VMI 8-K
Valmont Industries Inc (VMI)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported)
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation)
| (Commission File Number) | (IRS Employer Identification No.) |
| (Address of Principal Executive Offices) | (Zip Code) |
(
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
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 (see General Instruction A.2. below):
| 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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 7.01 Regulation FD Disclosure.
Valmont Industries, Inc. (the “Company”) will host an Investor Day on Tuesday, June 16, 2026, beginning at 8:30 a.m. Eastern Time in New York City. As previously announced a live webcast of the presentation will be available online at investors.valmont.com by clicking on the events link for the event. Presentation slides to be used by the Company during the webcast are furnished with this Form 8-K as Exhibit 99.1 and are incorporated herein by reference.
The information in Item 7.01 is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in Item 7.01 shall not be deemed incorporated by reference in 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 a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Presentation Slides June 16, 2026 | |
| 104 | Cover Page Interactive File (the cover page XBRL tags are embedded in the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Valmont Industries, Inc. | |||
| Date: June 16, 2026 | |||
| By: | /s/ William E. Johnson | ||
| Name: | William E. Johnson | ||
| Title: | Chief Accounting Officer | ||
Exhibit 99.1
Tuesday, June 16, 2026 -2:)7836(%=
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*MVIWMHI'LEX :YNQNY^2FWPJY)WN[JWX .SI9PVMGL VP / GM, North America Utility .IER6SPPMRW Senior Advisor, Power Insights
Rising Power Demand Directly Increases Transmission Infrastructure Demand for Valmont 7SYVGI1G/MRWI]+PSFEP)RIVK]4IVWTIGXMZI &EWIHSRI\MWXMRKXVERWQMWWMSRPMRIWEWSJERHGYVVIRX+;SJGETEGMX] +VS[MRK)PIGXVMGMX](IQERH6IUYMVIW7MKRMJMGERX8VERWQMWWMSR )\TERWMSR 2024 2030 2010 20 25 2030 (IQERH+VS[XL TWh 0SEH+VS[XL 'ETEGMX]2IIHW 0MRI1MPIW2IIHIH -RWXEPPIH'ETEGMX] GW Data centers Traditional electrification Solar / wind Rest b b b O 3J\:ULWFIJI1NSJ2NQJX YT2JJY)JRFSIG^ 0SEHKVS[XLKIRIVEXMSRGETEGMX] [MPPFIWYTTSVXIHF]8VERWQMWWMSR 7YFWXEXMSRFYMPHSYXEGVSWWXLI97
Visible Transmission Project Activity Supports Sustained Infrastructure Investment 7SYVGI4S[IV-RWMKLXW8VERWQMWWMSRERH(MWXVMFYXMSR*SVIGEWX %RRSYRGIH8VERWQMWWMSR4VSNIGXW-RHMGEXI7YWXEMRIH -RJVEWXVYGXYVI&YMPHSYX 0 2 4 6 8 10 12 14 16 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Thousands 765 kV 345-500 kV <345 kV In Planning 8VERWQMWWMSR)\TERWMSR%PMKRW ;MXL:EPQSRXƆW'SVI1EVOIX Significant announced transmission project activity through 2030 Majority of planned line miles fall at or below 500kV %RRSYRGIH8VERWQMWWMSR0MRI1MPIW Valmont is the market leader in 500kV structures and below WJXZQYNSLNSFQRTXYFQQUWTOJHYX GJNSLTUUTWYZSNXYNH
Utility Capital Investment Supports a Sustained Infrastructure Expansion Cycle 7SYVGI 4S[IV0MRIW %TVMP 9XMPMXMIW%VI)\TIGXIHXS-RZIWXb8MR+VMH-RJVEWXVYGXYVI 8LVSYKL 0 100 200 300 400 Thousands 20 27 20 28 2029 20 30 2035 2026 *EGXSVW)\XIRHMRKXLI7TIRH']GPI )WXMQEXIH 'ET)\ -RZIWXQIRX ($Bn) Generation TD&S Other p.a. p.a. 'VMXMGEP)UYMTQIRX%ZEMPEFMPMX] Long lead - time equipment remains supply constrained 0EFSV%ZEMPEFMPMX] High construction demand and limited training pipeline 4IVQMXXMRK Approvals and ROW acquisition continue to extend project timelines %JJSVHEFMPMX] Utilities remain focused on balancing investment with customer rate impacts
Utility Infrastructure Investment Continues to Expand Valmont’s Market Opportunity 9XMPMX]-RZIWXQIRX-W)\TERHMRK:EPQSRXƆW %HHVIWWEFPI1EVOIX 'YQYPEXMZI9XMPMX] 'ET)\ :EPQSRX7%1 Ƃ b8 Total Utility CapEx 1 Generation Other 8(7 8(7 4SPIW Overhead Materials Labor Engineering b & Total Utility TD&S Infrastructure (MWXVMFYXMSR 7YFWXEXMSR 8VERWQMWWMSR b & Total Valmont TD&S SAM 2 Ɓ & & Yearly SAM +VS[XL 7SYVGI 4S[IV0MRIW %TVMP 7%1!7IVZMGIEFPI%HHVIWWEFPI1EVOIX
Early Customer Engagement Supports Disciplined Long - Term Growth Planning 7XVSRK9XMPMX]6IPEXMSRWLMTW4VSZMHI1IERMRKJYP(IQERH:MWMFMPMX] & -NLMQ^;NXNGQJ * ;FQRTSY8UJHNKNH5NUJQNSJ 9XMPMX]'ETMXEP (ITPS]QIRX Understanding of projects and associated capital 7MXMRK )RKMRIIVMRK Work closely with Valmont to develop solutions %PPMERGI 4EVXRIVWLMTW Strong alliance partnerships 0SRK 8IVQ 6IKMSREP4PERRMRK High - level grid planning and process (2 to 4 years) + + +
