Arcosa, Inc. · NYSE:ACA
Arcosa — Q4 2025 Earnings Presentation
27 slides from Arcosa's earnings presentation, Feb 27, 2026
Slide 1: Fourth Quarter & Full Year 2025 Earnings Conference Call
FOURTH QUARTER & FULL YEAR 2025 EARNINGS CONFERENCE CALL MOVING INFRASTRUCTURE FORWARD | FEBRUARY 27, 2026
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward- looking statements include statements about Arcosa’s estimates, expectations, beliefs, intentions
Slide 3: How to Find Us
HOW TO FIND US OUR WEBSITE NYSE TICKER www.arcosa.com ACA HEADQUARTERS Arcosa, Inc. INVESTOR CONTACT 500 North Akard Street, Suite 400 InvestorResources@arcosa.com Dallas, TX 75201 3 I MOVING INFRASTRUCTURE FORWARD I 2026
Slide 4: 2025 Financial Results and 2026 Outlook Highlights
2025 FINANCIAL RESULTS AND 2026 OUTLOOK HIGHLIGHTS BARGE DIVESTITURE IS RECORD FINANCIAL PIVOTAL STEP IN STRATEGIC 2026 GUIDANCE PERFORMANCE IN 2025(1) TRANSFORMATION • Full year 2025 Adjusted EBITDA • Entered agreement to sell the • Mid-point of full year 2026 growth of 33% and 250 basis points bar
Slide 5: Strategic Update
01 STRATEGIC UPDATE
Slide 6: Arcosa's Long-Term Vision
ARCOSA’S LONG-TERM VISION Grow in attractive Reduce the complexity Improve long-term Integrate sustainability markets where we can and cyclicality of the returns on invested initiatives into our achieve sustainable overall business capital long-term strategy competitive advantages The barge divestit
Slide 7: Divestiture of Barge Business
DIVESTITURE OF BARGE BUSINESS Pivotal step in the strategic transformation and simplification of our portfolio TRANSACTION OVERVIEW STRATEGIC RATIONALE • Entered into definitive agreement to sell barge business, reported in Transportation Products, for $450 million in cash, subject to • Transaction
Slide 8: Significant Advancement of Strategic Transformation
SIGNIFICANT ADVANCEMENT OF STRATEGIC TRANSFORMATION Barge divestiture further reduces portfolio complexity and cyclicality, raises our overall margin profile and enhances the long-term resiliency of the Company 2018 Key Acquisitions Proforma 2025(1) % Adjusted EBITDA, excluding corporate costs Const
Slide 9: Q4 & FY 2025 Results
02 Q4 & FY 2025 RESULTS
Slide 10: FY 2025 Consolidated Results
FY 2025 CONSOLIDATED RESULTS Double-digit revenue and Adjusted EBITDA growth with all segments contributing REVENUES ($M) NET INCOME ($M) ADJUSTED EBITDA ($M) REPORTED ADJUSTED +12% +30% +122% 2,883.4 +49% 583.3 2,569.9 208.4 220.2 87.8 +33% +16% 447.0 8.0 147.9 2,482.1 93.7 439.0 FY-24 FY-25 FY-24
Slide 11: Q4 2025 Consolidated Results
Q4 2025 CONSOLIDATED RESULTS Strong fourth quarter performance led by organic growth in utility structures driven by continued investment in grid modernization and rising electricity demand REVENUES ($M) NET INCOME ($M) ADJUSTED EBITDA ($M) REPORTED ADJUSTED +8% +13% 716.7 N.M. 145.0 +151% 666.2 52.
