[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","urylcys1sa87b8ui1y9fywma4","revision",2,"title","Apogee Enterprises 2026年第二季度净销售额达3.91亿美元","originalTitle","APOGEE ENTERPRISES, INC. (0000006845) (Filer)","summary","Apogee Enterprises 2026年第二季度净销售额为3.91亿美元，同比增长9.2%。净收益为2.24亿美元，调整后EBITDA为2.21亿美元。公司完成对Kalwall的收购，支付1.12亿美元，并计划通过债务融资满足未来需求。","reason","Apogee Enterprises 2026年第二季度营收同比增长，净销售额达3.91亿美元，净收益2.24亿美元，同时完成Kalwall收购并计划进一步融资。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-06T20:19:40.000Z","discoveredAt","2026-10-06T20:32:09.650Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",74,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","f_2FAxL2YVAw",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","62ad1bfa-7f53-476b-9438-07ac4cbb7056","Apogee Enterprises FY2027业绩展望及收购动态",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549


表 10-Q


☒	根据《1934 年证券交易法》第 13 或 15(d) 条的季度报告

截至 2026 年 8 月 29 日的季度


☐	根据《1934 年证券交易法》第 13 或 15(d) 条的过渡报告

从到的过渡期

委员会文件编号：0-6365

_________________________________

APOGEE ENTERPRISES, INC.

（根据其章程指定的注册人全名）

_________________________________

明尼苏达州

41-0919654

（注册或组织的州或其它司法管辖区）

（I.R.S. 雇主识别号）

明尼苏达州 78 号街西 4400 号，520 室

明尼阿波利斯

明尼苏达州

55435

（主要执行办公室地址）

（邮政编码）

注册人的电话号码，包括地区代码：(952) 835-1874

不适用

（如自上次报告以来名称、地址或财政年度有所更改，请注明）

_________________________________

根据《法案》第 12(b) 条注册的证券：

每类证券的名称

交易符号

每种证券的注册交易所

面值为每股 0.33 1/3 美元的普通股

APOG

纳斯达克股票市场

通过勾选方框表明注册人（1）是否已提交了根据《证券交易法》第 13 或 15(d) 条在前 12 个月内（或注册人需提交此类报告的较短期间）要求提交的所有报告，以及（2）是否在过去 90 天内受到此类提交要求的约束。 x 是 o 否

通过勾选方框表明注册人是否已根据规章 S-T 第 405 条的要求，在前 12 个月内（或注册人需提交此类文件的较短期间）提交了所有应提交的交互式数据文件。 x 是 o 否

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易法》第 12b-2 条中对“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。

大型加速提交者

加速提交者

☐

非加速提交者

☐

较小的报告公司

☐

新兴成长公司

☐

如果是新兴成长公司，请通过勾选方框表明注册人是否已选择不使用《交易法》第 13(a) 条规定的任何新修订的财务会计标准的延长过渡期。

☐

用勾选标记表明注册人是否为壳公司（根据《交易法》第12b-2条的定义）。 ☐ 是 x 否

截至2026年10月2日，注册人普通股已发行并流通的股份数量为20,895,599股，每股面值为$0.33 1/3。

APOGEE ENTERPRISES, INC. AND SUBSIDIARIES


		页码
第一部分	财务信息

第1项。	财务报表（未审计）：

	合并资产负债表	3

	合并经营成果	4

	合并综合收益表	5

	合并现金流量表	6

	合并股东权益表	7

	合并财务报表附注	8

第2项。	管理层讨论与分析	20

第3项。	关于市场风险的定量和定性披露	28

第4项。	控制和程序	28

第二部分	其他信息

第1项。	法律诉讼	29

第1A项。	风险因素	29

第2项。	未注册的股权证券销售及资金用途	29

第5项。	其他信息	29

第6项。	附录	30

签名		31

第一部分。财务信息

第1项。财务报表

合并资产负债表


	（未审计）
（千美元，股票数据除外）	2026年8月29日		2026年2月28日
资产
流动资产
现金及现金等价物	$	36,529			$	39,523

应收账款，净额	206,327			198,516
存货，净额	116,760			98,059
合同资产	68,806			59,512

其他流动资产	43,888			43,823
流动资产合计	472,310			439,433
固定资产，净额	277,349			255,032
经营租赁使用权资产	42,534			48,736
商誉	255,499			236,744
无形资产，净额	154,383			111,261

其他非流动资产	42,029			31,139
资产总计	$	1,244,104			$	1,122,345
负债和股东权益
流动负债
应付账款	$	89,423			$	105,478
应计薪酬和福利	45,506			39,667

合同负债	59,343			60,903
经营租赁负债	14,618			14,729


其他流动负债	55,749			46,079
流动负债合计	264,639			266,856
长期债务	335,545			232,279
非流动经营租赁负债	32,351			39,375
非流动自保准备金	26,866			24,914

其他非流动负债	61,369			47,127
承诺和或有负债（注6）
股东权益

面值为$0.33-1/3的普通股；授权发行50,000,000股；已发行并流通20,893,469股和21,220,350股	6,964			7,073
额外 paid-in 资本	160,039			159,085
留存收益	386,047			376,438


其他综合亏损累计	(29,716)			(30,802)
股东权益合计	523,334			511,794
负债和股东权益总计	$	1,244,104			$	1,122,345

参见合并财务报表附注。

合并运营结果

（未审）


	截至		截至
（以千为单位，每股数据除外）	2026年8月29日		2025年8月30日		2026年8月29日		2025年8月30日
净销售额	$	391,135			$	358,194		$	733,820	$	704,816
销售成本	294,970			275,587			562,624		547,084
毛利	96,165			82,607			171,196		157,732
销售、一般及行政费用	62,679			55,719			118,870		123,913
运营收入	33,486			26,888			52,326		33,819
净利息支出	3,554			4,075			6,388		7,921

净其他收入	485			5,140			412		4,458
税前收益	30,417			27,953			46,350		30,356
所得税费用	8,037			4,304			12,433		9,394
净收益	$	22,380			$	23,649		$	33,917	$	20,962
基本每股收益	$	1.08			$	1.10		$	1.62	$	0.98
稀释每股收益	$	1.07			$	1.10		$	1.61	$	0.97
加权平均基本股总数	20,722			21,408			20,884		21,373
加权平均稀释股总数	20,901			21,590			21,014		21,562

参见合并财务报表附注。

合并综合收益表

（未审）


	截至		截至
（以千为单位）	2026年8月29日		2025年8月30日		2026年8月29日		2025年8月30日
净收益	$	22,380			$	23,649		$	33,917	$	20,962
其他综合收益：
公允价值变动（损失）收益，扣除税（收益）费用分别为$(24)、(2)、(53)和$8	(91)			(7)			(199)		28
衍生工具公允价值变动（损失）收益，扣除税（收益）费用分别为$(483)、(144)、357和$(176)	(1,441)			(388)			1,021		(482)
外币折算调整	(36)			479			264		3,146
其他综合（损失）收益	(1,568)			84			1,086		2,692
综合收益总额	$	20,812			$	23,733		$	35,003	$	23,654

参见合并财务报表附注。

合并现金流量表

（未审）


	截至
（以千为单位）	2026年8月29日		2025年8月30日
经营活动
净收益	$	33,917			$	20,962
调整项目以将净收益调节为经营活动产生的净现金：
折旧和摊销	26,569			24,943
基于股票的薪酬	4,927			2,773
递延所得税	3,494			17,214


长期资产减值	—			7,418

新市场税收信用交易结算	—			(4,597)
非现金租赁费用	6,064			5,474
其他，净额	4,137			4,129
经营性资产和负债变动：
应收账款	4,666			(9,204)
存货	(9,931)			(9,735)
合同资产	(9,379)			10,518
应付账款	(15,576)			(2,575)
应计薪酬和福利	2,971			(9,681)
合同负债	(1,621)			15,734
经营租赁负债	(6,952)			(4,608)
应计所得税	2,426			(11,008)
其他流动资产和负债	(2,453)			(20,477)
经营活动产生的净现金	43,259			37,280
投资活动
资本支出	(17,796)			(11,827)

购买可供出售证券	(7,418)			(200)

收购业务，扣除已购现金	(99,574)			—
其他，净额	2,957			1,144
投资活动使用的净现金	(121,831)			(10,883)
融资活动
循环信贷额度的收益	161,000			76,000
循环信贷额度的偿还	(54,867)			(91,000)

定期贷款的偿还	(2,867)			—
回购普通股	(16,099)			—
支付的股息	(11,175)			(11,043)


其他，净额	(1,117)			(3,087)
经营活动中产生的（用于）的净现金	74,875			(29,130)
汇率变动对现金的影响	702			811
现金及现金等价物的减少	(2,994)			(1,922)
期初现金及现金等价物	39,523			41,448
期末现金及现金等价物	$	36,529			$	39,526
非现金活动
应付账款中的资本支出	$	1,348			$	2,202

参见附注中的合并财务报表。

合并股东权益报表

（未经审计）


（以千为单位）	普通股股数	按面值计算的普通股		额外支付的资本	留存收益		其他综合（损失）收入累计		股东权益总额
2026年2月28日的余额	21,220		$	7,073		$	159,085			$	376,438	$	(30,802)	$	511,794
净利润	—		—		—			11,535			—	11,535
其他综合收益，税后	—		—		—			—			2,654	2,654
股票发行，扣除注销	123		41		(109)			—			—	(68)
基于股票的薪酬	—		—		2,309			—			—	2,309

