Earnings release
Page 1
Press Release FOR RELEASE: October 6, 2026 APOGEE ENTERPRISES REPORTS FISCAL 2027 SECOND QUARTER RESULTS • Second-quarter net sales increased 9.2% to $391.1 million • Second-quarter diluted EPS of $1.07 and adjusted diluted EPS of $1.17 • Advanced strategic priorities through the acquisitions of Kalwall and Groglass • Company raises fiscal 2027 adjusted diluted EPS guidance range to $3.00-$3.40 from $2.70-$3.25 MINNEAPOLIS, MN, October 6, 2026 – Apogee Enterprises, Inc. (Nasdaq: APOG), a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications, today reported its results for the second quarter of fiscal 2027, ended August 29, 2026. The Company reported the following selected financial results: Three Months Ended (Unaudited, $ in thousands, except per share amounts) August 29, 2026 August 30, 2025 % Change Net sales $ 391,135 $ 358,194 9.2% Operating income $ 33,486 $ 26,888 24.5% Operating margin 8.6 % 7.5 % Net earnings $ 22,380 $ 23,649 (5.4)% Diluted earnings per share $ 1.07 $ 1.10 (2.7)% Non-GAAP Measures1 Adjusted EBITDA $ 49,538 $ 44,368 11.7% Adjusted EBITDA margin 12.7% 12.4% Adjusted diluted earnings per share $ 1.17 $ 0.98 19.4% (1) Earnings before interest, taxes, depreciation and amortization (EBITDA), EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per share (EPS) are non-GAAP financial measures. See Use of Non-GAAP Financial Measures and reconciliations to the most directly comparable GAAP measures later in this press release. “We are pleased with the second-quarter results which exceeded our expectations, driven by strong execution across the business. The benefits of disciplined pricing, productivity initiatives, and ongoing operational improvements helped offset a mixed demand environment," said Don Nolan, Executive Chair and Chief Executive Officer. "The momentum we established in the first half of the year, combined with our confidence in the business, supports our decision to raise full-year guidance. We also advanced our strategic priorities through the Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Page 2
acquisitions of Kalwall and Groglass. Early performance at Kalwall has been encouraging, and we believe the addition of Groglass will further strengthen our portfolio through differentiated capabilities and increased exposure to attractive end markets that support long-term value creation." Second Quarter Consolidated Results (Second Quarter Fiscal 2027 compared to Second Quarter Fiscal 2026) • Net sales increased 9.2% to $391.1 million, driven by a $16.4 million contribution from the Kalwall acquisition, price, and favorable mix, partially offset by lower volume. • Gross margin rose 150 basis points to 24.6%, primarily due to price, productivity improvements, including the net benefit from Project Fortify 2, and the accretive impact of the Kalwall acquisition, partially offset by higher material and manufacturing costs and impacts from lower volume. • Selling, general and administrative (SG&A) expenses as a percentage of net sales increased 40 basis points to 16.0%, primarily due to higher incentive compensation expense, partially offset by cost savings from Fortify Phase 2. • Operating income increased to $33.5 million from $26.9 million, and operating margin increased 110 basis points to 8.6%. • Adjusted EBITDA increased to $49.5 million, compared to $44.4 million, and adjusted EBITDA margin increased to 12.7%, compared to 12.4%. • Other income decreased to $0.5 million from $5.1 million, primarily due to a nonrecurring New Markets Tax Credit. • Interest expense decreased to $3.6 million, compared to $4.1 million, primarily due to lower average debt balance. • Diluted earnings per share (EPS) were $1.07, compared to $1.10, and adjusted diluted EPS increased to $1.17, compared to $0.98. Second Quarter Segment Results (Second Quarter Fiscal 2027 Compared to Second Quarter Fiscal 2026) Architectural Metals Net sales increased 1.8% to $143.5 million, driven by favorable price, partially offset by lower volume. Adjusted EBITDA was $22.1 million, or 15.4% of net sales, compared to $20.8 million, or 14.8% of net sales. The higher adjusted EBITDA margin was primarily driven by price, improved productivity and cost savings from Fortify Phase 2, and favorable mix, partially offset by the net impact from higher aluminum costs and lower volume. Architectural Services Net sales increased 7.9% to $108.5 million, primarily due to increased volume. Adjusted EBITDA was $6.2 million, or 5.8% of net sales, compared to $5.0 million, or 5.0% of net sales. The increase in adjusted EBITDA margin was primarily driven by project mix and higher volume. Segment backlog1 at the end of the quarter was $833.0 million compared to $792.3 million at the end of fiscal year 2026. Architectural Glass Net sales increased 21.1% to $87.4 million, driven by a $16.4 million contribution from the Kalwall acquisition and favorable mix, partially offset by lower volume and price. Adjusted EBITDA was $13.0 million, or 14.9% of net sales, compared to $11.6 million, or 16.1% of net sales. The decrease in adjusted EBITDA margin was Apogee Enterprises, Inc. Page 2 Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com 1 Backlog is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures later in this press release for more information.
