| Minnesota | 0-6365 | 41-0919654 | |||||||||||||||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
| 4400 West 78th Street, Suite 520 | Minneapolis | Minnesota | 55435 | ||||||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||||||||
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Common stock, $0.33 1/3 Par Value | APOG | The Nasdaq Stock Market | ||||||||||||
| ☐ | Emerging growth company | ||||
| ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION | ||||
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS | ||||
| Exhibit Number | Description | ||||||||||||||||
| 99.1 | |||||||||||||||||
| 104 | Cover page interactive data file (embedded within the Inline XBRL document) | ||||||||||||||||
| APOGEE ENTERPRISES, INC. | ||||||||
| By: | /s/ Mark R. Augdahl | |||||||
| Mark R. Augdahl Executive Vice President and Chief Financial Officer |
||||||||

| Three Months Ended | ||||||||||||||||||||
(Unaudited, $ in thousands, except per share amounts) |
February 28, 2026 | March 1, 2025 | % Change | |||||||||||||||||
| Net sales | $ | 351,354 | $ | 345,694 | 1.6% | |||||||||||||||
| Net earnings | $ | 16,620 | $ | 2,485 | 568.8% | |||||||||||||||
Diluted earnings per share |
$ | 0.78 | $ | 0.11 | 609.1% | |||||||||||||||
Non-GAAP Measures1 |
||||||||||||||||||||
Adjusted EBITDA |
$ | 42,418 | $ | 41,105 | 3.2% | |||||||||||||||
| Adjusted EBITDA margin | 12.1 | % | 11.9 | % | ||||||||||||||||
| Adjusted diluted earnings per share | $ | 0.92 | $ | 0.89 | 3.4% | |||||||||||||||
| (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. |
||||
| Apogee Enterprises, Inc. | ||||||||||||||||||||||||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||
| (In thousands, except per share amounts) | February 28, 2026 | March 1, 2025 | % Change | February 28, 2026 | March 1, 2025 | % Change | ||||||||||||||||||||||||||||||||
| Net sales | $ | 351,354 | $ | 345,694 | 1.6 | % | $ | 1,404,733 | $ | 1,360,994 | 3.2 | % | ||||||||||||||||||||||||||
| Cost of sales | 272,605 | 271,127 | 0.5 | % | 1,085,259 | 1,001,101 | 8.4 | % | ||||||||||||||||||||||||||||||
| Gross profit | 78,749 | 74,567 | 5.6 | % | 319,474 | 359,893 | (11.2) | % | ||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 52,974 | 68,433 | (22.6) | % | 235,000 | 241,783 | (2.8) | % | ||||||||||||||||||||||||||||||
| Operating income | 25,775 | 6,134 | 320.2 | % | 84,474 | 118,110 | (28.5) | % | ||||||||||||||||||||||||||||||
| Interest expense, net | 2,828 | 3,525 | (19.8) | % | 13,976 | 6,159 | 126.9 | % | ||||||||||||||||||||||||||||||
| Other (income) expense, net | (42) | (130) | (67.7) | % | (6,958) | (623) | 1,016.9 | % | ||||||||||||||||||||||||||||||
| Earnings before income taxes | 22,989 | 2,739 | 739.3 | % | 77,456 | 112,574 | (31.2) | % | ||||||||||||||||||||||||||||||
| Income tax expense | 6,369 | 254 | 2,407.5 | % | 23,325 | 27,522 | (15.2) | % | ||||||||||||||||||||||||||||||
| Net earnings | $ | 16,620 | $ | 2,485 | 568.8 | % | $ | 54,131 | $ | 85,052 | (36.4) | % | ||||||||||||||||||||||||||
| Basic earnings per share | $ | 0.79 | $ | 0.12 | 558.3 | % | $ | 2.54 | $ | 3.91 | (35.0) | % | ||||||||||||||||||||||||||
| Diluted earnings per share | $ | 0.78 | $ | 0.11 | 609.1 | % | $ | 2.52 | $ | 3.89 | (35.2) | % | ||||||||||||||||||||||||||
| Weighted average basic shares outstanding | 21,130 | 21,539 | (1.9) | % | 21,295 | 21,726 | (2.0) | % | ||||||||||||||||||||||||||||||
