#1ZAZZ AZZ Inc. Investor Presentation NYSE:AZZ May 4th, 2021#2ZAZZ INVESTOR PRESENTATION Safe Harbor Statement Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, including the statements regarding our strategic and financial initiatives. You can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Certain factors could affect the outcome of the matters described herein. This presentation may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand for our products and services, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the metal coatings markets. In addition, within each of the markets we serve, our customers and our operations could potentially be adversely impacted by the ongoing COVID-19 pandemic. We could also experience fluctuations in prices and raw material cost, including zinc and natural gas used in the hot-dip galvanizing process; supply-chain vendor delays; customer requested delays of our products or services; delays in additional acquisition opportunities; currency exchange rates; adequacy of financing; availability of experienced management and employees to implement AZZ's growth strategy; a downturn in market conditions in any industry relating to the products we inventory or sell or the services that we provide; economic volatility or changes in the political stability in the United States and other foreign markets in which we operate; acts of war or terrorism inside the United States or abroad; and other changes in economic and financial conditions. AZZ has provided additional information regarding risks associated with the business in AZZ's Annual Report on Form 10-K for the fiscal year ended February 29, 2020 and other filings with the Securities and Exchange Commission (“SEC”), available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. 2#3ZAZZ Vision and Values OUR MISSION GUIDING VALUES We Value Our Dedicated Employees and their communities by fully training and equipping them, and providing a safe environment to grow We Value Our Customers by reliably providing high- quality products and services with outstanding customer service We Value Our Shareholders by striving to consistently provide solid returns AZZ will create superior value in a culture where people can grow and TRAITS matter. We are diverse, collaborative, and service-minded, operating in a culture of Trust, Respect, Accountability, Integrity, Teamwork, and Safety. 3 INVESTOR PRESENTATION Environmental, Social and Governance "ESG" ■ Formed Sustainability Council with Board oversight Integrating Sustainability into our operations and Company culture ■ Continued Commitment to Employee Safety, Development and Diversity ■ Experienced Board from a range of relevant backgrounds#4I I I I I ZAZZ Strategic and Financial Initiatives to Enhance Shareholder Value Metal Coatings Focus on Driving Profitable Growth #1 in hot-dip galvanizing Strategic plant network with superior service ■ Highly attractive margins and returns ■ Pipeline of synergistic Metal Coatings. acquisitions in North America Resilient performance through COVID-19 uncertainty I I I I I I I Infrastructure Solutions Conducting Comprehensive Review More severely impacted by COVID-19 Drive cost and margin improvement Exit of low performing and low value creation businesses underway ■ Maintaining competitive position to maximize value in post COVID-19 recovery ■ Evaluating opportunities to accelerate becoming a focused Coatings I I I I I company I I I I I I T T I I I I I I I INVESTOR PRESENTATION Capital Allocation Increased Returns to Shareholders ■Deploy balance sheet targeting a net leverage ratio of 2.5x Board authorized $100M share - repurchase program – 1.2 million shares $48.3 million purchased FY21 - Continued prioritization of coatings acquisitions Grow dividend over time Subject to macro environment I I I Strengthened Management Team ■ Appointed CFO