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Worthington Enterprises Reports First Quarter Fiscal 2027 Results

COLUMBUS, Ohio (September 22, 2026) – Worthington Enterprises Inc. (NYSE: WOR), a designer and manufacturer of market-leading products and solutions for building, trade and specialty applications, today reported results for its fiscal 2027 first quarter ended August 31, 2026.

Recent Developments and First Quarter Highlights (all comparisons to the first quarter of fiscal 2026)

• Net sales were $343.9 million, an increase of $40.2 million, or 13%, including 6% from recent acquisitions and 7% from organic growth.

• Net earnings increased 22% to $42.6 million, while adjusted net earnings increased 3% to $40.1 million and adjusted EBITDA grew 10% to $74.0 million.

• Earnings per share on a fully diluted basis (“EPS – diluted”) improved to $0.87 from $0.70 per share, while adjusted EPS – diluted increased to $0.82 per share compared to $0.78.

• Operating cash flow increased $25.7 million to $66.7 million, while free cash flow increased $26.1 million to $54.0 million.

• Repurchased 335,000 common shares for $18.2 million, leaving 4,230,000 common shares available under the existing repurchase authorization.

• Declared a quarterly dividend of $0.20 per share payable on December 29, 2026, to shareholders of record at the close of business on December 15, 2026.

• Renamed two business segments to better reflect their markets and applications: Building Products is now Building Performance Solutions, and Consumer Products is now Trade & Specialty Solutions.

“We started fiscal 2027 with solid performance as our teams continued to execute well and deliver for our customers,” said Worthington Enterprises President and CEO Joe Hayek. “We generated 7% organic growth, grew adjusted EBITDA by 10% and nearly doubled free cash flow. These results reflect the progress we are making as we continue to optimize and grow Worthington Enterprises.”

Worthington Enterprises

September 22, 2026

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Financial highlights for the current year and prior year quarters are as follows:

(U.S. dollars in millions, except per share amounts)

1Q 2027

1Q 2026

GAAP Financial Measures

Net sales

$

343.9

$

303.7

Operating income

13.0

9.2

Earnings before income taxes

55.6

45.7

Net earnings

42.6

34.8

EPS – diluted

0.87

0.70

Net cash provided by operating activities

66.7

41.1

Non-GAAP Financial Measures (1)

Adjusted operating income

$

13.7

$

13.9

Adjusted EBITDA

74.0

67.2

Adjusted net earnings

40.1

38.9

Adjusted EPS – diluted

0.82

0.78

Free cash flow

54.0

27.9

(1) Refer to the “GAAP / Non-GAAP Reconciliations” and the “Use of Non-GAAP Financial Measures and Definitions” sections of this release for additional information regarding the use of non-GAAP financial measures and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP.

Consolidated Quarterly Results

Net sales for the first quarter of fiscal 2027 increased $40.2 million, or 13.2%, over the prior year quarter to $343.9 million. Recent acquisitions contributed $19.2 million to net sales in the current year quarter. Excluding the impact of acquisitions, net sales increased $21.0 million, or 6.9%, compared to the prior year quarter.

Operating income increased $3.8 million to $13.0 million. Adjusted operating income was relatively flat at $13.7 million compared to $13.9 million in the prior year quarter. The current year quarter benefited from $4.0 million in net tariff refunds related to the International Emergency Economic Powers Act (“IEEPA”), contributions from recent acquisitions and higher overall volume within Trade & Specialty Solutions. These benefits were offset by lower overall volume and unfavorable product mix within Building Performance Solutions.

Equity in net income of unconsolidated affiliates increased $3.9 million from the prior year quarter to $40.6 million, driven by higher contributions from WAVE and ClarkDietrich, which were up $2.7 million and $1.4 million, respectively.

Miscellaneous income, net was favorable by $4.2 million, primarily due to a pre-tax gain of $4.0 million related to an earnout agreement associated with the sale of the company’s former oil and gas products business, which was divested in January 2021.

Income tax expense was $13.0 million in the first quarter of fiscal 2027 compared to $10.9 million in the prior year quarter. The increase was driven by higher pre-tax earnings. Income tax expense in the first quarter of fiscal 2027 reflects an estimated annual effective tax rate of 24.1%, compared to 23.8% in the prior year quarter.

