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University of Washington, NanoES – Seattle © Aaron Leitz Photography; courtesy of ZGF Fiscal 2026 Third Quarter Earnings Call January 2026 Apogee Enterprises, Inc. Nasdaq: APOG
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Non-GAAP Measures & Forward-Looking Statements Q3 FY2026 Earnings | January 2026 Apogee Enterprises, Inc. 2 This presentation contains measures of financial performance that are not defined by U.S. GAAP . We believe that these measures provide useful information and include these measures in other communications to investors. For each of these non-GAAP financial measures, we provide a reconciliation of the differences between the non-GAAP measure and the most directly comparable U.S. GAAP measure. These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable U.S. GAAP measure. This presentation contains certain statements that are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current views with respect to future events and financial performance. Forward-looking statements generally can be identified by the use of forward- looking terminology such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” "will," "continue" or similar words or expressions. All forecasts and projections in this presentation are “forward-looking statements,” and are based on management’s current expectations or beliefs of the Company's near-term results, based on current information available pertaining to the Company. From time to time, we may also provide oral and written forward-looking statements in other materials we release to the public, such as press releases, presentations to securities analysts or investors, or other communications by the Company. Any or all of our forward- looking statements in this presentation and in any public statements we make could be materially different from actual results. Accordingly, we wish to caution investors that any forward-looking statements made by or on behalf of the Company are subject to uncertainties and other factors that could cause actual results to differ materially from such statements. These uncertainties and other risk factors include, but are not limited to, the risks and uncertainties set forth under the “Risk Factors” section of our Annual Report on Form 10-K, and in subsequent filings with the U.S. Securities and Exchange Commission. We also wish to caution investors that other factors might in the future prove to be important in affecting the Company’s results of operations. New factors emerge from time to time; it is not possible for management to predict all such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or a combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Agenda 3 Brooklyn Health Center, New York Photo courtesy of Terry Wieckert Introductory remarks Don Nolan Chief Executive Officer Financial results and outlook Mark Augdahl Interim Chief Financial Officer Q&A Apogee Enterprises, Inc.Q3 FY2026 Earnings | January 2026
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• Q3 results in-line with our expectations despite a challenging and dynamic operating environment • Performance Surfaces drove majority of 2.1% net sales growth, supported by inorganic contributions from the UW Solutions acquisition and organic initiatives • Three of four segments grew net sales, including Architectural Services, which delivered its 7 th consecutive quarter of growth • Adjusted EBITDA* improvement reflects disciplined cost management, including reduced incentive compensation and efficiencies delivered through Project Fortify Phase 2 • Strong free cash flow* generation and further debt reduction Net Sales $348.6M +2.1% YoY Adjusted EBITDA* $46.1M +0.7% YoY 13.2% (20) bps YoY $1.02 (14.3)% YoY FY2026 Third Quarter Highlights Adjusted diluted EPS* Adjusted EBITDA margin* *Non-GAAP financial measures, see reconciliation table 4Apogee Enterprises, Inc.Q3 FY2026 Earnings | January 2026
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Q3 FY26 Consolidated Results 5 Commentary • Net Sales – Increase primarily driven by $18.4 million of inorganic sales from UW Solutions acquisition and favorable product mix; partially offset by lower volume • Adjusted EBITDA Margin – Decrease was primarily driven by lower volume and price, higher aluminum and health insurance costs; partially offset by lower incentive compensation expense and benefits from cost savings related to Project Fortify Phase 2 • Adjusted Diluted EPS – Decrease primarily due to higher amortization and interest expense as a result of the UW Solutions acquisition $ in millions, except EPS Q3 FY26 Q3 FY25 Change Net Sales $348.6 $341.3 +2.1% Adjusted EBITDA* $46.1 $45.8 +0.7% Adjusted EBITDA margin* 13.2% 13.4% (20) bps Adjusted diluted EPS* $1.02 $1.19 (14.3)% *Non-GAAP metric, see reconciliation table Apogee Enterprises, Inc.Q3 FY2026 Earnings | January 2026
