#1INVESTOR PRESENTATION MOVING INFRASTRUCTURE FORWARD | NOVEMBER 2023 ARCOSA#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's 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," "strategy," "plans," 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 the impact of the COVID-19 pandemic, or other similar outbreaks, on Arcosa's business; assumptions, risks and uncertainties regarding achievement of the expected benefits of Arcosa's spin-off from Trinity Industries, Inc.; tax treatment of the spin-off; failure to successfully integrate acquisitions or divest any business, or failure to achieve the expected benefit of acquisitions or divestitures; 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; ability to improve margins; the impact of inflation and costs of materials; assumptions regarding achievements of the expected benefits from the Inflation Reduction Act; 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, 2022 and 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. 21 MOVING INFRASTRUCTURE FORWARD | 2023 A#3TABLE OF CONTENTS 01 02 03 04 STRATEGIC UPDATE 2023 OUTLOOK 31 MOVING INFRASTRUCTURE FORWARD | 2023 RECENT FINANCIAL HIGHLIGHTS ESG ACCOMPLISHMENTS A#4HOW TO FIND US OUR WEBSITE www.arcosa.com NYSE TICKER ACA HEADQUARTERS Arcosa, Inc. 500 North Akard Street, Suite 400 Dallas, TX 75201 INVESTOR CONTACT Investor [email protected] 41 MOVING INFRASTRUCTURE FORWARD | 2023 A#501 STRATEGIC UPDATE A#6ARCOSA'S VALUE PROPOSITION ^ * F LEADING businesses serving critical infrastructure markets EXPERIENCED management team with history of managing through economic cycles HEALTHY BALANCE sheet and ample liquidity to navigate cycles and pursue strategic growth DISCIPLINED CAPITAL allocation process to grow in attractive markets and improve returns on capital TRACK RECORD of executing on strategic priorities 61 MOVING INFRASTRUCTURE FORWARD | 2023 A#7ARCOSA AT A GLANCE OUR THREE BUSINESS SEGMENTS A CONSTRUCTION PRODUCTS TOP # ENGINEERED STRUCTURES Revenue, net income, and Adjusted EBITDA are for the twelve months ended 9/30/2023. See Adjusted EBITDA reconciliation in Appendix 71 MOVING INFRASTRUCTURE FORWARD | 2023 $2.2B Revenues $135M Net Income (1) $345M Adjusted EBITDA 0000 ~5,230 Employees TRANSPORTATION 85+ PRODUCTS Years of Operating History 3 Infrastructure-related Segments (1) Excludes the gain on the sale of our storage tanks business of $195M pre-tax, which is also excluded from Adjusted EBITDA. As reported, net income for trailing twelve months 9/30/23 was $287M. A#8BUSINESS OVERVIEW Arcosa's three segments are made up of leading businesses that serve critical infrastructure markets CONSTRUCTION PRODUCTS $985M REVENUES ENGINEERED STRUCTURES(1) TRANSPORTATION PRODUCTS $242M 25% $843M $101M 12% $398M REVENUES REVENUES ADJ. SEGMENT EBITDA ADJ. SEGMENT EBITDA & MARGIN & MARGIN NATURAL & RECYCLED AGGREGATES SPECIALTY MATERIALS CONSTRUCTION SITE SUPPORT UTILITY STRUCTURES WIND TOWERS TRAFFIC & TELECOM STRUCTURES $56M 14% BARGES ADJ. SEGMENT EBITDA & MARGIN MARINE COMPONENTS STEEL COMPONENTS (1) Arcosa completed the divestiture of its storage tanks business on October 3, 2022. Financial results for the business included in continuing operations to the date of sale. Revenues and Adjusted Segment EBITDA and margin for the twelve months ended 9/30/2023. See Adjusted Segment EBITDA reconciliation in Appendix. 81 MOVING INFRASTRUCTURE FORWARD | 2023 A#9ARCOSA'S LONG-TERM VISION Grow in attractive markets where we can achieve sustainable competitive advantages 7 Reduce the complexity and cyclicality of the overall business $ Improve long-term returns on invested capital Integrate Environmental, Social, and Governance (ESG) initiatives into our long-term strategy 91 MOVING INFRASTRUCTURE FORWARD 2023 A#10DISCIPLINED TRACK RECORD OF GROWTH Achieved 39% CAGR in our Growth Businesses over the last four years, offsetting demand headwinds in our Cyclical Businesses Adjusted EBITDA, excluding Corporate ($M) 376 332 43 329 284 51 127 219 127 +39% 333 129 277 205 157 90 FY-18 FY-19 FY-20 FY-21 FY-22 At Spin +20% Growth Businesses (Construction Products and Eng. Structures, excluding wind towers) Cyclical Businesses (wind towers, barge, and steel components) CAGR Compound Annual Growth Rate. See reconciliation of Adjusted EBITDA for Cyclical and Growth Businesses in Appendix. 