Valmont Industries

FOR THE FISCAL YEAR 
ENDING DECEMBER 28, 2024
2024 Annual Report   
& Form 10-K

1
A MESSAGE FROM OUR PRESIDENT & CEO
Dear shareholders, 
Last year when I wrote you, I was in my first six months as CEO at Valmont. At that 
time, I shared that our priority would be returning to our core, focusing on what 
Valmont does best to deliver strong financial results and exceptional value for our 
shareholders. Over the past year, we made great strides toward this goal, delivering 
a solid financial performance and creating value. 
Financial highlights
In fiscal 2024, Valmont achieved full-year net sales of $4.1 billion, slightly below 2023.  
We sustained Infrastructure revenues, in line with our expectations, despite steel 
index deflation, which was more than offset by challenges in the agriculture market. 
Despite topline pressure, our team improved margins and operating profit, generating 
strong cash flows. These results were driven by pricing discipline, strategic 
deselection of underperforming product lines, and a streamlined cost structure. 
Additionally, we grew diluted earnings per share by nearly 15%² to $17.19, reflecting 
both our progress on profitability and our commitment to share buybacks as part 
of our capital allocation strategy. We are energized by the opportunities ahead and 
remain committed to continuous improvement – one of our core values – as we 
build on this success.
AVNER M. APPLBAUM
President & Chief Executive Officer
¹ Fiscal 2023 GAAP operating income included the impairment of goodwill and other intangible assets of $140.8 million (pre-tax), realignment charges of $35.2 million (pre-tax), and non-recurring charges associated 
with major scope changes for two strategic projects initiated by departed senior leadership of $5.6 million (pre-tax). On an adjusted basis, operating income was $473.2 million. Fiscal 2022 GAAP operating income 
included stock-based compensation for Prospera of $9.9 million (pre-tax) and intangible amortization for Prospera of $6.6 million (pre-tax). On an adjusted basis, operating income was $449.7 million. Fiscal 2021 
GAAP operating income included impairment costs of long-lived assets of $27.9 million (pre-tax), intangible amortization and stock-based compensation for Prospera of $8.6 million (pre-tax), receivable write-off of 
$5.5 million (pre-tax), acquisition diligence expense of $1.1 million (pre-tax), and severance expense of $4.1 million (pre-tax). On an adjusted basis operating income was $334.0 million. Fiscal 2020 GAAP operating 
income included the impairment of long-lived assets of $16.6 million (pre-tax) and restructuring and related asset impairment costs of $25.9 million (pre-tax). On an adjusted basis, operating income was  
$268.5 million.
² Fiscal 2023 GAAP diluted earnings per share were $6.78, and, as adjusted, $14.98. Fiscal 2023 GAAP net earnings included the impairment of long-lived assets of $136.5 million after-tax ($6.45 per share), 
realignment charges of $26.5 million after-tax ($1.25 per share), nonrecurring charges associated with major scope changes for two strategic projects initiated by departed senior leadership of $4.2 million after-tax  
($0.20 per share), loss from Argentine peso hyperinflation attributable to Valmont Industries, Inc. of $2.5 million after-tax ($0.12 per share), and non-recurring tax benefit items of $3.6 million ($0.17 per share).  
Fiscal 2022 GAAP net earnings included the loss from divestiture of the offshore wind energy structures business of $33.3 million after-tax ($1.54 per share), intangible asset amortization for Prospera of  
$6.6 million after-tax ($0.30 per share), and stock-based compensation for Prospera of $7.4 million after-tax ($0.35 per share). Fiscal 2021 GAAP net earnings included impairment costs of long-lived offshore 
structures assets of $21.7 million after-tax ($1.01 per share), intangible amortization and stock-based compensation for Prospera of $6.6 million after-tax ($0.31 per share), receivable write-off of $4.2 million  
after-tax ($0.20 per share), acquisition diligence expense of $0.9 million after-tax ($0.04 per share), severance expense of $3.1 million after-tax ($0.14 per share), impact of UK tax rate change of $2.8 million  
($0.13 per share), and valuation allowance against deferred tax asset of $5.1 million ($0.24 per share). Fiscal 2020 GAAP net earnings included the impairment of long-lived assets of $16.2 million ($0.76 per share) 
and restructuring and related asset impairment costs of $18.2 million after-tax ($0.85 per share).
Diluted earnings per share up nearly 15%² over 2023
$17.19
OPERATING INCOME ($M) & OPERATING MARGIN
GAAP
Adjusted1
2022
2023
2024
2021
$287
$334
$433
$450
$292
$473
$525
8.2%
9.5%
10.0% 10.3%
7.0%
11.3%
12.9%
$226
$268
2020
7.8%
9.3%
RETURN ON INVESTED CAPITAL
2022
2023
2024
10.1%
2021
12.9%
7.2%
16.4%
14.0%
13.3%
11.7%
10.3%
2020
8.7%
Base
Adjusted1

2
Disciplined resource allocation
We’ve focused our go-to-market strategy on high-return opportunities. Our capital investments in manufacturing expansion, 
supported by investments in our people, will enhance our capacity and capabilities to meet growing demand. These 
investments are a key component of our capital allocation strategy, focused on long-term growth and delivering a strong 
return on invested capital. I’m proud of the work our Valmont team has done to identify and execute strategic investments 
that will drive the business forward. We also demonstrated our ongoing commitment to returning capital to shareholders in 
2024, distributing more than $118 million through dividends and share repurchases.  
Our markets
The long-term outlook for our businesses is strong, and we’ve intentionally aligned with customers and markets that will 
benefit from multi-year megatrends. 
In Infrastructure, we saw growth in Utility, driven by ongoing demand strength, and stabilization in the Telecommunications 
market as carrier spending increased. This growth was offset by lower sales in Lighting and Transportation (“L&T”) and Solar. 
Looking ahead, we are focused on capturing growth, which we expect will be driven primarily by increased energy demands 
and the need to modernize aging infrastructure. As electrification continues and AI-driven data generation and consumption 
accelerate, global electricity demand will increase. This increased power consumption, combined with efforts to reinforce 
infrastructure against intensifying weather conditions, will drive demand for our engineered structures.  
While the agriculture market remained soft in 2024, we are leveraging our industry leadership to build a foundation for future 
growth. Our team delivered timely customer support during storm recovery efforts, ensuring our customers had the resources 
they needed during a crucial time. Looking ahead, precision irrigation will continue to play a significant role in global food 
production as farmers increasingly must grow more with fewer resources. By putting farmers and their unique challenges at 
the center of our innovation, we will continue to lead the precision irrigation market.
To drive our market leadership, we welcomed Darryl Matthews as Group President, Agriculture. Darryl’s extensive experience 
aligns well with our irrigation business, and I know that his perspective as an industry veteran, combined with the expertise of 
our Valmont team, will position the Ag business for future growth.  
Setting a path for growth
We also welcomed Thomas Liguori as our Chief Financial Officer and promoted Jennifer Paisley to the role of Senior Vice 
President of Human Resources. Tom is a seasoned finance executive, and Valmont is already benefiting from his perspective 
and leadership. Jennifer has built a distinguished career in human resources, including seven years at Valmont, where she’s 
demonstrated her leadership and her alignment with Valmont’s core values. With the executive hires and promotions we 
made in 2024, we’ve assembled a leadership team with the depth and breadth of experience to guide Valmont into the future. 
To drive results and align our global Valmont team around our most critical priorities, we established our Strategic Path 
Forward, reinforcing our long-term growth plan and defining each team member’s role in shaping our company’s legacy. I am 
confident we have the right people to achieve our growth plans. 
Looking ahead to 2025 and beyond, our diverse exposure to infrastructure and agriculture markets enables us to navigate 
market cycles effectively. By leveraging innovation to meet our customers’ evolving needs, maintaining operational and 
commercial excellence, and making strategic growth investments, we are well-positioned for the future. We are focused on 
delivering lasting and meaningful shareholder returns by executing against growth opportunities, maintaining a disciplined 
focus on margin expansion and taking a balanced approach to capital allocation.
Thank you for being a Valmont shareholder. I look forward to continuing to create lasting value, delivering on Valmont’s 
purpose: Conserving Resources. Improving Life.®
Sincerely, 
Avner M. Applbaum 
President & Chief Executive Officer

3
2024 PERFORMANCE
5-YEAR CUMULATIVE TOTAL RETURN
Valmont Compared to S&P MidCap 400 Index and S&P 400 Industrial Machinery & Supplies & Components Index
This graph compares the yearly change in the cumulative total shareholder return on the Company’s common stock with the cumulative total returns of the S&P MidCap 400 Index and the S&P 
400 Industrial Machinery & Supplies & Components Index for the five-year period ending December 28, 2024. The Company was added to these indexes in 2009 by S&P Global Ratings. The graph 
assumes that the beginning value of the investment in Valmont Common Stock and each index was $100 and that all dividends were reinvested.
1 As of December 28, 2024.
Valmont Industries, Inc.
S&P MidCap 400 Index
S&P 400 Industrial Machinery & Supplies & Components Index
0
50
100
150
200
250
Dec 24
Dec 23
Dec 22
Dec 21
Dec 20
Dec 19
83
manufacturing  
facilities worldwide¹
21
countries with  
Valmont facilities
~11,000
global employees
100+
countries  
of operation
$4.1B
in net sales
71%
USA & 
CANADA
2024 Net Sales by Geography
7%
LATIN  
AMERICA
10%
EMEA
12%
APAC

4
¹ See reconciliations provided on page 1 of this report. 
² Net earnings attributable to Valmont Industries, Inc.
³ See Part II, Item 7, Selected Financial Measures, in the Company’s attached Form 10-K for calculation of invested capital, return on invested capital, and adjusted return on invested capital.
For more information on the footnotes above and the reasons why we believe the non-GAAP measures are useful, please see Part II, Item 7 and Item 8 of the attached 2024 Form 10-K.
2024
2023
2022
OPERATING RESULTS
Net sales
 4,075.0 
 4,174.6 
 4,354.2 
Operating income
 524.6 
 291.6 
 433.2 
Net earnings²
 348.3 
 150.8 
 250.9 
Diluted earnings per share
 17.19 
 6.78 
 11.62 
Dividends per share
 2.40 
 2.40 
 2.20 
FINANCIAL POSITION
Total shareholders' equity
 1,542.1 
 1,354.3 
 1,580.8 
Invested capital3
 2,279.4 
 2,513.5 
 2,495.5 
OPERATING PROFITS
Gross profit as a % of net sales
30.5%
29.6%
25.9%
Operating income as a % of net sales
12.9%
7.0%
10.0%
Adjusted operating income as a % of net sales¹
12.9%
11.3%
10.3%
Net earnings² as a % of net sales
8.5%
3.6%
5.8%
Adjusted net earnings² as a % of net sales¹
8.5%
7.6%
6.9%
Return on invested capital3
16.4%
7.2%
12.9%
Adjusted return on invested capital3
16.4%
14.0%
13.3%
YEAR-END DATA
Diluted weighted average shares outstanding (000s)
 20,261 
 21,159 
 21,580 
Approximate number of shareholders
 98,900 
 57,128 
 36,163 
Number of employees
 10,986 
 11,125 
 11,364 
Dollars in millions; except per-share amounts
NET SALES
DILUTED EARNINGS PER SHARE
OPERATING INCOME
2022
2023
2024
$4,345
$4,175
$4,075
2022
2023
2024
$291.6
$524.6
$433.2
$473.2
$449.7
$11.62
$6.78
$17.19
2022
2023
2024
$14.98
$13.82
GAAP
Adjusted1

5
Infrastructure
Infrastructure sales remained consistent with last year. Higher volumes in Utility and increased pricing were offset  
by significantly lower sales in Solar. Operating income increased by $80 million¹, reaching 16.6% of net sales, a  
270-basis-point improvement, driven by Utility growth, improved pricing, and lower SG&A.
Utility markets remain robust, supported by the energy transition, electrification, advanced technologies, and resilience 
efforts. To capitalize on this secular growth, we are investing in new capabilities and capacity across our footprint. In 
Lighting and Transportation, strength in transportation markets continues and our North American lighting business is 
beginning to recover. In Telecommunications, after a slow start in 2024, carrier spending has returned to more normalized 
levels. Solar faces mixed impacts due to evolving government policies, and Coatings is expected to align with industrial 
production, regional GDP trends, and internal demand.
2024 PERFORMANCE
INFRASTRUCTURE SALES ($M) BY PRODUCT LINE
2024
2023
%
Utility
 1,368.3 
 1,291.7 
+6%
Lighting & Transportation
 884.1 
 916.2 
(3%)
Coatings
 353.7 
 354.3 
(0%)
Telecommunications
 250.8 
 252.2 
(1%)
Solar
 151.6 
 195.7 
(23%)
Global megatrends 
MULTI-YEAR  
ENERGY TRANSITION
The transition to more diverse 
energy consumption, including 
renewables, will require innovative, 
engineered structures to connect  
in new ways.
AGING INFRASTRUCTURE & 
RESILIENCE
Stronger, more reliable 
infrastructure is needed to  
rebuild aging structures to 
withstand greater climate stress 
and extend their useful life.
TECHNOLOGY &  
DATA CONSUMPTION
The growth of advanced technologies 
like AI is driving the demand for data, 
which will require infrastructure to 
support both connectivity and the 
increased grid capacity needed to 
provide reliable energy.
¹ Fiscal 2023 GAAP Infrastructure operating income of $396.3 million included the impairment of goodwill and other intangible assets of $3.6 million (pre-tax) and realignment charges of $17.3 million 
(pre-tax). On an adjusted basis 2023 Infrastructure operating income was $417.1 million.

6
Agriculture 
Agriculture sales decreased 8.3%. Record storm replacement sales in North America were offset by continued market 
softness. Internationally, sales growth in EMEA and incremental sales from the HR Products acquisition partially offset 
significantly lower sales in Brazil. Unfavorable foreign currency translation impacts, primarily from Brazil, reduced sales 
by approximately $12.6 million. Operating income decreased $30.5 million¹ to 12.8% of net sales, as lower volumes and a 
higher mix of project sales outweighed the benefits of reduced SG&A expenses.
In North America, the market is expected to remain stable in the near term, though market fundamentals are likely to 
continue weighing on capital investment decisions. Internationally, Brazil order rates are stabilizing, and our Middle East 
project pipeline remains strong. We’ve used the downcycle to strengthen our foundation and market leadership by improving 
processes and implementing new tools in preparation for the next growth cycle. Our irrigation solutions have consistently 
delivered a strong return on investment for growers by supporting sustainable resource use and providing productivity 
enhancements. International markets are further driven by efforts to improve food security and population growth.
2024 PERFORMANCE
FOOD  
SECURITY
Technology and advanced 
equipment will play a critical role  
as nations worldwide enhance  
food security.
SUSTAINABILITY & 
PRODUCTIVITY
Precision, tech-enabled  
equipment will help farmers do 
more with less, getting the most 
from our available resources.
POPULATION  
GROWTH
A growing population will  
require farmers to grow more  
food, focusing on improved 
productivity to get the most  
from our existing resources.
Global megatrends  
AGRICULTURE SALES ($M) BY PRODUCT LINE
2024
2023
%
North America
 570.5 
 587.1 
(3%)
International
 513.2 
 595.2 
(14%)
¹ Fiscal 2023 GAAP Agriculture operating income of $16.9 million included the impairment of goodwill and other intangible assets of $137.3 million (pre-tax), realignment charges of $9.1 million 
(pre-tax), and non-recurring charges associated with major scope changes for two strategic projects initiated by departed senior leadership of $5.6 million (pre-tax). On an adjusted basis 2023 
Agriculture operating income was $168.9 million.

7
$198M of Capital Deployed in 2024
Growing our businesses:
Capital Expenditures & Acquisitions 
In 2024, we invested approximately $79 million in capital 
expenditures, focused primarily on enhancing capacity 
and manufacturing capabilities in our Infrastructure 
business. These strategic investments enhance 
efficiency and flexibility — allowing us to adapt quickly 
to shifting market dynamics. They also drive innovation, 
strengthening our ability to serve customers. Ultimately, 
this reflects strong end-market demand and our 
commitment to long-term growth.
Our M&A strategy remains disciplined, intentional, and 
highly selective. We focus on opportunities that align with 
our core businesses, expand into adjacent markets, or 
introduce complementary products and services — each 
of which must create long-term value for our customers 
and shareholders. Above all, we prioritize growth that 
delivers a strong return on invested capital.
Returning cash to shareholders:
Share Repurchases & Dividends
In 2024, we returned approximately $118 million to 
shareholders through dividends and share repurchases. 
Share repurchases remain a core pillar of our capital 
return strategy. In the first quarter, we completed the  
$120 million accelerated share repurchase program 
initiated in late 2023. Looking ahead, we will maintain 
a disciplined approach, executing regular quarterly 
purchases while opportunistically increasing buybacks 
when we see strong value.
We also anticipate annual dividend increases, typically 
announced in the first quarter, aligned with expected 
long-term earnings growth. Our capital return strategy 
is supported by strong free cash flow and disciplined 
financial management, ensuring we have the flexibility to 
invest in growth while delivering value to shareholders.
CAPITAL ALLOCATION
Capital Expenditures
$79.5M
Share Repurchases
$70.1M
Dividends
$48.4M

8
Our commitment to conserving resources and improving 
life reflects our focus on creating long-term value. 
Through innovation in infrastructure and agriculture, we 
contribute to a safer and more sustainable world. ESG 
oversight is integrated into our governance framework, 
ensuring it drives operational efficiency and resource 
management. By reducing environmental impact and 
maintaining high social and governance standards, we 
enhance resilience and deliver measurable outcomes for 
our stakeholders and the communities we serve.
SUSTAINABILITY
2024 ESG Accomplishments
• We are committed to fostering a world-class 
safety culture and implementing best practices 
to ensure a safer and healthier work environment 
for all. While our efforts are ongoing, we've made 
significant progress in our safety performance.  
• We recognized our manufacturing facility in 
Charmeil, France, with our annual Sustainability 
Award for implementing several improvements 
that reduced hazardous waste, improved energy 
efficiency, and promoted sustainability.
• We completed our global Project 90/90 initiative, 
which is the conversion of 90% of Valmont 
manufacturing facilities to use 90%+ LED lighting.
• Our seven Employee Resource Groups (ERGs) 
continue to foster diverse perspectives and elevate 
employee insights to leadership, contributing to our 
high-performance culture. In 2024, we expanded 
the impact of our ERGs, reaching more than 
5,200 total attendees. These initiatives empower 
professional growth, strengthening both individual 
success and organizational excellence.
• Valmont’s Board of Directors has provided 
oversight of ESG initiatives for the past three years. 
The Governance and Nominating Committee  
is responsible for overseeing environmental,  
health and safety, and social risks, as well as 
sustainability matters.
To learn more about our sustainability efforts, visit the sustainability page on valmont.com.
2025 Environmental Goals
We have achieved three of our four 2025 
environmental goals and are continuing to  
work towards our water standard. As part of  
our continuous journey toward positive 
environmental outcomes, we’re excited to 
announce new goals in 2026. 
Reduction in Scope I/II  
Carbon Intensity
10%
Additional Reduction in  
Normalized Global Electrical Usage
12%
Reduction in Scope I Mobile Source  
Combustion Fuel Carbon Emissions
19%
Adoption of low-flow water  
fixtures for non-production areas 
in our manufacturing facilities
100%
19.5%
improvement over 2023 
2024 Total Recordable 
Incident Rate (TRIR)
1.49

9
Darryl Matthews
Group President,
Agriculture
J. Timothy Donahue
Group President,
Infrastructure
Timothy Francis
Chief Accounting Officer
Thomas Liguori
Executive Vice President,
Chief Financial Officer
Diane Larkin
Executive Vice President,
Global Operations
Ellen Dasher
Vice President,
Global Taxation
R. Andrew Massey
Vice President,
Chief Legal Officer 
& Corporate Secretary
Avner Applbaum
President &  
Chief Executive Officer
Renee Campbell
Senior Vice President,
Investor Relations &
Treasurer
EXECUTIVE LEADERSHIP
Jennifer Paisley
Senior Vice President,
Human Resources

10
Richard Lanoha
President & CEO, 
Kiewit Corporation
Human Resources Committee
James Milliken
Chancellor, University of Texas System
Audit Committee
Chair, Governance &  
Nominating Committee
Daniel Neary
Former Chairman & Retired CEO,
Mutual of Omaha
Audit Committee 
Chair, Human Resources Committee 
Joan Robinson-Berry 
Retired SVP & Chief Engineer,
The Boeing Company
Human Resources Committee
Mogens Bay
Chairman
Valmont Industries, Inc.
Catherine Paglia
Lead Director 
Enterprise Asset Management Inc.
Audit Committee
Human Resources Committee
K. R. den Daas
Retired CEO, Quality Light Source
Retired EVP, Philips Lighting B.V. 
of the Netherlands 
Chair, Audit Committee 
Governance & Nominating Committee
Ritu Favre
President,  
Test & Measurement Business Group
NI, now part of Emerson
Audit Committee 
Governance & Nominating Committee
Dr. Theodor Freye
Retired CEO of CLAAS KgaA
Governance & Nominating Committee
Avner Applbaum
President 
& Chief Executive Officer
BOARD OF DIRECTORS
Deborah Caplan
Retired EVP of Human Resources & 
Corporate Services 
NextEra Energy 
Human Resources Committee

11
Shareholder and Investor Relations
Valmont’s common stock trades on the New York Stock Exchange (NYSE) 
under the symbol VMI. We make available, free of charge through our website 
at valmont.com, our Annual Report on Form 10-K, quarterly reports on Form 
10-Q, current reports on Form 8-K, and amendments to those reports filed or
furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of
1934, as soon as reasonably practicable after such material is electronically
filed with or furnished to the Securities and Exchange Commission.
We have also posted on our website our (1) Corporate Governance Principles, 
(2) Charters for the Audit Committee, Human Resources Committee, and
Governance and Nominating Committee of the Board, (3) Code of Business
Conduct and (4) Code of Ethics for Senior Officers applicable to the chief
executive officer, the chief financial officer and the controller.
Valmont shareholders may also obtain copies  
of these items at no charge by contacting:
Renee L. Campbell
Senior Vice President, Investor Relations & Treasurer 
Valmont Industries, Inc.
15000 Valmont Plaza 
Omaha, Nebraska 68154 USA
investorrelations@valmont.com
CONTACT INFORMATION
CORPORATE HEADQUARTERS
Valmont Industries, Inc.
15000 Valmont Plaza
Omaha, Nebraska 68154 USA
+1 402.963.1000
valmont.com
INDEPENDENT REGISTERED 
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
Omaha, Nebraska USA
STOCK TRANSFER AGENT  
AND REGISTRAR
Address inquiries to:
Broadridge Corporate Issuer 
Solutions, Inc.
PO Box 1342 
Brentwood, New York  
11717-0718 USA
+1 844.202.5345 or +1 720.414.6878
ANNUAL MEETING
The annual meeting of  
Valmont shareholders will be held  
at 10:00 a.m. CT, on April 28, 2025  
at 15000 Valmont Plaza, Omaha, 
Nebraska 68154 USA

 
 
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
 
FORM 10-K 
(Mark One) 
☒    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the fiscal year ended December 28, 2024 
or 
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the transition period from ______ to ______ 
Commission file number 001-31429 
Valmont Industries, Inc. 
(Exact name of registrant as specified in its charter) 
 
 
 
 
 
 
 
Delaware 
47-0351813 
(State or other jurisdiction of 
incorporation or organization) 
(I.R.S. Employer 
Identification No.) 
15000 Valmont Plaza, 
 
Omaha, Nebraska 
68154 
(Address of principal executive offices) 
(Zip Code) 
(402) 963-1000 
(Registrant’s telephone number, including area code) 
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, $1.00 par value 
 
VMI 
 
New York Stock Exchange 
Securities registered pursuant to Section 12(g) of the Act: None 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    ☒ Yes    ☐ No 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.    ☐ Yes    ☒ No 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the 
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    
☒ Yes    ☐ No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T 
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒ Yes    ☐ No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging 
growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the 
Exchange Act: 
 
 
 
 
 
 
 
 
 
 
Large accelerated filer 
☒ 
Accelerated filer 
☐ 
Non-accelerated filer 
☐ 
Smaller reporting company 
☐ 
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.    ☐ 
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over 
financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect 
the correction of an error to previously issued financial statements.    ☐ 
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the 
registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).    ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    ☐ Yes    ☒    No 
The aggregate market value of the voting stock held by non-affiliates of the Company based on the closing sales price of the common shares as reported on the New 
York Stock Exchange as of June 29, 2024 was $5,423,157,249. 
As of February 21, 2025, there were 20,045,509 of the Company’s common shares outstanding. 
DOCUMENTS INCORPORATED BY REFERENCE 
Portions of the Registrant’s proxy statement for its annual meeting of shareholders to be held on April 28, 2025 (the “Proxy Statement”), to be filed within 120 days of 
the fiscal year ended December 28, 2024, are incorporated by reference into Part III of this Annual Report on Form 10-K. 
 

1 
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
TABLE OF CONTENTS 
 
 
 
PART I 
 
Item 1 
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
2
Item 1A 
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
9
Item 1B 
Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
16
Item 1C 
Cybersecurity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
16
Item 2 
Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
17
Item 3 
Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
18
Item 4 
Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
18
PART II 
 
Item 5 
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases 
of Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
19
Item 6 
[Reserved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
20
Item 7 
Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . .  
20
Item 7A 
Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
35
Item 8 
Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
36
Item 9 
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure . . . . . . . . .  
75
Item 9A 
Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
75
Item 9B 
Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
77
Item 9C 
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
78
PART III  
Item 10 
Directors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
79
Item 11 
Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
79
Item 12 
Security Ownership of Certain Beneficial Owners and Management and Related 
Stockholder Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
79
Item 13 
Certain Relationships and Related Transactions, and Director Independence . . . . . . . . . . . . . . . . . . . . .  
79
Item 14 
Principal Accountant Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
79
PART IV  
Item 15 
Exhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
80
Item 16 
Form 10-K Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
82
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
83
 
 

2 
PART I 
ITEM 1. BUSINESS 
Valmont Industries, Inc., along with its subsidiaries (collectively referred to as the “Company,” “Valmont,” “we,” 
“us,” or “our”), is a diversified manufacturer of products and services for infrastructure and agriculture markets. Founded in 
1946 and headquartered in Omaha, Nebraska, our purpose is to conserve resources and improve life. We have been publicly 
traded since 1968, with our shares listed on the New York Stock Exchange under the ticker symbol “VMI.” 
Segments 
Our reportable segments are as follows: 
Infrastructure: This segment consists of the manufacture and distribution of products and solutions to serve the 
infrastructure markets of utility, solar, lighting and transportation, and telecommunications, along with coatings services to 
protect metal products. 
Agriculture: This segment consists of the manufacture of center pivot and linear irrigation equipment components 
for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision 
agriculture. 
Included in the “Other” segment are the activities of the offshore wind energy structures business, which was 
divested in the fourth quarter of fiscal 2022. 
Further information on the principal products, services, markets, competition, and distribution methods for each of 
our two reportable segments is provided below. 
Infrastructure Segment 
Products 
• 
Utility: We design, engineer, and manufacture structures made of steel, pre-stressed concrete, and composites 
to support the infrastructure necessary for electrical transmission, substations, and distribution applications 
within the utility industry. Transmission involves moving high-voltage power from generation sources to 
consumption points, while substations play a crucial role in transforming electricity to make it suitable for both 
transmission and distribution to end-users. 
Our scalable solutions feature innovative designs that address the growing demand for reliable energy, 
especially considering increasing concerns about grid resilience due to natural disasters like fires, storms, and 
floods. Each project is complex, requiring significant engineering expertise to address various loading 
conditions and environmental factors. By addressing factors such as wind speeds and specific power line 
requirements, we contribute to the development of resilient infrastructure that can withstand the challenges of 
an evolving energy landscape. 
• 
Lighting and Transportation (“L&T”): We design, engineer, and manufacture poles and structures made of 
steel, aluminum, wood, and composites to support a wide range of lighting and transportation needs. Our 
products serve infrastructure, commercial, and residential projects, creating well-lit environments for streets, 
highways, parking lots, and public spaces, including sports complexes. We prioritize structural requirements 
and aesthetic appeal, ensuring that our designs comply with local standards and preferences. 
Our offerings include traffic and sign structures that support traffic signals and overhead signage, specifically 
designed to facilitate efficient traffic flow and enhance public safety. Each structure is meticulously engineered 
to meet environmental conditions, such as wind and ice, as well as load requirements for lighting fixtures and 
signage. Additionally, our patented vibration mitigation technology improves roadway safety by reducing 
wind-induced vibrations and material fatigue, promoting long-term stability and durability.  
We also provide comprehensive highway safety systems, including guardrail barriers, wire rope safety barriers, 
and crash attenuation barriers, primarily serving the Australian and Indian markets. These products are designed 
to enhance roadway safety, reduce the impact of collisions, and improve driver protection. Our L&T solutions 

3 
not only meet the technical, aesthetic, and safety requirements of modern infrastructure projects but also 
contribute to the development of cohesive and functional public spaces. 
• 
Coatings: Our finishing services prevent corrosion, extend product lifespans, and enhance material aesthetics. 
We offer various finishing options, including galvanizing and painting, tailored to meet the specific needs of 
diverse applications. Our hot-dip galvanizing process applies a protective zinc coating to steel, creating a 
protective bond that prevents rust and corrosion, ensuring long-lasting durability. For underground steel 
installations, our CorroCote® solution offers added protection against soil and moisture corrosion. Our painting 
services, including powder coating, provide both aesthetic appeal and durability for various industries. These 
coating solutions cater to a wide array of industry needs, enhancing performance and extending product life for 
our customers. 
• 
Telecommunications: We design, manufacture, and distribute a broad range of products for the wireless 
communication market. Valmont Site Pro 1® supports wireless carriers and contractors through multiple 
nationwide warehouses and a catalog of wireless site components including antenna mounts and accessories. 
Our offering also includes towers, small cell structures, camouflage concealment solutions, and passive 
intermodulation (“PIM”) mitigation equipment, all essential for meeting the increasing demands of 5G networks 
and rising data consumption. A typical wireless communication cell site consists of a steel pole or tower, an 
enclosure for housing radio equipment, antennas for data and voice transmission, and mounting components 
that connect the antennas to cabling and equipment. Our steel mounting solutions and other products play a vital 
role in 5G infrastructure expansion. In urban areas, small cell applications help densify networks, enhancing 
signal strength and coverage. To blend telecommunication structures into their surroundings, we offer 
concealment solutions, such as faux trees. Our PIM mitigation technology addresses signal interference issues, 
improving network performance. Each structure is engineered to meet specific customer requirements, 
considering factors such as equipment and antenna specifications, wind and soil conditions, aesthetic demands, 
and compliance with safety standards. 
• 
Solar: Our single-axis solar tracker is a fully integrated system that combines steel structures, electric motors, 
and electronic controllers. This tracker adjusts the position of solar panels throughout the day to maintain 
optimal alignment with the sun, significantly enhancing energy production. Our trackers feature a modular 
design, enabling easy installation and minimal maintenance. Additionally, their flexible design maximizes site 
utilization, making them particularly advantageous for solar projects developed in challenging locations. Our 
customers include engineering, procurement, and construction firms specializing in solar energy projects, as 
well as solar developers, independent power producers, and utilities. 
Markets 
The key markets for our Infrastructure product lines benefit from various local, state, and federal government 
funding initiatives. Notably, the United States (“U.S.”) government is advancing long-term infrastructure improvements 
through the Infrastructure Investment and Jobs Act (“IIJA”) and the Inflation Reduction Act (“IRA”). These programs 
allocate resources to enhance the nation’s bridges, ensure public safety, update essential infrastructure, improve highway 
safety, and modernize the electrical grid to meet growing energy demands and support grid resiliency. 
A significant market for our Infrastructure segment is the utility industry in North America, which is increasing 
investment in critical electrical grid upgrades to improve reliability, integrate renewable energy sources, and expand 
transmission capacity. Increasing electricity consumption, an aging grid, and the expansion of renewable energy sources have 
intensified the need for enhanced transmission infrastructure, which has historically struggled to keep pace with demand. 
According to the Edison Electric Institute, substantial investments will be required for the U.S. electrical transmission grid, 
particularly to replace aging assets and support electrification trends across industries. In response, we are strategically 
investing in our manufacturing capabilities and expanding our geographic presence to increase flexible production capacity. 
International markets are also experiencing rising electricity consumption, driven by urbanization, industrial growth, and 
electrification efforts, fueling demand for new electricity generation capacity and expanded transmission grids. 
We also serve the transportation, commercial construction, and industrial markets. Our transportation product 
portfolio includes traffic structures, bridge systems, roadway and street lighting, and high-mast lighting. In the U.S., funding 
for transportation projects comes from a combination of state and federal sources, including the IIJA, which provides 
multi-year support for infrastructure investments. Public-private partnerships are also emerging as a viable funding option for 
major transportation projects. The U.S. has approximately four million miles of public roadways, with around 24% carrying 
over 
 

4 
80% of the nation’s traffic. As a result, improving traffic flow through efficient control measures and modern lighting 
solutions has become a key priority for many communities and government agencies. 
The commercial construction market, which is predominantly privately funded, includes lighting for a variety of 
applications, such as parking lots, shopping centers, sports stadiums, and business parks. This market is influenced by 
macroeconomic factors, including overall economic growth, interest rates, and urban development trends. We have 
established long-term relationships with lighting and equipment manufacturers serving this market. Meanwhile, the industrial 
market is typically driven by investments in infrastructure, industrial facilities, and commercial construction. 
Our Coatings business serves diverse markets and is not reliant on any single industry or external customer for 
profitability. A significant portion of demand comes from our internal operations, supporting other product lines. The 
demand for coatings services generally correlates with local industrial economic activity. Galvanizing remains essential for 
industrial applications that require corrosion protection for steel. Demand for painted products is more closely tied to 
consumer markets. 
The Telecommunications market is driven by growing demand for wireless communication and data services. Our 
customers include wireless carriers, cell site operators, and state and federal agencies that require products for two-way radio 
communication, radar, broadcasting, and security applications. The continued expansion of 5G networks and rising 
connectivity needs are fueling long-term growth, requiring higher network density. 
The Solar market is driven by the global shift towards renewable energy adoption and incentives for clean energy 
investments. As utilities accelerate the development of large-scale solar power projects and micro-grid applications, our 
single-axis solar tracker solutions will play a crucial role in maximizing energy production. Government policies, corporate 
sustainability commitments, and technological advancements are expected to continue to drive demand for this product line. 
Competition 
Our competitive strategy focuses on delivering high-value, innovative solutions to customers at competitive prices, 
emphasizing product quality, engineering expertise, exceptional customer service, and the timely, accurate delivery of our 
products. To achieve this, we leverage the production capacity across our extensive network of facilities, ensuring both 
quality and efficient service delivery. 
The competitive landscape is dynamic, with numerous players operating in both North American and international 
markets. Pricing competition can be particularly intense during periods of weak demand or when fluctuations in local 
currencies create advantages for imported products. In the Infrastructure sector, sales are often determined through 
competitive bidding processes, with contracts awarded to the lowest bidder that meets all necessary qualifications. To 
maintain strong customer relationships, we establish preferred-provider arrangements with certain key customers, typically 
lasting between three to five years and often renewed. 
The Coatings market is traditionally fragmented, consisting of many smaller, privately held companies competing 
on price and established customer relationships. Our strategy for this product line focuses on delivering high-quality coating 
finishes, superior service, and timely delivery of coated products. 
In the Solar product line, we primarily compete with other mid-sized market participants. Our competitive edge lies 
in our service quality and our ability to integrate solutions from our Utility product line, enabling us to deliver comprehensive 
full-grid solutions. This integration allows us to offer complete, end-to-end solutions, distinguishing us from competitors that 
focus solely on a single product offering. 
Distribution Methods 
Our Infrastructure products are distributed through a combination of direct sales force and commissioned agents. 
Our sales team works closely with end-users and distributors, representing Valmont as well as light fixture and traffic signal 
manufacturers. This collaborative approach enables our agents to deliver a comprehensive package that includes poles, 
fixtures, and other equipment directly to the end-user. Commercial lighting, wireless communication, access systems, and 
highway safety products are sold by our internal sales teams or through independent commissioned agents. Utility and Solar 
products are typically sold directly to electrical utilities, developers, or energy providers, though some transactions are 
facilitated through commissioned sales agents. 

