UFP INDUSTRIES, INC._October 29, 2025
0000912767false00009127672025-10-292025-10-29

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): October 29, 2025

UFP INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Michigan

(State or other Jurisdiction of Incorporation)

0-22684

(Commission File Number)

38-1465835

(IRS Employer Identification No.)

2801 East Beltline, NE Grand Rapids, Michigan

(Address of Principal Executive Offices)

49525

(Zip Code)

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:

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

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

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

        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

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        Results of Operations and Financial Condition

On October 29, 2025, the Registrant issued a press release announcing its financial results for the quarter-ended September 27, 2025.  A copy of the Registrant’s press release is attached as Exhibit 99(a) to this Current Report.

Item 9.01        Financial Statements, Pro Forma Financial Information, and Exhibits

(c)Exhibits

99(a)Press Release dated October 29, 2025

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

2

EXHIBIT INDEX

Exhibit Number

    

Document

99(a)

Press Release, dated October 29, 2025.

104

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

3

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.

(Registrant)

Dated: October 29, 2025

By:

/s/ Michael R. Cole

Michael R. Cole

Chief Financial Officer,

Principal Financial Officer and

Treasurer

4

Exhibit 99(a)

Graphic

UFP Industries Announces Third Quarter 2025 Results


GRAND RAPIDS, MI (October 29, 2025) - 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 third quarter 2025.

Net Sales of $1.56 billion decreased by 5 percent due to a 1 percent decrease in price and a 4 percent decline in organic units.
Diluted earnings per share of $1.29 compared to $1.64 a year ago.
Net earnings attributable to controlling interests of $75 million compared to $100 million a year ago.
Adjusted EBITDA1 was $140.0 million in the quarter, or 9.0 percent of net sales compared to 10.0 percent a year ago.
New product sales were 7.6 percent of total sales.
Repurchased approximately $350 million in company shares year to date in 2025.
Reaffirming volume outlook across each business segment for the remainder of 2025.

Will Schwartz, President and CEO of UFP Industries commented, “Our third quarter played out largely as anticipated and reflective of the competitive environment we are seeing across our end markets. Visibility remains limited, particularly in markets tied to residential construction; however, trends across the majority of our business units have shown signs of stabilizing, demonstrating the benefits of our balanced portfolio and the team we have in place. I’m proud of how our team has navigated these challenging market conditions with our adjusted EBITDA margin approximately 200 basis points higher than 2019 levels despite competitive pricing and weaker demand, startup costs associated with growth investments and substantial investments to build our Surestone brand. We plan to gain market share, strengthen return on capital, and achieve margin improvements. As part of this plan, we will have reduced structural costs by $60 million from 2024 levels by the end of 2026.”

Schwartz continued, “Looking ahead, we are driving innovation across the product portfolio and making strategic investments to create shareholder value. Our long-term capital plans remain aggressive, with a bias toward driving growth through investment in our most attractive opportunities. M&A remains a key component to our capital allocation strategy, and we have identified targets across each of our business units that complement our core strengths. Our robust financial position remains a competitive advantage enabling us to repurchase approximately $350 million of our shares through the end of October, while increasing our cash dividend year over year. Grounded in the strength of our team and business model, we remain focused on the strategies to grow our core, higher margin businesses, develop innovative new products and drive operational efficiencies across our network of plants. We are confident in our ability to continue executing as we move into next year.”

