#1valmont V Investor Day May 23, 2023 + + Θ + + + + + + + + +#2Disclosure Regarding Forward-Looking Statements CH These slides contain (and the accompanying oral discussion will contain) "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including general economic and business conditions, conditions affecting the industries served by the Company and its subsidiaries including the continuing and developing effects of the pandemic including the effects of the outbreak on the general economy and the specific economic responses to the Company's products and services, the overall market acceptance of such products and services, the integration of acquisitions and other factors disclosed in the Company's periodic reports filed with the Securities and Exchange Commission, as well as future economic and market circumstances, industry conditions, company performance and financial results, operating efficiencies, availability and price of raw materials, availability and market acceptance of new products, product pricing, domestic and international competitive environments, geopolitical risks and actions and policy changes of domestic and foreign governments. Consequently, such forward-looking statements should be regarded as the Company's current plans, estimates and beliefs. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. CONSERVING RESOURCES. IMPROVING LIFE. Valmont 2#3Agenda 9:10 AM Built for Sustainable Outperformance Steve Kaniewski | President & Chief Executive Officer Driving Growth and Transformation in Agriculture Josh Dixon | President, Global Irrigation Transforming the Agriculture Industry with Technology Daniel Koppel | President, Agriculture Technology 10:05 AM Q&A and Break 10:45 AM Driving Growth and Transformation in Infrastructure Aaron Schapper | Group President, Infrastructure Accelerating Growth and Transformation through Operational Excellence Diane Larkin | EVP, Global Operations Accelerating Run Grow Transform with a Disciplined Financial Framework Avner Applbaum | EVP & Chief Financial Officer Closing Remarks Steve Kaniewski | President & Chief Executive Officer 12:00 PM Q&A C+ + + + + + + + + CONSERVING RESOURCES. IMPROVING LIFE. Valmont 3 + +#4Built for Sustainable Outperformance Steve Kaniewski President and CEO + + @ CONSERVING RESOURCES. IMPROVING LIFE: Valmont +#5Key Messages C+ | 01 Enduring business built on a solid foundation that compounds through outperformance, innovation and operational excellence that's uniquely positioned to serve our expanding markets |02 Introducing "Run Grow Transform" framework to guide Valmont into higher-quality growth sectors where our value proposition aligns to our customers' needs |03 Leveraging technology and digitization throughout our organization to deliver innovative product solutions, drive digital transformation and grow earnings through the cycle || 04 Continuing to embed ESG across our organization as we deliver products, services and solutions that conserve resources and improve life | 05 Delivering reliable growth while significantly expanding operating margins and ROIC to drive consistently strong value creation for shareholders CONSERVING RESOURCES. IMPROVING LIFE. Valmont 5#6Valmont Snapshot (NYSE: VMI) Omaha, NE Headquarters $4.3B $6.0 B 2022 Net Sales Market Cap 1 2022 Net Sales by Geography Manufacturing Facilities ★Technology Innovation Centers 69% U.S. & CANADA 9% LATIN AMERICA 11% EMEA 11% APAC 84 100+ 11,000+ Countries of Operation 2 Manufacturing Facilities² Global Employees² 2022 Sales 3,4 (SM) ■ Infrastructure Agriculture 2022 Operating Income 4 ($M) ■Infrastructure ■Agriculture $2,928 $179 $196 $1,347 $354 $354 5 GAAP Adjusted Delivering Innovative Solutions for Global Infrastructure and Agriculture Markets CONSERVING RESOURCES. IMPROVING LIFE. Valmont 1 As of 05/19/23.2 See 2022 Annual Report. 3 Includes intersegment sales. 4 Includes amounts attributable to the Infrastructure and Agriculture segments. 5 Please see Company's Reg G table at end of presentation. 6#7Building on a Strong Foundation to Accelerate Growth Across Our Business Where We Were: 2018 • Four segments Transitioning organizational structure ~10,000 employees; limited technology (Machine learning and Al) expertise Early stages of elevating commitments to ESG Initial building of elements for centralized operations and support structures Where We Are: 2023 • Two segments • Centralized and resilient organizational structure • ~11,000 employees with intentional shift in skill sets: more tech savvy having hired over 200 new tech professionals with deep experience in machine learning, computer vision, agronomy and data science. Initiated fellowship program to further upskilling Delivering innovation and technology to solve customers' challenges while continuing R&D investments Driving operational excellence with ESG focus . CH Where We Are Going: Next 3-5 Years . • Utilize our market leading position to bring innovative solutions to our customers' challenges Capturing opportunities in our rapidly growing markets. Increasing recurring revenue and driving more resilient demand Delivering disruptive technologies that enable us to transform the industries we serve Continue to optimize shared service structure for maximum SG&A leverage Targeted investments in solutions that drive growth, efficiency and contribute to our customers' and Valmont's sustainability goals CONSERVING RESOURCES. IMPROVING LIFE. Valmont 7#8Our Differentiated Business Model Enables Our Strategy and Drives Strong, Sustainable Shareholder Value Committed to Focus Areas Establishes our priorities and ensures our activities align with shareholder expectations United by Core Values Who we are, how we approach our mission, and how we engage with others Enabling Value Creation Creating value for all stakeholders Innovative Products Capabilities Deliver Results Focus Areas Core Values Sustainability Passion Integrity Growth Capital Allocation Value Creation Continuous Improvement ROIC Focused Technology Niche Markets ++ ~111% Total Shareholder Return Over Past 5 Years1 CONSERVING RESOURCES. IMPROVING LIFE. Valmont 1 Total Shareholder Return vs. S&P MidCap 400 Index of 38% and S&P 400 Industrial Machinery of 44%; Source: FactSet as of 12/31/2022 8#9Uniquely Positioned to Win in Infrastructure and Agriculture Unmatched channel in capital goods markets c+ Breadth of product offerings ALLEY Manufacturing expertise and operational excellence Differentiated niche industries with high barriers to entry Flexible and broad global footprint Unparalleled response time and customer service Cross-sharing of commercial, operational and development resources Minimize business cyclicality through innovative solutions that address customer challenges and provide better economics Scale and Customer Relationships Enables Valmont to be the Trusted Partner of Choice CONSERVING RESOURCES. IMPROVING LIFE. Valmont 9#1010 10 Serving Markets with Multi-Year Demand Drivers (CH Our products and solutions, enhanced with innovative technology, are addressing global megatrends and driving above market growth • • . • Infrastructure Energy transition: demand and necessity for renewables, grid hardening and resiliency, and load growth Long-term need for critical infrastructure investment globally supported by current and future stimulus Rapid acceleration of telecom deployment and macro buildouts in suburban and rural communities Uniquely positioned to acquire and aggregate data to enable cities and grids to become smarter Agriculture • Food security for a growing population, improved global diets and bio-friendly fuels VALLEY • Increasing adoption rates of advanced agronomy . • • Digital farming management to reduce input costs, increase land productivity and minimize farm labor costs Replacement and OEM parts opportunities driven by large installed base Customer sustainability initiatives and constraints on freshwater Proactively Capturing Attractive Industry Trends to Drive Above Market Growth CONSERVING RESOURCES. IMPROVING LIFE. Valmont#11Introducing "Run Grow Transform" Evolving into a higher quality and more dynamic organization that is less cyclical and enhances customer value এ Built for sustainable RUN outperformance and growth ++ Proven ability to deliver results and drive growth despite market volatility and economic cycles Operational excellence through lean daily management and supply chain optimization E GROW Focus on driving growth faster than markets we serve and building transformative skills 엥 TRANSFORM Focusing on natural adjacencies in our end markets . Driving geographic expansion Increasing investment in new product development Creating growth opportunities through channel management Driving higher portion of transformative, high-value revenue Creating disruptive digital innovation through continued R&D Increasing digital revenue with an emphasis on ARR, creating more stable revenue with higher margins, better cash flow and higher ROIC Leveraging our unique position within capital goods markets to bring technology into new areas CONSERVING RESOURCES. IMPROVING LIFE" Valmont ▼ 11#12Outpacing Our Rapidly Growing Markets and Transforming Our Markets with Technology-Enhanced Offerings Infrastructure Energy Transition Super Cycle Technology-driven Solutions Critical Support Services Cellular Network Densification International Opportunities Strategic Focus to drive increased differentiation by serving customers with unique, innovative solutions with clear value propositions Agriculture Digital Farming Management Systems and Ag Tech Growth Aftermarket Sales Agronomy Services Consolidation International Expansion Impactful, Smart Solutions for Customers Drive More Resilient and Recurring Revenue for Valmont CONSERVING RESOURCES. IMPROVING LIFE. Valmont 12 12#13Delivering on Our Technology Future as We Transform into an Industrial Tech Company C+ Technology Sales Enhancing our core services and product offerings with technology Data Science Leveraging data for evaluation of results and both predictive and prescriptive insights Process, People and Culture Embedding technology to enhance interactions with our stakeholders and gain insights into our end markets New Ways of Working Modifying our behaviors and strategies to adapt to a digital world Modernizing Our Internal Operations to Drive Enhanced Value for Our Customers and Continued Outperformance CONSERVING RESOURCES. IMPROVING LIFE. Valmont 13#14CEO-Led ESG Leadership 22,000 Operating Sustainably We have driven ~60% net sales growth¹ since 2018, while... Amount of carbon emissions reduced since 2018 Supporting Global Sustainability Valmont utility structures sold in NA used to harden the grid C+ Engaging and Celebrating 17 Those That Make it Possible 96%| 85% | MT+ Responded favorably on the latest Employee Engagement Survey 33%| We beat our annual carbon intensity target by 33% since 2018 4T gal Water saved globally through ValleyⓇ center pivots 50% | Targeted percentage increase of people of color in organization by 2025 29.3K kWh/$M Reduced electricity consumption since 2018 7GWh Our solar solutions support = keeping over 1.1M cars off the road for a year 7 Employee resource groups foster diverse and unique perspectives and a voice to leadership $16M+ Cost avoidance in electricity consumption since 2018 21K MT of CO2 CO2 reduced annually by remote devices, equal to over 23M pounds of coal burned All | Global locations use Valmont Safety Index as leading indicator Strong Sustainability Ratings2 ISS ESG Rating of 1 across E, S and G MSCI ESG RATINGS A We Are Operating and Growing Sustainably and Solving Problems for Our Customers CONSERVING RESOURCES. IMPROVING LIFE. Valmont 1Growth in net sales for the year ended 12/31/22 as compared to net sales for the year ended 12/30/17 2As of 5/18/23 14#15Experienced Board of Directors Mogens Bay Chairman Valmont Industries Steve Kaniewski President & CEO Valmont Industries Catherine Paglia Lead Director Enterprise Asset Management Audit Committee Human Resources Committee Kaj Den Daas Retired CEO, Quality Light Source Retired EVP, Philips Lighting B.V. of the Netherlands Chair, Audit Committee ESG Committee; Governance & Nominating Committee Ritu Favre EVP & GM, Business Units, National Instruments Chair, ESG Committee Governance & Nominating Committee Dr. Theodor Freye Retired CEO of CLAAS KgaA ESG Committee Governance & Nominating Committee Richard Lanoha President & CEO Kiewit Corporation Human Resources Committee James Milliken Chancellor, University of Texas System Audit Committee ESG Committee Chair, Governance & Nominating Committee Daniel Neary Former Chairman & Retired CEO Mutual