Perma-Pipe International is like a highly specialized version of Valmont Industries, but focused on engineering and manufacturing advanced, insulated, and protected piping systems for critical fluid transport in energy, chemicals, and district heating.

Think of Perma-Pipe International as the Parker-Hannifin of advanced pipeline systems; they design and build specialized pipes, insulation, and protective coatings to ensure the safe and efficient transport of critical industrial fluids.

• District Heating and Cooling Piping Systems: Engineered systems for energy distribution from central energy plants.
• Containment Piping Systems: Primary and secondary systems for transporting chemicals, hazardous fluids, and petroleum products.
• Pipeline Coating and Insulation Services: Services for coating and insulating oil and gas gathering and transmission pipelines.
• Anti-Corrosion Coatings: Liquid and powder-based coatings for the internal and external surfaces of steel pipes and fittings.
• Leak Detection Systems: Systems designed to identify leaks in various piping applications.

Saleh Sagr, President and Chief Executive Officer

Saleh Sagr was appointed President of Perma-Pipe on March 31, 2025, and subsequently became Chief Executive Officer on June 7, 2025. He joined Perma-Pipe in 2019 and previously served as Senior Vice President, Middle East North Africa (MENA) since July 2021, overseeing regional expansion and business growth. Mr. Sagr brings over 30 years of international experience in operations, engineering, and executive leadership within the energy and infrastructure sectors. Before joining Perma-Pipe, he co-founded Global Anti Corrosion Techniques in Saudi Arabia, a pipeline coating company, where he served as General Manager. Mr. Sagr has extensive experience in strategic planning, business development, startups, and turnarounds, particularly in the Middle East.

Matthew Lewicki, Vice President and Chief Financial Officer

Matthew Lewicki was appointed Vice President and Chief Financial Officer on October 2, 2023. He joined Perma-Pipe in May 2023 as the Chief Accounting Officer. Mr. Lewicki has 20 years of experience across publicly traded companies, public accounting, and private industry, with responsibilities including internal and external financial reporting, SOX compliance, financial planning and analysis, and treasury management. Prior to Perma-Pipe, he served as Corporate Controller for HMT Holdings Corp, Inc. from June 2019 to April 2023. Before that, he was a Senior Manager of Financial Planning and Reporting at Quanta Services, Inc. from June 2013 to May 2019. Mr. Lewicki is a Certified Public Accountant in Texas.

Adham Sharkawy, Senior Vice President, Middle East North Africa (MENA)

Adham Sharkawy was promoted to Senior Vice President of Middle East North Africa (MENA). He joined Perma-Pipe in February 2013 and has progressed through various roles, including General Manager – DHC MENA, Director of Procurement, Contract Administration & Project Management- MENA, General Manager – Egypt, and Vice President of MENA. Mr. Sharkawy began his career as a Technical Service Engineer with Kharafi National in Kuwait and later worked as a Senior Procurement Engineer with Orascom Construction in Egypt.

Marc Huber, Senior Vice President, Americas

Marc Huber joined Perma-Pipe as Senior Vice President, Americas in July 2024. He brings nearly 20 years of experience as a versatile executive, known for driving growth in new markets and product lines within the energy sector across the Americas. Mr. Huber has a strong track record in P&L ownership and delivering commercial and operational leadership. He has held key positions at companies such as Shawcor and CPW America Co.

The key risks to Perma-Pipe International Holdings, Inc. (PPIH) are:

1. Geopolitical Instability, particularly in the Middle East and North Africa (MENA) region: A substantial portion of Perma-Pipe International's sales volume growth is driven by the Middle East, making regional stability a core factor for the company. Geopolitical instability in the MENA region, where the company has significant operations and growth engines, poses a major risk. Escalation of conflicts could directly impact project execution, and trade protectionism or international tensions could complicate global supply chains. The reliance on large state-owned enterprises in these regions also concentrates political risk.
2. Macroeconomic Downturns and Economic Slowdown: Perma-Pipe International's business is heavily tied to large-scale infrastructure and construction projects. A global recession or economic slowdown could lead to widespread project delays, cancellations, or funding challenges, which would pressure near-term revenue and could erode the company's substantial backlog. Historically, capital spending on infrastructure and energy projects tends to contract sharply during global slowdowns, directly impacting PPIH's performance.
3. Fluctuations in Oil and Natural Gas Prices: Perma-Pipe International has significant exposure to the oil and gas industry, especially in the Middle East. Volatility in the prices of oil and natural gas directly impacts customer order volume for the company's products, affecting its financial results.

