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NWPX Infrastructure, Inc. — NWPX+Investor+Presentation+ +Sept+2026+ +FINAL+2 (company IR deck)
NWPX Infrastructure, Inc. (NWPX) · 37 slides · Filed Oct 28, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All NWPX deck slides
Slide 1 — INVESTOR
JULY 2024 September 2026 w.nwpx.com INVESTOR PRESENTATION
Slide 2 — NON
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Slide 3 — 196
ABOUT NWPX Positioned to met North America's growing neds for water distribution, management, infrastructure, and sustainability. Operates 15 manufacturing facilities strategicaly located acros North America 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 Northwest Pipe Company, Permalok ®, NWPX Geneva, and NWPX Park product lines. INVESTOR PRESENTATION | 3
Slide 4 — STRATEGIC
STRATEGIC FOTPRINT WITH CUSTOMER ACES ACROS THE U.S. CORPORATE HEADQUARTERS WATER TRANSMISION SYSTEMS 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 WATER TRANSMISION SYSTEMS PRECAST INFRASTRUCTURE & ENGINERED SYSTEMS INVESTOR PRESENTATION | 5
Slide 6 — FOR THRIVING COMUNITIES
WATER INFRASTRUCTURE FOR THRIVING COMUNITIES Note: Se folowing slide for a more comprehensive description of our featured products. INVESTOR PRESENTATION | 6
Slide 7 — FEATURED
A. Elevator Sump System | NWPX Park Oil - water separator, and control panel with alarm. B. Water Meters | NWPX Park Measures and safeguards the flow of water in buildings. C. Backflow Preventor Asemblies | NWPX Park Prevents the reverse flow of water into potable water. D. Grease Interceptor | NWPX Park Prevents FOG (Fats, Oils, Grease) from entering sewer systems. E. Hybrid PVC Manhole | NWPX Geneva Corosion and abrasion resistance lined concrete manholes F. Car Wash Reclaim System | NWPX Park Filtrates and colects water for reuse at car washes. G. Decontamination Tanks | NWPX Park Store wastewater generated during decontamination procedures. H. Fuel Water Separator | NWPX Park Captures fuel, hydrocarbons, and AF on heliports I. Sewage Grinders | NWPX Park Macerates disposable items that comonly clog sewage pumps. J. Runof & Wash Water Diversion | NWPX Park 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 | NWPX Park Captures solid waste before entering sewer or stormwater systems L. Rainwater Harvest Systems | NWPX Park Colect, filter, and store rainwater for non - potable uses. M. Pump Lift Stations | NWPX Park Moves wastewater, stormwater, or other proces fluids to higher elevations. N. Curb Inlets | NWPX Geneva Prevent floding and damage to infrastructure O. Stel Pipe | Northwest Pipe Company For safe transmision of water. P. Stormwater Separator | NWPX Park Removes sediments, trash, and oil from stormwater runof. Q. Catch Basin | NWPX Geneva 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 | NWPX Geneva Cost - efective solution for many infrastructure projects. T. Box Culverts | NWPX Geneva Durable culverts in various sizes for use in storm drains, tunels, and crosings. INVESTOR PRESENTATION | 7 FEATURED PRODUCTS
Slide 8 — DEMAND DRIVERS
Federal and state initiatives to improve infrastructure •Federal momentum continues to suport long - term water infrastructure investment, creating a favorable backdrop for state - driven programs and project activity •States are acelerating their own funding initiatives, including: •±½ƄÎŜЍϙ©Ãf[±ϙŕŘĺČŘÎıϙſĖťēϙщ͖͐ ϙ alocation of up to $1 B anualy to the Texas Water Fund •9ÎīĖċĺŘIJĖÎЍŜϙщ͖ ϟ͔ ϙ7ϙſÎť½ŘϙŽĺIJþ its new $4 B water - focused bond aproved in 2024 •Äâ—ЍŜϙıÎIJŪċΦťŪŘĖIJČϙċĺĺťŕŘĖIJťϙĖŜ capitalize on the expected increase in demand driven by these federal and state investments DEMAND DRIVERS WHY WE DO WHAT WE DO 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 INVESTOR PRESENTATION | 8
Slide 9 — MARKET
Adresable Market NWPX's Share PRECAST INFRASTRUCTURE and ENGINERED SYSTEMS TOTAL ADRESABLE MARKET $25 B Adresable Market NWPX's Share WATER TRANSMISION SYSTEMS TOTAL ADRESABLE MARKET $50 - $750M Note: Market share based on net sales as of the ful year ended December 31, 2025. Market sizes based on internal estimates for North America. The Company‘s NWPX Park 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 $351 M (~56%) Äâ—ЍŜϙ©ēÎ $175 M (~1%) LARGE ADRESABLE MARKET OPORTUNITY INVESTOR PRESENTATION | 9
Slide 10 — WATER TRANSMISION