of Omaha Audit Committee; ESG Committee Chair, Human Resources Committee Joan Robinson-Berry Retired SVP & Chief Engineer The Boeing Company Human Resources Committee New to VMI Board within last 5 years C+ Skills Matrix Board Leadership Experience 100% Operations Experience 100% Corporate Governance & Oversight 100% Technology / R&D Experience 80% International Experience 70% Industrial / Manufacturing Experience 70% Financial Experience 40% Engineering Expertise 40% IT Expertise 30% Board Attributes ~65 Years Average Age 30% Gender Diversity 90% Independent CONSERVING RESOURCES. IMPROVING LIFE: Valmont 15#16Credible Management Team with Deep Industry Expertise Executive Officers C+ Business Leadership Steve Kaniewski President & CEO 2010 Avner Applbaum EVP & CFO 2020 Tim Donahue EVP, Corporate and Business Development 2018 Diane Larkin EVP, Global Operations Mitchell Parnell 2020 EVP, Chief Human Resources Officer 2015 Josh Dixon President, Global Irrigation 2015 Daniel Koppel President, Ag Tech 2021 Aaron Schapper Group President, Infrastructure 2011 Renee Campbell SVP, Investor Relations & Treasurer 2017 Gene Padgett SVP, Finance & Chief Accounting Officer 2022 New to VMI within last 5 years New to role within last 2 years Ellen Dasher Andrew Massey VP, Global Taxation 1996 VP, Chief Legal & Corporate Secretary 2006 Rick Cornish President, Global Coatings 1996 Chris Colwell President, TD&S and L&T 2011 Aaron King President, International Infrastructure 2010 Joe Catapano President, Global Greg Turi President, Global Solar Telecom 2008 2010 CONSERVING RESOURCES. IMPROVING LIFE." Valmont 16#17Continuing to Drive Sustainable Outperformance 5-Year Financial Targets 5 - 8% Net Sales Growth1 >18% ROIC >14% Operating Margin 12-15% EPS Growth1 ++ Key Assumptions · Greater near to medium term focus on R&D and digital innovation • 1.0x FCF conversion target is long-term over the cycle • Net Earnings FCF Conversion Financial targets based on performance through the cycle · Excludes future divestitures Execution of Our Strategy is Enabling Us to Accelerate Growth and Transform Our Business 1 Estimated compound annualized growth rates from base year 2022; organic sales growth only CONSERVING RESOURCES. IMPROVING LIFE: Valmont 17#18Key Takeaways 01 Enduring business built on a solid foundation that compounds through outperformance, innovation and operational excellence that's uniquely positioned to serve our expanding markets ༡༽ 02 Introducing "Run Grow Transform❞ framework to guide Valmont into higher-quality growth sectors where our value proposition aligns to our customers' needs 03 Leveraging technology and digitization throughout our organization to deliver innovative product solutions, drive digital transformation and grow earnings through the cycle 04 Continuing to embed ESG across our organization as we deliver products, services and solutions that conserve resources and improve life 000 05 + Delivering reliable growth while significantly expanding operating margins and ROIC to drive consistently strong value creation for shareholders CONSERVING RESOURCES. IMPROVING LIFE. Valmont 18#19Driving Growth and Transformation in Agriculture + Josh Dixon President, Global Irrigation + CONSERVING RESOURCES. IMPROVING LIFE: Valmont#20Key Messages | Driving Growth and Transformation in Agriculture + RUN Executing to meet rapidly growing global market needs driven by a growing population, food security needs, and resource conservation GROW Accelerating international growth in attractive markets, expanding our geographic presence Growing with our dealer network and driving aftermarket parts revenue TRANSFORM Integrating new technology to provide customers and dealers with data-driven insights for yield- enhancing decision-making while driving increased recurring revenue for our bottom line CONSERVING RESOURCES. IMPROVING LIFE. Valmont 20#21Agriculture Overview | Enabling Growers to Do More with Less 2022 Sales Mix 1 ■North America ■ International 57% $1.3B 2022 Sales1 +31% Y/Y 43% 2022 Operating Income ($M) and Operating Margin ■GAAP Adjusted 2 $196 $179 $147 $137 14.4% 14.7% 13.5% 13.4% Product Lines 2022 Sales% Equipment and Parts Technology Products and Services 91% Expected 5-yr CAGR³ 6-8% 9% 15-17% 2021 Leveraging Unique Position in Global Agriculture Market to Deliver Irrigation and Technology Solutions CONSERVING RESOURCES. IMPROVING LIFE. Valmont 1 Includes intersegment sales. 2 Please see Company's Reg G table at end of presentation 3 Five-year period from year end 2022 through year end 2027 2022 21#22Continuing to Execute on Our Transformation Journey C+ • . • Where We Were: 2013 Equipment sales focus with significant majority from pivot systems Mostly North America business Small OEM aftermarket presence Where We Are: 2022 2023 Global growth driving to higher growth markets Aftermarket revenue growing at a faster pace than equipment business Bundling products and solutions drive recurring revenue Industry-leading dealer network and a robust network of strategic agri-business customers Where We Are Going: 2027E Rebranding Valley Irrigation to Valley Agriculture: aligns with breadth of expanded efforts in on-farm infrastructure, services and technology solutions for farmers Solutions focus diversifies product mix: Non-equipment sales expected to be >50% of Agriculture sales by 2027E as parts, solar and technology grow Continuing to expand internationally: expanding footprint with a focus on attractive equatorial markets with multiple growing seasons Expanding project business: seasoned team with a vast funnel of large- scale opportunities, coupled with experienced local engineers allow us to deliver turnkey solutions CONSERVING RESOURCES. IMPROVING LIFE. Valmont 22 22#23Trusted Partner of Choice for Land Productivity Solutions Differentiated Assets 770 global dealer locations and dealer performance program that holds our network accountable to the highest standards Fully localized production in all geographies (APAC, EMEA, CALA) Localized aftermarket parts and service depots in all geographies ValleyⓇ Science & Engineering allows us to be a local trusted partner to growers (agronomy services) C+ Proprietary Capabilities Largest IP portfolio in the mechanized irrigation industry Largest global installed base of running machines Largest number of connected devices in the irrigation industry generating ARR Turnkey design and project management capabilities Well-Positioned to Win in Irrigation and Agronomy as We Provide Farmers with Life-Changing Solutions CONSERVING RESOURCES. IMPROVING LIFE. Valmont 23#24Well-Positioned to Capture Large and Growing Market Opportunities ++ Market Drivers Necessary productivity enhancements to reduce input costs and maximize land usage Growing populations and rise of middle-class dietary demands Food Security = National Security Elevated global commodity prices and healthy net farm income levels Significant replacement, service, and upgrade opportunity driven by large installed base Digital farming management to reduce labor costs and provide real- time actionable insights to growers using technology Customer sustainability initiatives driven by constraints on natural resources ~$8.8B 2022 Opportunity ~$12.6B 2027E Opportunity Large and Growing Market Our future SAM is growing at an ~8% CAGR Expect Valley Agriculture to Continue to Grow Faster than the Markets We Serve CONSERVING RESOURCES. IMPROVING LIFE. Valmont 24#25Center Pivot Increases in Yields Over Dryland Farming CH Significantly Increasing Crop Yields by Precisely Applying Water When and Where it is Needed! Growers can irrigate with any water source available % Yield Increase 1,2,3 44% 55% 29% Corn Wheat Soybeans 20% Potatoes VALLE Uniformly apply the correct amount of water at the right time Average crops yield >200% more food when irrigated than when relying solely on rainfall 1,2,3 Precision can be further increased with Valley Scheduling TM and VRI4 CONSERVING RESOURCES. IMPROVING LIFE. Valmont 12022 Average Closing Prices. 2 USDA 2022 Yield Averages. 3 Based on a typical 160-acre Field 4 Variable Rate Irrigation 25#26Growing Faster than the Market While Deepening Customer Engagement and Developing Higher-Quality Revenue Streams + International Expansion Aftermarket Parts Solutions Selling CONSERVING RESOURCES. IMPROVING LIFE. Valmont 26#27Growing and Transforming Our Portfolio Through International Expansion 45% 57% 67% Agriculture Sales1 by Region 33% 43% 55% International Sales Expected to Surpass 50% of Agriculture Sales Diversifying international mix to drive stable revenue growth • Strong international pipeline, including large-scale projects in Middle East & Sub-Saharan Africa Secured $85M order for Irrigation products and technology solutions in Africa in January 2023 Leveraging global footprint to drive localization of capabilities • Creating Centers of Excellence (COEs) Example: 3x dealers in Brazil since 2013 2013 2022 . 2027E Targeting 1,000 points of sale globally by 2027E • Growing with our dealer network and driving aftermarket parts revenue Digitalization of our parts business to leverage our dealers' investment in regional inventory ■North America ■International 1 Includes intersegment sales CONSERVING RESOURCES. IMPROVING LIFE. Valmont 27#28Growing and Transforming Our Portfolio with Aftermarket Parts ~$240M ~$540M 2022 Sales 2027E Sales Target 1 VMI Estimates + Growth Drivers Significant Opportunity as the Trusted Partner of Choice Machine agnostic offerings serve not only our 228K+ ValleyⓇ center pivots, but the entire global center pivot irrigation market International Growth 13 distribution centers globally in key regions to support the installed base Transformation Initiatives Digitization Improving the way dealers place and track orders with a new and modern electronic catalogue, while also being a marketplace among our dealer network Reoccurring, High-Value Revenue Stream Average grower spends ~$2K per year (after 10,000 hours) 1 on pivot repairs CONSERVING RESOURCES. IMPROVING LIFE. Valmont 28#29Case Study | Leading Global Provider of Ag Solar Solutions + Outcomes Background 12,500-hectare (30,900 acre) farm in Mato Grosso, Brazil Looking to reduce energy costs to irrigate soy, corn and beans Complex engineering requirements Strong geography for solar solutions – legislation on retail net metering Valmont Solution Solar Installation Under leadership of Ag Solar team, with world-class dealer network support, farm is disconnected from grid, relying solely on clean, renewable solar Ag Solar is a more dependable, economic energy solution Solar Monitoring New Ag Solar Monitoring Solution to market in <1 year provides recurring revenue stream Our exclusive software monitors sustainability and return on investment in real-time, allowing users to track power generation and efficiency of solar ※用 Solar plant produces 1,897 MWh/year, reducing the farm's yearly energy cost by 52.4% op op Supply power to ValleyⓇ center pivots to irrigate soy, corn and beans cultivated on the farm CONSERVING RESOURCES. IMPROVING LIFE. Valmont 29 20#30Agriculture 5-Year Outlook and Goals C+ Expect sales to grow to ~$2B Through the agriculture cycle Further diversify product mix and drive increased recurring and reoccurring sales Non-equipment sales expected to be >50% of Ag Sales Grow from 770 to 1K points of sale globally Continue to increase International sales to be >50% of Ag Sales Aftermarket parts to grow >2x to ~$540M Focused on Increasing Resiliency and Quality of Revenue Stream CONSERVING RESOURCES. IMPROVING LIFE." Valmont 30#31Agriculture Expected Sales Growth Bridge $1.3B1 $150M ~$2.0B • $550M Leveraging Market Growth • • . Constraints on natural resources Food security as national security Significant replacement, service and upgrade opportunity Digital farming management Valmont Actions • • Grow and Transform initiatives Driving international expansion; expect international to be >50% of total Agriculture sales New products, aftermarket parts and solutions Strategically growing Ag Solar Deliver agronomic insights 2022 Equipment & Parts Technology 2027E • Well-Positioned to Drive Above Market Growth CONSERVING RESOURCES. IMPROVING LIFE: Valmont 1 Includes intersegment sales 31#32Key Takeaways | Agriculture Expect to deliver ~$700M of incremental sales by 2027E CH RUN Executing to meet rapidly growing global market needs driven by a growing population, food security needs, and resource conservation GROW Accelerating international growth in attractive markets, expanding our geographic presence Growing with our dealer network and driving aftermarket parts revenue TRANSFORM