Slides
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JULY 2024 July 2026 www.nwpx.com INVESTOR PRESENTATION
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Statements in this presentation contain “forward-looking statements” within the meaning of the Private Securities Litigation Ref orm Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on current expectations, estimates, and projections about the Company’s business, management’s belief s, and assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcome s and results may differ materially from what is expressed or forecasted in such forward-looking statements as a result of a variety of important factors. While it is impossible to identify all such factors, t hose that could cause actual results to differ materially from those estimated by the Company include changes in demand and market prices for its products, product mix, bidding activity and order modificatio ns or cancelations, timing of customer orders and deliveries, production schedules, price and availability of raw materials, excess or shortage of production capacity, international trade policy and regulations, changes in trade policy (in particular with Canada and Mexico) and duties imposed on imports and exports and the related impacts on the Company, economic uncertainty and associated trends in m acroeconomic conditions, including potential recession, inflation, and the state of the housing and commercial construction markets, interest rate risk and changes in market interest rates, includ ing the impact on the Company’s customers and related demand for its products, the Company’s ability to identify and complete internal initiatives and/or acquisitions in order to grow its busine ss, the Company’s ability to effectively integrate future acquisitions into its business and operations that produce accretive financial results, effects of security breaches, computer viruses, and cyberse curity incidents, timing and amount of share repurchases, impacts of U.S. tax reform legislation on the Company’s results of operations, and the impact on its customers and related demand for its product s, adequacy of the Company’s insurance coverage, supply chain challenges, labor shortages, impact of geopolitical trends, changes, and events, including the various military conflicts or tensions and the regional and global ramifications of these conditions, operating problems at the Company’s manufacturing operations including fires, explosions, inclement weather, and floods and other natural disasters , material weaknesses in the Company’s internal control over financial reporting and its ability to remediate such weaknesses, impacts of pandemics, epidemics, or other public health emergencies, and other risks discussed in the Company’s Annual Report on Form 10 K for the year ended December 31, 2025 and from time to time in its other Securities and Exchange Commission filings and reports. S uch forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward -looking statement to reflect events or circumstances after the date of this release. If the Company does update or correct one or more forward-looking statements, investors and others should not conclude that it will make additional updates or corrections with respect thereto or with respect to other forward -looking statements. NON-GAAP MEASURES The Company is presenting backlog including confirmed orders and free cash flow. These non-GAAP financial measures are provided to better enable investors and others to assess the Company’s ongoing operating results and compare them with its competitors. These should be considered a supplement to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP. FORWARD LOOKING STATEMENTS LEGAL STATEMENTS INVESTOR PRESENTATION | 2
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ABOUT NWPX Positioned to meet North America's growing needs for water distribution, management, infrastructure, and sustainability. Operates 14 manufacturing facilities strategically located across North America Widely-recognized reputation for quality, service, and manufacturing capabilities Headquartered in Vancouver, WA 1966 Founded in Largest, most flexible capabilities in the water transmission market Supplier of choice for long-distance, raw-water transmission programs Provide solutions-based products for a wide range of markets under the Northwest Pipe Company, Permalok® , NWPX Geneva, and NWPX Park product lines. INVESTOR PRESENTATION | 3
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STRATEGIC FOOTPRINT WITH CUSTOMER ACCESS ACROSS THE U.S. CORPORATE HEADQUARTERS WATER TRANSMISSION SYSTEMS PLANTS PRECAST INFRASTRUCTURE AND ENGINEERED SYSTEMS PLANTS INVESTOR PRESENTATION | 4
