azz-20260531


	As of
	May 31, 2026		February 28, 2026
Assets
Current assets:
Cash and cash equivalents	$	1,059	$	705
Trade accounts receivable, net of allowance for credit losses of $128 and $144 at May 31, 2026 and February 28, 2026, respectively	163,872		142,648
Other receivables	20,756		18,990
Inventories	121,196		113,413
Contract assets	117,073		112,785
Prepaid expenses and other	16,098		6,827

Total current assets	440,054		395,368
Property, plant and equipment, net	609,463		609,305
Right-of-use assets	60,924		59,564
Goodwill	714,463		714,753
Deferred tax assets	1,242		1,383
Intangible assets, net	403,946		409,738
Investment in AVAIL joint venture	18,967		19,960
Other assets	3,265		3,403
Total assets	$	2,252,324	$	2,213,474
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	122,054	$	114,590
Income taxes payable	3,427		387
Accrued salaries and wages	19,637		33,847
Other accrued liabilities	74,227		74,771
Lease liability, short-term	9,502		8,679

Total current liabilities	228,847		232,274
Long-term debt, net	480,604		477,738
Lease liability, long-term	52,711		51,969
Deferred tax liabilities	77,441		73,924
Other long-term liabilities	36,677		40,538
Total liabilities	876,280		876,443
Commitments and contingencies (Note 18)


Shareholders' equity:
Common stock, $1 par value; 100,000 shares authorized; 30,017 and 29,880 shares issued and outstanding at May 31, 2026 and February 28, 2026, respectively	30,017		29,880
Capital in excess of par value	424,279		431,155
Retained earnings	929,574		883,544
Accumulated other comprehensive loss	(7,826)		(7,548)
Total shareholders' equity	1,376,044		1,337,031
Total liabilities and shareholders' equity	$	2,252,324	$	2,213,474


	Three Months Ended May 31,
	2026		2025
Sales	$	448,530	$	421,962
Cost of sales	336,361		317,832
Gross margin	112,169		104,130

Selling, general and administrative	35,136		34,581

Operating income	77,033		69,549

Interest expense, net	(11,264)		(18,563)
Equity in earnings of unconsolidated subsidiary	509		173,523
Other income (expense), net	(260)		1,327
Income before income taxes	66,018		225,836
Income tax expense	14,012		54,928
Net income	$	52,006	$	170,908




Basic earnings per common share	$	1.74	$	5.71
Diluted earnings per common share	$	1.72	$	5.66

Weighted average shares outstanding—Basic	29,932		29,941
Weighted average shares outstanding—Diluted	30,159		30,217

Cash dividends declared per common share	$	0.20	$	0.17


	Three Months Ended May 31,
	2026		2025
Net income	$	52,006	$	170,908
Other comprehensive income (loss):
Foreign currency translation adjustments:
Unrealized translation gain (loss)	(551)		1,956
Unrealized translation gain (loss) for unconsolidated subsidiary, net of tax(1)	(1,142)		241

Unrealized gain (loss) on derivatives qualified for hedge accounting:
Unrealized gain on interest rate swap, net of tax(2)	1,361		339
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax(3)	54		(48)
Unrealized gain on interest rate swap, net of tax for unconsolidated subsidiary(4)	—		3
Other comprehensive income (loss)	(278)		2,491
Comprehensive income	$	51,728	$	173,399



(1)			Unrealized translation gain (loss) for unconsolidated subsidiary is related to our unconsolidated investment in the AVAIL JV and represents our 40% interest in this amount. Net of tax expense (benefit) of $(361) and $76 for the three months ended May 31, 2026 and May 31, 2025, respectively.
(2)			Net of tax expense of $439 and $113 for the three months ended May 31, 2026 and May 31, 2025, respectively.
(3)			Net of tax expense (benefit) of $17 and $(16) for the three months ended May 31, 2026 and May 31, 2025, respectively. See Note 9.
(4)			Unrealized gain on interest rate swap, net of tax for unconsolidated subsidiary is related to our unconsolidated investment in the AVAIL JV and represents our 40% interest in this amount. The interest rate swap was written off following the sale of the Electrical Products Group business during the second quarter of fiscal 2026. Net of tax expense of $1 for the three months ended May 31, 2025.


	Three Months Ended May 31,
	2026		2025
Cash flows from operating activities



Net income	52,006		170,908
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense (recovery)	(25)		320
Depreciation and amortization	23,519		21,827
Deferred income taxes	3,571		(4,056)
Equity in earnings of unconsolidated subsidiary	(509)		(173,523)
Distribution on investment in AVAIL joint venture	—		273,223



Restructuring charges	—		3,744


Net gain on sale of property, plant and equipment	(49)		(2,686)
Amortization of debt financing costs	3,834		3,198
Share-based compensation expense	3,784		5,086

Changes in current assets and current liabilities	(46,483)		17,768
Changes in other long-term assets and long-term liabilities	(2,499)		(1,027)
Net cash provided by operating activities	37,149		314,782
Cash flows from investing activities
Purchase of property, plant and equipment	(18,747)		(20,896)


Proceeds from sale or insurance settlements of property, plant and equipment	49		3,774

Net cash used in investing activities	(18,698)		(17,122)
Cash flows from financing activities


Tax payments related to common stock issued under stock-based plans	(10,523)		(4,598)
Proceeds from Revolving Credit Facility	90,000		210,000
Payments on Revolving Credit Facility	(110,000)		(160,000)

Proceeds from Receivables Securitization Facility	20,000		—

Payments of debt financing costs	(803)		(20)
Payments on long-term debt and finance leases	(872)		(335,809)

Payments of dividends	(5,976)		(5,085)
Net cash used in financing activities	(18,174)		(295,512)
Effect of exchange rate changes on cash	77		(593)
Net increase in cash and cash equivalents	354		1,555
Cash and cash equivalents at beginning of period	705		1,488
Cash and cash equivalents at end of period	$	1,059	$	3,043


	Three Months Ended May 31, 2026
	Common Stock			Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
	Shares	Amount
Balance at February 28, 2026	29,880	$	29,880	$	431,155	$	883,544	$	(7,548)	$	1,337,031
Share-based compensation	—	—		3,784		—		—		3,784

Common stock issued under stock-based plans and related tax expense	137	137		(10,660)		—		—		(10,523)




Cash dividends paid on common stock	—	—		—		(5,976)		—		(5,976)

Net income	—	—		—		52,006		—		52,006
Other comprehensive income (loss)	—	—		—		—		(278)		(278)
Balance at May 31, 2026	30,017	$	30,017	$	424,279	$	929,574	$	(7,826)	$	1,376,044


