VALMONT INDUSTRIES INC 10-Q

ITEM 1. FINANCIAL STATEMENTS VALMONT INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Dollars in thousands, except per-share amounts) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ ​ March 28, ​ March 29, ​ ​ 2026 ​ ​ ​ 2025 Product sales ​ $ 921,732 ​ $ 874,489 Service sales ​ 107,465 ​ 94,825 Net sales ​ 1,029,197 ​ 969,314 Product cost of sales ​ 655,519 ​ 621,043 Service cost of sales ​ 56,800 ​ 57,169 Total cost of sales ​ 712,319 ​ 678,212 Gross profit ​ 316,878 ​ 291,102 Selling, general, and administrative expenses ​ 161,252 ​ 162,788 Operating income ​ 155,626 ​ 128,314 Other income (expenses): ​ ​ ​ ​ Interest expense ​ ( 9,411 ) ​ ( 10,115 ) Interest income ​ 1,377 ​ 3,394 Loss on deferred compensation investments ​ ( 1,558 ) ​ ( 841 ) Other, net ​ ( 895 ) ​ ( 2,730 ) Total other expenses ​ ( 10,487 ) ​ ( 10,292 ) Earnings before income taxes and equity method investment loss ​ 145,139 ​ 118,022 Income tax expense: ​ ​ ​ ​ Current ​ 21,448 ​ 20,360 Deferred ​ 15,667 ​ 10,439 Total income tax expense ​ 37,115 ​ 30,799 Earnings before equity method investment loss ​ 108,024 ​ 87,223 Equity method investment loss ​ — ​ ​ ( 560 ) Net earnings ​ 108,024 ​ 86,663 Loss attributable to redeemable noncontrolling interests ​ 9 ​ 598 Net earnings attributable to Valmont Industries, Inc. ​ $ 108,033 ​ $ 87,261 Net earnings attributable to Valmont Industries, Inc. per share: ​ ​ ​ ​ Basic ​ $ 5.55 ​ $ 4.35 Diluted ​ ​ 5.51 ​ ​ 4.32 See accompanying Notes to Condensed Consolidated Financial Statements. ​ 3 Table of Contents VALMONT INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Dollars in thousands) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ ​ March 28, ​ March 29, ​ ​ 2026 ​ ​ ​ 2025 Net earnings ​ $ 108,024 ​ $ 86,663 Other comprehensive income (loss), net of tax: ​ ​ ​ ​ Foreign currency translation adjustments: ​ ​ ​ ​ Unrealized translation gain ​ 1,220 ​ 22,242 Hedging activities: ​ ​ ​ ​ Unrealized gain on commodity hedges ​ 4,109 ​ 97 Realized loss (gain) on commodity hedges included in net earnings ​ ( 304 ) ​ 927 Unrealized gain (loss) on cross currency swaps ​ ​ 1,149 ​ ​ ( 1,340 ) Amortization cost included in interest expense ​ ( 12 ) ​ ( 12 ) Total hedging activities ​ ​ 4,942 ​ ​ ( 328 ) Reclassification adjustment for pension costs included in net earnings ​ 476 ​ 338 Total other comprehensive income, net of tax ​ 6,638 ​ 22,252 Comprehensive income ​ 114,662 ​ 108,915 Comprehensive loss attributable to redeemable noncontrolling interests ​ 197 ​ 1,022 Comprehensive income attributable to Valmont Industries, Inc. ​ $ 114,859 ​ $ 109,937 See accompanying Notes to Condensed Consolidated Financial Statements. ​ 4 Table of Contents VALMONT INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except par value) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 28, ​ December 27, ​ ​ 2026 ​ ​ ​ 2025 ASSETS ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 160,189 ​ $ 187,140 Receivables, less allowance of $ 56,399 and $ 54,991 , respectively ​ 652,749 ​ 590,127 Inventories ​ 587,715 ​ 566,396 Contract assets ​ 250,411 ​ 266,922 Income taxes receivable ​ 25,461 ​ 38,365 Prepaid expenses and other current assets ​ 95,470 ​ 70,698 Total current assets ​ 1,771,995 ​ 1,719,648 Property, plant, and equipment, at cost ​ 1,639,712 ​ 1,640,608 Less accumulated depreciation ​ ( 953,760 ) ​ ( 966,745 ) Property, plant, and equipment, net ​ 685,952 ​ 673,863 Goodwill ​ 586,730 ​ 570,954 Other intangible assets, net ​ 119,763 ​ 121,341 Defined benefit pension asset ​ ​ 39,430 ​ 39,666 Operating lease right-of-use assets ​ ​ 141,827 ​ ​ 139,857 Deferred compensation investments ​ ​ 27,238 ​ ​ 29,631 Non-current deferred tax asset ​ ​ 46,858 ​ ​ 57,751 Other non-current assets ​ 15,372 ​ 16,618 Total assets ​ $ 3,435,165 ​ $ 3,369,329 ​ ​ ​ ​ ​ ​ ​ LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS’ EQUITY ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ Current installments of long-term debt ​ $ — ​ $ 513 Mandatorily redeemable financial instrument ​ ​ — ​ 8,922 Accounts payable ​ 374,208 ​ 359,539 Accrued employee compensation and benefits ​ 93,717 ​ 128,155 Contract liabilities ​ 77,112 ​ 52,013 Other accrued expenses ​ 172,592 ​ 156,596 Income taxes payable ​ ​ 13,283 ​ ​ 12,604 Dividends payable ​ 14,948 ​ 13,278 Total current liabilities ​ 745,860 ​ 731,620 Deferred income taxes ​ 12,181 ​ 5,316 Long-term debt, excluding current installments ​ 790,292 ​ 795,150 Operating lease liabilities ​ 131,008 ​ 130,007 Deferred compensation liabilities ​ 27,238 ​ 29,631 Other non-current liabilities ​ 40,003 ​ 35,320 Total liabilities ​ ​ 1,746,582 ​ ​ 1,727,044 Redeemable noncontrolling interests ​ 9,301 ​ 9,498 Shareholders’ equity: ​ ​ ​ ​ Common stock of $ 1 par value, authorized 75,000,000 shares; issued 27,900,000 shares ​ 27,900 ​ 27,900 