Slides
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NASDAQ: BBCP INVESTOR PRESENTATION | January 2026
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Disclaimer Forward-Looking Statements This investor presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," "outlook" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance, including the Company's fiscal year 2026 outlook. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the adverse impact of recent inflationary pressures, changes in foreign trade policies, restrictive monetary policies, global economic conditions and developments related to these conditions, such as fluctuations in fuel costs on our business; adverse and severe weather conditions; the outcome of any legal proceedings, rulings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability of the Company to grow and manage growth profitably and retain its key employees; the ability to complete targeted acquisitions and to realize the expected benefits from completed acquisitions; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission, including the risk factors in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Industry and Market Data In this Investor Presentation, we rely on and refer to information and statistics regarding market participants in the sectors in which the Company competes and other industry data. We obtained this information and statistics from third-party sources, including reports by market research firms, and company filings. Historical and Projected Financial Information Annual financial information of the Company is based on its fiscal year end of October 31. This Investor Presentation contains financial forecasts, which were prepared in good faith by the Company on a basis believed to be reasonable. Such financial forecasts have not been prepared in conformity with generally accepted accounting principles (“GAAP”). The Company's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Investor Presentation, and accordingly, they have not expressed an opinion nor provided any other form of assurance with respect thereto for the purpose of this Investor Presentation. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. Certain of the above-mentioned projected information has been provided for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Projections are inherently uncertain due to a number of factors outside of the Company’s control. Accordingly, there can be no assurance that the prospective results are indicative of future performance of the Company or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this Investor Presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. Non-GAAP Financial Measures This Investor Presentation includes non-GAAP financial measures, including but not limited to Adjusted EBITDA, Free Cash flow, Leverage Ratio and Net Debt. The Company defines Adjusted EBITDA as net income calculated in accordance with GAAP plus interest expense and amortization of deferred financing costs, net interest income, income tax expense, depreciation and amortization, transaction expenses, loss on debt extinguishment, stock-based compensation, changes in the fair value of warrant liabilities, other expense (income), net, goodwill and intangibles impairment and other adjustments. Other adjustments include non-recurring expenses, non-cash currency gains/losses and transaction expenses. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of various acquisitions. Free Cash Flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest, net of interest income. Maintenance capital expenditures are investments in replacing existing equipment. The leverage ratio is defined as the ratio of net debt to Adjusted EBITDA for the trailing four quarters. The Company believes its leverage ratio measures its ability to service its debt and its ability to make capital expenditures. Additionally, the leverage ratio is a standard measurement used by investors to gauge the creditworthiness of an institution. Net Debt as a specified date reflects all principal amounts outstanding under debt agreements less cash. These measures should not be used as substitutes for their most comparable measures calculated in accordance with GAAP. The Company believes that the Adjusted EBITDA non-GAAP measure provides useful information to management and investors regarding certain financial and business trends relating to the Company financial condition and results of operations. The Company's management uses Adjusted EBITDA to compare performance to that of prior periods for trend analyses and for budgeting and planning purposes. The Company believes the Net Debt non-GAAP measure provides useful information to management and investors in order to monitor the Company’s leverage and evaluate the Company’s consolidated balance sheet. The Company believes the Free Cash flow measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business. You should not rely on any single financial measure to evaluate the Company’s business. Other companies may calculate these non-GAAP measures differently, and therefore it may not be directly comparable to similarly titled measures of other companies. See the reconciliations of Non-GAAP Adjusted EBITDA, Net Debt, Free Cash Flow and Leverage Ratio measures on slides 30-33. The Company has not reconciled the forward-looking Adjusted EBITDA guidance range and Free Cash Flow range included in this presentation to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income taxes and depreciation and amortization. NASDAQ: BBCP| 2
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Business Overview NASDAQ: BBCP| 3 • Leading concrete waste management service provider in the U.S.1; emerging presence in U.K. • Simple, fully-compliant & cost-effective solution for handling concrete washout Concrete Pumping Concrete Waste Management Our Equipment Stationary Concrete Pumps TelebeltsPlacing Booms Truck-Mounted Boom Pumps Concrete Washout Pans & Roll OffsEco-Pan Trucks 1 Management estimates based on fleet size. 2 See appendix for a reconciliation of this non-GAAP measure. 3 Defined as Adjusted EBITDA (see appendix for a reconciliation of this non-GAAP measure) less net maintenance capex less cash paid for interest, net interest income. • Largest1 concrete pumping service provider in the U.S. (Brundage-Bone + Capital) & the U.K. (Camfaud) • Optimize utilization through broad geographic footprint & comprehensive suite of equipment Key Highlights $393M Revenue FY ‘25 $97M Adj. EBITDA 2 24.7% Margin FY ‘25 $43M Free Cash Flow 3 FY ‘25 Market Leader 1 In Every Region Served
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Who We Are • We are the largest1 U.S. & U.K. concrete pumping service provider with a high-growth concrete waste management service (Eco-Pan) • We are a specialty service provider • Experienced professionals operate a fleet of highly technical equipment • Our clients are construction companies; we invoice daily and have strong pipeline visibility • Outstanding service levels are paramount to our value proposition • We DO NOT: • Rent our concrete pumping equipment to customers • Take possession of concrete • Accept liability for the concrete we place • Accept construction risk • Use percentage of completion accounting NASDAQ: BBCP| 4 1 Management estimates based on revenue and equipment count.
