Financial Analysis

(2) ACQUISITIONS Acquisitions of Businesses On August 31, 2023, the Company acquired HR Products for $58,044 Australian dollars ($37,302 United States (U.S.) dollars) in cash, net of cash acquired, and subject to working capital adjustments. Of the purchase price, $7,200 Australian dollars ($4,626 U.S. dollars) was withheld at closing as a retention fund to address contingencies and potential disagreements. This retention amount was settled in two equal payments, with the first payment made during the third quarter of fiscal 2024 and the second payment made during the third quarter of fiscal 2025. HR Products provides a wide range of irrigation products serving the agriculture and landscaping industries, with its operations reported in the Agriculture segment. This acquisition strengthens the Companys position in the critical agriculture market of Australia by expanding its geographic footprint and bolstering its aftermarket parts presence. The acquired customer relationships will be amortized over 13 years. Goodwill resulting from the acquisition was not tax-deductible and was attributed to anticipated synergies and other intangibles that did not qualify for separate recognition. The Company finalized the purchase price allocation in the third quarter of fiscal 2024. The following table summarizes the fair values of the assets acquired and liabilities assumed from HR Products as of the date of acquisition: August 31, 2023 Current assets $ 24,153 Property, plant, and equipmen …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

(17) COMMITMENTS AND CONTINGENCIES The Company and certain of its subsidiaries are subject to various legal proceedings, claims, and assessments arising in the normal course of business. It is difficult for the Company to fully assess the potential impact of both asserted and unasserted claims on its consolidated results of operations, financial condition, or liquidity. The Company records accruals for loss contingencies when such losses are considered probable and reasonably estimable. 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, which required management to reassess its loss contingency under ASC 450. The Company is currently awaiting a motion for clarification related to the appellate court ruling, which is expected to be received in the first half of fiscal 2026. Following receipt of the clarification, the Company will evaluate available legal options, which may include pursuing a settlement or further appeals within the Brazilian court system. As of December 27, 2025, the Company has accrued, in aggregate, approximately $24,165 related to the above matters, which is included in Other accrued expenses in the Consolidated Balance Sheets. The accrual reflects managements best estimate of losses based on presently available information. The outcome of these matters cannot be predi …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

(13) EMPLOYEE RETIREMENT SAVINGS PLAN Established under Internal Revenue Code Section 401(k), the Valmont Employee Retirement Savings Plan (VERSP) is a defined contribution plan available to all eligible employees. Participants may elect to contribute up to 75% of their annual eligible compensation on either a pre-tax or after-tax basis, subject to certain Internal Revenue Code limitations. The Company also sponsors a fully funded, non-qualified deferred compensation plan for certain executives who would otherwise be limited in receiving contributions into the VERSP under Internal Revenue Service regulations. As of December 27, 2025 and December 28, 2024, the invested assets and related liabilities for these participants were $29,631 and $27,379, respectively. These amounts are included in Deferred compensation investments and Deferred compensation liabilities in the Consolidated Balance Sheets. Distributions from the Companys non-qualified deferred compensation plan to participants, made under the transition rules of Section 409A of the Internal Revenue Code, totaled $4,213 and $5,467 for the fiscal years ended December 27, 2025 and December 28, 2024, respectively. All distributions were made in cash. The Company contributes to both the VERSP and the non-qualified deferred compensation plan for certain executives. The Companys contributions to these plans for the fiscal years ended December 27, 2025, December 28, 2024, and December 30, 2023, were approximately $20,600, $19,1 …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

Fiscal Year Ended December 27, 2025 December 28, 2024 December 30, 2023 Point in Time Over Time Point in Time Over Time Point in Time Over Time Infrastructure $ 1,612,552 $ 1,477,180 $ 1,656,355 $ 1,342,026 $ 1,744,139 $ 1,255,498 Agriculture 978,828 35,542 1,043,960 32,693 1,144,633 30,328 Total net sales $ 2,591,380 $ 1,512,722 $ 2,700,315 $ 1,374,719 $ 2,888,772 $ 1,285,826 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

