# EDGAR Filing Document

**Accession Number:** 0000108516
**File Stem:** 0001193125-25-284597
**Filing Date:** 2025-11
**Character Count:** 77328
**Document Hash:** b751d5e6524bf5bf962daced2ced7cd8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-284597.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001193125-25-284597

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20251113

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WORTHINGTON ENTERPRISES, INC.
- **CENTRAL INDEX KEY:** 0000108516
- **STANDARD INDUSTRIAL CLASSIFICATION:** STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 311189815
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08399
- **FILM NUMBER:** 251491047

**BUSINESS ADDRESS:**
- **STREET 1:** 200 W. OLD WILSON BRIDGE ROAD
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43085
- **BUSINESS PHONE:** 6144383210

**MAIL ADDRESS:**
- **STREET 1:** 200 W. OLD WILSON BRIDGE ROAD
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43085

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WORTHINGTON INDUSTRIES INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WORTHINGTON STEEL CO
- **DATE OF NAME CHANGE:** 19720123

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** November 13, 2025<br>

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WORTHINGTON ENTERPRISES, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Ohio | 001-08399 | 31-1189815 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 200 West Old Wilson Bridge Road |  |  |
| Columbus**,** Ohio |  | 43085 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** (614) 438-3210<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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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:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Shares, Without Par Value | WOR | The New York Stock Exchange |

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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. ☐

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## Item 7.01 Regulation FD Disclosure.
On November 13, 2025, Worthington Enterprises, Inc. (the "Company") presented at the Baird 2025 Global Industrial Conference in Chicago. The materials referenced during the presentation have been made available since the date of the presentation through the Events & Presentations section of the Company's website at https://ir.worthingtonenterprises.com, and are furnished herewith as Exhibit 99.1.

A copy of the transcript of the presentation is furnished herewith as Exhibit 99.2.

**Safe Harbor Statement** 

Selected statements contained in this report, the furnished materials, and the furnished transcript constitute "forward-looking statements," as that term is used in the Private Securities Litigation Reform Act of 1995 (the "Act"). The Company 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; the anticipated benefits of the separation of the Company's Steel Processing business (the "Separation); the expected financial and operational performance of, and future opportunities for, the Company following the Separation; the Company's performance on a pro forma basis to illustrate the estimated effects of the Separation on historical periods; the tax treatment of the Separation transaction; future or expected growth, growth potential, forward momentum, performance, competitive position, sales, volumes, cash flows, earnings, margins, balance sheet strengths, debt, financial condition or other financial measures; pricing trends for raw materials and finished goods and the impact of pricing changes; the ability to improve or maintain margins; expected demand or demand trends for the Company or its markets; additions to product lines and opportunities to participate in new markets; expected benefits from transformation and innovation efforts; the ability to improve performance and competitive position at the Company's operations; anticipated working capital needs, capital expenditures and asset sales; anticipated improvements and efficiencies in costs, operations, sales, inventory management, sourcing and the supply chain and the results thereof; projected profitability potential; the ability to make acquisitions and the projected timing, results, benefits, costs, charges and expenditures related to acquisitions, joint ventures, headcount reductions and facility dispositions, shutdowns and consolidations; projected capacity and the alignment of operations with demand; the ability to operate profitably and generate cash in down markets; the ability to capture and maintain market share and to develop or take advantage of future opportunities, customer initiatives, new businesses, new products and new markets; expectations for Company and customer inventories, jobs and orders; expectations for the economy and markets or improvements therein; expectations for generating improving and sustainable earnings, earnings potential, margins or shareholder value; effects of judicial rulings; the ever-changing effects of the novel coronavirus ("COVID-19") pandemic and the various responses of governmental and nongovernmental authorities thereto on economies and markets, and on our customers, counterparties, employees and third-party service providers; 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 uncertainty of obtaining regulatory approvals in connection with the Separation, including rulings from the Internal Revenue Service; the Company's ability to successfully realize the anticipated benefits of the Separation; the risks, uncertainties and impacts related to the COVID-19 pandemic – the duration, extent and severity of which are impossible to predict, including the possibility of future resurgence in the spread of COVID-19 or variants thereof – and the availability, effectiveness and acceptance of vaccines, and other actual or potential public health emergencies and actions taken by governmental authorities or others in connection therewith; the effect of national, regional and global economic conditions generally and within major product markets, including significant economic disruptions from COVID-19, the actions taken in connection therewith and the implementation of related fiscal stimulus packages; 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 United States 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 (especially in light of the COVID-19 pandemic and Russia's invasion of Ukraine); 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

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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 (especially in light of Russia's invasion of Ukraine), 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 (especially in light of Russia's invasion of Ukraine), 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 United States 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 and considerations; the impact of judicial rulings and governmental regulations, both in the United States and abroad, including those adopted by the United States Securities and Exchange Commission 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 United States and potential changes for such laws, especially in light of the COVID-19 pandemic, which may increase the Company's healthcare and other costs and negatively impact the Company's operations and financial results; the effects of tax laws in the United States and potential changes for such laws, which may increase the Company's costs and negatively impact the Company's 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 United States Securities and Exchange Commission, 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, 2025.

Forward-looking statements should be construed in the light of such risks. The Company notes these factors for investors as contemplated by the Act. 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. 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.