Third Quarter 2025 Highlights

UFP Consolidated

(In thousands)

Quarter Period

Year to Date

2025

2024

% Change

2025

2024

% Change

NET SALES

$

1,559,627

$

1,649,383

(5.4)

%

$

4,990,520

$

5,190,308

(3.8)

%

GROSS PROFIT

262,681

298,412

(12.0)

843,611

987,233

(14.5)

GROSS MARGIN

16.8

%

18.1

%

16.9

%

19.0

%

NET EARNINGS

75,542

101,619

(25.7)

255,836

348,950

(26.7)

ADJUSTED EBITDA

140,019

164,915

(15.1)

456,317

549,562

(17.0)

ADJUSTED EBITDA MARGIN

9.0

%

10.0

%

9.1

%

10.6

%

PERCENTAGE CHANGE IN SALES:

ORGANIC UNITS

(4)

%

(3)

%

ACQUISITIONS

SELLING PRICES

(1)

(1)

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

Page 1


Exhibit 99(a)

UFP Retail

(In thousands)

Quarter Period

Year to Date

2025

2024

% Change

2025

2024

% Change

NET SALES

$

593,985

$

635,571

(6.5)

%

$

1,989,592

$

2,073,403

(4.0)

%

GROSS PROFIT

80,222

93,055

(13.8)

275,257

320,939

(14.2)

GROSS MARGIN

13.5

%

14.6

%

13.8

%

15.5

%

NET EARNINGS

15,741

31,769

(50.5)

77,532

114,768

(32.4)

ADJUSTED EBITDA

39,985

51,155

(21.8)

139,812

176,701

(20.9)

ADJUSTED EBITDA MARGIN

6.7

%

8.0

%

7.0

%

8.5

%

PERCENTAGE CHANGE IN SALES:

ORGANIC UNITS

(6)

%

(5)

%

ACQUISITIONS

SELLING PRICES

(1)

1

ProWood organic unit sales declined 5 percent in the quarter from year ago levels.
Deckorators organic unit sales grew 5 percent in the quarter from year ago levels.
Retail gross profit and adjusted EBITDA fell 14 percent and 22 percent, respectively, from year ago levels. Falling lumber prices, temporary startup costs associated with the expansion of our Surestone product launch, inefficiencies from our Edge restructuring efforts, and higher marketing spend drove declines in the quarter. These were partially offset by a decrease in SG&A expenses despite higher advertising investments to build the Surestone brand.

UFP Packaging

(In thousands)

Quarter Period

Year to Date

2025

2024

% Change

2025

2024

% Change

NET SALES

$

394,949

$

401,626

(1.7)

%

$

1,233,626

$

1,261,248

(2.2)

%

GROSS PROFIT

67,421

71,245

(5.4)

207,577

240,371

(13.6)

GROSS MARGIN

17.1

%

17.7

%

16.8

%

19.1

%

NET EARNINGS

21,358

16,507

29.4

58,908

63,472

(7.2)

ADJUSTED EBITDA

34,284

34,348

(0.2)

108,125

121,620

(11.1)

ADJUSTED EBITDA MARGIN

8.7

%

8.6

%

8.8

%

9.6

%

PERCENTAGE CHANGE IN SALES:

ORGANIC UNITS

(3)

%

(1)

%

ACQUISITIONS

1

1

SELLING PRICES

-

(2)

Structural Packaging organic unit sales declined 5 percent in the quarter from year ago levels.
PalletOne organic unit sales declined 4 percent in the quarter from year ago levels.
Protective Packaging unit sales grew 15 percent in the quarter from a year ago.
Packaging gross profit and adjusted EBITDA fell 5 percent and held flat, respectively, from year ago levels. Gross profit declines were primarily due to PalletOne because of price competition as we are executing our strategy to increase market share.  Adjusted EBITDA was flat as the decline in gross profit was offset by a decrease in SG&A.

