8-K - ACA - Equibles

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported):May 3, 2022

Arcosa, Inc.

__________________________________________

(Exact name of registrant as specified in its charter)

Delaware		001-38494	82-5339416
(State or other jurisdiction of incorporation)		(Commission File Number)	(I.R.S. Employer Identification No.)
500 N. Akard Street, Suite 400
Dallas,	Texas		75201
(Address of principal executive offices)			(Zip Code)

Registrant's telephone number, including area code: (972) 942-6500

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock ($0.01 par value)	ACA	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

Arcosa, Inc. (the “Company”) has updated its presentation materials that management intends to use from time to time in investor presentations about the Company’s operations and performance. The investor presentation is attached as Exhibit 99.1 to this report and is incorporated herein by reference. In addition, the investor presentation will be made available on www.arcosa.com.

The information in Item 7.01 of this report (including Exhibit 99.1) is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing. Additionally, the submission of this Item 7.01 in this report on Form 8-K is not an admission of the materiality of any information in this Item 7.01 of this report that is required to be disclosed solely by Regulation FD.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Arcosa, Inc. Investor Presentation dated May 2022
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Arcosa, Inc.
	(Registrant)
May 3, 2022	By:	/s/ Gail M. Peck
		Name: Gail M. Peck
		Title: Chief Financial Officer

may2022investorpresentat

MOVING INFRASTRUCTURE FORWARD | MAY 2022 Investor Presentation Exhibit 99.1

2 I MOVING INFRASTRUCTURE FORWARD I 2022 FORWARD LOOKING STATEMENTS Some statements in this presentation, 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 or strategies for the future. Arcosa uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “outlook,” “strategy,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this presentation, and Arcosa expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, except as required by federal securities laws. Forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to assumptions, risks and uncertainties regarding the impact of the COVID-19 pandemic on Arcosa’s customer demand for Arcosa’s products and services, Arcosa’s supply chain, Arcosa’s employees ability to work because of COVID-19 related illness, the health and safety of our employees, the effect of governmental regulations imposed in response to the COVID-19 pandemic; assumptions, risks and uncertainties regarding achievement of the expected benefits of Arcosa’s spin-off from Trinity; tax treatment of the spin-off; failure to successfully integrate acquisitions or divest any business, or failure to achieve the expected benefit of acquisitions or divestitures; market conditions and customer demand for Arcosa’s business products and services; the cyclical nature of, and seasonal or weather impact on, the industries in which Arcosa competes; competition and other competitive factors; governmental and regulatory factors; changing technologies; availability of growth opportunities; market recovery; ability to improve margins; the impact of inflation and costs of materials; and Arcosa’s ability to execute its long-term strategy, and such forward-looking statements are not guarantees of future performance. For further discussion of such risks and uncertainties, see "Risk Factors" and the "Forward-Looking Statements" section of "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Arcosa's Form 10-K for the year-ended December 31, 2021, and as may be revised and updated by Arcosa's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. NON-GAAP FINANCIAL MEASURES This presentation contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Reconciliations of non- GAAP financial measures to the closest GAAP measure are provided in the Appendix.

01 03 04 COMPANY OVERVIEW 2022 OUTLOOK ESG UPDATE 02 RECENT FINANCIAL HIGHLIGHTS TABLE OF CONTENTS 3 I MOVING INFRASTRUCTURE FORWARD I 2022

HOW TO FIND US OUR WEBSITE www.arcosa.com NYSE TICKER ACA HEADQUARTERS Arcosa, Inc. 500 North Akard Street, Suite 400 Dallas, TX 75201 INVESTOR CONTACT InvestorResources@arcosa.com 4 I MOVING INFRASTRUCTURE FORWARD I 2022

COMPANY OVERVIEW 01

ARCOSA’S VALUE PROPOSITION HEALTHY BALANCE sheet and ample liquidity to navigate cycles and pursue strategic growth EXPERIENCED management team with history of managing through economic cycles LEADING businesses serving critical infrastructure markets TRACK RECORD of executing on strategic priorities as an independent public company DISCIPLINED CAPITAL allocation process to grow in attractive markets and improve returns on capital 6 I MOVING INFRASTRUCTURE FORWARD I 2022

