Valmont Industries, Inc. · NYSE:VMI
Valmont Industries — Q1 2026 Earnings Presentation
23 slides from Valmont Industries's earnings presentation, Apr 21, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation April 21, 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 and CEO 3 April 21, 2026 | Valmont Industries, Inc.
Slide 4: Q1 2026 Key Highlights
Q1 2026 Key Highlights Strong Start & Strategy Execution NET SALES • Sales growth and record Q1 EPS $1.03 BILLION • Disciplined execution driving performance +6.2% • Focused on controllables and customer delivery Infrastructure Strength OPERATING MARGIN • Demand driven by energy expansion, grid mode
Slide 5: Infrastructure Market Drivers
Infrastructure Market Drivers Strong Utility Demand and Tight Supply Driving Continued Infrastructure Investment • NA Utility: Rising energy demand and grid modernization are driving multi-year utility investment; Valmont is expanding capacity to deliver complex, mission-critical projects where exec
Slide 6: Agriculture Market Drivers
Agriculture Market Drivers Cautious Near-Term Environment; Long-Term Agriculture Fundamentals Remain Strong • North America: Grower sentiment remains cautious, farm economics remain pressured, seasonal order patterns have been muted • International: Long-Term Market Drivers Middle East: Ongoing logi
Slide 7: CFO Transition: Advancing Financial Discipline & Execution
CFO Transition: Advancing Financial Discipline & Execution Experience and Tenure John Schwietz • 16+ years at Valmont EVP and Chief Financial Officer • Progressive leadership across finance, operations, and business development including: • President, International Agriculture • VP & GM, Internation
Slide 8: Financial Results and Outlook
Financial Results and Outlook John Schwietz, EVP and CFO 8 April 21, 2026 | Valmont Industries, Inc.
Slide 9: Q1 2026 Financial Summary
Q1 2026 Financial Summary Dollars in millions, except per-share amounts $5.51 $1,029 $156 $969 $128 $4.32 13.2% 15.1% 2025 2026 2025 2026 2025 2026 Net Sales Operating Income Diluted EPS +6.2% +21.3% +27.5% 9 April 21, 2026 | Valmont Industries, Inc.
Slide 10: Q1 2026 Results | Infrastructure
Q1 2026 Results | Infrastructure • NA Utility: growth was Dollars in millions driven by strong market Sales Operating Income conditions, pricing, and +14.1% +22.0% volumes $806 • NA L&T: declined due to $143 production challenges $706 $117 • NA Coatings: increased; healthy infrastructure and data ce
Slide 11: Q1 2026 Results | Agriculture
Q1 2026 Results | Agriculture Dollars in millions • North America: sales Sales Operating Income increased due to favorable -15.1% -7.5% pricing $267 $36 $34 $227 • International: sales decreased, primarily due to lower Middle East sales and weakened Brazil environment 13.6% 14.8% 2025 2026 2025 2026
Slide 12: Q1 2026 Capital Allocation Priorities
Q1 2026 Capital Allocation Priorities Capital Invested $34.6M for investments to catch ~50% Growing Our Business Expenditures the infrastructure wave and support growth Cash Flow & Deployed $20.1M to purchase Rational Minds and Liquidity Acquisitions to acquire remaining minority shares of ConcealFa
Slide 13: Full-Year 2026 Financial Outlook
Full-Year 2026 Financial Outlook Previous Current ~Y/Y Key Assumptions Outlook Outlook • Capital Expenditures to be between Net Sales $4.2B to $4.4B No Change 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 $3
Slide 14: 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: Catch the +$350 to $400M Revenue Utility capacity increases, greater Infrastructure throughput, at a lower unit cost +$3 to $5 EPS Wave +$100 to $150M Revenue Positio
Slide 15: Q&A
Q&A 15 April 21, 2026 | Valmont Industries, Inc.
Slide 16: Appendix
Appendix 16 April 21, 2026 | Valmont Industries, Inc.
Slide 17: 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 17 April 21, 2026 | Valmont Industries, Inc. Updated: April 1, 2026
Slide 18: U.S. Net Cash Farm Income by Year
U.S. Net Cash Farm Income by Year Source: USDA 18 April 21, 2026 | Valmont Industries, Inc. Updated: February 5, 2026
Slide 19: 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 20: 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 21: 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 1 2025 per share Net earnings attributable to Valmont Industries, Inc. including change in redemption value of redeemable noncontrolling interests $ 334,784 $
Slide 22: 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 March 28, 2026 Net cash flows from operating activities $ 494,827 Interest expense 39,838 Income tax expense 30,180 Impairment of long-lived assets (91,337) Deferred income taxes 13,9
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 March 28, March 29, 2026 2025 Net cash flows from operating activities $ 103,473 $ 65,130 Net cash flows from investing activities (43,301) (30,191) Net cash flows from financing activities