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September 22, 2026

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Balance Sheet and Cash Flow

Total debt of $305.6 million at quarter end consisted entirely of long-term debt and was relatively unchanged from May 31, 2026. During the quarter, the company amended its revolving credit facility to extend the maturity da

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TRANSCRIPT

06 - 24 - 2026

Worthington Enterprises

Fourth Quarter 2026 Earnings Call

TOTAL PAGES: 15

Worthington Enterprises

Fourth Quarter 2026 Earnings Call

CORPORATE SPEAKERS:

Marcus Rogier

Worthington Enterprises, Inc.; Treasurer and Investor Relations Officer

Joseph Hayek

Worthington Enterprises, Inc.; President and Chief Executive Officer

Colin Souza

Worthington Enterprises, Inc.; Chief Financial Officer

PARTICIPANTS:

Will Gildea

CJS Securities; Analyst

Brian Biros

Thompson Research Group; Analyst

Susan McLeary

Goldman Sachs; Analyst

Madison Callinan

Canaccord Genuity; Analyst

PRESENTATION:

Operator^ Hello everyone, thank you for joining us and welcome to the Worthington Enterprises Fourth Quarter Fiscal 2026 Earnings Call. After today's prepared remarks, we will host a question-and-answer session.

(Operator's instructions)

I will now hand the conference over to Marcus Rogier, Treasurer and Investor Relations Officer. Marcus, please go ahead.

Marcus Rogier^ Thank you, Paige. Good morning, everyone and thank you for joining us for Worthington Enterprises Fourth Quarter Fiscal 2026 Earnings Call. On the call today are Joe Hayek, our President and Chief Executive Officer, and Colin Souza, our Chief Financial Officer.

Before we begin, I'd like to remind everyone that certain statements made during today's call are forward-looking in nature and subject to risk and uncertainties that could cause actual results to differ materially from those expressed or implied. For more information on these risks and uncertainties, please refer to our earnings release issued yesterday after the market closed, which is available on the Investor Relations section of our website. Additionally, our remarks today will include references to non-GAAP financial measures.

Worthington Enterprises

Fourth Quarter 2026 Earnings Call

Reconciliations of these measures to the most directly comparable GAAP measures can also be found in the earnings release. Today's call is being recorded and a replay will be available later on our website at worthingtonenterprises.com. With that, I'll turn the call over to Joe for opening remarks.

Joseph Hayek^ Thank you, Marcus. Good morning, everybody. Add my welcome to this Worthington Enterprises Fiscal 2026 Fourth Quarter Earnings Call.

Fiscal 2026 was an important year for Worthington Enterprises. We delivered 20% sales growth, 9% of that was organic growth, and 12% adjusted EBITDA growth. We generated $170 million of free cash flow while successfully reducing SG&A as percentage of sales by 200 basis points.

We acquired and began the integration of both Elgen and LSI. These results demonstrate the strength of our portfolio, our strategy, and most importantly, our people. We achieved these results while navigating tariffs, global conflicts, supply chain challenges, and continued uncertainty around the health of the U.S. economy. Through it all, our business remained resilient and focused on serving our customers, a reflection of our talented and dedicated teams. To all my colleagues around the world, thank you. We have much to be proud of and even more to look forward to.

In the quarter, driven by great work across our teams, sales increased by 17% and organic growth was 3%. Net earnings increased to $48 million from $4 million a year ago. Adjusted net earnings were $48 million and adjusted EBITDA was $83.5 million.

Free cash flow was $55 million, our highest quarterly cash flow at Worthington Enterprises, despite elevated capital spending associated with our ongoing facility modernization project. While we were pleased with the quarter, our adjusted EBITDA and margin performance were impacted by two factors. Lower earnings from ClarkDietrich compared with a strong prior year quarter and margin pressure in our cooling and construction business which Colin will spend a few minutes on later.

All of our other only known value streams saw year-to-year growth and adjusted EBITDA during the quarter. Additionally, we believe the dynamics that created those headwinds for our cooling and construction business are more a timing issue than anything systemic. Our results reflect continued execution around the core pillars of our strategy.

Optimizing and growing Worthington as we deliver value to customers and leveraging the Worthington business system and its three growth drivers, innovation, transformation and acquisitions. Innovation remains the key driver of our organic growth strategy. Last quarter we discussed our ASME water tanks used for liquid cooling and data centers and momentum there continues to build.

Worthington Enterprises

Fourth Quarter 2026 Earnings Call

That business is a great example of how an innovation mindset creates entirely new opportunities for us. We shipped approximately $13 million of ASME tanks for data centers during fiscal 2026. We currently expect to ship at least that much in the first quarter of