916,751
Service cost of sales		71,875		58,677		189,396		192,798
Total cost of sales		727,734		718,482		2,135,327		2,109,549
Gross profit		318,246		301,693		930,515		928,191
Selling, general, and administrative expenses		176,790		175,958		531,248		523,595
Impairment of long-lived assets		—		—		91,337		—
Realignment charges		—		—		8,884		—
Operating income		141,456		125,735		299,046		404,596
Other income (expenses):
Interest expense		(9,738)		(14,313)		(30,396)		(46,380)
Interest income		1,588		2,080		6,550		5,358
Gain on deferred compensation investments		1,187		1,160		2,730		3,116
Other		(2,956)		(2,307)		(9,361)		(3,662)
Total other expenses		(9,919)		(13,380)		(30,477)		(41,568)
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries		131,537		112,355		268,569		363,028
Income tax expense (benefit):
Current		22,872		46,133		78,507		106,738
Deferred		7,552		(16,409)		4,996		(15,959)
Total income tax expense		30,424		29,724		83,503		90,779
Earnings before equity in loss of nonconsolidated subsidiaries		101,113		82,631		185,066		272,249
Equity in loss of nonconsolidated subsidiaries		(21)		(21)		(602)		(60)
Net earnings		101,092		82,610		184,464		272,189
Loss (earnings) attributable to redeemable noncontrolling interests		(2,061)		458		(2,192)		(1,583)
Net earnings attributable to Valmont Industries, Inc.	$	99,031	$	83,068	$	182,272	$	270,606
Net earnings attributable to Valmont Industries, Inc. per share:
Basic	$	5.02	$	4.13	$	7.85	$	13.43
Diluted		4.98		4.11		7.80		13.34

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)


	Thirteen weeks ended				Thirty-nine weeks ended
	September 27,		September 28,		September 27,		September 28,
	2025		2024		2025		2024
Net earnings	$	101,092	$	82,610	$	184,464	$	272,189
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Unrealized translation gain (loss)		(1,186)		33,314		58,403		(6,872)
Hedging activities:
Unrealized gain (loss) on commodity hedges		147		(732)		1,004		(2,791)
Realized loss (gain) on commodity hedges included in net earnings		(474)		1,163		(177)		744
Unrealized loss (gain) on cross currency swaps		377		(2,140)		(5,929)		(1,129)
Amortization cost included in interest expense		(12)		(12)		(36)		(36)
Total hedging activities		38		(1,721)		(5,138)		(3,212)
Net realized loss on defined benefit pension plan		354		396		1,048		1,158
Total other comprehensive income (loss), net of tax		(794)		31,989		54,313		(8,926)
Comprehensive income		100,298		114,599		238,777		263,263
Comprehensive loss (income) attributable to redeemable noncontrolling interests		(2,030)		138		(3,017)		(1,581)
Comprehensive income attributable to Valmont Industries, Inc.	$	98,268	$	114,737	$	235,760	$	261,682

See accompanying Notes to Condensed Consolidated Financial Statements.

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VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except par value)

(Unaudited)


	September 27,		December 28,
	2025		2024
ASSETS
Current assets:
Cash and cash equivalents	$	226,107	$	164,315
Receivables, less allowance of $48,504 and $30,408, respectively		614,670		654,360
Inventories		591,351		590,263
Contract assets		229,372		187,257
Prepaid expenses and other current assets		95,498		87,197
Total current assets		1,756,998		1,683,392
Property, plant, and equipment, at cost		1,597,295		1,502,017
Less accumulated depreciation		(954,408)		(913,045)
Property, plant, and equipment, net		642,887		588,972
Goodwill		569,961		623,847
Other intangible assets, net		123,417		134,082
Defined benefit pension asset		53,370		46,520
Other non-current assets		221,366		253,159
Total assets	$	3,367,999	$	3,329,972

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt	$	571	$	692
Notes payable to banks		—		1,669
Accounts payable		377,259		372,197
Accrued employee compensation and benefits		113,354		143,028
Contract liabilities		81,116		126,932
Other accrued expenses		156,716		132,379
Income taxes payable		36,172		22,509
Dividends payable		13,396		12,019
Total current liabilities		778,584		811,425
Deferred income taxes		7,097		6,344
Long-term debt, excluding current installments		730,094		729,941
Operating lease liabilities		127,619		134,534
Deferred compensation		34,838		33,302
Other non-current liabilities		22,549		20,813
Total liabilities		1,700,781		1,736,359
Redeemable noncontrolling interests		71,468		51,519
Shareholders’ equity:
Common stock of $1 par value, authorized 75,000,000 shares; issued 27,900,000 shares		27,900		27,900
Retained earnings		3,044,019		2,940,838
Accumulated other comprehensive loss		(279,287)		(332,775)
Treasury stock		(1,196,882)		(1,093,869)
Total shareholders’ equity		1,595,750		1,542,094
Total liabilities, redeemable noncontrolling interests, and shareholders’ equity	$	3,367,999	$	3,329,972

See accompanying Notes to Condensed Consolidated Financial Statements.

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VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)