| Weighted average diluted shares outstanding | 21,454 | 21,793 | (1.6) | % | 21,517 | 21,891 | (1.7) | % | ||||||||||||||||||||||||||||||
| Cash dividends per common share | $ | 0.27 | $ | 0.26 | 3.8 | % | $ | 1.05 | $ | 1.01 | 4.0 | % | ||||||||||||||||||||||||||
| % of Sales | ||||||||||||||||||||||||||||||||||||||
| Gross margin | 22.4 | % | 21.6 | % | 22.7 | % | 26.4 | % | ||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 15.1 | % | 19.8 | % | 16.7 | % | 17.8 | % | ||||||||||||||||||||||||||||||
| Operating margin | 7.3 | % | 1.8 | % | 6.0 | % | 8.7 | % | ||||||||||||||||||||||||||||||
| Apogee Enterprises, Inc. | ||||||||||||||
| Consolidated Condensed Balance Sheets | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands) | February 28, 2026 | March 1, 2025 | ||||||||||||
| Assets | ||||||||||||||
| Current assets | ||||||||||||||
| Cash and cash equivalents | $ | 39,523 | $ | 41,448 | ||||||||||
| Receivables, net | 198,516 | 185,590 | ||||||||||||
| Inventories, net | 98,059 | 92,305 | ||||||||||||
| Contract assets | 59,512 | 71,842 | ||||||||||||
| Other current assets | 43,823 | 50,919 | ||||||||||||
| Total current assets | 439,433 | 442,104 | ||||||||||||
| Property, plant and equipment, net | 255,032 | 268,139 | ||||||||||||
| Operating lease right-of-use assets | 48,736 | 62,314 | ||||||||||||
| Goodwill | 236,744 | 235,775 | ||||||||||||
| Intangible assets, net | 111,261 | 128,417 | ||||||||||||
| Other non-current assets | 31,139 | 38,520 | ||||||||||||
| Total assets | $ | 1,122,345 | $ | 1,175,269 | ||||||||||
| Liabilities and shareholders' equity | ||||||||||||||
| Current liabilities | ||||||||||||||
| Accounts payable | $ | 105,478 | $ | 98,804 | ||||||||||
| Accrued compensation and benefits | 39,667 | 48,510 | ||||||||||||
| Contract liabilities | 60,903 | 35,193 | ||||||||||||
| Operating lease liabilities | 14,729 | 15,290 | ||||||||||||
| Other current liabilities | 46,079 | 87,659 | ||||||||||||
| Total current liabilities | 266,856 | 285,456 | ||||||||||||
| Long-term debt | 232,279 | 285,000 | ||||||||||||
| Non-current operating lease liabilities | 39,375 | 51,632 | ||||||||||||
| Non-current self-insurance reserves | 24,914 | 30,382 | ||||||||||||
| Other non-current liabilities | 47,127 | 34,901 | ||||||||||||
| Total shareholders’ equity | 511,794 | 487,898 | ||||||||||||
| Total liabilities and shareholders’ equity | $ | 1,122,345 | $ | 1,175,269 | ||||||||||
| Apogee Enterprises, Inc. | ||||||||||||||
Consolidated Statement of Cash Flows | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Twelve Months Ended | ||||||||||||||
| February 28, 2026 | March 1, 2025 | |||||||||||||
| (In thousands) | ||||||||||||||
| Operating Activities | ||||||||||||||
| Net earnings | $ | 54,131 | $ | 85,052 | ||||||||||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | 49,998 | 44,608 | ||||||||||||
| Share-based compensation | 8,246 | 10,725 | ||||||||||||
| Deferred income taxes | 15,483 | 3,836 | ||||||||||||
| Impairment of long-lived assets | 11,477 | 7,634 | ||||||||||||
| Settlement of New Markets Tax Credit transaction | (6,740) | — | ||||||||||||
| Non-cash lease expense | 6,574 | 13,749 | ||||||||||||
| Other, net | (1,671) | (1,247) | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||
