ASTEC INDUSTRIES INC (ASTE) Business

ITEM 1. BUSINESS

Our Company

We design, engineer, manufacture, market and service equipment and components used primarily in asphalt and concrete road building and related construction activities, as well as other products discussed below. Our products are used in each phase of road building, from quarrying and crushing the aggregate to application of the road surface. We also offer industrial automation controls and telematics platforms as well as manufacturing certain equipment and components unrelated to road construction, including equipment for the mining, quarrying, construction, demolition, land clearing, energy, hydro-electric and recycling industries and port and rail yard operators; industrial heat transfer equipment; commercial whole-tree pulpwood chippers; horizontal grinders; blower trucks; commercial and industrial burners; and combustion control systems.

Our products are marketed both domestically and internationally primarily to asphalt and concrete producers; highway and heavy equipment contractors; utility contractors; sand and gravel producers; construction, demolition, recycling and crushing contractors; forestry and environmental recycling contractors; mine and quarry operators; port and inland terminal authorities; power stations and domestic and foreign government agencies. In addition to equipment sales, we manufacture and sell replacement parts for equipment in each of our product lines and replacement parts for some competitors' equipment. The distribution and sale of replacement parts is an integral part of our business.

Corporate Strategic Objectives

Our OneASTEC Vision is: To build industry changing solutions that create life-changing opportunities. Our strategic pillars are aligned to support our Vision and are focused on our employees, our customers and our innovation.

Empowered, Enabled and Engaged Employees

We strive to develop empowered, enabled and engaged employees by providing competitive compensation and benefits, offering professional and technical skills development opportunities and maintaining a focus on safety. In addition, we leverage the following initiatives, among others, to enhance our employee experience:

•Reinforcing our OneASTEC business model through development of common platforms to unite and strengthen the integration of our global business.

•Establishing a performance culture through consistent execution with a focus on our OneASTEC operating model.

•Streamlining operational excellence processes that embed continuous improvement into our manufacturing processes.

•Providing life changing learning and development opportunities.

Customer Focused

We believe that a strong focus on customers across the Astec organization drives our Vision. Specific actions we are taking to strengthen and maintain our focus on our customers include:

•Strengthening our capabilities to deliver an enhanced aftermarket experience that best meets our customers' needs while creating scalable growth.

•Driving commercial and operational excellence and providing innovative solutions to strengthen our relationships with customers and dealers while maintaining our market leadership positions.

•Simplifying our product offerings and production processes through the development of a rationalized global product portfolio executed through manufacturing centers of excellence.

•Identifying opportunities to strengthen our global presence in attractive new markets, supplement our current product offerings or accelerate technologies or other enhancements that leverage our existing product portfolio to better meet our customers' needs either through strategic acquisition, partnerships or organic growth.

•Enhancing quality, parts availability and customer connectivity.

Industry Changing Innovation

We have a legacy of industry changing innovation that has been instrumental to our success for over 50 years. We are continuing to build on that legacy by:

•Focusing on innovation with a new product development approach that increases our market competitiveness over time.

•Leveraging technology and digital connectivity to enhance the customer experience through controls and automation and other technologies.

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•Developing the Astec Digital Ecosystem to enable customers to leverage our entire product portfolio and associated data.

In furtherance of our Vision and strategic pillars, we completed the acquisition of TerraSource Holdings, LLC (“TerraSource”), a market-leading manufacturer of material processing equipment and related aftermarket parts serving complementary crushing, screening and separation applications on July 1, 2025 and the acquisition of CWMF, LLC, a manufacturer of portable and stationary asphalt plant equipment and parts on January 1, 2026. A further discussion of these acquisitions is included in Part II, Item 8. Financial Statements and Supplementary Data of this Annual Report on Form 10-K.

Strategic Transformation Program

Our strategic transformation program includes the ongoing multi-year phased implementation of a standardized enterprise resource planning ("ERP") system, which is replacing much of our existing disparate core financial systems. To date, we have launched the human capital resources module in our U.S. and Canadian locations and converted the operations of three manufacturing sites along with Corporate.

Business Segments

We operate manufacturing sites and sites that operate as sales and service offices for our manufacturing locations. Our two reportable business segments, Infrastructure Solutions and Materials Solutions, comprise sites based upon the nature of the products produced or services provided, the type of customer for the products, the similarity of economic characteristics, the manner in which management reviews results and the nature of the production process, among other considerations.

