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NWPX Infrastructure, Inc. (NWPX) · 35 slides · Filed Oct 28, 2026
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Slide 1 — INVESTOR
JULY 2024 May 2025 w.nwpipe.com INVESTOR PRESENTATION
Slide 2 — NON
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Slide 3 — 196
ABOUT NORTHWEST PIPE COMPANY Positioned to met North America's growing neds for water distribution, management, infrastructure, and sustainability. 13 locations: strategicaly placed manufacturing facilities with 12 in the U.S. and one in Mexico Widely - recognized reputation for quality, service, and manufacturing capabilities Headquartered in Vancouver, WA 196 Founded in Largest, most flexible capabilities in the water transmision market Suplier of choice for long - distance, raw - water transmision programs Provide solutions - based products for a wide range of markets under the ParkUSA, Geneva Pipe and Precast, and Permalok® product lines INVESTOR PRESENTATION | 3
Slide 4 — STRATEGIC
STRATEGIC FOTPRINT WITH CUSTOMER ACES ACROS THE U.S. CORPORATE HEADQUARTERS ENGINERED STEL PRESURE PIPE PLANTS PRECAST INFRASTRUCTURE AND ENGINERED SYSTEMS PLANTS INVESTOR PRESENTATION | 4
Slide 5 — - RANGING
WIDE - RANGING PRODUCT CAPABILITIES WHAT WE DO ENGINERED STEL PIPE ENVIRONMENTAL SOLUTIONS & UTILITIES PRECAST CONCRETE & RCP PIPE TRENCHLES PIPE STEL PRESURE PIPE PRECAST INFRASTRUCTURE INVESTOR PRESENTATION | 5
Slide 6 — FORTHRIVINGCOMUNITIES
WATERINFRASTRUCTURE FORTHRIVINGCOMUNITIES Note: Se folowing slide for a more comprehensive description of our featured products. INVESTOR PRESENTATION | 6
Slide 7 — FEATURED PRODUCTS
FEATURED PRODUCTS A: Elevator Sump System | ParkUSA Oil - water separator, and control panel with alarm. B: Water Meters | ParkUSA Measures and safeguards the flow of water in buildings. C: Backflow Preventor Asemblies | ParkUSA Prevents the reverse flow of water into potable water. D: Grease Interceptor | ParkUSA Prevents FOG (Fats, Oils, Grease) from entering sewer systems. E: Hybrid PVC Manhole | Geneva Pipe and Precast Corosion and abrasion resistance lined concrete manholes F: Car Wash Reclaim System | ParkUSA Filtrates and colects water for reuse at car washes. G: Decontamination Tanks | ParkUSA Store wastewater generated during decontamination procedures. H: Fuel Water Separator | ParkUSA Captures fuel, hydrocarbons, and AF on heliports I: Sewage Grinders | ParkUSA Macerates disposable items that comonly clog sewage pumps. J: Runof & Wash Water Diversion | ParkUSA Eliminates polutants from entering stormwater systems. Our products can be found in almost any built environment. Though often hiden from view, our contributions are vital in safeguarding and managing water infrastructure systems, ensuring reliable service for comunities and industries alike. INOVATIVE WATER INFRASTRUCTURE FOR THRIVING COMUNITIES K: Solids Interceptor | ParkUSA Captures solid waste before entering sewer or stormwater systems L: Rainwater Harvest Systems | ParkUSA Colect, filter, and store rainwater for non - potable uses. M: Pump Lift Stations | ParkUSA Moves wastewater, stormwater, or other proces fluids to higher elevations. N: Curb Inlets | Geneva Pipe and Precast Prevent floding and damage to infrastructure O: Stel Pipe | Northwest Pipe Company For safe transmision of water. P: Stormwater Separator | ParkUSA Removes sediments, trash, and oil from stormwater runof. Q: Catch Basin | Geneva Pipe and Precast Colect and manage stormwater runof. R: Stel Casing Pipe | Permalok® Stel casing pipe that can be instaled around permanent landmarks such as railroad tracks or rivers. S: Reinforced Concrete Pipe | Geneva Pipe and Precast Cost - efective solution for many infrastructure projects. T: Box Culverts | Geneva Pipe and Precast Durable culverts in various sizes for use in storm drains, tunels, and crosings. INVESTOR PRESENTATION | 7
Slide 8 — DEMAND DRIVERS
DEMAND DRIVERS WHY WE DO WHAT WE DO 1. Bluefield Research Infrastructure Investment & Jobs Act Insight Report April 2025 Aging water and wastewater systems •Existing infrastructure neds upgrades, repairs, and replacements •Underinvestment in past water infrastructure projects Rising demand on developed water sources •Population growth and new population centers intensify the ned for expanded treatment capacity, storage, and resilience investments Drought conditions and climate change •Existing water sources are stresed •N ew water sources located at greater distances from population Increasingly stringent regulatory policies •Increased public awarenes of problems with the quality of drinking water, water conservation, and eficient water usage Federal and state initiatives to improve infrastructure •Utility level projects funded by the Infrastructure Investment and sĺŽŜϙ¦ťϙϼЊffsЋϽϙťĺťÎīϙщ͒ ϟ͒ ϙ7ϙťē non - SRF programs 1 •IJA and the Drinking Water State Revolving Loan Fund (DWSRF), focused on improving the conditions of the aging water infrastructure INVESTOR PRESENTATION | 8