| Receivables | (12,409) | (508) | ||||||||||||
| Inventories | (5,340) | (5,810) | ||||||||||||
| Contract assets | 12,583 | (22,625) | ||||||||||||
| Accounts payable | 5,515 | 9,595 | ||||||||||||
| Accrued compensation and benefits | (9,117) | (11,793) | ||||||||||||
| Contract liabilities | 25,649 | 598 | ||||||||||||
| Operating lease liability | (9,706) | (12,703) | ||||||||||||
| Accrued income taxes | 3,858 | (5,120) | ||||||||||||
| Other current assets and liabilities | (26,066) | 9,171 | ||||||||||||
| Net cash provided by operating activities | 122,465 | 125,162 | ||||||||||||
| Investing Activities | ||||||||||||||
| Capital expenditures | (27,308) | (35,593) | ||||||||||||
| Proceeds from sales of property, plant and equipment | 1,632 | 693 | ||||||||||||
| Purchases of marketable securities | (9,670) | (2,394) | ||||||||||||
| Sales/maturities of marketable securities | 4,820 | 3,570 | ||||||||||||
| Acquisition of business, net of cash acquired | — | (232,169) | ||||||||||||
| Net cash used by investing activities | (30,526) | (265,893) | ||||||||||||
| Financing Activities | ||||||||||||||
| Proceeds from revolving credit facilities | 93,000 | 77,201 | ||||||||||||
| Repayment on revolving credit facilities | (143,000) | (57,201) | ||||||||||||
| Proceeds from term loans | — | 250,000 | ||||||||||||
| Repayment of term loans | (2,722) | (47,000) | ||||||||||||
| Payments of debt issuance costs | — | (3,798) | ||||||||||||
| Repurchase of common stock | (15,000) | (45,364) | ||||||||||||
| Dividends paid | (22,216) | (21,737) | ||||||||||||
| Other, net | (6,241) | (6,052) | ||||||||||||
| Net cash (used by) provided by financing activities | (96,179) | 146,049 | ||||||||||||
| Effect of exchange rates on cash | 2,315 | (1,086) | ||||||||||||
| (Decrease) increase in cash and cash equivalents | (1,925) | 4,232 | ||||||||||||
| Cash and cash equivalents at beginning of period | 41,448 | 37,216 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 39,523 | $ | 41,448 | ||||||||||
| Apogee Enterprises, Inc. | ||||||||||||||||||||||||||||||||||||||
| Components of Changes in Net Sales | ||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||
Three months ended February 28, 2026, compared with the three months ended March 1, 2025 | ||||||||||||||||||||||||||||||||||||||
| (In thousands, except percentages) | Architectural Metals |
Architectural Services | Architectural Glass |
Performance Surfaces | Intersegment eliminations |
Consolidated | ||||||||||||||||||||||||||||||||
| Fiscal 2025 net sales | $ | 112,148 | $ | 117,895 | $ | 75,157 | $ | 47,899 | $ | (7,405) | $ | 345,694 | ||||||||||||||||||||||||||
Organic business (1) |
(2,111) | 9,175 | (7,804) | 6,447 | (47) | 5,660 | ||||||||||||||||||||||||||||||||
| Fiscal 2026 net sales | $ | 110,037 | $ | 127,070 | $ | 67,353 | $ | 54,346 | $ | (7,452) | $ | 351,354 | ||||||||||||||||||||||||||
| Total net sales growth (decline) | (1.9) | % | 7.8 | % | (10.4) | % | 13.5 | % | 0.6 | % | 1.6 | % | ||||||||||||||||||||||||||
Twelve months ended February 28, 2026 , compared with the twelve months ended March 1, 2025 | ||||||||||||||||||||||||||||||||||||||
| (In thousands, except percentages) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Intersegment eliminations | Consolidated | ||||||||||||||||||||||||||||||||