Page 2


Exhibit 99(a)

UFP Construction

(In thousands)

Quarter Period

Year to Date

2025

2024

% Change

2025

2024

% Change

NET SALES

$

496,465

$

534,625

(7.1)

%

$

1,563,995

$

1,627,068

(3.9)

%

GROSS PROFIT

91,203

111,658

(18.3)

282,192

351,548

(19.7)

GROSS MARGIN

18.4

%

20.9

%

18.0

%

21.6

%

NET EARNINGS

24,682

32,127

(23.2)

74,189

108,584

(31.7)

ADJUSTED EBITDA

41,878

50,888

(17.7)

124,668

163,395

(23.7)

ADJUSTED EBITDA MARGIN

8.4

%

9.5

%

8.0

%

10.0

%

PERCENTAGE CHANGE IN SALES:

ORGANIC UNITS

(2)

%

1

%

ACQUISITIONS

SELLING PRICES

(5)

(5)

Site Built organic unit sales declined 15 percent in the quarter from year ago levels.
Factory Built organic unit sales grew 4 percent in the quarter from year ago levels.
Concrete Forming Solutions organic unit sales grew 12 percent in the quarter from year ago levels.
Commercial organic sales grew 13 percent in the quarter from year ago levels.
Construction gross profit and adjusted EBITDA each fell 18 percent, respectively from year ago levels. Weaker volumes and competitive pricing in our Site Built business led the declines in the quarter as our other businesses reported profit growth in the quarter.

Capital Structure, Leverage and Liquidity Information

UFP Industries maintains a strong balance sheet and as of September 27, 2025, had liquidity of approximately $2.3 billion consisting of $1.0 billion 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. In 2024, the company announced up to $1 billion in capital investments through 2028 for automation, technology upgrades, geographic expansion, and increased capacity at existing facilities. The company expects to invest approximately $275 million to $300 million on capital projects in 2025.
Dividend payments. On October 23, 2025, the UFP Industries Board of Directors approved a quarterly cash dividend payment of $0.35 per share, which represents a 6 percent year over year increase. This dividend is payable on December 15, 2025, to shareholders of record on December 1, 2025. 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 growth.
Share repurchases. As of September 27, 2025, we have repurchased 2.8 million shares for $291 million, at an average share price of $103.04 for the year. In October, we have repurchased an additional 615k shares for $56 million, at an average price of $91.03.

2025 Full Year and Long-Term Outlook

Our 2025 outlook remains largely unchanged. We continue to anticipate the softer demand and competitive pricing environment will remain through the balance of 2025 and are planning for low single-digit unit declines in each of our segments. We anticipate a more significant decline in markets tied to new residential construction, but we continue to expect to see some level of stabilization in most of our other businesses units as an offset. We expect initial stocking orders and expanded manufacturing and distribution capabilities will support momentum in our Deckorators’s and Surestone business through the remainder of the year and into 2026.

The company’s long-term 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

Page 3


Exhibit 99(a)

Conference Call

UFP Industries will host a conference call on Thursday, October 30, 2025, to discuss these results and outlook. The conference call will begin at 10:00 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.

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, a non-GAAP financial measure, in order to evaluate historical and ongoing operations. Management believes that this non-GAAP financial measure is useful in order to enable investors to perform meaningful comparisons of historical and current performance. Adjusted EBITDA is intended to supplement and should be read together with the financial results. Adjusted EBITDA should not be considered an alternative or substitute 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 measure. See the table below for a reconciliation of Adjusted EBITDA to net earnings.

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


Exhibit 99(a)

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND

COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 2025/2024

Quarter Period

Year to Date

(In thousands, except per share data)

    

2025

2024

2025

2024

NET SALES

$

1,559,627

  

100.0

$

1,649,383

  

100.0

$

4,990,520

  

100.0

$

5,190,308

  

100.0

%

COST OF GOODS SOLD

1,296,946

83.2

1,350,971

81.9

4,146,909

83.1

4,203,075

81.0

GROSS PROFIT

262,681

16.8

298,412

18.1

843,611

16.9

987,233

19.0

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

170,030

10.9

183,341

11.1

531,279

10.6

578,555

11.1

NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS

2,458

0.2

(453)

6,212

0.1

1,538

OTHER LOSSES (GAINS), NET

722

(4,402)

(0.3)

1,306

(5,643)

(0.1)

