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MOVING INFRASTRUCTURE FORWARD | OCTOBER 31, 2025 THIRD QUARTER 2025 EARNINGS CONFERENCE CALL
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2 I MOVING INFRASTRUCTURE FORWARD I 2025 FORWARD LOOKING STATEMENTS Some s tatements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward- looking statements include statements about Arcosa’s estimates, expectations, beliefs, intentions or strategies for the future. Arcosa uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “outlook,” “strategy,” “plans,” “goal,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Arcosa expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, except as required by federal securities laws. Forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to assumptions, risks and uncertainties regarding the failure to successfully complete or integrate acquisitions, including Ameron and Stavola, or divest any business, or failure to achieve the expected benefits of acquisitions or divestitures; market conditions and customer demand for Arcosa’s business products and services; the impact of Arcosa's level of indebtedness; the cyclical n ature of, and seasonal or weather impact on, the industries in which Arcosa competes; competition and other competitive factors; governmental and regulatory factors; changing technologies; availability of growth opportunities; market recovery; ability to improve margins; the impact of inflation and costs of materials; the impact of inflation and costs of materials; impacts from the Inflation Reduction Act and One Big Beautiful Bill Act; the delivery or satisfaction of any backlog or firm orders; the impact of pandemics on Arcosa’s business; the impact of tariffs; and Arcosa’s ability to execute its long- term strategy, and such forward-looking statements are not guarantees of future performance. For further discussion of such risks and uncertainties, see “Risk Factors” and the “Forward-Looking Statements” section of “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Arcosa's Form 10-K for the year ended December 31, 2024 and as may be revised and updated by Arcosa's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. NON-G AAP FINANCIAL MEASURES This presentation contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Reconciliations of non- GAAP financial measures to the closest GAAP measure are provided in the Appendix.
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HOW TO FIND US OUR WEBSITE www.arcosa.com NYSE TICKER ACA HEADQUARTERS Arcosa, Inc. 500 North Akard Street, Suite 400 Dallas, TX 75201 INVESTOR CONTACT InvestorResources@arcosa.com 3 I MOVING INFRASTRUCTURE FORWARD I 2025
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RECORD Q3 RESULTS(1) WITH ALL 3 SEGMENTS CONTRIBUTING RAISED MID-POINT OF FY 2025 ADJUSTED EBITDA GUIDANCE ACHIEVED LEVERAGE REDUCTION GOAL AHEAD OF SCHEDULE 4 I MOVING INFRASTRUCTURE FORWARD I 2025 THIRD QUARTER 2025 HIGHLIGHTS (1) All year-over-year comparisons exclude the impact of the divested Steel Components business from 2024. See Appendix for reconciliation of Non-GAAP measures. • Adjusted EBITDA growth of 51% o utpaced revenue growth of 27% • Record consolidated Adjusted E BITDA Margin of 21.8%, up 340 basis points • Stavola performing well and highly a ccretive to Q3 results • Double-di git organic Adjusted EBITDA growth led by utility and related structures • Aggregates pricing up 9% and v olume increase of 18% leading to 17% cash unit profitably gain • Orders in barge and wind towers e xtend production visibility • Tightened full year Revenue range a nd increased mid-point of Adjusted EBITDA range, which anticipates: - Revenues up 16% - Adjusted EBITDA up 32% - Adjusted EBITDA Margin e xpansion of 240 basis points • Reported second quarter Net Debt t o Adjusted EBITDA of 2.4x, down from 2.8x sequentially • Reduced leverage ratio one full t urn within one year of Stavola acquisition • Q3 operating cash flow up 19% a nd Free Cash Flow up 25% • Repaid $100 million under Stavola a cquisition term loan • Plan to continue to our balanced c apital allocation focused on long- term growth
