Lindsay Corporation Earnings Summary — Q2 2025

• Net income saw a significant YoY decrease of nearly 55% in Q2 2025 compared to the prior year period.
• Total revenue declined 15.7% YoY, primarily reflecting the cyclical headwinds in the agricultural irrigation market.
• Operating income margins compressed significantly to 8.25% from 17.17% in the same quarter last year.
• The infrastructure segment (RoadZipper) continues to provide a stabilizing, higher-margin offset to irrigation volatility.
• SG&A expenses remained relatively stable YoY despite the revenue decline, indicating a higher fixed-cost burden.
• Lindsay maintains a robust cash position and low leverage, providing a 'fortress' balance sheet during cyclical downturns.
• The transition toward digital 'smart' irrigation (FieldNET) remains a core long-term strategic focus to drive recurring revenue.

Management remains focused on long-term value through technology-enabled industrial expansion, emphasizing lean manufacturing to mitigate volatile raw material costs.

Deteriorating

The sharp YoY decline in net profit and revenue reflects intensifying cyclical pressure in the core irrigation business compared to the stronger performance levels seen in early 2024.

The outlook remains sensitive to farm net income and commodity prices (corn and soybeans), though the infrastructure pipeline and SaaS-based digital revenue provide defensive characteristics.