Retained earnings ​ 3,244,024 ​ 3,156,235 Accumulated other comprehensive loss ​ ( 283,689 ) ​ ( 290,515 ) Treasury stock ​ ( 1,308,953 ) ​ ( 1,260,833 ) Total shareholders’ equity ​ ​ 1,679,282 ​ ​ 1,632,787 Total liabilities, redeemable noncontrolling interests, and shareholders’ equity ​ $ 3,435,165 ​ $ 3,369,329 See accompanying Notes to Condensed Consolidated Financial Statements. ​ 5 Table of Contents VALMONT INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ ​ March 28, ​ March 29, ​ ​ 2026 ​ ​ ​ 2025 Cash flows from operating activities: ​ ​ ​ ​ ​ Net earnings ​ $ 108,024 ​ $ 86,663 Adjustments to reconcile net earnings to net cash flows from operating activities: ​ ​ ​ ​ Depreciation and amortization ​ 22,607 ​ 21,518 Contribution to defined benefit pension plan ​ ( 886 ) ​ ( 1,492 ) Stock-based compensation ​ 5,532 ​ 7,211 Net periodic pension cost ​ ​ 1,079 ​ ​ 258 Loss on sale of property, plant, and equipment ​ 106 ​ 18 Deferred income taxes ​ 15,667 ​ 10,439 Other, net ​ ( 115 ) ​ 560 Changes in assets and liabilities: ​ ​ ​ ​ Receivables ​ ( 62,856 ) ​ ( 4,467 ) Inventories ​ ( 19,832 ) ​ 16,162 Contract assets ​ 16,213 ​ ( 10,242 ) Prepaid expenses and other assets (current and non-current) ​ ( 18,423 ) ​ ( 3,683 ) Accounts payable ​ 18,837 ​ ( 26,307 ) Contract liabilities (current and non-current) ​ 24,725 ​ 12,869 Accrued expenses ​ ( 21,942 ) ​ ( 54,183 ) Current income taxes ​ 15,055 ​ 9,383 Other non-current liabilities ​ ( 318 ) ​ 423 Net cash flows from operating activities ​ 103,473 ​ 65,130 Cash flows from investing activities: ​ ​ ​ ​ Purchases of property, plant, and equipment ​ ( 34,568 ) ​ ( 30,319 ) Acquisition, net of cash acquired ​ ( 11,195 ) ​ — Proceeds from sales of assets ​ 225 ​ 343 Proceeds from property damage insurance claims ​ ​ 605 ​ — Other, net ​ ​ 1,632 ​ ​ ( 215 ) Net cash flows from investing activities ​ ( 43,301 ) ​ ( 30,191 ) Cash flows from financing activities: ​ ​ ​ ​ Proceeds from short-term borrowings ​ — ​ 2,840 Repayments on short-term borrowings ​ — ​ ( 4,441 ) Proceeds from long-term borrowings ​ 50,000 ​ 60,000 Principal repayments on long-term borrowings ​ ( 55,555 ) ​ ( 60,174 ) Dividends paid ​ ( 13,279 ) ​ ( 12,019 ) Dividend to redeemable noncontrolling interest ​ — ​ ( 233 ) Purchase of redeemable noncontrolling interest ​ ( 8,922 ) ​ — Repurchases of common stock ​ ( 57,550 ) ​ — Proceeds from exercises under stock plans ​ 2,230 ​ 3,107 Tax withholdings on exercises under stock plans ​ ( 4,149 ) ​ ( 6,600 ) Other, net ​ ​ — ​ ​ 527 Net cash flows from financing activities ​ ( 87,225 ) ​ ( 16,993 ) Effect of exchange rate changes on cash and cash equivalents ​ 102 ​ 2,138 Net change in cash and cash equivalents ​ ( 26,951 ) ​ 20,084 Cash and cash equivalents—beginning of period ​ 187,140 ​ 164,315 Cash and cash equivalents—end of period ​ $ 160,189 ​ $ 184,399 ​ ​ ​ ​ ​ ​ ​ Supplemental disclosures of cash flow information: ​ ​ ​ ​ ​ ​ Interest paid ​ $ 925 ​ $ 225 Income taxes paid ​ ​ 7,290 ​ 10,672 See accompanying Notes to Condensed Consolidated Financial Statements. ​ 6 Table of Contents VALMONT INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Dollars in thousands, except per-share amounts) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other ​ ​ ​ ​ Total ​ Redeemable ​ ​ Common ​ Retained ​ comprehensive ​ Treasury ​ shareholders’ ​ noncontrolling ​ ​ stock ​ earnings ​ loss ​ stock ​ equity ​ interests Balance as of December 27, 2025 ​ $ 27,900 ​ $ 3,156,235 ​ $ ( 290,515 ) ​ $ ( 1,260,833 ) ​ $ 1,632,787 ​ $ 9,498 Net earnings (loss) ​ — ​ 108,033 ​ — ​ — ​ 108,033 ​ ( 9 ) Other comprehensive income (loss), net of tax ​ — ​ — ​ 6,826 ​ — ​ 6,826 ​ ( 188 ) Cash dividends declared ($ 0.77 per share) ​ — ​ ( 14,948 ) ​ — ​ — ​ ( 14,948 ) ​ — Repurchases of common stock; 131,197 shares acquired ​ — ​ — ​ — ​ ( 57,029 ) ​ ( 57,029 ) ​ — Stock option and incentive plans ​ — ​ ​ ( 5,296 ) ​ ​ — ​ ​ 8,909 ​ ​ 3,613 ​ ​ — Balance as of March 28, 2026 ​ $ 27,900 ​ $ 3,244,024 ​ $ ( 283,689 ) ​ $ ( 1,308,953 ) ​ $ 1,679,282 ​ $ 9,301 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other ​ ​ ​ ​ Total ​ Redeemable ​ ​ Common ​ Retained ​ comprehensive ​ Treasury ​ shareholders’ ​ noncontrolling ​ ​ ​ ​ stock ​ ​ ​ earnings ​ ​ ​ loss ​ ​ ​ stock ​ ​ ​ equity ​ interests Balance as of December 28, 2024 ​ $ 27,900 ​ $ 2,940,838 ​ $ ( 332,775 ) ​ $ ( 1,093,869 ) ​ $ 1,542,094 ​ $ 51,519 Net earnings (loss) ​ — ​ 87,261 ​ — ​ — ​ 87,261 ​ ( 598 ) Other comprehensive income (loss), net of tax ​ — ​ — ​ 22,676 ​ — ​ 22,676 ​ ( 424 ) Cash dividends declared ($ 0.68 per share) ​ — ​ ( 13,647 ) ​ — ​ — ​ ( 13,647 ) ​ — Dividends to redeemable noncontrolling interests ​ ​ — ​ — ​ — ​ — ​ — ​ ( 698 ) Fair value adjustment on redeemable noncontrolling interests ​ ​ — ​ ​ ( 7,100 ) ​ ​ — ​ ​ — ​ ​ ( 7,100 ) ​ ​ 7,100 Stock option and