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Here are 1-2 brief analogies for Apogee Enterprises:

• Andersen Windows for skyscrapers: Apogee designs, engineers, and manufactures custom glass and framing systems, primarily for large-scale commercial buildings and architectural projects, much like Andersen is known for windows, but for the towering structures of the commercial world.
• Otis for building exteriors: Just as Otis supplies complex, integrated elevator systems for commercial buildings, Apogee provides the sophisticated glass and metal "skin" and architectural services for the exteriors of these structures.

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• Architectural Framing Systems: Manufactures integrated aluminum and glass curtainwall, window wall, and storefront systems for building exteriors.
• Architectural Glass: Produces high-performance fabricated glass products, including insulated, laminated, and coated glass, primarily for commercial buildings.
• Architectural Services: Provides design, engineering, project management, installation, and renovation services for complex glass and curtainwall systems on commercial buildings.
• Large-Scale Optical Products: Offers value-added glass and acrylic products, predominantly for the custom picture framing market and other commercial display applications.

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Apogee Enterprises (APOG) primarily sells to other companies, operating on a business-to-business (B2B) model within the commercial construction industry.

Due to the project-specific and diversified nature of its business across thousands of commercial construction projects annually, Apogee Enterprises does not publicly disclose specific "major customer companies" that account for a significant portion of its revenue in its financial filings (e.g., 10-K reports). Therefore, it is not possible to list specific customer company names and their stock symbols.

Instead, Apogee's customer base consists of a broad range of entities involved in commercial construction. These primary categories of customers include:

• General Contractors: These companies are responsible for managing and executing large commercial building projects. They often subcontract specialized work to Apogee's Architectural Services segment for integrated design, fabrication, and installation of glass and framing systems (e.g., curtainwalls, windows).
• Glaziers and Independent Installers: These are specialist contractors who purchase fabricated glass products from Apogee's Architectural Glass segment and aluminum framing systems from its Architectural Framing Systems segment for installation in various building projects.
• Building Owners and Developers: Entities that own or develop commercial properties. Apogee's Architectural Services segment sometimes works directly with building owners or developers on custom architectural glass and framing solutions, particularly for complex or high-profile buildings.

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Donald A. Nolan, Executive Chair of the Board and Chief Executive Officer

Donald A. Nolan was appointed Chief Executive Officer of Apogee Enterprises, Inc. effective October 31, 2025, also serving as Executive Chair of the Board. He joined Apogee's Board in 2013 and was named Chairman in 2020. Prior to his current role, Mr. Nolan served as President and Chief Executive Officer of Kennametal Inc., a global industrial technology leader, from 2014 to 2016. From 2008 to 2014, he was President of the Materials Group for Avery Dennison Corporation, a global leader in packaging solutions. Before Avery Dennison, he was Senior Vice President, leading the Global Packaging and Refinish Coatings businesses at Valspar, a global leader in paint and coatings. Mr. Nolan has also held leadership positions at Loctite, General Electric, and Ashland Chemical. He is active in private equity, serving as a director on several private company boards and as a Senior Advisor for the industrial growth team at Arsenal Capital Partners.

Matthew J. Osberg, Executive Vice President and Chief Financial Officer

Matthew J. Osberg joined Apogee as Executive Vice President and Chief Financial Officer in April 2023. He oversees all financial functions of the company, including accounting, treasury, financial planning and analysis, global tax compliance, investor relations, internal audit, risk management, and finance excellence. Mr. Osberg brings over 20 years of finance leadership experience, having most recently served as Chief Financial Officer at Helen of Troy Limited, a global consumer products company. Before Helen of Troy, he spent seven years in various finance roles at Best Buy Co., Inc., ultimately becoming the Chief Financial Officer and Regional Vice President of Best Buy Mexico. Earlier in his career, he worked for ten years in public accounting at Ernst & Young LLP.

Meghan M. Elliott, Chief Legal Officer, Secretary and Compliance

Meghan M. Elliott was appointed Vice President, General Counsel and Secretary in June 2020, and holds overall responsibility for all legal matters at Apogee, corporate governance, and compliance. She joined Apogee in 2014 and previously served as Assistant General Counsel and concurrently as General Counsel of Viracon, an Apogee business unit. Before joining Apogee, Ms. Elliott was a partner at the law firm Lindquist & Vennum (now Ballard Spahr) for 12 years, specializing in litigation and insurance recovery.

