Valmont Industries, Inc. · NYSE:VMI
Valmont Industries — Q3 2025 Earnings Presentation
20 slides from Valmont Industries's earnings presentation, Oct 21, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation October 21, 2025 © 2025 Valmont® Industries, Inc.
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 & CEO 3 October 21, 2025 | Valmont Industries, Inc.
Slide 4: Q3 2025 Key Highlights
Q3 2025 Key Highlights Disciplined Execution and Strength of Portfolio Drives Results NET SALES • Double-digit growth in Utility and Telecom was offset by lower Agriculture and Solar $1.05 BILLION sales +2.5% • Long-term market drivers remain intact: energy transition, infrastructure wave, growing d
Slide 5: 2025 Critical Objectives to Build on Past Success
2025 Critical Objectives to Build on Past Success Catch the • Investing ~$100M of growth capex in 2025 Infrastructure Wave • Prudent approach to both expand capacity and strengthen operating capabilities Position Agriculture • Demonstrating resiliency and market leadership during macro-driven headwi
Slide 6: Infrastructure Market Drivers
Infrastructure Market Drivers Growing segment backlog, supported by positive long-term growth drivers Near-Term Demand • Utility: Healthy growth on rising energy consumption, combined with aging infrastructure and resiliency needs; expanding capacity for continued growth Long-Term Market Drivers • L
Slide 7: Agriculture Market Drivers
Agriculture Market Drivers Outlook for sustained long-term growth remains robust, despite short-term demand headwinds Near-Term Demand • North America: Market conditions remain challenged due to expectations for record-high corn and soybean yields, and correspondingly weak prices for Long-Term Marke
Slide 8: Financial Results and Outlook
Financial Results and Outlook Tom Liguori, EVP & CFO 8 October 21, 2025 | Valmont Industries, Inc.
Slide 9: Q3 2025 Financial Summary
Q3 2025 Financial Summary Dollars in millions, except per-share amounts • Net sales increased; driven by growth in Utility and Telecom offset by lower Agriculture and Solar sales • Gross margin of 30.4% Net Sales Operating Income Diluted EPS increased 80 bps, with +2.5% +12.5% +21.2% improvement in
Slide 10: Q3 2025 Results | Infrastructure
Q3 2025 Results | Infrastructure Dollars in millions • Utility: growth was driven by pricing and higher volumes Sales Operating Income +6.6% +15.9% • L&T: sales declined; weakness in Asia-Pacific, NA lighting, and $808.3 $758.6 $143.4 production challenges $123.7 • Coatings: sales increased; partial
Slide 11: Q3 2025 Results | Agriculture
Q3 2025 Results | Agriculture Dollars in millions Sales Operating Income -9.0% -19.7% $265.3 $241.3 $28.9 $23.2 • North America: volumes declined due to continued market softness • International: sales decreased, primarily due to the timing of Middle 11.0% 9.7% East project sales 2024 2025 2024 2025
Slide 12: Capital Allocation Priorities
Capital Allocation Priorities Capital Invested $42M in Q3 for investments to catch ~50% Growing Our Business Expenditures the infrastructure wave and support growth Cash Flow & Liquidity Acquisitions Strategic fit at the right price • Q3 2025 operating cash flows were $112.5 million ~50% Returning C
Slide 13: Value Drivers: Progressing Toward Our Long-Term Strategy
Value Drivers: Progressing Toward Our Long-Term Strategy Roadmap to Add $500 to $700M Revenue; Potential $25 to $30 EPS in 3-4 Years: Q3 Progress: Deployed $78M capex to Catch the Utility capacity expansion, including +$350 to $400M Revenue NA Infrastructure through Infrastructure capabilities to in
Slide 14: Raising Full-Year 2025 Adjusted Diluted EPS Outlook
Raising Full-Year 2025 Adjusted Diluted EPS Outlook Metric Previous Outlook Updated Outlook Net Sales $4.0 to $4.2 billion ~ $4.1 billion Key Assumptions, Including Current Tariff Considerations Infrastructure Net Sales $3.02 to $3.16 billion ~ $3.1 billion • Steel cost assumptions are aligned with
Slide 15: Q&A
Q&A 15 October 21, 2025 | Valmont Industries, Inc.
Slide 16: Appendix
Appendix 16 October 21, 2025 | Valmont Industries, Inc.
Slide 17: Steel Material Index Trends
Steel Material Index Trends AMM Steel Material Index National Mills Carbon Grade Cut to Length and Coiled / Hot Rolled Plate Average • Steel index deflation impacted 2020 through 2025 YTD revenues in 2024 • Utility is most affected by steel cost changes due to the contractual pricing mechanisms and
Slide 18: U.S. Net Cash Farm Income by Year
U.S. Net Cash Farm Income by Year Source: USDA 18 October 21, 2025 | Valmont Industries, Inc. Updated: September 3, 2025
Slide 19: 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 20: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures In thousands 20 October 21, 2025 | Valmont Industries, Inc.