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Here are 1-3 brief analogies to describe Perma-Pipe International (PPIH):

• It's like a Parker Hannifin for specialized, pre-insulated industrial piping.
• Think of it as the Mueller Water Products for district energy and industrial piping systems.
• It's like an ITT Inc. focused on highly engineered piping solutions.

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• Pre-insulated Piping Systems: These systems provide thermal insulation and mechanical protection for transporting liquids or gases, primarily used in district heating & cooling, oil & gas, and industrial applications.
• Secondary Containment Piping Systems: Designed with an outer protective jacket, these systems provide an additional layer of protection to prevent leaks and contain hazardous fluids.
• Leak Detection Systems: Integrated into their piping solutions, these systems monitor for leaks, enhancing safety and operational efficiency.
• Custom Engineered Products: PPIH also offers specialized piping solutions tailored to unique customer specifications and project requirements.

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Perma-Pipe International Holdings, Inc. (PPIH) sells primarily to other companies (Business-to-Business, B2B).

According to its most recent annual report (10-K filing for the fiscal year ended January 31, 2023), no single customer accounted for 10% or more of its total net sales for the past three fiscal years. Therefore, PPIH does not publicly disclose specific "major customers" by name as it does not have a significant customer concentration.

However, PPIH's products and services are typically sold to a diverse range of companies and organizations involved in large infrastructure and industrial projects. These generally fall into the following categories:

• General Contractors and Engineering Firms: These companies are responsible for the design, procurement, and construction of large-scale projects globally. They integrate Perma-Pipe's specialized pipe systems into their broader infrastructure developments.
• Project Developers and Owners: Entities that develop and own infrastructure in various sectors, including district heating and cooling, oil and gas gathering, chemical, petrochemical, and other industrial applications. They purchase Perma-Pipe's systems for their long-term operational needs.
• Utility Companies: Particularly those operating district heating and cooling networks, which rely on Perma-Pipe's pre-insulated pipe systems for efficient energy distribution and minimal heat loss.

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Saleh Sagr, 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. Prior to this, he served as Senior Vice President, Middle East North Africa (MENA) starting in July 2021, and Vice President, MENA from May 2019. Before joining Perma-Pipe, Mr. Sagr co-founded Global Anti Corrosion Techniques, a Saudi pipeline coating company, in 2005, where he served as General Manager. He possesses extensive experience in strategic planning, business development, startups, and turnarounds, particularly within the Middle East over the last 15 years.

Matthew Lewicki, Chief Financial Officer

Matthew Lewicki was appointed Vice President and Chief Financial Officer, Secretary, and Treasurer on October 2, 2023. He joined Perma-Pipe in May 2023 as Chief Accounting Officer. Before his tenure at Perma-Pipe, Mr. Lewicki served as Corporate Controller for HMT Holdings Corp, Inc., a global oil and gas infrastructure services company, from June 2019 to April 2023. From June 2013 to May 2019, he was a Senior Manager of Financial Planning and Reporting for Quanta Services, Inc., an electric and oil and gas infrastructure services company. His experience also includes serving as Chief Financial Officer for U.S. Industrial Holdings Corporate and Controller for Total Capital, LP, a private equity firm with a portfolio of companies primarily in industrial services, manufacturing, logistics, and engineering. He began his career as an auditor at Deloitte. Mr. Lewicki is a Certified Public Accountant in Texas.

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 focused on driving growth in new markets and product lines within the energy sector across the Americas. His background includes P&L management, operations management, strategic planning, and mergers and acquisitions. Mr. Huber held key positions at companies such as Shawcor and CPW America Co., where he served as President and achieved significant milestones, including shifting sales focus to new markets and products, driving revenue growth to over $250 million, and enhancing profitability.

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 the company in February 2013 and has held progressively more senior roles, including General Manager – DHC MENA, Director of Procurement, Contract Administration & Project Management- MENA, General Manager – Egypt, and most recently Vice President of MENA. Mr. Sharkawy has deep domain knowledge in operations, engineering, procurement, project management, and sales. He began his career as a Technical Service Engineer with Kharafi National in Kuwait and was a Senior Procurement Engineer with Orascom Construction in Egypt before joining Perma-Pipe.

