# EDGAR Filing Document

**Accession Number:** 0000912767
**File Stem:** 0000912767-26-000008
**Filing Date:** 2026-2
**Character Count:** 42395
**Document Hash:** 8ddcaa26946004d809814beb323fcd8f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000912767-26-000008.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0000912767-26-000008

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260223

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UFP INDUSTRIES INC
- **CENTRAL INDEX KEY:** 0000912767
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAWMILLS, PLANNING MILLS, GENERAL [2421]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 381465835
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1227

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-22684
- **FILM NUMBER:** 26665495

**BUSINESS ADDRESS:**
- **STREET 1:** 2801 EAST BELTLINE NE
- **CITY:** GRAND RAPIDS
- **STATE:** MI
- **ZIP:** 49525
- **BUSINESS PHONE:** 6163646161

**MAIL ADDRESS:**
- **STREET 1:** 2801 EAST BELTLINE NE
- **CITY:** GRAND RAPIDS
- **STATE:** MI
- **ZIP:** 49505

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNIVERSAL FOREST PRODUCTS INC
- **DATE OF NAME CHANGE:** 19930929

?xml version='1.0' encoding='ASCII'? UFP INDUSTRIES, INC._February 23, 2026

------

**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**

Date of Report (Date of earliest event reported): February 23, 2026

## UFP INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Michigan**<br>(State or other Jurisdiction of Incorporation)<br>| **0-22684**<br>(Commission File Number)<br>| **38-1465835**<br>(IRS Employer Identification No.)<br>|

---

---

| | |
|:---|:---|
| **2801 East Beltline, NE Grand Rapids, Michigan**<br>(Address of Principal Executive Offices)<br>| **49525**<br>(Zip Code)<br>|

---

Registrant's telephone number, including area code: **(616) 364-6161**

**None**

(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:

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

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

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

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock | UFPI | The NASDAQ Stock Market, LLC |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On February 23, 2026, the Registrant issued a press release announcing its financial results for the quarter-ended December 27, 2025. A copy of the Registrant's press release is attached as Exhibit 99(a) to this Current Report.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements, Pro Forma Financial Information, and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Exhibits

99(a)[Press Release dated February 23, 2026](ufpi-20260223xex99da.htm)

104Cover Page Interactive File (the cover page XBRL tags are embedded in the Inline XBRL document).

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Document** |
| 99(a) | [Press Release, dated February 23, 2026.](ufpi-20260223xex99da.htm) |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). |

---

**SIGNATURE**

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, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | UFP INDUSTRIES, INC. | UFP INDUSTRIES, INC. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) |
| Dated: February 23, 2026<br>| By:<br>| /s/ Michael R. Cole<br>|
|  |  | Michael R. Cole |
|  |  | Chief Financial Officer, |
|  |  | Principal Financial Officer and |
|  |  | Treasurer |

---

## Ex-99.(A)

**Exhibit 99(a)**

![Graphic](ufpi-20260223xex99da001.jpg)

**UFP Industries Announces Fourth Quarter 2025 Results**

****<br> GRAND RAPIDS, MI (February 23, 2026) - UFP Industries, Inc. (Nasdaq: UFPI) a leading manufacturer focused on delivering value-added products across its Retail, Packaging, and Construction segments reported results for the fourth quarter 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Net Sales of $1.33 billion decreased by 9 percent due to a 2 percent decrease in price and a 7 percent decline in organic units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Diluted earnings per share of $0.70 compared to $1.12 a year ago, and Net Earnings Attributable to Controlling Interests of $40 million compared to $68 million a year ago. Earnings were impacted by a higher estimated tax rate, year-end bonus adjustments from estimates to actual, and certain non-cash transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Adjusted EBITDA<sup>[1](#footnote-2)</sup> was $107.2 million in the quarter, or 8.1 percent of net sales compared to 9.1 percent a year ago. Adjusted EBITDA margin<sup>1</sup> was 8.9 percent for the year, roughly 170bps higher than 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●New product sales were 7.6 percent of total net sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Cash flows from operating activities in 2025 was $546 million. Free cash flow<sup>1</sup> of $451 million was used to repurchase nearly $450 million of our shares.

Will Schwartz, President and CEO of UFP Industries, commented, "We continue to see trends stabilizing across the majority of our businesses. Despite generally soft end-market demand, our fourth quarter sales and profits were in line with internal expectations. While 2025 proved to be a challenging year given market volatility, our team made meaningful progress navigating this environment and executing on our strategy. Our disciplined focus on cost controls and growth investments leaves us on stronger footing and well-positioned as conditions improve. After several years of headwinds, we continue to see markets normalizing and are cautiously optimistic on our business prospects in 2026."