股票回购	(259)		(86)		(2,069)			(7,499)			—	(9,654)
其他股票注销	(22)		(7)		(173)			(741)			—	(921)
现金股息，每股0.27美元	—		—		—			(5,630)			—	(5,630)
2026年5月30日的余额	21,062		$	7,021		$	159,043			$	374,103	$	(28,148)	$	512,019
净利润	—		—		—			22,380			—	22,380
其他综合损失，税后	—		—		—			—			(1,568)	(1,568)
股票发行，扣除注销	1		—		(91)			—			—	(91)
基于股票的薪酬	—		—		2,618			—			—	2,618
股票回购	(169)		(57)		(1,526)			(4,862)			—	(6,445)
其他股票注销	(1)		—		(5)			(29)			—	(34)
现金股息，每股0.27美元	—		—		—			(5,545)			—	(5,545)
2026年8月29日的余额	20,893		$	6,964		$	160,039			$	386,047	$	(29,716)	$	523,334


（以千为单位）	普通股股数	按面值计算的普通股		额外支付的资本		留存收益		其他综合（损失）收入累计		股东权益总额
2025年3月1日的余额	21,418		$	7,139			$	156,075			$	359,976		$	(35,292)	$	487,898
净亏损	—		—			—			(2,688)			—		(2,688)



其他综合收益，税后	—		—			—			—			2,608		2,608
股票发行，扣除注销	182		61			(61)			—			—		—
基于股票的薪酬	—		—			2,300			—			—		2,300


其他股票注销	(67)		(22)			(526)			(2,267)			—		(2,815)
现金股息，每股0.26美元	—		—			—			(5,520)			—		(5,520)
2025年5月31日的余额	21,533		$	7,178			$	157,788			$	349,501		$	(32,684)	$	481,783
净亏损	—		—			—			23,649			—		23,649



其他综合收益，税后	—		—			—			—			84		84
股票注销，扣除发行	(16)		(5)			(184)			—			—		(189)
基于股票的薪酬		—			474			—			—		474


其他股票注销	(2)		(1)			(13)			(49)			—		(63)
现金股息，每股0.26美元	—		—			—			(5,523)			—		(5,523)
2025年8月30日的余额	21,515		$	7,172			$	158,065			$	367,578		$	(32,600)	$	500,215

参见附注中的合并财务报表。

合并财务报表附注

（未经审计）

1。重要会计政策摘要

列报基础

Apogee Enterprises, Inc.（Apogee，我们、我们、我们的或公司）的合并财务报表已按照美国通用会计原则（U.S. GAAP）编制。本10-Q表格中的信息应与公司截至2026年2月28日的年度10-K表格一起阅读。我们在编制季度和年度财务报表时使用相同的会计政策。为公允列示季度和年初至今的经营成果，已在此反映所有必要调整。截至2026年8月29日的三个月和六个月期间的经营成果不一定反映全年预期的经营成果。

尚未采用的会计准则

2024年11月，FASB发布了ASU 2024-03《利润表费用分解》。该指南要求实体披露更多关于费用类型的详细信息，包括库存采购、员工薪酬、折旧、摊销和消耗，这些费用通常在销售成本和销售、一般及行政（SG&A）费用等常见费用科目中体现。该指南适用于2026年12月15日之后开始的年度报告期间以及2027年12月15日之后开始的中期报告期间，尽管允许提前采用。该指南应于本ASU生效日期之后发布的财务报表中前瞻性应用，或对财务报表中列示的任何或所有以前期间进行追溯应用。虽然该ASU的采用不会对我们财务状况和/或经营成果产生影响，但我们正在评估该ASU可能对我们合并财务报表披露产生的影响，包括收集此类信息的流程和控制。

2。收入、应收账款和合同资产及负债

收入

下表按确认时间对总收入进行了分解（有关按业务部门披露收入的信息，请参见注释12）：


	截至三个月末		截至六个月末
（以千为单位）	2026年8月29日		2025年8月30日		2026年8月29日		2025年8月30日
在发货时确认	$	214,752			$	171,681		$	380,762	$	329,837
按投入法确认	108,849			118,134			224,845		237,357
按产出法确认	67,534			68,379			128,213		137,622
总计	$	391,135			$	358,194		$	733,820	$	704,816

应收账款

财务报表中反映的应收账款代表预计可收回的净额。根据预期损失建立信用损失准备金。预期损失通过审查个别账户，考虑账龄、债务人的财务状况、最近的付款历史、当前和预测的经济状况以及其他相关因素来估算。在开票后，对应收账款的账龄进行监控，直到收回。当账款在约定的付款条款内时，被视为当前账款。当确定金额不再可收回时，将进行核销。


（以千为单位）	2026年8月29日		2026年2月28日
贸易应收款	$	147,505			$	111,679
建筑合同	61,005			88,445
总计应收账款	208,510			200,124
减：信用损失准备金	2,183			1,608
应收账款，净额	$	206,327			$	198,516

下表总结了截至2026年8月29日的六个月期间信用损失准备金的变动情况：


（以千为单位）	2026年8月29日
期初余额	$	1,608
计入成本和费用的贷方	152
扣除准备金（扣除收回金额后的净额）	(97)
收购产生的信用损失准备金	520

期末余额	$	2,183

合同资产和负债

合同资产包括保留金、已确认但未开票的成本和收益以及其他通常在确认的收入超过向客户开票金额时产生的未开票金额。在建筑合同中，保留金是指客户在项目达到一定完成程度之前从我们处扣除的金额。合同负债包括超过成本和收益的开票金额以及其他合同的递延收入。

当履约义务完成和付款到期之间的时间段不重要。在我们业务的某些部分，按时间确认收入，进度开票遵循商定的价值计划。


（千美元）	2026年8月29日		2026年2月28日
合同资产	$	68,806			$	59,512
合同负债	59,343			60,903

其他合同相关披露


	截至	截至
（千美元）	2026年8月29日		2025年8月30日	2026年8月29日		2025年8月30日
与上一年末合同负债相关的收入确认	$	8,933			$	21,499	$	51,537	$	28,329
与上一年履约义务满足相关的收入确认	1,386			1,935		627		2,408

我们的一些合同预计持续时间超过一年，履约义务会在此时间段内完成。截至2026年8月29日尚未满足的履约义务相关的交易价格将在以下估计的时间段内确认为收入：


（千美元）	2026年8月29日
一年以内	$	444,374
一到两年之间	289,941
两年以上	100,948
总计	$	835,263

由于这些长期合同所需工作的性质，对总收入和销售成本的估计受许多变量影响，并需要重大判断。我们按最可能获得的金额来估计可变对价。我们最终的销售成本估计主要基于我们对预期绩效的评估以及所有合理可获得的信息（历史、当前和预测的）。对收入、销售成本的估计变化及其对营业利润的影响，通过累计调整法进行确认，该方法根据长期合同的完工百分比，在当期确认对当前和以前期间的累计影响。当当前对长期合同的总收入和完工成本的估计表明存在损失时，将确认整个长期合同的损失准备。

由于长期合同估计变化的累计调整对各自显示期间的影响如下：


（千美元，每股收益数据除外）	截至	截至
		2026年8月29日		2025年8月30日	2026年8月29日		2025年8月30日


营业利润			$	1,532			$	731	$	863	$	799
每股收益：
基本			0.06		0.03	0.03		0.03
稀释			0.06		0.03	0.03		0.03

3。补充资产负债表信息

存货


存货	2026年8月29日		2026年2月28日
原材料	$	53,740			$	43,441
在制品	23,658			18,089
产成品	39,362			36,529
存货总额（净额）	$	116,760			$	98,059

4.金融资产和负债

可交易证券

通过我们全资拥有的保险公司Prism Assurance, Ltd.（Prism），我们持有以下可供出售的可交易证券，由固定期限投资组成：


（以千为单位）	摊余成本		已实现未计收益		已实现未计损失		估计公允价值
2026年8月29日	$	19,420			$	3		$	326	$	19,097
2026年2月28日	14,989			23			94		14,918

Prism通过第三方协议承保我们部分一般责任、工伤赔偿和汽车责任风险，以满足法定要求。再保险公司要求Prism持有固定期限投资，以作为Prism在再保险协议下的义务的担保。

这些投资在2026年8月29日的摊余成本和估计公允价值按合同到期日列示如下。预期到期日可能与合同到期日不同，因为借款人可能有权在无罚金或有罚金的情况下提前偿还义务。到期日在一年内的投资计入其他流动资产，而到期日在一年以上的投资计入其他非流动资产。所有期间的已实现收益和损失均不重要。


（以千为单位）	摊余成本		估计公允价值
一年内到期	$	5,964			$	5,925
一年至五年后到期	9,186			9,044
五年至十年后到期	4,270			4,128


总计	$	19,420			$	19,097

衍生工具

我们可能会使用利率互换、货币看跌期权、远期购买合同或其他工具来管理与外汇汇率、利率和商品价格波动通常相关的风险。以下信息解释了所使用的各种衍生品和金融工具，这些工具的会计处理方式，以及这些工具对我们财务状况和业绩的影响。

我们已签订总面值为1.75亿美元的利率互换协议，到期日分布在2030财年，以对冲我们部分因浮动利率循环信贷额度利息支付现金流波动的风险。

我们还签订了多项铝商品互换协议，总面值为2720万美元，以对冲我们部分因预期铝采购现金流波动的风险。这些互换协议将在未来十二个月内到期，最终结算将在2027年5月完成。

这些衍生工具的公允价值调整记录在我们的合并资产负债表中的其他流动资产或其他流动负债中。与这些工具相关的收益或损失作为合并综合收益表中的一个组成部分进行记录，直到对冲交易结算时，收益或损失才记录在净收益中。

公允价值计量

金融资产和金融负债根据对公允价值计量重要的最低层级输入值进行分类：第1级（活跃市场中相同资产或负债的未经调整的报价）；第2级（除第1级包含的报价外的可观察市场输入值）；第3级（无法通过可观察市场数据证实的不可观察输入值）。我们没有第3级的金融资产或负债。