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WIDE-RANGING PRODUCT CAPABILITIES WHAT WE DO ENGINEERED STEEL PIPE ENVIRONMENTAL SOLUTIONS & UTILITIES PRECAST CONCRETE & RCP PIPE TRENCHLESS PIPE WATER TRANSMISSION SYSTEMS PRECAST INFRASTRUCTURE & ENGINEERED SYSTEMS INVESTOR PRESENTATION | 5
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WATER INFRASTRUCTURE FOR THRIVING COMMUNITIES Note: See following slide for a more comprehensive description of our featured products. INVESTOR PRESENTATION | 6
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A. Elevator Sump System | NWPX Park Oil-water separator, and control panel with alarm. B. Water Meters | NWPX Park Measures and safeguards the flow of water in buildings. C. Backflow Preventor Assemblies | NWPX Park Prevents the reverse flow of water into potable water. D. Grease Interceptor | NWPX Park Prevents FOG (Fats, Oils, Grease) from entering sewer systems. E. Hybrid PVC Manhole | NWPX Geneva Corrosion and abrasion resistance lined concrete manholes F. Car Wash Reclaim System | NWPX Park Filtrates and collects water for reuse at car washes. G. Decontamination Tanks | NWPX Park Store wastewater generated during decontamination procedures. H. Fuel Water Separator | NWPX Park Captures fuel, hydrocarbons, and AFFF on heliports I. Sewage Grinders | NWPX Park Macerates disposable items that commonly clog sewage pumps. J. Runoff & Wash Water Diversion | NWPX Park Eliminates pollutants from entering stormwater systems. Our products can be found in almost any built environment. Though often hidden from view, our contributions are vital in safeguarding and managing water infrastructure systems, ensuring reliable service for communities and industries alike. Innovative Water Infrastructure for Thriving Communities K. Solids Interceptor | NWPX Park Captures solid waste before entering sewer or stormwater systems L. Rainwater Harvest Systems | NWPX Park Collect, filter, and store rainwater for non-potable uses. M. Pump Lift Stations | NWPX Park Moves wastewater, stormwater, or other process fluids to higher elevations. N. Curb Inlets | NWPX Geneva Prevent flooding and damage to infrastructure O. Steel Pipe | Northwest Pipe Company For safe transmission of water. P. Stormwater Separator | NWPX Park Removes sediments, trash, and oil from stormwater runoff. Q. Catch Basin | NWPX Geneva Collect and manage stormwater runoff. R. Steel Casing Pipe | Permalok® Steel casing pipe that can be installed around permanent landmarks such as railroad tracks or rivers. S. Reinforced Concrete Pipe | NWPX Geneva Cost-effective solution for many infrastructure projects. T. Box Culverts | NWPX Geneva Durable culverts in various sizes for use in storm drains, tunnels, and crossings. INVESTOR PRESENTATION | 7 FEATURED PRODUCTS
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Federal and state initiatives to improve infrastructure • Federal momentum continues to support long-term water infrastructure investment, creating a favorable backdrop for state-driven programs and project activity • States are accelerating their own funding initiatives, including: • Texas’ SWIFT program with $17 B committed and a new allocation of up to $1 B annually to the Texas Water Fund • California’s $7.5 B water bond (nearly fully committed) and its new $4 B water-focused bond approved in 2024 • NWPX’s manufacturing footprint is strategically positioned to capitalize on the expected increase in demand driven by these federal and state investments DEMAND DRIVERS WHY WE DO WHAT WE DO 1. Bluefield Research Infrastructure Investment & Jobs Act Insight Report April 2025 Aging water and wastewater systems • Existing infrastructure needs upgrades, repairs, and replacements • Underinvestment in past water infrastructure projects Rising demand on developed water sources • Population growth and new population centers intensify the need for expanded treatment capacity, storage, and resilience investments Drought conditions and climate change • Existing water sources are stressed • New water sources located at greater distances from population Increasingly stringent regulatory policies • Increased public awareness of problems with the quality of drinking water, water conservation, and efficient water usage INVESTOR PRESENTATION | 8
