# EDGAR Filing Document

**Accession Number:** 0001739445
**File Stem:** 0001739445-25-000113
**Filing Date:** 2025-8
**Character Count:** 51100
**Document Hash:** 2ca5a4ceb3e4d9a120c7695667788d71
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001739445-25-000113.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001739445-25-000113

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arcosa, Inc.
- **CENTRAL INDEX KEY:** 0001739445
- **STANDARD INDUSTRIAL CLASSIFICATION:** FABRICATED STRUCTURAL METAL PRODUCTS [3440]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 825339416
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38494
- **FILM NUMBER:** 251194812

**BUSINESS ADDRESS:**
- **STREET 1:** 500 N. AKARD SREET
- **STREET 2:** SUITE 400
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 972-942-6500

**MAIL ADDRESS:**
- **STREET 1:** 500 N. AKARD SREET
- **STREET 2:** SUITE 400
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

?xml version='1.0' encoding='ASCII'? aca-20250807

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** 

WASHINGTON, D.C. 20549

**FORM 8-K** 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

---

| | |
|:---|:---|
| Date of Report (Date of Earliest Event Reported): | **August 7, 2025** |

---

![arcosalogo-orangea13.jpg](aca-20250807_g1.jpg)

**Arcosa, Inc.** 

__________________________________________

(Exact name of registrant as specified in its charter)

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **Delaware** | **1-38494** | **82-5339416** |
| (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| **500 N. Akard Street, Suite 400** | **500 N. Akard Street, Suite 400** |  |  |
| **Dallas,** | **Texas** |  | **75201** |
| (Address of principal executive offices) | (Address of principal executive offices) |  | (Zip Code) |

---

Registrant's telephone number, including area code: **(972) 942-6500** 

Not Applicable <br> (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> |
| Common Stock ($0.01 par value) | ACA | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02** &nbsp;&nbsp;&nbsp;&nbsp;**Results of Operation and Financial Condition.**

Attached as Exhibit 99.1 is the registrant's earnings release for the second quarter of 2025, issued August 7, 2025. This release is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as otherwise expressly stated in such filing.

**Item 9.01** &nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[99.1](exh991earningsrelease06302.htm)</u> | Arcosa, Inc. Earnings Release, dated August 7, 2025. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **Arcosa, Inc.** | **Arcosa, Inc.** |
| | (Registrant) | (Registrant) |
| August 7, 2025 | By: | /s/ Gail M. Peck |
|  |  | Name: Gail M. Peck |
|  |  | Title: Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![image2.jpg](image2.jpg)

News Release

FOR IMMEDIATE RELEASE

**Arcosa, Inc. Announces Record Second Quarter 2025 Results** 

–Revenue Growth of 18% and Adjusted EBITDA Expansion of 42%, Excluding Divestiture, Highlights Success of Portfolio Transformation

–Record Adjusted EBITDA Margin of 20.9%, up 360 Basis Points

–Key Strategic Growth Businesses Performing Well with 15% Cash Unit Profitability Growth in Aggregates and Record Backlog in Utility Structures

**DALLAS, Texas - ARCOSA, Inc. - August 7, 2025:**

Arcosa, Inc. (NYSE: ACA) ("Arcosa," the "Company," "We," or "Our"), a provider of infrastructure-related products and solutions, today announced results for the second quarter ended June 30, 2025.

**Second Quarter 2025 Highlights**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2024** | **% Change** |
| | **($ in millions, except per share amounts)** | **($ in millions, except per share amounts)** | |
| Revenues | $**736.9** | $664.7 | 11% |
| &nbsp;&nbsp;Revenues, excluding the impact of divested business<sup>(1)</sup> | $**736.9** | $626.6 | 18% |
| Net income | $**59.7** | $45.6 | 31% |
| &nbsp;&nbsp;Adjusted Net Income<sup>(2)</sup> | $**62.2** | $44.7 | 39% |
| Diluted EPS | $**1.22** | $0.93 | 31% |
| &nbsp;&nbsp;Adjusted Diluted EPS<sup>(2)</sup> | $**1.27** | $0.91 | 40% |
| &nbsp;&nbsp;Adjusted EBITDA<sup>(2)</sup> | $**154.2** | $112.7 | 37% |
| &nbsp;&nbsp;Adjusted EBITDA Margin<sup>(2)</sup> | **20.9%** | 17.0% | 390 bps |
| &nbsp;&nbsp;Adjusted EBITDA, excluding impact from divested business<sup>(1)(2)</sup> | $**154.2** | $108.3 | 42% |
| &nbsp;&nbsp;Adjusted EBITDA Margin, excluding impact from divested business<sup>(1)(2)</sup> | **20.9%** | 17.3% | 360 bps |
| Net cash provided by operating activities | $**61.2** | $38.3 | 60% |
| &nbsp;&nbsp;Free Cash Flow<sup>(2)</sup> | $**39.2** | $(6.1) | N.M. |

---

bps - basis points

N.M. - not meaningful

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Excludes the impact of the divested steel components business. Financial results for the steel components business were included in the Transportation Products segment as part of continuing operations to the date of sale, August 16, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Non-GAAP financial measure. See reconciliation tables included in this release.

