Financial Analysis

Note P Acquisitions LSI (fiscal 2026) On January 16, 2026, we acquired LSI, one of the largest U.S. manufacturers of standing-seam metal roof clips and retrofit components in the commercial roof market. The purchase price was $ 206,559 , net of cash acquired, and includes an estimated tax equalization payment of approximately $ 3,000 that was not settled at closing. The purchase price is subject to customary post-closing adjustments. LSI operates as part of the Building Products operating segment and its results have been included in our consolidated statements of earnings since the date of acquisition. The information included herein is based on the preliminary allocation of the purchase price using estimates of the fair value and useful lives of the assets acquired. The purchase price allocation is subject to further adjustment until all pertinent information regarding the assets acquired is fully evaluated by us, including but not limited to, the fair value accounting. As of May 31, 2026, the purchase price allocation remains open for adjustments related to the tax equalization payment. The assets acquired and liabilities assumed were recognized at their estimated acquisition-date fair values, with goodwill representing the excess of the purchase price over the fair value of the net identifiable assets acquired. The purchase price includes the fair values of other assets that were not identifiable, not separately recognizable under GAAP (e.g., assembled workforce) or of im …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Note F Contingent Liabilities and Commitments We are defendants in certain legal actions. In the opinion of management, the outcome of these actions, which is not clearly determinable at the present time, would not significantly, both individually and in the aggregate, affect our consolidated financial position or future results of operations. We also believe that environmental issues will not have a material effect on our capital expenditures, consolidated financial position or future results of operations. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Note H Debt The following table summarizes our long-term debt outstanding at May 31, 2026 and 2025: 2026 2025 2032 Notes $ 200,000 $ 200,000 New Series A Senior Note 42,789 41,643 New Series B Senior Notes 64,125 62,407 Total debt 306,914 304,050 Unamortized discount and debt issuance costs ( 1,018 ) ( 1,182 ) Total long-term debt $ 305,896 $ 302,868 Maturities of long-term debt in the next five fiscal years, and the remaining years thereafter, are as follows: 2027 $ - 2028 - 2029 - 2030 34,977 2031 - Thereafter 271,937 Total $ 306,914 Long-Term Debt On August 23, 2019, two of our European subsidiaries issued the Original Senior Notes. The Original Series A Senior Note was to be repaid in the principal amount of 30,000 , together with accrued interest, on August 23, 2029 , with the remaining 6,700 principal amount payable on August 23, 2031 , together with accrued interest. The Original Series B Senior Notes were to be repaid in the aggregate principal amount of 23,300 , together with accrued interest, on August 23, 2031 , with the remaining 31,700 aggregate principal amount payable on August 23, 2034 , together with accrued interest. Debt issuance costs of $ 134 were incurred in connection with the issuance of the Original Senior Notes and have been recorded on our consolidated balance sheets within long-term debt as a contra-liability. In anticipation of the Separation, on November 1, 2023, we amended the interest rate on both the Original Series A Senior Note, from 1.56 % …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Note K Stock-Based Compensation Under our stock-based compensation plans, we may grant incentive or non-qualified stock options, service-based restricted common shares, special PSAs, and performance shares to employees and non-qualified stock options and restricted common shares to non-employee directors. We classify share-based compensation expense within SG&A to correspond with the same financial statement caption as the majority of the cash compensation paid to employees who have been awarded common shares. A total of 8,558,849 common shares were authorized and available for issuance in connection with our stock-based compensation plans in place at May 31, 2026. We recognized pre-tax stock-based compensation expense of $ 13,734 ($ 10,416 a fter-tax), $ 16,186 ($ 12,107 after-tax) and $ 16,688 ($ 14,999 after-tax) under our stock-based compensation plans during fiscal 2026, fiscal 2025 and fiscal 2024 , respectively. Pre-tax stock-based compensation attributable to continuing operations was $ 13,155 during fiscal 2024. At May 31, 2026 , the total unrecognized compensation cost related to non-vested awards was $ 26,271 , which will be expensed over the next three fiscal years. The Separation In connection with the Separation, we adjusted our outstanding share-based awards in accordance with the terms of the Employee Matters Agreement. Adjustments to the underlying shares and terms of outstanding non-qualified stock options, service-based restricted common shares, special …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Note R Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is an exit price concept that assumes an orderly transaction between willing market participants and is required to be based on assumptions that market participants would use in pricing an asset or a liability. Current accounting guidance establishes a three-tier fair value hierarchy as a basis for considering such assumptions and for classifying the inputs used in the valuation methodologies. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair values are as follows: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 Unobservable inputs for the asset or liability and that are significant to the fair value of the assets and liabilities (i.e., allowing for situations in which there is little or no market activity for the asset or liability at the measurement date). Recurring Fair Value Measurements At May 31, 2026, our financial assets and liabilities measured at fair value on a recurring basis …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Note D Goodwill and Other Long-Lived Assets Goodwill The following table summarizes the changes in the carrying amount of goodwill during the prior two fiscal years by reportable operating segment: Total Building Consumer Reportable Products Products Segments Other Total Balance at May 31, 2024 $ 65,948 $ 265,647 $ 331,595 $ - $ 331,595 Acquisitions and purchase accounting adjustments (1) 41,639 ( 237 ) 41,402 - 41,402 Translation adjustments 3,483 - 3,483 - 3,483 Balance at May 31, 2025 $ 111,070 $ 265,410 $ 376,480 $ - $ 376,480 Acquisitions and purchase accounting adjustments (1) 118,402 - 118,402 - 118,402 Translation adjustments 5,902 - 5,902 - 5,902 Balance at May 31, 2026 $ 235,374 $ 265,410 $ 500,784 $ - $ 500,784 (1) For additional information regarding our acquisitions, refer to Note P Acquisitions. Accumulated goodwill impairment charges within Other totaled $ 212,500 as of May 31, 2026 and May 31, 2025, respectively. Other Intangible Assets Intangible assets with definite lives are amortized on a straight-line basis over their estimated useful lives, which range from 10 to 20 years. The following table summarizes other intangible assets by class as of the end of the prior two fiscal years: 2026 2025 Accumulated Accumulated Cost Amortization Cost Amortization Indefinite-lived intangible assets: Trade names $ 105,081 $ - $ 83,981 $ - Total indefinite-lived intangible assets 105,081 - 83,981 - Definite-lived intangible assets: Patents $ 7,000 $ 642 $ - $ - Trade name …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Note M Income Taxe s Earnings before income taxes for the prior three fiscal years included the following components: 2026 2025 2024 U.S. based operations $ 200,396 $ 132,160 $ 107,643 Non U.S. based operations 952 ( 3,351 ) ( 33,636 ) Earnings before income taxes 201,348 128,809 74,007 Plus: net loss attributable to noncontrolling interests (1) 1,050 1,083 263 Earnings before income taxes attributable to controlling interest $ 202,398 $ 129,892 $ 74,270 (1) Net earnings attributable to noncontrolling interests are not taxable to us. Significant components of income tax expense (benefit) for the three prior fiscal years were as follows: 2026 2025 2024 Current Federal $ 34,187 $ 44,669 $ 32,743 State and local 3,391 5,714 1,576 Foreign 296 1,894 1,666 Subtotal 37,874 52,277 35,985 Deferred Federal 7,840 ( 14,775 ) ( 3,751 ) State and local 609 ( 2,256 ) 3,801 Foreign ( 10 ) ( 1,407 ) 2,992 Subtotal 8,439 ( 18,438 ) 3,042 Total $ 46,313 $ 33,839 $ 39,027 A reconciliation of the federal statutory corporate income tax rate to total tax provision upon adoption of ASU 2023-09 for the three prior fiscal years were as follows: 2026 2025 2024 Federal statutory corporate income tax rate $ 42,504 21.0 % $ 27,277 21.0 % $ 15,597 21.0 % State and local income taxes, net of federal tax benefit (1) 4,000 2.0 3,458 2.7 5,377 7.2 Foreign tax effects 86 - 1,044 0.8 347 0.5 Nontaxable or Nondeductible Items Executive compensation 1,399 0.7 2,021 1.6 3,622 4.9 Excess benefit related to share-bas …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which enhances the transparency of income tax disclosures, including expanded statutory-to-effective tax rate reconciliations and disaggregation of income taxes by jurisdiction. Effective May 31, 2026, we retrospectively adopted this guidance, resulting in an impact to our income tax disclosures. Refer to Note M Income Taxes for additional information. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures , which expands the disclosure of significant costs and expenses. This ASU requires expanded disclosures of significant costs and expenditures within cost of goods sold and SG&A, including amounts of inventory purchased, employee compensation, depreciation, amortization and selling expenses. This ASU also requires expanded qualitative disclosures, including a description of selling expenses and a description of non-disaggregated expenses. This standard is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We expect this ASU to only impact our disclosures with no impact on our results of operations, cash flows and financial condition. In September 2025, the FASB issued ASU …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note L Employee Retirement Plan s Defined Contribution Retirement Plans We provide retirement benefits to employees mainly through defined contribution retirement plans. Eligible participants make pre-tax contributions based on elected percentages of eligible compensation, subject to annual addition and other limitations imposed by the Code and the various plans provisions. Company contributions consist of employer matching contributions, annual or monthly employer contributions and discretionary contributions, based on individual plan provisions. We incurred charges of $ 9,991 , $ 9,289 , and $ 9,678 in fiscal 2026, fiscal 2025 and fiscal 2024, respectively, for our defined contribution retirement plans. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Note T Related Party Transactions In connection with the Separation, we entered into several agreements with Worthington Steel that govern our ongoing relationships, including a Trademark License Agreement, both a short-term and long-term Transition Services Agreement, and a Steel Supply and Services Agreement. Pursuant to the Steel Supply and Services Agreement, Worthington Steel manufactures and supplies to us, at reasonable market rates, certain flat rolled steel products, and will provide us with certain related support services such as design, engineering/technical services, price risk management, scrap management, steel purchasing, supply chain optimization and product rework services, and other services at our request that are ancillary to the supply of the flat rolled steel products. Purchases from Worthington Steel under this agreement for fiscal 2026 and fiscal 2025 totaled $ 137,077 and $ 113,400 , respectively. Accounts payable related to these purchases were $ 6,904 and $ 9,099 as of May 31, 2026 and May 31, 2025, respectively. We incurred direct and i ncremental costs associated with the Separation, including approximately $ 31,226 during fiscal 2024 , of which $ 18,521 was attributed to discontinued operations. These costs consisted primarily of third-party advisory fees and certain non-recurring employee-related costs and, to the extent not attributed to Worthington Steel, are presented as a separate component of operating expense in our consolidated statement …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Note E Restructuring and Other Expense, Net Restructuring activities consist of established programs that are intended to fundamentally change our operations. Our restructuring programs may include closing or consolidating production facilities or moving manufacturing of a product to another location, realignment of the management structure of a business unit in response to changing market conditions or general rationalization of headcount. Our restructuring activities generally give rise to employee-related costs, such as severance pay, and facility-related costs, such as exit costs and gains or losses on asset disposals but may include other incremental operating items associated with our ongoing businesses that are discrete in nature but incremental to our normal business activities. A progression of the liabilities associated with our restructuring activities, combined with a reconciliation to the restructuring and other expense, net financial statement caption in our consolidated statement of earnings for fiscal 2026, is summarized below: Beginning Ending Balance Expense Payments Balance Early retirement and severance $ 585 $ 941 $ ( 1,333 ) $ 193 Other restructuring charges (1) 100 5,926 ( 6,026 ) - $ 685 $ 6,867 $ ( 7,359 ) $ 193 Net loss on sale of assets 233 Restructuring and other expense, net $ 7,100 (1) During fiscal 2026 other restructuring charges consisted primarily of acquisition-related costs such as advisory, legal, and other professional fees. The total lia …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Note O Segment Data Our operations are organized under two operating segments: Building Products and Consumer Products. These operating segments correspond directly with our reportable segments, as described further below. Activity outside of our two operating segments is presented within Other and Unallocated Corporate, as described further below. Our segment structure reflects the manner in which internally reported financial information is regularly reviewed by our CODM , who is our President and CEO, to evaluate the performance and allocate resources. Operating segments are identified based on the nature of the products and services offered, the management reporting structure, similarity of economic characteristics and certain quantitative measures as prescribed by authoritative accounting guidance. The CODM evaluates segment performance and makes resource allocation decisions based on adjusted EBITDA from continuing operations. Adjusted EBITDA from continuing operations is a non-GAAP financial measure, as described in the Use of Non-GAAP Financial Measures section preceding Part I, Item 1 of this Form 10-K. At the operating segment level, adjusted EBITDA from continuing operations excludes public company and other governance-related costs. Building Products: Our Building Products segment is a market-leading provider of critical components in essential categories, including: (i) pressurized containment solutions for heating, cooking, cooling and water applications; (ii) H …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Note J Equity Preferred Shares: The Worthington Enterprises Amended Articles of Incorporation authorize two classes of preferred shares and their relative voting rights. The Board is empowered to determine the issue prices, dividend rates, amounts payable upon liquidation and other terms of the preferred shares when issued. No preferred shares are issued or outstanding. Common Shares : On March 24, 2021, the Board authorized the repurchase of up to 10,000,000 common shares. These common shares may be repurchased from time to time, with consideration given to the market price of the common shares, the nature of other investment opportunities, cash flows from operations, general economic conditions and other relevant considerations. Repurchases may be made on the open market or through privately negotiated transactions. At May 31, 2026 , 4,565,000 common shares were