Schwartz continued, "Our balanced portfolio enables us to drive shareholder value. To that point, we returned $515 million to shareholders in 2025 and finished the year with more than $900 million of cash and cash equivalents and $2.2 billion in total liquidity. We streamlined our cost structure with $60 million in cost reduction initiatives and have approached our portfolio through a more strategic lens. We plan to strengthen our core businesses, introduce innovative value-added products, and drive above market growth. Our M&A targets reflect our desire to strengthen our core businesses and drive growth in innovation and new products. We plan to use our strong balance sheet to pursue meaningful M&A while returning capital to shareholders through opportunistic share repurchases and dividends. We enter 2026 in a stronger position to drive improved results."

**Fourth Quarter 2025 Highlights**

**UFP Consolidated**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Quarter Period** | **Quarter Period** | **Quarter Period** | **Year to Date** | **Year to Date** | **Year to Date** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| &nbsp;&nbsp;**Net sales** | $1329823 | $1462001 | (9.0)% | $6320343 | $6652309 | (5.0)% |
| &nbsp;&nbsp;**Net earnings** | 40156 | 69783 | (42.5) | 295992 | 418733 | (29.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net margin | 3.0% | 4.8% |  | 4.7% | 6.3% |  |
| &nbsp;&nbsp;**Adjusted EBITDA**<sup>2</sup> | 107243 | 132702 | (19.2) | 563560 | 682264 | (17.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA margin | 8.1% | 9.1% |  | 8.9% | 10.3% |  |
| &nbsp;&nbsp;Percentage change in net sales: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic units | (7)% |  |  | (3)% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling prices | (2) |  |  | (2) |  |  |

---

<sup>1</sup> Represents a non-GAAP measurement; see the reconciliation of non-GAAP financial measures and related explanations below.

<sup>2</sup> Adjusted EBITDA is net of bonus expense (excluding vesting expense associated with share-based bonus arrangements) which totaled $16 million in the fourth quarter of 2025 and was $14 million higher than the same period of 2024.

 **Page 1**

------

**Exhibit 99(a)**

**UFP Retail**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Quarter Period** | **Quarter Period** | **Quarter Period** | **Year to Date** | **Year to Date** | **Year to Date** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| &nbsp;&nbsp;**Net sales** | $443964 | $524591 | (15.4)% | $2433556 | $2597994 | (6.3)% |
| &nbsp;&nbsp;**Net earnings** | 9147 | 24359 | (62.4) | 86679 | 139127 | (37.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net margin | 2.1% | 4.6% |  | 3.6% | 5.4% |  |
| &nbsp;&nbsp;**Adjusted EBITDA** | 24535 | 44127 | (44.4) | 164347 | 220828 | (25.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA margin | 5.5% | 8.4% |  | 6.8% | 8.5% |  |
| &nbsp;&nbsp;Percentage change in net sales: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic units | (13)% |  |  | (7)% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling prices | (2) |  |  | 1 |  |  |

---

● ProWood organic unit sales declined 13 percent in the quarter from year ago levels due to difficult comparisons from elevated storm related demand for our products in 2024.

● Deckorators organic unit sales grew 17 percent in the quarter from year ago levels. Our Surestone decking sales increased 44 percent and our traditional wood plastic composite decking increased 35 percent, both from the quarter a year ago.

**UFP Packaging**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Quarter Period** | **Quarter Period** | **Quarter Period** | **Year to Date** | **Year to Date** | **Year to Date** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| &nbsp;&nbsp;**Net sales** | $370097 | $375315 | (1.4)% | $1603723 | $1636563 | (2.0)% |
| &nbsp;&nbsp;**Net earnings** | 7506 | 16563 | (54.7) | 66414 | 80035 | (17.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net margin | 2.0% | 4.4% |  | 4.1% | 4.9% |  |
| &nbsp;&nbsp;**Adjusted EBITDA** | 27518 | 37657 | (26.9) | 135643 | 159277 | (14.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA margin | 7.4% | 10.0% |  | 8.5% | 9.7% |  |
| &nbsp;&nbsp;Percentage change in net sales: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic units | (2)% |  |  | (1)% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions | 1 |  |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling prices |  |  |  | (2) |  |  |

---

● Structural Packaging organic unit sales grew 1 percent in the quarter from year ago levels.

● PalletOne organic unit sales declined 8 percent in the quarter from year ago levels due to weaker demand, which was partially offset by a 4 percent contribution from acquisitions.

