Smith-Midland (SMID) Investor presentation summary

Company overview and market position

• Founded in 1960 and headquartered in Virginia, operates as a leader in proprietary precast highway barriers and infrastructure products.

• Offers products such as JJ-Hook highway barriers, SlenderWall cladding, Easi-Set concrete buildings, and SoftSound noise walls.

• Holds a market cap of ~$170M and reported FY25 revenue of $93.4M with a backlog of $53.1M.

• Products are highly customized for decorative, security, and military training applications.

Strategic operations and geographic reach

• Operates three manufacturing plants in Virginia, North Carolina, and South Carolina, covering the East Coast from NY to FL.

• Expanded reach through 75 licensees across seven countries, generating 6% royalty revenue.

• J-J Hooks barrier system is approved in 42 states and mandated for replacement by 2030.

Business model and growth drivers

• Shifted focus to barrier rentals over sales, offering higher margins (25-35%) and recurring revenues.

• Rental fleet expanding from 250K to 575K linear feet, improving earnings stability and cash flow.

• Macro tailwinds from increased infrastructure spending and public/private partnerships.

• Trends favor off-site modular construction, reducing lead times and costs while increasing quality.