PPIH

Awards include significant Oil & Gas projects in MENA and Canada, as well as the Company's largest single leak detection project to date and continued growth at its new Ohio facility. THE WOODLANDS, Texas, August 20, 2026--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH), a global leader in engineered piping and corrosion protection solutions, today announced that the Company secured more than $67 million in new orders during the second quarter of fiscal 2026, representing strong demand across its strategically important end-markets and geographies. The orders further strengthen Perma-Pipe's backlog and provide increased visibility into future revenue growth. The Company's backlog remains well diversified across geographies, customers and end-markets. The Company continued to see strong demand across its core Oil & Gas and infrastructure markets, while also securing important new business in emerging applications, including advanced leak detection and monitoring solutions. During the quarter, Perma-Pipe secured sizable Oil & Gas awards in both MENA and Canada, reinforcing the Company's position as a trusted supplier to customers undertaking significant energy infrastructure investments. The Company also secured its largest single leak detection project to date, further demonstrating the growing demand for Perma-Pipe's engineered leak detection and monitoring solutions and expanding the Company's opportunities in this strategically important market. In North America, the Company's new Ohio manufacturing facility continued to build a healthy backlog, supporting the Company's strategy of expanding domestic manufacturing capacity and positioning Perma-Pipe to serve growing demand for critical infrastructure and energy projects across the region. Marc Huber, Senior Vice President, North America, said: "The second quarter was another strong quarter for our North American business, with meaningful new awards in both Oil & Gas and infrastructure. Our Ohio facility is continuing to establish itself as an important manufacturing platform for the region, and we are encouraged by the level of customer activity and the quality of opportunities in our pipeline. The combination of a healthy backlog and continued demand gives us increasing confidence in the long-term growth prospects for North America." Adham Al Sharkawi, Senior Vice President, MENA, said: "MENA continues to be one of the most dynamic markets for Perma-Pipe. We secured significant Oil & Gas awards during the quarter and, importantly, won our largest leak detection project in the region. This is a significant milestone for our MENA business and demonstrates that our capabilities extend well beyond our traditional markets. We continue to see substantial opportunities across Oil & Gas, LNG, district energy and critical infrastructure, supported by major investment programs throughout the region." Saleh Sagr, President and Chief Executive Officer of Perma-Pipe International Holdings, Inc., said: "Our second quarter bookings of $67 million represent another important step forward in our growth strategy. We are seeing broad-based demand across our five structurally growing end-markets, with particularly strong momentum in Oil & Gas in MENA and Canada. The award of our first major leak detection project in MENA is also an important development as we expand into new applications and markets. "Equally important, we are continuing to build a strong backlog at our new Ohio facility while our MENA operations are benefiting from significant investment across the region. Looking forward, we see a compelling pipeline of opportunities, particularly in MENA Oil & Gas and water security, where national investment programs and major energy infrastructure developments are creating what we believe can be a multi-year growth opportunity for Perma-Pipe. "We remain focused on converting this strong market opportunity into profitable growth, while maintaining disciplined execution, operational excellence and financial performance. The momentum we are seeing across our businesses gives us confidence in our ability to deliver continued improvement in our results and create long-term value for our shareholders," concluded Mr. Sagr. About Perma-Pipe International Holdings, Inc. Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in engineered piping and corrosion protection solutions. The Company provides pre-insulated piping systems, leak detection systems, anti-corrosion coatings and related engineered products and services to customers across the energy, district energy, infrastructure, industrial, Oil & Gas, water transmission, and other critical infrastructure markets. Perma-Pipe operates manufacturing and service facilities across North America, Middle East, North Africa, India and other strategic markets, enabling the Company to serve customers globally while providing local manufacturing and engineering capabilities. For more information, visit www.permapipe.com. Forward-Looking Statements Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) the impact of a health pandemic on the Company's results of operations, financial condition and cash flows; (ii) fluctuations in the price of oil and natural gas and its impact on the customer order volume for the Company's products; (iii) the Company's ability to comply with all covenants in its credit facilities; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve profitability and positive cash flows; (vi) the impact of global economic weakness and volatility; (vii) fluctuations in steel prices and the Company’s ability to offset increases in steel prices through price increases in its products; (viii) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (ix) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (x) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xi) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (xiii) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xiv) reductions or cancellations of orders included in the Company’s backlog; (xv) the Company's ability to collect an account receivable related to a project in the Middle East; (xvi) risks and uncertainties related to the Company's international business operations; (xvii) the Company’s ability to attract and retain senior management and key personnel; (xviii) the Company’s ability to achieve the expected benefits of its growth initiatives; (xix) the Company’s ability to interpret changes in tax regulations and legislation; (xx) the Company's ability to use its net operating loss carryforwards; (xxi) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s percentage-of-completion revenue recognition; (xxii) the Company’s failure to establish and maintain effective internal control over financial reporting; and (xxiii) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com). View source version on businesswire.com: https://www.businesswire.com/news/home/20260820540761/en/ Contacts Saleh Sagr, President and CEO Perma-Pipe Investor Relations 847.929.1200 [email protected]

Shares of Perma-Pipe International Holdings, Inc. PPIH have declined 18.9% since the company reported its earnings for the quarter ended April 30, 2026, significantly underperforming the S&P 500 index, which has gained 0.2% over the same period. Over the past month, the stock has fallen 18.7%, compared with a 0.3% decline for the broader market index, reflecting a notably weaker performance relative to the benchmark. Perma-Pipe reported first-quarter fiscal 2026 earnings per share of 22 cents, which dropped from 61 cents in the prior-year quarter. Net sales of $50.3 million indicated a 7.5% rise from $46.7 million in the prior-year quarter, driven by higher sales volumes in North America and the Middle East and North Africa (MENA) region. However, profitability declined sharply. Net income attributable to common stock fell to $1.8 million from $5 million a year earlier, a decrease of about 63.6%. Income before taxes declined to $3.9 million from $7.4 million. Gross profit decreased 12.5% to $14.6 million despite the higher revenue base. Perma-Pipe International Holdings, Inc. price-consensus-eps-surprise-chart | Perma-Pipe International Holdings, Inc. Quote The company’s backlog reached $136.5 million as of April 30, 2026, representing an increase of approximately 12% from $121.6 million at Jan. 31, 2026. Management highlighted that recently awarded AI-driven data center projects in North America contributed significantly to the increase. The company also reported strong bidding activity across infrastructure, energy, industrial, water-related and data center markets. On the balance-sheet front, total assets increased to $221.6 million from $217.5 million at the end of fiscal 2025. Stockholders’ equity rose to $92.2 million from $90.6 million, while total liabilities edged up to $112.9 million from $111.2 million. President and chief executive officer Saleh Sagr said first-quarter results were affected by geopolitical developments in the Middle East that delayed the execution of certain projects, impacting the timing of revenue recognition and profitability in the MENA region. He emphasized that no projects had been canceled and that customer demand remained strong. Sagr also pointed to emerging growth opportunities in the region, including investments in alternative oil and gas export infrastructure aimed at reducing reliance on the Strait of Hormuz and increased focus on long-term water security initiatives. He said continued expansion of AI and cloud computing infrastructure is expected to support future demand for the company’s products and services. While revenue increased, several factors weighed on margins and earnings. Gross profit declined primarily because of project and product mix across different jurisdictions, particularly seasonal factors affecting Canada. The company also incurred start-up and ramp-up costs related to its new manufacturing facilities in Ohio and Qatar. Operating expenses increased as well. Total operating expenses rose to $10 million from $8.8 million a year ago. General and administrative expenses increased due to higher professional fees associated with the company’s transition to accelerated filer status and ongoing Sarbanes-Oxley compliance initiatives. Net interest expense rose to $0.6 million from $0.4 million, reflecting incremental borrowings during the quarter. Additionally, the effective tax rate increased to 34% from 21%, driven by the geographic mix of earnings across tax jurisdictions. Despite the softer earnings performance, management maintained a positive outlook for fiscal 2026. The company said it continues to anticipate both revenue growth and net income growth for the full fiscal year compared with fiscal 2025. Management expects project execution in the MENA region to normalize over the coming quarters and believes its growing backlog, healthy project pipeline and expanding manufacturing footprint will support improved financial performance. During the quarter, Perma-Pipe continued expanding its manufacturing capabilities. Management highlighted the commissioning and ramp-up of its new Ohio facility as a significant milestone that strengthens the company’s North American presence and positions it for future growth. The company also announced plans to begin quarterly earnings conference calls starting with the second quarter of fiscal 2026 to enhance transparency and engagement with investors. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Perma-Pipe International Holdings, Inc. (PPIH): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Net Sales Increased 7.5% Year-over-Year; Backlog Rises to $136.5 Million; Geopolitical Situation in the Middle East Causes Near-Term Project Timing Delays THE WOODLANDS, Texas, June 09, 2026--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the first quarter ended April 30, 2026. "For the three months ended April 30, 2026, net sales increased 7.5% to $50.3 million, compared to $46.7 million in the prior-year quarter, driven by higher sales volumes in both North America and the MENA region. Gross profit was $14.6 million, compared to $16.7 million in the first quarter of fiscal 2025. The decrease in gross profit primarily reflects project and product mix across various jurisdictions, particularly in Canada due to seasonal factors, as well as start-up and ramp-up costs associated with our new manufacturing facilities in Ohio and Qatar. Selling, general and administrative expenses increased to $10.0 million from $8.8 million, primarily due to higher professional fees related to our transition to accelerated filer status and ongoing Sarbanes-Oxley compliance initiatives. Earnings before income taxes were $3.9 million, compared to $7.4 million in the prior-year quarter. Income tax expense was $1.3 million, compared to $1.6 million in the prior-year period. Our effective tax rate was 34%, compared to 21% in the first quarter of fiscal 2025, reflecting the impact of earnings mix across tax jurisdictions. As a result, net income attributable to common stock was $1.8 million, compared to $5.0 million in the prior-year quarter," said President and Chief Executive Officer Saleh Sagr. Mr. Sagr continued, "During the quarter, geopolitical developments in the Middle East resulted in delays in the execution of certain projects, affecting the timing of revenue recognition and profitability within the MENA region. Importantly, no projects have been cancelled, customer demand remains strong and we expect project execution to normalize over the coming quarters. As a result, we continue to anticipate both revenue growth and net income growth for fiscal 2026 compared to fiscal 2025. Our confidence is supported by a strong backlog of $136.5 million at April 30, 2026, representing an increase of approximately 12% from $121.6 million at January 31, 2026. The increase in backlog includes a significant contribution from recently awarded AI-driven data center projects in North America, a market that continues to present substantial growth opportunities for the Company. We also continue to experience robust bidding activity across our key end markets, including infrastructure, energy, industrial, water-related, and data center projects. In addition, we are beginning to see emerging structural growth opportunities throughout the MENA region, including investments in alternative oil and gas export infrastructure designed to reduce reliance on the Strait of Hormuz, as well as increased focus on long-term water security initiatives. We believe these trends, together with the continued expansion of AI and cloud computing infrastructure, will support both near-term project activity and long-term demand for our products and services." Mr. Sagr concluded, "We remain focused on executing our strategic priorities through disciplined project delivery, expansion of our manufacturing footprint, and continuous operational improvement. The commissioning and ramp-up of our new Ohio facility represents a significant milestone in strengthening our North American presence and positioning the Company for future growth. While project timing delays impacted first-quarter results, we believe the underlying fundamentals of our business remain strong. With a growing backlog, healthy pipeline of opportunities, and expanding manufacturing capabilities, we remain confident in our ability to deliver improved financial performance and sustainable long-term value for our shareholders throughout fiscal 2026 and beyond." First Quarter Fiscal 2026 Results Net sales were $50.3 million for the three months ended April 30, 2026, an increase of $3.6 million, or 7.5%, compared to $46.7 million in the same quarter of the prior year. The increase was driven by higher sales volumes in both North America and the MENA region. Gross profit was $14.6 million, compared to $16.7 million in the prior-year quarter. The decline in gross profit primarily reflects product mix across various jurisdictions, particularly in Canada due to seasonal factors, together with start-up and ramp-up costs associated with the Company's new Ohio manufacturing facility as well as ongoing project ramp-up costs in Qatar. General and administrative expenses were $8.8 million, compared to $7.7 million in the prior-year quarter. The increase was primarily due to higher professional fees associated with the Company’s transition to accelerated filer status and ongoing SOX compliance initiatives. Selling expenses remained consistent at $1.2 million, compared to $1.1 million in the prior-year quarter. Net interest expense was $0.6 million, compared to $0.4 million in the prior-year quarter. The increase was primarily driven by incremental borrowings during the quarter. Income tax expense was $1.3 million, compared to $1.6 million in the prior-year quarter. The Company’s effective tax rate ("ETR") was 34%, compared to 21% in the prior-year quarter, driven by the impact of product mix across different tax jurisdictions. Earnings before income taxes were $3.9 million, compared to $7.4 million in the same quarter of the prior year and Net income attributable to common stock was $1.8 million, compared to $5.0 million in the prior-year quarter. Investor Relations Update We expect to initiate quarterly earnings conference calls beginning with the second quarter of fiscal 2026, further enhancing transparency and strengthening our engagement with the investment community. These calls will provide a more structured and consistent forum for discussing quarterly financial results, operational developments, and strategic priorities, as well as offering investors and analysts the opportunity for direct