# EDGAR Filing Document

**Accession Number:** 0000008947
**File Stem:** 0000008947-26-000012
**Filing Date:** 2026-1
**Character Count:** 40276
**Document Hash:** df145a1ea341fa55255361c45b91597b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000008947-26-000012.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0000008947-26-000012

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260107

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AZZ INC
- **CENTRAL INDEX KEY:** 0000008947
- **STANDARD INDUSTRIAL CLASSIFICATION:** COATING, ENGRAVING & ALLIED SERVICES [3470]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 750948250
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12777
- **FILM NUMBER:** 26515872

**BUSINESS ADDRESS:**
- **STREET 1:** ONE MUSEUM PLACE, SUITE 500
- **STREET 2:** 3100 W 7TH STREET
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76107
- **BUSINESS PHONE:** 8178100095

**MAIL ADDRESS:**
- **STREET 1:** ONE MUSEUM PLACE, SUITE 500
- **STREET 2:** 3100 W 7TH STREET
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AZTEC MANUFACTURING CO
- **DATE OF NAME CHANGE:** 20000911

?xml version='1.0' encoding='ASCII'? azz-20260107

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**January 7, 2026**

Date of Report (Date of earliest event reported)

**AZZ Inc.** 

(Exact name of Registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Texas** | **1-12777** | **75-0948250** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification No.) |

---

**One Museum Place, Suite 500** 

**3100 West 7th Street** 

**Fort Worth, Texas 76107** 

(Address of principal executive offices) (Zip Code)

**(817) 810-0095** 

(Registrant's telephone number, including area code)

**Not applicable**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Stock | AZZ | New York Stock Exchange |

---

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On January 7, 2026, AZZ Inc. ("AZZ") issued a press release reporting AZZ's third quarter financial results for the period ended November 30, 2025. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The information in this Item 2.02 (including Exhibit 99.1) is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. Nor shall the information in this Current Report be incorporated by reference in any other filing with the U.S. Securities and Exchange Commission made by AZZ, whether made before or after the date hereof, unless specifically identified therein as being incorporated therein by reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

The following exhibits are filed as part of this report.

---

| | |
|:---|:---|
| **<u>Exhibit</u>** | **<u>Description</u>** |
| 99.1 | <u>[Press release, reporting financial results for the](exhibit991q3fy26earningsre.htm)[third](exhibit991q3fy26earningsre.htm)[quarter of fiscal year 2026, ended](exhibit991q3fy26earningsre.htm)[November](exhibit991q3fy26earningsre.htm)[3](exhibit991q3fy26earningsre.htm)[0](exhibit991q3fy26earningsre.htm)[, 2025.](exhibit991q3fy26earningsre.htm)</u> |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | | AZZ Inc. |
| Date: | January 7, 2026 | By: | /s/ Jason Crawford |
|  |  |  | Jason Crawford<br>Senior Vice President, Chief Financial Officer and <br>Principal Accounting Officer |

---

## Exhibit 99.1

**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**

**January 7, 2026** - *FORT WORTH, TX* - 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**<sup>(1)</sup>**):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total Sales of $425.7 million, up 5.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Metal Coatings sales of $195.0 million, up 15.7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Precoat Metals sales of $230.7 million, down 1.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Net Income of $41.1 million, up 22.2%; Adjusted net income of $46.0 million, up 9.7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ GAAP diluted EPS of $1.36 per share, up 21.4%; Adjusted diluted EPS of $1.52, up 9.4%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Consolidated Adjusted EBITDA of $91.2 million or 21.4% of sales, versus prior year of $90.7 million, or 22.5% of sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Segment Adjusted EBITDA margin of 30.3% for Metal Coatings and 19.7% for Precoat Metals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Repurchased 201,416 shares of common stock, or $20.0 million at an average purchase price of $99.28

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Net leverage ratio 1.6x; debt reduction in the quarter of $35 million; year-to-date $325.4 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Cash provided by operating activities in the quarter of $79.7 million, up 20% from last year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Cash dividend of $0.20 per share to common shareholders paid during the quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 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")

<sup>(1)</sup> 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.

------

**<u>Segment Performance</u>**

***Third Quarter 2026 Metal 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.

**<u>Balance Sheet, Liquidity and Capital Allocation</u>**

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.

**<u>Subsequent Event</u>**

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.