	Three Months Ended May 31, 2025
	Common Stock			Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
	Shares	Amount
Balance at February 28, 2025	29,913	$	29,913	$	418,004	$	609,158	$	(11,580)	$	1,045,495
Share-based compensation	—	—		5,086		—		—		5,086

Common stock issued under stock-based plans and related tax expense	94	94		(4,691)		—		—		(4,597)




Cash dividends paid on common stock	—	—		—		(5,085)		—		(5,085)

Net income	—	—		—		170,908		—		170,908
Other comprehensive income (loss)	—	—		—		—		2,491		2,491
Balance at May 31, 2025	30,007	$	30,007	$	418,399	$	774,981	$	(9,089)	$	1,214,298

We classify cash flows from distributions using the cumulative earnings method. Cash received is classified as return on investment in operating cash flows to the extent that cumulative earnings exceed cumulative distributions, less distributions received in prior periods that were deemed returns of investment. We did not receive cash distributions from the AVAIL JV during the three months ended May 31, 2026. During the three months ended May 31, 2025, we received cash distributions from the AVAIL JV of $273.2 million, following AVAIL’s sale of its Electrical Products Group ("EPG") to nVent Electric plc.

We accrue the anticipated cost of environmental remediation when the obligation is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. While any revisions to our environmental remediation liabilities could potentially be material to the operating results of any fiscal quarter or fiscal year, we do not expect such additional remediation expenses to have an adverse material effect on our financial position, results of operations, or cash flows.

Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as "may," "could," "should," "expects," "plans," "will," "might," "would," "projects," "currently," "intends," "outlook," "forecasts," "targets," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial, and economic data and management’s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the date they are made and are subject to risks that could cause them to differ materially from actual results. Certain factors could affect the outcome of the matters described herein. This Quarterly Report may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand for our manufactured solutions, including demand by the construction; infrastructure; transportation; HVAC & appliance; container; and the metal coatings end markets. We could also experience additional increases, including increases due to inflation, in labor costs, components and raw materials including zinc and natural gas, which are used in our hot-dip galvanizing process and paint used in our coil coating process; supply chain vendor delays; delays in additional acquisition opportunities; an increase in our debt leverage and/or interest rates on our debt, of which a significant portion is tied to variable interest rates; availability of experienced management and employees to implement AZZ's growth strategy; a downturn in market conditions in any industry relating to the manufactured solutions that we provide; economic volatility, including a prolonged economic downturn or macroeconomic conditions such as inflation or changes in the political stability in the United States or Canada; tariffs, acts of war or terrorism inside the United States or abroad; and other changes in economic and financial conditions. AZZ has provided additional information regarding risks associated with the business, including in Part I, Item 1A. Risk Factors, in AZZ's Annual Report on Form 10-K for the fiscal year ended February 28, 2026, and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov.

We are a provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets, predominantly in North America. We operate three distinct business segments, the AZZ Metal Coatings segment, the AZZ Precoat Metals segment, and the AZZ Infrastructure Solutions segment. Our discussion and analysis of financial condition and results of operations is divided by each of our segments, along with corporate costs and other costs not specifically identifiable to a segment. Management believes that the most meaningful analysis of our results of operations is to analyze our performance by segment. We use sales and operating income by segment to evaluate the performance of our segments. Segment operating income consists of sales less cost of sales and selling, general and administrative expenses that are specifically identifiable to a segment.


	Three Months Ended May 31, 2026
	Metal Coatings		Precoat Metals		Infrastructure Solutions(1)		Corporate(2)		Total
Sales	$	210,305	$	238,225	$	—	$	—	$	448,530
Cost of sales	147,452		188,909		—		—		336,361
Gross margin	62,853		49,316		—		—		112,169

Selling, general and administrative	6,302		7,781		—		21,053		35,136

Operating income (loss)	56,551		41,535		—		(21,053)		77,033

Interest expense	—		—		—		(11,264)		(11,264)
Equity in earnings of unconsolidated subsidiary	—		—		509		—		509
Other expense	(2)		—		—		(258)		(260)
Income (loss) before income tax	$	56,549	$	41,535	$	509	(32,575)		66,018
Income tax expense							14,012		14,012
Net income (loss)							$	(46,587)	$	52,006


	Three Months Ended May 31, 2025
	Metal Coatings		Precoat Metals		Infrastructure Solutions(1)		Corporate(2)		Total
Sales	$	187,215	$	234,747	$	—	$	—	$	421,962
Cost of sales(3)	130,356		187,476		—		—		317,832
Gross margin	56,859		47,271		—		—		104,130

Selling, general and administrative(4)	6,127		7,917		80		20,457		34,581

Operating income (loss)	50,732		39,354		(80)		(20,457)		69,549

Interest expense	—		—		—		(18,563)		(18,563)
Equity in earnings of unconsolidated subsidiary(5)	—		—		173,523		—		173,523
Other income (expense)	(61)		—		—		1,388		1,327
Income (loss) before income tax	$	50,671	$	39,354	$	173,443	(37,632)		225,836
Income tax expense							54,928		54,928
Net income (loss)							$	(92,560)	$	170,908



(1)			The AZZ Infrastructure Solutions segment includes the equity in earnings from our investment in the AVAIL JV.
(2)			Interest expense and Income tax expense are included in the Corporate segment as these items are not allocated to the segments.
(3)			For the three months ended May 31, 2025, the AZZ Metal Coatings segment includes restructuring charges of $3.8 million. See "Item 1. Financial Statements—Note 17."
(4)			Includes stock-based compensation expense of $2.2 million, of which $0.4 million and $1.8 million are included in the AZZ Metal Coatings segment and the Corporate segment, respectively. See "Item 1. Financial Statements—Note 15."
(5)			During the first quarter of fiscal 2026, AVAIL completed the sale of the Electrical Products Group ("EPG") to nVent Electric plc. Following the completion of the sale, we received a distribution of $273.2 million during the three months ended May 31, 2025, which was $107.4 million as of May 31, 2025. The excess distribution of $165.8 million was recorded as equity in earnings of unconsolidated subsidiary during three months ended May 31, 2025. See "Item 1. Financial Statements—Note 8."