	Thirty-nine weeks ended
	September 27,		September 28,
	2025		2024
Cash flows from operating activities:
Net earnings	$	184,464	$	272,189
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization		65,429		70,541
Contribution to defined benefit pension plan		(3,155)		(19,539)
Impairment of long-lived assets		91,337		—
Stock-based compensation		19,396		21,665
Net periodic pension cost		800		482
Loss on sale of property, plant, and equipment		119		474
Equity in loss of nonconsolidated subsidiaries		602		60
Deferred income taxes		4,996		(15,959)
Changes in assets and liabilities:
Receivables		60,067		(65,013)
Inventories		12,568		44,041
Contract assets		(42,238)		(7,310)
Prepaid expenses and other assets (current and non-current)		14,284		(6,955)
Accounts payable		(6,731)		(3,728)
Contract liabilities (current and non-current)		(51,590)		66,227
Accrued expenses		(11,483)		(6,413)
Income taxes payable		1,649		23,766
Other non-current liabilities		4,729		4,736
Net cash flows from operating activities		345,243		379,264
Cash flows from investing activities:
Purchases of property, plant, and equipment		(104,230)		(53,833)
Proceeds from sales of assets		1,562		383
Proceeds from property damage insurance claims		772		—
Other, net		(2,415)		(1,649)
Net cash flows from investing activities		(104,311)		(55,099)
Cash flows from financing activities:
Proceeds from short-term borrowings		2,840		7,436
Repayments on short-term borrowings		(4,492)		(9,335)
Proceeds from long-term borrowings		130,000		30,009
Principal repayments on long-term borrowings		(130,531)		(240,522)
Proceeds from settlement of financial derivatives		—		2,711
Dividends paid		(39,085)		(36,337)
Dividends to redeemable noncontrolling interests		(698)		(664)
Purchases of redeemable noncontrolling interests		(14,624)		(17,745)
Repurchases of common stock		(125,839)		(55,069)
Proceeds from exercises under stock plans		6,354		4,567
Tax withholdings on exercises under stock plans		(8,265)		(8,492)
Other, net		(1,829)		(2,436)
Net cash flows from financing activities		(186,169)		(325,877)
Effect of exchange rate changes on cash and cash equivalents		7,029		(852)
Net change in cash and cash equivalents		61,792		(2,564)
Cash and cash equivalents—beginning of period		164,315		203,041
Cash and cash equivalents—end of period	$	226,107	$	200,477

Supplemental disclosures of cash flow information:
Interest paid	$	19,724	$	35,973
Income taxes paid		68,143		84,548

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

AND REDEEMABLE NONCONTROLLING INTERESTS

(Dollars in thousands, except per-share amounts)

(Unaudited)


							Accumulated
			Additional				other				Total		Redeemable
	Common		paid-in		Retained		comprehensive		Treasury		shareholders’		noncontrolling
	stock		capital		earnings		loss		stock		equity		interests
Balance as of December 28, 2024	$	27,900	$	—	$	2,940,838	$	(332,775)	$	(1,093,869)	$	1,542,094	$	51,519
Net earnings (loss)		—		—		87,261		—		—		87,261		(598)
Other comprehensive income (loss), net of tax		—		—		—		22,676		—		22,676		(424)
Cash dividends declared ($0.68 per share)		—		—		(13,647)		—		—		(13,647)		—
Dividends to redeemable noncontrolling interests		—		—		—		—		—		—		(698)
Fair value adjustment on redeemable noncontrolling interests		—		—		(7,100)		—		—		(7,100)		7,100
Stock option and incentive plans		—		—		(8,306)		—		12,024		3,718		—
Balance as of March 29, 2025	$	27,900	$	—	$	2,999,046	$	(310,099)	$	(1,081,845)	$	1,635,002	$	56,899
Net earnings (loss)		—		—		(4,020)		—		—		(4,020)		729
Other comprehensive income, net of tax		—		—		—		31,575		—		31,575		1,280
Cash dividends declared ($0.68 per share)		—		—		(13,419)		—		—		(13,419)		—
Fair value adjustment on redeemable noncontrolling interests		—		—		1,089		—		—		1,089		(1,089)
Change in redemption value of noncontrolling interests		—		—		(26,243)		—		—		(26,243)		26,243
Repurchases of common stock; 357,979 shares acquired		—		—		—		—		(100,855)		(100,855)		—
Stock option and incentive plans		—		—		(91)		—		5,917		5,826		—
Balance as of June 28, 2025	$	27,900	$	—	$	2,956,362	$	(278,524)	$	(1,176,783)	$	1,528,955	$	84,062
Net earnings		—		—		99,031		—		—		99,031		2,061
Other comprehensive loss, net of tax		—		—		—		(763)		—		(763)		(31)
Cash dividends declared ($0.68 per share)		—		—		(13,396)		—		—		(13,396)		—
Purchases of redeemable noncontrolling interests		—		—		—		—		—		—		(14,624)
Repurchases of common stock; 69,005 shares acquired		—		—		—		—		(26,018)		(26,018)		—
Stock option and incentive plans		—		—		2,022		—		5,919		7,941		—
Balance as of September 27, 2025	$	27,900	$	—	$	3,044,019	$	(279,287)	$	(1,196,882)	$	1,595,750	$	71,468


							Accumulated
			Additional				other				Total		Redeemable
	Common		paid-in		Retained		comprehensive		Treasury		shareholders’		noncontrolling
	stock		capital		earnings		loss		stock		equity		interests
Balance as of December 30, 2023	$	27,900	$	—	$	2,643,606	$	(273,236)	$	(1,043,990)	$	1,354,280	$	62,792
Net earnings		—		—		87,822		—		—		87,822		607
Other comprehensive loss, net of tax		—		—		—		(21,975)		—		(21,975)		(157)
Cash dividends declared ($0.60 per share)		—		—		(12,113)		—		—		(12,113)		—
Purchases of redeemable noncontrolling interests		—		(147)		—		—		—		(147)		(17,598)
Dividends to redeemable noncontrolling interests		—		—		—		—		—		—		(664)
Repurchases of common stock; 96,224 shares acquired		—		21,074		—		—		(21,124)		(50)		—
Stock option and incentive plans		—		(15,259)		—		—		16,733		1,474		—
Balance as of March 30, 2024	$	27,900	$	5,668	$	2,719,315	$	(295,211)	$	(1,048,381)	$	1,409,291	$	44,980
Net earnings		—		—		99,716		—		—		99,716		1,434
Other comprehensive loss, net of tax		—		—		—		(18,618)		—		(18,618)		(165)
Cash dividends declared ($0.60 per share)		—		—		(12,098)		—		—		(12,098)		—
Repurchases of common stock; 59,186 shares acquired		—		—		—		—		(15,061)		(15,061)		—
Stock option and incentive plans		—		(533)		—		—		8,784		8,251		—
Balance as of June 29, 2024	$	27,900	$	5,135	$	2,806,933	$	(313,829)	$	(1,054,658)	$	1,471,481	$	46,249
Net earnings (loss)		—		—		83,068		—		—		83,068		(458)
Other comprehensive income, net of tax		—		—		—		31,669		—		31,669		320
Cash dividends declared ($0.60 per share)		—		—		(12,021)		—		—		(12,021)		—
Repurchases of common stock; 140,562 shares acquired		—		—		—		—		(40,519)		(40,519)		—
Stock option and incentive plans		—		4,586		—		—		3,429		8,015		—
Balance as of September 28, 2024	$	27,900	$	9,721	$	2,877,980	$	(282,160)	$	(1,091,748)	$	1,541,693	$	46,111

