8-K
Lindsay Corp (LNN)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, 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): January 08, 2026 |
|---|
Lindsay Corporation
(Exact name of Registrant as Specified in Its Charter)
| Delaware | 1-13419 | 47-0554096 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| 18135 Burke Street<br><br>Suite 100 | ||
| Omaha, Nebraska | 68022 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
| Registrant’s Telephone Number, Including Area Code: (402) 829-6800 | ||
| --- |
(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<br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $1.00 par value | LNN | 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 2.02 Results of Operations and Financial Condition.
On January 8, 2026, Lindsay Corporation (the “Company”) issued a press release announcing the Company’s results of operations for its first quarter ended November 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.
In addition, a copy of the slide presentation to be used during the Company’s fiscal 2026 first quarter investor conference call at 11:00 a.m. Eastern Time on January 8, 2026 is furnished herewith as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits.
99.1 Earnings Press Release, dated January 8, 2026, issued by the Company.
99.2 Slide Presentation for Fiscal 2026 First Quarter Investor Conference Call on January 8, 2026.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
In accordance with General Instruction B.2 of Form 8-K, the information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 relating to Item 2.02 and attached hereto, is being “furnished” and, as such, shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
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.
| LINDSAY CORPORATION | |||
|---|---|---|---|
| Date: | January 8, 2026 | By: | /s/ Samuel S. Hinrichsen |
| Samuel S. Hinrichsen, Senior Vice President and Chief Financial Officer |
EX-99.1
| Exhibit 99.1<br><br><br><br>18135 BURKE ST. OMAHA, NE 68022 TEL: 402-829-6800 FAX: 402-829-6836 |
|---|
Lindsay Corporation Reports Fiscal 2026 First Quarter Results
Margins remain solid despite lower revenues amid a challenging agricultural environment
OMAHA, Neb., January 8, 2026 - Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its first quarter of fiscal 2026, which ended on November 30, 2025.
Key Highlights:
- Improved Irrigation operating margin despite lower revenues in North America and international markets
- Increased Infrastructure revenues 17 percent on higher sales of road safety products
- Secured $80 million irrigation and technology project in the MENA region, subsequent to quarter-end
- Completed share repurchases of $30 million during the quarter
“In the U.S., farmer sentiment continues to reflect trade uncertainty, lower commodity prices, and higher input costs, however, our team's diligent focus on price management, operational efficiencies, and cost management led to improved gross margin in our irrigation segment that muted the impact of softer demand" said Randy Wood, President and Chief Executive Officer. "Our international irrigation business continues to perform well in the current environment, with the lower quarterly revenue performance largely reflecting the impact of timing between project activity in the Middle East North Africa (MENA) region. In Brazil, elevated interest rates, credit availability, and slower loan approvals continue to constrain demand, resulting in lower order levels than expected. Increased road construction activity supported a good start to the fiscal year for our infrastructure business, which delivered a 17% improvement in sales while maintaining strong margins. During the quarter, we continued to fund growth investments in innovation, new products, and productivity improvements while also conducting share repurchases of $30.3 million."
Wood continued, "Subsequent to quarter-end, we announced a new supply agreement to provide Zimmatic™ irrigation systems and FieldNET™ remote management and irrigation scheduling technology to a customer in the MENA region. The contract revenue is valued at approximately $80 million and supports localized food production in the region. I am proud of our team's strong and developing track record of success in delivering transformative projects across the MENA region, and this new project further underscores Lindsay's role as a trusted partner in advancing sustainable agriculture and enhancing food security for this growing region. FieldNET is a strategic differentiator in large projects, helping farm managers enhance productivity while optimizing resources and conserving water."
Wood concluded, "During the quarter, we announced that our Board of Directors authorized a new share repurchase program of up to $150 million of our outstanding common stock. This authorization provides us the ability to return capital to shareholders while maintaining balance sheet strength and the financial flexibility to continue investing in growth opportunities and innovation."