Will Leong, Vice President, Strategy and Business Development

Will Leong has been applying his vision and leadership to scale the business through geographic expansion and product innovation since joining Perma-Pipe in 2018. Prior to Perma-Pipe, he served as Chief Operating Officer at TZ Inc., where he managed the successful launch of smart locking technology across various markets. Mr. Leong holds an Engineering degree from Northern Illinois University.

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The key risks to Perma-Pipe International's (PPIH) business are primarily centered around the inherent volatility of its project-based operations, recent material weaknesses in its internal financial controls, and its exposure to fluctuating raw material costs.

1. Volatility of Project-Based Business and Exposure to Cyclical Capital Spending: Perma-Pipe International's revenue is highly dependent on large, discrete projects, which introduces significant volatility due to variations in order levels, project timing, execution, and potential delays or cancellations. This risk is amplified by the company's exposure to cyclical capital spending, particularly within the oil and natural gas industries, and changes in government spending on infrastructure projects.
2. Weaknesses in Internal Control Over Financial Reporting and Need for Financial Restatement: The company recently announced that previously issued financial statements should not be relied upon due to identified errors and existing material weaknesses in its internal control over financial reporting. These discrepancies necessitated a restatement of financials for the six months ended July 31, 2024, impacting the reliability of financial reporting and potentially investor confidence.
3. Raw Material Price Fluctuations and Supply Chain Disruptions: Perma-Pipe International faces risks related to its ability to procure raw materials at favorable prices and maintain beneficial relationships with suppliers. The company has acknowledged updating its pricing to customers to mitigate the impact of raw material price increases, but future disruptions to its operations due to uncertain raw material supply shortages and transportation delays remain a concern.

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Perma-Pipe International (PPIH) Addressable Markets

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Perma-Pipe International Holdings (PPIH) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:

• Strong and Growing Project Backlog: The company possesses a substantial and increasing project backlog, reported at $167.5 million in FY 2024 and growing to $157.8 million as of July 31, 2025, up from $75.5 million in Q2 FY2024. This robust backlog offers clear revenue visibility and is a primary driver as these contracted projects are realized over the next 12-18 months.
• Expansion in Middle Eastern Oil and Gas and Infrastructure Projects: A significant portion of future growth is anticipated from the ongoing energy infrastructure expansion in the Middle East. Notably, securing technical and commercial approval from Saudi Aramco is a critical step that allows Perma-Pipe to directly enter Saudi Arabia's large oil and gas pipe coating market. This is complemented by new contract awards and regional expansion plans within the MENA region and Qatar. The company is also investing in local capabilities aligned with Saudi Arabia's Vision 2030 energy and infrastructure goals.
• Diversification into New Markets and Applications: Perma-Pipe is strategically diversifying its market presence beyond traditional district heating and cooling. The company has secured multiple project awards for double-containment and pre-insulated piping solutions tailored for the growing data center, pharmaceutical, and broader industrial expansion projects in both the U.S. and Saudi Arabia. This product and market diversification strategy is vital for sustained growth.
• Increased Global Infrastructure Spending: The demand for Perma-Pipe's specialized piping and leak detection systems is benefiting from a general increase in global infrastructure spending. This macro trend is contributing to a strengthening demand for the company's services across its various operational markets.

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Share Repurchases

• The North American Loan Parties are restricted from making repurchases of the Company's common stock exceeding $3.0 million.
• Perma-Pipe accounts for share repurchases under the cost method, recording them as treasury stock, which reduces stockholders' equity.

Share Issuance

• As of April 26, 2024, there were approximately 8.02 million shares of common stock outstanding.
• The number of shares outstanding increased by 0.22% in one year, as of November 7, 2025.
• As of April 21, 2025, the number of shares of common stock outstanding was approximately 7.98 million.

Capital Expenditures

• Perma-Pipe's capital expenditures averaged $5.036 million for the fiscal years ending January 2021 to 2025.
• Capital expenditures reached a 5-year peak of $11.106 million in January 2024 and a 5-year low of $1.963 million in January 2021.
• The North American Loan Parties have an annual limit of $5.0 million on capital expenditures, with a limited carryover of unused amounts.