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SEPTEMBER 22, 2026 FY27 Q1 INVESTOR PRESENTATION
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2WORTHINGTON ENTERPRISES Notes to Investors FORWARD-LOOKING STATEMENTS. Selected statements in this presentation constitute “forward-looking statements,” as that term is used in the Private Securities Litigation Reform Act of 1995 (the “Act”). Worthington Enterprises, Inc. (the “Company” or “Worthington”) wishes to take advantage of the safe harbor provisions included in the Act. Forward-looking statements reflect the Company’s current expectations, estimates or projections concerning future results or events. These statements are often identified by the use of forward-looking words or phrases such as “believe,” “expect,” “anticipate,” “may,” “could,” “should,” “would,” “intend,” “plan,” “will,” “likely,” “estimate,” “project,” “position,” “strategy,” “target,” “aim,” “seek,” “foresee” and similar words or phrases. These forward- looking statements include, without limitation, statements relating to: future or expected cash positions, liquidity and ability to access financial markets and capital; outlook, strategy or business plans; future or expected performance, growth, demand, financial condition or other financial measures; pricing trends for raw materials and finished goods; additions to product lines and opportunities to participate in new markets; anticipated working capital needs, capital expenditures and asset sales; anticipated improvements and efficiencies in costs, operations, sales, inventory management, sourcing and the supply chain; the ability to make acquisitions, form joint ventures and consolidate operations and the projected timing, benefits and costs related thereto; expectations for the economy and markets; expectations for shareholder value; effects of pandemics and widespread health crises; and other non-historical matters. Because they are based on beliefs, estimates and assumptions, forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected. Any number of factors could affect actual results, including, without limitation, those that follow: the effect of conditions in national and worldwide financial markets, including inflation, increases in interest rates and economic recession, and with respect to the ability of financial institutions to provide capital; the impact of tariffs, the adoption of trade restrictions affecting the Company’s products or suppliers, a U.S. withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; changing oil prices and/or supply; product demand and pricing; changes in product mix, product substitution and market acceptance of the Company’s products; volatility or fluctuations in the pricing, quality or availability of raw materials (particularly steel), supplies, transportation, utilities, labor and other items required by operations; effects of sourcing and supply chain constraints; the outcome of adverse claims experience with respect to workers’ compensation, product recalls or product liability, casualty events or other matters; effects of facility closures and the consolidation of operations; the effect of financial difficulties, consolidation and other changes within the steel, automotive, construction and other industries in which the Company participates; failure to maintain appropriate levels of inventories; financial difficulties (including bankruptcy filings) of original equipment manufacturers, end-users and customers, suppliers, joint venture partners and others with whom the Company does business; the ability to realize targeted expense reductions from headcount reductions, facility closures and other cost reduction efforts; the ability to realize cost savings and operational, sales and sourcing improvements and efficiencies, and other expected benefits from transformation initiatives, on a timely basis; the overall success of, and the ability to integrate, newly-acquired businesses and joint ventures, maintain and develop their customers, and achieve synergies and other expected benefits and cost savings therefrom; capacity levels and efficiencies, within facilities, within major product markets and within the industries in which the Company participates as a whole; the effect of disruption in the business of suppliers, customers, facilities and shipping operations due to adverse weather, casualty events, equipment breakdowns, labor shortages, interruption in utility services, civil unrest, international conflicts, terrorist activities or other causes; changes in customer demand, inventories, spending patterns, product choices, and supplier choices; risks associated with doing business internationally, including economic, political and social instability, foreign currency exchange rate exposure and the acceptance of the Company’s products in global markets; the ability to improve and maintain processes and business practices to keep pace with the economic, competitive and technological environment; the effect of inflation, interest rate increases and economic recession, which may negatively impact the Company’s operations and financial results; deviation of actual results from estimates and/or assumptions used by the Company in the application of its significant accounting policies; the level of imports and import prices in the Company’s markets; the impact of environmental laws and regulations or the actions of the U.S. Environmental Protection Agency or similar regulators which increase costs or limit the Company’s ability to use or sell certain products; the impact of increasing environmental, greenhouse gas emission and sustainability regulations or considerations; the impact of judicial rulings and governmental regulations, both in the U.S. and abroad, including those adopted by the U.S. Securities and Exchange Commission (“SEC”) and other governmental agencies as contemplated by