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CPH does not purchase, transport or own concrete Non-CPH employees on-site lay the foundation CPH simply pumps pass-through concrete C ◼ No commodity inventory risk ◼ No liability from bad concrete or spillage ◼ Pure service business ◼ Invoices daily for the service ◼ Limited risk for poor foundation ◼ Pumping is a productivity enhancer for contractors Limited risk for Eco-Pan D ◼ No ownership of waste ◼ Pans sealed to prevent leakage ◼ Eco-Pan is not responsible for filling the pans or spillages that occur on site Concrete pumping service involves passing concrete from a mixing truck to the target site. Lack of ownership and employees on the ground limits CPH’s risk and liability. D Highly Attractive and Low Risk Business Model C A B B A NASDAQ: BBCP| 5 BC C
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Why Customers Choose CPH for Concrete Placement NASDAQ: BBCP| 6 Concrete Placement is Highly Critical & Time Sensitive Need for Faster, Safer & Higher Quality Service Advantages of concrete pumping ~90 mins Time before ready-mix concrete perishes ~10% Ready-mix material concrete costs (as % of overall project costs) ~1-2% Concrete pumping costs (as % of overall project costs) Wide Range Of Equipment ◼ ~850 boom pump trucks ranging from 20 to 66 meters ◼ ~520 stationary pumps, placing booms, telebelts, etc. Availability ◼ More pumps and skilled operators than competitors1 Technical Expertise ◼ 40+ years of successful operating history ◼ Experienced and knowledgeable operators CPH Competitive Advantages Reliability ◼ Track record of quality and on-time completion 1 Management estimates based on fleet size.
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Advantages of Our Scale NASDAQ: BBCP| 7 Purchasing benefits for fuel, OEM capex purchases & parts Fleet availability to match customer demand & requirements Breadth of services to service large, more complex jobs Trained operators with a leading track record of safety Higher utilization leads to higher revenue per equipment In our industry, we compete based upon level of customer service, fleet availability and equipment breadth… …Our unique strengths in these areas lead to premium margin levels.
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0%0%0% Why Invest in CPH? NASDAQ: BBCP| 8 (% of Concrete Pumping Spend) ~$1.85B Industry size1 All Others Next Top 2-20 U.S. Concrete Pumping Industry Market Share1 ~6x Larger Than Nearest Competitor1 ¹ Management estimates based on revenue. 67% 16% 17% ✓ Largest player1 in the US and UK in a growing industry ✓ Eco-Pan is a disruptive solution with strong secular tailwinds ✓ Proven acquisition platform and industry consolidator ✓ Experienced team with aligned incentives ✓ Strong financial profile and unit economics
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NASDAQ: BBCP| 9 Framing the Long Term CPH Growth Opportunity Unique, scalable platform that is optimally positioned for continued strong, accretive growth 5 4 3 2 ◼ Value proposition– better, faster, safer ◼ Optimize mix of project sizes ◼ Mobile fleet and operators support geographic expansion ◼ Increase route density ◼ Expand into the “white space” in both the US and UK ◼ Cross-sell services to concrete pumping customers ◼ “Step-out” from established locations ◼ Leverage best “hunters” ◼ Leverage mobile fleet / operators ◼ Optimize rates ◼ Leverage analytics on ‘per job’ performance ◼ Agile fleet management ◼ Deepen local presence and pursue adjacent geographies ◼ Immediate synergies to improve ROI ◼ Matching offset to growth capex 1 Capture Greater Market Share Pricing & Utilization Eco-Pan Expansion Pursue Acquisitions Greenfield Opportunities
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Key Factors for Increased Penetration of Eco-Pan ✓Leverage our concrete pumping footprint ✓Environmental protection & violation avoidance ✓Drive increasing route density ✓Every concrete placement requires a washout service Disruptive Concrete Waste Management Solution NASDAQ: BBCP| 10 Eco-Pan U.S. Market Opportunity Total US Market Opportunity $850M+1 $75M 19% of FY 25 Revenue (Current Penetration of ~9%) Large Market for Continued Penetration Washout Method Alternatives 1 Management estimates based on revenue. 2 During the first quarter of fiscal year 2025,the Company updated its allocation methodology of corporate costs to better align with the manner in which the Company now allocates resources and measures performance. As a result, segment results for fiscal year 2024 have been reclassified from $28 million to conform to our current period presentation of $26 million. FY23 and earlier periods are not restated. $0 $10 $20 $30 $40 $50 $60 $70 $80 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 Revenue Adj. EBITDA Eco-Pan Organic Growth ($ in millions)2
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U.S. Business Conditions NASDAQ: BBCP| 11 1 NRMCA (National Ready Mixed Concrete Association). 2025 estimate derived from NRMCA’s actual production trend. www.nrmca.org/association-resources/production-statistics 2 Infrastructurereportcard.org – state infrastructure facts by the American Society of Civil Engineers. 3 Based on management estimates and industry research 4 US Census Bureau. Data measured from 2020 – 2024. https://www.census.gov/data/tables/time-series/demo/popest/2020s-national-total.html U.S. Concrete Production(1) Aging U.S. Infrastructure Catalyzed Public & Private Investment(2) 396 406 390 404 432 458 457 415 352 259 257 266 290 300 325 336 343 351 359 371 377 394 401 400 379 367 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 E -6% -4% -2% 0% 2% 4% 6% 8% 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E U.S. Cement Consumption Outlook (3) (YoY change in millions of metric tons consumed) D+ Grade C- Grade C Grade C+ Grade No Grade D Grade CPH Operates in 9 of 10 States With Fastest Population Growth(4) 7.0% 8.2% 5.7% 4.2% 5.5% 6.8% 4.3% 3.0% 2.5% 6.7%
