AZZ (AZZ) 10-Q 7 Jan 25 2025 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Nov. 30, 2024	Jan. 02, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2024
Document Transition Report	false
Entity File Number	1-12777
Entity Registrant Name	AZZ Inc.
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	75-0948250
Entity Address, Address Line One	One Museum Place, Suite 500
Entity Address, Address Line Two	3100 West 7th Street
Entity Address, City or Town	Fort Worth,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76107
City Area Code	817
Local Phone Number	810-0095
Title of 12(b) Security	Common Stock
Trading Symbol	AZZ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,882,176
Entity Central Index Key	0000008947
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--02-28

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Income Statement [Abstract]
Sales	$ 403,654	$ 381,605	$ 1,225,869	$ 1,171,020
Costs and Expenses
Cost of sales	305,876	293,456	921,907	888,606
Gross margin	97,778	88,149	303,962	282,414
Selling, general and administrative	39,243	35,325	108,032	103,087
Operating income	58,535	52,824	195,930	179,327
Interest expense	(19,223)	(25,855)	(63,906)	(82,331)
Equity in earnings of unconsolidated subsidiaries	7,168	8,742	12,470	11,136
Other (income) expense, net	(763)	(41)	(142)	9
Income from continuing operations before income taxes	45,717	35,670	144,352	108,141
Income tax expense	12,114	8,780	35,728	24,397
Net income (loss)	33,603	26,890	108,624	83,744
Dividends on preferred stock	0	(3,600)	(1,200)	(10,800)
Redemption premium on Series A Preferred Stock	0	0	(75,198)	0
Net income (loss) available to common shareholders	$ 33,603	$ 23,290	$ 32,226	$ 72,944
Basic earnings (loss) per share
Basic earnings per common share (usd per share)	$ 1.12	$ 0.93	$ 1.12	$ 2.91
Diluted Earnings (Loss) Per Share [Abstract]
Diluted earnings per common share (usd per share)	$ 1.12	$ 0.92	$ 1.11	$ 2.86
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average number common shares, basic (shares)	29,879,000	25,077,000	28,819,000	25,024,000
Weighted average number common shares, diluted (shares)	30,118,000	29,330,000	29,076,000	29,278,000
Cash dividends declared per common share (usd per share)	$ 0.17	$ 0.17	$ 0.51	$ 0.51

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss) available to common shareholders		$ 33,603	$ 23,290	$ 32,226	$ 72,944
Other Comprehensive Income (Loss):
Unrealized translation loss		(1,943)	(59)	(1,504)	(21)
Unrealized translation gain for unconsolidated subsidiary, net of tax	[1]	(730)	3,088	(1,261)	1,314
Unrealized gain (loss) on interest rate swap, net of tax	[2]	1,037	(22)	194	1,847
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax	[3]	(663)	(1,057)	(2,876)	(2,544)
Unrealized gain (loss) on interest rate swap, net of tax for unconsolidated subsidiary	[4]	(188)	(93)	(41)	20
Other comprehensive income (loss)		(2,487)	1,857	(5,488)	616
Comprehensive income		$ 31,116	$ 25,147	$ 26,738	$ 73,560
[1] (1) Unrealized translation loss for unconsolidated subsidiary is related to our unconsolidated investment in the AVAIL JV and represents our 40% interest in this amount. Net of tax benefit of $(227) and $(438) for the three and nine months ended November 30, 2024, respectively, and $0 for both the three and nine months ended November 30, 2023. (2) Net of tax expense (benefit) of $327 and ($8) for the three months ended November 30, 2024 and 2023, respectively. Net of tax expense (benefit) of ($15) and $671 for the nine months ended November 30, 2024 and 2023, respectively. (3) Net of tax benefit of ($209) and ($384) for the three months ended November 30, 2024 and 2023, respectively. Net of tax benefit of $(908) and $(924) for the nine months ended November 30, 2024 and 2023, respectively. See Note 8. (4) Unrealized gain (loss) on interest rate swap, net of tax for unconsolidated subsidiary is related to our unconsolidated investment in the AVAIL JV and represents our 40% interest in this amount. Net of tax expense (benefit) of ($59) and ($34) for the three months ended November 30, 2024 and 2023, respectively. Net of tax expense (benefit) of ($13) and $7 for the nine months ended November 30, 2024 and 2023, respectively.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Unrealized gain (loss) on interest rate swap, tax	$ 327	$ (8)	$ (15)	$ 671
Amounts reclassified from accumulated other comprehensive income to earnings, tax	(209)	(384)	(908)	(924)
Interest rate swap, unconsolidated subsidiary, tax	$ (59)	$ (34)	$ (13)	$ 7
AIS Joint Venture
Ownership percentage of investment	40%		40%
Foreign currency translation adjustments, tax	$ (227)		$ (438)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2024	Feb. 29, 2024
Current assets:
Cash and cash equivalents	$ 1,484	$ 4,349
Trade accounts receivable, net of allowance for credit losses of $(2,204) and $(2,347) at November 30, 2024 and February 29, 2024, respectively	139,843	142,246
Other receivables	28,499	15,599
Inventories	114,701	117,656
Contract assets	99,158	79,335
Prepaid expenses and other	10,720	7,814
Total current assets	394,405	366,999
Property, plant and equipment, net	580,178	541,652
Right-of-use assets	25,888	23,739
Goodwill	704,569	705,468
Deferred tax assets	5,563	5,606
Intangible assets, net	427,812	445,435
Other assets	4,014	8,437
Total assets	2,244,550	2,195,505
Current liabilities:
Accounts payable	97,798	88,001
Income tax payable	2,723	172
Accrued salaries and wages	34,286	30,823
Other accrued liabilities	80,051	68,651
Lease liability, short-term	7,434	6,659
Total current liabilities	222,292	194,306
Long-term debt, net	879,548	952,742
Lease liability, long-term	19,255	17,827
Deferred tax liabilities	44,544	38,567
Other long-term liabilities	49,323	57,572
Total liabilities	1,214,962	1,261,014
Commitments and contingencies (Note 22)
Mezzanine equity:
Series A Convertible Preferred Stock, $1,000 par, shares authorized 100,000; 240 shares issued and outstanding February 29, 2024; aggregate liquidation preference $312,520 at February 29, 2024	0	233,722
Shareholders' Equity:
Common stock, $1 par value; 100,000 shares authorized; 29,877 and 25,102 shares issued and outstanding at November 30, 2024 and November 30, 2023, respectively	29,877	25,102
Capital in excess of par value	415,059	103,330
Retained earnings	594,034	576,231
Accumulated other comprehensive loss	(9,382)	(3,894)
Total shareholders’ equity	1,029,588	700,769
Total liabilities, mezzanine equity and shareholders' equity	2,244,550	2,195,505
AIS Joint Venture
Current assets:
Investment in joint venture	$ 102,121	$ 98,169

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2024	Feb. 29, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ (2,204)	$ (2,347)
Preferred stock, par value (in dollars per share)		$ 1,000
Preferred stock, shares authorized (in shares)		100,000,000
Preferred stock, shares issued (in shares)		240,000
Preferred stock, shares outstanding (in shares)		240,000
Liquidation preference		$ 312,520
Common stock, par value (usd per share)	$ 1	$ 1
Common stock, shares authorized (shares)	100,000,000	100,000,000
Common stock, shares, issued (shares)	29,877,000	25,102,000
Common stock, shares, outstanding (shares)	29,877,000	25,102,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Cash Flows From Operating Activities:
Net income (loss) available to common shareholders	$ 32,226	$ 72,944
Dividends on preferred stock	1,200	10,800
Plus: Redemption premium on Series A Preferred Stock	75,198	0
Net income from continuing operations	108,624	83,744
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense (recovery)	(66)	53
Depreciation and amortization	61,383	59,034
Deferred income taxes	7,421	(274)
Equity in earnings of unconsolidated entities	(12,470)	(11,136)
Distribution on investment in AVAIL joint venture	6,764	0
Net gain on sale of property, plant and equipment	(397)	(39)
Amortization of debt financing costs	9,359	9,105
Share-based compensation expense	11,244	6,207
Changes in current assets and current liabilities	2,909	38,819
Changes in other long-term assets and long-term liabilities	(9,174)	(4,585)
Net cash provided by operating activities	185,597	180,928
Cash flows from investing activities
Purchase of property, plant and equipment	(85,942)	(66,900)
Proceeds from sale of property, plant and equipment	842	47
Net cash used in investing activities	(85,100)	(66,853)
Cash flows from financing activities:
Proceeds from issuance of common stock	310,237	1,465
Redemption of Preferred Stock	(308,920)	0
Tax payments related to net share settlement of equity awards	(4,977)	(791)
Proceeds from Revolving Credit Facility	271,000	189,000
Payments on Revolving Credit Facility	(261,000)	(274,000)
Payments of debt financing costs	(1,541)	(1,299)
Payments on long term debt and finance lease liabilities	(90,689)	(268)
Payments of dividends	(18,022)	(23,551)
Net cash used in financing activities	(103,912)	(109,444)
Effect of exchange rate changes on cash	550	58
Net increase (decrease) in cash and cash equivalents	(2,865)	4,689
Cash and cash equivalents at beginning of period	4,349	2,820
Cash and cash equivalents at end of period	$ 1,484	$ 7,509

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance, beginning balance (shares) at Feb. 28, 2023		24,912
Balance, beginning balance at Feb. 28, 2023	$ 619,738	$ 24,912	$ 93,357	$ 506,042	$ (4,573)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	6,207		6,207
Common stock issued under stock-based plans and related income tax expense (shares)		123
Common stock issued under stock-based plans and related tax expense	(791)	$ 123	(914)
Common stock issued under employee stock purchase plan (shares)		42
Common stock issued under employee stock purchase plan	1,465	$ 42	1,423
Dividends on Series A Preferred Stock	(10,800)			(10,800)
Cash dividends paid on common shares	(12,751)			(12,751)
Redemption premium on Series A Preferred Stock	0
Net income available to common shareholders	83,744			83,744
Other comprehensive loss	616				616
Balance, ending balance (shares) at Nov. 30, 2023		25,077
Balance, ending balance at Nov. 30, 2023	687,428	$ 25,077	100,073	566,235	(3,957)
Balance, beginning balance (shares) at Aug. 31, 2023		25,077
Balance, beginning balance at Aug. 31, 2023	664,355	$ 25,077	97,884	547,208	(5,814)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,189		2,189
Dividends on Series A Preferred Stock	(3,600)			(3,600)
Cash dividends paid on common shares	(4,263)			(4,263)
Redemption premium on Series A Preferred Stock	0
Net income available to common shareholders	26,890			26,890
Other comprehensive loss	1,857				1,857
Balance, ending balance (shares) at Nov. 30, 2023		25,077
Balance, ending balance at Nov. 30, 2023	687,428	$ 25,077	100,073	566,235	(3,957)
Balance, beginning balance (shares) at Feb. 29, 2024		25,102
Balance, beginning balance at Feb. 29, 2024	700,769	$ 25,102	103,330	576,231	(3,894)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	11,234		11,234
Common stock issued under stock-based plans and related income tax expense (shares)		132
Common stock issued under stock-based plans and related tax expense	(4,967)	$ 132	(5,099)
Common stock issued under employee stock purchase plan (shares)		43
Common stock issued under employee stock purchase plan	1,569	$ 43	1,526
Secondary public offering and issuance of additional common stock (in shares)		4,600
Secondary public offering and issuance of additional common stock	308,668	$ 4,600	304,068
Dividends on Series A Preferred Stock	(1,200)			(1,200)
Cash dividends paid on common shares	(14,423)			(14,423)
Redemption premium on Series A Preferred Stock	(75,198)			(75,198)
Net income available to common shareholders	108,624			108,624
Other comprehensive loss	(5,488)				(5,488)
Balance, ending balance (shares) at Nov. 30, 2024		29,877
Balance, ending balance at Nov. 30, 2024	1,029,588	$ 29,877	415,059	594,034	(9,382)
Balance, beginning balance (shares) at Aug. 31, 2024		29,877
Balance, beginning balance at Aug. 31, 2024	999,756	$ 29,877	411,263	565,511	(6,895)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,796		3,796
Cash dividends paid on common shares	(5,080)			(5,080)
Redemption premium on Series A Preferred Stock	0
Net income available to common shareholders	33,603			33,603
Other comprehensive loss	(2,487)				(2,487)
Balance, ending balance (shares) at Nov. 30, 2024		29,877
Balance, ending balance at Nov. 30, 2024	$ 1,029,588	$ 29,877	$ 415,059	$ 594,034	$ (9,382)

The Company and Basis of Presen

The Company and Basis of Presentation	9 Months Ended
	Nov. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company and Basis of Presentation	1. The Company and Basis of Presentation AZZ Inc. ("AZZ", the "Company", "our" or "we") was established in 1956 and incorporated under the laws of the state of Texas. We are a provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets in North America. We have three distinct operating segments: the AZZ Metal Coatings segment, the AZZ Precoat Metals segment, and the AZZ Infrastructure Solutions segment. Our AZZ Metal Coatings segment is a leading provider of metal finishing solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing and plating to the North American steel fabrication industry and other industries. The AZZ Precoat Metals segment provides aesthetic and corrosion protective coatings and related value-added services for steel and aluminum coil, primarily serving the construction; appliance; heating, ventilation, and air conditioning (HVAC); container; transportation and other end markets in North America. The AZZ Infrastructure Solutions segment represents our 40% non-controlling interest in AIS Investment Holdings LLC (the "AVAIL JV"). AIS Investment Holdings LLC is primarily dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in markets worldwide. Presentation The accompanying condensed consolidated balance sheet as of February 29, 2024 was derived from audited financial statements. The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. These financial statements should be read in conjunction with the audited financial statements and related notes for the fiscal year ended February 29, 2024, included in our Annual Report on Form 10-K covering such period which was filed with the Securities and Exchange Commission ("SEC") on April 22, 2024. Certain previously reported amounts have been reclassified to conform to current period presentation. Our fiscal year ends on the last day of February and is identified as the fiscal year for the calendar year in which it ends. For example, the fiscal year ending February 28, 2025 is referred to as fiscal 2025. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, which are necessary to present fairly the financial position of the Company as of November 30, 2024, the results of its operations and cash flows for the three and nine months ended November 30, 2024 and 2023. The interim results reported herein are not necessarily indicative of results for a full year. Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which expands disclosures about a public entity’s expenses, including inventory, employee compensation, depreciation, intangible asset amortization, selling expenses and other expense categories. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We do not expect the adoption of ASU 2024-03 to affect our financial position or our results of operations, but will result in additional disclosures for our annual reporting period ending February 29, 2028, and interim reporting periods in fiscal 2029. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. We expect to adopt ASU 2023-09 for the annual period ending February 28, 2025 and the adoption will not affect our financial position or our results of operations, but will result in additional disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within