● Protective Packaging organic unit sales declined 2 percent in the quarter from a year ago, due to challenging market conditions.

**UFP Construction**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In thousands)** | **Quarter Period** | **Quarter Period** | **Quarter Period** | **Year to Date** | **Year to Date** | **Year to Date** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| &nbsp;&nbsp;**Net sales** | $439790 | $486776 | (9.7)% | $2003785 | $2113844 | (5.2)% |
| &nbsp;&nbsp;**Net earnings** | 15437 | 27595 | (44.1) | 89626 | 136179 | (34.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net margin | 3.5% | 5.7% |  | 4.5% | 6.4% |  |
| &nbsp;&nbsp;**Adjusted EBITDA** | 33173 | 45022 | (26.3) | 157841 | 208417 | (24.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA margin | 7.5% | 9.2% |  | 7.9% | 9.9% |  |
| &nbsp;&nbsp;Percentage change in net sales: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic units | (5)% |  |  | —% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling prices | (5) |  |  | (5) |  |  |

---

● Site Built organic unit sales declined 17 percent in the quarter from year ago levels due to weaker single-family residential activity in our core western markets.

● Factory Built organic unit sales grew 1 percent in the quarter from year ago levels.

● Concrete Forming Solutions organic unit sales grew 3 percent in the quarter from year ago levels.

 **Page 2**

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**Exhibit 99(a)**

● Commercial organic sales grew 3 percent in the quarter from year ago levels.

**Capital Structure, Leverage and Liquidity Information** 

UFP Industries maintains a strong balance sheet and as of December 27, 2025, had liquidity of approximately $2.2 billion consisting of over $900 million of cash and $1.3 billion of remaining availability under its revolving credit facility and a shelf agreement with certain lenders. The company's return-focused approach to capital allocation includes the following:

● **Acquisitions and Organic Growth.** The company seeks strategic acquisitions and invests in organic growth opportunities when acquisition targets are not available at valuations that will allow us to meet or exceed targeted return rates. The company expects to invest approximately $300 million to $325 million on capital projects in 2026 .

● **Dividend payments.** O n February 12, 2026, the UFP Industries Board of Directors increased our quarterly cash dividend to $0.36 per share, which represents a 3 percent year-over-year increase. This dividend is payable on March 16, 2026, to shareholders of record on March 2, 2026. We continue to consider our payout ratio and yield when determining the appropriate dividend rate and have a long-term objective of increasing our dividend in line with our earnings and free cash flow growth .

● **Share repurchases.** As of December 27, 2025, we repurchased 4.5 million shares for $443 million, at an average share price of $98.39 for the year, representing approximately 7 percent of our shares outstanding at the beginning of the year.

**2026 Outlook and Long-Term Targets**

We anticipate that the current market environment will continue in 2026 and that overall demand will be flat to slightly down in each of our segments based on our sales mix. We anticipate markets tied to new residential construction will remain more challenged and see stabilization across our other end markets as an offset. However, we believe we are positioned well to perform better than the market due to market share gains across our portfolio and the execution of our cost out program. We anticipate initial stocking orders, upgraded manufacturing capacity, and expanded distribution will support momentum in our Deckorators and Surestone businesses in 2026.

The company's <u>long-term</u> goals remain unchanged and include: 1) achieving 7-10 percent unit sales growth annually (including bolt-on acquisitions) with at least 10 percent of all sales coming from new products; 2) achieving 12.5 percent adjusted EBITDA margins; 3) earning an incremental return on new investments over our hurdle rate; and 4) maintaining a conservative capital structure.

**Conference Call**

UFP Industries will host a conference call on Tuesday, February 24, 2026, to discuss these results and outlook. The conference call will begin at 9:30 a.m. Eastern Time and will be hosted by CEO Will Schwartz and CFO Michael Cole. Interested investors can access the webcast directly with this link (here). A replay of the call will be available through the UFP Investor Relations website at www.ufpinvestor.com for at least 90 days following the call.

**UFP Industries, Inc.**

UFP Industries, Inc. is a holding company whose operating subsidiaries – UFP Packaging, UFP Construction and UFP Retail – manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging and other industrial applications worldwide. Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates in North America, Europe, Asia and Australia. For more about UFP Industries, go to www.ufpi.com.

