ADS Mexicana - ADS has one consolidated joint venture, ADS Mexicana, which is 51% owned by the Company’s wholly-owned subsidiary ADS Worldwide, Inc. The equity owned by the Company’s joint venture partner is shown as Noncontrolling interest in subsidiaries in the Consolidated Balance Sheets and the joint venture partner’s portion of net income is shown as Net income attributable to noncontrolling interest in the Consolidated Statements of Operations.

ADS participates in joint ventures for the purpose of expanding upon the growth of manufacturing and selling HDPE corrugated pipe in emerging markets. ADS invested in ADS Mexicana for the purpose of expanding upon growth of manufacturing and selling ADS licensed HDPE corrugated pipe and related products in the Mexican and Central American markets via the joint venture partner’s local presence and expertise throughout the region. The Company executed a Technology, Patents and Trademarks Sub-License Agreement and a Distribution Agreement with ADS Mexicana that provides ADS Mexicana with the rights to manufacture and sell ADS licensed products in Mexico and Central America. The Company has concluded that it holds a variable interest in and is the primary beneficiary of ADS Mexicana based on the power to direct the most significant activities of ADS Mexicana and the obligation to absorb losses and the right to receive benefits that could be significant to ADS Mexicana. As the primary beneficiary, the Company is required to consolidate the assets and liabilities of ADS Mexicana.


(Amounts in thousands)	2026		2025
Assets
Cash	$	9,608	$	7,675
Other current assets	18,314		22,267
Property, plant and equipment, net	25,642		15,251
Other noncurrent assets	1,687		2,112
Total assets	$	55,251	$	47,305
Liabilities
Current liabilities	$	10,829	$	8,608
Noncurrent liabilities	1,991		1,591
Total liabilities	$	12,820	$	10,199

EQ TruePointe One - The Company has 63% ownership of a consolidated joint venture, which owns and operates the Company’s corporate headquarters building. The equity owned by the Company’s joint venture partners is shown as Noncontrolling interest in subsidiaries in the Consolidated Balance Sheets and the joint venture partners’ portion of net income is shown as Net income attributable to noncontrolling interest in the Consolidated Statements of Operations. The Company has concluded that it holds a variable interest in and is the primary beneficiary of EQ TruePointe One based on the power to direct the most significant activities of the entity and the obligation to absorb losses and the right to receive benefits that could be significant. As the primary beneficiary, the Company is required to consolidate the assets and liabilities of EQ TruePointe One.


(Amounts in thousands)	2026
Assets
Cash	$	396
Other current assets	2,028
Property, plant and equipment, net	34,176
Other noncurrent assets	141
Total assets	$	36,741
Liabilities
Current liabilities	$	1,664
Noncurrent liabilities	27,014
Total liabilities	$	28,678

South American Joint Venture - The Company participates in an unconsolidated joint venture, the South American Joint Venture, which is 50% owned by the Company’s wholly-owned subsidiary ADS Chile. The Company’s investment in this unconsolidated joint venture was formed for the purpose of expanding upon the growth of manufacturing and selling HDPE corrugated pipe in the South American market via the joint venture partner’s local presence and expertise throughout the region. The Company has concluded that it is appropriate to account for this investment using the equity method, whereby the Company’s share of the income or loss of the joint venture is reported in the Consolidated Statements of Operations under Equity in net income of unconsolidated affiliates and the Company’s investment in the joint venture is included in Other assets in the Consolidated Balance Sheets. The Company is not required to consolidate the South American Joint Venture as it is not the primary beneficiary, although the Company does hold significant variable interests in the South American Joint Venture through the equity investment and debt guarantee.