Core Viewpoint - Crédit Agricole Ukraine has signed an agreement to acquire up to 100% of the share capital of Bank Lviv, enhancing its position in Western Ukraine and the SME segment [2][3]. Group 1: Acquisition Details - The acquisition of Bank Lviv aligns with Crédit Agricole Ukraine's long-term strategy to support the Ukrainian economy and contribute to the country's reconstruction efforts [3]. - The transaction is subject to regulatory approvals from the National Bank of Ukraine and the Antimonopoly Committee of Ukraine, with a potential completion date by mid-2026 [3]. Group 2: Financial Impact - The acquisition is consistent with Crédit Agricole S.A.'s return on investment criteria, and its impact on Crédit Agricole S.A.'s CET1 ratio is negligible [4]. Group 3: Company Profiles - Crédit Agricole Ukraine is a wholly owned subsidiary of Crédit Agricole S.A., serving 380,000 customers with 137 outlets and 2,200 employees [5]. - Bank Lviv focuses on SMEs, serving over 37,000 retail clients and 8,400 SME clients, including those in the agricultural sector [5].

Core Viewpoint - Arcosa is divesting its Barge business for $450 million to simplify its portfolio and enhance long-term resilience, with the transaction expected to close in Q2 2026 [2][7]. Financial Performance - In 2025, Arcosa achieved record revenue of $2.9 billion, a 12% increase, and record Adjusted EBITDA of $583 million, up 30%, with an Adjusted EBITDA margin of 20.2%, expanding 280 basis points year-over-year [4][5]. - In Q4, Adjusted EBITDA rose 13% with a margin expansion of 90 basis points, supported by contributions from all segments [3]. 2026 Guidance - For 2026, Arcosa expects revenue between $2.95 billion and $3.1 billion and Adjusted EBITDA of $590 million to $640 million, excluding the impact of the Barge divestiture [6][21]. - The company anticipates another record year in Construction Products, with low single-digit volume growth and mid-single-digit pricing improvement in aggregates [12][21]. Segment Dynamics - The Construction Products segment saw a 2% revenue decline in Q4, but a 4% increase when excluding freight pass-through, with Adjusted EBITDA rising 3% [9]. - Engineered Structures segment revenues increased 15% in Q4, driven by a 20% growth in utility structures, while wind tower revenue rose 3% [14]. Cash Flow and Debt Management - Arcosa generated $120 million in operating cash flow in Q4 and $202 million in free cash flow for the full year 2025, with capital expenditures of $166 million [19]. - The company repaid $164 million of term loan debt in 2025, ending the year with a net debt to Adjusted EBITDA ratio of 2.3x, down from 2.9x at the start of the year [20]. Strategic Initiatives - Proceeds from the Barge divestiture will be used for debt reduction and potential bolt-on acquisitions, with a focus on maintaining disciplined valuation and capital deployment [8][7]. - Management is converting an idle wind tower facility to produce utility poles, expected to be operational in the second half of 2026, to align resources with higher-margin utility structures [17].

Business Divestitures and Acquisitions - The Company completed the divestiture of its steel components business, recognizing $87.8 million in revenues from this business in 2024[18]. - The Company acquired the construction materials business of Stavola Holding Corporation for $1.2 billion in cash, expanding its aggregates platform into the New York-New Jersey Metropolitan Statistical Area[20]. - The company completed the sale of its steel components business in August 2024, which historically served the railcar industry[63]. Market and Financial Performance - In 2025, the Company had shipments of approximately 42 million tons of aggregates, specialty materials, and asphalt, with over 80% being natural and recycled aggregates[23]. - The Engineered Structures segment accounted for 12.2%, 10.8%, and 8.1% of consolidated revenues for the years ended December 31, 2025, 2024, and 2023, respectively[41]. - The second and third quarters historically yield the highest revenues in the Construction Products segment due to seasonal fluctuations[57]. Infrastructure and Construction Spending - The Texas Department of Transportation's planned lettings for the 2026 fiscal year are approximately $10.9 billion, indicating stable construction spending in Texas[24]. - The New Jersey Department of Transportation's 2026 budget is $3.6 billion, reflecting a 14.8% increase from the prior year, driven by more bridge-related projects[25]. Reserves and Market Position - The Company estimates it has 1.3 billion tons of proven and probable natural aggregates and specialty materials reserves strategically located in favorable markets[32]. - The company has a strong market position in the U.S. inland barge manufacturing market, holding a majority share[45]. Utility and Telecommunications Infrastructure - The utility structures business is positioned to benefit from significant investment in utility infrastructure due to aging infrastructure and increased demand for electricity[36]. - The Company expects to benefit from continued spending on the buildout of 5G and other wireless networks within its telecommunication structures business[37]. - The Inflation Reduction Act provides a long-term extension of the Renewable Electricity Production Tax Credit, supporting demand for new wind energy projects[38]. - The company competes with both domestic and foreign manufacturers in the utility structures market based on product quality, engineering expertise, and customer service[39]. Order Backlog and Fleet Condition - As of December 31, 2025, the backlog of firm orders for wind towers was $627.8 million, down from $776.8 million in 2024[47]. - Approximately 40% of the hopper fleet and 30% of the tank fleet in the inland barge business are over 20 years old, indicating a strong demand for fleet replacement[44]. - All unsatisfied performance obligations for inland barges are expected to be recognized during 2026[48]. Employment and Workforce - The company employed approximately 6,390 employees as of December 31, 2025, with 5,145 in the U.S. and 1,225 in Mexico[50]. Financial Obligations and Interest Rates - As of December 31, 2025, the company had a balance of $536.5 million on the 2025 Refinancing Term Loan, with no outstanding loans under the revolving credit facility[344]. - A one percentage point increase in interest rates in fiscal year 2026 would increase interest expense by $5.4 million compared to $7.0 million in 2024[344]. - The company has $400.0 million outstanding on its 4.375% 2021 Notes due 2029, with a potential fair value decrease of approximately $11.7 million if market interest rates rise by one percentage point[345]. - The company has $600.0 million outstanding on its 6.875% 2024 Notes due 2032, with a potential fair value decrease of approximately $32.6 million if market interest rates rise by one percentage point[346]. - The net investment in foreign subsidiaries as of December 31, 2025, was $144.6 million, with minimal impact from foreign exchange rate fluctuations[347].