The global energy transition away from fossil fuels poses a clear emerging threat. A significant portion of Perma-Pipe International's business is dedicated to the coating and insulation of oil and gas gathering and transmission pipelines, as well as providing primary and secondary containment piping systems for transporting petroleum products. As investments in new fossil fuel infrastructure decline and the world shifts towards renewable energy sources, the demand for these specific services and products offered by Perma-Pipe International could diminish substantially.

Perma-Pipe International Holdings, Inc. operates in several addressable markets for its main products and services:

• For pre-insulated and jacketed district heating and cooling piping systems, the global pre-insulated pipe market was estimated at approximately USD 5.96 billion in 2024.
• For primary and secondary containment piping systems for transporting chemicals, hazardous fluids, and petroleum products, the global dual containment pipe market was valued at approximately USD 3.08 billion in 2025.
• For the coating of oil and gas gathering and transmission pipelines, the global oil and gas pipeline coating market is projected to be around USD 5.6 billion in 2025.
• For the insulation of oil and gas gathering and transmission pipelines, the global oil and gas insulation market size was estimated at approximately USD 3.45 billion in 2024.

Perma-Pipe International Holdings, Inc. (PPIH) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

1. Strong Backlog and Project Wins: The company has demonstrated robust future demand through a significantly increasing backlog. As of October 31, 2025, Perma-Pipe's backlog reached $148.9 million, reflecting a substantial increase from previous periods. Recent contract wins, including a $14 million contract for the King Salman Park Project in Saudi Arabia and $22 million in awards for a major data center infrastructure project in the US, further solidify this growth driver.
2. Geographic Expansion and Strong Performance in Key Markets: Perma-Pipe has seen increased sales volumes and is focusing on organic growth initiatives in strategic regions. Strong sales in the Middle East and North America have been consistent drivers of revenue growth. A strategic joint venture has also bolstered the company's presence in Saudi Arabia.
3. Increased Global Infrastructure Spending: The company benefits from overall increases in infrastructure spending, which drives demand for its specialty piping and leak detection systems across various markets.
4. Focus on High-Value Products and Improved Product Mix: Perma-Pipe has strategically focused on offering higher-value products and services, which has contributed to improved gross margins and is expected to continue supporting revenue growth.
5. Adaptability to Emerging Energy Markets: The company's piping systems are adaptable to new energy applications, such as liquefied ammonia, hydrogen, and LNG terminals. This positions Perma-Pipe to potentially tap into new revenue streams as the global energy transition accelerates.

Share Repurchases

• In December 2022, Perma-Pipe International Holdings, Inc. announced a share repurchase program, authorizing the use of $965 thousand remaining from a program initially approved in October 2021.
• The repurchases were authorized to be executed through open market or privately negotiated transactions over the subsequent 12 months.

Share Issuance

• Perma-Pipe International Holdings' shares outstanding have remained relatively stable over the last three to five years, with approximately 7.7 million shares in January 2021, gradually increasing to about 7.9 million shares by January 2025.

Outbound Investments

• In the second quarter of fiscal 2025, Perma-Pipe established a new manufacturing facility in Qatar, supported by over $5 million in new project awards.
• The company has also expanded its Dammam facility in Saudi Arabia, enhancing its regional manufacturing and fabrication capabilities. This expansion is aimed at supporting faster deployment of engineered piping systems and solutions for energy, utilities, and mission-critical infrastructure customers, including Saudi Aramco projects.

Capital Expenditures

• Historical capital expenditures were $2 million in fiscal year 2021, $2 million in 2022, $7 million in 2023, $11 million in 2024, and $3 million in 2025.
• Projected capital expenditures are $7 million for fiscal year 2026, increasing to $11 million by 2030.
• These capital expenditures primarily focus on expanding manufacturing and fabrication capabilities, including new facilities in Qatar and an expanded facility in Dammam, Saudi Arabia, to address growing demand in regions like the Middle East and North America for data center infrastructure and oil and gas projects.