Lindsay Corporation Reports Fiscal 2023 First Quarter Results

OMAHA, Neb., January 5, 2023—Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its first quarter which ended on November 30, 2022.

First Quarter Summary

Revenues for the first quarter of fiscal 2023 were $176.2 million, an increase of $10.0 million, or 6 percent, compared to revenues of $166.2 million in the prior year first quarter. Net earnings for the quarter were $18.2 million, or $1.65 per diluted share, compared with net earnings of $7.9 million, or $0.72 per diluted share, for the prior year first quarter.

“Positive market fundamentals continue to support solid demand for irrigation equipment across our core markets,” said Randy Wood, President and Chief Executive Officer. "Improved price realization and reduced inflationary headwinds compared to the same prior year period contributed to operating income growth and margin expansion in our irrigation business. In our infrastructure business, increased Road Zipper System sales resulted from the completion of a large project that began in our prior year fourth quarter."

First Quarter Segment Results

Irrigation segment revenues for the first quarter of fiscal 2023 were $152.1 million, an increase of $6.2 million, or 4 percent, compared to $145.9 million in the prior year first quarter. North America irrigation revenues of $83.9 million increased $5.0 million, or 6 percent, compared to the prior year first quarter. The increase in North America irrigation revenues resulted primarily from higher average selling prices as unit sales volume was comparable to the prior year first quarter. International irrigation revenues of $68.1 million increased $1.2 million, or 2 percent. Higher sales in Brazil and other markets more than offset the impact of lower sales in Ukraine and Russia and a large Egypt project in the prior year first quarter that did not repeat. The current year was also impacted by the unfavorable effects of foreign currency translation of approximately $1.6 million compared to the prior year first quarter.

Irrigation segment operating income for the first quarter of fiscal 2023 was $28.6 million, an increase of $11.4 million, or 66 percent, compared to the prior year first quarter. Operating margin was 18.8 percent of sales, compared to 11.8 percent of sales in the prior year first quarter. Increased operating income and operating margin resulted primarily from improved price realization, lower inflationary impact on input costs and a more favorable margin mix of international irrigation revenues compared to the prior year first quarter.

Infrastructure segment revenues for the first quarter of fiscal 2023 were $24.1 million, an increase of $3.8 million, or 19 percent, compared to $20.2 million in the prior year first quarter. The increase resulted from higher Road Zipper System sales, which were partially offset by lower Road Zipper System lease revenue and lower sales of road safety products.

Infrastructure segment operating income for the first quarter of fiscal 2023 was $3.4 million, an increase of $0.6 million or 22 percent compared to the prior year first quarter. Operating margin was 14.0 percent of sales, compared to 13.7 percent of sales in the prior year first quarter. Increased operating income and operating margin resulted primarily from higher revenues and lower inflationary impact on input costs compared to the prior year first quarter. This increase was partially offset by a less favorable margin mix of revenues compared to the prior year first quarter.

The backlog of unfilled orders at November 30, 2022 was $129.6 million compared with $154.8 million at November 30, 2021. The irrigation and infrastructure backlog are both lower compared to the prior year first quarter.

Outlook

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“Current commodity price levels and net farm income projections support a positive outlook for North America irrigation equipment demand in the near term. We expect demand in international markets to be supported by expanded production driven by positive agricultural market fundamentals and continuing concerns over food security and global grain supplies,” said Mr. Wood. “In the infrastructure business, we expect growth to be supported by an anticipated increase in U.S. infrastructure spending and by the ongoing management of our project sales funnel.”

First Quarter Conference Call

Lindsay’s fiscal 2023 first quarter investor conference call is scheduled for 11:00 a.m. Eastern Time today. Interested investors may participate in the call by dialing (833) 535-2202 in the U.S., or (412) 902-6745 internationally, and requesting the Lindsay Corporation call. Additionally, the conference call will be simulcast live on the Internet and can be accessed via the investor relations section of the Company's Web site, www.lindsay.com. Replays of the conference call will remain on our Web site through the next quarterly earnings release. The Company will have a slide presentation available to augment management's formal presentation, which will also be accessible via the Company's Web site.

About the Company

Lindsay Corporation (NYSE: LNN) is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology. Established in 1955, the company has been at the forefront of research and development of innovative solutions to meet the food, fuel, fiber and transportation needs of the world’s rapidly growing population. The Lindsay family of irrigation brands includes Zimmatic® center pivot and lateral move agricultural irrigation systems, FieldNET® remote irrigation management and scheduling technology, and industrial IoT solutions. Also a global leader in the transportation industry, Lindsay Transportation Solutions manufactures equipment to improve road safety and keep traffic moving on the world’s roads, bridges and tunnels, through the Barrier Systems®, Road Zipper® and Snoline™ brands. For more information about Lindsay Corporation, visit www.lindsay.com.

Concerning Forward-looking Statements

This release contains forward-looking statements that are subject to risks and uncertainties and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations and planned financing of the Company and those statements preceded by, followed by or including the words “anticipate,” “estimate,” “believe,” “intend,” "expect," "outlook," "could," "may," "should," “will,” or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking information contained in this press release.

For further information, contact:

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The Company manages its business activities in two reportable segments as follows:

Irrigation - This reporting segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, remote irrigation management and scheduling technology, irrigation consulting and design and industrial IoT solutions.

Infrastructure – This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment.

