Valmont Industries, Inc. · NYSE:VMI
Valmont Industries — Q2 2026 Earnings Presentation
28 slides from Valmont Industries's earnings presentation, Jul 21, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 EARNINGS PRESENTATION Tuesday, July 21, 2026
Slide 2: Disclosure Regarding Forward-Looking Statements
Disclosure Regarding Forward-Looking Statements 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
Slide 3: CEO Opening Comments
CEO Opening Comments Avner Applbaum President and CEO
Slide 4: Q2 2026 Key Highlights
Q2 2026 Key Highlights Continued Momentum & Strategy Execution Net Sales Strong sales and earnings growth; raising 2026 outlook Focused execution and balanced capital allocation supporting growth and $1.12B | +6.5% shareholder returns Infrastructure Strength North America Utility growth of 34%, supp
Slide 5: Value Drivers: Progressing Toward Our Long-Term Strategy
Value Drivers: Progressing Toward Our Long-Term Strategy Deepen Strategic Utility Partnerships to Accelerate Above -Market CAPTURE Revenue Growth 1 above-market Deploy Advanced Engineering to Solve Complex Customer Challenges growth in utility Expand Capacity, Throughput, and Operational Flexibility
Slide 6: Infrastructure Market and Performance
Infrastructure Market and Performance NA Utility and NA Coatings Driving Growth; Focused Actions Across the Portfolio NA Utility: Rising energy demand and grid modernization are driving multi- year utility investment; Valmont is expanding capacity to deliver complex, Structural mission-critical proj
Slide 7: Agriculture Market and Performance
Agriculture Market and Performance Near-Term Conditions Remain Challenging; Long-Term Fundamentals Remain Strong Structural North America: Tighter farm economics continue to constrain capital Demand Drivers spending and contribute to cautious grower sentiment International: Aging Brazil: Demand rema
Slide 8: Financial Results and Outlook
Financial Results and Outlook John Schwietz EVP and CFO
Slide 9: Q2 2026 Financial Summary
Q2 2026 Financial Summary Dollars in millions, except per-share amounts Net Sales Operating Income Diluted EPS $1,119 $166 $6.14 $1,051 $141 $4.88 13.5% 14.8% 2025 2026 2025 Adj.1 2026 2025 Adj.1 2026 +6.5% +17.5% +25.8% 1 Please see Reg G reconciliation to GAAP measures at end of document. Q2 2025
Slide 10: Q2 2026 Results | Infrastructure
Q2 2026 Results | Infrastructure Dollars in millions Sales Operating Income NA Utility: strong market +14.8% +23.9% conditions, pricing and $879 volume growth $766 $154 $125 NA L&T: lower volumes NA Coatings: healthy infrastructure and data center 16.3% 17.6% demand 2025 2026 2025 Adj. 1 2026 NA Tel
Slide 11: Q2 2026 Results | Agriculture
Q2 2026 Results | Agriculture Dollars in millions Sales Operating Income -15.8% -11.0% North America: lower $289 $45 $40 equipment volumes, partially $244 offset by favorable pricing International: lower Middle 15.6% 16.5% East volumes, sales across 2025 2026 2025 Adj. 1 2026 other international mar
Slide 12: Q2 2026 Capital Allocation Priorities
Q2 2026 Capital Allocation Priorities ~50% GROWING OUR BUSINESS Cash Flow & Liquidity Capital Invested $36M, primarily to support NA Utility Expenditures capacity expansion $148.1M Operating Cash Flows Acquisitions Strategic fit at the right price $139.1M ~50% RETURNING CASH TO OUR SHAREHOLDERS
Slide 13: Increasing Full-Year 2026 Financial Outlook
Increasing Full-Year 2026 Financial Outlook Previous Outlook Updated Outlook ~ Y/Y KEY ASSUMPTIONS Capital expenditures to be Net Sales $4.2B to $4.4B $4.3B to $4.45B 5% to 8.5% between $170 and $200M Effective tax rate to be ~26.0% Infrastructure $3.3B to $3.45B $3.4B to $3.5B 9.5% to 13% Steel cos
Slide 14: Value Drivers: Progressing Toward Our Long-Term Strategy
Value Drivers: Progressing Toward Our Long-Term Strategy 2025 – 2029E Approximate Incremental Contribution Sales Adjusted1 2026 YTD PROGRESS Diluted EPS Utility partnerships with key Deployed $55M capex to NA Capture market leaders Infrastructure Above-Market Capacity and throughput $1B $10 Growth i
Slide 15: 2029 Financial Framework
2029 Financial Framework Net Sales ($B) Operating Margin KEY ASSUMPTIONS +7.1% +390 CAGR $5.4 bps 17.0% $4.1 13.1% Utility market growth Continued softness in 2 agriculture markets 2025 2029E 2025 Adj. 2029E ~26% tax rate Diluted EPS ROIC Does not include M&A +16.4% $35.00 +340 21.0% or balance shee
Slide 16: Q&A
> Q&A valmont ¥
Slide 17: Appendix
> Appendix valmont ¥
Slide 18: Steel Material Index Trends
Steel Material Index Trends Utility is most affected by steel cost changes due to the contractual pricing mechanisms and a strong backlog. Source: FastMarketsAMM; Updated: July 1, 2026. 18
Slide 19: U.S. Net Cash Farm Income by Year
U.S. Net Cash Farm Income by Year Source: USDA; Updated: February 5, 2026. 19
Slide 20: Product Line Revisions
Product Line Revisions In thousands 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
Slide 21: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 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 decision
Slide 22: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures In thousands Thirteen weeks ended June 28, 2025 Operating Income (Loss) Reconciliation Infrastructure Agriculture Corporate Consolidated Operating income (loss) - as reported $ 25,914 $ 36,051 $ (32,689) $ 29,276 Impairment
Slide 23: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures In thousands Thirteen Diluted weeks ended earnings June 28, (loss) per 2025 share 1,2 Net earnings (loss) attributable to Valmont Industries, Inc. including change in redemption value of redeemable noncontrolling interests
Slide 24: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures In thousands Fifty-two weeks ended December 27, 2025 Operating Income (Loss) Reconciliation Infrastructure Agriculture Corporate Consolidated Operating income (loss) - as reported $ 430,174 $ 92,076 $ (106,674) $ 415,576 Im
Slide 25: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures In thousands Fifty-two weeks ended Diluted December 27, earnings 2025 per share 1 Net earnings attributable to Valmont Industries, Inc. including change in redemption value of redeemable noncontrolling interests $ 334,784 $
Slide 26: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures Fifty-two weeks ended December 27, In thousands Operating income $ 2025 415,576 Tax rate 6.3% Tax effect on operating income (26,261) After-tax operating income $ 389,315 Average invested capital $ 2,343,300 Return on inves
Slide 27: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures Four fiscal quarters ended June 27, In thousands 2026 Net cash flows from operating activities $ 475,328 Interest expense 38,725 Income tax expense 49,889 Impairment of long-lived assets (9,340) Deferred income taxes (4,631
Slide 28: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures In thousands Twenty-six weeks ended June 27, June 28, 2026 2025 Net cash flows from operating activities $ 251,583 $ 232,739 Net cash flows from investing activities (76,556) (64,319) Net cash flows from financing activitie