5 
Due to the high cost of freight, our galvanizing services are generally limited to a radius of about 300 to 500 miles. 
Although we are one of the world’s largest custom galvanizers, our sales account for only a small fraction of the overall 
galvanizing market. Each galvanizing location is supported by a dedicated sales team, ensuring personalized attention and 
responsiveness to our clients’ needs. 
Agriculture Segment 
Products 
• 
Irrigation Equipment and Parts: Under our Valley® brand, we manufacture and distribute center pivot and 
lateral move irrigation equipment, along with service parts, to enhance agricultural productivity. Our irrigation 
machines, powered by electricity—whether sourced from the grid, solar panels, or diesel generators—are 
engineered to move across farm fields, while conserving water, energy, and labor. These machines typically 
consist of a pipeline supported by a series of towers, each equipped with a drivetrain and tires for mobility. 
The most common type of mechanized irrigation machine is the center pivot, which rotates in a circular pattern. 
To accommodate different field shapes, we offer corner machines that irrigate the corners of square or 
rectangular fields. Additionally, linear machines move vertically across fields rather than rotating, offering 
versatility for a variety of field layouts. Our irrigation systems are highly customizable, capable of servicing 
fields from four to over 500 acres, with the standard configuration in the U.S. designed for a 160-acre tract. For 
international markets, our irrigation machines are largely consistent with those produced for North America, 
ensuring uniform quality and functionality. In addition to irrigation equipment, we also produce tubular 
products, primarily for industrial customers in the agriculture, transportation, and steel service sectors. 
• 
Technology Products and Services: We offer a comprehensive suite of technology solutions designed to 
enhance agricultural efficiency through advanced monitoring, analysis, and automation. With over 150,000 
connected devices, our technology solutions help farmers detect potential crop issues early while optimizing 
water and energy use. 
In fiscal 2021, we expanded our capabilities by acquiring Prospera Technologies, Ltd., a leading provider of 
artificial intelligence and machine learning solutions for agronomic monitoring. We leverage this expertise to 
focus on irrigation optimization, machine health advancements, and predictive analytics. As pioneers of the 
mechanized irrigation industry, we maintain our leadership in innovation and remain at the forefront of 
integrating these technologies with our cloud-based platform. This approach delivers data-driven irrigation 
strategies tailored to each field and crop. 
With AgSense® remote monitoring and control, growers can manage irrigation and ancillary equipment in real 
time, optimizing operations based on weather conditions, soil moisture levels, and crop needs. These tools 
promote efficient water use, reduce waste, and help maintain optimal growing conditions. By providing 
actionable data insights, we empower growers to maximize productivity while conserving valuable resources. 
Markets 
The market drivers for mechanized irrigation systems are fundamentally similar across North American and 
international regions. Purchasing an irrigation system is a capital investment, with decisions based on the anticipated return 
on investment. Growers who invest in mechanized irrigation systems benefit from higher crop yields due to improved 
irrigation practices, reduced labor costs, and lower water and energy consumption. Key factors influencing these purchasing 
decisions include current and projected net farm income, commodity prices, interest rates, government support programs, 
financing availability, and regional water regulations. In many international markets, local currency fluctuations relative to 
the U.S. dollar can impact net farm income, as export markets are often denominated in U.S. dollars. Additionally, 
government-sponsored irrigation initiatives aimed at food security further drive investments in mechanized irrigation 
systems. 
The demand for mechanized irrigation arises from several sources: the conversion of traditional flood irrigation 
systems, the replacement of older mechanized systems that are beyond their useful life or technologically obsolete, and the 
transition from non-irrigated land to mechanized irrigation. Water scarcity is a key driver of demand in our Agriculture 
segment. It is estimated that only 2.5% of the world’s total water supply is freshwater, and of that, only 30% is accessible for 
human use. With agriculture consuming the majority of available freshwater, efficient irrigation is essential for sustainable 
food production. 

6 
These conditions—along with a growing global population, improving diets, and government-backed food security 
programs—highlight the need for water efficient farming solutions and increased food production. We believe that 
mechanized irrigation can improve water application efficiency by 40% to 90% compared to traditional methods by 
delivering water uniformly to the root zone and minimizing runoff. Reduced runoff not only conserves water but also 
improves the quality of adjacent rivers, aquifers, and streams, contributing environmental benefits and supporting vital water 
conservation efforts. 
Competition 
In North America, several companies provide irrigation products and services for agricultural customers. Our 
company is recognized as the leader among the four main participants in the mechanized irrigation industry. Competitors 
differentiate themselves based on product durability, reliability, pricing and value proposition, quality, and the service 
capabilities of local dealers. To help growers improve crop yields, we continuously innovate and expand our technology 
offerings to meet evolving customer needs. 
Pricing in the industry can become highly competitive, particularly during periods of low demand. In international 
markets, our competition includes both major U.S. companies and privately owned local businesses. While the global 
competitive landscape is similar to that of North America, pricing often plays a more critical role. Recognizing the local 
nature of competition in international markets, we maintain manufacturing facilities in key regions, which enables us to 
compete effectively and meet region-specific demands. 
Distribution Methods 
We market our irrigation machines, technology offerings, and service parts through an extensive network of 
independent dealers. In North America, approximately 250 dealer locations serve our customers, with around 400 dealers 
covering international markets across more than 60 countries. Dealers assess growers’ needs, customize machine 
configurations, manage installation (including water and power systems), and provide ongoing support. 
To ensure dealers can meet customer needs effectively, our technical and sales teams provide ongoing training and 
support. Internationally, our dealers receive additional support through regional operations in South America, South Africa, 
Western Europe, Australia, China, and the United Arab Emirates, as well as our manufacturing facility in Valley, Nebraska. 
This support structure allows us to deliver tailored solutions and maintain strong, lasting relationships with customers 
worldwide. 
General 
Certain information generally applicable to our two reportable segments is outlined below. 
Acquisitions and Divestitures 
We have achieved growth both organically and through acquisitions. Additionally, we continually refine our 
portfolio to enhance our operational focus. Our significant business acquisitions and divestitures during the past three fiscal 
years included the following (with the relevant segment noted): 
2024 
• 
Acquired an additional 9% of ConcealFab, Inc., a 5G infrastructure and PIM mitigation solutions company in 
Colorado (Infrastructure) 
• 
Acquired the remaining 25% of Valmont Substations, LLC, a utility substation product provider in Kansas 
(Infrastructure) 
• 
Divested our extractive business, which included the manufacturing and distribution of screening products for 
the mining and quarrying sectors in Australia and New Zealand (Infrastructure) 
• 
Divested George Industries, a coating and anodizing company in California (Infrastructure) 

7 
2023 
• 
Acquired HR Products, a leading wholesale supplier of irrigation parts in Australia (Agriculture) 
• 
Divested Torrent Engineering and Equipment Company, LLC, an integrator of prepackaged pump stations in 
Indiana (Agriculture) 
2022 
• 
Acquired 51% of ConcealFab, Inc., a 5G infrastructure and PIM mitigation solutions company in Colorado 
(Infrastructure) 
• 
Acquired the remaining 9% of Convert Italia S.p.A., a designer and provider of engineered solar tracker 
solutions in Italy (Infrastructure) 
• 
Acquired the remaining 20% of Valmont West Coast Engineering, Ltd., a manufacturer of steel and aluminum 
structures for the lighting, transportation, and wireless communication industries in Canada (Infrastructure) 
• 
Divested Valmont SM, an offshore wind energy structures business in Denmark (Other) 
Suppliers and Availability of Raw Materials 
Our primary raw materials include hot-rolled steel coil and plate, zinc, and other carbon steel products, all essential 
for manufacturing across our segments. We source these materials from steel mills, steel service centers, and zinc producers, 
where they are generally readily available. However, recently proposed trade policies and tariffs could increase the cost of 
goods purchased from Canada, China, and Mexico, potentially disrupting the availability of these key raw materials. While 
we may experience longer lead times and price fluctuations, we do not anticipate extended shortages of steel, zinc, or natural 
gas. Over the past several years, we have maintained strong relationships with major steel producers and have strategically 
sourced steel within the same continent as our manufacturing locations, helping us avoid significant or widespread shortages. 
Patents, Licenses, Franchises, and Concessions 
We hold patents for a variety of products, including manufacturing machinery, structures, solar trackers, highway 
guardrails, and irrigation systems. Additionally, we have registered trademarks associated with our products and services. 
While these intellectual properties are valuable to our business, we do not believe that the loss of any single patent or 
trademark would materially impact our financial condition, results of operations, or liquidity. 
Seasonal Factors in Business 
Sales in our business can be influenced by seasonal patterns tied to the agricultural growing season and the 
infrastructure construction season. For mechanized irrigation equipment, sales typically peak in spring and fall, aligning with 
farmers’ planting and harvesting periods, and are generally lower in the summer. In contrast, sales of infrastructure products 
tend to increase during the summer and fall, in line with the construction season, and are usually lower in the winter. 
Customers 
Our business does not depend on a single customer or a limited number of customers to generate a significant 
portion of revenue in any segment. As such, the loss of any one customer would not materially impact our financial 
condition, results of operations, or liquidity. 

8 
Backlog 
As of December 28, 2024, our backlog of orders for principal products was $1,436.7 million, compared to $1,465.5 
million as of December 30, 2023. Backlog includes confirmed customer purchase orders and executed sales order contracts. 
We expect the majority of the fiscal 2024 backlog to be fulfilled in fiscal 2025. The total backlog by segment as of 
December 28, 2024 and December 30, 2023 was as follows: 
 
 
 
 
 
 
 
 
     
December 28, 
 
December 30, 
Dollars in millions 
 
2024 
     
2023 
Infrastructure 
 
$ 
 1,273.3  
$ 
 1,299.6 
Agriculture 
 
  
 163.4  
  
 165.9 
Total backlog 
 
$ 
 1,436.7  
$ 
 1,465.5 
Environmental Protection 
We are subject to a range of federal, state, and local laws and regulations concerning environmental protection and 
the discharge of materials into the environment. Although we regularly incur expenses and make capital expenditures related 
to environmental compliance, we do not anticipate that these future expenditures will materially impact our financial 
condition, results of operations, or liquidity. 
Number of Employees 
As of December 28, 2024, we had a total of 10,986 employees. 
Human Capital Resources 
Our approach to human capital resources is outlined in our Code of Business Conduct, in our Human Rights Policy, 
and on our website at www.valmont.com. A company-wide commitment to customer service and innovation is essential to 
our success, enabling us to deliver the best value to our customers. Our employees are the foundation of our achievements, 
and we take pride in fostering a culture of passion and integrity that encourages everyone to excel and deliver results. We 
expect each employee to act responsibly and to treat one another with fairness and respect. 
To meet customer demands, grow sales, and maintain a competitive edge, we rely on a skilled workforce and 
effective management. Essential skills include engineering, welding, equipment maintenance, and the operation of complex 
manufacturing machinery. Strong management talent is crucial for business growth and for succession planning, especially as 
key employees retire. As of December 28, 2024, we employed 6,355 individuals in the U.S. and 4,631 internationally. 
When job openings arise, we prioritize internal candidates, rewarding dedicated members of our Valmont 
community with new opportunities. Our employees represent our richest talent resource. We give the highest level of 
attention to our succession and management development programs, with our Chief Executive Officer (“CEO”) reporting 
directly to the Board of Directors on these initiatives. 
We recognize the importance of diversity and inclusion in bringing different perspectives to our global organization. 
We value the unique insights and experiences that a diverse workforce brings, and we actively seek employees who share our 
commitment to profitable development, improving corporate culture, and delivering sustainable business results. Our Human 
Rights Policy, available on our website, reflects our expectation that employees, suppliers, vendors, dealers, and distributors 
uphold our commitment to human rights. We prohibit discrimination based on age, race, disability, ethnicity, marital or 
family status, national origin, religion, gender, sexual orientation, veteran status, gender identity, or any other legally 
protected characteristic. 
We are dedicated to voluntary employment and strictly prohibit all forms of compulsory labor, including child labor, 
forced labor, slavery, and human trafficking. Our respect for human rights is guided by the United Nations Guiding 
Principles on Business and Human Rights. We fully comply with wage, work hours, overtime, and benefits laws. Our culture 
emphasizes the importance of a healthy and safe workplace, and we provide employees with confidential reporting channels 
through a secure third-party website. Employees also have access to health insurance, paid and unpaid leave, retirement 
plans, and coverage for life, disability, and accidents. 
For more information, please refer to the “Governance” and “Sustainability” sections on our website, as well as the 
“Governance, Human Capital and Sustainability Highlights” section in our 2025 Proxy Statement. 

9 
Available Information 
We provide a variety of financial reports and disclosures free of charge on the “Investors” page of our website at 
www.valmont.com. These materials include our annual reports on Form 10-K, quarterly reports on Form 10-Q, current 
reports on Form 8-K, and any amendments to these reports filed or furnished under Section 13(a) or 15(d) of the Securities 
Exchange Act of 1934. Reports are made available as soon as reasonably practicable after being electronically filed with or 
furnished to the Securities and Exchange Commission (“SEC”). 
Additionally, our website serves as a primary channel for distributing important information, including news 
releases, analyst presentations, and financial data. Please note that the information on our website is not, and will not be 
considered, part of this annual report on Form 10-K or incorporated into any other SEC filings. 
ITEM 1A. RISK FACTORS 
The following risk factors describe various risks that may affect our business, financial condition, and operations. 
Economic and Business Risks 
The ultimate consumers of our products operate in cyclical industries, which have experienced significant downturns that 
have adversely impacted our sales in the past and may do so again in the future. 
Our sales are sensitive to market conditions in the industries where the ultimate consumers of our products operate. 
In some cases, these industries have been highly cyclical and subject to substantial downturns. For example, a significant 
portion of our sales of support structures is to the electric utility industry. In fiscal 2024, our sales to the U.S. electric utility 
industry were over $1.0 billion. Utilities may defer purchases of our products by reducing capital expenditures for reasons 
such as unfavorable regulatory environments, a slow U.S. economy, or financing constraints. If demand for utility structures 
weakens due to reduced or delayed spending on electrical generation and transmission projects, our sales and operating 
income are likely to decrease. 
The end-users of our mechanized irrigation equipment are farmers. Economic changes within the agriculture 
industry, particularly fluctuations in farm income, can impact sales of these products. Lower levels of farm income have, at 
times, led to reduced demand for our mechanized irrigation and tubing products. Farm income decreases when commodity 
prices, acreage planted, crop yields, government subsidies, and export levels decline. Additionally, weather 
conditions—potentially worsened by climate change, such as extreme drought—can limit water availability for irrigation and 
influence farmers’ purchasing decisions. Higher energy and nitrogen-based fertilizer costs, driven by rising oil and natural 
gas prices, increase farmers’ operating expenses. 
Furthermore, uncertainty regarding future government agricultural policies may lead to indecision among farmers. 
Changes in government farm support programs, financing aids, and irrigation water use policies can influence the demand for 
our irrigation equipment. In the U.S., certain regions are considering policies that may restrict water use for irrigation. These 
factors could prompt farmers to delay capital expenditures for farm equipment, potentially slowing or even reversing growth 
in irrigation equipment and tubing sales. In February 2025, the U.S. Department of Agriculture forecasted U.S. net farm 
income for 2025 to be $180.1 billion, an increase of $41.0 billion (or 29.5%) compared to 2024. This rise is primarily due to 
an increase in direct government support payments, partially offset by lower cash receipts from corn and soybeans. 
We have also experienced cyclical demand for products sold to the wireless communications industry. Sales of 
wireless structures and components to wireless carriers and build-to-suit companies that serve the industry have historically 
been cyclical. These customers may reduce spending on new capacity to focus on cash flow and capital management. 
Changes in the competitive structure of the wireless industry, due to industry consolidation or reorganization, may disrupt the 
capital plans of wireless carriers as they reassess their networks. 
Due to the cyclical nature of these markets, we have experienced, and may continue to experience, significant 
fluctuations in sales and operating income for a substantial portion of our product offerings. These fluctuations could be 
material and adversely affect our overall financial condition, results of operations, and liquidity. 

10 
Changes in prices and reduced availability of key commodities such as steel, aluminum, zinc, natural gas, and fuel may 
increase our operating costs, likely reducing our net sales and profitability. 
Hot-rolled steel coil and other carbon steel products have historically constituted approximately one-third of the cost 
of manufacturing our products. We also use large quantities of aluminum for lighting structures and zinc for galvanizing most 
of our steel products. Our facilities consume large amounts of natural gas for heating and processing tanks in our galvanizing 
operations. Additionally, we use gasoline and diesel fuel to transport raw materials to our locations and deliver finished 
goods to our customers. The markets for these commodities can be volatile. The following factors increase the cost and 
reduce the availability of these commodities: 
• 
increased demand, which occurs when we and other industries require greater quantities of these commodities, 
which can result in higher prices and longer lead times to receive them from suppliers; 
• 
lower production levels of these commodities, due to reduced production capacities or shortages of materials 
needed to produce them (such as coke and scrap steel for the production of steel), which could result in reduced 
supplies, higher costs for us, and increased lead times; 
• 
increased costs of major inputs, such as scrap steel, coke, iron ore, and energy; 
• 
fluctuations in foreign exchange rates, which can impact the relative cost of these commodities, which may 
affect the cost effectiveness of imported materials and limit our options for acquiring them; and 
• 
international trade disputes, import duties, tariffs, and quotas, as we import some steel and aluminum 
components and products for various product lines. 
Increases in the selling prices of our products may not fully recover higher commodity costs and generally lag 
increases in these costs. Consequently, an increase in commodity prices will increase our operating costs and likely reduce 
our profitability. 
Rising steel prices, as seen in the first half of fiscal 2021 and the first quarter of fiscal 2023, can put pressure on 
gross profit margins, especially in our Infrastructure segment product lines. The time between the release of a customer’s 
purchase order and the manufacturing of the product can span several months. Since some sales in the Infrastructure segment 
are fixed-price contracts, rapid increases in steel costs likely result in lower operating income. Steel prices for both hot-rolled 
coil and plate can also decrease substantially in a given period, as occurred in the fourth quarter of fiscal 2021 and much of 
fiscal 2022. Steel is particularly significant for our Utility product line, where the cost of steel has accounted for 
approximately 50% of net sales on average. Assuming a similar sales mix, a hypothetical 20% change in the price of steel 
would have affected our net sales in this product line by approximately $110.0 million for the fiscal year ended December 28, 
2024. 
We believe recent volatility stems from increased global steel production and shifting consumption patterns, 
particularly in fast-growing economies like China and India. The speed with which steel suppliers impose price increases on 
us may prevent us from fully recovering these price increases, particularly in our L&T and Utility businesses. Similarly, rapid 
decreases in steel prices can result in reduced operating margins in our Utility businesses due to long production lead times. 
Demand for our infrastructure products, including coating services, is highly dependent on overall infrastructure 
spending. 
We manufacture and distribute engineered infrastructure products for lighting, traffic, utility, and other specialty 
applications. Our Coatings product line serves various construction‑related industries. Because these products are primarily 
used in infrastructure projects, sales are closely tied to construction activity, which has historically been cyclical. Several 
factors can impact construction activity and, consequently, our sales, including: 
• 
weakness in the general economy, which may reduce tax revenues and limit funds available for construction; 
• 
interest rate increases, which raise the cost of construction financing; and 
• 
adverse weather conditions, which can delay or slow construction activity. 
The current economic uncertainty in the U.S. and Europe may negatively affect our business. In our L&T product 
line, some lighting structure sales depend on new residential and commercial developments. When construction in these 
sectors slows, our light pole sales may decline. Additionally, an economic downturn in Europe, Australia, or China could 
reduce demand if customers in these regions face credit challenges. 

11 
Our Infrastructure segment, particularly for lighting, transportation, and highway safety products, relies heavily on 
government funding. U.S. federal funding initiatives, such as the IIJA and IRA, bolster long-term demand for our products. 
However, the timing and distribution of federal infrastructure funds remain uncertain. Infrastructure spending may also 
decline due to factors beyond our control, including budget constraints, reduced tax revenues, and legislative delays affecting 
appropriations. 
We are subject to currency fluctuations from our international sales, which can negatively impact our reported earnings. 
We sell our products in many countries worldwide, with approximately 30% of our fiscal 2024 net sales occurring 
outside the U.S. These sales are often conducted in foreign currencies, primarily the Australian dollar, Brazilian real, Chinese 
renminbi, and euro. Because our Consolidated Financial Statements are denominated in U.S. dollars, fluctuations in exchange 
rates between the U.S. dollar and these currencies will continue to impact our reported earnings. A weaker U.S. dollar 
enhances our reported earnings by increasing the value of foreign revenues, whereas a stronger U.S. dollar has the opposite 
effect. Currency fluctuations have affected our financial performance in the past and may continue to do so in future periods. 
Additionally, when local currencies strengthen, the cost of imported goods decreases, potentially affecting our ability to 
compete profitably in domestic markets. 
We also face risks from foreign exchange controls and currency devaluations. Foreign exchange controls may limit 
currency conversion and restrict our ability to transfer funds from international subsidiaries. Currency devaluations can 
reduce the value of funds held in the affected currency. Such actions could materially and adversely impact our results of 
operations and financial condition in any given period. 
For further discussion on economic and business risks, including interest rates, foreign currency exchange rates, and 
commodity prices, please refer to the “Market Risk” section within “Management’s Discussion and Analysis of Financial 
Condition and Results of Operations” in Part II, Item 7 of this report. 
Legal and Regulatory Risks 
Our operations are subject to trade policies, tariffs, and trade agreements, and any further changes could adversely affect 
our business, potentially leading to a decline in sales and profits or the loss of certain foreign investments. 
As a global manufacturing company, we operate over 80 manufacturing plants across six continents. In fiscal 2024, 
approximately 30% of our net sales came from markets outside of the U.S. Demand for our products and our profitability are 
influenced by global trade relations. We maintain a significant manufacturing presence in Australia, Brazil, Europe, and 
Mexico—regions affected by U.S. trade policies, including tariffs on a broad range of imports, as well as retaliatory measures 
from foreign governments, particularly China. 
Recently proposed trade policies and tariffs could increase the cost of goods that we and our suppliers purchase from 
Canada, China, and Mexico, which would increase our cost of goods sold. Additionally, our Mexican operations play a vital 
role in our Infrastructure segment, exporting approximately $230.0 million of steel structures to the U.S. in fiscal 2024. 
Moreover, indirect effects of trade restrictions, such as China’s tariffs on imported soybeans impacting U.S. farm income, can 
reduce demand for our products. 
On February 3, 2025, U.S. President Trump announced a one-month delay in imposing tariffs on imports from 
Mexico. Then, on February 10, 2025, he announced a 25% tariff on all steel and aluminum imports into the U.S., set to take 
effect on March 4, 2025. These actions, along with any future legislation or measures by the U.S. federal government that 
restrict trade, such as additional tariffs, trade barriers, or other protectionist or retaliatory measures, could adversely impact 
our financial results, depending on their timing and duration. 
Some of our international operations are in regions with political instability, such as the Middle East, or economic 
uncertainty, such as Western Europe. Managing operations across diverse geographic markets also requires hiring, training, 
and retaining skilled local management, which impacts both operational performance and financial reporting. 

12 
We expect international sales to continue representing a significant portion of our net sales. Consequently, our 
foreign business operations, sales, and profits will continue to be subject to the following risks: 
• 
political and economic instability, which may reduce the value of or lead to the loss of our investment; 
• 
economic recessions in key markets, potentially decreasing international sales; 
• 
natural disasters and public health crises that could disrupt our workforce, manufacturing operations, and sales; 
• 
increased costs and challenges related to staffing and managing international operations, impacting both 
profitability and reporting functions; 
• 
potential violations of local laws or unauthorized management actions that could harm our competitive position 
or financial performance; 
• 
difficulty enforcing intellectual property rights, including patents on our manufacturing machinery, poles, and 
irrigation designs, outside the U.S.; 
• 
rising tariffs, export controls, taxes, and other trade barriers, which may reduce sales and profitability; and 
• 
acts of war or terrorism. 
As a result, we face the risk of losing foreign investments or experiencing a significant decline in sales and profits 
due to the challenges of operating in foreign markets. 
Failure to comply with anti-corruption laws could result in fines, criminal penalties, and harm to our business. 
We are subject to anti-corruption laws, including the U.S. Foreign Corrupt Practices Act, the United Kingdom 
(“U.K.”) Bribery Act, and other similar regulations. These laws generally prohibit companies and their intermediaries from 
offering improper payments or anything of value to influence government officials or private individuals to gain a business 
advantage, regardless of local customs or legality. Global enforcement of anti-corruption laws has increased significantly in 
recent years. While we have a compliance program designed to mitigate the risk of violations, any breach of these laws could 
result in criminal or civil penalties, damage to our reputation, and a negative impact on our business, financial condition, and 
operations. 
We could incur substantial costs due to violations of, or liabilities under, environmental laws. 
Our facilities and operations are subject to both U.S. and international environmental laws and regulations, including 
those governing air and water pollution, hazardous waste management and disposal, and contamination cleanup. 
Noncompliance with these laws or permit requirements could result in fines, civil or criminal penalties, third-party claims for 
property damage or personal injury, and investigation or remediation costs. Future regulatory changes may also require 
significant expenditures for compliance. 
Some of our facilities have operated for many years, during which we, and prior operators, have generated, used, 
handled, and disposed of hazardous materials. Contaminants have been detected at certain current and former sites, primarily 
linked to historical operations. Additionally, we have occasionally been identified as a potentially responsible party under 
Superfund or similar state laws. While we are not aware of any contaminated sites not accounted for in our Consolidated 
Financial Statements for known obligations, unforeseen contamination discoveries or additional cleanup requirements could 
result in liabilities beyond our current provisions. 
Failure to successfully commercialize or protect our intellectual property rights may materially impact our business, 
financial condition, and operating results. 
The commercialization and protection of our patents, trademarks, trade secrets, copyrights, proprietary processes, 
and other technologies are essential to maintaining our competitive position. We rely on patents, trademarks, trade secrets, 
copyrights, and contractual restrictions to safeguard our intellectual property. However, our ability to successfully 
commercialize these rights, particularly for emerging technologies, depends on applying the right business strategies. 
Our intellectual property protections may be challenged, invalidated, circumvented, or deemed unenforceable. Third 
parties may infringe upon or misappropriate our rights, and enforcing them could lead to significant, unrecoverable litigation 
costs. Failure to effectively commercialize or protect our intellectual property could materially harm our business, financial 
condition, and operating results. 

13 
We have been, and may continue to be, involved in litigation or threatened litigation, the outcomes of which can be 
difficult to predict. These matters can be costly to defend, divert management’s attention, require payment of damages, or 
restrict our business operations. 
From time to time, we face disputes, with and without merit, that may result in significant costs and divert 
management’s focus and resources, even if the dispute does not proceed to litigation. The outcomes of complex legal 
proceedings are inherently uncertain. Additionally, complaints filed against us may not specify the damages sought, making 
it challenging to estimate a potential range of liabilities. Even when we can estimate losses, the actual amounts may be 
materially higher than expected. Resolving litigation or threatened litigation could result in substantial payments or 
agreements that limit our business operations. Even if we are liable in future lawsuits, the costs of defending such actions 
may be significant and could exceed the coverage limits or remain uncovered by our insurance policies. 
Design patent litigation related to guardrails could reduce demand for these products and increase litigation risk. 
Some of our foreign subsidiaries in India, New Zealand, and Australia manufacture highway safety products 
primarily for non-U.S. markets and license certain guardrail design patents to third parties. Currently, U.S. product liability 
lawsuits have been filed against companies that manufacture and install specific guardrail products, some of which involve a 
foreign subsidiary due to its design patent. This litigation could decrease demand for these products or affect government 
approvals for their use, both domestically and internationally. It may also increase litigation risks for our foreign subsidiaries, 
negatively impacting their sales and licensing revenue. 
Liquidity and Capital Resources Risks 
We have, from time to time, maintained a substantial amount of outstanding indebtedness, which could impair our ability 
to operate our business, respond to changes in our operations, comply with debt covenants, and make debt payments. 
As of December 28, 2024, we had a total of $757.9 million in outstanding indebtedness, of which $2.9 million 
matures within the next five fiscal years. Additionally, as of December 28, 2024, we had $799.8 million in borrowing 
capacity under our revolving credit facility. We occasionally borrow funds for business acquisitions and share repurchases. 
At times, our borrowings have been significant, with the majority of our interest‑bearing debt incurred by U.S. entities. 
Rising interest rates have increased our borrowing costs. 
Our level of indebtedness may have significant consequences, including: 
• 
Our ability to meet obligations under our debt agreements could be impacted. Failure to comply with debt 
covenants and other requirements, including financial and restructuring terms, could result in a default under 
our debt agreements. 
• 
A substantial portion of our cash flow from operations will be used to make interest and principal payments, 
limiting the funds available for operations, working capital, capital expenditures, expansion, and other corporate 
purposes, including future acquisitions that could benefit our business. 
• 
Our ability to secure additional financing in the future may be hindered. 
• 
We may be more highly leveraged than our competitors, placing us at a competitive disadvantage. 
• 
Our flexibility in responding to changes in our business and industry may be constrained. 
• 
Our level of leverage may make us more vulnerable in the event of a downturn in our business, industry, or the 
broader economy. 
The restrictions and covenants in our debt agreements may limit our ability to secure future financing, make 
necessary capital expenditures, withstand a downturn in our business or the economy, or conduct essential corporate 
activities. These covenants could prevent us from capitalizing on emerging business opportunities. 
A breach of any of these covenants would constitute a default under the relevant debt agreement. If not waived, this 
could trigger immediate repayment obligations under that agreement and potentially accelerate repayment requirements under 
other agreements. If this occurs, the debt would become immediately due and payable. We may not have the funds to pay all 
such debt or to obtain sufficient financing to refinance it. Even if financing is available, the terms may not be favorable. 

14 
As of December 28, 2024, we had $164.3 million in cash and cash equivalents. Approximately 83% of our 
consolidated cash balance is held outside the U.S. Repatriating funds to meet U.S. cash needs could be subject to legal 
restrictions, tax liabilities, or contractual limitations. Additionally, as we use cash for acquisitions and other purposes, these 
factors could have a material adverse effect on our business, financial condition, results of operations, cash flows, and future 
prospects. 
We assumed an underfunded pension liability as part of the fiscal 2010 acquisition of Delta Ltd., which may require 
increased funding and impose restrictions on excess cash usage. 
Delta Ltd. sponsors a U.K. defined benefit pension plan (the “Plan”), which, as of December 28, 2024, covered 
approximately 5,150 former employees, either inactive or retired. The Plan has no active employee members. As of 
December 28, 2024, the Plan was overfunded by approximately £37.0 million ($46.5 million) for accounting purposes. Under 
the current agreement with the Plan trustees, we are obligated to provide annual funding of approximately £13.1 million 
($16.7 million) to address the funding shortfall at the time of acquisition, along with an additional approximately £1.9 million 
($2.5 million) for administrative expenses. Although this funding obligation was factored into the acquisition price of Delta, 
the Plan’s funding status may still have adverse effects on the combined company, including: 
• 
U.K. laws and regulations typically require the Plan trustees to agree on a new funding plan every three years, 
with the most recent plan established in fiscal 2022. Changes in actuarial assumptions, such as discount rates, 
inflation, interest rates, investment returns, and mortality projections, could increase the Plan’s underfunded 
position, requiring higher contributions to cover liabilities. 
• 
The U.K. government regulates the Plan, and its trustees represent the interests of covered workers. Under 
certain circumstances, regulations could trigger an immediate funding obligation significantly greater than the 
asset recognized for accounting purposes as of December 28, 2024. This obligation, calculated based on the cost 
of purchasing annuities to cover liabilities, could impact our ability to finance business growth or meet other 
financial commitments. 
General Risks 
Our businesses rely on skilled labor and management talent, and we may face challenges in attracting and retaining 
qualified employees. 
Skilled factory workers and management are essential to meeting customer needs, driving sales growth, and 
maintaining competitive advantages. In some regions, shortages of workers with specific skills, such as welding, equipment 
maintenance, and operating complex machinery, have increased labor costs. Equally important is management talent, which 
is crucial for business growth and effective succession planning as key employees retire. In certain regions, it may be difficult 
to find skilled management for specific roles. If we struggle to attract and retain these critical skills, it could negatively 
impact our ability to grow profitably in the future. 
We face strong competition in the markets we serve. 
We experience competitive pressures from various companies across all our markets. Our competitors include both 
companies offering similar technologies and those providing alternative solutions, such as drip irrigation. These competitors 
range from international and national manufacturers to local ones, some of which may have greater financial, manufacturing, 
marketing, and technical resources, or deeper penetration and familiarity with specific geographic markets. 
Additionally, certain competitors, particularly in our Utility and Telecommunications product lines, have sought 
bankruptcy protection in recent years. If they emerge with reduced debt obligations, they may be able to operate at lower 
prices, putting pressure on our margins. Some customers have also shifted manufacturing or sourcing operations overseas, 
negatively impacting our sales of galvanizing services. 
To remain competitive, we must invest in manufacturing, product development, and customer service. At times, we 
may need to adjust pricing, particularly for customers in struggling industries. However, we cannot guarantee our competitive 
position in all markets. 

