Document

“Our third quarter results reflect our focus on execution in a dynamic business environment, particularly in residential roofing, where our building accessories business posted 2% growth in a market that was down 5% - 10% depending on the channel. In our Agtech business, a large controlled environment agriculture (CEA) project was delayed as expected and impacted revenue in the quarter. On adjusted net sales growth of 13%, adjusted EPS came in slightly below prior year, impacted by both business and product mix. Backlog increased 50% in the quarter and operating cash flow grew 39% to $57 million,” stated Chairman and CEO Bill Bosway. “Based on our current outlook, we expect approximately 15% adjusted net sales and 10-12% adjusted EPS growth this year.”

Mr. Bosway concluded, “Our current 2025 full year outlook for continuing operations remains on track for solid revenue, margin, and cash flow performance. We expect consolidated net sales to range between $1.15 billion and $1.175 billion. This compares to GAAP net sales of $1.02 billion and adjusted net sales of $1.01 billion in 2024. GAAP EPS is expected to range between $3.67 and $3.77, compared to $4.58 in 2024 which included the gain on the sale of the electronic locker business and contributed $0.82 accordingly. Adjusted EPS is expected to range between $4.20 and $4.30, compared to $3.82 in 2024, up 10% to 12%. We remain focused on execution of our growth and M&A strategy and will continue to opportunistically deploy our share repurchase program.”

Third Quarter 2025 Conference Call Details Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the third quarter of 2025. Interested parties may access the webcast through the Investors section of the Company’s website at www.gibraltar1.com, where related presentation materials will also be posted prior to the conference call. The call also may be accessed by dialing (877) 407-3088 or (201) 389-0927. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year.

Certain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, tariffs and retaliatory tariffs imposed by the United States or other countries on imported goods, including raw materials used in the manufacturing of the Company’s products; changes to economic conditions and customer demand for the Company’s products; the availability and pricing of principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, the loss of any key customers, adverse effects of inflation, the ability to continue to improve operating margins, the ability to generate order flow and sales and increase backlog; the ability to translate backlog into net sales, other general economic conditions and conditions in the particular markets in which we operate, changes in spending due to laws and government incentives, such as the Infrastructure Investment and Jobs Act, changes in customer demand and capital spending, competitive factors and pricing pressures, the ability to develop and launch new products in a cost-effective manner, the ability to realize synergies from newly acquired businesses, disruptions to IT systems, the impact of trade and regulation, rebates, credits and incentives and variations in government spending and ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions. Before making any investment decisions regarding the company, we strongly advise you to read the section entitled “Risk Factors” in the most recent annual report on Form 10-K which can be accessed under the “SEC Filings” link of the “Investor Info” page of the website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.

To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release and its quarterly conference call, including adjusted net sales, adjusted operating income and margin, adjusted net income, adjusted earnings per share (EPS), free cash flow and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), each a non-GAAP financial measure. Unless otherwise indicated, the consolidated financial statements, disclosures and related information disclosed herein relate to the Company's continuing operations, which exclude its Renewables business which was classified as a discontinued operation as of June 30, 2025. The Company has recast prior period amounts to reflect discontinued operations. Adjusted net sales reflects the removal of net sales associated with the residential electronic locker business, which was sold on December 17, 2024. Adjusted net income, operating income and margin exclude special charges consisting of restructuring costs (primarily comprised of exit activities costs and impairment of both tangible and intangible assets associated with 80/20 simplification, lean initiatives and / or discontinued products), senior leadership transition costs (associated with new and / or terminated senior executive roles), acquisition related costs (legal and

consulting fees, and integration costs for recent business acquisitions), and portfolio management (which includes the gain on sale of and operating results generated by the residential electronic locker business sold in 2024). These special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. The aforementioned exclusions along with other adjustments to other income below operating profit are excluded from adjusted EPS. Adjusted EBITDA further excludes interest, taxes, depreciation, amortization and stock compensation expense. In evaluating its business, the Company considers and uses these non-GAAP financial measures as supplemental measures of its operating performance. Free cash flow is operating cash flow less capital expenditures and the related margin is free cash flow divided by net sales. The Company believes that the presentation of adjusted measures and free cash flow provides meaningful supplemental data to investors, as well as management, that are indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. Adjusted EBITDA and free cash flow are also useful measures of the Company’s ability to service debt and adjusted EBITDA is one of the measures used for determining the Company’s debt covenant compliance.