6IWMPMIRX1EVOIX8LVSYKL)\TIGXIHXS(VMZI:EPQSRX+VS[XL Load growth, resiliency, and expansion +; O 1EVOIX(VMZIVW 9XMPMX]-RZIWXQIRX :EPQSRX3TTSVXYRMX] Generation growth Incremental line miles Valmont Transmission, Distribution, & Substation SAM Growth Valmont TD&S Market Opportunity 2 & Cumulative Utility CapEx 1 8 Demand Growth \ 7SYVGI 4S[IV0MRIW %TVMP 7%1!7IVZMGIEFPI%HHVIWWEFPI1EVOIX
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7YWXEMREFPI'SQTIXMXMZI%HZERXEKIW Ƃ -RHYWXV] 0IEHMRK'ETEFMPMXMIW 8VYWXIHTEVXRIV long history of demonstrated performance and quality (MZIVWMJMIH2SVXL %QIVMGERQERYJEGXYVMRK capabilities and footprint &VIEHXL of product offerings aligned to customer needs and challenges )\TIVMIRGIH'SQQIVGMEP XIEQ and PSRK WXERHMRK GYWXSQIVVIPEXMSRWLMTW Competitive Advantages 7XVSRKIRKMRIIVMRK and XIGLRMGEP GETEFMPMXMIW at scale Trusted Partner With Proven Expertise, Supporting Customers in Executing Complex, High - Impact Projects
(VMZMRK0SRK 8IVQ4VSJMXEFPI+VS[XL8LVSYKL/I]:EPYI(VMZIVW '%4896) Accelerate above - market growth in Utility
Leveraging Alliance Stability While Selectively Capturing Bid Opportunities (MJJIVIRXMEXIH9XMPMX]'YWXSQIV1SHIP (VMZMRK4VSJMXEFMPMX]ERH'ETEGMX])JJMGMIRG]8LVSYKL 'YWXSQIV4EVXRIVWLMTW 0SRK WXERHMRKVIPEXMSRWLMTWFYMPX SRUYEPMX]VIPMEFMPMX]ERHHIPMZIV] Leveraging Alliance Stability While Targeting Attractive Bid Opportunities (-7'-40-2)(&-( 1%6/)84%68-'-4%8-32 Targeted capture of attractive opportunities %00-%2')'3286%'87463:-()&%7)03%(:3091) Top 20 IOUs account for of Industry CapEx Spend Trusted partner to MRHYWXV] PIEHMRK IOUs in North America Aligning With Industry - Leading Utilities )N[JWXNK^NSL(ZXYTRJW'FXJ *SFGQNSL5WJINHYFGQJ7JXZQYX -39!-RZIWXSV 3[RIH9XMPMX]
Delivering Innovative Solutions with Industry - Leading Quality and Increasing Speed (VMZI-RRSZEXMSRXS7SPZI'YWXSQIVWƆ'SQTPI\2IIHW /)=398'31)7+3%07 786%8)+-'-2-8-%8-:)7 %PMKRMRKTSVXJSPMS with evolving market demands Developing WGEPEFPI WSPYXMSRW to grow the portfolio and deliver greater impact 4EVXRIVMRK[MXLGYWXSQIVW to develop high - impact solutions %GGIPIVEXMRKMRRSZEXMSR to deliver solutions faster through streamlined design, quoting, and delivery 1EVOIX%PMKRQIRX 'YWXSQIV-QTEGX 7GEPEFPI+VS[XL 7TIIHXS1EVOIX
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Continue Fueling Utility Business as Infrastructure’s Growth Engine and Capitalize on Record Market Growth -RZIWXMRKMRXLI9XMPMX]7]WXIQXS'ETXYVI &SJ-RGVIQIRXEP9XMPMX]6IZIRYIF]) *6328)2( &%'/)2( Engineering Materials Planning Drafting Supply Chain Scheduling Manufacturing 398'31)7 Footprint utilization & flexibility Capacity build - out ahead of demand Strong ROI on brownfield projects Improved front - end and back - end throughput and scheduling 'SSVHMREXIHGETEGMX]TPER across people, processes, AI, digital tools, and physical assets XSMRGVIEWIXLVSYKLTYXERHHVMZITVSHYGXMZMX] Increasing XLVSYKLTYX SJIRXMVI W]WXIQ to execute on & of incremental Utility revenue
*MVIWMHI'LEX .SST[FYNTS4UJWFYNTSFQ*]HJQQJSHJ 7LERRSR)KKIVX SVP Operations, North America Infrastructure %QMX&PIWWIV Chief AI & Digital Transformation
Utility Coatings *PI\MFPI1ERYJEGXYVMRKXS1IIX3YV'YWXSQIVWƆ2IIHW Extensive Footprint Enables Growth and Reduces Execution Risk 786%8)+-'*33846-28)<)'98-32 Leveraging scale and flexibility across 16 Utility manufacturing facilities in North America Adding capacity and throughput into our operations Operational network allows us to support a diverse and variable product mix Coatings extensive footprint enhances delivery speed and responsiveness
Delivering for Our Customers with Systems Built to Sustainably Execute on Market Growth (MWGMTPMRIH3TIVEXMRK7]WXIQ&YMPXXS'ETXYVI1EVOIX(IQERH 'ETXYVMRK9XMPMX]+VS[XL8LVSYKLE7XVSRKIV1SVI%KMPI3TIVEXMRK7]WXIQ 7EPIW3TIVEXMSRW 4PERRMRK (MWGMTPMRI 7YTTP]'LEMR )\IGYXMSR )RKEKIH ;SVOJSVGI 7XVSRK'YPXYVI %HZERGIH 1ERYJEGXYVMRK 8IGLRSPSK] Deliver reliable commitments and predictable execution Build resilient, agile, performance - driven supply chains A safety - first culture with empowered teams and clear accountability Invest in AMET and proprietary equipment to increase throughput, quality, and capabilities )RLERGIH 'ETMXEP(ITPS]QIRX 4VSGIWW Fund the right investments at the right time )RKMRIIVMRK 4VSGIWWIW Reliable and market leading capabilities and expertise
Fixed Planning Logic Plant - Level Scheduling Human - Driven Decisions 86%(-8-32%07',)(90-2+ Dynamic Scheduling Machine - Level Optimization Human & AI Together %-7',)(90-2+ Increasing Throughput Without Proportional Additions of Labor or Equipment 1EWXIV7GLIHYPMRK[MXL%- 9RPSGOMRK8LVSYKLTYX%GVSWW3YV1ERYJEGXYVMRK*SSXTVMRX Implementation progressing NSRZQYNUQJ:YNQNY^KFHNQNYNJX Up to 5% INWJHYNTSFQYMWTZLMUZYUTYJSYNFQ\NYMTZY FIINYNTSFQQFGTWTWJVZNURJSY