以公允价值持续计量的金融资产和金融负债如下：


（以千为单位）	活跃市场中的报价 (第1级)		其他可观察输入值 (第2级)		总公允价值
2026年8月29日
资产：
货币市场基金	$	24,546			$	—		$	24,546

市政债券	—			19,097			19,097

铝对冲合约	—			692			692
利率互换合约	—			603			603

负债：

利率互换合约	—			124			124


2026年2月28日
资产：
货币市场基金	$	31,662			$	—		$	31,662

市政债券	—			14,918			14,918


铝对冲合约	—			401			401
负债：

利率互换合约	—			701			701

货币市场基金

货币市场基金的公允价值是根据活跃市场中相同资产的报价确定的。这些资产包含在我们的合并资产负债表中的现金及现金等价物中。

市政债券

市政债券的公允价值是根据类似证券最近交易的市场价格确定的，并根据到期日被归类为我们的合并资产负债表中的其他流动资产或其他非流动资产。

衍生工具

利率互换的公允价值是根据基准利率的其他可观察市场输入值进行计量的。远期购买铝合约的公允价值是根据其他可观察市场输入值进行计量的。衍生头寸主要使用标准计算和模型进行估值，这些模型以可观察的市场参数为基础。行业标准数据提供商是我们获取利率和货币汇率以及铝价的远期和即期率信息的主要来源。

非持续公允价值计量

我们在存在减值迹象时，以非持续方式对某些长期资产（包括商誉、无形资产、财产和设备以及使用权租赁资产）进行公允价值计量。这些资产在收购或购买时最初按公允价值记录，我们会定期评估，如果存在减值迹象，我们将比较其账面价值与估计的公允价值，并对任何超过账面价值的部分确认减值损失。

5.债务

我们与美国银行，N.A.（作为代理银行）及其他贷款人签订了信贷协议（信贷协议）。该信贷协议提供了一项总额最高达7亿美元的无担保高级信贷额度，其中通过一项4.5亿美元、为期五年的浮动利率循环信贷额度和一项2.5亿美元的延期提款定期贷款额度进行承诺。循环信贷额度下的借款可以是加拿大元（CAD），但限于2500万美元的美元金额。高级信贷额度的期限为五年，到期日为2029年7月19日。

信贷协议包含两项维持性财务契约，要求我们的合并杠杆比率（在信贷协议中定义）低于3.50，且我们的合并利息覆盖率（在信贷协议中定义）超过3.00。截至2026年8月29日，我们已符合信贷协议条款中定义的所有契约。

信贷协议下的借款按浮动利率计息，可以是基本利率或期限担保隔夜融资利率（SOFR），或对于加拿大元借款，为加拿大隔夜回购利率平均值（CORRA），并加上基于合并杠杆比率（在信贷协议中定义）的利差。对于基本利率借款，利差范围为0.25%至0.75%。对于期限SOFR和CORRA借款，利差范围为1.25%至1.75%，其中期限SOFR和CORRA的调整分别增加0.10%和0.29547%。

截至2026年8月29日，定期贷款额度和当前浮动利率循环额度下的未偿还借款分别为2.065亿美元和1.29亿美元。截至2026年8月29日，我们有总计260万美元的持续信用证，与高级信贷额度、建筑合同和保险保证金相关，这些信用证将在2027财年到期，并将浮动利率循环信贷额度下的借款能力减少至3.184亿美元。

截至2026年8月29日和2025年8月30日止六个月，信用额度下的利息支付分别为670万美元和900万美元。截至2026年8月29日和2026年2月28日，借款的加权平均利率（包括截至上述日期的利率互换影响）分别为4.45%和4.44%。


	截至三个月末	截至六个月末
（以千为单位）	2026年8月29日		2025年8月30日	2026年8月29日		2025年8月30日
债务利息	$	3,988			$	4,612	$	7,038	$	9,094
利率互换费用（收入）	113			(132)		198		(313)
其他利息费用	102			187		294		302
利息收入	(649)			(591)		(1,142)		(1,163)
净利息费用	$	3,554			$	4,076	$	6,388	$	7,920

截至2026年8月29日，我们的高级信贷额度的公允价值接近账面价值，并由于这些工具的可变利率，将被归类为第2级，如第4号注释中所述的公允价值层级。

6。承诺与或有负债

债券承诺

在正常业务过程中，主要是在我们的建筑服务业务部门，我们需要提供担保或履约担保，这些担保承诺在我们未能履行合同时向客户支付款项。截至2026年8月29日，这类担保的未偿金额为12亿美元，其中2.643亿美元在我们的待执行订单中。这些担保的到期日与合同的完成时间一致。我们从未因现有业务而被要求在担保或履约担保下进行付款。

保修和项目相关或有事项

我们根据历史产品责任索赔与销售额的比率，对已知索赔以及部分预期索赔的估计风险进行准备，以应对产品保修和返工成本。当支付索赔成本时，会从准备金中扣除。可能对这些准备金产生影响的因素包括制造质量的变化、产品组合的变化以及销售量的任何重大变化。


	截至六个月
（以千为单位）	2026年8月29日
期初余额	$	12,903
额外准备金	3,790

收购中获得的准备金	1,479
已支付的索赔	(2,449)
期末余额	$	15,723

此外，由于我们在建筑服务业务部门以及建筑金属业务部门某些部分的固定价格材料供应和安装服务合同，我们还面临与项目管理及安装相关的或有事项。我们通过合同谈判、主动的项目管理和保险覆盖来管理这些风险。

信用证

截至2026年8月29日，我们有260万美元的持续信用证，详情请参见第5号注释。

采购义务

截至2026年8月29日，原材料承诺和资本支出的采购义务总额为3350万美元。

诉讼

公司参与了与其正常运营活动相关的各种法律诉讼。特别是，与其他建筑供应和服务行业公司一样，公司经常涉及与建筑项目相关的各种争议和索赔，有时涉及重大金额的赔偿或产品更换。我们过去和现在都面临产品责任和保修索赔，包括与以前纳入我们产品中的商业密封剂产品相关的某些法律索赔。

公司还因诸如雇佣实践、工伤赔偿和一般责任事项等领域的诉讼而受到牵连。尽管准确预测任何此类诉讼的结果非常困难，但目前可获得的事实表明，这些事项不会导致对公司运营结果、现金流或财务状况产生重大不利影响的损失。

7。供应商融资计划义务

我们与供应商融资安排，使选定的供应商可以自行决定以非追索方式出售我们的应收款（即我们对供应商的付款义务），以便比我们的付款条款规定的付款时间更早获得付款。这些供应商自愿将发票纳入供应商融资安排，与我们的付款条款、我们支付的金额或我们的流动性无关。我们对供应商决定参与供应商融资计划没有经济利益，且我们不为此提供任何担保。所欠金额反映在合并资产负债表中的应付账款中，并在结算时反映在合并现金流量表的经营活动部分。

下表总结了截至2026年8月29日的六个月期间我们已确认为有效的义务活动和未付余额，该余额已提交给我们计划的管理员：


（以千为单位）	2026年8月29日
期初余额	$	7,857
加入计划的义务	26,087
已结算的义务	(24,624)
期末余额	$	9,320

8.股东权益

在2027财年第一个六个月，我们支付了总计1120万美元（每股0.54美元）的股息，相比之下，去年同期支付的股息为1100万美元（每股0.52美元）。

在2004财年，董事会授权了一项股票回购计划，允许我们回购我们已发行普通股的股份，并随后增加了授权额度。在截至2026年8月29日的六个月期间，我们根据该计划回购了428,220股，总计1610万美元。在截至2025年8月30日的六个月期间，我们没有回购任何股份。自2004财年该计划启动以来，我们已回购了总计12,880,009股，总成本为4.693亿美元。根据该计划，我们仍有1,369,991股的回购授权，该计划没有到期日。在符合我们的债务协议中的限制条件，并根据我们对包括股价、交易量和一般市场状况、营运资金需求、一般商业状况、财务状况、任何适用的合同限制以及其他因素（包括其他投资机会）的评估后，我们可能会选择根据授权回购额外的普通股。我们可能会通过可用现金、额外债务或其他融资来源来为股票回购提供资金。

此外，从限制性奖励的归属或基于业绩的奖励结算中扣除的股份被视为购买和注销，并包含在合并现金流量表的融资活动部分的其他项目中。

公司维持一项次级优先股计划，根据该计划，授权发行200,000股面值为1.00美元的次级优先股，截至2026年8月29日，已发行和流通的股份为零。

9.基于股票的薪酬

作为我们薪酬结构的一部分，我们在财年中向某些员工和非员工董事授予基于股票的薪酬奖励。我们有2019年股票激励计划和2019年非员工董事股票计划（统称为“计划”），分别规定了向员工和非员工董事发放2,950,000股和300,000股股票的各种形式的基于股票的薪酬。这些计划下的奖励可以是激励性股票期权（仅限员工）、非法定期权、以股票结算的股票增值权（SARs）、限制性股票奖励或业绩股票单位奖励，所有这些奖励的授予价格或行权价格均等于授予日公司股票的公允市场价格。

我们记录了以股票为基础的薪酬费用，其中任何未实现的薪酬均在发生时进行核算，如下所示：


	截至三个月的结束		截至六个月的结束
（以千为单位）	2026年8月29日		2025年8月30日		2026年8月29日		2025年8月30日
限制性股票奖励和限制性股票单位	$	2,390			$	1,598		$	4,472	$	3,186
业绩股票单位	227			(1,124)			455		(413)


以股票为基础的薪酬费用	$	2,617			$	474		$	4,927	$	2,773

截至2026年8月29日，尚未实现的与未归属股票和未归属股票单位相关的总薪酬成本为1300万美元，预计将在约1.7年的加权平均期间内确认。截至2026年8月29日止六个月，已归属股票的总公允价值为330万美元。

