Azz Inc. · NYSE:AZZ
Azz — Investor Presentation (October 2025)
44 slides from Azz's investor presentation, Oct 17, 2025
Slide 1: Investor Presentation
Investor Presentation October 17, 2025 (NYSE: AZZ)
Slide 2: Disclaimers
Disclaimers Cautionary Statements Regarding Forward Looking Statements — Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can iden
Slide 3: Why Invest in AZZ?
Why Invest in AZZ? Differentiated, high value-add metal coatings provider with scale, expertise and customer centric technology uniquely positioned to serve the growing North American steel and aluminum markets Strong business foundation capable of growing sales and margins above market levels, supp
Slide 4: AZZ Snapshot (NYSE: AZZ)
AZZ Snapshot (NYSE: AZZ) AZZ is North America’s FORT WORTH, TEXAS 3,732(1) Metal Coatings 46 Coil Coating 14 Headquarters: Employees: locations(1): Locations(2): leading independent post- fabrication hot-dip galvanizing & coil coating solutions Segment Sales3 Segment Adj. EBITDA3 company with #1 pos
Slide 5: AZZ's Strategic Journey
AZZ’s Strategic Journey Transformation Growth Sales, in millions $810 $1,538 $2,000(1) FY2026 + Platform for Growth as a Focused FY2023-25 Metal Coatings Company Focused Metal Coatings Company • Disciplined capital allocation strategy; focused on FY2022 high ROIC opportunities • Invested in $125M ne
Slide 6: Achievements Against Stated Commitments
Achievements Against Stated Commitments Commitments Achievements to Date Target Leverage and • Total net leverage of 1.7x(1) • Maintain net leverage target range of 1.5X -2.5X • TTM debt reduction totaling $355.4 million(3) Debt Reduction • TTM Adjusted EBITDA(2) of $357.0 million for the • Prel
Slide 7: End Markets & Drivers
End Markets & Drivers (1) 56% Secular Drivers Enhancing Outlook: Infrastructure Investment Agricultural, Food Processing, Oil & Gas Reshoring Manufacturing 10% 9% Migration to Pre-painted Steel and Aluminum Conversion from Plastics to Aluminum 9% 8% Conversion to Coil Coating 8% (1) Based on AZZ Q2
Slide 8: Uniquely Positioned to Capitalize on Generational Infrastructure Investment in U.S.
Uniquely Positioned to Capitalize on Generational Infrastructure Investment in U.S. Datacenters, Water, Airports and Other Source: American Infrastructure Investment and Jobs Act INVESTOR PRESENTATION 8 8
Slide 9: Strategic Value Proposition Built on Common Business Models
Strategic Value Proposition Built on Common Business Models Standout Market Leaders with Best-in-Class Financial Profiles Metal Coatings Tolling Based Businesses with Minimal Commodity and Inventory Risk Proprietary Systems Driving Efficiencies in Operations, Procurement, Supply Chain, IT and Back O
Slide 10: Technology Transformation – A Key Differentiator
Technology Transformation – A Key Differentiator Digital Galvanizing System (DGS) is a distinct competitive advantage • Near elimination of paper with proprietary, state-of-the-art tool linked to Oracle ERP system • Fully integrated; Allows real-time decisions and enhanced customer experience • Prov
Slide 11: Research and Development
Research and Development Partnership with Texas A&M Since 2019 AZZ and Texas A&M have conducted R&D projects related to improving AZZ’s hot-dip galvanizing process with the goal of designing more efficient production processes. Notable results include: • Improved standard operating procedures impact
Slide 12: Investing in Future Growth Sustainability
Investing in Future Growth Sustainability We recognize that outstanding We are essential and We are committed to sustainability people and leadership are the environmentally friendly initiatives and reporting key to sustainability • Sustainability is intrinsic to our products as • Tracking and Repor
Slide 13: Mission-Driven, Experienced Management Team
Mission-Driven, Experienced Management Team Our Mission Create superior value in a culture where people can grow and TRAITS matter. We are diverse, collaborative, and service-minded, operating in a culture of TRAITS…Trust, Respect, Accountability, Integrity, Teamwork, and Safety Leadership Highlight
Slide 14: Corporate Strategy