Adjustments to the most directly comparable financial measures presented on a GAAP basis are quantified in the reconciliation of adjusted financial measures provided in the supplemental financial schedules that accompany this news release. These adjusted measures should not be viewed as a substitute for the Company’s GAAP results and may be different than adjusted measures used by other companies and the Company’s presentation of non-GAAP financial measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net sales	$	310,939	$	277,132	$	866,813	$	791,766
Cost of sales	228,193		195,748		626,379		554,967
Gross profit	82,746		81,384		240,434		236,799
Selling, general, and administrative expense	42,804		38,211		132,331		122,712

Operating income	39,942		43,173		108,103		114,087
Interest expense (income), net	2		(1,931)		(1,281)		(4,176)
Other (income) expense, net	(1,989)		402		(2,018)		236
Income before taxes from continuing operations	41,929		44,702		111,402		118,027
Provision for income taxes	8,724		10,890		25,644		30,277
Income from continuing operations	33,205		33,812		85,758		87,750
Discontinued operations:
(Loss) income before taxes from discontinued operations	(163,178)		772		(171,722)		4,571
(Benefit of) provision for income taxes	(40,911)		545		(44,025)		1,138
(Loss) income from discontinued operations	(122,267)		227		(127,697)		3,433
Net (loss) income	$	(89,062)	$	34,039	$	(41,939)	$	91,183
Net earnings per share – Basic:
Income from continuing operations	$	1.12	$	1.11	$	2.87	$	2.87
(Loss) income from discontinued operations	(4.11)		—		(4.27)		0.11
Net (loss) income	$	(2.99)	$	1.11	$	(1.40)	$	2.98
Weighted average shares outstanding – Basic	29,736		30,530		29,925		30,564
Net earnings per share – Diluted:
Income from continuing operations	$	1.11	$	1.10	$	2.85	$	2.85
(Loss) income from discontinued operations	(4.09)		0.01		(4.25)		0.11
Net (loss) income	$	(2.98)	$	1.11	$	(1.40)	$	2.96
Weighted average shares outstanding – Diluted	29,863		30,750		30,038		30,788


	September 30, 2025		December 31, 2024
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	89,403	$	269,480
Trade receivables, net of allowance of $2,394 and $1,793, respectively	166,341		114,898
Costs in excess of billings, net	21,851		18,817
Inventories, net	121,562		93,271
Prepaid expenses and other current assets	55,322		22,326
Assets of discontinued operations	240,969		132,540
Total current assets	695,448		651,332
Property, plant, and equipment, net	125,631		87,079
Operating lease assets	57,432		41,558
Goodwill	403,475		323,189
Acquired intangibles	153,907		55,420
Other assets	1,900		1,936
Assets of discontinued operations	—		258,896
	$	1,437,793	$	1,419,410
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	126,839	$	90,705
Accrued expenses	152,893		65,905
Billings in excess of costs	13,746		14,769


Liabilities of discontinued operations	94,288		83,483
Total current liabilities	387,766		254,862

Deferred income taxes	19,910		49,006
Non-current operating lease liabilities	48,179		33,391
Other non-current liabilities	30,164		24,734
Liabilities of discontinued operations	—		9,383
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding	—		—
Common stock, $0.01 par value; authorized 100,000 shares; 34,476 and 34,313 shares issued and outstanding, respectively	345		343
Additional paid-in capital	351,914		343,583
Retained earnings	833,912		875,851
Accumulated other comprehensive loss	(3,780)		(5,326)
Treasury stock, at cost; 4,933 and 3,960 shares, respectively	(230,617)		(166,417)
Total stockholders’ equity	951,774		1,048,034
	$	1,437,793	$	1,419,410


	Nine Months Ended September 30,
	2025		2024
Cash Flows from Operating Activities
Net (loss) income	$	(41,939)	$	91,183
(Loss) income from discontinued operations	(127,697)		3,433
Income from continuing operations	85,758		87,750
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	23,101		14,185

Stock compensation expense	7,465		8,002



Provision for (benefit of) deferred income taxes	7		(615)
Other, net	1,154		4,156
Changes in operating assets and liabilities net of effects from acquisitions:
Trade receivables and costs in excess of billings	(28,705)		(33,709)
Inventories	(7,907)		(2,607)
Other current assets and other assets	4,979		746
Accounts payable	25,971		49,498
Accrued expenses and other non-current liabilities	(6,443)		4,145
Net cash provided by operating activities of continuing operations	105,380		131,551
Net cash provided by operating activities of discontinued operations	26,168		22,784
Net cash provided by operating activities	131,548		154,335
Cash Flows from Investing Activities
Acquisitions, net of cash acquired	(210,455)		—