EARNINGS FROM OPERATIONS

89,471

5.7

119,926

7.3

304,814

6.1

412,783

8.0

INTEREST AND OTHER

(9,663)

(0.6)

(14,184)

(0.9)

(26,946)

(0.5)

(36,353)

(0.7)

EARNINGS BEFORE INCOME TAXES

99,134

6.4

134,110

8.1

331,760

6.6

449,136

8.7

INCOME TAXES

23,592

1.5

32,491

2.0

75,924

1.5

100,186

1.9

NET EARNINGS

75,542

4.8

101,619

6.2

255,836

5.1

348,950

6.7

LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST

(196)

(1,819)

(0.1)

(1,003)

(2,429)

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST

$

75,346

4.8

$

99,800

6.1

$

254,833

5.1

$

346,521

6.7

EARNINGS PER SHARE - BASIC

$

1.29

$

1.64

$

4.29

$

5.66

EARNINGS PER SHARE - DILUTED

$

1.29

$

1.64

$

4.28

$

5.65

COMPREHENSIVE INCOME

$

76,049

$

102,411

$

271,262

$

340,632

LESS COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST

(487)

(1,032)

(2,878)

397

COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST

$

75,562

$

101,379

$

268,384

$

341,029

Page 5


Exhibit 99(a)

CONDENSED CONSOLIDATED STATEMENTS

OF EARNINGS BY SEGMENT (UNAUDITED)

FOR THE THREE MONTHS ENDED SEPTEMBER 2025/2024

Quarter Period 2025

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

NET SALES

$

593,985

$

394,949

$

496,465

$

72,482

$

1,746

$

1,559,627

COST OF GOODS SOLD

 

513,763

 

327,528

 

405,262

59,251

(8,858)

1,296,946

GROSS PROFIT

80,222

67,421

91,203

13,231

10,604

262,681

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

49,032

45,831

58,943

9,226

6,998

170,030

NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS

9,983

(5,970)

(59)

63

(1,559)

2,458

OTHER LOSSES (GAINS), NET

 

462

(3)

203

60

722

EARNINGS FROM OPERATIONS

20,745

27,560

32,322

3,739

5,105

89,471

INTEREST AND OTHER

(70)

(381)

(7)

(2,845)

(6,360)

(9,663)

EARNINGS BEFORE INCOME TAXES

20,815

27,941

32,329

6,584

11,465

99,134

INCOME TAXES

5,074

6,583

7,647

1,691

2,597

23,592

NET EARNINGS

$

15,741

$

21,358

$

24,682

$

4,893

$

8,868

$

75,542

Quarter Period 2024

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

NET SALES

$

635,571

$

401,626

$

534,625

$

75,802

$

1,759

$

1,649,383

COST OF GOODS SOLD

 

542,516

 

330,381

 

422,967

 

61,350

(6,243)

1,350,971

GROSS PROFIT

93,055

71,245

111,658

14,452

8,002

298,412

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

54,113

49,352

69,046

13,696

(2,866)

183,341

NET (GAIN) LOSS ON DISPOSITION AND IMPAIRMENT OF ASSETS

(9)

28

(64)

(4)

(404)

(453)

OTHER (GAINS) LOSSES, NET

 

(2,861)

276

(1,787)

(30)

(4,402)

EARNINGS FROM OPERATIONS

41,812

21,865

42,400

2,547

11,302

119,926

INTEREST AND OTHER

(114)

81

(4,033)

(10,118)

(14,184)

EARNINGS BEFORE INCOME TAXES

41,926

21,784

42,400

6,580

21,420

134,110

INCOME TAXES

10,157

5,277

10,273

1,594

5,190

32,491

NET EARNINGS

$

31,769

$

16,507

$

32,127

$

4,986

$

16,230

$

101,619

Page 6


Exhibit 99(a)

CONDENSED CONSOLIDATED STATEMENTS

OF EARNINGS BY SEGMENT (UNAUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 2025/2024

