Arcosa Inc 2025年度报告

Arcosa is a provider ofinfrastructure-relatedproducts and solutionswith leading brandsserving construction,engineered structures, andtransportation markets. FORWARD-LOOKING STATEMENTSThis document contains forward-lookingstatements as defi ned by the Private SecuritiesLitigation Reform Act of 1995. Forward-looking statements are subject to risks anduncertainties that could cause actual resultsto differ materially from such forward-lookingstatements. For more information on these risksand uncertainties, please refer to “Risk Factors”and the “Forward-Looking Statements” sectionof “Management’s Discussion and Analysis ofFinancial Condition and Results of Operations”of the Form 10-K included in this Annual Report. NON-GAAP FINANCIAL MEASURESThis document contains fi nancial measures thathave not been prepared in accordance withU.S. generally accepted accounting principles(“GAAP”). Reconciliations of non-GAAPfi nancial measures to the closest GAAP measureare provided on pages 10-12. WE MOVEINFRASTRUCTUREFORWARD Our individual businesses have built reputationsfor quality, service, and operational excellenceover decades. Arcosa serves a broad spectrum ofinfrastructure-related markets and is strategicallyfocused on driving organic and disciplinedacquisition growth to capitalize on thefragmented nature of many of the industriesin which we operate. With Arcosa’s current platform of businessesand additional growth opportunities, weare well-aligned with key market trendssuch as the replacement and growth oftransportation infrastructure; the continuedshift to renewable power generation; and theexpansion of new transmission, distribution, andtelecommunications infrastructure. DEAR FELLOW SHAREHOLDERS: Engineered Structuresalso delivered another yearof meaningful progress with revenues up 14% andAdjusted Segment EBITDA 38% higher, resulting in320 basis points of margin improvement. Segmentgrowth was driven by organic expansion in our utilitystructures business, which benefi ted from elevatedcustomer investment in grid modernization, alongwith increased wind tower production at our recentlyopened plant in New Mexico. 2025 was an outstanding one for Arcosa — onein which we continued to deliver record fi nancialresults by advancing our long-term strategy ofbuilding a stronger, more resilient business. Ourprogress refl ects disciplined execution across thecompany and our ongoing commitment to valuecreation. DELIVERING RECORDFINANCIAL PERFORMANCE WithinTransportation Products, the barge businessincreased revenues 16% and Adjusted SegmentEBITDA by 21% due to higher tank barge volumes anda more favorable product mix. Arcosa achieved record revenues of $2.9 billion,a 12% increase over the prior year, supportedby strong contributions from our ConstructionProducts and Engineered Structures segments.We also delivered record Adjusted EBITDA of$583 million, representing 30% year-over-yeargrowth, and an Adjusted EBITDA margin of 20.2%,an expansion of 280 basis points. These resultsrefl ect robust execution, pricing discipline, and thecontinued benefits of our transformation strategy. STRENGTHENING THE BALANCE SHEETAND SIMPLIFYING THE PORTFOLIO We maintained disciplined capital allocation andended the year with improved fi nancial fl exibility. Withstrong free cashfl ow generation, we decreased NetDebt to Adjusted EBITDA to 2.3 times from 2.9 timesat the start of the year. Through a combination ofearnings growth and debt reduction, we achieved ourdeleveraging goal following the Stavola acquisitiontwo quarters ahead of schedule. We accomplished this performance whileachieving the lowest annual safety incident rate inArcosa’s history, demonstrating our commitmentto safety excellence. In February 2026, we announced that we haveentered into a definitive agreement to sell ourbarge business for $450 million in cash. We expectthe sale to close in the second quarter of 2026,subject to regulatory approval and other customaryclosing conditions, and intend to use the net after-tax proceeds to invest in the expansion of our coregrowth platforms and reduce outstanding debt. SUSTAINING MOMENTUM ACROSSOUR BUSINESSES We continue to evolve our portfolio towardbusinesses with attractive long-term fundamentalsand compelling market demand. Construction Productsgrew revenues 19%,supported by strong pricing dynamics and thesuccessful integration of the Stavola acquisition,which accelerated growth and was highlyaccretive to segment margin, refl ecting its premierfi nancial attributes and exposure to lower-volatility,infrastructure-led end markets. Adjusted SegmentEBITDA increased 26% and margin expanded 170basis points. This transaction further reduces portfolio complexityand cyclicality, raises our overall margin profi le, andenhances the long-term resiliency of the company.Upon completion of the divestiture, Arcosa willbe fully focused on our key growth businesses —construction materials and engineered structures— with both well aligned t