10 MOVING INFRASTRUCTURE FORWARD | 2023 A#11STRATEGIC TRANSFORMATION Today Arcosa is a less cyclical and more resilient company Construction Products has Increased to Approximately 60% of Adjusted EBITDA Adjusted EBITDA, excluding Corporate ($M) 399 56 (14%) 219 64 (29%) 101 (25%) • Actionable Strategic Progress to Position Portfolio for Long-Term Growth Divestiture of storage tanks business for $275 million in October 2022 • Invested ~$1.4 billion on 5 large acquisitions and multiple complementary . . bolt-ons to expand our Construction Products platform Grew natural aggregates operations beyond Texas, now serving 11 Top 50 MSAs, up from 5 at the end of 2018 • Added recycled aggregates to complement natural aggregates platform, serving 3 Top 5 MSAs • • 82 (38%) 242 (61%) 73 Expanded specialty materials platform with broader geographic presence and product diversity Added 3 adjacent infrastructure-related product lines of traffic, telecom, and concrete structures ⚫ Market leading positions in our cyclical businesses, including barge, wind towers, and steel components, position us well for recovery (33%) FY 2018 LTM 9/30/23 Engineered Structures Construction Products Transportation Products See Adjusted Segment EBITDA reconciliations in the Appendix. 11 MOVING INFRASTRUCTURE FORWARD | 2023 $1T Infrastructure Bill and $370B Inflation Reduction Act Create Multi- Year Tailwinds for Many Arcosa Businesses A#12GROWING OUR CONSTRUCTION PRODUCTS PLATFORM We have deployed ~$1.4B on Construction Products acquisitions as we seek to expand our growth platforms ☐ Attractive fundamentals of Aggregates and Specialty Materials Attractive markets with long-term pricing and volume growth; less cyclical than other Arcosa businesses ■ Sustainable competitive advantages, through reserve positions, product portfolio, proprietary processing capabilities, and deep market knowledge ■ Fragmented industry structure with ability to buy small to medium size assets at attractive multiples Ability to use acquisitions as growth platforms for organic and bolt-on growth RAMCO May 2022 STONEPOINT ATRIAGE April 2021 Expands recycled aggregates platform into Southern California market at an attractive valuation and accretive margins SOUTHWEST ROCK PRODUCTS August 2021 Scaled entry into attractive Phoenix metropolitan area with accretive EBITDA margins Top 25 U.S. aggregates platform adding attractive new geographies, more than 40 years of reserve life, and an experienced management team CHERRY January 2020 A STRATA MATERIALS October 2020 • Two acquisitions building leadership position in recycled aggregates, a new product category for Arcosa and growing in importance due to resource scarcity and ESG benefits Cherry expands aggregates business into attractive Houston market, filling a key gap in our Texas network Strata expands ability to serve DFW customers with a complementary product offering that includes both natural and recycled aggregates Adds complementary, scaled specialty materials and aggregates platforms ACG MATERIALS December 2018 • Diversifies customer base across attractive end markets We have an active pipeline of attractive acquisition and organic opportunities. The sale of our storage tanks business allows us to continue to deploy capital to our construction businesses and accelerate our growth. 12 MOVING INFRASTRUCTURE FORWARD | 2023 A#13INFRASTRUCTURE SPENDING We believe our businesses are well-positioned to benefit from ~$1.4 trillion in expected spending from recent federal stimulus packages CONSTRUCTION PRODUCTS Фа # ENGINEERED STRUCTURES TRANSPORTATION PRODUCTS Bidding on new infrastructure projects is up. We expect this increased demand to impact our businesses throughout 2023 and beyond Infrastructure Investment and Jobs Act • Reauthorization of the Fixing America's Surface Transportation Act (FAST Act) at a higher level of spending through 2026 • Spending catalysts to Arcosa: . • Highway, Road, Bridges ($110B) • Passenger and Freight Rail ($66B) Airports ($25B) • Power Infrastructure and Grid Hardening ($73B) • Broadband Expansion ($65B) • Ports and Waterways ($17B) Inflation Reduction Act • Provides ~$370B of investments into energy security and climate change • Includes multi-year extension of wind power PTC and new Advanced Manufacturer's tax credit 13 I MOVING INFRASTRUCTURE