--- title: "Apogee Enterprises Reports Fiscal 2026 Third Quarter Results | APOG Stock News" type: "News" locale: "en" url: "https://longbridge.com/en/news/271781749.md" description: "Apogee Enterprises, Inc. reported its fiscal 2026 third quarter results, with net sales increasing 2.1% to $348.6 million. The company experienced a decline in net earnings by 21.2% to $16.5 million and diluted earnings per share decreased to $0.77. Adjusted EBITDA rose slightly to $46.1 million, with an adjusted EBITDA margin of 13.2%. The company updated its fiscal 2026 outlook for net sales and adjusted diluted earnings per share, highlighting challenges in the market but maintaining a focus on customer service and innovation." datetime: "2026-01-07T03:32:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/271781749.md) - [en](https://longbridge.com/en/news/271781749.md) - [zh-HK](https://longbridge.com/zh-HK/news/271781749.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/271781749.md) | [繁體中文](https://longbridge.com/zh-HK/news/271781749.md) # Apogee Enterprises Reports Fiscal 2026 Third Quarter Results | APOG Stock News - _Net sales increased 2.1% to $348.6 million_ - _EBITDA margin of 11.4% and adjusted EBITDA margin of 13.2%_ - _Diluted earnings per share of $0.77 and adjusted diluted earnings per share of $1.02_ - _Company updates fiscal 2026 outlook for net sales and adjusted diluted earnings per share_ MINNEAPOLIS--(BUSINESS WIRE)--**Apogee Enterprises, Inc. (Nasdaq: APOG)**, a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications, today reported its results for the third quarter of fiscal 2026, ended November 29, 2025. The Company reported the following selected financial results: **Three Months Ended** _(Unaudited, $ in thousands, except per share amounts)_ **November 29, 2025** **November 30, 2024** **% Change** Net sales $ 348,563 $ 341,344 2.1 % Net earnings $ 16,549 $ 20,989 (21.2 )% Diluted earnings per share $ 0.77 $ 0.96 (19.8 )% **Additional Non-GAAP Measures (1)** Adjusted EBITDA $ 46,131 $ 45,803 0.7 % Adjusted EBITDA margin 13.2 % 13.4 % Adjusted diluted earnings per share $ 1.02 $ 1.19 (14.3 )% (1) Earnings before interest, taxes, depreciation and amortization (EBITDA), EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per share (EPS) are non-GAAP financial measures. See Use of Non-GAAP Financial Measures and reconciliations to the most directly comparable GAAP measures later in this press release. “I’m proud of our team’s disciplined execution and agility during this transition. Despite a challenging environment, we delivered results in line with expectations and remain focused on serving customers with innovative products and exceptional service. Our strong operational foundation and balance sheet position us to navigate near-term challenges and drive sustainable long-term value,” said Donald Nolan, Executive Chair and CEO. **Consolidated Results** (_Third Quarter Fiscal 2026 compared to Third Quarter Fiscal 2025_) - Consolidated net sales increased 2.1%, to $348.6 million, driven by $18.4 million of inorganic sales contribution from the acquisition of UW Solutions and favorable product mix, partially offset by lower volume. - Gross margin decreased to 23.8%, compared to 26.1%, primarily due to the impact of lower volume and price, and higher aluminum, restructuring and health insurance costs, partially offset by lower incentive compensation expense. - Selling, general and administrative (SG&A) expense as a percent of net sales decreased to 16.7%, compared to 17.7%. The decrease was primarily due to lower acquisition-related costs and lower incentive compensation expense, partially offset by higher amortization expense related to the UW Solutions acquisition and CEO transition costs. - Operating income declined to $24.9 million from $28.6 million, and operating margin decreased 130 basis points to 7.1%. - Adjusted EBITDA increased to $46.1 million, compared to $45.8 million, and adjusted EBITDA margin decreased to 13.2%, compared to 13.4%. The decrease in adjusted EBITDA margin was primarily driven by lower volume and price, higher aluminum and health insurance costs, partially offset by