dialogue with management. We believe this initiative will improve communication, support a clearer understanding of our performance drivers and outlook, and reinforce our commitment to best-in-class disclosure practices as we continue to scale the business. Perma-Pipe International Holdings, Inc. Perma-Pipe International Holdings, Inc. (the "Company") is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at fourteen locations in seven countries. Forward-Looking Statements Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) fluctuations in the price of oil and natural gas and its impact on customer order volume for the Company's products; (ii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (iii) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (vi) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (vii) the Company’s ability to interpret changes in tax regulations and legislation; (viii) the Company's ability to use its net operating loss carryforwards; (ix) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s "over-time" revenue recognition; (x) the Company’s failure to establish and maintain effective internal control over financial reporting; (xi) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (xii) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xiii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiv) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xv) reductions or cancellations of orders included in the Company’s backlog; (xvi) risks and uncertainties specific to the Company's international business operations; (xvii) the Company’s ability to attract and retain senior management and key personnel; (xviii) the Company’s ability to achieve the expected benefits of its growth initiatives; (xix) the impact of pandemics and other public health crises on the Company and its operations; and (xx) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com.) The Company's fiscal year ends on January 31. Years, results, and balances described as 2026, 2025, and 2024 are for the fiscal year ended January 31, 2027, 2026, and 2025, respectively. Additional information regarding the Company's financial results for the three months ended April 30, 2026, including management's discussion and analysis of the Company's financial condition and results of operations, is contained in the Company's Quarterly Report on Form 10-Q for the quarterly period ended April 30, 2026, which will be filed with the Securities and Exchange Commission on or about the date hereof and will be accessible at www.sec.gov and www.permapipe.com. For more information, visit the Company's website. View source version on businesswire.com: https://www.businesswire.com/news/home/20260608028241/en/ Contacts Perma-Pipe International Holdings, Inc. Saleh Sagr, President, Chief Executive Officer, and Director Perma-Pipe Investor Relations (281) 941-2445 [email protected]

Shares of Perma-Pipe International Holdings, Inc. PPIH have declined 12.4% since the company reported its earnings for the quarter ended Jan. 31, 2026, underperforming the S&P 500 index’s 1.1% growth over the same period. Over the past month, however, the stock has gained 4%, lagging the broader market’s 8.2% increase. Perma-Pipe reported fourth-quarter fiscal 2025 GAAP earnings per share (EPS) of 60 cents, which increased sharply from 22 cents in the prior-year quarter. Net sales rose 22.4% to $55.1 million from $45 million a year earlier, while net income attributable to common stock climbed 172.2% to $4.9 million. Perma-Pipe International Holdings, Inc. price-consensus-eps-surprise-chart | Perma-Pipe International Holdings, Inc. Quote The company’s gross profit for the quarter increased to $17.3 million from $15.2 million in the prior-year period, supported by higher activity levels across its markets. Operating income also improved, reaching $7 million in the fourth quarter versus $5.4 million a year earlier. The company ended the quarter with a backlog of $121.6 million, indicating sustained demand and strong order conversion into revenues. This backlog level remains historically high, suggesting continued visibility into future revenue streams. Growth in both the quarter and full year was primarily driven by higher sales volumes in key regions, particularly the Middle East and North America. Management highlighted that increased activity levels contributed to higher gross profit, while improved operational execution enabled the company to convert backlog into realized revenues more efficiently. Expenses increased moderately during the quarter, with selling, general and administrative costs rising to $10.3 million from $9.7 million, largely due to higher payroll expenses. Tax dynamics also played a role in profitability. The effective tax rate declined significantly in the fourth quarter to 12.3% from 32.1% in the prior year, boosting net income. Management characterized fiscal 2025 as a “landmark” year, citing record revenue and earnings driven by broad-based global growth. CEO Saleh Sagr emphasized that expansion across North America and the Middle East, combined with disciplined margin management, enabled the company to translate top-line growth into substantial bottom-line gains. The company also pointed to strong operational execution, particularly in accelerating backlog conversion, as a key contributor to performance. Management expressed confidence in sustaining growth momentum, supported by continued demand across its global footprint. For fiscal 2025, revenues increased 33.1% to $210.9 million, and EPS rose to $2.09 from $1.12, reflecting an 89% increase in net income attributable to common stock, which reached $17 million. Gross profit rose to $69.5 million compared to $53.2 million, though margins remained relatively stable at around one-third of net sales. Operating income climbed to $29.4 million from $20.3 million. During the quarter, Perma-Pipe took several steps to support its long-term growth strategy. The company entered into a long-term lease for a new production facility in Ohio, aimed at enhancing logistics capabilities and capturing additional market share in the Northeast and New England regions. Additionally, it finalized a new credit facility with J.P. Morgan Chase, standardizing its global borrowing platform and improving access to liquidity at more favorable terms. These initiatives, combined with record financial performance, position the company to expand its operations further while maintaining financial flexibility. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Perma-Pipe International Holdings, Inc. (PPIH): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Net sales increased to $55.1 million for the quarter and $210.9 million for the full year, compared to $45.0 million and $158.4 million in the prior year periods, respectively Income before income taxes increased to $6.4 million for the quarter and $27.5 million for the full year, compared to $5.3 million and $18.5 million in the prior year periods, respectively GAAP diluted earnings per share increased to $0.60 for the quarter and $2.09 for the full year, compared to $0.22 and $1.12 in the prior year periods, respectively Backlog stood at $121.6 million, reflecting strong conversion to revenue during the quarter THE WOODLANDS, Texas, April 16, 2026--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) today announced financial results for the fourth quarter and 2025 fiscal year ended January 31, 2026. "For the three months ended January 31, 2026, net sales were $55.1 million, an increase of $10.1 million, or 22.4%, compared to $45.0 million in the same quarter of the prior year. Growth was driven by higher sales volumes in both the Middle East and North America. Gross profit was $17.3 million, up $2.1 million from $15.2 million last year, reflecting higher activity levels. Selling, general and administrative expenses increased slightly to $10.3 million from $9.7 million, primarily due to higher payroll costs, partially offset by lower bonus costs. The Company’s effective tax rate ("ETR") was 12.3%, compared to 32.1% in the prior-year quarter, reflecting the impact of product mix across various tax jurisdictions. As a result, net income attributable to common stock was $4.9 million, an increase of $3.1 million, or 172.2%, compared to $1.8 million in the fourth quarter of fiscal 2024," noted President and CEO Saleh Sagr. "For the year ended January 31, 2026, net sales were $210.9 million, an increase of $52.5 million, or 33.1%, compared to $158.4 million in the prior year period. The increase was primarily attributable to higher sales volumes in both the Middle East and North America. Gross profit was $69.5 million, compared to $53.2 million in the prior year period, reflecting increased activity levels. Selling, general and administrative expenses were $40.1 