ARCOSA AT A GLANCE Revenues, Net Income, and Adjusted EBITDA are for the twelve months ended 3/31/2022. See Adjusted EBITDA reconciliation in Appendix Arcosa spun off from its former parent company in November 2018. Net Income Adjusted EBITDA Infrastructure-related Segments Employees Years of Operating History OUR THREE BUSINESS SEGMENTS Revenues$2.1B $74M $300M ~6,170 85+ 3 7 I MOVING INFRASTRUCTURE FORWARD I 2022

BUSINESS OVERVIEW ENGINEERED STRUCTURES TRANSPORTATION PRODUCTSCONSTRUCTION PRODUCTS Revenues and Adjusted Segment EBITDA and margin for the twelve months ended 3/31/2022. See Adjusted Segment EBITDA reconciliation in Appendix NATURAL & RECYCLED AGGREGATES SPECIALTY MATERIALS CONSTRUCTION SITE SUPPORT WIND TOWERS UTILITY & RELATED STRUCTURES STORAGE TANKS BARGES STEEL COMPONENTS Arcosa’s three segments are made up of leading businesses that serve critical infrastructure markets 8 I MOVING INFRASTRUCTURE FORWARD I 2022 REVENUES ADJ. SEGMENT EBITDA & MARGIN $855M $978M $299M $188M 22% $135M 14% $22M 7% REVENUES ADJ. SEGMENT EBITDA & MARGIN REVENUES ADJ. SEGMENT EBITDA & MARGIN MARINE COMPONENTS

ARCOSA’S LONG-TERM VISION 9 I MOVING INFRASTRUCTURE FORWARD I 2022 Grow in attractive markets where we can achieve sustainable competitive advantages Reduce the complexity and cyclicality of the overall business Improve long-term returns on invested capital Integrate Environmental, Social, and Governance initiatives (ESG) into our long- term strategy

• Advances our long-term vision to reduce the complexity of Arcosa’s overall portfolio • Proceeds to be invested in our Construction Products platform as we continue to shift towards less cyclical, higher-margin growth opportunities • At Spin, we prioritized improving the performance of the storage tanks business which was unprofitable in 2018 • Lean initiatives along with de-urbanization tailwinds led to significant growth • Business requires additional capital to support future growth, making it an opportune time for new ownership • Arcosa will maintain a Mexico manufacturing platform to support our Engineered Structures segment 10 I MOVING INFRASTRUCTURE FORWARD I 2022 • On April 25, entered into definitive agreement to sell storage tanks business, reported in Engineered Structures, for $275 million in cash • Leading manufacturer of steel pressure tanks for storage and distribution of propane, ammonia, and other gases • Serves residential, commercial, energy, and agricultural markets in U.S. and Mexico • Transaction expected to close in second half of 2022, subject to regulatory approvals and certain closing conditions TRANSACTION OVERVIEW STORAGE TANKS ADJUSTED EBITDA ($M) (4) 29 44 FY 2018 3 Yr. Avg. 2019-2021 FY 2021 STRATEGIC RATIONALE DIVESTITURE OF STORAGE TANKS BUSINESS Excellent example of improving a business and preparing it for monetization when market conditions are supportive, enabling us to realize significant value through a competitive sale process See Adjusted EBITDA reconciliation in Appendix.

11 I MOVING INFRASTRUCTURE FORWARD I 2022 STRATEGIC TRANSFORMATION Adjusted EBITDA, excluding Corporate ($M) 193 (55%) Construction Products 22 (6%) 73 (33%) 64 (29%) 82 (38%) FY 2018 At Spin LTM 3/31/22 135 (39%) Transportation Products Engineered Structures 219 350 See Adjusted Segment EBITDA reconciliations in the Appendix. LTM 3/31/22 Construction Products Adjusted Segment EBITDA is pro forma for Southwest Rock as previously disclosed. Construction Products has Increased to 55% of Adjusted EBITDA • Invested ~$1.3 billion on 5 large acquisitions and several complementary bolt-on’s to expand Construction Products platform • Grew natural aggregates operations beyond Texas, now serving 11 Top 50 MSA’s, up from five at spin • Added recycled aggregates to complement natural aggregates platform • Expanded specialty materials platform with broader geographic presence and product diversity • Improved operations in utility structures and storage tanks, increasing revenues and expanding Adjusted Segment EBITDA margins from 10% in 2018 to 13% in 2021 • Added 3 adjacent infrastructure-related product lines of traffic, telecom, and concrete structures • Market leading positions in our cyclical businesses, including barge, wind towers and steel components, position us well for recovery $1T Infrastructure Bill Creates Multi-Year Tailwind for Many Arcosa Businesses Actionable Strategic Progress Since Spin to Position Portfolio for Long-Term Growth Today Arcosa is a less cyclical and more resilient company, and the sale of our storage tanks business enhances our capacity to further expand in our focused growth areas