First Quarter Summary
| Consolidated Financial Summary | First Quarter | |||
|---|---|---|---|---|
| (dollars in millions, except per share amounts) | FY2026 | FY2025 | $ Change | % Change |
| Total revenues | $155.8 | $166.3 | ($10.5) | (6%) |
| Operating income | $19.6 | $20.9 | ($1.3) | (6%) |
| Operating margin | 12.6% | 12.6% | ||
| Net earnings | $16.5 | $17.2 | ($0.6) | (4%) |
| Diluted earnings per share | $1.54 | $1.57 | ($0.03) | (2%) |
Revenues for the first quarter of fiscal 2026 were $155.8 million, a decrease of $10.5 million, or 6 percent, compared to $166.3 million in the prior year. The decrease was primarily driven by lower revenues in the irrigation segment, which was partially offset by higher infrastructure segment revenues compared to the prior year.
Operating income for the first quarter of fiscal 2026 was $19.6 million, a decrease of $1.3 million, or 6 percent, compared to $20.9 million in the prior year. Lower operating income in the irrigation segment was partially offset by higher
operating income in the infrastructure segment. Operating margin was 12.6 percent of sales, comparable to the prior year first quarter.
Net earnings for the first quarter of 2026 were $16.5 million, or $1.54 per diluted share, compared to $17.2 million, or $1.57 per diluted share, in the prior year. Net earnings were impacted by lower operating income and a slightly higher effective tax rate, which were partially offset by an increase in other income.
First Quarter Segment Results
| Irrigation Segment | First Quarter | |||
|---|---|---|---|---|
| (dollars in millions) | FY2026 | FY2025 | $ Change | % Change |
| Revenues: | ||||
| North America | $74.3 | $77.7 | ($3.4) | (4%) |
| International | $59.1 | $69.4 | ($10.3) | (15%) |
| Total revenues | $133.4 | $147.1 | ($13.7) | (9%) |
| Operating income | $23.0 | $24.7 | ($1.8) | (7%) |
| Operating margin | 17.2% | 16.8% |
Irrigation segment revenues for the first quarter of fiscal 2026 were $133.4 million, a decrease of $13.7 million, or 9 percent, compared to $147.1 million in the prior year. North America irrigation revenues of $74.3 million decreased $3.4 million, or 4 percent, compared to the prior year. The decrease in revenues resulted primarily from lower unit sales volume, and was partially offset by higher average selling prices compared to the prior year. Unfavorable market conditions continue to weigh on farmer sentiment and temper demand for irrigation equipment in North America.
International irrigation revenues for the first quarter of fiscal 2026 of $59.1 million decreased $10.3 million, or 15 percent, compared to the prior year. The decrease resulted primarily from lower sales volumes in Brazil, along with lower project revenues in the MENA region due to the timing of project activity. Elevated interest rates and credit constraints continue to be headwinds to capital investment by farmers in Brazil. Revenues in the current year quarter were favorably impacted by the effects of foreign currency translation of approximately $1.5 million compared to the prior year.
Irrigation segment operating income for the first quarter of fiscal 2026 was $23.0 million, a decrease of $1.8 million, or 7 percent, compared to the prior year. Operating margin was 17.2 percent of sales, compared to 16.8 percent of sales in the prior year. The decrease in operating income resulted primarily from lower revenues, the impact of which was partially offset by improved operating margin.
| Infrastructure Segment | First Quarter | |||
|---|---|---|---|---|
| (dollars in millions) | FY2026 | FY2025 | $ Change | % Change |
| Total revenues | $22.4 | $19.2 | $3.2 | 17% |
| Operating income | $4.5 | $4.1 | $0.4 | 9% |
| Operating margin | 20.1% | 21.5% |
Infrastructure segment revenues for the first quarter of fiscal 2026 were $22.4 million, an increase of $3.2 million, or 17 percent, compared to $19.2 million in the prior year. The increase was primarily attributable to higher sales of road safety products while Road Zipper System™ revenues were similar compared to the prior year.
Infrastructure segment operating income for the first quarter of fiscal 2026 was $4.5 million, an increase of $0.4 million, or 9 percent, compared to the prior year. Operating margin was 20.1 percent of sales, compared to 21.5 percent of sales in the prior year. Increased operating income resulted primarily from higher revenues, which were partially offset by higher operating expenses compared to the prior year.
The backlog of unfulfilled orders at November 30, 2025 was $119.2 million compared with $168.2 million at November 30, 2024. Included in these backlogs are amounts of $8.5 million and $17.4 million, respectively, for orders that are not expected to be fulfilled within the subsequent 12 months. The backlog in both segments was lower compared to the prior year, with the decrease primarily attributed to deliveries relating to the large irrigation project in the MENA region that was included in the backlog as of November 30, 2024.
