Concrete Pumping Holdings, Inc.

Analysis of the Information Presented in the Pay Versus Performance Table*

We generally seek to incentivize long-term performance and do not specifically align our performance measures with “compensation actually paid” ​(as computed in accordance with Item 402(v) of Regulation S-K) for a particular year. In accordance with Item 402(v) of Regulation S-K, we are providing the following descriptions of the relationships between information presented in the Pay Versus Performance table.

From 2023 to 2024, compensation actually paid to the PEO and Non-PEO NEO decreased. The key factor that drove the change in pay during this period was the decrease in fair value of stock units granted from their grant date fair value. This was offset by the increase in stock price for stock awards that vested throughout the period at the vest date compared to the stock price at prior fiscal year end. Over the same period, the Company's Total Shareholder Return decreased from $82 to $65 and Net Income decreased from $31.8 million to $16.2 million.

From 2022 to 2023, compensation actually paid to the PEO and Non-PEO NEO increased. Key factors that drove the change in pay during this period were the increase in stock price at fiscal year end from $6.41 at October 31, 2022 to $7.03 at October 31, 2023 driving an increase in the fair value of vested and unvested stock and option awards for both our PEO and Non-PEO NEO. Over the same period, the Company’s Total Shareholder Return increased from $74 to $82 and Net Income increased from $28.7 million to $31.8 million.