lower incentive compensation expense and benefits from cost savings related to Fortify Phase 2. - Interest expense increased to $3.2 million, primarily due to a higher average debt balance resulting from the acquisition of UW Solutions in November 2024. - Other income was $2.5 million, compared to $0.1 million. The change was primarily due to a $2.1 million gain related to a New Market Tax Credit recognized in the current period. - Income tax expense as a percentage of earnings before income tax was 31.4%, compared to 24.1%. The increase in the effective tax rate was primarily driven by an increase in tax expense for discrete items. **Segment Results** (Third Quarter Fiscal 2026 compared to Third Quarter Fiscal 2025) **Architectural Metals **Architectural Metals net sales were $124.4 million, compared to $138.0 million, primarily due to lower volume, partially offset by favorable price and product mix. Adjusted EBITDA was $16.8 million, or 13.5% of net sales, compared to $17.5 million, or 12.7% of net sales. The higher adjusted EBITDA margin was primarily driven by favorable productivity including cost savings related to Fortify Phase 2, lower incentive compensation expense, and favorable price and product mix, partially offset by lower volume. **Architectural Services **Architectural Services net sales were $105.2 million compared to $104.9 million, primarily due to increased volume. Adjusted EBITDA was $10.2 million, or 9.7% of net sales, compared to $10.0 million, or 9.5% of net sales. The increase in adjusted EBITDA margin was primarily driven by lower incentive compensation expense, partially offset by project mix. Segment backlog1 at the end of the quarter was $774.7 million, compared to $792.3 million at the end of the second quarter. **Architectural Glass **Architectural Glass net sales were $70.9 million, compared to $70.2 million, primarily due to increased volume and favorable mix, partially offset by lower price driven by end-market demand. Adjusted EBITDA was $11.5 million, or 16.3% of net sales, compared to $13.2 million, or 18.8% of net sales. The decrease in adjusted EBITDA margin was primarily driven by lower price and higher material costs, partially offset by higher volume, favorable mix and lower incentive compensation expense. **Performance Surfaces **Performance Surfaces net sales were $53.0 million, compared to $33.2 million. Net sales included $18.4 million of inorganic sales contribution from the acquisition of UW Solutions and organic growth of 4.3%. Adjusted EBITDA was $11.9 million, or 22.5% of net sales compared to $7.8 million, or 23.6% of net sales. The decrease in adjusted EBITDA margin was primarily driven by the dilutive impact of lower adjusted EBITDA margin from UW Solutions and unfavorable productivity, partially offset by favorable product mix and price. **Corporate and Other **Corporate and other adjusted EBITDA expense was $4.3 million, compared to $2.7 million, primarily driven by higher health insurance costs. **Financial Condition **Net cash provided by operating activities in the third quarter was $29.3 million, compared to $31.0 million in the prior-year period. Fiscal year-to-date, net cash provided by operating activities was $66.6 million, compared to $95.1 million in the prior-year period. The year-to-date change was primarily driven by lower net earnings and an increase in cash used for working capital, including a net payment of $13.7 million for the settlement of an arbitration award. Fiscal year-to-date, net cash used in investing activities was $15.8 million, primarily related to capital expenditures. Fiscal year-to-date, the Company returned $16.6 million of cash to shareholders through dividend payments. Quarter-end long-term debt decreased $15 million from the end of the second quarter to $255.0 million, which decreased the Consolidated Leverage Ratio2 (as defined in the Company’s credit agreement) to 1.4x at the end of the quarter. **Project Fortify **As previously announced, in the first quarter of fiscal 2026, the Company began the second phase of Project Fortify (referred to as "Project Fortify Phase 2" or "Phase 2") to drive further cost