the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Consolidated Appropriations Act, 2021, the American Rescue Plan Act of 2021, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; the effect of healthcare laws in the U.S. and potential changes for such laws, which may increase the Company’s healthcare and other costs and negatively impact the Company’s operations and financial results; the effect of tax laws in the U.S. and potential changes for such laws, which may increase the Company’s costs and negatively impact its operations and financial results; cyber security risks; the effects of privacy and information security laws and standards; and other risks described from time to time in the Company’s filings with the SEC, including those described in “Part I — Item 1A. — Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2026, and its subsequent filings with the SEC. Forward-looking statements should be construed in the light of such risks. It is impossible to predict or identify all potential risk factors. Consequently, readers should not consider the foregoing list to be a complete set of all potential risks and uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made, which was September 22, 2026. The Company does not undertake, and hereby disclaims, any obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
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CONFIDENTIAL: INTERNAL USE ONLY 3WORTHINGTON ENTERPRISES 1955 • Established Portfolio of Market-Leading Brands with High Barriers to Entry • Resilient, non-cyclical earnings driven by contractor end-use demand and diversified channels, supported by a primarily domestic manufacturing footprint • Business Model Drives High Free Cash Flow and Returns • Worthington Business System Accelerates Growth and Profitability • Innovation For Highly Engineered Products Drives Incremental Sales and Margin • Guided by Our Philosophy – a People-First, Performance- Based Culture • Low Leverage, Ample Liquidity, and Solid Free Cash Flow Provides Financial Flexibility Key Investment Highlights FOUNDED IN 1 TTM Figures as of Q1 FY2027 ended 8/31/26. Sales exclude pro-rata share of unconsolidated JV sales. 2 Refer to appendix for reconciliation of non-GAAP measures to the comparable GAAP measure. NET SALES OF $1.4 BILLION1 Adj. EBITDA of $303 million2 37% 63% Net Sales by Segment1 Building Performance Solutions Trade & Specialty Solutions
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4WORTHINGTON ENTERPRISES Established Portfolio of Market-Leading Brands Vertical Residential Heating Tanks Well Water Tanks Ceiling Suspension Systems Portable Fuel Tanks Metal Framing Portable Helium Tanks Hand Torch & Fuels 80%+ of Adjusted EBITDA comes from brands and products with leading market positions Note: FY2026 period. Based on management estimates. Composite Heating Tanks
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5WORTHINGTON ENTERPRISES STRONG CULTURE Engaged employees who lead with safety, demonstrate a transformative mindset and maintain deep relationships with suppliers and customers. MANUFACTURING OPERATIONS Highly engineered, precise and compliant metal manufacturing with uncompromised safety and quality. REGULATORY EXPERTISE Deep knowledge of regulations, building codes, and highly specified applications and hazardous materials creates meaningful barriers to entry. PRODUCT INNOVATION Established processes and principles. Technology enabled beyond competition. Strategic Moat …With a well-established strategic moat COMMERCIAL EXCELLENCE Stickiness created from strong brands and market leadership, strategic relationships with retail/wholesale partners, providing valuable data analytics and price risk capabilities to add value to our customers’ supply chains.
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6WORTHINGTON ENTERPRISES Innovation We innovate in partnership with our customers and suppliers. Transformation Through continuous transformation, we drive higher margins within manufacturing, commercial, sourcing and supply chain excellence. Acquisition We acquire strategic capabilities and invest in accretive opportunities. Our Philosophy Our deeply held Philosophy is rooted in the Golden Rule—we treat our customers, employees, investors and suppliers as we would like to be treated. We are disciplined stewards of capital focused on earning exceptional returns for our shareholders. Worthington Business System Accelerates Our Growth and Profitability
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7WORTHINGTON ENTERPRISES Delivering organic growth through innovation, new product development and strategic market share wins INNOVATION & NEW PRODUCT DEVELOPMENT STRATEGIC SHARE WINS AND PRODUCT PLACEMENT Trade & Specialty and Building Performance Solutions commercial teams worked closely together to expand relationship with Tractor Supply to gain share and expand offerings available. Balloon Time products – introduced a redesigned mini helium tank with a more compact, portable form that reduces shelf-space needs. The new design enabled expansion into additional retail channels including CVS, Kroger, and Walgreens, driving incremental distribution and share gains. Launched an air inflator to extend the product line and broaden market reach. Select recent examples of innovation, share and product placement wins Amtrol Liquid Cooling Technologies – supporting the rapid expansion of data center infrastructure with engineered liquid cooling, including ASME certified tanks and thermal energy storage, designed for higher reliability and energy efficiency from plant to server rack. A2L Refrigerant Cylinders – designed to safely store and transport mildly flammable A2L refrigerants, supporting the industry’s transition to more environmentally friendly cooling solutions. Level5 Tools – gained placement for drywall tools at Sherwin-Williams and now available in 3,500 locations nationwide.
