What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-24 compared with 2025-02-25 · 48 added, 58 removed, 165 unchanged (39% of the section changed)

4 unchanged sentences

Infrastructure:

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

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

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

Included in the “Other” segment are the activities of the offshore wind energy structures business, which was divested in the fourth quarter of fiscal 2022.

Further information on the principal products, services, markets, competition, and distribution methods for each of our two reportable segments is provided below.

Infrastructure Segment

Products and Services

We design, engineer, and manufacture structures made of steel, pre-stressed concrete, and composites to support the infrastructure necessary for electrical transmission, substations, and distribution applications within the utility industry.

9 unchanged sentences

Each structure is meticulously engineered to meet environmental conditions, such as wind and ice, as well as load requirements for lighting fixtures and signage.

Additionally, our patented vibration mitigation technology improves roadway safety by reducing wind-induced vibrations and material fatigue, promoting long-term stability and durability.

We also provide comprehensive highway safety systems, including guardrail barriers, wire rope safety barriers, and crash attenuation barriers, primarily serving the Australian and Indian markets.

We also provide comprehensive highway safety systems, including guardrail barriers, wire rope safety barriers, and crash attenuation barriers, primarily serving the Australian, Indian, and New Zealand markets.

These products are designed to enhance roadway safety, reduce the impact of collisions, and improve driver protection.

Our L&T solutions

not only meet the technical, aesthetic, and safety requirements of modern infrastructure projects but also contribute to the development of cohesive and functional public spaces.

Our L&T solutions not only meet the technical, aesthetic, and safety requirements of modern infrastructure projects but also contribute to the development of cohesive and functional public spaces.

Our finishing services prevent corrosion, extend product lifespans, and enhance material aesthetics.

21 unchanged sentences

Notably, the United States (“U.S.”) government is advancing long-term infrastructure improvements through the Infrastructure Investment and Jobs Act (“IIJA”) and the Inflation Reduction Act (“IRA”).

These programs allocate resources to enhance the nation’s bridges, ensure public safety, update essential infrastructure, improve highway safety, and modernize the electrical grid to meet growing energy demands and support grid resiliency.

These programs are intended to allocate resources to enhance the nation’s bridges, ensure public safety, update essential infrastructure, improve highway safety, and modernize the electrical grid to meet growing energy demands and support grid resiliency.

A significant market for our Infrastructure segment is the utility industry in North America, which is increasing investment in critical electrical grid upgrades to improve reliability, integrate renewable energy sources, and expand transmission capacity.

2 unchanged sentences

electrical transmission grid, particularly to replace aging assets and support electrification trends across industries.

In response, we are strategically investing in our manufacturing capabilities and expanding our geographic presence to increase flexible production capacity.

In response, we are strategically investing in our manufacturing capabilities to increase flexible production capacity.

International markets are also experiencing rising electricity consumption, driven by urbanization, industrial growth, and electrification efforts, fueling demand for new electricity generation capacity and expanded transmission grids.

In addition, demand from data center construction is increasing as cloud computing, artificial intelligence, and digitalization drive the need for reliable power infrastructure, transmission capacity, and grid resiliency to support energy-intensive facilities.

We also serve the transportation, commercial construction, and industrial markets.

Our transportation product portfolio includes traffic structures, bridge systems, roadway and street lighting, and high-mast lighting.

Our transportation product portfolio includes traffic structures, roadway and street lighting, and high-mast lighting.

In the U.S., funding for transportation projects comes from a combination of state and federal sources, including the IIJA, which provides multi-year support for infrastructure investments.

Public-private partnerships are also emerging as a viable funding option for major transportation projects.

has approximately four million miles of public roadways, with around 24% carrying over

80% of the nation’s traffic.

As a result, improving traffic flow through efficient control measures and modern lighting solutions has become a key priority for many communities and government agencies.

Improving traffic flow through efficient control measures and modern lighting solutions has become a key priority for many communities and government agencies.

The commercial construction market, which is predominantly privately funded, includes lighting for a variety of applications, such as parking lots, shopping centers, sports stadiums, and business parks.

7 unchanged sentences

Demand for painted products is more closely tied to consumer markets.

The Telecommunications market is driven by growing demand for wireless communication and data services.