)WXMQEXIH )RKMRIIVMRK4VSHYGXMZMX] -QTVSZIQIRX4SXIRXMEP %GGIPIVEXMRK)RKMRIIVMRK4VSHYGXMZMX]EX7GEPI 0IZIVEKMRK(IGEHIWSJ4VSTVMIXEV])RKMRIIVMRK/RS[PIHKI (SGYQIRX -RXIPPMKIRGI (IWMKR 7IEVGL 5YEPMX] :EPMHEXMSR Highlight relevant requirements Build on existing designs Automate engineering reviews Turning Proprietary Engineering Knowledge into Scalable Productivity
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Building a More Scalable, Responsive, and Capital - Efficient Operating System 3TXMQM^MRKXLI3TIVEXMRK7]WXIQ[MXL%- 1SVI 7GEPEFPI 1SVI 6IWTSRWMZI 1SVI 'ETMXEP)JJMGMIRX 7EPIW 3TIVEXMSRW 4PERRMRK (MWGMTPMRI 7YTTP]'LEMR )\IGYXMSR )RKEKIH ;SVOJSVGI 7XVSRK'YPXYVI %HZERGIH 1ERYJEGXYVMRK 8IGLRSPSK] )RLERGIH 'ETMXEP (ITPS]QIRX 4VSGIWW )RKMRIIVMRK 4VSGIWWIW
'ETEGMX])\TERWMSR8LVSYKL3TXMQM^MRK *EGXSV]*PS[ 786%8)+-'-2-8-%8-:)` Removing bottlenecks, improving material handling, reflow fit and weld, and increasing equipment utilization Utilizing advanced manufacturing technology Predicting and proactively addressing constraints Enhancing factory layout Implemented in three months Small capital project, approximately double factory throughput Reconfigured fit and weld stations, added crane Increased staff and front - end capacity 398'31)`
'ETEGMX])\TERWMSR8LVSYKL,MKL 6IXYVR &VS[RJMIPH3TTSVXYRMXMIW 786%8)+-'-2-8-%8-:)` Fully utilizing high - value assets and deploying advanced manufacturing Adding roofline and/or new facilities on existing land Leveraging experienced site leadership and workforce Existing customer approvals for the site accelerates speed to market Expected completion in <12 months Mid - sized capital project will add ~40% more factory output Adding roofline and repurposing equipment from product deselection Utilizing strong leadership 398'31)`
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4PIEWIWII6IK+VIGSRGMPMEXMSRXS+%%4QIEWYVIWEXXLIIRHSJXLITVIWIRXEXMSR :EPYI 'VIEXMSR&VMHKI,S[&6IZIRYI&IGSQIW)47 8YVRMRK1EVOIX0IEHIVWLMT-RXS:EPYI8LVSYKL(MWGMTPMRIH'ETEGMX](ITPS]QIRX%RH1EVKMR)\IGYXMSR b& Incremental Utility Sales b EPS Contribution 1 ()1%2( '%4%'-8=9203'/ 463(9'8-:-8= 1%6+-2'32:)67-32 Alliance Customers Flow Improvements Engineering Throughput Mix & Selectivity Utility CapEx Tailwinds Brownfield Expansion AI Scheduling Operating Leverage Visible Project Pipeline Flexible Manufacturing Material Flow High - Return Capacity 2025 – 2029E Driving EPS Growth through Customer Focus, Capacity Expansion, AI Productivity, and Operating Efficiencies
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Expertise, Innovation, Customer Solutions, and Global Scale Deliver Premium Returns 'EWI7XYH]`8IPIGSQ'SQTSRIRXW -QTPIQIRXEXMSRSJ3TIVEXMRK1SHIPMR,EW(IPMZIVIH 'YWXSQIV&IRIJMXW3TIVEXMSREP)JJMGMIRG] '97831)6&)2)*-87 Ease of access to innovative, quality products through e - commerce platform Reliable delivery within 24 hours Value proposition allows for premium pricing and accretive margins with low capital requirements Ability to scale into new markets and continuously add products to portfolio :%01328&)2)*-87 'SQQIVGMEP )\GIPPIRGI -RHYWXV] 0IEHMRK )RKMRIIVMRK +PSFEP 3TIVEXMSRW Focused on driving customer specification position and pushing voice of customer to launch innovative premium products Industry - leading engineering expertise and standards leadership accelerate innovation and speed - to - market Combine global supply chain with regional delivery model to achieve customer loyalty through industry best delivery
Growing at low - to - mid single digit CAGR High - value opportunities Mix management SG&A leverage Systems and processes Value propositions Premium pricing Operating Model Drives Earnings Expansion Through Strengthened End - to - End Focus :EPYI 'VIEXMSR&VMHKI,S[-RJVEWXVYGXYVI4SVXJSPMS'SRXVMFYXIW)47 (YVEFPI(IQERH'SQFMRIH[MXL(MWGMTPMRIH*SGYWSR'YWXSQIV:EPYIERH6IWSYVGI%PPSGEXMSR (VMZIW3TIVEXMRK0IZIVEKI Product lifecycle Supply models Capacity utilization b Incremental EPS Contribution 1 2025 – 2029E 4PIEWIWII6IK+VIGSRGMPMEXMSRXS+%%4QIEWYVIWEXXLIIRHSJXLITVIWIRXEXMSR ()1%2( 6)7396') %003'%8-32 7'%0) 1%6+-2 )<4%27-32