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8WORTHINGTON ENTERPRISES Participating Across the Data Center Ecosystem • Building Performance Solutions serves commercial buildings and critical facilities, including data centers STRUT SUSPENDED CEILINGS STEEL FRAMING HOT AISLE CONTAINMENT HEAT REJECTION LIQUID COOLING STRUCTURAL SYSTEMS Select Building Performance Solutions products serving data center applications. • Multiple points of exposure create opportunities for incremental organic growth as data center infrastructure expands • Innovation is expanding our opportunity set, including solutions for advanced liquid -cooling applications
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9WORTHINGTON ENTERPRISES Acquisition Strategy Focused on Driving Profitable Growth • Market-leading positions in niche markets • High margin, high growth brands or products • Asset-light or low capital intensity business model • Exposure to channels within existing segments • Additive capabilities that enhance or expand our core competencies • Demonstrated sustainable competitive advantage Targeted acquisition criteria: RECENT ACQUISITIONS June 2025 Building Performance Solutions: Leading designer and manufacturer of HVAC parts and components, ductwork and structural framing primarily used by contractors in commercial buildings January 2026 Building Performance Solutions: Leading provider of commercial metal roof clips, accessories, retrofit systems and other fabricated metal products for metal building, construction and other industries
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10WORTHINGTON ENTERPRISES Low Leverage, Ample Liquidity, and Solid Free Cash Flow Provide Financial Flexibility Strong Balance Sheet 10 Financial Flexibility Disciplined Capital Allocation Ample Liquidity2: $555M TTM Free Cash Flow1: $196M Focused on growth and rewarding shareholders Net Leverage1: 0.8x Net Debt / TTM Adj. EBITDA Commitment to Maintaining Investment Grade Rating 10 Note: TTM figures as of Q1 FY2027. 1 Refer to appendix for reconciliation of non-GAAP measures to the comparable GAAP measure. 2 Includes $55M of cash and $500M of availability from bank revolver as of 8/31/26.
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11WORTHINGTON ENTERPRISES Disciplined Capital Allocation Strategy Focused on Growth and Rewarding Shareholders • Invest in facilities to maintain equipment and improve safety • Strategic capex to drive further growth $141 $423 $104 $93 Capex* Acquisitions Dividends Share Repurchases $760 million of capital redeployed since business separation FY24 Q3 – FY27 Q1 ($ millions) *FY24 Q3 to FY27 Q1 Capex includes $63 million related to the company’s facility modernization projects Capital Expenditures Acquisitions Dividends Share Repurchases • Focus on market leading niche businesses that fit with existing segments • High margin / high cash flow and lower capital intensity profile • Modest quarterly dividend - $0.20 sh. quarterly • Dividend paid quarterly since becoming a public company in 1968 • Opportunistic approach to share buybacks • 4.2 million shares remaining on authorization Rewarding Shareholders Growth (18%) (56%) (12%) (14%)
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12WORTHINGTON ENTERPRISES 21.3% ADJ. EBITDA MARGIN (Q1 FY27 TTM) $303M ADJ. EBITDA $1.4B NET SALES ($ MILLIONS) FINANCIAL METRICS NET SALES ADJ. EBITDA $304 $344 FY26 Q1 FY27 Q1 $251 $265 $296 FY24 FY25 FY26 $67 $74 FY26 Q1 FY27 Q1 $1,246 $1,154 $1,381 FY24 FY25 FY26 A strong financial profile with meaningful runway ahead $196M FREE CASH FLOW 116.3% FREE CASH FLOW CONVERSION Refer to appendix for reconciliation of non-GAAP measures to the comparable GAAP measure. Q1 FY27: Financial Performance at-a-glance
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13WORTHINGTON ENTERPRISES Q1 FY27: Financial Summary $ Millions except EPS Q1 Q1 Worthington Enterprises Consolidated FY27 FY26 Net Sales $344 $304 Adj. EBITDA $74 $67 % Margin 21.5% 22.1% Free Cash Flow $54 $28 Adj. EPS $0.82 $0.78 Building Performance Solutions Segment Net Sales $215 $185 Adj. EBITDA $60 $60 % Margin 27.8% 32.4% Trade & Specialty Solutions Segment Net Sales $129 $119 Adj. EBITDA $24 $16 % Margin 18.6% 13.6% Other & Unallocated Corporate Adj. EBITDA ($10) ($9) Refer to appendix for reconciliation of non-GAAP measures to the comparable GAAP measure.