Slide 9 — MARKET
Adresable Market NWPX's Share CONCRETE PIPE & PRECAST TOTAL ADRESABLE MARKET $14 B Adresable Market NWPX's Share STEL PRESURE PIPE TOTAL ADRESABLE MARKET $450 - $650 M Note: Market share based on net sales as of the ful year ended December 31, 2024. Market sizes based on internal estimates for North America. The Company‘s ParkUSA operations primarily serve the water control systems market. The Precast adresable market represents the products within the industry that we curently serve. The National Precast Concrete Asociation 2023 Precast Industry Benchmarking Report estimated the broader precast market at $30 B. Äâ—ЍŜϙ©ēÎŘ½ϡ $38 M (~52%) Äâ—ЍŜϙ©ēÎ $15 M (~1%) LARGE ADRESABLE MARKET OPORTUNITY INVESTOR PRESENTATION | 9
Slide 10 — ENGINERED STEL
ENGINERED STEL PRESURE PIPE WEL - POISED INDUSTRY LEADER •Manufactures large - diameter, high - presure stel pipeline systems for use in water infrastructure aplications, which are primarily related to drinking water systems •Products also used for hydroelectric power systems, wastewater systems, agriculture, and other aplications •Largest, most flexible capacity in the Stel Presure Pipe ϼЊ©¢¢ЋϽϙıÎŘħ½ť •Skiled project management group •Production staf dedicated to Lean manufacturing, improving operational eficiencies, cost reductions, and continued emphasis on margin over volume •In - house fabrication capabilities provide a complete enginered system •Permalok® provides superior product to the microtuneling market •National fotprint enables low freight costs INVESTOR PRESENTATION | 10
Slide 11 — MARKET DYNAMICS
FAVORABLE SP MARKET DYNAMICS INVESTOR PRESENTATION | 1 APROPRIATIONS: Congresionaly authorized and aproved spending for specific purposes, such as the federal capitalization grants to the SRF programs. Flow of SRF Funds From Federal Government to State Agencies 1 DWSRF 1. Chart source: Bluefield Research April 2025 Infrastructure Investment & Jobs Act Insight Report ALOTMENTS : Portion of apropriated IJA SRF funding that the EPA divides and alots among states, teritories, and tribes every fiscal year. SUB - AWARDS: Portions of SRF prime awards that are designated for specific projects and end - users (i.e., utilities). OBLIGATIONS: Contractualy binding comitments betwen the U.S. government (e.g., the EPA) and state governments or other recipients. US $43.6 B US $23.2 B US $19.5 B US $6.3 B
Slide 12 — INFRASTRUCTURE &
PRECAST INFRASTRUCTURE & ENGINERED SYSTEMS SEGMENT Aded core competency in precast concrete provides new oportunities for future growth 1. Refer to slides 25 and 26 for more details on acquisitions. High - quality precast and reinforced concrete products typicaly used in non - presure conveyance as wel as wastewater pretreatment, stormwater quality, and water distribution and management. Geneva Pipe and Precast: 1/31/2020 for $49.4 milion (~7.5x EBITDA) ParkUSA: 10/5/2021 for $90.2 milion (~6.2x EBITDA) Geneva lined concrete products excel in sanitary sewer and utilities rehabilitation. ParkUSA products include pre - instaled mechanical components that cost les to instal and provide automatic controls, increased eficiency, and environmental compliance. Precast fotprint in Texas and Utah ϳ two states in the top five fastest growing U.S. markets. Entered the market through acquisitions 1 : INVESTOR PRESENTATION | 12
Slide 13 — LEADER OF
LEADER OF INOVATION IN WATER INFRASTRUCTURE RECENTLY DEVELOPED TECHNOLOGY RADIAL BENDING JOINT A first of its kind for the industry, this patent - pending Permalok® joint enables stel pipe to be instaled along a curved radius in microtuneling . AUTOMATED CONTROLS Our water management solutions can measure and monitor flow, temperature, presure, and other water quality parameters to asist in proces control, eficiencies, and regulatory compliance. INFRASHIELD JOINT SYSTEM ® Geohazard resistant stel pipe joint system that keps water flowing in areas of seismic activity or diferential ground setlement at significant cost savings. INVESTOR PRESENTATION | 13 COMPOSITE FRP PANELS Made for maintenance - fre corosion protection, these panels can be made in any size and extend the service life of wastewater structures by decades.
