What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-04-24 compared with 2025-04-24 · 291 added, 346 removed, 929 unchanged (41% of the section changed)

9 unchanged sentences

Also, projections of any evaluation of the effectiveness of internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Company's management assessed the effectiveness of the Company's internal control over financial reporting as of March 1, 2025, using criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework (2013) .

On November 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 control over financial reporting for the year in which the acquisition is completed, we have excluded UW Solutions from our assessment of the effectiveness of internal control over financial reporting as of March 1, 2025.

The assets and net sales revenue of UW Solutions that were excluded from our assessment constituted approximately 21.5% and 2.4%, respectively, of the related consolidated financial statement amounts as of and for the year ended March 1, 2025.

The scope of management’s assessment of the effectiveness of the design and operation of our disclosure controls and procedures as March 1, 2025 includes all of our consolidated operations except for those disclosure controls and procedures of UW Solutions.

See Note 17 for additional information regarding the UW Solutions acquisition.

Based on our assessment, the Company's management believes that, as of March 1, 2025, the Company's internal control over financial reporting was effective based on those criteria.

Following this report are reports from the Company's independent registered public accounting firm, Deloitte & Touche LLP, on the Company's consolidated financial statements and on the effectiveness of the Company's internal control over financial reporting as of March 1, 2025.

The Company's management assessed the effectiveness of the Company's internal control over financial reporting as of February 28, 2026, using criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework (2013) .

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of

Apogee Enterprises, Inc.

To the shareholders and the Board of Directors of Apogee Enterprises, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Apogee Enterprises, Inc.

and subsidiaries (the "Company") as of March 1, 2025 and March 2, 2024, and the related consolidated results of operations, statements of comprehensive earnings, cash flows, and shareholders' equity, for each of the three years in the period ended March 1, 2025, and the related notes (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 1, 2025 and March 2, 2024, and the results of its operations and its cash flows for each of the three years in the period ended March 1, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of March 1, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated April 24, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting.

and subsidiaries (the "Company") as of February 28, 2026 and March 1, 2025, the related consolidated results of operations, statements of comprehensive earnings, cash flows, and shareholders' equity, for each of the three years in the period ended February 28, 2026, and the related notes (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of February 28, 2026 and March 1, 2025, and the results of its operations and its cash flows for each of the three years in the period ended February 28, 2026, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of February 28, 2026, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated April 24, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

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The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Net Sales — Revenue Recognition for Long-Term Contracts in the Architectural Services Segment — Refer to Notes 1, 2, and 16 to the consolidated financial statements

The Architectural Services Segment, which provides building glass and curtainwall installation services and operates under long-term, fixed-price contracts, accounted for approximately $419.9 million, or 31 percent of total net sales for the year ended March 1, 2025.

The Architectural Services Segment, which provides building glass and curtainwall installation services and operates under long-term, fixed-price contracts, accounted for approximately $439.2 million, or 31 percent of total net sales for the year ended February 28, 2026.

The contracts for this business typically have a single, bundled performance obligation, as the business generally provides interrelated products and services and integrates these products and services into a combined output specified by the customer.

5 unchanged sentences

• We tested the effectiveness of controls over long-term contract revenue, including those over the estimates of total costs and profit for performance obligations.

• We developed an expectation of the amount of total long-term contract revenue based on prior year margins applied to cost of sales in the current year and compared our expectation to the amount of long-term contract revenue ultimately recorded by management.

• We evaluated management’s ability to estimate total costs and profit by comparing actual costs and profit to management’s historical estimates for performance obligations that have been fulfilled.

9 unchanged sentences

/s/ Deloitte & Touche LLP

Minneapolis, MN

Minneapolis, Minnesota

April 24, 2026

1 unchanged sentence

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of

Apogee Enterprises, Inc.

To the shareholders and the Board of Directors of Apogee Enterprises, Inc.

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Apogee Enterprises, Inc.

and subsidiaries (the “Company”) as of March 1, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 1, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended March 1, 2025, of the Company and our report dated April 24, 2025, expressed an unqualified opinion on those financial statements.

As described in Management's Annual Report on Internal Control over Financial Reporting, management excluded from its assessment the internal control over financial reporting at UW Solutions, which was acquired on November 4, 2024, and whose financial statements constitute approximately 21.5% and 2.4% of assets and net sales revenue, respectively, of the consolidated financial statement amounts as of and for the year ended March 1, 2025.

Accordingly, our audit did not include the internal control over financial reporting at UW Solutions.

and subsidiaries (the "Company") as of February 28, 2026, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of February 28, 2026, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended February 28, 2026, of the Company and our report dated April 24, 2026, expressed an unqualified opinion on those financial statements.

Basis for Opinion

15 unchanged sentences

/s/ Deloitte & Touche LLP

Minneapolis, MN

Minneapolis, Minnesota

April 24, 2026

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data) March 1, 2025 March 2, 2024

(In thousands, except per share data) February 28, 2026 March 1, 2025

Current assets

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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;

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CONSOLIDATED RESULTS OF OPERATIONS

March 1, 2025 March 2, 2024 February 25, 2023

February 28, 2026 March 1, 2025 March 2, 2024

(In thousands, except per share data) (52 weeks) (52 weeks) (53 weeks)

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

March 1, 2025 March 2, 2024 February 25, 2023

2026 March 1,

2025 March 2, 2024

(In thousands) (52 weeks) (52 Weeks) (53 weeks)

Net earnings $ 54,131 $ 85,052 $ 99,613

Other comprehensive (loss) earnings:

Unrealized gain (loss) on marketable securities, net of $ 49 , $ 59 and $( 131 ) of tax expense (benefit), respectively

184 222 ( 492 )

Unrealized loss on derivative instruments, net of $( 135 ), $( 22 ) and $( 672 ) of tax benefit, respectively

Other comprehensive earnings (loss):

Unrealized gain on marketable securities, net of $ 25 , $ 49 and $ 59 of tax expense, respectively

Unrealized gain (loss) on derivative instruments, net of $ 46 , $( 135 ) and $( 22 ) of tax expense (benefit), respectively

121 ( 442 ) ( 72 )

1 unchanged sentence

Foreign currency translation adjustments 4,167 ( 5,582 ) 1,018

Other comprehensive (loss) earnings ( 5,761 ) 2,025 ( 5,316 )

Other comprehensive earnings (loss) 4,490 ( 5,761 ) 2,025

Total comprehensive earnings $ 58,621 $ 79,291 $ 101,638

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

March 1, 2025 March 2, 2024 February 25, 2023

2026 March 1,

2025 March 2, 2024

(In thousands)

6 unchanged sentences

Deferred income taxes 15,483 3,836 ( 9,748 )

Asset impairment on property, plant and equipment — 6,195 —

Loss (gain) on disposal of property, plant and equipment 408 826 ( 3,815 )

Impairment on intangible assets 7,634 — —

Proceeds from New Markets Tax Credit transaction, net of deferred costs — — 18,390

Impairment of long-lived assets 11,477 7,634 7,021

Settlement of New Markets Tax Credit transaction ( 6,740 ) — ( 4,687 )

18 unchanged sentences

Acquisition of business, net of cash acquired — ( 232,169 ) —

Net cash used in investing activities ( 265,893 ) ( 43,675 ) ( 27,710 )

Net cash used by investing activities ( 30,526 ) ( 265,893 ) ( 43,675 )

Financing Activities

2 unchanged sentences

Proceeds from term loans — 250,000 —

Repayment of debt ( 47,000 ) — ( 151,000 )

Repayment of term loans ( 2,722 ) ( 47,000 ) —

Payments of debt issuance costs — ( 3,798 ) —

2 unchanged sentences

Other, net ( 6,241 ) ( 6,052 ) ( 3,800 )

Net cash provided by (used in) financing activities 146,049 ( 144,607 ) ( 91,023 )

Net cash (used by) provided by financing activities ( 96,179 ) 146,049 ( 144,607 )

Effect of exchange rates on cash 2,315 ( 1,086 ) ( 129 )

Increase in cash, cash equivalents and restricted cash 4,232 15,743 ( 16,110 )

Cash, cash equivalents and restricted cash at beginning of period 37,216 21,473 37,583

(Decrease) increase in cash and cash equivalents ( 1,925 ) 4,232 15,743

Cash and cash equivalents at beginning of period 41,448 37,216 21,473

Cash and cash equivalents at end of period $ 39,523 $ 41,448 $ 37,216

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— — — ( 21,133 ) — ( 21,133 )

Balance at February 25, 2023 22,224 $ 7,408 $ 146,816 $ 273,740 $ ( 31,556 ) $ 396,408

Balance at March 2, 2024 22,089 $ 7,363 $ 152,818 $ 340,375 $ ( 29,531 ) $ 471,025

Net earnings — — — 85,052 — 85,052

Other comprehensive income, net of tax — — — — 2,025 2,025

Other comprehensive loss, net of tax — — — — ( 5,761 ) ( 5,761 )

Issuance of stock, net of cancellations 214 71 ( 312 ) 241 — —

Share-based compensation — — 10,725 — — 10,725

Exercise of stock options 25 8 ( 840 ) — — ( 832 )

Share repurchases ( 787 ) ( 263 ) ( 6,415 ) ( 38,686 ) — ( 45,364 )

11 unchanged sentences

— — — ( 22,216 ) — ( 22,216 )

Balance at March 1, 2025 21,418 $ 7,139 $ 156,075 $ 359,976 $ ( 35,292 ) $ 487,898

Balance at February 28, 2026 21,220 $ 7,073 $ 159,085 $ 376,438 $ ( 30,802 ) $ 511,794

See accompanying notes to Consolidated Financial Statements.

9 unchanged sentences

The preparation of the consolidated financial statements in conformity with U.S.

generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes.

generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts on the consolidated financial statements and accompanying notes.

Actual results could differ significantly from those estimates.

1 unchanged sentence

Highly liquid investments with an original maturity of three months or less are included in cash equivalents and are stated at cost, which approximates fair value.

Restricted cash

Cash held that is specifically dedicated to fund each capital project related to our New Markets Tax Credit transactions.

Marketable securities

We hold marketable securities consisting of municipal and corporate bonds, which are carried at fair value on the Consolidated Balance Sheets.

To the extent the amortized cost basis of the available-for-sale securities exceeds the fair value, we assess the debt securities for credit loss.

1 unchanged sentence

During fiscal 2026, 2025, and 2024, the Company did not recognize any credit losses related to its available-for-sale securities.

Further, as of March 1, 2025 and March 2, 2024, the Company did not record an allowance for credit losses related to its available-for-sale securities.

Further, as of February 28, 2026 and March 1, 2025, the Company did not record an allowance for credit losses related to its available-for-sale securities.

Marketable securities are included in other current and non-current assets on the Consolidated Balance Sheets and gross realized gains and losses are included in other (income) expense, net in our Consolidated Results of Operations.

Inventories, which consist primarily of purchased glass and aluminum, are valued at lower of cost or net realizable value using the first-in, first-out (FIFO) method.

Inventories are valued at lower of cost or net realizable value using the first-in, first-out (FIFO) method.

Property, plant and equipment

Property, plant and equipment (PP&E) is recorded at cost.

Significant improvements and renewals that extend the useful life of the asset are capitalized.

Significant improvements and renewals that extend the useful life of an asset are capitalized.

Repairs and maintenance items are generally charged to expense when incurred.

When an asset is retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any related gains or losses are included in selling, general and administrative expenses.

Long-lived assets to be held and used, such as PP&E, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Depreciation is computed on a straight-line basis, based on estimated useful lives of 10 to 45 years for buildings and improvements;

3 to 15 years for machinery and equipment;

and 3 to 10 years for computer and office equipment and furniture.

Impairment of long-lived assets

Long-lived assets or asset groups, including definite-lived intangible assets subject to amortization and property and equipment, are reviewed for impairment whenever events or changes in circumstances such as asset utilization, physical change, legal factors or other matters indicate that the carrying value of those assets may not be recoverable.

When this review indicates the carrying value of an asset or asset group exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group, an asset impairment expense is recognized in earnings in the period such a determination is made.

The amount of the impairment expense recorded is the amount by which the carrying value of the impaired asset or asset group exceeds its fair value based on discounted cash flows.

As a result of restructuring plans announced during the fourth quarter of fiscal 2024, asset impairments on property, plant and equipment and leases in the amount of $ 6.2 million were recorded for the year ended March 2, 2024.

When an asset is retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheet and any related gains or losses are included in selling, general and administrative expenses.

Depreciation is computed on a straight-line basis, based on estimated useful lives of 10 years to 25 years for buildings and improvements;

3 years to 15 years for machinery and equipment;

and 3 years to 7 years for computer and office equipment and furniture.

Goodwill and intangible assets

3 unchanged sentences

A reporting unit is an operating segment or a component of an operating segment for which discrete financial information is available and reviewed by segment management on a regular basis.

During the third quarter of fiscal 2025, we acquired UW Interco, LLC (UW Solutions).

As a result, we reassessed our reporting units.

The reporting units for our fiscal 2025 annual impairment test align with our reporting segments for Architectural Metals, Architectural Services, and Architectural Glass.

The Performance Surfaces reporting segment consists of the Tru Vue and UW Solutions reporting units.

No qualitative indicators of impairment were identified during the fourth quarter of fiscal 2025.

The reporting units for our fiscal 2026 annual impairment test align with our reporting segments of Architectural Metals, Architectural Services, Architectural Glass, and Performance Surfaces.

We estimate the fair value of a reporting unit using both the income approach and the market approach.

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The assessment of fair value involves significant judgment and projections about future performance.

Based on our annual impairment analysis and changes to our branding strategies in the fourth quarter of fiscal 2025, the carrying amount for certain of our trade names exceeded the fair value.

As a result, we recorded a non-cash impairment charge of $ 7.6 million in the fourth quarter of fiscal 2025.

Definite-lived intangible assets are amortized based on estimated useful lives ranging from 18 months to 30 years and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

We use undiscounted cash flows to determine whether impairment exists and measure any impairment loss using discounted cash flows to determine the fair value of long-lived assets.

Definite-lived intangible assets are amortized based on estimated useful lives ranging from 5 years to 20 years and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

We use undiscounted cash flows to determine whether impairment exists and measure any impairment loss using discounted cash flows.

The estimated useful lives of all intangible assets are reviewed annually, and we have determined that the remaining lives were appropriate.

4 unchanged sentences

We recognize lease expense for operating leases on a straight-line basis over the lease term.

We combine lease and non-lease components, such as common area maintenance costs, in calculating the related asset and lease liabilities for all underlying asset groups.

Refer to Note 8 for additional information.

Impairment of long-lived assets

Long-lived assets or asset groups, including property, plant, and equipment and definite-lived intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances such as asset utilization, physical change, legal factors or other matters indicate that the carrying value of those assets may not be recoverable.

The amount of the impairment expense recorded is the amount by which the carrying value of the impaired asset or asset group exceeds its fair value based on discounted cash flows.

The Company recognized impairments of long‑lived assets that were directly associated with restructuring initiatives undertaken to streamline operations and align the cost structure with expected future business activity in fiscal years 2026 and 2024.

Impairment charges incurred as part of these restructuring plans were $ 11.5 million in fiscal year 2026, and $ 6.2 million in fiscal 2024.

Fiscal year 2026 impairment charges were made up of:

• $ 5.0 million on a customer relationship intangible within the Architectural Services Segment;

• $ 3.4 million on right-of-use assets within the Architectural Services and Metals Segments;

• $ 3.1 million on property, plant, and equipment and internal-use software within Corporate.

During fiscal year 2025, because of our annual impairment analysis and driven by changes to branding strategies within the Architectural Metals segment, an impairment charge of $ 7.6 million was incurred on certain tradenames.

In fiscal year 2024, we recorded asset impairment on property, plant and equipment and right‑of‑use assets within the Architectural Metals Segment.

Impairment charges were included within Selling, General and Administrative expenses in our Consolidated Results of Operations for all periods.

Self-Insurance

2 unchanged sentences

We establish a reserve for estimated ultimate losses on reported claims and those incurred but not yet reported utilizing actuarial projections.

Reserves are classified within other current liabilities or non-current self-insurance reserves based on expectations of when the estimated loss will be paid.

Reserves are classified within other current liabilities or non-current self-insurance reserves on our Consolidated Balance Sheets based on expectations of when the estimated loss will be paid.

Additionally, we maintain a self-insurance reserve for health insurance programs offered to eligible employees, included within other current liabilities on the Consolidated Balance Sheets.

2 unchanged sentences

We are subject to claims associated with our products and services, principally as a result of disputes with our customers involving the performance or aesthetics of our architectural products and services.

We reserve estimated exposures on known claims, as well as on a portion of anticipated claims for product warranty and rework costs, based on historical product liability claims as a ratio of sales.

We reserve estimated exposures on known claims, as well as on a portion of potential claims for product warranty and rework costs, based on historical product liability claims as a ratio of sales.

We also reserve for estimated backcharge exposures or other claims as they are known and reasonably estimable.

4 unchanged sentences

Income and expense items are translated using average monthly exchange rates.

Translation adjustments are included in accumulated other comprehensive loss in the consolidated balance sheets.

Translation adjustments are included in accumulated other comprehensive loss on the Consolidated Balance Sheets.

Derivatives and hedging activities

10 unchanged sentences

We generate revenue from the design, engineering and fabrication of architectural glass, curtainwall, window, storefront and entrance systems, and from installing those products on non-residential buildings.

We also coat and fabricate value-added glass, aluminum, acrylic and medium-density fiberboard products.

Due to the diverse nature of our operations and various types of arrangements with customers, we have businesses that recognize revenue at shipment, businesses that recognize revenue following an over-time input method and businesses that recognize revenue following an over-time output method.

We also manufacture value-added glass, acrylic and industrial flooring products.

Due to the diverse nature of our operations and various types of contracts with customers, we have businesses that recognize revenue at shipment, businesses that recognize revenue following an over-time input method and businesses that recognize revenue following an over-time output method.

Approximately 46 % of our fiscal 2026 revenue was recognized at the time products were shipped from our manufacturing facilities, which is when control is transferred to our customer.

These businesses do not generate contract-related assets or liabilities.

These businesses do not generate contract-related assets or

Variable consideration associated with these contracts and orders, generally related to early pay discounts or volume rebates, is not considered significant.

Approximately 35 % of our fiscal 2026 revenue was from fixed-price contracts, following an over-time input method.

The contracts for these businesses 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.

These contracts contain 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 installed window and curtainwall systems, over time.

2 unchanged sentences

We believe this method of recognizing revenue is consistent with our progress in satisfying our contract obligations.

Due to the nature of the work required under these long-term contracts, the estimation of total revenue and costs incurred throughout a project is subject to many variables and requires significant judgment.

Due to the nature of the work required under these long-term contracts, the estimation of total costs remaining to complete throughout a project is subject to many variables and requires significant judgment.

It is common for these contracts to contain potential bonuses or penalties which are generally awarded or charged upon certain project milestones or cost or timing targets, and these can be based on customer discretion.

9 unchanged sentences

(in thousands, except earnings per share data) Year Ended

March 1, 2025 March 2, 2024 February 25, 2023

February 28, 2026 March 1, 2025 March 2, 2024

(52 weeks) (52 weeks) (53 weeks)

25 unchanged sentences

Restructuring charges are recorded as a result of fundamental changes in the manner in which certain business functions are conducted, including initiatives to drive earnings and cash flow growth and to realign and simplify our business structure.

These charges primarily consist of employee severance benefits, asset impairments on property, plant and equipment and operating lease assets and termination penalties for facility closures and consolidations.

These charges primarily consist of employee severance benefits, long-lived asset impairments and termination penalties for facility closures and consolidations.

We record restructuring accruals when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable.

To the extent our assumptions and estimates differ from our actual costs, subsequent adjustments to restructuring accruals have been, and will be, required.

Restructuring accruals for severance-related costs are included in accrued compensation and related benefits and accruals for remaining obligations and termination penalties are included in other current liabilities in our consolidated balance sheets.

Restructuring accruals for severance-related costs are included in accrued compensation and benefits and accruals for remaining obligations and termination penalties are included in other current liabilities on our Consolidated Balance Sheets.

Refer to Note 18 for additional information.

3 unchanged sentences

These costs are expensed as incurred.

Advertising costs are expensed as incurred within selling, general and administrative expenses , and were $ 1.0 million in fiscal 2025, $ 1.3 million in fiscal 2024, and $ 1.2 million in fiscal 2023.

The Company recognizes deferred tax assets and liabilities based upon the future tax consequences of temporary differences between financial statement carrying amounts of assets and liabilities and their respective tax bases.

1 unchanged sentence

Subsequent events

We have evaluated subsequent events for potential recognition and disclosure through the date of this filing and determined that an arbitration award (refer to Note 10) is a subsequent event that required recognition and disclosure in our fiscal 2025 consolidated financial statements and that the announcement of the extension of our restructuring program, Project Fortify Phase 2, (refer to Note 18) required disclosure in the consolidated financial statements.

There were no other events that required recognition or disclosure.

We have evaluated subsequent events through April 24, 2026, the date the financial statements were available to be issued.

No events occurred that would require recognition or disclosure in these financial statements.

Adoption of new accounting standards

In the fourth quarter of fiscal 2025, we adopted the guidance in 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.

At the beginning of fiscal 2024, we adopted the guidance in ASU 2022-04, Liabilities – Supplier Finance Programs, Disclosure of Supplier Finance Program Obligations.

The guidance requires that entities that use supplier finance programs disclose

information about the nature and potential magnitude of the programs, activity during the period, and changes from period to period.

The adoption of this ASU did not have a significant impact on the consolidated financial statements.

Accounting standards not yet adopted

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures , intended to enhance the transparency and decision-usefulness of income tax disclosures.

1 unchanged sentence

This guidance additionally requires expanded disclosure of income taxes paid, including amounts paid for federal, state, and foreign taxes.

This ASU, which is required to be applied prospectively, is effective for fiscal years beginning after December 15, 2024, although early adoption and retrospective application is permitted.

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 on our income tax disclosures, including the processes and controls around the collection of this information.

The Company adopted this ASU and applied its disclosures prospectively.

The adoption of this ASU affected only the Company's income tax disclosure included in Note 14 and did not have a material impact on the Company's results of operations, cash flows, or financial condition.

Accounting standards not yet adopted

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses .

2 unchanged sentences

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.

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.

Revenue, Receivables and Contract Assets and Liabilities

7 unchanged sentences

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 forecast economic conditions and other relevant factors.

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.

1 unchanged sentence

An account is written off when it is determined that the asset is no longer collectible.

(In thousands) March 1, 2025 March 2, 2024

(In thousands) February 28,

2026 March 1,

Trade accounts $ 111,679 $ 117,533

6 unchanged sentences

Beginning balance $ 2,667 $ 3,383

(Credits) charges against costs and expenses ( 1,376 ) 2,473

Credits against costs and expenses ( 225 ) ( 1,376 )

Deductions from allowance, net of recoveries ( 872 ) ( 122 )

8 unchanged sentences

In certain of our businesses that recognize revenue over time, progress billings follow an agreed-upon schedule of values.

(In thousands) March 1, 2025 March 2, 2024

(In thousands) February 28, 2026 March 1, 2025

Contract assets $ 59,512 $ 71,842

Contract liabilities 60,903 35,193

The change in contract assets and contract liabilities was due to timing of project activity from businesses that operate under long-term contracts.

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

Other contract-related disclosures

3 unchanged sentences

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 price associated with unsatisfied performance obligations at March 1, 2025 are expected to be satisfied, and the corresponding revenue to be recognized, over the following estimated time periods:

The transaction price associated with performance obligations that were not yet satisfied as of February 28, 2026 will be recognized as revenue in the following estimated time periods:

(In thousands) 2026

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Supplemental Balance Sheet Information

(In thousands) March 1, 2025 March 2, 2024

(In thousands) February 28, 2026 March 1, 2025

Raw materials $ 43,441 $ 36,804

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Total inventories, net $ 98,059 $ 92,305

Other current assets

(In thousands) February 28, 2026 March 1, 2025

Short term investments $ 6,139 $ 4,798

Prepaid assets 15,975 17,155

Refundable income taxes 10,797 10,406

Other 10,912 18,560

Total other current assets $ 43,823 $ 50,919

Other current liabilities

(In thousands) March 1, 2025 March 2, 2024

(In thousands) February 28, 2026 March 1, 2025

Arbitration award payable $ — $ 20,182

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Other non-current liabilities

(In thousands) March 1, 2025 March 2, 2024

(In thousands) February 28, 2026 March 1, 2025

Deferred warranty revenue $ 9,856 $ 10,154

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Deferred tax liabilities 17,020 1,256

Deferred benefit from New Markets Tax Credit transactions — 9,250

Other 7,461 13,261

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(In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value

March 1, 2025 $ 10,148 $ 33 $ 222 $ 9,959

February 28, 2026 $ 14,989 $ 23 $ 94 $ 14,918

March 1, 2025 10,148 33 222 9,959

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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 our municipal and corporate bonds at March 1, 2025, by contractual maturity, are shown below.

The amortized cost and estimated fair values of our municipal and corporate bonds at February 28, 2026, 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.

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The information that follows explains the various types of derivatives and financial instruments used, how such instruments are accounted for, and how such instruments impact our financial position and performance.

In fiscal 2020, we entered into an interest rate swap with a notional value of $ 30 million with an expiration 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.

In fiscal 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 revolving credit facility.

We periodically enter into forward purchase contracts to manage the risk associated with fluctuations in foreign currency rates (primarily related to the Canadian dollar and Euro) and aluminum prices, generally with an original maturity date of less than one year.

As of March 1, 2025, we held foreign exchange option contracts with U.S.

dollar notional values of $ 1.5 million.

In fiscal 2026, we entered into an interest rate swap with a notional value of $ 50.0 million with an expiration date of August 5, 2027, to hedge a portion of our exposure to variability in cash flows from interest payments on our floating-rate revolving credit facility.

In fiscal 2026, an interest rate swap with a notional value $ 30.0 million expired in accordance with the associated agreement.

In fiscal 2026, we entered into multiple aluminum commodity swap contracts with an aggregate notional value of $ 27.7 million to hedge a portion of our exposure to variability in cash flows associated with forecasted aluminum purchases.

These swap contracts mature over the next twelve months, with final settlements occurring by March 2027.

The mark-to-market adjustments on these 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 earnings.

Gains or losses associated with these instruments are recorded as a component of accumulated other comprehensive gain or loss until which time the hedged transaction is settled and gains or losses are recorded in net earnings.

Fair value measurements

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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);

(observable market inputs, other than quoted prices included in Level 1);

and Level 3 (unobservable inputs that cannot be corroborated by observable market data).

