Good morning, and welcome to Aztec's 2026 Investor Day. My name is Steve Anderson, and I'm the Senior Vice President of Investor Relations. We're happy you've joined us today. I've been with Aztec for over 26 years, and I can tell you I've never been more excited about the future of Aztec than I am right now. You'll learn more about the reasons why over the next 90 minutes. Before we get started, I'd like to share some details about today's event. The event is being webcast and recorded for replay. Presentation materials are available under the Investor Relations tab of the Aztec Industries website at www.aztecindustries.com. We don't anticipate any interruptions during the presentation, but we are broadcasting from one of our manufacturing facilities in Chattanooga, Tennessee. In the unlikely event you hear any noises from our production areas, please excuse us and know that any disruptions will be quickly resolved. Some statements we will make are forward-looking. For more details about the risks, uncertainties, and assumptions relating to these statements, please see our safe harbor language in this presentation. We will also discuss GAAP and non-GAAP financial metrics. We encourage you to familiarize yourself with our disclosures and the reconciliation tables as you consider these metrics. Before we go deeper, I'd like to introduce you to our executive leadership team, many of whom you'll hear from today. We are leaders with over 130 years of combined experience across infrastructure, materials, manufacturing, engineering, finance, innovation, and human resources. For our agenda today, we will cover five primary topics. Who we are, the next era of growth, the mega trends shaping our markets, how we operate through the Aztec built-to-connect way, and ultimately why we feel Aztec is a compelling long-term investment. Questions can be submitted via the chat box on the webcast page during the presentation and will be answered during the brief question and answer session at the conclusion of the presentation. With that, let me turn the presentation over to Jakub van der Merva, our President and Chief Executive Officer.
Thank you, Steve, and I appreciate your kind words about how you view Aztec today. Welcome to Aztec's 2026 Investor Day. I want to start by thanking my team and all our partners who made this day possible. Secondly, I want to thank each of our participants on the call today. I trust that you will find the next 90 minutes insightful and that you will walk away as excited about Aztec's future as we are. Since 1972, Aztec has provided innovative solutions and exceptional customer service to the rock-to-road industry. Over the past three years, we have focused relentlessly on building a solid foundation, improving consistency, strengthening our balance sheet, and proving we can execute. Today marks an inflection point. This is the moment where we describe the future of Aztec, and how we will further improve consistency, how we will enhance profitability, and lastly, how we will grow. Our purpose, vision, core values, and three strategic pillars are ingrained in who we are, how we operate, and how we win. Achieving Aztec's full potential will take focus on multiple fronts. Growing our reoccurring revenue mix and bringing industry-changing solutions to the market will be key for us to reach the long-term goals we will share with you today. We like the industry we play in, as the demand for infrastructure, natural resources, and recycling will continue to grow. I am very proud of our team, our product portfolio, our strong brand, and the relationship we have and are still building with our customers. Before we get into details, we want to start with who we are. This short video brings Aztec to life, our people, our purpose, and the work behind the results we deliver.
In a world full of complexity, we bring certainty. In a world of chaos, we build order. When the future is calling, we stand ready. Driven by a legacy of manufacturing innovation, Aztec Equipment is at work behind the scenes, transforming challenges into progress, quietly building the infrastructure that physically connects the world. Our impact is hidden in plain sight. You don't think about the materials that create the foundation of your forever home, or the asphalt mix under the plane that brings you home, or the equipment needed to clear a road until it's your road that's gone. We are the foundation beneath the structures where memories are made, the roads that connect lives and dreams, the unseen hand that turns raw materials into the building blocks of progress. Our touch is everywhere, every moment, every day. Without the machinery and technology we provide, progress stalls, movement stops, and innovation fades. Aztec is the constant you can depend on. Our equipment and people represent the promise of reliability, precision, safety, and support. From the materials that build the skyline to the roads that bring us together, we are built to connect. And with over 4,000 employees at a global presence, our reach is as vast as our impact. At the heart of this success are the skilled innovators and master craftsmen who design and build our equipment to the highest standards. And our commitment goes beyond the equipment we manufacture. It's in the expertise we share, the partnerships we foster, and the solutions we deliver. Aztec doesn't just power industries, we empower people and communities. Every innovation, Every breakthrough, every challenge met, is a step towards what's next. It's not just about building infrastructure. It's about connecting the world. You don't have to see us to know we're here. Aztec. We're built to connect.
What a fantastic overview of Aztec. At Aztec, we are built to connect. Think about it this way. Everything you drive on, everything you land on, your house, hotel, or the office you are in right now has probably needed the products Aztec makes during the construction process. We connect people, families, and industries to the future. What did you see in this video? Products? Manufacturing sites? Customer sites? I saw so much more than that. I see a company and industry that is made up of hard-working people, people who make things happen. Focusing on our employees and our customers are two of the three strategic pillars, the third being innovation. Having engaged, enabled, and empowered employees is the key to success of our business. Part of our vision is to provide life-changing opportunities for our 4,500 team members. When we do this well, results will follow. I want to share one of many examples with you. Kim Graf is a general manager at one of our manufacturing sites. Kim started with Aztec in 1992 at our front desk. She slowly worked herself into the HR team, where she later became the HR manager. Her ability to communicate well made her a natural choice when the GM position became available a couple of years later. Today, she runs one of our best facilities. Today, we have over 4,500 employees and 26 manufacturing sites around the world. We generate 80% of our revenue in the U.S., of which approximately 34% is from parts and service. Over the last three years, this team has generated a total return for our shareholders of 74%. This is an example of what is possible if we work together and use our resources in the right way. Aztec operates in two strong segments, infrastructure solutions and material solutions. Both these segments have strong and growing parts and service businesses. The Aztec brand is well known for quality and customer service in asphalt, aggregate, mineral processing, and concrete production industries. Our product brands provide customers with a connection to legacy brands and companies started or acquired by Aztec over the last 50 plus years. I am very proud of how our two recent acquisitions have integrated into Aztec and our branding structure. Our two operating segments have truly assembled an unrivaled product portfolio that reflects the products our customers need to be successful. Each segment has a strong new product development pipeline. combined with our Aztec digital solutions, we are uniquely positioned in the rock-to-road space like no other OEM in North America. As an example of our focus on new product development, we have showcased and launched over 25 new or upgraded products at the March 2026 ConExpo Trade Show. Products are important, but providing our customers with solutions and support is what differentiates us in the market. Our parts and service business now makes up approximately 34% of our total revenue. Growing this to 40-50% will ensure we provide our customers with the support they expect from us while improving our consistency and profitability. Launching our Aztec signal platform at ConExpo 2026 was an exciting event for us. Moving away from products with software to providing customers with intelligence from products is transforming how we do business. Although Aztec generates 80% of our revenue in the U.S., we have significant market share growth opportunities. Parts and service, mining, aggregate production, recycling, and selected adjacencies like industrial heating are just a few examples. Internationally, our products and brands are recognized well beyond our size and install base. We have a blank canvas internationally, supported by various manufacturing and sales facilities in key markets around the world. We will continue to grow our international presence through organic and inorganic growth. Finding local manufacturing closer to key markets is part of our acquisition focus. To bring this to life, we want to show you how Aztec comes together, from raw material to finished solutions, and from plant to the job site. This is our Rock to Road story.