下表列示了截至2026年8月29日止六个月期间授予的基于股票的薪酬奖励数量以及加权平均授予日公允价值：


奖励	奖励数量	加权平均授予日公允价值
限制性股票奖励和限制性股票单位(1)	166,957		$	37.08
业绩股票单位 (2)	37,596		$	35.42


(1)	代表服务条件奖励，通常在两年或三年内归属。
(2)	代表业绩条件奖励，授予数量等于基于授予日股价的目标业绩股数量。这些授予允许根据在业绩期结束时是否在职以及是否实现定义的平均调整投资回报率和累计调整每股收益的业绩目标，获得0%至200%目标数量的可变股份数量。

10.所得税

公司在美国（联邦及某些州）、加拿大、巴西和其他国际司法管辖区提交所得税申报表，并通常受到有限的审计活动。美国国税局正在对2023财年的美国联邦税务进行审查。

截至2026年8月29日的三个月内，税前收益的所得税费用占26.4%，而去年同期为15.4%。有效税率的上升主要是由于去年确认的非经常性有利的税务事项。截至2026年8月29日的六个月，税前收益的所得税费用占26.8%，而去年同期为30.9%，这是由于去年同期税前收益较低。

11。每股收益

基本每股收益是通过将净收益除以加权平均流通普通股数计算得出的。稀释每股收益是通过将净收益除以加权平均流通普通股数计算得出的，包括股票期权、股票增值权和未归属股份的稀释效应。

下表展示了计算基本每股收益和稀释每股收益所使用的股份数量的调节情况：


	截至三个月末	截至六个月末
（以千为单位）	2026年8月29日	2025年8月30日		2026年8月29日	2025年8月30日


基本每股收益 – 加权平均流通普通股数	20,722		21,408		20,884	21,373
未归属股份授予的加权平均影响和股票期权的假设行权	179		182		130	189
稀释每股收益 – 加权平均流通普通股数和潜在流通普通股数	20,901		21,590		21,014	21,562
因行权价格高于普通股平均市场价格而被排除在每股收益计算之外的股票奖励	79		230		118	215

12。业务分部数据

我们有四个运营分部，这些分部也是报告分部。我们的四个分部各有独特的经济特征，包括提供的产品和服务、生产工艺以及业绩和结果的范围各不相同：

•建筑金属分部设计、工程、制造和加工用于非住宅建筑的铝制窗户、幕墙、店面和入口系统。

•建筑服务分部整合技术服务、项目管理和现场安装服务，为非住宅建筑的主要设计、工程、制造和安装建筑幕墙和其他立面相关系统。

•建筑玻璃分部切割、处理、涂布和制造用于定制窗户和墙体系统的高性能玻璃，主要用于非住宅建筑。

•高性能表面分部开发和制造用于各种应用的高性能涂层材料，包括墙面装饰、博物馆、平面设计、数字显示器、建筑内部和工业地板。

公司的首席执行官是首席运营决策者（CODM）。CODM 通过分析各业务部门的最新业绩、趋势和差异，以及与预测和历史业绩的关系，利用业务部门的净销售额和调整后 EBITDA 来评估业务部门的业绩，并做出关于运营和资本资源配置的决策。

公司四个报告业务部门的净销售额、调整后销售成本、调整后销售及一般与行政费用、调整后其他费用、净额、折旧和摊销以及由此产生的调整后 EBITDA 如下所示。业务部门的净销售额定义为包括与内部交易相关的销售额的业务部门净销售额。我们单独列示内部交易净销售额，以将这些销售额从我们的合并总额中排除。调整后 EBITDA 包括内部交易销售额，并排除不按业务部门层级分配的某些公司费用。我们将在“公司及其他”中报告这些未分配的公司费用。


	截至 2026 年 8 月 29 日的三个月
（以千为单位）	建筑金属		建筑服务		建筑玻璃		性能表面
对外净销售额	$	143,520			$	108,464		$	83,894	$	55,257
内部交易净销售额	—			—			3,529		—
业务部门总净销售额	143,520			108,464			87,423		55,257
调整后销售成本 (1)	(101,895)			(91,956)			(66,080)		(37,421)
调整后销售及一般与行政费用 (2)	(23,020)			(11,060)			(12,558)		(9,355)
折旧和摊销	3,511			801			4,207		3,929
调整后 EBITDA	$	22,116			$	6,249		$	12,992	$	12,410


	截至 2025 年 8 月 30 日的三个月
（以千为单位）	建筑金属		建筑服务		建筑玻璃		性能表面
对外净销售额	$	140,922			$	100,490		$	68,392	$	48,390
内部交易净销售额	13			—			3,789		—
业务部门总净销售额	140,935			100,490			72,181		48,390
调整后销售成本 (1)	(100,178)			(85,968)			(53,213)		(31,941)
调整后销售及一般与行政费用 (2)	(23,681)			(10,417)			(10,644)		(9,017)
折旧和摊销	3,752			911			3,323		3,789
调整后 EBITDA	$	20,828			$	5,016		$	11,647	$	11,221


	截至 2026 年 8 月 29 日的六个月
（以千为单位）	建筑金属		建筑服务		建筑玻璃		性能表面
对外净销售额	$	265,954			$	223,700		$	144,585	$	99,581
内部交易净销售额	9			—			10,552		—
业务部门总净销售额	265,963			223,700			155,137		99,581
调整后销售成本 (1)	(191,948)			(190,866)			(120,959)		(69,334)
调整后销售及一般与行政费用 (2)	(45,264)			(22,048)			(22,998)		(19,139)
折旧和摊销	7,065			1,599			7,705		7,879
调整后 EBITDA	$	35,816			$	12,385		$	18,885	$	18,987


	截至 2025 年 8 月 30 日的六个月
（以千为单位）	建筑金属		建筑服务		建筑玻璃		性能表面
对外净销售额	$	269,519			$	206,995		$	137,662	$	90,640
内部交易净销售额	40			—			7,792		—
业务部门总净销售额	269,559			206,995			145,454		90,640
调整后销售成本 (1)	(197,782)			(176,630)			(104,973)		(60,157)
调整后销售及一般与行政费用 (2)	(49,148)			(21,264)			(22,010)		(18,642)
折旧和摊销	7,566			1,983			6,593		7,338
调整后 EBITDA	$	30,195			$	11,084		$	25,064	$	19,179


(1)	截至 2026 年 8 月 29 日的三个月及六个月，没有与收购费用相关的销售成本调整，调整后销售成本排除了与 2025 年 8 月 30 日的三个月及六个月相关的 330 万美元和 1030 万美元的收购和重组费用。
(2)	调整后的销售、一般及行政费用剔除了与收购相关的100万美元费用，该费用适用于截至2026年8月29日的三个月和六个月，以及剔除了与收购和重组相关的100万美元和700万美元费用，该费用适用于截至2025年8月30日的三个月和六个月。调整后的销售、一般及行政费用包括调整后的其他收入和（支出）。

下表展示了调整后EBITDA与美国通用会计准则（GAAP）下最近的衡量指标净收益之间的调节：



	截至三个月末		截至六个月末
（以千为单位）	2026年8月29日		2025年8月30日		2026年8月29日		2025年8月30日
部门调整后EBITDA	$	53,767			$	48,712		$	86,073	$	85,522
公司及其他费用 (1)	(5,567)			(4,474)			(6,528)		(9,603)
部门收购相关费用 (2)	(1,038)			(1,187)			(1,038)		(1,464)
部门重组费用 (3)	—			(3,113)			—		(15,832)

折旧和摊销	(13,191)			(12,507)			(25,769)		(24,943)
其他收入 (4)	—			4,597			—		4,597
净利息支出	(3,554)			(4,075)			(6,388)		(7,921)
所得税费用	(8,037)			(4,304)			(12,433)		(9,394)
净收益	$	22,380			$	23,649		$	33,917	$	20,962


(1)	包括在2026年8月29日结束的三个月和六个月期间，Keller Companies, Inc.（Kalwall）在公司层面发生的130万美元和210万美元的收购相关费用。包括在2025年8月30日结束的三个月和六个月期间，010万美元的收购相关费用和000万美元以及260万美元的重组费用。
(2)	在2026年8月29日结束的三个月和六个月期间，为整合Kalwall产生的收购相关费用，以及在2025年8月30日结束的三个月和六个月期间，为整合UW Solutions产生的收购相关费用。
(3)	与Project Fortify相关的重组费用。
(4)	在2025年8月30日结束的三个月和六个月期间确认的新市场税收抵免（NMTC）收益。

13。收购

2026年7月1日，我们以1.047亿美元现金和估计750万美元的或有对价（以收益对赌形式）完成了对Kalwall的收购。Kalwall是一家美国基于的垂直整合的高性能透光日光解决方案制造商。Kalwall的业务活动包含在我们的玻璃业务部门中。

总购买对价为1.122亿美元现金和或有对价，扣除初步净营运资本调整0.8百万美元和收购的现金5.1百万美元。此次收购通过我们现有的信贷协议借款进行融资。在截至2026年8月29日的三个月和六个月期间，我们分别产生了160万美元和240万美元的收购费用，这些费用包含在我们的合并运营结果的销售、一般及行政费用中。

Kawall的收购包括最高1000万美元的或有对价，如果在本财年达到某些财务目标，可能会获得。截至2026年8月29日，该或有对价的公允价值估计为750万美元，包含在我们的合并资产负债表的其他流动负债中。

我们将此次收购作为业务购买进行核算，并将购买价格超过所购资产和所承担负债的估计公允价值的差额确认为1890万美元的商誉。确认的商誉主要归因于预期的协同效应，通过将Kalwall整合到我们的玻璃业务部门，为建筑围护结构市场提供更全面的玻璃和基板产品。该交易结构为股票收购；因此，相关的商誉在税务上不可抵扣。我们初步确定了所购无形资产的公允价值和所购资产的经济寿命。我们根据Kalwall的历史客户流失率，将3430万美元分配给客户关系，按15年的预期寿命进行摊销。我们将1310万美元分配给商标，按15年的预期寿命进行摊销。我们将240万美元分配给合同待执行部分，按6个月的预期寿命进行摊销。