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(Level 1) Other Observable Inputs (Level 2) Total Fair Value

March 1, 2025

February 28, 2026

Money market funds $ 31,662 $ — $ 31,662

Municipal bonds — 14,918 14,918

Foreign currency option contract — 29 29

Interest rate swap contracts — 539 539

Aluminum hedging contracts — 401 401

Interest rate swap contracts — 701 701

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Municipal bonds — 9,959 9,959

Foreign currency option contracts — 3 3

Foreign currency option contract — 29 29

Interest rate swap contracts — 539 539

Aluminum hedging contracts — 529 529

Interest rate swap contracts — 540 540

Money market funds

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Forward foreign exchange and forward purchase aluminum contracts are measured at fair value using other observable market inputs, such as quotations on forward foreign exchange points, foreign currency exchange rates and forward purchase aluminum prices.

Derivative positions are primarily valued using standard calculations and models that use as their basis readily

observable market parameters.

Derivative positions are primarily valued using standard calculations and models that use as their basis readily observable market parameters.

Industry standard data providers are our primary source for forward and spot rate information for interest and currency rates and aluminum prices.

Nonrecurring fair value measurements

We measure certain financial instruments at fair value on a nonrecurring basis including goodwill, intangible assets, property and equipment and right-of-use lease assets.

These assets were initially measured and recognized at amounts equal to the fair value determined as of the date of acquisition or purchase, subject to changes in value only for foreign currency translation.

Periodically, these assets are tested for impairment, by comparing their respective carrying values to the estimated fair value of the reporting unit or asset group in which they reside.

In the event any of these assets were to become impaired, we would recognize an impairment expense equal to the amount by which the carrying value of the reporting unit, impaired asset or asset group exceeds its estimated fair value.

Fair value measurements of reporting units are estimated using an income approach involving discounted cash flow models that contain certain Level 3 inputs requiring significant management judgment, including projections of economic conditions, customer demand and changes in competition, revenue growth rates, gross profit margins, operating margins, capital expenditures, working capital requirements, terminal growth rates and discount rates.

Fair value measurements of the reporting units associated with our goodwill balances and our indefinite-lived intangible assets are estimated at least annually in the fourth quarter of each fiscal year for purposes of impairment testing if a quantitative analysis is performed.

Fair value measurements for long-lived assets or asset groups, including intangible assets subject to amortization, property and equipment and right-of-use lease assets, are valued using undiscounted cash flows to determine whether impairment exists and measure any impairment loss using discounted cash flows to determine the fair value of long-lived assets.

We measure certain long‑lived assets — including goodwill, intangible assets, property and equipment, and right‑of‑use lease assets — at fair value on a nonrecurring basis when indicators of impairment are present.

These assets, initially recorded at fair value upon acquisition or purchase, are evaluated periodically, and if impairment indicators exist, we compare their carrying values to their estimated fair values and recognize an impairment charge for any excess carrying value.

See Note 1 for further information on impairment of long-lived assets.

Property, Plant and Equipment

(In thousands) March 1, 2025 March 2, 2024

(In thousands) February 28, 2026 March 1, 2025

Land $ 3,501 $ 3,460

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Goodwill and Other Intangible Assets

Refer to Note 1 for a description of the Accounting Policy related to Goodwill.

Goodwill represents the excess of the cost over the net tangible and identified intangible assets of acquired businesses.

We evaluate goodwill for impairment annually as of the first day of our fiscal fourth quarter, or more frequently if events or changes in circumstances indicate the carrying value of goodwill may not be recoverable, as described in Note 1.

Based on the impairment analysis performed in the fourth quarter, estimated fair value was in excess of carrying value at all of our reporting units.

The carrying amount of goodwill attributable to each reportable segment was:

(In thousands) Architectural Metals Architectural Services Architectural Glass Performance Surfaces Total

Balance at February 25, 2023 $ 90,137 $ 3,031 $ 25,301 $ 10,557 $ 129,026

Foreign currency translation 49 7 100 — 156

Balance at March 2, 2024 $ 90,186 $ 3,038 $ 25,401 $ 10,557 $ 129,182

Goodwill acquired — — — 107,826 107,826

Foreign currency translation ( 852 ) ( 117 ) ( 264 ) — ( 1,233 )

Goodwill acquired — — — 107,826 107,826

Balance at March 1, 2025 89,334 2,921 25,137 118,383 235,775

Foreign currency translation 754 103 112 — 969

Balance at February 28, 2026 $ 90,088 $ 3,024 $ 25,249 $ 118,383 $ 236,744

Intangible assets

Indefinite-lived intangible assets

We have intangible assets for certain acquired trade names and trademarks which are determined to have indefinite useful lives.

We test indefinite-lived intangible assets for impairment annually at the same measurement date as goodwill, the first day of our fiscal fourth quarter, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired as described in Note 1.

Based on our annual analysis and changes to our strategic branding in the 4th quarter of fiscal 2025, we recorded impairment expense of $ 7.6 million related to trademarks within Selling, general and administrative expenses (SG&A) in the Architectural Metals Segment.

Definite-lived intangible assets

Long-lived assets or asset groups, including intangible assets subject to amortization and property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of those assets may not be recoverable, as described in Note 1.

In fiscal 2025, $ 79.7 million of intangible assets were acquired as part of the UW Interco, LLC (UW Solutions) acquisition.

In fiscal 2025, $ 79.7 million of intangible assets were acquired as part of the UW Solutions acquisition.

The gross carrying amount of our intangible assets and related accumulated amortization was:

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Translation Net

March 1, 2025

February 28, 2026

Definite-lived intangible assets:

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Total intangible assets $ 228,099 $ ( 87,961 ) $ ( 7,634 ) $ ( 4,087 ) $ 128,417

Amortization expense on finite-lived intangible assets was $ 8.9 million, $ 4.9 million and $ 4.2 million in fiscal 2025, 2024 and 2023, respectively.

Amortization expense on definite-lived intangible assets was $ 10.6 million, $ 8.9 million and $ 4.9 million in fiscal 2026, 2025 and 2024, respectively.

All amortization expense is included within selling, general and administrative expenses.

Estimated future amortization expense for finite-lived intangible assets is:

Estimated future amortization expense for definite-lived intangible assets is:

(In thousands) 2027 2028 2029 2030 2031

Estimated amortization expense $ 6,755 $ 6,461 $ 5,590 $ 5,552 $ 5,552

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.

We are party to 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.

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The senior credit facility has a term of five years with a maturity date of July 19, 2029.

The Credit Agreement replaces 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.

As a result of the execution of the Credit Agreement in fiscal 2025, we recognized a loss, within interest expense, of $ 0.5 million for the write-off of unamortized financing fees related to the previous revolving credit facility.

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 previously existing 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 be 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 March 1, 2025, we were in compliance with all covenants as defined under the terms of the Credit Agreement.

At February 28, 2026, 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 $ 75.0 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.

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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 $ 215.0 million as of March 1, 2025.

Outstanding borrowings under the current revolving credit facility were $ 70.0 million as of March 1, 2025.

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.

At March 2, 2024, debt included $ 12.0 million of industrial revenue bonds.

We had no outstanding industrial revenue bonds as of March 1, 2025 as in the fourth quarter of fiscal 2025 we paid the remaining balance of these bonds, including principal and interest outstanding, without penalty.

At March 1, 2025, we had a total of $ 15.0 million of ongoing letters of credit related to the senior credit facility, amounts that remained on the industrial revenue bonds that were not extinguished when payment was made, construction contracts and insurance collateral that expire in fiscal year 2026 and reduce borrowing capacity under the revolving credit facility.

As of March 1, 2025, the amount available for revolving borrowings was $ 365.0 million.

The fair value of our senior credit facility approximated carrying values at March 1, 2025, 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.

Outstanding borrowings under the term loan facility were $ 212.3 million as of February 28, 2026.

Outstanding borrowings under the current revolving credit facility were $ 20.0 million as of February 28, 2026.

At February 28, 2026, we had a total of $ 2.6 million of ongoing letters of credit related to the senior credit facility, construction contracts and insurance collateral that expire in fiscal year 2027 and reduce borrowing capacity under the revolving credit facility.

As of February 28, 2026, the amount available for revolving borrowings was $ 427.4 million.

The fair value of our senior credit facility approximated carrying value at February 28, 2026, and would be classified as Level 2 within the fair value hierarchy described in Note 4, due to the variable interest rate on these instruments.

Debt maturities and other selected information follows:

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Weighted average interest rate during the year 5.93 % 6.28 %

The weighted average interest rates on borrowings outstanding, inclusive of the impact of our interest rate swap as of March 1, 2025 and March 2, 2024 were 4.32 % and 4.90 %, respectively.

(In thousands) 2026 2025 2024

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$ 13,976 $ 6,159 $ 6,669

Interest payments were $ 8.1 million in fiscal 2025, $ 9.3 million in fiscal 2024 and $ 8.2 million in fiscal 2023.

Interest payments under the credit facilities were $ 16.7 million in fiscal 2026, $ 8.1 million in fiscal 2025 and $ 9.3 million in fiscal 2024.

The weighted average interest rates on borrowings outstanding, inclusive of the impact of our interest rate swap as of February 28, 2026 and March 01, 2025 were 4.44 % and 4.32 %, respectively.

We have operating leases for certain buildings and equipment used in our operations.

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Lease expense is recognized on a straight-line basis over the lease term.

Our leases have remaining lease terms of one to seventeen years , some of which include renewal options that can extend the lease for up to an additional ten years , at our sole discretion.