Page 3
primarily driven by price, higher manufacturing and freight costs, and lower volume, partially offset by the accretive contribution of the Kalwall acquisition and favorable mix. Performance Surfaces Net sales increased 14.2% to $55.3 million due to higher volume and price. Adjusted EBITDA was $12.4 million, or 22.5% of net sales compared to $11.2 million, or 23.2% of net sales. The decrease in adjusted EBITDA margin was primarily driven by the impact of higher material costs, partially offset by price and increased volume. Corporate and Other Corporate and other adjusted EBITDA was an expense of $4.2 million, compared to $4.3 million in the prior year. The improvement was primarily due to the benefits from cost savings related to Fortify Phase 2 and lower health insurance costs, partially offset by higher incentive compensation expense. Financial Condition Fiscal year-to-date, net cash provided by operating activities was $43.3 million, compared to $37.3 million in the prior year period. Fiscal year-to-date, the Company returned $27.3 million of cash to shareholders, through $16.1 million of share repurchases and $11.2 million of dividends. Quarter-end long-term debt increased to $335.5 million, bringing the Consolidated Leverage Ratio2 (as defined in the Company’s credit agreement) to 1.7x at the end of the quarter. Fiscal 2027 Outlook Reflecting stronger-than-expected first-half performance, the anticipated contributions from Kalwall and Groglass, and current macroeconomic conditions, the Company is raising its fiscal 2027 outlook. The Company now expects net sales in the range of $1.46 billion to $1.50 billion, compared with its previous range of $1.38 billion to $1.43 billion, and adjusted diluted EPS in the range of $3.00 to $3.40, compared with its previous range of $2.70 to $3.25. The Company’s outlook also assumes interest expense of approximately $15 million, an adjusted effective tax rate of approximately 26%, and capital expenditures between $35 million and $40 million. Conference Call Information The Company will host a conference call today at 8:00 a.m. Central Time to discuss this earnings release. This call will be webcast and is available in the Investor Relations section of the Company’s website, along with presentation slides, at https://www.apog.com/events-and-presentations. A replay and transcript of the webcast will be available on the Company’s website following the conference call. About Apogee Enterprises Apogee Enterprises, Inc. (Nasdaq: APOG) is a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications. Headquartered in Minneapolis, MN, our portfolio of industry-leading products and services includes architectural glass, windows, curtainwall, storefront and entrance systems, integrated project management and installation services, and high-performance coatings that provide protection, innovative design, and enhanced performance. For more information, visit www.apog.com. Use of Non-GAAP Financial Measures Management uses non-GAAP measures to evaluate the Company’s historical and prospective financial performance, measure operational profitability on a consistent basis, as a factor in determining executive compensation, and to provide enhanced transparency to the investment community. Non-GAAP measures should be viewed in addition to, and not as a substitute for, the reported financial results of the Company Apogee Enterprises, Inc. Page 3 Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com 2 Consolidated Leverage Ratio is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures later in this press release for more information.
Page 4
prepared in accordance with GAAP. Other companies may calculate these measures differently, limiting the usefulness of the measures for comparison with other companies. This release and other financial communications may contain the following non-GAAP measures: • Adjusted net earnings and adjusted diluted EPS are used by the Company to provide meaningful supplemental information about its operating performance by excluding amounts that the Company does not consider to be part of core operating results, to enhance comparability of results from period to period. The Company is unable to provide a quantitative reconciliation of its forward-looking adjusted diluted EPS guidance to the most directly comparable GAAP measure without unreasonable effort because it cannot reliably predict the timing and magnitude of certain items, including acquisition- related costs, integration costs, restructuring-related items, and other discrete items that could materially affect GAAP results. • Adjusted EBITDA represents adjusted net earnings before interest, taxes, depreciation, and amortization. The Company uses adjusted EBITDA and adjusted EBITDA margin to assess segment performance and make decisions about the allocation of operating and capital resources by analyzing recent results, trends, and variances of each segment in relation to forecasts and historical performance. • Consolidated Leverage Ratio is calculated as Consolidated Funded Indebtedness minus Unrestricted Cash at the end of the current period, divided by Consolidated EBITDA. All capitalized and undefined terms used in this bullet and not otherwise defined herein are defined in the Company’s credit agreement dated July 19, 2024, which is included as an exhibit to the Company’s most recent Annual Report on form 10-K. The Company is unable to present a quantitative reconciliation of forward- looking expected Consolidated Leverage Ratio to its most directly comparable forward-looking GAAP financial measure without unreasonable effort because management cannot reliably predict all the necessary components of that GAAP measure. In addition, the Company believes such reconciliation could imply a degree of precision that would be confusing or misleading to investors. • Backlog is defined as the dollar amount of signed contracts or firm orders, generally as a result of a competitive bidding process, which is expected to be recognized as revenue. Backlog is an operating measure used by management to assess future potential sales revenue. It is most meaningful for the Architectural Services segment, due to the longer-term nature of their projects. Backlog is not a term defined under U.S. GAAP and is not a measure of contract profitability. Backlog should not be used as the sole indicator of future revenue because the Company has a substantial number of projects with short lead times that book-and-bill within the same reporting period that are not included in backlog. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The words “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “will,” “continue,” and similar expressions are intended to identify “forward-looking statements”. These statements reflect Apogee management’s expectations or beliefs as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified by factors that may affect the results, performance, financial condition, prospects and opportunities of the Company, including the following: (A) North American and global economic conditions, including the cyclical nature of the North American and Latin American non-residential construction industries, which may adversely affect demand for the Company’s products and services; (B) U.S. and global instability and uncertainty arising from events outside of our control; (C) actions of new and existing competitors; (D) departure of key personnel and ability to source sufficient labor; (E) product performance, reliability and quality issues; (F) project management