On this page of StockholderLetter.com we present the latest annual shareholder letter from AZZ INC — ticker symbol AZZ. Reading current and past AZZ letters to shareholders can bring important insights into the investment thesis.

 •  5/27/2025 Letter Continued (Full PDF)
 •  5/30/2023 AZZ Stockholder Letter
 •  5/28/2024 AZZ Stockholder Letter
 •  More "Metals Fabrication & Products" Category Stockholder Letters
 •  AZZ Benford's Law Stock Score = 94

AZZ Shareholder/Stockholder Letter Transcript:

Fiscal Year 2025 Annual Report

AZZ Precoat Metals New Coil Coating Line in Washington, Missouri
TO OUR SHAREHOLDERS, CUSTOMERS,
PARTNERS, AND EMPLOYEES:
Fiscal Year 2025 Achievements
Fiscal year 2025 was a successful year for AZZ. We delivered record full year results, achieved our 38th consecutive
year of profitability, and made significant progress on our growth initiatives throughout the year.
With record sales of $1.58 billion and cash flow from operations of $250 million, we were able to complete our
greenfield project in Washington, Missouri, reduce debt by $110 million, and return $23.1 million to our shareholders
through cash dividend payments. We successfully completed a secondary public offering of common stock and
fully redeemed the Company   s Series A Preferred Stock. Our fiscal year 2025 financial results reflects the tenacity
and discipline of our management team and employees, and the strength of our streamlined business portfolio.
In fiscal year 2025, we published our fourth environmental, social responsibility and governance (ESG) report,
highlighting our ESG disclosures and advancement on our ESG initiatives. We are honored to report that AZZ
was named in Newsweek   s list of America   s Most Responsible Companies for the third year in a row and
recognized by Forbes as one of America   s Most Successful Small Companies.
Future Outlook
As we look to the year ahead, we will continue to pursue initiatives to drive growth, target new M&A opportunities,
reduce debt, and maintain our leadership position in the market segments in which we conduct business to
further enhance shareholder value. Our Board remains actively focused on overseeing our leadership team,
business operations, risk management, talent development, succession planning and the execution of our longterm strategy. We remain committed to advancing ESG initiatives in our operations and providing a sustainable
workplace for our employees.
Finally, we are excited about AZZ   s future as we remain committed to providing superior customer service and
outstanding quality, which are supported by sustainable operational excellence, while enhancing shareholder value.
We appreciate your continued investment in and support of AZZ.
Dan Feehan
Chairman of the Board
Tom Ferguson
President and Chief Executive Officer

AZZ AT A GLANCE
(in millions)
1,578
Net Sales
$1600
1,538
1400
1,324
1200
1000
903
800
600
400
SELECT FINANCIAL INFORMATION
200
(in thousands, except per-share data and percentages)
For the four fiscal years
ending February 28/29
Net sales
2024
2025(1)
$ 902,664 $ 1,323,649 $ 1,537,589
$ 1,577,744
2022
Net income
2023
84,022
66,339
128,833
101,607
Earnings per share:
Basic earnings per common share
0
2024
2025
129
Net Income

3.38

2.34


3.48
1.80
120
100
3.35
2.33
3.46
1.79
Return on shareholders    equity
12.6%
10.7%
14.5%
12.3%
60
Pretax profits to sales
11.8%
6.7%
8.5%
10.8%
40
9.3%
5.0%
6.6%
8.2%
Net income to sales
$ 1,133,028 $ 2,221,479 $ 2,195,505
$ 2,227,101
0
952,742
852,365
Total liabilities
465,663
1,368,019
1,261,014
1,181,606
Shareholders    equity
667,365
619,738
700,769
1,045,495
Debt-to-equity ratio
0.34 to 1
1.71 to 1
1.36 to 1
0.82 to 1
2.6 to 1
2.2 to 1
1.9 to 1
1.7 to 1
150
249,909
100
86,010

91,430 $
244,468

Capital expenditures
28,405
57,120
95,119
115,883
Basic average shares outstanding
24,855
24,828
25,041
29,086
(1) FY2025 based on continuing operations
66
2022
2023
Cash Provided
by Operations
1,058,120

84
20
227,000
Current ratio
102
80
Debt
Cash provided by operations
2023
$140
Diluted earnings per common share
Total Assets
2022
2024
2025
250
244
$250
200
86
91
2022
2023
50
0
2024
2025

SERVING THE GROWING
NEEDS OF CONSTRUCTION,
MANUFACTURING AND
CRITICAL INFRASTRUCTURE
AZZ Inc. is the leading independent
provider of hot-dip galvanizing and
coil coating solutions to a broad range
of end-markets. Collectively, our
business segments provide sustainable,
unmatched metal coating solutions that
enhance the longevity and appearance
of buildings, products and infrastructure
that are essential to everyday life.
Our comprehensive capabilities create
enduring infrastructure for constructing
a stronger, safer, and more sustainable
world.

AZZ METAL COATINGS
North America   s leading hot-dip galvanizer of fabricated metal
The AZZ Metal Coatings segment provides hot-dip galvanizing, spin galvanizing, powder coating, anodizing, plating and other metal coating
applications to the steel fabrication industry and other industries through facilities located throughout the United States and Canada. Hot-dip
galvanizing is a metallurgical manufacturing process in which molten zinc reacts with steel, which provides corrosion protection and extends the
lifecycle of fabricated steel for several decades. As of February 28, 2025, AZZ Metal Coatings operated 41 galvanizing plants, six surface technology
plants and one tubular products plant.
    HOT-DIP
GALVANIZING
    SURFACE
TECHNOLOGIES
AZZ PRECOAT METALS
North America   s leading provider in metal coil coating solutions
The AZZ Precoat Metals segment provides protective and decorative coatings and related value-added solutions for steel and aluminum coils.
Primarily serving the construction, appliance, heating, ventilation, and air conditioning (HVAC), container, transportation and other end markets,
the coil coating process emphasizes sustainability and enhanced product lifecycles. As of February 28, 2025, AZZ Precoat Metals operated 13
strategically located manufacturing facilities located in the United States, with 15 coating lines and 17 value-added processing lines. The newest
facility in Wahington, Missouri became operational during the first quarter of fiscal 2026.
    COIL COATING



 5/27/2025 Letter Continued (Full PDF)