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WORTHINGTON ENTERPRISES, INC.

For the period ended Aug 13, 2025. Filed Aug 13, 2025.

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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.

Aug 13, 2025 · Filed Aug 13, 2025

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,

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

Filed by the Registrant ☒

Filed by a party other than the Registrant☐

Check the appropriatebox:

☐ Preliminary Proxy Statement

☐ Confidential, for Useof the Commission Only (as permitted by Rule 14a-6(e)(2))

☒ Definitive Proxy Statement

☐ Definitive Additional Materials

☐ Soliciting Material under §240.14a-12

WORTHINGTON ENTERPRISES, INC.

(Name of Registrant as Specified in its Charter)

(Nameof Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

☒ No feerequired

☐ Fee paid previously with preliminary materials

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

Dear Fellow Shareholders:

On behalf of the Board of Directors of Worthington Enterprises, Inc. (“we”, “our” and “us”), I cordially invite you to participate via live webcast in our 2025 Annual Meeting of Shareholders (the “Annual Meeting”) to be held on Tuesday, September 23, 2025, beginning at 3:00 p.m., Eastern Daylight Time. The Annual Meeting will be a virtual meeting of shareholders which means that you will be able to participate in the Annual Meeting, vote and submit your questions during the Annual Meeting via live webcast by visiting www.virtualshareholdermeeting.com/WOR2025. You willnot be able to attend the Annual Meeting in person.

Details of the business to be conducted at the Annual Meeting are provided in the accompanying Notice of Annual Meeting of Shareholders and Proxy Statement, which you are urged to read carefully. If you are a registered shareholder participating in the Annual Meeting via the live webcast, you may revoke your proxy and vote during the Annual Meeting, even if you have previously submitted a proxy.

We have elected to take advantage of Securities and Exchange Commission (“SEC”) rules that allow us to furnish proxy materials to certain shareholders via the Internet. On or about the date of this letter, we began mailing a Notice of Internet Availability of Proxy Materials (the “Notice of Availability”) to our shareholders of record at the close of business on July 29, 2025. At the same time, we provided those shareholders with access to our online proxy materials and filed our proxy materials with the SEC. We believe furnishing proxy materials to our shareholders via the Internet will allow us to provide our shareholders with the information they need, while lowering the costs of delivery and reducing the environmental impact of the Annual Meeting. If you have received the Notice of Availability, you will not receive a printed copy of the proxy materials unless you request them by following the instructions for requesting such proxy materials contained in the Notice of Availability.

It is important that your common shares be represented at the Annual Meeting whether or not you are able to participate via the live webcast. Accordingly, after reading the accompanying proxy materials, please promptly submit your proxy by telephone, Internet, mobile device or mail as described in the Proxy Statement or the Notice of Availability.

Your continuing interest in our company is greatly appreciated.

Sincerely,

John B. Blystone

Chairman of the Board

August 13, 2025

Notice of Annual Meeting of Shareholders to be Held on September 23, 2025

Notice is hereby given that the 2025 Annual Meeting of Shareholders (the “Annual Meeting”) of Worthington Enterprises, Inc. (“we”, “our” and “us”) will be held at 3:00 p.m., Eastern Daylight Time, on Tuesday, September 23, 2025. Shareholders of record at the close of business on the record date, July 29, 2025, are entitled to notice of, and to vote at, the Annual Meeting.

The Annual Meeting will be held virtually, meaning that you will be able to participate in the Annual Meeting, and vote and submit your questions during the Annual Meeting via live webcast by visiting www.virtualshareholdermeeting.com/WOR2025. You willnot be able to attend the Annual Meeting in person.

The Annual Meeting is being held to:

(1)

Elect four directors, each to serve for a term of three years to expire at our 2028 annual meeting of shareholders;

(2)

Approve, on an advisory basis, a resolution to approve the compensation of our named executive officers;

(3)

Approve the Worthington Enterprises, Inc. 2025 Equity Plan for Non-Employee Directors;

(4)

Ratify the selection of KPMG LLP as our independent registered public accounting firm for the fiscal year ending May 31, 2026; and

(5)

Transact such other business as may properly come before the Annual Meeting.

We began mailing a Notice of Internet Availability of Proxy Materials (the “Notice of Availability”) on or about August 13, 2025 to shareholders of record at the close of business on July 29, 2025. The Notice of Availability contains instructions on how to access via the Internet this Notice of Annual Meeting of Shareholders, our 2025 Proxy Statement, our 2025 Annual Report and the form of proxy, as well as instructions on how to request a paper copy of the proxy materials.