and installation issues that could affect the profitability of individual contracts; (G) financial and operating results that could differ from market expectations; (H) self-insurance risk related to a material product liability or other events for which the Company is liable; (I) maintaining our information technology systems and potential cybersecurity threats; (J) cost of regulatory compliance, including environmental regulations; (K) supply chain disruptions, including fluctuations in the availability and cost of Apogee Enterprises, Inc. Page 4 Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Page 5
materials used in our products and the impact of trade policies and regulations, including existing and potential future tariffs; (L) the ability to complete announced acquisitions on expected terms and timing; the successful integration and future operating performance of acquired businesses; and the ability to achieve anticipated benefits, including cost synergies, within expected timeframes; (M) our ability to successfully manage and implement our enterprise strategy; (N) our ability to maintain effective internal controls over financial reporting; (O) our judgments regarding accounting for tax positions and resolution of tax disputes; (P) the impacts of cost inflation and interest rates; and (Q) the impact of changes in capital and credit markets on our liquidity and cost of capital. These factors are not exhaustive. Additional factors that could cause actual results to differ materially from those described in the forward-looking statements may emerge from time to time, and it is not possible for the Company to predict all such factors or assess the impact of each factor, or any combination of factors, on the Company’s business. More information concerning these and other risks is included in the Company’s Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Contact Jeremy Steffan Vice President, Investor Relations & Communications 952.346.3502 ir@apog.com Apogee Enterprises, Inc. Page 5 Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Page 6
Apogee Enterprises, Inc. Consolidated Statements of Income (Unaudited) Three Months Ended Six Months Ended August 29, 2026 August 30, 2025 % Change August 29, 2026 August 30, 2025 % Change (In thousands, except per share amounts) Net sales $ 391,135 $ 358,194 9.2 % $ 733,820 $ 704,816 4.1 % Cost of sales 294,970 275,587 7.0 % 562,624 547,084 2.8 % Gross profit 96,165 82,607 16.4 % 171,196 157,732 8.5 % Selling, general and administrative expenses 62,679 55,719 12.5 % 118,870 123,913 (4.1) % Operating income 33,486 26,888 24.5 % 52,326 33,819 54.7 % Interest expense, net 3,554 4,075 (12.8) % 6,388 7,921 (19.4) % Other income, net 485 5,140 (90.6) % 412 4,458 (90.8) % Earnings before income taxes 30,417 27,953 8.8 % 46,350 30,356 52.7 % Income tax expense 8,037 4,304 86.7 % 12,433 9,394 32.4 % Net earnings $ 22,380 $ 23,649 (5.4) %$ 33,917 $ 20,962 61.8 % Basic earnings per share $ 1.08 $ 1.10 (1.8) %$ 1.62 $ 0.98 65.3 % Diluted earnings per share $ 1.07 $ 1.10 (2.7) %$ 1.61 $ 0.97 66.0 % Weighted average basic shares outstanding 20,722 21,408 (3.2) % 20,884 21,373 (2.3) % Weighted average diluted shares outstanding 20,901 21,590 (3.2) % 21,014 21,562 (2.5) % Cash dividends per common share $ 0.27 $ 0.26 3.8 % $ 0.54 $ 0.52 3.8 % % of Sales Gross margin 24.6 % 23.1 % 23.3 % 22.4 % Selling, general and administrative expenses 16.0 % 15.6 % 16.2 % 17.6 % Operating margin 8.6 % 7.5 % 7.1 % 4.8 % Apogee Enterprises, Inc. Page 6 Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Page 7