(11) STOCK-BASED COMPENSATION The Company administers stock-based compensation plans that have been approved by its shareholders. Under these plans, the Human Resources Committee of the Board of Directors is authorized to grant various types of awards, including incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance stock units, and common stock bonuses. As of December 27, 2025, 1,367,546 shares of common stock remained available for issuance under the plans. The shares and options issued and available are subject to changes in capitalization. The Companys policy is to issue shares upon the exercise of stock options, the vesting of restricted stock units, or the issuance of restricted stock from treasury shares held by the Company. For the fiscal years ended December 27, 2025, December 28, 2024, and December 30, 2023, the Company recorded stock-based compensation expenses of $24,308, $29,869, and $39,219, respectively, included in Selling, general, and administrative expenses in the Consolidated Statements of Earnings. The associated tax benefits recorded for these periods were $3,416, $3,412, and $7,092, respectively. Stock Options Stock options granted under the plans have an exercise price equal to the closing market price on the date of the grant. Options vest beginning on the first anniversary of the grant date, either in equal amounts over three years or fully on the grants fifth anniv …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

(14) FAIR VALUE MEASUREMENTS Unless otherwise specified, the carrying amounts of cash and cash equivalents, receivables, accounts payable, notes payable to banks, and accrued expenses approximate fair value due to the short maturity of these instruments. The fair values of the Companys long-term debt instruments are based on future cash flows associated with each instrument, discounted using the Companys current borrowing rate for similar debt instruments of comparable maturities. Fair value estimates are made at a specific point in time, and the underlying assumptions may change based on market conditions. As of December 27, 2025, the carrying amount of the Companys long-term debt was $795,663 with an estimated fair value of approximately $766,814. As of December 28, 2024, the carrying amount of the Companys long-term debt was $730,633 with an estimated fair value of approximately $692,877. See Note 10 for further information. ASC 820 establishes a three-level hierarchy for fair value measurements, which is based on the transparency of inputs used to value an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the rep …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

(7) GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill As of December 27, 2025 and December 28, 2024, the carrying amounts of goodwill by segment were as follows: Infrastructure Agriculture Total Gross balance as of December 28, 2024 $ 470,988 $ 322,241 $ 793,229 Accumulated impairment losses (49,382) (120,000) (169,382) Balance as of December 28, 2024 421,606 202,241 623,847 Impairment (64,869) (64,869) Foreign currency translation 10,850 1,126 11,976 Balance as of December 27, 2025 $ 367,587 $ 203,367 $ 570,954 Infrastructure Agriculture Total Gross balance as of December 30, 2023 $ 478,663 $ 323,683 $ 802,346 Accumulated impairment losses (49,382) (120,000) (169,382) Balance as of December 30, 2023 429,281 203,683 632,964 Acquisition measurement period adjustment 331 331 Divestiture (1,509) (1,509) Foreign currency translation (6,166) (1,773) (7,939) Balance as of December 28, 2024 $ 421,606 $ 202,241 $ 623,847 In the second quarter of fiscal 2025, the Company identified triggering events that required interim goodwill impairment testing for certain reporting units within the Infrastructure segment. Due to the Companys strategic exit from the North American solar tracker market, increased competitive pressures in Brazil, and uncertainty surrounding European policies, an interim goodwill impairment test was conducted for the Solar reporting unit. The fair value of the reporting unit was estimated using a discounted cash flow analysis, which required the Company to estimate the f …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

(9) INCOME TAXES Earnings (loss) before income taxes and equity method investment loss for the fiscal years ended December 27, 2025, December 28, 2024, and December 30, 2023 were as follows: Fiscal Year Ended December 27, December 28, December 30, 2025 2024 2023 United States $ 417,532 $ 328,953 $ 195,491 Foreign (39,890) 139,728 40,961 Earnings before income taxes and equity method investment loss $ 377,642 $ 468,681 $ 236,452 Income tax expense (benefit) for the fiscal years ended December 27, 2025, December 28, 2024, and December 30, 2023 consisted of: Fiscal Year Ended December 27, December 28, December 30, 2025 2024 2023 Current: Federal $ 208 $ 84,110 $ 42,226 State 7,853 17,738 8,480 Foreign 36,329 42,150 56,107 Total current income tax expense 44,390 143,998 106,813 Non-current: (1,330) (1,365) 1,957 Deferred: Federal 2,103 (21,498) (12,585) State 2,882 (5,261) (2,586) Foreign (24,181) 2,104 (3,478) Total deferred income tax benefit (19,196) (24,655) (18,649) Total income tax expense $ 23,864 $ 117,978 $ 90,121 Total income taxes paid (net of refunds) for the fiscal year ended December 27, 2025 was as follows: Fiscal Year Ended December 27, Jurisdiction 2025 U.S. federal $ 26,484 Aggregated state and local 13,397 Foreign: Australia 11,853 Brazil 6,468 China 4,293 Italy 7,137 Mexico 4,577 Other 10,019 Total foreign 44,347 Total net income taxes paid $ 84,228 The reconciliation of the U.S. federal statutory income tax rate and the effective tax rate for the fiscal year …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