下表列示了收购日所购资产和所承担负债的初步估计公允价值：


（以千为单位）
资产：
现金及现金等价物	$	5,105
应收账款，净额	12,460
存货，净额	8,735
其他流动资产	2,042
物业、厂房和设备	27,282

无形资产	49,800
商誉	18,936

总资产	124,360
负债：
应付账款	2,314
应计薪酬和福利	2,893

其他流动负债	13,558

其他非流动负债	918
总负债	19,683
记录的净资产	$	104,677

2026年8月29日止三个月和六个月期间收购Kalwall对公司合并经营成果的影响为1640万美元的净销售额和90万美元的净收益。净销售额和净收益相当于约八周的运营结果，包括交易和整合相关成本、利息和净税务影响。

14。重组

Project Fortify（“强化项目”）于2024财年第四季度宣布，是一项旨在精简运营、提高成本效率并增强公司运营模式的重组计划，主要针对建筑金属业务部门。该项目于2025财年第四季度完成。Project Fortify的第二阶段（第二阶段）于2026财年第一季度宣布，重点是进一步提高成本效率，并优化公司的运营足迹和资源分配。

在2026财年第二季度，我们产生了310万美元的税前与第二阶段相关的费用，其中300万美元计入销售成本，10万美元计入销售、一般及行政费用(SG&A)。在2026财年第一至六个月，我们产生了1850万美元的税前与第二阶段相关的费用，其中990万美元计入销售成本，860万美元计入SG&A。在2026财年第一至六个月，SG&A费用包括建筑服务部门500万美元的非现金无形资产减值费用，以及公司及其他部门260万美元的非现金资产核销和其他费用。与第二阶段相关的行动在2026财年第四季度基本完成，因此在2027财年第一至六个月没有进一步的活动。

下表反映了截至2025年8月30日季度的Project Fortify第二阶段的税前影响。


(以千为单位)	建筑金属		建筑服务				公司及其他	总计






2025年8月30日
终止福利	$	—			$	476			$	—	$	476
合同终止费用	201			1,659				—		1,860
其他重组费用	154			623				10		787
总重组费用	$	355			$	2,758			$	10	$	3,123

下表反映了截至2025年8月30日六个月的Project Fortify第二阶段的税前影响。


(以千为单位)	建筑金属		建筑服务				公司及其他	总计

2025年8月30日
终止福利	$	805			$	6,424			$	—	$	7,229
合同终止费用	802			1,932				—		2,734
其他重组费用	218			5,650				2,641		8,509
总重组费用	$	1,825			$	14,006			$	2,641	$	18,472

下表总结了我们计入合并资产负债表中的应计工资及相关福利和其他流动负债的与重组相关的应计余额。所有剩余的应计余额预计将在2027财年支付。


(以千为单位)	建筑金属		建筑服务				公司及其他	总计






2026年2月28日余额	$	3,581			$	2,311			$	1,082	$	6,974

支付额	(1,576)			(297)				(956)		(2,829)
其他调整	(182)			(67)				—		(249)
2026年8月29日余额	$	1,823			$	1,947			$	126	$	3,896

15。后续事件

2026年9月18日，我们完成了对SIA“Alzette”的收购，SIA“Alzette”是SIA“GroGlass”（“Groglass”）的母公司，Groglass是一家位于拉脱维亚的高性能玻璃表面解决方案提供商，专注于防反射和其他先进的涂层技术，交易金额最高为6250万欧元，交易条件为无现金、无债务，且需满足一些常规的购买价格调整。购买价格包括最高1000万欧元的或有对价，该对价将根据Groglass在交割后三年内实现的特定财务业绩目标支付。此次收购资金来源于我们现有信用额度下的借款。Groglass将被整合到我们的高性能表面业务部门，其业绩将从收购日起纳入我们的合并经营业绩中。由于收购日接近本10-Q表格的提交日，公司尚未完成必要的估值分析以确定所获资产和承担负债的公允价值，因此根据ASC 805规定所需的披露内容尚未完成。公司预计将在计量期内完成购买会计处理，并在未来的文件中提供所需的披露信息。

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-looking statements

This Quarterly Report on Form 10-Q, including the section, Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains certain statements that are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current views with respect to future events and financial performance. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “will,” “continue” or similar words or expressions. All forecasts and projections in this document are “forward-looking statements,” and are based on management’s current expectations or beliefs of the Company's near-term results, based on current information available pertaining to the Company. From time to time, we may also provide oral and written forward-looking statements in other materials we release to the public, such as press releases, presentations to securities analysts or investors, or other communications by the Company. Any or all of our forward-looking statements in this report and in any public statements we make could be materially different from actual results.

Accordingly, we wish to caution investors that any forward-looking statements made by or on behalf of the Company are subject to uncertainties and other factors that could cause actual results to differ materially from such statements. These uncertainties and other risk factors include, but are not limited to, the risks and uncertainties set forth under “Risk Factors” section of our Annual Report on Form 10-K for the year ended February 28, 2026, and in subsequent filings with the U.S. Securities and Exchange Commission, including this Quarterly Report on Form 10-Q.

We also wish to caution investors that other factors might in the future prove to be important in affecting the Company’s results of operations. New factors emerge from time to time; it is not possible for management to predict all such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or a combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Overview

We are a leading provider of architectural products and services for enclosing buildings, and high-performance coating products used in applications for preservation, protection and enhanced viewing. Our four reporting segments are: Architectural Metals, Architectural Services, Architectural Glass, and Performance Surfaces.

Our enterprise strategy is based on the following three key elements:

1.Accelerate Leadership in Target Markets. We intend to enhance our position in targeted end markets by differentiating through deep customer focus and insight, using an informed understanding of customer needs to shape our offerings and delivery models. By aligning our capabilities, investments, and operating approach around this customer‑focused strategy, we believe we will be better positioned to differentiate, compete effectively, and strengthen our position in the markets we serve.

2.Grow and Strengthen the Portfolio. We seek to grow and strengthen our portfolio through disciplined organic and inorganic investments in differentiated solutions that align with evolving customer needs. By prioritizing opportunities that enhance our competitive positioning and directly address customer challenges, we will reinforce our disciplined approach to portfolio growth and improvement.

3.Advance Core Capabilities. We expect to advance core capabilities by fostering a culture of continuous improvement grounded in operational excellence, talent development, and disciplined process execution. Through targeted investments in people, systems, and technology, we will strengthen our ability to deliver consistent performance and enhance the customer experience across the organization.

Recent Developments

On July 1, 2026, we completed the acquisition of Keller Companies, Inc. (\"Kalwall\"), the controlling shareholder of Kalwall Corporation and Structures Unlimited Inc. The total purchase consideration was $112.2 million, including contingent earn-out consideration of $7.5 million. The acquisition was funded with borrowings under our existing credit facility. The acquired business is reported within our Architectural Glass Segment, and its results of operations have been included in our consolidated financial statements since the acquisition date.

On September 18, 2026, we completed the acquisition of SIA “Alzette”, the parent company of SIA “GroGlass” (“Groglass”), a Latvia-based provider of high-performance glass surface solutions specializing in anti-reflective and other advanced coating technologies, for up to €62.5 million on a cash-free, debt-free basis, subject to certain customary purchase price adjustments. For additional information regarding this acquisition, see Note 15, Subsequent Events, in our consolidated financial statements.

Table of Contents

The following selected financial data should be read in conjunction with the Company’s Form 10-K for the year ended February 28, 2026, and the consolidated financial statements, including the notes to consolidated financial statements, included therein.

Results of Operations

The following is a discussion of our financial condition and results of operations during the three and six months ended August 29, 2026 and August 30, 2025.


	Three Months Ended					% of Net Sales
(in thousands, except percentages)	August 29, 2026		August 30, 2025				August 29, 2026		August 30, 2025
Net sales	$	391,135		$	358,194				100.0	%		100.0	%
Cost of sales	294,970		275,587				75.4	%		76.9	%
Gross profit	96,165		82,607				24.6	%		23.1	%
Selling, general and administrative expenses	62,679		55,719				16.0	%		15.6	%
Operating income	33,486		26,888				8.6	%		7.5	%
Interest expense, net	3,554		4,075				0.9	%		1.1	%

Other income, net	485		5,140				0.1	%		1.4	%
Earnings before income taxes	30,417		27,953				7.8	%		7.8	%
Income tax expense	8,037		4,304				2.1	%		1.2	%
Net earnings	$	22,380		$	23,649				5.7	%		6.6	%
Effective tax rate	26.4	%		15.4	%
Non-GAAP Measures
Adjusted EBITDA	$	49,538		$	44,368				12.7	%		12.4	%
Adjusted net earnings	$	24,401		$	21,098				6.2	%		5.9	%


	Six Months Ended					% of Net Sales
(in thousands, except percentages)	August 29, 2026		August 30, 2025				August 29, 2026		August 30, 2025
Net sales	$	733,820		$	704,816				100.0	%		100.0	%
Cost of sales	562,624		547,084				76.7	%		77.6	%
Gross profit	171,196		157,732				23.3	%		22.4	%
Selling, general and administrative expenses	118,870		123,913				16.2	%		17.6	%
Operating income	52,326		33,819				7.1	%		4.8	%
Interest expense, net	6,388		7,921				0.9	%		1.1	%

Other income, net	412		4,458				0.1	%		0.6	%
Earnings before income taxes	46,350		30,356				6.3	%		4.3	%
Income tax expense	12,433		9,394				1.7	%		1.3	%
Net earnings	$	33,917		$	20,962				4.6	%		3.0	%
Effective tax rate	26.8	%		30.9	%
Non-GAAP Measures
Adjusted EBITDA	$	81,653		$	78,752				11.1	%		11.2	%
Adjusted net earnings	$	36,520		$	32,948				5.0	%		4.7	%