972.942.6500 arcosa.com

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![image2.jpg](image2.jpg)

Antonio Carrillo, President and Chief Executive Officer, commented, "This was a record quarter for Arcosa in many respects and highlights the impact of recent strategic actions we have taken to enhance our growth businesses, reduce our cyclicality, and expand margin. In recognition of our portfolio shift, we have expanded our disclosures around our key growth businesses, construction materials and utility structures.

"One year ago, we announced our plan to acquire Stavola, an aggregates-led construction materials company. This quarter we clearly see the accretive impact of the acquisition, which increased Arcosa's consolidated revenues by 14% and consolidated Adjusted EBITDA margin by 250 basis points. Stavola has accelerated the growth of our construction materials platform, contributing to the 13% increase in gross profit for our aggregates business and 15% improvement in Aggregates Adjusted Cash Gross Profit per Ton.

"Engineered Structures also delivered strong results, achieving record top-line and Adjusted Segment EBITDA margin driven by strong execution in utility structures and higher wind tower volumes. The U.S. grid is facing an extended period of load growth, requiring significant additions to power generation capacity, all of which needs to be connected to the grid. These tailwinds are creating strong underlying demand reflected in record second quarter backlog for our utility structures business.

"Our barge business is performing in line with expectations and order activity is healthy. Including orders placed after quarter-end, we have solidified our 2025 production plans, and our backlog for both hopper and tank barges now extends into 2026."

Carrillo concluded, "We generated $61 million of operating cash flow during the quarter and ended with Net Debt to Adjusted EBITDA of 2.8 times, both a sequential improvement from the first quarter. We continue to prioritize deleveraging following the Stavola acquisition and are on track to reach our target leverage range of 2.0-2.5 times within the next three quarters, consistent with our stated goal."

**2025 Outlook and Guidance**

The Company is tightening the range for its full year 2025 guidance, resulting in no change to the mid-point of the range for consolidated revenue and Adjusted EBITDA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated revenues range of $2.85 billion to $2.95 billion, compared to its previous guidance range of $2.8 billion to $3.0 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Adjusted EBITDA range of $555 million to $585 million, compared to its previous guidance range of $545 million to $595 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guidance range includes the direct impact of tariffs, as currently outlined, which is expected to be immaterial.

"Arcosa remains on track for strong growth in 2025. Our U.S.-focused operations are well-aligned with long-term infrastructure and power market tailwinds. Given healthy overall demand in our growth businesses along with solid backlog visibility in our cyclical businesses, we are tightening our guidance range while maintaining the mid-point, to reflect increased confidence in our overall outlook," concluded Mr. Carrillo.

972.942.6500 2 arcosa.com

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![image2.jpg](image2.jpg)

**Second Quarter 2025 Results and Commentary**

*All comparisons are versus the prior year quarter unless noted otherwise.*

**Construction Products** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues increased 28% to a record $354.5 million driven by the contribution from the construction materials business of Stavola Holding Corporation and its affiliated entities (collectively "Stavola"), acquired in October 2024, which added $90.3 million to revenues during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organic revenues declined 4% as higher pricing was offset by lower volumes, which were impacted by wet weather throughout the quarter, a decrease in freight revenue, and a reduction in revenue from several small divestitures completed in the prior period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Segment EBITDA increased 44% to a record $100.4 million and Adjusted Segment EBITDA Margin increased 310 basis points to 28.3% from 25.2% in the prior period. Freight-Adjusted Segment EBITDA Margin was 31.0% compared to 28.0% in the prior period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stavola contributed $35.2 million to Adjusted Segment EBITDA during the quarter and increased Adjusted Segment EBITDA Margin by 360 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On an organic basis, Adjusted Segment EBITDA decreased 6% and Adjusted Segment EBITDA Margin decreased slightly primarily due to the decline in revenues and lower cost absorption from reduced volumes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Within aggregates, total volumes increased 6% and Aggregates Freight-Adjusted Average Sales Price increased 8%, resulting in Aggregates Adjusted Cash Gross Profit per Ton growth of 15%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depreciation, depletion, and amortization expense increased $12.4 million, or 42%, primarily due to the acquisition of Stavola.

**Engineered Structures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues increased 7% to $293.0 million primarily due to higher volumes from the fully ramped New Mexico wind towers facility. Revenues for utility and related structures decreased 2% as higher volumes and improved product mix were offset by the impact of lower steel prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Segment EBITDA increased 31% to $54.8 million due to significant organic growth across our businesses. Margin expanded 350 basis points to a record 18.7% due to improved product mix and operating efficiencies in our utility and related structures business and higher wind tower volumes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ongoing focus on grid hardening and reliability efforts and increased demand for electricity continue to drive strong order activity for our utility structures business. We ended the second quarter with a record backlog for utility and related structures of $450.0 million, up 9% from the start of the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The backlog for our wind towers business at the end of the second quarter was $598.6 million, down 23% from the start of the year. We expect to deliver 30% of our current backlog during 2025 and the remainder through 2028. Following the passage of the budget reconciliation bill in July, order inquiry activity has increased as policy uncertainty has improved.