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except per-share amounts)

(Unaudited)

(1) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Condensed Consolidated Financial Statements include the accounts of Valmont Industries, Inc. and its controlled subsidiaries (collectively, “Valmont” or the “Company”). Investments in affiliates and joint ventures, where the Company exercises significant influence but lacks control or is not the primary beneficiary, are accounted for using the equity method. All intercompany transactions and balances have been eliminated in consolidation.

The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America and have not been audited. In the opinion of the Company’s management, the Condensed Consolidated Financial Statements reflect all adjustments, which are normal and recurring in nature, necessary for a fair presentation of the results for all periods presented.

These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024. The results of operations for any quarter or a partial fiscal year period are not necessarily indicative of the results to be expected for other periods or the full fiscal year.

Inventories

Inventory is valued at the lower of cost (determined using the first-in, first-out method) or net realizable value. Finished and manufactured goods inventories include the costs of acquired raw materials and the related factory labor and overhead charges required to convert raw materials into finished and manufactured goods.

As of September 27, 2025 and December 28, 2024, inventories consisted of the following:


	September 27,		December 28,
	2025		2024
Raw materials and purchased parts	$	271,317	$	231,811
Work in process		35,245		35,466
Finished and manufactured goods		284,789		322,986
Total inventories	$	591,351	$	590,263

Geographical Markets

Earnings (loss) before income taxes and equity in loss of nonconsolidated subsidiaries for the thirteen and thirty-nine weeks ended September 27, 2025 and September 28, 2024 were as follows:


	Thirteen weeks ended				Thirty-nine weeks ended
	September 27,		September 28,		September 27,		September 28,
	2025		2024		2025		2024
United States	$	126,577	$	78,520	$	299,695	$	259,463
Foreign		4,960		33,835		(31,126)		103,565
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries	$	131,537	$	112,355	$	268,569	$	363,028

Pension Cost

The Company incurs expenses related to the Delta Pension Plan (“DPP”). The DPP was acquired as part of the Delta PLC acquisition in fiscal 2010 and has no members who are active employees. Key assumptions used to measure the pension expenses and benefit obligations include the discount rate, expected return on plan assets, and estimated future inflation rates.

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VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except per-share amounts)

(Unaudited)

These assumptions are based on historical experience and current conditions. An actuarial analysis is performed to measure the expense and liability associated with the pension cost.

The components of the net periodic pension cost for the thirteen and thirty-nine weeks ended September 27, 2025 and September 28, 2024 were as follows:


	Thirteen weeks ended				Thirty-nine weeks ended
	September 27,		September 28,		September 27,		September 28,
	2025		2024		2025		2024
Interest cost	$	5,706	$	5,445	$	16,872	$	15,929
Expected return on plan assets		(5,908)		(5,808)		(17,470)		(16,991)
Amortization of prior service costs		135		132		399		386
Amortization of net actuarial loss		338		396		999		1,158
Net periodic pension cost	$	271	$	165	$	800	$	482

Stock Plans

The Company administers stock-based compensation plans that have been approved by its shareholders. Under these plans, the Human Resources Committee of the Board of Directors is authorized to grant various types of awards, including incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance stock units, and common stock bonuses. As of September 27, 2025, 1,456,132 shares of common stock remained available for issuance under the plans.

Stock options granted under the plans have an exercise price equal to the closing market price on the date of the grant. Options vest beginning on the first anniversary of the grant date, either in equal amounts over three years or fully on the grant’s fifth anniversary. The expiration of grants ranges from seven to ten years from the date of the award. Restricted stock units and awards typically vest in equal installments over three years, beginning on the first anniversary of the grant.

For the thirteen and thirty-nine weeks ended September 27, 2025 and September 28, 2024, the Company recorded stock-based compensation expenses (included in “Selling, general, and administrative expenses” in the Condensed Consolidated Statements of Earnings) and associated tax benefits as follows:


	Thirteen weeks ended				Thirty-nine weeks ended
	September 27,		September 28,		September 27,		September 28,
	2025		2024		2025		2024
Stock-based compensation	$	6,019	$	7,557	$	19,396	$	21,665
Income tax benefits		1,504		1,889		4,849		5,416

Fair Value Measurements

The Company adheres to the guidelines outlined in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value and establishes a framework for its measurement. Its provisions also apply to other accounting guidelines that require or allow fair value measurements. According to ASC 820, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

ASC 820 establishes a three-level hierarchy for fair value measurements, which is based on the transparency of inputs used to value an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use when pricing the asset or liability, including assumptions about risk. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:

●

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

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VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except per-share amounts)

(Unaudited)

●

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

●

Level 3: Unobservable inputs for the asset or liability.

The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following are the valuation methodologies used for assets and liabilities measured at fair value:

Deferred Compensation Investments: The Company’s deferred compensation investments include mutual funds invested in debt and equity securities in the Valmont Deferred Compensation Plan. Quoted market prices are available for these securities in an active market. The investments are included in “Other non-current assets” in the Condensed Consolidated Balance Sheets.

Derivative Financial Instruments: The fair values of foreign currency, commodity, and cross-currency swap derivative contracts are based on valuation models that use market-observable inputs, including forward and spot prices for commodities and currencies.

