Slides
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Valmont® Industries, Inc.© 2024 Q3 2026 Earnings Presentation Tuesday, October 20, 2026
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These slides (and the accompanying oral discussion) contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions made by management, considering its experience in the industries where Valmont operates, perceptions of historical trends, current conditions, expected future developments, and other relevant factors. It is important to note that these statements are not guarantees of future performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control), and assumptions. Forward-looking statements may be accompanied by words such as “opportunities,” “estimate,” “outlook,” “clear path,” “target,” “expect,” “plan” and similar expressions. While management believes these forward-looking statements are based on reasonable assumptions as of the date made, numerous factors could cause actual results to differ materially from those anticipated. These factors include, among other things, risks described in Valmont’s reports to the Securities and Exchange Commission (“SEC”), the Company’s actualcash flows and net income, future economic and market circumstances, industry conditions, company performance and financial results, operational efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environments, geopolitical risks, and actions and policy changes by domestic and foreign governments, including tariffs. The Company cautions that any forward-looking statements in this release are made as of its publication date and does not undertake to update these statements, except as required by law. The Company may provide certain non-GAAP financial measures (adjusted diluted earnings per share and adjusted effective tax rate) on a forward- looking basis from time to time. These measures are typically calculated by excluding the impact of items such as foreign exchange, acquisitions, divestitures, realignment or restructuring expenses, goodwill or intangible asset impairment, changes in tax laws or rates, change in redemption value of redeemable noncontrolling interests, and other non-recurring items. To the extent the Company provides forward-looking non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures are not provided, as the Company cannot do so without unreasonable effort due to the inherent uncertainty and difficulty in predicting the timing and financial impact of such items. For the same reasons, the Company cannot assess the likely significance of unavailable information, which could be material to future results. Disclosure Regarding Forward-Looking Statements 2 October 20, 2026 | Valmont Industries, Inc.
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3 October 20, 2026 | Valmont Industries, Inc. CEO Opening Comments President and CEO Avner Applbaum
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Sales Growth and Higher Earnings • Strong operating performance and disciplined execution reinforce confidence in our long-term financial objectives Infrastructure Strength • North America Utility growth of 23%, supported by customer investments amid rising power demand • North America Coatings growth of 14%, tied to Utility construction projects, including data centers Agriculture Resilience • North America sales improved 16% led by storm replacement activity • Deepening customer relationships while supporting our strategy to grow aftermarket parts and technology Q3 2026 Key Takeaways 4 October 20, 2026 | Valmont Industries, Inc. Net Sales $1.10B | +5.5% Operating Margin 15.7% | +220bps Diluted EPS $6.24 | +25.3%
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NA Utility and NA Coatings Driving Growth; Focused Actions Across the Portfolio Infrastructure Market and Performance NA Utility: Grid modernization and accelerating energy demand driving multi- year investment cycle; Valmont is expanding capacity to deliver complex, mission-critical projects where execution and reliability matter NA Lighting and Transportation: Transportation demand remains healthy; lighting demand impacted by softer residential and commercial construction; prioritizing targeted commercial growth and operational improvement NA Coatings: Same demand drivers as Utility plus structural undersupply supporting investment and growth NA Telecommunications: Selective carrier investment on upgrades and network expansion following peak 5G deployment International: Commercial and operational initiatives are beginning to strengthen performance 5 October 20, 2026 | Valmont Industries, Inc. STRUCTURAL DEMAND DRIVERS Energy demand and connectivity Aging systems and resilience