**<u>Financial Outlook — Fiscal Year 2026 Guidance Narrowed</u>**

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**<sup>(1)</sup> |
| Sales | $1.625 - $1.7 billion |
| Adjusted EBITDA | $360 - $380 million |
| Adjusted Diluted EPS | $5.90 - $6.20 |

---

<sup>(1)</sup> FY2026 Guidance Assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Excludes any future acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Excludes any future equity in earnings (loss) from AVAIL joint venture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

**<u>Conference Call Details</u>**

------

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---**

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **AZZ Inc.** | **AZZ Inc.** | **AZZ Inc.** | **AZZ Inc.** | **AZZ Inc.** |
| **Condensed Consolidated Statements of Income** | **Condensed Consolidated Statements of Income** | **Condensed Consolidated Statements of Income** | **Condensed Consolidated Statements of Income** | **Condensed Consolidated Statements of Income** |
| (dollars in thousands, except per share data) | (dollars in thousands, except per share data) | (dollars in thousands, except per share data) | (dollars in thousands, except per share data) | (dollars in thousands, except per share data) |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
|  | **Three Months Ended November 30,** | **Three Months Ended November 30,** | **Nine Months Ended November 30,** | **Nine Months Ended November 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Sales | $425746 | $403654 | $1264983 | $1225869 |
| Cost of sales | 323805 | 305876 | 957620 | 921907 |
| Gross margin | 101941 | 97778 | 307363 | 303962 |
| Selling, general and administrative | 32462 | 39243 | 99874 | 108032 |
| Operating income | 69479 | 58535 | 207489 | 195930 |
| Interest expense, net | (12206) | (19223) | (44434) | (63906) |
| Equity in earnings (loss) of unconsolidated subsidiaries | (1437) | 7168 | 231431 | 12470 |
| Other income, net | (276) | (763) | 1239 | (142) |
| Income before income taxes | 55560 | 45717 | 395725 | 144352 |
| Income tax expense | 14485 | 12114 | 94396 | 35728 |
| Net income | 41075 | 33603 | 301329 | 108624 |
| Series A Preferred Stock Dividends |  |  |  | (1200) |
| Redemption premium on Series A Preferred Stock |  |  |  | (75198) |
| Net income available to common shareholders | $41075 | $33603 | $301329 | $32226 |
| 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 | 29963 | 29879 | 29983 | 28819 |
| Weighted average shares outstanding - Diluted | 30198 | 30118 | 30231 | 29076 |
| Cash dividends declared per common share | $0.20 | $0.17 | $0.57 | $0.51 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **AZZ Inc.** | **AZZ Inc.** | **AZZ Inc.** | **AZZ Inc.** | **AZZ Inc.** |
| **Segment Reporting** | **Segment Reporting** | **Segment Reporting** | **Segment Reporting** | **Segment Reporting** |
| (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
|  | **Three Months Ended November 30,** | **Three Months Ended November 30,** | **Nine Months Ended November 30,** | **Nine Months Ended November 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Sales:** |  |  |  |  |
| &nbsp;&nbsp;Metal Coatings | $194998 | $168599 | $572197 | $516750 |
| &nbsp;&nbsp;Precoat Metals | 230748 | 235055 | 692786 | 709119 |
| &nbsp;&nbsp;Total Sales | $425746 | $403654 | $1264983 | $1225869 |
| **Adjusted EBITDA:** |  |  |  |  |
| &nbsp;&nbsp;Metal Coatings | $59172 | $53103 | $179224 | $162113 |
| &nbsp;&nbsp;Precoat Metals | 45501 | 44983 | 139921 | 142837 |
| &nbsp;&nbsp;Infrastructure Solutions | (836) | 7139 | 4462 | 12403 |
| &nbsp;&nbsp;Total Segment Adjusted EBITDA<sup>(1)</sup> | $103837 | $105225 | $323607 | $317353 |
| <sup>(1)</sup> See the non-GAAP disclosure section below for a reconciliation between the various measures calculated in accordance with <br>&nbsp;&nbsp;&nbsp;&nbsp;GAAP to the non-GAAP financial measures. | <sup>(1)</sup> See the non-GAAP disclosure section below for a reconciliation between the various measures calculated in accordance with <br>&nbsp;&nbsp;&nbsp;&nbsp;GAAP to the non-GAAP financial measures. | <sup>(1)</sup> See the non-GAAP disclosure section below for a reconciliation between the various measures calculated in accordance with <br>&nbsp;&nbsp;&nbsp;&nbsp;GAAP to the non-GAAP financial measures. | <sup>(1)</sup> See the non-GAAP disclosure section below for a reconciliation between the various measures calculated in accordance with <br>&nbsp;&nbsp;&nbsp;&nbsp;GAAP to the non-GAAP financial measures. | <sup>(1)</sup> See the non-GAAP disclosure section below for a reconciliation between the various measures calculated in accordance with <br>&nbsp;&nbsp;&nbsp;&nbsp;GAAP to the non-GAAP financial measures. |

