维蒙特工业 2025年度报告

FOR THE FISCAL YEARENDING DECEMBER 27, 2025 A MESSAGE FROM OUR PRESIDENT & CEO Dear shareholders, The past year at Valmont was one of focus and intention. We took decisive stepsto establish a strong foundation for growth. We removed underperforming orancillary products from our portfolio, realigned our resources to reduce layers andcomplexity, and put the people who were closest to our customers in a positionto make decisions. We have become more disciplined about our priorities acrossthe entire organization, and we are investing in our capabilities where we see thebiggest opportunity for growth. Our team delivered a solid performance, driving profitable growth, prioritizing safeoperations and optimizing our processes to establish a foundation for long-termsuccess. We set clear targets for revenue and EPS growth in the next three to fouryears, with direct line-of-sight to achieving them. This focus has driven clarity for ourteam and positioned us well to meet rising demand in some of our key markets. AVNER M. APPLBAUMPresident & Chief Executive Officer Financial highlights In 2025 we grew adjusted1diluted earnings per share by nearly 11% to $19.09, anddelivered adjusted3ROIC of 17.6%, a 120-basis-point increase, reflecting our progress ¹contractually required payments for system licenses no longer needed, asset valuation adjustments for a joint venture agriculture solar business of $14.9 million (pre-tax). On an adjusted basis, operating incomewas $537.9 million. Fiscal 2023 GAAP operating income included the impairment of goodwill and other intangible assets of $140.8 million (pre-tax), realignment charges of $35.2 million (pre-tax), and non-recurringcharges associated with major scope changes for two strategic projects initiated by departed senior leadership of $5.6 million (pre-tax). On an adjusted basis, operating income was $473.2 million. Fiscal 2022GAAP operating income included stock-based compensation for Prospera of $9.9 million (pre-tax) and intangible amortization for Prospera of $6.6 million (pre-tax). On an adjusted basis, operating income was$449.7 million. Fiscal 2021 GAAP operating income included impairment costs of long-lived assets of $27.9 million (pre-tax), intangible amortization and stock-based compensation for Prospera of $8.6 million(pre-tax), receivable write-off of $5.5 million (pre-tax), acquisition diligence expense of $1.1 million (pre-tax), and severance expense of $4.1 million (pre-tax). On an adjusted basis operating income was $334.0 million.Fiscal 2025 GAAP operating income included the impairment of long-lived assets of $91.3 million (pre-tax), realignment charges of $16.1 million (pre-tax), and other non-recurring charges including costs to fulfill ² Fiscal 2025 GAAP diluted earnings per share were $16.79, and, as adjusted, $19.09. Fiscal 2025 GAAP net earnings included the impairment of long-lived assets of $84.6 after-tax ($4.24 per share), realignmentcharges of $12.1 million after-tax ($0.61 per share), other non-recurring charges consisting of costs to fulfill contractually required payments for system licenses no longer needed, asset valuation adjustments fora joint venture agriculture solar business, and certain tax advisory professional services fees of $12.1 after-tax ($0.61 per share), and non-recurring tax benefit items of $78.5 million ($3.94 per share). Fiscal 2023GAAP diluted earnings per share were $6.78, and, as adjusted, $14.98. Fiscal 2023 GAAP net earnings included the impairment of long-lived assets of $136.5 million after-tax ($6.45 per share), realignment chargesof $26.5 million after-tax ($1.25 per share), nonrecurring charges associated with major scope changes for two strategic projects initiated by departed senior leadership of $4.2 million after-tax ($0.20 per share),loss from Argentine peso hyperinflation attributable to Valmont Industries, Inc. of $2.5 million after-tax ($0.12 per share), and non-recurring tax benefit items of $3.6 million ($0.17 per share). Fiscal 2022 GAAP netearnings included the loss from divestiture of the offshore wind energy structures business of $33.3 million after-tax ($1.54 per share), intangible asset amortization for Prospera of $6.6 million after-tax ($0.30 pershare), and stock-based compensation for Prospera of $7.4 million after-tax ($0.35 per share). Fiscal 2021 GAAP net earnings included impairment costs of long-lived offshore structures assets of $21.7 millionafter-tax ($1.01 per share), intangible amortization and stock-based compensation for Prospera of $6.6 million after-tax ($0.31 per share), receivable write-off of $4.2 million after-tax ($0.20 per share), acquisitiondiligence expense of $0.9 million after-tax ($0.04 per share), severance expense of $3.1 million after-tax ($0.14 per share), impact of UK tax rate change of $2.8 million ($0.13 per share), and valuation allowanceagainst deferred tax asset of $5.1 million ($0.24 per share). on profitability and our commitment to our strategic all