incentive plans ​ — ​ ​ ( 8,306 ) ​ ​ — ​ ​ 12,024 ​ ​ 3,718 ​ ​ — Balance as of March 29, 2025 ​ $ 27,900 ​ $ 2,999,046 ​ $ ( 310,099 ) ​ $ ( 1,081,845 ) ​ $ 1,635,002 ​ $ 56,899 See accompanying Notes to Condensed Consolidated Financial Statements. ​ ​ 7 Table of Contents VALMONT INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per-share amounts) (Unaudited) ​ (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Valmont Industries, Inc. and its controlled subsidiaries (collectively, “Valmont” or the “Company”). Investments in affiliates and joint ventures over which the Company exercises significant influence but does not control are accounted for using the equity method of accounting. All intercompany accounts and transactions have been eliminated in consolidation. The unaudited Condensed Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnote disclosures required by U.S. GAAP for complete annual financial statements. In the opinion of management, the unaudited Condensed Consolidated Financial Statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows for the interim periods presented. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full fiscal year or for any other period. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 27, 2025. There have been no material changes to the Company’s significant accounting policies from those disclosed in Note 1 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 27, 2025. Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This update aims to enhance expense disclosures by providing more detailed information on the types of expenses within commonly presented categories. The guidance is effective on both a prospective and retrospective basis for the fiscal year ending December 25, 2027, with early adoption permitted. The Company does not expect any impact on its results of operations, as the changes primarily relate to enhanced disclosures. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update amends certain aspects of the accounting for and disclosure of software costs. The guidance will be adopted prospectively for the Form 10-K for the fiscal year ending December 30, 2028, with early adoption permitted. The Company is currently evaluating the impact of this standard on the Consolidated Financial Statements and related disclosures. (2) REVENUE RECOGNITION Contract Assets and Liabilities Contract assets are recognized as revenue is earned over time and are reduced when the customer is invoiced. As of March 28, 2026 and December 27, 2025, the Company’s contract assets totaled $ 250,411 and $ 266,922 , respectively, and were recorded as “Contract assets” in the Condensed Consolidated Balance Sheets. Certain customers are invoiced through advance or progress billings. When the progress toward performance obligations is less than the amount billed to the customer, the excess is recorded as a contract liability. As of March 28, 2026, total contract liabilities were $ 77,441 , with $ 77,112 recorded as “Contract liabilities” and $ 329 as “Other non-current 8 Table of Contents VALMONT INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per-share amounts) (Unaudited) ​ liabilities” in the Condensed Consolidated Balance Sheets. As of December 27, 2025, total contract liabilities were $ 52,475 , with $ 52,013 recorded as “Contract liabilities” and $ 462 as “Other non-current liabilities” in the Condensed Consolidated Balance Sheets. During the thirteen weeks ended March 28, 2026 and March 29, 2025, the Company recognized $ 34,920 and $ 24,383 in revenue, respectively, from amounts included in contract liabilities as of December 27, 2025 and December 28, 2024, reflecting advance payments applied to performance obligations completed during the respective periods. As of March 28, 2026, the Company had $ 329 in remaining performance obligations on contracts with an original expected duration of one year or more, which are expected to be fulfilled within the next 12 to 24 months. Disaggregated Revenue A breakdown of revenue recognized over time and at a point in time by segment for the thirteen weeks ended March 28, 2026 and March 29, 2025 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended March 28, 2026 ​ ​ ​ ​ Point in Time ​ Over Time ​ Total Infrastructure ​ $ 381,711 ​ $ 421,469 ​ $ 803,180 Agriculture ​ 217,555 ​ ​ 8,462 ​ 226,017 Total net sales ​ $ 599,266 ​ $ 429,931 ​ $ 1,029,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended March 29, 2025 ​ ​ Point in Time ​ Over Time ​ ​ ​ Total Infrastructure ​ $ 366,143 ​ $ 337,348 ​ $ 703,491 Agriculture ​ 258,703 ​ ​ 7,120 ​ 265,823 Total net sales ​ $ 624,846 ​ $ 344,468 ​ $ 969,314 ​ ​ (3) ACQUISITIONS Acquisitions of Businesses On January 12, 2026, the Company acquired the remaining 80 % ownership interest in RMDS Innovation, Inc., a Quebec-based technology company, for total purchase