## Item 9.01 Financial Statements and Exhibits.
(a) through (c): Not applicable.

(d) <u>Exhibits</u>:

The following exhibits are included with this Current Report on Form 8-K:

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| 99.1 | [<u>Materials referenced during the Worthington Enterprises, Inc. Presentation at the Baird 2025 Global Industrial Conference on November 13, 2025 (furnished herewith)</u>](wor-ex99_1.htm) |
| 99.2 | [<u>Transcript of the Worthington Enterprises, Inc. Presentation at the Baird 2025 Global Industrial Conference on November 13, 2025 (furnished herewith)</u>](wor-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**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.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **WORTHINGTON ENTERPRISES, INC.** |
| Date: | November 17, 2025 | By:  | /s/Patrick J. Kennedy |
|  |  |  | Patrick J. Kennedy, Vice President - <br>General Counsel and Secretary |

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## Exhibit 99.1

![Slide 1](wor-ex99_1s1.jpg)

November 13, 2025 2025 Global Industrial Conference Joe Hayek – CEO Colin Souza - CFO

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![Slide 2](wor-ex99_1s2.jpg)

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: expected cash positions, liquidity and ability to access financial markets and capital; outlooks, strategies or business plans; anticipated benefits of the separation of the Company's steel processing business (the "Separation); expected financial and operational performance of, and future opportunities for, the Company following the Separation; the Company's performance on a pro forma basis to illustrate the estimated effects of the Separation on historical periods; the tax treatment of the Separation transaction; 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 the novel coronavirus ("COVID-19") pandemic; 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 uncertainty of obtaining regulatory approvals in connection with the Separation, including rulings from the Internal Revenue Service; the ability to successfully realize the anticipated benefits of the Separation; the impacts of the COVID-19 pandemic; 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 (especially in light of the COVID-19 pandemic and Russia's invasion of Ukraine); 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 (especially in light of Russia's invasion of Ukraine), 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 (especially in light of Russia's invasion of Ukraine), 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, especially in light of the COVID-19 pandemic, 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, 2024, 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 November 13, 2025. 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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![Slide 3](wor-ex99_1s3.jpg)

1955 Established Portfolio of Market-Leading Brands with High Barriers to Entry Strong Underlying Secular Trends Enabling Steady Long-Term Growth 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 Company Overview Founded in 1 TTM Figures as of Q1 FY2026 ended 8/31/25. Net sales exclude pro-rata share of unconsolidated JV sales. 2 Refer to appendix for reconciliation of Adjusted EBITDA from continuing operations to the comparable GAAP measure. NET SALES OF $1.2 BILLION1 Adj. EBITDA of $280 million2 Net Sales by Segment1 Building Products Consumer Products

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![Slide 4](wor-ex99_1s4.jpg)

Key Figures (TTM as of Q1 FY26) ($ Millions) Financial Metrics Net Sales Adj. EBITDA 33% Adj. EBITDA Margin $229M Adj. EBITDA $699M Net Sales Building Products At-a-Glance Heating and Cooking Cooling and Construction Facilitating the transition away from fuel oil, as well as providing back-up power solutions. Integral in storing and transporting refrigerants while facilitating the transition to lower global-warming potential and ozone-depleting gases. Providing safe storage and transport of spray polyurethane foam insulation and roofing adhesive. Water Key component in providing safe and clean drinking water in homes and buildings. Ceiling Solutions Solutions for ceilings, walls and partitions, suspended systems, and trim and transitions in numerous commercial, education, healthcare, retail and specialty environments, among others. Metal Framing Cold-formed steel framing and drywall/plastering finishing systems for interior and exterior applications, as well as clips, connectors, metal lath, welded wire, barrier mesh and accessories. Wholly-Owned Joint Ventures 31% 31% 34% 36% 32% A portfolio of market-leading products supporting critical building systems and components that elevate the spaces where people live, work, and gather. 31.0% 33.9% 32.3% 28.4% 31.3% Systems & Components Key parts for HVAC structural framing, ductwork, and components primarily used in commercial buildings. Note: TTM figures as of Q1 FY2026. Net Sales reflects wholly-owned businesses only, exclude JV's.

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![Slide 5](wor-ex99_1s5.jpg)

Note: Financial metrics represent 100% of stand-alone JV results for WOR fiscal periods ending May 31st. Equity income contributed from WAVE and ClarkDietrich is included in Adj. EBITDA for the Building Products segment. Building Products Joint Ventures 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 customers need for speed and lower total cost Leverages the strengths and expertise of each parent company Over $450 million of cash dividends paid to WOR in past five years since FY 2021 ($ 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 $250 million of cash dividends paid to WOR in past five years since FY 2021 Net Sales EBITDA WAVE ClarkDietrich

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![Slide 6](wor-ex99_1s6.jpg)