GROWING OUR CONSTRUCTION PRODUCTS PLATFORM  Attractive markets with long-term pricing and volume growth; less cyclical than other Arcosa businesses  Sustainable competitive advantages, through reserve positions, product portfolio, proprietary processing capabilities, and deep market knowledge  Fragmented industry structure with ability to buy small to medium size assets at attractive multiples  Ability to use acquisitions as growth platforms for organic and bolt-on growth We have an active pipeline of attractive acquisition and organic opportunities. The sale of our storage tanks business will allow us to continue to deploy capital to our construction businesses and accelerate our growth. October 2020 January 2020 December 2018 • Top 25 U.S. aggregates platform adding attractive new geographies, more than 40 years of reserve life, and an experienced management team • Two acquisitions building leadership position in recycled aggregates, a new product category for Arcosa and growing in importance due to resource scarcity and ESG benefits • Cherry expands aggregates business into attractive Houston market, filling a key gap in our Texas network • Strata expands ability to serve DFW customers with a complementary product offering that includes both natural and recycled aggregates • Adds complementary, scaled specialty materials and aggregates platforms • Diversifies customer base across attractive end markets April 2021 August 2021 • Scaled entry into attractive Phoenix metropolitan area with accretive EBITDA margins We have deployed ~$1.3B on Construction Products acquisitions since the time of our spin-off Attractive fundamentals of Aggregates and Specialty Materials 12 I MOVING INFRASTRUCTURE FORWARD I 2022

RECENT FINANCIAL HIGHLIGHTS 02

14 I MOVING INFRASTRUCTURE FORWARD I 2022 RECENT FINANCIAL RESULTS See Adjusted Segment EBITDA reconciliation in Appendix. Strong performance and margin expansion since spin driven by acquisitions, organic growth, and operating improvements Margin 12.8% 13.9% Revenues ($M) Adjusted EBITDA ($M) 1,460 1,737 1,936 2,036 2,132 2018 2019 20212020 LTM 3/31/22 +46% 187 241 284 283 300 2018 2019 LTM 3/31/222020 2021 +60% 13.9% 14.7% 14.1%

15 I MOVING INFRASTRUCTURE FORWARD I 2022 CASH FLOW AND BALANCE SHEET Focus on driving a disciplined ‘cash culture’ has supported significant organic and acquisition investment, while maintaining a healthy balance sheet (1.2) 0.5 (0.6) 0.5 2.1 2.0 Q1-22FY-18Pro Forma at Spin FY-19 FY-20 FY-21 Net Debt / Adjusted EBITDA (ratio at end of period) Debt Maturity Schedule ($M) 1 Cash Flow defined as Adjusted Segment EBITDA less CapEx. See 2020 10-K for CapEx by Segment. See Free Cash Flow and Net Debt to Adjusted EBITDA reconciliation in Appendix. Targeted Range of 2.0 - 2.5xTransportation Products segment generated $159M of Cash Flow from 2018 to 2020 that funded growth in other segments1 74 273 178 81 100 20212018 20202019 LTM 3/31/22 Avg. $141M Decline reflects end market softness in cyclical businesses and increased working capital requirements Free Cash Flow Strength Free Cash Flow ($M) Leverage at Low End of Targeted Range 8 8 8 245 400 20252022 2023 202920262024 2027 2028 Spun debt free with $200M of cash

