Slide 1: Investor Presentation
(NYSE: AZZ) Investor Presentation 05/28/2026
Slide 2: Disclaimers
2INVESTOR PRESENTATION 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 Ac
Slide 3: Why Invest in AZZ?
3INVESTOR PRESENTATION Why Invest in AZZ? Differentiated, high value-add metal coatings provider with scale, expertise and customer centric technology uniquely positioned to serve the growing North American steel and aluminum markets Strong business foundation capable of growing sales and margins ab
Slide 4: AZZ is North America's leading metal coatings company
4INVESTOR PRESENTATION 46% 54%57% 43% Segment Sales(3) Segment Adj. EBITDA(3) AZZ is North America’s leading independent post- fabrication hot-dip galvanizing & coil coating solutions company with #1 positions in both markets AZZ Precoat MetalsAZZ Metal Coatings (1) 3,767 employees , includes both s
Slide 5: AZZ's Strategic Journey
5INVESTOR PRESENTATION AZZ’s Strategic Journey 2 FY2022 Strategic Transformation – Positioning for the Future • Transform to focused Metal Coatings Company • Divested majority stake (60%) of Infrastructure Solutions segment to a joint venture • Acquired Precoat Metals FY2027 + Focused Metal Coatings
Slide 6: Achievements Against Stated Commitments
6INVESTOR PRESENTATION Achievements Against Stated Commitments 2 Commitments Achievements to Date • Maintain net leverage target range of 1.0X -2.0X • Total net leverage of 1.4x(1) • TTM debt reduction totaling $385.3 million(3) • FY26E Adj. EBITDA(2) guidance of $360-400 million • Adj. EBITDA Mar
Slide 7: Secular Drivers Enhancing Outlook
7INVESTOR PRESENTATION Secular Drivers Enhancing Outlook: Infrastructure Investment Reshoring Manufacturing Migration to Pre-painted Steel and Aluminum Conversion from Plastics to Aluminum Conversion to Coil Coating 7 End Markets(1) & Drivers (1) Based on AZZ FY2026 results ended February 28, 2026.
Slide 8: Capitalizing on Generational Infrastructure Investment in U.S.
8INVESTOR PRESENTATION 8 Uniquely Positioned to Capitalize on Generational Infrastructure Investment in U.S. Source: American Infrastructure Investment and Jobs Act. Datacenters, Water, Airports and Other
Slide 9: Strategic Value Proposition Built on Common Business Models
9INVESTOR PRESENTATION Strategic Value Proposition Built on Common Business Models Standout Market Leaders with Best-in-Class Financial Profiles Proprietary Systems Driving Efficiencies in Operations, Procurement, Supply Chain, IT and Back Office Tolling Based Businesses with Minimal Commodity and I
Slide 10: Digital Galvanizing System is a distinct competitive advantage
10INVESTOR PRESENTATION Digital Galvanizing System (DGS) is a distinct competitive advantage • Near elimination of paper with proprietary, state-of-the-art tool linked to Oracle ERP system • Fully integrated; Allows real-time decisions and enhanced customer experience • Provides visibility, decision
Slide 11: Research and Development Partnership with Texas A&M
11INVESTOR PRESENTATION Research and Development Partnership with Texas A&M Since 2019 AZZ and Texas A&M have conducted R&D projects related to improving AZZ’s hot-dip galvanizing process with the goal of designing more efficient production processes. Notable results include: • Improved standard ope
Slide 12: Investing in Future Growth: Sustainability
12INVESTOR PRESENTATION 12 Investing in Future Growth Sustai ability • Sustainability is intrinsic to our products as both hot-dip galvanized steel and coil coated steel and aluminum are 100% recyclable • Hot-dip galvanized steel is an infinitely renewable building material and used in renewable ene
Slide 13: Mission-Driven, Experienced Management Team
13INVESTOR PRESENTATION Tom Ferguson President and Chief Executive Officer David Nark Chief Marketing, Communications and Investor Relations Officer Tara Mackey Chief Legal Officer Jeff Vellines President & COO Precoat Metals Bryan Stovall Chief Operating Officer Metal Coatings Our Mission Create su
