Valmont Industries, Inc. (VMI) Earnings Call Transcript & Summary

Greetings, and welcome to the Valmont Industries 2025 Annual Shareholders Meeting. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to Valmont's Chairman of the Board, Mogens Bay. Thank you. You may begin.

Good morning. As Chairman of Valmont, it's my pleasure to welcome you to our Annual Meeting. Today's meeting is being audio webcast to our shareholders, and will be made available for replay at our website, valmont.com. We have three proposals that are outlined in Valmont's proxy statement to be voted upon this meeting. We will then announce the results. All Valmont directors are present at today's meeting. Amy Ryan of Deloitte Touche is participating in today's meeting and Deloitte is available to respond to any questions you may have about our financials. At this time, I call upon Andy Massey, Corporate Secretary, to read the required legal notice.

Mr. Chairman, this meeting is convened in accordance with the proxy mailed on March 12, 2025, to all shareholders of record as of March 3, 2025. We received the affidavit of mailing from Broadridge stating that the mail was complete and accurate. Anita Gillespie has been appointed inspector of election and a list of all shareholders is available for review. The inspector has advised us that there were 20,070, 905 shares outstanding and entitled to vote at this meeting. Of that number, more than 91.5% are represented by proxy at this time.

Thank you, Andy. There are three matters for shareholders to vote upon at this meeting: number one, the election of 3 directors whose term will expire in 2028. The 3 directors are Deb Caplan, J.B. Milliken and Cathy Paglia; two, the advisory approval of the company's executive compensation and three, to ratify the appointment of Deloitte Touche as independent auditors for fiscal 2025. Those of you who did not vote by proxy or those who already voted by proxy and now wish to vote in person, now have the opportunity to do so. We will now consider the shareholder matters. May I have a motion and a second in favor of the three shareholder proposals. Second, thank you. Is there any discussion? Please vote at this time if you have not already done so. At this time, I declare the polls for each matter voted upon at this meeting closed and direct that the election inspector tabulate the ballots. Because more than a majority of our stock voted by proxy, I can now provide the voting results. A majority of common shareholders who are present, both in person or by top proxy, have voted 4 of the 3 matters described in Valmont's proxy statement. All shareholder proposals have been approved. Last Tuesday, Avner Applbaum, Valmont's CEO, provided a business update during the company's first quarter earnings conference call. I encourage our shareholders to listen to the replay, which is currently available on our website. In addition, shareholders are always encouraged to contact our Investor Relations Officer, Renee Campbell, with any questions. Thank you for participating in today's annual meeting. And since there's no further business to be considered, I declare the 2025 Annual Shareholders Meeting adjourned.

Thank you. That does conclude today's meeting. You may disconnect your lines at this time. Enjoy the rest of your day.