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• Transportation Infrastructure: Design, construction, and maintenance of critical transportation networks, including roads, bridges, and railways.
• Energy Infrastructure: Development and management of facilities for power generation, transmission, and distribution, encompassing traditional and renewable energy sources.
• Water & Wastewater Management: Engineering, construction, and operation of systems for potable water supply, treatment, and wastewater processing.
• Telecommunications Infrastructure: Deployment and upkeep of essential digital communication networks, such as fiber optic cables and cellular towers.
• Urban & Public Infrastructure: Comprehensive planning and execution of municipal projects like public buildings, utilities, and smart city solutions.

The company NWPX Infrastructure (symbol: NWPX) appears to be a fictional entity, as no public company with this name or stock symbol could be identified in financial databases or major stock exchanges. Therefore, identifying its real major customers is not possible.

However, if NWPX Infrastructure were a real company operating in the infrastructure sector, it would most likely sell primarily to other companies and government entities (B2B model) rather than directly to individuals. Hypothetically, its major customers might include:

• Utility Companies: Large public utility corporations that manage and expand power grids, water systems, or gas pipelines. An example could be a company like NextEra Energy, Inc. (NYSE: NEE), which might contract NWPX for large-scale energy infrastructure projects.
• Telecommunications Providers: Companies that build out and maintain cellular networks, fiber optic lines, or data centers. For instance, Verizon Communications Inc. (NYSE: VZ) or AT&T Inc. (NYSE: T) could be major customers for communication infrastructure development.
• Government Agencies: Federal, state, or municipal bodies responsible for public works, transportation, and urban development. While not public companies, these entities are often the largest clients for infrastructure firms, commissioning projects like roads, bridges, public transport systems, or water treatment facilities.

Please note that this customer information is entirely hypothetical and based on typical business models within the infrastructure industry, as the specified company does not exist.

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Scott Montross, President & Chief Executive Officer

Scott Montross has served as President and Chief Executive Officer of NWPX Infrastructure since January 2013, and as a Director since the same year. He joined the company in May 2011, bringing over 23 years of experience in the steel industry. His previous senior leadership roles include Executive Vice President of the Flat Products Group for Evraz Inc. North America, where he also served as Vice President and General Manager. Prior to Evraz, Mr. Montross was the Vice President of Marketing and Sales at Oregon Steel Mills Inc. and held positions at National Steel Corporation.

Aaron Wilkins, Chief Financial Officer; Secretary; Senior Vice President

Aaron Wilkins has been the Chief Financial Officer, Secretary, and Senior Vice President of NWPX Infrastructure since 2020. He joined NWPX in 2014 as the Corporate Controller and is responsible for the company's finance and investor relations functions. Before joining NWPX, Mr. Wilkins served as the Chief Financial Officer of Omega Morgan, an industrial services company. He also spent seven years at Evraz Inc. North America, where his roles included Corporate Controller, Assistant Treasurer, and Director of Finance.

Richard A. Roman, Chairman

Richard A. Roman has served as Chairman of NWPX Infrastructure since 2013. Prior to this, he was the Chief Executive Officer and President of the company from 2010 to 2012. Mr. Roman's background also includes serving as the President of Columbia Ventures Corporation and as a Partner at Coopers & Lybrand.

Miles Brittain, Executive Vice President of Water Transmission Engineered Systems and Precast

Miles Brittain oversees all operational and commercial aspects for NWPX's Northwest Pipe Company facilities, NWPX Geneva manufacturing facilities, and NWPX Park plants. He joined the company in 2013 as the Vice President – Water Transmission Operations and was appointed Vice President – Water Transmission Engineered Systems in 2018, before taking on his current role in 2021. Mr. Brittain's experience includes nine years with Evraz Inc. North America, where he served as Vice President and General Manager of the Evraz Claymont Facility.

Megan Kendrick, Senior Vice President - Human Resources

Megan Kendrick has been the Senior Vice President of Human Resources at NWPX Infrastructure since 2017. She began her career with the company in 2008 as a manager in the Accounting Department and held various positions in both Accounting and Human Resources before her current appointment. Prior to NWPX, Ms. Kendrick worked for the Memphis Grizzlies of the National Basketball Association and started her career with the public accounting firm Arthur Andersen in Vancouver, BC, Canada.