with deep accounting, controls and compliance experience. Appointed SVP of Investor Relations to enhance investor communication Filled Segment Chief Operating Officer roles with internal promotions in FY2021 4 I I I I I I I I T I I I I T I#5ZAZZ AZZ at a Glance (NYSE: AZZ) Headquarters Ft. Worth, Texas Total Employees ~3,900 Facilities INVESTOR PRESENTATION By Pro Forma Sales Pro Forma Sales Contribution ($ in millions) '18A - '21A CAGR: 3.2% $987 $856 $819 $745 44% 56% FY18 FY19 FY20 FY21 >60 By Pro Forma Operating Income PF Adj. Operating Income Contribution Note: totals include corporate expenses ($ in millions) $96 14% $77 $59 $84 Pro Forma FY21 Sales $819 million Pro Forma FY21 Adj. Operating Income $84 million 86% FY18 FY19 FY20 FY21 Metal Coatings Infrastructure Solutions Note: Financials pro forma for divestitures of Galvabar, NLI and SMS and one-time expenses. See appendix for reconciliation to reported GAAP financials 5#6ZAZZ Our Current Portfolio Metal Coatings (PF FY21 Sales: $457 million) #1 in Hot-Dip Galvanizing of Fabricated Steel Galvanizing Surface Technologies INVESTOR PRESENTATION Infrastructure Solutions (PF FY21 Sales: $362 million) Diverse portfolio of Electrical and Industrial businesses Electrical Products Industrial Solutions 00 Enclosure Systems Switchgear Protects, extends and Powder Corrosion + enhances critical infrastructure coatings cosmetic ◉ Plating Anodizing benefits Highly automated High Voltage Bus Medium Voltage Bus Tubular Products Lighting Systems Note: Financials pro forma for divestitures of Galvabar, NLI and SMS. See appendix for reconciliation to reported GAAP financials 6 Specialty weld overlay services for critical component maintenance & repair#7ZAZZ Our Leading Metal Coatings Business INVESTOR PRESENTATION Key Facts Service Offerings Pro Forma $457 FY21 Sales million Business Highlights Highly attractive margins and returns Unmatched protection and corrosion resistance for prefabricated steel End Markets Served Hot-Dip Galvanizing Strategic footprint offers significant advantage Industrial: 26% Construction: 25% ■ Essential service to critical infrastructure Pro Forma FY21 Adj. $108 million Operating Income (% Margin) 23.5% Highly fragmented landscape with diverse end markets Addresses cosmetic as well as corrosion needs for metal coatings and finishing ■ Significant runway for profitable expansion Facilities 45 Surface Technologies Includes powder coating, anodizing and plating Note: Financials pro forma for divestiture of Galvabar. See appendix for reconciliation to reported GAAP financials 7 OEM: 15% Utility: 16% Petrochem: 4% PENSKE Other: 14%#8I I I I I I I I I I ZAZZ # 1 Hot-Dip Galvanizing Market Position in North America North America's Largest Hot-Dip Galvanizer I J I I I I I I I I I I I I INVESTOR PRESENTATION ■ Expansive footprint with 39 galvanizing locations throughout the U.S. and Canada Proximity to customers offers competitive advantage Strong back-office and logistics network drive sales and operational efficiencies Facilities differentiated on services and quality Compelling platform poised for growth Geographic expansion Adjacency opportunities in corrosion protection Digital Galvanizing System driving greater operational efficiency, productivity and customer service I I I I I I T I I I I I I I I I I | I I I I I I I I I I I I I I I I I I I I 8 I#9ZAZZ We Expect to Continue our Outperformance in Metal Coatings Historical Growth Trajectory $375 $389 '17A - '21A CAGR: 5.0% $440 ($ in millions) $496 $457 21.4% 22.1% 22.3% 23.5% 19.6% FY17 FY18 FY19 FY20 FY21 I Pro Forma Sales Adj. Operating Income Margin I I Growth Drivers I I I ■Digital Galvanizing System ■ Expand Spin Galvanizing I ■Reconfigured salesforce I I I ■8 bolt-on acquisitions since 2017 ■ Focused growth on other coatings applications I I I Note: Financials pro forma for divestiture