FORWARD | 2023 A#14DIVESTITURE OF STORAGE TANKS BUSINESS ON OCTOBER 3, 2022 Excellent example of improving a business and preparing it for monetization when market conditions are supportive, enabling us to realize significant value through a competitive sale process TRANSACTION OVERVIEW In October 2022, we completed the sale of our storage tanks business, reported in Engineered Structures, for $275 million in cash Recognized total gain on sale of $195M ($152M after-tax) Leading manufacturer of steel pressure tanks for storage and distribution of propane, ammonia, and other gases • Serves residential, commercial, energy, and agricultural markets in U.S. and Mexico STORAGE TANKS ADJUSTED EBITDA ($M) 44 29 47 STRATEGIC RATIONALE • Advances our long-term vision to reduce the complexity of Arcosa's overall portfolio • . • . Proceeds provide capital for allocation to our growth businesses as we continue to shift towards less cyclical, higher-margin opportunities We prioritized improving the performance of the storage tanks business which was unprofitable in 2018 at the time of our spin-off Lean initiatives along with de-urbanization tailwinds led to significant growth Business requires additional capital to support future growth, making it an opportune time for new ownership Arcosa maintains a Mexico manufacturing platform to support our Engineered Structures segment (4) FY 2018 3 Yr. Avg. FY 2021 2019-2021 FY 2022 to date of sale See Adjusted EBITDA reconciliation in Appendix. Results for Storage Tanks business included in continuing operations to the date of sale. 14 MOVING INFRASTRUCTURE FORWARD | 2023 A#15DJ03 SOLD MEDAL FLOUR 02 2023 OUTLOOK A#16GROWTH BUSINESSES OUTLOOK Demand outlook is attractive with additional tailwinds from increased infrastructure spending Construction Products Infrastructure spending is on the rise as indicated by increased FY2022 state DOT letting activity in our key markets % Change in FY2022 State Letting Value vs. 5 Year Average¹ Engineered Structures Forecasted Utility CAPEX driven by increased federal infrastructure funding and renewable energy capacity needs U.S. and Canadian Electric Utility Transmission Reported CAPEX ($B)² 19% 84% 86% 69% 70 73% 57% 60 50 36% 40 19% 30 OK PA TN TX 20 Actual Forecast • AL AZ KY LA Infrastructure spending up due to increased federal funding from IIJA and healthy state DOT budgets Healthy demand for non-residential and multi-family construction ⚫ Recent affordability erosion weakening momentum in single- family residential construction; medium-term outlook supported by population migration into our key markets • Strong pricing increases through 2023 build on 2022 gains Active pipeline of organic and bolt-on growth opportunities 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 • • • • Strong backlog visibility for utility and traffic structures, driven by grid-hardening and road infrastructure investments Future demand catalysts from the electrification of vehicles and connecting renewable energy to the grid Wireless 5G telecom buildout softening after initial build out phase but expected to drive solid long-term demand Healthy DOT spending in Florida and other Southeastern states, with opportunities to grow in Texas and other markets 1Wallstreet research; 2The C Three Group, Sept. 2023 16 MOVING INFRASTRUCTURE FORWARD I 2023 A#17WIND TOWERS OUTLOOK 2023 is a transition year for wind towers as we ramp production and invest in our New Mexico facility to prepare for the expected multi-year upcycle 15 10 5 Long-Term Recovery in Wind Industry Expected in 2024 and Beyond 10-year PTC extension, passed in August 2022, is expected to boost capacity in the U.S., after the industry recovers in the near term from the temporary lapse U.S. Onshore Wind Installations (2020-2029)¹ (GW) 0 2020 21 22 23 Forecast 24 25 26 27 28 29 Since the passage of IRA in August 2022, we have received wind tower orders in excess of $1.1 billion for delivery through 2028 Four Manufacturing Facilities to Support U.S. Energy Transition Newton, IA Utility, Wind, and Related Structures Backlog Belen, NM ($M) (new brownfield facility announced Mar 2023) 1,451 633 597 Wind industry transitioning to no PTC 671 Tulsa, OK Strategic investment in New Mexico facility 438 334 4Q18 4Q19 4Q20 ¹Wood Mackenzie, Q3 2023 Market Outlook (September 2023) 17 