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Near-Term Conditions Remain Challenging; Long-Term Fundamentals Remain Strong Agriculture Market and Performance North America: • Tight farm economics continue to constrain capital spending and contribute to cautious grower sentiment • Storm-driven replacement elevated Q3 demand International: • Brazil: Demand remains constrained by tighter credit • Middle East: Ongoing regional conflict is delaying the timing of certain customer projects • New Project: $100M award supporting food security in North Africa 6 October 20, 2026 | Valmont Industries, Inc. STRUCTURAL DEMAND DRIVERS Aging systems and resilience Productivity and resource efficiency Food Security Needs and the Drive for Greater Water Efficiency Underpin Long-term Growth
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7 October 20, 2026 | Valmont Industries, Inc. Financial Results and Outlook EVP and CFO John Schwietz
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Q3 2026 Financial Summary Dollars in millions, except per-share amounts 8 October 20, 2026 | Valmont Industries, Inc. +5.5% $4.98 $6.24 2025 2026 $1,046 $1,104 2025 2026 $141 $173 2025 2026 15.7%13.5% Net Sales Diluted EPSOperating Income +22.2% +25.3%
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North America Utility $381.7 $469.6 23.0% North America Lighting & Transportation $130.4 $127.5 (2.2)% North America Coatings $61.3 $69.7 13.8% North America Telecommunications $82.9 $54.9 (33.8)% International Infrastructure and Solar $152.1 $160.4 5.5% Q3 2026 Results | Infrastructure Dollars in millions 9 October 20, 2026 | Valmont Industries, Inc. $808 $882 2025 2026 $143 $155 2025 2026 2025 Sales +9.1% 2026 % Change Operating Income +8.0% NA Utility: strong market conditions, pricing and volume growth N A L&T: lower volumes NA Coatings: healthy infrastructure and data center demand NA Telecom: lower volumes from reduced carrier spending International: pricing actions and favorable foreign exchange impacts Operating Income: pricing and volume leverage in NA Utility and Coatings helped offset higher material costs, costs of Utility capacity ramp and lower Telecom contribution 17.8% 17.6%
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Dollars in millions 10 October 20, 2026 | Valmont Industries, Inc. Q3 2026 Results | Agriculture $241 $226 2025 2026 $23 $40 2025 2026 North America $111.3 $128.9 15.8% International $130.0 $97.1 (25.3)% 2025 Sales (6.4)% 2026 % Change Operating Income +73.1% North America: higher pricing and volumes, led by storm replacement orders International: lower Middle East and Brazil volumes Operating Income: lower credit losses and certain recoveries in Brazil and higher NA volumes, partially offset by lower international volumes 9.7% 17.9%
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Q3 2026 Capital Allocation Priorities 11 October 20, 2026 | Valmont Industries, Inc. 1 Please see Reg G reconciliation to GAAP measures at end of document. GROWING OUR BUSINESS Capital Expenditures Acquisitions RETURNING CASH TO OUR SHAREHOLDERS Share Repurchases Dividends Cash Flow & Liquidity $100.5M Operating Cash Flows $122.0M Cash Balance ~0.9x Net Debt to Adjusted EBITDA1 Paid $15M in dividends Repurchased $82M of shares Invested $46M, primarily to support NA Utility capacity expansion Disciplined and Balanced Capital Allocation Driving Shareholder Value Strategic fit at the right price
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Increasing Full-Year 2026 Financial Outlook 12 October 20, 2026 | Valmont Industries, Inc. 1 Please see Reg G reconciliation to GAAP measures at end of document. Fiscal 2025 GAAP Diluted EPS $16.79, current outlook at midpoint represents increase of 38.5% At Midpoint, Represents 6.7% Revenue Growth and 22% Adjusted Diluted EPS1 Growth Capital expenditures to be between $170 and $200M Effective tax rate to be ~26.0% Steel cost assumptions are aligned with markets as of October 16, 2026 Foreign currency assumptions are based on FX rates as of October 16, 2026 Includes the current tariffs as of October 16, 2026 and assumes no material change in the trade or tariff environment KEY ASSUMPTIONS Previous Outlook Updated Outlook ~ Y/Y Net Sales $4.3B to $4.45B No Change 5% to 8.5% Infrastructure Net Sales $3.4B to $3.5B No Change 9.5% to 13% Agriculture Net Sales $0.9B to $0.95B No Change (11)% to (6)% Adjusted Diluted EPS 1 $22.25 to $23.50 $22.75 to $23.75 19% to 24%
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13 October 20, 2026 | Valmont Industries, Inc. Q&A
