#1ARCOSA MOVING INFRASTRUCTURE FORWARD Investor Presentation November 2019#2Forward Looking Statements Some statements in this presentation, which are not historical facts, are "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Arcosa Inc.'s ("Arcosa", or the "Company") estimates, expectations, beliefs, intentions or strategies for the future. Arcosa uses the words "anticipates," "assumes,” “believes," "estimates,” “expects," "intends," "forecasts," "may," "will," "should," "guidance," "outlook," "vision", and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this presentation, and Arcosa expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, except as required by federal securities laws. Forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to assumptions, risks and uncertainties regarding achievement of the expected benefits of Arcosa's separation from Trinity Industries, Inc. ("Trinity"; NYSE:TRN); tax treatment of the separation; failure to successfully integrate the ACG Materials acquisition, or failure to achieve the expected benefits of the acquisition; market conditions and customer demand for Arcosa's business products and services; the cyclical nature of, and seasonal or weather impact on, the industries in which Arcosa competes; competition and other competitive factors; governmental and regulatory factors; changing technologies; availability of growth opportunities; market recovery; improving margins; and Arcosa's ability to execute its long-term strategy, and such forward-looking statements are not guarantees of future performance. For further discussion of such risks and uncertainties, see "Risk Factors” and the "Forward-Looking Statements” section of "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Arcosa's Form 10-K for the year ended December 31, 2018, as may be revised and updated by Arcosa's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Non-GAAP Financial Measures This presentation contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Reconciliations of non-GAAP financial measures to the closest GAAP measure are provided in the Appendix. Presentation of Financials The spin-off of the Company by Trinity was completed on November 1, 2018. The Company's financial statements for periods prior to November 1, 2018 were presented on a "carve-out" basis. The carve-out financials of the Company are not necessarily representative of the amounts that would have been reflected in the financial statements had the Company been an independent company during the applicable periods. 2 / Moving Infrastructure Forward - Investor Presentation, November 2019 ARCOSA#3How to Find Us OUR WEBSITE www.arcosa.com HEADQUARTERS Arcosa, Inc. 500 North Akard Street, Suite 400 Dallas, TX 75201 3 / Moving Infrastructure Forward - Investor Presentation, November 2019 NYSE TICKER ACA INVESTOR CONTACT [email protected] ARCOSA#4Agenda Company overview Financial highlights ESG update 4 / Moving Infrastructure Forward - Investor Presentation, November 2019 ARCOSA#5Arcosa at a Glance A new public company with an established operating history and financial strength $1.78B $235M $107M Revenue Adjusted EBITDA Net Income ~5,800 Employees 85+ Years of Operating History 3 Infrastructure-related Segments Arcosa separated from its former parent company and became an independent public company in November 2018 Note: Revenue, Net Income, and Adjusted EBITDA based on midpoints of 2019 Guidance as of 11/1/2019 5 / Moving Infrastructure Forward - Investor Presentation, November 2019 ARCOSA#6Arcosa Overview Provider of infrastructure-related products and solutions positioned for growth Markets CONSTRUCTION Revenues $403M Adj.Segment EBITDA Margin 21% ENERGY TRANSPORTATION $831M $436M 15% 14% AGGREGATES WIND TOWERS BARGES SPECIALTY MATERIALS CONSTRUCTION SITE SUPPORT UTILITY STRUCTURES STORAGE TANKS Revenues and Adjusted Segment EBITDA margin for the last twelve months ended 9/30/2019. See Adjusted Segment EBITDA reconciliation in Appendix. 