AZZ : Fiscal Year 2023 Third Quarter Earnings Summary

Earnings

Highlights

Third Quarter Fiscal Year 2023

Highlights:

Completed Divestiture	Robust Cash Flow	Raising FY2023 Adjusted
of majority stake in	Generation	EPS Guidance
Infrastructure Solutions	has reduced net leverage at	to $4.05-$4.25
Segment, on	the end of Q3, FY2023 by 0.9x
September 30, 2022

Q3 FY 2023 by the Numbers(1)

Sales

$373.3M(2)

176.3%

Reported

Diluted EPS

$(0.97)

214.1%

Adjusted Diluted EPS

$0.88

3.5%

Cash Provided by

Operating

Activities (YTD)

$68.6M

49.4%

Adjusted

Operating Margin

14.3%

(150) bps

Adjusted

EBITDA

$71.2M

78.8%

Segment Results

Metal Coatings

Sales

Operating Income

EBITDA

$158.3M $33.5M $41.9M

17.2%

1.3%

2.9%

Precoat Metals

Sales

Operating Income

EBITDA

$215.0M $21.1M $34.4M

Total value returned to common	$12.7M	+	No Common Stock	= $12.7M
shareholders YTD in FY2023	Repurchases YTD
in Dividend			Returned to
	Payments YTD			Shareholders YTD

Visit www.azz.com/investor-relations for AZZ's fiscal year 2023 third quarter earnings release issued

January 9, 2023, and the associated webcast presentation on January 10, 2023

1. All amounts except EPS and Adjusted EBITDA represent continuing operations. See press release for a reconciliation of Non-GAAP measures to GAAP measures for Reported Earnings Results Quarter over Quarter
2. Excludes AIS sales of $42.3 sales (reflected in discontinued operations)