million, up from $32.9 million, due to higher payroll and professional fees, including approximately $1.0 million related to Sarbanes-Oxley Section 404 compliance in connection with our transition from a non-accelerated filer to an accelerated filer. This also includes a one-time compensation charge of approximately $2.0 million related to the departure of the previous CEO. The Company’s effective tax rate was 24.9%, compared to 29.1% in the prior-year period. The change in the Company's effective tax rate reflects product mix across various tax jurisdictions and the Company’s overall reduction in its effective tax rate for the year was partially offset by the impact of a tax limitation related to the one-time charge associated with the prior CEO’s departure. Net income attributable to common stock was $17.0 million, an increase of $8.0 million, or 88.9%, compared to $9.0 million in fiscal 2024," Mr. Sagr commented. President and CEO Saleh Sagr added: "Our backlog stood at $121.6 million as of January 31, 2026. This reflects strong operational execution as we successfully accelerated the conversion of existing sales orders into realized revenue. Our backlog remains at historically strong levels. We continue to see meaningful multi-regional expansion, particularly across North America and the Middle East, reinforcing sustained global demand for our solutions." "Our fiscal 2025 results represent a landmark achievement for the Company. Total revenues of $210.9 million and net income attributable to common stockholders of $17.0 million mark our highest level of earnings in the Company’s modern operating history, driven not only by strong top-line growth but also by improved margins. This record performance was driven by broad-based strength across our global footprint, with significant growth contributions from the Middle East and North America. Our ability to scale across these diverse markets while maintaining disciplined margin performance has enabled us to convert top-line momentum into meaningful bottom-line value for our shareholders." "To sustain this trajectory, we have entered into a long-term lease for a new production facility in Ohio (AI data centers). This strategically located hub will serve as a primary logistics center for the Northeast and New England corridors, enabling us to localize production for our district heating and cooling offerings and capture additional regional market share. The region’s favorable and flexible labor environment further enhances our operational agility." "Supporting our long-term growth strategy, we also finalized a new credit facility with J.P. Morgan Chase. This agreement represents a watershed moment for the Company. We have standardized our borrowing platform globally at significantly improved terms. This transition optimizes our cost of capital while providing the liquidity necessary to support the next phase of our global expansion," Mr. Sagr continued. "With record earnings as our foundation and a modernized capital structure as our fuel, we enter the remainder of 2026 with strong confidence in our ability to scale our global operations and drive meaningful shareholder returns," Mr. Sagr concluded. 2025 Results Net sales were $210.9 million for the fiscal year ended January 31, 2026, an increase of $52.5 million, or 33.1%, from $158.4 million in the prior year. The growth was primarily driven by higher sales volumes across our key markets in the Middle East, Canada, and the United States Gross profit was $69.5 million, or 33% of net sales, compared to $53.2 million, or 34% of net sales, in the prior year. The $16.3 million was driven by higher sales volumes and consistent gross margins globally. General and administrative expenses were $35.3 million, compared to $28.0 million in the prior year. The increase of $7.3 million was primarily related to higher compensation costs and professional fees, including approximately $1.0 million relating to Sarbanes-Oxley 404 compliance in connection with our transition from a non-accelerated filer to an accelerated filer. This also includes a one-time compensation charge of approximately $2.0 million related to the departure of the previous CEO. Selling expenses were $4.7 million, compared to $4.9 million in the years ended January 31, 2026 and 2025, respectively. The decrease of $0.2 million was primarily driven by lower payroll expenses during the year. Interest expense, net was $1.8 million and $1.9 million in the years ended January 31, 2026 and 2025, respectively. The decrease of $0.1 million was the result of an overall reduction in interest rates during the year. The Company's worldwide effective tax rates ("ETR") were 24.9% and 29.1% in the years ended January 31, 2026 and 2025, respectively. The change in ETR was largely due to changes in the mix of income and loss in various tax jurisdictions and the domestic Global Intangible Low-Taxed Income ("GILTI") inclusion. Net income attributable to common stock was $17.0 million, or $ 2.09 per diluted share, for the fiscal year ended January 31, 2026, compared to $9.0 million, or $ 1.12 per diluted share, in the prior year. The 89% increase was driven by the significant growth in sales volumes and operational efficiencies discussed above, partially offset by the one-time charges previously noted and amounts attributable to non-controlling interest. Perma-Pipe International Holdings, Inc. Perma-Pipe International Holdings, Inc. (the "Company") is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at thirteen locations in seven countries. Forward-Looking Statements Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) fluctuations in the price of oil and natural gas and its impact on customer order volume for the Company's products; (ii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (iii) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (vi) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (vii) the Company’s ability to interpret changes in tax regulations and legislation; (viii) the Company's ability to use its net operating loss carryforwards; (ix) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s "over-time" revenue recognition; (x) the Company’s failure to establish and maintain effective internal control over financial reporting; (xi) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (xii) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xiii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiv) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xv) reductions or cancellations of orders included in the Company’s backlog; (xvi) risks and uncertainties specific to the Company's international business operations; (xvii) the Company’s ability to attract and retain senior management and key personnel; (xviii) the Company’s ability to achieve the expected benefits of its growth initiatives; (xix) the impact of pandemics and other public health crises on the Company and its operations; and (xx) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com.) The Company's fiscal year ends on January 31. Years, results, and balances described as 2025, 2024, and 2023 are for the fiscal year ending January 31, 2026, 2025, and 2024, respectively. Additional information regarding the Company's financial results for the fiscal year ended January 31, 2026, including management's discussion and analysis of the Company's financial condition and results of operations, is contained in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2026, which will be filed with the Securities and Exchange Commission on or about the date hereof and will be accessible at www.sec.gov and www.permapipe.com. For more information, visit the Company's website. PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURE ADJUSTED INCOME BEFORE TAX (In thousands) (Unaudited) The following information contains a reconciliation of the non-GAAP financial measure of adjusted income before income tax and income before tax prepared in accordance with generally accepted accounting principles ("GAAP") for the three and twelve months ended January 31, 2026, and 2025, respectively. This reconciliation is intended to provide investors with useful information in evaluating the Company's performance. Adjusted income before tax includes certain adjustments as identified below. This measure is not considered an alternative to income before tax or other financial measures of performance that are prepared in accordance with GAAP. The Company believes that the exclusion of certain items from income before tax allows investors to more effectively evaluate the Company's operating performance and identify trends that might not be apparent due to the variability and infrequent nature of these items. In addition, the Company believes this measure provides meaningful information to investors when comparing results between periods and performance with respect to the Company's peers. Adjustments were made for certain items as follows: (i) a one-time charge associated with the acceleration of executive compensation; (ii) a one-time litigation settlement charge; and (iii) other non-recurring items. These non-GAAP measures are provided to enhance the user's overall understanding of the company’s current financial performance and may not be comparable to similarly titled measures used by other companies. The following table provides a reconciliation of the GAAP and non-GAAP financial measures: View source version on businesswire.com: https://www.businesswire.com/news/home/20260416587944/en/ Contacts Perma-Pipe International Holdings, Inc. Saleh Sagr President, CEO, and Director Perma-Pipe Investor Relations 281.941.2445 [email protected]