Inventories

Inventories	9 Months Ended
	Nov. 30, 2024
Inventory Disclosure [Abstract]
Inventories	2. Inventories The following table summarizes the components of inventory (in thousands): As of November 30, 2024 February 29, 2024 Raw material $ 111,172 $ 111,674 Work in process 769 898 Finished goods 2,760 5,084 Total inventories $ 114,701 $ 117,656 Our inventory reserves were $3.5 million and $4.5 million as of November 30, 2024 and February 29, 2024, respectively. Inventory cost is determined principally using the first-in-first-out (FIFO) method for the AZZ Metal Coatings segment and the specific identification method for the Precoat Metals segment.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Nov. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	3. Earnings Per Share Basic earnings per share is based on the weighted average number of common shares outstanding during each period. Diluted earnings per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the period. On April 30, 2024, we completed a secondary public offering in which we issued 4.6 million common shares. The weighted average number of shares for the period outstanding for the nine months ended November 30, 2024 are included in weighted average shares outstanding for basic earnings per share. See Note 14. As of November 30, 2024, there were 29.9 million common shares outstanding, which includes the shares from the secondary public offering. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Numerator: Net income $ 33,603 $ 26,890 $ 108,624 $ 83,744 Series A Preferred Stock Dividends — (3,600) (1,200) (10,800) Redemption premium on Series A Preferred Stock — — (75,198) — Numerator for basic earnings per share $ 33,603 $ 23,290 $ 32,226 $ 72,944 Series A Preferred Stock Dividends — 3,600 — 10,800 Numerator for diluted earnings per share $ 33,603 $ 26,890 $ 32,226 $ 83,744 Denominator: Weighted average shares outstanding for basic earnings per share 29,879 25,077 28,819 25,024 Effect of dilutive securities: Employee and director stock awards 239 136 257 137 Series A Preferred Stock — 4,117 — 4,117 Denominator for diluted earnings per share 30,118 29,330 29,076 29,278 Basic earnings per common share $ 1.12 $ 0.93 $ 1.12 $ 2.91 Diluted earnings per common share $ 1.12 $ 0.92 $ 1.11 $ 2.86 For the three months ended November 30, 2024 and 2023, there were 34,824 and 120,819 shares, respectively, related to employee equity awards that were excluded from the computation of diluted earnings per share, as their effect would have been anti-dilutive. For the nine months ended November 30, 2024 and 2023, 56,088 and 126,356 shares, respectively, were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. For the nine months ended November 30, 2024, all shares related to the Series A Preferred Stock (1.0 million weighted average shares) were excluded from the computation of diluted earnings per share, as their effect would be anti-dilutive. These shares could be dilutive in future periods.

Disaggregated Sales

Disaggregated Sales	9 Months Ended
	Nov. 30, 2024
Revenues [Abstract]
Disaggregated Sales	4. Disaggregated Sales The following table presents disaggregated sales by customer industry (in thousands): Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Sales: Construction $ 233,653 $ 214,081 $ 695,344 $ 637,035 Industrial 37,551 35,489 114,318 118,273 Transportation 35,047 35,871 109,959 107,734 Consumer 29,464 29,384 94,633 99,537 Utilities 29,599 24,804 88,944 76,116 Other (1) 38,340 41,976 122,671 132,325 Total Sales $ 403,654 $ 381,605 $ 1,225,869 $ 1,171,020 (1) Other includes less significant markets, such as agriculture, recreation, petro-chem, AZZ Tubular products and sales from recycling. See also Note 6 for sales information by operating segment. Contract Assets and Liabilities The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets (unbilled receivables), and contract liabilities (customer advances and deposits) on the consolidated balance sheets. Our contract assets and contract liabilities are primarily related to the AZZ Precoat Metals segment. Customer billing can occur subsequent to revenue recognition, resulting in contract assets. In addition, we can receive advances from our customers, before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. The increases or decreases in contract assets and contract liabilities during the nine months ended November 30, 2024 were primarily due to normal timing differences between AZZ's performance and customer payments. As of November 30, 2024 and February 29, 2024, the balance for contract assets was $99.2 million and $79.3 million, respectively, primarily related to the AZZ Precoat Metals segment. The increase was primarily due to the timing differences noted above, as well as the increase in the volume of coil coated for the nine months ended November 30, 2024. Contract liabilities of $0.7 million and $1.0 million as of November 30, 2024 and February 29, 2024, respectively, are included in "Other accrued liabilities" in the consolidated balance sheets. As of November 30, 2023 and February 28, 2023, the balance for contract assets was $75.7 million and $79.3 million, respectively, primarily related to the AZZ Precoat Metals segment. Contract liabilities were $1.0 million and $1.3 million as of November 30, 2023 and February 28, 2023, respectively.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Nov. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	5. Supplemental Cash Flow Information To arrive at net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in thousands): Nine Months Ended November 30, 2024 2023 Decrease (increase) in current assets: Accounts receivable, net $ 2,297 $ 13,922 Other receivables (12,966) (4,033) Inventories 2,775 17,191 Contract assets (19,833) 1,136 Prepaid expenses and other (2,910) (1,304) Increase (decrease) in current liabilities: Accounts payable 13,632 8,654 Income taxes payable 2,551 (227) Accrued expenses 17,363 3,480 Changes in current assets and current liabilities $ 2,909 $ 38,819 Cash flows related to interest and income taxes were as follows (in thousands): Nine Months Ended November 30, 2024 2023 Cash paid for interest $ 59,258 $ 74,993 Cash paid for income taxes 22,277 17,683 Supplemental disclosures of non-cash investing and financing activities were as follows (in thousands): Nine Months Ended November 30, 2024 2023 Accrued dividends on Series A Preferred Stock $ — $ 2,400 Accruals for capital expenditures 5,137 4,768

Operating Segments

Operating Segments	9 Months Ended
	Nov. 30, 2024
Segment Reporting [Abstract]
Operating Segments	6. Operating Segments Segment Information Our Chief Executive Officer, who is the chief operating decision maker ("CODM"), reviews financial information presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. Sales and operating income are the primary measures used by the CODM to evaluate segment operating performance and to allocate resources to the AZZ Metal Coatings and the AZZ Precoat Metals segments, and net income is the primary measure used by the CODM to evaluate performance and allocate resources to the AZZ Infrastructure Solutions segment. Expenses related to certain centralized administration or executive functions that are not specifically related to an operating segment are included in Corporate. A summary of each of our operating segments is as follows: AZZ Metal Coatings — provides hot-dip galvanizing, spin galvanizing, powder coating, anodizing and plating, and other metal coating applications to the steel fabrication industry and other industries through facilities located throughout North America. Hot-dip galvanizing is a metallurgical manufacturing process in which molten zinc reacts with steel, which provides corrosion protection and extends the lifecycle of fabricated steel for several decades. AZZ Precoat Metals — provides coil coating application of protective and decorative coatings and related value-added downstream processing for steel and aluminum coils. Primarily serving the construction, appliance, heating, ventilation, and air conditioning (HVAC), container, transportation, and other end markets, the coil coating process emphasizes sustainability and enhanced product lifecycles. It involves cleaning, treating, painting, and curing metal coils as a flat material before they are cut, formed, and fabricated into finished products. This highly efficient method optimizes waste through tight film control and improves final product performance by painting and curing the substrates under conditions unmatched by other application processes. AZZ Infrastructure Solutions — consists of the equity in earnings of our 40% investment in the AVAIL JV, as well as other expenses directly related to AIS receivables and liabilities that were retained following the divestiture of the AIS business. The AVAIL JV is a global provider of application-critical equipment, highly engineered technologies, and specialized services to the power generation, transmission, distribution, oil and gas, and industrial markets. The following tables contain operating segment data for the three and nine months ended November 30, 2024 and 2023 by segment, for the Company's corporate operations and on a consolidated basis (in thousands): Three Months Ended November 30, 2024 Metal Coatings Precoat Metals Infrastructure Solutions (1) Corporate (2) Total Sales $ 168,599 $ 235,055 $ — $ — $ 403,654 Cost of sales 116,542 189,334 — — 305,876 Gross margin 52,057 45,721 — — 97,778 Selling, general and administrative 5,684 8,641 29 24,889 39,243 Operating income (loss) 46,373 37,080 (29) (24,889) 58,535 Interest expense — — — (19,223) (19,223) Equity in earnings of unconsolidated subsidiaries — — 7,168 — 7,168 Other income (expense) 116 — — (879) (763) Income (loss) before income tax $ 46,489 $ 37,080 $ 7,139 (44,991) 45,717 Income tax expense 12,114 12,114 Net income (loss) $ (57,105) $ 33,603 See notes below tables. Nine Months Ended November 30, 2024 Metal Coatings Precoat Metals Infrastructure Solutions (1) Corporate (2) Total Sales $ 516,750 $ 709,119 $ — $ — $ 1,225,869 Cost of sales 357,471 564,436 — — 921,907 Gross margin 159,279 144,683 — — 303,962 Selling, general and administrative 17,286 24,980 67 65,699 108,032 Operating income (loss) 141,993 119,703 (67) (65,699) 195,930 Interest expense — — — (63,906) (63,906) Equity in earnings of unconsolidated subsidiaries — — 12,470 — 12,470 Other income (expense) 165 — — (307) (142) Income (loss) before income tax $ 142,158 $ 119,703 $ 12,403 (129,912) 144,352 Income tax expense 35,728 35,728 Net income (loss) $ (165,640) $ 108,624 See notes below tables. Three Months Ended November 30, 2023 Metal Coatings Precoat Metals Infrastructure Solutions (1) Corporate (2) Total Sales $ 163,186 $ 218,419 $ — $ — $ 381,605 Cost of sales 115,952 177,504 — — 293,456 Gross margin 47,234 40,915 — — 88,149 Selling, general and administrative 9,392 8,163 290 17,480 35,325 Operating income (loss) 37,842 32,752 (290) (17,480) 52,824 Interest expense — — — (25,855) (25,855) Equity in earnings of unconsolidated subsidiaries — — 8,742 — 8,742 Other expense (29) — — (12) (41) Income (loss) before income tax $ 37,813 $ 32,752 $ 8,452 (43,347) 35,670 Income tax expense 8,780 8,780 Net income (loss) $ (52,127) $ 26,890 See notes below tables. Nine Months Ended November 30, 2023 Metal Coatings Precoat Metals Infrastructure Solutions (1) Corporate (2) Total Sales $ 501,816 $ 669,204 $ — $ — $ 1,171,020 Cost of sales 353,280 535,326 — — 888,606 Gross margin 148,536 133,878 — — 282,414 Selling, general and administrative 20,143 24,429 6,244 52,271 103,087 Operating income (loss) 128,393 109,449 (6,244) (52,271) 179,327 Interest expense — — — (82,331) (82,331) Equity in earnings of unconsolidated subsidiaries — — 11,136 — 11,136 Other income (expense) (40) — — 49 9 Income (loss) before income tax $ 128,353 $ 109,449 $ 4,892 (134,553) 108,141 Income tax expense 24,397 24,397 Net income (loss) $ (158,950) $ 83,744 (1) Infrastructure Solutions segment includes the equity in earnings from our investment in the AVAIL JV, as well as other expenses related to receivables and liabilities that were retained following the sale of the AIS business. (2) Interest expense and Income tax expense are included in the Corporate segment as these items are not allocated to the segments. Asset balances by operating segment for each period were as follows (in thousands): As of November 30, 2024 February 29, 2024 Assets: Metal Coatings $ 551,379 $ 553,505 Precoat Metals 1,559,262 1,500,122 Infrastructure Solutions - Investment in Joint Venture 102,121 98,169 Corporate 31,788 43,709 Total assets $ 2,244,550 $ 2,195,505 Financial Information About Geographical Areas Financial information about geographical areas for the periods presented was as follows (in thousands). The geographic area is based on the location of the operating facility and no customer accounted for 10% or more of consolidated sales. Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Sales: United States $ 392,503 $ 370,485 $ 1,194,212 $ 1,140,344 Canada 11,151 11,120 31,657 30,676 Total $ 403,654 $ 381,605 $ 1,225,869 $ 1,171,020 As of November 30, 2024 February 29, 2024 Property, plant and equipment, net: United States $ 561,326 $ 522,693 Canada 18,852 18,959 Total $ 580,178 $ 541,652

Investments in Unconsolidated E

Investments in Unconsolidated Entity	9 Months Ended
	Nov. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entity	7. Investments in Unconsolidated Entity AVAIL JV We account for our 40% interest in the AVAIL JV under the equity method of accounting and include our equity in earnings as part of the AZZ Infrastructure Solutions segment. We record our equity in earnings in the AVAIL JV on a one-month lag, and we recorded $12.5 million in equity in earnings for the nine months ended November 30, 2024. As of November 30, 2024, our investment in the AVAIL JV was $102.1 million, which includes an excess of $10.2 million over the underlying value of the net assets of the AVAIL JV. The excess is accounted for as equity method goodwill. Summarized Balance Sheet As of November 30, 2024 (1) Current assets $ 321,035 Long-term assets 180,001 Total assets $ 501,036 Current liabilities 166,201 Long-term liabilities 123,173 Total liabilities $ 289,374 Total partners' capital 211,662 Total liabilities and partners' capital $ 501,036 Summarized Operating Data Three Months Ended Nine Months Ended November 30, 2024 (1) November 30, 2024 (1) Sales $ 150,998 $ 400,298 Gross profit 42,842 101,928 Net income 21,015 32,036 (1) We report our equity in earnings on a one-month lag basis; therefore, amounts in the summarized financials above are as of and for the three and nine months ended October 31, 2024. Amounts in the table above exclude certain adjustments made by us to record equity in earnings of the AVAIL JV under U.S GAAP for public companies, primarily to reverse the amortization of goodwill.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Nov. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	8. Derivative Instruments Interest Rate Swap Derivative As a policy, we do not hold, issue or trade derivative instruments for speculative purposes. We periodically enter into forward sale contracts to purchase a specified volume of zinc and natural gas at fixed prices. These contracts are not accounted for as derivatives because they meet the criteria for the normal purchases and normal sales scope exception in Accounting Standards Codification ("ASC") 815, Derivatives and Hedging . We manage our exposure to fluctuations in interest rates on our floating-rate debt by entering into interest rate swap agreements to convert a portion of our variable-rate debt to a fixed rate. On September 27, 2022, we entered into a fixed-rate interest rate swap agreement, which was subsequently amended on October 7, 2022 (the "2022 Swap"), with banks that are parties to the 2022 Credit Agreement, to change the SOFR-based component of the interest rate. The 2022 Swap converts the SOFR portion to 4.277%. On September 24, 2024, we repriced our Term Loan B to SOFR plus 2.50%, resulting in a total fixed rate of 6.777%. Th e 2022 Swap had an initial notional amount of $550.0 million and a maturity date of September 30, 2025. The notional amount of the interest rate swap decreases by a pro-rata portion of any quarterly principal payments made on the Term Loan B, and the current notional amount is $537.6 million as of November 30, 2024. The objective of the 2022 Swap is to eliminate the variability of cash flows in interest payments attributable to changes in benchmark one-month SOFR interest rates, for a portion of our variable-rate debt. The hedged risk is the interest rate risk exposure to changes in interest payments, attributable to changes in benchmark one-month SOFR interest rates over the interest rate swap term. The changes in cash flows of the 2022 Swap exactly offset changes in cash flows of the variable-rate debt. We designated the 2022 Swap as a cash flow hedge at inception. Cash payments or receipts to settle the 2022 Swap are recognized in interest expense. At November 30, 2024, changes in fair value attributable to the effective portion of the 2022 Swap were included on the condensed consolidated balance sheets in "Accumulated other comprehensive income." For derivative instruments that qualify for hedge accounting treatment, the fair value is recognized on our condensed consolidated balance sheets as derivative assets or liabilities with offsetting changes in fair value, to the extent effective, recognized in accumulated other comprehensive income until reclassified into earnings when the interest expense on the underlying debt is reflected in earnings. The portion of a cash flow hedge that does not offset the change in the fair value of the transaction being hedged, which is commonly referred to as the ineffective portion, is immediately recognized in earnings. During the nine months ended November 30, 2024, we reclassified $3.8 million before income tax, or $2.9 million net of tax, from other comprehensive income to earnings.

