NWPX Infrastructure, Inc: 2025 Annual Letter to Stakeholders

Dear Valued Stakeholders,

As we reflect on 2025, I am pleased to share the meaningful progress we achieved together at NWPX Infrastructure, Inc. This was a year defined by record performance, disciplined execution, and continued advancement of our long‑term strategy. Our results demonstrate the strength of our markets, the quality of our operations, and the dedication of our employees across the Company.

Leading With Safety
Safety remains the cornerstone of our culture and the foundation of everything we do at NWPX. In 2025, we delivered another record year of safety performance, achieving a Total Recordable Incident Rate of 1.06, the lowest in our history. This accomplishment is the result of our team’s vigilance and professionalism, and it reinforces the stability and reliability of our operations. I want to thank every employee for their commitment to maintaining a safe and rewarding workplace.

Record 2025 Results
We are proud to report another year of record financial and operational performance. Consolidated net sales reached $526.0 million, an increase of 6.8% from 2024. Both of our operating segments contributed meaningfully to this result. Our Water Transmission Systems (“WTS”) business delivered record revenue of $350.9 million, up 3.8% over last year, supported by a healthy bidding environment, improved pricing, and strong project execution. Our Precast Infrastructure and Engineered Systems (“Precast”) segment also performed exceptionally well, with revenue increasing 13.3% to a record $175.1 million, reflecting continued strength across both non‑residential and residential markets.

Gross profit increased to a record $103.6 million, with gross margin improving to 19.7%. Earnings were $3.56 per diluted share, and free cash flow totaled $47.1 million, or $4.74 per share. These results underscore the quality of our earnings, the consistency of our execution, and the resilience of our business model.

Strategic Progress
Beyond our financial achievements, we made important progress on several strategic initiatives that position NWPX for long‑term growth. Our product spread strategy continued to expand our Precast capabilities across the network and improve utilization at our facilities. In 2025, we bid on $66.1 million of product spread projects and booked $10.7 million, up from $9.1 million in the prior year.

In addition, we advanced several organic investments designed to drive higher utilization and strengthen our platform to support future growth and margin expansion. These initiatives included the installation of a new catch basin machine at our Orem facility, the evaluation of additional Precast infrastructure capabilities at our Ferris plant, and the addition of new forms and equipment across WTS facilities to support Precast production. Collectively, these investments enhance our capabilities, improve absorption, and further reinforce the long‑term durability of our business.

In addition, we expanded our geographic footprint through the February 2026 acquisition of Boughton Precast, a single‑site precast producer in the high‑growth Pueblo, Colorado market. This acquisition establishes a strategic foothold in a region with meaningful long‑term demand drivers and aligns directly with our disciplined strategy to grow our Precast presence through value-accretive acquisitions. We see significant opportunities to build upon this platform over time.

Disciplined Capital Allocation
We remain committed to disciplined capital allocation that supports long‑term value creation. In 2025, we repaid $27.4 million of debt, ending the year with minimal borrowings and strong liquidity. We also repurchased approximately 425,000 shares of our common stock for $18.4 million, reflecting our confidence in the long‑term value of the Company.

At the same time, we are continuing to evaluate strategic M&A opportunities while investing in organic growth across our platform. Our strong balance sheet and consistent cash generation provide flexibility to pursue growth while returning capital to shareholders.

Leadership Development
In 2025, we continued to invest in our people and strengthen our leadership team with several key promotions across WTS and Precast. These advancements reflect our commitment to developing talent from within and building the organizational depth required for our next phase of growth. The experience and leadership of these individuals will play an important role as we continue to scale our operations and execute our long‑term strategy.

2026 and Beyond
As we look ahead, we are confident in the opportunities before us. We entered 2026 with a robust WTS backlog, a healthy bidding environment, and strengthening demand across our Precast markets. Our platform is more resilient, more diversified, and better positioned than at any point in our history.

Thank you to our employees, customers, suppliers, and shareholders for your continued support and confidence. The achievements of 2025 reflect your dedication and partnership. Together, we have built a stronger, more capable Company — one that is prepared to meet the growing needs of our markets and deliver lasting value for all stakeholders.

Sincerely,
Scott Montross
President and Chief Executive Officer
NWPX Infrastructure, Inc.