We have made an accounting policy election not to record leases with an original term of twelve months or less on our consolidated balance sheet;

such leases are expensed on a straight-line basis over the lease term.

Our leases have remaining lease terms of one to sixteen years , some of which include renewal options that can extend the lease for up to an additional ten years , at our sole discretion.

In determining lease asset value, we consider fixed or variable payment terms, prepayments, incentives, and options to extend, terminate or purchase.

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Lease assets obtained in exchange for new operating lease liabilities $ 3,940 $ 21,810

Weighted-average remaining lease term - operating leases 5.7 years 4.0 years

Weighted-average remaining lease term - operating leases 5.6 5.7

Weighted-average discount rate - operating leases 4.7 % 4.5 %

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Under the plan, employees are allowed to contribute up to 60 % of eligible earnings to the plan, up to statutory limits.

On January 1, 2023, we began matching 100 % of the first two percent contributed and 50 % of the next four percent contributed on eligible compensation that non-union employees contribute.

Previously, we matched 100 % of the first one percent contributed and 50 % of the next five percent contributed on eligible compensation that non-union employees contribute.

The Company matches 100 % of the first two percent contributed and 50 % of the next four percent contributed on eligible compensation that non-union employees contribute.

We contribute to the union plans based on the contractual terms.

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We maintain a plan that allows participants to defer compensation.

The deferred compensation liability was $ 5.6 million and $ 5.9 million at March 1, 2025 and March 2, 2024, respectively.

The deferred compensation liability was $ 8.3 million and $ 5.6 million at February 28, 2026 and March 1, 2025, respectively.

We have investments in corporate-owned life insurance policies (COLI) of $ 10.3 million and money market funds (classified as cash equivalents) of $ 0.3 million with the intention of utilizing them as long-term funding sources for this plan.

The COLI assets are recorded at their net cash surrender values and are included in other non-current assets in the consolidated balance sheets.

The COLI assets are recorded at net cash surrender values and are included in other non-current assets on the Consolidated Balance Sheets.

Plans under Collective Bargaining Agreements

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• If we choose to stop participating in some of these plans, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability

Under the Pension Protection Act, multiemployer pension plans are categorized into zones (green, yellow, red, and deep red) .

Under the Pension Protection Act, multi-employer pension plans are categorized into zones (green, yellow, red, and deep red).

Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are between 65% and 80% funded, and plans in the green zone are at least 80% funded.

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5 and Iron Workers Employers Association Employees Pension Trust Fund 521075473 Green Green $ 1,034 $ 722 $ 1,015 No No No 5/31/2029

International Painters and Allied Trades Industry Pension Fund 526073909 Red Red 730 971 869 Implemented No No 11/30/2017

International Painters and Allied Trades Industry Pension Fund 526073909 Red Red — 730 971 Implemented No No Various

Ironworkers Local 580 Pension Fund 136178514 Green Green 1,099 2,121 883 Implemented No Yes 6/30/2023

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Iron Workers Mid-America Pension Fund 366488227 Green Green 96 320 237 No No No 5/31/2027

Western Glaziers Retirement Fund (Oregon and Southwest Washington) 936074376 Green Green — 22 441 No No No 11/30/2017

Glazier's Union Local 27 Pension and Retirement Plan 366034076 Green Green 80 145 174 No No No 5/31/2017

Atlanta Ironworkers Local Union 387 Pension Plan 586051152 Green Green 131 109 125 No No No 1/31/2017

Other funds 1,220 814 1,077

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RP is defined as Rehabilitation Plan

The Company was listed in the plans' Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years:

The Company was listed in the plans' Form 5500s as providing more than 5% of the total contributions for the following plans and plan years:

Pension Fund Year Contributions To Plan Exceeded More Than 5 Percent Of Total Contributions

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5 and Iron Workers Employers Association Employees Pension Trust Fund 2026, 2025 and 2024

Western Glaziers Retirement Fund (Oregon and Southwest Washington) 2025

Iron Workers Mid-America Pension Fund 2023

Atlanta Ironworkers Local Union 387 Pension Plan 2023

Amounts contributed in fiscal 2025, 2024, and 2023 to defined contribution multiemployer plans were $ 3.6 million, $ 2.2 million and $ 2.2 million, respectively.

Western Glaziers Retirement Fund (Oregon and Southwest Washington) 2026 and 2025

Ironworkers Local 580 Pension Fund 2026

Amounts contributed in fiscal 2026, 2025, and 2024 to defined contribution multi-employer plans were $ 2.8 million, $ 3.6 million and $ 2.2 million, respectively.

Obligations and Funded Status of Defined-Benefit Pension Plans

We sponsor the Tubelite Inc.

Hourly Employees' Pension Plan, a defined-benefit pension plan that was frozen to new entrants in fiscal 2004, with no additional benefits accruing to plan participants after such time.

Hourly Employees' Pension Plan (Tubelite Plan), a defined-benefit pension plan that was frozen to new entrants in fiscal 2004, with no additional benefits accruing to plan participants after such time.

We also sponsor an unfunded Supplemental Executive Retirement Plan (SERP), a defined-benefit pension plan that was frozen to new entrants in fiscal 2009, with no additional benefits accruing to plan participants after such time.

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The Tubelite Plan uses a measurement date as of the calendar month-end closest to our fiscal year-end, while the SERP uses a measurement date aligned with our fiscal year-end.

(In thousands) March 1, 2025 March 2, 2024

(In thousands) February 28, 2026 March 1, 2025

Change in projected benefit obligation

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Underfunded status $ ( 4,897 ) $ ( 5,010 )

The funded status was recognized in the consolidated balance sheets as follows:

(In thousands) March 1, 2025 March 2, 2024

The funded status was recognized on the Consolidated Balance Sheets as follows:

(In thousands) February 28, 2026 March 1, 2025

Other non-current assets $ 73 $ 76

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Net actuarial loss $ 2,700 $ 2,748

The net actuarial gain recognized in comprehensive earnings, net of tax expense, was $ 0.1 million in fiscal 2025, and $ 0.9 million in fiscal 2024.

Components of the defined-benefit pension plans' net periodic benefit cost:

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The expected long-term rate of return on assets is based on historical long-term rates of return achieved by the plan investments, the plan's investment strategy, and current and projected market conditions.

During fiscal 2019, the assets of the Tubelite plan were moved from investment in a short-term bond fund to various duration fixed income funds.

The investments are carried at fair value based on prices from recent trades of similar securities, which would be classified as Level 2 in the valuation hierarchy.

The assets of the Tubelite Plan are invested in various duration fixed income funds.

The investments are carried at fair value based on prices from recent trades of similar securities, which would be classified as Level 2 in the fair value hierarchy presented in Note 4.

We do not maintain assets intended for the future use of the SERP.

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Bond commitments

In the ordinary course of business, predominantly in the Architectural Services and Architectural Metals Segments, we are required to provide surety or performance bonds that commit payments to our customers for any non-performance.

At March 1, 2025, $ 1.2 billion of these types of bonds were outstanding, of which, $ 394.1 million is on our backlog.

These bonds have expiration dates that align with completion of the purchase order or contract.

In the ordinary course of business, predominantly in the Architectural Services Segments, we are required to provide surety or performance bonds that commit payments to our customers for any non-performance against our contracts.

At February 28, 2026, $ 1.3 billion of these types of bonds were outstanding, of which $ 267.5 million is in our backlog.

These bonds have expiration dates that align with completion of these contracts.

We have never been required to make payments under surety or performance bonds with respect to our existing businesses.

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Claim costs are deducted from the accrual when paid.

Factors that could have an impact on the warranty accrual in any given period include the following:

changes in manufacturing quality, changes in product mix, and any significant changes in sales volume.

Factors that could have an impact on the warranty accrual in any given period include changes in manufacturing quality, changes in product mix, and any significant changes in sales volume.

(In thousands) 2026 2025

Balance at beginning of period $ 18,461 $ 21,362

Additional accruals 7,336 15,775

Additional provision 3,993 7,336

Claims paid ( 9,551 ) ( 10,237 )

Balance at end of period $ 12,903 $ 18,461

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 certain of our Architectural Metals businesses.

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

Letters of credit

At March 1, 2025, we had $ 15.0 million of ongoing letters of credit, all of which have been issued under our revolving credit facility, as discussed in Note 7.

At February 28, 2026, we had $ 2.6 million of ongoing letters of credit as discussed in Note 7.

Purchase obligations

Purchase obligations for raw material commitments and capital expenditures totaled $ 10.2 million as of March 1, 2025.

Environmental liability

In fiscal 2008, we acquired one manufacturing facility which has certain historical environmental conditions.

Remediation of these conditions is ongoing without significant disruption to our operations.

The estimated remaining liability for these remediation activities was $ 0.1 million and $ 0.4 million at March 1, 2025 and March 2, 2024, respectively.

Purchase obligations for raw material commitments and capital expenditures totaled $ 15.1 million as of February 28, 2026.

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 on our consolidated balance sheets.

The NMTC arrangements are subject to 100% 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 on 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 capital project which is classified as restricted cash on our consolidated balance sheets.

