#1ZAZZ INVESTOR PRESENTATION David Nark Philip Schlom Sidoti Conference March 22, 2023#2Disclaimers Cautionary Statements Regarding Forward Looking Statements - 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, we also continue to experience additional increases in labor costs, components, and raw materials including zinc and natural gas which are used in the hot-dip galvanizing process; supply-chain vendor delays; customer requested delays of our products or services; delays in additional acquisition or disposition opportunities; currency exchange rates; availability of experienced management and employees to implement the Company'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. The Company has provided additional information regarding risks associated with the business in the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2022, and other filings with the Securities and Exchange Commission ("SEC"), available for viewing on the Company'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 the Company's assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. - Non-GAAP - Regulation G Disclosures – In addition to reporting financial results in accordance with Generally Accepted Accounting Principles in the United States ("GAAP"), AZZ has provided EBITDA and Adjusted EBITDA, which are non-GAAP measures. Management believes that the presentation of these measures provides investors with a greater transparency comparison of operating results across a broad spectrum of companies, which provides a more complete understanding of AZZ's financial performance, competitive position and prospects for the future. Management also believes that investors regularly rely on non-GAAP financial measures, such as EBITDA and Adjusted EBITDA, to assess operating performance and that such measures may highlight trends in the Company's business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. Z INVESTOR PRESENTATION 2#3AZZ Snapshot AZZ is North America's largest independent hot-dip galvanizing and coil coating solutions company with #1 positions in both markets N Ⓡ $1.4bn LTM Sales ~$345mm LTM Adj. EBITDA ~24% LTM Adj. EBITDA Margin By Sales By EBITDA 43% 55% 57% O 45% Metal Coatings Precoat Metals Headquarters: FORT WORTH, TEXAS Employees: 3,900 Metal Coatings 46 locations1: Coil Coating 15 Lines: Note: Financial metrics are pro forma for Precoat Metals acquisition and AZZ Infrastructure Solutions (AIS) divestiture and based on last twelve months ending November 30, 2022 (1) 41 galvanizing locations and 5 surface technologies locations INVESTOR PRESENTATION 3#4AZZ Provides Technologically Advanced Metal Coatings and Related Value-Added Services Highly differentiated solutions provider distinguished by scale, technology, customer service, breadth of offerings and proprietary know-how Industry Leading Business Segments METAL COATINGS Protects and extends the life of fabricated steel structures and components from the effects of corrosion, lasting decades PRECOAT METALS Advanced application of protective and decorative coatings and related value- added services for steel and aluminum coil Leading Positions Across Several End Markets Construction Industrial Agriculture Transportation Utility/T&D Appliance/ HVAC Shared Value Propositions and Culture Across Both Segments Why AZZ Irreplicable Footprint reflects scaled, purpose-built network and provides proximity and cost advantages World Class Cost, Efficiency and Environmental Benefits vs. other coatings applications drive increasing demand Industry-Leading Management Team and centralized operating model drives strategic initiatives and operational excellence Strategic Redundancy and Operational Flexibility provides unmatched service and optionality Warehousing/Storage provides significant value to customers, while providing insight into sales pipeline Value-Added Processing support across several end markets INVESTOR PRESENTATION 4#5III North America's largest independent hot-dip galvanizing and coil coating company Irreplaceable footprint provides cost advantages and enables service capabilities to customers Investment Thesis Diversified and resilient end markets with secular growth tailwinds Value-added tolling business model protects margins, limits metal commodity exposure, and minimizes NWC intensity Best-in-class margins, returns and free cash flow Z Mission-driven, experienced management team INVESTOR PRESENTATION 5#6Portfolio Transformation Creates a Focused Market Leader in Protective Coating Solutions with High Margins AZZ in 20191 69% ~$163mm Adj. EBITDA¹ 31% Acquisition of Precoat Metals AZZ Infrastructure Solutions Metal