15 
We may not achieve the improved operating results we anticipate from future acquisitions, and we may face difficulties 
integrating the acquired businesses or inherit significant liabilities associated with them. 
We regularly explore opportunities to acquire businesses that align with our core competencies, some of which may 
be material to us. We expect these acquisitions to result in better operating performance than we would otherwise achieve. 
However, we cannot guarantee that this expectation will be realized for any given acquisition. 
Future acquisitions may present significant challenges for our management, requiring considerable time and 
resources to integrate key aspects of the acquired business, such as management, employees, information systems, accounting 
controls, personnel, and administrative functions, into Valmont. We may struggle to fully integrate and streamline 
overlapping functions, and even if we do succeed, the process may be more costly than initially anticipated. Additionally, 
integrating our product offerings with those of acquired businesses may prove difficult, and we may not be able to improve 
our collective product offering as expected. 
Our integration efforts could be affected by factors beyond our control, such as general economic conditions. 
Moreover, the integration process may disrupt or slow down the activities of our existing business. The diversion of 
management’s attention, along with any delays or challenges encountered during integration, could negatively impact our 
operations, results, and liquidity. In some cases, the anticipated benefits of the acquisition may never materialize. 
Furthermore, although we conduct due diligence reviews of potential acquisitions, we may still be exposed to 
unexpected claims or liabilities, including environmental cleanup costs. These liabilities could be costly to defend or resolve 
and may be substantial, potentially having a material adverse effect on our business, results, and liquidity. 
We may incur significant warranty or contract management costs. 
In our Infrastructure segment, we manufacture large electrical transmission structures, which are often highly 
engineered for large, complex contracts. These contracts may include terms that penalize us for late delivery, leading to 
consequential and compensatory damages. Occasionally, product quality issues may arise on large utility structure orders, 
resulting in significant costs. Additionally, our Infrastructure segment includes structures for a variety of applications such as 
outdoor lighting, traffic, and wireless communication. 
Our Agriculture products are covered by warranty provisions, some of which extend over several years. If 
widespread product reliability issues occur with certain components, we may face substantial costs to address the situation. 
Our operations could be adversely affected if our information technology systems and networks are compromised or 
subjected to cyberattacks. 
Cyberattacks are becoming increasingly sophisticated and pose significant risks to the security of our information 
technology systems and networks. If these systems are breached, it could severely affect the confidentiality, availability, and 
integrity of our data. As our operations involve transferring data across international borders, we must comply with complex 
and stringent standards to protect both business and personal data, including in the U.S. and European Union countries. 
Our risk management strategy focuses on maintaining and protecting the confidentiality, integrity, and availability 
of information for both our business and customers. We rely on an information security program that includes a wide range 
of cybersecurity measures. More details about these measures can be found in Part I, Item 1C of this report. While these 
measures are designed to prevent, detect, respond to, and mitigate unauthorized activity, there is no guarantee they will be 
sufficient to prevent or mitigate the risks of a cyberattack—whether directly targeting our systems or through third-party 
service providers—or to enable us to detect, report, or respond in a timely and effective manner. 
Successful cyberattacks or other security incidents could result in the loss of key innovations, such as artificial 
intelligence or Internet of Things technologies; loss of access to critical data or systems through ransomware, crypto mining, 
or destructive attacks; and business delays or service disruptions. These incidents could lead to legal risks, fines, penalties, 
negative publicity, theft, modification or destruction of proprietary information, defective products, production downtimes, 
and operational disruptions. All of these could harm our reputation and competitiveness, and materially affect our business 
strategy, results of operations, or financial condition. 

16 
Regulatory and business developments regarding climate change could adversely impact our operations and demand for 
our products. 
Regulatory and business developments related to climate change could adversely affect our operations and the 
demand for our products. We closely monitor scientific discussions and legislative developments regarding climate change, 
including proposed regulations, to assess their potential impact on our business.  
Ongoing debates about the presence and scope of climate change, along with increasing legislative and regulatory 
attention, are expected to continue. Our production processes and the market for our products are influenced by such laws and 
regulations. Compliance with these measures may result in higher costs for raw materials and transportation. Non-compliance 
could damage our reputation and further expose our operations and customers to significant risks. 
Climate change also presents physical risks, such as the increased frequency of severe weather events and rising sea 
levels, which could disrupt operations at our manufacturing facilities. These events may cause unforeseen disruptions of 
systems, equipment, or overall operations. 
Additionally, we are facing rising insurance premiums and costs, including for property, casualty, and business 
interruption insurance. This trend is partly driven by the growing frequency and severity of extreme weather events such as 
hurricanes, floods, wildfires, and other natural disasters. Insurers have responded by tightening underwriting standards, 
reducing coverage limits, and increasing premium rates, particularly for businesses with geographically diverse and 
asset-intensive operations like ours. Any reduction in insurance coverage limits or the introduction of policy exclusions 
increases our financial exposure to losses associated with casualty events, including extreme weather occurrences. 
We may encounter challenges in quickly adjusting our manufacturing capacity to respond to sudden shifts in demand for 
Infrastructure products. 
Producing large engineered structures for Infrastructure customers requires significant machinery and often 
necessitates operating our facilities at or near full capacity to achieve optimal utilization. As a result, if demand for specific 
structure types in the Utility market changes unexpectedly, our ability to adjust manufacturing capacity in the near term may 
be limited. 
Establishing new manufacturing capacity or expanding existing capacity involves significant vendor lead times, 
capital investments, and customer approvals, all of which further delay our ability to respond to unexpected increases in 
demand. These limitations could lead to delays in order fulfillment, customer dissatisfaction, potential business loss, 
inventory imbalances, increased labor and material costs, reduced productivity, lower profit margins, reputational harm, and a 
weakened market position. If we are unable to effectively address these challenges, it could have a material adverse impact 
on our business, financial condition, and operating results. 
ITEM 1B. UNRESOLVED STAFF COMMENTS 
None. 
ITEM 1C. CYBERSECURITY 
Risk Management and Strategy 
Our information security program covers a wide range of cybersecurity activities, with the primary objective of 
maintaining the confidentiality, integrity, and availability of information for both our business and customers. The program 
and our systems are designed to identify and mitigate information security risks and data privacy breaches. Our risk 
mitigation processes include a cybersecurity incident response plan, which is regularly exercised through tabletop exercises, 
security awareness training with attack simulations to reinforce the training, cybersecurity risk assessments integrated with 
technology acquisition processes, and the utilization of third-party partnerships for threat intelligence, incident response and 
escalation, and attack surface monitoring. 
We measure our security performance using the International Organization for Standardization 27001 Framework 
and Enterprise Risk Management strategies. We implement policies and practices to mitigate risks to organizational data and 
operational processes. 

17 
Our Global Data Privacy Program continues to align with environmental, social, and corporate governance 
standards, taking into account both the risks and benefits of privacy-driven spending. The program’s operating model is 
based on the General Data Protection Regulation, adjusted to meet specific local requirements. This scalable model manages 
strategic, operational, legal, compliance, and financial risks and benefits, and utilizes technology to automate portions of the 
program, such as data subject access requests and consent and preference management. 
Our membership in the Data Privacy Board, a group comprised of some of the world’s largest companies with the 
mission of engaging in confidential, leader-level discussions, offers opportunities for unbiased benchmarking and support 
from peers across various industries. We continue to build privacy resilience across international operating environments. 
We collaborate with third-party vendors to enhance our processes against unauthorized access to our network, 
computers, programs, and data. Risk is inherent in risk management and cybersecurity strategy. See “Our operations could be 
adversely affected if our information technology systems and networks are compromised or targeted by cyberattacks” under 
Risk Factors in Part I, Item 1A of this report, which we incorporate here by reference. 
Governance 
The Board of Directors has oversight responsibility for cyber risks affecting the Company. The Board has delegated 
risk oversight of operational, compliance, and financial matters, including cybersecurity and information technology risk, to 
the Audit Committee. 
Our Director of Security has extensive experience implementing and managing cybersecurity policies, including 
overseeing investments in tools, resources, and processes that enables the continued maturity of our cybersecurity program. 
Team members supporting our information security program possess relevant educational backgrounds and industry 
experience. Our CEO, Chief Financial Officer, and Audit Committee receive regular reports from our Director of Security on 
the Company’s risk and compliance with cybersecurity matters, including data privacy, incidents, industry trends, and the 
prevention, detection, mitigation, and remediation of cyber incidents. 
ITEM 2. PROPERTIES 
Our corporate headquarters are located in Omaha, Nebraska, and the facility is leased through fiscal 2046. It houses 
the majority of our executive offices, reportable segment business units, and administrative functions. Additionally, we 
maintain a management headquarters in Sydney, Australia. Most of our significant manufacturing locations are owned or are 
subject to long-term renewable leases. Our principal manufacturing locations are in Valley, Nebraska; McCook, Nebraska; 
Tulsa, Oklahoma; Brenham, Texas; Charmeil, France; Uberaba, Brazil; Monterrey, Mexico; Siedlce, Poland; Shanghai, 
China; and Dubai, United Arab Emirates. All these facilities are owned by us, and we believe that our manufacturing 
capabilities and capacities are adequate to effectively serve our customers. Our capital spending programs focus on 
investments for replacement, achieving operational efficiencies, and expanding capacities where necessary. Our principal 
operating locations by reportable segment are listed below. 
Infrastructure segment North American manufacturing operations are located in the following U.S. states, along with 
operations in Canada and Mexico: Alabama, Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, 
Minnesota, Missouri, Nebraska, New Jersey, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, and 
Virginia. The largest operations are in Valley, Nebraska; Brenham, Texas; Tulsa, Oklahoma; and Monterrey, Mexico, all of 
which are owned facilities. We also have communication component distribution locations in California, Colorado, Florida, 
Georgia, Indiana, Maryland, Nevada, New York, Oregon, and Texas. Our international operations are located in Australia, 
China, England, Estonia, Finland, France, India, Indonesia, Italy, Malaysia, the Netherlands, New Zealand, the Philippines, 
Poland, and Thailand. The largest of these operations are in Charmeil, France, and Shanghai, China, both of which are owned 
facilities. 
Agriculture segment North American manufacturing operations are concentrated in Nebraska. Our principal 
manufacturing operations serving international markets are in Uberaba, Brazil; Dubai, United Arab Emirates; and Shandong, 
China. All facilities are owned, except for China, which is leased. 
Operations in the Other segment, which were divested in fiscal 2022, were located in Denmark. 

18 
ITEM 3. LEGAL PROCEEDINGS 
We are not a party to any material legal proceedings, nor are any of our properties subject to such proceedings. From 
time to time, we are involved in routine litigation incidental to our business operations. For further information regarding 
legal proceedings, please refer to Note 17 to the Consolidated Financial Statements included in this report. 
ITEM 4. MINE SAFETY DISCLOSURES 
Not applicable. 
INFORMATION ABOUT OUR EXECUTIVE OFFICERS 
The following are the names, ages, positions, and business experiences over the last five years of our current 
executive officers: 
Avner M. Applbaum, age 53 
President and Chief Executive Officer since July 2023. Served as Executive Vice President and Chief 
Financial Officer from March 2020 to July 2023. Previously, Chief Financial Officer and Chief Operating 
Officer at Double E Group, an equipment manufacturer, from 2017 to March 2020. 
Thomas Liguori, age 66 
Executive Vice President and Chief Financial Officer since August 2024. Served as Chief Financial Officer 
at Fortna, Inc., a supply chain optimization and automation company, from December 2022 to March 2024. 
Previously, Chief Financial Officer at Avnet, Inc., a global technology distributor and solutions provider, 
from 2018 to September 2022. 
Diane M. Larkin, age 60 
Executive Vice President of Global Operations since June 2020. Served as Senior Vice President of 
Operations and Global Supply at Pentair, a water treatment company, from 2017 to June 2020. 
J. Timothy Donahue, age 60 
Group President of Infrastructure since July 2023. Served as Executive Vice President of Corporate and 
Business Development from January 2023 to July 2023. Previously, President of Global Engineered 
Support Structures from December 2019 to January 2023. 
Darryl Matthews, age 56 
Group President of Agriculture since September 2024. Served as Senior Vice President of Natural 
Resources and Autonomy at Trimble, Inc., a company that provides integrated technology solutions for the 
agriculture, construction, and infrastructure industries, from September 2015 to December 2023. 
Timothy P. Francis, age 48 
Chief Accounting Officer since September 2024. Served as Interim Chief Financial Officer from July 2023 
to August 2024 and Interim Chief Accounting Officer from December 2023 to August 2024. Previously, 
Senior Vice President and Finance Business Partner of Global Operations from June 2022 to July 2023, and 
Senior Vice President and Controller from June 2014 to June 2022. 
Renee L. Campbell, age 55 
Senior Vice President of Investor Relations and Treasurer since February 2022. Served as Vice President of 
Investor Relations and Corporate Communications from October 2017 to February 2022. 
Jennifer Paisley, age 47 
Senior Vice President of Human Resources since August 2024. Served as Vice President of Total Rewards 
and HR Operations from September 2020 to August 2024. Previously, Senior Director of HR Operations 
and Benefits from January 2019 to September 2020. 
Ellen S. Dasher, age 55 
Vice President of Global Taxation since December 2015. 
R. Andrew Massey, age 55 
Vice President, Chief Legal Officer, and Corporate Secretary since July 2006. 
 
 

19 
PART II 
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND 
ISSUER PURCHASES OF EQUITY SECURITIES 
Market Information 
Our common stock is traded on the New York Stock Exchange under the ticker symbol “VMI.” 
Holders 
As of December 28, 2024, we had approximately 98,900 shareholders of common stock. 
Dividends 
Cash dividends on our common stock are paid quarterly. In fiscal 2024, we paid a total of $48.4 million in 
dividends, compared to $49.5 million in fiscal 2023. The Board of Directors determines whether to declare dividends, 
including their timing and amount, based on the Company’s financial condition and other relevant factors. We currently 
anticipate continuing to pay dividends at levels consistent with historical distributions. 
Purchases of Equity Securities By the Issuer and Affiliated Purchasers 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
Total number of  
Approximate dollar 
 
 
 
  
 
 
shares purchased  
value of shares that  
 
 
Total number  
Average 
 as part of publicly may yet be purchased 
 
 
of shares 
 
price paid 
 
announced plans  
under the plans 
Period 
     
purchased 
     
per share 
     
or programs 
    
or programs (1) 
September 29, 2024 to October 26, 2024 
  
 —  $ 
 —   
 —  $ 
 81,039,000 
October 27, 2024 to November 30, 2024 
  
 37,011   
 339.30   
 37,011   
 68,480,000 
December 1, 2024 to December 28, 2024 
  
 6,990    
 349.04   
 6,990    
 66,039,000 
Total 
  
 44,001  $ 
 340.85   
 44,001  $ 
 66,039,000 
(1) In May 2014, we announced a capital allocation philosophy that included a share repurchase program. The 
Board of Directors initially authorized the purchase of up to $500.0 million of the Company’s outstanding 
common stock over a twelve-month period at prevailing market prices, either through open market or privately 
negotiated transactions. The Board expanded this authorization in February 2015 and October 2018, each time 
adding $250.0 million with no expiration date. In February 2023, the Board increased the program by an 
additional $400.0 million, bringing the total authorization to $1,400.0 million, with no expiration date. As of 
December 28, 2024, we have repurchased 8,235,697 shares for approximately $1,334.0 million under this 
program. Subsequent to year end, on February 18, 2025, we announced the Board of Directors increased the 
amount authorized under the program by an additional $700.0 million, with no stated expiration date. 
The Inflation Reduction Act of 2022, enacted on August 16, 2022, introduced a nondeductible 1% excise tax on the 
net value of certain stock repurchases made after December 31, 2022. As of December 28, 2024 and December 30, 2023, the 
excise tax accrued totaled $0.6 million and $2.8 million, respectively. 
 
 

20 
ITEM 6. [RESERVED] 
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF 
OPERATIONS 
Forward‑Looking Statements 
Management’s discussion and analysis, along with other sections of this annual report, contain forward‑looking 
statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions 
that management has made in light of experience in the industries in which the Company operates, as well as management’s 
perceptions of historical trends, current conditions, anticipated future developments, and other factors deemed to be relevant. 
However, these statements are not guarantees of future performance or results. They are subject to risks, uncertainties (some 
beyond the Company’s control), and various assumptions. 
Management believes these forward‑looking statements are based on reasonable assumptions. However, many 
factors could cause actual financial results to differ materially from expectations. These factors include, among others, risk 
factors described in the Company’s reports to the SEC, as well as future economic and market conditions, industry trends, 
Company performance and financial results, operational efficiencies, availability and pricing of raw materials, availability 
and market acceptance of new products, product pricing, domestic and international competition, and actions or policy 
changes by domestic and foreign governments. 
The following discussion and analysis provide information that management considers relevant for assessing and 
understanding the Company’s consolidated results of operations and financial position. This discussion should be read in 
conjunction with the Consolidated Financial Statements and related notes. 
This section primarily discusses fiscal 2024 and fiscal 2023, including year-over-year comparisons. Discussions 
regarding fiscal 2022 and associated comparisons, which are not included on Form 10-K, can be found in “Management’s 
Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual 
Report on Form 10-K for the fiscal year ended December 30, 2023. 
 
 

21 
FISCAL 2024 COMPARED WITH FISCAL 2023 
Results of Operations 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended 
 
 
 
 
December 28, 
 
December 30, 
 
Percent 
 Dollars in thousands, except per-share amounts 
 
2024 
 
2023 
 
Change 
Consolidated 
 
 
 
 
 
Net sales 
 
$ 
 4,075,034  
$ 
 4,174,598   
(2.4%) 
Gross profit 
 
  
 1,241,212  
  
 1,236,034   
0.4% 
as a percentage of net sales 
 
  
30.5%  
  
29.6%  
   
Selling, general, and administrative expenses 
 
  
 716,628  
  
 768,423  
(6.7%) 
as a percentage of net sales 
 
  
17.6%  
  
18.4%  
   
Impairment of goodwill and other intangible assets 
 
 
 —  
  
 140,844  
NM 
Realignment charges 
 
 
 —  
  
 35,210  
NM 
Operating income 
 
  
 524,584  
  
 291,557  
79.9% 
as a percentage of net sales 
 
  
12.9%  
  
7.0%  
   
Net interest expense 
 
  
 51,539  
  
 50,578  
1.9% 
Effective tax rate 
 
  
25.2%  
  
38.1%  
   
Net earnings attributable to Valmont Industries, Inc. 
 
  
 348,259  
  
 150,849  
130.9% 
Diluted earnings per share 
 
$ 
 17.19  
$ 
 6.78  
153.5% 
Infrastructure 
 
  
   
  
   
   
Net sales 
 
$ 
 2,998,381  
$ 
 2,999,637  
(0.0%) 
Gross profit 
 
  
 903,736  
  
 842,081  
7.3% 
as a percentage of net sales 
 
 
30.1%  
 
28.1%  
 
Selling, general, and administrative expenses 
 
  
 406,596  
  
 424,997  
(4.3%) 
as a percentage of net sales 
 
 
13.6%  
 
14.2%  
 
Impairment of goodwill and other intangible assets 
 
 
 —  
  
 3,571  
NM 
Realignment charges 
 
 
 —  
  
 17,260  
NM 
Operating income 
 
  
 497,140  
  
 396,253  
25.5% 
as a percentage of net sales 
 
 
16.6%  
 
13.2%  
 
Agriculture 
 
  
 
  
   
   
Net sales 
 
$ 
 1,076,653  
$ 
 1,174,961  
(8.4%) 
Gross profit 
 
  
 337,476  
  
 393,953  
(14.3%) 
as a percentage of net sales 
 
 
31.3%  
 
33.5%  
 
Selling, general, and administrative expenses 
 
  
 199,140  
  
 230,729  
(13.7%) 
as a percentage of net sales 
 
 
18.5%  
 
19.6%  
 
Impairment of goodwill and other intangible assets 
 
 
 —  
  
 137,273  
NM 
Realignment charges 
 
 
 —  
  
 9,101  
NM 
Operating income 
 
  
 138,336  
  
 16,850  
721.0% 
as a percentage of net sales 
 
 
12.8%  
 
1.4%  
 
Corporate 
 
  
   
 
 
 
Selling, general, and administrative expenses 
 
$ 
 110,892  
$ 
 112,697  
(1.6%) 
Realignment charges 
 
 
 —  
  
 8,849  
NM 
Operating loss 
 
  
 (110,892) 
  
 (121,546) 
(8.8%) 
NM = not meaningful 
Overview, Including Items Impacting Comparability 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands 
     
Infrastructure 
 
Agriculture 
     
Total 
Net sales - fiscal 2023 
 
$ 
 2,999,637 
$ 
 1,174,961  
$ 
 4,174,598 
Volume 
 
  
 (55,453)
  
 (48,082) 
  
 (103,535)
Pricing and mix 
 
  
 62,430 
  
 (63,942) 
  
 (1,512)
Acquisition 
 
  
 — 
  
 27,396  
  
 27,396 
Divestiture 
 
 
 (2,292)
 
 (1,068) 
 
 (3,360)
Currency translation 
 
  
 (5,941)
  
 (12,612) 
  
 (18,553)
Net sales - fiscal 2024 
 
$ 
 2,998,381 
$ 
 1,076,653  
$ 
 4,075,034 
On a consolidated basis, net sales decreased in fiscal 2024, as compared to fiscal 2023, primarily due to lower net 
sales in the Agriculture segment, while net sales in the Infrastructure segment remained relatively flat. 
On a consolidated basis, both gross profit and gross profit as a percentage of net sales increased in fiscal 2024, as 
compared to fiscal 2023. This growth was driven by higher gross profit in the Infrastructure segment, partially offset by a 

22 
decline in the Agriculture segment. Favorable factors in the Infrastructure segment, including steel deflation, strong 
commercial execution, and effective pricing strategies, were partially offset by lower volumes and pricing in the Agriculture 
segment, particularly in Brazil. 
During the third quarter of fiscal 2023, management initiated a plan to streamline segment support across the 
Company and reduce costs through an organizational realignment program (the “Realignment Program”). The Realignment 
Program provided for a reduction in force through a voluntary early retirement program and other headcount reduction 
actions, which were completed by the end of fiscal 2023. The Board of Directors authorized the incurrence of cash charges 
up to $36.0 million in connection with the Realignment Program of which $35.2 million were incurred in fiscal 2023. 
Severance and other employee benefit costs totaled approximately $17.3 million within the Infrastructure segment, $9.1 
million within the Agriculture segment, and $8.8 million within Corporate expense. 
Consolidated selling, general, and administrative expenses (“SG&A”) decreased in fiscal 2024, as compared to 
fiscal 2023, primarily driven by lower compensation costs, largely attributable to the Realignment Program in fiscal 2023. 
In fiscal 2023, SG&A in the Agriculture segment included $4.9 million in amortization of identified intangible 
assets and $7.1 million in stock-based compensation expense from the Prospera subsidiary acquired in fiscal 2021. In fiscal 
2024, Prospera intangible asset amortization was $0.4 million and stock-based compensation expense was $4.1 million. 
Consolidated operating income increased in fiscal 2024, as compared to fiscal 2023, primarily due to the impairment 
of certain goodwill and intangible assets totaling $140.8 million and realignment charges totaling $35.2 million in fiscal 
2023. The increase was further supported by lower SG&A resulting from the Realignment Program and increased gross 
profit. 
Acquisitions and Divestitures 
We continue to strategically enhance our portfolio through targeted acquisitions and divestitures, demonstrating our 
commitment to refining our business focus and driving value within our core segments. 
Acquisitions  
In the third quarter of fiscal 2023, we acquired HR Products, a leading wholesale supplier of irrigation parts in 
Australia, for $37.3 million, included in the Agriculture segment. 
Divestitures 
In the fourth quarter of fiscal 2024, we divested George Industries, a coating and anodizing company in California 
previously included in the Infrastructure segment, resulting in a loss of $2.8 million recorded in “Other income (expenses)” in 
the Consolidated Statements of Earnings. 
In the fourth quarter of fiscal 2024, we divested our extractive business, which included the manufacturing and 
distribution of screening products for the mining and quarrying sectors in Australia and New Zealand, previously included in 
the Infrastructure segment, resulting in a loss of $1.7 million recorded in “Other income (expenses)” in the Consolidated 
Statements of Earnings. 
In the second quarter of fiscal 2023, we divested Torrent Engineering and Equipment Company, LLC, an 
Indiana-based integrator of prepackaged pump stations previously included in the Agriculture segment, resulting in a gain of 
$3.0 million recorded in “Other income (expenses)” in the Consolidated Statements of Earnings. 
Macroeconomic and Geopolitical Impacts on Financial Results and Liquidity 
We manufacture Utility structures in Mexico and ship them to customers in the U.S. In fiscal 2024, we imported 
approximately $230.0 million worth of fabricated steel structures from Mexico into the U.S. On February 10, 2025, President 
Trump announced a 25% tariff on all steel and aluminum imports into the U.S., effective March 4, 2025. The U.S.-Mexico 
tariff situation remains highly fluid, and we are assessing the duration and scope of this presidential order. At this time, we 
cannot predict whether additional tariffs will be imposed. Any U.S. tariffs on fabricated steel structures we produce are 
expected to apply to transfer prices from Mexico. These potential tariffs, along with possible retaliatory measures from 
Mexico, could have a material adverse impact on our future cost of goods sold and operating income. The ultimate effect will 
depend on the magnitude and duration of the tariffs, and we are actively assessing options to mitigate any potential impact. 

23 
We continue to monitor other macroeconomic and geopolitical uncertainties that have impacted or may impact our 
business, including inflationary cost pressures, supply chain disruptions, currency fluctuations against the U.S. dollar, 
changing interest rates, ongoing international conflicts, and labor shortages. These factors could impact our operational costs, 
revenue, and financial stability. As conditions evolve, we are proactively adapting strategies to mitigate risks and ensure 
sufficient liquidity. 
Reportable Segments 
In addition to our two reportable segments, we had a business and related activities in fiscal 2022 that did not exceed 
10% of consolidated sales, operating income, or assets. This included the offshore wind energy structures business, which 
was reported in the Other segment until its divestiture in the fourth quarter of fiscal 2022. For additional information, see 
Note 20 in our Consolidated Financial Statements. 
Backlog 
As of December 28, 2024, the consolidated backlog of unshipped orders was approximately $1.4 billion, as 
compared to approximately $1.5 billion as of December 30, 2023. This decrease is attributed to slight decreases in both the 
Infrastructure and Agriculture segments. 
Net Interest Expense 
Consolidated net interest expense increased in fiscal 2024, as compared to fiscal 2023, due to the increase in average 
outstanding borrowings on the revolving line of credit along with higher average interest rates. 
Other Income / Expenses (Including Gain (Loss) on Deferred Compensation Investments) 
Amounts in “Gain (loss) on deferred compensation investments” included changes in the market value of deferred 
compensation assets which were offset by an equal opposite amount included in SG&A for the corresponding change in the 
valuation of deferred compensation liabilities. Other items included in “Other income (expenses)” were pension expenses 
along with losses related to the sales of George Industries and the extractive business in the fourth quarter of fiscal 2024 
totaling approximately $4.5 million. Pension expense was $0.6 million and $0.2 million in fiscal 2024 and 2023, respectively. 
Income Tax Expense 
Our effective income tax rate in fiscal 2024 and fiscal 2023 was 25.2% and 38.1%, respectively. In fiscal 2024, the 
effective tax rate was the result of changes in the geographical mix of earnings. In fiscal 2023, the higher effective tax rate 
was the result of goodwill impairment charges for which no tax benefits were recorded. 
Infrastructure Segment 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended 
 
  
 
 
 
 
 
December 28,  
December 30,  
Dollar 
 
Percent 
Dollars in thousands 
     
2024 
     
2023 
     
Change 
     
Change 
Utility 
 
$ 
 1,368,333  
$ 
 1,291,670   
$ 
 76,663   
 5.9 % 
Lighting and Transportation 
 
 
 884,128  
 
 916,170   
 
 (32,042)  
 (3.5)% 
Coatings 
 
 
 353,739  
 
 354,330   
 
 (591)  
 (0.2)% 
Telecommunications 
 
 
 250,770  
 
 252,165   
 
 (1,395)  
 (0.6)% 
Solar 
 
 
 151,606  
 
 195,732   
 
 (44,126)  
 (22.5)% 
Total sales 
 
$ 
 3,008,576  
$ 
 3,010,067  
$ 
 (1,491)  
 (0.0)% 
 
 
  
 
  
 
  
 
 
Operating income 
 
$ 
 497,140  
$ 
 396,253  
$ 
 100,887   
 25.5 % 
Infrastructure segment sales in fiscal 2024 were comparable to those in fiscal 2023. A significant decline in Solar 
product line volumes was offset by higher volumes in the Utility product line and increased average selling prices, 
particularly in the Utility product line. Regionally, Infrastructure segment sales grew in North America in fiscal 2024, as 
compared to fiscal 2023, but declined in international markets during the same period. 
Sales in the Utility product line increased in fiscal 2024, as compared to fiscal 2023, driven by a continued focus on 
commercial excellence and a favorable product mix, including higher volumes of distribution and substation products. These 

24 
factors more than offset the impact of steel index deflation on average selling prices. The overall product line growth 
occurred amid strong demand in the utility market, fueled by ongoing investments in the global energy transition and grid 
hardening efforts. 
Lighting and Transportation product line sales decreased in fiscal 2024, as compared to fiscal 2023. This decline 
was due to lower sales volumes caused by continued softness in the lighting market, the timing of transportation projects, and 
an unfavorable currency translation effect totaling approximately $1.9 million. 
Coatings product line sales decreased slightly in fiscal 2024, as compared to fiscal 2023, primarily due to lower 
sales volumes in international markets. These declines were partially offset by increased average selling prices. 
Telecommunications product line sales decreased in fiscal 2024, as compared to fiscal 2023, driven by lower sales 
volumes in the first half of fiscal 2024. However, sales volumes rebounded in the second half of fiscal 2024, supported by 
increased carrier spending amid a stabilizing North American market environment. 
Solar product line sales decreased significantly in fiscal 2024, as compared to fiscal 2023. This decline was 
attributed to the non-recurrence of a large utility-scale project from fiscal 2023, a strategic decision in the second quarter of 
fiscal 2024 to exit certain low-margin projects, and an unfavorable foreign currency translation effect totaling approximately 
$1.4 million. 
Infrastructure segment gross profit and gross profit as a percentage of net sales increased in fiscal 2024, as compared 
to fiscal 2023. These improvements were driven by a favorable product mix and commercial excellence, which resulted in 
higher average selling prices that more than offset the impact of steel index deflation. 
Infrastructure segment SG&A decreased in fiscal 2024, as compared to fiscal 2023. This reduction was primarily 
due to lower compensation costs as a result of the Realignment Program. 
Infrastructure segment operating income increased in fiscal 2024, as compared to fiscal 2023. This improvement 
was driven by higher gross profit and lower SG&A. In addition, we incurred severance costs totaling $17.3 million within the 
Infrastructure segment in fiscal 2023 related to the Realignment Program. 
Agriculture Segment 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended 
 
  
 
 
 
 
 
December 28,  
December 30,  
Dollar 
 
Percent 
Dollars in thousands 
     
2024 
     
2023 
     
Change 
     
Change 
North America 
 
$ 
 570,517  
$ 
 587,056   
$ 
 (16,539)  
 (2.8)% 
International 
 
 
 513,191  
 
 595,167   
 
 (81,976)  
 (13.8)% 
Total sales 
 
$ 
 1,083,708  
$ 
 1,182,223  
$ 
 (98,515)  
 (8.3)% 
 
 
  
 
  
 
 
 
 
Operating income 
 
$ 
 138,336  
$ 
 16,850  
$ 
 121,486   
 721.0 % 
In North America, Agriculture segment sales declined in fiscal 2024, as compared to fiscal 2023. This decrease was 
primarily driven by lower tubular steel product sales, reflecting weakness in the North American agriculture market. 
Although sales of replacement irrigation equipment increased due to severe weather events earlier in fiscal 2024, these gains 
were partially offset by continued softness in the agriculture market, influenced by lower grain prices. Additionally, average 
selling prices for irrigation equipment were slightly lower compared to the prior year. 
In international markets, Agriculture segment sales decreased in fiscal 2024, as compared to fiscal 2023. This was 
driven by significantly lower sales in Brazil, where normalizing backlog levels and lower grain prices impacted growers’ 
purchasing decisions. The decline was further exacerbated by unfavorable foreign currency translation effects of $12.6 
million. However, sales growth in the Europe, Middle East, and Africa region, along with incremental sales from the HR 
Products acquisition in fiscal 2023, partially offset these declines. 
Sales of Technology Products and Services decreased in fiscal 2024, as compared to fiscal 2023, primarily due to 
lower hardware sales volumes. 
Our Agriculture business remains cyclical and is influenced by factors such as changes in net farm income, 
commodity prices, weather volatility, geopolitical events, and farmer sentiment regarding future economic conditions. We 

25 
closely monitor these variables to assess their potential impacts on our financial performance, including estimated U.S. net 
farm income data released by the U.S. Department of Agriculture. In Brazil, we actively track fluctuations in grain prices and 
projected farm input costs to evaluate grower sentiment. Looking ahead, Irrigation Equipment and Parts sales in North 
America are expected to remain muted for fiscal 2025. 
Agriculture segment gross profit decreased in fiscal 2024, as compared to fiscal 2023, primarily due to lower sales 
volumes, particularly in North America and Brazil, as well as an unfavorable geographic sales mix. 
Agriculture segment SG&A decreased in fiscal 2024, as compared to fiscal 2023, primarily due to lower 
compensation costs, largely driven by the Realignment Program. Additionally, intangible asset amortization expenses 
declined as a result of the third quarter of fiscal 2023 impairment of certain Prospera amortizing proprietary technology. 
Agriculture segment operating income increased in fiscal 2024, as compared to fiscal 2023, primarily due to a 
$137.3 million impairment of certain goodwill and other intangible assets in fiscal 2023. This increase was partially offset by 
lower sales volumes and decreased gross profit. Furthermore, in fiscal 2023, we incurred $9.1 million in severance costs 
within the Agriculture segment related to the Realignment Program. 
Corporate 
Corporate SG&A decreased in fiscal 2024, as compared to fiscal 2023, primarily due to lower compensation costs 
resulting from the Realignment Program in fiscal 2023, as well as reduced incentive expenses. These reductions were 
partially offset by higher insurance expenses and increased technology costs. 
In addition, in fiscal 2023, we incurred $8.8 million in severance and other employee benefit costs within Corporate 
expense as part of the Realignment Program. 
LIQUIDITY AND CAPITAL RESOURCES 
Capital Allocation Philosophy 
Our capital allocation priorities are intended to present a balanced approach to maintaining disciplined investments 
in organic and inorganic growth opportunities while delivering meaningful capital returns to shareholders over the next three 
to five years. These priorities are expected to be supported by our projected cash flow generation. We plan to allocate 
approximately 50% of operating cash flow to high-return growth opportunities, focused on: 
• 
capital expenditures for strategic capacity expansion, primarily in the Infrastructure segment, to maintain and 
increase manufacturing output and efficiency while driving innovation to better serve customers, and 
• 
acquisitions that strategically augment our competitive position, with a focus on sustainable growth and 
premium returns on invested capital. 
We plan to allocate the remaining approximately 50% of operating cash flow to shareholder returns through the 
form of share repurchases and dividends. 
We are committed to maintaining a capital structure that supports our investment-grade credit rating. As of the latest 
assessments, our credit ratings were Baa2 (stable outlook) by Moody’s Investors Service, Inc., BBB- (stable outlook) by 
Fitch Ratings, Inc., and BBB+ (stable outlook) by S&P Global Ratings. To support these ratings, we aim to manage our 
debt-to-invested capital ratio within levels that reinforce our investment-grade status. 
As of December 28, 2024, we had approximately $66.0 million of remaining capacity under our share repurchase 
program. Since May 2014, we have repurchased approximately 8.2 million shares for a total of $1,334.0 million under the 
program. Subsequent to year end, on February 18, 2025, we announced the Board of Directors increased the program’s 
authorized capacity by an additional $700.0 million, with no stated expiration date. These purchases will be funded through 
available cash balances and ongoing cash flows and will be made subject to market and economic conditions. We are not 
obligated to make any repurchases and may discontinue the program at any time. Additionally, the Board of Directors 
approved a quarterly cash dividend on common stock of $0.68 per share, or an annualized rate of $2.72 per share, 
representing an increase of over 13%. 