6 / Moving Infrastructure Forward - Investor Presentation, November 2019 COMPONENTS ARCOSA#7Construction Products Segment Overview PRODUCTS AGGREGATES SPECIALTY MATERIALS CONSTRUCTION SITE SUPPORT KEY FIGURES REVENUE (LTM 9/30/2019) $403M Revenue by product type ($M) Construction site support Natural sand, gravel and limestone base Lightweight aggregates; specialty milled or processed materials As of 12/31/18: Steel & aluminum trench shoring products and systems ■ Estimated proven and probable aggregate reserves exceeding 300 million tons, excluding ACG Projected average reserve life of legacy business of at least 33 years 21% Adjusted Segment EBITDA Margin $30B+ Estimated annual market size Note: Aggregates and Specialty Materials grouped as "Construction Aggregates" in Financials. Construction Site Support classified as "Other". See Adjusted Segment EBITDA reconciliation in Appendix. 7 / Moving Infrastructure Forward ― Investor Presentation, November 2019 73 (18%) 330 (82%) Aggregates and specialty materials ARCOSA#8Energy Equipment Segment Overview PRODUCTS KEY FIGURES (LTM 9/30/2019) REVENUE by product type ($M) Storage tanks and other $831M WIND TOWERS UTILITY STRUCTURES Revenue Storage RESIDENTIAL/COMMERCIAL/ AGRICULTURAL STORAGE INDUSTRIAL SCALE & FIELD ERECTED STORAGE 15% Adjusted Segment EBITDA Margin 206 (25%) 625 (75%) Utility structures and wind towers See Adjusted Segment EBITDA reconciliation in Appendix. Adjusted Segment EBITDA includes $2.9M of bad debt recovery recorded in 1Q 2019. $564M Backlog in Utility Structures and Wind Towers as of 9/30/19 8 / Moving Infrastructure Forward - Investor Presentation, November 2019 ARCOSA#9Transportation Products Segment Overview PRODUCTS TANK BARGES HOPPER BARGES FIBERGLASS COVERS RAILCAR AXLES RAILCAR COUPLING DEVICES INDUSTRIAL & MINING COMPONENTS See Adjusted Segment EBITDA reconciliation in Appendix. 9 / Moving Infrastructure Forward - Investor Presentation, November 2019 KEY FIGURES (LTM 9/30/2019) $436M Revenue 14% Adjusted Segment EBITDA Margin REVENUE by product type ($M) Barges 195 (45%) 240 (55%) $5B+ Estimated annual market size Components $364M Backlog in Barges as of 9/30/19 ARCOSA#10First Year Progress We celebrated our one year anniversary as a public company on November 1st and remain encouraged by our progress and focused on the future Building our new Arcosa culture ✓ Entrepreneurial and growth-minded Executing on our Stage 1 Priorities Grow Construction Products Transportation Products ✓ Acquired ACG Materials + 3 additional complementary acquisitions to expand regional footprint ✓ Grew Adjusted Segment EBITDA margins from 10% in 2018 to 15% in LTM 2019 ✓ Turning focus to growth in adjacent product lines ✓ Ramped up barge facilities to grow revenue ~80% in 2019, with healthy backlog headed into 2020 ✓ Focused on integrating ESG initiatives into our long-term strategy Improve Energy Equipment margins ✓ Performance accountability Expand ✓ "We win together" See Adjusted Segment EBITDA reconciliation in Appendix. 10 / Moving Infrastructure Forward - Investor Presentation, November 2019 Operate a flat corporate structure ✓ Streamlined corporate structure to reduce layers ARCOSA#11Long-Term Vision for Arcosa Grow in attractive markets where we can achieve sustainable competitive advantages Reduce the complexity and cyclicality of the overall business Improve long-term returns on invested capital Integrate Environmental, Social, and Governance initiatives (ESG) into our long-term strategy 11 / Moving Infrastructure Forward - Investor Presentation, November 2019 ARCOSA#12Agenda 12 Company overview Financial highlights ESG update Moving Infrastructure Forward - Investor Presentation, November 2019 ARCOSA#13Third Quarter 2019 Financial Results Reported strong year-over-year growth across key metrics 3rd Quarter, ended September 30 ($M's) Revenues Net Income Adjusted EBITDA Year-to-Date, ended September 30 ($M's) Revenues Net Income Adjusted EBITDA 378.6 +18% 445.0 +35% 33.0 +40% 24.5 32.7 46.4 +19% +35% +33% 64.9 1,290.0 93.7 187.6 1,086.0 69.3 48.0 92.2 141.1 3.2 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 Margin Margin Adjusted Reported Adjusted Reported 12.3% 14.6% 13.0% 14.5% See Adjusted Net Income and Adjusted EBITDA reconciliations in Appendix. 