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

 •  11/21/2025 Letter Continued (Full PDF)
 •  11/21/2023 LNN Stockholder Letter
 •  11/20/2024 LNN Stockholder Letter
 •  More "Industrial Machinery & Equipment" Category Stockholder Letters
 •  LNN Benford's Law Stock Score = 63

LNN Shareholder/Stockholder Letter Transcript:

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To Our Shareholders and Stakeholders
The 2025   nancial year was another strong stride
projects across the United States     helping to improve
forward for Lindsay, during which the company
safety and mobility in complex work zones     as well as
successfully executed several key strategic initiatives
the approval for our TAU-XR    crash cushion. In Alaska
and further re  ned our operations. Combined, these
and California, we were very pleased to support
factors helped to drive our record annual earnings
projects that showcase how Lindsay   s Road Zipper
performance in   scal 2025 and ensured that we
System delivers proven protection in challenging
continue our cadence of delivering meaningful value
environments. From improving safety during the Knik
for shareholders.
River Bridge rehabilitation to providing separation
Our Irrigation segment continued to execute last
year   s historic multi-year supply agreement in the
Middle East and North Africa (MENA) region. As
a reminder, this represented the largest single
between vehicles and cyclists on the Richmond   San
Rafael Bridge, these projects demonstrate how
Lindsay   s innovative solutions are enhancing road
safety for all users.
irrigation project in Lindsay   s history. Over the past
Looking forward we are guided by a clear purpose:
year, we advanced key phases of the project, and
addressing global challenges of food security, water
will of  cially complete this project in the   rst half of
conservation, and the demands of a rapidly growing
  scal 2026. A project of this size demonstrates our
population. As the need to produce more food and
ability to not only compete and win in critical growth
  ber intensi  es, we are committed to providing our
geographies, but also successfully execute large,
customers with Irrigation and Infrastructure solutions
complex irrigation projects that address the region   s
that maximize productivity while preserving resources.
most pressing water and food security needs.
With early signs of stabilization in key international
We were also pleased to recognize a $20 million
markets and an active pipeline of project opportunities,
project in the same region with shipments starting
we see a promising environment for growth ahead. Our
in the   scal fourth quarter and continuing into the
strategy centers on continued engagement with our
  rst half of   scal 2026. Looking ahead, we remain
global customers, investments in innovation to provide
focused on driving measurable impact for customers
advanced technologies, and operational excellence,
and communities to drive continued expansion in
ensuring Lindsay remains at the forefront of feeding
attractive international growth markets.
and sustaining the world.
I think it is also worthwhile to point out that across
I want to express my sincere gratitude to our employees
  scal 2025, our core Irrigation business was able to
for their personal commitment and teamwork, to our
deliver year-over-year improvements in revenues,
customers for their continued trust in our products,
despite the continued softness in global agricultural
and to our shareholders, dealers, and partners for their
markets, supported by the strength and organic
con  dence and support. Your belief in Lindsay and in
growth of our international business. This, along with
our shared vision drives our innovation and success.
operational diligence, demonstrates that we have
the strategy in place to perform through industry
Respectfully,
downcycles, the right people to execute it, and the
ability to translate that execution into results.
Within our Infrastructure segment, the year saw the
successful launch of several landmark Road Zipper
Randy Wood
2025 Annual Report I 3

Lindsay   s technological innovation advanced
in 2025 with the introduction of TowerWatch.
$50Million
modernization of the Nebraska manufacturing
facility, the largest capital investment
in company history.
These capabilities and our differentiated technology
portfolio helped drive continued growth and
innovation across our business. We continue to
leverage our expanding suite of solutions to further
differentiate and increase market penetration. This
Investing in Sustainable Growth
has allowed us to surpass 150,000 total connected
devices while delivering 20 percent year-overyear growth in annual recurring revenue within
In   scal 2025, Lindsay maintained its focus on
investments that strengthen our long-term growth
and competitiveness. These investments span across
technology, operations, and global capabilities, each
our technology portfolio. Entering   scal 2026, we
remain dedicated to investing in opportunities and
technology advancements that will drive growth and
extend our leadership position.
reinforcing our commitment to provide greater value
Operationally, our $50 million investment in the
for customers and generate growing returns for our
Nebraska manufacturing facility marked the largest
stakeholders.
capital investment in company history. We are
Lindsay advanced its technological innovation in
2025 with the introduction of TowerWatch, a product
which enhances pivot monitoring and supports
more reliable, cost-effective operations for growers.
Our investment in 3essl Instruments re  ects Lindsay   s
continued commitment to innovation and global
growth, deepening our expertise in precision
agriculture and expanding our portfolio of datadriven solutions that support whole farm water
management. Coupled with the advancement of
Lindsay   s SmartPivot Solutions, we are accelerating
our leadership in AgTech by delivering integrated
progressing through a multi-year modernization
effort at the site, which includes our brand-new,
state-of-the-art metal forming facility that delivers
increased safety, ef  ciency, and throughput.
Construction is also underway on our new
galvanizing facility, a project that has expanded
in scope to provide additional capabilities and
increased capacity. While our original timeline
anticipated completion by the end of this calendar
year, the expanded scope extends completion to
year-end 2026, underscoring the scale and strategic
importance of this investment.
technologies that optimize water use and drive
Collectively, these initiatives illustrate Lindsay   s
measurable outcomes across the entire farm. This
disciplined approach to investing and growthminded
investment positions Lindsay to meet the evolving
capital allocation: building out our technological
needs of producers worldwide, and it strengthens
capabilities, expanding our strategic partnerships,
our long-term customer relationships by embedding
and modernizing our operations to ensure
our solutions more deeply into daily operations.
sustainable growth well into the future.
4 I Lindsay

Our People, Our Purpose
In   scal 2025, Lindsay   s focus on people remained
at the center of our progress. Early in the year,
members of our Board, alongside our President and
CEO, traveled to various locations to engage directly
with teams and partners in key regions. These visits
reinforced our belief that strong connections across
borders create stronger outcomes.
We also celebrated important moments of
recognition. Lindsay was proud to be named United
Way of the Midlands    Corporate Partner of the Year in
the 100   1   employee category, an honor that re  ects
the generosity and community spirit of our people.
Additionally, our culture of safety advanced
signi  cantly, with our total recordable incident rate
improving 2  percent compared to   scal 202 .
24%
recordable incident rate
improvement compared
to   scal 2024.
Our   scal year was marked by a meaningful
leadership milestone with the announcement of
our Chief Financial Of  cer Brian Ketcham   s planned
retirement at the end of 2025. Since joining Lindsay
in 2016, Brian has been instrumental in strengthening
our   nancial foundation, advancing transparency,
and building a   nance organization recognized for
excellence. Under Brian   s stewardship, we have come
a long way, delivering record earnings, expanding our
customer reach, and setting the stage for sustained
growth in both of our business segments. While
Brian   s retirement will be a signi  cant transition, he will
continue to provide guidance as a consultant through
2026, ensuring continuity as we move forward.
Lindsay was proud to be named United Way
We are excited for the future and are highly con  dent
of the Midlands    Corporate Partner of the
that the strength, talent, and commitment of our
Year in the 100   199 employee category.
people position Lindsay for continued success in the
years ahead.
2025 Annual Report I 5



 11/21/2025 Letter Continued (Full PDF)