972.942.6500 3 arcosa.com

------

![image2.jpg](image2.jpg)

**Transportation Products** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior period results included revenues and Adjusted EBITDA of $38.1 million and $4.4 million, respectively, for the steel components business, which was divested in August 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues for our barge business increased 18% primarily due to higher tank barge deliveries, partially offset by lower hopper barge deliveries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Excluding the impact of the divested steel components business, Adjusted Segment EBITDA increased 10%, to $13.5 million, driven by higher tank barge deliveries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Segment EBITDA Margin, excluding the divested steel components business, was 15.1% down from 16.2% in the prior period, in-line with expectations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, we received barge orders totaling approximately $33 million primarily for hopper barges for 2025 delivery. For the first half of the year, the barge business recorded a book-to-bill of 1.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our barge backlog at the end of the quarter was $277.0 million, roughly flat with the start of the year. We expect to deliver approximately 57% of our current backlog during 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter order volume has increased, and we have currently received $122 million in additional orders. Backlog visibility has improved for hopper barges, now extending into 2026, and our line of sight for tank barges extends deep into the fourth quarter of next year.

**Corporate and Other Financial Notes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Excluding acquisition and divestiture-related costs, which have been excluded from Adjusted EBITDA, corporate expenses decreased to $14.9 million from $16.0 million in the prior period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisition and divestiture-related costs were $0.5 million in the second quarter compared to $3.9 million in the prior period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest expense totaled $28.5 million, an increase of $17.1 million from the prior period driven by the additional debt incurred to finance the Stavola acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The effective tax rate for the second quarter was 14.5% compared to 14.3% in the prior period.

**Cash Flow and Liquidity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating cash flow was $61.2 million during the second quarter, an increase of $22.9 million compared to the prior period, primarily due to higher earnings, partially offset by increased working capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Working capital was a $75.6 million net use of cash for the quarter compared to the prior period's $49.3 million net use of cash. The increase in cash required for working capital was primarily due to higher receivables and inventories in-line with the increase to revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures in the second quarter were $27.8 million, compared to $47.6 million in the prior period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free Cash Flow for the quarter was $39.2 million, up from $(6.1) million in the prior period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Debt to Adjusted EBITDA was 2.8x for the trailing twelve months, down slightly from 2.9x at the end of the first quarter, as we continue to make progress reducing our leverage following the Stavola acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We ended the quarter with total liquidity of $889.7 million, including $189.7 million of cash and cash equivalents and full availability under our $700 million revolving credit facility.

972.942.6500 4 arcosa.com

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![image2.jpg](image2.jpg)

**Non-GAAP Financial Information**

This earnings release contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Reconciliations of non-GAAP financial measures to the closest GAAP measure are included in the accompanying tables to this earnings release.

**Conference Call Information**

A conference call is scheduled for 8:30 a.m. Eastern Time on August 8, 2025 to discuss second quarter 2025 results. To listen to the conference call webcast, please visit the Investor Relations section of Arcosa's website at https://ir.arcosa.com. A slide presentation for this conference call will be posted on the Company's website in advance of the call at https://ir.arcosa.com. The audio conference call number is 800-723-6494 for domestic callers and 785-424-1619 for international callers. The conference ID is ARCOSA and the passcode is 10156. An audio playback will be available through 11:59 p.m. Eastern Time on August 22, 2025, by dialing 800-839-9324 for domestic callers and 402-220-6086 for international callers. A replay of the webcast will be available for one year on Arcosa's website at https://ir.arcosa.com/news-events/events-presentations.

**About Arcosa**

Arcosa, Inc. (NYSE:ACA), headquartered in Dallas, Texas, is a provider of infrastructure-related products and solutions with leading positions in construction, engineered structures, and transportation markets. Arcosa reports its financial results in three principal business segments: Construction Products, Engineered Structures, and Transportation Products. For more information, visit www.arcosa.com.

972.942.6500 5 arcosa.com

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![image2.jpg](image2.jpg)

*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," "expects," "intends," "forecasts," "may," "will," "should," "guidance," "outlook," "strategy," "plans," "goal," and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Arcosa expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, except as required by federal securities laws. Forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to assumptions, risks and uncertainties regarding the failure to successfully complete or integrate acquisitions, including Ameron and Stavola, or divest any business, or failure to achieve the expected benefits of acquisitions or divestitures; market conditions and customer demand for Arcosa's business products and services; the impact of Arcosa's level of indebtedness; the cyclical nature of, and seasonal or weather impact on, the industries in which Arcosa competes; competition and other competitive factors; governmental and regulatory factors; changing technologies; availability of growth opportunities; market recovery; ability to improve margins; the impact of inflation and costs of materials; impacts from the Inflation Reduction Act and One Big Beautiful Bill Act; the delivery or satisfaction of any backlog or firm orders; the impact of pandemics on Arcosa's business; the impact of tariffs; and Arcosa's ability to execute its long-term strategy, and such forward-looking statements are not guarantees of future performance. For further discussion of such risks and uncertainties, see "Risk Factors" and the "Forward-Looking Statements" section of "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Arcosa's Form 10-K for the year ended December 31, 2024 and as may be revised and updated by Arcosa's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.*

INVESTOR CONTACTS

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| | |
|:---|:---|
| Erin Drabek | David Gold |
| VP of Investor Relations | ADVIS**IR**Y Partners |
| T 972.942.6500 | T 212.661.2220 |
| InvestorResources@arcosa.com | David.Gold@advisiry.com |