Mutual Funds: The Company has short-term investments in various mutual funds.


	Carrying Value		Fair Value Measurement Using:
	September 27, 2025		Level 1		Level 2		Level 3
Deferred compensation investments	$	28,656	$	28,656	$	—	$	—
Derivative financial instruments, net		(5,080)		—		(5,080)		—
Cash and cash equivalents—mutual funds		9,641		9,641		—		—


	Carrying Value		Fair Value Measurement Using:
	December 28, 2024		Level 1		Level 2		Level 3
Deferred compensation investments	$	27,379	$	27,379	$	—	$	—
Derivative financial instruments, net		1,320		—		1,320		—
Cash and cash equivalents—mutual funds		11,063		11,063		—		—

The fair value redemption amounts of certain redeemable noncontrolling interests are measured on a recurring basis utilizing Level 3 inputs, including estimates of future revenue, operating margins, growth rates, and discount rates.

In the second quarter of fiscal 2025, the carrying values of certain long-lived assets that will no longer be utilized were reduced to their respective fair values, based on Level 3 inputs, resulting in impairment charges totaling $19,657 in the Infrastructure segment and $586 in the Agriculture segment.

Goodwill and other intangible assets are measured at fair value on a non-recurring basis using Level 3 inputs. See Note 5 for further information.

Unless otherwise specified, the Company believes the carrying values of financial instruments approximate their fair values.

Leases

The Company’s operating lease right-of-use assets are included in “Other non-current assets” and the corresponding lease obligations are included in “Other accrued expenses” and “Operating lease liabilities” in the Condensed Consolidated Balance Sheets.

Comprehensive Income

Comprehensive income consists of net earnings, foreign currency translation adjustments, certain derivative-related activities, and changes in prior service costs and net actuarial losses related to the pension plan. The results of operations for

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VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except per-share amounts)

(Unaudited)

foreign subsidiaries are translated using average exchange rates for the reporting period, while assets and liabilities are translated at the exchange rates in effect on the balance sheet dates. As of September 27, 2025 and December 28, 2024, the accumulated other comprehensive income (loss) (“AOCI”) consisted of the following:


	September 27,		December 28,
	2025		2024
Foreign currency translation adjustments	$	(248,581)	$	(306,159)
Hedging activities		16,212		21,350
Defined benefit pension plan		(46,918)		(47,966)
Accumulated other comprehensive loss	$	(279,287)	$	(332,775)

Revenue Recognition

The Company evaluates each customer contract to determine the appropriate revenue recognition model based on its type, terms, and conditions. All contracts are fixed price, excluding sales tax from revenue, and do not include variable consideration. Discounts, primarily for early payments, reduce net sales in the period the sale is recognized. Contract revenues are classified as “Product sales” when the performance obligation involves manufacturing and selling goods, and as “Service sales” when the performance obligation involves providing a service. Service revenue is primarily associated with the Coatings product line and the Technology Products and Services product line.

Customer acceptance provisions generally apply only during the design stage, although the Company may agree to other acceptance terms on a limited basis. Customers must approve the design before manufacturing begins and products are delivered. The Company does not earn compensation solely for product design and does not consider design services a separate performance obligation; as such, no revenue is recognized for design services. Customers do not have general rights of return after delivery, and the Company establishes provisions for estimated warranties.

Shipping and handling costs are included in cost of sales, with freight considered a fulfillment obligation rather than a separate performance obligation. Freight expenses are recognized proportionally as the structure is manufactured, in line with revenue recognized from the associated customer contract over time. Except for the Utility, Solar, and Telecommunications product lines, inventory is interchangeable among the various customers within each segment. The Company has elected not to disclose partially satisfied performance obligations at the end of the reporting period for contracts with an original expected duration of one year or less. If payment is expected within one year of transferring control of goods or services, the Company does not adjust contract consideration for any significant financing component.

Most customers are invoiced upon shipment or delivery of goods to their specified locations. Contract assets are recognized as revenue is earned over time and are reduced when the customer is invoiced. As of September 27, 2025 and December 28, 2024, the Company’s contract assets totaled $229,372 and $187,257, respectively, and were recorded as “Contract assets” in the Condensed Consolidated Balance Sheets.

Certain customers are invoiced through advance or progress billings. When the progress toward performance obligations is less than the amount billed to the customer, the excess is recorded as a contract liability. As of September 27, 2025, total contract liabilities were $81,445, with $81,116 recorded as “Contract liabilities” and $329 as “Other non-current liabilities” in the Condensed Consolidated Balance Sheets. As of December 28, 2024, total contract liabilities were $130,696, with $126,932 recorded as “Contract liabilities” and $3,764 as “Other non-current liabilities” in the Condensed Consolidated Balance Sheets. Additional details are as follows:

●

During the thirteen and thirty-nine weeks ended September 27, 2025, the Company recognized $44,525 and $101,468 in revenue, respectively, from amounts included in contract liabilities as of December 28, 2024. This revenue reflects advance payments applied to performance obligations completed during the respective periods.

●

During the thirteen and thirty-nine weeks ended September 28, 2024, the Company recognized $5,269 and $46,778 in revenue, respectively, from amounts included in contract liabilities as of December 30, 2023. This revenue reflects advance payments applied to performance obligations completed during the respective periods.

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(Dollars in thousands, except per-share amounts)

(Unaudited)

●

As of September 27, 2025, the Company had $329 in remaining performance obligations on contracts with an original expected duration of one year or more. These obligations are expected to be fulfilled within the next 12 to 24 months.

Segment and Product Line Revenue Recognition

Infrastructure Segment

Steel and concrete structures within the Utility and Telecommunications product lines are custom engineered to customer specifications. This customization limits the ability to resell the structures if an order is canceled after production begins. The continuous transfer of control to the customer is supported by contractual termination clauses or rights to payment for work performed to date, including a reasonable profit, as these products do not have alternative uses for the Company. As control is transferred over time, revenue is recognized based on progress toward completion of the performance obligation.