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved record revenues of $2.9 billion, up 12% year-over-year, and record Adjusted EBITDA of $583 million, up 30% [4] - The Adjusted EBITDA margin reached 20.2%, an increase of 280 basis points compared to the previous year [4] - Fourth quarter Adjusted EBITDA increased 13%, with margin expanding by 90 basis points [6] Business Line Data and Key Metrics Changes - In construction products, fourth quarter segment revenues decreased by 2%, but excluding freight, revenues increased by 4% [9] - The aggregates business, which represents approximately 60% of construction materials revenues, achieved 10% growth in cash unit profitability in 2025 [5] - Engineered structures segment revenues increased by 15%, led by a 20% increase in utility and related structures [12] Market Data and Key Metrics Changes - The company ended 2025 with a backlog for utility and related structures of $435 million, up 5% from the start of the year [13] - Customer reservations for utility structures remain strong, providing additional confidence in the demand outlook [13] - Wind tower orders received during the fourth quarter amounted to $190 million, primarily for 2027 delivery [14] Company Strategy and Development Direction - The company announced a definitive agreement to sell its Barge business for $450 million, which is expected to close in the second quarter of 2026 [7] - Post-divestiture, the company will focus entirely on construction materials and engineered structures, aligning with long-term infrastructure and power market tailwinds in the U.S. [8] - The company anticipates another record year for its growth businesses in 2026, with combined double-digit Adjusted EBITDA growth and margin uplift [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of the wind industry, despite a short-term step down in wind towers expected in 2026 [41] - The company expects solid infrastructure demand to drive roughly 45% of segment revenues in 2026, supported by IIJA funding [22] - Management highlighted the importance of adapting to increased power demand and the need for larger utility poles to meet customer requirements [67] Other Important Information - The company generated $120 million of operating cash flow in the fourth quarter, with free cash flow for the full year amounting to $202 million [15] - The company ended the year with net debt to Adjusted EBITDA of 2.3x, down from 2.9x at the start of the year [17] - For 2026, the company expects capital expenditures to be between $220 million and $250 million [17] Q&A Session Summary Question: Thoughts on redeploying proceeds from the barge sale - Management indicated that there might be some debt reduction in the short term, followed by an active pipeline of M&A opportunities primarily within current markets [35][36] Question: Expectations for utility structures growth - Management confirmed strong underlying demand for utility structures, with expectations for double-digit volume increases and pricing growth in 2026 [46][49] Question: Impact of weather on Q1 performance - Management noted that cold and snowy weather in the Northeast would likely impact Q1 performance, reducing its contribution to annual EBITDA [56] Question: Gross profit per ton expectations for aggregates in 2026 - Management expects solid unit profitability gains for 2026, with mid-single-digit pricing and low single-digit volume growth [58] Question: Transitioning wind tower facility to utility structures - Management stated that the transition would start contributing in the second half of 2026, with a smoother ramp-up expected due to existing skilled labor [51][80]