Consumer Products At-a-Glance $501M Net Sales 16% Adj. EBITDA Margin $81M Adj. EBITDA Net Sales Adj. EBITDA Key Figures (ttm AS OF Q1 FY26) ($ Millions) Financial Metrics Hand-held torches, micro torches, lighters, accessories and fuel for constructing, fixing, making and creating. Precision and specialty hand, digital and safety tools for tradesmen, craftsmen and DIYers. Drywall tools and accessories used for finishing and taping, skimming and masonry projects by professionals and DIYers. Hand-held torches and micro torches used on the job and at home. Cutting, siding and roofing tools utilized by tradespeople and DIYers for construction, remodeling and renovation projects. Torches, fuel and accessories, including the first in-market digital fuel gauge, for outdoor adventures, backyard entertaining and yardwork. Portable propane fuel cylinders for outdoor adventures. Ergonomic multi-use garden tools including cultivators, weeders, edgers, pick-up and hand tools. Pizza ovens, pellet grills, griddles and accessories for backyard cooking or outdoor experiences away from home. Portable helium tanks and accessories for celebrations anytime and anywhere. Tools Outdoor Living Celebrations 18% 14% 16% 19% 20% A portfolio of market-leading brands that elevate the everyday experience of outdoor living, celebrations, and home improvement. 17.5% 14.1% 16.5% 15.1% 13.6% Note: TTM figures as of Q1 FY2026.

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![Slide 7](wor-ex99_1s7.jpg)

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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![Slide 8](wor-ex99_1s8.jpg)

Delivering organic growth through innovation, new product development and strategic market share wins INNOVATION & NEW PRODUCT DEVELOPMENT STRATEGIC SHARE WINS AND PRODUCT PLACEMENT SureSense – IoT-enabled propane level sensor designed to improve efficiency for propane marketers Level5 Tools – gained placement for drywall tools at Sherwin-Williams and now available in 3,500 locations nationwide Halo – extended placement of innovative Halo Griddle to select Walmart stores Consumer and Building Products commercial teams worked closely together to expand relationship with Tractor Supply to gain share and expand offerings available. Balloon Time mini helium tank – compact product requiring less shelf-space and improving channel access PowerCore cylinder – corrosion resistant spray cylinder for water-based adhesives SureSense™ Select recent examples of innovation, share and product placement wins

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![Slide 9](wor-ex99_1s9.jpg)

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 building or consumer products Additive capabilities that enhance or expand our core competencies Demonstrated sustainable competitive advantage Targeted acquisition criteria: Recent Acquisitions Building Products: Leading manufacturer of LPG composite cylinders 2024 2022 Consumer Products: Innovative outdoor cooking equipment Consumer Products: Leading provider of drywall tools, offering a complete lineup for finishing professionals and DIYers 2025 Building Products: Leading designer and manufacturer of HVAC parts and components, ductwork and structural framing primarily used by contractors in commercial buildings

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![Slide 10](wor-ex99_1s10.jpg)

Worthington Enterprises - A Compelling Financial Profile Net Sales $1,200M Free Cash Flow1 $156M Adj. EBITDA1 $280M Note: TTM figures as of Q1 FY2026.1 Refer to appendix for reconciliation of non-GAAP measures to the comparable GAAP measure. 2 Net Working Capital is defined as Accounts Receivable ($214M) + Inventory ($202M) – Accounts Payable ($103M) as of 8/31/25. Net Debt $139M Free Cash Flow Conversion 93.7% Adj. EBITDA Margin 23.3% Net Working Capital2 $313M Fixed Assets $287M

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![Slide 11](wor-ex99_1s11.jpg)

Adjusted EBITDA and Margin Grew Meaningfully on Year-over-Year Trailing Twelve Month Basis Adj. EBITDA Margin 23.3% Adj. EBITDA Margin 19.6% +20% Adjusted EBITDA from Continuing Operations ($ millions) WAVE and ClarkDietrich results reflect their contributions to Worthington's equity income Refer to appendix for reconciliation of non-GAAP measures to the comparable GAAP measure. Figures in bridge may not sum precisely due to rounding.

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![Slide 12](wor-ex99_1s12.jpg)

Low Leverage, Ample Liquidity, and Solid Free Cash Flow Provides Financial Flexibility Strong Balance Sheet 12 Financial Flexibility Disciplined Capital Allocation Ample Liquidity2: $667M TTM Free Cash Flow1: $156M Focused on growth and rewarding shareholders Net Leverage1: 0.5x Net Debt / TTM Adj. EBITDA Commitment to Maintaining Investment Grade Rating 12 Note: TTM figures as of Q1 FY2026.1 Refer to appendix for reconciliation of non-GAAP measures to the comparable GAAP measure. 2 Includes $167M of cash and cash equivalents and $500M of capacity from undrawn revolver as of 08/31/25.

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![Slide 13](wor-ex99_1s13.jpg)

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 $211 million of capital redeployed in FY25 ($ millions) \*FY25 Capex includes $25 million related to the company's facility modernization projects Capital Expenditures Acquisitions Dividends Share Repurchases Focus on market leading niche businesses in building and consumer products space High margin / high cash flow and lower capital intensity profile Modest quarterly dividend - $0.19 sh. quarterly Dividend paid quarterly since becoming a public company in 1968 Opportunistic approach to share buybacks 5.3 million shares remaining on authorization Rewarding Shareholders Growth (24%) (45%) (15%) (16%)

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![Slide 14](wor-ex99_1s14.jpg)