Shares of Perma-Pipe International Holdings, Inc. PPIH have gained 9.9% since the company reported its earnings for the quarter ended Oct. 31, 2025. In contrast, the S&P 500 index has declined 1.4% during the same period. Over the past month, Perma-Pipe’s stock has surged by an impressive 38.1%, significantly outperforming the broader market, which rose just 2.6%. For the third quarter of 2025, Perma-Pipe reported diluted earnings per share (EPS) of 77 cents, more than doubling from 31 cents a year earlier. The company’s net sales of $61.1 million denoted a 46.9% increase compared to $41.6 million in the same period last year. The company attributed the revenue growth to higher sales volumes in both the Middle East and North America. Gross profit rose by $6.9 million to $21 million, representing a 49% increase over the prior-year period. Net income attributable to common stock soared to $6.3 million, up 152% from $2.5 million in the year-ago quarter. Perma-Pipe International Holdings, Inc. price-consensus-eps-surprise-chart | Perma-Pipe International Holdings, Inc. Quote Perma-Pipe reported a backlog of $148.9 million as of Oct. 31, 2025, up from $138.1 million at the beginning of the fiscal year. This represents a 7.8% increase year to date and a more than 30% jump from the same point in the prior year, demonstrating robust demand across both North America and the MENA region. Operating income for the quarter was $11.4 million, up from $5.6 million in the third quarter of 2024. The company maintained steady interest expense at $0.5 million and reduced its effective tax rate to 27% from 32% in the prior-year quarter, benefiting from a favorable jurisdictional mix. Operating expenses rose to $9.6 million, driven primarily by higher payroll and professional services expenses. President and CEO Saleh Sagr highlighted the company's operational progress, noting that year-to-date revenues nearly match the full-year total for fiscal 2024. Sagr described the earnings as “the highest level of earnings since the Company’s transition from MFRI to Perma-Pipe in 2017,” underscoring a significant milestone in profitability. He attributed the strong performance to continued growth in core markets, improved operating leverage and successful project execution. Sagr also pointed to the company’s ongoing strategic investments, particularly in the new Qatar facility, which has already secured more than $5 million in project awards expected to be executed in the remainder of the year. The significant uptick in revenues and net income was primarily driven by higher sales volumes and project execution in both the Middle East and North America. Operating leverage was evident as gross profit growth outpaced the increase in operating expenses. The effective tax rate also contributed favorably to net income during the quarter. That said, the company did absorb higher general and administrative costs, including approximately $0.5 million in quarterly Sarbanes-Oxley compliance-related fees and a one-time $2 million charge related to executive transition costs over the nine-month period. During the quarter, Perma-Pipe advanced its strategic investment in Qatar, a move that aligns with its long-term growth objectives. The facility has already generated over $5 million in confirmed orders slated for execution before the end of the fiscal year, signaling early success in the region and a promising expansion in the MENA market. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Perma-Pipe International Holdings, Inc. (PPIH): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Net sales of $61.1 million for the quarter and $155.8 million year-to-date. Income before income taxes of $10.9 million for the quarter and $21.1 million year-to-date. Diluted earnings per share of $0.77 for the quarter and $1.49 year-to-date. Backlog of $148.9 million at October 31, 2025, up from $138.1 million at January 31, 2025. THE WOODLANDS, Texas, December 12, 2025--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the third quarter ended October 31, 2025. "For the three months ended October 31, 2025, net sales were $61.1 million, an increase of $19.5 million, or 46.9%, compared to $41.6 million in the same quarter of the prior year. Growth was driven by higher sales volumes in both the Middle East and North America. Gross profit was $21.0 million, up $6.9 million from $14.1 million last year, reflecting higher activity levels. Selling, general and administrative expenses increased to $8.3 million from $7.3 million, primarily due to higher payroll and professional fees, including approximately $0.5 million relating to Sarbanes-Oxley 404 compliance in connection with our transition from a small reporting company to an accelerated filer. The Company’s effective tax rate ("ETR") was 27%, compared to 32% in the prior-year quarter, reflecting the impact of product mix in various tax jurisdictions. As a result, net income attributable to common stock was $6.3 million, an increase of $3.8 million, or 152.0%, compared to $2.5 million in the third quarter of fiscal 2024," noted President and CEO Saleh Sagr. "For the nine months ended October 31, 2025, net sales were $155.8 million, an increase of $42.4 million, or 37.4%, compared to $113.4 million in the prior-year period. The increase was primarily attributable to higher sales volumes in both the Middle East and North America. Gross profit was $52.2 million, compared to $38.1 million in the prior year period, reflecting increased activity levels during the current year. General and administrative expenses were $26.1 million, up from $19.5 million, due to higher payroll and professional fees, including approximately $1.0 million relating to Sarbanes-Oxley 404 compliance in connection with our transition from a small reporting company to an accelerated filer. This also includes a one-time compensation charge of approximately $2.0 million related to the departure of the previous CEO. The Company’s effective tax rate was 29%, compared to 28% in the prior-year period. The increase in the Company's tax rate was impacted due to product mix in various tax jurisdictions and as a result of a tax limitation relating to the one-time charge in connection with the previous CEO's departure. Net income attributable to common stock increased to $12.1 million, an increase of $4.9 million, or 68.1%, compared to $7.2 million in the same period of fiscal 2024," Mr. Sagr commented. President and CEO Saleh Sagr added: "As of October 31, 2025, our backlog totaled $148.9 million, representing an increase of $10.8 million, or 7.8%, compared with the $138.1 million reported as of January 31, 2025. Our current backlog levels continue to demonstrate substantial growth; in particular, backlog at the end of the third fiscal quarter of 2025 reflects an increase of more than 30% over the backlog recorded at the end of the prior year’s third quarter. This expansion is evident across both North America and the MENA region, underscoring the sustained strength of demand for our solutions." "As of October 31, 2025, our year-to-date revenues approximate the revenues reported for the full-year fiscal 2024. Current year-to-date net income attributable to common stock was $12.1 million, an increase of $3.1 million, or 34.4%, compared to approximately $9.0 million in fiscal 2024. The fact that year-to-date net income has exceeded full-year fiscal 2024 results with one quarter remaining in fiscal 2025 reflects continued operational and financial improvement. In addition, net income attributable to common stock for the three and nine months ended October 31, 2025, represents the highest level of earnings since the Company's transition from MFRI to Perma-Pipe in 2017," Mr. Sagr continued. "We have continued to experience solid financial performance, supported by sustained activity in our core markets and improved operating leverage. Our operations in the Middle East and North America delivered strong results, further evidencing the ongoing