16 I MOVING INFRASTRUCTURE FORWARD I 2022 Q1 2022 CONSOLIDATED RESULTS See Adjusted Net Income and Adjusted EBITDA reconciliation in Appendix. Margin 12.8% 13.7% Revenues ($M) Adjusted EBITDA ($M) 440.4 535.8 Q1-21 Q1-22 +22% 56.5 73.4 Q1-21 Q1-22 +30% 15.9 20.2 1.7 Q1-21 0.7 Q1-22 17.6 20.9 +19% Adjusted Net Income ($M) Adjusted EBITDA increased 30%, outpacing revenue growth in the first quarter

2022 OUTLOOK 03

18 I MOVING INFRASTRUCTURE FORWARD I 2022 Increased the mid-point of our Adjusted EBITDA guidance range, which reflects annual growth of 5% from 2021 See Adjusted EBITDA reconciliation in Appendix. Guidance as of April 28, 2022 and will be adjusted for planned divesture of storage tanks business at the time of closing. 241 284 283 FY-19 FY-20 290 - 305280 - 305 FY-21 Updated 2022 Guidance Original 2022 Guidance Margin 13.9% 14.7% 13.9% 13.6% Adjusted EBITDA for our cyclical businesses of $20-25M 2022 CONSOLIDATED OUTLOOK Adjusted EBITDA ($M) 13.8%

19 I MOVING INFRASTRUCTURE FORWARD I 2022 90 157 205 277 325129 127 127 51 23 FY-18 At Spin FY-19 FY-21FY-20 Mid-Point FY-22 Guidance 219 284 332 329 348 +17% OUTLOOK FOR 2022 Adjusted EBITDA, excluding Corporate ($M) See reconciliation of Adjusted EBITDA for Cyclical and Growth Businesses in Appendix. Expect ~17% Increase in Adjusted EBITDA from Growth Businesses in 2022… …Based on Attractive Fundamentals Driving Organic Expansion and Full Year Contributions from Acquisitions Strong outlook for growth businesses, which offsets cyclical challenges from wind towers, barge, and steel components Growth Businesses (Construction Products & Eng. Structures, ex wind) Cyclical Businesses (Wind Towers, Barge & Steel Components) Construction Products Engineered Structures • Strong construction activity in our key markets, particularly Texas, Tennessee, and Arizona • Recent acquisitions provide pipeline of organic and bolt-on growth opportunities • Deurbanization trends are driving increased demand for aggregates- intensive single-family homes • Favorable nationwide trends in infrastructure spending with increased federal funding from the $1 Trillion Infrastructure Bill • Healthy backlog for utility and related structures, driven by grid- hardening and road infrastructure investments • Wireless 5G telecom buildout expected to drive new demand • Healthy DOT spending in Florida and other Southeast states, with opportunities to grow in Texas and other markets • Steady demand and rising backlogs for storage tanks in the U.S.

20 I MOVING INFRASTRUCTURE FORWARD I 2022 CYCLICAL BUSINESSES In 2022, our cyclical businesses are expected to be at <20% of their combined 2018 Adjusted EBITDA levels, but long-term fundamentals remain attractive Forecast assuming PTC renewal 1Criton Corporation: Prospects for the Dry Cargo Inland Barge Market Through 2026, Nov. 2021; 2Company estimates and IHS Markit, May 2021; 3River Transport News annual survey of new hopper barge construction; 4Actual data provided by Railway Supply Institute, Inc. and forecast data from FTR Transportation Intelligence. Feb. 2022; 5Wood Mackenzie, Global wind power market outlook update: Q4, November 2021 Outlook for Dry Barge Replacement Cycle Remains Intact Fleet Age is Increasing due to Underinvestment Since 2016; Forecasts Indicate Potential for ~750 Average Annual Barge Construction Needs Through 20261 Plate Steel Prices Continue to be a Demand Headwind, but our Ability to Obtain Competitive Steel Pricing has Improved Recent Order Trends 14.4 16.3 2016 2020 Hopper Fleet Age2 (in Years) ~35% > 20 years old 600 1,200 0 1992005 1176 8 10 1512 13 14 16 17 18 20 21 Theoretical Replacement Level Annual Industry Deliveries Since ‘053 (# Hopper Barges) Lowest level in 30 years New builds for N.A. Railcar Market Forecasted to Increase 50.9 58.1 33.4 29.3 43.5 56.3 44.5 2018 2019 20242020 2021 20232022 Actual New railcar deliveries forecast to meet or exceed replacement levels through 2024 Annual Industry Deliveries4 (# Railcars in K’s) Need for Renewable Energy Continues to Rise, but Timing of a PTC Extension Remains Uncertain 0 5 10 15 20 21 27252020 22 23 24 26 28 29 30 U.S. Wind Installations (2020-2030)5 (GW) Forecast Arcosa Historical Barge Orders ($M) 84 90 17 18 81 16 55 49 13 105 3Q213Q204Q19 4Q201Q20 2Q20 1Q21 2Q21 4Q21 1Q22 COVID-19 pull-back Plate steel prices began escalating in late 4Q20 Beginning of hopper barge replacement cycle