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Segment Results 6 Segment Net Sales $M Adjusted EBITDA Margin* Architectural Metals Year-over-year change $124.4 (9.9)% 13.5% +80 bps Architectural Services Year-over-year change $105.2 +0.2% 9.7% +20 bps Architectural Glass Year-over-year change $70.9 +0.9% 16.3% (250) bps Performance Surfaces Year-over-year change $53.0 +59.6% 22.5% (110) bps Third Quarter FY2026 • *Adjusted EBITDA margin is a non-GAAP metric, see reconciliation table • Segment net sales is defined as net sales for a certain segment and includes revenue related to intersegment transactions. • Net sales intersegment eliminations are reported separately to exclude these sales from our consolidated total. Apogee Enterprises, Inc.Q3 FY2026 Earnings | January 2026
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Cash Flow and Balance Sheet Apogee Enterprises, Inc. 7 Commentary • YTD change in free cash flow* was primarily driven by lower net earnings • YTD returned ~$17 million to shareholders in dividends • Consolidated Leverage Ratio* of 1.4x (as defined in our credit agreement) • No near-term debt maturities and strong liquidity $ in millions Nine Months Ended 11/29/25 Nine Months Ended 11/30/24 Cash flow from operations $66.6 $95.1 Capital expenditures $18.3 $24.7 Free cash flow* $48.3 $70.4 Share repurchases - $15.1 Dividends $16.6 $16.2 $ in millions Nov 29, 2025 Mar 1, 2025 Total debt $255.0 $285.0 Cash & equivalents $41.3 $41.4 Net debt* $213.7 $243.6 *Consolidated Leverage Ratio, Free Cash Flow and Net Debt are Non-GAAP Financial Measure. See definitions at the end of this presentation. Note: Totals may not sum precisely due to rounding. Q3 FY2026 Earnings | January 2026
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FY26 Outlook Apogee Enterprises, Inc. 8 Q3 FY2026 Earnings | January 2026
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Estimated Tariff Impact Summary Apogee Enterprises, Inc. 9 DIRECT INDIRECT DESCRIPTION • Tariffs incurred directly by the company to deliver products to customers • Primarily tariffs on aluminum products imported from Canada • Services: Impact from products fabricated in Canada with delivery into US • Metals: Impact from products fabricated in Canada with delivery into US, and products fabricated in US imported to Canada • Raw material cost inflation, primarily aluminum • More than ‘typical’ inflationary increases in prices from suppliers • Potential impacts from supply chain disruptions • Volume declines from market softness and/or price increases MITIGATION ACTIONS • Optimized manufacturing footprint in Fortify Phase 2; transition completed in Q2 • Productivity initiatives • Supply chain negotiations and diversification • Internal cost control • Price increases where appropriate • Balanced approach to price vs. volume • Sales opportunities vs. foreign competitors F26 ESTIMATED IMPACT (net of mitigation actions) • ~$0.30 unfavorable EPS impact • ~30% of the impact in Services segment, ~60% in Metals segment, remainder impacting Glass and Surfaces • Does not include material impacts from market softness or supply chain disruptions Tariff Summary assumes tariffs in place as of January 7, 2026 Q3 FY2026 Earnings | January 2026
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Full-Year FY26 Outlook Apogee Enterprises, Inc. 10 **Adjusted effective tax rate is a Non-GAAP Financial Measure. See definitions at the end of this presentation. Additional details • Updating estimates for net sales and adjusted diluted EPS to reflect highly competitive pricing market and aluminum cost inflation • Project Fortify Phase 2 expanded from $13 million to $15 million to now $25 million to $26 million in annualized pre-tax cost savings • Tariffs estimated to reduce full-year adjusted diluted EPS by $0.30 • Adjusted effective tax rate** of approximately 27% • CapEx between $25 million to $30 millionAdjusted diluted EPS* $3.40 - $3.50 (previously $3.60-$3.90) Net sales ~$1.39B (previously $1.39B-$1.42B) *Non-GAAP metric, see reconciliation table Q3 FY2026 Earnings | January 2026
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• Q3 results in-line with our expectations despite a challenging and dynamic operating environment • Project Fortify Phase 2 expanded to deliver between $25 million to $26 million in annualized pre-tax cost savings • Continuing to prioritize operational excellence and productivity gains through the Apogee Management System • Utilizing balance sheet strength and active M&A pipeline to unlock future growth opportunities • Updated F26 outlook for net sales and adjusted diluted EPS Summary 11 609 Main| Houston, TX Photo credit: Harmon, Inc. Apogee Enterprises, Inc.Q3 FY2026 Earnings | January 2026
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Q&A Apogee Enterprises, Inc. 12 Q3 FY2026 Earnings | January 2026
