Azz Inc. · NYSE:AZZ
Azz — Investor Presentation (October 2026)
25 slides from Azz's investor presentation, Oct 26, 2026
Slide 1: Investor Presentation: North America's Leading Independent Metal Coatings Platform
N Y S E : A Z Z | I N V E S T O R P R E S E N T A T I O N North America's Leading Independent Metal Coatings Platform A differentiated, high-margin hot-dip galvanizing and coil coating company, compounding earnings through secular tailwinds, disciplined capital allocation, and a transformed balance
Slide 2: Disclaimers
Disclaimers Cautionary Statements Regarding Forward Looking Statements — Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can iden
Slide 3: Why Own AZZ
I N V E S T M E N T T H E S I S Why Own AZZ Five structural reasons why AZZ can compound shareholder returns and outperform the market over a multi-year horizon. Unrivaled Footprint #1 market position in both hot-dip galvanizing and coil coating, with 47 metal coatings sites and 14 coil plants servi
Slide 4: Company Snapshot: A Focused Metal Coatings Leader
C O M P A N Y S N A P S H O T A Focused Metal Coatings Leader Headquartered in Fort Worth, Texas, AZZ is the leading independent provider of hot- dip galvanizing and coil coating solutions in North America, with #1 market position in both segments. $1.75B TTM Sales(1) $383M TTM Adj. EBITDA(1) 22% TT
Slide 5: Accelerating Growth Across Two Complementary Coatings Segments
B U S I N E S S M O D E L Accelerating Growth Across Two Complementary Coatings Segments AZZ Metal Coatings Hot-Dip Galvanizing & Surface Technologies $444M YTD FY27 Sales(1) 30.5% YTD FY27 Adj. EBITDA Margin(1) +17.7% YTD FY27 Sales Growth(1) • Largest independent post-fabrication hot-dip galvanize
Slide 6: Unrivaled North American Footprint
B U S I N E S S M O D E L Unrivaled North American Footprint AZZ Metal Coatings Hot-Dip Galvanizing & Surface Technologies AZZ Precoat Metals Coil Coating of Steel & Aluminum 6 • North America’s leading post- fabrication hot-dip galvanizer with unmatched competitive moat • Key solutions include hot-
Slide 7: End Market Diversification
S A L E S M I X End Market Diversification Coatings sales(1) are underpinned by construction and supported by six additional end markets, reducing cycle exposure 58% Construction 12% Infrastructure 10% Industrial 6% Transportation 5% HVAC & Appliance 5% Container 4% Other (1) Consolidated end market
Slide 8: Positioned for Continued Growth
F I N A N C I A L P E R F O R M A N C E Positioned for Continued Growth Consolidated Sales & Adjusted EBITDA Trend (FY2023–FY2027E, $M) $1,324 $1,538 $1,578 $1,650 $1,850 $267 $334 $348 $368 $400 20.2% 21.7% 22.1% 22.3% 21.6% FY23 FY24 FY25 FY26 FY27E Total Sales Adj. EBITDA (1) Mid-point of FY27 gu
Slide 9: A Focused Industrial Compounder
B A L A N C E S H E E T A Focused Industrial Compounder Aggressive debt paydown has reset net leverage to a level that funds growth and shareholder returns simultaneously. Net Leverage Ratio (x Adj EBITDA) 3.6 3.5 2.9x 2.5 1.4 1.3 FY22 FY23 FY24 FY25 FY26 YTD FY27 Net leverage ~$100-140M Debt reduct
Slide 10: A Results-Driven Leadership Team
Tom Ferguson President and Chief Executive Officer David Nark Chief Marketing, Communications and Investor Relations Officer Tara Mackey Chief Legal Officer Jeff Vellines President & COO Precoat Metals Our Mission Create superior value in a culture where people can grow and TRAITS matter. We are div
Slide 11: Technology Investment Drives Competitive Advantage
T E C H N O L O G Y Investment Drives Competitive Advantage Proprietary digital systems and disciplined IT investment sharpen AZZ’s operating edge across its business, and create scalable platforms that accelerate integration, capture synergies, and support future M&A. Digital Galvanizing System (“D
Slide 12: Multi-Year Demand Drivers
S E C U L A R T A I L W I N D S Multi-Year Demand Drivers Generational Infrastructure Federal spending on bridges, highways, and the power grid drives demand for galvanized steel content. Data Center Build-Out Hyperscale projects require galvanized structures and co-located power — a structural tail
Slide 13: Washington, Missouri: An Engine for Precoat Growth