| Fiscal 2025 net sales | $ | 524,709 | $ | 419,861 | $ | 322,197 | $ | 122,131 | $ | (27,904) | $ | 1,360,994 | ||||||||||||||||||||||||||
Organic business (1) |
(20,681) | 19,371 | (38,538) | 10,564 | 7,752 | (21,532) | ||||||||||||||||||||||||||||||||
Acquisition (2) |
— | — | — | 65,271 | — | 65,271 | ||||||||||||||||||||||||||||||||
| Fiscal 2026 net sales | $ | 504,028 | $ | 439,232 | $ | 283,659 | $ | 197,966 | $ | (20,152) | $ | 1,404,733 | ||||||||||||||||||||||||||
| Total net sales growth (decline) | (3.9) | % | 4.6 | % | (12.0) | % | 62.1 | % | (27.8) | % | 3.2 | % | ||||||||||||||||||||||||||
Organic business (1) |
(3.9) | % | 4.6 | % | (12.0) | % | 8.6 | % | (27.8) | % | (1.6) | % | ||||||||||||||||||||||||||
Acquisition (2) |
— | % | — | % | — | % | 53.4 | % | — | % | 4.8 | % | ||||||||||||||||||||||||||
| (1) | Organic business is defined as (declines) growth in net sales from legacy businesses and from acquired businesses, twelve months after the acquisition date. |
||||
| (2) | The acquisition of UW Solutions, completed on November 4, 2024. | ||||
| Apogee Enterprises, Inc. | ||||||||||||||||||||||||||||||||||||||
| Business Segment Information | ||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||
| (In thousands) | February 28, 2026 | March 1, 2025 | % Change | February 28, 2026 | March 1, 2025 | % Change | ||||||||||||||||||||||||||||||||
| Segment net sales | ||||||||||||||||||||||||||||||||||||||
| Architectural Metals | $ | 110,037 | $ | 112,148 | (1.9) | % | $ | 504,028 | $ | 524,709 | (3.9) | % | ||||||||||||||||||||||||||
| Architectural Services | 127,070 | 117,895 | 7.8 | % | 439,232 | 419,861 | 4.6 | % | ||||||||||||||||||||||||||||||
| Architectural Glass | 67,353 | 75,157 | (10.4) | % | 283,659 | 322,197 | (12.0) | % | ||||||||||||||||||||||||||||||
| Performance Surfaces | 54,346 | 47,899 | 13.5 | % | 197,966 | 122,131 | 62.1 | % | ||||||||||||||||||||||||||||||
| Intersegment eliminations | (7,452) | (7,405) | 0.6 | % | (20,152) | (27,904) | (27.8) | % | ||||||||||||||||||||||||||||||
| Net sales | $ | 351,354 | $ | 345,694 | 1.6 | % | $ | 1,404,733 | $ | 1,360,994 | 3.2 | % | ||||||||||||||||||||||||||
| Segment adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||
| Architectural Metals | $ | 7,163 | $ | 7,039 | 1.8 | % | $ | 54,109 | $ | 70,591 | (23.3) | % | ||||||||||||||||||||||||||
| Architectural Services | 9,575 | 9,624 | (0.5) | % | 30,856 | 33,533 | (8.0) | % | ||||||||||||||||||||||||||||||
| Architectural Glass | 9,101 | 14,114 | (35.5) | % | 45,699 | 71,664 | (36.2) | % | ||||||||||||||||||||||||||||||
| Performance Surfaces | 10,544 | 12,834 | (17.8) | % | 41,643 | 30,886 | 34.8 | % | ||||||||||||||||||||||||||||||
| Corporate and other | 6,035 | (2,506) | (340.8) | % | (5,004) | (14,021) | (64.3) | % | ||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 42,418 | $ | 41,105 | 3.2 | % | $ | 167,303 | $ | 192,653 | (13.2) | % | ||||||||||||||||||||||||||
| Segment adjusted EBITDA margins | ||||||||||||||||||||||||||||||||||||||
| Architectural Metals | 6.5 | % | 6.3 | % | 10.7 | % | 13.5 | % | ||||||||||||||||||||||||||||||
| Architectural Services | 7.5 | % | 8.2 | % | 7.0 | % | 8.0 | % | ||||||||||||||||||||||||||||||
| Architectural Glass | 13.5 | % | 18.8 | % | 16.1 | % | 22.2 | % | ||||||||||||||||||||||||||||||
| Performance Surfaces | 19.4 | % | 26.8 | % | 21.0 | % | 25.3 | % | ||||||||||||||||||||||||||||||