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STRATEGIC UPDATE 01
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6 I MOVING INFRASTRUCTURE FORWARD I 2025 ARCOSA’S LONG-TERM VISION Reduce the complexity and cyclicality of the overall business Integrate sustainability initiatives into our long-term strategy Improve long-term returns on invested capital Grow in attractive markets where we can achieve sustainable competitive advantages Maintain a healthy balance sheet through prudent deleveraging
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Construction Products 33% Engineered Structures 38% Transportation Products 29% We have made significant progress advancing our long-term vision 7 I MOVING INFRASTRUCTURE FORWARD I 2025 % Adjusted EBITDA, excluding corporate costs LTM Q3 20252018 Construction Products 56% Engineered Structures 34% Transportation. Products 10% Acquisitions Construction Products Engineered Structures Divestitures STEEL COMPONENTS TANK $219M $627M STRATEGIC TRANSFORMATION
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Q3 2025 RESULTS 02
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Q3 2025 CONSOLIDATED RESULTS (1)Margin excludes the Steel Components business, which was divested on August 16, 2024 and included in continuing operations until the date of sale. See Adjusted Net Income and Adjusted EBITDA reconciliations in Appendix. REVENUES ($M) ADJUSTED EBITDA ($M) 9 I MOVING INFRASTRUCTURE FORWARD I 2025 MARGIN(1) 18.4% 21.8% REPORTED ADJUSTED NET INCOME ($M) 16.6 73.0 Q3-24 Q3-25 +340% 44.6 77.3 Q3-24 Q3-25 +73% 626.8 797.8 13.6 Q3-24 Q3-25 640.4 +27% +25% Steel Components 115.3 174.2 -1.3 Q3-24 Q3-25 114.0 +51% +53% Steel Components Record Q3 performance underscores the success of our strategic portfolio transformation
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Q3 2025 SEGMENT RESULTS: CONSTRUCTION PRODUCTS See Adjusted Segment EBITDA and Freight-Adjusted Segment EBITDA Margin reconciliations in Appendix. For the third quarter 2025, Stavola contributed $102.6 million in revenues, which are reported in the Aggregates and the Specialty Materials and Asphalt line items. 170.6 204.7 63.0 146.9 32.3 35.9 Q3-24 Q3-25 265.9 387.5 +46% Stavola led our significant growth and was highly accretive to segment margin REVENUES ($M) Aggregates Specialty Materials and Asphalt Construction Site Support 10 I MOVING INFRASTRUCTURE FORWARD I 2025 ADJUSTED SEGMENT EBITDA ($M) 71.0 70.7 44.5 Q3-24 Q3-25 115.2 +62% MARGIN 26.7% 29.7% Stavola
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Q3 2025 SEGMENT RESULTS: ENGINEERED STRUCTURES See Adjusted Segment EBITDA reconciliation in Appendix. 200.2 215.6 79.2 95.4 Q3-24 Q3-25 279.4 311.0 +11% Segment earnings growth and margin expansion driven by higher volumes and improved pricing in utility structures REVENUES ($M) ADJUSTED SEGMENT EBITDA ($M) 44.3 57.0 Q3-24 Q3-25 +29% MARGIN 15.9% 18.3%Utility and Related Structures Wind Towers 11 I MOVING INFRASTRUCTURE FORWARD I 2025
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Q3 2025 SEGMENT RESULTS: TRANSPORTATION PRODUCTS (1)Margin excludes the Steel Components business, which was divested on August 16, 2024 and included in continuing operations until the date of sale. See Adjusted Segment EBITDA reconciliation in Appendix. 81.5 99.3 13.6 Q3-24 Q3-25 95.1 22% +4% Barge results up year-over-year and sequentially on strong execution and improved mix REVENUES ($M) ADJUSTED SEGMENT EBITDA ($M) 12.9 17.6 -1.3 Q3-24 Q3-25 11.6 36% +52% MARGIN(1) 15.8% 17.7% 12 I MOVING INFRASTRUCTURE FORWARD I 2025 Barges Steel Components Steel Components