13 / Moving Infrastructure Forward - Investor Presentation, November 2019 ARCOSA#14ACG Acquisition Update Integration is progressing well and; ACG will be a platform for additional value creation in our Construction Products segment Geographic diversity ACG Footprint ■ 24 active mines 5 production facilities ■ End market diversity O Aggregate mines Production facilities Corporate HQ ACG End Markets Acquisition closed in December 2018 for a $309M purchase price Agriculture Other Building Products Energy Infrastructure ▪ LTM Revenues and Adj. EBITDA of $152M and $32M, respectively, at time of acqusition¹ 1 Estimated Last Twelve Months (LTM) ended 08/31/2018. See Adjusted EBITDA reconciliation in Appendix. 14 / Moving Infrastructure Forward - Investor Presentation, November 2019 Levers for additional value creation End market growth Incremental specialty product development Organic capital investments Infrastructure Bolt-on acquisitions Operational improvements through shared best practices ARCOSA#15Barge Recovery Continues Recent orders have been strong and production ramp up is on track Inland Barge business Backlog Value Trend ($millions) 565 ■ Barge backlog up 58% year-to- date ■ Year-to-date orders of $327M, representing a book-to-bill ratio of 1.7 times 454 373 416 319 251 177 120 126 110 91 98 88 125 231 210 198 384 364 350 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 15 / Moving Infrastructure Forward - Investor Presentation, November 2019 ■ More than half of Q3 orders were for dry barges, showing early signs of a potential recovery in the dry cargo market. Agricultural tariff uncertainty remains a headwind ■ 2020 barge backlog of $258M provides solid visibility into next year at improved margins ◉ Began delivering barges from re-opened Louisiana facility during Q3 as planned ARCOSA#162019 Revenue and Adjusted EBITDA Guidance We expect to be at the high end of our Adjusted EBITDA guidance range of $230-$240 million Revenue Guidance $M's Adjusted EBITDA Guidance $M's 1,460 +22% 1,750-1,800 187 2018 2019 Guidance Maintained +26% 230-240 2018 2019 Guidance Maintained See Adjusted EBITDA reconciliation in Appendix. Revenue and Adjusted EBITDA growth calculated using mid-point of 2019 Guidance range. Guidance ranges as of November 1, 2019. 16 / Moving Infrastructure Forward - Investor Presentation, November 2019 ARCOSA#17Cash Flow and Liquidity Highlights We have the liquidity to fund our disciplined growth plans Cash Flow and Balance Sheet Highlights Available Liquidity at end of Q3 ($M's) ☐ ▪ $219M of YTD September 2019 Operating Cash Flow ▪ $108M of debt at end of Q3, substantially all at a fixed rate of ~4% through 2023 ■ Positive net cash position, after subtracting debt ■Long-term net debt to EBITDA target of 2 to 2.5x provides significant capacity for growth 17 / Moving Infrastructure Forward - Investor Presentation, November 2019 389 Cash 128 Revolver Capacity 261 Q3-19 ARCOSA#18Capital Allocation We have continued to follow a disciplined approach to allocate capital across organic investments, acquisitions, and return to shareholders Organic investments $61M of Capital Expenditures YTD and expect $80-$85M of CapEx in 2019 Full year expectations up slightly due to new growth projects to expand product lines and capacity in Construction Products and utility structures ~$60M Maintenance - ~$20-$25M Growth Projects Acquisitions $31M of acquisitions YTD: 3 aggregates acquisitions to expand geographic footprint in TX