Business Description

Development of Business 3 Narrative Description of Business 5 Overview 5 Research and Development 6 Operations 6 Human Capital Management 6 Information Available on the Internet 7 Item 1A. Risk Factors 8 Item 1B. Unresolved Staff Comments 15 Item 1C. Cybersecurity 15 Item 2. Properties 16 Item 3. Legal Proceedings 16 Item 4. Mine Safety Disclosures 16 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 17 Item 6. [Reserved] 19 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 19 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 27 Item 8. Financial Statements and Supplementary Data 28 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 61 Item 9A. Controls and Procedures 61 Item 9B. Other Information 64 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 64 PART III Item 10. Directors, Executive Officers and Corporate Governance 65 Item 11. Executive Compensation 69 Compensation Discussion and Analysis 69 Management Development and Compensation Committee Interlocks and Insider Participation 84 Management Development and Compensation Committee Report 84 Compensation Policies and Practices 84 Summary Compensation Table 85 Grants of Plan-Based Awards for 2026 87 Outstanding Equity Awards at 202 6 Fiscal Year End 89 Option Exercises and Stock Vested for Fiscal 2026 91 Pension Benefits for Fiscal 2026 91 Non-Qualified Deferred Compensation for Fiscal 2026 91 Potential Payments Upon Termination or Change of Control 91 CEO Pay Ratio Disclosure 94 Compensation of Directors 100 Director Compensation Table — Fiscal 2026 101 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 101 Item 13. Certain Relationships and Related Transactions, and Director Independence 103 Item 14. Principal Accountant Fees and Services 104 PART IV Item 15. Exhibits and Financial Statement Schedules 105 Item 16. Form 10-K Summary 109 Signatures 110 2 Table of Contents PART I Forward-Looking Statements In this Annual Report on Form 10-K for Brady Corporation (“Brady,” “Company,” “we,” “us,” or “our”), statements that are not reported financial results or other historic information are “forward-looking statements.” These forward-looking statements relate to, among other things, the Company’s future financial position, business strategy, targets, projected sales, costs, income, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations. The use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project,” “plan” or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements by their nature address matters that are, to different degrees, uncertain and are subject to risks, assumptions, and other factors, some of which are beyond Brady’s control, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.…