The method used to measure progress requires judgment. Revenue for structures in the Utility and Telecommunications product lines is typically recognized using an input-based method, measuring progress by the ratio of production hours incurred to total estimated hours required. The resulting completion percentage is applied to the total revenue and estimated costs of the order to determine reported revenue, cost of sales, and gross profit. Once production of an order begins, orders are generally completed within three months.

Revenue for the Solar product line is recognized upon shipment or delivery, based on contract terms. In certain Utility product line sales, the Company engages external sales agents and recognizes estimated commissions owed to these agents proportionately as the goods are manufactured.

Revenue from structures sold in the Lighting and Transportation product line, as well as most Telecommunications products, is recognized upon shipment or delivery of goods to the customer, aligning with the billing date. Some large regional customers may have unique specifications for telecommunication structures. When a customer contract includes a cancellation clause that requires payment for completed work plus a reasonable margin, revenue is recognized over time based on hours worked as a percentage of the total estimated hours to complete production.

Revenue from Coatings services, including galvanizing and powder coating, is recognized upon service completion and when the goods are ready for pickup or delivery.

Agriculture Segment

Revenue from irrigation equipment, related parts, services, and tubular products for industrial customers is typically recognized upon shipment, aligning with the billing date. Remote monitoring subscription services within the Technology Products and Services product line are primarily billed annually, with revenue recognized on a straight-line basis over the contract period.

The disaggregation of revenue by product line is provided in Note 8.

Supplier Finance Program

In fiscal 2019, the Company entered into an agreement with a third-party financial institution to facilitate a supplier finance program. This program allows qualifying suppliers to sell their receivables from the Company to the financial institution. These suppliers negotiate directly with the financial institution regarding their outstanding receivables, while the Company’s rights and obligations to suppliers remain unaffected. The Company has no economic interest in a supplier’s decision to participate in the program. Once a supplier opts into the program, they select which individual invoices from the Company to sell to the financial institution. The Company is obligated to pay the negotiated invoice amount to the financial institution on the due date, regardless of whether the supplier has sold the individual invoice.

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(Dollars in thousands, except per-share amounts)

(Unaudited)

For any invoices not sold under the supplier finance program, the financial institution pays the supplier on the invoice’s due date. The invoice amounts and scheduled payment terms remain unchanged, regardless of whether the supplier decides to sell under these arrangements. Payments related to these obligations are included in “Cash flows from operating activities” in the Condensed Consolidated Statements of Cash Flows. As of September 27, 2025 and December 28, 2024, outstanding payment obligations under the Company’s supplier finance program (included in “Accounts payable” in the Condensed Consolidated Balance Sheets) were as follows:


	September 27,		December 28,
	2025		2024
Confirmed obligations outstanding—beginning of period	$	45,602	$	41,916
Invoices confirmed		205,305		216,731
Confirmed invoices paid		(190,102)		(213,045)
Confirmed obligations outstanding—end of period	$	60,805	$	45,602

Redeemable Noncontrolling Interests

Noncontrolling interests with redemption features that are not solely within the Company’s control are classified as redeemable noncontrolling interests. The Company has redeemable noncontrolling interests in certain entities. A noncontrolling interest holder can require the Company to purchase their remaining ownership, referred to as a put right. Likewise, the Company can require a noncontrolling interest holder to sell to the Company their remaining ownership, known as a call option. The redemption amount and effective date of these rights vary according to the applicable operating agreements, with some redeemable at fair value and some redeemable at amounts other than fair value.

As a result of these redemption features, the Company records the noncontrolling interests as redeemable and classifies the balances in temporary equity in the Condensed Consolidated Balance Sheets, initially at their acquisition-date fair values. The Company adjusts the redeemable noncontrolling interests each reporting period for the net earnings attributable to the noncontrolling interests and any applicable redemption value adjustments. Redemption value adjustments are offset against retained earnings. Earnings used in the computation of earnings per share for the reported period are impacted by redemption value adjustments for noncontrolling interests redeemable at amounts other than fair value.

During the thirteen weeks ended June 28, 2025, the Company recorded a $26,243 change in the redemption value of redeemable noncontrolling interest related to the Company’s joint venture agriculture solar business, which was reflected in “Shareholders’ equity” and “Redeemable noncontrolling interests.” This represented a change in redemption value that was treated as an adjustment to net earnings for purposes of calculating earnings per share. The Company determined that the change in redemption value included the correction of a prior-year error in the determination of the redemption value of redeemable noncontrolling interest totaling $21,792. This correction increased diluted loss per share by $1.10 for the thirteen weeks ended June 28, 2025 and decreased diluted earnings per share by $1.09 for the thirty-nine weeks ended September 27, 2025. The Company concluded that the correction was not material to the period or to any previously issued financial statements.

As of September 27, 2025 and December 28, 2024, the redeemable noncontrolling interests were $71,468 and $51,519, respectively. The final amounts paid for these interests may vary significantly, as the redemption amounts are contingent on the future operational results of the respective businesses.

Treasury Stock

Repurchased shares are recorded as “Treasury stock” and result in a reduction of “Shareholders’ equity” in the Condensed Consolidated Balance Sheets. When treasury shares are reissued, the Company applies the last-in, first-out method. Any difference between the repurchase cost and the reissuance price is charged or credited to “Additional paid-in capital” (or “Retained earnings” in the absence of “Additional paid-in capital”).

The Company’s capital allocation philosophy includes a share repurchase program. In May 2014, the Company authorized the repurchase of up to $500,000 of the Company’s outstanding common stock over a twelve-month period, at

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(Dollars in thousands, except per-share amounts)

(Unaudited)

prevailing market prices, either through open market or privately negotiated transactions. The Board subsequently expanded this authorization in February 2015 and October 2018, each time adding $250,000 with no expiration date. In February 2023, the Board increased the program by an additional $400,000. In February 2025, the Board increased the amount authorized under the program by an additional $700,000, with no stated expiration date, bringing the total authorization to $2,100,000. As of September 27, 2025, the Company had repurchased 8,662,681 shares for $1,459,800 under this program.