Corporate Strategy (NYSE: AZZ)
Slide 15: Where AZZ is Headed
Where AZZ is Headed 3 Year Goals Sales($Bn) 2x GDP Annual Organic Sales Growth $2.0+ $1.6 E x e c u t e Robust pipeline of acquisition targets $.9 Maintain best in class financial performance FY 2022 TTM(1) FY 2028 E >22% Consolidated EBITDA Margin Adjusted EBITDA Margin >22% >12% ROIC 22%
Slide 16: AZZ Acquisition Discipline
AZZ Acquisition Discipline AZZ targets acquisitions that strengthen our two segments Markets Targets Value Creation • Highly fragmented • Complementary solutions offerings Financially accretive • Strong secular tailwinds • Geographic expansion Synergy opportunities • Compelling value proposition
Slide 17: Metal Coatings
Metal Coatings (NYSE: AZZ)
Slide 18: AZZ Metal Coatings
AZZ Metal Coatings Operating Production Production Value-Added Market Size and Historical Adjusted Segment Input Route Capabilities Share(2) EBITDA Performance(3) ($ in millions) Hot-Dip Galvanizing $2.5B $205 $216 Metal Coatings Batch Spin Galvanizing $157 $189 $197 $126 Sales $694.2 million(1) Pro
Slide 19: Metal Coatings Value Proposition
Metal Coatings Value Proposition Key Value Propositions Value-Added Services: Over 30+ solutions offerings, including surface preparation, ground line coating and a dedicated transportation network Embracing Complexity: Quick turns on special projects to meet demanding customer schedules Technol
Slide 20: Metal Coatings Footprint Well-Positioned to Serve Key End-Markets
Metal Coatings Footprint Well-Positioned to Serve Key End-Markets State-of-the-Art Facilities Across North America(1) Superior Capabilities Enable Leading Position Across All End-Markets2 Other 17% Construction 29% Electrical 19% Industrial Transportation 20% 15% Key Technologies Hot-Dip Galvanizing
Slide 21: Metal Coatings Historical Financials
Metal Coatings Historical Financials Historical Performance ($ in millions) Sales $637 $656 $665 $694 $458 $519 (1) FY21 FY22 FY23 FY24 FY25 TTM Adjusted EBITDA(2) $189 $197 $205 $216 $126 $157 (1) FY21 FY22 FY23 FY24 FY25 TTM % Margin 27.6% 30.3% 29.7% 30.0% 30.7% 31.2% (1) TTM sales and Adjusted E
Slide 22: AZZ Metal Coatings – Strategic Growth Drivers
AZZ Metal Coatings – Strategic Growth Drivers • Secular tailwinds include reshoring/nearshoring, infrastructure spending, and datacenters • Organic growth through increased sales force effectiveness; Technology (DGS); Value-added service expansion (spin, transportation, etc.) • Inorganic growth in a
Slide 23: Precoat Metals
> SS: TAA ~ Precoat Metals @azz
Slide 24: Precoat Metals – Summary
Precoat Metals – Summary Operating Production Production Value-Added Market Size and Historical Adjusted Segment Input Route Capabilities Share(2) EBITDA Performance(3) ($ in millions) $179 $176 Coil Coating $165 $168 Precoat Metals $155 $4.4B Continuous Slitting $115 Sales $900.6 million(1) Process
Slide 25: Precoat Metals Value Proposition
Precoat Metals Value Proposition Key Value Propositions Value-Added Services: Unique position as the “one-stop-shop” across all end-markets and substrates for coil coating, slitting, embossing and shape correction Embracing Complexity: Quickly accommodate customer needs by offering quick turns o
Slide 26: Precoat Metals Footprint Well-Positioned to Serve Key End-Markets
Precoat Metals Footprint Well-Positioned to Serve Key End-Markets State-of-the-Art Facilities Across North America(1) Critical Service Provider to Diverse End-Markets(2) Construction (79%) Appliance (7%) HVAC (3%) Other (4%) Container (5%) Transportation (2%) Key Technologies Existing Facility New F
Slide 27: Precoat Metals Historical Financials
Precoat Metals Historical Financials Historical Performance ($ in millions) $882 $881 $913 $901 Sales $710 $605 FY21(1) FY22 (1) FY23 (1) FY24(2) FY25 TTM(5) Adjusted $179 $176 (5) EBITDA3 $155 (4) $165 (4) $168 (2) $115 (4) FY21 FY22 FY23 FY24 FY25 TTM % Margin 18.9% 21.8% 18.7% 19.0% 19.6% 19.5% N
Slide 28: Investing in Future Growth
Investing in Future Growth New aluminum coil coating line in Washington, Missouri Compelling Strategic and Financial Investment Enables AZZ to benefit from secular shift to aluminum cans Run-rate contracted sales of $50+ million exiting FY 2026 at an EBITDA margin above Precoat overall margin ROIC w