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14WORTHINGTON ENTERPRISES (TTM AS OF Q1 FY27) ($ MILLIONS) NET SALES ADJ. EBITDA 27% ADJ. EBITDA MARGIN $240M ADJ. EBITDA $892M NET SALES Segment Financial Performance At-a-Glance $619 $654 $861 FY24 FY25 FY26 $185 $215 FY26 Q1 FY27 Q1 $210 $213 $240 FY24 FY25 FY26 $60 $60 FY26 Q1 FY27 Q1 Note: TTM figures as of Q1 FY2027. Net Sales reflects wholly-owned businesses only and exclude JVs. $530M NET SALES 19% ADJ. EBITDA MARGIN $99M ADJ. EBITDA NET SALES ADJ. EBITDA (TTM AS OF Q1 FY27) $495 $500 $520 FY24 FY25 FY26 $119 $129 FY26 Q1 FY27 Q1 $70 $83 $91 FY24 FY25 FY26 $16 $24 FY26 Q1 FY27 Q1 Trade & Specialty SolutionsBuilding Performance Solutions Delivers essential engineered products that enhance performance across residential and commercial buildings, including critical facilities such as data centers. Market-leading brands and products serving professional tradespeople and consumers across tools, portable propane, helium and other specialty applications . ($ MILLIONS)
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ibdroot\projects\IBD-NY\trillium2020\664375_1\16. Investor Day Presentations\03. WOR Enterprises\2023.09.29 - Investor Day - WOR Enterprises Shell_v78.pptx Appendix
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16WORTHINGTON ENTERPRISES Note: Financial metrics represent 100% of stand-alone JV results for WOR fiscal periods ending May 31st. Equity income from WAVE and ClarkDietrich is included in Adj. EBITDA for the Building Performance Solutions segment. Building Performance Solutions JVs Market-leading businesses providing products critical to the building envelope WAVE ClarkDietrich • 50/50 JV, established in 1992 with Armstrong World Industries • North American market leader in ceiling suspension systems (grid) and integrated solutions • Provides creative solutions to address customer’s need for speed and lower total cost • Leverages the strengths and expertise of each parent company • Over $500 million of cash dividends paid to WOR in past five years since FY 2022 ($ MILLIONS) JV FINANCIAL METRICS NET SALES EBITDA • 25% owned JV, established in 2011 through the combination of ClarkWestern Building Systems and Dietrich Metal Framing • Market leading provider of building solutions for commercial streel framing distributors, contractors, owners & architects • Offers broad product offering nationwide with speedy and reliable customer service • Over $280 million of cash dividends paid to WOR in past five years since FY 2022 NET SALES EBITDA WAVE CLARKDIETRICH $228 $244 $257 FY24 FY25 FY26 $479 $496 $519 FY24 FY25 FY26 $1,309 $1,168 $1,161 FY24 FY25 FY26 $257 $180 $107 FY24 FY25 FY26
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17WORTHINGTON ENTERPRISES Worthington Enterprises Reconciliation of Non-GAAP Measures (in millions) See detailed footnotes related to reconciliation of Non-GAAP measures for more information
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18WORTHINGTON ENTERPRISES Worthington Enterprises Reconciliation of Non-GAAP Measures (in millions) See detailed footnotes related to reconciliation of Non-GAAP measures for more information
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19WORTHINGTON ENTERPRISES Worthington Enterprises Reconciliation of Non-GAAP Measures (in millions) Non-GAAP Footnotes (1) Excludes the impact of noncontrolling interest. (2) Reflects the following non-cash activity in miscellaneous income (expense), net: • A pre-tax gain of $4.0 million during the first quarter of fiscal 2027 related to an earnout arrangement associated with the sale of the Company’s former oil and gas business, which was divested in January 2021. • A loss of $3.0 million during the second quarter of fiscal 2026 incurred in connection with the divestment of the company’s 49% interest in the composite business of the heiserTEC joint venture. In exchange for our interest in the divested assets, the Company received common shares in both Hexagon Composites and Hexagon Purus. • Unrealized (gains) losses associated with the Hexagon Composites and Hexagon Purus shares noted above. • Pre-tax charges of $5.0 million and $11.1 million during the fourth quarter of fiscal 2025 and fiscal 2024, respectively, to write down an investment that was determined to be other than temporarily impaired. • A pre-tax charge of $8.0 million during the fourth quarter of fiscal 2024 related to the completion of a pension lift-out transaction. (3) Reflects the amortization of the step-up to fair market value of acquired inventory related to the LSI and Elgen acquisitions in fiscal 2026 and the Ragasco acquisition in fiscal 2025. The Company updated the definition of its non-GAAP financial measures to exclude inventory step-up charges in the third quarter of fiscal 2026. All previously reported amounts have been recast to conform to this definition. Additional information is available in the “Use of Non-GAAP Financial Measures and Definitions” section. (4) Significant pre-tax impairment and restructuring charges include the