Brent C. Jewell, President, Apogee Architectural Glass

Brent C. Jewell was named President of Apogee's Architectural Glass Segment in October 2023, where he is responsible for strategic, financial, and operational leadership. He joined Apogee in 2018 as Senior Vice President, Business Development and Strategy, leading efforts to develop business strategy and drive top-line growth. Prior to Apogee, Mr. Jewell spent seven years at Valspar, holding senior-level positions in their General Industrial Americas and North America Wood Coatings divisions. Before Valspar, he held senior-level positions in sales, marketing, and general management at NewPage, a leading manufacturer of coated printing and specialty papers.

Veena Lakkundi, President, Large-Scale Optical segment

Veena Lakkundi joined Apogee in January 2025 as President of the Large-Scale Optical segment, which produces high-performance coated materials. She brings over 30 years of leadership experience with a focus on commercial and operational excellence. Before Apogee, Ms. Lakkundi was Senior Vice President, Strategy and Corporate Development at Rockwell Automation, a global leader in industrial automation. Prior to Rockwell, she spent 28 years at 3M Company, where she served as Senior Vice President and Chief Strategy Officer.

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The key risks to Apogee Enterprises (APOG) primarily stem from its exposure to cyclical market conditions, rising material costs, and intense competitive pressures.

Key Risks:

1. Cyclicality of the Non-Residential Construction Market: Apogee Enterprises' core business, encompassing architectural products and services for commercial buildings, is highly dependent on the cyclical nature of the North American non-residential construction industry and broader economic conditions. Fluctuations in these factors directly impact demand, sales volumes, and pricing, leading to potential revenue and profit reductions. For instance, the company has faced declining sales and anticipates further volume and price declines due to deteriorating end-market conditions.
2. Rising Input Costs and Tariffs: The company faces significant risk from increasing input costs, particularly tariffs on essential materials like steel and aluminum used in its products, such as curtainwalls. These tariffs are expected to raise Apogee's production costs. To maintain margins, the company may need to pass these increased costs to customers, which could negatively impact demand. Higher aluminum costs have already contributed to lower adjusted EBITDA margins in the Architectural Metals segment.
3. Intense Price Competition and Margin Pressures: Apogee operates in a competitive market, experiencing ongoing pricing pressure and margin erosion across its segments, notably Architectural Metals and Glass. This is exacerbated by a challenging macroeconomic environment. While the company is implementing strategic initiatives like "Project Fortify" to streamline operations and exit lower-margin product lines, these restructuring efforts also incur significant upfront costs and integration challenges that can temporarily impact profitability.

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The increasing adoption of digital art display technologies, including high-resolution digital frames, large format digital displays, and virtual/augmented reality platforms for art exhibition, poses an emerging threat to the demand for physical picture framing glass products. This digital shift could gradually erode a portion of the market traditionally served by physical prints and framed artworks, impacting Apogee's Large-Scale Optical Technologies segment.

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• Architectural Framing Systems: This segment designs, engineers, fabricates, and finishes aluminum window, curtainwall, storefront, and entrance systems. The North America Aluminum Door & Window Market was valued at USD 24.34 billion in 2024 and is projected to reach USD 33.98 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 5.72% during the forecast period. The broader North America windows and doors market was valued at USD 64.08 billion in 2023 and is expected to reach USD 83.22 billion by 2029, growing at a CAGR of 4.45%.
• Architectural Glass: This segment fabricates coated, insulating, laminated, and monolithic glass used in custom window and wall systems. The North America Architectural Flat Glass Market surpassed USD 8 billion in 2021 and is projected to grow at over a 7% CAGR between 2022 and 2028. More recently, the North America Architectural Glass Market was valued at US$ 9,282.38 million in 2022 and is projected to reach US$ 12,770.99 million by 2028, with a CAGR of 5.5% from 2022 to 2028.
• Architectural Services: This segment integrates technical services, project management, and field installation services for building glass and curtainwall systems. The global commercial glazing market, which encompasses such installation services, was valued at USD 44.9 billion in 2024 and is expected to reach USD 68.55 billion by 2033, exhibiting a CAGR of 4.8% over the forecast period 2025-2033.
• Large-Scale Optical Technologies (LSO): This segment manufactures value-added coated glass and acrylic products for custom picture framing, museum, and technical glass markets. The North America picture frame market size was valued at USD 3.845 billion in 2024 and is projected to grow from USD 4.023 billion in 2025 to reach USD 5.679 billion by 2033, growing at a CAGR of 4.4% during the forecast period. North America held over 40% of the global revenue for the picture frames market, with a market size of USD 3845.80 million in 2024.