---

MEDIA CONTACT

Media@arcosa.com

TABLES TO FOLLOW

972.942.6500 6 arcosa.com

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**Arcosa, Inc.**

**Condensed Consolidated Statements of Operations**

(in millions, except per share amounts)

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues | $**736.9** | $664.7 | $**1368.9** | $1263.3 |
| &nbsp;&nbsp;&nbsp;Cost of revenues | **570.8** | 526.7 | **1077.4** | 1013.7 |
| Gross profit | **166.1** | 138.0 | **291.5** | 249.6 |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative expenses | **73.0** | 79.5 | **146.7** | 148.6 |
| &nbsp;&nbsp;&nbsp;Gain on disposition of property, plant, equipment, and other assets | **(4.5)** | (2.0) | **(8.3)** | (5.9) |
| &nbsp;&nbsp;&nbsp;(Gain) loss on sale of businesses | **2.8** | (12.5) | **2.5** | (19.5) |
| &nbsp;&nbsp;&nbsp;Impairment charge | **—** | 5.8 | **—** | 5.8 |
| Operating profit | **94.8** | 67.2 | **150.6** | 120.6 |
| Interest expense | **28.5** | 11.4 | **56.8** | 19.7 |
| Interest income | **(1.3)** | (0.7) | **(3.1)** | (2.4) |
| Other, net (income) expense | **(2.2)** | 3.3 | **(2.1)** | 2.8 |
|  | **25.0** | 14.0 | **51.6** | 20.1 |
| Income before income taxes | **69.8** | 53.2 | **99.0** | 100.5 |
| Provision for income taxes | **10.1** | 7.6 | **15.7** | 15.7 |
| Net income | $**59.7** | $45.6 | $**83.3** | $84.8 |
| Net income per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $**1.22** | $0.93 | $**1.70** | $1.74 |
| &nbsp;&nbsp;&nbsp;Diluted | $**1.22** | $0.93 | $**1.70** | $1.74 |
| Weighted average number of shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | **48.9** | 48.6 | **48.8** | 48.5 |
| &nbsp;&nbsp;&nbsp;Diluted | **49.0** | 48.7 | **48.9** | 48.7 |

---

972.942.6500 7 arcosa.com

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**Arcosa, Inc.**

**Condensed Segment Data**

(in millions)

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Revenues:** | **2025** | **2024** | **2025** | **2024** |
| Aggregates | $**194.0** | $169.7 | $**359.3** | $328.6 |
| Specialty materials and asphalt | **133.3** | 66.0 | **206.5** | 129.2 |
| Aggregates intrasegment sales | **(10.3)** | (0.2) | **(14.4)** | (0.6) |
| &nbsp;&nbsp;Total Construction Materials | **317.0** | 235.5 | **551.4** | 457.2 |
| Construction site support | **37.5** | 40.6 | **65.9** | 70.1 |
| &nbsp;&nbsp;Construction Products | **354.5** | 276.1 | **617.3** | 527.3 |
| Utility and related structures | **205.2** | 209.4 | **401.0** | 386.7 |
| Wind towers | **87.8** | 65.4 | **176.8** | 119.7 |
| &nbsp;&nbsp;Engineered Structures | **293.0** | 274.8 | **577.8** | 506.4 |
| Inland barges | **89.4** | 75.7 | **173.8** | 155.4 |
| Steel components<sup>(1)</sup> | **—** | 38.1 | **—** | 74.2 |
| &nbsp;&nbsp;Transportation Products | **89.4** | 113.8 | **173.8** | 229.6 |
| &nbsp;&nbsp;Segment Totals before Eliminations | **736.9** | 664.7 | **1368.9** | 1263.3 |
| Eliminations | **—** |  | **—** |  |
| &nbsp;&nbsp;Consolidated Total | $**736.9** | $664.7 | $**1368.9** | $1263.3 |
|  | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Operating profit (loss):** | **2025** | **2024** | **2025** | **2024** |
| Construction Products | $**58.6** | $39.4 | $**76.9** | $68.2 |
| Engineered Structures | **42.8** | 35.1 | **81.8** | 61.4 |
| Transportation Products<sup>(1)</sup> | **8.8** | 12.6 | **22.7** | 27.2 |
| &nbsp;&nbsp;Segment Total | **110.2** | 87.1 | **181.4** | 156.8 |
| Corporate | **(15.4)** | (19.9) | **(30.8)** | (36.2) |
| &nbsp;&nbsp;Consolidated Total | $**94.8** | $67.2 | $**150.6** | $120.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Backlog:** | **June 30, 2025** | **December 31, 2024** | **June 30, 2024** |
| &nbsp;&nbsp;&nbsp;**Engineered Structures:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility and related structures | $**450.0** | $414.0 | $424.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wind towers | $**598.6** | $776.8 | $914.1 |
| &nbsp;&nbsp;&nbsp;**Transportation Products:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inland barges | $**277.0** | $280.1 | $251.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> On August 16, 2024, the Company completed the divestiture of the steel components business. See Reconciliation of Adjusted EBITDA for Steel Components table for the contribution of the steel components business to operating profit, included above, for the three and six months ended June 30, 2024.