of Galvabar. See appendix for reconciliation to reported GAAP financials 9 I Near Term Priorities INVESTOR PRESENTATION Maintain strong performance despite COVID challenges ■ Target GDP+ growth driven by value-added services and M&A Continue to target 21 - 23% operating margins for the segment#10ZAZZ Considerations for Maximizing Value of Infrastructure Solutions Portfolio Analysis ■ Group of legacy businesses with minimal overlap or synergies Businesses that do not currently meet margin / return criteria ■ Actively pruning portfolio - divested NLI and SMS End-markets more severely impacted by COVID-19 ■ Maintain operating focus and cash conservation in current environment Electrical Products Industrial Solutions Segment Overview INVESTOR PRESENTATION PF Sales $244 million PF Adj. Operating margin End-markets Mid single digit ~57% T&D ~15% Industrial ~28% Power ~89% North America Geography mix ~11% Other PF Sales $119 million PF Adj. Operating margin End-markets Low single digit ~60% Refining ~40% Other Geography mix ~72% North America ~28% Other Note: Represents Fiscal Year 2020 financials pro forma for divestitures of NLI and SMS and one-time expenses. See appendix for reconciliation to reported GAAP financials 10#11Electrical Products Industrial Solutions ZAZZ Infrastructure Solutions is a Portfolio of Diverse Businesses % Segment¹ # of Locations Enclosures 24% 3 Manufacturer of custom modular enclosures ("e-houses"), as well as relay panels ■ Integration of customer furnished equipment ■ Leading independent provider of 38kV switchgear ■ Padmount and Arc-Resistant Switchgear INVESTOR PRESENTATION Wa Control Centers Power Distr. Centers Data Centers Switchgear 22% 2 Emergency Mobile Substations Mining Medium Voltage High 13% 2 Bus Voltage Global leader in high-voltage SF6 gas insulated bus products ■ Voltage ranges from 115kV to 1,200kV Isolated Bus Duct System 1111111 Segregated Bus Duct Systems Non- Segregated. Bus Duct Systems Duct Medium ■ Innovative medium voltage bus duct products 4% 1 ■■Product line includes isolated phase duct, Voltage SF6 Gas Insulated Lines Cooling Units High- Current Contact segregated and non-segregated phase duct Tubular and Lighting 4% 2 ■ Harsh and Hazardous Duty Lighting manufacturer with 75 year history Oil Field Lighting Marine Lighting Full-Length Tubing ■Full length tubing as well as pup-joints Specialty Weld Overlay ■ Industry leading life extension and repair processes to address low cycle fatigue failure in coke drums and reactors Heater/ Water-wall Service Furnace Service Boiler Services 33% 5 World's largest installed base for the mitigation of fireside corrosion Turnaround driven business Service Pipe & Vessel Piping Service Coke Drum Repair 1. Proportion of Fiscal Year 2020 segment sales of $491mm pro forma for divestitures of NLI and SMS. See appendix for reconciliation to reported GAAP financials 11#12Industrial Solutions ZAZZ Infrastructure Solutions Segment: Market and Trends Electrical Products Bus Duct Enclosures Switchgear High Voltage Medium Voltage Tubular and Lighting Specialty Weld Overlay COVID Impact Outlook 12 INVESTOR PRESENTATION Business Dynamics E-housing growth driven by transmission & distribution (T&D) spending, modular datacenters, energy storage and renewables Primarily driven by housing starts, population growth, and renewable mandates driving expansion of T&D grid Growth tied to T&D spending, utilities and Industrial end- markets Opportunistic large project growth Primarily exposed to upstream O&G exploration and conversion to LED (~90% of AZZ lighting) ~$1 billion+ market (~60% exposure to refining) Refining turnaround activity improving globally, despite COVID-19#13ZAZZ Targeting Increased Capital Return to Shareholders Deploy balance sheet to target a net leverage ratio of 2.5x ■ Board authorized $100M share repurchase program ■ Continued