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AZZ Inc

AZZ Inc. Reports Fiscal Year 2026 Third Quarter Results

Operational Strength Drives Sales, EPS, Cash Flow Growth and Value Creation

Fiscal Year 2026 Guidance Narrowed

FORT WORTH, Texas , January 7, 2026 /PRNewswire/ -- AZZ Inc.(NYSE: AZZ), the leading independent provider of hot-dip galvanizing and coil coating solutions, today announced financial results for the third quarter ended November 30, 2025. 

Fiscal Year 2026 Third Quarter Overview  (as compared to prior fiscal year third quarter(1)):

  • Total Sales of $425.7 million, up 5.5%
    • Metal Coatings sales of $195.0 million, up 15.7%
    • Precoat Metals sales of $230.7 million, down 1.8%
  • Net Income of $41.1 million, up 22.2%; Adjusted net income of $46.0 million, up 9.7%
  • GAAP diluted EPS of $1.36 per share, up 21.4%; Adjusted diluted EPS of $1.52, up 9.4%
  • Consolidated Adjusted EBITDA of $91.2 million or 21.4% of sales, versus prior year of $90.7 million, or 22.5% of sales
  • Segment Adjusted EBITDA margin of 30.3% for Metal Coatings and 19.7% for Precoat Metals
  • Repurchased 201,416 shares of common stock, or $20.0 million at an average purchase price of $99.28
  • Net leverage ratio 1.6x; debt reduction in the quarter of $35 million; year-to-date $325.4 million
  • Cash provided by operating activities in the quarter of $79.7 million, up 20% from last year
  • Cash dividend of $0.20 per share to common shareholders paid during the quarter
  • Subsequent to the quarter end, Avail Infrastructure Solutions ("AVAIL"), completed the sale of the majority of its Welding Solutions LLC business (the "Welding Solutions Business") to Pelican Energy Partners L.P.

(1) Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, and net leverage ratio are non-GAAP financial measures as defined and reconciled in the tables below.

Tom Ferguson, President, and Chief Executive Officer of AZZ, commented, "We are pleased with our third quarter performance as sales expanded to $425.7 million, up 5.5% over the prior year. Our sales momentum and disciplined operational execution resulted in higher Adjusted EBITDA of  $91.2 million, or 21.4% of sales, which generated adjusted diluted EPS of $1.52, up 9.4%. Metal Coatings delivered strong, double-digit sales gains on volume increases, while Precoat Metals continued to navigate weaker demand in certain end markets. Infrastructure-driven project spending drove Metal Coatings third quarter results, supported by growth in construction, industrial, and electrical transmission and distribution end-markets. In line with broader industry trends, Precoat Metals' sales results were lower due to softness in building construction, HVAC, and transportation end-markets. On a year-to-date basis, consolidated sales increased $39.1 million, or 3.2% over prior year and Adjusted EBITDA increased $9.6 million, or 3.5% over prior year. We continue to ramp sales at our new Washington, Missouri, facility aligned with our expectations through the fiscal year end. As we advance through the fourth quarter, we remain confident in our business momentum; therefore, we have narrowed our annual guidance range.

"During the quarter we continued to strengthen our balance sheet. We are pleased to attain a net debt leverage of 1.6x at the end of the quarter, after reducing debt by $35 million, and repurchasing $20 million shares of common stock in the quarter. The third quarter's performance generated $79.7 million cash from operations, and we will continue to closely manage working capital, capital expenditures, and debt as we progress through the balance of our fiscal year. We believe the Company is well-positioned to capitalize upon our growing pipeline of M&A opportunities, reflecting the strength of our strategy and our disciplined approach to pursuing high-quality acquisition targets. Finally, I want to thank all of our dedicated AZZ employees for their hard work, disciplined focus and pride and passion for delivering outstanding quality and service to our customers." Ferguson concluded.

Segment Performance
 Third Quarter  2026Metal Coatings
Sales of $195.0 million increased by 15.7% over the third quarter of last year, primarily due to increased volume supported by infrastructure-related project spending in several end markets, including construction, industrial, and electrical transmission and distribution. Segment Adjusted EBITDA of $59.2 million resulted in Adjusted EBITDA margin of 30.3%, a decrease of 120 basis points from the prior year third quarter due to a continued higher mix of electrical, solar, transmission and distribution projects.

Third Quarter  2026 Precoat Metals
Sales of $230.7 million decreased by 1.8% compared to the third quarter of last year, primarily due to weaker end markets, including building construction, HVAC, and transportation, partially offset by container. Segment EBITDA of $45.5 million resulted in EBITDA margin of 19.7%, an increase of 60 basis points from the prior year third quarter, primarily due to lower fixed, and selling, general and administrative costs.