The following table summarizes the changes in net sales from Second Quarter Fiscal 2027 to Second Quarter Fiscal 2026:

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Components of Changes in Net Sales
(Unaudited)

Three Months Ended August 29, 2026
(In thousands, except percentages)	Architectural Metals		Architectural Services		Architectural Glass		Performance Surfaces		Intersegment eliminations		Consolidated
Fiscal 2026 net sales	$	140,935			$	100,490			$	72,181		$	48,390		$	(3,802)	$	358,194
Organic business (1)	2,585			7,974			(1,120)			6,867		273		16,579
Acquisition (2)	—			—			16,362			—		—		16,362
Fiscal 2027 net sales	$	143,520			$	108,464			$	87,423		$	55,257		$	(3,529)	$	391,135

Total net sales growth (decline)	1.8	%		7.9	%		21.1	%		14.2	%	7.2	%	9.2	%
Organic business (1)	1.8	%		7.9	%		(1.6)	%		14.2	%	7.2	%	4.6	%
Acquisition (2)	—	%		—	%		22.7	%		—	%	—	%	4.6	%

Six Months Ended August 29, 2026
(In thousands, except percentages)	Architectural Metals		Architectural Services		Architectural Glass		Performance Surfaces		Intersegment eliminations		Consolidated
Fiscal 2026 net sales	$	269,559			$	206,995			$	145,454		$	90,640		$	(7,832)	$	704,816
Organic business (1)	(3,596)			16,705			(6,679)			8,941		(2,729)		12,642
Acquisition (2)	—			—			16,362			—		—		16,362
Fiscal 2027 net sales	$	265,963			$	223,700			$	155,137		$	99,581		$	(10,561)	$	733,820

Total net sales (decline) growth	(1.3)	%		8.1	%		6.7	%		9.9	%	(34.8)	%	4.1	%
Organic business (1)	(1.3)	%		8.1	%		(4.6)	%		9.9	%	(34.8)	%	1.8	%
Acquisition (2)	—	%		—	%		11.2	%		—	%	—	%	2.3	%


(1)	Organic business is defined as growth (decline) in net sales from legacy businesses and from acquired businesses, twelve months after the acquisition date.
(2)	Kalwall was acquired on July 1, 2026.

Comparison of Second Quarter Fiscal 2027 to Second Quarter Fiscal 2026

•Consolidated net sales increased 9.2%, to $391.1 million, driven by a $16.4 million contribution from the Kalwall acquisition, price, and favorable mix, partially offset by lower volume.

•Gross margin increased 150 basis points to 24.6%, compared to 23.1%, primarily due to price, and productivity improvements including the net benefit from Project Fortify 2, and the accretive impact of the Kalwall acquisition, partially offset by higher material and manufacturing costs and impacts from lower volume.

•Selling, general, and administrative (SG&A) expense as a percent of net sales increased to 16.0%, compared to 15.6%, primarily due to higher incentive compensation expense, partially offset by cost savings from Fortify Phase 2.

•Operating income increased to $33.5 million from $26.9 million, and operating margin increased 110 basis points to 8.6%.

•Interest expense decreased to $3.6 million, primarily due to lower average debt balance.

•Other income was $0.5 million compared to $5.1 million. The prior year included a $4.6 million gain related to a New Markets Tax Credit.

•Income tax expense as a percentage of earnings before income tax was 26.4%, compared to 15.4%. The increase in the effective tax rate was primarily attributable to non-recurring favorable discrete tax items recognized in the prior year.

•Net earnings were $22.4 million compared to $23.6 million in the prior year.

•Adjusted EBITDA increased to $49.5 million, compared to $44.4 million, and adjusted EBITDA margin increased to 12.7%, compared to 12.4%.

Comparison of First Six Months Fiscal 2027 to First Six Months Fiscal 2026

•Consolidated net sales increased 4.1%, to $733.8 million, primarily driven by price and mix favorability, in addition to the $16.4 million contribution from the Kalwall acquisition, partially offset by lower volume.

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•Gross margin increased to 23.3%, compared to 22.4%, primarily due to price and productivity improvements, including the net benefit from Fortify Phase 2, and favorable mix, partially offset by higher material and manufacturing costs and impacts from lower volume.

•SG&A expenses as a percent of net sales decreased to 16.2%, compared to 17.6%. The decrease was driven by the net cost savings from Fortify Phase 2, partially offset by higher incentive expense.

•Operating income increased to $52.3 million from $33.8 million, and operating margin increased 230 basis points to 7.1%.

•Interest expense, net decreased to $6.4 million, due to a lower average debt balance compared to the prior year.

•Other income was $0.4 million compared to $4.5 million. The prior year included a $4.6 million gain related to a New Markets Tax Credit.

•Income tax expense as a percentage of earnings before income tax was 26.8%, compared to 30.9% for the same period last year, as a result of the similar value of discrete tax items on higher earnings before income tax in the current year.

•Net earnings were $33.9 million compared to $21.0 million.

•Adjusted EBITDA increased to $81.7 million compared to $78.8 million and adjusted EBITDA margin remained consistent at 11.1% compared to 11.2% in the prior year.

Use and Reconciliation of Non-GAAP Financial Measures

In addition to reporting financial results in accordance with U.S. GAAP, we also provide certain non-GAAP financial measures. These measures are not in accordance with, nor are they a substitute for U.S. GAAP measures, and may not be comparable to similarly titled measures used by other companies. Management uses non-GAAP measures to evaluate the Company’s historical and prospective financial performance, measure operational profitability on a consistent basis, as a factor in determining executive compensation, and to provide enhanced transparency to the investment community. For each of these non-GAAP measures, we provide a reconciliation between the non-GAAP measure and the most directly comparable U.S. GAAP measure, and an explanation of why we believe the non-GAAP measure provides useful information to management and investors.

Non-GAAP measures include:

•Adjusted net earnings and adjusted earnings per diluted share (adjusted diluted EPS), is used by the Company to provide meaningful supplemental information about its operating performance by excluding amounts that are not considered part of core operating results, to enhance comparability from period-to-period.

•Adjusted EBITDA, defined as adjusted net earnings before interest, taxes, depreciation, and amortization, and adjusted EBITDA margin, defined as adjusted EBITDA as a percentage of net sales. We use adjusted EBITDA and adjusted EBITDA margin to assess segment performance and make decisions about the allocation of operating and capital resources by analyzing recent results, trends, and variances of each segment in relation to forecasts and historical performance.



Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA Margin
(Unaudited)


		Three Months Ended August 29, 2026
(In thousands)		Architectural Metals		Architectural Services		Architectural Glass		Performance Surfaces		Corporate and Other		Consolidated
Net earnings (loss)		$	18,221			$	5,488			$	7,804			$	8,349			$	(17,482)	$	22,380
Interest expense (income), net		384			(40)			(250)			—			3,461			3,554
Income tax expense		—			—			325			—			7,711			8,037
Depreciation and amortization		3,511			801			4,207			3,929			743			13,191
EBITDA		22,116			6,249			12,086			12,278			(5,567)			47,162
Acquisition-related costs (1)	—			—			906			132			1,338			2,376



Adjusted EBITDA		$	22,116			$	6,249			$	12,992			$	12,410			$	(4,229)	$	49,538

EBITDA margin		15.4	%		5.8	%		14.4	%		22.2	%		N/M		12.1	%
Adjusted EBITDA margin		15.4	%		5.8	%		15.5	%		22.5	%		N/M		12.6	%

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	Three Months Ended August 30, 2025
(In thousands)	Architectural Metals		Architectural Services		Architectural Glass		Performance Surfaces		Corporate and Other		Consolidated
Net earnings (loss)	$	20,874			$	1,433			$	8,429		$	6,245			$	(13,332)	$	23,649
Interest expense (income), net	444			(86)			(131)			—		3,848			4,075
Income tax expense	—			—			26			—		4,278			4,304
Depreciation and amortization	3,752			911			3,323			3,789		732			12,507
EBITDA	25,070			2,258			11,647			10,034		(4,474)			44,535
Acquisition-related costs (1)	—			—			—			1,187		120			1,307
Restructuring costs (2)	355			2,758			—			—		10			3,123
NMTC settlement gain (3)	(4,597)			—			—			—		—			(4,597)
Adjusted EBITDA	$	20,828			$	5,016			$	11,647		$	11,221			$	(4,344)	$	44,368

EBITDA margin	17.8	%		2.2	%		16.1	%		20.7	%	N/M		12.4	%
Adjusted EBITDA margin	14.8	%		5.0	%		16.1	%		23.2	%	N/M		12.4	%


	Six Months Ended August 29, 2026
(In thousands)	Architectural Metals		Architectural Services		Architectural Glass		Performance Surfaces		Corporate and Other		Consolidated
Net earnings (loss)	$	27,981			$	10,860			$	10,300		$	10,976			$	(26,200)	$	33,917
Interest expense (income), net	770			(74)			(422)			—		6,114			6,388
Income tax expense	—			—			396			—		12,037			12,433
Depreciation and amortization	7,065			1,599			7,705			7,879		1,521			25,769
EBITDA	35,816			12,385			17,979			18,855		(6,528)			78,507
Acquisition-related costs (1)	—			—			906			132		2,108			3,146



Adjusted EBITDA	$	35,816			$	12,385			$	18,885		$	18,987			$	(4,420)	$	81,653

EBITDA margin	13.5	%		5.5	%		12.4	%		18.9	%	N/M		10.7	%
Adjusted EBITDA margin	13.5	%		5.5	%		13.1	%		19.1	%	N/M		11.0	%


	Six Months Ended August 30, 2025
(In thousands)	Architectural Metals		Architectural Services		Architectural Glass		Performance Surfaces		Corporate and Other		Consolidated
Net earnings (loss)	$	24,543			$	(4,759)			$	18,631		$	10,377			$	(27,830)	$	20,962
Interest expense (income), net	901			(138)			(276)			—		7,434			7,921
Income tax (benefit) expense	(43)			(8)			116			—		9,329			9,394
Depreciation and amortization	7,566			1,983			6,593			7,338		1,463			24,943
EBITDA	32,967			(2,922)			25,064			17,715		(9,604)			63,220
Acquisition-related costs (1)	—			—			—			1,464		193			1,657
Restructuring costs (2)	1,825			14,006			—			—		2,641			18,472
NMTC settlement gain (3)	(4,597)			—			—			—		—			(4,597)
Adjusted EBITDA	$	30,195			$	11,084			$	25,064		$	19,179			$	(6,770)	$	78,752

EBITDA margin	12.2	%		(1.4)	%		17.2	%		19.5	%	N/M		9.0	%
Adjusted EBITDA margin	11.2	%		5.4	%		17.2	%		21.2	%	N/M		11.2	%


(1)	Acquisition-related costs for the Kalwall acquisition in fiscal 2027 and UW Solutions acquisition in fiscal 2026, respectively, which management does not consider reflective of core operating performance for the periods presented.
(2)	Restructuring costs related to Project Fortify Phase 2 in fiscal 2026.