consideration of approximately $ 15,428 , including working capital adjustments. The consideration transferred was denominated in Canadian dollars and translated into U.S. dollars using the spot exchange rate in effect on the acquisition date. The consideration transferred included contingent consideration with an acquisition-date fair value of approximately $ 2,481 , payable in two future earn-out installments based on the achievement of specified performance targets. The contingent consideration is classified as a liability and recorded in “Other non-current liabilities” in the Condensed Consolidated Balance Sheets. In connection with the acquisition, the Company remeasured its previously held equity method investment to fair value as of the acquisition date and recognized a gain of approximately $ 1,557 within “ Other , net” in the Condensed Consolidated Statements of Earnings. The purchase price allocation is preliminary and subject to adjustment within the one-year measurement period as additional information becomes available. Approximately $ 16,653 of the purchase price has been classified as goodwill, which is not deductible for income tax purposes and is included in the Agriculture segment. The amounts allocated to goodwill were primarily attributable to anticipated synergies and other intangibles that do not qualify for separate recognition, such as an assembled workforce. The results of this acquisition are included in the Agriculture segment and were not material to the Condensed Consolidated Statements of Earnings for the thirteen weeks ended March 28, 2026. 9 Table of Contents VALMONT INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per-share amounts) (Unaudited) ​ Acquisitions of Redeemable Noncontrolling Interests In the fourth quarter of fiscal 2025, the Company completed negotiations with the noncontrolling interest holders of Solbras Energia Solar do Brasil S.A. to acquire the remaining 45 % ownership interest and entered into a revised shareholder purchase agreement with a final redemption amount of approximately 79,000 Brazilian reais ($ 14,246 U.S. dollars). Payment of this amount was made in the fourth quarter of fiscal 2025, thereby settling the related redeemable noncontrolling interest. The redemption resulted in an increase to “Retained earnings” of approximately $ 11,997 and increased diluted earnings per share by $ 0.61 and $ 0.60 for the thirteen and fifty-two weeks ended December 27, 2025, respectively. In the fourth quarter of fiscal 2025, the Company completed negotiations with the noncontrolling interest holders of ConcealFab, Inc. to acquire the remaining 40 % ownership interest outside of the existing redemption rights period. The Company entered into revised shareholder purchase agreements with each minority shareholder for an aggregate purchase price of approximately $ 81,822 . Approximately $ 72,900 of this amount was paid during the fourth quarter of fiscal 2025 and approximately $ 8,922 was paid during the first quarter of fiscal 2026. In the third quarter of fiscal 2025, following the exercise of put options by the minority shareholders, the Company acquired an additional approximately 30 % ownership interest of Valmont Irrigation Argentina B.V. for $ 14,624 . These transactions involved acquiring additional shares of consolidated subsidiaries without resulting in changes in control. (4) INVENTORIES Inventories are valued at the lower of cost or net realizable value. Cost is determined using either the first-in, first-out method or the weighted average cost method, depending on inventory management practices at each location. As of March 28, 2026 and December 27, 2025, inventories, net of reserves, consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 28, ​ December 27, ​ ​ 2026 ​ ​ ​ 2025 Raw materials and purchased parts ​ $ 322,130 ​ $ 253,594 Work in process ​ 37,881 ​ 36,388 Finished and manufactured goods ​ 227,704 ​ 276,414 Total inventories ​ $ 587,715 ​ $ 566,396 ​ As of March 28, 2026 and December 27, 2025, the Company’s inventory reserves were $ 66,908 and $ 68,001 , respectively. (5) GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill As of March 28, 2026 and December 27, 2025, the carrying amounts of goodwill by segment were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Infrastructure ​ ​ ​ Agriculture ​ ​ ​ Total Gross balance as of December 27, 2025 ​ $ 481,838 ​ $ 323,367 ​ $ 805,205 Accumulated impairment losses ​ ( 114,251 ) ​ ( 120,000 ) ​ ( 234,251 ) Balance as of December 27, 2025 ​ 367,587 ​ 203,367 ​ ​ 570,954 Acquisition ​ ​ — ​ ​ 16,653 ​ ​ 16,653 Foreign currency translation ​ ( 1,298 ) ​ ​ 421 ​ ( 877 ) Balance as of March 28, 2026 ​ $ 366,289 ​ $ 220,441 ​ $ 586,730 ​ 10 Table of Contents VALMONT INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per-share amounts) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Infrastructure ​ ​ ​ Agriculture ​ ​ ​ Total Gross balance as of March 28, 2026 ​ $ 480,540 ​ $ 340,441 ​ $ 820,981 Accumulated impairment losses ​ ​ ( 114,251 ) ​ ​ ( 120,000 ) ​ ​ ( 234,251 ) Balance as of March 28, 2026 ​ $ 366,289 ​ $ 220,441 ​ $ 586,730 ​ Other Intangible Assets As of March 28, 2026 and December 27, 2025, the components of other intangible assets were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 28, 2026 December 27, 2025 ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ ​ Carrying ​ Accumulated Carrying ​ Accumulated ​ ​ ​ ​ Amount ​ ​ ​ Amortization Amount ​ ​ ​ Amortization Amortizing intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ $ 219,244 ​ $ 167,088 ​ $ 219,631 ​ $ 165,514 Patents and proprietary technology ​ 29,217 ​ 16,528 ​ 28,166 ​ 16,374 Other ​ 612 ​ 612 ​ 614 ​ 594 Non-amortizing intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade names ​ ​ 54,918 ​ ​ — ​ ​ 55,412 ​ ​ — ​ ​ $ 303,991 ​ $ 184,228 ​ $ 303,823 ​ $ 182,482 ​ The weighted-average remaining useful life of amortizing intangible assets is approximately eight years . Amortization expenses for the thirteen weeks ended March 28, 2026 and March 29, 2025 were $ 2,699 and $ 2,858 , respectively. Amortization expense is expected to average $ 8,330 annually over the next five fiscal years , based on amortizing intangible assets reported as of March 28, 2026. (6) DERIVATIVE FINANCIAL INSTRUMENTS The fair value of derivative instruments as of March 28, 2026 and December 27, 2025 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Consolidated ​ March 28, ​ December 27, Derivatives designated as hedging instruments: ​ ​ ​ Balance Sheets location ​ 2026 ​ 2025 Commodity contracts ​ Prepaid expenses and other current assets ​ $ 6,466 ​ $ 1,590 Commodity contracts ​ Other accrued expenses ​ ​ ( 4 ) ​ ​ — Cross-currency swap contracts Prepaid expenses and other current assets ​ ​ 750 ​ 6 Cross-currency swap contracts Other accrued expenses ​ ​ ( 6,798 ) ​ ( 8,100 ) ​ ​ ​ ​ $ 414 ​ $ ( 6,504 ) ​ Gains (losses) on derivatives recognized in the Condensed Consolidated Statements of Earnings for the thirteen weeks ended March 28, 2026 and March 29, 2025 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Consolidated ​ Thirteen weeks ended Derivatives designated ​ Statements of ​ March 28, ​ March 29, as hedging instruments: ​ Earnings location ​ 2026 ​ ​ ​ 2025 Commodity contracts ​ Product cost of sales ​ $ 405 ​ $ ( 1,236 ) Interest rate hedge amortization ​ Interest expense ​ ​ ( 16 ) ​ ( 16 ) Cross-currency swap contracts ​ Interest expense ​ ​ 514 ​ 281 ​ ​ ​ ​ $ 903 ​ $ ( 971 ) ​ Cash Flow Hedges The Company enters into commodity forward, swap, and option contracts to hedge variability in cash flows related to future purchases. Gains (losses) realized upon settlement are recorded in “Product cost of sales” in the Condensed 11 Table of Contents VALMONT INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per-share amounts) (Unaudited) ​ Consolidated Statements of Earnings in the period in which the hedged items are consumed. As of March 28, 2026, the details of these contracts were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Total ​ ​ Commodity Type ​ Amount ​ Purchase Quantity ​ Maturity Dates Hot-rolled coil steel ​ $ 23,074 ​ 22,500 short tons April 2026 to March 2027 Natural gas ​ ​ 580 ​ 135,000 MMBtu ​ April 2026 to March 2027 Ultra-low-sulfur diesel fuel ​ ​ 10,822 ​ 3,276,000 gallons ​ March 2026 to June 2027 Zinc ​ ​ 8,127 ​ 2,640 metric tons ​ March 2026 to December 2027 ​ Net Investment Hedges To manage foreign currency risk associated with its foreign currency investments and reduce interest expenses, the Company uses fixed-for-fixed cross-currency swaps (“CCS”). These swaps convert U.S. dollar-denominated principal and interest payments on a portion of its 5.00 % senior unsecured notes due in 2044 into foreign-currency‑denominated payments. Interest payments are exchanged biannually on April 1 and October 1. The Company designated the full notional amounts of its CCS as net investment hedges for certain subsidiaries under the spot method. Changes in fair value of the CCS attributable to spot exchange rates are recorded as cumulative foreign currency translation within accumulated other comprehensive loss, while net interest receipts reduce interest expense over the life of the CCS. Key terms as of March 28, 2026 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ Swapped ​ Settlement Currency ​ Amount ​ Termination Date ​ Interest Rate ​ Amount Canadian dollar ​ $ 40,000 ​ October 1, 2028 4.0900 % ​ C$ 54,776 Chinese yuan ​ $ 30,000 ​ October 1, 2032 ​ 3.1125 % ​ ¥ 215,640 Euro ​ $ 80,000 ​ April 1, 2029 3.4610 % ​ € 74,509 ​ (7) FAIR VALUE MEASUREMENTS The following tables present the carrying values and fair value measurements of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 