| Adjusted EBITDA margin | 12.1 | % | 11.9 | % | 11.9 | % | 14.2 | % | ||||||||||||||||||||||||||||||
| Apogee Enterprises, Inc. | ||||||||||||||||||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA and Adjusted EBITDA Margin | ||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||
| Three Months Ended February 28, 2026 | ||||||||||||||||||||||||||||||||||||||
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Corporate and Other | Consolidated | ||||||||||||||||||||||||||||||||
| Net earnings (loss) | $ | 968 | $ | 9,339 | $ | 5,782 | $ | 6,533 | $ | (6,002) | $ | 16,620 | ||||||||||||||||||||||||||
| Interest expense (income), net | 401 | (83) | (249) | — | 2,759 | 2,828 | ||||||||||||||||||||||||||||||||
| Income tax expense | — | — | 97 | — | 6,272 | 6,369 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 3,584 | 802 | 3,471 | 3,904 | 777 | 12,538 | ||||||||||||||||||||||||||||||||
| EBITDA | 4,953 | 10,058 | 9,101 | 10,437 | 3,806 | 38,355 | ||||||||||||||||||||||||||||||||
Acquisition-related costs (1) |
— | — | — | 107 | 65 | 172 | ||||||||||||||||||||||||||||||||
Restructuring costs (2) |
2,210 | (483) | — | — | 2,164 | 3,891 | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 7,163 | $ | 9,575 | $ | 9,101 | $ | 10,544 | $ | 6,035 | $ | 42,418 | ||||||||||||||||||||||||||
| EBITDA margin | 4.5 | % | 7.9 | % | 13.5 | % | 19.2 | % | N/M | 10.9 | % | |||||||||||||||||||||||||||
| Adjusted EBITDA margin | 6.5 | % | 7.5 | % | 13.5 | % | 19.4 | % | N/M | 12.1 | % | |||||||||||||||||||||||||||
| Three Months Ended March 01, 2025 | ||||||||||||||||||||||||||||||||||||||
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Corporate and Other | Consolidated | ||||||||||||||||||||||||||||||||
| Net earnings (loss) | $ | (6,163) | $ | 8,575 | $ | 11,109 | $ | 6,129 | $ | (17,165) | $ | 2,485 | ||||||||||||||||||||||||||
| Interest expense (income), net | 441 | (13) | (91) | — | 3,187 | 3,524 | ||||||||||||||||||||||||||||||||
| Income tax expense | — | — | (22) | — | 276 | 254 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 3,859 | 1,092 | 3,118 | 5,041 | 701 | 13,811 | ||||||||||||||||||||||||||||||||
| EBITDA | (1,863) | 9,654 | 14,114 | 11,170 | (13,001) | 20,074 | ||||||||||||||||||||||||||||||||
Acquisition-related costs (1) |
— | — | — | 1,664 | 1,230 | 2,894 | ||||||||||||||||||||||||||||||||
Restructuring costs (2) |
1,268 | (30) | — | — | (128) | 1,110 | ||||||||||||||||||||||||||||||||
Impairment expense (3) |
7,634 | — | — | — | — | 7,634 | ||||||||||||||||||||||||||||||||
Arbitration award expense (4) |
— | — | — | — | 9,393 | 9,393 | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 7,039 | $ | 9,624 | $ | 14,114 | $ | 12,834 | $ | (2,506) | $ | 41,105 | ||||||||||||||||||||||||||
| EBITDA margin | (1.7 | %) | 8.2 | % | 18.8 | % | 23.3 | % | N/M | 5.8 | % | |||||||||||||||||||||||||||
| Adjusted EBITDA margin | 6.3 | % | 8.2 | % | 18.8 | % | 26.8 | % | N/M | 11.9 | % | |||||||||||||||||||||||||||
| (1) | Acquisition-related costs relate to one-time expenses incurred to integrate the UW Solutions acquisition. In fiscal year 2025, it excludes $1.5 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, including $0.6 million of asset impairment charges in fiscal 2026. |
|||||||||||||
| (3) | Impairment expense on intangible assets in the Architectural Metals Segment. | |||||||||||||