 **Page 3**

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**Exhibit 99(a)**

*This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management's beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like "anticipates," "believes," "confident," "estimates," "expects," "forecasts," "likely," "plans," "projects," "should," variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in currency and inflation; fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; changes in tariffs, import/export regulations, and other trade policies; concentration of sales to customers; the success of vertical integration strategies; excess capacity or supply chain challenges; inbound and outbound transportation costs; alternatives to replace treated wood products; government regulations, particularly involving environmental and safety regulations; our ability to make successful business acquisitions; cybersecurity breaches; and potential pandemics. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.*

*Non-GAAP Financial Information*

*This release includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Management uses Adjusted EBITDA and Free cash flow, non-GAAP financial measures, in order to evaluate historical and ongoing operations. Management believes that these non-GAAP financial measures are useful in order to enable investors to perform meaningful comparisons of historical and current performance. Adjusted EBITDA and Free cash flow are intended to supplement and should be read together with the financial results. Adjusted EBITDA and Free cash flow should not be considered alternatives or substitutes for, and should not be considered superior to, the reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measures. See the table below for a reconciliation of Net earnings to Adjusted EBITDA and a reconciliation of Cash flow from operations to Free cash flow.*

*Net earnings* 

*Net earnings refers to net earnings attributable to controlling interest unless specifically noted.*

\# \# \#

---------------AT THE COMPANY---------------

Stanley Elliott

Director of Investor Relations

(804) 337-8217

 **Page 4**

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**Exhibit 99(a)**

**CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND** 

**COMPREHENSIVE INCOME (UNAUDITED)**

**FOR THE THREE AND TWELVE MONTHS ENDED**

**DECEMBER 2025/2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Period** | **Quarter Period** | **Quarter Period** | **Quarter Period** | **Year to Date** | **Year to Date** | **Year to Date** | **Year to Date** |
| **(In thousands, except per share data)** | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| **Net sales** | $1329823 | 100.0% | $1462001 | 100.0% | $6320343 | 100.0% | $6652309 | 100.0% |
| **Cost of sales** | 1113284 | 83.7 | 1222492 | 83.6 | 5260193 | 83.2 | 5425567 | 81.6 |
| **Gross profit** | 216539 | 16.3 | 239509 | 16.4 | 1060150 | 16.8 | 1226742 | 18.4 |
| **Operating expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Selling, general and administrative expenses | 159729 | 12.0 | 156491 | 10.7 | 691008 | 10.9 | 735046 | 11.0 |
| &nbsp;&nbsp;Net (gain) loss on disposition and impairments of assets | (3084) | (0.2) | 4619 | 0.3 | 3128 |  | 6157 | 0.1 |
| &nbsp;&nbsp;Other losses (gains), net | 807 | 0.1 | (1060) | (0.1) | 2113 |  | (6703) | (0.1) |
| **Total operating expenses** | 157452 |  | 160050 |  | 696249 |  | 734500 |  |
| **Earnings from operations** | 59087 | 4.4 | 79459 | 5.4 | 363901 | 5.8 | 492242 | 7.4 |
| **Interest and other** | (1394) | (0.1) | (11560) | (0.8) | (28340) | (0.4) | (47913) | (0.7) |
| **Earnings before income taxes** | 60481 | 4.5 | 91019 | 6.2 | 392241 | 6.2 | 540155 | 8.1 |
| &nbsp;&nbsp;Income taxes | 20325 | 1.5 | 21236 | 1.5 | 96249 | 1.5 | 121422 | 1.8 |
| **Net earnings** | 40156 | 3.0 | 69783 | 4.8 | 295992 | 4.7 | 418733 | 6.3 |
| **Less net earnings attributable to noncontrolling interest** | (197) |  | (1744) | (0.1) | (1200) |  | (4173) | (0.1) |
| **Net earnings attributable to controlling interest** | $39959 | 3.0 | $68039 | 4.7 | $294792 | 4.7 | $414560 | 6.2 |
| **Earnings per share - basic**  | $0.70 |  | $1.12 |  | $5.00 |  | $6.78 |  |
| **Earnings per share - diluted** | $0.70 |  | $1.12 |  | $5.00 |  | $6.77 |  |
| **Comprehensive income** | $44078 |  | $58121 |  | $315340 |  | $398753 |  |
| **Less comprehensive income attributable to noncontrolling interest** | (795) |  | (1007) |  | (3673) |  | (610) |  |
| **Comprehensive income attributable to controlling interest** | $43283 |  | $57114 |  | $311667 |  | $398143 |  |

