Arcosa, Inc. · NYSE:ACA
Arcosa — Q3 2025 Earnings Presentation
24 slides from Arcosa's earnings presentation, Oct 31, 2025
Slide 1: Third Quarter 2025 Earnings Conference Call
THIRD QUARTER 2025 EARNINGS CONFERENCE CALL MOVING INFRASTRUCTURE FORWARD | OCTOBER 31, 2025
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward- looking statements include statements about Arcosa’s estimates, expectations, beliefs, intentions
Slide 3: How to Find Us
HOW TO FIND US OUR WEBSITE NYSE TICKER www.arcosa.com ACA HEADQUARTERS Arcosa, Inc. INVESTOR CONTACT 500 North Akard Street, Suite 400 InvestorResources@arcosa.com Dallas, TX 75201 3 I MOVING INFRASTRUCTURE FORWARD I 2025
Slide 4: Third Quarter 2025 Highlights
THIRD QUARTER 2025 HIGHLIGHTS RECORD Q3 RESULTS(1) WITH ACHIEVED LEVERAGE RAISED MID-POINT OF FY 2025 ALL 3 SEGMENTS REDUCTION GOAL AHEAD OF ADJUSTED EBITDA GUIDANCE CONTRIBUTING SCHEDULE • Adjusted EBITDA growth of 51% • Reported second quarter Net Debt • Tightened full year Revenue range outpaced
Slide 5: Strategic Update
01 STRATEGIC UPDATE
Slide 6: Arcosa's Long-Term Vision
ARCOSA’S LONG-TERM VISION Grow in attractive Reduce the complexity Improve long-term Integrate sustainability Maintain a healthy markets where we can and cyclicality of the returns on invested initiatives into our balance sheet through achieve sustainable overall business capital long-term strategy
Slide 7: Strategic Transformation
STRATEGIC TRANSFORMATION We have made significant progress advancing our long-term vision % Adjusted EBITDA, excluding corporate costs 2018 Acquisitions LTM Q3 2025 Construction Products Transportation. Products 10% Engineered Construction Products Transportation Products Construction Products Engin
Slide 8: Q3 2025 Results
Q3 2025 RESULTS N S|
Slide 9: Q3 2025 Consolidated Results
Q3 2025 CONSOLIDATED RESULTS Record Q3 performance underscores the success of our strategic portfolio transformation REVENUES ($M) NET INCOME ($M) ADJUSTED EBITDA ($M) REPORTED ADJUSTED +25% +53% +340% 797.8 +27% +73% 174.2 73.0 77.3 640.4 13.6 +51% 114.0 44.6 626.8 115.3 16.6 -1.3 Q3-24 Q3-25 Q3-24
Slide 10: Q3 2025 Segment Results: Construction Products
Q3 2025 SEGMENT RESULTS: CONSTRUCTION PRODUCTS Stavola led our significant growth and was highly accretive to segment margin REVENUES ($M) ADJUSTED SEGMENT EBITDA ($M) +46% +62% 387.5 115.2 35.9 44.5 265.9 146.9 32.3 71.0 63.0 204.7 70.7 170.6 Q3-24 Q3-25 Q3-24 Q3-25 MARGIN 26.7% 29.7% Aggregates Co
Slide 11: Q3 2025 Segment Results: Engineered Structures
Q3 2025 SEGMENT RESULTS: ENGINEERED STRUCTURES Segment earnings growth and margin expansion driven by higher volumes and improved pricing in utility structures REVENUES ($M) ADJUSTED SEGMENT EBITDA ($M) +11% +29% 311.0 57.0 279.4 95.4 44.3 79.2 200.2 215.6 Q3-24 Q3-25 Q3-24 Q3-25 MARGIN 15.9% 18.3%
Slide 12: Q3 2025 Segment Results: Transportation Products
Q3 2025 SEGMENT RESULTS: TRANSPORTATION PRODUCTS Barge results up year-over-year and sequentially on strong execution and improved mix REVENUES ($M) ADJUSTED SEGMENT EBITDA ($M) +4% +52% 99.3 17.6 95.1 13.6 22% 36% 11.6 81.5 12.9 -1.3 Q3-24 Q3-25 Q3-24 Q3-25 Barges Steel Components MARGIN(1) 15.8% 1
Slide 13: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW Reduced our leverage ratio a full turn within one year of transformational Stavola acquisition NET DEBT / ADJUSTED EBITDA (ratio at end of period) FREE CASH FLOW ($M) Operating Cash Flow +25% Net Capital Expenditures 3.4 134.0 2.9 2.9 2.8 2.4 107.2 Target of 2.0 - 2.5x 1.