available for repurchase under the authorization. The repurchase authorization is not subject to a fixed expiration date. During fiscal 2026 , we repurchased 800,000 common shares at an aggregate cost of $ 43,710 . During fiscal 2025, we repurchased 700,000 common shares at an aggregate cost of $ 30,883 . We did no t repurchase any common shares as part of publicly announced plans or programs during fiscal 2024. Common shares in non-qualified plans: Our non-qualified deferred compensation plans for employees require that any portion of a participants current account credited to the theoretical common share option, w …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Note M Acquisitions LSI On January 16, 2026, we acquired LSI, one of the largest U.S. manufacturers of standing-seam metal roof clips and retrofit components in the commercial roof market. The purchase price was $ 206,064 , net of cash acquired, and includes an estimated tax equalization payment of approximately $ 3,000 that was not settled at closing. The purchase price is subject to customary post-closing adjustments. LSI operates as part of the Building Products operating segment and its results have been included in our consolidated statements of earnings since the date of acquisition. The information included herein is based on the preliminary allocation of the purchase price using estimates of the fair value and useful lives of the assets acquired. The purchase price allocation is subject to further adjustment until all pertinent information regarding the assets acquired is fully evaluated by us, including but not limited to, the fair value accounting. The assets acquired and liabilities assumed were recognized at their estimated acquisition-date fair values, with goodwill representing the excess of the purchase price over the fair value of the net identifiable assets acquired. The purchase price includes the fair values of other assets that were not identifiable, not separately recognizable under GAAP (e.g., assembled workforce) or of immaterial value. The purchase price also includes strategic and synergistic benefits (i.e., investment value) specific to us, which res …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Note D Contingent Liabilities and Commitments Legal Proceedings We are defendants in certain legal actions. In the opinion of management, the outcome of these actions, which is not clearly determinable at the present time, would not significantly affect our consolidated financial position or future results of operations. We also believe that environmental issues will not have a material effect on our capital expenditures, consolidated financial position or future results of operations. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Note F Debt Our multi-year revolving Credit Facility is scheduled to mature on September 27, 2028 . Borrowings under the Credit Facility have maturities of up to one year . We have the option to borrow at rates equal to an applicable margin over the overnight bank funding rate, the prime rate of PNC Bank, National Association or the adjusted daily simple SOFR. The applicable margin is determined by our total leverage ratio. At February 28, 2026 , there were $ 4,792 of borrowings outstanding under the Credit Facility bearing interest at a weighted average of 4.9 %, leaving $ 495,208 available for use. At May 31, 2025 , there were no borrowings outstanding under the Credit Facility. …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Note I Stock-Based Compensation Service-Based Restricted Common Shares During the current year period, we granted an aggregate of 120,725 service-based restricted common shares under our stock-based compensation plans, which cliff vest three years from the grant date. The weighted average grant date fair value of these restricted common shares, based on the weighted average closing price of the underlying common shares on the grant date, was $ 58.25 per share, or $ 7,032 in total, and will be recognized on a straight-line basis over the three-year vesting period, net of any forfeitures. Special PSAs On June 30, 2025, we granted special PSAs covering an aggregate of 92,500 common shares (at target levels) to certain members of executive management. Vesting of the awards is subject to time-based restrictions and the achievement of specified levels of ATSR over a three-year service period ending June 30, 2028, in which ATSR must exceed a threshold level in order to be satisfied. The fair value of these market-based restricted common shares was estimated using a Monte-Carlo simulation model that incorporates key assumptions such as the risk-free interest rate, expected volatility and expected dividends. Compensation expense is recognized on a straight-line basis over the three-year vesting period, net of forfeitures, regardless of whether the market condition is satisfied. The estimated grant date fair value of these market-based restricted common shares was $ 45.39 per common sh …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Note O Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is an exit price concept that assumes an orderly transaction between willing market participants and is required to be based on assumptions that market participants would use in pricing an asset or a liability. Current accounting guidance establishes a three-tier fair value hierarchy as a basis for considering such assumptions and for classifying the inputs used in the valuation methodologies. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair values are as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 - Unobservable inputs for the asset or liability and that are significant to the fair value of the assets and liabilities (i.e., allowing for situations in which there is little or no market activity for the asset or liability at the measurement date). Recurring Fair Value Measurements At February 28, 2026, our assets and liabilities measured at fair value on a recurring basis …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Note J Income Taxes Income tax expense for both the current year period and the prior year period reflected estimated annual ETRs of 24.3 % and 24.4 %, respectively. Management is required to estimate the annual ETR based upon its forecast of annual pre-tax income for domestic and foreign operations. Our actual ETR for fiscal 2026 could be materially different from the forecasted rate as of February 28, 2026 . …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Note C Restructuring and Other Expense, Net Restructuring activities consist of established programs that are intended to fundamentally change our operations. Our restructuring programs may include closing or consolidating production facilities or moving manufacturing of a product to another location, realignment of the management structure of a business unit in response to changing market conditions or general rationalization of headcount. Our restructuring activities generally give rise to employee-related costs, such as severance pay, and facility-related costs, such as exit costs and gains or losses on asset disposals but may include other incremental operating items associated with our ongoing businesses that are nonrecurring in nature but incremental to our normal business activities. A progression of the liabilities associated with our restructuring activities, combined with a reconciliation to the restructuring and other expense, net financial statement caption in our consolidated statement of earnings for the current year period is summarized below: Balance at Balance at May 31, 2025 Expense Payments February 28, 2026 Early retirement and severance $ 585 $ 923 $ ( 1,192 ) $ 316 Other restructuring charges (1) 100 5,383 ( 5,483 ) - $ 685 $ 6,306 $ ( 6,675 ) $ 316 (1) During the current year period, other restructuring charges consisted primarily of acquisition-related costs such as advisory, legal, and other professional fees. The total liability associated with our r …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Note L Segment Operations Our operating segments reflect the way in which internally-reported financial information is regularly reviewed by the CODM to analyze performance, make decisions and allocate resources. We have identified our CEO as our CODM. Our CODM evaluates segment performance on the basis of adjusted EBITDA, as described in the Use of Non-GAAP Financial Measures and Definitions section. Factors used to identify operating segments include the nature of the products provided by each business, the management reporting structure, similarity of economic characteristics and certain quantitative measures, as prescribed by GAAP. Our operations are organized under two operating segments: Consumer Products and Building Products. Activity outside of our two operating segments is presented within Other and Unallocated Corporate as described further below. Other includes our share of the equity earnings of two of our unconsolidated joint ventures, SES and Workhorse, and the related investments in these businesses. Unallocated Corporate includes certain assets and liabilities (e.g. public debt) held at the corporate level as well as general corporate expenses that are not directly attributable to our business operations and are administrative in nature, such as public company and other governance-related costs that benefit the organization as a whole. The following tables present summarized financial information for our reportable operating segments, Other, and Unallocated C …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Note H Changes in Equity The following tables summarize the changes in equity by component and in total for the periods presented: Controlling Interest Additional Paid In AOCI Retained Noncontrolling Capital Net of Tax Earnings Subtotal Interest Total Balance at May 31, 2025 $ 308,608 $ 4,050 $ 624,529 $ 937,187 $ 1,050 $ 938,237 Net earnings (loss) - - 35,148 35,148 ( 327 ) 34,821 Other comprehensive income - 1,083 - 1,083 - 1,083 Common shares issued, net of withholding tax ( 3,552 ) - - ( 3,552 ) - ( 3,552 ) Common shares in non-qualified plans 78 - - 78 - 78 Stock-based compensation 4,856 - - 4,856 - 4,856 Purchase and retirement of common shares ( 623 ) - ( 5,636 ) ( 6,259 ) - ( 6,259 ) Cash dividends declared - - ( 9,433 ) ( 9,433 ) - ( 9,433 ) Balance at August 31, 2025 $ 309,367 $ 5,133 $ 644,608 $ 959,108 $ 723 $ 959,831 Net earnings (loss) - - 27,328 27,328 ( 299 ) 27,029 Other comprehensive income - ( 1,598 ) - ( 1,598 ) - ( 1,598 ) Common shares issued, net of withholding tax ( 2,269 ) - - ( 2,269 ) - ( 2,269 ) Common shares in non-qualified plans 53 - - 53 - 53 Stock-based compensation 3,104 - - 3,104 - 3,104 Purchase and retirement of common shares ( 1,566 ) - ( 12,129 ) ( 13,695 ) - ( 13,695 ) Cash dividends declared - - ( 9,432 ) ( 9,432 ) - ( 9,432 ) Balance at November 30, 2025 $ 308,689 $ 3,535 $ 650,375 $ 962,599 $ 424 $ 963,023 Net earnings (loss) - - 45,463 45,463 ( 343 ) 45,120 Other comprehensive income - 6,157 - 6,157 - 6,157 Common shares issued, net …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing