NWPX Infrastructure, Inc.

NWPX Infrastructure, Inc. (collectively with its subsidiaries, the “Company”) is a leading manufacturer of water-related infrastructure products, and operates intwo segments, Water Transmission Systems (“WTS”), operating as the Northwest Pipe Company brand, and Precast Infrastructure and Engineered Systems (“Precast”), which includes the brands NWPX Geneva and NWPX Park. This segment presentation is consistent with how the Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, evaluates the performance of the Company and makes decisions regarding the allocation of resources. See Note12, “Segment Information” for detailed descriptions of these segments.

Under the Northwest Pipe Company brand, the Company is the largest manufacturer of engineered water transmission systems in North America and produces steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings. The Company also provides solution-based products for a wide range of markets including high-quality reinforced precast concrete products and lined precast sanitary sewer system components, which are manufactured under the NWPX Geneva brand, as well as water distribution and management equipment including pump lift stations, wastewater pretreatment, and stormwater quality products through its NWPX Park brand. Strategically positioned to meet growing water and wastewater infrastructure needs, the Company’s skilled team is committed to quality and innovation while upholding its core values of accountability, commitment, and teamwork. Headquartered in Vancouver, Washington, the Company operates 13 manufacturing facilities across North America.

The Condensed Consolidated Financial Statements are expressed in United States Dollars and include the accounts of the Company and its subsidiaries over which the Company exercises control as of the financial statement date. Intercompany accounts and transactions have been eliminated. Certain amounts from the prior year financial statements have been reclassified in order to conform to the current year presentation. These reclassifications hadno effect on the Company’s financial position or results of operations.

The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. The financial information as of* December31,* 2024 is derived from the audited Consolidated Financial Statements presented in the Company’s Annual Report on Form10‑K for the year ended* December31,* 2024 (“2024 Form10‑K”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission and the accounting standards for interim financial statements. In the opinion of management, the accompanying Condensed Consolidated Financial Statements include all adjustments necessary (which are of a normal and recurring nature) for the fair statement of the results of the interim periods presented. The Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto together with management’s discussion and analysis of financial condition and results of operations contained in the Company’s2024 Form10‑K.

Operating results for thethree andnine months ended* September* 30, 2025 arenot necessarily indicative of the results that* maybe expected for the entire fiscal year ending December**31,* 2025.

Company Name

The Company’s shareholders approved an amendment to the Company’s Articles of Incorporation to change the corporate name of the Company from Northwest Pipe Company to NWPX Infrastructure, Inc. at the Annual Meeting of Shareholders held on* June**12,* 2025 (the “Name Change”). That same day, the Company effectuated the Name Change by filing an amendment of the Articles of Incorporation with the Oregon Secretary of State and amended and restated its Bylaws to reflect the Name Change.

At the same time, the Company renamedone of itstwo operating segments. The segment previously referred to as “Engineered Steel Pressure Pipe (SPP)” has been renamed “Water Transmission Systems (WTS)” to better reflect the value contribution specifically from the business unit’s capabilities in engineering, production execution, and delivery of critical integrated water pipeline systems. The “Precast Infrastructure and Engineered Systems (Precast)” segment name remains unchanged. This change in naming convention doesnot affect the composition of the segments or the basis of segment reporting, as there have beenno changes to how the CODM manages or evaluates performance.

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Inventories consist of the following (in thousands):

The Credit Agreement dated* June30,* 2021 with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, and the lenders from time to time party thereto, including the initial sole lender, Wells Fargo (the “Lenders”), as amended by the Incremental Amendment dated* October22,* 2021, the Second Amendment to Credit Agreement dated* April29,* 2022, the Third Amendment to Credit Agreement dated* June29,* 2023, and the Fourth Amendment to Credit Agreement and Ratification of Loan Documents dated* August13,* 2025 (together, the “Amended Credit Agreement”), provides for a revolving loan, swingline loan, and letters of credit in the aggregate amount of up to $125 million (“Revolver Commitment”), with an option for the Company to increase that amount by $50 million, subject to provisions of the Amended Credit Agreement. The Amended Credit Agreement will expire, and all obligations outstanding will mature, on* August13,* 2030. The Company* may*prepay outstanding amounts at its discretion without penalty at any time, subject to applicable notice requirements.

The Amended Credit Agreement contains customary representations and warranties, as well as customary affirmative and negative covenants, events of default, and indemnification provisions in favor of the Lenders. The negative covenants include restrictions regarding the incurrence of liens and indebtedness, annual capital expenditures, certain investments, acquisitions, and dispositions, and other matters, all subject to certain exceptions. The Amended Credit Agreement requires the Company to regularly provide financial information to Wells Fargo and to maintain a consolidated senior leverage rationo greater than 3.00 to1.00 (subject to certain exceptions) and a minimum consolidated earnings before interest, taxes, depreciation, and amortization (as defined in the Amended Credit Agreement) of at least $35 million for thefour consecutive fiscal quarters most recently ended. Pursuant to the Amended Credit Agreement, the Company has also agreed that it willnot sell, assign, or otherwise dispose or encumber, any of its owned real property. The occurrence of an event of default could result in the acceleration of the obligations under the Amended Credit Agreement. The Company was in compliance with its financial covenants as of* September* 30, 2025.

The Company’s obligations under the Amended Credit Agreement are secured by a senior security interest in substantially all of the Company’s and its subsidiaries’ assets.

Line of Credit (Revolving and Swingline Loans)

As of* September* 30, 2025 under the Amended Credit Agreement, the Company had $27.6 million of outstanding revolving loan borrowings, $1.6 million of outstanding letters of credit, and additional borrowing capacity of approximately $96 million. As of* December* 31, 2024 under the Amended Credit Agreement, the Company had $24.7 million of outstanding revolving loan borrowings and $1.6 million of outstanding letters of credit. Revolving loans under the Amended Credit Agreement bear interest at rates related to, at the Company’s option and subject to the provisions of the Amended Credit Agreement, either: (i) Base Rate (as defined in the Amended Credit Agreement) plus the Applicable Margin; (ii) Adjusted Daily Simple Secured Overnight Finance Rate (“SOFR”) (as defined in the Amended Credit Agreement) plus the Applicable Margin; or (iii) Adjusted Term SOFR (as defined in the Amended Credit Agreement) plus the Applicable Margin. The “Applicable Margin” is 0.50% to 2.00%, depending on the Company’s Consolidated Senior Leverage Ratio (as defined in the Amended Credit Agreement) and the interest rate option chosen. Interest on outstanding revolving loans is payable monthly in arrears. Swingline loans under the Amended Credit Agreement bear interest at the Base Rate plus the Applicable Margin. As of* September* 30, 2025 and* December* 31, 2024, the weighted-average interest rate for outstanding borrowings was 5.84% and 6.68%, respectively. The Amended Credit Agreement requires the payment of a commitment fee of between 0.20% and 0.25%, based on the amount by which the Revolver Commitment exceeds the average daily balance of outstanding borrowings (as defined in the Amended Credit Agreement). Such fee is payable monthly in arrears. The Company is also obligated to pay additional fees customary for credit facilities of this size and type.

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The Company has entered into various equipment and property leases. Certain lease agreements include renewals and/or purchase options set to expire at various dates, and certain lease agreements include rental payments adjusted periodically for inflation. The Company’s lease agreements donot contain any material residual value guarantees or material restrictive covenants.

The Company determines if an arrangement is a lease at inception. Leases with an initial term oftwelve months or less arenot recorded on the balance sheet; costs for these leases are recognized as incurred over the lease term. For leases with an initial term greater thantwelve months, right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. When the Company’s leases donot provide an implicit rate of return, the Company uses its revolving loan borrowing rate in determining the present value of lease payments. Some of the Company’s lease agreements contain non-lease components, which are accounted for separately.

The following table summarizes the Company’s leases recorded on the Condensed Consolidated Balance Sheets (in thousands):

Lease cost consists of the following (in thousands):

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The future payments of lease liabilities as of* September* 30, 2025 are as follows (in thousands):

The following table summarizes the lease terms and discount rates for the lease liabilities:

The following table presents other information related to the operating and finance leases (in thousands):

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date.

The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value intothree broad levels. These levels are: Level1 (inputs are quoted prices in active markets for identical assets or liabilities); Level2 (inputs are other than quoted prices that are observable, either directly or indirectly through corroboration with observable market data); and Level3 (inputs are unobservable, with little orno market data that exists, such as internal financial forecasts). The Company is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

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The following table summarizes information regarding the Company’s financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):

The deferred compensation plan assets consist of cash and several publicly traded stock and bond mutual funds, valued using quoted market prices in active markets, classified as Level1 within the fair value hierarchy, as well as guaranteed investment contracts, valued at principal plus interest credited at contract rates, classified as Level2 within the fair value hierarchy. Deferred compensation plan assets are included within Other assets in the Condensed Consolidated Balance Sheets.

The foreign currency forward contracts and interest rate swaps are derivatives valued using various pricing models or discounted cash flow analyses that incorporate observable market parameters, such as interest rate yield curves and currency rates, and are classified as Level2 within the fair value hierarchy. Derivative valuations incorporate credit risk adjustments that are necessary to reflect the probability of default by the counterparty or the Company. The foreign currency forward contracts and interest rate swaps are presented at their gross fair values. The current portion of foreign currency forward contract and interest rate swap assets are included within Prepaid expenses and other and foreign currency forward contract and interest rate swap liabilities are included within Accrued liabilities in the Condensed Consolidated Balance Sheets. The noncurrent portion of interest rate swap assets are included within Other assets in the Condensed Consolidated Balance Sheets.

The net carrying amounts of cash and cash equivalents, trade and other receivables, accounts payable, and accrued liabilities approximate fair value due to the short-term nature of these instruments. The net carrying amount of the borrowings on the line of credit approximates fair value due to its variable interest rate based on current market rates. The Company is obligated to repay the carrying value of its long-term debt. The fair value of the Company’s long-term debt is calculated using interest rates for its existing debt arrangements which are classified as Level2 inputs within the fair value hierarchy. As of* September* 30, 2025, the fair value of the Company’s long-term debt approximates the carrying value due to its variable interest rate based on current market rates.

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Share Repurchase Program

On* November**2,* 2023, the Company announced its authorization of a share repurchase program of up to $30 million of its outstanding common stock. The program doesnot commit to any particular timing or quantity of purchases, and the program* maybe suspended or discontinued at any time. Under the program, shares maybe purchased in open market, including through plans adopted pursuant to Rule10b5‑1* of the Securities Exchange Act of1934, as amended, or in privately negotiated transactions administered by its broker.

At this time, the Company has elected to limit its share repurchase transactions to only those transactions made under Rule10b5‑1 trading plans. In* November 2023,the Company executed a Rule10b5‑1* trading plan which designated up to $10 million for daily share repurchases with volumes that fluctuated with changes in the trading price of its common stock. This Rule10b5‑1 trading plan was terminated in* December 2024.In March 2025,the Company executed a Rule10b5‑1* trading plan which designated up to $5 million for daily share repurchases with volumes that fluctuate with changes in the trading price of its common stock. All shares under this Rule10b5‑1 trading plan were repurchased as of* April15,* 2025. In* May 2025,the Company executed a Rule10b5‑1* trading plan which designated up to $10 million for daily share repurchases with volumes that fluctuate with changes in the trading price of its common stock. All shares under this Rule10b5‑1 trading plan were repurchased as of* July31,* 2025. In* August 2025,the Company executed a Rule10b5‑1* trading plan which designates up to $9 million for daily share repurchases between* September15,* 2025 and* October30,* 2025 with volumes that fluctuate with changes in the trading price of its common stock.

During thethree andnine months ended* September* 30, 2025, the Company repurchased approximately 186,000 shares and 379,000 shares, respectively, of the Company’s common stock for an aggregate amount of $8.0 million and $15.8 million, respectively. During thenine months ended* September* 30, 2024, the Company repurchased approximately 145,000 shares of the Company’s common stock for an aggregate amount of $4.3 million. The Company didnot repurchase shares during thethree months ended* September* 30, 2024. All shares reacquired in connection with the Company’s share repurchase program are retired and treated as authorized and unissued shares. As of* September* 30, 2025, $9.1 million of the share repurchase authorization remained available for repurchases under this program.

Subsequent to* September* 30, 2025, through* October* 28, 2025, the Company repurchased approximately 25,000 shares at an average price of $51.95 per share for a total purchase price of $1.3 million pursuant to a Rule10b5‑1 trading plan.

The Company hasone active stock incentive plan for employees and directors, the2022 Stock Incentive Plan, which provides for awards of stock options to purchase shares of common stock, stock appreciation rights, restricted and unrestricted shares of common stock, restricted stock units (“RSUs”), and performance share awards (“PSAs”). In addition, the Company hadone inactive stock incentive plan, the2007 Stock Incentive Plan, under which the last awards granted vested on* April**1,* 2024.

The Company recognizes the compensation cost of employee and director services received in exchange for awards of equity instruments based on the grant date estimated fair value of the awards. The Company estimates the fair value of RSUs and PSAs using the value of the Company’s stock on the date of grant. Share-based compensation cost is recognized over the period during which the employee or director is required to provide service in exchange for the award and, as forfeitures occur, the associated compensation cost recognized to date is reversed. For awards with performance-based payout conditions, the Company recognizes compensation cost based on the probability of achieving the performance conditions, with changes in expectations recognized as an adjustment to earnings in the period of change. Any recognized compensation cost is reversed if the conditions are ultimatelynot met.

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The following table summarizes share-based compensation expense recorded (in thousands):

Restricted Stock Units and Performance Share Awards

The Company’s stock incentive plan provides for equity instruments, such as RSUs and PSAs, which grant the right to receive a specified number of shares at specified times. RSUs and PSAs are service-based awards that vest according to the terms of the grant. PSAs have performance-based payout conditions.

The following table summarizes the Company’s RSU and PSA activity:

The unvested balance of RSUs and PSAs as of* September* 30, 2025 includes approximately 172,000 PSAs at the target level of 100%. The vesting of these awards is subject to the achievement of specified performance-based conditions, and the actual number of common shares that will ultimately be issued will be determined by multiplying this number of PSAs by a payout percentage ranging from 0% to 200%.

Based on the estimated level of achievement of the performance targets associated with the PSAs as of* September* 30, 2025, unrecognized compensation expense related to the unvested portion of the Company’s RSUs and PSAs was $4.9 million, which is expected to be recognized over a weighted-average period of 1.6 years.

Stock Awards

For thenine months ended* September* 30, 2025 and2024, stock awards of 12,996 shares and 14,424 shares, respectively, were granted to non-employee directors, which vested immediately upon issuance. The Company recorded compensation expense based on the weighted-average fair market value per share of the awards on the grant date of $39.23 in2025 and $33.27 in2024.

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Portland Harbor Superfund Site

In2000, a section of the lower Willamette River known as the Portland Harbor Superfund Site was included on the National Priorities List at the request of the United States Environmental Protection Agency (“EPA”). While the Company’s Portland, Oregon manufacturing facility doesnot border the Willamette River, an outfall from the facility’s stormwater system drains into a neighboring property’s privately owned stormwater system and slip. Also in2000, the Company was notified by the EPA and the Oregon Department of Environmental Quality (“ODEQ”) of potential liability under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”). A remedial investigation and feasibility study of the Portland Harbor Superfund Site was directed by a group of 14 potentially responsible parties (“PRPs”) known as the Lower Willamette Group, under agreement with the EPA. The EPA finalized the remedial investigation report in2016, and the feasibility study in2016, which identified multiple remedial alternatives. In2017, the EPA issued its Record of Decision (“ROD”) selecting the remedy for cleanup at the Portland Harbor Superfund Site, which it believes will cost approximately $1 billion at net present value and 13 years to complete. These costs are likely to increase given remediation willnot be implemented for several years. In* November 2024,the Company wasone* of approximately 60 PRPs to receive a confidential Special Notice Letter (“SNL”) from the EPA. The EPA expressed its intent is to obtain a commitment from named PRPs of their intent to negotiate towards a Consent Decree that is aligned with the ROD. The Company submitted its response in* May 2025which, like the SNL, is intended to remain confidential. The EPA has commented that it continues to expect settlement negotiations to take approximatelytwo* years, and it hasnot yet determined who is responsible for the costs of cleanup or how the cleanup costs will be allocated among the more than 150 PRPs. Because of the large number of PRPs and the variability in the range of remediation alternatives, the Company is unable to estimate an amount or an amount within a range of costs for its obligation with respect to the Portland Harbor Superfund Site matters, andno liability has been recorded as of the date of this filing.

The Company and the ODEQ have agreed to a monitored natural attenuation work plan designed to provide ongoing monitoring of shallow groundwater objectives established for the Company’s site. Regular testing has confirmed that natural attenuation is an effective form of controlling the release of contaminants into the Willamette River. Any future liabilities or other obligations associated with source control would be derived from observed failure to meet groundwater objectives, which are considered unlikely based on the Company’s pattern of successful testing results.

Concurrent with the activities of the EPA and the ODEQ, the Portland Harbor Natural Resources Trustee Council (“Trustees”) sent some or all of the same parties, including the Company, a notice of intent to perform a Natural Resource Damage Assessment (“NRDA”) for the Portland Harbor Superfund Site to determine the nature and extent of natural resource damages under CERCLA Section107. The Trustees for the Portland Harbor Superfund Site consist of representatives from several Northwest Indian Tribes,three federal agencies, andone state agency. The Trustees act independently of the EPA and the ODEQ. The Trustees have encouraged PRPs to voluntarily participate in the funding of their injury assessments and several of those parties have agreed to do so. In2014, the Company agreed to participate in the injury assessment process, which included funding $0.4 million of the assessment. The Company hasnot assumed any additional payment obligations or liabilities with the participation with the NRDA, nor does the Company expect to incur significant future costs in the resolution of the NRDA.

In2017, the Confederated Tribes and Bands of the Yakama Nation, a Trustee until they withdrew from the council in2009, filed a complaint against the PRPs including the Company to recover costs related to their own injury assessment and compensation for natural resources damages. The case has been stayed, and the Company doesnot have sufficient information at this time to determine the likelihood of a loss in this matter or the amount of damages that could be allocated to the Company.

The Company has insurance policies for defense costs, as well as indemnification policies it believes will provide reimbursement for the remediation assessed. However, the Company can provideno assurance that those policies will cover all of the costs which the Company* may*incur.

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All Sites

The Company operates its facilities under numerous governmental permits and licenses relating to air emissions, stormwater runoff, and other environmental matters. The Company’s operations are also governed by many other laws and regulations, including those relating to workplace safety and worker health, principally the Occupational Safety and Health Act and regulations thereunder which, among other requirements, establish noise and dust standards. The Company believes it is in material compliance with its permits and licenses and these laws and regulations, and the Company doesnot believe that future compliance with such laws and regulations will have a material adverse effect on its financial position, results of operations, or cash flows.

Other Contingencies and Legal Proceedings

From time to time, the Company is party to a variety of legal actions, including claims, suits, complaints, and investigations arising out of the ordinary course of its business. The Company maintains insurance coverage against potential claims in amounts that are believed to be adequate. To the extent that insurance doesnot cover legal, defense, and indemnification costs associated with a loss contingency, the Company records accruals when such losses are considered probable and reasonably estimable. The Company believes that it isnot presently a party to legal actions, the outcomes of which would have a material adverse effect on its business, financial condition, results of operations, or cash flows.

Commitments

As of* September* 30, 2025, the Company’s commitments include approximately $2.1 million remaining relating to its investment in a catch basin machine at the Orem, Utah facility.

Guarantees

The Company has entered into certain letters of credit that total $1.6 million as of* September* 30, 2025. The letters of credit relate to workers’ compensation insurance and a public improvement project.

The Company manufactures water infrastructure steel pipe products, which are generally made to custom specifications for installation contractors serving projects funded by public water agencies, as well as precast and reinforced concrete products. Generally, each of the Company’s contracts with its customers contains a single performance obligation, as the promise to transfer products isnot separately identifiable from other promises in the contract and, therefore, isnot distinct. The Company generally doesnot recognize revenue on a contract until the contract has approval and commitment from both parties, the contract rights and payment terms can be identified, the contract has commercial substance, and its collectability is probable.

WTS revenue for water infrastructure steel pipe products is recognized over time as the manufacturing process progresses because of the Company’s right to payment for work performed to date plus a reasonable profit on cancellations for unique products that haveno alternative use to the Company. Revenue is measured by the costs incurred to date relative to the estimated total direct costs to fulfill each contract. Contract costs include all material, labor, and other direct costs incurred in satisfying the performance obligations. The cost of steel material is recognized as a contract cost when the steel is introduced into the manufacturing process. Changes in job performance, job conditions, and estimated profitability, including those arising from contract change orders, contract penalty provisions, foreign currency exchange rate movements, changes in raw materials costs, and final contract settlements* may*result in revisions to estimates of revenue, costs, and income, and are recognized in the period in which the revisions are determined. Provisions for losses on uncompleted contracts, included in Accrued liabilities, are estimated by comparing total estimated contract revenue to the total estimated contract costs and a loss is recognized during the period in which it becomes probable and can be reasonably estimated.

Net revisions in contract estimates resulted in an increase in WTS net sales of $4.2 million and $8.4 million for thethree andnine months ended* September* 30, 2025, respectively and $0.8 million and $3.1 million for thethree andnine months ended* September* 30, 2024, respectively.

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Precast revenue for water infrastructure concrete pipe and precast concrete products is recognized at the time control is transferred to customers which is generally at the time of shipment, in an amount that reflects the consideration the Company expects to be entitled to in exchange for the products. All variable considerations that* mayaffect the total transaction price, including contractual discounts, returns, and credits, are included in net sales. Estimates for variable consideration are based on historical experience, anticipated performance, and management’s judgment. The Company’s contracts donot* contain significant financing.

Disaggregation of Revenue

The following table disaggregates revenue by recognition over time or at a point in time, as the Company believes it best depicts how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors (in thousands):

Contract Assets and Contract Liabilities

Contract assets primarily represent revenue earned over time butnot yet billable based on the terms of the contracts. These amounts will be billed based on the terms of the contracts, which can include certain milestones, partial shipments, or completion of the contracts. Payment terms of amounts billed vary based on the customer, but are typically due within30 days of invoicing. Contract liabilities represent advance billings on contracts, typically for purchased steel.

The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing difference between the Company’s performance and billings.

The following is a summary of the changes in contract assets and contract liabilities (in thousands):

The Company recognized revenue that was included in the contract liabilities balance at the beginning of each period of $11.1 million and $19.3 million during thenine months ended* September* 30, 2025 and2024, respectively.

Backlog

Backlog represents the balance of remaining performance obligations under signed contracts for WTS water infrastructure steel pipe products for which revenue is recognized over time. As of* September* 30, 2025, backlog was $257 million. The Company expects to recognize approximately 29% of the remaining performance obligations in 2025,45% in 2026, and the balance thereafter.

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The Company files income tax returns in the United States Federal jurisdiction, in a limited number of foreign jurisdictions, and in many state jurisdictions. With few exceptions, the Company isno longer subject to United States Federal, state, or foreign income tax examinations for years before2021.

The Company recorded income tax expense at an estimated effective income tax rate of 26.0% and 25.6% for thethree andnine months ended* September* 30, 2025, respectively and 26.3% and 26.3% for thethree andnine months ended* September* 30, 2024, respectively. The Company’s estimated effective income tax rates for thethree months ended* September* 30, 2025 and for thethree andnine months ended* September* 30, 2024 were primarily impacted by non-deductible permanent differences. The Company’s estimated effective income tax rate for thenine months ended* September* 30, 2025 was primarily impacted by non-deductible permanent differences, partially offset by the tax windfalls recognized upon the vesting of equity awards.

On* July**4,* 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, extending key provisions of the2017 Tax Cuts and Jobs Act including, butnot limited to, federal bonus depreciation and deductions for domestic research and development expenditures. The legislation has multiple effective dates, with certain provisions effective in2025 and others implemented through2027. The Company has evaluated the OBBBA enacted during the quarter and estimated its impact on the consolidated financial statements to be immaterial. The Company will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.

Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by giving effect to all dilutive potential shares of common stock, including RSUs and PSAs, assumed to be outstanding during the period using the treasury stock method. Performance-based PSAs are considered dilutive when the related performance conditions have been met assuming the end of the reporting period represents the end of the performance period. In periods with a net loss, all potential shares of common stock are excluded from the computation of diluted net loss per share as the impact would be antidilutive.

Net income per basic and diluted weighted-average common share outstanding was calculated as follows (in thousands, except per share and footnoted amounts):

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The operating segments reported below are based on the nature of the products sold and the manufacturing process used by the Company and are the segments of the Company for which discrete financial information is available and for which operating results are regularly evaluated by the Company’s CODM, its Chief Executive Officer.

The Company’s Water Transmission Systems (WTS) segment manufactures large-diameter, high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems. These products are also used for hydroelectric power systems, wastewater systems, seismic resiliency, and other applications. In addition, WTS makes products for industrial plant piping systems and certain structural applications. WTS has manufacturing facilities located in Portland, Oregon; Adelanto and Tracy, California; Parkersburg, West Virginia; Saginaw, Texas; St. Louis, Missouri; and San Luis Río Colorado, Mexico.

The Company’s Precast Infrastructure and Engineered Systems (Precast) segment manufactures stormwater and wastewater technology products, high-quality precast and reinforced concrete products, including reinforced concrete pipe, manholes, box culverts, vaults, and catch basins, pump lift stations, oil water separators, biofiltration units, and other environmental and engineered solutions. Precast has manufacturing facilities located in Dallas, Houston, and San Antonio, Texas; and Orem, Salt Lake City, and St. George, Utah.

The CODM uses gross profit to assess performance of each segment by comparing actual gross profit results to historical results and previously forecasted financial information, and to determine allocation of operating and capital resources. The Company doesnot allocate selling, general, and administrative expenses, interest, other non-operating income or expense items, or taxes to segments, and there areno intersegment revenues. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies.

The following table summarizes net sales, cost of sales, and gross profit based on the Company’s reportable segments (in thousands):

The Company’s total assets arenot presented for each reportable segment as they arenot reviewed by, nor otherwise regularly provided to, the CODM.

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There have beenno developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s Condensed Consolidated Financial Statements and disclosures in Notes to Condensed Consolidated Financial Statements, from those disclosed in the Company’s2024 Form10‑K, except for the following.

Recent Accounting Standards

In* December 2023,the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)No. 2023‑09, “Income Taxes (Topic740*): Improvements to Income Tax Disclosures” (“ASU2023‑09”) which improves the transparency, effectiveness, and comparability of income tax disclosures and allows investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and operation opportunities affect its income tax rate and prospects for future cash flows. ASU2023‑09 will be applied prospectively, and will be effective for the Company’s2025 annual reporting, with early adoption permitted. The Company doesnot expect that the adoption of this guidance will have a material impact on the consolidated financial statements, other than additional disclosures in the notes to the consolidated financial statements.

In* November 2024,the FASB issued ASUNo.* 2024‑03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic220‑40): Disaggregation of Income Statement Expenses” (“ASU2024‑03”) which requires public business entities to disclose additional information about specific expense categories in the notes to financial statements. ASU2024‑03 is required to be applied prospectively, and will be effective for the Company’s2027 annual reporting and for interim periods beginning in2028. Early adoption and retrospective application are permitted. The Company doesnot expect that the adoption of this guidance will have a material impact on the consolidated financial statements, other than additional disclosures in the notes to the consolidated financial statements.

In* July 2025,the FASB issued ASUNo.* 2025‑05, “Financial Instruments—Credit Losses (Topic326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU2025‑05”) which provides a practical expedient permitting all entities to assume that current conditions as of the balance sheet date donot change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses. ASU2025‑05 will be adopted prospectively and will be effective for the Company beginning* January**1,* 2026, including interim periods in2026, with early adoption permitted. The Company doesnot expect a material impact to its financial position, results of operations, or cash flows from adoption of this guidance.

The Company hadtwo noncontributory defined benefit plans. Effective2001, both plans were frozen and participants were fully vested in their accrued benefits as of the date each plan was frozen. In* December 2024,the Company’s Board of Directors approved the termination of its defined benefit plans, subject to approvals from the Internal Revenue Service and the Pension Benefit Guaranty Corporation. The termination was effective April30,* 2025. On* September 30, 2025,the Company entered into an agreement to purchase annuity contracts to transfer its remaining obligations under the plans, which occurred on October3,* 2025. In connection with the plans’ termination, the Company expects to record a noncash pension settlement charge between $1.5 million and $2.0 million during thefourth quarter of2025 which includes the reclassification of unrecognized pension losses from Accumulated other comprehensive loss to Other income (expense) on the Consolidated Statements of Operations.

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