Valmont Industries, Inc. · NYSE:VMI
Valmont Industries — Q3 2026 Earnings Presentation
23 slides from Valmont Industries's earnings presentation, Oct 20, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation Tuesday, October 20, 2026 © 2024 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 October 20, 2026 | Valmont Industries, Inc.
Slide 4: Q3 2026 Key Takeaways
Q3 2026 Key Takeaways Sales Growth and Higher Earnings Net Sales • Strong operating performance and disciplined execution reinforce confidence in our long-term financial objectives $1.10B | +5.5% Infrastructure Strength Operating Margin • North America Utility growth of 23%, supported by customer in
Slide 5: Infrastructure Market and Performance
Infrastructure Market and Performance NA Utility and NA Coatings Driving Growth; Focused Actions Across the Portfolio NA Utility: NA Coatings: Grid modernization and accelerating Same demand drivers as Utility plus STRUCTURAL energy demand driving multi- structural undersupply supporting DEMAND DRIV
Slide 6: Agriculture Market and Performance
Agriculture Market and Performance Near-Term Conditions Remain Challenging; Long-Term Fundamentals Remain Strong North America: International: • Tight farm economics continue to • Brazil: Demand remains STRUCTURAL constrain capital spending and constrained by tighter credit DEMAND DRIVERS contribute
Slide 7: Financial Results and Outlook
Financial Results and Outlook John Schwietz EVP and CFO 7 October 20, 2026 | Valmont Industries, Inc.
Slide 8: Q3 2026 Financial Summary
Q3 2026 Financial Summary Dollars in millions, except per-share amounts Net Sales Operating Income Diluted EPS $1,046 $1,104 $173 $6.24 $141 $4.98 13.5% 15.7% 2025 2026 2025 2026 2025 2026 +5.5% +22.2% +25.3% 8 October 20, 2026 | Valmont Industries, Inc.
Slide 9: Q3 2026 Results | Infrastructure
NA Utility: strong market conditions, pricing and Q3 2026 Results | Infrastructure volume growth Dollars in millions NA L&T: lower volumes Sales Operating Income NA Coatings: healthy +9.1% +8.0% infrastructure and data center demand $882 $808 $155 $143 NA Telecom: lower volumes from reduced
Slide 10: Q3 2026 Results | Agriculture
Q3 2026 Results | Agriculture North America: higher pricing and volumes, led by Dollars in millions storm replacement orders Sales Operating Income International: lower Middle (6.4)% +73.1% East and Brazil volumes Operating Income: lower $241 $226 $40 credit losses and certain recoveries in Br
Slide 11: Q3 2026 Capital Allocation Priorities
Q3 2026 Capital Allocation Priorities GROWING OUR BUSINESS Cash Flow & Liquidity Capital Invested $46M, primarily to support NA Utility Expenditures capacity expansion $100.5M Operating Cash Flows Acquisitions Strategic fit at the right price $122.0M RETURNING CASH TO OUR SHAREHOLDERS Cash Balan
Slide 12: Increasing Full-Year 2026 Financial Outlook
Increasing Full-Year 2026 KEY ASSUMPTIONS Financial Outlook Capital expenditures to be between $170 and $200M Effective tax rate to be Previous Outlook Updated Outlook ~ Y/Y ~26.0% Steel cost assumptions are Net Sales $4.3B to $4.45B No Change 5% to 8.5% aligned with markets as of October 16,
Slide 13: Q&A
Q&A 13 October 20, 2026 | Valmont Industries, Inc.
Slide 14: Appendix
Appendix 14 October 20, 2026 | Valmont Industries, Inc.
Slide 15: Value Drivers: Progressing Toward Our Long-Term Strategy
Value Drivers: Progressing Toward Our Long-Term Strategy • Deepen Strategic Utility Partnerships to Accelerate Above-Market 1 CAPTURE Revenue Growth above-market • Deploy Advanced Engineering to Solve Complex Customer Challenges growth in utility • Expand Capacity, Throughput, and Operational Flexib
Slide 16: Utilities Expected to Invest ~$1.4T in Grid Infrastructure Through 2030
Utilities Are Expected to Invest ~$1.4T in Grid Infrastructure Through 20301 Factors Extending the Spend Cycle Estimated CapEx Investment1 ($Bn) Generation TD&S Other +5% Critical Equipment Availability p.a. Long lead-time equipment remains 400 supply constrained +6% p.a. Labor Availability 300 High
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; Updated: October 12, 2026 17 October 20, 2026 | Valmont Industries, Inc.
Slide 18: U.S. Net Cash Farm Income by Year
U.S. Net Cash Farm Income by Year Source: USDA; Updated: September 3, 2026. 18 October 20, 2026 | Valmont Industries, Inc.
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 Fifty-two In thousands weeks ended Diluted December 27, earnings 2025 per share 1 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 22 October 20, 2026 | Valmont Industries, Inc.
Slide 23: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures In thousands Thirty-nine weeks ended S eptember 26, S eptember 27, 2026 2025 Net cash flows from operating activities $ 352,075 $ 345,243 Net cash flows from investing activities (121,871) (104,311) Net cash flows from fina