Outlook
Mr. Wood concluded, “We expect North America irrigation market conditions to remain soft in the near term until growers gain further trade certainty and see improvement in commodity prices that support net farm income. We continue to expect growth in Brazil due to the solid drivers of secular demand that support investments in irrigation, although credit
constraints will remain a headwind. Notably, we began delivery of the new irrigation project in the MENA region in our second quarter, and we expect to recognize approximately $70 million of revenue for the project in our current fiscal year."
“In infrastructure, we face a difficult revenue comparison in our second quarter, as a $20 million Road Zipper System project in the prior year quarter will not be replaced. We anticipate growth in Road Zipper leasing revenues and higher sales of road safety products to offset approximately half of the revenue impact of this project throughout the fiscal year. We continue to actively manage a robust pipeline of Road Zipper System projects, but we do not expect to deliver a large project in fiscal 2026.”
First Quarter Conference Call
Lindsay’s fiscal 2026 first quarter investor conference call is scheduled for 11:00 a.m. Eastern Time today. Interested investors may participate in the call by dialing (833) 535-2202 in the U.S., or (412) 902-6745 internationally, and requesting the Lindsay Corporation call. Additionally, the conference call will be simulcast live on the internet and can be accessed via the investor relations section of the Company's website, www.lindsay.com. Replays of the conference call will remain on our website through the next quarterly earnings release. The Company will have a slide presentation available to augment management's formal presentation, which will also be accessible via the Company's website.
About the Company
Lindsay Corporation (NYSE: LNN) is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology. Established in 1955, the company has been at the forefront of research and development of innovative solutions to meet the food, fuel, fiber and transportation needs of the world’s rapidly growing population. The Lindsay family of irrigation brands includes Zimmatic™ center pivot and lateral move agricultural irrigation systems, FieldNET™ and FieldWise™ remote irrigation management technology, FieldNET Advisor™ irrigation scheduling technology, and industrial IoT solutions. Also a global leader in the transportation industry, Lindsay Transportation Solutions manufactures equipment to improve road safety and keep traffic moving on the world’s roads, bridges and tunnels, through the Barrier Systems™, Road Zipper™ and Snoline™ brands. For more information about Lindsay Corporation, visit www.lindsay.com.
Concerning Forward-looking Statements
This release contains forward-looking statements that are subject to risks and uncertainties, and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations and planned financing of the Company and those statements preceded by, followed by or including the words “anticipate,” “estimate,” “believe,” “intend,” "expect," "outlook," "could," "may," "should," “will,” or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking information contained in this press release.
For further information, contact:
| LINDSAY CORPORATION: | Alpha IR Group: | ||||
|---|---|---|---|---|---|
| Alicia Pfeifer | Joe Caminiti or Stephen Poe | ||||
| Vice President, Investor Relations & Treasury | 312-445-2870 | ||||
| 402-933-6429 | LNN@alpha-ir.com | ||||
| Alicia.Pfeifer@lindsay.com | |||||
| LINDSAY CORPORATION AND SUBSIDIARIES | |||||
| --- | --- | --- | --- | --- | --- |
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | |||||
| (Unaudited) | |||||
| Three months ended | |||||
| (in thousands, except per share amounts) | |||||
| Operating revenues | 155,818 | 166,281 | |||
| Cost of operating revenues | 105,716 | 116,315 | |||
| Gross profit | 50,102 | 49,966 | |||
| Operating expenses: | |||||
| Selling expense | 11,019 | 10,211 | |||
| General and administrative expense | 14,838 | 15,008 | |||
| Engineering and research expense | 4,640 | 3,864 | |||
| Total operating expenses | 30,497 | 29,083 | |||
| Operating income | 19,605 | 20,883 | |||
| Other income: | |||||
| Interest income, net | 3,319 | 493 | |||
| Other (expense) income, net | (1,038 | ) | 658 | ||
| Total other income | 2,281 | 1,151 | |||
| Earnings before income taxes | 21,886 | 22,034 | |||
| Income tax expense | 5,362 | 4,870 | |||
| Net earnings | 16,524 | 17,164 | |||
| Earnings per share: | |||||
| Basic | 1.55 | 1.58 | |||
| Diluted | 1.54 | 1.57 | |||
| Shares used in computing earnings per share: | |||||
| Basic | 10,673 | 10,853 | |||
| Diluted | 10,699 | 10,903 | |||
| Cash dividends declared per share | 0.37 | 0.36 |
All values are in US Dollars.