For the current quarter, we recorded sales of $448.5 million, compared to the prior year quarter of $422.0 million. Of total sales for the current quarter, 46.9% were generated from the AZZ Metal Coatings segment and 53.1% of sales were generated from the AZZ Precoat Metals segment. Net income for the current quarter was $52.0 million, compared to $170.9 million for the prior year quarter. Net income as a percentage of sales was 11.6% for the current quarter as compared to 40.5% for the prior year quarter. Diluted earnings per common share decreased by 69.6%, to $1.72 per share for the current quarter, compared to $5.66 per share for the prior year quarter. The decrease was primarily due to the recognition of equity in earnings for the excess distribution from the AVAIL JV in the prior year quarter.

Interest expense for the current quarter decreased $7.3 million, to $11.3 million, compared to $18.6 million for the prior year quarter. The decrease in interest expense was primarily attributable to a decrease of $364.2 million in the weighted average debt outstanding and a decrease in the weighted average interest rate of 1.54% in the current quarter, compared to the prior year quarter. The decrease in interest expense is partially offset by lower capitalized interest, primarily associated with the construction of the new plant in Washington, Missouri, for the current quarter, compared to the prior year quarter.

We have historically met our cash needs through a combination of cash flows from operating activities along with bank and bond market debt. Our cash requirements generally include working capital needs, capital improvements, quarterly cash dividends, acquisitions and other general corporate purposes. Based on our current financial condition and current operations, we believe that our cash position, cash flows from operating activities and our expectation of continuing availability to draw upon our credit facilities are sufficient to meet our cash flow needs for the foreseeable future.

In connection with the amendment, approximately 37.50% of the aggregate principal amount was reallocated to the new lenders. We evaluated the amendment under the guidance in ASC 470-50, Debt—Modifications and Extinguishments and concluded that the amendment represented a modification at the instrument level, as the quantitative 10% cash flow test was not met. However, the lender reallocation resulted in a partial extinguishment at the lender level. As a result, for the three months ended May 31, 2026, we recognized a write-off of approximately $0.6 million of unamortized debt financing costs, which is included in "Interest expense, net" on our consolidated statement of operations and in "Amortization of debt financing costs" on our consolidated statement of cash flows.

As defined in the 2022 Credit Agreement, quarterly prepayments were due against the outstanding principal of the Term Loan B and were payable on the last business day of each May, August, November and February, beginning August 31, 2022, in a quarterly aggregate principal amount of $3.25 million, with the entire remaining principal amount due on May 13, 2029, the maturity date. Additional prepayments made against the Term Loan B contributed to these required quarterly payments. Due to prepayments made against the Term Loan B since August 31, 2022, the quarterly mandatory principal payment requirement has been met, and the quarterly payments of $3.25 million are no longer required.

Accordingly, the receivables transferred to the SPE will remain on our consolidated balance sheet within trade accounts receivable and contract assets, and the Receivables Securitization Facility is included in "Long-term debt, net." The Receivables Securitization Facility has a limit of $150.0 million and is due July 10, 2028. As of May 31, 2026, the total amount of receivables pledged under the facility was $268.1 million, consisting of $153.8 million in trade accounts receivable and $114.3 million in contract assets, with outstanding borrowings of $150.0 million. The interest rate on the Receivables Securitization Facility is one-month SOFR plus 0.95%.

We manage our exposure to fluctuations in interest rates on our floating-rate debt by entering into interest rate swap agreements to convert a portion of our variable-rate debt to a fixed rate. On June 30, 2025, we entered into a new fixed-rate interest rate swap agreement (the “2025 Swap”). The 2025 Swap converts the SOFR-based component of the interest rate to 3.759%. As of May 31, 2026, the 2025 Swap resulted in a total fixed rate of 5.509%. The 2025 Swap has a notional amount of $290.0 million and a maturity date of June 30, 2027. The objective of the 2025 Swap is to eliminate the variability of cash flows in interest payments attributable to changes in benchmark one-month SOFR interest rates. The hedged risk is the interest rate risk exposure to changes in interest payments, attributable to changes in benchmark one-month SOFR interest rates over the interest rate swap term. The changes in cash flows of the interest rate swap are expected to exactly offset changes in cash flows of the variable-rate debt. We designated the 2025 Swap as a cash flow hedge at inception. Cash settlements, in the form of cash payments or cash receipts, of the 2025 Swap are recognized in interest expense.

We have exposure to commodity price increases in all three of our operating segments, primarily zinc and natural gas in the AZZ Metal Coatings segment, and natural gas, steel, and aluminum scrap in the AZZ Precoat Metals segment. We attempt to minimize these increases by entering into agreements with our zinc suppliers and such agreements generally include fixed premiums, and by entering into agreements with our natural gas suppliers to fix a portion of our purchase cost. In addition to these measures, we attempt to recover other cost increases through improvements to our manufacturing process, supply chain management, and through increases in prices to match inflationary increases where competitively feasible. We have indirect exposure to copper, aluminum, steel and nickel-based alloys in the AZZ Infrastructure Solutions segment through our 40% investment in the AVAIL JV.

In addition to reporting financial results in accordance with Generally Accepted Accounting Principles in the United States ("GAAP"), we provide Adjusted Net Income, Adjusted Earnings per Share and Adjusted EBITDA (collectively, the "Adjusted Earnings Measures"), which are non-GAAP measures. Management believes that the presentation of these measures provides investors with greater transparency when comparing operating results across a broad spectrum of companies, which provides a more complete understanding of our financial performance, competitive position, prospects for future capital investment and debt reduction. Management also believes that investors regularly rely on non-GAAP financial measures, such as Adjusted Net Income, Adjusted Earnings per Share and Adjusted EBITDA to assess operating performance and that such measures may highlight trends in our business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP.

In calculating adjusted net income and adjusted earnings per share, management excludes the following items from the reported GAAP measure: 1) intangible asset amortization, 2) restructuring charges, 3) certain legal settlements and accruals, 4) retirement and other severance expenses, 5) redemption premium on Series A Preferred Stock, 6) additional stock compensation expense related to the adoption of our executive retiree long-term incentive program, 7) certain adjustments related to the Company's unconsolidated joint venture, and 8) the write-off of debt financing costs. Management defines Adjusted EBITDA as adjusted net income excluding depreciation, amortization, interest and provision for income taxes. Management believes Adjusted EBITDA is used by investors to analyze operating performance and evaluate the Company's ability to incur and service debt, as well as its capacity for making capital expenditures in the future.

Management provides non-GAAP financial measures for informational purposes and to enhance understanding of the Company's GAAP consolidated financial statements. Readers should consider these measures in addition to, but not instead of or superior to, the Company's financial statements prepared in accordance with GAAP, and undue reliance should not be placed on these non-GAAP financial measures. Additionally, these non-GAAP financial measures may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.