Income Taxes

In the third quarter of fiscal 2025, on July 4, 2025, federal tax legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The legislation includes a broad range of tax reform provisions. The Company recognized the impacts of the 2025 provisions, including those related to the timing of deductions for depreciation and research and experimentation costs, in its third quarter 2025 financial statements. Certain provisions of OBBBA will become effective in 2026 and subsequent years. While the legislation is not expected to have a material impact on the Company’s consolidated results of operations, the Company continues to evaluate the potential effects of OBBBA on future periods.

Long-Term Debt

In the third quarter of fiscal 2025, the Company renewed the revolving credit facility, extending the maturity date to July 2030. As a part of the renewal, the facility maintained $800,000 of committed capacity and the same pricing, but the uncommitted accordion feature available under the facility increased from $300,000 to $400,000; the 10-basis-point secured overnight financing rate adjustment was eliminated from the interest rate calculation; and the commitment fee on the average daily unused portion was reduced and now ranges from 9 to 20 basis points, based on the Company’s credit rating.

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update is intended to improve transparency and usefulness in income tax disclosures, particularly in areas such as rate reconciliation and reporting of income taxes paid. The guidance will be adopted prospectively for the Form 10-K for the fiscal year ending December 27, 2025. The Company does not expect any impact on its results of operations, as the changes primarily relate to enhanced disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This update aims to enhance expense disclosures by providing more detailed information on the types of expenses within commonly presented categories. The guidance is effective on both a prospective and retrospective basis for the fiscal year ending December 25, 2027, with early adoption permitted. The Company does not expect any impact on its results of operations, as the changes primarily relate to enhanced disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update amends certain aspects of the accounting for and disclosure of software costs. The guidance will be adopted prospectively for the Form 10-K for the fiscal year ending December 25, 2027, with early adoption permitted. The Company is currently evaluating the impact of this standard on the Consolidated Financial Statements and related disclosures.

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(Unaudited)

(2) ACQUISITIONS

Acquisitions of Redeemable Noncontrolling Interests

In the third quarter of fiscal 2025, following the exercise of put options by the minority shareholders, the Company acquired an additional approximately 30% ownership interest of Valmont Irrigation Argentina B.V. for $14,624. In the first quarter of fiscal 2024, the Company acquired an additional approximately 9% ownership interest of ConcealFab, Inc. for $7,227 and the remaining ownership interest of Valmont Substations, LLC for $10,518. These transactions involved acquiring additional shares of consolidated subsidiaries without resulting in changes in control.

(3) DIVESTITURES

On November 25, 2024, the Company completed the sale of George Industries, a coatings and anodizing company in California, which was reported in the Infrastructure segment. The Company received net proceeds of $500 from this sale. In the fourth quarter of fiscal 2024, a pre-tax loss of $2,779 was recognized in “Other income (expenses)” in the Consolidated Statements of Earnings.

On October 31, 2024, the Company completed the sale of its extractive business, which included the manufacturing and distribution of screening products to the mining and quarrying sectors in Australia and New Zealand, which was reported in the Infrastructure segment. The Company received net proceeds of $5,042 Australian dollars ($3,330 U.S. dollars) at closing, with an additional $1,800 Australian dollars ($1,172 U.S. dollars) to be received through two payments. The first payment was received in the first quarter of fiscal 2025, and the second payment is expected to be received in the second quarter of fiscal 2026. In the fourth quarter of fiscal 2024, a pre-tax loss of $2,567 Australian dollars ($1,695 U.S. dollars) was recognized in “Other income (expenses)” in the Consolidated Statements of Earnings.

(4) REALIGNMENT ACTIVITIES

During the second quarter of fiscal 2025, the Company completed a targeted organizational realignment to better align operations and commercial teams, reduce layers of management, and enhance the speed and agility of decision-making across the business. These actions resulted in pre-tax cash charges of $9,794, of which $910 was included in “Product cost of sales” in the Condensed Consolidated Statements of Earnings.

During the second quarter of fiscal 2025, the Company recorded the following pre-tax expenses related to realignment activities:


	Infrastructure		Agriculture		Corporate		Total
Severance and other employee benefit costs	$	2,336	$	2,886	$	4,572	$	9,794

Changes in liabilities recorded related to realignment activities were as follows:

Balance as of

Recognized

Costs Paid or

Balance as of

December 28,

Realignment

Otherwise

September 27,

2024

Expense

Settled

2025

Severance and other employee benefit costs

—

9,794

(5,497)

4,297

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(Dollars in thousands, except per-share amounts)

(Unaudited)

(5) GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

As of September 27, 2025 and December 28, 2024, the carrying amounts of goodwill by segment were as follows:


	Infrastructure		Agriculture		Total
Gross balance as of December 28, 2024	$	470,988	$	322,241	$	793,229
Accumulated impairment losses		(49,382)		(120,000)		(169,382)
Balance as of December 28, 2024		421,606		202,241		623,847
Impairment		(64,869)		—		(64,869)
Foreign currency translation		9,964		1,019		10,983
Balance as of September 27, 2025	$	366,701	$	203,260	$	569,961


	Infrastructure		Agriculture		Total
Gross balance as of September 27, 2025	$	480,952	$	323,260	$	804,212
Accumulated impairment losses		(114,251)		(120,000)		(234,251)
Balance as of September 27, 2025	$	366,701	$	203,260	$	569,961

In the third quarter of fiscal 2025, the Company performed its annual goodwill impairment assessment utilizing a quantitative test on all of its reporting units using a measurement date of August 30, 2025. The fair values of the reporting units were estimated using a discounted cash flow analysis, which required the Company to estimate the future cash flows as well as select a risk-adjusted discount rate to measure the present value of the anticipated cash flows. The estimated fair value of all reporting units exceeded their respective carrying value and no impairments were recorded.