Apogee Enterprises, Inc. Consolidated Condensed Balance Sheets (Unaudited) (In thousands) August 29, 2026 February 28, 2026 Assets Current assets Cash and cash equivalents $ 36,529 $ 39,523 Receivables, net 206,327 198,516 Inventories, net 116,760 98,059 Contract assets 68,806 59,512 Other current assets 43,888 43,823 Total current assets 472,310 439,433 Property, plant and equipment, net 277,349 255,032 Operating lease right-of-use assets 42,534 48,736 Goodwill 255,499 236,744 Intangible assets, net 154,383 111,261 Other non-current assets 42,029 31,139 Total assets $ 1,244,104 $ 1,122,345 Liabilities and shareholders' equity Current liabilities Accounts payable $ 89,423 $ 105,478 Accrued compensation and benefits 45,506 39,667 Contract liabilities 59,343 60,903 Operating lease liabilities 14,618 14,729 Other current liabilities 55,749 46,079 Total current liabilities 264,639 266,856 Long-term debt 335,545 232,279 Non-current operating lease liabilities 32,351 39,375 Non-current self-insurance reserves 26,866 24,914 Other non-current liabilities 61,369 47,127 Total shareholders’ equity 523,334 511,794 Total liabilities and shareholders’ equity $ 1,244,104 $ 1,122,345 Apogee Enterprises, Inc. Page 7 Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Page 8
Apogee Enterprises, Inc. Consolidated Statement of Cash Flows (Unaudited) Six Months Ended August 29, 2026 August 30, 2025(In thousands) Operating Activities Net earnings $ 33,917 $ 20,962 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 26,569 24,943 Share-based compensation 4,927 2,773 Deferred income taxes 3,494 17,214 Impairment of long-lived assets — 7,418 Settlement of New Markets Tax Credit transaction — (4,597) Non-cash lease expense 6,064 5,474 Other, net 4,137 4,129 Changes in operating assets and liabilities: Receivables 4,666 (9,204) Inventories (9,931) (9,735) Contract assets (9,379) 10,518 Accounts payable (15,576) (2,575) Accrued compensation and benefits 2,971 (9,681) Contract liabilities (1,621) 15,734 Operating lease liability (6,952) (4,608) Accrued income taxes 2,426 (11,008) Other current assets and liabilities (2,453) (20,477) Net cash provided by operating activities 43,259 37,280 Investing Activities Capital expenditures (17,796) (11,827) Purchases of marketable securities (7,418) (200) Acquisition of business, net of cash acquired (99,574) Other, net 2,957 1,144 Net cash used by investing activities (121,831) (10,883) Financing Activities Proceeds from revolving credit facilities 161,000 76,000 Repayment on revolving credit facilities (54,867) (91,000) Repayment of term loans (2,867) — Repurchase of common stock (16,099) — Dividends paid (11,175) (11,043) Other, net (1,117) (3,087) Net cash (used by) provided by financing activities 74,875 (29,130) Effect of exchange rates on cash 702 811 Decrease in cash and cash equivalents (2,994) (1,922) Cash and cash equivalents at beginning of period 39,523 41,448 Cash and cash equivalents at end of period $ 36,529 $ 39,526 Non-cash Activity Capital expenditures in accounts payable $ 1,348 $ 2,202 Apogee Enterprises, Inc. Page 8 Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Page 9
Apogee Enterprises, Inc. Components of Changes in Net Sales (Unaudited) Three Months Ended August 29, 2026 (In thousands, except percentages) Architectural Metals Architectural Services Architectural Glass Performance Surfaces Intersegment eliminations Consolidated Fiscal 2026 net sales $ 140,935 $ 100,490 $ 72,181 $ 48,390 $ (3,802) $ 358,194 Organic business (1) 2,585 7,974 (1,120) 6,867 273 16,579 Acquisition (2) — — 16,362 — — 16,362 Fiscal 2027 net sales $ 143,520 $ 108,464 $ 87,423 $ 55,257 $ (3,529) $ 391,135 Total net sales growth (decline) 1.8 % 7.9 % 21.1 % 14.2 % 7.2 % 9.2 % Organic business (1) 1.8 % 7.9 % (1.6) % 14.2 % 7.2 % 4.6 % Acquisition (2) — % — % 22.7 % — % — % 4.6 % Six Months Ended August 29, 2026 (In thousands, except percentages) Architectural Metals Architectural Services Architectural Glass Performance Surfaces Intersegment eliminations Consolidated Fiscal 2026 net sales $ 269,559 $ 206,995 $ 145,454 $ 90,640 $ (7,832) $ 704,816 Organic business (1) (3,596) 16,705 (6,679) 8,941 (2,729) 12,642 Acquisition (2) — — 16,362 — — 16,362 Fiscal 2027 net sales $ 265,963 $ 223,700 $ 155,137 $ 99,581 $ (10,561) $ 733,820 Total net sales (decline) growth (1.3) % 8.1 % 6.7 % 9.9 % (34.8) % 4.1 % Organic business (1) (1.3) % 8.1 % (4.6) % 9.9 % (34.8) % 1.8 % Acquisition (2) — % — % 11.2 % — % — % 2.3 % (1) Organic business is defined as (declines) growth in net sales from legacy businesses and from acquired businesses, twelve months after the acquisition date. (2) The acquisition of Kalwall, completed on July 1, 2026. Apogee Enterprises, Inc. Page 9 Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Page 10