WATER TRANSMISION SYSTEMS WEL - POISED INDUSTRY LEADER •Manufactures large - diameter, high - presure stel pipeline systems for use in water infrastructure aplications, which are primarily related to drinking water systems •Products also used for hydroelectric power systems, wastewater systems, agriculture, and other aplications •Largest, most flexible capacity in the Water Transmision ©ƅŜť½ıŜϙϼЊÃ±©ЋϽϙıÎŘħ½ť •Skiled project management group •Production staf dedicated to Lean manufacturing, improving operational eficiencies, cost reductions, and continued emphasis on margin over volume •In - house fabrication capabilities provide a complete enginered system •Permalok ® provides superior product to the microtuneling market •National fotprint enables low freight costs INVESTOR PRESENTATION | 10
Slide 11 — MARKET DYNAMICS
FAVORABLE WTS MARKET DYNAMICS INVESTOR PRESENTATION | 1 APROPRIATIONS: Congresionaly authorized and aproved spending for specific purposes, such as the federal capitalization grants to the SRF programs, of which ~$ 43B flows through the SRF - efectively a ~30% lift to anual SRF funding. IJA Funding Rolout and Status Update 1. Source: Bluefield reports Ϻ the Policy Review (2 July 2026) and the Q2 2026 Quarterly Review. Note: Figures reflect SRF - related IJA funding acros apropriations, alotments, obligations and sub - awards as reported at time of publication. ALOTMENTS : Portion of apropriated IJA SRF funding that the EPA divides and alots among states, teritories, and tribes every fiscal year. States have until the end of FY2027 to claim remaining funds; once claimed, there is no deadline to obligate them. SUB - AWARDS: Portions of SRF prime awards that are designated for specific projects and end - users (i.e., utilities). Reauthorization is a H2 2026 decision; any cuts land first on smal utilities and PFAS/lead programs. OBLIGATIONS: Contractualy binding comitments betwen the U.S. government (e.g., the EPA) and state governments or other recipients. At the curent pace, awards are expected to continue past 2034. US ~$50 B US $41 B US $20 B US $8 B State and local governments fund 96% of public water investment; SRF project demand totals US$140B acros ~17,0 projects
Slide 12 — INFRASTRUCTURE &
NWPX Park products include pre - instaled mechanical components that cost les to instal and provide automatic controls, increased eficiency, and environmental compliance. • In September 2026, acquired Serpentix Conveyor, LC, a manufacturer of enginered conveyor systems used primarily in municipal wastewater treatment plants and industrial manufacturing facilities PRECAST INFRASTRUCTURE & ENGINERED SYSTEMS SEGMENT Aded core competency in precast concrete provides new oportunities for future growth 1. Refer to slides 26 - 28 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. NWPX Geneva lined concrete products excel in sanitary sewer and utilities rehabilitation. • In February 2026, acquired Boughton's Precast, Inc., a manufacturer of precast concrete products and reinforced concrete pipe, Precast Infrastructure and Enginered Systems fotprint spans two of the fastest - growing markets - Texas and Utah - with exposure to the rapidly expanding Colorado market. 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 NWPX Park plants in Texas • Strengthen outside sales team primarily focused on wastewater and water distribution products to push capacity • Build out a wastewater treatment platform • Now casting, asembling, and shiping NWPX Park 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 NWPX Geneva plants 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 NWPX Park products out of legacy Northwest Pipe plants. PRECAST INFRASTRUCTURE & ENGINERED SYSTEMS PRODUCT SPREAD STRATEGY: Continuing to sek acretive acquisition candidates and/or a single - location facility in the precast - related space. ACQUISITION STRATEGY:
Slide 15 — CAPITAL ALOCATION STRATEGY
CAPITAL ALOCATION STRATEGY Use of Cash Priorities INVESTOR PRESENTATION | 15 •Prioritizing organic growth through Product Spread strategy. •Reinvesting in Precast locations to increase production capabilities and capacity through expansion and automation. ORGANIC GROWTH ACRETIVE ACQUISITIONS STOCK REPURCHASES •Evaluating potential M&A in the precast - related market with the goal of Precast becoming the same size as the WTS busines. •Completed acquisitions of Boughton Precast in February 2026 and Serpentix Conveyor, LC in September 2026; presents atractive long - term growth and expansion oportunities. •Repurchased ~35,0 shares for $2.5 milion in the first half of 2026. •As of June 30, 2026, $13.9 milion of the share repurchase authorization remained available under Rule 10b5 - 1 trading plan.