In the second quarter of fiscal 2025, the Company identified triggering events that required interim goodwill impairment testing for certain reporting units within the Infrastructure segment. Due to the Company’s strategic exit from the North American solar tracker market, increased competitive pressures in Brazil, and uncertainty surrounding European policies, an interim goodwill impairment test was conducted for the Solar reporting unit. The carrying amount of this reporting unit exceeded its estimated fair value, resulting in a goodwill impairment charge of $41,869 within the Infrastructure segment. Additionally, due to a reduction in forecasted sales primarily resulting from general market weakness in Australia, an interim goodwill impairment test was also performed for the Access Systems reporting unit. The carrying amount exceeded its estimated fair value, resulting in a goodwill impairment charge of $23,000 within the Infrastructure segment.

Other Intangible Assets

As of September 27, 2025 and December 28, 2024, the components of other intangible assets were as follows:


	September 27, 2025				December 28, 2024
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
Amortizing intangible assets:
Customer relationships	$	218,843	$	162,804	$	230,063	$	166,516
Patents and proprietary technology		28,032		15,881		26,225		13,829
Trade names		—		—		2,870		2,654
Other		614		572		4,430		4,245
Non-amortizing intangible assets:
Trade names		55,185		—		57,738		—
	$	302,674	$	179,257	$	321,326	$	187,244

The weighted-average life of amortizing intangible assets is approximately four years. Amortization expenses were $2,788 and $8,628 for the thirteen and thirty-nine weeks ended September 27, 2025, respectively, and $3,112 and $10,183 for

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(Unaudited)

the thirteen and thirty-nine weeks ended September 28, 2024, respectively. Amortization expense is expected to average $9,133 annually over the next five fiscal years, based on amortizing intangible assets reported as of September 27, 2025.

The Company’s indefinite-lived trade names were tested for impairment as of August 30, 2025. The values of each trade name were determined using the relief-from-royalty method. Based on this evaluation, no trade names were determined to be impaired.

In the second quarter of fiscal 2025, the Company performed an impairment test on indefinite-lived trade names associated with the Solar and Access Systems reporting units. Using the relief-from-royalty method, the Company determined that the carrying amounts of the trade names exceeded their estimated fair values. As a result, impairment charges of $4,830 were recognized within the Infrastructure segment. Additionally, in the second quarter of fiscal 2025, an impairment charge of $1,395 was recognized within the Agriculture segment for a customer relationship intangible asset that was determined not to be recoverable.

(6) EARNINGS PER SHARE

The table below provides a reconciliation between the net earnings attributable to Valmont Industries, Inc. and the weighted average share amounts used to compute both basic and diluted earnings per share:


	Thirteen weeks ended				Thirty-nine weeks ended
	September 27,		September 28,		September 27,		September 28,
	2025		2024		2025		2024
Net earnings attributable to Valmont Industries, Inc.
Net earnings attributable to Valmont Industries, Inc.	$	99,031	$	83,068	$	182,272	$	270,606
Change in redemption value of redeemable noncontrolling interests		—		—		(26,243)		—
Net earnings attributable to Valmont Industries, Inc. including change in redemption value of redeemable noncontrolling interests	$	99,031	$	83,068	$	156,029	$	270,606
Weighted average shares outstanding (in thousands):
Basic		19,736		20,092		19,864		20,152
Dilutive effect of various stock awards		140		142		137		131
Diluted		19,876		20,234		20,001		20,283
Net earnings attributable to Valmont Industries, Inc. per share:
Basic	$	5.02	$	4.13	$	7.85	$	13.43
Dilutive effect of various stock awards		(0.04)		(0.02)		(0.05)		(0.09)
Diluted	$	4.98	$	4.11	$	7.80	$	13.34

As of September 27, 2025 and September 28, 2024, there were no outstanding stock options and 22,600 outstanding stock options, respectively, with exercise prices that exceeded the average market price of common stock during the respective periods. As such, these options were anti-dilutive and were excluded from the computation of diluted earnings per share.

(7) DERIVATIVE FINANCIAL INSTRUMENTS

The Company manages risks related to interest rates, commodity prices, and foreign currency, particularly those arising from foreign currency denominated transactions and investments in foreign subsidiaries. To address these risks, the Company may use derivative financial instruments. Depending on their classification, some derivatives are marked to market and recorded in the Company’s Condensed Consolidated Statements of Earnings, while others are accounted for as fair value, cash flow, or net investment hedges.

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(Dollars in thousands, except per-share amounts)

(Unaudited)

Derivative financial instruments inherently carry credit and market risks, which the Company mitigates by monitoring exposure limits and transacting with recognized, stable multinational banks as counterparties. Gains or losses from net investment hedge activities remain in AOCI until the related subsidiaries are sold or substantially liquidated.

The fair value of derivative instruments as of September 27, 2025 and December 28, 2024 was as follows:


	Condensed Consolidated	September 27,		December 28,
Derivatives designated as hedging instruments:	Balance Sheets location	2025		2024
Commodity contracts	Prepaid expenses and other current assets	$	1,485	$	617
Commodity contracts	Other accrued expenses		(98)		(371)
Cross-currency swap contracts	Prepaid expenses and other current assets		651		1,074
Cross-currency swap contracts	Other accrued expenses		(7,118)		—
		$	(5,080)	$	1,320

Gains (losses) on derivatives recognized in the Condensed Consolidated Statements of Earnings for the thirteen and thirty-nine weeks ended September 27, 2025 and September 28, 2024 were as follows:


	Condensed Consolidated	Thirteen weeks ended				Thirty-nine weeks ended
Derivatives designated	Statements of	September 27,		September 28,		September 27,		September 28,
as hedging instruments:	Earnings location	2025		2024		2025		2024
Commodity contracts	Product cost of sales	$	632	$	(1,552)	$	236	$	(993)
Interest rate hedge amortization	Interest expense		(16)		(16)		(48)		(48)
Cross-currency swap contracts	Interest expense		444		248		1,017		934
		$	1,060	$	(1,320)	$	1,205	$	(107)

