Lindsay (LNN) investor relations material

Executive summary

• Q4 FY26 revenue rose 5% YoY to $161.6M; operating income increased 39% to $15.8M, net earnings rose to $11.3M, and diluted EPS reached $1.10.

• FY26 revenue declined 6% to $635.9M; operating income fell 24% to $66.9M, net earnings declined to $55.7M, and diluted EPS fell 21% to $5.33.

• Priorities included cost reductions, operational efficiency, technology growth, and targeted investments; agricultural technology ARR grew ~11% YoY, with a five-year CAGR above 15%.

Financial highlights

• Q4 revenue increased $8.0M YoY, with Irrigation contributing $4.7M and Infrastructure $3.3M; operating income rose $4.5M to $15.8M.

• FY26 revenue decreased $40.5M YoY, including declines of $26.5M in Irrigation and $14.0M in Infrastructure; operating income fell $21.2M.

• FY26 free cash flow equaled 62% of net earnings; capital expenditures were $40.2M and operating cash flow was $74.9M.

• Q4 available liquidity was $239.8M, including $189.8M in cash and $50M available under the revolver.

Outlook and guidance

• FY27 North American irrigation demand is expected to remain subdued until farm economics, net farm income, and customer confidence improve; international project comparisons will be difficult.

• No large MENA project delivery is expected in FY27; smaller projects and other initiatives are expected to cover at least half of the prior $70M project revenue gap.

• MENA services revenue from completed deliveries is expected over the next 12–24 months, with installation delays affecting timing; approximately $10M remained on the project.

• FY27 road safety products are expected to grow; Road Zipper leasing is expected to remain generally in line with FY26, and Infrastructure is projected to grow.

• Identified restructuring savings are expected to begin materializing in FY27; the expected FY27 tax rate is 24.5%–25%.