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1st Quarter Fiscal 2023 Earnings Slide Deck Exhibit 99.2

Safe-Harbor Statement This presentation contains forward-looking statements that are subject to risks and uncertainties, and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, Company performance, financial results and planned financing. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Investors should understand that a number of factors (including but not limited to the lingering effects of the COVID-19 pandemic and related public health measures on plant operations, workforce availability, supply chain availability, and product demand) could cause future economic and industry conditions and the Company’s actual financial condition and results of operations to differ materially from management’s beliefs expressed in the forward-looking statements contained in this presentation. These factors include those outlined in the “Risk Factors” section of the Company’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission, and investors are urged to review these factors when considering the forward-looking statements contained in this presentation. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. For full financial statement information, please see the Company’s earnings release dated January 5, 2023.

First Quarter Summary Revenues increased $10.0 million compared to prior year Irrigation increased $6.2 million Infrastructure increased $3.8 million Operating income increased $11.2 million compared to prior year Irrigation increased $11.4 million Infrastructure increased $0.6 million Corporate expense increased $0.8 million Amounts in millions, except per share amounts Revenue Operating Income (with operating margin) Diluted EPS +6% +129% +84%

First Quarter Financial Summary

Current Market Factors As of November 2022, U.S. corn prices have increased 15 percent and soybean prices have increased 18 percent from a year ago. Agricultural commodity prices remained elevated due to global supply constraints and steady demand. As of December 2022, the USDA projected net farm income to be $160.5 billion, an increase of 14 percent from 2021. A projected increase in cash receipts has more than offset a decrease in government support payments and higher cash expenses. If realized, projected 2022 net farm income would be at its highest level since 1973. Drought and water scarcity issues in the U.S. and other parts of the world support the need for efficient irrigation Inflationary pressure on raw material and other input costs has moderated, although certain supply chain constraints persist. High farm input costs and increasing interest rates temper demand for investment. Irrigation Infrastructure The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021 and marked the largest infusion of federal investment into infrastructure projects in more than a decade. It includes a five-year reauthorization of the Fixing America’s Surface Transportation (FAST) Act. This legislation introduced $110 billion in incremental federal funding to repair roads, bridges, and support other transformational projects, which the Company anticipates will translate into higher demand for its transportation safety products. November 2022 YTD state and local government contract awards for highway and pavement projects are up 24% compared to the prior year, supporting an increase in construction activity in 2023. Cost inflation and constraints in availability of labor resources are impacting the timing and scope of certain construction projects.

Irrigation Segment North America revenue increased $5.0 million Higher average selling prices Unit sales volumes comparable to prior year Unit sales volume breakdown by category: Replacement 45%, Conversion 34%, Dryland 21% International revenue increased $1.2 million Higher sales in Brazil and other markets Lower sales in Ukraine and Russia Prior year included Egypt project that did not repeat Unfavorable foreign currency translation impact of $1.6 million Operating income increased $11.4 million Improved price realization Lower inflationary impact on input costs More favorable margin mix of international revenues Prior year included LIFO expense of $5.0 million while current year impact was minimal Revenue North America International FY22 FY23 Amounts in millions +2% +66% +6% Operating Income (with operating margin)

Infrastructure Segment Total revenue increased $3.8 million Increase in Road Zipper System® sales revenue from barrier replacement project in Massachusetts Lower Road Zipper lease revenue due to timing of projects Lower sales of road safety products Operating income increased $0.6 million Increased Road Zipper System sales Lower inflationary impact on input costs Less favorable margin mix of revenues Prior year included LIFO expense of $1.0 million while current year impact was minimal Revenue Amounts in millions +19% +22% Operating Income (with operating margin)

Innovation Leadership: Addressing Global Megatrends Capitalizingon globalmegatrends Key Trends FoodSecurity WaterScarcity LandAvailability MobilitySafety ReducingEmissions Labor Savings

Strong Commitment to Sustainable Practices Our mission is to provide solutions that conserve natural resources, enhance the quality of life for people, and expand our world’s potential. Investing in sustainable technologies Improving our operational footprint Empowering and protecting our people Engaging inour local communities Operatingwithintegrity 1 2 3 4 5

Summary Balance Sheet and Liquidity As of November 30, 2022: Available liquidity of $160.6 million, with $110.6 million in cash, cash equivalents and marketable securities and $50.0 million available under revolving credit facility Total debt of $115.5 million, of which $115.0 million matures in 2030 A funded debt to EBITDA leverage ratio (as defined in our credit agreements) of 1.0 compared to a covenant limit of 3.0

Summary of Cash Flow

Capital Allocation – A Balanced Approach The Company’s prioritization for cash use: Working capital to support organic growth New product development Capital expenditures - expected to be $20-25 million in fiscal 2023 Acquisitions that align with strategic priorities Dividend payments Opportunistic share repurchases Allocation History Other includes debt repayments, net cash sources/uses from note receivables, net investment hedges, stock compensation and related tax benefits. Ending cash includes marketable securities.

Appendix

U.S. Net Farm Income and Net Cash Farm IncomeInflation adjusted, 2001-22F 2001-20 average NCFI Note: F = forecast. Values are adjusted for inflation using the U.S. Bureau of Economic Analysis Gross Domestic Product Price Index (BEA API series code: A191RG) rebased to 2022 by USDA, Economic Research Service. Source: USDA, Economic Research Service, Farm Income and Wealth Statistics. Data as of December 1, 2022 $ billion (2022) 2001-20 average NFI

Commodity Prices Soybean Prices Source: Trading Economics Corn Prices

United States Drought Condition Source: US Drought Monitor, December 2022 2022 2021