The Corporate and Other category consists primarily of our parent company and Astec Insurance Company ("Astec Insurance" or the "captive"), our captive insurance company, which do not meet the requirements as an operating segment or inclusion in one of the other reporting segments.

We evaluate performance and allocate resources to our operating segments based on Segment Operating Adjusted EBITDA. Segment Operating Adjusted EBITDA is defined as net income or loss before the impact of interest income or expense, income taxes, depreciation and amortization and certain other adjustments that are not considered in the evaluation of ongoing operating performance. The Company's presentation of Segment Operating Adjusted EBITDA is not necessarily indicative of the results of operations that would have occurred had each reportable segment been an independent, stand-alone entity during the periods presented.

Infrastructure Solutions Segment

Overview

The Infrastructure Solutions segment designs, engineers, manufactures and markets a complete line of asphalt plants, concrete plants and their related components and ancillary equipment, including industrial automation controls and telematics platforms, as well as asphalt road construction equipment, industrial thermal systems, land clearing, recycling and other heavy equipment. Infrastructure Solutions products are designed to enhance efficiency, safety and sustainability in the construction process. Infrastructure Solutions manufacturing operations are primarily located in the United States and Canada.

Products and Services

The primary products produced and services provided by the Infrastructure Solutions segment include:

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Asphalt - A typical asphalt mixing plant comprises various components, including heating and storage equipment for liquid asphalt, cold feed bins for aggregate blending, a counter-flow continuous dryer drum, an emissions control bag house, hot storage bins and a control house. Our patented water injection warm mix asphalt system stands out as a significant advancement over previous technologies. This system allows the preparation and placement of asphalt mix at lower temperatures, resulting in substantial emissions reduction during paving and load-out. Our multi-nozzle device eliminates the need for costly additives by creating microscopic bubbles through the mixing of water and asphalt cement.

Batch plants are designed for producing high-quality asphalt mixes in batches, which ensure precise control over mix components and allows for customization to meet specific project requirements. Drum mix plants focus on continuous production and are ideal for high-volume projects, offering both efficiency and flexibility in asphalt production. In addition to these core plant types, our product line includes recycling equipment that enables the reuse of reclaimed asphalt pavement ("RAP"). This capability promotes sustainability and cost-effectiveness by reducing the need for new raw materials and supporting environmentally responsible construction practices.

While our large asphalt plants excel in the North American market, we have designed single-load and single-chassis portable plants tailored for international markets. Our portable asphalt plants offer high production capacity, RAP mixing capabilities and compact, highly mobile designs. The BG-Series is a line of batch plants specifically designed for the global market. The plant features a containerized design which simplifies shipping and transportation. The BG-Series is offered in a variety of production rates to accommodate the smallest jobs to large projects. The BG-Series is capable of utilizing high percentages of RAP and offers the versatility of a batch plant. A number of these plants are operating in various countries around the world.

Concrete - Our product lineup includes stationary dry-batch concrete plants, which are designed to precisely measure and feed various ingredients into a ready-mix truck, allowing the mixing process to occur on the way to a job site. Stationary plants can be customized and engineered to fit within job site constraints, supporting a wide range of concrete production applications. Stationary central-mix concrete plants measure, feed and mix ingredients into liquid concrete form prior to loading into a ready-mix truck for delivery. We also offer portable dry and central-mix concrete plants that ship pre-wired and pre-plumbed. These plants are self-erecting, low-profile and easily transportable, providing our customers with true mobility with rapid setup and deployment. Additionally, our specialty plants are engineered for bagging, paste-back fill and block production.

Heating and Combustion - Our burner products are recognized for their versatility and adaptability, serving chemical plants, oil-and-gas refineries, offshore platforms, power generation facilities and many other industrial settings. This broad applicability ensures that our solutions can be tailored to the unique needs of each customer and project. Some of our asphalt burner platforms are specifically developed for retrofit applications, offering compatibility with most drum designs.

Our portfolio includes burners capable of utilizing alternative fuels such as renewable natural gas, hydrogen-blended natural gas and biomass, providing environmentally responsible options beyond traditional liquid fuels. This focus on sustainability aligns with evolving industry standards and regulatory requirements. By combining advanced technology with flexible fuel options, we deliver solutions that help customers achieve both operational excellence and environmental compliance.