Balance Sheet, Liquidity and Capital Allocation
 The Company generated significant operating cash of $452.9 million for the first nine months of fiscal year 2026 through improved earnings, which included a distribution of $273.2 million from the AVAIL JV following the sale of its Electrical Products Group, coupled with a continued focus on working capital management. At the end of the third quarter, the Company's net leverage was 1.6x trailing twelve months Adjusted EBITDA. During the first nine months of fiscal year 2026, the Company paid down debt of $325.4 million, repurchased $20.0 million of common shares, completed an acquisition in the Metal Coatings segment of $30.1 million and returned cash to common shareholders through cash dividend payments totaling $17.1 million. Capital expenditures for the first nine months of fiscal year 2026 were $58.7 million, and full fiscal year capital expenditures are expected to be approximately $60 - $80 million. 

Subsequent Event
 On December 31, 2025, Avail Infrastructure Solutions ("AVAIL"), in which we have an unconsolidated investment through the AVAIL JV, completed the sale of the majority of its Welding Solutions LLC business (the "Welding Solutions Business") to Pelican Energy Partners LP.

Following the sale, AZZ will continue to own a 40% interest in AVAIL, which will consist of AVAIL's Industrial Lighting and the remaining Welding Solutions business.

Financial Outlook — Fiscal Year 2026 Guidance Narrowed
 We are narrowing our fiscal year guidance for the year ending February 28, 2026, which reflects our best estimates given anticipated market conditions for the full year, lower interest expense, an annualized effective tax rate of 24% and excludes M&A activity and any federal regulatory changes that may emerge.

FY2026 Guidance(1)

Sales

$1.625 - $1.7 billion

Adjusted EBITDA

$360 - $380 million

Adjusted Diluted EPS

$5.90 - $6.20



(1)  FY2026 Guidance Assumptions:

 



a. 

Excludes any future acquisitions.




b. 

Excludes any future equity in earnings (loss) from AVAIL joint venture.




c. 

Management defines adjusted earnings per share to exclude intangible asset amortization, restructuring charges and additional stock compensation expense related to the adoption of our executive retiree long-term incentive program from the reported GAAP measure.




d. 

Assumes EBITDA margin range of 27 - 32% for the Metal Coatings segment and 17% - 22% for the Precoat Metals segment.

Conference Call Details
 AZZ Inc. will conduct a live conference call with Tom Ferguson, Chief Executive Officer, Jason Crawford, Chief Financial Officer, and David Nark, Chief Marketing, Communications, and Investor Relations Officer to discuss financial results for the third quarter of the fiscal year 2026, Thursday, January 8, 2026, at 11:00 A.M. ET. Interested parties can access the conference call by dialing (844) 855-9499 or (412) 317-5497 (international). A webcast of the call will be available on the Company's Investor Relations page at http://www.azz.com/investor-relations.   

A replay of the call will be available at (855) 669-9658 or (412) 317-0088 (international), replay access code: 9962123 through January 15, 2026, or by visiting http://www.azz.com/investor-relations for the next 12 months.

About AZZ Inc.
 AZZ Inc. is the leading independent provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets in North America. Collectively, our business segments provide sustainable, unmatched metal coating solutions that enhance the longevity and appearance of buildings, products and infrastructure that are essential to everyday life. 

Safe Harbor Statement
 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 press release 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 markets, the industrial markets, and the metal coatings 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, paint used in our coil coating process; customer requested delays of our manufactured solutions; 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 and other foreign markets in which we operate; 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, 2025, 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. You are urged to consider these factors carefully when evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Company Contact:   
David Nark, Chief Marketing, Communications, and Investor Relations Officer
AZZ Inc.
(817) 810-0095
www.azz.com 

Investor Contact:
 Sandy Martin / Phillip Kupper
Three Part Advisors
(214) 616-2207 or (817) 368-2556
www.threepa.com 

---Financial tables on the following page---

 

AZZ Inc.