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%KVMGYPXYVI(VMZMRK0SRK 8IVQ:EPYI'VIEXMSR 0IEHIVMR-VVMKEXMSR4SWMXMSRIHXS;MR Market - leading irrigation platform and best - in - class dealer network position us to capture global secular growth 1EVKMR %GGVIXMZI+VS[XLJVSQ%JXIVQEVOIXERH8IGLRSPSK] Expanding aftermarket and technology penetration increases recurring revenue and drives margin expansion 7XVYGXYVEP8EMP[MRHW7YTTSVX0SRK 8IVQ+VS[XL Global food demand and resource constraints drive sustained need for higher agricultural productivity (MWGMTPMRIH-RXIVREXMSREP)\TERWMSR(VMZIW1SVI4VSJMXEFPI+VS[XL Targeted expansion across Brazil, broader South America, the Middle East, and Africa
%KVMGYPXYVI3ZIVZMI[ Leveraging Unique Position in Global Agriculture Market to Deliver Leading Irrigation and Technology Solutions %KVMGYPXYVI 7EPIW 1M\ North America International 2024 2025 %HNYWXIH 3TIVEXMRK -RGSQI ($M) 1EVKMR & of Valmont Sales Q1’26 Operating Margin 4PIEWIWII6IK+VIGSRGMPMEXMSRXS+%%4QIEWYVIWEXXLIIRHSJXLITVIWIRXEXMSR MRGPYHIWSTIVEXMSREPMQTEGXWRSXI\TIGXIHXSVIGYVEXXLIWEQIPIZIP
%KVMGYPXYVI7EPIW Aftermarket Parts & Technology Services Irrigation Equipment Full Suite of Solutions Enabling Farmers to Do More With Less %KVMGYPXYVI4SVXJSPMS3ZIVZMI[ 4VSHYGXW -VVMKEXMSR)UYMTQIRX Center pivot, linear, and corner machines International sales and large - scale projects Turnkey design and project management Tubular products %JXIVQEVOIX4EVXW8IGLRSPSK] 7IVZMGIW Aftermarket parts Suite of tech solutions AgSense ® 365 Advanced monitoring and control Analysis and automation
;IPP 4SWMXMSRIHXS'ETXYVI 0SRK 8IVQ7IGYPEV+VS[XL(VMZIVW Water Efficiency and Productivity Are the Path to Meeting Future Food Demand 3)'( *%3%KVMGYPXYVEP3YXPSSO 'SQTER])WXMQEXIW 7%1!7IVZMGIEFPI%HHVIWWEFPI1EVOIX +VS[MRKTSTYPEXMSRERHMRGVIEWIH TVSXIMRGSRWYQTXMSR are driving food and feed growth globally -RGVIEWMRK[IEXLIVZSPEXMPMX] leading to replacement demand and risk mitigation adoption Public and private sponsored JSSHWIGYVMX]MRMXMEXMZIW 0EVKIWX-VVMKEXMSR-RWXEPPIH&EWI &7%1+PSFEP1EVOIX +PSFEP -VVMKEXMSR 1EVOIX 7LEVI b Valmont Market Share 2 Competitor B Competitor C Other Regional Competitors Competitor A Drivers of 20% growth in protein consumption by 2035 1 Yield Improvement Land Use Shifts Over QMPPMSRXSRW of additional feed production by 2034 to supply increased demand 1 requires potential for "RI[GIRXIVTMZSXW ; increased protein consumption is a grain productivity story
4MZSX-VVMKEXMSREWE7GEPEFPI,MKL )JJMGMIRG]7SPYXMSR Optimizing Efficiency and Delivering Compelling Long - Term ROI (IPMZIVMRKSTXMQEPFEPERGISJIJJMGMIRG]WGEPEFMPMX]ERH VIXYVRSRMRZIWXQIRXJSVEKVMGYPXYVI Higher water - use efficiency vs. other types of irrigation Improved yield consistency and output stability 4-:38-66-+%8-32%(:%28%+)7 Reduced labor intensity and operating costs Multi - decade asset life with attractive payback profile 7SYVGI/ERWEW7XEXI9RMZIVWMX] 7SYVGI 9RMZIVWMX]SJ*PSVMHE 7SYVGI 9RMZIVWMX]SJ2IFVEWOE Baseline returns compared to rainfed results are magnified in certain conditions and regions, especially Brazil ;%8)67%:-2+7 =-)0( -1463:)1)28 =6 4%=&%'/4)6-3(
+PSFEP:EPQSRX%KVMGYPXYVI1EVOIX3TTSVXYRMX] Irrigation Demand Is Supported by Structural Drivers Globally, Despite Cyclical Variability 0% 10% 20% 30% 40% 50% 60% 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 :EPPI] o 2SVXL%QIVMGER'IRXIV4MZSX Ɖ6ITPEGIQIRXƊ7EPIW as a Percentage of Total Sales 2)%6 8)61 032+ 8)61 2SVXL%QIVMGE -RXIVREXMSREP Current pivot demand is near a historical floor, a level reached only five times over the past 35 years Replacement demand has grown from 13% to more than 50% of center pivot sales over the past 35 years Credit headwinds persist in Brazil, but long - term growth fundamentals remain attractive Near - term geopolitical disruption creates headwinds, but Middle East demand remains supported by structural water scarcity and food security needs North American farm consolidation and expanded focus on large strategic accounts Increasing grower demand for technology - enabled solutions that improve water efficiency, uptime, and labor productivity Focus on access to water and power as well as increasing need for domestic food production Brazil’s multiple annual crop cycles support sustainable growth and superior irrigation ROI
7YWXEMREFPI'SQTIXMXMZI%HZERXEKIW Ƃ -RHYWXV] 0IEHMRK'ETEFMPMXMIW 9RQEXGLIHHIEPIVRIX[SVO with over 600 dealer locations around the world (MJJIVIRXMEXIH high quality XIGLRSPSK] products (VMZMRKMRRSZEXMSR and MRGVIEWMRK JEVQIVTVSHYGXMZMX] through water optimization, uptime, and operating time 7MKRMJMGERXMRWXEPPIHFEWI with over 250k Valley ® pivots 0IEHMRKXVYWXIH brand with ]IEVW of IWXEFPMWLIH GVIHMFMPMX] and history Competitive Advantages Trusted Partner With Proven Expertise, Supporting Customers in Executing Complex, High - Impact Projects