Road Construction and Forestry - The F-Series pavers offer notable noise reduction, enhanced efficiency in both cooling and hydraulic systems and an articulating track frame. This frame improves operator comfort and further elevates the reputation of our pavers for delivering exceptionally smooth road surfaces. Our mobile, self-propelled material transfer vehicle, known as the shuttle buggy, enables continuous paving operations, which reduces both the time and number of haul trucks required. Additionally, it maintains consistent asphalt mix temperatures, resulting in a smooth and durable finished product.

Our horizontal wood grinders, disc and drum chippers, as well as blower trucks and trailers, are instrumental in diverting green waste from landfills. Horizontal grinders are utilized to process green waste into mulch, which aids in water retention, erosion control and compost production for soil amendments. By converting low-value material into sellable product, these grinders provide environmental and economic benefits to our customers. Drum chippers are designed to produce biomass wood chips from unmerchantable wood, which can be used for energy production, erosion control, playground surfacing or landscaping applications. Our blower trucks further support the aforementioned applications offering versatile solutions for a variety of environmental and construction needs.

Astec Digital - Astec Digital leverages our market leadership and installed equipment base to expand our presence in controls and automation. Our Signal platform aggregates operational data from this connected asset base, delivering insights that improve efficiency, uptime and profitability. This foundation of connected equipment positions us to develop advanced digital capabilities including digital twins and future innovations in robotics, machine learning and artificial intelligence.

Our plant automation systems deliver precise control over the entire production process. Intuitive graphic interfaces allow operators to monitor and adjust operations in real time, reducing training requirements and errors. Built on industrial-grade components, these systems are engineered for reliability and continuous uptime in demanding production environments. Integrated ticketing and quality control ensure accurate documentation and traceability.

Our Signal platform delivers real-time visibility into equipment and production performance. Plant managers access production metrics, performance data and operational alerts from any location through web-based dashboards. Signal's LiveSchematics

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feature provides real-time equipment views that enable remote diagnostics and support to maximize uptime. The platform stores complete production history including tickets, job records and performance trends for quality assurance and warranty documentation. Multi-site dashboards enable performance comparison and fleet management across locations.

Environmental Solutions - We offer various environmental solutions across many of the product categories above. Our mixing plants are equipped with fully automated components that utilize microprocessor-based and programmable logic control systems to achieve optimal efficiency throughout the production process. These plants are manufactured to meet or exceed federal and state clean air standards, ensuring compliance while supporting sustainability initiatives.

We offer a wide range of products featuring advanced control technology, including low-emission burners and a variety of emissions-control devices. These include dust collectors, charcoal fume scrubbers and blue smoke systems, all designed to reduce the environmental impact of industrial operations. The blue smoke control system is specifically engineered to capture and manage vapor emissions generated during asphalt production, further enhancing air quality and workplace safety. Our moisture control systems are designed to monitor and regulate moisture levels in materials, which helps ensure consistent product quality and efficient processing.

Our dust control systems are developed to minimize airborne dust during material handling and processing. By reducing particulate emissions, these systems contribute to a safer and healthier work environment for employees and help maintain compliance with occupational safety standards. Through the integration of these advanced technologies, our mixing plants and related products deliver both operational excellence and environmental stewardship.

Focus on Sustainability

We recognize the significance of RAP in new paving applications. Our asphalt plants include a broad spectrum of technologies to reduce the carbon footprint of asphalt production, including dryers and mixers which accommodate production of asphalt mixes with up to 70% recycled material, warm mix systems to reduce emissions and fuel consumption by minimizing production temperatures, electrified liquid storage tanks and heating systems and burners compatible with a variety of alternative fuels.

In 2022, we joined The Road Forward, an initiative by the National Asphalt Pavement Association, with a goal to achieve net zero carbon emissions during asphalt production and construction by 2050. Additionally, our participation in the U.S. Department of Energy's Better Plants program reflects our commitment to reducing energy consumption through technical advice, energy-efficient training and data analysis.

Marketing

We market our products domestically and internationally through direct and dealer support sales staff, domestic and international independent distributors and our international distribution sites in each of our reportable segments.