| (4) | Expense related to an arbitration award, which represents the impact of the award amount net of existing reserves and estimated insurance proceeds. | |||||||||||||
| Apogee Enterprises, Inc. | ||||||||||||||||||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA and Adjusted EBITDA Margin | ||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||
| Twelve Months Ended February 28, 2026 | ||||||||||||||||||||||||||||||||||||||
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Corporate and Other | Consolidated | ||||||||||||||||||||||||||||||||
| Net earnings (loss) | $ | 37,775 | $ | 12,193 | $ | 32,661 | $ | 24,659 | $ | (53,157) | $ | 54,131 | ||||||||||||||||||||||||||
| Interest expense (income), net | 1,733 | (310) | (699) | — | 13,252 | 13,976 | ||||||||||||||||||||||||||||||||
| Income tax (benefit) expense | (43) | (8) | 295 | — | 23,081 | 23,325 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 14,813 | 3,593 | 13,442 | 15,153 | 2,997 | 49,998 | ||||||||||||||||||||||||||||||||
| EBITDA | 54,278 | 15,468 | 45,699 | 39,812 | (13,827) | 141,430 | ||||||||||||||||||||||||||||||||
Acquisition-related costs (1) |
— | — | — | 1,831 | 313 | 2,144 | ||||||||||||||||||||||||||||||||
Restructuring costs (2) |
6,571 | 15,388 | — | — | 5,484 | 27,443 | ||||||||||||||||||||||||||||||||
CEO transition costs (3) |
— | — | — | — | 3,026 | 3,026 | ||||||||||||||||||||||||||||||||
NMTC settlement gain (4) |
(6,740) | — | — | — | — | (6,740) | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 54,109 | $ | 30,856 | $ | 45,699 | $ | 41,643 | $ | (5,004) | $ | 167,303 | ||||||||||||||||||||||||||
| EBITDA margin | 10.8 | % | 3.5 | % | 16.1 | % | 20.1 | % | N/M | 10.1 | % | |||||||||||||||||||||||||||
| Adjusted EBITDA margin | 10.7 | % | 7.0 | % | 16.1 | % | 21.0 | % | N/M | 11.9 | % | |||||||||||||||||||||||||||
| Twelve Months Ended March 01, 2025 | ||||||||||||||||||||||||||||||||||||||
| (In thousands) | Architectural Metals | Architectural Services | Architectural Glass | Performance Surfaces | Corporate and Other | Consolidated | ||||||||||||||||||||||||||||||||
| Net earnings (loss) | $ | 40,345 | $ | 30,035 | $ | 60,451 | $ | 19,611 | $ | (65,390) | $ | 85,052 | ||||||||||||||||||||||||||
| Interest expense (income), net | 2,113 | 10 | (408) | — | 4,444 | 6,159 | ||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 7 | — | (653) | — | 28,168 | 27,522 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 16,471 | 3,978 | 12,274 | 9,086 | 2,799 | 44,608 | ||||||||||||||||||||||||||||||||
| EBITDA | 58,936 | 34,023 | 71,664 | 28,697 | (29,979) | 163,341 | ||||||||||||||||||||||||||||||||
Acquisition-related costs (1) |
— | — | — | 2,189 | 5,773 | 7,962 | ||||||||||||||||||||||||||||||||
Restructuring costs (2) |
4,021 | (490) | — | — | 792 | 4,323 | ||||||||||||||||||||||||||||||||
Impairment expense (5) |
7,634 | — | — | — | — | 7,634 | ||||||||||||||||||||||||||||||||
Arbitration award expense (6) |
— | — | — | — | 9,393 | 9,393 | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 70,591 | $ | 33,533 | $ | 71,664 | $ | 30,886 | $ | (14,021) | $ | 192,653 | ||||||||||||||||||||||||||
| EBITDA margin | 11.2 | % | 8.1 | % | 22.2 | % | 23.5 | % | N/M | 12.0 | % | |||||||||||||||||||||||||||
| Adjusted EBITDA margin | 13.5 | % | 8.0 | % | 22.2 | % | 25.3 | % | N/M | 14.2 | % | |||||||||||||||||||||||||||