Condensed Consolidated Statements of Income

(dollars in thousands, except per share data)

(unaudited)










Three Months Ended November 30,


Nine Months Ended November 30,


2025


2024


2025


2024

Sales

$                 425,746


$                 403,654


$             1,264,983


$             1,225,869

Cost of sales

323,805


305,876


957,620


921,907

Gross margin

101,941


97,778


307,363


303,962









Selling, general and administrative

32,462


39,243


99,874


108,032

Operating income

69,479


58,535


207,489


195,930









Interest expense, net

(12,206)


(19,223)


(44,434)


(63,906)

Equity in earnings (loss) of unconsolidated
subsidiaries

(1,437)


7,168


231,431


12,470

Other income, net

(276)


(763)


1,239


(142)

Income before income taxes

55,560


45,717


395,725


144,352

Income tax expense

14,485


12,114


94,396


35,728

Net income

41,075


33,603


301,329


108,624

Series A Preferred Stock Dividends

—


—


—


(1,200)

Redemption premium on Series A Preferred Stock

—


—


—


(75,198)

Net income available to common shareholders

$                   41,075


$                   33,603


$                 301,329


$                   32,226









Basic earnings per common share

$                       1.37


$                       1.12


$                     10.05


$                       1.12

Diluted earnings per common share

$                       1.36


$                       1.12


$                       9.97


$                       1.11









Weighted average shares outstanding - Basic

29,963


29,879


29,983


28,819

Weighted average shares outstanding - Diluted

30,198


30,118


30,231


29,076









Cash dividends declared per common share

$                       0.20


$                       0.17


$                       0.57


$                       0.51

 

AZZ Inc.

Segment Reporting

(dollars in thousands)

(unaudited)










Three Months Ended November 30,


Nine Months Ended November 30,


2025


2024


2025


2024

Sales:








Metal Coatings

$                  194,998


$                  168,599


$                  572,197


$                  516,750

Precoat Metals

230,748


235,055


692,786


709,119

Total Sales

$                  425,746


$                  403,654


$              1,264,983


$              1,225,869









Adjusted EBITDA:








Metal Coatings

$                    59,172


$                    53,103


$                  179,224


$                  162,113

Precoat Metals

45,501


44,983


139,921


142,837

Infrastructure Solutions

(836)


7,139


4,462


12,403

Total Segment Adjusted EBITDA(1)

$                  103,837


$                  105,225


$                  323,607


$                  317,353









(1) See the non-GAAP disclosure section below for a reconciliation between the various measures calculated in accordance with

    GAAP to the non-GAAP financial measures.

 

AZZ Inc.

Condensed Consolidated Balance Sheets

(dollars in thousands)

(unaudited)



As of



November 30, 2025


February 28, 2025

Assets:





Current assets


$                         400,763


$                          375,444

Property, plant and equipment, net


604,091


592,941

Other non-current assets, net


1,226,053


1,258,716

Total Assets


$                      2,230,907


$                      2,227,101






Liabilities and Shareholders' equity:





Current liabilities


$                         242,019


$                         220,992

Long-term debt, net


534,746


852,365

Other non-current liabilities


134,894


108,249

Shareholders' equity


1,319,248


1,045,495

Total Liabilities and Shareholders' equity


$                      2,230,907


$                      2,227,101

 

AZZ Inc.

Condensed Consolidated Statements of Cash Flows

(dollars in thousands)

(unaudited)






Nine Months Ended November 30,


2025


2024

Net cash provided by operating activities(1)

$                    452,872


$                    185,597

Net cash used in investing activities

(84,988)


(85,100)

Net cash used in financing activities

(368,327)


(103,912)

Effect of exchange rate changes on cash

(422)


550

Net decrease in cash and cash equivalents

(865)


(2,865)

Cash and cash equivalents at beginning of period

1,488


4,349

Cash and cash equivalents at end of period

$                            623


$                        1,484





(1)

For the nine months ended November 30, 2025, net cash provided by operating activities includes distributions from AVAIL of $273.2 million. Refer to footnote 7 on page 12.

 

AZZ Inc.
Non-GAAP Disclosure
 Adjusted Net Income, Adjusted Earnings Per Share and Adjusted EBITDA

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: 1) intangible asset amortization, 2) restructuring charges, 3) retirement and other severance expenses, 4) redemption premium on Series A Preferred Stock, 5) additional stock compensation expense related to the adoption of our executive retiree long-term incentive program, and 6) certain adjustments related to the Company's unconsolidated joint venture from the reported GAAP measure. Management defines Adjusted EBITDA as adjusted net income excluding depreciation, amortization, interest, provision for income taxes and Series A Preferred Stock dividends. 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.