Asphalt and concrete plants and their related equipment are sold to asphalt or concrete producers, respectively, or domestic and foreign government agencies. Asphalt paving and road building equipment are sold to highway and heavy equipment contractors, utility contractors, commercial and residential paving contractors and governmental agencies, both domestically and internationally. Wood chippers, horizontal grinders and blower trucks are primarily sold to clearing, right of way, forestry and environmental recycling contractors.

Competition

This industry segment is highly competitive and fragmented and faces strong competition in product performance, product innovation, range of products offered, service and price. The Infrastructure Solutions segment's primary competitors include, without limitation, the following as well as a number of smaller manufacturers, both domestic and international:

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Backlog

The backlog for the Infrastructure Solutions segment as of December 31, 2025 and 2024 was approximately $294.2 million and $305.5 million, respectively.

Materials Solutions Segment

Overview

The Materials Solutions segment designs and manufactures heavy equipment used in aggregate and minerals processing operations in addition to servicing, rebuilding and supplying parts. These operations support civil construction, energy, mining, hydro, recycling, ports, forestry and bulk handling markets. Materials Solutions manufacturing operations are primarily located in the United States, Brazil, Canada, South Africa, India, China and the United Kingdom. Locations in Australia, Chile, Thailand and Sweden function to market, service and install equipment and provide parts in the regions in which they operate for many of the products produced by all of our manufacturing sites. In addition to manufacturing core Materials Solutions products and asphalt plants, Belo Horizonte, our Brazilian site of which we own approximately 93% as of December 31, 2025, markets all our products to the Brazilian market.

Products and Services

The primary products produced and services provided by the Materials Solutions segment include:

Crushing - Our complete line of primary, secondary, tertiary and quaternary crushers are used to crush large, over-sized material in mining, quarrying, sand and gravel and asphalt/concrete recycling applications. Once the material is crushed to size, it is utilized in a variety of products from road base to golf course sand. We offer cone crushers with both roller-bearing and bushing style cones to fit any customer’s needs. Our industry-leading hydraulic-relief jaw crushers offer enhanced safety and easy maintenance. Our crushers are available as individual components, portable wheeled plants and mobile track plants.

Screening - Our screening offerings consist of both horizontal and inclined screens used to segregate and size material processed through one of our crushing applications. Our high frequency screens utilize a high-speed vibration directly induced into the screen media to improve screening efficiency and production rates. The screens' unique rotary tensioning system allows for quick media changes. Our screens are available in multiple sizes with up to four decks and in a variety of configurations including stationary, portable and mobile.

Washing - Our washing and classifying equipment is well-suited for a wide range of applications and production goals. Our expertly engineered components and plants help producers meet the most stringent material specifications and get the most out of their material, while significantly decreasing water usage. We offer solutions for any operation in portable and stationary configurations. In addition, our classifying systems are used to separate solids from liquids for further processing.

Material Handling - We design and manufacture a broad range of material and bulk handling products for all production goals. Our material handling products cover many applications and are designed for efficiency and high-capacity material transferring, moving and mixing. Our mobile bulk material handling solutions are designed to handle all free-flowing bulk materials, including but not limited to ores, coal, aggregates, fertilizers, grains, woodchips and pellets. Our conveying equipment is designed to move or store aggregate and other bulk materials in radial cone-shaped or windrow stockpiles. Additionally, high-capacity rail and barge loading/unloading material handling systems are an important part of our product lines.

Breaking - We have created our rock breaking equipment line for aggregate, mining, construction and demolition applications, including the demolition and recycling of buildings, bridges and roads. Our comprehensive range of rock breaker boom systems are designed to break oversized material at large gyratories, grizzlies and primary/secondary crushing application sites. These

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systems include boom-mounted configurations that may be operated remotely, automatic greasing packages, motor starter panels, joystick controls and easy plant integration.

In conjunction with the Materials Solutions products, we offer consulting and engineering services to provide complete "turnkey" processing systems, which often include electrical control centers and plant automation products that we produce.

Focus on Sustainability

We manufacture certain equipment with engines that meet the U. S. Environmental Protection Agency ("EPA") Tier 4 Final and the European Stage V emissions standards that are compatible with hydrotreated vegetable oil ("HVO") fuels, a direct drop-in alternative to conventional diesel fuel. While the energy content produced by HVO fuels is less than conventional diesel, HVO fuels offer reduced net carbon emissions with no need for upfront equipment modifications.