Integrating new technology to provide customers and dealers with data-driven insights for yield- enhancing decision-making while driving increased recurring revenue for our bottom line CONSERVING RESOURCES. IMPROVING LIFE." Valmont V 32#33Transforming the Agriculture Industry with Technology WALLEY Daniel Koppel President, Agriculture Technology + + + + + CONSERVING RESOURCES. IMPROVING LIFE: Valmont +#34Differentiated, Leading Agriculture Technology Business Successfully Integrated and Primed for Growth ++ Unique Portfolio of Technology Solutions +145,000 connected devices in 63 countries Differentiated Assets Largest globally-integrated provider of field and water management solutions in the industry, with an unparalleled dealer network 200 tech professionals with deep experience in machine learning, computer vision, agronomy and data science Research and development center in Tel Aviv, Israel Proprietary Capabilities First-mover advantage with multiple years of in-season data collection Legacy ValleyⓇ products and solutions: most durable hardware Proven telemetry and automation from AgSense® (with PivoTracⓇ and PrecisionKINGⓇ) Advanced field and crop health monitoring from ProsperaⓇ Irrigation monitoring and control, irrigation planning and crop health insights prospera A valmont COMPANY Pivo Trac Acquired in 2021 $300M Purchase Price 90+ employees Acquired in 2021 Increased number of connected agricultural devices AGSENSE A valmont COMPANY Acquired Remaining 49% in 2020 $42M for remaining stake, 51% in August of 2014 Increased number of connected agricultural devices PRECISIONKING Acquired in 2020 Increased number of connected agricultural devices We Have Built a Powerful Foundation for Growth and Innovation Creating a Flywheel Effect for Our Solutions CONSERVING RESOURCES. IMPROVING LIFE." Valmont 34#35Key Messages | Agriculture Technology C+ RUN Differentiated Ag Tech organization: integrating product, software and machine learning talent, and operating mode with Valley's existing industry-leading agri-business professionals, dealer network, and irrigation experts GROW Focused on growth: developing solutions to scale technologies to every pivot on the planet as well as introduce new value proposition based on new data acquisition (sensors, satellites) and data science methods TRANSFORM Disruptive technology: generating actionable information for our customers leveraging Al, machine learning and computer vision capabilities Transforming to a high-margin, solution-based, technology business CONSERVING RESOURCES. IMPROVING LIFE: Valmont 35#36Focused on Key Productivity-Enhancing Ag Tech Areas Remote Monitor and Control C+ Agronomic Insights Multiple Sprinklare Linderwatering • Growers can conveniently monitor and control the health of their crops from their computer, phone, or tablet • Growers can access real- time information about operation, control center pivot irrigation remotely We provide customized, proprietary solutions to meet individual field needs • • Irrigation Optimization Improve efficiency of water and resources, increasing crop yields, while reducing labor and equipment costs Proactive detection of irrigation issues that are difficult to see with the naked eye (over-watered area, clogged sprinkler, running sprinkler, under-watered area) Irrigation planning: know exactly when, where, and how much to irrigate . Enable smarter decision making and crop analysis to improve crop health and increasing yields Learning systems have consistently improving predictive abilities with time and increased data, deepening customer relations Clear and measurable customer ROI in increased yields and reduced volatility Equipping Farmers and Agronomists with Better Insights through Innovative, Differentiated Technology Solutions CONSERVING RESOURCES. IMPROVING LIFE. Valmont 36#37Industry Leader with Compelling Customer Value Proposition Quantifiable Value Proposition for the Grower Helping Farmers Produce More with Less Costs Are Rising ~$200/visit Diesel Fuel + Labor Х JD Fuel up 40% Labor up 17% ~$50/acre Weed/Pest Treatment ф ~$180/acre Fertilizer Fertilizer up 40% Treatments up 30% ProsperaⓇ Solutions Can Help Savings Generate ROI Up to $500 Reduce Costs Save thousands by targeting treatments when and where they're needed Increase Revenue Optimize timing of treatments to produce healthier crops and higher yields Scouts spending less time in the field Up to $1,000/year In fuel + labor from 5 fewer trips to field Up to $5,000/field From 1 less weed/pest spraying Leveraging Technology and Global Reach to Deliver Unique Value to an Expanding Market CONSERVING RESOURCES. IMPROVING LIFE. Valmont Source: Revenue improvements are based on a 2% increase in yields per field. Estimates are based on market prices and average yield results provided by the UDSA (Crop Product, August 2022; ISSN: 1936-3737). 37#38Technology to Transform the Agriculture Industry Proactively Addressing Secular Customer and Societal Needs... • Increasing focus on resource conservation (land, water, chemicals, fertilizers, fuel, time) ~$1.6B • Food security to feed a growing population · Geopolitical tensions forcing smaller nations to become self-reliant on food production ~$1B ...With Differentiated, Advanced Technology Solutions Combined with Leading Brand and Distribution Network · Significantly accelerating deployment of cutting-edge Al technologies • Leading technology to solve challenges and add value to growers • Leveraging Valley's distribution network to deploy technology solutions in the field 2022 Opportunity 2027E Opportunity Growing Market Opportunity Reoccurring Subscription market expected to grow at +10% CAGR over the 5-year time period Winning in Agriculture as We Bring Differentiated Technology Solutions to Market Quicker than Anyone Else CONSERVING RESOURCES. IMPROVING LIFE." Valmont 38#39Plant Insights Transforms Center Pivots into Crop Monitoring Machines Canopy cover report (07/11-07/12) Soybean PI Demo field 22. L Ñ Avg. Canopy Cover High-resolution cameras mounted on pivot irrigation spans take thousands of leaf-level pictures of the field every time the pivot moves - even when running dry Severity % of scan 80-90% Cover - 13% ~30% Change from last report 7.5% Images provide farmers with real-time insights Enabling Farmers to Pinpoint Crop Health Issues Faster, Driving Greater Labor and Input Cost Savings CONSERVING RESOURCES. IMPROVING LIFE. Valmont 39#40++ Example: Report Breakdown | Pests Integrating Software with Pivot Infrastructure Crop Health Analysis Unparalleled agronomist-led Al analysis finds hard-to-detect crop damage and provides helpful insights to ensure higher yield and greater financial returns Images and Alerts Open app to view detailed reports that include high-resolution, GPS-tagged images; ability to share reports with team; farmer receives notification first time an issue is detected Reports Receive detailed reports on preferred day that includes view of each field, an analysis of findings and a comparison with previous results Emergence, canopy cover, weeds, pests, senescence, disease, nutrient deficiency No Findings Detections Field Overview The field view provides an at-a-glance picture of the pests in the field Each dot inside the circle represents a single acre Pest report (07/31-08/02) Potato Pl Demo field 24 Report Overview Severity Change from last -% of scan report Detections - 42% No findings - 58% 8% -8% Type Locations with findings Colorado potato beetle- adults -28% Colorado potato beetle - instars -25% Insect feeding damage - Leaf e...... ●0000 Image Gallery | Grasshopper - Severity % of scan shows if there's detected pests, including the percentage change from last report Type Includes a summary of the detected pests, including the percentage of the field with issues Disruptive and Differentiated Technology Provides Real-Time, Actionable Insights for Growers CONSERVING RESOURCES. IMPROVING LIFE. Valmont 40 40#41Golden Grain [Video] C+ CONSERVING RESOURCES. IMPROVING LIFE.® valmont V 41#42Key Takeaways | Agriculture Technology Transforming to a high-margin, solution-based, technology business Expect Ag Tech Sales to be ~$250M by 2027E and ~10% of Agriculture Segment Sales to be ARR by 2030E C+ RUN Differentiated Ag Tech organization: integrating product, software and machine learning talent, and operating mode with Valley's existing industry-leading agri-business professionals, dealer network, and irrigation experts GROW Focused on growth: developing solutions to scale technologies to every pivot on the planet as well as introduce new value proposition based on new data acquisition (sensors, satellites) and data science methods TRANSFORM Disruptive technology: generating actionable information for our customers leveraging Al, machine learning and computer vision capabilities CONSERVING RESOURCES. IMPROVING LIFE" valmont ▼ 42 42#43+ + + + + + + Θ + + + + Q&A#44BREAK + A + + Θ + + + + + + +#45Driving Growth and Transformation in Infrastructure Aaron Schapper Group President, Infrastructure CONSERVING RESOURCES. IMPROVING LIFE: Valmont A#46Key Messages | | Driving Growth and Transformation in Infrastructure C+ RUN Optimize our business with active. portfolio management and pursue productivity improvements to reduce complexity and leverage resources GROW Uniquely positioned for an energy transition super cycle with solar and transmission products; leveraging solutions for reliable infrastructure and penetrating new markets with innovative distribution products and continued 5G rollout TRANSFORM Transform our future with unique offerings integrating technology- driven solutions, including inspections and lifecycle. monitoring, industrial vehicle charging, smart ag infrastructure, and integrated substation solutions Targeting higher growth areas with new product launches; driving growth from our core products and high value customer solutions CONSERVING RESOURCES. IMPROVING LIFE: Valmont 46#47Infrastructure Overview | Delivering Safety, Security and Reliability, Resulting in Enhanced Customer ROI 2022 Sales Mix1 ■ North America ■ International CH 2022 Operating Income ($M) and Operating Margin 76% $2.9B 2022 Sales1 +23% Y/Y $354 Product Lines Transmission, $274 2022 Sales %1 Expected 5-yr CAGR² 40% 4-7% Distribution & Substation 11.6% 12.2% Lighting and 32% 5-7% Transportation 24% Coatings 12% 5-8% Telecommunications 11% 9-10% 2021 2022 Solar 5% 24-32% 1 Includes intersegment sales. 2 Five-year period from year end 2022 through year end 2027 CONSERVING RESOURCES. IMPROVING LIFE: Valmont 47#48Benefiting from Durable Industry Trends Energy Transition Transmission Vehicle Electrification Cellular Densification Solar EV Charging Data Usage 60% 80% Transmission expansion needs by 20301 Solar representation of renewable growth² 500K EV chargers committed in US nationally by 20303 5G 60% Increase in data usage by 20284 C+ Tech-Driven Solutions Smart Infrastructure 10.8M Smart poles installed globally by 20305 CONSERVING RESOURCES. IMPROVING LIFE. Valmont 1 Queued Up... But in Need of Transmission - April 2022 - Department of Energy 2 Renewables 2021, -2021 - IEA (https://www.iea.org/reports/renewables-2021, License: CC BY 4.0) 3 FACT SHEET: Biden-Harris Administration - Electric Vehicle Chargers - whitehouse.gov (https://www.whitehouse.gov/briefing-room/statements-releases/2023/02/15/fact-sheet-biden-harris-administration-announces-new-standards-and-major-progress-for-a-made-in-america-national-network-of-electric-vehicle-chargers/) 4 Data Usage: Mobile Data Traffic Forecast - Mobility Report - Ericsson (https://www.ericsson.com/en/reports-and-papers/mobility-report/dataforecasts/mobile-traffic-forecast) 5 Smart Infrastructure: Smart Urban Infrastructure - Market Report - ABI Research 2023 49 48#49Multi-Year Funding Reinforces Demand Outlook IIJA IRA (Infrastructure Investment & Jobs Act) (Inflation Reduction Act) CHIPS (Chips & Science Act) EFSD+ (EU Fund for Sustainable Development) ~$550B new spending for core and transportation infrastructure projects1 ~$370B in investments for clean energy technology, manufacturing, and innovation² ~$53B for American research, development, manufacturing and workforce³ ~€135B in guaranteed investments for infrastructure projects4 CONSERVING RESOURCES. IMPROVING LIFE: Valmont 1 A Guidebook To The Bipartisan Infrastructure Law For State, Local, Tribal, And Territorial Governments, And Other Partners - May 2022 - whitehouse.gov (https://www.whitehouse.gov/wp-content/uploads/2022/05/BUILDING-A-BETTER-AMERICA-V2.pdf) 2 Inflation Reduction Act Guidebook - August 2022 - whitehouse.gov (https://www.whitehouse.gov/wp-content/uploads/2022/12/Inflation-Reduction-Act-Guidebook.pdf 