INFRASTRUCTURE SPENDING We believe our businesses are well-positioned to benefit from ~$1 trillion Infrastructure Investment and Jobs Act • Reauthorization of the Fixing America’s Surface Transportation Act (FAST Act) at a higher level of spending through 2026 • Spending catalysts to Arcosa: • Highway, Road, Bridges ($110B) • Passenger and Freight Rail ($66B) • Airports ($25B) • Power Infrastructure and Grid Hardening ($73B) • Broadband Expansion ($65B) • Ports and Waterways ($17B) We expect the new infrastructure spending to begin impacting our businesses in late 2022 with an increasing impact in 2023 and beyond 21 I MOVING INFRASTRUCTURE FORWARD I 2022

ESG UPDATE 04

We published our 2021 Sustainability Report highlighting actions we have taken to integrate ESG in our long-term strategy ESG UPDATE SAFETY GREENHOUSE GAS (GHG) EMISSIONS WATER MANAGEMENT SUSTAINABILITY REPORTING INCLUSION AND DIVERSITY BOARD DIVERSITY EMPLOYEE ENGAGEMENT • 60% reduction in our TRIR1 since 2019 • ARC 100 continues to drive positive and proactively engaged culture of safety at all levels of the organization • Expanded commentary on climate-related impacts in line with the TCFD2 with supporting SASB3 metrics • Scope 1 and 2 GHG emissions intensity4 declined by 9% compared to 2020 and 20% compared to 2019 • Established an initial short-term Scope 1 and 2 GHG emissions intensity reduction goal • Reduced our municipal water intensity5 by 23% compared to 2020 and 35% compared to 2019 • Established our first employee resource group, WE~AR: Women of Arcosa, to support and encourage women to connect, mentor, and develop personally and professionally • Added two females to our Board of Directors, increasing gender and ethnic diversity to 50% • Received 72% response rate and 2,200 comments on our inaugural Cultural Climate Employee Engagement Survey which provides a foundation for understanding the needs of our employees 1Total Recordable Incident Rate; 2Financial Stability Board’s Task Force on Climate-Related Financial Disclosures; 3Sustainability Accounting Standards Board; 4MTCO2e/$ Million Revenues; 5kGal/$ Million Revenues; 23 I MOVING INFRASTRUCTURE FORWARD I 2022

APPENDIX

25 I MOVING INFRASTRUCTURE FORWARD I 2022 ADDITIONAL FINANCIAL GUIDANCE FOR 2022 CORPORATE COSTS COMMENTARY CAPITAL EXPENDITURES WORKING CAPITAL • ~$13-14M per quarter, excluding one-time items related to acquisition and divestiture-related costs • $120-140M in 2022, including $30-50M of growth projects TAX RATE • We continue to monitor the impacts of steel price and other inflationary pressures on working capital • We expect working capital to have a positive impact to cash flows in 2022 • We expect a full year 2022 tax rate of ~21-23%