Marketing

The principal purchasers of materials processing equipment include distributors, highway and heavy equipment contractors, sand and gravel producers, demolition, recycling and crushing contractors, open mine operators, quarry operators, port and inland terminal authorities, power stations and both domestic and foreign governmental agencies.

Materials Solutions equipment and aftermarket sales and service programs are primarily marketed through an extensive network of dealers via dealer support sales employees, domestic and international independent distributors and our international distribution sites in each of our reportable segments.

Competition

The Materials Solutions segment is highly competitive and fragmented and faces strong competition in product performance, product innovation, range of products offered, service and price. The Materials Solutions segment's primary competitors include the following as well as smaller manufacturers, both domestic and international:

Backlog

As of December 31, 2025 and 2024, the backlog for the Materials Solutions segment was approximately $219.9 million and $114.1 million, respectively.

Corporate and Other

The Corporate and Other category consists primarily of the parent company and the captive, which do not meet the requirements as an operating segment or inclusion in one of the other reporting segments. The parent company and the captive provide support and corporate oversight for our other sites.

Common to Both Reporting Segments

The following information applies to both the Infrastructure Solutions and the Materials Solutions reporting segments.

Manufacturing

We manufacture our equipment and related component parts for our products at both our domestic and international facilities. In many cases, we design, engineer and manufacture equipment and component parts to meet the particular needs of individual customers. Our manufacturing operations consist primarily of fabricating steel components and the integration of supplier purchased components, including the assembly and testing of our finished products to ensure that we achieve high quality standards.

Raw Materials

We purchase raw materials, manufactured components and replacement parts for our products from leading suppliers both domestically and internationally. Raw materials used in the manufacture of our products include carbon steel in flat rolled, long

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products and pipe as well as various types of alloy steel. Our steel suppliers include mills, distributors and other sources. To effectively manage inventory at our manufacturing facilities, we purchase a substantial portion of carbon steel products on a just in time basis. When market dynamics warrant, we strategically and selectively order inventory items beyond a just in time basis. Although raw materials for manufacturing are normally readily available, certain highly customized components may require longer than normal lead times such as engines, gearboxes, and hydraulic and electronic systems.

Parts and Services

We offer a wide-ranging portfolio of stocked OEM and aftermarket parts, specifically designed for Astec equipment as well as premium best-fit parts for competitive machines. In addition to a broad selection of parts, we offer precision-engineered components, including turned parts, to meet the highest standards of quality and performance. Beyond our comprehensive parts inventory, we provide a full range of service and technical support offerings including installation, maintenance and training to ensure the optimal performance of our equipment.

Government Regulations

We are subject to various laws and regulations concerning environmental affairs and employee safety and health in each country that we operate. The EPA, the Occupational Safety & Health Administration ("OSHA") and other local, state and federal agencies have the authority to promulgate regulations that can impact our operations. Local, state and federal regulating agencies have the potential to impose fines and penalties for violations of laws and regulations.

None of our operations are within highly regulated industries. However, the air pollution control equipment we manufacture, principally for hot-mix asphalt plants, must comply with certain performance standards promulgated by the EPA under the Clean Air Act applicable to "new sources" or new plants. We believe our products meet all material requirements of such regulations, applicable state pollution standards and environmental protection laws.

Due to the size and weight of certain equipment we manufacture, we and our customers may encounter various state regulations on maximum weights transportable on highways. Additionally, some states have regulations governing the operation of asphalt mixing plants, and most states have regulations relating to the accuracy of weights and measures, which affect some of the control systems we manufacture.

In addition, the global nature of our operations also subjects us to applicable laws and regulations in the various countries in which we and our customers, suppliers and other business partners operate. These international laws and regulations may be more complex and stringent than U.S. laws and regulations and may be also subject to increased change, resulting in increased compliance cost and risk of violation in the foreign jurisdictions in which we operate.

Compliance with these government regulations has not had a material effect on our capital expenditures, earnings or competitive position within the market to date.

Engineering and Product Development

We conduct research and development activities to develop new products and to enhance the functionality, effectiveness, ease of use and reliability of our existing products. We believe that our engineering and research and development efforts are key drivers of our success in the marketplace and dedicate substantial resources to engineering and product development activities. Our Advanced Technologies Group develops emerging technologies including cloud-based engineering simulation, extended reality for operator training and service support and analytics driven by artificial intelligence and machine learning. Through academic partnerships and applied research, we accelerate product development while reducing prototype costs and advancing sustainability initiatives across our product portfolio.