---

 **Page 5**

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**Exhibit 99(a)**

**CONDENSED CONSOLIDATED STATEMENTS** 

**OF EARNINGS BY SEGMENT (UNAUDITED)**

**FOR THE THREE MONTHS ENDED DECEMBER 2025/2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **Net sales** | $443964 | $370097 | $439790 | $73744 | $2228 | $1329823 |
| **Cost of sales** | 373322 | 312198 | 364195 | 51793 | 11776 | 1113284 |
| **Gross profit** | 70642 | 57899 | 75595 | 21951 | (9548) | 216539 |
| &nbsp;&nbsp;Selling, general and administrative expenses | 55233 | 43871 | 52495 | 9772 | (1642) | 159729 |
| &nbsp;&nbsp;Net loss (gain) on disposition and impairments of assets | 49 | 1826 | (13) | 488 | (5434) | (3084) |
| &nbsp;&nbsp;Other losses (gains), net | 618 |  | (3) | 240 | (48) | 807 |
| **Earnings from operations** | 14742 | 12202 | 23116 | 11451 | (2424) | 59087 |
| **Interest and other** | (119) | 170 | (3) | (1876) | 434 | (1394) |
| **Earnings before income taxes** | 14861 | 12032 | 23119 | 13327 | (2858) | 60481 |
| &nbsp;&nbsp;Income taxes | 5714 | 4526 | 7682 | 2194 | 209 | 20325 |
| **Net earnings** | $9147 | $7506 | $15437 | $11133 | $(3067) | $40156 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **Net sales** | $524591 | $375315 | $486776 | $73971 | $1348 | $1462001 |
| **Cost of sales** | 456731 | 314427 | 399826 | 68602 | (17094) | 1222492 |
| **Gross profit** | 67860 | 60888 | 86950 | 5369 | 18442 | 239509 |
| &nbsp;&nbsp;Selling, general and administrative expenses | 34578 | 35468 | 51014 | (1723) | 37154 | 156491 |
| &nbsp;&nbsp;Net loss (gain) on disposition and impairments of assets | 2189 | 5090 | 452 | 18 | (3130) | 4619 |
| &nbsp;&nbsp;Other (gains) losses, net | (436) |  | (447) | (286) | 109 | (1060) |
| **Earnings from operations** | 31529 | 20330 | 35931 | 7360 | (15691) | 79459 |
| **Interest and other** | (171) | (1415) | 42 | (530) | (9486) | (11560) |
| **Earnings before income taxes** | 31700 | 21745 | 35889 | 7890 | (6205) | 91019 |
| &nbsp;&nbsp;Income taxes | 7341 | 5182 | 8294 | 721 | (302) | 21236 |
| **Net earnings** | $24359 | $16563 | $27595 | $7169 | $(5903) | $69783 |

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 **Page 6**

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**Exhibit 99(a)**

**CONDENSED CONSOLIDATED STATEMENTS** 

**OF EARNINGS BY SEGMENT (UNAUDITED)**

**FOR THE TWELVE MONTHS ENDED DECEMBER 2025/2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **Net sales** | $2433556 | $1603723 | $2003785 | $271550 | $7729 | $6320343 |
| **Cost of sales** | 2087657 | 1338247 | 1645998 | 212499 | (24208) | 5260193 |
| **Gross profit** | 345899 | 265476 | 357787 | 59051 | 31937 | 1060150 |
| &nbsp;&nbsp;Selling, general and administrative expenses | 218262 | 180619 | 237949 | 37858 | 16320 | 691008 |
| &nbsp;&nbsp;Net loss (gain) on disposition and impairments of assets | 11139 | (2887) | 259 | 3167 | (8550) | 3128 |
| &nbsp;&nbsp;Other losses (gains), net | 1398 |  | 265 | 691 | (241) | 2113 |
| **Earnings from operations** | 115100 | 87744 | 119314 | 17335 | 24408 | 363901 |
| **Interest and other** | (303) | (678) | (11) | (8180) | (19168) | (28340) |
| **Earnings before income taxes** | 115403 | 88422 | 119325 | 25515 | 43576 | 392241 |
| &nbsp;&nbsp;Income taxes | 28724 | 22008 | 29699 | 4973 | 10845 | 96249 |
| **Net earnings** | $86679 | $66414 | $89626 | $20542 | $32731 | $295992 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **Net sales** | $2597994 | $1636563 | $2113844 | $298190 | $5718 | $6652309 |
| **Cost of sales** | 2209195 | 1335304 | 1675346 | 240518 | (34796) | 5425567 |
| **Gross profit** | 388799 | 301259 | 438498 | 57672 | 40514 | 1226742 |
| &nbsp;&nbsp;Selling, general and administrative expenses | 209592 | 191757 | 262517 | 39940 | 31240 | 735046 |
| &nbsp;&nbsp;Net loss (gain) on disposition and impairments of assets | 3067 | 6545 | 673 | 28 | (4156) | 6157 |
| &nbsp;&nbsp;Other (gains) losses, net | (2964) |  | (376) | (3572) | 209 | (6703) |
| **Earnings from operations** | 179104 | 102957 | 175684 | 21276 | 13221 | 492242 |
| **Interest and other** | (557) | (101) | 17 | (9356) | (37916) | (47913) |
| **Earnings before income taxes** | 179661 | 103058 | 175667 | 30632 | 51137 | 540155 |
| &nbsp;&nbsp;Income taxes | 40534 | 23023 | 39488 | 5793 | 12584 | 121422 |
| **Net earnings** | $139127 | $80035 | $136179 | $24839 | $38553 | $418733 |