26 I MOVING INFRASTRUCTURE FORWARD I 2022 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 business. GAAP does not define EBITDA or Adjusted EBITDA and they should not be considered as alternatives to earnings measures defined by GAAP, including net income. We use Adjusted EBITDA to assess the operating performance of our consolidated business, as a metric for incentive-based compensation, as a measure within our lending arrangements, and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. As a widely used metric by analysts, investors, and competitors in our industry, we believe Adjusted EBITDA also assists investors in comparing a company's performance on a consistent basis without regard to depreciation, depletion, amortization, and other items which can vary significantly depending on many factors. “Adjusted EBITDA Margin” is defined as Adjusted EBITDA divided by Revenues. GAAP does not define “Adjusted Net Income” and it should not be considered as an alternative to earnings measures defined by GAAP, including net income. We use this metric to assess the operating performance of our consolidated business. We adjust net income for certain items that are not reflective of the normal operations of our business to provide investors with what we believe is a more consistent comparison of earnings performance from period to period. “Segment EBITDA” is defined as segment operating profit plus depreciation, depletion, and amortization. “Adjusted Segment EBITDA” is defined as Segment EBITDA adjusted for certain items that are not reflective of the normal earnings of our business. GAAP does not define Segment EBITDA or Adjusted Segment EBITDA and they should not be considered as alternatives to earnings measures defined by GAAP, including segment operating profit. We use Adjusted Segment EBITDA to assess the operating performance of our businesses, as a metric for incentive-based compensation, and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. As a widely used metric by analysts, investors, and competitors in our industry we believe Adjusted Segment EBITDA also assists investors in comparing a company's performance on a consistent basis without regard to depreciation, depletion, amortization, and other items, which can vary significantly depending on many factors. “Adjusted Segment EBITDA Margin” is defined as Adjusted Segment EBITDA divided by Revenues. GAAP does not define “Net Debt” and it should not be considered as an alternative to cash flow or liquidity measures defined by GAAP. The Company uses Net Debt, which it defines as total debt minus cash and cash equivalents to determine the extent to which the Company’s outstanding debt obligations would be satisfied by its cash and cash equivalents on hand. The Company also uses “Net Debt to Adjusted EBITDA”, which it defines as Net Debt divided by Adjusted EBITDA for the trailing twelve months as a metric of its current leverage position. We present this metric for the convenience of investors who use such metrics in their analysis and for shareholders who need to understand the metrics we use to assess performance and monitor our cash and liquidity positions. GAAP does not define “Free Cash Flow” and it should not be considered as an alternative to cash flow measures defined by GAAP, including cash flow from operating activities. We define Free Cash Flow as cash provided by operating activities less capital expenditures. We use this metric to assess the liquidity of our consolidated business. We present this metric for the convenience of investors who use such metrics in their analysis and for shareholders who need to understand the metrics we use to assess performance and monitor our cash and liquidity positions.

Reconciliation of Adjusted EBITDA and Adjusted Net Income (1) Includes the impact of the fair value markup of acquired long-lived assets, subject to final purchase price adjustments. (2) Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs. (3) Included in Other, net (income) expense was the impact of foreign currency exchange transactions of $1.0 million and $0.6 million for the three months ended March 31, 2022 and 2021, respectively, $(0.2) million, $1.5 million, $3.6 million, and $0.6 million for the twelve months ended December 31, 2018, 2019, 2020, and 2021, respectively, and $0.8 million for the twelve months ended March 31, 2022. ($’s in millions) (unaudited) Three Months Ended March 31, 2022 2021 Net income $ 20.2 $ 15.9 Impact of acquisition and divestiture-related expenses, net of tax(2) 0.7 1.7 Adjusted Net Income $ 20.9 $ 17.6 27 I MOVING INFRASTRUCTURE FORWARD I 2022 Three Months Ended March 31, Year Ended December 31, Twelve Months Ended March 31, Full Year 2022 Guidance 2022 2021 2018 2019 2020 2021 2022 Low High Net income $ 20.2 $ 15.9 $ 75.7 $ 113.3 $ 106.6 $ 69.6 $ 73.9 $ 75.0 $ 83.0 Add: Interest expense, net 7.1 2.1 0.5 5.4 10.2 23.4 28.4 31.0 31.0 Provision for income taxes 6.4 4.4 19.3 33.5 31.6 14.0 16.0 21.5 22.5 Depreciation, depletion, and amortization expense(1) 37.8 31.4 67.6 85.8 114.5 144.3 150.7 155.0 160.0 EBITDA 71.5 53.8 163.1 238.0 262.9 251.3 269.0 282.5 296.5 Add: Impact of acquisition and divestiture-related expenses(2) 0.9 2.2 0.8 2.0 10.3 20.1 18.8 7.5 8.5 Impairment charge — — 23.2 — 7.1 2.9 2.9 — — Legal settlement — — — — — 8.7 8.7 — — Other, net (income) expense(3) 1.0 0.5 (0.6) 0.7 3.4 0.3 0.8 — — Adjusted EBITDA $ 73.4 $ 56.5 $ 186.5 $ 240.7 $ 283.7 $ 283.3 $ 300.2 $ 290.0 $ 305.0 Adjusted EBITDA Margin 13.7 % 12.8 % 12.8 % 13.9 % 14.7 % 13.9 % 14.1 % 13.8 % 13.9 %