Strong Financial Profile with Attractive Upside Source: Company Filings\| Note: Metrics represents FY25 for WOR and most recent TTM period for Peers. Peers include: A. O. Smith, Armstrong World Industries, Carlisle Companies, CSW Industrials, Fortune Brands International, Masco Corporation, Simpson Manufacturing, WD-40 Company ¹ Refer to appendix for reconciliation of non-GAAP measures to the comparable GAAP measure. Free Cash Flow (FCF) Conversion is defined as Free Cash Flow (Operating Cash Flow less Capex) / Adj. Net Income. Average trading multiple based on closing stock price as of 11/07/2025. High Margin, High Cash Flow, and Asset Light WOR Financial Metrics Stack Up Well Against Other High Quality Industrial Peers Adj. EBITDA Margin % (FY2025) FCF Conversion (FY2025)1 CapEx / Sales EV/ TTM Adj. EBITDA Peer Average: 23.5% Peer Average: 94.3% Peer Average: 3.3% Peer Average: 14.0x

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![Slide 15](wor-ex99_1s15.jpg)

1955 Established Portfolio of Market-Leading Brands with High Barriers to Entry Strong Underlying Secular Trends Enabling Steady Long-Term Growth 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 Company Overview Founded in 1 TTM Figures as of Q1 FY2026 ended 8/31/25. Sales exclude pro-rata share of unconsolidated JV sales. 2 Refer to appendix for reconciliation of Adjusted EBITDA from continuing operations to the comparable GAAP measure. NET SALES OF $1.2 BILLION1 Adj. EBITDA of $280 million2 Net Sales by Segment1 Building Products Consumer Products

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![Slide 16](wor-ex99_1s16.jpg)

Appendix

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![Slide 17](wor-ex99_1s17.jpg)

Established Portfolio of Market-Leading Brands Vertical Residential Heating Tanks Well Water Tanks Ceiling Suspension Systems Camping Fuel Metal Framing Portable Helium Tanks Hand Torch And Fuels 80%+ of Adjusted EBITDA comes from brands and products with leading market positions Note: FY2025 period. Based on management estimates. Composite Heating & Cooking Tanks

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![Slide 18](wor-ex99_1s18.jpg)

STRONG CULTUREEngaged 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 INNOVATIONEstablished processes and principles. Technology enabled beyond competition. Strategic Moat …With a well-established strategic moat COMMERCIAL EXCELLENCEStickiness 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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![Slide 19](wor-ex99_1s19.jpg)

Foam & Adhesive Re-shoring and Near Shoring Manufacturing investment in the U.S. in early stages of multi-year resurgence MetalFraming Industrial Products HVACProducts Serving Markets that are Well Positioned to Capitalize on Strong Secular Trends Housing undersupply and population trends support increased need for new and re-modeled homes Housing supply Lawn & Garden BBQ / Grill Products Foam & Adhesive CeilingSolutions Tools HVACProducts MetalFraming Multiple Federal funding bills support long-term construction and supply chain investment U.S. Infrastructure investment

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![Slide 20](wor-ex99_1s20.jpg)

Ensuring curbside recyclability 100% FY25 Highlights Workforce Development Corporate Citizenship & Sustainability LEADING THE WAY PEOPLE PARTNERS PRODUCTS PROCESS & PLANET DONATED TO NON-PROFIT ORGANIZATIONS FROM THE WORTHINGTON COMPANIES FOUNDATION OF SUPPLIERS INDIRECTLY MONITORED AND 75% OF OUR SUPPLIER SPEND DIRECTLY ENGAGED Increasing transparency NEW ENVIRONMENTAL PRODUCT DECLARATION FOR RAGASCO PRODUCTS Outperforming safety total case incident rate (TCIR) 40% LOWER THAN INDUSTRY AVERAGE AVOIDED COSTS THROUGH RISK REDUCTION ACTIONS OVER THE LAST 3 YEARS Introducing corporate recycling and organics diversion programs TRANSITIONED GARDEN WEASEL SHIPPING CARTON MATERIAL AND CHANGED DESIGN, RESULTING IN INCREASED UNITS PER PALLET Sourcing domestically 86% PROCUREMENT WITH LOCAL U.S. SUPPLIERS Supporting communities $3.1M Fostering an engaged and inclusive workforce 85% PARTICIPATION IN EMPLOYEE ENGAGEMENT SURVEY Engaging suppliers 100% Reducing our environmental footprint 88% TOTAL WASTE RECYCLED OR RECOVERED Building climate resilience $6.05M

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Worthington Enterprises Reconciliation of Non-GAAP Measures (in millions) See next slide for detailed footnotes related to reconciliation of Non-GAAP measures

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![Slide 22](wor-ex99_1s22.jpg)

Non-GAAP Footnotes (1) 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 earnings before income taxes from continuing operations to adjusted EBITDA from continuing operations, which is a non-GAAP financial measure used by management. (2) Significant pre-tax impairment and restructuring charges include the following: Impairment of goodwill and 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 during the fourth quarter of fiscal 2024. (3) Reflects the following non-cash charges in miscellaneous expense: 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. (4) Includes the following activity within equity income: A non-cash impairment charge of $3.4 million at the SES joint venture during the fourth quarter of fiscal 2025. A net gain of $1.8 million primarily related to the divestiture of the Brazilian operations of Taxi Workhorse Holdings, LLC during the fourth quarter of fiscal 2024. (5) Excludes $2.7 million of stock-based compensation reported in restructuring and other expense, net in the Company's consolidated statement of earnings during fiscal 2025 related to the accelerated vesting of certain outstanding equity awards upon retirement of our former CEO effective November 1, 2024. Worthington Enterprises Reconciliation of Non-GAAP Measures (in millions)

