Azz Inc. · NYSE:AZZ
Azz — Investor Presentation (February 2026)
20 slides from Azz's investor presentation, Feb 28, 2026
Slide 1: North America's Leading Independent Metal Coatings Platform
NYSE: AZZ | INVESTOR PRESENTATION North America's Leading Independent Metal Coatings Platform A differentiated, high-margin galvanizing and coil coating company, compounding earnings through secular tailwinds, disciplined capital allocation, and a transformed balance sheet. #1 in galvanizing & coil
Slide 2: Disclaimers
Disclaimers Cautionary Statements Regarding Forward Looking Statements — Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can iden
Slide 3: Why Own AZZ
INVESTMENT THESIS Why Own AZZ Five structural reasons why AZZ can compound shareholder value above the market over a multi-year horizon. Irreplaceable Above-Market Industry-Leading Fortress Balance Toll-Coater Footprint Growth Margins Sheet Resilience #1 independent positions in Organic growth plus
Slide 4: A Focused Metal Coatings Leader
COMPANY SNAPSHOT A Focused Metal Coatings Leader Headquartered in Fort Worth, Texas, AZZ is the leading independent provider of hot-dip galvanizing and coil coating solutions in North America, holding #1 share in both served markets. $1.65B $368M 22.3% TTM Sales(1) Adj. EBITDA(1) EBITDA Margin(1) 60
Slide 5: Two Complementary Coatings Segments
BUSINESS MODEL Two Complementary Coatings Segments AZZ Metal Coatings AZZ Precoat Metals Hot-Dip Galvanizing & Surface Technologies Coil Coating of Steel & Aluminum $758.7M 31.0% +14.1% YoY $891.4M 19.8% -2.4% YoY FY26 Sales FY26 Sales FY26 Adj. EBITDA Margin FY26 Sales Growth FY26 Sales FY26 Adj. E
Slide 6: Our Mission
EXECUTIVE TEAM Our Mission A Results-Driven Leadership Team With Create superior value in a culture where people can grow Demonstrated Execution Across Cycles and TRAITS matter. We are diverse, collaborative, and service-minded, operating in a culture of TRAITS…Trust, Respect, Accountability, Integr
Slide 7: Record FY2026 Across the Board
FINANCIAL PERFORMANCE Record FY2026 Across the Board $1.65B Total Sales $368MAdj. EBITDA $6.19 Adj. Diluted EPS $525M Operating Cash Flow +4.6% YoY 22.3% margin +19.0% YoY Includes $273.2 million from AVAIL JV Consolidated Sales & Adjusted EBITDA Trend (FY2023–FY2026, $M) $1,538 $1,578 $1,650 Qualit
Slide 8: A Deleveraging Story Now Complete
BALANCE SHEET A Deleveraging Story Now Complete Aggressive debt paydown — aided by $273M of AVAIL JV cash distributions — has reset net leverage to a level that funds growth and shareholder returns simultaneously. Net Leverage Ratio (x EBITDA) Net leverage 4.3x 4.0x 1.4x down from 2.5x a year ago, a
Slide 9: Multi-Year Demand Drivers
SECULAR TAILWINDS Multi-Year Demand Drivers Generational Infrastructure Federal spending on bridges, highways, and the power grid drives demand for galvanized steel content. Data Center Build-Out Hyperscale projects require heavy galvanized structures and co-located power — a structural tailwind. Re
Slide 10: Washington, Missouri
GROWTH CATALYST A Built-In Engine for Precoat Washington, Growth Missouri The ~$125M greenfield investment expands AZZ into the aluminum coatings and beverage-can markets, with output protected by long-term contracts before the line is fully ramped. New greenfield aluminum coil coating facility — ac
Slide 11: Disciplined, Balanced, Return-Focused
CAPITAL ALLOCATION Disciplined, Balanced, Return-Focused High-ROIC Organic Disciplined M&A Growing Dividend Share Repurchases Growth Active, highly synergistic bolt-on Capacity additions and the pipeline; acquired Canton Galvanizing Quarterly dividend raised 20% to $20M repurchased in FY26 with Wash
Slide 12: Re-Rating Underway, Runway Remains
VALUATION Re-Rating Underway, Runway Remains ~13x EV / EBITDA Buy Consensus Rating $161.67 Avg. Price Target 26.6% Return on Equity(2) vs. peers(1) ~11–13x 6 Strong Buy / 4 Hold range of $138–$200 high-return franchise . Adjusted Diluted EPS ($) $6.19 The mispricing $5.20 $4.53 Wall Street still mod
Slide 13: Key Risks — and Why They Are Manageable
RISK FRAMEWORK Key Risks — and Why They Are Manageable RISK MITIGANT Construction & residential softness pressures Precoat volumes while Infrastructure, utility and data-center demand offset weakness; toll rates stay elevated. model protects margins. Value-based pricing and the toll-coater structure
Slide 14: AZZ Investment Thesis
THE CASE FOR AZZ AZZ Investment Thesis #1, irreplaceable positions in two essential coatings markets 22%+ EBITDA margins converting to record free cash flow Net leverage reset to 1.4x — optionality without trade-offs Secular demand from infrastructure, data centers and reshoring FY2027 EPS growth on
Slide 15: Appendix Reg “G” Tables
Appendix Reg “G” Tables
Slide 16: Debt Leverage Ratio Reconciliation
Debt Leverage Ratio Reconciliation Please see page 20 of this presentation for footnotes. INVESTOR PRESENTAT 1616 ION
Slide 17: Non-GAAP Disclosure of Adjusted EBITDA
Non-GAAP Disclosure of Adjusted EBITDA Please see page 20 of this presentation for footnotes. INVESTOR PRESENTAT 1717 ION
Slide 18: Non-GAAP Disclosure of Adjusted Net Income
Non-GAAP Disclosure of Adjusted Net Income INVESTOR Please see page 20 of this presentation for footnotes. PRESENTAT 1818 ION
Slide 19: Non-GAAP Segment Disclosure (Metal Coatings and Precoat Metals)
Non-GAAP Segment Disclosure (Metal Coatings and Precoat Metals) Please see page 20 of this presentation for footnotes. INVESTOR PRESENTAT 1919 ION
Slide 20: Notes for Non-GAAP Disclosure Slides
Notes for Non-GAAP Disclosure Slides 20