	Three Months Ended May 31,
	2026				2025
	Amount		Per Diluted Share(1)		Amount		Per Diluted Share(1)
Net income	$	52,006	$	1.72	$	170,908	$	5.66





Adjustments:
Amortization of intangible assets	5,726		0.19		5,734		0.19
Restructuring charges(2)	—		—		3,827		0.13




Executive retiree long-term incentive program(3)	—		—		2,185		0.07
AVAIL JV equity in earnings adjustment(4)	(1,348)		(0.04)		(165,826)		(5.49)
Write-off of debt financing costs(5)	572		0.02		—		—
Subtotal	4,950		0.16		(154,080)		(5.10)
Tax impact(6)	(1,188)		(0.04)		36,979		1.22
Total adjustments	3,762		0.12		(117,101)		(3.88)
Adjusted net income and adjusted earnings per share (non-GAAP)	$	55,768	$	1.85	$	53,807	$	1.78

Weighted average shares outstanding—Diluted for Adjusted earnings per share			30,159				30,217


	Three Months Ended May 31, 2025
	Metal Coatings		Precoat Metals		Infra- structure Solutions		Corporate		Total
Net income (loss)	$	50,671	$	39,354	$	173,443	$	(92,560)	$	170,908
Interest expense	—		—		—		18,563		18,563
Income tax expense	—		—		—		54,928		54,928
Depreciation and amortization	6,660		9,123		—		6,044		21,827
Adjustments:
Restructuring charges(2)	3,827		—		—		—		3,827



Executive retiree long-term incentive program(3)	358		—		—		1,827		2,185
AVAIL JV equity in earnings adjustment(4)	—		—		(165,826)		—		(165,826)
Adjusted EBITDA (non-GAAP)	$	61,516	$	48,477	$	7,617	$	(11,198)	$	106,412


	Trailing Twelve Months Ended
	May 31, 2026		February 28, 2026

Gross debt	$	515,000	$	515,000
Less: Cash per bank statement	(5,500)		(13,227)
Add: Finance lease liability	15,256		13,746
Consolidated indebtedness	$	524,756	$	515,519

Net income	$	198,357	$	317,260
Depreciation and amortization	91,747		90,056
Interest expense	48,350		55,650
Income tax expense	62,140		103,055

EBITDA	$	400,594	$	566,021













Cash items(7)	349		5,426

Non-cash items(8)	13,530		14,832


Equity in earnings, net of distributions	(36,720)		(209,733)
Adjusted EBITDA per Credit Agreement	$	377,753	$	376,546

Net leverage ratio	1.4x		1.4x



(1)			Earnings per share amounts included in the "Adjusted Net Income and Adjusted Earnings Per Share" table above may not sum due to rounding differences.
(2)			Includes restructuring charges related to the closure of two surface technology facilities in our AZZ Metal Coatings segment. See "Item 1. Financial Statements—Note 17."
(3)			During the three months ended May 31, 2025, we recognized additional stock-based compensation expense of $2.2 million upon the adoption of the Executive Retiree Long-term Incentive Program. For further information regarding the adoption of the ERP, see "Item 1. Financial Statements—Note 15."
(4)			For the three months ended May 31, 2026, represents adjustments related to the loss recognized in fiscal year 2026 for the sale of AVAIL's Welding Services Business. During the first quarter of fiscal 2026, AVAIL completed the sale of the Electrical Products Group ("EPG") to nVent Electric plc. Following the completion of the sale, we received a distribution of $273.2 million during the three months ended May 31, 2025, exceeding the investment in the AVAIL JV of $107.4 million as of May 31, 2025. The excess distribution of $165.8 million was recorded as equity in earnings of unconsolidated subsidiary during the three months ended May 31, 2025. See "Item 1. Financial Statements—Note 8."
(5)			The write-off of $0.6 million of unamortized debt financing costs relates to the refinancing of our Revolving Credit Facility on May 7, 2026, which resulted in a partial extinguishment at the lender level. For further information, see "Item 1. Financial Statements—Note 10."
(6)			The non-GAAP effective tax rate for each of the periods presented is estimated at 24.0%.
(7)			Cash items include restructuring charges associated with the AZZ Metal Coatings segment and other accruals.
(8)			Non-cash items include stock-based compensation expense.

AZZ and its subsidiaries are named defendants and plaintiffs in various routine lawsuits incidental to our business. These proceedings include labor and employment claims, various commercial disputes, worker’s compensation and environmental matters, all arising in the normal course of business. As discovery progresses on all outstanding legal matters, we continuously evaluate opportunities to either mediate the cases or settle the disputes for nuisance value or the cost of litigation as a way to resolve the disputes prior to trial. As the pending cases progress through additional discovery and potential mediation, our assessment of the likelihood of a favorable or an unfavorable outcome on the pending lawsuits may change. The actual outcome of these lawsuits or other proceedings cannot be predicted with any certainty, and the amount of any potential liability that could arise with respect to such lawsuits or other matters cannot be predicted at this time. Therefore, management, after consultation with legal counsel believes it has strong claims or defenses to all of its legal matters and does not expect liabilities, if any, from these claims or proceedings, either individually or in the aggregate, to have a material effect on the Company’s financial position, results of operations or cash flows. For further discussion of the Company's legal proceedings, see "Part 1. Item 1. Financial Statements—Note 18."

On November 10, 2020, our Board of Directors authorized a $100 million share repurchase program pursuant to which we may repurchase our common stock (the "2020 Authorization"). Repurchases under the 2020 Authorization will be made through open market or private transactions, in accordance with applicable federal securities laws, and could include repurchases pursuant to Rule 10b5-1 trading plans, which allows stock repurchases when we might otherwise be precluded from doing so. Currently, share repurchases may not exceed 6% of our market capitalization per fiscal year.

On January 22, 2026, our Board of Directors authorized a $100 million share repurchase program (the "2026 Share Repurchase Program") pursuant to which we may repurchase our common stock. Repurchases under the 2026 Share Repurchase Program will be made through open market or private transactions, in accordance with applicable federal securities laws, and could include repurchases pursuant to Rule 10b5-1 trading plans, which allows stock repurchases when we might otherwise be precluded from doing so. Currently, share repurchases may not exceed 6% of our market capitalization per fiscal year.