3 FACT SHEET: CHIPS and Science Act - August 2022 - whitehouse.gov (https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/09/fact-sheet-chips-and-science-act-will-lower-costs-create-jobs-strengthen-supply-chains-and-counter-china/) 4 European Fund for Sustainable Development Plus - European Commission (https://international-partnerships.ec.europa.eu/funding-and-technical-assistance/funding-instruments/european-fund-sustainable-development-plus-efsd_en) 49 49#50The Energy Transition Super Cycle C+ 2020 938 B KWh¹ 76 GW2 21% of Total³ 700,0004 4.12 T KWh 6 0.7%7 Coal Solar Generation | ស US Power Generation from Renewables Circuit Line Miles Energy Demand Electric Vehicles 510 B KWh1 1570 GW2 44% of Total³ 1,705,0005 7.62 T KWh6 31%7 2050 Power Sources Will Become More Renewable. The Need for Energy Will Increase. Power Usage Will Become More Electric. CONSERVING RESOURCES. IMPROVING LIFE: Valmont 1 Annual Energy Outlook 2022 March 2022 - EIA (US Energy Information Administration) 2 Solar Futures Study-September 2021 - US Department of Energy (https://www.energy.gov/sites/default/files/2021-09/Solar%20Futures%20Study.pdf) 3 Annual Energy Outlook 2022 March 2022 - EIA (US Energy Information Administration) 4 High Voltage Direct Current Transmission Report - EIA (US Energy Information Administration) 5 Net Zero by 2050 - A Roadmap for the Global Energy Sector - Summary for Policymakers - 2021 - International Energy Agency (https://iea.blob.core.windows.net/assets/7ebafc81-74ed-412b-9c60-5cc32c8396e4/NetZeroby2050-ARoadmapforthe Global EnergySector-SummaryforPolicyMakers_CORR.pdf) 6 The Coming Electrification of the North American Economy - March 2019 - WIRES & The Brattle Group (https://wiresgroup.com/wp-content/uploads/2020/05/2019-03-06-Brattle-Group-The-Coming-Electrification-of-the-NA-Economy.pdf) 7 International Energy Outlook 2021-2021 - EIA (US Energy Information Administration) https://www.eia.gov/todayinenergy/detail.php?id=50096 50#51Valmont Infrastructure at the Heart of Rapidly Evolving Ecosystem WHERE WE PLAY TRADITIONAL GENERATION SOLAR GENERATION TRANSMISSION DISTRIBUTION اليا ++ TELECOM 拜拜拜 HOMES, BUSINESSES, ETC. SUBSTATION LIGHTING & TRANSPORTATION SMART INFRASTRUCTURE Meeting Our Customers Where They Are with a Full Suite of Solutions CONSERVING RESOURCES. IMPROVING LIFE. Valmont 51#52Energy Transition Driving Transmission, Distribution and Substation Growth ~$1.2B ~$1.6B 2022 Sales 2027E Sales Target ++ Growth Drivers Renewable generation capacity will double, accounting for 50% of total electricity generation in North America by 20501 National network of 500K EV charging stations expected by 20302 Transmission capacity must increase by ~60% (47K GW miles) by 2030 to support clean energy deployment in the U.S.3 Infrastructure Investment and Jobs Act (IIJA) includes $100B to improve power grid infrastructure4 . $174B for EV adoption and infrastructureª CONSERVING RESOURCES. IMPROVING LIFE." Valmont 1 Annual Energy Outlook - U.S. Energy Information Administration (EIA) 2 FACT SHEET: Biden-Harris Administration - Electric Vehicle Chargers - whitehouse.gov (https://www.whitehouse.gov/briefing-room/statements-releases/2023/02/15/fact-sheet-biden- harris-administration-announces-new-standards-and-major-progress-for-a-made-in-america-national-network-of-electric-vehicle-chargers/) 3 Queued Up... But in Need of Transmission - April 2022 - Department of Energy 4A Guidebook To The Bipartisan Infrastructure Law For State, Local, Tribal, And Territorial Governments, And Other Partners - May 2022 - whitehouse.gov (https://www.whitehouse.gov/wp-content/uploads/2022/05/BUILDING-A-BETTER-AMERICA-V2.pdf) 52 52#53Transmission, Distribution, & Substation Advancing the Energy Transition # Transformation Initiatives Integrated Substation Solutions Lightweight, Hybrid Distribution Structures C+ Conditions Monitoring Sensors PowerShift™ SaaS Solutions PyraMAX® Engineered Transmission Solutions ECO High-Strength Materials Technology Al-Driven Drone Inspection Services Innovative and Increasingly Smart Set of Solution Offerings Meets Evolving Customer Demand CONSERVING RESOURCES. IMPROVING LIFE." Valmont 53 53#54Case Study | Hybrid Distribution Poles + Background • • Grid hardening has fundamentally changed the distribution pole market requiring stronger structures in coastal regions. In order to meet these changing strength and performance requirements, structures have gotten heavier and more costly Distribution Market: $3B1 Valmont Solution / Competitive Advantage • Patent pending fireproof solution that can replace existing wood distribution infrastructure Combining material technologies and engineering, Valmont developed a hybrid pole that allows for a weight reduction while increasing strength Outcomes Replaces wood distribution poles • Innovative structures utilize our fiberglass spun composite material combined with Valmont pre-tensioned spun concrete 1 2022 North American Electric Distribution Market Forecast - October 2022 - The C Three Group, LLC Sam weight as wood with 6X strength CONSERVING RESOURCES. IMPROVING LIFE: Valmont 54#55Infrastructure Investments Driving Dynamic Lighting & Transportation Growth C+ -$940M $1.3B 2022 Sales 2027E Sales Target Growth Drivers Infrastructure Investment and Jobs Act (IIJA) • $110B to roads, highway, and bridge infrastructure1 $18B to electrify vehicles1 Tech Driven Solutions 10.8M units of new smart lighting structures globally by 20302 Electrification of Vehicles 500K EV charging stations by 2030 in US³ Global electric bus market 5-year CAGR of 22.9%4 CONSERVING RESOURCES. IMPROVING LIFE: Valmont 1 A Guidebook To The Bipartisan Infrastructure Law For State, Local, Tribal, And Territorial Governments, And Other Partners - May 2022 - whitehouse.gov (https://www.whitehouse.gov/wp-content/uploads/2022/05/BUILDING-A-BETTER- AMERICA-V2.pdf) 2 Smart Urban Infrastructure - Market Report - ABI Research 2023 3 FACT SHEET: Biden-Harris Administration - Electric Vehicle Chargers - whitehouse.gov (https://www.whitehouse.gov/briefing-room/statements- releases/2023/02/15/fact-sheet-biden-harris-administration-announces-new-standards-and-major-progress-for-a-made-in-america-national-network-of-electric-vehicle-chargers/) 4 Electric Buses Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030 - February 2023 - Research & Markets 55#56Lighting & Transportation Valmont Solutions for a Tech-Enabled World C+ electric bus co Transformation Initiatives Industrial Electric Vehicle Charging Agricultural Infrastructure Sustainable Bridge Structures Tech-Enabled Infrastructure cta electric bus- 607 Capturing Emerging Market Opportunities and Delivering High Value Solutions for Our Customers CONSERVING RESOURCES. IMPROVING LIFE." Valmont 56#57Case Study | Industrial Vehicle Charging valmont V • + Background • EVs are a viable solution for reducing air pollution caused by conventional fossil fuel powered industrial vehicles Global electric bus market expected to grow at CAGR of -23% from 2022-20301 - Focusing on industrial vehicles – tractors, trucks and buses to provide organizations safe and reliable integrated solution Valmont Solution / Competitive Advantage • Charging solutions with integrated tech and data for wide variety of industrial vehicle applications Scalable solutions from in-route charging to depot level Valmont's electrical infrastructure Outcomes Scalable solutions for a variety of applications 拜拜拜 Leveraged Infrastructure CONSERVING RESOURCES. IMPROVING LIFE: Valmont 1 Electric Buses Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030 - February 2023 - Research & Markets 57#58Durable Infrastructure Market Expansion Driving Coatings Growth C+ Growth Drivers Infrastructure Investment and Jobs Act (IIJA) includes investments across several industries we serve Roads, Bridges and Major Projects: $110B2 • Power Infrastructure: $65B² . Public Transit: $39B2 ~$360M ~$530M 2022 Sales1 2027E Sales Target Global cost of corrosion is estimated at $2.5T; corrosion control such as hot dipped galvanizing can save an estimated 15-35%³ Of total steel production, 25% is currently galvanized4 Manufacturing construction spending up 44% since 20195 CHIPS and Inflation Reduction Act incentivized restoring U.S. manufacturing with $54B in federal funding and -$250B project backlog6 CONSERVING RESOURCES. IMPROVING LIFE: Valmont 1Includes intersegment sales. 2https://www.whitehouse.gov/briefing-room/statements-releases/2021/08/02/updated-fact-sheet-bipartisan-infrastructure-investment-and-jobs-act/ http://impact.nace.org/economic-impact.aspx 42022 American Galvanizers Association Annual Report 5Manufacturing Construction: https://www.conexpoconagg.com/news/20232024-construction-economic-forecast Source Data Centers: https://www.reportlinker.com/p06321000/U-S- Data-Center-Construction-Market-Industry-Outlook-Forecast.html?utm_source=GNW 58#59Coatings Enhancing the Customer Experience with Digital Solutions Transformation Initiatives Unmatched Customer Experience with Valmont Coatings. Connector (VCC) Max Lightning Service® Same Day Turnaround Process Monitoring and Tracking . . Quality Control and Automation with GalvTracⓇ and TankTrac Safety and Automation with SecureVision • Product Location Visibility with LiveTrac CONSERVING RESOURCES. IMPROVING LIFE. Valmont 59#60Demand for Data Driving Telecom Infrastructure Growth c+ Growth Drivers Increased Data Consumption Mobile data demand increased 62x since 20111 Increased 5G Network Adoption 5G networks to cover 85% of world's population by 2028² Internet of Things (IoT) Growth • 5.5B cellular loT connections by end of 20283 5G IoT connections to exceed 100M globally by 2026, achieving 1100% growth over 3 years³ Infrastructure Investment and Jobs Act (IIJA) $65B for rural connectivity, high-speed internet, and rural broadband4 2022 Sales 2027E Sales Target Spectrum Auctions: >$120B spent in U.S. on 5G spectrum5 ~$320M ~$520M CONSERVING RESOURCES. IMPROVING LIFE: Valmont 1https://seekingalpha.com/article/4596280-crown-castle-small-cells-are-opportunity2https://www.ericsson.com/4ae28d/assets/local/reports-papers/mobility-report/documents/2022/ericsson-mobility-report-november- 2022.pdf³https://www.juniperresearch.com/pressreleases/5g-iot-connections-to-surpass-100-mn https://www.usda.gov/media/press-releases/2022/10/27/biden-harris-administration-provides-759-million-bring-high- speed5https://www.spglobal.com/marketintelligence/en/news-insights/research/upcoming-global-spectrum-auctions-to-diversify-mid-band-options-for-5g 60 60#61Telecom Valmont Solutions Offer Innovation from a Trusted Partner C+ Transformation Initiatives PIM Shield® Solutions Line Expansion Leverage Valmont Utility Relationships for Small Cell Deployment Global Expansion of EricssonⓇ Partnership InnovationLab Research & Development Group CONSERVING RESOURCES. IMPROVING LIFE. Valmont 61#62Case Study | Long Range Drone Inspection Trea Encroachment-73% Tree Encroachment-54% c+ • • Background Traditional helicopter inspections pose safety risks for the linemen performing them Costs associated with these inspections are also very high Quality of traditional inspections does not provide a high level of accuracy to customers to successfully determine all potential issues Valmont Solution / Competitive Advantage National FAA BVLOS wavier for unmanned drone aviation Long-range drone inspections are 86% less expensive than helicopter inspections and collect better photographic results Outcomes Safer while providing more accurate information More cost effective and better for environment CONSERVING RESOURCES. IMPROVING LIFE. Valmont 62 62#63Solar Growing into World's Leading Generation Source C+ ~$125M $500M 2022 Sales1 2027E Sales Target Growth Drivers Solar generation installed power capacity to surpass coal by 2027, becoming largest generating source in the world2 Distributed solar generation is set for faster growth as a result of higher electricity demand, prices, and reduced grid reliability2 Corporations increase renewable energy commitments; average RE100 member achieving 100% renewable by 20313 Countries focused on energy security and climate mitigations New energy policy to support energy transition $370B Inflation Reduction Act (IRA) $250B REPowerEU 1 Includes intersegment sales. 