efficiencies, primarily in the Architectural Services and Architectural Metals Segments. The Company is expanding the scope of Phase 2 to include further restructuring actions, primarily in Architectural Metals and Corporate. With the expanded scope, the Company now expects the actions of Phase 2 to incur a total of approximately $28 million to $29 million in pre-tax charges, and deliver estimated annualized pre-tax cost savings of approximately $25 million to $26 million. During the third quarter, the Company incurred $5.1 million of pre-tax costs associated with Phase 2. The Company expects the actions associated with Phase 2 to be substantially completed by the end of the fourth quarter of fiscal 2026. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ 1 Backlog is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures later in this press release for more information. 2 Consolidated Leverage Ratio is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures later in this press release for more information. **Fiscal 2026 Outlook **The Company now expects net sales to be approximately $1.39 billion, diluted EPS in the range of $2.49 to $2.65 and adjusted diluted EPS in the range of $3.40 to $3.50. This includes a projected unfavorable EPS impact from tariffs of approximately $0.30. The Company’s revised outlook assumes an adjusted effective tax rate of approximately 27%. The Company now assumes capital expenditures between $25 million to $30 million. **Conference Call Information **The Company will host a conference call on January 7, 2026, at 8:00 a.m. Central Time to discuss this earnings release. This call will be webcast and is available in the Investor Relations section of the Company’s website, along with presentation slides, at https://www.apog.com/events-and-presentations. A replay and transcript of the webcast will be available on the Company’s website following the conference call. **About Apogee Enterprises **Apogee Enterprises, Inc. (Nasdaq: APOG) is a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications. Headquartered in Minneapolis, MN, our portfolio of industry-leading products and services includes architectural glass, windows, curtainwall, storefront and entrance systems, integrated project management and installation services, and high-performance coatings that provide protection, innovative design, and enhanced performance. For more information, visit www.apog.com. **Use of Non-GAAP Financial Measures **Management uses non-GAAP measures to evaluate the Company’s historical and prospective financial performance, measure operational profitability on a consistent basis, as a factor in determining executive compensation, and to provide enhanced transparency to the investment community. Non-GAAP measures should be viewed in addition to, and not as a substitute for, the reported financial results of the Company prepared in accordance with GAAP. Other companies may calculate these measures differently, limiting the usefulness of the measures for comparison with other companies. This release and other financial communications may contain the following non-GAAP measures: - Adjusted net earnings, adjusted diluted EPS, and adjusted EBITDA are used by the Company to provide meaningful supplemental information about its operating performance by excluding amounts that are not considered part of core operating results to enhance comparability of results from period to period. - Adjusted EBITDA represents adjusted net earnings before interest, taxes, depreciation, and amortization, and adjusted EBITDA margin is adjusted EBITDA as a percentage of net sales. We use adjusted EBITDA and adjusted EBITDA margin 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. - Consolidated Leverage Ratio is calculated as Consolidated Funded Indebtedness minus Unrestricted Cash at the end of the current period, divided by Consolidated EBITDA (calculated as EBITDA plus certain non-cash charges and allowed addbacks, less certain non-cash income, plus the pro forma effect of acquisitions and certain pro forma run-rate cost savings for acquisitions and dispositions, as applicable for the trailing twelve months ended as of the