From raw rock in the quarry to the roads, runways, and structures that connect our world, Aztec's rock-to-road strategy mirrors how our customers do business. We don't just operate at one point in the process. We design and build the equipment that extracts material, processes it in asphalt and concrete plants, and turns it into the roads and infrastructure we all rely on. We are built to connect. Signal is the platform that connects the dots for our customers and our industry. Across every business segment, Signal connects machines, plants, and people, giving customers real visibility into their assets and operations. With Signal, Iron becomes smart. Customers gain insight into efficiency opportunities, predictive alerts, asset health, and remote diagnostics, reducing downtime and keeping crews focused on building the infrastructure that connects the world. Our industry is transforming. Today's asphalt plants are highly automated and concrete opens new markets from pavement to structures. Signal turns siloed operations into connected intelligence systems. Aztec creates the intelligence that drives the iron we produce. From rock to road and beyond, Aztec and Signal connect our customers to their operations and connect us more closely to them.
ION becomes smart. I love that expression. I mentioned earlier that providing customers with intelligence from equipment will be a key differentiator for Aztec through our signal platform. Helping customers manage and utilize their equipment in a safe and more efficient way will become a necessity in an environment of inflation and customer consolidations. Launching Aztec's signal platform at ConExpo 2026 was a huge milestone for us. This platform will enable us to further grow our parts and service mix and our customers to run equipment safer and more efficiently across the rock-to-road portfolio. Imagine an environment where you have 100% visibility of where your fleet is located, it, how well it's running, and how you operate in the most efficient way. An environment where you use signal to drive intelligence and operational improvement. An environment where you minimize equipment downtime through smart services, telematics, all from your smartphone or tablet. Environment where you run equipment remotely or autonomously in a safe and productive manner. An environment where customers use our smart services to fix or prevent problems before they happen. These are all elements becoming a reality as we speak. Focusing on customer service has been an important part of our legacy since Aztec was founded over five decades ago. When our customers are successful, we are also. Our customers rely on us for support, training, efficiency improvements, and to bring industry-changing innovation to them. Our customer base is very diverse. From a new entrant to the market, who chooses us because of our support and expertise, to the large industry consolidators who need visibility and performance across their rock-to-road portfolio. We engage all of them at all levels in their respective organizations. Our teams are available 24-7. We are, however, taking this to the next level. During 2025, we launched our Aztec customer-focused principles. The A representing acting with urgency and empathy. We want to respond quickly and with care. The S represents simplify every experience. Remove friction and make it easy for the customer. The T stands for take ownership. Own the engagement from start to finish and follow through. E represents engaging as one Aztec. Work together across roles and departments to deliver a complete solution. And lastly, the C stands for communicate effectively. Keep the customer informed throughout the engagement. We are very proud of the business that Dr. Brock and his founding partners started. Since our inception in 1972, Aztec has grown through various cycles. Some were very successful, and some were full of valuable lessons. As you all know, we grew through acquisitions. Our company started as a pure-play asphalt plant producer. Entering the crushing and screening market was a natural adjacency when Aztec bought Telsmith, JCI and KPI. The addition of Peterson, BTI and Powerflay complemented the asphalt, crushing and screening businesses. In early 2017, Aztec took a deliberate decision to enter the concrete plant market through the acquisition of Rexcon. Since then, we have added Conoco and BMH to become the leading suppliers of concrete plant equipment in North America. The acquisition of Mines gave us the opportunity to build a digital platform that can support our businesses. Launching of our Signal platform positioned Aztec to meet the digital and AI needs of our customers. The acquisition of TerraSource Global added opportunities in washing, recycling and soft rock mining. Our most recent acquisition of CWMF was a great tuck-in business which provides regional support to customers in the northern part of the U.S. As mentioned before, we are at an inflection point. Over the last three years, we have worked very hard to create consistency, improve our profitability, and we made the biggest acquisition in the history as we continue to grow. But we are not done yet. In fact, we see many additional opportunities to enhance all three elements, consistency, profitability, and growth. As we enter the next phase of our company's journey, we are excited about the opportunities for growth, the markets we operate in, and the Aztec built-to-connect way we have been operating under for the last three years. We see various industry megatrends that will have a positive effect on our future growth. Recycling, re-industrialization, digital solutions, and mining are just a few examples. As these megatrends connect with our build-to-connect business model, we will generate greater results. Our focus remains on growing our top and bottom line in a consistent, disciplined, yet aggressive manner. I will now hand it over to Brian Harris, our Chief Financial Officer, who will walk you through our long-term growth targets and financial capacity.