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14 October 20, 2026 | Valmont Industries, Inc. Appendix
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CAPTURE above-market growth in utility Value Drivers: Progressing Toward Our Long-Term Strategy 15 October 20, 2026 | Valmont Industries, Inc. • Deepen Strategic Utility Partnerships to Accelerate Above-Market Revenue Growth • Deploy Advanced Engineering to Solve Complex Customer Challenges • Expand Capacity, Throughput, and Operational Flexibility 1 • Advance Commercial Excellence Across Infrastructure Portfolio • Expand Agriculture Value Through Aftermarket, Ag Tech, and Emerging Markets • Strengthen Engineering and Operational Capabilities to Scale and Expand Margins STRENGTHEN to unlock efficiency & performance 2 • Prioritize Capital Toward Highest-Return Growth Opportunities • Utilize Strong Cash Flows and Liquidity to Enhance Returns and Return Capital • Align Talent and Resources to Execute in Core, High-Value Areas ENABLE through disciplined resource allocation 3 Roadmap to Achieve $5.4B Revenue; $35 EPS in 2029E
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Utilities Are Expected to Invest ~$1.4T in Grid Infrastructure Through 20301 16 October 20, 2026 | Valmont Industries, Inc. 0 100 200 300 400 2027 2028 2029 2030 20352026 Estimated CapEx Investment1 ($Bn) Generation TD&S Other +6% p.a. +5% p.a. Critical Equipment Availability Long lead-time equipment remains supply constrained Labor Availability High construction demand and limited training pipeline Permitting Approvals and ROW acquisition continue to extend project timelines Affordability Utilities remain focused on balancing investment with customer rate impacts Utility Capital Investment Supports a Sustained Infrastructure Expansion Cycle 1 Source: PowerLines, April 2026. Factors Extending the Spend Cycle
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Steel Material Index Trends 17 October 20, 2026 | Valmont Industries, Inc. Source: FastMarketsAMM; Updated: October 12, 2026 Utility is most affected by steel cost changes due to the contractual pricing mechanisms and a strong backlog.
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U.S. Net Cash Farm Income by Year 18 October 20, 2026 | Valmont Industries, Inc. Source: USDA; Updated: September 3, 2026.
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Product Line Revisions In thousands 19 October 20, 2026 | Valmont Industries, Inc. Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 NA Utility 332,836 341,187 381,656 414,912 1,470,591 424,184 NA Lighting and Transportation 124,123 133,765 130,369 120,982 509,239 118,652 NA Coatings 55,708 59,185 61,251 60,144 236,288 63,134 NA Telecommunications 63,988 77,149 82,927 69,067 293,131 61,504 International Infrastructure and Solar 129,566 154,239 152,082 153,898 589,785 138,447 Agriculture 267,271 289,420 241,338 222,721 1,020,750 226,996 973,492 1,054,945 1,049,623 1,041,724 4,119,784 1,032,917
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Management utilizes non-GAAP financial measures to assess the Company’s historical and prospective financial performance, evaluate operational profitability on a consistent basis, factor into executive compensation decisions, and enhance transparency for the investment community. These non-GAAP measures are intended to supplement, not replace, the Company’s reported financial results prepared in accordance with GAAP. It is important to note that other companies may calculate these measures differently, which can limit their usefulness for comparison across organizations. The following non-GAAP measures have been included in this financial communication: • Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Net Earnings, Adjusted Diluted EPS, and Adjusted Effective Tax Rate: These metrics provide meaningful supplemental insights into the Company’s operating performance by excluding items that are not considered part of core operating results. This approach enhances comparability across reporting periods. Adjustments may include costs or benefits associated with acquisitions, divestitures, expenses related to realignment or restructuring programs, goodwill or intangible asset impairment, significant expenses or benefits from changes in tax laws or rates, cumulative effects of changes in accounting standards, refinancing-related expenses, a loss or a gain from a partial or full settlement of the U.K. defined benefit pension plan obligation, losses from natural disasters, change in redemption value of redeemable noncontrolling interests, and other non-recurring items. • Adjusted EBITDA: This metric is a key component of a financial ratio included in the covenants of our major