Debt

Debt	9 Months Ended
	Nov. 30, 2024
Debt Disclosure [Abstract]
Debt	9. Debt Our long-term debt instruments and balances outstanding for each of the periods presented (in thousands): As of November 30, 2024 February 29, 2024 Revolving Credit Facility $ 40,000 $ 30,000 Term Loan B 890,250 980,250 Total debt, gross 930,250 1,010,250 Unamortized debt issuance costs (50,702) (57,508) Long-term debt, net $ 879,548 $ 952,742 2022 Credit Agreement and Term Loan B We have a credit agreement with a syndicate of financial institutions that was entered into on May 13, 2022, and was subsequently amended on August 17, 2023, December 20, 2023, March 20, 2024 and September 24, 2024 (collectively referred to herein as the "2022 Credit Agreement"). The 2022 Credit Agreement includes the following significant terms: i. provides for a senior secured initial term loan in the aggregate principal amount of $1.3 billion (the "Term Loan B"), due May 13, 2029, which is secured by substantially all of the assets of the Company; as of November 30, 2024, the outstanding balance of the Term Loan B was $890.3 million; ii. provides for a maximum senior secured Revolving Credit Facility in the aggregate principal amount of $400.0 million (the "Revolving Credit Facility"), which matures on May 13, 2027; iii. includes a letter of credit sub-facility of up to $100.0 million, which is part of, and not in addition to, the Revolving Credit Facility; iv. borrowings under the Term Loan B bear an interest rate of Secured Overnight Financing Rate ("SOFR") plus 2.50% (following the repricings on March 20, 2024 and September 24, 2024 as described below) and the Revolving Credit Facility bears a leverage-based rate with various tiers between 2.75% and 3.50%; as of November 30, 2024, the interest rate was SOFR plus 2.75%; v. includes customary affirmative and negative covenants, and events of default; including restrictions on the incurrence of non-ordinary course debt, investment and dividends, subject to various exceptions; and, vi. includes a maximum quarterly leverage ratio financial covenant, with reporting requirements to our banking group at each quarter-end. On March 20, 2024, we entered the term loan market and repriced our existing Term Loan B. The repricing reduced the Term Loan B spread from a rate of SOFR plus 3.75% to SOFR plus 3.25%. On September 24, 2024, we completed our third repricing of the Term Loan B. The repricing reduced the margin from SOFR plus 3.25% to SOFR plus 2.50%, for a total reduction of 75 basis points. We primarily utilize proceeds from the Revolving Credit Facility to finance working capital needs, capital improvements, quarterly cash dividends, acquisitions and other general corporate purposes. As defined in the 2022 Credit Agreement, quarterly prepayments were due against the outstanding principal of the Term Loan B and were payable on the last business day of each May, August, November and February, beginning August 31, 2022, in a quarterly aggregate principal amount of $3.25 million, with the entire remaining principal amount due on May 13, 2029, the maturity date. Additional prepayments made against the Term Loan B contribute to these required quarterly payments. Due to prepayments made against the Term Loan B since August 31, 2022, the quarterly mandatory principal payment requirement has been met, and the quarterly payments of $3.25 million are no longer required. The weighted average interest rate for our outstanding debt, including the Revolving Credit Facility and the Term Loan B, was 7.77% and 8.54% for the nine months ended November 30, 2024 and 2023, respectively. Debt Compliance, Outstanding Borrowings and Letters of Credit Our 2022 Credit Agreement requires us to maintain a maximum Total Net Leverage Ratio (as defined in the loan agreement) no greater than 4.5. As of November 30, 2024, we were in compliance with all covenants and other requirements set forth in the 2022 Credit Agreement. As of November 30, 2024, we had $930.3 million of debt outstanding on the Revolving Credit Facility and the Term Loan B, with varying maturities through fiscal 2029. We had approximately $345.7 million of additional credit available as of November 30, 2024. As of November 30, 2024, we had total outstanding letters of credit in the amount of $14.3 million. These letters of credit are most commonly issued in lieu of customer retention withholding payments covering warranty, performance periods and insurance collateral. Other Disclosures Interest expense is comprised as follows (in thousands): Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Gross Interest expense $ 21,136 $ 26,633 $ 68,963 $ 83,893 Less: Capitalized interest (1,913) (778) (5,057) (1,562) Interest expense, net $ 19,223 $ 25,855 $ 63,906 $ 82,331 Capitalized interest for the three and nine months ended November 30, 2024 and 2023 relates to interest cost on the construction of the greenfield aluminum coil coating facility in Washington, Missouri. The increase for the nine months ended November 30, 2024 compared to the prior year period was due to the higher average construction work in process.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Nov. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	10. Fair Value Measurements Recurring Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. In accordance with ASC 820, Fair Value Measurement ("ASC 820"), certain of our assets and liabilities, which are carried at fair value, are classified in one of the following three categories: • Level 1: Quoted market prices in active markets for identical assets or liabilities; • Level 2: Observable market-based inputs, other than Level 1, or unobservable inputs corroborated by market data; or, • Level 3: Unobservable inputs that are not corroborated by market data and reflect the Company’s own assumptions. The carrying amount of our financial instruments (cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities) approximates the fair value of these instruments based upon either their short-term nature or their variable market rate of interest. We have not made an option to elect fair value accounting for any of our financial instruments. Interest Rate Swap Agreement Our derivative instrument consists of the 2022 Swap, which is considered a Level 2 of the fair value hierarchy and included in "Other long-term liabilities" in the condensed consolidated balance sheets as of November 30, 2024 and in "Other assets" as of February 29, 2024. The valuation of the 2022 Swap is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including swap rates, spread and/or index levels and interest rate curves. See Note 8 for more information about the 2022 Swap. Our financial instruments that are measured at fair value on a recurring basis as of November 30, 2024 and February 29, 2024 are as follows (dollars in thousands): Fair Value Measurements Using Fair Value Measurements Using Carrying Carrying November 30, 2024 Level 1 Level 2 Level 3 February 29, 2024 Level 1 Level 2 Level 3 Assets: Interest Rate Swap Agreement (1) $ — $ — $ — $ — $ 3,410 $ — $ 3,410 $ — Total Assets $ — $ 3,410 Liabilities: Interest Rate Swap Agreement (1) 195 — 195 — — — — — Total Liabilities $ 195 $ — (1) The fair value of the Company's interest rate swap agreement was an asset at February 29, 2024 and a liability at November 30, 2024. Non-recurring Fair Value Measurements Investment in Joint Venture The fair value of our investment in the unconsolidated AVAIL JV was determined using the income approach at the date on which we entered into the joint venture. The income approach uses discounted cash flow models that require various observable and non-observable inputs, such as operating margins, revenues, product costs, operating expenses, capital expenditures, terminal-year values and risk-adjusted discount rates. These valuations resulted in Level 3 non-recurring fair value measurements. We assess our investment in the unconsolidated AVAIL JV for recoverability when events and circumstances are present that suggest there has been a decline in value, and if it is determined that a loss in value of the investment is other than temporary, the investment is written down to its fair value. Long-Term Debt The fair values of our long-term debt instruments are estimated based on market values for debt issued with similar characteristics or rates currently available for debt with similar terms. These valuations are Level 2 non-recurring fair value measurements. The principal amount of our outstanding debt was $930.3 million and $1,010.3 million at November 30, 2024 and February 29, 2024, respectively. The estimated fair value of our outstanding debt was $934.9 million and $1,010.3 million at November 30, 2024 and February 29, 2024, excluding unamortized debt issuance costs. The estimated fair values of our outstanding debt were determined based on the present value of future cash flows using model-derived valuations that use observable inputs such as interest rates and credit spreads.

Leases

Leases	9 Months Ended
	Nov. 30, 2024
Leases [Abstract]
Leases	11. Leases We are a lessee under various leases for facilities and equipment. As of November 30, 2024, we were the lessee for 152 operating leases and 58 finance leases with terms of 12 months or more. These leases are reflected in "Right-of-use assets," "Lease liability - short-term" and "Lease liability - long-term" in our consolidated balance sheets. Our leases are primarily for (i) operating facilities, (ii) vehicles and equipment used in operations, (iii) facilities used for back-office functions, (iv) equipment used for back-office functions, and (v) temporary storage. The majority of our vehicle and equipment leases have both a fixed and variable component. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets and we recognize lease expense for these leases on a straight-line basis over the lease term. We have a significant number of short-term leases, including month-to-month agreements. Our short-term lease agreements include expenses incurred hourly, daily, monthly and for other durations of time of one year or less. Our future lease commitments as of November 30, 2024 do not reflect all of our short-term lease commitments. The following table outlines the classification of right-of-use ("ROU") asset and lease liabilities in the consolidated balance sheets as of November 30, 2024 and February 29, 2024 (in thousands): Balance Sheet Classification As of November 30, 2024 February 29, 2024 Assets Operating right-of-use assets Right-of-use assets $ 20,924 $ 19,808 Finance right-of-use assets Right-of-use assets 4,964 3,931 Liabilities Operating lease liabilities ― short-term Lease liability - short-term $ 6,377 $ 5,893 Operating lease liabilities ― long-term Lease liability - long-term 15,202 14,606 Finance lease liabilities ― short-term Lease liability - short-term 1,057 766 Finance lease liabilities ― long-term Lease liability - long-term 4,053 3,221 Supplemental information related to our leases was as follows (in thousands, except years and percentages): Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Operating cash flows from operating leases included in lease liabilities $ 1,867 $ 1,811 $ 5,426 $ 5,471 Lease liabilities obtained from new ROU assets - operating 5,345 60 5,979 1,942 Decrease in ROU assets related to lease terminations — — — (1,294) Operating cash flows from finance leases included in lease liabilities 86 24 237 61 Financing cash flows from finance leases included in lease liabilities 257 106 689 269 Lease liabilities obtained from new ROU assets - finance leases 394 173 1,813 773 As of November 30, 2024 February 29, 2024 Weighted-average remaining lease term - operating leases 3.96 years 4.12 years Weighted-average discount rate - operating leases 4.98 % 4.49 % Weighted-average remaining lease term - finance leases 4.64 years 5.21 years Weighted-average discount rate - finance leases 7.04 % 6.70 % The following table outlines the classification of lease expense related to operating and finance leases in the statements of operations (in thousands): Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Operating lease expense: Cost of sales $ 3,365 $ 2,882 $ 9,395 $ 8,942 Selling, general and administrative 481 495 1,458 1,500 Total operating lease expense 3,846 3,377 $ 10,853 $ 10,442 Financing lease expense: Cost of sales 288 115 779 292 Interest expense 86 24 237 61 Total financing lease expense 374 139 1,016 353 Total lease expense $ 4,220 $ 3,516 $ 11,869 $ 10,795 As of November 30, 2024, maturities of our lease liabilities were as follows (in thousands): Fiscal year: Operating Leases Finance Leases Total 2025 $ 1,897 $ 353 $ 2,250 2026 7,126 1,355 8,481 2027 5,813 1,316 7,129 2028 3,752 1,229 4,981 2029 3,117 1,009 4,126 2030 1,203 556 1,759 Thereafter 903 170 1,073 Total lease payments $ 23,811 $ 5,988 $ 29,799 Less imputed interest (2,232) (878) (3,110) Total $ 21,579 $ 5,110 $ 26,689 We sublease multiple buildings in Columbia, South Carolina to multiple subtenants. The Columbia sublease agreements are by and between AZZ Precoat Metals and multiple subtenants. Sublease income is recognized over the term of the sublease on a straight-line basis and is reported in the consolidated statement of operations as a reduction to "Cost of sales." Sublease income for the three and nine months ended November 30, 2024 and 2023 was as follows (in thousands): Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Sublease income $ 266 $ 271 $ 789 $ 758

Income Taxes

Income Taxes	9 Months Ended
	Nov. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The provision for income taxes reflects an effective tax rate of 26.5% for the three months ended November 30, 2024, compared to 24.6% for the three months ended November 30, 2023. The increase in the effective tax rate is primarily attributable to higher non-deductible items such as compensation limited by IRC Sec. 162(m) and higher state income tax expense, net of federal benefit. The increase is also attributable to lower R&D tax credits related to our 40% investment in the AVAIL JV. The provision for income taxes reflects an effective tax rate of 24.8% for the nine months ended November 30, 2024 compared to 22.6% for the prior year comparable period. The increase in the effective tax rate is primarily attributable to favorable adjustments for the prior year nine-month period related to uncertain tax positions, partially offset by higher discrete items driven by tax deductions for stock compensation in fiscal year 2025. The increase is also attributable to the increase in state tax expense, net of federal benefit.