---

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| | | |
|:---|:---|:---|
| **AZZ Inc.** | **AZZ Inc.** | **AZZ Inc.** |
| **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** |
| (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| (unaudited) | (unaudited) | (unaudited) |
|  | **As of** | **As of** |
|  | **November 30, 2025** | **February 28, 2025** |
| **Assets:** |  |  |
| &nbsp;&nbsp;Current assets | $400763 | $375444 |
| &nbsp;&nbsp;Property, plant and equipment, net | 604091 | 592941 |
| &nbsp;&nbsp;Other non-current assets, net | 1226053 | 1258716 |
| &nbsp;&nbsp;Total Assets | $2230907 | $2227101 |
| **Liabilities and Shareholders' equity:** |  |  |
| &nbsp;&nbsp;Current liabilities | $242019 | $220992 |
| &nbsp;&nbsp;Long-term debt, net | 534746 | 852365 |
| &nbsp;&nbsp;Other non-current liabilities | 134894 | 108249 |
| &nbsp;&nbsp;Shareholders' equity | 1319248 | 1045495 |
| &nbsp;&nbsp;Total Liabilities and Shareholders' equity | $2230907 | $2227101 |

---

------

---

| | | |
|:---|:---|:---|
| **AZZ Inc.** | **AZZ Inc.** | **AZZ Inc.** |
| **Condensed Consolidated Statements of Cash Flows** | **Condensed Consolidated Statements of Cash Flows** | **Condensed Consolidated Statements of Cash Flows** |
| (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| (unaudited) | (unaudited) | (unaudited) |
|  | **Nine Months Ended November 30,** | **Nine Months Ended November 30,** |
|  | **2025** | **2024** |
| Net cash provided by operating activities<sup>(1)</sup> | $452872 | $185597 |
| Net cash used in investing activities | (84988) | (85100) |
| Net cash used in financing activities | (368327) | (103912) |
| Effect of exchange rate changes on cash | (422) | 550 |
| Net decrease in cash and cash equivalents | (865) | (2865) |
| Cash and cash equivalents at beginning of period | 1488 | 4349 |
| Cash and cash equivalents at end of period | $623 | $1484 |

---

<sup>(1)</sup>  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](#i2f2697f485e74cbc98245d8178cf92a3_1-0-1-1-442580).

------

**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***

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended November 30,** | **Three Months Ended November 30,** | **Three Months Ended November 30,** | **Three Months Ended November 30,** | **Nine Months Ended November 30,** | **Nine Months Ended November 30,** | **Nine Months Ended November 30,** | **Nine Months Ended November 30,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| | **Amount** | **Per**<br> **Diluted Share**<sup>(1)</sup> | **Amount** | **Per**<br> **Diluted Share**<sup>(1)</sup> | **Amount** | **Per**<br> **Diluted Share**<sup>(1)</sup> | **Amount** | **Per**<br> **Diluted Share**<sup>(1)</sup> |
| Net income | $41075 |  | $33603 |  | $301329 |  | $108624 |  |
| Less: Series A Preferred Stock dividends |  |  |  |  |  |  | (1200) |  |
| Less: Redemption premium on Series A Preferred Stock |  |  |  |  |  |  | (75198) |  |
| Net income available to common shareholders<sup>(2)</sup> | 41075 | $1.36 | 33603 | $1.12 | 301329 | $9.97 | 32226 | $1.07 |
| Impact of Series A Preferred Stock dividends<sup>(2)</sup> |  |  |  |  |  |  | 1200 | 0.04 |
| Net income and diluted earnings per share for Adjusted net income calculation<sup>(2)</sup> | 41075 | 1.36 | 33603 | 1.12 | 301329 | 9.97 | 33426 | 1.11 |
| Adjustments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 5800 | 0.19 | 5773 | 0.19 | 17357 | 0.57 | 17353 | 0.58 |
| &nbsp;&nbsp;Restructuring charges<sup>(3)</sup> |  |  |  |  | 3827 | 0.13 |  |  |
| &nbsp;&nbsp;&nbsp;Legal settlement and accrual |  |  | 3483 | 0.12 |  |  | 3483 | 0.12 |
| &nbsp;&nbsp;Retirement and other severance expense<sup>(4)</sup> |  |  | 1666 | 0.06 |  |  | 3554 | 0.12 |
| &nbsp;&nbsp;Redemption premium on Series A Preferred Stock<sup>(5)</sup> |  |  |  |  |  |  | 75198 | 2.50 |
| &nbsp;&nbsp;Executive retiree long-term incentive program<sup>(6)</sup> |  |  |  |  | 2185 | 0.07 |  |  |
| &nbsp;&nbsp;AVAIL JV equity in earnings adjustment<sup>(7)</sup> | 622 | 0.02 |  |  | (226843) | (7.50) |  |  |
| &nbsp;&nbsp;&nbsp;Subtotal | 6422 | 0.21 | 10922 | 0.37 | (203474) | (6.73) | 99588 | 3.31 |
| &nbsp;&nbsp;Tax impact<sup>(8)</sup> | (1541) | (0.05) | (2621) | (0.09) | 48834 | 1.62 | (5854) | (0.19) |
| &nbsp;&nbsp;&nbsp;Total adjustments | 4881 | 0.16 | 8301 | 0.28 | (154640) | (5.12) | 93734 | 3.11 |
| Adjusted net income and adjusted earnings per share (non-GAAP) | $45956 | $1.52 | $41904 | $1.39 | $146689 | $4.85 | $127160 | $4.22 |
| Weighted average shares outstanding—Diluted for Adjusted earnings per share<sup>(2)</sup> |  | 30198 |  | 30118 |  | 30231 |  | 30123 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See notes on page [12](#i2f2697f485e74cbc98245d8178cf92a3_1-0-1-1-442580).