Purchases of property, plant, and equipment, net	(37,176)		(11,506)

Net proceeds from sale of business	352		—
Net cash used in investing activities of continuing operations	(247,279)		(11,506)
Net cash used in investing activities of discontinued operations	(1,015)		(2,470)
Net cash used in investing activities	(248,294)		(13,976)
Cash Flows from Financing Activities



Purchase of common stock at market prices	(63,740)		(10,940)
Net proceeds from issuance of common stock	198		—

Net cash used in financing activities	(63,542)		(10,940)
Effect of exchange rate changes on cash	211		34
Net (decrease) increase in cash and cash equivalents	(180,077)		129,453
Cash and cash equivalents at beginning of year	269,480		99,426
Cash and cash equivalents at end of period	$	89,403	$	228,879


Three Months Ended September 30, 2025
	Income before taxes			Provision for income taxes			Net income from continuing operations			Net income from continuing operations per share - diluted
As Reported in GAAP Statements	$	41,929		$	8,724		$	33,205		$	1.11
Restructuring Charges (1)	1,297			143			1,154			0.04
Acquisition Related Costs (2) (3)	(624)			(219)			(405)			(0.01)
Adjusted Financial Measures	$	42,602		$	8,648		$	33,954		$	1.14

	Residential			Agtech			Infrastructure			Corporate		Consolidated
Operating Margin	17.6		%	5.5		%	20.5		%	n/a		12.8		%
Restructuring Charges (1)	0.5		%	0.2		%	—		%	n/a		0.4		%
Acquisition Related Costs (2)	0.2		%	—		%	—		%	n/a		0.4		%
Adjusted Operating Margin	18.2		%	5.7		%	20.5		%	n/a		13.7		%

Income from Operations	$	40,432		$	3,178		$	4,737		$	(8,405)	$	39,942
Restructuring Charges (1)	1,157			140			—			—		1,297
Acquisition Related Costs (2)	343			(14)			—			1,091		1,420
Adjusted Income from Operations	$	41,932		$	3,304		$	4,737		$	(7,314)	$	42,659

Net Sales (4)	$	230,286		$	57,565		$	23,088		$	—	$	310,939

(1) Comprised primarily of exit activities costs
(2) Represents acquisition related expenses including due diligence and integration costs of recent business combinations
(3) Includes one-time gain of $2M from an acquisition-related item
(4) There were no Non-GAAP adjustments to Net Sales in 2025


Three Months Ended September 30, 2024
	Income before taxes			Provision for income taxes			Net income from continuing operations			Net income from continuing operations per share - diluted
As Previously Reported in GAAP Statements	$	45,474		$	11,435		$	34,039		$	1.11
Discontinued Operations (1)	(772)			(545)			(227)			(0.01)
As Reported in GAAP Statements	$	44,702		$	10,890		$	33,812		$	1.10
Restructuring & Other Charges (2)	1,659			276			1,383			0.05
Portfolio Management (3)	96			24			72			—
Adjusted Financial Measures Recast	$	46,457		$	11,190		$	35,267		$	1.15

	Residential			Agtech			Renewables			Infrastructure			Corporate		Consolidated
Operating Margin Previously Reported	19.8		%	9.3		%	1.0		%	27.9		%	n/a		12.2		%
Discontinued Operations (1)							n/a						n/a
Operating Margin as Reported in GAAP Statements	19.8		%	9.3		%	n/a			27.9		%	n/a		15.6		%
Restructuring & Other Charges (2)	0.1		%	0.8		%	n/a			—		%	n/a		0.6		%
Portfolio Management (3)	—		%	—		%	n/a			—		%	n/a		—		%
Adjusted Operating Margin Recast	20.2		%	10.1		%	n/a			27.9		%	n/a		16.3		%