Texas		75-0948250
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

One Museum Place, Suite 500
3100 West 7th Street
Fort Worth,	Texas	76107
(Address of principal executive offices)		(Zip Code)


		PAGE NO.
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Operations	2
	Condensed Consolidated Statements of Comprehensive Income (Loss)	3
	Condensed Consolidated Statements of Cash Flows	4
	Condensed Consolidated Statements of Changes in Shareholders' Equity	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	39

PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 5.	Other Information	40
Item 6.	Exhibits	41

	SIGNATURES	42


	July 1, 2025
Assets
Accounts receivable	$	1,409

Inventories	1,049

Property, plant and equipment	4,759
Goodwill	9,585
Intangibles and other assets	13,810
Total fair value of assets acquired	$	30,612
Liabilities
Accounts payable	(237)
Other accrued liabilities	(231)

Total fair value of liabilities assumed	$	(468)
Total purchase price, net of cash acquired	$	30,144


	As of
	May 31, 2026		February 28, 2026
Raw material	$	118,904	$	111,483
Work in process	840		733
Finished goods	1,452		1,197
Total inventories	$	121,196	$	113,413


	Three Months Ended May 31,
	2026		2025
Sales:
Construction	$	258,002	$	248,417
Industrial	40,590		37,670
Infrastructure	55,970		56,443
Transportation	27,392		27,738
HVAC & Appliances	22,772		23,341
Container	20,776		7,046
Other(1)	23,028		21,307
Total sales	$	448,530	$	421,962


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



(1)			Other includes less significant markets, such as recreation, sales from recycling and other miscellaneous customer industries.


	Three Months Ended May 31, 2026
	Metal Coatings		Precoat Metals		Infrastructure Solutions(1)		Total
Sales	$	210,305	$	238,225	$	—	$	448,530
Cost of sales	147,452		188,909		—		336,361


Selling, general and administrative	6,302		7,781		—		14,083

Operating income	$	56,551	$	41,535	—		98,086
Equity in earnings of unconsolidated subsidiary					509		509
Income before income taxes					$	509	98,595

Reconciliation to consolidated income before income taxes
Corporate selling, general and administrative expenses							(21,053)
Interest expense							(11,264)
Other expense							(260)
Consolidated income before income taxes							$	66,018



(1)			For the AZZ Infrastructure Solutions segment, the CODM uses only net income before taxes as the measure to allocate resources and assess segment performance. Infrastructure Solutions segment includes the equity in earnings from our investment in the AVAIL JV, as well as other expenses related to receivables and liabilities that were retained following the sale of the AIS business.
(2)			For the three months ended May 31, 2025, the AZZ Metal Coatings segment includes restructuring charges of $3.8 million. See Note 17.
(3)			Includes stock-based compensation expense recognized during the three months ended May 31, 2025 upon the adoption of the Executive Retiree LTI Program of $2.2 million, of which $0.4 million and $1.8 million are included in the AZZ Metal Coatings segment and the Corporate segment, respectively. See Note 15.
(4)			During the first quarter of fiscal 2026, AVAIL completed the sale of the Electrical Products Group ("EPG") to nVent Electric plc. Following the completion of the sale, we received a distribution of $273.2 million during the three months ended May 31, 2025, which is in excess of the investment in the AVAIL JV, which was $107.4 million as of May 31, 2025. The excess distribution of $165.8 million was recorded as equity in earnings of unconsolidated subsidiary during the three months ended May 31, 2025. See Note 8.


	As of
Segment Assets(1)	May 31, 2026		February 28, 2026
Metal Coatings(2)	$	622,749	$	604,107
Precoat Metals(3)	1,589,600		1,562,994
Infrastructure Solutions - Investment in Joint Venture	18,967		19,960
Total reportable segment assets	2,231,316		2,187,061
Corporate	21,008		26,413
Consolidated assets	$	2,252,324	$	2,213,474



(1)			Segment assets include identifiable intangible assets associated with each reportable segment. The related amortization expense for intangible assets is not allocated to the segments.
(2)			Identifiable intangible assets related to AZZ Metal Coatings of $33.8 million and $35.0 million, net of accumulated amortization, as of May 31, 2026 and February 28, 2026, respectively, are included in segment assets. The associated amortization expense is not allocated to the segment.
(3)			Identifiable intangible assets related to AZZ Precoat Metals of $370.1 million and $374.8 million, net of accumulated amortization, as of May 31, 2026 and February 28, 2026, respectively, are included in segment assets. The associated amortization expense is not allocated to the segment.


	As of
Long-lived assets	May 31, 2026		February 28, 2026
United States	$	648,747	$	647,182
Canada	21,640		21,687

Total	$	670,387	$	668,869


Summarized Balance Sheet
	As of
	May 31, 2026(1)		February 28, 2026(1)
Current assets	$	166,713	$	225,298
Long-term assets	17,218		19,330
Total assets	$	183,931	$	244,628

Current liabilities	$	45,504	$	59,724
Long-term liabilities	11,623		12,732
Total liabilities	57,127		72,456
Total partners' capital	126,804		172,172
Total liabilities and partners' capital	$	183,931	$	244,628


Summarized Operating Data
	Three Months Ended May 31,
	2026(1)		2025(1)
Sales	$	7,472	$	168,240
Gross profit	$	2,639	$	45,125
Income (loss) before income taxes	$	1,625	$	17,474
Net income (loss)	$	1,457	$	17,624



(1)			We report our equity in earnings on a one-month lag basis; therefore, amounts in the summarized financials above are as of and for the three months ended April 30, 2026 and 2025 and as of January 31, 2026. Amounts in the table above exclude certain adjustments made by us to record equity in earnings of the AVAIL JV under U.S GAAP for public companies, primarily to reverse the amortization of goodwill. The three months ended May 31, 2026 reflects operations from AVAIL's Industrial Lighting business and WSI Brazil business.


	Carrying Value as of May 31, 2026		Fair Value Measurements Using						Carrying Value as of February 28, 2026		Fair Value Measurements Using
			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets
Interest Rate Swap Agreement(1)	$	25	$	—	$	25	$	—	$	—	$	—	$	—	$	—
Total Assets	$	25							$	—
Liabilities
Interest Rate Swap Agreement(1)	$	—	$	—	$	—	$	—	$	1,847	$	—	$	1,847	$	—
Total Liabilities	$	—							$	1,847


(1)			The interest rate swap agreement included in the table above represents the 2025 Swap at May 31, 2026 and February 28, 2026.