and Louisiana 1 marine winch acquisition to expand our product line in marine winches Active pipeline across aggregates, specialty materials, and utility structures ☐ Return of capital to shareholders As of 3Q19, repurchased ~$14 million of shares at an average price of $28.77 per share under Company's $50 million authorization since its approval in December 2018 Paid $7.4M of dividends YTD All CapEx projects expected to meet high return threshold and compete for available capital 18 / Moving Infrastructure Forward - Investor Presentation, November 2019 ARCOSA#19Agenda Company overview Financial highlights ESG update 19 / Moving Infrastructure Forward - Investor Presentation, November 2019 ARCOSA#20ESG Update We recently completed a Materiality Assessment that identified ESG topics that will be integrated into our long-term strategy Our People & Communities Employee Health and Safety Diversity Talent Management Community Relations 20 20 Our Environment Energy Management Air Quality GHG Emissions Water and Wastewater Management Land Management Governance and Business Ethics Our Products Product Use and Quality Our Materiality Assessment was based primarily on SASB standards, with additional input from stakeholders and other sustainability standards / Moving Infrastructure Forward - Investor Presentation, November 2019 ARCOSA#21Incentive Compensation Plans Arcosa's incentive plans align compensation to long-term shareholder value creation while driving accountability to the business level Short Term Incentive Plan (STI) Long Term Incentive Plan (LTI) 21 Award Type Focus Cash 1 year operational and financial targets Equity: Performance-Based Restricted Stock Units (PBRSU) Equity: Time-Based Restricted Stock Units (TBRSU) Long term shareholder value creation / Moving Infrastructure Forward - Investor Presentation, November 2019 Performance Objectives Target CEO Pay: 83% at Risk (1) Adjusted EBITDA Business-specific metrics (e.g., EBITDA, Working Capital, Margin Improvement, SE&A Reduction) Return on Capital Cumulative EPS Share Price 17% 26% TBRSU Base 40% PBRSU 17% STI (1) Annualized target compensation, excluding one-time sign-on LTI grant upon being named future CEO ARCOSA#22Additional ESG Information We have a number of initiatives already underway to integrate ESG into our long term strategy Our People & Communities Safety Excellence program rolled out to plants Instituted plan to track and improve diversity Ethics Training and Certification programs Extensive community engagement across our plant locations and corporate offices Talent development program to enhance the skills of our team Our Environment Instituting sustainability program to track environmental metrics Integrating environmental initiatives into long-term strategy Arcosa headquarters is LEED Gold, Energy Star Certified Our Products Leading producer of wind towers for renewable power generation, with over 12,000 towers produced Leading manufacturer of inland barges, which have valuable fuel efficiency advantages over truck and rail Trench shoring products promote worker safety 22 / Moving Infrastructure Forward - Investor Presentation, November 2019 ARCOSA#23Our Products Arcosa's products are used in important environmentally friendly industries Wind Energy reduces carbon dioxide emissions CO2 Emissions Avoided through Wind Energy Million Metric Tons Barge transportation is a clean, efficient mode of freight transportation Tons of CO2 per Million Ton Miles Barge 15.6 201 189 50 50 132 126 115 97 83 65 59 159 Rail 21.2 Truck 154.1 Ton Miles Traveled per Gallon of Fuel 647 Barge 37 22 17 Rail 467 9 11 2001 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 Truck 145 477 As a leading wind tower manufacturer with over 12,000 towers produced, Arcosa plays an important role in the development of wind power Sources: American Wind Energy Association, National Waterways Foundation Arcosa's inland barges