Income from Operations Previously Reported	$	42,055		$	3,853		$	825		$	6,494		$	(9,229)	$	43,998
Discontinued Operations (1)	—			—			(825)			—			—		(825)
Income from Operations as Reported in GAAP Statements	$	42,055		$	3,853		$	—		$	6,494		$	(9,229)	$	43,173
Restructuring & Other Charges (2)	301			328			—			—			848		1,477
Portfolio Management (3)	96			—			—			—			—		96
Adjusted Income from Operations Recast	$	42,452		$	4,181		$	—		$	6,494		$	(8,381)	$	44,746

Net Sales & Adjusted Net Sales Previously Reported	$	212,363		$	41,527		$	84,064		$	23,242		$	—	$	361,196
Discontinued Operations (1)	—			—			(84,064)			—			—		(84,064)
Net Sales as Reported in GAAP Statements	$	212,363		$	41,527		$	—		$	23,242		$	—	$	277,132
Portfolio Management (3)	(2,558)			—			—			—			—		(2,558)
Adjusted Net Sales Recast	$	209,805		$	41,527		$	—		$	23,242		$	—	$	274,574

(1) Represents the results generated by the Company's Renewables business classified as Discontinued Operations in 2025
(2) Comprised primarily of exit activities costs and the results generated by the Company's processing business liquidated in 2023
(3) Represents the results generated by the Company's electronic locker business sold in 2024


Nine Months Ended September 30, 2025
	Income before taxes			Provision for income taxes			Net income from continuing operations			Net income from continuing operations per share - diluted
As Reported in GAAP Statements	$	111,402		$	25,644		$	85,758		$	2.85
Restructuring Charges (1)	4,115			780			3,335			0.11
Acquisition Related Costs (2) (3)	7,480			1,672			5,808			0.20
Adjusted Financial Measures	$	122,997		$	28,096		$	94,901		$	3.16

	Residential			Agtech			Infrastructure			Corporate		Consolidated
Operating Margin	18.0		%	3.9		%	24.5		%	n/a		12.5		%
Restructuring Charges (1)	0.5		%	0.4		%	—		%	n/a		0.5		%
Acquisition Related Costs (2)	—		%	2.9		%	—		%	n/a		1.1		%
Adjusted Operating Margin	18.6		%	7.2		%	24.5		%	n/a		14.0		%

Income from Operations	$	115,303		$	6,069		$	17,078		$	(30,347)	$	108,103
Restructuring Charges (1)	3,512			572			—			31		4,115
Acquisition Related Costs (2)	475			4,575			—			4,485		9,535
Adjusted Income from Operations	$	119,290		$	11,216		$	17,078		$	(25,831)	$	121,753

Net Sales (4)	$	640,538		$	156,697		$	69,578		$	—	$	866,813

(1) Comprised primarily of exit activities costs
(2) Represents acquisition related expenses including due diligence and integration costs of recent business combinations
(3) Includes one-time gain of $2M from an acquisition-related item
(4) There were no Non-GAAP adjustments to Net Sales in 2025


Nine Months Ended September 30, 2024
	Income before taxes			Provision for income taxes			Net income from continuing operations			Net income from continuing operations per share - diluted
As Previously Reported in GAAP Statements	$	122,598		$	31,415		$	91,183		$	2.96
Discontinued Operations (1)	(4,571)			(1,138)			(3,433)			(0.11)
As Reported in GAAP Statements	$	118,027		$	30,277		$	87,750		$	2.85
Restructuring & Other Charges (2)	2,333			(30)			2,363			0.08
Portfolio Management (3)	(202)			(48)			(154)			(0.01)
Adjusted Financial Measures Recast	$	120,158		$	30,199		$	89,959		$	2.92

	Residential			Agtech			Renewables			Infrastructure			Corporate		Consolidated
Operating Margin Previously Reported	19.6		%	7.9		%	1.9		%	25.2		%	n/a		11.7		%
Discontinued Operations (1)							n/a						n/a
Operating Margin as Reported in GAAP Statements	19.6		%	7.9		%	n/a			25.2		%	n/a		14.4		%
Restructuring & Other Charges (2)	—		%	0.4		%	n/a			—		%	n/a		0.3		%
Portfolio Management (3)	—		%	—		%	n/a			—		%	n/a		—		%
Adjusted Operating Margin Recast	19.9		%	8.4		%	n/a			25.2		%	n/a		14.8		%