MOVING INFRASTRUCTURE FORWARD | 2023 4Q21 4Q22 3Q23 Well positioned to support wind investment in the Southwest Five-year firm order with additional capacity available Similar potential manufacturing capacity as other three facilities ~$55-60 million investment with attractive return profile Production expected to begin in mid-2024 Clinton, IL (currently idled) A#18INLAND BARGE OUTLOOK Outlook for dry barge replacement cycle remains intact Aging Fleet and Underinvestment in Replacement Support Positive Outlook for New Hopper Barge Construction Hopper Barge Fleet Age² 14.4 (in Years) 16.3 1,200 600 2016 2020 0 Annual Industry Deliveries Since '05³ (# Hopper Barges) Lowest level in 30 years of new dry barge construction 2005 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Arcosa Historical Barge Orders Plate steel prices elevated while hot-rolled coil prices declined 134 122 81 Beginning of hopper barge replacement cycle ($M) Plate steel prices began escalating in late 4Q20 105 84 90 COVID-19 pull-back 81 55 49 48 35 17 18 16 13 Theoretical Replacement Level • Annual industry deliveries of new dry barges have been well below replacement level needed to keep fleet age constant 3rd-party forecasts indicate potential for ~750 average annual dry barge needs through 2026¹, nearly triple the past 5-year average rate • Our backlog of $240 million at 9/30/23 is up approximately 90% year-over-year with improved pricing • High steel prices, rising interest rates, and historic low river levels tempered orders in 3Q'23 • Our ability to manufacture barges using plate or hot-rolled coil steel provides flexibility as steel dynamics shift 21 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 ¹Criton Corporation: Prospects for the Dry Cargo Inland Barge Market Through 2026, Nov. 2021; 2Company estimates and IHS Markit, May 2021; ³River Transport News annual survey of new hopper barge construction 18 MOVING INFRASTRUCTURE FORWARD I 2023 A#192023 GUIDANCE Strong revenue and Adjusted EBITDA growth expected for full year 2023 Revenues ($M) +11% 2,243 2,250 - 2,300 189 2,054 Adjusted EBITDA ($M) +30% 355-370 325 47 278 Includes $22M gain from land sale in Q1 for Construction Products FY-22 2023 Guidance FY-22 2023 Guidance Margin, excl. Storage Tanks 13.5% 15.9% Storage Tanks Storage Tanks • Wind towers business expected to perform above break-even, before consideration of AMP (1) tax credits, driven by operating efficiencies • Adjusted EBITDA range includes $17-22M of estimated AMP (1) tax credits for wind towers sold and produced in 2023 Final guidance and clarification on the AMP (1) tax credits from the IRS is still pending (1) Advanced Manufacturing Production ("AMP") tax credit provided for in the Inflation Reduction Act See full year 2023 Adjusted EBITDA guidance reconciliation in Appendix; storage tanks business was divested on October 3, 2022 and historically included as part of continuing operations until the date of sale. 19 MOVING INFRASTRUCTURE FORWARD | 2023 A#203.49 OPEN 8.56 8.47 LOW um Sh MW BEST ing Cas GTES Gas Indu Compend HLT 9400 NYCB 0916.45% York Community s 4.7900 YEXT 18411.79 +10.5450 CVNA 0.231 2.28 Congres +18.7700 ESTC 0304 0535 +35.3500 PJT 0.441 1.265 teen c +183.5500 SMAR 3.04 1.60% +5.2299 FDC -0.004-0.00% 18.5062 0.041 0.49% Festas Corpion 4306,900.00 CTLT 5.685.00 +1.89% Cent 460.1100 CANG 14212.42% Cango c INDO +40.6589 INDP 0.07 0.17% 0.20+2.98% $7.0025 NYSE -0.04 -0.05% 475.1500 NYA 771.66 +31.6400 UTIL 0.79+2.56% DXM 97.24 -0.05 TNX 24.97 0.83 TYM 123.64 -0.58 WTI RLX 2,292.91 28.26 BRNT DRG 602.38 -0.12 GOLD 1, 2,681. +101.9950 GDDY 1.541 1.53% +15.5300 HGV 1.198.30% on Grand Vacations inc +84.1700 INVH 1.06/1.28% vitations +11.7700 ORCL 0.201.75% Oracle Corporation 21.5550 ZUO 4314-1.40% 59.0600 KDMN Kaded Holdings 482.0600 PPDF 2.1912.74% +42.2850 CPLG 0.4811.16% Comont Lodging +39.5600 HMI 1.234-302 Han Carsonian +26.5100 ARES 0.24+0.92% 8.50 A graniteshares Ars Magma Cuper PLTM LISTED NYSE ARCA 8.50 450,000 ARES OUTSTANDING 2330 NYSE MARKET MAKER $24.1900 0.144 0.58% +54.4550 0.74 1 1.39% +19.7800 0.251-1.25% +2.7450 0.113.98% $3.8667 0.09 + 2.29% +11.4900 0.321 2.86% $13.7800 0.69 +5.27% +23.5450 0.34+1.44% 8.54 FTSE 7,317.38 38.19 FANG ACA LISTED NYSE 03 RECENT FINANCIAL HIGHLIGHTS A#21RECENT FINANCIAL RESULTS Double-digit Adjusted EBITDA growth