strengthening of our global platform. This performance is reflected in our quarterly and year-to-date results as well as in the growth of our backlog. These results also align with our strategic initiatives, including our investment in the new Qatar facility, which has secured more than $5.0 million in awards scheduled for execution during the remainder of the year. We remain focused on driving profitable growth and enhancing our competitive position within the markets we serve," Mr. Sagr concluded. Third Quarter Fiscal 2025 Results Net sales were $61.1 million and $41.6 million in the three months ended October 31, 2025 and 2024, respectively. The increase of $19.5 million was a result of increased sales volumes in the Middle East and in North America. Gross profit was $21.0 million and $14.1 million in the three months ended October 31, 2025 and 2024, respectively. The increase of $6.9 million was driven primarily by increased volume of activity in the quarter. General and administrative expenses were $8.3 million and $7.3 million in the three months ended October 31, 2025 and 2024, respectively. The increase of $1.0 million was mainly due to higher payroll expenses and, to a lesser extent, professional fees in the quarter. Selling expenses were $1.3 million and $1.2 million in the three months ended October 31, 2025 and 2024, respectively. The increase of $0.1 million was due to higher payroll expense in the quarter. Net interest expense remained consistent and was $0.5 million in the three months ended October 31, 2025 and 2024, respectively. The Company's ETR was 27% and 32% in the three months ended October 31, 2025 and 2024, respectively. The lower ETR for the three months ended October 31, 2025 is due to the mix of income and loss in various jurisdictions Net income attributable to common stock was $6.3 million and $2.5 million in the three months ended October 31, 2025 and 2024, respectively. The increase of $3.8 million was mainly due to increased sales activity in the quarter, and better project execution. Fiscal 2025 Year-to-Date Results Net sales were $155.8 million and $113.4 million in the nine months ended October 31, 2025 and 2024, respectively. The increase of $42.4 million was a result of increased sales volumes in the Middle East and in North America. Gross profit was $52.2 million and $38.1 million in the nine months ended October 31, 2025 and 2024, respectively. The increase of $14.1 million was driven primarily by increased volume of activity. General and administrative expenses were $26.1 million and $19.5 million in the nine months ended October 31, 2025 and 2024, respectively. The increase of $6.6 million was due to higher payroll expenses and professional fees. This includes a one-time charge due to an acceleration of certain executive compensation expense as a result of a departure from the organization. Selling expenses remained consistent and were $3.5 million and $3.8 million in the nine months ended October 31, 2025 and 2024, respectively. The decrease of $0.3 million was primarily attributable to lower payroll expenses. Net interest expense was $1.3 million and $1.5 million in the nine months ended October 31, 2025 and 2024, respectively. The decrease of $0.2 million was the result of an overall reduction in interest rates during the current year. The Company's ETR was 29% and 28% in the nine months ended October 31, 2025 and 2024, respectively. The change in the ETR is due to the mix of income and loss in various jurisdictions. Net income attributable to common stock was $12.1 million and $7.2 million in the nine months ended October 31, 2025 and 2024, respectively. The increase of $4.9 million was mainly due to increased sales volumes and better project execution during the current year. Perma-Pipe International Holdings, Inc. Perma-Pipe International Holdings, Inc. (the "Company") is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at fourteen locations in seven countries. Forward-Looking Statements Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) fluctuations in the price of oil and natural gas and its impact on customer order volume for the Company's products; (ii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (iii) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (vi) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (vii) the Company’s ability to interpret changes in tax regulations and legislation; (viii) the Company's ability to use its net operating loss carryforwards; (ix) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s "over-time" revenue recognition; (x) the Company’s failure to establish and maintain effective internal control over financial reporting; (xi) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (xii) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xiii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiv) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xv) reductions or cancellations of orders included in the Company’s backlog; (xvi) risks and uncertainties specific to the Company's international business operations; (xvii) the Company’s ability to attract and retain senior management and key personnel; (xviii) the Company’s ability to achieve the expected benefits of its growth initiatives; (xix) the impact of pandemics and other public health crises on the Company and its operations; and (xx) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com). The Company's fiscal year ends on January 31. Years, results, and balances described as 2025, 2024, and 2023 are for the fiscal year ended January 31, 2026, 2025, and 2024, respectively. Additional information regarding the Company's financial results for the three and nine months ended October 31, 2025, including management's discussion and analysis of the Company's financial condition and results of operations, is contained in the Company's Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2025, which will be filed with the Securities and Exchange Commission on or about the date hereof and will be accessible at www.sec.gov and www.permapipe.com. For more information, visit the Company's website. PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURE ADJUSTED INCOME BEFORE TAX (In thousands) (Unaudited) The following information contains a reconciliation of the non-GAAP financial measure of adjusted income before tax and income before income tax prepared in accordance with generally accepted accounting principles ("GAAP") for the three and nine months ended October 31, 2025 and 2024, respectively. This reconciliation is intended to provide investors with useful information in evaluating the Company's performance. Adjusted income before tax includes certain adjustments as identified below. This measure is not considered an alternative to income before income tax or other financial measures of performance that are prepared in accordance with GAAP. The Company believes that the exclusion of certain items from income before income tax allows investors to more effectively evaluate the Company's operating performance and identify trends that might not be apparent due to the variability and infrequent nature of these items. In addition, the Company believes this measure provides meaningful information to investors when comparing results between periods and performance with respect to the Company's peers. Adjustments made for certain items are further described as follows: (i) one-time charge in connection with the acceleration of executive compensation; (ii) other non-recurring charges. As a result of these adjustments, some items that affect income before income tax may not be comparable to similar measures of other companies. The following table provides a reconciliation of the GAAP and non-GAAP financial measure: View source version on businesswire.com: https://www.businesswire.com/news/home/20251212056738/en/ Contacts Perma-Pipe International Holdings, Inc. Saleh Sagr, President and CEO Perma-Pipe Investor Relations 847.929.1200 [email protected]