Seasonality and Backlog

Revenues have historically been strongest during the first, second and fourth quarters with the third quarter typically generating weaker results.

Backlog represents the dollar value of firm orders for equipment, parts and related installation which are expected to be recognized in net sales in the future. Firm orders are signed commitments from customers to complete a purchase for machinery, equipment or parts that is expected to be noncancellable and are included in backlog when we are in receipt of an executed contract and any required deposits or security and the orders have not yet been recognized into net sales. Certain orders for which we have received binding letters of intent or contracts will not be included in backlog until all required contractual documents and deposits are received.

As of December 31, 2025 and 2024, we had a backlog for delivery of products at certain dates in the future of approximately $514.1 million and $419.6 million, respectively.

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Competition

Each business segment operates in domestic markets that are highly competitive with respect to price, service and product quality. While specific competitors are named within each business segment discussion above, imports do not generally constitute significant competition for us in the United States, except for milling machines and track-mounted crushers. In international sales, however, we often compete with foreign manufacturers that may have a local presence in the market we are attempting to penetrate.

In addition, asphalt and concrete are generally considered competitive products as a surface choice for new roads and highways. A portion of the interstate highway system is surfaced in concrete, but the significant majority of surfaced roads in the U.S. are paved with asphalt. Although concrete is used for some new road surfaces, asphalt is used for most resurfacing. Our customers generally offer both asphalt and concrete surfacing options, and our product portfolio enables us to be a singular provider to our customers for both asphalt and concrete equipment.

Patents and Trademarks

We seek to obtain patents to protect the novel features of our products and processes. Our subsidiaries hold 117 United States patents and 160 foreign patents. Our subsidiaries have 12 United States and 37 foreign patent applications pending.

We have 83 trademarks registered in the United States, including logos for Astec, Carlson Paving, Elgin, Gundlach Crushers, Heatec, Jeffrey Rader, KPI-JCI, Pennsylvania Crusher, Peterson Pacific, Power Flame, Roadtec and Telsmith, and the names ASTEC, CARLSON, ELGIN, GUNDLACH CRUSHERS, HEATEC, JCI, JEFFREY RADER, KOLBERG, PETERSON, PENNSYLVANIA CRUSHER, POWER FLAME, ROADTEC and TELSMITH, as well as a number of other product names. We also have 188 trademarks registered in foreign jurisdictions, including Argentina, Australia, Brazil, Canada, Chile, China, Colombia, the European Union, France, Germany, India, Indonesia, Italy, Kazakhstan, Mexico, New Zealand, Paraguay, Peru, Russia, South Africa, South Korea, Spain, Taiwan, Thailand, the United Kingdom, Ukraine, Uruguay and Vietnam. We have seven United States and one foreign trademark registration applications pending.

Human Capital Resources and Management

Our employees around the world are each guided by our Purpose: Built to Connect, and our Vision: To build industry changing solutions that create life-changing opportunities. Every employee is also guided by our values and our code of business conduct. In everyday work, our employees embody our core values of Safety, Devotion, Integrity, Respect and Innovation. They do so by living our winning behaviors of Open and Honest Communications, Collaboration, Customer Driven Innovation and OneASTEC in all they do. We strive to be an employer of choice, attracting and retaining top talent committed to creating a diverse, equitable and inclusive workplace where individuals are respected and valued for their diverse backgrounds and experiences. Through comprehensive compensation and benefits and a focus on safety, we strive to support our employees' overall well-being. Our sites have programs designed to upskill manufacturing employees in the areas specifically required for local production needs. In addition, we partner with national vendors specialized in skilled labor recruitment and many of our sites have relationships with local trade schools and community colleges to attract talent.

Employee Profile

As of December 31, 2025, we employed 4,468 individuals, including 3,679 employees in the U.S. and Canada. We also retain consultants, independent contractors and temporary and part-time workers. As of December 31, 2025, the functional representation of our employees was as follows: 3,085 were engaged in manufacturing, 367 in engineering, including support staff, and 1,016 in selling, administrative and management functions.