26 
Supplier Finance Program 
We have established a supplier finance program with a financial institution, allowing qualifying suppliers the option 
to sell their receivables from us to the financial institution under independently negotiated terms. Participation in the program 
is entirely voluntary for suppliers and does not affect our payment terms, amounts, timing, or liquidity. We have no economic 
interest in a supplier’s decision to participate. As of December 28, 2024 and December 30, 2023, our accounts payable in the 
Consolidated Balance Sheets included $45.6 million and $41.9 million, respectively, related to obligations under this 
program. 
Sources of Financing 
As of December 28, 2024, our available debt financing primarily included senior unsecured notes and a revolving 
credit facility. 
Senior Unsecured Notes 
As of December 28, 2024, our senior unsecured notes consisted of: 
• 
$450.0 million face value ($434.0 million carrying value) notes at an interest rate of 5.00% per annum, 
maturing in October 2044. 
• 
$305.0 million face value ($295.4 million carrying value) notes at an interest rate of 5.25% per annum, 
maturing in October 2054. 
We retain the option to repurchase these notes by paying a make-whole premium. Both tranches are guaranteed by 
certain subsidiaries. 
Revolving Credit Facility 
Our revolving credit facility, managed by JPMorgan Chase Bank, N.A., as Administrative Agent, has a maturity 
date of October 18, 2026. The facility provides up to $800.0 million in unsecured revolving credit, with $400.0 million 
available for borrowings in foreign currencies. An additional $300.0 million may be added to the facility, subject to lender 
commitments. 
Authorized borrowers include the Company and its wholly-owned subsidiaries, Valmont Industries Holland B.V. 
and Valmont Group Pty. Ltd. Obligations under this facility are guaranteed by the Company and its wholly-owned 
subsidiaries, Valmont Telecommunications, Inc., Valmont Coatings, Inc., Valmont Newmark, Inc., and Valmont Queensland 
Pty. Ltd. 
The interest rate on our borrowings will be, at our option, either: 
(a) term Secured Overnight Financing Rate (“SOFR”), based on a one-, three-, or six-month period, plus a 
10-basis-point adjustment and a spread of 100 to 162.5 basis points, depending on our senior unsecured 
long-term debt credit rating by S&P Global Ratings and Moody’s Investors Service, Inc.; 
(b) the higher of 
• 
the prime lending rate, 
• 
the overnight bank rate plus 50 basis points, or 
• 
term SOFR (based on a one-month period) plus 100 basis points, 
plus, in each case, 0 to 62.5 basis points, depending on our credit rating; or 
(c) daily simple SOFR plus a 10-basis-point adjustment and a spread of 100 to 162.5 basis points, depending 
on our credit rating. 
Additionally, a commitment fee is applied to the average daily unused portion of the facility, ranging from 10 to 25 
basis points, based on our credit rating. 
As of December 28, 2024, we had no outstanding borrowings under this facility. As of December 30, 2023, we had 
outstanding borrowings of $377.9 million under this facility. The facility includes a financial covenant that may limit 

27 
additional borrowing. As of December 28, 2024, we could borrow $799.8 million under the facility, after accounting for $0.2 
million in standby letters of credit related to certain insurance obligations. Additionally, we maintain short‑term bank lines of 
credit totaling $30.9 million, with $29.2 million unused as of December 28, 2024. 
Covenants and Compliance 
Both our senior unsecured notes and revolving credit facility contain cross-default provisions, which allow for the 
acceleration of debt if we default on other indebtedness that also permits acceleration. 
The revolving credit facility requires us to maintain a financial leverage ratio of 3.50 or lower, measured as of the 
last day of each fiscal quarter. A temporary increase to 3.75 is permitted for the four fiscal quarters following a material 
acquisition. The leverage ratio is defined as the ratio of: (a) interest-bearing debt, minus unrestricted cash in excess of $50.0 
million (but not exceeding $500.0 million), to (b) earnings before interest, taxes, depreciation, and amortization, adjusted for 
non-cash stock-based compensation and non-recurring non-cash charges or gains, subject to certain limitations (“Adjusted 
EBITDA”). Additionally, in the event of an acquisition or divestiture, Adjusted EBITDA shall be computed on a pro forma 
basis, reflecting the transaction as if it had occurred on the first day of the period. 
Additional covenants restrict activities such as incurring indebtedness, placing liens, engaging in mergers, making 
investments, selling assets, paying dividends, conducting affiliate transactions, and making debt prepayments. Customary 
events of default may trigger the acceleration of obligations, subject to grace periods where applicable. 
As of December 28, 2024, we were in compliance with all covenants related to these debt agreements. For detailed 
calculations of Adjusted EBITDA and the leverage ratio, please refer to the “Selected Financial Measures” section. 
Cash Uses 
Our primary cash needs include working capital, capital expenditures, debt service, taxes, and pension contributions. 
We may also pursue strategic investments, acquisitions, stock repurchases, or dividends, subject to market conditions and 
debt agreement restrictions. 
In fiscal 2025, our primary cash requirements will include capital expenditures, pension contributions, lease 
payments, and interest on outstanding debt. We have committed to purchasing zinc, aluminum, and steel under unconditional 
purchase agreements aligned with our business needs. These contracts help stabilize costs amid fluctuating demand, and we 
plan to use the contracted amounts within the fiscal year. We expect fiscal 2025 capital expenditures to range from $140.0 
million to $160.0 million. The increase in planned expenditures is driven by infrastructure-related growth opportunities. 
These investments will enhance output, improve adaptability to evolving needs, and expand manufacturing capacity, 
efficiency, and flexibility. 
The following table outlines our material cash requirements, both current and long-term, as of December 28, 2024: 
 
 
 
 
 
 
 
 
 
 
 
 
Next 12 
 
 
 
  
Dollars in millions 
     
Months 
     
Thereafter 
     
Total 
Long‑term debt 
 
$ 
 0.7  
$ 
 755.6  
$ 
 756.3 
Interest1 
 
  
 38.6  
  
 882.8  
  
 921.4 
Pension plan contributions 
 
  
 16.7  
  
 197.6  
  
 214.3 
Operating leases 
 
  
 29.0  
  
 184.1  
  
 213.1 
Total contractual cash obligations 
 
$ 
 85.0  
$ 
 2,020.1  
$ 
 2,105.1 
1 Interest expense amount assumes that long-term debt will be held to maturity. 
Our business operates in cyclical markets, but our diverse portfolio—spanning various products, customers, and 
regions—has enabled us to navigate these cycles effectively while maintaining liquidity. Historically, we have consistently 
generated operating cash flows that exceed our capital expenditures, demonstrating our ability to manage cash effectively 
through economic cycles. For fiscal 2025 and beyond, we are confident in our liquidity position, supported by accessible 
credit facilities, capital markets, and a solid track record of positive operating cash flows. 
As of December 28, 2024, we held $164.3 million in cash, including $135.6 million in non-U.S. subsidiaries. 
Distributions of this foreign cash would incur tax liabilities. Additionally, as of December 28, 2024, we had liabilities of $1.6 
million for foreign withholding taxes and $0.5 million for U.S. state income taxes. 

28 
Cash Flows 
The table below summarizes our cash flow information for the fiscal years ended December 28, 2024, December 30, 
2023, and December 31, 2022: 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended 
 
 
December 28,  
December 30,  
December 31, 
Dollars in thousands 
 
2024 
     
2023 
     
2022 
Net cash flows from operating activities 
 
$ 
 572,678  
$ 
 306,775  
$ 
 326,265 
Net cash flows from investing activities 
 
  
 (78,878) 
  
 (115,281) 
  
 (132,080)
Net cash flows from financing activities 
 
  
 (522,560) 
  
 (176,405) 
  
 (181,905)
Operating Cash Flows and Working Capital – Cash provided by operating activities totaled $572.7 million in fiscal 
2024, compared to $306.8 million in fiscal 2023. The change in operating cash flows reflects increased operating profits and 
favorable changes in working capital, mainly due to increased customer receipts, including deposits of $83.7 million from a 
large customer in fiscal 2024. This was partially offset by a $21.9 million increase in tax payments for fiscal 2024, as 
compared to fiscal 2023. Operating cash outflows for severance payments related to the Realignment Program totaled $12.5 
million and $22.7 million for fiscal 2024 and 2023, respectively. 
Investing Cash Flows – Cash used in investing activities totaled $78.9 million in fiscal 2024, compared to $115.3 
million in fiscal 2023. Investing activities in fiscal 2024 included capital spending of $79.5 million partially offset by 
proceeds of $3.8 million from the divestitures of George Industries and the extractive business, net of cash divested. 
Investing activities in fiscal 2023 included capital spending of $96.8 million and the acquisition of HR Products, net of cash 
acquired, of $32.7 million, partially offset by proceeds of $6.4 million from the divestiture of Torrent Engineering and 
Equipment Company, LLC, net of cash divested, and proceeds of $7.5 million from property damage insurance claims. 
Financing Cash Flows – Cash used in financing activities totaled $522.6 million in fiscal 2024, compared to $176.4 
million in fiscal 2023. Our total interest‑bearing debt decreased to $757.9 million as of December 28, 2024, from $1,138.1 
million as of December 30, 2023. Financing activities in fiscal 2024 included $45.1 million in borrowings on the revolving 
credit facility and short-term notes, offset by $424.6 million in principal payments of on our long-term debt and short-term 
borrowings, $48.4 million in dividend payments, $70.1 million in stock repurchases, $17.8 million in purchases of 
redeemable noncontrolling interests, and $6.4 million in net activity from stock option and incentive plans, including related 
tax payments. Financing activities in fiscal 2023 included $400.8 million in borrowings of on the revolving credit facility and 
short-term notes, offset by $168.8 million in principal payments of on our long-term debt and short-term borrowings, $49.5 
million in dividend payments, $345.3 million in stock repurchases, and $12.9 million in net activity from stock option and 
incentive plans, including related tax payments. 
Guarantor Summarized Financial Information 
This information is provided in compliance with Rule 3-10 and Rule 13-01 of Regulation S-X, relating to our two 
tranches of senior unsecured notes. These senior notes are jointly, severally, fully, and unconditionally guaranteed—subject 
to certain customary release provisions, including the sale of the subsidiary guarantor or of all or substantially all of its 
assets—by certain of our current and future direct and indirect domestic and foreign subsidiaries (collectively, the 
“Guarantors”). The Parent serves as the Issuer of the notes and consolidates all Guarantors. 
The financial information for the Issuer and Guarantors is presented on a combined basis, with intercompany 
balances and transactions between the Issuer and Guarantors eliminated. Any amounts due to or from the Issuer or 
Guarantors, as well as transactions with non-guarantor subsidiaries, are disclosed separately. 

29 
The combined financial information for the fiscal years ended December 28, 2024, December 30, 2023, and 
December 31, 2022 was as follows: 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended 
 
 
December 28,  
December 30,  
December 31, 
Dollars in thousands 
     
2024 
     
2023 
     
2022 
Net sales 
 
$ 
 2,753,999  
$ 
 2,713,928  
$ 
 2,876,425 
Gross profit 
 
  
 828,055  
  
 756,966  
  
 695,211 
Operating income 
 
  
 354,719  
  
 255,401  
  
 268,142 
Net earnings 
 
  
 220,790  
  
 134,831  
  
 167,114 
Net earnings attributable to Valmont Industries, Inc. 
 
  
 220,790  
  
 133,300  
  
 167,220 
The combined financial information as of December 28, 2024 and December 30, 2023 was as follows: 
 
 
 
 
 
 
 
 
 
December 28, 
 
December 30, 
Dollars in thousands 
     
2024 
     
2023 
Current assets 
 
$ 
 805,713  
$ 
 777,539 
Non-current assets 
 
  
 835,197  
  
 872,016 
Current liabilities 
 
  
 470,652  
  
 361,211 
Non-current liabilities 
 
  
 1,091,773  
  
 1,436,131 
Redeemable noncontrolling interests 
 
  
 —  
  
 10,518 
As of December 28, 2024 and December 30, 2023, non-current assets included a receivable from non-guarantor 
subsidiaries of $90,938 and $136,904, respectively. As of December 28, 2024 and December 30, 2023, non-current liabilities 
included a payable to non-guarantor subsidiaries of $243,465 and $216,633, respectively. 
Selected Financial Measures 
We are providing the following financial measures for the Company: 
Return on Invested Capital – Return on invested capital (“ROIC”) and Adjusted ROIC are key operating ratios that 
enable investors to assess our operating performance relative to the investment needed to generate operating profit. These 
measures are also utilized to determine management incentives. ROIC is calculated by dividing after-tax operating income by 
the average of beginning and ending invested capital. Adjusted ROIC is calculated as after-tax operating income, adjusted for 
certain non-recurring charges or gains. The adjusted figure is then divided by the average of beginning and ending invested 
capital to determine Adjusted ROIC. Invested capital represents total assets minus total liabilities (excluding interest-bearing 
debt and redeemable noncontrolling interests). 
ROIC and Adjusted ROIC are non-generally accepted accounting principles (“GAAP”) measures. As such, invested 
capital, ROIC, and Adjusted ROIC should not be considered in isolation or as substitutes for net earnings, cash flows from 
operations, or other income or cash flow data prepared in accordance with GAAP, nor should they be viewed as indicators of 
our operating performance or liquidity. The following table shows how invested capital, ROIC, and Adjusted ROIC are 
calculated from our Consolidated Statements of Earnings and our Consolidated Balance Sheets. 

30 
The calculation of these ratios for the fiscal years ended December 28, 2024, December 30, 2023, and December 31, 
2022 was as follows: 
 
 
 
 
 
 
 
 
 
 
 
     
Fiscal Year Ended 
 
 
December 28,  
December 30,  
December 31, 
Dollars in thousands 
 
2024 
 
2023 
 
2022 
Operating income 
 
$ 
 524,584  
$ 
 291,557  
$ 
 433,249 
Tax rate 
 
  
25.2%  
  
38.1%  
  
27.7% 
Tax effect on operating income 
 
  
 (132,050) 
  
 (111,124) 
  
 (119,872)
After-tax operating income 
 
$ 
 392,534  
$ 
 180,433  
$ 
 313,377 
Average invested capital 
 
$ 
 2,396,436  
$ 
 2,504,474  
$ 
 2,437,232 
Return on invested capital 
 
  
16.4%  
  
7.2%  
  
12.9% 
 
 
 
 
 
 
 
Operating income 
 
$ 
 524,584  
$ 
 291,557  
$ 
 433,249 
Impairment of goodwill and other intangible assets 
 
 
 —  
 
 140,844  
 
 — 
Realignment charges 
 
 
 —  
 
 35,210  
 
 — 
Other non-recurring charges 
 
 
 —  
 
 5,626  
 
 — 
Prospera intangible asset amortization3 
 
 
 —  
 
 —  
 
 6,580 
Prospera stock-based compensation3 
 
 
 —  
 
 —  
 
 9,896 
Adjusted operating income 
 
$ 
 524,584  
$ 
 473,237  
$ 
 449,725 
Adjusted effective tax rate1,2 
 
  
25.2%  
  
25.9%  
  
27.7% 
Tax effect on adjusted operating income 
 
  
 (132,050) 
  
 (122,665) 
  
 (124,431)
After-tax adjusted operating income 
 
$ 
 392,534  
$ 
 350,572  
$ 
 325,294 
Average invested capital 
 
$ 
 2,396,436  
$ 
 2,504,474  
$ 
 2,437,232 
Adjusted return on invested capital 
 
  
16.4%  
  
14.0%  
  
13.3% 
 
 
 
 
 
 
 
Total assets 
 
$ 
 3,329,972  
$ 
 3,477,448  
$ 
 3,556,996 
Less: Defined benefit pension asset 
 
 
 (46,520) 
 
 (15,404) 
 
 (24,216)
Less: Accounts payable 
 
  
 (372,197) 
  
 (358,311) 
  
 (360,312)
Less: Accrued expenses 
 
  
 (275,407) 
  
 (277,764) 
  
 (248,320)
Less: Contract liabilities 
 
  
 (126,932) 
  
 (70,978) 
  
 (172,915)
Less: Income taxes payable 
 
  
 (22,509) 
  
 —  
  
 (3,664)
Less: Dividends payable 
 
  
 (12,019) 
  
 (12,125) 
  
 (11,742)
Less: Deferred income taxes 
 
  
 (6,344) 
  
 (21,205) 
  
 (41,091)
Less: Operating lease liabilities 
 
  
 (134,534) 
  
 (162,743) 
  
 (155,469)
Less: Deferred compensation 
 
  
 (33,302) 
  
 (32,623) 
  
 (30,316)
Less: Other non-current liabilities 
 
  
 (20,813) 
  
 (12,818) 
  
 (13,480)
Total invested capital 
 
$ 
 2,279,395  
$ 
 2,513,477  
$ 
 2,495,471 
Beginning invested capital 
 
$ 
 2,513,477  
$ 
 2,495,471  
$ 
 2,378,992 
Average invested capital 
 
$ 
 2,396,436  
$ 
 2,504,474  
$ 
 2,437,232 
1 The adjusted effective tax rate for fiscal 2022 excluded the effects of the $33.3 million loss from the divestiture of 
the offshore wind energy structures business, which was not deductible for income tax purposes. The effective tax rate 
including the loss on the divestiture was 29.9%. 
2 The adjusted effective tax rate for fiscal 2023 excluded the effects of the impairment of goodwill and other 
intangible assets of $140.8 million, realignment charges of $35.2 million, non-recurring charges associated with major scope 
changes for two strategic projects initiated by departed senior leadership of $5.6 million, loss from Argentine peso 
hyperinflation of $5.1 million, and non-recurring tax benefit items of $3.6 million. The effective tax rate including these 
items was 38.1%. 
3 The Company does not include adjustments for the Prospera subsidiary non-cash expenses for fiscal 2023 or going 
forward, as these amounts are no longer financially significant after the third quarter of fiscal 2023 impairment of goodwill 
and other intangible assets and realignment activities completed during the fourth quarter of fiscal 2023. 
ROIC and Adjusted ROIC, as presented, may not be directly comparable to similarly titled measures used by other 
companies. 
Adjusted EBITDA – Adjusted EBITDA is a key financial metric we use to assess our maximum borrowing capacity. 
Our bank credit agreements include a financial covenant that limits total interest-bearing debt to no more than 3.50 times 
Adjusted EBITDA (or 3.75 times Adjusted EBITDA following certain material acquisitions), calculated on a rolling 
four-fiscal-quarter basis. These agreements permit the inclusion of estimated earnings before interest, taxes, depreciation, and 

31 
amortization (“EBITDA”) from acquired businesses for periods prior to ownership and the exclusion of EBITDA from 
divested businesses for periods during which we owned them. 
Additionally, the agreements allow adjustments for non-cash stock-based compensation and non-recurring non-cash 
charges or gains, subject to certain limitations, which are factored into the calculation of Adjusted EBITDA. Failure to 
comply with this financial covenant may result in higher financing costs or early debt repayment requirements. As a 
non-GAAP measure, Adjusted EBITDA should not be considered in isolation or as a substitute for net earnings, cash flows 
from operations, or other income or cash flow data prepared in accordance with GAAP. It also should not be interpreted as an 
indicator of operating performance or liquidity. 
The calculation of Adjusted EBITDA for the fiscal year ended December 28, 2024 was as follows: 
 
 
 
 
 
     
Fiscal Year Ended 
 
 
December 28, 
Dollars in thousands 
 
2024 
Net cash flows from operating activities 
 
$ 
 572,678 
Interest expense 
 
  
 58,722 
Income tax expense 
 
  
 117,978 
Deferred income taxes 
 
  
 24,655 
Redeemable noncontrolling interests 
 
  
 (2,365)
Net periodic pension cost 
 
  
 (640)
Contribution to defined benefit pension plan 
 
  
 19,599 
Changes in assets and liabilities 
 
  
 (128,232)
Other 
 
  
 (12,172)
Proforma divestitures adjustment 
 
 
 (2,346)
Adjusted EBITDA 
 
$ 
 647,877 
 
 
 
 
 
 
     
Fiscal Year Ended 
 
 
December 28, 
Dollars in thousands 
 
2024 
Net earnings attributable to Valmont Industries, Inc. 
 
$ 
 348,259 
Interest expense 
 
  
 58,722 
Income tax expense 
 
  
 117,978 
Depreciation and amortization 
 
  
 95,395 
Stock-based compensation 
 
  
 29,869 
Proforma divestitures adjustment 
 
 
 (2,346)
Adjusted EBITDA 
 
$ 
 647,877 
Adjusted EBITDA, as presented, may not be directly comparable to similarly titled measures used by other 
companies. 
Leverage Ratio – The leverage ratio is calculated by taking the sum of interest-bearing debt, minus unrestricted cash 
in excess of $50.0 million (but not exceeding $500.0 million), and dividing it by Adjusted EBITDA. This ratio is a key 
component of the covenants in our major debt agreements, which stipulate that the ratio must not exceed 3.50 (or 3.75 after 
certain material acquisitions), calculated on a rolling four-fiscal-quarter basis. If we violate these covenants, we could face 
increased financing costs or be required to repay debt before its maturity date. As a non-GAAP measure, the leverage ratio 
should not be considered in isolation or as a substitute for net earnings, cash flows from operations, or other income or cash 
flow data prepared in accordance with GAAP. It should not be interpreted as an indicator of our operating performance or 
liquidity. 
The calculation of the leverage ratio as of December 28, 2024 was as follows: 
 
 
 
 
 
     
December 28, 
Dollars in thousands 
 
2024 
Interest-bearing debt, excluding origination fees and discounts of $25,613 
 
$ 
 757,915 
Less: Cash and cash equivalents in excess of $50,000 
 
  
 114,315 
Net indebtedness 
 
$ 
 643,600 
Adjusted EBITDA 
 
  
 647,877 
Leverage ratio 
 
  
 0.99 

32 
The leverage ratio, as presented, may not be directly comparable to similarly titled measures used by other 
companies. 
MARKET RISK 
Changes in Prices 
We rely on certain key materials, including steel, aluminum, zinc, and natural gas, which are globally traded 
commodities. As a result, their prices fluctuate based on factors such as supply and demand shifts and the costs of 
steel‑making inputs. These fluctuations can significantly impact our operating performance and cost of goods sold. 
Additionally, recent trade policies and proposed tariffs could increase the cost of goods we and our suppliers purchase from 
Canada, China, and Mexico, potentially leading to higher manufacturing costs for Infrastructure structures. 
Steel is particularly critical for our Utility product line, where it represents approximately 50% of net sales. In fiscal 
2018, we began using hot-rolled steel coil derivative contracts on a limited basis to help mitigate the impact of rising steel 
prices on our operating income. For the fiscal year ended December 28, 2024, a hypothetical 20% change in steel prices 
could have impacted net sales in this product line by approximately $110.0 million, assuming a similar sales mix. 
Similarly, natural gas prices have been highly volatile in recent years. To manage these risks, we employ strategies 
such as implementing fixed-price purchase contracts with our vendors to stabilize our purchasing costs and raising sales 
prices where feasible. Additionally, we use natural gas swap contracts on a limited basis to help offset the impact of rising 
natural gas prices on our operating income. 
Risk Management 
We are exposed to several principal market risks, including fluctuations in interest rates, foreign currency exchange 
rates, and commodity prices. To mitigate these risks, we selectively use derivative financial instruments. However, we do not 
use derivatives for trading purposes. 
Interest Rate Risk: As of December 28, 2024, most our interest‑bearing debt was fixed rate. We have available to us 
a revolving credit facility, with no outstanding balance as of December 28, 2024. Our notes payable, revolving credit facility, 
and a minor portion of our long-term debt accrue interest at variable rates. As a result, changes in interest rates could affect 
our future borrowing costs. 
Foreign Exchange Risk: Our exposure to transactions in currencies other than an entity’s functional currency is 
minimal. Consequently, potential exchange losses on future earnings, fair value, and cash flows are not material. However, 
we are exposed to investment risks related to our foreign operations. To manage these risks, we occasionally enter into 
foreign currency contracts. As of December 28, 2024, the Company had one outstanding fixed-for-fixed cross currency swap 
(“CCS”) agreement. This swap exchanges U.S. dollar principal and interest payments on a portion of the Company’s 5.00% 
senior unsecured notes due in fiscal 2044 for euro-denominated payments. The CCS was initiated in fiscal 2024 to mitigate 
foreign currency risk associated with our euro investments and to reduce interest expenses. The notional amount of the euro 
CCS is $80.0 million, and it matures in fiscal 2029. 
In the first quarter of fiscal 2024, the Company early settled a euro net investment hedge entered into during fiscal 
2019, resulting in the Company receiving proceeds of $2.7 million. In the third and fourth quarters of fiscal 2022, the 
Company settled a Danish krone net investment hedge entered into during fiscal 2019, resulting in the Company receiving 
proceeds of $3.5 million. 
A significant portion of our cash in non-U.S. entities is held in foreign currencies, meaning fluctuations in exchange 
rates will impact our cash balances when converted to U.S. dollars. A 10% fluctuation in the U.S. dollar’s value would have 
affected our reported cash balance by approximately $8.7 million in fiscal 2024 and $13.2 million in fiscal 2023. 
To manage our investment risk in foreign operations, we either borrow in the functional currencies of those foreign 
entities or utilize appropriate hedging instruments, such as foreign currency swaps. The following table shows the change in 
the recorded value of our most significant investments as of December 28, 2024 and December 30, 2023, assuming a 
hypothetical 10% change in the value of the U.S. dollar. 

33 
 
 
 
 
 
 
 
 
     
December 28, 
     
December 30, 
Dollars in millions 
 
2024 
 
2023 
Australian dollar 
 
$ 
 1.9  
$ 
 6.9 
Brazilian real 
 
  
 13.4  
  
 18.8 
British pound 
 
  
 25.6  
  
 17.2 
Canadian dollar 
 
  
 4.8  
  
 4.0 
Chinese renminbi 
 
  
 5.4  
  
 5.6 
Euro 
 
  
 13.2  
  
 9.5 
Commodity Risk: Hot-rolled steel coil is a key input for both of our segments except the Coatings product line. Due 
to steel price volatility, we use derivative financial instruments to mitigate commodity price risks, particularly for fixed-price 
orders. In both fiscal 2024 and fiscal 2023, we entered into forward contracts and swaps for hot-rolled steel coil that qualified 
as cash flow hedges. These contracts help manage variability in cash flows from future steel purchases. As of 
December 28, 2024, we had open forward contracts and swaps with a notional amount of $13.5 million, covering the 
purchase of 17,000 short tons between January 2025 and September 2025. 
Natural gas is another significant commodity used in our manufacturing processes, particularly in our Coatings 
product line, where it is used to heat tanks for the hot-dipped galvanizing process. Due to the volatility of natural gas prices, 
we mitigate this risk through derivative financial instruments. Our policy is to hedge 0% to 75% of our U.S. natural gas needs 
for the next 6 to 24 months using swaps tied to New York Mercantile Exchange futures. These swaps are designed to reduce 
the impact of sudden and significant increases in natural gas prices on our earnings. As of December 28, 2024, we had open 
natural gas swaps with a notional value of $1.4 million for 352,000 MMBtu from January 2025 to March 2026. 
Diesel fuel is a major cost for our contracted carriers transporting our products. Diesel fuel prices are subject to 
volatility, which we manage through the use of derivative financial instruments. In fiscal 2024 and fiscal 2023, we entered 
into diesel fuel option contracts that qualified as cash flow hedges. These contracts help stabilize cash flows amid fluctuating 
diesel fuel costs charged by carriers. As of December 28, 2024, we had open option contracts with a notional amount of $0.6 
million for the total purchase of 2,604,000 gallons of diesel fuel from December 2024 to June 2026. 
CRITICAL ACCOUNTING ESTIMATES 
The accounting policies described below involve significant judgments and estimates that are used in preparing our 
Consolidated Financial Statements. Management exercises substantial judgment in determining these estimates, which are 
essential to our financial reporting. The key areas that involve such estimates include impairments of goodwill and other 
intangible assets, income taxes, revenue recognition for product lines recognized over time, and inventory obsolescence. 
These estimates are based on our past experiences and other assumptions that we believe to be reasonable given the 
circumstances. 
We continually re-evaluate these estimates as circumstances evolve, understanding that actual results may differ due 
to changes in assumptions or conditions. To ensure accuracy and transparency in our financial reporting, the selection and 
application of our critical accounting policies are reviewed annually by our Audit Committee. 
Depreciation and Amortization 
Our long-lived assets include property, plant, and equipment, right-of-use assets, and goodwill and other intangible 
assets acquired through business acquisitions. We assign useful lives to these assets based on their nature and expected usage, 
with ranges typically spanning from 2 to 30 years. 
Impairment of Goodwill and Other Intangible Assets 
We evaluate goodwill for impairment annually during the third fiscal quarter, aligning this assessment with our 
strategic planning process. For the fiscal 2024 annual goodwill impairment test, we estimated the fair value of the twelve 
reporting units with recorded goodwill using a discounted cash flow model. This model factors in projected after-tax cash 
flows from operations, net of capital expenditures, discounted to their present value. Additionally, we perform sensitivity 
analyses to assess the impact of changes in key assumptions, such as discount rates and cash flow forecasts, on the valuation 
of the reporting units. 

34 
For fiscal 2024, no reporting units had a fair value lower than their carrying value. However, in fiscal 2023, two 
reporting units had estimated fair values below their carrying values, resulting in impairments: $120.0 million for the 
Agriculture segment and $1.9 million for the Infrastructure segment. 
Many of our reporting units serve cyclical markets, which can cause fluctuations in sales and profitability. For our 
Solar and International Irrigation reporting units, which have a combined goodwill of approximately $130.0 million, the 
amount of cushion or excess fair value above their carrying values was less than 15%. Despite this, we believe these 
reporting units will generate positive cash flows above their carrying values and will continue to monitor their performance 
and growth prospects. 
We actively monitor the global economy for potential factors that could impact the operating results of our reporting 
units. Should adverse conditions arise, we will conduct an impairment test for any affected reporting units prior to our annual 
testing. When evaluating reporting units, we focus on their long-term prospects, recognizing that current performance may 
not always be indicative of future value, which requires management judgment, particularly regarding cash flow projections. 
Our indefinite-lived intangible assets primarily consist of trade names, which are tested separately from goodwill. 
We use the relief-from-royalty method to value these assets, calculating the potential royalty a third party might pay to use 
the trade name, which is then discounted to present value and tax-effected. For fiscal 2024, the fair value of our trade names 
exceeded their carrying value. In fiscal 2023, however, one trade name’s carrying value exceeded its fair value, resulting in a 
$1.7 million impairment within the Infrastructure segment. 
Additionally, in the third quarter of fiscal 2023, due to identified impairment indicators, we tested the recoverability 
of an amortizing proprietary technology intangible asset related to the Prospera subsidiary, which is part of the Agriculture 
segment. We determined the asset’s carrying value exceeded its total undiscounted estimated future cash flows. As a result, 
we recognized a $17.3 million impairment within the Agriculture segment. 
Inventories 
Inventories are valued at the lower of cost, determined on a first-in, first-out basis, or net realizable value. We assess 
the value of our inventory regularly and write down slow-moving or obsolete inventory. The write-down is calculated as the 
difference between the carrying value and our estimate of the reduced value. This estimate takes into account potential future 
uses of the inventory, the likelihood of selling overstocked inventory, and expected selling prices. If our assumptions about 
the realizability of slow-moving or obsolete inventory prove to be overly optimistic, we may be required to record additional 
inventory write-downs. 
Income Taxes 
We maintain valuation allowances to adjust deferred tax assets to amounts that we anticipate are more likely than 
not to be realized. In assessing the need for these allowances, we consider anticipated future taxable income and tax-planning 
strategies. If we determine that a deferred tax asset is not expected to be fully realized, we increase the valuation allowance, 
which reduces net earnings in that period. Conversely, if we later determine that all or part of a net deferred tax asset is 
realizable, reducing the valuation allowance would increase net earnings for that period. 
As of December 28, 2024, we had approximately $56.2 million in deferred tax assets related to tax credits and loss 
carryforwards, with a valuation allowance of $38.8 million, including $7.0 million for capital loss carryforwards that are 
unlikely to be realized. Changes in circumstance surrounding deferred tax assets may require adjustments to this allowance, 
which could impact income tax expense and net income. Additionally, as the earnings of our non-U.S. subsidiaries (in which 
we own more than 50%) are not considered indefinitely reinvested, we have recorded a deferred tax liability of $2.1 million, 
representing taxes to be incurred upon repatriation of these earnings. 
Our operations are subject to examination by tax authorities in the various countries in which we operate, with the 
years open to examination varying by jurisdiction. We regularly evaluate potential additional income tax assessments based 
on past audit experiences and our understanding of relevant tax issues. Any changes to accruals for potential tax deficiencies 
are included in current income tax expense. Discrepancies between our estimates and actual outcomes in this area could 
impact our income tax expense in a given fiscal period. 

35 
Revenue Recognition 
Revenue recognition for our contracts is determined by analyzing the specific type, terms, and conditions of each 
contract with customers. We do not have contracts that include variable consideration across any of our product lines. 
For contracts involving Utility and certain Telecommunications customers, we recognize revenue over time. These 
contracts, particularly those for utility structures and telecommunication monopole structures, are engineered to meet 
customer specifications, making them unsuitable for alternative customers if canceled after production begins. The 
continuous transfer of control to the customer is evidenced by either contractual termination clauses or rights to payment for 
work performed to date, plus a reasonable profit, as the products do not have alternative uses to us. For these products, 
revenue is recognized over time based on progress toward completion of the performance obligation. However, for certain 
Telecommunications structures contracts where we lack the right to payment for work completed, revenue is instead 
recognized at the time of shipment. 
The method for measuring progress toward completion requires judgment. For our Utility and Telecommunications 
products, revenue is recognized using an input-based method, where total production hours incurred to date are measured as a 
percentage of the total estimated hours for the order. The completion percentage is applied to the total contract revenue and 
estimated costs to calculate revenue, cost of goods sold, and gross profit. Our enterprise resource planning system tracks the 
total incurred costs and production hours to date, along with the estimated hours to complete. Previously, our offshore wind 
energy structures business (divested in fiscal 2022) recognized revenue using the cost-to-cost measure of progress, which is 
based on the ratio of incurred costs to total estimated costs. 
Management relies on assumptions and estimates regarding manufacturing labor, materials, overhead, and burden 
recovery rates at each production facility. Production typically completes within three months once it begins, with 
profitability on open production orders reviewed monthly. We apply the practical expedient to omit disclosures for 
performance obligations expected to be completed within one year. 
Occasionally, Utility customer orders may require up to three years to complete, often due to the number of 
structures involved. If actual costs deviate significantly from initial projections, burden rates and production hours per 
structure may be adjusted, recalibrating revenue recognition for future periods to reflect updated production schedules. For 
our offshore wind energy structures business before divestiture, we updated the total cost estimates quarterly, with any 
changes reflected in the current period’s revenue. During fiscal 2024, 2023, and 2022, no input or estimate adjustments were 
made that impacted revenue recognition for prior fiscal years. If a loss on a performance obligation is projected, a provision 
for loss is recognized, regardless of production status. 
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 
The information required by this item is included in the section “Market Risk” within “Management’s Discussion 
and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of this report. 
 