Okay, thanks, Jaco. In this section of the presentation, we outline our financial and operational targets for the next five years. These are the targets that management will hold themselves accountable for, and it's our intention to provide regular updates on our progress towards these targets in the coming quarters and years ahead. While we do not expect improvement in performance to be upwards in a straight line, we fully expect to achieve these targets by 2030 and that in doing so we will deliver significant shareholder value. Management has selected four performance metrics which we believe to be the most relevant to investors, those that reflect best-in-class peer performance, and those which are consistent with management's long-term incentive plans and align closely with shareholder value creation. With that said, I would like to add a little color to each metric. Revenue growth CAGR of greater than 6% compares to our previous three-year average of 3%. So you may ask, why the acceleration in top-line organic growth? Aztec is at an inflection point, where the coming together of innovative new products with our superior digital offering provides the opportunity to capitalize on the tailwinds from growth megatrends and favorable end markets. Our global footprint and brand recognition is a launchpad for growth in a number of key markets, and recent acquisitions have created increased scale and expanded the global install base. Adjusted EBITDA margin is perhaps the most important metric by which the quality of our earnings is compared to our industry peers. From a relatively low starting point three years ago, we have achieved a 440 basis point improvement, and we expect to build consistently at a pace of 75 to 150 basis points each year. This margin improvement is underpinned by a number of initiatives, most importantly, growing the higher margin parts and service revenue in our mix. Continuous improvement in our manufacturing efficiency and a relatively fixed SG&A base that can support a substantially larger business providing a leveraged P&L account. Return on invested capital is another critical performance metric for investors and management alike. First and foremost, we must ensure that our return on invested capital is exceeding our weighted average cost of capital, which currently sits at 8.25%, compared to our reported 2025 adjusted ROIC of 11.5%. I will discuss our capital allocation priorities in a moment, But first, I want to emphasize that our goal is not to strive for a bigger and bigger heroic percentage, but rather to grow the capital-employed base upon which we generate a return which exceeds the cost of capital. By doing so, we will generate significant economic profit. Consider an extreme example. Most investors would prefer to earn a 20% return on a million dollars of capital rather than a 50% return on a thousand dollars of capital, even though the rate of return on the smaller capital is higher. The last of our four metrics is operating cash flow, which is also a management incentive metric and one which will be driven by improved and growing EBITDA, a focus on working capital management, and stable, consistent maintenance capital expenditure. We are often asked about our capital allocation strategy, and we believe this question lends itself less to a specific answer and more to a set of decision rules. Starting from a balance sheet with almost zero debt three years ago, Aztec has been able to allocate capital in a prudent but value-creating way. The left-hand chart shows the $380 million of capital deployed over the past three years, during which time capital expenditure has averaged 2.4% of revenue, cash has been returned to shareholders through a long-standing dividend policy, and we invested $250 million for the TerraSource acquisition in 2025. This left the company with a net debt-to-adjusted EBITDA leverage ratio of two times, well within our stated range of one-and-a-half to two-and-a-half times. The right-hand column provides a forward look at the capital to be deployed in the five years from 2026 to 2030. Assuming a continuation of the current dividend policy, no share buybacks, capital expenditure at 2.5% of revenue, and including the acquisition of CWMF in January 2026, our capital deployed would be $409 million. However, this is just half the story, because it would leave the company with a leverage ratio well below one times. If we were to operate with a leverage ratio range between one and a half and two and a half times, we have the capacity to deploy a further 400 to 600 million of capital. Aztec has developed a robust capital deployment decision-making strategy that will result in a positive NPV investment, an optimal capital structure, and excess cash flow return to shareholders in a value-maximizing way. Clearly, as a growth-oriented company, it's essential that we take a disciplined approach to inorganic growth. And to this end, we have developed a comprehensive playbook that defines the businesses that will be of interest, and most importantly, those that will not be a good fit. Our two most recent acquisitions of TerraSource and CWMF are great examples of businesses that met all our acquisition criteria. Both transactions were compelling for different reasons, but had the common feature of being EPS accretive in the first full year. The graphic on the left summarizes the critical elements of our acquisition playbook. Delving into these a little deeper, recurring aftermarket parts and service revenue is important to increase our mix of higher margin products and get closer to our peers that are often in the 40% to 50% range. Enhancing the overall scale of the business will allow us to unlock synergies in procurement and the back office, as well as leveraging our relatively fixed SG&A cost base. As we grow our digital service offerings, companies that can support our technology and innovation aspirations will be of great interest. Achieving leadership in our chosen markets, which are aligned with the macro trends, will allow us to grow faster than the underlying markets. Being closely tied to our large-scale customers can further enhance our market position in an industry that is consolidating at breakneck speed. And often overlooked, but something that Aztec management is very focused on, is how well the two cultures will fit together. History is littered with examples of acquisitions that look good on paper, but failed due to cultural differences. As I said earlier, capital deployment revolves around a decision-making strategy with shareholder value creation at the center. Here are some of the big themes that will drive growth in the construction industry and inform our thinking around acquisition opportunities. The re-industrialization of America, whether this be in basic manufacturing or the construction of large-scale data centers, consumes large quantities of aggregates and concrete. The growth in mining, particularly as it relates to rare earth metals, will be another source of incremental revenue. The digital revolution that is upon us will drive automation along with innovative new technologies that put data in the hands of operators in a more meaningful way than ever before. Companies that incorporate this technology into their equipment will derive new sources of revenue and access to a larger customer base. Lastly, the need to continuously reduce cost and improve efficiency will drive the need for equipment that can be more energy efficient, allow for increased use of recycled materials, and reduce downtime. Aztec has the breadth of product and global reach to service all these industry trends, and importantly, has the capital available to do so while prudently managing debt levels. And now back to Jakob for a more in-depth view of the megatrends and why Aztec is well-positioned to take advantage of them.
Thank you, Brian. Our core business is within the infrastructure market. It is an attractive market segment that will need investments for decades to come. According to the American Society of Civil Engineers, if the United States wants to improve from a C-report card grade to a B, we will need over $9 trillion of investment. As a reminder, the Infrastructure Investment and Jobs Act provided $1.2 trillion of investment, with $379 billion for highways, $65 billion for energy and power, and $69 billion for water and environment. We expect the next highway bill to be very focused on roads and bridges, and this portion could be as high as $600 billion. We have a lot of work to do as a country with about 4.1 million miles of roads and 623,000 bridges in poor or mediocre condition. Our customers operate in this space. The need for investment is clear and it has bipartisan support. Our funding mechanisms need reform and our company and industry are very involved with regulators to get this done. Aztec is well positioned to respond and take advantage of the funding needed to keep our infrastructure intact. Both Brian and I talked about megatrends earlier that we believe will have a positive effect on Aztec. This slide provides more detail on what sits below these megatrends. Movement in the macro environment cannot be controlled by the company, but many of the examples listed here will have a positive effect on Aztec. Recent developments around data center growth is a great example. We know our markets, and our customers use our equipment to take advantage of these megatrends. The release of our signal platform positions us well to benefit when our customer shifts towards the use of digital platforms. Our Build2Connect way has been in place and refined over the last three years. We have a strong and clear purpose of Build2Connect. Our vision of building industry-changing solutions that create life-changing opportunities both honors our legacy but also explains what will make us successful in the future. Innovation and employees. These three strategic pillars provide the foundation of our purpose and vision. Engage employees, customer focus, and innovative solutions. Our engaged employees will look after our customers, who will then reward us with business to fund innovation. Next, members of our executive leadership team will present on the three strategic pillars. Alethea Silcott will start by talking about our team members, And then Michael Norris will talk about being customer-focused and developing innovative solutions.
Thank you, Jaco. Hello, I'm Alethea Silcott, and I have the pleasure of serving our employees as the HR leader at Aztec. I would like to share with you how our people approach directly supports our strategy, sustainable growth, and operational performance. Before I get into the details, though, I'd like to start with our people, the men and women who help us to be the success that we are today. This short video brings to life what it means to be an Aztec employee and how being engaged, enabled, and empowered directly supports our strategy and performance.
At Aztec, our strategy starts with our people. One of our three strategic pillars is engaged employees, brought to life through our E3 strategy, engaged, empowered, and enabled. This isn't a one-time initiative. It's how we build the business. we invest intentionally in our teams through ongoing training leadership development and clearly defined career journeys our global learning platform offers more than 580 courses giving every employee access to the skills and knowledge they need to grow adapt and lead engagement is not assumed it's measured through biennial employee surveys we listen carefully to our people and act on what we learn continuously improving the employee experience and strengthening retention we unite our global workforce through common platforms and consistent execution under our aztec operating model creating alignment clarity and shared ways of working and through dedicated programs like our win program employees are empowered to improve processes drive operational excellence and deliver meaningful cost savings the result is a skilled connected and committed workforce that executes consistently and improves continuously at aztec engaged employees aren't just part of our culture. They're how we deliver lasting performance over time.