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Camfaud is the Largest1 Concrete Pumping Company in the U.K. Construction Market NASDAQ: BBCP| 12 1 Management estimates based on revenue. 2 U.K. Office for National Statistics – Output in the construction industry. Current amounts as of December 12, 2025. 2025 estimate derived from U.K. Office for National Statistics' actual spending trends. https://www.ons.gov.uk/businessindustryandtrade/constructionindustry/datasets/outputintheconstructionindustry 3 https://www.gov.uk/government/publications/uk-infrastructure-a-10-year-strategy ⁴ U.K. Department of Transportation. ⁵ Department for Energy Security & Net Zero. Drivers of Strong U.K. Infrastructure Spending High-Speed Railway Project (“HS2”)4 ◼ Highly concrete intensive ~£80 billion project underway for Phase 1 ◼ Project work expected to last beyond the year 2030 U.K. Construction Spending Excluding Infrastructure Spending2 (£ in billions) 57 60 70 73 81 89 91 96 78 85 104 106 106 111 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 E U.K. Infrastructure Spending2 (£ in billions) 14 14 15 18 18 20 22 23 23 30 35 39 36 38 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 E For tables, see below. Annualize for current year if needed. See table 4 https://www.ons.gov.uk/businessindustryandtrade/constructionindustry/datasets/outputintheconstructionindustry Table 4 – Columns “Infrastructure new work” and “All New Work.” UK Infrastructure Spending graph is “All New Work” minus “Infrastructure New Work.” Nuclear Projects on the Pathway to Net Zero by 20505 ◼ “Sizewell C” project is a concrete intensive ~£40 billion project expected to be delivered in mid to late 2030s. ◼ Final funding passed in July 2025, project work expected to last beyond 2030 ◼ Camfaud has supported most recent nuclear power station, Hinkley Point; expected to be involved in Sizewell C when main work commences in 2026 Key Priorities (2020–2030) committing ~ total £725 billion investment including the below:3 ◼ Levelling Up ~£40 billion investment in transport and infrastructure across the Midlands, North, Scotland, Wales and Northern Ireland. ◼ Resilient Utilities ~£15 billion to upgrade water, waste, and energy networks for future demand and climate risks. ◼ Housing & Urban Growth ~£55 billion to fund infrastructure that unlocks new homes and regenerates towns.
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Unrivaled Geographic Footprint in Two Regions NASDAQ: BBCP| 13 U.S. Footprint U.K. Footprint Legend: # of Locations: ~95 ~35 22 Note: Thornton, CO is the HQ for CPH, Epping, England (near London) is the main corporate office in the U.K. Location and equipment data is as of October 31, 2025. ¹ Management estimates based on fiscal 2025 revenue. ² Represents truck count. # of Equipment Units: ~1000 ~370 U.S. Concrete Pumping U.K. Concrete Pumping Corporate Headquarters #1 Player¹ in Each Region Served for All Business Segments ~1502 U.K. Concrete PumpingU.S. Eco-Pan
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◼ Tech/Data Centers ◼ Manufacturing Sites ◼ Private Healthcare ◼ Energy ◼ Mixed-use Retail ◼ Retail (e.g. single retailer) ◼ Warehouses ◼ Distribution Centers ◼ Office Buildings ◼ Hotels ◼ Convention Centers ◼ Sports ◼ Other Commercial Diversified Regional & End Market Exposure NASDAQ: BBCP| 14 Diverse End Market Exposure1 1 End market breakdown based on TTM as of October 31, 2025. Breakdown within commercial based on management estimates of CPH’s FY 2025 revenue. Work-mix is subject to change. ² Analysis is based on CPH’s TTM revenue from concrete pumping as of October 31, 2025. Commercial (47%) 24% 10% 7% 19% 17% 5% 18% U.S. South U.S. West U.S. Central U.S. Southeast U.S. Mountain U.S. East U.K. U.S. Regional & U.K. Exposure2 Infrastructure (24%) (publicly funded) ◼ Education, roads & bridges, utilities, public hospitals Residential (29%) ◼ Homes (foundations), multi-family, sitework & landscaping
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Disciplined Approach to Fleet Management NASDAQ: BBCP| 15 ▪ We own our entire fleet (no leasing) ▪ Employ qualified mechanics to ensure fleet is well maintained ▪ Leverage scale and fleet mobility to achieve target utilization level of ~85% ▪ Scale allows us to purchase equipment and parts directly from suppliers to OEMs at a discount to peers ▪ Equipment lasts ~20 years due to in- house maintenance expertise and strategic replacement of wear parts; repairs are expensed as incurred (Pump lengths in meters; avg. age and useful life in years) Equipment Type Fleet Count Average Age Expected Useful Life Up to 33m 222 7.8 25 34m to 43m 357 8.0 20 44m to 51m 147 6.6 15 52m+ 126 6.6 10 Total Boom Trucks 852 7.5 19 Stationary / Other 409 8.5 20 Placing Booms 87 13.7 20 Telebelts 24 6.8 15 Eco-Pan 145 6.5 15 Grand Total 1,517 8.0 19 CPH Fleet Overview1 ¹ Fleet profile as of October 31, 2025.