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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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Joint Venture Results - EBITDA Worthington Enterprises Reconciliation of Non-GAAP Measures (in millions)

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![Slide 25](wor-ex99_1s25.jpg)

Use of Non-GAAP 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. All non-GAAP financial measures presented herin are reported on a continuing operations basis. The following provides an explanation of each non-GAAP financial measure presented in these materials (on a continuing operations basis, where applicable): 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 diluted EPS is defined as adjusted net earnings divided by diluted weighted-average shares outstanding for the applicable period. Adjusted earnings per diluted share ("Adjusted EPS") is defined as adjusted net earnings divided by diluted weighted-average shares outstanding. 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 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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Use of Non-GAAP 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 from continuing operations to the non-GAAP financial measure adjusted EBITDA from continuing operations. 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 consists 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 part 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 charges in miscellaneous expense are excluded due to their 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. Pension settlement charges are excluded due to their 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. These transactions typically result from the transfer of all or a portion of the total projected benefit obligation to third-party insurance companies. One-time tax effects of Separation are charges to income tax expense primarily related to non-deductible transaction costs. They are excluded because they are one-time in nature and not expected to occur in periods following the Separation. 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.

## Exhibit 99.2

Company Name: Worthington Enterprises, Inc. (WOR)

Event: Baird Global Industrial Conference

Date: November 13, 2025

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Great. Good morning. I'm Tim Wojs. I cover building products here at Baird. And we're happy to have Worthington Enterprises join us this year at our Global Industrial Conference. Worthington is a market leading designer and manufacturer of innovative, building and consumer products. From the company we have President and CEO, Joe Hayek; we have CFO, Colin Souza; and then Marcus over here is VP of IR, Treasurer. So you have some slide deck, some slides that we're going to run through and then we'll have some time at the end for Q&A.

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Okay.

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So I'll cede the floor to you.

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Tim, thank you. Thanks everybody for joining us this morning. Go through the obligatory forward-looking statements notes, but Worthington Enterprises was effectively born on December 1st of 2024, sorry, 2023. That being said, we've been around for 70 years. Worthington Industries was founded in June of 1955. And we grew up as both a steel processor and as a – as Tim said, as a leading designer manufacturer of building and consumer products.

We decided that it made a lot of sense and the Board decided that it made a lot of sense to actually separate the companies. And we completed that on December 1st of 2023 with a spinoff of Worthington Steel. And so, if on November 30th you went to bed with 100 shares of Worthington Industries, you woke up the next day and you had 100 shares of Worthington Steel and Worthington Enterprises. So, we stand in the shoes of the old Worthington Industries. Last 12 months ended August with $1.2 billion in sales and $280 million of adjusted EBITDA. That's actually up 20% from that same number as of August of 2024.

And we're really pleased with the way that our business has evolved over the last two years and the growth prospects that we have in front of us. Where we show up and it says it on the slide prior is that we improve everyday life by elevating the spaces that people spend time in and the experiences that they have. And so, what that effectively means is that we show up a lot in the buildings and then in the rooms that you spend time in. You might see us although not in this room. You might see the grid ceiling in an office building, in a doctor's office, in a commercial building. That's our WAVE joint venture, which is 50/50 with Armstrong World Industries, who I know presented about an hour ago. You would definitely see us in a building like this behind the walls.

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We have another joint venture that makes steel framing studs called ClarkDietrich, which we own 25% of. In this building, in most buildings, they would use our equipment to keep the building cool in the summer with refrigerants, evacuation from condensers, and certainly repopulation in – not in a building like this, but in a lot of buildings, our equipment and our products would also be used to heat the building in colder temperatures. We would also be around if you are on your patio enjoying your gas grill. We're the only domestic manufacturer of those tanks.

We would also potentially go with you on a camping trip. The Coleman camping gas cylinders is our product. We might also be at a party if you chose to blow up balloons for that party on site with our Balloon Time product. But there's – we do a number of things and we do them relatively well. But there are a couple things that we think are really important and that we think really set us apart. And the first is our culture. Our culture is rooted in the Golden Rule. It is absolutely a competitive advantage for us. I know people talk about their culture and they talk about the things that they want to do. But our founder, you see there, penned a philosophy, and it was philosophy that became a roadmap of how we want to run the company, how we want to think about our people, we want to think about our customers and our suppliers.

People join Worthington and they stay. Our turnover is much lower than average. We prioritize safety. Our safety record is 2.5x better in a lot of cases than those in our industry. But we ultimately think about ourselves as being performance based. We have incentives based on how we do as a company at all levels of the organization, from the three of us down to somebody that joined the shop floor 45 days ago. And so, we really believe in our culture. We're also, when we're good, try very hard to be commercially excellent.

We tend to be really easy to work with from a customer standpoint. We try and be innovative. We try and be responsive. Last October, a little over a year ago, when a hurricane rolled through Florida and then settled over Western North Carolina and dumped the equivalent of Lake Tahoe on that area of the state and the country, caused massive amounts of damage and floods and loss of life, but also thousands and thousands of people homeless. And about Western North Carolina, when it starts to become the winter, it gets very cold.