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BALANCE SHEET AND CASH FLOW Reduced our leverage ratio a full turn within one year of transformational Stavola acquisition See Net Debt to Adjusted EBITDA and Free Cash Flow reconciliations in Appendix. Target of 2.0 - 2.5x 13 I MOVING INFRASTRUCTURE FORWARD I 2025 6 bolt- on’s totaling ~$120M NET DEBT / ADJUSTED EBITDA (ratio at end of period) FREE CASH FLOW ($M) 135.0 160.6 (27.8) (26.6) 3Q24 3Q25 107.2 134.0 +25% Operating Cash Flow Net Capital Expenditures 10/01/2024 $1.2B Achieved deleveraging target two quarters ahead of guidance 1.3 3.4 2.9 2.9 2.8 2.4 4Q23 3Q24 Pro forma 4Q24 1Q25 2Q25 3Q25
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2025 OUTLOOK 03
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We remain on track for double-digit growth in 2025 (1)Margin excludes the Steel Components business, which was divested on August 16, 2024 and included in continuing operations until the date of sale. Full year 2025 guidance ranges are inclusive of direct tariff impacts, as currently outlined, which are expected to be immaterial. See Adjusted EBITDA reconciliation in Appendix INCREASED MID-POINT OF 2025 ADJUSTED EBITDA GUIDANCE 439 8 FY-24 Previous 2025 Guidance 2025 Guidance 447 555 - 585 575 - 585 +32% +30% Adjusted EBITDA ($M) 15 I MOVING INFRASTRUCTURE FORWARD I 2025 MARGIN(1) 17.7% 2,482 88 FY-24 Previous 2025 Guidance 2025 Guidance 2,570 2,850 – 2,950 2,860 – 2,910 +16% +12% Revenues ($M) Steel Components 20.1% Steel Components
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MARKET OUTLOOK CONSTRUCTION PRODUCTS ENGINEERED STRUCTURES TRANSPORTATION PRODUCTS 16 I MOVING INFRASTRUCTURE FORWARD I 2025 • On track for HSD aggregates pricing growth for 2025 • Infrastructure spending supported by federal funding from IIJA and healthy state DOT budgets • $350B of IIJA funds for highways and bridges through 2026 –~40% has been spent (1) • Timing of interest rate reductions and macro uncertainty are slowing recovery in residential and commercial end-markets • Record backlog for utility and related structures, driven by grid-hardening, replacing aging infrastructure, and connecting renewables to the grid • Additional demand catalysts from expansion of data centers and rise in electricity consumption • The direct impact of tariffs, as currently outlined, are expected to be immaterial to 2025 financial results • New orders of $117M provide improved backlog visibility for wind towers in 2026 and 2027 • Orders of $148M received in the third quarter • Total backlog of $326M • Both tank and hopper barge orders extend well into 2026 • Aging fleet and underinvestment in replacement support positive outlook for new barge construction • ~40% of the hopper fleet and ~30% of tank fleet are more than 20 years old (2) (1) ARTBA, August 2025; (2) The Waterways Journal: Mississippi River System Barge Fleet Survey 2023
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APPENDIX
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GUIDANCE SUMMARY FOR 2025 ADJUSTED EBITDA COMMENTARY CAPITAL EXPENDITURES OTHER TAX RATE REVENUE • $2.86B to $2.91B range for full year 2025, previously $2.85B to $2.95B • 2024 full year revenue was $2.48B, excluding $88M from the divested Steel Components business • $575M to $585M range for full year 2025, previously $555M to $585M • 2024 full year Adjusted EBITDA was $439M, excluding $8M from the divested Steel Co mponents business • Full year 2025 effective tax rate of ~17-18%, previously 18-19% • Full year 2025 capex of $145M to $155M • Full year 2025 depreciation, depletion, and amortization expense of $224M to $226M • Full year 2025 corporate costs of ~$60M • Guidance includes direct impacts of tariffs, as currently outlined, which are expected to be immaterial 18 I MOVING INFRASTRUCTURE FORWARD I 2025