 

36 
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
To the shareholders and the Board of Directors of Valmont Industries, Inc. 
Opinion on the Financial Statements 
We have audited the accompanying consolidated balance sheets of Valmont Industries, Inc. and subsidiaries (the 
“Company”) as of December 28, 2024 and December 30, 2023, the related consolidated statements of earnings, 
comprehensive income, shareholders’ equity and redeemable noncontrolling interests, and cash flows, for each of the three 
years in the period ended December 28, 2024, and the related notes (collectively referred to as the “financial statements”). In 
our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of 
December 28, 2024 and December 30, 2023, and the results of its operations and its cash flows for each of the three years in 
the period ended December 28, 2024, in conformity with accounting principles generally accepted in the United States of 
America. 
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) 
(PCAOB), the Company’s internal control over financial reporting as of December 28, 2024, based on criteria established in 
Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway 
Commission and our report dated February 25, 2025, expressed an unqualified opinion on the Company’s internal control 
over financial reporting. 
Basis for Opinion 
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion 
on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and 
are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the 
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform 
the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due 
to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial 
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included 
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also 
included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the 
overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. 
Critical Audit Matter 
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that 
was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that 
are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The 
communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, 
and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or 
on the accounts or disclosures to which it relates. 
Goodwill — Refer to Notes 1 and 7 to the consolidated financial statements 
Critical Audit Matter Description 
The Company evaluates goodwill for impairment during the third fiscal quarter of each year, or when events or changes in 
circumstances indicate the carrying value may not be recoverable. The Company estimates the fair value of its twelve 
reporting units with recorded goodwill using a discounted cash flow model which includes projected after-tax cash flows 
from operations, net of capital expenditures (“projected cash flows”), discounted to their present value. This valuation 
method requires management to make significant estimates and assumptions related to projected cash flows and discount 
rates. 

37 
We identified goodwill at the International Irrigation and Solar reporting units, of approximately $130 million, as a critical 
audit matter because of the significant estimates and assumptions made by management to estimate fair value and the 
difference between the fair values and the carrying values of the International Irrigation and Solar reporting units as of 
September 1, 2024. This required a high degree of auditor judgment and an increased extent of effort, including the need to 
involve our fair value specialists, when performing audit procedures to evaluate the reasonableness of management’s 
estimates and assumptions related to the projected cash flows and discount rates for these two reporting units. 
How the Critical Audit Matter Was Addressed in the Audit 
Our audit procedures related to the goodwill impairment assessment for the International Irrigation and Solar reporting units 
included the following, among others: 
• 
We tested the effectiveness of internal controls over management’s goodwill impairment evaluation, including those 
over the projected cash flows and discount rates. 
• 
We evaluated management’s ability to accurately forecast cash flows by comparing actual results to management’s 
historical forecasts. 
• 
We evaluated the reasonableness of management’s projected cash flows by comparing to (1) historical results, 
(2) internal communications to management and the Board of Directors, and (3) industry reports. 
• 
With the assistance of our fair value specialists, we evaluated the discount rates including testing the underlying 
source information and the mathematical accuracy of the calculations. In addition, we developed a range of 
independent estimates and compared those to the discount rates selected by management. 
/s/ DELOITTE & TOUCHE LLP 
Omaha, Nebraska 
February 25, 2025 
We have served as the Company’s auditor since 1996. 
 
 

38 
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
CONSOLIDATED STATEMENTS OF EARNINGS 
(Dollars in thousands, except per-share amounts) 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended 
 
 
December 28, 
December 30,  December 31, 
 
 
2024 
     
2023 
     
2022 
Product sales 
 
$  3,660,779  
$  3,772,835  
$  3,955,320 
Service sales 
 
  
 414,255  
  
 401,763  
  
 389,930 
Net sales 
 
  
 4,075,034  
  
 4,174,598  
  
 4,345,250 
Product cost of sales 
 
  
 2,580,083  
  
 2,672,740  
  
 2,958,208 
Service cost of sales 
 
  
 253,739  
  
 265,824  
  
 260,818 
Total cost of sales 
 
  
 2,833,822  
  
 2,938,564  
  
 3,219,026 
Gross profit 
 
  
 1,241,212  
  
 1,236,034  
  
 1,126,224 
Selling, general, and administrative expenses 
 
  
 716,628  
  
 768,423  
  
 692,975 
Impairment of goodwill and other intangible assets 
 
  
 —  
  
 140,844  
  
 — 
Realignment charges 
 
 
 —  
  
 35,210  
  
 — 
Operating income 
 
  
 524,584  
  
 291,557  
  
 433,249 
Other income (expenses): 
 
  
 
  
 
 
Interest expense 
 
  
 (58,722) 
  
 (56,808) 
  
 (47,534)
Interest income 
 
  
 7,183  
  
 6,230  
  
 2,015 
Gain (loss) on deferred compensation investments 
 
  
 3,634  
  
 3,564  
  
 (3,374)
Gain (loss) on divestitures 
 
 
 (4,474) 
 
 2,994  
 
 (33,273)
Other 
 
  
 (3,524) 
  
 (11,085) 
  
 12,805 
Total other income (expenses) 
 
  
 (55,903) 
  
 (55,105) 
  
 (69,361)
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries 
 
  
 468,681  
  
 236,452  
  
 363,888 
Income tax expense (benefit): 
 
  
   
  
   
  
  
Current 
 
  
 142,633  
  
 108,770  
  
 109,912 
Deferred 
 
  
 (24,655) 
  
 (18,649) 
  
 (1,225)
Total income tax expense 
 
  
 117,978  
  
 90,121  
  
 108,687 
Earnings before equity in loss of nonconsolidated subsidiaries 
 
  
 350,703  
  
 146,331  
  
 255,201 
Equity in loss of nonconsolidated subsidiaries 
 
 
 (79) 
 
 (1,419) 
 
 (950)
Net earnings 
 
  
 350,624  
  
 144,912  
  
 254,251 
Loss (earnings) attributable to redeemable noncontrolling interests 
 
  
 (2,365) 
  
 5,937  
  
 (3,388)
Net earnings attributable to Valmont Industries, Inc. 
 
$ 
 348,259  
$ 
 150,849  
$ 
 250,863 
Net earnings attributable to Valmont Industries, Inc. per share: 
 
  
   
  
   
  
  
Basic 
 
$ 
 17.31  
$ 
 6.85  
$ 
 11.77 
Diluted 
 
$ 
 17.19  
$ 
 6.78  
$ 
 11.62 
See accompanying Notes to Consolidated Financial Statements. 
 
 

39 
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
(Dollars in thousands) 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended 
 
 
December 28, 
December 30,  December 31, 
 
 
2024 
     
2023 
     
2022 
Net earnings 
 
$ 
 350,624  
$ 
 144,912  
$ 
 254,251 
Other comprehensive income (loss), net of tax: 
 
  
   
  
   
  
  
Foreign currency translation adjustments: 
 
  
   
  
   
  
  
Unrealized translation gain (loss) 
 
 
 (70,145) 
 
 25,261  
 
 (44,741)
Realized loss on offshore wind energy structures business included in other 
expense 
 
 
 —  
 
 —  
 
 25,977 
Total foreign currency translation adjustments 
 
 
 (70,145) 
 
 25,261  
 
 (18,764)
Hedging activities: 
 
  
 
 
 
 
Unrealized loss on commodity hedges 
 
  
 (3,321) 
  
 (2,227) 
  
 (2,352)
Realized loss on commodity hedges included in net earnings 
 
  
 2,255  
  
 5,288  
  
 5,212 
Unrealized gain (loss) on cross currency swaps 
 
 
 1,475  
 
 (2,119) 
 
 5,146 
Realized gain on offshore wind energy structures business cross currency swap, 
net of tax expense of $1,207 
 
 
 —  
 
 —  
 
 (3,620)
Amortization cost included in interest expense 
 
  
 (48) 
  
 (52) 
  
 (64)
Total hedging activities 
 
 
 361  
 
 890  
 
 4,322 
Net gain (loss) on defined benefit pension plan 
 
  
 9,569  
  
 (23,326) 
  
 1,345 
Total other comprehensive income (loss), net of tax 
 
  
 (60,215) 
  
 2,825  
  
 (13,097)
Comprehensive income 
 
  
 290,409  
  
 147,737  
  
 241,154 
Comprehensive loss (income) attributable to redeemable noncontrolling interests 
 
  
 (1,689) 
  
 4,785  
  
 (2,073)
Comprehensive income attributable to Valmont Industries, Inc. 
 
$ 
 288,720  
$ 
 152,522  
$ 
 239,081 
See accompanying Notes to Consolidated Financial Statements. 
 
 

40 
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
CONSOLIDATED BALANCE SHEETS 
(Dollars in thousands, except par value) 
 
 
 
 
 
 
 
 
     December 28, 
 
December 30, 
 
 
2024 
     
2023 
ASSETS 
 
  
 
  
Current assets: 
 
 
    
 
  
Cash and cash equivalents 
 
$ 
 164,315  
$ 
 203,041 
Receivables, less allowance of $30,408 and $32,897, respectively 
 
  
 654,360  
  
 657,960 
Inventories 
 
  
 590,263  
  
 658,428 
Contract assets 
 
  
 187,257  
  
 175,721 
Prepaid expenses and other current assets 
 
  
 87,197  
  
 92,479 
Total current assets 
 
  
 1,683,392  
  
 1,787,629 
Property, plant, and equipment, at cost 
 
  
 1,502,017  
  
 1,513,239 
Less accumulated depreciation 
 
  
 (913,045) 
  
 (895,845)
Property, plant, and equipment, net 
 
  
 588,972  
  
 617,394 
Goodwill 
 
  
 623,847  
  
 632,964 
Other intangible assets, net 
 
  
 134,082  
  
 150,687 
Defined benefit pension asset 
 
 
 46,520  
  
 15,404 
Other non-current assets 
 
  
 253,159  
  
 273,370 
Total assets 
 
$ 
 3,329,972  
$ 
 3,477,448 
 
 
  
 
  
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, 
AND SHAREHOLDERS’ EQUITY 
 
 
 
 
Current liabilities: 
 
  
   
  
  
Current installments of long-term debt 
 
$ 
 692  
$ 
 719 
Notes payable to banks 
 
  
 1,669  
  
 3,205 
Accounts payable 
 
  
 372,197  
  
 358,311 
Accrued employee compensation and benefits 
 
  
 143,028  
  
 130,861 
Contract liabilities  
 
  
 126,932  
  
 70,978 
Other accrued expenses 
 
  
 132,379  
  
 146,903 
Income taxes payable 
 
 
 22,509  
 
 — 
Dividends payable 
 
  
 12,019  
  
 12,125 
Total current liabilities 
 
  
 811,425  
  
 723,102 
Deferred income taxes 
 
  
 6,344  
  
 21,205 
Long-term debt, excluding current installments 
 
  
 729,941  
  
 1,107,885 
Operating lease liabilities 
 
  
 134,534  
  
 162,743 
Deferred compensation 
 
  
 33,302  
  
 32,623 
Other non-current liabilities 
 
  
 20,813  
  
 12,818 
Total liabilities 
 
 
 1,736,359  
 
 2,060,376 
Redeemable noncontrolling interests 
 
  
 51,519  
  
 62,792 
Shareholders’ equity: 
 
  
   
  
  
Common stock of $1 par value, authorized 75,000,000 shares; issued 27,900,000 shares 
 
  
 27,900  
  
 27,900 
Retained earnings 
 
  
 2,940,838  
  
 2,643,606 
Accumulated other comprehensive loss 
 
  
 (332,775) 
  
 (273,236)
Treasury stock, at cost, common shares of 7,868,382 and 7,691,192, respectively 
 
  
 (1,093,869) 
  
 (1,043,990)
Total shareholders’ equity 
 
 
 1,542,094  
 
 1,354,280 
Total liabilities, redeemable noncontrolling interests, and shareholders’ equity 
 
$ 
 3,329,972  
$ 
 3,477,448 
See accompanying Notes to Consolidated Financial Statements. 
 
 

41 
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
CONSOLIDATED STATEMENTS OF CASH FLOWS 
(Dollars in thousands) 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended 
 
 
December 28, 
December 30,  December 31, 
 
 
2024 
     
2023 
     
2022 
Cash flows from operating activities: 
 
 
     
     
  
Net earnings 
 
$ 
 350,624  
$ 
 144,912  
$ 
 254,251 
Adjustments to reconcile net earnings to net cash flows from operating activities:  
  
   
  
   
  
  
Depreciation and amortization 
 
  
 95,395  
  
 98,708  
  
 97,167 
Contribution to defined benefit pension plan 
 
  
 (19,599) 
  
 (17,345) 
  
 (17,155)
Impairment of goodwill and other intangible assets 
 
  
 —  
  
 140,844  
  
 — 
Loss (gain) on divestitures 
 
 
 4,474  
  
 (2,994) 
  
 33,273 
Stock-based compensation 
 
  
 29,869  
  
 39,219  
  
 41,850 
Net periodic pension cost (benefit) 
 
  
 640  
  
 249  
  
 (10,087)
Loss on sale of property, plant, and equipment 
 
  
 7,619  
  
 973  
  
 237 
Equity in loss of nonconsolidated subsidiaries 
 
  
 79  
  
 1,419  
  
 950 
Deferred income taxes 
 
  
 (24,655) 
  
 (18,649) 
  
 (1,225)
Changes in assets and liabilities: 
 
  
   
  
 
 
Receivables 
 
  
 (29,474) 
  
 (46,308) 
  
 (74,163)
Inventories 
 
  
 45,643  
  
 88,433  
  
 (3,429)
Contract assets 
 
  
 (11,844) 
  
 (1,230) 
  
 (53,008)
Prepaid expenses and other assets (current and non-current) 
 
  
 613  
  
 (26,161) 
  
 26,625 
Accounts payable 
 
  
 24,801  
  
 (10,529) 
  
 36,990 
Contract liabilities 
 
  
 63,682  
  
 (106,884) 
  
 (567)
Accrued expenses 
 
  
 8,205  
  
 22,591  
  
 624 
Income taxes payable 
 
  
 18,827  
  
 13,746  
  
 10,836 
Other non-current liabilities 
 
  
 7,779  
  
 (14,219) 
  
 (16,904)
Net cash flows from operating activities 
 
  
 572,678  
  
 306,775  
  
 326,265 
Cash flows from investing activities: 
 
  
 
  
 
  
Purchases of property, plant, and equipment 
 
  
 (79,451) 
  
 (96,771) 
  
 (93,288)
Proceeds from divestiture, net of cash divested 
 
 
 3,830  
  
 6,369  
  
 — 
Proceeds from sales of assets 
 
  
 643  
  
 1,710  
  
 1,582 
Proceeds from property damage insurance claims 
 
 
 —  
  
 7,468  
  
 — 
Acquisitions, net of cash acquired 
 
  
 —  
  
 (32,676) 
  
 (39,287)
Other, net 
 
 
 (3,900) 
  
 (1,381) 
  
 (1,087)
Net cash flows from investing activities 
 
  
 (78,878) 
  
 (115,281) 
  
 (132,080)
Cash flows from financing activities: 
 
  
   
  
   
  
  
Proceeds from short-term borrowings 
 
  
 15,041  
  
 30,785  
  
 9,665 
Repayments on short-term borrowings 
 
  
 (16,526) 
  
 (34,083) 
  
 (17,242)
Proceeds from long-term borrowings 
 
  
 30,009  
  
 370,012  
  
 253,999 
Principal repayments on long-term borrowings 
 
  
 (408,080) 
  
 (134,748) 
  
 (336,403)
Proceeds from settlement of financial derivatives 
 
  
 2,711  
  
 —  
  
 3,532 
Dividends paid 
 
  
 (48,358) 
  
 (49,515) 
  
 (45,813)
Dividends to redeemable noncontrolling interests 
 
  
 (664) 
  
 (662) 
  
 (714)
Purchases of redeemable noncontrolling interests 
 
  
 (17,745) 
  
 —  
  
 (7,338)
Repurchases of common stock 
 
  
 (70,069) 
  
 (345,279) 
  
 (40,474)
Proceeds from exercises under stock plans 
 
  
 6,632  
  
 5,841  
  
 16,849 
Tax withholdings on exercises under stock plans 
 
  
 (13,075) 
  
 (18,756) 
  
 (17,966)
Other, net 
 
 
 (2,436) 
  
 —  
  
 — 
Net cash flows from financing activities 
 
  
 (522,560) 
  
 (176,405) 
  
 (181,905)
Effect of exchange rate changes on cash and cash equivalents 
 
  
 (9,966) 
  
 2,546  
  
 (4,106)
Net change in cash and cash equivalents 
 
  
 (38,726) 
  
 17,635  
  
 8,174 
Cash and cash equivalents—beginning of period 
 
  
 203,041  
  
 185,406  
  
 177,232 
Cash and cash equivalents—end of period 
 
$ 
 164,315  
$ 
 203,041  
$ 
 185,406 
 
 
 
 
 
 
 
Supplemental disclosures of cash flow information: 
 
 
 
 
 
 
Interest paid 
 
$ 
 57,709  
$ 
 55,541  
$ 
 46,653 
Income taxes paid 
 
 
 125,548  
 
 103,697  
 
 93,109 
See accompanying Notes to Consolidated Financial Statements. 
 
 

42 
VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY 
AND REDEEMABLE NONCONTROLLING INTERESTS 
(Dollars in thousands, except per-share amounts) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
     
 
     
 
    Accumulated      
 
     
 
   
 
  
 
 
Additional   
 
 
other 
  
 
 
Total 
 
Redeemable 
 
 
Common  
paid-in  
Retained  comprehensive 
Treasury  shareholders’ noncontrolling 
 
 
stock 
 
capital 
 
earnings  
loss 
 
stock 
 
equity 
 
interests 
Balance as of December 25, 2021 
 $ 
 27,900  $ 
 1,479  $ 2,394,307  $ 
 (263,127) $  (773,712) $  1,386,847  $ 
 26,750 
Net earnings 
   
 —    
 —     250,863    
 —    
 —    
 250,863    
 3,388 
Other comprehensive loss, net of tax 
   
 —    
 —    
 —    
 (11,782)   
 —    
 (11,782)   
 (1,315)
Cash dividends declared ($2.20 per share) 
   
 —    
 —    
 (46,939)   
 —    
 —    
 (46,939)   
 — 
Dividends to redeemable noncontrolling interests 
  
 —   
 —   
 —   
 —   
 —   
 —   
 (714)
Addition of redeemable noncontrolling interests 
  
 —   
 —   
 —   
 —   
 —   
 —   
 41,693 
Reduction of redeemable noncontrolling interests 
  
 —   
 1,599   
 —   
 —   
 —   
 1,599   
 (8,937)
Repurchases of common stock; 137,612 shares acquired 
   
 —    
 —    
 —    
 —    
 (40,474)   
 (40,474)   
 — 
Stock option and incentive plans 
  
 —   
 (3,078)  
 (5,192)  
 —   
 49,003   
 40,733   
 — 
Balance as of December 31, 2022 
   
 27,900    
 —     2,593,039    
 (274,909)    (765,183)    1,580,847    
 60,865 
Net earnings (loss) 
   
 —    
 —     150,849    
 —    
 —    
 150,849    
 (5,937)
Other comprehensive income, net of tax 
   
 —    
 —    
 —    
 1,673    
 —    
 1,673    
 1,152 
Cash dividends declared ($2.40 per share) 
   
 —    
 —    
 (49,898)   
 —    
 —    
 (49,898)   
 — 
Change in redemption value of redeemable noncontrolling 
interest 
  
 —   
 —   
 (7,374)  
 —   
  
 (7,374)  
 7,374 
Dividends to redeemable noncontrolling interests 
  
 —   
 —   
 —   
 —   
 —   
 —   
 (662)
Repurchases of common stock; 1,282,706 shares acquired 
   
 —    
 —    
 (30,000)   
 —     (318,121)   
 (348,121)   
 — 
Stock option and incentive plans 
  
 —   
 —   
 (13,010)  
 —   
 39,314   
 26,304   
 — 
Balance as of December 30, 2023 
   
 27,900    
 —     2,643,606    
 (273,236)    (1,043,990)    1,354,280    
 62,792 
Net earnings 
   
 —    
 —     348,259    
 —    
 —    
 348,259    
 2,365 
Other comprehensive loss, net of tax 
   
 —    
 —    
 —    
 (59,539)   
 —    
 (59,539)   
 (676)
Cash dividends declared ($2.40 per share) 
   
 —    
 —    
 (48,251)   
 —    
 —    
 (48,251)   
 — 
Purchases of redeemable noncontrolling interests 
  
 —   
 (147)  
 —   
 —   
 —   
 (147)  
 (17,598)
Dividends to redeemable noncontrolling interests 
  
 —   
 —   
 —   
 —   
 —   
 —   
 (664)
Fair value adjustment on redeemable noncontrolling interests  
 —   
 —   
 (5,300)  
 —   
 —   
 (5,300)  
 5,300 
Repurchases of common stock; 339,973 shares acquired 
   
 —    
 21,074    
 —    
 —    
 (91,707)   
 (70,633)   
 — 
Stock option and incentive plans 
  
 —   
 (20,927)  
 2,524   
 —   
 41,828   
 23,425   
 — 
Balance as of December 28, 2024 
 $ 
 27,900  $ 
 —  $ 2,940,838  $ 
 (332,775) $ (1,093,869) $  1,542,094  $ 
 51,519 
See accompanying Notes to Consolidated Financial Statements. 
 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
43 
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
Principles of Consolidation 
The Consolidated Financial Statements include the accounts of Valmont Industries, Inc. and its controlled 
subsidiaries (collectively, “Valmont” or the “Company”). Investments in affiliates and joint ventures, where the Company 
exercises significant influence but lacks control or is not the primary beneficiary, are accounted for using the equity method. 
All intercompany transactions and balances have been eliminated in consolidation. 
Use of Estimates 
In preparing the Consolidated Financial Statements in accordance with generally accepted accounting principles, the 
Company’s management has made various estimates and assumptions. These estimates affect the reporting of assets and 
liabilities, the recognition of revenue and expenses, and the disclosure of contingent assets and liabilities. Actual results may 
differ from these estimates. 
Fiscal Year 
The Company operates on a 52- or 53-week fiscal year, with each fiscal year ending on the last Saturday in 
December. Accordingly, the Company’s fiscal years ended December 28, 2024 and December 30, 2023 each consisted of 52 
weeks, while the fiscal year ended December 31, 2022 consisted of 53 weeks. The additional week in fiscal 2022 contributed 
approximately $80,800 in net sales and approximately $5,300 in net earnings to the Company’s results of operations. 
Reportable Segments 
The Company’s reportable segments are as follows: 
Infrastructure: This segment consists of the manufacture and distribution of products and solutions to serve the 
infrastructure markets of utility, solar, lighting and transportation, and telecommunications, along with coatings services to 
protect metal products. 
Agriculture: This segment consists of the manufacture of center pivot and linear irrigation equipment components 
for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision 
agriculture. 
Included in the “Other” segment are the activities of the offshore wind energy structures business, which was 
divested in the fourth quarter of fiscal 2022. 
Cash Book Overdrafts 
As of December 28, 2024 and December 30, 2023, cash book overdrafts totaling $23,492 and $19,869, respectively, 
were classified as “Accounts payable” in the Consolidated Balance Sheets. The Company’s policy is to report changes in 
book overdrafts as “Cash flows from operating activities” in the Consolidated Statements of Cash Flows. 
Receivables 
Receivables are reported in the Consolidated Balance Sheets net of any allowances for credit losses. Allowances are 
maintained at levels deemed appropriate based on an evaluation of outstanding receivables, considering factors such as the 
age of the receivables, prevailing economic conditions, and customer credit quality. As the Company’s international business 
has expanded, its exposure to potential losses in international markets has also increased. These exposures are particularly 
challenging to estimate in politically unstable regions, regions where the Company has limited experience, or regions lacking 
transparency in governmental credit conditions. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
44 
The following table provides details of the balances of the allowance for credit losses and changes therein: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
 
     Charged to      Currency      Deductions      
 
 
 
Beginning 
 
Profit and  
Translation  
from 
 
Ending 
Fiscal year ended: 
 
Period Balance 
Loss 
 
Adjustment  
Reserves  
Period Balance
December 28, 2024 
 
$ 
 32,897  
$ 
 5,133  
$ 
 (3,190) 
$ 
 (4,432) 
$ 
 30,408 
December 30, 2023 
 
  
 20,890  
  
 17,657  
  
 911  
  
 (6,561) 
  
 32,897 
December 31, 2022 
 
  
 18,050  
  
 4,237  
  
 (522) 
  
 (875) 
  
 20,890 
The Company sells trade accounts receivable at a discount through uncommitted sale programs to third-party 
financial institutions without recourse. As these accounts receivable are sold without recourse, the Company does not retain 
the associated risks after the transfer. As of December 28, 2024 and December 30, 2023, the Company sold trade accounts 
receivable of $20,000 and $60,000, respectively. 
Transfers of accounts receivable are treated as sales, meaning sold receivables are removed from “Receivables, less 
allowance” in the Consolidated Balance Sheets. The cash proceeds from these sales are reflected in “Cash flows from 
operating activities” in the Consolidated Statements of Cash Flows. The discount, representing the difference between the 
carrying amount of the trade accounts receivable sold and the cash received, is recorded in “Other income (expenses)” in the 
Consolidated Statements of Earnings. 
Inventories 
Inventory is valued at the lower of cost (determined using the first-in, first-out method) or net realizable value. 
Finished and manufactured goods inventories include the cost of acquired raw materials and the related factory labor and 
overhead charges required to convert raw materials into finished and manufactured goods. 
Long-Lived Assets 
Property, plant, and equipment are recorded at historical cost. For financial reporting purposes, the Company 
primarily uses the straight-line for depreciation and amortization, whereas accelerated methods are applied for income tax 
purposes. The estimated useful lives of assets for annual depreciation and amortization are as follows: 
• 
Buildings and improvements: 10 to 30 years 
• 
Machinery and equipment: 3 to 10 years 
• 
Transportation equipment: 3 to 10 years 
• 
Office furniture and equipment: 3 to 7 years 
• 
Intangible assets: 2 to 20 years. 
Depreciation expense for the fiscal years ended December 28, 2024, December 30, 2023, and December 31, 2022 
was $81,181, $78,138, and $73,938, respectively. 
An impairment loss is recognized when an asset’s carrying amount exceeds its recoverable amount, which is 
determined based on estimated future undiscounted cash flows. If impaired, the asset’s carrying amount is reduced to its 
estimated fair value. The Company evaluates goodwill for impairment annually during the third fiscal quarter or whenever 
events or circumstances indicate potential impairment. This assessment includes estimating after-tax operating cash flows 
(net of capital expenditures) and discounting them to present value. 
Indefinite‑lived intangible assets are evaluated separately from goodwill using a relief-from-royalty method as part 
of the annual impairment testing. Significant changes in assumptions related to a reporting unit’s goodwill or indefinite‑lived 
intangible assets may trigger a re-evaluation for potential impairment. Factors considered in these assessments include recent 
operating performance, projected future performance, industry conditions, and other relevant indicators. For details on 
impairments of goodwill and other intangible assets recognized during fiscal 2023, see Note 7. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
45 
Leases 
The Company's operating lease right-of-use (“ROU”) assets are included in “Other non-current assets” and the 
corresponding lease obligations are included in “Other accrued expenses” and “Operating lease liabilities” in the 
Consolidated Balance Sheets. 
Income Taxes 
The Company calculates deferred income taxes using the asset and liability method. This method recognizes 
deferred tax assets and liabilities based on temporary differences between the financial statement and tax bases of assets and 
liabilities using enacted tax rates. Changes in tax rates affecting deferred tax assets and liabilities are recognized in income in 
the period in which the tax rate change is enacted. 
Warranties 
The Company’s warranty provision represents management’s best estimate of potential liabilities arising from 
product warranties. Future warranty costs are estimated and recognized at the time of sale, based on historical claim rates 
applied to units still under warranty. Provisions are also recorded for known warranty claims as they arise. 
Pension Cost (Benefit) 
The Company incurs expenses related to a defined benefit pension plan. Key assumptions used to measure the 
pension expenses and benefit obligations include the discount rate, expected return on plan assets, and estimated future 
inflation rates. These assumptions are based on historical experience and current conditions. An actuarial analysis is 
performed to measure the expense and liability associated with the pension cost (benefit). 
Stock Plans 
The Company administers stock-based compensation plans that have been approved by its shareholders. Under these 
plans, the Human Resources Committee of the Board of Directors is authorized to grant various types of awards, including 
incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, 
performance stock units, and common stock bonuses. 
Fair Value 
The Company adheres to the guidelines outlined in Accounting Standards Codification 820, Fair Value 
Measurement (“ASC 820”). ASC 820 defines fair value, establishes a framework for its measurement, and expands 
disclosure requirements. Its provisions also apply to other accounting guidelines that require or allow fair value 
measurements. According to ASC 820, fair value is defined as the price that would be received to sell an asset or paid to 
transfer a liability in an orderly transaction between market participants at the measurement date. 
Derivative Instruments 
The Company may enter into derivative financial instruments to manage risks associated with fluctuations in interest 
rates, foreign currency exchange rates, or commodity prices. When applicable, the Company may designate these derivatives 
as cash flow, fair value, or net investment hedges. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
46 
Comprehensive Income (Loss) 
Comprehensive income (loss) consists of net earnings, foreign currency translation adjustments, certain 
derivative-related activities, and changes in prior service costs and net actuarial losses related to the pension plan. The results 
of operations for foreign subsidiaries are translated using average exchange rates for the reporting period, while assets and 
liabilities are translated at the exchange rates in effect on the balance sheet dates. As of December 28, 2024 and 
December 30, 2023, the accumulated other comprehensive income (loss) (“AOCI”) consisted of the following: 
 
 
 
 
 
 
 
 
 
December 28, 
 
December 30, 
 
 
2024 
     
2023 
Foreign currency translation adjustments 
 
$ 
 (306,159) 
$ 
 (236,690)
Hedging activities 
 
 
 21,350  
 
 20,989 
Defined benefit pension plan 
 
 
 (47,966) 
 
 (57,535)
Accumulated other comprehensive loss 
 
$ 
 (332,775) 
$ 
 (273,236)
Revenue Recognition 
The Company evaluates each customer contract to determine the appropriate revenue recognition model based on its 
type, terms, and conditions. All contracts are fixed price, excluding sales tax from revenue, and do not include variable 
consideration. Discounts, primarily for early payments, reduce net sales in the period the sale is recognized. Contract 
revenues are classified as “Product sales” when the performance obligation involves manufacturing and selling goods, and as 
“Service sales” when the performance obligation involves providing a service. Service revenue is primarily associated with 
the Coatings product line and the Technology Products and Services product line. 
Customer acceptance provisions generally apply only during the design stage, although the Company may agree to 
other acceptance terms on a limited basis. Customers must approve the design before manufacturing begins and products are 
delivered. The Company does not earn compensation solely for product design and does not consider design services a 
separate performance obligation; as such, no revenue is recognized for design services. Customers do not have general rights 
of return after delivery, and the Company establishes provisions for estimated warranties. 
Shipping and handling costs are included in cost of sales, with freight considered a fulfillment obligation rather than 
a separate performance obligation. Freight expenses are recognized proportionally as the structure is manufactured, in line 
with revenue recognized from the associated customer contract over time. Except for the Utility, Solar, and 
Telecommunications product lines, inventory is interchangeable among the various customers within each segment. The 
Company has elected not to disclose partially satisfied performance obligations at the end of the reporting period for 
contracts with an original expected duration of one year or less. If payment is expected within one year of transferring control 
of goods or services, the Company does not adjust contract consideration for any significant financing component. 
Most customers are invoiced upon shipment or delivery of goods to their specified locations. Contract assets are 
recognized as revenue is earned over time and are reduced when the customer is invoiced. As of December 28, 2024 and 
December 30, 2023, the Company’s contract assets totaled $187,257 and $175,721, respectively, and were recorded as 
“Contract assets” in the Consolidated Balance Sheets. 
Certain customers are invoiced through advance or progress billings. When the progress toward performance 
obligations is less than the amount billed to the customer, the excess is recorded as a contract liability. As of December 28, 
2024, total contract liabilities were $130,696, with $126,932 recorded as “Contract liabilities” and $3,764 as “Other 
non-current liabilities” in the Consolidated Balance Sheets. As of December 30, 2023, total contract liabilities of $70,978 
were recorded as “Contract liabilities” in the Consolidated Balance Sheets. Additional details are as follows: 
• 
During the fiscal years ended December 28, 2024 and December 30, 2023, the Company recognized $53,819 
and $162,182 in revenue, respectively, from amounts included in contract liabilities as of December 30, 2023 
and December 31, 2022. This revenue reflects advance payments applied to performance obligations completed 
during the respective periods. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
47 
• 
As of December 28, 2024, the Company had $3,764 in remaining performance obligations on contracts with an 
original expected duration of one year or more. These obligations are expected to be fulfilled within the next 12 
to 24 months. 
Segment and Product Line Revenue Recognition 
Infrastructure Segment 
Steel and concrete structures within the Utility and Telecommunications product lines are custom engineered to 
customer specifications. This customization limits the ability to resell the structures if an order is canceled after production 
begins. The continuous transfer of control to the customer is supported by contractual termination clauses or rights to 
payment for work performed to date, including a reasonable profit, as these products do not have alternative uses for the 
Company. As control is transferred over time, revenue is recognized based on progress toward completion of the performance 
obligation. 
The method used to measure progress requires judgment. Revenue for structures in the Utility and 
Telecommunications product lines is typically recognized using an input-based method, measuring progress by the ratio of 
production hours incurred to total estimated hours required. The resulting completion percentage is applied to the total 
revenue and estimated costs of the order to determine reported revenue, cost of sales, and gross profit. Once production 
begins, orders are generally completed within three months. 
Revenue for the Solar product line is recognized upon shipment or delivery, based on contract terms. In certain 
Utility product line sales, the Company engages external sales agents and recognizes estimated commissions owed to these 
agents proportionately as the goods are manufactured. 
Revenue from structures sold in the Lighting and Transportation product line, as well as most Telecommunications 
products, is recognized upon shipment or delivery of goods to the customer, aligning with the billing date. Some large 
regional customers may have unique specifications for telecommunication structures. When a customer contract includes a 
cancellation clause that requires payment for completed work plus a reasonable margin, revenue is recognized over time 
based on hours worked as a percentage of the total estimated hours to complete production. 
Revenue from Coatings services, including galvanizing and powder coating, is recognized upon service completion 
and when goods are ready for pickup or delivery. 
Agriculture Segment 
Revenue from irrigation equipment, related parts, services, and tubular products for industrial customers is typically 
recognized upon shipment, aligning with the billing date. Remote monitoring subscription services within the Technology 
Products and Services product line are primarily billed annually, with revenue recognized on a straight-line basis over the 
contract period. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
48 
Over Time and Point in Time Revenue 
The disaggregation of revenue by product line is provided in Note 20. A breakdown of revenue recognized over time 
and at a point in time by segment for the fiscal years ended December 28, 2024, December 30, 2023, and December 31, 2022 
is as follows: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended 
 
