Smith-midland Corporation · NASDAQ:SMID
Smith-midland — Investor Presentation (August 2025)
16 slides from Smith-midland's investor presentation, August 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION NASDAQ: SMID AUGUST 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement These slides and the accompanying oral presentation contain forward- statements, including financial targets, business strategy, and plans and objectives for looking statements. All statements other than statements of historical fact contained in future operations. this present
Slide 3: Smith-Midland at a Glance
Smith-Midland at a Glance A Leader in Proprietary Precast Highway Barrier and Founded Infrastructure Products SMID 1960 JJ-Hook SlenderWall (Nasdaq) Headquartered in Highway Barriers Cladding System Midland, Virginia $42.00 $228M Share Price* Market Cap Easi-Set SoftSound * As of 08/19/25 Concrete B
Slide 4: Investment Highlights
Investment Highlights Most widely used highway safety barrier Leading precast concrete manufacturer connection in the U.S. Patented products include J-J Hooks and EASI-SET Approved in 42 states, mandated replacement in 2030 Growing licensee base expanding Strategic shift to barrier rental model geog
Slide 5: Highly Customized Products
Highly Customized Products Decorative Security Military Training smithmidland.com | Investor Presentation August 2024 5
Slide 6: Strategically Located Manufacturing Plants
Strategically Located Manufacturing Plants VIRGINIA 45 acres, 59K sf (Midland) reaches NY to NC/WV NORTH 46 acres, 15K sf CAROLINA reaches NC to TN/KY (Reidsville) *New in 2020, double capacity from prior plant SOUTH 39 acres, 29K sf CAROLINA reaches NC to FL/AL (Columbia) smithmidland.com | Investo
Slide 7: Concrete Safety Barrier Rental Division
Concrete Safety Barrier Rental Division Construction, Highway, & Event Security 250K linear feet fleet Expansion to 575K linear feet Shift to barrier rentals vs sales Higher margins of 25-35% Recurring revenues Stability of earnings and income Improved cash-flow cycle smithmidland.com | Investor Pre
Slide 8: Expanded Geographic Reach through Licensing
Expanded Geographic Reach through Licensing 75 Licenses Award-Winning Products 6% Royalty smithmidland.com | Investor Presentation August 2024 8
Slide 9: Infrastructure Spend Tailwinds Benefit Smith-Midland
Infrastructure Spend Tailwinds Benefit Smith-Midland • New MASH TL3 standard - all U.S. highway barrier mandated replacement over the next 4-6 years • J-J Hooks approved in California– 2nd most highway miles in U.S. • Low-profile barrier offers lower cost and easier installation • Accelerated spend
Slide 10: Trends Favoring Off-Site Precast Modular Construction
Trends Favoring Off-Site Precast Modular Construction • Macro trend to off-site modular construction • Shortened lead times • Reduced subcontractors • Minimization of carrying costs • Increased quality • Speed of installation • Aging construction workforce • Developer saves Time & Money • Less labor
Slide 11: Annual Revenue, Backlog
Annual Revenue, Backlog REVENUE BACKLOG (in millions) (in millions) $100.0 $70.0 $60.8 $59.2 $91.0 $60.0 $52.4 $54.0 $90.0 $50.0 $78.5 $80.0 Millions Millions $40.0 $30.9 $29.0 $70.0 $30.0 $19.6 $59.6 $20.0 $60.0 $10.0 $50.6 $50.1 $50.0 $46.7 $0.0 $43.9 $40.0 2019 2020 2021 2022 2023 2024 TTM smithm
Slide 12: Earnings per Share & EBITDA
Earnings per Share & EBITDA Earnings per Share EBITDA $2.50 (in millions) $2.27 $20.0 $18.4 $18.0 $2.00 $16.0 $1.45 $1.45 $14.0 $12.7 $1.50 $11.9 $12.0 $10.0 $1.00 $8.0 $6.4 $0.51 $6.0 $4.4 $4.1 $4.0 $0.50 $0.38 $4.0 $0.15 $0.15 $2.0 $0.00 $0.0 2019 2020 2021 2022 2023 2024 TTM 2019 2020 2021 2022 2
Slide 13: 2Q25 Summary
2Q25 Summary • Revenue increased 33 percent to $26.2 million • Highest quarterly revenue in company history • Service revenue nearly doubled to $12.8 million • Operating income of $5.5 million compared to $2.7 million in prior-year quarter • Net income of $4.2 million ($0.79 per diluted share vs $0.
Slide 14: 2H25 Outlook
2H25 Outlook • 1H25 Service Revenue benefited from multiple special projects • Barrier rental income (ex special projects) expected higher in 2H25 • Utility sales and architectural panel sales expected to trend higher in second half of 2025 • Full-year royalty revenue anticipated higher than 2024 sm
Slide 15: Appendix
APPENDIX 540-439-3266 investors@smithmidland.com www.SmithMidland.com
Slide 16: Balance Sheet
Balance Sheet June 30, December 31, ASSETS 2025 2024 Current assets Cash $ 7,101 $ 7,548 Other current assets 40,346 28,301 Total current assets 47,447 35,849 Property and equipment, net 33,194 31,704 Other assets 535 438 Total assets $ 81,176 $ 67,991 LIABILITIES AND STOCKHOLDERS’ EQUITY Current li