and improved margins Revenues ($M) 2,036 As Reported Excluding Storage Tanks +10% +13% 2,243 1,820 FY-21 FY-22 FY-21 2,054 283 FY-22 Excludes revenues from storage tanks in both periods As Reported Adjusted EBITDA ($M) Excluding Storage Tanks +15% +16% 325 278 239 FY-21 Margin 13.9% FY-22 14.5% FY-21 13.1% FY-22 13.5% Excludes Adj. EBITDA from storage tanks in both periods See Adjusted Net Income and Adjusted EBITDA reconciliation in Appendix; storage tanks business divested on October 3, 2022 and results included in continuing operations to the date of sale. 21 MOVING INFRASTRUCTURE FORWARD | 2023 A#22Q3 2023 CONSOLIDATED RESULTS Growth in Construction and Transportation Products more than offset anticipated decline in Engineered Structures, normalizing for the storage tanks divestiture 603.9 65.8 Revenues ($M) -2% +10% 591.7 Net Income ($M) Adjusted EBITDA ($M) -2% 90.8 +24% 89.4 18.7 538.1 Q3-22 Q3-23 33.7 1.7 +7% 35.9 0.4 72.1 35.5 32.0 Q3-22 Adjusted Net Income Q3-23 Margin excl. Storage Tanks Q3-22 13.4% Q3-23 15.1% ☐ Storage Tanks Storage Tanks See Adjusted Net Income and Adjusted EBITDA reconciliations in Appendix; storage tanks business was divested on October 3, 2022 and results were historically included as part of continuing operations until the date of sale. For the three months ended September 30, 2022, storage tanks contributed approximately $16.6 million of operating profit and $12.4 million of net income. 22 MOVING INFRASTRUCTURE FORWARD I 2023 A#23CASH FLOW AND BALANCE SHEET Disciplined 'cash culture' and increased balance sheet flexibility post storage tanks divesture to support expansion through organic growth initiatives and opportunistic acquisitions Free Cash Flow Strength Leverage Below Targeted Range Free Cash Flow ($M) Transportation Products segment generated $159M of Cash Flow from 2018 to 2020 that funded growth in other segments¹ Net Debt/ Adjusted EBITDA (ratio at end of period) Targeted Range of 2.0-2.5x 2.1 282 187 24 101 69 Spun debt free with $200M of cash 1.2 1 0.5 0.5 359 84 260. 167 174 191 Avg. $125M 119 -35 (0.6) -77 -73 -65 -106 -166 (1.2) Pro Forma FY-18 FY-19 FY-20 FY-21 FY-22 Q3-23 2018 2019 2020 2021 2022 LTM 9/30/23 at Spin ORAMCO Operating Cash Flow Net Capital Expenditures Decline reflects end market softness in cyclical businesses and increased capital expenditures for organic growth projects A ACG MATERIALS CHERRY STONEPOINT S STRATA MATERIALS Tanks for SOUTHWEST ROCK $275M PRODUCTS Sale of Storage ¹Cash Flow defined as Adjusted Segment EBITDA less CapEx. See 2020 10-K for CapEx by Segment. See Free Cash Flow and Net Debt to Adjusted EBITDA reconciliation in Appendix. 23 I MOVING INFRASTRUCTURE FORWARD I 2023 A#2404 ESG ACCOMPLISHMENTS A#25ESG ACCOMPLISHMENTS Our 2022 Sustainability Report details the initiatives in place to integrate ESG into our long-term strategy PEOPLE Community Impact Employee Health and Safety Inclusion and Diversity Talent Development PRODUCTS Product Quality and Safety Product Use Supplier Management LAYING THE FOUNDATION FOR A MORE SUSTAINABLE FUTURE 25 MOVING INFRASTRUCTURE FORWARD I 2023 ENVIRONMENT Air Quality Energy Management GHG Emissions Land Management Recycled Materials Waste Management Water Management GOVERNANCE Business Ethics Cybersecurity A#26EMPLOYEE HEALTH AND SAFETY 72% reduction in our TRIR since 2019 Our ARC 100 Safety Culture Initiative has Accelerated a Positive and Proactively Engaged Workforce Total Recordable Incident Rate (TRIR) 4.31 -72% -30% 1.89 1.73 1.21 2019 2020 2021 2022 Continuous Improvement Initiatives: Front-line supervisor training • Employee safety mentorship • Enhanced near miss reporting Hand and eye injury reduction campaign Dedicated internal safety culture managers Part of building a better world is building a culture of safety, with employees, contractors, and visitors working safely every day 26 MOVING INFRASTRUCTURE FORWARD | 2023 A#27GREENHOUSE GAS (GHG) EMMISSIONS We are tracking ahead of our 2026 GHG emissions intensity reduction goal of 10% compared to 2020 levels Practical, Business Focused Energy Management is the Foundation for GHG Emissions Reductions GHG EMMISIONS¹ GHG EMISSIONS INTENISITY² 584 592 371 565 562 -19% 327 296 -264- reduction target 468 452 442 491 117 113 120 101 2019 2020 2021 2022 2019 2020 2021 2022 Scope 2 Scope 1 10% 2022 