BUSINESS SEGMENTS

12 Months Ended

Dec. 27, 2025

BUSINESS SEGMENTS

BUSINESS SEGMENTS

(20) BUSINESS SEGMENTS

The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The CODM uses operating income as the profit measure to evaluate segment performance and allocate resources across segments. The CODM also uses operating income as an input to the overall compensation measures under the Company’s incentive compensation plans. Segment selling, general, and administrative expenses include certain corporate expense allocations, typically based on employee headcounts and sales volumes. For segment reporting purposes, the Company excludes unallocated corporate general and administrative expenses, interest expenses, non-operating income and deductions, and income taxes from operating income. The accounting policies for the reportable segments are consistent with those described in Note 1.

The reportable segments are as follows:

Infrastructure: This segment consists of the manufacture and distribution of products and solutions to serve the infrastructure markets of utility, lighting, transportation, telecommunications, and solar, along with coatings services to protect metal products.

Agriculture: This segment consists of the manufacture of center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture.

Summary by Business Segment

	Fiscal year ended December 27, 2025
	Infrastructure		Agriculture		Consolidated
Sales	$	3,099,034	$	1,020,750	$	4,119,784
Intersegment sales		(9,302)		(6,380)		(15,682)
Net sales		3,089,732		1,014,370		4,104,102
Cost of sales		2,164,098		700,068		2,864,166
Gross profit		925,634		314,302		1,239,936
Selling, general, and administrative expenses (a)		398,504		217,359		615,863
Impairment of long-lived assets		89,356		1,981		91,337
Realignment charges		7,600		2,886		10,486
Segment operating income	$	430,174	$	92,076		522,250
Unallocated corporate expenses						101,770
Corporate realignment charges						4,904
Total operating income					$	415,576

	Fiscal year ended December 28, 2024
	Infrastructure		Agriculture		Consolidated
Sales	$	3,008,576	$	1,083,708	$	4,092,284
Intersegment sales		(10,195)		(7,055)		(17,250)
Net sales		2,998,381		1,076,653		4,075,034
Cost of sales		2,094,645		739,177		2,833,822
Gross profit		903,736		337,476		1,241,212
Selling, general, and administrative expenses (a)		406,596		199,140		605,736
Segment operating income	$	497,140	$	138,336		635,476
Unallocated corporate expenses						110,892
Total operating income					$	524,584

	Fiscal year ended December 30, 2023
	Infrastructure		Agriculture		Consolidated
Sales	$	3,010,067	$	1,182,223	$	4,192,290
Intersegment sales		(10,430)		(7,262)		(17,692)
Net sales		2,999,637		1,174,961		4,174,598
Cost of sales		2,157,556		781,008		2,938,564
Gross profit		842,081		393,953		1,236,034
Selling, general, and administrative expenses (a)		424,997		230,729		655,726
Impairment of long-lived assets		3,571		137,273		140,844
Realignment charges		17,260		9,101		26,361
Segment operating income	$	396,253	$	16,850		413,103
Unallocated corporate expenses						112,697
Corporate realignment charges						8,849
Total operating income					$	291,557

(a) Selling, general, and administrative expenses for each reportable segment includes compensation, certain allocated overhead expenses including information technology and enterprise resource planning, commissions, incentives, depreciation and amortization expense, research and development, and professional services fees.

	Fiscal year ended December 27, 2025
	Infrastructure		Agriculture		Intersegment		Consolidated
Geographical market:
North America	$	2,515,602	$	506,316	$	(15,543)	$	3,006,375
International		583,432		514,434		(139)		1,097,727
Total sales	$	3,099,034	$	1,020,750	$	(15,682)	$	4,104,102
Product line:
Utility	$	1,511,053	$	—	$	—	$	1,511,053
Lighting and Transportation		830,268		—		—		830,268
Coatings		362,209		—		(9,163)		353,046
Telecommunications		313,882		—		—		313,882
Solar		81,622		—		(139)		81,483
Irrigation Equipment and Parts		—		926,276		(6,380)		919,896
Technology Products and Services		—		94,474		—		94,474
Total sales	$	3,099,034	$	1,020,750	$	(15,682)	$	4,104,102