Variable-interest entities, which have been included within our consolidated financial statements, have been created as a result of the structure of these transactions, as investors in the programs do not have a material interest in their underlying economics.

During fiscal 2024, one NMTC transaction was settled as expected and resulted in a $ 4.7 million benefit, which was recorded in other (income) expense, net.

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

Inception date Termination date Proceeds received Deferred costs Net benefit

August 2025 $ 6,052 $ 1,891 $ 4,161

September 2018 September 2025 3,198 1,031 2,167

Total $ 9,250 $ 2,922 $ 6,328

(1) Continuation of the August 2018 NMTC financing transaction

During fiscal 2026, we settled our final two NMTC transactions, which resulted in recognizing benefits of $ 6.7 million in other (income) expense, net.

When these transactions were initiated, the proceeds received from investors were included within other current liabilities in our Consolidated Balance Sheets.

The NMTC arrangements were subject to 100 percent tax credit recapture for a period of seven years from the date of transaction.

Upon the termination, proceeds were recognized in earnings in exchange for the transfer of tax credits.

The direct and incremental costs incurred in structuring this arrangement were deferred and were included in other current assets in our Consolidated Balance Sheets.

These costs were recognized in conjunction with the recognition of the related proceeds as settled.

During the construction phase or for working capital purposes, we were required to hold cash dedicated to fund the project, which was classified as restricted cash in our Consolidated Balance Sheet.

As a result of the structure of these transactions, a variable-interest entity was created.

As the other investors in these programs did not have a material interest in the entity's underlying economics, we included 100% of the results of the variable-interest entity in our consolidated financial statements.

The Company is a party to various legal proceedings incidental to its normal operating activities.

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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 estimated insurance proceeds.

This impact was recorded in cost of goods sold in the fourth quarter of fiscal 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 estimated 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.

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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 years ended March 1, 2025 and March 2, 2024 and outstanding balance as of March 1, 2025 and March 2, 2024 that we have confirmed as valid to the administrators of our program:

The balances owed are reflected in accounts payable on 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 years ended February 28, 2026 and March 1, 2025 and outstanding balance as of February 28, 2026 and March 1, 2025 that we have confirmed as valid to the administrators of our program:

(In thousands) 2026 2025

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We have repurchased a total of 12,451,789 shares, at a total cost of $ 453.5 million, since the inception of this program.

On October 6, 2023, the Board of Directors increased the share repurchase authorization by 2 million shares.

We have remaining authority to repurchase 1,798,211 shares under this program, which has no expiration date.

We may 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.

In addition to the shares repurchased under this repurchase plan, during fiscal 2026, 2025 and 2024, the Company also withheld $ 1.9 million, $ 6.1 million and $ 2.5 million, respectively, of Company stock from employees in order to satisfy stock-for-stock option exercises or tax obligations related to stock-based compensation, pursuant to terms of Board and shareholder-approved compensation plans.

Accumulated Other Comprehensive Loss

The following summarizes the accumulated other comprehensive loss, net of tax, at March 1, 2025 and March 2, 2024:

The following summarizes the accumulated other comprehensive loss, net of tax, at February 28, 2026 and March 1, 2025:

(In thousands) 2026 2025

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Awards under these Plans may be in the form of incentive stock options (to employees only), non-statutory options, stock-settled stock appreciation rights (SARs), or nonvested share awards and units, 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.

We also have 2009 Non-Employee Director Stock Incentive Plan under which deferred restricted stock units were allocated, in addition to deferred restricted stock units acquired pursuant to a dividend equivalent reinvestment feature.

As of June 23, 2019, no additional awards can be made under the 2009 Non-Employee Director Stock Incentive Plan.

On October 31, 2025, the Company announced the departure of its Chief Executive Officer.

In connection with a separation agreement, the Board of Directors approved the accelerated vesting of certain outstanding unvested restricted stock awards and performance share unit awards previously granted.

As a result of this modification, the Company recognized incremental stock-based compensation expense of $ 2.1 million during the third quarter of fiscal 2026, representing the fair value of the awards that would have otherwise vested over the remaining service periods.

This amount is included in SG&A expenses on the Consolidated Results of Operations.

We recorded share-based compensation expense, in which we account for any forfeitures as they occur, as follows:

5 unchanged sentences

$ 8,246 $ 10,725 $ 9,721

Stock Options

For fiscal 2024, there were no cash proceeds from the exercise of stock options as all stock options were exercised on a stock-for-stock basis.

The aggregate intrinsic value of securities exercised (the amount by which the stock price on the date of exercise exceeded the stock price of the award on the date of grant) was $ 1.8 million.

At February 28, 2026, there was $ 12.2 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 1.7 years.

The total fair value of shares vested during fiscal 2026 was $ 12.8 million.

The table below sets forth the number of stock-based compensation awards granted during the twelve months ended February 28, 2026, 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)

359,490 $ 39.91

Performance share units (2)

(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 adjusted return on invested capital and cumulative adjusted earnings per share.

Service Condition Awards

3 unchanged sentences

Awards outstanding at March 1, 2025 348,219 $ 48.53

384,461 $ 40.28

Granted 359,490 39.91

2 unchanged sentences

( 80,222 ) 52.13

Awards outstanding at March 1, 2025

348,219 $ 48.53

Awards outstanding at February 28, 2026 430,237 $ 41.44

Performance Condition Awards

3 unchanged sentences

The following table summarizes nonvested performance share units granted and outstanding for which plans are at 0 % to 200 % of target:

Number of Shares and Units Weighted Average Grant Date Fair Value

Number of Shares and Units at Target Weighted Average Grant Date Fair Value

Awards outstanding at March 1, 2025 101,120 $ 51.13

( 72,715 ) 47.48

( 79,526 ) 34.90

Forfeited and cancelled

( 71,327 ) 51.21

Awards outstanding at March 1, 2025

101,120 $ 51.13

Awards outstanding at February 28, 2026 38,544 $ 48.07

(1) Includes 27,924 shares for performance goals component of the fiscal 2023-2025 performance period.

At March 1, 2025, there was $ 11.8 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 21 months.

The total fair value of shares vested during fiscal 2025 was $ 10.0 million.

Stock Options

There were no outstanding options after fiscal 2024 and the aggregate intrinsic value of securities exercised (the amount by which the stock price on the date of exercise exceeded the stock price of the award on the date of grant) was $ 1.8 million.

Earnings before income taxes consisted of the following:

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Earnings before income taxes $ 77,456 $ 112,574 $ 129,253

The components of income tax (benefit) expense for each of the last three fiscal years are as follows:

The components of income tax expense (benefit) for each of the last three fiscal years are as follows:

(In thousands) 2026 2025 2024

8 unchanged sentences

Total non-current tax expense

( 426 ) 747 30

Total income tax expense $ 23,325 $ 27,522 $ 29,640

Income tax payments, net of refunds, were $ 4.1 million, $ 29.6 million and $ 33.0 million in fiscal 2026, 2025 and 2024, respectively.

The following table provides a reconciliation of the statutory federal income tax rate to our consolidated effective tax rates:

2025 2024 2023

Statutory federal income tax rate 21.0 % 21.0 % 21.0 %

Federal $ 2,000

State and local

New York City 279

Other state and local 848

International

Other international —

Total $ 4,146

In accordance with our prospective adoption of ASU 2023-09, the following presents a reconciliation of the U.S.

federal statutory income tax rate to Apogee's worldwide effective income tax rate for fiscal year ended February 28, 2026:

(In thousands) Amount Percent

Federal statutory income tax rate $ 16,266 21.0 %

State and local income taxes, net of federal tax benefit (1)

Foreign tax effects (Canada):

Cancellation of debt income 1,135 1.5

Other 235 0.3

Effect of cross border tax laws ( 598 ) ( 0.8 )

Tax credits ( 427 ) ( 0.6 )

Changes in valuation allowance 350 0.5

Nontaxable or non-deductible items 885 1.1

Changes in unrecognized tax benefits ( 427 ) ( 0.6 )

Other adjustments:

Return to provision 2,140 2.8

Other 761 1.0

Consolidated effective tax rate $ 23,325 30.1 %

State and local taxes in Illinois, New York, and New York City made up the majority (greater than 50 percent) of the tax effect in this category.

For the fiscal years ended March 1, 2025, and March 2, 2024, a reconciliation of the federal statutory income tax rate to Apogee's worldwide effective income tax rate is provided below:

Federal statutory income tax rate 21.0 % 21.0 %

State and local income taxes, net of federal tax benefit 2.9 2.4

Foreign tax rate differential ( 0.8 ) ( 0.2 )

Valuation allowance ( 0.3 ) 1.0

Nontaxable (loss) gain on life insurance policies ( 0.2 ) — 0.2

Deduction for foreign derived intangible income ( 0.4 ) ( 0.3 )

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Tax benefit of share based awards ( 1.0 ) ( 0.6 )

Worthless stock deduction — — ( 6.0 )

Other, net 1.1 0.1

Consolidated effective income tax rate 24.4 % 22.9 %

The effective tax rate for fiscal 2025 increased 1.5 percentage points from fiscal 2024, primarily due to an increase in taxes for nondeductible executive compensation in fiscal 2025.