At Aztec, our employees are guided by a clear purpose built to connect. That purpose shows up not just in what we build for our customers, but in how we develop, enable, and engage our workforce. And we believe that a high-performance culture with fully engaged employees is a competitive advantage, especially in a complex manufacturing-driven environment. The men and women at Aztec are what makes us truly successful. They are the heart of our organization and the craftsmen of our products. When we create a positive employee experience for our team members, they, in turn, create innovative solutions and go above and beyond for our customers. Let me briefly walk you through how this comes to life and what we've been focused on over the last three years. First, living our vision of life-changing opportunities. In 2025 alone, more than 300 of our team members were promoted or took on new challenges internally. This is not incidental. That's intentional. We focus on clearly defined career journeys and leadership development programs at all levels of the organization that allows us to grow talent from within. Why does this matter to investors? Because internal mobility protects institutional knowledge and lowers long-term talent costs. It also creates stronger leaders who understand our products, our customers, and our operating model. Second, establishing a high-performance culture. We drive consistency and accountability through our one Aztec operating model, supported by a well-defined high-performance framework. This creates alignment across all of our functions and geographies and ensures that we execute with quality and discipline, even as we scale. Our high-performance culture is not just about expectations, it's about clarity. Our teams know what success looks like, how performance is measured, and how they contribute to our collective results. That clarity translates directly into execution of reliability and improved operating outcomes. Third, operational excellence driven by each and every one of our team members. A great example of this is our WIN program, where employees submit improvement ideas directly from the front lines. To date, over 3,000 projects have been submitted, demonstrating a culture where grassroots ideas are grown and owned locally and benefit the entire organization. At the same time, we are investing heavily in lean capability. We currently have 93 manufacturing certification graduates, with 145 additional graduates scheduled for this year. This builds internal problem-solving capability and drives continuous improvement in productivity, quality, safety, all critical to margin performance. Finally, training and development and employee incentives. We offer more than 580 training courses, spanning technical skills, leadership development, and compliance. We also conduct a biennial Voice of One Aztec employee engagement survey. This survey provides critical insights into the needs of our team members. We strive to be a best place to work, and the voice of the employee is paramount as we curate competitive benefits, wages, and opportunities. We also take pride in recognizing our talented employees who make a lasting impact on our organization. Programs like our Bravo Awards and peer recognition reinforce our winning behaviors and reward employees who deliver results aligned with our strategy. In summary, we foster a culture and a workforce that is empowered to act, enabled with the right tools, and engaged in continuous improvement. For our investors, this means stronger execution, lower operational risk, better scalability, and a culture that supports long-term value creation. Our people strategy is not separate from our business strategy. It's a core driver of it.
And now over to our group president of Materials Solutions, Michael Norris, who's going to touch on our other two strategic pillars thank you aletheia at aztec everything we do starts and ends with our customers we are a reliable provider of the world's renowned brands and top tier solutions and that reputation has been earned over decades of listening to what our customers need and delivering their expectations this slide captures the foundation of how we put customers at the center of our business first we develop customer focused solutions we offer custom solutions spanning the full rock-to-road value chain. Our engineering teams work directly alongside customers to develop innovative answers to their most pressing challenges. This is not off-the-shelf equipment. It's the purpose-built technology designed for real-world job site conditions. And second, we focus on overall customer experience. As Jaco mentioned previously, our Aztec customer-focused principles guide every interaction with our customers. A great example of the impact? We have enabled our customers to improve their recycled portion of their asphalt content by up to 20 percent helping them operate more efficiently and sustainably third customer training and support we run dedicated customer schools designed to help operators get the maximum value from their tailored solutions annually we train over 2 000 customers training is available in the classroom in the field and through virtual sessions meeting our customers wherever they are this investment in education directly translates into better uptime and productivity for their operations in fourth we deliver an enhanced aftermarket experience we have a global service team supporting all business segments along with inspection services specifically designed to prevent costly downtime and backing all of this up is over 1 million square feet of parts on the shelf ensuring timely delivery so that customers are never waiting on us the bottom line is this our customer first mindset it's not just a philosophy it's embedded in how we design, build, train, and service. It drives loyalty, repeat business, and ultimately long-term value for our shareholders. Now we'll turn to a short video that shows what happens when more than 50 years of innovation pushes even further.
At Aztec, innovation is one of our three strategic pillars and it's woven into the fabric of our culture. We innovate with purpose to solve our customers toughest challenges, to modernize a traditionally analog industry, and to consistently build value for our shareholders. Across the construction, infrastructure, and materials markets, digital transformation is accelerating. Aztec is not following that change. We're leading it. With extended reality, customers and technicians gain a deeper understanding of our equipment, improving training, accelerating service, and reducing downtime through immersive, hands-on experiences. MyAztec simplifies the customer experience entirely. In just three clicks, customers can find the exact part they need, reducing friction, saving time, and keeping operations running. Safety and efficiency come together with Aztec SiloBot, which inspects the insides of silos without putting people at risk, delivering critical insights faster and more effectively. Our Signal Telematics platform unifies data across all business units, giving customers real-time visibility into performance, health, and productivity, anywhere, anytime. Innovations like our moisture detection system help customers maintain optimal material conditions, improving quality, consistency, and importantly, reducing cost. And through disciplined new product development, we continue to launch solutions that meet evolving industry demands. This innovation strategy drives higher customer retention, expands aftermarket and digital revenue potential, improves operational efficiency, and positions Aztec for sustainable long-term growth. Innovation isn't just how we operate. It's how Aztec grows.
Our customers told us something loud and clear. we don't just need machines we need smarter machines and that's exactly what we build take our signal connectivity suite imagine running a job site with real-time visibility into performance health and productivity all unified across your entire rock-to-road fleet through one asset management dashboard that's not a future promise that's today think about parts and service we built the my Aztec portal so your team can find the exact part they need in just three clicks no catalogs no hold times three clicks and you're ordering at connexmo 2026 we launched or upgraded over 25 new products each one backed by our disciplined phase gate new product development process that ensures everything we release is ready for the real world not just the showroom now here's where it gets exciting our advanced technology group is developing ai-powered simulations that are transforming the industry as we know it silobot uses artificial intelligence for more efficient inspection assessment and reporting drop zone uses ai detection for safe truck loading and we're using extended reality as both a sales and a service tool which allow our customers to walk through an entire asphalt plant or a crushing plant virtually before it's even built this is what built to connect really means it's not just connecting rock to road it's connecting data people and the future of the industry to the technology that will define it. Innovation isn't a department at Aztec, it's who we are.