Apogee Enterprises, Inc. Business Segment Information (Unaudited) Three Months Ended Six Months Ended August 29, 2026 August 30, 2025 % Change August 29, 2026 August 30, 2025 % Change(In thousands) Segment net sales Architectural Metals $ 143,520 $ 140,935 1.8 % $ 265,963 $ 269,559 (1.3) % Architectural Services 108,464 100,490 7.9 % 223,700 206,995 8.1 % Architectural Glass 87,423 72,181 21.1 % 155,137 145,454 6.7 % Performance Surfaces 55,257 48,390 14.2 % 99,581 90,640 9.9 % Intersegment eliminations (3,529) (3,802) (7.2) % (10,561) (7,832) 34.8 % Net sales $ 391,135 $ 358,194 9.2 % $ 733,820 $ 704,816 4.1 % Segment adjusted EBITDA Architectural Metals $ 22,116 $ 20,828 6.2 % $ 35,816 $ 30,195 18.6 % Architectural Services 6,249 5,016 24.6 % 12,385 11,084 11.7 % Architectural Glass 12,992 11,647 11.5 % 18,885 25,064 (24.7) % Performance Surfaces 12,410 11,221 10.6 % 18,987 19,179 (1.0) % Corporate and other (4,229) (4,344) (2.6) % (4,420) (6,770) (34.7) % Adjusted EBITDA $ 49,538 $ 44,368 11.7 % $ 81,653 $ 78,752 3.7 % Segment adjusted EBITDA margins Architectural Metals 15.4 % 14.8 % 13.5 % 11.2 % Architectural Services 5.8 % 5.0 % 5.5 % 5.4 % Architectural Glass 14.9 % 16.1 % 12.2 % 17.2 % Performance Surfaces 22.5 % 23.2 % 19.1 % 21.2 % Adjusted EBITDA margin 12.7 % 12.4 % 11.1 % 11.2 % • Segment net sales is defined as net sales of the segment including revenue related to intersegment transactions. • Intersegment net sales eliminations are presented separately to exclude these sales from our consolidated total. Apogee Enterprises, Inc. Page 10 Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Page 11
Apogee Enterprises, Inc. Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited) Three Months Ended August 29, 2026 (In thousands) Architectural Metals Architectural Services Architectural Glass Performance Surfaces Corporate and Other Consolidated Net earnings (loss) $ 18,221 $ 5,488 $ 7,804 $ 8,349 $ (17,482) $ 22,380 Interest expense (income), net 384 (40) (250) — 3,461 3,554 Income tax expense — — 325 — 7,711 8,037 Depreciation and amortization 3,511 801 4,207 3,929 743 13,191 EBITDA 22,116 6,249 12,086 12,278 (5,567) 47,162 Acquisition-related costs (1) — — 906 132 1,338 2,376 Adjusted EBITDA $ 22,116 $ 6,249 $ 12,992 $ 12,410 $ (4,229) $ 49,538 EBITDA margin 15.4% 5.8% 14.4% 22.2% N/M 12.1% Adjusted EBITDA margin 15.4% 5.8% 15.5% 22.5% N/M 12.6% Apogee Enterprises, Inc. Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited) Three Months Ended August 30, 2025 (In thousands) Architectural Metals Architectural Services Architectural Glass Performance Surfaces Corporate and Other Consolidated Net earnings (loss) $ 20,874 $ 1,433 $ 8,429 $ 6,245 $ (13,332) $ 23,649 Interest expense (income), net 444 (86) (131) — 3,848 4,075 Income tax expense — — 26 — 4,278 4,304 Depreciation and amortization 3,752 911 3,323 3,789 732 12,507 EBITDA 25,070 2,258 11,647 10,034 (4,474) 44,535 Acquisition-related costs (1) — — — 1,187 120 1,307 Restructuring costs (2) 355 2,758 — — 10 3,123 NMTC settlement gain (3) (4,597) — — — — (4,597) Adjusted EBITDA $ 20,828 $ 5,016 $ 11,647 $ 11,221 $ (4,344) $ 44,368 EBITDA margin 17.8% 2.2% 16.1% 20.7% N/M 12.4% Adjusted EBITDA margin 14.8% 5.0% 16.1% 23.2% N/M 12.4% (1) Acquisition-related costs for the Kalwall acquisition and pending Groglass acquisition in fiscal 2027 and the UW Solutions acquisition in fiscal 2026, respectively, which management does not consider reflective of core operating performance for the periods presented. (2) Restructuring costs related to Project Fortify Phase 2. (3) Settlement of a New Market Tax Credit transaction. Apogee Enterprises, Inc. Page 11 Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Page 12
