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Brent Teelman

Managing Director and Senior Research Analyst at D.A. Davidson & Co.

Brent Thielman is a Managing Director and Senior Research Analyst at D.A. Davidson & Co., specializing in coverage of the Engineering & Construction and Construction Materials sectors with a focus on select product manufacturers. With over 15 years of experience in equity research, he covers 43 publicly traded companies across multiple sectors including Construction (58.1% of coverage), Industrials, and Business Services, with a track record showing a 71.01% success rate and 28.13% average return on ratings. Thielman has been with D.A. Davidson since late 2003, accumulating over 21 years at the firm and building deep expertise in companies serving industrial services, materials, and manufacturing end markets. He holds a Bachelor of Science degree in Economics from the University of Oregon and is registered with FINRA as a broker.

Brent Teelman's questions to VALMONT INDUSTRIES (VMI) leadership

Question · Q4 2025

Brent Teelman asked if the projected $150 million growth for the utility segment in 2026 had a higher potential ceiling based on available capacity. He also sought clarification on the agriculture outlook, specifically if it assumed pressure through the first half of the year with a stronger second half contingent on project wins.

Answer

Tom Liguori, Executive Vice President and CFO, confirmed that the operations team is effectively deploying capacity, indicating definite upside potential in the utility segment. For agriculture, Tom Liguori anticipated a slower first quarter and potentially a slower first half, with improvements expected as projects materialize. Avner Applbaum, President and CEO, added that while underlying demand drivers for the region remain strong, Valmont takes a disciplined and selective approach to projects, ensuring financial thresholds are met, acknowledging the lumpy nature of the business.

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