| LINDSAY CORPORATION AND SUBSIDIARIES | ||||||
|---|---|---|---|---|---|---|
| SUMMARY OPERATING RESULTS | ||||||
| (Unaudited) | ||||||
| Three months ended | ||||||
| (in thousands) | ||||||
| Operating revenues: | ||||||
| Irrigation: | ||||||
| North America | 74,312 | 77,669 | ||||
| International | 59,125 | 69,418 | ||||
| Irrigation total | 133,437 | 147,087 | ||||
| Infrastructure | 22,381 | 19,194 | ||||
| Total operating revenues | 155,818 | 166,281 | ||||
| Operating income: | ||||||
| Irrigation | 22,954 | 24,736 | ||||
| Infrastructure | 4,494 | 4,124 | ||||
| Corporate | (7,843 | ) | (7,977 | ) | ||
| Total operating income | 19,605 | 20,883 |
All values are in US Dollars.
The Company manages its business activities in two reportable segments as follows:
Irrigation – This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, remote irrigation management and scheduling technology, irrigation consulting and design and industrial IoT solutions.
Infrastructure – This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment.
| LINDSAY CORPORATION AND SUBSIDIARIES | ||||||
|---|---|---|---|---|---|---|
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| (Unaudited) | ||||||
| (in thousands) | November 30,<br>2025 | November 30,<br>2024 | August 31,<br>2025 | |||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 199,622 | $ | 194,066 | $ | 250,575 |
| Receivables, net | 129,014 | 120,875 | 113,027 | |||
| Inventories, net | 146,388 | 158,255 | 136,859 | |||
| Other current assets | 31,974 | 28,948 | 32,303 | |||
| Total current assets | 506,998 | 502,144 | 532,764 | |||
| Property, plant, and equipment, net | 155,138 | 117,982 | 142,307 | |||
| Intangibles, net | 23,353 | 24,591 | 23,331 | |||
| Goodwill | 84,421 | 83,941 | 84,459 | |||
| Operating lease right-of-use assets | 17,566 | 15,009 | 18,096 | |||
| Deferred income tax assets | 18,573 | 12,375 | 19,525 | |||
| Equity method investment | 8,107 | — | 8,763 | |||
| Other noncurrent assets | 14,244 | 14,959 | 11,591 | |||
| Total assets | $ | 828,400 | $ | 771,001 | $ | 840,836 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 57,248 | $ | 53,185 | $ | 48,670 |
| Current portion of long-term debt | 186 | 229 | 233 | |||
| Other current liabilities | 90,991 | 76,435 | 94,689 | |||
| Total current liabilities | 148,425 | 129,849 | 143,592 | |||
| Pension benefits liabilities | 3,350 | 4,101 | 3,418 | |||
| Long-term debt | 114,792 | 114,948 | 114,810 | |||
| Operating lease liabilities | 16,722 | 14,824 | 17,354 | |||
| Deferred income tax liabilities | 1,816 | 646 | 1,024 | |||
| Other noncurrent liabilities | 25,133 | 18,174 | 27,788 | |||
| Total liabilities | 310,238 | 282,542 | 307,986 | |||
| Shareholders' equity: | ||||||
| Preferred stock | — | — | — | |||
| Common stock | 19,188 | 19,145 | 19,167 | |||
| Capital in excess of stated value | 113,268 | 104,995 | 113,042 | |||
| Retained earnings | 758,003 | 700,345 | 745,397 | |||
| Less treasury stock - at cost | (341,476) | (299,703) | (311,224) | |||
| Accumulated other comprehensive loss, net | (30,821) | (36,323) | (33,532) | |||
| Total shareholders' equity | 518,162 | 488,459 | 532,850 | |||
| Total liabilities and shareholders' equity | $ | 828,400 | $ | 771,001 | $ | 840,836 |
| LINDSAY CORPORATION AND SUBSIDIARIES | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
| (Unaudited) | ||||||
| (in thousands) | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
| Net earnings | 16,524 | 17,164 | ||||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||
| Depreciation and amortization | 5,312 | 5,412 | ||||
| Provision for uncollectible accounts receivable | (252 | ) | 62 | |||
| Deferred income taxes | 1,477 | 1,589 | ||||
| Share-based compensation expense | 1,370 | 1,977 | ||||
| Unrealized foreign currency transaction gain | (248 | ) | (511 | ) | ||
| Other, net | 413 | (217 | ) | |||
| Changes in assets and liabilities: | ||||||
| Receivables | (15,123 | ) | (6,442 | ) | ||
| Inventories | (8,993 | ) | (5,968 | ) | ||
| Other current assets | 303 | 1,251 | ||||
| Accounts payable | 5,251 | 16,656 | ||||
| Other current liabilities | (7,522 | ) | (9,978 | ) | ||
| Other noncurrent assets and liabilities | 891 | 608 | ||||