 
December 28, 2024 
 
December 30, 2023 
 
December 31, 2022 
 
    Point in Time    Over Time     Point in Time    Over Time     Point in Time    Over Time 
Infrastructure 
 $  1,656,355  $ 1,342,026  $  1,744,139  $ 1,255,498  $  1,687,458  $ 1,222,288 
Agriculture 
    1,043,960    
 32,693     1,144,633    
 30,328     1,307,681    
 27,604 
Other 
  
 —   
 —   
 —   
 —   
 —   
 100,219 
Total net sales 
 $  2,700,315  $ 1,374,719  $  2,888,772  $ 1,285,826  $  2,995,139  $ 1,350,111 
Equity Method Investments 
The Company has equity method investments in non-consolidated subsidiaries, which are recorded as “Other 
non-current assets” in the Consolidated Balance Sheets. 
Treasury Stock 
Repurchased shares are recorded as “Treasury stock, at cost” and result in a reduction of “Shareholders’ equity” in 
the Consolidated Balance Sheets. When treasury shares are reissued, the Company applies the last-in, first-out method. Any 
difference between the repurchase cost and the reissuance price is charged or credited to “Additional paid-in capital” (or 
“Retained earnings” in the absence of “Additional paid-in capital”). 
The Company’s capital allocation philosophy includes a share repurchase program. In May 2014, the Board of 
Directors authorized the repurchase of up to $500,000 of the Company’s outstanding common stock over a twelve-month 
period, at prevailing market prices, either through open market or privately negotiated transactions. The Board subsequently 
expanded this authorization in February 2015 and October 2018, each time adding $250,000 with no expiration date. In 
February 2023, the Board increased the program by an additional $400,000, bringing the total authorization to $1,400,000 
with no expiration date. As of December 28, 2024, the Company had repurchased 8,235,697 shares for approximately 
$1,333,961 under this program. Subsequent to year end, on February 18, 2025, the Company announced the Board of 
Directors increased the amount authorized under the program by an additional $700.0 million, with no stated expiration date. 
In November 2023, the Company entered into an accelerated share purchase agreement (“November 2023 ASR”) 
with CitiBank, N.A. as the counterparty. The November 2023 ASR was executed under the existing share repurchase 
program. The Company prepaid $120,000 in the fourth quarter of fiscal 2023 and received an initial delivery of 438,917 
shares of common stock. The agreement was settled in the first quarter of fiscal 2024 with the delivery of an additional 
96,224 shares of common stock. The total number of shares delivered under the November 2023 ASR, at an average purchase 
price of $224.24 per share, was determined based on the volume-weighted average market price of the Company’s common 
stock during the term of the agreement, less a discount. 
Research and Development 
Research and development costs are expensed as incurred and included in “Selling, general, and administrative 
expenses” in the Consolidated Statements of Earnings. For the fiscal years ended December 28, 2024, December 30, 2023, 
and December 31, 2022, research and development costs were approximately $59,000, $55,000, and $46,000, respectively. 
Supplier Finance Program 
In fiscal 2019, the Company entered into an agreement with a third-party financial institution to facilitate a supplier 
finance program. This program allows qualifying suppliers to sell their receivables from the Company to the financial 
institution. These suppliers negotiate directly with the financial institution regarding their outstanding receivables, while the 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
49 
Company’s rights and obligations to suppliers remain unaffected. The Company has no economic interest in a supplier’s 
decision to participate in the program. Once a supplier opts into the program, they select which individual invoices from the 
Company to sell to the financial institution. The Company is obligated to pay the negotiated invoice amount to the financial 
institution on the due date, regardless of whether the supplier has sold the individual invoice. 
For any invoices not sold under the supplier finance program, the financial institution pays the supplier on the 
invoice’s due date. The invoice amounts and scheduled payment terms remain unchanged, regardless of whether the supplier 
decides to sell under these arrangements. Payments related to these obligations are included in “Cash flows from operating 
activities” in the Consolidated Statements of Cash Flows. As of December 28, 2024 and December 30, 2023, outstanding 
payment obligations of $45,602 and $41,916, respectively, were included in “Accounts payable” in the Consolidated Balance 
Sheets under the Company’s supplier finance program. 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended 
 
 
December 28, 
 
December 30, 
 
     
2024 
     
2023 
Confirmed obligations outstanding—beginning of period 
 
$ 
 41,916  
$ 
 48,880 
Invoices confirmed 
 
  
 216,731  
  
 264,051 
Confirmed invoices paid 
 
  
 (213,045) 
  
 (271,015)
Confirmed obligations outstanding—end of period 
 
$ 
 45,602  
$ 
 41,916 
Redeemable Noncontrolling Interests 
Noncontrolling interests with redemption features that are not solely within the Company’s control are classified as 
redeemable noncontrolling interests. The Company has redeemable noncontrolling interests in certain entities. A 
noncontrolling interest holder can require the Company to purchase their remaining ownership, referred to a put right. 
Likewise, the Company can require a noncontrolling interest holder to sell the Company their remaining ownership, known 
as a call option. The redemption amount and effective date of these rights vary according to the applicable operating 
agreements, with some redeemable at fair value and some redeemable at amounts other than fair value. 
As a result of these redemption features, the Company records the noncontrolling interests as redeemable and 
classifies the balances in temporary equity in the Consolidated Balance Sheets, initially at their acquisition-date fair value. 
The Company adjusts the redeemable noncontrolling interests each reporting period for the net income (loss) attributable to 
the noncontrolling interests and any applicable redemption value adjustments. Redemption value adjustments are offset 
against retained earnings. Earnings used in the computation of earnings per share for the reporting period are impacted by 
redemption value adjustments for noncontrolling interests redeemable at amounts other than fair value. 
As of December 28, 2024 and December 30, 2023, the redeemable noncontrolling interests were $51,519 and 
$62,792, respectively. The final amounts paid for these interests may vary significantly, as the redemption amounts are 
contingent on the future operational results of the respective businesses. 
Recently Adopted Accounting Pronouncements 
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 
(“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update 
enhances the disclosures about reportable segments, including providing more detailed information on segment expenses. 
This guidance is effective for the fiscal year ended December 28, 2024 and for interim periods thereafter. See Note 20 for the 
required disclosures associated with this update. 
Recently Issued Accounting Pronouncements 
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax 
Disclosures. This update is intended to improve transparency and usefulness in income tax disclosures, particularly in areas 
such as rate reconciliation and reporting of income taxes paid. The guidance will be effective prospectively for the fiscal year 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
50 
ending December 27, 2025, with early adoption permitted. The Company does not expect any impact on its results of 
operations, as the changes primarily relate to enhanced disclosures. 
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive 
Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This 
update aims to enhance expense disclosures by providing more detailed information on the types of expenses within 
commonly presented categories. The guidance is effective on both a prospective and retrospective basis for the fiscal year 
ending December 25, 2027, with early adoption permitted. The Company does not expect any impact on its results of 
operations, as the changes primarily relate to enhanced disclosures. 
(2) ACQUISITIONS 
Acquisitions of Businesses 
On August 31, 2023, the Company acquired HR Products for $58,044 Australian dollars ($37,302 United States 
(“U.S.”) dollars) in cash, net of cash acquired, and subject to working capital adjustments. Of the purchase price, $7,200 
Australian dollars ($4,626 U.S. dollars) was withheld at closing as a retention fund to address contingencies and potential 
disagreements. This retention amount will be settled in two equal payments, with the first payment made during the third 
quarter of fiscal 2024 and the second payment due in the third quarter of fiscal 2025. 
HR Products provides a wide range of irrigation products serving the agriculture and landscaping industries, with its 
operations reported in the Agriculture segment. This acquisition strengthens the Company’s position in the critical agriculture 
market of Australia by expanding its geographic footprint and bolstering its aftermarket parts presence. The acquired 
customer relationships will be amortized over 13 years. Goodwill resulting from the acquisition was not tax-deductible and 
was attributed to anticipated synergies and other intangibles that did not qualify for separate recognition. The Company 
finalized the purchase price allocation in the third quarter of fiscal 2024. 
The following table summarizes the fair values of the assets acquired and liabilities assumed from HR Products as of 
the date of acquisition: 
 
 
 
 
 
 
August 31, 
 
     
2023 
Current assets 
 
$ 
 24,153 
Property, plant, and equipment 
 
  
 1,397 
Goodwill 
 
  
 9,508 
Customer relationships 
 
 
 11,503 
Other non-current assets 
 
  
 3,997 
Total fair value of assets acquired 
 
 
 50,558 
Current liabilities 
 
  
 4,183 
Deferred income taxes 
 
  
 3,046 
Operating lease liabilities 
 
  
 2,792 
Total fair value of liabilities assumed 
 
 
 10,021 
Net assets acquired 
 
$ 
 40,537 
On June 1, 2022, the Company acquired approximately 51% of ConcealFab, Inc. for $39,287 in cash, net of cash 
acquired. Of the purchase price, approximately $1,850 was contingent on seller representations and warranties, which were 
settled in the fourth quarter of fiscal 2023. ConcealFab is located in Colorado Springs, Colorado, and its operations are 
included in the Infrastructure segment. The acquisition allows the Company to integrate innovative 5G infrastructure and 
passive intermodulation mitigation solutions into its advanced Infrastructure portfolio. The goodwill resulting from the 
acquisition was not tax-deductible and was primarily attributed to anticipated synergies and other intangibles that did not 
qualify for separate recognition. The Company finalized the purchase price allocation in the first quarter of fiscal 2023. 
Under the terms of the operating agreement, the minority owners hold the right to sell their remaining interest in 
ConcealFab, Inc. to the Company, and the Company retains the right to purchase the remaining interest from the minority 
owners. These rights may generally be exercised at any time following the fifth anniversary of the acquisition’s effective 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
51 
date. The purchase price for the remaining interest will be determined based on a predefined formula outlined in the operating 
agreement. Due to this redemption feature, the Company recorded the noncontrolling interest as redeemable, and classified it 
within temporary equity in the Consolidated Balance Sheets. See Note 1 for further discussion of the Company’s redeemable 
noncontrolling interests. 
The following table summarizes the fair values of the assets acquired and liabilities assumed from ConcealFab, Inc. 
as of the date of acquisition: 
 
 
 
 
 
 
June 1, 
 
     
2022 
Current assets 
 
$ 
 21,133 
Property, plant, and equipment 
 
  
 3,813 
Goodwill 
 
  
 42,465 
Customer relationships 
 
  
 26,200 
Trade name 
 
  
 5,000 
Other non-current assets 
 
  
 9,108 
Total fair value of assets acquired 
 
 
 107,719 
Current liabilities 
 
  
 6,658 
Long-term debt 
 
  
 2,038 
Operating lease liabilities 
 
  
 7,812 
Deferred income taxes 
 
  
 5,464 
Other non-current liabilities 
 
  
 12 
Total fair value of liabilities assumed 
 
 
 21,984 
Redeemable noncontrolling interest 
 
  
 41,693 
Net assets acquired 
 
$ 
 44,042 
Pro forma disclosures have been omitted, as these acquisitions did not significantly impact the Company’s financial 
results. Acquisition-related costs for these transactions were insignificant in all fiscal years presented. 
Acquisitions of Redeemable Noncontrolling Interests 
In the first quarter of fiscal 2024, the Company acquired approximately 9% of ConcealFab, Inc. for $7,227 and the 
remaining portion of Valmont Substations, LLC for $10,518. In the third quarter of fiscal 2022, the Company acquired the 
remaining 9% of Convert Italia S.p.A. for $3,046. In the second quarter of fiscal 2022, the Company acquired the remaining 
20% of Valmont West Coast Engineering, Ltd. for $4,292. These transactions involved acquiring portions of the remaining 
shares in consolidated subsidiaries, with no changes in control. 
(3) DIVESTITURES 
On November 25, 2024, the Company completed the sale of George Industries, a coatings and anodizing company 
in California, which was reported in the Infrastructure segment. The Company received net proceeds of $500 from this sale. 
In the fourth quarter of fiscal 2024, a pre-tax loss of $2,779 was reported in “Other income (expenses)” in the Consolidated 
Statements of Earnings. 
On October 31, 2024, the Company completed the sale of the extractive business, which included the manufacturing 
and distribution of screening products to the mining and quarrying sectors in Australia and New Zealand, which was reported 
in the Infrastructure segment. The Company received net proceeds of $5,042 Australian dollars ($3,330 U.S. dollars) from 
this sale, with an additional $1,800 Australian dollars ($1,172 U.S. dollars) to be received through two payments, one in the 
first quarter of fiscal 2025 and one in the second quarter of fiscal 2026. In the fourth quarter of fiscal 2024, a pre-tax loss of 
$2,567 Australian dollars ($1,695 U.S. dollars) was reported in “Other income (expenses)” in the Consolidated Statements of 
Earnings. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
52 
On April 30, 2023, the Company completed the sale of Torrent Engineering and Equipment Company, LLC, an 
integrator of prepackaged pump stations in Indiana, which was reported in the Agriculture segment. The Company received 
net proceeds of $6,369 from this sale. In the second quarter of fiscal 2023, a pre-tax gain of $2,994 was reported in “Other 
income (expenses)” in the Consolidated Statements of Earnings. 
On November 30, 2022, the Company completed the sale of Valmont SM, the offshore wind energy structures 
business in Denmark, which was reported in the Other segment. The business was sold as it no longer aligned with the 
Company’s long-term strategic plans. The historical annual sales, operating income, and net assets of this business were not 
significant enough to require discontinued operations presentation. 
For the fiscal year ended December 31, 2022, the offshore wind energy structures business reported operating 
income of $2,259. The Company received 90,000 Danish kroner ($12,570 U.S. dollars) at closing, with an additional 15,000 
Danish kroner ($2,189 U.S. dollars) held in escrow. This escrow amount, subject to standard closing conditions, was released 
to the Company in the first quarter of fiscal 2024. 
The pre-tax loss from the divestiture was reported in “Other income (expenses)” in the Consolidated Statements of 
Earnings for the fiscal year ended December 31, 2022. This loss included the proceeds received, an asset recognized for the 
escrow funds that had not yet been released by the buyer, deal-related costs, and the net assets of the business. As a result, the 
total loss was $12,123. Additionally, the Company recognized a $21,150 realized loss on foreign exchange translation 
adjustments and net investment hedges, which had previously been reported in “Shareholders’ equity” in the Consolidated 
Balance Sheets. 
 
 
 
 
Pre-tax loss from divestitures, before recognition of currency translation loss 
     
$ 
 12,123 
Recognition of cumulative currency translation loss and hedges (reclassified from OCI) 
 
  
 21,150 
Net pre-tax loss from divestiture of offshore wind energy structures business 
 
$ 
 33,273 
The transaction did not result in a tax-deductible capital loss. 
(4) REALIGNMENT ACTIVITIES 
In the third quarter of fiscal 2023, management initiated a plan to streamline segment support across the Company 
and reduce costs through an organizational realignment program (the “Realignment Program”). The Realignment Program 
included a reduction in force through a voluntary early retirement program and other headcount reduction actions, all of 
which were completed as of December 30, 2023. The Board of Directors authorized the incurrence of cash charges up to 
$36,000 in connection with the Realignment Program. 
During the fiscal year ended December 30, 2023, the Company recorded the following pre-tax expenses related to 
the Realignment Program: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Infrastructure      
Agriculture      
Corporate 
     
Total 
Severance and other employee benefit costs 
 
$ 
 17,260  
$ 
 9,101  
$ 
 8,849  
$ 
 35,210 
Changes in liabilities recorded for the Realignment Program were as follows: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Balance as of      
Recognized      Costs Paid or      Balance as of 
 
 
December 30,  
Realignment  
Otherwise 
 
December 28, 
 
 
2023 
 
Expense 
 
Settled 
 
2024 
Severance and other employee benefit costs 
 
$ 
 12,514   
$ 
 —  
$ 
 (12,514) 
$ 
 — 
 
 
 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
53 
(5) INVENTORIES 
As of December 28, 2024 and December 30, 2023, inventories consisted of the following: 
 
 
 
 
 
 
 
 
 
December 28, 
 
December 30, 
 
 
2024 
     
2023 
Raw materials and purchased parts 
 
$ 
 231,811  
$ 
 217,134 
Work in process 
 
  
 35,466  
  
 37,826 
Finished and manufactured goods 
 
  
 322,986  
  
 403,468 
Total inventories 
 
$ 
 590,263  
$ 
 658,428 
 
(6) PROPERTY, PLANT, AND EQUIPMENT 
As of December 28, 2024 and December 30, 2023, property, plant, and equipment, at cost, consisted of the 
following: 
 
 
 
 
 
 
 
 
     
December 28, 
 
December 30, 
 
 
2024 
     
2023 
Land and improvements 
 
$ 
 118,199  
$ 
 118,869 
Buildings and improvements 
 
  
 405,710  
  
 409,092 
Machinery and equipment 
 
  
 738,329  
  
 750,959 
Transportation equipment 
 
  
 29,825  
  
 31,278 
Office furniture and equipment 
 
  
 135,344  
  
 140,061 
Construction in progress 
 
  
 74,610  
  
 62,980 
Total property, plant, and equipment, at cost 
 
$ 
 1,502,017  
$ 
 1,513,239 
 
(7) GOODWILL AND OTHER INTANGIBLE ASSETS 
Goodwill 
As of December 28, 2024 and December 30, 2023, the carrying amounts of goodwill by segment were as follows: 
 
 
 
 
 
 
 
 
 
 
 
     
Infrastructure      
Agriculture 
     
Total 
Gross balance as of December 30, 2023 
 
$ 
 478,663  
$ 
 323,683  
$ 
 802,346 
Accumulated impairment losses 
 
  
 (49,382) 
  
 (120,000) 
  
 (169,382)
Balance as of December 30, 2023 
 
  
 429,281  
  
 203,683  
 
 632,964 
Acquisition measurement period adjustment 
 
  
 —  
  
 331  
  
 331 
Divestiture 
 
 
 (1,509) 
 
 —  
 
 (1,509)
Foreign currency translation 
 
  
 (6,166) 
  
 (1,773) 
  
 (7,939)
Balance as of December 28, 2024 
 
$ 
 421,606  
$ 
 202,241  
$ 
 623,847 
 
 
 
 
 
 
 
 
 
 
 
 
     
Infrastructure      
Agriculture 
     
Total 
Gross balance as of December 31, 2022 
 
$ 
 473,551  
$ 
 313,777  
$ 
 787,328 
Accumulated impairment losses 
 
  
 (47,467) 
  
 —  
  
 (47,467)
Balance as of December 31, 2022 
 
  
 426,084  
  
 313,777  
  
 739,861 
Acquisition 
 
  
 —  
  
 9,177  
  
 9,177 
Divestiture 
 
 
 —  
 
 (160) 
 
 (160)
Impairments 
 
 
 (1,915) 
 
 (120,000) 
 
 (121,915)
Foreign currency translation 
 
  
 5,112  
  
 889  
  
 6,001 
Balance as of December 30, 2023 
 
$ 
 429,281  
$ 
 203,683  
$ 
 632,964 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
54 
In the third quarter of fiscal 2024, the Company conducted its annual goodwill impairment assessment using a 
quantitative test for all reporting units, with a measurement date of September 1, 2024. The fair values of the reporting units 
were estimated using a discounted cash flow analysis, which required projecting future cash flows and applying a 
risk-adjusted discount rate to determine the present value of the expected cash flows. The analysis indicated that the 
estimated fair values of all reporting units exceeded their respective carrying amounts, and no impairment was recorded for 
fiscal 2024. 
In the third quarter of fiscal 2023, the Company recognized impairment charges of $120,000 and $1,915 in the 
Agriculture and Infrastructure segments, respectively, resulting from the Company’s annual goodwill impairment assessment 
as of September 2, 2023. 
Other Intangible Assets 
As of December 28, 2024 and December 30, 2023, the components of other intangible assets were as follows: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 28, 2024 
  
December 30, 2023 
 
 
Gross 
 
 
 
  
Gross 
 
 
 
 
 
Carrying 
 
Accumulated 
  
Carrying 
 
Accumulated 
 
     
Amount 
     Amortization 
  
Amount 
     Amortization 
Amortizing intangible assets: 
 
 
 
 
 
 
 
 
 
 
 
 
Customer relationships 
 
$ 
 230,063  
$ 
 166,516  
$ 
 233,852  
$ 
 157,873 
Patents and proprietary technology 
 
  
 26,225  
  
 13,829  
  
 59,311  
  
 45,416 
Trade names 
 
  
 2,870  
 
 2,654  
  
 2,870  
  
 1,056 
Other 
 
  
 4,430  
  
 4,245  
  
 4,787  
  
 4,538 
Non-amortizing intangible assets: 
 
 
 
 
 
 
 
 
Trade names 
 
 
 57,738  
 
 —  
 
 58,750  
 
 — 
 
 
$ 
 321,326  
$ 
 187,244  
$ 
 359,570  
$ 
 208,883 
The weighted-average remaining life of amortizing intangible assets is approximately four years. Amortization 
expenses for fiscal years 2024, 2023, and 2022 were $14,214, $19,455, and $22,120, respectively. Amortization expense is 
expected to average $9,857 annually over the next five fiscal years, based on amortizing intangible assets reported as of 
December 28, 2024. 
The Company’s indefinite-lived trade names were assessed for impairment as of September 1, 2024, using the 
relief-from-royalty method. Based on this evaluation, no impairments were identified for these trade names. 
In the third quarter of fiscal 2023, the Company recognized an impairment charge of $1,656 in the Infrastructure 
segment as a result of the Company’s annual indefinite-lived trade name impairment assessment as of September 2, 2023. 
Additionally, in the third quarter of fiscal 2023, the Company recognized an impairment charge of $17,273 in the Agriculture 
segment for a certain amortizing proprietary technology intangible asset related to the Prospera subsidiary. 
(8) BANK CREDIT ARRANGEMENTS 
The Company maintains various lines of credit for short-term borrowings, with a total available balance of $30,895 
as of December 28, 2024. As of December 28, 2024 and December 30, 2023, $1,669 and $3,205 were outstanding, 
respectively, and recorded as “Notes payable to banks” in the Consolidated Balance Sheets. The interest rates on these lines 
of credit vary based on the banks’ cost of funds. The weighted average interest rate on short-term borrowings was 8.14% as 
of December 28, 2024. The unused and available borrowings under these lines of credit totaled $29,945 as of December 28, 
2024. The banks may modify the terms of these lines of credit, with the Company’s approval. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
55 
(9) INCOME TAXES 
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries for the fiscal years ended 
December 28, 2024, December 30, 2023, and December 31, 2022 were as follows: 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended 
 
 
December 28,  
December 30, 
 
December 31, 
 
     
2024 
     
2023 
     
2022 
United States 
 
$ 
 328,953  
$ 
 195,491  
$ 
 224,370 
Foreign 
 
  
 139,728  
  
 40,961  
  
 139,518 
Earnings before income taxes and equity in loss of 
nonconsolidated subsidiaries 
 
$ 
 468,681  
$ 
 236,452  
$ 
 363,888 
Income tax expense (benefit) for the fiscal years ended December 28, 2024, December 30, 2023, and December 31, 
2022 consisted of: 
 
 
 
 
 
 
 
 
 
 
 
     
Fiscal Year Ended 
 
 
December 28,  
December 30, 
 
December 31, 
 
 
2024 
     
2023 
     
2022 
Current: 
  
 
    
 
    
 
  
Federal 
 
$ 
 84,110  
$ 
 42,226  
$ 
 48,309 
State 
 
  
 17,738  
  
 8,480  
  
 11,888 
Foreign 
 
  
 42,150  
  
 56,107  
  
 48,273 
Total current income tax expense 
 
  
 143,998  
  
 106,813  
  
 108,470 
Non-current: 
 
 
 (1,365) 
 
 1,957  
 
 1,442 
Deferred: 
 
  
   
  
   
  
  
Federal 
 
  
 (21,498) 
  
 (12,585) 
  
 (7,544)
State 
 
  
 (5,261) 
  
 (2,586) 
  
 (1,973)
Foreign 
 
  
 2,104  
  
 (3,478) 
  
 8,292 
Total deferred income tax benefit 
 
  
 (24,655) 
  
 (18,649) 
  
 (1,225)
Total income tax expense 
 
$ 
 117,978  
$ 
 90,121  
$ 
 108,687 
The reconciliations of the statutory federal income tax rate and the effective tax rate for the fiscal years ended 
December 28, 2024, December 30, 2023, and December 31, 2022 were as follows: 
 
 
 
 
 
 
 
 
 
 
 
     
Fiscal Year Ended 
 
 
December 28,  
December 30, 
 
December 31, 
 
 
2024 
     
2023 
     
2022 
Statutory federal income tax rate 
  
 21.0 %    
 21.0 %    
 21.0 % 
State income taxes, net of federal benefit 
  
 2.2   
 
 1.8   
 
 2.3  
Carryforwards, credits and changes in valuation allowances 
  
 (1.9)  
 
 (2.4)  
 
 1.0  
Foreign jurisdictional tax rate differences 
  
 1.5   
 
 4.6   
 
 4.2  
Changes in unrecognized tax benefits 
  
 (0.3)  
 
 0.8   
 
 0.3  
Impairment of goodwill and other intangible assets 
  
 —   
 
 11.9   
 
 —  
Excess tax benefit on equity compensation 
 
 0.7  
 
 1.1  
 
 0.5  
Loss on divestitures 
 
 0.1   
 
 —   
 
 2.2  
Other 
  
 1.9   
 
 (0.7)  
 
 (1.6) 
Effective tax rate 
  
 25.2 %    
 38.1 %    
 29.9 % 
The fiscal year ended December 30, 2023 included $28,079 of tax expense related to non-tax deductible goodwill 
impairment. The fiscal year ended December 31, 2022 included $8,166 of tax expense related to the divestiture of the 
offshore wind energy structures business for which no benefit was recorded. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
56 
Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets 
and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating loss and tax 
credit carryforwards. The tax effects of significant items comprising the Company’s net deferred income tax assets 
(liabilities) as of December 28, 2024 and December 30, 2023 were as follows: 
 
 
 
 
 
 
 
 
     
December 28, 
 
December 30, 
 
 
2024 
     
2023 
Deferred income tax assets: 
  
 
    
 
  
Accrued expenses and allowances 
 
$ 
 31,340  
$ 
 36,883 
Tax credits and loss carryforwards 
 
  
 56,180  
  
 58,519 
Inventory allowances 
 
  
 10,538  
  
 8,427 
Accrued compensation and benefits 
 
  
 25,779  
  
 23,880 
Lease liabilities 
 
  
 41,628  
  
 41,769 
Research and development expenditures 
 
 
 41,214  
  
 22,751 
Deferred compensation 
 
  
 13,351  
  
 16,163 
Gross deferred income tax assets 
 
  
 220,030  
  
 208,392 
Valuation allowance 
 
  
 (44,920) 
  
 (48,632)
Net deferred income tax assets 
 
  
 175,110  
  
 159,760 
Deferred income tax liabilities: 
 
  
   
  
  
Property, plant, and equipment 
 
  
 36,342  
  
 42,299 
Intangible assets 
 
  
 48,571  
  
 52,017 
Defined benefit pension asset 
 
  
 11,630  
  
 3,851 
Lease assets 
 
  
 41,627  
  
 42,717 
Other deferred tax liabilities 
 
  
 5,375  
  
 6,616 
Total deferred income tax liabilities 
 
  
 143,545  
  
 147,500 
Net deferred income tax assets 
 
$ 
 31,565  
$ 
 12,260 
Deferred income tax assets (liabilities) were presented in the Consolidated Balance Sheets as of December 28, 2024 
and December 30, 2023 as follows: 
 
 
 
 
 
 
 
 
     
December 28, 
 
December 30, 
 
 
2024 
     
2023 
Other non-current assets 
 
$ 
 37,909  
$ 
 33,465 
Deferred income taxes 
 
  
 (6,344) 
  
 (21,205)
Net deferred income tax assets 
 
$ 
 31,565  
$ 
 12,260 
The Company’s management has reviewed recent operating results and projected future results, concluding that the 
realization of its net deferred tax assets is more likely than not. This assessment is based on, among other factors, recent 
operational changes and available tax planning strategies. As of December 28, 2024 and December 30, 2023, the amounts 
related to tax credits and loss carryforwards were $56,180 and $58,519, respectively. 
Valuation allowances have been recorded for specific losses, reducing deferred tax assets to an amount that is more 
likely than not realizable. Deferred tax assets as of December 28, 2024 related to tax loss and tax credit carryforwards not 
reduced by valuation allowances are set to expire beginning in 2025. 
Uncertain tax positions, included in “Other non-current liabilities” in the Consolidated Balance Sheets, are evaluated 
in a two-step process. First, the Company determines whether it is more likely than not that the tax positions will be sustained 
based on their technical merits. Second, for positions that meet this threshold, the Company recognizes the largest amount of 
tax benefit that is more than fifty percent likely to be realized upon settlement with the relevant tax authority. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
57 
The following summarizes the activity related to unrecognized tax benefits for the fiscal years ended December 28, 
2024 and December 30, 2023: 
 
 
 
 
 
 
 
 
     
Fiscal Year Ended 
 
 
December 28, 
 
December 30, 
 
 
2024 
     
2023 
Gross unrecognized tax benefits—beginning of period 
 
$ 
 4,306  
$ 
 2,536 
Gross increases from tax positions in prior period 
 
  
 44  
  
 2,174 
Gross increases from current‑period tax positions 
 
  
 410  
  
 370 
Settlements with taxing authorities 
 
  
 (1,277) 
  
 (32)
Lapses of statutes of limitation 
 
  
 (776) 
  
 (742)
Gross unrecognized tax benefits—end of period 
 
$ 
 2,707  
$ 
 4,306 
There are approximately $1,747 of uncertain tax positions for which reversal is reasonably possible within the next 
12 months due to the closing of statutes of limitation. Accrued interest and penalties amounted to $383 and $442 as of 
December 28, 2024 and December 30, 2023, respectively. The Company’s policy is to record interest and penalties directly 
related to income taxes as “Income tax expense” in the Consolidated Statements of Earnings. 
The Company files income tax returns in the U.S., various states, and foreign jurisdictions. U.S. tax years from  
2021 onward remain open under statutes of limitation. The total unrecognized tax benefits that, if recognized, would affect 
the effective tax rate were $2,993 and $4,372 as of December 28, 2024 and December 30, 2023, respectively. 
The Organisation for Economic Co-operation and Development issued Pillar Two model rules for a global minimum 
tax of 15%, effective January 1, 2024. While the U.S. has not enacted legislation to adopt Pillar Two, certain countries in 
which the Company operates have implemented it, while others are in the process of doing so. Pillar Two had no material 
impact on the Company’s fiscal 2024 effective tax rate, and the Company does not currently expect it to have a significant 
impact going forward. 
(10) LONG-TERM DEBT 
Long-term debt as of December 28, 2024 and December 30, 2023 was as follows: 
 
 
 
 
 
 
 
 
     
December 28, 
 
December 30, 
 
 
2024 
     
2023 
5.00% senior unsecured notes due in fiscal 2044 (a) 
 
$ 
 450,000  
$ 
 450,000 
5.25% senior unsecured notes due in fiscal 2054 (b) 
 
  
 305,000  
  
 305,000 
Unamortized discount on 5.00% and 5.25% senior unsecured notes (a) (b) 
 
  
 (19,239) 
  
 (19,665)
Revolving credit agreement (c) 
 
  
 —  
  
 377,899 
Other notes 
 
  
 1,246  
  
 2,015 
Debt issuance costs 
 
  
 (6,374) 
  
