Valmont Industries (VMI) investor relations material

Positioning and strategy

• A $4.1B business with leadership in infrastructure and agriculture; roughly three-quarters of sales are infrastructure and three-quarters are in North America. 2025 adjusted operating income was $538M, or 13.1%.

• Portfolio focus, closer coordination of commercial and operations teams, and capital allocation to higher-return opportunities have improved earnings and created operating leverage through Q3 2026.

• Strategy centers on capturing above-market utility growth, strengthening the rest of infrastructure and agriculture, and enabling execution through disciplined resource allocation; share repurchases contribute $2 of EPS to the plan.

• Customer relationships, engineering expertise and scaled manufacturing support delivery of large, complex, mission-critical projects where quality, reliability and schedule certainty are essential.

Utility growth opportunity

• U.S. power demand is rising with data centers and AI, industrial expansion, electrification and onshoring; aging grid assets and other infrastructure also require modernization and replacement.

• Utility sales target is $2.5B by 2029, roughly $1B above the 2025 base; the visible project pipeline is $6.7B and infrastructure backlog reached $1.8B through Q3, with most backlog in utility.

• The pipeline uses alliance-customer capital plans and expected contract share, excludes bid-market opportunities, and includes sole-sourced work; converted backlog orders are described as firm, supporting visibility into 2027 and beyond.

• About 20% of required incremental utility steel-production equipment was operational by Q3; 2027 capacity needs are largely covered, while investment for 2028-29 and employee training continue.

• Pricing is based on customer value; timing lags and steel-cost movement may create noise, with higher margins expected to appear as steel stabilizes.

Portfolio priorities and market drivers

• Other infrastructure conditions are mixed, with strength in transportation and weakness in lighting and telecom; targeted execution and portfolio choices aim to improve returns and contribute about $3 of EPS.

• Agriculture is a mid-teen profit business in a challenged market; the 2029 plan assumes no market rebound, while aftermarket, technology and dealer support are priorities and contribute about $2 of EPS.

• A $100M North Africa project was won in Q3; long-term irrigation demand is supported by water efficiency, land productivity, farm consolidation, replacement demand and food security needs.

• Global protein demand is expected to require 20% more protein by 2035, raising the need for feed grain and more productive use of farmland, water, labor and energy.