By Order of the Board of Directors,

Patrick J. Kennedy
Vice President - General Counsel and Secretary
Columbus, OhioAugust 13, 2025
Before you vote, please access the proxy materials in one of the following ways prior to the Annual Meeting: To view ONLINE: Have available the Control Number provided in your Notice of Availability and visit www.proxyvote.com any time prior to the voting deadline at 11:59 p.m., Eastern Daylight Time, on September 22, 2025.To view USING YOUR MOBILE DEVICE: Scan the QR barcode found on your proxy card or Notice of Availability.To receive a PAPER or E-MAIL* copy:You must request a paper or e-mail copy of the proxy materials. There is no charge for requesting a copy. Please choose one of the following methods to make your request:
By Internet:www.proxyvote.comBy Telephone:1-800-579-1639By E-Mail*:sendmaterial@proxyvote.com
*If you request proxy materials by e-mail, please send a blank e-mail with only the Control Number provided in your Notice of Availability inserted in the subject line of your email. Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor. Please make the request as instructed above on or before September 9, 2025 to facilitate timely delivery of the proxy materials.

WORTHINGTON ENTERPRISES, INC.

200 West Old Wilson Bridge Road

Columbus, Ohio 43085

(614) 438-3210

www.worthingtonenterprises.com

2025 PROXY STATEMENT

Dated: August 13, 2025

FOR THE ANNUAL MEETING OF SHAREHOLDERS

To Be Held On September 23, 2025

Table of Contents

Page · Page
Summary1Compensation of Directors72
General Information6Director Compensation for Fiscal 202574
Security Ownership of Certain Beneficial Owners and Management10Equity Compensation Plan Information75
Corporate Governance13Proposal 2: Advisory Vote to Approve the Compensation of the NEOs77
Transactions With Certain Related Persons23Proposal 3: Approval of the Worthington Enterprises, Inc. 2025 Equity Plan for Non-Employee Directors78
Proposal 1: Election of Directors27Proposal 4: Ratification of the Selection of Independent Registered Public Accounting Firm85
Executive Compensation33Audit Committee Matters86
Compensation Discussion and Analysis33Miscellaneous Items89
Compensation Committee Report50Householding of Annual Meeting Materials89
Fiscal 2025 Summary Compensation Table51Shareholder Proposals for 2026 Annual Meeting89
Option Exercises and Stock Vested58References90
Non-Qualified Deferred Compensation59Other Business90
Potential Payments Upon Termination or Change in Control61Appendix I – Companies in ComparatorGroupI-1
CEO Pay Ratio64Appendix II - Worthington Enterprises, Inc. 2025 Equity Plan for Non-Employee DirectorsII-1
Pay Versus Performance65
NEO Compensation for Fiscal 202671

Helpful Resources

Where You Can Find More Information 1

Proxy Materials and Voting Before the Annual Meeting:proxyvote.com
Virtual Annual Meeting:virtualshareholdermeeting.com/WOR2025
Business Website:worthingtonenterprises.com
Investor Relations:ir.worthingtonenterprises.com
Leadership:worthingtonenterprises.com/company/who-we-are/leadership-board-of-directors/
SEC Filings:ir.worthingtonenterprises.com/financials/sec-filings/
Governance Documents:•Corporate Governance Guidelines•Code of Conduct•Charter of the Lead Independent Director•Executive Committee Charter•Audit Committee Charter•Compensation Committee Charter•Nominating and Governance Committee Charter•Insider Trading Policyir.worthingtonenterprises.com/governance/governance-documents/

1 The uniform resource locators, or URLs, noted above and elsewhere in this Proxy Statement are references only and do not incorporate information from any website into this Proxy Statement.