Mezzanine Equity

Mezzanine Equity	9 Months Ended
	Nov. 30, 2024
Equity [Abstract]
Mezzanine Equity	13. Mezzanine Equity Series A Convertible Preferred Stock On May 9, 2024, we fully redeemed our 240,000 shares of 6.0% Series A Convertible Preferred Stock ("Series A Preferred Stock") for $308.9 million. The payment was calculated as the face value of the Series A Preferred Stock of $240.0 million, multiplied by the Return Factor (as defined below) of 1.4, less dividends paid to date of $27.1 million. The redemption premium of $75.2 million, which was calculated as the difference between the redemption amount and the book value of $233.7 million, was recorded as a deemed dividend, and reduces net income available to common shareholders. The Series A Preferred Stock was redeemed using proceeds from the April 2024 Secondary Public Offering. See Note 14. On August 5, 2022, we exchanged our $240.0 million 6.00% convertible subordinated notes which were due June 30, 2030, for 240,000 shares of 6.0% Series A Preferred Stock, following the receipt of shareholder approval for the issuance of Series A Preferred Stock. The Series A Preferred Stock had a $1.00 par value per share, and ranked senior to the common stock of the Company, including with respect to both income and capital, but junior to our indebtedness. The Series A Preferred Stock is classified as "Mezzanine equity" in the consolidated balance sheets and, as noted above, was fully redeemed on May 9, 2024. Liquidation Preference If we undergo a change of control, bankruptcy, insolvency, liquidation or de-listing of AZZ’s common stock (a "Fundamental Change Event"), holders of Series A Preferred Stock may have elected to (i) receive the as-converted value of AZZ’s common stock at the then-current Conversion Price, (ii) require us to redeem the Series A Preferred Stock in cash for the Redemption Amount (as defined below) or (iii) retain their shares of Series A Preferred Stock if the Fundamental Change Event is a non-cash change of control. The Series A Preferred Stock had a liquidation preference, as defined by U.S. GAAP, equal to the Redemption Amount. Under U.S. GAAP, the liquidation preference is defined as the amount that would be required to be paid to the shareholders upon liquidation or dissolution of the Company. As of February 29, 2024, the holders of the shares of Series A Preferred Stock were entitled to a liquidation preference of approximately $312.5 million in the event of any liquidation, dissolution or winding up of the Company as of such year end. The Certificate of Designation for the Series A Preferred Stock defines "liquidation preference" as $1,000 per share plus any unpaid dividends, which we refer to herein as the "Series A Base Amount." Dividends The Series A Preferred Stock accumulated a 6.0% dividend per annum, or $15.00 per share per quarter. Dividends were payable in cash or in kind, by accreting and increasing the Series A Base Amount (“PIK Dividends”). Dividends were payable on the sum of (i) the aggregate liquidation preference amount of $240.0 million plus (ii) any PIK Dividends. Dividends were accrued daily and paid quarterly in arrears, on March 31, June 30, September 30 and December 31 of each year. Following the calendar quarter ending June 30, 2027, we were not able to elect PIK Dividends and dividends on the Series A Preferred Stock were required to be paid in cash. All dividends were paid in cash through November 30, 2024. The dividend would have increased annually by one percentage point, beginning with the dividend payable for the calendar quarter ending September 30, 2028. Dividends declared and paid for the nine months ended November 30, 2024 and November 30, 2023 were $3.6 million and $10.8 million, respectively. Conversion Features Subject to a minimum conversion threshold of 1,000 shares of Series A Preferred Stock per conversion and customary anti-dilution and dividend adjustments, the Series A Preferred Stock was convertible by the holder at any time into shares of AZZ's common stock for $58.30 per common share (the “Conversion Price”). In addition, after May 13, 2024, we were entitled to provide holders of Series A Preferred Stock with notice of a mandatory conversion of a portion of the Series A Preferred Stock (which may not have exceeded 25% of the amount of Series A Preferred Stock issued in any single quarter) at the Conversion Price if the closing price of our common stock exceeded 185% of the Conversion Price for 20 consecutive trading days prior to the date of such notice and so long as the shelf registration statement filed November 4, 2022 to cover resales of the converted common stock remained effective and available for use. Participation Rights Holders of Series A Preferred Stock participated equally and ratably with the holders of AZZ's common stock in any dividends paid on AZZ’s common stock in excess of our current $0.17 quarterly dividend when, as and if declared by the Board as if such shares of Series A Preferred Stock had been converted to shares of common stock immediately prior to the record date for the payment of such dividend. Redemption Features AZZ had the right to redeem the Series A Preferred Stock at a price equal to the greater of (i) the Series A Base Amount plus accrued but unpaid dividends; (ii) the initial Series A Base Amount (excluding any prior PIK dividends) multiplied by the Return Factor less all dividends paid through the redemption date; or (iii) the amount the holder of such share of convertible preferred stock would have received had such holder, immediately prior to such redemption date, converted such shares of convertible preferred stock into common shares (such greater amount, the "Redemption Amount"). The redemption price under option (ii) contained a "Return Factor," which was equal to 1.4 until May 13, 2024 and, (a) in each of the three years thereafter, would have increased by 0.15, (b) would have increased by an additional 0.15 after May 13, 2024 (the second anniversary of the issuance date of the Series A Preferred Stock) if (i) our ratio of net debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”) (as defined in the 2022 Credit Agreement) on the second anniversary of the issuance date of the Series A Preferred Stock was greater than 3.5-to-1 and (ii) prior to May 13, 2024,we had not consummated dispositions of assets that, in the aggregate, resulted in proceeds in excess of $200.0 million and (c) would have increased by an additional 0.20 on May 13, 2028, (the sixth anniversary of the issuance date of the Series A Preferred Stock) and each anniversary thereafter. The redemption price under option (iii) was subject to provisions of the Certificate of Designation that limited our right to redeem to the period following the two year anniversary of the initial issuance, limited the quarterly conversion to up to 25% of the number of shares of convertible preferred stock outstanding, and required our market price per share of common stock to exceed 185% of the conversion price. As of February 29, 2024, the Redemption Amount for the Series A Preferred stock was $312.5 million. Voting Rights Holders of Series A Preferred Stock were entitled to a number of votes on all matters presented to holders of voting capital stock of AZZ equal to the number of shares of the AZZ’s common stock then issuable upon conversion of such holders’ Series A Preferred Stock. The vote or consent of the holders of at least a majority of the outstanding shares of Series A Preferred Stock would have been required for certain actions, including: a. issuances by AZZ of equity securities that are senior to, or equal in priority with, the Series A Preferred Stock, including any additional shares of Series A Preferred Stock; b. incurrence of any additional indebtedness (including refinancings of existing indebtedness) by the Company unless our ratio of net debt to EBITDA (as defined in the 2022 Credit Agreement) does not exceed 5.5x; c. refinancings of the 2022 Credit Agreement, subject to certain exceptions; d. dividends or distributions upon, or redemptions of, shares of AZZ’s common stock unless our ratio of net debt to EBITDA (as defined in the 2022 Credit Agreement) does not exceed 5.5x; e. any acquisition, investment, sale, disposition or similar transaction (whether of an entity, business, equity interests or assets) that has total consideration (including assumption of liabilities) of at least $250.0 million (or, when our market capitalization is $2.0 billion or greater, has total consideration (including assumption of liabilities) of at least $500.0 million); f. amendments to our organizational documents that would have an adverse effect on the holders of Series A Preferred Stock; g. any affiliate transaction except those on arms’-length terms; and h. any voluntary dissolution, liquidation, bankruptcy, winding up or deregistration or delisting of AZZ’s common stock. The holders of Series A Preferred Stock also had customary information and preemptive rights, and the Series A Preferred Stock was subject to customary anti-dilution provisions. The Series A Preferred Stock, and all shares of common stock issuable upon conversion of the Series A Preferred Stock, had customary demand and piggyback registration rights pursuant to the registration rights agreement, which was entered into on May 13, 2022 with BTO Pegasus Holdings DE L.P., a Delaware limited partnership (together with its assignees, "Blackstone"). Holders of Series A Preferred Stock were prohibited from transferring shares of Series A Preferred Stock to any competitor of AZZ or activist investors, subject to certain exceptions. 14. Equity April 2024 Secondary Public Offering On April 30, 2024, we completed a secondary public offering in which we sold 4.6 million shares of our common stock at $70.00 per share (the "April 2024 Secondary Public Offering"). We received gross proceeds of $322.0 million, and paid offering expenses of $13.3 million, for net proceeds of $308.7 million. The proceeds from the April 2024 Offering were used to redeem the Series A Preferred Stock. See Note 13. Accumulated Other Comprehensive Income The components of accumulated other comprehensive income (loss) ("AOCI"), after tax, for the three and nine months ended November 30, 2024 and 2023 consisted of the following (in thousands): Three Months Ended November 30, 2024 Foreign Currency Translation Gain (Loss) Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net Actuarial Gain (Loss), Net of Tax Interest Rate Swap, Net of Tax Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary Total Balance as of beginning of period $ (7,189) $ 887 $ (184) $ (523) $ 114 $ (6,895) Other comprehensive income before reclassification (1,943) (730) — 1,037 (188) (1,824) Amounts reclassified from AOCI — — — (663) — (663) Net change in AOCI (1,943) (730) — 374 (188) (2,487) Balance as of end of period $ (9,132) $ 157 $ (184) $ (149) $ (74) $ (9,382) Nine Months Ended November 30, 2024 Foreign Currency Translation Gain (Loss) Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net Actuarial Gain (Loss), Net of Tax Interest Rate Swap, Net of Tax Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary Total Balance as of beginning of period $ (7,628) $ 1,418 $ (184) $ 2,533 $ (33) $ (3,894) Other comprehensive income before reclassification (1,504) (1,261) — 194 (41) (2,612) Amounts reclassified from AOCI — — — (2,876) — (2,876) Net change in AOCI (1,504) (1,261) — (2,682) (41) (5,488) Balance as of end of period $ (9,132) $ 157 $ (184) $ (149) $ (74) $ (9,382) Three Months Ended November 30, 2023 Foreign Currency Translation Gain (Loss) Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net Actuarial Gain (Loss), Net of Tax Interest Rate Swap, Net of Tax Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary Total Balance as of beginning of period $ (7,534) $ (1,773) $ 119 $ 3,261 $ 113 $ (5,814) Other comprehensive income before reclassification (59) 3,088 — (22) (93) 2,914 Amounts reclassified from AOCI — — — (1,057) — (1,057) Net change in AOCI (59) 3,088 — (1,079) (93) 1,857 Balance as of end of period $ (7,593) $ 1,315 $ 119 $ 2,182 $ 20 $ (3,957) Nine Months Ended November 30, 2023 Foreign Currency Translation Gain (Loss) Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net Actuarial Gain (Loss), Net of Tax Interest Rate Swap, Net of Tax Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary Total Balance as of beginning of period $ (7,571) $ — $ 119 $ 2,879 $ — $ (4,573) Other comprehensive income before reclassification (22) 1,315 — 1,847 20 3,160 Amounts reclassified from AOCI — — — (2,544) — (2,544) Net change in AOCI (22) 1,315 — (697) 20 616 Balance as of end of period $ (7,593) $ 1,315 $ 119 $ 2,182 $ 20 $ (3,957)