Key Risks to NWPX Infrastructure (NWPX)

NWPX Infrastructure, Inc. faces several key risks to its business operations and financial performance:

1. Volatile Raw Material Costs: The company, particularly its Engineered Steel Pressure Pipe (SPP) segment, is highly exposed to volatile raw material costs, especially steel coil. This directly impacts gross margins, as projects are often bid in advance, making it challenging to adjust for price swings in raw materials.
2. Revenue Concentration and Project Timing Risk: A significant portion of NWPX Infrastructure's revenue, primarily from its Water Transmission Systems (WTS) segment (formerly SPP), is derived from large, multi-year municipal water projects. The timing and funding of these projects can be unpredictable, dependent on government appropriations, permitting, and engineering schedules, leading to potential delays that can affect production and shipments. The SPP division also faces cyclical challenges related to trade policies and project pipelines.
3. Significant Capital Expenditure Requirements: As an infrastructure manufacturing company, NWPX Infrastructure requires substantial and ongoing capital expenditures (CapEx) for facility upgrades and maintenance. While necessary for long-term efficiency, this continuous investment can exert pressure on short-term free cash flow.

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NWPX Infrastructure (symbol: NWPX) operates in two primary markets, with the following addressable market sizes in North America:

• Water Transmission Systems (WTS) / Engineered Steel Pressure Pipe (SPP): The total addressable market for these systems in North America is estimated to be between $450 million and $650 million.
• Precast Infrastructure and Engineered Systems: The total addressable market for these products in North America is estimated at $14 billion.

Expected drivers of future revenue growth for NWPX Infrastructure (NWPX) over the next 2-3 years include:

1. Strong Backlog and Bidding Activity in Water Transmission Systems: The company has reported a significant and growing backlog in its Water Transmission Systems segment, with the Q3 2025 backlog reaching $301 million with confirmed orders, and further surging to $348 million sequentially. This strong order pipeline, combined with robust bidding activity, is expected to reinforce future revenue generation in this core segment.
2. Continued Growth in the Precast Segment: NWPX's Precast segment has demonstrated strong performance, with a 21.5% year-over-year revenue increase in Q2 2025, driven by sustained momentum in the residential sector. This segment is anticipated to experience further acceleration, supported by increasing demand in both residential and non-residential construction, with potential tailwinds from easing interest rates.
3. Federal Infrastructure Funding (IIJA): The Infrastructure Investment and Jobs Act (IIJA) is identified as a significant long-term demand driver for NWPX's products and services. Federal funding is expected to filter into actual projects, providing substantial support for the company's backlog and overall market demand for water infrastructure in the coming years.
4. Aging Water Infrastructure and Broader Market Demand: The pressing need to upgrade and replace aging water infrastructure across the U.S., alongside factors such as population growth, drought conditions, and climate change, creates a fundamental and sustained demand for NWPX's water-related infrastructure products. The U.S. water infrastructure market presents considerable opportunities, with an estimated $625 billion in needs over the next two decades, aligning well with NWPX's competencies.
5. Product Spread Strategy and Potential Strategic Acquisitions: NWPX's growth strategy includes expanding the reach of its Precast Infrastructure & Engineered Systems products, particularly through its "Product Spread Strategy" of producing and shipping ParkUSA products from existing plants. The company has already seen over $10 million in orders outside of Texas through this strategy in 2024. Additionally, strategic acquisitions remain a potential lever to scale the Precast business further.

1. Share Repurchases

   • NWPX Infrastructure has an authorized stock repurchase program of $30 million with no expiration date.
   • As of October 28, 2025, approximately 577,000 shares totaling $22 million have been repurchased under the program authorized in November 2023.
   • Year-to-date through Q3 2025, the company repurchased 379,000 shares for $15.8 million.

2. Outbound Investments

   • In January 2020, NWPX acquired Geneva Pipe and Precast for $49.4 million.
   • In October 2021, the company acquired ParkUSA for $90.2 million.
   • NWPX's growth strategy actively includes pursuing strategic acquisitions, particularly in the precast-related market, with a goal for the Precast segment to become the same size as the Water Transmission Systems business.

3. Capital Expenditures

   • Capital expenditures were $7.8 million in Q3 2025, an increase from $6.0 million in Q3 2024.
   • In Q2 2025, capital expenditures were $3.5 million, compared to $6.1 million in Q2 2024.
   • For the full year 2025, NWPX anticipates capital expenditures to be in the range of $19 million to $22 million, with approximately $5 million dedicated to projects supporting precast product spread and growing the Park and Geneva businesses.