Valmont Industries reported financial results for the fourth quarter and fiscal year ended December 27, 2025.

Valmont® Industries, Inc. (NYSE: VMI), a global leader that provides products and solutions to support vital infrastructure and advance agricultural productivity, today reported financial results for the fourth quarter and fiscal year ended December 27, 2025.

President and Chief Executive Officer Avner M. Applbaum commented, "In the fourth quarter we delivered improved earnings per share and grew our backlog year-over-year amid a mixed demand environment. During 2025, we focused on optimally positioning the business for future growth through capacity investments and disciplined execution."

"Looking ahead to 2026, we expect to achieve sales and earnings growth driven by strong Infrastructure demand and additional capacity coming online, while managing Agriculture efficiently through the downcycle. We will continue to prioritize supporting our customers and allocating capital in line with our strategy to drive long-term value for shareholders."

Fourth Quarter 2025 Highlights (all metrics compared to Fourth Quarter 2024 unless otherwise noted)

Net sales increased 0.1% to $1.04 billion

Operating income decreased 2.9% to $116.5 million or 11.2% of net sales

Adjusted1 operating income increased 5.6% to $126.7 million or 12.2% of net sales

Adjusted1 operating income included elevated legal and credit loss expense of $27.5 million, or $0.92 per diluted share, within the Brazil Agriculture business; the Company does not expect further material charges

Diluted earnings per share ("EPS") increased 135.7% to $9.05

Diluted EPS included a $3.98 benefit of a lower effective tax rate primarily related to a tax deduction associated with the investment loss in Prospera following the wind-down of that business in 2025

Adjusted1 EPS increased 28.1% to $4.92, compared to $3.84

Cash and cash equivalents were $187.1 million and net leverage ratio1 was ~1.1x

Invested $40.8 million in capital expenditures primarily to support capacity investments for the Utility product line

Deployed $72.9 million to acquire the remaining interest in ConcealFab, a telecom infrastructure and technology solutions company

Returned $85.6 million to shareholders through $72.2 million in share repurchases and $13.4 million in dividends

Full-Year 2025 Highlights (all metrics compared to Full-Year 2024 unless otherwise noted)

Net sales increased 0.7% to $4.10 billion

Increased backlog by $217.0 million or 15.1% to $1.65 billion, driven primarily by continued strength in utility market demand

Operating income decreased 20.8% to $415.6 million or 10.1% of net sales; Adjusted1 operating income increased 2.5% to $537.9 million or 13.1% of net sales

Diluted EPS decreased 2.3% to $16.79; Adjusted1 EPS increased 11.1% to $19.09, compared to $17.19

Operating cash flow was $456.5 million, or 11.1% of net sales

Invested $145.0 million in capital expenditures and $101.8 million in acquisitions to support future growth

Returned $250.6 million to shareholders through share repurchases and dividends

Achieved return on invested capital1 of 16.6% (17.6% adjusted1)

Fourth Quarter 2025 Segment Review (all metrics compared to Fourth Quarter 2024 unless otherwise noted)

Infrastructure (78.6% of Net Sales)

Products and solutions to serve the infrastructure markets of utility, lighting, transportation, telecommunications, and solar, along with coatings services to protect metal products

Sales increased 7.2% to $819.0 million, compared to $763.6 million.

Utility sales grew 21.0% driven by strong market demand, which led to higher pricing and volumes. Sales of other North America infrastructure products remained steady, excluding Solar which decreased following the Company's decision to exit that market earlier in 2025. International sales declined, reflecting continued Asia-Pacific market softness.

Operating income was $143.7 million or 17.6% of net sales ($149.6 million or 18.3% adjusted1), compared to $122.0 million or 16.0% of net sales. The improvement was primarily attributable to higher pricing and volumes, and lower SG&A.

Agriculture (21.4% of Net Sales)

Center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture

Sales decreased 19.9% to $222.7 million, compared to $278.0 million.

In North America, irrigation equipment sales declined due to continued agriculture market softness. International sales were also lower, primarily due to ongoing market softness in Brazil and lower project sales in the Middle East.

Operating loss was ($3.4) million, compared to operating income of $28.5 million or 10.3% of net sales. The decrease was primarily driven by lower volumes, and $27.5 million of legal and credit loss expense in Brazil.

Introducing Full-Year 2026 Financial Outlook and Key Assumptions

The Company is introducing its full-year 2026 financial outlook, including projected net sales and diluted EPS, and key assumptions for the year.

Key Assumptions

Steel cost assumptions are aligned with futures markets as of February 13, 2026

Foreign currency assumptions based on FX rates as of February 13, 2026

This outlook assumes no material change to the current trade or tariff environment

A live audio discussion with Avner M. Applbaum, President and Chief Executive Officer, and Thomas Liguori, Executive Vice President and Chief Financial Officer, will take place on Tuesday, February 17, 2026 at 8:00 a.m. CT. The discussion can be accessed by telephone at +1 877.407.6184 or +1 201.389.0877 (no Conference ID needed) or via webcast at the following link: Valmont Industries 4Q and Full Year 2025 Earnings Conference Call. A slide presentation will be available for download on the Investors page of valmont.com during the webcast. A replay of the event will be accessible three hours after the call at the above link or by telephone at +1 877.660.6853 or +1 201.612.7415 using access code 13756343. The replay will be available until 10:59 p.m. CT on Tuesday, February 24, 2026.

http://www.datamonitor.com
Republication or redistribution, including by framing or similar means,
is expressly prohibited without prior written consent. Datamonitor shall 
not be liable for errors or delays in the content, or for any actions 
taken in reliance thereon
COMTEX_475541675/2227/2026-03-19T05:16:38