Unions are certified as bargaining agents for approximately two percent of our U.S. direct employees. From time to time, our collective bargaining agreements expire and come up for renegotiation. Approximately 84 of our active U.S. employees are covered by a collective bargaining agreement with the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, AFL-CIO-CLC on behalf of its local affiliate Local Union No. 11-508-03, with an expiration date of December 12, 2028. Unions also represent approximately nine percent of our employees at our facilities outside the U.S. We consider our employee relations to be good.

Compensation and Benefits

As an employer of choice, we provide competitive and robust compensation and benefits. We achieve this by regularly conducting market reviews and adjusting as needed. In addition to salaries, we provide regional programs, which can include annual bonuses, share-based compensation awards, a 401(k) plan with employee matching opportunities, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, family and parental leave, family care resources, flexible work arrangements, employee assistance programs, tuition assistance and on-site services.

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Health and Safety

Astec views safety as a cornerstone of our operations, reflecting our dedication to protecting our employees, stakeholders and the communities we serve. Safety is a core value embedded throughout our organization. We foster a culture where safety permeates every level of our business, supported by standardized policies and comprehensive training programs designed to mitigate risk and ensure a safe work environment. In addition to developing corporate standardization, we continue to strategically address deficiencies at each facility and tactically implement safety improvements on a site-by-site basis.

We continue to invest in advanced safety technologies and regularly update our procedures to align with industry best practices and evolving regulatory standards. We have recently implemented a cross-audit program, allowing health and safety personnel to visit, audit and provide best practices to other manufacturing facilities. This collaborative approach, combined with transparent communication, routine audits and feedback integration from employees and regulatory agencies, enables us to maintain the highest standards of safety performance. Our commitment to safety extends beyond our facilities to encompass our entire supply chain, reinforcing a holistic approach to risk management that supports long-term sustainability and operational excellence.

We take a proactive stance in identifying an addressing potential hazards through leading indicators. Programs such as our Unsafe Work Observation Program, allow us to monitor, assess and abate risks before incidents occur. Timely resolution of safety issues is incentivized through our annual incentive program, which incorporates leading safety metrics to drive accountability and continuous improvement. We continue to utilize the leading indicators as one of the core metrics used to assess the success of our overall safety program.

Our goal is to reduce recordable injuries and lost time incidents year over year. To support this objective, we have strengthened our safety resources across all sites and within our corporate structure to improve our overall safety program. During the year ended December 31, 2025, four of our manufacturing facilities achieved zero recordable injuries. Our OSHA Recordable Incident Rate for our legacy sites decreased by 16% for the year ended December 31, 2025, to 1.40 compared to 1.66 for the year ended December 31, 2024. More frequent corporate safety audits, enhanced site-specific training, standardized policies and procedures and reinforced proactive injury prevention strategies have contributed to the decrease in our Recordable Incident Rate.

Talent Development

Talent and Diversity are key components of our OneASTEC business model. We strive to create an environment that attracts top talent and where high performance is fostered and thrives, continuous learning is engrained, diverse experience is leveraged as a competitive advantage and careers are propelled forward.

We utilize our High Performance Framework process to ensure company-wide alignment to achieve company goals and targets. This model includes values, professional development and cascaded common performance goals.

We provide all employees a wide range of professional development experiences, both formal and informal, at various stages in their careers. Specifically, we offer leadership training to all employees at the supervisor and manager level worldwide. This training focuses on building key leadership competencies including leading diverse and inclusive teams. In addition, talent development and succession planning for critical roles is a cornerstone of our talent program. Development plans are created and monitored for critical roles to ensure progress is made along the established timelines.

One of our core values - Respect - reflects the behavior we strive to include in every aspect of the way we conduct business. We recognize that our best performance occurs when our teams are diverse and inclusive. These efforts touch all levels of our organization including our Board of Directors.

Corporate and Available Information

Astec Industries, Inc. is a Tennessee corporation which was incorporated in 1972. We make available, free of charge on or through our website (www.astecindustries.com), access to our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements on Schedule 14A, Section 16 reports, amendments to those reports and other documents filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after such material is filed with, or furnished to, the Securities and Exchange Commission ("SEC"). Information contained in our website is not part of, and is not incorporated into, this Annual Report on Form 10-K or any other report we file with or furnish to the SEC.

The SEC also maintains electronic versions of our reports, proxy and information statements and other information regarding issuers that file electronically with the SEC on its website at www.sec.gov.