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Acquisitions Since 2016Proven & Unique M&A Platform ▪ Acquirer of Choice: Completed ~65 acquisitions since 1983 (avg. estimated acquisition Adjusted EBITDA multiples before synergies <4.5x) ▪ Benefits of Scale: Capability to increase target’s Adjusted EBITDA margins through utilization increases, price optimization, capex and fuel purchasing discount, and operating expense synergies ▪ Clear Acquisition Criteria: Attractive market, strong management, good employee and customer relationships, well maintained fleet and meaningful potential for synergies ▪ Proven Growth Avenue: Supports growth in all economic markets, including recessionary environment by acquiring struggling competitors ▪ Compelling Tax Benefits Available: Transactions typically structured for 100% cost expensing for tax purposes ▪ Strong Acquisition Pipeline: ~$100M of additional Adjusted EBITDA identified NASDAQ: BBCP| 16 Company Name Location Fiscal Year Acquired Purchase Price (millions) Strategy Camfaud U.K. 2016 £45.5 New Market Reilly U.K. 2017 £10.2 New Market O’Brien CO 2018 $21.0 Tuck-In Atlas ID 2019 $3.8 Tuck-In Capital TX 2019 $129.2 Tuck-In HDCE CA 2021 $5.5 Tuck-In McKenzie U.K. 2021 £1.8 Tuck-In Hi-Tech TX 2021 $12.2 Tuck-In Pioneer GA / TX 2022 $20.1 Tuck-In UKSGP U.K. 2022 £2.3 Tuck-In Advanced TX 2022 $5.1 Tuck-In Landmark AL / FL 2022 $3.2 New Market Coastal NC, SC, & FL 2022 $31.0 New Market Cherokee GA 2023 $6.3 Tuck-In CGA Ireland 2026 €1.8 New Market Note: Figures above are indicative of historical acquisition results. There can be no assurances that future acquisitions will occur or perform in line with historical achievements.
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Industry-Leading Team Highly Aligned with Shareholders NASDAQ: BBCP| 17 Bruce Young Chief Executive Officer ▪ CEO since 2008, CEO of Eco-Pan since 1999 ▪ 45+ years of industry experience ▪ CFO since 2016 ▪ CFO of Wood Group PSN Americas (LSE:WG): 2013 – 2016 ▪ 30+ years of international financial & managerial experience Iain Humphries Chief Financial Officer Mark Young President, U.S. Concrete Pumping ▪ President of US Pumping since 2018 ▪ 20+ years of industry experience Casey Mendenhall President, Eco-Pan ▪ President of Eco- Pan since 2019 ▪ 30+ years of industry experience Tony Faud Managing Director, U.K. ▪ Managing Director of CPH’s U.K. Operations since 2002 ▪ 35+ years of industry experience CPH Management Team Beneficially Owns ~5% of the Company
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Note: CPH has an October 31st fiscal year end. Figures may not sum due to rounding. ¹ Adjusted EBITDA is a non-GAAP financial measure. See appendix for a reconciliation of Adjusted EBITDA to net income. EBITDA margin is calculated by dividing Adjusted EBITDA by total revenue for the period presented. ² In fiscal years 2021 through 2023, a significant portion of the Company’s Net Capex in the statement of cash flows included growth investments, which are shown as Growth Capex above. Fiscal 2021 Growth Capex includes M&A Capex of $12.2 million for HiTech Concrete Pumping. Fiscal 2022 growth capex of $56.0 million is primarily from M&A activity, the largest of which was Coastal Carolina for $31.0 million. Fiscal 2023 includes $6.2 million of M&A activity. Fiscal 2024 includes $2.1m in Real Estate capex. 3 Adjusted EBITDA cash conversion is calculated by dividing Adjusted EBITDA less net maintenance capex by Adjusted EBITDA for the period presented. $68 $79 $95 $107 $104 $116 $125 $112 $97 32% 33% 34% 35% 33% 29% 28% 26% 25% FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Key Financial Performance Trends NASDAQ: BBCP| 18 Revenue Adjusted EBITDA1 Net Capital Expenditures (“Capex”) 2 ($ in millions) Adj. EBITDA Margin (%) Adjusted EBITDA Less Net Maintenance Capex ($ in millions) ($ in millions) $211 $243 $283 $304 $316 $401 $442 $426 $393 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 ($ in millions) Adj. EBITDA Cash Conversion3 $46 $50 $62 $71 $67 $80 $96 $96 $69 68% 63% 65% 66% 64% 69% 77% 86% 71% FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 $23 $29 $33 $36 $37 $36 $29 $16 $28 $19 $56 $15 $15 $9 11% 12% 12% 12% 12% 9% 7% 4% 7% FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Maintenance Capex Growth Capex Maintenance Capex % of Revenue 2 $56 $92 $44 $31 2 2 2 $37