current period). All capitalized and undefined terms used in this bullet are defined in the Company’s credit agreement dated July 19, 2024. The Company is unable to present a quantitative reconciliation of forward-looking expected Consolidated Leverage Ratio to its most directly comparable forward-looking GAAP financial measure because such information is not available, and management cannot reliably predict all the necessary components of such GAAP financial measure without unreasonable effort or expense. In addition, the Company believes such reconciliation would imply a degree of precision that would be confusing or misleading to investors. - Backlog is an operating measure used by management to assess future potential sales revenue. Backlog is defined as the dollar amount of signed contracts or firm orders, generally as a result of a competitive bidding process, which is expected to be recognized as revenue. It is most meaningful for the Architectural Services segment, due to the longer-term nature of their projects. Backlog is not a term defined under U.S. GAAP and is not a measure of contract profitability. Backlog should not be used as the sole indicator of future revenue because the Company has a substantial number of projects with short lead times that book-and-bill within the same reporting period that are not included in backlog. **Forward-Looking Statements **This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The words “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “will,” “continue,” and similar expressions are intended to identify “forward-looking statements”. These statements reflect Apogee management’s expectations or beliefs as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified by factors that may affect the results, performance, financial condition, prospects and opportunities of the Company, including the following: (A) North American and global economic conditions, including the cyclical nature of the North American and Latin American non-residential construction industries and the potential impact of an economic downturn or recession; (B) U.S. and global instability and uncertainty arising from events outside of our control; (C) actions of new and existing competitors; (D) departure of key personnel and ability to source sufficient labor; (E) product performance, reliability and quality issues; (F) project management and installation issues that could affect the profitability of individual contracts; (G) dependence on a relatively small number of customers in one operating segment; (H) financial and operating results that could differ from market expectations; (I) self-insurance risk related to a material product liability or other events for which the Company is liable; (J) maintaining our information technology systems and potential cybersecurity threats; (K) cost of regulatory compliance, including environmental regulations; (L) supply chain disruptions, including fluctuations in the availability and cost of materials used in our products and the impact of trade policies and regulations, including existing and potential future tariffs; (M) integration and future operating results of acquisitions, including but not limited to the acquisition of UW Solutions, and management of acquired contracts; (N) impairment of goodwill or indefinite-lived intangible assets; (O) our ability to successfully manage and implement our enterprise strategy; (P) our ability to maintain effective internal controls over financial reporting; (Q) our judgments regarding accounting for tax positions and resolution of tax disputes; (R) the impacts of cost inflation and interest rates; and (S) the impact of changes in capital and credit markets on our liquidity and cost of capital. The Company cautions investors that actual future results could differ materially from those described in the forward-looking statements and that other factors may in the future prove to be important in affecting the Company’s results, performance, prospects, or opportunities. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor can it assess the impact of each factor on the business or the extent to which any factor, or a combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. More information concerning potential factors that could affect future financial results is included in the Company’s Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. **Apogee Enterprises, Inc.** **Consolidated Condensed Statements of Income** (Unaudited) **Three Months Ended** **Nine Months Ended** _(In thousands, except per share amounts)_ **November 29, 2025** **November 30, 2024** % Change **November 29, 2025** **November 30, 2024** % Change Net sales $ 348,563 $ 341,344 2.1 % $ 1,053,379 $ 1,015,300 3.8 % Cost of sales 265,571 252,195 5.3 % 812,654 729,975 11.3 % Gross profit 82,992 89,149 (6.9 )% 240,725 285,325 (15.6 )% Selling, general and administrative expenses 58,113 60,520 (4.0 )% 182,026 173,350 5.0 % Operating income 24,879 28,629 (13.1 )% 58,699 111,975 (47.6 )% Interest expense, net 3,227 1,044 209.1 % 11,148 2,634 323.2 % Other income, net (2,458 ) (60 ) 3,996.7 % (6,916 ) (493 ) 1,302.8 % Earnings before income taxes 24,110 27,645 (12.8 )% 54,467 109,834 (50.4 )% Income tax expense 7,561 6,656 13.6 % 16,956 27,268 (37.8 )% Net earnings $ 16,549 $ 20,989 (21.2 )% $ 37,511 $ 82,566 (54.6 )% Basic earnings per share $ 0.78 $ 0.96 (18.8 )% $ 1.76 $ 3.79 (53.6 )% Diluted earnings per share $ 0.77 $ 0.96 (19.8 )% $ 1.74 $ 3.76 (53.7 )% Weighted average basic shares outstanding 21,302 21,782 (2.2 )% 21,349 21,789 (2.0 )% Weighted average diluted shares outstanding 21,592 21,917 (1.5 )% 21,568 21,937 (1.7 )% Cash dividends per common share $ 0.26 $ 0.25 4.0 % $ 0.78 $ 0.75 4.0 % **Apogee Enterprises, Inc.** **Consolidated Condensed Balance Sheets** (Unaudited) _(In thousands)_ **November 29, 2025** **March 1, 2025** **Assets** Current assets Cash and cash equivalents $ 41,315 $ 41,448 Receivables, net 176,588 185,590 Inventories, net 102,495 92,305 Contract assets 66,645 71,842 Other current assets 48,954 50,919 Total current assets 435,997 442,104 Property, plant and equipment, net 253,092 268,139 Operating lease right-of-use assets 50,903 62,314 Goodwill 236,386 235,775 Intangible assets, net 113,673 128,417 Other non-current assets 25,977 38,520 Total assets $ 1,116,028 $ 1,175,269 **Liabilities and Shareholders’ Equity** Current liabilities Accounts payable 92,844 98,804 Accrued compensation and benefits 33,906 48,510 Contract liabilities 43,086 35,193 Operating lease liabilities 14,504 15,290 Other current liabilities 45,405 87,659 Total current liabilities 229,745 285,456 Long-term debt 255,000 285,000 Non-current operating lease liabilities 41,981 51,632 Non-current self-insurance reserves 32,180 30,382 Other non-current liabilities 44,831 34,901 Total shareholders’ equity 512,291 487,898 Total liabilities and shareholders’ equity $ 1,116,028 $ 1,175,269 **Apogee Enterprises, Inc.** **Consolidated Statement of Cash Flows** (Unaudited) **Nine Months Ended** _(In thousands)_ **November 29, 2025** **November 30, 2024** **Operating Activities** Net earnings $ 37,511 $ 82,566 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 37,456 30,798 Share-based compensation 6,570 8,067 Deferred income taxes 16,762 5,109 Loss on disposal of property, plant and equipment 418 159 Impairment on intangible assets 7,418 — Settlement of New Markets Tax Credit transaction (6,740 ) — Non-cash lease expense 10,901 9,926 Other, net 4,596 1,800 Changes in operating assets and liabilities, net of business acquired: Receivables 9,431 (2,191 ) Inventories (9,842 ) (8,284 ) Contract assets 5,317 (8,168 ) Accounts payable (3,873 ) 6,796 Accrued compensation and benefits (14,782 ) (20,958 ) Contract liabilities 7,823 11,499 Operating lease liability (10,628 ) (9,387 ) Accrued income taxes (3,279 ) (6,498 ) Other current assets and liabilities (28,437 ) (6,104 ) Net cash provided by operating activities 66,622 95,130 **Investing Activities** Capital expenditures (18,315 ) (24,696 ) Proceeds from sales of property, plant and equipment 1,606 744 Purchases of marketable securities (550 ) (2,394 ) Sales/maturities of marketable securities 1,485 2,370 Acquisition of business, net of cash acquired — (233,125 ) Net cash used in investing activities (15,774 ) (257,101 ) **Financing Activities** Proceeds from revolving credit facilities 80,000 95,201 Repayment on revolving credit facilities (110,000 ) (115,201 ) Proceeds from term loans — 250,000 Repayment of term loans — (20,000 ) Repurchase of common stock — (15,061 ) Dividends paid (16,567 ) (16,238 ) Payments of debt issuance costs — (3,798 ) Other, net (5,342 ) (5,884 ) Net cash (used in) provided by financing activities (51,909 ) 169,019 Effect of exchange rates on cash 928 (409 ) (Decrease) increase in cash, cash equivalents and restricted cash (133 ) 6,639 Cash, cash equivalents and restricted cash at beginning of period 41,448 37,216 Cash and cash equivalents at end of period $ 41,315 $ 43,855 **Non-cash Activity** Capital expenditures in accounts payable $ 970 $ 2,299 **Apogee Enterprises, Inc.** **Components of Changes in Net Sales** (Unaudited) **_Three months ended November 29, 2025, compared with the three months ended November 30, 2024_** _(In thousands, except percentages)_ **Architectural Metals** **Architectural Services** **Architectural Glass** **Performance Surfaces** **Intersegment eliminations** **Consolidated** Fiscal 2025 net sales $ 138,039 $ 104,921 $ 70,236 $ 33,196 $ (5,048 ) $ 341,344 Organic business (1) (13,606 ) 245 616 1,417 180 (11,148 ) Acquisition (2) — — — 18,367 — 18,367 Fiscal 2026 net sales $ 124,433 $ 105,166 $ 70,852 $ 52,980 $ (4,868 ) $ 348,563 Total net sales growth (decline) (9.9 )% 0.2 % 0.9 % 59.6 % (3.6 )% 2.1 % Organic business (1) (9.9 )% 0.2 % 0.9 % 4.3 % (3.6 )% (3.3 )% Acquisition (2) — % — % — % 55.3 % — % 5.4 % **_Nine months ended November 29, 2025, compared with the nine months ended November 30, 2024_** _(In thousands, except percentages)_ **Architectural Metals** **Architectural Services** **Architectural Glass** **Performance Surfaces** **Intersegment eliminations** **Consolidated** Fiscal 2025 net sales $ 412,561 $ 301,966 $ 247,040 $ 74,232 $ (20,499 ) $ 1,015,300 Organic business (1) (18,570 ) 10,195 (30,734 ) 4,117 7,800 (27,192 ) Acquisition (2) — — — 65,271 — 65,271 Fiscal 2026 net sales $ 393,991 $ 312,161 $ 216,306 $ 143,620 $ (12,699 ) $ 1,053,379 Total net sales growth (decline) (4.5 )% 3.4 % (12.4 )% 93.5 % (38.1 )% 3.8 % Organic business (1) (4.5 )% 3.4 % (12.4 )% 5.5 % (38.1 )% (2.7 )% Acquisition (2) — % — % — % 87.9 % — % 6.4 % (1) Organic business includes net sales associated with acquired product lines or geographies that occur after the first twelve months from the date the product line or business is acquired and net sales from internally developed product lines or businesses. (2) The acquisition of UW Solutions, completed on November 4, 2024. **Apogee Enterprises, Inc.** **Business Segment Information** (Unaudited) **Three Months Ended** **Nine Months Ended** _(In thousands)_ **November 29, 2025** **November 30, 2024** % Change **November 29, 2025** **November 30, 2024** % Change **Segment net sales** Architectural Metals $ 124,433 $ 138,039 (9.9 )% $ 393,991 $ 412,561 (4.5 )% Architectural Services 105,166 104,921 0.2 % 312,161 301,966 3.4 % Architectural Glass 70,852 70,236 0.9 % 216,306 247,040 (12.4 )% Performance Surfaces 52,980 33,196 59.6 % 143,620 74,232 93.5 % Total segment sales 353,431 346,392 2.0 % 1,066,078 1,035,799 2.9 % Intersegment eliminations (4,868 ) (5,048 ) (3.6 )% (12,699 ) (20,499 ) (38.1 )% Net sales $ 348,563 $ 341,344 2.1 % $ 1,053,379 $ 1,015,300 3.8 % **Segment adjusted EBITDA** Architectural Metals $ 16,750 $ 17,483 (4.2 )% $ 46,946 $ 63,551 (26.1 )% Architectural Services 10,198 9,994 2.0 % 21,279 23,911 (11.0 )% Architectural Glass 11,534 13,180 (12.5 )% 36,598 57,551 (36.4 )% Performance Surfaces 11,921 7,828 52.3 % 31,100 18,053 72.3 % Corporate and Other (4,272 ) (2,682 ) 59.3 % (11,040 ) (11,519 ) (4.2 )% Adjusted EBITDA $ 46,131 $ 45,803 0.7 % $ 124,883 $ 151,547 (17.6 )% **Segment adjusted EBITDA margins** Architectural Metals 13.5 % 12.7 % 11.9 % 15.4 % Architectural Services 9.7 % 9.5 % 6.8 % 7.9 % Architectural Glass 16.3 % 18.8 % 16.9 % 23.3 % Performance Surfaces 22.5 % 23.6 % 21.7 % 24.3 % Corporate and Other N/M N/M N/M N/M Adjusted EBITDA margin 13.2 % 13.4 % 11.9 % 14.9 % - N/M - Indicates calculation is not meaningful. - Segment net sales is defined as net sales for a certain segment and includes revenue related to intersegment transactions. - Net sales intersegment eliminations are reported separately to exclude these sales from our consolidated total. - Adjusted EBITDA represents adjusted net earnings before interest, taxes, depreciation, and amortization. **Apogee Enterprises, Inc.