Slide 1: Investor Presentation
INVESTOR PRESENTATION www.nwpipe.com JULY 2024 May 2025
Slide 2: Legal Statements
INVESTOR PRESENTATION | 2 LEGAL STATEMENTS FORWARD LOOKING STATEMENTS Statements in this presentation contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on
Slide 3: About Northwest Pipe Company
INVESTOR PRESENTATION | 3 Widely-recognized reputation for quality, service, and ABOUT Founded in manufacturing capabilities NORTHWEST 1966 13 locations: strategically PIPE COMPANY Headquartered in Vancouver, WA placed manufacturing facilities with 12 in the U.S. and one in Mexico Positioned to meet
Slide 4: Strategic Footprint with Customer Access Across the U.S.
INVESTOR PRESENTATION | 4 STRATEGIC FOOTPRINT WITH CUSTOMER ACCESS ACROSS THE U.S. CORPORATE HEADQUARTERS ENGINEERED STEEL PRESSURE PIPE PLANTS PRECAST INFRASTRUCTURE AND ENGINEERED SYSTEMS PLANTS
Slide 5: Wide-Ranging Product Capabilities
INVESTOR PRESENTATION | 5 WHAT WE DO WIDE-RANGING PRODUCT CAPABILITIES PRECAST CONCRETE ENVIRONMENTAL & RCP PIPE SOLUTIONS & UTILITIES TRENCHLESS PIPE ENGINEERED STEEL PIPE STEEL PRESSURE PIPE PRECAST INFRASTRUCTURE
Slide 6: Water Infrastructure for Thriving Communities
WATER INFRASTRUCTURE INVESTOR PRESENTATION | 6 FOR THRIVING COMMUNITIES Note: See following slide for a more comprehensive description of our featured products.
Slide 7: Featured Products
FEATURED PRODUCTS INVESTOR PRESENTATION | 7 A: Elevator Sump System | ParkUSA K: Solids Interceptor | ParkUSA Oil-water separator, and control panel with alarm. Captures solid waste before entering sewer or stormwater B: Water Meters | ParkUSA systems INNOVATIVE WATER Measures and safeguards the flo
Slide 8: Demand Drivers
INVESTOR PRESENTATION | 8 WHY WE DO WHAT WE DO DEMAND DRIVERS Aging water and wastewater systems Increasingly stringent regulatory policies • Existing infrastructure needs upgrades, repairs, and replacements • Increased public awareness of problems with the quality of drinking • Underinvestment in p
Slide 9: Large Addressable Market Opportunity
INVESTOR PRESENTATION | 9 LARGE STEEL PRESSURE PIPE ADDRESSABLE Addressable Market NWPX’s Share: MARKET NWPX's Share $338 M (~52%) OPPORTUNITY TOTAL ADDRESSABLE MARKET $450 - $650 M CONCRETE PIPE & PRECAST NWPX’s Share: Addressable Market NWPX's Share $155 M (~1%) TOTAL ADDRESSABLE MARKET $14 B Note
Slide 10: Engineered Steel Pressure Pipe
INVESTOR PRESENTATION | 10 ENGINEERED STEEL • Manufactures large-diameter, high-pressure steel pipeline systems for use in water infrastructure applications, which PRESSURE PIPE are primarily related to drinking water systems • Products also used for hydroelectric power systems, WELL-POISED INDUSTRY
Slide 11: Favorable SPP Market Dynamics
INVESTOR PRESENTATION | 11 FAVORABLE SPP MARKET DYNAMICS US $43.6 B APPROPRIATIONS: Congressionally authorized and approved spending for specific purposes, such as the federal capitalization grants to the SRF programs. US $23.2 B ALLOTMENTS: Portion of appropriated IIJA SRF funding that the EPA divi
Slide 12: Precast Infrastructure & Engineered Systems Segment
INVESTOR PRESENTATION | 12 PRECAST High-quality precast and reinforced concrete products INFRASTRUCTURE & typically used in non-pressure conveyance as well as wastewater pretreatment, stormwater quality, and water ENGINEERED SYSTEMS distribution and management. SEGMENT Precast footprint in Texas and
Slide 13: Leader of Innovation in Water Infrastructure
INVESTOR PRESENTATION | 13 RADIAL BENDING JOINT COMPOSITE FRP PANELS A first of its kind for the industry, this patent- Made for maintenance-free corrosion pending Permalok® joint enables steel pipe to protection, these panels can be made be installed along a curved radius in in any size and extend
Slide 14: Growth Strategy
INVESTOR PRESENTATION | 14 Create transformational growth and GROWTH profitability to drive shareholder value through organic growth “Product Spread” STRATEGY and acquisitions PRECAST PRODUCT SPREAD STRATEGY: ACQUISITION STRATEGY: Produce and ship ParkUSA products out of legacy Continuing to seek ac
Slide 15: Capital Allocation Strategy
INVESTOR PRESENTATION | 15 CAPITAL ALLOCATION STRATEGY Use of Cash Priorities ORGANIC GROWTH ACCRETIVE ACQUISITIONS • Evaluating potential M&A in the precast-related market • Prioritizing organic growth through Product Spread strategy with the goal of Precast becoming the same size as the for ParkUS
Slide 16: Demand Drives Strong Performance
INVESTOR PRESENTATION | 16 DEMAND DRIVES STRONG PERFORMANCE Backlog1 and Order Book2 Maintained strong SPP Revenue Grew SPP revenues by over 2.5x since ($ Millions) backlog and Precast order ($ Millions) 2017 and more than tripled the size of the book in 2024 Company with the addition of Precast $37
Slide 17: Q1 2025 Highlights