Thank you, Alethea and Michael. To add what Michael just talked about, our focus on innovation and developing sustainable solutions provides several benefits for our customers, including operating within federal and state legal environments and obtaining permits for new facilities, driving cost reductions through energy and operational efficiency. Customers depend on us to keep doing product development and to ensure they can operate in a changing environment. This is an area where we effectively combine product and digital innovation to make the complete system more efficient. Aztec is uniquely positioned in the rock-to-road space to deliver for our customers. Earlier in the presentation, Brian outlined the key performance metrics that we will hold ourselves accountable for and which we believe are of great interest to investors. However, we know that investors have a choice and when they choose to invest in Aztec, they do so knowing that our performance compares favorably with the peer group and best-in-class companies. Our recent share price performance and the total shareholder returns compare very well with our peer group, which demonstrates that a turnaround has begun at Aztec, giving us the confidence to deliver even greater shareholder value in the future. Our 2030 targets also compare favourably with both peers and best-in-class companies, providing a compelling basis for investment in Aztec. During full year 2025, we delivered 10% EBITDA for the first time since we started reporting adjusted EBITDA in 2016. We are committed to delivering our 2030 targets as we elevate Aztec to new levels. 14% to 17% adjusted EBITDA, 13% to 15% ROIC, and 25% plus operating cash flow growth are achievable targets. Our focus on growing our parts and service business, introducing new products and continuing our operational excellent journey are anchored by a strong balance sheet. Executing our plans will position us well to deliver the 2030 targets. To reinforce the investment thesis in Aztec, I'd like to remind you of the growth drivers and industry tailwinds. We have a large number of new products launching over the next 12 to 18 months, which target specific segments of the market. Our growing parts and service business will expand margins. Public funding is stable and growing, and the public end markets are non-cyclical. The industry megatrends promise multiple years of growth in a demand for construction materials. and our positive cash flow and strong balance sheet provide excellent options for capital allocation. The flywheel multiplier effect of these growth drivers with the Aztec Build to Connect way will supercharge the impact on shareholder value creation, reinforcing the case to invest in Aztec. Thank you for spending your morning with us today. We really appreciate your time and interest in Aztec. Putting investor money to work successfully is a big responsibility. The Aztec leadership team shares in that responsibility as we are all shareholders. We know what we need to do to deliver our long-term results. We know what good looks like. We are dedicated to strengthen our parts and service business, continuous improvement, and bringing our industry-changing solutions to the market. Over the last three years, we delivered 74% of total shareholder returns. We focused on creating consistency. Now, we are shifting our focus to further improve profitability and to accelerate our growth. Thank you. I will now turn the presentation back over to Steve.
At this time, our management team is available to take questions. As a reminder, questions can be submitted in the chat box on the webcast page, and we will get to as many of those as we can. During the Q&A session, I will be off-camera receiving questions that you have submitted on the Investor Day website. I will direct your questions as appropriate. But before we get started, I want to ask Jaku to introduce a key recent addition to the Aztec team.
Yeah, thank you, Steve, and I want to welcome Chad Hartley this morning. Chad is our new Group President for the Infrastructure Solutions Group. Chad, you joined us on Monday, so I assume everything is already figured out by now? Absolutely. So, you know, we're very fortunate Chad brings many years of experience in sales, manufacturing, running global operations to our team. So, Chad, you know, why Aztec? I mean, what piqued your interest in the business and what are the opportunities that you see right now?
Yeah, you know, thanks, Jaco, and great to be here with Aztec. You know, when you take a look at this business, extremely strong foundation, a lot of good things going on within the business, driving more consistency in the results. And then, you know, truly it's at this inflection point that you talk about on the journey. So I think it's just an absolutely great time to be a part of the company. What I see is great people within the organization and truly from the shop floor all the way up through leadership. The passion, the engagement that I've seen has been really, really good. And I think right now it's just really about time to accelerate, right? So the consistency that is starting to happen, so that's great. A couple other things I would just say, the innovation, the digital piece of things, you know that ecosystem and and how this business has a portfolio to really drive a broader industry solution it is great and so you know all in all I just think it's a great time to be a part of this company and just I see the passion and I see the opportunity within Aztec yeah absolutely and we definitely welcome you to the team and look forward to see what you're gonna bring bring to the table for us yes thank you thank you Chad and now for a question and answer session Our first question goes to Jaku.
Can you elaborate on the most important drivers for margin growth over the next five years?
Yeah, as part of our presentation today, we talk about, you know, growing our EBITDA margin from 14% to 17%. And, you know, we know that is a really aggressive target. But there's three significant focus areas for us. You know, number one is growing our parts and service business. You know, it gives us a huge opportunity to connect with our customers on a daily basis and to make sure our customers' equipment are running, you know, as they want them to run. Secondly, we see a big opportunity still in improving our own internal operations, manufacturing, sales and operations planning, improving quality, you know, the state of our inventory. So there's so many opportunities from an operational excellence point of view. You know, lastly, we're very excited about our new product development pipeline. And, you know, just recently at ConExpo, we launched over 25 new or significantly upgraded equipment. So that pipeline is healthy. Between those three focus areas, we feel, you know, margin can be driven into this range that we quoted. But we also see some efficiencies from an SCNA point of view. You know, right now, we know that we have some room for improvement compared to our peer companies.
All right. Thank you, Jaku. Next question I'll direct to Brian. Brian, how much of your anticipated revenue and margin growth will be organic versus inorganic?
Yeah, the vast majority of the revenue growth that we have in the next five years is organic, and for the reasons that Jaco just mentioned. But there are a couple of other areas. One, of course, is the inorganic growth that we've got from CWMF. The first year, we closed that deal on January 1st, 2026. So we have a full year in year one of that five-year plan. And then also we have the second six months of the TSG acquisition, which we closed in July of last year. So both of those would be incremental. But everything else that we have in the plan for the next five years is organic growth.
Thank you, Brian. The next question I'll direct to Michael Norris, group president of our material solution segment. The material solution segment went through a down cycle but has shown recent improvement. How do you see the cycle playing out over the next five years?
