Operating Segments (Tables)

12 Months Ended

Feb. 28, 2026

The following tables contain operating segment data for fiscal years 2026, 2025 and 2024 was as follows (in thousands):


	Year Ended February 28, 2026
	Metal Coatings(1)		Precoat Metals		Infrastructure Solutions(2)		Total
Sales	$	758,709	$	891,371	$	—	$	1,650,080
Cost of sales	531,089		724,036		—		1,255,125


Selling, general and administrative(3)	23,982		29,251		130		53,363

Operating income (loss)	$	203,638	$	138,084	(130)		341,592
Equity in earnings of unconsolidated subsidiaries(4)					209,733		209,733
Income before income taxes					$	209,603	551,325

Reconciliation to consolidated income before income taxes
Corporate selling, general and administrative expenses							(76,975)
Interest expense							(55,650)
Other income							1,615
Consolidated income before income taxes							$	420,315

See notes on page 74.


	Year Ended February 28, 2025
	Metal Coatings		Precoat Metals		Infrastructure Solutions(2)		Total
Sales	$	665,107	$	912,637	$	—	$	1,577,744
Cost of sales	464,260		730,804		—		1,195,064


Selling, general and administrative	22,372		34,005		6,737		63,114

Operating income (loss)	$	178,475	$	147,828	(6,737)		319,566
Equity in earnings of unconsolidated subsidiaries					16,163		16,163
Income before income taxes					$	9,426	335,729

Reconciliation to consolidated income before income taxes
Corporate selling, general and administrative expenses							(83,202)
Interest expense							(81,282)
Other expense							(562)
Consolidated income before income tax							$	170,683

See notes on page 74.


	Year Ended February 29, 2024
	Metal Coatings(1)		Precoat Metals		Infrastructure Solutions(2)		Total
Sales	$	656,189	$	881,400	$	—	$	1,537,589
Cost of sales	465,147		708,981		—		1,174,128


Selling, general and administrative	26,314		32,848		6,246		65,408

Operating income (loss)	$	164,728	$	139,571	(6,246)		298,053
Equity in earnings of unconsolidated subsidiaries					15,407		15,407
Income before income taxes					$	9,161	313,460

Reconciliation to consolidated income before income taxes
Corporate selling, general and administrative expenses							(76,453)
Interest expense							(107,065)
Other income							161
Consolidated income before income tax							$	130,103



(1)			For fiscal year 2026, AZZ Metal Coatings segment includes restructuring charges of $3.8 million in "Selling, general and administrative". See Note 21.
			For fiscal year 2024, AZZ Metal Costings segment included expenses related to a legal matter of $5.5 million in "Selling, general and administrative". See Note 22.
(2)			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. Fiscal year 2025 and 2024 include $6.5 million and $5.8 million, respectively, related to legal matters. See Note 22 for further discussion of the receivables and liabilities.




(3)			Includes stock-based compensation expense recognized 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 Metal Coatings and Corporate, respectively. See Note 16.
(4)			During the first quarter of fiscal 2026, AVAIL completed the sale of the Electrical Products Group ("EPG"). During the fourth quarter of fiscal 2026, AVAIL completed the sale of the majority of its Welding Services Business ("WSI"). Equity in earnings for the year ended February 28, 2026 includes $204.5 million, consisting of a net gain related to the sale of the EPG and WSI, partially offset by the recognition of an impairment loss on the AVAIL JV, a prior period adjustment for accounting errors within the Brazil operations of the AVAIL JV, and an adjustment related to a change in AVAIL's transfer pricing policy. For further information about the AVAIL JV, see Note 18.

Depreciation and amortization expense by segment for fiscal years 2026, 2025 and 2024 were as follows (in thousands):


	Year Ended
Depreciation and amortization	February 28, 2026		February 28, 2025		February 29, 2024
Metal Coatings	$	27,723	$	26,640	$	26,353
Precoat Metals	38,059		31,185		27,940

Total reportable segment depreciation and amortization	65,782		57,825		54,293
Corporate	24,274		24,380		25,130
Consolidated depreciation and amortization	$	90,056	$	82,205	$	79,423

Expenditures for acquisitions, net of cash, and property, plant and equipment by segment for fiscal years 2026, 2025 and 2024 were as follows (in thousands):


	Year Ended
Expenditures for acquisitions, net of cash, and property, plant and equipment	February 28, 2026		February 28, 2025		February 29, 2024
Metal Coatings	$	30,937	$	29,958	$	25,484
Precoat Metals	48,053		84,537		67,809

Total reportable segment expenditures for acquisitions, net of cash, and property, plant and equipment	78,990		114,495		93,293
Corporate	1,786		1,388		1,826
Consolidated expenditures for acquisitions, net of cash, and property, plant and equipment	$	80,776	$	115,883	$	95,119

Asset balances by operating segment for each period were as follows (in thousands):


	As of
Segment Assets(1)	February 28, 2026		February 28, 2025
Metal Coatings(2)	$	604,107	$	555,095
Precoat Metals(3)	1,562,994		1,548,377
Infrastructure Solutions - Investment in Joint Venture	19,960		99,379
Total reportable segment assets	2,187,061		2,202,851
Corporate	26,413		24,250
Consolidated assets	$	2,213,474	$	2,227,101



(1)			Segment assets include identifiable intangible assets associated with each reportable segment. The related amortization expense for intangible assets are not allocated to the segments.
(2)			Identifiable intangible assets related to Metal Coatings of $35.0 million and $28.5 million, net of accumulated amortization, as of February 28, 2026 and February 28, 2025, respectively, are included in segment assets. The associated amortization expense is not allocated to the segment.
(3)			Identifiable intangible assets related to Precoat Metals of $374.8 million and $393.3 million, net of accumulated amortization, as of February 28, 2026 and February 28, 2025, respectively, are included in segment assets. The associated amortization expense is not allocated to the segment.

Revenue from External Customers by Geographic Areas

Financial information about geographical areas for the periods presented was as follows for fiscal years 2026, 2025 and 2024 (in thousands). The geographic area is based on the location of the operating facility and no customer accounted for 10% or more of consolidated sales.


	Year Ended
Sales	February 28, 2026		February 28, 2025		February 29, 2024
United States	$	1,603,851	$	1,537,215	$	1,498,397
Canada	46,229		40,529		39,192

Total	$	1,650,080	$	1,577,744	$	1,537,589


	As of
Long-lived assets	February 28, 2026		February 28, 2025
United States	$	1,758,060	$	1,792,337
Canada	58,663		55,700

Total	$	1,816,723	$	1,848,037

Long-lived Assets by Geographic Areas


	As of
Long-lived assets	February 28, 2026		February 28, 2025
United States	$	1,758,060	$	1,792,337
Canada	58,663		55,700

Total	$	1,816,723	$	1,848,037