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NON-GAAP MEASURES Refer to slides that follow for accompanying reconciliations “EBITDA” is defined as net income plus interest, taxes, depreciation, depletion, and amortization. “Adjusted EBITDA” is defined as EBITDA adjusted for certain items that are not reflective of the normal earnings of our business. GAAP does not define EBITDA or Adjusted EBITDA and they should not be considered as alternatives to earnings measures defined by GAAP, including net income. We use Adjusted EBITDA to assess the operating performance of our consolidated business, as a metric for incentive-based compensation, as a measure within our lending arrangements, and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. As a widely used metric by analysts, investors, and competitors in our industry, we believe Adjusted EBITDA also assists investors in comparing a company's performance on a consistent basis without regard to depreciation, depletion, amortization, and other items which can vary significantly depending on many factors. “Adjusted EBITDA Margin” is defined as Adjusted EBITDA divided by Revenues. GAAP does not define “Adjusted Net Income” and it should not be considered as an alternative to earnings measures defined by GAAP, including net income. We use this metric to assess the operating performance of our consolidated business. We adjust net income for certain items that are not reflective of the normal operations of our business to provide investors with what we believe is a more consistent comparison of earnings performance from period to period. “Segment E BITDA” is defined as segment operating profit plus depreciation, depletion, and amortization. “Adjusted Segment EBITDA” is defined as Segment EBITDA adjusted for certain items that are not reflective of the normal earnings of our business. GAAP does not define Segment EBITDA or Adjusted Segment EBITDA and they should not be considered as alternatives to earnings measures defined by GAAP, including segment operating profit. We use Adjusted Segment EBITDA to assess the operating performance of our businesses, as a metric for incentive-based compensation, and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. As a widely used metric by analysts, investors, and competitors in our industry we believe Adjusted Segment EBITDA also assists investors in comparing a company's performance on a consistent basis without regard to depreciation, depletion, amortization, and other items, which can vary significantly depending on many factors. “Adjusted Segment EBITDA Margin” is defined as Adjusted Segment EBITDA divided by Revenues. “Aggregates Freight-Adjusted Revenues” is defined as aggregates revenues less freight and delivery, which are pass-through activities, and other revenues, which are largely service related. We use this metric to calculate “Aggregates Freight-Adjusted Average Sales Price”, which is Aggregates Freight-Adjusted Revenues divided by shipments. “Aggregates Adjusted Cash Gross Profit” is defined as aggregates gross profit plus depreciation, depletion, and amortization and adjusted for certain items that are not reflective of the normal earnings of our business. “Aggregates Adjusted Cash Gross Profit Per Ton” is Aggregates Adjusted Cash Gross Profit divided by shipments. GAAP does not define these metrics and they should not be considered as alternatives to earnings measures defined by