------

***Adjusted EBITDA***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended November 30,** | **Three Months Ended November 30,** | **Nine Months Ended November 30,** | **Nine Months Ended November 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income | $41075 | $33603 | $301329 | $108624 |
| Interest expense | 12206 | 19223 | 44434 | 63906 |
| Income tax expense | 14485 | 12114 | 94396 | 35728 |
| Depreciation and amortization | 22777 | 20633 | 66976 | 61383 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;Restructuring charges<sup>(3)</sup> |  |  | 3827 |  |
| &nbsp;&nbsp;Legal settlement and accrual |  | 3483 |  | 3483 |
| &nbsp;&nbsp;Retirement and other severance expense<sup>(4)</sup> |  | 1666 |  | 3554 |
| &nbsp;&nbsp;Executive retiree long-term incentive program<sup>(6)</sup> |  |  | 2185 |  |
| &nbsp;&nbsp;AVAIL JV equity in earnings adjustment<sup>(7)</sup> | 622 |  | (226843) |  |
| Adjusted EBITDA (non-GAAP) | $91165 | $90722 | $286304 | $276678 |

---

See notes on page [12](#i2f2697f485e74cbc98245d8178cf92a3_1-0-1-1-442580).

***Adjusted EBITDA by Segment***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended November 30, 2025** | **Three Months Ended November 30, 2025** | **Three Months Ended November 30, 2025** | **Three Months Ended November 30, 2025** | **Three Months Ended November 30, 2025** |
| | **Metal Coatings** | **Precoat Metals** | **Infra-<br>structure Solutions** | **Corporate** | **Total** |
| Net income (loss) | $52102 | $35884 | $(1458) | $(45453) | $41075 |
| Interest expense |  |  |  | 12206 | 12206 |
| Income tax expense |  |  |  | 14485 | 14485 |
| Depreciation and amortization | 7070 | 9617 |  | 6090 | 22777 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;AVAIL JV equity in earnings adjustment<sup>(7)</sup> |  |  | 622 |  | 622 |
| Adjusted EBITDA (non-GAAP) | $59172 | $45501 | $(836) | $(12672) | $91165 |

---

See notes on page [12](#i2f2697f485e74cbc98245d8178cf92a3_1-0-1-1-442580).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended November 30, 2024** | **Three Months Ended November 30, 2024** | **Three Months Ended November 30, 2024** | **Three Months Ended November 30, 2024** | **Three Months Ended November 30, 2024** |
| | **Metal Coatings** | **Precoat Metals** | **Infra-<br>structure Solutions** | **Corporate** | **Total** |
| Net income (loss) | $46489 | $37080 | $7139 | $(57105) | $33603 |
| Interest expense |  |  |  | 19223 | 19223 |
| Income tax expense |  |  |  | 12114 | 12114 |
| Depreciation and amortization | 6614 | 7903 |  | 6116 | 20633 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal settlement and accrual |  |  |  | 3483 | 3483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement and other severance expense<sup>(4)</sup> |  |  |  | 1666 | 1666 |
| Adjusted EBITDA (non-GAAP) | $53103 | $44983 | $7139 | $(14503) | $90722 |

---

See notes on page [12](#i2f2697f485e74cbc98245d8178cf92a3_1-0-1-1-442580).