 (6,645)
Long-term debt 
 
  
 730,633  
  
 1,108,604 
Less: Current installments of long-term debt 
 
  
 692  
  
 719 
Long-term debt, excluding current installments 
 
$ 
 729,941  
$ 
 1,107,885 
(a) 
The 5.00% senior unsecured notes due in fiscal 2044 have an aggregate principal amount of $450,000, with an 
unamortized discount balance of $12,168 as of December 28, 2024. These notes bear interest at 5.00% per annum 
and are due on October 1, 2044. The discount will be amortized and recognized as interest expense over the term of 
the notes as interest payments are made. The notes may be repurchased prior to maturity, in whole or in part, at any 
time at 100% of their principal amount, plus a make-whole premium and accrued interest. These notes are 
guaranteed by certain subsidiaries of the Company. 
(b) 
The 5.25% senior unsecured notes due in fiscal 2054 have an aggregate principal amount of $305,000, with an 
unamortized discount balance of $7,071 as of December 28, 2024. These notes bear interest at 5.25% per annum and 
are due on October 1, 2054. The discount will be amortized and recognized as interest expense over the term of the 
notes as interest payments are made. The notes may be repurchased prior to maturity, in whole or in part, at any time 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
58 
at 100% of their principal amount, plus a make-whole premium and accrued interest. These notes are guaranteed by 
certain subsidiaries of the Company. 
(c) 
On October 18, 2021, the Company along with its wholly-owned subsidiaries Valmont Industries Holland B.V. and 
Valmont Group Pty. Ltd., as borrowers, amended and restated the revolving credit agreement with the Company’s 
lenders. The maturity date of the revolving credit facility was extended to October 18, 2026. This facility provides 
for $800,000 in committed unsecured revolving credit loans, with available borrowings of up to $400,000 in foreign 
currencies. The Company may increase the credit facility by up to an additional $300,000 at any time, subject to 
lenders agreeing to increase their commitments. The interest rate on the borrowings will be, at the Company’s 
option: 
(i) 
the term Secured Overnight Financing Rate (“SOFR”) (based on a one-, three-, or six-month interest 
period, as selected by the Company) plus a 10-basis-point adjustment and a spread of 100 to 162.5 basis 
points, depending on the credit rating of the Company’s senior unsecured long-term debt published by S&P 
Global Ratings and Moody’s Investors Service, Inc.; 
(ii) 
the higher of 
• 
the prime lending rate, 
• 
the overnight bank rate plus 50 basis points, and 
• 
term SOFR (based on a one-month interest period) plus 100 basis points, 
plus, in each case, 0 to 62.5 basis points, depending on the credit rating of the Company’s senior 
unsecured long-term debt published by S&P Global Ratings and Moody’s Investors Service, Inc.; or 
(iii) 
daily simple SOFR plus a 10-basis-point adjustment and a spread of 100 to 162.5 basis points, depending 
on the credit rating of the Company’s senior unsecured long-term debt published by S&P Global Ratings 
and Moody’s Investors Service, Inc. 
As of December 28, 2024, the Company had no outstanding borrowings under its revolving credit facility. This 
facility has a maturity date of October 18, 2026 and includes a financial covenant that may limit the ability to borrow 
additional funds under the agreement. As of December 28, 2024, the Company could borrow $799,838 under the facility, 
after accounting for standby letters of credit totaling $162 related to certain insurance obligations. The Company also 
maintains short-term bank lines of credit totaling $30,895, of which $29,226 remained unused as of December 28, 2024. 
The revolving credit facility includes a financial leverage covenant, with which the Company was in compliance as 
of December 28, 2024. The minimum aggregate maturities of long-term debt for each of the five fiscal years following the 
fiscal year ended December 28, 2024 are as follows: $692, $512, $42, $0, and $0. 
The obligations under the 5.00% senior unsecured notes due in fiscal 2044, the 5.25% senior unsecured notes due in 
fiscal 2054, and the revolving credit facility are guaranteed by the Company and its wholly owned subsidiaries Valmont 
Telecommunications, Inc., Valmont Coatings, Inc., Valmont Newmark, Inc., and Valmont Queensland Pty. Ltd. 
(11) STOCK-BASED COMPENSATION 
The Company maintains stock‑based compensation plans approved by its shareholders, which allow the Human 
Resources Committee of the Board of Directors to grant incentive stock options, nonqualified stock options, stock 
appreciation rights, restricted stock awards, restricted stock units, performance stock units, and bonuses of common stock. As 
of December 28, 2024, 1,426,995 shares of common stock remained available for issuance under the plans. The shares and 
options issued and available are subject to changes in capitalization. The Company’s policy is to issue shares upon the 
exercise of stock options, the vesting of restricted stock units, or the issuance of restricted stock from treasury shares held by 
the Company. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
59 
For the fiscal years ended December 28, 2024, December 30, 2023, and December 31, 2022, the Company recorded 
stock-based compensation expenses of $29,869, $39,219, and $41,850, respectively, included in “Selling, general, and 
administrative expenses” in the Consolidated Statements of Earnings. The associated tax benefits recorded for these periods 
were $3,412, $7,092, and $10,463, respectively. 
Stock Options 
Stock options granted under the plans have an exercise price equal to the closing market price on the date of the 
grant. Options vest beginning on the first anniversary of the grant date, with equal amounts vesting over three years or on the 
grant’s fifth anniversary. The expiration of grants ranges from seven to ten years from the date of the award. Restricted stock 
units and awards typically vest in equal installments over three or four years, beginning on the first anniversary of the grant. 
As of December 28, 2024, approximately $5,213 of unrecognized stock option compensation expense will be 
recognized over a weighted-average period of 1.93 years. During the fiscal years ended December 28, 2024, December 30, 
2023, and December 31, 2022, compensation expense for stock options was $2,252, $3,687, and $3,120, respectively. 
The Company uses a binomial option pricing model to value its stock options. The fair value of each option grant 
made as of December 28, 2024, December 30, 2023, and December 31, 2022 was estimated using the following assumptions: 
 
 
 
 
 
 
 
 
 
 
 
     
December 28, 
     
December 30, 
     
December 31, 
 
 
2024 
 
2023 
 
2022 
Expected volatility 
  
 31.65 %    
 31.97 %    
 32.36 % 
Risk-free interest rate 
  
 4.22 %    
 4.21 %    
 3.75 % 
Expected life from vesting date 
  
5.4 yrs   
 
5.4 yrs   
 
5.4 yrs  
Dividend yield 
  
 0.88 %    
 0.87 %    
 1.10 % 
The following is a summary of the stock option activity for the fiscal years ended December 28, 2024, December 30, 
2023, and December 31, 2022: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
Weighted 
  
 
 
 
 
 
Weighted 
 
Average 
  
 
 
 
 
 
Average 
 
Remaining 
 
Aggregate 
 
 
Number of 
 
Exercise 
 
Contractual 
 
Intrinsic 
 
     
Shares 
     
Price 
     
Term 
     
Value 
Outstanding as of December 30, 2023 
  
 181,530  
$ 
 220.77   
    
 
  
Granted 
  
 25,548  
  
 331.47   
    
 
  
Exercised 
  
 (49,583) 
  
 164.38   
    
 
  
Forfeited 
  
 (24,062) 
  
 268.84   
    
 
  
Outstanding as of December 28, 2024 
  
 133,433  
$ 
 253.11   
 7.93  
$ 
 8,281 
Options vested or expected to vest as of December 28, 2024  
 131,198  
$ 
 252.57   
 7.91  
  
 8,200 
Options exercisable as of December 28, 2024 
  
 79,824  
$ 
 232.00   
 7.10  
  
 6,340 
The weighted average per share fair value of options granted during the fiscal year ended December 31, 2024 was 
$107.27. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
60 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
Weighted 
  
 
 
 
 
 
Weighted 
 
Average 
  
 
 
 
 
 
Average 
 
Remaining 
 
Aggregate 
 
 
Number of 
 
Exercise 
 
Contractual 
 
Intrinsic 
 
     
Shares 
     
Price 
     
Term 
     
Value 
Outstanding as of December 31, 2022 
  
 195,690  
$ 
 214.62   
    
 
  
Granted 
  
 43,340  
  
 226.55   
    
 
  
Exercised 
  
 (39,055) 
  
 155.24   
    
 
  
Forfeited 
  
 (18,445) 
  
 307.81   
    
 
  
Outstanding as of December 30, 2023 
  
 181,530  
$ 
 220.77   
 7.99  
$ 
 5,992 
Options vested or expected to vest as of December 30, 2023  
 178,820  
$ 
 220.31   
 7.96  
  
 5,975 
Options exercisable as of December 30, 2023 
  
 116,545  
$ 
 203.78   
 7.13  
  
 5,576 
The weighted average per share fair value of options granted during the fiscal year ended December 31, 2023 was 
$72.60. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
Weighted 
  
 
 
 
 
 
Weighted 
 
Average 
  
 
 
 
 
 
Average 
 
Remaining 
 
Aggregate 
 
 
Number of 
 
Exercise 
 
Contractual 
 
Intrinsic 
 
     
Shares 
     
Price 
     
Term 
     
Value 
Outstanding as of December 25, 2021 
  
 276,464  
$ 
 164.48   
    
 
  
Granted 
  
 40,564  
  
 332.63   
    
 
  
Exercised 
  
 (121,163) 
  
 139.89   
    
 
  
Forfeited 
  
 (175) 
  
 104.47   
    
 
  
Outstanding as of December 31, 2022 
  
 195,690  
$ 
 214.62   
 7.53  
$ 
 22,644 
Options vested or expected to vest as of December 31, 2022  
 189,267  
$ 
 212.69   
 7.48  
  
 22,261 
Options exercisable as of December 31, 2022 
  
 90,556  
$ 
 172.08   
 6.40  
  
 14,276 
The weighted average per share fair value of options granted during the fiscal year ended December 31, 2022 was 
$104.01. 
Restricted Stock Units 
Restricted stock units are settled in Company stock when the restriction period ends. Restricted stock units and 
awards generally vest in equal installments over three years, beginning on the first anniversary of the grant. During the fiscal 
years ended December 28, 2024, December 30, 2023, and December 31, 2022, the Company granted restricted stock units to 
directors and certain management employees as follows: 
 
 
 
 
 
 
 
 
 
 
 
     
Fiscal Year Ended 
 
 
December 28,  
December 30, 
 
December 31, 
 
 
2024 
     
2023 
     
2022 
Restricted stock units granted 
  
 
 52,175   
 
 67,723   
 
 60,901 
Weighted‑average per share price on grant date 
 
$ 
 295.84  
$ 
 233.96  
$ 
 313.75 
Recognized compensation expense 
 
$ 
 17,141  
$ 
 22,478  
$ 
 22,664 
As of December 28, 2024, the amount of deferred stock‑based compensation granted, to be recognized over a 
weighted‑average period of 1.66 years, was approximately $27,879. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
61 
Performance Stock Units (“PSUs”) 
PSUs consist of shares of the Company’s stock, payable upon the determination that the Company has achieved 
certain established performance targets. PSUs can range from 0% to 200% of the targeted payout based on actual results over 
a performance period of three years. The fair value of each PSU granted is equal to the fair market value of the Company’s 
common stock on the date of grant. PSUs generally have a three-year cliff-vesting schedule; however, according to the grant 
agreements, if certain conditions are met, the employee (or beneficiary) will receive a prorated amount based on active 
employment during the service period. 
During the fiscal years ended December 28, 2024, December 30, 2023, and December 31, 2022, the Company 
granted PSU awards as follows: 
 
 
 
 
 
 
 
 
 
 
 
     
Fiscal Year Ended 
 
 
December 28,  
December 30, 
 
December 31, 
 
 
2024 
     
2023 
     
2022 
Shares granted 
  
 
 34,665   
 
 38,201   
 
 33,736 
Weighted‑average per share price on grant date 
 
$ 
 234.52  
$ 
 299.20  
$ 
 215.15 
Recognized compensation expense 
 
$ 
 10,476  
$ 
 13,054  
$ 
 16,066 
 
 
(12) EARNINGS PER SHARE 
The table below provides a reconciliation between the earnings and average share amounts used to compute both 
basic and diluted earnings per share: 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended 
 
 
December 28,  
December 30,  
December 31, 
 
 
2024 
     
2023 
     
2022 
Net earnings attributable to Valmont Industries, Inc. including 
change in redemption value of redeemable noncontrolling 
interests: 
 
  
 
  
 
  
Net earnings attributable to Valmont Industries, Inc.  
 $ 
 348,259 
$ 
 150,849  
$ 
 250,863 
Change in redemption value of redeemable noncontrolling 
interests 
  
 — 
 
 (7,374) 
 
 — 
Net earnings attributable to Valmont Industries, Inc. including 
change in redemption value of redeemable noncontrolling 
interests 
 
$ 
 348,259 
$ 
 143,475  
$ 
 250,863 
Weighted average shares outstanding (in thousands): 
 
Basic 
 
 20,122 
 20,956 
 21,311 
Dilutive effect of various stock awards 
 
 139 
 
 203 
 
 269 
Diluted 
 
 20,261 
 
 21,159 
 
 21,580 
Net earnings attributable to Valmont Industries, Inc. per 
share: 
 
 
 
Basic 
 $ 
 17.31 
$ 
 6.85 
$ 
 11.77 
Dilutive effect of various stock awards 
 
 (0.12)
 
 (0.07)
 
 (0.15)
Diluted 
 $ 
 17.19 
$ 
 6.78 
$ 
 11.62 
For the fiscal year ended December 30, 2023, basic and diluted net earnings and earnings per share were impacted 
by the impairment of goodwill and other intangible assets of $136,457 after tax ($6.45 per share) and realignment charges of 
$26,490 after tax ($1.25 per share). For the fiscal year ended December 31, 2022, basic and diluted net earnings and earnings 
per share were impacted by a loss from the divestiture of the offshore wind energy structures business of $33,273 with no 
associated tax benefit ($1.54 per share). 
As of December 28, 2024, December 30, 2023, and December 31, 2022, there were 44,620; 127,774; and 40,564 
outstanding stock options, respectively, with exercise prices exceeding the average market price of common stock during the 
applicable periods. These options were excluded from the computation of diluted earnings per share. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
62 
(13) EMPLOYEE RETIREMENT SAVINGS PLAN 
Established under Internal Revenue Code Section 401(k), the Valmont Employee Retirement Savings Plan 
(“VERSP”) is a defined contribution plan available to all eligible employees. Participants may elect to contribute up to 75% 
of their annual eligible compensation on either a pre-tax or after-tax basis, subject to certain Internal Revenue Code 
limitations. 
The Company also sponsors a fully funded, non-qualified deferred compensation plan for certain executives who 
would otherwise be limited in receiving contributions into the VERSP under Internal Revenue Service regulations. As of 
December 28, 2024 and December 30, 2023, the invested assets and related liabilities for these participants were $27,379 and 
$26,803, respectively. These amounts are included in “Other non-current assets” and “Deferred compensation” in the 
Consolidated Balance Sheets. Distributions from the Company’s non-qualified deferred compensation plan to participants, 
made under the transition rules of Section 409A of the Internal Revenue Code, totaled $5,467 and $5,476 for the fiscal years 
ended December 28, 2024 and December 30, 2023, respectively. All distributions were made in cash. 
The Company contributes to both the VERSP and the non-qualified deferred compensation plan for certain 
executives. The Company’s contributions to these plans for the fiscal years ended December 28, 2024, December 30, 2023, 
and December 31, 2022, were approximately $19,100, $20,000, and $18,300, respectively. 
(14) FAIR VALUE MEASUREMENTS 
Unless otherwise specified, the carrying amounts of cash and cash equivalents, receivables, accounts payable, notes 
payable to banks, and accrued expenses approximate fair value due to the short maturity of these instruments. The fair values 
of the Company’s long-term debt instruments are based on future cash flows associated with each instrument, discounted 
using the Company’s current borrowing rate for similar debt instruments of comparable maturities. Fair value estimates are 
made at a specific point in time, and the underlying assumptions may change based on market conditions. As of 
December 28, 2024, the carrying amount of the Company’s long-term debt was $730,633 with an estimated fair value of 
approximately $692,877. As of December 30, 2023, the carrying amount of the Company’s long-term debt was $1,108,604 
with an estimated fair value of approximately $1,064,916. 
ASC 820 establishes a three‑level hierarchy for fair value measurements, which is based on the transparency of 
inputs used to value an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market 
participants would use in pricing the asset or liability, including assumptions about risk. Financial assets and liabilities 
carried at fair value will be classified and disclosed in one of the following three categories: 
• 
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity 
can access at the measurement date. 
• 
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, 
either directly or indirectly 
• 
Level 3: Unobservable inputs for the asset or liability. 
The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair 
value measurement. The following are the valuation methodologies used for assets and liabilities measured at fair value: 
Deferred Compensation Investments: The Company’s deferred compensation investments include mutual funds 
invested in debt and equity securities in the Valmont Deferred Compensation Plan. Quoted market prices are available for 
these securities in an active market. The investments are included in “Other non-current assets” in the Consolidated Balance 
Sheets. 
Derivative Financial Instruments: The fair values of foreign currency, commodity, and cross-currency swap 
derivative contracts are based on valuation models that use market-observable inputs, including forward and spot prices for 
commodities and currencies. 
Mutual Funds: The Company has short-term investments in various mutual funds. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
63 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carrying Value  
Fair Value Measurement Using: 
 
     December 28, 2024     
Level 1 
     
Level 2 
     
Level 3 
Deferred compensation investments 
 
$ 
 27,379  
$ 
 27,379  
$ 
 —  
$ 
 — 
Derivative financial instruments, net 
 
 
 1,320  
 
 —  
 
 1,320  
 
 — 
Cash and cash equivalents—mutual funds 
 
 
 11,063  
 
 11,063  
 
 —  
 
 — 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carrying Value  
Fair Value Measurement Using: 
 
     December 30, 2023     
Level 1 
     
Level 2 
     
Level 3 
Deferred compensation investments 
 
$ 
 26,803  
$ 
 26,803  
$ 
 —  
$ 
 — 
Derivative financial instruments, net 
 
 
 2,860  
 
 —  
 
 2,860  
 
 — 
Cash and cash equivalents—mutual funds 
 
 
 6,258  
 
 6,258  
 
 —  
 
 — 
The fair value redemption amounts of certain redeemable noncontrolling interests are measured on a recurring basis 
utilizing Level 3 inputs, including estimates of future revenue, operating margins, growth rates, and discount rates. 
 
 
(15) DERIVATIVE FINANCIAL INSTRUMENTS 
The Company manages risks related to interest rates, commodity prices, and foreign currency, particularly those 
arising from foreign currency denominated transactions and investments in foreign subsidiaries. To address these risks, the 
Company may use derivative financial instruments. Depending on their classification, some derivatives are marked to market 
and recorded in the Company’s Consolidated Statements of Earnings, while others are accounted for as fair value, cash flow, 
or net investment hedges. 
Derivative financial instruments inherently carry credit and market risks, which the Company mitigates by 
monitoring exposure limits and transacting with recognized, stable multinational banks as counterparties. Gains or losses 
from net investment hedge activities remain in AOCI until the related subsidiaries are sold or substantially liquidated. 
The fair value of derivative instruments as of December 28, 2024 and December 30, 2023 was as follows: 
 
 
 
 
 
 
 
 
 
 
 
Consolidated 
 
December 28,  
December 30, 
Derivatives designated as hedging instruments:     
Balance Sheets location 
 
2024 
 
2023 
Commodity contracts 
 
Prepaid expenses and other current assets 
$ 
 617  
$ 
 2,520 
Commodity contracts 
 
Other accrued expenses 
 
 
 (371) 
 
 (1,586)
Cross-currency swap contracts 
  
Prepaid expenses and other current assets 
 1,074   
 
 1,938 
Cross-currency swap contracts 
  
Other accrued expenses 
 
 —   
 
 (12)
 
 
 
$ 
 1,320  
$ 
 2,860 
Gains (losses) on derivatives recognized in the Consolidated Statements of Earnings for the fiscal years ended 
December 28, 2024, December 30, 2023, and December 31, 2022 were as follows: 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Consolidated 
 
Fiscal Year Ended 
 
 
Statements of Earnings  
 December 30,  December 30, December 31,
Derivatives designated as hedging instruments: 
location 
 
2024 
 
2023 
 
2022 
Commodity contracts 
 
Product cost of sales 
 $ 
 (3,007) $ 
 (7,057) $ 
 (5,212)
Foreign currency forward contracts 
 
Other income (expenses) 
 
 —   
 177    
 (45)
Interest rate hedge amortization 
 
Interest expense 
 
 (64)  
 (64)   
 (64)
Cross-currency swap contracts 
 
Other income (expenses) 
  
 —   
 —    
 4,827 
Cross-currency swap contracts 
 
Interest expense 
 
 1,246   
 1,813    
 2,875 
 
 
 $ 
 (1,825) $ 
 (5,131) $ 
 2,381 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
64 
Cash Flow Hedges 
The Company enters into commodity forward, swap, and option contracts to hedge variability in cash flows related 
to future purchases. Gains (losses) realized upon settlement are recorded in “Product cost of sales” in the Consolidated 
Statements of Earnings for the period in which the hedged items are consumed. As of December 28, 2024, the details of these 
contracts were as follows: 
 
 
 
 
 
 
 
 
 
     
Notional 
     
Total 
     
 
Commodity Type 
 
Amount 
 
Purchase Quantity  
Maturity Dates 
Hot-rolled coil steel 
 
$ 
 13,459  
17,000 short tons 
  
January 2025 to September 2025 
Natural gas 
 
 
 1,384  
352,000 MMBtu 
 
January 2025 to March 2026 
Ultra-low-sulfur diesel fuel 
 
 
 623  
2,604,000 gallons 
 
December 2024 to June 2026 
Net Investment Hedges 
To manage foreign currency risk associated with its euro investments and reduce interest expenses, the Company 
uses fixed-for-fixed cross-currency swaps (“CCS”). These swaps convert U.S. dollar principal and interest payments from a 
portion of its 5.00% senior unsecured notes due in fiscal 2044 into foreign-currency-denominated payments. Interest 
payments are exchanged biannually on April 1 and October 1. 
Under the spot method, the Company designated the full notional amounts of CCS as hedges for the net investment 
in certain European subsidiaries. Changes in fair value of the CCS attributable to spot exchange rates are recorded as 
cumulative foreign currency translation within AOCI, while net interest receipts reduce interest expense over the life of the 
CCS. Key terms as of December 28, 2024 were as follows: 
 
     
Notional 
     
 
     
Swapped 
     
Settlement 
Currency 
 
Amount 
 
Termination Date 
 
Interest Rate 
 
Amount 
Euro 
 
$ 
 80,000  
April 1, 2029 
  
3.461% 
 
€ 
 74,509 
In the first quarter of fiscal 2024, the Company early settled a euro net investment hedge entered in fiscal 2019, 
receiving proceeds of $2,711. These proceeds will remain in AOCI until the related subsidiaries are sold or substantially 
liquidated. 
In the third and fourth quarters of fiscal 2022, the Company settled a Danish krone net investment hedge, receiving 
proceeds of $3,532. Following the sale of the Company’s offshore wind energy structures business in the fourth quarter of 
fiscal 2022, a cumulative net investment hedge gain of $4,827 ($3,620 after tax) was reclassified from AOCI to “Other 
income (expenses)” in the Consolidated Statements of Earnings. 
 
(16) WARRANTIES 
The Company’s product warranty accrual represents management’s best estimate of the probable liabilities 
associated with its product warranties. Historical claims data is used to estimate warranty costs at the time revenue is 
recognized. Changes in the product warranty accrual, recorded in “Other accrued expenses” in the Consolidated Balance 
Sheets, for the fiscal years ended December 28, 2024 and December 30, 2023 were as follows: 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended 
 
 
December 28, 
 
December 30, 
 
     
2024 
     
2023 
Balance—beginning of period 
 
$ 
 22,434  
$ 
 19,773 
Payments made 
 
  
 (20,790) 
  
 (17,072)
Change in liability for warranties issued during the period 
 
  
 22,799  
  
 24,096 
Change in liability for pre-existing warranties 
 
  
 (692) 
  
 (4,363)
Balance—end of period 
 
$ 
 23,751  
$ 
 22,434 
 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
65 
(17) COMMITMENTS AND CONTINGENCIES 
The Company and certain subsidiaries are currently facing various claims and lawsuits. It is difficult for the 
Company to fully assess the potential impact of both asserted and unasserted claims on its consolidated results of operations, 
financial condition, or liquidity. When claims are considered probable and reasonably estimable, a liability is recorded. 
However, the Company does not expect that any known lawsuits, claims, environmental costs, commitments, or contingent 
liabilities will have a material adverse effect on its consolidated results of operations, financial condition, or liquidity. 
3 
(18) DEFINED BENEFIT RETIREMENT PLAN 
Delta Ltd., a wholly-owned subsidiary of the Company, sponsors the Delta Pension Plan (the “Plan”), which 
provides defined benefit retirement income to eligible employees in the United Kingdom (“U.K.”). Qualified employees are 
entitled to pension retirement benefits amounting to 1.67% of final salary for each year of service upon reaching the age of 
65. There have been no active employees participating in the Plan for over five years. 
Funded Status 
The Company recognizes the pension plan’s funded status as either an asset or liability. This status reflects the 
difference between the projected benefit obligation (“PBO”) and the fair value of the plan’s assets. The PBO represents the 
present value of benefits earned by participants to date, factoring in assumed future salary increases and inflation. Plan assets 
are measured at fair value, and because the Plan is denominated in British pounds, the Company translates the net pension 
asset into U.S. dollars using exchange rates of $1.257/£ and $1.273/£ as of December 28, 2024 and December 30, 2023, 
respectively. As of December 28, 2024, the PBO was $414,657, and the net funded status was $46,520 recorded as a non-
current asset, reflecting an actuarial gain attributed to an increase in the discount rate from the prior year. 
The accumulated benefit obligation (“ABO”), representing the present value of benefits earned to date without 
assuming future compensation growth, is equal to the PBO due to the absence of active employees in the plan. The 
overfunded ABO represents the difference between the PBO and the fair value of the plan assets. 
Changes in the PBO and fair value of plan assets for the period from December 30, 2023 to December 28, 2024 
were as follows: 
 
 
 
 
 
 
 
 
 
 
 
     
Projected   
     
 
 
     
 
 
 
 
Benefit 
 
Plan  
 
Funded  
 
 
Obligation 
 
Assets 
 
Status 
Fair value as of December 30, 2023 
 
$ 
 477,763  
$ 
 493,167  
$ 
 15,404 
Employer contributions 
 
 
 —  
 
 19,599  
   
 
Interest cost 
  
 21,136   
 —   
  
Actual return on plan assets 
  
 —   
 (24,723)  
  
Benefits paid 
  
 (21,264)  
 (21,264)  
  
Actuarial gain 
  
 (58,156)  
 —   
  
Currency translation loss 
  
 (4,822)  
 (5,602)  
  
Fair value as of December 28, 2024 
 
$ 
 414,657  
$ 
 461,177  
$ 
 46,520 
The actuarial gain decreased the PBO and resulted primarily from an increase in the discount rate from 4.50% in 
fiscal 2023 to 5.50% in fiscal 2024. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
66 
Changes in the PBO and fair value of plan assets for the period from December 31, 2022 to December 30, 2023 
were as follows: 
 
 
 
 
 
 
 
 
 
 
 
     
Projected  
     
 
 
     
 
 
 
 
Benefit  
 
Plan  
 
Funded  
 
 
Obligation 
 
Assets 
 
Status 
Fair value as of December 31, 2022 
 
$ 
 435,711  
$ 
 459,927  
$ 
 24,216 
Employer contributions 
 
 
 —  
 
 17,345  
   
 
Interest cost 
  
 21,555   
 —   
  
Actual return on plan assets 
  
 —   
 10,966   
  
Benefits paid 
  
 (20,683)  
 (20,683)  
  
Actuarial loss 
  
 17,692   
 —   
  
Currency translation gain 
  
 23,488   
 25,612   
  
Fair value as of December 30, 2023 
 
$ 
 477,763  
$ 
 493,167  
$ 
 15,404 
The actuarial loss contributed to an increase in the PBO, primarily due to a decrease in the discount rate from 4.80% 
in fiscal 2022 to 4.50% in fiscal 2023. 
The pre-tax amounts recognized in AOCI as of December 28, 2024 and December 30, 2023 included actuarial 
losses, as follows: 
 
 
 
 
Balance as of December 31, 2022 
     
$ 
 (57,911)
Actuarial loss 
 
  
 (28,071)
Amortization of prior service costs 
 
  
 498 
Currency translation loss 
 
  
 (3,667)
Balance as of December 30, 2023 
 
  
 (89,151)
Actuarial gain 
 
  
 10,888 
Amortization of prior service costs 
 
  
 512 
Amortization of net actuarial loss 
 
 
 1,537 
Currency translation gain 
 
  
 862 
Balance as of December 28, 2024 
 
$ 
 (75,352)
The weighted-average actuarial assumptions used to determine the benefit obligation as of December 28, 2024 and 
December 30, 2023 were as follows: 
 
 
 
 
 
 
 
 
     
December 28, 
 
December 30, 
 
 
2024 
     
2023 
Discount rate 
  
5.50 %    
4.50 % 
Consumer Price Index ("CPI") inflation 
  
2.40 %    
2.25 % 
Retail Price Index ("RPI") inflation 
  
3.20 %    
3.05 % 
Cost (Benefit) 
The pension cost (benefit) is determined based on the annual service cost (the actuarial cost of benefits earned 
during the period) and the interest cost on those liabilities, adjusted for the expected return on plan assets. The interest cost is 
calculated using the full yield curve approach, applying specific spot rates along the yield curve to estimate the present value 
of the pension obligations relevant to cash outflows for the corresponding year. The expected long-term rate of return on plan 
assets is applied to their fair value. Differences between actual experience and assumptions are not recognized in net earnings 
immediately; instead, they are deferred and, if necessary, amortized as pension costs. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
67 
The components of the net periodic pension cost for the fiscal years ended December 28, 2024 and December 30, 
2023 were as follows: 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended 
 
 
December 28, 
 
December 30, 
 
 
2024 
     
2023 
Interest cost 
 
$ 
 21,136  
$ 
 21,555 
Expected return on plan assets 
 
  
 (22,545) 
  
 (21,804)
Amortization of prior service costs 
 
  
 512  
  
 498 
Amortization of net actuarial loss 
 
  
 1,537  
  
 — 
Net periodic pension cost 
 
$ 
 640  
$ 
 249 
For the fiscal years ended December 28, 2024 and December 30, 2023, the weighted-average actuarial assumptions 
used to determine the net periodic pension cost were: 
 
 
 
 
 
 
 
 
     
December 28, 
 
December 30, 
 
 
2024 
     
2023 
Discount rate for benefit obligations 
  
4.50 %    
4.80 % 
Discount rate for interest cost 
 
4.50 %    
4.90 % 
Expected return on plan assets 
  
5.05 %    
4.85 % 
CPI inflation 
  
2.25 %    
2.35 % 
RPI inflation 
  
3.05 %    
3.25 % 
The discount rate is based on the yields of AA-rated corporate bonds with maturities similar to the pension 
liabilities. The expected return on plan assets considers the asset allocation mix and historical returns, factoring in current and 
anticipated market conditions. The expected return increased from 4.85% to 5.05% for fiscal 2024, reflecting the continued 
shift toward more liability-matching assets. Inflation estimates are based on expected changes in the U.K.’s CPI or RPI, 
depending on the relevant plan provisions. 
Cash Contributions 
In fiscal 2022, the Company completed negotiations with Plan trustees regarding annual funding. The annual 
contributions to the Plan are approximately £13,100 ($16,700) as part of the Plan’s recovery plan, plus approximately £1,900 
($2,500) annually for administrative costs. 
Benefit Payments 
The expected pension benefit payments for the fiscal years 2025 through 2034 are as follows: 
 
 
 
 
2025 
     
$ 
 21,626 
2026 
 
  
 22,254 
2027 
 
  
 22,883 
2028 
 
  
 23,637 
2029 
 
  
 24,266 
2030 - 2034 
 
  
 133,022 
Asset Allocation Strategy 
The investment strategy for the pension plan assets is to maintain a diversified portfolio that includes: 
• 
Long-term fixed-income securities that are either investment grade or government‑backed, 
• 
Common stock mutual funds for U.K. and non-U.K. companies, and 
• 
Diversified growth funds that invest across various asset classes, including common stock, fixed income, real 
estate, and commodities. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
68 
As required by U.K. law, the Plan has an independent trustee responsible for setting the investment policy. The 
general strategy is to allocate approximately 50% of the Plan’s assets in common stock mutual funds and diversified growth 
funds, with the remaining assets in long-term fixed income securities, including corporate bonds and index-linked U.K. gilts. 
The trustees regularly consult with representatives of the Plan sponsor and independent advisors on these matters. The 
pension plan investments are held in a trust, and as of December 28, 2024, the weighted-average maturity of the corporate 
bond portfolio was 12 years. 
On March 26, 2024, the Trustees of the Plan entered into an agreement with a large U.K. insurance company to 
purchase a bulk annuity insurance policy (“arrangement”) as an investment asset. Such arrangement is commonly referred to 
as a “pension buy-in” and provides the Plan with a monthly contractual payment stream to satisfy pension obligations 
payable to approximately 15% of total plan participants. The arrangement does not relieve the Plan or the Company (as plan 
sponsor) of the primary responsibility for the pension obligations. The Plan purchased the arrangement for £70,865 ($90,800) 
and recorded it at fair value. 
Fair Value Measurements 
The pension plan assets are valued at fair value. Below is a description of the valuation methodologies used for 
investments measured at fair value, categorized according to the valuation hierarchy: 
• 
Temporary Cash Investments: Comprising British pounds, these investments are reported in U.S. dollars based 
on readily available currency exchange rates and are classified as Level 1 investments. 
• 
Bulk Annuity Insurance Policy: The initial value of the bulk annuity insurance policy is equal to the premium 
paid to secure it. This value is adjusted each reporting period based on changes in interest rates, discount rates, 
and benefits paid. Since the valuation of this asset involves significant judgment and lacks observable market 
inputs, the buy-in contract is classified as Level 3 in the fair value hierarchy. 
• 
Leveraged Inflation-Linked Gilt Funds: These investments combine U.K. government-backed securities, money 
market instruments, and derivatives to provide leveraged exposure to changes in long-term interest and inflation 
rates. Their fair value is calculated using net asset value (“NAV”). 
• 
Corporate Bonds: Fixed-income securities issued by U.K. corporations, valued at NAV. 
• 
Corporate Stock: Common and preferred stocks, including mutual funds, from both U.K. and non-U.K. 
corporations, valued at NAV. 
• 
Secured Income Asset Funds: Investments with a high expected inflation linkage, relying on asset valuations 
developed by fund managers using market multiples, market transactions of comparable companies, and other 
methods. The fair value is calculated using NAV. 
 
