Slide 1: Investor Presentation August 2026
Patented Precast. Proven Performance. NASDAQ: SMID INVESTOR PRESENTATION AUGUST 26, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement These slides and the accompanying oral presentation contain forward- looking statements. All statements other than statements of historical fact contained in this presentation, including statements regarding the future financial position of Smith- statements, including financia
Slide 3: Smith-Midland at a Glance
Smith-Midland at a Glance Inventor, manufacturer, and licensor of proprietary precast concrete products since 1960 SMID $89.5M Patented and proprietary portfolio (Nasdaq) Revenue (TTM) J-J Hooks® safety barrier, SlenderWall®, Easi-Set® / Easi-Span® buildings, SoftSound® soundwall, utility products T
Slide 4: Highly Customized Products
Highly Customized Products Decorative Security Military Training smithmidland.com | Investor Presentation August 2026 4
Slide 5: Concrete Safety Barrier Rental Division
Concrete Safety Barrier Rental Division Construction, Highway, & Event Security 250K linear feet fleet Expansion to 575K linear feet Shift to barrier rentals vs sales Recurring revenues Stability of earnings and income Improved cash-flow cycle smithmidland.com | Investor Presentation August 2026 5
Slide 6: Expanded Geographic Reach through Licensing
Expanded Geographic Reach through Licensing Worldwide licensees manufacture SMID's patented products across North America — high-margin royalty income with no capital outlay California licensee is constructing a new 400,000 sq ft manufacturing facility 70 Licensees 6% Royalty smithmidland.com | Inve
Slide 7: Infrastructure Spend Tailwinds Benefit Smith-Midland
Infrastructure Spend Tailwinds Benefit Smith-Midland • New MASH TL3 standard - all U.S. highway barrier mandated replacement over the next 4-6 years • J-J Hooks approved in California– 2nd most highway miles in U.S. • Low-profile barrier offers lower cost and easier installation • Accelerated spend
Slide 8: Multi-Year Federal Funding Runway
Multi-Year Federal Funding Runway Substantial share of Infrastructure Investment and Jobs Act highway funding remains to be obligated and spent — work already authorized continues converting to projects through the late 2020s. Congress is advancing the next surface transportation bill: the House's B
Slide 9: Trends Favoring Off-Site Precast Modular Construction
Trends Favoring Off-Site Precast Modular Construction • Macro trend to off-site modular construction • Shortened lead times • Reduced subcontractors • Minimization of carrying costs • Increased quality • Speed of installation • Aging construction workforce • Developer saves Time & Money • Less labor
Slide 10: Special Barrier Projects
Special Barrier Projects What they are HOW TO READ SPECIAL PROJECTS Large, high-margin barrier rental deployments awarded for major events and security needs. • Special projects cause “lumpy” comparisons Unscheduled by nature • Special projects uncorrelated to underlying Cannot predict when special
Slide 11: Backlog Does Not Tell The Full Story
Backlog Does Not Tell The Full Story Significant portion of revenue and a disproportionate share of profit flows entirely outside backlog. Barrier rentals BACKLOG (in millions) Only large rental projects are included in backlog with smaller “quick hits”. $70.0 $6-8 million not included in backlog $6
Slide 12: Recent Contract Awards Underscore Momentum
Recent Contract Awards Underscore Momentum • $10 million to manufacture precast concrete SoftSound, retaining wall components, and pre-stressed columns for Virginia Department of Transportation improvements along Interstate 81 near Roanoke, VA • Third-largest contract in history of company • $1.7 mi
Slide 13: Annual Revenue, Revenue by Segment
Annual Revenue, Revenue by Segment 2025 Revenue by Segment REVENUE (in millions) 4% $100.0 Product sales — $48.3M $93.4 $89.5 21% $90.0 $78.5 $80.0 Services — $41.0M Millions 52% $70.0 Shipping & installation ($21.3M) Barrier rentals ($19.7M $59.6 $60.0 $50.6 $50.1 23% $50.0 $46.7 $43.9 Royalties —
Slide 14: Earnings per Share & EBITDA
Earnings per Share & EBITDA Earnings per Share EBITDA* $2.50 $2.36 (in millions) $24.0 $2.00 $20.0 $20.0 $1.45 $1.45 $1.46 $16.0 $1.50 $14.3 $11.9 $12.7 $12.0 $1.00 $8.0 $6.4 $0.51 $0.50 $0.38 $4.4 $4.1 $4.0 $4.0 $0.15 $0.15 $0.00 $0.0 2019 2020 2021 2022 2023 2024 2025 TTM 2019 2020 2021 2022 2023
Slide 15: 2H26 Outlook
2H26 Outlook • Expected to trend higher than 2H25 • Misc. walls to be similar to 2H25, Misc. panels expected to be lower • SoundWall • Barrier sales expected to be lower • SlenderWall than 2H25 reflecting rental strategy • Easi-Set/Easi-Span • Total revenue anticipated to be lower due to special bar
Slide 16: Investment Highlights
Investment Highlights Leading precast concrete manufacturer Growing licensee base expanding Proprietary products include J-J Hooks, EASI-SET, geographic reach SoundWall and SlenderWall 70 licensees across seven countries Strategic shift to barrier rental model Backlog of $57.4 million Higher margin,
Slide 17: Appendix
APPENDIX 540-439-3266 investors@smithmidland.com www.SmithMidland.com
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation TTM 2019 2020 2021 2022 2023 2024 2025 6/30/2026 Net income $1,959 $2,665 $7,570 $800 $795 $7,675 $12,506 $7,728 Adjustments: Depreciation & amortization 1,793 2,412 2,671 2,881 2,399 2,664 2,887 3,571 Income taxes 549 1,127 1,524 145 528 2,143 4,520 3,045 Total interest expe
Slide 19: Balance Sheet
Balance Sheet June 30, December 31, ASSETS 2026 2025 Current assets Cash $ 10,663 $ 11,884 Other current assets 35,421 36,863 Total current assets 46,084 48,747 Property and equipment, net 40,008 38,478 Other assets 601 504 Total assets $ 86,693 $ 87,729 LIABILITIES AND STOCKHOLDERS’ EQUITY Current