| Net cash (used in) provided by operating activities | (597 | ) | 21,603 | |||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
| Purchases of property, plant, and equipment | (14,476 | ) | (9,142 | ) | ||
| Proceeds from settlement of net investment hedge | — | 835 | ||||
| Payments for settlement of net investment hedge | — | (98 | ) | |||
| Other investing activities, net | (1,152 | ) | (401 | ) | ||
| Net cash used in investing activities | (15,628 | ) | (8,806 | ) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
| Dividends paid | (3,918 | ) | (3,912 | ) | ||
| Common stock withheld for payroll tax obligations | (1,253 | ) | (1,450 | ) | ||
| Repurchase of common shares | (30,252 | ) | — | |||
| Other financing activities, net | 51 | 52 | ||||
| Net cash used in financing activities | (35,372 | ) | (5,310 | ) | ||
| Effect of exchange rate changes on cash and cash equivalents | 644 | (4,300 | ) | |||
| Net change in cash and cash equivalents | (50,953 | ) | 3,187 | |||
| Cash and cash equivalents, beginning of period | 250,575 | 190,879 | ||||
| Cash and cash equivalents, end of period | 199,622 | 194,066 |
All values are in US Dollars.
1st Quarter Fiscal 2026 Earnings Presentation Exhibit 99.2
Safe-Harbor Statement © 2026 Lindsay Corporation This presentation contains forward-looking statements that are subject to risks and uncertainties, and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, Company performance, financial results and planned financing. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Investors should understand that a number of factors could cause future economic and industry conditions and the Company’s actual financial condition and results of operations to differ materially from management’s beliefs expressed in the forward-looking statements contained in this presentation. These factors include those outlined in the “Risk Factors” section of the Company’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission, and investors are urged to review these factors when considering the forward-looking statements contained in this presentation. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. For additional financial statement information, please see the Company’s earnings release dated January 8, 2026.
© 2026 Lindsay Corporation Key Highlights Improved Irrigation operating margin despite lower revenues in North America and international markets Increased Infrastructure revenues 17 percent on higher sales of road safety products Secured $80 million irrigation and technology project in the MENA region subsequent to quarter-end Completed share repurchases of $30 million during the quarter
First Quarter Summary © 2026 Lindsay Corporation Revenues decreased $10.5 million, or 6 percent, compared to the prior year Irrigation decreased $13.7 million Infrastructure increased $3.2 million Operating income decreased $1.3 million, or 6 percent, compared to the prior year Diluted earnings per share decreased $0.03 per share, or 2 percent, compared to the prior year -6% -6% -2% Revenue Operating Income (with operating margin) Diluted EPS $ in millions, except per share amounts
Irrigation – Current Market Factors © 2026 Lindsay Corporation In September, the USDA estimated 2025 U.S. net farm income to be $179.8 billion, an increase of 41 percent from 2024 U.S. net farm income of $127.8 billion The projected increase is based mainly on higher government support payments Cash receipts for crops are projected to decline by 3 percent while cash expenses have increased In December, $12.0 billion Farm Bridge Assistance Program announced $11.0 billion to support row crop farmers with payments beginning in February 2026 U.S. trade disruption with China negatively impacts export market for U.S. commodities The One Big Beautiful Bill Act was signed into law July 4, 2025 Extends provisions of the 2017 Tax Act, including accelerated depreciation of equipment purchases Extends key commodity support programs under the Farm Bill, which expired September 30, 2025 Demand for irrigation equipment in Brazil remains stable High interest rates and ongoing credit constraints remain as headwinds The market continues to benefit from increased commodity exports to China Commodity price pressure remains due to record harvests Pipeline of project opportunities in developing international markets continues to be robust, driven by secular megatrends of food security and water conservation