Equity

Equity	9 Months Ended
	Nov. 30, 2024
Equity [Abstract]
Equity	13. Mezzanine Equity Series A Convertible Preferred Stock On May 9, 2024, we fully redeemed our 240,000 shares of 6.0% Series A Convertible Preferred Stock ("Series A Preferred Stock") for $308.9 million. The payment was calculated as the face value of the Series A Preferred Stock of $240.0 million, multiplied by the Return Factor (as defined below) of 1.4, less dividends paid to date of $27.1 million. The redemption premium of $75.2 million, which was calculated as the difference between the redemption amount and the book value of $233.7 million, was recorded as a deemed dividend, and reduces net income available to common shareholders. The Series A Preferred Stock was redeemed using proceeds from the April 2024 Secondary Public Offering. See Note 14. On August 5, 2022, we exchanged our $240.0 million 6.00% convertible subordinated notes which were due June 30, 2030, for 240,000 shares of 6.0% Series A Preferred Stock, following the receipt of shareholder approval for the issuance of Series A Preferred Stock. The Series A Preferred Stock had a $1.00 par value per share, and ranked senior to the common stock of the Company, including with respect to both income and capital, but junior to our indebtedness. The Series A Preferred Stock is classified as "Mezzanine equity" in the consolidated balance sheets and, as noted above, was fully redeemed on May 9, 2024. Liquidation Preference If we undergo a change of control, bankruptcy, insolvency, liquidation or de-listing of AZZ’s common stock (a "Fundamental Change Event"), holders of Series A Preferred Stock may have elected to (i) receive the as-converted value of AZZ’s common stock at the then-current Conversion Price, (ii) require us to redeem the Series A Preferred Stock in cash for the Redemption Amount (as defined below) or (iii) retain their shares of Series A Preferred Stock if the Fundamental Change Event is a non-cash change of control. The Series A Preferred Stock had a liquidation preference, as defined by U.S. GAAP, equal to the Redemption Amount. Under U.S. GAAP, the liquidation preference is defined as the amount that would be required to be paid to the shareholders upon liquidation or dissolution of the Company. As of February 29, 2024, the holders of the shares of Series A Preferred Stock were entitled to a liquidation preference of approximately $312.5 million in the event of any liquidation, dissolution or winding up of the Company as of such year end. The Certificate of Designation for the Series A Preferred Stock defines "liquidation preference" as $1,000 per share plus any unpaid dividends, which we refer to herein as the "Series A Base Amount." Dividends The Series A Preferred Stock accumulated a 6.0% dividend per annum, or $15.00 per share per quarter. Dividends were payable in cash or in kind, by accreting and increasing the Series A Base Amount (“PIK Dividends”). Dividends were payable on the sum of (i) the aggregate liquidation preference amount of $240.0 million plus (ii) any PIK Dividends. Dividends were accrued daily and paid quarterly in arrears, on March 31, June 30, September 30 and December 31 of each year. Following the calendar quarter ending June 30, 2027, we were not able to elect PIK Dividends and dividends on the Series A Preferred Stock were required to be paid in cash. All dividends were paid in cash through November 30, 2024. The dividend would have increased annually by one percentage point, beginning with the dividend payable for the calendar quarter ending September 30, 2028. Dividends declared and paid for the nine months ended November 30, 2024 and November 30, 2023 were $3.6 million and $10.8 million, respectively. Conversion Features Subject to a minimum conversion threshold of 1,000 shares of Series A Preferred Stock per conversion and customary anti-dilution and dividend adjustments, the Series A Preferred Stock was convertible by the holder at any time into shares of AZZ's common stock for $58.30 per common share (the “Conversion Price”). In addition, after May 13, 2024, we were entitled to provide holders of Series A Preferred Stock with notice of a mandatory conversion of a portion of the Series A Preferred Stock (which may not have exceeded 25% of the amount of Series A Preferred Stock issued in any single quarter) at the Conversion Price if the closing price of our common stock exceeded 185% of the Conversion Price for 20 consecutive trading days prior to the date of such notice and so long as the shelf registration statement filed November 4, 2022 to cover resales of the converted common stock remained effective and available for use. Participation Rights Holders of Series A Preferred Stock participated equally and ratably with the holders of AZZ's common stock in any dividends paid on AZZ’s common stock in excess of our current $0.17 quarterly dividend when, as and if declared by the Board as if such shares of Series A Preferred Stock had been converted to shares of common stock immediately prior to the record date for the payment of such dividend. Redemption Features AZZ had the right to redeem the Series A Preferred Stock at a price equal to the greater of (i) the Series A Base Amount plus accrued but unpaid dividends; (ii) the initial Series A Base Amount (excluding any prior PIK dividends) multiplied by the Return Factor less all dividends paid through the redemption date; or (iii) the amount the holder of such share of convertible preferred stock would have received had such holder, immediately prior to such redemption date, converted such shares of convertible preferred stock into common shares (such greater amount, the "Redemption Amount"). The redemption price under option (ii) contained a "Return Factor," which was equal to 1.4 until May 13, 2024 and, (a) in each of the three years thereafter, would have increased by 0.15, (b) would have increased by an additional 0.15 after May 13, 2024 (the second anniversary of the issuance date of the Series A Preferred Stock) if (i) our ratio of net debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”) (as defined in the 2022 Credit Agreement) on the second anniversary of the issuance date of the Series A Preferred Stock was greater than 3.5-to-1 and (ii) prior to May 13, 2024,we had not consummated dispositions of assets that, in the aggregate, resulted in proceeds in excess of $200.0 million and (c) would have increased by an additional 0.20 on May 13, 2028, (the sixth anniversary of the issuance date of the Series A Preferred Stock) and each anniversary thereafter. The redemption price under option (iii) was subject to provisions of the Certificate of Designation that limited our right to redeem to the period following the two year anniversary of the initial issuance, limited the quarterly conversion to up to 25% of the number of shares of convertible preferred stock outstanding, and required our market price per share of common stock to exceed 185% of the conversion price. As of February 29, 2024, the Redemption Amount for the Series A Preferred stock was $312.5 million. Voting Rights Holders of Series A Preferred Stock were entitled to a number of votes on all matters presented to holders of voting capital stock of AZZ equal to the number of shares of the AZZ’s common stock then issuable upon conversion of such holders’ Series A Preferred Stock. The vote or consent of the holders of at least a majority of the outstanding shares of Series A Preferred Stock would have been required for certain actions, including: a. issuances by AZZ of equity securities that are senior to, or equal in priority with, the Series A Preferred Stock, including any additional shares of Series A Preferred Stock; b. incurrence of any additional indebtedness (including refinancings of existing indebtedness) by the Company unless our ratio of net debt to EBITDA (as defined in the 2022 Credit Agreement) does not exceed 5.5x; c. refinancings of the 2022 Credit Agreement, subject to certain exceptions; d. dividends or distributions upon, or redemptions of, shares of AZZ’s common stock unless our ratio of net debt to EBITDA (as defined in the 2022 Credit Agreement) does not exceed 5.5x; e. any acquisition, investment, sale, disposition or similar transaction (whether of an entity, business, equity interests or assets) that has total consideration (including assumption of liabilities) of at least $250.0 million (or, when our market capitalization is $2.0 billion or greater, has total consideration (including assumption of liabilities) of at least $500.0 million); f. amendments to our organizational documents that would have an adverse effect on the holders of Series A Preferred Stock; g. any affiliate transaction except those on arms’-length terms; and h. any voluntary dissolution, liquidation, bankruptcy, winding up or deregistration or delisting of AZZ’s common stock. The holders of Series A Preferred Stock also had customary information and preemptive rights, and the Series A Preferred Stock was subject to customary anti-dilution provisions. The Series A Preferred Stock, and all shares of common stock issuable upon conversion of the Series A Preferred Stock, had customary demand and piggyback registration rights pursuant to the registration rights agreement, which was entered into on May 13, 2022 with BTO Pegasus Holdings DE L.P., a Delaware limited partnership (together with its assignees, "Blackstone"). Holders of Series A Preferred Stock were prohibited from transferring shares of Series A Preferred Stock to any competitor of AZZ or activist investors, subject to certain exceptions. 14. Equity April 2024 Secondary Public Offering On April 30, 2024, we completed a secondary public offering in which we sold 4.6 million shares of our common stock at $70.00 per share (the "April 2024 Secondary Public Offering"). We received gross proceeds of $322.0 million, and paid offering expenses of $13.3 million, for net proceeds of $308.7 million. The proceeds from the April 2024 Offering were used to redeem the Series A Preferred Stock. See Note 13. Accumulated Other Comprehensive Income The components of accumulated other comprehensive income (loss) ("AOCI"), after tax, for the three and nine months ended November 30, 2024 and 2023 consisted of the following (in thousands): Three Months Ended November 30, 2024 Foreign Currency Translation Gain (Loss) Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net Actuarial Gain (Loss), Net of Tax Interest Rate Swap, Net of Tax Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary Total Balance as of beginning of period $ (7,189) $ 887 $ (184) $ (523) $ 114 $ (6,895) Other comprehensive income before reclassification (1,943) (730) — 1,037 (188) (1,824) Amounts reclassified from AOCI — — — (663) — (663) Net change in AOCI (1,943) (730) — 374 (188) (2,487) Balance as of end of period $ (9,132) $ 157 $ (184) $ (149) $ (74) $ (9,382) Nine Months Ended November 30, 2024 Foreign Currency Translation Gain (Loss) Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net Actuarial Gain (Loss), Net of Tax Interest Rate Swap, Net of Tax Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary Total Balance as of beginning of period $ (7,628) $ 1,418 $ (184) $ 2,533 $ (33) $ (3,894) Other comprehensive income before reclassification (1,504) (1,261) — 194 (41) (2,612) Amounts reclassified from AOCI — — — (2,876) — (2,876) Net change in AOCI (1,504) (1,261) — (2,682) (41) (5,488) Balance as of end of period $ (9,132) $ 157 $ (184) $ (149) $ (74) $ (9,382) Three Months Ended November 30, 2023 Foreign Currency Translation Gain (Loss) Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net Actuarial Gain (Loss), Net of Tax Interest Rate Swap, Net of Tax Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary Total Balance as of beginning of period $ (7,534) $ (1,773) $ 119 $ 3,261 $ 113 $ (5,814) Other comprehensive income before reclassification (59) 3,088 — (22) (93) 2,914 Amounts reclassified from AOCI — — — (1,057) — (1,057) Net change in AOCI (59) 3,088 — (1,079) (93) 1,857 Balance as of end of period $ (7,593) $ 1,315 $ 119 $ 2,182 $ 20 $ (3,957) Nine Months Ended November 30, 2023 Foreign Currency Translation Gain (Loss) Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net Actuarial Gain (Loss), Net of Tax Interest Rate Swap, Net of Tax Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary Total Balance as of beginning of period $ (7,571) $ — $ 119 $ 2,879 $ — $ (4,573) Other comprehensive income before reclassification (22) 1,315 — 1,847 20 3,160 Amounts reclassified from AOCI — — — (2,544) — (2,544) Net change in AOCI (22) 1,315 — (697) 20 616 Balance as of end of period $ (7,593) $ 1,315 $ 119 $ 2,182 $ 20 $ (3,957)

Defined Benefit Pension Plan

Defined Benefit Pension Plan	9 Months Ended
	Nov. 30, 2024
Postemployment Benefits [Abstract]
Defined Benefit Pension Plan	15. Defined Benefit Pension Plan Pension and Employee Benefit Obligations In our Precoat Metals segment, certain current or past employees participate in a defined benefit pension plan (the "Plan"). Prior to the Precoat Acquisition, benefit accruals were frozen for all participants. After the freeze, participants no longer accrued benefits under the Plan, and new hires of AZZ Precoat Metals are not eligible to participate in the Plan. As of November 30, 2024, the Plan was underfunded, and we have a net pension obligation of $25.1 million, which is included in "Other long-term liabilities" in the consolidated balance sheets and represents the underfunded portion of the Plan. The components of net benefit cost other than the employer service cost are included in "Selling, general and administrative" expense. The following table outlines the net benefit cost and its components (in thousands): Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Interest cost $ 1,711 $ 1,759 $ 5,124 $ 5,276 Expected return on plan assets (1,491) (1,488) (4,465) (4,463) Net benefit cost $ 220 $ 271 $ 659 $ 813 We paid employer contributions of $6.7 million into the Plan during the nine months ended November 30, 2024. We expect to pay $1.3 million of contributions into the Plan during the remainder of fiscal 2025.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Nov. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies Legal The Company and its subsidiaries are named defendants and plaintiffs in various routine lawsuits incidental to our business. These proceedings include labor and employment claims, various commercial disputes, worker’s compensation and environmental matters, all arising in the normal course of business. As discovery progresses on all outstanding legal matters, the Company continuously evaluates opportunities to either mediate the cases or settle the disputes for nuisance value or the cost of litigation as a way to resolve the disputes prior to trial. As the pending cases progress through additional discovery and potential mediation, our assessment of the likelihood of a favorable or an unfavorable outcome on the pending lawsuits may change. Although the actual outcome of these lawsuits or other proceedings cannot be predicted with any certainty, and the amount of any potential liability that could arise with respect to such lawsuits or other matters cannot be predicted at this time, management, after consultation with legal counsel believes it has strong claims or defenses to all of its legal matters and does not expect liabilities, if any, from these claims or proceedings, either individually or in the aggregate, to have a material effect on the Company’s financial position, results of operations or cash flows. In 2017, Southeast Texas Industries, Inc. ("STI") filed a breach of contract lawsuit against the Company in the 1st District Court of Jasper County, Texas (the "Court"). In 2020, we filed a counter suit against STI for amounts due to AZZ for work performed. On October 16, 2023, the case went to trial, and on October 27, 2023, the jury rendered a verdict in favor of STI and against AZZ Beaumont in the amount of $5.5 million in damages for breach of contract and breach of express warranty. A final judgment amount was entered by the Court on February 14, 2024. We filed our Notice of Appeal on May 14, 2024, and purchased our supersedeas bond on May 23, 2024. We are still waiting on the trial transcript from the court reporter and the appellate process is tolled until the transcript is delivered to the parties. We believe we have strong grounds for an appeal, and will pursue all available appellate options. The appeal process is expected to take two years. As of November 30, 2024, we have recorded a legal accrual of $5.5 million, which is included in "Other accrued liabilities" on our consolidated balance sheets, reflecting our best estimate of the probable loss. Our estimate of the probable loss may change throughout the appellate process. Our supersedeas bond was purchased to cover the final judgment amount throughout the duration of the appellate process. A litigation matter between AZZ, as Plaintiff, and a previous customer of an affiliate of the AIS business, which was retained following the disposition of the AIS business, is scheduled to go to trial in January 2025. As of November 30, 2024, we have a receivable due from the Defendant, net of allowance, of $5.2 million, which is included in "Trade accounts receivable, net of allowance for credit losses" in the consolidated balance sheets. This receivable balance represents our best estimate of the amount we expect to collect, which may change depending upon the outcome of the trial. Prior to AZZ's acquisition of Precoat Metals on May 13, 2022, Precoat Metals sold its Armorel Arkansas facility to Nucor Coatings Corporation ("Nucor") via a purchase agreement dated October 27, 2020 ("2020 Agreement"). On December 14, 2022, Nucor subsequently filed a lawsuit against Precoat Metals for indemnification for breach of environmental representations and warranties made in the 2020 Agreement. In the lawsuit, Nucor asserted that it has sustained certain damages resulting from Precoat Metal’s breach of its indemnification obligations that were set forth in the 2020 Agreement. The parties attended a mediation on March 18, 2024, and although the Company believed Nucor’s case was deficient and it had very strong defenses to the allegations asserted by Nucor, management determined that it was still in the best interest of the Company to settle all matters for the estimated cost of defense in an effort to retain and fortify its current commercial relationships with Nucor, who is both a customer and supplier to the Company. The parties mutually agreed to resolve all disputed matters for $5.25 million. The $5.25 million settlement amount was included in "Other accrued liabilities" in the consolidated balance sheet as of February 29, 2024. The settlement amount was paid by the Company to Nucor on September 9, 2024. On July 29, 2024, Gainesville Associates, LLC ("Gainesville Associates") filed a complaint (the "Complaint") in the Circuit Court of Prince William County, Virginia against AZZ, Atlantic Research, LLC ("ARC"), Precoat Metals Corporation, and Chromalloy Corporation (collectively "Defendants"), asserting claims for breach of contract against ARC and unjust enrichment against all Defendants. The Complaint arose out of a lease, dated January 1, 1976, between Gainesville Associates as landlord and ARC as tenant (as subsequently amended in 1982, 2012, 2013 and 2017, the "Lease") for property in Gainesville, Virginia (the "Property"). ARC ceased using the property in 2005 after which point ARC remained in the Lease to complete its obligations on the property pursuant to a consent decree entered into between the U.S. Environmental Protection Agency ("EPA") and ARC in 1992. ARC satisfied its obligations under the consent decree in 2018 (other than ongoing well water monitoring and testing) and terminated the Lease in 2019. In its Complaint, Gainesville Associates alleged that ARC breached certain provisions of the Lease. On September 3, 2024, Defendants removed the action to the United States District Court of the Eastern District of Virginia. On September 24, 2024, Defendants filed a motion to dismiss the Complaint. On October 30, 2024, the claim was denied and the court ordered the parties to mediate. The parties attended the court ordered mediation on December 3, 2024, and although the Company believed the Gainesville Associates' case was deficient and it had very strong defenses to the allegations asserted by Gainesville Associates, management determined that it was still in the best financial interest of the Company to settle all matters for the estimated cost of defense. The parties mutually agreed to resolve all disputed matters for $6.0 million, of which our portion was $1.9 million. We have recognized $0.5 million of legal expenses and have accrued an additional $3.0 million related to this matter. The accrual consists of estimated legal expenses of $1.1 million, as well as the settlement amount of $1.9 million, and is included in "Other accrued liabilities" in the consolidated balance sheet as of November 30, 2024. The settlement payment is expected to be made during the fourth quarter of fiscal year 2025. Environmental As of November 30, 2024, t he reserve balance for our environmental liabilities was $19.6 million, of which $2.2 million is classified as current. Environmental remediation liabilities include costs directly associated with site investigation and site remediation, such as materials, external contractor costs, legal and consulting expenses and incremental internal costs directly related to ongoing remediation plans. Estimates used to record environmental remediation liabilities are based on the Company's best estimate of probable future costs based on site-specific facts and circumstances known at the time of these estimates and they are updated on a quarterly basis. Estimates of the cost for the potential or ongoing remediation plans are developed using internal resources and third-party environmental engineers and consultants. The Company accrues the anticipated cost of environmental remediation when the obligation is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. While any revisions to the Company's environmental remediation liabilities could potentially be material to the operating results of any fiscal quarter or fiscal year, the Company does not expect such additional remediation expenses to have an adverse material effect on its financial position, results of operations, or cash flows. Capital Commitments—Greenfield Aluminum Coil Coating Facility We are expanding our coatings capabilities by constructing a new 25-acre aluminum coil coating facility in Washington, Missouri that is expected to be operational in calendar year 2025 (the Company's fiscal year 2026). The new greenfield facility will be included in the AZZ Precoat Metals segment and is supported by a take-or-pay contract for approximately 75% of the output from the new plant. We expect to spend approximately $124.0 million in capital payments over the life of the project, of which $60.8 million was paid prior to fiscal 2025 and $46.8 million was paid during the nine months ended November 30, 2024 . The remaining balance of $16.4 million is on schedule to occur by the first quarter of fiscal 2026, of which we have capital commitments of $9.7 million. Commodity pricing As of November 30, 2024 , we had non-cancelable forward contracts to purchase approximately $4.7 million of zinc at various volumes and delivery prices for December 2024. We also had non-cancelable forward contracts to purchase approximately $8.6 million of natural gas at various volumes and commodity plus delivery prices between December 2024 and November 2025. All such contracts expire by the third quarter of fiscal 2026. We had no other contracted commitments for any other commodities including steel, aluminum, copper, zinc, nickel-based alloys, natural gas, except for those entered into under the normal course of business.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 33,603	$ 26,890	$ 108,624	$ 83,744

