Segment Operations (Tables)

9 Months Ended

Feb. 28, 2026

Financial Information for Reportable Operating Segments

The following tables present summarized financial information for our reportable operating segments, Other, and Unallocated Corporate for the periods indicated. A reconciliation from the GAAP financial measure of earnings (loss) before income taxes to the non-GAAP financial measure of adjusted EBITDA is provided directly following the summarized information below.


	Three Months Ended February 28, 2026
							Total
							Reportable
	Building			Consumer			Operating						Unallocated
	Products			Products			Segments			Other			Corporate			Consolidated
Net sales	$	223,850		$	154,827		$	378,677			-			-		$	378,677
Cost of goods sold		172,971			96,172			269,143			-			60			269,203
SG&A		37,437			28,180			65,617			-			10,128			75,745
Restructuring and other expense (income), net		100			(1	)		99			-			2,087			2,186
Other segment items (1)		(56	)		(25	)		(81	)		340			1,885			2,144
Equity in net income of unconsolidated affiliates		32,822			-			32,822			(2,107	)		-			30,715
Earnings (loss) before income taxes		46,220			30,501			76,721			(2,447	)		(14,160	)		60,114

Reconciling items to adjusted EBITDA (2)
Amortization of inventory step-up		1,500			-			1,500			-			-			1,500
Depreciation and amortization		10,382			3,969			14,351			-			201			14,552
Interest expense (income)		(33	)		-			(33	)		-			1,861			1,828
Stock-based compensation		656			640			1,296			-			2,456			3,752
Restructuring and other expense (income), net		100			(1	)		99			-			2,087			2,186
Non-cash charges in miscellaneous income		-			-			-			340			-			340
Net loss attributable to noncontrolling interest		-			343			343			-			-			343
Adjusted EBITDA	$	58,825		$	35,452		$	94,277		$	(2,107	)	$	(7,555	)	$	84,615


	Three Months Ended February 28, 2025
						Total
						Reportable
	Building			Consumer		Operating						Unallocated
	Products			Products		Segments			Other			Corporate			Consolidated
Net sales	$	164,810		$	139,714	$	304,524		$	-		$	-		$	304,524
Cost of goods sold		127,157			88,069		215,226			-			51			215,277
SG&A		27,566			28,406		55,972			-			7,033			63,005
Restructuring and other expense, net		579			-		579			-			4,795			5,374
Other segment items (1)		(409	)		12		(397	)		-			767			370
Equity in net income (loss) of unconsolidated affiliates		34,498			-		34,498			(2,417	)		-			32,081
Earnings (loss) before income taxes		44,415			23,227		67,642			(2,417	)		(12,646	)		52,579

Reconciling items to adjusted EBITDA (2)
Depreciation and amortization		7,449			4,314		11,763			-			187			11,950
Interest expense		4			-		4			-			624			628
Stock-based compensation		740			760		1,500			-			1,424			2,924
Restructuring and other expense, net		579			-		579			-			4,795			5,374
Net loss attributable to noncontrolling interest		-			324		324			-			-			324
Adjusted EBITDA	$	53,187		$	28,625	$	81,812		$	(2,417	)	$	(5,616	)	$	73,779


	Nine Months Ended February 28, 2026
						Total
						Reportable
	Building		Consumer			Operating					Unallocated
	Products		Products			Segments		Other			Corporate			Consolidated
Net sales	$	616,147	$	393,689		$	1,009,836		-			-		$	1,009,836
Cost of goods sold		475,625		257,713			733,338		-			111			733,449
SG&A		105,134		83,891			189,025		-			28,006			217,031
Restructuring and other expense, net		552		12			564		-			5,742			6,306
Other segment items (1)		289		(7	)		282		4,534			3,149			7,965
Equity in net income of unconsolidated affiliates		101,570		-			101,570		(5,080	)		-			96,490
Earnings (loss) before income taxes		136,117		52,080			188,197		(9,614	)		(37,008	)		141,575

Reconciling items to adjusted EBITDA (2)
Amortization of inventory step-up		3,651		-			3,651		-			-			3,651
Depreciation and amortization		29,028		11,776			40,804		-			598			41,402
Interest expense (income)		228		(4	)		224		-			3,139			3,363
Stock-based compensation		2,190		2,054			4,244		-			6,260			10,504
Restructuring and other expense, net		552		12			564		-			5,742			6,306
Non-cash charges in miscellaneous income		-		-			-		4,534			-			4,534
Net loss attributable to noncontrolling interest		-		969			969		-			-			969
Adjusted EBITDA	$	171,766	$	66,887		$	238,653	$	(5,080	)	$	(21,269	)	$	212,304


	Nine Months Ended February 28, 2025
						Total
						Reportable
	Building			Consumer		Operating						Unallocated
	Products			Products		Segments			Other			Corporate			Consolidated
Net sales	$	461,821		$	374,057	$	835,878		$	-		$	-		$	835,878
Cost of goods sold		367,931			242,040		609,971			-			106			610,077
SG&A		83,972			85,975		169,947			-			27,012			196,959
Restructuring and other expense, net		1,382			-		1,382			-			7,770			9,152
Other segment items (1)		(587	)		20		(567	)		-			1,908			1,341
Equity in net income of unconsolidated affiliates		105,438			-		105,438			(3,309	)		-			102,129
Earnings (loss) before income taxes		114,561			46,022		160,583			(3,309	)		(36,796	)		120,478

Reconciling items to adjusted EBITDA (2)
Amortization of inventory step-up		1,477			-		1,477			-			-			1,477
Depreciation and amortization		22,156			12,982		35,138			-			569			35,707
Interest expense		33			-		33			-			2,117			2,150
Stock-based compensation		1,969			2,060		4,029			-			6,093			10,122
Restructuring and other expense, net		1,382			-		1,382			-			7,770			9,152
Net loss attributable to noncontrolling interest		-			820		820			-			-			820
Adjusted EBITDA	$	141,578		$	61,884	$	203,462		$	(3,309	)	$	(20,247	)	$	179,906

(1)

Except as noted herein, Other segment items consist of non-operating activity included in adjusted EBITDA. For the current year period, Other segment items also included certain non-cash charges in Miscellaneous income (expense), net related to the divestiture of the composite assets of our SES joint venture, including the unrealized loss on the common shares of Hexagon Composites and Hexagon Purus that we received as consideration. These charges were excluded from adjusted EBITDA as shown in the Reconciling items to adjusted EBITDA section in the tables above for the current year period. See “Use of Non-GAAP Financial Measures and Definitions” for additional information.

(2)

See “Use of Non-GAAP Financial Measures and Definitions” for additional information.

Total assets for each of our reportable operating segments at the dates indicated were as follows:


	February 28,		May 31,
	2026		2025
Consumer Products	$	537,382	$	531,187
Building Products		1,155,910		795,837
Total reportable operating segments		1,693,292		1,327,024
Unallocated Corporate and Other		130,246		368,128
Total assets	$	1,823,538	$	1,695,152

Schedule of Capital Expenditures of Reportable Operating Segments

The following table reports the capital expenditures for each of our reportable operating segments for the periods presented:


	Three Months Ended				Nine Months Ended
	February 28,				February 28,
	2026		2025		2026		2025
Consumer Products	$	6,020	$	8,775	$	21,956	$	19,508
Building Products		7,038		3,413		15,436		11,470
Total reportable operating segments		13,058		12,188		37,392		30,978
Unallocated Corporate		736		516		2,029		6,516
Total	$	13,794	$	12,704	$	39,421	$	37,494