play a critical role in the clean and efficient transportation of freight 23 / Moving Infrastructure Forward - Investor Presentation, November 2019 ARCOSA#24ARCOSA Appendix#25Reconciliation of Consolidated and Combined Adjusted EBITDA ($'s in Millions) (unaudited) Three Months Ended September 30, Revenues Nine Months Ended September 30, Full Year 2019 Guidance 2019 2018 2019 2018 Low High $ 445.0 $ 378.6 $1,290.0 $1,086.0 $1,750.0 $1,800.0 Net Income 32.7 3.2 92.2 48.0 101.0 113.0 Add: Interest expense, net 1.3 4.1 5.0 5.0 Provision (benefit) for income taxes 9.2 3.4 26.1 18.2 30.0 33.0 Depreciation, depletion, and 21.7 16.8 63.2 49.7 92.0 87.0 amortization expense EBITDA $ 64.9 ՄՌ $ 23.4 $ 185.6 $ 115.9 $ 228.0 $ 238.0 Add: Impairment charge Impact of the fair value mark up of 23.2 23.2 0.4 2.0 2.0 2.0 acquired inventory Other, net (income) expense (1) (0.4) (0.2) 2.0 Adjusted EBITDA $ 64.9 $ 46.4 $ 187.6 $ 141.1 $ 230.0 $ 240.0 Adjusted EBITDA Margin 14.6% 12.3% 14.5% 13.0% 13.1% 13.3% (1) Included in Other, net expense was the impact of foreign currency exchange transactions of $(0.3) million and $0.0 million for the three months ended September 30, 2019 and 2018, respectively, and $0.7 million and $2.2 million for the nine months ended September 30, 2019 and 2018, respectively. Since these amounts were not included as adjustments to EBITDA prior to December 31, 2018, Adjusted EBITDA and Adjusted EBITDA Margin for the three and nine months ended September 30, 2018 do not agree to amounts previously reported. GAAP does not define "Earnings Before Interest, Taxes, Depreciation, Depletion and Amortization" ("EBITDA") and it should not be considered as an alternative to earnings measures defined by GAAP, including net income. We use this metric to assess the operating performance of our consolidated business, as a metric for incentive-based compensation, and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value, and we believe this metric also assists investors in comparing a company's performance on a consistent basis without regard to depreciation, depletion, and amortization, which can vary significantly depending on many factors. We adjust consolidated EBITDA for certain non-routine items ("Adjusted EBITDA") to provide a more consistent comparison of earnings performance from period to period, which we also believe assists investors in comparing a company's performance on a consistent basis. "Adjusted EBITDA Margin" is defined as Adjusted EBITDA divided by Revenues. 25 / Moving Infrastructure Forward - Investor Presentation, November 2019 ARCOSA#26Reconciliation of Adjusted Net Income ($'s in Millions) (unaudited) Net Income Impairment charge on businesses subsequently divested Tax impact Impact of the fair value mark up of acquired inventory Tax impact Impact of U.S. tax reform Adjusted Net Income Three Months Ended September 30, 2019 2018 Nine Months Ended September 30, 2019 2018 $ 32.7 $ 3.2 23.2 $ 92.2 $ 48.0 23.2 (1.2) (1.2) 0.4 (0.1) 2.0 (0.5) $ 33.0 $ (0.7) 24.5 (0.7) $ 93.7 $ 69.3 GAAP does not define "Adjusted Net Income" and it should not be considered as an alternative to earnings measures defined by GAAP, including net income. We use this metric to assess the operating performance of our consolidated business. We adjust net income for certain non-routine items to provide investors with what we believe is a more consistent comparison of earnings performance from period to period. 