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-RWXEPPIH&EWISJ"O4MZSXW+PSFEPP](VMZIW%JXIVQEVOIXERH 8IGLRSPSK]+VS[XL Driving Higher Margin Revenues with Aftermarket Parts & Technology Offerings /)=398'31)7+3%07 786%8)+-'-2-8-%8-:)7 ARR of 1 in 2025 (SYFPI HMKMXKVS[XL in annual recurring revenue %JXIVQEVOIX4EVXW | 'ETXYVI+VS[MRK1EVOIX3TTSVXYRMX] 8IGLRSPSK] | (VMZI+VS[XL+PSFEPP] Leverage strong market position with KPSFEPGSRRIGXIH TIRIXVEXMSR 'ETXYVIKVS[MRK-RXIVREXMSREPSTTSVXYRMXMIW ў adoption below North America &YMPHSRPIEHMRKQEVOIXTSWMXMSR – every $100k pivot sold drives ~$50k parts over 10 years 0IZIVEKI&&I GSQQIVGITPEXJSVQ for parts ordering, genuine OEM parts for multiple generations, & competing brands to capture near - term North America demand Aftermarket revenue of 1 in 2025 Growing share of & global aftermarket opportunity
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Valley ® Machine Diagnostics, integrated within Agsense ® 365, TVSZMHIWVIEP XMQI QSRMXSVMRKSJTMZSXTIVJSVQERGIERH QEGLMRILIEPXL Accessible through connected TPEXJSVQ ERHQSFMPIHIZMGIW (MJJMGYPXXSHIXIGX mechanical issues GSWXMRKXMQIERHPEFSVGSWXW[LMGLLEZI VMWIR SZIVXLITEWX]IEVW 9RI\TIGXIHHS[RXMQI and YRIZIR MVVMKEXMSR[LMGLGERVIWYPXMR XS HEMP]]MIPHPSWWMRGSVR 'EWI7XYH]`4VSEGXMZI1EGLMRI(MEKRSWXMGW 4VSZMHMRK3YV'YWXSQIVW;MXL+VIEXIV-RWMKLXWXS 1E\MQM^I4VSHYGXMZMX]ERH0S[IV'SWXW 7SYVGI97(% 7SYVGI9RMZIVWMX]SJ;MWGSRWMR FY EGVISVXSEGVI WIP: Update content as needed &%'/+6392(-2(9786=2))( 92-59):%0132873098-32 Increased equipment uptime '97831)6398'31)7 Lower labor & maintenance cost Increased risk management Increased aftermarket parts sales & deeper customer relationships :%01328398'31)7 “Congratulations to the brand [ Valley ® ] for TVSZMHMRKXSSPWXLEXJEGMPMXEXISTIVEXMSRERH VIHYGIXMQIPSWWIW that occur during equipment malfunctions.” +69436%& JVSQ0SW1SGLMWMR7MREPSE1I\MGS
Driving Smarter Irrigation, Higher Yields, and Stronger ROI With Valley ® Technology 'EWI7XYH]`-VVMKEXMSR7GLIHYPMRK -QTPIQIRXIHEHZERGIH:EPPI] o -VVMKEXMSR Scheduling and precision management across 23 pivots )REFPIH more TVIGMWI[EXIV ETTPMGEXMSR aligned to crop needs and field conditions 6MWMRKIRIVK]GSWXW and ongoing HVSYKLXGSRHMXMSRW across Brazil Large - scale operation EGVI 8IVVE6S\E farm relying on 23 center pivots &%'/+6392(-2(9786=2))( 92-59):%0132873098-32 '97831)6398'31)7 Increased technology sales, enhanced value proposition, and strengthened partnership " VIXIRXMSRVEXI :%01328398'31)7 13% to 15% reduction in water & energy use 18% increase in crop yields Elevated São José de la Terra Roxa to a state yield leader on irrigated acres
7SYVGI%&-1%5ERH)QFVETE 7SYVGI3)'( *%3%KVMGYPXYVEP3YXPSSO 'ETMXEPM^ISR-RGVIEWMRK)QIVKMRK1EVOIX +VS[XL3TTSVXYRMXMIW '%4896-2+ ()1%2((6-:)67-2/)=1%6/)87 ;-8, 34436892-8=*36&63%()6+03&%0)<4%27-32 &VE^MP Largest long - term market given low penetration and strong fundamentals 786%8)+-'-2-8-%8-:)7 )\TERHMRKMVVMKEXMSRTVSNIGXW in emerging markets &VSEHIRMRKJSSXTVMRXMRI\MWXMRKERH RI[QEVOIXW in early adoption of irrigation technology 4VSZMHMRK[EXIVERHTS[IVEGGIWW XSWYTTSVXXYVR OI]MVVMKEXMSR TVSNIGXW building local capability, and scaling adoption < Market potential, as SRP] of ag land is currently MVVMKEXIH 1MHHPI)EWX %JVMGE Water scarcity & food security drives irrigation expansion Enabling b total increase in cereal production over the next 10 years 2 Focused on Near - Term Opportunities in Brazil and Africa, While Positioning for Broader Global Expansion
The ~$2 EPS Contribution Is Supported by Visible, Controllable Value Drivers 4PIEWIWII6IK+VIGSRGMPMEXMSRXS+%%4QIEWYVIWEXXLIIRHSJXLITVIWIRXEXMSR :EPYI 'VIEXMSR&VMHKI,S[%K'SRXVMFYXIW)47 7YWXEMREFPI(IQERH6IGYVVMRK6IZIRYI3TTSVXYRMXMIWERH8IGLRSPSK]%HSTXMSR(VMZI)EVRMRKW ()1%2( -278%00)(&%7) 8)',2303+= Pivot replacement cycle Recurring aftermarket parts on 250k + Valley ® pivots AgSense ® 365 and machine diagnostics b Incremental EPS Contribution 1 2025 – 2029E
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3TXMQM^IH4PEXJSVQ(VMZMRK,MKLIV 5YEPMX]+VS[XLERH)EVRMRKW4S[IV Delivering Resilience and Disciplined Performance, While Creating a Stronger Foundation for Growth 4PIEWIWII6IK+VIGSRGMPMEXMSRXS+%%4QIEWYVIWEXXLIIRHSJXLITVIWIRXEXMSR 2023 2024 2025 2026 Guidance Midpoint 2IX7EPIW ($M) %HNYWXIH (MPYXIH )47 2023 2024 2025 2026 Guidance Midpoint +VS[XLMR-RJVEWXVYGXYVI offset by downturn in Agriculture markets and strategic deselections 2023 2024 2025 2026 Guidance Midpoint %HNYWXIH 3TIVEXMRK-RGSQI ($M) ERH 1EVKMR %HNYWXIH STIVEXMRKMRGSQIKVS[XLSJ b '%+6 driven by profitability improvements from portfolio realignment and strategic cost initiatives %HNYWXIH HMPYXIH)47KVS[XLSJ b '%+6 on flattish revenue driven by disciplined capital allocation and profitability improvements