Income from Operations Previously Reported	$	119,714		$	8,743		$	4,116		$	17,605		$	(31,975)	$	118,203
Discontinued Operations (1)	—			—			(4,116)			—			—		(4,116)
Income from Operations as Reported in GAAP Statements	$	119,714		$	8,743		$	—		$	17,605		$	(31,975)	$	114,087
Restructuring & Other Charges (2)	374			477			—			—			1,079		1,930
Portfolio Management (3)	(202)			—			—			—			—		(202)
Adjusted Income from Operations Recast	$	119,886		$	9,220		$	—		$	17,605		$	(30,896)	$	115,815

Net Sales & Adjusted Net Sales Previously Reported	$	611,790		$	110,062		$	214,941		$	69,914		$	—	$	1,006,707
Discontinued Operations (1)	—			—			(214,941)			—			—		(214,941)
Net Sales as Reported in GAAP Statements	$	611,790		$	110,062		$	—		$	69,914		$	—	$	791,766
Portfolio Management (3)	(8,111)			—			—			—			—		(8,111)
Adjusted Net Sales Recast	$	603,679		$	110,062		$	—		$	69,914		$	—	$	783,655

(1) Represents the results generated by the Company's Renewables business classified as Discontinued Operations in 2025
(2) Comprised primarily of exit activities costs and the results generated by the Company's processing business liquidated in 2023
(3) Represents the results generated by the Company's electronic locker business sold in 2024


Year Ended December 31, 2024
	Income before taxes			Provision for income taxes			Net income from continuing operations			Net income from continuing operations per share - diluted
As Previously Reported in GAAP Statements	$	173,925		$	36,585		$	137,340		$	4.46
Discontinued Operations (1)	4,631			1,185			3,446			0.12
As Reported in GAAP Statements	$	178,556		$	37,770		$	140,786		$	4.58
Restructuring & Other Charges (2)	2,350			138			2,212			0.07
Portfolio Management (3)	(26,005)			(421)			(25,584)			(0.83)
Adjusted Financial Measures Recast	$	154,901		$	37,487		$	117,414		$	3.82

	Residential			Agtech			Renewables			Infrastructure			Corporate		Consolidated
Operating Margin Previously Reported	19.0		%	7.2		%	1.2		%	24.2		%	n/a		10.9		%
Discontinued Operations (1)							n/a						n/a
Operating Margin as Reported in GAAP Statements	19.0		%	7.2		%	n/a			24.2		%	n/a		13.6		%
Restructuring & Other Charges (2)	0.1		%	4.2		%	n/a			—		%	n/a		0.9		%
Portfolio Management (3)	(0.1)		%	—		%	n/a			—		%	n/a		(0.1)		%
Adjusted Operating Margin Recast	19.3		%	11.5		%	n/a			24.2		%	n/a		14.7		%

Income from Operations Previously Reported	$	148,784		$	11,040		$	3,349		$	21,295		$	(41,445)	$	143,023
Discontinued Operations (1)	—			—			(3,349)			—			—		(3,349)
Income from Operations as Reported in GAAP Statements	$	148,784		$	11,040		$	—		$	21,295		$	(41,445)	$	139,674
Restructuring & Other Charges (2)	801			6,477			—			—			2,290		9,568
Portfolio Management (3)	(740)			—			—			—			—		(740)
Adjusted Income from Operations Recast	$	148,845		$	17,517		$	—		$	21,295		$	(39,155)	$	148,502

Net Sales & Adjusted Net Sales Previously Reported	$	782,519		$	152,811		$	285,405		$	88,029		$	—	$	1,308,764
Discontinued Operations (1)	—			—			(285,405)			—			—		(285,405)
Net Sales as Reported in GAAP Statements	$	782,519		$	152,811		$	—		$	88,029		$	—	$	1,023,359
Portfolio Management (3)	(10,379)			—			—			—			—		(10,379)
Adjusted Net Sales Recast	$	772,140		$	152,811		$	—		$	88,029		$	—	$	1,012,980

(1) Represents the results generated by the Company's Renewables business classified as Discontinued Operations in 2025
(2) Comprised primarily of exit activities costs, the write-off of indefinite-lived trademarks, senior leadership transition costs associated with changes in leadership positions, acquisition-related expenses including due diligence costs and portfolio management costs
(3) Represents the results generated by the Company's electronic locker business sold in 2024, including the ($25.3M) gain on sale of business


Three Months Ended September 30, 2025
	Consolidated			Residential			Agtech			Infrastructure