(3)	Settlement of a New Markets Tax Credit transactions.

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Reconciliation of Non-GAAP Financial Measures
Adjusted Net Earnings
(Unaudited)


	Three Months Ended		Six Months Ended
(In thousands)	August 29, 2026		August 30, 2025		August 29, 2026		August 30, 2025
Net earnings	$	22,380			$	23,649		$	33,917	$	20,962
Acquisition-related costs (1)	2,376			1,307			3,146		1,657
Restructuring costs (2)	—			3,123			—		18,472

NMTC settlement gain (3)	—			(4,597)			—		(4,597)
Income tax impact on above adjustments (4)	(355)			(2,384)			(543)		(3,546)
Adjusted net earnings	$	24,401			$	21,098		$	36,520	$	32,948



(1)	Acquisition-related costs for the Kalwall acquisition in fiscal 2027 and UW Solutions acquisition in fiscal 2026, respectively, which management does not consider reflective of core operating performance for the periods presented.
(2)	Restructuring costs related to Project Fortify Phase 2 in fiscal 2026.

(3)	Settlement of a New Markets Tax Credit transactions.
(4)	Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred.

Segment Analysis

Disclosures related to our business segments are included in Note 12 of our Consolidated Financial Statements. We manage our business in four reportable segments: Architectural Metals, Architectural Services, Architectural Glass and Performance Surfaces.

The following table presents net sales, adjusted EBITDA and adjusted EBITDA margin by segment and the consolidated total.


	Three Months Ended		Six Months Ended
(In thousands, except percentages)	August 29, 2026		August 30, 2025		% Change	August 29, 2026	August 30, 2025		% Change
Segment net sales
Architectural Metals	$	143,520		$	140,935	1.8%	$	265,963		$	269,559	(1.3)%
Architectural Services	108,464		100,490		7.9%	223,700	206,995		8.1%
Architectural Glass	87,423		72,181		21.1%	155,137	145,454		6.7%
Performance Surfaces	55,257		48,390		14.2%	99,581	90,640		9.9%
Intersegment eliminations	(3,529)		(3,802)		(7.2)%	(10,561)	(7,832)		34.8%
Net sales	$	391,135		$	358,194	9.2%	$	733,820		$	704,816	4.1%
Segment adjusted EBITDA
Architectural Metals	$	22,116		$	20,828	6.2%	$	35,816		$	30,195	18.6%
Architectural Services	6,249		5,016		24.6%	12,385	11,084		11.7%
Architectural Glass	12,992		11,647		11.5%	18,885	25,064		(24.7)%
Performance Surfaces	12,410		11,221		10.6%	18,987	19,179		(1.0)%
Corporate and Other	(4,229)		(4,344)		2.6%	(4,420)	(6,770)		(34.7)%
Adjusted EBITDA	$	49,538		$	44,368	11.7%	$	81,653		$	78,752	3.7%
Segment adjusted EBITDA margin
Architectural Metals	15.4	%		14.8	%		13.5	%		11.2	%
Architectural Services	5.8	%		5.0	%		5.5	%		5.4	%
Architectural Glass	14.9	%		16.1	%		12.2	%		17.2	%
Performance Surfaces	22.5	%		23.2	%		19.1	%		21.2	%
Corporate and Other	N/A		N/A			N/M	N/M
Adjusted EBITDA margin	12.7	%		12.4	%		11.1	%		11.2	%

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Architectural Metals

Comparison of Second Quarter Fiscal 2027 to Second Quarter Fiscal 2026

•Net sales were $143.5 million, compared to $140.9 million, driven by favorable price, partially offset by lower volume.

•Adjusted EBITDA was $22.1 million, or 15.4% of net sales, compared to $20.8 million, or 14.8% of net sales, driven by price, improved productivity and cost savings from Fortify Phase 2, and favorable mix, partially offset by the net impact from higher aluminum costs and lower volume.

Comparison of First Six Months of Fiscal 2027 to First Six Months of Fiscal 2026

•Net sales were $266.0 million, compared to $269.6 million, driven by lower volume offsetting favorable price and mix.

•Adjusted EBITDA was $35.8 million, or 13.5% of net sales, compared to $30.2 million, or 11.2% of net sales. The improvement in adjusted EBITDA margin was primarily driven by price, improved productivity and cost savings from Fortify Phase 2, and favorable mix, partially offset by the net impact from higher aluminum costs and lower volume.

Architectural Services

Comparison of Second Quarter Fiscal 2027 to Second Quarter Fiscal 2026

•Net sales were $108.5 million, compared to $100.5 million, primarily due to increased volume.

•Adjusted EBITDA increased to $6.2 million, or 5.8% of net sales, compared to $5.0 million, or 5.0% of net sales, primarily driven by project mix and higher volume.

Comparison of First Six Months of Fiscal 2027 to First Six Months of Fiscal 2026

•Net sales were $223.7 million, compared to $207.0 million, driven by increased volume.

•Adjusted EBITDA increased to $12.4 million, or 5.5% of net sales, compared to $11.1 million, or 5.4% of net sales, driven by increased volume, partially offset by unfavorable mix and price.

Cumulative catch-up adjustments on our longer-term contracts for changes in estimates were as follows:


	Three Months Ended	Six Months Ended
(in thousands)	August 29, 2026		August 30, 2025	August 29, 2026		August 30, 2025
Gross favorable adjustments	$	4,949			$	9,454	$	9,250	$	14,747
Gross unfavorable adjustments	(3,416)			(8,722)		(8,386)		(13,948)
Net adjustments	$	1,532			$	731	$	863	$	799

Architectural Glass

Comparison of Second Quarter Fiscal 2027 to Second Quarter Fiscal 2026

•Net sales were $87.4 million compared to $72.2 million, driven by the $16.4 million contribution from the Kalwall acquisition and favorable mix, partially offset by lower volume and price.

•Adjusted EBITDA was $13.0 million, or 14.9% of net sales, compared to $11.6 million, or 16.1% of net sales. The decrease in adjusted EBITDA margin was primarily driven by price, higher manufacturing and freight costs, and lower volume, partially offset by the accretive contribution of the Kalwall acquisition and favorable mix.

Comparison of First Six Months of Fiscal 2027 to First Six Months of Fiscal 2026

•Net sales were $155.1 million compared to $145.5 million, driven by the $16.4 million contribution from the Kalwall acquisition and favorable mix, partially offset by lower volume and price.

•Adjusted EBITDA decreased to $18.9 million, or 13.1% of net sales, compared to $25.1 million, or 17.2% of net sales. The decrease in adjusted EBITDA margin was primarily driven by price, lower volume and higher manufacturing and freight costs, partially offset by the accretive contribution of the Kalwall acquisition and favorable mix.

Performance Surfaces

Comparison of Second Quarter Fiscal 2027 to Second Quarter Fiscal 2026

•Net sales were $55.3 million, compared to $48.4 million, due to higher volume and price.

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•Adjusted EBITDA was $12.4 million, or 22.5% of net sales, compared to $11.2 million, or 23.2% of net sales. The decrease in adjusted EBITDA margin was primarily driven by the impact of higher material costs, partially offset by price and increased volume.

Comparison of First Six Months of Fiscal 2027 to First Six Months of Fiscal 2026

•Net sales were $99.6 million, compared to $90.6 million, due to higher volume and price.

•Adjusted EBITDA was $19.0 million, or 19.1% of net sales, compared to $19.2 million, or 21.2% of net sales. The decrease in adjusted EBITDA margin was primarily driven by the impact of higher material costs, partially offset by favorable price and increased volume.

Corporate and Other

Comparison of Second Quarter Fiscal 2027 to Second Quarter Fiscal 2026

•Corporate and Other adjusted EBITDA expense was $4.2 million, compared to $4.3 million in the prior year. The improvement was primarily due to the benefits from cost savings related to Fortify Phase 2 and lower health insurance costs, partially offset by higher incentive compensation expense.

Comparison of First Six Months of Fiscal 2027 to First Six Months of Fiscal 2026

•Corporate and Other adjusted EBITDA expense was $4.4 million, compared to $6.8 million in the prior year driven by net cost savings related to Fortify Phase 2 and lower health insurance costs, partially offset by higher incentive compensation expense.