The following tables provide a reconciliation for the three and nine months ended November 30, 2025 and November 30, 2024 between the non-GAAP Adjusted Earnings Measures to the most comparable measures, calculated in accordance with GAAP (in thousands, except per share data):

Adjusted Net Income and Adjusted Earnings Per Share


Three Months Ended November 30,


Nine Months Ended November 30,


2025


2024


2025


2024


Amount


Per

 Diluted
Share(1)


Amount


Per

 Diluted
Share(1)


Amount


Per

 Diluted
Share(1)


Amount


Per

 Diluted
Share(1)

Net income

$    41,075




$    33,603




$  301,329




$  108,624



Less: Series A Preferred Stock dividends

—




—




—




(1,200)



Less: Redemption premium on Series A Preferred
Stock

—




—




—




(75,198)



Net income available to common shareholders(2)

41,075


$       1.36


33,603


$       1.12


301,329


$       9.97


32,226


$       1.07

Impact of Series A Preferred Stock dividends(2)

—


—


—


—


—


—


1,200


0.04

Net income and diluted earnings per share for
Adjusted net income calculation(2)

41,075


1.36


33,603


1.12


301,329


9.97


33,426


1.11

Adjustments:
















Amortization of intangible assets

5,800


0.19


5,773


0.19


17,357


0.57


17,353


0.58

Restructuring charges(3)

—


—


—


—


3,827


0.13


—


—

Legal settlement and accrual

—


—


3,483


0.12


—


—


3,483


0.12

Retirement and other severance expense(4)

—


—


1,666


0.06


—


—


3,554


0.12

Redemption premium on Series A Preferred Stock(5)

—


—


—


—


—


—


75,198


2.50

Executive retiree long-term incentive program(6)

—


—


—


—


2,185


0.07


—


—

AVAIL JV equity in earnings adjustment(7)

622


0.02


—


—


(226,843)


(7.50)


—


—

Subtotal

6,422


0.21


10,922


0.37


(203,474)


(6.73)


99,588


3.31

Tax impact(8)

(1,541)


(0.05)


(2,621)


(0.09)


48,834


1.62


(5,854)


(0.19)

Total adjustments

4,881


0.16


8,301


0.28


(154,640)


(5.12)


93,734


3.11

Adjusted net income and adjusted earnings per
share (non-GAAP)

$    45,956


$       1.52


$    41,904


$       1.39


$  146,689


$       4.85


$  127,160


$       4.22

















Weighted average shares outstanding—Diluted for
Adjusted earnings per share(2)



30,198




30,118




30,231




30,123

 

     See notes on page 12.
















Adjusted EBITDA


Three Months Ended November 30,


Nine Months Ended November 30,


2025


2024


2025


2024

Net income

$                   41,075


$                   33,603


$                 301,329


$                 108,624

Interest expense

12,206


19,223


44,434


63,906

Income tax expense

14,485


12,114


94,396


35,728

Depreciation and amortization

22,777


20,633


66,976


61,383

Adjustments:








Restructuring charges(3)

—


—


3,827


—

Legal settlement and accrual

—


3,483


—


3,483

Retirement and other severance expense(4)

—


1,666


—


3,554

Executive retiree long-term incentive program(6)

—


—


2,185


—

AVAIL JV equity in earnings adjustment(7)

622


—


(226,843)


—

Adjusted EBITDA (non-GAAP)

$                   91,165


$                   90,722


$                 286,304


$                 276,678

 

     See notes on page 12.








Adjusted EBITDA by Segment


Three Months Ended November 30, 2025


Metal
Coatings


Precoat
Metals


Infra-

structure
Solutions


Corporate


Total

Net income (loss)

$         52,102


$         35,884


$          (1,458)


$        (45,453)


$         41,075

Interest expense

—


—


—


12,206


12,206

Income tax expense

—


—


—


14,485


14,485

Depreciation and amortization

7,070


9,617


—


6,090


22,777

Adjustments:










AVAIL JV equity in earnings adjustment(7)

—


—


622


—


622

Adjusted EBITDA (non-GAAP)

$         59,172


$         45,501


$             (836)


$        (12,672)


$         91,165

 

     See notes on page 12.












Three Months Ended November 30, 2024


Metal
Coatings


Precoat Metals


Infra-

structure
Solutions


Corporate


Total

Net income (loss)

$         46,489


$         37,080


$            7,139


$        (57,105)


$         33,603

Interest expense

—


—


—


19,223


19,223

Income tax expense

—


—


—


12,114


12,114

Depreciation and amortization

6,614


7,903


—


6,116


20,633

Adjustments:










Legal settlement and accrual

—


—


—


3,483


3,483

Retirement and other severance expense(4)

—


—


—


1,666


1,666

Adjusted EBITDA (non-GAAP)

$         53,103


$         44,983


$            7,139


$        (14,503)


$         90,722

 

     See notes on page 12.