GAAP, including aggregates revenues and aggregates gross profit. We believe that this presentation is consistent with our competitors. These metrics are used by analysts and investors in comparing a company's performance on a consistent basis. GAAP do es not define “Net Debt” and it should not be considered as an alternative to cash flow or liquidity measures defined by GAAP. The Company uses Net Debt, which it defines as total debt minus cash and cash equivalents to determine the extent to which the Company’s outstanding debt obligations would be satisfied by its cash and cash equivalents on hand. The Company also uses “Net Debt to Adjusted EBITDA”, which it defines as Net Debt divided by Adjusted EBITDA for the trailing twelve months as a metric of its current leverage position. We present this metric for the convenience of investors who use such metrics in their analysis and for shareholders who need to understand the metrics we use to assess performance and monitor our cash and liquidity positions. GAAP does not define “Free Cash Flow” and it should not be considered as an alternative to cash flow measures defined by GAAP, including cash flow from operating activities. We define Free Cash Flow as cash provided by operating activities less capital expenditures net of the proceeds from the disposition of property, plant, equipment, and other assets. We use this metric to assess the liquidity of our consolidated business. We present this metric for the convenience of investors who use such metrics in their analysis and for shareholders who need to understand the metrics we use to assess performance and monitor our cash and liquidity positions. 19 I MOVING INFRASTRUCTURE FORWARD I 2025
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Reconciliation of Adjusted EBITDA and Adjusted Net Income 20 Moving Infrastructure Forward (1) Includes the impact of the fair value markup of acquired long-lived assets, subject to final purchase price adjustments. (2) Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs. ($’s in millions) (unaudited) 20 I MOVING INFRASTRUCTURE FORWARD I 2025 Three Months Ended September 30, Full Year 2025 Guidance 2025 2024 Low High Net income $ 73.0 $ 16.6 $ 201.4 $ 203.9 Add: Interest expense, net 25.3 12.0 101.0 103.0 Provision for income taxes 14.1 2.5 41.3 44.8 Depreciation, depletion, and amortization expense(1) 56.2 45.2 224.0 226.0 EBITDA 168.6 76.3 567.7 577.7 Add (less): Loss on sale of businesses 3.6 23.0 6.1 6.1 Impact of acquisition and divestiture-related expenses(2) 0.1 12.0 1.4 1.4 Impairment charge 2.0 — 2.0 2.0 Other, net (income) expense (0.1) 2.7 (2.2) (2.2) Adjusted EBITDA $ 174.2 $ 114.0 $ 575.0 $ 585.0 Adjusted EBITDA Margin 21.8 % 17.8 % 20.1 % 20.1 % Three Months Ended September 30, 2025 2024 Net income $ 73.0 $ 16.6 Loss on sale of businesses, net of tax 2.7 17.7 Impact of acquisition and divestiture-related expenses, net of tax(2) 0.1 10.3 Impairment charge, net of tax 1.5 — Adjusted Net Income $ 77.3 $ 44.6
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21 Moving Infrastructure Forward21 I MOVING INFRASTRUCTURE FORWARD I 2025 Reconciliation of Adjusted Segment EBITDA (1) Includes the impact of the fair value markup of acquired long-lived assets, subject to final purchase price adjustments. (2) Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs. ($’s in millions) (unaudited) Three Months Ended September 30, Year Ended December 31, Twelve Months Ended September 30, 2025 2024 2018 2024 2025 Construction Products Operating Profit $ 71.4 $ 40.4 $ 50.4 $ 133.9 $ 173.6 Add: Depreciation, depletion, and amortization expense(1) 41.8 30.2 21.9 134.7 167.2 Segment EBITDA 113.2 70.6 72.3 268.6 340.8 Less: Gain on sale of businesses — — — (5.0) — Add: Impact of acquisition