Backlog

Backlog is defined as the dollar amount of signed contracts or firm orders, generally as a result of a competitive bidding process, which is expected to be recognized as revenue. Backlog is an operating measure used by management to assess future potential sales revenue. Backlog is not a term defined under U.S. GAAP and is not a measure of contract profitability. Backlog should not be used as the sole indicator of future revenue because we have a substantial number of projects with short lead times that book-and-bill within the same reporting period that are not included in backlog. It is most meaningful for the Architectural Services segment, due to the long-term nature of their projects.

As of August 29, 2026, segment backlog in the Architectural Services Segment was approximately $833.0 million, compared to approximately $792.3 million at the end of the second quarter of fiscal 2026.

Liquidity and Capital Resources

We rely on cash provided by operations for our ongoing cash requirements, including working capital needs, capital expenditures, satisfaction of contractual commitments (including principal and interest payments on our outstanding indebtedness) and shareholder return through dividend payments and share repurchases.

Operating Activities. Net cash provided by operating activities was $43.3 million for the first six months of fiscal 2027, compared to $37.3 million in the prior year period. The increase in cash provided by operating activities is driven by higher net earnings, partially offset by increased cash used for working capital.

Investing Activities. Net cash used in investing activities was $121.8 million for the first six months of fiscal 2027, compared to $10.9 million in the prior-year period. The increase net cash used in investing activities was primarily related to the acquisition of Kalwall.

Financing Activities. Net cash provided by financing activities was $74.9 million for the first six months of fiscal 2027, compared to $29.1 million of cash used in financing activities in the prior year period. The increase primarily relates to additional proceeds from our revolving credit facility used to fund the Kalwall acquisition, as well as lower debt payments compared to the prior year.

Additional Liquidity Considerations. We periodically evaluate our liquidity requirements, cash needs and availability of debt resources relative to acquisition plans, significant capital plans, and other working capital needs. See Note 5 to our Consolidated Financial Statements for more information related to our debt agreements.

Outstanding borrowings under the term loan facility were $206.5 million as of August 29, 2026. Outstanding borrowings under the revolving credit facility were $129.0 million as of August 29, 2026.

At August 29, 2026, we had a total of $2.6 million of ongoing letters of credit related to the senior credit facility, construction contracts and insurance collateral that expire in fiscal 2027 and reduce borrowing capacity under the revolving credit facility. As of August 29, 2026, the amount available for revolving borrowings was $318.4 million.

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We acquire the use of certain assets through operating leases, such as property, manufacturing equipment, vehicles and other equipment. Future payments for such leases, excluding leases with initial terms of one year or less, were $53.0 million at August 29, 2026, with $7.9 million payable during the remainder of fiscal 2027.

As of August 29, 2026, we had $33.5 million of open purchase obligations, of which payments totaling $10.6 million are expected to become due during the remainder of fiscal 2027.

We are required, in the ordinary course of business, to provide surety or performance bonds that commit payments to our customers for any non-performance. At August 29, 2026, $1.2 billion of these types of bonds were outstanding, of which $264.3 million is in our backlog. These bonds have expiration dates that align with completion of the purchase order or contract. We have not been required to make any payments under these bonds with respect to our existing businesses.

Due to our ability to generate strong cash from operations and our borrowing capability under our committed revolving credit facility, we believe that our sources of liquidity will be adequate to meet our short-term and long-term liquidity and capital expenditure needs. In addition, we believe we have the ability to obtain both short-term and long-term debt to meet our financing needs, including additional sources of debt to finance potential acquisitions, for the foreseeable future. We also believe we will be able to operate our business so as to continue to be in compliance with our existing debt covenants over the next fiscal year.

We continually review our portfolio of businesses and their assets and how they support our business strategy and performance objectives. As part of this review, we may acquire other businesses, pursue geographic expansion, take actions to manage capacity and further invest in, divest and/or sell parts of our current businesses.

Related Party Transactions

No material changes have occurred in the disclosure with respect to our related party transactions set forth in our Annual Report on Form 10-K for the fiscal year ended February 28, 2026.

Critical Accounting Policies

There have been no significant changes to our critical accounting policies from those disclosed in our Annual Report on Form 10-K for the fiscal year ended February 28, 2026.

Item 3.Quantitative and Qualitative Disclosures About Market Risk

Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2026, for a discussion of the Company’s market risk. There have been no material changes in market risk since February 28, 2026.

Item 4.Controls and Procedures

a)Evaluation of disclosure controls and procedures: As of the end of the period covered by this report (the Evaluation Date), we carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, our disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in applicable rules and forms, and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

b)On July 1, 2026, we completed our acquisition of Kalwall. In accordance with Securities Exchange Commission guidance permitting a company to exclude an acquired business from management’s assessment of the effectiveness of internal control over financial reporting for the year in which the acquisition is completed, we have excluded Kalwall from our assessment of the effectiveness of internal control over financial reporting as of August 29, 2026. The assets and net sales of Kalwall that were excluded from our assessment constituted approximately 10% and 4%, respectively, of the related consolidated financial statement amounts as of and for the three months ended August 29, 2026. The scope of management’s assessment of the effectiveness of the design and operation of our disclosure controls and procedures as of August 29, 2026 includes all of our consolidated operations except for those disclosure controls and procedures of Kalwall. See Note 13 for additional information regarding the Kalwall acquisition. Based on

our assessment, the Company's management believes that, as of August 29, 2026, the Company's internal control over financial reporting was effective based on those criteria.

c)Changes in internal controls: There was no change in the Company’s internal control over financial reporting that occurred during the fiscal quarter ended August 29, 2026, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1.Legal Proceedings

The Company is a party to various legal proceedings incidental to its normal operating activities. In particular, like others in the construction supply and services industry, the Company is routinely involved in various disputes and claims arising out of construction projects, sometimes involving significant monetary damages or product replacement. We have in the past and are currently subject to product liability and warranty claims, including certain legal claims related to a commercial sealant product formerly incorporated into our products.

The Company is also subject to litigation arising out of areas such as employment practices, workers compensation and general liability matters. Although it is very difficult to accurately predict the outcome of any such proceedings, facts currently available indicate that no matters will result in losses that would have a material adverse effect on the results of operations, cash flows or financial condition of the Company.

Item 1A.Risk Factors

There have been no significant changes or additions to our risk factors discussed in our Annual Report on Form 10-K for the fiscal year ended February 28, 2026.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information with respect to purchases made by the Company of its own stock during the second quarter of fiscal 2027:


Period	Total Number of Shares Purchased (a)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b)	Maximum Number of Shares that May Yet Be Purchased under the Plans or Programs (b)
May 31, 2026 to June 27, 2026	169,420		$	39.09		169,420		1,370,291
June 28, 2026 to July 25, 2026	300		43.70		300		1,369,991
July 26, 2026 to August 29, 2026	—		—		—		1,369,991
Total	169,720		$	37.90		169,720		1,369,991

(a)This column includes shares repurchased pursuant to our publicly announced repurchase program and, to the extent applicable, shares that were surrendered by plan participants to satisfy withholding tax obligations related to share-based compensation.

(b)In fiscal 2004, announced on April 10, 2003, the Board of Directors authorized the repurchase of 1,500,000 shares of Company stock. The Board increased the authorization by 750,000 shares, announced on January 24, 2008; by 1,000,000 shares on each of the announcement dates of October 8, 2008, January 13, 2016, January 9, 2018, January 14, 2020, October 7, 2021, and June 22, 2022; and by 2,000,000 shares, on each of the announcement dates of October 3, 2018, January 14, 2022 and October 6, 2023. The repurchase program does not have an expiration date.

Item 5. Other Information

Insider Adoption or Termination of Trading Arrangements

During the three months ended August 29, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated any “Rule 10b5-1 trading arrangement” or any “non-Rule 10b5-1 trading arrangement”, as each term is defined in Item 408(c) of Regulation S-K.

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Item 6. Exhibits


2.1	Merger Agreement, dated as of May 27 2026, by and among Keller Companies, Inc., Robert Keller Family Trust (2007), Bruce M. Keller 2012 Irrevocable Trust, Richard R. Keller 2012 Irrevocable Trust, Ark 2012 Irrevocable Trust, Scott F. Keller 2012 Irrevocable Trust and Apogee Enterprises, Inc. Incorporate by reference to Exhibit 2.1 to Registrant's Current Report on Form 8-K filed on May 28, 2026.
3.1	Restated Articles of Incorporation. (Incorporated by reference to Exhibit 3.1 to Registrant's Annual Report on Form 10-K for the year-ended February 28, 2004.)
3.2	Articles of Amendment to Restated Articles of Incorporation. Incorporated by reference to Exhibit 3.1 to Registrant's Current Report on Form 8-K filed on January 16, 2020.
3.3	Amended and Restated Bylaws of Apogee Enterprises, Inc. (Incorporated by reference to Exhibit 3.3 to the Registrant’s Quarterly Report on Form 10-Q filed on July 1, 2021.)



31.1#	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2#	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
32.1#	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2#	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101#	The following materials from Apogee Enterprises, Inc.’s Quarterly Report on Form 10-Q for the quarter ended August 29, 2026, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Balance Sheets as of August 29, 2026 and February 28, 2026, (ii) the Consolidated Results of Operations for the three and six months ended August 29, 2026 and August 30, 2025, (iii) the Consolidated Statements of Comprehensive Earnings for the three and six months ended August 29, 2026 and August 30, 2025, (iv) the Consolidated Statements of Cash Flows for the six-months ended August 29, 2026 and August 30, 2025, (v) the Consolidated Statements of Shareholders' Equity for the three and six months ended August 29, 2026 and August 30, 2025, and (vi) Notes to Consolidated Financial Statements.
104#	Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101)
	Exhibits marked with a (#) sign are filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	APOGEE ENTERPRISES, INC.


Date: October 6, 2026	By: /s/ Donald A. Nolan
		Donald A. Nolan Executive Chair and Chief Executive Officer (Principal Executive Officer)



Date: October 6, 2026	By: /s/ Mark R. Augdahl
		Mark R. Augdahl Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

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