Our customers include wireless carriers, cell site operators, and state and federal agencies that require products for two-way radio communication, radar, broadcasting, and security applications.

The continued expansion of 5G networks and rising connectivity needs are fueling long-term growth, requiring higher network density.

The Telecommunications market is driven by growing demand for wireless communication and data services, including rapid increases in data consumption across mobile and connected devices.

Our customers include wireless carriers, cell site operators, electric utilities, and state and federal agencies that require products for two-way radio communication, radar, broadcasting, and security applications.

The continued expansion of 5G networks and rising connectivity and data usage needs are fueling long-term growth, requiring higher network density.

The Solar market is driven by the global shift towards renewable energy adoption and incentives for clean energy investments.

As utilities accelerate the development of large-scale solar power projects and micro-grid applications, our single-axis solar tracker solutions will play a crucial role in maximizing energy production.

Government policies, corporate sustainability commitments, and technological advancements are expected to continue to drive demand for this product line.

Our competitive strategy focuses on delivering high-value, innovative solutions to customers at competitive prices, emphasizing product quality, engineering expertise, exceptional customer service, and the timely, accurate delivery of our products.

Our competitive strategy focuses on delivering high-value, innovative solutions to customers at market prices, emphasizing product quality, engineering expertise, exceptional customer service, and the timely, accurate delivery of our products.

To achieve this, we leverage the production capacity across our extensive network of facilities, ensuring both quality and efficient service delivery.

6 unchanged sentences

In the Solar product line, we primarily compete with other mid-sized market participants.

Our competitive edge lies in our service quality and our ability to integrate solutions from our Utility product line, enabling us to deliver comprehensive full-grid solutions.

This integration allows us to offer complete, end-to-end solutions, distinguishing us from competitors that focus solely on a single product offering.

Distribution Methods

5 unchanged sentences

Due to the high cost of freight, our galvanizing services are generally limited to a radius of about 300 to 500 miles.

Although we are one of the world’s largest custom galvanizers, our sales account for only a small fraction of the overall galvanizing market.

Although we are one of the larger custom galvanizers globally, our sales account for only a small fraction of the overall galvanizing market.

Each galvanizing location is supported by a dedicated sales team, ensuring personalized attention and responsiveness to our clients’ needs.

Agriculture Segment

Products and Services

● Irrigation Equipment and Parts:

11 unchanged sentences

We offer a comprehensive suite of technology solutions designed to enhance agricultural efficiency through advanced monitoring, analysis, and automation.

With over 150,000 connected devices, our technology solutions help farmers detect potential crop issues early while optimizing water and energy use.

In fiscal 2021, we expanded our capabilities by acquiring Prospera Technologies, Ltd., a leading provider of artificial intelligence and machine learning solutions for agronomic monitoring.

With over 175,000 connected devices, our technology solutions help farmers detect potential field issues early while optimizing water and energy use.

We leverage this expertise to focus on irrigation optimization, machine health advancements, and predictive analytics.

14 unchanged sentences

Water scarcity is a key driver of demand in our Agriculture segment.

It is estimated that only 2.5% of the world’s total water supply is freshwater, and of that, only 30% is accessible for human use.

With agriculture consuming the majority of available freshwater, efficient irrigation is essential for sustainable food production.

These conditions—along with a growing global population, improving diets, and government-backed food security programs—highlight the need for water efficient farming solutions and increased food production.

We believe that mechanized irrigation can improve water application efficiency by 40% to 90% compared to traditional methods by delivering water uniformly to the root zone and minimizing runoff.

We believe that mechanized irrigation can improve water application efficiency compared to traditional methods by delivering water uniformly to the root zone and minimizing runoff.

Reduced runoff not only conserves water but also improves the quality of adjacent rivers, aquifers, and streams, contributing environmental benefits and supporting vital water conservation efforts.

In North America, several companies provide irrigation products and services for agricultural customers.

Our company is recognized as the leader among the four main participants in the mechanized irrigation industry.

Our company is recognized as the leader among the main participants in the mechanized irrigation industry.

Competitors differentiate themselves based on product durability, reliability, pricing and value proposition, quality, and the service capabilities of local dealers.

7 unchanged sentences

We market our irrigation machines, technology offerings, and service parts through an extensive network of independent dealers.

In North America, approximately 250 dealer locations serve our customers, with around 400 dealers covering international markets across more than 60 countries.