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Expected Drivers of Future Revenue Growth for Apogee Enterprises (APOG)

• Growth in Architectural Services: Apogee's Architectural Services segment has demonstrated consistent year-over-year net sales growth, with an 11% increase in Q1 FY2025 (fiscal year ending Feb 2025) and a 7.6% increase in Q1 FY2026 (fiscal year ending Feb 2026) driven by higher volume and a favorable mix of projects. The segment's backlog also saw significant growth, increasing 22% year-over-year to $867 million in Q1 FY2025. This indicates a strong pipeline and continued demand for their project management and installation services.
• Strategic Acquisitions, such as UW Solutions: Apogee Enterprises has highlighted the contribution of acquisitions to its revenue growth. The acquisition of UW Solutions, for instance, contributed $32.0 million in inorganic sales in fiscal 2025 and $22 million in Q1 FY2026. The company expects UW Solutions to contribute approximately $100 million of net sales with an adjusted EBITDA margin of approximately 20%, indicating a clear strategy to drive revenue through inorganic growth and expansion of its Performance Surfaces segment.
• Expansion and Diversification in Project Mix: The company is actively pursuing project diversification, moving away from a heavy reliance on the office sector. They are seeing strong activity and project wins west of the Rockies and are making investments to expand existing facilities in markets like Texas to increase capacity. This strategic shift towards a more diverse project mix across their segments is expected to contribute to sustained growth.
• New Applications and Product Innovation in Performance Surfaces: Apogee anticipates revenue contributions from new applications, specifically mentioning acrylic-based electrostatic substrates, starting in fiscal year 2026. While overall consumer softness might impact top-line growth in the short term for the Large-Scale Optical (now Performance Surfaces) segment, these new product developments are expected to contribute positively to revenue in the future.
• Improved Pricing and Mix, particularly in Architectural Glass: Despite some fluctuations in volume, improved pricing and a favorable mix of projects, especially within the Architectural Glass segment, have been identified as drivers of sales growth and margin expansion in past quarters. While recent performance in Architectural Glass has seen declines in net sales due to lower volume, management commentary in the past has indicated that improved pricing and mix are levers they can utilize for growth.

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Share Repurchases

• Apogee's Board increased the existing share repurchase authorization by 2 million shares in October 2023, bringing the total available program to approximately 2.97 million shares.
• For the full fiscal year 2025, the company returned $67.1 million of cash to shareholders through share repurchases and dividends, an increase from $33.0 million in the prior year.
• This included $30.3 million of stock repurchases made in the fourth quarter of fiscal 2025.

Share Issuance

• As of June 27, 2025, Apogee had 21,529,570 shares of common stock outstanding.
• Shares withheld from the vesting of restricted awards are treated as purchases and retirements.
• In November 2025, 78,376 shares of time-based restricted common stock for the outgoing CEO were subject to accelerated vesting.

Outbound Investments

• Apogee Enterprises completed the acquisition of UW Interco, LLC (UW Solutions) for $242 million in cash in November 2024.
• The UW Solutions acquisition is anticipated to contribute approximately $100 million in net sales with an adjusted EBITDA margin of about 20% in fiscal 2026.
• This acquisition expands the capabilities and market opportunity of Apogee's Performance Surfaces segment by leveraging high-performance coated substrate solutions.

Capital Expenditures

• Capital expenditures are projected to be between $35 million and $40 million for fiscal year 2026.
• These projected expenditures for fiscal 2026 are intended to support growth initiatives, including the integration of UW Solutions, and for strategic growth and operational improvements.
• In fiscal year 2024, the company invested $43 million in capital expenditures primarily to expand capacity and enhance productivity through automation.