Energy Management Projects: • • • Compressed air evaluation and leak repair Energy efficient asset replacements Insulation improvements to prevent heat loss in key production areas Plant lighting upgrades Overland conveyor system installation to reduce fuel and conserve water Conversion from generator power to line or solar power Energy audits to identify and plan for future energy reduction projects ¹Metric Tonnes of CO2 equivalent in Thousands; 2Metric Tonnes of CO2 equivalent /$ Million Revenues 27 MOVING INFRASTRUCTURE FORWARD I 2023 A#28APPENDIX A#29GUIDANCE SUMMARY FOR 2023 REVENUE ADJUSTED EBITDA COMMENTARY $2.25B to $2.30B range for full year 2023 • 2022 full year revenue was $2.05B, excluding $189M from the storage tanks business • $355M to $370M range for full year 2023 Includes estimated AMP tax credits for wind towers of $17M to $22M, subject to further guidance from the IRS 2022 full year Adjusted EBITDA was $278M, excluding $47M from the storage tanks business TAX RATE • We expect a full year 2023 effective tax rate of ~17-19%, including the impact of AMP tax credits CAPITAL • $200M-210M in full year 2023, including $90-95M for growth projects EXPENDITURES • Includes investment in brownfield New Mexico wind tower facility announced on March 14, 2023 OTHER • We expect Adjusted EBITDA for our wind towers business to be above break-even in 2023 before consideration of the AMP tax credits 29 MOVING INFRASTRUCTURE FORWARD I 2023 A#30NON-GAAP MEASURES Refer to slides that follow for accompanying reconciliations "EBITDA" is defined as net income plus interest, taxes, depreciation, depletion, and amortization. "Adjusted EBITDA" is defined as EBITDA adjusted for certain items that are not reflective of the normal earnings of our business. GAAP does not define EBITDA or Adjusted EBITDA and they should not be considered as alternatives to earnings measures defined by GAAP, including net income. We use Adjusted EBITDA to assess the operating performance of our consolidated business, as a metric for incentive-based compensation, as a measure within our lending arrangements, and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. As a widely used metric by analysts, investors, and competitors in our industry, we believe Adjusted EBITDA also assists investors in comparing a company's performance on a consistent basis without regard to depreciation, depletion, amortization, and other items which can vary significantly depending on many factors. "Adjusted EBITDA Margin" is defined as Adjusted EBITDA divided by Revenues. 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 items that are not reflective of the normal operations of our business to provide investors with what we believe is a more consistent comparison of earnings performance from period to period. "Segment EBITDA" is defined as segment operating profit plus depreciation, depletion, and amortization. "Adjusted Segment EBITDA" is defined as Segment EBITDA adjusted for certain items that are not reflective of the normal earnings of our business. GAAP does not define Segment EBITDA or Adjusted Segment EBITDA and they should not be considered as alternatives to earnings measures defined by GAAP, including segment operating profit. We use Adjusted Segment EBITDA 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. As a widely used metric by analysts, investors, and competitors in our industry we believe Adjusted Segment EBITDA also assists investors in comparing a company's performance on a consistent basis without regard to depreciation, depletion, amortization, and other items, which can vary significantly depending on many factors. "Adjusted Segment EBITDA Margin" is defined as Adjusted Segment EBITDA divided by Revenues. "Freight-Adjusted Revenues" for Construction Products is defined as segment revenues less freight and delivery, which are pass-through activities. GAAP does not define Freight-Adjusted Revenues and they should not be considered as alternatives to earnings measures defined by GAAP, including revenues. We use Freight-Adjusted Revenues in the review of our operating results. We also believe that this presentation is consistent with our competitors. As a widely used metric by analysts and investors, this metric assists in comparing a company's performance on a consistent basis. "Freight-Adjusted Segment EBITDA Margin" is defined as Freight-Adjusted Revenues divided by Adjusted Segment EBITDA. GAAP does not define "Net Debt" and it should not be considered as an alternative to cash flow or liquidity measures defined by GAAP. The Company uses Net Debt, which it defines as total debt minus cash and cash equivalents to determine the extent to which the Company's outstanding debt obligations would be satisfied by its cash and cash equivalents on hand. The Company also uses "Net Debt to Adjusted EBITDA", which it defines as Net Debt divided by Adjusted EBITDA for the trailing twelve months as a metric of its current leverage position. We present this metric for the convenience of investors who use such metrics in their analysis and for shareholders who need to understand the metrics we use to assess performance and monitor our cash and liquidity positions. GAAP does not define "Free Cash Flow" and it should not be considered as an alternative to cash flow measures defined by GAAP, including cash flow from operating activities. We define Free Cash Flow as cash provided by operating activities less "Net Capital Expenditures", which is defined as capital expenditures net of the proceeds from the disposition of property, plant, equipment, and other assets. We use this metric to assess the liquidity of our consolidated business. We present this metric for the convenience of investors who use such metrics in their analysis and for shareholders who need to understand the metrics we use to assess performance and monitor our cash and liquidity positions. 30 MOVING INFRASTRUCTURE FORWARD I 2023 A#31Reconciliation of Adjusted EBITDA and Adjusted Net Income ($'s in millions) (unaudited) Three Months Ended September 30, Full Year 2023 Guidance 2023 2022 Low High $ 35.5 $ 32.0 $ 154.8 $ 160.0 Net income Add: Interest expense, net 5.0 8.6 23.0 24.0 Provision for income taxes 7.5 8.6 31.7 37.5 Depreciation, depletion, and amortization expense (1) 40.5 39.6 157.0 160.0 EBITDA 88.5 88.8 366.5 381.5 Add (less): Gain on storage tanks divestiture Impact of acquisition and divestiture-related expenses (2) Benefit from reduction in holdback obligation Other, net (income) expense Adjusted EBITDA(3) Adjusted EBITDA Margin (6.4) (6.4) 0.5 2.2 1.4 1.4 (5.0) (5.0) 0.4 (0.2) (1.5) (1.5) $ 89.4 $ 90.8 $ 355.0 $ 370.0 15.1 % 15.0 % 15.8 % 16.1 % Three Months Ended September 30, 2023 2022 Net income $ 35.5 $ 32.0 Impact of acquisition and divestiture-related expenses, net of tax (2) Adjusted Net Income 0.4 1.7 $ 35.9 $ 33.7 (1) Includes the impact of the fair value markup of acquired long-lived assets, subject to final purchase price adjustments. (2) Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs. (3) See Reconciliation of Historical Adjusted EBITDA for the Storage Tanks Business table for the contribution of the storage tanks business to Adjusted EBITDA for the three months ended September 30, 2022. 31 MOVING INFRASTRUCTURE FORWARD I 2023 A#32Reconciliation of Adjusted Segment EBITDA ($'s in millions) Construction Products Operating Profit Add: Depreciation, depletion, and amortization expense (1) Segment EBITDA Add: Impact of acquisition and divestiture-related expenses (2) Add: Impairment charge Less: Benefit from reduction in holdback obligation Adjusted Segment EBITDA Adjusted Segment EBITDA Margin Engineered Structures Operating Profit Add: Depreciation and amortization expense (1) Segment EBITDA Add: Impact of acquisition and divestiture-related expenses (2) Add: Impairment charge Less: Gain on sale of storage tanks business Adjusted Segment EBITDA Three Months Ended September 30, 2023 2022 Twelve Months Ended September 30, 2023 2022 2021 Twelve Months Ended December 31, 2020 2019 2018 $ 30.3 $ 27.6 $ 28.4 26.3 138.3 108.6 $ 96.5 $ 102.7 83.2 88.7 $ 74.7 $ 52.7 $ 50.4 60.1 38.0 21.9 58.7 53.9 246.9 199.2 171.9 134.8 90.7 72.3 7.6 2.9 1.4 0.8 0.8 (5.0) 58.7 $ 53.9 $ 241.9 22.4 % 22.1 % 24.6 % $ 199.2 21.6 % $ 179.5 $ 138.5 $ 92.1 73.1 22.5 % 23.3 % 20.9 % 25.0 % $ 18.7 $ 37.1 270.4 $ 307.0 88.0 $ 80.2 100.7 $ 28.6 6.7 8.1 26.1 30.5 33.1 31.5 27.9 29.7 25.4 45.2 296.5 337.5 121.1 111.7 128.6 58.3 0.6 0.6 1.0 2.8 2.9 1.3 23.2 (195.4) $ (189.0) $ 25.4 11.4 % $ 45.8 $ 101.1 $ 149.1 $ 125.0 $ 115.8 $ 128.6 $ 81.5 16.5 % 12.0 % 14.9 % 13.4 % 13.2 % 15.4 % 10.4 % Adjusted Segment EBITDA Margin