Reconciliation of Adjusted Segment EBITDA ($’s in millions) (unaudited) (1) Includes the impact of the fair value markup of acquired long-lived assets, subject to final purchase price adjustments. (2) Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs. Three Months Ended March 31, Year Ended December 31, Twelve Months Ended March 31, 2022 2021 2018 2019 2020 2021 2022 Construction Products Operating Profit $ 16.7 $ 15.8 $ 50.4 $ 52.7 $ 74.7 $ 83.2 $ 84.1 Add: Depreciation, depletion, and amortization expense(1) 24.6 17.1 21.9 38.0 60.1 88.7 96.2 Segment EBITDA 41.3 32.9 72.3 90.7 134.8 171.9 180.3 Add: Impact of acquisition and divestiture-related expenses(2) — — 0.8 1.4 2.9 7.6 7.6 Add: Impairment charge — — — — 0.8 — — Adjusted Segment EBITDA $ 41.3 $ 32.9 $ 73.1 $ 92.1 $ 138.5 $ 179.5 $ 187.9 Adjusted Segment EBITDA Margin 19.5 % 21.5 % 25.0 % 20.9 % 23.3 % 22.5 % 22.0 % Engineered Structures Operating Profit $ 28.3 $ 17.5 $ 28.6 $ 100.7 $ 80.2 $ 88.0 $ 98.8 Add: Depreciation and amortization expense(1) 8.0 8.4 29.7 27.9 31.5 33.1 32.7 Segment EBITDA 36.3 25.9 58.3 128.6 111.7 121.1 131.5 Add: Impact of acquisition and divestiture-related expenses(2) — 0.5 — — 2.8 1.0 0.5 Add: Impairment charge — — 23.2 — 1.3 2.9 2.9 Adjusted Segment EBITDA $ 36.3 $ 26.4 $ 81.5 $ 128.6 $ 115.8 $ 125.0 $ 134.9 Adjusted Segment EBITDA Margin 14.5 % 12.8 % 10.4 % 15.4 % 13.2 % 13.4 % 13.8 % Transportation Products Operating Profit $ 2.7 $ 4.1 $ 48.4 $ 46.8 $ 54.6 $ 6.4 $ 5.0 Add: Depreciation and amortization expense(1) 3.9 4.6 15.5 16.3 18.0 17.8 17.1 Segment EBITDA 6.6 8.7 63.9 63.1 72.6 24.2 22.1 Add: Impact of acquisition and divestiture-related expenses(2) — — — 0.6 — — — Add: Impairment charge — — — — 5.0 — — Adjusted Segment EBITDA $ 6.6 $ 8.7 $ 63.9 $ 63.7 $ 77.6 $ 24.2 $ 22.1 Adjusted Segment EBITDA Margin 8.9 % 10.8 % 16.3 % 13.7 % 16.6 % 7.9 % 7.4 % Operating Loss - Corporate $ (13.0) $ (14.5) $ (32.5) $ (47.3) $ (57.7) $ (70.3) $ (68.8) Add: Impact of acquisition and divestiture-related expenses - Corporate(2) 0.9 1.7 — — 4.6 11.5 10.7 Add: Legal settlement — — — — — 8.7 8.7 Add: Corporate depreciation expense 1.3 1.3 0.5 3.6 4.9 4.7 4.7 Adjusted EBITDA $ 73.4 $ 56.5 $ 186.5 $ 240.7 $ 283.7 $ 283.3 $ 300.2 28 I MOVING INFRASTRUCTURE FORWARD I 2022

