Lindsay Corporation Reports Second Quarter Fiscal 2023 Results

Quarterly net earnings growth of 24 percent year-over-year, driven by marked expansion in operating income

OMAHA, Neb., April 4, 2023—Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its second quarter ended on February 28, 2023.

Key Highlights

“We are pleased with the significant earnings improvement we achieved in the second quarter, as we were able to deliver expanded profitability despite a decline in our top line compared to last year,” said Randy Wood, President and Chief Executive Officer. "Lower revenues in our irrigation business were due to international project business in the prior year that did not repeat as well as seasonal volume shifts in North America and Brazil. However, improved price realization as a result of commercial pricing actions and reduced inflationary headwinds compared to the prior year contributed to operating income growth and margin expansion in both of our business segments."

"Our teams around the world continue to adapt to dynamic market conditions and remain focused on serving our customers, improving the quality of our business and driving innovation and value creation though our advanced technologies."

Second Quarter Summary

Revenues for the second quarter of fiscal 2023 were $166.2 million, a decrease of $33.9 million, or 17 percent, compared to revenues of $200.1 million in the prior year second quarter. Almost all of the decrease came from the irrigation segment as infrastructure revenues were down slightly.

Operating income for the quarter was $27.3 million, an increase of $9.0 million, or 49 percent, compared to operating income of $18.3 million in the prior year second quarter. Operating margin was 16.4 percent of sales, expanding 720 basis points compared to 9.2 percent of sales in the prior year quarter. The operating margin expansion was driven by strong gross margin improvement in both of our business segments. The increase was partially offset by higher operating expenses compared to the prior year second quarter, including higher employee compensation costs and increased investments in new product development.

Net earnings for the quarter were $18.1 million, or $1.63 per diluted share, compared with net earnings of $14.6 million, or $1.32 per diluted share, for the prior year second quarter. The improved net earnings performance was largely driven by increased operating income and was partially offset by foreign currency transaction losses in the current year compared to gains in the prior year and from higher income tax expense.

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Second Quarter Segment Results

Irrigation segment revenues for the second quarter of fiscal 2023 were $147.8 million, a decrease of $32.9 million, or 18 percent, compared to $180.7 million in the prior year second quarter. North America irrigation revenues of $90.4 million decreased $10.3 million, or 10 percent, compared to the prior year second quarter. The top-line decrease resulted from lower unit sales volumes as the prior year quarter experienced a pull forward of orders in advance of announced selling price increases, while the second quarter of 2023 reflected a return to a more traditional seasonal demand cadence. The impact of lower unit sales volumes compared to the prior year was partially offset by the positive impact of higher average selling prices.

International irrigation revenues of $57.4 million decreased $22.6 million, or 28 percent, compared to the prior year second quarter. The decrease resulted primarily from the completion of a large project in the prior year that did not repeat and lower sales volumes in Brazil, Ukraine and Russia compared to the prior year second quarter. Sales and order activity in Brazil were temporarily reduced as a result of the federal government transition following the October 2022 presidential election.

Irrigation segment operating income for the second quarter of fiscal 2023 was $32.8 million, an increase of $8.1 million, or 33 percent, compared to the prior year second quarter. Operating margin was 22.2 percent of sales, compared to 13.7 percent of sales in the prior year second quarter. Increased operating income and the 850 basis points of operating margin expansion was driven primarily by improved price realization, lower inflationary impact on input costs and a more favorable sales mix of international irrigation revenues compared to the prior year second quarter.

Infrastructure segment revenues for the second quarter of fiscal 2023 were $18.5 million, a decrease of $0.9 million, or 5 percent, compared to $19.4 million in the prior year second quarter. An increase in Road Zipper System lease revenue was more than offset by lower sales of road safety products compared to the prior year second quarter. Road Zipper project sales were similar to the prior year second quarter.

Infrastructure segment operating income for the second quarter of fiscal 2023 was $2.0 million, an increase of $1.7 million or 523 percent compared to the prior year second quarter. Operating margin was 10.9 percent of sales, expanding meaningfully compared to 1.7 percent of sales in the prior year second quarter. Increased operating profit and operating margin resulted from a more favorable margin mix of revenue, improved price realization and lower inflationary impact on input costs compared to the prior year second quarter.

The backlog of unfilled orders as of February 28, 2023, was $95.2 million compared with $111.0 million on February 28, 2022. The irrigation backlog is lower while the infrastructure backlog is higher compared to the prior year.

Outlook

Mr. Wood concluded, “We are encouraged by the earnings and operating income results captured through the first half of our fiscal year, and we continue to see strength in U.S. net farm income. While domestic net farm income is projected to decline in 2023 from record levels in 2022, overall income remains at a historically high level and we believe it is supportive of continued investment in irrigation equipment. Demand strength across our international markets continues to be supported by expanded production driven by positive agricultural market fundamentals and continuing global concerns over food security and global grain supplies.