Nine Months Ended November 30, 2025


Metal
Coatings


Precoat
Metals


Infra-

structure
Solutions


Corporate


Total

Net income (loss)

$       154,479


$       111,758


$       231,305


$     (196,213)


$       301,329

Interest expense

—


—


—


44,434


44,434

Income tax expense

—


—


—


94,396


94,396

Depreciation and amortization

20,560


28,163


—


18,253


66,976

Adjustments:










Restructuring charges(3)

3,827


—


—


—


3,827

Executive retiree long-term incentive program(6)

358


—


—


1,827


2,185

AVAIL JV equity in earnings adjustment(7)

—


—


(226,843)


—


(226,843)

Adjusted EBITDA (non-GAAP)

$       179,224


$       139,921


$            4,462


$        (37,303)


$       286,304

 

     See notes on page 12.












Nine Months Ended November 30, 2024


Metal
Coatings


Precoat
Metals


Infra-

structure
Solutions


Corporate


Total

Net income (loss)

$       142,158


$       119,703


$         12,403


$     (165,640)


$       108,624

Interest expense

—


—


—


63,906


63,906

Income tax expense

—


—


—


35,728


35,728

Depreciation and amortization

19,955


23,134


—


18,294


61,383

Adjustments:










Legal settlement and accrual

—


—


—


3,483


3,483

Retirement and other severance expense(4)

—


—


—


3,554


3,554

Adjusted EBITDA (non-GAAP)

$       162,113


$       142,837


$         12,403


$        (40,675)


$       276,678

 

     See notes on page 12.










Debt Leverage Ratio Reconciliation


Trailing Twelve Months Ended


November 30, 2025


February 28, 2025

Gross debt

$                        574,875


$                        900,250

Less: Cash per bank statement

(7,200)


(12,670)

Add: Finance lease liability

13,931


6,647

Consolidated indebtedness

$                        581,606


$                        894,227





Net income

$                        321,538


$                        128,833

Depreciation and amortization

87,798


82,205

Interest expense

61,810


81,282

Income tax expense

100,518


41,850

EBITDA

571,664


334,170

Cash items(9)

13,651


15,325

Non-cash items(10)

13,915


12,161

Equity in earnings, net of distributions

(229,324)


(3,598)

Adjusted EBITDA per Credit Agreement

$                        369,906


$                        358,058





Net leverage ratio

1.6x


2.5x








(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)

For the nine months ended November 30, 2024, diluted earnings per share is based on weighted average shares outstanding of 29,076, as the Series A Preferred Stock that was redeemed May 9, 2024, is anti-dilutive for this calculation.  The calculation of adjusted diluted earnings per share is based on weighted average shares outstanding of 30,123, as the Series A Preferred Stock is dilutive to adjusted diluted earnings per share.  Adjusted net income for adjusted earnings per share also includes the addback of Series A Preferred Stock dividends for the period noted above.  For further information regarding the calculation of earnings per share, see "Item 1. Financial Statements—Note 4" in the Company's Form 10-Q for the third quarter of fiscal year 2026.

(3)

Includes restructuring charges related to the closure of two surface technology facilities in our Metal Coatings segment. See "Item 1. Financial Statements—Note 18" in the Company's Form 10-Q for the third quarter of fiscal year 2026.

(4)

Related to retention and transition of certain executive management employees.

(5)

On May 9, 2024, we redeemed AZZ's Series A Preferred Stock. The redemption premium represents the difference between the redemption amount paid and the book value of the Series A Preferred Stock.

(6)

During the nine months ended November 30, 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 16" in the Company's Form 10-Q for the third quarter of fiscal year 2026.

(7)

During the first quarter of fiscal 2026, AVAIL completed the sale of the Electrical Products Group ("EPG") to nVent Electric plc. The three months ended November 30, 2025 includes an adjustment to the gain related to the sale of the EPG of $(0.6) million. The nine months ended November 30, 2025 includes $226.8 million, which represents the gain related to the sale of the EPG, partially offset by the recognition of an impairment loss on the AVAIL JV and an adjustment related to a change in AVAIL's transfer pricing policy. For further information, see "Item 1. Financial Statements—Note 8" in the Company's Form 10-Q for the third quarter of fiscal year 2026.

(8)

The non-GAAP effective tax rate for each of the periods presented is estimated at 24.0%.

(9)

Cash items include certain legal settlements, accruals, retirement and other severance expenses, and restructuring charges associated with the Metal Coatings segment.

(10)

Non-cash items include stock-based compensation expense.

 

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SOURCE AZZ, Inc.