The effective tax rate for fiscal 2024 increased 12.2 percentage points from fiscal 2023, primarily due to the impact of discrete items in fiscal 2023.

Deferred tax assets and deferred tax liabilities at March 1, 2025 and March 2, 2024 were:

The consolidated effective tax rate for fiscal 2026 increased 5.7 percentage points from fiscal 2025, primarily due to an increase in tax expense on discrete items in fiscal 2026.

The consolidated effective tax rate for fiscal 2025 increased 1.5 percentage points from fiscal 2024, primarily due to an increase in taxes for nondeductible executive compensation.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law in the United States, introducing a wide array of tax reform measures.

These include extensions and modifications to certain provisions originally enacted under the Tax Cuts and Jobs Act.

OBBBA did not have a material effect on the Company’s effective tax rate for fiscal year 2026.

Deferred tax assets and deferred tax liabilities at February 28, 2026 and March 1, 2025 were:

(In thousands) 2026 2025

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Section 174 capitalized costs — 15,675

Goodwill and other intangibles 3,127 2,342

Liability for unrecognized tax benefits 2,651 2,122

Unearned income — 7,467

Operating lease liabilities 11,356 14,898

1 unchanged sentence

Other 12,712 10,443

(In thousands) 2026 2025

Total deferred tax assets 40,483 66,232

4 unchanged sentences

Operating lease, right-of-use assets 10,289 13,605

Bad debt 7,785 8,291

Prepaid expenses 1,697 2,131

Other 10,487 13,405

Total deferred tax liabilities 45,809 49,411

Net deferred tax assets (liabilities) $ 7,239 $ 14,043

Net deferred tax (liabilities) assets $ ( 14,441 ) $ 7,239

The Company has state and foreign net operating loss carryforwards with a tax effect of $ 6.4 million.

A valuation allowance of $ 3.6 million has been established for these net operating loss carryforwards due to the uncertainty of the use of the tax benefits in future periods.

Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing Deferred Tax Assets.

This has resulted in valuation allowances being recorded against Deferred Tax Assets in prior years in Brazil, Canada and various states.

Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing Deferred Tax Assets (DTAs).

This has resulted in valuation allowances being recorded against DTAs in prior years in Brazil, Canada and various states.

The Company files income tax returns in the U.S.

federal jurisdiction, various U.S.

state jurisdictions, Canada, Brazil and other international jurisdictions.

The Company is no longer subject to U.S.

federal tax examinations or state and local tax examinations for years prior to fiscal 2022, or state and local tax examinations for years prior to fiscal 2021.

The Company is not currently under U.S.

federal examination for years subsequent to fiscal 2021.

(federal and certain states), Canada, Brazil and other international jurisdictions and is generally subject to limited audit activity.

The Internal Revenue Service is in the process of conducting a U.S.

federal examination for fiscal year 2023.

The Company considers the earnings of its non-U.S.

11 unchanged sentences

Gross increases based on tax positions related to the current year 212 886 579

Gross decreases based on tax positions related to the current year — — ( 27 )

Settlements — — ( 354 )

1 unchanged sentence

Gross unrecognized tax benefits at end of year $ 4,079 $ 5,967 $ 5,053

In December 2021, the OECD issued model rules for a new global minimum tax framework (“Pillar Two”), and various governments around the world have issued, or are in the process of issuing, legislation to implement these rules.

The Company is within the scope of the OECD Pillar Two model rules and has assessed the impact thereof.

Based on available legislation, we concluded there was no material impact on income taxes with respect to Pillar Two for the year ended March 1, 2025.

We will continue to evaluate the potential future impacts and will monitor and review the issuance of additional guidance.

Earnings per Share

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The Company’s CEO is the chief operating decision maker (CODM) .

The CODM utilizes net sales and adjusted earnings before interest and taxes (EBIT) 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, adjusted other income (expense), and the resulting adjusted EBIT 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 EBIT includes intersegment sales transactions and excludes certain corporate costs that are not allocated at a segment level.

The CODM utilizes segment net sales and adjusted 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, adjusted 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 of the segment including sales related to intersegment transactions.

We present intersegment net sales 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.

(In thousands) Architectural Metals Architectural Services Architectural Glass Performance Surfaces Total

52-Weeks Ended March 1, 2025

52-Weeks Ended February 28, 2026

Net sales to external customers

2 unchanged sentences

278 — 19,874 — 20,152

524,709 419,861 322,197 122,131 1,388,898

Total segment net sales 504,028 439,232 283,659 197,966 1,424,885

Adjusted cost of sales (1)

2 unchanged sentences

( 93,316 ) ( 41,640 ) ( 42,435 ) ( 37,410 ) ( 214,801 )

Adjusted other income (expense), net (3)

Adjusted other expense, net (3)

— — ( 91 ) — ( 91 )

Adjusted EBIT $ 54,120 $ 29,555 $ 59,389 $ 24,139 $ 167,203

Adjusted depreciation and amortization 14,813 3,593 13,442 15,153 47,001

Adjusted EBITDA $ 54,109 $ 30,856 $ 45,699 $ 41,643 $ 172,307

52-Weeks Ended March 1, 2025

3 unchanged sentences

92 — 27,812 — 27,904

601,736 378,422 378,449 99,223 1,457,830

Total segment net sales 524,709 419,861 322,197 122,131 1,388,898

Adjusted cost of sales (1)

2 unchanged sentences

( 96,687 ) ( 45,604 ) ( 42,287 ) ( 21,504 ) ( 206,082 )

Adjusted other income (expense), net (3)

— — ( 2,263 ) — ( 2,263 )

Adjusted EBIT

Adjusted other income, net (3)

— — 115 — 115

52-Weeks Ended February 25, 2023

Adjusted depreciation and amortization 16,471 3,978 12,274 6,746 39,469

Adjusted EBITDA $ 70,591 $ 33,533 $ 71,663 $ 30,886 $ 206,673

53-Weeks Ended March 2, 2024

Net sales to external customers

2 unchanged sentences

3,487 980 36,421 — 40,888

649,778 410,627 316,554 104,215 1,481,174

Total segment net sales 601,736 378,422 378,449 99,223 1,457,830

Adjusted cost of sales (1)

4 unchanged sentences

— — ( 2,263 ) — ( 2,263 )

Adjusted EBIT

$ 81,874 $ 18,140 $ 28,562 $ 25,347 $ 153,923

Adjusted cost of sales excludes $ 4.2 million and $ 5.5 million of adjustments related to acquisition and restructuring costs as described in more detail within the reconciliation presented below, respectively, for the years ended March 1, 2025 and March 2, 2024.

(2) Adjusted SG&A expenses excludes $ 11.5 million and $ 3.0 million of adjustments related to acquisition and restructuring costs and impairment expense as described in more detail within the reconciliation presented below, respectively, for the years ended March 1, 2025 and March 2, 2024.

Adjusted Other (income) expense, net excludes $ 4.7 million of NMTC benefit recorded for the year ended March 2, 2024 as described in more detail within the reconciliation presented below.

The following table presents the reconciliation of adjusted EBIT to income before income taxes, the nearest measurement under GAAP:

(In thousands) 2025 2024 2023

Segment Adjusted EBIT

Adjusted depreciation and amortization 19,226 4,010 11,955 3,040 38,231

Adjusted EBITDA

$ 90,029 $ 18,376 $ 77,738 $ 27,273 $ 213,416

(1) Adjusted cost of sales excludes $ 15.0 million of adjustments related to acquisition and restructuring expense for the year ended February 28, 2026, $ 4.2 million of adjustments related to acquisition and restructuring expense for the year ended March 1, 2025, and $ 5.5 million of adjustments related to restructuring expense for the year ended March 2, 2024.

See the reconciliation presented below for further detail.

(2) Adjusted SG&A expenses excludes $ 8.8 million of adjustments related to acquisition and restructuring for the year ended February 28, 2026, $ 3.8 million of adjustments related to acquisition, restructuring and impairment expense for the year ended March 1, 2025, and $ 3.0 million of adjustments related to restructuring expense for the year ended March 2, 2024.

See the reconciliation presented below for further detail.

(3) Adjusted Other (income) expense, net excludes $ 6.7 million and $ 4.7 million of NMTC benefit recorded for the years ended February 28, 2026, and March 2, 2024, respectively.

The following table presents the reconciliation of adjusted EBITDA to net earnings, the nearest measurement under U.S.

(In thousands) February 28, 2026 March 1, 2025 March 2, 2024

Segment adjusted EBITDA $ 172,307 $ 206,674 $ 213,416

Corporate and Other expenses ( 13,827 ) ( 27,635 ) ( 32,097 )

( 32,772 ) ( 35,454 ) ( 29,642 )

Segment acquisition-related costs (1)

2 unchanged sentences

( 21,959 ) ( 3,535 ) ( 8,496 )

Impairment expense (3)

Impairment — ( 7,634 ) —

Depreciation and amortization ( 49,998 ) ( 44,608 ) ( 41,588 )

Other income, net (3)

6,740 — 4,687

NMTC settlement gain (4)

Interest expense, net ( 13,976 ) ( 6,159 ) ( 6,669 )

( 6,159 ) ( 6,669 ) ( 7,660 )

Earnings before income taxes

$ 112,574 $ 129,253 $ 116,621

Segment 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 the value attributed to contracting the backlog purchased in the UW Solutions acquisition.