(19) LEASES The Company is a lessee in noncancellable operating leases for plant locations, corporate and sales offices, and certain equipment. The Company does not have any finance leases. At the inception of a contract, or when an existing contract is modified, the Company determines if the arrangement constitutes a lease based on whether it conveys the right to use an identified asset and whether the Company obtains substantially all of the economic benefits from, and has the ability to direct the use of, the asset. At lease commencement, the Company recognizes a lease liability and a right-of-use (ROU) asset, based on the present value of lease payments over the lease term. ROU assets represent the right to use the underlying asset for the lease term, while lease liabilities represent the Companys obligation to make lease payments. The Company uses its collateralized incremental borrowing rate to calculate the present value of future lease payments. ROU assets are adjusted for any lease payments, incentives, or impairments. Lease costs are recognized on a straight-line basis over the lease term. The Company's operating lease ROU assets are included in Operating lease right-of-use assets and the corresponding lease obligations are included in Other accrued expenses and Operating lease liabilities in the Consolidated Balance Sheets. The Company has elected not to s eparate lease and non-lease components in all asset classes and does not recognize ROU assets and lease liabil …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

(10) LONG-TERM DEBT Long-term debt as of December 27, 2025 and December 28, 2024 was as follows: December 27, December 28, 2025 2024 5.00% senior unsecured notes due in fiscal 2044 (a) $ 450,000 $ 450,000 5.25% senior unsecured notes due in fiscal 2054 (b) 305,000 305,000 Unamortized discount on 5.00% and 5.25% senior unsecured notes (a) (b) (18,790) (19,239) Revolving credit agreement (c) 65,000 Other notes 555 1,246 Debt issuance costs (6,102) (6,374) Long-term debt 795,663 730,633 Less: Current installments of long-term debt 513 692 Long-term debt, excluding current installments $ 795,150 $ 729,941 (a) The 5.00% senior unsecured notes due in fiscal 2044 have an aggregate principal amount of $450,000 , with an unamortized discount balance of $11,814 as of December 27, 2025. These notes bear interest at 5.00% per annum and are due on October 1, 2044. The discount will be amortized and recognized as interest expense over the term of the notes as interest payments are made. The notes may be repurchased prior to maturity, in whole or in part, at any time at 100% of their principal amount, plus a make-whole premium and accrued interest. These notes are guaranteed by certain subsidiaries of the Company. (b) The 5.25% senior unsecured notes due in fiscal 2054 have an aggregate principal amount of $305,000 , with an unamortized discount balance of $6,976 as of December 27, 2025. These notes bear interest at 5.25% per annum and are due on October 1, 2054. The discount will be amorti …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This update is intended to improve transparency and usefulness in income tax disclosures, particularly in areas such as rate reconciliation and reporting of income taxes paid. This guidance is effective prospectively for the fiscal year ending December 27, 2025. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements. See Note 9 for the required disclosures associated with this update. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense 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, IntangiblesGoodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update amends certain aspects of the …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"3 (18) DEFINED BENEFIT RETIREMENT PLAN Delta Ltd., a wholly owned subsidiary of the Company, sponsors the Delta Pension Plan (the Plan), which provides defined benefit retirement income to eligible employees in the United Kingdom (U.K.). Qualified employees are entitled to pension retirement benefits amounting to 1.67% of final salary for each year of service upon reaching the age of 65. There have been no active employees participating in the Plan for over five years. Funded Status The Company recognizes the pension plans funded status as either an asset or liability. This status reflects the difference between the projected benefit obligation (PBO) and the fair value of the plans assets. The PBO represents the present value of benefits earned by participants to date, factoring in assumed inflation. Plan assets are measured at fair value, and because the Plan is denominated in British pounds, the Company translates the net pension asset into U.S. dollars using exchange rates of $1.349/ and $1.257/ as of December 27, 2025 and December 28, 2024, respectively. As of December 27, 2025, the net funded status was $39,666 recorded as Defined benefit pension asset on the Consolidated Balance Sheets. The accumulated benefit obligation (ABO), representing the present value of benefits earned to date without assuming future compensation growth, is equal to the PBO due to the absence of active employees in the plan. The overfunded ABO represents the difference between the PBO and the f …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