Slide 12: Q4 2025 Segment Results: Construction Products
Q4 2025 SEGMENT RESULTS: CONSTRUCTION PRODUCTS Excluding freight, revenues grew 4% driven by growth in aggregates and construction site support REVENUES ($M) ADJUSTED SEGMENT EBITDA ($M) -2% +3% 311.9 305.4 80.8 83.5 24.8 28.6 116.1 110.2 171.0 166.6 Q4-24 Q4-25 Q4-24 Q4-25 MARGIN 25.9% 27.3% Aggreg
Slide 13: Q4 2025 Segment Results: Engineered Structures
Q4 2025 SEGMENT RESULTS: ENGINEERED STRUCTURES Earnings growth and margin expansion driven by higher volumes and improved pricing in utility structures REVENUES ($M) ADJUSTED SEGMENT EBITDA ($M) +15% +22% 301.1 55.8 261.5 83.0 45.7 80.4 218.1 181.1 Q4-24 Q4-25 Q4-24 Q4-25 MARGIN 17.5% 18.5% Utility
Slide 14: Q4 2025 Segment Results: Transportation Products
Q4 2025 SEGMENT RESULTS: TRANSPORTATION PRODUCTS Strong barge performance building on significant growth achieved in the prior year REVENUES ($M) ADJUSTED SEGMENT EBITDA ($M) +19% +24% 110.2 21.7 92.9 17.5 Q4-24 Q4-25 Q4-24 Q4-25 Barges MARGIN 18.8% 19.7% See Adjusted Segment EBITDA reconciliation i
Slide 15: FY 2025 Segment Results
FY 2025 SEGMENT RESULTS, $’S in M’S CONSTRUCTION PRODUCTS ENGINEERED STRUCTURES TRANSPORTATION PRODUCTS REVENUES ADJUSTED SEGMENT REVENUES ADJUSTED SEGMENT REVENUES ADJUSTED SEGMENT EBITDA EBITDA EBITDA +19% +26% +14% +38% +6% -8% 1,310.2 356.0 1,189.9 219.3 417.6 68.3 16% 383.3 64.4 130.4 1,047.3 1
Slide 16: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW Strong cash flow generation in 2H25 led to achieving our deleveraging target ahead of goal NET DEBT / ADJUSTED EBITDA (ratio at end of period) FREE CASH FLOW ($M) Operating Cash Flow Net Capital Expenditures 3.4 199.2 330.6 2.9 2.9 2.8 2.4 2.3 Target of 2.0 - 2.5x 202.1 1
Slide 17: 2026 Outlook
03 2026 OUTLOOK
Slide 18: 2026 Guidance
2026 GUIDANCE Record revenue and Adjusted EBITDA expectations for our growth businesses more than compensating for step down in wind towers. Current wind tower backlog for 2027 supports a recovery to 2025 volumes Revenues ($M) Adjusted EBITDA ($M) +5% +5% 2,950 – 3,100 590 - 640 2,883 583 70 – 75 41
Slide 19: Market Outlook
MARKET OUTLOOK CONSTRUCTION PRODUCTS ENGINEERED STRUCTURES • Expect mid-single digit aggregates pricing growth and • Strong backlog for utility and related structures, up 5% low-single digit volume improvement for 2026 YOY, driven by grid-hardening, replacing aging • Infrastructure spending supporte
Slide 20: Appendix
APPENDIX
Slide 21: Guidance Summary for 2026
GUIDANCE SUMMARY FOR 2026 COMMENTARY • $2.95B to $3.10B range for full year 2026, including $410M to $430M for the Inland Barge business REVENUE • 2025 full year revenue was $2.88B, including $383M from the Inland Barge business ADJUSTED • $590M to $640M range for full year 2026, including $70M to $
Slide 22: Non-GAAP Measures
NON-GAAP MEASURES Refer to slides that follow for accompanying reconciliations “EBITDA” is defined as net income plus interest, taxes, depreciation, depletion, and amortization. “Adjusted EBITDA” is defined as EBITDA adjusted for certain items that are not reflective of the normal earnings of our bu
Slide 23: Reconciliation of Adjusted EBITDA and Adjusted Net Income
Reconciliation of Adjusted EBITDA and Adjusted Net Income ($’s in millions) (unaudited) Three Months Ended Year Ended Full Year December 31, December 31, 2026 Guidance(1) 2025 2024 2025 2024 Low High Net income (loss) $ 52.1 $ (7.7) $ 208.4 $ 93.7 $ 224.4 $ 249.5 Add: Interest expense, net 23.2 34.1
Slide 24: Reconciliation of Adjusted Segment EBITDA
Reconciliation of Adjusted Segment EBITDA ($’s in millions) (unaudited) Three Months Ended Year Ended December 31, December 31, 2025 2024 2018 2024 2025 Construction Products Operating Profit $ 41.4 $ 25.3 $ 50.4 $ 133.9 $ 189.7 Add: Depreciation, depletion, and amortization expense(1) 42.5 45.0 21.
Slide 25: Reconciliation of Aggregates Metrics
Reconciliation of Aggregates Metrics (in millions, except per ton amounts) (unaudited) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Aggregates Aggregates revenues $ 184.1 $ 179.4 $ 761.5 $ 678.6 Less: Freight revenues and other revenues (26.8) (33.4) (126.5) (125.6) Ag
Slide 26: Reconciliation of Net Debt to Adjusted EBITDA and Free Cash Flow
Reconciliation of Net Debt to Adjusted EBITDA and Free Cash Flow ($’s in millions) (unaudited) As of September 30, December 31, 2024 December 31, March 31, June 30, September 30, December 31, 2023 Pro Forma(1) 2024(1) 2025(1) 2025(1) 2025 2025 Total debt excluding debt issuance costs $ 573.1 $ 1,848
Slide 27: Reconciliation of Adjusted EBITDA for Inland Barge and Steel Components
Reconciliation of Adjusted EBITDA for Inland Barge and Steel Components (in millions) (unaudited) Average for Years Year Ended Year Ended Ended December December 31, December 31, 31, 2018 to 2025 2024 2025 Inland barge Operating Profit $ 31.5 $ 49.7 $ 60.8 Add: Depreciation and amortization expense