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Here are 1-3 brief analogies to describe AZZ:

• AZZ is like an 'Illinois Tool Works' (ITW) focused on industrial metal protection and power infrastructure components.
• AZZ is like a specialized '3M' for industrial metal coatings and critical power infrastructure products.
• AZZ is like a 'Valmont Industries' (VMI) that specializes in industrial metal coatings and critical power infrastructure solutions.

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• Metal Coatings Services: Provides hot-dip galvanizing and other protective zinc coatings to prevent corrosion on steel products across various industries.
• Electrical Infrastructure Products: Manufactures highly engineered electrical products such as switchgear, transformers, and enclosures for industrial and utility power applications.
• Nuclear Power Services: Offers specialized engineering, welding, and repair services for critical components within nuclear power generation facilities.

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AZZ (symbol: AZZ) primarily sells its products and services to other companies, operating on a business-to-business (B2B) model. According to its financial filings, AZZ serves a highly diversified customer base, and no single customer accounts for 10% or more of its consolidated net sales. Therefore, it does not have individually named "major customers" in the traditional sense that would be disclosed.

Instead, AZZ serves a broad range of companies across several key industries. The primary categories of customers it serves include:

• Utilities and Power Generation Companies: This category includes electric utilities involved in power generation (including nuclear), transmission, and distribution. They utilize AZZ's metal coatings for infrastructure components and highly engineered electrical products for critical applications.
• Construction and Infrastructure Companies: This encompasses general construction companies, structural steel fabricators, and engineering, procurement, and construction (EPC) firms. These customers rely on AZZ's metal coating services for corrosion protection of structural steel and other fabricated metal products used in buildings, bridges, and various infrastructure projects.
• Industrial Companies and Original Equipment Manufacturers (OEMs): This broad category covers a variety of industrial sectors where durable metal coatings and specialized electrical equipment are essential. OEMs integrate AZZ's components and services into their own products or systems for diverse industrial applications.

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Thomas E. Ferguson Chief Executive Officer; Director; President

Thomas E. Ferguson has served as the Chief Executive Officer, Director, and President of AZZ Inc. since 2013. Prior to his tenure at AZZ, he held the position of Interim Chief Executive Officer at FlexSteel Pipeline Technologies, Inc. Mr. Ferguson also accumulated significant leadership experience at Flowserve Corporation, where he served in various senior roles from 1997 to 2012, including Senior Vice President, President of Flow Solutions Group, and President of Flowserve Pump Division. He also chaired the Advisory Board at Curtis Mathes Corporation.

Jason Crawford Senior Vice President; Chief Financial Officer

Jason Crawford assumed the role of Chief Financial Officer and Senior Vice President of AZZ Inc. in 2024. He previously served as the Senior Vice President of Finance for AZZ's Precoat Metals segment. Mr. Crawford has over two decades of experience in senior-level accounting and finance leadership. His career includes serving as Senior Vice President of Finance at Sequa Corporation from 2020 to 2022 and Senior Vice President of Finance at Precoat Metals from 2012 to 2020, prior to its acquisition by AZZ. He also held numerous finance leadership positions at Boston Scientific from 2006 to 2012. His expertise includes mergers and acquisitions within both domestic and international companies across diverse industries.

Kurt Russell Senior Vice President; Chief Strategy Officer

Kurt Russell became the Senior Vice President and Chief Strategy Officer of AZZ Inc. in March 2025, a role focused on the company's growth initiatives. Before this, he served as the President and Chief Operating Officer of the Precoat Metals business segment since 2022. Prior to joining AZZ, Mr. Russell was the President of the Precoat Metals Division at Sequa Corporation.

Tara D. Mackey Chief Legal Officer; Secretary

Tara D. Mackey has been the Chief Legal Officer and Secretary of AZZ Inc. since 2014. Her previous experience includes serving as Chief Legal Counsel and Corporate Secretary at First Parts, Inc.

Bryan Stovall Chief Operating Officer, Metal Coatings; Senior Vice President - Metal Coatings

Bryan Stovall serves as the Chief Operating Officer for AZZ's Metal Coatings segment and holds the title of Senior Vice President - Metal Coatings.

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The key risks to AZZ Inc.'s business include:

1. Economic Uncertainties and Supply Chain Dependencies: AZZ is highly susceptible to fluctuations in raw material costs, such as zinc and natural gas, which are critical for its metal coatings segments. The company also faces risks from broader economic uncertainties, including inflation and supply chain disruptions, which can impact its cost structure, operational efficiency, and demand in key markets like construction and industrial sectors.
2. Competitive Market Pressures and Technological Advancements: The company operates in highly competitive markets where pricing, product quality, and service are key factors. AZZ must continuously innovate and invest in research and development to maintain its competitive edge against rivals, some of whom may have greater resources or more diversified offerings.
3. Operational Risks, including Labor Availability and Debt Obligations: AZZ's operations depend on the availability of skilled labor, and challenges in attracting and retaining qualified employees could adversely affect its business. Additionally, the company's debt obligations contain restrictive covenants that may limit its operational flexibility, and it is exposed to interest rate risk on its variable-rate debt.

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The increasing adoption and technological maturity of solid-state circuit breakers (SSCBs) and advanced power electronics.

