Here are 1-2 brief analogies for Astec Industries:

• Caterpillar for road construction factories and aggregate processing.

• The 'factory builder' for roads, from crushing rocks to laying asphalt, much like a specialized Caterpillar.

• Asphalt Plants: Equipment used for producing various types of asphalt mixes for road construction.
• Asphalt Pavers & Material Transfer Vehicles: Machinery designed for efficiently laying asphalt on roads and transferring material on job sites.
• Concrete Batch Plants & Mixers: Systems for producing and mixing concrete for construction projects.
• Crushing & Screening Equipment: Machinery that breaks down large materials and separates them by size.
• Conveying & Bulk Material Handling Solutions: Systems for efficiently moving and managing large quantities of materials.
• Milling Machines & Soil Stabilizing-Reclaiming Machinery: Equipment for removing existing pavement surfaces and preparing or improving soil for new construction.
• Industrial Heating & Burning Systems: Provides various heaters, hot oil units, and burners for industrial processes and asphalt production.
• Wood Chippers & Grinders: Equipment for processing wood waste and other organic materials into smaller pieces.
• Plant Automation & Control Systems: Integrated systems for monitoring and controlling the operations of various processing plants.
• Engineering & Consulting Services: Offers design, environmental permitting, and general advisory services for construction and material processing projects.

• Asphalt producers
• Highway and heavy equipment contractors
• Ready mix concrete producers
• Contractors in the construction and demolition recycling markets
• Governmental agencies

Jaco G. van der Merwe, President & CEO

Jaco G. van der Merwe became the President & CEO of Astec Industries in January 2023, also joining the corporation's Board of Directors. He originally joined Astec in 2016 as Group President of the Energy Group, later becoming responsible for the Infrastructure Solutions Group in 2019. Prior to Astec, Mr. van der Merwe spent over 18 years with Epiroc (formerly part of Atlas Copco), where he held various global leadership positions in manufacturing, sales, marketing, aftermarket support, and general management, leading and integrating several successful acquisitions. He holds a background in Metallurgical Engineering and a Master of Business Administration.

Brian J. Harris, Chief Financial Officer

Brian J. Harris was appointed Chief Financial Officer of Astec Industries, effective October 7, 2024. His extensive experience includes serving as Executive Vice President and Chief Financial Officer at Summit Materials, Inc. from October 2013 to February 2023. Before Summit Materials, he was the Executive Vice President and Chief Financial Officer of Bausch + Lomb Corporation from 2009 to 2013, and he held various positions at the Gates Corporation from 1996 to 2009. Mr. Harris earned his Bachelor of Accounting degree from Glasgow University.

Heinrich Jonker, Vice President Finance – Infrastructure Solutions

Heinrich Jonker serves as the Vice President Finance – Infrastructure Solutions for Astec Industries. He previously held the role of Interim Chief Financial Officer for the company. Mr. Jonker has nearly twenty years of public company experience and, prior to Astec, held multiple financial leadership roles within Epiroc (formerly part of Atlas Copco), including Vice President Controlling & Finance.

Michael Norris, Group President of Materials Solutions

Michael Norris was named Group President of Materials Solutions in November 2023. He joined Astec in January 2018, serving as Vice President of International from October 2019 and later as Senior Vice President of International & Aftermarket Sales starting January 2021. Prior to Astec, Mr. Norris was the VP of Global Aftermarket for Filtec Ltd. for two years. He also spent 28 years in the Mining and Construction industry, holding various leadership roles at Sandvik Mining & Construction and Boart Longyear. Mr. Norris holds a Bachelor of Science in Mechanical Engineering and a Master of Business Administration.

Terrell Gilbert, General Counsel, Chief Compliance Officer and Corporate Secretary

Terrell Gilbert joined Astec Industries in March 2024 as General Counsel, Chief Compliance Officer, and Corporate Secretary. Before his tenure at Astec, he served as Deputy General Counsel of Mohawk Industries, Inc.

1. Dependence on Economic Cycles and Government Infrastructure Spending: Astec Industries' financial performance is highly susceptible to global economic downturns and fluctuations in government infrastructure spending. Decreases in such spending or broader economic contractions directly and adversely impact the company's revenues and operating results. The impending expiration of the Infrastructure Investment and Jobs Act of 2021 in October 2026 introduces further uncertainty regarding future project flow.

2. Macroeconomic Headwinds and Cost Pressures: The company faces significant challenges from ongoing macroeconomic pressures, including inflationary pressures, disruptions in the global supply chain, and labor shortages. These factors, coupled with increased production costs for key materials such as steel, aluminum, and copper, are negatively affecting Astec's gross profit and EBITDA margins. Additionally, rising interest rates and the potential for a recession contribute to investor concerns regarding the company's financial outlook.

3. Intense Competition: Astec Industries operates within a highly competitive and dynamic construction equipment market. The presence of strong competitors, such as Komatsu, poses a substantial threat. This competitive landscape requires continuous innovation and strategic positioning to maintain market share and profitability.

Astec Industries, Inc. operates in significant global and regional addressable markets for its road building and related construction equipment.