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 **Page 7**

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**Exhibit 99(a)**

**RECONCILIATION OF NET EARNINGS TO**

**ADJUSTED EBITDA BY SEGMENT (UNAUDITED)**

**FOR THE THREE MONTHS ENDED DECEMBER 2025/2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **Net earnings** | $**9147** | $**7506** | $**15437** | $**11133** | $**(3067)** | $**40156** |
| &nbsp;&nbsp;Interest and other | (119) | 170 | (3) | (1876) | 434 | (1394) |
| &nbsp;&nbsp;Income taxes | 5714 | 4526 | 7682 | 2194 | 209 | 20325 |
| &nbsp;&nbsp;Expenses associated with share-based compensation arrangements | 894 | 1639 | 2667 | 408 | 4278 | 9886 |
| &nbsp;&nbsp;Net loss (gain) on disposition and impairments of assets | 49 | 1826 | (13) | 488 | (5434) | (3084) |
| &nbsp;&nbsp;Gain from reduction of estimated earnout liability |  |  |  | (457) |  | (457) |
| &nbsp;&nbsp;Depreciation expense | 8013 | 9773 | 6675 | 1085 | 11240 | 36786 |
| &nbsp;&nbsp;Amortization of intangibles | 837 | 2078 | 728 | 1007 | 375 | 5025 |
| **Adjusted EBITDA** | $**24535** | $**27518** | $**33173** | $**13982** | $**8035** | $**107243** |
| **Net earnings as a percentage of net sales** | 2.1% | 2.0% | 3.5% | 15.1% | \* | 3.0% |
| **Adjusted EBITDA as a percentage of net sales** | 5.5% | 7.4% | 7.5% | 19.0% | \* | 8.1% |
| \* Not meaningful |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **Net earnings** | $**24359** | $**16563** | $**27595** | $**7169** | $**(5903)** | $**69783** |
| &nbsp;&nbsp;Interest and other | (171) | (1415) | 42 | (530) | (9486) | (11560) |
| &nbsp;&nbsp;Income taxes | 7341 | 5182 | 8294 | 721 | (302) | 21236 |
| &nbsp;&nbsp;Expenses associated with share-based compensation arrangements | 1860 | 1623 | 1846 | 163 | 5326 | 10818 |
| &nbsp;&nbsp;Net loss (gain) on disposition and impairments of assets | 940 | 861 | 451 | 18 | (3130) | (860) |
| &nbsp;&nbsp;Impairment of intangibles | 1250 | 4229 |  |  |  | 5479 |
| &nbsp;&nbsp;Gain from reduction of estimated earnout liability |  | (605) |  |  |  | (605) |
| &nbsp;&nbsp;Depreciation expense | 7550 | 9003 | 6092 | 889 | 8977 | 32511 |
| &nbsp;&nbsp;Amortization of intangibles | 998 | 2216 | 702 | 1551 | 433 | 5900 |
| **Adjusted EBITDA** | $**44127** | $**37657** | $**45022** | $**9981** | $**(4085)** | $**132702** |
| **Net earnings as a percentage of net sales** | 4.6% | 4.4% | 5.7% | 9.7% | \* | 4.8% |
| **Adjusted EBITDA as a percentage of net sales** | 8.4% | 10.0% | 9.2% | 13.5% | \* | 9.1% |
| \* Not meaningful |  |  |  |  |  |  |