Slide 16 — DEMAND DRIVES STRONG PERFORMANCE
DEMAND DRIVES STRONG PERFORMANCE INVESTOR PRESENTATION | 16 Note: Precast refers to Precast Infrastructure and Enginered Systems & WTS refers to Water Transmision Systems. 1. Backlog includes confirmed orders (WTS 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 NWPX Park. 3. Pro forma net sales for Precast would have ben aproximately $48 milion if the acquisition of NWPX Geneva had ocured on J anu ary 1, 2020 as oposed to January 31, 2020. 4. Pro forma net sales for Precast would have ben aproximately $125 milion if the acquisition of NWPX Park had ocured on Ja nua ry 1, 2021 as oposed to October 5, 2021. ($ Milions) Backlog 1 and Order Bok 2 Maintained strong WTS backlog and Precast order bok in 2025 ($ Milions) Revenue Grew WTS revenues by over 2x since 2018 and more than tripled the size of the Company with the adition of Precast $252 $258 $21 $290 $372 $319 $310 $346 $1 $51 $64 $46 $61 $57 2018 2019 2020 2021 202 2023 2024 2025 WTS Backlog Precast Order Bok $172 $279 $242 $260 $308 $296 $38 $351 2018 2019 2020 2021 202 2023 2024 2025 WTS Revenue Precast Revenue $286 $3 $458 $4 $4 3 $74 4 $150 $148 $15 $493 $175 $526
Slide 17 — Q2 2026 HIGHLIGHTS
Q2 2026 HIGHLIGHTS INVESTOR PRESENTATION | 17 1. —Backlog including confirmed orders“ is defined as Water Transmission Systems projects for which the Company h d t hat it is the sucesful bider, but a binding agrement has not ben executed in al cases. 2. —Order book“ defined as unfulfilled orders outstanding at the measurement date for its Precast Infrastructure Sys tems segment. ($ Milions) Net Sales by Segment ($ Milions) Gros Profit by Segment Backlog including confirmed orders 1 of $423 milion for the Water Transmision Systems segment Strong order bok 2 of $61 milion for the Precast Infrastructure and Enginered Systems segment 19% 19% 18% 16% 18% 21% 21% 19% 21% 2% 24% 21% 19% 21% 21% 2% 21% 2% 10% 12% 14% 16% 18% 20% 2% 24% 26% 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 WTS Gros Margin Precast Gros Margin $85.9 $82.5 $78.4 $84.6 $103.9 $84.0 $93.5 $13.2 $4.3 $37.1 $37.7 $48.6 $47.2 $41.7 $4.8 $46.3 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 WTS Revenue Precast Revenue
Slide 18 — STRONG CASH FLOW GENERATION
NWPX has generated consistent anual fre cash flow (1) with strengthening cash conversion since 2023. INVESTOR PRESENTATION | 18 STRONG CASH FLOW GENERATION FCF Drivers: 1. Fre cash flow represents cash flow from operating activities minus capital expenditures Improved cash conversion cycle Stronger EBITDA generation from stabilized margins Disciplined evaluation of investment capital expenditures Projected 2026 FCF: $56 - $65 M Continued emphasis on expediting WTS segment bilings $35.2 $34.3 $47.1 -$5.0 $5.0 $15.0 $25.0 $35.0 $45.0 $5.0 $65.0 2023 2024 2025 2026E $35.5 M YTD
Slide 19 — RESPONSIBILITY
Environmental, Social, and Governance Focus CORPORATE RESPONSIBILITY INVESTOR PRESENTATION | 19 HEALTH & SAFETY HUMAN CAPITAL MANAGEMENT ENVIRONMENTAL STEWARDSHIP
Slide 20 — HEALTH & SAFETY
INVESTOR PRESENTATION | 20 •Continued to improve on our industry - leading safety performance from 2024 1 with metrics significantly below the national and comparable industry average 2 •2025 total recordable incident rate: 1.06 •2025 days away rate: 0.41 •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, 2025. 1. Includes newly acquired facilities and calculated in accordan s f or total recordable incident rate and days away rate in 2024 were 2.80 and 1.60, respectively. 2. Source: OSHA per 10 ful - time workers for SIC code 3121 (Iron and stel pipe and tube manufacturing from purchased stel) and NAICS code 32732 (Concrete pipe manufacturing).
Slide 21 — HUMAN CAPITAL
INVESTOR PRESENTATION | 21 • 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 22 — ENVIRONMENTAL STEWARDSHIP
INVESTOR PRESENTATION | 2 •Driving continuous growth in environmental performance acros operations •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 •Aplying Lean manufacturing principles to reduce waste and optimize eficiency •Implementing energy - eficient technologies in production lines and set targets for Grenhouse Gas (GHG) emisions reduction •Published first third - party verified Environmental Product Declaration (EPD) to provide transparent data on the lifecycle environmental impacts of the Company's water transmision systems ENVIRONMENTAL STEWARDSHIP CORPORATE RESPONSIBILITY Äĺť½ϧϟ±ē½ϟ9ĺıŕÎIJƅГŜϟ͕͙͗͗ ϟ9ĺŘŕĺŘÎť½ϟ©ĺ¦ĖÎīϟ•½ŜŕĺIJŜĖŽĖīĖťƅϟ•½ŕĺŘťϟ¦ÎIJϟŽ½ϟċĺŪIJþϟĺIJϟĖťŜϟſ½ŽŜĖť½ϟÎťϧϟ htps:/nwpx.com/comitments/sustainability/
Slide 23 — STRATEGIC AND
STRATEGIC AND OPERATIONAL INITIATIVES INVESTOR PRESENTATION | 23 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 24 — HIGHLIGHTS
INVESTMENT HIGHLIGHTS INVESTOR PRESENTATION | 24 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 25 — INVESTOR PRESENTATION |
APENDIX INVESTOR PRESENTATION | 25