972.942.6500 8 arcosa.com

------

**Arcosa, Inc.**

**Condensed Consolidated Balance Sheets**

(in millions)

(unaudited)

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**189.7** | $187.3 |
| &nbsp;&nbsp;&nbsp;Receivables, net of allowance | **477.0** | 350.2 |
| &nbsp;&nbsp;&nbsp;Inventories | **406.8** | 359.9 |
| &nbsp;&nbsp;&nbsp;Other | **43.2** | 56.6 |
| Total current assets | **1116.7** | 954.0 |
| Property, plant, and equipment, net | **2100.9** | 2129.4 |
| Goodwill | **1343.4** | 1361.2 |
| Intangibles, net | **324.2** | 338.3 |
| Deferred income taxes | **2.6** | 2.8 |
| Other assets | **123.8** | 129.8 |
|  | $**5011.6** | $4915.5 |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $**297.5** | $237.3 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | **161.4** | 166.4 |
| &nbsp;&nbsp;&nbsp;Advance billings | **58.4** | 100.2 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | **10.2** | 12.1 |
| Total current liabilities | **527.5** | 516.0 |
| Debt | **1673.3** | 1676.8 |
| Deferred income taxes | **212.5** | 200.6 |
| Other liabilities | **90.0** | 93.9 |
|  | **2503.3** | 2487.3 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | **0.5** | 0.5 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | **1697.4** | 1696.5 |
| &nbsp;&nbsp;&nbsp;Retained earnings | **827.2** | 748.9 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | **(16.8)** | (17.7) |
|  | **2508.3** | 2428.2 |
|  | $**5011.6** | $4915.5 |

---

972.942.6500 9 arcosa.com

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**Arcosa, Inc.**

**Consolidated Statements of Cash Flows**

(in millions)

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** |
| **Operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $**83.3** | $84.8 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion, and amortization | **109.7** | 89.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charge | **—** | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | **13.4** | 14.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for deferred income taxes | **11.9** | 14.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposition of property, plant, equipment, and other assets | **(8.3)** | (5.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of businesses | **2.5** | (19.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | **2.3** | (4.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in other liabilities | **(3.7)** | (9.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **5.7** | (5.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in current assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivables | **(126.3)** | (80.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in inventories | **(50.7)** | 21.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other current assets | **13.4** | 11.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable | **60.1** | (11.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in advance billings | **(41.8)** | (2.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued liabilities | **(11.0)** | 16.3 |
| Net cash provided by operating activities | **60.5** | 118.8 |
| **Investing activities:** |  |  |
| &nbsp;&nbsp;Proceeds from disposition of property, plant, equipment, and other assets | **10.8** | 7.4 |
| &nbsp;&nbsp;Proceeds from sale of businesses | **—** | 33.3 |
| &nbsp;&nbsp;Capital expenditures | **(61.8)** | (102.0) |
| &nbsp;&nbsp;Cash received (paid) for acquisitions | **17.6** | (179.9) |
| Net cash required by investing activities | **(33.4)** | (241.2) |
| **Financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payments to retire debt | **(6.6)** | (63.4) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of debt | **—** | 200.0 |
| &nbsp;&nbsp;&nbsp;Dividends paid to common stockholders | **(5.0)** | (4.9) |
| &nbsp;&nbsp;&nbsp;Purchase of shares to satisfy employee tax on vested stock | **(12.4)** | (10.4) |
| &nbsp;&nbsp;&nbsp;Debt issuance costs | **(0.7)** |  |
| Net cash (required) provided by financing activities | **(24.7)** | 121.3 |
| Net increase (decrease) in cash and cash equivalents | **2.4** | (1.1) |
| Cash and cash equivalents at beginning of period | **187.3** | 104.8 |
| Cash and cash equivalents at end of period | $**189.7** | $103.7 |

---

972.942.6500 10 arcosa.com

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**Arcosa, Inc.**

**Reconciliation of Adjusted Net Income and Adjusted Diluted EPS**

(unaudited)

GAAP does not define "Adjusted Net Income" and it should not be considered as an alternative to earnings measures defined by GAAP, including net income. We use this metric to assess the operating performance of our consolidated business. We adjust net income for certain items that are not reflective of the normal operations of our business to provide investors with what we believe is a more consistent comparison of earnings performance from period to period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Net income | $**59.7** | $45.6 | $**83.3** | $84.8 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on sale of businesses, net of tax | **2.1** | (9.7) | **1.9** | (15.0) |
| &nbsp;&nbsp;Impact of acquisition and divestiture-related expenses, net of tax<sup>(1)</sup> | **0.4** | 4.3 | **1.0** | 6.4 |
| &nbsp;&nbsp;&nbsp;Impairment charge, net of tax | **—** | 4.5 | **—** | 4.5 |
| Adjusted Net Income | $**62.2** | $44.7 | $**86.2** | $80.7 |

---

GAAP does not define "Adjusted Diluted EPS" and it should not be considered as an alternative to earnings measures defined by GAAP, including diluted EPS. We use this metric to assess the operating performance of our consolidated business. We adjust diluted EPS for certain items that are not reflective of the normal operations of our business to provide investors with what we believe is a more consistent comparison of earnings performance from period to period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in dollars per share)** | **(in dollars per share)** | **(in dollars per share)** | **(in dollars per share)** |
| Diluted EPS | $**1.22** | $0.93 | $**1.70** | $1.74 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on sale of businesses | **0.04** | (0.20) | **0.04** | (0.31) |
| &nbsp;&nbsp;Impact of acquisition and divestiture-related expenses<sup>(1)</sup> | **0.01** | 0.09 | **0.02** | 0.13 |
| &nbsp;&nbsp;&nbsp;Impairment charge | **—** | 0.09 | **—** | 0.09 |
| Adjusted Diluted EPS | $**1.27** | $0.91 | $**1.76** | $1.65 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs.