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Nov. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

The Company and Basis of Pres_2

The Company and Basis of Presentation (Policies)	9 Months Ended
	Nov. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Consolidation	Presentation The accompanying condensed consolidated balance sheet as of February 29, 2024 was derived from audited financial statements. The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. These financial statements should be read in conjunction with the audited financial statements and related notes for the fiscal year ended February 29, 2024, included in our Annual Report on Form 10-K covering such period which was filed with the Securities and Exchange Commission ("SEC") on April 22, 2024. Certain previously reported amounts have been reclassified to conform to current period presentation. Our fiscal year ends on the last day of February and is identified as the fiscal year for the calendar year in which it ends. For example, the fiscal year ending February 28, 2025 is referred to as fiscal 2025.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which expands disclosures about a public entity’s expenses, including inventory, employee compensation, depreciation, intangible asset amortization, selling expenses and other expense categories. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We do not expect the adoption of ASU 2024-03 to affect our financial position or our results of operations, but will result in additional disclosures for our annual reporting period ending February 29, 2028, and interim reporting periods in fiscal 2029. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. We expect to adopt ASU 2023-09 for the annual period ending February 28, 2025 and the adoption will not affect our financial position or our results of operations, but will result in additional disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Nov. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	The following table summarizes the components of inventory (in thousands): As of November 30, 2024 February 29, 2024 Raw material $ 111,172 $ 111,674 Work in process 769 898 Finished goods 2,760 5,084 Total inventories $ 114,701 $ 117,656 Our inventory reserves were $3.5 million and $4.5 million as of November 30, 2024 and February 29, 2024, respectively. Inventory cost is determined principally using the first-in-first-out (FIFO) method for the AZZ Metal Coatings segment and the specific identification method for the Precoat Metals segment.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Nov. 30, 2024
Earnings Per Share [Abstract]
Computation of basic and diluted earnings per share	Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Numerator: Net income $ 33,603 $ 26,890 $ 108,624 $ 83,744 Series A Preferred Stock Dividends — (3,600) (1,200) (10,800) Redemption premium on Series A Preferred Stock — — (75,198) — Numerator for basic earnings per share $ 33,603 $ 23,290 $ 32,226 $ 72,944 Series A Preferred Stock Dividends — 3,600 — 10,800 Numerator for diluted earnings per share $ 33,603 $ 26,890 $ 32,226 $ 83,744 Denominator: Weighted average shares outstanding for basic earnings per share 29,879 25,077 28,819 25,024 Effect of dilutive securities: Employee and director stock awards 239 136 257 137 Series A Preferred Stock — 4,117 — 4,117 Denominator for diluted earnings per share 30,118 29,330 29,076 29,278 Basic earnings per common share $ 1.12 $ 0.93 $ 1.12 $ 2.91 Diluted earnings per common share $ 1.12 $ 0.92 $ 1.11 $ 2.86

Disaggregated Sales (Tables)

Disaggregated Sales (Tables)	9 Months Ended
	Nov. 30, 2024
Revenues [Abstract]
Disaggregation of Revenue	The following table presents disaggregated sales by customer industry (in thousands): Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Sales: Construction $ 233,653 $ 214,081 $ 695,344 $ 637,035 Industrial 37,551 35,489 114,318 118,273 Transportation 35,047 35,871 109,959 107,734 Consumer 29,464 29,384 94,633 99,537 Utilities 29,599 24,804 88,944 76,116 Other (1) 38,340 41,976 122,671 132,325 Total Sales $ 403,654 $ 381,605 $ 1,225,869 $ 1,171,020 (1) Other includes less significant markets, such as agriculture, recreation, petro-chem, AZZ Tubular products and sales from recycling.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Nov. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Nine Months Ended November 30, 2024 2023 Decrease (increase) in current assets: Accounts receivable, net $ 2,297 $ 13,922 Other receivables (12,966) (4,033) Inventories 2,775 17,191 Contract assets (19,833) 1,136 Prepaid expenses and other (2,910) (1,304) Increase (decrease) in current liabilities: Accounts payable 13,632 8,654 Income taxes payable 2,551 (227) Accrued expenses 17,363 3,480 Changes in current assets and current liabilities $ 2,909 $ 38,819 Cash flows related to interest and income taxes were as follows (in thousands): Nine Months Ended November 30, 2024 2023 Cash paid for interest $ 59,258 $ 74,993 Cash paid for income taxes 22,277 17,683 Supplemental disclosures of non-cash investing and financing activities were as follows (in thousands): Nine Months Ended November 30, 2024 2023 Accrued dividends on Series A Preferred Stock $ — $ 2,400 Accruals for capital expenditures 5,137 4,768

Operating Segments (Tables)

Operating Segments (Tables)	9 Months Ended
	Nov. 30, 2024
Segment Reporting [Abstract]
Operations and assets by segment	three and nine months ended November 30, 2024 and 2023 by segment, for the Company's corporate operations and on a consolidated basis (in thousands): Three Months Ended November 30, 2024 Metal Coatings Precoat Metals Infrastructure Solutions (1) Corporate (2) Total Sales $ 168,599 $ 235,055 $ — $ — $ 403,654 Cost of sales 116,542 189,334 — — 305,876 Gross margin 52,057 45,721 — — 97,778 Selling, general and administrative 5,684 8,641 29 24,889 39,243 Operating income (loss) 46,373 37,080 (29) (24,889) 58,535 Interest expense — — — (19,223) (19,223) Equity in earnings of unconsolidated subsidiaries — — 7,168 — 7,168 Other income (expense) 116 — — (879) (763) Income (loss) before income tax $ 46,489 $ 37,080 $ 7,139 (44,991) 45,717 Income tax expense 12,114 12,114 Net income (loss) $ (57,105) $ 33,603 See notes below tables. Nine Months Ended November 30, 2024 Metal Coatings Precoat Metals Infrastructure Solutions (1) Corporate (2) Total Sales $ 516,750 $ 709,119 $ — $ — $ 1,225,869 Cost of sales 357,471 564,436 — — 921,907 Gross margin 159,279 144,683 — — 303,962 Selling, general and administrative 17,286 24,980 67 65,699 108,032 Operating income (loss) 141,993 119,703 (67) (65,699) 195,930 Interest expense — — — (63,906) (63,906) Equity in earnings of unconsolidated subsidiaries — — 12,470 — 12,470 Other income (expense) 165 — — (307) (142) Income (loss) before income tax $ 142,158 $ 119,703 $ 12,403 (129,912) 144,352 Income tax expense 35,728 35,728 Net income (loss) $ (165,640) $ 108,624 See notes below tables. Three Months Ended November 30, 2023 Metal Coatings Precoat Metals Infrastructure Solutions (1) Corporate (2) Total Sales $ 163,186 $ 218,419 $ — $ — $ 381,605 Cost of sales 115,952 177,504 — — 293,456 Gross margin 47,234 40,915 — — 88,149 Selling, general and administrative 9,392 8,163 290 17,480 35,325 Operating income (loss) 37,842 32,752 (290) (17,480) 52,824 Interest expense — — — (25,855) (25,855) Equity in earnings of unconsolidated subsidiaries — — 8,742 — 8,742 Other expense (29) — — (12) (41) Income (loss) before income tax $ 37,813 $ 32,752 $ 8,452 (43,347) 35,670 Income tax expense 8,780 8,780 Net income (loss) $ (52,127) $ 26,890 See notes below tables. Nine Months Ended November 30, 2023 Metal Coatings Precoat Metals Infrastructure Solutions (1) Corporate (2) Total Sales $ 501,816 $ 669,204 $ — $ — $ 1,171,020 Cost of sales 353,280 535,326 — — 888,606 Gross margin 148,536 133,878 — — 282,414 Selling, general and administrative 20,143 24,429 6,244 52,271 103,087 Operating income (loss) 128,393 109,449 (6,244) (52,271) 179,327 Interest expense — — — (82,331) (82,331) Equity in earnings of unconsolidated subsidiaries — — 11,136 — 11,136 Other income (expense) (40) — — 49 9 Income (loss) before income tax $ 128,353 $ 109,449 $ 4,892 (134,553) 108,141 Income tax expense 24,397 24,397 Net income (loss) $ (158,950) $ 83,744 (1) Infrastructure Solutions segment includes the equity in earnings from our investment in the AVAIL JV, as well as other expenses related to receivables and liabilities that were retained following the sale of the AIS business. (2) Interest expense and Income tax expense are included in the Corporate segment as these items are not allocated to the segments.
Reconciliation of Assets from Segment to Consolidated	Asset balances by operating segment for each period were as follows (in thousands): As of November 30, 2024 February 29, 2024 Assets: Metal Coatings $ 551,379 $ 553,505 Precoat Metals 1,559,262 1,500,122 Infrastructure Solutions - Investment in Joint Venture 102,121 98,169 Corporate 31,788 43,709 Total assets $ 2,244,550 $ 2,195,505
Revenue from External Customers by Geographic Areas	Financial information about geographical areas for the periods presented was as follows (in thousands). The geographic area is based on the location of the operating facility and no customer accounted for 10% or more of consolidated sales. Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Sales: United States $ 392,503 $ 370,485 $ 1,194,212 $ 1,140,344 Canada 11,151 11,120 31,657 30,676 Total $ 403,654 $ 381,605 $ 1,225,869 $ 1,171,020
Long-lived Assets by Geographic Areas	As of November 30, 2024 February 29, 2024 Property, plant and equipment, net: United States $ 561,326 $ 522,693 Canada 18,852 18,959 Total $ 580,178 $ 541,652

Investments in Unconsolidated_2

Investments in Unconsolidated Entity (Tables)	9 Months Ended
	Nov. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Summarized Balance Sheet As of November 30, 2024 (1) Current assets $ 321,035 Long-term assets 180,001 Total assets $ 501,036 Current liabilities 166,201 Long-term liabilities 123,173 Total liabilities $ 289,374 Total partners' capital 211,662 Total liabilities and partners' capital $ 501,036 Summarized Operating Data Three Months Ended Nine Months Ended November 30, 2024 (1) November 30, 2024 (1) Sales $ 150,998 $ 400,298 Gross profit 42,842 101,928 Net income 21,015 32,036 (1) We report our equity in earnings on a one-month lag basis; therefore, amounts in the summarized financials above are as of and for the three and nine months ended October 31, 2024. Amounts in the table above exclude certain adjustments made by us to record equity in earnings of the AVAIL JV under U.S GAAP for public companies, primarily to reverse the amortization of goodwill.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Nov. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Our long-term debt instruments and balances outstanding for each of the periods presented (in thousands): As of November 30, 2024 February 29, 2024 Revolving Credit Facility $ 40,000 $ 30,000 Term Loan B 890,250 980,250 Total debt, gross 930,250 1,010,250 Unamortized debt issuance costs (50,702) (57,508) Long-term debt, net $ 879,548 $ 952,742
Interest Income and Interest Expense Disclosure	Interest expense is comprised as follows (in thousands): Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Gross Interest expense $ 21,136 $ 26,633 $ 68,963 $ 83,893 Less: Capitalized interest (1,913) (778) (5,057) (1,562) Interest expense, net $ 19,223 $ 25,855 $ 63,906 $ 82,331

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Nov. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Our financial instruments that are measured at fair value on a recurring basis as of November 30, 2024 and February 29, 2024 are as follows (dollars in thousands): Fair Value Measurements Using Fair Value Measurements Using Carrying Carrying November 30, 2024 Level 1 Level 2 Level 3 February 29, 2024 Level 1 Level 2 Level 3 Assets: Interest Rate Swap Agreement (1) $ — $ — $ — $ — $ 3,410 $ — $ 3,410 $ — Total Assets $ — $ 3,410 Liabilities: Interest Rate Swap Agreement (1) 195 — 195 — — — — — Total Liabilities $ 195 $ — (1) The fair value of the Company's interest rate swap agreement was an asset at February 29, 2024 and a liability at November 30, 2024.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Nov. 30, 2024
Leases [Abstract]
Lease, Cost	as of November 30, 2024 and February 29, 2024 (in thousands): Balance Sheet Classification As of November 30, 2024 February 29, 2024 Assets Operating right-of-use assets Right-of-use assets $ 20,924 $ 19,808 Finance right-of-use assets Right-of-use assets 4,964 3,931 Liabilities Operating lease liabilities ― short-term Lease liability - short-term $ 6,377 $ 5,893 Operating lease liabilities ― long-term Lease liability - long-term 15,202 14,606 Finance lease liabilities ― short-term Lease liability - short-term 1,057 766 Finance lease liabilities ― long-term Lease liability - long-term 4,053 3,221 Supplemental information related to our leases was as follows (in thousands, except years and percentages): Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Operating cash flows from operating leases included in lease liabilities $ 1,867 $ 1,811 $ 5,426 $ 5,471 Lease liabilities obtained from new ROU assets - operating 5,345 60 5,979 1,942 Decrease in ROU assets related to lease terminations — — — (1,294) Operating cash flows from finance leases included in lease liabilities 86 24 237 61 Financing cash flows from finance leases included in lease liabilities 257 106 689 269 Lease liabilities obtained from new ROU assets - finance leases 394 173 1,813 773 As of November 30, 2024 February 29, 2024 Weighted-average remaining lease term - operating leases 3.96 years 4.12 years Weighted-average discount rate - operating leases 4.98 % 4.49 % Weighted-average remaining lease term - finance leases 4.64 years 5.21 years Weighted-average discount rate - finance leases 7.04 % 6.70 % The following table outlines the classification of lease expense related to operating and finance leases in the statements of operations (in thousands): Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Operating lease expense: Cost of sales $ 3,365 $ 2,882 $ 9,395 $ 8,942 Selling, general and administrative 481 495 1,458 1,500 Total operating lease expense 3,846 3,377 $ 10,853 $ 10,442 Financing lease expense: Cost of sales 288 115 779 292 Interest expense 86 24 237 61 Total financing lease expense 374 139 1,016 353 Total lease expense $ 4,220 $ 3,516 $ 11,869 $ 10,795 Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Sublease income $ 266 $ 271 $ 789 $ 758
Lessee, Operating Lease, Liability, Maturity	As of November 30, 2024, maturities of our lease liabilities were as follows (in thousands): Fiscal year: Operating Leases Finance Leases Total 2025 $ 1,897 $ 353 $ 2,250 2026 7,126 1,355 8,481 2027 5,813 1,316 7,129 2028 3,752 1,229 4,981 2029 3,117 1,009 4,126 2030 1,203 556 1,759 Thereafter 903 170 1,073 Total lease payments $ 23,811 $ 5,988 $ 29,799 Less imputed interest (2,232) (878) (3,110) Total $ 21,579 $ 5,110 $ 26,689
Finance Lease, Liability, Maturity	As of November 30, 2024, maturities of our lease liabilities were as follows (in thousands): Fiscal year: Operating Leases Finance Leases Total 2025 $ 1,897 $ 353 $ 2,250 2026 7,126 1,355 8,481 2027 5,813 1,316 7,129 2028 3,752 1,229 4,981 2029 3,117 1,009 4,126 2030 1,203 556 1,759 Thereafter 903 170 1,073 Total lease payments $ 23,811 $ 5,988 $ 29,799 Less imputed interest (2,232) (878) (3,110) Total $ 21,579 $ 5,110 $ 26,689