Slide 14: 2025 Outlook
03 2025 OUTLOOK
Slide 15: Increased Mid-Point of 2025 Adjusted EBITDA Guidance
INCREASED MID-POINT OF 2025 ADJUSTED EBITDA GUIDANCE We remain on track for double-digit growth in 2025 Revenues ($M) Adjusted EBITDA ($M) +12% +30% 2,850 – 2,950 2,860 – 2,910 555 - 585 575 - 585 2,570 +16% +32% 88 447 8 2,482 439 FY-24 Previous 2025 2025 Guidance FY-24 Previous 2025 2025 Guidance
Slide 16: Market Outlook
MARKET OUTLOOK CONSTRUCTION PRODUCTS ENGINEERED STRUCTURES TRANSPORTATION PRODUCTS • On track for HSD aggregates pricing • Record backlog for utility and related • Orders of $148M received in the growth for 2025 structures, driven by grid-hardening, third quarter • Infrastructure spending supported
Slide 17: Appendix
APPENDIX
Slide 18: Guidance Summary for 2025
GUIDANCE SUMMARY FOR 2025 COMMENTARY • $2.86B to $2.91B range for full year 2025, previously $2.85B to $2.95B REVENUE • 2024 full year revenue was $2.48B, excluding $88M from the divested Steel Components business ADJUSTED • $575M to $585M range for full year 2025, previously $555M to $585M EBITDA •
Slide 19: Non-GAAP Measures
NON-GAAP MEASURES Refer to slides that follow for accompanying reconciliations “EBITDA” is defined as net income plus interest, taxes, depreciation, depletion, and amortization. “Adjusted EBITDA” is defined as EBITDA adjusted for certain items that are not reflective of the normal earnings of our bu
Slide 20: Reconciliation of Adjusted EBITDA and Adjusted Net Income
Reconciliation of Adjusted EBITDA and Adjusted Net Income ($’s in millions) (unaudited) Three Months Ended Full Year September 30, 2025 Guidance 2025 2024 Low High Net income $ 73.0 $ 16.6 $ 201.4 $ 203.9 Add: Interest expense, net 25.3 12.0 101.0 103.0 Provision for income taxes 14.1 2.5 41.3 44.8
Slide 21: Reconciliation of Adjusted Segment EBITDA
Reconciliation of Adjusted Segment EBITDA ($’s in millions) (unaudited) Three Months Ended Year Ended Twelve Months Ended September 30, December 31, September 30, 2025 2024 2018 2024 2025 Construction Products Operating Profit $ 71.4 $ 40.4 $ 50.4 $ 133.9 $ 173.6 Add: Depreciation, depletion, and am
Slide 22: Reconciliation of Aggregates Metrics
Reconciliation of Aggregates Metrics (in millions, except per ton amounts) (unaudited) Three Months Ended Gotham September 30, 2025 2024 Aggregates Aggregates revenues $ 218.1 $ 170.6 Less: Freight revenues and other revenues (37.2) (29.6) Aggregates Freight-Adjusted Revenues $ 180.9 $ 141.0 Aggrega
Slide 23: Reconciliation of Net Debt to Adjusted EBITDA and Free Cash Flow
Reconciliation of Net Debt to Adjusted EBITDA and Free Cash Flow ($’s in millions) (unaudited) As of September 30, December 31, 2024 December 31, March 31, June 30, September 30, 2023 Pro Forma(1) 2024(1) 2025(1) 2025(1) 2025 Total debt excluding debt issuance costs $ 573.1 $ 1,848.7 $ 1,707.1 $ 1,7
Slide 24: Reconciliation of Adjusted EBITDA for Steel Components and Stavola
Reconciliation of Adjusted EBITDA for Steel Components and Stavola (in millions) (unaudited) Three Months Ended September 30, 2024 Steel components Operating Loss $ (25.4) Add: Depreciation and amortization expense 1.1 Steel components EBITDA (24.3) Add: Loss on sale of business 23.0 Steel component