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Addressable Market NWPX's Share PRECAST INFRASTRUCTURE and ENGINEERED SYSTEMS TOTAL ADDRESSABLE MARKET $14 B Addressable Market NWPX's Share WATER TRANSMISSION SYSTEMS TOTAL ADDRESSABLE MARKET $500 - $750M Note: Market share based on net sales as of the full year ended December 31, 2025. Market sizes based on internal estimates for North America. The Company’s NWPX Pak operations primarily serve the water control systems market. The Precast addressable market represents the products within the industry that we currently serve. The National Precast Concrete Association 2023 Precast Industry Benchmarking Report estimated the broader precast market at $30 B. NWPX’s Share: $351 M (~56%) NWPX’s Share: $175 M (~1%) LARGE ADDRESSABLE MARKET OPPORTUNITY INVESTOR PRESENTATION | 9
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WATER TRANSMISSION SYSTEMS WELL-POISED INDUSTRY LEADER • Manufactures large-diameter, high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems • Products also used for hydroelectric power systems, wastewater systems, agriculture, and other applications • Largest, most flexible capacity in the Water Transmission Systems (“WTS”) market • Skilled project management group • Production staff dedicated to Lean manufacturing, improving operational efficiencies, cost reductions, and continued emphasis on margin over volume • In-house fabrication capabilities provide a complete engineered system • Permalok® provides superior product to the microtunneling market • National footprint enables low freight costs INVESTOR PRESENTATION | 10
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FAVORABLE WTS MARKET DYNAMICS INVESTOR PRESENTATION | 11 APPROPRIATIONS: Congressionally authorized and approved spending for specific purposes, such as the federal capitalization grants to the SRF programs, of which ~$43B flows through the SRF - effectively a ~300% lift to annual SRF funding. IIJA Funding Rollout and Status Update 1. Source: Bluefield reports — the Policy Review (22 July 2026) and the Q2 2026 Quarterly Review. Note: Figures reflect SRF-related IIJA funding across appropriations, allotments, obligations and sub-awards as reported at time of publication. ALLOTMENTS: Portion of appropriated IIJA SRF funding that the EPA divides and allots among states, territories, and tribes every fiscal year. States have until the end of FY2027 to claim remaining funds; once claimed, there is no deadline to obligate them. SUB-AWARDS: Portions of SRF prime awards that are designated for specific projects and end-users (i.e., utilities). Reauthorization is a H2 2026 decision; any cuts land first on small utilities and PFAS/lead programs. OBLIGATIONS: Contractually binding commitments between the U.S. government (e.g., the EPA) and state governments or other recipients. At the current pace, awards are expected to continue past 2034. US ~$50 B US $41 B US $20 B US $8 B State and local governments fund 96% of public water investment; SRF project demand totals US$140B across ~17,000 projects
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PRECAST INFRASTRUCTURE & ENGINEERED SYSTEMS SEGMENT Added core competency in precast concrete provides new opportunities for future growth 1. Refer to slides 26 and 27 for more details on acquisitions. High-quality precast and reinforced concrete products typically used in non-pressure conveyance as well as wastewater pretreatment, stormwater quality, and water distribution and management. NWPX Geneva lined concrete products excel in sanitary sewer and utilities rehabilitation. Acquired Boughton's Precast, Inc., a manufacturer of precast concrete products and reinforced concrete pipe, in February 2026 NWPX Park products include pre-installed mechanical components that cost less to install and provide automatic controls, increased efficiency, and environmental compliance. Precast Infrastructure and Engineered Systems footprint spans two of the fastest-growing markets - Texas and Utah with exposure to the rapidly expanding Colorado Springs market. Entered the market through acquisitions(1): INVESTOR PRESENTATION | 12
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LEADER OF INNOVATION IN WATER INFRASTRUCTURE RECENTLY DEVELOPED TECHNOLOGY RADIAL BENDING JOINT A first of its kind for the industry, this patent- pending Permalok® joint enables steel pipe to be installed along a curved radius in microtunneling. AUTOMATED CONTROLS Our water management solutions can measure and monitor flow, temperature, pressure, and other water quality parameters to assist in process control, efficiencies, and regulatory compliance. INFRASHIELD JOINT SYSTEM® Geohazard resistant steel pipe joint system that keeps water flowing in areas of seismic activity or differential ground settlement at significant cost savings. INVESTOR PRESENTATION | 13 COMPOSITE FRP PANELS Made for maintenance-free corrosion protection, these panels can be made in any size and extend the service life of wastewater structures by decades.