Yeah, thanks for the question, Steve, and Material Solutions is definitely on the upswing. If we take a look at the cycle a little bit and think about the last two years, it was really impacted by high interest rates, and how that impacted our business was that our, you know, big producers that use our equipment, they limited their investment in capital. The high interest expense really impacted our channel partner's ability to reinvest in their inventory. We had high inventory levels. I think that was across our own peer group. But I think if you think about it now, that's changed. Our customers, they're used to working in this high interest rate environment today and we have increased demand from infrastructure spending, data centers are driving a lot of interest in our business today. We also have Pterosaurs that joined us that gives us a lot of new markets that we can go into. I think if you think about energy, if you think about fertilizers, special minerals like lithium and those types of things, and those markets, they have a different cycle than what the traditional aggregate market has. So I think we have opportunity and durability in that cycle. And also, I would say that, you know, Terrasource brings thousands of assets for us to harvest the aftermarket as well. And that just gets us closer to our 40 to 50 percent target of aftermarket revenue. So I think we're in a good place. Our portfolio is strong. And I think we're at the right time in the cycle to be able to grow this business over the next several years.
All right. Thank you, Michael. And for Chad, Chad, can you tell us about your operational, and manufacturing experience and how they relate to Aztec?
Yeah, absolutely, Steve. You know, I think the experience I've got centers around a lot of the themes that Aztec's really on, right? Disciplined execution, building strong teams, you know, thinking about, you know, the innovation pipelines, everything. That's all been things that have been experiences in my career. Transformation is another thing. Again, this inflection point that we talk about, been through a lot of journeys of transforming parts of the business, bringing different parts of the business together. And, you know, I think there's a lot of that opportunity here within Aztec. And then, you know, from a customer-focused perspective, really bringing innovation, industry solutions, digital, all those things together as you have an acquisitive company. There's just broader aspects that you can bring customer solutions to. So I think those are all things that I have a lot of passion for and have a lot of background in. So I just feel like, you know, the fit of these things that, you know, with everything that's been talked about today and a lot of the experiences I've had, you know, sticking to disciplined execution, building strong teams, all those things really come together.
Thank you, Chad.
I'll direct this next question to Yaku. with signal how much of the rollout is from retrofitting installed Aztec equipment versus a possible accelerator in equipment replacement demand yeah that's Steve that's a really good good question you know signal is is obviously a platform that consists of various various pieces and you know included in there is controls obviously in the future telematics management capabilities so today you know every piece of equipment that goes out is signal ready but there is a significant opportunity for us to go in retrofit and and that cycle has already started we are very fortunate that various of the big players in the market have chosen you know our solution as their platform for the future and you know we we think this business can grow significantly over over the long term and it's going to be a mix between between new installations but also retrofits all right and as a follow-up and related question Jaco can you discuss how you plan to monetize the new signal digital platform and how the digital mega trend plays into your 2030 targets yeah so obviously signal and monetizing a product like signal is something new for Aztec our teams our product management teams have done a lot of work around that and and we see various channels on how to monetize this you know first of all obviously sell the technology as part of the new product that we sell you know selling controls for plant upgrades or retrofits but long term I think there's there's an element of you know license fees as you go and it becomes more a way for the customer to run their business versus just the product now I will say you know signal obviously as a product we we want to monetize that but long term our goal is is to use Signal to drive smart services and with that then sell more parts to our customers. You know, I can see a future where we use Signal to provide services to our customers, to provide spare parts for them without even them interacting in the process. They will trust us to make sure they keep their machines running and their equipment running in the most efficient way.
Thank you, Jaco. Brian, I'll direct the next question to you. How much revenue can you support with the existing level of SG&A, and will SG&A need to grow as you expand internationally?
Yeah, so today our SG&A percentage of revenue is about 19%. We know that's high relative to our industry peers and higher than where we would like it to be. But we've talked about having us leverage P&L account, So the G&A portion of that corporate back office expenses and the infrastructure that we need to support being a public company is relatively fixed. So as our top line grows, then we'd expect that percentage to come down. Now, obviously, as we grow our sales organically, we may need to flex our sales teams and our sales expenses appropriately. But the SG&A will not grow at the same kind of pace that we see our top line growing at. So we will bring that percentage down, and ultimately that will improve our EBITDA margins as well as we go over the next five years here.
Thank you, Brian. And Jaku, I'll direct the next one to you. Can you talk about the role of acquisitions in getting to the 40% to 50% part mix goal?
Yeah, you know, acquisitions play an important role in our strategic roadmap. And, you know, I think the recent acquisition of TerraSource is a great example where we found a business that has a very high parts and service mix in that product. So obviously that will help us, you know, that will probably over the next year as it gains momentum, you know, help us to add another two, three percentage points to our mix. Today we are at 34%. You know, Brian also presented earlier today our strategic filters around acquisitions, and you can clearly see aftermarket is a key consideration when we do acquisitions. I will say we've also noticed through our scouting of the market of acquisition opportunities that, you know, a lot of companies that is available have not focused that much on parts and service business. And that just means that there's a great opportunity for us that if we do buy a business, that we can use the way we think about equipment and servicing our customers, that we can grow that mix within an acquired business. so absolutely part of our focus we are constantly looking for that pure play parts players but if we have to buy you know company with a lower percentage and we see the opportunity we will definitely take advantage of that yeah i might add to that just a little bit if i think about our you know our own population and the assets that we have in place i think we have a lot of
opportunity to capture more of our own share as well so there's an inorganic path to get there but I think organically we have a good path to get there as well yeah all right Michael I'll direct excuse me I'll direct the next question you on the mining and rare earth minerals opportunity can you talk about how you're seeing the demand in the recent one to two years and where you see the opportunity going yeah I would say it's a great question I think today if I think about just North American we talk about the rare earth minerals and you think about the Department of the defense and the investment that they're making in in rare earth minerals here I mean that mountain pass project we're in on that our dealer and channel network is in on those those projects and that's going to get to be more and more of a
higher demand for us and you know we're well positioned with our product portfolio and the products that we have to be able to capitalize on that so it's an important part of the future for us I mean we're seeing that demand yeah and if I can I can add a little bit there you know we talked about different mega trends that is of interest to us and and mining is a space that is definitely an opportunity for us you know in certain markets around the world you know south africa brazil where we have factories that is predominantly focused on mining and here in north america you know we are playing you know way on the outside of of mining so so great opportunity for us um obviously with
rare earth minerals great opportunity now that we have the terra source product portfolio and getting into self-rock mining so so that space is something that's very interesting to us all right brian i'll send the next one to you on the greater than six percent organic revenue keger target how much of that growth is expected to come from infrastructure solutions versus material solutions yeah the the mix is probably pretty even right now we've got a lot of activity on the MS side you've seen our backlog has grown substantially over the last two or three quarters so we do expect that to be a good source of the growth but probably over the five years it'll be pretty well balanced maybe a little more acceleration in MS in the near term but over the five-year horizon that we've been looking at I think pretty well balanced between both IS and MS. And maybe Michael you can add a little bit of color around the new products that we launched at ConExpo and what does that pipeline look like for MS here over the next 12 months?