---

 **Page 8**

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**Exhibit 99(a)**

**RECONCILIATION OF NET EARNINGS TO**

**ADJUSTED EBITDA BY SEGMENT (UNAUDITED)**

**FOR THE TWELVE MONTHS ENDED DECEMBER 2025/2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **Net earnings** | $**86679** | $**66414** | $**89626** | $**20542** | $**32731** | $**295992** |
| &nbsp;&nbsp;Interest and other | (303) | (678) | (11) | (8180) | (19168) | (28340) |
| &nbsp;&nbsp;Income taxes | 28724 | 22008 | 29699 | 4973 | 10845 | 96249 |
| &nbsp;&nbsp;Expenses associated with share-based compensation arrangements | 4040 | 7029 | 9840 | 1017 | 15866 | 37792 |
| &nbsp;&nbsp;Net loss (gain) on disposition and impairments of assets | 8739 | (2887) | 259 | 3167 | (8550) | 728 |
| &nbsp;&nbsp;Impairment of intangibles | 2400 |  |  |  |  | 2400 |
| &nbsp;&nbsp;Gain from reduction of estimated earnout liability |  | (1511) | (344) | (457) |  | (2312) |
| &nbsp;&nbsp;Depreciation expense | 30438 | 36706 | 25863 | 4165 | 41188 | 138360 |
| &nbsp;&nbsp;Amortization of intangibles | 3630 | 8562 | 2909 | 5980 | 1610 | 22691 |
| **Adjusted EBITDA** | $**164347** | $**135643** | $**157841** | $**31207** | $**74522** | $**563560** |
| **Net earnings as a percentage of net sales** | 3.6% | 4.1% | 4.5% | 7.6% | \* | 4.7% |
| **Adjusted EBITDA as a percentage of net sales** | 6.8% | 8.5% | 7.9% | 11.5% | \* | 8.9% |
| \* Not meaningful |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **Net earnings** | $**139127** | $**80035** | $**136179** | $**24839** | $**38553** | $**418733** |
| &nbsp;&nbsp;Interest and other | (557) | (101) | 17 | (9356) | (37916) | (47913) |
| &nbsp;&nbsp;Income taxes | 40534 | 23023 | 39488 | 5793 | 12584 | 121422 |
| &nbsp;&nbsp;Expenses associated with share-based compensation arrangements | 5788 | 6974 | 7944 | 772 | 16685 | 38163 |
| &nbsp;&nbsp;Net loss (gain) on disposition and impairments of assets | 1817 | 2316 | 673 | 28 | (4156) | 678 |
| &nbsp;&nbsp;Impairment of intangibles | 1250 | 4229 |  |  |  | 5479 |
| &nbsp;&nbsp;Gain from reduction of estimated earnout liability |  | (642) | (1818) |  |  | (2460) |
| &nbsp;&nbsp;Depreciation expense | 28877 | 34603 | 23124 | 3338 | 34699 | 124641 |
| &nbsp;&nbsp;Amortization of intangibles | 3992 | 8840 | 2810 | 6124 | 1755 | 23521 |
| **Adjusted EBITDA** | $**220828** | $**159277** | $**208417** | $**31538** | $**62204** | $**682264** |
| **Net earnings as a percentage of net sales** | 5.4% | 4.9% | 6.4% | 8.3% | \* | 6.3% |
| **Adjusted EBITDA as a percentage of net sales** | 8.5% | 9.7% | 9.9% | 10.6% | \* | 10.3% |
| \* Not meaningful |  |  |  |  |  |  |

---

 **Page 9**

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**Exhibit 99(a)**

**CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)**

**DECEMBER 2025/2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(In thousands)**<br>**Assets** | **2025** | **2024** | <br>**Liabilities and equity** | **2025** | **2024** |
| **Current assets** |  |  | **Current liabilities** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $914199 | $1171828 | &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $205932 | $224659 |
| &nbsp;&nbsp;Restricted cash | 10872 | 7766 | &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and other | 287390 | 283664 |
| &nbsp;&nbsp;Investments | 34374 | 31087 | &nbsp;&nbsp;&nbsp;&nbsp;Current portion of debt | 899 | 4125 |
| &nbsp;&nbsp;Accounts receivable | 475959 | 500920 |  |  |  |
| &nbsp;&nbsp;Inventories | 722020 | 720824 | **Total current liabilities** | 494221 | 512448 |
| &nbsp;&nbsp;Other current assets | 111228 | 70600 |  |  |  |
|  |  |  | **Long-term debt and finance lease obligations** | 228859 | 229830 |
| **Total current assets** | 2268652 | 2503025 | **Other liabilities** | 211106 | 158669 |
| **Other assets** | 276788 | 257533 | **Temporary equity** | 4463 | 5366 |
| **Intangible assets, net** | 484873 | 499637 |  |  |  |
| **Property, plant and equipment, net** | 992580 | 890743 | **Shareholders' equity** | 3084244 | 3244625 |
| **Total assets** | $4022893 | $4150938 | **Total liabilities and equity** | $4022893 | $4150938 |

---

 **Page 10**

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**Exhibit 99(a)**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

