Valmont Industries, Inc. · NYSE:VMI
Valmont Industries — Q4 2025 Earnings Presentation
28 slides from Valmont Industries's earnings presentation, Feb 17, 2026
Slide 1: Q4 and Full-Year 2025 Earnings Presentation
Q4 and Full-Year 2025 Earnings Presentation February 17, 2026 © 2026 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 February 17, 2026 | Valmont Industries, Inc.
Slide 4: Full-Year 2025 Key Highlights
Full-Year 2025 Key Highlights Customer-Focused Execution in a Mixed Environment NET SALES • Solid performance while navigating mixed demand conditions $4.1 BILLION • Customers are managing rising energy demand, aging infrastructure, and increasing +0.7% complexity • Success is grounded in a clear un
Slide 5: Building Durable Momentum into 2026 and Beyond
Building Durable Momentum into 2026 and Beyond • Serving strong customer demand for large-scale projects to support grid expansion and rising electricity load Catch the • Capacity expansion through targeted investments in equipment, layout optimization, and Infrastructure Wave workflow redesign • Be
Slide 6: Infrastructure Market Drivers
Infrastructure Market Drivers Growing segment backlog, supported by durable long-term growth drivers Near-Term Demand • Utility: Rising energy demand and grid modernization are driving multi- year utility investment; Valmont is expanding capacity to support Long-Term Market Drivers complex, executio
Slide 7: Agriculture Market Drivers
Agriculture Market Drivers Long-term growth outlook remains intact, despite near-term demand headwinds Near-Term Demand • North America: Market conditions remain cautious, as strong yield expectations for corn and soybeans continue to pressure crop prices and Long-Term Market Drivers influence growe
Slide 8: Save the Date: Investor Day
SAVE THE DATE: INVESTOR DAY June 16, 2026 | New York City A formal invitation to register for in-person or virtual attendance will be provided in the coming weeks. Due to space availability, the number of in-person participants will be limited and advance registration is required. 8 February 17, 202
Slide 9: Financial Results and Outlook
Financial Results and Outlook Tom Liguori, EVP & CFO 9 February 17, 2026 | Valmont Industries, Inc.
Slide 10: Q4 2025 Financial Summary
Q4 2025 Financial Summary • Net sales increased due Dollars in millions, except per-share amounts to growth in Infrastructure offset by lower Agriculture sales Net Sales Diluted EPS +0.1% GAAP +135.7% • GAAP diluted EPS includes a Adjusted1 +28.1% one-time $78.5M ($3.98 EPS) tax benefit (~50% of the
Slide 11: Q4 2025 Results | Infrastructure
Q4 2025 Results | Infrastructure • Utility: growth was driven by Dollars in millions strong market conditions, Sales Adjusted1 Operating Income pricing, and volumes +7.2% +22.5% • L&T: sales declined; weakness $819.0 $149.6 in Asia-Pacific, and NA lighting $763.6 $122.0 production challenges • Coati
Slide 12: Q4 2025 Results | Agriculture
Q4 2025 Results | Agriculture Dollars in millions Sales Adjusted1 Operating -19.9% Income (Loss) • North America: volumes $278.0 -111.7% declined due to continued $222.7 market softness $28.5 • International: sales decreased, primarily due to weakened Brazil environment and lower Middle 10.3% East p
Slide 13: Full-Year 2025 Financial Summary
Full-Year 2025 Financial Summary Dollars in millions, except per-share amounts • Net sales increased driven Net Sales Adjusted1 Operating Adjusted1 Diluted EPS by growth in Infrastructure +0.7% Income +11.1% offset by lower Agriculture +2.5% sales $4,075 $4,104 $537.9 $524.6 • Operating income drive
Slide 14: Capital Allocation Priorities
Capital Allocation Priorities Capital Invested $145M in 2025 for investments to catch ~50% Growing Our Business Expenditures the infrastructure wave and support growth Cash Flow & Liquidity • Q4 2025 operating cash flows Acquisitions Deployed $102M to acquire existing minority shares were $111M • FY
Slide 15: 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: 2025 Progress: Catch the +$350 to $400M Revenue Deployed $107M capex to NA Utility capacity increases, greater Infrastructure led to $143M of Infrastructure throughpu
Slide 16: Introducing Full-Year 2026 Financial Outlook
Introducing Full-Year 2026 Financial Outlook 2026 Outlook ~Y/Y Key Assumptions • Capital Expenditures to be between Net Sales $4.2B to $4.4B 2.5% to 7% $170 to $200 million • Effective tax rate to be ~26.0% Infrastructure • Steel cost assumptions are aligned with $3.25B to $3.4B 5% to 9% futures mar
Slide 17: 2026 Outlook Considerations
2026 Outlook Considerations Dollars in millions, except per-share amounts Net Sales $50 $20 $26 $4,300 $150 $(50) $4,104 2025 Utility Other AgSense 365 / Ag Market / FX 2026 Midpoint Infrastructure Aftermarket Projects Adjusted1 Diluted EPS $0.35 $0.20 $0.30 $1.70 $(0.20) $(0.64) $22.00 $2.20 $(1.00
Slide 18: Q&A
Q&A 18 February 17, 2026 | Valmont Industries, Inc.
Slide 19: Appendix
Appendix 19 February 17, 2026 | Valmont Industries, Inc.
Slide 20: 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 20 February 17, 2026 | Valmont Industries, Inc. Updated: February 13, 2026
Slide 21: U.S. Net Cash Farm Income by Year
U.S. Net Cash Farm Income by Year Source: USDA 21 February 17, 2026 | Valmont Industries, Inc. Updated: February 5, 2026
Slide 22: 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 23: 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 December 27, 2025 Gross Profit Reconciliation Infrastructure Agriculture Corporate Consolidated Gross profit - as reported $ 245,450 $ 63,971 $ — $ 309,421 Realignment charges (287) 54 — (2
Slide 24: 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 December 27, 2025 Operating Income (Loss) Reconciliation Infrastructure Agriculture Corporate Consolidated Operating income (loss) - as reported $ 143,671 $ (3,401) $ (23,740) $ 116,530 Rea
Slide 25: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures In thousands Thirteen Fifty-two weeks ended Diluted weeks ended Diluted December 27, earnings December 27, earnings 2025 per share1 2025 per share1 Net earnings attributable to Valmont Industries, Inc. including change in r
Slide 26: 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 Fifty-two weeks ended December 27, 2025 December 27, 2025 Earnings Earnings before income before income taxes and Income tax taxes and equity method expense Effective equity method Income t
Slide 27: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures In thousands Four fiscal quarters ended December 27, 2025 Net cash flows from operating activities $ 456,484 Interest expense 40,542 Income tax expense 23,864 Impairment of long-lived assets (91,337) Deferred income taxes 1
Slide 28: 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, December 28, 2025 2024 Net cash flows from operating activities $ 456,484 $ 572,678 Net cash flows from investing activities (142,739) (78,878) Net cash flows from financing a