AZZ's Infrastructure Solutions segment manufactures and designs medium and high voltage switchgear and digital controls, which traditionally rely on mechanical circuit breakers for power protection. Solid-state circuit breakers represent a fundamental technological shift, offering significantly faster interruption speeds, enhanced digital control, arc-less switching, and potentially smaller footprints compared to conventional mechanical breakers. As SSCBs become more cost-effective and widely implemented across industrial, utility, data center, and renewable energy applications, they could disrupt the market for AZZ's traditional mechanical switchgear and associated components, requiring substantial investment in new product development or risking the obsolescence of existing product lines within this segment.

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Metal Coatings

• Hot-Dip Galvanizing: The global hot-dip galvanizing market was valued at approximately USD 88.6 billion in 2024 and is projected to reach around USD 155.7 billion by 2034, growing at a CAGR of 5.8% from 2025 to 2034. Another estimate places the global hot-dip galvanized steel market at USD 47.0 billion in 2022, with projections to reach USD 83.7 billion by 2032. The North American hot-dip galvanizing market holds a significant share, valued at approximately USD 41.3 billion in 2024.
• Coil Coating: While a specific global or North American market size for coil coating alone is not readily available, the broader metal coating market (which includes coil coating) is expected to reach USD 15.48 billion globally in 2026, up from USD 12.29 billion in 2021. AZZ's Precoat Metals segment, which provides coil coating applications, generated approximately $912.6 million in sales for fiscal year 2025 in the U.S.

Infrastructure Solutions (through 40% interest in AVAIL JV)

• Electrical Enclosures: The global electrical enclosure market was valued at approximately USD 7.42 billion in 2024 and is projected to grow to USD 13.15 billion by 2032, exhibiting a CAGR of 7.7%. North America held the largest market share in 2024. The U.S. electrical enclosure market is predicted to reach an estimated value of USD 2,111.0 million by 2032. Another report estimates the global market at USD 55.15 billion in 2025, projected to surpass USD 88.38 billion by 2034.
• Switchgear: The global switchgear market was estimated at USD 107.33 billion in 2024 and is projected to reach USD 160.07 billion by 2030, growing at a CAGR of 7.2%. North America dominated the switchgear market with a revenue share of 37.9% in 2024. The U.S. switchgear market is projected to reach an estimated value of USD 24.40 billion by 2032.
• Welding Solutions (Welding Equipment and Consumables): The global welding equipment and consumables market was valued at USD 13.4 billion in 2023 and is estimated to grow to USD 20.7 billion by 2032, with a CAGR of 5%. The North American welding equipment and consumables market accounted for approximately USD 2.7 billion in 2023 and is projected to surpass USD 4.2 billion by 2032. Separately, the global welding products market size was estimated at USD 15.30 billion in 2024 and is projected to reach USD 19.94 billion by 2030.

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• Increased Infrastructure Spending: AZZ anticipates significant growth from multi-year infrastructure spending, particularly driven by the Infrastructure Investment and Jobs Act (IIJA). This includes projects related to solar energy, electrical transmission and distribution, and data centers.
• Transition to Aluminum Packaging: The ongoing shift to aluminum packaging within the food and beverage sectors is a crucial growth driver for AZZ. The company is benefiting from the ramp-up of production at its new Greenfield facility in Washington, Missouri, and recent gains in market share within the container end-market.
• Reshoring and Tariff Impacts: Reshoring activities and existing tariffs are expected to create tailwinds for the domestic steel market, U.S. manufacturing, and warehousing, positively impacting AZZ's revenue.
• Strategic Mergers and Acquisitions: AZZ is actively evaluating merger and acquisition opportunities to enhance its galvanizing and precoat segments, which are expected to contribute to its overall revenue growth targets.
• Organic Growth in Metal Coatings and Precoat Metals: The company projects continued organic growth within its Metal Coatings and Precoat Metals segments. This growth is anticipated to be fueled by increased steel and coil coating volume, as well as sustained infrastructure-related demand in key markets such as construction, industrial, and electrical transmission and distribution.

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Share Repurchases

• AZZ authorized a $100 million share repurchase program on November 10, 2020.
• As of April 28, 2025, AZZ had repurchased approximately $46.8 million in shares, with $53.2 million remaining under the authorized $100 million program.
• The company recommenced its stock repurchase program on April 28, 2025, by entering into a 10b5-1 plan to facilitate share repurchases.

Share Issuance

• AZZ completed a public offering of 4.6 million shares of common stock on April 30, 2024, generating gross proceeds of $322 million.
• The net proceeds from this offering were primarily used to redeem the company's 6.0% Series A Convertible Preferred Stock.
• A secondary public offering of common stock was successfully completed during fiscal year 2025.

Outbound Investments

• AZZ acquired the Precoat Metals business division from Sequa Corporation for approximately $1.3 billion on May 13, 2022.
• In July 2025, AZZ acquired Canton Galvanizing, LLC, expanding its metal coating capabilities and galvanizing network.
• Other acquisitions include Acme Galvanizing, Inc. in January 2021, Steel Creek Galvanizing Company, LLC in December 2021, and DAAM Galvanizing Co. Ltd. in February 2022, which expanded its metal coating solutions and geographic reach.

Capital Expenditures

• Capital expenditures for fiscal year 2025 were $115.9 million, which included $52.8 million for the greenfield facility in Washington, Missouri.
• Expected capital expenditures for fiscal year 2025 were in the range of $100-$120 million, with $40-$60 million allocated to the greenfield plant construction in Washington, Missouri, which was expected to be completed in FY25.
• The remaining capital expenditures for FY2025 were primarily focused on maintenance, productivity enhancements, and environmental, health, and safety initiatives. Expected capital expenditures for fiscal year 2026 are approximately $60-$80 million.