| (1) | Acquisition-related costs include one-time expenses incurred to integrate the UW Solutions acquisition. In fiscal year 2025, it excludes $2.3 million of backlog amortization added back as part of 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, including $11.5 million of asset impairment charges in fiscal 2026. |
|||||||||||||
| (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) | Impairment expense on intangible assets in the Architectural Metals Segment. | |||||||||||||
| (6) | Expense related to an arbitration award, which represents the impact of the award amount net of existing reserves and estimated insurance proceeds. | |||||||||||||
| Apogee Enterprises, Inc. | ||
| Reconciliation of Non-GAAP Financial Measures | ||
| Adjusted net earnings and adjusted diluted earnings per share | ||
| (Unaudited) | ||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
| (In thousands) | February 28, 2026 | March 1, 2025 | February 28, 2026 | March 1, 2025 | ||||||||||||||||||||||
| Net earnings | $ | 16,620 | $ | 2,485 | $ | 54,131 | $ | 85,052 | ||||||||||||||||||
Acquisition-related costs (1) |
172 | 4,429 | 2,144 | 10,302 | ||||||||||||||||||||||
Restructuring costs (2) |
3,891 | 1,110 | 27,443 | 4,323 | ||||||||||||||||||||||
CEO transition costs (3) |
— | — | 3,026 | — | ||||||||||||||||||||||
NMTC settlement gain (4) |
— | — | (6,740) | — | ||||||||||||||||||||||
Impairment expense (5) |
— | 7,634 | — | 7,634 | ||||||||||||||||||||||
Arbitration award expense (6) |
— | 9,393 | — | 9,393 | ||||||||||||||||||||||
Income tax impact on above adjustments (7) |
(979) | (5,614) | (5,321) | (7,832) | ||||||||||||||||||||||
| Adjusted net earnings | $ | 19,704 | $ | 19,437 | $ | 74,683 | $ | 108,872 | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
| February 28, 2026 | March 1, 2025 | February 28, 2026 | March 1, 2025 | |||||||||||||||||||||||
| Diluted earnings per share | $ | 0.77 | $ | 0.11 | $ | 2.52 | $ | 3.89 | ||||||||||||||||||
Acquisition-related costs (1) |
0.01 | 0.20 | 0.10 | 0.47 | ||||||||||||||||||||||
Restructuring costs (2) |
0.18 | 0.05 | 1.28 | 0.20 | ||||||||||||||||||||||
CEO transition costs (3) |
— | — | 0.14 | — | ||||||||||||||||||||||
NMTC settlement gain (4) |
— | — | (0.31) | — | ||||||||||||||||||||||
Impairment expense (5) |
— | 0.35 | — | 0.35 | ||||||||||||||||||||||
Arbitration award expense (6) |
— | 0.43 | — | 0.43 | ||||||||||||||||||||||
Income tax impact on above adjustments (7) |
(0.05) | (0.26) | (0.25) | (0.36) | ||||||||||||||||||||||
| Adjusted diluted earnings per share | $ | 0.92 | $ | 0.89 | $ | 3.47 | $ | 4.97 | ||||||||||||||||||
| Weighted average diluted shares outstanding | 21,454 | 21,793 | 21,517 | 21,891 | ||||||||||||||||||||||
| (1) | Acquisition-related costs include 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, including $11.5 million of asset impairment charges in fiscal 2026. |
|||||||||||||
| (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) | Impairment expense on intangible assets in the Architectural Metals Segment. | |||||||||||||
| (6) | Expense related to an arbitration award, which represents the impact of the award amount net of existing reserves and estimated insurance proceeds. | |||||||||||||
| (7) | Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred. | |||||||||||||