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$91.8 $110.3 $122.1 $132.0 $153.5 $151.2 $164.3 $203.7 $229.7 $229.5 $296.5 $317.9 $291.0 $260.5 $36.4 $50.4 $49.2 $39.1 $48.1 $54.9 $62.6 $64.0 $57.0 $13.0 $15.4 $18.9 $23.6 $28.5 $30.4 $35.9 $38.6 $50.2 $61.7 $70.9 $75.4 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019¹ FY2020¹ FY2021¹ FY2022¹ FY2023 FY2024 FY2025 U.S. Concrete Pumping U.K. Operations U.S. Concrete Waste Management Services $304.7 Historical Growth by Segment NASDAQ: BBCP| 19 Note: Historical revenue as reported. ¹ FY2019, FY2020, FY2021 and FY2022 had Corporate and Intersegment revenue of $(0.3)M, $(0.5)M, $(0.4)M, and $(0.3)M respectively. 2 As of FY2023, the Company no longer includes Intersegment or Corporate revenue in total revenue. FY2023 has been recast to reflect these changes. ($ in millions) $91.8 $110.3 $135.1 $147.4 $172.4 $211.2 $243.2 $283.0 $316.2 $401.3 $442.2 $425.9 2 $392.9
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FY 2026 Outlook NASDAQ: BBCP| 20 ($ in millions) FY 2025 Actual FY 2026 Outlook FY 2026 Commentary Revenue $393 $390-$410 • Assumes no meaningful construction market recovery in FY2026. • Commercial construction volumes remain challenged through the end of the fiscal year with volumes showing no meaningful improvement in FY 2026. • Positive outlook for infrastructure spending remains. • Eco-Pan continues to capitalize on organic growth momentum and improving market conditions. • Continued operational and fleet investment to position the business for growth in 2026 and beyond. In advance of the upcoming stricter Nox emissions standards effective Jan 1, 2027, the Company is accelerating ~$22.0 million of planned capital equipment investments from calendar year 2027 into fiscal year 2026. Adj. EBITDA1 $97 $90-$100 Free Cash Flow2 $43 At least $40 Note: Outlook as of January 13, 2026. 1 Adjusted EBITDA is defined as net income calculated in accordance with GAAP plus interest expense and amortization of deferred financing costs, net of interest income, income tax expense, depreciation and amortization, transaction expenses, loss on debt extinguishment, stock-based compensation, changes in the fair value of warrant liabilities, other expense (income), net, goodwill and intangibles impairment and other adjustments. The leverage ratio is defined as the ratio of net debt to Adjusted EBITDA for the trailing four quarters. See appendix for a reconciliation of these non-GAAP measure. 2 Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest, net of interest income. See appendix for a reconciliation of this non-GAAP measure. 3 Free cash flow yield calculated as Adjusted EBITDA less net replacement capex and cash paid for interest, net of interest income divided by equity value. Free cash flow yield is calculated based on an FY26 outlook of $40 million for free cash flow. Free Cash Flow2 Outlook Implies 10% Yield to Our Current Equity Value3 of $408M
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Quarterly Financial Performance NASDAQ: BBCP| 21 Revenue Adjusted EBITDA1 Adjusted EBITDA Less Net Maintenance Capex ($ in millions) Net Maintenance Capex2 ($ in millions) $85 $96 $105 $115 $94 $108 $121 $120 $98 $107 $110 $112 $86 $94 $104 $109 Q1 Q2 Q3 Q4 2022 2023 2024 2025 $23 $27 $30 $36 $25 $29 $35 $36 $19 $28 $32 $34 $17 $22 $27 $31 Q1 Q2 Q3 Q4 2022 2023 2024 2025 $14 $7 $12 $4 $12 $9 $2 $6 $12 $3 $3 -$1 $1 $10 $9 $7 Q1 Q2 Q3 Q4 2022 2023 2024 2025 Note: Figures may not foot due to rounding. ¹Adjusted EBITDA is a non-GAAP financial measure. See appendix for a reconciliation of Adjusted EBITDA to net income. ²Reflects only maintenance capex, net of proceeds, for each period. $9 $20 $18 $32 $13 $20 $31 $30 $8 $24 $29 $32 $16 $13 $18 $24 Q1 Q2 Q3 Q4 2022 2023 2024 2025 ($ in millions) ($ in millions)
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✓ Strong Financial Position at October 31, 2025 • ~$360M of total available liquidity between cash on balance sheet & availability on ABL Facility • As of Oct. 31, 2024, ABL amended to provide up to $350M • Net debt¹ of ~$381M and leverage ratio¹ of 3.9x ✓ Covenant Light • No financial covenants on Senior Notes • ABL facility has springing 1:1 fixed charge ratio and 4:1 maximum leverage ratio based on excess availability ✓ Senior Notes do not mature until February 2032 ✓ ABL facility does not mature until September 2029 ✓ Favorable Cash Flow Characteristics • Specialized, technical construction service drives strong margins (24.7% Adj. EBITDA margin¹ in FY’25) • Daily invoicing & light working capital business model • Cash flow further bolstered by compelling tax benefits from M&A transactions structured as asset purchases vs. stock purchases • Current Federal NOL balance of ~$12M (as of 10/31/2025) Financial Flexibility & Strong Liquidity NASDAQ: BBCP| 22 1 See appendix for a reconciliation of these non-GAAP measures (Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by total revenue for the period presented).
