WORTHINGTON ENTERPRISES, INC.
For the period ended Aug 13, 2025. Filed Aug 13, 2025.
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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, Ohio | August 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.com | By Telephone:1-800-579-1639 | By 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 | |||
|---|---|---|---|
| Summary | 1 | Compensation of Directors | 72 |
| General Information | 6 | Director Compensation for Fiscal 2025 | 74 |
| Security Ownership of Certain Beneficial Owners and Management | 10 | Equity Compensation Plan Information | 75 |
| Corporate Governance | 13 | Proposal 2: Advisory Vote to Approve the Compensation of the NEOs | 77 |
| Transactions With Certain Related Persons | 23 | Proposal 3: Approval of the Worthington Enterprises, Inc. 2025 Equity Plan for Non-Employee Directors | 78 |
| Proposal 1: Election of Directors | 27 | Proposal 4: Ratification of the Selection of Independent Registered Public Accounting Firm | 85 |
| Executive Compensation | 33 | Audit Committee Matters | 86 |
| Compensation Discussion and Analysis | 33 | Miscellaneous Items | 89 |
| Compensation Committee Report | 50 | Householding of Annual Meeting Materials | 89 |
| Fiscal 2025 Summary Compensation Table | 51 | Shareholder Proposals for 2026 Annual Meeting | 89 |
| Option Exercises and Stock Vested | 58 | References | 90 |
| Non-Qualified Deferred Compensation | 59 | Other Business | 90 |
| Potential Payments Upon Termination or Change in Control | 61 | Appendix I – Companies in ComparatorGroup | I-1 |
| CEO Pay Ratio | 64 | Appendix II - Worthington Enterprises, Inc. 2025 Equity Plan for Non-Employee Directors | II-1 |
| Pay Versus Performance | 65 | ||
| NEO Compensation for Fiscal 2026 | 71 | ||
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 Policy | ir.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 EBITDA | EBITDA 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 EPS | EPS 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 Meeting | Our annual meeting of shareholders to be held on September 23, 2025 at 3:00 p.m. EDT |
| Annualized ATSR | Annualized absolute total shareholder return |
| ASC 718 | Financial Accounting Standards Board Accounting Standards Codification Topic 718 |
| beneficial owner | A 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”) |
| Blackrock | BlackRock, Inc. and its subsidiaries |
| Board | Our board of directors |
| bonus | A cash award that may be earned based on the achievement of one or more annual performance goals |
| Broadridge | Broadridge Corporate Issuer Solutions, Inc. |
| CAP | The “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&A | The Compensation Discussion & Analysis section of this Proxy Statement |
| CEO | Chief executive officer |
| CFO | Chief financial officer |
| Club | Double Eagle Club |
| Code of Conduct | Our Code of Conduct |
| common shares | Our common shares, no par value |
| Company, we, us or our | Worthington Enterprises, Inc., an Ohio corporation |
| comparator group | A 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 Guidelines | Our Corporate Governance Guidelines |
| CSM | The “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 Plans | The (a) 2006 Directors Equity Plan, (b) 2024 LTIP, (c) 1997 LTIP and (d) 2010 Stock Option Plan |
| Currently Exercisable Options | Stock options that a named beneficial owner has the right to exercise either immediately or within 60 days after the Record Date |
|---|---|
| Director Deferral Plans | Collectively, the 2000 Directors NQ Plan and the 2005 Directors NQ Plan |
| EBITDA | Earnings before interest, taxes, depreciation and amortization |
| EPS | Earnings per diluted common share |
| Equity Plans | The 2025 Directors Equity Plan and the Current Equity Plans |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| FAA | U.S. Federal Aviation Administration |
| fiscal 20XX | Our fiscal year ended or ending on May 31 of the year identified |
| GAAP | U.S. generally accepted accounting principles |