In North America, approximately 250 dealer locations serve our customers, with around 400 dealer locations covering international markets across more than 60 countries.

Dealers assess growers’ needs, customize machine configurations, manage installation (including water and power systems), and provide ongoing support.

7 unchanged sentences

Our significant business acquisitions and divestitures during the past three fiscal years included the following (with the relevant segment noted):

● Acquired an additional 9% of ConcealFab, Inc., a 5G infrastructure and PIM mitigation solutions company in Colorado (Infrastructure)

● Acquired the remaining 25% of Valmont Substations, LLC, a utility substation product provider in Kansas (Infrastructure)

● Divested our extractive business, which included the manufacturing and distribution of screening products for the mining and quarrying sectors in Australia and New Zealand (Infrastructure)

● Divested George Industries, a coating and anodizing company in California (Infrastructure)

● Acquired HR Products, a leading wholesale supplier of irrigation parts in Australia (Agriculture)

● Divested Torrent Engineering and Equipment Company, LLC, an integrator of prepackaged pump stations in Indiana (Agriculture)

● Acquired 51% of ConcealFab, Inc., a 5G infrastructure and PIM mitigation solutions company in Colorado (Infrastructure)

● Acquired the remaining 9% of Convert Italia S.p.A., a designer and provider of engineered solar tracker solutions in Italy (Infrastructure)

● Acquired the remaining 20% of Valmont West Coast Engineering, Ltd., a manufacturer of steel and aluminum structures for the lighting, transportation, and wireless communication industries in Canada (Infrastructure)

● Divested Valmont SM, an offshore wind energy structures business in Denmark (Other)

● Acquired the remaining 40% of ConcealFab, Inc., a 5G infrastructure and PIM mitigation solutions company in Colorado included in the Infrastructure segment, for $81.8 million

● Acquired the remaining 45% of Solbras Energia Solar do Brasil S.A., a leading provider of solar energy solutions for agriculture in Brazil included in the Agriculture segment, for $14.2 million

● Acquired an additional approximately 30% of Valmont Irrigation Argentina B.V., an irrigation equipment distributor in Argentina included in the Agriculture segment, for $14.6 million

● Acquired an additional approximately 9% of ConcealFab, Inc., a 5G infrastructure and PIM mitigation solutions company in Colorado included in the Infrastructure segment, for $7.2 million

● Acquired the remaining 25% of Valmont Substations, LLC, a utility substation product provider in Kansas included in the Infrastructure segment, for $10.5 million

● Divested our extractive business, which included the manufacturing and distribution of screening products for the mining and quarrying sectors in Australia and New Zealand previously included in the Infrastructure segment, for $3.3 million

● Divested George Industries, a coating and anodizing company in California previously included in the Infrastructure segment, for $0.5 million

● Acquired HR Products, a leading wholesale supplier of irrigation parts in Australia included in the Agriculture segment, for $37.3 million

● Divested Torrent Engineering and Equipment Company, LLC, an integrator of prepackaged pump stations in Indiana previously included in the Infrastructure segment, for $6.4 million

Suppliers and Availability of Raw Materials

1 unchanged sentence

We source these materials from steel mills, steel service centers, and zinc producers, where they are generally readily available.

However, recently proposed trade policies and tariffs could increase the cost of goods purchased from Canada, China, and Mexico, potentially disrupting the availability of these key raw materials.

However, ever-changing trade policies and tariffs could increase the cost of goods purchased from Canada, China, and Mexico, among other countries, potentially disrupting the availability of these key raw materials.

While we may experience longer lead times and price fluctuations, we do not anticipate extended shortages of steel, zinc, or natural gas.

12 unchanged sentences

Backlog includes confirmed customer purchase orders and executed sales order contracts.

We expect the majority of the fiscal 2024 backlog to be fulfilled in fiscal 2025.

We expect the majority of our backlog as of December 27, 2025 to be fulfilled during fiscal 2026.

The total backlog by segment as of December 27, 2025 and December 28, 2024 was as follows:

9 unchanged sentences

Our approach to human capital resources is outlined in our Code of Business Conduct, in our Human Rights Policy, and on our website at www.valmont.com.

A company-wide commitment to customer service and innovation is essential to our success, enabling us to deliver the best value to our customers.