INVESTOR PRESENTATION | 17 Q1 2025 HIGHLIGHTS Backlog including confirmed orders1 of $289 million Strong order book2 of $64 million for the Precast for the Engineered Steel Pressure Pipe segment Infrastructure and Engineered Systems segment Net Sales by Segment Gross Profit by Segment ($ Millions) S
Slide 18: Corporate Responsibility
INVESTOR PRESENTATION | 18 HEALTH & SAFETY HUMAN CAPITAL MANAGEMENT CORPORATE RESPONSIBILITY ENVIRONMENTAL STEWARDSHIP Environmental, Social, and Governance Focus
Slide 19: Health & Safety
INVESTOR PRESENTATION | 19 CORPORATE RESPONSIBILITY HEALTH & SAFETY • Continued to improve on our industry-leading safety performance from 20231 with metrics significantly below the national and comparable industry average2 • 2024 total recordable incident rate: 1.25 • 2024 days away rate: 0.14 • Co
Slide 20: Human Capital Management
INVESTOR PRESENTATION | 20 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 o
Slide 21: Environmental Stewardship
INVESTOR PRESENTATION | 21 CORPORATE RESPONSIBILITY ENVIRONMENTAL STEWARDSHIP • Prioritizing continuous improvement in reducing environmental impact • Minimizing air pollution from operational facilities with emissions control devices and reduction programs beyond complying with local air permitting
Slide 22: Strategic and Operational Initiatives
INVESTOR PRESENTATION | 22 STRATEGIC AND OPERATIONAL INITIATIVES Maintain a safe Improve performance Intensify our focus on workplace where through a persistent strategic opportunities to employees are proud focus on margin over grow the Company to work volume through expansion or acquisitions Conti
Slide 23: Investment Highlights
INVESTOR PRESENTATION | 23 INVESTMENT HIGHLIGHTS Large addressable market provides opportunities for further expansion Strong balance sheet Diversification strategy helps reduce impacts from market cyclicality and improve free cash flow generation Experienced management team with over 100 years of c
Slide 24: Appendix
INVESTOR PRESENTATION | 24 APPENDIX
Slide 25: Geneva Pipe and Precast
INVESTOR PRESENTATION | 25 STRATEGIC ACQUISITION: GENEVA PIPE • Completed the acquisition of Geneva Pipe and Precast on AND PRECAST 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 conveyanc
Slide 26: ParkUSA
INVESTOR PRESENTATION | 26 STRATEGIC ACQUISITION: PARKUSA • 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 fabri
Slide 27: Favorable SPP Market Dynamics
INVESTOR PRESENTATION | 27 FAVORABLE SPP MARKET DYNAMICS • U.S. water consumption equal to 82 gallons per person per day • Substantial non-revenue water loss: • 2.1 trillion gallons of treated drinking water lost annually due to water main breaks (250,000 – 300,000 per year in the US) • 6 billion ga
Slide 28: U.S. Water Infrastructure Needs
INVESTOR PRESENTATION | 28 U.S. WATER Total 20-year State Need by Water INFRASTRUCTURE Infrastructure Project Category1 NEEDS 9% 4% 3% TOTAL STATE NEED: • The 20-year national water infrastructure need across the U.S. is estimated by the 7th Drinking $625 Billion 17% Water Infrastructure Needs Surve
Slide 29: Eastern Water Transmission Projects
INVESTOR PRESENTATION | 29 WATER TRANSMISSION PROJECTS EASTERN WATER TRANSMISSION PROJECTS
Slide 30: Eastern Market Update
INVESTOR PRESENTATION | 30 WATER TRANSMISSION PROJECTS EASTERN MARKET UPDATE Houston – Surface Water Program Dallas and Tarrant Regional Water • Bidding 3,300 tons of pipe in 2024 across multiple District projects • Continues construction on their Integrated Pipeline • Additional sections planned fo
Slide 31: Eastern Market Update
INVESTOR PRESENTATION | 31 WATER TRANSMISSION PROJECTS EASTERN MARKET UPDATE North Dakota – Red River Valley North Carolina Water Supply Project • Seeing increased pipeline construction due to population • 140-mile 87,000-ton project growth and infrastructure investments • The States biennium legisl
Slide 32: Eastern Market Update
INVESTOR PRESENTATION | 32 WATER TRANSMISSION PROJECTS EASTERN MARKET UPDATE Florida • Seeing increased bidding activity due to population growth • Additional 1,000 tons of pipe expected to bid in 2025 to expand water supply in the northern portion of the state
Slide 33: Western Water Transmission Projects
INVESTOR PRESENTATION | 33 WATER TRANSMISSION PROJECTS WESTERN WATER TRANSMISSION PROJECTS
Slide 34: Western Market Update
INVESTOR PRESENTATION | 34 WATER TRANSMISSION PROJECTS WESTERN MARKET UPDATE California – Prop 1 $7.5 B Bond California Water Reuse Programs for Water Infrastructure • MWD & LA Sanitation District Regional Reuse Pilot Project – • The Sites Reservoir – water storage project with over 30 treat and rec
Slide 35: Western Market Update
INVESTOR PRESENTATION | 35 WATER TRANSMISSION PROJECTS WESTERN MARKET UPDATE Southern Nevada – Water Authority New Mexico • Awarded first contract (and advertised two additional • U.S. Bureau of Reclamation’s Navajo-Gallup Supply Program – alternative-delivery contracts) for the expansion of the the