(4) REALIGNMENT ACTIVITIES During fiscal 2025, the Company completed a targeted organizational realignment to better align operations and commercial teams, reduce layers of management, and enhance the speed and agility of decision-making across the business. These actions resulted in pre-tax cash charges of $16,066, of which $15,390 was included in Realignment charges and $676 was included in Product cost of sales in the Consolidated Statements of Earnings. During the fiscal year ended December 27, 2025, the Company recorded the following pre-tax expenses related to realignment activities: Infrastructure Agriculture Corporate Total Severance and other employee benefit costs $ 3,423 $ 2,940 $ 4,904 $ 11,267 Contract/lease termination 1,324 1,324 Purchase commitment losses 3,475 3,475 $ 8,222 $ 2,940 $ 4,904 $ 16,066 Changes in liabilities recorded related to realignment activities were as follows: Balance as of Recognized Costs Paid or Balance as of December 28, Realignment Otherwise December 27, 2024 Expense Settled 2025 Severance and other employee benefit costs $ $ 11,267 $ (6,558) $ 4,709 Contract/lease termination 1,324 (936) 388 Purchase commitment losses 3,475 3,475 $ $ 16,066 $ (7,494) $ 8,572 In the third quarter of fiscal 2023, management initiated a plan to streamline segment support across the Company and reduce costs through an organizational realignment program (the Realignment Program). The Realignment Program included a reduction in force through a voluntary ea …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

(20) BUSINESS SEGMENTS The Companys 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 Companys 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 accounting policies for the reportable segments are consistent with those described in Note 1. 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, telecommunications, and solar, 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 Fiscal year ended December 27, 2025 Infrastructure Agriculture Consolidate …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The 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, where the Company exercises significant influence but lacks control or is not the primary beneficiary, are accounted for using the equity method. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates In preparing the Consolidated Financial Statements in accordance with generally accepted accounting principles, the Companys management has made various estimates and assumptions. These estimates affect the reporting of assets and liabilities, the recognition of revenue and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from these estimates. Fiscal Year The Company operates on a 52- or 53-week fiscal year, with each fiscal year ending on the last Saturday in December. Accordingly, the Companys fiscal years ended December 27, 2025, December 28, 2024, and December 30, 2023 each consisted of 52 weeks. Certain international subsidiaries are subject to statutory requirements that require a fiscal year end of December 31 (most notably Brazil). Cash Book Overdrafts As of December 27, 2025 and December 28, 2024, cash book overdrafts totaling $19,400 and $23,492, respectively, were classified as Accounts payable in the Conso …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

(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, in the first quarter of fiscal 2026, 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 $15,095 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 att …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

(14) 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, the Company entered into a settlement agreement with the plaintiff for approximately 105,000 Brazilian reais (approximately $20,271 U.S. dollars), which was paid in full in the second quarter of fiscal 2026. This settlement amount excludes certain attorneys fees that remain subject to final determination and was materially consistent with the estimate made as of December 27, 2025. As of June 27, 2026 and December 27, 2025, the Company had accrued approximately $1,544 and $24,165, respectively, related to these matters, which are 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. No additional losses beyond the amounts accrued are deemed probable at this time. U.S. Customs and Border Protection Inquiry During the first half of fiscal 2026, the Company received multiple inquiries from U.S. Customs and Border Protection (CBP) related to the valuation methodology applied to steel tariffs from Mexico into the U.S. While certain inquiries rem …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Thirteen weeks ended June 27, 2026 Twenty-six weeks ended June 27, 2026 Point in Time Over Time Total Point in Time Over Time Total Infrastructure $ 422,423 $ 454,295 $ 876,718 $ 804,134 $ 875,764 $ 1,679,898 Agriculture 233,138 8,833 241,971 450,693 17,295 467,988 Total net sales $ 655,561 $ 463,128 $ 1,118,689 $ 1,254,827 $ 893,059 $ 2,147,886 Thirteen weeks ended June 28, 2025 Twenty-six weeks ended June 28, 2025 Point in Time Over Time Total Point in Time Over Time Total Infrastructure $ 423,581 $ 339,511 $ 763,092 $ 789,724 $ 676,859 $ 1,466,583 Agriculture 279,000 8,456 287,456 537,703 15,576 553,279 Total net sales $ 702,581 $ 347,967 $ 1,050,548 $ 1,327,427 $ 692,435 $ 2,019,862 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

(10) STOCK-BASED COMPENSATION For the thirteen and twenty-six weeks ended June 27, 2026 and June 28, 2025, stock-based compensation expense (included in Selling, general, and administrative expenses in the Condensed Consolidated Statements of Operations) and associated income tax benefits were as follows: Thirteen weeks ended Twenty-six weeks ended June 27, June 28, June 27, June 28, 2026 2025 2026 2025 Stock-based compensation $ 5,887 $ 6,166 $ 11,419 $ 13,377 Income tax benefits 1,472 1,541 2,855 3,344 For the thirteen weeks ended June 27, 2026, the Company granted 3,410 restricted stock units at a weighted average grant date price of $497.99 per share unit and 579 performance stock units at a weighted average grant date price of $489.23 per share unit. For the twenty-six weeks ended June 27, 2026, the Company granted 7,805 restricted stock units at a weighted average grant date price of $456.83 per share unit and 20,985 performance stock units at a weighted average grant date price of $449.69 per share unit. …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