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Looking ahead to the balance of the year, we expect some impact from the market delays in Brazil to continue into our third quarter, however our full year outlook remains unchanged." “We remain encouraged with the outlook for our infrastructure business due to anticipated increases in U.S. infrastructure spending and the strength of our sales funnel. While the timing of project execution can be difficult to predict, we will continue to actively manage the projects in our sales funnel and believe we are positioned to support continued growth in the infrastructure segment.”

Second Quarter Conference Call

Lindsay’s fiscal 2023 second 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 movable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment.

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2nd 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 additional financial statement information, please see the Company’s earnings release dated April 4, 2023.

Second Quarter Summary Revenues decreased $33.9 million compared to prior year Irrigation decreased $32.9 million Infrastructure decreased $0.9 million Operating income increased $9.0 million compared to prior year Irrigation increased $8.1 million Infrastructure increased $1.7 million Corporate expense increased $0.8 million Amounts in millions, except per share amounts Revenue Operating Income (with operating margin) Diluted EPS -17% +23% +49%

Second Quarter and YTD Financial Summary

Current Market Factors As of February 2023, U.S. corn prices have increased 35 percent and soybean prices have increased 8 percent from a year ago. Drought conditions in various regions of the world and the continued conflict between Ukraine and Russia have lowered the supply of commodities and are supporting prices. The USDA current estimate of 2023 net farm income is $136.9 billion, a decrease of 16 percent from 2022. Most of the projected decrease is due to a reduction in government support payments while cash receipts for crops are projected to decrease by 3 percent. Projected net farm income for 2023 remains at a relatively high level historically. Government transition in Brazil resulting in temporary market delays. Inflationary pressure on input costs has moderated, although certain supply chain constraints persist. High farm input costs and increasing interest rates weigh on farmer sentiment. Irrigation Infrastructure The Infrastructure Investment and Jobs Act (IIJA) that was enacted in November 2021 marked the largest infusion of federal investment into infrastructure projects in more than a decade. It included a five-year reauthorization of the Fixing America’s Surface Transportation (FAST) Act. The IIJA introduced $110 billion in incremental federal funding for roads, bridges, and other transportation projects, which the Company anticipates will translate into higher demand for its transportation safety products. Federal investment accounts for approximately 35% of the total transportation spend at the state and local level. State-level budgets for transportation projects are anticipated to increase 13% in 2023. The timing and scope of certain construction projects could be impacted by cost inflation, labor constraints, weather and other factors.

Irrigation Segment North America revenue decreased $10.3 million Lower unit sales volume due to differences in market timing partly offset by higher average selling prices compared to prior year Unit sales volume breakdown by category: Replacement 40%, Conversion 29%, Dryland 31% International revenue decreased $22.6 million Prior year included Egypt project that did not repeat Lower sales volume in Ukraine and Russia Lower sales in Brazil due to lower ordering activity following presidential election in October 2022 Unfavorable foreign currency translation impact of $0.3 million Operating income increased $8.1 million Improved price realization Lower inflationary impact on input costs More favorable margin mix of international revenues Prior year included additional LIFO expense of $2.8 million while current year LIFO impact reduced expense by $1.5 million Prior year included non-recurring costs of $1.8 million related to factory maintenance and outside consulting services Revenue North America International FY22 FY23 Amounts in millions -28% +33% -10% Operating Income (with operating margin)

Infrastructure Segment Total revenue decreased $0.9 million Lower sales of road safety products partly offset by an increase in Road Zipper System® lease revenue Road Zipper project sales similar to prior year Operating income increased $1.7 million More favorable margin mix of revenues Improved price realization Lower inflationary impact on input costs Introduced the TAU-XR™ Crash Cushion at the 2023 ATSSA Expo Easy-to-install Cost-effective-to-repair Minimal downtime for workers to reset upon impact Full commercial launch in fall of 2023 Revenue Amounts in millions -5% +523% Operating Income (with operating margin)

Innovation Leadership: Addressing Global Megatrends Capitalizingon globalmegatrends FoodSecurity WaterScarcity LandAvailability MobilitySafety Increased Safety Standards Aging Infrastructure Megatrends Innovation Leadership Innovative sustainable solutions for growers across the globe Mobilizing global populations safelyand sustainably

Strong Commitment to Sustainable Practices Our mission is to provide solutions that conserve natural resources, enhance 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 February 28,2023, available liquidity of $156.4 million, with $106.4 million in cash, cash equivalents and marketable securities and $50.0 million available under revolving credit facility We are well-positioned with the strength of our balance sheet to invest in growth opportunities that create value for our shareholders

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 $15 - $20 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, 2001-23F 2002-21 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 2023 by USDA, Economic Research Service. Source: USDA, Economic Research Service, Farm Income and Wealth Statistics. Data as of February 7, 2023 $ billion (2022) 2002-21 average NFI

Commodity Prices Soybean Prices Source: Trading Economics Corn Prices

United States Drought Condition Source: US Drought Monitor, March 2022 2023