Equity (Tables)

Equity (Tables)	9 Months Ended
	Nov. 30, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive income (loss) ("AOCI"), after tax, for the three and nine months ended November 30, 2024 and 2023 consisted of the following (in thousands): Three Months Ended November 30, 2024 Foreign Currency Translation Gain (Loss) Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net Actuarial Gain (Loss), Net of Tax Interest Rate Swap, Net of Tax Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary Total Balance as of beginning of period $ (7,189) $ 887 $ (184) $ (523) $ 114 $ (6,895) Other comprehensive income before reclassification (1,943) (730) — 1,037 (188) (1,824) Amounts reclassified from AOCI — — — (663) — (663) Net change in AOCI (1,943) (730) — 374 (188) (2,487) Balance as of end of period $ (9,132) $ 157 $ (184) $ (149) $ (74) $ (9,382) Nine Months Ended November 30, 2024 Foreign Currency Translation Gain (Loss) Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net Actuarial Gain (Loss), Net of Tax Interest Rate Swap, Net of Tax Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary Total Balance as of beginning of period $ (7,628) $ 1,418 $ (184) $ 2,533 $ (33) $ (3,894) Other comprehensive income before reclassification (1,504) (1,261) — 194 (41) (2,612) Amounts reclassified from AOCI — — — (2,876) — (2,876) Net change in AOCI (1,504) (1,261) — (2,682) (41) (5,488) Balance as of end of period $ (9,132) $ 157 $ (184) $ (149) $ (74) $ (9,382) Three Months Ended November 30, 2023 Foreign Currency Translation Gain (Loss) Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net Actuarial Gain (Loss), Net of Tax Interest Rate Swap, Net of Tax Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary Total Balance as of beginning of period $ (7,534) $ (1,773) $ 119 $ 3,261 $ 113 $ (5,814) Other comprehensive income before reclassification (59) 3,088 — (22) (93) 2,914 Amounts reclassified from AOCI — — — (1,057) — (1,057) Net change in AOCI (59) 3,088 — (1,079) (93) 1,857 Balance as of end of period $ (7,593) $ 1,315 $ 119 $ 2,182 $ 20 $ (3,957) Nine Months Ended November 30, 2023 Foreign Currency Translation Gain (Loss) Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net Actuarial Gain (Loss), Net of Tax Interest Rate Swap, Net of Tax Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary Total Balance as of beginning of period $ (7,571) $ — $ 119 $ 2,879 $ — $ (4,573) Other comprehensive income before reclassification (22) 1,315 — 1,847 20 3,160 Amounts reclassified from AOCI — — — (2,544) — (2,544) Net change in AOCI (22) 1,315 — (697) 20 616 Balance as of end of period $ (7,593) $ 1,315 $ 119 $ 2,182 $ 20 $ (3,957)

Defined Benefit Pension Plan (T

Defined Benefit Pension Plan (Tables)	9 Months Ended
	Nov. 30, 2024
Postemployment Benefits [Abstract]
Schedule of Net Benefit Costs	The components of net benefit cost other than the employer service cost are included in "Selling, general and administrative" expense. The following table outlines the net benefit cost and its components (in thousands): Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Interest cost $ 1,711 $ 1,759 $ 5,124 $ 5,276 Expected return on plan assets (1,491) (1,488) (4,465) (4,463) Net benefit cost $ 220 $ 271 $ 659 $ 813

The Company and Basis of Pres_3

The Company and Basis of Presentation (Details)	9 Months Ended
	Nov. 30, 2024 segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating segments	3
AIS Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage of investment	40%

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Feb. 29, 2024
Inventory Disclosure [Abstract]
Raw material	$ 111,172	$ 111,674
Work in process	769	898
Finished goods	2,760	5,084
Total Inventory	114,701	117,656
Inventory reserves	$ 3,500	$ 4,500

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares		3 Months Ended		9 Months Ended
	Apr. 30, 2024	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023	Feb. 29, 2024
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Common stock, shares, outstanding (shares)		29,877,000		29,877,000		25,102,000
April 2024 Secondary Offering
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	4,600,000
Share-based Payment Arrangement
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		34,824	120,819	56,088	126,356
Convertible Preferred Stock | Series A Preferred Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount				1,000,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Numerator:
Net income from continuing operations	$ 33,603	$ 26,890	$ 108,624	$ 83,744
Dividends on preferred stock	0	(3,600)	(1,200)	(10,800)
Plus: Redemption premium on Series A Preferred Stock	0	0	(75,198)	0
Net income from continuing operations available to common shareholders	33,603	23,290	32,226	72,944
Dividends on Series A Preferred Stock	0	3,600	0	10,800
Numerator for diluted earnings per share	$ 33,603	$ 26,890	$ 32,226	$ 83,744
Denominator:
Denominator for basic earnings per common share-weighted average shares (shares)	29,879,000	25,077,000	28,819,000	25,024,000
Effect of dilutive securities:
Employee and director stock awards	239,000	136,000	257,000	137,000
Series A convertible preferred stock (shares)	0	4,117,000	0	4,117,000
Denominator for diluted earnings per common share (shares)	30,118,000	29,330,000	29,076,000	29,278,000
Computation of basic and diluted earnings per share
Basic earnings per common share (usd per share)	$ 1.12	$ 0.93	$ 1.12	$ 2.91
Diluted earnings per common share (usd per share)	$ 1.12	$ 0.92	$ 1.11	$ 2.86

Disaggregated Sales (Details)

Disaggregated Sales (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Disaggregation of Revenue [Line Items]
Sales	$ 403,654	$ 381,605	$ 1,225,869	$ 1,171,020
Industrial
Disaggregation of Revenue [Line Items]
Sales	37,551	35,489	114,318	118,273
Consumer
Disaggregation of Revenue [Line Items]
Sales	29,464	29,384	94,633	99,537
Transportation
Disaggregation of Revenue [Line Items]
Sales	35,047	35,871	109,959	107,734
Electrical/Utility
Disaggregation of Revenue [Line Items]
Sales	29,599	24,804	88,944	76,116
Other
Disaggregation of Revenue [Line Items]
Sales	38,340	41,976	122,671	132,325
Construction
Disaggregation of Revenue [Line Items]
Sales	$ 233,653	$ 214,081	$ 695,344	$ 637,035

Disaggregated Sales - Narrative

Disaggregated Sales - Narrative (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Feb. 29, 2024	Nov. 30, 2023	Feb. 28, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 99,158	$ 79,335	$ 75,700	$ 79,300
Contract liabilities	$ 700	$ 1,000	$ 1,000	$ 1,300

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - New Cash Provided by Operating Activities (Details) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Decrease (increase) in current assets:
Accounts receivable, net	$ 2,297	$ 13,922
Other receivables	(12,966)	(4,033)
Inventories	2,775	17,191
Contract assets	(19,833)	1,136
Prepaid expenses and other	(2,910)	(1,304)
Increase (decrease) in current liabilities:
Accounts payable	13,632	8,654
Income taxes payable	2,551	(227)
Accrued expenses	17,363	3,480
Changes in current assets and current liabilities	$ 2,909	$ 38,819

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Cash Related to Interest and Income Taxes and Supplemental Disclosures of Non-Cash Activities (Details) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 59,258	$ 74,993
Cash paid for income taxes	22,277	17,683
Accrued dividends on Series A Preferred Stock	0	2,400
Accruals for capital expenditures	$ 5,137	$ 4,768

Operating Segments (Details)

Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023	Feb. 29, 2024
Operations and assets by segment
Sales	$ 403,654	$ 381,605	$ 1,225,869	$ 1,171,020
Cost of sales	305,876	293,456	921,907	888,606
Gross margin	97,778	88,149	303,962	282,414
Selling, general and administrative	39,243	35,325	108,032	103,087
Operating income (loss)	58,535	52,824	195,930	179,327
Interest expense, net	(19,223)	(25,855)	(63,906)	(82,331)
Equity in earnings of unconsolidated subsidiaries	7,168	8,742	12,470	11,136
Other income (expense)	(763)	(41)	(142)	9
Income (loss) before income tax	45,717	35,670	144,352	108,141
Income taxes	12,114	8,780	35,728	24,397
Net income from continuing operations	33,603	26,890	108,624	83,744
Assets:	2,244,550		2,244,550		$ 2,195,505
Property, plant and equipment, net	$ 580,178		$ 580,178		541,652
AIS Joint Venture
Operations and assets by segment
Ownership percentage of investment	40%		40%
United States
Operations and assets by segment
Sales	$ 392,503	370,485	$ 1,194,212	1,140,344
Property, plant and equipment, net	561,326		561,326		522,693
Canada
Operations and assets by segment
Sales	11,151	11,120	31,657	30,676
Property, plant and equipment, net	18,852		18,852		18,959
Corporate
Operations and assets by segment
Sales	0	0	0	0
Cost of sales	0	0	0	0
Gross margin	0	0	0	0
Selling, general and administrative	24,889	17,480	65,699	52,271
Operating income (loss)	(24,889)	(17,480)	(65,699)	(52,271)
Interest expense, net	(19,223)	(25,855)	(63,906)	(82,331)
Equity in earnings of unconsolidated subsidiaries	0	0	0	0
Other income (expense)	(879)	(12)	(307)	49
Income (loss) before income tax	(44,991)	(43,347)	(129,912)	(134,553)
Income taxes	12,114	8,780	35,728	24,397
Net income from continuing operations	(57,105)	(52,127)	(165,640)	(158,950)
Assets:	31,788		31,788		43,709
Metal Coatings | Operating Segments
Operations and assets by segment
Sales	168,599	163,186	516,750	501,816
Cost of sales	116,542	115,952	357,471	353,280
Gross margin	52,057	47,234	159,279	148,536
Selling, general and administrative	5,684	9,392	17,286	20,143
Operating income (loss)	46,373	37,842	141,993	128,393
Interest expense, net	0	0	0	0
Equity in earnings of unconsolidated subsidiaries	0	0	0	0
Other income (expense)	116	(29)	165	(40)
Income (loss) before income tax	46,489	37,813	142,158	128,353
Assets:	551,379		551,379		553,505
Precoat Metals | Operating Segments
Operations and assets by segment
Sales	235,055	218,419	709,119	669,204
Cost of sales	189,334	177,504	564,436	535,326
Gross margin	45,721	40,915	144,683	133,878
Selling, general and administrative	8,641	8,163	24,980	24,429
Operating income (loss)	37,080	32,752	119,703	109,449
Interest expense, net	0	0	0	0
Equity in earnings of unconsolidated subsidiaries	0	0	0	0
Other income (expense)	0	0	0	0
Income (loss) before income tax	37,080	32,752	119,703	109,449
Assets:	1,559,262		1,559,262		1,500,122
Infrastructure Solutions | Operating Segments
Operations and assets by segment
Sales	0	0	0	0
Cost of sales	0	0	0	0
Gross margin	0	0	0	0
Selling, general and administrative	29	290	67	6,244
Operating income (loss)	(29)	(290)	(67)	(6,244)
Interest expense, net	0	0	0	0
Equity in earnings of unconsolidated subsidiaries	7,168	8,742	12,470	11,136
Other income (expense)	0	0	0	0
Income (loss) before income tax	7,139	$ 8,452	12,403	$ 4,892
Assets:	$ 102,121		$ 102,121		$ 98,169

Investments in Unconsolidated_3

Investments in Unconsolidated Entity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023	Feb. 29, 2024
Schedule of Equity Method Investments [Line Items]
Equity in earnings of unconsolidated subsidiaries	$ (7,168)	$ (8,742)	$ (12,470)	$ (11,136)
AIS Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage of investment	40%		40%
Investment in joint venture	$ 102,121		$ 102,121		$ 98,169
Excess of equity method investment from carrying amount	10,200		10,200
AIS Joint Venture | AZZ Infrastructure Solutions
Schedule of Equity Method Investments [Line Items]
Equity in earnings of unconsolidated subsidiaries			12,500
AIS Joint Venture | AZZ Infrastructure Solutions | Discontinued Operations, Disposed of by Sale
Schedule of Equity Method Investments [Line Items]
Investment in joint venture	$ 102,100		$ 102,100

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Schedule of Condensed Balance Sheet For AIS Joint Venture (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Feb. 29, 2024
Assets [Abstract]
Current Assets	$ 394,405	$ 366,999
Total assets	2,244,550	2,195,505
Liabilities [Abstract]
Current liabilities	222,292	194,306
Liabilities	1,214,962	1,261,014
Total liabilities, mezzanine equity and shareholders' equity	2,244,550	$ 2,195,505
AIS Joint Venture
Assets [Abstract]
Current Assets	321,035
Non-current assets	180,001
Total assets	501,036
Liabilities [Abstract]
Current liabilities	166,201
Non-current liabilities	123,173
Liabilities	289,374
Partners' Capital	211,662
Total liabilities, mezzanine equity and shareholders' equity	$ 501,036

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Schedule of Condensed Statement of Operations for AIS Joint Venture (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Income Statement [Abstract]
Gross margin	$ 97,778	$ 88,149	$ 303,962	$ 282,414
AIS Joint Venture
Income Statement [Abstract]
Sales			150,998	400,298
Gross margin			42,842	101,928
Net income			$ 21,015	$ 32,036

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023	Sep. 27, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification of AOCI, before tax				$ (3,800)
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax	[1]	$ (663)	$ (1,057)	(2,876)	$ (2,544)
Interest Rate Swap, Portion Of Variable Rate Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed interest rate on swap agreement						6.777%
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount on swap agreement		$ 537,600		$ 537,600		$ 550,000
[1] (3) Net of tax benefit of ($209) and ($384) for the three months ended November 30, 2024 and 2023, respectively. Net of tax benefit of $(908) and $(924) for the nine months ended November 30, 2024 and 2023, respectively. See Note 8.