Year to Date 2025

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

NET SALES

$

1,989,592

$

1,233,626

$

1,563,995

$

197,806

$

5,501

$

4,990,520

COST OF GOODS SOLD

 

1,714,335

 

1,026,049

 

1,281,803

 

160,706

(35,984)

4,146,909

GROSS PROFIT

275,257

207,577

282,192

37,100

41,485

843,611

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

163,029

136,748

185,454

28,086

17,962

531,279

NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS

11,090

(4,713)

272

2,679

(3,116)

6,212

OTHER LOSSES (GAINS), NET

780

268

451

(193)

1,306

EARNINGS FROM OPERATIONS

100,358

75,542

96,198

5,884

26,832

304,814

INTEREST AND OTHER

(184)

(848)

(8)

(6,304)

(19,602)

(26,946)

EARNINGS BEFORE INCOME TAXES

100,542

76,390

96,206

12,188

46,434

331,760

INCOME TAXES

23,010

17,482

22,017

2,779

10,636

75,924

NET EARNINGS

$

77,532

$

58,908

$

74,189

$

9,409

$

35,798

$

255,836

Year to Date 2024

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

NET SALES

$

2,073,403

$

1,261,248

$

1,627,068

$

224,219

$

4,370

$

5,190,308

COST OF GOODS SOLD

 

1,752,464

 

1,020,877

 

1,275,520

 

171,916

(17,702)

4,203,075

GROSS PROFIT

320,939

240,371

351,548

52,303

22,072

987,233

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

175,014

156,289

211,503

41,663

(5,914)

578,555

NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS

877

1,455

222

10

(1,026)

1,538

OTHER (GAINS) LOSSES, NET

(2,527)

70

(3,286)

100

(5,643)

EARNINGS FROM OPERATIONS

147,575

82,627

139,753

13,916

28,912

412,783

INTEREST AND OTHER

(386)

1,314

(25)

(8,826)

(28,430)

(36,353)

EARNINGS BEFORE INCOME TAXES

147,961

81,313

139,778

22,742

57,342

449,136

INCOME TAXES

33,193

17,841

31,194

5,072

12,886

100,186

NET EARNINGS

$

114,768

$

63,472

$

108,584

$

17,670

$

44,456

$

348,950

Page 7


Exhibit 99(a)

RECONCILIATION OF NET EARNINGS TO

ADJUSTED EBITDA BY SEGMENT (UNAUDITED)

FOR THE THREE MONTHS ENDED SEPTEMBER 2025/2024

Quarter Period 2025

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

NET EARNINGS

$

15,741

$

21,358

$

24,682

$

4,893

$

8,868

$

75,542

INTEREST AND OTHER

(70)

(381)

(7)

(2,845)

(6,360)

(9,663)

INCOME TAXES

5,074

6,583

7,647

1,691

2,597

23,592

EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS

855

1,609

2,173

171

2,728

7,536

NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS

7,583

(5,970)

(59)

63

(1,559)

58

IMPAIRMENT OF INTANGIBLES

2,400

2,400

DEPRECIATION EXPENSE

7,523

8,946

6,667

1,027

10,470

34,633

AMORTIZATION OF INTANGIBLES

879

2,139

775

1,701

427

5,921

ADJUSTED EBITDA

$

39,985

$

34,284

$

41,878

$

6,701

$

17,171

$

140,019

NET EARNINGS AS A PERCENTAGE OF NET SALES

2.7%

5.4%

5.0%

6.8%

*

4.8%

ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES

6.7%

8.7%

8.4%

9.2%

*

9.0%

* Not meaningful

Quarter Period 2024

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

NET EARNINGS

$

31,769

$

16,507

$

32,127

$

4,986

$

16,230

$

101,619

INTEREST AND OTHER

(114)

81

(4,033)

(10,118)

(14,184)