972.942.6500 11 arcosa.com

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**Arcosa, Inc.**

**Reconciliation of Adjusted EBITDA**

($ in millions)

(unaudited)

"EBITDA" is defined as net income plus interest, taxes, depreciation, depletion, and amortization. "Adjusted EBITDA" is defined as EBITDA adjusted for certain items that are not reflective of the normal earnings of our business. GAAP does not define EBITDA or Adjusted EBITDA and they should not be considered as alternatives to earnings measures defined by GAAP, including net income. We use Adjusted EBITDA to assess the operating performance of our consolidated business, as a metric for incentive-based compensation, as a measure within our lending arrangements, and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. As a widely used metric by analysts, investors, and competitors in our industry, we believe Adjusted EBITDA also assists investors in comparing a company's performance on a consistent basis without regard to depreciation, depletion, amortization, and other items which can vary significantly depending on many factors. "Adjusted EBITDA Margin" is defined as Adjusted EBITDA divided by Revenues.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Full Year <br>2025 Guidance** | **Full Year <br>2025 Guidance** |
| | **2025** | **2024** | **2025** | **2024** | **Low** | **High** |
| Revenues | $**736.9** | $664.7 | $**1368.9** | $1263.3 | $**2850.0** | $**2950.0** |
| Net income | **59.7** | 45.6 | **83.3** | 84.8 | **187.2** | **202.7** |
| Add: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | **27.2** | 10.7 | **53.7** | 17.3 | **100.0** | **103.0** |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | **10.1** | 7.6 | **15.7** | 15.7 | **41.1** | **47.6** |
| &nbsp;&nbsp;Depreciation, depletion, and amortization expense<sup>(1)</sup> | **56.1** | 46.6 | **109.7** | 89.4 | **225.0** | **230.0** |
| EBITDA | **153.1** | 110.5 | **262.4** | 207.2 | **553.3** | **583.3** |
| Add (less): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Gain) loss on sale of businesses | **2.8** | (12.5) | **2.5** | (19.5) | **2.5** | **2.5** |
| &nbsp;&nbsp;Impact of acquisition and divestiture-related expenses<sup>(2)</sup>  | **0.5** | 5.6 | **1.3** | 8.4 | **1.3** | **1.3** |
| &nbsp;&nbsp;&nbsp;Impairment charge | **—** | 5.8 | **—** | 5.8 | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Other, net (income) expense | **(2.2)** | 3.3 | **(2.1)** | 2.8 | **(2.1)** | **(2.1)** |
| Adjusted EBITDA | $**154.2** | $112.7 | $**264.1** | $204.7 | $**555.0** | $**585.0** |
| Adjusted EBITDA Margin | **20.9%** | 17.0% | **19.3%** | 16.2% | **19.5%** | **19.8%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Includes the impact of the fair value markup of acquired long-lived assets, subject to final purchase price adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs.

972.942.6500 12 arcosa.com

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**Arcosa, Inc.**

**Reconciliation of Adjusted Segment EBITDA**

($ in millions)

(unaudited)