28, 2026 and December 27, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value ​ Fair Value Measurement Using: ​ ​ March 28, 2026 ​ Level 1 ​ Level 2 ​ Level 3 Deferred compensation investments ​ $ 27,238 ​ $ 27,238 ​ $ — ​ $ — Derivative financial instruments, net ​ ​ 414 ​ ​ — ​ ​ 414 ​ ​ — Cash and cash equivalents—mutual funds ​ ​ 3,223 ​ ​ 3,223 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value ​ Fair Value Measurement Using: ​ ​ December 27, 2025 ​ Level 1 ​ Level 2 ​ Level 3 Deferred compensation investments ​ $ 29,631 ​ $ 29,631 ​ $ — ​ $ — Derivative financial instruments, net ​ ​ ( 6,504 ) ​ ​ — ​ ​ ( 6,504 ) ​ ​ — Cash and cash equivalents—mutual funds ​ ​ 3,752 ​ ​ 3,752 ​ ​ — ​ ​ — ​ The fair value redemption amounts of certain redeemable noncontrolling interests are measured on a recurring basis utilizing Level 3 inputs, including estimates of future revenue, operating margins, growth rates, and discount rates. Goodwill and other intangible assets are measured at fair value on a non-recurring basis using Level 3 inputs. Unless otherwise specified, the Company believes the carrying values of financial instruments approximate their fair values. 12 Table of Contents VALMONT INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per-share amounts) (Unaudited) ​ (8) NET EARNINGS PER SHARE The table below provides a reconciliation between the net earnings attributable to Valmont Industries, Inc. and the weighted average share amounts used to compute both basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ ​ March 28, ​ March 29, ​ ​ 2026 ​ ​ ​ 2025 Net earnings attributable to Valmont Industries, Inc. ​ $ 108,033 ​ $ 87,261 Weighted average shares outstanding (in thousands): ​ ​ ​ ​ ​ Basic ​ ​ 19,475 ​ ​ 20,047 Dilutive effect of various stock awards ​ ​ 141 ​ ​ 149 Diluted ​ ​ 19,616 ​ ​ 20,196 Net earnings attributable to Valmont Industries, Inc. per share: ​ ​ ​ ​ ​ ​ Basic ​ $ 5.55 ​ $ 4.35 Dilutive effect of various stock awards ​ ​ ( 0.04 ) ​ ​ ( 0.03 ) Diluted ​ $ 5.51 ​ $ 4.32 ​ As of March 28, 2026 , there were no outstanding stock options with exercise prices in excess of the average market price of common stock during the first quarter of fiscal 2026. As of March 29, 2025, there were 41,326 such options. These options were anti-dilutive and, accordingly, were excluded from the computation of diluted earnings per share. (9) STOCK-BASED COMPENSATION For the thirteen weeks ended March 28, 2026 and March 29, 2025, stock-based compensation expense (included in “Selling, general, and administrative expenses” in the Condensed Consolidated Statements of Earnings) and associated income tax benefits were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ ​ March 28, ​ March 29, ​ ​ 2026 ​ ​ ​ 2025 Stock-based compensation ​ $ 5,532 ​ $ 7,211 Income tax benefits ​ 1,383 ​ 1,803 ​ For the thirteen weeks ended March 28, 2026, the Company granted 4,395 restricted stock units at a weighted average grant date price of $ 424.89 per share unit and 20,406 performance stock units at a weighted average grant date price of $ 448.57 per share unit. ​ (10) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) As of March 28, 2026 and December 27, 2025, the components of accumulated other comprehensive loss were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 28, ​ December 27, ​ ​ 2026 ​ ​ ​ 2025 Foreign currency translation adjustments ​ $ ( 247,333 ) ​ $ ( 248,741 ) Hedging activities ​ ​ 20,347 ​ ​ 15,405 Defined benefit pension plan ​ ​ ( 56,703 ) ​ ​ ( 57,179 ) Accumulated other comprehensive loss ​ $ ( 283,689 ) ​ $ ( 290,515 ) ​ 13 Table of Contents VALMONT INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per-share amounts) (Unaudited) ​ (11) SHARE REPURCHASES The Company maintains a share repurchase program with a total authorization of $ 2,100,000 . During the thirteen weeks ended March 28, 2026, the Company repurchased 131,197 shares for $ 56,554 . As of March 28, 2026, the Company had repurchased 8,974,477 shares for approximately $ 1,589,449 since the program's inception and had approximately $ 510,551 of remaining capacity under the program. (12) SUPPLIER FINANCE PROGRAM As of March 28, 2026 and December 27, 2025, outstanding payment obligations under the Company’s supplier finance program, included in “Accounts payable” in the Condensed Consolidated Balance Sheets, were $ 56,351 and $ 56,324 , respectively. ​ (13) CONTINGENCIES The Company is party to certain legal proceedings and claims arising in the normal course of business. Brazil Litigation The Company is involved in several litigation matters in Brazil related to its operations in the Agriculture market. During the fourth quarter of fiscal 2025, the Company received an unfavorable ruling in the Brazilian appellate court system. In the first quarter of fiscal 2026, prior to the appellate court issuing