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Capital Allocation NASDAQ: BBCP| 23 Prudent Capital Allocation Fleet Investment (Organic Growth) Eco-Pan Growth (Organic Growth) M&A (Tuck-in acquisitions) Reinforce Competitive Advantages Significant Cash Flow Generation Share Repurchases & Dividends
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Key Valuation Information Stock Price $7.50 $4.78/$9.68 52 WEEK LOW/HIGH 87,332 AVG. DAILY VOL. (3 MO.) 54.4M FULLY DILUTED IN-THE-MONEY SHARES AND EQUIVALENTS1 Trading Data @ (1/12/26) Enterprise Value2 $788M Capital Structure FY‘25 Adj. EBITDA $97M $393M FY‘25 REVENUE 24.7% FY‘25 ADJ. EBITDA MARGIN 3.9x LEVERAGE RATIO3 $408M EQUITY VALUE2 $381M NET DEBT2 $360M TOTAL LIQUIDITY Financial Overview EV/TTM Adj. EBITDA2 8.1x 10% FREE CASH FLOW YIELD4 29% EV/TTM ADJ. EBITDA DISCOUNT TO SPECIALTY RENTAL PEERS5 53% EV/TTM ADJ. EBITDA DISCOUNT TO SPECIALTY WASTE PEERS6 Valuation Measures Source: Public filings and research analyst estimates. Note: CPH has an October 31st fiscal year end. 1 Refer to appendix for a reconciliation. 2 Represents CPH’s equity value calculated (as of the trading date) as the total number of fully diluted in-the-money shares and equivalents multiplied by the current share price of $7.50 per share. CPH’s enterprise value is calculated as equity value plus net debt of $381 million. 3 Leverage ratio defined as net debt (as defined on slide 33) divided by Adjusted EBITDA over the trailing four quarters. 4 Free cash flow yield calculated as Adjusted EBITDA less net replacement capex and cash paid for interest, net of interest income divided by equity value. Free cash flow yield is calculated on a TTM basis. 5 Specialty Rental peers include Custom Truck One Source (formerly known as NESCO), Construction Partners, Inc. and WillScot Mobile Mini. 6 Specialty Waste peers include Clean Harbors, Ecolab and Waste Management. NASDAQ: BBCP| 24
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8.1x 11.5x 17.1x CPH Average Specialty Rental Peers Average Specialty Waste Peers 25% 26% 24% CPH Average Specialty Rental Peers Average Specialty Waste Peers Attractive Financial Profile & Valuation Versus Peers NASDAQ: BBCP| 25 TTM Adjusted EBITDA Margin(4) (3) (2) Source: Public filings and research analyst estimates. Note: See slide 24 for CPH’s equity value calculation. 1 CPH capex figure reflects net replacement capex only. 2 Specialty Rental peers include Custom Truck One Source (formerly known as NESCO), Construction Partners, Inc. and WillScot Mobile Mini. 3 Specialty Waste peers include Clean Harbors, Ecolab and Waste Management. 4 EBITDA margin is calculated by dividing Adjusted EBITDA by total revenue for the period presented. Discount vs. Specialty Rental Peers: (56%) Discount vs. Specialty Waste Peers: (58%) EV / (TTM Adjusted EBITDA – Net Capex(1)) (2) EV / TTM Adjusted EBITDA (2) (3) Discount vs. Specialty Rental Peers: (29%) Discount vs. Specialty Waste Peers: (53%) (3) 11.4x 26.1x 27.1x CPH Average Specialty Rental Peers Average Specialty Waste Peers
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Appendix
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Company Evolution NASDAQ: BBCP| 27 For 40+ years, CPH has established a market-leading position and developed a strong platform for continued robust growth 1983-84: Founded in Denver; expansion into Dallas 1999-03: Expansion into Kansas, Missouri, Arizona, Arkansas, Oklahoma, Idaho, California 2009-14: Focus on optimizing operations, fleet management and job pricing and costing; acquired by Peninsula Pacific Streamlining the Platform (2009 – 2014) Early Company History (1983 – 2008) Robust Platform of Scale (2015 – 2025) 2004: First concrete pumping company to generate $100 million of revenue 1986-95: Expansion into Seattle, Salt Lake City and Portland; becomes the largest concrete pumping company in the US 2014: Eco-Pan officially acquired 2009: Expansion into Southeast 2008: Bruce Young named CEO 2005-06: Expansion into Houston and Austin 2016: Iain Humphries hired as CFO 2019: Transformative acquisition of Capital Pumping, the leading provider in Texas 1999: Eco-Pan founded by Brundage- Bone management 2016: Expansion into the U.K with four acquisitions including Camfaud; Tony Faud joins the company 2018: Became a public co. through a SPAC transaction with Industrea Acquisition Corp.; acquires O’Brien Concrete Pumping 2003: Bruce Young promoted to National Operations Manager 2021: Closing of $375M 2026 Senior Secured Second Lien Notes Offering ; acquires Hi-Tech, McKenzie and Pioneer Concrete Pumping 2022: Acquires UKSGP, Advanced, Landmark and Coastal Carolina Pumping (largest concrete pumping service provider in the Carolinas) 2023: Acquires Cherokee Pumping 2025: Refinancing of 2026 Senior Notes, upsizing to $425M and extending maturity to February 2032 2024: Upsize of Asset Based Lending Facility to $350M expiring Sept 2029 2025: Declare special dividend of $1.00 per share totaling $53m
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NASDAQ: BBCP| 28 Select Projects Hinkley Point (UK) Rainier Square Project (Seattle, WA) Eco-Pan (Arizona) HS2 South Portal Tunnels (Hertford, UK) Water Frontage (Vancouver, WA) Hinkley Point Nuclear Power Station (Somerset, England) Hyatt Centric (Denver, CO) Washington State Convention Center (Seattle, WA)
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Business Seasonality NASDAQ: BBCP| 29 • Typically, ~55% of revenue is in the second half of the fiscal year, May through October • Less concrete is placed in the colder and wetter winter months, leading to greater business activity in the second half of the fiscal year • While CPH is a highly variable cost business, EBITDA margins improve slightly in the second half of the fiscal year due to greater fleet utilization and leveraging fixed G&A spend • CPH’s geographical footprint helps mitigate seasonality as it does not operate in the North, Northeast and upper Midwest • Most equipment purchased are delivered in the first half of the fiscal year to maximize fleet up-time in busiest seasons Percent of Revenue by Quarter 22% 22% 21% 24% 22% 21% 21% 23% 22% 24% 23% 22% 24% 24% 24% 24% 25% 24% 26% 27% 28% 26% 26% 26% 27% 26% 26% 28% 28% 29% 26% 28% 29% 28% 26% 28% FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Q1: Nov-Jan Q2: Feb-Apr Q3: May-Jul Q4: Aug-Oct Note: CPH has an October 31st fiscal year end. Note: Q1 of fiscal 2020 has abnormally high percentage share of total fiscal 2020 revenue due to the impacts from COVID-19 starting in Q2 of fiscal 2020.