"Segment EBITDA" is defined as segment operating profit plus depreciation, depletion, and amortization. "Adjusted Segment EBITDA" is defined as Segment EBITDA adjusted for certain items that are not reflective of the normal earnings of our business. GAAP does not define Segment EBITDA or Adjusted Segment EBITDA and they should not be considered as alternatives to earnings measures defined by GAAP, including segment operating profit. We use Adjusted Segment EBITDA to assess the operating performance of our businesses, as a metric for incentive-based compensation, and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. As a widely used metric by analysts, investors, and competitors in our industry we believe Adjusted Segment EBITDA also assists investors in comparing a company's performance on a consistent basis without regard to depreciation, depletion, amortization, and other items, which can vary significantly depending on many factors. "Adjusted Segment EBITDA Margin" is defined as Adjusted Segment EBITDA divided by Revenues.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Twelve Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** | **2025** |
| **Construction Products** |  |  |  |  |  |
| Revenues | $**354.5** | $276.1 | $**617.3** | $527.3 | $**1195.1** |
| Operating Profit | **58.6** | 39.4 | **76.9** | 68.2 | **142.6** |
| &nbsp;&nbsp;Add: Depreciation, depletion, and amortization expense<sup>(1)</sup> | **41.8** | 29.4 | **80.4** | 59.5 | **155.6** |
| Segment EBITDA | **100.4** | 68.8 | **157.3** | 127.7 | **298.2** |
| &nbsp;&nbsp;&nbsp;Less: Gain on sale of businesses | **—** | (5.0) | **—** | (5.0) | **—** |
| &nbsp;&nbsp;Add: Impact of acquisition and divestiture-related expenses<sup>(2)</sup> | **—** | 0.1 | **—** | 1.3 | **10.9** |
| &nbsp;&nbsp;&nbsp;Add: Impairment charge | **—** | 5.8 | **—** | 5.8 | **—** |
| Adjusted Segment EBITDA | $**100.4** | $69.7 | $**157.3** | $129.8 | $**309.1** |
| Adjusted Segment EBITDA Margin | **28.3%** | 25.2% | **25.5%** | 24.6% | **25.9%** |
| **Engineered Structures** |  |  |  |  |  |
| Revenues | $**293.0** | $274.8 | $**577.8** | $506.4 | $**1118.7** |
| Operating Profit | **42.8** | 35.1 | **81.8** | 61.4 | **146.8** |
| &nbsp;&nbsp;Add: Depreciation and amortization expense<sup>(1)</sup> | **12.0** | 12.5 | **24.7** | 20.4 | **49.7** |
| Segment EBITDA | **54.8** | 47.6 | **106.5** | 81.8 | **196.5** |
| &nbsp;&nbsp;Add: Impact of acquisition and divestiture-related expenses<sup>(2)</sup> | **—** | 1.6 | **—** | 1.6 | **—** |
| &nbsp;&nbsp;&nbsp;Less: Gain on sale of businesses | **—** | (7.5) | **—** | (14.5) | **—** |
| Adjusted Segment EBITDA | $**54.8** | $41.7 | $**106.5** | $68.9 | $**196.5** |
| Adjusted Segment EBITDA Margin | **18.7%** | 15.2% | **18.4%** | 13.6% | **17.6%** |
| **Transportation Products** |  |  |  |  |  |
| Revenues | $**89.4** | $113.8 | $**173.8** | $229.6 | $**361.8** |
| Operating Profit | **8.8** | 12.6 | **22.7** | 27.2 | **25.7** |
| &nbsp;&nbsp;&nbsp;Add: Depreciation and amortization expense | **1.9** | 4.1 | **3.8** | 8.1 | **8.3** |
| Segment EBITDA | **10.7** | 16.7 | **26.5** | 35.3 | **34.0** |
| &nbsp;&nbsp;&nbsp;Add: Loss on sale of businesses | **2.8** |  | **2.5** |  | **24.1** |
| Adjusted Segment EBITDA | $**13.5** | $16.7 | $**29.0** | $35.3 | $**58.1** |
| Adjusted Segment EBITDA Margin | **15.1%** | 14.7% | **16.7%** | 15.4% | **16.1%** |
| Operating Loss - Corporate | $**(15.4)** | $(19.9) | $**(30.8)** | $(36.2) | $**(87.5)** |
| &nbsp;&nbsp;Add: Impact of acquisition and divestiture-related expenses - Corporate<sup>(2)</sup> | **0.5** | 3.9 | **1.3** | 5.5 | **28.5** |
| &nbsp;&nbsp;&nbsp;Add: Corporate depreciation expense | **0.4** | 0.6 | **0.8** | 1.4 | **1.7** |
| Adjusted EBITDA | $**154.2** | $112.7 | $**264.1** | $204.7 | $**506.4** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Includes the impact of the fair value markup of acquired long-lived assets, subject to final purchase price adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs.

972.942.6500 13 arcosa.com

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**Arcosa, Inc.**

**Reconciliation of Non-GAAP Measures for Construction Products**

(in millions, except per ton amounts)

(unaudited)

"Aggregates Freight-Adjusted Revenues" is defined as aggregates revenues less freight and delivery, which are pass-through activities, and other revenues, which are largely service related. We use this metric to calculate "Aggregates Freight-Adjusted Average Sales Price", which is Aggregates Freight-Adjusted Revenues divided by shipments. "Aggregates Adjusted Cash Gross Profit" is defined as aggregates gross profit plus depreciation, depletion, and amortization and adjusted for certain items that are not reflective of the normal earnings of our business. "Aggregates Adjusted Cash Gross Profit Per Ton" is Aggregates Adjusted Cash Gross Profit divided by shipments. GAAP does not define these metrics and they should not be considered as alternatives to earnings measures defined by GAAP, including aggregates revenues and aggregates gross profit. We believe that this presentation is consistent with our competitors. These metrics are used by analysts and investors in comparing a company's performance on a consistent basis.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Aggregates** |  |  |  |  |
| Aggregates revenues | $**194.0** | $169.7 | $**359.3** | $328.6 |
| &nbsp;&nbsp;Less: Freight and other revenues | **(35.3)** | (31.5) | **(62.5)** | (62.6) |
| Aggregates Freight-Adjusted Revenues | $**158.7** | $138.2 | $**296.8** | $266.0 |
| Aggregates gross profit | **48.2** | 42.8 | **82.9** | 80.4 |
| &nbsp;&nbsp;Add: Depreciation, depletion, and amortization | **25.1** | 17.5 | **47.2** | 35.5 |
| &nbsp;&nbsp;Add: Impact of acquisition and divestiture-related expenses | **—** | 0.1 | **—** | 1.3 |
| Aggregates Adjusted Cash Gross Profit | $**73.3** | $60.4 | $**130.1** | $117.2 |
| Aggregates shipments - tons | **8.9** | 8.4 | **16.6** | 16.3 |
| Aggregates Freight-Adjusted Average Sales Price | $**17.83** | $16.45 | $**17.88** | $16.32 |
| Aggregates Adjusted Cash Gross Profit per Ton | $**8.24** | $7.19 | $**7.84** | $7.19 |