Reconciliation of Net Debt to Adjusted EBITDA and Free Cash Flow ($’s in millions) (unaudited) (1) These periods include pro forma adjustments for acquisitions completed during the period, as previously disclosed. (2) Adjusted EBITDA includes a 4 month pro forma adjustment of $4.7 million based on previously disclosed Adjusted EBITDA for Southwest Rock of $14.0 million for the twelve months ended May 31, 2021. As of Pro Forma September 30, 2018(1) December 31, 2018 December 31, 2019 December 31, 2020(1) December 31, 2021(1) March 31, 2022(2) Total debt excluding debt issuance costs $ 0.4 $ 185.5 $ 107.3 $ 254.5 $ 685.7 $ 686.6 Cash and cash equivalents 210.4 99.4 240.4 95.8 72.9 88.6 Net Debt $ (210.0) $ 86.1 $ (133.1) $ 158.7 $ 612.8 $ 598.0 Adjusted EBITDA (trailing twelve months) $ 178.1 $ 186.5 $ 240.7 $ 291.4 $ 298.4 $ 304.9 Net Debt to Adjusted EBITDA (1.2) 0.5 (0.6) 0.5 2.1 2.0 29 I MOVING INFRASTRUCTURE FORWARD I 2022 Year Ended December 31, Twelve Months Ended March 31, 2018 2019 2020 2021 2022 Cash Provided by Operating Activities $ 118.5 $ 358.8 $ 259.9 $ 166.5 $ 190.6 Capital expenditures (44.8) (85.4) (82.1) (85.1) (91.1) Free Cash Flow $ 73.7 $ 273.4 $ 177.8 $ 81.4 $ 99.5

Reconciliation of Adjusted EBITDA for Cyclical and Growth Businesses (in millions) (unaudited) Year Ended December 31, Full Year 2022 Guidance 2018 2019 2020 2021 Low High Consolidated Adjusted EBITDA(1) $ 186.5 $ 240.7 $ 283.7 $ 283.3 $ 290.0 $ 305.0 Add: Corporate Adjusted EBITDA(1) 32.0 43.7 48.2 45.4 50.0 50.0 Adjusted EBITDA, excluding corporate 218.5 284.4 331.9 328.7 340.0 355.0 Wind towers business: Operating Profit 56.7 55.5 41.8 19.9 Add: Depreciation and amortization expense 8.4 7.9 7.8 7.3 Wind towers EBITDA 65.1 63.4 49.6 27.2 Wind towers Adjusted EBITDA 65.1 63.4 49.6 27.2 7.0 9.0 Transportation Products Adjusted Segment EBITDA(1) 63.9 63.7 77.6 24.2 13.0 16.0 Cyclical businesses Adjusted EBITDA(2) 129.0 127.1 127.2 51.4 20.0 25.0 Growth businesses Adjusted EBITDA(3) $ 89.5 $ 157.3 $ 204.7 $ 277.3 $ 320.0 $ 330.0 (1) See Reconciliation of Adjusted Segment EBITDA table. (2) Our cyclical businesses include our wind towers business, included in the Engineered Structures segment, and our Transportation Products segment, which includes our barge and steel components businesses. (3) Our growth businesses include our Construction Products segment and our Engineered Structures segment, excluding the wind towers business. 30 I MOVING INFRASTRUCTURE FORWARD I 2022

Year Ended December 31, Average for Years Ended December 31, Year Ended December 31, 2018 2019-2021 2021 Storage tanks business: Operating Profit $ (9.5) $ 21.9 $ 36.8 Add: Depreciation and amortization expense 5.7 7.0 7.3 EBITDA (3.8) 28.9 44.1 Adjusted EBITDA $ (3.8) $ 28.9 $ 44.1 Reconciliation of Adjusted EBITDA for Storage Tanks Business (in millions) (unaudited) 31 I MOVING INFRASTRUCTURE FORWARD I 2022

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