 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
69 
As of December 28, 2024 and December 30, 2023, the pension plan assets measured at fair value on a recurring 
basis were as follows: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value Measurement Using: 
 
 
 
December 28, 2024 
     
Level 1 
     
Level 2 
     
Level 3 
     
Total 
Plan assets at fair value: 
  
 
    
 
    
 
    
 
  
Temporary cash investments 
 
$ 
 8,927  
$ 
 —  
$ 
 —  
$ 
 8,927 
Bulk annuity insurance policy 
 
 
 —  
 
 —  
 
 82,856  
 
 82,856 
Total plan net assets at fair value 
 
$ 
 8,927  
$ 
 —  
$ 
 82,856  
$ 
 91,783 
Plan assets at NAV: 
 
  
   
  
   
  
   
  
  
Leveraged inflation-linked gilt funds 
 
  
 
  
   
  
   
  
 146,601 
Corporate bonds 
 
  
 
  
   
  
   
  
 33,318 
Corporate stock 
 
  
 
  
   
  
   
  
 73,426 
Secured income asset funds 
 
  
 
  
   
  
   
  
 116,049 
Total plan assets at NAV 
 
  
 
  
   
  
   
  
 369,394 
Total plan assets 
 
  
 
  
   
  
   
$ 
 461,177 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value Measurement Using: 
 
 
 
December 30, 2023 
     
Level 1 
     
Level 2 
     
Level 3 
     
Total 
Plan assets at fair value: 
  
 
    
 
    
 
    
 
  
Temporary cash investments 
 
$ 
 7,077  
$ 
 —  
$ 
 —  
$ 
 7,077 
Plan assets at NAV: 
 
  
   
  
   
  
   
  
  
Leveraged inflation-linked gilt funds 
 
  
 
  
   
  
   
  
 216,405 
Corporate bonds 
 
  
 
  
   
  
   
  
 74,440 
Corporate stock 
 
  
 
  
   
  
   
  
 72,548 
Secured income asset funds 
 
  
 
  
   
  
   
  
 122,697 
Total plan assets at NAV 
 
  
 
  
   
  
   
  
 486,090 
Total plan assets 
 
  
 
  
   
  
   
$ 
 493,167 
Changes in the Company’s Level 3 plan assets, which were recorded in other comprehensive income (loss), 
included: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
December 30, 
2023 
     
Net 
Realized 
and 
Unrealized 
Gains 
(Losses)      
Net 
Purchases, 
Issuances, 
and 
Settlements     
Net 
Transfers 
Into (Out 
of) Level 3      
Currency 
Impact      
December 28, 
2024 
Bulk annuity insurance policy 
 $ 
 —  $ 
 (3,074) $ 
 87,445  $ 
 —  $ 
 (1,515) $ 
 82,856 
Total Level 3 investments 
 $ 
 —  $ 
 (3,074) $ 
 87,445  $ 
 —  $ 
 (1,515) $ 
 82,856 
 
(19) LEASES 
The Company is a lessee in noncancellable operating leases for plant locations, corporate and sales offices, and 
certain equipment. The Company does not have any finance leases. At the inception of a contract, or when an existing 
contract is modified, the Company determines if the arrangement constitutes a lease based on whether it conveys the right to 
use an identified asset and whether the Company obtains substantially all of the economic benefits from, and has the ability 
to direct the use of, the asset. 
At lease commencement, the Company recognizes a lease liability and a ROU asset, based on the present value of 
lease payments over the lease term. ROU assets represent the right to use the underlying asset for the lease term, while lease 
liabilities represent the Company’s obligation to make lease payments. The Company uses its collateralized incremental 
borrowing rate to calculate the present value of future lease payments. ROU assets are adjusted for any lease payments, 
incentives, or impairments. Lease costs are recognized on a straight-line basis over the lease term. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
70 
The Company has elected not to separate lease and non-lease components in all asset classes and does not recognize 
ROU assets and lease liabilities for short-term leases with a term of 12 months or less. As of December 28, 2024, the 
remaining terms of the Company’s operating leases range from one year to twenty-two years, with certain leases offering 
renewal options of up to ten years. For facilities where lease terms include renewal options that are reasonably certain to be 
exercised, the extended term is included in the lease term. 
The following table provides supplemental balance sheet information related to operating leases as of December 28, 
2024 and December 30, 2023: 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Balance 
 
December 28, 
 
December 30, 
 
     
Sheets location 
     
2024 
     
2023 
Operating lease ROU assets 
  
Other non-current assets 
 
$ 
 146,916  
$ 
 171,616 
 
 
 
 
 
 
 
 
 
Current portion of operating lease liabilities 
  
Other accrued expenses 
 
  
 22,446  
  
 19,553 
Long-term operating lease liabilities 
  
Operating lease liabilities 
 
  
 134,534  
  
 162,743 
Total operating lease liabilities 
 
 
 
$ 
 156,980  
$ 
 182,296 
Lease costs and other information related to the Company’s operating leases as of and for the fiscal years ended 
December 28, 2024 and December 30, 2023 were as follows: 
 
 
 
 
 
 
 
 
     
December 28, 
     
December 30, 
 
 
2024 
 
2023 
Operating lease cost 
 
$ 
 30,154  
$ 
 33,714 
 
 
 
 
 
Operating cash outflows from operating leases 
 
$ 
 29,603  
$ 
 34,967 
ROU assets obtained in exchange for lease liabilities 
 
 
 10,613  
 
 25,688 
Weighted-average remaining lease term 
 
 
13 yrs  
  
16 yrs 
Weighted-average discount rate 
 
 
4.6%  
  
4.4% 
Operating lease cost includes approximately $1,800 for short-term lease costs and approximately $5,900 for variable 
lease payments in fiscal 2024. 
Maturities of operating lease liabilities as of December 28, 2024 were as follows: 
 
 
 
 
2025 
 
$ 
 28,982 
2026 
 
  
 25,062 
2027 
 
  
 19,934 
2028 
 
  
 15,658 
2029 
 
  
 12,384 
Thereafter 
 
  
 111,078 
Total lease payments 
 
 
 213,098 
Less: Present value adjustment 
 
 
 56,118 
Present value of lease liabilities 
 
$ 
 156,980 
 
(20) BUSINESS SEGMENTS 
The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The 
CODM uses operating income as the profit measure to evaluate segment performance and allocate resources across segments. 
Segment selling, general, and administrative expenses include certain corporate expense allocations, typically based on 
employee headcounts and sales volumes. For segment reporting purposes, the Company excludes unallocated corporate 
general and administrative expenses, interest expenses, non-operating income and deductions, and income taxes from 
operating income. The accounting policies for the reportable segments are consistent with those described in Note 1. 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
71 
The reportable segments are as follows: 
Infrastructure: This segment consists of the manufacture and distribution of products and solutions to serve the 
infrastructure markets of utility, solar, lighting and transportation, and telecommunications, along with coatings services to 
protect metal products. 
Agriculture: This segment consists of the manufacture of center pivot and linear irrigation equipment components 
for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision 
agriculture. 
Included in the “Other” segment are the activities of the offshore wind energy structures business, which was 
divested in the fourth quarter of fiscal 2022. 
In the fourth quarter of fiscal 2024, the Company renamed its Transmission, Distribution, and Substation product 
line to the Utility product line. 
In fiscal 2024, the Company realigned management's reporting structure for certain composite structure sales and, 
accordingly, revised its presentation of sales across product lines to reflect how the product is currently managed. The 
reporting for fiscal years 2023 and 2022 was adjusted to conform to the 2024 presentation. As a result, Utility product line 
sales increased and Lighting and Transportation product line sales decreased by $47,902 and $32,533 for fiscal 2023 and 
fiscal 2022, respectively. 
Summary by Business Segment 
 
 
 
 
 
 
 
 
 
 
 
     
Fiscal year ended December 28, 2024 
 
 
Infrastructure      
Agriculture 
     
Consolidated 
Sales 
 
$ 
 3,008,576   
$ 
 1,083,708   
$ 
 4,092,284 
Intersegment sales 
 
 
 (10,195) 
 
 (7,055) 
 
 (17,250)
Net sales 
 
 
 2,998,381  
 
 1,076,653  
 
 4,075,034 
Cost of sales 
 
 
 2,094,645  
 
 739,177  
 
 2,833,822 
Gross profit 
 
 
 903,736  
 
 337,476  
 
 1,241,212 
Selling, general, and administrative expenses (a) 
 
 
 406,596  
 
 199,140  
 
 605,736 
Segment operating income 
 
$ 
 497,140  
$ 
 138,336  
 
 635,476 
Unallocated corporate expenses 
 
 
 
 
 
 
 110,892 
Total operating income 
 
 
 
 
 
$ 
 524,584 
 
 
 
 
 
 
 
 
 
 
 
 
     
Fiscal year ended December 30, 2023 
 
 
Infrastructure      
Agriculture 
     
Consolidated 
Sales 
 
$ 
 3,010,067   
$ 
 1,182,223   
$ 
 4,192,290 
Intersegment sales 
 
 
 (10,430) 
 
 (7,262) 
 
 (17,692)
Net sales 
 
 
 2,999,637  
 
 1,174,961  
 
 4,174,598 
Cost of sales 
 
 
 2,157,556  
 
 781,008  
 
 2,938,564 
Gross profit 
 
 
 842,081  
 
 393,953  
 
 1,236,034 
Selling, general, and administrative expenses (a) 
 
 
 424,997  
 
 230,729  
 
 655,726 
Impairment of goodwill and other intangible assets 
 
 
 3,571  
 
 137,273  
 
 140,844 
Realignment charges 
 
 
 17,260  
 
 9,101  
 
 26,361 
Segment operating income 
 
$ 
 396,253  
$ 
 16,850  
 
 413,103 
Unallocated corporate expenses 
 
 
 
 
 
 
 112,697 
Corporate realignment charges 
 
 
 
 
 
 
 8,849 
Total operating income 
 
 
 
 
 
$ 
 291,557 
 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
72 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
Fiscal year ended December 31, 2022 
 
 
Infrastructure      
Agriculture 
     
Other 
     
Consolidated 
Sales 
 
$ 
 2,928,419   
$ 
 1,346,672 
$ 
 100,219   
$ 
 4,375,310 
Intersegment sales 
 
 
 (18,673) 
 
 (11,387)
 
 —  
 
 (30,060)
Net sales 
 
 
 2,909,746  
 
 1,335,285 
 
 100,219  
 
 4,345,250 
Cost of sales 
 
 
 2,173,135  
 
 953,492 
 
 92,399  
 
 3,219,026 
Gross profit 
 
 
 736,611  
 
 381,793  
 
 7,820  
 
 1,126,224 
Selling, general, and administrative expenses (a) 
 
 
 382,112  
 
 202,530 
 
 5,561  
 
 590,203 
Segment operating income 
 
$ 
 354,499  
$ 
 179,263 
$ 
 2,259  
 
 536,021 
Unallocated corporate expenses 
 
 
 
 
 
 
 
 102,772 
Total operating income 
 
 
 
 
 
 
$ 
 433,249 
(a) 
Selling, general, and administrative expenses for each reportable segment includes compensation, certain allocated 
overhead expenses including information technology and enterprise resource planning, commissions, incentives, 
depreciation and amortization expense, and research and development. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
Fiscal year ended December 28, 2024 
 
 
Infrastructure      
Agriculture      Intersegment      
Consolidated 
Geographical market: 
 
 
    
 
    
 
    
 
  
North America 
 
$ 
 2,348,250  
$ 
 570,517  
$ 
 (17,045) 
$ 
 2,901,722 
International 
 
  
 660,326  
  
 513,191  
  
 (205) 
  
 1,173,312 
Total sales 
 
$ 
 3,008,576  
$ 
 1,083,708  
$ 
 (17,250) 
$ 
 4,075,034 
 
 
  
 
  
 
  
 
  
Product line: 
 
  
   
  
   
  
   
  
  
Utility 
 
$ 
 1,368,333  
$ 
 —  
$ 
 —  
$ 
 1,368,333 
Lighting and Transportation 
 
  
 884,128  
  
 —  
  
 —  
  
 884,128 
Coatings 
 
  
 353,739  
  
 —  
  
 (9,992) 
  
 343,747 
Telecommunications 
 
  
 250,770  
  
 —  
  
 —  
  
 250,770 
Solar 
 
  
 151,606  
  
 —  
  
 (203) 
  
 151,403 
Irrigation Equipment and Parts 
 
  
 —  
  
 985,840  
  
 (7,055) 
  
 978,785 
Technology Products and Services 
 
  
 —  
  
 97,868  
  
 —  
  
 97,868 
Total sales 
 
$ 
 3,008,576  
$ 
 1,083,708  
$ 
 (17,250) 
$ 
 4,075,034 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
Fiscal year ended December 30, 2023 
 
 
Infrastructure      
Agriculture      Intersegment      
Consolidated 
Geographical market: 
 
 
    
 
    
 
    
 
  
North America 
 
$ 
 2,318,801  
$ 
 587,056  
$ 
 (16,282) 
$ 
 2,889,575 
International 
 
  
 691,266  
  
 595,167  
  
 (1,410) 
  
 1,285,023 
Total sales 
 
$ 
 3,010,067  
$ 
 1,182,223  
$ 
 (17,692) 
$ 
 4,174,598 
 
 
 
 
 
 
 
 
 
Product line: 
 
  
   
  
   
  
   
  
  
Utility 
 
$ 
 1,291,670  
$ 
 —  
$ 
 —  
$ 
 1,291,670 
Lighting and Transportation 
 
  
 916,170  
  
 —  
  
 —  
  
 916,170 
Coatings 
 
  
 354,330  
  
 —  
  
 (9,020) 
  
 345,310 
Telecommunications 
 
  
 252,165  
  
 —  
  
 —  
  
 252,165 
Solar 
 
  
 195,732  
  
 —  
  
 (1,410) 
  
 194,322 
Irrigation Equipment and Parts 
 
  
 —  
  
 1,069,425  
  
 (7,262) 
  
 1,062,163 
Technology Products and Services 
 
  
 —  
  
 112,798  
  
 —  
  
 112,798 
Total sales 
 
$ 
 3,010,067  
$ 
 1,182,223  
$ 
 (17,692) 
$ 
 4,174,598 
 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
73 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
Fiscal year ended December 31, 2022 
 
 
Infrastructure     Agriculture 
 
Other 
     Intersegment      Consolidated 
Geographical market: 
 
 
     
  
 
     
     
  
North America 
 
$  2,234,339  
$ 
 766,929 
$ 
 —  
$ 
 (26,248) 
$  2,975,020 
International 
 
  
 694,080  
  
 579,743 
  
 100,219  
  
 (3,812) 
  
 1,370,230 
Total sales 
 
$  2,928,419  
$  1,346,672 
$ 
 100,219  
$ 
 (30,060) 
$  4,345,250 
 
 
 
 
 
 
 
 
 
 
Product line: 
 
  
   
  
  
  
   
  
   
  
  
Utility 
 
$  1,217,193  
$ 
 — 
$ 
 —  
$ 
 —  
$  1,217,193 
Lighting and Transportation 
 
  
 907,929  
  
 — 
  
 —  
  
 —  
  
 907,929 
Coatings 
 
  
 356,707  
  
 — 
  
 —  
  
 (15,327) 
  
 341,380 
Telecommunications 
 
  
 320,342  
  
 — 
  
 —  
  
 —  
  
 320,342 
Solar 
 
  
 126,248  
  
 — 
  
 —  
  
 (3,346) 
  
 122,902 
Irrigation Equipment and Parts 
 
  
 —  
   1,231,587 
  
 —  
  
 (11,387) 
  
 1,220,200 
Technology Products and Services 
 
  
 —  
  
 115,085 
  
 —  
  
 —  
  
 115,085 
Other 
 
 
 —  
  
 — 
  
 100,219  
  
 —  
  
 100,219 
Total sales 
 
$  2,928,419  
$  1,346,672 
$ 
 100,219  
$ 
 (30,060) 
$  4,345,250 
 
 
 
 
 
 
 
 
 
 
 
 
     
Fiscal Year Ended 
 
 
December 28,  
December 30, 
 
December 31, 
 
 
2024 
     
2023 
     
2022 
EARNINGS BEFORE INCOME TAXES AND EQUITY IN 
LOSS OF NONCONSOLIDATED SUBSIDIARIES: 
 
  
 
  
 
  
Infrastructure 
 
$ 
 497,140  
$ 
 396,253  
$ 
 354,499 
Agriculture 
 
  
 138,336  
  
 16,850  
  
 179,263 
Other 
 
 
 —  
 
 —  
 
 2,259 
Total segment operating income 
 
 
 635,476  
 
 413,103  
 
 536,021 
Unallocated corporate expenses 
 
  
 (110,892) 
  
 (121,546) 
  
 (102,772)
Total operating income 
 
  
 524,584  
  
 291,557  
  
 433,249 
Net interest expense 
 
  
 (51,539) 
  
 (50,578) 
  
 (45,519)
Other income (expenses) 
 
  
 (4,364) 
  
 (4,527) 
  
 (23,842)
Earnings before income taxes and equity in loss of 
nonconsolidated subsidiaries 
 
$ 
 468,681  
$ 
 236,452  
$ 
 363,888 
 
 
 
 
 
 
 
 
 
     
December 28, 
 
December 30, 
 
 
2024 
     
2023 
ASSETS: 
 
  
   
  
  
Infrastructure 
 
$ 
 2,181,345  
$ 
 2,249,132 
Agriculture 
 
  
 876,486  
  
 978,590 
Total segment assets 
 
 
 3,057,831  
 
 3,227,722 
Unallocated corporate assets 
 
  
 272,141  
  
 249,726 
Total assets 
 
$ 
 3,329,972  
$ 
 3,477,448 
 
 
 
 
 
 
 
 
 
 
 
 
     
Fiscal Year Ended 
 
 
December 28,  
December 30, 
 
December 31, 
 
 
2024 
     
2023 
     
2022 
CAPITAL EXPENDITURES: 
 
 
 
 
 
 
 
 
 
Infrastructure 
  
$ 
 65,017   
$ 
 68,295   
$ 
 53,228 
Agriculture 
  
 
 11,537   
 
 10,890   
 
 32,886 
Total segment capital expenditures 
 
 
 76,554  
 
 79,185  
 
 86,114 
Unallocated corporate capital expenditures 
  
 
 2,897   
 
 17,586   
 
 7,174 
Total capital expenditures 
 
$ 
 79,451  
$ 
 96,771  
$ 
 93,288 
 

VALMONT INDUSTRIES, INC. AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Dollars in thousands, except per-share amounts) 
74 
 
 
 
 
 
 
 
 
 
 
 
     
Fiscal Year Ended 
 
 
December 28,  
December 30, 
 
December 31, 
 
 
2024 
     
2023 
     
2022 
DEPRECIATION AND AMORTIZATION: 
 
  
 
  
 
  
Infrastructure 
 
$ 
 65,717  
$ 
 64,654  
$ 
 62,398 
Agriculture 
 
  
 20,606  
  
 23,409  
  
 23,681 
Other 
 
 
 —  
 
 —  
 
 1,393 
Total segment depreciation and amortization expense 
 
 
 86,323  
 
 88,063  
 
 87,472 
Unallocated corporate depreciation and amortization expense 
 
  
 9,072  
  
 10,645  
  
 9,695 
Total depreciation and amortization expense 
 
$ 
 95,395  
$ 
 98,708  
$ 
 97,167 
Summary by Geographical Area by Location of Valmont Facilities 
 
 
 
 
 
 
 
 
 
 
 
     
Fiscal Year Ended 
 
 
December 28,  
December 30, 
 
December 31, 
 
 
2024 
     
2023 
     
2022 
NET SALES: 
 
  
 
  
 
  
United States 
 
$ 
 2,856,033  
$ 
 2,860,951  
$ 
 2,965,673 
Australia 
 
  
 310,096  
  
 313,075  
  
 292,072 
Brazil 
 
  
 200,946  
  
 311,367  
  
 354,497 
Other 
 
  
 707,959  
  
 689,205  
  
 733,008 
Total net sales 
 
$ 
 4,075,034  
$ 
 4,174,598  
$ 
 4,345,250 
 
 
 
 
 
 
 
 
 
     
December 28, 
 
December 30, 
 
 
2024 
     
2023 
LONG-LIVED ASSETS: 
 
  
   
  
  
United States 
 
$ 
 1,117,631  
$ 
 1,116,962 
Australia 
 
  
 89,415  
  
 103,847 
Other 
 
  
 439,534  
  
 469,010 
Total long-lived assets 
 
$ 
 1,646,580  
$ 
 1,689,819 
No single customer accounted for more than 10% of net sales in fiscal 2024, 2023, or 2022. Geographical net sales 
are based on the location of the facility generating them and excludes sales to other operating units within the Company. In 
fiscal 2024, Australia contributed approximately 8% of the Company’s net sales, Brazil contributed approximately 5%, and 
no other foreign country accounted more than 4%. 
Operating income by business segment is calculated as net sales minus identifiable operating expenses and 
allocations, and it includes profits from sales to other operating units of the Company. Long-lived assets include property, 
plant, and equipment (net of depreciation), goodwill, other intangible assets (net of amortization), and other non-current 
assets. Long-lived assets by geographical area are based on the location of the facilities. 
 

75 
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL 
DISCLOSURE 
None. 
ITEM 9A. CONTROLS AND PROCEDURES 
The Company, under the supervision and with the participation of management—including the Chief Executive 
Officer (“CEO”) and Chief Financial Officer (“CFO”)—conducted an evaluation of the effectiveness of the design and 
operation of its disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, 
as amended. 
Based on this evaluation, the CEO and CFO concluded that, as of the end of the period covered by this report, the 
Company’s disclosure controls and procedures are effective in providing reasonable assurance that the information required 
to be disclosed by the Company in its reports under the Securities Exchange Act of 1934 is (1) accumulated and 
communicated to management, including the CEO and CFO, to enable timely decisions regarding required disclosures and 
(2) recorded, processed, summarized, and reported within the periods specified by the Commission’s rules and forms. 
Management’s Annual Report on Internal Control Over Financial Reporting 
The Company’s management is responsible for establishing and maintaining adequate internal control over financial 
reporting, as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended. Under the supervision and 
with the participation of the Company’s CEO and CFO, management conducted an evaluation of the effectiveness of these 
internal controls. This evaluation was based on the criteria established in Internal Control—Integrated Framework (2013), 
issued by the Committee of Sponsoring Organizations of the Treadway Commission. As a result, management concluded 
that, as of December 28, 2024, the Company’s internal control over financial reporting was effective. 
The effectiveness of the Company’s internal control over financial reporting as of December 28, 2024 has been 
audited by Deloitte & Touche LLP, an independent registered public accounting firm. Their report, which includes their 
opinion, is included in this annual report on Form 10-K. 
 
 

76 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
To the shareholders and the Board of Directors of Valmont Industries, Inc. 
Opinion on Internal Control over Financial Reporting 
We have audited the internal control over financial reporting of Valmont Industries, Inc. and subsidiaries (the “Company”) as 
of December 28, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the 
Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in 
all material respects, effective internal control over financial reporting as of December 28, 2024, based on criteria established 
in Internal Control — Integrated Framework (2013) issued by COSO. 
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) 
(PCAOB), the consolidated financial statements as of and for the year ended December 28, 2024, of the Company and our 
report dated February 25, 2025, expressed an unqualified opinion on those financial statements. 
Basis for Opinion 
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its 
assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s 
Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal 
control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are 
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable 
rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform 
the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in 
all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the 
risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on 
the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our 
audit provides a reasonable basis for our opinion. 
Definition and Limitations of Internal Control over Financial Reporting 
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures 
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and 
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to 
permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and 
expenditures of the company are being made only in accordance with authorizations of management and directors of the 
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or 
disposition of the company’s assets that could have a material effect on the financial statements. 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 
/s/ DELOITTE & TOUCHE LLP 
Omaha, Nebraska 
February 25, 2025 
 
 

77 
ITEM 9B. OTHER INFORMATION 
Shareholder Return Performance Graphs 
The graphs below illustrate the annual change in cumulative total shareholder return on the Company’s common 
stock over the five- and ten-year periods ended December 28, 2024, in comparison to the cumulative total returns of the S&P 
MidCap 400 Index and the S&P 400 Industrial Machinery & Supplies & Components Index. The Company has been 
included in these indices by S&P Global Ratings since 2009. Each graph assumes an initial investment of $100 in Valmont 
Industries, Inc. common stock and in each index, with all dividends reinvested. 
 
 

78 
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 
Not applicable. 
 
 

79 
PART III 
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 
Except for information on the Company’s executive officers in Part I of this Form 10-K, the information required by 
Items 10, 11, and 13 is incorporated by reference from sections in the Company’s Proxy Statement, including: “Certain 
Shareholders,” “Corporate Governance,” “Board of Directors and Election of Directors,” “Board Committees,” 
“Compensation Discussion and Analysis,” “Compensation Risk Assessment,” “Human Resources Committee Report,” “Pay 
Ratio Information,” “Summary Compensation Table,” “Grants of Plan-Based Awards for Fiscal 2024,” “Outstanding Equity 
Awards at Fiscal Year-End,” “Options Exercised and Stock Vested in Fiscal 2024,” “Nonqualified Deferred Compensation,” 
“Director Compensation,” and “Potential Payments Upon Termination or Change-in-Control.” 
The Company has adopted a Code of Ethics for Senior Officers, applying to the CEO, CFO, and Controller, which is 
posted on the Company’s website at www.valmont.com under the “Investor Relations” link. The Company intends to meet 
disclosure requirements under Item 5.05 of Form 8-K for any amendments to or waivers of this Code of Ethics for Senior 
Officers by posting such information on the Company’s website. 
ITEM 11. EXECUTIVE COMPENSATION 
See Item 10. 
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND 
RELATED STOCKHOLDER MATTERS 
The information required for this item is incorporated by reference from the sections titled “Certain Shareholders” 
and “Equity Compensation Plan Information” in the Company’s Proxy Statement. 
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 
See Item 10. 
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 
The information required for this item is incorporated by reference from the section titled “Ratification of 
Appointment of Independent Auditors” in the Company’s Proxy Statement. 
 
 

80 
PART IV 
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 
(a)(1) Financial Statements 
The following Consolidated Financial Statements of the Company and its subsidiaries are included herein as listed 
below: 
 
 
 
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) . . . . . . . . . . . . . . . . . . . . . . . . . .  
36
Consolidated Statements of Earnings—Three-Year Period Ended December 28, 2024 . . . . . . . . . . . . . . . . . . . . .  
38
Consolidated Statements of Comprehensive Income—Three-Year Period Ended December 28, 2024 . . . . . . . . .  
39
Consolidated Balance Sheets—December 28, 2024 and December 30, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
40
Consolidated Statements of Cash Flows—Three-Year Period Ended December 28, 2024 . . . . . . . . . . . . . . . . . . .  
41
Consolidated Statements of Shareholders’ Equity and Redeemable Noncontrolling Interests—Three-Year 
Period Ended December 28, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
42
Notes to Consolidated Financial Statements—Three-Year Period Ended December 28, 2024 . . . . . . . . . . . . . . . .  
43
(a)(2) Financial Statement Schedules 
All financial statement schedules have been omitted as the required information is not applicable, not required, or 
the information is included in the Consolidated Financial Statements or related notes. Separate financial statements of the 
registrant have been omitted because the registrant meets the requirements which permit omission. 
(a)(3) Exhibits 
See exhibits listed under Part B below. 
(b) Exhibits 
Exhibit 3.1 
— The Company’s Restated Certificate of Incorporation, as amended. This document was filed as Exhibit 
3.1 to the Company’s Quarterly Report on Form 10-Q (Commission file number 001-31429) for the 
fiscal quarter ended March 28, 2009 and is incorporated herein by reference. 
 
 
 
Exhibit 3.2 
— The Company’s Bylaws, as amended. This document was filed as Exhibit 3.2 to the Company’s Current 
Report on Form 8-K (Commission file number 001-31429) dated December 13, 2022 and is 
incorporated herein by reference. 
 
 
 
Exhibit 4.1 
— Second Amended and Restated Credit Agreement, dated as of October 18, 2021, among the Company, 
Valmont Industries Holland B.V. and Valmont Group Pty Ltd., as Borrowers, JPMorgan Chase Bank, 
N.A., as Administrative Agent, and the other lenders party thereto together with the First Amendment 
dated as of May 16, 2022 and the Second Amendment dated as of February 17, 2023.  These documents 
were filed as Exhibit 4.1 to the Company’s Annual Report on Form 10-K (Commission file number 
001-31429) for the fiscal year ended December 30, 2023 and is incorporated herein by reference. 
 
 
 
Exhibit 4.2 
— Indenture relating to senior debt, dated as of April 12, 2010, among Valmont Industries, Inc., the 
Subsidiary Guarantors party thereto and Wells Fargo Bank, National Association, as Trustee. This 
document was filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K (Commission file 
number 001-31429) dated April 12, 2010 and is incorporated herein by reference. 
 
 
 
Exhibit 4.3 
— First Supplemental Indenture, dated as of April 12, 2010, to Indenture relating to senior debt, dated as of 
April 12, 2010, among Valmont Industries, Inc., the Subsidiary Guarantors party thereto and Wells 
Fargo Bank, National Association, as Trustee. This document was filed as Exhibit 4.2 to the Company’s 
Current Report on Form 8-K (Commission file number 001-31429) dated April 12, 2010 and is 
incorporated herein by reference. 
 
 
 

81 
Exhibit 4.4 
— Second Supplemental Indenture, dated as of September 22, 2014, to Indenture relating to senior debt, 
dated as of April 12, 2010, among Valmont Industries, Inc., the Subsidiary Guarantors party thereto and 
Wells Fargo Bank, National Association, as Trustee. This document was filed as Exhibit 4.2 to the 
Company’s Current Report on Form 8-K (Commission file number 001-31429) dated September 22, 
2014 and is incorporated herein by reference. 
 
 
 
Exhibit 4.5 
— Third Supplemental Indenture, dated as of September 22, 2014, to Indenture relating to senior debt, 
dated as of April 12, 2010, among Valmont Industries, Inc., the Subsidiary Guarantors party thereto and 
Wells Fargo Bank, National Association, as Trustee. This document was filed as Exhibit 4.3 to the 
Company’s Current Report on Form 8-K (Commission file number 001-31429) dated September 22, 
2014 and is incorporated herein by reference. 
 
 
 
Exhibit 4.6 
— Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act 
of 1934. This document was filed as Exhibit 4.9 to the Company’s Annual Report on Form 10-K 
(Commission file number 001-31429) for the fiscal year ended December 28, 2019 and is incorporated 
herein by reference. 
 
 
 
Exhibit 10.1 
— The Company’s 2013 Stock Plan. This document was filed as Exhibit 10.1 to the Company’s Current 
Report on Form 8-K (Commission file number 001-31429) dated April 30, 2013 and is incorporated 
herein by reference. 
 
 
 
Exhibit 10.2 
— 2013 Stock Plan Amendment, dated December 17, 2015. This document was filed as Exhibit 10.7 to the 
Company’s Annual Report on Form 10-K (Commission file number 001-31429) for the fiscal year 
ended December 26, 2015 and is incorporated herein by reference. 
 
 
 
Exhibit 10.3 
— The Company’s 2018 Stock Plan. This document was filed as Exhibit 10.1 to the Company’s Current 
Report on Form 8-K (Commission file number 001-31429) dated March 12, 2018 and is incorporated 
herein by reference. 
 
 
 
Exhibit 10.4 
— The Company’s 2022 Stock Plan. This document was filed as Exhibit 10.1 to the Company's Current 
Report on Form 8-K (Commission file number 001-1429) dated March 14, 2022 and is incorporated 
herein by reference. 
 
 
 
Exhibit 10.5 
— Form of Stock Option Agreement. This document was filed as Exhibit 10.4 to the Company’s Annual 
Report on Form 10-K (Commission file number 001-31429) for the fiscal year ended December 25, 
2021 and is incorporated herein by reference. 
 
 
 
Exhibit 10.6 
— Form of Restricted Stock Unit Agreement (Domestic). This document was filed as Exhibit 10.5 to the 
Company’s Annual Report on Form 10-K (Commission file number 001-31429) for the fiscal year 
ended December 25, 2021 and is incorporated herein by reference. 
 
 
 
Exhibit 10.7 
— Form of Restricted Stock Unit Agreement (Director). This document was filed as Exhibit 10.6 to the 
Company’s Annual Report on Form 10-K (Commission file number 001-31429) for the fiscal year 
ended December 25, 2021 and is incorporated herein by reference. 
 
 
 
Exhibit 10.8 
— Form of Restricted Stock Unit Agreement (International). This document was filed as Exhibit 10.7 to 
the Company’s Annual Report on Form 10-K (Commission file number 001-31429) for the fiscal year 
ended December 25, 2021 and is incorporated herein by reference. 
 
 
 
Exhibit 10.9 
— Valmont 2013 Executive Incentive Plan. This document was filed as Exhibit 10.2 to the Company’s 
Current Report on Form 8-K (Commission file number 001-31429) dated April 30, 2013 and is 
incorporated herein by reference. 
 
 
 
Exhibit 10.10 — The Amended Unfunded Deferred Compensation Plan for Nonemployee Directors. This document was 
filed as Exhibit 10.15 to the Company’s Annual Report on Form 10-K (Commission file number 
001-31429) for the fiscal year ended December 28, 2013 and is incorporated herein by reference. 
 
 
 

82 
Exhibit 10.11 — VERSP Deferred Compensation Plan. This document was filed as Exhibit 10.16 to the Company’s 
Annual Report on Form 10-K (Commission file number 001-31429) for the fiscal year ended 
December 28, 2013 and is incorporated herein by reference. 
 
 
 
Exhibit 10.12 — Separation and Release Agreement between Aaron M. Schapper and Valmont Industries, Inc. dated 
June 7, 2024. This document was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K 
(Commission file number 001-31429) dated June 7, 2024 and is incorporated herein by reference. 
 
 
 
Exhibit 19.1* — Valmont Industries, Inc. Insider Trading Policy. 
 
 
 
Exhibit 21* 
— Subsidiaries of Valmont Industries, Inc. 
 
 
 
Exhibit 22.1 
— List of Issuer and Guarantor Subsidiaries. This document was filed as Exhibit 22.1 to the Company’s 
Quarterly Report on Form 10-Q (Commission file number 001-31429) for the fiscal quarter ended 
September 25, 2021 and is incorporated herein by reference. 
 
 
 
Exhibit 23* 
— Consent of Independent Registered Public Accounting Firm. 
 
 
 
Exhibit 24* 
— Power of Attorney. 
 
 
 
Exhibit 31.1* — Section 302 Certification of the Chief Executive Officer. 
 
 
 
Exhibit 31.2* — Section 302 Certification of the Chief Financial Officer. 
 
 
 
Exhibit 32.1* — Section 906 Certifications. 
 
 
 
Exhibit 97.1 
— Valmont Industries, Inc. Policy for the Recovery of Erroneously Awarded Compensation. This 
document was filed as Exhibit 97.1 to the Company’s Annual Report on Form 10-K (Commission file 
number 001-31429) for the fiscal year ended December 30, 2023 and is incorporated herein by 
reference. 
 
 
 
Exhibit 101 
— The following financial information from the Company’s Annual Report on Form 10-K for the fiscal 
year ended December 28, 2024, formatted in Inline XBRL (eXtensible Business Reporting Language): 
(i) the Consolidated Statements of Earnings, (ii) the Consolidated Statements of Comprehensive 
Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the 
Consolidated Statements of Shareholders’ Equity and Redeemable Noncontrolling Interests, (vi) Notes 
to Consolidated Financial Statements, and (vii) document and entity information. 
 
 
 
 Exhibit 104 
— Cover Page Interactive File (formatted as Inline XBRL and contained in Exhibit 101). 
 
* Filed herewith 
Pursuant to Item 601(b)(4) of Regulation S-K, certain instruments with respect to the registrant’s long-term debt are 
not filed with this Form 10-K. The Company will furnish a copy of any such long-term debt agreement to the Securities and 
Exchange Commission upon request. 
Management contracts and compensatory plans are set forth as Exhibits 10.1 through 10.12. 
ITEM 16. FORM 10-K SUMMARY 
None. 
 
 

83 
SIGNATURES 
Pursuant to the requirements of Section 13 or 15(d) 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, on the 25th day of February, 2025. 
 
VALMONT INDUSTRIES, INC. 
 
 
 
By: 
/s/ AVNER M. APPLBAUM 
 
 
Avner M. Applbaum 
President and Chief Executive Officer 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the 
following persons on behalf of the registrant and in the capacities indicated, on the 25th day of February, 2025. 
 
 
 
Signature 
     
Title 
 
 
 
/s/ AVNER M. APPLBAUM 
 
Director, President and Chief Executive Officer  
(Principal Executive Officer) 
Avner M. Applbaum 
 
 
 
 
 
/s/ THOMAS LIGUORI 
 
Executive Vice President and Chief Financial Officer  
(Principal Financial Officer) 
Thomas Liguori 
 
 
 
 
 
/s/ TIMOTHY P. FRANCIS 
 
Chief Accounting Officer  
(Principal Accounting Officer) 
Timothy P. Francis 
 
 
 
 
 
Mogens C. Bay* 
 
Richard A. Lanoha* 
Deborah Caplan* 
 
James B. Milliken* 
Kaj den Daas* 
 
Daniel P. Neary* 
Ritu C. Favre* 
 
Catherine J. Paglia* 
Dr. Theo W. Freye* 
 
Joan Robinson-Berry* 
 
 
 
 
* 
Avner M. Applbaum, by signing his name hereto, signs the Annual Report on behalf of each of the directors indicated on 
this the 25th day of February, 2025. A Power of Attorney authorizing Avner M. Applbaum to sign the Annual Report on 
Form 10-K on behalf of each of the indicated directors of Valmont Industries, Inc. has been filed herein as Exhibit 24. 
 
 
 
 
By: 
/s/ AVNER M. APPLBAUM 
 
 
Avner M. Applbaum 
Attorney-in-Fact