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 2024 to 2025, compensation actually paid to the PEO and Non-PEO NEO increased. The key factors that drove the change in pay during this period was the increase in stock price of certain stock units at the end of the period from the stock price as of the grant date, 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 and an increase in stock price for unvested stock awards at fiscal year end compared to the stock price at prior fiscal year end. Over the same period, the Company's Total Shareholder Return increased from $87 to $100 increasing compensation actually paid despite the decline in Net Income from $16.2 million to $6.4 million.

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.