**FOR THE TWELVE MONTHS ENDED**

**DECEMBER 2025/2024**

---

| | | |
|:---|:---|:---|
| **(In thousands)** | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;Net earnings | $295992 | $418733 |
| &nbsp;&nbsp;Adjustments to reconcile net earnings to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 138360 | 124641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 22691 | 23521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense associated with share-based and grant compensation arrangements | 37792 | 38163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 49915 | (15382) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on investment and other | (2431) | (1217) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of investments | 6500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of investee | (709) | (89) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on sale, disposition and impairment of assets | 728 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangibles | 2400 | 5479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from reduction of estimated earnout liability | (2312) | (2460) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 27464 | 47070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 7291 | 6356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (20190) | 22394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and other | (17754) | (25316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash from operating activities** | 545737 | 642571 |
| **Cash flows used in investing activities:** |  |  |
| &nbsp;&nbsp;Capital expenditures | (269377) | (232274) |
| &nbsp;&nbsp;Proceeds from sale of property, plant and equipment | 31472 | 11501 |
| &nbsp;&nbsp;Acquisitions and purchases of non-controlling interest, net of cash received | (17626) | (29830) |
| &nbsp;&nbsp;Purchases of investments | (38767) | (55397) |
| &nbsp;&nbsp;Proceeds from sale of investments | 19953 | 30844 |
| &nbsp;&nbsp;Other | 1104 | 4406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (273241) | (270750) |
| **Cash flows used in financing activities:** |  |  |
| &nbsp;&nbsp;Borrowings under revolving credit facilities | 34426 | 29913 |
| &nbsp;&nbsp;Repayments under revolving credit facilities | (38133) | (32256) |
| &nbsp;&nbsp;Repayments of debt |  | (40000) |
| &nbsp;&nbsp;Repayment of debt on behalf of investee |  | (6303) |
| &nbsp;&nbsp;Contingent consideration payments and other | (221) | (4868) |
| &nbsp;&nbsp;Proceeds from issuance of common stock | 2471 | 2811 |
| &nbsp;&nbsp;Dividends paid to shareholders | (82350) | (80782) |
| &nbsp;&nbsp;Distributions to noncontrolling interest | (3005) | (11848) |
| &nbsp;&nbsp;Purchase of remaining noncontrolling interest of subsidiary | (549) | (4902) |
| &nbsp;&nbsp;Payments to taxing authorities in connection with shares directly withheld from employees | (9591) | (17838) |
| &nbsp;&nbsp;Repurchase of common stock | (433028) | (141120) |
| &nbsp;&nbsp;Other | (163) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | (530143) | (307120) |
| &nbsp;&nbsp;Effect of exchange rate changes on cash | 3124 | (7363) |
| **Net change in cash and cash equivalents** | (254523) | 57338 |
| **All cash and cash equivalents, beginning of period** | 1179594 | 1122256 |
| **All cash and cash equivalents, end of period** | $925071 | $1179594 |
| **Reconciliation of cash and cash equivalents and restricted cash:** |  |  |
| Cash and cash equivalents, beginning of period | $1171828 | $1118329 |
| Restricted cash, beginning of period | 7766 | 3927 |
| All cash and cash equivalents, beginning of period | $1179594 | $1122256 |
| Cash and cash equivalents, end of period | $914199 | $1171828 |
| Restricted cash, end of period | 10872 | 7766 |
| All cash and cash equivalents, end of period | $925071 | $1179594 |

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 **Page 11**

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**Exhibit 99(a)**

**RECONCILIATION OF NET CASH FROM OPERATING**

**ACTIVITIES TO FREE CASH FLOW (UNAUDITED)**

**FOR THE TWELVE MONTHS ENDED DECEMBER 2025/2024**

---

| | | |
|:---|:---|:---|
| **(In thousands)** | **2025** | **2024** |
| **Net cash from operating activities** | $**545737** | $**642571** |
| &nbsp;&nbsp;Increase (decrease) in investment in net working capital | 3189 | (50504) |
| &nbsp;&nbsp;Maintenance capital expenditures<sup>(1)</sup> | (105703) | (124511) |
| &nbsp;&nbsp;Interest expense, net of taxes | 8238 | 9852 |
| **Free cash flow** | $**451461** | $**477408** |
| (1) Breakdown of capital expenditures from the condensed consolidated statements of cash flows: |  |  |
| &nbsp;&nbsp;Maintenance capital expenditures | $105703 | $124511 |
| &nbsp;&nbsp;Expansionary and efficiency capital expenditures | 163674 | 107763 |
| &nbsp;&nbsp;Total capital expenditures | $269377 | $232274 |

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 **Page 12**

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