And so, our products are oftentimes used as emergency heat and emergency cooking fuel. And we were able to work overtime and surge products, both directly, but also through our customers who might have been distributors, propane marketers like AmeriGas or Blue Rhino or our retail partners like Home Depot, Lowe's and Walmart to get those products into that area. And I mentioned this earlier; in a lot of cases we're the only domestic manufacturer of what we make. And that's not something that we did to try and make a bunch of extra money. We just did it because it's the right thing to do.

And we have a long-term focus. You don't last 70 plus years as a public company if you're constantly thinking short term. So, we certainly understand as a public company. We get up every 90 days and tell people how we did. But we don't think about the short term at the expense of the long term. And we're really proud of that. We have a very nice balance sheet that Colin will talk more about. But we tend to favor being in niche markets where we can have reasonably good

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market share because that will allow us to really work what we consider to be our growth plan, which is based on what we call the Worthington Business System, which I'll talk about in a minute.

But a couple more slides for me and then I'll let Colin take you through the rest. But this is our Building Products business. It's 58% of our total revenues in the last 12 months with $700 million, $229 million in EBITDA. There are four, I'll call them, really value streams that we have here in addition to our two joint ventures which I mentioned a minute ago. Heating and cooking, that is going to be very, very large propane tanks. There are still 5-ish million homes in North America, predominantly in Maine, that use heating oil to heat their houses. That's just the way Maine grew up. There's lots of room between houses and so some of those are turning over to propane every single year. It's a good market for us, Northeast and Canada primarily cooking is what I mentioned, which is the gas grill cylinders.

Cooling and construction, that's a couple of things. Refrigerant, both tanks that people use to take refrigerant out of a condenser and then certainly what gets used to put that back in. Very similar when we talk about our foam and adhesive tanks, that's helpful when you're putting down a roof or on a commercial application getting that adhesive versus having to use a roller or a brush.

The water business is really, if you're not on the municipal well, you're not on the municipal water supply, you use a well. When you turn on your shower, your sink, you don't want to wait for the water to get there. So, everybody that has a well has a big buffer tank. It's either in their basement or right outside their house. That's integrated with the hot water heater and makes those things reasonable.

Systems and components is our newest value stream. That's something that we ultimately expect to grow over time. But Elgen Manufacturing, who's an HVAC components manufacturer up in New Jersey, we acquired that company in June of this year. That's what sits there now. A lot of these value streams are really repair, remodel and maintenance centric. We don't need to count on new construction for growth in our business just because these are businesses and ecosystems that have been around a long time. And so, there's this built in churn.

I mentioned, our two JVs, WAVE has been around since 1992. It's 50/50 between ourselves and Armstrong. It's ceiling grid and Armstrong makes the acoustical panel, the mineral fiber that goes on top, and then metal framing joint ventures, which is ClarkDietrich, that's 25% owned by us. It was formed in 2011 with Marubeni-Itochu Steel America. And we're very proud of both of those businesses, you can see these are their sales and EBITDA. Their sales do not show up on our P&L because they are not consolidated. So, for us, equity income comes in as EBITDA. And those businesses are also run so that their dividends as closely as possible mirror their EBITDA.

Consumer products, $500 million, 16% EBITDA margin LTM. Really three value streams here, tools, Bernzomatic torches and fuel. So, if you're in a plumbing trade, you might use those for brazing pipe. You have pipes freeze, pipes burst, new construction, just remodeling. You see additional tools, drywall tools. Very niche, but fantastic brand Level5 is an acquisition we made several years ago. And you can see some other torches and tools.

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Outdoor living is where that Coleman camping gas cylinder lives along with some lawn products. And then halo grills and griddles, which is a smaller business that we grew and we focused on these things. Sometimes where you've got a really good product but a brand that hasn't been as developed. We can really help those types of companies because of our relationships. Our big three customers in consumer products are Walmart, Home Depot and Lowe's. And we tend to do a good job with those in building products, our path to market tends to be primarily through two step distribution. We're selling to distributors who are then selling to contractors.

If you look at celebrations, of course, is what I mentioned, Balloon Time is our brand there and we've launched some new products there that we're happy with. Overall, if you look at our EBITDA and our EBITDA distribution, upwards of 2/3, 70 something, 80% of our EBITDA comes from products where we're number one in our markets. And they also tend to, on that same percentage distribution base, get used by contractors versus a consumer.

And the last piece that I'll mention is really around the Worthington Business System. And so, we are in end markets that don't grow by themselves at 10%, 15%, 20%. We aspire to be more of a growth company. And so, what are we thinking about from a process perspective that really drives how we think about things? Well, the Worthington Business System, which is grounded and rooted in our philosophy and always will be, is really around transformation, which for us is continuous improvement. It's how we manufacture in a leaner way. We use less working capital; we can do so in a less expensive way. It's innovation. It's thinking about how we can continue to disrupt ourselves or innovate in markets that sometimes haven't seen innovation for decades.

And so, we try very hard, as part of being commercially excellent, to understand since very rarely are we selling to the end user of a product, we try to understand our customers pain points. We try and understand how they're thinking about their own businesses and innovate and set ourselves up to better serve them.

And then finally M&A, when we separated from Worthington Steel, our business is just much less capital intensive than theirs. And so, if you think about how we allocate our capital, we've got a very nice balance sheet. We return capital to shareholders through a dividend and through kind of periodic and sort of opportunistic buybacks. But we also have had a long history of M&A, and that will continue for us.