Slide 14 — STRATEGY
GROWTH STRATEGY INVESTOR PRESENTATION | 14 Create transformational growth and profitability to drive shareholder value through organic growth “Pr and acquisitions • Build out utilization at ParkUSA plants in Texas • Strengthen outside sales team primarily focused on wastewater and water distribution products to push capacity • Boked over $10 milion of orders outside of Texas in 2024 and $2.5 milion in Q1 2025 • Now casting and shiping ParkUSA products at our Utah facilities to expand capabilities while maintaining low cost of entry • Emphasizing cros - training acros facilities • Gaining aditional traction on product spread at the Geneva plants • Boked over $2 milion of Park - related projects in 2024 and $0.5 milion in Q1 2025 Evaluating prospective high - quality oportunities with the folowing key atributes: • Strong organic growth potential • Strong margin characteristics • Solid aset eficiency • Positive cash flow profile • Acretive to earnings • Industry and geographic location aligns with strategic growth plan • Performance indicators based on revenue and EBITDA thresholds • Strong brand reputation and relationships in industry • Experienced management teams Produce and ship ParkUSA products out of legacy Northwest Pipe plants. PRECAST PRODUCT SPREAD STRATEGY: Continuing to sek acretive acquisition candidates in the precast - related space. ACQUISITION STRATEGY:
Slide 15 — CAPITAL ALOCATION STRATEGY
CAPITAL ALOCATION STRATEGY Use of Cash Priorities 1. As of March 31, 2025 •Focused on repaying debt incured to finance the acquisition of ParkUSA •Prudent with debt incured to finance growth; historic targeted leverage ratio below 2x EBITDA DEBT REPAYMENT INVESTOR PRESENTATION | 15 •Prioritizing organic growth through Product Spread strategy for ParkUSA •Reinvesting in Precast locations to increase production capabilities and capacity through expansion and automation ORGANIC GROWTH •Repurchased ~174,0 shares for $5.1 milion since the authorization of a share repurchase program in November 2023 •As of March 31, 2025, $24.9 milion remained available for repurchases under this program •Repurchased ~12,0 shares for $5 milion in April 2025 under a Rule 10b5 - 1 trading plan STOCK REPURCHASES 1 •Evaluating potential M&A in the precast - related market with the goal of Precast becoming the same size as the SP busines ACRETIVE ACQUISITIONS
Slide 16 — DEMAND DRIVES STRONG PERFORMANCE
DEMAND DRIVES STRONG PERFORMANCE INVESTOR PRESENTATION | 16 Note: Precast refers to Precast Infrastructure and Enginered Systems & SP refers to Enginered Stel Presure Pipe. 1. Backlog includes confirmed orders (SP projects for which the Company has ben notified that it is the sucesful bider, but a binding agrement has not ben executed). 2. Order Bok includes unfulfiled orders outstanding at the measurement date for the Precast segment. 2021 is the first period tha t includes the order bok for ParkUSA. 3. Pro forma net sales for Precast would have ben aproximately $48 milion if the acquisition of Geneva had ocured on Januar y 1 , 2020 as oposed to January 31, 2020. 4. Pro forma net sales for Precast would have ben aproximately $125 milion if the acquisition of ParkUSA had ocured on Janu ary 1, 2021 as oposed to October 5, 2021. ($ Milions) Backlog 1 and Order Bok 2 Maintained strong SP backlog and Precast order bok in 2024 ($ Milions) Revenue Grew SP revenues by over 2.5x since 2017 and more than tripled the size of the Company with the adition of Precast $8 $252 $258 $21 $290 $372 $319 $310 $1 $51 $64 $46 $61 2017 2018 2019 2020 2021 202 2023 2024 SP Backlog Precast Order Bok $13 $172 $279 $242 $260 $308 $296 $38 2017 2018 2019 2020 2021 202 2023 2024 SP Revenue Precast Revenue $286 $3 $458 $4 $4 3 $74 4 $150 $148 $15 $493
Slide 17 — Q1 2025 HIGHLIGHTS