	Fiscal year ended December 28, 2024
	Infrastructure		Agriculture		Intersegment		Consolidated
Geographical market:
North America	$	2,348,250	$	570,517	$	(17,045)	$	2,901,722
International		660,326		513,191		(205)		1,173,312
Total sales	$	3,008,576	$	1,083,708	$	(17,250)	$	4,075,034
Product line:
Utility	$	1,368,333	$	—	$	—	$	1,368,333
Lighting and Transportation		884,128		—		—		884,128
Coatings		353,739		—		(9,992)		343,747
Telecommunications		250,770		—		—		250,770
Solar		151,606		—		(203)		151,403
Irrigation Equipment and Parts		—		985,840		(7,055)		978,785
Technology Products and Services		—		97,868		—		97,868
Total sales	$	3,008,576	$	1,083,708	$	(17,250)	$	4,075,034

	Fiscal year ended December 30, 2023
	Infrastructure		Agriculture		Intersegment		Consolidated
Geographical market:
North America	$	2,318,801	$	587,056	$	(16,282)	$	2,889,575
International		691,266		595,167		(1,410)		1,285,023
Total sales	$	3,010,067	$	1,182,223	$	(17,692)	$	4,174,598
Product line:
Utility	$	1,291,670	$	—	$	—	$	1,291,670
Lighting and Transportation		916,170		—		—		916,170
Coatings		354,330		—		(9,020)		345,310
Telecommunications		252,165		—		—		252,165
Solar		195,732		—		(1,410)		194,322
Irrigation Equipment and Parts		—		1,069,425		(7,262)		1,062,163
Technology Products and Services		—		112,798		—		112,798
Total sales	$	3,010,067	$	1,182,223	$	(17,692)	$	4,174,598

	December 27,		December 28,
	2025		2024
ASSETS:
Infrastructure	$	2,312,500	$	2,181,345
Agriculture		768,715		876,486
Total segment assets		3,081,215		3,057,831
Unallocated corporate assets		288,114		272,141
Total assets	$	3,369,329	$	3,329,972

	Fiscal Year Ended
	December 27,		December 28,		December 30,
	2025		2024		2023
CAPITAL EXPENDITURES:
Infrastructure	$	130,041	$	65,017	$	68,295
Agriculture		11,264		11,537		10,890
Total segment capital expenditures		141,305		76,554		79,185
Unallocated corporate capital expenditures		3,730		2,897		17,586
Total capital expenditures	$	145,035	$	79,451	$	96,771

	Fiscal Year Ended
	December 27,		December 28,		December 30,
	2025		2024		2023
DEPRECIATION AND AMORTIZATION:
Infrastructure	$	65,127	$	65,717	$	64,654
Agriculture		15,304		20,606		23,409
Total segment depreciation and amortization expense		80,431		86,323		88,063
Unallocated corporate depreciation and amortization expense		8,078		9,072		10,645
Total depreciation and amortization expense	$	88,509	$	95,395	$	98,708

Summary by Geographical Area by Location of Valmont Facilities

	Fiscal Year Ended
	December 27,		December 28,		December 30,
	2025		2024		2023
NET SALES:
United States	$	2,957,136	$	2,856,033	$	2,860,951
Australia		282,257		310,096		313,075
Brazil		159,127		200,946		311,367
Other		705,582		707,959		689,205
Total net sales	$	4,104,102	$	4,075,034	$	4,174,598

	December 27,		December 28,
	2025		2024
LONG-LIVED ASSETS:
United States	$	1,132,303	$	1,117,631
Australia		105,400		89,415
Other		411,978		439,534
Total long-lived assets	$	1,649,681	$	1,646,580

No single customer accounted for more than 10% of net sales in fiscal 2025, 2024, or 2023. Geographical net sales are based on the location of the facility generating them and excludes sales to other operating units within the Company. In fiscal 2025, Australia contributed approximately 7% of the Company’s net sales, Brazil contributed approximately 4%, and no other foreign country accounted more than 4%.

Operating income by business segment is calculated as net sales minus identifiable operating expenses and allocations, and it includes profits from sales to other operating units of the Company. Long-lived assets include property, plant, and equipment (net of depreciation), goodwill, other intangible assets (net of amortization), and other non-current assets. Long-lived assets by geographical area are based on the location of the facilities.