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Feb. 29, 2024	Nov. 30, 2023
Debt Instrument [Line Items]
Total debt, gross	$ 930,250	$ 1,010,250	$ 1,010,300
Unamortized debt issuance costs	(50,702)	(57,508)
Long-term debt, net	879,548	952,742
Term Loan B
Debt Instrument [Line Items]
Total debt, gross	890,250	980,250
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt, gross	$ 40,000	$ 30,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands							9 Months Ended	120 Months Ended
	Sep. 24, 2024	Aug. 31, 2024	Mar. 20, 2024	Sep. 27, 2022	Aug. 31, 2022	May 13, 2022	Nov. 30, 2024	Mar. 19, 2024	Feb. 29, 2024	Nov. 30, 2023
Debt Instrument [Line Items]
Weighted average interest rate							7.77%		8.54%	8.54%
Letters of credit outstanding							$ 14,300
Term Loan B
Debt Instrument [Line Items]
Periodic payments					$ 3,250
Decrease to interest rate margin	0.75%
2022 Credit Agreement And Term Loan B
Debt Instrument [Line Items]
Total net leverage ratio maximum							450%
Note Payable, Floating And Fixed Rate, Maturing Through Fiscal Year 2029
Debt Instrument [Line Items]
Fair value of outstanding debt							$ 930,300
Senior Notes | Line of Credit
Debt Instrument [Line Items]
Remaining borrowing capacity on line of credit							$ 345,700
Loans Payable | Term Loan B
Debt Instrument [Line Items]
Debt instrument, face amount						$ 1,300,000
Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread		2.75%				2.50%
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Basis spread			2.75%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Basis spread			3.50%
Revolving Credit Facility | Term Loan B
Debt Instrument [Line Items]
Basis spread			3.25%					3.75%
Revolving Credit Facility | 2022 Credit Agreement And Term Loan B
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 400,000
Basis spread	2.50%		3.25%	4.277%
Standby And Commercial Letters Of Credit | 2022 Credit Agreement And Term Loan B
Debt Instrument [Line Items]
Accordion feature						$ 100,000

Debt - Interest Expense Disclos

Debt - Interest Expense Disclosure (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Debt Disclosure [Abstract]
Gross Interest expense	$ 21,136	$ 26,633	$ 68,963	$ 83,893
Less: Capitalized interest	1,913	778	5,057	1,562
Interest expense, net	$ 19,223	$ 25,855	$ 63,906	$ 82,331

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Feb. 29, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 0	$ 3,410
Total Liabilities	195	0
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	(3,410)
Derivative liabilities	195	0
Interest Rate Swap | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liabilities	0	0
Interest Rate Swap | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	(3,410)
Derivative liabilities	195	0
Interest Rate Swap | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liabilities	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Feb. 29, 2024	Nov. 30, 2023
Fair Value Disclosures [Abstract]
Total debt, gross	$ 930,250	$ 1,010,250	$ 1,010,300
Fair value of outstanding debt	$ 934,900		$ 1,010,300

Leases - Narrative (Details)

Leases - Narrative (Details)	Nov. 30, 2024 lease
Leases [Abstract]
Number of operating leases	152
Number of finance leases	58

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Feb. 29, 2024
Lessee, Lease, Description [Line Items]
Operating right-of-use assets	$ 20,924	$ 19,808
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right-of-use assets	Right-of-use assets
Finance right-of-use assets	$ 4,964	$ 3,931
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right-of-use assets	Right-of-use assets
Operating lease liabilities ― short-term	$ 6,377	$ 5,893
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liability, short-term	Lease liability, short-term
Operating lease liabilities ― long-term	$ 15,202	$ 14,606
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liability, long-term	Lease liability, long-term
Finance lease liabilities ― short-term	$ 1,057	$ 766
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liability, short-term	Lease liability, short-term
Finance lease liabilities ― long-term	$ 4,053	$ 3,221
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liability, long-term	Lease liability, long-term

Leases - Lease Details (Details

Leases - Lease Details (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023	Feb. 29, 2024
Lease, Cost [Abstract]
Operating cash flows from operating leases included in lease liabilities	$ 1,867	$ 1,811	$ 5,426	$ 5,471
Lease liabilities obtained from new ROU assets - operating	5,345	60	5,979	1,942
Decrease in ROU assets related to lease terminations	0	0	0	(1,294)
Financing cash flows from finance leases included in lease liabilities	257	106	689	269
Operating cash flows from finance leases included in lease liabilities	86	24	237	61
Lease liabilities obtained from new ROU assets - finance leases	$ 394	$ 173	$ 1,813	$ 773
Weighted-average remaining lease term - operating leases	3 years 11 months 15 days		3 years 11 months 15 days		4 years 1 month 13 days
Weighted-average discount rate - operating leases	4.98%		4.98%		4.49%
Weighted-average remaining lease term - finance leases	4 years 7 months 20 days		4 years 7 months 20 days		5 years 2 months 15 days
Weighted-average discount rate - finance leases	7.04%		7.04%		6.70%

Leases - Classification of Leas

Leases - Classification of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Lessee, Lease, Description [Line Items]
Operating lease, cost	$ 3,846	$ 3,377	$ 10,853	$ 10,442
Finance lease expense, cost of sales	288	115	779	292
Finance lease expense, interest expense	86	24	237	61
Total financing lease expense	374	139	1,016	353
Total lease expense	4,220	3,516	11,869	10,795
Cost of sales
Lessee, Lease, Description [Line Items]
Operating lease, cost	3,365	2,882
Total lease expense			9,395	8,942
Selling, general and administrative
Lessee, Lease, Description [Line Items]
Operating lease, cost	$ 481	$ 495
Total lease expense			$ 1,458	$ 1,500

Leases - Lease Maturity (Detail

Leases - Lease Maturity (Details) $ in Thousands	Nov. 30, 2024 USD ($)
Operating Leases
2025	$ 1,897
2026	7,126
2027	5,813
2028	3,752
2029	3,117
2030	1,203
Thereafter	903
Total lease payments	23,811
Less imputed interest	(2,232)
Total	21,579
Finance Leases
2025	353
2026	1,355
2027	1,316
2028	1,229
2029	1,009
2030	556
Thereafter	170
Total lease payments	5,988
Less imputed interest	(878)
Total	5,110
2025	2,250
2026	8,481
2027	7,129
2028	4,981
2029	4,126
2030	1,759
Thereafter	1,073
Total lease payments	29,799
Less imputed interest	(3,110)
Total	$ 26,689

Leases - Sublease Income (Detai

Leases - Sublease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Leases [Abstract]
Sublease income	$ 266	$ 271	$ 789	$ 758

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate, continuing operations (percent)	26.50%	24.60%	24.80%	22.60%

Mezzanine Equity (Details)

Mezzanine Equity (Details) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	May 09, 2024 USD ($)	Aug. 05, 2022 USD ($) $ / shares shares	Nov. 30, 2024 USD ($) $ / shares shares	Nov. 30, 2023 USD ($)	Nov. 30, 2024 USD ($) $ / shares shares	Nov. 30, 2023 USD ($)	May 13, 2024	Feb. 29, 2024 USD ($)
Class of Stock [Line Items]
Plus: Redemption premium on Series A Preferred Stock			$ 0	$ 0	$ 75,198	$ 0
Series A Convertible Preferred Stock, $1,000 par, shares authorized 100,000; 240 shares issued and outstanding February 29, 2024; aggregate liquidation preference $312,520 at February 29, 2024			$ 0		0			$ 233,722
Dividends					$ 3,600	$ 10,800
Preferred stock, maximum conversion rate (as a percent)							25%
Percentage of common stock price, excess of conversion price (as a percent)							185%
Number of trading days							20 days
Net EBITDA ratio			550%		550%
Acquisition, total consideration, minimum threshold			$ 250,000		$ 250,000
Market capitalization			2,000,000		2,000,000
Acquisition, total consideration, minimum threshold when market capitalization exceeds $2.0 billion			$ 500,000		$ 500,000
Liquidation preference, preferred stock								312,500
Series A Preferred Stock
Class of Stock [Line Items]
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	$ (27,100)
Payments for Repurchase of Redeemable Preferred Stock	308,900
Plus: Redemption premium on Series A Preferred Stock	75,200
Series A Convertible Preferred Stock, $1,000 par, shares authorized 100,000; 240 shares issued and outstanding February 29, 2024; aggregate liquidation preference $312,520 at February 29, 2024	$ 233,700
Aggregate debt amount		$ 240,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 1	$ 15		$ 15
Preferred stock, shares outstanding (in shares) | shares			240,000		240,000
Dividend rate (as a percent)		6%
Minimum conversion threshold (in shares) | shares		1,000
Conversion price (in dollars per share) | $ / shares		$ 58.30
Return factor			1.4		1.4
Increase to return factor, period one			0.15		0.15
Increase to return factor, period two			0.15		0.15
Redemption feature, net debt ratio, threshold			3.5		3.5
Redemption feature, proceeds from disposition of assets, threshold					$ 200,000
Increase to return factor, period three			0.20		0.20
Preferred stock, redemption								$ 312,500

Equity (Details)

Equity (Details) - April 2024 Secondary Offering $ / shares in Units, shares in Millions, $ in Millions	Apr. 30, 2024 USD ($) $ / shares shares
Equity, Class of Treasury Stock [Line Items]
Sale of Stock, Number of Shares Issued in Transaction | shares	4.6
Share Price | $ / shares	$ 70
Sale of Stock, Consideration Received On Transaction, Gross	$ 322
Payments of Stock Issuance Costs	13.3
Sale of Stock, Consideration Received on Transaction	$ 308.7

Equity - AOCI (Details)

Equity - AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning balance	$ 999,756	$ 664,355	$ 700,769	$ 619,738
Other comprehensive loss before reclassification	(1,824)	2,914	(2,612)	3,160
Amounts reclassified from AOCI	(663)	(1,057)	(2,876)	(2,544)
Net change in AOCI	(2,487)	1,857	(5,488)	616
Balance, ending balance	1,029,588	687,428	1,029,588	687,428
Foreign Currency Translation Gain (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning balance	(7,189)	(7,534)	(7,628)	(7,571)
Other comprehensive loss before reclassification	(1,943)	(59)	(1,504)	(22)
Amounts reclassified from AOCI	0	0	0	0
Net change in AOCI	(1,943)	(59)	(1,504)	(22)
Balance, ending balance	(9,132)	(7,593)	(9,132)	(7,593)
Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net of Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning balance	887	(1,773)	1,418	0
Other comprehensive loss before reclassification	(730)	3,088	(1,261)	1,315
Amounts reclassified from AOCI	0	0	0	0
Net change in AOCI	(730)	3,088	(1,261)	1,315
Balance, ending balance	157	1,315	157	1,315
Net Actuarial Gain (Loss), Net of Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning balance	(184)	119	(184)	119
Other comprehensive loss before reclassification	0	0	0	0
Amounts reclassified from AOCI	0	0	0	0
Net change in AOCI	0	0	0	0
Balance, ending balance	(184)	119	(184)	119
Interest Rate Swap, Net of Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning balance	(523)	3,261	2,533	2,879
Other comprehensive loss before reclassification	1,037	(22)	194	1,847
Amounts reclassified from AOCI	(663)	(1,057)	(2,876)	(2,544)
Net change in AOCI	374	(1,079)	(2,682)	(697)
Balance, ending balance	(149)	2,182	(149)	2,182
Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning balance	114	113	(33)	0
Other comprehensive loss before reclassification	(188)	(93)	(41)	20
Amounts reclassified from AOCI	0	0	0	0
Net change in AOCI	(188)	(93)	(41)	20
Balance, ending balance	(74)	20	(74)	20
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning balance	(6,895)	(5,814)	(3,894)	(4,573)
Balance, ending balance	$ (9,382)	$ (3,957)	$ (9,382)	$ (3,957)

Defined Benefit Pension Plan (D

Defined Benefit Pension Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Expected return	$ 1,711	$ 1,759	$ 5,124	$ 5,276
Interest costs	(1,491)	(1,488)	(4,465)	(4,463)
Net periodic benefit costs	220	$ 271	659	$ 813
Employer contributions			6,700
Net benefit cost	(1,300)		(1,300)
Precoat Metals Business Division
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Accumulated benefit obligation in excess of plan assets	$ 25,100		$ 25,100

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands				9 Months Ended	12 Months Ended
	Dec. 03, 2024 USD ($)	May 31, 2024 USD ($)	Oct. 27, 2023 USD ($)	Nov. 30, 2024 USD ($) a	Feb. 29, 2024 USD ($)
Loss Contingencies [Line Items]
Amount awarded to other party			$ 5,500
Loss contingency, receivable, current				$ 5,200
Loss contingency accrual				5,250
Environment liability				19,600
Environmental liability, current				$ 2,200
Area of facility (in acres) | a				25
Percent of output under take-or-pay contract				0.75
Unrecorded purchase obligation				$ 124,000
Purchase obligations				46,800	$ 60,800
Capital commitments				16,400
Gainesville Association vs. ARC
Loss Contingencies [Line Items]
Legal matter expense				500
Loss contingency accrual				3,000
Estimated legal expenses				1,100
Gainesville Association vs. ARC | Subsequent Event
Loss Contingencies [Line Items]
Amount awarded to other party	$ 6,000
Gainesville Association vs. ARC | Azz Inc. | Subsequent Event
Loss Contingencies [Line Items]
Amount awarded to other party	$ 1,900
Capital Commitments
Loss Contingencies [Line Items]
Long-term purchase commitment, amount				$ 9,700
Zinc Contract
Loss Contingencies [Line Items]
Long-term purchase commitment, amount		$ 4,700
Natural Gas Contract
Loss Contingencies [Line Items]
Long-term purchase commitment, amount		$ 8,600