following: • Impairment of long-lived assets: Non-cash charges of $50.1 million in the fourth quarter of fiscal 2025 related to the write-down of intangible assets associated with GTI and $32.2 million in the fourth quarter of fiscal 2024 due to the deconsolidation of our former Sustainable Energy Solutions operating segment. • Restructuring and other expense, net: A charge of $4.5 million in fiscal 2025 related to an increase in the fair value of the contingent liability associated with the Ragasco earnout arrangement and a loss of $30.5 million in the fourth quarter of fiscal 2024 due to the deconsolidation of our former Sustainable Energy Solutions operating segment. (5) Reflects the following activity in equity income: • A non-cash impairment charge of $3.4 million at the heiserTEC joint venture during the fourth quarter of fiscal 2025. • A net gain of $2.8 million associated with the divestiture of the Brazilian operations of Taxi Workhorse Holdings, LLC during the fourth quarter of fiscal 2024 and the settlement of certain participant balances within the pension plan maintained by WAVE. (6) EBIT and adjusted EBIT are non-GAAP financial measures. However, these measures are not used by management to evaluate the Company's performance, engage in financial and operational planning, or to determine incentive compensation. Instead, they are included as subtotals in the reconciliation of net earnings to adjusted EBITDA, which is a non-GAAP financial measure used by management.
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20WORTHINGTON ENTERPRISES Consolidated Results – Free Cash Flow Worthington Enterprises Reconciliation of Non-GAAP Measures (in millions) Consolidated Results – Net Debt / TTM Adj. EBITDA
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21WORTHINGTON ENTERPRISES Joint Venture Results – EBITDA Worthington Enterprises Reconciliation of Non-GAAP Measures (in millions)
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22WORTHINGTON ENTERPRISES Use of Non-GAAP Financial Measures and Definitions NON-GAAP FINANCIAL MEASURES. These materials include certain financial measures that are not calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Non-GAAP financial measures typically exclude items that management believes are not reflective of, and thus should not be included when evaluating the performance of the Company’s ongoing operations. Management uses these non-GAAP financial measures to evaluate ongoing performance, engage in financial and operational planning, and determine incentive compensation. Management believes these non-GAAP financial measures provide useful supplemental information regarding the performance of the Company’s ongoing operations and should not be considered as an alternative to the comparable GAAP financial measure. Additionally, management believes these non-GAAP financial measures allow for meaningful comparisons and analysis of trends in the Company’s businesses and enables investors to evaluate operations and future prospects in the same manner as management. Beginning in the third quarter of fiscal 2026, the Company updated its definition of adjusted operating income, adjusted net earnings, adjusted EBITDA, and adjusted EPS to exclude the acquisition-related amortization of inventory step-up charges. Prior periods have been recast for comparability. The following provides an explanation of each non-GAAP financial measure presented in these materials: Adjusted operating income is defined as operating income (loss) excluding the items listed below, to the extent naturally included in operating income (loss). Adjusted net earnings is defined as net earnings attributable to controlling interest excluding the after-tax effect of the excluded items outlined below. Adjusted EPS – diluted is defined as adjusted net earnings divided by diluted weighted-average common shares outstanding for the applicable period. Adjusted EBITDA is the measure by which management evaluates segment performance and overall profitability. EBITDA is defined as earnings before interest, taxes, depreciation, and amortization. Adjusted EBITDA excludes additional items including, but not limited to, those listed below, as well as other items that management believes are not reflective of, and thus should not be included when evaluating the performance of ongoing operations. Adjusted EBITDA also excludes stock-based compensation due to its non-cash nature, which is consistent with how management assesses operating performance and determines incentive compensation. At the segment level, adjusted EBITDA includes expense allocations for centralized corporate back-office functions that exist to support the day-to-day business operations. Public company and other governance costs are held at the corporate level within the unallocated corporate and other category. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by net sales. Free cash flow is a non-GAAP financial liquidity measure that is used by the Company to assess its ability to generate cash beyond what is required for its business operations and capital expenditures. The Company defines free cash flow as net cash flows from operating activities less investment in property, plant, and equipment. Free cash flow conversion is a non-GAAP financial measure that is used by the Company to measure how much of its adjusted net earnings attributable to controlling interest is converted into cash. The Company defines free cash flow conversion as free cash flow divided by adjusted net earnings. Net debt to trailing twelve months (TTM) adjusted EBITDA (Net Leverage) which is a non-GAAP financial measure that is used by the Company as a measure of leverage. Net debt is calculated by subtracting cash and cash equivalents from total debt (defined as the aggregate of short-term borrowings, current maturities of long-term debt and long-term debt) the sum of which is divided by TTM adjusted EBITDA.
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23WORTHINGTON ENTERPRISES Use of Non-GAAP Financial Measures and Definitions (Continued) EXCLUSIONS FROM NON-GAAP FINANCIAL MEASURES Management believes it is useful to exclude the following items from its non-GAAP financial measures for its own and investors’ assessment of the business for the reasons identified below. Additionally, management may exclude other items from non-GAAP financial measures that do not occur in the ordinary course of the Company’s ongoing business operations and note them in the reconciliation from net earnings to the non-GAAP financial measure adjusted EBITDA. • Amortization of inventory step-up represents the increase in inventory fair value associated with the Company’s acquisitions. The increase in inventory fair value is amortized to cost of sales over the period that the related inventory is sold. The amortization of inventory step-up is excluded because it is a non-cash expense that is not indicative of ongoing operating results. • Impairment charges are excluded because they do not occur in the ordinary course of the Company’s ongoing business operations, are inherently unpredictable in timing and amount, and are non-cash, which management believes facilitates the comparison of historical, current and forecasted financial results. • Restructuring activities consist of established programs that are intended to fundamentally change the Company’s operations, and as such are excluded from its non-GAAP financial measures. The Company’s restructuring programs may include closing or consolidating production facilities or moving manufacturing of a product to another location, realignment of the management structure of a business unit in response to changing market conditions or general rationalization of headcount. The Company’s restructuring activities generally give rise to employee-related costs, such as severance pay, and facility-related costs, such as exit costs and gains or losses on asset disposals but may include other incremental costs associated with the Company’s restructuring activities. Restructuring and other expense, net, may also include other nonrecurring items included in operating income but incremental to the Company’s normal business activities. These items are excluded because they are not indicative of the ongoing operations of the Company’s underlying business. • Separation costs, which consist of direct and incremental costs incurred in connection with the completed Separation are excluded as they are one-time in nature and are not expected to occur in periods following the Separation. These costs include fees paid to third-party advisors, such as investment banking, audit and other advisory services as well as direct and incremental costs associated with the Separation of shared corporate functions. Results in fiscal 2024 also include incremental compensation expense associated with the modification of unvested short and long-term incentive compensation awards, as required under the employee matters agreement executed in conjunction with the Separation. • Non-cash activity in miscellaneous income (expense) are excluded due to its non-cash nature and the fact that they do not occur in the normal course of business and may obscure analysis of trends and financial performance. • Loss on extinguishment of debt is excluded because it does not occur in the normal course of business and may obscure analysis of trends and financial performance. Additionally, the amount and frequency of this type of charge is not consistent and is significantly impacted by the timing and size of debt extinguishment transactions. • Corporate costs eliminated at Separation reflect certain corporate overhead costs that no longer exist post-Separation. These costs were included in continuing operations as they represent general corporate overhead that was historically allocated to the Company’s former steel processing business but did not meet the requirements to be presented as discontinued operations. • Non-recurring loss in equity income is excluded because it does not occur in the normal course of business and is inherently unpredictable in timing and amount.