Certain Defined Terms and Abbreviations

Adjusted or Adj.An adjusted financial measure
Adjusted EBITDAEBITDA from continuing operations adjusted to exclude the impact of restructuring charges and other unusual or selected items deemed to not be indicative of our core operating results (including the impact of acquisitions, divestitures and/or inventory holding gains or losses)
Adjusted EPSEPS attributable to controlling interest, as calculated in accordance with GAAP, adjusted to exclude the impact of restructuring charges and other unusual or selected items deemed to not be indicative of our core operating results (including the impact of acquisitions, divestitures and/or inventory holding gains or losses)
Annual MeetingOur annual meeting of shareholders to be held on September 23, 2025 at 3:00 p.m. EDT
Annualized ATSRAnnualized absolute total shareholder return
ASC 718Financial Accounting Standards Board Accounting Standards Codification Topic 718
beneficial ownerA shareholder who owns common shares in a brokerage account or through a bank or other holder of record (also known as holding the common shares in “street name”)
BlackrockBlackRock, Inc. and its subsidiaries
BoardOur board of directors
bonusA cash award that may be earned based on the achievement of one or more annual performance goals
BroadridgeBroadridge Corporate Issuer Solutions, Inc.
CAPThe “compensation actually paid” in relation to an NEO, as such term is calculated and used in Item 402(v) of SEC Regulation S-K, and as is included in the required “Pay Versus Performance” section of this Proxy Statement
CD&AThe Compensation Discussion & Analysis section of this Proxy Statement
CEOChief executive officer
CFOChief financial officer
ClubDouble Eagle Club
Code of ConductOur Code of Conduct
common sharesOur common shares, no par value
Company, we, us or ourWorthington Enterprises, Inc., an Ohio corporation
comparator groupA broad-based group of approximately 845 companies set forth on Appendix I to this Proxy Statement
Corporate or Corp.The aggregated results of the Company and its consolidated subsidiaries
Corporate Governance GuidelinesOur Corporate Governance Guidelines
CSMThe “Company-Selected Measure,” as such term is used in Item 402(v) of SEC Regulation S-K, and as is included in the required Pay Versus Performance section of this Proxy Statement
Current Equity PlansThe (a) 2006 Directors Equity Plan, (b) 2024 LTIP, (c) 1997 LTIP and (d) 2010 Stock Option Plan
Currently Exercisable OptionsStock options that a named beneficial owner has the right to exercise either immediately or within 60 days after the Record Date
Director Deferral PlansCollectively, the 2000 Directors NQ Plan and the 2005 Directors NQ Plan
EBITDAEarnings before interest, taxes, depreciation and amortization
EPSEarnings per diluted common share
Equity PlansThe 2025 Directors Equity Plan and the Current Equity Plans
Exchange ActSecurities Exchange Act of 1934, as amended
FAAU.S. Federal Aviation Administration
fiscal 20XXOur fiscal year ended or ending on May 31 of the year identified
GAAPU.S. generally accepted accounting principles
Independent DirectorAs defined in the Director Independence section of this Proxy Statement
Industrials IndexThe S&P SmallCap 600 Industrials Index
Insider Trading PolicyOur Insider Trading Policy
IRSU.S. Internal Revenue Service
JMACJMAC, Inc.
JMAC AirJMAC Air, LLC
KPMGKPMG LLP
Lead Independent DirectorThe designated Independent Director who serves as the primary representative and coordinator of the Independent Directors, acting as a liaison between the independent directors and management
NEOA named executive officer, as defined in Item 402(a)(3) of SEC Regulation S-K
Non-PEO NEOsThe NEOs other than the PEO(s)
Notice of AvailabilityNotice of Internet Availability of Proxy Materials regarding the Annual Meeting
NYSENew York Stock Exchange
NYSE RulesThe rules, policies, practices and procedures in the NYSE Listed Company Manual
PCAOBPublic Company Accounting Oversight Board (U.S.)
PEOPrincipal executive officer
performance awardsAn award, typically settled in cash, that may be earned based on the achievement of one or more performance goals over time
performance sharesAn award, settled in common shares, that may be earned based on the achievement of one or more performance goals over time
proxy cardA form of proxy relating to the Annual Meeting
Proxy StatementThis Proxy Statement for the Annual Meeting
RagascoRagasco AS
Record DateClose of business on July 29, 2025
registered shareholderA shareholder whose common shares are registered in the name of the shareholder directly with our transfer agent
restricted stockAn award of common shares subject to time-based vesting restrictions
ROAReturn on assets
RPT PolicyOur Related Person Transaction Policy
SCTThe Fiscal 2025 Summary Compensation Table included in this Proxy Statement
SECU.S. Securities and Exchange Commission
SEC RulesThe rules and regulations of the SEC
Securities ActSecurities Act of 1933, as amended
SeparationThe separation of our former steel processing business into Worthington Steel, Inc., effective December 1, 2023
Segment or Seg.The results of one of our reportable operating segments
Share Price GrowthThe appreciation of the market price of the common shares over a stated period
SOXThe Sarbanes-Oxley Act of 2002, as amended
special PSAsA special award of common shares subject to performance-based and time-based vesting restrictions
Steel IndexThe S&P 1500 Steel Composite Index
stock optionAn award of a non-qualified right to acquire common shares at a fixed exercise price
Treasury RegulationsThe regulations promulgated by the U.S. Department of Treasury
TSRCumulative total shareholder return
U.S.United States of America
VanguardThe Vanguard Group and its subsidiaries
WSWorthington Steel, Inc., an Ohio corporation and former subsidiary of the Company
WTWWillis Towers Watson
401(k) PlanOur 401(k) qualified retirement plan, also known as the Deferred Profit Sharing Plan
1997 LTIPWorthington Industries, Inc. Amended and Restated 1997 Long-Term Incentive Plan
2000 Directors NQ PlanWorthington Industries, Inc. Deferred Compensation Plan for Directors, as Amended and Restated effective June 1, 2000
2005 Directors NQ PlanWorthington Industries, Inc. Amended and Restated 2005 Deferred Compensation Plan for Directors
2005 NQ PlanWorthington Industries, Inc. Amended and Restated 2005 Non-Qualified Deferred Compensation Plan
2006 Directors Equity PlanWorthington Industries, Inc. Amended and Restated 2006 Equity Incentive Plan for Non-Employee Directors
2010 Stock Option PlanWorthington Industries, Inc. 2010 Stock Option Plan
2024 LTIPWorthington Enterprises, Inc. 2024 Long-Term Incentive Plan
2025 Annual MeetingOur annual meeting of shareholders to be held on September 23, 2025
2025 Directors Equity PlanWorthington Enterprises, Inc. 2025 Equity Plan for Non-Employee Directors
2026 Annual MeetingOur annual meeting of shareholders expected to be held in September 2026
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.