Yeah I would just, thanks Jaco, just to add to that I mean I think if I look at our innovation pipeline that we have on the MS side I mean over the next 18 months we're gonna have over a dozen new products that are gonna hit the market And, you know, those are focused on domestic market, North America, that's our big market, but also on the international side. So you can imagine on our mobile equipment, we primarily manufacture in North America, for North America historically, and the weights and dimensions and over-the-road access and those types of things are different globally. So a lot of our innovation pipeline gives us opportunities to expand our North American business but also grow internationally as well. A lot of good stuff coming.
All right. And Jaco, if you could address this, can you talk about how your concrete segment fits into the long-term framework of Aztec? What are you trying to achieve in this business from a parts and service standpoint? And from a high level, can you compare and contrast the margin profile of concrete versus asphalt?
Yeah, absolutely. You know, we bought Drexcon in 2017, and, you know, I've had the great fortunes to watch this concrete portfolio grow. I will say it it gives us the great diversification if you look at our customers today they do crushing and screening they do asphalt production they do concrete production obviously lay down so it really fits well with that the rock-to-road portfolio that we that we building you know from a margin profile point of view you know it's I will say it's comparable with asphalt typically on an on a concrete plants the mix of parts is lots is a lot lower compared to what you see on an asphalt plant just because of the complexity in asphalt production but you know overall it's it still has a as a really nice margin profile and you know we we are really starting now the new product development in that space and you know over the next couple of years we're very excited about how we will bring change to that market and and obviously you know have a solution for our signal platform that connects to the to the concrete side as well all right thank you yaku michael i'll direct the next one to you can you talk about the opportunity to develop system sales and is the installed base a source of advantage can you leverage
existing brands how do you develop dealer support for MS systems how should we think about the benefit yeah that's a great question Steve I think maybe first I'll define what a system is maybe for some of the listeners who don't understand that so on the MS side of the business we have two mainly tracks of portfolio that we offer one is we call a system which is a complete fixed plant installation you can imagine this the larger producers are doing a lot of tons per hour and so that's what that system business is and we're trying to grow that business because it's a larger system obviously it's a bigger order but it's also a bigger consumer of parts and we talk about trying how we're gonna grow our parts business and the other path that we have is around the mobile track stuff and so that's typically goes through a dealer channel and so so if we think about the mix of those the system business is better for parts better for better for aggregate production on big volumes and then the mobile stuff is more for the contractor market it's more of a little bit smaller parts consumption is not quite as high as it is on the other unit so the systems big business is a big portion of us for what a big an important part of what we do and it's also one of the largest profitability opportunities that we have Michael maybe you know maybe to add to that I will say since since Michael is in his role we we for a while there Aztec lost its focus on the system business and i i will say we've done a we've done a great job bringing that back to life and michael maybe just talk about the pipeline a little bit yeah i would say i mean um you know there are pipeline and project opportunities is in the hundreds at the moment and when we talked earlier about the high interest rates kind of pausing that capital investment by the large producers well that's all coming online today and we've seen that pick up significantly in the later later half of Q4 and Q1's been strong and it continues into Q2 as well. I mean, the pipeline is really growing there.
And typically when you have a system like that, I mean, that will be in place for 15, 20 plus years and it just produces pay parts, you know, every day of the week.
Yeah, that's a great point. I mean, for us, we try not to lose any deals when it comes to the systems projects that we have. If you're out, you could be out for 10 years or more and you lose that annuity for the parts business along with that. So we've really focused on that, and for us it's a competitive advantage. I mean, our engineering teams, how we ETO, we can do that with some of the digital tools that we have today. We can do the augmented reality, lay out your plant in your quarry, you know, before you even place the PO, we can walk you through what that would look like to help you identify traffic patterns and where you want to stockpile and just kind of get your logistics and your quarry in place. So we have a lot of tools to kind of help promote that, and it's a big focus for us at the moment.
All right. Thank you. Brian, I'll direct the next question to you. Do you include any larger CapEx investments in your 2.5% of revenue target, or is this primarily maintenance CapEx? And is it reasonable to think you can reach 100% cash conversion within your target period?
Yeah, we haven't really included any major significant capital expenditure projects in in the 2.5%. That's pretty much the run rate. We've been at 2.4% for the past three years. So we've included 2.5 in the model that we've got going forward for the next five years. And a lot of that is maintenance and replacement. We are investing in the manufacturing facilities to upgrade them, improve our efficiencies, reduce costs. So the 2.5% is really the major a part of that.
We have a few parts related questions so I'll summarize those. Does reaching 40 to 50 percent of revenue from parts and service by 2030 require additional M&A or do you have a current plan to attain that mark organically and what efforts are underway?
Yeah getting to that target obviously is going to take both both acquisitions and growing organically you know i i mentioned earlier terra source was a great opportunity for us to buy a very strong parts and service business and and even with that mix we think there's a lot more to to go after michael talked about the thousands of installations that they have and and getting to touch every one of those is something that we we busy putting the resources in place you know there is not that many pure play parts businesses that makes a hundred percent sense but there is quite a few and we are exploring those but from from an organic point of view we see obviously significant opportunity both in the local market internationally and and we're very excited about how we're gonna use our signal platform to help us to enable that and you know I think if we do that well our customers will see the benefit with improve the runtime or uptimes in their operations and you know that will just generate in a new cycle of capital spend with with us all right thank you another question related to parts so do you have sufficient infrastructure in place to achieve the
40% parts mix targets, or will that require additional investment?
Yeah, I will say in general, we have. You know, we have great capability in shipping and receiving. We have the warehouse capacity. You know, obviously, if you look at parts, there's a mix between procured parts that we buy and sell, and then there's manufactured parts. And in certain of our facilities, we will need investment in capacity. And, Michael, maybe you can say something about that just in M.A.s from a machining point of view, you know, what you've seen and what your team is working on.
Yeah, I'll maybe go back to the previous question that asked really about what we're doing today, right? So today, right now, there's people out there that are going and calling on these customers where our assets are located and doing machine audits and things like that to go and try to drive that business today. So we have those asset population mapped out. We know where they are. We have people in place going out to call on those things.
So that's what we're doing today. if we think about our capacity to fulfill parts i mean fill rate for us is one of the major focuses we look at that on a monthly basis for all of our sites and all of our product portfolios to make sure that we have the parts on the shelf and available at the time the customer needs it and we find if you do that you win a lot and and so we really focus on that yeah and i i will i will also note that you know in most product lines from a market share point of view we have an opportunity to grow our share as you know in general it's lower than what we see in some of our capital equipment product lines so big opportunity an opportunity with existing customers running our equipment you know the last thing on parts is it it takes time to develop that it's not something that you're just gonna get a big order and all of a sudden you jump to 40% it is something that you have to work on on a daily basis um you know a tool like my aztec that that we have now rolled out on on our asphalt plants soon it will be on our concrete plants are all ways that we want to make it easy for our customers to do business with us and and if we do that we we feel comfortable that we can grow that to to 40 to 50 percent all right
Thank you, Yaku. The next one I'll direct to Brian. How do you envision deploying capital towards acquisitions going forward? Larger deals, smaller bolt-on acquisitions, other?