Transportation Products Operating Profit Add: Depreciation and amortization expense (1) Segment EBITDA Add: Impact of acquisition and divestiture-related expenses (2) 14.1 $ 1.0 $ 40.1 $ 11.5 $ 6.4 $ 54.6 $ 46.8 48.4 4.1 3.9 16.1 15.8 17.8 18.0 16.3 15.5 18.2 4.9 56.2 27.3 24.2 72.6 63.1 63.9 0.6 5.0 Add: Impairment charge Adjusted Segment EBITDA $ 18.2 4.9 56.2 27.3 24.2 77.6 63.7 63.9 Adjusted Segment EBITDA Margin 17.0 % 5.9 % 14.1 % 8.6 % 7.9 % 16.6 % 13.7 % 16.3 % Operating Loss - Corporate $ (14.7) $ (16.7) $ (66.2) $ (66.0) $ (70.3) $ Add: Impact of acquisition and divestiture-related expenses - Corporate (2) 0.5 1.6 6.8 10.4 11.5 (57.7) 4.6 $ (47.3) $ (32.5) Add: Legal settlement - - 8.7 - Add: Corporate depreciation expense Adjusted EBITDA 5.2 5.1 $ 325.1 (1) Includes the impact of the fair value markup of acquired long-lived assets, subject to final purchase price adjustments. (2) Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs. 1.3 89.4 1.3 $ 90.8 4.7 4.9 3.6 345.0 $ 283.3 $ 283.7 240.7 0.5 $ 186.5 32 MOVING INFRASTRUCTURE FORWARD | 2023 A#33Reconciliation of Net Debt to Adjusted EBITDA and Free Cash Flow ($'s in millions) (unaudited) As of Pro Forma September 30, 2018(1) December 31, 2018 December 31, 2019 December 31, 2020(1) December 31, December 31, 2021(1) 2022(1) September 30, 2023 Total debt excluding debt issuance costs $ 0.4 $ Cash and cash equivalents 210.4 185.5 99.4 $ 107.3 240.4 $ 254.5 $ 685.7 $ 555.9 $ 514.8 95.8 72.9 160.4 155.3 Net Debt Adjusted EBITDA (trailing twelve months) 178.1 (210.0) $ $ 86.1 $ 186.5 (133.1) $ 240.7 $ 158.7 $ 612.8 $ 395.5 $ 359.5 291.4 $ 298.4 $ 329.1 $ 345.0 Net Debt to Adjusted EBITDA -1.2 0.5 -0.6 0.5 2.1 1.2 1.0 Year Ended December 31, Twelve Months Ended September 30, 2018 2019 2020 2021 2022 2023 Cash Provided by Operating Activities Capital expenditures $ 118.5 $ 358.8 $ 259.9 $ 166.5 $ 174.3 $ 190.5 Proceeds from the disposition of property, plant, equipment, and other assets Net Capital Expenditures (44.8) 10.2 (34.6) (85.4) (82.1) (85.1) (138.0) (196.9) 8.9 (76.5) 9.6 20.0 32.2 (72.5) (65.1) (105.8) Free Cash Flow 83.9 282.3 187.4 $ 101.4 $ 68.5 30.8 (166.1) 24.4 (1) These periods include pro forma adjustments for acquisitions completed during the period, as previously disclosed. 33 I MOVING INFRASTRUCTURE FORWARD | 2023 A#34Reconciliation of Adjusted EBITDA for Cyclical and Growth Businesses (in millions) (unaudited) 2018 2019 Year Ended December 31, 2020 2021 2022 Consolidated Adjusted EBITDA (1) $ 186.5 240.7 $ 283.7 283.3 $ 325.1 Add: Corporate Adjusted EBITDA (1) 32.0 43.7 48.2 45.4 50.5 Adjusted EBITDA, excluding corporate 218.5 284.4 331.9 328.7 375.6 Wind towers business: Operating Profit Wind towers EBITDA Add: Depreciation and amortization expense Wind towers Adjusted EBITDA 56.7 55.5 41.8 19.9 8.2 8.4 7.9 7.8 7.3 7.0 65.1 63.4 49.6 27.2 15.2 65.1 63.4 49.6 27.2 15.2 Transportation Products Adjusted Segment EBITDA (1) 63.9 63.7 77.6 24.2 27.3 Cyclical businesses Adjusted EBITDA (2) 129.0 127.1 127.2 51.4 42.5 Growth businesses Adjusted EBITDA (3) 89.5 157.3 $ 204.7 $ 277.3 333.1 (1) See Reconciliation of Adjusted Segment EBITDA table. (2) Our cyclical businesses include our wind towers business, included in the Engineered Structures segment, and our Transportation Products segment, which includes our barge and steel components businesses. (3) Our growth businesses include our Construction Products segment and our Engineered Structures segment, excluding the wind towers business. 34 MOVING INFRASTRUCTURE FORWARD | 2023 A#35Reconciliation of Historical Adjusted EBITDA for Storage Tanks Businesses (in millions) (unaudited) Storage tanks business: Operating Profit Add: Depreciation and amortization expense EBITDA Impact of acquisition and divestiture-related expenses (1) Less: Gain on sale of storage tanks business Adjusted EBITDA Three Months Ended September 30, 2022 Year Ended December 31, 2018 Average for Years Ended December 31, 2019-2021 Year Ended December 31, 2021 Year Ended December 31, 2022 16.6 (9.5) 21.9 36.8 230.1 1.5 5.7 7.0 7.3 18.1 (3.8) 28.9 44.1 5.2 235.3 0.6 $ 18.7 $ (3.8) $ 28.9 44.1 0.6 (189.0) 46.9 (1) Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs. 35 MOVING INFRASTRUCTURE FORWARD I 2023 A#36ARCOSA 500 N. Akard Street, Suite 400 Dallas, Texas 75201 (972) 942-6500 ir.arcosa.com A