'SRXMRYMRKXS(VMZI 'EWL+IRIVEXMSR Commercial and operational excellence driving margin expansion Focused on cash conversion cycle through working capital optimization Disciplined approach to business investments Provides flexibility to reinvest at high returns Durable Cash Flow Supports Future Growth Investments 6SFYWX3TIVEXMRK'EWL*PS[+IRIVEXMSR $- $100 $200 $300 $400 $500 $600 $700 2023 2024 2025 3TIVEXMRK'EWL*PS[ ($M) Net Working Capital Intensity 1 4PIEWIWII6IK+VIGSRGMPMEXMSRXS+%%4QIEWYVIWEXXLIIRHSJXLITVIWIRXEXMSR
4PIEWIWII6IK+VIGSRGMPMEXMSRXS+%%4QIEWYVIWEXXLIIRHSJXLITVIWIRXEXMSR )\GITXMSREP&EPERGI7LIIX'VIEXIW7YFWXERXMEP7XVEXIKMG*PI\MFMPMX] %WSJ1EVGL (IFX1EXYVMX]4VSJMPI Well - positioned for future growth through strong liquidity Robust track record of cash flow generation Ability to flex up to ~2.5x Total Debt to Adjusted EBITDA 'SQQMXQIRX XS-RZIWXQIRX+VEHI &EE Moody’s &&& S&P Interest - Bearing Debt Less: Cash in Excess of $50M Net Indebtedness \ Leverage Ratio 1 Total Liquidity (IFXERH'ETMXEPM^EXMSR ($M) 2030 … 2044 2054 Available Credit Under Revolving Facility Drawn Revolving Credit Facility Senior Notes Strong Capacity to Capitalize on Strategic Opportunities
z 6IXYVRMRK 'EWLXS3YV 7LEVILSPHIVW +VS[MRK3YV &YWMRIWW (MWGMTPMRIH'ETMXEP%PPSGEXMSR7XVEXIK]%PMKRIH;MXL 'SVI&YWMRIWW2IIHW '%4-8%0%003'%8-3246-36-8-)7 Operating capital investment to support organic growth, primarily for Utility 1 Programmatic share repurchases strategy to enhance long term shareholder value 2 Dividend increases in line with earnings growth 3 Disciplined and strategic M&A with focus on EPS accretion and ROIC 4 34)6%8-2+'%7,*03;%003'%8-32 CapEx M&A Dividends Buybacks Disciplined and Balanced Capital Allocation Driving Enhanced Shareholder Value
D 7EPIW %HNYWXIH (MPYXIH)47 4PIEWIWII6IK+VIGSRGMPMEXMSRXS+%%4QIEWYVIWEXXLIIRHSJXLITVIWIRXEXMSR 7EPIWERH)47MRGPYHIWIPIGX-RJVEWXVYGXYVITVSHYGXPMRIWERH%K)47VITVIWIRXWERIXRYQFIVERHMRGPYHIWEVIHYGXMSRSJ JS VERSVQEPM^IHXE\VEXISJb :EPYI(VMZIVW(IPMZIVMRK0SRK 8IVQ4VSJMXEFPI+VS[XL & Net Sales EPS )*MRERGMEP 3YXPSSO 'ETXYVI %FSZI 1EVOIX +VS[XLMR9XMPMX] Utility partnerships with key market leaders Capacity and throughput expansions & 7XVIRKXLIRXS 9RPSGO )JJMGMIRG] 4IVJSVQERGI 1 Programmatic share repurchases Capital allocation strategy aligned with business needs 2% )REFPI 8LVSYKL (MWGMTPMRIH 6IWSYVGI%PPSGEXMSR Ƃ ) %TTVS\MQEXI-RGVIQIRXEP'SRXVMFYXMSR Drive strategic commercial initiatives Advance engineering and operational excellence Executing Our Long - term Strategy to Drive Market Outperformance
4PIEWIWII6IK+VIGSRGMPMEXMSRXS+%%4QIEWYVIWEXXLIIRHSJXLITVIWIRXEXMSR Expect Long - Term Strategy to Drive Profitable Growth 3TTSVXYRMXMIWJSV+VS[XL&I]SRH)47 Multiple Levers to Compound Attractive EPS Growth %GXMSRW(VMZMRK-RGVIQIRXEP3TTSVXYRMX]XS *YPP7XEGO*MRERGMEP3YXPSSO Mid - cycle growth in Agriculture Infrastructure strengthening initiatives exceed expectations 7XVIRKXLIRXS 9RPSGO )JJMGMIRG] 4IVJSVQERGI Additional Utility growth Throughput actions outperform 'ETXYVI %FSZI 1EVOIX +VS[XLMR9XMPMX] Additional share repurchases Strategic M&A )REFPI 8LVSYKL (MWGMTPMRIH 6IWSYVGI%PPSGEXMSR *YPP7XEGO) %HNYWXIH(MPYXIH )473YXPSSO 2025 Actual 2029 Plan 2029 Full Stack 1
'EWL*PS[ERH&EPERGI7LIIX*PI\MFMPMX]7YTTSVXW'ETMXEP (ITPS]QIRX'ETEGMX] 2026 – 2029E Operating Cash Flow CapEx FCF Generation Debt Capacity 2026 – 2029E Capital Capacity /I]'ETMXEP%PPSGEXMSR ,MKLPMKLXW Strong earnings supports meaningful cash flow generation Balance sheet strength provides flexibility for incremental capital deployment Disciplined capital allocation prioritizes growth capex and buybacks while preserving deployment flexibility Meaningful liquidity enhances strategic capital deployment flexibility Growth CapEx Revolver Revolver Flex Up Maintenance Substantial Financial Capacity Enables Execution on Growth Opportunities MR&MPPMSRW
2025 2029E Utility market growth Continued softness in agriculture markets ~26% tax rate Does not include M&A or balance sheet leverage No material change in regulatory environment /)=%779148-327 *MRERGMEP3YXPSSO7YQQEV] Strong Confidence in Achieving 2029 Targets, Building on a Solid Foundation for Growth )WXMQEXIHGSQTSYRHERRYEPM^IHKVS[XLVEXIWJVSQFEWI]IEVSVKERMGWEPIWKVS[XLSRP] 4PIEWIWII6IK+VIGSRGMPMEXMSRXS+%%4QIEWYVIWEXXLIIRHSJXLITVIWIRXEXMSR 2025 Adj. 2029E '%+6 '%+6 2025 Adj. 2029E 2025 Adj. 2029E FTW FTW 2IX7EPIW ($B) (MPYXIH )47 3TIVEXMRK 1EVKMR 63-'