(7) FAIR VALUE MEASUREMENTS The following tables present the carrying values and fair value measurements of the Companys financial assets and liabilities measured at fair value on a recurring basis as of June 27, 2026 and December 27, 2025: Carrying Value Fair Value Measurement Using: June 27, 2026 Level 1 Level 2 Level 3 Deferred compensation investments $ 30,813 $ 30,813 $ $ Derivative financial instruments, net 851 851 Cash and cash equivalentsmutual funds 6,315 6,315 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 equivalentsmutual 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. In the second quarter of fiscal 2025, the carrying values of certain long-lived assets that will no longer be utilized were reduced to their respective fair values, based on Level 3 inputs, resulting in impairment charges totaling $19,657 in the Infrastructure segment and $586 in the Agriculture segment. …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

(5) GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill As of June 27, 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 15,095 15,095 Foreign currency translation (2,133) 210 (1,923) Balance as of June 27, 2026 $ 365,454 $ 218,672 $ 584,126 Infrastructure Agriculture Total Gross balance as of June 27, 2026 $ 479,705 $ 338,672 $ 818,377 Accumulated impairment losses (114,251) (120,000) (234,251) Balance as of June 27, 2026 $ 365,454 $ 218,672 $ 584,126 In the second quarter of fiscal 2025, the Company identified triggering events that required interim goodwill impairment testing for certain reporting units within the Infrastructure segment. Due to the Companys strategic exit from the North American solar tracker market, increased competitive pressures in Brazil, and uncertainty surrounding European policies, an interim goodwill impairment test was conducted for the Solar reporting unit. The carrying amount of this reporting unit exceeded its estimated fair value, resulting in a goodwill impairment charge of $41,869 within the Infrastructure segment. Additionally, due to a reduction in forecasted sales primarily resulting from general market weakness in Australia, an interim goodwill impairment test was also performed f …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

(9) INCOME TAXES The Company recorded income tax expense of $41,989 and $79,104 for the thirteen and twenty-six weeks ended June 27, 2026, respectively, and recorded income tax expense of $22,280 and $53,079 for the thirteen and twenty-six weeks ended June 28, 2025. The Companys effective income tax rate was 25.8%, and 25.7% for the thirteen and twenty-six weeks ended June 27, 2026, respectively, compared to 117.2% and 38.7% for the thirteen and twenty-six weeks ended June 28, 2025. The thirteen and twenty-six weeks ended June 28, 2025 included $64,869 of goodwill impairments that had no associated tax benefit as they were non-deductible for income tax purposes. See Note 5 for further information on goodwill impairments. In the fourth quarter of fiscal 2025, the Company completed a legal entity reorganization that resulted in a deemed liquidation of the former Prospera business. In connection with this restructuring, the Prospera shares were determined to be worthless under Internal Revenue Code Section 165(g)(1), resulting in the recognition of a federal income tax benefit of approximately $66,094. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2024-03, Income StatementReporting Comprehensive IncomeExpense 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 a prospective basis, with the option to apply it retrospectively, 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, IntangiblesGoodwill 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. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

(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 June 27, 2026 and December 27, 2025, the Companys contract assets totaled $272,731 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 June 27, 2026, total contract liabilities were $80,114, with $79,785 recorded as Contract liabilities and $329 as Other non-current 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 and twenty-six weeks ended June 27, 2026, the Company recognized $4,266 and $39,186 in revenue, respectively, from amounts included in contract liabilities as of December 27, 2025. During the thirteen and twenty-six weeks ended June 28, 2025, the Company recognized $32,560 and $56,943 from amounts included in contract liabilities as of December 28, 2024. This revenue reflects advance payments applied to performance obligations completed during the respective periods. As of June 27, 2026, the Company …

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(15) BUSINESS SEGMENTS AND RELATED REVENUE INFORMATION The Companys 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 Companys 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 June 27, 2026 Infrastructure Agriculture Consolidated Sales $ 878,941 $ 243,699 $ 1,122,640 Intersegment sales (2,223) (1,728) …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

(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 of normal recurring adjustments, considered necessary for a fair presentation of the Companys 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 Com …

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