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Non-GAAP Financial Measures • Adjusted net earnings, adjusted diluted EPS, and adjusted EBITDA are used by the Company to provide meaningful supplemental information about its operating performance by excluding amounts that are not considered part of core operating results to enhance comparability of results from period to period. • Adjusted EBITDA represents adjusted net earnings before interest, taxes, depreciation, and amortization, and adjusted EBITDA margin is adjusted EBITDA as a percentage of net sales. We use adjusted EBITDA and adjusted EBITDA margin to assess segment performance and make decisions about the allocation of operating and capital resources by analyzing recent results, trends, and variances of each segment in relation to forecasts and historical performance. • Free cash flow is defined as net cash provided by operating activities, minus capital expenditures. The Company considers this measure an indication of its financial strength. However, free cash flow does not fully reflect the Company’s ability to freely deploy generated cash, as it does not reflect, for example, required payments on indebtedness and other fixed obligations. • Net debt is a non-GAAP financial measure which the Company defines as total debt less cash and cash equivalents. • Consolidated Leverage Ratio is calculated as Consolidated Funded Indebtedness minus Unrestricted Cash at the end of the current period, divided by Consolidated EBITDA (calculated as EBITDA plus certain non-cash charges and allowed addbacks, less certain non-cash income, plus the pro forma effect of acquisitions and certain pro forma run-rate cost savings for acquisitions and dispositions, as applicable for the trailing twelve months ended as of the current period). All capitalized and undefined terms used in this bullet are defined in the Company’s credit agreement dated July 19, 2024. The Company is unable to present a quantitative reconciliation of forward-looking expected Consolidated Leverage Ratio to its most directly comparable forward-looking GAAP financial measure because such information is not available, and management cannot reliably predict all the necessary components of such GAAP financial measure without unreasonable effort or expense. In addition, the Company believes such reconciliation would imply a degree of precision that would be confusing or misleading to investors. • Adjusted effective tax rate is a non-GAAP financial measure that reflects the tax burden on income after considering all of the specific non-GAAP adjustments. It is defined as income tax expense, less tax on adjusting items, divided by the adjusted earnings before income taxes. • Backlog is an operating measure used by management to assess future potential sales revenue. Backlog is defined as the dollar amount of signed contracts or firm orders, generally as a result of a competitive bidding process, which is expected to be recognized as revenue. It is most meaningful for the Architectural Services segment, due to the longer-term nature of their projects. Backlog is not a term defined under U.S. GAAP and is not a measure of contract profitability. Backlog should not be used as the sole indicator of future revenue because the Company has a substantial number of projects with short lead times that book-and-bill within the same reporting period that are not included in backlog. 13Apogee Enterprises, Inc.Q3 FY2026 Earnings | January 2026
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Reconciliation of Non-GAAP Financial Measures Apogee Enterprises, Inc. 14 Adjusted net earnings and adjusted diluted earnings per share (Unaudited) Note: Per share amounts are computed independently for each of the items presented so the sum of the items may not equal the total amount. Q3 FY2026 Earnings | January 2026
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15 Reconciliation of Non-GAAP Financial Measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin (Earnings before interest, taxes, depreciation, and amortization) (Unaudited) Apogee Enterprises, Inc.Q3 FY2026 Earnings | January 2026
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16 Reconciliation of Non-GAAP Financial Measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin (Earnings before interest, taxes, depreciation, and amortization) (Unaudited) Apogee Enterprises, Inc.Q3 FY2026 Earnings | January 2026
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Reconciliation of Non-GAAP Financial Measures Apogee Enterprises, Inc. 17 Reconciliation from Adjusted Operating Income to Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization)(Unaudited) Q3 FY2026 Earnings | January 2026
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Apogee Enterprises, Inc. 18 Reconciliation of F26 Outlook Adjusted Diluted EPS Adjusted diluted earnings per share (EPS) (Unaudited) Note: Per share amounts are computed independently for each of the items presented so the sum of the items may not equal the total amount. Q3 FY2026 Earnings | January 2026