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*YPP =IEV*MRERGMEP3YXPSSO Key Assumptions • Capital Expenditures to be between $170 to $200 million • Effective tax rate to be ~26.0% • Steel cost assumptions are aligned with futures markets as of April 17, 2026 • Foreign currency assumptions based on FX rates as of April 17, 2026 • Includes the current tariffs as of April 17, 2026 and assumes no material change in the trade or tariff environment At midpoint, represents 4.8% revenue growth and 17.9% EPS 1 growth ~Y/Y April 21, 2026 Outlook 2.5% to 7% $4.2B to $4.4B Net Sales 7% to 12% $3.3B to $3.45B Infrastructure Net Sales (11)% to (6)% $0.9B to $0.95B Agriculture Net Sales 12% to 23% $605M to $660M Operating Income 1 13% to 23% $21.50 to $23.50 Diluted EPS 1 4PIEWIWII6IK+VIGSRGMPMEXMSRXS+%%4QIEWYVIWEXIRHSJHSGYQIRX ]IEV SZIV]IEVGSQTEVMWSRMWXSRSR +%%4
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4VIWMHIRX'LMIJ)\IGYXMZI3JJMGIV %ZRIV %TTPFEYQ Avner Applbaum is the President and Chief Executive Officer of Valmont, leading a team of 11 , 000 employees working in more than 20 countries . Under his leadership, Valmont delivers engineered structures that support critical infrastructure globally, and advances agriculture productivity as the industry leader in mechanized irrigation . As President and CEO, Applbaum is committed to executing Valmont’s long - term strategy, fostering customer - driven innovation, and driving continuous improvement across the organization . His leadership emphasizes strategic growth, operational excellence, and leveraging technology to enhance Valmont’s impact on the industries it serves . Applbaum became President and CEO in 2023 after joining Valmont in 2020 as Executive Vice President and Chief Financial Officer . In that role, he shaped and executed the company’s financial strategy while overseeing all financial operations, as well as information technology, cybersecurity, and technology innovation . Before joining Valmont, Applbaum held multiple CFO roles at private - equity - backed companies and spent more than 15 years in senior financial and operational positions at publicly traded manufacturers, including Ametek , Belden, and TE Connectivity (formerly Tyco Electronics) . He began his career at Ernst & Young . Applbaum holds a Bachelor of Arts in Accounting and Economics from Bar - Ilan University in Israel .
4VIWMHIRX-RJVEWXVYGXYVI 'LVMW'SP[IPP Chris Colwell is President of Infrastructure at Valmont, leading the company’s North America Utility, Lighting & Transportation, and Coatings businesses, driving the strategic direction for product development, manufacturing and market expansion . Chris brings deep market expertise and a strong customer focus to his leadership, delivering solutions to meet the growing demand for energy, strengthening the electrical grid, and modernizing aging infrastructure . He joined Valmont in 2011 as Vice President and General Manager of the North American Utility business . Since then, he has held roles of increasing responsibility within the Infrastructure segment . Prior to joining Valmont, Chris held leadership positions in sales, marketing, engineering, and operations at Bosch and L . R . Nelson Corporation, leading teams that delivered transformative business outcomes . Chris holds a Bachelor of Science in International Business from Bradley University and technical certification in Product Development, Marketing Excellence and Advanced Analytics from Bosch in Stuttgart, Germany .
:4+12SVXL%QIVMGE9XMPMX] .SI9PVMGL Joe Ulrich is Valmont's Vice President and General Manager of North America Utility, accountable for driving the strategic direction for product management, demand generation, and project execution for our valued customers . Joe brings deep market expertise and a strong customer focus to his leadership, delivering solutions to meet the growing demand for energy, strengthening the electrical grid, and delivering on Valmont’s value proposition for our customers . He joined Valmont in 2003 and has held several diverse roles of increasing responsibility within the North America Infrastructure businesses . Joe has supported the Utility Market for more than 20 years, building strong customer and stakeholder relationships . Joe holds a Bachelor of Science in Business Administration from The University of Nebraska, Lincoln and holds several leadership and technical certifications earned while serving in the US Army Reserves .