2 IEA Renewables 2022 Analysis and Forecast to 2027 Revised January 2023 3 RE100 Annual Disclosure Report 2022 January 2023 CONSERVING RESOURCES. IMPROVING LIFE. Valmont 63 669#64Solar Valmont Solutions Enable the Energy Transition Transformation Initiatives Global Manufacturing, Supply Chain and Sales Presence Weather Risk Mitigation Technology Drone Deployed Project Development Services Autonomous Inspection and Maintenance Services Expanding Solar through Innovative Technology Solutions CONSERVING RESOURCES. IMPROVING LIFE. Valmont 64#65Infrastructure Outlook and Goals 5-year (2027E) Projected sales to grow ~$1.5B Through strong market growth driven by the energy transition and evolution -30% projected Solar CAGR1 Driven by the need for power sources to be more renewable $500M projected sales From new products and solutions, and geographic expansion 2030E Digital and tech revenue projected to be ~5% of sales 1 Estimated CAGR from base year 2022 CONSERVING RESOURCES. IMPROVING LIFE: Valmont 65#66Infrastructure Expected Sales Growth Bridge $170M ~$4.4B $200M $370M $375M $400M $2.9B1 Leveraging Market Growth • • • • Energy Transition - transmission and solar expansion Vehicle Electrification – accelerated EV charging install 5G Densification – increasing data usage Tech-Driven Solutions - significant smart infrastructure demand Multi-year federal funding (~$975B for IIJA, IRA, CHIPS; €135B for EFSD+) Valmont Actions • Grow and Transform initiatives ● • • New products and services and geographic expansion capture higher growth opportunities Long-range drone inspection, maintenance & repair Strategically growing solar 2022 TD&S Solar L&T Telecom Coatings • 2027E Built-in digital infrastructure monitoring • • Industrial charging and ag infrastructure solutions Pricing over inflation Well-Positioned to Drive Above Market Growth CONSERVING RESOURCES. IMPROVING LIFE: Valmont 1 Includes intersegment sales 66#67Key Takeaways | Infrastructure (CH Expect to deliver ~$1.5B of incremental revenue and margin expansion by 2027E RUN Optimize our business with active portfolio management and pursue productivity improvements to reduce complexity and leverage resources GROW Uniquely positioned for an energy transition super cycle with solar and transmission products, leverage solutions for reliable infrastructure, and penetrate new markets with innovative distribution products and continued 5G rollout TRANSFORM Transform our future with unique offerings integrating technology- driven solutions including inspections and lifecycle monitoring, industrial vehicle. charging, smart ag infrastructure, and integrated substation solutions Targeting higher growth areas with new product launches; driving growth from our core products and high value customer solutions CONSERVING RESOURCES. IMPROVING LIFE: Valmont 67#68Accelerating Growth and Transformation through Operational Excellence Diane Larkin EVP, Global Operations + + + + + + CONSERVING RESOURCES. IMPROVING LIFE. Valmont#69Key Messages | Operational Excellence | 01 |02 ཾ |03 valmont V | 04 (+ Well-positioned to support capacity growth across our businesses through operational excellence and strategic investments Enhanced operational excellence and lean manufacturing enables optimization and efficiencies Attracting, retaining and developing next-gen talent to enable accelerated growth and transformation initiatives across the businesses Technology drives improvement and sustainability in our operations supported by an evolving innovation culture CONSERVING RESOURCES. IMPROVING LIFE: Valmont 69 69#70Leveraging Operational Excellence to Accelerate Growth Capacity Levers C+ . • • • Talent and Capabilities Advancing human capital to be fit for the future Retaining and developing our people Attracting new talent and desired skillsets Supplementing talent initiatives by transforming factories with Industry 4.0 • • Machinery Scaling manufacturing with significant investment in advanced machinery over next 5 years Higher tech machinery to efficiently generate greater outputs • • Flexible Footprint Adjusting quickly to demand fluctuation, FX/ geopolitical volatility and supply chain constraints Focusing on geographies with low-cost by product labor content • Applying lean disciplines to • Meeting lead time tech footprint addresses bottlenecks requirements through optimal footprint • • • Supply Chain Focusing on supply chain optimization to leverage volume and size Leveraging SRM tool for data/spend analytics to inform decision-making Creating a competitive advantage through differentiated relationships with steel mills and steel suppliers Investing in risk assessment tools; building systems for proactive risk identification alerts Together, Capacity Initiatives are Expected to Support 25 -30% Volume Growth CONSERVING RESOURCES. IMPROVING LIFE. Valmont 70#71Enabling Sustainable Outcomes through Strategic Priorities Optimizing resources and empowering talent to solve our customers' challenges ++ Strategic Priorities Enablers Focus on Disruptive Innovation Industry 4.0 with connected equipment Cutting-edge technology in manufacturing processes Technology roadmap informed by business need Use of technology as a solution for labor scarcity Drive Optimization and Efficiency Create capacity and build capabilities for growth and transformation Continuously evaluate global footprint strategy Systems/supply chain optimization Continuously reducing environmental externalities Enhanced Organizational Structure Mature, centralized organizational structure drives standard processes Strong leadership establishing functional excellence Attract and retain talent in critical roles skilled in digital acumen and lean Culture of Lean Excellence Elevate lean thinking and vision to world class levels Focus on continuous improvement in systems, processes and tools Drive results via systematic problem-solving and data analytics Advancing Operational Excellence Supports Our Capacity Levers CONSERVING RESOURCES. IMPROVING LIFE." Valmont 71#72Centralized Management Structure Enables Scalability ++ Delivering results through a greater customer focus, improved productivity and increased efficiency in our factories Drives cross-site collaboration Focus on maximizing returns and value; more than just cost reductions Example Supporting Global Solar Businesses Key Focus Areas Standardization of processes Talent and operations . Integrating shared services and operations of Valmont SolarⓇ and Ag Solar • Sharing operations in order to gain scale. • Brazil: Sharing aftermarket warehouses • Scalability provides buying power as we leverage One Valmont Talent management and development across the organization Collaborative supply chain and logistics Differentiated Structure as One Valmont CONSERVING RESOURCES. IMPROVING LIFE: Valmont 72#73Talent Initiatives | People are the Engine of Our Growth and Transformation Retain and Develop Talent Attract New Talent and Desired Skillsets • • . Be the most desirable employer Improve working location environment Continue to support and promote Employee Resource Groups Implement technology to enhance the employee experience Target new specialties / demographics (e.g., computer programmers vs. traditional welder) Enhance and modernize facilities Transform Factories • Enable increased capacity to support total company growth with Industry 4.0 Automate processes to address labor scarcity C+ Attracting, Retaining and Inspiring Our Employees is Essential to Our Overall Corporate Goals CONSERVING RESOURCES. IMPROVING LIFE. Valmont 73#74Transformation Enabled by Continuous Improvement Mindset Maturing Beyond Systems and Tools to a Culture with Lean Disciplines at its Heart Foundational Lean Mindset Elevating lean thinking and vision to world-class levels • Focus on continuous improvement in systems, processes and tools Drive results via systematic problem-solving and data analytics Cultural enablers facilitate enterprise alignment Individuals C+ 8 Tools valmont ✔ Core Values PASSION CONTINUOUS IMPROVEMENT DELIVER RESULTS INTEGRITY Processes Driving a Culture Shift as We Move Further Up the Lean Maturity Scale CONSERVING RESOURCES. IMPROVING LIFE. Valmont 15 Systems Values 74#75Case Study | Strategic Investing to Expand Capacity and Capability RSVIKEN URSVIKEN C+ Outcomes Example Infrastructure Capacity Expansion $40M investment in machinery and existing footprint expansion, adding a full large pole line. that includes burning, bending and seaming Strategic investments provide high ROIC and make our existing footprint more productive with meaningful capacity enhancements T Increases pole size capability 000 Increase large pole capacity by >10% Adds state-of-the-art capability Supports $110M in additional sales Disciplined Investing to Grow Presence in Expanding Markets CONSERVING RESOURCES. IMPROVING LIFE: Valmont 75#76Disruptive Innovation to Increase Capacity, Enhance Quality, and Deliver ESG Initiatives C+ Industry 4.0: Factory/Processes Collaborative robots Additive manufacturing such • as 3D printing • Electronically connected equipment Embedded Bluetooth technology Projection Technology (e.g., light guide systems for assembly) Autonomous welding Largest Opportunities Value Proposition . Better equipped from an engineering perspective - able to respond to customer needs quickly ESG improvements via less energy/waste; enhanced safety features • Superior quality via repeatable processes • to Grow and Transform! Cost savings driven by labor savings, maintenance reduction and decreased footprint . . Product line profitability and real-time data improves ROIC Reduces scrap and rework by increasing repeatability in our processes Enterprise-wide Rollout of Disruptive Innovation Expected to be 50% Complete by 2025 CONSERVING RESOURCES. IMPROVING LIFE: Valmont 76#77Continuous Improvement through Technology and Digitization Targeted Improvements Significant increase in irrigation demand in 2022 Identified bottlenecks and streamlined shipping. Increasing Productivity Proliferating robotics increases output while decreasing costs Optimizing Lead Times Connected information flow for equipment Provides real-time data that's actionable CH Improving Sourcing Launched Supplier Relationship Management (SRM) - provides risk assessment on supplier and enables strategic sourcing 30% output increase with no additional machinery and minimal investment 40% productivity gain where Cobots are deployed Combined with Industry 4.0 Technology to Drive Further Increased Efficiency and Productivity 15% lead time improvement from decreased machine downtime and increased product throughput Connected Equipment Digitization of data and information 85% of spend in risk management tool successfully mitigated 100% of risk events Industrial Technology Autonomous welding, 3D printing and other technologies Utilizing Lean and Technology Expected to Continue to Deliver Sustainable Outcomes CONSERVING RESOURCES. IMPROVING LIFE: Valmont 77#78Case Study | Sustainability is Embedded into Our Operations HIGHLIGHT: Sustainable Manufacturing Expansion NA C+ Outcomes # valmont Spun concrete manufacturing facility in Bristol, Indiana to create low carbon concrete poles with 500 kW-AC solar array Incorporates a proprietary blend of eco-concrete, proven to reduce CO2 emissions by 50% Creates northern U.S. concrete utility market presence Scope Il net zero facility; solar field will offset site's electricity consumption Builds grid resiliency and meets growing demand for transmission poles Net Metering Agreement for generated energy to be sold back to grid at retail price Sustainability Provides a Competitive Advantage by Conserving Resources and Improving Life CONSERVING RESOURCES. IMPROVING LIFE. Valmont 78#79Driving Towards World-Class Operations to Enable Our Grow and Transform Initiatives C+ World-Class Operations Superior level of organizational performance creating exceptional customer experience Characteristics Integrated within the community A market leader Most desired employer Customer experience crafted within strategy Continuously improving towards True North Data-driven organization Leading through Innovation Culture A Culture of Zero: Drive to Zero Incidents Drive to Zero Customer Complaints A Culture of Excellence: Lean thinking Grass roots driven Accountability Data driven Relentless pursuit of perfection Measures of Success Industry Average Safety Retention Quality Delivery Cost World-Class 1 Continuous Improvement Mindset as We Build on Our Strong Foundation to Deliver Customer Solution Excellence CONSERVING RESOURCES. IMPROVING LIFE." Valmont 1 Top Decile 79#80Key Takeaways | Operational Excellence C C+ 01 Well-positioned to support capacity growth across our businesses through operational excellence and strategic investments 02 Enhanced operational excellence and lean manufacturing enables optimization and efficiencies 03 Attracting, retaining and developing talent with lean and digital acumen as we accelerate grow