G R O W T H C A T A L Y S T Washington, Missouri New greenfield aluminum coil coating facility — accretive in FY2027. An Engine for Precoat Growth The ~$125M greenfield investment further expands AZZ into the aluminum coatings and beverage-can markets, with output protected by long-term contracts be
Slide 14: Capital Allocation: Disciplined, Balanced, Return-Focused
C A P I T A L A L L O C A T I O N Disciplined, Balanced, Return-Focused High-ROIC Organic Growth Metal Coating capacity additions and the Washington ramp; FY27 capex of $80–100M weighted toward growth. Disciplined M&A Active, highly synergistic bolt-on pipeline; acquired Canton Galvanizing in FY26 a
Slide 15: FY2027 Guidance Signals Continued Growth
O U T L O O K FY2027 Guidance Signals Continued Growth Metric FY2026 Actual Prior FY2027 Guidance FY2027 Revised Guidance(1) Total Sales $1.65B $1.80–$1.85B $1.825–$1.875B Adj. EBITDA $367.6M $375–$415M $380–$420M Adj. Diluted EPS $6.19 $6.75–$7.15 $7.00–$7.30 FY2027 Guidance Assumptions • Washingto
Slide 16: Outlook: FY2032 Goals
16 A N A L Y S T D A Y P R E S E N T A T I O N Sales($Bn) Adjusted EBITDA Margin (1) TTM Sales for the period ended 8/31/2026 (2) TTM EBITDA inclusive of corporate costs for the period ended 8/31/2026 Total Sales CAGR of 10% 5-7% organic sales growth underpinned by market growth and investments
Slide 17: Re-Rating Underway, Runway Remains
V A L U A T I O N Re-Rating Underway, Runway Remains ~12x EV / EBITDA vs. peers(1) ~10–15x Buy Consensus Rating 6 Strong Buy / 4 Hold $162.00 Avg. Price Target range $140–$200 26.6% Return on Equity(2) high-return franchise . Adjusted Diluted EPS Trajectory ($) $4.53 $5.20 $6.19 $7.15 FY24 FY25 FY26
Slide 18: Key Risks and Why They Are Manageable
R I S K F R A M E W O R K Key Risks — and Why They Are Manageable RISK MITIGANT Construction & residential softness pressures Precoat volumes while interest rates stay elevated. Infrastructure, utility and data-center demand offset weakness; toll model protects margins. Input-cost inflation in zinc,
Slide 19: The Case for AZZ
T H E C A S E F O R A Z Z AZZ – Investment Summary #1, irreplaceable positions in two essential coatings markets 22%+ Adjusted EBITDA margins converting to record free cash flow Net leverage reset to 1.3x — optionality without trade-offs Secular demand from infrastructure, data centers and reshoring
Slide 20: Reg G Tables
Reg “G” Tables
Slide 21: Non-GAAP Disclosure of Adjusted Net Income
21 I N V E S T O R P R E S E N T A T I O N See page 25 of this presentation for footnotes. Non-GAAP Disclosure of Adjusted Net Income 21 Adjusted Net Income and Adjusted Earnings Per Share Trailing Twelve Months Ended August 31, 2026 August 31, 2025 Amount Per Diluted Share(1) Amount Per Diluted Sha
Slide 22: Non-GAAP Disclosure of Adjusted EBITDA
22 I N V E S T O R P R E S E N T A T I O N See page 25 of this presentation for footnotes. Non-GAAP Disclosure of Adjusted EBITDA 22 Adjusted EBITDA Trailing Twelve Months Ended August 31, 2026 August 31, 2025 Net income $ 167,463 $ 314,067 Interest expense 45,493 68,826 Income tax expense 58,495 98
Slide 23: Non-GAAP Segment Disclosure
23 I N V E S T O R P R E S E N T A T I O NSee page 25 of this presentation for footnotes. Non-GAAP Segment Disclosure (Metal Coatings and Precoat Metals) 23 Adjusted EBITDA by Segment Trailing Twelve Months Ended August 31, 2026 Metal Coatings Precoat Metals Infra- structure Solutions Corporate Tota
Slide 24: Debt Leverage Ratio Reconciliation
24 I N V E S T O R P R E S E N T A T I O N See page 25 of this presentation for footnotes. Debt Leverage Ratio Reconciliation 24 Debt Leverage Ratio Reconciliation Trailing Twelve Months Ended August 31, 2026 August 31, 2025 Gross debt $ 500,000 $ 609,875 Less: Cash per bank statement (6,800) (5,417
Slide 25: Notes for Non-GAAP Disclosure Slides
Notes for Non-GAAP Disclosure Slides 25 (1) Earnings per share amounts included in the "Adjusted Net Income and Adjusted Earnings Per Share" table above may not sum due to rounding differences. (2) Includes restructuring charges related to the closure of two surface technology facilities in our AZZ