prioritization of coatings acquisitions ■ Subject to macro environment Shareholder Return Growth 13 Capital Expenditures INVESTOR PRESENTATION ■ New coatings business and product lines. ■ Systems and technology Safety, Health and Environmental Acquisitions ■ North American coatings focus Strategic fit Accretive within the first year Share Repurchases Over 1.2 million outstanding shares repurchased in Fiscal Year 2021 ($48.3 million) Dividends Grow dividend over time#14Q&A#15Appendix and Additional Information#16ZAZZ Reconciliation of Segment Financials Fiscal Year 2017 Segment $(millions) As Reported (a) Adjustment Fiscal Year 2018 Segment As Adjusted $(millions) As Reported (a) Adjustment INVESTOR PRESENTATION As Adjusted Sales 863.5 (99.9) 763.6 Sales 810.4 (65.9) 744.5 Metal Coatings 375.5 (0.2) (1) 375.4 Metal Coatings 389.4 (0.1) (1) 389.3 Infrastructure Solutions 488.0 (99.7) (2) 388.3 Infrastructure Solutions 421.0 (65.9) (2) 355.2 Operating Profit 98.9 (8.7) 90.2 Operating Profit 48.2 10.3 58.5 Metal Coatings 79.0 1.1 (1) 80.2 Metal Coatings 84.3 1.7 (1) 86.1 Infrastructure Solutions 52.6 (9.8) (2) 42.7 Infrastructure Solutions Corporate Expenses (32.7) (32.7) Corporate Expenses (1.8) (34.3) 8.5 (3) 6.8 (34.3) (a) – Reported in conformity with US GAAP (1) - Reflects impact of Galvabar divestiture (closed in Jul. 2020) (2) - Reflects impact of NLI and SMS divestitures (closed in Feb. 2020 and Oct. 2020, respectively) (a) - Reported in conformity with US GAAP (1) - Reflects impact of Galvabar divestiture (closed in Jul. 2020) (2) - Reflects impact of NLI and SMS divestitures (closed in Feb. 2020 and Oct. 2020, respectively) and a $3.8M one-time adjustment in the electrical business (3) - Reflects ($5.4M) impact of NLI and SMS divestitures and add back of $5.3M non- recurring expenses in electrical business and $8.6M in industrial business 16#17ZAZZ Reconciliation of Segment Financials (Cont'd) Fiscal Year 2019 Segment $(millions) As Reported (a) Adjustment Fiscal Year 2020 Segment As Adjusted $(millions) As Reported (a) Adjustment INVESTOR PRESENTATION As Adjusted Sales 927.1 (71.3) 855.8 Sales 1,061.8 (74.9) 986.9 Metal Coatings 440.3 (0.7) (1) 439.5 Metal Coatings 499.0 (2.8) (1) 496.1 Infrastructure Solutions 486.8 (70.6) (2) 416.2 Infrastructure Solutions 562.8 (72.1) (2) 490.7 Operating Profit 77.0 0.5 77.4 Operating Profit 79.3 16.4 95.8 Metal Coatings 83.6 2.4 (1) 86.0 Metal Coatings 107.9 2.7 (1) 110.6 Infrastructure Solutions 31.3 (1.9) (2) 29.4 Infrastructure Solutions 32.8 (4.9) (2) 28.0 Corporate Expenses (38.0) (38.0) Corporate Expenses (42.8) (42.8) Loss of Disposal of Business (18.6) 18.6 (3) (a) – Reported in conformity with US GAAP - (1) - Reflects impact of Galvabar divestiture (closed in Jul. 2020) (2) - Reflects impact of NLI and SMS divestitures (closed in Feb. 2020 and Oct. 2020, respectively) (a) - Reported in conformity with US GAAP (1) - Reflects impact of Galvabar divestiture (closed in Jul. 2020) (2) - Reflects impact of NLI and SMS divestitures (closed in Feb. 2020 and Oct. 2020, respectively) (3) - Reflects add back related to loss on sale of NLI 17#18ZAZZ Reconciliation of Segment Financials (Cont'd) Fiscal Year 2021 Segment $(millions) As Reported (a) Adjustment As Adjusted Sales 838.9 (19.8) 819.1 Metal Coatings 457.8 (0.9) (1) 456.9 Infrastructure Solutions 381.1 (18.9) (2) 362.2 Operating Profit 61.6 22.5 84.1 Metal Coatings 95.9 11.6 (1) 107.5 Infrastructure Solutions 6.5 10.9 (2) 17.4 Corporate Expenses (40.8) (40.8) (a) - Reported in conformity with US GAAP (1) - Reflects impact of Galvabar divestiture (closed in Jul. 2020) and related restructuring and impairment charges (2) - Reflects impact of NLI and SMS divestitures (closed in Feb. 2020 and Oct. 2020, respectively) and related restructuring and impairment charges 18 INVESTOR PRESENTATION#19Thank You NYSE:AZZ