and transform initiatives across the businesses 04 Technology drives improvement and sustainability in our operations supported by an evolving innovation culture CONSERVING RESOURCES. IMPROVING LIFE: Valmont 80#81Accelerating Run Grow Transform with a Disciplined Financial Framework Avner Applbaum EVP and CFO ++ + + + + CONSERVING RESOURCES. IMPROVING LIFE. Valmont + +#82Key Messages Evolving into a higher quality and more dynamic organization that is less cyclical and enhances customer value ++ RUN Built for sustainable outperformance and growth GROW Outperforming despite different market volatility and economic cycles Focus on driving growth faster than markets we serve and building transformative skills Driving geographic expansion and investing in new product development Driving higher portion TRANSFORM of transformative, high-value revenue Increasing digital revenue with an emphasis on ARR; more stable revenue with higher margins, better cash flow and higher ROIC Balanced capital allocation framework supports both reinvesting in the business and returning capital to shareholders Introducing 5-year financial targets with a focus on growing accretive businesses, emphasizing improved quality of earnings through volume leverage, and driving stable and higher value revenue through Grow & Transform initiatives and digitalization efforts CONSERVING RESOURCES. IMPROVING LIFE: Valmont 82 2#83Strong Track Record of Historical Performance Proven ability to execute in all economic scenarios as we continuously maximize profitability and expand margins through strategic pricing and operational excellence Net Sales ($M) +16% CAGR Adjusted Operating Income ($M) & Margin¹ +25% CAGR $4,345 $3,502 $2,767 $2,895 2019 2020 2021 2022 Adjusted Diluted EPS1 + 27% CAGR $450 $13.82 $334 $10.92 $268 $228 $8.18 $6.73 8.2% 9.3% 9.5% 10.3% 2019 2020 2021 2022 2019 2020 2021 2022 Continuing to Deliver Sustainable, Long-Term Profitable Growth and Demonstrate Resiliency CONSERVING RESOURCES. IMPROVING LIFE. Valmont 1 Excludes restructuring charges, impairments and significant one-time adjustments. Please see Company's Reg. G table at the end of presentation. 83#84Continuing to Drive Long-Term Shareholder Value through Cycle 33% -13% -9% 1 Year 1 FactSet as of 12/31/2022 Total Shareholder Return¹ 128% 111% VMI 23% 24% 38% 44% 3 Years 5 Years 191% 169% 178% 10 Years 328% 258% 264% 15 Years + Shareholder Value Creation Model • • Consistent financial performance as we deliver solutions to address customer challenges Resilient business model and organization that perform well during various economic cycles Strategically aligned with end markets that are less correlated with macroeconomic factors Capital deployment framework enabled by reliable cash generation that balances shareholder return with growth investments ■S&P MidCap 400 Index ■S&P 400 Industrial Machinery CONSERVING RESOURCES. IMPROVING LIFE: Valmont 84#85Built Exceptionally Strong, Flexible Balance Sheet with Ample Liquidity April 1, 2023 Total Debt ($M) and Total Debt to Adj. EBITDA¹ Cash $173 M Total Long-Term Debt $986 M $1,025 $965 $878 Shareholders' Equity $1,598 M $787 $766 Total Debt to 1.7x Adj. EBITDA¹ Liquidity 2.4x 2.2x 2.1x 1.7x 1.5x Available Credit under $544 M Revolving Credit Facility2 Total Available Liquidity $717 M 2019 2020 2021 2022 Q1'233 C+ Well-Positioned for Future Growth Long-term debt mostly fixed-rate, with long-dated maturities to 2044 and 2054; Investment grade credit rating from Fitch, Moody's, and S&P Total Debt to Adjusted EBITDA remains within our desired range of 1.5 to 2.5 times Capital allocation strategy focused on strategically supporting business growth CONSERVING RESOURCES. IMPROVING LIFE: Valmont 1 See appendix for calculation of Adjusted EBITDA and Leverage Ratio. 2 $800M Total Revolver less borrowings and Standby LC's of $256M. 3 Includes unamortized discount costs and debt issuance costs 85#86Robust Free Cash Flow Generation Supports Value Creation $210 2019 Free Cash Flow¹ ($M) $210 2020 Proactive inventory management to support growing customer demand and mitigate supply chain disruptions created temporary cash outflow $(42) $233 2021 2022 Historical FCF Conversion by Year 1 149% Continuing to + Drive Cash Generation • Focused on cash conversion cycle Digital Business Platforms & automation driving working capital reduction Lower working capital intensity driven by Grow and Transform initiatives Operational excellence and lean manufacturing driving supply chain and inventory optimization Disciplined, process-oriented approach to business investments GAAP 144% Adj. N/A 131% (21%) 93% (19%) 82% CONSERVING RESOURCES. IMPROVING LIFE: Valmont 1 We use the non-GAAP measure of FCF, which we define as GAAP net cash flows from operating activities reduced by capex. We believe that FCF is a useful performance measure for management and useful to investors as the basis for comparing our performance with other companies. Our measure of FCF may not be directly comparable to similar measure use by other companies. Please see Reg G reconciliation to GAAP measures at the end of document. 86#87Disciplined and Balanced Approach to Capital Allocation C+ • Use of Cash from Q1 2020 through Q1 2023: $1,134 Million Growing Our Business & Fueling Innovation $330M 29% Capital Expenditures ~45% Growth, ~45% Maintenance and ~10% Digital • Investments to support strategic growth initiatives, • digital customer experience, Industry 4.0 advanced . $434M 38% Acquisitions Strategic fit: technology / capability expansion, portfolio enhancement, high-growth businesses, geographic expansion Focus on revenue growth and high ROIC manufacturing & ESG Prioritize capital projects with high ROIC • Rigor around due diligence and integration 12% Returning Cash To Shareholders $136M Dividends Committed to supporting and growing dividend Payout ratio target: 15% of earnings Current payout: ~17% 60% dividend growth in the past 3 years • 21% $234M Share Repurchases Opportunistic approach, supported by free cash flow and minimum annual amount to offset dilution • ~$370M remains on current authorization Capital Allocation Framework Aligned with Growth Strategy and Shareholder Value Creation CONSERVING RESOURCES. IMPROVING LIFE." Valmont 1 Includes $66M purchase of non-controlling interest of AgSense, Convert Italia, Torrent, and West Coast Engineering 87#88Reinvesting to Enable Grow and Transform Strategy Capital Expenditures by Category $107M $108M $97M $93M Grow Investment Examples International Irrigation Expansion -$135M $25M 100% Capital Investment Additional Capacity Historical H+ Infrastructure: Large Pole Capacity Expansion Pipeline $40M >10% Capital Investment Additional Capacity Transform Investment Examples Infrastructure: Coatings Customer Agriculture Aftermarket Communication Solution Digitization Pipeline $20M Capital >2x Investment Sales Growth 2019 2020 2021 ■Maintenance ■Growth 2022 Next 5yr Annual ■Digital Average Targeted CapEx to support our high growth markets, address labor constraints, improve productivity and accelerate innovation Historical $3M Capital Investment ~4x Net Promoter Score Improvement Driving Growth with a Disciplined Approach to Investing in High ROIC Projects CONSERVING RESOURCES. IMPROVING LIFE. Valmont 88#89Supporting Strategy through Disciplined Approach to M&A c+ кл ку Strategic Filters . • • Technology/Capability Expansion O Portfolio Enhancement • High-Growth Businesses $ B Financial Criteria • Revenue growth • ROIC > Cost of Capital by Year 3 Free Cash Flow Generation Our Goal Create value and accelerate our Run Grow Transform framework by investing in businesses that expand our opportunity set in logical adjacencies, while ensuring financial returns through proven underwriting rigor and integration skills • Geographic Expansion Expanding Grow and Transform Opportunities CONSERVING RESOURCES. IMPROVING LIFE. Valmont 89#90Augmenting Grow and Transform with M&A CSP COATINGS SYSTEMS A valmont COMPANY DERIT WP walpar CCONVERT NITED LARSON valmont COMPANY CAMOUFLAGE ALVANIZING, INC. Connect-il solbras A Site Pre 1 Campany Segment Infrastructure Infrastructure Infrastructure Date Acquired 2018 2018 2018 Infrastructure 2018/2019 Infrastructure 2019 Infrastructure 2019 Agriculture 2020 Technology/ Capability Expansion Portfolio ✓ Enhancement High-Growth Businesses Geographic Expansion Pivo Trac™ Monitoring, LLC Agriculture 2021 + prospera A valmont COMPANY ConcealFabⓇ Avalmont COMPANY Agriculture Infrastructure 2021 2022 Creating an Ecosystem of Innovation by Integrating Capabilities in High-Growth Areas through Disciplined M&A CONSERVING RESOURCES. IMPROVING LIFE. Valmont 90#91Case Study | ConcealFabⓇ Acquisition . • Transaction Overview Valmont purchased majority share in 2022 Industry leader in passive intermodulation (PIM) mitigation solutions and telecom equipment concealment Approximately $50 million in revenue Serving as an Example for Future Transactions Accelerates expansion in telecom markets in partnership with industry leader Ericsson, who remains a minority owner C+ Passive Intermodulation Mitigation Mount Kits Insulated Cable Supports . Incorporates innovative 5G infrastructure and improved cell signal strength solutions into our advanced infrastructure portfolio Decreased customer concentration in a consolidated industry Leverages our engineering expertise and global manufacturing footprint to enhance our access to markets and carriers around the world Communication Infrastructure 4G/5G Concealed Poles CONSERVING RESOURCES. IMPROVING LIFE: Valmont 91#92Reaffirming 2023 Financial Outlook 4 - 7% Increase in Net Sales Y/Y $14.80 $15.35 Diluted EPS - $15.45 - $16.00 Adjusted Diluted EPS1 • • • • Key Assumptions + 2022 sales include the offshore wind energy structures business which was divested at the end of fiscal 2022 Effective tax rate of 28% to 29%, primarily due to expected geographic mix of earnings Minimal expected foreign currency translation impact to net sales Capital expenditures expected to be in the range of $105 to $125 million to support strategic growth and digital transformation initiatives Continued elevated inflation, raw material costs aligned with current price projections, and ongoing R&D investments 1 Please see Reg G reconciliation to GAAP measures at the end of document. CONSERVING RESOURCES. IMPROVING LIFE: Valmont 92#93Continuing to Drive Sustainable Outperformance 5-Year Financial Targets 5 - 8% Net Sales Growth1 >18% ROIC >14% Operating Margin 12-15% EPS Growth1 · ++ Key Assumptions Greater near to medium term focus on funding growth with R&D and digital innovation 1.0x • FCF conversion target is long-term over the cycle Net Earnings FCF Conversion • Financial targets based on performance through the cycle • Excludes future divestitures Run Grow Transform Strategy Driving Expectations Higher and Enabling a More Resilient Business 1 Estimated compound annualized growth rates from base year 2022; organic sales growth only CONSERVING RESOURCES. IMPROVING LIFE: Valmont 93#94Our Path to Sustainable Profitability 0.3% 10.3% 10.0% 2022 GAAP ~2.5% ~1.5% >14% C+ Leveraging Volume Growth • • Operating leverage on capturing market growth Accretion from growth in high margin product lines Valmont Actions ● Grow & Transform initiatives . Operational excellence and digital transformation • Pricing over inflation • Leveraging Volume Growth Valmont Actions 2027E Net of R&D and digital innovation investments Prospera Non-Cash Expenses 2022 Adjusted¹ High Value Customer Solutions Enable Operating Margin Expansion 1 Please see Reg G reconciliation to GAAP measures at the end of document. CONSERVING RESOURCES. IMPROVING LIFE: Valmont 94#95Well-Positioned to Deliver Greater than 18% ROIC by 2027E ~9% ROIC1 2019 ~13% >18% ROIC 1 2022 ROIC 2027E CH Improving Capital Efficiency Working capital efficiency, asset utilization and portfolio management High Value Customer Solutions Higher ROIC from high growth areas across the portfolio; lower working capital intensity Operating Margin Expansion Volume growth leverage, strategic pricing power & operational excellence Clear Strategy to Capture High Growth Opportunities and Drive Significantly Higher ROIC CONSERVING RESOURCES. IMPROVING LIFE. Valmont 1 Please see Reg G reconciliations to GAAP measures at end of presentation 95#96Key Takeaways | Finance Evolving into a higher quality and more dynamic organization that is less cyclical and enhances customer value Balanced capital allocation framework supports both reinvesting in the business and returning capital to shareholders RUN Built for sustainable outperformance and growth Outperforming