debt agreements. It is calculated as net earnings before interest, taxes, depreciation, amortization, stock-based compensation, and other adjustments as outlined in the applicable debt agreements. This metric offers investors and analysts valuable insights into the Company’s core operating performance. Adjusted EBITDA margin is also used to evaluate profitability. • Leverage Ratio: This ratio is calculated by taking the sum of interest-bearing debt, minus unrestricted cash in excess of $50.0 million (but not exceeding $500.0 million), and dividing it by Adjusted EBITDA. This is a key financial ratio included in the covenants of our major debt agreements and is calculated on a rolling four-fiscal-quarter basis. The revolving credit facility requires us to maintain a financial leverage ratio of 3.50 or lower, measured as of the last day of each fiscal quarter. • Free Cash Flow: Calculated as net cash provided by operating activities minus capital expenditures, free cash flow serves as an indicator of the Company’s financial strength. However, this measure does not fully reflect the Company’s ability to deploy cash freely, as it has obligations such as debt repayments and other fixed commitments. Forward-Looking Guidance The Company may provide certain non-GAAP financial measures (adjusted diluted earnings per share and adjusted effective tax rate) on a forward-looking basis from time to time. These measures are typically calculated by excluding the impact of items such as foreign exchange, acquisitions, divestitures, realignment or restructuring expenses, goodwill or intangible asset impairment, changes in tax laws or rates, change in redemption value of redeemable noncontrolling interests, and other non-recurring items. To the extent the Company provides forward-looking non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures are not provided, as the Company cannot do so without unreasonable effort due to the inherent uncertainty and difficulty in predicting the timing and financial impact of such items. For the same reasons, the Company cannot assess the likely significance of unavailable information, which could be material to future results. Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 20 October 20, 2026 | Valmont Industries, Inc.
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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures In thousands 21 October 20, 2026 | Valmont Industries, Inc. 1 Diluted earnings per share includes rounding. 2 The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction. 3 The Company recorded non-cash impairment charges of $71.1 million for goodwill and certain intangible assets in the Solar and Access Systems businesses and recorded $20.2 million for other long-lived assets that will no longer be utilized. 4 The Company took realignment actions resulting in pre-tax charges of $16.1 million, primarily severance related. 5 Other non-recurring charges consist of costs to fulfill contractually required payments for system licenses no longer needed, asset valuation adjustments for a joint venture ag solar business, and certain tax advisory professional service fees. Net earnings attributable to Valmont Industries, Inc. including change in redemption value of redeemable noncontrolling interests $ 334,784 $ 16.79 Less: Change in redemption value of redeemable noncontrolling interests 15,489 0.78 Net earnings attributable to Valmont Industries, Inc. - as reported $ 350,273 $ 17.57 Impairment of long-lived assets3 91,337 4.58 Realignment charges4 16,066 0.81 Other non-recurring charges5 14,874 0.75 Total adjustments, pre-tax 122,277 6.13 Tax effect of adjustments2 (13,453) (0.67) Non-recurring tax benefit items (78,494) (3.94) Net earnings attributable to Valmont Industries, Inc. - adjusted $ 380,603 $ 19.09 Average shares outstanding - diluted 19,937 earningsDecem ber 27, 2025 pe r s hare1 Fifty-two Dilutedw eeks ended
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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures In thousands 22 October 20, 2026 | Valmont Industries, Inc.
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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures In thousands 23 October 20, 2026 | Valmont Industries, Inc. Net cash flows from operating activities $ 352,075 $ 345,243 Net cash flows from investing activities (121,871) (104,311) Net cash flows from financing activities (296,007) (186,169) Net cash flows from operating activities $ 352,075 $ 345,243 Purchases of property, plant, and equipment (116,077) (104,230) Free cash flow $ 235,998 $ 241,013 Thirty-nine weeks ended September 26, September 27, 2026 2025