Our employees are the foundation of our achievements, and we take pride in fostering a culture of passion and integrity that encourages everyone to excel and deliver results.

We expect each employee to act responsibly and to treat one another with fairness and respect.

To meet customer demands, grow sales, and maintain a competitive edge, we rely on a skilled workforce and effective management.

Essential skills include engineering, welding, equipment maintenance, and the operation of complex manufacturing machinery.

Strong management talent is crucial for business growth and for succession planning, especially as key employees retire.

A company-wide commitment to customer service and innovation is essential to our success and enables us to deliver value to our customers.

Our employees are the foundation of our achievements, and we foster a culture of passion, integrity, and accountability that encourages employees to excel while upholding high ethical standards and delivering business results.

We expect each employee to act responsibly, be accountable for their actions, and to treat one another with fairness and respect.

To meet customer demands, support sales growth, and maintain a competitive position, we rely on a skilled workforce and effective management.

Key skills across our operations include engineering, welding, equipment maintenance, and the operation of complex manufacturing machinery.

Strong management talent is critical to business growth and succession planning, particularly as experienced employees approach retirement.

As of December 27, 2025, we employed 6,294 individuals in the U.S.

and 4,497 internationally.

When job openings arise, we prioritize internal candidates, rewarding dedicated members of our Valmont community with new opportunities.

Our employees represent our richest talent resource.

We give the highest level of attention to our succession and management development programs, with our Chief Executive Officer (“CEO”) reporting directly to the Board of Directors on these initiatives.

We recognize the importance of diversity and inclusion in bringing different perspectives to our global organization.

We value the unique insights and experiences that a diverse workforce brings, and we actively seek employees who share our commitment to profitable development, improving corporate culture, and delivering sustainable business results.

Our Human Rights Policy, available on our website, reflects our expectation that employees, suppliers, vendors, dealers, and distributors uphold our commitment to human rights.

When job openings arise, we prioritize internal candidates, providing career advancement opportunities to qualified employees within our organization.

Employees are our most valuable resource, and we prioritize succession planning and management development across the enterprise.

The Chief Executive Officer regularly reports on these initiatives to the Board of Directors as part of our leadership and talent oversight processes.

We recognize the importance of diversity and inclusion in fostering a workforce that reflects a broad range of perspectives and experiences.

We value the contributions of a diverse workforce, and seek employees who support a strong, inclusive culture and sustainable business outcomes.

Our Human Rights Policy, available on our website, outlines our expectations that employees, suppliers, vendors, dealers, and distributors respect and uphold our commitment to human rights.

We prohibit discrimination based on age, race, disability, ethnicity, marital or family status, national origin, religion, gender, sexual orientation, veteran status, gender identity, or any other legally protected characteristic.

We are dedicated to voluntary employment and strictly prohibit all forms of compulsory labor, including child labor, forced labor, slavery, and human trafficking.

Our respect for human rights is guided by the United Nations Guiding Principles on Business and Human Rights.

We fully comply with wage, work hours, overtime, and benefits laws.

Our culture emphasizes the importance of a healthy and safe workplace, and we provide employees with confidential reporting channels through a secure third-party website.

Employees also have access to health insurance, paid and unpaid leave, retirement plans, and coverage for life, disability, and accidents.

For more information, please refer to the “Governance” and “Sustainability” sections on our website, as well as the “Governance, Human Capital and Sustainability Highlights” section in our 2025 Proxy Statement.

We are committed to voluntary employment and strictly prohibit all forms of compulsory labor, including child labor, forced labor, slavery, and human trafficking.

Our human rights practices are informed by the United Nations Guiding Principles on Business and Human Rights, and we comply with applicable wage, work hours, overtime, and benefits laws.

We emphasize a healthy, safe, and well-supported workplace, and provide employees with confidential reporting channels through a secure third-party platform.

We offer market-competitive compensation and benefits programs that vary by country and are designed to comply with local legal requirements and support employee well-being.

In the U.S., this includes access to health insurance, paid and unpaid leave, retirement plans, and coverage for life, disability, and accidents.

For additional information, please refer to the “Corporate Governance” and “Sustainability” sections on our website, and the “Governance, Human Capital and Sustainability Highlights” section in our Proxy Statement.

Available Information

5 unchanged sentences

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 1. Business