through different economic cycles and market volatility GROW Focus on driving growth faster than markets we serve and building transformative skills Driving geographic expansion and investing in product development TRANSFORM Driving higher portion of transformative, high-value revenue Increasing digital revenue with an emphasis on ARR; more stable revenue with higher margins, better cash flow and higher ROIC Introducing 5-year financial targets with a focus on growing accretive businesses, emphasizing improved quality of earnings through volume leverage, Grow & Transform initiatives and digitization will drive more stable and higher value revenue CONSERVING RESOURCES. IMPROVING LIFE: Valmont 96#97Built for Sustainable Outperformance Steve Kaniewski President and CEO + + @ CONSERVING RESOURCES. IMPROVING LIFE: Valmont +#98Key Takeaways 01 Enduring business built on a solid foundation that compounds through outperformance, innovation and operational excellence that's uniquely positioned to serve our expanding markets ༡༽ 02 Introducing "Run Grow Transform❞ framework to guide Valmont into higher-quality growth sectors where our value proposition aligns to our customers' needs 03 Leveraging technology and digitization throughout our organization to deliver innovative product solutions, drive digital transformation and grow earnings through the cycle 04 Continuing to embed ESG across our organization as we deliver products, services and solutions that conserve resources and improve life 000 05 + Delivering reliable growth while significantly expanding operating margins and ROIC to drive consistently strong value creation for shareholders CONSERVING RESOURCES. IMPROVING LIFE. Valmont 98#99+ + + + + + + Θ + + + + Q&A#100Appendix + A + + Θ + + + + + + +#101Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures CH The non-GAAP tables below disclose the impact of the loss from divestiture of the offshore wind energy structures business on fiscal 2022 results. Further, the non- GAAP tables below disclose the impact of intangible asset amortization (Prospera) and stock-based compensation recognized for the Prospera employees on fiscal 2022 results. We believe the adjustments for Prospera allow for a better investor understanding of Agriculture segment performance related to traditional segment products. Amounts may be impacted by rounding. We believe it is useful when considering company performance for the non-GAAP adjusted net earnings and operating income to be taken into consideration by management and investors with the related reported GAAP measures. Fifty-three weeks ended December 31, Diluted earnings per share 2022 Net earnings attributable to Valmont Industries, Inc. - as reported Loss from divestiture of offshore wind energy structures business Prospera intangible asset amortization S 250,863 33,273 S 11.62 1.54 6,580 0.30 Stock-based compensation - Prospera Total Adjustments, pre-tax Tax effect of adjustments 9,896 0.46 49,749 2.31 (2.473) (0.11) Net earnings attributable to Valmont Industries, Inc. - Adjusted' Average shares outstanding (000's) - Diluted S 298,139 S 13.82 21,580 1 Earnings per share includes rounding 2 The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction CONSERVING RESOURCES. IMPROVING LIFE. Valmont 101#102Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures C+ Operating Income Reconciliation Operating income - as reported Stock-based compensation - Prospera Prospera intangible asset amortization Adjusted Operating Income Net Sales as reported Operating Income as a % of Net Sales Adjusted Operating Income as a % of Net Sales Fifty-three weeks ended December 31, 2022 Infrastructure Agriculture Other $ 354,499 $ $ 354,499 $ 2,909,746 179,263 $ 9,896 6,580 195,739 1,335,285 2,259 $ Corporate (102,772) Valmont $ 433,249 9,896 6,580 $ 2,259 $ 100,219 (102,772) $ NM 449,725 4,345,250 12.2 % 12.2 % 13.4 % 14.7 % 2.3 % NM 10.0 % 2.3 % NM 10.3 % CONSERVING RESOURCES. IMPROVING LIFE. Valmont 102#103Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures CH The non-GAAP tables below disclose the impact of intangible asset amortization (Prospera) and stock-based compensation recognized for the Prospera employees on fiscal 2021 results. We believe the adjustments for Prospera allow for a better investor understanding of Agriculture segment performance related to traditional segment products. The non-GAAP tables below also disclose the impact of the nonrecurring impairment of long-lived assets for the offshore wind energy structures business, a write off a receivable following arbitration of a commercial transaction from 2014, acquisition diligence, and severance expenses on segment operating income and net earnings as well as the impact of the U.K. tax rate change on net earnings (adjusts GAAP tax rate from 19.0% to 22.5%) on fiscal 2021 results. Amounts may be impacted by rounding. We believe it is useful when considering company performance for the non-GAAP adjusted net earnings and operating income to be taken into consideration by management and investors with the related reported GAAP measures. 1 Earnings per share includes rounding Fifty-two weeks ended December 25, Diluted earnings per share 2021 Net earnings attributable to Valmont Industries, Inc. - as reported Impairment of long-lived assets - Offshore structures (SM) Prospera intangible asset amortization Stock-based compensation - Prospera Write-off of a receivable, pre-tax Acquisition diligence expense, pre-tax Severance expense, pre-tax S 195,630 9.10 27,911 1.30 3,396 0.16 5,240 0.24 5,545 0.26 1,120 0.05 4,052 0.19 Total Adjustments, pre-tax 47,264 2.20 Change in U.K. statutory tax rate (2,819) (0.13) Valuation allowance against Offshore structures (SM) tax assets 5,076 0.24 Tax effect of adjustments (10,340) (0.48) Net earnings attributable to Valmont Industries, Inc. - Adjusted Average shares outstanding (000's) - Diluted S 234,811 S 10.92 21,493 2 The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction CONSERVING RESOURCES. IMPROVING LIFE. Valmont 103#104Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures C+ Operating Income Reconciliation Operating income - as reported Impairment of long-lived assets Prospera intangible asset amortization Infrastructure Agriculture Fifty-two weeks ended December 25, 2021 Other Corporate Valmont $ 273,598 $ 137,027 (40,192) 27,911 $ (83,648) $ 286,785 27,911 3,396 3,396 Stock-based compensation - Prospera Write-off of a receivable, pre-tax 5,240 5,240 5,545 5,545 Acquisition diligence expense, pre-tax 1,120 1,120 Severance expense, pre-tax Adjusted Operating Income Net Sales as reported $ 500 274,098 2,361,524 $ 910 146,573 1,017,050 2,642 4,052 $ (4,094) $ 123,001 (82,528) NM $ 334,049 3,501,575 Operating Income as a % of Net Sales Adjusted Operating Income as a % of Net Sales 11.6 % 11.6 % 13.5 % 14.4 % (32.7) % (3.3)% NM 8.2 % NM 9.5 % CONSERVING RESOURCES. IMPROVING LIFE. Valmont 104#105Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures C+ The non-GAAP tables below disclose the impact of goodwill, tradenames, and a facility, restructuring costs on segment operating income and net earnings as well as the impact of the U.K. tax rate change on net earnings (adjusts statutory tax rate from 17% to 19%). Amounts may be impacted by rounding. We believe it is useful when considering company performance for the non-GAAP adjusted net earnings and operating income to be taken into consideration by management and investors with the related reported GAAP measures. Fifty-two weeks ended December 26, Diluted earnings per share 2020 Fifty-two weeks ended December 28, 2019 Diluted earnings per share Net earnings attributable to Valmont Industries, Inc. - - as reported Impairment of goodwill and trade name, pre-tax S 140,693 S 6.57 S 146,408 S 6.73 16,638 0.78 Total Adjustments, pre-tax Restructuring and related asset impairment costs, pre-tax Change in U.K. statutory tax rate Tax effect of adjustments² 25,871 1.21 42,509 1.98 (1,528) (0.07) (6,372) (0.30) Net earnings attributable to Valmont Industries, Inc. - Adjusted' 175,302 S Average shares outstanding (000's) - Diluted 8.18 21,425 S 146,408 S 6.73 21,769 1 Earnings per share includes rounding 2 The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction CONSERVING RESOURCES. IMPROVING LIFE. Valmont 105#106Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures December 26, 2020 Operating Income Reconciliation Valmont Fifty-two weeks ended Fifty-two weeks ended December 28, 2019 Valmont Operating income - as reported 225,953 227,905 Prospera intangible asset amortization 16,638 Stock-based compensation - Prospera 25,871 Adjusted Operating Income S Net Sales - as reported 268,462 2,895,355 S 227,905 2,766,976 Operating Income as a % of Net Sales Adj. Operating Income as a % of Net Sales 7.8% 9.3% 8.2% 8.2% CONSERVING RESOURCES. IMPROVING LIFE. Valmont 106#107Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures CH Return on Invested Capital is a non-GAAP measure. Accordingly, Invested Capital and Return on Invested Capital should not be considered in isolation or as a substitute for net earnings, cash flows from operations or other income or cash flow data prepared in accordance with GAAP or as a measure of our operating performance or liquidity. The table below shows how Invested Capital and Return on Invested Capital are calculated from our income statement and balance sheet. Return on Invested Capital is calculated as Operating Income (after-tax) divided by the average of beginning and ending Invested Capital. Invested Capital represents total assets minus total liabilities (excluding interest-bearing debt). Return on Invested Capital is one of our key operating ratios, as it allows investors to analyze our operating performance in light of the amount of investment required to generate our operating profit. Return on Invested Capital is also a measurement used to determine management incentives. Dollars in thousands 2022 2021 2020 2019 Operating income S 433,249 S 286,785 S 225,953 S 227,905 Adjusted effective tax rate 27.7 % 23.6 % 24.2 % Tax effect on operating income (119,872) (67,681) (54,681) 23.9 % (54,469) After-tax operating income S 313,377 S 219,104 S 171,272 S 173,436 Average invested capital S 2,437,232 S 2,176,577 S 1,975,693 $ 1,953,120 Return on invested capital 12.9 % 10.1 % 8.7 % 8.9 % Total assets $ 3,556,996 $ 3,447,249 S 2,953,160 S 2,807,216 Less: Accounts payable (360,312) (347,841) (268,099) (197957) Less: Accrued expenses (248,320) (253,330) (227,735) (167,264) Less: Income Tax Payable (3,664) Less: Defined benefit pension asset (24,216) Less: Defined benefit pension liability (536) (118,523) (140,007) Less: Deferred compensation (30,316) (35,373) (44.519) (45.114) Less: Other noncurrent liabilities (13,480) (89,207) (58,657) (8,904) Less: Dividends payable (11,742) (10,616) (9,556) (8,079) Less: Lease liability (155,469) (147,759) (80,202) (85,817) Less: Contract liability (172,915) (135,746) (130,018) (117,945) Less: Deferred tax liability (41,091) (47,849) (41,689) (58,906) Total Invested capital S 2,495,471 S 2,378,992 S 1,974,162 S 1,977,223 Beginning of year invested capital S 2,378,992 S 1,974,162 S 1,977,223 S 1,929,016 Average invested capital $ 2,437,232 S 2,176,577 S 1,975,693 S 1,953,120 CONSERVING RESOURCES. IMPROVING LIFE. Valmont 107#108Regulation G Reconciliation of Forecasted GAAP and Adjusted Earnings (Dollars in thousands, except per share amounts) The non-GAAP tables below disclose the impact on the range of estimated diluted earnings per share of the (1) amortization of the intangible asset (Prospera) and (2) stock-based compensation for Prospera employees. We believe the adjustments for Prospera allow for a better investor understanding of Agriculture segment performance related to traditional segment products. We believe it is useful when considering company performance for the non- GAAP adjusted net earnings to be taken into consideration by management and investors with the related reported GAAP measures. Reconciliation of Range of Net Earnings - 2023 Guidance Estimated net earnings - GAAP Prospera intangible asset (proprietary technology) amortization, pre-tax Stock-based compensation - Prospera, pre-tax Total pre-tax adjustments Estimated tax benefit from above expenses" Total Adjustments, after-tax Estimated net earnings - Adjusted 1 Diluted Earnings Per Share Range - GAAP² Diluted Earnings Per Share Range - Adjusted² Low End High End Adjustment $ 318,250 $ 330,050 6,600 9,800 16,400 (2,450) $ 13,950 $ 332,200 $ $ 15.45 14.80 $ $ $ 344,000 15.35 16.00 CONSERVING RESOURCES. IMPROVING LIFE. Valmont 1 The tax effect of adjustments is calculated based on the estimated income tax rate in each applicable jurisdiction. 