| Independent Director | As defined in the Director Independence section of this Proxy Statement |
| Industrials Index | The S&P SmallCap 600 Industrials Index |
| Insider Trading Policy | Our Insider Trading Policy |
| IRS | U.S. Internal Revenue Service |
| JMAC | JMAC, Inc. |
| JMAC Air | JMAC Air, LLC |
| KPMG | KPMG LLP |
| Lead Independent Director | The 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 |
| NEO | A named executive officer, as defined in Item 402(a)(3) of SEC Regulation S-K |
| Non-PEO NEOs | The NEOs other than the PEO(s) |
| Notice of Availability | Notice of Internet Availability of Proxy Materials regarding the Annual Meeting |
| NYSE | New York Stock Exchange |
| NYSE Rules | The rules, policies, practices and procedures in the NYSE Listed Company Manual |
| PCAOB | Public Company Accounting Oversight Board (U.S.) |
| PEO | Principal executive officer |
| performance awards | An award, typically settled in cash, that may be earned based on the achievement of one or more performance goals over time |
| performance shares | An award, settled in common shares, that may be earned based on the achievement of one or more performance goals over time |
| proxy card | A form of proxy relating to the Annual Meeting |
| Proxy Statement | This Proxy Statement for the Annual Meeting |
| Ragasco | Ragasco AS |
| Record Date | Close of business on July 29, 2025 |
| registered shareholder | A shareholder whose common shares are registered in the name of the shareholder directly with our transfer agent |
| restricted stock | An award of common shares subject to time-based vesting restrictions |
| ROA | Return on assets |
|---|---|
| RPT Policy | Our Related Person Transaction Policy |
| SCT | The Fiscal 2025 Summary Compensation Table included in this Proxy Statement |
| SEC | U.S. Securities and Exchange Commission |
|---|---|
| SEC Rules | The rules and regulations of the SEC |
| Securities Act | Securities Act of 1933, as amended |
| Separation | The 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 Growth | The appreciation of the market price of the common shares over a stated period |
| SOX | The Sarbanes-Oxley Act of 2002, as amended |
| special PSAs | A special award of common shares subject to performance-based and time-based vesting restrictions |
| Steel Index | The S&P 1500 Steel Composite Index |
| stock option | An award of a non-qualified right to acquire common shares at a fixed exercise price |
| Treasury Regulations | The regulations promulgated by the U.S. Department of Treasury |
| TSR | Cumulative total shareholder return |
| U.S. | United States of America |
| Vanguard | The Vanguard Group and its subsidiaries |
| WS | Worthington Steel, Inc., an Ohio corporation and former subsidiary of the Company |
| WTW | Willis Towers Watson |
| 401(k) Plan | Our 401(k) qualified retirement plan, also known as the Deferred Profit Sharing Plan |
| 1997 LTIP | Worthington Industries, Inc. Amended and Restated 1997 Long-Term Incentive Plan |
| 2000 Directors NQ Plan | Worthington Industries, Inc. Deferred Compensation Plan for Directors, as Amended and Restated effective June 1, 2000 |
| 2005 Directors NQ Plan | Worthington Industries, Inc. Amended and Restated 2005 Deferred Compensation Plan for Directors |
| 2005 NQ Plan | Worthington Industries, Inc. Amended and Restated 2005 Non-Qualified Deferred Compensation Plan |
| 2006 Directors Equity Plan | Worthington Industries, Inc. Amended and Restated 2006 Equity Incentive Plan for Non-Employee Directors |
| 2010 Stock Option Plan | Worthington Industries, Inc. 2010 Stock Option Plan |
| 2024 LTIP | Worthington Enterprises, Inc. 2024 Long-Term Incentive Plan |
| 2025 Annual Meeting | Our annual meeting of shareholders to be held on September 23, 2025 |
| 2025 Directors Equity Plan | Worthington Enterprises, Inc. 2025 Equity Plan for Non-Employee Directors |
| 2026 Annual Meeting | Our annual meeting of shareholders expected to be held in September 2026 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.