Fiscal year:	Operating Leases		Finance Leases		Total
2027	$	6,408	$	3,450	$	9,858
2028	7,584		4,508		12,092
2029	6,784		4,275		11,059
2030	4,724		3,574		8,298
2031	3,820		1,312		5,132
2032	3,095		58		3,153
Thereafter	41,623		37		41,660
Total lease payments	74,038		17,214		91,252
Less imputed interest	(27,082)		(1,957)		(29,039)
Total	$	46,956	$	15,257	$	62,213


	Three Months Ended May 31, 2026
	Foreign Currency Translation Gain (Loss)		Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net of Tax		Net Actuarial Gain (Loss), Net of Tax		Interest Rate Swap, Net of Tax		Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary		Total
Balance as of beginning of period	$	(7,790)	$	432	$	1,207	$	(1,397)	$	—	$	(7,548)
Other comprehensive income (loss) before reclassification	(551)		(1,142)		—		1,361		—		(332)
Amounts reclassified from AOCI	—		—		—		54		—		54
Net change in AOCI	(551)		(1,142)		—		1,415		—		(278)
Balance as of end of period	$	(8,341)	$	(710)	$	1,207	$	18	$	—	$	(7,826)



3.1						Amended and Restated Bylaws dated April 24, 2023 (incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K filed with the SEC on April 25, 2023.)

3.2						Amended and Restated Certificate of Formation (with Certificate of Correction dated May 15, 2023) (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q filed with the SEC on October 10, 2023.)

10.1						Seventh Amendment to Credit Agreement dated as of May 7, 2026, by and among AZZ Inc., the Gurantors, the Lenders, and Wells Fargo Bank, N.A., as Administrative Agent and Collateral Agent (incorporated by reference to Exhibit 10.1 to the Company Current Report on Form 8-K filed with the SEC on May 8, 2026.

31.1+						Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2+						Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

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.

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104						Cover Page Interactive Date File (embedded with the Inline XBRL document).


Dated:	July 8, 2026	/s/ Thomas E. Ferguson
		Thomas E. Ferguson
		President and Chief Executive Officer


Dated:	July 8, 2026	/s/ Jason Crawford
		Jason Crawford Senior Vice President, Chief Financial Officer and Principal Accounting Officer

Cover Page - shares	3 Months Ended
Cover Page - shares	May 31, 2026	Jul. 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2026
Document Transition Report	false
Entity File Number	1-12777
Entity Registrant Name	AZZ Inc.
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	75-0948250
Entity Address, Address Line One	One Museum Place, Suite 500
Entity Address, Address Line Two	3100 West 7th Street
Entity Address, City or Town	Fort Worth,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76107
City Area Code	817
Local Phone Number	810-0095
Title of 12(b) Security	Common Stock
Trading Symbol	AZZ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,051,501
Entity Central Index Key	0000008947
Amendment Flag	false
Document Fiscal Year Focus	2027
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--02-28

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	May 31, 2026	May 31, 2025
Income Statement [Abstract]
Sales	$ 448,530	$ 421,962
Cost of sales	336,361	317,832
Gross margin	112,169	104,130
Selling, general and administrative	35,136	34,581
Operating income	77,033	69,549
Interest expense, net	(11,264)	(18,563)
Equity in earnings of unconsolidated subsidiary	509	173,523
Other income (expense), net	(260)	1,327
Income before income taxes	66,018	225,836
Income tax expense	14,012	54,928
Net income	$ 52,006	$ 170,908
Basic Earnings (Loss) Per Share [Abstract]
Basic earnings per common share (usd per share)	$ 1.74	$ 5.71
Diluted Earnings (Loss) Per Share [Abstract]
Diluted earnings per common share (usd per share)	$ 1.72	$ 5.66
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average number common shares, basic (shares)	29,932,000	29,941,000
Weighted average number common shares, diluted (shares)	30,159,000	30,217,000
Cash dividends declared per common share (usd per share)	$ 0.20	$ 0.17

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	May 31, 2026	May 31, 2025
Unrealized gain (loss) on interest rate swap, tax	$ 439	$ 113
Amounts reclassified from accumulated other comprehensive income to earnings, tax	$ 17	(16)
AIS Joint Venture
Ownership percentage of investment	40.00%
Foreign currency translation adjustments, tax		1
Unrealized gain (loss) unconsolidated subsidiary, tax expense	$ (361)	$ 76

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2026	Feb. 28, 2026
Current assets:
Cash and cash equivalents	$ 1,059	$ 705
Trade accounts receivable, net of allowance for credit losses of $128 and $144 at May 31, 2026 and February 28, 2026, respectively	163,872	142,648
Other receivables	20,756	18,990
Inventories	121,196	113,413
Contract assets	117,073	112,785
Prepaid expenses and other	16,098	6,827
Total current assets	440,054	395,368
Property, plant and equipment, net	609,463	609,305
Right-of-use assets	60,924	59,564
Goodwill	714,463	714,753
Deferred tax assets	1,242	1,383
Intangible assets, net	403,946	409,738
Other assets	3,265	3,403
Total assets	2,252,324	2,213,474
Current liabilities:
Accounts payable	122,054	114,590
Income taxes payable	3,427	387
Accrued salaries and wages	19,637	33,847
Other accrued liabilities	74,227	74,771
Lease liability, short-term	9,502	8,679
Total current liabilities	228,847	232,274
Long-term debt, net	480,604	477,738
Lease liability, long-term	52,711	51,969
Deferred tax liabilities	77,441	73,924
Other long-term liabilities	36,677	40,538
Total liabilities	876,280	876,443
Commitments and contingencies (Note 22)
Shareholders' Equity:
Common stock, $1 par value; 100,000 shares authorized; 30,017 and 29,880 shares issued and outstanding at May 31, 2026 and May 31, 2025, respectively	30,017	29,880
Capital in excess of par value	424,279	431,155
Retained earnings	929,574	883,544
Accumulated other comprehensive loss	(7,826)	(7,548)
Total shareholders' equity	1,376,044	1,337,031
Total liabilities and shareholders' equity	2,252,324	2,213,474
AIS Joint Venture
Current assets:
Investment in AVAIL joint venture	$ 18,967	$ 19,960