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved record revenues of $2.9 billion, up 12% year-over-year, and record Adjusted EBITDA of $583 million, up 30%, with an Adjusted EBITDA margin of 20.2%, an increase of 280 basis points [4][6] - Fourth quarter Adjusted EBITDA increased 13%, with margin expanding by 90 basis points [5][6] - The company ended the year with net debt to Adjusted EBITDA of 2.3 times, down from 2.9 times at the start of the year, and liquidity remains strong at $915 million [16][17] Business Line Data and Key Metrics Changes - In construction products, fourth quarter segment revenues decreased 2%, but excluding freight, revenues increased 4% [9] - For aggregates, freight-adjusted revenues increased roughly 8%, driven by 5% pricing growth and 2% volume improvement [10] - Engineered structures segment revenues increased 15%, led by a 20% increase in utility and related structures, while wind tower revenue increased 3% [12] Market Data and Key Metrics Changes - The company noted strong demand in the infrastructure sector, which drives roughly 45% of segment revenues, supported by IIJA funding and strong state fiscal health [22][23] - The demand outlook in Texas and New Jersey remains favorable, with public infrastructure demand expected to support volume growth in 2026 [23] Company Strategy and Development Direction - The company announced a definitive agreement to sell its barge business for $450 million, which will allow it to focus on construction materials and engineered structures [7][8] - The transition from the barge business is expected to enhance the company's overall margin profile and long-term resiliency [7][8] - The company plans to invest in growth businesses through both organic and acquisition strategies, with a focus on bolt-on acquisitions [36][80] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of the wind industry despite short-term policy uncertainties, expecting a return to higher volumes in 2027 [41][42] - The company anticipates revenues for 2026 to be in the range of $2.95 billion to $3.1 billion, with Adjusted EBITDA expected to be between $590 million and $640 million [20][21] - The outlook for utility structures remains strong, with expectations for double-digit Adjusted EBITDA growth and margin uplift [20][25] Other Important Information - The company expects capital expenditures for 2026 to be between $220 million and $250 million, including growth and maintenance CapEx [17][18] - The company is transitioning its Tulsa facility from wind towers to utility structures, which is expected to enhance capacity and efficiency [29][52] Q&A Session Summary Question: How will the proceeds from the barge sale be redeployed? - Management indicated that there might be some short-term debt reduction, followed by an active pipeline of M&A opportunities primarily within current markets [34][35] Question: What should be expected regarding the cyclical nature of the business? - Management acknowledged that the wind tower business remains cyclical but expressed optimism about future demand due to real power needs [41][42] Question: Can you provide more details on the growth expectations for utility structures? - Management confirmed strong demand and long lead times for utility structures, indicating a positive outlook for the segment [48][50] Question: How will weather impact Q1 performance? - Management noted that cold and snowy weather in the Northeast is expected to impact Q1 EBITDA as a percentage of the total for the year [56][57] Question: What are the expectations for gross profit per ton in aggregates for 2026? - Management expects solid unit profitability gains for 2026, with mid-single-digit price growth and low single-digit volume growth [59][60]

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved record revenues of $2.9 billion, up 12% year-over-year, and record Adjusted EBITDA of $583 million, up 30%, with an Adjusted EBITDA margin of 20.2%, an increase of 280 basis points [4][5] - Fourth quarter Adjusted EBITDA increased 13%, and margin expanded 90 basis points, with all segments contributing [5] Business Line Data and Key Metrics Changes - In construction products, fourth quarter segment revenues decreased 2%, but excluding freight, revenues increased 4% [8] - For aggregates, freight-adjusted revenues increased roughly 8%, driven by 5% pricing growth and 2% volume improvement [9] - Adjusted segment EBITDA for engineered structures increased 22%, with a margin expansion of 100 basis points to 18.5%, driven by strong revenue growth and operating efficiencies [11] Market Data and Key Metrics Changes - The utility structures business saw a 20% revenue increase, while wind tower revenue increased by 3% [11] - The backlog for utility and related structures was $435 million, up 5% from the start of the year, providing solid visibility for 2026 [12] Company Strategy and Development Direction - The company announced a definitive agreement to sell its barge business for $450 million, which is expected to close in the second quarter of 2026, allowing the company to focus on construction materials and engineered structures [6][7] - The divestiture is aimed at reducing portfolio complexity and cyclicality, enhancing the overall margin profile and long-term resiliency of the company [6][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term demand for utility structures and the infrastructure market, supported by IIJA funding and strong state fiscal health [20][21] - The company anticipates revenues for 2026 to be in the range of $2.95 billion to $3.1 billion, with Adjusted EBITDA expected to be between $590 million and $640 million, excluding any impact from the barge divestiture [19] Other Important Information - The company generated $120 million of operating cash flow during the quarter, with free cash flow for the full year amounting to $202 million [15] - The company ended the year with net debt to Adjusted EBITDA of 2.3 times, down from 2.9 times at the start of the year, and liquidity remains strong at $915 million [16] Q&A Session Summary Question: How are proceeds from the barge sale being redeployed? - Management indicated that there might be some short-term debt reduction, followed by an active pipeline of M&A opportunities primarily within current markets and a few new ones [34][35] Question: What should be expected regarding the cyclical nature of the business? - Management acknowledged that the wind tower business remains cyclical but expressed optimism about future demand due to real power demand increases [41] Question: Can utility structures offset expected lower volume and profit in wind for 2026? - Management confirmed strong underlying strength in utility structures, with expectations for double-digit growth compensating for the step down in wind [46][47] Question: What is the expected impact of transitioning the wind tower facility to utility structures? - Management stated that the transition would start contributing in the second half of 2026, with a smoother ramp-up due to existing trained personnel [52][81]