---

"Freight-Adjusted Revenues" for Construction Products is defined as segment revenues less freight and delivery, which are pass-through activities. GAAP does not define Freight-Adjusted Revenues and it should not be considered as alternatives to earnings measures defined by GAAP, including revenues. We use Freight-Adjusted Revenues in the review of our operating results. We also believe that this presentation is consistent with our competitors. As a widely used metric by analysts and investors, this metric assists in comparing a company's performance on a consistent basis. "Freight-Adjusted Segment EBITDA Margin" is defined as Freight-Adjusted Revenues divided by Adjusted Segment EBITDA.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Construction Products** |  |  |  |  |
| Revenues | $**354.5** | $276.1 | $**617.3** | $527.3 |
| &nbsp;&nbsp;Less: Freight revenues | **(30.3)** | (27.1) | **(52.5)** | (51.0) |
| Freight-Adjusted Revenues | $**324.2** | $249.0 | $**564.8** | $476.3 |
| Adjusted Segment EBITDA<sup>(1)</sup> | $**100.4** | $69.7 | $**157.3** | $129.8 |
| Adjusted Segment EBITDA Margin<sup>(1)</sup> | **28.3%** | 25.2% | **25.5%** | 24.6% |
| Freight-Adjusted Segment EBITDA Margin | **31.0%** | 28.0% | **27.9%** | 27.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> See Reconciliation of Adjusted Segment EBITDA table.

972.942.6500 14 arcosa.com

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**Arcosa, Inc.**

**Reconciliation of Free Cash Flow and Net Debt to Adjusted EBITDA**

($ in millions)

(unaudited)

GAAP does not define "Free Cash Flow" and it should not be considered as an alternative to cash flow measures defined by GAAP, including cash flow from operating activities. We define Free Cash Flow as cash provided by operating activities less capital expenditures net of the proceeds from the disposition of property, plant, equipment, and other assets. We use this metric to assess the liquidity of our consolidated business. We present Free Cash Flow for the convenience of investors who use it in their analysis and for shareholders who need to understand the metric we use to assess performance and monitor our cash and liquidity positions.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cash provided by operating activities | $**61.2** | $38.3 | $**60.5** | $118.8 |
| Capital expenditures | **(27.8)** | (47.6) | **(61.8)** | (102.0) |
| Proceeds from disposition of property, plant, equipment, and other assets | **5.8** | 3.2 | **10.8** | 7.4 |
| &nbsp;&nbsp;Free Cash Flow | $**39.2** | $(6.1) | $**9.5** | $24.2 |

---

GAAP does not define "Net Debt" and it should not be considered as an alternative to cash flow or liquidity measures defined by GAAP. The Company uses Net Debt, which it defines as total debt minus cash and cash equivalents to determine the extent to which the Company's outstanding debt obligations would be satisfied by its cash and cash equivalents on hand. The Company also uses "Net Debt to Adjusted EBITDA", which it defines as Net Debt divided by Adjusted EBITDA for the trailing twelve months as a metric of its current leverage position. We present this metric for the convenience of investors who use such metrics in their analysis and for shareholders who need to understand the metrics we use to assess performance and monitor our cash and liquidity positions.

---

| | |
|:---|:---|
| | **June 30, 2025** |
| Total debt excluding debt issuance costs | $**1700.5** |
| Cash and cash equivalents | **189.7** |
| &nbsp;&nbsp;Net Debt | $**1510.8** |
| Adjusted EBITDA (trailing twelve months)<sup>(1)</sup> | $**544.1** |
| Net Debt to Adjusted EBITDA | **2.8** |

---

<sup>(1)</sup> Adjusted EBITDA includes an upward pro forma adjustment for Stavola, acquired on October 1, 2024, of $36.4 million, which was Stavola's Adjusted EBITDA for the three months ended September 30, 2024, to reflect the three-month pro forma impact on our Adjusted EBITDA as if the acquisition had occurred on December 31, 2023. Also included is a $1.3 million upward pro forma adjustment to exclude Adjusted EBITDA loss from the steel components business during the period, which was divested on August 16, 2024.

972.942.6500 15 arcosa.com

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**Arcosa, Inc.**

**Reconciliation of Adjusted EBITDA for Steel Components and Stavola**

(in millions)

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2024** | **2024** |
| **Steel Components** |  |  |
| Operating Profit | $2.0 | $4.5 |
| &nbsp;&nbsp;Add: Depreciation and amortization expense | 2.4 | 4.8 |
| Steel Components EBITDA | 4.4 | 9.3 |
| Steel Components Adjusted EBITDA | $4.4 | $9.3 |

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** |
| **Stavola** |  |  |
| Operating Profit | $**22.9** | $**11.9** |
| &nbsp;&nbsp;Add: Depreciation, depletion, and amortization expense | **12.3** | **21.3** |
| Stavola EBITDA | **35.2** | **33.2** |
| Stavola Adjusted EBITDA | $**35.2** | $**33.2** |

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