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Historical Diluted EPS and Reconciliation of Net Income to Adj. EBITDA NASDAQ: BBCP| 30 Note: Other adjustments include the adjustment for warrant liabilities revaluation, non-recurring expenses and non-cash currency gains/losses, which includes the $2.0 million charge recorded during fiscal 2020 related to a settlement with the Company's prior shareholders. As of the first quarter of fiscal 2023, the Company modified the method in which adjusted EBITDA is calculated by no longer including an add-back for director costs and public company expenses. Adjusted EBITDA for fiscal 2022 has been reduced by $2.5 million for these expenses to reflect this change. For fiscal year 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation. (dollars in thousands) 2017 2018 2019 2020 2021 2022 2023 2024 2025 Statement of operations information: Net income (loss) 913$ $ 28,382 $ (38,978) $ (61,251) $ (15,073) 28,676$ 31,790$ 16,207$ 6,373$ Interest expense and amortization of deferred financing costs, net of interest income 22,748 21,425 36,524 34,409 25,190 25,891 28,119 25,572 30,422 Income tax expense (benefit) 3,757 (9,784) (7,495) (4,977) 2,642 5,526 8,772 8,104 3,679 Depreciation and amortization 27,154 25,623 55,365 61,653 55,906 57,462 58,666 57,110 53,543 EBITDA 54,572 65,646 45,416 29,834 68,665 117,555 127,347 106,993 94,017 Transaction expenses 4,490 7,590 15,688 - 312 318 61 - - Loss on debt extinguishment 5,161 - 16,395 - 15,510 - - - 1,392 Stock based compensation - 281 3,619 11,454 6,591 5,034 3,847 2,394 2,048 Change in fair value of warrant liabilities - - 6,491 261 9,894 (9,894) (6,899) (130) - Other expense (income), net (174) (55) (53) (169) (117) (88) (330) (406) (335) Goodwill and intangibles impairment - - - 57,944 - - - - - Other adjustments 4,316 5,688 7,938 7,977 3,487 3,132 574 3,295 (105) Adjusted EBITDA 68,365$ $ 79,150 $ 95,494 $ 107,301 $ 104,342 116,057$ 124,600$ 112,146$ 97,017$ Diluted net income (loss) per common share * * * (1.20)$ (0.31)$ 0.47$ 0.54$ 0.26$ 0.09$ *not meaningful Years E nded October 31,
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Historical Diluted EPS and Reconciliation of Net Income to Adj. EBITDA (cont.) NASDAQ: BBCP| 31 Note: Other adjustments include the adjustment for warrant liabilities revaluation, non-recurring expenses, non-cash currency gains/losses and transaction expenses. For the three months ended January 31, 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation. (dollars in thousands) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Consolidated Net income (loss) $ 1,183 $ 5,985 $ 12,976 $ 8,532 $ 6,475 $ 5,588 $ 10,336 $ 9,391 $ (3,826) $ 3,046 $ 7,560 $ 9,427 $ (2,639) $ (4) $ 3,699 $ 5,317 Interest expense and amortization of deferred financing costs, net of interest income 6,261 6,346 6,517 6,765 6,871 7,348 7,066 6,834 6,463 6,873 6,261 5,976 5,802 8,294 8,126 8,200 Income tax expense (benefit) (22) 527 2,030 2,991 644 1,465 3,318 3,345 (1,011) 2,180 3,081 3,854 (1,036) (2) 1,333 3,384 Depreciation and amortization 14,080 14,236 14,190 14,957 14,449 14,721 14,707 14,789 14,097 14,239 14,491 14,283 13,200 13,584 13,638 13,121 EBITDA 21,502 27,094 35,713 33,245 28,439 29,122 35,427 34,359 15,723 26,338 31,393 33,540 15,327 21,872 26,796 30,022 Transaction expenses 21 20 20 259 3 24 5 29 - - - - - - - - Loss on debt extinguishment - - - - - - - - - - - - 1,392 - - - Stock based compensation 1,480 1,351 1,333 870 1,140 1,064 934 709 536 737 644 477 367 538 526 617 Change in fair value of warrant liabilities - (2,474) (7,420) - (4,556) (1,172) (911) (260) (130) - - - - - - - Other expense (income), net (37) (13) (16) (19) (21) (13) (262) (34) (39) (44) (276) (47) (34) (28) (228) (45) Other adjustments 353 1,080 407 1,292 41 (192) (277) 1,002 3,191 517 (123) (290) (41) 115 (251) 72 Adjusted EBITDA $ 23,319 $ 27,058 $ 30,037 $ 35,647 $ 25,046 $ 28,833 $ 34,916 $ 35,805 $ 19,281 $ 27,548 $ 31,638 $ 33,680 $ 17,011 $ 22,497 $ 26,843 $ 30,666 Diluted net income (loss) per common share 0.01$ 0.10$ 0.24$ 0.14$ 0.11$ 0.09$ 0.18$ 0.16$ (0.08)$ 0.05$ 0.13$ 0.16$ (0.06)$ (0.01)$ 0.07$ 0.09$
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NASDAQ: BBCP| 32 Reconciliation of Adjusted EBITDA and Free Cash Flow 1 See previous slide for reconciliation from net income (loss) to Adjusted EBITDA (in millions) Adjusted EBITDA (1) 17.0$ 22.5$ 26.8$ 30.7$ 97.0$ Less net maintenance capex (2.2) (10.0) (9.0) (7.0) (28.2) Less cash paid for interest, net of interest income (11.0) 0.2 0.3 (15.8) (26.3) Free cash flow 3.8$ 12.7$ 18.1$ 7.9$ 42.5$ October 31, 2025 TTMQ1 2025 Q2 2025 Q3 2025 Q4 2025 (dollars in millions) 2025 2024 2025 2024 Adjusted EBITDA (1) $ 30.7 $ 33.7 $ 97.0 $ 112.1 Less: net maintenance capex (7.0) 1.3 (28.2) (16.2) Less: cash paid for interest, net of interest income (15.8) (11.3) (26.3) (23.9) Free cash flow $ 7.9 $ 23.7 $ 42.5 $ 72.0 Three Months E nded October 31, Twelve Months E nded October 31,