Net Sales	$	310,939		$	230,286		$	57,565		$	23,088

Net Income from Continuing Operations	33,205
Provision for Income Taxes	8,724
Interest Expense	2
Other Income	(1,989)
Operating Profit	39,942			40,432			3,178			4,737
Adjusted Measures*	2,717			1,500			126			—
Adjusted Operating Profit	42,659			41,932			3,304			4,737
Adjusted Operating Margin	13.7		%	18.2		%	5.7		%	20.5		%
Adjusted Other Expense	55			—			—			—
Depreciation & Amortization	7,001			4,097			1,356			726
Less: Acquisition-related amortization	569			—			569			—
Adjusted Depreciation & Amortization	7,570			4,097			1,925			726
Stock Compensation Expense	1,228			732			204			68


Adjusted EBITDA	$	51,402		$	46,761		$	5,433		$	5,531

Adjusted EBITDA Margin	16.5		%	20.3		%	9.4		%	24.0		%

Cash Flow - Operating Activities	56,750
Purchase of PPE, Net	(8,216)
Free Cash Flow	48,534
Free Cash Flow - % of Adjusted Net Sales	15.6		%

*Adjusted Measures details are presented on the corresponding Reconciliation of GAAP and Adjusted Financial Measures


Three Months Ended September 30, 2024
	Consolidated			Residential			Agtech			Infrastructure

Adjusted Net Sales Recast*	$	274,574		$	209,805		$	41,527		$	23,242

Net Income from Continuing Operations	33,812
Provision for Income Taxes	10,890
Interest Income	(1,931)
Other Expense	402
Operating Profit	43,173			42,055			3,853			6,494
Adjusted Measures*	1,573			397			328			—
Adjusted Operating Profit	44,746			42,452			4,181			6,494
Adjusted Operating Margin	16.3		%	20.2		%	10.1		%	27.9		%
Adjusted Other Expense	220			—			—			—


Adjusted Depreciation & Amortization (1)	4,646			2,472			782			744



Adjusted Stock Compensation Expense (2)	2,019			449			95			63
Adjusted EBITDA Recast**	$	51,191		$	45,373		$	5,058		$	7,301

Adjusted EBITDA Margin Recast**	18.6		%	21.6		%	12.2		%	31.4		%

Adjusted EBITDA Previously Reported	$	58,933		$	45,365		$	5,058		$	7,301
Adjusted EBITDA Margin Previously Reported	16.3		%	21.4		%	12.2		%	31.4		%

Cash Flow - Operating Activities	41,140
Purchase of PPE, Net	(4,180)
Free Cash Flow	36,960
Free Cash Flow - % of Adjusted Net Sales	13.5		%

*Details for the classification of the Company's Renewables business as Discontinued Operations and the recast amounts for the sale of the electronic locker business within the Residential segment are presented on corresponding Reconciliation of GAAP and Adjusted Financial Measures
**Recast for the classification of the Company's Renewables business as Discontinued Operations and to exclude sale of electronic locker business within the Residential segment
(1) Recast Depreciation & Amortization for impact of ($2.102M) from classification of Renewables business as Discontinued Operations and ($73k) from sale of electronic locker business within the Residential segment
(2) Recast Stock Compensation Expense for impact of ($235k) from classification of Renewables business as Discontinued Operations and ($15k) from the sale of electronic locker business within the Residential segment


Nine Months Ended September 30, 2025
	Consolidated			Residential			Agtech			Infrastructure



Net Sales	$	866,813		$	640,538		$	156,697		$	69,578

Net Income from Continuing Operations	85,758
Provision for Income Taxes	25,644
Interest Income	(1,281)
Other Income	(2,018)
Operating Profit	108,103			115,303			6,069			17,078
Adjusted Measures*	13,650			3,987			5,147			—
Adjusted Operating Profit	121,753			119,290			11,216			17,078
Adjusted Operating Margin	14.0		%	18.6		%	7.2		%	24.5		%
Adjusted Other Expense	37			—			—			—
Depreciation & Amortization	23,101			9,863			8,655			2,126
Less: Acquisition-related amortization	(3,500)			—			(3,500)			—
Adjusted Depreciation & Amortization	19,601			9,863			5,155			2,126
Stock Compensation Expense	7,465			1,805			526			207
Less: SLT Related Stock Compensation Expense	(82)			—			—			—
Adjusted Stock Compensation Expense	7,383			1,805			526			207
Adjusted EBITDA	$	148,700		$	130,958		$	16,897		$	19,411