Infrastructure Solutions Segment

For the products and services within Astec's Infrastructure Solutions segment, such as asphalt plants, asphalt pavers, and concrete batch plants, the addressable markets are substantial:

• Asphalt Mixing Plants: The global asphalt mixing plant market was valued at approximately USD 5.21 billion in 2023, with some projections estimating it at USD 5.65 billion in 2025, growing to USD 7.73 billion by 2034. The North American market for asphalt mixing plants was valued at USD 1.01 billion in 2025 and is expected to reach USD 1.66 billion by 2035. The U.S. alone generated approximately USD 1.269 million in equipment revenue in 2024, representing about 23.6% of the global market share.
• Asphalt Pavers: The global asphalt pavers market was valued at approximately USD 2.17 billion in 2024 and is projected to reach USD 3.32 billion by 2034. Another estimate shows the global market reached USD 3.34 billion in 2025, expanding to USD 5.95 billion by 2032. The North America asphalt paver market was valued at US$ 517.19 million in 2023 and is expected to reach US$ 686.85 million by 2031. The U.S. asphalt pavers market size was USD 288 million.
• Concrete Batch Plants: The global concrete batch plants market size was valued at USD 3.8 billion in 2024 and is projected to grow to USD 5.4 billion by 2034. Another report valued the global concrete batching plant market at USD 3.79 billion in 2024, projected to reach USD 4.91 billion by 2032. The U.S. concrete batch plants market was worth over USD 1.03 billion in 2024. North America holds a significant share, estimated at 20-28.5% of the global market in 2025.

Materials Solutions Segment

For the crushing, screening, and mineral processing equipment offered by Astec's Materials Solutions segment, the addressable market sizes include:

• Crushing, Screening, and Mineral Processing Equipment: The global crushing, screening, and mineral processing equipment market size was valued at USD 23.7 billion in 2024 and is projected to reach USD 35.3 billion by 2033. Another estimate places the global market size at USD 20.6141 billion in 2020, projected to reach USD 40.5585 million by 2032. North America holds a significant share, accounting for approximately 28.6% of the global market share in 2024.

Overall Road Construction Equipment Market

More broadly, the global road construction equipment market, which encompasses many of Astec's products, was valued at approximately USD 192.84 billion in 2024, with projections indicating it could reach USD 256.01 billion by 2031. The U.S. road construction equipment market alone was valued at USD 100 billion in 2024, with expectations to reach USD 150 billion by 2033.

Astec Industries (ASTE) is expected to drive future revenue growth over the next 2-3 years through several key factors:

1. Strong Backlog and Order Trends: The company has reported a significant and growing backlog, which provides a solid foundation for future revenue. Astec's backlog reached $514.1 million, marking a 22.5% year-over-year increase, indicating a strong pipeline for upcoming sales. Management has also noted positive order trends, contributing to an optimistic outlook for realizing future revenue from existing orders.
2. Strategic Acquisitions: Recent acquisitions, specifically TerraSource and CWMF, are anticipated to contribute substantially to Astec's annual revenue. These acquisitions are projected to add over $200 million in annual revenue, with CWMF expected to be accretive from day one. This inorganic growth strategy expands Astec's market reach and product offerings.
3. Growth in Aftermarket Parts and Service Sales: Astec Industries has prioritized the expansion of its aftermarket parts and service business. This strategic focus is already yielding results, with parts sales increasing by 11.5% for the full year 2025, reaching $432.7 million and accounting for 30.7% of total net sales. The continued emphasis on this higher-margin, recurring revenue stream is expected to contribute to consistent revenue growth.
4. Federal Infrastructure Funding and Large Project Demand: The company anticipates multi-year demand driven by federal infrastructure funding, healthy state and local budgets, and large construction projects, including data centers. Management has expressed confidence in capturing this sustained demand within both its Infrastructure Solutions and Materials Solutions segments, which aligns with government spending on road building and related construction activities.
5. Favorable Pricing and Product/Volume Mix: Astec has benefited from favorable pricing and a positive volume and product mix, which have contributed to past revenue and EBITDA growth. The company's ability to maintain pricing discipline and optimize its product offerings to meet market demand is expected to continue supporting revenue expansion.

Share Repurchases

• As of December 31, 2021, Astec Industries had approximately $126.0 million remaining under a previously authorized share repurchase program of $150.0 million.
• No shares were repurchased under the plan during 2021.

Share Issuance

• Information available for the period does not indicate any significant share issuances. Shares outstanding remained stable from 2021 to 2025.

Outbound Investments

• Astec Industries completed the acquisition of TerraSource Holdings, LLC on July 1, 2025, which is expected to add over $150 million in annual revenue and enhance its Materials Solutions segment and aftermarket parts business.
• The company acquired CWMF Corporation, a manufacturer of asphalt plant equipment and parts with approximately $50 million in annual revenues, with the definitive agreement announced in December 2025 and completion in January 2026.
• Collectively, the acquisitions of TerraSource and CWMF represent over $200 million of annual revenue for Astec.

Capital Expenditures

• For the full year 2025, Astec Industries reported capital expenditures of $28.7 million.
• In the second quarter of 2023, capital expenditure investments totaled $9.1 million, primarily aimed at increasing capacity and improving efficiency.
• Astec anticipates capital expenditures for the full year 2026 to be between $40 million and $50 million, with a focus on operational improvement projects, improved quality, and automation.