PPIH // Perma-Pipe International Holdings Inc.

Industrials • Pollution Control Equipment

$29.97 ▲ +0.33 (+1.11%)

MKT CAP: $245.6M • VOL: 69.3K

52W L $23 52W H $37

PIOTROSKI

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PPIH // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

PPIH // Perma-Pipe International Holdings Inc.

GROSS MARGIN

32.9%

OP MARGIN

14.0%

ROIC %

27.5%

MKT CAP

$245.6M

UPSTREAM INPUTS ──► PPIH OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
PPIH ★	Perma-Pipe International Holdings Inc.	$29.97	$245.6M	32.9%	14.0%	27.5%	6.3x	—	SUBJECT ISSUER
CAT	Caterpillar Inc.	$647.39	$297.59B	82.2%	17.5%	21.1%	20.9x	+18.4%	PPIH VS CAT <GO>
RTX	RTX Corporation	$199.40	$269.08B	—	10.5%	7.2%	26.5x	+9.7%	PPIH VS RTX <GO>
TMO	Thermo Fisher Scientific Inc	$709.18	$262.22B	—	17.4%	9.3%	30.4x	+3.9%	PPIH VS TMO <GO>
UNP	Union Pacific Corporation	$301.93	$179.42B	—	40.2%	20.1%	15.3x	+1.1%	PPIH VS UNP <GO>
DE	Deere & Company	$660.00	$177.95B	—	13.4%	9.3%	27.9x	-11.7%	PPIH VS DE <GO>