INCOME TAXES

10,157

5,277

10,273

1,594

5,190

32,491

EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS

1,116

1,575

1,822

140

3,416

8,069

NET (GAIN) LOSS ON DISPOSITION AND IMPAIRMENT OF ASSETS

(9)

28

(64)

(4)

(404)

(453)

GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY

DEPRECIATION EXPENSE

7,238

8,664

6,027

832

8,726

31,487

AMORTIZATION OF INTANGIBLES

998

2,216

703

1,536

433

5,886

ADJUSTED EBITDA

$

51,155

$

34,348

$

50,888

$

5,051

$

23,473

$

164,915

NET EARNINGS AS A PERCENTAGE OF NET SALES

5.0%

4.1%

6.0%

6.6%

*

6.2%

ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES

8.0%

8.6%

9.5%

6.7%

*

10.0%

* Not meaningful

Page 8


Exhibit 99(a)

RECONCILIATION OF NET EARNINGS TO

ADJUSTED EBITDA BY SEGMENT (UNAUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 2025/2024

Year to Date 2025

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

NET EARNINGS

$

77,532

$

58,908

$

74,189

$

9,409

$

35,798

$

255,836

INTEREST AND OTHER

(184)

(848)

(8)

(6,304)

(19,602)

(26,946)

INCOME TAXES

23,010

17,482

22,017

2,779

10,636

75,924

EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS

3,146

5,390

7,173

609

11,588

27,906

NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS

8,690

(4,713)

272

2,679

(3,116)

3,812

IMPAIRMENT OF INTANGIBLES

2,400

2,400

GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY

(1,511)

(344)

(1,855)

DEPRECIATION EXPENSE

22,425

26,933

19,188

3,080

29,948

101,574

AMORTIZATION OF INTANGIBLES

2,793

6,484

2,181

4,973

1,235

17,666

ADJUSTED EBITDA

$

139,812

$

108,125

$

124,668

$

17,225

$

66,487

$

456,317

NET EARNINGS AS A PERCENTAGE OF NET SALES

3.9%

4.8%

4.7%

4.8%

*

5.1%

ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES

7.0%

8.8%

8.0%

8.7%

*

9.1%

* Not meaningful

Year to Date 2024

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

NET EARNINGS

$

114,768

$

63,472

$

108,584

$

17,670

$

44,456

$

348,950

INTEREST AND OTHER

(386)

1,314

(25)

(8,826)

(28,430)

(36,353)

INCOME TAXES

33,193

17,841

31,194

5,072

12,886

100,186

EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS

3,928

5,351

6,098

609

11,359

27,345

NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS

877

1,455

222

10

(1,026)

1,538

GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY

(37)

(1,818)

(1,855)

DEPRECIATION EXPENSE

21,327

25,600

17,032

2,449

25,722

92,130

AMORTIZATION OF INTANGIBLES

2,994

6,624

2,108

4,573

1,322

17,621

ADJUSTED EBITDA

$

176,701

$

121,620

$

163,395

$

21,557

$

66,289

$

549,562

NET EARNINGS AS A PERCENTAGE OF NET SALES

5.5%

5.0%

6.7%

7.9%

*

6.7%

ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES

8.5%

9.6%

10.0%

9.6%

*

10.6%

* Not meaningful

Page 9


Exhibit 99(a)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

SEPTEMBER 2025/2024

(In thousands)

ASSETS

    

2025

    

2024

    

LIABILITIES AND EQUITY

    

2025

    