Cash Flow Hedges

The Company enters into commodity forward, swap, and option contracts to hedge variability in cash flows related to future purchases. Gains (losses) realized upon settlement are recorded in “Product cost of sales” in the Condensed Consolidated Statements of Earnings in the period in which the hedged items are consumed. As of September 27, 2025, the details of these contracts were as follows:


	Notional		Total
Commodity Type	Amount		Purchase Quantity	Maturity Dates
Hot-rolled coil steel	$	11,055	13,250 short tons	September 2025 to December 2025
Natural gas		787	205,000 MMBtu	October 2025 to December 2026
Ultra-low-sulfur diesel fuel		10,490	4,788,000 gallons	September 2025 to June 2027
Zinc		7,791	2,880 metric tons	January 2026 to December 2027

Net Investment Hedges

To manage foreign currency risk associated with its foreign currency investments and reduce interest expenses, the Company uses fixed-for-fixed cross-currency swaps (“CCS”). These swaps convert U.S. dollar-denominated principal and interest payments on a portion of its 5.00% senior unsecured notes due in 2044 into foreign-currency‑denominated payments. Interest payments are exchanged biannually on April 1 and October 1.

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(Unaudited)

The Company designated the full notional amounts of its CCS as net investment hedges for certain subsidiaries under the spot method. Changes in fair value of the CCS attributable to spot exchange rates are recorded as cumulative foreign currency translation within AOCI, while net interest receipts reduce interest expense over the life of the CCS. Key terms as of September 27, 2025 were as follows:


	Notional			Swapped	Settlement
Currency	Amount		Termination Date	Interest Rate	Amount
Canadian dollar	$	40,000	October 1, 2028	4.0900%	C$	54,776
Chinese yuan	$	30,000	October 1, 2032	3.1125%	¥	215,640
Euro	$	80,000	April 1, 2029	3.4610%	€	74,509

In the first quarter of fiscal 2024, the Company early settled a euro net investment hedge entered in fiscal 2019, receiving proceeds of $2,711. These proceeds will remain in AOCI until the related subsidiaries are sold or substantially liquidated.

(8) BUSINESS SEGMENTS AND RELATED REVENUE INFORMATION

The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The CODM uses operating income as the profit measure to evaluate segment performance and allocate resources across segments. Segment selling, general, and administrative expenses include certain corporate expense allocations, typically based on employee headcounts and sales volumes. For segment reporting purposes, the Company excludes unallocated corporate general and administrative expenses, interest expenses, non-operating income and deductions, and income taxes from operating income.

The reportable segments are as follows:

Infrastructure: This segment consists of the manufacture and distribution of products and solutions to serve the infrastructure markets of utility, lighting, transportation, telecommunications, and solar, along with coatings services to protect metal products.

Agriculture: This segment consists of the manufacture of center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture.

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

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(Unaudited)

Summary by Business Segment


	Thirteen weeks ended September 27, 2025
	Infrastructure		Agriculture		Consolidated
Sales	$	808,285	$	241,338	$	1,049,623
Intersegment sales		(1,723)		(1,920)		(3,643)
Net sales		806,562		239,418		1,045,980
Cost of sales		567,136		160,598		727,734
Gross profit		239,426		78,820		318,246
Selling, general, and administrative expenses (a)		96,049		55,631		151,680
Segment operating income	$	143,377	$	23,189		166,566
Unallocated corporate expenses						25,110
Total operating income					$	141,456


	Thirteen weeks ended September 28, 2024
	Infrastructure		Agriculture		Consolidated
Sales	$	758,579	$	265,286	$	1,023,865
Intersegment sales		(2,209)		(1,481)		(3,690)
Net sales		756,370		263,805		1,020,175
Cost of sales		533,037		185,445		718,482
Gross profit		223,333		78,360		301,693
Selling, general, and administrative expenses (a)		99,676		49,467		149,143
Segment operating income	$	123,657	$	28,893		152,550
Unallocated corporate expenses						26,815
Total operating income					$	125,735


	Thirty-nine weeks ended September 27, 2025
	Infrastructure		Agriculture		Consolidated
Sales	$	2,280,031	$	798,029	$	3,078,060
Intersegment sales		(6,886)		(5,332)		(12,218)
Net sales		2,273,145		792,697		3,065,842
Cost of sales		1,592,961		542,366		2,135,327
Gross profit		680,184		250,331		930,515
Selling, general, and administrative expenses (a)		302,899		149,987		452,886
Impairment of long-lived assets		89,356		1,981		91,337
Realignment charges		1,426		2,886		4,312
Segment operating income	$	286,503	$	95,477		381,980
Unallocated corporate expenses						78,362
Corporate realignment charges						4,572
Total operating income					$	299,046

Table of Contents

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except per-share amounts)

(Unaudited)


	Thirty-nine weeks ended September 28, 2024
	Infrastructure		Agriculture		Consolidated
Sales	$	2,244,935	$	805,724	$	3,050,659
Intersegment sales		(7,402)		(5,517)		(12,919)
Net sales		2,237,533		800,207		3,037,740
Cost of sales		1,564,180		545,369		2,109,549
Gross profit		673,353		254,838		928,191
Selling, general, and administrative expenses (a)		298,251		145,001		443,252
Segment operating income	$	375,102	$	109,837		484,939
Unallocated corporate expenses						80,343
Total operating income					$	404,596

(a)

Selling, general, and administrative expenses for each reportable segment includes compensation, certain allocated overhead expenses including information technology and enterprise resource planning, commissions, incentives, depreciation and amortization expense, and research and development.


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

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


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

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

Table of Contents

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except per-share amounts)

(Unaudited)


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

Product line:
Utility	$	1,086,582	$	—	$	—	$	1,086,582
Lighting and Transportation		625,628		—		—		625,628
Coatings		269,707		—		(6,747)		262,960
Telecommunications		240,111		—		—		240,111
Solar

VALMONT INDUSTRIES INC 10-Q