THE WOODLANDS, Texas, December 03, 2025--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) today announced that it secured $52 million in project awards during the third quarter of 2025, including $30 million previously announced in September. The additional $22 million in new awards includes major data center infrastructure projects in the United States and Saudi Aramco–related projects to be executed from the company’s recently approved Dammam, Saudi Arabia facility. "These awards underscore the accelerating demand we’re seeing across mission-critical infrastructure, especially in the data center sector," said Marc Huber, Senior Vice President, North America. "Our teams continue to deliver the technical capabilities, responsiveness, and reliability that our customers expect as they scale up." Adham Sharkawi, Senior Vice President, MENA, added: "Growth in the Kingdom of Saudi Arabia is a strategic priority for Perma-Pipe. The new Saudi Aramco awards demonstrate our strengthened local presence in Dammam and reinforce our commitment to providing localized production, advanced manufacturing, and in-country value aligned with regional development goals." "These wins highlight the strength of the platform we have built and the disciplined execution that underpins our growth," said Saleh Sagr, President and Chief Executive Officer. "Perma-Pipe continues to deliver reliable, high-value solutions in markets where performance and safety are critical. The momentum we are seeing across North America and the Middle East reflects not only rising demand, but also our ability to respond quickly with the engineering expertise, manufacturing capacity, and localized capabilities that set Perma-Pipe apart." Perma-Pipe’s expanded Dammam facility enhances the company’s regional manufacturing and fabrication capabilities, enabling faster deployment of engineered piping systems, modular components, and integrated industrial solutions for energy, utilities, and mission-critical infrastructure customers. Perma-Pipe International Holdings, Inc. Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in pre-insulated piping and leak detection systems for oil and gas, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at fourteen locations in seven countries. Forward-Looking Statements Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) the impact of the coronavirus ("COVID-19") on the Company's results of operations, financial condition and cash flows; (ii) fluctuations in the price of oil and natural gas and its impact on the customer order volume for the Company's products; (iii) the Company's ability to comply with all covenants in its credit facilities; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve profitability and positive cash flows; (vi) the impact of global economic weakness and volatility; (vii) fluctuations in steel prices and the Company’s ability to offset increases in steel prices through price increases in its products; (viii) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (ix) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (x) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xi) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (xiii) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xiv) reductions or cancellations of orders included in the Company’s backlog; (xv) the Company's ability to collect an account receivable related to a project in the Middle East; (xvi) risks and uncertainties related to the Company's international business operations; (xvii) the Company’s ability to attract and retain senior management and key personnel; (xviii) the Company’s ability to achieve the expected benefits of its growth initiatives; (xix) the Company’s ability to interpret changes in tax regulations and legislation; (xx) the Company's ability to use its net operating loss carryforwards; (xxi) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s percentage-of-completion revenue recognition; (xxii) the Company’s failure to establish and maintain effective internal control over financial reporting; and (xxiii) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com). View source version on businesswire.com: https://www.businesswire.com/news/home/20251203065545/en/ Contacts Saleh Sagr, President and CEO Perma-Pipe Investor Relations 847.929.1200 [email protected]

The Company generated net sales of $47.9 million for the quarter and $94.6 million year-to-date Income before income taxes of $2.8 million for the quarter and $10.2 million year-to-date Adjusted Income before tax of $4.9 million for the quarter and $12.3 million year-to-date Backlog of $157.8 million at July 31, 2025, compared to $138.1 million at January 31, 2025 SPRING, Texas, September 15, 2025--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the second quarter ended July 31, 2025. "For the three months ended July 31, 2025, net sales were $47.9 million, an increase of $10.4 million, or 27.7%, compared to $37.5 million in the prior-year quarter. Growth was driven by higher sales volumes in both the Middle East and North America. Gross profit was $14.4 million, up $0.9 million from $13.5 million last year, reflecting higher activity levels. General and administrative expenses increased to $10.0 million from $6.0 million, primarily due to higher payroll and professional fees. This includes a one-time $2.1 million charge related to accelerated executive compensation following the departure of the previous CEO. The Company also incurred additional costs in the quarter for setting up a manufacturing facility in Qatar on the back of securing more than $5 million in new awards, which will be executed before the end of this year. The Company’s effective tax rate ("ETR") was 54%, compared to 23% in the prior-year quarter, reflecting the impact of the one-time compensation charge and jurisdictional income mix. As a result, net income attributable to common stock was $0.9 million, compared to $3.3 million in the second quarter of fiscal 2024," noted President and CEO Saleh Sagr. "For the six months ended July 31, 2025, net sales were $94.6 million, an increase of $22.8 million, or 31.8%, compared to $71.8 million in the prior-year period. Growth was driven by stronger sales volumes in both the Middle East and North America. Gross profit was $31.1 million, up $7.1 million from $24.0 million, reflecting increased activity levels and improved margins from product mix. General and administrative expenses rose to $17.8 million from $12.1 million, due to higher payroll and professional fees, including the one-time compensation charge related to the departure of the previous CEO. The Company’s effective tax rate was 30%, compared to 25% in the prior-year period. Net income attributable to common stock increased to $5.8 million, up $1.1 million, or 23.0%, from $4.7 million in the same period of fiscal 2024," Mr. Sagr commented. President and CEO Saleh Sagr added: "Backlog stood at $157.8 million at July 31, 2025, an increase of $19.7 million, or 14.3%, from January 31, 2025, and an increase of $82.3 million, or 109.0%, from July 31, 2024. This represents more than double the backlog reported at the end of last year’s second quarter, with growth across both North America and the MENA region." "Our strong first-half results reflect both the continued momentum in our core markets and the benefits of improved operating leverage. The Middle East and North America remain key growth engines for the business, and we are seeing positive contributions from both regions. While we absorbed higher G&A costs this period, including the one-time charge related to leadership transition, we also made strategic investments in establishing our new Qatar facility, supported by more than $5 million of new awards to be delivered before year-end. We remain confident in our ability to drive profitable growth and strengthen our competitive position in the markets we serve," Mr. Sagr concluded. Perma-Pipe International Holdings, Inc. Initiates Exploration of Strategic Alternatives to Maximize Shareholder Value The Company is evaluating a wide range of value creation alternatives including, but not limited to, continued execution of the Company’s business plan, a tax-efficient sale of one or more of the Company’s divisions or a sale of the entire Company. "As we seek to close the gap between Perma-Pipe’s public market valuation and the Company’s sum-of-the-parts value, the Board has authorized a comprehensive review of strategic alternatives," said Perma-Pipe Chairman Jon Biro. "We are approaching this process with constructive discipline and an open mind, and we will be assisted by our outside advisors and guided by our continued commitment to maximize shareholder value." President & CEO Saleh Sagr noted: "While the review is underway, Perma-Pipe remains focused on delivering strong results and capitalizing on growing global demand for sustainable infrastructure." No assurance can be given regarding the outcome or timing of exploring strategic alternatives, and updates will be provided only as appropriate. Energy Capital Solutions, LLC is serving as financial advisor and Gray Reed & McGraw LLP is serving as legal counsel for this strategic review. Second Quarter Fiscal 2025 Results Net sales were $47.9 million and $37.5 million in the three months ended July 31, 2025 and 2024, respectively. The increase of $10.4 million was a result of increased sales volumes in the Middle East and in North America. Gross profit was $14.4 million and $13.5 million in the three months ended July 31, 2025 and 2024, respectively. The increase of $0.9 million was driven primarily by increased volume of activity in