decisions on final motions for clarification, the Company entered into a settlement agreement with the plaintiff for approximately 105,000 Brazilian reais (approximately $ 20,036 U.S. dollars). This settlement amount excludes certain attorney’s fees, which are still being finalized, and was materially consistent with the estimate made as of December 27, 2025. As of March 28, 2026 and December 27, 2025, the Company had accrued approximately $ 24,104 and $ 24,165 , respectively, related to these matters, which is included in “Other accrued expenses” in the Condensed Consolidated Balance Sheets. The accrual reflects management's best estimate of losses based on currently available information. Pursuant to the terms of the settlement agreement, payment is expected to be made in the second quarter of fiscal 2026. No losses beyond the amounts accrued are deemed probable at this time. U.S. Customs and Border Protection Inquiry In February 2026, the Company received inquiries from U.S. Customs and Border Protection (“CBP”) related to the valuation methodology applied to steel tariffs from Mexico into the U.S. Throughout the first quarter of fiscal 2026, the Company received two formal CBP inquiries. While one inquiry has not yet been responded to by CBP, the Company received a response on the other indicating that the Company was found to be in compliance and that no further action was required. Based on management’s assessment of the facts and circumstances currently available, including the Company’s understanding of current CBP guidance previously enacted, management does not believe a loss is probable or reasonably estimable as of March 28, 2026, with respect to changes in valuation methodology. Section 232 Tariff Modifications – Subsequent Event On April 2, 2026, a proclamation was issued modifying Section 232 tariffs on steel, aluminum, and certain derivative articles, effective April 6, 2026. Under the proclamation, tariffs on certain steel products, including utility poles, are determined based on sourcing requirements, with a 10 % ad valorem rate applicable to products in which at least 95 % of steel content was melted and poured in the U.S. Products that do not meet these requirements are subject to higher tariff rates, including up to 50 % on full value. The Company is currently assessing the full scope of affected products and the prospective financial impact on its results of operations and financial condition. At this time, the Company believes that the majority of its steel poles produced in Mexico will be subject to a 10 % tariff rate. 14 Table of Contents VALMONT INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per-share amounts) (Unaudited) ​ The Company continuously monitors developments in these matters and will adjust its accruals if and when additional information becomes available or circumstances change. At this time, the Company does not expect that any known lawsuits, claims, environmental costs, commitments, or contingent liabilities will have a material adverse effect on its consolidated results of operations, financial condition, or liquidity. (14) BUSINESS SEGMENTS AND RELATED REVENUE INFORMATION The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The CODM uses operating income as the profit measure to evaluate segment performance and allocate resources across segments. The CODM also uses operating income as an input to the overall compensation measures under the Company’s incentive compensation plans. Segment selling, general, and administrative expenses include certain corporate expense allocations, typically based on employee headcounts and sales volumes. For segment reporting purposes, the Company excludes unallocated corporate general and administrative expenses, interest expenses, non-operating income and deductions, and income taxes from operating income. The reportable segments are as follows: Infrastructure : This segment consists of the manufacture and distribution of products and solutions to serve the infrastructure markets of utility, lighting, transportation, and telecommunications, along with coatings services to protect metal products. Agriculture : This segment consists of the manufacture of center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture. Summary by Business Segment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended March 28, 2026 ​ ​ Infrastructure ​ ​ ​ Agriculture ​ ​ ​ Consolidated Sales ​ $ 805,921 $ 226,996 $ 1,032,917 Intersegment sales ​ ​ ( 2,741 ) ​ ​ ( 979 ) ​ ​ ( 3,720 ) Net sales ​ ​ 803,180 ​ ​ 226,017 ​ ​ 1,029,197 Cost of sales ​ ​ 558,990 ​ ​ 153,329 ​ ​ 712,319 Gross profit ​ ​ 244,190 ​ ​ 72,688 ​ ​ 316,878 Selling, general, and administrative expenses (a) ​ ​ 101,167 ​ ​ 39,185 ​ ​ 140,352 Segment operating income ​ $ 143,023 ​ $ 33,503 ​ ​ 176,526 Unallocated corporate expenses ​ ​ ​ ​ ​ ​ ​ ​ 20,900 Total