And Colin will go into that in more detail. But effectively it's looking at what our margins are today and what our asset intensity is today and thinking how best we acquire companies that are accretive to our margins, that are no less capital intensive than we are. So, as a consequence continue to throw off really nice free cash flows. And once we get through some facility modernization plans that maybe have another nine months in them.

Our free cash flow will bump up and enable us to do a lot of things that we think can serve us very well while being true to our last 70 years and kind of really thinking about our legacy. The best ways for us to grow our business will be to optimize our current businesses and then to grow both organically and through M&A. And we think that for the next 10 to 20 years that's going to be an awful lot of fun. Colin?

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Thanks, Joe. Good morning, everyone. So I'll go into a little more detail here with innovation in particular, this is a muscle we've continued to invest in with people and resources and it's a core part of our strategy, as Joe touched on earlier. We are innovating in a lot of these niche markets and becoming more important, more critical to our customers and how they go to market with their business. So, it's a really important piece of our strategy and how we grow, and we will continue to spend time in here.

As an example, there are a couple of recent wins here with the launch of our Balloon Time mini tank that we did earlier this year for our consumer products business. And then channel expansion with our Level5 business into the Sherwin-Williams Paint channel with a number of locations where we did not have exposure before. These are just some recent examples and wins here.

M&A is also a core part of our strategy. Joe talked about that. We're really focused on acquiring market-leading brands and products in niche areas of consumer and building products. And we like those businesses to be higher margin and lower capital intensity than the rest of our portfolio so that we can really compound our cash flow over time. And when we find those opportunities, we work really hard to validate do they have a sustainable competitive advantage that can be leveraged throughout the business.

And we also like to see are there areas where we can help them create value over time, whether that's from a manufacturing standpoint. As an example, we're really good from a metals manufacturing standpoint or from a purchasing or commercially go-to-market. So that's what we look for when we're outsourcing for different opportunities to bring into the fold. Joe talked about Elgen is our most recent acquisition in June that we acquired.

It gave us increased exposure to the commercial HVAC space. They take a coil of steel, and they're applying different processes to that to manufacture different HVAC components that get sold to distributors and also contractors. So, we're early on in integration of that. Things are going really well. And we're really excited about the team there that's really engaged. They're a great cultural fit for our business overall.

So, as Joe talked about, we're almost two years' post – almost two-years post separation, and we believe we have a compelling financial profile here that we're really proud of but still believe we have work to do to improve. So, $1.2 billion from a TTM perspective, $280 million of adjusted EBITDA. That's 23% EBITDA margins, really good free cash flow conversion, and low leverage, about a half-turn net debt to EBITDA, which gives us flexibility to execute our growth strategy.

Our LTM EBITDA as of Q1 $280 million an EBITDA compares favorably to our LTM from Q1 FY25. It's up 20% from that, that standpoint and we've seen margin expansion of 370 basis points over that time as well. So really good performance across our teams that are executing really well. Within the building products business that's the biggest increase here. We've seen a recovery in some of their end markets, which has been helpful for us as we execute our strategy there.

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Our teams are working really well and a number of these verticals and we are only domestic manufacturer. And with an even playing field, we're able to really differentiate with our offering to our customers there. We've also done some M&A in this business recently with Elgen, which is not yet in the results due to some purchase accounting. But we acquired in June of 2025, we acquired the Ragasco business in Norway, which was in addition to our heating and cooking product line there, which is showing up in our results.

The WAVE business continues to perform very well in a flat market. And then the consumer business also continues to perform very well in grabbing market share upon execution of different strategies there, grabbing market share in a very tough environment as the consumer is pinched from a spend perspective and due to some higher interest rates moving less from a housing turnover perspective, which also has an impact on our business.

ClarkDietrich, you see the biggest bucket that is down from the comparison here. They continue to operate in a challenging market. They have seen some margin compression in their space and are trying to navigate that as best they can. And they continue to remain profitable. And we would expect them to improve as their markets recover in the construction space. So overall, really pleased with the execution of our teams. And it's showing up in our results here.

From a balance sheet perspective, low leverage, and ample liquidity, half a turn net debt to EBITDA. We are investment-grade rated. That's important to us and important to how we operate the company. We have about $667 million of liquidity available with our revolving credit facility and cash on hand and generate strong free cash flow of $156 million. So, this gives

us plenty of flexibility to weather any uncertainty in our markets and also execute on our growth strategies, which we've talked about.

From a capital allocation standpoint, and $211 million of capital deployed in our fiscal year 2025. You can see the biggest bucket here is capital deployed on acquisitions. We have a balanced approach to capital allocation, but a bias towards growth, which is showing up here in the pie chart.

The CapEx bucket is elevated for FY 2025 as we've spent on our facility modernization that we've talked about. There's about $25 million of spend there in fiscal 2025 with our facility modernization projects. We expect to spend about $45 million in fiscal year 2026 on those projects, mainly focused in our consumer business. And we've spent about $9 million so far in our Q1, which ended most recently in August.

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Run rate for CapEx post our last facility modernization program, which should wrap up by next summer, is right around 3% of Rev's, $35-ish million.

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And so, we believe we have a strong financial profile. And we are showing here just how we stack up against other really high-quality industrial peers. This is based on our fiscal year 2025. So really strong EBITDA margins, around 23%, really good free cash flow conversion. And we talked about

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our CapEx, and Joe mentioned it, elevated here in fiscal year 2025 and will be elevated in fiscal year 2026. But we expect that CapEx as a percent of sales to trend down as we get past our facility modernization projects.