FOURTH QUARTER & FULL YEAR 2025 EARNINGS CONFERENCE CALL MOVING INFRASTRUCTURE FORWARD | FEBRUARY 27, 2026 FORWARD LOOKING STATEMENTS Some statements in this release, 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," "e ...

Core Insights - Arcosa reported $716.7 million in revenue for the quarter ended December 2025, marking a year-over-year increase of 7.6% and exceeding the Zacks Consensus Estimate of $714 million by 0.38% [1] - The company achieved an EPS of $1.15, significantly higher than the $0.46 reported a year ago, and surpassed the consensus EPS estimate of $0.95 by 21.05% [1] Revenue Performance - Construction Products revenue was $305.4 million, below the average estimate of $336.5 million, reflecting a year-over-year decline of 2.1% [4] - Transportation Products revenue reached $110.2 million, exceeding the estimated $100.76 million, with an 18.6% increase compared to the previous year [4] - Engineered Structures revenue was reported at $301.1 million, surpassing the average estimate of $276.75 million, and showing a year-over-year growth of 15.1% [4] Operating Profit Analysis - Operating profit for the Construction Products Group was $41.4 million, lower than the estimated $50.71 million [4] - Operating profit for the Transportation Products Group was $11.3 million, below the average estimate of $19.48 million [4] - Operating profit for Engineered Structures was $43.5 million, exceeding the estimated $28.95 million [4] Stock Performance - Arcosa's shares have returned 12.1% over the past month, outperforming the Zacks S&P 500 composite's 0.6% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Arcosa (ACA) reported quarterly earnings of $1.15 per share, exceeding the Zacks Consensus Estimate of $0.95 per share, and showing significant growth from $0.46 per share a year ago [1] Financial Performance - The earnings surprise for the quarter was +21.05%, with the company having surpassed consensus EPS estimates in all four of the last quarters [2] - Arcosa's revenues for the quarter reached $716.7 million, surpassing the Zacks Consensus Estimate by 0.38%, and up from $666.2 million year-over-year [3] Stock Performance - Arcosa shares have increased approximately 19.1% since the beginning of the year, compared to a 1.5% gain in the S&P 500 [4] Future Outlook - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $0.51 for the upcoming quarter and $4.63 for the current fiscal year [8] - The Zacks Rank for Arcosa is currently 4 (Sell), indicating expected underperformance in the near future due to unfavorable estimate revisions prior to the earnings report [7] Industry Context - The Building Products - Miscellaneous industry, to which Arcosa belongs, is currently ranked in the bottom 30% of over 250 Zacks industries, suggesting potential challenges ahead [9]

Transaction Details - Arcosa, Inc. entered into a Stock Purchase Agreement to divest Arcosa Marine Products, Inc. for approximately $450 million[6][7]. - The transaction is expected to close in the second quarter of 2026, pending regulatory approval and customary closing conditions[8]. - Arcosa is required to operate the Company's business in the ordinary course until the transaction is completed[9]. - The Purchase Agreement includes standard representations, warranties, and covenants, along with indemnification provisions[9]. - The transaction is not subject to any financing condition, ensuring the Purchaser's obligation to consummate the deal[8]. - The Purchase Agreement will be filed as an exhibit to Arcosa's Quarterly Report on Form 10-Q for the quarter ending March 31, 2026[10]. Strategic Alignment - The divestiture aligns with Arcosa's strategy to focus on core business areas and improve operational efficiency[12]. - Arcosa's management anticipates that the divestiture will enhance shareholder value and streamline operations[12]. Forward-Looking Statements - Arcosa's forward-looking statements indicate potential risks and uncertainties that could affect future performance, including market conditions and competition[12][13]. - The company will continue to provide updates regarding the transaction as required by federal securities laws[13].