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GROWTH STRATEGY INVESTOR PRESENTATION | 14 Create transformational growth and profitability to drive shareholder value through organic growth “Product Spread” and acquisitions • Build out utilization at NWPX Park plants in Texas • Strengthen outside sales team primarily focused on wastewater and water distribution products to push capacity • Now casting and shipping NWPX Park products at our Utah facilities to expand capabilities while maintaining low cost of entry • Emphasizing cross-training across facilities • Gaining additional traction on product spread at the NWPX Geneva plants Evaluating prospective high-quality opportunities with the following key attributes: • Strong organic growth potential • Strong margin characteristics • Solid asset efficiency • Positive cash flow profile • Accretive to earnings • Industry and geographic location aligns with strategic growth plan • Performance indicators based on revenue and EBITDA thresholds • Strong brand reputation and relationships in industry • Experienced management teams Produce and ship NWPX Park products out of legacy Northwest Pipe plants. PRECAST INFRASTRUCTURE & ENGINEERED SYSTEMS PRODUCT SPREAD STRATEGY: Continuing to seek accretive acquisition candidates and/or a single-location facility in the precast-related space. ACQUISITION STRATEGY:
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CAPITAL ALLOCATION STRATEGY Use of Cash Priorities INVESTOR PRESENTATION | 15 • Prioritizing organic growth through Product Spread strategy. • Reinvesting in Precast locations to increase production capabilities and capacity through expansion and automation. ORGANIC GROWTH ACCRETIVE ACQUISITIONS STOCK REPURCHASES • Evaluating potential M&A in the precast-related market with the goal of Precast becoming the same size as the WTS business. • Completed acquisition of Boughton Precast in February 2026; presents attractive long-term growth and expansion opportunities in the Colorado market. • Repurchased ~35,000 shares for $2.5 million in the first half of 2026. • As of June 30, 2026, $13.9 million of the share repurchase authorization remained available under Rule 10b5-1 trading plan.
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DEMAND DRIVES STRONG PERFORMANCE INVESTOR PRESENTATION | 16 Note: Precast refers to Precast Infrastructure and Engineered Systems & WTS refers to Water Transmission Systems. 1. Backlog includes confirmed orders (WTS projects for which the Company has been notified that it is the successful bidder, but a binding agreement has not been executed). 2. Order Book includes unfulfilled orders outstanding at the measurement date for the Precast segment. 2021 is the first period that includes the order book for NWPX Park. 3. Pro forma net sales for Precast would have been approximately $48 million if the acquisition of NWPX Geneva had occurred on January 1, 2020 as opposed to January 31, 2020. 4. Pro forma net sales for Precast would have been approximately $125 million if the acquisition of NWPX Park had occurred on January 1, 2021 as opposed to October 5, 2021. ($ Millions) Backlog1 and Order Book2 Maintained strong WTS backlog and Precast order book in 2025 ($ Millions) Revenue Grew WTS revenues by over 2x since 2018 and more than tripled the size of the Company with the addition of Precast $252 $258 $221 $290 $372 $319 $310 $346 $11 $51 $64 $46 $61 $57 2018 2019 2020 2021 2022 2023 2024 2025 WTS Backlog Precast Order Book $172 $279 $242 $260 $308 $296 $338 $351 2018 2019 2020 2021 2022 2023 2024 2025 WTS Revenue Precast Revenue $286 $333 $458 $444 $443 $744 $150 $148 $155 $493 $175 $526
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Q2 2026 HIGHLIGHTS INVESTOR PRESENTATION | 17 1. “Backlog including confirmed orders” is defined as Water Transmission Systems projects for which the Company has been notified that it is the successful bidder, but a binding agreement has not been executed in all cases. 2. “Order book” defined as unfulfilled orders outstanding at the measurement date for its Precast Infrastructure and Engineered Systems segment. ($ Millions) Net Sales by Segment ($ Millions) Gross Profit by Segment Backlog including confirmed orders1 of $423 million for the Water Transmission Systems segment Strong order book2 of $61 million for the Precast Infrastructure and Engineered Systems segment 19% 19% 18% 16% 18% 21% 21% 19% 21% 22% 24% 21% 19% 21% 21% 22% 21% 22% 10% 12% 14% 16% 18% 20% 22% 24% 26% 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 WTS Gross Margin Precast Gross Margin $85.9 $82.5 $78.4 $84.6 $103.9 $84.0 $93.5 $113.2 $44.3 $37.1 $37.7 $48.6 $47.2 $41.7 $44.8 $46.3 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 WTS Revenue Precast Revenue