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 31, 2026	Feb. 28, 2026
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ (128)	$ (144)
Common stock, par value (usd per share)	$ 1	$ 1
Common stock, shares authorized (shares)	100,000,000	100,000,000
Common stock, shares, issued (shares)	30,017,000	29,880,000
Common stock, shares, outstanding (shares)	30,017,000	29,880,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 31, 2026	May 31, 2025
Cash Flows From Operating Activities:
Net income (loss)	$ 52,006	$ 170,908
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense (recovery)	(25)	320
Depreciation and amortization	23,519	21,827
Deferred income taxes	3,571	(4,056)
Equity in earnings of unconsolidated subsidiary	(509)	(173,523)
Distribution on investment in AVAIL joint venture	0	273,223
Restructuring charges	0	3,744
Net gain on sale of property, plant and equipment	(49)	(2,686)
Amortization of debt financing costs	3,834	3,198
Share-based compensation expense	3,784	5,086
Changes in current assets and current liabilities	(46,483)	17,768
Changes in other long-term assets and long-term liabilities	(2,499)	(1,027)
Net cash provided by operating activities	37,149	314,782
Cash flows from investing activities
Purchase of property, plant and equipment	(18,747)	(20,896)
Proceeds from sale or insurance settlements of property, plant and equipment	49	3,774
Net cash used in investing activities	(18,698)	(17,122)
Cash flows from financing activities:
Tax payments related to common stock issued under stock-based plans	(10,523)	(4,598)
Payments of debt financing costs	(803)	(20)
Payments on Revolving Credit Facility	(110,000)	(160,000)
Payments of debt financing costs	(872)	(335,809)
Payments of dividends	(5,976)	(5,085)
Net cash used in financing activities	(18,174)	(295,512)
Effect of exchange rate changes on cash	77	(593)
Net increase in cash and cash equivalents	354	1,555
Cash and cash equivalents at beginning of period	705	1,488
Cash and cash equivalents at end of period	1,059	3,043
Revolving Credit Facility
Cash flows from financing activities:
Proceeds from Revolving Credit Facility	90,000	210,000
Secured Debt
Cash flows from financing activities:
Proceeds from Revolving Credit Facility	$ 20,000	$ 0

Condensed Consolidated Statement of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance, beginning balance (shares) at Feb. 28, 2025		29,913
Balance, beginning balance at Feb. 28, 2025	$ 1,045,495	$ 29,913	$ 418,004	$ 609,158	$ (11,580)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	5,086		5,086
Common stock issued under stock-based plans and related income tax expense (shares)		94
Common stock issued under stock-based plans and related tax expense	(4,597)	$ 94	(4,691)
Cash dividends paid on common shares	(5,085)			(5,085)
Net income	170,908			170,908
Other comprehensive income	2,491				2,491
Balance, ending balance (shares) at May. 31, 2025		30,007
Balance, ending balance at May. 31, 2025	1,214,298	$ 30,007	418,399	774,981	(9,089)
Balance, beginning balance (shares) at Feb. 28, 2026		29,880
Balance, beginning balance at Feb. 28, 2026	1,337,031	$ 29,880	431,155	883,544	(7,548)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,784		3,784
Common stock issued under stock-based plans and related income tax expense (shares)		137
Common stock issued under stock-based plans and related tax expense	(10,523)	$ 137	(10,660)
Cash dividends paid on common shares	(5,976)			(5,976)
Net income	52,006			52,006
Other comprehensive income	(278)				(278)
Balance, ending balance (shares) at May. 31, 2026		30,017
Balance, ending balance at May. 31, 2026	$ 1,376,044	$ 30,017	$ 424,279	$ 929,574	$ (7,826)

The Company and Basis of Presentation	3 Months Ended
The Company and Basis of Presentation	May 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company and Basis of Presentation	1. The Company and Basis of Presentation AZZ Inc. ("AZZ", the "Company", "our" or "we") was established in 1956 and incorporated under the laws of the state of Texas. We are a provider of hot-dip galvanizing and coil coating solutions to a broad range of end markets in North America. We have three distinct operating segments: the AZZ Metal Coatings segment, the AZZ Precoat Metals segment, and the AZZ Infrastructure Solutions segment. Our AZZ Metal Coatings segment is a leading provider of metal coating solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing and plating to the North American steel fabrication industry and other industries. The AZZ Precoat Metals segment provides aesthetic and corrosion protective coatings and related value-added services for steel and aluminum coil, primarily serving the construction; appliance; heating, ventilation, and air conditioning (HVAC); container; transportation and other end markets in North America. The AZZ Infrastructure Solutions segment ("AIS") represents our 40% non-controlling interest in the AIS Investment Holdings LLC (the "AVAIL JV"). AIS Investment Holdings LLC is primarily dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in markets worldwide. See Note 8 for additional information about the AVAIL JV. See Note 7 for information about the Company's operations by segment. Presentation The accompanying condensed consolidated balance sheet as of February 28, 2026, was derived from audited financial statements. The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. These financial statements should be read in conjunction with the audited financial statements and related notes for the fiscal year ended February 28, 2026, included in our Annual Report on Form 10-K covering such period which was filed with the Securities and Exchange Commission ("SEC") on April 22, 2026. Certain previously reported amounts have been reclassified to conform to current period presentation. Our fiscal year ends on the last day of February and is identified as the fiscal year for the calendar year in which it ends. For example, the fiscal year ending February 28, 2027, is referred to as fiscal 2027. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, which are necessary to present fairly the financial position of the Company as of May 31, 2026, and the results of its operations and cash flows for the three months ended May 31, 2026 and 2025. The interim results reported herein are not necessarily indicative of results for a full year. Accounts receivable, net of allowance for credit losses The balance of trade accounts receivable, net of allowance for credit losses was $163.9 million, $142.6 million, and $135.1 million as of May 31, 2026, February 28, 2026, and February 28, 2025, respectively. Recently Adopted Accounting Pronouncements In July 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"). ASU 2025-05 provides a practical expedient that permits entities, when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers, to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The Company adopted ASU 2025-05 effective March 1, 2026, and the adoption of ASU 2025-05 did not have a material impact on the Company’s condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements ("ASU 2025-11"), which clarifies the applicability of the interim reporting guidance, the types of interim reporting, and the form and content of interim financial statements in accordance with GAAP. The amendment does not intend to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements, but rather to provide clarity and improve the navigability of the existing interim reporting guidance. ASU 2025-11 is effective for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively for all prior periods presented. We expect to adopt ASU 2025-11 for the interim period ending May 31, 2028, and we are currently evaluating the impact of ASU 2025-11 on our consolidated financial statements. In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities ("ASU 2025-10"), which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. ASU 2025-10 provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. ASU 2025-10 also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, with early adoption permitted. We expect to adopt ASU 2025-10 for the interim period ending May 31, 2029, and we are currently evaluating the impact of ASU 2025-10. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06") which updates the accounting for software costs that are accounted for under Subtopic 350-40, Intangibles—Goodwill and Other—Internal-Use Software (referred to as "internal-use software"). ASU 2025-06 will be effective for annual periods beginning after December 15, 2027 and interim reporting periods within those annual periods. We expect to adopt ASU 2025-06 for the interim period ending May 31, 2028, and we are currently evaluating the impact of ASU 2025-06 on our consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), which expands disclosures about a public entity's expenses, including inventory, employee compensation, depreciation, intangible asset amortization, selling expenses and other expense categories. In January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Clarifying the Effective Date ("ASU 2025-01"), which clarifies the effective date of ASU 2024-03 for companies with a non-calendar year end. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We do not expect the adoption of ASU 2024-03 or ASU 2025-01 to affect our financial position or our results of operations, but ASU 2024-03 will result in additional disclosures for our annual reporting period ending February 29, 2028, and interim reporting periods beginning in fiscal 2029.

