Slide 1: Second Quarter 2025 Earnings Conference Call
SECOND QUARTER 2025 EARNINGS CONFERENCE CALL MOVING INFRASTRUCTURE FORWARD | AUGUST 8, 2025
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 2025
Slide 4: Second Quarter 2025 Highlights
SECOND QUARTER 2025 HIGHLIGHTS ACCRETIVE IMPACT OF TRACKING IN-LINE WITH TIGHTENED 2025 FULL YEAR STAVOLA CONTRIBUTES TO LEVERAGE REDUCTION GOAL GUIDANCE RECORD Q2 RESULTS(1) • Adjusted EBITDA growth of 42% Track record of leverage • • Maintained mid-point of full year outpaced revenue growth of 18%
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 Maintain a healthy markets where we can and cyclicality of the returns on invested initiatives into our balance sheet through achieve sustainable overall business capital long-term strategy
Slide 7: Strategic Transformation
STRATEGIC TRANSFORMATION We have made significant progress advancing our long-term vision % Adjusted EBITDA, excluding corporate costs 2018 Acquisitions 2025 PF(1) Construction Products Transportation. Products 10% Construction Products 57% Transportation Products Construction Engineered Structures
Slide 8: Q2 2025 Results
02 Q2 2025 RESULTS
Slide 9: Q2 2025 Consolidated Results
Q2 2025 CONSOLIDATED RESULTS Record quarterly revenue and earnings growth highlights impact of strategic portfolio transformation REVENUES ($M) NET INCOME ($M) ADJUSTED EBITDA ($M) +11% REPORTED ADJUSTED +37% 736.9 +18% +31% +39% 154.2 664.7 59.7 62.2 38.1 +42% 112.7 45.6 4.4 44.7 626.6 108.3 Q2-24
Slide 10: Q2 2025 Segment Results: Construction Products
Q2 2025 SEGMENT RESULTS: CONSTRUCTION PRODUCTS Robust segment growth driven by accretive impact from Stavola REVENUES ($M) ADJUSTED SEGMENT EBITDA ($M) +28% +44% 354.5 100.4 37.5 276.1 35.2 40.6 133.3 69.7 66.0 65.2 169.5 183.7 Q2-24 Q2-25 Q2-24 Q2-25 Margin 25.2% 28.3% Aggregates Construction Site
Slide 11: Q2 2025 Segment Results: Engineered Structures
Q2 2025 SEGMENT RESULTS: ENGINEERED STRUCTURES Record segment results with earnings growth about evenly split between utility and related structures and wind towers REVENUES ($M) ADJUSTED SEGMENT EBITDA ($M) +7% +31% 293.0 54.8 274.8 65.4 87.8 41.7 209.4 205.2 Q2-24 Q2-25 Q2-24 Q2-25 Margin 15.2% 18
Slide 12: Q2 2025 Segment Results: Transportation Products
Q2 2025 SEGMENT RESULTS: TRANSPORTATION PRODUCTS Solid double-digit growth in barge for the quarter, in line with expectations REVENUES ($M) ADJUSTED SEGMENT EBITDA ($M) -21% -19% 113.8 16.7 38.1 89.4 4.4 13.5 10% 18% 12.3 75.7 Q2-24 Q2-25 Q2-24 Q2-25 Barges Steel Components Margin, excl 16.2% 15.1%
Slide 13: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW Leverage ratio ticked down from start of the year as we continue to prioritize debt reduction NET DEBT / ADJUSTED EBITDA (ratio at end of period) FREE CASH FLOW ($M) 3.4 2.9 39.2 Operating Cash Flow 2.8 2.5 Net Capital Expenditures Target of 2.0 - 2.5x 61.2 1.3 38.3 (22.0
Slide 14: 2025 Outlook
03 2025 OUTLOOK
Slide 15: Tightened 2025 Guidance Ranges While Maintaining the Mid-Points
TIGHTENED 2025 GUIDANCE RANGES WHILE MAINTAINING THE MID-POINTS We remain on track for double-digit growth in 2025 Revenues ($M) Adjusted EBITDA ($M) +13% +28% 2,800 – 3,000 2,850 – 2,950 545 - 595 555 - 585 2,570 +17% +30% 88 447 8 2,482 439 FY-24 Previous 2025 2025 Guidance FY-24 Previous 2025 202
Slide 16: Market Outlook
MARKET OUTLOOK CONSTRUCTION PRODUCTS ENGINEERED STRUCTURES TRANSPORTATION PRODUCTS • Strong pricing gains in 2024 support • Record backlog for utility and related • Increased backlog visibility for continued price momentum for 2025 structures, driven by grid-hardening, barge, including $122M of orde
Slide 17: Appendix
APPENDIX
Slide 18: Guidance Summary for 2025
GUIDANCE SUMMARY FOR 2025 COMMENTARY • $2.85B to $2.95B range for full year 2025, previously $2.8B to $3.0B REVENUE • 2024 full year revenue was $2.48B, excluding $88M from the divested Steel Components business ADJUSTED • $555M to $585M range for full year 2025, previously $545M to $595M EBITDA • 2
Slide 19: Non-GAAP Measures
NON-GAAP MEASURES Refer to slides that follow for accompanying reconciliations “EBITDA” is defined as net income plus interest, taxes, depreciation, depletion, and amortization. “Adjusted EBITDA” is defined as EBITDA adjusted for certain items that are not reflective of the normal earnings of our bu
Slide 20: Reconciliation of Adjusted EBITDA and Adjusted Net Income
Reconciliation of Adjusted EBITDA and Adjusted Net Income ($’s in millions) (unaudited) Three Months Ended Full Year June 30, 2025 Guidance 2025 2024 Low High Net income $ 59.7 $ 45.6 $ 187.2 $ 202.7 Add: Interest expense, net 27.2 10.7 100.0 103.0 Provision for income taxes 10.1 7.6 41.1 47.6 Depre
Slide 21: Reconciliation of Adjusted Segment EBITDA
Reconciliation of Adjusted Segment EBITDA ($’s in millions) (unaudited) Three Months Ended Year Ended Twelve Months Ended June 30, December 31, June 30, 2025 2024 2018 2024 2025 Construction Products Operating Profit $ 58.6 $ 39.4 $ 50.4 $ 133.9 $ 142.6 Add: Depreciation, depletion, and amortization
Slide 22: Reconciliation of Aggregates Metrics
Reconciliation of Aggregates Metrics (in millions, except per ton amounts) (unaudited) Three Months Ended June 30, 2025 2024 Aggregates Aggregates revenues $ 194.0 $ 169.7 Less: Freight revenues and other revenues (35.3) (31.5) Aggregates Freight-Adjusted Revenues $ 158.7 $ 138.2 Aggregates gross pr
Slide 23: 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, 2023 Pro Forma 2024 June 30, 2025(1) Total debt excluding debt issuance costs $ 573.1 $ 1,848.7 $ 1,707.1 $ 1,700.5 Cash and cash equivalents 104.8 129.1
Slide 24: Reconciliation of Adjusted EBITDA for Steel Components and Stavola
Reconciliation of Adjusted EBITDA for Steel Components and Stavola (in millions) (unaudited) Three Months Ended June 30, 2024 Steel components Operating Profit $ 2.0 Add: Depreciation and amortization expense 2.4 Steel components EBITDA 4.4 Steel components Adjusted EBITDA $ 4.4 Three Months Ended J