$63.5 $7.3 $80.5 $75.1 $80.0 $89.5 $85.9 $82.5 $78.4 $35.6 $39.1 $38.2 $35.1 $3.2 $40.0 $4.3 $37.1 $37.7 1Q'23 2Q' 23 2Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 SP Revenue Precast Revenue 12% 16% 14% 15% 18% 19% 19% 18% 16% 25% 25% 2% 23% 18% 2% 24% 21% 19% 0% 5% 10% 15% 20% 25% 30% 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 SP Gros Margin Precast Gros Margin Q1 2025 HIGHLIGHTS INVESTOR PRESENTATION | 17 1. —Backlog including confirmed orders“ defined as Engineered Steel Pressure Pipe projects for which the Company ed that it is the sucesful bider, but a binding agrement has not ben executed. 2. —Order book“ defined as unfulfilled orders outstanding at the measurement date for its Precast Infrastructure Sys tems segment. ($ Milions) Net Sales by Segment ($ Milions) Gros Profit by Segment Backlog including confirmed orders 1 of $289 milion for the Enginered Stel Presure Pipe segment Strong order bok 2 of $64 milion for the Precast Infrastructure and Enginered Systems segment
Slide 18 — RESPONSIBILITY
Environmental, Social, and Governance Focus CORPORATE RESPONSIBILITY INVESTOR PRESENTATION | 18 HEALTH & SAFETY HUMAN CAPITAL MANAGEMENT ENVIRONMENTAL STEWARDSHIP
Slide 19 — HEALTH & SAFETY
INVESTOR PRESENTATION | 19 •Continued to improve on our industry - leading safety performance from 2023 1 with metrics significantly below the national and comparable industry average 2 •2024 total recordable incident rate: 1.25 •2024 days away rate: 0.14 •Comprehensive employe health and welnes benefits program •Striving for continuous improvement with investment in capital projects that implement enginered safety solutions HEALTH & SAFETY CORPORATE RESPONSIBILITY Note: As of December 31, 2024. 1. Includes newly acquired facilities and calculated in accordan s f or total recordable incident rate and days away rate in 2023 were 3.10 and 2.0, respectively. 2. Source: OSHA per 10 ful - time workers for SIC code 3121 (Iron and stel pipe and tube manufacturing from purchased stel).
Slide 20 — HUMAN CAPITAL
INVESTOR PRESENTATION | 20 • Industry - leading safety performance over the last four years1 significantly below the national and comparable industry average2 • Average total recordable incident rate: 1.51 • Average days away rate: 0.29 CORPORATE RESPONSIBILITY HUMAN CAPITAL MANAGEMENT •Aproach centered on fairnes, profesional development, and competitive and equitable compensation •Comited to fostering a workplace where al individuals have the oportunity to grow, contribute and suced •Focus on development of leadership pipeline through in - person Leadership Development training, one - on - one carer coaching and mentoring and identifying individual carer and growth development oportunities for key employes
Slide 21 — ENVIRONMENTAL STEWARDSHIP
INVESTOR PRESENTATION | 21 •Prioritizing continuous improvement in reducing environmental impact •Minimizing air polution from operational facilities with emisions control devices and reduction programs beyond complying with local air permiting requirements •Creating stormwater protection programs at each facility •Employing Lean manufacturing principles to reduce waste and optimize proceses •Enhancing tracking and reporting of direct grenhouse gas emisions in anticipation of upcoming regulatory demands ENVIRONMENTAL STEWARDSHIP CORPORATE RESPONSIBILITY
Slide 22 — STRATEGIC AND
STRATEGIC AND OPERATIONAL INITIATIVES INVESTOR PRESENTATION | 2 Maintain a safe workplace where employes are proud to work Continue to implement cost reductions and eficiencies at al levels of the Company Improve performance through a persistent focus on margin over volume Return value to our shareholders through oportunistic share repurchases in the absence of M&A oportunities Intensify our focus on strategic oportunities to grow the Company through expansion or acquisitions
Slide 23 — HIGHLIGHTS
INVESTMENT HIGHLIGHTS INVESTOR PRESENTATION | 23 Wel - positioned to benefit from historic strong backlog and growing market demand for both new and existing water infrastructure upgrades Large adresable market provides oportunities for further expansion Variable cost structure provides financial flexibility Diversification strategy helps reduce impacts from market cyclicality and improve fre cash flow generation Strong balance shet Experienced management team with over 10 years of colective industry experience
Slide 24 — INVESTOR PRESENTATION |
APENDIX INVESTOR PRESENTATION | 24