26 / Moving Infrastructure Forward - Investor Presentation, November 2019 ARCOSA#27Reconciliation of Adjusted Segment EBITDA ($'s in Millions) (unaudited) Three Months Ended September 30, 2019 2018 Nine Months Ended September 30, 2019 2018 27 Construction Products Revenues Last Twelve Months Year Ended September 30, December 31, 2019 2018 $ 115.9 $ 72.6 $ 337.5 $ 226.7 $ 403.1 $ 292.3 Operating Profit 16.5 15.3 45.3 45.3 50.4 50.4 Add: Depreciation, depletion, and amortization expense 9.7 5.2 27.5 15.4 34.0 21.9 Segment EBITDA 26.2 20.5 72.8 60.7 84.4 72.3 Add: Impact of the fair value mark up of acquired inventory 1.4 2.2 0.8 Adjusted Segment EBITDA Adjusted Segment EBITDA Margin Energy Equipment Revenues $ 26.2 22.6% $ 20.5 28.2% 74.2 $ 22.0% 60.7 26.8% $ 86.6 21.5% $ 73.1 25.0% $ 210.2 $ 198.4 $ 623.6 $ 573.1 $ 830.6 $ 780.1 Operating Profit Add: Depreciation and amortization expense Segment EBITDA Add: Impairment Charge 26.6 (13.2) 79.8 12.5 95.9 28.6 6.9 7.4 21.2 22.6 28.3 29.7 33.5 (5.8) 101.0 35.1 124.2 58.3 23.2 23.2 23.2 Adjusted Segment EBITDA $ 33.5 $ Adjusted Segment EBITDA Margin 15.9% 17.4 8.8% $ 101.0 16.2% $ 58.3 10.2% $ 124.2 $ 81.5 15.0% 10.4% Transportation Products Revenues $ 120.6 $ 108.5 $ 333.4 $ 289.3 $ 435.5 $ 391.4 Operating Profit 11.2 13.5 32.1 35.2 45.3 48.4 Add: Depreciation and amortization 4.3 4.2 12.0 11.7 15.8 15.5 expense Segment EBITDA 15.5 17.7 44.1 46.9 61.1 63.9 Add: Impact of the fair value mark up of acquired inventory 0.4 0.6 0.6 Adjusted Segment EBITDA $ 15.9 $ 17.7 $ 44.7 $ 46.9 $ 61.7 $ 63.9 Adjusted Segment EBITDA Margin 13.2% 16.3% 13.4% 16.2% 14.2% 16.3% Operating Profit - All Other $ Operating Profit - Corporate (11.5) $ (0.1) (9.1) $ (34.8) $ (0.1) (24.7) $ $ (0.1) Eliminations Corporate Depreciation (42.2) (0.3) (32.1) (0.3) Adjusted EBITDA $ 0.8 64.9 2.5 3.0 0.5 $ 46.4 $ 187.6 $ 141.1 $ 233.0 $ 186.5 / Moving Infrastructure Forward - Investor Presentation, November 2019 "Segment EBITDA" is defined as segment operating profit plus depreciation, depletion, and amortization. GAAP does not define Segment EBITDA and it should not be considered as an alternative to earnings measures defined by GAAP, including segment operating profit. We use this metric to assess the operating performance of our businesses, as a metric for incentive-based compensation, and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value, and we believe this metric also assists investors in comparing a company's performance on a consistent basis without regard to depreciation, depletion, and amortization, which can vary significantly depending on many factors. We adjust Segment EBITDA for certain non-routine items ("Adjusted Segment EBITDA") to provide a more consistent comparison of earnings performance from period to period, which we also believe assists investors in comparing a company's performance on a consistent basis. "Adjusted Segment EBITDA Margin" is defined as Adjusted Segment EBITDA divided by Revenues. ARCOSA#28Adjusted ACG EBITDA reconciliation ($'s in Millions) (unaudited) For the Trailing Twelve Months Ended August 31, 2018: Revenues Net Income $152.0 (1.8) Add: Interest expense 16.6 Provision (benefit) for income taxes (3.9) Depreciation, depletion, and 15.4 amortization expense $26.3 EBITDA Add: Other Adjustments Adjusted EBITDA Adjusted EBITDA Margin 5.7 $32.0 21.1% "Adjusted ACG EBITDA" is defined as ACG's net income plus interest expense, income taxes, depreciation and amortization, and other one-time or non- recurring expenses, including management fees, debt refinancing fees, and non-recurring professional fees. Adjusted ACG EBITDA is not a calculation based on generally accepted accounting principles. The amounts included in the Adjusted ACG EBITDA calculation, however, are derived from amounts included in the historical statements of operations data. In addition, Adjusted EBITDA should not be considered as an alternative to net income or operating income as an indicator of ACG's operating performance, or as an alternative to operating cash flows as a measure of liquidity. We believe Adjusted ACG EBITDA assists investors in comparing a company's performance on a consistent basis without regard to depreciation and amortization and other expenses, which can vary significantly depending upon many factors. 28 / Moving Infrastructure Forward - Investor Presentation, November 2019 ARCOSA