Derivative Instruments	3 Months Ended
Derivative Instruments	May 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	9. Derivative Instruments Interest Rate Swap Derivative As a policy, we do not hold, issue or trade derivative instruments for speculative purposes. We periodically enter into forward sale contracts to purchase a specified volume of zinc and natural gas at fixed prices. These contracts are not accounted for as derivatives because they meet the criteria for the normal purchases and normal sales scope exception in ASC 815, Derivatives and Hedging. We manage our exposure to fluctuations in interest rates on our floating-rate debt by entering into interest rate swap agreements to convert a portion of our variable-rate debt to a fixed rate. On June 30, 2025, we entered into a fixed-rate interest rate swap agreement (the "2025 Swap"). The 2025 Swap converts the SOFR-based component of the interest rate to 3.759%. As of May 31, 2026, the 2025 Swap resulted in a total fixed rate of 5.509%. The 2025 Swap has a notional amount of $290.0 million and a maturity date of June 30, 2027. The objective of the 2025 Swap is to eliminate the variability of cash flows in interest payments attributable to changes in benchmark one-month SOFR interest rates. The hedged risk is the interest rate risk exposure to changes in interest payments, attributable to changes in benchmark one-month SOFR interest rates over the interest rate swap term. The changes in cash flows of the interest rate swap are expected to exactly offset changes in cash flows of the variable-rate debt. We designated the 2025 Swap as a cash flow hedge at inception. Cash settlements, in the form of cash payments or cash receipts, of the 2025 Swap are recognized in interest expense. At May 31, 2026, changes in fair value attributable to the effective portion of the 2025 Swap were included on the consolidated balance sheets in "Accumulated other comprehensive loss." For derivative instruments that qualify for hedge accounting treatment, the fair value is recognized on our consolidated balance sheets as derivative assets or liabilities with offsetting changes in fair value recognized in accumulated other comprehensive income (loss) until reclassified into earnings when the interest expense on the underlying debt is reflected in earnings. During the three months ended May 31, 2026, we reclassified $0.1 million before income tax, or $0.05 million net of tax, from other comprehensive income to earnings for the 2025 Swap.

Income Taxes	3 Months Ended
Income Taxes	May 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes The provision for income taxes reflects an effective tax rate of 21.2% for the three months ended May 31, 2026, compared to 24.3% for the three months ended May 31, 2025. The decrease in the effective tax rate is driven by higher tax deductions for stock compensation in the current year, coupled with higher tax expense in the prior year related to equity in earnings from the AVAIL JV.

Share-based Compensation	3 Months Ended
Share-based Compensation	May 31, 2026
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-based Compensation	15. Share-based Compensation Effective April 18, 2025, the Compensation Committee of the Board of Directors (the "Compensation Committee") adopted the Executive Retiree LTI Program (the "ERP") to continue the vesting of annual equity awards to certain executive officers and other senior members of the management team as designated by the Compensation Committee, including the Company's named executive officers (a "Covered Executive" or collectively, the "Covered Executives"), upon qualified Retirement (as such term is defined in the Company's 2023 Long-Term Incentive Plan). The ERP is applicable to both annual restricted share unit awards and annual performance share unit awards granted to the Covered Executives pursuant to newly adopted Restricted Share Unit ("RSU") Award Agreements and Performance Share Unit ("PSU") Award Agreements for the Covered Executives (collectively, the "Award Agreements") containing such provisions for the fiscal year 2026 long-term incentive equity awards. Upon adoption of the ERP, the service requirement for executives that are currently eligible for retirement has been met. As a result, we recognized additional stock-based compensation for the three months ended May 31, 2025, of $2.2 million upon the adoption of the ERP related to the RSUs for Covered Executives that have achieved qualified retirement status.

Defined Benefit Pension Plan	3 Months Ended
Defined Benefit Pension Plan	May 31, 2026
Postemployment Benefits [Abstract]
Defined Benefit Pension Plan	16. Defined Benefit Pension Plan Pension and Employee Benefit Obligations In our AZZ Precoat Metals segment, certain current or past employees participate in a defined benefit pension plan (the "Plan"). Prior to the acquisition of AZZ Precoat Metals, benefit accruals were frozen for all participants. After the freeze, participants no longer accrued benefits under the Plan, and new hires of AZZ Precoat Metals are not eligible to participate in the Plan. During the first quarter of fiscal year 2027, the Company's Board of Directors approved a plan to terminate the Plan. The Company intends to complete the termination through a combination of lump-sum distributions to active and terminated vested plan participants and the purchase of annuity contracts for current in-pay participants and those participants who do not elect a lump sum distribution. The termination process is subject to regulatory requirements, including approval from the Internal Revenue Service ("IRS") and the Pension Benefit Guaranty Corporation ("PBGC"), and is expected to be completed by the end of fiscal year 2028. The approval of the Plan termination does not result in an immediate settlement of the Company's pension obligation. The Company expects to recognize settlement accounting in future periods as individual settlement transactions occur. Upon settlement, the Company may be required to remeasure the Plan's projected benefit obligation and plan assets and may recognize in earnings a portion of the actuarial gains or losses currently recorded in AOCI. At this time, the Company is unable to reasonably estimate the total financial impact of the Plan termination, including the timing and amount of any gains or losses that may be recognized in future periods. As of May 31, 2026, the Plan was underfunded, and we have a net pension obligation of $13.7 million, which is included in "Other long-term liabilities" in the consolidated balance sheets and represents the underfunded portion of the Plan. The components of net benefit cost other than the employer service cost are included in "Selling, general and administrative" expense and were not significant for the three months ended May 31, 2026 and 2025. We paid employer contributions of $1.3 million into the Plan during the three months ended May 31, 2026. We expect to pay $1.9 million of contributions into the Plan during the remainder of fiscal year 2027.