Adjusted EBITDA Margin	17.2		%	20.4		%	10.8		%	27.9		%

Cash Flow - Operating Activities	105,380
Purchase of PPE, Net	(37,176)
Free Cash Flow	68,204
Free Cash Flow - % of Adjusted Net Sales	7.9		%

*Adjusted Measures details are presented on the corresponding Reconciliation of GAAP and Adjusted Financial Measures


Nine Months Ended September 30, 2024
	Consolidated			Residential			Agtech			Infrastructure

Adjusted Net Sales Recast*	$	783,655		$	603,679		$	110,062		$	69,914

Net Income from Continuing Operations	87,750
Provision for Income Taxes	30,277
Interest Income	(4,176)
Other Expense	236
Operating Profit	114,087			119,714			8,743			17,605
Adjusted Measures*	1,728			172			477			—
Adjusted Operating Profit	115,815			119,886			9,220			17,605
Adjusted Operating Margin	14.8		%	19.9		%	8.4		%	25.2		%
Adjusted Other Income	(167)			—			—			—


Adjusted Depreciation & Amortization (1)	13,984			7,442			2,420			2,236



Adjusted Stock Compensation Expense (2)	7,899			1,297			283			181
Adjusted EBITDA Recast**	$	137,865		$	128,625		$	11,923		$	20,022

Adjusted EBITDA Margin Recast**	17.6		%	21.3		%	10.8		%	28.6		%

Adjusted EBITDA Previously Reported	$	158,161		$	129,072		$	11,923		$	20,022
Adjusted EBITDA Margin Previously Reported	15.7		%	21.1		%	10.8		%	28.6		%

Cash Flow - Operating Activities	131,551
Purchase of PPE, Net	(11,506)
Free Cash Flow	120,045
Free Cash Flow - % of Adjusted Net Sales	15.3		%

*Details for the classification of the Company's Renewables business as Discontinued Operations and the recast amounts for the sale of the electronic locker business within the Residential segment are presented on corresponding Reconciliation of GAAP and Adjusted Financial Measures
**Recast for the classification of the Company's Renewables business as Discontinued Operations and to exclude sale of electronic locker business within the Residential segment
(1) Recast Depreciation & Amortization for impact of ($6.052M) from classification of Renewables business as Discontinued Operations and ($201k) from sale of electronic locker business within the Residential segment
(2) Recast Stock Compensation Expense for impact of ($684k) from classification of Renewables business as Discontinued Operations and ($44k) from the sale of electronic locker business within the Residential segment


($Millions, except EPS) Three Months Ended September 30,
	2025	2024	Change		2025	2024	Change
Net Sales	$310.9	$277.1	12.2%	Adjusted Net Sales	$310.9	$274.6	13.2%
Net Income	$33.2	$33.8	(1.8)%	Adjusted Net Income	$34.0	$35.3	(3.7)%
Diluted EPS	$1.11	$1.10	0.9%	Adjusted Diluted EPS	$1.14	$1.15	(0.9)%


($Millions) Three Months Ended September 30,
	2025	2024	Change		2025	2024	Change
Net Sales	$230.3	$212.4	8.4%	Adjusted Net Sales	$230.3	$209.8	9.8%
Operating Income	$40.4	$42.1	(4.0)%	Adjusted Operating Income	$41.9	$42.5	(1.4)%
Operating Margin	17.6%	19.8%	(220) bps	Adjusted Operating Margin	18.2%	20.2%	(200) bps


($Millions) Three Months Ended September 30,
	2025	2024	Change		2025	2024	Change
Net Sales	$57.6	$41.5	38.8%	Adjusted Net Sales	$57.6	$41.5	38.8%
Operating Income	$3.2	$3.9	(17.9)%	Adjusted Operating Income	$3.3	$4.2	(21.4)%
Operating Margin	5.5%	9.3%	(380) bps	Adjusted Operating Margin	5.7%	10.1%	(440) bps


($Millions) Three Months Ended September 30,
	2025	2024	Change		2025	2024	Change
Net Sales	$23.1	$23.2	(0.4)%	Adjusted Net Sales	$23.1	$23.2	(0.4)%
Operating Income	$4.7	$6.5	(27.7)%	Adjusted Operating Income	$4.7	$6.5	(27.7)%
Operating Margin	20.5%	27.9%	(740) bps	Adjusted Operating Margin	20.5%	27.9%	(740) bps