Investor Presentation

Premier 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

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