Slide 1: First Quarter 2025 Earnings Conference Call
FIRST QUARTER 2025 EARNINGS CONFERENCE CALL MOVING INFRASTRUCTURE FORWARD | MAY 7, 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: First Quarter 2025 Highlights
FIRST QUARTER 2025 HIGHLIGHTS TRACKING IN-LINE WITH REAFFIRMED 2025 REVENUE & SOLID FIRST QUARTER RESULTS LEVERAGE REDUCTION GOAL ADJUSTED EBITDA GUIDANCE • Adjusted EBITDA growth of 26%(1) Maintained Net Debt to Adjusted • • Mid-point of full year 2025 outpaced revenue growth of 12%(1) EBITDA of 2.
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% Aggregates4 ~67% Construction Products Transportation Engineered Products Constructio
Slide 8: Q1 2025 Results
02 Q1 2025 RESULTS
Slide 9: Q1 2025 Consolidated Results
Q1 2025 CONSOLIDATED RESULTS Adjusted EBITDA growth outpaced revenue growth resulting in significant margin expansion, led by Engineered Structures REVENUES ($M) NET INCOME ($M) ADJUSTED EBITDA ($M) +6% REPORTED ADJUSTED(1) +19% 632.0 +12% -40% 109.9 598.6 -33% 36.1 39.2 92.0 +26% 36.0 4.9 23.6 24.0
Slide 10: Q1 2025 Segment Results: Construction Products
Q1 2025 SEGMENT RESULTS: CONSTRUCTION PRODUCTS Dilutive impact from Stavola in-line with expectations. Organic margin expansion despite weather related volume decline. REVENUES ($M) ADJUSTED SEGMENT EBITDA ($M) +5% -5% 262.8 60.1 56.9 251.2 28.4 29.5 -2% 63.2 73.2 58.9 158.5 161.2 -2.0 Q1-24 Q1-25 Q
Slide 11: Q1 2025 Segment Results: Engineered Structures
Q1 2025 SEGMENT RESULTS: ENGINEERED STRUCTURES Segment growth driven by higher wind tower volumes, improvements in utility structures, and the accretive impact of Ameron, which closed in April 2024 REVENUES ($M) ADJUSTED SEGMENT EBITDA ($M) +23% +90% 284.8 51.7 231.6 27.2 Q1-24 Q1-25 Q1-24 Q1-25 Mar
Slide 12: Q1 2025 Segment Results: Transportation Products
Q1 2025 SEGMENT RESULTS: TRANSPORTATION PRODUCTS 13% earnings growth in the barge business due to higher tank barge deliveries and increased operating leverage REVENUES ($M) ADJUSTED SEGMENT EBITDA ($M) -27% -17% 115.8 18.6 4.9 15.5 36.1 84.4 13% 6% 79.7 13.7 Q1-24 Q1-25 Q1-24 Q1-25 Barges Steel Com
Slide 13: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW Maintained leverage ratio consistent with the start of the year, despite first quarter seasonality NET DEBT / ADJUSTED EBITDA (ratio at end of period) FREE CASH FLOW ($M) 3.4 2.9 2.9 30.3 Operating Cash Flow 2.5 Net Capital Expenditures Target of 2.0 - 2.5x 80.5 1.3 (0.7)
Slide 14: 2025 Outlook
03 2025 OUTLOOK
Slide 15: Reaffirm 2025 Guidance
REAFFIRM 2025 GUIDANCE We expect double-digit revenue and Adjusted EBITDA growth in 2025, inclusive of direct tariff impacts, as currently outlined, which are expected to be immaterial Revenues ($M) Adjusted EBITDA ($M) +13% +28% 2,800 – 3,000 545 - 595 2,570 +17% +30% 88 447 8 2,482 439 FY-24 2025
Slide 16: Market Outlook
MARKET OUTLOOK CONSTRUCTION PRODUCTS ENGINEERED STRUCTURES TRANSPORTATION PRODUCTS • Strong pricing gains in 2024 support • Strong backlog visibility for utility and • Good backlog visibility as tank barge continued price momentum for related structures, driven by grid- capacity is booked well into
Slide 17: Appendix
APPENDIX
Slide 18: Guidance Summary for 2025
GUIDANCE SUMMARY FOR 2025 COMMENTARY • $2.8B to $3.0B range for full year 2025 REVENUE • 2024 full year revenue was $2.48B, excluding $88M from the divested steel components business ADJUSTED • $545M to $595M range for full year 2025 EBITDA • 2024 full year Adjusted EBITDA was $439M, excluding $8M f
Slide 19: Non-GAAP Measures
NON-GAAP MEASURES Refer to slides that follow for accompanying reconciliations “EBITDA” is defined as net income plus interest, taxes, depreciation, depletion, and amortization. “Adjusted EBITDA” is defined as EBITDA adjusted for certain items that are not reflective of the normal earnings of our bu
Slide 20: Reconciliation of Adjusted EBITDA and Adjusted Net Income
Reconciliation of Adjusted EBITDA and Adjusted Net Income ($’s in millions) (unaudited) Three Months Ended Full Year March 31, 2025 Guidance 2025 2024 Low High Net income $ 23.6 $ 39.2 $ 170.4 $ 201.9 Add: Interest expense, net 26.5 6.6 104.0 107.0 Provision for income taxes 5.6 8.1 40.0 50.5 Deprec
Slide 21: Reconciliation of Adjusted Segment EBITDA
Reconciliation of Adjusted Segment EBITDA ($’s in millions) (unaudited) Three Months Ended Year Ended Twelve Months Ended March 31, December 31, March 31, 2025 2024 2018 2024 2025 Construction Products Operating Profit $ 18.3 $ 28.8 $ 50.4 $ 133.9 $ 123.4 Add: Depreciation, depletion, and amortizati
Slide 22: 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 March 31, 2025 Total debt excluding debt issuance costs $ 573.1 $ 1,848.7 $ 1,707.1 $ 1,703.7 Cash and cash equivalents 104.8 129.1 18
Slide 23: Reconciliation of Adjusted EBITDA for Steel Components and Stavola
Reconciliation of Adjusted EBITDA for Steel Components and Stavola (in millions) (unaudited) Three Months Ended March 31, 2024 Steel components: Operating Profit $ 2.5 Add: Depreciation and amortization expense 2.4 Steel components EBITDA 4.9 Steel components Adjusted EBITDA $ 4.9 Three Months Ended