Coatings 17.6% Adj. EBITDA Margin³ Divestiture of AZZ Infrastructure Solutions Note: Pie charts represent breakdown of EBITDA (1) Based on fiscal year ending February 28, 2019 Z (2) Based on last twelve months ending November 30, 2022 (3) EBITDA excludes corporate expense Ⓡ AZZ Today2 ~$345mm 45% 55% Adj. EBITDA³ ■ Precoat Metals ■Metal Coatings 23.7% Adj. EBITDA Margin³ INVESTOR PRESENTATION 6#7#1 in Hot-Dip Galvanizing and Coil Coating Businesses Across Large and Diverse Served Markets METAL COATINGS Galvanizing, powder coatings, plating, anodizing PRECOAT METALS Continuous coil coating with value-added shape correction, embossing, slitting, blanking Capabilities Market Position AZZ ■Competitors 72% Addressable Market Z Note: FY based on February year-end 28% #1 AZZ North America galvanizing ~$2.1 billion ■Competitors #1 20% Steel and aluminum pre-fab coatings 80% ~$3.7 billion INVESTOR PRESENTATION 7 gvard#8Scale and Proximity to Customers Drives Significant Cost and Service Advantages North America's Largest Independent Hot-Dip Galvanizing and Coil Coating Company Precoat Metals Locations (13) Metal Coatings Locations (46) Z INVESTOR PRESENTATION 8#9Trusted Long-Term Partner to Large, Blue Chip Customer Base 85%+ of Top 25 Customers' Relationships Span 10+ Years Select Customers Construction & Building Products ms metal sales manufacturing corporation BEHLEN. Building Systems MCELROY METAL CENTRAL STATES MANUFACTURING, INC. METAL BUILDING COMPONENTS MUELLER, INC. METAL BUILDINGS, ROOFING & COMPONENTS ARCOSA HVAC and Appliances Z Growing Base of Over 3,000+ Customers LENNOX Diverse Customer Profile, No Single Customer >5% of Sales TRANE® Electrolux (Haier) Transmission & Distribution COMMSCOPE® WTEC Energy Innovation Transportation ✓ GREAT DANE BLUE BIRD H U-HAUL INVESTOR PRESENTATION 9#10Diverse and Balanced End Market Exposure Commercial Construction Industrial Agriculture Machinery/ Trans. Renewable/Utility 10% 6% 9% 9% 12% 54% Construction Industrial Consumer Transportation Electrical/Utility Other Residential Construction HVAC Infrastructure Appliance 2 Bridge and Hwy INVESTOR PRESENTATION 10#11III INFRASTRUCTURE AND RENEWABLES INVESTMENT Secular Drivers Enhancing Outlook PREPAINTED STEEL AND ALUMINUM MIGRATION Z 245 RESHORING MANUFACTURING CONVERSION FROM PLASTICS TO ALUMINUM INVESTOR PRESENTATION 11#12Significant Macro Tailwinds from the American Infrastructure Investment and Jobs Act Roads, Bridges and Major Projects Investment: $110bn + 4 Investment to repair over 45,000 bridges and 1 in 5 miles of highways which are in poor condition Our Metal Coatings segment provides hot-dip galvanizing for many end uses including guardrails, signs, bridges and light poles Clean Energy and Power Investment: $65bn Investment in clean energy transmission and grid by building thousands of miles of transmission lines Our Metal Coatings segment provides hot-dip galvanizing for transmission, distribution and solar, including monopoles and lattice towers Water, Airports and Other Investment: +$75bn L7 Investment io improve critical infrastructure for water including both waste and drinking water, airports and data centers among many other areas Our Precoat Metals segment provides aesthetic coatings for the metal used in data centers, airports, and other critical infrastructure Z INVESTOR PRESENTATION 12#13Ⓡ Z (1) ASP refers to Average Selling Price Limited exposure to metal price + Value-added pricing model + Highly variable cost structure with flexible operating model 200 150 100 50 0 130 120 110 100 90 80 70 60 60 Consistent strong earnings and cash flow 2009 2010 2011 2012 2013 2014 2015 2016 Tolling Model Limits Metal Commodity Cost Exposure 2014 2015 (% Indexed to 2012 price) 2017 2016 Galvalume AZ50 ($/ton) Precoat Construction ASP¹ ($/ton) 2018 INVESTOR PRESENTATION 13 2019 2020 2017 2018 2019 Limited Metal Commodity Exposure (% Indexed to 2014 price) Zinc ($/ton) Metal Coating Sales ($mm) 2020 2021#14Both Businesses Have Delivered Robust Top-line Growth and Profitability Pro Forma Sales ($ in millions) Pro Forma Adj. EBITDA¹ Margin (%)1 21.1% 21.5% 24.2% 23.7% CAGR: 12.0% $1,449 $1,218 $1,060 $1,029 CAGR: 16.8% $832 $343 $699 $294 $561 $572 $224 $221 $155 $137 $86 $95 $499 $457 $519 $617 $138 $126 $157 $188 FY20 FY21 FY22 LTM COVID Year FY20 FY21 FY22 LTM COVID Year Metal Coatings Precoat Metals Note: Financials exclude AIS which was divested in September 2022; FY based on February year-end; LTM based on 12 months ending 11/30/22 Z (1) Excludes corporate cost for fiscal years 2020, 2021, 2022 and LTM 11/30/22. respectively INVESTOR PRESENTATION 14#15Mission-Driven, Experienced