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NWPX has generated consistent annual free cash flow(1) with strengthening cash conversion since 2023. INVESTOR PRESENTATION | 18 STRONG CASH FLOW GENERATION FCF Drivers: 1. Free cash flow represents cash flow from operating activities minus capital expenditures Improved cash conversion cycle Stronger EBITDA generation from stabilized margins Disciplined evaluation of investment capital expenditures Projected 2026 FCF: $56 - $65 M Continued emphasis on expediting WTS segment billings $35.2 $34.3 $47.1 -$5.0 $5.0 $15.0 $25.0 $35.0 $45.0 $55.0 $65.0 2023 2024 2025 2026E $35.5 M YTD
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Environmental, Social, and Governance Focus CORPORATE RESPONSIBILITY INVESTOR PRESENTATION | 19 HEALTH & SAFETY HUMAN CAPITAL MANAGEMENT ENVIRONMENTAL STEWARDSHIP
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INVESTOR PRESENTATION | 20 • Continued to improve on our industry-leading safety performance from 20241 with metrics significantly below the national and comparable industry average2 • 2025 total recordable incident rate: 1.06 • 2025 days away rate: 0.41 • Comprehensive employee health and wellness benefits program • Striving for continuous improvement with investment in capital projects that implement engineered safety solutions HEALTH & SAFETY CORPORATE RESPONSIBILITY Note: As of December 31, 2025. 1. Includes newly acquired facilities and calculated in accordance with the OSHA’s record keeping requirements. Industry averages for total recordable incident rate and days away rate in 2024 were 2.80 and 1.60, respectively. 2. Source: OSHA per 100 full-time workers for SIC code 33121 (Iron and steel pipe and tube manufacturing from purchased steel) and NAICS code 327332 (Concrete pipe manufacturing).
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INVESTOR PRESENTATION | 21 • Industry-leading safety performance over the last four years1 significantly below the national and comparable industry average2 • Average total recordable incident rate: 1.51 • Average days away rate: 0.29 CORPORATE RESPONSIBILITY HUMAN CAPITAL MANAGEMENT • Approach centered on fairness, professional development, and competitive and equitable compensation • Committed to fostering a workplace where all individuals have the opportunity to grow, contribute and succeed • Focus on development of leadership pipeline through in- person Leadership Development training, one-on-one career coaching and mentoring and identifying individual career and growth development opportunities for key employees
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INVESTOR PRESENTATION | 22 • Driving continuous in environmental performance across operations • Minimizing air pollution from operational facilities with emissions control devices and reduction programs beyond complying with local air permitting requirements • Creating stormwater protection programs at each facility • Applying Lean manufacturing principles to reduce waste and optimize efficiency • Implementing energy-efficient technologies in production lines and set targets for Greenhouse Gas (GHG) emissions reduction • Published first third-party verified Environmental Product Declaration (EPD) to provide transparent data on the lifecycle environmental impacts of the Company's water transmission systems ENVIRONMENTAL STEWARDSHIP CORPORATE RESPONSIBILITY Note: The Company’s 2024 Corporate Social Responsibility Report can be found on its website at: https://nwpx.com/commitments/sustainability/
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STRATEGIC AND OPERATIONAL INITIATIVES INVESTOR PRESENTATION | 23 Maintain a safe workplace where employees are proud to work Continue to implement cost reductions and efficiencies at all levels of the Company Improve performance through a persistent focus on margin over volume Return value to our shareholders through opportunistic share repurchases in the absence of M&A opportunities Intensify our focus on strategic opportunities to grow the Company through expansion or acquisitions