the quarter. General and administrative expenses were $10.0 million and $6.0 million in the three months ended July 31, 2025 and 2024, respectively. The increase of $4.0 million was mainly due to higher payroll expenses and professional fees in the quarter. This includes a one-time charge due to an acceleration of certain executive compensation expense in the quarter as a result of the departure of a departure from the organization. Selling expenses were $1.2 million and $1.4 million in the three months ended July 31, 2025 and 2024, respectively. The decrease of $0.2 million was due to lower payroll expense in the quarter. Net interest expense remained consistent and was $0.4 million and $0.5 million in the three months ended July 31, 2025 and 2024, respectively. The Company's effective tax rate was 54% and 23% in the three months ended July 31, 2025 and 2024, respectively. The change in the ETR is due to the mix of income and loss in various jurisdictions, primarily an increase in income in UAE, and a tax deduction limitation that was attributable to an acceleration of certain executive compensation. Net income attributable to common stock was $0.9 million and $3.3 million in the three months ended July 31, 2025 and 2024, respectively. The decrease of $2.4 million was mainly due to higher payroll expenses in connection with a one-time charge of $2.1 million due to an acceleration of certain executive compensation as a result of a departure from the organization. The Company performed its public float calculation pursuant to the SEC's Public Float Test as of the last business day of its second fiscal quarter ended July 31, 2025. Based on this calculation, the Company concluded that its public float exceeded the threshold of $75 million to retain its filer status as a Smaller Reporting Company ("SRC"). As a result, the Company's filer status has changed and henceforth will be classified as an accelerated filer. Accordingly, the Company will be subject to the requirements within this classification, including an accelerated timeline to file certain periodic reports and will no longer be eligible for the scaled-down financial disclosure requirements provided to entities that meet the definition of an SRC. This change in filer status goes into effect for fiscal year ended January 31, 2026, which is the first annual report filed for the fiscal year in which the Company loses its SRC status. Fiscal 2025 Year-to-Date Results Net sales were $94.6 million and $71.8 million in the six months ended July 31, 2025 and 2024, respectively. The increase of $22.8 million was a result of increased sales volumes in the Middle East and in North America. Gross profit was $31.1 million and $24.0 million in the six months ended July 31, 2025 and 2024, respectively. The increase of $7.1 million, was driven primarily by increased volume of activity and better margins due to product mix. General and administrative expenses were $17.8 million and $12.1 million in the six months ended July 31, 2025 and 2024, respectively. The increase of $5.7 million, was due to higher payroll expenses and professional fees. This includes a one-time charge due to an acceleration of certain executive compensation expense as a result of a departure from the organization. Selling expenses remained consistent and were $2.3 million and $2.6 million in the six months ended July 31, 2025 and 2024, respectively. The decrease of $0.3 million was primarily attributable to lower payroll expenses. Net interest expense was $0.8 million and $1.0 million in the six months ended July 31, 2025 and 2024, respectively. The decrease of $0.2 million was the result of an overall reduction in interest rates during the year. The Company's effective tax rate was 30% and 25% in the six months ended July 31, 2025 and 2024, respectively. The change in the ETR is due to the mix of income and loss in various jurisdictions, primarily an increase in income in UAE, and a tax deduction limitation that was attributable to an acceleration of certain executive compensation. Net income attributable to common stock was $5.8 million and $4.7 million in the six months ended July 31, 2025 and 2024, respectively. The increase of $1.1 million, was mainly due to increased sales volumes and better project execution during the current year, offset by higher payroll expenses in connection with a one-time charge due to an acceleration of certain executive compensation expense as a result of the recent departure of the former chief executive officer. Perma-Pipe International Holdings, Inc. Perma-Pipe International Holdings, Inc. (the "Company") is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at fourteen locations in six countries. Forward-Looking Statements Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) fluctuations in the price of oil and natural gas and its impact on customer order volume for the Company's products; (ii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (iii) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (vi) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (vii) the Company’s ability to interpret changes in tax regulations and legislation; (viii) the Company's ability to use its net operating loss carryforwards; (ix) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s "over-time" revenue recognition; (x) the Company’s failure to establish and maintain effective internal control over financial reporting; (xi) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (xii) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xiii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiv) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xv) reductions or cancellations of orders included in the Company’s backlog; (xvi) risks and uncertainties specific to the Company's international business operations; (xvii) the Company’s ability to attract and retain senior management and key personnel; (xviii) the Company’s ability to achieve the expected benefits of its growth initiatives; (xix) the impact of pandemics and other public health crises on the Company and its operations; and (xx) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com.) The Company's fiscal year ends on January 31. Years, results, and balances described as 2025, 2024, and 2023 are for the fiscal year ended January 31, 2026, 2025, and 2024, respectively. Additional information regarding the Company's financial results for the three and six months ended July 31, 2025, including management's discussion and analysis of the Company's financial condition and results of operations, is contained in the Company's Quarterly Report on Form 10-Q for the quarterly period ended July 31, 2025, which will be filed with the Securities and Exchange Commission on or about the date hereof and will be accessible at www.sec.gov and www.permapipe.com. For more information, visit the Company's website. PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURE ADJUSTED INCOME BEFORE TAX (In thousands) (Unaudited) The following information contains a reconciliation of the non-GAAP financial measure of adjusted income before tax and income before income tax prepared in accordance with generally accepted accounting principles ("GAAP") for the three and six months ended July 31, 2025, and 2024, respectively. This reconciliation is intended to provide investors with useful information in evaluating the Company's performance. Adjusted income before tax includes certain adjustments as identified below. This measure is not considered an alternative to income before income tax or other financial measures of performance that are prepared in accordance with GAAP. The Company believes that the exclusion of certain items from income before income tax allows investors to more effectively evaluate the Company's operating performance and identify trends that might not be apparent due to the variability and infrequent nature of these items. In addition, the Company believes this measure provides meaningful information to investors when comparing results between periods and performance with respect to the Company's peers. Adjustments made for certain items are further described as follows: (i) one-time charge in connection with the acceleration of executive compensation; (ii) other non-recurring charges. As a result of these adjustments, some items that affect income before income tax may not be comparable to similar measures of other companies. The following table provides a reconciliation of the GAAP and non-GAAP financial measure: View source version on businesswire.com: https://www.businesswire.com/news/home/20250914478494/en/ Contacts Perma-Pipe International Holdings, Inc. Saleh Sagr, President and CEO Perma-Pipe Investor Relations 847.929.1200 [email protected] Energy Capital Solutions, LLC Scott Trulock 214-219-8204 [email protected]