Yeah, look, I think it's going to be a combination of the above. We've talked in the presentation there about having, you know, $400 to $600 million of capital available to allocate towards acquisitions if we maintain our leverage in that one-and-a-half to two-and-a-half times. range. We have a very active business development process within the company and we have a pretty active pipeline of potential targets. We're constantly looking at them. We've talked about the filters and the discipline that we have but it's a little hard to predict exactly when those deals will land, how big they'll be. There could be some smaller bolt-on tuck-in deals along the way that fit nicely with the existing portfolio that we have and there could be larger transformational ones but we're very disciplined about the approach that we take to our acquisition and it'll just take it'll take time for those to land we're going to stay well within our leverage boundaries and we'll we'll acquire what we what we can and what's the best fit for the for the company going forward all right thank you brian and i'll stick with Brian, on this one, how are you thinking about the level and timing and investment necessary to
achieve your international growth goals?
Well, again, the growth goals are both domestic and international. We have a very good international footprint. It represents about 20% of our revenue today. We operate in some very attractive end markets. We'd like to grow internationally, and it really depends on the art of the possible when it comes to acquisitions. We get inbound inquiries all the time with businesses that are for sale, and we look hard at those, but it's about managing risk, about being in the right markets where we see the growth potential. I wouldn't say there was a specific mix between international and growth. the 80-20 domestic international is quite a good mix just now and that may not change significantly over time but we will be looking at international targets to underpin the the overall growth mix that we have and if I can just add a little bit there you know we mentioned earlier today that that our brand is known around the world you know sometimes much bigger than what we are but you know our opportunity to grow market share is significant internationally
and you know players international players like our product so if we can take our existing product and make it close to the customers I think there's a significant opportunity for us so so we excited about that I think the really good thing is is we have a lot of international experience if i just look at all four of us we've all lived in different countries and worked in different countries so you know lots of international experience within our leadership team all right great and we have time for a couple more questions i'll direct the next one to uh michael uh in material solutions segment where do you foresee
your growth coming from geographically?
Well, just kind of as we discussed a little bit earlier, I think the North American market for us is still our primary market and it's the most stable market for us, but we have good foundations already set up in Latin America and we're seeing good growth opportunities Brazil for us has been a growth area for us over the last few years, so Asia I think with Pterosaurus with the energy and the potash and the fertilizer and those types of markets are going to be a growth area for us in the Middle East. I think we have a lot of opportunity, and again, going back to this innovation, you know, you imagine our products today were for North America, and so our new products that were coming out are going to give us more of an international appeal. And so we're excited about what the future looks like there, and like I said, all those are coming online over the next 18 months or so. So we're excited about what our growth opportunities are internationally.
Okay, great. Thank you. Yaku, maybe address this one, please. If you are able to build out the parts enterprise, are you able to leverage the investment by expanding the offering beyond Aztec parts and carrying margin-attractive non-Aztec parts?
Yeah, absolutely. You know, if you look at our customer base today, a lot of our customers, especially right now, are growing through industry consolidation. So a lot of acquisitions made by our customers, and that means that they have a mixed fleet of equipment. So customers want to deal with us And, you know, if we provide them better service on Aztec equipment with our support, they're looking to us for support on competitive parts as well. and you know in some of our business areas we already doing really well with that and you know just here recently both Michael and on in our infrastructure solutions side we've we've launched dedicated platforms that are specifically focused on on competitive parts and we see we see a significant opportunity there and and you know to be quite frank I think we're doing a really good job with supporting our customers we have great full rate today so if a customer needs something you know we probably have it and and if we can create that same type of availability from a competitive point of view we feel we feel that we can attract quite a bit of business there all right thank you yaku and then this question ties parts and digital together but can you talk about the customer acceptance rates on myaztech and is this accelerating for new users of myaztech what kind of acceleration in your parts are you seeing and what are you seeing once those customers are fully on board yeah i if i if i remember correctly we probably now have 400 assets 400 asphalt plants on my aztec so it's growing you know on a daily basis we have a team now that just go from customer to customer we create a digital twin of what the customer have so that we you know we know exactly what that customer wants when they when they order parts from us so you know anything technology related there's a variance in adoption you know typically the younger employees and we see a lot of that in our industry now they adapt to this technology really quickly somebody who's around an asphalt plant that's that used to picking up the phone and say send me that thing and everybody knows what that thing is they want to do that so we catering for both but but we know long term it's going to be a great opportunity for us and and obviously that's a platform that we now started to take to to concrete and you know it it's going to be on on the material solution side as well in the future. So yeah, great opportunity for us.
I might just add a little bit to that, Jaco, if you don't mind, on the signal platform you talked about and the telematics piece there. I mean, really all of this ease of tools that we're trying to put together is really to try to reduce friction. If we can be easy and have a good fill rate, we feel pretty confident that we can win in that market segment. So telematics and signal is gonna be a good adder for us for sure.
All right, and Jaco, as we wrap up, Is there a final message you'd like to leave with us?
Yeah, absolutely, Steve. You know, first of all, I want to thank everybody for joining us today. And I trust that you've learned a lot about Aztec today. And, you know, I trust that you see how excited we are about the future of Aztec. I think if you look at our long-term targets, you know, taking this business to a 14% or 17% EBITDA business, it's elevating it to a place that we've never been before. and and i think we as a team you know we really like the product portfolio that we have we like the market that we play in and um you know i think i think we have a very clear path to get to our uh 2030 targets and and i want to remind you of those you know obviously growing our parts and service business you know driving operational excellence and then bringing new products to the market that that gives our customers the opportunities to to stay competitive and and you know I got I got away from ConExpo this year so energized because it was so clear that we are leading the way around that so you know the the the next thing is is we we are very fortunate that we have a strong balance sheet and you know Brian talked about the financial capacity that we have to to take advantage of inorganic opportunities and you know we have a strong process we have a strong team around that and I think you know over the over the next few years we're gonna put that money to work in a good way and then lastly you know we we've proven that we can execute you know the last three years we we've grown and you know improve our shareholder returns to 74% over the last three years so this team have demonstrated through our build to connect way that if we execute you know the results will come you know and and from my side where I'm sitting today I hope you guys agree you know this this journey have just started you know today we're not only announcing you know these targets to the market we making a commitment we're making a commitment with our four and a half thousand
employees that we're gonna take this business and really put it in a place where it deserves to be so thank you very much we appreciate your time thank you thank you Jaco and thank you all for joining us today as we've mentioned previously our investor day materials can be found in the investor relations section of the Aztec Industries website at www.aztecindustries.com so have a great day. We're adjourned.