These costs were amortized in SG&A over the period that the contracted backlog was 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 were expensed to cost of goods sold over the period the inventory was sold.

(2) Segment restructuring charges related to Project Fortify.

Refer to Note 18.

Impairment expense on intangible assets in the Architectural Metals Segment.

Refer to Note 6.

Realization of a NMTC benefit which was recorded in other income (expense), net.

Refer to Note 10.

Income tax expense ( 23,325 ) ( 27,522 ) ( 29,640 )

Net earnings $ 54,131 $ 85,052 $ 99,613

Acquisition-related costs include one-time expenses incurred to integrate the UW Solutions acquisition.

(2) Segment restructuring costs related to Project Fortify.

Included in the years ended February 28, 2026, and March 2, 2024 are non-cash amounts related to impairment of intangible assets.

See Note 1 for additional information.

(3) Other income, net includes $ 6.7 million and $ 4.7 million of NMTC benefit recorded for the years ended February 28, 2026, and March 2, 2024, respectively.

The following table presents the capital expenditures, depreciation and amortization and identifiable assets by reportable segments and the reconciliation to amounts reported for GAAP:

9 unchanged sentences

Identifiable assets 363,512 131,651 208,651 83,731 96,519 884,064

The following table presents net sales, based on the location in which the sale originated, and long-lived assets, representing property, plant and equipment, net of related depreciation, by geographic region.

(In thousands) 2025 2024 2023

The following tables present net sales, based on the location in which the sale originated, and long-lived assets, representing property, plant and equipment, net of related depreciation, by geographic region.

(In thousands) February 28, 2026 March 1, 2025 March 2, 2024

United States $ 1,337,409 $ 1,258,887 $ 1,295,436

2 unchanged sentences

Total $ 1,404,733 $ 1,360,994 $ 1,416,942

(In thousands) March 1, 2025 March 2, 2024 February 25, 2023

(In thousands) February 28, 2026 March 1, 2025 March 2, 2024

Long-Lived Assets

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We incurred $ 1.5 million for inventory step-up expense and $ 0.2 million of transaction costs, which were included in costs of sales, as well as $ 4.2 million of transaction costs, $ 2.1 million of integration costs, and $ 2.3 million of amortization of acquired backlog, which were included in SG&A within our consolidated results of operations.

During fiscal 2026, we incurred total pre-tax acquisition-related expenses of $ 2.1 million associated with the acquisition, of which $ 0.4 million and $ 1.7 million are included in cost of sales and SG&A, respectively, within our Consolidated Results of Operations.

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 $ 107.8 million.

The goodwill recognized is attributable primarily to expected synergies by integrating UW Solutions into our Performance Surfaces Segment and by creating a scalable growth platform in the specialty coatings and materials market.

The acquired 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.

The goodwill is expected to be amortized and deductible for income tax purposes.

We have 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 a tradename asset and are amortizing it over a 15-year expected life.

We assigned $ 2.3 million to a contract backlog asset and amortized it over a 4-month life.

We assigned $ 2.3 million to a contract backlog asset and amortized it over a life of 4 months.

We assigned $ 47.4 million to a customer relationship asset 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.

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The impact of the acquisition of UW Solutions on our consolidated results of operations for fiscal 2026 was $ 100.4 million of net sales and $ 3.7 million of net loss, respectively.

The net sales and net loss represent approximately 17 weeks of operating results.

The impact of the acquisition of UW Solutions on our consolidated results of operations for fiscal 2025 was $ 32.0 million of net sales and $ 7.4 million of net loss, respectively.

The following supplemental unaudited pro forma information presents our financial results as if the acquisition of UW Solutions had occurred on February 26, 2023.

1 unchanged sentence

(in thousands, except earnings per share data)

(Unaudited) 2025

Net sales $ 1,423,635 $ 1,513,734

11 unchanged sentences

• 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 implemented actions to optimize processes and streamline resources in its Architectural Services and Corporate and Other.

During fiscal 2025, we incurred $ 4.3 million of pre-tax costs associated with Project Fortify, of which $ 2.5 million is included in cost of sales and $ 1.8 million is included within SG&A expenses.

During fiscal 2024, we incurred $ 12.4 million of pre-tax costs associated with Project Fortify, of which $ 5.5 million is included within cost of sales and $ 6.9 million is included within SG&A expenses.

The Company completed Project Fortify during the fourth quarter of fiscal 2025 and incurred at total of $ 16.7 million of restructuring changes, which included:

• $ 7.0 million of severance and employee related costs;

• $ 1.7 million contract termination costs:

• $ 8.0 million of other expenses.

These actions have led to estimated annualized pre-tax cost savings of approximately $ 14 million.

Additionally, the Company implemented 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, of which $ 4.3 million was recognized in fiscal 2025 and $ 12.4 million in fiscal 2024.

The fiscal 2025 charges consisted of $ 2.5 million recorded in cost of sales and $ 1.8 million recorded within SG&A, while the fiscal 2024 charges consisted of $ 5.5 million recorded in cost of sales and $ 6.9 million recorded within SG&A.

On April 23, 2025, we announced a second phase of Project Fortify to drive further cost efficiencies, primarily in the Architectural Metals and Architectural Services Segments.

Phase 2 focused on further optimizing our operating footprint and aligning resources to enable a more effective operating model.

During fiscal 2026, we incurred $ 27.4 million of pre-tax costs associated with Phase 2, of which $ 14.6 million is included in cost of sales and $ 12.8 million is included within SG&A.

Restructuring expenses for fiscal 2026 and fiscal 2024 include non‑cash impairment charges described in Note 1.

(In thousands) Architectural Metals Architectural Services Architectural Glass Corporate & Other Total

March 1, 2025

February 28, 2026

Termination benefits $ 3,617 $ 5,779 $ — $ 1,365 $ 10,761

7 unchanged sentences

Total restructuring charges $ 4,024 $ ( 489 ) $ — $ 788 $ 4,323

February 25, 2023

March 2, 2024

Termination benefits 3,348 2,475 — 56 5,879

Contract termination costs $ 1,568 $ 49 $ — $ — $ 1,617

Other restructuring charges $ 1,054 $ 2 $ — $ 3,851 $ 4,907

Total restructuring charges $ 5,970 $ 2,526 $ — $ 3,907 $ 12,403

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.

The following table summarizes our restructuring related accrual balances included within accrued payroll and related benefits and other current liabilities on the Consolidated Balance Sheets.

All remaining accrual balances are expected to be paid within fiscal 2027.

(In thousands) Architectural Metals Architectural Services Architectural Glass Corporate & Other Total

Balance at February 25, 2023 $ 62 $ — $ 23 $ — $ 85

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

Balance at March 2, 2024 $ 2,814 $ 2,067 $ — $ 56 $ 4,937

Restructuring expense 1,931 ( 812 ) — 778 1,897

Payments ( 4,256 ) ( 605 ) — ( 323 ) ( 5,184 )

Other adjustments 797 — — — 797

Balance at March 1, 2025 $ 1,286 $ 650 $ — $ 511 $ 2,447

$ 2,814 $ 2,067 $ — $ 56 $ 4,937

Restructuring expense 4,920 5,111 — 1,369 11,400

1 unchanged sentence

Other adjustments 61 — — — 61

Balance at March 1, 2025 $ 1,286 $ 650 $ — $ 511 $ 2,447

The charges presented in the rollforward 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.

On April 23, 2025, we announced a second phase of Project Fortify to drive further cost efficiencies, primarily in the Architectural Metals and Architectural Services Segments.

Phase 2 will focus on further optimizing our operating footprint and aligning resources to enable a more effective operating model.

We expect the actions of Phase 2 to incur approximately $ 24 million to $ 26 million of pre-tax charges, of which approximately $ 8 million are expected to be non-cash charges.

The charges include the following:

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

• $ 2 million to $ 3 million of contract termination costs;

• $ 12 million to $ 13 million of other expenses.

The Company expects the actions associated with Phase 2 to be substantially completed by the end of the fourth quarter of fiscal 2026 and expects them to deliver annualized pre-tax cost savings from Phase 2 of approximately $ 13 million to $ 15 million.

During fiscal 2022, we announced plans to realign and simplify our business structure, which resulted in the closure of two facilities within the Architectural Glass Segment, in Dallas, Texas and Statesboro, Georgia.

These closures were made in order to concentrate this segment on premium, high-performance products.

Additionally, employee termination costs were incurred related to these facility closures, realignment of the Architectural Metals Segment, and within the Corporate office.

During the first quarter of fiscal 2023, we completed the execution of these plans with the sale of the remaining manufacturing assets at our Architectural Glass location, in Dallas, Texas, for $ 4.1 million.

The remaining assets had a carrying value of $ 3.4 million, and we recognized a gain on the sale of approximately $ 0.6 million, net of associated transaction costs, which is included as a reduction of cost of sales within our consolidated statements of operations.

Balance at February 28, 2026 $ 3,581 $ 2,311 $ — $ 1,082 $ 6,974

The amounts presented in the table above 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 on the Consolidated Balance Sheets.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data