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NASDAQ: BBCP| 33 Reconciliation of Net Debt and Leverage Ratio October 31, January 31, April 30, July 31, October 31, (in millions) 2024 2025 2025 2025 2025 Senior Notes 375.0$ 425.0$ 425.0$ 425.0$ 425.0$ Revolving loan draws outstanding 0.0 - - - - Less: Cash (43.0) (85.1) (37.8) (41.0) (44.4) Net debt 332.0$ 339.9$ 387.2$ 384.0$ 380.6$ TTM Adjusted EBITDA 97.0$ Leverage Ratio 3.9x
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Shares & Other Equivalents Outstanding NASDAQ: BBCP| 34 1 Nuveen may elect to convert its Preferred Stock into 2,450,980 shares of Common Stock (subject to anti-dilution protection). 2 CPH Management holds 86,600 restricted stock units of common stock that vest in installments on January 15, 2026, 2027 and 2028. 3 Comprised of 6,898 stock options that have vested and are waiting exercise, all remaining stock units and options still to vest. 4 All shares have vested and are waiting exercise. 5 Cumulative Fully Diluted Total Outstanding Shares in the "Shares Underlying Convertible Securities or Subject to Vesting" columns represent the cumulative amount of outstanding shares of Common Stock if each of the potential events in items 1, 2 and 4 above were to occur in the order presented. Outstanding Shares Shares Underlying Convertible Securities or Subject to Vesting (5) Outstanding Stock for Valuation Calculations Fully Diluted Shares By Type Public Shares 21,676,089 - 21,676,089 Non-Executive Directors 984,100 - 984,100 Nuveen 1 - 2,450,980 2,450,980 CPH Named Executive Officers 2,129,901 127,501 2 2,257,402 Peninsula 11,005,275 - 11,005,275 Argand Partners 15,477,138 - 15,477,138 51,272,503 2,578,481 53,850,984 Outstanding Stock Awards Time Based3 - 510,906 510,906 Performance Based ($6.00 Share Price Threshold)4 - 8,584 8,584 Performance Based ($8.00 Share Price Threshold)4 - 8,686 8,686 Fully Diluted Total Outstanding Shares 51,272,503 3,106,657 54,379,160 Q4 2025 Presentation Outstanding Shares, Actual and Fully Diluted
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Credit Facilities Summary at October 31, 2025 NASDAQ: BBCP| 35 Credit Facilities ◼ $350 million Amended ABL Facility1 ◼ $425 million Senior Notes2 Interest Rate ◼ ABL Facility: USD Borrowings: SOFR + 200-250bps based on leverage levels / GBP Borrowings: SONIA + 203-253bps based on leverage levels ◼ Senior Notes : 7.500% Tenor ◼ ABL Facility: 5 Years (September 6, 2029) ◼ Senior Notes: 7 Years (February 1, 2032) Financial Covenants ◼ ABL Facility: (i) a springing financial covenant (fixed charges coverage ratio and maximum total leverage ratio) based on excess availability levels that the Company must comply with on a quarterly basis during required compliance periods and (ii) certain non-financial covenants. ◼ Senior Notes: None 1 As of October 31, 2025, there was no outstanding balance under the ABL, available borrowing capacity was $315.1 million, and cash and cash equivalents balance was $44.4 million. 2 Outstanding Senior Notes balance at October 31, 2025.
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Zero-Dividend Convertible Perpetual Preferred Stock Summary NASDAQ: BBCP| 36 Principal $25 million Tenor Perpetual Dividend Zero Offering 2,450,980 shares at $10.20 per share Holder Conversion Right The holder of the Preferred Stock may elect to convert its Preferred Stock into shares of Common Stock at a 1:1 ratio at any time. The total number of shares of Common Stock into which the Preferred Stock will be converted will be 2,450,980 shares (subject to anti-dilution protection rights afforded to the holder of the Preferred Stock) Company Redemption Right The Company may elect to redeem all or a portion of the Preferred Stock at its election after four years, for cash at a redemption price equal to the Liquidation Preference Liquidation Preference Principal investment plus an additional amount accrued at 700bps per year Mandatory Conversion Requirement If the volume-weighted average share price of the Company’s common stock equals or exceeds $13 for more than 30 days, the Company shall have the right to require the holder of Preferred Stock to convert its Preferred Stock into Common Stock. The total number of shares of Common Stock into which the Preferred Stock will be converted will be 2,450,980 shares (subject to anti-dilution protection rights afforded to the holder of the Preferred Stock) Financial Covenants None Note: Preferred Stock is held by Nuveen. CPH valuation information throughout this presentation assumes this preferred stock instrument has been fully converted into 2,450,980 ordinary shares.
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Company Concrete Pumping Holdings, Inc. 500 E. 84th Ave, Suite A-5 Denver, CO 80229 www.concretepumpingholdings.com Investor Relations Gateway Group, Inc. Cody Slach 949-574-3860 BBCP@gateway-grp.com