So overall, market-leading brands in niche areas across consumer and building products, we have a resilient U.S. manufacturing footprint, really strong free cash flow generation. And we talked about our strategy within growth to focus on innovation and M&A and transformation. And we are really excited about the journey ahead here.

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That and truly is what people look like at work every single day. Nobody doesn't have a great time when they are at work.

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Great. Thank you, guys, for that. Anybody have any questions? Maybe just if you go back to that other slide, Colin, just the disconnect between kind of your profitability and free cash flow relative to kind of others in the industry. What do you hear is kind of like the most common kind of pushback, I guess, on the story in terms of kind of valuation and your kind of relative metrics relative to some of these other companies?

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So, we get to our EBITDA margin a little less traditionally than some might because of the contributions from the JVs. And that just is what it is, right. That's just accounting. But to us, it gives us a great opportunity to continue to move that up. And so, when we think about things internally, we have a list of things that we talk about with our colleagues that say, hey, this is – this is why we win today. And over here is how we win tomorrow. What do we need to change? What do we need to do differently? But our opportunity to optimize our current businesses, we have had some market recovery in the heating and the cooling businesses.

We still are operating in kind of an "ehh" environment in a lot of respects from a consumer and from the things that we do that are maybe exposed to or that are influenced by when people move because people are still stuck in their houses and interest rates are still high. And there is a lot of uncertainty, all the things that everybody knows. But those things will ultimately change. So secular tailwinds about people moving around, people thinking about the aging of all the buildings that are in the U.S. There is lots of work that needs to be done. And so that provides us a lot of things.

And so, people, I think are still just also trying to figure us out. We do not fit really neatly into a bucket. And so, we are 60/40, even though lots of our products ultimately get used by contractors. And so, these by the way, are undersold peers that you might use, Tim, but they are peers that we think about and that we think about as little, and we have another list of peers that are more aspirational. But these are things that we keep an eye on because we want to be a world-class company, and we are trying to get better every day.

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Right.

Q&A

: What are the margins for the businesses ex-JV?

: Like 11% overall. As you see and again you have to think about the way that we allocate. But I think for building products, it was like 10.5% ex-JVs, it was 10.5-ish percent in Q1.

: That's EBITDA?

: Yes.

: Yeah.

: Yeah. And then higher than that in consumer. But again, that's really the opportunity because those are businesses that should have higher margins.

: Yeah.

: [Question Inaudible]

: Sure. So, 80% of our business today is sourced, manufactured, and primarily sold in the States. Another 13-ish percent looks that way, only it is in Europe. And their markets might also include the Middle East increasingly. We have operations in both Portugal and Norway, Norway being the most recent acquisition in that space, which was kind of May, June of 2024.

We like the European market. It's really tough over there right now. If you think about tariffs here, and Asian products need to find a home somewhere, and so they have increasingly been going to Europe. And so, it's competitive since the war started. The economy has been challenged, certainly on the continent. And so, I think we like Europe as a potential growth engine, but we would be real careful about it and around timing as well.

: Do you guys have any sort of long-term financial targets or just how you kind of frame growth and kind of your profitability opportunity to investors?

: Yeah, absolutely. So, we – our goals over the long-term, it's really 6% to 8% sales growth. That's going to be a mix of organic and inorganic. And then 24% EBITDA margins is what we want to get to over time with really good and strong free cash flow conversion. If you go a level deeper than that too, we're focused on really improving our gross margins to be

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north of 30% while keeping our SG&A below 20% of sales. So that's really what we're focused on with our teams every day, every quarter, and driving to those goals.

: And I guess when you put that slide up for kind of the bridge, you've got WAVE, which is doing really well. But then you have like ClarkDietrich, which isn't doing so well. Like they kind of go into the same building, so is that kind of a phase of construction kind of reason? Is that just an industry-specific reason? Like why is such a deviation between those two businesses?

: It's a great question. And there are a handful of differences. WAVE has historically been 65%, 70% repair and remodel. It's probably higher than that now, not because that has grown so much, but more because new has just become a smaller percentage because it's not growing as much. ClarkDietrich is the reverse. ClarkDietrich is probably too. If you think about it, if you're renovating a space or if you have water damage, it's probably not impacting the walls. It's impacting the ceilings. And so, you're just going to have more of that going on from an R&R perspective.

And ClarkDietrich is also their market leader, market share leader. But they have a lot of mom-and-pop competitors who, when steel prices are coming down, which they really have in the last couple of years, can go out and buy spot, whereas ClarkDietrich is buying maybe three or four months ahead. And so, they end up having shared compression, sorry, market margin compression because they want to maintain share and they do a great job with mega projects, data centers, data centers, big fab plants, new stadiums, things like that. But when that is a higher percentage of their mix...

: Yeah.

: Those guys just do a good job negotiating, and so their margins are a little lower. So, we do expect that ClarkDietrich will turn around. But I think the peak near-term for commercial construction was like May 2024, and it's been trending down since then, and so that's just a challenge for them.

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Great. Well, we're out of time. So please join me in thanking the Worthington team for being here.

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Thanks guys.

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Thank you.

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