Irrigation Segment – First Quarter Summary © 2026 Lindsay Corporation North America revenue of $74.3 million decreased 4 percent Lower unit sales volume compared to the prior year, due to unfavorable market conditions and farmer sentiment Higher average selling prices compared to the prior year Unit sales volume breakdown by category: Replacement 48%, Conversion 29%, Dryland 23% International revenue of $59.1 million decreased 15 percent Lower unit sales volume, along with elevated interest rates and credit constraints limit farmers’ capital investments in Brazil Lower revenues in the MENA region due to project timing Favorable effects of foreign currency translation of $1.5 million Operating income of $23.0 million decreased 7 percent Decrease resulted primarily from lower revenues, partially offset by improved operating margin Revenue -7% -9% Operating Income (with operating margin) 6 $ in millions
Infrastructure – Current Market Factors Infrastructure Investment and Jobs Act (IIJA) funding includes $110 billion in incremental federal funding for roads, bridges, and other transportation projects and runs through September 2026 Inflation on material prices and labor costs have offset some of the impact of incremental funding Through November 2025, 88 percent of the IIJA funds have been committed to the states, and 58 percent of the funds have been reimbursed to the states* The value of state and local government contract awards increased 11.5 percent year to date versus 2024 driven by bridges, tunnels and the rail sector* The Road Zipper ™ project pipeline continues to be actively managed, and project timing remains challenging to predict © 2026 Lindsay Corporation *Source: American Road and Transportation Builders Association
Infrastructure Segment – First Quarter Summary © 2026 Lindsay Corporation Revenue of $22.4 million increased 17 percent Higher sales of road safety products compared to the prior year Road Zipper revenues were comparable to prior year Operating income of $4.5 million increased 9 percent Higher operating income resulted from higher revenues, which were partially offset by higher operating expenses compared to the prior year Revenue +9% Operating Income (with operating margin) +17% $ in millions
© 2026 Lindsay Corporation Ample Liquidity to Execute Capital Allocation Priorities $250M Available liquidity Current Liquidity 0.9x Gross Debt to EBITDA leverage Substantial Room to Add Leverage No Near-Term Debt Maturities $115M Total Debt 2030 Maturity
Capital Allocation Priorities © 2026 Lindsay Corporation Working capital to support sales growth New product development Capacity and productivity investments Align with strategic growth priorities Leverage or add to existing capabilities Deliver incremental return on invested capital Increase annual dividends Opportunistic share repurchase Support Growth and Profitability of Current Businesses Acquisitions Return Capital to Shareholders
Innovation Leadership: Addressing Global Megatrends © 2026 Lindsay Corporation Capitalizing on global megatrends Megatrends Innovation Leadership Innovative sustainable solutions for growers across the globe Mobilizing global populations safely and sustainably Food Security Water Scarcity Land Availability Aging Infrastructure Mobility Safety Increased Safety Standards
Strong Commitment to Sustainable Practices © 2026 Lindsay Corporation Our mission is to conserve natural resources, expand our world’s potential, and enhance the quality of life for people. Investing in sustainable technologies Improving our operational footprint Empowering and protecting our people Engaging in our local communities Operating with integrity
Appendix © 2026 Lindsay Corporation
U.S. Corn Prices Source: Trading Economics © 2026 Lindsay Corporation USD/BU
U.S. Soybean Prices © 2026 Lindsay Corporation USD/BU Source: Trading Economics
United States Drought Condition Source: US Drought Monitor, November 2024/2025 2024 2025 © 2026 Lindsay Corporation
Soybean Cash Price Index – Brazil Source:Cepea © 2026 Lindsay Corporation R$/bag
Brazil Central Bank Interest Rate Source: Trading Economics| Banco Central do Brasil Percent © 2026 Lindsay Corporation