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INVESTMENT HIGHLIGHTS INVESTOR PRESENTATION | 24 Well-positioned to benefit from historic strong backlog and growing market demand for both new and existing water infrastructure upgrades Large addressable market provides opportunities for further expansion Variable cost structure provides financial flexibility Diversification strategy helps reduce impacts from market cyclicality and improve free cash flow generation Strong balance sheet Experienced management team with over 100 years of collective industry experience
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APPENDIX INVESTOR PRESENTATION | 25
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NWPX GENEVA • Significantly expands addressable market • Serves smaller scale, more transactional projects • Cross-sell products across combined footprint • Strong financial performance with attractive profit margins and top-line growth; 5-year revenue CAGR of ~15%(1) since acquisition • Scalable business model with faster cash conversion cycle • Strong brand reputation and industry relationships STRATEGIC ACQUISITION: TRANSACTION RATIONALE • Completed the acquisition of Geneva Pipe and Precast on January 31, 2020 for $49.4 million (~7.5x EBITDA) • Three reinforced concrete pipe, utilities, and precast products plants located in Utah • Products used for conveyance, wastewater, and stormwater utilities by cities, municipalities, and private owners • Development of innovative lined products extend the life of concrete pipe and manholes INVESTOR PRESENTATION | 26 1. As of December 31, 2025.
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NWPX PARK • Evaluating both single plant and larger acquisitions that support long-term growth and advance Precast expansion • Opportunity to continue expansion into precast and adjacent water segments • Attractively positioned with a foothold in Texas water market • Scalable product mix serves a diverse range of end markets • Access to water control and automated systems technologies STRATEGIC ACQUISITION: TRANSACTION RATIONALE • Completed the acquisition of ParkUSA on October 5, 2021 for $90.2 million (~6.2x EBITDA) • Technology leader in water infrastructure with strong brand reputation and customer relationships • Manufacture both precast concrete and steel fabricated water products at three Texas facilities • Stable, transaction-oriented revenue model with solid margin characteristics • Approximately 280 employees at December 31, 2020 with annual revenues of $66.5 million INVESTOR PRESENTATION | 27
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FAVORABLE WTS MARKET DYNAMICS Sources: American Society of Civil Engineers, 2025 Infrastructure Report Card for America's Infrastructure (Drinking Water section); EPA 2023 DWINSA; Bluefield Research 2025 reports; USGS/EPA statistics (as of 2025). INVESTOR PRESENTATION | 28 • U.S. water consumption equal to 82 gallons per person per day • Substantial non-revenue water loss: • 6.75 billion gallons of treated drinking water lost daily (≈2.7 trillion gallons annually) due to leaks and water main breaks • ~19.5% average non-revenue water loss rate nationally • ~260,000 water main breaks annually in the U.S. • Only ~18% of total IIJA SRF appropriations have been sub-awarded to utility projects as of mid-2025 • Capex spending for water infrastructure forecast: • $515 billion (2025–2035 total U.S. water & wastewater treatment CAPEX) • Heavy emphasis on upgrades/rehabilitation of aging assets • The WTS market has momentum as a result of long project timelines and persistent replacement needs
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67% 17% 9% 4% 3% Distribution/ Transmission $420.8 Billion Treatment $106.4 Billion Storage $55.3 Billion Source $24.9 Billion Other $17.6 Billion Total 20-year State Need by Water Infrastructure Project Category1 TOTAL STATE NEED: $625 Billion U.S. WATER INFRASTRUCTURE NEEDS 1. Chart source: EPA’s Drinking Water Infrastructure Needs Survey and Assessment, 7th Report to Congress. Reported in billions, January 2021 dollars. INVESTOR PRESENTATION | 29 • The 20-year national water infrastructure need across the U.S. is estimated by the 7th Drinking Water Infrastructure Needs Survey and Assessment (DWINSA) in 2021 at $625 billion. This is a 32% increase over the 6th DWINSA in 20151 • States which NWPX currently operates in have water infrastructure needs totaling $175 billion, including $117 billion for distribution / transmission