2024

CURRENT ASSETS

CURRENT LIABILITIES

Cash and cash equivalents

$

1,008,632

1,190,807

Accounts payable

$

231,905

239,897

Restricted cash

3,062

761

Accrued liabilities and other

294,923

322,031

Investments

33,926

38,935

Current portion of debt

5,386

44,103

Accounts receivable

607,537

650,869

Inventories

667,418

645,429

Other current assets

66,509

86,724

TOTAL CURRENT ASSETS

2,387,084

2,613,525

TOTAL CURRENT LIABILITIES

532,214

606,031

OTHER ASSETS

283,796

259,637

LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS

229,007

232,043

INTANGIBLE ASSETS, NET

488,774

501,641

OTHER LIABILITIES

166,057

180,465

TEMPORARY EQUITY

5,018

5,527

PROPERTY, PLANT AND EQUIPMENT, NET

975,897

843,082

SHAREHOLDERS' EQUITY

3,203,255

3,193,819

TOTAL ASSETS

$

4,135,551

$

4,217,885

TOTAL LIABILITIES AND EQUITY

$

4,135,551

$

4,217,885

Page 10


Exhibit 99(a)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE NINE MONTHS ENDED

SEPTEMBER 2025/2024

(In thousands)

    

2025

    

2024

CASH FLOWS FROM OPERATING ACTIVITIES:

Net earnings

$

255,836

$

348,950

Adjustments to reconcile net earnings to net cash from operating activities:

Depreciation

101,574

92,130

Amortization of intangibles

17,666

17,621

Expense associated with share-based and grant compensation arrangements

27,906

27,345

Deferred income taxes

(393)

(674)

Unrealized gain on investment and other

(2,195)

(3,201)

Equity in (earnings) loss of investee

(1,072)

1,313

Net loss on sale, disposition and impairment of assets

3,812

1,538

Impairment of intangibles

2,400

Gain from reduction of estimated earnout liability

(1,855)

(1,855)

Changes in:

Accounts receivable

(104,813)

(102,355)

Inventories

61,025

81,238

Accounts payable

6,243

37,391

Accrued liabilities and other

32,988

(1,779)

NET CASH FROM OPERATING ACTIVITIES

399,122

497,662

CASH FLOWS USED IN INVESTING ACTIVITIES:

Purchases of property, plant, and equipment

(205,504)

(165,493)

Proceeds from sale of property, plant and equipment

17,308

3,795

Acquisitions and purchases of non-controlling interest, net of cash received

(17,626)

Purchases of investments

(27,388)

(34,284)

Proceeds from sale of investments

14,464

13,782

Other

1,535

4,712

NET CASH USED IN INVESTING ACTIVITIES

(217,211)

(177,488)

CASH FLOWS USED IN FINANCING ACTIVITIES:

Borrowings under revolving credit facilities

23,299

20,130

Repayments under revolving credit facilities

(22,469)

(20,477)

Repayment of debt on behalf of investee

(6,303)

Contingent consideration payments and other

(221)

(4,779)

Proceeds from issuance of common stock

1,867

2,122

Dividends paid to shareholders

(62,490)

(60,721)

Distributions to noncontrolling interest

(1,280)

(11,848)

Purchase of remaining noncontrolling interest of subsidiary

(4,902)

Payments to taxing authorities in connection with shares directly withheld from employees

(9,582)

(17,838)

Repurchase of common stock

(280,987)

(141,122)

Other

(182)

55

NET CASH USED IN FINANCING ACTIVITIES

(352,045)

(245,683)

Effect of exchange rate changes on cash

2,234

(5,179)

NET CHANGE IN CASH AND CASH EQUIVALENTS

(167,900)

69,312

ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

1,179,594

1,122,256

ALL CASH AND CASH EQUIVALENTS, END OF PERIOD

$

1,011,694

$

1,191,568

Reconciliation of cash and cash equivalents and restricted cash:

Cash and cash equivalents, beginning of period

$

1,171,828

$

1,118,329

Restricted cash, beginning of period

7,766

3,927

All cash and cash equivalents, beginning of period

$

1,179,594

$

1,122,256

Cash and cash equivalents, end of period

$

1,008,632

$

1,190,807

Restricted cash, end of period

3,062

761

All cash and cash equivalents, end of period

$

1,011,694

$

1,191,568

Page 11