2 Assumes weighted average shares outstanding of 21.5M, and includes rounding 108#1092013-2022 Historical Free Cash Flow 1,2 ($M) Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activities Net cash flows from operating activities Purchase of plant, property, and equipment Free cash flows Net earnings attributed to Valmont Industries, Inc. Adjusted free cash flow net earnings attributed to Valmont Industries, Inc. Free Cash Flow Conversion-GAAP 2019 2020 2021 2022 $ 307.6 $ 316.3 $ 65.9 $ (168.1) (104.0) (98.9) (173.8) (417.3) 133.5 326.3 (132.1) (181.9) $ 307.6 $ 316.3 $ 65.9 $ 326.3 (97.4) 210.2 (106.7) 209.6 (107.8) (93.3) (41.9) 233.0 $ 146.4 $ 140.7 $ 195.6 $ 250.9 N/A $ 159.8 $ 222.3 $ 284.2 1.44 1.49 (0.21) 0.93 N/A 1.31 (0.19) 0.82 Free Cash Flow Conversion - Adjusted 1) Reconciliation of Net Earnings to Adjusted Figures Net earnings attributed to Valmont Industries, Inc. Loss from divestiture of offshore wind energy structures business Change in valuation allowance against deferred tax assets Impairment of long-lived assets $ 146.4 $ 140.7 $ 195.6 $ 250.9 33.3 19.1 5.0 21.7 Adjusted free cash flow net earnings attributed to Valmont Industries, Inc. $ 146.4 $ 159.8 $ 222.3 $ 284.2 CONSERVING RESOURCES. IMPROVING LIFE: Valmont 1 Adjusted earnings for purposes of calculating FCF conversion may not agree to the adjusted net earnings. The difference is due to non-recurring expenses which were settled in cash in the year of occurrence as part of net cash flows from operating activities. 2 We use the non-GAAP measure of FCF, which we define as GAAP net cash flows from operating activities reduced by capex. We believe that FCF is a useful performance measure for management and useful to investors as the basis for comparing our performance with other companies. Our measure of FCF may not be directly comparable to similar measures used by other companies. 109#110Calculation of Adjusted EBITDA and Leverage Ratio Certain of our debt agreements contain covenants that require us to maintain certain coverage ratios. Our Debt/Adjusted EBITDA may not exceed 3.5X Adjusted EBITDA (or 3.75X Adjusted EBITDA after certain material acquisitions) of the prior four quarters. See "Leverage Ratio " below. Dollars in thousands. Net earnings attributable to Valmont Industries, Inc. 140,693 $ C+ 12/28/2019 4/1/2023 $ 12/31/2022 12/25/2021 12/26/2020 263,092 $ 250,863 $ 195,630 $ 146,408 Interest expense Income tax expense Stock-based compensation Depreciation and amortization expense EBITDA Cash restructuring expenses 49,376 47,534 42,612 41,075 40,153 117,409 108,687 61,414 49,615 47,753 41,076 41,850 28,720 14,874 11,587 97,841 97,167 92,577 82,892 82,264 568,794 546,101 420,953 329,149 328,165 18,955 Impairment of goodwill and intangible assets 27,911 16,638 Impairment of property, plant, and equipment 3,751 Loss on divestiture of offshore wind energy structures business Adjusted EBITDA - last four quarters $ 33,273 602,067 $ 33,273 579,374 $ 448,864 $ 368,493 $ 328,165 Interest-bearing debt $ 1,025,055 $ 877,975 $ 965,395 $ 766,326 $ 787,478 Less: cash and cash equivalents in excess of $50 million Net indebtedness 122,948 135,406 127,232 350,726 303,542 $ 902,107 $ 742,569 $ 838,163 $ 415,600 $ 483,936 Net indebtedness $ Leverage ratio Interest-bearing debt Total debt to adjusted EBITDA 902,107 $ 1.50 742,569 $ 1.28 838,163 $ 1.87 415,600 $ 1.13 483,936 1.47 $ 1,025,055 $ 1.70 877,975 $ 1.52 965,395 $ 2.15 766,326 $ 2.08 787,478 2.40 CONSERVING RESOURCES. IMPROVING LIFE. Valmont 110#111Leadership Bios + A + + Θ + + + + + + +#112Leadership Bios Steve Kaniewski, President & CEO C+ Stephen G. Kaniewski is the president and chief executive officer of Valmont, where he has been driving digital transformation and improving margins through operating efficiencies and pricing action within the organization since assuming his role in 2018. With a vision for the future of Valmont centered on sustainable growth and innovative solutions, Steve is focused on advancing agricultural productivity and creating vital infrastructure for communities and economies. Under Steve's leadership, Valmont delivers inventive and sustainable solutions to help address pressing global challenges, including climate change, food security and urbanization. He is committed to sustainability, championing the development of sustainable products and processes within Valmont to ensure the company is well-positioned to meet the demands of a growing population. Steve believes Valmont's core values of passion, integrity, continuous improvement, and delivering results are the pillars to building a solid culture and achieving long-term success. Before becoming CEO, Steve held various leadership positions at Valmont, including president and chief operating officer, group president of the utility support structures business segment, and vice president of global operations for the irrigation business segment. He joined Valmont in 2010 as Chief Information Officer and has a proven track record of driving growth and innovation. He received a Bachelor of Science degree from Santa Clara University in 1994. Beyond Steve's work with Valmont, he is committed to making a positive impact in the community, providing strategic guidance and helping advance the mission of several local and national organizations and universities: Board of Directors, U.S. Chamber of Commerce; Board Member, National Association of Manufacturers; Board Member, United Way of the Midlands; Trustee, Bellevue University; Trustee, Creighton University; Board Member, Strategic Command Consultation Committee; Board of Governors - Aksarben Foundation CONSERVING RESOURCES. IMPROVING LIFE. Valmont 112#113Leadership Bios Aaron Schapper, Group President, Infrastructure C+ In his role as group president, infrastructure, Aaron is responsible for the strategic leadership of the infrastructure segment. His focus is on executing a global approach for Valmont, leveraging the company's footprint, talent and technology. Aaron joined Valmont in 2011 as the vice president and general manager, international irrigation. In 2015, he added the responsibilities of global-engineering oversight before being named president of utility in 2016. Aaron started his engineering career in the composites industry in 1999, moving to China in 2002, where he created and led the engineering department at Orbit Irrigation, based in Shanghai. His roles quickly grew to encompass quality, operations, marketing and Asia sales. When Aaron was promoted to general manager in 2007, his duties expanded to include acquisitions and the establishment of the company's green-field manufacturing sites in Ningbo, China, and Taipei, Taiwan. Aaron served in that capacity until joining Valmont. Aaron has earned numerous degrees, including a Bachelor of Arts in Mandarin Chinese and a Bachelor of Science in mechanical engineering from the University of Utah, as well as a Master of Business Administration from Northwestern University's Kellogg School of Management. CONSERVING RESOURCES. IMPROVING LIFE. Valmont 113#114Leadership Bios Josh Dixon, President, Global Irrigation C+ In his role as president, irrigation, Josh leads a team focused on the sustainable, profitable growth of the irrigation business around the globe. Josh joined Valmont Irrigation in 2015 as vice president of global operations, responsible for global manufacturing, process engineering, supply chain management, quality, order management, safety and logistics. In 2016, he was promoted to vice president & general manager of Valley International and in 2022, promoted to president of Irrigation. Prior to joining Valmont, Josh held various positions at Lear Corporation, General Electric's Motor Division, Danaher Inc.'s Dynapar Encoder Business and Belden Corp. He is an experienced global executive who has deep, wide-ranging knowledge of lean enterprise, supply chain, operations management, product management, strategic planning, marketing, mergers and acquisitions and acquisition integration. He has an MBA from Purdue University's Krannert School of Management, as well as a BS in engineering from Michigan State University. In 2019, he was appointed honorary consul of the Republic of Kazakhstan, representing the territories of Nebraska and Kansas. CONSERVING RESOURCES. IMPROVING LIFE. Valmont 114#115Leadership Bios Daniel Koppel, President, Agriculture Technology C+ In his role as president of Ag Tech, Daniel guides the strategy and development of the company's ag tech products and services. His passion for building technological solutions that feed the world led to the successful global expansion and acquisition of Prospera by Valmont Industries in 2021. Daniel led the integration of Prospera's crop analysis and irrigation anomaly detection solutions with Valley center pivot machines, resulting in strong adoption and greater yields for the grower. Daniel earned a B.Sc. in computer science from The Hebrew University. CONSERVING RESOURCES. IMPROVING LIFE. Valmont 115#116Leadership Bios C+ Diane Larkin, EVP, Global Operations In her role as executive vice president of global operations at Valmont, Diane leads efforts to maximize the company's manufacturing footprint across the entire enterprise. She's also responsible for developing a long-term strategy for aligning operational performance with the global strategic plan and its growth initiatives. Diane joined Valmont in the summer of 2020, bringing decades of strategic operations and manufacturing experience with her. She earned her Bachelor of Arts in political science from UCLA. Diane then served as an officer in the United States Army for 10 years before entering the private sector. CONSERVING RESOURCES. IMPROVING LIFE. Valmont 116#117Leadership Bios Avner Applbaum, EVP & Chief Financial Officer C+ Avner joined Valmont in 2020 as executive vice president and chief financial officer. He is responsible for developing and implementing the company's financial strategy. Avner oversees financial activities, including accounting and controllership, financial planning and analysis, tax, investor relations, internal audit and treasury. In addition, he leads the IT infrastructure, cybersecurity and technology innovation functions. Prior to joining Valmont, Avner held several CFO positions for private equity-backed companies and spent more than 15 years in senior financial and operational roles in publicly traded manufacturing companies, including Ametek, Belden and TE Connectivity (formerly Tyco Electronics). Earlier in his career, he worked for Ernst & Young. Avner has a proven track record of enhancing shareholder value, leveraging lean and technological advancements. His experience includes developing and deploying lean management systems and forecasting models to provide consistent, accurate and reliable information, supporting strategic decision making. Avner received his Bachelor of Arts in accounting/economics from Bar-Ilan University in Israel and is a certified public accountant. CONSERVING RESOURCES. IMPROVING LIFE. Valmont 117#118Leadership Bios Renee Campbell, SVP, Investor Relations & Treasurer C+ As senior vice president, investor relations and treasurer, Renee supports the company's long-term growth strategy, focusing on investor relations strategy, capital allocation and capital structure, treasury operations, cash management and risk management. One of Renee's key responsibilities is creating a treasury center of excellence focused on cash optimization, capital allocation and working-capital improvement, assuring that the finance function achieves its strategic goals and enhances stakeholder value. She also directs the communication of sustainability and corporate social-responsibility efforts and serves as the company's liaison for all government, public and media relations. Renee began her career at Valmont in 1995, holding a variety of increasingly responsible financial-management roles, including vice president, investor relations and corporate communications. She has been instrumental in advancing the company's investor relations strategies across the organization by broadening awareness of Valmont among institutional investors and educating current and prospective investors about the company's business strategy, performance and outlook. Renee's career path includes serving as director of corporate treasury at West Corporation and vice president of global cash operations at ACI Worldwide. She earned her BS in business administration from the University of Nebraska Lincoln. CONSERVING RESOURCES. IMPROVING LIFE. Valmont 118