Slide 29: AZZ Precoat Metals – Strategic Growth Drivers
AZZ Precoat Metals– Strategic Growth Drivers • Secular tailwinds include reshoring/nearshoring, plastics to aluminum conversion in containers, and increased use/acceptance of pre-painted steel in manufacturing processes • Organic growth with focus on post-paint to pre-paint conversions • Inorganic g
Slide 30: Financial Overview
Financial Overview (NYSE: AZZ)
Slide 31: Consistent Top-Line Growth and Profitability
Consistent Top-Line Growth and Profitability ($ in millions) $1,538 $1,578 $1,595 $1,519 $1,229 $1,062 (1) $913 $901 $882 $881 (1) $710 Sales $605 (1) $519 $637 $656 $665 $694 $458 (2) (5) FY21 FY22 FY23 FY24 FY25 TTM COVID Year Segment $384 $392 $354 $364 $312 Adjusted $241 $165 (4) $168 $179 $176
Slide 32: Proven Resilience Through Prior Cycles
Proven Resilience Through Prior Cycles Sales across broad end markets ($ in millions) Strong Recovery +15% CAGR $169 Modest Decline Limited exposure to metal prices (9%) and other inflationary pressures $140 $142 $127 $71 $59 $57 $102 $42 Value-added pricing model $51 $98 Highly variable cost struct
Slide 33: Capital Structure to Support Growth
Capital Structure to Support Growth Net Leverage(1) Capital Structure Transformation Growth • Net Leverage 1.5x – 2.5x Net Debt / Adjusted EBITDA 4.3x • Strong free cash flow (incl. preferred) generation(2) 3.6x (2.6x) • Capital allocation transition to ‘Growth’ Net Debt / Target 2.5x Adjusted EBITD
Slide 34: Capital Allocation Transition
Capital Allocation Transition FY2023 – FY2025 FY2026+ • Maintain health & momentum of business Strategic M&A through capex investments Bolt-on acquisitions, and/or strategic M&A that aligns with our business segments • Investment in the future with $120M spend on Greenfield plant High ROIC Investmen
Slide 35: Attractive Financial Metrics Relative to Peer Groups
Attractive Financial Metrics Relative to Peer Groups Revenue Growth CY23A – CY25E EBITDA Margin2 CY25E Net Working Capital / LTM Sales3 FY25 Unique Coatings Company, not a Steel Mill, Service Center or Building Products Company Source: Factset and Company Filings Note: Figures reflect peers median;
Slide 36: FY 2026 Current Guidance
FY 2026 Current Guidance(1) Sales Adjusted EBITDA (2) Adjusted EPS Range $1.625 - $1.725 billion $360 - $400 million $5.75 - $6.25 (1) FY2026 Guidance Assumptions: The newly built Washington, Missouri plant to be operational in the first half of FY2026, and expected to be accretive to earnings in th
Slide 37: Appendix
Appendix azz
Slide 38: Reg "G" Tables
Reg “G” Tables
Slide 39: Net Leverage Calculations Debt Leverage Ratio Reconciliation
Net Leverage Calculations Debt Leverage Ratio Reconciliation The table presented above is an excerpt from the Company’s Q2 FY2026 financial results found in the Company’s 10Q filed 10/08/2025. Please see page 43 of this presentation for footnotes. INVESTOR PRESENTATION 39
Slide 40: Non-GAAP Disclosure of Adjusted EBITDA
Non-GAAP Disclosure of Adjusted EBITDA The table presented above is an excerpt from the Company’s Q2 FY2026 results found in the Company’s 10Q filed with the SEC on 10/08/2025. Please see page 43 of this presentation for footnotes. 40
Slide 41: Non-GAAP Disclosure of Adjusted Net Income and Adjusted EPS
Non-GAAP Disclosure of Adjusted Net Income and Adjusted EPS The table presented above is an excerpt from the Company’s Q2 FY2026 results found in the Company’s 10Q filed with the SEC on 10/08/2025. Please see page 43 of this presentation for footnotes. 41
Slide 42: Non-GAAP Segment Disclosure (Metal Coatings and Precoat Metals)
Non-GAAP Segment Disclosure (Metal Coatings and Precoat Metals) The table presented above is an excerpt from the Company’s Q2 FY2026 results found in the Company’s 10Q filed with the SEC on 10/08/2025. Please see page 43 of this presentation for footnotes. 42
Slide 43: Notes for Non-GAAP Disclosure Slides
Notes for Non-GAAP Disclosure Slides 43
Slide 44: azz
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