Slide 14: Corporate Strategy
Corporate Strategy (NYSE: AZZ)
Slide 15: Where AZZ is Headed
15INVESTOR PRESENTATION Sales($Bn) Adjusted EBITDA Margin (1) TTM Sales for the period ended February 28,2026. (2) TTM EBITDA inclusive of corporate costs for the period ended February 28, 2026. 2x GDP Annual Organic Sales Growth Di s c ip l i ned execu t ion o f M&A targets M a i n t a i n b
Slide 16: AZZ Acquisition Discipline
16INVESTOR PRESENTATION 16 AZZ Acquisition Discipline • Highly fragmented • Strong secular tailwinds • Compelling value proposition • Coatings specific • Complementary solut ions offerings • Geographic expansion • Market leader • Cultural fit / alignment with AZZ Financially accretive Synergy op
Slide 17: Metal Coatings
Metal Coatings (NYSE: AZZ)
Slide 18: Metal Coatings Operating Segment
18INVESTOR PRESENTATION Operating Segment Production Route Value-Added Capabilities Market Size and Share(2) Historical Adjusted EBITDA Performance(3) ($ in millions) Metal Coatings Batch Processing Hot-Dip Galvanizing Spin Galvanizing Powder Coating Plating Anodizing $2.8B ~27% share #1 market posi
Slide 19: Metal Coatings Value Proposition
19INVESTOR PRESENTATION Technology: Digital Galvanizing System (DGS) provides customers with near real-time updates and operational efficiencies Metal Coatings Value Proposition Key Value Propositions Embracing Complexity: Quick turns on special projects to meet demanding customer schedules Value
Slide 20: Metal Coatings Footprint and Key End-Markets
20INVESTOR PRESENTATION Construction 29% Industrial 20%Transportation 18% Electrical 20% Other 13% Metal Coatings Footprint Well-Positioned to Serve Key End-Markets Superior Capabilities Enable Leading Position Across All End-Markets(2) North America’s leading post-fabrication hot-dip galvanizer wit
Slide 21: Metal Coatings Historical Financials
21INVESTOR PRESENTATION Metal Coatings Historical Financials $458 $519 $637 $656 $665 $759 FY21 FY22 FY23 FY24 FY25 TTM $126 $157 $189 $197 $205 $235 27.6% 30.3% 29.7% 30.0% 30.7% 30.9% FY21 FY22 FY23 FY24 FY25 TTM Sales Historical Performance ($ in millions) 11 Adjusted EBITDA(2) % Margin (1) Sales
Slide 22: Metal Coatings Strategic Growth Drivers
22INVESTOR PRESENTATION AZZ Metal Coatings – Strategic Growth Drivers • Secular tailwinds include reshoring/nearshoring, infrastructure spending, and datacenters • Organic growth through increased sales force effectiveness; Technology (DGS); Value-added service expansion (spin, transportation, etc.)
Slide 23: Precoat Metals
Precoat Metals (NYSE: AZZ)
Slide 24: Precoat Metals Operating Segment
24INVESTOR PRESENTATION Operating Segment Production Route Value-Added Capabilities Market Size and Share(2) Historical Adjusted EBITDA Performance(3) ($ in millions) Precoat Metals Continuous Processing Coil Coating Slitting Embossing Shape Correction Blanking $4.0B ~23% share #1 market position $1
Slide 25: Precoat Metals Value Proposition
25INVESTOR PRESENTATION Precoat Metals Value Proposition Key Value Propositions Technology: Coilzone provides customers with near real-time access to inventory, production and shipping information generating operational efficiencies Embracing Complexity: Quickly accommodate customer needs by offer
Slide 26: Precoat Metals Footprint and Key End-Markets
26INVESTOR PRESENTATION Precoat Metals Footprint Well-Positioned to Serve Key End-Markets Critical Service Provider to Diverse End-Markets(2) Construction (79%) Appliance (6%) Transportation (2%)Container (6%) HVAC (3%) Industry leader with entrenched advantages as a unique independent toll coater S
Slide 27: Precoat Metals Historical Financials
27INVESTOR PRESENTATION Precoat Metals Historical Financials $605 $710 $882 $881 $913 $891 FY21 FY22 FY23 FY24 FY25 TTM(5) $115 $155 $165 $168 $179 $176 18.9% 21.8% 18.7% 19.0% 19.6% 19.8% FY21 FY22 FY23 FY24 FY25 TTM Sales Adjusted EBITDA(3) ($ in millions) Historical Performance 13 % Margin Note:
Slide 28: New aluminum coil coating line in Washington, Missouri
28INVESTOR PRESENTATION Enables AZZ to benefit from secular shift to aluminum cans Run-rate contracted sales of $50+ million exiting FY 2026 at an EBITDA margin above Precoat overall margin ROIC well in excess of cost of capital Long-term contractual customer commitment for 75% of the new capacity T
Slide 29: Precoat Metals Strategic Growth Drivers
29INVESTOR PRESENTATION AZZ Precoat Metals– Strategic Growth Drivers • Secular tailwinds include reshoring/nearshoring, plastics to aluminum conversion in containers, and increased use/acceptance of pre-painted steel in manufacturing processes • Organic growth with focus on post-paint to pre-paint c
Slide 30: Financial Overview
Financial Overview (NYSE: AZZ)
Slide 31: Consistent Top-Line Growth and Profitability
31INVESTOR PRESENTATION $126 $157 $189 $197 $205 $236 $115 $155 $165 $168 $179 $176 FY21 FY22 FY23 FY24 FY25 TTM Precoat MetalsMetal Coatings COVID Year $458 $519 $637 $656 $665 $759 $605 $710 $882 $881 $913 $891 FY21 FY22 FY23 FY24 FY25 TTM $1,062 $1,229 $1,519 $1,538 $241 $312 $354 $364 Sales Segm
Slide 32: Proven Resilience Through Prior Cycles
32INVESTOR PRESENTATION Proven Resilience Through Prior Cycles 17 Metal Coatings EBITDA Precoat Metals EBITDA $51 $81 $85 $85 $98 $51 $59 $42 $57 $71 $102 $140 $127 $142 $169 CY 2007 CY 2008 CY 2009 CY 2010 CY 2011 Modest Decline (9%) Strong Recovery +15% CAGR ($ in millions) Sales across broad end
Slide 33: Capital Structure to Support Growth
33INVESTOR PRESENTATION Capital Structure to Support Growth Note: Financials exclude AIS in which AZZ divested 60% into a joint venture in September 2022 (1) Reflects net leverage inclusive of credit agreement-related adjustments; Adjusted EBITDA inclusive of corporate costs (2) Free Cash Flow Conve
Slide 34: Capital Allocation Transition
34INVESTOR PRESENTATION Capital Allocation Transition 9 Return Capital Committed to growing dividends aligned with our earnings growth and share repurchases to offset dilution Maintain Leverage Target Net Leverage range of 1.0x – 2.0x High ROIC Investments Organic growth, strategic customer partners
Slide 35: AZZ's Attractive Financial Metrics Relative to Related Industrial Companies
35INVESTOR PRESENTATION AZZ’s Attractive Financial Metrics Relative to Related Industrial Companies CY24A – CY26E Revenue Growth CY25A EBITDA Margin2 Current Net Working Capital / LTM Sales3 5.3% 2.8% 1.9% 5.8% 11.4% AZZ Coatings Building Products Service Centers Steel Mills 22.3% 17.3% 21.4% 5.6% 1
Slide 36: Current Guidance
36INVESTOR PRESENTATION Current Guidance(1) (1) FY2027 Guidance Assumptions: a. The newly built Washington, Missouri plant is expected to be accretive to earnings in FY2027. b. Capital expenditures are expected to be approximately $80 to $100 million, up from $60 to $80 million for FY2026 reflecting
Slide 37: Appendix
Appendix
Slide 38: Reg "G" Tables
Reg “G” Tables
Slide 39: Debt Leverage Ratio Reconciliation
39INVESTOR PRESENTATION Please see page 43 of this presentation for footnotes. Debt Leverage Ratio Reconciliation
Slide 40: Non-GAAP Disclosure of Adjusted EBITDA
40INVESTOR PRESENTATION Please see page 43 of this presentation for footnotes. Non-GAAP Disclosure of Adjusted EBITDA
Slide 41: Non-GAAP Disclosure of Adjusted Net Income
41INVESTOR PRESENTATION Please see page 43 of this presentation for footnotes. Non-GAAP Disclosure of Adjusted Net Income
Slide 42: Non-GAAP Segment Disclosure (Metal Coatings and Precoat Metals)
42INVESTOR PRESENTATION Please see page 43 of this presentation for footnotes. Non-GAAP Segment Disclosure (Metal Coatings and Precoat Metals)
Slide 43: Notes for Non-GAAP Disclosure Slides
Notes for Non-GAAP Disclosure Slides 43
Slide 44: Slide 44