Apogee Enterprises, Inc. Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited) Six Months Ended August 29, 2026 (In thousands) Architectural Metals Architectural Services Architectural Glass Performance Surfaces Corporate and Other Consolidated Net earnings (loss) $ 27,981 $ 10,860 $ 10,300 $ 10,976 $ (26,200) $ 33,917 Interest expense (income), net 770 (74) (422) — 6,114 6,388 Income tax expense 396 12,037 12,433 Depreciation and amortization 7,065 1,599 7,705 7,879 1,521 25,769 EBITDA 35,816 12,385 17,979 18,855 (6,528) 78,507 Acquisition-related costs (1) — — 906 132 2,108 3,146 Adjusted EBITDA $ 35,816 $ 12,385 $ 18,885 $ 18,987 $ (4,420) $ 81,653 EBITDA margin 13.5% 5.5% 12.4% 18.9% N/M 10.7% Adjusted EBITDA margin 13.5% 5.5% 13.1% 19.1% N/M 11.0% Apogee Enterprises, Inc. Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited) Six Months Ended August 30, 2025 (In thousands) Architectural Metals Architectural Services Architectural Glass Performance Surfaces Corporate and Other Consolidated Net earnings (loss) $ 24,543 $ (4,759) $ 18,631 $ 10,377 $ (27,830) $ 20,962 Interest expense (income), net 901 (138) (276) — 7,434 7,921 Income tax (benefit) expense (43) (8) 116 — 9,329 9,394 Depreciation and amortization 7,566 1,983 6,593 7,338 1,463 24,943 EBITDA 32,967 (2,922) 25,064 17,715 (9,604) 63,220 Acquisition-related costs (1) — — — 1,464 193 1,657 Restructuring costs (2) 1,825 14,006 — — 2,641 18,472 NMTC settlement gain (3) (4,597) — — — — (4,597) Adjusted EBITDA $ 30,195 $ 11,084 $ 25,064 $ 19,179 $ (6,770) $ 78,752 EBITDA margin 12.2% (1.4%) 17.2% 19.5% N/M 9.0% Adjusted EBITDA margin 11.2% 5.4% 17.2% 21.2% N/M 11.2% (1) Acquisition-related costs for the Kalwall acquisition and pending Groglass acquisition in fiscal 2027 and the UW Solutions acquisition in fiscal 2026, respectively, which management does not consider reflective of core operating performance for the periods presented. (2) Restructuring costs related to Project Fortify Phase 2. (3) Settlement of a New Market Tax Credit transaction. Apogee Enterprises, Inc. Page 12 Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Page 13
Apogee Enterprises, Inc. Reconciliation of Non-GAAP Financial Measures Adjusted net earnings and adjusted diluted earnings per share (Unaudited) Three Months Ended Six Months Ended (In thousands) August 29, 2026 August 30, 2025 August 29, 2026 August 30, 2025 Net earnings $ 22,380 $ 23,649 $ 33,917 $ 20,962 Acquisition-related costs (1) 2,376 1,307 3,146 1,657 Restructuring costs (2) — 3,123 — 18,472 NMTC settlement gain (3) — (4,597) — (4,597) Income tax impact on above adjustments (4) (355) (2,384) (543) (3,546) Adjusted net earnings $ 24,401 $ 21,098 $ 36,520 $ 32,948 Three Months Ended Six Months Ended August 29, 2026 August 30, 2025 August 29, 2026 August 30, 2025 Diluted earnings per share $ 1.07 $ 1.10 $ 1.61 $ 0.97 Acquisition-related costs (1) 0.11 0.06 0.15 0.08 Restructuring costs (2) — 0.14 — 0.86 NMTC settlement gain (3) — (0.21) — (0.21) Income tax impact on above adjustments (4) (0.02) (0.11) (0.03) (0.16) Adjusted diluted earnings per share $ 1.17 $ 0.98 $ 1.74 $ 1.53 Weighted average diluted shares outstanding 20,901 21,590 21,014 21,562 (1) Acquisition-related costs for the Kalwall acquisition and pending Groglass acquisition in fiscal 2027 and the UW Solutions acquisition in fiscal 2026, respectively, which management does not consider reflective of core operating performance for the periods presented. (2) Restructuring costs related to Project Fortify Phase 2 in fiscal 2026. (3) Settlement of a New Market Tax Credit transaction. (4) Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred. Apogee Enterprises, Inc. Page 13 Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com