Management Team Our Mission 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 TRAITS... Trust, Respect, Accountability, Integrity, Teamwork, and Sustainability Leadership Highlights +200 years of combined industry experience Senior corporate leadership with tenure and track record at AZZ Proven industry leaders at respective coatings businesses Executed and integrated multiple acquisitions, including transformational M&A Track record of success Baker > Hughes FLOWSERVE E Honeywell II LENNOX Ⓡ INTERNATIONAL Stanley Black & Decker Tom Ferguson President and Chief Executive Officer Philip Schlom Chief Financial Officer Bryan Stovall President & COO Metal Coatings Kurt Russell President & COO Precoat Metals Tara Mackey Chief Legal Officer Matt Emery Chief Information and Human Resources Officer David Nark SVP of Marketing, Communications and Investor Relations Chris Bacius Vice President Business Development Z INVESTOR PRESENTATION 15#16Tracking energy, emissions, water usage and Environmental intensity Actively recycling zinc, aluminum and steel. Sustainability & ESG AMERICA'S MOST 2023 RESPONSIBLE Newsweek COMPANIES statista Social Governance ~53% of our employee base is diverse Safety culture and training reduces workplace incidents through continuous improvement Gender and race diversity All independent directors except CEO Board oversight of ESG policies and sustainability 2 Committed to Sustainability Sustainability Council with Board oversight. Sustainability integrated into operations and Company culture Focused on Employee Safety, Development and Diversity Experienced and diverse Board INVESTOR PRESENTATION 16#17Financial Overview INVESTOR PRESENTATION ZAZZ#18Premier Margin and Cash Flow Profile 18% AZZ 3-Year Median EBITDA Margin³ 14% 7% 12% Coatings Service Centers Steel Mills 3-Year Median FCF Conversion (EBITDA less Capex/ EBITDA) 77% AZZ 13% 63% 79% 62% Coatings Service Centers Steel Mills 3-Year Median NWC as % Sales 20% 22% 21% Key AZZ Value Drivers of Profitability ✓ Differentiated solutions command strong gross margins ✓ Flexible, efficient operating model supports attractive EBITDA margin ✓ Tolling model limits NWC needs ✓ Well-invested footprint with nominal maintenance capex requirements ✓ Significant tax attributes with ~$100 million² net present value of cash tax savings in first 5 years, and~$150 million in total AZZ¹ 1 Coatings Service Centers Steel Mills Note: Coatings peers include Valmont Industries (coating segment), Cornerstone Metal Coatings (commercial segment), Oerlikon Balzers and Hill & Smith; Service Centers peers include Reliance Steel & Aluminum, Worthington Industries, Ryerson, and Russel Metals; Steel Mills peers include BlueScope, Steel Dynamics, Nucor, and Ternium; AZZ FY based on February year-end (1) Represents latest AZZ NWC pro forma for Precoat and AIS divestiture (2) Cash tax savings come from write-up of Precoat assets; not included in cash conversion metrics Ⓡ (3) Includes corporate expense INVESTOR PRESENTATION 18#19Proven Resilience Through Challenging Cycles Z Highly Variable Cost Structure ~25% O ~75% ■ Fixed ■ Variable Diverse End Market Exposure 9% 6% 10% 9% 12% 54% Construction Industrial Consumer ($ in millions) Performed Well Through Global Financial Crisis Modest Decline (9%) CAGR Strong Recovery +15% CAGR $169 $140 $142 $127 $71 $57 $102 $59 $42 $51 $98 $81 $85 $85 $51 Transportation Electrical/Utility Other CY 2007 CY 2008 CY 2009 CY 2010 CY 2011 Metal Coatings EBITDA Precoat Metals EBITDA INVESTOR PRESENTATION 19#20Capital structure with no maturities until 2027 Strong cash flow generation supports near-term deleveraging priority Business expected to generate ~$200mm in free cash flow in first year post-close Transaction tax attributes ensures limited cash taxes Rapid Deleveraging Profile Long-Term Target Range 4.25x > 3/4 turn reduction in net leverage since close 3.4x 3.0x 3.0x At Close Current By February 2024 2.5x 2 Net Leverage INVESTOR PRESENTATION 20#21Our Capital Allocation Priorities High ROIC Investments ■ Organic growth Strategic customer partnerships Productivity Reduce Leverage $ Acquisitions ■ 3.0x leverage by February 2024 m Opportunistic, highly accretive bolt-on acquisitions Return Capital $ ■ Committed to sustaining dividends Z INVESTOR PRESENTATION 21#22High ROIC Strategic Investment: New Precoat Coating Line In November 2022, AZZ announced the construction of a new aluminum coil coating line outside St. Louis, Missouri with an estimated completion date of August 2024 Compelling Strategic and Financial Investment... ■ Enables Precoat to benefit from secular shift to aluminum cans ■ Sales of $60+ million by 2026 at an EBITDA margin above Precoat overall margin ■ROIC well in excess of return of cost of capital ■Long-term contractual customer commitments for over 75% of the new capacity Z ...Achieved While Still Meeting Deleveraging Goals ■ Remain committed to reducing net leverage to 3.0x by February 2024 ■ Sale leaseback reduces initial capital investment to $60 million (remainder of $110 million project financed via a lease) INVESTOR PRESENTATION 22#23Fiscal Year 2024 Guidance Reiterates Previously Issued FY2023 Guidance Comparative FY2023 Guidance (Continuing Operations) FY 2024 Guidance (Continuing Operations)(1) Sales(2) $1.27 - $1.35B $1.27 - $1.35B $1.40 - $1.55B Adjusted EBITDA (3) $285 - $305M $245 - $275M $300 - $325M Adjusted Diluted EPS(3)(4) $4.05 - $4.25 $3.20 - $3.60 1. FY2024 guidance excludes equity income from AZZ's minority interest in the AIS JV, as the business transitions from a public company to a private company. The AIS JV comprises the Company's Infrastructure Solutions segment. FY2024 guidance does not include the impact of any potential future acquisitions. Relative to mid-point of FY2023 guidance 2. Sales for all guidance presented includes continuing operations only. 3. 234 4. Adjusted EBITDA and Adjusted Diluted EPS for previously issued FY2023 guidance includes both continuing operations and discontinued operations Adjusted Diluted EPS and adjusted EBITDA for previously issued FY2023 guidance has been adjusted to add back depreciation and amortization related to the Precoat acquisition, as well as acquisition and transaction related expenditures. Comparative FY2023 guidance has been adjusted to add back acquisition and transaction related expenditures. Comparative FY2023 and FY2024 guidance has been adjusted to add back amortization associated with the Company's intangible assets stemming from previous acquisitions. $3.85-$4.35 INVESTOR PRESENTATION 23#24III 1 Drive Organic Growth · Continued emphasis on customer service and quality Invest in capacity to support specific customer demand 2 Sustain Target EBITDA Range • Metal Coatings EBITDA 25-30% . Precoat Metals EBITDA 20-22% Current Strategy 4 3 Optimize Corporate Structure With Simplified Metal Coatings Focus Rapidly De-lever and De-risk Strong cash flow and earnings support deleveraging to 2.5x-3.0x Z 5 Drive Operational Productivity and Efficiency Improvements 6 Maintain Emphasis on Leadership and Talent Development INVESTOR PRESENTATION 24#25Appendix INVESTOR PRESENTATION ZAZZ#26Q3 and YTD FY23 Adjusted Earnings Per Share (EPS) ($ in thousands, except per share) Amount May 31, 2022 Per Diluted Share 1 Three Months Ended August 31, 2022 November 30, 2022 Amount Net income (loss) from continuing operations $ 15,353 ŁA $ 24,080 Per Diluted Share1 Amount $ 14,839 Per Diluted Share 1 ŁA $ Nine Months Ended November 30, 2022 Amount Per Diluted Share 1 54,272 available to common shareholders Impact of after-tax interest expense for Convertible Notes 547 Impact of Preferred share dividends 2,006 1,040 Net income for diluted earnings per share $ 15,900 $ 0.62 $ 27,126 $ 0.93 $ 14,839 $ 0.59 $ 54,272 $ 2.17 Adjustments: Acquisition and transaction related expenditures² 12,614 0.49 2,706 0.09 15,320 0.61 Amortization of intangible assets. 3,541 0.14 7,941 0.27 6,133 0.25 17,615 0.70 Subtotal Tax Impact³ Total adjustments 16,155 0.63 10,647 0.37 6,133 0.25 32,935 1.32 (3,877) (0.15) (2,555) (0.09) (1,472) (0.06) (7,904) (0.32) 12,278 0.48 8,092 0.28 4,661 0.19 25,031 1.00 Adjusted earnings and adjusted earnings per share $ 28,178 $ 1.10 $ 35,218 $ 1.21 $ 19,500 $ 0.78 $ 79,303 $ 3.17 (1) Earnings per share amounts included in the table above may not sum due to rounding differences (2) Includes expenses related to the Precoat acquisition as well as the divestiture of the AZZ Infrastructure Solutions business Z (3) Tax benefit consists of 21% federal statutory rate and 3% blended state tax rate for acquisition and transaction related expenditures and depreciation and amortization, and 22.2% for INVESTOR PRESENTATION 26 Estimated loss on discontinued operations#27Divestiture of AZZ Infrastructure Solutions ("AIS") Allows AZZ to focus purely on Metal Coatings Transaction Overview ■ Divested legacy AZZ Infrastructure Solutions Segment ("AIS") ■Sold to Fernweh Group LLC, a PE firm founded by McKinsey alums ■ AIS moved to Discontinued Operations FY2023 financials reflect as realized results Equity income under GAAP accounting [but to be excluded from go-forward guidance] Z Key Figures $300M TEV $228M 40% Stake Cash Proceeds ($72M Value at Close) 8.1x LTM EBITDA September 30, 2022 INVESTOR PRESENTATION 27