and divestiture-related expenses(2) — 0.4 0.8 12.2 10.5 Add: Impairment charge 2.0 — — 5.8 2.0 Adjusted Segment EBITDA $ 115.2 $ 71.0 $ 73.1 $ 281.6 $ 353.3 Adjusted Segment EBITDA Margin 29.7 % 26.7 % 25.0 % 25.5 % 26.8 % Engineered Structures Operating Profit $ 44.9 $ 32.6 $ 28.6 $ 126.4 $ 159.1 Add: Depreciation and amortization expense (1) 12.1 11.7 29.7 45.4 50.1 Segment EBITDA 57.0 44.3 58.3 171.8 209.2 Add: Impact of acquisition and divestiture-related expenses(2) — — — 1.6 — Add: Impairment charge — — 23.2 — — Less: Gain on sale of businesses — — — (14.5) — Adjusted Segment EBITDA $ 57.0 $ 44.3 $ 81.5 $ 158.9 $ 209.2 Adjusted Segment EBITDA Margin 18.3 % 15.9 % 10.4 % 15.2 % 18.2 % Transportation Products Operating Profit (Loss) $ 12.1 $ (14.2) $ 48.4 $ 30.2 $ 52.0 Add: Depreciation and amortization expense 1.9 2.8 15.5 12.6 7.4 Segment EBITDA 14.0 (11.4) 63.9 42.8 59.4 3.6 23.0 — 21.6 4.7 Adjusted Segment EBITDA $ 17.6 $ 11.6 $ 63.9 $ 64.4 $ 64.1 Adjusted Segment EBITDA Margin 17.7 % 12.2 % 16.3 % 15.4 % 17.5 % Operating Loss - Corporate $ (16.1) $ (25.0) $ (32.5) $ (92.9) $ (78.6) Add: Impact of acquisition and divestiture-related expenses - Corporate(2) 0.1 11.6 — 32.7 17.0 Add: Corporate depreciation expense 0.4 0.5 0.5 2.3 1.6 Adjusted EBITDA $ 174.2 $ 114.0 $ 186.5 $ 447.0 $ 566.6
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Reconciliation of Aggregates Metrics 22 Moving Infrastructure Forward (in millions, except per ton amounts) (unaudited) 22 I MOVING INFRASTRUCTURE FORWARD I 2025 Gotham Three Months Ended September 30, 2025 2024 Aggregates Aggregates revenues $ 218.1 $ 170.6 Less: Freight revenues and other revenues (37.2) (29.6) Aggregates Freight-Adjusted Revenues $ 180.9 $ 141.0 Aggregates gross profit 61.5 44.0 Add: Depreciation, depletion, and amortization 24.9 18.3 Add: Impact of acquisition and divestiture-related expenses — 0.4 Aggregates Adjusted Cash Gross Profit $ 86.4 $ 62.7 Aggregates shipments - tons 9.9 8.4 Aggregates Freight-Adjusted Average Sales Price $ 18.27 $ 16.79 Aggregates Adjusted Cash Gross Profit per Ton $ 8.73 $ 7.46
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Reconciliation of Net Debt to Adjusted EBITDA and Free Cash Flow ($’s in millions) (unaudited) 23 I MOVING INFRASTRUCTURE FORWARD I 2025 (1) These periods include pro forma adjustments to Adjusted EBITDA for acquisitions and divestitures during the period, as previously disclosed. As of December 31, 2023 September 30, 2024 Pro Forma(1) December 31, 2024(1) March 31, 2025(1) June 30, 2025(1) September 30, 2025 Total debt excluding debt issuance costs $ 573.1 $ 1,848.7 $ 1,707.1 $ 1,703.7 $ 1,700.5 $ 1,599.4 Cash and cash equivalents 104.8 129.1 187.3 167.9 189.7 220.0 Net Debt $ 468.3 $ 1,719.6 $ 1,519.8 $ 1,535.8 $ 1,510.8 $ 1,379.4 Adjusted EBITDA (trailing twelve months) $ 367.6 $ 500.1 $ 515.2 $ 531.0 $ 544.1 $ 566.6 Net Debt to Adjusted EBITDA 1.3 3.4 2.9 2.9 2.8 2.4 c Three Months Ended September 30, 2025 2024 Cash Provided by Operating Activities $ 160.6 $ 135.0 Capital expenditures (39.6) (34.4) Proceeds from disposition of assets 13.0 6.6 Free Cash Flow $ 134.0 $ 107.2
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24 Moving Infrastructure Forward24 I MOVING INFRASTRUCTURE FORWARD I 2025 Reconciliation of Adjusted EBITDA for Steel Components and Stavola (in millions) (unaudited) Three Months Ended September 30, 2025 Stavola business Operating Profit $ 32.3 Add: Depreciation and amortization expense 12.2 Stavola EBITDA 44.5 Stavola Adjusted EBITDA $ 44.5 Three Months Ended September 30, 2024 Steel components Operating Loss $ (25.4) Add: Depreciation and amortization expense 1.1 Steel components EBITDA (24.3) Add: Loss on sale of business 23.0 Steel components Adjusted EBITDA $ (1.3)