7IRMSV%HZMWSV4S[IV-RWMKLXW .IER6SPPMRW Jean Rollins is a recognized leader in utility infrastructure forecasting and power sector strategy, with more than three decades of experience advising utilities, energy infrastructure companies, investors, and industrial manufacturers across North America . She currently serves as a Senior Advisor at Power Insights, where she leads analysis of utility capital investment trends and long - range infrastructure spending across the transmission, distribution, and generation sectors .
7:4 3TIVEXMSRW2SVXL%QIVMGE-RJVEWXVYGXYVI 7LERRSR)KKIVX Shannon Eggert is Senior Vice President of North America Operations for Valmont, with responsibility for approximately 4 , 900 employees supporting $ 2 . 0 billion in annual revenue across the company's North American infrastructure manufacturing platform . With more than 25 years of manufacturing and operational leadership experience, he oversees capacity expansion, manufacturing technology, supply chain execution, and operational performance across Valmont's utility, lighting & transportation, concrete, and composites businesses . Shannon joined Valmont in 2011 and has held several senior leadership roles across business operations, infrastructure growth, and enterprise transformation . Shannon holds a Master of Business Administration from the University of Nebraska Omaha and a Bachelor of Science in Industrial Management from Peru State College .
'LMIJ %-(MKMXEP8VERWJSVQEXMSR %QMX&PIWWIV Amit Blesser is Valmont's Chief AI and Digital Transformation, responsible for advancing the company's artificial intelligence strategy and accelerating digital transformation initiatives across the enterprise . He partners with business and technology leaders to identify opportunities where data, AI, and emerging technologies can drive innovation, improve operational performance, and create greater value for customers . Amit has more than 25 years of experience in software engineering, data science, artificial intelligence, and technology leadership . Prior to joining Valmont via the acquisition of Prospera Technologies in 2020 , he held several leadership roles with Prospera, including Vice President of Research & Development, General Manager of Israel, and Vice President of Data . Amit also held leadership positions in data science, analytics, and software development across a variety of technology - focused organizations . His experience spans product innovation, advanced analytics, software engineering, and organizational transformation, enabling him to bridge technical expertise with business strategy . Amit holds both a Master of Arts and a Bachelor of Arts in Economics from Ben - Gurion University of the Negev .
4VIWMHIRX -RJVEWXVYGXYVI +VIK8YVM Greg Turi is President of Infrastructure at Valmont, leading the company’s Telecom and international infrastructure businesses . He brings a strong background in engineering and commercial leadership to the role, guiding teams that leverage deep market and industry expertise to deliver innovative solutions and exceptional customer service . Since joining Valmont in 2010 as a Strategic Account Manager in the Utility business, he has held a range of commercial and operational leadership positions, including General Manager, Vice President of Sales, and Vice President and General Manager of International Utility . Most recently, Greg led Valmont’s Solar and Telecom businesses, with responsibility for strategic development, global operational and commercial efficiency, and product and technology innovation . Prior to joining Valmont, Greg held engineering and commercial leadership roles at Comair Rotron , a thermal management company serving the telecommunications and automotive industries . Greg earned a Bachelor of Science in Mechanical Engineering from the University of Rhode Island .
+VSYT4VIWMHIRX%KVMGYPXYVI (EVV]P1EXXLI[W Darryl Matthews is Group President of Agriculture at Valmont, leading the strategic direction of the company’s Agriculture segment . He is responsible for advancing the Valley ® Irrigation brand, strong dealer and customer partnerships and technology integration that drives agricultural productivity . Matthews joined Valmont in 2024 , bringing deep industry expertise developed over decades in the agriculture sector . Before Valmont, he served as Senior Vice President of Natural Resources & Autonomy at Trimble, delivering integrated technology solutions for agriculture, construction, and infrastructure . He previously held leadership roles including President and General Manager, NAFTA at Nufarm Americas and multiple positions at Dow AgroSciences . Matthews holds a Bachelor of Science in Agriculture from the University of Guelph and is recognized for his leadership in agriculture technology expertise and market insights .
'LMIJ*MRERGMEP3JJMGIV .SLR7GL[MIX^ John Schwietz is Valmont's Chief Financial Officer, accountable for the company’s global financial strategy and core finance functions . As a member of the executive leadership team, he works closely with leaders across the organization to support disciplined capital allocation, operational execution, and long - term value creation . Schwietz was appointed CFO in 2026 after serving as President of International Agriculture . In that role, he guided performance across diverse international markets, strengthened operating results, and built a global leadership team aligned to Valmont’s strategy . Previously, Schwietz held several senior finance leadership roles at Valmont, including Vice President of Finance for the Utility and Renewable Generation businesses . Across these roles, he supported portfolio actions, margin improvement efforts, and growth initiatives . Schwietz joined Valmont in 2009 and has held positions of increasing responsibility across finance, business development, and general management, with leadership experience across North America, Latin America, Europe, Africa, and Asia . Prior to joining Valmont, Schwietz worked in international banking . He holds a Master of Business Administration and a Bachelor of Arts from Creighton University .
7:4'ETMXEP1EVOIXW6MWO8VIEWYVIV 6IRII'EQTFIPP Renee Campbell is Senior Vice President, Capital Markets & Risk / Treasurer at Valmont . She supports the company’s long - term growth strategy, leading the investor relations function, overseeing capital structure and treasury operations, and driving initiatives to enhance working capital efficiency . She also oversees Risk Management, including Enterprise Risk and Insurance, within the Corporate Treasury function, strengthening the company’s enterprise - wide view of risk . Campbell began her career at Valmont in 1995 and has held a series of progressive finance leadership roles, including credit management, international trade finance and corporate treasury . She rejoined the company in 2017 as Director, Investor Relations and Corporate Communications, was promoted to SVP/Treasurer in 2022 and assumed her current role in December 2025 . Throughout her tenure, she has elevated engagement with investors, industry analysts, banks and credit rating agencies, and strengthened institutional understanding of Valmont’s strategic direction, performance and long - term outlook . Her broader career includes treasury and cash operations leadership roles at West Corporation and ACI Worldwide . She earned her Bachelor of Science in Business Administration from the University of Nebraska – Lincoln .