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INVESTOR PRESENTATION | 30 WATER TRANSMISSION PROJECTS EASTERN WATER TRANSMISSION PROJECTS
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EASTERN MARKET UPDATE INVESTOR PRESENTATION | 31 Installation of InfraShield® Joint System in Houston WATER TRANSMISSION PROJECTS • The ongoing multi-year, multi-agency Houston metroplex Surface Water Program is bidding 2,100 additional tons of pipe this year across multiple projects, with additional sections planned in 2027. • North Texas Municipal Water District is expanding their infrastructure for population growth. We anticipate 29,500 tons of bidding this year. • Illinois is seeing an increase in pipeline construction due to growth and infrastructure expansion. We anticipate 4,000 tons to bid this year, with additional sections planned for 2027. Tarrant Regional Water District pipe leaving the Saginaw Plant
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EASTERN MARKET UPDATE INVESTOR PRESENTATION | 32 WATER TRANSMISSION PROJECTS Cape Fear River Crossing in North Carolina • In North Dakota, progress continues on the 140-mile 87,000-ton Red River Valley Water Supply Project. The States biennium legislative session and construction bidding concluded in 2025, with construction continuing in this two-year cycle. The next funding cycle begins early 2027 and anticipate an additional 4,800 tons to bid later in the year. • North Carolina is seeing an increase in pipeline construction due to population growth and infrastructure investments. We anticipate 2,800 tons of pipeline construction this year, to expand regional systems and increase capacity. • City of Toledo is expanding their system for growth and reliability. Three contracts are expected late 2026, with 6,400 tons in total bidding. Red River Valley Water Supply
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INVESTOR PRESENTATION | 33 WATER TRANSMISSION PROJECTS WESTERN WATER TRANSMISSION PROJECTS
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WESTERN MARKET UPDATE INVESTOR PRESENTATION | 34 WATER TRANSMISSION PROJECTS Willamette Water Supply Project • Southern Nevada Water Authority has awarded four CMGC contracts for their Horizon Pipeline Program, which expands the southern part of their water delivery system. Program will include approximately 80k tons of large diameter (42”-120”) steel pipe with construction tentatively scheduled to begin in early 2027. • The Sites Reservoir is a water storage project that has received significant funding from CA Prop 1 and IIJA. It will involve nearly 40k tons of large diameter (>144”) steel pipe. Sites Construction Authority has awarded the first of two major CMAR contracts, and the second contract is expected to advertise for proposals in the middle of 2026. • Willow Springs Water Bank will create 500,000 acre-feet of underground water storage in the Antelope Valley. The project includes approximately 16 miles of 30”-84” pipe. Wadsworth Pumping Plant pipe leaving Adelanto Plant
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WESTERN MARKET UPDATE INVESTOR PRESENTATION | 35 WATER TRANSMISSION PROJECTS Steel Slipline pipe in Adelanto • Metropolitan Water District (MWD) is heading a regional water reuse program in conjunction with the LA Sanitation district. This reuse program would treat and recycle water from one of the largest reclamation facilities in Southern California and involve 60+ miles of large diameter (>84” pipe). The EIR has been certified and MWD has allocated $150M to design and preconstruction activities for the next 12 months. The first CMGC contract is expected to advertise for proposals in mid- 2026, with construction of the full-scale treatment and conveyance facilities beginning as early as 2027. • The MWD PCCP Rehabilitation Programs will result in about 5,000 tons annually over the next 10-15 years. This program includes approximately 81 miles of pipe from 75”-120” . MWD Second Lower Feeder Slipline
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WESTERN MARKET UPDATE INVESTOR PRESENTATION | 36 WATER TRANSMISSION PROJECTS • The Eastern New Mexico Rural Water System conveys water from the Ute Reservoir in northern New Mexico south to water users in the greater Clovis area. The program is well underway with three segments awarded and the remaining 4,000 tons advertised to bid in October. Navajo-Gallup Water Supply Program