operating income ​ ​ ​ ​ ​ ​ ​ $ 155,626 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended March 29, 2025 ​ ​ Infrastructure ​ ​ ​ Agriculture ​ ​ ​ Consolidated Sales ​ $ 706,221 $ 267,271 $ 973,492 Intersegment sales ​ ​ ( 2,730 ) ​ ​ ( 1,448 ) ​ ​ ( 4,178 ) Net sales ​ ​ 703,491 ​ ​ 265,823 ​ ​ 969,314 Cost of sales ​ ​ 490,616 ​ ​ 187,596 ​ ​ 678,212 Gross profit ​ ​ 212,875 ​ ​ 78,227 ​ ​ 291,102 Selling, general, and administrative expenses (a) ​ ​ 95,663 ​ ​ 41,990 ​ ​ 137,653 Segment operating income ​ $ 117,212 ​ $ 36,237 ​ ​ 153,449 Unallocated corporate expenses ​ ​ ​ ​ ​ ​ ​ ​ 25,135 Total operating income ​ ​ ​ ​ ​ ​ ​ $ 128,314 (a) Selling, general, and administrative expenses for each reportable segment includes compensation, certain allocated overhead expenses including information technology and enterprise resource planning, commissions, incentives, depreciation and amortization expense, research and development, and professional services fees. 15 Table of Contents VALMONT INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per-share amounts) (Unaudited) ​ In the first quarter of fiscal 2026, the Company revised its product line presentation to better reflect how the business is currently managed. Within the Infrastructure segment, product lines are now presented as North America Utility, North America Lighting and Transportation, North America Coatings, North America Telecommunications, and International Infrastructure and Solar, replacing the previous presentation of Utility, Lighting and Transportation, Coatings, Telecommunications, and Solar. Within the Agriculture segment, product lines are now presented as Agriculture, replacing the previous presentation of Irrigation Equipment and Parts and Technology Products and Services. The prior period product line amounts have been recast to conform to the current period presentation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended March 28, 2026 ​ ​ Infrastructure ​ ​ ​ Agriculture ​ Intersegment ​ ​ ​ Consolidated Geographical market: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 667,528 ​ $ 139,593 ​ $ ( 3,720 ) ​ $ 803,401 International ​ 138,393 ​ 87,403 ​ — ​ 225,796 Total sales ​ $ 805,921 ​ $ 226,996 ​ $ ( 3,720 ) ​ $ 1,029,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product line: ​ ​ ​ ​ ​ ​ ​ ​ North America Utility ​ $ 424,184 ​ $ — ​ $ — ​ $ 424,184 North America Lighting and Transportation ​ 118,652 ​ — ​ — ​ 118,652 North America Coatings ​ 63,134 ​ — ​ ( 2,741 ) ​ 60,393 North America Telecommunications ​ 61,504 ​ — ​ — ​ 61,504 International Infrastructure and Solar ​ 138,447 ​ — ​ — ​ 138,447 Agriculture ​ — ​ 226,996 ​ ( 979 ) ​ 226,017 Total sales ​ $ 805,921 ​ $ 226,996 ​ $ ( 3,720 ) ​ $ 1,029,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended March 29, 2025 ​ ​ Infrastructure ​ ​ ​ Agriculture ​ ​ ​ Intersegment ​ ​ ​ Consolidated Geographical market: ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 577,197 ​ $ 137,476 ​ $ ( 4,112 ) ​ $ 710,561 International ​ 129,024 ​ 129,795 ​ ( 66 ) ​ 258,753 Total sales ​ $ 706,221 ​ $ 267,271 ​ $ ( 4,178 ) ​ $ 969,314 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product line: ​ ​ ​ ​ ​ ​ ​ ​ North America Utility ​ $ 332,836 ​ $ — ​ $ — ​ $ 332,836 North America Lighting and Transportation ​ 124,123 ​ — ​ — ​ 124,123 North America Coatings ​ 55,708 ​ — ​ ( 2,664 ) ​ 53,044 North America Telecommunications ​ 63,988 ​ — ​ — ​ 63,988 International Infrastructure and Solar ​ 129,566 ​ — ​ ( 66 ) ​ 129,500 Agriculture ​ — ​ 267,271 ​ ( 1,448 ) ​ 265,823 Total sales ​ $ 706,221 ​ $ 267,271 ​ $ ( 4,178 ) ​ $ 969,314 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 28, ​ December 27, ​ ​ 2026 ​ ​ ​ 2025 ASSETS: ​ ​ ​ ​ Infrastructure ​ $ 2,336,164 ​ $ 2,312,500 Agriculture ​ 823,890 ​ 768,715 Total segment assets ​ ​ 3,160,054 ​ ​ 3,081,215 Unallocated corporate assets ​ 275,111 ​ 288,114 Total assets ​ $ 3,435,165 ​ $ 3,369,329 ​ 16 Table of Contents VALMONT INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per-share amounts) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ ​ March 28, ​ March 29, ​ ​ 2026 ​ ​ ​ 2025 CAPITAL EXPENDITURES: ​ ​ ​ ​ ​ ​ Infrastructure $ 30,806 $ 25,932 Agriculture ​ 2,622 ​ 2,232 Total segment capital expenditures ​ ​ 33,428 ​ ​ 28,164 Unallocated corporate capital expenditures ​ 1,140 ​ 2,155 Total capital expenditures ​ $ 34,568 ​ $ 30,319 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen weeks ended ​ ​ March 28, ​ March 29, ​ ​ 2026 ​ ​ ​ 2025 DEPRECIATION AND AMORTIZATION: ​ ​ ​ ​ ​ ​ Infrastructure $ 17,635 $ 15,582 Agriculture ​ 3,466 ​ 3,811 Total segment depreciation and amortization expense ​ ​ 21,101 ​ ​ 19,393 Unallocated corporate depreciation and amortization expense ​ 1,506 ​ 2,125 Total depreciation and amortization expense ​ $ 22,607 ​ $ 21,518 ​ ​ ​ ​ 17 Table of Contents