** **Reconciliation of Non-GAAP Financial Measures** **Adjusted EBITDA and Adjusted EBITDA Margin** (Unaudited) **Three Months Ended November 29, 2025** _(In thousands)_ **Architectural Metals** **Architectural Services** **Architectural Glass** **Performance Surfaces** **Corporate and Other** **Consolidated** Net earnings (loss) $ 12,264 $ 7,614 $ 8,248 $ 7,749 $ (19,326 ) $ 16,549 Interest expense (income), net 430 (89 ) (174 ) — 3,060 3,227 Income tax expense — — 81 — 7,480 7,561 Depreciation and amortization 3,662 809 3,379 3,913 753 12,516 EBITDA 16,356 8,334 11,534 11,662 (8,033 ) 39,853 Acquisition-related costs (1) — — — 259 56 315 Restructuring costs (2) 2,537 1,864 — — 679 5,080 CEO transition costs (3) — — — — 3,026 3,026 NMTC settlement gain (4) (2,143 ) — — — — (2,143 ) Adjusted EBITDA $ 16,750 $ 10,198 $ 11,534 $ 11,921 $ (4,272 ) $ 46,131 EBITDA margin 13.1 % 7.9 % 16.3 % 22.0 % N/M 11.4 % Adjusted EBITDA margin 13.5 % 9.7 % 16.3 % 22.5 % N/M 13.2 % **Three Months Ended November 30, 2024** _(In thousands)_ **Architectural Metals** **Architectural Services** **Architectural Glass** **Performance Surfaces** **Corporate and Other** **Consolidated** Net earnings (loss) $ 12,146 $ 9,734 $ 10,115 $ 4,841 $ (15,847 ) $ 20,989 Interest expense (income), net 563 (4 ) (121 ) — 606 1,044 Income tax expense — — 117 — 6,539 6,656 Depreciation and amortization 3,932 981 3,069 2,461 691 11,134 EBITDA 16,641 10,711 13,180 7,302 (8,011 ) 39,823 Acquisition-related costs (1) — — — 526 4,542 5,068 Restructuring costs (2) 842 (717 ) — — 787 912 Adjusted EBITDA $ 17,483 $ 9,994 $ 13,180 $ 7,828 $ (2,682 ) $ 45,803 EBITDA margin 12.1 % 10.2 % 18.8 % 22.0 % N/M 11.7 % Adjusted EBITDA margin 12.7 % 9.5 % 18.8 % 23.6 % N/M 13.4 % (1) Acquisition-related costs include costs related to one-time expenses incurred to integrate the UW Solutions acquisition and excludes $0.8 million of backlog amortization added back as part of the depreciation and amortization above. (2) Restructuring costs related to Project Fortify. Costs incurred in fiscal year 2025 were associated with Phase 1 and costs incurred in fiscal year 2026 are associated with Phase 2. (3) Transition costs related to departure of Chief Executive Officer during the third quarter of fiscal 2026. (4) Gain related to the settlement of a New Market Tax Credit transaction. **Apogee Enterprises, Inc.** **Reconciliation of Non-GAAP Financial Measures** **Adjusted EBITDA and Adjusted EBITDA Margin** (Unaudited) **Nine Months Ended November 29, 2025** _(In thousands)_ **Architectural Metals** **Architectural Services** **Architectural Glass** **Performance Surfaces** **Corporate and Other** **Consolidated** Net earnings (loss) $ 36,806 $ 2,855 $ 26,880 $ 18,126 $ (47,156 ) $ 37,511 Interest expense (income), net 1,331 (227 ) (450 ) — 10,494 11,148 Income tax (benefit) expense (43 ) (8 ) 198 — 16,809 16,956 Depreciation and amortization 11,229 2,789 9,970 11,251 2,217 37,456 EBITDA 49,323 5,409 36,598 29,377 (17,636 ) 103,071 Acquisition-related costs (1) — — — 1,723 249 1,972 Restructuring costs (2) 4,363 15,870 — — 3,321 23,554 CEO transition costs (3) — — — — 3,026 3,026 NMTC settlement gain (4) (6,740 ) — — — — (6,740 ) Adjusted EBITDA $ 46,946 $ 21,279 $ 36,598 $ 31,100 $ (11,040 ) $ 124,883 EBITDA margin 12.5 % 1.7 % 16.9 % 20.5 % N/M 9.8 % Adjusted EBITDA margin 11.9 % 6.8 % 16.9 % 21.7 % N/M 11.9 % **Nine Months Ended November 30, 2024** _(In thousands)_ **Architectural Metals** **Architectural Services** **Architectural Glass** **Performance Surfaces** **Corporate and Other** **Consolidated** Net earnings (loss) $ 46,509 $ 21,460 $ 49,342 $ 13,481 $ (48,226 ) $ 82,566 Interest expense (income), net 1,671 23 (317 ) — 1,257 2,634 Income tax expense (benefit) 7 — (632 ) — 27,893 27,268 Depreciation and amortization 12,609 2,887 9,158 4,046 2,098 30,798 EBITDA 60,796 24,370 57,551 17,527 (16,978 ) 143,266 Acquisition-related costs (1) — — — 526 4,542 5,068 Restructuring costs (2) 2,755 (459 ) — — 917 3,213 Adjusted EBITDA $ 63,551 $ 23,911 $ 57,551 $ 18,053 $ (11,519 ) $ 151,547 EBITDA margin 14.7 % 8.1 % 23.3 % 23.6 % N/M 14.1 % Adjusted EBITDA margin 15.4 % 7.9 % 23.3 % 24.3 % N/M 14.9 % (1) Acquisition-related costs include costs related to one-time expenses incurred to integrate the UW Solutions acquisition and excludes $0.8 million of backlog amortization added back as part of the depreciation and amortization above. (2) Restructuring costs related to Project Fortify. Costs incurred in fiscal year 2025 were associated with Phase 1 and costs incurred in fiscal year 2026 are associated with Phase 2. (3) Transition costs related to departure of Chief Executive Officer during the third quarter of fiscal 2026. (4) Gain related to the settlement of a New Market Tax Credit transaction. **Apogee Enterprises, Inc.** **Reconciliation of Non-GAAP Financial Measures** **Adjusted diluted earnings per share** (Unaudited) **Three Months Ended** **Nine Months Ended** _(In thousands)_ **November 29, 2025** **November 30, 2024** **November 29, 2025** **November 30, 2024** Net earnings $ 16,549 $ 20,989 $ 37,511 $ 82,566 Acquisition-related costs (1) 315 5,873 1,972 5,873 Restructuring costs (2) 5,080 912 23,554 3,213 CEO transition costs (3) 3,026 — 3,026 — NMTC settlement gain (4) (2,143 ) — (6,740 ) — Income tax impact on above adjustments (5) (797 ) (1,662 ) (4,342 ) (2,226 ) Adjusted net earnings $ 22,030 $ 26,112 $ 54,981 $ 89,426 **Three Months Ended** **Nine Months Ended** **November 29, 2025** **November 30, 2024** **November 29, 2025** **November 30, 2024** Diluted earnings per share $ 0.77 $ 0.96 $ 1.74 $ 3.76 Acquisition-related costs (1) 0.01 0.27 0.09 0.27 Restructuring costs (2) 0.24 0.04 1.09 0.15 CEO transition costs (3) 0.14 — 0.14 — NMTC settlement gain (4) (0.10 ) — (0.31 ) — Income tax impact on above adjustments (5) (0.04 ) (0.08 ) (0.20 ) (0.10 ) Adjusted diluted earnings per share $ 1.02 $ 1.19 $ 2.55 $ 4.08 Weighted average diluted shares outstanding 21,592 21,917 21,568 21,937 (1) Acquisition-related costs include costs related to one-time expenses incurred to integrate the UW Solutions acquisition. (2) Restructuring costs related to Project Fortify. Costs incurred in fiscal year 2025 were associated with Phase 1 and costs incurred in fiscal year 2026 are associated with Phase 2. (3) Transition costs related to departure of Chief Executive Officer during the third quarter of fiscal 2026. (4) Gain related to the settlement of a New Market Tax Credit transaction. (5) Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred. **Apogee Enterprises, Inc.** **Fiscal 2026 Outlook** **Reconciliation of Fiscal 2026 outlook of estimated** **Diluted Earnings per Share to Adjusted Diluted Earnings per Share** (Unaudited) **Fiscal Year Ending February 28, 2026** **Low Range** **High Range** Diluted earnings per share $ 2.49 $ 2.65 Acquisition-related costs (1) 0.12 0.09 Restructuring costs (2) 1.35 1.30 CEO transition costs (3) 0.14 0.14 New Market Tax Credit settlement gains (4) (0.31 ) (0.31 ) Income tax impact on above adjustments (5) (0.39 ) (0.37 ) Adjusted diluted earnings per share $ 3.40 $ 3.50 (1) Acquisition-related costs include costs related to one-time expenses incurred to integrate the UW Solutions acquisition. (2) Restructuring costs related to Project Fortify Phase 2. (3) Transition costs related to departure of Chief Executive Officer during the third quarter of fiscal 2026. (4) Gains related to the settlement of New Market Tax Credit transactions in the 2nd quarter and 3rd quarter. (5) Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred. View source version on businesswire.com: https://www.businesswire.com/news/home/20260107865677/en/ Jeremy Steffan Vice President, Investor Relations & Communications 952.346.3502 ir@apog.com Source: Apogee Enterprises, Inc. ### Related Stocks - [Apogee Enterprises, Inc. 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