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended November 30, 2025** | **Nine Months Ended November 30, 2025** | **Nine Months Ended November 30, 2025** | **Nine Months Ended November 30, 2025** | **Nine Months Ended November 30, 2025** |
| | **Metal Coatings** | **Precoat Metals** | **Infra-<br>structure Solutions** | **Corporate** | **Total** |
| Net income (loss) | $154479 | $111758 | $231305 | $(196213) | $301329 |
| Interest expense |  |  |  | 44434 | 44434 |
| Income tax expense |  |  |  | 94396 | 94396 |
| Depreciation and amortization | 20560 | 28163 |  | 18253 | 66976 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges<sup>(3)</sup> | 3827 |  |  |  | 3827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Executive retiree long-term incentive program<sup>(6)</sup> | 358 |  |  | 1827 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp;AVAIL JV equity in earnings adjustment<sup>(7)</sup> |  |  | (226843) |  | (226843) |
| Adjusted EBITDA (non-GAAP) | $179224 | $139921 | $4462 | $(37303) | $286304 |

---

See notes on page [12](#i2f2697f485e74cbc98245d8178cf92a3_1-0-1-1-442580).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended November 30, 2024** | **Nine Months Ended November 30, 2024** | **Nine Months Ended November 30, 2024** | **Nine Months Ended November 30, 2024** | **Nine Months Ended November 30, 2024** |
| | **Metal Coatings** | **Precoat Metals** | **Infra-<br>structure Solutions** | **Corporate** | **Total** |
| Net income (loss) | $142158 | $119703 | $12403 | $(165640) | $108624 |
| Interest expense |  |  |  | 63906 | 63906 |
| Income tax expense |  |  |  | 35728 | 35728 |
| Depreciation and amortization | 19955 | 23134 |  | 18294 | 61383 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal settlement and accrual |  |  |  | 3483 | 3483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement and other severance expense<sup>(4)</sup> |  |  |  | 3554 | 3554 |
| Adjusted EBITDA (non-GAAP) | $162113 | $142837 | $12403 | $(40675) | $276678 |

---

See notes on page [12](#i2f2697f485e74cbc98245d8178cf92a3_1-0-1-1-442580).

------

***Debt Leverage Ratio Reconciliation***

---

| | | |
|:---|:---|:---|
| | **Trailing Twelve Months Ended** | **Trailing Twelve Months Ended** |
| | **November 30, 2025** | **February 28, 2025** |
| Gross debt | $574875 | $900250 |
| Less: Cash per bank statement | (7200) | (12670) |
| Add: Finance lease liability | 13931 | 6647 |
| Consolidated indebtedness | $581606 | $894227 |
| Net income | $321538 | $128833 |
| Depreciation and amortization | 87798 | 82205 |
| Interest expense | 61810 | 81282 |
| Income tax expense | 100518 | 41850 |
| EBITDA | 571664 | 334170 |
| Cash items<sup>(9)</sup> | 13651 | 15325 |
| Non-cash items<sup>(10)</sup> | 13915 | 12161 |
| Equity in earnings, net of distributions | (229324) | (3598) |
| Adjusted EBITDA per Credit Agreement | $369906 | $358058 |
| Net leverage ratio | 1.6x | 2.5x |

---

<sup>(1)</sup>  Earnings per share amounts included in the "Adjusted Net Income and Adjusted Earnings Per Share" table above may not sum due to rounding differences.

<sup>(2)</sup>  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.

<sup>(3)</sup>  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.

<sup>(4)</sup>  Related to retention and transition of certain executive management employees.

<sup>(5)</sup>  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.

<sup>(6)</sup>  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.

<sup>(7)</sup>  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.

<sup>(8)</sup>  The non-GAAP effective tax rate for each of the periods presented is estimated at 24.0%.

<sup>(9)</sup>  Cash items include certain legal settlements, accruals, retirement and other severance expenses, and restructuring charges associated with the Metal Coatings segment.

<sup>(10)</sup>  Non-cash items include stock-based compensation expense.